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AMB Property Corp. (AMB) filed Quarterly Report for the period ended 2011-03-31.
Amb Property Corp. has a market cap of $6.01 billion; its shares were traded at around $35.45 with a P/E ratio of 28.4 and P/S ratio of 9.5. The dividend yield of Amb Property Corp. stocks is 3.2%.
This is the annual revenues and earnings per share of AMB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AMB.
Highlight of Business Operations:
As of March 31, 2011 the company’s share of liquidity was more than $1.4 billion, consisting of approximately $1.2 billion of availability on its lines of credit and approximately $204 million of unrestricted cash and cash equivalents.
The company commenced new development in the quarter totaling approximately 3.1 million square feet (290,720 square meters) in Brazil, China, Japan and Germany, with an estimated total investment of $299.9 million. During the quarter, acquisitions, with a weighted average capitalization rate of 6.2%, totaled $22.5 million, including $17.3 million for AMB U.S. Logistics Fund, L.P. and $5.2 million for AMB Europe Logistics Fund, FCP-FIS. As of March 31, 2011, the company held a total of 2,594 acres of land for future development or sale on an owned and managed basis, approximately 87% of which is located in the Americas. The company currently estimates that these 2,594 acres of land could support approximately 46.5 million square feet of future development.
Following a record year in 2010, the company raised approximately $1.1 billion in private capital in the first quarter of 2011, which made it a record quarter of fund raising for AMB. In fact, that figure represents an AMB record for any prior 12-month period, as well. Management believes that private capital continues to be an important driver of the business; with the third party equity raised in the first quarter, the company has $3.2 billion of capacity in its funds that can be used to invest in opportunities around the world. As of March 31, 2011, the company had assets under management in co-investment ventures with a gross book value of approximately $8.3 billion.
On March 3, 2011, the company announced the formation of AMB Europe Logistics JV, FCP-FIS, an unconsolidated co-investment venture with Allianz Real Estate whose strategy is to acquire, own and operate logistics properties primarily within major seaport, airport and distribution markets in the Eurozone. The initial third-party equity investment will be approximately 400.0 million Euros (approximately $566.3 million in U.S. dollars using the exchange rate in effect at March 31, 2011) and the venture’s overall equity commitment is 470.0 million Euros (approximately $665.4 million in U.S. dollars using the same exchange rate), including the
On March 16, 2011, the company announced the formation of AMB China Logistics Venture I, L.P., an unconsolidated co-investment venture with HIP China Logistics Investments Limited, whose strategy is to develop, acquire, own, operate and manage logistics properties primarily within key markets in China. The venture’s overall equity commitment is $588.0 million, of which the company will contribute $88.0 million for an approximate 15% ownership. As of March 31, 2011, no investments had been made in real estate properties within this co-investment venture.
Subsequent to March 31, 2011, third party investors made capital commitments of $87.6 million to AMB U.S. Logistics Fund, L.P., of which $29.6 million was contributed in April 2011.
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