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

Exhibit 99.1


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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 June 30, 2010, AMB owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 156.1 million square feet (14.5 million square meters) in 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. 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⁾

121.0 msf

Operating Portfolio⁽¹⁾

11.6 msf

Operating Portfolio⁽¹⁾

12.1 msf

Development Portfolio⁽²⁾⁽³⁾

4.8 msf

Development Portfolio⁽²⁾⁽³⁾

2.5 msf

Development Portfolio⁽²⁾⁽³⁾

4.1 msf

Land Inventory⁽³⁾

2,228 acres

Land Inventory⁽³⁾

232 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), value-added acquisitions 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 Second Quarter Earnings Conference Call


	For the Quarters Ended June 30,							For the Six Months Ended June 30,
	2010		2009		% Change			2010			2009			% Change
Revenues	$	158,618	$	148,572		6.8	%	$	315,596		$	310,743			1.6	%
Adjusted EBITDA⁽¹⁾		107,754		104,240		3.4	%		208,596			247,423			(15.7	%)
Net income (loss) available to common stockholders		2,897		17,162		(83.1	%)		(1,548	)		(105,449	)		98.5	%
FFO, as adjusted⁽¹⁾⁽²⁾		51,408		55,409		(7.2	%)		99,192			134,162			(26.1	%)
Per diluted share and unit
EPS	$	0.02	$	0.12		(83.3	%)	$	(0.01	)	$	(0.86	)		98.8	%
FFO, as adjusted⁽¹⁾⁽²⁾		0.30		0.37		(18.9	%)		0.62			1.07			(42.1	%)
Dividends per common share		0.28		0.28		0.0	%		0.56			0.56			0.0	%


Financial⁽³⁾		$1.5 billion in liquidity Reduced AMBs share of total debt to share of total assets to 40.5% from 44.8% at the end of the first quarter Completed common equity offering of 18.2 million shares, generating net proceeds of approximately $479 million Subsequent to quarter end, closed two yen-denominated financing transactions in Japan totaling $189 million


Operations⁽³⁾		91.8% occupancy at the end of the second quarter; 90.1% average occupancy Second quarter cash-basis same store NOI⁽¹⁾ decrease of 6.0% 62.8% second quarter tenant retention; 66.2% for the trailing four quarters Commenced 7.9 msf of leases in the second quarter


Capital Deployment⁽³⁾		Leased 1.6 msf in the development portfolio; approximately 4.3 msf remaining to stabilize the development portfolio Completed $35 million in contributions and dispositions in the second quarter Acquired two properties⁽⁴⁾ totaling approximately $42.7 million, including $29.4 million for AMB Europe Fund I and $13.3 million for AMB Acquired 48 acre land parcel in Brazil, the second acquisition with our joint venture partner, CCP


Private Capital		Transferred two assets to AMB Europe Fund I in exchange for units with a fair value of $22.4 million $79 million of equity investments into AMB U.S. Logistics Fund including $50 million by AMB and $29 million by new and existing third-party investors Subsequent to quarter end, received $93.3 million in new third-party equity commitments, including $50.5 million in AMB U.S. Logistics Fund and $42.8 million in AMB Europe Fund I


(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 value-added acquisition.


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 Second 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			June 30, 2010

Real estate operations, net of unallocated overhead	$	1.53		$	1.19		$	0.52
Overhead reallocation		0.46			0.32			0.16

Real estate operations FFO, as adjusted	$	1.99		$	1.51		$	0.68
% of reported FFO, as adjusted		68.6	%		72.2	%		109.7	%
Development Gains		0.72			0.63			0.02
Overhead allocation		(0.33	)		(0.21	)		(0.11	)

Development FFO, as adjusted	$	0.39		$	0.42		$	(0.09	)
% of reported FFO, as adjusted		13.5	%		20.1	%		(14.5	%)
Private Capital Revenues		0.65			0.27			0.08
Overhead allocation		(0.13	)		(0.11	)		(0.05	)

Private Capital FFO, as adjusted	$	0.52		$	0.16		$	0.03
% of reported FFO, as adjusted		17.9	%		7.7	%		4.8	%

Total FFO, as adjusted	$	2.90		$	2.09		$	0.62

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 Second Quarter Earnings Conference Call


	For the Quarters Ended June 30,						For the Six Months Ended June 30,
	2010			2009			2010			2009
Revenues
Rental revenues	$	151,773		$	140,777		$	301,306		$	291,253
Private capital revenues		6,845			7,795			14,290			19,490

Total revenues		158,618			148,572			315,596			310,743

Costs and expenses
Property operating costs		(48,474	)		(42,953	)		(97,853	)		(92,029	)
Depreciation and amortization		(48,278	)		(38,523	)		(96,667	)		(80,427	)
General and administrative		(30,093	)		(25,641	)		(62,043	)		(56,954	)
Restructuring charges		(872	)		(3,824	)		(3,845	)		(3,824	)
Fund costs		(153	)		(322	)		(468	)		(584	)
Real estate impairment losses											(175,887	)
Other expenses⁽¹⁾		1,271			(4,207	)		80			(3,545	)

Total costs and expenses		(126,599	)		(115,470	)		(260,796	)		(413,250	)

Other income and expenses
Development profits, net of taxes		199						5,002			33,286
Equity in earnings of unconsolidated joint ventures, net		5,193			4,284			9,068			4,250
Other income⁽¹⁾		448			7,528			737			459
Interest expense, including amortization		(32,626	)		(27,772	)		(65,239	)		(60,571	)
Loss on early extinguishment of debt		(579	)		(657	)		(579	)		(657	)

Total other income and expenses, net		(27,365	)		(16,617	)		(51,011	)		(23,233	)

Income (loss) from continuing operations		4,654			16,485			3,789			(125,740	)
Discontinued operations
Income attributable to discontinued operations		411			2,459			656			2,714
Gains from sale of real estate interests, net of taxes		4,248			10,090			4,248			28,704

Total discontinued operations		4,659			12,549			4,904			31,418

Net income (loss)		9,313			29,034			8,693			(94,322	)
Noncontrolling interests share of net income (loss)
Joint venture partners share of net income		(2,068	)		(4,949	)		(1,693	)		(2,771	)
Joint venture partners and limited partnership unitholders share of development profits		21						(85	)		(1,108	)
Preferred unitholders					(1,432	)					(2,864	)
Limited partnership unitholders		(75	)		(1,279	)		125			4,041

Total noncontrolling interests share of net income (loss)		(2,122	)		(7,660	)		(1,653	)		(2,702	)

Net income (loss) attributable to AMB Property Corporation		7,191			21,374			7,040			(97,024	)
Preferred stock dividends		(3,952	)		(3,952	)		(7,904	)		(7,904	)
Allocation to participating securities⁽²⁾		(342	)		(260	)		(684	)		(521	)

