February 2, 2010 - EX-99.1 - 8-K: Current report filing


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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 December 31, 2009, AMB owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 155.1 million square feet (14.4 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⁾

118.9 msf

Operating Portfolio⁽¹⁾

10.9 msf

Operating Portfolio⁽¹⁾

10.4 msf

Development Portfolio⁽²⁾⁽³⁾

6.0 msf

Development Portfolio⁽²⁾⁽³⁾

3.1 msf

Development Portfolio⁽²⁾⁽³⁾

5.8 msf

Land Inventory⁽³⁾

2,126 acres

Land Inventory⁽³⁾

221 acres

Land Inventory⁽³⁾

141 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 pre-stabilized development properties.
(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 per share data)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth Quarter Earnings Conference Call


	For the Quarters Ended December 31,									For the Years Ended December 31,
	2009			2008			% Change			2009			2008			% Change
Revenues⁽¹⁾	$	163,402		$	159,238			2.6	%	$	633,842		$	693,563			(8.6	%)
Adjusted EBITDA⁽²⁾		98,785			95,705			3.2	%		489,998			496,980			(1.4	%)
Net loss available to common stockholders		(7,565	)		(201,362	)		96.2	%		(50,077	)		(66,451	)		24.6	%
FFO⁽²⁾		43,759			(169,795	)		125.8	%		99,275			79,195			25.4	%
FFO, as adjusted⁽³⁾		48,131			49,399			(2.6	%)		288,841			298,276			(3.2	%)
Per diluted share and unit
EPS	$	(0.05	)	$	(2.06	)		97.6	%	$	(0.37	)	$	(0.68	)		45.6	%
FFO⁽²⁾		0.29			(1.68	)		117.3	%		0.72			0.77			(6.5	%)
FFO, as adjusted⁽³⁾		0.32			0.49			(34.7	%)		2.09			2.90			(27.9	%)
Dividends per common share		0.28						100.0	%		1.12			1.56			(28.2	%)


Financial⁽⁴⁾		$1.4 billion in liquidity Completed financing activities of more than $1.6 billion of debt extensions, repurchases, repayments and refinances in the fourth quarter; totaling $2.7 billion in 2009


Operations⁽⁴⁾		90.7% fourth quarter average occupancy; 91.4% for the full year (7.3)% fourth quarter cash basis same store NOI;⁽²⁾(4.5)% for the full year Commenced 7.8 msf of leases in the fourth quarter; totaling more than 29.0 msf for the full year (11.5)% fourth quarter rent changes on renewals and rollover; (6.9)% for the trailing four quarters


Capital Deployment⁽⁴⁾		Reduced vacancy by 2.5 msf in the development portfolio during the fourth quarter and more than 4.9 msf for the full year Approximately 6.9 msf of vacancy remaining to stabilize the development portfolio Completed $93 million in dispositions in the fourth quarter and $763 million for the full year Stabilized capitalization rate on dispositions in 2009 was 6.8%


Private Capital⁽⁵⁾		Subsequent to year end, completed $267 million in net capital transactions for the companys two open-ended funds including: $150 million investment by AMB consisting of $100 million in AMB Institutional Alliance Fund III and $50 million in AMB Europe Fund I; $50 million in new third-party equity in AMB Institutional Alliance Fund III; and $67 million in investor redemption rescissions; the remaining redemption queue currently totals $15 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 year ended December 31, 2008 would have been $585,706 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, as adjusted.
(4)		Owned and managed portfolio.
(5)		As of February 1, 2010.


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


		Funds From Operations⁽¹⁾ Overview		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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,
	2007			2008			2009
Real estate operations, net of unallocated overhead	$	1.63		$	1.53		$	1.19
Overhead reallocation		0.44			0.46			0.24

Real estate operations FFO	$	2.07		$	1.99		$	1.43
% of reported FFO		58.8	%		68.6	%		68.4	%
Development Gains		1.60			0.72			0.63
Overhead allocation		(0.32	)		(0.33	)		(0.13	)

Development FFO	$	1.28		$	0.39		$	0.50
% of reported FFO		36.4	%		13.4	%		23.9	%
Private Capital Revenues		0.29			0.65			0.27
Overhead allocation		(0.12	)		(0.13	)		(0.11	)

Private Capital FFO	$	0.17		$	0.52		$	0.16
% of reported FFO		4.8	%		17.9	%		7.7	%

Total FFO, as adjusted	$	3.52		$	2.90		$	2.09

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, as adjusted per diluted common share and unit is $2.09 and $2.90 year-to-date for 2009 and 2008, respectively. See page 5 for a reconciliation to derive FFO, as adjusted.
(5)		Excludes co-investment venture partners share of development gains.
(6)		See page 5 for a reconciliation to derive FFO, as adjusted.
(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 Fourth Quarter Earnings Conference Call


	For the Quarters Ended December 31,						For the Years Ended December 31,
	2009			2008			2009			2008
Revenues
Rental revenues⁽¹⁾	$	152,899		$	151,606		$	595,963		$	625,093
Private capital revenues		10,503			7,632			37,879			68,470

Total revenues		163,402			159,238			633,842			693,563

Costs and expenses
Property operating costs⁽¹⁾		(49,865	)		(44,313	)		(189,056	)		(179,370	)
Depreciation and amortization		(51,869	)		(38,233	)		(179,894	)		(164,188	)
General and administrative		(31,131	)		(40,643	)		(115,253	)		(143,962	)
Restructuring charges		(2,544	)		(12,306	)		(6,368	)		(12,306	)
Fund costs		(238	)		(159	)		(1,062	)		(1,078	)
Real estate impairment losses					(183,754	)		(174,410	)		(183,754	)
Other expenses⁽²⁾		(2,176	)		(2,446	)		(10,247	)		(520	)

Total costs and expenses		(137,823	)		(321,854	)		(676,290	)		(685,178	)

Other income and expenses
Development profits, net of taxes		1,368			4,836			35,874			81,084
Gains from sale or contribution of real estate interests, net											19,967
Equity in earnings of unconsolidated joint ventures, net		3,824			2,762			11,331			17,121
Other (expenses) income⁽²⁾		(222	)		(3,061	)		6,284			(3,124	)
Interest expense, including amortization		(30,790	)		(33,775	)		(121,459	)		(133,955	)
Loss on early extinguishment of debt		(11,614	)		(131	)		(12,267	)		(786	)

Total other income and expenses, net		(37,434	)		(29,369	)		(80,237	)		(19,693	)

Loss from continuing operations		(11,855	)		(191,985	)		(122,685	)		(11,308	)
Discontinued operations
Income (loss) attributable to discontinued operations		173			(6,996	)		3,005			1,964
Development profits, net of taxes								53,002
Gains (losses) from sale of real estate interests, net of taxes		1,580			(281	)		38,718			2,594

