October 21, 2009 - EX-99.1 - 8-K: Current report filing

SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

AMB Property Corporation^{^®}is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of September 30, 2009, AMB owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 156.1 million square feet (14.5 million square meters) in 47 markets within 14 countries.

AMB invests in properties located predominantly in the infill submarkets of its targeted markets. AMBs portfolio is comprised primarily of High Throughput Distribution^{^®}facilities built for efficiency and located near airports, seaports, ground transportation systems, and population concentrations.

Through its private capital group, AMB provides real estate investment, portfolio management and reporting services to co-investment ventures and clients. The private capital revenue consists of asset management distributions and fees, acquisition and development fees as well as incentive distributions.

The Americas

Europe

Asia

Operating Portfolio⁽¹⁾

118.4 msf

Operating Portfolio⁽¹⁾

10.6 msf

Operating Portfolio⁽¹⁾

10.3 msf

Development Pipeline⁽²⁾⁽³⁾

7.5 msf

Development Pipeline⁽²⁾⁽³⁾

3.5 msf

Development Pipeline⁽²⁾⁽³⁾

5.8 msf

Land Inventory⁽³⁾

2,146 acres

Land Inventory⁽³⁾

219 acres

Land Inventory⁽³⁾

150 acres


(1)		The operating portfolio includes the owned and managed portfolio and operating properties held through AMBs investments in unconsolidated joint ventures that it does not manage (excluded from the owned and managed portfolio) and the location of AMBs global headquarters.
(2)		Includes development properties available for sale or contribution.
(3)		Includes investments held through unconsolidated joint ventures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	1


		Highlights (dollars in thousands, except share data)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarters Ended September 30,							For the Nine Months Ended September 30,
	2009		2008		% Change			2009			2008		% Change

Revenues⁽¹⁾	$	157,535	$	158,477		(0.6	%)	$	471,228		$	535,278		(12.0	%)
Adjusted EBITDA⁽²⁾		152,570		136,472		11.8	%		390,577			410,606		(4.9	%)
Net income (loss) available to common stockholders		62,790		23,728		164.6	%		(42,513	)		134,834		(131.5	%)
FFO⁽²⁾		106,521		71,112		49.8	%		55,505			247,136		(77.5	%)
FFO, excluding impairment and restructuring charges⁽³⁾		106,521		71,112		49.8	%		239,989			247,136		(2.9	%)
Per diluted share and unit
EPS	$	0.43	$	0.24		79.2	%	$	(0.33	)	$	1.36		(124.3	%)
FFO⁽²⁾		0.71		0.69		2.9	%		0.42			2.39		(82.4	%)
FFO, excluding impairment and restructuring charges⁽³⁾		0.71		0.69		2.9	%		1.80			2.39		(24.7	%)
Dividends per common share		0.28		0.52		(46.2	%)		0.84			1.56		(46.2	%)


Financial
		Approximately $1.3 billion in capacity; consisting of $201 million of consolidated cash and cash equivalents and restricted cash, and $1.1 billion of availability on our lines of credit Completed approximately $1.1 billion of debt extensions, repurchases, repayments and refinances year-to-date; $122 million in the third quarter⁽⁴⁾


Operations⁽⁴⁾		(4.0)% year-to-date cash basis same store NOI;⁽²⁾ (7.0)% in the third quarter 91.5% year-to-date average occupancy; 90.4% in the third quarter (3.9)% trailing four quarter rent changes on renewals and rollover; (10.3)% in the third quarter Commenced leases of more than 21.2 msf year-to-date; 9.9 msf in the third quarter


Capital Deployment⁽⁴⁾		Completed approximately $670 million in contributions and sales year-to-date; $209 million in the third quarter Cap rate on contribution and sales year-to-date was 6.7% Reduced remaining cash to fund the development pipeline to $54 million Transferred two assets to AMB Institutional Alliance Fund III in exchange for additional equity equal to 100% of the fair value of the assets, for an aggregate price of $33 million


(1)		On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture. Pro forma rental revenues for the nine months ended September 30, 2008 would have been $435,053 if AMB Partners II had been deconsolidated as of January 1, 2008.

(2)		See reporting definitions and supplemental financial measures disclosures.

(3)		See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.

(4)		Owned and managed portfolio.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	2


		Funds From Operations⁽¹⁾ Overview		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Funds From Operations^(1)(2)(3)
(per diluted common share and unit)

Estimated FFO by Business^(1)(2)(6)
(per diluted common share and unit)


	For the Years Ended December 31,						For the Nine Months
	2007			2008			Ended September 30, 2009

Real estate operations, net of unallocated overhead	$	1.59		$	1.51		$	0.95
Overhead reallocation		0.45			0.48			0.26

Real estate operations FFO	$	2.04		$	1.99		$	1.21
% of reported FFO		58.4	%		68.8	%		67.3	%
Development Gains		1.60			0.72			0.65
Overhead allocation		(0.32	)		(0.34	)		(0.17	)

Development FFO	$	1.28		$	0.38		$	0.48
% of reported FFO		36.6	%		13.2	%		26.7	%
Private Capital Revenues		0.30			0.66			0.20
Overhead allocation		(0.13	)		(0.14	)		(0.09	)

Private Capital FFO	$	0.17		$	0.52		$	0.11
% of reported FFO		5.0	%		18.0	%		6.0	%

Total FFO	$	3.49		$	2.89		$	1.80

Development Gains^(1)(2)(5)
(per diluted common share and unit)

Private Capital Revenue⁽²⁾
(per diluted common share and unit)


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		For all years presented, amounts per diluted common share and unit have been restated in accordance with FASB Staff Position No. EITF 03-6-1, effective January 1, 2009, to present amounts net of allocation to participating securities for unvested restricted shares outstanding at each respective period end. Previously reported FFO per diluted common share and unit for 2008, 2007, 2006, 2005 and 2004 were $0.78, $3.51, $3.12, $2.75 and $2.30, respectively. Previously reported development gains per diluted common share and unit for 2008, 2007, 2006, 2005 and 2004 were $0.73, $1.61, $1.11, $0.47 and $0.09, respectively. Previously reported estimated FFO by business per diluted common share and unit for 2008 and 2007 were $2.92 and $3.51, respectively. Previously reported private capital revenue per diluted common share and unit for 2008, 2007, 2006, 2005 and 2004 were $0.67, $0.30, $0.48, $0.47 and $0.14, respectively.
(3)		For a reconciliation of FFO from net income for the years ended December 31, 2008, 2007, 2006, 2005, and 2004, refer to our annual report on Form 10-K for the year ended December 31, 2008.
(4)		FFO per share, excluding impairment and restructuring charges is $1.80 and $2.39 year-to-date for 2009 and 2008, respectively. See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.
(5)		Excludes co-investment venture partners share of development gains.
(6)		Estimated FFO by Business for 2009 and 2008 represents FFO, excluding impairment and restructuring charges. See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.
(7)		Management revenues consist of asset management distributions or fees, acquisition fees for third party acquisitions and priority distributions, as well as market compensation for development and other services.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	3


		Consolidated Statements of Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarters Ended September 30,						For the Nine Months Ended September 30,
	2009			2008			2009			2008
Revenues
Rental revenues⁽¹⁾	$	149,649		$	148,975		$	443,852		$	474,440
Private capital revenues		7,886			9,502			27,376			60,838

Total revenues		157,535			158,477			471,228			535,278

Costs and expenses
Property operating costs⁽¹⁾		(46,621	)		(43,189	)		(139,438	)		(135,232	)
Depreciation and amortization		(47,166	)		(45,799	)		(128,133	)		(126,001	)
General and administrative		(27,156	)		(34,413	)		(83,836	)		(103,323	)
Restructuring charges								(3,824	)
Fund costs		(240	)		(312	)		(824	)		(919	)
Real estate impairment losses								(174,410	)
Other expenses⁽²⁾		(3,049	)		1,088			(8,070	)		1,926

Total costs and expenses		(124,232	)		(122,625	)		(538,535	)		(363,549	)

Other income and expenses
Development profits, net of taxes		1,220			28,026			34,506			76,248
Gains from sale or contribution of real estate interests, net											19,967
Equity in earnings of unconsolidated joint ventures, net		3,257			5,372			7,507			14,359
Other income (expenses) ⁽²⁾		4,941			(4,238	)		6,498			(63	)
Interest expense, including amortization		(28,855	)		(33,303	)		(90,843	)		(100,835	)

Total other income and expenses, net		(19,437	)		(4,143	)		(42,332	)		9,676

Income (loss) from continuing operations		13,866			31,709			(109,639	)		181,405

Discontinued operations
Income attributable to discontinued operations		1,162			3,040			1,641			8,232
Development gains, net of taxes		53,002						53,002
Gains (losses) from sale of real estate interests, net of taxes		8,434			(12	)		37,138			2,865

Total discontinued operations		62,598			3,028			91,781			11,097

Net income (loss)		76,464			34,737			(17,858	)		192,502
Noncontrolling interests share of net income
Joint venture partners share of net income		(6,058	)		(4,194	)		(8,829	)		(29,881	)
Joint venture partners and limited partnership unitholders share of development profits		(1,388	)		(1,090	)		(2,445	)		(7,204	)
Preferred unitholders		(1,431	)		(1,431	)		(4,295	)		(4,295	)
Limited partnership unitholders		(447	)		129			3,543			(3,020	)

Total noncontrolling interests share of net income		(9,324	)		(6,586	)		(12,026	)		(44,400	)

Net income (loss) attributable to AMB Property Corporation		67,140			28,151			(29,884	)		148,102
Preferred stock dividends		(3,952	)		(3,952	)		(11,856	)		(11,856	)
Allocation to participating securities⁽³⁾		(398	)		(471	)		(773	)		(1,412	)

Net income (loss) available to common stockholders	$	62,790		$	23,728		$	(42,513	)	$	134,834

Net income (loss) per common share (diluted)	$	0.43		$	0.24		$	(0.33	)	$	1.36

Weighted average common shares (diluted)		145,659			98,832			129,860			99,268

(1)		On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture. Pro forma rental revenues for the nine months ended September 30, 2008 would have been $435,053, and pro forma operating expenses for the nine months ended September 30, 2008 would have been $125,195, if AMB Partners II had been deconsolidated as of January 1, 2008.
(2)		Includes changes in liabilities and assets associated with AMBs deferred compensation plan for the three and nine months ended September 30, 2009 of $2,675 and $6,854, respectively.
(3)		Represents net income attributable to AMB Property Corporation, net of preferred stock dividends, allocated to outstanding unvested restricted shares. For the three and nine months ended September 30, 2009, there were 920 unvested restricted shares outstanding. For the three and nine months ended September 30, 2008, there were 905 unvested restricted shares outstanding.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	4


