AMB Property Corporation(R) Leases 175,000 SF Build-to-Suit to DHL at Houston's International Airport
February 26 2008 - 6:43PM
PR Newswire (US)
SAN FRANCISCO, Feb. 26 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has leased a 175,000
square foot build-to-suit facility to DHL Global Forwarding. The
facility, named AMB IAH Logistics Center II, is being developed
proximate to Houston Intercontinental Airport (IAH) on land capable
of supporting up to approximately 150,000 square feet of additional
development. The site is located on the main road into the future
master-planned international air cargo terminal of IAH, which
experienced a 6% increase in total air cargo volumes during 2007
and ranks as one of the top ten busiest international cargo
gateways in North America. "DHL relies on AMB for real estate
solutions across North America, Europe and Asia and we are pleased
to continue to win their trust with our customer-oriented
development capabilities," said Steve Callaway, AMB's senior vice
president, director of Customer Development. "In fact, Deutsche
Post World Net, DHL's parent company, is AMB's largest global
customer with more than 3.8 million square feet leased as of
December 31, 2007." "The Houston industrial market continues to
thrive, and given its strong multimodal infrastructure and growth
in high-value exports, we see sustained demand for modern
facilities here," commented Kim Snyder, AMB's senior vice
president, managing director, Southwest Region. "Our DHL
build-to-suit increases AMB's momentum in Houston, following a
253,000 square foot build-to-suit for Agility and the acquisition
of a nearly one million square foot airport-proximate portfolio."
AMB's Houston portfolio of operating and under development
properties totaled more than 1.5 million square feet as of December
31, 2007. AMB Property Corporation.(R) Local partner to global
trade.(TM) AMB Property Corporation(R) is a leading global
developer and owner of industrial real estate, focused on major hub
and gateway distribution markets throughout North America, Europe
and Asia. As of December 31, 2007, AMB owned, or had investments
in, on a consolidated basis or through unconsolidated joint
ventures, properties and development projects expected to total
approximately 147.7 million square feet (13.7 million square
meters) in 45 markets within 14 countries. AMB invests in
properties located predominantly in the infill submarkets of its
targeted markets. The company's portfolio is comprised of High
Throughput Distribution(R) facilities-industrial properties built
for speed and located near airports, seaports and ground
transportation systems. AMB's press releases are available on the
company website at http://www.amb.com/ or by contacting the
Investor Relations department at +1 415 394 9000. Some of the
information included in this press release contains forward-looking
statements, such as those related to the development, completion,
timing and occupation of projects in Houston and further demand for
AMB's properties in Houston, which are made pursuant to the
safe-harbor provisions of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. Because these forward-looking statements involve
risks and uncertainties, there are important factors that could
cause our actual results to differ materially from those in the
forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future events. The
events or circumstances reflected in forward-looking statements
might not occur. You can identify forward-looking statements by the
use of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases. You can
also identify forward-looking statements by discussions of
strategy, plans or intentions. Forward-looking statements are
necessarily dependent on assumptions, data or methods that may be
incorrect or imprecise and we may not be able to realize them. We
caution you not to place undue reliance on forward-looking
statements, which reflect our analysis only and speak only as of
the date of this report or the dates indicated in the statements.
We assume no obligation to update or supplement forward-looking
statements. The following factors, among others, could cause actual
results and future events to differ materially from those set forth
or contemplated in the forward-looking statements: defaults on or
non-renewal of leases by tenants, increased interest rates and
operating costs, our failure to obtain necessary outside financing,
re-financing risks, risks related to our obligations in the event
of certain defaults under joint venture and other debt, risks
related to debt and equity security financings (including dilution
risk), difficulties in identifying properties to acquire and in
effecting acquisitions, our failure to successfully integrate
acquired properties and operations, our failure to divest
properties we have contracted to sell or to timely reinvest
proceeds from any divestitures, risks and uncertainties affecting
property development and construction (including construction
delays, cost overruns, our inability to obtain necessary permits
and public opposition to these activities), our failure to qualify
and maintain our status as a real estate investment trust, risks
related to our tax structuring, failure to maintain our current
credit agency ratings, environmental uncertainties, risks related
to natural disasters, financial market fluctuations, changes in
general economic conditions or in the real estate sector, changes
in real estate and zoning laws, a downturn in the U.S., California
or global economy, risks related to doing business internationally
and global expansion, losses in excess of our insurance coverage,
unknown liabilities acquired in connection with acquired properties
or otherwise and increases in real property tax rates. Our success
also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation,
population changes and certain other matters discussed under the
heading "Risk Factors" and elsewhere in our annual report on Form
10-K for the year ended December 31, 2006, our quarterly report on
Form 10-Q for the quarter ended June 30, 2007 and any amendments to
such reports. DATASOURCE: AMB Property Corporation CONTACT: Margan
S. Mitchell, Vice President, Corporate Communications,
+1-415-733-9477, fax, +1-415-477-2177, , or Rachel E. M. Bennett,
Media and Public Relations Director, +1-415-733-9532, fax,
+1-415-477-2063, , both of AMB Property Corporation Web site:
http://www.amb.com/
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