AMB Q2 Earnings Report

Can be found here:

Some highlights,

Before we review the quarter's highlights, I'd like to go over the major drivers of global demand for industrial real estate. In order of importance, the top five of these include global trade, global GDP, industrial production, business inventories and consumption

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Today we see unmistakable signs that we are moving closer to the inflection point in the cycle. The record declines that we saw in the global economy and global trade during the first half of the year are clearly moderating. For example, the decline in container traffic through major ports is slowing down. Since bottoming in February, year-to-date port container decline has moderated in each of the four months ending in June.

This is also true for air cargo volumes, which hit their cyclical lows in February and have declined less on a year-to-date basis for each of the subsequent months through May, the last reported month. While we're encouraged by the improvements in these trends, we acknowledge that there are off record lows and have yet to turn positive.

There are also early signs that some rebuilding of inventories has begun. For example, leading indicators of industrial production, precursors to trade growth have been on the rise in the US and are beginning to expand in many countries including Germany, France, Singapore, Korea and China.

Retail sales in China have continued to grow about 15% year-over-year. We believe the Chinese consumer will play a significant role in the global recovery. As you all know in the US, retail sales have improved four out of the six reporting months through June.

Our customers are also sending positive signals. Sentiment and traffic through our properties are improving, customers tell us that they feel the economy is touched or is close to touching bottom. Decision making has begun to ease.