AMB Property Corp (AMB.N) on Wednesday reported funds from operations that rose 26 percent percent as leasing hit a company first-quarter record, with demand for warehouses and distribution centers rising along with the improving global economy. San Francisco-based AMB reported first-quarter core funds from operations of $56.1 million, or 32 cents per share, up from $44.6 million, or 29 cents per share a year before and in line with the average of analysts' forecasts, according to Thomson Reuters I/B/E/S. Core FFO excludes development gains and costs of past mergers. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect depreciation has on earnings.
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