Net income (loss) available to common stockholders	$	2,897		$	17,162		$	(1,548	)	$	(105,449	)

Net income (loss) per common share (diluted)	$	0.02		$	0.12		$	(0.01	)	$	(0.86	)

Weighted average common shares (diluted)		165,658			145,380			156,793			121,991


(1)		Includes changes in liabilities and assets associated with AMBs deferred compensation plan for the three and six months ended June 30, 2010 of $(1,615) and $(696), respectively.
(2)		Represents net income attributable to AMB Property Corporation, net of preferred stock dividends, allocated to outstanding unvested restricted shares. For the three and six months ended June 30, 2010, there were 1,222 unvested restricted shares outstanding. For the three and six months ended June 30, 2009, there were 930 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 Second Quarter Earnings Conference Call


	For the Quarters Ended June 30,						For the Six Months Ended June 30,
	2010			2009			2010			2009
Net income (loss) available to common stockholders	$	2,897		$	17,162		$	(1,548	)	$	(105,449	)
Gains from sale or contribution of real estate interests, net of taxes		(4,248	)		(10,090	)		(4,248	)		(28,704	)
Depreciation and amortization
Total depreciation and amortization		48,278			38,523			96,667			80,427
Discontinued operations depreciation		243			793			514			2,348
Non-real estate depreciation		(2,012	)		(1,953	)		(4,557	)		(4,090	)
Adjustment for depreciation on development profits								(1,546	)
Adjustments to derive FFO, as adjusted from consolidated joint ventures
Joint venture partners noncontrolling interests (Net income)		2,068			4,949			1,693			2,771
Limited partnership unitholders noncontrolling interests (Net income (loss))		75			1,279			(125	)		(4,041	)
Limited partnership unitholders noncontrolling interests (Development (losses) profits)		(2	)					104			1,108
FFO, as adjusted attributable to noncontrolling interests		(7,562	)		(7,151	)		(12,942	)		(15,739	)
Adjustments to derive FFO, as adjusted from unconsolidated joint ventures
AMBs share of net income		(5,193	)		(4,284	)		(9,068	)		(4,250	)
AMBs share of FFO, as adjusted		15,444			11,786			29,897			23,921
Adjustments for impairments, restructuring charges and debt extinguishment
Real estate impairment losses											175,887
Discontinued operations real estate impairment losses											5,966
Restructuring charges		872			3,824			3,845			3,824
Loss on early extinguishment of debt		579			657			579			657
Allocation to participating securities⁽²⁾		(31	)		(86	)		(73	)		(474	)

Funds from operations, as adjusted⁽¹⁾	$	51,408		$	55,409		$	99,192		$	134,162

FFO, as adjusted per common share and unit (diluted)	$	0.30		$	0.37		$	0.62		$	1.07

Weighted average common shares and units (diluted)		169,006			148,815			160,941			125,451


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Represents amount of FFO allocated to outstanding unvested restricted shares. For the three and six months ended June 30, 2010, there were 1,222 unvested restricted shares. For the three and six months ended June 30, 2009, there were 930 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 Second Quarter Earnings Conference Call


	As of
	June 30, 2010			December 31, 2009
Assets
Investments in real estate
Total investments in properties	$	6,834,736		$	6,708,660
Accumulated depreciation and amortization		(1,196,321	)		(1,113,808	)

Net investments in properties		5,638,415			5,594,852
Investments in unconsolidated joint ventures		687,201			462,130
Properties held for sale or contribution, net		131,155			214,426

Net investments in real estate		6,456,771			6,271,408
Cash and cash equivalents and restricted cash		240,694			206,077
Accounts receivable, net		156,655			155,958
Other assets		205,872			208,515

Total assets	$	7,059,992		$	6,841,958


Liabilities and equity
Liabilities
Secured debt	$	944,787		$	1,096,554
Unsecured senior debt		1,156,361			1,155,529
Unsecured credit facilities		422,483			477,630
Other debt		471,024			482,883
Accounts payable and other liabilities		346,027			338,042

Total liabilities		3,340,682			3,550,638
Equity
Stockholders equity
Common equity		3,127,926			2,716,604
Preferred equity		223,412			223,412

Total stockholders equity		3,351,338			2,940,016
Noncontrolling interests
Joint venture partners		306,414			289,909
Limited partnership unitholders		61,558			61,395

Total noncontrolling interests		367,972			351,304

Total equity		3,719,310			3,291,320

Total liabilities and equity	$	7,059,992		$	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 Second Quarter Earnings Conference Call


	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	8,635		$	6,911		$	16,420		$	14,166
AMBs share of straight-line rents and amortization of lease intangibles	$	5,462		$	2,809		$	10,353		$	6,747
Gross lease termination fees	$	779		$	1,448		$	1,599		$	3,727
Net lease termination fees⁽³⁾	$	587		$	976		$	1,164		$	2,702
AMBs share of net lease termination fees	$	495		$	268		$	961		$	992

Recurring capital expenditures:
Tenant improvements	$	9,761		$	2,817		$	16,030		$	5,046
Lease commissions and other lease costs		8,585			5,535			16,631			10,565
Building improvements		8,420			4,361			12,811			9,357

Sub-total		26,766			12,713			45,472			24,968
Co-investment venture partners share of capital expenditures		(7,683	)		(5,285	)		(13,617	)		(8,850	)

AMBs share of recurring capital expenditures	$	19,083		$	7,428		$	31,855		$	16,118


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	4,518		$	1,542		$	8,807		$	4,934
AMBs share of straight-line rents and amortization of lease intangibles	$	4,127		$	1,726		$	7,986		$	4,907
Gross lease termination fees	$	596		$	563		$	1,233		$	1,432
Net lease termination fees⁽³⁾	$	448		$	215		$	892		$	742
AMBs share of net lease termination fees	$	448		$	121		$	873		$	596

Recurring capital expenditures:
Tenant improvements	$	6,555		$	1,772		$	11,149		$	3,078
Lease commissions and other lease costs		5,829			3,422			10,712			7,308
Building improvements		6,069			2,822			9,424			6,899

Sub-total		18,453			8,016			31,285			17,285
Co-investment venture partners share of capital expenditures		(2,018	)		(1,509	)		(3,811	)		(2,740	)

AMBs share of recurring capital expenditures	$	16,435		$	6,507		$	27,474		$	14,545


(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 Second 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)		3,466,691	$	28,665		3.3	%
2	United States Government		1,355,450	$	20,439		2.4	%
3	Sagaw a Express		1,054,754	$	16,981		2.0	%
4	FedEx Corporation		1,400,090	$	14,780		1.7	%
5	Nippon Express		1,029,170	$	14,337		1.7	%
6	BAX Global/Schenker/Deutsche Bahn		932,023	$	9,236		1.1	%
7	Panalpina		1,316,351	$	8,898		1.0	%
8	Caterpillar Logistics Services		543,039	$	8,214		1.0	%
9	La Poste		903,543	$	7,389		0.9	%
10	Kuehne + Nagel Inc.		1,033,585	$	7,140		0.8	%

