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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 30, 1999
AMB PROPERTY CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Maryland 001-13545 94-3281941
(State or Other Jurisdiction of (Commission File No.) (IRS Employer Identification No.)
Incorporation or Organization)
505 Montgomery Street, San Francisco, CA 94111
(Address of Principal Executive Offices) (Zip Code)
(415) 394-9000
(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
As of the date of this Current Report on Form 8-K, AMB Property
Corporation (the "Company") has invested approximately $377 million since
January 1, 1999 to acquire 112 industrial buildings aggregating approximately
6.2 million rentable square feet (collectively, the "1999 Property
Acquisitions").
The properties covered by this Current Report on Form 8-K were acquired
by a subsidiary of the Company, AMB Property, L.P. (the "Operating
Partnership"), and certain subsidiaries of the Operating Partnership, from
unrelated third parties in unrelated transactions between February 1, 1999 and
September 30, 1999. As of September 30, 1999, the Company owns an approximate
95% general partnership interest in the Operating Partnership. The Company is
the sole general partner of the Operating Partnership and has full, exclusive
and complete responsibility and discretion in the management and control of the
Operating Partnership. None of the acquisitions were individually material.
In assessing our investment in the 1999 Property Acquisitions, we
considered current operations, including occupancy levels, rental rates,
expenses and on-going capital requirements. We also considered the rental market
for the location of the 1999 Property Acquisitions and, if applicable, the cost
of building improvements. The 1999 Property Acquisitions were acquired using
proceeds from the divestiture of properties, drawings under the Operating
Partnership's unsecured debt facility and proceeds from the issuance of limited
preferred and common partnership units in the Operating Partnership and its
affiliate AMB Property II, L.P.
PROPERTY ACQUISITIONS:
DATE OF ACQUISITION PROPERTY ACQUIRED RENTABLE SQUARE FEET
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02/01/99 Manekin Portfolio 1,303,294
Maryland
03/26/99 Shawnee Industrial 350,000
Georgia
04/30/99 Technology Park II 381,074
Maryland
05/21/99 Boston Industrial Portfolio 35,139
Massachusetts
05/26/99 WOCAC Portfolio 1,255,421
California and Washington
06/23/99 Junction Industrial Park 439,845
California
06/28/99 Miami Airport Business Center 530,657
Florida
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06/30/99 Sylvan Industrial 415,676
Georgia
08/11/99 Wilmington Avenue Warehouse 353,400
California
08/26/99 Pardee Drive 33,411
California
09/15/99 Murray Hill Parkway 51,500
New Jersey
09/29/99 East Valley Warehouse 654,310
Washington
09/29/99 Pioneer - Alburtis 192,108
California
09/30/99 William & Burroughs 242,631
California
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF PROPERTIES ACQUIRED.
We have not included the required financial statements related to the
1999 Property Acquisitions at the time of the filing of this Current Report on
Form 8-K. The required financial statements will be filed by amendment to this
Current Report on Form 8-K as soon as they are available, but in any event no
later than 60 days after the date hereof.
(b) PRO FORMA FINANCIAL INFORMATION.
We have not included the required pro forma financial information of
the Company pertaining to the 1999 Property Acquisitions at the time of the
filing of this Current Report on Form 8-K. The required pro forma financial
information will be filed by amendment to this Current Report on Form 8-K as
soon as it is available, but in any event no later than 60 days after the date
hereof.
(c) EXHIBITS.
We have not included the required exhibits at the time of the filing of
this Current Report on Form 8-K. The required exhibits will be filed by
amendment to this Current Report on Form 8-K as soon as they are available, but
in any event no later than 60 days after the date hereof.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 30, 1999 AMB PROPERTY CORPORATION
By: /s/ Michael A. Coke
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Michael A. Coke
Senior Vice President and Chief
Financial Officer