		Consolidated Statements of Funds from Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarters Ended September 30,						For the Nine Months Ended September 30,
	2009			2008			2009			2008
Net income (loss) available to common stockholders	$	62,790		$	23,728		$	(42,513	)	$	134,834
(Gains) losses from sale or contribution of real estate interests, net of taxes		(8,434	)		12			(37,138	)		(22,832	)
Depreciation and amortization
Total depreciation and amortization		47,166			45,799			128,133			126,001
Discontinued operations depreciation		69			1,190			1,877			3,553
Non-real estate depreciation		(1,927	)		(1,997	)		(6,017	)		(5,786	)
Adjustments to derive FFO from consolidated joint ventures
Joint venture partners noncontrolling interests (Net income)		6,058			4,194			8,829			29,881
Limited partnership unitholders noncontrolling interests (Net income (loss) )		447			(129	)		(3,543	)		3,020
Limited partnership unitholders noncontrolling interests (Development profits)		1,388			1,090			2,445			2,795
FFO attributable to noncontrolling interests		(8,587	)		(8,819	)		(19,450	)		(41,812	)
Adjustments to derive FFO from unconsolidated joint ventures
AMBs share of net income		(3,257	)		(5,372	)		(7,507	)		(14,359	)
AMBs share of FFO		11,079			11,589			30,389			32,727
Allocation to participating securities⁽²⁾		(271	)		(173	)					(886	)

Funds from operations	$	106,521		$	71,112		$	55,505		$	247,136

FFO per common share and unit (diluted)	$	0.71		$	0.69		$	0.42		$	2.39

Weighted average common shares and units (diluted)		149,088			102,802			133,351			103,241

Adjustments for impairment and restructuring charges
Real estate impairment losses	$			$			$	174,410		$
Discontinued operations real estate impairment losses								7,443
AMBs share of real estate impairment losses from unconsolidated joint ventures								4,611
Joint venture partners noncontrolling interest share of real estate impairment losses								(4,876	)

AMBs share of total impairment charges⁽¹⁾								181,588
Restructuring charges⁽¹⁾								3,824
Allocation to participating securities⁽²⁾								(928	)

Funds from operations, excluding impairment and restructuring charges	$	106,521		$	71,112		$	239,989		$	247,136

FFO, excluding impairment and restructuring charges per common share and unit (diluted)	$	0.71		$	0.69		$	1.80		$	2.39

Weighted average common shares and units (diluted)		149,088			102,802			133,351			103,241


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Represents amount of FFO allocated to outstanding unvested restricted shares. For the three and nine months ended September 30, 2009, there were 920 unvested restricted shares. For the three and nine months ended September 30, 2008, there were 905 unvested restricted shares.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	5


		Consolidated Balance Sheets (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	As of
	September 30, 2009			December 31, 2008
Assets
Investments in real estate
Total investments in properties	$	6,584,837		$	6,603,856
Accumulated depreciation and amortization		(1,062,681	)		(970,737	)

Net investments in properties		5,522,156			5,633,119
Investments in unconsolidated joint ventures		459,612			431,322
Properties held for sale or contribution, net		348,349			609,023

Net investments in real estate		6,330,117			6,673,464
Cash and cash equivalents and restricted cash		200,696			251,231
Accounts receivable, net		135,164			160,528
Other assets		207,289			216,425

Total assets	$	6,873,266		$	7,301,648


Liabilities and equity
Liabilities
Secured debt	$	1,398,212		$	1,522,571
Unsecured senior debt		871,379			1,153,926
Unsecured credit facilities		510,951			920,850
Other debt		391,459			392,838
Accounts payable and other liabilities		351,085			345,259

Total liabilities		3,523,086			4,335,444
Equity
Stockholders equity
Common equity		2,701,631			2,291,695
Preferred equity		223,412			223,412

Total stockholders equity		2,925,043			2,515,107
Noncontrolling interests
Joint venture partners		285,108			293,367
Preferred unitholders		77,561			77,561
Limited partnership unitholders		62,468			80,169

Total noncontrolling interests		425,137			451,097

Total equity		3,350,180			2,966,204

Total liabilities and equity	$	6,873,266		$	7,301,648


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	6


		Supplemental Cash Flow Information (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarters Ended						For the Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	5,975		$	6,785		$	20,141		$	18,746
AMBs share of straight-line rents and amortization of lease intangibles	$	2,179		$	4,135		$	8,926		$	10,567
Gross lease termination fees	$	1,759		$	266		$	5,486		$	656
Net lease termination fees⁽³⁾	$	1,214		$	197		$	3,916		$	408
AMBs share of net lease termination fees	$	852		$	146		$	1,844		$	334

Recurring capital expenditures:
Tenant improvements	$	8,651		$	4,610		$	13,697		$	12,102
Lease commissions and other lease costs		8,952			6,228			19,517			20,200
Building improvements		4,262			11,902			13,619			27,220

Sub-total		21,865			22,740			46,833			59,522
Co-investment venture partners share of capital expenditures		(8,642	)		(5,778	)		(17,492	)		(17,382	)

AMBs share of recurring capital expenditures	$	13,223		$	16,962		$	29,341		$	42,140


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	1,969		$	3,010		$	6,903		$	9,050
AMBs share of straight-line rents and amortization of lease intangibles	$	1,965		$	3,357		$	6,872		$	8,755
Gross lease termination fees	$	1,383		$	198		$	2,815		$	557
Net lease termination fees⁽³⁾	$	855		$	136		$	1,597		$	319
AMBs share of net lease termination fees	$	726		$	135		$	1,322		$	318

Recurring capital expenditures:
Tenant improvements	$	4,860		$	3,312		$	7,938		$	9,639
Lease commissions and other lease costs		5,965			5,321			13,273			16,719
Building improvements		3,214			9,483			10,113			22,462

Sub-total		14,039			18,116			31,324			48,820
Co-investment venture partners share of capital expenditures		(1,928	)		(1,977	)		(4,668	)		(8,616	)

AMBs share of recurring capital expenditures	$	12,111		$	16,139		$	26,656		$	40,204

(1)		See Reporting Definitions.
(2)		See Supplemental Financial Measures Disclosure for a discussion of owned and managed supplemental cash flow information.
(3)		Net lease termination fees are defined as gross lease termination fees less the associated straight-line rent balance.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	7


		Operations Overview⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Same Store Cash-basis NOI Growth Without Lease Termination Fees⁽²⁾

Average Occupancy⁽²⁾

Rent Change on Renewals and Rollovers⁽²⁾⁽³⁾

Lease Expirations as % of Annualized Base Rent (ABR)⁽²⁾

Top Customers


		Square
		Feet		ABR		% of ABR
1	Deutsche Post World Net (DHL)		3,646,550	$	31,384		3.7	%
2	United States Government		1,355,450		20,701		2.4	%
3	FedEx Corporation		1,400,090		14,503		1.7	%
4	Nippon Express		1,029,170		13,989		1.6	%
5	Sagawa Express		728,791		12,359		1.5	%
6	BAX Global/Schenker/Deutsche Bahn		1,029,204		10,103		1.2	%
7	La Poste		902,391		9,003		1.1	%
8	Panalpina		1,316,351		8,573		1.0	%
9	Caterpillar Logistics Services		543,039		8,099		1.0	%
10	CEVA Logistics, Inc.		1,110,953		7,188		0.8	%

	Subtotal		13,061,989	$	135,902		16.0	%

	Top 11-20 Customers		5,987,999		46,933		5.5	%

	Total		19,049,988	$	182,835		21.5	%

(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Represents trailing four quarter data.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	8


		Operating Statistics⁽¹⁾		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	September 30, 2009			June 30, 2009			September 30, 2009			June 30, 2009

Square feet		131,789,032			131,901,732			114,643,564			115,425,681
Percentage of owned & managed square feet								87.0	%		87.5	%

Occupancy
Occupancy percentage at period end⁽²⁾		91.0	%		90.5	%		90.8	%		90.4	%
Occupancy percentage at period end (prior year)		95.4	%		95.2	%		95.6	%		95.2	%

Average occupancy percentage⁽²⁾		90.4	%		91.1	%		90.3	%		91.2	%
Average occupancy percentage (prior year)		95.3	%		94.6	%		95.1	%		94.6	%

Weighted average lease terms (years)
Original		6.3			6.2			6.2			6.1
Remaining		3.6			3.5			3.2			3.2

Trailing four quarters statistics
Tenant retention⁽²⁾		61.1	%		62.1	%		59.5	%		62.9	%

Rent change on renewals and rollovers⁽²⁾
Percentage		(3.9	%)		0.2	%		(4.8	%)		(0.2	%)
Same space square footage commencing (millions)		19.6			16.8			17.5			15.6

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.19		$	1.33
Re-tenanted	$	2.80		$	2.85
Weighted average	$	1.80		$	1.84
Second generation square footage commencing (millions)		25.3			21.0

Gross operating margin⁽²⁾		72.0	%		72.6	%		72.0	%		72.7	%


	Same Store Pool⁽²⁾
	Quarter Ended			Nine Months Ended
Cash Basis NOI percent change⁽²⁾	September 30, 2009			September 30, 2009
Increase (decrease) in revenues excluding lease termination fees⁽³⁾		(4.1	%)		(1.7	%)
Increase (decrease) in expenses⁽³⁾		3.8	%		4.6	%
Increase (decrease) in NOI excluding lease termination fees⁽²⁾⁽³⁾		(7.0	%)		(4.0	%)
Increase (decrease) in NOI including lease termination fees⁽²⁾⁽³⁾		(6.1	%)		(3.2	%)

(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended September 30, 2009, on a consolidated basis, the percent change was (4.0)%, 2.6%, (6.7)% and (5.3)%, respectively, for decrease in revenues excluding lease termination fees, increase in expenses, decrease in NOI excluding lease termination fees and decrease in NOI including lease termination fees. For the nine months ended September 30, 2009, on a consolidated basis, the percent change was (1.2)%, 3.6%, (3.2)% and (2.4)%, respectively, for decrease in revenues excluding lease termination fees, increase in expenses, decrease in NOI excluding lease termination fees and decrease in NOI including lease termination fees.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	9


		Portfolio Overview		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


														% of Total											Year-to-Date			Trailing Four
														Owned and			AMBs Share						Annualized		Same Store NOI			Quarters Rent
	Square Feet					Placed in						Square Feet		Managed Square			of Square			Year-to-Date			Base Rent		Growth Without			Change on
	as of		Acquired			Operations			Disposed			as of		Feet as of			Feet as of			Average			psf as of		Lease			Renewals and
	6/30/2009		Square Feet			Square Feet⁽¹⁾			Square Feet			9/30/2009		9/30/2009			9/30/2009			Occupancy			9/30/2009		Termination Fees⁽²⁾			Rollovers⁽²⁾