	Subtotal		13,034,696	$	136,079		15.9	%

	Top 11-20 Customers		6,037,149		48,340		5.6	%

	Total		19,071,845	$	184,419		21.5	%


(1)		Owned and managed portfolio, not including value-added acquisitions.
(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 Second Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	June 30, 2010			March 31, 2010			June 30, 2010			March 31, 2010


Square feet		136,703,087			134,762,036			127,522,980			127,647,708
Percentage of ow ned & managed square feet								93.3	%		94.7	%

Occupancy
Occupancy percentage at period end⁽²⁾		91.8	%		90.5	%		91.4	%		90.2	%
Occupancy percentage at period end (prior year)		90.5	%		92.2	%		91.1	%		92.3	%

Average occupancy percentage⁽²⁾		90.1	%		90.3	%		89.7	%		90.0	%
Average occupancy percentage (prior year)		91.1	%		93.1	%		91.2	%		93.5	%

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


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Trailing Four Quarters			Trailing Four Quarters			Trailing Four Quarters			Trailing Four Quarters
	Ended June 30, 2010			Ended March 31, 2010			Ended June 30, 2010			Ended March 31, 2010


Tenant retention⁽²⁾		66.2	%		64.7	%		65.6	%		64.4	%

Rent change on renewals and rollovers⁽²⁾
Percentage		(11.2	%)		(9.1	%)		(11.2	%)		(9.1	%)
Same space square footage commencing (millions)		26.2			24.1			26.1			24.1

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.20		$	1.15
Re-tenanted	$	2.81		$	2.71
Weighted average	$	1.96		$	1.80
Second generation square footage commencing (millions)		32.4			29.8

Gross operating margin⁽²⁾		70.5	%		70.6	%		71.4	%		71.7	%


	Same Store Pool⁽²⁾
	Quarter Ended			Six Months Ended
Cash Basis NOI percent change⁽²⁾	June 30, 2010			June 30, 2010

Decrease in revenues excluding lease termination fees⁽³⁾		(4.1	%)		(4.1	%)
Increase (decrease) in expenses⁽³⁾		1.2	%		(0.4	%)
Decrease in NOI excluding lease termination fees⁽²⁾⁽³⁾		(6.0	%)		(5.5	%)
Decrease in NOI including lease termination fees⁽²⁾⁽³⁾		(6.3	%)		(6.0	%)


(1)		Owned and managed portfolio, not including value-added acquisitions.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended June 30, 2010, on a consolidated basis, the percent change was (2.9)%, 5.9%, (6.5)% and (6.4)%, respectively, for decrease in revenues excluding lease termination fees, increase in expenses, decrease in NOI excluding lease termination fees and decrease in NOI including lease termination fees. For the six months ended June 30, 2009, on a consolidated basis, the percent change was (5.0)%, 1.5%, (7.8)% and (7.7)%, respectively, for increase 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 Second 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
	3/31/2010		Square Feet			Square Feet⁽¹⁾			Square Feet			6/30/2010		6/30/2010			6/30/2010			Occupancy			6/30/2010		Termination Fees⁽²⁾			Rollovers⁽²⁾

Southern California		19,093,158					75			(133,660	)		18,959,573		13.9	%		59.4	%		91.8	%	$	6.39		(1.7	%)		(14.8	%)
Chicago		13,118,853											13,118,853		9.6	%		58.4	%		90.7	%		5.06		(7.7	%)		(16.2	%)
No. New Jersey/New York		11,637,089					717,256						12,354,345		9.0	%		57.5	%		86.1	%		7.36		(8.3	%)		(11.6	%)
San Francisco Bay Area		10,960,044											10,960,044		8.0	%		77.3	%		91.2	%		6.40		(8.7	%)		(5.0	%)
Seattle		7,883,158					(583	)					7,882,575		5.8	%		57.6	%		89.4	%		5.33		(18.3	%)		(6.5	%)
South Florida		6,363,198											6,363,198		4.7	%		75.4	%		95.6	%		7.20		5.7	%		(28.3	%)
U.S. On-Tarmac		2,467,838											2,467,838		1.8	%		93.1	%		88.6	%		19.86		(3.6	%)		(3.5	%)
Other U.S. Markets		28,962,427					(379	)					28,962,048		21.2	%		65.7	%		87.3	%		5.35		(9.3	%)		(16.2	%)

U.S. Subtotal / Wtd Avg		100,485,765					716,369			(133,660	)		101,068,474		74.0	%		64.5	%		89.9	%	$	6.33		(6.8	%)		(12.8	%)

Canada		3,564,059					391						3,564,450		2.6	%		100.0	%		97.9	%	$	5.34		47.4	%		(8.2	%)

Mexico City		4,572,427					421						4,572,848		3.3	%		42.5	%		94.0	%		5.60		(9.0	%)		(15.4	%)
Guadalajara		2,890,526											2,890,526		2.1	%		21.6	%		91.5	%		4.47		(15.2	%)		(9.0	%)
Other Mexico Markets		893,500											893,500		0.7	%		65.6	%		70.3	%		4.80		(84.9	%)		(8.0	%)

Mexico Subtotal / Wtd Avg		8,356,453					421						8,356,874		6.1	%		37.7	%		90.6	%	$	5.14		(15.8	%)		(12.5	%)


The Americas Total / Wtd Avg		112,406,277					717,181			(133,660	)		112,989,798		82.7	%		63.6	%		89.9	%	$	6.21		(6.4	%)		(12.7	%)


France		4,097,378					396						4,097,774		3.0	%		44.5	%		97.0	%	$	7.32		(0.2	%)		(20.8	%)
Germany		3,200,022					8,611						3,208,633		2.3	%		41.2	%		95.9	%		7.65		(1.5	%)		(9.0	%)
Benelux		3,263,379											3,263,379		2.4	%		43.4	%		85.8	%		8.91		(16.0	%)		(2.6	%)
Other Europe Markets		485,010		140,264			439,899						1,065,173		0.8	%		72.6	%		100.0	%		10.31		0.3	%		n/a

Europe Subtotal / Wtd Avg		11,045,789		140,264			448,906						11,634,959		8.5	%		45.9	%		93.6	%	$	8.11		(5.2	%)		(9.8	%)


Tokyo		6,052,219											6,052,219		4.4	%		30.4	%		92.2	%	$	15.00		3.1	%		(10.1	%)
Osaka		2,000,037											2,000,037		1.5	%		20.0	%		86.9	%		12.45		1.3	%		4.3	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		8,052,256											8,052,256		5.9	%		27.8	%		90.9	%	$	14.35		2.7	%		(4.7	%)

