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Company Profile | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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The Americas |
Europe |
Asia |
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Operating Portfolio(1) |
112.2 msf | Operating Portfolio(1) | 8.7 msf | Operating Portfolio(1) | 8.3 msf | |||||||
Development
Pipeline(2)(3) |
12.9 msf | Development Pipeline(2)(3) | 3.0 msf | Development Pipeline(2)(3) | 5.1 msf | |||||||
Land Inventory(3) |
2,366 acres | Land Inventory(3) | 229 acres | Land Inventory(3) | 45 acres | |||||||
Offices |
11 | Offices | 4 | Offices | 11 |
(1) | The operating portfolio includes the owned and managed portfolio and operating properties held through AMBs investments in unconsolidated co-investment ventures that it does not manage (excluded from the owned and managed portfolio) and the location of AMBs global headquarters. | |
(2) | Includes development properties available for sale or contribution. | |
(3) | Includes investments held through unconsolidated co-investment ventures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 1 |
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Highlights (dollars in thousands, except share data) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarters ended March 31, | ||||||||||||
2008 | 2007 | % Change | ||||||||||
Revenues |
$ | 176,486 | $ | 164,505 | 7.3 | % | ||||||
Adjusted EBITDA(1) |
106,195 | 98,602 | 7.7 | % | ||||||||
Net income available to common stockholders |
38,980 | 21,730 | 79.4 | % | ||||||||
FFO(1) |
67,850 | 56,873 | 19.3 | % | ||||||||
Per diluted share and unit |
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EPS |
$ | 0.39 | $ | 0.23 | 69.6 | % | ||||||
FFO(1) |
0.65 | 0.57 | 14.0 | % | ||||||||
Dividends per common share |
0.52 | 0.50 | 4.0 | % |
Financial
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- 14.0% year-over-year FFO(1) per share growth in the first quarter |
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Expanded capacity by closing
$325 million term facility |
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Repurchased over 1.7 million shares
during the first quarter (weighted average price
of $49.64 per share) |
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Operations(2)
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7.3% same store growth |
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94.9% average occupancy |
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4.2% trailing four quarter rent changes on
renewals and rollover; up 4.6% in the first quarter |
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Capital Deployment(2)
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- Acquired over $244 million(3) of properties
in the first quarter across Europe, Asia and the
Americas |
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Commenced over $85 million of
development in the first quarter |
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Development pipeline is
$1.8 billion(3)
with an estimated margin of 20% and solid leasing on 2008 deliveries |
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Private Capital
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9 active co-investment ventures |
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67% year-over-year Private Capital Revenue
growth in the first quarter |
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17% quarter-over-quarter growth in Europe
Fund I; fund over $1.2 billion now |
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(1) | See reporting definitions and supplemental financial measures disclosures. | |
(2) | Owned and managed portfolio. | |
(3) | Includes investments held through unconsolidated co-investment ventures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 2 |
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Funds From Operations(1)Overview | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Years ended December 31, | 2008 Projected | |||||||||||
2006 | 2007 | (Midpoint) | ||||||||||
Real estate operations, |
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net of unallocated overhead |
$ | 1.53 | $ | 1.60 | $ | 1.53 | ||||||
Overhead reallocation |
0.27 | 0.45 | 0.51 | |||||||||
Real estate operations FFO |
$ | 1.80 | $ | 2.05 | $ | 2.04 | ||||||
% of reported FFO |
57.7 | % | 58.4 | % | 51.6 | % | ||||||
Development Gains |
1.11 | 1.61 | 1.87 | |||||||||
Overhead allocation |
(0.13 | ) | (0.32 | ) | (0.38 | ) | ||||||
Development FFO |
$ | 0.98 | $ | 1.29 | $ | 1.49 | ||||||
% of reported FFO |
31.4 | % | 36.8 | % | 37.7 | % | ||||||
Private Capital Revenues |
0.48 | 0.30 | 0.56 | |||||||||
Overhead allocation |
(0.14 | ) | (0.13 | ) | (0.14 | ) | ||||||
Private Capital FFO |
$ | 0.34 | $ | 0.17 | $ | 0.42 | ||||||
% of reported FFO |
10.9 | % | 4.8 | % | 10.6 | % | ||||||
Total FFO |
$ | 3.12 | $ | 3.51 | $ | 3.95 | ||||||
(1) | See reporting definitions and supplemental financial measures disclosures. | |
(2) | For a reconciliation of FFO from net income for the years ended December 31, 2007, 2006, 2005 and 2004, refer to our annual report on Form 10-K for the year ended December 31, 2007. | |
(3) | Excludes co-investment venture partners share of development gains. | |
(4) | Management revenues consist of asset management, acquisition and development fees and priority distributions. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 3 |
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Consolidated Statements of Operations (in thousands, except per share data) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarters ended March 31, | ||||||||
2008 | 2007 | |||||||
Revenues |
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Rental revenues |
$ | 166,563 | $ | 158,580 | ||||
Private capital revenues(1) |
9,923 | 5,925 | ||||||
Total revenues |
176,486 | 164,505 | ||||||
Costs and expenses |
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Property operating costs |
(46,171 | ) | (43,686 | ) | ||||
Depreciation and amortization |
(41,669 | ) | (40,454 | ) | ||||
General and administrative |
(35,153 | ) | (29,854 | ) | ||||
Fund costs |
(222 | ) | (241 | ) | ||||
Impairment losses |
| (257 | ) | |||||
Other expenses |
92 | (912 | ) | |||||
Total costs and expenses |
(123,123 | ) | (115,404 | ) | ||||
Other income and expenses |
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Development gains, net of taxes |
17,820 | 12,192 | ||||||
Gains from sale or contribution of real estate interests, net |
19,967 | 136 | ||||||
Equity in earnings of unconsolidated co-investment ventures |
2,928 | 2,113 | ||||||
Other income |
4,436 | 5,507 | ||||||
Interest expense, including amortization |
(30,928 | ) | (34,395 | ) | ||||
Total other income and expenses |
14,223 | (14,447 | ) | |||||
Income from operations before minority interests |
67,586 | 34,654 | ||||||
Minority interests share of income |
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Co-investment venture partners share of income |
(18,944 | ) | (7,192 | ) | ||||
Co-investment venture partners and limited partnership unitholders share of development gains |
(4,741 | ) | (595 | ) | ||||
Preferred unitholders |
(1,432 | ) | (3,699 | ) | ||||
Limited partnership unitholders |
(979 | ) | (356 | ) | ||||
Total minority interests share of income |
(26,096 | ) | (11,842 | ) | ||||
Income from continuing operations |
41,490 | 22,812 | ||||||
Discontinued operations |