Southern California		19,392,144					(329,140	)		(145,348	)		18,917,656		14.4	%		55.6	%		91.8	%	$	6.40		(0.6	%)		(2.0	%)
Chicago		12,967,656					178,567			(39,248	)		13,106,975		9.9	%		54.1	%		90.6	%		5.19		0.6	%		(9.0	%)
No. New Jersey/New York		11,643,359					(2,810	)					11,640,549		8.8	%		50.8	%		91.5	%		7.64		(7.3	%)		3.1	%
San Francisco Bay Area		10,993,686					598						10,994,284		8.3	%		72.0	%		88.9	%		6.67		(7.4	%)		(3.0	%)
Seattle		7,885,024					(2,143	)					7,882,881		6.0	%		51.6	%		95.1	%		5.47		(0.4	%)		2.3	%
South Florida		6,363,198											6,363,198		4.8	%		72.8	%		94.2	%		7.35		(2.3	%)		(6.0	%)
U.S. On-Tarmac		2,630,724								(167,723	)		2,463,001		1.9	%		92.4	%		89.9	%		20.10		(4.7	%)		0.5	%
Other U.S. Markets		28,657,922					301,810			(96,105	)		28,863,627		21.9	%		63.0	%		89.0	%		5.59		(7.1	%)		(6.5	%)

U.S. Subtotal / Wtd Avg		100,533,713					146,882			(448,424	)		100,232,171		76.0	%		60.5	%		91.0	%	$	6.51		(4.2	%)		(3.6	%)

Canada		3,564,059											3,564,059		2.7	%		100.0	%		94.3	%	$	5.42		(18.0	%)		2.8	%

Mexico City		3,590,942											3,590,942		2.7	%		47.4	%		90.0	%		5.72		(19.5	%)		(12.1	%)
Guadalajara		2,890,526											2,890,526		2.2	%		21.6	%		98.0	%		4.54		1.7	%		(10.9	%)
Other Mexico Markets		419,845					189,337						609,182		0.5	%		49.5	%		100.0	%		5.68		(2.3	%)		n/a

Mexico Subtotal / Wtd Avg		6,901,313					189,337						7,090,650		5.4	%		37.1	%		94.0	%	$	5.21		(9.4	%)		(11.8	%)


The Americas Total / Wtd Avg		110,999,085					336,219			(448,424	)		110,886,880		84.1	%		60.2	%		91.2	%	$	6.38		(4.5	%)		(4.2	%)


France		3,786,003					(635	)					3,785,368		2.9	%		27.8	%		97.4	%	$	9.07		(9.5	%)		(13.9	%)
Germany		3,191,670					140						3,191,810		2.4	%		30.2	%		96.5	%		9.14		(10.3	%)		(2.6	%)
Benelux		3,267,362											3,267,362		2.5	%		31.2	%		93.6	%		10.27		(17.1	%)		n/a
Other Europe Markets		343,077											343,077		0.3	%		61.9	%		100.0	%		14.74		n/a			n/a

Europe Subtotal / Wtd Avg		10,588,112					(495	)					10,587,617		8.1	%		30.7	%		96.1	%	$	9.63		(9.7	%)		(6.3	%)


Tokyo		5,263,053											5,263,053		4.0	%		20.0	%		91.6	%	$	15.34		6.8	%		(3.6	%)
Osaka		2,000,037											2,000,037		1.5	%		20.0	%		92.8	%		12.36		5.8	%		6.8	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		7,263,090											7,263,090		5.5	%		20.0	%		91.9	%	$	14.53		6.7	%		(0.5	%)

China		1,897,400											1,897,400		1.4	%		100.0	%		82.6	%	$	4.47		6.9	%		n/a
Singapore		935,926											935,926		0.7	%		100.0	%		98.4	%		9.39		(3.2	%)		0.4	%
Other Asia Markets		218,119											218,119		0.2	%		100.0	%		83.5	%		6.02		0.0	%		(9.9	%)

Asia Total / Wtd Avg		10,314,535											10,314,535		7.8	%		43.7	%		90.6	%	$	12.08		0.4	%		(1.0	%)


Owned and Managed Total / Wtd Avg⁽²⁾		131,901,732					335,724			(448,424	)		131,789,032		100.0	%		56.6	%		91.5	%	$	7.10		(4.0	%)		(3.9	%)


Other Real Estate Investments⁽³⁾		7,495,659					300						7,495,959					51.8	%		86.9	%		5.19

Total Operating Portfolio		139,397,391					336,024			(448,424	)		139,284,991					56.3	%		91.4	%	$	7.00


Development
Pipeline		9,005,567			⁽⁵⁾		(666,344	) ⁽⁶⁾		(1,494,182	) ⁽⁷⁾		6,845,041					95.9	%
Available for Sale or Contribution⁽⁴⁾		8,477,234		1,494,182	⁽⁵⁾		3,458	⁽⁶⁾		(3,276	) ⁽⁷⁾		9,971,598					88.3	%

Development Subtotal		17,482,801		1,494,182			(662,886	)		(1,497,458	)		16,816,639					91.4	%


Total Global Portfolio		156,880,192		1,494,182			(326,862	)		(1,945,882	)		156,101,630					60.1	%


(1)		Represents assets placed in operations from development and may include positive/(negative) remeasurements of square footage as operating assets.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes operating properties held through AMBs investments in unconsolidated joint ventures that it does not manage and are therefore excluded from the owned and managed portfolio and the location of AMBs global headquarters.
(4)		Represents development projects available for sale or contribution that are not included in the operating portfolio.
(5)		For development pipeline, represents square footage of development starts. For available for sale or contribution, represents new projects available.
(6)		For development pipeline, represents square footage of completed development projects placed in operations. For available for sale or contribution, represents projects placed in operations.
(7)		For development pipeline, represents square footage of completed development projects placed in available for sale or contribution. For available for sale or contribution, represents projects disposed.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	10


		Capital Deployment Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Development Pipeline by Region as of September 30, 2009⁽¹⁾
(Estimated Total Investment⁽²⁾)

Development Starts⁽¹⁾
(Estimated Total Investment⁽²⁾)

Acquisition Volume ⁽³⁾
(Acquisition Cost ⁽²⁾)


(1)		Includes investments held through unconsolidated co-investment ventures. Estimated total investment is before the impact of real estate impairment losses.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Owned and managed portfolio, excludes land inventory purchases.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	11


		Development Starts and Total Capital Deployment⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarter Ended September 30, 2009							For the Nine Months Ended September 30, 2009
	Estimated	Estimated			% of Total			Estimated		Estimated			% of Total
	Square Feet at	Total			Estimated			Square Feet at		Total			Estimated
	Stabilization⁽²⁾	Investment⁽²⁾			Investment⁽²⁾			Stabilization⁽²⁾		Investment⁽²⁾			Investment⁽²⁾


The Americas
United States		$				0.0	%		96,250	$	7,248			12.0	%
Other Americas						0.0	%		189,337		12,116			20.0	%

The Americas Total		$				0.0	%		285,587	$	19,364			32.0	%

Europe
France		$				0.0	%		274,802	$	17,118			28.2	%
Germany						0.0	%							0.0	%
Benelux						0.0	%		125,227		24,121			39.8	%
Other Europe						0.0	%							0.0	%

Europe Total		$				0.0	%		400,029	$	41,239			68.0	%

Asia
Japan		$				0.0	%			$				0.0	%
China						0.0	%							0.0	%
Other Asia						0.0	%							0.0	%

Asia Total		$				0.0	%			$				0.0	%


Total Development Starts		$				0.0	%		685,616	$	60,603			100.0	%


AMBs Weighted Average Ownership Percentage			0.0	%							80.1	%
Weighted Average Estimated Yield⁽²⁾			0.0	%							8.1	%

For the Quarter Ended September 30, 2009

For the Nine Months Ended September 30, 2009

Estimated

Square Feet at

Total

Square Feet at

Total

Stabilization⁽²⁾

Investment⁽²⁾

Stabilization⁽²⁾

Investment⁽²⁾

Total Acquisitions

Total Development Starts

685,616

60,603

Total Capital Deployment

685,616

60,603


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	12


		Contributions and Dispositions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	For the Quarter Ended September 30, 2009						For the Nine Months Ended September 30, 2009
	Operating Property			Development Property			Operating Property			Development Property


AMBs Ownership Contributed and Disposed		83.9	%		96.0	%		63.9	%		87.6	%
Contribution Value and Disposition Price	$	31,651		$	177,444	⁽²⁾	$	174,921		$	495,075
Weighted Average Stabilized Cap Rate⁽³⁾⁽⁴⁾		7.6	%		6.0	%		8.1	%		6.2	%
Development Margin⁽⁴⁾		N/A			34.5	%		N/A			17.1	%

Square Footage or Acreage Contributed or Sold

For the Quarter Ended September 30, 2009

For the Nine Months Ended September 30, 2009

Operating Property

Development Property

Operating Property

Development Property

Square Feet

Land Acreage⁽⁵⁾

Square Feet

Land Acreage⁽⁵⁾

The Americas

United States

280,701

599,179

2,480,066

1,852,779

Other Americas

318,850

The Americas Total

280,701

599,179

2,480,066

2,171,629

Europe

France

Germany

Benelux

Other Europe

Europe Total

Asia

Japan

981,162

China

Other Asia

Asia Total

981,162

Total

280,701

599,179

2,480,066

3,152,791


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		Includes the transfer of two assets to AMB Alliance Fund III in exchange for units in the fund.
(3)		Excludes value-added conversions, development for sale, and land sales.
(4)		See reporting definitions and supplemental financial measures disclosures.
(5)		Represents acreage for land sales and value-added conversion projects.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	13


		Development Pipeline⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	2009 Expected Stabilizations					2010 Expected Stabilizations					Total
	Estimated		Estimated			Estimated		Estimated			Estimated		Estimated			% of Total
	Square Feet at		Total			Square Feet at		Total			Square Feet at		Total			Estimated
	Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Investment⁽²⁾


The Americas
United States		446,250	$	24,617			395,011	$	41,779			841,261	$	66,396			12.1	%
Other Americas		689,676		38,677			874,456		59,960			1,564,132		98,637			18.1	%

The Americas Total		1,135,926	$	63,294			1,269,467	$	101,739			2,405,393	$	165,033			30.2	%

Europe
France		274,802	$	18,910			692,754	$	61,203			967,556	$	80,113			14.6	%
Germany							426,552		51,270			426,552		51,270			9.4	%
Benelux		67,823		12,463			573,352		83,439			641,175		95,902			17.5	%
Other Europe																	0.0	%

Europe Total		342,625	$	31,373			1,692,658	$	195,912			2,035,283	$	227,285			41.5	%

Asia
Japan			$				420,847	$	56,777			420,847	$	56,777			10.4	%
China		392,215		19,701			1,591,303		78,671			1,983,518		98,372			18.0	%
Other Asia																	0.0	%

Asia Total		392,215	$	19,701			2,012,150	$	135,448			2,404,365	$	155,149			28.3	%


Total		1,870,766	$	114,368			4,974,275	$	433,099			6,845,041	$	547,467			100.0	%


			Cumulative real estate impairment losses											(33,377	)

	Estimated total investment, net of cumulative real estate impairment losses												$	514,090


