SAN FRANCISCO, May 2, 2011 /PRNewswire/ -- AMB Property
Corporation® (NYSE: AMB), a leading owner, operator and developer
of global industrial real estate, today announced it has leased
approximately 420,900 square feet (39,100 square meters) of AMB
Sendai-Tagajo Distribution Center to four tenants, thereby
stabilizing the company’s entire legacy development portfolio in
Asia, including projects in
China, Japan and Korea.
“Companies in Japan, now more
than ever, are seeking Class A logistics space,” said Michael Evans, AMB’s managing director,
Asia. “This flight to quality is
leading to an increase in inquiries and leasing velocity, and we
are pleased to be able to accommodate.”
As of March 31, 2011, AMB’s
portfolio in Asia totals
approximately [19.2] million square feet ([1.8] million square
meters) of operating and development properties.
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 March
31, 2011, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
161 million square feet (15 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 occupation of the
distribution facility and continued customer demand for our
properties, 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