April 21, 2010 - EX-99.1 - 8-K: Current report filing

Exhibit 99.1


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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 March 31, 2010, AMB owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 155.7 million square feet (14.5 million square meters) in 48 markets within 15 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⁾

119.9 msf

Operating Portfolio⁽¹⁾

11.1 msf

Operating Portfolio⁽¹⁾

11.3 msf

Development Portfolio⁽²⁾⁽³⁾

5.6 msf

Development Portfolio⁽²⁾⁽³⁾

2.9 msf

Development Portfolio⁽²⁾⁽³⁾

4.9 msf

Land Inventory⁽³⁾

2,182 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 2010 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2010			2009			% Change
Revenues	$	157,952		$	163,419			(3.3	%)
Adjusted EBITDA⁽¹⁾		100,842			143,183			(29.6	%)
Net loss available to common stockholders		(4,447	)		(122,608	)		96.4	%
FFO, as adjusted⁽¹⁾⁽²⁾		47,782			78,694			(39.3	%)
Per diluted share and unit
EPS	$	(0.03	)	$	(1.24	)		97.6	%
FFO, as adjusted⁽¹⁾⁽²⁾		0.31			0.77			(59.7	%)
Dividends per common share		0.28			0.28			0.0	%


Financial⁽³⁾		$1.2 billion in liquidity Completed $250 million of repayments, refinances and debt extensions Subsequent to quarter end, completed common equity offering of 18.2 million shares, generating net proceeds of $479 million


Operations⁽³⁾		90.3% average occupancy; 90.5% occupancy at the end of the first quarter First quarter cash-basis same store NOI⁽¹⁾decrease of 5.1% 72.4% first quarter tenant retention; 64.7% for the trailing four quarters Commenced 8.4 msf of leases in the first quarter


Capital Deployment⁽³⁾		Reduced vacancy by 1.2 msf in the development portfolio; approximately 5.8 msf of vacancy remaining to stabilize the development portfolio Completed $22.9 million in development dispositions, with gains recognized in FFO, as adjusted, of approximately $3.3 million⁽⁴⁾; stabilized capitalization rate on dispositions was 8.2% Added two assets totaling $46 million to our AMB U.S. Logistics Fund⁽⁵⁾at an 8.2% stabilized cash cap rate Entered Brazil by acquiring 58 acres with our joint venture partner, CCP


Private Capital		$150 million investment by AMB consisting of $100 million in AMB U.S. Logistics Fund⁽⁵⁾and $50 million in AMB Europe Fund I $50 million in new third-party equity in AMB U.S. Logistics Fund⁽⁵⁾ No redemption queue in AMB U.S. Logistics Fund⁽⁵⁾ Subsequent to quarter end, $79 million of new equity investments into AMB U.S. Logistics Fund⁽⁵⁾including $50 million by AMB and $29 million by new and existing third-party investors


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		See page 5 for a reconciliation to derive FFO, as adjusted.
(3)		Owned and managed portfolio.
(4)		Includes approximately $12.5 million of dispositions related to an installment sale completed in the first quarter of 2010, with a recognized gain of approximately $2.3 million in the first quarter of 2010.
(5)		Effective January 1, 2010, the name of AMB Institutional Alliance Fund III was changed to AMB U.S. Logistics Fund.


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


		Overview of Funds From Operations, as adjusted⁽¹⁾		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

Funds From Operations, as adjusted^(1)(2)(4)

(per diluted common share and unit)

Estimated FFO, as adjusted by Business⁽¹⁾⁽⁴⁾

(per diluted common share and unit)


	For the Years Ended December 31,						For the Quarter Ended
	2008			2009			March 31, 2010

Real estate operations, net of unallocated overhead	$	1.53		$	1.19		$	0.24
Overhead reallocation		0.46			0.32			0.09

Real estate operations FFO, as adjusted	$	1.99		$	1.51		$	0.33
% of reported FFO, as adjusted		68.6	%		72.2	%		106.4	%
Development Gains		0.72			0.63			0.02
Overhead allocation		(0.33	)		(0.21	)		(0.06	)

Development FFO, as adjusted	$	0.39		$	0.42		$	(0.04	)
% of reported FFO, as adjusted		13.5	%		20.1	%		(12.9	%)
Private Capital Revenues		0.65			0.27			0.05
Overhead allocation		(0.13	)		(0.11	)		(0.03	)

Private Capital FFO, as adjusted	$	0.52		$	0.16		$	0.02
% of reported FFO, as adjusted		17.9	%		7.7	%		6.5	%

Total FFO, as adjusted	$	2.90		$	2.09		$	0.31

Development Gains⁽¹⁾⁽³⁾

(per diluted common share and unit)

Private Capital Revenue

(per diluted common share and unit)


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		For a reconciliation of FFO, as adjusted from net income for the years ended December 31, 2009 and 2008, please refer to AMBs Supplemental Analyst Package for the fourth quarter of 2009. As a reconciliation of FFO, as adjusted from FFO for the years ended December 31, 2007 and 2006 as presented in AMBs Supplemental Analyst Package for the fourth quarter of 2007, the Company has made adjusting increases of $0.3 million for loss on early extinguishment of debt in 2007 and increases of $2.9 million and $1.1 million for preferred unit redemption premiums in 2007 and 2006, respectively.
(3)		Excludes co-investment venture partners share of development gains.
(4)		See page 5 for a reconciliation to derive FFO, as adjusted.
(5)		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 (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2010			2009
Revenues
Rental revenues	$	150,507		$	151,724
Private capital revenues		7,445			11,695

Total revenues		157,952			163,419

Costs and expenses
Property operating costs		(49,709	)		(49,388	)
Depreciation and amortization		(48,634	)		(42,125	)
General and administrative		(31,951	)		(31,313	)
Restructuring charges		(2,973	)
Fund costs		(314	)		(261	)
Real estate impairment losses					(175,887	)
Other (expenses) income⁽¹⁾		(1,191	)		662

Total costs and expenses		(134,772	)		(298,312	)

Other income and expenses
Development profits, net of taxes		4,803			33,286
Equity in earnings (losses) of unconsolidated joint ventures, net		3,875			(34	)
Other income (expenses)⁽¹⁾		289			(7,069	)
Interest expense, including amortization		(32,613	)		(32,799	)

Total other income and expenses, net		(23,646	)		(6,616	)

