On Oct. 17, AMB Properties
- 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)
Related Foolishness:
- The Truth About REITs
- Understanding Funds From Operations
- The Scoop on the NOI Number
- Getting to Know RevPAR
- Please Recycle . Your Capital
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At the time of publication,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.