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Income attributable to discontinued operations, net of minority interests |
41 | 2,834 | ||||||
Gains from disposition of real estate, net of minority interests |
1,401 | 36 | ||||||
Total discontinued operations |
1,442 | 2,870 | ||||||
Net income |
42,932 | 25,682 | ||||||
Preferred stock dividends |
(3,952 | ) | (3,952 | ) | ||||
Net income available to common stockholders |
$ | 38,980 | $ | 21,730 | ||||
Net income per common share (diluted) |
$ | 0.39 | $ | 0.23 | ||||
Weighted average common shares (diluted) |
99,789 | 95,099 | ||||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 4 |
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Consolidated Statements of Funds from Operations(1) (in thousands, except per share data) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarters ended March 31, | ||||||||
2008 | 2007 | |||||||
Net income available to common stockholders |
$ | 38,980 | $ | 21,730 | ||||
Gains from sale or contribution of real estate, net of minority interests |
(21,368 | ) | (172 | ) | ||||
Depreciation and amortization |
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Total depreciation and amortization |
41,669 | 40,454 | ||||||
Discontinued operations depreciation |
4 | 571 | ||||||
Non-real estate depreciation |
(1,634 | ) | (1,177 | ) | ||||
Adjustments to derive FFO from consolidated co-investment ventures |
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Co-investment venture partners minority interests (Net income) |
18,944 | 7,192 | ||||||
Limited partnership unitholders minority interests (Net income) |
979 | 356 | ||||||
Limited partnership unitholders minority interests (Development profits) |
528 | 583 | ||||||
Discontinued operations minority interests (Net income) |
390 | 78 | ||||||
FFO attributable to minority interests |
(16,576 | ) | (16,304 | ) | ||||
Adjustments to derive FFO from unconsolidated co-investment ventures |
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AMBs share of net income |
(2,928 | ) | (2,113 | ) | ||||
AMBs share of FFO |
8,862 | 5,675 | ||||||
Funds from operations |
$ | 67,850 | $ | 56,873 | ||||
FFO per common share and unit (diluted) |
$ | 0.65 | $ | 0.57 | ||||
Weighted average common shares and units (diluted) |
103,767 | 99,777 | ||||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 5 |
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Consolidated Balance Sheets (dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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As of | ||||||||
March 31, 2008 | December 31, 2007 | |||||||
Assets |
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Investments in real estate |
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Total investments in properties |
$ | 6,885,735 | $ | 6,709,545 | ||||
Accumulated depreciation |
(941,413 | ) | (916,686 | ) | ||||
Net investments in properties |
5,944,322 | 5,792,859 | ||||||
Investments in unconsolidated co-investment ventures |
366,385 | 356,194 | ||||||
Properties held for contribution, net |
559,131 | 488,339 | ||||||
Properties held for divestiture, net |
42,893 | 40,513 | ||||||
Net investments in real estate |
6,912,731 | 6,677,905 | ||||||
Cash and cash equivalents and restricted cash |
322,489 | 250,416 | ||||||
Accounts receivable, net |
181,910 | 184,270 | ||||||
Other assets |
272,124 | 149,812 | ||||||
Total assets |
$ | 7,689,254 | $ | 7,262,403 | ||||
Liabilities and stockholders equity |
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Secured debt |
$ | 1,452,416 | $ | 1,471,087 | ||||
Unsecured senior debt |
1,003,435 | 1,003,123 | ||||||
Unsecured credit facilities |
960,479 | 876,105 | ||||||
Other debt |
569,844 | 144,529 | ||||||
Accounts payable and other liabilities |
321,978 | 306,196 | ||||||
Total liabilities |
4,308,152 | 3,801,040 | ||||||
Minority interests |
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Co-investment venture partners |
512,573 | 517,572 | ||||||
Preferred unitholders |
77,561 | 77,561 | ||||||
Limited partnership unitholders |
100,134 | 102,278 | ||||||
Total minority interests |
690,268 | 697,411 | ||||||
Stockholders equity |
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Common equity |
2,467,422 | 2,540,540 | ||||||
Preferred equity |
223,412 | 223,412 | ||||||
Total stockholders equity |
2,690,834 | 2,763,952 | ||||||
Total liabilities and stockholders equity |
$ | 7,689,254 | $ | 7,262,403 | ||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 6 |
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Supplemental Cash Flow Information (dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarters Ended | ||||||||
March 31, | ||||||||
2008 | 2007 | |||||||
AMBs Owned and Managed Portfolio:(1)(2) |
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Supplemental Information: |
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Straight-line rents and amortization of lease intangibles |
$ | 6,807 | $ | 4,619 | ||||
AMBs share of straight-line rents and amortization of lease intangibles |
$ | 3,515 | $ | 3,162 | ||||
Gross lease termination fees |
$ | 314 | $ | 118 | ||||
Net lease termination fees(3) |
$ | 159 | $ | 143 | ||||
AMBs share of net lease termination fees |
$ | 155 | $ | 96 | ||||
Recurring capital expenditures: |
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Tenant improvements |
$ | 3,264 | $ | 3,318 | ||||
Lease commissions and other lease costs |
6,863 | 7,377 | ||||||
Building improvements |
5,051 | 2,998 | ||||||
Sub-total |
15,178 | 13,693 | ||||||
JV Partners share of capital expenditures |
(4,452 | ) | (5,046 | ) | ||||
AMBs share of recurring capital expenditures |
$ | 10,726 | $ | 8,647 | ||||
AMBs Consolidated Portfolio: |
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Supplemental Information: |
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Straight-line rents and amortization of lease intangibles |
$ | 3,332 | $ | 2,715 | ||||
AMBs share of straight-line rents and amortization of lease intangibles |
$ | 2,898 | $ | 2,729 | ||||
Gross lease termination fees |
$ | 308 | $ | 100 | ||||
Net lease termination fees(3) |
$ | 154 | $ | 125 | ||||
AMBs share of net lease termination fees |
$ | 154 | $ | 93 | ||||
Recurring capital expenditures: |
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Tenant improvements |
$ | 2,900 | $ | 2,743 | ||||
Lease commissions and other lease costs |
5,634 | 5,587 | ||||||
Building improvements |
4,379 | 2,660 | ||||||
Sub-total |
12,913 | 10,990 | ||||||
JV Partners share of capital expenditures |
(2,603 | ) | (2,883 | ) | ||||
AMBs share of recurring capital expenditures |
$ | 10,310 | $ | 8,107 | ||||
(1) | See Reporting Definitions. | |
(2) | See Supplemental Financial Measures Disclosure for a discussion of owned and managed supplemental cash flow information. | |
(3) | Next lease termination fees are defined as gross lease termination fees less the associated straight-line rent balance. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 7 |
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Operations Overview(1) (dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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Square | ||||||||||||||||
Customer | Feet | ABR | % of ABR | |||||||||||||
1 | Deutsche Post World Net (DHL) |
4,285,707 | $ | 35,859 | 4.4 | % | ||||||||||
2 | United States Government |
1,392,586 | 20,595 | 2.5 | % | |||||||||||
3 | FedEx Corporation |
1,500,020 | 15,416 | 1.9 | % | |||||||||||
4 | Nippon Express |
967,039 | 10,926 | 1.3 | % | |||||||||||
