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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amb Property Corp. | NYSE:AMB | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.07 | 0.00 | 01:00:00 |
Maryland | 001-13545 | 94-3281941 | ||
(State or other jurisdiction of | (Commission file number) | (I.R.S. employer identification | ||
incorporation) | number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
As of | ||||||||
March 31, 2008 | December 31, 2007 | |||||||
Assets
|
||||||||
Investments in real estate
|
||||||||
Total investments in properties
|
$ | 6,885,735 | $ | 6,709,545 | ||||
Accumulated depreciation
|
(941,413 | ) | (916,686 | ) | ||||
|
||||||||
Net investments in properties
|
5,944,322 | 5,792,859 | ||||||
Investments in unconsolidated co-investment ventures
|
366,385 | 356,194 | ||||||
Properties held for contribution, net
|
559,131 | 488,339 | ||||||
Properties held for divestiture, net
|
42,893 | 40,513 | ||||||
|
||||||||
Net investments in real estate
|
6,912,731 | 6,677,905 | ||||||
Cash and cash equivalents and restricted cash
|
322,489 | 250,416 | ||||||
Accounts receivable, net
|
181,910 | 184,270 | ||||||
Other assets
|
272,124 | 149,812 | ||||||
|
||||||||
Total assets
|
$ | 7,689,254 | $ | 7,262,403 | ||||
|
||||||||
|
||||||||
Liabilities and stockholders equity
|
||||||||
Secured debt
|
$ | 1,452,416 | $ | 1,471,087 | ||||
Unsecured senior debt
|
1,003,435 | 1,003,123 | ||||||
Unsecured credit facilities
|
960,479 | 876,105 | ||||||
Other debt
|
569,844 | 144,529 | ||||||
Accounts payable and other liabilities
|
321,978 | 306,196 | ||||||
|
||||||||
Total liabilities
|
4,308,152 | 3,801,040 | ||||||
Minority interests
|
||||||||
Co-investment venture partners
|
512,573 | 517,572 | ||||||
Preferred unitholders
|
77,561 | 77,561 | ||||||
Limited partnership unitholders
|
100,134 | 102,278 | ||||||
|
||||||||
Total minority interests
|
690,268 | 697,411 | ||||||
Stockholders equity
|
||||||||
Common equity
|
2,467,422 | 2,540,540 | ||||||
Preferred equity
|
223,412 | 223,412 | ||||||
|
||||||||
Total stockholders equity
|
2,690,834 | 2,763,952 | ||||||
|
||||||||
Total liabilities and stockholders equity
|
$ | 7,689,254 | $ | 7,262,403 | ||||
|
For the Quarters ended March 31, | ||||||||
2008 | 2007 | |||||||
Revenues
|
||||||||
Rental revenues
|
$ | 166,563 | $ | 158,580 | ||||
Private capital revenues
(1)
|
9,923 | 5,925 | ||||||
|
||||||||
Total revenues
|
176,486 | 164,505 | ||||||
|
||||||||
Costs and expenses
|
||||||||
Property operating costs
|
(46,171 | ) | (43,686 | ) | ||||
Depreciation and amortization
|
(41,669 | ) | (40,454 | ) | ||||
General and administrative
|
(35,153 | ) | (29,854 | ) | ||||
Fund costs
|
(222 | ) | (241 | ) | ||||
Impairment losses
|
| (257 | ) | |||||
Other expenses
|
92 | (912 | ) | |||||
|
||||||||
Total costs and expenses
|
(123,123 | ) | (115,404 | ) | ||||
|
||||||||
Other income and expenses
|
||||||||
Development gains, net of taxes
|
17,820 | 12,192 | ||||||
Gains from sale or contribution of real estate interests, net
|
19,967 | 136 | ||||||
Equity in earnings of unconsolidated co-investment ventures
|
2,928 | 2,113 | ||||||
Other income
|
4,436 | 5,507 | ||||||
Interest expense, including amortization
|
(30,928 | ) | (34,395 | ) | ||||
|
||||||||
Total other income and expenses
|
14,223 | (14,447 | ) | |||||
|
||||||||
Income from operations before minority interests
|
67,586 | 34,654 | ||||||
|
||||||||
Minority interests share of income
|
||||||||
Co-investment venture partners share of income
|
(18,944 | ) | (7,192 | ) | ||||
Co-investment venture partners and limited partnership unitholders share of development gains
|
(4,741 | ) | (595 | ) | ||||
Preferred unitholders
|
(1,432 | ) | (3,699 | ) | ||||
Limited partnership unitholders
|
(979 | ) | (356 | ) | ||||
|
||||||||
Total minority interests share of income
|
(26,096 | ) | (11,842 | ) | ||||
|
||||||||
