AMB Property Corp. (AMB, Financial) filed Quarterly Report for the period ended 2010-06-30.
Amb Property Corp. has a market cap of $4.33 billion; its shares were traded at around $25.72 with a P/E ratio of 11.3 and P/S ratio of 6.8. The dividend yield of Amb Property Corp. stocks is 4.4%.AMB is in the portfolios of Paul Tudor Jones of The Tudor Group, Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers, Jeremy Grantham of GMO LLC.
The company completed more than $428 million of debt repayments and extensions during the second quarter and $678 million year-to-date. The companys share of total debt was reduced by approximately $264 million during the quarter, and at June 30, 2010, the companys share of total debt to share of total assets was 40.5%, as compared to 44.8% at the end of the first quarter of 2010.
The companys share of liquidity at June 30, 2010 was approximately $1.5 billion, consisting of more than $1.2 billion of availability on its lines of credit and approximately $292 million of unrestricted cash and cash equivalents on an owned and managed basis.
During the quarter, acquisitions totaled $42.7 million, including $29.4 million for AMB Europe Fund I, FCP-FIS and $13.3 million for the companys wholly owned portfolio. The company also acquired a land parcel in Brazil, the second acquisition through its joint venture with Cyrela Commercial Properties (CCP). The 48 acres have estimated build-out potential of 728,800 square feet (67,700 square meters). As of June 30, 2010, the company held a total of 2,601 acres of land for future development or sale on an owned and managed basis, approximately 86% of which is located in the Americas. The company currently estimates that these 2,601 acres of land could support approximately 47.4 million square feet of future development.
During the second quarter, the company invested $50 million into AMB U.S. Logistics Fund, L.P., along with $29 million in new third-party equity investments. In addition, the company transferred two assets to AMB Europe Fund I, FCP-FIS in exchange for units with a fair value of $22.4 million. Subsequent to quarter end, the companys two open-ended funds received capital commitments comprising $50.5 million in third-party equity in AMB U.S. Logistics Fund, L.P. and $42.8 million in third-party equity in AMB Europe Fund I, FCP-FIS.
On August 2, 2010, the company announced the formation of AMB Mexico Fondo Logisitico, a fund with a 10-year term whose investment strategy is to develop, own, operate and manage industrial distribution facilities primarily within the companys target markets in Mexico. Approximately 3.3 billion Pesos (approximately $260 million U.S. dollars using the exchange rate in effect on June 30, 2010) was raised from the third party investors in the fund, comprised of institutional investors in Mexico, including private pension plans. The company will contribute 20% of the total equity, or approximately $65 million, at full deployment.
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Amb Property Corp. has a market cap of $4.33 billion; its shares were traded at around $25.72 with a P/E ratio of 11.3 and P/S ratio of 6.8. The dividend yield of Amb Property Corp. stocks is 4.4%.AMB is in the portfolios of Paul Tudor Jones of The Tudor Group, Stanley Druckenmiller of Duquesne Capital Management, LLC, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
In April 2010, the company completed the issuance and sale of approximately 18.2 million shares of its common stock in a public offering at a price of $27.50 per share, generating approximately $479 million in net proceeds. The company used the proceeds for general corporate purposes, including the reduction of borrowings on its lines of credit and the funding of equity investments into AMB U.S. Logistics Fund, L.P.The company completed more than $428 million of debt repayments and extensions during the second quarter and $678 million year-to-date. The companys share of total debt was reduced by approximately $264 million during the quarter, and at June 30, 2010, the companys share of total debt to share of total assets was 40.5%, as compared to 44.8% at the end of the first quarter of 2010.
The companys share of liquidity at June 30, 2010 was approximately $1.5 billion, consisting of more than $1.2 billion of availability on its lines of credit and approximately $292 million of unrestricted cash and cash equivalents on an owned and managed basis.
During the quarter, acquisitions totaled $42.7 million, including $29.4 million for AMB Europe Fund I, FCP-FIS and $13.3 million for the companys wholly owned portfolio. The company also acquired a land parcel in Brazil, the second acquisition through its joint venture with Cyrela Commercial Properties (CCP). The 48 acres have estimated build-out potential of 728,800 square feet (67,700 square meters). As of June 30, 2010, the company held a total of 2,601 acres of land for future development or sale on an owned and managed basis, approximately 86% of which is located in the Americas. The company currently estimates that these 2,601 acres of land could support approximately 47.4 million square feet of future development.
During the second quarter, the company invested $50 million into AMB U.S. Logistics Fund, L.P., along with $29 million in new third-party equity investments. In addition, the company transferred two assets to AMB Europe Fund I, FCP-FIS in exchange for units with a fair value of $22.4 million. Subsequent to quarter end, the companys two open-ended funds received capital commitments comprising $50.5 million in third-party equity in AMB U.S. Logistics Fund, L.P. and $42.8 million in third-party equity in AMB Europe Fund I, FCP-FIS.
On August 2, 2010, the company announced the formation of AMB Mexico Fondo Logisitico, a fund with a 10-year term whose investment strategy is to develop, own, operate and manage industrial distribution facilities primarily within the companys target markets in Mexico. Approximately 3.3 billion Pesos (approximately $260 million U.S. dollars using the exchange rate in effect on June 30, 2010) was raised from the third party investors in the fund, comprised of institutional investors in Mexico, including private pension plans. The company will contribute 20% of the total equity, or approximately $65 million, at full deployment.
Read the The complete Report