5 | Sagawa Express |
728,791 | 10,857 | 1.3 | % | |||||||||||
6 | BAX Global Inc/Schenker/Deutsche Bahn |
904,210 | 10,369 | 1.3 | % | |||||||||||
7 | La Poste |
902,391 | 8,952 | 1.1 | % | |||||||||||
8 | Panalpina |
1,335,359 | 8,669 | 1.1 | % | |||||||||||
9 | UPS |
1,329,995 | 8,533 | 1.0 | % | |||||||||||
10 | Caterpillar Logistics Services |
668,297 | 7,791 | 0.9 | % | |||||||||||
Subtotal |
14,014,395 | $ | 137,967 | 16.8 | % | |||||||||||
Top 11-20 Customers |
7,002,215 | 47,904 | 5.9 | % | ||||||||||||
Total |
21,016,610 | $ | 185,871 | 22.7 | % | |||||||||||
(1) | Owned and managed portfolio. | |
(2) | See reporting definitions and supplemental financial measures disclosures. | |
(3) | Represents trailing four quarter data. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 8 |
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Operating Statistics(1) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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Owned & Managed Portfolio(2) | Same Store Pool(2) | |||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
March 31, 2008 | December 31, 2007 | March 31, 2008 | December 31, 2007 | |||||||||||||
Square feet |
121,724,540 | 118,180,295 | 101,141,867 | 85,192,781 | ||||||||||||
Percentage of owned & managed square feet |
83.1 | % | 72.1 | % | ||||||||||||
Occupancy |
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Occupancy percentage at period end(2) |
94.8 | % | 96.0 | % | 94.8 | % | 96.4 | % | ||||||||
Occupancy percentage at period end (prior year) |
95.2 | % | 96.1 | % | 95.7 | % | 96.7 | % | ||||||||
Average occupancy percentage(2) |
94.9 | % | 95.6 | % | 95.0 | % | 95.9 | % | ||||||||
Average occupancy percentage (prior year) |
94.9 | % | 95.3 | % | 95.1 | % | 95.9 | % | ||||||||
Weighted average lease terms (years) |
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Original |
6.2 | 6.2 | 6.0 | 6.1 | ||||||||||||
Remaining |
3.5 | 3.5 | 3.2 | 3.1 | ||||||||||||
Trailing four quarters statistics |
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Tenant retention(2)
|
71.4 | % | 74.0 | % | 71.4 | % | 73.4 | % | ||||||||
Rent change on renewals and rollovers(2) |
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Percentage |
4.2 | % | 4.9 | % | 4.1 | % | 5.0 | % | ||||||||
Same space square footage commencing (millions) |
19.1 | 19.2 | 18.7 | 17.6 | ||||||||||||
Second generation TIs and LCs per square foot(2) |
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Retained |
$ | 1.28 | $ | 1.19 | ||||||||||||
Re-tenanted |
$ | 3.19 | $ | 3.25 | ||||||||||||
Weighted average |
$ | 2.01 | $ | 2.03 | ||||||||||||
Second generation square footage commencing (millions) |
22.7 | 22.8 | ||||||||||||||
Gross operating margin(2) |
73.6 | % | 73.5 | % | 73.1 | % | 73.0 | % |
Same Store Pool(2) | ||||
Quarter ended | ||||
Cash Basis NOI % change(2) | March 31, 2008 | |||
Revenues without lease termination fees(3) |
6.7 | % | ||
Expenses(3) |
(5.1 | %) | ||
NOI without lease termination fees(2)(3) |
7.3 | % | ||
NOI with lease termination fees(2)(3) |
7.3 | % |
(1) | Owned and managed portfolio. | |
(2) | See reporting definitions and supplemental financial measures disclosures. | |
(3) | For the quarter ended March 31, 2008, on a consolidated basis, the % change was 4.8%, 2.3%, 5.7% and 5.7%, respectively, for revenues without lease termination fees, expenses, NOI without lease termination fees and NOI with lease termination fees. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 9 |
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Portfolio Overview | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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% of Total | Year-to-Date | Trailing Four | ||||||||||||||||||||||||||||||||||||||||||
Owned and | AMB share | Annualized | Same Store NOI | Quarters Rent | ||||||||||||||||||||||||||||||||||||||||
Square Feet | Placed in | Square Feet | Managed Square | of Square | Year-to-Date | Base Rent | Growth Without | Change on | ||||||||||||||||||||||||||||||||||||
as | Acquired | Operations | Disposed | as | Feet as of | Feet as of | Average | psf as of | Lease | Renewals and | ||||||||||||||||||||||||||||||||||
of 12/31/2007 | Square Feet | Square Feet(1) | Square Feet | of 3/31/2008 | 3/31/2008 | 3/31/2008 | Occupancy | 3/31/2008 | Termination Fees(2) | Rollovers(2) | ||||||||||||||||||||||||||||||||||
Southern California |
17,514,557 | 645,311 | 64,000 | | 18,223,868 | 15.0 | % | 55.6 | % | 97.1 | % | $ | 6.64 | 12.0 | % | 13.1 | % | |||||||||||||||||||||||||||
Chicago |
12,939,948 | | 253,410 | | 13,193,358 | 10.8 | % | 52.3 | % | 87.4 | % | 5.42 | (0.5 | %) | 1.6 | % | ||||||||||||||||||||||||||||
No. New Jersey/New York |
11,115,945 | | | | 11,115,945 | 9.1 | % | 49.9 | % | 99.0 | % | 7.22 | 5.8 | % | 5.8 | % | ||||||||||||||||||||||||||||
San Francisco Bay Area |
10,262,443 | 103,615 | | | 10,366,058 | 8.5 | % | 72.0 | % | 94.7 | % | 6.55 | 5.0 | % | (3.3 | %) | ||||||||||||||||||||||||||||
Seattle |
7,891,551 | | 750,153 | | 8,641,704 | 7.1 | % | 46.8 | % | 95.9 | % | 5.14 | 12.6 | % | 17.3 | % | ||||||||||||||||||||||||||||
South Florida |
6,276,291 | | | | 6,276,291 | 5.2 | % | 70.3 | % | 96.7 | % | 7.68 | 13.0 | % | 13.4 | % | ||||||||||||||||||||||||||||
U.S. On-Tarmac |
2,629,113 | | | | 2,629,113 | 2.2 | % | 92.5 | % | 92.7 | % | 18.92 | 3.0 | % | 1.5 | % | ||||||||||||||||||||||||||||
Other U.S. Markets |
27,790,006 | 128,846 | (299,043 | ) | | 27,619,809 | 22.7 | % | 64.0 | % | 94.0 | % | 5.55 | 2.1 | % | 0.8 | % | |||||||||||||||||||||||||||
U.S. Subtotal / Wtd Avg |
96,419,854 | 877,772 | 768,520 | | 98,066,146 | 80.6 | % | 59.7 | % | 94.6 | % | $ | 6.50 | 6.0 | % | 5.1 | % | |||||||||||||||||||||||||||
Canada |
304,353 | 475,328 | | | 779,681 | 0.6 | % | 100.0 | % | 88.1 | % | $ | 9.54 | 0.0 | % | n/a | ||||||||||||||||||||||||||||
Mexico City |
2,134,089 | | 947,323 | | 3,081,412 | 2.5 | % | 44.0 | % | 97.7 | % | 6.23 | 12.6 | % | 0.1 | % | ||||||||||||||||||||||||||||
Other Mexico Markets |
2,769,507 | | | | 2,769,507 | 2.3 | % | 20.0 | % | 94.3 | % | 4.83 | (0.4 | %) | (2.2 | %) | ||||||||||||||||||||||||||||
Mexico Subtotal / Wtd Avg |
4,903,596 | | 947,323 | | 5,850,919 | 4.8 | % | 32.6 | % | 96.1 | % | $ | 5.58 | 8.2 | % | (0.4 | %) | |||||||||||||||||||||||||||
The Americas Total / Wtd Avg |
101,627,803 | 1,353,100 | 1,715,843 | | 104,696,746 | 86.0 | % | 58.5 | % | 94.7 | % | $ | 6.47 | 6.1 | % | 5.0 | % | |||||||||||||||||||||||||||
France |
3,371,164 | | 70,653 | | 3,441,817 | 2.9 | % | 22.2 | % | 92.5 | % | $ | 9.78 | 14.4 | % | (8.1 | %) | |||||||||||||||||||||||||||
Germany |
2,116,303 | | | | 2,116,303 | 1.7 | % | 20.4 | % | 99.8 | % | 10.19 | 1.9 | % | 2.9 | % | ||||||||||||||||||||||||||||
Benelux |
2,835,213 | | | | 2,835,213 | 2.4 | % | 21.8 | % | 99.2 | % | 11.25 | 53.9 | % | n/a | |||||||||||||||||||||||||||||
Other Europe Markets |
178,282 | 164,795 | | | 343,077 | 0.2 | % | 61.9 | % | 100.0 | % | 18.30 | 0.0 | % | n/a | |||||||||||||||||||||||||||||
Europe Subtotal / Wtd Avg |
8,500,962 | 164,795 | 70,653 | | 8,736,410 | 7.2 | % | 23.2 | % | 96.7 | % | $ | 10.71 | 16.7 | % | (5.9 | %) | |||||||||||||||||||||||||||
Tokyo |
4,916,517 | | | | 4,916,517 | 4.0 | % | 28.9 | % | 96.0 | % | $ | 13.77 | 14.1 | % | 1.3 | % | |||||||||||||||||||||||||||
Osaka |
1,018,875 | | | | 1,018,875 | 0.8 | % | 20.0 | % | 89.3 | % | 10.44 | 7.1 | % | n/a | |||||||||||||||||||||||||||||
Other Japan Markets |
| | | | | 0.0 | % | 0.0 | % | 0.0 | % | | 0.0 | % | n/a | |||||||||||||||||||||||||||||