Loss from continuing operations		(466	)		(141,509	)
Discontinued operations
Loss attributable to discontinued operations		(154	)		(461	)
Gains from sale of real estate interests, net of taxes					18,946

Total discontinued operations		(154	)		18,485

Net loss		(620	)		(123,024	)
Noncontrolling interests share of net (income) loss
Joint venture partners share of net loss		375			1,846
Joint venture partners and limited partnership unitholders share of development profits		(106	)		(1,108	)
Preferred unitholders					(1,432	)
Limited partnership unitholders		200			5,320

Total noncontrolling interests share of net (income) loss		469			4,626

Net loss attributable to AMB Property Corporation		(151	)		(118,398	)
Preferred stock dividends		(3,952	)		(3,952	)
Allocation to participating securities⁽²⁾		(344	)		(258	)

Net loss available to common stockholders	$	(4,447	)	$	(122,608	)

Net loss per common share (diluted)	$	(0.03	)	$	(1.24	)

Weighted average common shares (diluted)		148,666			98,916


(1)		Includes changes in liabilities and assets associated with AMBs deferred compensation plan for the three months ended March 31, 2010 of $919.
(2)		Represents net income attributable to AMB Property Corporation, net of preferred stock dividends, allocated to outstanding unvested restricted shares. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares outstanding. For the three months ended March 31, 2009, there were 895 unvested restricted shares outstanding.


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


		Consolidated Statements of Funds from Operations, as adjusted⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2010			2009
Net loss available to common stockholders	$	(4,447	)	$	(122,608	)
Gains from sale or contribution of real estate interests, net of taxes					(18,946	)
Depreciation and amortization
Total depreciation and amortization		48,634			42,125
Discontinued operations depreciation		26			1,334
Non-real estate depreciation		(2,545	)		(2,137	)
Adjustment for depreciation on development profits		(1,546	)
Adjustments to derive FFO, as adjusted from consolidated joint ventures
Joint venture partners noncontrolling interests (Net loss)		(375	)		(1,846	)
Limited partnership unitholders noncontrolling interests (Net loss)		(200	)		(5,320	)
Limited partnership unitholders noncontrolling interests (Development profits)		106			1,108
FFO, as adjusted attributable to noncontrolling interests		(5,380	)		(8,588	)
Adjustments to derive FFO, as adjusted from unconsolidated joint ventures
AMBs share of net (income) loss		(3,875	)		34
AMBs share of FFO, as adjusted		14,453			12,135
Adjustments for impairment charges and restructuring charges
Real estate impairment losses					175,887
Discontinued operations real estate impairment losses					5,966
Restructuring charges		2,973
Allocation to participating securities⁽²⁾		(42	)		(450	)

Funds from operations, as adjusted⁽¹⁾	$	47,782		$	78,694

FFO, as adjusted per common share and unit (diluted)	$	0.31		$	0.77

Weighted average common shares and units (diluted)		152,770			102,353


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Represents amount of FFO allocated to outstanding unvested restricted shares. For the three months ended March 31, 2010, there were 1,228 unvested restricted shares. For the three months ended March 31, 2009, there were 895 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 2010 First Quarter Earnings Conference Call


	As of
	March 31, 2010			December 31, 2009
Assets
Investments in real estate
Total investments in properties	$	6,780,943		$	6,708,660
Accumulated depreciation and amortization		(1,156,998	)		(1,113,808	)

Net investments in properties		5,623,945			5,594,852
Investments in unconsolidated joint ventures		606,838			462,130
Properties held for sale or contribution, net		147,838			214,426

Net investments in real estate		6,378,621			6,271,408
Cash and cash equivalents and restricted cash		175,338			206,077
Accounts receivable, net		142,393			155,958
Other assets		213,119			208,515

Total assets	$	6,909,471		$	6,841,958


Liabilities and equity
Liabilities
Secured debt	$	963,893		$	1,096,554
Unsecured senior debt		1,155,945			1,155,529
Unsecured credit facilities		715,998			477,630
Other debt		477,884			482,883
Accounts payable and other liabilities		344,656			338,042

Total liabilities		3,658,376			3,550,638
Equity
Stockholders equity
Common equity		2,676,198			2,716,604
Preferred equity		223,412			223,412

Total stockholders equity		2,899,610			2,940,016
Noncontrolling interests
Joint venture partners		291,283			289,909
Limited partnership unitholders		60,202			61,395

Total noncontrolling interests		351,485			351,304

Total equity		3,251,095			3,291,320

Total liabilities and equity	$	6,909,471		$	6,841,958


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


		Supplemental Cash Flow Information (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	For the Quarters Ended
	March 31,
	2010			2009
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	7,785		$	7,255
AMBs share of straight-line rents and amortization of lease intangibles	$	4,891		$	3,938
Gross lease termination fees	$	820		$	2,279
Net lease termination fees⁽³⁾	$	576		$	1,726
AMBs share of net lease termination fees	$	466		$	724

Recurring capital expenditures:
Tenant improvements	$	6,269		$	2,229
Lease commissions and other lease costs		8,046			5,030
Building improvements		4,391			4,996

Sub-total		18,706			12,255
Co-investment venture partners share of capital expenditures		(5,934	)		(3,565	)

AMBs share of recurring capital expenditures	$	12,772		$	8,690


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	4,289		$	3,392
AMBs share of straight-line rents and amortization of lease intangibles	$	3,859		$	3,181
Gross lease termination fees	$	638		$	869
Net lease termination fees⁽³⁾	$	444		$	527
AMBs share of net lease termination fees	$	425		$	475

Recurring capital expenditures:
Tenant improvements	$	4,594		$	1,306
Lease commissions and other lease costs		4,883			3,886
Building improvements		3,355			4,077

Sub-total		12,832			9,269
Co-investment venture partners share of capital expenditures		(1,793	)		(1,231	)

AMBs share of recurring capital expenditures	$	11,039		$	8,038


(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 2010 First 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)		3,446,106	$	29,123		3.4	%
2	United States Government		1,355,450	$	20,287		2.4	%
3	Sagaw a Express		1,057,004	$	16,107		1.9	%
4	FedEx Corporation		1,400,090	$	14,713		1.7	%
5	Nippon Express		1,029,170	$	13,546		1.6	%
6	BAX Global/Schenker/Deutsche Bahn		884,673	$	8,959		1.0	%
7	Panalpina		1,316,351	$	8,818		1.0	%
8	La Poste		903,543	$	8,158		1.0	%
9	Caterpillar Logistics Services		543,039	$	7,772		0.9	%
10	Kuehne + Nagel Inc.		1,019,947	$	7,288		0.9	%

