Table of Contents
Washington, DC 20549
Form 10-K
(Mark One) | ||
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2010 | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland (AMB Property Corporation) Delaware (AMB Property, L.P.) (State or Other Jurisdiction of Incorporation or Organization) | 94-3281941 94-3285362 (I.R.S. Employer Identification No.) | |
Pier 1, Bay 1, San Francisco, California (Address of Principal Executive Offices) | 94111 (Zip Code) |
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Name of Each Exchange on Which Registered | |||
AMB Property Corporation | Common Stock, $.01 par value | New York Stock Exchange | ||
AMB Property Corporation | 6.50% Series L Cumulative Redeemable Preferred Stock | New York Stock Exchange | ||
AMB Property Corporation | 6.75% Series M Cumulative Redeemable Preferred Stock | New York Stock Exchange | ||
AMB Property Corporation | 7.00% Series O Cumulative Redeemable Preferred Stock | New York Stock Exchange | ||
AMB Property Corporation | 6.85% Series P Cumulative Redeemable Preferred Stock | New York Stock Exchange | ||
AMB Property, L.P. | None | None |
AMB Property Corporation | None | |||||
AMB Property, L.P. | None |
AMB Property Corporation | Yesþ | Noo | ||
AMB Property, L.P. | Yeso | Noþ |
AMB Property Corporation | Yeso | Noþ | ||
AMB Property, L.P. | Yeso | Noþ |
AMB Property Corporation | Yesþ | Noo | ||
AMB Property, L.P. | Yesþ | Noo |
Large accelerated filerþ | Accelerated filero | |
Non-accelerated filer (Do not check if a smaller reporting company)o | Smaller reporting companyo |
Large accelerated filero | Accelerated filero | |
Non-accelerated filer (Do not check if a smaller reporting company)þ | Smaller reporting companyo |
AMB Property Corporation | Yeso | Noþ | ||
AMB Property, L.P. | Yeso | Noþ |
Table of Contents
• | enhancing investors’ understanding of the parent company and the operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | |
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the company’s disclosure applies to both the parent company and the operating partnership; and | |
• | creating time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
2
Table of Contents
• | consolidated financial statements; | |
• | the following notes to the consolidated financial statements: |
• | Debt; | |
• | Income taxes; | |
• | Noncontrolling Interests; | |
• | Stockholders’ Equity of the Parent Company/Partners’ Capital of the Operating Partnership; and |
• | Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
3
4
Table of Contents
• | changes in general economic conditions in California, the U.S. or globally (including financial market fluctuations), global trade or in the real estate sector (including risks relating to decreasing real estate valuations and impairment charges); | |
• | risks associated with using debt to fund the company’s business activities, including re-financing and interest rate risks; | |
• | the company’s failure to obtain, renew, or extend necessary financing or access the debt or equity markets; | |
• | the company’s failure to maintain its current credit agency ratings or comply with its debt covenants; | |
• | risks related to the proposed merger transaction with ProLogis, including litigation related to the merger, any decreases in the market price of ProLogis stock and the risk that, if completed, the merger may not achieve its intended results; | |
• | risks associated with the ability to consummate the merger and the timing of the closing of the merger; | |
• | risks related to the company’s obligations in the event of certain defaults under co-investment venture and other debt; | |
• | risks associated with equity and debt securities financings and issuances (including the risk of dilution); | |
• | defaults on or non-renewal of leases by customers, lease renewals at lower than expected rent or failure to lease properties at all or on favorable rents and terms; | |
• | difficulties in identifying properties, portfolios of properties, or interests in real-estate related entities or platforms to acquire and in effecting acquisitions on advantageous terms and the failure of acquisitions to perform as the company expects; | |
• | unknown liabilities acquired in connection with acquired properties, portfolios of properties, or interests in real-estate related entities; | |
• | the company’s failure to successfully integrate acquired properties and operations; | |
• | risks and uncertainties affecting property development, redevelopment and value-added conversion (including construction delays, cost overruns, the company’s inability to obtain necessary permits and financing, |
5
Table of Contents
the company’s inability to lease properties at all or at favorable rents and terms, and public opposition to these activities); |
• | the company’s failure to set up additional funds, attract additional investment in existing funds or to contribute properties to its co-investment ventures due to such factors as its inability to acquire, develop, or lease properties that meet the investment criteria of such ventures, or the co-investment ventures’ inability to access debt and equity capital to pay for property contributions or their allocation of available capital to cover other capital requirements; | |
• | risks and uncertainties relating to the disposition of properties to third parties and the company’s ability to effect such transactions on advantageous terms and to timely reinvest proceeds from any such dispositions; | |
• | risks of doing business internationally and global expansion, including unfamiliarity with new markets and currency risks; | |
• | risks of changing personnel and roles; | |
• | losses in excess of the company’s insurance coverage; | |
• | changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws; | |
• | increases in real property tax rates; | |
• | risks associated with the company’s tax structuring; | |
• | increases in interest rates and operating costs or greater than expected capital expenditures; and | |
• | environmental uncertainties and risks related to natural disasters. |
6
Table of Contents
7
Table of Contents
Item 1. | Business |
• | on an owned and managed basis, which includes investments held on a consolidated basis or through unconsolidated joint ventures, the company owned or partially owned approximately 141.9 million square feet (principally, warehouse distribution buildings) that were 93.7% leased; the company had investments in eight development projects, which are expected to total approximately 2.2 million square feet upon completion; the company owned 25 development projects, totaling approximately 6.8 million square feet, which are available for sale or contribution; and the company had three value-added acquisitions, totaling approximately 1.2 million square feet; | |
• | through non-managed unconsolidated joint ventures, the company had investments in 46 industrial operating buildings, totaling approximately 7.3 million square feet; and | |
• | 152,000 square feet of office space subject to a ground lease, which is the location of its global headquarters. |
8
Table of Contents
• | maintain and increase occupancy ratesand/or increase rental rates at its properties; | |
• | raise third-party equity and grow earnings generated from its private capital business by way of the acquisition and development of new properties or through the possible management of third party assets co-invested with the company; | |
• | acquire industrial real estate with total returns above the company’s cost of capital; and | |
• | develop properties profitably and then either hold or sell them to third-parties. |
9
Table of Contents
10
Table of Contents
11
Table of Contents
12
Table of Contents
13
Table of Contents
ITEM 1A. | Risk Factors |
14
Table of Contents
15
Table of Contents
• | general market and economic conditions; | |
• | actual or anticipated variations in the parent company’s operating results or dividends or the parent company’s payment of dividends in shares of its stock; | |
• | changes in its funds from operations or earnings estimates; | |
• | difficulties or inability to access capital or extend or refinance existing debt; | |
• | breaches of covenants and defaults under the operating partnership’s credit facilities and other debt; | |
• | decreasing (or uncertainty in) real estate valuations, market rents and rental occupancy rates; | |
• | our proposed merger transaction with ProLogis, including litigation related to the merger, adverse changes in ProLogis’ business or financial condition and any decreases in the market price of ProLogis stock; | |
• | a change in analyst ratings or the operating partnership’s credit ratings; | |
• | general stock and bond market conditions, including changes in interest rates on fixed income securities, that may lead prospective purchasers of the parent company’s stock to demand a higher annual yield from future dividends; | |
• | adverse market reaction to any additional debt the operating partnership incurs in the future or any other capital market activity the company may conduct, including additional issuances of parent company stock; | |
• | adverse market reaction to the company’s strategic initiatives and their implementation; | |
• | changes in market valuations of similar companies; | |
• | publication of research reports about the parent company or the real estate industry; | |
• | the general reputation of real estate investment trusts and the attractiveness of their equity securities in comparison to other equity securities (including securities issued by other real estate-based companies); | |
• | additions or departures of key management personnel; | |
• | actions by institutional stockholders; | |
• | speculation in the press or investment community; | |
• | terrorist activity may adversely affect the markets in which the company’s securities trade, possibly increasing market volatility and causing the further erosion of business and consumer confidence and spending; | |
• | governmental regulatory action and changes in tax laws; and | |
• | the realization of any of the other risk factors included in this report. |
16
Table of Contents
• | payment to ProLogis of a termination fee of $210 million, as specified in the merger agreement, depending on the nature of the termination; | |
• | payment of costs relating to the merger, whether or not the merger is completed; and | |
• | being subject to litigation related to any failure to complete the merger. |
17
Table of Contents
18
Table of Contents
19
Table of Contents
20
Table of Contents
• | changes in the general economic climate, such as the current one, including diminished access to or availability of capital (including difficulties in financing, refinancing and extending existing debt) and rising inflation (see “Risks of the Current Economic Environment”); | |
• | local conditions, such as oversupply of or a reduction in demand for industrial space; | |
• | the attractiveness of the company’s properties to potential customers; | |
• | competition from other properties; | |
• | the company’s ability to provide adequate maintenance and insurance; | |
• | increased operating costs; | |
• | increased cost of compliance with regulations; | |
• | the potential for liability under applicable laws (including changes in tax laws); and | |
• | disruptions in the global supply chain caused by political, regulatory or other factors, including terrorism. |
21
Table of Contents
22
Table of Contents
23
Table of Contents
• | if the company’s joint venture partners go bankrupt, then the company and any other remaining partners may generally remain liable for the investment’s liabilities; | |
• | if the company’s joint venture partners fail to fund their share of any required capital contributions, then the company may choose to or be required to contribute such capital; | |
• | the company may, under certain circumstances, guarantee all or a portion of the joint venture’s debt, which may require the company to pay an amount greater than its investment in the joint venture; | |
• | the company’s joint venture partners might have economic or other business interests or goals that are inconsistent with the company’s business interests or goals that would affect the company’s ability to operate the property; | |
• | the company’s joint venture partners may have the power to act contrary to the company’s instructions, requests, policies or objectives, including its current policy with respect to maintaining the parent company’s qualification as a real estate investment trust; | |
• | the joint venture or other governing agreements often restrict the transfer of an interest in the joint venture or may otherwise restrict the company’s ability to sell the interest when it desires or on advantageous terms; |
24
Table of Contents
• | the company’s relationships with its joint venture partners are generally contractual in nature and may be terminated or dissolved under the terms of the agreements, and in such event, the company may not continue to own or operate the interests or assets underlying such relationship or may need to purchase such interests or assets at an above-market price to continue ownership; | |
• | disputes between the company and its joint venture partners may result in litigation or arbitration that would increase the company’s expenses and prevent its officers and directors from focusing their time and effort on the company’s business and result in subjecting the properties owned by the applicable joint venture to additional risk; and | |
• | the company may in certain circumstances be liable for the actions of its joint venture partners. |
25
Table of Contents
• | the company may not be able to obtain financing for development projects on favorable terms or at all and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties, generating cash flow and, if applicable, contributing properties to a joint venture; | |
• | the company may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; | |
• | the properties may perform below anticipated levels, producing cash flow below budgeted amounts; | |
• | the company may not be able to lease properties on favorable terms or at all; | |
• | construction costs, total investment amounts and the company’s share of remaining funding may exceed the company’s estimates and projects may not be completed, delivered or stabilized as planned; | |
• | the company may not be able to attract third party investment in new development joint ventures or sufficient customer demand for its product; | |
• | the company may not be able to capture the anticipated enhanced value created by its value-added conversion projects on its expected timetables or at all; | |
• | the company may not be able to successfully form development joint ventures or capture value from such newly formed ventures; | |
• | the company may fail to contribute properties to its co-investment ventures due to such factors as its inability to acquire, develop, or lease properties that meet the investment criteria of such ventures, or itsco-investment ventures’ inability to access debt and equity capital to pay for property contributions or their allocation of available capital to cover other capital requirements such as future redemptions; | |
• | the company may experience delays (temporary or permanent) if there is public opposition to its activities; | |
• | substantial renovation, new development and redevelopment activities, regardless of their ultimate success, typically require a significant amount of management’s time and attention, diverting their attention from the company’sday-to-day operations; and | |
• | upon completion of construction, the company may not be able to obtain, on advantageous terms or at all, permanent financing for activities that it has financed through construction loans. |
26
Table of Contents
• | differing employment practices and labor issues; | |
• | local business and cultural factors that differ from the company’s usual standards and practices; | |
• | regulatory requirements and prohibitions that differ between jurisdictions; and | |
• | health concerns. |
27
Table of Contents
• | direct obligations issued by the U.S. Treasury; | |
• | obligations issued or guaranteed by the U.S. government or its agencies; | |
• | taxable municipal securities; | |
• | obligations (including certificates of deposit) of banks and thrifts; | |
• | commercial paper and other instruments consisting of short-term U.S. dollar denominated obligations issued by corporations and banks; | |
• | repurchase agreements collateralized by corporate and asset-backed obligations; | |
• | both registered and unregistered money market funds; and | |
• | other highly rated short-term securities. |
28
Table of Contents
29
Table of Contents
• | liabilities for environmental conditions; | |
• | losses in excess of the company’s insured coverage; | |
• | accrued but unpaid liabilities incurred in the ordinary course of business; | |
• | tax, legal and regulatory liabilities; | |
• | claims of customers, vendors or other persons dealing with the company’s predecessors prior to its formation or acquisition transactions that had not been asserted or were unknown prior to the company’s formation or acquisition transactions; and | |
• | claims for indemnification by the general partners, officers and directors and others indemnified by the former owners of the company’s properties. |
30
Table of Contents
31
Table of Contents
32
Table of Contents
33
Table of Contents
• | directors may be removed only for cause and only upon a two-thirds vote of stockholders; | |
• | the parent company’s board can fix the number of directors within set limits (which limits are subject to change by the parent company’s board), and fill vacant directorships upon the vote of a majority of the |
34
Table of Contents
remaining directors, even though less than a quorum, or in the case of a vacancy resulting from an increase in the size of the board, a majority of the entire board; |
• | stockholders must give advance notice to nominate directors or propose business for consideration at a stockholders’ meeting; and | |
• | the request of the holders of 50% or more of the parent company’s common stock is necessary for stockholders to call a special meeting. |
• | a two-thirds vote of stockholders is required to amend the parent company’s charter; and | |
• | stockholders may only act by written consent with the unanimous approval of all stockholders entitled to vote on the matter in question. |
35
Table of Contents
36
Table of Contents
ITEM 1B. | Unresolved Staff Comments |
ITEM 2. | Properties |
December 31, | ||||||||||
Building Type | Description | 2010 | 2009 | |||||||
Warehouse | Customers typically 15,000-75,000 square feet, single or multi-customer | 56.0 | % | 55.3 | % | |||||
Bulk Warehouse | Customers typically over 75,000 square feet, single or multi-customer | 34.7 | % | 34.8 | % | |||||
Flex Industrial | Includes assembly or research & development, single or multi-customer | 3.3 | % | 3.6 | % | |||||
Light Industrial | Smaller customers, 15,000 square feet or less, higher office finish | 2.2 | % | 2.3 | % | |||||
Air Cargo | On-tarmac or airport land for transfer of air cargo goods | 2.3 | % | 2.4 | % | |||||
Trans-Shipment | Unique configurations for truck terminals and cross-docking | 1.0 | % | 1.0 | % | |||||
Office | Single or multi-customer, used strictly for office | 0.5 | % | 0.6 | % | |||||
100.0 | % | 100.0 | % |
37
Table of Contents
The Americas | Europe | Asia | ||||
Atlanta | Orlando | Amsterdam | Beijing | |||
Austin | Querétaro | Bremerhaven | Guangzhou | |||
Baltimore/Washington D.C. | Reynosa | Brussels | Nagoya | |||
Boston | Rio de Janeiro | Frankfurt | Osaka | |||
Chicago | San Francisco Bay Area | Hamburg | Seoul | |||
Dallas/Ft. Worth | Sao Paulo | Le Havre | Shanghai | |||
Guadalajara | Savannah | London | Singapore | |||
Houston | Seattle | Lyon | Tokyo | |||
Mexico City | South Florida | Madrid | ||||
Minneapolis | Southern California | Milan | ||||
Monterrey | Tijuana | Paris | ||||
New Orleans | Toronto | Rotterdam | ||||
Northern New Jersey/New York City |
38
Table of Contents
2010 | Trailing Four | |||||||||||||||||||||||
The Company’s | Annualized | Same Store NOI | Quarters Rent | |||||||||||||||||||||
Square Feet | Share of Square | 2010 | Base Rent(1) | Growth Without | Change on | |||||||||||||||||||
as of | Feet as of | Average | psf as of | Lease | Renewals and | |||||||||||||||||||
12/31/2010 | 12/31/2010 | Occupancy | 12/31/2010 | Termination Fees(2) | Rollovers(3) | |||||||||||||||||||
Southern California | 18,851,649 | 60.3 | % | 93.1 | % | $ | 6.33 | (0.1 | )% | (18.4 | )% | |||||||||||||
Chicago | 13,092,788 | 59.4 | % | 90.8 | % | 4.90 | (2.7 | )% | (21.2 | )% | ||||||||||||||
No. New Jersey/New York | 13,023,043 | 60.6 | % | 87.8 | % | 6.99 | (9.1 | )% | (14.1 | )% | ||||||||||||||
San Francisco Bay Area | 11,049,083 | 77.6 | % | 92.8 | % | 6.31 | (1.7 | )% | (1.5 | )% | ||||||||||||||
Seattle | 7,883,361 | 58.5 | % | 90.5 | % | 5.45 | (8.2 | )% | (10.0 | )% | ||||||||||||||
South Florida | 7,033,688 | 69.6 | % | 96.7 | % | 6.95 | 6.5 | % | (29.2 | )% | ||||||||||||||
U.S. On-Tarmac(4) | 2,597,717 | 90.3 | % | 88.3 | % | 18.68 | (4.6 | )% | (5.5 | )% | ||||||||||||||
Other U.S. Markets | 28,321,937 | 66.3 | % | 87.7 | % | 5.23 | (7.9 | )% | (19.9 | )% | ||||||||||||||
U.S. Total/Wtd Avg | 101,853,266 | 65.0 | % | 90.8 | % | $ | 6.23 | (4.1 | )% | (15.1 | )% | |||||||||||||
Canada | 3,564,450 | 100.0 | % | 99.0 | % | $ | 5.70 | 28.7 | % | (19.7 | )% | |||||||||||||
Mexico City | 4,584,491 | 42.4 | % | 95.5 | % | 5.56 | (5.4 | )% | (7.3 | )% | ||||||||||||||
Guadalajara | 3,390,137 | 33.0 | % | 92.0 | % | 4.49 | (12.8 | )% | (4.3 | )% | ||||||||||||||
Other Mexico Markets | 1,089,347 | 71.8 | % | 72.2 | % | 4.27 | (66.4 | )% | (20.2 | )% | ||||||||||||||
Mexico Total/Wtd Avg | 9,063,975 | 42.4 | % | 91.6 | % | $ | 5.04 | (11.1 | )% | (7.0 | )% | |||||||||||||
The Americas Total/Wtd Avg | 114,481,691 | 64.3 | % | 90.8 | % | $ | 6.12 | (3.8 | )% | (14.6 | )% | |||||||||||||
France | 5,117,512 | 45.9 | % | 96.8 | % | $ | 7.31 | (6.9 | )% | (9.3 | )% | |||||||||||||
Germany | 3,935,466 | 48.9 | % | 96.5 | % | 7.97 | (4.5 | )% | (7.3 | )% | ||||||||||||||
Benelux | 3,370,999 | 47.9 | % | 85.1 | % | 9.61 | (13.0 | )% | (10.0 | )% | ||||||||||||||
Other Europe Markets | 1,065,173 | 53.3 | % | 100.0 | % | 10.89 | 0.9 | % | n/a | |||||||||||||||
Europe Total/Wtd Avg(5) | 13,489,150 | 47.9 | % | 93.6 | % | $ | 8.32 | (7.4 | )% | (9.1 | )% | |||||||||||||
Tokyo | 6,385,887 | 34.1 | % | 93.5 | % | 16.99 | 5.3 | % | (6.4 | )% | ||||||||||||||
Osaka | 2,423,978 | 34.0 | % | 92.8 | % | 13.17 | 11.1 | % | 3.6 | % | ||||||||||||||
Japan Total/Wtd Avg(5) | 8,809,865 | 34.0 | % | 93.3 | % | $ | 15.92 | 6.6 | % | (4.6 | )% | |||||||||||||
China | 3,563,325 | 100.0 | % | 85.3 | % | $ | 4.49 | (22.7 | )% | (0.8 | )% | |||||||||||||
Singapore | 941,601 | 100.0 | % | 96.4 | % | 10.36 | (5.5 | )% | 2.0 | % | ||||||||||||||
Other Asia Markets | 593,898 | 100.0 | % | 92.3 | % | 7.42 | (9.4 | )% | (19.3 | )% | ||||||||||||||
Asia Total/Wtd Avg(5) | 13,908,689 | 58.2 | % | 91.8 | % | $ | 12.27 | (11.6 | )% | (0.8 | )% | |||||||||||||
Owned and Managed Total/Wtd Avg(6) | 141,879,530 | 62.2 | % | 91.2 | % | $ | 6.95 | (3.2 | )% | (11.9 | )% | |||||||||||||
Other Real Estate Investments(7) | 7,495,959 | 51.8 | % | 86.9 | % | 5.60 | ||||||||||||||||||
Total Operating Portfolio | 149,375,489 | 61.6 | % | 91.0 | % | $ | 6.89 | |||||||||||||||||
Development | ||||||||||||||||||||||||
Construction-in-Progress | 2,174,164 | 61.2 | % | |||||||||||||||||||||
Pre-Stabilized Developments(8) | 6,779,649 | 96.5 | % | |||||||||||||||||||||
Development Portfolio Subtotal | 8,953,813 | 87.9 | % | |||||||||||||||||||||
Value-added acquisitions(9) | 1,228,355 | 95.5 | % | |||||||||||||||||||||
Total Global Portfolio | 159,557,657 | 63.4 | % | |||||||||||||||||||||
(1) | Annualized base rent (“ABR”) is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2010, multiplied by 12. | |
(2) | See Part II, Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Supplemental Earnings Measures” for a reconciliation to net income and a discussion of why management believes same store cash basis NOI is a useful supplemental measure for the company’s management and investors, ways to use this measure when assessing the company’s financial performance, and the limitations of the measure as a measurement tool. | |
(3) | Rent changes on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month of a term commencement and the net ABR due the last month of the former tenant’s term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current |
39
Table of Contents
lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation. | ||
(4) | Includes domestic on-tarmac air cargo facilities at 14 airports. | |
(5) | Annualized base rent for leases denominated in foreign currencies is translated using the currency exchange rate at December 31, 2010 | |
(6) | Owned and managed is defined by the company as assets in which it has at least a 10% ownership interest, for which it is the property or asset manager, and which the company currently intends to hold for the long term. | |
(7) | Includes investments in operating properties through the company’s investments in unconsolidated joint ventures that it does not manage, and are therefore excluded from the company’s owned and managed portfolio, and the location of the company’s global headquarters. | |
(8) | Represents development projects available for sale or contribution that are not included in the operating portfolio. | |
(9) | Represents unstabilized properties which the company acquires as a part of management’s current belief that the discount in pricing attributed to the operating challenges of the property could provide greater returns, once stabilized, than the returns of stabilized properties, which are not value-added acquisitions. Value added acquisitions generally have one or more of the following characteristics: (i) existing vacancy, typically in excess of 20%, (ii) short-term lease rollover, typically during the first two years of ownership, or (iii) significant capital improvement requirements, typically in excess of 20% of the purchase price. The company excludes value-added acquisitions from its owned and managed and consolidated operating statistics prior to stabilization (generally 90% leased) in order to provide investors with data which it feels better reflects the performance of its core portfolio. |
Square | Annualized Base | % of Annualized | ||||||||||
Year | Feet | Rent (000’s)(2)(3) | Base Rent(2) | |||||||||
2011 | 24,678,703 | $ | 157,484 | 16.4 | % | |||||||
2012 | 20,514,077 | 149,209 | 15.5 | |||||||||
2013 | 20,978,848 | 152,484 | 15.9 | |||||||||
2014 | 17,227,612 | 136,384 | 14.2 | |||||||||
2015 | 17,959,862 | 129,908 | 13.5 | |||||||||
2016 | 10,444,104 | 67,006 | 7.0 | |||||||||
2017 | 6,370,671 | 46,050 | 4.8 | |||||||||
2018 | 3,914,378 | 31,429 | 3.3 | |||||||||
2019 | 5,558,011 | 38,742 | 4.0 | |||||||||
2020+ | 6,115,141 | 50,882 | 5.4 | |||||||||
Total | 133,761,407 | $ | 959,578 | 100.0 | % | |||||||
(1) | Schedule includes leases that expire on or after December 31, 2010. Schedule includes owned and managed operating properties which the company defines as properties in which it has at least a 10% ownership interest, for which it is the property or asset manager, and which the company currently intends to hold for the long term. | |
(2) | Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of, December 31, 2010, multiplied by 12. If free rent is granted, then the first positive rent value is used. Leases denominated in foreign currencies are translated using the currency exchange rate at December 31, 2010. | |
(3) | Apron rental amounts (but not square footage) are included. |
40
Table of Contents
Annualized | |||||||||||||||
Base Rent | % of Annualized | Square | |||||||||||||
Customer(2) | (000’s)(3) | Base Rent(3)(4) | Feet | ||||||||||||
1 | Deutsche Post World Net (DHL)(5) | $ | 28,197 | 3.1 | % | 3,106,516 | |||||||||
2 | United States Government(5)(6) | 20,349 | 2.2 | 1,357,525 | |||||||||||
3 | Sagawa Express | 19,968 | 2.2 | 1,172,253 | |||||||||||
4 | Nippon Express | 15,258 | 1.7 | 1,029,170 | |||||||||||
5 | FedEx Corporation(5) | 14,369 | 1.6 | 1,291,035 | |||||||||||
6 | Kuehne + Nagel Inc. | 12,807 | 1.4 | 2,044,892 | |||||||||||
7 | Panalpina | 10,992 | 1.2 | 1,703,945 | |||||||||||
8 | Caterpillar Logistics Services | 8,950 | 1.0 | 543,039 | |||||||||||
9 | Panasonic Logistics | 7,992 | 0.9 | 620,273 | |||||||||||
10 | BAX Global/Schenker/Deutsche Bahn(5) | 7,697 | 0.8 | 811,450 | |||||||||||
Top 10 customers | $ | 146,579 | 16.1 | % | 13,680,098 | ||||||||||
Top11-20 customers | 54,982 | 5.9 | 7,308,110 | ||||||||||||
Top 20 customers | $ | 201,561 | 22.0 | % | 20,988,208 | ||||||||||
(1) | Schedule includes owned and managed operating properties. | |
(2) | Customer(s) may be a subsidiary of or an entity affiliated with the named customer. | |
(3) | Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2010, multiplied by 12. If free rent is granted, then the first positive rent value is used. Leases denominated in foreign currencies are translated using the currency exchange rate at December 31, 2010. | |
(4) | Computed as aggregate annualized base rent divided by the aggregate annualized base rent of operating properties. | |
(5) | Airport apron rental amounts (but not square footage) are included. | |
(6) | United States Government includes the United States Postal Service, United States Customs, United States Department of Agriculture and various other U.S. governmental agencies. |
41
Table of Contents
Operating Portfolio | 2010 | 2009 | 2008 | |||||||||
Square feet owned(2)(3) | 141,879,530 | 132,639,328 | 131,508,119 | |||||||||
Occupancy percentage(3) | 93.7 | % | 91.2 | % | 95.1 | % | ||||||
Average occupancy percentage | 91.2 | % | 91.4 | % | 94.9 | % | ||||||
Weighted average lease terms (years): | ||||||||||||
Original | 6.2 | 6.3 | 6.2 | |||||||||
Remaining | 3.3 | 3.5 | 3.4 | |||||||||
Trailing four quarters tenant retention | 69.6 | % | 61.2 | % | 71.5 | % | ||||||
Trailing four quarters rent change on renewals and rollovers:(4) | ||||||||||||
Percentage | (11.9 | )% | (6.9 | )% | 3.1 | % | ||||||
Same space square footage commencing (millions) | 24.4 | 21.7 | 18.4 | |||||||||
Trailing four quarters second generation leasing activity:(5) | ||||||||||||
Tenant improvements and leasing commissions per sq. ft.: | ||||||||||||
Retained | $ | 1.42 | $ | 1.14 | $ | 1.43 | ||||||
Re-tenanted | $ | 2.54 | $ | 2.61 | $ | 3.23 | ||||||
Weighted average | $ | 2.02 | $ | 1.73 | $ | 2.02 | ||||||
Square footage commencing (millions) | 31.1 | 27.0 | 22.0 |
(1) | Schedule includes owned and managed operating properties. This excludes development and renovation projects, recently completed development projects available for sale or contribution and value-added acquisitions. | |
(2) | As of December 31, 2010, the company had investments in 7.3 million square feet of operating properties through its investments in non-managed unconsolidated joint ventures and 152,000 square feet, which is the location of its global headquarters. | |
(3) | On a consolidated basis, the company had approximately 79.8 million rentable square feet with an occupancy rate of 93.0% at December 31, 2010. | |
(4) | Rent changes on renewals and rollovers are calculated as the difference, weighted by square feet, of the net annualized base rent (ABR) due the first month of a term commencement and the net ABR due the last month of the former customer’s term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation. | |
(5) | Second generation tenant improvements and leasing commissions per square foot are the total cost of tenant improvements, leasing commissions and other leasing costs incurred during leasing of second generation space divided by the total square feet leased. Costs incurred prior to leasing available space are not included until such space is leased. Second generation space excludes newly developed square footage or square footage vacant at acquisition. |
42
Table of Contents
Same Store Pool(2) | 2010 | 2009 | 2008 | |||||||||
Square feet in same store pool(3) | 126,035,571 | 113,692,509 | 100,912,256 | |||||||||
% of total square feet | 88.8 | % | 85.7 | % | 76.7 | % | ||||||
Occupancy percentage(3) | 93.2 | % | 90.9 | % | 94.8 | % | ||||||
Average occupancy percentage | 91.0 | % | 91.6 | % | 94.6 | % | ||||||
Weighted average lease terms (years): | ||||||||||||
Original | 6.2 | 6.2 | 5.8 | |||||||||
Remaining | 3.2 | 3.2 | 2.8 | |||||||||
Trailing four quarters tenant retention | 63.5 | % | 61.1 | % | 71.7 | % | ||||||
Trailing four quarters rent change on renewals and rollovers:(4) | ||||||||||||
Percentage | (12.6 | )% | (7.7 | )% | 2.7 | % | ||||||
Same space square footage commencing (millions) | 23.8 | 20.2 | 17.3 | |||||||||
Growth % increase (decrease) (including straight-line rents): | ||||||||||||
Revenues(5) | (2.2 | )% | (2.3 | )% | 3.4 | % | ||||||
Expenses(5) | (0.7 | )% | 2.8 | % | 5.0 | % | ||||||
Net operating income, excluding lease termination fees(5)(6) | (2.8 | )% | (4.2 | )% | 2.8 | % | ||||||
Growth % increase (decrease) (excluding straight-line rents): | ||||||||||||
Revenues(5) | (2.5 | )% | (2.5 | )% | 4.0 | % | ||||||
Expenses(5) | (0.7 | )% | 2.8 | % | 5.0 | % | ||||||
Net operating income, excluding lease termination fees(5)(6) | (3.2 | )% | (4.5 | )% | 3.7 | % |
(1) | Schedule includes owned and managed operating properties. This excludes development and renovation projects and recently completed development projects available for sale or contribution. | |
(2) | Same store pool includes all properties that are owned as of both the current and prior year reporting periods and excludes development properties for both the current and prior reporting years. The same store pool is set annually and excludes properties purchased and developments completed (generally defined as properties that are stabilized or have been substantially complete for at least 12 months) after December 31, 2008, 2007, and 2006 for the years ended December 31, 2010, 2009, and 2008, respectively. Stabilized is generally defined as properties that are 90% occupied. | |
(3) | On a consolidated basis, the company had approximately 68.5 million square feet with an occupancy rate of 92.3% at December 31, 2010. | |
(4) | Rent changes on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month of a term commencement and the net ABR due the last month of the former customer’s term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation. |
43
Table of Contents
(5) | As of December 31, 2010, on a consolidated basis, the percentage change was (1.8)%, 0.4% and (2.7)% respectively, for revenues, expenses and NOI (including straight-line rents) and (3.1)%, 0.4% and (4.6)%, respectively, for revenues, expenses and NOI (excluding straight-line rents). | |
(6) | See Part II, Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Supplemental Earnings Measures” for a discussion of same store net operating income and cash-basis same store net operating income and a reconciliation of same store net operating income and cash-basis same store net operating income and net income. |
2011 Expected | 2012 Expected | Total Construction-in- | Pre-Stabilized | |||||||||||||||||||||||||||||||||||||||||
Completions(2) | Completions(2) | Progress | Developments(3) | Total Development Portfolio | ||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | Estimated | Estimated | Estimated | % of Total | |||||||||||||||||||||||||||||||||||||||
Estimated | Total | Estimated | Total | Estimated | Total | Estimated | Total | Estimated | Total | Estimated | ||||||||||||||||||||||||||||||||||
Square Feet | Investment(4) | Square Feet | Investment(4) | Square Feet | Investment(4) | Square Feet | Investment(4) | Square Feet | Investment(4) | Investment(4) | ||||||||||||||||||||||||||||||||||
The Americas | ||||||||||||||||||||||||||||||||||||||||||||
United States | 557,915 | $ | 66,701 | — | $ | — | 557,915 | $ | 66,701 | 1,312,326 | $ | 158,646 | 1,870,241 | $ | 225,347 | 24.0 | % | |||||||||||||||||||||||||||
Other Americas | 639,264 | 57,462 | 221,233 | 11,625 | 860,497 | 69,087 | 1,228,613 | 87,250 | 2,089,110 | 156,337 | 16.7 | % | ||||||||||||||||||||||||||||||||
The Americas Total | 1,197,179 | $ | 124,163 | 221,233 | $ | 11,625 | 1,418,412 | $ | 135,788 | 2,540,939 | $ | 245,896 | 3,959,351 | $ | 381,684 | 40.7 | % | |||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||||||||||||||
France | — | $ | — | — | $ | — | — | $ | — | 647,976 | $ | 49,299 | 647,976 | $ | 49,299 | 5.3 | % | |||||||||||||||||||||||||||
Germany | — | — | — | — | — | — | 139,608 | 18,053 | 139,608 | 18,053 | 1.9 | % | ||||||||||||||||||||||||||||||||
Benelux | — | — | — | — | — | — | 669,881 | 94,583 | 669,881 | 94,583 | 10.1 | % | ||||||||||||||||||||||||||||||||
Other Europe | — | — | — | — | — | — | 444,043 | 44,789 | 444,043 | 44,789 | 4.7 | % | ||||||||||||||||||||||||||||||||
Europe Total | — | $ | — | — | $ | — | — | $ | — | 1,901,508 | $ | 206,724 | 1,901,508 | $ | 206,724 | 22.0 | % | |||||||||||||||||||||||||||
Asia | ||||||||||||||||||||||||||||||||||||||||||||
Japan | — | $ | — | — | $ | — | — | $ | — | 1,811,434 | $ | 292,730 | 1,811,434 | $ | 292,730 | 31.2 | % | |||||||||||||||||||||||||||
China | 281,218 | 13,699 | 474,534 | 21,264 | 755,752 | 34,963 | 525,768 | 22,225 | 1,281,520 | 57,188 | 6.1 | % | ||||||||||||||||||||||||||||||||
Asia Total | 281,218 | $ | 13,699 | 474,534 | $ | 21,264 | 755,752 | $ | 34,963 | 2,337,202 | $ | 314,955 | 3,092,954 | $ | 349,918 | 37.3 | % | |||||||||||||||||||||||||||
Total | 1,478,397 | $ | 137,862 | 695,767 | $ | 32,889 | 2,174,164 | $ | 170,751 | 6,779,649 | $ | 767,575 | 8,953,813 | $ | 938,326 | 100.0 | % | |||||||||||||||||||||||||||
Real estate impairment losses(5) | (985 | ) | (67,592 | ) | (68,577 | ) | ||||||||||||||||||||||||||||||||||||||
Estimated total investment, net of real estate impairment losses(4) | $ | 169,766 | $ | 699,983 | $ | 869,749 | ||||||||||||||||||||||||||||||||||||||
Number of Projects | 5 | 3 | 8 | 25 | 33 | |||||||||||||||||||||||||||||||||||||||
AMB’s Weighted Average Ownership Percentage | 37.2 | % | 100.0 | % | 49.3 | % | 96.3 | % | 87.8 | % | ||||||||||||||||||||||||||||||||||
Remainder to Invest | $ | 39,752 | $ | 23,725 | $ | 63,477 | $ | 19,384 | $ | 82,861 | ||||||||||||||||||||||||||||||||||
The Company’s Share of Remainder to Invest(6)(7)(8) | $ | 11,421 | $ | 23,725 | $ | 35,146 | $ | 19,277 | $ | 54,423 | ||||||||||||||||||||||||||||||||||
Weighted Average EstimatedYield(7)(8)(9) | 9.2 | % | 8.7 | % | 9.1 | % | 6.2 | % | 6.8 | % | ||||||||||||||||||||||||||||||||||
Weighted Average Estimated Yield, net of real estate impairment losses(8)(9) | 9.2 | % | 9.0 | % | 9.2 | % | 6.8 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||
Percent Pre-Leased(10) | 63.2 | % | 22.1 | % | 50.0 | % | 56.2 | % | 54.7 | % |
(1) | Includes investments held through unconsolidated joint ventures. | |
(2) | Completions are generally defined as properties that are stabilized or have been substantially complete for at least 12 months. | |
(3) | Pre-stabilized development represents assets which have reached completion but have not reached stabilization. Stabilization is generally defined as properties that are 90% occupied. |
44
Table of Contents
(4) | Represents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, tenant improvements and associated capitalized interest and overhead costs. Estimated total investments are based on current forecasts and are subject to change.Non-U.S. dollar investments are translated to U.S. dollars using the exchange rate at December 31, 2010. We cannot assure you that any of these projects will be completed on schedule or within budgeted amounts. Includes value-added conversion projects. | |
(5) | See Part IV, Item 15: Note 2 of “Notes to Consolidated Financial Statements” for discussion of real estate impairment losses. | |
(6) | Amounts include capitalized interest as applicable. | |
(7) | Calculated using estimated total investment before the impact of cumulative real estate impairment losses. | |
(8) | Calculated as the company’s share of amounts funded to date to its share of estimated total investment. | |
(9) | Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects. | |
(10) | Represents the executed lease percentage of total square feet as of the balance sheet date. |
COMPANIES AND PARTNERSHIPS
Principal | Incentive | |||||||||||
Date | Geographic | Venture | Functional | Distribution | ||||||||
Co-investment Venture | Established | Focus | Investors | Currency | Frequency | Term | ||||||
AMB-SGP, L.P. | March 2001 | United States | Subsidiary of GIC Real Estate Pte. Ltd. | USD | 10 years | March 2011; extendable 10 years(3) | ||||||
AMB Institutional Alliance Fund II, L.P. | June 2001 | United States | Various | USD | At dissolution | December 2014 (estimated) | ||||||
AMB-AMS, L.P. | June 2004 | United States | Various | USD | At dissolution | December 2012; extendable 4 years | ||||||
AMB U.S. Logistics Fund, L.P.(1) | October 2004 | United States | Various | USD | 3 years (next 2Q11) | Open end | ||||||
December 2011; extendable 7 | ||||||||||||
AMB-SGP Mexico, LLC | December 2004 | Mexico | Subsidiary of GIC Real Estate Pte. Ltd. | USD | 7 years | years(3) | ||||||
AMB Japan Fund I, L.P. | June 2005 | Japan | Various | JPY | At dissolution | June 2013; extendable 2 years | ||||||
AMB DFS Fund I, LLC(2) | October 2006 | United States | Strategic Realty Ventures, LLC | USD | Upon project sales | Upon final sale(2) | ||||||
AMB Europe Logistics Fund, FCP-FIS(1) | June 2007 | Europe | Various | EUR | 3 years (next 2Q13) | Open end | ||||||
AMB Brazil Logistics Partners Fund I, L.P. | December 2010 | Brazil | University endowment investor | BRL | At dissolution | December 2017; extendable 2 years |
45
Table of Contents
(1) | Effective January 1, 2010, the name of AMB Institutional Alliance Fund III, L.P. was changed to AMB U.S. Logistics Fund, L.P. Effective October 29, 2010, the name of AMB Europe Fund I, FCP-FIS was changed to AMB Europe Logistics Fund, FCP-FIS. | |
(2) | For AMB DFS Fund I, LLC, the investment period ended in June 2009. The fund will terminate upon completion and disposition of assets currently owned and under development by the fund. | |
(3) | For AMB-SGP, L.P. and AMB-SGP Mexico, LLC, as of December 31, 2010, the company was in the process of evaluating the options for extension or termination of the co-investment ventures upon their upcoming termination dates in 2011 per the terms of their respective partnership agreements. |
46
Table of Contents
The Company’s | Gross | |||||||||||||||||||
Ownership | Square | Book | Property | Other | ||||||||||||||||
Consolidated Joint Ventures | Percentage | Feet(1) | Value(2) | Debt | Debt | |||||||||||||||
Operating Co-investment Ventures | ||||||||||||||||||||
AMB-SGP, L.P.(3) | 50 | % | 8,216,247 | $ | 479,635 | $ | 327,301 | $ | — | |||||||||||
AMB Institutional Alliance Fund II, L.P.(4) | 24 | % | 7,321,372 | 518,516 | 184,292 | 54,300 | ||||||||||||||
AMB-AMS, L.P.(5) | 39 | % | 2,170,337 | 160,985 | 75,650 | — | ||||||||||||||
Total Operating Co-investment Ventures | 37 | % | 17,707,956 | 1,159,136 | 587,243 | 54,300 | ||||||||||||||
Total Consolidated Co-investment Ventures | 37 | % | 17,707,956 | 1,159,136 | 587,243 | 54,300 | ||||||||||||||
Other Industrial Operating Joint Ventures | 80 | % | 2,917,634 | 372,536 | 62,210 | — | ||||||||||||||
Other Industrial Development Joint Ventures | 48 | % | 249,169 | 181,600 | 81,776 | — | ||||||||||||||
Total Consolidated Joint Ventures | 48 | % | 20,874,759 | $ | 1,713,272 | $ | 731,229 | $ | 54,300 | |||||||||||
(1) | For development properties, represents the estimated square feet upon completion for committed phases of development projects. | |
(2) | Represents the book value of the property (before accumulated depreciation) owned by the joint venture and excludes net other assets as of December 31, 2010. Development book values include uncommitted land. | |
(3) | AMB-SGP, L.P. is a co-investment partnership formed in 2001 with Industrial JV Pte. Ltd., a subsidiary of GIC Real Estate Pte. Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corporation. | |
(4) | AMB Institutional Alliance Fund II, L.P. is a co-investment partnership formed in 2001 with institutional investors, which invest through a private real estate investment trust, and a third-party limited partner. | |
(5) | AMB-AMS, L.P. is a co-investment partnership formed in 2004 with three Dutch pension funds. |
47
Table of Contents
The Company’s | Gross | The Company’s | Estimated | Planned | ||||||||||||||||||||||||||||
Ownership | Square | Book | Property | Other | Net Equity | Investment | Gross | |||||||||||||||||||||||||
Unconsolidated Joint Ventures | Percentage | Feet(1) | Value(2) | Debt | Debt | Investment | Capacity | Capitalization | ||||||||||||||||||||||||
Operating Co-Investment Ventures | ||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P.(3) | 35% | 37,521,062 | $ | 3,422,176 | $ | 1,596,010 | $ | — | $ | 374,881 | $ | 190,000 | $ | 3,612,000 | ||||||||||||||||||
AMB Europe Logistics Fund, FCP-FIS(4) | 38% | 10,522,627 | 1,334,753 | 647,288 | — | 172,903 | 300,000 | 1,635,000 | ||||||||||||||||||||||||
AMB Japan Fund I, L.P.(5) | 20% | 7,263,093 | 1,720,824 | 929,158 | 9,857 | 82,482 | — | 1,721,000 | ||||||||||||||||||||||||
AMB-SGP Mexico , LLC(6) | 22% | 6,405,922 | 360,410 | 163,769 | 148,438 | 20,646 | — | 360,000 | ||||||||||||||||||||||||
Total Operating Co-investment Ventures | 31% | 61,712,704 | 6,838,163 | 3,336,225 | 158,295 | 650,912 | 490,000 | 7,328,000 | ||||||||||||||||||||||||
Development Co-investment Ventures: | ||||||||||||||||||||||||||||||||
AMB DFS Fund I , LLC(7) | 15% | 200,027 | 86,022 | — | — | 14,426 | — | 86,000 | ||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P.(3) | 35% | 557,915 | 98,829 | — | — | 34,496 | n/a | n/a | ||||||||||||||||||||||||
AMB Brazil Logistics Partners Fund I, L.P.(8) | 25% | 639,264 | 54,838 | — | — | 32,910 | 390,000 | 445,000 | ||||||||||||||||||||||||
Total Development Co-investment Ventures | 25% | 1,397,206 | 239,689 | — | — | 81,832 | 390,000 | 531,000 | ||||||||||||||||||||||||
Total Unconsolidated Co-investment Ventures | 31% | 63,109,910 | 7,077,852 | 3,336,225 | 158,295 | 732,744 | 880,000 | 7,859,000 | ||||||||||||||||||||||||
Other Industrial Operating Joint Ventures(9) | 51% | 7,419,049 | 287,932 | 153,513 | — | 51,043 | n/a | n/a | ||||||||||||||||||||||||
Total Unconsolidated Joint Ventures(10) | 32% | 70,528,959 | $ | 7,365,784 | $ | 3,489,738 | $ | 158,295 | $ | 783,787 | $ | 880,000 | $ | 7,859,000 | ||||||||||||||||||
(1) | For development properties, represents the estimated square feet upon completion for committed phases of development projects. | |
(2) | Represents the book value of the property (before accumulated depreciation) owned by the joint venture and excludes net other assets as of December 31, 2010. Development book values include uncommitted land. | |
(3) | An open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private real estate investment trust, and a third-party limited partner. During the year ended December 31, 2010, the company made investments of $200 million in AMB U.S. Logistics Fund, L.P. No investments were made in 2009. | |
(4) | A Euro-denominated open-ended co-investment venture with institutional investors. The institutional investors have committed approximately 263.0 million Euros (approximately $352.1 million in U.S. dollars, using the exchange rate at December 31, 2010) for an approximate 62% equity interest. During the year ended December 31, 2010, the company made investments of $100 million in AMB Europe Logistics Fund,FCP-FIS. No investments were made in 2009. | |
(5) | A Yen-denominated co-investment venture with 13 institutional investors. The 13 institutional investors have committed 49.5 billion Yen (approximately $609.9 million in U.S. dollars, using the exchange rate at December 31, 2010) for an approximate 80% equity interest. | |
(6) | A co-investment venture with Industrial (Mexico) JV Pte. Ltd., a subsidiary of GIC Real Estate Pte. Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corporation. Other debt includes $89.6 million of loans from co-investment venture partners. | |
(7) | A co-investment venture with Strategic Realty Ventures, LLC. The investment period for AMB DFS Fund I, LLC ended in June 2009, and the remaining capitalization of this fund as of December 31, 2010 was the estimated investment of $6.6 million to complete the existing development assets held by the fund. Since inception, the company has contributed $28.8 million of equity to the fund. During the years ended |
48
Table of Contents
December 31, 2010 and 2009, the company contributed approximately $0.3 million and $1.4 million, respectively, to this co-investment venture. | ||
(8) | A Brazilian Real denominated co-investment venture with a third-party university endowment partner. The third-party investor has committed approximately 360.0 million Brazilian Reais (approximately $216.9 million in U.S. dollars, using the exchange rate at December 31, 2010) for a 50% equity interest. This consolidated co-investment venture does not hold any properties directly, but holds a 50% equity interest in the unconsolidated joint venture previously established with the company’s joint venture partner Cyrela Commercial Properties. This structure results in an effective 25% equity interest for the company in the venture’s underlying development assets. During 2010, this joint venture completed the acquisition of 106 acres of land in Sao Paulo, Brazil and 86 acres of land in Rio de Janeiro and commenced development of 0.6 million square feet of properties. | |
(9) | Other Industrial Operating Joint Ventures includes joint ventures between the company and third parties which generally have been formed to take advantage of a particular market opportunity that can be accessed as a result of the joint venture partner’s experience in the market. The company typically owns40-60% of these joint ventures. | |
(10) | In addition to the net equity investment in the table, the company, through its investment in AMB Property Mexico, held equity interests in various other unconsolidated ventures totaling approximately $13.3 million as of December 31, 2010. Additionally, in December 2010, the company entered into a mortgage debt investment joint venture with a third-party partner, in which it held an equity interest of $86.2 million as of December 31, 2010. |
49
Table of Contents
AMB Brazil Logistics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P. | AMB Europe Logistics Fund, FCP-FIS | AMB SGP-Mexico, LLC | AMB Japan Fund I, L.P. | AMB DFS Fund I, LLC | Partners Fund I, L.P.(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 9 | — | 8 | 5 | — | 3 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 2,231,719 | — | 1,622,649 | 1,458,691 | — | 848,313 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition cost(2) | $ | 174,783 | $ | — | $ | 171,694 | $ | 131,640 | $ | — | $ | 154,499 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development properties contributed by the Company: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | 428,180 | 2,723,003 | 179,693 | — | 164,574 | — | — | 1,421,042 | — | 981,162 | 891,596 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross contribution price | $ | — | $ | 32,500 | $ | 208,111 | $ | 22,391 | $ | — | $ | 35,199 | $ | — | $ | — | $ | 90,500 | $ | — | $ | 184,793 | $ | 174,938 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development gains (losses) on contribution | $ | — | $ | 1,220 | $ | 36,778 | $ | (171 | ) | $ | — | $ | 6,643 | $ | — | $ | — | $ | 13,723 | $ | — | $ | 28,588 | $ | 17,151 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Industrial operating properties contributed by the Company: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | — | 821,712 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross contribution price | $ | — | $ | — | $ | 66,175 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Gains on contribution | $ | — | $ | — | $ | 11,457 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development properties sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,081,974 | 138,500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land acreage (whole acres) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Sales Price | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 53,629 | $ | 1,016 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Industrial operating properties sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 660,725 | 568,662 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Sales Price | $ | 36,391 | $ | 46,584 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | Represents activity within the company’s unconsolidated joint venture with Cyrela Commercial Properties, of which AMB Brazil Logistics Partners Fund I, L.P. holds a 50% equity interest. | |
(2) | Includes estimated total acquisition expenditures of approximately $3.6 million and $0.5 million, respectively, for properties acquired by AMB U.S. Logistics Fund, L.P. and AMB Europe Logistics Fund, FCP-FIS during the year ended December 31, 2010. |
50
Table of Contents
ITEM 3. | Legal Proceedings |
ITEM 4. | (Removed and Reserved) |
51
Table of Contents
ITEM 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (AMB Property Corporation) |
Year | High | Low | Dividend | |||||||||
2010 | ||||||||||||
1st Quarter | $ | 29.60 | $ | 21.80 | $ | 0.280 | ||||||
2nd Quarter | 29.17 | 23.14 | 0.280 | |||||||||
3rd Quarter | 26.97 | 22.05 | 0.280 | |||||||||
4th Quarter | 32.18 | 26.14 | 0.280 | |||||||||
2009 | ||||||||||||
1st Quarter | $ | 26.03 | $ | 9.12 | $ | 0.280 | ||||||
2nd Quarter | 20.75 | 13.81 | 0.280 | |||||||||
3rd Quarter | 25.96 | 15.91 | 0.280 | |||||||||
4th Quarter | 27.43 | 20.71 | 0.280 |
52
Table of Contents
Year | Dividend | |||
2010 | ||||
1st Quarter | $ | 0.280 | ||
2nd Quarter | 0.280 | |||
3rd Quarter | 0.280 | |||
4th Quarter | 0.280 | |||
2009 | ||||
1st Quarter | $ | 0.280 | ||
2nd Quarter | 0.280 | |||
3rd Quarter | 0.280 | |||
4th Quarter | 0.280 |
53
Table of Contents
Among AMB Property Corporation, The S&P 500 Index
And The FTSE NAREIT Equity REITs Index
Fiscal year ending December 31.
