On July 11, AMB Properties (NYSE:AMB) released annual earnings for the period ended June 30.

  • Funds from operations (FFO) per share increased 62.7%, primarily because of development profits, which will be lumpy in nature.
  • Occupancy increased over last year's second-quarter performance by 0.9% to 95.4%.
  • Same-store net operating income increased by 3%.

(Figures in thousands, except per-share data)

Income Statement Highlights

Avg. Est.

Q2 2006

Q2 2005

Change

Sales

$175,560

$180,273

$157,808

14.2%

Funds From Operations

--

$82,355

$50,622

62.7%

FFO Per Share

$0.73

$0.87

$0.55

58.2%

Net Operating Income

--

$124,293

$109,590

13.4%

Net Income

--

$72,335

$39,006

85.4%

EPS

--

$0.80

$0.45

77.8%

Diluted Shares

--

90,135

87,076

3.5%

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

Balance Sheet Highlights

Assets

Q2 2006

Q2 2005

Change

Investment in Properties

$7,376,322

$6,680,432

10.4%

Prop. Net of Depreciation

$6,601,794

$5,996,753

10.1%

Cash

$231,912

$169,471

36.8%


Liabilities & Equities

Q2 2006

Q2 2005

Change

Total Debt

$4,041,207

$3,560,482

13.5%

Preferred Equity

$377,824

$392,325

(3.7%)

Market Value of Equity

$4,675,100

$3,862,441

21.0%

Learn the ways of the balance sheet.

Ratio Highlights

Q2 2006

Q2 2005

Change*

Occupancy

95.4%

94.5%

1.0

Same-Store
NOI Growth

3.0%

1.3%

1.7

Total Debt-to-Total Market Cap

44.4%

45.6%

(2.5)

*expressed in percentage points

Related Companies:

  • ProLogis (NYSE:PLD)
  • First Industrial Realty Trust (NYSE:FR)
  • PS Business Parks (NYSE:PSB)
  • Monmouth Real Estate Investment Trust (NASDAQ:MNRTA)
  • Weingarten Realty Investors (NYSE:WRI)
  • Washington REIT (NYSE:WRE)

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so checkFool.com for more of our in-depth discussion of what the numbers mean.

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