	Subtotal		12,955,373	$	134,771		15.8	%

	Top 11-20 Customers		6,851,800		46,624		5.4	%

	Total		19,807,173	$	181,395		21.2	%


(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 2010 First Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	March 31, 2010			December 31, 2009			March 31, 2010			December 31, 2009


Square feet		134,762,036			132,639,328			127,647,708			113,692,509
Percentage of owned & managed square feet								94.7	%		85.7	%

Occupancy
Occupancy percentage at period end⁽²⁾		90.5	%		91.2	%		90.2	%		90.9	%
Occupancy percentage at period end (prior year)		92.2	%		95.1	%		92.3	%		95.1	%

Average occupancy percentage⁽²⁾		90.3	%		90.7	%		90.0	%		90.5	%
Average occupancy percentage (prior year)		93.1	%		94.9	%		93.5	%		94.6	%

Weighted average lease terms (years)
Original		6.3			6.3			6.3			6.2
Remaining		3.5			3.5			3.4			3.2

Trailing four quarters statistics
Tenant retention⁽²⁾		64.7	%		61.2	%		64.4	%		61.1	%

Rent change on renewals and rollovers⁽²⁾
Percentage		(9.1	%)		(6.9	%)		(9.1	%)		(7.7	%)
Same space square footage commencing (millions)		24.1			21.7			24.1			20.2

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.15		$	1.14
Re-tenanted	$	2.71		$	2.61
Weighted average	$	1.80		$	1.73
Second generation square footage commencing (millions)		29.8			27.0

Gross operating margin⁽²⁾		70.6	%		70.9	%		71.7	%		71.9	%


	Same Store Pool⁽²⁾
	Quarter Ended
Cash Basis NOI percent change⁽²⁾	March 31, 2010
Decrease in revenues excluding lease termination fees⁽³⁾		(3.6	%)
Increase in expenses⁽³⁾		0.0	%
Decrease in NOI excluding lease termination fees⁽²⁾⁽³⁾		(5.1	%)
Decrease in NOI including lease termination fees⁽²⁾⁽³⁾		(5.8	%)


(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended March 31, 2010, on a consolidated basis, the percent change was (6.0)%, 0.6%, (9.1)% and (9.2)%, 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 2010 First 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
	12/31/2009		Square Feet			Square Feet⁽¹⁾			Square Feet			3/31/2010		3/31/2010			3/31/2010			Occupancy			3/31/2010		Termination Fees⁽²⁾			Rollovers⁽²⁾


Southern California		18,917,656		175,502									19,093,158		14.2	%		58.7	%		92.0	%	$	6.47		(3.5	%)		(9.5	%)
Chicago		13,118,853											13,118,853		9.7	%		57.2	%		91.6	%		5.04		(6.6	%)		(17.5	%)
No. New Jersey/New York		11,638,422					(1,333	)					11,637,089		8.6	%		53.9	%		85.7	%		7.79		(9.6	%)		(5.9	%)
San Francisco Bay Area		10,958,673					1,371						10,960,044		8.1	%		77.1	%		90.9	%		6.45		(14.4	%)		(5.3	%)
Seattle		7,883,158											7,883,158		5.8	%		56.1	%		89.2	%		5.53		(17.5	%)		(2.8	%)
South Florida		6,363,198											6,363,198		4.8	%		74.8	%		95.3	%		7.37		8.2	%		(20.6	%)
U.S. On-Tarmac		2,463,090					4,748						2,467,838		1.9	%		93.0	%		88.5	%		20.32		(1.8	%)		1.5	%
Other U.S. Markets		28,502,247		512,430			44,000			(96,250	)		28,962,427		21.5	%		64.8	%		87.7	%		5.50		(8.9	%)		(14.5	%)

U.S. Subtotal / Wtd Avg		99,845,297		687,932			48,786			(96,250	)		100,485,765		74.6	%		63.4	%		90.0	%	$	6.46		(7.5	%)		(10.4	%)

Canada		3,564,059											3,564,059		2.6	%		100.0	%		97.8	%	$	5.62		58.6	%		(4.3	%)

Mexico City		4,165,885					406,542						4,572,427		3.4	%		42.5	%		94.0	%		5.60		(11.0	%)		(15.3	%)
Guadalajara		2,890,526											2,890,526		2.1	%		21.6	%		91.0	%		4.39		(16.0	%)		(12.6	%)
Other Mexico Markets		893,500											893,500		0.7	%		65.6	%		71.2	%		4.83		(82.6	%)		(8.0	%)

Mexico Subtotal / Wtd Avg		7,949,911					406,542						8,356,453		6.2	%		37.7	%		90.5	%	$	5.12		(16.6	%)		(14.4	%)


The Americas Total / Wtd Avg		111,359,267		687,932			455,328			(96,250	)		112,406,277		83.4	%		62.6	%		90.0	%	$	6.34		(7.1	%)		(10.7	%)


France		4,060,708					36,670						4,097,378		3.0	%		41.5	%		98.1	%	$	8.10		3.5	%		(24.8	%)
Germany		3,192,628					7,394						3,200,022		2.4	%		37.9	%		95.9	%		8.50		14.2	%		(4.8	%)
Benelux		3,267,362					(3,983	)					3,263,379		2.4	%		39.7	%		86.7	%		9.66		(7.0	%)		(1.6	%)
Other Europe Markets		343,077					141,933						485,010		0.4	%		76.3	%		100.0	%		13.02		7.0	%		n/a

Europe Subtotal / Wtd Avg		10,863,775					182,014						11,045,789		8.2	%		41.5	%		94.1	%	$	8.87		3.5	%		(6.6	%)


Tokyo		5,364,804					687,415						6,052,219		4.4	%		30.4	%		92.6	%	$	14.50		4.1	%		(3.4	%)
Osaka		2,000,037											2,000,037		1.5	%		20.0	%		85.2	%		11.91		0.3	%		6.7	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		7,364,841					687,415						8,052,256		5.9	%		27.8	%		90.7	%	$	13.91		3.2	%		(0.9	%)

