AMB Property Corporation(R) Provides Capital Markets Update for the Fourth Quarter 2009
January 04 2010 - 4:49PM
PR Newswire (US)
SAN FRANCISCO, Jan. 4 /PRNewswire-FirstCall/ -- AMB Property
Corporation® (NYSE:AMB), a leading global owner, operator and
developer of industrial real estate, today provided an update on
its financing activities for the fourth quarter. Significant
financing activities during the fourth quarter totaled more than
$1.5 billion, including: -- The issuance of $500 million of senior
unsecured notes comprising of $250 million at 6.13 percent due 2016
and $250 million at 6.63 percent due 2019; -- The refinancing of
its unsecured multi-currency term loan facility which was
subsequently upsized to $425 million from $325 million. Pricing was
maintained at 275 basis points over the applicable LIBOR index with
a maturity date of October 2012; -- The early repayment of its $230
million secured term loan facility originally due September 2010;
-- The repurchase of $214 million in bonds including $169 million
in connection with its tender offer of notes due 2011 and 2013 and
$45 million of open market repurchases of notes due 2010 and 2013
with a weighted average yield-to-maturity of 4.74 percent. The
company paid premiums of $8.4 million in connection with the
repurchases of these notes; -- The repurchase of AMB Property II,
L.P.'s outstanding 7.18 percent Series D Cumulative Redeemable
Preferred Limited Partnership Units in exchange for 2.9 million
shares of the company's common stock for an aggregate price of $68
million, which represented a 15 percent discount to its limited
liquidation preference; and -- The extension of a $76 million yen
denominated secured loan to January 2011. "Consistent with our
strategy, we have further enhanced the company's debt maturity
profile and resolved our significant near-term maturities. We have
been very proactive in addressing our intermediate obligations well
in advance of their contractual maturities by extending the
weighted average remaining life of more than one quarter of our
debt to more than 5.5 years," said Thomas S. Olinger, AMB's chief
financial officer. 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
statements related to the exercise of the accordion feature of the
$345 term loan and our ability to manage our debt maturities, 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 press release
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 and our quarterly reports on Form 10-Q for the
quarters ended March 31, 2009, June 30, 2009 and September 30,
2009. DATASOURCE: AMB Property Corporation CONTACT: Tracy A. Ward,
Vice President, IR & Corporate Communications of AMB Property
Corporation, +1-415-733-9565, Web Site: http://www.amb.com/
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