Maryland | 001-13545 | 94-3281941 | ||
(State or other jurisdiction of | (Commission file number) | (I.R.S. employer identification | ||
incorporation) | number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION | ||||||||
ITEM 8.01 OTHER EVENTS | ||||||||
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS | ||||||||
SIGNATURES | ||||||||
Exhibits | ||||||||
EX-99.1 |
| $566 million (400 million euros using the March 31, 2011 exchange rate) raised for AMB Europe Logistics Joint Venture, focused on core investments; and | |
| $500 million raised for AMB China Logistics Venture I, a development joint venture. |
§ | $300 million of new development starts in Japan, Brazil, China, and Germany; | |
§ | Approximately $23 million in acquisitions at a stabilized capitalization rate of 6.2 percent, comprised of two properties totaling approximately 308,300 square feet (28,640 square meters); and | |
§ | Dispositions totaling approximately $78 million in the first quarter. |
For the Quarters Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net income (loss) |
$ | 14,322 | $ | (620 | ) | |||
Private capital income |
(7,683 | ) | (7,445 | ) | ||||
Depreciation and amortization |
54,986 | 47,381 | ||||||
General and administrative and fund costs |
30,902 | 32,265 | ||||||
Restructuring charges |
| 2,973 | ||||||
Merger transaction costs |
3,697 | | ||||||
Total other income and expenses |
26,850 | 24,813 | ||||||
Total discontinued operations |
(17,051 | ) | (840 | ) | ||||
NOI |
106,023 | 98,527 | ||||||
Less non same-store NOI |
(18,888 | ) | (11,233 | ) | ||||
Less non cash adjustments(1) |
(2,279 | ) | (2,877 | ) | ||||
Cash-basis same-store NOI |
$ | 84,856 | $ | 84,417 | ||||
Less lease termination fees |
$ | (393 | ) | $ | (638 | ) | ||
Cash-basis same-store NOI, excluding lease termination fees |
$ | 84,463 | $ | 83,779 | ||||
(1) | Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only (dollars in thousands). |
For the Quarters Ended March 31, | ||||||||
2011 | 2010 | |||||||
Revenues |
||||||||
Rental revenues |
$ | 158,085 | $ | 146,645 | ||||
Private capital revenues |
7,683 | 7,445 | ||||||
Total revenues |
165,768 | 154,090 | ||||||
Costs and expenses |
||||||||
Property operating costs |
(52,062 | ) | (48,118 | ) | ||||
Depreciation and amortization |
(54,986 | ) | (47,381 | ) | ||||
General and administrative |
(30,661 | ) | (31,951 | ) | ||||
Restructuring charges |
| (2,973 | ) | |||||
Merger transaction costs |
(3,697 | ) | | |||||
Fund costs |
(241 | ) | (314 | ) | ||||
Other expenses(1) |
(946 | ) | (1,191 | ) | ||||
Total costs and expenses |
(142,593 | ) | (131,928 | ) | ||||
Other income and expenses |
||||||||
Development profits, net of taxes |
| 4,803 | ||||||
Equity in earnings of unconsolidated joint ventures, net |
7,800 | 3,875 | ||||||
Other income(1) |
1,238 | 289 | ||||||
Interest expense, including amortization |
(34,942 | ) | (32,589 | ) | ||||
Total other income and expenses, net |
(25,904 | ) | (23,622 | ) | ||||
Loss from continuing operations |
(2,729 | ) | (1,460 | ) | ||||
Discontinued operations |
||||||||
Income attributable to discontinued operations |
870 | 840 | ||||||
Development profits, net of taxes |
1,637 | | ||||||
Gains from sale of real estate interests, net of taxes |
14,544 | | ||||||
Total discontinued operations |
17,051 | 840 | ||||||
Net income (loss) |
14,322 | (620 | ) | |||||
Noncontrolling interests share of net (income) loss |
||||||||
Joint venture partners share of net (income) loss |
(2,049 | ) | 375 | |||||
Joint venture partners and limited partnership unitholders share of development profits, net of taxes |
(29 | ) | (106 | ) | ||||
Limited partnership unitholders |
(116 | ) | 200 | |||||
Total noncontrolling interests share of net (income) loss |
(2,194 | ) | 469 | |||||
Net income (loss) attributable to AMB Property Corporation |
12,128 | (151 | ) | |||||
Preferred stock dividends |
(3,952 | ) | (3,952 | ) | ||||
