The real estate company reported adjusted earnings per share (EPS), before gain, extraordinary and one-time items of $1.33, reflecting an increase of 8.1% for the year. Adjusted EPS for the fourth quarter was $0.34, an increase of 6.3% over the fourth quarter of 1999. Fully diluted EPS for the fourth quarter and year ended Dec. 31, 2000 was $0.28 and $1.35, respectively, reflecting a decrease of 51.7% and 30.4% over the same periods in 1999. Funds from Operations rose to a record $2.32 per fully diluted share for the full-year 2000, a 10.5% increase over 1999. Fourth quarter FFO per fully diluted share increased 11.1% over the fourth quarter of 1999 to $0.60. Since going public in the fourth quarter of 1997, AMB has grown FFO per share by an average of 11.9% per year.

The news came after the close of markets on Monday. In morning trading today (Tuesday, Jan. 23), shares of AMB are off 18.75 cents to $21.18 on volume of 4,300 shares. In late December, the company's shares hit a 52-week high of $26.06. It's 52-week low came in early March 2000, when shares traded for as low as $19.93.

AMB's operating properties experienced an 8.4% increase in internal growth for the year and 11.2% for the quarter, measured by same store cash basis net operating income. Same store growth for the year was driven by a 28% increase in same store base rents on leases commencing during the year and 58.9% tenant retention at the same-store properties. For the entire portfolio, rent increases on new leases signed during the year were 26.5% and occupancy was 96.3% at year-end, up from 95.9% at year-end 1999.