China		2,103,669					392,581						2,496,250		1.8	%		100.0	%		81.9	%	$	4.41		(40.6	%)		17.7	%
Singapore		935,926											935,926		0.7	%		100.0	%		96.3	%		9.34		(1.5	%)		2.9	%
Other Asia Markets		218,119					375,779						593,898		0.4	%		100.0	%		91.0	%		6.75		(19.7	%)		(40.0	%)

Asia Total / Wtd Avg		11,309,970					768,360						12,078,330		8.8	%		51.9	%		89.6	%	$	11.66		(16.8	%)		(3.7	%)


Owned and Managed Total / Wtd Avg⁽²⁾		134,762,036		140,264			1,934,447			(133,660	)		136,703,087		100.0	%		61.1	%		90.2	%	$	6.87		(5.5	%)		(11.2	%)


Other Real Estate Investments⁽³⁾		7,495,959											7,495,959					51.8	%		84.8	%		5.86

Total Operating Portfolio		142,257,995		140,264			1,934,447			(133,660	)		144,199,046					60.6	%		90.0	%	$	6.82


Development
Construction-in-Progress		3,683,146			⁽⁴⁾		1,280	⁽⁵⁾		(530,181	)⁽⁶⁾		3,154,245					86.3	%
Pre-Stabilized Developments⁽²⁾		9,755,351		530,181	⁽⁴⁾		(1,942,875	)⁽⁵⁾		(19,144	)⁽⁶⁾		8,323,513					96.7	%

Development Portfolio Subtotal		13,438,497		530,181			(1,941,595	)		(549,325	)		11,477,758					93.8	%


Value-added acquisitions⁽²⁾				467,345									467,345					100.0	%

Total Global Portfolio		155,696,492		1,137,790			(7,148	)		(682,985	)		156,144,149					63.2	%


(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 Second Quarter Earnings Conference Call

Development Portfolio by Region as of June 30, 2010⁽¹⁾
(Estimated Total Investment⁽²⁾)

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

Property Acquisitions by Region for the Quarter Ended June 30, 2010⁽³⁾
(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 and value-added acquisitions, 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 Second Quarter Earnings Conference Call


	For the Quarter Ended June 30, 2010								For the Six Months Ended June 30, 2010
			Acquisition			% of Total					Acquisition			% of Total
	Square Feet		Cost⁽²⁾			Acquisition Cost			Square Feet		Cost⁽²⁾			Acquisition Cost


The Americas
United States		467,345	$	13,338			31.2	%		1,155,277	$	58,890			66.7	%
Other Americas							0.0	%							0.0	%

The Americas Total		467,345	$	13,338			31.2	%		1,155,277	$	58,890			66.7	%

Europe
France			$				0.0	%			$				0.0	%
Germany							0.0	%							0.0	%
Benelux							0.0	%							0.0	%
Other Europe		140,264		29,388			68.8	%		140,264		29,388			33.3	%

Europe Total		140,264	$	29,388			68.8	%		140,264	$	29,388			33.3	%

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

Asia Total			$				0.0	%			$				0.0	%


Total Acquisitions		607,609	$	42,726			100.0	%		1,295,541	$	88,278			100.0	%


AMBs Weighted Average Ownership Percentage				52.6	%							39.8	%
Weighted Average Stabilized Cash Cap Rate⁽³⁾				7.6	%							7.9	%


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


By Entity
AMB Property Corporation		467,345	$	13,338		31.2	%		467,345	$	13,338		15.1	%
AMB-SGP Mexico						0.0	%						0.0	%
AMB Japan Fund I						0.0	%						0.0	%
AMB Europe Fund I		140,264		29,388		68.8	%		140,264		29,388		33.3	%
AMB U.S. Logistics Fund						0.0	%		687,932		45,552		51.6	%

Total Acquisitions		607,609	$	42,726		100.0	%		1,295,541	$	88,278		100.0	%


(1)		Owned and managed portfolio and value-added acquisitions.
(2)		Includes estimated total acquisition capital expenditures of approximately $0.3 million and $0.5 million for the three and six months ended June 30, 2010, respectively.
(3)		Weighted average stabilized cap rate is defined as weighted average stabilized cash cap rate excluding 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 Second Quarter Earnings Conference Call


	For the Quarter June 30, 2010						For the Six Months Ended June 30, 2010
	Operating Property			Development Property			Operating Property			Development Property⁽²⁾


AMBs Ownership Contributed and Disposed		100.0	%		69.2	%		100.0	%		84.0	%
Contribution Value and Disposition Price	$	10,018		$	24,965		$	10,018		$	47,858
Weighted Average Stabilized Cap Rate⁽³⁾⁽⁴⁾		5.0	%		6.5	%		5.0	%		7.3	%
Development Margin, before real estate impairment losses⁽⁴⁾		N/A			(23.6	%)		N/A			(9.2	%)
Development Margin, net of real estate impairment losses⁽⁴⁾		N/A			0.8	%		N/A			7.5	%

Square Footage or Acreage Contributed or Sold

For the Quarter Ended June 30, 2010

For the Six Months Ended June 30, 2010

Operating Property

Development Property

Operating Property

Development Property⁽²⁾

Square Feet

Land Acreage⁽⁵⁾

Square Feet

Land Acreage⁽⁵⁾

The Americas

United States

133,660

19,144

133,660

331,247

Other Americas

The Americas Total

133,660

19,144

133,660

331,247

Europe

France

37,760

Germany

Benelux

Other Europe

141,933

Europe Total

179,693

Asia

Japan

China

Other Asia

Asia Total

Total

133,660

198,837

133,660

510,940

(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 Portfolio⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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			$				557,915	$	66,267			557,915	$	66,267			2,357,034	$	222,980			2,914,949	$	289,247			24.2	%
Other Americas		450,445		38,486								450,445		38,486			1,465,667		78,384			1,916,112		116,870			9.8	%

The Americas Total		450,445	$	38,486			557,915	$	66,267			1,008,360	$	104,753			3,822,701	$	301,364			4,831,061	$	406,117			34.0	%

Europe
France			$					$					$				692,754	$	51,197			692,754	$	51,197			4.3	%
Germany		427,832		42,855								427,832		42,855			139,608		16,502			567,440		59,357			5.0	%
Benelux		125,227		21,034								125,227		21,034			655,366		78,658			780,593		99,692			8.4	%
Other Europe																	444,043		40,941			444,043		40,941			3.4	%

Europe Total		553,059	$	63,889				$				553,059	$	63,889			1,931,771	$	187,298			2,484,830	$	251,187			21.1	%

Asia
Japan			$					$					$				2,569,041	$	458,927			2,569,041	$	458,927			38.5	%
China		525,768		21,801			1,067,058		54,869			1,592,826		76,670								1,592,826		76,670			6.4	%
Other Asia																											0.0	%