Allocation to participating securities(2) |
(355 | ) | (344 | ) | ||||
Net income (loss) available to common stockholders |
$ | 7,821 | $ | (4,447 | ) | |||
Net income (loss) per common share (diluted) |
$ | 0.05 | $ | (0.03 | ) | |||
Weighted average common shares (diluted) |
168,100 | 148,666 | ||||||
(1) | Includes changes in liabilities and assets associated with AMBs deferred compensation plan for the three months ended March 31, 2011 and 2010 of $775 and $919, respectively. | |
(2) | Represents net income attributable to AMB Property Corporation, net of preferred stock dividends, allocated to outstanding unvested restricted shares. For the three months ended March 31, 2011, there were 1,269 unvested restricted shares outstanding. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares outstanding. |
For the Quarters Ended March 31, | ||||||||
2011 | 2010 | |||||||
Net income (loss) available to common stockholders |
$ | 7,821 | $ | (4,447 | ) | |||
Gains from sale or contribution of real estate interests, net of taxes |
(14,544 | ) | | |||||
Depreciation and amortization |
||||||||
Total depreciation and amortization |
54,986 | 47,381 | ||||||
Discontinued operations depreciation |
28 | 1,279 | ||||||
Non-real estate depreciation |
(1,897 | ) | (2,545 | ) | ||||
Adjustment for depreciation on development profits |
(525 | ) | (1,546 | ) | ||||
Adjustments to derive FFO, as defined by NAREIT, from noncontrolling interests |
||||||||
Joint venture partners noncontrolling interests (Net income (loss)) |
2,049 | (375 | ) | |||||
Limited partnership unitholders noncontrolling interests (Net income (loss) and development profits) |
145 | (94 | ) | |||||
FFO, as defined by NAREIT, attributable to joint venture partners noncontrolling interests |
(7,542 | ) | (5,380 | ) | ||||
Adjustments to derive FFO, as defined by NAREIT, from unconsolidated joint ventures |
||||||||
AMBs share of net income |
(7,800 | ) | (3,875 | ) | ||||
AMBs share of FFO, as defined by NAREIT |
20,881 | 14,453 | ||||||
Funds from operations, as defined by NAREIT(1) |
$ | 53,602 | $ | 44,851 | ||||
Adjustments for impairments, restructuring charges, merger transaction costs and debt extinguishment |
||||||||
Restructuring charges |
| 2,973 | ||||||
Merger transaction costs |
3,697 | | ||||||
Allocation to participating securities(2) |
(69 | ) | (42 | ) | ||||
Funds from operations, as adjusted(1) |
$ | 57,230 | $ | 47,782 | ||||
FFO, as adjusted per common share and unit (diluted) |
$ | 0.33 | $ | 0.31 | ||||
Weighted average common shares and units (diluted) |
172,973 | 152,770 | ||||||
Core Funds From Operations, as adjusted |
||||||||
Funds from operations, as adjusted |
$ | 57,230 | $ | 47,782 | ||||
Development profits, net of taxes |
(1,112 | ) | (3,257 | ) | ||||
Joint venture partners and limited partnership unitholders share of development profits, net of taxes |
29 | 106 | ||||||
Limited partnership unitholders noncontrolling interests (Development profits) |
(29 | ) | (106 | ) | ||||
Allocation to participating securities(2) |
8 | 26 | ||||||
Core Funds From Operations, as adjusted(1) |
$ | 56,126 | $ | 44,551 | ||||
Core FFO, as adjusted per common share and unit (diluted) |
$ | 0.32 | $ | 0.29 | ||||
Weighted average common shares and units (diluted) |
172,973 | 152,770 | ||||||
(1) Funds From Operations, as adjusted, (FFO, as adjusted,), Funds From Operations, Per Share and Unit, as adjusted (FFOPS, as adjusted), Core FFO, as adjusted, Core FFO Per Share and Unit, as adjusted (Core FFOPS, as adjusted ), and Funds From Operations, as defined by NAREIT (FFO, as defined by NAREIT) (together with FFO, as adjusted, FFOPS, as adjusted, Core FFO, as adjusted, Core FFOPS, as adjusted, and FFO, as defined by NAREIT, the FFO Measures, as adjusted). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, as adjusted (or FFO, as adjusted), FFO per share and unit, as adjusted (or FFOPS, as adjusted), Core FFO, as adjusted, Core FFO per share and unit, as adjusted (or Core FFOPS, as adjusted) and FFO, as defined by NAREIT, to be useful supplemental measures of its operating performance. AMB defines FFOPS, as adjusted, as FFO, as adjusted, per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO, as adjusted, as net income ( or loss) available to common stockholders, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMBs pro rata share of FFO, as adjusted, of consolidated and unconsolidated joint ventures. AMB defines Core FFOPS, as adjusted as Core FFO, as adjusted per fully diluted weighted share of AMBs common stock and operating partnership units. AMB calculates Core FFO, as adjusted as FFO, as adjusted excluding AMBs share of development profits. These calculations also include adjustments for items as described below. |
2011 | ||||||||
Low | High | |||||||
Projected net income available to common stockholders |
$ | 0.04 | $ | 0.14 | ||||
AMBs share of projected depreciation and amortization |
1.37 | 1.37 | ||||||
AMBs share of depreciation on development profits recognized to date |
0.00 | 0.00 | ||||||
AMBs share of gains on dispositions of operating properties recognized to date |
(0.09 | ) | (0.09 | ) | ||||
Merger transaction costs |
0.02 | 0.02 | ||||||
Impact of additional dilutive securities, other, rounding |
(0.03 | ) | (0.03 | ) | ||||
Projected Funds From Operations, as adjusted (FFO, as adjusted) |
$ | 1.31 | $ | 1.41 | ||||
AMBs share of development profits recognized to date |
(0.01 | ) | (0.01 | ) | ||||
Projected Core FFO, as adjusted(3) |
$ | 1.30 | $ | 1.40 |
(2) | Represents amount of FFO, as adjusted allocated to outstanding unvested restricted shares. For the three months ended March 31, 2011, there were 1,269 unvested restricted shares. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares. | |
(3) | As development gains are difficult to predict in the current economic environment, management believes Core FFO, as adjusted, is the more appropriate and useful measure to reflect its assessment of AMBs projected operating performance. |
As of | ||||||||
March 31, 2011 | December 31, 2010 | |||||||
Assets |
||||||||
Investments in real estate |
||||||||
Total investments in properties |
$ | 6,841,289 | $ | 6,906,176 | ||||
Accumulated depreciation and amortization |
(1,313,547 | ) | (1,268,093 | ) | ||||
Net investments in properties |
5,527,742 | 5,638,083 | ||||||
Investments in unconsolidated joint ventures |
911,003 | 883,241 | ||||||
Properties held for sale or contribution, net |
346,242 | 242,098 | ||||||
Net investments in real estate |
6,784,987 | 6,763,422 | ||||||
Cash and cash equivalents and restricted cash |
235,288 | 228,415 | ||||||
Accounts receivable, net |
170,867 | 167,735 | ||||||
Other assets |
229,621 | 213,323 | ||||||
Total assets |
$ | 7,420,763 | $ | 7,372,895 | ||||
Liabilities and equity |
||||||||
Liabilities |
||||||||
Secured debt |
$ | 961,264 | $ | 962,434 | ||||
Unsecured senior debt |
1,639,823 | 1,685,956 | ||||||
Unsecured credit facilities |
402,784 | 268,933 | ||||||
Other debt |
422,180 | 413,976 | ||||||
Accounts payable and other liabilities |
294,619 | 339,474 | ||||||
Total liabilities |
3,720,670 | 3,670,773 | ||||||
Equity |
||||||||
Stockholders equity |
||||||||
Common equity |
3,079,320 | 3,097,311 | ||||||
Preferred equity |
223,412 | 223,412 | ||||||
Total stockholders equity |
3,302,732 | 3,320,723 | ||||||
Noncontrolling interests |
||||||||
Joint venture partners |
342,514 | 325,590 | ||||||
Limited partnership unitholders |
54,847 | 55,809 | ||||||
Total noncontrolling interests |
397,361 | 381,399 | ||||||
Total equity |
3,700,093 | 3,702,122 | ||||||
Total liabilities and equity |
$ | 7,420,763 | $ | 7,372,895 | ||||
Exhibit | ||
Number | Description | |
99.1
|
AMB Property Corporation Press Release dated April 20, 2011 |
AMB Property Corporation (Registrant) |
||||
Date: April 20, 2011 | By: | /s/ Tamra D. Browne | ||
Tamra D. Browne | ||||