54
Table of Contents
ITEM 6. | Selected Financial Data |
2010 | 2009 | 2008(2) | 2007 | 2006(2) | ||||||||||||||||
(dollars in thousands, except share and per share amounts) | ||||||||||||||||||||
Operating Data | ||||||||||||||||||||
Total revenues | $ | 633,500 | $ | 618,424 | $ | 677,659 | $ | 635,901 | $ | 679,400 | ||||||||||
Income (loss) from continuing operations(3) | 9,352 | (124,182 | ) | (17,919 | ) | 281,519 | 210,425 | |||||||||||||
Income from discontinued operations | 24,242 | 96,222 | 11,169 | 90,197 | 78,388 | |||||||||||||||
Net income (loss) before cumulative effect of change in accounting principle | 33,594 | (27,960 | ) | (6,750 | ) | 371,716 | 288,813 | |||||||||||||
Net income (loss) | 33,594 | (27,960 | ) | (6,750 | ) | 371,716 | 289,006 | |||||||||||||
Net income (loss) available to common stockholders | 9,967 | (50,077 | ) | (66,451 | ) | 293,552 | 207,970 | |||||||||||||
Income (loss) from continuing operations available to common stockholders per common share: | ||||||||||||||||||||
Basic | (0.08 | ) | (1.01 | ) | (0.77 | ) | 2.17 | 1.54 | ||||||||||||
Diluted | (0.08 | ) | (1.01 | ) | (0.77 | ) | 2.12 | 1.49 | ||||||||||||
Income from discontinued operations available to common stockholders per common share: | ||||||||||||||||||||
Basic | 0.14 | 0.64 | 0.09 | 0.85 | 0.83 | |||||||||||||||
Diluted | 0.14 | 0.64 | 0.09 | 0.83 | 0.80 | |||||||||||||||
Net income (loss) available to common stockholders per common share: | ||||||||||||||||||||
Basic | 0.06 | (0.37 | ) | (0.68 | ) | 3.02 | 2.37 | |||||||||||||
Diluted | 0.06 | (0.37 | ) | (0.68 | ) | 2.95 | 2.29 | |||||||||||||
Dividends declared per common share | 1.12 | 1.12 | 1.56 | 2.00 | 1.84 | |||||||||||||||
Weighted average common shares outstanding — basic | 161,988,053 | 134,321,231 | 97,403,659 | 97,189,749 | 87,710,500 | |||||||||||||||
Weighted average common shares outstanding — diluted | 161,988,053 | 134,321,231 | 97,403,659 | 99,601,396 | 90,960,637 | |||||||||||||||
Other Data | ||||||||||||||||||||
Funds from operations (FFO), as adjusted(4) | $ | 210,187 | $ | 288,841 | $ | 298,276 | $ | 367,653 | $ | 303,279 | ||||||||||
FFO as adjusted, per common share and unit:(4) | ||||||||||||||||||||
Basic | 1.27 | 2.10 | 2.95 | 3.62 | 3.29 | |||||||||||||||
Diluted | 1.27 | 2.09 | 2.90 | 3.54 | 3.19 | |||||||||||||||
Core Funds from operations (Core FFO), as adjusted(4) | $ | 203,416 | $ | 201,210 | $ | 221,985 | $ | 201,115 | $ | 198,253 | ||||||||||
Core FFO as adjusted, per common share and unit:(4) | ||||||||||||||||||||
Basic | 1.23 | 1.46 | 2.19 | 1.98 | 2.15 | |||||||||||||||
Diluted | 1.22 | 1.46 | 2.16 | 1.93 | 2.08 | |||||||||||||||
Cash flows provided by (used in): | ||||||||||||||||||||
Operating activities | 252,760 | 243,113 | 302,614 | 240,543 | 335,855 | |||||||||||||||
Investing activities | (586,628 | ) | 84,097 | (881,768 | ) | (632,240 | ) | (880,560 | ) | |||||||||||
Financing activities | 329,734 | (298,354 | ) | 580,171 | 420,025 | 483,621 | ||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Investments in real estate at cost | $ | 6,906,176 | $ | 6,708,660 | $ | 6,603,856 | $ | 6,709,545 | $ | 6,575,733 | ||||||||||
Total assets | 7,372,895 | 6,841,958 | 7,301,648 | 7,262,403 | 6,713,512 | |||||||||||||||
Total consolidated debt | 3,331,299 | 3,212,596 | 3,990,185 | 3,494,844 | 3,437,415 | |||||||||||||||
Parent company’s share of total debt(5) | 3,989,563 | 3,580,353 | 4,293,510 | 3,272,513 | 3,088,624 | |||||||||||||||
Preferred stock | 223,412 | 223,412 | 223,412 | 223,412 | 223,417 | |||||||||||||||
Stockholders’ equity (excluding preferred stock) | 3,097,311 | 2,716,604 | 2,291,695 | 2,540,540 | 1,943,240 |
(1) | All amounts in the consolidated financial statements for prior years have been retrospectively updated for new accounting guidance related to accounting for noncontrolling interests, discontinued operations and per share calculations. | |
(2) | Effective October 1, 2006, the company deconsolidated AMB U.S. Logistics Fund, L.P. on a prospective basis, due to the re-evaluation of the accounting for the company’s investment in the fund because of changes to the partnership agreement regarding the general partner’s rights effective October 1, 2006. On July 1, 2008, the |
55
Table of Contents
partners of AMB Partners II, L.P. (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II, L.P. to AMB U.S. Logistics Fund, L.P. in exchange for interests in AMB U.S. Logistics Fund, L.P., an unconsolidated co-investment venture. As a result, the financial measures for the years ended December 31, 2010, 2009, 2008, 2007, and 2006, included in the parent company’s operating data, other data and balance sheet data above are not comparable. | ||
(3) | Loss from continuing operations for the years ended December 31, 2009 and 2008 includes real estate impairment losses of $172.1 million and $182.9 million, respectively. For the years ended December 31, 2010, 2009 and 2008, income (loss) from continuing operations included restructuring charges of $4.9 million, $6.4 million and $12.3 million, respectively. | |
(4) | See Part II, Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Supplemental Earnings Measures,” for a reconciliation to net income and a discussion of why the company believes FFO, as adjusted and Core FFO, as adjusted are useful supplemental measures of operating performance, ways in which investors might use FFO, as adjusted or Core FFO, as adjusted when assessing the parent company’s financial performance, and the limitations of FFO, as adjusted and Core FFO, as adjusted as measurement tools. | |
(5) | Parent company’s share of total debt is the pro rata portion of the total debt based on the parent company’s percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. The company believes that parent company’s share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze the parent company’s leverage and to compare the parent company’s leverage to that of other companies. In addition, it allows for a more meaningful comparison of the parent company’s debt to that of other companies that do not consolidate their joint ventures. Parent company’s share of total debt is not intended to reflect the parent company’s actual liability should there be a default under any or all of such loans or a liquidation of the co-investment ventures. For a reconciliation of parent company’s share of total debt to total consolidated debt, a GAAP financial measure, please see the table of debt maturities and capitalization in Part II, Item 7: “Management Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources of the Operating Partnership” |
56
Table of Contents
2010 | 2009 | 2008(2) | 2007 | 2006(2) | ||||||||||||||||
(dollars in thousands, except unit and per unit amounts) | ||||||||||||||||||||
Operating Data | ||||||||||||||||||||
Total revenues | $ | 633,500 | $ | 618,424 | $ | 677,659 | $ | 635,901 | $ | 679,400 | ||||||||||
Income (loss) from continuing operations(3) | 9,352 | (124,182 | ) | (17,919 | ) | 281,519 | 210,425 | |||||||||||||
Income from discontinued operations | 24,242 | 96,222 | 11,169 | 90,197 | 78,388 | |||||||||||||||
Net income (loss) before cumulative effect of change in accounting principle | 33,594 | (27,960 | ) | (6,750 | ) | 371,716 | 288,813 | |||||||||||||
Net income (loss) | 33,594 | (27,960 | ) | (6,750 | ) | 371,716 | 289,006 | |||||||||||||
Net income (loss) available to common unitholders | 10,122 | (50,866 | ) | (67,233 | ) | 305,241 | 217,419 | |||||||||||||
Income (loss) from continuing operations available to common unitholders per common unit: | ||||||||||||||||||||
Basic | (0.08 | ) | (1.02 | ) | (0.75 | ) | 2.13 | 1.53 | ||||||||||||
Diluted | (0.08 | ) | (1.02 | ) | (0.75 | ) | 2.08 | 1.48 | ||||||||||||
Income from discontinued operations available to common unitholders per common unit: | ||||||||||||||||||||
Basic | 0.14 | 0.65 | 0.09 | 0.88 | 0.83 | |||||||||||||||
Diluted | 0.14 | 0.65 | 0.09 | 0.86 | 0.80 | |||||||||||||||
Net income (loss) available to common unitholders per common unit: | ||||||||||||||||||||
Basic | 0.06 | (0.37 | ) | (0.66 | ) | 3.01 | 2.36 | |||||||||||||
Diluted | 0.06 | (0.37 | ) | (0.66 | ) | 2.94 | 2.28 | |||||||||||||
Distributions declared per common unit | 1.12 | 1.12 | 1.56 | 2.00 | 1.84 | |||||||||||||||
Weighted average common unit outstanding — basic | 164,290,475 | 136,484,612 | 101,253,972 | 101,550,001 | 92,047,678 | |||||||||||||||
Weighted average common units outstanding — diluted | 164,290,475 | 136,484,612 | 101,253,972 | 103,961,648 | 95,297,815 | |||||||||||||||
Other Data | ||||||||||||||||||||
Funds from operations (FFO), as adjusted(4) | $ | 210,187 | $ | 288,841 | $ | 298,276 | $ | 367,653 | $ | 303,279 | ||||||||||
FFO, as adjusted per common unit:(4) | ||||||||||||||||||||
Basic | 1.27 | 2.10 | 2.95 | 3.62 | 3.29 | |||||||||||||||
Diluted | 1.27 | 2.09 | 2.90 | 3.54 | 3.19 | |||||||||||||||
Core Funds from operations (Core FFO), as adjusted(4) | $ | 203,416 | $ | 201,210 | $ | 221,985 | $ | 201,115 | $ | 198,253 | ||||||||||
Core FFO, as adjusted per common unit:(4) | ||||||||||||||||||||
Basic | 1.23 | 1.46 | 2.19 | 1.98 | 2.15 | |||||||||||||||
Diluted | 1.22 | 1.46 | 2.16 | 1.93 | 2.08 | |||||||||||||||
Cash flows provided by (used in): | ||||||||||||||||||||
Operating activities | 252,760 | 243,113 | 302,614 | 240,543 | 335,855 | |||||||||||||||
Investing activities | (586,628 | ) | 84,097 | (881,768 | ) | (632,240 | ) | (880,560 | ) | |||||||||||
Financing activities | 329,734 | (298,354 | ) | 580,171 | 420,025 | 483,621 | ||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Investments in real estate at cost | $ | 6,906,176 | $ | 6,708,660 | $ | 6,603,856 | $ | 6,709,545 | $ | 6,575,733 | ||||||||||
Total assets | 7,372,895 | 6,841,958 | 7,301,648 | 7,262,403 | 6,713,512 | |||||||||||||||
Total consolidated debt | 3,331,299 | 3,212,596 | 3,990,185 | 3,494,844 | 3,437,415 | |||||||||||||||
Operating partnership’s share of total debt(5) | 3,989,563 | 3,580,353 | 4,293,510 | 3,272,513 | 3,088,624 | |||||||||||||||
Preferred units | 223,412 | 223,412 | 223,412 | 223,412 | 223,417 | |||||||||||||||
Partners’ capital (excluding preferred units) | 3,135,084 | 2,755,165 | 2,342,526 | 2,610,574 | 2,095,835 |
(1) | All amounts in the consolidated financial statements for prior years have been retrospectively updated for new accounting guidance related to accounting for noncontrolling interests, discontinued operations and per unit calculations. |
57
Table of Contents
(2) | Effective October 1, 2006, the company deconsolidated AMB U.S. Logistics Fund, L.P. on a prospective basis, due to the re-evaluation of the accounting for the company’s investment in the fund because of changes to the partnership agreement regarding the general partner’s rights effective October 1, 2006. On July 1, 2008, the partners of AMB Partners II, L.P. (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II, L.P. to AMB U.S. Logistics Fund, L.P. in exchange for interests in AMB U.S. Logistics Fund, L.P., an unconsolidated co-investment venture. As a result, the financial measures for the years ended December 31, 2010, 2009, 2008, 2007, and 2006, included in the operating partnership’s operating data, other data and balance sheet data above are not comparable. | |
(3) | Loss from continuing operations for the years ended December 31, 2009 and 2008 includes real estate impairment losses of $172.1 million and $182.9 million, respectively. For the years ended December 31, 2010, 2009 and 2008, income (loss) from continuing operations included restructuring charges of $4.9 million, $6.4 million and $12.3 million, respectively. | |
(4) | See Part II, Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Supplemental Earnings Measures,” for a reconciliation to net income and a discussion of why the company believes FFO, as adjusted and Core FFO, as adjusted are useful supplemental measures of operating performance, ways in which investors might use FFO, as adjusted or Core FFO, as adjusted when assessing the parent company’s financial performance, and the limitations of FFO, as adjusted and Core FFO, as adjusted as measurement tools. | |
(5) | Operating partnership’s share of total debt is the pro rata portion of the total debt based on the operating partnership’s percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. The company believes that operating partnership’s share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze the operating partnership’s leverage and to compare the operating partnership’s leverage to that of other companies. In addition, it allows for a more meaningful comparison of the operating partnership’s debt to that of other companies that do not consolidate their joint ventures. Operating partnership’s share of total debt is not intended to reflect the operating partnership’s actual liability should there be a default under any or all of such loans or a liquidation of the co-investment ventures. For a reconciliation of operating partnership’s share of total debt to total consolidated debt, a GAAP financial measure, please see the table of debt maturities and capitalization in Part II, Item 7: “Management Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources of the Operating Partnership” |
58
Table of Contents
ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | increase the utilization of its assets; | |
• | scale the organization and become more profitable; and | |
• | form new co-investment ventures and funds. |
59
Table of Contents
60
Table of Contents
• | Issued approximately 18.2 million shares of common stock at a price of $27.50 per share, generating approximately $479 million in net proceeds; | |
• | Issued $300.0 million of senior unsecured notes at 4.50% due 2017; | |
• | Issued $175.0 million of senior unsecured notes at 4.00% due 2018; | |
• | Acquired 16 properties aggregating approximately 4.8 million square feet for an aggregate price of $343.3 million, including approximately 1.1 million square feet for $36.9 million for the company, as well as 2.2 million square feet for $174.8 million and 1.5 million square feet for $131.6 million, respectively, for AMB U.S. Logistics Fund, L.P. and AMB Europe Logistics Fund, FCP-FIS, which are unconsolidatedco-investment ventures; | |
• | Acquired a 50% equity interest in a joint venture mortgage debt investment for $86.0 million; | |
• | Acquired three land parcels totaling 192 acres in Brazil for an aggregate purchase price of approximately $39.9 million, the company’s first acquisitions with the company’s joint venture partner, CCP, and commenced development of 0.6 million square feet of properties; | |
• | Formed AMB Brazil Logistics Partners Fund I, L.P., a co-investment venture with a third-party investor whose strategy is to develop, acquire, own, operate, manage and dispose of logistics properties primarily within the company’s target markets in Brazil, namely São Paulo and Rio de Janeiro, and contributed the company’s equity investment in the company’s joint venture with CCP into AMB Brazil Logistics Partners Fund I, L.P.; | |
• | Formed AMB Mexico Fondo Logistico, a publicly traded co-investment venture with a10-year term whose investment strategy is to develop, acquire, own, operate and manage industrial distribution facilities primarily within the company’s target markets in Mexico, with third-party institutional investors in Mexico, primarily private pension plans; | |
• | Contributed two completed development projects aggregating approximately 0.2 million square feet to AMB Europe Logistics Fund, FCP-FIS in exchange for units with a fair value of $22.4 million; | |
• | Sold development projects aggregating approximately 0.5 million square feet to third-parties, including 0.2 million square feet that was part of an installment sale initiated in the fourth quarter of 2009 and completed in the first quarter of 2010, for an aggregate sales price of approximately $36.4 million, of which $12.5 million related to the installment sale; | |
• | Sold industrial operating properties aggregating approximately 1.7 million square feet for an aggregate sales price of $94.5 million; | |
• | Invested $200 million in AMB U.S. Logistics Fund, L.P. and $100 million in AMB Europe Logistics Fund, FCP-FIS; and | |
• | Raised $781.4 in third-party equity commitments to the company’s unconsolidated co-investment ventures. |
61
Table of Contents
62
Table of Contents
63
Table of Contents
For the Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Acquired:(1) | ||||||||||||
Number of properties | 2 | — | 10 | |||||||||
Square feet (in thousands) | 1,143 | — | 2,831 | |||||||||
Acquisition cost (in thousands) | $ | 36,886 | $ | — | $ | 217,044 | ||||||
Development Properties Sold or Contributed:(2) | ||||||||||||
Square feet (in thousands)(3) | 665 | 3,387 | 5,274 |
(1) | Includes value-added acquisitions. | |
(2) | Excludes value-added acquisitions. | |
(3) | For the year ended December 31, 2010, the square footage includes 0.2 million square feet related to an installment sale initiated in the fourth quarter of 2009 and completed in the first quarter of 2010. |
64
Table of Contents
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Revenues | 2010 | 2009 | $ Change | % Change | ||||||||||||
Rental revenues | ||||||||||||||||
Same store | $ | 483.0 | $ | 497.4 | $ | (14.4 | ) | (2.9 | )% | |||||||
Development | 31.2 | 22.5 | 8.7 | 38.7 | % | |||||||||||
Other industrial | 88.4 | 60.5 | 27.9 | 46.1 | % | |||||||||||
Total rental revenues | 602.6 | 580.4 | 22.2 | 3.8 | % | |||||||||||
Private capital revenues | 30.9 | 38.0 | (7.1 | ) | (18.7 | )% | ||||||||||
Total revenues | $ | 633.5 | $ | 618.4 | $ | 15.1 | 2.4 | % | ||||||||
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Costs and Expenses | 2010 | 2009 | $ Change | % Change | ||||||||||||
Property operating costs: | ||||||||||||||||
Rental expenses | $ | 110.7 | $ | 107.2 | $ | 3.5 | 3.3 | % | ||||||||
Real estate taxes | 78.0 | 76.0 | 2.0 | 2.6 | % | |||||||||||
Total property operating costs | $ | 188.7 | $ | 183.2 | $ | 5.5 | 3.0 | % | ||||||||
Property operating costs: | ||||||||||||||||
Same store | $ | 148.0 | $ | 151.2 | $ | (3.2 | ) | (2.1 | )% | |||||||
Development | 16.9 | 10.3 | 6.6 | 64.1 | % | |||||||||||
Other industrial | 23.8 | 21.7 | 2.1 | 9.7 | % | |||||||||||
Total property operating costs | 188.7 | 183.2 | 5.5 | 3.0 | % | |||||||||||
Depreciation and amortization | 196.6 | 175.3 | 21.3 | 12.2 | % | |||||||||||
General and administrative | 124.4 | 115.3 | 9.1 | 7.9 | % | |||||||||||
Restructuring charges | 4.9 | 6.4 | (1.5 | ) | (23.4 | )% | ||||||||||
Fund costs | 0.8 | 1.1 | (0.3 | ) | (27.3 | )% | ||||||||||
Real estate impairment losses | — | 172.1 | (172.1 | ) | (100.0 | )% | ||||||||||
Other expenses | 3.2 | 8.7 | (5.5 | ) | (63.2 | )% | ||||||||||
Total costs and expenses | $ | 518.6 | $ | 662.1 | $ | (143.5 | ) | (21.7 | )% | |||||||
65
Table of Contents
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Other Income and (Expenses) | 2010 | 2009 | $ Change | % Change | ||||||||||||
Development profits, net of taxes | $ | 6.7 | $ | 35.9 | $ | (29.2 | ) | (81.3 | )% | |||||||
Equity in earnings of unconsolidated joint ventures, net | 17.4 | 11.3 | 6.1 | 54.0 | % | |||||||||||
Other income | 3.5 | 3.5 | — | — | % | |||||||||||
Interest expense, including amortization | (130.3 | ) | (118.9 | ) | 11.4 | 9.6 | % | |||||||||
Loss on early extinguishment of debt | (2.9 | ) | (12.3 | ) | (9.4 | ) | (76.4 | )% | ||||||||
Total other income and (expenses), net | $ | (105.6 | ) | $ | (80.5 | ) | $ | (25.1 | ) | (31.2 | )% | |||||
66
Table of Contents
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Discontinued Operations | 2010 | 2009 | $ Change | % Change | ||||||||||||
Income attributable to discontinued operations | $ | 4.0 | $ | 4.5 | $ | (0.5 | ) | (11.1 | )% | |||||||
Development profits, net of taxes | — | 53.0 | (53.0 | ) | (100.0 | )% | ||||||||||
Gains from sale of real estate interests, net of taxes | 20.2 | 38.7 | (18.5 | ) | (47.8 | )% | ||||||||||
Total discontinued operations | $ | 24.2 | $ | 96.2 | $ | (72.0 | ) | (74.8 | )% | |||||||
For the Years | ||||||||||||||||||||||||
Ended December 31, | ||||||||||||||||||||||||
Preferred Stock/Units | 2010 | 2009 | $ Change | % Change | ||||||||||||||||||||
Preferred stock dividends/unit distributions | $ | (15.8 | ) | $ | (15.8 | ) | $ | — | — | % | ||||||||||||||
Preferred stock unit redemption discount | — | 9.8 | (9.8 | ) | (100.0 | )% | ||||||||||||||||||
Total preferred stock/units | $ | (15.8 | ) | $ | (6.0 | ) | $ | (9.8 | ) | 163.3 | % | |||||||||||||
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Revenues | 2009 | 2008 | $ Change | % Change | ||||||||||||
Rental revenues | ||||||||||||||||
Same store | $ | 497.4 | $ | 560.8 | $ | (63.4 | ) | (11.3 | )% | |||||||
Development | 22.5 | 11.7 | 10.8 | 92.3 | % | |||||||||||
Other industrial | 60.5 | 36.7 | 23.8 | 64.9 | % | |||||||||||
Total rental revenues | 580.4 | 609.2 | (28.8 | ) | (4.7 | )% | ||||||||||
Private capital revenues | 38.0 | 68.5 | (30.5 | ) | (44.5 | )% | ||||||||||
Total revenues | $ | 618.4 | $ | 677.7 | $ | (59.3 | ) | (8.8 | )% | |||||||
67
Table of Contents
For the Years Ended | ||||||||||||||||
Ended December 31, | ||||||||||||||||
Costs and Expenses | 2009 | 2008 | $ Change | % Change | ||||||||||||
Property operating costs: | ||||||||||||||||
Rental expenses | $ | 107.2 | $ | 98.0 | $ | 9.2 | 9.4 | % | ||||||||
Real estate taxes | 76.0 | 75.9 | 0.1 | 0.1 | % | |||||||||||
Total property operating costs | $ | 183.2 | $ | 173.9 | $ | 9.3 | 5.3 | % | ||||||||
Property operating costs: | ||||||||||||||||
Same store | $ | 151.2 | $ | 157.2 | $ | (6.0 | ) | (3.8 | )% | |||||||
Development | 10.3 | 2.1 | 8.2 | 390.5 | % | |||||||||||
Other industrial | 21.7 | 14.6 | 7.1 | 48.6 | % | |||||||||||
Total property operating costs | 183.2 | 173.9 | 9.3 | 5.3 | % | |||||||||||
Depreciation and amortization | 175.3 | 161.0 | 14.3 | 8.9 | % | |||||||||||
General and administrative | 115.3 | 143.9 | (28.6 | ) | (19.9 | )% | ||||||||||
Restructuring charges | 6.4 | 12.3 | (5.9 | ) | (48.0 | )% | ||||||||||
Fund costs | 1.1 | 1.1 | — | — | % | |||||||||||
Real estate impairment losses | 172.1 | 182.9 | (10.8 | ) | (5.9 | )% | ||||||||||
Other expenses | 8.7 | 0.5 | 8.2 | 1,640.0 | % | |||||||||||
Total costs and expenses | $ | 662.1 | $ | 675.6 | $ | (13.5 | ) | (2.0 | )% | |||||||
68
Table of Contents
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Other Income and (Expenses) | 2009 | 2008 | $ Change | % Change | ||||||||||||
Development profits, net of taxes | $ | 35.9 | $ | 81.1 | $ | (45.2 | ) | (55.7 | )% | |||||||
Gains from sale or contribution of real estate interests, net | — | 20.0 | (20.0 | ) | (100.0 | )% | ||||||||||
Equity in earnings of unconsolidated joint ventures, net | 11.3 | 17.1 | (5.8 | ) | (33.9 | )% | ||||||||||
Other income (expense) | 3.5 | (3.1 | ) | 6.6 | 212.9 | % | ||||||||||
Interest expense, including amortization | (118.9 | ) | (134.3 | ) | (15.4 | ) | (11.5 | )% | ||||||||
Loss on early extinguishment of debt | (12.3 | ) | (0.8 | ) | 11.5 | 1,437.5 | % | |||||||||
Total other income and (expenses), net | $ | (80.5 | ) | $ | (20.0 | ) | $ | (60.5 | ) | (302.5 | )% | |||||
69
Table of Contents
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Discontinued Operations | 2009 | 2008 | $ Change | % Change | ||||||||||||
Income attributable to discontinued operations | $ | 4.5 | $ | 8.6 | $ | (4.1 | ) | (47.7 | )% | |||||||
Development profits, net of taxes | 53.0 | — | 53.0 | 100.0 | % | |||||||||||
Gains from sale of real estate interests, net of taxes | 38.7 | 2.6 | 36.1 | 1,388.5 | % | |||||||||||
Total discontinued operations | $ | 96.2 | $ | 11.2 | $ | 85.0 | 758.9 | % | ||||||||
For the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
Preferred Stock/Units | 2009 | 2008 | $ Change | % Change | ||||||||||||
Preferred stock dividends/unit distributions | $ | (15.8 | ) | $ | (15.8 | ) | $ | — | — | % | ||||||
Preferred stock unit redemption discount | 9.8 | — | 9.8 | 100.0 | % | |||||||||||
Total preferred stock/units | $ | (6.0 | ) | $ | (15.8 | ) | $ | 9.8 | (62.0 | )% | ||||||
70
Table of Contents
71
Table of Contents
Market Equity as of December 31, 2010 | ||||||||||||
Shares/Units | Market | Market | ||||||||||
Security | Outstanding | Price(1) | Value(2) | |||||||||
Common stock | 168,736,081 | (5) | $ | 31.71 | $ | 5,350,621 | ||||||
Common limited partnership units(3) | 3,041,743 | $ | 31.71 | 96,454 | ||||||||
Total | 171,777,824 | $ | 5,447,075 | |||||||||
Total options outstanding | 8,694,938 | |||||||||||
Dilutive effect of stock options(4) | — |
(1) | Dollars, per share/unit | |
(2) | Dollars, in thousands | |
(3) | Includes class B common limited partnership units issued by AMB Property II, L.P. | |
(4) | Computed using the treasury stock method and an average share price for the parent company’s common stock of $29.23 for the quarter ended December 31, 2010. All stock options were anti-dilutive as of December 31, 2010. | |
(5) | Includes 1,202,122 shares of unvested restricted stock. |
Preferred Stock as of December 31, 2010 (dollars in thousands) | ||||||||||
Dividend | Liquidation | Redemption/ | ||||||||
Security | Rate | Preference | Callable Date | |||||||
Series L preferred stock | 6.50 | % | $ | 50,000 | June 2008 | |||||
Series M preferred stock | 6.75 | % | 57,500 | November 2008 | ||||||
Series O preferred stock | 7.00 | % | 75,000 | December 2010 | ||||||
Series P preferred stock | 6.85 | % | 50,000 | August 2011 | ||||||
Weighted average/total | 6.80 | % | $ | 232,500 | ||||||
72
Table of Contents
Capitalization Ratios as of December 31, 2010 | ||
Parent company’s share of totaldebt-to-parent company’s share of total market capitalization(1) | 41.3% | |
Parent company’s share of total debt pluspreferred-to-parent company’s share of total market capitalization(1) | 43.7% | |
Parent company’s share of totaldebt-to-parent company’s share of total assets(1) | 43.0% | |
Parent company’s share of total debt pluspreferred-to-parent company’s share of total assets(1) | 45.5% |
(1) | Although the parent company does not hold any indebtedness itself, the parent company’s total debt reflects the consolidation of the operating partnership’s total debt for financial reporting purposes. The parent company’s definition of “total market capitalization” for the parent company is total debt plus preferred equity liquidation preferences plus market equity. The definition of “parent company’s share of total market capitalization” is the parent company’s share of total debt plus preferred equity liquidation preferences plus market equity. The definition of “market equity” is the total number of outstanding shares of common stock of the parent company and common limited partnership units of the operating partnership and AMB Property II, L.P. multiplied by the closing price per share of the parent company’s common stock as of December 31, 2010. The definition of “preferred” is preferred equity liquidation preferences. “Parent company’s share of total debt” is the parent company’s pro rata portion of the total debt based on the parent company’s percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. “Parent company’s share of total assets” is the parent company’s pro rata portion of the gross book value of real estate interests plus cash and other assets. As of December 31, 2010, the parent company’s share of total assets was approximately $9.3 billion. The parent company believes that share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze the parent company’s leverage and to compare the parent company’s leverage to that of other companies. In addition, it allows for a more meaningful comparison of the parent company’s debt to that of other companies that do not consolidate their joint ventures. Parent company’s share of total debt is not intended to reflect the parent company’s actual liability should there be a default under any or all of such loans or a liquidation of the joint ventures. For a reconciliation of parent company’s share of total debt to total consolidated debt, a GAAP financial measure, please see the table of debt maturities and capitalization in the section below entitled “Liquidity and Capital Resources of the Operating Partnership.” |
73
Table of Contents
Paying Entity | Security | 2010 | 2009 | 2008 | ||||||||||
AMB Property Corporation | Common stock | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property Corporation | Series L preferred stock | $ | 1.63 | $ | 1.63 | $ | 1.63 | |||||||
AMB Property Corporation | Series M preferred stock | $ | 1.69 | $ | 1.69 | $ | 1.69 | |||||||
AMB Property Corporation | Series O preferred stock | $ | 1.75 | $ | 1.75 | $ | 1.75 | |||||||
AMB Property Corporation | Series P preferred stock | $ | 1.71 | $ | 1.71 | $ | 1.71 |
74
Table of Contents
For the Years Ended December 31, | ||||||||||||
Summary of Dividends and Distributions Paid | 2010 | 2009 | 2008 | |||||||||
(dollars in thousands) | ||||||||||||
Net cash provided by operating activities | $ | 252,760 | $ | 243,113 | $ | 302,614 | ||||||
Dividends paid to common and preferred stockholders(1) | (193,428 | ) | (137,108 | ) | (220,476 | ) | ||||||
Distributions to noncontrolling interests, including preferred units | (13,374 | ) | (21,178 | ) | (66,007 | ) | ||||||
Excess of net cash provided by operating activities over dividends and distributions paid | $ | 45,958 | $ | 84,827 | $ | 16,131 | ||||||
Net proceeds from divestiture of real estate and securities | $ | 101,660 | $ | 482,515 | $ | 421,647 | ||||||
Excess of net cash provided by operating activities and net proceeds from divestiture of real estate over dividends and distributions paid | $ | 147,618 | $ | 567,342 | $ | 437,778 | ||||||
(1) | Partnership unit distributions paid to the parent company by the operating partnership are, in turn, paid by the parent company as dividends to its stockholders. |
75
Table of Contents
• | cash on hand and cash flow from operations; | |
• | borrowings under its unsecured credit facilities; | |
• | other forms of secured or unsecured financing; | |
• | assumption of debt related to acquired properties; | |
• | proceeds from limited partnership unit offerings (including issuances of limited partnership units by the operating partnership’s subsidiaries); | |
• | proceeds from debt securities offerings by the operating partnership; | |
• | proceeds from equity offerings by the parent company; | |
• | net proceeds from divestitures of properties; | |
• | private capital from co-investment partners; |
76
Table of Contents
• | net proceeds from contributions of properties and completed development projects to its co-investment ventures; and | |
• | net proceeds from the sales of development projects, value-added conversion projects and land to third parties. |
• | debt service; | |
• | distributions on outstanding common, preferred and general partnership units; | |
• | working capital; | |
• | acquisitions of properties, portfolios of properties, interests in real-estate related entities or platforms; | |
• | investments in existing or newly formed joint ventures; and | |
• | development, expansion and renovation of properties. |
77
Table of Contents
For the Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
Placed in Operations: | ||||||||
Number of projects | — | 11 | ||||||
Square feet | — | 3,685,677 | ||||||
Estimated investment(1) | $ | — | $ | 264,697 | ||||
Sold: | ||||||||
Number of projects | — | 3 | ||||||
Square feet | — | 774,663 | ||||||
Estimated investment(1) | $ | — | $ | 62,695 | ||||
Available for Sale or Contribution: | ||||||||
Number of projects | 13 | 24 | ||||||
Square feet | 4,504,551 | 6,669,855 | ||||||
Estimated investment(1) | $ | 376,890 | $ | 567,634 | ||||
Total: | ||||||||
Number of projects | 13 | 38 | ||||||
Square feet | 4,504,551 | 11,130,195 | ||||||
Estimated investment(1) | $ | 376,890 | $ | 895,026 |
(1) | Estimated investment is before the impact of cumulative real estate impairment losses. |
For the Years Ended December 31, | ||||||||||||
2010(1) | 2009 | 2008 | ||||||||||
Square feet | 485,022 | 1,977,185 | 73,927 | |||||||||
Gross sales price | $ | 36,372 | $ | 293,846 | $ | 26,116 | ||||||
Net proceeds | $ | 35,089 | $ | 254,888 | $ | 23,557 | ||||||
Development profits, net of taxes | $ | 6,910 | $ | 59,068 | $ | 7,235 |
(1) | Includes the installment sale of 0.2 million square feet for $12.5 million gross sales price ($12.0 million net proceeds) with development gains of $3.9 million recognized in the year ended December 31, 2010, which was initiated in the fourth quarter of 2009 and completed in the first quarter of 2010. |
78
Table of Contents
For the Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Number of projects contributed to AMB U.S. Logistics Fund, L.P. | — | 2 | 4 | |||||||||
Square Feet | — | 428,180 | 2,723,003 | |||||||||
Number of projects contributed to AMB-SGP Mexico, LLC | — | — | 3 | |||||||||
Square Feet | — | — | 1,421,043 | |||||||||
Number of projects contributed to AMB Europe Logistics Fund, FCP-FIS | 2 | — | 2 | |||||||||
Square Feet | 179,693 | — | 164,574 | |||||||||
Number of projects contributed to AMB Japan Fund I, L.P. | — | 1 | 2 | |||||||||
Square Feet | — | 981,162 | 891,596 | |||||||||
Total number of contributed development assets | 2 | 3 | 11 | |||||||||
Total square feet | 179,693 | 1,409,342 | 5,200,216 | |||||||||
Gross contribution price | $ | 22,391 | $ | 217,293 | $ | 508,748 | ||||||
Net proceeds | $ | 22,391 | $ | 56,822 | $ | 394,025 | ||||||
Development (losses) profits, net of taxes | $ | (171 | ) | $ | 29,808 | $ | 73,849 |
79
Table of Contents
80
Table of Contents
Approximate | Original | |||||||||
Ownership | Planned | |||||||||
Consolidated Co-investment Venture | Co-investment Venture Partner | Percentage | Capitalization(1) | |||||||
AMB Institutional Alliance Fund II, L.P. | AMB Institutional Alliance REIT II, Inc. | 24 | % | $ | 490,000 | |||||
AMB-SGP, L.P. | Industrial JV Pte. Ltd. | 50 | % | $ | 420,000 | |||||
AMB-AMS, L.P. | PMT, SPW and TNO | 39 | % | $ | 228,000 |
(1) | Planned capitalization includes anticipated debt and all partners’ expected equity contributions. |
Approximate | Operating | Estimated | ||||||||||||
Ownership | Partnership’s Net | Investment | ||||||||||||
Unconsolidated Co-investment Venture | Co-investment Venture Partner | Percentage | Equity Investment | Capacity(1) | ||||||||||
AMB U.S. Logistics Fund, L.P.(2) | AMB U.S. Logistics REIT, Inc. | 35 | % | $ | 409,377 | $ | 190,000 | (3) | ||||||
AMB Europe Logistics Fund, FCP-FIS | Institutional investors | 38 | % | $ | 172,903 | $ | 300,000 | (3) | ||||||
AMB Japan Fund I, L.P. | Institutional investors | 20 | % | $ | 82,482 | $ | — | |||||||
AMB-SGP Mexico, LLC | Industrial (Mexico) JV Pte. Ltd. | 22 | % | $ | 20,646 | $ | — | |||||||
AMB DFS Fund I, LLC | Strategic Realty Ventures, LLC | 15 | % | $ | 14,426 | $ | — | (4) | ||||||
AMB Brazil Logistics Partners Fund I, L.P. | Major university endowment | 25 | % | $ | 32,910 | $ | 390,000 |
(1) | AMB Mexico Fondo Logistico has additional investment capacity of $600 million as of December 31, 2010. | |
(2) | Effective January 1, 2010, the name of AMB Institutional Alliance Fund III, L.P. was changed to AMB U.S. Logistics Fund, L.P. Effective October 29, 2010, the name of AMB Europe Fund I, FCP-FIS was changed to AMB Europe Logistics Fund, FCP-FIS. | |
(3) | The investment capacity of AMB U.S. Logistics Fund, L.P. and AMB Europe Logistics Fund, FCP-FIS, as open-ended funds, is not limited. Investment capacity is estimated based on the cash of the fund and additional leverage and may change. | |
(4) | The investment period for AMB DFS Fund I, LLC ended in June 2009, and, as of December 31, 2010, the remaining estimated investment is $6.6 million to complete the existing development assets held by the fund. |
81
Table of Contents
82
Table of Contents
83
Table of Contents
84
Table of Contents
85
Table of Contents
Wholly Owned | ||||||||||||||||||||||||||||||||||||||||
Unsecured | Total | Consolidated | Total | Unconsolidated | AMB’s Share of | |||||||||||||||||||||||||||||||||||
Senior | Credit | Other | Secured | Wholly Owned | Joint | Consolidated | Joint | Total | Total | |||||||||||||||||||||||||||||||
Debt | Facilities(1) | Debt | Debt | Debt | Venture Debt | Debt | Venture Debt | Debt | Debt | |||||||||||||||||||||||||||||||
2011 | $ | 69,000 | $ | 129,443 | $ | — | $ | 15,499 | $ | 213,942 | $ | 139,410 | $ | 353,352 | $ | 414,907 | $ | 768,259 | $ | 395,844 | ||||||||||||||||||||
2012 | — | — | 153,903 | 29,636 | 183,539 | 468,361 | 651,900 | 434,468 | 1,086,368 | 478,649 | ||||||||||||||||||||||||||||||
2013 | 293,897 | — | — | 23,366 | 317,263 | 103,568 | 420,831 | 732,130 | 1,152,961 | 547,092 | ||||||||||||||||||||||||||||||
2014 | — | 139,490 | — | 4,904 | 144,394 | 8,809 | 153,203 | 556,096 | 709,299 | 357,254 | ||||||||||||||||||||||||||||||
2015 | 112,491 | — | 205,773 | 7,908 | 326,172 | 16,943 | 343,115 | 464,706 | 807,821 | 504,984 | ||||||||||||||||||||||||||||||
2016 | 250,000 | — | — | 81,936 | 331,936 | 15,499 | 347,435 | 170,709 | 518,144 | 397,384 | ||||||||||||||||||||||||||||||
2017 | 300,000 | — | — | 67,913 | 367,913 | 490 | 368,403 | 92,414 | 460,817 | 388,927 | ||||||||||||||||||||||||||||||
2018 | 300,000 | — | — | — | 300,000 | 595 | 300,595 | 96,694 | 397,289 | 334,094 | ||||||||||||||||||||||||||||||
2019 | 250,000 | — | — | — | 250,000 | 28,713 | 278,713 | 11,778 | 290,491 | 270,707 | ||||||||||||||||||||||||||||||
2020 | 123,213 | — | — | — | 123,213 | 645 | 123,858 | 211,643 | 335,501 | 197,459 | ||||||||||||||||||||||||||||||
Thereafter | — | — | — | — | — | 2,450 | 2,450 | 377,455 | 379,905 | 133,164 | ||||||||||||||||||||||||||||||
Subtotal | $ | 1,698,601 | $ | 268,933 | $ | 359,676 | $ | 231,162 | $ | 2,558,372 | $ | 785,483 | $ | 3,343,855 | $ | 3,563,000 | $ | 6,906,855 | $ | 4,005,558 | ||||||||||||||||||||
Unamortized net (discounts) premiums | (12,645 | ) | — | — | 43 | (12,602 | ) | 46 | (12,556 | ) | (4,580 | ) | (17,136 | ) | (15,995 | ) | ||||||||||||||||||||||||
Subtotal | $ | 1,685,956 | $ | 268,933 | $ | 359,676 | $ | 231,205 | $ | 2,545,770 | $ | 785,529 | $ | 3,331,299 | $ | 3,558,420 | $ | 6,889,719 | $ | 3,989,563 | ||||||||||||||||||||
Joint venture partners’ share of debt | — | — | — | — | — | (451,335 | ) | (451,335 | ) | (2,448,821 | ) | (2,900,156 | ) | — | ||||||||||||||||||||||||||
Operating partnership’s share of total debt(2) | $ | 1,685,956 | $ | 268,933 | $ | 359,676 | $ | 231,205 | $ | 2,545,770 | $ | 334,194 | $ | 2,879,964 | $ | 1,109,599 | $ | 3,989,563 | $ | 3,989,563 | ||||||||||||||||||||
Weighted average interest rate | 5.6 | % | 1.7 | % | 3.0 | % | 2.9 | % | 4.6 | % | 4.8 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | ||||||||||||||||||||
Weighted average maturity (years) | 6.1 | 1.9 | 3.6 | 4.9 | 5.2 | 1.9 | 4.4 | 4.4 | 4.4 | 4.8 |
(1) | Represents three credit facilities with total capacity of approximately $1.7 billion. Includes $37.0 million in U.S. dollar borrowings and $139.5 million, $70.1 million, and $22.3 million in Yen, Canadian dollar and Singapore dollar-based borrowings outstanding at December 31, 2010, respectively, translated to U.S. dollars using the foreign exchange rates in effect on December 31, 2010. | |
(2) | Operating partnership’s share of total debt represents the operating partnership’s pro rata portion of the total debt based on the operating partnership’s percentage of equity interest in each of the consolidated or unconsolidated joint ventures holding the debt. The operating partnership believes that operating partnership’s share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. In addition, it allows for a more meaningful comparison of the operating partnership’s debt to that of other companies that do not consolidate their joint ventures. Operating partnership’s share of total debt is not intended to reflect the operating partnership’s actual liability should there be a default under any or all of such loans or a liquidation of the co-investment ventures. The above table reconciles operating partnership’s share of total debt to total consolidated debt, a GAAP financial measure. |
86
Table of Contents
After Extension Options(1)(2) | ||||||||||||||||
2011 | 2012 | 2013 | 2014 | |||||||||||||
Wholly owned debt | ||||||||||||||||
Unsecured Senior Debt | $ | 69,000 | $ | — | $ | 293,897 | $ | — | ||||||||
Credit Facilities | — | 129,443 | — | — | ||||||||||||
Other Debt | — | 153,903 | — | — | ||||||||||||
Operating Partnership Secured Debt | 14,300 | 28,068 | 22,090 | — | ||||||||||||
Subtotal | 83,300 | 311,414 | 315,987 | — | ||||||||||||
Consolidated Joint Ventures | ||||||||||||||||
AMB-AMS, L.P. | — | — | 39,273 | — | ||||||||||||
AMB Institutional Alliance Fund II, L.P. | — | 3,850 | 199,972 | 4,590 | ||||||||||||
AMB-SGP, L.P. | 38,176 | 289,125 | — | — | ||||||||||||
Other Industrial Operating Joint Ventures | 53,311 | 30,972 | 20,355 | 4,344 | ||||||||||||
Subtotal | 91,487 | 323,947 | 259,600 | 8,934 | ||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||
AMB-SGP Mexico | 58,825 | 163,769 | — | — | ||||||||||||
AMB Japan Fund I, L.P. | 151,511 | 212,617 | 493,566 | — | ||||||||||||
AMB-Europe Logistics Fund, FCP-FIS | — | — | — | 412,234 | ||||||||||||
AMB U.S. Logistics Fund, L.P. | 30,310 | 29,397 | 181,457 | 117,995 | ||||||||||||
Other Industrial Operating Joint Ventures | 31,081 | — | 57,299 | 30,861 | ||||||||||||
Subtotal | 271,727 | 405,783 | 732,322 | 561,090 | ||||||||||||
Total Consolidated | 174,787 | 635,361 | 575,587 | 8,934 | ||||||||||||
Total Unconsolidated | 271,727 | 405,783 | 732,322 | 561,090 | ||||||||||||
Total | $ | 446,514 | $ | 1,041,144 | $ | 1,307,909 | $ | 570,024 | ||||||||
Total Operating Partnership’s Share(3) | $ | 201,771 | $ | 563,687 | $ | 580,546 | $ | 215,449 | ||||||||
(1) | Excludes scheduled principal amortization of debt maturing in years subsequent to 2014, as well as debt premiums and discounts. | |
(2) | Subject to certain conditions. | |
(3) | Total operating partnership’s share represents the operating partnership’s pro-rata portion of total debt maturing in 2011 through 2014 based on its percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. |
Market Capital as of December 31, 2010 | ||||||||||||
Units | Market | Market | ||||||||||
Security | Outstanding | Price(1) | Value(2) | |||||||||
Common general partnership units | 168,506,670 | (5) | $ | 31.71 | $ | 5,343,347 | ||||||
Common limited partnership units(3) | 3,041,743 | $ | 31.71 | 96,454 | ||||||||
Total | 171,548,413 | $ | 5,439,801 | |||||||||
Total options outstanding | 8,694,938 | |||||||||||
Dilutive effect of stock options(4) | — |
(1) | Dollars, per unit. |
87
Table of Contents
(2) | Assumes that the operating partnership’s common partnership units are exchanged for the parent company’s common stock on aone-for-one basis because there is no public market for the operating partnership’s units. Dollars, in thousands. | |
(3) | Includes class B common limited partnership units issued by AMB Property II, L.P. | |
(4) | Computed using the treasury stock method and an average share price for the parent company’s common stock of $29.23 for the quarter ended December 31, 2010. All stock options were anti-dilutive as of December 31, 2010. | |
(5) | Includes 1,202,122 shares of unvested restricted stock. |
Preferred units as of December 31, 2010 (dollars in thousands) | ||||||||||
Distribution | Liquidation | Redemption/Callable | ||||||||
Security | Rate | Preference | Date | |||||||
Series L preferred units | 6.50 | % | $ | 50,000 | June 2008 | |||||
Series M preferred units | 6.75 | % | 57,500 | November 2008 | ||||||
Series O preferred units | 7.00 | % | 75,000 | December 2010 | ||||||
Series P preferred units | 6.85 | % | 50,000 | August 2011 | ||||||
Weighted average/total | 6.80 | % | $ | 232,500 | ||||||
Capitalization Ratios as of December 31, 2010 | ||
Operating partnership’s share of totaldebt-to-operating partnership’s share of total market capitalization(1) | 41.3% | |
Operating partnership’s share of total debt pluspreferred-to-operating partnership’s share of total market capitalization(1) | 43.7% | |
Operating partnership’s share of totaldebt-to-operating partnership’s share of total assets(1) | 43.0% | |
Operating partnership’s share of total debt pluspreferred-to-operating partnership’s share of total assets(1) | 45.5% |
(1) | The operating partnership’s definition of “total market capitalization” for the operating partnership is total debt plus preferred equity liquidation preferences plus market capital. The definition of “operating partnership’s share of total market capitalization” is the operating partnership’s share of total debt plus preferred equity liquidation preferences plus market capital. The operating partnership’s definition of “market capital” is the total number of outstanding common general partnership units of the operating partnership and common limited partnership units of AMB Property II, L.P. multiplied by the closing price per share of the parent company’s common stock as of December 31, 2010. The definition of “preferred” is preferred equity liquidation preferences. “Operating partnership’s share of total debt” is the operating partnership’s pro rata portion of the total debt based on its percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. “Operating partnership’s share of total assets” is the operating partnership’s pro rata portion of the gross book value of real estate interests plus cash and other assets. As of December 31, 2010, the operating partnership’s share of total assets was $9.3 billion. The operating partnership believes that operating partnership’s share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. In addition, it allows for a more meaningful comparison of the operating partnership’s debt to that of other companies that do not consolidate their joint ventures. Operating partnership’s share of total debt is not intended to reflect the operating partnership’s actual liability should there be a default under any or all of such loans or a liquidation of the joint ventures. For a reconciliation of operating partnership’s share of total debt to total consolidated debt, a GAAP financial measure, please see the table of debt maturities and capitalization above. |
88
Table of Contents
Paying Entity | Security | 2010 | 2009 | 2008 | ||||||||||
AMB Property, L.P. | Common limited partnership units | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property, L.P. | Series L preferred units | $ | 1.63 | $ | 1.63 | $ | 1.63 | |||||||
AMB Property, L.P. | Series M preferred units | $ | 1.69 | $ | 1.69 | $ | 1.69 | |||||||
AMB Property, L.P. | Series O preferred units | $ | 1.75 | $ | 1.75 | $ | 1.75 | |||||||
AMB Property, L.P. | Series P preferred units | $ | 1.71 | $ | 1.71 | $ | 1.71 | |||||||
