AMB Property Corp. (AMB), a leading real estate investment trust (REIT), reported relatively modest third quarter results with strong leasing activities despite a challenging macroeconomic environment. During the quarter, AMB leased approximately 9.9 million square feet in its global operating portfolio along with 0.9 million square feet in the development pipeline.

Fund from operations (FFO), a widely used metric to gauge the performance of REITs and obtained after adding depreciation and other non-cash expenses to net income, was $106.5 million or 71 cents per share during the quarter compared to $71.1 million or 69 cents per share in the year-earlier quarter. The year-over-year increase in FFO was primarily due to increased development gains and lower general and administrative expenses.