Income from continuing operations
|
41,490 | 22,812 | ||||||
|
||||||||
Discontinued operations
|
||||||||
Income attributable to discontinued operations, net of minority interests
|
41 | 2,834 | ||||||
Gains from disposition of real estate, net of minority interests
|
1,401 | 36 | ||||||
|
||||||||
Total discontinued operations
|
1,442 | 2,870 | ||||||
|
||||||||
Net income
|
42,932 | 25,682 | ||||||
Preferred stock dividends
|
(3,952 | ) | (3,952 | ) | ||||
|
||||||||
Net income available to common stockholders
|
$ | 38,980 | $ | 21,730 | ||||
|
||||||||
Net income per common share (diluted)
|
$ | 0.39 | $ | 0.23 | ||||
|
||||||||
Weighted average common shares (diluted)
|
99,789 | 95,099 | ||||||
|
(1) | Includes incentive distributions for 2008 of $1.0 million for the dissolution of AMB Erie co-investment venture. |
For the Quarters ended March 31, | ||||||||
2008 | 2007 | |||||||
Net income available to common stockholders
|
$ | 38,980 | $ | 21,730 | ||||
Gains from sale or contribution of real estate, net of minority interests
|
(21,368 | ) | (172 | ) | ||||
Depreciation and amortization
|
||||||||
Total depreciation and amortization
|
41,669 | 40,454 | ||||||
Discontinued operations depreciation
|
4 | 571 | ||||||
Non-real estate depreciation
|
(1,634 | ) | (1,177 | ) | ||||
Adjustments to derive FFO from consolidated co-investment ventures
|
||||||||
Co-investment venture partners minority interests (Net income)
|
18,944 | 7,192 | ||||||
Limited partnership unitholders minority interests (Net income)
|
979 | 356 | ||||||
Limited partnership unitholders minority interests (Development profits)
|
528 | 583 | ||||||
Discontinued operations minority interests (Net income)
|
390 | 78 | ||||||
FFO attributable to minority interests
|
(16,576 | ) | (16,304 | ) | ||||
Adjustments to derive FFO from unconsolidated co-investment ventures
|
||||||||
AMBs share of net income
|
(2,928 | ) | (2,113 | ) | ||||
AMBs share of FFO
|
8,862 | 5,675 | ||||||
|
||||||||
Funds from operations
|
$ | 67,850 | $ | 56,873 | ||||
|
||||||||
FFO per common share and unit (diluted)
|
$ | 0.65 | $ | 0.57 | ||||
|
||||||||
Weighted average common shares and units (diluted)
|
103,767 | 99,777 | ||||||
|
(1) | Funds From Operations (FFO) and Funds From Operations Per Share and Unit (FFOPS). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, or FFO, and FFO per share and unit, or FFOPS, to be useful supplemental measures of its operating performance. AMB defines FFOPS as FFO per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO as net income, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMBs pro rata share of FFO of consolidated and unconsolidated joint ventures. AMB does not adjust FFO to eliminate the effects of non-recurring charges. AMB includes the gains from development, including those from value added conversion projects, before depreciation recapture, as a component of FFO. AMB believes that value-added conversion dispositions are in substance land sales and as such should be included in FFO, consistent with the real estate investment trust industrys long standing practice to include gains on the sale of land in FFO. However, AMBs interpretation of FFO or FFOPS may not be consistent with the views of others in the real estate investment trust industry, who may consider it to be a divergence from National Association of Real Estate Investment Trusts (NAREIT) definition, and may not be comparable to FFO or FFOPS reported by other real estate investment trusts that interpret the current NAREIT definition differently than AMB does. | |