AMB Property II, L.P. | Class B common limited partnership units | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property II, L.P. | Series D preferred units(1) | $ | — | $ | 2.69 | $ | 3.59 |
(1) | On November 10, 2009, the parent company purchased all 1,595,337 outstanding series D preferred units of AMB Property II, L.P. in exchange for 2,880,281 shares of its common stock at a discount of $9.8 million. The operating partnership issued 2,880,281 general partnership units to the parent company in exchange for the 1,595,337 series D preferred units the parent company purchased. |
89
Table of Contents
For the Years Ended December 31, | ||||||||||||
Summary of Distributions Paid | 2010 | 2009 | 2008 | |||||||||
(dollars in thousands) | ||||||||||||
Net cash provided by operating activities | $ | 252,760 | $ | 243,113 | $ | 302,614 | ||||||
Distributions paid to partners | (195,755 | ) | (139,515 | ) | (224,549 | ) | ||||||
Distributions to noncontrolling interests, including preferred units | (11,047 | ) | (18,771 | ) | (61,934 | ) | ||||||
Excess of net cash provided by operating activities over distributions paid | $ | 45,958 | $ | 84,827 | $ | 16,131 | ||||||
Net proceeds from divestiture of real estate | $ | 101,660 | $ | 482,515 | $ | 421,647 | ||||||
Excess of net cash provided by operating activities and net proceeds from divestiture of real estate over distributions paid | $ | 147,618 | $ | 567,342 | $ | 437,778 | ||||||
For the Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
The Americas: | ||||||||
Number of new development projects | 4 | — | ||||||
Square feet | 860,497 | — | ||||||
Estimated total investment(1) | $ | 68,146 | $ | — | ||||
Asia: | ||||||||
Number of new development projects | 3 | — | ||||||
Square feet | 755,752 | — | ||||||
Estimated total investment(1) | $ | 34,718 | $ | — | ||||
Total: | ||||||||
Number of new development projects | 7 | — | ||||||
Square feet | 1,616,249 | — | ||||||
Estimated total investment(1) | $ | 102,864 | $ | — | ||||
Totalconstruction-in-progress estimated investment(1)(2) | $ | 170,751 | $ | — | ||||
Totalconstruction-in-progress invested to date(3) | $ | 107,274 | $ | — | ||||
Totalconstruction-in-progress remaining to invest(3)(4) | $ | 63,477 | $ | — |
(1) | Includes total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, and associated carry costs. Estimated total investments are based on current |
90
Table of Contents
forecasts and are subject to change.Non-U.S. dollar investments are translated into U.S. dollars using the exchange rate as of December 31, 2010 or 2009, as applicable. | ||
(2) | Excludes the impact of real estate impairment losses and includes value-added conversions. | |
(3) | Amounts include capitalized interest and overhead costs, as applicable. | |
(4) | Calculated using estimated total investment before the impact of real estate impairment losses. |
2011 | $ | 36,278 | ||
2012 | 33,412 | |||
2013 | 30,387 | |||
2014 | 28,724 | |||
2015 | 27,357 | |||
Thereafter | 414,203 | |||
Total | $ | 570,361 | ||
91
Table of Contents
• | liabilities for environmental conditions; | |
• | losses in excess of insured coverage; | |
• | claims of customers, vendors or other persons dealing with the company’s predecessors prior to the company’s formation or acquisition transactions that had not been asserted or were unknown prior to the operating partnership’s formation or acquisition transactions; |
92
Table of Contents
• | claims for indemnification by the general partners, officers and directors and others indemnified by the former owners of the operating partnership’s properties; | |
• | accrued but unpaid liabilities incurred in the ordinary course of business; and | |
• | tax, legal and regulatory liabilities. |
For the Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
The Americas: | ||||||||
Acres | 213 | 4 | ||||||
Estimated build out potential (square feet) | 3,635,800 | — | ||||||
Investment(1) | $ | 47,509 | $ | 1,539 | ||||
Europe: | ||||||||
Acres | 11 | 2 | ||||||
Estimated build out potential (square feet) | 377,479 | 67,805 | ||||||
Investment(1) | $ | 37,384 | $ | 5,656 | ||||
Asia: | ||||||||
Acres | — | 38 | ||||||
Estimated build out potential (square feet) | — | 1,075,819 | ||||||
Investment(1) | $ | — | $ | 17,032 | ||||
Total: | ||||||||
Acres | 224 | 44 | ||||||
Estimated build out potential (square feet) | 4,013,279 | 1,143,624 | ||||||
Investment(1) | $ | 84,893 | $ | 24,227 |
(1) | Represents actual cost incurred to date including initial acquisition, associated closing costs, infrastructure and associated capitalized interest and overhead costs. |
93
Table of Contents
For the Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
Number of properties acquired by AMB U.S. Logistics Fund, L.P. | 9 | — | ||||||
Square feet | 2,231,719 | — | ||||||
Expected investment(1) | $ | 174,783 | $ | — | ||||
Number of properties acquired by AMB Europe Logistics Fund, FCP-FIS | 5 | — | ||||||
Square feet | 1,458,691 | — | ||||||
Expected investment(1) | $ | 131,640 | $ | — | ||||
Number of properties acquired by AMB Property, L.P. | 2 | — | ||||||
Square feet | 1,143,355 | — | ||||||
Expected investment(1) | $ | 36,886 | $ | — | ||||
Total number of properties acquired | 16 | — | ||||||
Total square feet | 4,833,765 | — | ||||||
Total acquisition cost | $ | 334,754 | $ | — | ||||
Total acquisition capital | 8,555 | — | ||||||
Total expected investment(1) | $ | 343,309 | $ | — | ||||
(1) | Includes total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, tenant improvements and associated capitalized interest and overhead costs. Estimated total investments are based on current forecasts and are subject to change.Non-U.S. dollar investments are translated into U.S. dollars using the exchange rate as of December 31, 2010 or 2009, as applicable. |
Less than | More than | |||||||||||||||||||
Contractual Obligations | 1 Year | 1-3 Years | 3-5 Years | 5 Years | Total | |||||||||||||||
Debt | $ | 353,352 | $ | 1,072,731 | $ | 496,318 | $ | 1,421,454 | $ | 3,343,855 | ||||||||||
Debt interest payments | 13,630 | 53,374 | 15,698 | 71,778 | 154,480 | |||||||||||||||
Operating lease commitments | 36,278 | 63,799 | 56,081 | 414,203 | 570,361 | |||||||||||||||
Tax liabilities(1) | — | 6,290 | — | — | 6,290 | |||||||||||||||
Co-investment venture capital commitments(2) | 90,896 | 89,192 | 61,732 | 44,565 | 286,385 | |||||||||||||||
Total | $ | 494,156 | $ | 1,285,386 | $ | 629,829 | $ | 1,952,000 | $ | 4,361,371 | ||||||||||
(1) | These amounts represent an estimate of our income tax liabilities, including an estimate of the period of settlement. See Part IV, Item 15: Note 8 of “Notes to Consolidated Financial Statements” for information related to the company’s tax obligations. | |
(2) | Commitments due in less than one year includes $24.6 million committed to secure a line of credit for AMB-SGP Mexico, LLC, which the parent company does not expect to be called. |
94
Table of Contents
95
Table of Contents
96
Table of Contents
97
Table of Contents
For the Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Net income (loss) available to common unitholders of the operating partnership | $ | 10,122 | $ | (50,866 | ) | $ | (67,233 | ) | ||||
Net income (loss) available to common unitholders of the operating partnership attributable to limited partners of the operating partnership | (155 | ) | 789 | 782 | ||||||||
Net income (loss) available to common stockholders of the parent company | 9,967 | (50,077 | ) | (66,451 | ) | |||||||
Gains from sale or contribution of real estate interests, net | (20,248 | ) | (38,718 | ) | (22,561 | ) | ||||||
Depreciation and amortization: | ||||||||||||
Total depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Discontinued operations’ depreciation | 3,447 | 6,602 | 8,199 | |||||||||
Non-real estate depreciation | (8,432 | ) | (8,593 | ) | (7,270 | ) | ||||||
Adjustment for depreciation on development profits | (1,546 | ) | — | — | ||||||||
Adjustments to derive FFO, as adjusted, from consolidated joint ventures: | ||||||||||||
Joint venture partners’ noncontrolling interests (Net loss) | 6,278 | 11,063 | 32,855 | |||||||||
Limited partnership unitholders’ noncontrolling interests (Net loss (income)) | 88 | (3,625 | ) | (5,063 | ) | |||||||
Limited partnership unitholders’ noncontrolling interests (Development profits) | 133 | 2,377 | 2,822 | |||||||||
FFO, as adjusted, attributable to noncontrolling interests | (28,251 | ) | (31,571 | ) | (50,381 | ) | ||||||
Adjustments to derive FFO, as adjusted, from unconsolidated joint ventures: | ||||||||||||
The company’s share of net (income) loss | (17,372 | ) | (11,331 | ) | (17,121 | ) | ||||||
The company’s share of FFO, as adjusted | 61,903 | 47,549 | 44,589 | |||||||||
Adjustments for impairments, restructuring charges and debt extinguishment: | ||||||||||||
Real estate impairment losses | — | 172,059 | 182,866 | |||||||||
Discontinued operations’ real estate impairment losses | — | 9,794 | 11,052 | |||||||||
Pursuit costs and tax reserve | — | — | 11,834 | |||||||||
Restructuring charges | 4,874 | 6,368 | 12,306 | |||||||||
Loss on early extinguishment of debt | 2,892 | 12,267 | 786 | |||||||||
Preferred unit redemption discount | — | (9,759 | ) | — | ||||||||
Allocation to participating securities(1) | (182 | ) | (898 | ) | (1,186 | ) | ||||||
Funds from operations, as adjusted | $ | 210,187 | $ | 288,841 | $ | 298,276 | ||||||
Basic FFO, as adjusted, per common share and unit | $ | 1.27 | $ | 2.10 | $ | 2.95 | ||||||
Diluted FFO, as adjusted, per common share and unit | $ | 1.27 | $ | 2.09 | $ | 2.90 | ||||||
Weighted average common shares and units: | ||||||||||||
Basic | 165,273,488 | 137,740,825 | 101,253,972 | |||||||||
Diluted | 166,126,934 | 137,903,929 | 102,734,827 | |||||||||
Core Funds From Operations, as adjusted | ||||||||||||
Funds from operations, as adjusted | $ | 210,187 | $ | 288,841 | $ | 298,276 | ||||||
Development profits, net of taxes | (6,739 | ) | (88,876 | ) | (81,084 | ) | ||||||
Joint venture partners’ and limited partnership unitholders’ share of development profits, net of taxes | 61 | 3,308 | 9,041 | |||||||||
Limited partnership unitholders’ noncontrolling interests (Development profits) | (133 | ) | (2,377 | ) | (2,822 | ) | ||||||
AMB’s share of development profits from unconsolidated joint ventures | (9 | ) | (271 | ) | (2,071 | ) | ||||||
Allocation to participating securities(1) | 49 | 585 | 645 | |||||||||
Core Funds From Operations, as adjusted(1) | $ | 203,416 | $ | 201,210 | $ | 221,985 | ||||||
Basic Core FFO, as adjusted per common share and unit (diluted) | $ | 1.23 | $ | 1.46 | $ | 2.19 | ||||||
Diluted Core FFO, as adjusted per common share and unit (diluted) | $ | 1.22 | $ | 1.46 | $ | 2.16 | ||||||
Weighted average common shares and units: | ||||||||||||
Basic | 165,273,488 | 137,740,825 | 101,253,972 | |||||||||
Diluted | 166,126,934 | 137,903,929 | 102,734,827 | |||||||||
(1) | To be consistent with the company’s policies of determining whether instruments granted in share-based payment transactions are participating securities and accounting for earnings per share, the FFO, as adjusted, per common share and unit is adjusted for FFO, as adjusted, distributed through declared dividends and |
98
Table of Contents
allocated to all participating securities (weighted average common shares and units outstanding and unvested restricted shares outstanding) under the two-class method. Under this method, allocations were made to 1,202,122, 918,753 and 855,919 unvested restricted shares outstanding for the years ended December 31, 2010, 2009 and 2008. |
99
Table of Contents
For the Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Net income (loss) | $ | 33,594 | $ | (27,960 | ) | $ | (6,750 | ) | ||||
Private capital revenues | (30,860 | ) | (38,013 | ) | (68,472 | ) | ||||||
Depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Real estate impairment losses | — | 172,059 | 182,866 | |||||||||
General and administrative and fund costs | 125,155 | 116,404 | 145,040 | |||||||||
Restructuring charges | 4,874 | 6,368 | 12,306 | |||||||||
Total other income and expenses | 108,773 | 89,170 | 20,509 | |||||||||
Total discontinued operations | (24,242 | ) | (96,222 | ) | (11,169 | ) | ||||||
Net operating income | 413,930 | 397,140 | 435,330 | |||||||||
Less non same-store NOI | (73,535 | ) | (47,582 | ) | (26,626 | ) | ||||||
Less non-cash adjustments(1) | (9,045 | ) | (2,803 | ) | (5,457 | ) | ||||||
Cash-basis same-store NOI | $ | 331,350 | $ | 346,755 | $ | 403,247 | ||||||
Less lease termination fees | (3,059 | ) | (2,692 | ) | (5,518 | ) | ||||||
Cash-basis same-store NOI, excluding lease termination fees | $ | 328,291 | $ | 344,063 | $ | 397,729 | ||||||
(1) | Non-cash adjustments include straight-line rents and amortization of lease intangibles for the same store pool only. |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||
Fixed rate debt(1) | $ | 143,598 | $ | 544,574 | $ | 365,635 | $ | 13,713 | $ | 137,342 | $ | 1,393,341 | $ | 2,598,203 | $ | 2,672,107 | ||||||||||||||||
Average interest rate | 6.5 | % | 5.1 | % | 6.1 | % | 5.3 | % | 5.1 | % | 5.1 | % | 5.3 | % | n/a | |||||||||||||||||
Variable rate debt(2) | $ | 209,754 | $ | 107,326 | $ | 55,196 | $ | 139,490 | $ | 205,773 | $ | 28,113 | $ | 745,652 | $ | 742,076 | ||||||||||||||||
Average interest rate | 2.1 | % | 1.8 | % | 2.9 | % | 1.7 | % | 2.8 | % | 2.0 | % | 2.2 | % | n/a | |||||||||||||||||
Interest payments(3) | $ | 13,630 | $ | 29,611 | $ | 23,763 | $ | 3,037 | $ | 12,661 | $ | 71,778 | $ | 154,480 | n/a |
(1) | Represents 77.7% of all outstanding debt at December 31, 2010. | |
(2) | Represents 22.3% of all outstanding debt at December 31, 2010. | |
(3) | Represents interest expense related only to the debt balances maturing in each respective year, based upon interest rates at the balance sheet date. |
100
Table of Contents
�� | ||||||||||||||||
Receive-Floating | Pay-Fixed | Notional Amount | ||||||||||||||
Derivative Type | Index | Maturity Date | Strike Rate | (USD Equivalent) | Fair Value | |||||||||||
Swap | 3 mo. EURIBOR | December-11 | 1.2600 | % | $ | 7,698 | $ | (8 | ) | |||||||
Swap | 1 mo. EURIBOR | January-12 | 1.1575 | % | $ | 112,240 | $ | (189 | ) | |||||||
Swap | 1 mo. EURIBOR | January-12 | 1.1710 | % | $ | 65,473 | $ | (119 | ) | |||||||
Swap | 1 mo. EURIBOR | January-12 | 1.1550 | % | $ | 28,060 | $ | (47 | ) | |||||||
Swap | 3 mo. EURIBOR | December-12 | 1.7300 | % | $ | 10,910 | $ | (81 | ) | |||||||
Swap | 1 mo. EURIBOR | January-13 | 1.4875 | % | $ | 112,240 | $ | (129 | ) | |||||||
Swap | 1 mo. EURIBOR | January-13 | 1.5010 | % | $ | 65,473 | $ | (85 | ) | |||||||
Swap | 1 mo. EURIBOR | January-13 | 1.4850 | % | $ | 28,060 | $ | (32 | ) | |||||||
Swap | 3 mo. EURIBOR | December-13 | 2.2200 | % | $ | 12,584 | $ | (133 | ) | |||||||
Swap | 1 mo. EURIBOR | January-14 | 1.9975 | % | $ | 112,240 | $ | 299 | ||||||||
Swap | 1 mo. EURIBOR | January-14 | 2.0110 | % | $ | 65,473 | $ | 160 | ||||||||
Swap | 1 mo. EURIBOR | January-14 | 1.9950 | % | $ | 28,060 | $ | 73 | ||||||||
Swap | 1 mo. EURIBOR | January-15 | 2.5875 | % | $ | 112,240 | $ | 73 | ||||||||
Swap | 1 mo. EURIBOR | January-15 | 2.6010 | % | $ | 65,473 | $ | 26 | ||||||||
Swap | 1 mo. EURIBOR | January-15 | 2.5850 | % | $ | 28,060 | $ | 16 | ||||||||
Swap | 1 mo. EURIBOR | September-15 | 3.0025 | % | $ | 112,240 | $ | 112 | ||||||||
Swap | 1 mo. EURIBOR | September-15 | 3.0160 | % | $ | 65,473 | $ | 51 | ||||||||
Swap | 1 mo. EURIBOR | September-15 | 3.0000 | % | $ | 28,060 | $ | 25 | ||||||||
$ | 1,060,057 | $ | 12 | |||||||||||||
101
Table of Contents
Receive-Floating | Pay-Fixed | Notional Amount | ||||||||||||||
Derivative Type | Index | Maturity Date | Strike Rate | (USD Equivalent) | Fair Value | |||||||||||
Swap | 3 mo. JPY TIBOR | October-12 | 0.6000 | % | $ | 153,903 | $ | (420 | ) | |||||||
Swap | 3 mo. JPY LIBOR | September-16 | 2.5200 | % | $ | 25,998 | $ | (54 | ) | |||||||
Swap | 3 mo. JPY LIBOR | September-16 | 2.5200 | % | $ | 16,018 | $ | (34 | ) | |||||||
Swap | 3 mo. JPY LIBOR | July-17 | 2.8800 | % | $ | 25,320 | $ | (244 | ) | |||||||
Swap | 3 mo. JPY LIBOR | July-17 | 2.8800 | % | $ | 16,018 | $ | (155 | ) | |||||||
$ | 237,257 | $ | (907 | ) | ||||||||||||
Receive-Floating | Pay-Fixed | Notional Amount | ||||||||||||||
Derivative Type | Index | Maturity Date | Strike Rate | (USD Equivalent) | Fair Value | |||||||||||
Cap | 1 mo. USD LIBOR | October-12 | 4.2500 | % | $ | 25,909 | $ | 8 | ||||||||
$ | 25,909 | $ | 8 | |||||||||||||
Pay-Fixed | Buy Notional Amount | |||||||||||||||
Derivative Type | Forward Rate | Maturity Date | Strike Rate | (USD Equivalent) | Fair Value | |||||||||||
FX Forward | 1.335675 | March-11 | EUR 124,143 | $ | 165,815 | $ | 108 | |||||||||
FX Forward | 1.551 | March-11 | GBP 17,000 | $ | 26,367 | $ | (85 | ) | ||||||||
FX Forward | 1.00065 | March-11 | CAD 165,000 | $ | 164,893 | $ | (627 | ) | ||||||||
FX Forward | 1.00075 | March-11 | CAD 78,000 | $ | 77,942 | $ | (304 | ) | ||||||||
$ | 435,017 | $ | (908 | ) | ||||||||||||
Receive-Floating | Pay-Fixed | Notional Amount | ||||||||||||||
Derivative Type | Index | Maturity Date | Strike Rate | (USD Equivalent) | Fair Value | |||||||||||
Swap | 3 mo. EURIBOR | June-11 | 4.4500 | % | $ | 25,168 | $ | 713 | ||||||||
$ | 25,168 | $ | 713 | |||||||||||||
Total USD Equivalent Amount | $ | 1,783,408 | $ | (1,082 | ) | |||||||||||
102
Table of Contents
ITEM 8. | Financial Statements and Supplementary Data |
ITEM 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
103
Table of Contents
104
Table of Contents
ITEM 9B. | Other Information |
105
onForm 10-K.
ITEM 15. | Exhibits and Financial Statement Schedules |
Page | ||||
F-1 | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 | ||||
F-9 | ||||
F-10 | ||||
F-11 | ||||
S-1 | ||||
(c)(1) Financial Statements | ||||
S-9 | ||||
S-39 |
Exhibit | ||||
Number | Description | |||
3 | .1 | Articles of Incorporation of AMB Property Corporation (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Registration Statement onForm S-11(No. 333-35915)). | ||
3 | .2 | Articles Supplementary establishing and fixing the rights and preferences of the 61/2% Series L Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.16 to AMB Property Corporation’sForm 8-A filed on June 20, 2003). |
106
Table of Contents
Exhibit | ||||
Number | Description | |||
3 | .3 | Articles Supplementary establishing and fixing the rights and preferences of the 63/4% Series M Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.17 to AMB Property Corporation’sForm 8-A filed on November 12, 2003). | ||
3 | .4 | Articles Supplementary establishing and fixing the rights and preferences of the 7.00% Series O Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.19 to AMB Property Corporation’s Registration Statement onForm 8-A filed on December 12, 2005). | ||
3 | .5 | Articles Supplementary establishing and fixing the rights and preferences of the 6.85% Series P Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.18 to AMB Property Corporation’s Registration Statement onForm 8-A filed on August 24, 2006). | ||
3 | .6 | Articles Supplementary Reestablishing and Refixing the Rights and Preferences of the 7.75% Series D Cumulative Redeemable Preferred Stock as 7.18% Series D Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 of AMB Property Corporation’s Current Report onForm 8-K filed on February 22, 2007). | ||
3 | .7 | Articles Supplementary Redesignating and Reclassifying 510,000 Shares of 8.00% Series I Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .8 | Articles Supplementary Redesignating and Reclassifying 800,000 Shares of 7.95% Series J Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.2 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .9 | Articles Supplementary Redesignating and Reclassifying 800,000 Shares of 7.95% Series K Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.3 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .10 | Sixth Amended and Restated Bylaws of AMB Property Corporation (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Current Report onForm 8-K filed on September 25, 2008). | ||
3 | .11 | Articles Supplementary Redesignating and Reclassifying 1,595,337 Shares of 7.18% Series D Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 22, 2009). | ||
3 | .12 | Twelfth Amended and Restated Agreement of Limited Partnership of AMB Property, L.P. dated as of August 25, 2006, (incorporated by reference to Exhibit 3.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 30, 2006). | ||
4 | .1 | Form of Certificate for Common Stock of AMB Property Corporation (incorporated by reference to Exhibit 3.3 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-35915)). | ||
4 | .2 | Form of Certificate for 61/2% Series L Cumulative Redeemable Preferred Stock of AMB Property Corporation (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Form 8-A filed on June 20, 2003). | ||
4 | .3 | Form of Certificate for 63/4% Series M Cumulative Redeemable Preferred Stock of AMB Property Corporation (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Form 8-A filed on November 12, 2003). | ||
4 | .4 | Form of Certificate for 7.00% Series O Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.4 to AMB Property Corporation’s Form 8-A filed December 12, 2005). | ||
4 | .5 | Form of Certificate for 6.85% Series P Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.5 to AMB Property Corporation’s Form 8-A filed on August 24, 2006). | ||
4 | .6 | Specimen of 7.50% Notes due 2018 (included in the Second Supplemental Indenture incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Registration Statement on Form S-11(No. 333-49163) and also included in the Second Supplemental Indenture incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). |
107
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .7 | $50,000,000 7.00% Fixed Rate Note No. 9 dated March 7, 2001, attaching the Parent Guarantee dated March 7, 2001 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 16, 2001 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 16, 2001). | ||
4 | .8 | $25,000,000 6.75% Fixed Rate Note No. 10 dated September 6, 2001, attaching the Parent Guarantee dated September 6, 2001 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 18, 2001 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 18, 2001). | ||
4 | .9 | $100,000,000 Fixed Rate Note No. B-2 dated March 16, 2004, attaching the Parent Guarantee dated March 16, 2004 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 17, 2004 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 17, 2004). | ||
4 | .10 | $175,000,000 Fixed Rate Note No, B-3, attaching the Parent Guarantee (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on November 18, 2005 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on November 18, 2005). | ||
4 | .11 | Indenture dated as of June 30, 1998, by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 10, 2006 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 10, 2006). | ||
4 | .12 | First Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .13 | Second Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .14 | Third Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.4 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.4 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .15 | Fourth Supplemental Indenture dated as of August 15, 2000 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report onForm 8-K/A filed on November 16, 2000 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K/A filed on November 16, 2000). | ||
4 | .16 | Fifth Supplemental Indenture dated as of May 7, 2002 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.15 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2002 and also incorporated by reference to Exhibit 4.15 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2002). |
108
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .17 | Sixth Supplemental Indenture dated as of July 11, 2005 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). | ||
4 | .18 | 5.094% Notes due 2015, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). | ||
4 | .19 | Seventh Supplemental Indenture dated as of August 10, 2006 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee, including the Form of Fixed Rate Medium-Term Note, Series C, attaching the Form of Parent Guarantee, and the Form of Floating Rate Medium-Term Note, Series C, attaching the Form of Parent Guarantee. (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form 8-K filed on August 10, 2006 and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 10, 2006). | ||
4 | .20 | $175,000,000 Fixed Rate Note No. FXR-C-1 dated as of August 15, 2006, attaching the Parent Guarantee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 15, 2006 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 15, 2006). | ||
4 | .21 | Form of Registration Rights Agreement among AMB Property Corporation and the persons named therein (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-35915)). | ||
4 | .22 | Registration Rights Agreement dated November 14, 2003 by and among AMB Property II, L.P. and the unitholders whose names are set forth on the signature pages thereto (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on November 17, 2003). | ||
4 | .23 | Registration Rights Agreement dated as of May 5, 1999 by and among AMB Property Corporation, AMB Property II, L.P. and the unitholders whose names are set forth on the signature pages thereto (incorporated by reference to Exhibit 4.33 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006). | ||
4 | .24 | Registration Rights Agreement dated as of November 1, 2006 by and among AMB Property Corporation, AMB Property II, L.P., J.A. Green Development Corp. and JAGI, Inc (incorporated by reference to Exhibit 4.34 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006). | ||
4 | .25 | $325,000,000 Fixed Rate Note No. FXR-C-2, attaching the Parent Guarantee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on 8-K filed on May 1, 2008 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on 8-K filed on May 1, 2008). | ||
4 | .26 | $50,000,000 8.00% Fixed Rate Note No. 3 dated October 26, 2000, attaching the Parent Guarantee dated October 26, 2000 (incorporated by reference to Exhibit 4.7 of AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2000 and also incorporated by reference to Exhibit 4.8 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000). | ||
4 | .27 | $25,000,000 8.000% Fixed Rate Note No. 4 dated October 26, 2000 attaching the Parent Guarantee dated October 26, 2000 (incorporated by reference to Exhibit 4.8 of AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2000 and also incorporated by reference to Exhibit 4.9 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000). |
109
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .28 | Registration Rights Agreement dated as of November 10, 2009 by and between AMB Property Corporation and J.P. Morgan Securities Inc. (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 10, 2009). | ||
4 | .29 | Eighth Supplemental Indenture dated as of November 20, 2009 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .30 | Ninth Supplemental Indenture dated as of November 20, 2009 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .31 | 6.125% Notes due 2016, attaching Parent Guarantee (incorporated by reference to Exhibit 4.3 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .32 | 6.625% Notes due 2019, attaching Parent Guarantee (incorporated by reference to Exhibit 4.4 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .33 | Registration Rights Agreement dated November 26, 1997 among AMB Property Corporation and the persons named therein (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Quarterly Report on Form 10-Q filed on August 3, 2010). | ||
4 | .34 | Tenth Supplemental Indenture dated as of August 9, 2010 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on August 9, 2010). | ||
4 | .35 | 4.500% Notes due 2017, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on August 9, 2010). | ||
4 | .36 | Eleventh Supplemental Indenture dated as of November 12, 2010 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s first Current Report on Form 8-K filed on November 10, 2010). | ||
4 | .37 | 4.00% Notes due 2018, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s first Current Report on Form 8-K filed on November 10, 2010). | ||
4 | .38 | Registration Rights Agreement dated as of July 8, 2005 by and between AMB Property, L.P. and Teachers Insurance and Annuity Association of America (incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). | ||
*10 | .1 | Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.22 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 and also incorporated by reference to Exhibit 10.19 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2001). |
110
Table of Contents
Exhibit | ||||
Number | Description | |||
*10 | .2 | Amendment No. 1 to the Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.23 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 and also incorporated by reference to Exhibit 10.20 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2001). | ||
*10 | .3 | Amendment No. 2 to the Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P., dated September 23, 2004 (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Quarterly Report on Form 10-Q filed on November 9, 2004 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Quarterly Report onForm 10-Q filed on November 9, 2004). | ||
*10 | .4 | Amended and Restated 2002 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on May 15, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on May 15, 2007). | ||
10 | .5 | Twelfth Amended and Restated Agreement of Limited Partnership of AMB Property, L.P. dated as of August 25, 2006, (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 30, 2006). | ||
10 | .6 | Fifteenth Amended and Restated Agreement of Limited Partnership of AMB Property II, L.P., dated February 19, 2010 (incorporated by reference to Exhibit 10.6 to AMB Property Corporation’s and AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2009). | ||
10 | .7 | Exchange Agreement dated as of July 8, 2005, by and between AMB Property, L.P. and Teachers Insurance and Annuity Association of America (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report onForm 8-K filed on July 13, 2005). | ||
10 | .8 | Guaranty of Payment, dated as of June 1, 2006 by AMB Property Corporation for the benefit of JPMorgan Chase Bank, and J.P. Morgan Europe Limited, as administrative agents, for the banks listed on the signature page to the Third Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.9 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.8 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .9 | Qualified Borrower Guaranty, dated as of June 1, 2006 by AMB Property, L.P. for the benefit of JPMorgan Chase Bank and J.P. Morgan Europe Limited, as administrative agents for the banks listed on the signature page to the Third Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.10 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.9 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .10 | Guaranty of Payment, dated as of June 23, 2006 by AMB Property, L.P. and AMB Property Corporation for the benefit of Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookmanager, for the banks that are from time to time parties to the Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.11 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.10 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). |
111
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .11 | Third Amended and Restated Revolving Credit Agreement, dated as of June 1, 2006, by and among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, J.P. Morgan Europe Limited, as Administrative Agent for Alternate Currencies, Bank of America, N.A., as Syndication Agent, J.P. Morgan Securities Inc. and Banc of America Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, Eurohypo AG, New York Branch, Wachovia Bank, N.A. and PNC Bank, National Association, as Documentation Agents, The Bank of Nova Scotia, acting through its San Francisco Agency, Wells Fargo Bank, N.A., ING Real Estate Finance (USA) LLC and LaSalle Bank National Association, as Managing Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on June 7, 2006 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on June 7, 2006). | ||
10 | .12 | Amended and Restated Revolving Credit Agreement, dated as of June 23, 2006, by and among the initial borrower and the initial qualified borrowers listed on the signature pages thereto, AMB Property, L.P., as a guarantor, AMB Property Corporation, as a guarantor, the banks listed on the signature pages thereto, Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookmanager, and each of the other lending institutions that becomes a lender thereunder (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on June 29, 2006 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on June 29, 2006). | ||
*10 | .13 | Amended and Restated 2005 Non-Qualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). | ||
*10 | .14 | Amended and Restated 2002 Nonqualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on Form 8-K filed on October 4, 2006 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on October 4, 2006). | ||
*10 | .15 | Form of Amended and Restated Change in Control and Noncompetition Agreement by and between AMB Property, L.P. and executive officers (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on October 1, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on October 1, 2007). | ||
*10 | .16 | Form of Assignment and Assumption Agreement to Change in Control and Noncompetition Agreement by and between AMB Property, L.P. and certain executive officers (incorporated by reference to Exhibit 10.17 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.16 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .17 | Collateral Loan Agreement, dated as of February 14, 2007, by and among The Prudential Insurance Company Of America and Prudential Mortgage Capital Company, LLC, as Lenders, and AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC as Borrowers (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .18 | $160,000,000 Amended, Restated and Consolidated Promissory Note (Fixed A-1), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to Prudential Mortgage Capital Company LLC, as Lender (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). |
112
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .19 | $40,000,000 Amended, Restated and Consolidated Promissory Note (Floating A-2), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.3 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.3 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .20 | $84,000,000 Amended, Restated and Consolidated Promissory Note (Fixed B-1), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.4 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .21 | $21,000,000 Amended, Restated and Consolidated Promissory Note (Floating B-2), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.5 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .22 | Deed of Accession and Amendment, dated March 21, 2007, by and between ING Real Estate Finance NV, AMB European Investments LLC, AMB Property, L.P., SCI AMB Givaudan Distribution Center, AMB Hordijk Distribution Center B.V., ING Bank NV, the Original Lenders and the Entities of AMB (both as defined in the Deed of Accession and Amendment) (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 23, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 27, 2007). | ||
10 | .23 | Fifth Amended and Restated Revolving Credit Agreement, dated as of July 16, 2007, by and among the qualified borrowers listed on the signature pages thereto, AMB Property, L.P., as a qualified borrower and guarantor, AMB Property Corporation, as guarantor, the banks listed on the signature pages thereto, Bank of America, N.A., as administrative agent, The Bank of Nova Scotia, as syndication agent, Calyon New York Branch, Citicorp North America, Inc., and The Royal Bank of Scotland PLC, asco-documentation agents, Banc of America Securities Asia Limited, as Hong Kong Dollars agent, Bank of America, N.A., acting by its Canada Branch, as reference bank, Bank of America, Singapore Branch, as Singapore Dollars agent, and each of the other lending institutions that becomes a lender thereunder (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 20, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 20, 2007). | ||
10 | .24 | First Amendment to Amended and Restated Revolving Credit Agreement, dated as of October 23, 2007, by and among the initial borrower, each qualified borrower listed on the signature pages thereto, AMB Property, L.P., as guarantor, AMB Property Corporation, as guarantor, the Alternate Currency Banks (as defined therein) and Sumitomo Mitsui Banking Corporation, as administrative agent (incorporated by reference to Exhibit 10.4 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). |
113
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .25 | RMB Revolving Credit Agreement, dated October 23, 2007, between Wealth Zipper (Shanghai) Property Development Co., Ltd., the RMB Lenders listed therein, Sumitomo Mitsui Banking Corporation, New York Branch, as Administrative Agent and Sole Lead Arranger and Bookmanager, and Sumitomo Mitsui Banking Corporation, Shanghai Branch, as RMB Settlement Agent (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.5 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). | ||
10 | .26 | Credit Agreement, dated as of March 27, 2008, among AMB Property, L.P., JPMorgan Chase Bank, N.A., as administrative agent, Sumitomo Mitsui Banking Corporation, as syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, HSBC Bank USA, National Association, and U.S. Bank National Association, as documentation agents, and a syndicate of other banks (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on 8-K filed on April 2, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on 8-K filed on April 2, 2008). | ||
10 | .27 | Guaranty of Payment, dated as of March 27, 2008, by AMB Property Corporation for the benefit of JPMorgan Chase Bank, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of March 27, 2008 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on 8-K filed on April 2, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on 8-K filed on April 2, 2008). | ||
10 | .28 | AMB Property, L.P. Guaranteed Multicurrency Revolving Facility Agreement, dated as of May 30, 2008, by and among AMB Fund Management S.à.r.l. acting on its own name but on behalf of AMB Europe Fund I FCP-FIS, as logistics fund, affiliates of AMB Europe Fund I FCP-FIS as listed therein, financial institutions as listed therein as original lenders (and other lenders that are from time to time parties thereto), AMB Property, L.P., as loan guarantor, and ING Real Estate Finance NV, as facility agent (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .29 | Loan Guarantee, dated as of May 30, 2008, by AMB Property, L.P., as Guarantor, for the benefit of the facility agent and the lenders that are from time to time parties to that certain AMB Property, L.P. Guaranteed Multicurrency Revolving Facility Agreement, dated as of May 30, 2008, among AMB Fund Management S.à.r.l. acting on its own name but on behalf of AMB Europe Fund I FCP-FIS as the logistics fund, AMB Property, L.P. as the loan guarantor, the financial institutions listed therein as original lenders (and other lenders that are from time to time parties thereto) and ING Real Estate Finance N.V., as the facility agent (incorporated by reference to Exhibit 10.3 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .30 | Counter-Indemnity, dated May 30, 2008, by and between AMB Property, L.P. and AMB Fund Management S.à.r.l. on behalf of AMB Europe Fund I FCP-FIS (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.3 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .31 | Credit Agreement, dated as of September 4, 2008, by and among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereto, The Bank of Nova Scotia, as Administrative Agent, ING Real Estate Finance (USA) LLC, as Syndication Agent, The Bank of Nova Scotia and ING Real Estate Finance (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 5, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 5, 2008). |
114
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .32 | Guaranty of Payment, dated as of September 4, 2008, by AMB Property Corporation, as Guarantor, for the benefit of The Bank of Nova Scotia, as Administrative Agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of September 4, 2008, among AMB Property, L.P., as the Borrower, the banks listed on the signature pages thereto, the Administrative Agent, ING Real Estate Finance (USA) LLC, as Syndication Agent, The Bank of Nova Scotia and ING Real Estate Finance (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on Form 8-K filed on September 5, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 5, 2008). | ||
10 | .33 | Termination Letter, dated December 29, 2008, from ING Real Estate Finance N.V., as Facility Agent, to AMB Fund Management S.à.r.l., acting in its own name but on behalf of AMB Europe Fund I FCP-FIS (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on January 5, 2009 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on January 5, 2009). | ||
10 | .34 | Amendment No. 1 to Credit Agreement, dated as of January 26, 2009, by and among AMB Property, L.P., AMB Property Corporation, as guarantor, the banks listed on the signature pages thereto, JPMorgan Chase Bank, N.A., as administrative agent, Sumitomo Mitsui Banking Corporation, as syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, and HSBC Bank USA, National Association and U.S. Bank National Association, as documentation agents (incorporated by reference to Exhibit 10.37 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 and also incorporated by reference to Exhibit 10.34 to AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2008). | ||
*10 | .35 | Separation Agreement and Release of All Claims, dated September 18, 2009, by and between AMB Property Corporation and John T. Roberts, Jr. (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 23, 2009). | ||
10 | .36 | Credit Agreement, dated as of October 15, 2009, by and among AMB Property, L.P., JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Europe Limited, as administrative agent for Euros, Sumitomo Mitsui Banking Corporation, as administrative agent for Yen and syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, Calyon Credit Agricole CIB, New York Branch, and U.S. Bank National Association, and HSBC Bank USA, National Association, as documentation agents, AMB European Investments LLC and AMB Japan Finance, Y.K., as the initial qualified borrowers, and a syndicate of banks (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). | ||
10 | .37 | Guaranty of Payment, dated as of October 15, 2009, by AMB Property Corporation for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of October 15, 2009 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). | ||
10 | .38 | Qualified Borrower Guaranty, dated as of October 15, 2009, by AMB Property, L.P. for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent, and J.P. Morgan Europe Limited, as Administrative Agent, and Sumitomo Mitsui Banking Corporation, as Administrative Agent, for the banks that are from time to time parties to that certain Credit Agreement, dated as of October 15, 2009 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). |
115
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .39 | Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010, among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, J.P. Morgan Europe Limited, as Administrative Agent, Bank of America, N.A., as Syndication Agent, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Bookrunners, PNC Bank, NA, The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Documentation Agents, and Compass Bank, US Bank, NA and Union Bank, N.A., as Managing Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). | ||
10 | .40 | Guaranty of Payment, dated as of November 10, 2010, by AMB Property Corporation, for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent and J.P. Morgan Europe Limited, as Administrative Agent for the banks that are from time to time parties to that certain Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). | ||
10 | .41 | Qualified Borrower Guaranty, dated as of November 10, 2010, by AMB Property, L.P. for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent and J.P. Morgan Europe Limited, as Administrative Agent for the banks that are from time to time parties to that certain Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010 (incorporated by reference to Exhibit 10.3 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). | ||
10 | .42 | Credit Agreement, dated as of November 29, 2010, among AMB Property, L.P. as Borrower, the banks listed on the signature pages thereof, HSBC Bank USA, National Association, as administrative agent, Credit Agricole Corporate and Investment Bank, as syndication agent, and HSBC Securities, Inc. and Credit Agricole Corporate and Investment Bank, as joint lead arrangers and joint bookrunners, and Morgan Stanley Senior Funding, Inc. as documentation agent (incorporated by reference to Exhibit 10.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .43 | Guaranty of Payment, dated as of November 29, 2010, by AMB Property Corporation for the benefit of HSBC Bank USA, National Association, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of November 29, 2010 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .44 | Qualified Borrower Guaranty, dated as of November 29, 2010, by AMB Property, L.P. for the benefit of HSBC Bank USA, National Association, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of November 29, 2010 (incorporated by reference to Exhibit 10.3 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .45 | Second Amended and Restated Revolving Credit Agreement, dated as of December 1, 2010, among AMB Japan Finance Y.K., as initial borrower, AMB Property, L.P., as guarantor, AMB Property Corporation, as guarantor, the banks listed on the signature pages thereof, and Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookrunner (incorporated by reference to Exhibit 10.4 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .46 | Guaranty of Payment, dated as of December 1, 2010, by AMB Property, L.P. and AMB Property Corporation, as guarantors, for the benefit of Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookrunner, and for the banks that are from time to time parties to that certain Second Amended and Restated Revolving Credit Agreement, dated as of December 1, 2010 (incorporated by reference to Exhibit 10.5 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). |