Senior Vice President, General Counsel & Secretary | ||||
§ | $566 million (400 million euros using the March 31, 2011 exchange rate) raised for AMB Europe Logistics Joint Venture, focused on core investments; and |
§ | $500 million raised for AMB China Logistics Venture I, a development joint venture. |
![]() |
Page 2 |
§ | $300 million of new development starts in Japan, Brazil, China, and Germany; |
§ | Approximately $23 million in acquisitions at a stabilized capitalization rate of 6.2 percent, comprised of two properties totaling approximately 308,300 square feet (28,640 square meters); and |
§ | Dispositions totaling approximately $78 million in the first quarter. |
![]() |
Page 3 |
![]() |
Page 4 |
For the Quarters Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net income (loss) |
$ | 14,322 | $ | (620 | ) | |||
Private capital income |
(7,683 | ) | (7,445 | ) | ||||
Depreciation and amortization |
54,986 | 47,381 | ||||||
General and administrative and fund costs |
30,902 | 32,265 | ||||||
Restructuring charges |
| 2,973 | ||||||
Merger transaction costs |
3,697 | | ||||||
Total other income and expenses |
26,850 | 24,813 | ||||||
Total discontinued operations |
(17,051 | ) | (840 | ) | ||||
NOI |
106,023 | 98,527 | ||||||
Less non same-store NOI |
(18,888 | ) | (11,233 | ) | ||||
Less non cash adjustments(1) |
(2,279 | ) | (2,877 | ) | ||||
Cash-basis same-store NOI |
$ | 84,856 | $ | 84,417 | ||||
Less lease termination fees |
$ | (393 | ) | $ | (638 | ) | ||
Cash-basis same-store NOI, excluding lease termination fees |
$ | 84,463 | $ | 83,779 | ||||
(1) | Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only |
![]() |
Page 5 |
![]() |
Page 6 |
Tracy A. Ward
|
Jon M. Boilard | |
Vice President, IR & Corporate Communications
|
Director, Media and Public Relations | |
Direct +1 415 733 9565
|
Direct +1 415 733 9561 | |
Email tward@amb.com
|
Email jboilard@amb.com |
![]() |
Page 7 |
For the Quarters Ended March 31, | ||||||||
2011 | 2010 | |||||||
Revenues |
||||||||
Rental revenues |
$ | 158,085 | $ | 146,645 | ||||
Private capital revenues |
7,683 | 7,445 | ||||||
Total revenues |
165,768 | 154,090 | ||||||
Costs and expenses |
||||||||
Property operating costs |
(52,062 | ) | (48,118 | ) | ||||
Depreciation and amortization |
(54,986 | ) | (47,381 | ) | ||||
General and administrative |
(30,661 | ) | (31,951 | ) | ||||
Restructuring charges |
| (2,973 | ) | |||||
Merger transaction costs |
(3,697 | ) | | |||||
Fund costs |
(241 | ) | (314 | ) | ||||
Other expenses(1) |
(946 | ) | (1,191 | ) | ||||
Total costs and expenses |
(142,593 | ) | (131,928 | ) | ||||
Other income and expenses |
||||||||
Development profits, net of taxes |
| 4,803 | ||||||
Equity in earnings of unconsolidated joint ventures, net |
7,800 | 3,875 | ||||||
Other income(1) |
1,238 | 289 | ||||||
Interest expense, including amortization |
(34,942 | ) | (32,589 | ) | ||||
Total other income and expenses, net |
(25,904 | ) | (23,622 | ) | ||||
Loss from continuing operations |
(2,729 | ) | (1,460 | ) | ||||
Discontinued operations |
||||||||
Income attributable to discontinued operations |
870 | 840 | ||||||
Development profits, net of taxes |
1,637 | | ||||||
Gains from sale of real estate interests, net of taxes |
14,544 | | ||||||
Total discontinued operations |
17,051 | 840 | ||||||
Net income (loss) |
14,322 | (620 | ) | |||||
Noncontrolling interests share of net (income) loss |
||||||||
Joint venture partners share of net (income) loss |
(2,049 | ) | 375 | |||||
Joint venture partners and limited partnership unitholders share of development profits, net of taxes |
(29 | ) | (106 | ) | ||||
Limited partnership unitholders |
(116 | ) | 200 | |||||
Total noncontrolling interests share of net (income) loss |
(2,194 | ) | 469 | |||||
Net income (loss) attributable to AMB Property Corporation |
12,128 | (151 | ) | |||||
Preferred stock dividends |
(3,952 | ) | (3,952 | ) | ||||
Allocation to participating securities(2) |