Number of Projects				7					15					22
Invested to Date⁽⁴⁾			$	104,821				$	371,530				$	476,351
AMBs Weighted Average Ownership Percentage				100.0	%				91.4	%				93.2	%
AMBs Share of Amounts Invested to Date⁽²⁾⁽⁴⁾			$	104,821				$	341,024				$	445,845
AMBs Share of Amounts Invested to Date Percentage^(2)(4)(5)(6)				91.7	%				86.2	%				87.4	%
AMBs Share of Remainder to Invest^(2)(4)(6)			$	9,547				$	54,637				$	64,184
Weighted Average Estimated Yield⁽²⁾⁽⁶⁾				8.0	%				6.8	%				7.1	%
Percent Pre-Leased⁽²⁾				54.5	%				8.3	%				21.0	%


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value-added conversion projects.
(4)		Amounts include capitalized interest as applicable.
(5)		Calculated as AMBs share of amounts funded to date to AMBs share of estimated total investment.
(6)		Calculated using estimated total investment before the impact of cumulative real estate impairment losses.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	14


		Completions and Properties Available for Sale or Contribution⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	Development Completions⁽²⁾										Available for Sale or Contribution as of September 30, 2009
	For the Quarter Ended					For the Nine Months Ended					Development					Operating
	September 30, 2009					September 30, 2009					Properties					Properties					Total
			Total					Total					Total					Total					Total
	Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾			Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾


The Americas
United States		1,235,307	$	123,536			5,028,778	$	377,484			3,515,937	$	282,752			202,863	$	7,572			3,718,800	$	290,324
Other Americas		491,286		32,848			3,241,392		207,590			1,612,216		94,794			189,337		11,818			1,801,553		106,612

The Americas Total		1,726,593	$	156,384			8,270,170	$	585,074			5,128,153	$	377,546			392,200	$	19,390			5,520,353	$	396,936

Europe
France			$				101,461	$	14,314			37,760	$	5,197			345,091	$	38,964			382,851	$	44,161
Germany												139,608		19,743								139,608		19,743
Benelux							533,147		53,803			207,232		35,830			436,627		38,572			643,859		74,402
Other Europe		436,916		40,562			436,916		40,562			1,022,887		116,641			178,262		30,261			1,201,149		146,902

Europe Total		436,916	$	40,562			1,071,524	$	108,679			1,407,487	$	177,411			959,980	$	107,797			2,367,467	$	285,208

Asia
Japan			$				685,757	$	115,280			2,835,609	$	519,990				$				2,835,609	$	519,990
China							206,269		9,755			206,269		9,762			1,897,400		59,438			2,103,669	$	69,200
Other Asia												394,080		25,341			218,132		20,883			612,212		46,224

Asia Total			$				892,026	$	125,035			3,435,958	$	555,093			2,115,532	$	80,321			5,551,490	$	635,414


Total		2,163,509		196,946			10,233,720	$	818,788			9,971,598	$	1,110,050			3,467,712	$	207,508			13,439,310	$	1,317,558


													Cumulative real estate impairment losses											(119,486	)

								Total investment, net of cumulative real estate impairment losses															$	1,198,072


AMBs Weighted Average Ownership Percentage				81.8	%				90.8	%				94.4	%				100.0	%
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾				7.4	%				7.2	%				6.9	%				N/A
Percent Pre-leased⁽²⁾				56.2	%				60.0	%				48.5	%				94.1	%


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value-added conversion projects.
(4)		Total investment includes estimated costs of completion.
(5)		Calculated using estimated total investment before impact of cumulative real estate impairment losses.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	15


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Land Inventory


	The Americas				Europe				Asia				Total
			Estimated				Estimated				Estimated					Estimated
			Build Out Potential				Build Out Potential				Build Out Potential					Build Out Potential
	Acres		(square feet)		Acres		(square feet)		Acres		(square feet)		Acres			(square feet)


Balance as of June 30, 2009		2,132		35,355,530		219		4,336,270		150		5,678,820		2,501			45,370,620
Acquisitions
Sales
Development starts
Site plan adjustments		14		310,000										14			310,000


Balance as of September 30, 2009		2,146		35,665,530		219		4,336,270		150		5,678,820		2,515	⁽³⁾		45,680,620	⁽³⁾


Investment in Land⁽⁴⁾			$	574,545			$	114,565			$	188,757				$	877,867

			Cumulative real estate impairment losses													$	(154,264	)

			Investment in land, net of cumulative real estate impairment losses													$	723,603


	AMBs share of investment in land, net of cumulative real estate impairment losses															$	574,934

Value-Added Conversion Inventory⁽¹⁾⁽⁷⁾


	East Region				West Region				Central Region		The Americas
			Number of				Number of			Number of				Number of
Conversion Time Frame	Acres		Projects		Acres		Projects		Acres	Projects	Acres			Projects


3 years or less						9		1				9			1
3+ years		7		2		218		12				225			14

Total		7		2		227		13				234	⁽⁵⁾		15

Redevelopment Inventory⁽¹⁾⁽⁷⁾

East Region

West Region

Central Region

The Americas

Square

Number of

Square

Number of

Square

Number of

Square

Number of

Redevelopment Time Frame

Feet

Projects

Feet

Projects

Feet

Projects

Feet

Projects

3 years or less

40,800

3+ years

998,372

Total

40,800

998,372

1,039,172

⁽⁶⁾


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Includes investments held through unconsolidated co-investment ventures.
(3)		AMBs share of acres and square feet of estimated build out including amounts held in unconsolidated co-investment ventures is 2,281 acres and 41.4 million square feet, respectively.
(4)		Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.
(5)		AMBs share is 179 acres.
(6)		AMBs share is 691,171 square feet.
(7)		East, West and Central regions represent AMBs geographic division of the Americas.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	16


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Date

Geographic

Functional

Incentive Distribution

Co-investment Venture

Established

Focus

Principal Venture Investors

Currency

Frequency

Term

AMB-SGP

March 2001

United States

Subsidiary of GIC Real Estate Pte Ltd.

USD

10 years

March 2011; extendable 10 years

AMB Institutional Alliance Fund II

June 2001

United States

Various

USD

At dissolution

December 2014 (estimated)

AMB-AMS

June 2004

United States

Various

USD

At dissolution

December 2012; extendable 4 years

AMB Institutional Alliance Fund III

October 2004

United States

Various

USD

3 years (next 2Q11)

Open end

AMB-SGP Mexico

December 2004

Mexico

Subsidiary of GIC Real Estate Pte Ltd.

USD

7 years

December 2011; extendable 7 years

AMB Japan Fund I

June 2005

Japan

Various

JPY

At dissolution

June 2013; extendable 2 years

AMB DFS Fund I

October 2006

United States

GE Real Estate

USD

Upon project sales

Perpetual⁽¹⁾

AMB Europe Fund I

June 2007

Europe

Various

EUR

3 years (next 2Q10)

Open end

YTD Additions to Private Capital Co-investment Ventures⁽²⁾

Gross Carrying Value of Private Capital Co-investment Ventures⁽³⁾


(1)		For AMB DFS Fund I, the investment period ended in June 2009. The fund will terminate upon completion and disposition of assets currently owned and under development by the fund.
(2)		Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB.
(3)		See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	17


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	AMBs						Gross								AMBs		Estimated		Planned
	Ownership			Square			Book			Property			Other		Net Equity		Investment		Gross
Unconsolidated Joint Ventures	Percentage			Feet⁽¹⁾			Value⁽²⁾			Debt			Debt		Investment⁽³⁾		Capacity		Capitalization


Operating Co-Investment Ventures
AMB Institutional Alliance Fund III⁽⁴⁾		23	%		36,642,807		$	3,326,710		$	1,743,345		$		$	214,119	$		$	3,327,000
AMB Europe Fund I⁽⁴⁾		21	%		9,235,628			1,284,643			736,785					60,942				1,285,000
AMB Japan Fund I		20	%		7,263,090			1,552,458			865,304			8,920		79,949				1,552,000
AMB-SGP Mexico		22	%		6,331,990			356,614			168,003			58,825		19,392		245,000		602,000

Total Operating Co-investment Ventures		22	%		59,473,515			6,520,425			3,513,437			67,745		374,402		245,000		6,766,000

Development Co-investment Ventures:
AMB DFS Fund I		15	%		1,232,216			116,410								17,601				116,000
AMB Institutional Alliance Fund III⁽⁴⁾		23	%					24,041			6,376					4,010		n/a		n/a

Total Development Co-investment Ventures		16	%		1,232,216			140,451			6,376					21,611				116,000

Total Unconsolidated Co-investment Ventures⁽⁵⁾		21	%		60,705,731			6,660,876			3,519,813			67,745		396,013		245,000		6,882,000

Other Industrial Operating Joint Ventures		51	%		7,418,749	⁽⁶⁾		278,644			161,215					49,802		n/a		n/a

Total Unconsolidated Joint Ventures		23	%		68,124,480		$	6,939,520		$	3,681,028		$	67,745	$	445,815	$	245,000	$	6,882,000


Consolidated Joint Ventures

Operating Co-investment Ventures
AMB-SGP		50	%		8,288,663		$	467,250		$	337,070		$
AMB Institutional Alliance Fund II		20	%		7,318,208			511,558			196,280			50,000
AMB-AMS		39	%		2,172,137			158,192			80,103

Total Operating Co-investment Ventures		35	%		17,779,008			1,137,000			613,453			50,000

Total Consolidated Co-investment Ventures		35	%		17,779,008			1,137,000			613,453			50,000

Other Industrial Operating Joint Ventures		89	%		2,436,591			229,203			33,107
Other Industrial Development Joint Ventures		61	%		770,442			269,711			136,378

Total Consolidated Joint Ventures		47	%		20,986,041		$	1,635,914		$	782,938		$	50,000


Selected Operating Results
For the Quarter Ended September 30, 2009				Cash NOI⁽⁷⁾			Net Income			FFO⁽⁷⁾			Share of		Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures				$	97,666		$	7,580	⁽⁸⁾	$	48,689	⁽⁸⁾	AMBs		$	21,307	$	3,257	$	11,079
Consolidated Joint Ventures				$	27,102		$	6,782		$	16,373		Partners		$	15,083	$	3,887	$	8,587

Selected Operating Results
For the Nine Months Ended September 30, 2009				Cash NOI⁽⁷⁾			Net Income			FFO⁽⁷⁾			Share of		Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures				$	298,008		$	7,522	⁽⁸⁾	$	129,127	⁽⁸⁾	AMBs		$	65,462	$	7,507	$	30,389
Consolidated Joint Ventures				$	81,413		$	10,011		$	36,710		Partners		$	44,996	$	7,861	$	19,450