116
Table of Contents
Exhibit | ||||
Number | Description | |||
21 | .1 | Subsidiaries of AMB Property Corporation. | ||
21 | .2 | Subsidiaries of AMB Property, L.P. | ||
23 | .1 | Consent of PricewaterhouseCoopers LLP. | ||
23 | .2 | Consent of PricewaterhouseCoopers LLP. | ||
24 | .1 | Powers of Attorney (included in signature pages of this annual report). | ||
31 | .1 | Rule 13a-14(a)/15d-14(a) Certifications dated February 18, 2011 for AMB Property Corporation. | ||
31 | .2 | Rule 13a-14(a)/15d-14(a) Certifications dated February 18, 2011 for AMB Property, L.P. | ||
32 | .1 | 18 U.S.C. § 1350 Certifications dated February 18, 2011 for AMB Property Corporation. The certifications in this exhibit are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of our filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing. | ||
32 | .2 | 18 U.S.C. § 1350 Certifications dated February 18, 2011 for AMB Property, L.P. The certifications in this exhibit are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of our filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing. | ||
101 | The following materials from the Annual Reports onForm 10-K of AMB Property Corporation and AMB Property, L.P. for the period ended December 31, 2010 formatted in XBRL (eXtensible Business Reporting Language):(i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statement of Equity, (iv) the Consolidated Statement of Capital,(v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements, tagged as blocks of text. |
* | Management contract or compensatory plan or arrangement |
117
Table of Contents
By: | /s/ HAMID R. MOGHADAM |
Name | Title | Date | ||||
/s/ HAMID R. MOGHADAM Hamid R. Moghadam | Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | February 18, 2011 | ||||
/s/ T. ROBERT BURKE T. Robert Burke | Director | February 18, 2011 | ||||
/s/ DAVID A. COLE David A. Cole | Director | February 18, 2011 | ||||
/s/ LYDIA H. KENNARD Lydia H. Kennard | Director | February 18, 2011 | ||||
/s/ J. MICHAEL LOSH J. Michael Losh | Director | February 18, 2011 | ||||
/s/ FREDERICK W. REID Frederick W. Reid | Director | February 18, 2011 |
118
Table of Contents
Name | Title | Date | ||||
/s/ JEFFREY L. SKELTON Jeffrey L. Skelton | Director | February 18, 2011 | ||||
/s/ THOMAS W. TUSHER Thomas W. Tusher | Director | February 18, 2011 | ||||
/s/ CARL B. WEBB Carl B. Webb | Director | February 18, 2011 | ||||
/s/ THOMAS S. OLINGER Thomas S. Olinger | Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | February 18, 2011 | ||||
/s/ NINA A. TRAN Nina A. Tran | Chief Accounting Officer and Senior Vice President (Duly Authorized Officer and Principal Accounting Officer) | February 18, 2011 |
119
Table of Contents
By: | AMB Property Corporation, its general partner |
By: | /s/ HAMID R. MOGHADAM |
Name | Title | Date | ||||
/s/ HAMID R. MOGHADAM Hamid R. Moghadam | Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | February 18, 2011 | ||||
/s/ T. ROBERT BURKE T. Robert Burke | Director | February 18, 2011 | ||||
/s/ DAVID A. COLE David A. Cole | Director | February 18, 2011 | ||||
/s/ LYDIA H. KENNARD Lydia H. Kennard | Director | February 18, 2011 | ||||
/s/ J. MICHAEL LOSH J. Michael Losh | Director | February 18, 2011 | ||||
/s/ FREDERICK W. REID Frederick W. Reid | Director | February 18, 2011 |
120
Table of Contents
Name | Title | Date | ||||
/s/ JEFFREY L. SKELTON Jeffrey L. Skelton | Director | February 18, 2011 | ||||
/s/ THOMAS W. TUSHER Thomas W. Tusher | Director | February 18, 2011 | ||||
/s/ CARL B. WEBB Carl B. Webb | Director | February 18, 2011 | ||||
/s/ THOMAS S. OLINGER Thomas S. Olinger | Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | February 18, 2011 | ||||
/s/ NINA A. TRAN Nina A. Tran | Chief Accounting Officer and Senior Vice President (Duly Authorized Officer and Principal Accounting Officer) | February 18, 2011 |
121
Table of Contents
F-1
Table of Contents
F-2
Table of Contents
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
ASSETS | ||||||||
Investments in real estate: | ||||||||
Land | $ | 1,396,321 | $ | 1,317,461 | ||||
Land held for development | 672,883 | 591,489 | ||||||
Buildings and improvements | 4,808,667 | 4,439,313 | ||||||
Construction in progress | 28,305 | 360,397 | ||||||
Total investments in properties | 6,906,176 | 6,708,660 | ||||||
Accumulated depreciation and amortization | (1,268,093 | ) | (1,113,808 | ) | ||||
Net investments in properties | 5,638,083 | 5,594,852 | ||||||
Investments in unconsolidated joint ventures | 883,241 | 462,130 | ||||||
Properties held for sale or contribution, net | 242,098 | 214,426 | ||||||
Net investments in real estate | 6,763,422 | 6,271,408 | ||||||
Cash and cash equivalents | 198,424 | 187,169 | ||||||
Restricted cash | 29,991 | 18,908 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $9,551 and $11,715, respectively | 167,735 | 155,958 | ||||||
Deferred financing costs, net | 38,079 | 24,883 | ||||||
Other assets | 175,244 | 183,632 | ||||||
Total assets | $ | 7,372,895 | $ | 6,841,958 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Debt: | ||||||||
Secured debt | $ | 962,434 | $ | 1,096,554 | ||||
Unsecured senior debt | 1,685,956 | 1,155,529 | ||||||
Unsecured credit facilities | 268,933 | 477,630 | ||||||
Other debt | 413,976 | 482,883 | ||||||
Total debt | 3,331,299 | 3,212,596 | ||||||
Security deposits | 57,555 | 53,283 | ||||||
Dividends payable | 51,400 | 46,041 | ||||||
Accounts payable and other liabilities | 230,519 | 238,718 | ||||||
Total liabilities | 3,670,773 | 3,550,638 | ||||||
Commitments and contingencies (Note 18) | ||||||||
Equity: | ||||||||
Stockholders’ equity: | ||||||||
Series L preferred stock, cumulative, redeemable, $.01 par value, 2,300,000 shares | ||||||||
authorized and 2,000,000 issued and outstanding, $50,000 liquidation preference | 48,017 | 48,017 | ||||||
Series M preferred stock, cumulative, redeemable, $.01 par value, 2,300,000 shares | ||||||||
authorized and 2,300,000 issued and outstanding, $57,500 liquidation preference | 55,187 | 55,187 | ||||||
Series O preferred stock, cumulative, redeemable, $.01 par value, 3,000,000 shares | ||||||||
authorized and 3,000,000 issued and outstanding, $75,000 liquidation preference | 72,127 | 72,127 | ||||||
Series P preferred stock, cumulative, redeemable, $.01 par value, 2,000,000 shares | ||||||||
authorized and 2,000,000 issued and outstanding, $50,000 liquidation preference | 48,081 | 48,081 | ||||||
Common stock, $.01 par value, 500,000,000 shares authorized, 168,736,081 and | ||||||||
149,258,376 issued and outstanding, respectively | 1,684 | 1,489 | ||||||
Additional paid-in capital | 3,071,134 | 2,740,307 | ||||||
Retained deficit | (17,695 | ) | (29,008 | ) | ||||
Accumulated other comprehensive income | 42,188 | 3,816 | ||||||
Total stockholders’ equity | 3,320,723 | 2,940,016 | ||||||
Noncontrolling interests: | ||||||||
Joint venture partners | 325,590 | 289,909 | ||||||
Limited partnership unitholders | 55,809 | 61,395 | ||||||
Total noncontrolling interests | 381,399 | 351,304 | ||||||
Total equity | 3,702,122 | 3,291,320 | ||||||
Total liabilities and equity | $ | 7,372,895 | $ | 6,841,958 | ||||
F-3
Table of Contents
For the Years Ended December 31, 2010, 2009 and 2008
2010 | 2009 | 2008 | ||||||||||
(Dollars in thousands, except share and per share amounts) | ||||||||||||
REVENUES | ||||||||||||
Rental revenues | $ | 602,640 | $ | 580,411 | $ | 609,187 | ||||||
Private capital revenues | 30,860 | 38,013 | 68,472 | |||||||||
Total revenues | 633,500 | 618,424 | 677,659 | |||||||||
COSTS AND EXPENSES | ||||||||||||
Property operating costs | (110,715 | ) | (107,246 | ) | (97,953 | ) | ||||||
Real estate taxes | (77,995 | ) | (76,025 | ) | (75,904 | ) | ||||||
Depreciation and amortization | (196,636 | ) | (175,334 | ) | (161,000 | ) | ||||||
General and administrative | (124,364 | ) | (115,342 | ) | (143,962 | ) | ||||||
Restructuring charges | (4,874 | ) | (6,368 | ) | (12,306 | ) | ||||||
Fund costs | (791 | ) | (1,062 | ) | (1,078 | ) | ||||||
Real estate impairment losses | — | (172,059 | ) | (182,866 | ) | |||||||
Other expenses | (3,197 | ) | (8,681 | ) | (520 | ) | ||||||
Total costs and expenses | (518,572 | ) | (662,117 | ) | (675,589 | ) | ||||||
OTHER INCOME AND EXPENSES | ||||||||||||
Development profits, net of taxes | 6,739 | 35,874 | 81,084 | |||||||||
Gains from sale or contribution of real estate interests, net | — | — | 19,967 | |||||||||
Equity in earnings of unconsolidated joint ventures, net | 17,372 | 11,331 | 17,121 | |||||||||
Other income (expense) | 3,543 | 3,440 | (3,126 | ) | ||||||||
Interest expense, including amortization | (130,338 | ) | (118,867 | ) | (134,249 | ) | ||||||
Loss on early extinguishment of debt | (2,892 | ) | (12,267 | ) | (786 | ) | ||||||
Total other income and expenses, net | (105,576 | ) | (80,489 | ) | (19,989 | ) | ||||||
Income (loss) from continuing operations | 9,352 | (124,182 | ) | (17,919 | ) | |||||||
Discontinued operations: | ||||||||||||
Income attributable to discontinued operations | 3,994 | 4,502 | 8,575 | |||||||||
Development profits, net of taxes | — | 53,002 | — | |||||||||
Gains from sale of real estate interests, net of taxes | 20,248 | 38,718 | 2,594 | |||||||||
Total discontinued operations | 24,242 | 96,222 | 11,169 | |||||||||
Net income (loss) | 33,594 | (27,960 | ) | (6,750 | ) | |||||||
Noncontrolling interests’ share of net (income) loss: | ||||||||||||
Joint venture partners’ share of net income | (6,278 | ) | (11,063 | ) | (32,855 | ) | ||||||
Joint venture partners’ and limited partnership unitholders’ share of development profits, net of taxes | (109 | ) | (3,308 | ) | (9,041 | ) | ||||||
Preferred unitholders | — | (4,295 | ) | (5,727 | ) | |||||||
Limited partnership unitholders | (88 | ) | 3,625 | 5,063 | ||||||||
Total noncontrolling interests’ share of net income | (6,475 | ) | (15,041 | ) | (42,560 | ) | ||||||
Net income (loss) attributable to AMB Property Corporation | 27,119 | (43,001 | ) | (49,310 | ) | |||||||
Preferred stock dividends | (15,806 | ) | (15,806 | ) | (15,806 | ) | ||||||
Preferred unit redemption discount | — | 9,759 | — | |||||||||
Allocation to participating securities | (1,346 | ) | (1,029 | ) | (1,335 | ) | ||||||
Net income (loss) available to common stockholders | $ | 9,967 | $ | (50,077 | ) | $ | (66,451 | ) | ||||
Basic income (loss) per common share attributable to common stockholders | ||||||||||||
Loss from continuing operations (after preferred stock dividends) | $ | (0.08 | ) | $ | (1.01 | ) | $ | (0.77 | ) | |||
Discontinued operations | 0.14 | 0.64 | 0.09 | |||||||||
Net income (loss) available to common stockholders | $ | 0.06 | $ | (0.37 | ) | $ | (0.68 | ) | ||||
Diluted income (loss) per common share attributable to common stockholders | ||||||||||||
Loss from continuing operations (after preferred stock dividends) | $ | (0.08 | ) | $ | (1.01 | ) | $ | (0.77 | ) | |||
Discontinued operations | 0.14 | 0.64 | 0.09 | |||||||||
Net income (loss) available to common stockholders | $ | 0.06 | $ | (0.37 | ) | $ | (0.68 | ) | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||
Basic | 161,988,053 | 134,321,231 | 97,403,659 | |||||||||
Diluted | 161,988,053 | 134,321,231 | 97,403,659 | |||||||||
F-4
Table of Contents
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2010, 2009 and 2008
(Dollars in thousands, except share amounts)
Accumulated | ||||||||||||||||||||||||||||||||
Common Stock | Additional | Retained | Other | |||||||||||||||||||||||||||||
Preferred | Number | Paid-in | Earnings | Comprehensive | Noncontrolling | |||||||||||||||||||||||||||
Stock | of Shares | Amount | Capital | (Deficit) | Income (Loss) | Interests | Total | |||||||||||||||||||||||||
Balance as of December 31, 2007 | $ | 223,412 | 99,210,508 | $ | 990 | $ | 2,280,611 | $ | 247,618 | $ | 11,321 | $ | 697,411 | $ | 3,461,363 | |||||||||||||||||
Net income (loss) | 15,806 | — | — | — | (65,116 | ) | — | 42,560 | ||||||||||||||||||||||||
Unrealized loss on securities and derivatives | — | — | — | — | — | (12,894 | ) | — | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 23,616 | — | |||||||||||||||||||||||||
Total comprehensive income | 3,972 | |||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 15,251 | 15,251 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | — | (66,172 | ) | (66,172 | ) | ||||||||||||||||||||||
Stock-based compensation amortization and issuance of restricted stock, net | — | 430,997 | 3 | 21,464 | — | — | — | 21,467 | ||||||||||||||||||||||||
Exercise of stock options | — | 129,507 | 1 | 4,212 | — | — | — | 4,213 | ||||||||||||||||||||||||
Conversion of partnership units | — | 495,306 | 5 | 20,565 | — | — | (11,724 | ) | 8,846 | |||||||||||||||||||||||
Repurchases of common stock | — | (1,765,591 | ) | (18 | ) | (87,678 | ) | — | — | — | (87,696 | ) | ||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | — | — | — | (12,650 | ) | (12,650 | ) | ||||||||||||||||||||||
Forfeiture of stock | — | (30,855 | ) | — | (1,594 | ) | — | — | — | (1,594 | ) | |||||||||||||||||||||
Contribution of consolidated interest to an unconsolidated joint venture | — | — | — | — | — | — | (206,240 | ) | (206,240 | ) | ||||||||||||||||||||||
Reallocation of partnership interest | — | — | — | 1,302 | — | — | (1,302 | ) | — | |||||||||||||||||||||||
Offering costs | — | — | — | (10 | ) | — | — | — | (10 | ) | ||||||||||||||||||||||
Dividends | (15,806 | ) | — | — | — | (152,703 | ) | — | (6,037 | ) | (174,546 | ) | ||||||||||||||||||||
Balance as of December 31, 2008 | $ | 223,412 | 98,469,872 | $ | 981 | $ | 2,238,872 | $ | 29,799 | $ | 22,043 | $ | 451,097 | $ | 2,966,204 | |||||||||||||||||
Net income (loss) | 15,806 | — | — | — | (58,807 | ) | — | 15,041 | ||||||||||||||||||||||||
Unrealized gain on securities and derivatives | — | — | — | — | — | 3,793 | — | |||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (22,020 | ) | — | ||||||||||||||||||||||||
Total comprehensive loss | (46,187 | ) | ||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 15,733 | 15,733 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | — | (26,670 | ) | (26,670 | ) | ||||||||||||||||||||||
Issuance of common stock, net | — | 47,437,500 | 474 | 551,845 | — | — | — | 552,319 | ||||||||||||||||||||||||
Stock-based compensation amortization and issuance of restricted stock, net | — | 382,391 | 4 | 23,045 | — | — | — | 23,049 | ||||||||||||||||||||||||
Exercise of stock options | — | 94,749 | 1 | 1,822 | — | — | — | 1,823 | ||||||||||||||||||||||||
Conversion and redemption of partnership units | — | 47,563 | — | 1,091 | — | — | (1,413 | ) | (322 | ) | ||||||||||||||||||||||
Repurchases of preferred units | — | 2,880,281 | 29 | 77,532 | — | — | (77,561 | ) | — | |||||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | (859 | ) | — | — | (8,909 | ) | (9,768 | ) | |||||||||||||||||||||
Forfeiture of stock | — | (53,980 | ) | — | (837 | ) | — | — | — | (837 | ) | |||||||||||||||||||||
Reallocation of partnership interest | — | — | — | 12,199 | — | — | (12,199 | ) | — | |||||||||||||||||||||||
Dividends | (15,806 | ) | — | — | (164,403 | ) | — | — | (3,815 | ) | (184,024 | ) | ||||||||||||||||||||
Balance as of December 31, 2009 | $ | 223,412 | 149,258,376 | $ | 1,489 | $ | 2,740,307 | $ | (29,008 | ) | $ | 3,816 | $ | 351,304 | $ | 3,291,320 | ||||||||||||||||
Net income | 15,806 | — | — | — | 11,313 | — | 6,475 | |||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives | — | — | — | — | — | 1,660 | (111 | ) | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 36,712 | — | |||||||||||||||||||||||||
Total comprehensive income | 71,855 | |||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 50,391 | 50,391 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | — | (10,831 | ) | (10,831 | ) | ||||||||||||||||||||||
Issuance of common stock, net | — | 18,170,000 | 182 | 478,665 | — | — | — | 478,847 | ||||||||||||||||||||||||
Stock-based compensation amortization and issuance of restricted stock, net | — | 704,028 | 7 | 23,934 | — | — | — | 23,941 | ||||||||||||||||||||||||
Exercise of stock options | — | 763,207 | 8 | 17,664 | — | — | — | 17,672 | ||||||||||||||||||||||||
Conversion and redemption of partnership units | — | 334,398 | 3 | 9,228 | — | — | (6,145 | ) | 3,086 | |||||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | 902 | — | — | (8,656 | ) | (7,754 | ) | ||||||||||||||||||||||
Forfeiture of stock | — | (493,928 | ) | (5 | ) | (13,963 | ) | — | — | — | (13,968 | ) | ||||||||||||||||||||
Reallocation of partnership interest | — | — | — | (2,622 | ) | — | — | 2,622 | — | |||||||||||||||||||||||
Dividends | (15,806 | ) | — | — | (182,981 | ) | — | — | (3,650 | ) | (202,437 | ) | ||||||||||||||||||||
Balance as of December 31, 2010 | $ | 223,412 | 168,736,081 | $ | 1,684 | $ | 3,071,134 | $ | (17,695 | ) | $ | 42,188 | $ | 381,399 | $ | 3,702,122 | ||||||||||||||||
F-5
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2010, 2009 and 2008
2010 | 2009 | 2008 | ||||||||||
(Dollars in thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income (loss) | $ | 33,594 | $ | (27,960 | ) | $ | (6,750 | ) | ||||
Adjustments to net income (loss): | ||||||||||||
Straight-line rents and amortization of lease intangibles | (16,305 | ) | (10,531 | ) | (10,549 | ) | ||||||
Depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Real estate impairment losses | — | 172,059 | 182,866 | |||||||||
Foreign exchange (gains) losses | (1,459 | ) | 6,081 | 1,043 | ||||||||
Stock-based compensation amortization | 23,941 | 23,049 | 21,467 | |||||||||
Equity in earnings of unconsolidated joint ventures | (17,372 | ) | (11,331 | ) | (17,121 | ) | ||||||
Operating distributions received from unconsolidated joint ventures | 25,424 | 11,687 | 24,279 | |||||||||
Gains from sale or contribution of real estate interests, net | — | — | (19,967 | ) | ||||||||
Development profits, net of taxes | (6,739 | ) | (35,874 | ) | (81,084 | ) | ||||||
Debt premiums, discounts and finance cost amortization, net | 23,127 | 21,866 | 9,192 | |||||||||
Discontinued operations: | ||||||||||||
Depreciation and amortization | 3,447 | 6,602 | 8,199 | |||||||||
Real estate impairment losses | — | 9,794 | 11,052 | |||||||||
Development profits, net of taxes | — | (53,002 | ) | — | ||||||||
Gains from sale of real estate interests, net of taxes | (20,248 | ) | �� | (38,718 | ) | (2,594 | ) | |||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable and other assets | (18,328 | ) | 17,311 | 27,776 | ||||||||
Accounts payable and other liabilities | 27,042 | (23,254 | ) | (6,195 | ) | |||||||
Net cash provided by operating activities | 252,760 | 243,113 | 302,614 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Change in restricted cash | (9,189 | ) | (2,312 | ) | (671 | ) | ||||||
Cash paid for property acquisitions | (13,000 | ) | — | (195,554 | ) | |||||||
Additions to land, buildings, development costs, building improvements and lease costs | (259,919 | ) | (402,349 | ) | (1,020,819 | ) | ||||||
Net proceeds from divestiture of real estate and securities | 101,660 | 482,515 | 421,647 | |||||||||
Additions to interests in unconsolidated joint ventures | (413,451 | ) | (7,447 | ) | (52,267 | ) | ||||||
Repayment of mortgage and loan receivables | — | — | 81,542 | |||||||||
Capital distributions received from unconsolidated joint ventures | 2,182 | 9,457 | 35,012 | |||||||||
Cash transferred to unconsolidated joint ventures | — | (357 | ) | (16,848 | ) | |||||||
Repayments from (loans made to) affiliates | 5,089 | 4,590 | (73,480 | ) | ||||||||
Purchase of equity interests, net | — | — | (60,330 | ) | ||||||||
Net cash (used in) provided by investing activities | (586,628 | ) | 84,097 | (881,768 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance of common stock, net | 478,847 | 552,319 | — | |||||||||
Proceeds from stock option exercises | 7,288 | 1,823 | 4,213 | |||||||||
Purchase of noncontrolling interest | (9,926 | ) | (8,968 | ) | — | |||||||
Repurchase and retirement of common stock | — | — | (87,696 | ) | ||||||||
Borrowings on secured debt | 184,114 | 147,995 | 641,572 | |||||||||
Payments on secured debt | (332,209 | ) | (478,699 | ) | (210,440 | ) | ||||||
Borrowings on other debt | 206,046 | 219,045 | 525,000 | |||||||||
Payments on other debt | (292,030 | ) | (122,632 | ) | (212,547 | ) | ||||||
Borrowings on unsecured credit facilities | 654,275 | 704,639 | 1,913,126 | |||||||||
Payments on unsecured credit facilities | (892,057 | ) | (1,147,258 | ) | (1,856,734 | ) | ||||||
Payment of financing fees | (38,340 | ) | (25,187 | ) | (14,931 | ) | ||||||
Net proceeds from issuances of senior debt | 571,622 | 500,000 | 325,000 | |||||||||
Payments on senior debt | (48,500 | ) | (497,103 | ) | (175,000 | ) | ||||||
Issuance, redemption or repurchases of preferred stock or units | — | (322 | ) | (10 | ) | |||||||
Forfeiture of stock | (3,584 | ) | (837 | ) | (1,594 | ) | ||||||
Contributions from noncontrolling interests | 50,990 | 15,117 | 16,695 | |||||||||
Dividends paid to common and preferred stockholders | (193,428 | ) | (137,108 | ) | (220,476 | ) | ||||||
Distributions to noncontrolling interests, including preferred units | (13,374 | ) | (21,178 | ) | (66,007 | ) | ||||||
Net cash provided by (used in) financing activities | 329,734 | (298,354 | ) | 580,171 | ||||||||
Net effect of exchange rate changes on cash | 15,389 | (65,623 | ) | 2,695 | ||||||||
Net increase (decrease) in cash and cash equivalents | 11,255 | (36,767 | ) | 3,712 | ||||||||
Cash and cash equivalents at beginning of period | 187,169 | 223,936 | 220,224 | |||||||||
Cash and cash equivalents at end of period | $ | 198,424 | $ | 187,169 | $ | 223,936 | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||
Cash paid for interest, net of capitalized interest | $ | 122,198 | $ | 108,901 | $ | 137,613 | ||||||
Non-cash transactions: | ||||||||||||
Acquisition of properties | $ | 13,337 | $ | — | $ | 227,612 | ||||||
Assumption of secured debt | — | — | (16,843 | ) | ||||||||
Assumption of other assets and liabilities | — | — | (7,564 | ) | ||||||||
Acquisition capital | (337 | ) | — | (7,651 | ) | |||||||
Net cash paid for property acquisitions | $ | 13,000 | $ | — | $ | 195,554 | ||||||
Preferred unit redemption (discount) issuance costs | $ | — | $ | (9,759 | ) | $ | — | |||||
Contribution of properties to unconsolidated joint ventures, net | $ | 22,391 | $ | 41,379 | $ | 114,423 | ||||||
Exchange of common stock for preferred units | $ | — | $ | 67,802 | $ | — | ||||||
Stock proceeds received from stock option exercises | $ | 10,384 | $ | — | $ | — |
F-6
Table of Contents
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
ASSETS | ||||||||
Investments in real estate: | ||||||||
Land | $ | 1,396,321 | $ | 1,317,461 | ||||
Land held for development | 672,883 | 591,489 | ||||||
Buildings and improvements | 4,808,667 | 4,439,313 | ||||||
Construction in progress | 28,305 | 360,397 | ||||||
Total investments in properties | 6,906,176 | 6,708,660 | ||||||
Accumulated depreciation and amortization | (1,268,093 | ) | (1,113,808 | ) | ||||
Net investments in properties | 5,638,083 | 5,594,852 | ||||||
Investments in unconsolidated joint ventures | 883,241 | 462,130 | ||||||
Properties held for sale or contribution, net | 242,098 | 214,426 | ||||||
Net investments in real estate | 6,763,422 | 6,271,408 | ||||||
Cash and cash equivalents | 198,424 | 187,169 | ||||||
Restricted cash | 29,991 | 18,908 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $9,551 and $11,715, respectively | 167,735 | 155,958 | ||||||
Deferred financing costs, net | 38,079 | 24,883 | ||||||
Other assets | 175,244 | 183,632 | ||||||
Total assets | $ | 7,372,895 | $ | 6,841,958 | ||||
LIABILITIES AND CAPITAL | ||||||||
Liabilities: | ||||||||
Debt: | ||||||||
Secured debt | $ | 962,434 | $ | 1,096,554 | ||||
Unsecured senior debt | 1,685,956 | 1,155,529 | ||||||
Unsecured credit facilities | 268,933 | 477,630 | ||||||
Other debt | 413,976 | 482,883 | ||||||
Total debt | 3,331,299 | 3,212,596 | ||||||
Security deposits | 57,555 | 53,283 | ||||||
Distributions payable | 51,400 | 46,041 | ||||||
Accounts payable and other liabilities | 230,519 | 238,718 | ||||||
Total liabilities | 3,670,773 | 3,550,638 | ||||||
Commitments and contingencies (Note 18) | ||||||||
Capital: | ||||||||
Partners’ capital: | ||||||||
General partner, 168,506,670 and 149,028,965 units outstanding, respectively; 2,000,000 Series L preferred units issued and outstanding with a $50,000 liquidation preference, 2,300,000 Series M preferred units issued and outstanding with a $57,500 liquidation preference, 3,000,000 Series O preferred units issued and outstanding with a $75,000 liquidation preference and 2,000,000 Series P preferred units issued and outstanding with a $50,000 liquidation preference | 3,320,723 | 2,940,016 | ||||||
Limited partners, 2,058,730 and 2,119,928 units outstanding, respectively | 37,773 | 38,561 | ||||||
Total partners’ capital | 3,358,496 | 2,978,577 | ||||||
Noncontrolling interests: | ||||||||
Joint venture partners | 325,590 | 289,909 | ||||||
Class B limited partnership unitholders | 18,036 | 22,834 | ||||||
Total noncontrolling interests | 343,626 | 312,743 | ||||||
Total capital | 3,702,122 | 3,291,320 | ||||||
Total liabilities and capital | $ | 7,372,895 | $ | 6,841,958 | ||||
F-7
Table of Contents
For the Years Ended December 31, 2010, 2009 and 2008
2010 | 2009 | 2008 | ||||||||||
(Dollars in thousands, except unit and per unit amounts) | ||||||||||||
REVENUES | ||||||||||||
Rental revenues | $ | 602,640 | $ | 580,411 | $ | 609,187 | ||||||
Private capital revenues | 30,860 | 38,013 | 68,472 | |||||||||
Total revenues | 633,500 | 618,424 | 677,659 | |||||||||
COSTS AND EXPENSES | ||||||||||||
Property operating expenses | (110,715 | ) | (107,246 | ) | (97,953 | ) | ||||||
Real estate taxes | (77,995 | ) | (76,025 | ) | (75,904 | ) | ||||||
Depreciation and amortization | (196,636 | ) | (175,334 | ) | (161,000 | ) | ||||||
General and administrative | (124,364 | ) | (115,342 | ) | (143,962 | ) | ||||||
Restructuring charges | (4,874 | ) | (6,368 | ) | (12,306 | ) | ||||||
Fund costs | (791 | ) | (1,062 | ) | (1,078 | ) | ||||||
Real estate impairment losses | — | (172,059 | ) | (182,866 | ) | |||||||
Other expenses | (3,197 | ) | (8,681 | ) | (520 | ) | ||||||
Total costs and expenses | (518,572 | ) | (662,117 | ) | (675,589 | ) | ||||||
OTHER INCOME AND EXPENSES | ||||||||||||
Development profits, net of taxes | 6,739 | 35,874 | 81,084 | |||||||||
Gains from sale or contribution of real estate interests, net | — | — | 19,967 | |||||||||
Equity in earnings of unconsolidated joint ventures, net | 17,372 | 11,331 | 17,121 | |||||||||
Other income (expense) | 3,543 | 3,440 | (3,126 | ) | ||||||||
Interest expense, including amortization | (130,338 | ) | (118,867 | ) | (134,249 | ) | ||||||
Loss on early extinguishment of debt | (2,892 | ) | (12,267 | ) | (786 | ) | ||||||
Total other income and expenses, net | (105,576 | ) | (80,489 | ) | (19,989 | ) | ||||||
Income (loss) from continuing operations | 9,352 | (124,182 | ) | (17,919 | ) | |||||||
Discontinued operations: | ||||||||||||
Income attributable to discontinued operations | 3,994 | 4,502 | 8,575 | |||||||||
Development profits, net of taxes | — | 53,002 | — | |||||||||
Gains from sale of real estate interests, net of taxes | 20,248 | 38,718 | 2,594 | |||||||||
Total discontinued operations | 24,242 | 96,222 | 11,169 | |||||||||
Net income (loss) | 33,594 | (27,960 | ) | (6,750 | ) | |||||||
Noncontrolling interests’ share of net (income) loss: | ||||||||||||
Joint venture partners’ share of net income | (6,278 | ) | (11,063 | ) | (32,855 | ) | ||||||
Joint venture partners’ and Class B limited partnership unitholders’ share of development profits, net of taxes | (16 | ) | (1,804 | ) | (6,219 | ) | ||||||
Preferred unitholders | — | (4,295 | ) | (5,727 | ) | |||||||
Class B limited partnership unitholders | (26 | ) | 1,332 | 1,459 | ||||||||
Total noncontrolling interests’ share of net income | (6,320 | ) | (15,830 | ) | (43,342 | ) | ||||||
Net income (loss) attributable to AMB Property, L.P. | 27,274 | (43,790 | ) | (50,092 | ) | |||||||
Series L, M, O and P preferred unit distributions | (15,806 | ) | (15,806 | ) | (15,806 | ) | ||||||
Preferred unit redemption discount | — | 9,759 | — | |||||||||
Allocation to participating securities | (1,346 | ) | (1,029 | ) | (1,335 | ) | ||||||
Net income (loss) available to common unitholders | $ | 10,122 | $ | (50,866 | ) | $ | (67,233 | ) | ||||
Income (loss) available to common unitholders attributable to: | ||||||||||||
General partner | $ | 9,967 | $ | (50,077 | ) | $ | (66,451 | ) | ||||
Limited partners | 155 | (789 | ) | (782 | ) | |||||||
Net income (loss) available to common unitholders | $ | 10,122 | $ | (50,866 | ) | $ | (67,233 | ) | ||||
Basic income (loss) per common unit attributable to common unitholders | ||||||||||||
Loss from continuing operations (after preferred unit distributions) | $ | (0.08 | ) | $ | (1.02 | ) | $ | (0.75 | ) | |||
Discontinued operations | 0.14 | 0.65 | 0.09 | |||||||||
Net income (loss) available to common unitholders | $ | 0.06 | $ | (0.37 | ) | $ | (0.66 | ) | ||||
Diluted income (loss) per common unit attributable to common unitholders | ||||||||||||
Loss from continuing operations (after preferred unit distributions) | $ | (0.08 | ) | $ | (1.02 | ) | $ | (0.75 | ) | |||
Discontinued operations | 0.14 | 0.65 | 0.09 | |||||||||
Net income (loss) available to common unitholders | $ | 0.06 | $ | (0.37 | ) | $ | (0.66 | ) | ||||
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | ||||||||||||
Basic | 164,290,475 | 136,484,612 | 101,253,972 | |||||||||
Diluted | 164,290,475 | 136,484,612 | 101,253,972 | |||||||||
F-8
Table of Contents
For the Years Ended December 31, 2010, 2009 and 2008
(Dollars in thousands, except unit amounts)
General Partner | Limited Partners | |||||||||||||||||||||||||||||||
Preferred Units | Common Units | Common Units | Noncontrolling | |||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | Interests | Total | |||||||||||||||||||||||||
Balance as of December 31, 2007 | 9,300,000 | $ | 223,412 | 98,981,097 | $ | 2,540,540 | 2,733,894 | $ | 70,034 | $ | 627,377 | $ | 3,461,363 | |||||||||||||||||||
Net income (loss) | — | 15,806 | — | (65,116 | ) | — | (782 | ) | 43,342 | |||||||||||||||||||||||
Unrealized loss on securities and derivatives | — | — | — | (12,894 | ) | — | — | — | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | 23,616 | — | — | — | |||||||||||||||||||||||||
Total comprehensive income | 3,972 | |||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 15,251 | 15,251 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | (1,748 | ) | (64,424 | ) | (66,172 | ) | |||||||||||||||||||||
Stock-based compensation amortization and issuance of common limited partnership units in connection with the issuance of restricted stock and options | — | — | 430,997 | 21,467 | — | — | — | 21,467 | ||||||||||||||||||||||||
Issuance of common limited partnership units in connection with the exercise of stock options | — | — | 129,507 | 4,213 | — | — | — | 4,213 | ||||||||||||||||||||||||
Conversion of Operating Partnership units to common stock and cash redemption | — | — | 495,306 | 20,570 | (553,085 | ) | (11,724 | ) | — | 8,846 | ||||||||||||||||||||||
Repurchase of common units | — | — | (1,765,591 | ) | (87,696 | ) | — | — | — | (87,696 | ) | |||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | — | — | — | (12,650 | ) | (12,650 | ) | ||||||||||||||||||||||
Forfeiture of common limited partnership units in connection with the forfeiture of stock | — | — | (30,855 | ) | (1,594 | ) | — | — | — | (1,594 | ) | |||||||||||||||||||||
Contribution of consolidated interest to an unconsolidated joint venture | — | — | — | — | — | — | (206,240 | ) | (206,240 | ) | ||||||||||||||||||||||
Reallocation of interests | — | — | — | 1,302 | — | (876 | ) | (426 | ) | — | ||||||||||||||||||||||
Offering costs | — | — | — | (10 | ) | — | — | — | (10 | ) | ||||||||||||||||||||||
Distributions | — | (15,806 | ) | — | (152,703 | ) | — | (4,073 | ) | (1,964 | ) | (174,546 | ) | |||||||||||||||||||
Balance as of December 31, 2008 | 9,300,000 | $ | 223,412 | 98,240,461 | $ | 2,291,695 | 2,180,809 | $ | 50,831 | $ | 400,266 | $ | 2,966,204 | |||||||||||||||||||
Net income (loss) | — | 15,806 | — | (58,807 | ) | — | (789 | ) | 15,830 | |||||||||||||||||||||||
Unrealized gain on securities and derivatives | — | — | — | 3,793 | — | — | — | |||||||||||||||||||||||||
Currency translation adjustment | — | — | — | (22,020 | ) | — | — | — | ||||||||||||||||||||||||
Total comprehensive loss | (46,187 | ) | ||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 15,733 | 15,733 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | (53 | ) | (26,617 | ) | (26,670 | ) | |||||||||||||||||||||
Issuance of common units | — | — | 47,437,500 | 552,319 | — | — | — | 552,319 | ||||||||||||||||||||||||
Stock-based compensation amortization and issuance of common limited partnership units in connection with the issuance of restricted stock and options | — | — | 382,391 | 23,049 | — | — | — | 23,049 | ||||||||||||||||||||||||
Issuance of common limited partnership units in connection with the exercise of stock options | — | — | 94,749 | 1,823 | — | — | — | 1,823 | ||||||||||||||||||||||||
Conversion of Operating Partnership units to common stock and cash redemption | — | — | 47,563 | 1,091 | (60,881 | ) | (1,359 | ) | (54 | ) | (322 | ) | ||||||||||||||||||||
Repurchase of preferred units | — | — | 2,880,281 | 77,561 | — | — | (77,561 | ) | — | |||||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | (859 | ) | — | — | (8,909 | ) | (9,768 | ) | |||||||||||||||||||||
Forfeiture of common limited partnership units in connection with the forfeiture of stock | — | — | (53,980 | ) | (837 | ) | — | — | — | (837 | ) | |||||||||||||||||||||
Reallocation of interests | — | — | — | 12,199 | — | (7,662 | ) | (4,537 | ) | — | ||||||||||||||||||||||
Distributions | — | (15,806 | ) | — | (164,403 | ) | — | (2,407 | ) | (1,408 | ) | (184,024 | ) | |||||||||||||||||||
Balance as of December 31, 2009 | 9,300,000 | $ | 223,412 | 149,028,965 | $ | 2,716,604 | 2,119,928 | $ | 38,561 | $ | 312,743 | $ | 3,291,320 | |||||||||||||||||||
Net income | — | 15,806 | — | 11,313 | — | 155 | 6,320 | |||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives | — | — | — | 1,660 | — | — | (111 | ) | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | 36,712 | — | — | — | |||||||||||||||||||||||||
Total comprehensive income | 71,855 | |||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 50,391 | 50,391 | ||||||||||||||||||||||||
Distributions and allocations | — | — | — | — | — | — | (10,831 | ) | (10,831 | ) | ||||||||||||||||||||||
Issuance of common units | — | — | 18,170,000 | 478,847 | — | — | — | 478,847 | ||||||||||||||||||||||||
Stock-based compensation amortization and issuance of common limited partnership units in connection with the issuance of restricted stock and options | — | — | 704,028 | 23,941 | — | — | — | 23,941 | ||||||||||||||||||||||||
Issuance of common limited partnership units in connection with the exercise of stock options | — | — | 763,207 | 17,672 | — | — | — | 17,672 | ||||||||||||||||||||||||
Conversion of Operating Partnership units to common stock and cash redemption | — | — | 334,398 | 9,231 | (61,198 | ) | (1,112 | ) | (5,033 | ) | 3,086 | |||||||||||||||||||||
Repurchase of noncontrolling interest | — | — | — | 902 | — | — | (8,656 | ) | (7,754 | ) | ||||||||||||||||||||||
Forfeiture of common limited partnership units in connection with the forfeiture of stock | — | — | (493,928 | ) | (13,968 | ) | — | — | — | (13,968 | ) | |||||||||||||||||||||
Reallocation of interests | — | — | — | (2,622 | ) | — | 2,496 | 126 | — | |||||||||||||||||||||||
Distributions | — | (15,806 | ) | — | (182,981 | ) | — | (2,327 | ) | (1,323 | ) | (202,437 | ) | |||||||||||||||||||
Balance as of December 31, 2010 | 9,300,000 | $ | 223,412 | 168,506,670 | $ | 3,097,311 | 2,058,730 | $ | 37,773 | $ | 343,626 | $ | 3,702,122 | |||||||||||||||||||
F-9
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2010, 2009 and 2008
2010 | 2009 | 2008 | ||||||||||
(Dollars in thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income (loss) | $ | 33,594 | $ | (27,960 | ) | $ | (6,750 | ) | ||||
Adjustments to net income (loss): | ||||||||||||
Straight-line rents and amortization of lease intangibles | (16,305 | ) | (10,531 | ) | (10,549 | ) | ||||||
Depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Real estate impairment losses | — | 172,059 | 182,866 | |||||||||
Foreign exchange losses | (1,459 | ) | 6,081 | 1,043 | ||||||||
Stock-based compensation amortization | 23,941 | 23,049 | 21,467 | |||||||||
Equity in earnings of unconsolidated joint ventures | (17,372 | ) | (11,331 | ) | (17,121 | ) | ||||||
Operating distributions received from unconsolidated joint ventures | 25,424 | 11,687 | 24,279 | |||||||||
Gains from sale or contribution of real estate interests, net | — | — | (19,967 | ) | ||||||||
Development profits, net of taxes | (6,739 | ) | (35,874 | ) | (81,084 | ) | ||||||
Debt premiums, discounts and finance cost amortization, net | 23,127 | 21,866 | 9,192 | |||||||||
Discontinued operations: | ||||||||||||
Depreciation and amortization | 3,447 | 6,602 | 8,199 | |||||||||
Real estate impairment losses | — | 9,794 | 11,052 | |||||||||
Development profits, net of taxes | — | (53,002 | ) | — | ||||||||
Gains from sale of real estate interests, net of taxes | (20,248 | ) | (38,718 | ) | (2,594 | ) | ||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable and other assets | (18,328 | ) | 17,311 | 27,776 | ||||||||
Accounts payable and other liabilities | 27,042 | (23,254 | ) | (6,195 | ) | |||||||
Net cash provided by operating activities | 252,760 | 243,113 | 302,614 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Change in restricted cash | (9,189 | ) | (2,312 | ) | (671 | ) | ||||||
Cash paid for property acquisitions | (13,000 | ) | — | (195,554 | ) | |||||||
Additions to land, buildings, development costs, building improvements and lease costs | (259,919 | ) | (402,349 | ) | (1,020,819 | ) | ||||||
Net proceeds from divestiture of real estate and securities | 101,660 | 482,515 | 421,647 | |||||||||
Additions to interests in unconsolidated joint ventures | (413,451 | ) | (7,447 | ) | (52,267 | ) | ||||||
Repayment of mortgage and loan receivables | ��� | — | 81,542 | |||||||||
Capital distributions received from unconsolidated joint ventures | 2,182 | 9,457 | 35,012 | |||||||||
Cash transferred to unconsolidated joint ventures | — | (357 | ) | (16,848 | ) | |||||||
Repayments from (loans made to) affiliates | 5,089 | 4,590 | (73,480 | ) | ||||||||
Purchase of equity interests, net | — | — | (60,330 | ) | ||||||||
Net cash (used in) provided by investing activities | (586,628 | ) | 84,097 | (881,768 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance of common units, net | 478,847 | 552,319 | — | |||||||||
Proceeds from stock option exercises | 7,288 | 1,823 | 4,213 | |||||||||
Purchase of noncontrolling interest | (9,926 | ) | (8,968 | ) | — | |||||||
Repurchase and retirement of common stock | — | — | (87,696 | ) | ||||||||
Borrowings on secured debt | 184,114 | 147,995 | 641,572 | |||||||||
Payments on secured debt | (332,209 | ) | (478,699 | ) | (210,440 | ) | ||||||
Borrowings on other debt | 206,046 | 219,045 | 525,000 | |||||||||
Payments on other debt | (292,030 | ) | (122,632 | ) | (212,547 | ) | ||||||
Borrowings on unsecured credit facilities | 654,275 | 704,639 | 1,913,126 | |||||||||
Payments on unsecured credit facilities | (892,057 | ) | (1,147,258 | ) | (1,856,734 | ) | ||||||
Payment of financing fees | (38,340 | ) | (25,187 | ) | (14,931 | ) | ||||||
Net proceeds from issuances of senior debt | 571,622 | 500,000 | 325,000 | |||||||||
Payments on senior debt | (48,500 | ) | (497,103 | ) | (175,000 | ) | ||||||
Issuance, redemption or repurchases of preferred units | — | (322 | ) | (10 | ) | |||||||
Forfeiture of units | (3,584 | ) | (837 | ) | (1,594 | ) | ||||||
Contributions from noncontrolling interests | 50,990 | 15,117 | 16,695 | |||||||||
Distributions paid to partners | (195,755 | ) | (139,515 | ) | (224,549 | ) | ||||||
Distributions to noncontrolling interests, including preferred units | (11,047 | ) | (18,771 | ) | (61,934 | ) | ||||||
Net cash provided by (used in) financing activities | 329,734 | (298,354 | ) | 580,171 | ||||||||
Net effect of exchange rate changes on cash | 15,389 | (65,623 | ) | 2,695 | ||||||||
Net decrease in cash and cash equivalents | 11,255 | (36,767 | ) | 3,712 | ||||||||
Cash and cash equivalents at beginning of period | 187,169 | 223,936 | 220,224 | |||||||||
Cash and cash equivalents at end of period | $ | 198,424 | $ | 187,169 | $ | 223,936 | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||
Cash paid for interest, net of capitalized interest | $ | 122,198 | $ | 108,901 | $ | 137,613 | ||||||
Non-cash transactions: | ||||||||||||
Acquisition of properties | $ | 13,337 | $ | — | $ | 227,612 | ||||||
Assumption of secured debt | — | — | (16,843 | ) | ||||||||
Assumption of other assets and liabilities | — | — | (7,564 | ) | ||||||||
Acquisition capital | (337 | ) | — | (7,651 | ) | |||||||
Net cash paid for property acquisitions | $ | 13,000 | $ | — | $ | 195,554 | ||||||
Preferred unit redemption (discount) issuance costs | $ | — | $ | (9,759 | ) | $ | — | |||||
Contribution of properties to unconsolidated joint ventures, net | $ | 22,391 | $ | 41,379 | $ | 114,423 | ||||||
Exchange of common units for preferred units | $ | — | $ | 67,802 | $ | — | ||||||
Unit proceeds received from stock option exercises | $ | 10,384 | $ | — | $ | — |
F-10
Table of Contents
1. | Organization and Formation of the Parent Company and the Operating Partnership |
F-11
Table of Contents
• | on an owned and managed basis, which includes investments held on a consolidated basis or through unconsolidated joint ventures, the Company owned or partially owned approximately 141.9 million square feet (principally, warehouse distribution buildings) that were 93.7% leased; the Company had investments in eight development projects, which are expected to total approximately 2.2 million square feet upon completion; the Company owned 25 projects, totaling approximately 6.8 million square feet, which are available for sale or contribution; and the Company had three value-added acquisitions, totaling approximately 1.2 million square feet; | |
• | through non-managed unconsolidated joint ventures, the Company had investments in 46 industrial operating buildings, totaling approximately 7.3 million square feet; and | |
• | the Company held approximately 152,000 square feet through a ground lease, which is the location of the Company’s global headquarters. |
F-12
Table of Contents
2. | Summary of Significant Accounting Policies |
Depreciation and Amortization Expense | Estimated Lives | 2010 | 2009 | 2008 | ||||||||||
Building costs | 5-40 years | $ | 86,841 | $ | 75,765 | $ | 72,746 | |||||||
Building costs on ground leases | 5-40 years | 22,332 | 19,731 | 16,302 | ||||||||||
Buildings and improvements: | ||||||||||||||
Roof/HVAC/parking lots | 5-40 years | 10,108 | 10,632 | 6,020 | ||||||||||
Plumbing/signage | 7-25 years | 1,677 | 1,676 | 2,342 | ||||||||||
Major painting and other | 5-40 years | 16,884 | 16,535 | 19,326 | ||||||||||
Tenant improvements | Over initial lease term | 30,129 | 26,099 | 18,711 | ||||||||||
Lease commissions | Over initial lease term | 23,202 | 22,344 | 20,573 | ||||||||||
Total real estate depreciation and amortization | 191,173 | 172,782 | 156,020 | |||||||||||
Other depreciation and amortization | Various | 8,910 | 9,154 | 13,179 | ||||||||||
Discontinued operations’ depreciation | Various | (3,447 | ) | (6,602 | ) | (8,199 | ) | |||||||
Total real estate depreciation and amortization from continuing operations | $ | 196,636 | $ | 175,334 | $ | 161,000 | ||||||||
F-13
Table of Contents
F-14
Table of Contents
F-15
Table of Contents
F-16
Table of Contents
(Dollars in thousands)
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets/Liabilities | Assets/Liabilities | Assets/Liabilities | ||||||||||||||
at Fair Value | at Fair Value | at Fair Value | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in real estate(1) | $ | — | $ | — | $ | 100,283 | $ | 100,283 | ||||||||
Deferred compensation plan | 19,123 | — | — | 19,123 | ||||||||||||
Derivative assets | — | 1,664 | — | 1,664 | ||||||||||||
Investment securities | 1,797 | — | — | 1,797 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | — | $ | 2,746 | $ | — | $ | 2,746 | ||||||||
Deferred compensation plan | 19,123 | — | — | 19,123 |
F-17
Table of Contents
(Dollars in thousands)
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets/Liabilities | Assets/Liabilities | Assets/Liabilities | ||||||||||||||
at Fair Value | at Fair Value | at Fair Value | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments in real estate(1) | $ | — | $ | — | $ | 202,067 | $ | 202,067 | ||||||||
Deferred compensation plan | 22,905 | — | — | 22,905 | ||||||||||||
Derivative assets | — | 1,553 | — | 1,553 | ||||||||||||
Investment securities | 2,242 | — | — | 2,242 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | — | $ | 2,012 | $ | — | $ | 2,012 | ||||||||
Deferred compensation plan | 22,905 | — | — | 22,905 |
(1) | Represents certain real estate assets held for sale, held for contribution or reclassified between held for dispositions and held for use categories on a consolidated basis that are marked to their fair values at December 31, 2010 and 2009, as a result of real estate impairment losses, net of recoveries. |
F-18
Table of Contents
F-19
Table of Contents
3. | Real Estate Acquisition and Development Activity |
F-20
Table of Contents
4. | Development Profits, Gains from Sale or Contribution of Real Estate Interests and Discontinued Operations |
F-21
Table of Contents
F-22
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Rental revenues | $ | 12,781 | $ | 30,216 | $ | 37,346 | ||||||
Straight-line rents and amortization of lease intangibles | 175 | 971 | 408 | |||||||||
Property operating expenses | (2,360 | ) | (4,765 | ) | (6,037 | ) | ||||||
Real estate taxes | (3,024 | ) | (4,984 | ) | (5,291 | ) | ||||||
Depreciation and amortization | (3,447 | ) | (6,602 | ) | (8,199 | ) | ||||||
General and administrative | — | — | (52 | ) | ||||||||
Real estate impairment losses | — | (9,794 | ) | (11,052 | ) | |||||||
Other income and (expenses), net | (131 | ) | (540 | ) | 1,452 | |||||||
Income attributable to discontinued operations | 3,994 | 4,502 | 8,575 | |||||||||
Development profits, net of taxes | — | 53,002 | — | |||||||||
Gains from sale of real estate interests, net of taxes | 20,248 | 38,718 | 2,594 | |||||||||
