AMB Beats Marginally - Analyst Blog
2011年4月22日 - 2:45AM
Zacks
AMB Property Corp.
(AMB), a leading global provider of distribution facilities,
reported first quarter 2011 recurring fund from operations (FFO) of
33 cents per share compared with 31 cents in the year-earlier
quarter. Fund from operations, a widely used metric to gauge the
performance of REITs, is obtained after adding depreciation and
other non-cash expenses to net income. The first quarter 2011
recurring FFO marginally beat the Zacks Consensus Estimate by a
penny.
Total revenues during the reported
quarter were $165.8 million compared to $154.1 million in the
year-ago quarter – an increase of about 7.6%. Total revenues for
first quarter 2011 well exceeded the Zacks Consensus Estimate of
$161 million.
During the quarter, AMB commenced
leases spanning approximately 8.9 million square feet in its global
operating portfolio – a record first quarter lease in its 27-year
history. Operating portfolio occupancy was 92.8% at quarter-end,
while average occupancy was 92.4% during the quarter.
Same-store net operating income
(cash basis), without the effect of lease termination fees,
increased 0.2% during the quarter compared with the year-ago
period. Average rent change on lease renewals and rollovers in the
operating portfolio of the company decreased 12.6% on trailing
four-quarter basis.
During the quarter, the company
raised a record $1.1 billion in new third-party equity, including
$566 million raised for AMB Europe Logistics Joint Venture and $500
million for AMB China Logistics Venture I. Subsequent to the
quarter-end, the company raised an additional $87.6 million of
third-party equity in AMB U.S. Logistics Fund.
AMB made approximately $323 million
of capital investments during the quarter, which included $300
million of new development starts in Japan, Brazil, China, and
Germany; and $23 million in acquisitions at a stabilized
capitalization rate of 6.2%. The company also sold assets worth
approximately $78 million during the quarter. Subsequent to the
quarter-end, the company deployed $168 million of assets to its
China Logistics Venture I Fund comprising approximately 2.6 million
square feet of operating and under development properties.
By the end of first quarter 2011,
the company had approximately $1.4 billion of liquidity (including
$1.2 billion available under its credit facility and $204 million
of cash and cash equivalents). As of March 31, 2011, the company's
share of total debt (including joint venture debt) to total assets
was 43%. For full year 2011, AMB reiterated its earlier recurring
FFO guidance in the range of $1.30 to $1.40 per share.
We currently have a ‘Neutral’
recommendation on AMB, which presently has a Zacks #3 Rank that
translates into a short-term ‘Hold’ rating and indicates that the
stock is expected to perform in line with the overall U.S. equity
market for the next 1-3 months. We also have a ‘Neutral’
recommendation and a Zacks #4 Rank (short-term ‘Sell’) for
Duke Realty Corp. (DRE), a competitor of AMB.
AMB PROPERTY CP (AMB): Free Stock Analysis Report
DUKE REALTY CP (DRE): Free Stock Analysis Report
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Amb Properties (NYSE:AMB)
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Amb Properties (NYSE:AMB)
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