Japan Subtotal / Wtd Avg |
5,935,392 | | | | 5,935,392 | 4.8 | % | 27.4 | % | 94.9 | % | $ | 13.23 | 12.8 | % | 1.3 | % | |||||||||||||||||||||||||||
Shanghai |
1,382,817 | | 21,722 | | 1,404,539 | 1.3 | % | 70.4 | % | 100.0 | % | $ | 4.52 | 14.5 | % | 49.4 | % | |||||||||||||||||||||||||||
Singapore |
733,321 | | | | 733,321 | 0.6 | % | 100.0 | % | 99.7 | % | 10.32 | 49.7 | % | 1.4 | % | ||||||||||||||||||||||||||||
Other Asia Markets |
| 218,132 | | | 218,132 | 0.2 | % | 100.0 | % | 100.0 | % | 8.45 | 0.0 | % | n/a | |||||||||||||||||||||||||||||
Asia Total / Wtd Avg |
8,051,530 | 218,132 | 21,722 | | 8,291,384 | 6.8 | % | 43.0 | % | 96.2 | % | $ | 11.29 | 28.1 | % | 3.6 | % | |||||||||||||||||||||||||||
Owned and Managed Total / Wtd Avg(2) |
118,180,295 | 1,736,027 | 1,808,218 | | 121,724,540 | 100.0 | % | 54.9 | % | 94.9 | % | $ | 7.11 | 7.3 | % | 4.2 | % | |||||||||||||||||||||||||||
Other Real Estate Investments(3) |
7,495,659 | | | | 7,495,659 | 0.0 | % | 54.3 | % | 94.6 | % | 5.22 | ||||||||||||||||||||||||||||||||
Total Operating Portfolio |
125,675,954 | 1,736,027 | 1,808,218 | | 129,220,199 | 0.0 | % | 54.9 | % | 94.9 | % | $ | 7.00 | |||||||||||||||||||||||||||||||
Development |
||||||||||||||||||||||||||||||||||||||||||||
Pipeline |
17,822,820 | 1,121,777 | (5) | | (788,515 | ) (6) | 18,156,082 | 0.0 | % | 88.7 | % | |||||||||||||||||||||||||||||||||
Available for Sale or Contribution(4) |
4,190,504 | 785,604 | (5) | (2,014,591 | ) (6) | (136,179 | ) (6) | 2,825,338 | 0.0 | % | 92.0 | % | ||||||||||||||||||||||||||||||||
Development Subtotal |
22,013,324 | 1,907,381 | (2,014,591 | ) | (924,694 | ) | 20,981,420 | 0.0 | % | 89.1 | % | |||||||||||||||||||||||||||||||||
Total Global Portfolio |
147,689,278 | 3,643,408 | (206,373 | ) | (924,694 | ) | 150,201,619 | 0.0 | % | 59.7 | % | |||||||||||||||||||||||||||||||||
(1) | Represents assets contributed or placed in operations from development and may include positive/(negative) remeasures to operating assets. | |
(2) | See reporting definitions and supplemental financial measures disclosures. | |
(3) | Includes operating properties held through AMBs investments in unconsolidated co-investment ventures that it does not manage and are therefore excluded from the owned and managed portfolio and the location of AMBs global headquarters. | |
(4) | Represents development projects available for sale or contribution that are not included in the operating portfolio. | |
(5) | For development pipeline, represents square footage of development starts. For available for sale or contribution, represents new projects available. | |
(6) | For development pipeline, represents square footage of completed development projects. For available for sale or contribution, represents projects sold, contributed, or placed in operations. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 10 |
![]() |
Capital Deployment Overview (dollars in millions) |
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(1) | Includes investments held through unconsolidated co-investment ventures. | |
(2) | See reporting definitions and supplemental financial measures disclosures. | |
(3) | Owned and managed portfolio. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 11 |
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Property Acquisitions(1) (dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarter ended March 31, 2008 | ||||||||||||
Acquisition | % of Total | |||||||||||
Square Feet | Cost(2) | Acquisition Cost | ||||||||||
The Americas |
||||||||||||
United States |
877,772 | $ | 93,388 | 38.1 | % | |||||||
Other Americas |
475,328 | 41,229 | 16.8 | % | ||||||||
The Americas Total |
1,353,100 | $ | 134,617 | 54.9 | % | |||||||
Europe |
||||||||||||
France |
| $ | | 0.0 | % | |||||||
Germany |
| | 0.0 | % | ||||||||
Benelux |
| | 0.0 | % | ||||||||
Other Europe |
164,795 | 68,023 | 27.8 | % | ||||||||
Europe Total |
164,795 | $ | 68,023 | 27.8 | % | |||||||
Asia |
||||||||||||
Japan |
| $ | | 0.0 | % | |||||||
China |
| | 0.0 | % | ||||||||
Other Asia |
468,890 | 42,244 | (4) | 17.3 | % | |||||||
Asia Total |
468,890 | $ | 42,244 | 17.3 | % | |||||||
Total |
1,986,785 | $ | 244,884 | 100.0 | % | |||||||
AMBs Weighted Average Ownership Percentage |
46.2 | % | ||
Weighted Average Stabilized GAAP Cap Rate(3) |
5.8 | % | ||
Weighted Average Stabilized Cash Cap Rate(3) |
5.7 | % |
Acquisition | % of Total | |||||||||||
Square Feet | Cost(2) | Acquisition Cost | ||||||||||
By Entity |
||||||||||||
AMB Property Corporation |
944,218 | $ | 83,473 | 34.1 | % | |||||||
AMB-SGP Mexico |
| | 0.0 | % | ||||||||
AMB Japan Fund I |
| | 0.0 | % | ||||||||
AMB Europe Fund I |
164,795 | 68,023 | 27.8 | % | ||||||||
AMB Institutional Alliance Fund III |
877,772 | 93,388 | 38.1 | % | ||||||||
Total |
1,986,785 | $ | 244,884 | 100.0 | % | |||||||
(1) | Owned and managed portfolio. | |
(2) | Includes closing costs and estimated total acquisition capital expenditures of approximately $5.0 million for the quarter and year ended March 31, 2008. | |
(3) | See reporting definitions and supplemental financial measures disclosures. | |
(4) | Includes buyout of remaining 50% interest in an owned and managed asset. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 12 |
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Development
Starts and Total Capital
Deployment(1) (dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarter ended March 31, 2008 | ||||||||||||
Estimated | Estimated | % of Total | ||||||||||
Square Feet at | Total | Estimated | ||||||||||
Stabilization(2) | Investment(2) | Investment(2) | ||||||||||
The Americas |
||||||||||||
United States |
432,101 | $ | 47,764 | 56.1 | % | |||||||
Other Americas |
689,676 | 37,444 | 43.9 | % | ||||||||
The Americas Total |
1,121,777 | $ | 85,208 | 100.0 | % | |||||||
Europe |
||||||||||||
France |
| $ | | 0.0 | % | |||||||
Germany |
| | 0.0 | % | ||||||||
Benelux |
| | 0.0 | % | ||||||||
Other Europe |
| | 0.0 | % | ||||||||
Europe Total |
| $ | | 0.0 | % | |||||||
Asia |
||||||||||||
Japan |
| $ | | 0.0 | % | |||||||
China |
| | 0.0 | % | ||||||||
Other Asia |
| | 0.0 | % | ||||||||
Asia Total |
| $ | | 0.0 | % | |||||||
Total |
1,121,777 | $ | 85,208 | 100.0 | % | |||||||
AMBs
Weighted Average Ownership Percentage |
92.7 | % | ||
Weighted Average Estimated Yield(2) |
8.4 | % |
For the Quarter ended March 31, 2008 | ||||||||
Estimated | Estimated | |||||||
Square Feet at | Total | |||||||
Stabilization(2) | Investment(2) | |||||||
Total Acquisitions |
1,986,785 | $ | 244,884 | |||||
Total Development Starts |
1,121,777 | 85,208 | ||||||
Total Capital Deployment |
3,108,562 | $ | 330,092 | |||||
(1) | Includes investments held through unconsolidated co-investment ventures. | |
(2) | See reporting definitions and supplemental financial measures disclosures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 13 |
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Contributions and Dispositions(1)
(dollars in thousands) |
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2008 First Quarter Earnings Conference Call |
For the Quarter ended March 31, 2008 | ||||||||
Operating Property | Development Property | |||||||
Contributions | Contributions | |||||||
and Dispositions | and Dispositions | |||||||
AMBs Ownership Contributed and Disposed |
32.8 | % | 51.6 | % | ||||
Contribution Value and Disposition Price |
$ | 66,175 | $ | 155,819 | ||||
Weighted Average Stabilized Cash Cap Rate(2)(3) |
6.6 | % | 5.7 | % | ||||
Development Margin(3) |