Discontinued operations attributable to the Parent Company and the Operating Partnership | $ | 24,242 | $ | 96,222 | $ | 11,169 | ||||||
Parent Company: | ||||||||||||
Discontinued operations | $ | 24,242 | $ | 96,222 | $ | 11,169 | ||||||
Noncontrolling interests: | ||||||||||||
Joint venture partners’ and limited partnership unitholders’ share of loss (income) attributable to discontinued operations | 2 | (87 | ) | (1,434 | ) | |||||||
Joint venture partners’ and limited partnership unitholders’ share of development profits attributable to discontinued operations | — | (1,309 | ) | — | ||||||||
Joint venture partners’ and limited partnership unitholders’ share of gains from sale of real estate interests, net of taxes | (399 | ) | (8,148 | ) | (707 | ) | ||||||
Discontinued operations attributable to the Parent Company | $ | 23,845 | $ | 86,678 | $ | 9,028 | ||||||
Operating Partnership: | ||||||||||||
Discontinued operations | $ | 24,242 | $ | 96,222 | $ | 11,169 | ||||||
Noncontrolling interests: | ||||||||||||
Joint venture partners’ and Class B limited partnership unitholders’ share of loss (income) attributable to discontinued operations | 58 | (17 | ) | (1,154 | ) | |||||||
Class B limited partnership unitholders’ share of development profits attributable to discontinued operations | — | (481 | ) | — | ||||||||
Joint venture partners’ and Class B limited partnership unitholders’ share of gains from sale of real estate interests, net of taxes | (119 | ) | (6,809 | ) | (312 | ) | ||||||
Discontinued operations attributable to the Operating Partnership | $ | 24,181 | $ | 88,915 | $ | 9,703 | ||||||
F-23
Table of Contents
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Cash and cash equivalents | $ | 355 | $ | — | ||||
Accounts receivable, deferred financing costs and other assets | $ | 1,561 | $ | 53 | ||||
Secured debt | $ | — | $ | 1,979 | ||||
Accounts payable and other liabilities | $ | 831 | $ | 4,622 |
5. | Debt of the Parent Company |
F-24
Table of Contents
6. | Debt of the Operating Partnership |
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Wholly owned secured debt, varying interest rates from 2.0% to 7.6%, due December 2011 to July 2017 (weighted average interest rates of 2.9% and 3.5% at December 31, 2010 and December 31, 2009, respectively) | $ | 231,162 | $ | 325,221 | ||||
Consolidated joint venture secured debt, varying interest rates from 1.0% to 8.3%, due July 2011 to November 2022 (weighted average interest rates of 4.8% and 4.9% at December 31, 2010 and December 31, 2009, respectively) | 731,183 | 771,284 | ||||||
Unsecured senior debt securities, varying interest rates from 3.3% to 7.5%, due March 2011 to July 2020 (weighted average interest rates of 5.6% and 6.4% at December 31, 2010 and December 31, 2009, respectively) | 1,698,601 | 1,165,388 | ||||||
Other debt, varying interest rates from 1.4% to 5.8%, due September 2012 to November 2015 (weighted average interest rates of 3.3% and 4.1% at December 31, 2010 and December 31, 2009, respectively) | 413,976 | 482,883 | ||||||
Unsecured credit facilities, variable interest rates, due July 2011 and March 2014 (weighted average interest rates of 1.7% and 0.8% at December 31, 2010 and December 31, 2009, respectively) | 268,933 | 477,630 | ||||||
Total debt before unamortized net discounts | 3,343,855 | 3,222,406 | ||||||
Unamortized net discounts | (12,556 | ) | (9,810 | ) | ||||
Total consolidated debt | $ | 3,331,299 | $ | 3,212,596 | ||||
F-25
Table of Contents
F-26
Table of Contents
F-27
Table of Contents
Wholly Owned | ||||||||||||||||||||||||||||
Unsecured | Total | Consolidated | Total | |||||||||||||||||||||||||
Senior | Credit | Other | Secured | Wholly Owned | Joint Venture | Consolidated | ||||||||||||||||||||||
Debt | Facilities(1) | Debt | Debt | Debt | Debt | Debt | ||||||||||||||||||||||
2011 | $ | 69,000 | $ | 129,443 | $ | — | $ | 15,499 | $ | 213,942 | $ | 139,410 | $ | 353,352 | ||||||||||||||
2012 | — | — | 153,903 | 29,636 | 183,539 | 468,361 | 651,900 | |||||||||||||||||||||
2013 | 293,897 | — | — | 23,366 | 317,263 | 103,568 | 420,831 | |||||||||||||||||||||
2014 | — | 139,490 | — | 4,904 | 144,394 | 8,809 | 153,203 | |||||||||||||||||||||
2015 | 112,491 | — | 205,773 | 7,908 | 326,172 | 16,943 | 343,115 | |||||||||||||||||||||
2016 | 250,000 | — | — | 81,936 | 331,936 | 15,499 | 347,435 | |||||||||||||||||||||
2017 | 300,000 | — | — | 67,913 | 367,913 | 490 | 368,403 | |||||||||||||||||||||
2018 | 300,000 | — | — | — | 300,000 | 595 | 300,595 | |||||||||||||||||||||
2019 | 250,000 | — | — | — | 250,000 | 28,713 | 278,713 | |||||||||||||||||||||
2020 | 123,213 | — | — | — | 123,213 | 645 | 123,858 | |||||||||||||||||||||
Thereafter | — | — | — | — | — | 2,450 | 2,450 | |||||||||||||||||||||
Subtotal | $ | 1,698,601 | $ | 268,933 | $ | 359,676 | $ | 231,162 | $ | 2,558,372 | $ | 785,483 | $ | 3,343,855 | ||||||||||||||
Unamortized net (discounts) premiums | (12,645 | ) | — | — | 43 | (12,602 | ) | 46 | (12,556 | ) | ||||||||||||||||||
Total | $ | 1,685,956 | $ | 268,933 | $ | 359,676 | $ | 231,205 | $ | 2,545,770 | $ | 785,529 | $ | 3,331,299 | ||||||||||||||
(1) | Represents three credit facilities with total capacity of approximately $1.7 billion. Includes $37.0 million in U.S. dollar borrowings and $139.5 million, $70.1 million and $22.3 million in Yen, Canadian dollar, and Singapore dollar-based borrowings outstanding at December 31, 2010, respectively, translated to U.S. dollars using the foreign exchange rates in effect on December 31, 2010. |
7. | Leasing Activity |
2011 | $ | 487,754 | ||
2012 | 408,095 | |||
2013 | 311,976 | |||
2014 | 230,348 | |||
2015 | 162,931 | |||
Thereafter | 376,860 | |||
�� | ||||
Total | $ | 1,977,964 | ||
F-28
Table of Contents
8. | Income Taxes of the Parent Company |
2010 | 2009 | |||||||
Additions based upon tax positions related to the current year | $ | 6,290 | $ | — | ||||
Balance at December 31 | $ | 6,290 | $ | — | ||||
F-29
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Net income (loss) available to common stockholders | $ | 9,967 | $ | (50,077 | ) | $ | (66,451 | ) | ||||
Book depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Book depreciation discontinued operations | 3,447 | 6,602 | 8,199 | |||||||||
Real estate impairment losses | — | 181,853 | 193,918 | |||||||||
Tax depreciation and amortization | (145,015 | ) | (138,010 | ) | (146,707 | ) | ||||||
Book/tax difference on gain on divestitures, contributions and corporate investments | 36,812 | (14,132 | ) | 18,510 | ||||||||
Book/tax difference in stock option expense | 8,975 | 20,099 | 14,330 | |||||||||
Other book/tax differences, net(1) | 30,467 | 29,799 | (2,996 | ) | ||||||||
Taxable income available to common stockholders | $ | 141,289 | $ | 211,468 | $ | 179,803 | ||||||
(1) | Primarily due to timing differences from straight-line rent, prepaid rent, joint venture accounting, international transactions and debt amortization. |
2010 | 2009 | 2008 | ||||||||||||||||||||||
Ordinary income | $ | 0.65 | 67.0 | % | $ | 0.72 | 64.6 | % | $ | 1.24 | 60.4 | % | ||||||||||||
Capital gains | 0.18 | 18.6 | 0.29 | 25.7 | 0.60 | 29.1 | ||||||||||||||||||
Unrecaptured Section 1250 gain | 0.14 | 14.4 | 0.11 | 9.7 | — | — | ||||||||||||||||||
Dividends paid or payable | 0.97 | 100.0 | 1.12 | 100.0 | 1.84 | 89.5 | ||||||||||||||||||
Return of capital | — | — | — | — | 0.22 | 10.5 | ||||||||||||||||||
Total distributions | $ | 0.97 | 100.0 | % | $ | 1.12 | 100.0 | % | $ | 2.06 | 100.0 | % | ||||||||||||
9. | Income Taxes of the Operating Partnership |
F-30
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Net income (loss) available to common unitholders attributable to the general partner | $ | 9,967 | $ | (50,077 | ) | $ | (66,451 | ) | ||||
Book depreciation and amortization | 196,636 | 175,334 | 161,000 | |||||||||
Book depreciation discontinued operations | 3,447 | 6,602 | 8,199 | |||||||||
Real estate impairment losses | — | 181,853 | 193,918 | |||||||||
Tax depreciation and amortization | (145,015 | ) | (138,010 | ) | (146,707 | ) | ||||||
Book/tax difference on gain on divestitures, contributions and corporate investments | 36,812 | (14,132 | ) | 18,510 | ||||||||
Book/tax difference in stock option expense | 8,975 | 20,099 | 14,330 | |||||||||
Other book/tax differences, net(1) | 30,467 | 29,799 | (2,996 | ) | ||||||||
Taxable income available to common unitholders attributable to the general partner | $ | 141,289 | $ | 211,468 | $ | 179,803 | ||||||
(1) | Primarily due to timing differences from straight-line rent, prepaid rent, joint venture accounting, international transactions and debt amortization. |
2010 | 2009 | 2008 | ||||||||||||||||||||||
Ordinary income | $ | 0.65 | 67.0 | % | $ | 0.72 | 64.6 | % | $ | 1.24 | 60.4 | % | ||||||||||||
Capital gains | 0.18 | 18.6 | 0.29 | 25.7 | 0.60 | 29.1 | ||||||||||||||||||
Unrecaptured Section 1250 gain | 0.14 | 14.4 | 0.11 | 9.7 | — | — | ||||||||||||||||||
Dividends paid or payable | 0.97 | 100.0 | 1.12 | 100.0 | 1.84 | 89.5 | ||||||||||||||||||
Return of capital | — | — | — | — | 0.22 | 10.5 | ||||||||||||||||||
Total distributions | $ | 0.97 | 100.0 | % | $ | 1.12 | 100.0 | % | $ | 2.06 | 100.0 | % | ||||||||||||
10. | Noncontrolling Interests in the Parent Company |
F-31
Table of Contents
Parent | Total Investment | |||||||||||||||||||||||||||||
Company’s | in Real Estate | Property Debt | Other Debt | |||||||||||||||||||||||||||
Ownership | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
Consolidated Joint Ventures | Co-investment Venture Partner | Percentage | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||||||
Co-investment Ventures | ||||||||||||||||||||||||||||||
AMB Institutional Alliance Fund II, L.P.(1) | AMB Institutional Alliance REIT II, Inc. | 24% | $ | 518,516 | $ | 513,450 | $ | 184,292 | $ | 194,980 | $ | 54,300 | $ | 50,000 | ||||||||||||||||
AMB-SGP, L.P.(2) | Industrial JV Pte. Ltd. | 50% | 479,635 | 470,740 | 327,301 | 335,764 | — | — | ||||||||||||||||||||||
AMB-AMS, L.P.(3) | PMT, SPW and TNO | 39% | 160,985 | 158,865 | 75,650 | 79,756 | — | — | ||||||||||||||||||||||
Other Industrial Operating Joint Ventures | 80% | 372,536 | 230,463 | 62,210 | 32,186 | — | — | |||||||||||||||||||||||
Other Industrial Development Joint Ventures | 48% | 181,600 | 272,237 | 81,776 | 128,374 | — | — | |||||||||||||||||||||||
Total Consolidated JointVentures | $ | 1,713,272 | $ | 1,645,755 | $ | 731,229 | $ | 771,060 | $ | 54,300 | $ | 50,000 | ||||||||||||||||||
(1) | AMB Institutional Alliance Fund II, L.P. is a co-investment partnership formed in 2001, comprised of 13 institutional investors, which invest through a private real estate investment trust, and one third-party limited partner as of December 31, 2010. During the third quarter of 2010, the Company purchased additional shares from one of the existing institutional investors, increasing the Company’s ownership in the partnership to approximately 24%. | |
(2) | AMB-SGP, L.P. is a co-investment partnership formed in 2001 with Industrial JV Pte. Ltd., a subsidiary of GIC Real Estate Pte. Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corporation. | |
(3) | AMB-AMS, L.P. is a co-investment partnership with three Dutch pension funds. PMT is Stichting Pensioenfonds Metaal en Techniek, SPW is Stichting Pensioenfonds voor de Woningcorporaties and TNO is Stichting Pensioenfonds TNO. |
December 31, | December 31, | Redemption/Callable | ||||||||
2010 | 2009 | Date | ||||||||
Joint venture partners | $ | 325,590 | $ | 289,909 | N/A | |||||
Limited partners in the Operating Partnership | 37,773 | 38,561 | N/A | |||||||
Held through AMB Property II, L.P.: | ||||||||||
Class B limited partners | 18,036 | 22,834 | N/A | |||||||
Total noncontrolling interests | $ | 381,399 | $ | 351,304 | ||||||
F-32
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Joint venture partners’ share of net income | $ | 6,278 | $ | 11,063 | $ | 32,855 | ||||||
Joint venture partners’ and common limited partners’ share of development profits | 69 | 2,435 | 9,041 | |||||||||
Common limited partners in the Operating Partnership’s share of net income (loss) | 62 | (2,293 | ) | (3,284 | ) | |||||||
Held through AMB Property II, L.P.: | ||||||||||||
Class B common limited partnership units’ share of development profits | 40 | 873 | — | |||||||||
Class B common limited partnership units’ share of net income (loss) | 26 | (1,332 | ) | (1,779 | ) | |||||||
Series D preferred units (liquidation preference of $79,767)(1) | — | 4,295 | 5,727 | |||||||||
Total noncontrolling interests’ share of net income | $ | 6,475 | $ | 15,041 | $ | 42,560 | ||||||
(1) | On November 10, 2009, the Parent Company purchased all 1,595,337 outstanding series D preferred units of AMB Property II, L.P. from a third party in exchange for 2,880,281 shares of its common stock at a discount of $9.8 million. The Operating Partnership issued 2,880,281 general partnership units to the Parent Company in exchange for the 1,595,337 series D preferred units the Parent Company purchased. |
11. | Noncontrolling Interests in the Operating Partnership |
Operating | Total Investment | |||||||||||||||||||||||||||||
Partnership’s | in Real Estate | Property Debt | Other Debt | |||||||||||||||||||||||||||
Ownership | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
Consolidated Joint Ventures | Co-investment Venture Partner | Percentage | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||||||
Co-investment Ventures | ||||||||||||||||||||||||||||||
AMB Institutional Alliance Fund II, L.P. | AMB Institutional Alliance REIT II, Inc. | 24% | $ | 518,516 | $ | 513,450 | $ | 184,292 | $ | 194,980 | $ | 54,300 | $ | 50,000 | ||||||||||||||||
AMB-SGP, L.P. | Industrial JV Pte. Ltd. | 50% | 479,635 | 470,740 | 327,301 | 335,764 | — | — | ||||||||||||||||||||||
AMB-AMS, L.P. | PMT, SPW and TNO | 39% | 160,985 | 158,865 | 75,650 | 79,756 | — | — | ||||||||||||||||||||||
Other Industrial Operating Joint Ventures | 80% | 372,536 | 230,463 | 62,210 | 32,186 | — | — | |||||||||||||||||||||||
Other Industrial Development Joint Ventures | 48% | 181,600 | 272,237 | 81,776 | 128,374 | — | — | |||||||||||||||||||||||
Total Consolidated Joint Ventures | $ | 1,713,272 | $ | 1,645,755 | $ | 731,229 | $ | 771,060 | $ | 54,300 | $ | 50,000 | ||||||||||||||||||
December 31, | December 31, | Redemption/Callable | ||||||||
2010 | 2009 | Date | ||||||||
Joint venture partners | $ | 325,590 | $ | 289,909 | N/A | |||||
Held through AMB Property II, L.P.: | ||||||||||
Class B limited partners | 18,036 | 22,834 | N/A | |||||||
Total noncontrolling interests | $ | 343,626 | $ | 312,743 | ||||||
F-33
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Joint venture partners’ share of net income | $ | 6,278 | $ | 11,063 | $ | 32,855 | ||||||
Joint venture partners’ share of development (losses) profits | (24 | ) | 931 | 6,219 | ||||||||
Held through AMB Property II, L.P.: | ||||||||||||
Class B common limited partnership units’ share of development profits | 40 | 873 | — | |||||||||
Class B common limited partnership units’ share of net income (loss) | 26 | (1,332 | ) | (1,459 | ) | |||||||
Series D preferred units (liquidation preference of $79,767)(1) | — | 4,295 | 5,727 | |||||||||
Total noncontrolling interests’ share of net income | $ | 6,320 | $ | 15,830 | $ | 43,342 | ||||||
(1) | On November 10, 2009, the Parent Company purchased all 1,595,337 outstanding series D preferred units of AMB Property II, L.P. from a third party in exchange for 2,880,281 shares of its common stock at a discount of $9.8 million. The Operating Partnership issued 2,880,281 general partnership units to the Parent Company in exchange for the 1,595,337 series D preferred units the Parent Company purchased. |
12. | Investments in Unconsolidated Joint Ventures |
December 31, 2010 | The Company’s Net | |||||||||||||||
The Company’s | Equity Investments | |||||||||||||||
Ownership | Square | December 31, | December 31, | |||||||||||||
Unconsolidated Joint Ventures | Percentage | Feet | 2010 | 2009 | ||||||||||||
Co-investment Ventures | ||||||||||||||||
AMB U.S. Logistics Fund, L.P.(1) | 35 | % | 38,078,977 | $ | 409,377 | $ | 219,121 | |||||||||
AMB Europe Logistics Fund, FCP-FIS(2) | 38 | % | 10,522,627 | 172,903 | 60,177 | |||||||||||
AMB Japan Fund I, L.P.(3) | 20 | % | 7,263,093 | 82,482 | 80,074 | |||||||||||
AMB-SGP Mexico, LLC(4) | 22 | % | 6,405,922 | 20,646 | 19,014 | |||||||||||
AMB DFS Fund I, LLC(5) | 15 | % | 200,027 | 14,426 | 14,259 | |||||||||||
AMB Brazil Logistics Partners Fund I, L.P.(6) | 25 | % | 639,264 | 32,910 | — | |||||||||||
Other Industrial Operating Joint Ventures(7) | 51 | % | 7,419,049 | 51,043 | 50,741 | |||||||||||
Total Unconsolidated Joint Ventures(8) | 70,528,959 | $ | 783,787 | $ | 443,386 | |||||||||||
F-34
Table of Contents
(1) | An open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private real estate investment trust, and a third-party limited partner. Effective January 1, 2010, the name of AMB Institutional Alliance Fund III, L.P. was changed to AMB U.S. Logistics Fund, L.P. During the year ended December 31, 2010, the Company made a $200 million investment in AMB U.S. Logistics Fund, L.P. No investments were made in 2009. | |
(2) | A Euro-denominated open-ended co-investment venture with institutional investors. The institutional investors have committed approximately 263.0 million Euros (approximately $352.1 million in U.S. dollars, using the exchange rate at December 31, 2010) for an approximate 62% equity interest. Effective October 29, 2010, the name of AMB Europe Fund I, FCP-FIS was changed to AMB Europe Logistics Fund, FCP-FIS. During the year ended December 31, 2010, the Company made a $100 million investment in AMB Europe Logistics Fund, FCP-FIS. No investments were made in 2009. | |
(3) | A Yen-denominated co-investment venture with 13 institutional investors. The 13 institutional investors have committed 49.5 billion Yen (approximately $609.9 million in U.S. dollars, using the exchange rate at December 31, 2010) for an approximate 80% equity interest. | |
(4) | A co-investment venture with Industrial (Mexico) JV Pte. Ltd., a subsidiary of GIC Real Estate Pte. Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corporation. Other debt includes $89.6 million of loans from co-investment venture partners. | |
(5) | A co-investment venture with Strategic Realty Ventures, LLC. The investment period for AMB DFS Fund I, LLC ended in June 2009, and the remaining capitalization of this fund as of December 31, 2010 was the estimated investment of $6.6 million to complete the existing development assets held by the fund. Since inception, the Company has contributed $28.8 million of equity to the fund. During the years ended December 31, 2010 and 2009, the Company contributed approximately $0.3 million and $1.4 million, respectively, to this co-investment venture. | |
(6) | A Brazilian Real denominated co-investment venture with a third-party university endowment partner. The third-party investor has committed approximately 360.0 million Brazilian Reais (approximately $216.9 million in U.S. dollars, using the exchange rate at December 31, 2010) for a 50% equity interest. This consolidatedco-investment venture does not hold any properties directly, but holds a 50% equity interest in the unconsolidated joint venture previously established with the Company’s joint venture partner Cyrela Commercial Properties. This structure results in an effective 25% equity interest for the Company in the venture’s underlying development assets. During 2010, this joint venture completed the acquisition of 106 acres of land in Sao Paulo, Brazil and 86 acres of land in Rio de Janeiro and commenced development of 0.6 million square feet of properties. | |
(7) | Other Industrial Operating Joint Ventures includes joint ventures between the Company and third parties which generally have been formed to take advantage of a particular market opportunity that can be accessed as a result of the joint venture partner’s experience in the market. The Company typically owns40-60% of these joint ventures. | |
(8) | In addition to the equity investment in the table, the Company, through its investment in AMB Property Mexico, held equity interests in various other unconsolidated ventures totaling approximately $13.3 million and $18.7 million as of December 31, 2010 and 2009, respectively. Additionally, in December 2010, the Company entered into a mortgage debt investment joint venture with a third-party partner, in which it held an equity interest of $86.2 million as of December 31, 2010. |
F-35
Table of Contents
AMB Brazil Logistics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P. | AMB Europe Logistics Fund, FCP-FIS | AMB SGP-Mexico, LLC | AMB Japan Fund I, L.P. | AMB DFS Fund I, LLC | Partners Fund I, L.P.(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 9 | — | 8 | 5 | — | 3 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 2,231,719 | — | 1,622,649 | 1,458,691 | — | 848,313 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition cost(2) | $ | 174,783 | $ | — | $ | 171,694 | $ | 131,640 | $ | — | $ | 154,499 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development properties contributed by the Company: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | 428,180 | 2,723,003 | 179,693 | — | 164,574 | — | — | 1,421,042 | — | 981,162 | 891,596 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross contribution price | $ | — | $ | 32,500 | $ | 208,111 | $ | 22,391 | $ | — | $ | 35,199 | $ | — | $ | — | $ | 90,500 | $ | — | $ | 184,793 | $ | 174,938 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development gains (losses) on contribution | $ | — | $ | 1,220 | $ | 36,778 | $ | (171 | ) | $ | — | $ | 6,643 | $ | — | $ | — | $ | 13,723 | $ | — | $ | 28,588 | $ | 17,151 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Industrial operating properties contributed by the Company: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | — | 821,712 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross contribution price | $ | — | $ | — | $ | 66,175 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Gains on contribution | $ | — | $ | — | $ | 11,457 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Development properties sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,081,974 | 138,500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land acreage (whole acres) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Sales Price | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 53,629 | $ | 1,016 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Industrial operating properties sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 660,725 | 568,662 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Sales Price | $ | 36,391 | $ | 46,584 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | Represents activity within the Company’s unconsolidated joint venture with Cyrela Commercial Properties, of which AMB Brazil Logistics Partners Fund I, L.P. holds a 50% equity interest. | |
(2) | Includes estimated total acquisition expenditures of approximately $3.6 million and $0.5 million, respectively, for properties acquired by AMB U.S. Logistics Fund, L.P. and AMB Europe Logistics Fund, FCP-FIS during the year ended December 31, 2010. |
F-36
Table of Contents
Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Net | Property | from | Net | |||||||||||||||||||||||||||||||||||||
Investment | Total | Total | Total | Noncontrolling | Operating | Continuing | Income | |||||||||||||||||||||||||||||||||
2010 | in Properties | Assets | Debt | Liabilities | Interests | Equity | Revenues | Expenses | Operations | (Loss) | ||||||||||||||||||||||||||||||
Co-investment Ventures | ||||||||||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P. | $ | 3,211,219 | $ | 3,328,634 | $ | 1,596,010 | $ | 1,666,126 | $ | 9,829 | $ | 1,652,679 | $ | 273,983 | $ | (73,687 | ) | $ | 15,527 | $ | 10,982 | |||||||||||||||||||
AMB Europe Logistics Fund, FCP-FIS | 1,212,167 | 1,315,985 | 647,288 | 755,910 | 1,734 | 558,341 | 92,052 | (19,348 | ) | (7,144 | ) | (7,144 | ) | |||||||||||||||||||||||||||
AMB Japan Fund I, L.P. | 1,601,390 | 1,815,486 | 939,015 | 1,039,800 | 153,635 | 622,051 | 106,691 | (23,414 | ) | 19,335 | 19,335 | |||||||||||||||||||||||||||||
AMB-SGP Mexico, LLC | 314,116 | 328,189 | 314,041 | (1) | 359,071 | (1) | (879 | ) | (30,003 | ) | 29,275 | (3,859 | ) | (17,357 | )(2) | (17,357 | )(2) | |||||||||||||||||||||||
AMB DFS Fund I, LLC | 85,683 | 86,158 | — | 217 | — | 85,941 | 10 | (1,246 | ) | (1,659 | ) | (1,590 | ) | |||||||||||||||||||||||||||
AMB Brazil Logistics Partners Fund I, L.P.(3) | 55,097 | 64,030 | — | 487 | — | 63,543 | 195 | — | 72 | 72 | ||||||||||||||||||||||||||||||
Total Co-investment Ventures | 6,479,672 | 6,938,482 | 3,496,354 | 3,821,611 | 164,319 | 2,952,552 | 502,206 | (121,554 | ) | 8,774 | 4,298 | |||||||||||||||||||||||||||||
Other Industrial Operating Joint Ventures | 196,739 | 171,497 | 153,513 | 157,737 | — | 13,760 | 34,111 | (8,496 | ) | 7,118 | 7,267 | |||||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 6,676,411 | $ | 7,109,979 | $ | 3,649,867 | $ | 3,979,348 | $ | 164,319 | $ | 2,966,312 | $ | 536,317 | $ | (130,050 | ) | $ | 15,892 | $ | 11,565 | |||||||||||||||||||
F-37
Table of Contents
Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Net | Property | from | Net | |||||||||||||||||||||||||||||||||||||
Investment | Total | Total | Total | Noncontrolling | Operating | Continuing | Income | |||||||||||||||||||||||||||||||||
2009 | in Properties | Assets | Debt | Liabilities | Interests | Equity | Revenues | Expenses | Operations | (Loss) | ||||||||||||||||||||||||||||||
Co-investment Ventures | ||||||||||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P. | $ | 3,122,280 | $ | 3,214,087 | $ | 1,762,781 | $ | 1,832,217 | $ | 10,043 | $ | 1,371,827 | $ | 270,393 | $ | (73,716 | ) | $ | 7,147 | $ | (625 | ) | ||||||||||||||||||
AMB Europe Logistics Fund, FCP-FIS | 1,155,883 | 1,286,142 | 719,431 | 822,974 | 2,775 | 460,393 | 99,616 | (19,455 | ) | (3,344 | ) | (3,344 | ) | |||||||||||||||||||||||||||
AMB Japan Fund I, L.P. | 1,420,405 | 1,588,400 | 840,971 | 926,312 | 130,991 | 531,097 | 100,799 | (22,755 | ) | 14,981 | 14,981 | |||||||||||||||||||||||||||||
AMB-SGP Mexico, LLC | 323,401 | 336,361 | 317,452 | (1) | 349,886 | (1) | (365 | ) | (13,160 | ) | 39,313 | (7,397 | ) | (14,317 | )(2) | (14,317 | )(2) | |||||||||||||||||||||||
AMB DFS Fund I, LLC | 85,270 | 86,371 | — | 528 | — | 85,843 | 17 | (483 | ) | (3,046 | ) | (3,046 | ) | |||||||||||||||||||||||||||
Total Co-investment Ventures | 6,107,239 | 6,511,361 | 3,640,635 | 3,931,917 | 143,444 | 2,436,000 | 510,138 | (123,806 | ) | 1,421 | (6,351 | ) | ||||||||||||||||||||||||||||
Other Industrial Operating Joint Ventures | 196,686 | 192,907 | 160,290 | 164,976 | — | 27,931 | 36,773 | (9,466 | ) | 9,055 | 9,054 | |||||||||||||||||||||||||||||
Total UnconsolidatedJoint Ventures | $ | 6,303,925 | $ | 6,704,268 | $ | 3,800,925 | $ | 4,096,893 | $ | 143,444 | $ | 2,463,931 | $ | 546,911 | $ | (133,272 | ) | $ | 10,476 | $ | 2,703 | |||||||||||||||||||
F-38
Table of Contents
Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Net | Property | from | Net | |||||||||||||||||||||||||||||||||||||
Investment | Total | Total | Total | Noncontrolling | Operating | Continuing | Income | |||||||||||||||||||||||||||||||||
2008 | in Properties | Assets | Debt | Liabilities | Interests | Equity | Revenues | Expenses | Operations | (Loss) | ||||||||||||||||||||||||||||||
Co-investment Ventures | ||||||||||||||||||||||||||||||||||||||||
AMB U.S. Logistics Fund, L.P. | $ | 3,194,838 | $ | 3,245,081 | $ | 1,807,473 | $ | 1,884,370 | $ | 10,485 | $ | 1,350,226 | $ | 230,476 | $ | (59,371 | ) | $ | 8,680 | $ | 8,341 | |||||||||||||||||||
AMB Europe Logistics Fund, FCP-FIS | 1,155,527 | 1,268,028 | 709,812 | 805,740 | 3,056 | 459,232 | 100,103 | (19,260 | ) | (13,276 | ) | (13,276 | ) | |||||||||||||||||||||||||||
AMB Japan Fund I, L.P. | 1,300,086 | 1,446,014 | 907,422 | 986,032 | 115,120 | 344,862 | 77,861 | (16,775 | ) | 6,027 | 6,027 | |||||||||||||||||||||||||||||
AMB-SGP Mexico, LLC | 332,021 | 344,885 | 320,675 | (1) | 344,093 | (1) | 10 | 782 | 33,009 | (5,238 | ) | (13,082 | )(2) | (13,082 | )(2) | |||||||||||||||||||||||||
AMB DFS Fund I, LLC | 135,391 | 138,600 | — | 8,032 | — | 130,568 | 541 | (214 | ) | 10,911 | 10,911 | |||||||||||||||||||||||||||||
Total Co-investment Ventures | 6,117,863 | 6,442,608 | 3,745,382 | 4,028,267 | 128,671 | 2,285,670 | 441,990 | (100,858 | ) | (740 | ) | (1,079 | ) | |||||||||||||||||||||||||||
Other Industrial Operating Joint Ventures | 201,284 | 198,395 | 164,206 | 168,720 | — | 29,675 | 38,766 | (8,371 | ) | 13,095 | 21,429 | |||||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 6,319,147 | $ | 6,641,003 | $ | 3,909,588 | $ | 4,196,987 | $ | 128,671 | $ | 2,315,345 | $ | 480,756 | $ | (109,229 | ) | $ | 12,355 | $ | 20,350 | |||||||||||||||||||
(1) | Includes $89.6 million, $91.4 million and $91.4 million of loans from co-investment venture partners in Total Debt and Total Liabilities for the years ended December 31, 2010, 2009 and 2008, respectively. | |
(2) | Includes $15.5 million, $15.3 million and $13.5 million of interest expense on loans from co-investment venture partners for the years ended December 31, 2010, 2009 and 2008. | |
(3) | This summarized financial information represents the financial position and results of operation of the Company’s joint venture with its partner Cyrela Commercial Properties, of which the Company holds a 25% equity interest through its 50% co-investment in AMB Brazil Logistics Partners Fund I, L.P. |
F-39
Table of Contents
As of December 31, 2010 | ||||||||
Equity | Maximum Loss | |||||||
Investment | Exposure | |||||||
Five Ventures | $ | 2,972 | $ | 2,972 | (1) |
(1) | Per the partnership agreements for the Five Ventures, the Company’s liability is limited to its investment in the entities. The Company does not guarantee any third-party debt held by these Five Ventures. Capital contributions to the Five Ventures subsequent to the initial capital contribution require the unanimous approval of both the Company and the joint venture partner, and, as of December 31, 2010, the Company has no commitment to make additional contributions to the Five Ventures. |
13. | Stockholders’ Equity of the Parent Company |
F-40
Table of Contents
Paying Entity | Security | 2010 | 2009 | 2008 | ||||||||||
AMB Property Corporation | Common stock | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property Corporation | Series L preferred stock | $ | 1.63 | $ | 1.63 | $ | 1.63 | |||||||
AMB Property Corporation | Series M preferred stock | $ | 1.69 | $ | 1.69 | $ | 1.69 | |||||||
AMB Property Corporation | Series O preferred stock | $ | 1.75 | $ | 1.75 | $ | 1.75 | |||||||
AMB Property Corporation | Series P preferred stock | $ | 1.71 | $ | 1.71 | $ | 1.71 |
F-41
Table of Contents
14. | Partners’ Capital of the Operating Partnership |
F-42
Table of Contents
• | The Operating Partnership determined that settlement in the Parent Company’s stock is equivalent to settlement in equity of the Operating Partnership. The Parent Company’s only significant asset is its interest in the Operating Partnership and the Parent Company conducts substantially all of its business through the Operating Partnership. The Parent Company’s stock is the economic equivalent of the Operating Partnership’s corresponding units. The Company has concluded that a redemption and issuance of shares in exchange for units does not represent a delivery of assets. | |
• | In accordance with the guidance for Contracts in Entity’s Own Equity, the Operating Partnership, as the issuer of the units, controls the settlement options of the redemption of the units (shares or cash). Pursuant to an assignment agreement, the Parent Company has transferred to the Operating Partnership the right to elect to acquire some or all of any tendered units from the tendering partner in exchange for stock of the Parent Company. The unitholder has no control over whether it receives cash or Parent Company stock. There are no factors outside the issuer’s control that could impact those settlement options and there are no provisions that could require cash settlement upon redemption of units. The Operating Partnership units that are held by the Parent Company are redeemable only to maintain the 1:1 ratio of outstanding shares of the Parent Company to the outstanding units of the Operating Partnership and to facilitate the transfer of cash to the Parent Company from the Operating Partnership upon redemption of Parent Company stock. The Parent Company and the Operating Partnership are structured and operated as one interrelated, consolidated business under a single management. The decision to pay cash or have the Parent Company issue registered or unregistered shares of stock is made by a single management team acting for both the Operating Partnership and the Parent Company and causing the entities to act in concert. | |
• | Management has concluded that there is no conflict in fiduciary duty or interest with respect to the decision to settle a redemption request in cash or common shares of the Parent Company. |
Paying Entity | Security | 2010 | 2009 | 2008 | ||||||||||
AMB Property, L.P. | Common limited partnership units | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property, L.P. | Series L preferred units | $ | 1.63 | $ | 1.63 | $ | 1.63 | |||||||
AMB Property, L.P. | Series M preferred units | $ | 1.69 | $ | 1.69 | $ | 1.69 | |||||||
AMB Property, L.P. | Series O preferred units | $ | 1.75 | $ | 1.75 | $ | 1.75 | |||||||
AMB Property, L.P. | Series P preferred units | $ | 1.71 | $ | 1.71 | $ | 1.71 | |||||||
AMB Property II, L.P. | Class B common limited partnership units | $ | 1.12 | $ | 1.12 | $ | 1.56 | |||||||
AMB Property II, L.P. | Series D preferred units(1) | $ | — | $ | 2.69 | $ | 3.59 |
(1) | On November 10, 2009, the Parent Company purchased all 1,595,337 outstanding series D preferred units of AMB Property II, L.P. in exchange for 2,880,281 shares of its common stock at a discount of $9.8 million. The Operating Partnership issued 2,880,281 general partnership units to the Parent Company in exchange for the 1,595,337 series D preferred units the Parent Company purchased. |
F-43
Table of Contents
15. | Stock Incentive Plan, 401(k) Plan and Deferred Compensation Plan |
Expense | 2010 | 2009 | 2008 | |||||||||
Stock option expense | $ | 7,701 | $ | 7,630 | $ | 6,265 | ||||||
Restricted stock compensation expense | 16,240 | 15,419 | 15,202 | |||||||||
Total | $ | 23,941 | $ | 23,049 | $ | 21,467 | ||||||
F-44
Table of Contents
Weighted | Weighted | |||||||||||||||||||||||||||||
Dividend Yield | Expected Volatility | Risk-free Interest Rate | Average | Average | ||||||||||||||||||||||||||
Year Ended | Weighted | Weighted | Weighted | Expected Life | Grant Date | |||||||||||||||||||||||||
December 31, | Range | Average | Range | Average | Range | Average | (Years) | Fair Value | ||||||||||||||||||||||
2010 | 4.1% - 5.1% | 5.0% | 41.5% - 42.6% | 41.6% | 1.7% - 2.8% | 2.6% | 6.0 | $ | 5.77 | |||||||||||||||||||||
2009 | 4.9% - 7.0% | 6.7% | 40.1% - 48.0% | 40.7% | 1.4% - 2.9% | 1.9% | 5.9 | $ | 3.55 | |||||||||||||||||||||
2008 | 3.7% - 4.5% | 4.1% | 28.5% - 33.5% | 28.8% | 2.7% - 3.1% | 2.8% | 4.9 | $ | 9.13 |
Weighted | ||||||||||||||||
Shares | Weighted | Average | Aggregate | |||||||||||||
Under | Average | Remaining | Intrinsic | |||||||||||||
Option | Exercise Price | Contractual Life | Value | |||||||||||||
(in thousands) | per Share | (in years) | (in thousands) | |||||||||||||
Outstanding as of December 31, 2007 | 5,856 | $ | 35.63 | |||||||||||||
Granted | 754 | 49.30 | ||||||||||||||
Exercised | (130 | ) | 32.53 | |||||||||||||
Forfeited | (273 | ) | 41.02 | |||||||||||||
Outstanding as of December 31, 2008 | 6,207 | 37.12 | ||||||||||||||
Granted | 2,371 | 16.07 | ||||||||||||||
Exercised | (95 | ) | 19.29 | |||||||||||||
Forfeited | (375 | ) | 44.49 | |||||||||||||
Outstanding as of December 31, 2009 | 8,108 | $ | 30.84 | |||||||||||||
Granted | 1,465 | 22.41 | ||||||||||||||
Exercised | (763 | ) | 23.16 | |||||||||||||
Forfeited | (115 | ) | 35.94 | |||||||||||||
Outstanding as of December 31, 2010 | 8,695 | $ | 30.02 | 5.64 | $ | 57,606 | ||||||||||
Vested and expected to vest as of December 31, 2010 | 8,415 | $ | 30.30 | 5.54 | $ | 54,341 | ||||||||||
Vested and exercisable as of December 31, 2010 | 6,362 | $ | 33.19 | 4.58 | $ | 30,710 | ||||||||||
Weighted | ||||||||||||||||||||
Average | Currently Exercisable | |||||||||||||||||||
Weighted | Remaining | Weighted | ||||||||||||||||||
Range of | Number | Average | Contractual | Number | Average | |||||||||||||||
Exercise Price | of Options | Exercise Price | Life in Years | of Options | Exercise Price | |||||||||||||||
$15.92 - $22.14 | 3,504 | $ | 18.37 | 8.5 | 1,439 | $ | 17.47 | |||||||||||||
$22.27 - $30.81 | 2,227 | $ | 26.83 | 2.1 | 2,118 | $ | 26.88 | |||||||||||||
$31.56 - $51.92 | 2,458 | $ | 42.96 | 4.7 | 2,309 | $ | 42.58 | |||||||||||||
$51.97 - $64.80 | 506 | $ | 61.89 | 6.1 | 496 | $ | 61.96 | |||||||||||||
8,695 | 6,362 | |||||||||||||||||||
F-45
Table of Contents
�� | ||||||||
Weighted | ||||||||
Number | Average | |||||||
Unvested Options | of Options | Exercise Price | ||||||
Unvested at December 31,2009 | 2,300 | $ | 23.61 | |||||
Granted | 1,465 | 22.41 | ||||||
Vested | (1,317 | ) | 26.74 | |||||
Forfeited | (115 | ) | 35.94 | |||||
Unvested at December 31,2010 | 2,333 | $ | 21.39 | |||||
Weighted | ||||||||
Grant Date | ||||||||
Unvested Shares | Shares | Fair Value | ||||||
Unvested at December 31, 2009 | 919 | $ | 36.49 | |||||
Granted | 717 | 22.31 | ||||||
Vested | (421 | ) | 37.99 | |||||
Forfeited | (13 | ) | 29.70 | |||||
Unvested at December 31, 2010 | 1,202 | $ | 27.58 | |||||
F-46
Table of Contents
16. | Income (Loss) Per Share and Unit |
F-47
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 3,274 | $ | (129,679 | ) | $ | (58,338 | ) | ||||
Preferred stock dividends | (15,806 | ) | (15,806 | ) | (15,806 | ) | ||||||
Preferred unit redemption discount | — | 9,759 | — | |||||||||
Loss from continuing operations (after noncontrolling interests’ share of (income) loss from continuing operations, preferred stock dividends and preferred unit redemption discount) | (12,532 | ) | (135,726 | ) | (74,144 | ) | ||||||
Total discontinued operations attributable to common stockholders after noncontrolling interests | 23,845 | 86,678 | 9,028 | |||||||||
Allocation to participating securities | (1,346 | ) | (1,029 | ) | (1,335 | ) | ||||||
Net income (loss) available to common stockholders | $ | 9,967 | $ | (50,077 | ) | $ | (66,451 | ) | ||||
Denominator | ||||||||||||
Basic | 161,988,053 | 134,321,231 | 97,403,659 | |||||||||
Stock option dilution(1) | — | — | — | |||||||||
Diluted weighted average common shares | 161,988,053 | 134,321,231 | 97,403,659 | |||||||||
Basic income (loss) per common share attributable to AMB Property Corporation | ||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (1.01 | ) | $ | (0.77 | ) | |||
Discontinued operations | 0.14 | 0.64 | 0.09 | |||||||||
Net income (loss) available to common stockholders(2) | $ | 0.06 | $ | (0.37 | ) | $ | (0.68 | ) | ||||
Diluted income (loss) per common share attributable to AMB Property Corporation | ||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (1.01 | ) | $ | (0.77 | ) | |||
Discontinued operations | 0.14 | 0.64 | 0.09 | |||||||||
Net income (loss) available to common stockholders(2) | $ | 0.06 | $ | (0.37 | ) | $ | (0.68 | ) | ||||
(1) | Excludes anti-dilutive stock options of 6,019,497, 6,305,892 and 3,413,277 for the years ended December 31, 2010, 2009 and 2008, respectively. These weighted average shares relate to anti-dilutive stock options, which are calculated using the treasury stock method, and could be dilutive in the future. | |
(2) | In accordance with the Company’s policies for EPS and participating securities, the net income (loss) available to common stockholders is adjusted for earnings distributed through declared dividends and allocated to all participating securities (weighted average common shares outstanding and unvested restricted stock outstanding) under the two-class method. Under this method, allocations were made to 1,202,122, 918,753 and 855,919 unvested restricted shares outstanding for the years ended December 31, 2010, 2009 and 2008, respectively. |
F-48
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations attributable to common unitholders | $ | 3,093 | $ | (132,705 | ) | $ | (59,795 | ) | ||||
Preferred stock distributions | (15,806 | ) | (15,806 | ) | (15,806 | ) | ||||||
Preferred unit redemption discount | — | 9,759 | — | |||||||||
Loss from continuing operations (after noncontrolling interests’ share of (income) loss from continuing operations, preferred unit distributions and preferred unit redemption discount) | (12,713 | ) | (138,752 | ) | (75,601 | ) | ||||||
Total discontinued operations attributable to common unitholders after noncontrolling interests | 24,181 | 88,915 | 9,703 | |||||||||
Allocation to participating securities | (1,346 | ) | (1,029 | ) | (1,335 | ) | ||||||
Net income (loss) available to common unitholders | $ | 10,122 | $ | (50,866 | ) | $ | (67,233 | ) | ||||
Denominator | ||||||||||||
Basic | 164,290,475 | 136,484,612 | 101,253,972 | |||||||||
Stock option dilution(1) | — | — | — | |||||||||
Diluted weighted average common units | 164,290,475 | 136,484,612 | 101,253,972 | |||||||||
Basic income (loss) per common unit attributable to AMB Property, L.P. | ||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (1.02 | ) | $ | (0.75 | ) | |||
Discontinued operations | 0.14 | 0.65 | 0.09 | |||||||||
Net income (loss) available to common unitholders(2) | $ | 0.06 | $ | (0.37 | ) | $ | (0.66 | ) | ||||
Diluted income (loss) per common unit attributable to AMB Property, L.P. | ||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (1.02 | ) | $ | (0.75 | ) | |||
Discontinued operations | 0.14 | 0.65 | 0.09 | |||||||||
Net income (loss) available to common unitholders(2) | $ | 0.06 | $ | (0.37 | ) | $ | (0.66 | ) | ||||
(1) | Excludes anti-dilutive stock options of 6,019,497, 6,305,892 and 3,413,277 for the years ended December 31, 2010, 2009 and 2008, respectively. These weighted average shares relate to anti-dilutive stock options, which are calculated using the treasury stock method, and could be dilutive in the future. | |
(2) | In accordance with the Company’s policies for EPS and participating securities, the net income (loss) available to common unitholders is adjusted for earnings distributed through declared distributions and allocated to all participating securities (weighted average common units outstanding and unvested restricted units outstanding) under the two-class method. Under this method, allocations were made to 1,202,122, 918,753 and 855,919 unvested restricted units outstanding for the years ended December 31, 2010, 2009 and 2008, respectively. |
17. | Segment Information |
• | Real Estate Operations. The Company operates industrial properties and manages its business by geographic markets. Such industrial properties are typically comprised of multiple distribution warehouse |
F-49
Table of Contents
facilities suitable for single or multiple customers who are engaged in various types of businesses. The geographic markets where the Company owns industrial properties are managed separately because it believes each market has its own economic characteristics and requires its own operating, pricing and leasing strategies. Each market is considered to be an individual operating segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based upon property net operating income of the combined properties in each segment, which are listed below. In addition, the Company’s development business is included under real estate operations. It primarily consists of the Company’s development of real estate properties that are subsequently contributed to a co-investment venture fund in which the Company has an ownership interest and for which the Company acts as manager, or that are sold to third parties. The Company evaluates performance of the development business by reported operating segment based upon gains generated from the dispositionand/or contribution of real estate. The assets of the development business generally include properties under development and land held for development. During the period between the completion of development of a property and the date the property is contributed to an unconsolidated co-investment venture or sold to a third party, the property and its associated rental income and property operating costs are included in the real estate operations segment because the primary activity associated with the property during that period is leasing. Upon contribution or sale, the resulting gain or loss is included as gains from sale or contribution of real estate interests or development profits, as appropriate. |
• | Private Capital. The Company, through its private capital group, AMB Capital Partners, LLC (“AMB Capital Partners”), provides real estate investment, portfolio management and reporting services toco-investment ventures and clients. The private capital income earned consists of acquisition and development fees, asset management fees and priority distributions, and promote interests and incentive distributions from the Company’s co-investment ventures and AMB Capital Partners’ clients. With respect to the Company’s U.S. and Mexico funds and co-investment ventures, the Company typically earns a 90.0 basis points acquisition fee on the acquisition cost of third party acquisitions, asset management priority distributions of 7.5% of net operating income on stabilized properties, 70.0 basis points of total projected costs as asset management fees on renovation or development properties, and incentive distributions of 15% of the return over a 9% internal rate of return and 20% of the return over a 12% internal rate of return to investors on a periodic basis or at the end of a fund’s life. In Japan, the Company earns a 90.0 basis points acquisition fee on the acquisition cost of third-party acquisitions, asset management priority distributions of 1.5% of unreturned equity, and incentive distributions of 20% of the return over a 10% internal rate of return and 25% of the return over a 13% internal rate of return to investors at the end of a fund’s life. In Europe, the Company earns a 90.0 basis points acquisition fee on the acquisition cost of third-party acquisitions, asset management fees of 75.0 basis points on the gross asset value of the fund, and incentive distributions of 20% of the return over a 9% internal rate of return and 25% of the return over a 12% internal rate of return to investors on a periodic basis. In Brazil, the Company earns asset management priority distributions of 1.5% of unreturned equity, incentive distributions of 20% of the return over a 10% internal rate of return, 60% of the return over a 13% and up to a 20% internal rate of return, 100% to an agreed threshold over a 20% internal rate of return, and 20% above that threshold. The accounting policies of the segment are the same as those described in the summary of significant accounting policies under Note 2 of this document. |