Total discontinued operations		1,753			(7,277	)		94,725			4,558

Net loss		(10,102	)		(199,262	)		(27,960	)		(6,750	)
Noncontrolling interests share of net (income) loss
Joint venture partners share of net income		(2,234	)		(2,954	)		(11,063	)		(32,855	)
Joint venture partners and limited partnership unitholders share of development profits		(942	)		(1,924	)		(3,308	)		(9,041	)
Preferred unitholders					(1,432	)		(4,295	)		(5,727	)
Limited partnership unitholders		161			8,160			3,625			5,063

Total noncontrolling interests share of net (income) loss		(3,015	)		1,850			(15,041	)		(42,560	)

Net loss attributable to AMB Property Corporation		(13,117	)		(197,412	)		(43,001	)		(49,310	)
Preferred stock dividends		(3,950	)		(3,950	)		(15,806	)		(15,806	)
Preferred unit redemption discount		9,759						9,759
Allocation to participating securities⁽³⁾		(257	)					(1,029	)		(1,335	)

Net loss available to common stockholders	$	(7,565	)	$	(201,362	)	$	(50,077	)	$	(66,451	)

Net loss per common share (diluted)	$	(0.05	)	$	(2.06	)	$	(0.37	)	$	(0.68	)

Weighted average common shares (diluted)		147,047			97,584			134,321			97,404


(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 year ended December 31, 2008 would have been $585,706, and pro forma operating expenses for the year ended December 31, 2008 would have been $169,333, 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 twelve months ended December 31, 2009 of $969 and $7,823, respectively, and for the three and twelve months ended December 31, 2008 of $(4,460) and $(7,828), 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 twelve months ended December 31, 2009, there were 919 unvested restricted shares outstanding. For the three and twelve months ended December 31, 2008, there were 856 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 Fourth Quarter Earnings Conference Call


	For the Quarters Ended December 31,						For the Years Ended December 31,
	2009			2008			2009			2008
Net loss available to common stockholders	$	(7,565	)	$	(201,362	)	$	(50,077	)	$	(66,451	)
(Gains) losses from sale or contribution of real estate interests, net of taxes		(1,580	)		281			(38,718	)		(22,561	)
Depreciation and amortization
Total depreciation and amortization		51,869			38,233			179,894			164,188
Discontinued operations depreciation		57			1,412			2,042			5,011
Non-real estate depreciation		(2,576	)		(1,484	)		(8,593	)		(7,270	)
Adjustments to derive FFO from consolidated joint ventures
Joint venture partners noncontrolling interests (Net income)		2,234			2,954			11,063			32,855
Limited partnership unitholders noncontrolling interests (Net loss)		(161	)		(8,160	)		(3,625	)		(5,063	)
Limited partnership unitholders noncontrolling interests (Development profits)		11			114			2,377			2,822
FFO attributable to noncontrolling interests		(7,245	)		(9,036	)		(26,695	)		(49,957	)
Adjustments to derive FFO from unconsolidated joint ventures
AMBs share of net income		(3,824	)		(2,762	)		(11,331	)		(17,121	)
AMBs share of FFO		12,549			10,015			42,938			42,742
Allocation to participating securities⁽²⁾		(10	)

Funds from operations	$	43,759		$	(169,795	)	$	99,275		$	79,195

FFO per common share and unit (diluted)	$	0.29		$	(1.68	)	$	0.72		$	0.77

Weighted average common shares and units (diluted)		150,993			101,102			137,904			102,735


Adjustments for impairment charges, restructuring charges, preferred unit redemption discount and debt extinguishment
Real estate impairment losses	$			$	183,754		$	174,410		$	183,754
Discontinued operations real estate impairment losses					10,164			7,443			10,164
Pursuit costs and tax reserve					11,834						11,834
AMBs share of real estate impairment losses from unconsolidated joint ventures					1,847			4,611			1,847
Joint venture partners noncontrolling interest share of real estate impairment losses					(424	)		(4,876	)		(424	)

AMBs share of total impairment charges⁽¹⁾					207,175			181,588			207,175
Restructuring charges⁽¹⁾		2,544			12,306			6,368			12,306
Loss on early extinguishment of debt		11,614			131			12,267			786
Preferred unit redemption discount		(9,759	)					(9,759	)
Allocation to participating securities⁽²⁾		(27	)		(418	)		(898	)		(1,186	)

Funds from operations, as adjusted⁽¹⁾	$	48,131		$	49,399		$	288,841		$	298,276

FFO, as adjusted per common share and unit (diluted)	$	0.32		$	0.49		$	2.09		$	2.90

Weighted average common shares and units (diluted)		150,993			101,112			137,904			102,735


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Represents amount of FFO allocated to outstanding unvested restricted shares. For the three and twelve months ended December 31, 2009, there were 919 unvested restricted shares. For the three and twelve months ended December 31, 2008, there were 856 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 Fourth Quarter Earnings Conference Call


	As of
	December 31, 2009			December 31, 2008
Assets
Investments in real estate
Total investments in properties	$	6,708,660		$	6,603,856
Accumulated depreciation and amortization		(1,113,808	)		(970,737	)

Net investments in properties		5,594,852			5,633,119
Investments in unconsolidated joint ventures		462,130			431,322
Properties held for sale or contribution, net		214,426			609,023

Net investments in real estate		6,271,408			6,673,464
Cash and cash equivalents and restricted cash		206,077			251,231
Accounts receivable, net		155,958			160,528
Other assets		208,515			216,425

Total assets	$	6,841,958		$	7,301,648


Liabilities and equity
Liabilities
Secured debt	$	1,096,554		$	1,522,571
Unsecured senior debt		1,155,529			1,153,926
Unsecured credit facilities		477,630			920,850
Other debt		482,883			392,838
Accounts payable and other liabilities		338,042			345,259

Total liabilities		3,550,638			4,335,444
Equity
Stockholders equity
Common equity		2,716,604			2,291,695
Preferred equity		223,412			223,412

Total stockholders equity		2,940,016			2,515,107
Noncontrolling interests
Joint venture partners		289,909			293,367
Preferred unitholders					77,561
Limited partnership unitholders		61,395			80,169

Total noncontrolling interests		351,304			451,097

Total equity		3,291,320			2,966,204

Total liabilities and equity	$	6,841,958		$	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 Fourth Quarter Earnings Conference Call


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	9,040		$	5,285		$	29,181		$	24,031
AMBs share of straight-line rents and amortization of lease intangibles	$	4,599		$	1,498		$	14,099		$	12,065
Gross lease termination fees	$	581		$	5,772		$	6,067		$	6,428
Net lease termination fees⁽³⁾	$	407		$	4,777		$	4,324		$	5,185
AMBs share of net lease termination fees	$	232		$	4,318		$	2,076		$	4,652

