AMB Property Lost $28 Million in 2009

Industrial real estate owner and developer AMB Property lost $28 million in 2009, as the market bottomed out.

The year’s losses, primarily the result of impairment charges in the first quarter, more than quadrupled the $6.8 million loss in the previous year. In the fourth quarter, the situation eased as demand started to turn around. Fourth quarter losses came to $10.1 million, compared with a $199.2 million loss in the fourth quarter of 2008.

Total revenue for the fourth quarter was up 3 percent to $163.4 million. For the year, revenue fell 9 percent to $633.8 million.

The company reported funds from operations of 29 cents for the fourth quarter and 72 cents for the full year 2009 compared to a loss of $1.68 in the fourth quarter and a gain of 77 cents for the same periods in 2008.

"We believe the leading indicators of demand for industrial real estate reached an inflection point during the fourth quarter," said Hamid R. Moghadam, chairman & CEO. “Against a strengthening macroeconomic backdrop, we're seeing increased interest from both investors and customers as they actively re-engage in discussions and decisions regarding new investments and space requirements."

Contact Thomas L. Gallagher at tgallagher@joc.com.