F-50
Table of Contents
Revenues | Property NOI(2) | Development Gains (Losses) | ||||||||||||||||||||||||||||||||||
Segments(1) | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||
U.S. Markets | ||||||||||||||||||||||||||||||||||||
Southern California | $ | 80,780 | $ | 89,042 | $ | 106,046 | $ | 61,668 | $ | 69,448 | $ | 83,208 | $ | 418 | $ | 47,632 | $ | 21,843 | ||||||||||||||||||
No. New Jersey/New York | 59,439 | 61,501 | 66,430 | 36,987 | 40,624 | 46,519 | — | — | — | |||||||||||||||||||||||||||
San Francisco Bay Area | 82,680 | 83,943 | 88,450 | 57,490 | 58,820 | 65,582 | 566 | — | 85 | |||||||||||||||||||||||||||
Chicago | 38,722 | 40,395 | 50,239 | 26,118 | 26,194 | 33,050 | — | — | 3,145 | |||||||||||||||||||||||||||
On-Tarmac | 50,329 | 51,702 | 52,441 | 26,082 | 27,523 | 29,294 | — | 5,312 | — | |||||||||||||||||||||||||||
South Florida | 41,547 | 41,493 | 41,196 | 28,035 | 27,431 | 27,776 | (55 | ) | 1,585 | 7,044 | ||||||||||||||||||||||||||
Seattle | 16,599 | 19,807 | 32,227 | 12,138 | 15,446 | 25,751 | — | 3,044 | 7,236 | |||||||||||||||||||||||||||
Toronto | 29,081 | 24,796 | 18,223 | 20,220 | 16,812 | 12,086 | — | (75 | ) | 60 | ||||||||||||||||||||||||||
Baltimore/Washington | 20,551 | 21,419 | 22,477 | 15,187 | 16,342 | 17,359 | — | — | — | |||||||||||||||||||||||||||
Non-U.S. Markets | ||||||||||||||||||||||||||||||||||||
Europe | 23,301 | 22,709 | 6,459 | 13,373 | 11,290 | 4,128 | 372 | (312 | ) | 6,008 | ||||||||||||||||||||||||||
Japan | 36,341 | 24,131 | 26,706 | 25,328 | 15,285 | 19,256 | 307 | 28,588 | 17,104 | |||||||||||||||||||||||||||
Other Markets | 119,921 | 120,129 | 125,498 | 82,571 | 82,832 | 87,198 | 5,131 | 3,102 | 18,559 | |||||||||||||||||||||||||||
Total markets | 599,291 | 601,067 | 636,392 | 405,197 | 408,047 | 451,207 | 6,739 | 88,876 | 81,084 | |||||||||||||||||||||||||||
Straight-line rents and amortization of lease intangibles | 16,305 | 10,531 | 10,549 | 16,305 | 10,531 | 10,549 | — | — | — | |||||||||||||||||||||||||||
Discontinued operations | (12,956 | ) | (31,187 | ) | (37,754 | ) | (7,572 | ) | (21,438 | ) | (26,426 | ) | — | (53,002 | ) | — | ||||||||||||||||||||
Private capital income | 30,860 | 38,013 | 68,472 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 633,500 | $ | 618,424 | $ | 677,659 | $ | 413,930 | $ | 397,140 | $ | 435,330 | $ | 6,739 | $ | 35,874 | $ | 81,084 | ||||||||||||||||||
(1) | The markets included in U.S. markets are a subset of the Company’s regions defined as East, West and Central in the Americas. Japan is a part of the Company’s Asia region. | |
(2) | Property net operating income (“NOI”) is defined as rental revenues, including reimbursements, less property operating expenses. NOI excludes depreciation, amortization, general and administrative expenses, restructuring charges, real estate impairment losses, debt extinguishment losses, development profits (losses), gains (losses) from sale or contribution of real estate interests, and interest expense. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, NOI is a useful supplemental measure calculated to help investors understand the Company’s operating performance, excluding the effects of gains (losses), costs and expenses which are not related to the performance of the assets. NOI is widely used by the real estate industry as a useful supplemental measure, which helps investors compare the Company’s operating performance with that of other companies. Real estate impairment losses have been excluded in deriving NOI because the Company does not consider its impairment losses to be a property operating expense. The Company believes that the exclusion of impairment losses from NOI is a common methodology used in the real estate industry. Real estate impairment losses relate to the changing values of the Company’s assets but do not reflect the current operating performance of the assets with respect to their revenues or expenses. The Company’s real estate impairment losses are non-cash charges which represent the write down in the value of assets when estimated fair value over the holding period is lower than current carrying value. The impairment charges were principally a result of increases in estimated capitalization rates and deterioration in market conditions that adversely impacted underlying real estate values. Therefore, the impairment charges are not related to the current performance of the Company’s real estate operations and should be excluded from its calculation of NOI. |
F-51
Table of Contents
2010 | 2009 | 2008 | ||||||||||
Property NOI | $ | 413,930 | $ | 397,140 | $ | 435,330 | ||||||
Private capital revenues | 30,860 | 38,013 | 68,472 | |||||||||
Depreciation and amortization | (196,636 | ) | (175,334 | ) | (161,000 | ) | ||||||
General and administrative | (124,364 | ) | (115,342 | ) | (143,962 | ) | ||||||
Restructuring charges | (4,874 | ) | (6,368 | ) | (12,306 | ) | ||||||
Fund costs | (791 | ) | (1,062 | ) | (1,078 | ) | ||||||
Real estate impairment losses | — | (172,059 | ) | (182,866 | ) | |||||||
Other expenses | (3,197 | ) | (8,681 | ) | (520 | ) | ||||||
Development profits, net of taxes | 6,739 | 35,874 | 81,084 | |||||||||
Gains from sale or contribution of real estate interests, net of taxes | — | — | 19,967 | |||||||||
Equity in earnings of unconsolidated joint ventures, net | 17,372 | 11,331 | 17,121 | |||||||||
Other income (expenses) | 3,543 | 3,440 | (3,126 | ) | ||||||||
Interest expense, including amortization | (130,338 | ) | (118,867 | ) | (134,249 | ) | ||||||
Loss on early extinguishment of debt | (2,892 | ) | (12,267 | ) | (786 | ) | ||||||
Total discontinued operations | 24,242 | 96,222 | 11,169 | |||||||||
Net income (loss) | $ | 33,594 | $ | (27,960 | ) | $ | (6,750 | ) | ||||
Total Assets as of December 31, | ||||||||
2010 | 2009 | |||||||
U.S. Markets | ||||||||
Southern California | $ | 640,329 | $ | 635,124 | ||||
No. New Jersey/New York | 558,653 | 544,743 | ||||||
San Francisco Bay Area | 754,632 | 733,381 | ||||||
Chicago | 297,081 | 302,501 | ||||||
On-Tarmac | 148,327 | 159,549 | ||||||
South Florida | 401,298 | 411,811 | ||||||
Seattle | 146,275 | 146,192 | ||||||
Toronto | 307,472 | 297,282 | ||||||
Baltimore/Washington | 133,197 | 131,186 | ||||||
Non-U.S. Markets | ||||||||
Europe | 573,172 | 579,584 | ||||||
Japan | 758,855 | 663,032 | ||||||
Other Markets | 1,519,047 | 1,542,330 | ||||||
Total markets | 6,238,338 | 6,146,715 | ||||||
Investments in unconsolidated joint ventures | 883,241 | 462,130 | ||||||
Non-segment assets | 251,316 | 233,113 | ||||||
Total assets | $ | 7,372,895 | $ | 6,841,958 | ||||
F-52
Table of Contents
2010 | 2009 | 2008 | ||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | ||||||||||||||||||||||
Impairment | Restructuring | Impairment | Restructuring | Impairment | Restructuring | |||||||||||||||||||
Losses | Charges | Losses | Charges | Losses | Charges | |||||||||||||||||||
U.S. Markets | ||||||||||||||||||||||||
Southern California | $ | — | $ | — | $ | 16,809 | $ | 71 | $ | 40,540 | $ | 424 | ||||||||||||
No. New Jersey/New York | — | — | 9,056 | — | 10,393 | 1,255 | ||||||||||||||||||
San Francisco Bay Area | — | 2,419 | 4,275 | 4,021 | 18,331 | 2,957 | ||||||||||||||||||
Chicago | — | — | 1,330 | 36 | 2,628 | 460 | ||||||||||||||||||
On-Tarmac | — | — | — | — | — | 400 | ||||||||||||||||||
South Florida | — | — | 5,531 | — | 27,088 | — | ||||||||||||||||||
Seattle | — | — | — | — | — | 388 | ||||||||||||||||||
Toronto | — | — | 30,921 | — | 9,390 | — | ||||||||||||||||||
Baltimore/Washington | — | — | 543 | — | — | — | ||||||||||||||||||
Non-U.S. Markets | ||||||||||||||||||||||||
Europe | — | 915 | 30,393 | 426 | 19,403 | 1,553 | ||||||||||||||||||
Japan | — | 351 | 13,469 | 343 | — | 576 | ||||||||||||||||||
Other Markets | — | 1,189 | 69,526 | 1,471 | 66,145 | 4,293 | ||||||||||||||||||
Total markets | $ | — | $ | 4,874 | $ | 181,853 | $ | 6,368 | $ | 193,918 | $ | 12,306 | ||||||||||||
18. | Commitments and Contingencies |
2011 | $ | 36,278 | ||
2012 | 33,412 | |||
2013 | 30,387 | |||
2014 | 28,724 | |||
2015 | 27,357 | |||
Thereafter | 414,203 | |||
Total | $ | 570,361 | ||
F-53
Table of Contents
F-54
Table of Contents
F-55
Table of Contents
19. | Quarterly Financial Data (AMB Property Corporation) (Unaudited) |
Quarter (unaudited)(1) | ||||||||||||||||||||
2010 | March 31 | June 30 | September 30 | December 31 | Year(2) | |||||||||||||||
Total revenues | $ | 154,090 | $ | 155,738 | $ | 158,614 | $ | 165,058 | $ | 633,500 | ||||||||||
(Loss) income from continuing operations before noncontrolling interests | $ | (1,559 | ) | $ | 3,872 | $ | 1,428 | $ | 5,611 | $ | 9,352 | |||||||||
Total noncontrolling interests’ share of loss (income) from continuing operations(2) | 460 | (2,036 | ) | (2,351 | ) | (1,945 | ) | (6,078 | ) | |||||||||||
Net (loss) income from continuing operations attributable to AMB Property Corporation(2) | (1,099 | ) | 1,836 | (923 | ) | 3,666 | 3,274 | |||||||||||||
Total discontinued operations, net of noncontrolling interests(2) | 948 | 5,355 | 11,850 | 5,486 | 23,845 | |||||||||||||||
Net (loss) income attributable to AMB Property Corporation(2) | (151 | ) | 7,191 | 10,927 | 9,152 | 27,119 | ||||||||||||||
Preferred stock dividends | (3,952 | ) | (3,952 | ) | (3,952 | ) | (3,950 | ) | (15,806 | ) | ||||||||||
Allocation to participating securities | (344 | ) | (342 | ) | (340 | ) | (337 | ) | (1,346 | ) | ||||||||||
Net (loss) income available to common stockholders | $ | (4,447 | ) | $ | 2,897 | $ | 6,635 | $ | 4,865 | $ | 9,967 | |||||||||
Basic (loss) income per common share(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | — | $ | (0.08 | ) | ||||||
Discontinued operations | 0.01 | 0.03 | 0.07 | 0.03 | 0.14 | |||||||||||||||
Net (loss) income available to common stockholders | $ | (0.03 | ) | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.06 | |||||||||
Diluted (loss) income per common share(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | — | $ | (0.08 | ) | ||||||
Discontinued operations | 0.01 | 0.03 | 0.07 | 0.03 | 0.14 | |||||||||||||||
Net (loss) income available to common stockholders | $ | (0.03 | ) | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.06 | |||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 148,666,418 | 164,800,819 | 166,996,854 | 167,310,959 | 161,988,053 | |||||||||||||||
Diluted | 148,666,418 | 164,800,819 | 166,996,854 | 167,310,959 | 161,988,053 | |||||||||||||||
F-56
Table of Contents
Quarter (unaudited)(1) | ||||||||||||||||||||
2009 | March 31 | June 30 | September 30 | December 31 | Year(2) | |||||||||||||||
Total revenues | $ | 159,472 | $ | 145,925 | $ | 153,360 | $ | 159,667 | $ | 618,424 | ||||||||||
(Loss) income from continuing operations before noncontrolling interests | $ | (140,599 | ) | $ | 17,122 | $ | 12,335 | $ | (13,040 | ) | $ | (124,182 | ) | |||||||
Total noncontrolling interests’ share of loss (income) from continuing operations(2) | 5,669 | (4,363 | ) | (3,582 | ) | (2,656 | ) | (5,497 | ) | |||||||||||
Net (loss) income from continuing operations attributable to AMB Property Corporation(2) | (134,930 | ) | 12,759 | 8,753 | (15,696 | ) | (129,679 | ) | ||||||||||||
Total discontinued operations, net of noncontrolling interests(2) | 16,532 | 8,615 | 58,387 | 2,579 | 86,678 | |||||||||||||||
Net (loss) income attributable to AMB Property Corporation | (118,398 | ) | 21,374 | 67,140 | (13,117 | ) | (43,001 | ) | ||||||||||||
Preferred stock dividends | (3,952 | ) | (3,952 | ) | (3,952 | ) | (3,950 | ) | (15,806 | ) | ||||||||||
Preferred unit redemption discount | — | — | — | 9,759 | 9,759 | |||||||||||||||
Allocation to participating securities | (258 | ) | (260 | ) | (398 | ) | (257 | ) | (1,029 | ) | ||||||||||
Net (loss) income available to common stockholders(2) | $ | (122,608 | ) | $ | 17,162 | $ | 62,790 | $ | (7,565 | ) | $ | (50,077 | ) | |||||||
Basic (loss) income per common share(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (1.41 | ) | $ | 0.06 | $ | 0.03 | $ | (0.07 | ) | $ | (1.01 | ) | |||||||
Discontinued operations | 0.17 | 0.06 | 0.40 | 0.02 | 0.64 | |||||||||||||||
Net (loss) income available to common stockholders | $ | (1.24 | ) | $ | 0.12 | $ | 0.43 | $ | (0.05 | ) | $ | (0.37 | ) | |||||||
Diluted (loss) income per common share(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (1.41 | ) | $ | 0.06 | $ | 0.03 | $ | (0.07 | ) | $ | (1.01 | ) | |||||||
Discontinued operations | 0.17 | 0.06 | 0.40 | 0.02 | 0.64 | |||||||||||||||
Net (loss) income available to common stockholders | $ | (1.24 | ) | $ | 0.12 | $ | 0.43 | $ | (0.05 | ) | $ | (0.37 | ) | |||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 98,915,587 | 145,318,364 | 145,332,050 | 147,046,767 | 134,321,231 | |||||||||||||||
Diluted | 98,915,587 | 145,379,807 | 145,658,847 | 147,046,767 | 134,321,231 | |||||||||||||||
(1) | Certain reclassifications related to discontinued operations have been made to the quarterly data to conform to the annual presentation. | |
(2) | The sum of quarterly financial data may vary from the annual data due to the change in limited partnership unitholder weighted average ownership percentage and rounding. |
F-57
Table of Contents
20. | Quarterly Financial Data (AMB Property, L.P.) (Unaudited) |
Quarter (unaudited)(1) | ||||||||||||||||||||
2010 | March 31 | June 30 | September 30 | December 31 | Year(2) | |||||||||||||||
Total revenues | $ | 154,090 | $ | 155,738 | $ | 158,614 | $ | 165,058 | $ | 633,500 | ||||||||||
(Loss) income from continuing operations before noncontrolling interests | $ | (1,559 | ) | $ | 3,872 | $ | 1,428 | $ | 5,611 | $ | 9,352 | |||||||||
Total noncontrolling interests’ share of loss (income) from continuing operations(2) | 403 | (2,058 | ) | (2,432 | ) | (1,968 | ) | (6,259 | ) | |||||||||||
Net (loss) income from continuing operations attributable to AMB Property, L.P.(2) | (1,156 | ) | 1,814 | (1,004 | ) | 3,643 | 3,093 | |||||||||||||
Total discontinued operations, net of noncontrolling interests(2) | 946 | 5,423 | 12,021 | 5,587 | 24,181 | |||||||||||||||
Net (loss) income attributable to AMB Property, L.P. | (210 | ) | 7,237 | 11,017 | 9,230 | 27,274 | ||||||||||||||
Preferred stock dividends | (3,952 | ) | (3,952 | ) | (3,952 | ) | (3,950 | ) | (15,806 | ) | ||||||||||
Allocation to participating securities | (344 | ) | (342 | ) | (340 | ) | (337 | ) | (1,346 | ) | ||||||||||
Net (loss) income available to common unitholders(2) | $ | (4,506 | ) | $ | 2,943 | $ | 6,725 | $ | 4,943 | $ | 10,122 | |||||||||
Basic (loss) income per common unit(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | — | $ | (0.08 | ) | ||||||
Discontinued operations | 0.01 | 0.03 | 0.07 | 0.03 | 0.14 | |||||||||||||||
Net (loss) income available to common unitholders | $ | (0.03 | ) | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.06 | |||||||||
Diluted (loss) income per common unit(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | — | $ | (0.08 | ) | ||||||
Discontinued operations | 0.01 | 0.03 | 0.07 | 0.03 | 0.14 | |||||||||||||||
Net (loss) income available to common unitholders | $ | (0.03 | ) | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.06 | |||||||||
Weighted average common units outstanding | ||||||||||||||||||||
Basic | 150,786,346 | 166,906,565 | 169,061,935 | 169,439,351 | 164,290,475 | |||||||||||||||
Diluted | 150,786,346 | 166,906,565 | 169,061,935 | 169,439,351 | 164,290,475 | |||||||||||||||
F-58
Table of Contents
Quarter (unaudited)(1) | ||||||||||||||||||||
2009 | March 31 | June 30 | September 30 | December 31 | Year(2) | |||||||||||||||
Total revenues | $ | 159,472 | $ | 145,925 | $ | 153,360 | $ | 159,667 | $ | 618,424 | ||||||||||
(Loss) income from continuing operations before noncontrolling interests | $ | (140,599 | ) | $ | 17,120 | $ | 12,335 | $ | (13,040 | ) | $ | (124,182 | ) | |||||||
Total noncontrolling interests’ share of loss (income) from continuing operations(2) | 2,612 | (3,655 | ) | (3,329 | ) | (2,757 | ) | (8,523 | ) | |||||||||||
Net (loss) income from continuing operations attributable to AMB Property, L.P.(2) | (137,987 | ) | 13,465 | 9,006 | (15,797 | ) | (132,705 | ) | ||||||||||||
Total discontinued operations, net of noncontrolling interests(2) | 16,920 | 8,719 | 59,298 | 2,586 | 88,915 | |||||||||||||||
Net (loss) income attributable to AMB Property, L.P. | (121,067 | ) | 22,184 | 68,304 | (13,211 | ) | (43,790 | ) | ||||||||||||
Preferred stock dividends | (3,952 | ) | (3,952 | ) | (3,952 | ) | (3,950 | ) | (15,806 | ) | ||||||||||
Preferred unit redemption discount | — | — | — | 9,759 | 9,759 | |||||||||||||||
Allocation to participating securities | (258 | ) | (260 | ) | (399 | ) | (257 | ) | (1,029 | ) | ||||||||||
Net (loss) income available to common unitholders(2) | $ | (125,277 | ) | $ | 17,972 | $ | 63,953 | $ | (7,659 | ) | $ | (50,866 | ) | |||||||
Basic (loss) income per common unit(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (1.41 | ) | $ | 0.06 | $ | 0.03 | $ | (0.07 | ) | $ | (1.02 | ) | |||||||
Discontinued operations | 0.17 | 0.06 | 0.40 | 0.02 | 0.65 | |||||||||||||||
Net (loss) income available to common unitholders | $ | (1.24 | ) | $ | 0.12 | $ | 0.43 | $ | (0.05 | ) | $ | (0.37 | ) | |||||||
Diluted (loss) income per common unit(2) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (1.41 | ) | $ | 0.06 | $ | 0.03 | $ | (0.07 | ) | $ | (1.02 | ) | |||||||
Discontinued operations | 0.17 | 0.06 | 0.40 | 0.02 | 0.65 | |||||||||||||||
Net (loss) income available to common unitholders | $ | (1.24 | ) | $ | 0.12 | $ | 0.43 | $ | (0.05 | ) | $ | (0.37 | ) | |||||||
Weighted average common units outstanding | ||||||||||||||||||||
Basic | 101,093,862 | 147,495,173 | 147,505,288 | 149,167,494 | 136,484,612 | |||||||||||||||
Diluted | 101,093,862 | 147,556,616 | 147,832,085 | 149,167,494 | 136,484,612 | |||||||||||||||
(1) | Certain reclassifications related to discontinued operations have been made to the quarterly data to conform to the annual presentation. | |
(2) | The sum of quarterly financial data may vary from the annual data due to the change in limited partnership unitholder weighted average ownership percentage and rounding. |
F-59
Table of Contents
21. | Derivatives and Hedging Activities |
Number of | Trade | |||||||
Related Derivatives | Instruments | Notional Amount | ||||||
(in thousands) | ||||||||
Interest rate swaps (EUR) | 18 | $ | 1,060,057 | |||||
Interest rate swap (JPY) | 5 | $ | 237,257 | |||||
Interest rate cap (USD) | 1 | $ | 25,909 |
F-60
Table of Contents
Number of | Trade | |||||||
Related Derivatives | Instruments | Notional Amount | ||||||
(in thousands) | ||||||||
Interest rate swap (EUR) | 1 | $ | 25,168 | |||||
Foreign exchange forward contracts (USD) | 4 | $ | 435,017 |
Fair Value of Derivative Instruments at December 31, 2010 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Balance Sheet | Balance Sheet | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||
Interest rate swaps | Other assets | $ | 835 | Other liabilities | $ | 1,730 | ||||||
Interest rate cap | Other assets | 8 | Other liabilities | — | ||||||||
Total | $ | 843 | $ | 1,730 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||
Interest rate swap | Other assets | $ | 713 | Other liabilities | $ | — | ||||||
Foreign exchange forward contracts | Other assets | 108 | Other liabilities | 1,016 | ||||||||
Total | $ | 821 | $ | 1,016 | ||||||||
Total derivative instruments | $ | 1,664 | $ | 2,746 | ||||||||
F-61
Table of Contents
Fair Value of Derivative Instruments at December 31, 2009 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Balance Sheet | Balance Sheet | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | ||||||||||||
Interest rate swap | $ | — | Other assets (contra asset) | $ | 1,992 | |||||||
Interest rate cap | Other assets | 141 | — | |||||||||
Total | $ | 141 | $ | 1,992 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||
Foreign exchange forward contracts | Other assets | $ | 1,412 | Other assets (contra asset) | $ | 20 | ||||||
Total | $ | 1,412 | $ | 20 | ||||||||
Total derivative instruments | $ | 1,553 | $ | 2,012 | ||||||||
Location of (Loss) Gain | ||||||
Derivative Instruments Not | Recognized in Statement | Amount of (Loss) | ||||
Designated as Hedging Instruments | of Operations | Gain Recognized | ||||
For the year ended December 31, 2010 | ||||||
Foreign exchange forward contracts | Other income | $ | 13,306 | |||
Interest rate caps | Other income | — | ||||
Interest rate swaps | Interest expense | (780 | ) | |||
Interest rate swaps | Other income | 708 | ||||
Total | $ | 13,234 | ||||
For the year ended December 31, 2009 | ||||||
Foreign exchange forward contracts | Other income | $ | (72,770 | ) | ||
Interest rate caps | Other income | (15 | ) | |||
Total | $ | (72,785 | ) | |||
Location of Gain | ||||||||||||||||
Location of Loss | Recognized in | |||||||||||||||
(Loss) Gain Recognized | Reclassified from | Loss Reclassified | Statement of | Amount of Gain | ||||||||||||
in Accumulated Other | Accumulated OCI into | from Accumulated | Operations | Recognized in Statement | ||||||||||||
Comprehensive (Loss) | Statement of | OCI into Statement | (Derivative | of Operations (Derivative | ||||||||||||
Derivative Instruments | Income (OCI) | Operations | of Operations | Amount Excluded from | Amount Excluded from | |||||||||||
in Cash Flow Hedging Relationships | (Effective Portion) | (Effective Portion) | (Effective Portion) | Effectiveness Testing) | Effectiveness Testing) | |||||||||||
For the year ended December 31, 2010 | ||||||||||||||||
Interest rate swaps | $ | (2,165 | ) | Interest expense | $ | (3,261 | ) | Other income | $ | 2 | ||||||
Interest rate caps | (132 | ) | Interest expense | (11 | ) | Other income | — | |||||||||
Total | $ | (2,297 | ) | $ | (3,272 | ) | $ | 2 | ||||||||
For the year ended December 31, 2009 | ||||||||||||||||
Interest rate swaps | $ | 2,173 | Interest expense | $ | (8,187 | ) | Other income | $ | — | |||||||
Interest rate caps | 145 | Interest expense | — | Other income | — | |||||||||||
Total | $ | 2,318 | $ | (8,187 | ) | $ | — | |||||||||
F-62
Table of Contents
22. | Subsequent Events |
F-63
Table of Contents
F-64
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2010
(dollars in thousands)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta South Business Park | 9 | GA | IND | $ | — | $ | 8,047 | $ | 24,180 | $ | 7,890 | $ | 8,125 | $ | 31,992 | $ | 40,117 | $ | 12,618 | 1997 | 5-40 | |||||||||||||||||||||||||||||||
Southfield/KRDC Industrial SG | 13 | GA | IND | 49,363 | 13,578 | 35,730 | 12,815 | 13,578 | 48,545 | 62,123 | 14,437 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Southside Distribution Center | 1 | GA | IND | — | 766 | 2,480 | 513 | 766 | 2,993 | 3,759 | 710 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Sylvan Industrial | 1 | GA | IND | — | 1,186 | 3,953 | 1,224 | 1,198 | 5,165 | 6,363 | 2,160 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Hartsfield East DC | 1 | GA | IND | — | 417 | 3,939 | 1,470 | 417 | 5,409 | 5,826 | 634 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Addison Business Center | 1 | IL | IND | — | 1,060 | 3,228 | 460 | 1,060 | 3,688 | 4,748 | 1,170 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Alsip Industrial | 1 | IL | IND | — | 1,200 | 3,744 | 1,224 | 1,200 | 4,968 | 6,168 | 1,601 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Belden Avenue SGP | 3 | IL | IND | 14,875 | 5,393 | 13,655 | 3,051 | 5,487 | 16,612 | 22,099 | 5,835 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Bensenville Ind Park | 13 | IL | IND | — | 20,799 | 62,438 | 31,072 | 20,799 | 93,510 | 114,309 | 40,968 | 1993 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Bridgeview Industrial | 1 | IL | IND | — | 1,332 | 3,996 | 776 | 1,332 | 4,772 | 6,104 | 1,833 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Chicago Industrial Portfolio | 1 | IL | IND | — | 762 | 2,285 | 827 | 762 | 3,112 | 3,874 | 1,313 | 1992 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Chicago Ridge Freight Terminal | 1 | IL | IND | — | 3,705 | 3,576 | 840 | 3,705 | 4,416 | 8,121 | 1,097 | 2001 | 5.40 | |||||||||||||||||||||||||||||||||||||||
AMB District Industrial | 1 | IL | IND | — | 703 | 1,338 | 478 | 703 | 1,816 | 2,519 | 672 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Elk Grove Village SG | 10 | IL | IND | 24,381 | 7,059 | 21,739 | 8,496 | 7,059 | 30,235 | 37,294 | 10,624 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Executive Drive | 1 | IL | IND | — | 1,399 | 4,236 | 2,349 | 1,399 | 6,585 | 7,984 | 2,899 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Golf Distribution | 1 | IL | IND | 11,061 | 7,740 | 16,749 | 2,135 | 7,740 | 18,884 | 26,624 | 4,016 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Hamilton Parkway | 1 | IL | IND | — | 1,554 | 4,408 | 892 | 1,569 | 5,285 | 6,854 | 1,860 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Hintz Building | 1 | IL | IND | — | 420 | 1,259 | 987 | 420 | 2,246 | 2,666 | 674 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Itasca Industrial Portfolio | 4 | IL | IND | — | 3,830 | 11,537 | 2,314 | 3,566 | 14,115 | 17,681 | 6,409 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Kehoe Industrial | 1 | IL | IND | — | 2,000 | 3,006 | 110 | 2,000 | 3,116 | 5,116 | 493 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Melrose Park Distribution Ctr. | 1 | IL | IND | — | 2,936 | 9,190 | 4,587 | 2,936 | 13,777 | 16,713 | 5,948 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
NDP — Chicago | 1 | IL | IND | — | 313 | 881 | 302 | 312 | 1,184 | 1,496 | 437 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Nicholas Logistics Center | 1 | IL | IND | — | 4,681 | 5,811 | 2,788 | 4,681 | 8,599 | 13,280 | 2,826 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
O’Hare Industrial Portfolio | 10 | IL | IND | — | 4,392 | 16,917 | 3,884 | 4,392 | 20,801 | 25,193 | 7,840 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Poplar Gateway Truck Terminal | 1 | IL | IND | — | 4,551 | 3,152 | 833 | 4,551 | 3,985 | 8,536 | 1,072 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Port O’Hare | 2 | IL | IND | 5,146 | 4,913 | 5,761 | 2,945 | 4,913 | 8,706 | 13,619 | 3,083 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Sivert Distribution | 1 | IL | IND | — | 857 | 1,377 | 876 | 857 | 2,253 | 3,110 | 1,038 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Touhy Cargo Terminal | 1 | IL | IND | 4,590 | 2,800 | 110 | 4,627 | 2,800 | 4,737 | 7,537 | 1,017 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Remington Lakes Dist | 1 | IL | IND | — | 1,625 | 5,717 | 1,081 | 1,626 | 6,797 | 8,423 | 654 | 2009 | ||||||||||||||||||||||||||||||||||||||||
Windsor Court | 1 | IL | IND | — | 766 | 2,338 | 239 | 766 | 2,577 | 3,343 | 894 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Wood Dale Industrial SG | 5 | IL | IND | 8,250 | 2,868 | 9,166 | 3,499 | 2,868 | 12,665 | 15,533 | 3,992 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Yohan Industrial | 3 | IL | IND | 3,850 | 5,904 | 7,323 | 2,791 | 5,904 | 10,114 | 16,018 | 3,213 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dallas/Ft. Worth | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Addison Technology Center | 1 | TX | IND | — | 899 | 2,696 | 1,741 | 899 | 4,437 | 5,336 | 2,134 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dallas Industrial | 12 | TX | IND | — | 5,938 | 17,836 | 8,902 | 6,298 | 26,378 | 32,676 | 11,865 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Greater Dallas Industrial Port | 3 | TX | IND | — | 3,583 | 12,197 | 3,668 | 3,187 | 16,261 | 19,448 | 7,674 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Lincoln Industrial Center | 1 | TX | IND | — | 559 | 1,662 | 1,531 | 558 | 3,194 | 3,752 | 1,422 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Lonestar Portfolio | 5 | TX | IND | 11,344 | 6,451 | 19,360 | 5,516 | 5,821 | 25,506 | 31,327 | 7,890 | 1994 | 5-40 |
S-1
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
Northfield Dist. Center | 8 | TX | IND | — | 9,313 | 27,388 | 12,839 | 10,276 | 39,264 | 49,540 | 9,657 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Richardson Tech Center SGP | 2 | TX | IND | 4,676 | 1,522 | 5,887 | 2,713 | 1,522 | 8,600 | 10,122 | 2,351 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Valwood Industrial | 2 | TX | IND | — | 1,983 | 5,989 | 3,854 | 1,983 | 9,843 | 11,826 | 4,104 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
West North Carrier Parkway | 1 | TX | IND | — | 1,375 | 4,165 | 2,078 | 1,375 | 6,243 | 7,618 | 2,637 | 1993 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Anaheim Industrial Property | 1 | CA | IND | — | 1,457 | 4,341 | 1,741 | 1,471 | 6,068 | 7,539 | 2,139 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Artesia Industrial | 21 | CA | IND | — | 21,764 | 65,270 | 17,580 | 20,337 | 84,277 | 104,614 | 31,122 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Bell Ranch Distribution | 4 | CA | IND | — | 6,084 | 11,385 | 2,290 | 6,143 | 13,616 | 19,759 | 3,797 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Carson Industrial | 12 | CA | IND | — | 4,231 | 10,418 | 9,776 | 4,272 | 20,153 | 24,425 | 6,910 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Carson Town Center | 2 | CA | IND | — | 6,565 | 3,210 | 17,390 | 6,629 | 20,536 | 27,165 | 6,403 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Chartwell Distribution Center | 1 | CA | IND | — | 2,711 | 8,191 | 2,473 | 2,738 | 10,637 | 13,375 | 3,177 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Del Amo Industrial Center | 1 | CA | IND | — | 2,529 | 7,651 | 873 | 2,553 | 8,500 | 11,053 | 2,136 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Eaves Distribution Center | 3 | CA | IND | 12,815 | 11,893 | 12,708 | 5,682 | 11,893 | 18,390 | 30,283 | 6,832 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Fordyce Distribution Center | 1 | CA | IND | 6,233 | 5,835 | 10,985 | 1,143 | 5,835 | 12,128 | 17,963 | 2,949 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Ford Distribution Cntr | 7 | CA | IND | — | 24,557 | 22,046 | 9,979 | 24,795 | 31,787 | 56,582 | 9,410 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Harris Bus Ctr Alliance II | 9 | CA | IND | 27,964 | 20,772 | 31,050 | 8,116 | 20,863 | 39,075 | 59,938 | 12,050 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
LA Co Industrial Port SGP | 6 | CA | IND | 40,864 | 9,430 | 29,242 | 8,448 | 9,432 | 37,688 | 47,120 | 11,025 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Los Nietos Business Center SG | 4 | CA | IND | 11,254 | 2,488 | 7,751 | 2,292 | 2,488 | 10,043 | 12,531 | 3,253 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
International Multifoods | 1 | CA | IND | — | 1,613 | 4,879 | 2,083 | 1,629 | 6,946 | 8,575 | 3,146 | 1993 | 5-40 | |||||||||||||||||||||||||||||||||||||||
NDP — Los Angeles | 5 | CA | IND | — | 5,948 | 17,844 | 4,548 | 5,398 | 22,942 | 28,340 | 8,045 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Normandie Industrial | 1 | CA | IND | — | 2,398 | 7,491 | 5,156 | 3,390 | 11,655 | 15,045 | 4,233 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Spinnaker Logistics | 1 | CA | IND | 17,587 | 12,198 | 17,276 | 1,950 | 12,198 | 19,226 | 31,424 | 3,213 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Stadium BP | 1 | CA | IND | — | 752 | 2,519 | 492 | 759 | 3,004 | 3,763 | 347 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Starboard Distribution Ctr. | 1 | CA | IND | — | 19,683 | 17,387 | 5,594 | 19,874 | 22,790 | 42,664 | 4,426 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Sunset Dist. Center | 3 | CA | IND | 12,589 | 13,360 | 2,765 | 11,036 | 13,360 | 13,801 | 27,161 | 3,323 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Topanga Distr Center | 1 | CA | IND | — | 2,950 | 1,343 | 227 | 2,979 | 1,541 | 4,520 | 183 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Triton Distribution Center | 1 | CA | IND | 9,587 | 6,856 | 7,135 | 1,620 | 6,856 | 8,755 | 15,611 | 1,835 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Van Nuys Airport Industrial | 4 | CA | IND | — | 9,393 | 8,641 | 16,879 | 9,484 | 25,429 | 34,913 | 8,508 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Vista Rialto Distrib Ctr | 1 | CA | IND | — | 10,097 | 15,462 | 721 | 9,551 | 16,729 | 26,280 | 1,068 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Walnut Drive | 1 | CA | IND | — | 964 | 2,918 | 1,449 | 973 | 4,358 | 5,331 | 1,762 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Watson Industrial Center AFdII | 1 | CA | IND | 3,840 | 1,713 | 5,321 | 1,818 | 1,713 | 7,139 | 8,852 | 2,157 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Wilmington Avenue Warehouse | 2 | CA | IND | — | 3,849 | 11,605 | 5,232 | 3,886 | 16,800 | 20,686 | 6,252 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Vernon Industrial | 2 | CA | IND | — | 6,900 | 5,989 | 922 | 6,967 | 6,844 | 13,811 | 441 | 2010 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Centre | 18 | FL | IND | — | 31,441 | 95,958 | 41,832 | 35,992 | 133,239 | 169,231 | 43,605 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Beacon Centre — Headlands | 1 | FL | IND | — | 2,260 | 6,946 | 1,983 | 2,260 | 8,929 | 11,189 | 3,155 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Beacon Industrial Park | 8 | FL | IND | — | 10,105 | 31,437 | 14,592 | 10,204 | 45,930 | 56,134 | 16,442 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Beacon Lakes | 2 | FL | IND | 17,093 | 2,624 | 7,883 | 21,369 | 6,072 | 25,804 | 31,876 | 1,909 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Blue Lagoon Business Park | 2 | FL | IND | — | 4,945 | 14,875 | 3,615 | 4,993 | 18,442 | 23,435 | 6,895 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Cobia Distribution Center | 2 | FL | IND | 7,709 | 1,792 | 5,950 | 2,548 | 1,792 | 8,498 | 10,290 | 1,953 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dolphin Distribution Center | 1 | FL | IND | 2,586 | 1,581 | 3,602 | 1,874 | 1,581 | 5,476 | 7,057 | 1,240 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Marlin Distribution Center | 1 | FL | IND | — | 1,076 | 2,169 | 1,116 | 1,087 | 3,274 | 4,361 | 896 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Miami Airport Business Center | 6 | FL | IND | — | 6,400 | 19,634 | 7,683 | 6,462 | 27,255 | 33,717 | 8,822 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Pompano Center of Commer | 5 | FL | IND | — | 2,491 | 13,948 | 4,256 | 2,492 | 18,203 | 20,695 | 1,831 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Tarpon Distribution Center | 1 | FL | IND | 2,761 | 884 | 3,914 | 859 | 884 | 4,773 | 5,657 | 1,077 | 2004 | 5-40 |
S-2
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
No. New Jersey/New York City | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AMB Meadowlands Park | 8 | NJ | IND | — | 5,449 | 14,458 | 8,739 | 5,449 | 23,197 | 28,646 | 7,842 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dellamor | 7 | NJ | IND | 10,593 | 11,255 | 10,805 | 3,874 | 11,255 | 14,679 | 25,934 | 4,709 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Docks Corner SG (Phase II) | 1 | NJ | IND | 44,598 | 13,672 | 22,516 | 23,835 | 13,672 | 46,351 | 60,023 | 13,074 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Fairfalls Portfolio | 28 | NJ | IND | 29,272 | 20,186 | 44,528 | 12,323 | 20,185 | 56,852 | 77,037 | 14,452 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Franklin Comm Ctr | 1 | NJ | IND | — | 3,563 | 12,295 | 5,024 | 3,564 | 17,318 | 20,882 | 1,314 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Highway 17, 55 Madis | 1 | NJ | IND | — | 4,954 | 7,054 | 3,484 | 4,954 | 10,538 | 15,492 | 2,277 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
JFK Air Cargo | 12 | NY | IND | — | 16,670 | 44,872 | 5,770 | 14,708 | 52,604 | 67,312 | 18,043 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
JFK Airport Park | 1 | NY | IND | — | 2,350 | 7,251 | 2,006 | 2,372 | 9,235 | 11,607 | 3,163 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB JFK Airgate Center | 4 | NY | IND | 23,071 | 5,980 | 26,393 | 4,797 | 5,980 | 31,190 | 37,170 | 6,796 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Linden Industrial | 1 | NJ | IND | — | 900 | 2,753 | 2,589 | 909 | 5,333 | 6,242 | 2,040 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Mahwah Corporate Center | 4 | NJ | IND | — | 7,068 | 22,086 | 8,153 | 7,137 | 30,170 | 37,307 | 11,648 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Mooncreek Distribution Center | 1 | NJ | IND | — | 2,958 | 7,924 | 344 | 2,987 | 8,239 | 11,226 | 1,557 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Meadowlands ALFII | 3 | NJ | IND | 10,351 | 5,210 | 10,272 | 3,642 | 5,199 | 13,925 | 19,124 | 5,005 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Meadowlands Cross Dock | 1 | NJ | IND | — | 1,110 | 3,485 | 1,115 | 1,120 | 4,590 | 5,710 | 1,735 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Meadow Lane | 1 | NJ | IND | — | 838 | 2,594 | 1,309 | 846 | 3,895 | 4,741 | 1,351 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Murray Hill Parkway | 2 | NJ | IND | — | 1,670 | 2,568 | 8,097 | 1,686 | 10,649 | 12,335 | 4,465 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Newark Airport I & II | 2 | NJ | IND | — | 1,755 | 5,400 | 1,476 | 1,772 | 6,859 | 8,631 | 2,390 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Orchard Hill | 1 | NJ | IND | 1,379 | 1,212 | 1,411 | 649 | 1,212 | 2,060 | 3,272 | 695 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Porete Avenue Warehouse | 1 | NJ | IND | — | 4,067 | 12,202 | 6,642 | 4,107 | 18,804 | 22,911 | 6,809 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Portview Commerce Center | 2 | NJ | IND | 2,089 | 813 | 1,065 | 15,996 | 6,116 | 11,758 | 17,874 | 814 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Skyland Crossdock | 1 | NJ | IND | — | — | 7,250 | 1,282 | — | 8,532 | 8,532 | 2,062 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Teterboro Meadowlands 15 | 1 | NJ | IND | 8,264 | 4,961 | 9,618 | 7,483 | 4,961 | 17,101 | 22,062 | 5,821 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Tri-Port Distribution Ctr | 1 | NJ | IND | — | 25,672 | 19,852 | 1,225 | 25,922 | 20,827 | 46,749 | 8,920 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Liberty Log Ctr | 1 | NJ | IND | — | 5,052 | 9,299 | 8,722 | 6,813 | 16,260 | 23,073 | 1,232 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB I-78 Dist. Center | 1 | NJ | IND | — | 4,976 | 19,342 | 5,202 | 5,016 | 24,504 | 29,520 | 1,843 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Two South Middlesex | 1 | NJ | IND | — | 2,247 | 6,781 | 2,930 | 2,269 | 9,689 | 11,958 | 3,986 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
On-Tarmac | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AMB BWI Cargo Center E | 1 | MD | IND | — | — | 6,367 | 393 | — | 6,760 | 6,760 | 3,676 | 2000 | 5-19 | |||||||||||||||||||||||||||||||||||||||
AMB DFW Cargo Center East | 3 | TX | IND | — | — | 20,632 | 1,891 | — | 22,523 | 22,523 | 8,707 | 2000 | 5-26 | |||||||||||||||||||||||||||||||||||||||
AMB DAY Cargo Center | 5 | OH | IND | — | — | 7,163 | 774 | — | 7,937 | 7,937 | 3,518 | 2000 | 5-23 | |||||||||||||||||||||||||||||||||||||||
AMB DFW Cargo Center 1 | 1 | TX | IND | — | — | 34,199 | 2,097 | — | 36,296 | 36,296 | 6,239 | 2005 | 5-32 | |||||||||||||||||||||||||||||||||||||||
AMB DFW Cargo Center 2 | 1 | TX | IND | — | — | 4,286 | 15,263 | — | 19,549 | 19,549 | 6,045 | 1999 | 5-39 | |||||||||||||||||||||||||||||||||||||||
AMB IAD Cargo Center 5 | 1 | VA | IND | — | — | 38,840 | 2,901 | — | 41,741 | 41,741 | 22,861 | 2002 | 5-15 | |||||||||||||||||||||||||||||||||||||||
AMB JAX Cargo Center | 1 | FL | IND | — | — | 3,029 | 394 | — | 3,423 | 3,423 | 1,638 | 2000 | 5-22 | |||||||||||||||||||||||||||||||||||||||
AMB JFK Cargo Center 75_77 | 2 | NJ | IND | — | — | 30,965 | 10,843 | — | 41,808 | 41,808 | 28,071 | 2002 | 5-13 | |||||||||||||||||||||||||||||||||||||||
AMB LAX Cargo Center | 3 | CA | IND | — | — | 13,445 | 1,143 | — | 14,588 | 14,588 | 6,760 | 2000 | 5-22 | |||||||||||||||||||||||||||||||||||||||
AMB MCI Cargo Center 1 | 1 | MO | IND | — | — | 5,793 | 670 | — | 6,463 | 6,463 | 3,552 | 2000 | 5-18 | |||||||||||||||||||||||||||||||||||||||
AMB MCI Cargo Center 2 | 1 | MO | IND | 7,275 | — | 8,134 | 116 | — | 8,250 | 8,250 | 3,038 | 2000 | 5-27 | |||||||||||||||||||||||||||||||||||||||
AMB PHL Cargo Center C2 | 1 | PA | IND | — | — | 9,716 | 2,464 | — | 12,180 | 12,180 | 7,112 | 2000 | 5-27 | |||||||||||||||||||||||||||||||||||||||
AMB PDX Cargo Center Airtrans | 2 | OR | IND | — | — | 9,207 | 2,256 | — | 11,463 | 11,463 | 4,637 | 1999 | 5-28 | |||||||||||||||||||||||||||||||||||||||
AMB RNO Cargo Center 10_11 | 2 | NV | IND | — | — | 6,014 | 567 | — | 6,581 | 6,581 | 2,323 | 2003 | 5-23 | |||||||||||||||||||||||||||||||||||||||
AMB Sea Cargo Ctr North 6 | 1 | WA | IND | — | — | — | 110 | — | 110 | 110 | 42 | 2009 | 1-10 |
S-3
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
AMB SEA Cargo Center North | 2 | WA | IND | 2,254 | — | 15,594 | 947 | — | 16,541 | 16,541 | 6,478 | 2000 | 5-27 | |||||||||||||||||||||||||||||||||||||||
AMB SEA Cargo Center South | 1 | WA | IND | — | — | 3,056 | 574 | — | 3,630 | 3,630 | 2,607 | 2000 | 5-14 | |||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acer Distribution Center | 1 | CA | IND | — | 3,146 | 9,479 | 4,836 | 3,177 | 14,284 | 17,461 | 5,784 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Albrae Business Center | 1 | CA | IND | 6,614 | 6,299 | 6,227 | 2,346 | 6,299 | 8,573 | 14,872 | 2,892 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Alvarado Business Center SG | 5 | CA | IND | 38,250 | 6,328 | 26,671 | 15,707 | 6,328 | 42,378 | 48,706 | 11,744 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Arques Business Pk | 2 | CA | IND | — | 11,789 | 4,347 | 2,098 | 11,789 | 6,445 | 18,234 | 765 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Brennan Distribution | 1 | CA | IND | 3,082 | 3,683 | 3,022 | 2,474 | 3,683 | 5,496 | 9,179 | 2,643 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Component Drive Ind Port | 3 | CA | IND | — | 12,688 | 6,974 | 2,386 | 12,688 | 9,360 | 22,048 | 3,425 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Cypress | 1 | CA | IND | — | 3,517 | 2,933 | 521 | 3,552 | 3,419 | 6,971 | 325 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dado Distribution | 1 | CA | IND | — | 7,221 | 3,739 | 2,839 | 7,291 | 6,508 | 13,799 | 2,321 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Doolittle Distribution Center | 1 | CA | IND | — | 2,644 | 8,014 | 2,398 | 2,669 | 10,387 | 13,056 | 3,636 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dowe Industrial Center | 2 | CA | IND | — | 2,665 | 8,034 | 4,360 | 2,691 | 12,368 | 15,059 | 4,789 | 1991 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Dublin Ind Portfolio | 1 | CA | IND | — | 2,980 | 8,940 | 1,891 | 2,890 | 10,921 | 13,811 | 831 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
East Bay Whipple | 1 | CA | IND | 5,741 | 5,333 | 8,126 | 2,149 | 5,333 | 10,275 | 15,608 | 2,978 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
East Bay Doolittle | 1 | CA | IND | — | 7,128 | 11,023 | 6,348 | 7,197 | 17,302 | 24,499 | 5,254 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Edgewater Industrial Center | 1 | CA | IND | — | 4,038 | 15,113 | 6,997 | 4,077 | 22,071 | 26,148 | 7,956 | 2000 | 5-40 | |||||||||||||||||||||||||||||||||||||||
East Grand Airfreight | 2 | CA | IND | 2,160 | 5,093 | 3,521 | 1,952 | 5,093 | 5,473 | 10,566 | 1,927 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Fairway Drive Ind SGP | 4 | CA | IND | 19,706 | 4,204 | 13,949 | 4,694 | 4,204 | 18,643 | 22,847 | 5,673 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Hayward Ind — Hathaway | 2 | CA | IND | — | 4,472 | 12,407 | 2,215 | 4,516 | 14,578 | 19,094 | 550 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Junction Industrial Park | 4 | CA | IND | — | 7,875 | 23,975 | 7,311 | 7,952 | 31,209 | 39,161 | 10,653 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Lakeside BC | 2 | CA | IND | — | 24,121 | 3,968 | 569 | 24,036 | 4,622 | 28,658 | 340 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Laurelwood Drive | 2 | CA | IND | — | 2,673 | 8,326 | 2,692 | 2,699 | 10,992 | 13,691 | 3,665 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Lawrence SSF | 1 | CA | IND | — | 2,870 | 5,521 | 1,530 | 2,898 | 7,023 | 9,921 | 2,401 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Manzanita R&D | 1 | CA | IND | — | 1,316 | 3,238 | 890 | 1,316 | 4,128 | 5,444 | 609 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Martin/Scott Ind Port | 2 | CA | IND | — | 9,052 | 5,309 | 1,830 | 9,140 | 7,051 | 16,191 | 2,112 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Milmont Page SGP | 3 | CA | IND | 9,441 | 3,420 | 10,600 | 5,080 | 3,420 | 15,680 | 19,100 | 4,549 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Moffett Distribution | 7 | CA | IND | 14,178 | 26,916 | 11,277 | 5,251 | 26,916 | 16,528 | 43,444 | 5,533 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Moffett Park / Bordeaux R&D | 14 | CA | IND | — | 14,805 | 44,462 | 23,006 | 14,949 | 67,324 | 82,273 | 30,192 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Pacific Business Center | 2 | CA | IND | — | 5,417 | 16,291 | 6,013 | 5,470 | 22,251 | 27,721 | 9,394 | 1993 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Pardee Drive SG | 1 | CA | IND | 3,145 | 619 | 1,880 | 503 | 619 | 2,383 | 3,002 | 676 | 2001 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Pier One | 1 | CA | IND | 25,910 | — | 38,351 | 16,881 | — | 55,232 | 55,232 | 23,551 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
South Bay Brokaw | 3 | CA | IND | — | 4,372 | 13,154 | 5,111 | 4,414 | 18,223 | 22,637 | 7,527 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
South Bay Junction | 2 | CA | IND | — | 3,464 | 10,424 | 2,600 | 3,498 | 12,990 | 16,488 | 4,701 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
South Bay Lundy | 2 | CA | IND | — | 5,497 | 16,542 | 5,585 | 5,551 | 22,073 | 27,624 | 8,533 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Silicon Valley R&D | 4 | CA | IND | — | 6,700 | 20,186 | 8,785 | 5,463 | 30,208 | 35,671 | 14,611 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB TriPoint Bus Park | 4 | CA | IND | — | 20,996 | 6,808 | 2,538 | 21,201 | 9,141 | 30,342 | 454 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Utah Airfreight | 1 | CA | IND | 14,779 | 18,753 | 8,381 | 2,751 | 18,752 | 11,133 | 29,885 | 3,417 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Wiegman Road | 1 | CA | IND | — | 1,563 | 4,688 | 2,593 | 1,578 | 7,266 | 8,844 | 3,061 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Willow Park Ind | 21 | CA | IND | — | 25,593 | 76,772 | 37,251 | 25,838 | 113,778 | 139,616 | 42,757 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Yosemite Drive | 1 | CA | IND | — | 2,350 | 7,051 | 2,745 | 2,373 | 9,773 | 12,146 | 3,483 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Zanker/Charcot Industrial | 5 | CA | IND | — | 5,282 | 15,887 | 6,747 | 5,334 | 22,582 | 27,916 | 8,831 | 1992 | 5-40 |