(1)		For development properties, represents the estimated square feet upon completion for the committed phases of development projects.
(2)		Represents the book value of the property (before accumulated depreciation), net of impairments, owned by the joint venture and excludes net other assets. Development book values include uncommitted land.
(3)		Through AMB Property Mexico, AMB holds an equity interest in various other non-core unconsolidated ventures for approximately $13.8 million.
(4)		The estimated investment capacity and planned gross capitalizations and investment capacities of AMB Institutional Alliance Fund III and AMB Europe Fund I, as open-end funds, are not limited. The planned gross capitalization represents the gross book value of real estate assets as of the most recent quarter end, and the investment capacity represents estimated capacity based on the funds current cash and leverage limitations as of the most recent quarter end.
(5)		See reporting definitions and supplemental financial measures disclosures for unconsolidated co-investment venture operating results.
(6)		Includes investments in 7.3 million square feet of operating properties through AMBs investment in unconsolidated joint ventures that it does not manage which it excludes from its owned and managed portfolio.
(7)		See reporting definitions and supplemental financial measures disclosures.
(8)		Excludes $3.9 million and $11.5 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter and nine months ended September 30, 2009, respectively.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	18


		Capitalization Summary (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Value

Coverage and Debt Ratios


	For the Quarter Ended			For the Nine Months Ended
	September 30, 2009			September 30, 2009
Interest coverage⁽²⁾		4.6	x		3.9	x
Fixed charge coverage⁽²⁾		3.4	x		2.8	x
Dividends per share-to-FFO per share⁽²⁾⁽³⁾		39.4	%		46.7	%
AMBs share of total debt-to-total market capitalization⁽²⁾		48.6	%		48.6	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		43.1	%		43.1	%

Capital Structure⁽¹⁾


(1)		Debt amounts represent AMBs share of debt and preferred securities.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		FFO per share excludes impairment and restructuring charges.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	19


		Capitalization Detail (dollars in thousands, except share and share price)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


	AMB Wholly-Owned												Consolidated Joint Venture
	Unsecured																		Total			Unconsolidated
	Senior			Credit			Other			Secured			Secured			Other			Consolidated			Joint			Total
	Debt			Facilities⁽¹⁾			Debt			Debt			Debt			Debt			Debt			Venture Debt			Debt


2009	$			$			$	11,212		$	110,171		$	38,583		$			$	159,966		$	11,703		$	171,669
2010		75,000			393,555			325,941	⁽²⁾		425,870			116,198						1,336,564			210,509			1,547,073
2011		75,000			117,396			1,014			15,516			108,474						317,400			619,140			936,540
2012								1,093			28,126			387,102			50,000			466,321			456,406			922,727
2013		491,480						919			19,927			49,938						562,264			724,824			1,287,088
2014								616			405			6,481						7,502			868,277			875,779
2015		112,492						664			16,271			17,610						147,037			248,300			395,337
2016														16,231						16,231			73,156			89,387
2017														1,272						1,272			351,697			352,969
2018		125,000												1,455						126,455			183,194			309,649
Thereafter														39,809						39,809			5,844			45,653

Subtotal	$	878,972		$	510,951		$	341,459		$	616,286		$	783,153		$	50,000		$	3,180,821		$	3,753,050		$	6,933,871
Unamortized discount		(7,593	)								(1,012	)		(215	)					(8,820	)		(4,277	)		(13,097	)

Subtotal	$	871,379		$	510,951		$	341,459		$	615,274		$	782,938		$	50,000		$	3,172,001		$	3,748,773		$	6,920,774
Joint venture partners share of debt⁽³⁾														(437,769	)		(40,000	)		(477,769	)		(2,899,484	)		(3,377,253	)

AMBs share of total debt⁽³⁾	$	871,379		$	510,951		$	341,459		$	615,274		$	345,169		$	10,000		$	2,694,232		$	849,289		$	3,543,521


Weighted average interest rate		6.4	%		0.8	%		3.6	%		3.5	%		4.9	%		5.8	%		4.2	%		4.7	%		4.5	%
Weighted average maturity (years)		4.3			1.0			1.0			1.1			2.8			2.9			2.4			4.3			3.4


Market Equity
Security	Shares			Price		Value

Common Stock		146,307,353	⁽⁴⁾	$	22.95	$	3,357,754
LP Units		3,377,641		$	22.95		77,517

Total		149,684,994				$	3,435,271


Total options outstanding							8,199,308
Dilutive effect of stock options⁽⁵⁾							326,797


Preferred Stock and Units⁽⁶⁾
	Dividend			Liquidation
Security	Rate			Preference

Series D preferred units		7.18	%	$	79,767
Series L preferred stock		6.50	%		50,000
Series M preferred stock		6.75	%		57,500
Series O preferred stock		7.00	%		75,000
Series P preferred stock		6.85	%		50,000

Weighted Average/Total		6.90	%	$	312,267


Capitalization Ratios

AMBs share of total debt-to-total market capitalization⁽³⁾⁽⁷⁾	48.6	%
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization⁽³⁾⁽⁷⁾	52.9	%
AMBs share of total debt-to-AMBs share of total assets⁽³⁾	43.1	%
AMBs share of total debt plus preferred-to-AMBs share of total assets⁽³⁾	46.9	%


(1)		Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $45.5 million of U.S. Dollar borrowings, as well as $294.6 million, $90.7 million, $53.4 million and $26.7 million in Yen, Canadian dollar, Euro and Singapore dollar-based borrowings outstanding at September 30, 2009, respectively, translated to U.S. dollars using the foreign exchange rates in effect on September 30, 2009.
(2)		Subsequent to September 30, 2009, the $325 million term loan was replaced with a $345 million term loan, and the maturity was extended to 2012.
(3)		See reporting definitions and supplemental financial measures disclosures.
(4)		Includes 920,413 shares of unvested restricted stock.
(5)		Computed using the treasury stock method and an average share price of $22.95 for the quarter ended September 30, 2009.
(6)		Units are exchangeable under certain circumstances by the unitholder for preferred stock and redeemable at the option of AMB after a five year non-call period.
(7)		Total Market Capitalization is defined as total debt plus preferred equity liquidation preferences plus market equity.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	20


		Capital Commitments (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Debt Maturing in 2009 through 2012 as of September 30, 2009 ⁽¹⁾


	After Extension Options⁽²⁾
AMB Wholly-owned Debt	2009		2010		2011		2012

Unsecured Senior Debt	$		$	75,000	$	75,000	$
Credit Facilities						393,555		117,396
Other Debt⁽³⁾		10,987						325,000
AMB Secured Debt		109,823		194,425		244,617		28,792

Subtotal		120,810		269,425		713,172		471,188

Consolidated Joint Ventures
AMB-AMS				2,578
AMB Institutional Alliance Fund II				10,094		31,228		5,605
AMB-SGP				14,414		27,846		294,810
Other Industrial Operating Joint Ventures		34,242		53,680		26,347

Subtotal		34,242		80,766		85,421		300,415

Unconsolidated Joint Ventures
AMB Institutional Alliance Fund III				27,301		185,905		78,119
AMB Japan Fund I				116,150		212,409		187,267
AMB-SGP Mexico						58,825		168,003
Other Industrial Operating Joint Ventures				9,059		32,214
AMB Europe Fund I								6,520

Subtotal				152,510		489,353		439,909

Total Consolidated		155,052		350,191		798,593		771,603
Total Unconsolidated				152,510		489,353		439,909

Total	$	155,052	$	502,701	$	1,287,946	$	1,211,512


Total AMBs Share	$	141,763	$	345,385	$	856,153	$	710,658

Development Pipeline Remainder to Fund

AMBs Share of

Estimated Total

Invested to

Remainder to

Remainder of

AMBs

Remainder of

Investment⁽⁴⁾⁽⁵⁾

Date⁽⁴⁾⁽⁵⁾

Invest⁽⁴⁾⁽⁵⁾

Cash to Fund⁽⁴⁾⁽⁶⁾

Ownership %

Cash to Fund⁽⁴⁾⁽⁶⁾

(a)

(b)

(a - b)

(c)

(d)

(c x d)

Development pipeline as of September 30, 2009

547,467

476,351

71,116

59,821

90.0

53,839


(1)		Excludes scheduled principal amortization of debt maturing in years subsequent to 2012 as well as debt premiums and discounts.
(2)		Subject to certain conditions.
(3)		Subsequent to September 30, 2009, the $325 million term loan was replaced with a $345 million term loan, and the maturity was extended to 2012.
(4)		Excluding impact of cumulative real estate impairment losses.
(5)		Amounts include capitalized interest as applicable.
(6)		Amounts remove the estimated capitalized interest component from the remainder to fund.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	21


		Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts)		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Income Items


				Actual
				Quarter Ended
				September 30, 2009
Real Estate:
Wholly owned property cash NOI from continuing operations⁽¹⁾				$	73,959
AMBs share of cash NOI from joint ventures:
Total cash NOI from joint ventures from continuing operations⁽¹⁾	$	124,787
AMBs share of joint ventures⁽¹⁾		26.7	%

AMBs share of cash NOI from joint ventures from continuing operations⁽¹⁾					33,322
Adjustments to AMBs share of cash NOI:
NOI attributed to in-progress developments	$	(1,061	)
NOI attributed to projects held for sale or contribution		(8,928	)
NOI attributed to contributed developments
NOI required to stabilize properties acquired during the quarter
Other adjustments to AMBs share of cash NOI:⁽²⁾		2,147

Adjustments to AMBs share of cash NOI⁽³⁾					(7,842	)

Total AMBs share of cash NOI from continuing operations related to operating properties⁽¹⁾⁽⁴⁾				$	99,439

Development platform:⁽³⁾
Development starts				$

Private capital platform:
Total private capital revenue per common share and unit (diluted)				$	0.05

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	September 30, 2009
Development, land, and contributed assets:⁽⁴⁾
Development pipeline (invested to date)⁽⁵⁾	$	412,816
Development projects available for sale or contribution⁽⁵⁾		937,661
Operating projects available for sale or contribution⁽⁵⁾		174,602
Land held for future development⁽⁵⁾		574,934
Assets contributed to co-investment ventures⁽⁶⁾		26,207

Total development, land and contributed assets	$	2,126,220

Debt and preferred securities:⁽⁴⁾
Total debt	$	3,543,521
Preferred securities		312,267

Total debt and preferred securities	$	3,855,788

Other balance sheet items:⁽⁴⁾
Cash and cash equivalents and restricted cash	$	239,692
Accounts receivable (net) and other assets		340,841
Deferred rents receivable and deferred financing costs (net)		(61,779	)
Accounts payable and other liabilities		(373,833	)

Total other balance sheet items	$	144,921


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Other adjustments to AMBs share of cash NOI include free rent granted in the quarter and non-property related revenues and expenses.
(3)		Transaction activity adjustments remove NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution as the value of this real estate is reflected in AMBs share of development, land, and contributed assets as detailed above. The adjustments also include stabilized NOI for acquisitions.
(4)		Includes investments held through unconsolidated joint ventures.
(5)		Assets are net of cumulative real estate impairment losses.
(6)		Represents AMBs share of assets contributed to unconsolidated co-investment ventures during the three months ended September 30, 2009.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	22


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Acquisition Cost includes estimated acquisition capital expenditures. Estimated acquisition capital expenditures include immediate building improvements that are taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standard or to stabilization and incremental building improvements and leasing costs that are incurred in an effort to substantially increase the revenue potential of an existing building.

