UPDATE 2-AMB Property reports positive FFO in quarter

* FFO 29 cents/shr vs prior-year negative $1.68/shr

* Revenue up 2.6 pct

* Sees 2010 FFO $1.26-$1.33/shr ex-items
(Adds 2010 forecast, quote, comparison with estimates)

BOSTON, Feb 2 (BestGrowthStock) – Warehouse and distribution center
owner AMB Property Corp (AMB.N: ) reported positive funds from
operations in the fourth quarter, compared with a prior-year
negative result, as revenue rose 2.6 percent.

The real estate investment trust, which owns and manages
properties in the Americas, Asia and Europe, on Tuesday
reported FFO of $43.8 million, or 29 cents per share, compared
with an FFO loss of $169.8 million, or $1.68 per share, a year
earlier, in a filing with the U.S. Securities and Exchange
Commission.

Funds from operations is a performance measure commonly
used for REITs, which factors out the profit-reducing effect of
depreciation, a noncash accounting item.

Revenue came to $163.4 million, up from $159.2 million.

AMB expects to report 2010 FFO of $1.26 to $1.33 per share,
excluding one-time items.

“We believe the leading indicators of demand for industrial
real estate reached an inflection point during the fourth
quarter,” said Chief Executive Hamid Moghadam. “Against a
strengthening macroeconomic backdrop, we’re seeing increased
interest from both investors and customers as they actively
reengage in discussions and decisions regarding new investments
and space requirements.”

Like its main rival, ProLogis (PLD.N: ), has felt the pinch
of the global economic downturn as its customers trim back the
amount of space they use.

Investment Basics

(Reporting by Scott Malone, editing by Gerald E. McCormick and
Derek Caney)

UPDATE 2-AMB Property reports positive FFO in quarter