N/A | 19.6 | % |
Square Footage or Acreage Contributed or Sold | ||||||||||||
For the Quarter ended March 31, 2008 | ||||||||||||
Operating Property | Development Property | |||||||||||
Contributions | Contributions | |||||||||||
and Dispositions | and Dispositions | |||||||||||
Square Feet | Square Feet | Land Acreage(4) | ||||||||||
The Americas |
||||||||||||
United States |
821,712 | 1,139,556 | | |||||||||
Other Americas |
| | | |||||||||
The Americas Total |
821,712 | 1,139,556 | | |||||||||
Europe |
||||||||||||
France |
| | | |||||||||
Germany |
| | | |||||||||
Benelux |
| 110,701 | | |||||||||
Other Europe |
| | | |||||||||
Europe Total |
| 110,701 | | |||||||||
Asia |
||||||||||||
Japan |
| | | |||||||||
China |
| | | |||||||||
Other Asia |
| | | |||||||||
Asia Total |
| | | |||||||||
Total |
821,712 | 1,250,257 | | |||||||||
(1) | Includes investments held through unconsolidated co-investment ventures. | |
(2) | Excludes value added conversions, build-to-suit buildings, and land sales. | |
(3) | See reporting definitions and supplemental financial measures disclosures. | |
(4) | Represents acreage for land sales and value added conversion projects. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 14 |
![]() |
Development
Pipeline(1)
(dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE
2008 First Quarter Earnings Conference Call |
2008 Expected Stabilizations | 2009 Expected Stabilizations | Total | ||||||||||||||||||||||||||
Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | % of Total | ||||||||||||||||||||||
Square Feet at | Total | Square Feet at | Total | Square Feet at | Total | Estimated | ||||||||||||||||||||||
Stabilization(2) | Investment(2)(3) | Stabilization(2) | Investment(2)(3) | Stabilization(2) | Investment(2)(3) | Investment(2) | ||||||||||||||||||||||
The Americas |
||||||||||||||||||||||||||||
United States |
3,183,840 | $ | 176,555 | 4,227,798 | $ | 398,689 | 7,411,638 | $ | 575,244 | 32.4 | % | |||||||||||||||||
Other Americas |
| | 3,011,555 | 184,346 | 3,011,555 | 184,346 | 10.4 | % | ||||||||||||||||||||
The Americas Total |
3,183,840 | $ | 176,555 | 7,239,353 | $ | 583,035 | 10,423,193 | $ | 759,590 | 42.8 | % | |||||||||||||||||
Europe |
||||||||||||||||||||||||||||
France |
37,954 | $ | 5,598 | 409,588 | $ | 41,707 | 447,542 | $ | 47,305 | 2.6 | % | |||||||||||||||||
Germany |
139,608 | 21,049 | | | 139,608 | 21,049 | 1.2 | % | ||||||||||||||||||||
Benelux |
96,520 | 20,157 | 890,529 | 103,678 | 987,049 | 123,835 | 7.0 | % | ||||||||||||||||||||
Other Europe |
585,971 | 81,306 | 436,916 | 43,648 | 1,022,887 | 124,954 | 7.0 | % | ||||||||||||||||||||
Europe Total |
860,053 | $ | 128,110 | 1,737,033 | $ | 189,033 | 2,597,086 | $ | 317,143 | 17.8 | % | |||||||||||||||||
Asia |
||||||||||||||||||||||||||||
Japan |
3,478,764 | $ | 530,762 | 685,757 | $ | 110,522 | 4,164,521 | $ | 641,284 | 36.1 | % | |||||||||||||||||
China |
| | 608,537 | 27,401 | 608,537 | 27,401 | 1.5 | % | ||||||||||||||||||||
Other Asia |
362,745 | 32,749 | | | 362,745 | 32,749 | 1.8 | % | ||||||||||||||||||||
Asia Total |
3,841,509 | $ | 563,511 | 1,294,294 | $ | 137,923 | 5,135,803 | $ | 701,434 | 39.4 | % | |||||||||||||||||
Total |
7,885,402 | $ | 868,175 | 10,270,680 | $ | 909,991 | 18,156,082 | $ | 1,778,167 | 100.0 | % | |||||||||||||||||
Number of Projects |
20 | 35 | 55 | |||||||||||||||||||||||||
Funded-to-Date |
$ | 799,322 | $ | 532,208 | $ | 1,331,530 | ||||||||||||||||||||||
AMBs Weighted Average Ownership Percentage |
96.9 | % | 89.7 | % | 93.2 | % | ||||||||||||||||||||||
AMBs Share of Amounts Funded to Date |
$ | 778,485 | $ | 479,395 | $ | 1,257,880 | ||||||||||||||||||||||
Weighted Average Estimated Yield(2) |
7.2 | % | 7.5 | % | 7.4 | % | ||||||||||||||||||||||
Percent Leased(2) |
42.2 | % | 10.3 | % | 24.2 | % |
(1) | Includes investments held through unconsolidated co-investment ventures. | |
(2) | See reporting definitions and supplemental financial measures disclosures. | |
(3) | Includes value added conversion projects. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 15 |
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Completions
and Properties Available for Sale or Contribution(1)
(dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE
2008 First Quarter Earnings Conference Call |
Development Completions(2) | Available for Sale or Contribution As of March 31, 2008 | |||||||||||||||||||||||
For the Quarter ended | Development | Operating | ||||||||||||||||||||||
March 31, 2008 | Properties | Properties | ||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||
Square Feet | Investment | Square Feet | Investment | Square Feet | Investment | |||||||||||||||||||
The Americas |
||||||||||||||||||||||||
United States |
393,451 | $ | 70,472 | 654,551 | $ | 81,381 | 116,168 | $ | 6,530 | |||||||||||||||
Other Americas |
281,441 | 25,362 | 1,782,258 | 125,698 | 1,727,004 | 114,562 | ||||||||||||||||||
The Americas Total |
674,892 | $ | 95,834 | 2,436,809 | $ | 207,079 | 1,843,172 | $ | 121,092 | |||||||||||||||
Europe |
||||||||||||||||||||||||
France |
| $ | | 277,817 | $ | 26,331 | 67,274 | $ | 15,724 | |||||||||||||||
Germany |
| | | | | | ||||||||||||||||||
Benelux |
110,712 | 18,273 | 110,712 | 18,273 | | | ||||||||||||||||||
Other Europe |
| | | | 178,282 | 38,030 | ||||||||||||||||||
Europe Total |
110,712 | $ | 18,273 | 388,529 | $ | 44,604 | 245,556 | $ | 53,754 | |||||||||||||||
Asia |
||||||||||||||||||||||||
Japan |
| $ | | | $ | | 543,056 | $ | 102,347 | |||||||||||||||
China |
| | | | 1,382,817 | 60,685 | ||||||||||||||||||
Other Asia |
| | | | 951,453 | 90,243 | ||||||||||||||||||
Asia Total |
| $ | | | $ | | 2,877,326 | $ | 253,275 | |||||||||||||||
Total |
785,604 | $ | 114,107 | 2,825,338 | $ | 251,683 | 4,966,054 | $ | 428,121 | |||||||||||||||
AMBs Weighted Average Ownership Percentage |
46.9 | % | 83.3 | % | 95.5 | % | ||||||||||||||||||
Weighted Average Estimated Yield(2) |
8.1 | % | 7.7 | % | N/A | |||||||||||||||||||
Percent Pre-leased |
46.6 | % | 63.2 | % | 97.2 | % |
(1) | Includes investments held through unconsolidated co-investment ventures. |
|
(2) | See reporting definitions and supplemental financial measures disclosures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 16 |
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Land,
Value Added Conversion, and Redevelopment
Inventory(1)(2)
(dollars in thousands) |
SUPPLEMENTAL ANALYST PACKAGE
2008 First Quarter Earnings Conference Call |
Land Inventory | ||||||||||||||||||||||||||||||||
The Americas | Europe | Asia | Total | |||||||||||||||||||||||||||||
Estimated | Estimated | Estimated | Estimated | |||||||||||||||||||||||||||||
Build Out | Build Out | Build Out | Build Out | |||||||||||||||||||||||||||||
Acres | (square feet) | Acres | (square feet) | Acres | (square feet) | Acres | (square feet) | |||||||||||||||||||||||||
Balance as of December 31, 2007 |
2,296 | 37,876,221 | 199 | 3,860,104 | 40 | 2,283,574 | 2,535 | 44,019,899 | ||||||||||||||||||||||||
Acquisitions |
110 | 1,901,132 | 30 | 491,136 | 5 | 417,833 | 145 | 2,810,101 | ||||||||||||||||||||||||
Sales |
| | | | | | | | ||||||||||||||||||||||||
Development starts |
(40 | ) | (821,663 | ) | | | | | (40 | ) | (821,663 | ) | ||||||||||||||||||||
Site plan adjustments |
| (34,923 | ) | | | | | | (34,923 | ) | ||||||||||||||||||||||
Balance as of March 31, 2008 |
2,366 | 38,920,767 | 229 | 4,351,240 | 45 | 2,701,407 | 2,640 | (3) | 45,973,414 | (3) | ||||||||||||||||||||||
Investment in Land(4) |
