SAN FRANCISCO, March 11, 2011 /PRNewswire/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today announced that it is
currently assessing all of its properties for any damages resulting
from the earthquake and tsunami in Japan.
Our initial assessment confirms our colleagues are safe and that
damage to our properties is minor. The company’s emergency
response teams are working with our customers and employees to
ensure their safety and to restore operations to normal as soon as
possible.
We are working to confirm the extent of damage to our 420,000 SF
facility in Sendai and will do so as soon as it is safe to travel
to that region. We will provide a full assessment of the damages to
our portfolio and provide further details as they are
available.
AMB Property Corporation.® Local partner to global
trade.™
AMB Property Corporation® is a leading owner, operator and
developer of industrial real estate, focused on major hub and
gateway distribution markets in the Americas, Europe and Asia. As of December
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
159.6 million square feet (14.8 million square meters) in 49
markets within 15 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.
AMB's press releases are available on the company website at
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 the assessment of damages to
our properties and the impact on our customers and our personnel,
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; 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 proposed merger transaction with ProLogis,
including litigation related to the merger, any decreases in the
price of ProLogis stock, and the risk that, if completed, the
merger may not achieve its intended results; risks associated with
the ability to consummate the merger and the timing of the closing
of the merger; risks related to the company's obligations in the
event of certain defaults under co-investment venture and other
debt; defaults on or non-renewal of leases by customers, lease
renewals at lower than expected rent or failure to lease properties
at all or on favorable rents and 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 risks; risks of
changing personnel and roles; 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 and 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, 2010.
SOURCE AMB Property Corporation