SAN FRANCISCO, March 21, 2011 /PRNewswire/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today provided an update on its
platform in Japan. The company
confirms that all AMB employees and customers are safe and
uninjured. AMB plans to reopen its Tokyo office on Tuesday, March 22, which had been closed due to
transportation disruptions and uncertainty associated with the
situation at the Fukushima Daiichi nuclear power plant.
Following a completion of engineering assessments, the company
has determined that damage to its buildings, with the exception of
its building in Sendai, is minimal and the buildings are fully
operational. The company is targeting a fully operational Sendai
property in approximately 30 days. AMB’s portfolio in Japan comprises 10.6 million square feet of
properties in operations or under development. The company’s
420,000 square foot building in Sendai experienced moderate
non-structural damage. For all facilities, repairs are complete or
are underway under previously arranged emergency response
contracts. AMB is providing temporary space to displaced customers
and relief agencies supporting recovery efforts.
"We feel very fortunate that none of our employees or customers
were injured during this unprecedented natural disaster," said
Michael Evans, managing director,
Asia. "We are honored to be able
to contribute space for the relief and recovery efforts, and look
forward to supporting our customers and rebuilding the global
supply chain by providing modern, state of the art distribution
buildings."
Based on the engineering assessments and work performed to date,
the company is lowering its previous $10
million estimate of damage to between $4 -$6 million, of which 40% is estimated to
apply to its Japan Fund. The company's insurance policies will
provide coverage in excess of the industry standard deductibles for
property damage and loss of rental income arising from this
event.
The company is donating to the Red Cross International Response
Fund for relief and recovery efforts, and will match employee
contributions.
AMB remains committed to updating its shareholders and business
partners, and will continue to monitor the situation and follow
developments closely. Any material changes to the above assessment
or significant developments will be communicated as more
information becomes 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, 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