AMB Property Corporation(R) Leases 75,000 SF in New Jersey
December 02 2009 - 3:01PM
PR Newswire (US)
SAN FRANCISCO, Dec. 2 /PRNewswire-FirstCall/ -- AMB Property
Corporation® (NYSE:AMB), a leading global owner, operator and
developer of industrial real estate, today announced it has leased
75,000 square feet at AMB Liberty Logistics Center, a recently
developed asset in northern New Jersey. "AMB Liberty Logistics
Center was selected because of its sustainable state-of-the-art
design and infill location. The facility serves as a model for
industrial development in this strategic submarket, and we're
pleased to welcome a new AMB customer to our portfolio," said Jay
Cornforth, AMB's managing director, East Region. AMB Liberty
Logistics Center sits on a former brownfield site within two miles
of Newark Liberty International Airport and the Port
Newark/Elizabeth, the leading East Coast seaport by volume, and
provides rapid access to the tunnels and bridges into Manhattan.
Consistent with AMB's sustainable initiatives, materials from the
site's prior structures were reused in the new facility. As of
September 30, 2009, AMB's portfolio in Northern New Jersey totaled
approximately 13.1 million square feet of operating and development
facilities. AMB Property Corporation.® Local partner to global
trade.(TM) AMB Property Corporation® is a leading owner, operator
and developer of global industrial real estate, focused on major
hub and gateway distribution markets in the Americas, Europe and
Asia. As of September 30, 2009, AMB owned, or had investments in,
on a consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
156.1 million square feet (14.5 million square meters) in 47
markets within 14 countries. AMB invests in properties located
predominantly in the infill submarkets of its targeted markets. The
company's portfolio comprises High Throughput Distribution®
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 occupation of AMB Liberty Logistics Center and
the ongoing strength of AMB's northern New Jersey market, 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 or
renewal at lower than expected rent or failure to lease at all or
on expected terms, decreases in real estate values and impairment
losses, our failure to obtain, renew or extend financing or
re-financing, risks related to debt and equity security financings
(including dilution risk), our failure to divest properties we have
contracted to sell or to timely reinvest proceeds from any
divestitures, failure to maintain our current credit agency ratings
or comply with our debt covenants, international currency and
hedging risks, financial market fluctuations, changes in general
economic conditions, global trade or in the real estate sector,
inflation risks, a downturn in the U.S., California or global
economy, increased interest rates and operating costs or greater
than expected capital expenditures, risks related to suspending,
reducing or changing our dividends, our failure to contribute
properties to our co-investment ventures, risks related to our
obligations in the event of certain defaults under co-investment
ventures and other debt, difficulties in identifying properties to
acquire and in effecting acquisitions, our failure to successfully
integrate acquired properties and operations, risks and
uncertainties affecting property development, value-added
conversions, redevelopment 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, environmental uncertainties, risks
related to natural disasters, changes in real estate and zoning
laws, risks related to doing business internationally and global
expansion, risks of opening offices globally, risks of changing
personnel and roles, 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, 2008. DATASOURCE: AMB Property
Corporation CONTACT: Tracy A. Ward, Vice President, IR &
Corporate Communications, +1-415-733-9565, , or Sara Klein,
Marketing Manager, +1-415-733-9447, , both of AMB Property
Corporation Web Site: http://www.amb.com/
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