In connection with the formation of a co-investment venture, AMB may warehouse assets that are acquired with the intent to contribute these assets to the newly formed venture. Some of the properties held for contribution may, under certain circumstances, be required to be depreciated under U.S. GAAP. If this circumstance arises, AMB intends to include in its calculation of FFO gains or losses related to the contribution of previously depreciated real estate to joint ventures. Although such a change, if instituted, will be a departure from the current NAREIT definition, AMB believes such calculation of FFO will better reflect the value created as a result of the contributions. To date, AMB has not included gains or losses from the contribution of previously depreciated warehoused assets in FFO. | ||
AMB believes that FFO and FFOPS are meaningful supplemental measures of its operating performance because historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with market and other conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Thus, FFO and FFOPS are supplemental measures of operating performance for real estate investment trusts that exclude historical cost depreciation and amortization, among other items, from net income, as defined by U.S. GAAP. AMB believes that the use of FFO and FFOPS, combined with the required U.S. GAAP presentations, has been beneficial in improving the understanding of operating results of real estate investment trusts among the investing public and making comparisons of operating results among such companies more meaningful. AMB considers FFO and FFOPS to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses related to sales of previously depreciated operating real estate assets and real estate depreciation and amortization, FFO and FFOPS can help the investing public compare the operating performance of a companys real estate between periods or as compared to other companies. While FFO and FFOPS are relevant and widely used measures of operating performance of real estate investment trusts, these measures do not represent cash flow from operations or net income as defined by U.S. GAAP and should not be considered as alternatives to those measures in evaluating AMBs liquidity or operating performance. FFO and FFOPS also do not consider the costs associated with capital expenditures related to AMBs real estate assets nor are FFO or FFOPS necessarily indicative of cash available to fund AMBs future cash requirements. |
2008 | ||||||||
Low | High | |||||||
|
||||||||
Projected net income
|
$ | 2.70 | $ | 2.90 | ||||
AMBs share of projected depreciation and amortization
|
1.46 | 1.48 | ||||||
AMBs share of projected gains on disposition of operating properties
|
(0.23 | ) | (0.25 | ) | ||||
Impact of additional dilutive securities, other, rounding
|
(0.08 | ) | (0.08 | ) | ||||
|
||||||||
Projected Funds From Operations (FFO)
|
$ | 3.85 | $ | 4.05 | ||||
|
For the Quarters ended | ||||||||
March 31, | ||||||||
2008 | 2007 | |||||||
Net income
|
$ | 42,932 | $ | 25,682 | ||||
Private capital income
|
(9,923 | ) | (5,925 | ) | ||||
Depreciation and amortization
|
41,669 | 40,454 | ||||||
Impairment losses
|
| 257 | ||||||
General and administrative and fund costs
|
35,375 | 30,095 | ||||||
Total other income and expenses
|
(14,315 | ) | 15,359 | |||||
Total minority interests share of income
|
26,096 | 11,842 | ||||||
Total discontinued operations
|
(1,442 | ) | (2,870 | ) | ||||
|
||||||||
NOI
|
120,392 | 114,894 | ||||||
Less non same-store NOI
|
(14,463 | ) | (13,246 | ) | ||||
Less non cash adjustments
(1)
|
(473 | ) | (1,849 | ) | ||||
|
||||||||
Cash-basis same-store NOI
|
$ | 105,456 | $ | 99,799 | ||||
|
(1) | Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only. |
Exhibit | ||
Number | Description | |
99.1
|
AMB Property Corporation Press Release dated April 16, 2008. |
AMB Property Corporation
(Registrant) |
||||
Date: April 16, 2008 | By: | /s/ Tamra D. Browne | ||
Tamra D. Browne | ||||
Senior Vice President, General
Counsel and Secretary |
Exhibit | ||
Number | Description | |
99.1
|
AMB Property Corporation Press Release dated April 16, 2008. |
1 Year Amb Properties Chart |
1 Month Amb Properties Chart |
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