SAN FRANCISCO, June 28 /PRNewswire-FirstCall/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today announced it has leased
approximately 149,000 square feet (13,840 square meters) in its
Europe development portfolio and
stabilized its Hamburg development
pipeline during the second quarter.
Development leasing activity includes:
- 86,000 square feet (7,990 square meters) leased to a leading
European transport and logistics company with a global customer
base. The customer renewed its existing lease and expanded into
this additional space at AMB Hausbruch Industrial Center. This
development is proximate to the Altenwerder Terminals of the Port
of Hamburg and approximately 10
kilometers from the Hamburg city
center. Following this transaction, the 426,552 square foot (39,630
square meters) Hamburg development
portfolio is fully stabilized.
- 63,000 square feet (5,850 square meters) in its AMB Fokker
Logistics Center 3A to UTi Nederland BV, a subsidiary of UTi
Worldwide Inc., a global company specializing in client-specific
supply chain solutions. This lease expands UTi's global footprint
with AMB into the Amsterdam
market, in addition to 12 leases in the U.S. The facility is
adjacent to Amsterdam Airport Schiphol.
"Our customers throughout northern Europe continue to seek modern distribution
facilities to improve the efficiency of their supply chain
networks," said Mo Barzegar, AMB's
managing director, Europe. "We are
pleased to accommodate both target customers."
As of March 31, 2010, AMB's
portfolio in Europe totaled
approximately 14 million square feet (1.3 million square meters) of
operating and development properties.
AMB Property Corporation.® Local partner to global
trade.™
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 March 31,
2010, AMB owned, or had investments in, on a consolidated
basis or through unconsolidated joint ventures, properties and
development projects expected to total approximately 155.7 million
square feet (14.5 million square meters) in 48 markets within 15
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.
Some of the information included in this press release contains
forward-looking statements, such as the occupation of AMB Hausbruch
Industrial Center A and AMB Fokker Logistics Center 3A, 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: changes in general economic conditions in California, the U.S. or globally (including
financial market fluctuations), global trade or in the real estate
sector (including risks relating to decreasing real estate
valuations and impairment charges); risks associated with using
debt to fund the company's business activities, including
refinancing and interest rate risks (including inflation risks);
the company's failure to obtain, renew or extend necessary
financing or access the debt or equity markets; the company's
failure to maintain its current credit agency ratings or comply
with its debt covenants; risks related to the company's obligations
in the event of certain defaults under co-investment venture and
other debt; risks associated with equity and debt securities
financings and issuances (including the risk of dilution); defaults
on or non-renewal of leases by customers or renewal at lower than
expected rent or failure to lease at all or on expected terms;
difficulties in identifying properties, portfolios of properties,
or interests in real-estate-related entities or platforms to
acquire and in effecting acquisitions on advantageous terms and the
failure of acquisitions to perform as the company expects; unknown
liabilities acquired in connection with the acquired properties,
portfolios of properties, or interests in real-estate-related
entities; the company's failure to successfully integrate acquired
properties and operations; risks and uncertainties affecting
property development, redevelopment and value-added conversion
(including construction delays, cost overruns, the company's
inability to obtain necessary permits and financing, the company's
inability to lease properties at all or at favorable rents and
terms, and public opposition to these activities); the company's
failure to set up additional funds, attract additional investment
in existing funds or to contribute properties to its co-investment
ventures due to such factors as its inability to acquire, develop
or lease properties that meet the investment criteria of such
ventures, or the co-investment ventures' inability to access debt
and equity capital to pay for property contributions or their
allocation of available capital to cover other capital
requirements; risks and uncertainties relating to the disposition
of properties to third parties and the company's ability to effect
such transactions on advantageous terms and to timely reinvest
proceeds from any such dispositions; risks of doing business
internationally and global expansion, including unfamiliarity with
the new markets and currency and hedging risks; risks of changing
personnel and roles; risks related to suspending, reducing or
changing the company's dividends; losses in excess of the company's
insurance coverage; changes in local, state and federal regulatory
requirements, including changes in real estate and zoning laws;
increases in real property tax rates; risks associated with the
company's tax structuring; increases in interest rates and
operating costs or greater than expected capital expenditures;
environmental uncertainties; risks related to natural disasters;
and our failure to qualify and maintain our status as a real estate
investment trust. Our success also depends upon economic trends
generally, 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, 2009.
SOURCE AMB Property Corporation