Adjusted EBITDA. AMB uses adjusted earnings before interest (including the amount of capitalized interest deducted from the determination of development gains), tax, depreciation and amortization, impairment charges, restructuring and other non-cash charges, stock based compensation amortization, and non-development gains, or adjusted EBITDA, to measure both its operating performance and liquidity. AMB considers adjusted EBITDA to provide investors relevant and useful information because it permits investors to view income from its operations on an unleveraged basis before the effects of tax, non-cash depreciation and amortization expense or non-development gains. By excluding interest expense, adjusted EBITDA allows investors to measure AMBs operating performance independent of its capital structure and indebtedness and, therefore, allows for a more meaningful comparison of its operating performance between quarters as well as annual periods and to compare its operating performance to that of other companies, both in the real estate industry and in other industries. AMB considers adjusted EBITDA to be a useful supplemental measure for reviewing its comparative performance with other companies because, by excluding non-cash depreciation expense, adjusted EBITDA can help the investing public compare the performance of a real estate company to that of companies in other industries. As a liquidity measure, AMB believes that adjusted EBITDA helps investors to analyze its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. Management uses adjusted EBITDA when measuring AMBs operating performance and liquidity; specifically when assessing its operating performance, and comparing that performance to other companies, both in the real estate industry and in other industries, and when evaluating its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. AMB believes investors should consider adjusted EBITDA, in conjunction with net income (the primary measure of AMBs performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of AMBs operating results and liquidity, and to make more meaningful comparisons of its performance between periods and as against other companies. By excluding interest, taxes, depreciation and amortization, impairment charges, and non-development gains when assessing AMBs financial performance, an investor is assessing the earnings generated by AMBs operations, but not taking into account the eliminated expenses or non-development gains incurred in connection with such operations. As a result, adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with AMBs required GAAP presentations. Adjusted EBITDA does not reflect AMBs historical cash expenditures or future cash requirements for working capital, capital expenditures or contractual commitments. Adjusted EBITDA also does not reflect the cash required to make interest and principal payments on AMBs outstanding debt. While adjusted EBITDA is a relevant and widely used measure of operating performance and liquidity, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, AMBs computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The following table reconciles adjusted EBITDA from net (loss) income for the three and nine months ended September 30, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net income (loss)	$	76,464		$	34,737		$	(17,858	)	$	192,502
Depreciation and amortization		47,166			45,799			128,133			126,001
Impairment charges								174,410
Non-cash restructuring charges								3,824
Stock-based compensation amortization and other non-cash charges		4,731			5,118			17,065			16,741
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
AMBs share of net income		(3,257	)		(5,372	)		(7,507	)		(14,359	)
AMBs share of FFO		11,079			11,589			30,389			32,727
AMBs share of interest expense		9,646			13,699			29,759			24,430
Interest expense, including amortization		28,855			33,303			90,843			100,835
Total discontinued operations, including gains		(9,596	)		(3,028	)		(38,779	)		(31,064	)
Adjusted EBITDA attributable to noncontrolling interests		(14,975	)		(10,398	)		(44,545	)		(67,505	)
Capitalized interest attributable to development properties sold or contributed		1,226			7,257			14,085			19,043
Discontinued operations adjusted EBITDA		1,231			3,768			10,758			11,255

Adjusted EBITDA	$	152,570		$	136,472		$	390,577		$	410,606

AMBs share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on AMBs percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures accounted for in the applicable financial measure. AMB believes that AMBs share of calculations are meaningful and useful supplemental measures, which enable both management and investors to assess the operations, earnings and growth of AMB in light of AMBs ownership interest in its joint ventures and to compare the applicable measure to that of other companies. In addition, it allows for a more meaningful comparison of the applicable measure to that of other companies that do not consolidate any of their joint ventures. AMBs share of calculations are not intended to reflect actual liability should there be a default under loans or a liquidation of the joint ventures. AMBs computation of AMBs share of measures may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.

AMBs share of Other Balance Sheet Items. AMB believes that balance sheet information based on GAAP provides the most appropriate information about financial position. However, AMB considers balance sheet information reported on an owned and managed basis (such as AMBs share of cash and cash equivalents and restricted cash, AMBs share of accounts receivable (net) and other assets, AMBs share of deferred rents receivable and deferred financing costs (net), and AMBs share of accounts payable and other liabilities) to be useful supplemental measures to help the investors better understand AMBs operating performance. See Reporting Definitions for definitions of owned and managed and AMBs share of. AMB believes that AMBs share of balance sheet items on an owned and managed basis helps management and investors make a comprehensive assessment of AMBs total real estate portfolio and provides a better understanding of AMBs operating activities. While such information is helpful to the investor, it does not provide balance sheet information as defined by GAAP and is not a true alternative to such GAAP measurements. Further, AMBs computation of its share of balance sheet items on an owned and managed basis may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.

AMBs share of total debt. AMBs share of total debt is the pro rata portion of the total debt based on its percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. AMB believes that its share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. In addition, it allows for a more meaningful comparison of its debt to that of other companies that do not consolidate their joint ventures. AMBs share of total debt is not intended to reflect its actual liability should there be a default under any or all of such loans or a liquidation of the joint ventures. See Capitalization Detail for a reconciliation of total debt and AMBs share of total debt.

AMBs share of total debt-to-AMBs share of total assets is calculated using the following definitions: AMBs share of total debt is the pro rata portion of the total debt based on AMBs percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. AMBs share of total assets is the pro rata portion of total gross book value of assets based on AMBs percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the assets.

AMBs share of total debt-to-total market capitalization is calculated using the following definitions: AMBs share of total debt is the pro rata portion of the total debt based on AMBs percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the debt. AMBs definition of total market capitalization is AMBs share of total debt plus preferred equity liquidation preferences plus market equity. AMBs definition of market equity is the total number of outstanding shares of AMBs common stock and common limited partnership units multiplied by the closing price per share of its common stock as of the period end.

Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of a certain date, multiplied by 12. If free rent is granted, then the first positive rent value is used. Leases denominated in foreign currencies are translated using the currency exchange rate at period end.

Assets Under Management is AMBs estimate of the value of the real estate it wholly owns or manages through its consolidated and unconsolidated co-investment ventures or for clients of AMB Capital Partners. Assets under management is calculated by adding the co-investment venture partners or clients share of the carrying value of its real estate investment to AMBs share of total market capitalization.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	23


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Average occupancy percentage represents the daily weighted occupancy of the total rentable square feet leased, including month-to-month leases, divided by total rentable square feet. Space is considered leased when the tenant has either taken physical or economic occupancy.

Carrying value is the sum of the most recent valuation of real estate investments plus subsequently incurred capital expenditures. Generally, each real estate investment is valued once a year.

Cash-basis NOI. Cash-basis NOI is defined as NOI less straight line rents and amortization of lease intangibles. AMB considers cash-basis NOI to be an appropriate and useful supplemental performance measure because cash basis NOI reflects the operating performance of the real estate portfolio excluding the effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. However, cash-basis NOI should not be viewed as an alternative measure of financial performance since it does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, cash-basis NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating cash-basis NOI.

For a reconciliation of NOI from net income for the three months ended September 30, 2009, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended September 30, 2009 (dollars in thousands):


	For the Quarter Ended
	September 30, 2009
NOI	$	103,028
Straight-line rents and amortization of lease intangibles		(1,969	)
Consolidated joint venture cash NOI from continuing operations		(27,100	)

Wholly-owned property cash NOI		73,959
AMBs share of consolidated joint venture cash NOI		12,019
AMBs share of unconsolidated joint venture cash NOI		21,303
AMBs share of transaction adjustments		(7,842	)

AMBs share of cash-basis NOI	$	99,439

Co-investment Ventures are Joint Ventures with institutional investors, managed by AMB from which AMB receives acquisition fees for third-party acquisitions, portfolio and asset management distributions or fees, as well as incentive distributions or promoted interests.

Co-investment venture partners (or co-investors) share of debt is the co-investment venture partners pro-rata portion of total debt.

Co-investment venture partners (or co-investors) share of equity is the pro-rata portion of the co-investment venture partners share of carrying value less the co-investment venture partners share of debt.

Completion/Stabilization is generally defined as properties that are 90% leased or properties that have been substantially complete for at least 12 months.

Development activities include ground-up development, redevelopments, renovations, land sales and value-added conversions.

Development margin is calculated as contribution value or disposition price less closing costs, minus estimated total investment and any deferred rents, taxes or third party promotes before any deferrals on contributions, divided by the estimated total investment.

Estimated FFO by Business. Estimated FFO by Business is FFO generated by AMBs Real Estate Operations, Development and Private Capital business. Estimated Development and Private Capital FFO was determined by reducing Development Profits, net of taxes, and Private Capital revenues by their respective estimated share of general and administrative expenses, also defined as overhead. Developments and Private Capitals estimated allocation of total general and administrative expenses was based on their respective percentage of actual direct general and administrative expenses incurred. Estimated Real Estate Operations FFO represents total AMB FFO less estimated FFO attributable to Development and Private Capital. Management believes estimated FFO by business line is a useful supplemental measure of its operating performance because it helps the investing public compare the operating performance of AMBs respective businesses to other companies comparable businesses. Further, AMBs computation of FFO by business line may not be comparable to that reported by other real estate investment trusts as they may use different methodologies in computing such measures.

Estimated investment capacity is AMBs estimate of the gross real estate which could be acquired through the use of its equity commitments from co-investment venture partners plus AMBs funding obligations and estimated debt capitalization.

Estimated total investment represents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, and associated carry costs. Estimated total investments are based on current forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at period end.

Co-investment venture operating results.


For the Quarter Ended September 30, 2009
										Income
	AMBs						Property			(Loss) from
	Ownership						Operating			Continuing			Net
	Percentage			Revenues			Expenses			Operations			Income (Loss)			Cash NOI			FFO
Unconsolidated Co-investment Ventures
AMB Institutional Alliance Fund III		23	%	$	67,777		$	(19,651	)	$	(369	)	$	(660	)	$	45,166		$	20,447
AMB Europe Fund I		21	%		25,025			(4,913	)		2,547			2,547			19,618			10,254
AMB Japan Fund I		20	%		25,197			(5,749	)		3,650			3,650			19,215			10,805
AMB-SGP Mexico		22	%		10,498			(2,529	)		792			792			7,774			3,739	⁽¹⁾
AMB DFS Fund I		15	%		(32	)		(86	)		(166	)		(166	)		(118	)		(166	)
Consolidated Co-investment Ventures
AMB-SGP		50	%		11,905			(3,450	)		289			289			8,339			3,786
AMB Institutional Alliance Fund II		20	%		13,447			(3,012	)		3,279			3,274			10,478			6,614
AMB-AMS		39	%		3,872			(973	)		514			514			2,959			1,608


(1)		Excludes $3.9 million of interest expense on loans from co-investment venture partners.

