On Oct. 17, AMB Properties (NYSE:AMB) released annual earnings for the period ending Sept. 30, 2006.

  • Funds from operations (FFO) beat expectations and increased to $0.72 per share from $0.50 a year ago.
  • AMB saw rents on lease renewals and rollovers increase 9.9% in the quarter. It was the first time since 2002 that renewals and rollovers were positive.
  • The company formed a joint venture with GE Real Estate, General Electric's (NYSE:GE) real estate arm, to develop properties for sale outside AMB's targeted markets. AMB will earn fees and a portion of profits from the joint venture, and expects to contribute some of its properties from its own portfolio as well.

(Figures in thousands, except per-share data)

Income Statement Highlights

Avg. Est.

Q3 2006

Q3 2005

Change

Sales

$175,910

$187,695

$160,076

17.3%

Funds From Operations

--

$68,286

$46,468

47.0%

FFO Per Share

$0.66

$0.72

$0.50

44.0%

Net Operating Income

$134,213

$114,470

17.2%

Net Income

$29,963

$27,285

9.8%

EPS

$0.33

$0.31

6.5%

Diluted Shares

91,058

88,374

3.0%



Get back to basics with a look at the income statement.

Balance Sheet Highlights

Assets

Q3 2006

Q3 2005

Change

Investment in Properties

$7,553,031

$6,898,824

9.5%

Prop. Net of Depreciation

$6,731,486

$6,176,932

9.0%

Cash

$184,230

$162,437

13.4%



Liabilities & Equities

Q3 2006

Q3 2005

Change

Total Debt

$3,067,242

$2,641,073

16.1%

Preferred Equity

$417,767

$392,325

6.5%

Market Value of Equity

$5,130,909

$4,035,177

27.2%

Learn the ways of the balance sheet.

Ratio Highlights

Q3 2006

Q3 2005

Change

Occupancy

95.9%

94.6%

1.4%

Same-Store NOI Growth

5.8%

-4.5%

N/A

Total Debt-to-Total Market Cap

35.6%

37.4%

(4.7%)



Related Companies:

  • ProLogis (NYSE:PLD)
  • First Industrial Realty Trust (NYSE:FR)
  • Weingarten Realty Investors (NYSE:WRI)
  • VornadoRealty Trust (NYSE:VNO)
  • PS Business Parks (NYSE:PSB)

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At the time of publication,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.