Asia Total		525,768	$	21,801			1,067,058	$	54,869			1,592,826	$	76,670			2,569,041	$	458,927			4,161,867	$	535,597			44.9	%


Total		1,529,272	$	124,176			1,624,973	$	121,136			3,154,245	$	245,312			8,323,513	$	947,589			11,477,758	$	1,192,901			100.0	%


Real estate impairment losses														(10,829	)				(70,761	)				(81,590	)

Estimated total investment, net of real estate impairment losses													$	234,483				$	876,828				$	1,111,311


Number of Projects				5					2					7					30					37
AMBs Weighted Average Ownership Percentage				91.5	%				63.7	%				77.8	%				97.1	%				93.1	%
Remainder to Invest			$	4,046				$	11,882				$	15,928				$	24,622				$	40,550
AMBs Share of Remainder to Invest^(2)(4)(5)			$	3,452				$	7,713				$	11,165				$	23,859				$	35,024
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾				6.3	%				6.4	%				6.3	%				6.3	%				6.3	%
Weighted Average Estimated Yield, net of real estate impairment losses⁽²⁾				6.8	%				6.5	%				6.6	%				6.8	%				6.8	%
Percent Pre-Leased⁽²⁾				51.3	%				55.0	%				53.2	%				51.8	%				52.2	%

(1)		Includes investments held through unconsolidated co-investment ventures.

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

(3)		Includes value-added conversion projects.

(4)		Amounts include capitalized interest as applicable.

(5)		Calculated using estimated total investment before the impact of cumulative real estate impairment losses.


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


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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 March 31, 2010		2,182			36,793,284			221		4,347,936		141		5,144,921		2,544			46,286,141
Acquisitions		48			728,791			11		377,479						59			1,106,270
Sales
Development starts
Other		(2	)		(31,363	)										(2	)		(31,363	)


Balance as of June 30, 2010		2,228			37,490,712			232		4,725,415		141		5,144,921		2,601	⁽³⁾		47,361,048	⁽³⁾


Investment in Land⁽⁴⁾				$	630,812				$	137,591			$	150,932				$	919,335

	Cumulative real estate impairment losses																	$	(151,569	)


	Investment in land, net of cumulative real estate impairment losses																	$	767,766


	AMBs share of investment in land, net of cumulative real estate impairment losses																	$	589,075

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. Does not include value-added acquisitions.

(3)		AMBs share of acres and square feet of estimated build out including amounts held in unconsolidated co-investment ventures is 2,315 acres and 42.1 million square feet, respectively.

(4)		Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.

(5)		East, West and Central regions represent AMBs geographic division of the Americas.

(6)		AMBs share is 192 acres.

(7)		AMBs share is 705,336 square feet.


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


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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 2Q13)

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	16


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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⁾	34%		36,744,490		$	3,328,862	$	1,619,728	$			$	340,887	$	175,000
AMB Europe Fund I⁽⁴⁾	35%		9,568,570			1,125,449		611,992					127,377		325,000
AMB Japan Fund I	20%		7,263,090			1,576,575		871,075		9,046			81,764
AMB-SGP Mexico	22%		6,332,411			358,415		165,499		148,438	⁽⁵⁾		18,329		245,000

Total Operating Co-investment Ventures	30%		59,908,561			6,389,301		3,268,294		157,484			568,357		745,000

Development Co-investment Ventures:
AMB DFS Fund I	15%		200,027			85,919							14,590
AMB U.S. Logistics Fund⁽⁴⁾	34%		557,915			84,689		13,101					24,081		n/a

Total Development Co-investment Ventures	24%		757,942			170,608		13,101					38,671

Total Unconsolidated Co-investment Ventures⁽⁶⁾	30%		60,666,503			6,559,909		3,281,395		157,484			607,028		745,000

Other Industrial Operating Joint Ventures	51%		7,419,049	⁽⁷⁾		286,600		158,392					51,555		n/a
Other Industrial Development Joint Ventures	50%					36,517							13,139		n/a

Total Unconsolidated Joint Ventures	31%		68,085,552		$	6,883,026	$	3,439,787	$	157,484		$	671,722	$	745,000


Consolidated Joint Ventures
Operating Co-investment Ventures
AMB-SGP	50%		8,288,495		$	477,336	$	333,095	$
AMB Institutional Alliance Fund II	20%		7,318,208			516,071		188,110		54,300
AMB-AMS	39%		2,170,337			159,817		76,443

Total Operating Co-investment Ventures	35%		17,777,040			1,153,224		597,648		54,300
Total Consolidated Co-investment Ventures	35%		17,777,040			1,153,224		597,648		54,300

Other Industrial Operating Joint Ventures	81%		2,876,490			293,090		52,329
Other Industrial Development Joint Ventures	59%		320,297			229,730		88,536

Total Consolidated Joint Ventures	46%		20,973,827		$	1,676,044	$	738,513	$	54,300

Selected Operating Results						FFO, as								FFO, as
For the Quarter Ended June 30, 2010	Cash NOI⁽⁸⁾		Net Income			adjusted⁽⁸⁾			Share of	Cash NOI⁽⁸⁾		Net Income		adjusted⁽⁸⁾


Unconsolidated Joint Ventures	$	94,267	$	5,277	⁽⁹⁾	$	43,745	⁽⁹⁾	AMBs	$	29,179	$	5,193	$	15,444
Consolidated Joint Ventures	$	23,999	$	4,169		$	14,792		Partners	$	13,070	$	2,528	$	7,562

Selected Operating Results						FFO, as								FFO, as
For the Six Months Ended June 30, 2010	Cash NOI⁽⁸⁾		Net Income			adjusted⁽⁸⁾			Share of	Cash NOI⁽⁸⁾		Net Income		adjusted⁽⁸⁾


Unconsolidated Joint Ventures	$	190,943	$	8,957	⁽⁹⁾	$	88,468	⁽⁹⁾	AMBs	$	57,478	$	9,068	$	29,897
Consolidated Joint Ventures	$	47,418	$	6,260		$	27,284		Partners	$	26,027	$	2,694	$	12,942

(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 $15.5 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 and $7.6 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter and six months ended June 30, 2010, respectively.


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


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

Value

Coverage and Debt Ratios


	For the Quarter Ended			For the Six Months Ended
	June 30, 2010			June 30, 2010

Wholly-ow ned fixed charge coverage⁽²⁾		2.6	x		2.6	x
Fixed charge coverage⁽²⁾		2.2	x		2.2	x
Interest coverage⁽²⁾		2.7	x		2.7	x
Dividends per share-to-FFO, as adjusted per share⁽²⁾		93.3	%		90.3	%
AMBs share of total debt-to-total market capitalization⁽²⁾		45.5	%		45.5	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		40.5	%		40.5	%

Capital Structure⁽¹⁾

(1)		Debt amounts represent AMBs share of debt and preferred securities.