$ | 473,529 | $ | 69,080 | $ | 110,908 | $ | 653,517 | (3) | |||||||||||||||||||||||
Estimated Total Investment(1) |
$ | 1,984,167 | $ | 415,335 | $ | 319,827 | $ | 2,719,329 |
Value Added Conversion Inventory(1)(7) | ||||||||||||||||||||||||||||||||
East Region | Southwest Region | West Central Region | The Americas | |||||||||||||||||||||||||||||
Number of | Number of | Number of | Number of | |||||||||||||||||||||||||||||
Conversion Time Frame | Acres | Projects | Acres | Projects | Acres | Projects | Acres | Projects | ||||||||||||||||||||||||
3 years or less |
| | 31 | 2 | 44 | 4 | 75 | 6 | ||||||||||||||||||||||||
3+ years |
7 | 2 | 20 | 1 | 143 | 6 | 170 | 9 | ||||||||||||||||||||||||
Total |
7 | 2 | 51 | 3 | 187 | 10 | 245 | (5) | 15 | |||||||||||||||||||||||
Redevelopment Inventory(1)(7) | ||||||||||||||||||||||||||||||||
East Region | Southwest Region | West Central Region | The Americas | |||||||||||||||||||||||||||||
Square | Number of | Square | Number of | Square | Number of | Square | Number of | |||||||||||||||||||||||||
Redevelopment Time Frame | Feet | Projects | Feet | Projects | Feet | Projects | Feet | Projects | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
3 years or less |
40,800 | 1 | 329,140 | 1 | 131,987 | 1 | 501,927 | 3 | ||||||||||||||||||||||||
3+ years |
| | 688,499 | 2 | 309,873 | 1 | 998,372 | 3 | ||||||||||||||||||||||||
Total |
40,800 | 1 | 1,017,639 | 3 | 441,860 | 2 | 1,500,299 | (6) | 6 | |||||||||||||||||||||||
(1) | See reporting definitions and supplemental financial measures disclosures. | |
(2) | Includes investments held through unconsolidated co-investment ventures. | |
(3) | AMBs share of acres, square feet of estimated build out, and total investment including amounts held in unconsolidated co-investment ventures is 2,413 acres, 41.6 million square feet and $542,406, respectively. | |
(4) | Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs. | |
(5) | AMBs share is 187 acres. | |
(6) | AMBs share is 885,489 square feet. | |
(7) | East, Southwest, and West Central regions represent AMBs geographic division of The Americas. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 17 |
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Private
Capital Co-investment Ventures
Overview(1) (dollars in millions) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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Incentive | ||||||||||||
Date | Geographic | Functional | Distribution | |||||||||
Co-investment Venture | Established | Focus | Principal Venture Investors | Currency | Frequency | Term | ||||||
AMB Partners II | February 2001 | United States | City and County of San Francisco ERS | USD | 3 years | Perpetual | ||||||
AMB-SGP | March 2001 | United States | Subsidiary of GIC Real Estate Pte Ltd. | USD | 10 years | March 2011; extendable 10 years | ||||||
AMB Institutional Alliance Fund II | June 2001 | United States | Various | USD | At dissolution | December 2014 (estimated) | ||||||
AMB-AMS | June 2004 | United States | Various | USD | At dissolution | December 2012; extendable 4 years | ||||||
AMB Institutional Alliance Fund III | October 2004 | United States | Various | USD | 3 years (next 2Q08) | Open end | ||||||
AMB-SGP Mexico | December 2004 | Mexico | Subsidiary of GIC Real Estate Pte Ltd. | USD | 7 years | December 2011; extendable 7 years | ||||||
AMB Japan Fund I | June 2005 | Japan | Various | JPY | At dissolution | June 2013; extendable 2 years | ||||||
AMB DFS Fund I | October 2006 | United States | GE Real Estate | USD | Upon project sales | Perpetual | ||||||
AMB Europe Fund I | June 2007 | Europe | Various | EUR | 3 years (next 2Q10) | Open end |
(1) | During the quarter ending March 31, 2008, AMB Erie sold its final real estate asset and the partnership is in dissolution. | |
(2) | Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB. | |
(3) | See reporting definitions and supplemental financial measures disclosures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 18 |
Private Capital Co-investment Ventures Financial Summary | ||||
![]() |
(dollars in thousands) | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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AMBs | Gross | AMBs | Estimated | Planned | ||||||||||||||||||||||||||
Ownership | Square | Book | Property | Other | Net Equity | Investment | Gross | |||||||||||||||||||||||
Unconsolidated Co-investment Ventures | Percentage | Feet(1) | Value(2) | Debt | Debt | Investment(3) | Capacity | Capitalization | ||||||||||||||||||||||
Co-Investment Operating Ventures |
||||||||||||||||||||||||||||||
AMB Institutional Alliance Fund III(4) |
17% | 24,085,275 | $ | 2,221,050 | $ | 1,150,112 | $ | 44,000 | $ | 133,535 | $ | 294,000 | $ | 2,515,000 | ||||||||||||||||
AMB Europe Fund I(4) |
21% | 8,490,854 | 1,288,318 | 791,371 | | 63,126 | 95,000 | 1,383,000 | ||||||||||||||||||||||
AMB Japan Fund I |
20% | 5,392,336 | 1,038,792 | 628,094 | 118,216 | 57,998 | 1,450,000 | 2,489,000 | ||||||||||||||||||||||
AMB-SGP Mexico |
20% | 4,903,596 | 262,456 | 172,703 | | 12,740 | 443,000 | 705,000 | ||||||||||||||||||||||
Total Co-investment Operating Ventures |
19% | 42,872,061 | 4,810,616 | 2,742,280 | 162,216 | 267,399 | 2,282,000 | 7,092,000 | ||||||||||||||||||||||
Co-investment Development Ventures: |
||||||||||||||||||||||||||||||
AMB DFS Fund I |
15% | 1,327,934 | 132,198 | | | 20,649 | 284,000 | 416,000 | ||||||||||||||||||||||
Other Industrial Co-investment Operating Ventures |
55% | 7,418,749 | (5) | 282,552 | 169,303 | | 47,882 | n/a | n/a | |||||||||||||||||||||
Total Unconsolidated Co-investment Ventures |
21% | 51,618,744 | $ | 5,225,366 | $ | 2,911,583 | $ | 162,216 | $ | 335,930 | $ | 2,566,000 | $ | 7,508,000 | ||||||||||||||||
Consolidated
Co-investment Ventures |
||||||||||||||||||||||||||||||
Co-investment Operating Ventures |
||||||||||||||||||||||||||||||
AMB Partners II |
20% | 9,914,742 | $ | 693,070 | $ | 318,506 | $ | 65,000 | ||||||||||||||||||||||
AMB-SGP |
50% | 8,288,663 | 456,579 | 345,457 | | |||||||||||||||||||||||||
AMB Institutional Alliance Fund II |
20% | 8,006,081 | 526,048 | 236,976 | 60,000 | |||||||||||||||||||||||||
AMB-AMS |
39% | 2,172,137 | 156,510 | 82,674 | | |||||||||||||||||||||||||
Total Co-investment Operating Ventures |
29% | 28,381,623 | 1,832,207 | 983,613 | 125,000 | |||||||||||||||||||||||||
Co-investment Development Ventures |
||||||||||||||||||||||||||||||
AMB Partners II |
20% | n/a | 12,126 | | | |||||||||||||||||||||||||
AMB Institutional Alliance Fund II |
20% | n/a | 4,963 | | | |||||||||||||||||||||||||
Total Co-investment Development Ventures |
20% | | 17,089 | | | |||||||||||||||||||||||||
Total Co-investment Ventures |
29% | 28,381,623 | 1,849,296 | 983,613 | 125,000 | |||||||||||||||||||||||||
Other Industrial Co-investment Operating Ventures |
93% | 3,143,457 | 259,322 | 28,376 | | |||||||||||||||||||||||||
Other Industrial Co-investment Development Ventures |
80% | 3,531,144 | 354,658 | 73,317 | | |||||||||||||||||||||||||
Total Consolidated Co-investment Ventures |
43% | 35,056,224 | $ | 2,463,276 | $ | 1,085,306 | $ | 125,000 | ||||||||||||||||||||||
Selected Operating Results | ||||||||||||||||||||||||||||
For the Quarter ended March 31, 2008 | Cash NOI(6) | Net Income | FFO(6) | Share of | Cash NOI(6) | Net Income | FFO(6) | |||||||||||||||||||||
Unconsolidated Co-investment Ventures |
$ | 76,546 | $ | 14,030 | $ | 42,574 | AMBs | $ | 16,988 | $ | 2,928 | $ | 8,862 | |||||||||||||||
Consolidated Co-investment Ventures |
