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SAN FRANCISCO-The third quarter for AMB Property Corp. saw stable occupancy, rising rents and extraordinary development profits. The locally based distribution real estate company said Tuesday evening its third quarter funds from operations (FFO) hit $0.99 per share, $0.17 higher than analysts' average estimate, according to Thomson Financial, and $0.21 above the high end of AMB's previous guidance.
Net income more than doubled in the quarter to $69.2 million, or $0.69 cents per share, from $30 million, or $0.33 cents per share, in the third quarter of 2006. Revenue fell 8% to $166.3 million from $180.3 million in the third quarter of 2006. Analysts expected revenue of $176.9 million.
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