China		1,897,400					206,269						2,103,669		1.6	%		100.0	%		77.4	%	$	4.31		(47.3	%)		16.8	%
Singapore		935,926											935,926		0.7	%		100.0	%		96.6	%		9.47		(1.0	%)		2.5	%
Other Asia Markets		218,119											218,119		0.2	%		100.0	%		90.2	%		6.10		(44.2	%)		(15.7	%)

Asia Total / Wtd Avg		10,416,286					893,684						11,309,970		8.4	%		48.6	%		88.7	%	$	11.72		0.0	%		(1.2	%)


Owned and Managed Total / Wtd Avg⁽²⁾		132,639,328		687,932			1,531,026			(96,250	)		134,762,036		100.0	%		59.7	%		90.3	%	$	7.01		(5.1	%)		(9.1	%)


Other Real Estate Investments⁽³⁾		7,495,959											7,495,959					51.8	%		87.1	%		5.91

Total Operating Portfolio		140,135,287		687,932			1,531,026			(96,250	)		142,257,995					59.3	%		90.1	%	$	6.95


Development
Construction-in-Progress		5,260,930			⁽⁴⁾		285	⁽⁵⁾		(1,578,069	)⁽⁶⁾		3,683,146					86.8	%
Pre-Stabilized Developments⁽²⁾		9,667,775		1,578,067	⁽⁴⁾		(1,477,501	)⁽⁵⁾		(12,990	)⁽⁶⁾		9,755,351					95.3	%

Development Portfolio Subtotal		14,928,705		1,578,067			(1,477,216	)		(1,591,059	)		13,438,497					92.9	%


Total Global Portfolio		155,063,992		2,265,999			53,810			(1,687,309	)		155,696,492					62.2	%


(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 as well as 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 2010 First Quarter Earnings Conference Call

Development Portfolio by Region as of March 31, 2010⁽¹⁾
(Estimated Total Investment⁽²⁾)

Property Acquisitions by Region for the Quarter Ended March 31, 2010⁽³⁾
(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


		Property Acquisitions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	For the Quarter Ended March 31, 2010
			Acquisition			% of Total
	Square Feet		Cost⁽²⁾			Acquisition Cost


The Americas
United States		687,932	$	45,552			100.0	%
Other Americas							0.0	%

The Americas Total		687,932	$	45,552			100.0	%

Europe
France			$				0.0	%
Germany							0.0	%
Benelux							0.0	%
Other Europe							0.0	%

Europe Total			$				0.0	%

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

Asia Total			$				0.0	%


Total Acquisitions		687,932	$	45,552			100.0	%


AMBs Weighted Average Ownership Percentage				31.0	%
Weighted Average Stabilized Cash Cap Rate⁽³⁾				8.2	%


			Acquisition		% of Total
	Square Feet		Cost⁽²⁾		Acquisition Cost


By Entity
AMB Property Corporation			$			0.0	%
AMB-SGP Mexico						0.0	%
AMB Japan Fund I						0.0	%
AMB Europe Fund I						0.0	%
AMB U.S. Logistics Fund		687,932		45,552		100.0	%
Total Acquisitions		687,932	$	45,552		100.0	%


(1)		Owned and managed portfolio.
(2)		Includes estimated total acquisition capital expenditures of approximately $0.2 million for the quarter ended March 31, 2010.
(3)		Weighted average stabilized cap rate is defined as weighted average stabilized cash cap rate including the impact of straight line rents and amortization of lease intangibles. See reporting definitions and supplemental financial measures disclosures.


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


		Contributions and Dispositions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	For the Quarter Ended March 31, 2010
	Operating Property			Development Property⁽²⁾


AMBs Ownership Contributed and Disposed		0.0	%		100.0	%
Contribution Value and Disposition Price	$			$	22,893
Weighted Average Stabilized Cap Rate⁽³⁾⁽⁴⁾		0.0	%		8.2	%
Development Margin⁽⁴⁾		N/A			13.6	%

Square Footage or Acreage Contributed or Sold

For the Quarter Ended March 31, 2010

Operating Property

Development Property⁽²⁾

Square Feet

Land Acreage⁽⁵⁾

The Americas

United States

312,103

Other Americas

The Americas Total

312,103

Europe

France

Germany

Benelux

Other Europe

Europe Total

Asia

Japan

China

Other Asia

Asia Total

Total

312,103


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		Includes installment sale of 0.2 million square feet and $12.5 million initiated in the fourth quarter of 2009 and completed in the first quarter of 2010.
(3)		Excludes value-added conversions, development for sale, and land sales.
(4)		See reporting definitions and supplemental financial measures disclosures.
(5)		Represents acreage for land sales and value-added conversion projects.


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


		Development Starts and Completions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


	Development Starts⁽²⁾							Development Completions⁽²⁾
	For the Quarter Ended March 31, 2010							For the Quarter Ended March 31, 2010
		Estimated			% of Total
	Estimated	Total			Estimated					Total			% of Total
	Square Feet	Investment⁽²⁾			Investment⁽²⁾			Square Feet		Investment⁽³⁾			Investment⁽²⁾


The Americas
United States		$				0.0	%		200,027	$	18,624			11.4	%
Other Americas						0.0	%		156,757		7,779			4.8	%

The Americas Total		$				0.0	%		356,784	$	26,403			16.2	%

Europe
France		$				0.0	%		352,313	$	28,372			17.4	%
Germany						0.0	%							0.0	%
Benelux						0.0	%		448,123		53,772			33.0	%
Other Europe						0.0	%							0.0	%

Europe Total		$				0.0	%		800,436	$	82,144			50.4	%

Asia
Japan		$				0.0	%		420,847	$	54,415			33.4	%
China						0.0	%							0.0	%
Other Asia						0.0	%							0.0	%

Asia Total		$				0.0	%		420,847	$	54,415			33.4	%


Total		$				0.0	%		1,578,067	$	162,962			100.0	%


AMBs Weighted Average Ownership Percentage			0	%							90.3	%
Weighted Average Estimated Yield⁽²⁾⁽⁴⁾			0.0	%							6.5	%


(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	14


		Development Portfolio⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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		189,740	$	17,385			557,915	$	66,446			747,655	$	83,831			2,903,334	$	253,918			3,650,989	$	337,749			25.4	%
Other Americas		450,445		40,297								450,445		40,297			1,465,667		78,384			1,916,112		118,681			8.9	%