Recurring capital expenditures:
Tenant improvements	$	6,488		$	5,276		$	20,185		$	17,377
Lease commissions and other lease costs		6,936			6,949			26,452			27,149
Building improvements		11,796			12,688			25,415			39,908

Sub-total		25,220			24,913			72,052			84,434
Co-investment venture partners share of capital expenditures		(8,728	)		(7,043	)		(26,219	)		(24,425	)

AMBs share of recurring capital expenditures	$	16,492		$	17,870		$	45,833		$	60,009


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	3,628		$	1,499		$	10,531		$	10,549
AMBs share of straight-line rents and amortization of lease intangibles	$	3,407		$	764		$	10,279		$	9,519
Gross lease termination fees	$	320		$	5,077		$	3,134		$	5,634
Net lease termination fees⁽³⁾	$	195		$	4,266		$	1,792		$	4,585
AMBs share of net lease termination fees	$	187		$	4,216		$	1,509		$	4,534

Recurring capital expenditures:
Tenant improvements	$	4,032		$	4,118		$	11,969		$	13,757
Lease commissions and other lease costs		4,038			4,725			17,312			21,444
Building improvements		9,759			10,033			19,872			32,495

Sub-total		17,829			18,876			49,153			67,696
Co-investment venture partners share of capital expenditures		(2,993	)		(2,075	)		(7,661	)		(10,691	)

AMBs share of recurring capital expenditures	$	14,836		$	16,801		$	41,492		$	57,005


(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 Fourth Quarter Earnings Conference Call

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

YTD 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)		3,545,758	$	30,668		3.6	%
2	United States Government		1,355,450	$	20,287		2.4	%
3	FedEx Corporation		1,400,090	$	14,687		1.7	%
4	Sagaw a Express		828,552	$	13,825		1.6	%
5	Nippon Express		1,029,170	$	13,578		1.6	%
6	BAX Global/Schenker/Deutsche Bahn		1,127,451	$	10,450		1.2	%
7	La Poste		902,391	$	8,829		1.0	%
8	Panalpina		1,316,351	$	8,636		1.0	%
9	Caterpillar Logistics Services		543,039	$	7,810		0.9	%
10	CEVA Logistics, Inc.		1,032,000	$	6,933		0.8	%

	Subtotal		13,080,252	$	135,703		15.8	%

	Top 11-20 Customers		6,634,092		46,682		5.6	%

	Total		19,714,344	$	182,385		21.4	%


(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 Fourth Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2009			September 30, 2009			December 31, 2009			September 30, 2009


Square feet		132,639,328			131,789,032			113,692,509			114,643,564
Percentage of owned & managed square feet								85.7	%		87.0	%

Occupancy
Occupancy percentage at period end⁽²⁾		91.2	%		91.0	%		90.9	%		90.8	%
Occupancy percentage at period end (prior year)		95.1	%		95.4	%		95.1	%		95.6	%

Average occupancy percentage⁽²⁾		90.7	%		90.4	%		90.5	%		90.3	%
Average occupancy percentage (prior year)		94.9	%		95.3	%		94.6	%		95.1	%

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

Trailing four quarters statistics
Tenant retention⁽²⁾		61.2	%		61.1	%		61.1	%		59.5	%

Rent change on renewals and rollovers⁽²⁾
Percentage		(6.9	%)		(3.9	%)		(7.7	%)		(4.8	%)
Same space square footage commencing (millions)		21.7			19.6			20.2			17.5

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.14		$	1.19
Re-tenanted	$	2.61		$	2.80
Weighted average	$	1.73		$	1.80
Second generation square footage commencing (millions)		27.0			25.3

Gross operating margin⁽²⁾		70.9	%		72.0	%		71.9	%		72.0	%


	Same Store Pool⁽²⁾
	Quarter Ended			Year Ended
Cash Basis NOI percent change⁽²⁾	December 31, 2009			December 31, 2009
Increase (decrease) in revenues excluding lease termination fees⁽³⁾		(5.9	%)		(2.5	%)
Increase (decrease) in expenses⁽³⁾		(2.0	%)		2.8	%
Increase (decrease) in NOI excluding lease termination fees⁽²⁾⁽³⁾		(7.3	%)		(4.5	%)
Increase (decrease) in NOI including lease termination fees⁽²⁾⁽³⁾		(10.1	%)		(4.6	%)


(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended December 31, 2009, on a consolidated basis, the percent change was (7.9)%, (2.9)%, (10.0)% and (14.7)%, respectively, for decrease in revenues excluding lease termination fees, decrease in expenses, decrease in NOI excluding lease termination fees and decrease in NOI including lease termination fees. For the year ended December 31, 2009, on a consolidated basis, the percent change was (2.8)%, 1.9%, (4.8)% and (5.5)%, 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 Fourth 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
	9/30/2009		Square Feet			Square Feet⁽¹⁾			Square Feet			12/31/2009		12/31/2009			12/31/2009			Occupancy			12/31/2009		Termination Fees⁽²⁾			Rollovers⁽²⁾


Southern California		18,917,656											18,917,656		14.3	%		55.6	%		92.0	%	$	6.34		(1.8	%)		(6.5	%)
Chicago		13,106,975					11,878						13,118,853		9.9	%		54.0	%		90.4	%		5.14		(2.2	%)		(15.6	%)
No. New Jersey/New York		11,640,549					(2,127	)					11,638,422		8.8	%		50.8	%		90.2	%		7.65		(9.5	%)		(5.5	%)
San Francisco Bay Area		10,994,284					2,645			(38,256	)		10,958,673		8.3	%		76.3	%		90.1	%		6.33		(5.2	%)		(1.8	%)
Seattle		7,882,881					277						7,883,158		5.9	%		51.6	%		94.1	%		5.48		(5.2	%)		(0.7	%)
South Florida		6,363,198											6,363,198		4.8	%		72.8	%		94.4	%		7.37		(1.0	%)		(12.4	%)
U.S. On-Tarmac		2,463,001					89						2,463,090		1.9	%		92.4	%		89.7	%		19.85		(4.2	%)		1.0	%
Other U.S. Markets		28,863,627					206,368			(567,748	)		28,502,247		21.4	%		62.5	%		88.9	%		5.52		(7.6	%)		(11.0	%)

U.S. Subtotal / Wtd Avg		100,232,171					219,130			(606,004	)		99,845,297		75.3	%		60.8	%		90.9	%	$	6.43		(5.1	%)		(7.5	%)

Canada		3,564,059											3,564,059		2.7	%		100.0	%		95.3	%	$	5.49		(28.6	%)		3.4	%

Mexico City		3,590,942					574,943						4,165,885		3.1	%		36.9	%		91.4	%		5.59		(18.7	%)		(14.8	%)
Guadalajara		2,890,526											2,890,526		2.2	%		21.6	%		96.7	%		4.42		(2.2	%)		(13.2	%)
Other Mexico Markets		609,182					284,318						893,500		0.7	%		65.6	%		90.5	%		4.63		(26.0	%)		(8.0	%)

