AMB Property Corporation(R) Entitles its Value-Added Conversion Property at Platinum Triangle in Anaheim, California
2007年8月23日 - 6:50AM
PRニュース・ワイアー (英語)
SAN FRANCISCO, Aug. 22 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced that the Anaheim City
Council approved the entitlements for AMB's value-added conversion
property located in the city's master planned redevelopment
district of "Platinum Triangle." AMB's 17.5-acre industrial
property is now entitled for 1,208 residential units and 150,000
square feet of office and retail space. "This project captures the
vision and the spirit of the Platinum Triangle plan and sets a high
standard with its iconic architecture and exciting public spaces.
It is a very welcome key component of the city's program for
creating a vibrant downtown for Orange County," said Anaheim Mayor
Curt Pringle. "This is a significant milestone in the evolution of
this project and a validation of the patient approach AMB takes to
optimizing the value of our conversion projects," said Hamid R.
Moghadam, AMB's chairman and CEO. "We have a strong commitment to
the city of Anaheim and share their vision for the redevelopment of
the district. In working with the city during the entitlement
process, we were able to achieve a plan that is consistent with
their goals while enhancing value for our shareholders. Over time,
we will continue with this same patient approach as we harvest the
value created from this project." Platinum Triangle, the city's
820-acre redevelopment district, surrounds two major sports venues,
Angel Stadium and the Honda Center. The area has been rezoned to
create a high-density, mixed-use, urban environment that could
include up to 9,500 residential units, 5 million square feet of
office space and more than 2 million square feet of commercial
space. AMB has owned and operated Stadium Business Park, a
nine-building industrial park totaling approximately 283,000 square
feet, since 1994. "This site is a terrific example of the
opportunities presented by our portfolio to selectively rezone
infill industrial properties for higher and better uses," added Mr.
Moghadam. "AMB's value-added conversion business capitalizes on our
focus on infill locations. It is an important and growing segment
of AMB's strategy that is intended to contribute meaningfully to
our results over the long term." 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 June 30, 2007, AMB owned, or
had investments in, on a consolidated basis or through
unconsolidated joint ventures, properties and development projects
expected to total approximately 136.7 million square feet (12.7
million square meters) in 44 markets within 13 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 conversion of Stadium
Business Park to a residential and commercial use, realization of
value from the conversion of Stadium Business Park and realization
of value from our value-added conversion business, 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, 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 and quarterly report on
Form 10-Q for the quarter ended June 30, 2007. DATASOURCE: AMB
Property Corporation CONTACT: Margan S. Mitchell, Vice President,
Corporate Communications of AMB Property Corporation,
+1-415-394-9000, fax, +1-415-477-2055, Web site:
http://www.amb.com/
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