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


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


		Capitalization Detail (dollars in thousands, except shares and share price)		SUPPLEMENTAL ANALYST PACKAGE 2010 First Quarter Earnings Conference Call


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


2010		$	65,000		$			$	590		$	66,354		$	131,944		$	51,919		$			$	183,863		$	150,761		$	334,624
2011			69,000			422,483			1,179			92,063			584,725			133,654						718,379			605,085			1,323,464
2012									414,955			27,765			442,720			413,102			50,000			905,822			455,799			1,361,621
2013			293,897									19,686			313,583			68,090			4,300			385,973			701,348			1,087,321
2014																		9,071						9,071			722,787			731,858
2015			112,491												112,491			16,943						129,434			264,175			393,609
2016			250,000												250,000			15,499						265,499			72,737			338,236
2017																		490						490			351,253			351,743
2018			125,000												125,000			595						125,595			183,194			308,789
2019			250,000												250,000			26,298						276,298			803			277,101
Thereafter																		3,095						3,095			5,041			8,136

Subtotal		$	1,165,388		$	422,483		$	416,724		$	205,868		$	2,210,463		$	738,756		$	54,300		$	3,003,519		$	3,512,983		$	6,516,502
Unamortized net (discounts) premiums			(9,027	)								406			(8,621	)		(243	)					(8,864	)		(5,325	)		(14,189	)

Subtotal		$	1,156,361		$	422,483		$	416,724		$	206,274		$	2,201,842		$	738,513		$	54,300		$	2,994,655		$	3,507,658		$	6,502,313
Joint venture partners share of debt⁽²⁾																		(422,234	)		(43,440	)		(465,674	)		(2,446,042	)		(2,911,716	)

AMBs share of total debt⁽²⁾		$	1,156,361		$	422,483		$	416,724		$	206,274		$	2,201,842		$	316,279		$	10,860		$	2,528,981		$	1,061,616		$	3,590,597


Weighted average interest rate			6.4	%		0.8	%		4.0	%		4.6	%		4.7	%		5.0	%		5.5	%		4.8	%		4.7	%		4.7	%
Weighted average remaining maturity (years)			5.6			1.0			2.3			1.0			3.6			2.3			2.3			3.3			3.6			3.5


Market Equity
Security	Shares			Price		Value


Common Stock		168,279,950	⁽³⁾	$	23.71	$	3,989,918
LP Units		3,313,670		$	23.71		78,567

Total		171,593,620				$	4,068,485


Total options outstanding							9,329,983
Dilutive effect of stock options⁽⁴⁾							856,753


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⁾	45.5	%
AMBs share of total debt plus preferred-to- AMBs share of total market capitalization⁽²⁾⁽⁵⁾	48.4	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾	40.5	%
AMBs share of total debt plus preferred-to- AMBs share of total assets⁽²⁾	43.2	%

(1)		Represents three credit facilities with total capacity of approximately $1.7 billion. Includes $309.1 million, $65.8 million, $23.5 million and $24.1 million in Yen, Canadian dollar, Euro and Singapore dollar-based borrowings outstanding at June 30, 2010, respectively, translated to U.S. dollars using the foreign exchange rates in effect on June 30, 2010.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes 1,221,660 shares of unvested restricted stock.
(4)		Computed using the treasury stock method and an average share price of $26.66 for the quarter ended June 30, 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	19


		Debt Maturities⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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				332,565		89,918
Other Debt						416, 724
AMB Secured Debt		65,798		91,318		28,358		20,400

Subtotal		130,798		492,883		535,000		314,297

Consolidated Joint Ventures
AMB-AMS								39,543
AMB Institutional Alliance Fund II		1,064				3,926		202,194
AMB-SGP				41,663		291,433
Other Industrial Joint Ventures				54,601		30,218		18,607

Subtotal		1,064		96,264		325,577		260,344

Unconsolidated Joint Ventures
AMB-SGP Mexico				58,825		165,499
AMB Japan Fund I		117,792		214,384		187,607		360,223
AMB Europe Fund I						5,217		4,127
AMB U.S. Logistics Fund				163,767		76,720		284,786
Other Industrial Joint Ventures		9,059		31,545				58,048

Subtotal		126,851		468,521		435,043		707,184

Total Consolidated		131,862		589,147		860,577		574,641
Total Unconsolidated		126,851		468,521		435,043		707,184

Total	$	258,713	$	1,057,668	$	1,295,620	$	1,281,825


Total AMBs Share	$	158,912	$	680,357	$	805,663	$	580,945

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

(2)		Subject to certain conditions.


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


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

Income Items


				Actual
				Quarter Ended
				June 30, 2010
Real Estate:
Wholly-ow ned property cash NOI from continuing operations⁽¹⁾				$	74,782
AMBs share of cash NOI from joint ventures:
Total cash NOI from joint ventures from continuing operations⁽¹⁾	$	118,266
AMBs share of joint ventures⁽¹⁾		33.9	%

AMBs share of cash NOI from joint ventures from continuing operations⁽¹⁾					40,108
Adjustments to AMBs share of cash NOI:
NOI attributed to construction-in-progress	$	(368	)
NOI attributed to pre-stabilized development projects⁽¹⁾		(4,864	)
NOI attributed to contributed developments		(119	)
NOI required to stabilize properties acquired during the quarter⁽²⁾		35
Other adjustments to AMBs share of cash NOI:⁽³⁾		5,096

Adjustments to AMBs share of cash NOI⁽⁴⁾					(220	)

Total AMBs share of cash NOI from continuing operations related to operating properties⁽¹⁾⁽⁵⁾				$	114,670

Development platform:⁽⁴⁾
Development starts				$

Private capital platform:
Total private capital revenue per common share and unit (diluted)				$	0.04

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	June 30, 2010
Development, land, value-added acquisitions and contributed assets, net of real estate impairment losses:⁽⁵⁾
Construction-in-progress (invested to date)	$	169,079
Pre-stabilized development projects (invested to date)⁽¹⁾		825,171
Value-added acquisitions⁽¹⁾		13,115
Land held for future development		589,075
Assets contributed to co-investment ventures⁽⁶⁾

Total development, land, value-added acquisitions and contributed assets, net of real estate impairment losses	$	1,596,440

Debt and preferred securities:⁽⁵⁾
Total debt	$	3,590,597
Preferred securities		232,500

Total debt and preferred securities	$	3,823,097

Other balance sheet items:⁽⁵⁾
Cash and cash equivalents and restricted cash	$	332,477
Accounts receivable (net) and other assets		353,311
Deferred rents receivable and deferred financing costs (net)		(100,100	)
Accounts payable and other liabilities		(391,676	)