(355 | ) | (344 | ) | ||||
Net income (loss) available to common stockholders |
$ | 7,821 | $ | (4,447 | ) | |||
Net income (loss) per common share (diluted) |
$ | 0.05 | $ | (0.03 | ) | |||
Weighted average common shares (diluted) |
168,100 | 148,666 | ||||||
(1) | Includes changes in liabilities and assets associated with AMBs deferred compensation plan for the three months ended March 31, 2011 and 2010 of $775 and $919, respectively. | |
(2) | Represents net income attributable to AMB Property Corporation, net of preferred stock dividends, allocated to outstanding unvested restricted shares. For the three months ended March 31, 2011, there were 1,269 unvested restricted shares outstanding. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares outstanding. |
![]() |
Page 8 |
For the Quarters Ended March 31, | ||||||||
2011 | 2010 | |||||||
Net income (loss) available to common stockholders |
$ | 7,821 | $ | (4,447 | ) | |||
Gains from sale or contribution of real estate interests, net of taxes |
(14,544 | ) | | |||||
Depreciation and amortization |
||||||||
Total depreciation and amortization |
54,986 | 47,381 | ||||||
Discontinued operations depreciation |
28 | 1,279 | ||||||
Non-real estate depreciation |
(1,897 | ) | (2,545 | ) | ||||
Adjustment for depreciation on development profits |
(525 | ) | (1,546 | ) | ||||
Adjustments to derive FFO, as defined by NAREIT, from noncontrolling interests |
||||||||
Joint venture partners noncontrolling interests (Net income (loss)) |
2,049 | (375 | ) | |||||
Limited partnership unitholders noncontrolling interests (Net income (loss)
and development profits) |
145 | (94 | ) | |||||
FFO, as defined by NAREIT, attributable to joint venture partners
noncontrolling interests |
(7,542 | ) | (5,380 | ) | ||||
Adjustments to derive FFO, as defined by NAREIT, from unconsolidated joint ventures |
||||||||
AMBs share of net income |
(7,800 | ) | (3,875 | ) | ||||
AMBs share of FFO, as defined by NAREIT |
20,881 | 14,453 | ||||||
Funds from operations, as defined by NAREIT(1) |
$ | 53,602 | $ | 44,851 | ||||
Adjustments for impairments, restructuring charges, merger transaction costs
and debt extinguishment |
||||||||
Restructuring charges |
| 2,973 | ||||||
Merger transaction costs |
3,697 | | ||||||
Allocation to participating securities(2) |
(69 | ) | (42 | ) | ||||
Funds from operations, as adjusted(1) |
$ | 57,230 | $ | 47,782 | ||||
FFO, as adjusted per common share and unit (diluted) |
$ | 0.33 | $ | 0.31 | ||||
Weighted average common shares and units (diluted) |
172,973 | 152,770 | ||||||
Core Funds From Operations, as adjusted |
||||||||
Funds from operations, as adjusted |
$ | 57,230 | $ | 47,782 | ||||
Development profits, net of taxes |
(1,112 | ) | (3,257 | ) | ||||
Joint venture partners and limited partnership unitholders share of development
profits, net of taxes |
29 | 106 | ||||||
Limited partnership unitholders noncontrolling interests (Development profits) |
(29 | ) | (106 | ) | ||||
Allocation to participating securities(2) |
8 | 26 | ||||||
Core Funds From Operations, as adjusted(1) |
$ | 56,126 | $ | 44,551 | ||||
Core FFO, as adjusted per common share and unit (diluted) |
$ | 0.32 | $ | 0.29 | ||||
Weighted average common shares and units (diluted) |
172,973 | 152,770 | ||||||
(1) Funds From Operations, as adjusted, (FFO, as adjusted,), Funds From Operations, Per Share and Unit, as adjusted (FFOPS, as adjusted), Core FFO, as adjusted, Core FFO Per Share and Unit, as adjusted, (Core FFOPS, as adjusted ) and Funds From Operations, as defined by NAREIT (FFO, as defined by NAREIT)( together with FFO, as adjusted, FFOPS, as adjusted, Core FFO, as adjusted, Core FFOPS, as adjusted, and FFO, as defined by NAREIT, the FFO Measures, as adjusted). