AMB President Blake Baird said the Webvan's real estate needs - warehouses located in major population centers that allow the rapid movement of goods - matched up with AMB's property portfolio. Besides offering its own space, the REIT is also helping Webvan find space in buildings owned by other companies.
AMB is benefiting from changes in technology, but it is not relying too heavily on the new economy. Although Webvan is its biggest tenant, it only rents 1.5 percent of AMB's space.
AMB owns and operates 724 industrial buildings and nine community shopping centers totaling approximately 66.8 million rentable sf. For the six months ended June 30, revenues fell 1% to $223.8 million. Net income applicable fell 17% to $56.8 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.