AMB Property Corporation(R) Stabilizes 1.3 MSF Southern California Development
July 08 2008 - 6:31PM
PR Newswire (US)
749,000 square foot lease at distribution center in the Inland
Empire SAN FRANCISCO, July 8 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has leased the remaining
749,000 square feet of AMB Redlands Distribution Center to a
leading manufacturer that is using the facility to expand and
consolidate its distribution operations. AMB Redlands Distribution
Center is a more than 1.3 million square foot development project
in Los Angeles' Inland Empire submarket. As previously announced, a
third-party logistics provider occupies 564,000 square feet of the
facility, which is the largest single building in AMB's portfolio.
"The full leasing of this sizable AMB development demonstrates our
ability to create solutions for customers that are expanding and
looking for efficiencies to improve profitability in the current
economic environment. Well-located, modern distribution centers
providing operational flexibility and access to major ports and
population centers give our customers a competitive advantage,"
said Gene Reilly, AMB's president, the Americas. Sustainable design
elements have been incorporated into AMB Redlands Distribution
Center, including waste and water conservation systems, and
energy-efficient lighting fixtures. AMB's 6.1 million square foot
portfolio in the Inland Empire is now more than 97 percent leased.
At March 31, 2008, AMB's most recent reporting quarter, the
company's presence in Southern California totaled approximately
23.4 million square feet of operating and development properties,
with an operating portfolio that was more than 97 percent leased.
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 in the Americas, Europe and Asia. As of March
31, 2008, AMB owned, or had investments in, on a consolidated basis
or through unconsolidated joint ventures, properties and
development projects expected to total approximately 150.2 million
square feet (14.0 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 the
company's ability to meet customer demand in Los Angeles, and the
occupation of AMB Redlands Distribution Center, 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, difficulties in
identifying properties to acquire and in effecting acquisitions,
our failure to successfully integrate acquired properties and
operations, our failure to divest properties on advantageous terms
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, environmental uncertainties, risks
related to natural disasters, changes in general economic
conditions or in the real estate sector, changes in real estate and
zoning laws or other local, state and federal regulatory
requirements, a downturn in the U.S., California, or the global
economy, risks related to doing business internationally, 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, various
market conditions and fluctuations and those other risk factors
discussed under the heading "Risk Factors" and elsewhere in our
most recent annual report on Form 10-K for the year ended December
31, 2007. DATASOURCE: AMB Property Corporation CONTACT: Margan S.
Mitchell, Vice President, Corporate Communications,
+1-415-733-9477, , or Rachel E. M. Bennett, Media and Public
Relations, +1-415-733-9532, , both of AMB Property Corporation Web
site: http://www.amb.com/
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