$ | 43,608 | $ | 34,079 | $ | 26,902 | Partners | $ | 28,687 | $ | 18,287 | $ | 16,576 |
(1) | For development properties, represents the estimated square feet upon completion for the committed phases of development projects. | |
(2) | Represents the book value of the property (before accumulated depreciation) owned by the co-investment venture and excludes net other assets. Development book values include uncommitted land. | |
(3) | AMB also has a 39% equity interest in G. Accion, a Mexican real estate company for approximately $30.5 million. G. Accion provides real estate management and development services in Mexico. | |
(4) | The estimated investment capacity and planned gross capitalizations and investment capacities of AMB Institutional Alliance Fund III and AMB Europe Fund I, as open-end funds, are not limited. The planned gross capitalization represents the gross book value of real estate assets as of the most recent quarter end, and the investment capacity represents estimated capacity based on the Funds current cash and leverage limitations as of the most recent quarter end. | |
(5) | Includes investments in 7.4 million square feet of operating properties through AMBs investments in unconsolidated co-investment venture that it does not manage which it excludes from its owned and managed portfolio. | |
(6) | See reporting definitions and supplemental financial measures disclosures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 19 |
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Capitalization Summary (dollars in millions) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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Quarter ended | ||||
March 31, 2008 | ||||
Interest coverage(2) |
4.7 | x | ||
Fixed charge coverage(2) |
2.4 | x | ||
FFO payout(2) |
80.0 | % | ||
AMBs share of total debt-to-total market capitalization(2) |
39.6 | % |
(1) | Debt amounts represents AMBs share of debt and preferred securities. | |
(2) | See reporting definitions and supplemental financial measures disclosures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 20 |
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Capitalization Detail (dollars in thousands, except shares and share price) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
AMB | Co-investment | Unsecured | ||||||||||||||||||||||
Secured | Venture | Senior | Credit | Other | Total | |||||||||||||||||||
Debt | Debt | Debt | Facilities(1) | Debt | Debt | |||||||||||||||||||
2008 |
$ | 114,813 | $ | 72,915 | $ | 175,000 | $ | | $ | 113,723 | $ | 476,451 | ||||||||||||
2009 |
126,110 | 111,396 | 100,000 | | 325,873 | 663,379 | ||||||||||||||||||
2010 |
65,905 | 104,361 | 250,000 | 632,240 | 941 | 1,053,447 | ||||||||||||||||||
2011 |
115 | 188,886 | 75,000 | 328,239 | 1,014 | 593,254 | ||||||||||||||||||
2012 |
4,383 | 459,366 | | | 61,093 | 524,842 | ||||||||||||||||||
2013 |
4,116 | 48,644 | 175,000 | | 65,920 | 293,680 | ||||||||||||||||||
2014 |
4,255 | 4,102 | | | 616 | 8,973 | ||||||||||||||||||
2015 |
4,397 | 18,806 | 112,491 | | 664 | 136,358 | ||||||||||||||||||
2016 |
4,545 | 54,795 | | | | 59,340 | ||||||||||||||||||
2017 |
37,548 | 1,973 | | | | 39,521 | ||||||||||||||||||
Thereafter |
| 17,118 | 125,000 | | | 142,118 | ||||||||||||||||||
Subtotal |
$ | 366,187 | $ | 1,082,362 | $ | 1,012,491 | $ | 960,479 | $ | 569,844 | $ | 3,991,363 | ||||||||||||
Unamortized premiums/(discount) |
923 | 2,944 | (9,056 | ) | | | (5,189 | ) | ||||||||||||||||
Total consolidated debt |
$ | 367,110 | $ | 1,085,306 | $ | 1,003,435 | $ | 960,479 | $ | 569,844 | $ | 3,986,174 | ||||||||||||
AMBs share of unconsolidated
co-investment venture debt(2)(3) |
| 613,162 | | | 31,190 | 644,352 | ||||||||||||||||||
Total debt |
$ | 367,110 | $ | 1,698,468 | $ | 1,003,435 | $ | 960,479 | $ | 601,034 | $ | 4,630,526 | ||||||||||||
Co-investment venture partners
share of consolidated debt(3) |
| (697,666 | ) | | | (100,000 | ) | (797,666 | ) | |||||||||||||||
AMBs share of total debt(3) |
$ | 367,110 | $ | 1,000,802 | $ | 1,003,435 | $ | 960,479 | $ | 501,034 | $ | 3,832,860 | ||||||||||||
Weighted average interest rate |
3.5 | % | 5.8 | % | 6.1 | % | 2.6 | % | 4.0 | % | 4.6 | % | ||||||||||||
Weighted average maturity (years) |
2.3 | 4.0 | 4.0 | 2.5 | 2.0 | 3.2 |
Market Equity | ||||||||||||
Security | Shares | Price | Value | |||||||||
Common Stock |
97,898,805 | (4) | $ | 54.42 | $ | 5,327,653 | ||||||
LP Units |
3,976,167 | 54.42 | 216,383 | |||||||||
Total |
101,874,972 | $ | 5,544,036 | |||||||||
Total options outstanding | 6,515,472 | |||||||||||
Dilutive effect of stock options and restricted stock(5) | 2,038,352 |
Preferred Stock and Units(6) | ||||||||
Dividend | Liquidation | |||||||
Security | Rate | Preference | ||||||
Series D preferred units |
7.18 | % | $ | 79,767 | ||||
Series L preferred stock |
6.50 | % | 50,000 | |||||
Series M preferred stock |
6.75 | % | 57,500 | |||||
Series O preferred stock |
7.00 | % | 75,000 | |||||
Series P preferred stock |
6.85 | % | 50,000 | |||||
Weighted Average/Total |
6.90 | % | $ | 312,267 | ||||
Total debt-to-total market capitalization(3)
|
44.2 | % | ||
AMBs share of total debt-to-total market capitalization(3) |
39.6 | % | ||
Total debt plus preferred-to-total market capitalization(3)
|
47.1 | % | ||
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization(3)
|
42.8 | % |
(1) | Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $503.2 million, $269.7 million, $129.1 million and $58.5 million in Yen, Canadian dollar, Euro and Singapore dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at March 31, 2008. | |
(2) | The weighted average interest and maturity for the unconsolidated co-investment venture debt are 4.8% and 5.3 years, respectively. | |
(3) | See reporting definitions and supplemental financial measures disclosures. | |
(4) | Includes 895,446 shares of unvested restricted stock. | |
(5) | Computed using the treasury stock method and an average share price of $51.26 for the quarter ended March 31, 2008. | |
(6) | Units are exchangeable under certain circumstances by the unitholder for preferred stock and redeemable at the option of AMB after a five year non-call period. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 21 |
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Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts) |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
Actual | Projected | |||||||
Quarter ended | ||||||||
March 31, 2008 | 2008 | |||||||
Real Estate: |
||||||||
Wholly owned property cash NOI(1) |
$ | 73,452 | ||||||
Total cash NOI from co-investment ventures(1) |
$ | 120,154 | ||||||
AMBs share of co-investment ventures(1) |
26.6 | % | ||||||
AMBs share of cash NOI from co-investment ventures(1) |
$ | 31,909 | ||||||
AMBs share of transaction adjustments(1)(2) |
$ | (8,422 | ) | |||||
Total AMB share of cash NOI(1)(3) |
$ | 96,939 | ||||||
Development platform:(3) |
||||||||
Development starts |
$ | 1,250,000 | ||||||
Average development margin(1) |
12%-15 | % | ||||||
Private capital platform: |
||||||||
Total private capital revenue per common share and unit (diluted) |
$ | 0.10 | $ | 0.52-$0.59 | ||||
Incentive distributions per common share and unit (diluted) |
$ | 0.01 | $ | 0.20-$0.25 | ||||
FFO per common share and unit (diluted)(1) |
$ | 0.65 | $ | 3.85-$4.05 |
As of | ||||
March 31, 2008 | ||||
AMBs share of:(1) |
||||
Development, land, and contributed assets:(3) |
||||
Development pipeline (funded-to-date) |
$ | 1,257,880 | ||
Development projects held for contribution or sale |
209,656 | |||