The Americas Total		640,185	$	57,682			557,915	$	66,446			1,198,100	$	124,128			4,369,001	$	332,302			5,567,101	$	456,430			34.3	%

Europe
France		340,441	$	28,137				$				340,441	$	28,137			352,313	$	28,372			692,754	$	56,509			4.3	%
Germany		426,552		47,309								426,552		47,309			139,608		18,218			566,160		65,527			4.9	%
Benelux		125,227		23,220								125,227		23,220			655,366		86,834			780,593		110,054			8.3	%
Other Europe																	883,942		82,626			883,942		82,626			6.2	%

Europe Total		892,220	$	98,666				$				892,220	$	98,666			2,031,229	$	216,050			2,923,449	$	314,716			23.7	%

Asia
Japan			$					$					$				2,568,460	$	434,390			2,568,460	$	434,390			32.6	%
China		525,768		21,394			1,067,058		56,580			1,592,826		77,974			392,581		20,200			1,985,407		98,174			7.4	%
Other Asia																	394,080		26,577			394,080		26,577			2.0	%

Asia Total		525,768	$	21,394			1,067,058	$	56,580			1,592,826	$	77,974			3,355,121	$	481,167			4,947,947	$	559,141			42.0	%


Total		2,058,173	$	177,742			1,624,973	$	123,026			3,683,146	$	300,768			9,755,351	$	1,029,519			13,438,497	$	1,330,287			100.0	%


Real estate impairment losses														(16,739	)				(80,259	)				(96,998	)
Estimated total investment, net of real estate impairment losses													$	284,029				$	949,260				$	1,233,289

Number of Projects				7					2					9					34					43
AMBs Weighted Average Ownership Percentage				91.4	%				62.7	%				79.7	%				95.7	%				92.0	%
Remainder to Invest			$	12,402				$	18,754				$	31,156				$	28,632				$	59,788
AMBs Share of Remainder to Invest^(2)(4)(5)			$	10,249				$	13,163				$	23,412				$	26,913				$	50,325
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾				6.3	%				7.0	%				6.6	%				6.6	%				6.6	%
Weighted Average Estimated Yield, net of real estate impairment losses⁽²⁾				6.9	%				7.2	%				7.0	%				7.2	%				7.2	%
Percent Pre-Leased⁽²⁾				21.3	%				24.5	%				22.7	%				55.8	%				46.7	%


(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	15


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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 December 31, 2009		2,126			35,605,530		221		4,347,936		141		5,144,921		2,488			45,098,387
Acquisitions		58			1,162,103										58			1,162,103
Sales
Development starts
Other		(2	)		25,651										(2	)		25,651


Balance as of March 31, 2010		2,182			36,793,284		221		4,347,936		141		5,144,921		2,544	⁽³⁾		46,286,141


Investment in Land⁽⁴⁾				$	606,017			$	114,193			$	143,461				$	863,671

Cumulative real estate impairment losses																	$	(152,387	)


Investment in land, net of cumulative real estate impairment losses																	$	711,284


AMBs share of investment in land, net of cumulative real estate impairment losses																	$	552,710

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 2,286 acres and 41.5 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	16


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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 U.S. Logistics Fund⁽¹⁾

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⁽²⁾

AMB Europe Fund I

June 2007

Europe

Various

EUR

3 years (next 2Q10)

Open end

YTD Additions to Private Capital Co-investment Ventures⁽³⁾

Gross Carrying Value of Private Capital Co-investment Ventures⁽⁴⁾


(1)		Effective January 1, 2010, the name of AMB Institutional Alliance Fund III was changed to AMB U.S. Logistics Fund.
(2)		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.
(3)		Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB.
(4)		See reporting definitions and supplemental financial measures disclosures.


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


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


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


Operating Co-Investment Ventures
AMB U.S. Logistics Fund⁽⁴⁾	31%		36,745,500		$	3,319,697	$	1,634,352	$			$	295,080	$	200,000
AMB Europe Fund I⁽⁴⁾	30%		9,239,606			1,188,484		675,589					106,685		200,000
AMB Japan Fund I	20%		7,263,090			1,491,114		826,325		8,560			81,373
AMB-SGP Mexico	22%		6,331,990			358,010		166,346		148,438	⁽⁵⁾		18,374		245,000

Total Operating Co-investment Ventures	28%		59,580,186			6,357,305		3,302,612		156,998			501,512		645,000

Development Co-investment Ventures:
AMB DFS Fund I	15%		200,027			85,617							14,394
AMB U.S. Logistics Fund⁽⁴⁾	31%		557,915			83,291		13,101					21,724		n/a

Total Development Co-investment Ventures	23%		757,942			168,908		13,101					36,118

Total Unconsolidated Co-investment Ventures⁽⁶⁾	28%		60,338,128			6,526,213		3,315,713		156,998			537,630		645,000

Other Industrial Operating Joint Ventures	51%		7,419,049	⁽⁷⁾		285,261		159,348					51,095		n/a
Other Industrial Development Joint Ventures	50%					21,810							3,528		n/a

Total Unconsolidated Joint Ventures	29%		67,757,177		$	6,833,284	$	3,475,061	$	156,998		$	592,253	$	645,000


Consolidated Joint Ventures

Operating Co-investment Ventures
AMB-SGP	50%		8,288,663		$	474,246	$	334,417	$
AMB Institutional Alliance Fund II	20%		7,318,208			514,810		189,405		54,300
AMB-AMS	39%		2,172,137			159,007		76,832

Total Operating Co-investment Ventures	35%		17,779,008			1,148,063		600,654		54,300
Total Consolidated Co-investment Ventures	35%		17,779,008			1,148,063		600,654		54,300

Other Industrial Operating Joint Ventures	89%		2,436,591			231,506		31,856
Other Industrial Development Joint Ventures	60%		773,425			258,695		120,772

Total Consolidated Joint Ventures	47%		20,989,024		$	1,638,264	$	753,282	$	54,300

Selected Operating Results						FFO, as								FFO, as
For the Quarter Ended March 31, 2010	Cash NOI⁽⁸⁾		Net Income			adjusted⁽⁸⁾			Share of	Cash NOI⁽⁸⁾		Net Income		adjusted⁽⁸⁾

Unconsolidated Joint Ventures	$	96,676	$	3,680	⁽⁹⁾	$	44,723	⁽⁹⁾	AMBs	$	28,299	$	3,875	$	14,453
Consolidated Joint Ventures	$	23,195	$	2,091		$	12,492		Partners	$	12,957	$	166	$	5,380


(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 $14.6 million.
(4)		The estimated investment capacity and investment capacities of AMB U.S. Logistics Fund and AMB Europe Fund I, as open-end funds, are not limited. The investment capacity represents estimated capacity based on the funds current cash and leverage limitations as of the most recent quarter end.
(5)		Includes $89.6 million of shareholder loans.
(6)		See reporting definitions and supplemental financial measures disclosures for unconsolidated co-investment venture operating results.
(7)		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.
(8)		See reporting definitions and supplemental financial measures disclosures.
(9)		Includes $3.8 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter ended March 31, 2010.