Mexico Subtotal / Wtd Avg		7,090,650					859,261						7,949,911		6.0	%		34.5	%		93.5	%	$	5.08		(12.2	%)		(14.1	%)


The Americas Total / Wtd Avg		110,886,880					1,078,391			(606,004	)		111,359,267		84.0	%		60.1	%		91.1	%	$	6.30		(5.4	%)		(8.2	%)


France		3,785,368					275,340						4,060,708		3.0	%		32.7	%		97.6	%	$	8.70		(0.7	%)		(14.3	%)
Germany		3,191,810					818						3,192,628		2.4	%		30.2	%		96.9	%		8.98		(5.5	%)		(1.8	%)
Benelux		3,267,362											3,267,362		2.5	%		31.2	%		91.9	%		9.90		(15.1	%)		1.2	%
Other Europe Markets		343,077											343,077		0.3	%		61.9	%		100.0	%		14.92		n/a			n/a

Europe Subtotal / Wtd Avg		10,587,617					276,158						10,863,775		8.2	%		32.4	%		95.7	%	$	9.32		(4.7	%)		(3.9	%)


Tokyo		5,263,053					101,751						5,364,804		4.0	%		21.5	%		91.6	%	$	14.80		4.4	%		(3.1	%)
Osaka		2,000,037											2,000,037		1.5	%		20.0	%		90.5	%		11.96		(3.2	%)		6.7	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		7,263,090					101,751						7,364,841		5.5	%		21.1	%		91.3	%	$	14.07		3.4	%		(0.6	%)

China		1,897,400											1,897,400		1.4	%		100.0	%		86.1	%	$	4.54		3.5	%		14.1	%
Singapore		935,926											935,926		0.7	%		100.0	%		98.4	%		9.41		(0.2	%)		(4.2	%)
Other Asia Markets		218,119											218,119		0.2	%		100.0	%		85.2	%		5.96		0.0	%		(15.7	%)

Asia Total / Wtd Avg		10,314,535					101,751						10,416,286		7.8	%		44.2	%		91.0	%	$	11.95		1.1	%		(1.6	%)


Owned and Managed Total / Wtd Avg⁽²⁾		131,789,032					1,456,300			(606,004	)		132,639,328		100.0	%		56.6	%		91.4	%	$	6.98		(4.5	%)		(6.9	%)


Other Real Estate Investments⁽³⁾		7,495,959											7,495,959					51.8	%		86.7	%		5.31

Total Operating Portfolio		139,284,991					1,456,300			(606,004	)		140,135,287					56.4	%		91.1	%	$	6.90


Development
Construction-in-Progress		6,845,041		559,605	⁽⁴⁾		(638,758	)⁽⁵⁾		(1,504,958	)⁽⁶⁾		5,260,930					86.6	%
Pre-Stabilized Developments⁽²⁾		9,971,598		1,431,891	⁽⁴⁾		(695,924	)⁽⁵⁾		(1,039,790	)⁽⁶⁾		9,667,775					97.0	%

Development Portfolio Subtotal		16,816,639		1,991,496			(1,334,682	)		(2,544,748	)		14,928,705					93.3	%


Total Global Portfolio		156,101,630		1,991,496			121,618			(3,150,752	)		155,063,992					59.9	%


(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)		For construction-in-progress, represents square footage of development starts. For pre-stabilized developments, represents new projects available.
(5)		For construction-in-progress, represents square footage of completed development projects placed in operations. For pre-stabilized developments, represents projects placed in operations.
(6)		For construction-in-progress, represents square footage of completed development projects placed in pre-stabilized developments or disposed. For pre-stabilized developments, 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 Fourth Quarter Earnings Conference Call

Development Portfolio by Region as of December 31, 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


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


	For the Quarter Ended December 31, 2009						For the Year Ended December 31, 2009
	Operating Property			Development Property			Operating Property			Development Property


AMBs Ownership Contributed and Disposed		88.7	%		53.1	%		66.8	%		83.4	%
Contribution Value and Disposition Price	$	23,213		$	69,693		$	198,135		$	564,768	⁽²⁾
Weighted Average Stabilized Cap Rate⁽³⁾⁽⁴⁾		8.3	%		8.1	%		8.2	%		6.3	%
Development Margin⁽⁴⁾		N/A			8.6	%		N/A			16.4	%

Square Footage or Acreage Contributed or Sold

For the Quarter Ended December 31, 2009

For the Year Ended December 31, 2009

Operating Property

Development Property

Operating Property

Development Property

Square Feet

Land Acreage⁽⁵⁾

Square Feet

Land Acreage⁽⁵⁾

The Americas

United States

403,141

1,247,897

2,883,207

3,100,676

Other Americas

318,850

The Americas Total

403,141

1,247,897

2,883,207

3,419,526

Europe

France

Germany

Benelux

67,813

Other Europe

Europe Total

67,813

Asia

Japan

981,162

China

Other Asia

Asia Total

981,162

Total

403,141

1,315,710

2,883,207

4,468,501


(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	12


		Development Starts and Completions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth Quarter Earnings Conference Call


	Development Starts⁽²⁾													Development Completions⁽²⁾
	For the Quarter Ended December 31, 2009					For the Year Ended December 31, 2009								For the Quarter Ended December 31, 2009								For the Year Ended December 31, 2009
		Estimated	% of Total					Estimated			% of Total
	Estimated	Total	Estimated			Estimated		Total			Estimated					Total			% of Total					Total			% of Total
	Square Feet	Investment⁽²⁾	Investment⁽²⁾			Square Feet		Investment⁽²⁾			Investment⁽²⁾			Square Feet		Investment⁽³⁾			Investment⁽²⁾			Square Feet		Investment⁽³⁾			Investment⁽²⁾


The Americas
United States		$		0.0	%		96,250	$	7,248			12.0	%		451,494	$	25,209			19.6	%		5,480,272	$	402,692			42.5	%
Other Americas				0.0	%		189,337		12,116			20.0	%		957,846		52,923			41.0	%		4,199,238		260,513			27.5	%

The Americas Total		$		0.0	%		285,587	$	19,364			32.0	%		1,409,340	$	78,132			60.6	%		9,679,510	$	663,205			70.0	%

Europe
France		$		0.0	%		274,802	$	17,118			28.2	%		274,802	$	19,018			14.8	%		376,263	$	33,332			3.5	%
Germany				0.0	%							0.0	%							0.0	%							0.0	%
Benelux				0.0	%		125,227		24,121			39.8	%		67,813		11,727			9.1	%		600,960		65,529			6.9	%
Other Europe				0.0	%							0.0	%							0.0	%		436,916		40,563			4.3	%