Co-investment venture partners share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on AMBs co-investment venture partners percentage of equity interest in each of the consolidated or unconsolidated co-investment ventures accounted for in the applicable financial measure.

Estimated yields on development projects are calculated from estimated annual cash NOI following occupancy stabilization divided by the estimated total investment. Yields exclude value added conversion projects and are calculated on an after-tax basis for international projects.

Fixed charge coverage. Fixed charge coverage is defined as Adjusted EBITDA divided by fixed charges. Fixed charges consist of interest expense less joint venture partners share of interest expense and amortization of finance costs and debt premiums, from continuing and discontinued operations, plus AMBs share of interest expense from unconsolidated joint venture debt, capitalized interest, preferred unit distributions and preferred stock dividends. AMB uses fixed charge coverage to measure its liquidity. AMB believes fixed charge coverage is relevant and useful to investors because it permits fixed income investors to measure AMBs ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred shareholders. AMBs computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	24


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

The following table details the calculation of fixed charges for the three and nine months ended September 30, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Nine Months Ended
	September 30,						September 30,
Fixed charge	2009			2008			2009			2008
Interest expense, including amortization continuing operations	$	28,855		$	33,303		$	90,843		$	100,835
Amortization of financing costs and debt premiums continuing operations		(3,048	)		(1,887	)		(9,300	)		(7,042	)
Interest expense, including amortization discontinued operations					(462	)		(192	)		(530	)
Amortization of financing costs and debt premiums discontinued operations					(3	)		(4	)		(10	)
Joint venture partners share of interest expense		(5,633	)		(3,979	)		(19,870	)		(28,468	)
AMBs share of interest expense from unconsolidated joint ventures		9,646			13,699			29,759			24,430
Capitalized interest		9,760			13,980			32,680			48,907
Preferred unit distributions		1,431			1,431			4,295			4,295
Preferred stock dividends		3,952			3,952			11,856			11,856

Total fixed charge	$	44,963		$	60,034		$	140,067		$	154,273

Funds From Operations (FFO), Funds From Operations Per Share and Unit (FFOPS) and FFO, Excluding Impairment and Restructuring charges (together with FFO and FFOPS, the FFO Measures). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, or FFO, FFO per share and unit, or FFOPS, and FFO, excluding impairment and restructuring charges, to be useful supplemental measures of its operating performance. AMB defines FFOPS as FFO per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO as net income available to common stockholders, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMBs pro rata share of FFO of consolidated and unconsolidated joint ventures.

Unless stated otherwise, AMB includes the gains from development, including those from value-added conversion projects, before depreciation recapture, as a component of FFO. AMB believes gains from development should be included in FFO to more completely reflect the performance of one of our lines of business. AMB believes that value-added conversion dispositions are in substance land sales and as such should be included in FFO, consistent with the real estate investment trust industrys long standing practice to include gains on the sale of land in FFO. However, AMBs interpretation of FFO or FFOPS may not be consistent with the views of others in the real estate investment trust industry, who may consider it to be a divergence from the NAREIT definition, and may not be comparable to FFO or FFOPS reported by other real estate investment trusts that interpret the current NAREIT definition differently than AMB does. In connection with the formation of a joint venture, AMB may warehouse assets that are acquired with the intent to contribute these assets to the newly formed venture. Some of the properties held for contribution may, under certain circumstances, be required to be depreciated under U.S. GAAP. If this circumstance arises, AMB intends to include in its calculation of FFO gains or losses related to the contribution of previously depreciated real estate to joint ventures. Although such a change, if instituted, will be a departure from the current NAREIT definition, AMB believes such calculation of FFO will better reflect the value created as a result of the contributions. To date, AMB has not included gains or losses from the contribution of previously depreciated warehoused assets in FFO.

In addition to presenting FFO as described above, AMB presents FFO, excluding impairment and restructuring charges. AMB calculates FFO, excluding impairment and restructuring charges, as FFO less impairment and restructuring charges and adjustments to derive AMBs share of impairment charges from consolidated and unconsolidated joint ventures. To the extent that the book value of a land parcel or development asset exceeded the fair market value of a property, based on its intended holding period, a non-cash impairment charge was recognized for the shortfall. The impairment charges were principally a result of increases in estimated capitalization rates and deterioration in market conditions that adversely impacted values. The restructuring charges reflected costs associated with AMBs reduction in global headcount and cost structure. Although difficult to predict, these charges may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate markets. While not infrequent or unusual in nature, these charges are subject to market fluctuations that can have inconsistent effects on AMBs results of operations. The economics underlying these charges reflect market conditions in the short-term but can obscure the value of AMBs long-term investment decisions and strategies. Management believes FFO, excluding impairment and restructuring charges, is significant and useful to both it and its investors because it more appropriately reflects the value and

strength of AMBs business model and its potential performance isolated from the volatility of the current economic environment. However, in addition to the limitations of FFO Measures generally discussed below, FFO, excluding impairment and restructuring charges, does not present a comprehensive measure of AMBs financial condition and operating performance. This measure is a modification of the NAREIT definition of FFO and should not be considered a replacement of FFO as AMB defines it or used as an alternative to net income or cash as defined by U.S. GAAP.

AMB believes that the FFO Measures are meaningful supplemental measures of its operating performance because historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with market and other conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Thus, the FFO Measures are supplemental measures of operating performance for real estate investment trusts that exclude historical cost depreciation and amortization, among other items, from net income available to common stockholders, as defined by U.S. GAAP. AMB believes that the use of the FFO Measures, combined with the required U.S. GAAP presentations, has been beneficial in improving the understanding of operating results of real estate investment trusts among the investing public and making comparisons of operating results among such companies more meaningful. AMB considers the FFO Measures to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses related to sales of previously depreciated operating real estate assets and real estate depreciation and amortization, the FFO Measures can help the investing public compare the operating performance of a companys real estate between periods or as compared to other companies. While FFO and FFOPS are relevant and widely used measures of operating performance of real estate investment trusts, the FFO Measures do not represent cash flow from operations or net income as defined by U.S. GAAP and should not be considered as alternatives to those measures in evaluating AMBs liquidity or operating performance. The FFO Measures also do not consider the costs associated with capital expenditures related to AMBs real estate assets nor are the FFO Measures necessarily indicative of cash available to fund AMBs future cash requirements. Management compensates for the limitations of the FFO Measures by providing investors with financial statements prepared according to U.S. GAAP, along with this detailed discussion of the FFO Measures and a reconciliation of the FFO Measures to net income available to common stockholders, a U.S. GAAP measurement.

See Consolidated Statements of Funds from Operations for a reconciliation of FFO from net income available to common stockholders.

The following table reconciles projected FFO from projected net income available to common stockholders for the year ended December 31, 2009:


	2009
	Low			High
Projected net (loss) income available to common stockholders	$	(0.30	)	$	(0.29	)
AMBs share of projected depreciation and amortization		1.30			1.30
AMBs share of projected gains on disposition of operating properties recognized to date		(0.23	)		(0.23	)
Impact of additional dilutive securities, other, rounding		(0.03	)		(0.03	)

Projected Funds From Operations (FFO)	$	0.74		$	0.75


AMBs share of non-cash impairment charges		1.32			1.32
Restructuring charges		0.03			0.03
AMBs share of development gains recognized to date		(0.64	)		(0.64	)

Projected FFO, excluding AMBs share of non-cash impairment charges, restructuring charges and development gains⁽¹⁾	$	1.45		$	1.46

Amounts are expressed per share, except FFO and FFO, excluding AMBs share of non-cash impairment charges, restructuring charges and development gains, which is expressed per share and unit.

(1) As development gains are difficult to predict in the current economic environment, management believes Projected FFO, excluding AMBs share of non-cash impairment charges, restructuring charges and development gains is the more appropriate and useful measure to reflect its assessment of AMBs projected operating performance.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	25


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Gross operating margin is calculated as NOI divided by gross revenues (excluding straight-line rents and amortization of lease intangibles, reimbursable capital revenue and lease termination fees) for properties in the pool at period end.

Impairment charges represent the write down of assets due to estimated fair value being lower than carry value.

Interest coverage. Interest coverage is defined as adjusted EBITDA divided by AMBs share of interest expense which consists of consolidated interest expense less joint venture partners share of interest expense, including amortization, from continuing and discontinued operations and AMBs share of interest expense from unconsolidated joint venture debt. AMB uses interest coverage to measure its liquidity. AMB believes interest coverage is relevant and useful to investors because it permits investors to measure AMBs ability to meet its interest payments on outstanding debt. AMBs computation of interest coverage may not be comparable to interest coverage reported by other companies.

The following table details AMBs share of total interest for the three and nine months ended September 30, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Nine Months Ended
	September 30,						September 30,
Interest	2009			2008			2009			2008
Interest expense, including amortization continuing operations	$	28,855		$	33,303		$	90,843		$	100,835
Interest expense, including amortization discontinued operations					(462	)		(192	)		(530	)
Joint venture partners share of interest expense		(5,633	)		(3,979	)		(19,870	)		(28,468	)
AMBs share of interest expense from unconsolidated co-investment ventures		9,646			13,699			29,759			24,430

Total interest	$	32,868		$	42,561		$	100,540		$	96,267

Joint Ventures are all joint ventures, including Co-Investment Ventures, with real estate developers, other real estate operators, or institutional investors where AMB may or may not: have control, act as the manager and/or developer, earn asset management distributions or fees, or earn incentive distributions or promoted interests. In certain cases, AMB might provide development, leasing, property management and/or accounting services for which it may receive market compensation.

Joint venture partners share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on AMBs joint venture partners percentage of equity interest in each of the consolidated or unconsolidated joint ventures accounted for in the applicable financial measure.

Market equity is defined as the total number of outstanding shares of AMBs common stock and common limited partnership units multiplied by the closing price per share of its common stock at period end.

Net Asset Value (NAV). AMB believes NAV is a useful supplemental measure of its operating performance because it enables both management and investors to analyze the fair value of its business. An assessment of the fair value of a business involves estimates and assumptions and can be performed using various methods. AMB has presented certain financial measures related to its business that it believes may be useful to the investing public in calculating its NAV but has not presented any specific methodology nor provided any guidance on assumptions or estimates that should be used in the calculation.

Net Operating Income (NOI). See same store net operating income for discussion of NOI and a reconciliation of NOI from net income.

Occupancy percentage at period end represents the percentage of total rentable square feet leased, including month-to-month leases, divided by total rentable square feet at period end. Space is considered leased when the tenant has either taken physical or economic occupancy.

Owned and managed is defined by AMB as assets in which AMB has at least a 10% ownership interest, is the property or asset manager, and which it intends to hold for the long-term.