S-4
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
Seattle | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
East Valley Warehouse | 1 | WA | IND | — | 6,813 | 20,511 | 12,458 | 6,879 | 32,903 | 39,782 | 12,147 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Harvest Business Park | 3 | WA | IND | — | 2,371 | 7,153 | 3,607 | 2,394 | 10,737 | 13,131 | 4,238 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Kent Centre Corporate Park | 4 | WA | IND | — | 3,042 | 9,165 | 5,370 | 3,071 | 14,506 | 17,577 | 5,396 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Kingsport Industrial Park | 7 | WA | IND | — | 7,919 | 23,812 | 12,995 | 7,996 | 36,730 | 44,726 | 14,017 | 1992 | 5-40 | |||||||||||||||||||||||||||||||||||||||
NDP — Seattle | 4 | WA | IND | 10,095 | 3,992 | 11,773 | 3,740 | 3,992 | 15,513 | 19,505 | 4,262 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Northwest Distribution Center | 3 | WA | IND | — | 3,533 | 10,751 | 3,432 | 3,567 | 14,149 | 17,716 | 5,593 | 1992 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Puget Sound Airfreight | 1 | WA | IND | — | 1,329 | 1,830 | 978 | 1,329 | 2,808 | 4,137 | 1,058 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Renton Northwest Corp. Park | 4 | WA | IND | 6,873 | 8,657 | 4,937 | 2,003 | 8,657 | 6,940 | 15,597 | 1,766 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Sumner Landing | 1 | WA | IND | — | 6,937 | 17,577 | 4,103 | 7,004 | 21,613 | 28,617 | 4,836 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
U.S. Other Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MET PHASE 1 95, LTD | 4 | TX | IND | — | 10,968 | 14,554 | 3,978 | 10,968 | 18,532 | 29,500 | 2,651 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
MET 4/12, LTD | 1 | TX | IND | — | — | 18,390 | 4,347 | — | 22,737 | 22,737 | 12,491 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
TechRidge Phase IIIA Bldg. 4.1 | 1 | TX | IND | 9,200 | 3,143 | 11,607 | 1,943 | 3,143 | 13,550 | 16,693 | 3,363 | 2004 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB IAH Airfreight | 0 | (7) | TX | IND | — | 183 | — | 315 | 183 | 315 | 498 | 31 | 2006 | 7 | ||||||||||||||||||||||||||||||||||||||
Beltway Distribution | 1 | MD | IND | — | 4,800 | 15,159 | 7,315 | 4,839 | 22,435 | 27,274 | 7,867 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Columbia Business Center | 9 | MD | IND | — | 3,856 | 11,736 | 9,971 | 3,893 | 21,670 | 25,563 | 8,466 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Corridor Industrial | 1 | MD | IND | — | 996 | 3,019 | 499 | 1,005 | 3,509 | 4,514 | 1,215 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Crysen Industrial | 1 | MD | IND | — | 1,425 | 4,275 | 1,965 | 1,439 | 6,226 | 7,665 | 2,472 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Gateway Commerce Center | 5 | MD | IND | — | 4,083 | 12,336 | 11,854 | 4,123 | 24,150 | 28,273 | 6,543 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Granite Hill Dist. Center | 2 | MD | IND | — | 3,731 | 5,182 | 680 | 3,766 | 5,827 | 9,593 | 1,034 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Greenwood Industrial | 3 | MD | IND | — | 4,729 | 14,188 | 6,476 | 4,775 | 20,618 | 25,393 | 7,821 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Meadowridge Industrial | 3 | MD | IND | — | 3,716 | 11,147 | 1,813 | 3,752 | 12,924 | 16,676 | 4,320 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Oakland Ridge Ind Ctr I | 1 | MD | IND | — | 797 | 2,466 | 2,114 | 804 | 4,573 | 5,377 | 1,912 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Oakland Ridge Ind Ctr II | 1 | MD | IND | — | 839 | 2,557 | 1,755 | 847 | 4,304 | 5,151 | 2,163 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Oakland Ridge Ind Ctr V | 4 | MD | IND | — | — | 6,654 | 5,783 | — | 12,437 | 12,437 | 5,471 | 1999 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Patuxent Range Road | 2 | MD | IND | — | 1,696 | 5,127 | 2,266 | 1,696 | 7,393 | 9,089 | 2,931 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Preston Court | 1 | MD | IND | — | 2,313 | 7,192 | 1,518 | 2,313 | 8,710 | 11,023 | 3,048 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Boston Industrial | 14 | MA | IND | — | 14,624 | 42,352 | 28,340 | 14,320 | 70,996 | 85,316 | 27,515 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Cabot Business Park | 12 | MA | IND | — | 14,535 | 35,969 | 23,042 | 15,398 | 58,148 | 73,546 | 22,921 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Cabot Business Park SGP | 3 | MA | IND | 13,987 | 6,253 | 18,747 | 6,134 | 6,253 | 24,881 | 31,134 | 6,240 | 2002 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Patriot Dist. Center | 1 | MA | IND | 10,866 | 4,164 | 22,603 | 2,075 | 4,164 | 24,678 | 28,842 | 5,156 | 2003 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Corporate Square Industrial | 1 | MN | IND | — | 664 | 3,360 | 267 | 670 | 3,621 | 4,291 | 1,589 | 1996 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Minneapolis Distribution Port | 3 | MN | IND | — | 4,052 | 13,375 | 5,419 | 4,091 | 18,755 | 22,846 | 7,390 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Minneapolis Industrial Port IV | 1 | MN | IND | — | 1,104 | 3,330 | 1,113 | 1,115 | 4,432 | 5,547 | 1,540 | 1994 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Twin Cities | 1 | MN | IND | — | 2,927 | 8,769 | 7,389 | 2,955 | 16,130 | 19,085 | 7,690 | 1995 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Chancellor Square | 3 | FL | IND | — | 2,009 | 6,106 | 6,433 | 2,029 | 12,519 | 14,548 | 5,607 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Presidents Drive | 6 | FL | IND | — | 5,770 | 17,655 | 8,172 | 5,826 | 25,771 | 31,597 | 9,389 | 1997 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Sand Lake Service Center | 6 | FL | IND | — | 3,483 | 10,585 | 7,292 | 3,516 | 17,844 | 21,360 | 7,829 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB I-81 Dist. Center | 1 | PA | IND | — | 1,346 | 10,715 | 2,765 | 1,346 | 13,480 | 14,826 | 597 | 2009 | 5-40 |
S-5
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
Other U.S. Non-Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Elmwood Distribution | 5 | LA | IND | — | 4,167 | 12,495 | 9,041 | 4,203 | 21,500 | 25,703 | 6,181 | 1998 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Morgan Bus Ctr | 1 | GA | IND | — | 499 | 13,410 | 1,626 | 499 | 15,036 | 15,535 | 1,572 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
International Target Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AMB Annagem Distrib Centre II | 1 | Canada | IND | — | 1,961 | 4,464 | 1,589 | 2,203 | 5,811 | 8,014 | 758 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Annagem Dist. Center | 1 | Canada | IND | — | 3,671 | 7,707 | 3,609 | 4,003 | 10,984 | 14,987 | 2,379 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Airport Rd. Dist Ctr | 1 | Canada | IND | — | 11,690 | 53,674 | 15,277 | 12,631 | 68,010 | 80,641 | 4,243 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Milton Crossings Bus Pk | 1 | Canada | IND | — | 8,408 | 13,595 | 35,745 | 19,423 | 38,325 | 57,748 | 791 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Millcreek Distribution Ctr | 2 | Canada | IND | — | 8,827 | 15,363 | 4,225 | 9,919 | 18,496 | 28,415 | 1,768 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Milton 402 Bus Park | 1 | Canada | IND | — | 3,778 | 14,697 | 5,951 | 3,789 | 20,637 | 24,426 | 1,258 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Milton 401 Bus. Park | 1 | Canada | IND | — | 3,607 | 16,578 | 2,856 | 3,898 | 19,143 | 23,041 | 2,754 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Pearson Logist. Ctr | 2 | Canada | IND | — | 11,620 | 30,442 | 5,360 | 12,245 | 35,177 | 47,422 | 4,859 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Shinkiba Dist Crtr 1 | 1 | Japan | IND | 84,032 | 62,319 | 39,634 | 32,925 | 71,419 | 63,459 | 134,878 | 6,061 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Shiohama Distr Ctr 1 | 1 | Japan | IND | — | 28,900 | 7,086 | 11,678 | 33,120 | 14,544 | 47,664 | 457 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Tsurumi Dist Ctr 1 | 1 | Japan | IND | 82,676 | 27,857 | 76,531 | 33,482 | 31,924 | 105,946 | 137,870 | 5,268 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Fukuoka Manami DC 2 | 1 | Japan | IND | — | 8,331 | 48,164 | 13,596 | 9,548 | 60,543 | 70,091 | 2,075 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Nanko Naka DC 1 | 1 | Japan | IND | — | 10,385 | 33,972 | 15,941 | 11,902 | 48,396 | 60,298 | 1,616 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Kasugai DC 1 | 1 | Japan | IND | — | 22,713 | 97,921 | 36,732 | 26,005 | 131,361 | 157,366 | 7,500 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Sendai Tagajo DC | 1 | Japan | IND | — | 9,431 | 37,673 | 15,176 | 11,637 | 50,643 | 62,280 | 1,006 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Icheon Distrib Ctr | 2 | Korea | IND | — | 5,434 | 8,064 | 624 | 5,595 | 8,527 | 14,122 | 1,256 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB ICN Logistics Ctr | 1 | Korea | IND | — | — | 22,389 | 4,129 | — | 26,518 | 26,518 | 1,463 | 2008 | 2-40 | |||||||||||||||||||||||||||||||||||||||
AMB Airport Logistics Center 3 | 1 | Singapore | IND | 14,724 | — | 18,438 | 3,729 | — | 22,167 | 22,167 | 3,582 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Singapore Airport Logist Ctr 2 | 1 | Singapore | IND | — | — | 23,235 | 2,253 | — | 25,488 | 25,488 | 3,892 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Changi-North DC1 | 1 | Singapore | IND | 7,366 | — | 8,790 | 1,180 | — | 9,970 | 9,970 | 1,393 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Changi South Distr Ctr 1 | 1 | Singapore | IND | — | — | 30,949 | 3,045 | — | 33,994 | 33,994 | 2,807 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Tuas Distribution Center | 1 | Singapore | IND | — | — | 9,921 | 1,656 | — | 11,577 | 11,577 | 2,075 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Beilun Port Dist Ctr | 2 | China | IND | — | — | 16,349 | 2,638 | — | 18,987 | 18,987 | 889 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Fengxian Log Ctr | 3 | China | IND | — | — | 16,815 | 1,203 | — | 18,018 | 18,018 | 3,947 | 2006 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Jiuting Distribution Ctr | 3 | China | IND | — | — | 15,215 | 3,081 | — | 18,296 | 18,296 | 3,185 | 2005 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Kunshan Bonded LC | 1 | China | IND | — | — | 9,552 | 594 | — | 10,146 | 10,146 | 545 | 2007 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Beijing Capital Airport DC | 4 | China | IND | — | — | 12,846 | 809 | — | 13,655 | 13,655 | 748 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Tianjin Bonded LP | 2 | China | IND | — | — | 5,020 | 3,731 | — | 8,751 | 8,751 | 424 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Guangzhou Dev. Zone | 2 | China | IND | — | — | 43,776 | 9,556 | — | 53,332 | 53,332 | 896 | 2010 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Dalian Ind. Park DC | 1 | China | IND | — | — | 7,281 | 3,044 | — | 10,325 | 10,325 | 470 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Jiaxing Distri Ctr | 1 | China | IND | — | — | 9,783 | 114 | — | 9,897 | 9,897 | 437 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Pacifico Distr Ctr | 4 | Mexico | IND | — | 2,953 | 8,085 | 2,374 | 2,953 | 10,459 | 13,412 | 734 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Parque Opcion Catalina | 1 | Mexico | IND | — | 735 | 1,305 | 1,619 | 735 | 2,924 | 3,659 | 1,455 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Agua Fria Ind. Park | 3 | Mexico | IND | — | 2,185 | 18,657 | 3,743 | 2,185 | 22,400 | 24,585 | 1,310 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Carrizal Ind Park | 3 | Mexico | IND | — | 7,435 | 24,395 | 3,591 | 7,435 | 27,986 | 35,421 | 957 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Ladero Industrial Pk | 0 | (7) | Mexico | IND | — | 20 | 3,286 | 2 | 20 | 3,288 | 3,308 | 2,630 | 2009 | 2 | ||||||||||||||||||||||||||||||||||||||
AMB Mezquite III prefund | 1 | Mexico | IND | — | 1,760 | 9,226 | 1,219 | 1,760 | 10,445 | 12,205 | 497 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Piracanto Ind Park | 4 | Mexico | IND | 14,300 | 9,793 | 13,974 | 970 | 9,793 | 14,944 | 24,737 | 1,357 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Tres Rios (Fund) | 1 | Mexico | IND | — | 1,152 | — | 3,285 | 1,152 | 3,285 | 4,437 | 1,779 | 2007 | 5 | |||||||||||||||||||||||||||||||||||||||
Tres Rios | 2 | Mexico | IND | — | 3,406 | 16,812 | 1,052 | 3,406 | 17,864 | 21,270 | 1,161 | 2009 | 5-40 |
S-6
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
Gross Amount Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(1) | Costs Capitalized | 12/31/10(1) | Year of | |||||||||||||||||||||||||||||||||||||||||||||||||
No. of | Building & | Subsequent to | Building & | Accumulated | Construction/ | Depreciable Life | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Bldgs | Location | Type | Encumbrances(2) | Land | Improvements | Acquisition | Land | Improvements | Total Costs(3)(4) | Depreciation(5)(6) | Acquisition | (Years) | |||||||||||||||||||||||||||||||||||||||
AMB Arrayanes IP (REIT) | 1 | Mexico | IND | — | 411 | 9,470 | 909 | 411 | 10,379 | 10,790 | 402 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Los Altos Ind Park | 2 | Mexico | IND | — | 4,474 | 19,270 | 1,703 | 4,474 | 20,973 | 25,447 | 692 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Palma 1 Dist. Ctr. | 1 | Mexico | IND | — | — | 4,113 | 344 | — | 4,457 | 4,457 | 103 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Barajas Logistics Pk | 4 | Spain | IND | — | — | 42,322 | 278 | — | 42,600 | 42,600 | 3,780 | 2007 | 5-24 | |||||||||||||||||||||||||||||||||||||||
AMB Siziano Logis Park | 1 | Italy | IND | 28,113 | 6,764 | 27,150 | 1,250 | 6,764 | 28,400 | 35,164 | 928 | 2009 | 5-24 | |||||||||||||||||||||||||||||||||||||||
AMB Hausbruch Ind Ctr 4-B | 1 | Germany | IND | — | 3,977 | 8,617 | 321 | 3,840 | 9,075 | 12,915 | 1,004 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Hausbruch Ind Ctr 5-650 | 1 | Germany | IND | — | 1,422 | 2,691 | 133 | 1,408 | 2,838 | 4,246 | 375 | 2008 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Theodorpark Log Ctr | 1 | Germany | IND | — | 4,084 | 11,002 | 1,087 | 4,084 | 12,089 | 16,173 | 418 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Le Havre Log Park | 1 | France | IND | — | 2,636 | 16,697 | 203 | 2,636 | 16,900 | 19,536 | 405 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Villebon DC 1 Hldg SAS | 1 | France | IND | — | 647 | 5,371 | 209 | 647 | 5,580 | 6,227 | 113 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Isle d’Abeau D | 1 | France | IND | — | 2,706 | 17,992 | — | 2,706 | 17,992 | 20,698 | 338 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Lijnden Logis Crt 1 | 1 | Netherlands | IND | — | 5,659 | 9,364 | 463 | 5,659 | 9,827 | 15,486 | 274 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
AMB Bleiswijk Dist Ctr | 1 | Netherlands | IND | — | 15,372 | 28,937 | 1,164 | 15,372 | 30,101 | 45,473 | 623 | 2009 | 5-40 | |||||||||||||||||||||||||||||||||||||||
Total | 711 | $ | 874,802 | $ | 1,341,226 | $ | 3,534,891 | $ | 1,328,871 | $ | 1,396,321 | $ | 4,808,667 | $ | 6,204,988 | $ | 1,268,093 | |||||||||||||||||||||||||||||||||||
S-7
Table of Contents
SCHEDULE III
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
(1) | The Company recognized real estate impairment losses of approximately $193.9 million and $181.9 million during the years ended December 31, 2009 and 2008, respectively, as a result of changes in the economic environment. |
2010 | 2009 | 2008 | ||||||||||||
(2) | Reconciliation of total debt to consolidated balance sheet caption as of December 31: | |||||||||||||
Total per Schedule III | $ | 874,802 | $ | 955,151 | $ | 812,230 | ||||||||
Debt on properties held for divestiture | — | 11,604 | 232,330 | |||||||||||
Debt on development properties | 87,543 | 129,750 | 479,199 | |||||||||||
Unamortized premiums (discounts) | 89 | 49 | (1,188 | ) | ||||||||||
Total secured debt | $ | 962,434 | $ | 1,096,554 | $ | 1,522,571 | ||||||||
(3) | Reconciliation of total cost to consolidated balance sheet caption as of December 31: | |||||||||||||
Total per Schedule III | $ | 6,204,988 | $ | 5,756,774 | $ | 4,634,064 | ||||||||
Construction in process and land held for development | 701,188 | 951,886 | 1,969,792 | |||||||||||
Total investments in properties(6) | $ | 6,906,176 | $ | 6,708,660 | $ | 6,603,856 | ||||||||
(4) | Aggregate cost for federal income tax purposes of investments in real estate | $ | 6,846,621 | $ | 6,615,119 | $ | 6,540,559 | |||||||
(5) | Reconciliation of accumulated depreciation to consolidated balance sheet caption as of December 31: | |||||||||||||
Total per Schedule III | $ | 1,268,093 | $ | 1,112,283 | $ | 970,737 | ||||||||
Accumulated depreciation and amortization on properties under renovation or in development(8) | — | 1,525 | — | |||||||||||
Total accumulated depreciation(6) | $ | 1,268,093 | $ | 1,113,808 | $ | 970,737 | ||||||||
(6) | A summary of activity for real estate and accumulated depreciation for the years ended December 31, is as follows: | |||||||||||||
Investments in Properties: | ||||||||||||||
Balance at beginning of year | $ | 6,708,660 | $ | 6,603,856 | $ | 6,709,545 | ||||||||
Acquisition of properties | 13,000 | — | 219,961 | |||||||||||
Improvements, including development properties | 314,553 | 268,897 | 478,010 | |||||||||||
Deconsolidation of AMB U.S. Logistics Fund, L.P. | — | — | — | |||||||||||
Deconsolidation of AMB Partners II, L.P. | — | — | (205,618 | ) | ||||||||||
Asset impairment | — | (181,853 | ) | (193,918 | ) | |||||||||
Divestiture of properties | (66,657 | ) | (357,599 | ) | (231,765 | ) | ||||||||
Adjustment for properties held for sale or contribution(9) | (63,380 | ) | 375,359 | (172,359 | ) | |||||||||
Balance at end of year | $ | 6,906,176 | $ | 6,708,660 | $ | 6,603,856 | ||||||||
Accumulated Depreciation: | ||||||||||||||
Balance at beginning of year | $ | 1,113,808 | $ | 970,737 | $ | 916,686 | ||||||||
Depreciation expense, including discontinued operations | 194,392 | 178,506 | 149,748 | |||||||||||
Properties divested | (13,244 | ) | (36,288 | ) | (12,843 | ) | ||||||||
Deconsolidation of AMB Partners II, L.P. | — | — | (84,701 | ) | ||||||||||
Adjustment for properties held for divestiture | (26,863 | ) | 853 | 1,847 | ||||||||||
Balance at end of year | $ | 1,268,093 | $ | 1,113,808 | $ | 970,737 | ||||||||
(7) | Property represents a leased parking lot. | |||||||||||||
(8) | Property represents a leased parking lot with an office space, tenant improvements, and capitalized lease costs. | |||||||||||||
(9) | In 2009, includes $1,307 of accumulated amortization of prepaid ground lease costs onconstruction-in-progress projects in China. | |||||||||||||
(10) | Includes additions during year to properties held for sale or contribution at both current year end and prior year end as well as reclassifications in and out of properties held for sale or contribution during year. |
S-8
Table of Contents
S-9
Table of Contents
(Report not required) | ||||||||
2010 | 2009 | |||||||
(dollars in thousands) | ||||||||
ASSETS | ||||||||
Investments in real estate: | ||||||||
Land | $ | 1,111,174 | $ | 1,068,800 | ||||
Buildings and improvements | 2,320,102 | 2,200,817 | ||||||
Construction in progress | 89,729 | 82,544 | ||||||
Total investments in real estate | 3,521,005 | 3,352,161 | ||||||
Accumulated depreciation and amortization | (309,786 | ) | (229,881 | ) | ||||
Net investments in real estate | 3,211,219 | 3,122,280 | ||||||
Cash and cash equivalents | 59,148 | 45,614 | ||||||
Restricted cash | 4,398 | 5,528 | ||||||
Deferred financing costs, net | 6,391 | 6,824 | ||||||
Accounts receivable and other assets, net of allowance for doubtful accounts of $1,968 and $2,065 as of December 31, 2010 and 2009, respectively | 47,478 | 33,841 | ||||||
Total assets | $ | 3,328,634 | $ | 3,214,087 | ||||
LIABILITIES, PARTNERS’ CAPITAL AND NONCONTROLLING INTERESTS | ||||||||
Liabilities: | ||||||||
Mortgage loans payable | $ | 1,569,910 | $ | 1,697,781 | ||||
Secured credit facility | 26,100 | 65,000 | ||||||
Accounts payable and other liabilities, including net payables to affiliate of $2,663 and $466 as of December 31, 2010 and 2009, respectively | 50,369 | 48,783 | ||||||
Distributions payable | 648 | 796 | ||||||
Interest payable | 6,442 | 7,334 | ||||||
Security deposits | 12,657 | 12,523 | ||||||
Total liabilities | 1,666,126 | 1,832,217 | ||||||
Commitments and contingencies (Note 9) | ||||||||
Partners’ capital: | ||||||||
Series A Preferred Units | 88 | 88 | ||||||
AMB Property, L.P., AMB Property II, L.P. and AMB HFC, L.P. (general and limited partners) | 359,562 | 271,641 | ||||||
AMB U.S. Logistics REIT, Inc. (limited partner) | 844,104 | 692,954 | ||||||
City and County of San Francisco Employees’ | ||||||||
Retirement System (limited partner) | 448,925 | 407,144 | ||||||
Total partners’ capital | 1,652,679 | 1,371,827 | ||||||
Noncontrolling interests | 9,829 | 10,043 | ||||||
Total partners’ capital and noncontrolling interests | 1,662,508 | 1,381,870 | ||||||
Total liabilities, partners’ capital and noncontrolling interests | $ | 3,328,634 | $ | 3,214,087 | ||||
S-10
Table of Contents
(Report not required) | ||||||||
2010 | 2009 | |||||||
(dollars in thousands) | ||||||||
RENTAL REVENUES | $ | 273,983 | $ | 270,393 | ||||
COSTS AND EXPENSES | ||||||||
Property operating costs | 30,623 | 30,776 | ||||||
Real estate taxes and insurance | 43,064 | 42,940 | ||||||
Depreciation and amortization | 82,341 | 81,442 | ||||||
General and administrative | 2,482 | 2,216 | ||||||
Real estate impairment losses | — | 1,607 | ||||||
Other expenses | 2,587 | 205 | ||||||
Total costs and expenses | 161,097 | 159,186 | ||||||
Operating income | 112,886 | 111,207 | ||||||
OTHER INCOME AND EXPENSES | ||||||||
Interest and other income | 196 | 93 | ||||||
Interest, including amortization | (97,578 | ) | (104,153 | ) | ||||
Total other income and expenses | (97,382 | ) | (104,060 | ) | ||||
Income from continuing operations | 15,504 | 7,147 | ||||||
Discontinued operations | ||||||||
Loss attributable to discontinued operations | (4,980 | ) | (9,054 | ) | ||||
Gains from disposition of real estate | 435 | 1,333 | ||||||
Total discontinued operations | (4,545 | ) | (7,721 | ) | ||||
Net income (loss) | 10,959 | (574 | ) | |||||
Noncontrolling interests’ share of net loss (income) | 23 | (51 | ) | |||||
Net income (loss) after noncontrolling interests | 10,982 | (625 | ) | |||||
Series A preferred unit distributions | (16 | ) | (16 | ) | ||||
Incentive distribution to AMB Property, L.P. | — | — | ||||||
Priority distributions to AMB Property, L.P. | (13,557 | ) | (13,205 | ) | ||||
Priority distributions to City and County of San Francisco | ||||||||
Employees’ Retirement System, L.P. | (664 | ) | (782 | ) | ||||
Net loss available to partners | $ | (3,255 | ) | $ | (14,628 | ) | ||
S-11
Table of Contents
(Report not required) | ||||||||||||||||||||||||
AMB | ||||||||||||||||||||||||
Property, | ||||||||||||||||||||||||
L.P., AMB | City and | |||||||||||||||||||||||
Property | County of | |||||||||||||||||||||||
II, L.P. and | AMB | San Francisco | ||||||||||||||||||||||
AMB HFC, L.P. | U.S. Logistics | Employees’ | ||||||||||||||||||||||
Series A | (General and | REIT, Inc. | Retirement | |||||||||||||||||||||
Preferred | Limited | (Limited | System | Noncontrolling | ||||||||||||||||||||
Units | Partners) | Partner) | (Limited Partner) | Interests | Total | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2008 | $ | 88 | $ | 241,608 | $ | 697,662 | $ | 410,868 | $ | 10,485 | $ | 1,360,711 | ||||||||||||
Contributions | — | 32,608 | 3,621 | — | — | 36,229 | ||||||||||||||||||
Net income (loss) | 16 | 10,630 | (8,329 | ) | (2,942 | ) | 51 | (574 | ) | |||||||||||||||
Distributions | (16 | ) | — | — | — | (493 | ) | (509 | ) | |||||||||||||||
Priority distributions to AMB Property, L.P. (Note 8) | — | (13,205 | ) | — | — | — | (13,205 | ) | ||||||||||||||||
Priority distributions to City and County of San Francisco Employees’ Retirement System, L.P. (Note 8) | — | — | — | (782 | ) | — | (782 | ) | ||||||||||||||||
Balance at December 31, 2009 | 88 | 271,641 | 692,954 | 407,144 | 10,043 | 1,381,870 | ||||||||||||||||||
Contributions | — | 150,000 | 186,054 | 50,000 | — | 386,054 | ||||||||||||||||||
Redemptions | — | (50,000 | ) | (14,918 | ) | — | — | (64,918 | ) | |||||||||||||||
Net income (loss) | 16 | 12,382 | (1,416 | ) | — | (23 | ) | 10,959 | ||||||||||||||||
Distributions | (16 | ) | (10,904 | ) | (18,570 | ) | (7,555 | ) | (191 | ) | (37,236 | ) | ||||||||||||
Priority distributions to AMB Property, L.P. (Note 8) | — | (13,557 | ) | — | — | — | (13,557 | ) | ||||||||||||||||
Priority distributions to City and County of San Francisco Employees’ Retirement System, L.P. (Note 8) | — | — | — | (664 | ) | — | (664 | ) | ||||||||||||||||
Balance at December 31, 2010 | $ | 88 | $ | 359,562 | $ | 844,104 | $ | 448,925 | $ | 9,829 | $ | 1,662,508 | ||||||||||||
S-12
Table of Contents
(Report not required) | ||||||||
2010 | 2009 | |||||||
(dollars in thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 10,959 | $ | (574 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 82,341 | 81,442 | ||||||
Straight-line rents and amortization of lease intangibles | (11,976 | ) | (13,030 | ) | ||||
Straight-line ground rent expense | 472 | 510 | ||||||
Real estate impairment losses | — | 1,607 | ||||||
Debt premiums, discounts and finance cost amortization, net | 1,769 | 2,263 | ||||||
Depreciation related to discontinued operations | 928 | 1,681 | ||||||
Real estate impairment losses related to discontinued operations | 5,301 | 9,768 | ||||||
Gains from disposition of real estate | (435 | ) | (1,333 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable and other assets | (5,142 | ) | 56 | |||||
Restricted cash | 1,130 | 627 | ||||||
Accounts payable and other liabilities | 1,886 | 1,208 | ||||||
Interest payable | (892 | ) | (321 | ) | ||||
Security deposits | (924 | ) | (1,619 | ) | ||||
Net cash provided by operating activities | 85,417 | 82,285 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash (paid for) received from property acquisitions | (169,919 | ) | 541 | |||||
Net proceeds from disposition of real estate | 35,663 | 45,042 | ||||||
Additions to properties | (38,660 | ) | (35,922 | ) | ||||
Net cash (used in) provided by investing activities | (172,916 | ) | 9,661 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Contributions from partners | 336,054 | 3,729 | ||||||
Borrowings on mortgage loans payable | 250,000 | 18,091 | ||||||
Payments on mortgage loans payable | (377,985 | ) | (61,368 | ) | ||||
Payments on unsecured credit facility | — | (40,000 | ) | |||||
Borrowings on secured credit facility | 38,900 | 38,900 | ||||||
Payments on secured credit facility | (77,800 | ) | — | |||||
Payments of preferred unit distributions | (16 | ) | (16 | ) | ||||
Payment of priority distributions to AMB Property, L.P. | (13,876 | ) | (13,337 | ) | ||||
Payment of priority distributions to City and County | ||||||||
of San Francisco Employees’ Retirement System, L.P. | (791 | ) | — | |||||
Redemptions to partners | (14,918 | ) | — | |||||
Distributions to partners | (37,029 | ) | — | |||||
Distributions to noncontrolling interests | (191 | ) | (493 | ) | ||||
Payment of financing costs | (1,315 | ) | (314 | ) | ||||
Net cash provided by (used in) financing activities | 101,033 | (54,808 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 13,534 | 37,138 | ||||||
CASH AND CASH EQUIVALENTS — Beginning of year | 45,614 | 8,476 | ||||||
CASH AND CASH EQUIVALENTS — End of year | $ | 59,148 | $ | 45,614 | ||||
S-13
Table of Contents
DECEMBER 31, 2010
(Report not required)
1. | ORGANIZATION |
Former Names: | Effective Names: | |
AMB Institutional Alliance Fund III, L.P. | AMB U.S. Logistics Fund, L.P. (“USLF”) | |
AMB Institutional Alliance REIT III, Inc. | AMB U.S. Logistics REIT, Inc. (“USLR”) | |
AMB Fund III Holdings, L.P. | AMB U.S. Logistics Fund Holdings, L.P. (“USLFH”) |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
S-14
Table of Contents
Building costs | 5 to 40 years | |
Building costs on ground leases | 5 to 40 years | |
Building and improvements: | ||
Roof/HVAC/parking lots | 5 to 40 years | |
Plumbing/signage | 7 to 25 years | |
Painting and other | 5 to 40 years | |
Tenant improvements | Over initial lease term | |
Lease commissions | Over initial lease term |
S-15
Table of Contents
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
Rental revenues | $ | 3,378 | $ | 6,056 | ||||
Property operating costs | (578 | ) | (890 | ) | ||||
Real estate taxes and insurance | (1,028 | ) | (1,564 | ) | ||||
General and administrative | (6 | ) | — | |||||
Depreciation and amortization | (928 | ) | (1,681 | ) | ||||
Real estate impairment losses | (5,301 | ) | (9,768 | ) | ||||
Interest, including amortization | (517 | ) | (1,207 | ) | ||||
Loss attributable to discontinued operations | $ | (4,980 | ) | $ | (9,054 | ) | ||
S-16
Table of Contents
S-17
Table of Contents
Level 3 Assets/Liabilities | ||||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
Assets: | $ | 42,726 | $ | 83,012 | ||||
Investments in real estate(1) | $ | 42,726 | $ | 83,012 | ||||
(1) | The fair value at December 31, 2010 reflects a cumulative loss on impairment of real estate assets of $8.8 million, measured on a nonrecurring basis. |
S-18
Table of Contents
3. | REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY |
4. | DEBT |
S-19
Table of Contents
(Dollars | ||||
in thousands) | ||||
2011 | $ | 145,426 | ||
2012 | 43,647 | |||
2013 | 189,946 | |||
2014 | 128,824 | |||
2015 | 216,458 | |||
Thereafter | 876,289 | |||
Subtotal | 1,600,590 | |||
Less: Net unamortized (discounts) and premiums | (4,580 | ) | ||
Total debt | $ | 1,596,010 | ||
5. | LEASING ACTIVITY |
(Dollars | ||||
in thousands) | ||||
2011 | $ | 204,651 | ||
2012 | 175,918 | |||
2013 | 148,413 | |||
2014 | 114,025 | |||
2015 | 85,874 | |||
Thereafter | 223,473 | |||
Total | $ | 952,354 | ||
S-20
Table of Contents
6. | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
For the Twelve Months Ended December 31, | ||||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 96,975 | $ | 103,422 | ||||
Increase (decrease) in accounts payable related to capital improvements | $ | 3,592 | $ | (1,911 | ) | |||
Non-cash contribution from partners | $ | 50,000 | $ | — | ||||
Non-cash redemption to partners | $ | (50,000 | ) | $ | — | |||
Acquisition of properties | $ | 171,750 | $ | 32,500 | ||||
Non-cash transactions: | ||||||||
Contributions from partners | — | (32,500 | ) | |||||
Assumption of security deposits | (1,058 | ) | — | |||||
Assumption of other assets | (189 | ) | — | |||||
Assumption of other liabilities | (584 | ) | (541 | ) | ||||
Net cash paid for (received from) property acquisitions | $ | 169,919 | $ | (541 | ) | |||
7. | INCOME TAXES |
8. | TRANSACTIONS WITH AFFILIATES |
S-21
Table of Contents
9. | COMMITMENTS AND CONTINGENCIES |
S-22
Table of Contents
10. | SUBSEQUENT EVENTS |
S-23
Table of Contents
S-24
Table of Contents
S-25
Table of Contents
S-26
Table of Contents
(Dollars in thousands) | ||||
ASSETS | ||||
Investments in real estate: | ||||
Land | $ | 1,142,357 | ||
Buildings and improvements | 2,197,603 | |||
Construction in progress | 10,039 | |||
Total investments in real estate | 3,349,999 | |||
Accumulated depreciation and amortization | (155,161 | ) | ||
Net investments in real estate | 3,194,838 | |||
Cash and cash equivalents | 8,476 | |||
Restricted cash | 6,155 | |||
Deferred financing costs, net | 9,178 | |||
Accounts receivable and other assets, net of allowance for doubtful accounts of $915 as of December 31, 2008 and including net receivables from affiliates of $58 as of December 31, 2008 | 26,434 | |||
Total assets | $ | 3,245,081 | ||
LIABILITIES, PARTNERS’ CAPITAL AND NONCONTROLLING INTERESTS | ||||
Liabilities: | ||||
Mortgage loans payable | $ | 1,741,373 | ||
Secured credit facility | 26,100 | |||
Unsecured credit facility | 40,000 | |||
Accounts payable and other liabilities | 55,100 | |||
Interest payable | 7,655 | |||
Security deposits | 14,142 | |||
Total liabilities | 1,884,370 | |||
Commitments and contingencies (Note 9) | ||||
Partners’ capital: | ||||
Series A Preferred Units | 88 | |||
AMB Property, L.P. and AMB Property II, L.P. (general and limited partners) | 241,608 | |||
AMB Institutional Alliance REIT III, Inc. (limited partner) | 697,662 | |||
City and County of San Francisco Employees’ Retirement System (limited partner) | 410,868 | |||
Total partners’ capital | 1,350,226 | |||
Noncontrolling interests | 10,485 | |||
Total partners’ capital and noncontrolling interests | 1,360,711 | |||
Total liabilities, partners’ capital and noncontrolling interests | $ | 3,245,081 | ||
S-27
Table of Contents
(Dollars in thousands) | ||||
RENTAL REVENUES | $ | 230,476 | ||
COSTS AND EXPENSES | ||||
Property operating costs | 23,774 | |||
Real estate taxes and insurance | 35,597 | |||
Depreciation and amortization | 67,748 | |||
General and administrative | 2,126 | |||
Real estate impairment losses | 7,193 | |||
Total costs and expenses | 136,438 | |||
Operating income | 94,038 | |||
OTHER INCOME AND EXPENSES | ||||
Interest and other income | 1,099 | |||
Interest, including amortization | (85,103 | ) | ||
Total other income and expenses | (84,004 | ) | ||
Income from continuing operations | 10,034 | |||
Discontinued operations | ||||
Loss attributable to discontinued operations | (1,354 | ) | ||
Total discontinued operations | (1,354 | ) | ||
Net (loss) income | 8,680 | |||
Noncontrolling interests’ share of net income | (339 | ) | ||
Net (loss) income after noncontrolling interests | 8,341 | |||
Series A preferred unit distributions | (16 | ) | ||
Incentive distribution to AMB Property, L.P. | (39,264 | ) | ||
Priority distributions to AMB Property, L.P. | (12,208 | ) | ||
Net loss available to partners | $ | (43,147 | ) | |
S-28
Table of Contents
City and | ||||||||||||||||||||||||
AMB Property, | County of | |||||||||||||||||||||||
L.P. and | San Francisco | |||||||||||||||||||||||
AMB Property | Employees’ | |||||||||||||||||||||||
II, L.P. | AMB U.S. Logistics | Retirement | ||||||||||||||||||||||
Series A | (General and | REIT, Inc. | System | Noncontrolling | ||||||||||||||||||||
Preferred Units | Limited Partners) | (Limited Partner) | (Limited Partner) | Interests | Total | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2007 | $ | 88 | $ | 127,252 | $ | 732,584 | $ | — | $ | 2,833 | $ | 862,757 | ||||||||||||
Contributions | — | 129,383 | 94,586 | 419,424 | 7,801 | 651,194 | ||||||||||||||||||
Redemptions | — | — | (56,552 | ) | — | — | (56,552 | ) | ||||||||||||||||
Net income (loss) | 16 | 45,060 | (35,343 | ) | (1,392 | ) | 339 | 8,680 | ||||||||||||||||
Distributions | (16 | ) | (8,615 | ) | (37,613 | ) | (7,164 | ) | (488 | ) | (53,896 | ) | ||||||||||||
Incentive distribution to AMB Property, L.P. (Note 8) | — | (39,264 | ) | — | — | — | (39,264 | ) | ||||||||||||||||
Priority distributions to AMB Property, L.P. (Note 8) | — | (12,208 | ) | — | — | — | (12,208 | ) | ||||||||||||||||
Balance at December 31, 2008 | $ | 88 | $ | 241,608 | $ | 697,662 | $ | 410,868 | $ | 10,485 | $ | 1,360,711 | ||||||||||||
S-29
Table of Contents
(Dollars | ||||
in thousands) | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | 8,680 | ||
Adjustments to reconcile net income to net cash provided | ||||
by operating activities: | ||||
Depreciation and amortization | 67,748 | |||
Straight-line rents and amortization of lease intangibles | (10,424 | ) | ||
Straight-line ground rent expense | 620 | |||
Real estate impairment losses | 7,193 | |||
Debt premiums, discounts and finance cost amortization, net | 318 | |||
Depreciation related to discontinued operations | 1,074 | |||
Real estate impairment losses related to discontinued operations | 1,746 | |||
Changes in assets and liabilities: | ||||
Accounts receivable and other assets | 2,476 | |||
Restricted cash | (109 | ) | ||
Accounts payable and other liabilities | (5,859 | ) | ||
Interest payable | 1,031 | |||
Security deposits | 610 | |||
Net cash provided by operating activities | 75,104 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Cash paid for property acquisitions | (425,256 | ) | ||
Cash acquired from property acquisitions | 14,505 | |||
Additions to properties | (28,207 | ) | ||
Net cash used in investing activities | (438,958 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Contributions from partners | 111,302 | |||
Contributions from noncontrolling interests | 61 | |||
Borrowings on mortgage loans payable | 515,800 | |||
Payments on mortgage loans payable | (56,922 | ) | ||
Borrowings on unsecured credit facility | 112,500 | |||
Payments on unsecured credit facility | (207,500 | ) | ||
Borrowings on secured credit facility | 26,100 | |||
Payments on unsecured note payable | (16,000 | ) | ||
Payments of preferred unit distributions | (16 | ) | ||
Payment of incentive distribution to AMB Property, L.P. | (39,264 | ) | ||
Payment of priority distributions to AMB Property, L.P. | (12,244 | ) | ||
Redemptions to partners | (56,552 | ) | ||
Distributions to partners | (53,392 | ) | ||
Distributions to noncontrolling interests | (488 | ) | ||
Payment of financing costs | (3,787 | ) | ||
Net cash provided by financing activities | 319,598 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (44,256 | ) | ||
CASH AND CASH EQUIVALENTS — Beginning of year | 52,732 | |||
CASH AND CASH EQUIVALENTS — End of year | $ | 8,476 | ||
S-30
Table of Contents
DECEMBER 31, 2008
1. | ORGANIZATION |
Former Names: | Effective Names: | |
AMB Institutional Alliance Fund III, L.P. | AMB U.S. Logistics Fund, L.P. (“USLF”) | |
AMB Institutional Alliance REIT III, Inc. | AMB U.S. Logistics REIT, Inc. (“USLR”) | |
AMB Fund III Holdings, L.P. | AMB U.S. Logistics Fund Holdings, L.P. (“USLFH”) |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
S-31
Table of Contents
Building costs | 5 to 40 years | |
Building costs on ground leases | 5 to 40 years | |
Building and improvements: | ||
Roof/HVAC/parking lots | 5 to 40 years | |
Plumbing/signage | 7 to 25 years | |
Painting and other | 5 to 40 years | |
Tenant improvements | Over initial lease term | |
Lease commissions | Over initial lease term |
S-32
Table of Contents
2008 | ||||
(Dollars | ||||
in thousands) | ||||
Rental revenues | $ | 2,844 | ||
Property operating costs | (436 | ) | ||
Real estate taxes and insurance | (678 | ) | ||
Depreciation and amortization | (1,074 | ) | ||
Real estate impairment losses | (1,746 | ) | ||
Interest, including amortization | (264 | ) | ||
Loss attributable to discontinued operations | $ | (1,354 | ) | |
S-33
Table of Contents
3. | REAL ESTATE ACQUISITION ACTIVITY |
4. | DEBT |
S-34
Table of Contents
(Dollars | ||||
in thousands) | ||||
2009 | $ | 89,296 | ||
2010 | 47,802 | |||
2011 | 340,811 | |||
2012 | 88,963 | |||
2013 | 286,712 | |||
Thereafter | 958,268 | |||
Subtotal | 1,811,852 | |||
Net unamortized premiums and discounts | (4,379 | ) | ||
Total mortgage loans payable | $ | 1,807,473 | ||
S-35
Table of Contents
5. | LEASING ACTIVITY |
(Dollars | ||||
in thousands) | ||||
2009 | $ | 208,838 | ||
2010 | 180,647 | |||
2011 | 146,382 | |||
2012 | 113,130 | |||
2013 | 88,768 | |||
Thereafter | 273,492 | |||
Total | $ | 1,011,257 | ||
6. | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
For the Year Ended | ||||
December 31, 2008 | ||||
(Dollars in thousands) | ||||
Cash paid for interest, net of amounts capitalized | $ | 81,501 | ||
Increase in accounts payable related to capital improvements | $ | 1,477 | ||
Acquisition of properties | $ | 1,358,937 | ||
Non-cash transactions: | ||||
Contributions from partners | (532,091 | ) | ||
Contributions from minority interest partners | (7,740 | ) | ||
Assumption of mortgage loans payable | (391,340 | ) | ||
Assumption of net mortgage discounts | 4,640 | |||
Assumption of security deposits | (5,853 | ) | ||
Loan assumption fees | 407 | |||
Assumption of other assets | 19,520 | |||
Assumption of other liabilities | (21,224 | ) | ||
Net cash paid for property acquisitions | $ | 425,256 | ||
7. | INCOME TAXES |
8. | TRANSACTIONS WITH AFFILIATES |
S-36
Table of Contents
9. | COMMITMENTS AND CONTINGENCIES |
S-37
Table of Contents
10. | SUBSEQUENT EVENTS |
11. | RECLASSIFICATIONS |
S-38
Table of Contents
S-39
Table of Contents
(Report not required) | ||||
2010 | ||||
(yen in thousands) | ||||
ASSETS | ||||
Investments in real estate: | ||||
Land | ¥ | 48,799,210 | ||
Buildings and improvements | 90,862,849 | |||
Total investments in real estate | 139,662,059 | |||
Accumulated depreciation and amortization | (9,693,277 | ) | ||
Net investments in real estate | 129,968,782 | |||
Cash and cash equivalents | 9,320,300 | |||
Restricted cash | 6,656,239 | |||
Deferred financing costs, net | 635,227 | |||
Accounts receivable and other assets | 764,273 | |||
Total assets | ¥ | 147,344,821 | ||
LIABILITIES, PARTNERS’ CAPITAL AND NONCONTROLLING INTERESTS | ||||
Liabilities: | ||||
Mortgage loan payable | ¥ | 23,754,134 | ||
Bonds payable | 51,656,298 | |||
Unsecured loan payable | 800,000 | |||
Net payables to affiliates | 112,893 | |||
Accounts payable and other liabilities | 3,205,295 | |||
Distributions payable | 1,652,347 | |||
Security deposits | 3,209,170 | |||
Total liabilities | 84,390,137 | |||
Commitments and contingencies (Note 9) | ||||
Partners’ Capital: | ||||
AMB Japan Investments, LLC (general partner) | 504,855 | |||
Limited partners’ capital | 49,980,793 | |||
Total partners’ capital | 50,485,648 | |||
Noncontrolling interests | 12,469,036 | |||
Total partners’ capital and noncontrolling interests | 62,954,684 | |||
Total liabilities, partners’ capital and noncontrolling interests | ¥ | 147,344,821 | ||
S-40
Table of Contents
(Report not required) | ||||
2010 | ||||
(yen in thousands) | ||||
RENTAL REVENUES | ¥ | 9,392,087 | ||
COSTS AND EXPENSES | ||||
Property operating costs | 964,416 | |||
Real estate taxes and insurance | 1,096,753 | |||
Depreciation and amortization | 2,550,556 | |||
General and administrative | 503,309 | |||
Total costs and expenses | 5,115,034 | |||
Operating income | 4,277,053 | |||
OTHER INCOME AND EXPENSES | ||||
Interest and other income | 33,343 | |||
Interest, including amortization | (2,376,407 | ) | ||
Total other income and expenses | (2,343,064 | ) | ||
Income before noncontrolling interests and taxes | 1,933,989 | |||
Income and withholding taxes | (231,936 | ) | ||
Net income | 1,702,053 | |||
Noncontrolling interests’ share of income | (336,388 | ) | ||
Net income after noncontrolling interests | 1,365,665 | |||
Priority distributions to AMB Japan Investments, LLC | (491,020 | ) | ||
Net income available to partners | ¥ | 874,645 | ||
S-41
Table of Contents
(Report not required) | ||||||||||||||||
AMB Japan | ||||||||||||||||
Investments, LLC | Noncontrolling | |||||||||||||||
(General Partner) | Limited Partners | Interests | Total | |||||||||||||
(yen in thousands) | ||||||||||||||||
Balance at December 31, 2009 | ¥ | 493,972 | ¥ | 48,903,261 | 12,183,518 | ¥ | 61,580,751 | |||||||||
Distributions | — | — | (101,633 | ) | (101,633 | ) | ||||||||||
Net income | 499,765 | 865,900 | 336,388 | 1,702,053 | ||||||||||||
Other comprehensive income (Note 2) | 2,138 | 211,632 | 50,763 | 264,533 | ||||||||||||
Priority distributions (Note 8) | (491,020 | ) | — | — | (491,020 | ) | ||||||||||
Balance at December 31, 2010 | ¥ | 504,855 | ¥ | 49,980,793 | ¥ | 12,469,036 | ¥ | 62,954,684 | ||||||||
S-42
Table of Contents
(Report not required) | ||||
2010 | ||||
(yen in thousands) | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | ¥ | 1,702,053 | ||
Adjustments to reconcile net income to net cash provided by | ||||
operating activities: | ||||
Depreciation and amortization | 2,550,556 | |||
Straight-line rents and amortization of lease intangibles | (139,176 | ) | ||
Other income | (28,180 | ) | ||
Debt premiums and finance cost amortization, net | 347,080 | |||
Changes in assets and liabilities: | ||||
Accounts receivable and other assets | (121,807 | ) | ||
Restricted cash | (1,060,493 | ) | ||
Accounts payable and other liabilities | 236,264 | |||
Security deposits | 279,977 | |||
Net cash provided by operating activities | 3,766,274 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Insurance proceeds received | 33,878 | |||
Additions to properties | (413,123 | ) | ||
Net cash used in investing activities | (379,245 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Borrowings on mortgage loans payables | 12,500,000 | |||
Borrowings on bonds payable | 2,600,000 | |||
Payments on mortgage loans payable | (13,200,621 | ) | ||
Payments of financing costs | (309,690 | ) | ||
Payments on bonds payable | (3,890,798 | ) | ||
Payment of priority distributions to AMB Japan Investments, LLC | (400,000 | ) | ||
Distributions to noncontrolling interests | (101,633 | ) | ||
Net cash used in financing activities | (2,802,742 | ) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 584,287 | |||
CASH AND CASH EQUIVALENTS — Beginning of year | 8,736,013 | |||
CASH AND CASH EQUIVALENTS — End of year | ¥ | 9,320,300 | ||
S-43
Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2010
(Report not required)
1. | ORGANIZATION |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
S-44
Table of Contents
Building costs | 5 to 40 years | |
Building and improvements: | ||
Roof/HVAC/parking lots | 5 to 40 years | |
Plumbing/signage | 7 to 25 years | |
Painting and other | 5 to 40 years | |
Tenant improvements | Over initial lease term | |
Lease commissions | Over initial lease term |
S-45
Table of Contents
S-46
Table of Contents
Level 2 | ||||
Assets/(Liabilities) | ||||
at Fair Value | ||||
(yen in thousands) | ||||
Assets/(Liabilities): | ||||
Interest rate swaps | ¥ | (890,758 | ) | |
Interest rate caps | 18,771 | |||
¥ | (871,987 | ) | ||
3. | DEBT |
S-47
Table of Contents
Mortgage loan | Unsecured loan | |||||||||||||||
payable | Bonds payable | payable | Total | |||||||||||||
(yen in thousands) | ||||||||||||||||
2011 | ¥ | 11,466,634 | ¥ | 1,787,720 | ¥ | — | ¥ | 13,254,354 | ||||||||
2012 | 170,000 | 16,699,720 | 800,000 | 17,669,720 | ||||||||||||
2013 | 8,117,500 | 30,568,858 | — | 38,686,358 | ||||||||||||
2014 | — | — | — | — | ||||||||||||
2015 | 85,315 | 55,455 | — | 140,770 | ||||||||||||
Thereafter | 3,914,685 | 2,544,545 | — | 6,459,230 | ||||||||||||
Total | ¥ | 23,754,134 | ¥ | 51,656,298 | ¥ | 800,000 | ¥ | 76,210,432 | ||||||||