Europe Total		$		0.0	%		400,029	$	41,239			68.0	%		342,615	$	30,745			23.9	%		1,414,139	$	139,424			14.7	%

Asia
Japan		$		0.0	%			$				0.0	%			$				0.0	%		685,757	$	115,280			12.2	%
China				0.0	%							0.0	%		392,581		20,005			15.5	%		598,850		29,760			3.1	%
Other Asia				0.0	%							0.0	%							0.0	%							0.0	%

Asia Total		$		0.0	%			$				0.0	%		392,581	$	20,005			15.5	%		1,284,607	$	145,040			15.3	%


Total		$		0.0	%		685,616	$	60,603			100.0	%		2,144,536	$	128,882			100.0	%		12,378,256	$	947,669			100.0	%


AMBs Weighted Average Ownership Percentage									80	%							99.6	%							92.0	%
Weighted Average Estimated Yield⁽²⁾⁽⁴⁾									8.1	%							7.6	%							7.2	%


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value-added conversions.
(4)		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	13


		Development Portfolio⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth Quarter Earnings Conference Call


	2010 Expected Completions⁽²⁾						2011 Expected Completions⁽²⁾					Total Construction-in-Progress					Pre-Stabilized Developments⁽²⁾					Total Development Portfolio
				Estimated					Estimated					Estimated					Estimated					Estimated			% of Total
	Estimated			Total			Estimated		Total			Estimated		Total			Estimated		Total			Estimated		Total			Estimated
	Square Feet			Investment⁽²⁾⁽³⁾			Square Feet		Investment⁽²⁾⁽³⁾			Square Feet		Investment⁽²⁾⁽³⁾			Square Feet		Investment⁽²⁾⁽³⁾			Square Feet		Investment⁽²⁾⁽³⁾			Investment⁽²⁾

The Americas
United States		389,767		$	36,601			559,605	$	67,537			949,372	$	104,138			2,716,297	$	237,578			3,665,669	$	341,716			22.2	%
Other Americas		607,202			46,487								607,202		46,487			1,715,452		96,415			2,322,654		142,902			9.2	%

The Americas Total		996,969		$	83,088			559,605	$	67,537			1,556,574	$	150,625			4,431,749	$	333,993			5,988,323	$	484,618			31.4	%

Europe
France		692,754		$	59,927				$				692,754	$	59,927			37,760	$	5,085			730,514	$	65,012			4.2	%
Germany		426,552			50,170								426,552		50,170			139,608		19,320			566,160		69,490			4.5	%
Benelux		573,352			81,649								573,352		81,649			207,232		35,061			780,584		116,710			7.6	%
Other Europe																		1,022,887		115,045			1,022,887		115,045			7.5	%

Europe Total		1,692,658		$	191,746				$				1,692,658	$	191,746			1,407,487	$	174,511			3,100,145	$	366,257			23.8	%

Asia
Japan		420,847		$	54,574				$				420,847	$	54,574			2,835,609	$	501,942			3,256,456	$	556,516			36.1	%
China		523,793			22,251			1,067,058		56,525			1,590,851		78,776			598,850		29,854			2,189,701		108,630			7.0	%
Other Asia																		394,080		25,749			394,080		25,749			1.7	%

Asia Total		944,640		$	76,825			1,067,058	$	56,525			2,011,698	$	133,350			3,828,539	$	557,545			5,840,237	$	690,895			44.8	%


Total		3,634,267		$	351,659			1,626,663	$	124,062			5,260,930	$	475,721			9,667,775	$	1,066,049			14,928,705	$	1,541,770			100.0	%

							Real estate impairment losses								(28,160	)				(84,245	)				(112,405	)

			Estimated total investment, net of real estate impairment losses											$	447,561				$	981,804				$	1,429,365


Number of Projects					13					2					15					33					48
AMBs Weighted Average Ownership Percentage					90.7	%				57.9	%				82.2	%				97.1	%				92.5	%
Remainder to Invest				$	23,661				$	31,160				$	54,821				$	28,841				$	83,662
AMBs Share of Remainder to Invest^(2)(4)(5)				$	18,300				$	23,833				$	42,133				$	27,014				$	69,147
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾					6.6	%				7.6	%				6.8	%				6.8	%				6.8	%
Percent Pre-Leased⁽²⁾					15.1	%				14.8	%				15.0	%				59.9	%				44.1	%


(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)		Amounts include capitalized interest as applicable.
(5)		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


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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 September 30, 2009		2,146			35,665,530			219		4,336,270			150			5,678,820			2,515			45,680,620
Acquisitions								2		67,805									2			67,805
Sales		(9	)		(60,000	)													(9	)		(60,000	)
Development starts
Other		(11	)							(56,139	)		(9	)		(533,899	)		(20	)		(590,038	)


Balance as of December 31, 2009		2,126			35,605,530			221		4,347,936			141			5,144,921			2,488	⁽³⁾		45,098,387


Investment in Land⁽⁴⁾				$	575,117				$	118,646					$	143,564					$	837,327

			Cumulative real estate impairment losses																		$	(152,686	)


			Investment in land, net of cumulative real estate impairment losses																		$	684,641


AMBs share of investment in land, net of cumulative real estate impairment losses																					$	532,239

Value-Added Conversion Inventory⁽¹⁾⁽⁵⁾


	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		213		12				220			14

Total		7		2		222		13				229	⁽⁶⁾		15

Redevelopment Inventory⁽¹⁾⁽⁵⁾

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

⁽⁷⁾


(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 2,258 acres and 41.1 million square feet, respectively.
(4)		Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.
(5)		East, West and Central regions represent AMBs geographic division of the Americas.
(6)		AMBs share is 190 acres.
(7)		AMBs share is 691,171 square feet.


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


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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	16


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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	%		36,057,101		$	3,269,614		$	1,720,405		$		$	209,999	$		$	3,270,000
AMB Europe Fund I⁽⁴⁾		21	%		9,236,984			1,260,362			719,431					60,177				1,260,000
AMB Japan Fund I		20	%		7,263,090			1,498,044			832,370			8,601		80,074				1,498,000
AMB-SGP Mexico		22	%		6,331,990			357,493			167,180			58,825		19,014		245,000		602,000

Total Operating Co-investment Ventures		22	%		58,889,165			6,385,513			3,439,386			67,426		369,264		245,000		6,630,000

Development Co-investment Ventures:
AMB DFS Fund I		15	%		200,027			85,270								14,259				85,000
AMB Institutional Alliance Fund III⁽⁴⁾		23	%		559,605			82,547			42,376					9,122		n/a		n/a

Total Development Co-investment Ventures		19	%		759,632			167,817			42,376					23,381				85,000

Total Unconsolidated Co-investment Ventures⁽⁵⁾		22	%		59,648,797			6,553,330			3,481,762			67,426		392,645		245,000		6,715,000

