AMB Sees 11.5% FFO Increase in Q3

SAN FRANCISCO-AMB Property Corp. reports this week that funds from operations in the third quarter ended Sept. 30 jumped 11.3% to 59 cents a share. Year-to-date FFO per share is up 9.6% over 1999 to $1.71.

The owner and operator of industrial properties says earnings per share before gains from dispositions and extraordinary items was 32 cents, a decrease of 8.6% from the third quarter of 1999. Year-to-date EPS decreased 2.0% from 1999 to $0.99.

For the company’s entire portfolio, rent increases on new leases were 36.4%. Occupancy was 96.6% at quarter end, compared to 96.8% at the end of the second quarter. During the quarter, AMB acquired $180 million of assets totaling 2.6 million sf and disposed of $92 million of assets totaling 498,112 sf.