Total other balance sheet items	$	194,012

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Includes an adjustment to remove any NOI generated from value-added acquisitions.
(3)		Other adjustments to AMBs share of cash NOI include free rent granted in the quarter and non-property related revenues and expenses.
(4)		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.
(5)		Includes investments held through unconsolidated joint ventures.
(6)		Represents AMBs share of assets contributed to unconsolidated co-investment ventures during the three months ended June 30, 2010.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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, Wholly-owned Adjusted EBITDA and AMBs share of Adjusted EBITDA. AMB uses adjusted earnings before interest (including the amount of capitalized interest deducted from the determination of development gains), tax, depreciation and amortization, impairment charges, restructuring, losses on early extinguishment of debt and other non-cash charges, stock based compensation amortization, and non-development gains, or adjusted EBITDA, to measure both its operating performance and liquidity. AMB considers adjusted EBITDA to provide investors relevant and useful information because it permits investors to view income from its operations on an unleveraged basis before the effects of tax, non-cash depreciation and amortization expense (including stock-based compensation amortization) or non-development gains. By excluding interest expense, adjusted EBITDA allows investors to measure AMBs operating performance independent of its capital structure and indebtedness and, therefore, allows for a more meaningful comparison of its operating performance between quarters as well as annual periods and to compare its operating performance to that of other companies, both in the real estate industry and in other industries. AMB considers adjusted EBITDA to be a useful supplemental measure for reviewing its comparative performance with other companies because, by excluding non-cash depreciation and amortization expense, adjusted EBITDA can help the investing public compare the performance of a real estate company to that of companies in other industries. The impairment charges were principally a result of increases in estimated capitalization rates and deterioration in market conditions that adversely impacted values. The restructuring charges reflected costs associated with AMBs reduction in global headcount and cost structure. Debt extinguishment losses generally included the costs of repurchasing debt securities. AMB repurchased certain tranches of senior unsecured debt to manage its debt maturities in response to the current financing environment, resulting in greater debt extinguishment costs. Although difficult to predict, these items may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate and financial markets. While not infrequent or unusual in nature, these items result from market fluctuations that can have inconsistent effects on AMBs results of 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. AMB defines AMBs share of adjusted EBITDA to be AMB Property Corporations pro rata portion of adjusted EBITDA based on its direct or indirect percentage of equity interests in its joint ventures and other investments. AMB defines wholly-owned adjusted EBITDA to be that portion of adjusted EBITDA, which is solely attributable to assets and activities that are 100% directly or indirectly owned by AMB Property Corporation plus cash distributions from joint venture relationships. AMB includes these distributions as they are an additional source of cash flow available to service AMBs obligations. AMB believes these supplemental measures are useful by providing investors with more comprehensive disclosure regarding AMBs performance and its ability to cover its financial obligations on both a wholly owned basis and on a total portfolio basis.

(The following table reconciles adjusted EBITDA, wholly-owned adjusted EBITDA and AMBs share of adjusted EBITDA from net loss for the three and six months ended June 30, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Net income (loss)	$	9,313		$	29,034		$	8,693		$	(94,322	)
Depreciation and amortization		48,278			38,523			96,667			80,427
Impairment charges											175,887
Restructuring charges		872			3,824			3,845			3,824
Loss on early extinguishment of debt		579			657			579			657
Stock-based compensation amortization and other non-cash charges		5,921			4,837			12,925			12,334
Interest expense, including amortization		32,626			27,772			65,239			60,571
Total discontinued operations, including gains		(4,659	)		(12,549	)		(4,904	)		(31,418	)
Adjustment for depreciation on development profits								(1,546	)
Income tax expense		1,604			2,154			2,895			5,374
Capitalized interest attributable to development properties sold or contributed		2,782			1,925			2,982			11,899
Discontinued operations adjusted EBITDA		651			4,573			1,170			11,976
Less: Equity in earnings of unconsolidated joint ventures, net		(5,193	)		(4,284	)		(9,068	)		(4,250	)
Less: Adjusted EBITDA attributable to consolidated joint ventures		(25,332	)		(26,814	)		(49,380	)		(53,937	)
Distributions from consolidated and unconsolidated joint ventures		8,555			8,771			17,850			19,270

Wholly-owned adjusted EBITDA		75,997			78,423			147,947			198,292
Adjustments to derive adjusted EBITDA from consolidated joint ventures:
Distributions from consolidated joint ventures to AMB		(3,844	)		(4,783	)		(8,520	)		(12,019	)
Adjusted EBITDA attributable to consolidated joint ventures		25,332			26,814			49,380			53,937
Adjusted EBITDA attributable to noncontrolling interests		(13,804	)		(14,461	)		(27,019	)		(29,570	)
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
Distributions from unconsolidated joint ventures to AMB		(4,711	)		(3,988	)		(9,330	)		(7,251	)
AMBs share of FFO, as adjusted		15,444			11,786			29,897			23,921
AMBs share of interest expense		13, 340			10, 449			26, 241			20, 113

AMBs share of adjusted EBITDA	$	107,754		$	104,240		$	208,596		$	247,423

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

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


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


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

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

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

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

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

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

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 June 30, 2010, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended June 30, 2010 (dollars in thousands):


	For the Quarter Ended
	June 30, 2010
NOI	$	103,299
Straight-line rents and amortization of lease intangibles		(4,518	)
Consolidated joint venture cash NOI from continuing operations		(23,999	)

Wholly-owned property cash NOI		74,782
AMBs share of consolidated joint venture cash NOI		10,929
AMBs share of unconsolidated joint venture cash NOI		29,179
AMBs share of transaction adjustments		(220	)

AMBs share of cash-basis NOI	$	114,670

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 June 30, 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		34	%	$	68,494	$	(18,562	)	$	4,292		$	4,292		$	47,267		$	25,199
AMB Europe Fund I		35	%		20,548		(3,905	)		245			245			15,648			5,807
AMB Japan Fund I		20	%		24,765		(5,556	)		4,063			4,063			19,004			10,728
AMB-SGP Mexico		22	%		6,540		(650	)		(5,094	) ⁽¹⁾		(5,094	) ⁽¹⁾		5,759			(2,059	)
AMB DFS Fund I		15	%		8		(185	)		(291	)		(255	)		(177	)		(162	)
Consolidated Co-investment Ventures
AMB-SGP		50	%		10,770		(3,637	)		(971	)		(971	)		6,816			2,451
AMB Institutional Alliance Fund II		20	%		12,701		(3,238	)		2,492			2,495			9,347			5,733
AMB-AMS		39	%		3,944		(974	)		590			590			2,904			1,694


(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, 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.


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


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

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, AMB s 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, 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.