Other Industrial Operating Joint Ventures		51	%		7,419,049	⁶⁾		280,432			160,290					50,741		n/a		n/a

Total Unconsolidated Joint Ventures		23	%		67,067,846		$	6,833,762		$	3,642,052		$	67,426	$	443,386	$	245,000	$	6,715,000


Consolidated Joint Ventures

Operating Co-investment Ventures
AMB-SGP		50	%		8,288,663		$	470,740		$	335,764		$
AMB Institutional Alliance Fund II		20	%		7,318,208			513,450			194,980			50,000
AMB-AMS		39	%		2,172,137			158,865			79,756

Total Operating Co-investment Ventures		35	%		17,779,008			1,143,055			610,500			50,000
Total Consolidated Co-investment Ventures		35	%		17,779,008			1,143,055			610,500			50,000

Other Industrial Operating Joint Ventures		89	%		2,436,591			230,463			32,186
Other Industrial Development Joint Ventures		60	%		770,442			272,237			128,374

Total Consolidated Joint Ventures		47	%		20,986,041		$	1,645,755		$	771,060		$	50,000


Selected Operating Results
For the Quarter Ended December 31, 2009				Cash NOI⁽⁷⁾			Net Income			FFO⁽⁷⁾			Share of		Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures				$	99,109		$	7,180	⁽⁸⁾	$	50,387	⁽⁸⁾	AMBs		$	23,496	$	3,824	$	12,549
Consolidated Joint Ventures				$	26,494		$	5,522		$	15,709		Partners		$	14,538	$	3,291	$	8,176

Selected Operating Results
For the Year Ended December 31, 2009				Cash NOI⁽⁷⁾			Net Income			FFO⁽⁷⁾			Share of		Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures				$	397,117		$	14,702	⁽⁸⁾	$	179,514	⁽⁸⁾	AMBs		$	88,958	$	11,331	$	42,938
Consolidated Joint Ventures				$	107,907		$	18,409		$	52,419		Partners		$	59,534	$	14,028	$	27,626


(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 $18.7 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 $3.8 million and $15.3 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter and year ended December 31, 2009, respectively.


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


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

Value

Coverage and Debt Ratios


	For the Quarter Ended			For the Year Ended
	December 31, 2009			December 31, 2009
Interest coverage⁽²⁾		2.8	x		3.6	x
Fixed charge coverage⁽²⁾		2.2	x		2.6	x
Dividends per share-to-FFO, as adjusted per share⁽²⁾		87.5	%		53.6	%
AMBs share of total debt-to-total market capitalization⁽²⁾		46.4	%		46.4	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		43.6	%		43.6	%

Capital Structure⁽¹⁾


(1)		Debt amounts represent AMBs share of debt and preferred securities.
(2)		See reporting definitions and supplemental financial measures disclosures.


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


		Capitalization Detail (dollars in thousands, except shares and share price)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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

2010	$	65,000		$	238,429		$	2,112		$	189,562		$	131,497		$			$	626,600		$	197,198		$	823,798
2011		69,000			239,201			2,186			88,284			120,355						519,026			620,324			1,139,350
2012								426,385			27,764			388,113			50,000			892,262			449,870			1,342,132
2013		293,897						920			19,611			49,938						364,366			712,750			1,077,116
2014								616						5,659						6,275			855,551			861,826
2015		112,491						664						17,610						130,765			264,519			395,284
2016		250,000												16,231						266,231			73,102			339,333
2017														1,272						1,272			351,639			352,911
2018		125,000												1,455						126,455			183,194			309,649
2019		250,000																		250,000						250,000
Thereafter														39,154						39,154			5,844			44,998

Subtotal	$	1,165,388		$	477,630		$	432,883		$	325,221		$	771,284		$	50,000		$	3,222,406		$	3,713,991		$	6,936,397
Unamortized (discount) premium		(9,859	)								273			(224	)					(9,810	)		(4,513	)		(14,323	)

Subtotal	$	1,155,529		$	477,630		$	432,883		$	325,494		$	771,060		$	50,000		$	3,212,596		$	3,709,478		$	6,922,074
Joint venture partners share of debt⁽²⁾														(433,601	)		(40,000	)		(473,601	)		(2,868,120	)		(3,341,721	)

AMBs share of total debt⁽²⁾	$	1,155,529		$	477,630		$	432,883		$	325,494		$	337,459		$	10,000		$	2,738,995		$	841,358		$	3,580,353


Weighted average interest rate		6.4	%		0.8	%		3.9	%		3.5	%		4.9	%		5.8	%		4.6	%		4.8	%		4.7	%
Weighted average maturity (years)		6.1			1.0			2.8			1.0			2.7			2.7			3.5			4.1			3.8


Market Equity
Security	Shares			Price		Value


Common Stock		149,258,376	⁽³⁾	$	25.55	$	3,813,552
LP Units		3,376,141		$	25.55		86,260

Total		152,634,517				$	3,899,812


Total options outstanding							8,107,697
Dilutive effect of stock options⁽⁴⁾


Preferred Stock
	Dividend			Liquidation
Security	Rate			Preference


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		6.80	%	$	232,500


Capitalization Ratios
AMBs share of total debt-to-total market capitalization⁽²⁾⁽⁵⁾	46.4	%
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization(2)(5)	49.4	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾	43.6	%
AMBs share of total debt plus preferred-to-AMBs share of total assets⁽²⁾	46.4	%


(1)		Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $175.5 million of U.S. Dollar borrowings, as well as $182.9 million, $93.0 million, and $26.2 million in Yen, Canadian dollar and Singapore dollar-based borrowings outstanding at December 31, 2009, respectively, translated to U.S. dollars using the foreign exchange rates in effect on December 31, 2009.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes 918,753 shares of unvested restricted stock.
(4)		Computed using the treasury stock method and an average share price of $23.74 for the quarter ended December 31, 2009. All stock options were anti-dilutive as of December 31, 2009.
(5)		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	19


		Debt Maturities⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth Quarter Earnings Conference Call


	After Extension Options⁽²⁾
AMB Wholly-owned Debt	2010		2011		2012		2013
Unsecured Senior Debt	$	65,000	$	69,000	$		$	293,897
Credit Facilities				238,429		239,201
Other Debt						427,635		1,916
AMB Secured Debt		188,445		87,667		28,648		20,466

Subtotal		253,445		395,096		695,484		316,279

Consolidated Joint Ventures
AMB-AMS		2,559						39,786
AMB Institutional Alliance Fund II		10,029		31,022		5,555		93,712
AMB-SGP				42,064		293,700
Other Industrial Operating Joint Ventures		56,408		42,353		8,506

Subtotal		68,996		115,439		307,761		133,498

Unconsolidated Joint Ventures
AMB Institutional Alliance Fund III		27,157		184,580		77,660		287,002
AMB Japan Fund I		112,004		204,502		179,852		344,432
AMB-SGP Mexico				58,825		167,180
Other Industrial Operating Joint Ventures		9,059		31,995				58,771
AMB Europe Fund I						6,381		5,018

Subtotal		148,220		479,902		431,073		695,223

Total Consolidated		322,441		510,535		1,003,245		449,777
Total Unconsolidated		148,220		479,902		431,073		695,223

Total	$	470,661	$	990,437	$	1,434,318	$	1,145,000


Total AMBs Share	$	323,530	$	558,967	$	940,365	$	513,611


(1)		Excludes scheduled principal amortization of debt maturing in years subsequent to 2013 as well as debt premiums and discounts.
(2)		Subject to certain conditions.