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


		Capitalization Summary (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

Value

Coverage and Debt Ratios


	For the Quarter Ended
	March 31, 2010
Interest coverage⁽²⁾		2.6	x
Fixed charge coverage⁽²⁾		2.1	x
Dividends per share-to-FFO, as adjusted per share⁽²⁾		90.3	%
AMBs share of total debt-to-total market capitalization⁽²⁾		46.6	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		44.8	%

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	19


		Capitalization Detail (dollars in thousands, except shares and share price)		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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		$	385,077		$	1,591		$	75,038		$	66,406		$			$	593,112		$	157,100		$	750,212
2011		69,000			330,921			2,186			87,933			136,178						626,218			602,291			1,228,509
2012								417,607			27,765			417,089			50,000			912,461			447,137			1,359,598
2013		293,897						920			19,693			50,026			4,300			368,836			684,008			1,052,844
2014								616						9,811						10,427			778,764			789,191
2015		112,491						664						17,610						130,765			264,385			395,150
2016		250,000												16,231						266,231			72,959			339,190
2017														1,272						1,272			351,488			352,760
2018		125,000												1,455						126,455			183,194			309,649
2019		250,000												29,910						279,910			803			280,713
Thereafter														7,528						7,528			5,041			12,569

Subtotal	$	1,165,388		$	715,998		$	423,584		$	210,429		$	753,516		$	54,300		$	3,323,215		$	3,547,170		$	6,870,385
Unamortized net (discounts) premiums		(9,443	)								182			(234	)					(9,495	)		(4,724	)		(14,219	)

Subtotal	$	1,155,945		$	715,998		$	423,584		$	210,611		$	753,282		$	54,300		$	3,313,720		$	3,542,446		$	6,856,166
Joint venture partners share of debt⁽²⁾														(422,754	)		(43,440	)		(466,194	)		(2,534,902	)		(3,001,096	)

AMBs share of total debt⁽²⁾	$	1,155,945		$	715,998		$	423,584		$	210,611		$	330,528		$	10,860		$	2,847,526		$	1,007,544		$	3,855,070


Weighted average interest rate		6.4	%		0.8	%		4.0	%		4.8	%		4.9	%		5.4	%		4.4	%		4.7	%		4.6	%
Weighted average maturity (years)		5.8			0.7			2.6			1.2			2.6			2.5			3.2			3.9			3.6


Market Equity
Security	Shares			Price		Value


Common Stock		149,945,215	⁽³⁾	$	27.24	$	4,084,508
LP Units		3,376,141		$	27.24		91,966

Total		153,321,356				$	4,176,474


Total options outstanding							9,381,333
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⁾	46.6	%
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization⁽²⁾⁽⁵⁾	49.5	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾	44.8	%
AMBs share of total debt plus preferred-to-AMBs share of total assets⁽²⁾	47.5	%


(1)		Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $297.5 million of U.S. Dollar borrowings, as well as $292.0 million, $85.7 million, $15.5 million and $25.2 million in Yen, Canadian dollar, Euro and Singapore dollar-based borrowings outstanding at March 31, 2010, respectively, translated to U.S. dollars using the foreign exchange rates in effect on March 31, 2010.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes 1,228,034 shares of unvested restricted stock.
(4)		Computed using the treasury stock method and an average share price of $25.33 for the quarter ended March 31, 2010.
(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	20


		Debt Maturities⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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				385,077		330,921
Other Debt						418,566		1,798
AMB Secured Debt		74,201		87,252		28,503		20,479

Subtotal		139,201		541,329		777,990		316,174

Consolidated Joint Ventures
AMB-AMS								39,674
AMB Institutional Alliance Fund II		1,064				5,504		93,457
AMB-SGP				41,865		292,552
Other Industrial Operating Joint Ventures		10,334		57,349		33,700

Subtotal		11,398		99,214		331,756		133,131

Unconsolidated Joint Ventures
AMB U.S. Logistics Fund				174,080		77,191		285,889
AMB Japan Fund I		111,465		203,193		178,258		341,824
AMB-SGP Mexico				58,825		166,346
AMB Europe Fund I						5,846		4,732
Other Industrial Operating Joint Ventures		9,059		31,773				58,413

Subtotal		120,524		467,871		427,641		690,858

Total Consolidated		150,599		640,543		1,109,746		449,305
Total Unconsolidated		120,524		467,871		427,641		690,858

Total	$	271,123	$	1,108,414	$	1,537,387	$	1,140,163


Total AMBs Share	$	172,396	$	720,040	$	1,044,042	$	536,429


(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	21


		Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

Income Items


				Actual
				Quarter Ended
				March 31, 2010
Real Estate:
Wholly owned property cash NOI from continuing operations⁽¹⁾				$	73,314
AMBs share of cash NOI from joint ventures:
Total cash NOI from joint ventures from continuing operations⁽¹⁾	$	119,871
AMBs share of joint ventures⁽¹⁾		32.1	%

AMBs share of cash NOI from joint ventures from continuing operations⁽¹⁾					38,537
Adjustments to AMBs share of cash NOI:
NOI attributed to construction-in-progress	$	(263	)
NOI attributed to pre-stabilized development projects⁽¹⁾		(6,137	)
NOI attributed to contributed developments
NOI required to stabilize properties acquired during the quarter		240
Other adjustments to AMBs share of cash NOI:⁽²⁾		4,561

Adjustments to AMBs share of cash NOI⁽³⁾					(1,599	)

Total AMBs share of cash NOI from continuing operations related to operating properties⁽¹⁾⁽⁴⁾				$	110,252

