SAN FRANCISCO, March 24 /PRNewswire-FirstCall/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today announced that it has
leased approximately 202,200 square feet in its AMB I-81
Distribution Center located in Harrisburg, Pennsylvania. The customer is a
top supplier to a major home improvement retailer.
"We're pleased to welcome this new customer to our portfolio,"
said Gene Reilly, AMB's president,
Americas. "AMB I-81 is a Class A distribution facility near an
interstate network with rapid access to all of the major East Coast
cities, providing an ideal space solution to companies that want to
be located closer to their customers."
AMB I-81 Distribution Center is located less than one mile from
Interstate 81 and approximately five miles from Interstate 76 (the
Pennsylvania Turnpike), which joins Interstate 80 to the west and
the New Jersey Turnpike to the east. This location allows suppliers
to ship goods throughout the Mid-Atlantic and upper Mid-West in
less than a day's drive.
As of December 31, 2009, AMB's
portfolio in its northern New
Jersey/New York market,
which includes eastern Pennsylvania, totaled more than 13.1 million
square feet 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 December
31, 2009, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
155.1 million square feet (14.4 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 is comprised of 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 I-81
Distribution Center and any expectations regarding transport times,
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