AMB Leases 234,600 SF to UMA Enterprises
- May 12, 2010
May 12, 2010
By Allison Landa, News Editor
Owner, operator and developer of global industrial real estate AMB Property Corporation has leased 234,600 square feet to UMA Enterprises, a home-furnishings importer and wholesaler.
UMA plans to consolidate its operations at the new facility, which is located in Los Angeles’ South Bay region. “This location is ideal for us,” UMA Vice President Naval Bansal said when announcing the news. “We’ve done business in the past with AMB, which made this deal very attractive. They have a well-deserved reputation for being flexible and taking excellent care of their customers.”
As of March 31, AMB’s Los Angeles portfolio totaled more than 22.6 million square feet of operating and development facilities. When the San Francisco-based company announced its first quarter results last month, it said that funds from operations were $0.31 per fully diluted share and unit, as compared to $0.77 a year earlier. The firm attributed the drop to higher development gains in 2009 than in 2010. Net income to common stockholders per fully diluted share was a loss of $0.03, as compared to a loss of $1.24 a year earlier. This was attributed to non-cash impairment charges incurred in first quarter 2009.
“In the first quarter of 2010, we made excellent progress on the key priorities that we established for the year, and we are beginning to capitalize on growth opportunities,” Chairman and CEO Hamid Moghadam said when announcing the news.