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


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

Income Items


				Actual
				Quarter Ended
				December 31, 2009
Real Estate:
Wholly owned property cash NOI from continuing operations⁽¹⁾				$	72,912
AMBs share of cash NOI from joint ventures:
Total cash NOI from joint ventures from continuing operations⁽¹⁾	$	125,642
AMBs share of joint ventures⁽¹⁾		28.2	%

AMBs share of cash NOI from joint ventures from continuing operations⁽¹⁾					35,444
Adjustments to AMBs share of cash NOI:
NOI attributed to construction-in-progress	$	(136	)
NOI attributed to pre-stabilized development projects⁽¹⁾		(6,819	)
NOI attributed to contributed developments
NOI required to stabilize properties acquired during the quarter
Other adjustments to AMBs share of cash NOI:⁽²⁾		3,257

Adjustments to AMBs share of cash NOI⁽³⁾					(3,698	)

Total AMBs share of cash NOI from continuing operations related to operating properties⁽¹⁾⁽⁴⁾				$	104,658

Development platform:⁽³⁾
Development starts				$

Private capital platform:
Total private capital revenue per common share and unit (diluted)				$	0.07

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	December 31, 2009
Development, land, and contributed assets:⁽⁴⁾
Construction-in-progress (invested to date)⁽⁵⁾	$	320,923
Pre-stabilized development projects⁽¹⁾		925,143
Land held for future development⁽⁵⁾		532,239
Assets contributed to co-investment ventures⁽⁶⁾

Total development, land and contributed assets	$	1,778,305

Debt and preferred securities:⁽⁴⁾
Total debt	$	3,580,353
Preferred securities		232,500

Total debt and preferred securities	$	3,812,853

Other balance sheet items:⁽⁴⁾
Cash and cash equivalents and restricted cash	$	257,647
Accounts receivable (net) and other assets		363,261
Deferred rents receivable and deferred financing costs (net)		(93,484	)
Accounts payable and other liabilities		(331,014	)

Total other balance sheet items	$	196,410


(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 December 31, 2009.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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, losses on early extinguishment of debt 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 (including stock-based compensation amortization) 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 and amortization expense, adjusted EBITDA can help the investing public compare the performance of a real estate company to that of companies in other industries. 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. Debt extinguishment losses generally included the costs of repurchasing debt securities. AMB repurchased certain tranches of senior unsecured debt to manage its debt maturities in response to the current financing environment, resulting in greater debt extinguishment costs. Although difficult to predict, these items may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate and financial markets. While not infrequent or unusual in nature, these items result from market fluctuations that can have inconsistent effects on AMBs results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure AMBs performance and the value of AMBs long-term investment decisions and strategies. Management believes adjusted EBITDA is significant and useful to both it and its investors. Adjusted EBITDA more appropriately reflects the value and strength of AMBs business model and its potential performance isolated from the volatility of the current economic environment and unobscured by costs (or gains) resulting from AMBs management of its financing profile in response to the tightening of the capital markets. 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, restructuring, debt extinguishment losses, stock-based compensation amortization and other non-cash 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 AMB s 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. Management compensates for the limitations of adjusted EBITDA by providing investors with financial statements prepared according to U.S. GAAP, along with this detailed discussion of adjusted EBITDA and a reconciliation of adjusted EBITDA to net (loss) income, a U.S. GAAP measurement.

The following table reconciles adjusted EBITDA from net (loss) income for the quarters and years ended December 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
Net loss	$	(10,102	)	$	(199,262	)	$	(27,960	)	$	(6,750	)
Depreciation and amortization		51,869			38,233			179,894			164,188
Impairment charges					183,754			174,410			183,754
Non-cash restructuring charges		2,544			12,306			6,368			12,306
Loss on early extinguishment of debt		11,614			131			12,267			786
Stock-based compensation amortization and other non-cash charges		6,754			13,807			23,819			30,548
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
AMBs share of net income		(3,824	)		(2,762	)		(11,331	)		(17,121	)
AMBs share of FFO		12,549			10,015			42,938			42,742
AMBs share of interest expense		10,714			10,031			40,473			34,461
Interest expense, including amortization		30,790			33,775			121,459			133,955
Total discontinued operations, including gains		(1,753	)		7,277			(41,723	)		(24,525	)
Adjusted EBITDA attributable to noncontrolling interests		(14,256	)		(15,617	)		(58,801	)		(92,454	)
Capitalized interest attributable to development properties sold or contributed		1,691			99			16,412			19,143
Discontinued operations adjusted EBITDA		195			3,918			11,773			15,947

Adjusted EBITDA	$	98,785		$	95,705		$	489,998		$	496,980

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	22


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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 quarter ended December 31, 2009, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended December 31, 2009 (dollars in thousands):


	For the Quarter Ended
	December 31, 2009
NOI	$	103,034
Straight-line rents and amortization of lease intangibles		(3,628	)
Consolidated joint venture cash NOI from continuing operations		(26,494	)

Wholly-owned property cash NOI		72,912
AMBs share of consolidated joint venture cash NOI		11,956
AMBs share of unconsolidated joint venture cash NOI		23,488
AMBs share of transaction adjustments		(3,698	)

AMBs share of cash-basis NOI	$	104,658

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 is generally defined as properties that have reached Stabilization 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, before the impact of cumulative real estate impairment losses, and any deferred rents, taxes or third party promotes before any deferrals on contributions, divided by the estimated total investment, before the impact of cumulative real estate impairment losses.

