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SAN FRANCISCO-The third quarter for AMB Property Corp. sawstable occupancy, rising rents and extraordinary developmentprofits. The locally based distribution real estate company saidTuesday 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 ofAMB'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 millionfrom $180.3 million in the third quarter of 2006. Analysts expectedrevenue of $176.9 million.
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