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.

Said chairman and CEO Hamid Moghadam in announcing the news, "The strong fourth quarter and full-year 2000 financial results, in the face of an economic slowdown and significant stock market declines, affirm our strategy to dispose of nearly $1 billion of retail assets and focus our investment strategy on industrial real estate located in supply-constrained markets nationwide."

During the year, AMB continued to hone its focus by exiting smaller, non-strategic markets and disposing of non-core assets. Dispositions totaled $176 million in 2000, including $68 million in the fourth quarter. W. Blake Baird, president of AMB, described it as "long-term capital recycling."

AMB acquired 57 industrial buildings totaling 4.8 million sf for $322 million during the fourth quarter, including the acquisition of a 95% interest in 20 on-tarmac air cargo facilities at eight U.S. airports from investors in Aviation Facilities Co. This acquisition makes AMB one of the largest owners of on-tarmac air cargo facilities in the US and allows AMB to better serve existing customers and to expand relationships with new airport-related customers. For the year, AMB acquired $730 million in industrial assets totaling 10.5 million sf.

At the end of 2000, AMB owned, managed and had renovation and development projects totaling 92 million square feet and 1,005 buildings in 27 metropolitan markets. The company's industrial development pipeline currently stands at $306 million and consists of 5.5 million square feet, of which $163 million, or 53%, has been funded.

During the fourth quarter AMB issued $75 million of 10-year notes at a fixed rate of 8.0% and $150 million of five-year notes at a fixed rate of 7.2%. In 2000, AMB issued a total of $280 million of notes under the medium-term note program at an average rate of 7.6%.