AMB Property Corporation lost $620,000 in the first quarter, a marked improvement over the prior year as the industrial real estate developer recovers from the global recession, which struck hard at property values and leasing activity.
Funds from operations were 31 cents per share for the first quarter of 2010, as compared to 77 cents for the same quarter in 2009. The year-over-year change was primarily due to higher development gains in 2009 relative to 2010, the company said.
Net income was a loss of $620,000, as compared to a loss of $123 million for the same quarter in 2009, principally due to non-cash impairment charges incurred in first quarter 2009.
"In the first quarter of 2010, we made excellent progress on the key priorities that we established for the year, and we are beginning to capitalize on growth opportunities," said Hamid R. Moghadam, chairman and CEO. "The global economic recovery is well underway and the leading indicators of demand for industrial real estate are gaining momentum. We are seeing this play out in leasing activity as there was an encouraging uptick during the first quarter, supporting our forecast for a recovery of operating fundamentals in the back half of 2010."
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