Industrial properties developer AMB Property Corp. (AMB), Tuesday reported positive funds from operations or FFO for the fourth quarter compared to negative FFO last year, due mainly to the absence of hefty impairment and restructuring charges.
Funds from operations were $43.76 million or $0.29 per unit for the fourth quarter, compared to negative FFO of $169.80 million or $1.68 per unit in the year-ago quarter.
On an adjusted basis, FFO fell to $48.13 million or $0.32 per unit from $49.40 million or $0.49 per unit in the previous year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company earn $0.31 per unit for the fourth quarter. Analysts' estimates typically exclude special items.
The company posted net loss available to common stockholders of $7.57 million or $0.05 per share for the fourth quarter, compared to a loss of $201.36 million or $2.06 per share in the prior year quarter.
Result for the year-ago included impairment charges of $207.18 million, and restructuring charges of $12.31 million.
Fourth quarter revenues increased to $163.40 million from $159.24 million in the same quarter last year. Seven analysts had a consensus revenue estimate of $147.28 million for the fourth quarter.
AMB's operating portfolio was 91.2% occupied at December 31, 2009, up 20 basis points from September 30, 2009.
Average occupancy during the quarter was 90.7%, up 30 basis points from the previous quarter.
Cash-basis same store net operating income, without the effects of lease termination fees, decreased 7.3% in the fourth quarter, due to lower than average same store occupancies.
For fiscal 2009, FFO was $99.28 million or $0.72 per unit, compared to $79.20 million or $0.77 per unit in the year-ago. Adjusted FFO slipped to $288.84 million or $2.09 per unit from $298.28 million or $2.90 per unit last year.
AMB Property reported a net loss available to common stockholders of $50.08 million or $0.37 per share, compared to a loss of $66.45 million or $0.68 per share in the previous year.
Annual revenues decreased to $633.84 million from $693.56 million in the prior year.
Analysts expected the company to earn $0.74 per unit on revenues of $590.03 million for the year 2009.
For the full year 2010, AMB Property anticipates FFO in the range of $1.26 to $1.33 per share, without recognition of gains from development activities, non-cash impairment charges, early debt extinguishment costs or restructuring charges. Street estimates FFO of $1.30 per unit for 2010.
AMB is currently trading at $24.89, up 30 cents or 1.22%.
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