Operating projects held for contribution or sale |
408,766 | |||
Land held for future development |
542,406 | |||
Assets contributed to co-investment ventures |
31,592 | |||
Debt and preferred securities:(3) |
||||
Total debt |
$ | 3,832,860 | ||
Preferred securities |
312,267 | |||
Other balance sheet items:(3) |
||||
Cash and cash equivalents |
$ | 345,703 | ||
Accounts receivable (net) and other assets |
$ | 460,356 | ||
Deferred rents receivable and deferred financing costs (net) |
$ | (87,309 | ) | |
Accounts payable and other liabilities |
$ | (533,315 | ) |
(1) | See reporting definitions and supplemental financial measures disclosures. | |
(2) | Transaction activity adjustments to NOI stabilizes NOI for acquisitions and removes NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution. | |
(3) | Includes investments held through unconsolidated co-investment ventures. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 22 |
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Reporting Definitions / Supplemental Financial Measures | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
For the Quarters ended | ||||||||
March 31, | ||||||||
2008 | 2007 | |||||||
Net income |
$ | 42,932 | $ | 25,682 | ||||
Depreciation and amortization |
41,669 | 40,454 | ||||||
Impairment losses |
| 257 | ||||||
Stock-based compensation amortization |
6,529 | 5,108 | ||||||
Adjustments to derive adjusted EBITDA from
unconsolidated co-investment ventures: |
||||||||
AMBs share of net income |
(2,928 | ) | (2,113 | ) | ||||
AMBs share of FFO |
8,862 | 5,675 | ||||||
AMBs share of interest expense |
5,921 | 4,068 | ||||||
Interest expense, including amortization |
30,928 | 34,395 | ||||||
Total minority interests share of income |
26,096 | 11,842 | ||||||
Total discontinued operations, including gains |
(21,409 | ) | (3,006 | ) | ||||
Adjusted EBITDA attributable to minority
interests |
(32,850 | ) | (26,571 | ) | ||||
Discontinued operations adjusted EBITDA |
445 | 2,811 | ||||||
Adjusted EBITDA |
$ | 106,195 | $ | 98,602 | ||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 23 |
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Reporting Definitions / Supplemental Financial Measures | SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
Quarter ended | ||||
March 31, 2008 | ||||
2008 | ||||
NOI |
$ | 120,392 | ||
Straight-line rents and amortization of lease intangibles |
(3,332 | ) | ||
Consolidated co-investment venture cash NOI |
(43,608 | ) | ||
Wholly-owned property cash NOI |
73,452 | |||
AMBs share of consolidated co-investment venture cash NOI |
14,921 | |||
AMBs share of unconsolidated co-investment venture cash NOI |
16,988 | |||
AMBs share of transaction adjustments |
(8,422 | ) | ||
AMBs share of cash-basis NOI |
$ | 96,939 | ||
For the Quarters ended | ||||||||
March 31, | ||||||||
Fixed charge | 2008 | 2007 | ||||||
Interest expense, including amortization
continuing operations |
$ | 30,928 | $ | 34,395 | ||||
Amortization of financing costs and debt
premiums continuing operations |
(1,977 | ) | (850 | ) | ||||
Interest expense, including amortization
discontinued operations |
10 | (672 | ) | |||||
Amortization of financing costs and debt
premiums discontinued operations |
| 5 | ||||||
Co-investment partners share of interest expense |
(14,297 | ) | (11,748 | ) | ||||
AMBs share of interest expense from
unconsolidated co-investment ventures |
5,921 | 4,068 | ||||||
Capitalized interest |
17,759 | 14,542 | ||||||
Preferred unit distributions |
1,432 | 3,699 | ||||||
Preferred stock dividends |
3,952 | 3,952 | ||||||
Total fixed charge |
$ | 43,728 | $ | 47,391 | ||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 24 |
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SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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2008 | ||||||||
Low | High | |||||||
Projected net income |
$ | 2.70 | $ | 2.90 | ||||
AMBs share of projected depreciation and amortization |
1.46 | 1.48 | ||||||
AMBs share of projected gains on disposition of operating properties |
(0.23 | ) | (0.25 | ) | ||||
Impact of additional dilutive securities, other, rounding |
(0.08 | ) | (0.08 | ) | ||||
Projected Funds From Operations (FFO) |
$ | 3.85 | $ | 4.05 | ||||
For the Quarters ended | ||||||||
March 31, | ||||||||
Interest | 2008 | 2007 | ||||||
Interest expense, including amortization continuing operations |
$ | 30,928 | $ | 34,395 | ||||
Interest expense, including amortization discontinued operations |
10 | (672 | ) | |||||
Co-investment venture partners share of interest expense |
(14,297 | ) | (11,748 | ) | ||||
AMBs share of interest expense from unconsolidated co-investment ventures |
5,921 | 4,068 | ||||||
Total interest |
$ | 22,562 | $ | 26,043 | ||||
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 25 |
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SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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For the Quarters ended | ||||||||
March 31, | ||||||||
2008 | 2007 | |||||||
Net income |
$ | 42,932 | $ | 25,682 | ||||
Private capital income |
(9,923 | ) | (5,925 | ) | ||||
Depreciation and amortization |
41,669 | 40,454 | ||||||
Impairment losses |
| 257 | ||||||
General and administrative and fund costs |
35,375 | 30,095 | ||||||
Total other income and expenses |
(14,315 | ) | 15,359 | |||||
Total minority interests share of income |
26,096 | 11,842 | ||||||
Total discontinued operations |
(1,442 | ) | (2,870 | ) | ||||
NOI |
120,392 | 114,894 | ||||||
Less non same-store NOI |
(14,463 | ) | (13,246 | ) | ||||
Less non cash adjustments(1) |
(473 | ) | (1,849 | ) | ||||
Cash-basis same-store NOI |
$ | 105,456 | $ | 99,799 | ||||
(1) | Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only. |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 26 |
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Contacts |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
||
Contact Name | Title | Phone | E-mail Address | |||
Hamid R. Moghadam
|
Chairman & Chief Executive Officer | (415) 733-9401 | hmoghadam@amb.com | |||
Thomas S. Olinger
|
Chief Financial Officer | (415) 733-9405 | tolinger@amb.com | |||
Guy F. Jaquier
|
President, Europe and Asia | (415) 733-9406 | gjaquier@amb.com | |||
Eugene F. Reilly
|
President, The Americas | (617) 619-9333 | ereilly@amb.com | |||
John T. Roberts, Jr.
|
President, Private Capital; President, AMB Capital Partners, LLC | (415) 733-9408 | jroberts@amb.com | |||
Margan S. Mitchell
|
Vice President, Corporate Communications | (415) 733-9477 | mmitchell@amb.com | |||
Tracy A. Ward
|
Director, Investor Relations | (415) 733-9565 | tward@amb.com | |||
Corporate Headquarters | Investor Relations | Other Office Locations | ||||||||||
AMB Property Corporation
|
Tel: (415) 394-9000 | Amsterdam | Chengdu | Los Angeles | New Jersey | Shanghai | ||||||
Pier 1, Bay 1
|
Fax: (415) 394-9001 | Atlanta | Chicago | Madrid | New York | Shenzhen | ||||||
San Francisco, CA 94111
|
E-mail: ir@amb.com | Baltimore | Dallas | Menlo Park | Osaka | Singapore | ||||||
Tel: (415) 394-9000
|
Website: www.amb.com | Beijing | Delhi | Nagoya | Paris | Tokyo | ||||||
Fax: (415) 394-9001
|
Boston | Frankfurt | Narita | Seoul | Vancouver |
Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 27 |
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Forward
Looking Statements |
SUPPLEMENTAL ANALYST PACKAGE 2008 First Quarter Earnings Conference Call |
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