Property Types Industrial
April 29, 2009
Industrial real estate firm AMB Property Corp. lost $122.4 million in the first quarter of 2009, the firm said. During the same period last year, the firm realized a profit of $39 million. However, with the infusion of some private capital revenue, total revenue for the quarter was down just 4 percent to $165.5 million. AMB completed the issuance and sale of 47.4 million shares of its common stock in a public offering at a price of $12.15 per share, generating $553 million in net proceeds to further strengthen the company's balance sheet. The proceeds from the offering were used to reduce borrowings under the company's unsecured credit facilities. During the first quarter, the company completed contributions and sales in Japan and the United States totaling approximately $304 million, with gains of approximately $52 million. Overall, AMB leased some5.6 million square feet of space in the quarter.
Industrial real estate firm AMB Property Corp. lost $122.4 million in the first quarter of 2009, the firm said. During the same period last year, the firm realized a profit of $39 million. However, with the infusion of some private capital revenue, total revenue for the quarter was down just 4 percent to $165.5 million. AMB completed the issuance and sale of 47.4 million shares of its common stock in a public offering at a price of $12.15 per share, generating $553 million in net proceeds to further strengthen the company's balance sheet. The proceeds from the offering were used to reduce borrowings under the company's unsecured credit facilities. During the first quarter, the company completed contributions and sales in Japan and the United States totaling approximately $304 million, with gains of approximately $52 million. Overall, AMB leased some5.6 million square feet of space in the quarter.
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