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AMB Property Posts Negative FFO in Q1; Backs FY09 EPS, FFO Guidance

AMB Property Posts Negative FFO in Q1; Backs FY09 EPS, FFO Guidance - AMB - Property - United States - Real Estate

(RTTNews) - Tuesday, AMB Property Corp. (AMB: News ) announced a loss for the first quarter compared to a profit a year ago, hurt by impairment losses and lower revenue. The company posted negative Funds From Operations compared to a positive FFO in the same quarter last year. Further, the company re-affirmed its full year FFO and earnings per share outlook.

The San Francisco, California-based company posted a first quarter net loss available to common shareholders of $122.35 million or $1.24 per share compared to a profit of $38.98 million or $0.39 per share a year ago. Net loss for the quarter was $123.024 million compared to net profit of $69.74 million in the previous year. Loss from continuing operations was $129.3 million compared to $65.81 million last year. 

For the quarter, the company recorded a negative FFO of $102.19 million or $1.00 per share in comparison to a positive FFO of $67.85 million or $0.65 per share in the corresponding quarter in 2008. The results include non-cash impairment charge of $182 million related to valuation of development and operating assets and land holdings. Excluding the impairment charge, the first quarter FFO per share would have been $0.77. 

On average, 10 analysts polled by Thomson Reuters expected the company to report first quarter FFO of $0.89 per share. Analysts' estimates typically exclude special items. 

Quarterly revenues declined to $165.53 million, from $171.86 million in the prior-year period. Wall Street analysts were looking for revenues of around $153.44 million.


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