AMB Property Corp. (AMB, Financial) filed Quarterly Report for the period ended 2009-09-30.
AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. The company's investment strategy is to become a leading provider of High Throughput Distribution properties located near key passenger and air cargo airports key interstate highways and ports in major metropolitan areas such as Atlanta Chicago Dallas/Fort Worth Northern New Jersey the San Francisco Bay Area andSouthern California. Amb Property Corp. has a market cap of $3.21 billion; its shares were traded at around $21.98 with a P/E ratio of 9.6 and P/S ratio of 4.5. The dividend yield of Amb Property Corp. stocks is 5.2%. Amb Property Corp. had an annual average earning growth of 15.5% over the past 10 years.
During the first nine months of 2009, the company disposed of approximately $670 million of properties with a weighted average stabilized capitalization rate of 6.7%. During the third quarter, the company completed sales and contributions totaling $209 million, with a weighted average stabilized capitalization rate of 6.2%. Additionally, on
The company believes its current debt maturity schedule is well-laddered. The company has completed approximately $1.1 billion of debt repayments, repurchases and extensions, year-to-date, of which $122 million occurred in the third quarter of 2009. The company reduced its share of debt and funding to complete the development pipeline by approximately $952 million and its share of total debt-to-AMBs share of total assets to 43% from 51%. Also during 2009, the operating partnership completed the purchase of $183 million of its outstanding unsecured senior debt securities at a weighted average yield-to-maturity of 6.3%. The company used proceeds from asset sales completed during the first quarter of 2009 to fund the purchase of the debt securities. The company may from time to time seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, the companys liquidity requirements, contractual restrictions and other factors. As of September 30, 2009, the companys total consolidated debt maturities for 2009 after extension options (subject to certain conditions) were $155.1 million, excluding principal amortization. The company had no unconsolidated debt maturities for 2009 after extension options (subject to certain conditions) as of September 30, 2009, excluding principal amortization.
For the first nine months of 2009, the company generated $304 million of net operating income, on a consolidated basis, from its real estate operations. The companys owned and managed portfolio occupancy during the three months ended September 30, 2009 was 91.0%, up from 90.5% during the three months ended June 30, 2009 and down from 95.4% during the three months ended September 30, 2008, while average occupancy during the three months ended September 30,
2009 was 90.4%, down from 91.1% during the three months ended June 30, 2009 and 95.3% during the three months ended September 30, 2008. During the three months ended September 30, 2009, rent on renewed and re-leased space in the companys operating portfolio declined by 10.3% on an owned and managed basis, excluding expense reimbursements, rental abatements, percentage rents and straight-line rents. Rental rates on lease renewals and rollovers in the companys portfolio declined by 3.9% for the trailing four quarters ended September 30, 2009. During the quarter, cash-basis same store net operating income, with and without the effect of lease termination fees, declined by 6.1% and 7.0%, respectively, on an owned and managed basis. Excluding the impact of foreign currency exchange rate movements against the U.S. dollar, cash-basis same store net operating income without the effect of lease termination fees decreased 7.6% during the three months ended September 30, 2009. See Supplemental Earnings Measures below for a discussion of cash-basis same store net operating income and a reconciliation of cash-basis same store net operating income and net income.
Given the current uncertainty in the global economy, the company curtailed development activity and, as a result, development starts for the first nine months of 2009 decreased 87% from 2008 with 88% of its 2009 development starts outside the United States. During the nine months ended September 30, 2009, the company commenced development on four previously committed development projects for a total estimated investment cost of $60.6 million. For the remainder of 2009, the company does not anticipate undertaking any new development projects without significant pre-leasing commitments from creditworthy tenants. In addition to its committed development pipeline, as of September 30, 2009, the company held a total of 2,515 acres of land for future development or sale on an owned and managed basis, approximately 85% of which was located in the Americas. The company currently estimates that these 2,515 acres of land could support approximately 45.7 million square feet of future development.
Read the The complete ReportAMB is in the portfolios of Chris Davis of Davis Selected Advisers, Kenneth Fisher of Fisher Asset Management, LLC.
AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. The company's investment strategy is to become a leading provider of High Throughput Distribution properties located near key passenger and air cargo airports key interstate highways and ports in major metropolitan areas such as Atlanta Chicago Dallas/Fort Worth Northern New Jersey the San Francisco Bay Area andSouthern California. Amb Property Corp. has a market cap of $3.21 billion; its shares were traded at around $21.98 with a P/E ratio of 9.6 and P/S ratio of 4.5. The dividend yield of Amb Property Corp. stocks is 5.2%. Amb Property Corp. had an annual average earning growth of 15.5% over the past 10 years.
Highlight of Business Operations:
believes that the volume of global trade will increase. International Monetary Fund forecasts indicate that global trade will fall by 11-12% in 2009, which is substantially steeper than the 1% forecasted decline in global GDP, and, if realized, would represent the steepest drop in modern history. Current consensus estimates for the U.S. and global GDP growth are in excess of 3% for 2010, a level that implies recovery in GDP growth and a significant rebound in trade and industrial real estate demand.During the first nine months of 2009, the company disposed of approximately $670 million of properties with a weighted average stabilized capitalization rate of 6.7%. During the third quarter, the company completed sales and contributions totaling $209 million, with a weighted average stabilized capitalization rate of 6.2%. Additionally, on
The company believes its current debt maturity schedule is well-laddered. The company has completed approximately $1.1 billion of debt repayments, repurchases and extensions, year-to-date, of which $122 million occurred in the third quarter of 2009. The company reduced its share of debt and funding to complete the development pipeline by approximately $952 million and its share of total debt-to-AMBs share of total assets to 43% from 51%. Also during 2009, the operating partnership completed the purchase of $183 million of its outstanding unsecured senior debt securities at a weighted average yield-to-maturity of 6.3%. The company used proceeds from asset sales completed during the first quarter of 2009 to fund the purchase of the debt securities. The company may from time to time seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, the companys liquidity requirements, contractual restrictions and other factors. As of September 30, 2009, the companys total consolidated debt maturities for 2009 after extension options (subject to certain conditions) were $155.1 million, excluding principal amortization. The company had no unconsolidated debt maturities for 2009 after extension options (subject to certain conditions) as of September 30, 2009, excluding principal amortization.
For the first nine months of 2009, the company generated $304 million of net operating income, on a consolidated basis, from its real estate operations. The companys owned and managed portfolio occupancy during the three months ended September 30, 2009 was 91.0%, up from 90.5% during the three months ended June 30, 2009 and down from 95.4% during the three months ended September 30, 2008, while average occupancy during the three months ended September 30,
2009 was 90.4%, down from 91.1% during the three months ended June 30, 2009 and 95.3% during the three months ended September 30, 2008. During the three months ended September 30, 2009, rent on renewed and re-leased space in the companys operating portfolio declined by 10.3% on an owned and managed basis, excluding expense reimbursements, rental abatements, percentage rents and straight-line rents. Rental rates on lease renewals and rollovers in the companys portfolio declined by 3.9% for the trailing four quarters ended September 30, 2009. During the quarter, cash-basis same store net operating income, with and without the effect of lease termination fees, declined by 6.1% and 7.0%, respectively, on an owned and managed basis. Excluding the impact of foreign currency exchange rate movements against the U.S. dollar, cash-basis same store net operating income without the effect of lease termination fees decreased 7.6% during the three months ended September 30, 2009. See Supplemental Earnings Measures below for a discussion of cash-basis same store net operating income and a reconciliation of cash-basis same store net operating income and net income.
Given the current uncertainty in the global economy, the company curtailed development activity and, as a result, development starts for the first nine months of 2009 decreased 87% from 2008 with 88% of its 2009 development starts outside the United States. During the nine months ended September 30, 2009, the company commenced development on four previously committed development projects for a total estimated investment cost of $60.6 million. For the remainder of 2009, the company does not anticipate undertaking any new development projects without significant pre-leasing commitments from creditworthy tenants. In addition to its committed development pipeline, as of September 30, 2009, the company held a total of 2,515 acres of land for future development or sale on an owned and managed basis, approximately 85% of which was located in the Americas. The company currently estimates that these 2,515 acres of land could support approximately 45.7 million square feet of future development.
Read the The complete ReportAMB is in the portfolios of Chris Davis of Davis Selected Advisers, Kenneth Fisher of Fisher Asset Management, LLC.