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 three and six months ended June 30, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
Fixed charge	2010			2009			2010			2009
Interest expense, including amortization continuing operations	$	32,626		$	27,772		$	65,239		$	60,571
Amortization of financing costs and debt premiums continuing operations		(3,344	)		(3,033	)		(6,516	)		(6,207	)
Interest expense, including amortization discontinued operations		3			145						518
Amortization of financing costs and debt premiums discontinued operations					(1	)					(4	)
Capitalized interest		7,911			12,276			15,652			25,491
Preferred unit distributions					1,432						2,864
Preferred stock dividends		3,952			3,952			7,904			7,904
Less: Fixed charge attributable to consolidated joint ventures		(12,162	)		(14,089	)		(25,348	)		(27,855	)

Wholly-owned fixed charge		28,986			28,454			56,931			63,282
Adjustments to derive fixed charge from consolidated joint ventures:
Fixed charge attributable to consolidated joint ventures		12,162			14,089			25,348			27,855
Fixed charge attributable to noncontrolling interests		(6,548	)		(7,953	)		(13,640	)		(15,790	)
Adjustments to derive fixed charge from unconsolidated joint ventures:
AMBs share of capitalized interest from unconsolidated joint ventures		328			162			593			400
AMBs share of interest expense from unconsolidated joint ventures		13,340			10,449			26,241			20,113

Total fixed charge	$	48,268		$	45,201		$	95,473		$	95,860

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


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


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

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.

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	$	(0.02	)	$	0.04
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	)
AMBs share of gains on dispositions of operating properties recognized to date		(0.03	)		(0.03	)
Impact of additional dilutive securities, other, rounding		(0.03	)		(0.03	)

Projected Funds From Operations, as adjusted (FFO, as adjusted)	$	1.20		$	1.26


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⁾	$	1.20		$	1.26

Amounts are expressed per share, except FFO, as adjusted, and Core FFO, as adjusted, which are expressed per share and unit.

(1) As development gains are difficult to predict in the current economic environment, management believes Projected Core FFO, as adjusted 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 in tangibles , reimbursable capital revenue and lease termination fees) for properties in the pool at period end.

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

Interest coverage. Interest coverage is defined as adjusted EBITDA divided by AMBs share of interest expense which consists of consolidated interest expense less joint venture partners share of interest expense, including amortization, from continuing and discontinued operations and AMBs share of interest expense from unconsolidated joint venture debt. AMB uses interest coverage to measure its liquidity. AMB believes interest coverage is relevant and useful to investors because it permits investors

to measure AMBs ability to meet its interest payments on outstanding debt. AMBs computation of interest coverage may not be comparable to interest coverage reported by other companies.

The following table details AMBs share of total interest for the three and six months ended June 30, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
Interest	2010			2009			2010			2009
Interest expense, including amortization continuing operations	$	32,626		$	27,772		$	65,239		$	60,571
Interest expense, including amortization discontinued operations		3			145						518
Joint venture partners share of interest expense		(6,142	)		(7,109	)		(12,918	)		(14,237	)
AMBs share of interest expense from unconsolidated co-investment ventures		13,340			10,449			26,241			20,113

Total interest	$	39,827		$	31,257		$	78,562		$	66,965

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.


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


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

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.

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

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

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

Same Store Net Operating Income, Cash-basis SS NOI (SS NOI) and Net Operating Income (NOI). AMB defines NOI as rental revenues, including reimbursements, less property operating expenses. NOI excludes depreciation, amortization, general and administrative expenses, restructuring charges, real estate impairment losses, development profits (losses), gains (losses) from sale or contribution of real estate interests, and interest expense. AMB believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, NOI is a useful supplemental measure calculated to help investors understand AMBs operating performance, excluding the effects of gains (losses), 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 three and six months ended June 30, 2010 and 2009 (dollars in thousands):


	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Net income (loss)	$	9,313		$	29,034		$	8,693		$	(94,322	)
Private capital income		(6,845	)		(7,795	)		(14,290	)		(19,490	)
Depreciation and amortization		48,278			38,523			96,667			80,427
Real estate impairment losses											175,887
General and administrative and fund costs		30,246			25,963			62,511			57,538
Restructuring charges		872			3,824			3,845			3,824
Total other income and expenses		26,094			20,824			50,931			26,778
Total discontinued operations		(4,659	)		(12,549	)		(4,904	)		(31,418	)

NOI		103,299			97,824			203,453			199,224
Less non same-store NOI		(17,894	)		(9,562	)		(33,440	)		(20,293	)
Less non cash adjustments⁽¹⁾		(2,698	)		77			(5,219	)		(350	)

Cash-basis same-store NOI	$	82,707		$	88,339		$	164,794		$	178,581

Less lease termination fees	$	(596	)	$	(478	)	$	(1,233	)	$	(1,261	)

Cash-basis same-store NOI, excluding lease termination fees	$	82,111		$	87,861		$	163,561		$	177,320


(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).


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


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

Value-added acquistions represent unstabilized properties which AMB acquires as a part of managements current belief that the discount in pricing attributed to the operating challenges of the property could provide greater returns, once stabilized, than the returns of stabilized properties, which are not value added acquisitions. Value added acquisitions generally have one or more of the following characteristics: (i) existing vacancy, typically in excess of 20%, (ii) short-term lease rollover, typically during the first two years of ownership, or (iii) significant capital improvement requirements, typically in excess of 20% of the purchase price. AMB excludes value added acquisitions from its owned and managed and consolidated operating statistics prior to stabilization (generally 90% leased) in order to provide investors with data which it feels better reflects the performance of its core portfolio.

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).

Wholly-owned fixed charge coverage is defined as wholly-owned adjusted EBITDA divided by wholly-owned fixed charges. AMB believes that wholly-owned fixed charge coverage is useful to certain investors whose focus is to understand AMBs ability to cover those fixed charges which arise only from obligations which are solely AMBs with adjusted EBITDA which is solely attributed to 100% owned assets and activities plus cash distributions from joint ventures. See Fixed Charge Coverage.


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


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2010 Second 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 Second 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 factors regarding recovery of our operating performance, long term prospects for AMB and industrial real estate, our buying advantage and investment opportunities available to us (including distressed or strategic transactions), utilization of low yielding assets and acquiring assets in excess of cost of capital, our investments in co-investment funds to be FFO, as adjusted, accretive and to enhance NAV, 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, utilization of development capacity to recover G&A, our ability to outperform national occupancy rates, implementation of leasing strategies, the consummation of asset sales marketed, under contract or LOI, 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 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, leveraging of relationships, continuation and effectiveness of strategic drivers, information regarding our development, value-added conversion, redevelopment and value-added acquisition 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 and other projects, margins, projected gains and returns, sustainability, profitability, demand for projects, targeted value-added conversion and acquisition projects, intent of property use, 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, timing and amounts of incentive, asset management, acquisition and other private capital distributions and fees, private capital demand, launching of additional joint ventures, termination of funds, planned gross capitalization, future balance sheet capacity to cover capital requirements, our plans and ability to retire, refinance and issue secured and unsecured debt and maintain fixed charge coverage at certain levels, ability to exercise or maintain credit extensions, our position to maintain a solid financial position, maintain leverage targets and address debt maturities and interest rate changes, 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

Documents