AMB Property Corporation(R) Leases 590,000 SF in Toronto, Stabilizing 1.1 Million SF Development
25 November 2008 - 8:05AM
PR Newswire (US)
SAN FRANCISCO, Nov. 24 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has leased more than
590,000 square feet (54,800 square meters) to a wholly-owned
subsidiary of a Fortune 100 company, stabilizing its more than 1.1
million square foot (104,300 square meter) development in the
Greater Toronto Area (GTA) West submarket. "The fact that AMB has
fully leased a 1.1 million square foot development six months ahead
of projected stabilization demonstrates just how focused companies
are right now on streamlining operations, even in this challenging
environment. We are continuing to see demand for infill-located,
Class A facilities at our core hub and gateway markets," said
Eugene F. Reilly, president of AMB's Americas region. "A lease of
this size with a 10-year term is a significant transaction for AMB
in the GTA, North America's fourth largest industrial market, where
our operating portfolio was approximately 97 percent leased as of
September 30th," commented Jay Cornforth, managing director of
AMB's East Region. "Key customers in this market include UPS,
Hershey, 3M and Sysco Foods, and we're pleased to welcome this new
company to AMB Airport Road Distribution Centre." As previously
announced, AMB leased more than 532,000 square feet (49,500 square
meters) of the development to Vitran Logistics, a wholly-owned
subsidiary of Vitran Corporation Inc., a leading North American
less-than- truckload and supply chain services provider who is
operating the warehouse for a leading Canadian retailer. The
property's proximity to the Trans-Canada Highway, major intermodal
rail yards and the airport provides rapid access to the GTA and
significant portions of the Canadian consumer base and U.S.
population. As of September 30, 2008, AMB's portfolio in the
Greater Toronto Area totaled more than 4.3 million square feet
(401,700 square meters) of operating and under development
properties. AMB Property Corporation.(R) Local partner to global
trade.(TM) AMB Property Corporation(R) is a leading global
developer and owner of industrial real estate, focused on major hub
and gateway distribution markets in the Americas, Europe and Asia.
As of September 30, 2008, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
158.4 million square feet (14.7 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(R)
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
http://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 and stabilization of AMB Airport Road Distribution
Centre, the company's ability to meet future customer demand, and
the pace and continued leasing of distribution facilities, 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 press release
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: defaults on or non-renewal of leases by
customers or renewals at lower than expected rent, increased
interest rates and operating costs, or greater than expected
capital expenditures, our failure to obtain necessary outside
financing, re-financing risks, risks related to our obligations in
the event of certain defaults under co-investment ventures and
other debt, risks related to debt and equity security financings
(including dilution risk), difficulties in identifying properties
to acquire and in effecting acquisitions, our failure to
successfully integrate acquired properties and operations, our
failure to divest properties on advantageous terms or to timely
reinvest proceeds from any divestitures, risks and uncertainties
affecting property development, value-added conversions and
construction (including construction delays, cost overruns, our
inability to obtain necessary permits and public opposition to
these activities), our failure to qualify and maintain our status
as a real estate investment trust, risks related to our tax
structuring, failure to maintain our credit agency ratings,
environmental uncertainties, risks related to natural disasters,
financial market fluctuations, changes in general economic
conditions or in the real estate sector, inflation risks, changes
in real estate and zoning laws or other local, state and federal
regulatory requirements, a continued or prolonged downturn in the
U.S., California, or the global economy, risks related to doing
business internationally and global expansion, costs of opening
offices globally, risks of changing personnel and roles, losses in
excess of our insurance coverage, unknown liabilities acquired in
connection with acquired properties or otherwise and increases in
real property tax rates. Our success also depends upon economic
trends generally, including interest rates, income tax laws,
governmental regulation, legislation, population changes, 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, 2007 and our quarterly report on Form 10-Q for the quarter
ended September 30, 2008. DATASOURCE: AMB Property Corporation
CONTACT: Rachel E. M. Bennett, Media and Public Relations Director
of AMB Property Corporation, +1-415-733-9532, Web site:
http://www.amb.com/
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