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, as adjusted (or FFO, as adjusted), FFO per share and unit, as adjusted (or FFOPS, as adjusted), Core FFO, as adjusted, Core FFO per share and unit, as adjusted (or Core FFOPS, as adjusted) and FFO, as defined by NAREIT, to be useful supplemental measures of its operating performance. AMB defines FFOPS, as adjusted, as FFO, as adjusted, per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO, as adjusted, as net income ( or loss) available to common stockholders, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMBs pro rata share of FFO, as adjusted, of consolidated and unconsolidated joint ventures. AMB defines Core FFOPS, as adjusted as Core FFO, as adjusted per fully diluted weighted share of AMBs common stock and operating partnership units. AMB calculates Core FFO, as adjusted as FFO, as adjusted excluding AMBs share of development profits. These calculations also include adjustments for items as described below. |
![]() |
Page 9 |
![]() |
Page 10 |
2011 | ||||||||
Low | High | |||||||
Projected net income available to common stockholders |
$ | 0.04 | $ | 0.14 | ||||
AMBs share of projected depreciation and amortization |
1.37 | 1.37 | ||||||
AMBs share of depreciation on development profits recognized to date |
0.00 | 0.00 | ||||||
AMBs share of gains on dispositions of operating properties recognized to date |
(0.09 | ) | (0.09 | ) | ||||
Merger transaction costs |
0.02 | 0.02 | ||||||
Impact of additional dilutive securities, other, rounding |
(0.03 | ) | (0.03 | ) | ||||
Projected Funds From Operations, as adjusted (FFO, as adjusted) |
$ | 1.31 | $ | 1.41 | ||||
AMBs share of development profits recognized to date |
(0.01 | ) | (0.01 | ) | ||||
Projected Core FFO, as adjusted(3) |
$ | 1.30 | $ | 1.40 |
(2) | Represents amount of FFO, as adjusted allocated to outstanding unvested restricted shares. For the three months ended March 31, 2011, there were 1,269 unvested restricted shares. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares. | |
(3) | As development gains are difficult to predict in the current economic environment, management believes Core FFO, as adjusted, is the more appropriate and useful measure to reflect its assessment of AMBs projected operating performance. |
![]() |
Page 11 |
As of | ||||||||
March 31, 2011 | December 31, 2010 | |||||||
Assets |
||||||||
Investments in real estate |
||||||||
Total investments in properties |
$ | 6,841,289 | $ | 6,906,176 | ||||
Accumulated depreciation and amortization |
(1,313,547 | ) | (1,268,093 | ) | ||||
Net investments in properties |
5,527,742 | 5,638,083 | ||||||
Investments in unconsolidated joint ventures |
911,003 | 883,241 | ||||||
Properties held for sale or contribution, net |
346,242 | 242,098 | ||||||
Net investments in real estate |
6,784,987 | 6,763,422 | ||||||
Cash and cash equivalents and restricted cash |
235,288 | 228,415 | ||||||
Accounts receivable, net |
170,867 | 167,735 | ||||||
Other assets |
229,621 | 213,323 | ||||||
Total assets |
$ | 7,420,763 | $ | 7,372,895 | ||||
Liabilities and equity |
||||||||
Liabilities |
||||||||
Secured debt |
$ | 961,264 | $ | 962,434 | ||||
Unsecured senior debt |
1,639,823 | 1,685,956 | ||||||
Unsecured credit facilities |
402,784 | 268,933 | ||||||
Other debt |
422,180 | 413,976 | ||||||
Accounts payable and other liabilities |
294,619 | 339,474 | ||||||
Total liabilities |
3,720,670 | 3,670,773 | ||||||
Equity |
||||||||
Stockholders equity |
||||||||
Common equity |
3,079,320 | 3,097,311 | ||||||
Preferred equity |
223,412 | 223,412 | ||||||
Total stockholders equity |
3,302,732 | 3,320,723 | ||||||
Noncontrolling interests |
||||||||
Joint venture partners |
342,514 | 325,590 | ||||||
Limited partnership unitholders |
54,847 | 55,809 | ||||||
Total noncontrolling interests |
397,361 | 381,399 | ||||||
Total equity |
3,700,093 | 3,702,122 | ||||||
Total liabilities and equity |
$ | 7,420,763 | $ | 7,372,895 | ||||
(*D`7$$(9TE!6@@P@`?4
M8`!HP:47ECN`"-0,+79XPG+M8`([F`4M+CB#'6K`5"%$<`F2:@(:5L`'.Y#A
M#F0X`UJRL`49G`4M37"`=PEPAB8\0;EHX4,$2+#<`&S!`%8@@!W2$(#E\D$)
M!`C`_P)D(%\"9&$)W&NN#`A0@Q.88*8H`%L=BW?'Y"G@944@6R$[,!