S-48
Table of Contents
4. | LEASING ACTIVITY |
(yen in thousands) | ||||
2011 | ¥ | 7,594,636 | ||
2012 | 6,206,341 | |||
2013 | 5,302,632 | |||
2014 | 3,546,229 | |||
2015 | 2,469,460 | |||
Thereafter | 10,385,976 | |||
Total | ¥ | 35,505,274 | ||
5. | DERIVATIVES AND HEDGING ACTIVITIES |
S-49
Table of Contents
Number of | Notional Amount | |||||||
Related Derivatives | Instruments | (yen in millions) | ||||||
Interest rate swaps | 6 | ¥ | 38,631 | |||||
Interest rate caps | 4 | ¥ | 17,258 |
Fair Value of Derivative Instruments at December 31, 2010 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
Location | Value | Location | Value | |||||||||
(yen in millions) | (yen in millions) | |||||||||||
Derivatives designated as hedging instruments | ||||||||||||
Interest rate swaps | Accounts payable and other liabilities | ¥ | — | Accounts payable and other liabilities | ¥ | (891 | ) | |||||
Interest rate caps | Accounts payable and other liabilities | 19 | Accounts payable and other liabilities | — | ||||||||
Total | ¥ | 19 | ¥ | (891 | ) | |||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||
Derivative Instruments | Recognized in | Reclassified from | Reclassified from | |||||||
in Cash Flow Hedging | Other Comprehensive Income | Accumulated OCI into | Accumulated OCI into | |||||||
Relationships | (OCI) (Effective Portion) | Income (Effective Portion) | Income (Effective Portion) | |||||||
(yen in millions) | (yen in millions) | |||||||||
Interest rate swaps | ¥ | 262 | Interest, including amortization | ¥ | (502 | ) | ||||
Interest rate caps | 3 | Interest, including amortization | — | |||||||
Total | ¥ | 265 | ¥ | (502 | ) | |||||
S-50
Table of Contents
6. | INCOME AND WITHHOLDING TAXES |
7. | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
For the Year Ended | ||||
December 31, 2010 | ||||
(yen in thousands) | ||||
Cash paid for interest | ¥ | 2,039,503 | ||
8. | TRANSACTIONS WITH AFFILIATES |
S-51
Table of Contents
9. | COMMITMENTS AND CONTINGENCIES |
S-52
Table of Contents
10. | SUBSEQUENT EVENTS |
S-53
Table of Contents
S-54
Table of Contents
S-55
Table of Contents
S-56
Table of Contents
2009 | 2008 | |||||||
(yen in thousands) | ||||||||
ASSETS | ||||||||
Investments in real estate: | ||||||||
Land | ¥ | 48,799,210 | ¥ | 44,765,559 | ||||
Buildings and improvements | 90,533,821 | 77,739,338 | ||||||
Total investments in real estate | 139,333,031 | 122,504,897 | ||||||
Accumulated depreciation and amortization | (7,221,121 | ) | (4,613,064 | ) | ||||
Net investments in real estate | 132,111,910 | 117,891,833 | ||||||
Cash and cash equivalents | 8,736,013 | 7,409,549 | ||||||
Restricted cash | 5,595,746 | 4,281,411 | ||||||
Deferred financing costs, net | 689,488 | 798,928 | ||||||
Accounts receivable and other assets | 597,781 | 742,801 | ||||||
Net receivables from affiliates | 6,112 | — | ||||||
Total assets | ¥ | 147,737,050 | ¥ | 131,124,522 | ||||
LIABILITIES, PARTNERS’ CAPITAL AND NONCONTROLLING INTERESTS | ||||||||
Liabilities: | ||||||||
Mortgage loans payable | ¥ | 24,462,253 | ¥ | 16,728,873 | ||||
Bonds payable | 52,956,469 | 53,601,564 | ||||||
Secured loan payable | — | 11,985,000 | ||||||
Unsecured loan payable | 800,000 | — | ||||||
Net payables to affiliates | — | 232,703 | ||||||
Accounts payable and other liabilities | 3,447,057 | 3,374,015 | ||||||
Distributions payable | 1,561,327 | 1,116,382 | ||||||
Security deposits | 2,929,193 | 2,374,865 | ||||||
Total liabilities | 86,156,299 | 89,413,402 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Partners’ Capital: | ||||||||
AMB Japan Investments, LLC (general partner) | 493,972 | 312,719 | ||||||
Limited partners’ capital | 48,903,261 | 30,959,356 | ||||||
Total partners’ capital | 49,397,233 | 31,272,075 | ||||||
Noncontrolling interests | 12,183,518 | 10,439,045 | ||||||
Total partners’ capital and noncontrolling interests | 61,580,751 | 41,711,120 | ||||||
Total liabilities, partners’ capital and noncontrolling interests | ¥ | 147,737,050 | ¥ | 131,124,522 | ||||
S-57
Table of Contents
2009 | 2008 | |||||||
(yen in thousands) | ||||||||
RENTAL REVENUES | ¥ | 9,426,058 | ¥ | 8,026,402 | ||||
COSTS AND EXPENSES | ||||||||
Property operating costs | 1,014,943 | 812,697 | ||||||
Real estate taxes and insurance | 1,112,987 | 916,603 | ||||||
Depreciation and amortization | 2,610,651 | 2,184,298 | ||||||
General and administrative | 508,313 | 442,576 | ||||||
Total costs and expenses | 5,246,894 | 4,356,174 | ||||||
Operating income | 4,179,164 | 3,670,228 | ||||||
OTHER INCOME AND EXPENSES | ||||||||
Interest and other income | 11,422 | 19,360 | ||||||
Interest, including amortization | (2,532,167 | ) | (2,130,266 | ) | ||||
Total other income and expenses | (2,520,745 | ) | (2,110,906 | ) | ||||
Income before noncontrolling interests and taxes | 1,658,419 | 1,559,322 | ||||||
Income and withholding taxes | (257,486 | ) | (335,323 | ) | ||||
Net income | 1,400,933 | 1,223,999 | ||||||
Noncontrolling interests’ share of net income | (288,553 | ) | (287,942 | ) | ||||
Net income after noncontrolling interests | 1,112,380 | 936,057 | ||||||
Priority distributions to AMB Japan Investments, LLC | (894,945 | ) | (314,763 | ) | ||||
Net income available to partners | ¥ | 217,435 | ¥ | 621,294 | ||||
S-58
Table of Contents
AMB Japan | ||||||||||||||||
Investments, LLC | Noncontrolling | |||||||||||||||
(General Partner) | Limited Partners | Interests | Total | |||||||||||||
(yen in thousands) | ||||||||||||||||
Balance at December 31, 2007 | ¥ | 277,301 | ¥ | 25,908,564 | ¥ | 8,632,377 | ¥ | 34,818,242 | ||||||||
Contributions | 33,895 | 4,900,000 | 1,784,904 | 6,718,799 | ||||||||||||
Distributions | — | — | (154,809 | ) | (154,809 | ) | ||||||||||
Net income | 320,976 | 615,081 | 287,942 | 1,223,999 | ||||||||||||
Other comprehensive loss (Note 2) | (4,690 | ) | (464,289 | ) | (111,369 | ) | (580,348 | ) | ||||||||
Priority distributions (Note 9) | (314,763 | ) | — | — | (314,763 | ) | ||||||||||
Balance at December 31, 2008 | 312,719 | 30,959,356 | 10,439,045 | 41,711,120 | ||||||||||||
Contributions | 179,613 | 17,781,650 | 1,580,800 | 19,542,063 | ||||||||||||
Distributions | — | — | (112,166 | ) | (112,166 | ) | ||||||||||
Net income | 897,120 | 215,260 | 288,553 | 1,400,933 | ||||||||||||
Other comprehensive loss (Note 2) | (535 | ) | (53,005 | ) | (12,714 | ) | (66,254 | ) | ||||||||
Priority distributions (Note 9) | (894,945 | ) | — | — | (894,945 | ) | ||||||||||
Balance at December 31, 2009 | ¥ | 493,972 | ¥ | 48,903,261 | ¥ | 12,183,518 | ¥ | 61,580,751 | ||||||||
S-59
Table of Contents
2009 | 2008 | |||||||
(yen in thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | ¥ | 1,400,933 | ¥ | 1,223,999 | ||||
Adjustments to reconcile net income to net cash provided by | ||||||||
operating activities: | ||||||||
Depreciation and amortization | 2,610,651 | 2,184,298 | ||||||
Straight-line rents and amortization of lease intangibles | (110,503 | ) | (167,828 | ) | ||||
Debt premiums and finance cost amortization, net | 416,379 | 233,490 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable and other assets | 110,584 | 866,029 | ||||||
Restricted cash | (1,314,335 | ) | (635,133 | ) | ||||
Accounts payable and other liabilities | (294,230 | ) | (1,564,289 | ) | ||||
Security deposits | (102,365 | ) | (76,994 | ) | ||||
Net cash provided by operating activities | 2,717,114 | 2,063,572 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Debt financed distributions to AMB Japan for property acquisitions | (800,000 | ) | (600,000 | ) | ||||
Cash paid for property acquisitions | (4,845,692 | ) | (2,169,972 | ) | ||||
Cash paid for prior year property acquisitions | (163,029 | ) | — | |||||
Release of restricted cash | — | 2,200,000 | ||||||
Additions to properties | (230,729 | ) | (348,907 | ) | ||||
Net cash used in investing activities | (6,039,450 | ) | (918,879 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Contributions from limited partners | 17,781,650 | 4,900,000 | ||||||
Contributions from noncontrolling interests | 368,665 | 836,977 | ||||||
Payments on mortgage loans payable | (60,621 | ) | (12,124 | ) | ||||
Borrowings on mortgage loans payable | — | 10,417,500 | ||||||
Borrowings on secured loans payable | — | 600,000 | ||||||
Borrowings on unsecured loan payable | 800,000 | — | ||||||
Payments of financing costs | (56,132 | ) | (317,453 | ) | ||||
Payments on bonds payable | (1,637,596 | ) | (321,568 | ) | ||||
Payments on secured loans payable | (11,985,000 | ) | (15,885,300 | ) | ||||
Payment of priority distributions to AMB Japan Investments, LLC | (450,000 | ) | (400,000 | ) | ||||
Distributions to noncontrolling interests | (112,166 | ) | (154,809 | ) | ||||
Net cash provided by (used in) financing activities | 4,648,800 | (336,777 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,326,464 | 807,916 | ||||||
CASH AND CASH EQUIVALENTS — Beginning of year | 7,409,549 | 6,601,633 | ||||||
CASH AND CASH EQUIVALENTS — End of year | ¥ | 8,736,013 | ¥ | 7,409,549 | ||||
S-60
Table of Contents
1. | ORGANIZATION |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
S-61
Table of Contents
Building costs | 5 to 40 years | |
Building and improvements: | ||
Roof/HVAC/parking lots | 5 to 40 years | |
Plumbing/signage | 7 to 25 years | |
Painting and other | 5 to 40 years | |
Tenant improvements | Over initial lease term | |
Lease commissions | Over initial lease term |
S-62
Table of Contents
S-63
Table of Contents
S-64
Table of Contents
Level 2 | ||||
Assets/Liabilities | ||||
at Fair Value | ||||
(yen in thousands) | ||||
Liabilities: | ||||
Interest rate swap | ¥ | 1,152,657 | ||
Interest rate cap | (30 | ) | ||
¥ | 1,152,627 | |||
3. | REAL ESTATE ACQUISITION ACTIVITY |
S-65
Table of Contents
For the Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
(yen in thousands) | ||||||||
Land | ¥ | 4,033,651 | ¥ | 6,913,374 | ||||
Buildings and improvements | 12,251,743 | 11,389,749 | ||||||
In-place leases | 216,693 | 249,048 | ||||||
Lease origination costs | 97,913 | 97,829 | ||||||
¥ | 16,600,000 | ¥ | 18,650,000 | |||||
4. | DEBT |
S-66
Table of Contents
Mortgage loans | Unsecured loan | |||||||||||||||
payable | Bonds payable | payable | Total | |||||||||||||
(yen in thousands) | ||||||||||||||||
2010 | ¥ | 10,478,121 | ¥ | 767,928 | ¥ | — | ¥ | 11,246,049 | ||||||||
2011 | 13,976,634 | 4,910,590 | 800,000 | 19,687,224 | ||||||||||||
2012 | — | 16,699,720 | — | 16,699,720 | ||||||||||||
2013 | — | 30,568,858 | — | 30,568,858 | ||||||||||||
Subtotal | 24,454,755 | 52,947,096 | 800,000 | 78,201,851 | ||||||||||||
Unamortized premiums | 7,498 | 9,373 | — | 16,871 | ||||||||||||
Total | ¥ | 24,462,253 | ¥ | 52,956,469 | ¥ | 800,000 | ¥ | 78,218,722 | ||||||||
S-67
Table of Contents
5. | LEASING ACTIVITY |
(yen in thousands) | ||||
2010 | ¥ | 7,986,101 | ||
2011 | 5,772,947 | |||
2012 | 4,377,172 | |||
2013 | 3,826,424 | |||
2014 | 2,664,385 | |||
Thereafter | 11,208,809 | |||
Total | ¥ | 35,835,838 | ||
6. | DERIVATIVES AND HEDGING ACTIVITIES |
S-68
Table of Contents
Number of | ||||||||
Related Derivatives | Instruments | Notional Amount | ||||||
(yen in millions) | ||||||||
Interest rate swaps | 8 | ¥ | 49,564 | |||||
Interest rate caps | 2 | ¥ | 8,800 |
Fair Value of Derivative Instruments at December 31, 2009 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
Location | Value | Location | Value | |||||||||
(yen in millions) | (yen in millions) | |||||||||||
Derivatives designated as hedging instruments under SFAS No. 133 | ||||||||||||
Interest rate swaps | Accounts payable and other liabilities | ¥ | — | Accounts payable and other liabilities | ¥ | (1,154 | ) | |||||
Interest rate caps | Accounts payable and other liabilities | 1 | Accounts payable and other liabilities | — | ||||||||
Total | ¥ | 1 | ¥ | (1,154 | ) | |||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||
Derivative Instruments | Recognized in | Reclassified from | Reclassified from | |||||||
in SFAS No. 133 Cash Flow | Other Comprehensive Income | Accumulated OCI into | Accumulated OCI into | |||||||
Hedging Relationships | (OCI) (Effective Portion) | Income (Effective Portion) | Income (Effective Portion) | |||||||
(yen in millions) | (yen in millions) | |||||||||
Interest rate swaps | ¥ | (61 | ) | Interest, including amortization | ¥ | (368 | ) | |||
Interest rate caps | (5 | ) | Interest, including amortization | — | ||||||
Total | ¥ | (66 | ) | ¥ | (368 | ) | ||||
S-69
Table of Contents
7. | INCOME AND WITHHOLDING TAXES |
8. | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
For the Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
(yen in thousands) | ||||||||
Cash paid for interest | ¥ | 2,109,204 | ¥ | 1,904,354 | ||||
Acquisition of property | ¥ | 16,600,000 | ¥ | 18,673,262 | ||||
Non-cash transactions: | ||||||||
Assumption of bond payable | (1,000,000 | ) | (9,400,000 | ) | ||||
Assumption of mortgage loan payable | (7,800,000 | ) | (3,630,000 | ) | ||||
Assumption of other assets and liabilities | (118,646 | ) | (1,546,703 | ) | ||||
Assumption of security deposits | (656,693 | ) | (156,308 | ) | ||||
Receivable (Payable) for remaining portion of purchase price | 12,779 | (182,198 | ) | |||||
Contributions from general partner | (179,613 | ) | (33,895 | ) | ||||
Contributions from noncontrolling interests | (1,212,135 | ) | (954,186 | ) | ||||
5,645,692 | 2,769,972 | |||||||
Debt financed distribution for acquisition of property | (800,000 | ) | (600,000 | ) | ||||
Net cash paid for property acquisitions | ¥ | 4,845,692 | ¥ | 2,169,972 | ||||
9. | TRANSACTIONS WITH AFFILIATES |
S-70
Table of Contents
S-71
Table of Contents
S-72
Table of Contents
10. | COMMITMENTS AND CONTINGENCIES |
11. | SUBSEQUENT EVENTS |
S-73
Table of Contents
Exhibit | ||||
Number | Description | |||
3 | .1 | Articles of Incorporation of AMB Property Corporation (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Registration Statement onForm S-11(No. 333-35915)). | ||
3 | .2 | Articles Supplementary establishing and fixing the rights and preferences of the 61/2% Series L Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.16 to AMB Property Corporation’sForm 8-A filed on June 20, 2003). | ||
3 | .3 | Articles Supplementary establishing and fixing the rights and preferences of the 63/4% Series M Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.17 to AMB Property Corporation’sForm 8-A filed on November 12, 2003). | ||
3 | .4 | Articles Supplementary establishing and fixing the rights and preferences of the 7.00% Series O Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.19 to AMB Property Corporation’s Registration Statement onForm 8-A filed on December 12, 2005). | ||
3 | .5 | Articles Supplementary establishing and fixing the rights and preferences of the 6.85% Series P Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.18 to AMB Property Corporation’s Registration Statement onForm 8-A filed on August 24, 2006). | ||
3 | .6 | Articles Supplementary Reestablishing and Refixing the Rights and Preferences of the 7.75% Series D Cumulative Redeemable Preferred Stock as 7.18% Series D Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 of AMB Property Corporation’s Current Report onForm 8-K filed on February 22, 2007). | ||
3 | .7 | Articles Supplementary Redesignating and Reclassifying 510,000 Shares of 8.00% Series I Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .8 | Articles Supplementary Redesignating and Reclassifying 800,000 Shares of 7.95% Series J Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.2 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .9 | Articles Supplementary Redesignating and Reclassifying 800,000 Shares of 7.95% Series K Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.3 to AMB Property Corporation’s Current Report onForm 8-K filed on May 16, 2007). | ||
3 | .10 | Sixth Amended and Restated Bylaws of AMB Property Corporation (incorporated by reference to Exhibit 3.1 to AMB Property Corporation’s Current Report onForm 8-K filed on September 25, 2008). | ||
3 | .11 | Articles Supplementary Redesignating and Reclassifying 1,595,337 Shares of 7.18% Series D Cumulative Redeemable Preferred Stock as Preferred Stock (incorporated by reference to Exhibit 3.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 22, 2009). | ||
3 | .12 | Twelfth Amended and Restated Agreement of Limited Partnership of AMB Property, L.P. dated as of August 25, 2006, (incorporated by reference to Exhibit 3.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 30, 2006). | ||
4 | .1 | Form of Certificate for Common Stock of AMB Property Corporation (incorporated by reference to Exhibit 3.3 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-35915)). | ||
4 | .2 | Form of Certificate for 61/2% Series L Cumulative Redeemable Preferred Stock of AMB Property Corporation (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Form 8-A filed on June 20, 2003). | ||
4 | .3 | Form of Certificate for 63/4% Series M Cumulative Redeemable Preferred Stock of AMB Property Corporation (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Form 8-A filed on November 12, 2003). | ||
4 | .4 | Form of Certificate for 7.00% Series O Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.4 to AMB Property Corporation’s Form 8-A filed December 12, 2005). | ||
4 | .5 | Form of Certificate for 6.85% Series P Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.5 to AMB Property Corporation’s Form 8-A filed on August 24, 2006). | ||
4 | .6 | Specimen of 7.50% Notes due 2018 (included in the Second Supplemental Indenture incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Registration Statement on Form S-11(No. 333-49163) and also included in the Second Supplemental Indenture incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). |
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .7 | $50,000,000 7.00% Fixed Rate Note No. 9 dated March 7, 2001, attaching the Parent Guarantee dated March 7, 2001 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 16, 2001 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 16, 2001). | ||
4 | .8 | $25,000,000 6.75% Fixed Rate Note No. 10 dated September 6, 2001, attaching the Parent Guarantee dated September 6, 2001 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 18, 2001 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 18, 2001). | ||
4 | .9 | $100,000,000 Fixed Rate Note No. B-2 dated March 16, 2004, attaching the Parent Guarantee dated March 16, 2004 (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 17, 2004 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 17, 2004). | ||
4 | .10 | $175,000,000 Fixed Rate Note No, B-3, attaching the Parent Guarantee (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on November 18, 2005 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on November 18, 2005). | ||
4 | .11 | Indenture dated as of June 30, 1998, by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 10, 2006 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 10, 2006). | ||
4 | .12 | First Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .13 | Second Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.3 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .14 | Third Supplemental Indenture dated as of June 30, 1998 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.4 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-49163) and also incorporated by reference to Exhibit 4.4 of AMB Property, L.P.’s Registration Statement on Form S-11 (No. 333-49163)). | ||
4 | .15 | Fourth Supplemental Indenture dated as of August 15, 2000 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K/A filed on November 16, 2000 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K/A filed on November 16, 2000). | ||
4 | .16 | Fifth Supplemental Indenture dated as of May 7, 2002 by and among AMB Property, L.P., AMB Property Corporation and State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.15 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2002 and also incorporated by reference to Exhibit 4.15 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2002). | ||
4 | .17 | Sixth Supplemental Indenture dated as of July 11, 2005 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). | ||
4 | .18 | 5.094% Notes due 2015, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). |
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .19 | Seventh Supplemental Indenture dated as of August 10, 2006 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee, including the Form of Fixed Rate Medium-Term Note, Series C, attaching the Form of Parent Guarantee, and the Form of Floating Rate Medium-Term Note, Series C, attaching the Form of Parent Guarantee. (incorporated by reference to Exhibit 4.2 to AMB Property Corporation’s Current Report on Form 8-K filed on August 10, 2006 and also incorporated by reference to Exhibit 4.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 10, 2006). | ||
4 | .20 | $175,000,000 Fixed Rate Note No. FXR-C-1 dated as of August 15, 2006, attaching the Parent Guarantee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 15, 2006 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on August 15, 2006). | ||
4 | .21 | Form of Registration Rights Agreement among AMB Property Corporation and the persons named therein (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Registration Statement on Form S-11 (No. 333-35915)). | ||
4 | .22 | Registration Rights Agreement dated November 14, 2003 by and among AMB Property II, L.P. and the unitholders whose names are set forth on the signature pages thereto (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on Form 8-K filed on November 17, 2003). | ||
4 | .23 | Registration Rights Agreement dated as of May 5, 1999 by and among AMB Property Corporation, AMB Property II, L.P. and the unitholders whose names are set forth on the signature pages thereto (incorporated by reference to Exhibit 4.33 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006). | ||
4 | .24 | Registration Rights Agreement dated as of November 1, 2006 by and among AMB Property Corporation, AMB Property II, L.P., J.A. Green Development Corp. and JAGI, Inc (incorporated by reference to Exhibit 4.34 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006). | ||
4 | .25 | $325,000,000 Fixed Rate Note No. FXR-C-2, attaching the Parent Guarantee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation’s Current Report on 8-K filed on May 1, 2008 and also incorporated by reference to Exhibit 4.1 of AMB Property, L.P.’s Current Report on 8-K filed on May 1, 2008). | ||
4 | .26 | $50,000,000 8.00% Fixed Rate Note No. 3 dated October 26, 2000, attaching the Parent Guarantee dated October 26, 2000 (incorporated by reference to Exhibit 4.7 of AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2000 and also incorporated by reference to Exhibit 4.8 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000). | ||
4 | .27 | $25,000,000 8.000% Fixed Rate Note No. 4 dated October 26, 2000 attaching the Parent Guarantee dated October 26, 2000 (incorporated by reference to Exhibit 4.8 of AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2000 and also incorporated by reference to Exhibit 4.9 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000). | ||
4 | .28 | Registration Rights Agreement dated as of November 10, 2009 by and between AMB Property Corporation and J.P. Morgan Securities Inc. (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 10, 2009). | ||
4 | .29 | Eighth Supplemental Indenture dated as of November 20, 2009 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .30 | Ninth Supplemental Indenture dated as of November 20, 2009 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .31 | 6.125% Notes due 2016, attaching Parent Guarantee (incorporated by reference to Exhibit 4.3 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). |
Table of Contents
Exhibit | ||||
Number | Description | |||
4 | .32 | 6.625% Notes due 2019, attaching Parent Guarantee (incorporated by reference to Exhibit 4.4 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on November 20, 2009). | ||
4 | .33 | Registration Rights Agreement dated November 26, 1997 among AMB Property Corporation and the persons named therein (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Quarterly Report on Form 10-Q filed on August 3, 2010). | ||
4 | .34 | Tenth Supplemental Indenture dated as of August 9, 2010 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on August 9, 2010). | ||
4 | .35 | 4.500% Notes due 2017, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on August 9, 2010). | ||
4 | .36 | Eleventh Supplemental Indenture dated as of November 12, 2010 by and among AMB Property, L.P., AMB Property Corporation and U.S. Bank National Association, as successor-in-interest to State Street Bank and Trust Company of California, N.A., as trustee (incorporated by reference to Exhibit 4.1 to AMB Property Corporation and AMB Property, L.P.’s first Current Report on Form 8-K filed on November 10, 2010). | ||
4 | .37 | 4.00% Notes due 2018, attaching Parent Guarantee (incorporated by reference to Exhibit 4.2 to AMB Property Corporation and AMB Property, L.P.’s first Current Report on Form 8-K filed on November 10, 2010). | ||
4 | .38 | Registration Rights Agreement dated as of July 8, 2005 by and between AMB Property, L.P. and Teachers Insurance and Annuity Association of America (incorporated by reference to Exhibit 4.3 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 13, 2005). | ||
*10 | .1 | Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.22 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 and also incorporated by reference to Exhibit 10.19 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2001). | ||
*10 | .2 | Amendment No. 1 to the Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.23 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 and also incorporated by reference to Exhibit 10.20 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2001). | ||
*10 | .3 | Amendment No. 2 to the Third Amended and Restated 1997 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P., dated September 23, 2004 (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Quarterly Report on Form 10-Q filed on November 9, 2004 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Quarterly Report on Form 10-Q filed on November 9, 2004). | ||
*10 | .4 | Amended and Restated 2002 Stock Option and Incentive Plan of AMB Property Corporation and AMB Property, L.P. (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on May 15, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on May 15, 2007). | ||
10 | .5 | Twelfth Amended and Restated Agreement of Limited Partnership of AMB Property, L.P. dated as of August 25, 2006, (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on August 30, 2006). | ||
10 | .6 | Fifteenth Amended and Restated Agreement of Limited Partnership of AMB Property II, L.P., dated February 19, 2010 (incorporated by reference to Exhibit 10.6 to AMB Property Corporation’s and AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2009). | ||
10 | .7 | Exchange Agreement dated as of July 8, 2005, by and between AMB Property, L.P. and Teachers Insurance and Annuity Association of America (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 13, 2005 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report onForm 8-K filed on July 13, 2005). |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .8 | Guaranty of Payment, dated as of June 1, 2006 by AMB Property Corporation for the benefit of JPMorgan Chase Bank, and J.P. Morgan Europe Limited, as administrative agents, for the banks listed on the signature page to the Third Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.9 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.8 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .9 | Qualified Borrower Guaranty, dated as of June 1, 2006 by AMB Property, L.P. for the benefit of JPMorgan Chase Bank and J.P. Morgan Europe Limited, as administrative agents for the banks listed on the signature page to the Third Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.10 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.9 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .10 | Guaranty of Payment, dated as of June 23, 2006 by AMB Property, L.P. and AMB Property Corporation for the benefit of Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookmanager, for the banks that are from time to time parties to the Amended and Restated Revolving Credit Agreement (incorporated by reference to Exhibit 10.11 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.10 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). | ||
10 | .11 | Third Amended and Restated Revolving Credit Agreement, dated as of June 1, 2006, by and among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, J.P. Morgan Europe Limited, as Administrative Agent for Alternate Currencies, Bank of America, N.A., as Syndication Agent, J.P. Morgan Securities Inc. and Banc of America Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, Eurohypo AG, New York Branch, Wachovia Bank, N.A. and PNC Bank, National Association, as Documentation Agents, The Bank of Nova Scotia, acting through its San Francisco Agency, Wells Fargo Bank, N.A., ING Real Estate Finance (USA) LLC and LaSalle Bank National Association, as Managing Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on June 7, 2006 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on June 7, 2006). | ||
10 | .12 | Amended and Restated Revolving Credit Agreement, dated as of June 23, 2006, by and among the initial borrower and the initial qualified borrowers listed on the signature pages thereto, AMB Property, L.P., as a guarantor, AMB Property Corporation, as a guarantor, the banks listed on the signature pages thereto, Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookmanager, and each of the other lending institutions that becomes a lender thereunder (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on June 29, 2006 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on June 29, 2006). | ||
*10 | .13 | Amended and Restated 2005 Non-Qualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). | ||
*10 | .14 | Amended and Restated 2002 Nonqualified Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on Form 8-K filed on October 4, 2006 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on October 4, 2006). | ||
*10 | .15 | Form of Amended and Restated Change in Control and Noncompetition Agreement by and between AMB Property, L.P. and executive officers (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on October 1, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on October 1, 2007). | ||
*10 | .16 | Form of Assignment and Assumption Agreement to Change in Control and Noncompetition Agreement by and between AMB Property, L.P. and certain executive officers (incorporated by reference to Exhibit 10.17 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007 and also incorporated by reference to Exhibit 10.16 of AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2007). |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .17 | Collateral Loan Agreement, dated as of February 14, 2007, by and among The Prudential Insurance Company Of America and Prudential Mortgage Capital Company, LLC, as Lenders, and AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC as Borrowers (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .18 | $160,000,000 Amended, Restated and Consolidated Promissory Note (Fixed A-1), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to Prudential Mortgage Capital Company LLC, as Lender (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .19 | $40,000,000 Amended, Restated and Consolidated Promissory Note (Floating A-2), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.3 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.3 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .20 | $84,000,000 Amended, Restated and Consolidated Promissory Note (Fixed B-1), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.4 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .21 | $21,000,000 Amended, Restated and Consolidated Promissory Note (Floating B-2), dated February 14, 2007, by AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC,AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance Company of America, as Lender (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Form 8-K filed on February 21, 2007 and also incorporated by reference to Exhibit 10.5 of AMB Property, L.P.’s Form 8-K filed on February 21, 2007). | ||
10 | .22 | Deed of Accession and Amendment, dated March 21, 2007, by and between ING Real Estate Finance NV, AMB European Investments LLC, AMB Property, L.P., SCI AMB Givaudan Distribution Center, AMB Hordijk Distribution Center B.V., ING Bank NV, the Original Lenders and the Entities of AMB (both as defined in the Deed of Accession and Amendment) (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on March 23, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on March 27, 2007). | ||
10 | .23 | Fifth Amended and Restated Revolving Credit Agreement, dated as of July 16, 2007, by and among the qualified borrowers listed on the signature pages thereto, AMB Property, L.P., as a qualified borrower and guarantor, AMB Property Corporation, as guarantor, the banks listed on the signature pages thereto, Bank of America, N.A., as administrative agent, The Bank of Nova Scotia, as syndication agent, Calyon New York Branch, Citicorp North America, Inc., and The Royal Bank of Scotland PLC, asco-documentation agents, Banc of America Securities Asia Limited, as Hong Kong Dollars agent, Bank of America, N.A., acting by its Canada Branch, as reference bank, Bank of America, Singapore Branch, as Singapore Dollars agent, and each of the other lending institutions that becomes a lender thereunder (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on July 20, 2007 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on July 20, 2007). |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .24 | First Amendment to Amended and Restated Revolving Credit Agreement, dated as of October 23, 2007, by and among the initial borrower, each qualified borrower listed on the signature pages thereto, AMB Property, L.P., as guarantor, AMB Property Corporation, as guarantor, the Alternate Currency Banks (as defined therein) and Sumitomo Mitsui Banking Corporation, as administrative agent (incorporated by reference to Exhibit 10.4 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.4 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). | ||
10 | .25 | RMB Revolving Credit Agreement, dated October 23, 2007, between Wealth Zipper (Shanghai) Property Development Co., Ltd., the RMB Lenders listed therein, Sumitomo Mitsui Banking Corporation, New York Branch, as Administrative Agent and Sole Lead Arranger and Bookmanager, and Sumitomo Mitsui Banking Corporation, Shanghai Branch, as RMB Settlement Agent (incorporated by reference to Exhibit 10.5 to AMB Property Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and also incorporated by reference to Exhibit 10.5 of AMB Property, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007). | ||
10 | .26 | Credit Agreement, dated as of March 27, 2008, among AMB Property, L.P., JPMorgan Chase Bank, N.A., as administrative agent, Sumitomo Mitsui Banking Corporation, as syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, HSBC Bank USA, National Association, and U.S. Bank National Association, as documentation agents, and a syndicate of other banks (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on 8-K filed on April 2, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on 8-K filed on April 2, 2008). | ||
10 | .27 | Guaranty of Payment, dated as of March 27, 2008, by AMB Property Corporation for the benefit of JPMorgan Chase Bank, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of March 27, 2008 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on 8-K filed on April 2, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on 8-K filed on April 2, 2008). | ||
10 | .28 | AMB Property, L.P. Guaranteed Multicurrency Revolving Facility Agreement, dated as of May 30, 2008, by and among AMB Fund Management S.à.r.l. acting on its own name but on behalf of AMB Europe Fund I FCP-FIS, as logistics fund, affiliates of AMB Europe Fund I FCP-FIS as listed therein, financial institutions as listed therein as original lenders (and other lenders that are from time to time parties thereto), AMB Property, L.P., as loan guarantor, and ING Real Estate Finance NV, as facility agent (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .29 | Loan Guarantee, dated as of May 30, 2008, by AMB Property, L.P., as Guarantor, for the benefit of the facility agent and the lenders that are from time to time parties to that certain AMB Property, L.P. Guaranteed Multicurrency Revolving Facility Agreement, dated as of May 30, 2008, among AMB Fund Management S.à.r.l. acting on its own name but on behalf of AMB Europe Fund I FCP-FIS as the logistics fund, AMB Property, L.P. as the loan guarantor, the financial institutions listed therein as original lenders (and other lenders that are from time to time parties thereto) and ING Real Estate Finance N.V., as the facility agent (incorporated by reference to Exhibit 10.3 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .30 | Counter-Indemnity, dated May 30, 2008, by and between AMB Property, L.P. and AMB Fund Management S.à.r.l. on behalf of AMB Europe Fund I FCP-FIS (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on 8-K filed on June 5, 2008 and also incorporated by reference to Exhibit 10.3 of AMB Property, L.P.’s Current Report on 8-K filed on June 5, 2008). | ||
10 | .31 | Credit Agreement, dated as of September 4, 2008, by and among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereto, The Bank of Nova Scotia, as Administrative Agent, ING Real Estate Finance (USA) LLC, as Syndication Agent, The Bank of Nova Scotia and ING Real Estate Finance (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 5, 2008 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 5, 2008). |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .32 | Guaranty of Payment, dated as of September 4, 2008, by AMB Property Corporation, as Guarantor, for the benefit of The Bank of Nova Scotia, as Administrative Agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of September 4, 2008, among AMB Property, L.P., as the Borrower, the banks listed on the signature pages thereto, the Administrative Agent, ING Real Estate Finance (USA) LLC, as Syndication Agent, The Bank of Nova Scotia and ING Real Estate Finance (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents (incorporated by reference to Exhibit 10.2 to AMB Property Corporation’s Current Report on Form 8-K filed on September 5, 2008 and also incorporated by reference to Exhibit 10.2 of AMB Property, L.P.’s Current Report on Form 8-K filed on September 5, 2008). | ||
10 | .33 | Termination Letter, dated December 29, 2008, from ING Real Estate Finance N.V., as Facility Agent, to AMB Fund Management S.à.r.l., acting in its own name but on behalf of AMB Europe Fund I FCP-FIS (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on January 5, 2009 and also incorporated by reference to Exhibit 10.1 of AMB Property, L.P.’s Current Report on Form 8-K filed on January 5, 2009). | ||
10 | .34 | Amendment No. 1 to Credit Agreement, dated as of January 26, 2009, by and among AMB Property, L.P., AMB Property Corporation, as guarantor, the banks listed on the signature pages thereto, JPMorgan Chase Bank, N.A., as administrative agent, Sumitomo Mitsui Banking Corporation, as syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, and HSBC Bank USA, National Association and U.S. Bank National Association, as documentation agents (incorporated by reference to Exhibit 10.37 to AMB Property Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 and also incorporated by reference to Exhibit 10.34 to AMB Property, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2008). | ||
*10 | .35 | Separation Agreement and Release of All Claims, dated September 18, 2009, by and between AMB Property Corporation and John T. Roberts, Jr. (incorporated by reference to Exhibit 10.1 to AMB Property Corporation’s Current Report on Form 8-K filed on September 23, 2009). | ||
10 | .36 | Credit Agreement, dated as of October 15, 2009, by and among AMB Property, L.P., JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Europe Limited, as administrative agent for Euros, Sumitomo Mitsui Banking Corporation, as administrative agent for Yen and syndication agent, J.P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint bookrunners, Calyon Credit Agricole CIB, New York Branch, and U.S. Bank National Association, and HSBC Bank USA, National Association, as documentation agents, AMB European Investments LLC and AMB Japan Finance, Y.K., as the initial qualified borrowers, and a syndicate of banks (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). | ||
10 | .37 | Guaranty of Payment, dated as of October 15, 2009, by AMB Property Corporation for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of October 15, 2009 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). | ||
10 | .38 | Qualified Borrower Guaranty, dated as of October 15, 2009, by AMB Property, L.P. for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent, and J.P. Morgan Europe Limited, as Administrative Agent, and Sumitomo Mitsui Banking Corporation, as Administrative Agent, for the banks that are from time to time parties to that certain Credit Agreement, dated as of October 15, 2009 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of AMB Property Corporation and AMB Property, L.P. filed on October 21, 2009). | ||
10 | .39 | Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010, among AMB Property, L.P., as Borrower, the banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, J.P. Morgan Europe Limited, as Administrative Agent, Bank of America, N.A., as Syndication Agent, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Bookrunners, PNC Bank, NA, The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Documentation Agents, and Compass Bank, US Bank, NA and Union Bank, N.A., as Managing Agents (incorporated by reference to Exhibit 10.1 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .40 | Guaranty of Payment, dated as of November 10, 2010, by AMB Property Corporation, for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent and J.P. Morgan Europe Limited, as Administrative Agent for the banks that are from time to time parties to that certain Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). | ||
10 | .41 | Qualified Borrower Guaranty, dated as of November 10, 2010, by AMB Property, L.P. for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent and J.P. Morgan Europe Limited, as Administrative Agent for the banks that are from time to time parties to that certain Fourth Amended and Restated Revolving Credit Agreement, dated as of November 10, 2010 (incorporated by reference to Exhibit 10.3 to AMB Property Corporation and AMB Property, L.P.’s second Current Report on Form 8-K filed on November 10, 2010). | ||
10 | .42 | Credit Agreement, dated as of November 29, 2010, among AMB Property, L.P. as Borrower, the banks listed on the signature pages thereof, HSBC Bank USA, National Association, as administrative agent, Credit Agricole Corporate and Investment Bank, as syndication agent, and HSBC Securities, Inc. and Credit Agricole Corporate and Investment Bank, as joint lead arrangers and joint bookrunners, and Morgan Stanley Senior Funding, Inc. as documentation agent (incorporated by reference to Exhibit 10.1 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .43 | Guaranty of Payment, dated as of November 29, 2010, by AMB Property Corporation for the benefit of HSBC Bank USA, National Association, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of November 29, 2010 (incorporated by reference to Exhibit 10.2 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .44 | Qualified Borrower Guaranty, dated as of November 29, 2010, by AMB Property, L.P. for the benefit of HSBC Bank USA, National Association, as administrative agent for the banks that are from time to time parties to that certain Credit Agreement, dated as of November 29, 2010 (incorporated by reference to Exhibit 10.3 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .45 | Second Amended and Restated Revolving Credit Agreement, dated as of December 1, 2010, among AMB Japan Finance Y.K., as initial borrower, AMB Property, L.P., as guarantor, AMB Property Corporation, as guarantor, the banks listed on the signature pages thereof, and Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookrunner (incorporated by reference to Exhibit 10.4 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
10 | .46 | Guaranty of Payment, dated as of December 1, 2010, by AMB Property, L.P. and AMB Property Corporation, as guarantors, for the benefit of Sumitomo Mitsui Banking Corporation, as administrative agent and sole lead arranger and bookrunner, and for the banks that are from time to time parties to that certain Second Amended and Restated Revolving Credit Agreement, dated as of December 1, 2010 (incorporated by reference to Exhibit 10.5 to AMB Property Corporation and AMB Property, L.P.’s Current Report on Form 8-K filed on December 1, 2010). | ||
21 | .1 | Subsidiaries of AMB Property Corporation. | ||
21 | .2 | Subsidiaries of AMB Property, L.P. | ||
23 | .1 | Consent of PricewaterhouseCoopers LLP. | ||
23 | .2 | Consent of PricewaterhouseCoopers LLP. | ||
24 | .1 | Powers of Attorney (included in signature pages of this annual report). | ||
31 | .1 | Rule 13a-14(a)/15d-14(a) Certifications dated February 18, 2011 for AMB Property Corporation. | ||
31 | .2 | Rule 13a-14(a)/15d-14(a) Certifications dated February 18, 2011 for AMB Property, L.P. | ||
32 | .1 | 18 U.S.C. § 1350 Certifications dated February 18, 2011 for AMB Property Corporation. The certifications in this exhibit are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of our filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
Table of Contents
Exhibit | ||||
Number | Description | |||
32 | .2 | 18 U.S.C. § 1350 Certifications dated February 18, 2011 for AMB Property, L.P. The certifications in this exhibit are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of our filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing. | ||
101 | The following materials from the Annual Reports onForm 10-K of AMB Property Corporation and AMB Property, L.P. for the period ended December 31, 2010 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statement of Equity, (iv) the Consolidated Statement of Capital, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements, tagged as blocks of text. |
* | Management contract or compensatory plan or arrangement |