Development platform:⁽³⁾
Development starts				$

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

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	March 31, 2010
Development, land, and contributed assets, net of real estate impairment losses:⁽⁴⁾
Construction-in-progress (invested to date)	$	199,733
Pre-stabilized development projects (invested to date)⁽¹⁾		878,443
Land held for future development (invested to date)		552,710
Assets contributed to co-investment ventures⁽⁵⁾

Total development, land and contributed assets, net of real estate impairment losses	$	1,630,886

Debt and preferred securities:⁽⁴⁾
Total debt	$	3,855,070
Preferred securities		232,500

Total debt and preferred securities	$	4,087,570

Other balance sheet items:⁽⁴⁾
Cash and cash equivalents and restricted cash	$	247,845
Accounts receivable (net) and other assets		347,759
Deferred rents receivable and deferred financing costs (net)		(96,132	)
Accounts payable and other liabilities		(384,305	)

Total other balance sheet items	$	115,167


(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)		Represents AMBs share of assets contributed to unconsolidated co-investment ventures during the three months ended March 31, 2010.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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 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 operation. 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 AMBs outstanding debt. While adjusted EBITDA is a relevant and widely used measure of operating performance and liquidity, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, AMBs computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies. 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 income (or loss), a U.S. GAAP measurement.

(The following table reconciles adjusted EBITDA from net loss for the quarters ended March 31, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2010			2009
Net loss	$	(620	)	$	(123,024	)
Depreciation and amortization		48,634			42,125
Impairment charges					175,887
Restructuring charges		2,973
Stock-based compensation amortization and other non-cash charges		7,004			7,497
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
AMBs share of net (income) loss		(3,875	)		34
AMBs share of FFO, as adjusted		14,453			12,135
AMBs share of interest expense		12,901			9,664
Interest expense, including amortization		32,613			32,799
Total discontinued operations, including gains		154			(18,485	)
Adjustment for depreciation on development profits		(1,546	)
Adjusted EBITDA attributable to noncontrolling interests		(13,215	)		(15,109	)
Income tax expense		1,291			3,220
Capitalized interest attributable to development properties sold or contributed		200			9,974
Discontinued operations adjusted EBITDA		(125	)		6,466

Adjusted EBITDA	$	100,842		$	143,183

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. AMB s computation of AMB s 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 AMB s 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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

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.

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 March 31, 2010, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended March 31, 2010 (dollars in thousands):


	For the Quarter Ended
	March 31, 2010
NOI	$	100,798
Straight-line rents and amortization of lease intangibles		(4,289	)
Consolidated joint venture cash NOI from continuing operations		(23,195	)

Wholly-owned property cash NOI		73,314
AMBs share of consolidated joint venture cash NOI		10,238
AMBs share of unconsolidated joint venture cash NOI		28,299
AMBs share of transaction adjustments		(1,599	)

AMBs share of cash-basis NOI	$	110,252

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 operating results.


For the Quarter Ended March 31, 2010
									Income
	AMBs					Property			(Loss) from
	Ownership					Operating			Continuing			Net
	Percentage⁽¹⁾			Revenues		Expenses			Operations			Income (Loss)			Cash NOI			FFO
Unconsolidated Co-investment Ventures
AMB U.S. Logistics Fund		31	%	$	68,521	$	(19,228	)	$	1,663		$	1,663		$	46,054		$	22,269
AMB Europe Fund I		30	%		23,301		(5,257	)		339			339			18,404			8,488
AMB Japan Fund I		20	%		25,468		(5,433	)		5,246			5,246			19,859			12,212
AMB-SGP Mexico		22	%		8,142		(1,555	)		(4,789	) ⁽¹⁾		(4,789	) ⁽¹⁾		6,264			(1,732	) ⁽¹⁾
AMB DFS Fund I		15	%				(201	)		(283	)		(281	)		(201	)		(219	)
Consolidated Co-investment Ventures
AMB-SGP		50	%		11,107		(3,689	)		(672	)		(672	)		6,742			2,798
AMB Institutional Alliance Fund II		20	%		12,725		(3,415	)		2,108			2,105			9,268			5,323
AMB-AMS		39	%		3,988		(1,084	)		527			527			2,927			1,590


(1) Includes $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.

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, as adjusted by Business. Estimated FFO, as adjusted by Business is FFO, as adjusted, generated by AMBs Real Estate Operations, Development and Private Capital business. Estimated Development and Private Capital FFO, as adjusted, 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, as adjusted, represents total AMB FFO, as adjusted, less estimated FFO, as adjusted, attributable to Development and Private Capital. Management believes estimated FFO, as adjusted 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, as adjusted, 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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

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.

The following table details the calculation of fixed charges for the quarters ended March 31, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended
	March 31,
Fixed charge	2010			2009
Interest expense, including amortization continuing operations	$	32,613		$	32,799
Amortization of financing costs and debt premiums continuing operations		(3,172	)		(3,174	)
Interest expense, including amortization discontinued operations		(3	)		373
Amortization of financing costs and debt premiums discontinued operations					(3	)
Joint venture partners share of interest expense		(6,776	)		(7,128	)
AMBs share of interest expense from unconsolidated joint ventures		12,901			9,664
Capitalized interest		9,213			12,094
Preferred unit distributions					1,432
Preferred stock dividends		3,952			3,952

Total fixed charge	$	48,728		$	50,009

Funds From Operations, as adjusted (FFO, as adjusted) and Funds From Operations Per Share and Unit, as adjusted (FFOPS, as adjusted) (together with FFO, as adjusted and FFOPS, as adjusted, the FFO Measures, as adjusted). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, as adjusted (or FFO, as adjusted) and FFO, as adjusted, per share and unit (or FFOPS, as adjusted) to be useful supplemental measures of its operating performance. AMB defines FFOPS, as adjusted, as FFO, as adjusted, per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO, as adjusted, as net income (or loss) 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, as adjusted, of consolidated and unconsolidated joint ventures. This calculation also includes adjustments for items as described below.

Unless stated otherwise, AMB includes the gains from development, including those from value-added conversion projects, before depreciation recapture, as a component of FFO, as adjusted. AMB believes gains from development should be included in FFO, as adjusted, 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, as adjusted, consistent with the real estate investment trust industrys long standing practice to include gains on the sale of land in funds from operations. However, AMBs interpretation of FFO, as adjusted, or FFOPS, as adjusted, 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 funds from operations or funds from operations per share and unit 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, as adjusted, 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, as adjusted, 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, as adjusted.