Estimated FFO by Business. Estimated FFO by Business is FFO, as adjusted 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, as adjusted less estimated FFO, as adjusted 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 December 31, 2009
									Income
	AMB's					Property			(Loss) from
	Ownership					Operating			Continuing			Net
	Percentage⁽¹⁾			Revenues		Expenses			Operations			Income (Loss)			Cash NOI			FFO
Unconsolidated Co-investment Ventures
AMB Institutional Alliance Fund III		23	%	$	67,332	$	(17,775	)	$	3,110		$	3,885		$	46,201		$	23,674
AMB Europe Fund I		21	%		25,233		(4,440	)		(196	)		(196	)		19,967			10,717
AMB Japan Fund I		20	%		25,909		(5,864	)		2,866			2,866			19,703			10,100
AMB-SGP Mexico		22	%		9,534		(2,260	)		(1,233	)⁽¹⁾		(1,233	)⁽¹⁾		6,504			1,862	⁽¹⁾
AMB DFS Fund I		15	%				(434	)		(819	)		(819	)		(439	)		(819	)
Consolidated Co-investment Ventures
AMB-SGP		50	%		11,276		(3,286	)		(231	)		(231	)		7,620			3,208
AMB Institutional Alliance Fund II		20	%		12,834		(3,244	)		2,423			2,423			9,549			5,760
AMB-AMS		39	%		3,982		(1,043	)		531			531			2,924			1,591


(1) Excludes $3.8 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	23


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

The following table details the calculation of fixed charges for the quarters and years ended December 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
Fixed charge	2009			2008			2009			2008
Interest expense, including amortization continuing operations	$	30,790		$	33,775		$	121,459		$	133,955
Amortization of financing costs and debt premiums continuing operations		(3,048	)		(2,681	)		(11,695	)		(9,068	)
Interest expense, including amortization discontinued operations		35			662			706			1,192
Amortization of financing costs and debt premiums discontinued operations					(3	)		(4	)		(13	)
Joint venture partners share of interest expense		(6,814	)		(8,003	)		(26,684	)		(40,930	)
AMBs share of interest expense from unconsolidated joint ventures		10,714			10,031			40,473			34,461
Capitalized interest		9,068			15,447			42,683			64,354
Preferred unit distributions					1,432			4,295			5,727
Preferred stock dividends		3,950			3,950			15,806			15,806

Total fixed charge	$	44,695		$	54,610		$	187,039		$	205,484

Funds From Operations (FFO), Funds From Operations Per Share and Unit (FFOPS) and FFO, as adjusted (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, as adjusted 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, as adjusted. AMB calculates FFO, as adjusted, as FFO less impairment and restructuring charges, debt extinguishment losses and the Series D preferred unit redemption discount. 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. Debt extinguishment losses generally included the costs of repurchasing debt securities. AMB repurchased certain tranches of senior unsecured debt to manage its debt maturities in response to the current financing environment, resulting in greater debt extinguishment costs. The Series D preferred unit redemption discount reflects the gain associated with the discount to liquidation preference in the Series D preferred unit redemption price less costs incurred as a result of the redemption. Although difficult to predict, these items may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate and financial markets. While not infrequent or unusual in nature, these items result from market fluctuations that can have inconsistent effects on AMBs results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure AMBs performance and the value of AMBs long-term

investment decisions and strategies. Management believes FFO, as adjusted, is significant and useful to both it and its investors. FFO, as adjusted, more appropriately reflects the value and strength of AMBs business model and its potential performance isolated from the volatility of the current economic environment and unobscured by costs (or gains) resulting from AMBs management of its financing profile in response to the tightening of the capital markets. However, in addition to the limitations of FFO Measures generally discussed below, FFO, as adjusted, 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, as adjusted excluding AMBs share of development gains (or Core FFO) from projected net income available to common stockholders for the year ended December 31, 2010:


	2010
	Low			High
Projected net income available to common stockholders	$	0.03		$	0.10
AMBs share of projected depreciation and amortization		1.27			1.27
AMBs share of projected gains on disposition of operating properties recognized to date		(0.01	)		(0.01	)
Impact of additional dilutive securities, other, rounding		(0.03	)		(0.03	)

Projected Funds From Operations (FFO)	$	1.26		$	1.33


Restructuring charges		0.02			0.02
AMBs share of development gains recognized to date		(0.02	)		(0.02	)

Projected FFO, as adjusted excluding AMBs share of development gains (or Core FFO)⁽¹⁾	$	1.26		$	1.33

Amounts are expressed per share, except FFO and FFO, as adjusted excluding AMBs share of 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, as adjusted excluding AMBs share of 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	24


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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 quarters and years ended December 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
Interest	2009			2008			2009			2008
Interest expense, including amortization continuing operations	$	30,790		$	33,775		$	121,459		$	133,955
Interest expense, including amortization discontinued operations		35			662			706			1,192
Joint venture partners share of interest expense		(6,814	)		(8,003	)		(26,684	)		(40,930	)
AMBs share of interest expense from unconsolidated co-investment ventures		10,714			10,031			40,473			34,461

Total interest	$	34,725		$	36,465		$	135,954		$	128,678

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.

Pre-stabilized development represents assets which have reached Completion but have not yet reached Stabilization.

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


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


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

of NOI.

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 quarters and years ended December 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
Net loss	$	(10,102	)	$	(199,262	)	$	(27,960	)	$	(6,750	)
Private capital income		(10,503	)		(7,632	)		(37,879	)		(68,470	)
Depreciation and amortization		51,869			38,233			179,894			164,188
Real estate impairment losses					183,754			174,410			183,754
General and administrative and fund costs		31,369			40,802			116,315			145,040
Restructuring charges		2,544			12,306			6,368			12,306
Total other income and expenses		39,610			31,815			90,484			20,213
Total discontinued operations		(1,753	)		7,277			(94,725	)		(4,558	)

NOI		103,034			107,293			406,907			445,723
Less non same-store NOI		(23,937	)		(17,385	)		(77,719	)		(96,766	)
Less non cash adjustments⁽¹⁾		(1,379	)		1,215			(398	)		(891	)

Cash-basis same-store NOI	$	77,718		$	91,123		$	328,790		$	348,066


(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.

Stabilization is generally defined as properties that are 90% occupied.

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	26


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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; President, Private Capital	(415) 733-9406	gjaquier@amb.com

Eugene F. Reilly	President, The Americas	(617) 619-9333	ereilly@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	27


		Forward-Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2009 Fourth 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 reinstatement of fund investor distributions, our investments in co-investment funds, acquisition opportunities and advantages at attractive pricing, stabilization of private market valuations, consummation of acquisitions accretive to company on leverage neutral basis, recovery in fundamentals including rental rates, occupancy, real estate values, and investor/customer interest, FFO generated by increased occupancy, rental rate recovery, lease up of the development portfolio, monetization of land bank and development capability, and the formation of new ventures, pursuit of distressed and strategic acquisitions, consolidations and other situations, utilization of development capacity to recover G&A, our ability to outperform national occupancy rates, implementation of leasing strategies, our ability to maintain leverage targets, 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, our opportunities and plans (including those regarding our global positioning and future capital deployment), our projected funds from operations, future assets under management, same store and/or cash net operating income, occupancy 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, on-tarmac 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 or completion 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 and monetization 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, planned gross capitalization, future balance sheet capacity, ability to maintain credit extensions, our position to maintain a solid financial position and 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 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009.

Form: 8-K

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