Owned and Managed Supplemental Cash Flow Information. AMB believes that cash flow information based on GAAP provides the most appropriate cash flow information. However, AMB considers cash flow information reported on an owned and managed basis (such as straight-line rents and amortization of lease

intangibles, AMBs share of straight-line rents and amortization of lease intangibles, gross lease termination fees, net lease termination fees, AMBs share of net lease termination fees, tenant improvements, lease commissions and other lease costs, building improvements, Co-investment partners share of capital expenditures and AMBs share of recurring capital expenditures) to be useful supplemental measures to help the investors better understand AMBs operating performance and cash flow. See Reporting Definitions for definitions of owned and managed, AMBs share of and Co-investment venture partners share of. AMB believes that owned and managed cash flow information helps management and investors make a comprehensive assessment of the cash flow of AMBs total real estate portfolio and provides a better understanding of AMBs operating performance and activities. While owned and managed supplemental cash flow information is helpful to the investor, it does not provide cash flow information as defined by GAAP and are not true alternatives to such GAAP measurements. Further, AMBs computation of owned and managed supplemental cash flow information may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.

Percent pre-leased represents the executed lease percentage of total square feet as of the reporting data.

Preferred, with respect to the capitalization ratios, is defined as preferred equity liquidation preferences.

Renovation projects represent projects where the acquired buildings are less than 75% leased and require significant capital expenditures (generally ranging from 10% 25% of acquisition cost) to bring the buildings up to operating standards and stabilization (generally 90% leased).

Redevelopment projects represent those buildings that require significant capital expenditures (generally more than 25% of acquired cost or existing basis) to bring the buildings up to operating standards and stabilization (generally 90% leased).

Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include estimated acquisition capital expenditures which were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standards.

Rent changes on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month of a term commencement and the net ABR due the last month of the former tenants term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation.

Same Store Net Operating Income, Cash-basis SS NOI (SS NOI) and Net Operating Income (NOI). AMB defines NOI as rental revenues, including reimbursements, less property operating expenses. NOI excludes depreciation, amortization, general and administrative expenses, restructuring charges, real estate impairment losses, development profits (losses), gains (losses) from sale or contribution of real estate interests, and interest expense. AMB believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, NOI is a useful supplemental measure calculated to help investors understand AMBs operating performance, excluding the effects of costs and expenses which are not related to the performance of the assets. NOI is widely used by the real estate industry as a useful supplemental measure, which helps investors compare AMBs operating performance with that of other companies. Real estate impairment losses have been excluded in deriving NOI because AMB does not consider its impairment losses to be a property operating expense. AMB believes that the exclusion of impairment losses from NOI is a common methodology used in the real estate industry. Real estate impairment losses relate to the changing values of AMBs assets but do not reflect the current operating performance of the assets with respect to their revenues or expenses. AMBs real estate impairment losses are non-cash charges which represent the write down in the value of assets when estimated fair value over the holding period is lower than current carrying value. The impairment charges were principally a result of increases in estimated capitalization rates and deterioration in market conditions that adversely impacted underlying real estate values. Therefore, the impairment charges are not related to the current performance of AMBs real estate operations and should be excluded from its calculation of NOI.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	26


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

AMB considers SS NOI to be a useful supplemental measure of our operating performance for properties that are considered part of the same store pool. AMB defines Cash-basis SS NOI as NOI on a same store basis excluding straight line rents and amortization of lease intangibles. See definition of same store pool. AMB considers SS NOI to be an appropriate and useful supplemental performance measure because it reflects the operating performance of the real estate portfolio excluding effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, AMB believes that SS NOI helps investors compare the operating performance of AMBs real estate as compared to other companies. While SS NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. SS NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact our results from operations. Further, AMBs computation of SS NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SS NOI.

The following table reconciles consolidated cash-basis SS NOI and NOI from net income for the three and nine months ended September 30, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net income (loss)	$	76,464		$	34,737		$	(17,858	)	$	192,502
Private capital income		(7,886	)		(9,502	)		(27,376	)		(60,838	)
Depreciation and amortization		47,166			45,799			128,133			126,001
Real estate impairment losses								174,410
General and administrative and fund costs		27,396			34,725			84,660			104,242
Restructuring charges								3,824
Total other income and expenses		22,486			3,055			50,402			(11,602	)
Total discontinued operations		(62,598	)		(3,028	)		(91,781	)		(11,097	)

NOI		103,028			105,786			304,414			339,208
Less non same-store NOI		(20,876	)		(18,712	)		(53,305	)		(78,851	)
Less non cash adjustments⁽¹⁾		(43	)		(374	)		855			(2,161	)

Cash-basis same-store NOI	$	82,109		$	86,700		$	251,964		$	258,196


(1)		Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only.

Same store NOI growth is the change in the NOI (excluding straight-line rents and amortization of lease intangibles) of the same store pool from the prior year reporting period to the current year reporting period.

Same store pool includes all properties that are owned as of the end of both the current and prior year reporting periods and excludes development properties for both the current and prior reporting periods. The same store pool is set annually and excludes properties purchased and developments stabilized after December 31, 2007.

Second generation TIs and LCs per square foot are total tenant improvements, lease commissions and other leasing costs incurred during leasing of second generation space divided by the total square feet leased. Costs incurred prior to leasing available space are not included until such space is leased. Second generation space excludes newly developed square footage or square footage vacant at acquisition.

Stabilized cap rates are calculated as cash NOI stabilized to market occupancy (generally 95%) divided by total acquisition cost. The total acquisition cost basis includes the initial purchase price, the effects of marking assumed debt to market, buyers due diligence and closing costs, lease intangible adjustments, estimated acquisition capital expenditures, and leasing costs necessary to achieve stabilization.

Tenant retention is the square footage of all leases rented by existing tenants divided by the square footage of all expiring and rented leases during the reporting period, excluding the square footage of tenants that default or buy-out prior to expiration of their lease, short-term tenants and the square footage of month-to-month leases.

Total market capitalization is defined by AMB as AMBs share of total debt plus preferred equity liquidation preferences plus market equity (unless otherwise noted).

Value-added conversion projects represent the repurposing of industrial properties to a higher and better use, including office, residential, retail, research & development or manufacturing. Activities required to prepare the property for conversion to a higher and better use may include such activities as rezoning, redesigning, reconstructing and retenanting. The sales price of the value-added conversion project is generally based on the underlying land value based on its ultimate use and as such, little to no residual value is ascribed to the industrial building(s).


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	27


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call


Contact Name	Title	Phone	E-mail Address

Hamid R. Moghadam	Chairman & Chief Executive Officer	(415) 733-9401	hmoghadam@amb.com

Thomas S. Olinger	Chief Financial Officer	(415) 733-9405	tolinger@amb.com

Guy F. Jaquier	President, Europe and Asia	(415) 733-9406	gjaquier@amb.com

Eugene F. Reilly	President, The Americas	(617) 619-9333	ereilly@amb.com

John T. Roberts, Jr.	President, Private Capital; President, AMB Capital Partners, LLC	(415) 733-9408	jroberts@amb.com

Tracy A. Ward	Vice President, IR & Corporate Communications	(415) 733-9565	tward@amb.com


Corporate Headquarters	Investor Relations	Other Primary Office Locations

AMB Property Corporation	Tel: (415) 394-9000	Amsterdam	Boston	Chicago	Los Angeles
Pier 1, Bay 1	Fax: (415) 394-9001	México City	Shanghai	Singapore	Tokyo
San Francisco, CA 94111	E-mail: ir@amb.com
Tel: (415) 394-9000	Website: www.amb.com
Fax: (415) 394-9001


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	28

During the third quarter of 2009, AMB leased approximately 9.8 million square feet (915,000 square meters) in its global operating portfolio. The company also leased more than 935,000 square feet (86,000 square meters) of its development pipeline. Highlights from the first quarter include leasing in: 1. Madrid AMB Barajas Logistic Park 5. Miami Pompano Center of Commerce 2. Port of Rouen AMB Port of Rouen 6. Savannah AMB Morgan Business Center 3. Osaka AMB Amagasaki Distribution Center | 7. San Francisco Pacific Business Center 4. Chicago AMB Turnberry Distribution Center 8. Seoul AMB ICN Logistic Center


		Forward Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2009 Third Quarter Earnings Conference Call

Some of the information included in this report and the presentations to be held in connection therewith contains forward-looking statements, such as those related to cash sources to cover future capital requirements, the consummation of asset sales marketed, under contract or LOI, our plans to retire, extend and refinance debt and maintain fixed charge coverage at certain levels, estimated cash savings from our current dividend policy, estimated net G&A reductions, our opportunities and plans (including those regarding our global positioning and future capital deployment), our projected funds from operations, compound annual growth rate of our business divisions, future assets under management, same store and/or cash net operating income and other financial and operational guidance, our capabilities to drive growth, our future performance compared to peers and other market indices, rent growth, industrial and other market, GDP and trade growth, market drivers, trends and forecasts, port opportunities (such as ship capacity expansion, outsourcing trends, port market demand, port expansions, container growth, and escalating land values), on-tarmac opportunities (such as air cargo growth, ability to access and leverage positions, and expertise and key airport opportunities), hiring, performance and retention of key personnel, access to resources, leveraging of relationships, continuation and effectiveness of strategic drivers, information regarding our development, value-added conversion, redevelopment and renovation projects (including stabilization dates, square feet at stabilization or completion, sale or contribution dates, yields from such projects, our share of remaining funding, costs and total investment amounts, scope, location and timing of development starts, margins, projected gains and returns, sustainability, profitability, scope and scale of and demand for projects, targeted value-added conversion projects, redevelopment and conversion timelines, entitlement and repositioning potential of land), ability to deliver customer solutions, strength of lender and customer relationships, lease expirations, performance and value-creation of investments and market entry opportunities, real estate valuations, capitalization rates, acquisition capital and volume, scope and build out potential of land inventory, co-investment venture and other estimated investment capacity, terms of the co-investment ventures, performance, revenues and returns on investment, target leverage, future incentive distribution, asset management, acquisition and other private capital distributions and fees, timing of incentive distributions, private capital demand, launching of additional funds, termination of funds, future balance sheet capacity, ability to maintain credit extensions, our position to address debt maturities, interest rate changes, transition to open-end funds, and access to secured and non-secured financings, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward-looking terminology such as believes, expects, may, will, should, seeks, approximately, intends, plans, pro forma, estimates or anticipates or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower than expected rent or failure to lease at all or on expected terms, decreases in real estate values and impairment losses, our failure to obtain, renew or extend financing or re-financing, risks related to debt and equity security financings (including dilution risk), our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, failure to maintain our current credit agency ratings or comply with our debt covenants, international currency and hedging risks, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, a downturn in the U.S., California or global economy, increased interest rates and operating costs or greater than expected capital expenditures, risks related to suspending, reducing, or changing our dividends, our failure to contribute properties to our co-investment ventures, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, environmental uncertainties, risks related to natural disasters, changes in real estate and zoning laws, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading Risk Factors and elsewhere in our annual report on Form 10-K for the year ended December 31, 2008.

Form: 8-K

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