In addition, AMB calculates FFO, as adjusted, to exclude 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, as adjusted, 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 funds from operations and should not be used as an alternative to net income or cash as defined by U.S. GAAP.

AMB believes that the FFO Measures, as adjusted, 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, as adjusted, 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, as adjusted, 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, as adjusted, 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, as adjusted, can help the investing public compare the operating performance of a companys real estate between periods or as compared to other companies. While funds from operations and funds from operations per share are relevant and widely used measures of operating performance of real estate investment trusts, the FFO Measures, as adjusted, 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, as adjusted, also do not consider the costs associated with capital expenditures related to AMBs real estate assets nor are the FFO Measures, as adjusted, necessarily indicative of cash available to fund AMBs future cash requirements. Management compensates for the limitations of the FFO Measures, as adjusted, by providing investors with financial statements prepared according to U.S. GAAP, along with this detailed discussion of the FFO Measures, as adjusted, and a reconciliation of the FFO Measures, as adjusted, to net income available to common stockholders, a U.S. GAAP measurement.

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


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

The following table reconciles projected FFO, as adjusted excluding AMBs share of development gains (or Core FFO, as adjusted) 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	$	0.01		$	0.08
AMBs share of projected depreciation and amortization		1.29			1.29
AMBs share of depreciation on development profits recognized to date		(0.01	)		(0.01	)
Impact of additional dilutive securities, other, rounding		(0.03	)		(0.03	)

Projected Funds From Operations, as adjusted (FFO, as adjusted)	$	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, as adjusted)⁽¹⁾	$	1.26		$	1.33

Amounts are expressed per share, except FFO, as adjusted, 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.

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 ended March 31, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended
	March 31,
Interest	2010			2009
Interest expense, including amortization continuing operations	$	32,613		$	32,799
Interest expense, including amortization discontinued operations		(3	)		373
Joint venture partners share of interest expense		(6,776	)		(7,128	)
AMBs share of interest expense from unconsolidated co-investment ventures		12,901			9,664

Total interest	$	38,735		$	35,708

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 date.

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


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call

lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation.

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

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 loss for the quarters ended March 31, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2010			2009
Net loss	$	(620	)	$	(123,024	)
Private capital income		(7,445	)		(11,695	)
Depreciation and amortization		48,634			42,125
Real estate impairment losses					175,887
General and administrative and fund costs		32,265			31,574
Restructuring charges		2,973
Total other income and expenses		24,837			5,954
Total discontinued operations		154			(18,485	)

NOI		100,798			102,336
Less non same-store NOI		(16,122	)		(11,468	)
Less non cash adjustments⁽¹⁾		(2,520	)		(417	)

Cash-basis same-store NOI	$	82,156		$	90,451

Less lease termination fees	$	(638	)	$	(783	)

Cash-basis same-store NOI, excluding lease termination fees	$	81,518		$	89,668


(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, 2008.

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 or NOI, as applicable, 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, lease intangible adjustments, estimated acquisition capital expenditures, and leasing costs necessary to achieve stabilization. AMB defines cash NOI as NOI excluding straight line rents and amortization of lease intangibles.

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

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

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


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


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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	28


		Forward-Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2010 First 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 our growth of development platform, factors regarding our buying advantage and investment opportunities available to us, future investments in funds, reinstatement of utilization of low yielding assets and acquiring assets in excess of cost of capital, fund investor distributions, our investments in co-investment funds to be FFO, as adjusted, accretive and to enhance NAV, acquisition opportunities and advantages at attractive pricing, ability to move quickly, 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, as adjusted, 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, seeding of new joint ventures with AMB assets, 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), estimated financial and performance results, 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 exercise or 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 numerous 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, forecasting, 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 should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether, or the time at which, such performance or results will be achieved. There is no assurance that the events or circumstances reflected in forward-looking statements will occur or be achieved. 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: changes in general economic conditions in California, the U.S. or globally (including financial market fluctuations), global trade or in the real estate sector (including risks relating to decreasing real estate valuations and impairment charges); risks associated with using debt to fund the companys business activities, including refinancing and interest rate risks (including inflation risks); the companys failure to obtain, renew, or extend necessary financing or access the debt or equity markets; the companys failure to maintain its current credit agency ratings or comply with its debt covenants; risks related to the companys obligations in the event of certain defaults under co-investment venture and other debt; risks associated with equity and debt securities financings and issuances (including the risk of dilution); defaults on or non-renewal of leases by customers or renewal at lower than expected rent or failure to lease at all or on expected terms; difficulties in identifying properties, portfolios of properties, or interests in real-estate related entities or platforms to acquire and in effecting acquisitions on advantageous terms and the failure of acquisitions to perform as the company expects; unknown liabilities acquired in connection with the acquired properties, portfolios of properties, or interests in real- estate related entities; the companys failure to successfully integrate acquired properties and operations; risks and uncertainties affecting property development, redevelopment and value-added conversion (including construction delays, cost overruns, the companys inability to obtain necessary permits and financing, the companys inability to lease properties at all or at favorable rents and terms, and public opposition to these activities); the companys failure to set up additional funds, attract additional investment in existing funds or to contribute properties to its co-investment ventures due to such factors as its inability to acquire, develop, or lease properties that meet the investment criteria of such ventures, or the co-investment ventures inability to access debt and equity capital to pay for property contributions or their allocation of available capital to cover other capital requirements; risks and uncertainties relating to the disposition of properties to third parties and the companys ability to effect such transactions on advantageous terms and to timely reinvest proceeds from any such dispositions; risks of doing business internationally and global expansion, including unfamiliarity with the new markets and currency and hedging risks; risks of changing personnel and roles; risks related to suspending, reducing or changing the companys dividends; losses in excess of the companys insurance coverage; changes in local, state and federal laws and regulatory requirements, including changes in real estate, tax and zoning laws; increases in real property tax rates; risks associated with the companys tax structuring; increases in interest rates and operating costs or greater than expected capital expenditures; environmental uncertainties; risks related to natural disasters; and our failure to qualify and maintain our status as a real estate investment trust. Our success also depends upon economic trends generally, various market conditions and fluctuations and those other risk factors discussed under the heading Risk Factors and elsewhere in our most recent annual report on Form 10-K for the year ended December 31, 2009.

Form: 8-K

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