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		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

TABLE OF CONTENTS


Financial Highlights			1
Consolidated Balance Sheets			2
Consolidated Statements of Operations			3
Consolidated Statements of Funds from Operations			4
Adjusted EBITDA and Coverage Ratios			5
Supplemental Cash Flow Information			6
Industrial Operating and Leasing Statistics			7
Industrial Market Operating Statistics			8
Industrial Portfolio Overview			9
Industrial Lease Expirations			10
Top 25 Customers			11
Historical Industrial Operating and Leasing Statistics			12
Acquisitions			13
Dispositions			14
Private Capital Joint Venture Activity			15
New Development & Renovation Projects			16
Development & Renovation Projects in Process			17
Development & Renovation Projects Stabilized, Sold or Contributed			19
Completed Development Projects Available for Sale or Contribution			20
Capitalization Summary			21
Co-Investment Consolidated Joint Ventures			22
Other Consolidated Joint Ventures			23
Unconsolidated Joint Ventures, Mortgage Investments and Other Investments			24
Reporting Definitions			25
Supplemental Financial Measures Disclosures			26
AMB Property Corporation Contacts			27

In the prior quarter, management restated AMB’s previously issued financial statements for the years ended December 31, 2003, 2002 and 2001 filed on Form 10-K/A and for the quarters ended March 31, 2004 and June 30, 2004 filed on Form 10-Q/A to reflect additional depreciation expense. The restatement affected the Company’s depreciation expense, net income and earnings per share for the prior periods. The net impact of the restatement of depreciation expense on earnings per share results reduced EPS by $0.02 from $1.43 to $1.41 for 2001; by $0.04 from $1.37 to $1.33 for 2002 and by $0.06 from $1.47 to $1.41 for 2003. This restatement of depreciation expense did not impact the Company’s previously reported funds from operations (FFO) per fully diluted share and unit as, in accordance with NAREIT’s FFO definition, the Company adds back real estate-related depreciation to calculate FFO. Please see the Company’s October 12, 2004 earnings press release, its annual report for the year ended December 31, 2003 in Amendment No. 2 on Form 10-K/A, its quarterly report for the quarter ended March 31, 2004 in Amendment No. 1 on Form 10-Q/A and its quarterly report for the quarter ended June 30, 2004 in Amendment No. 1 on Form 10-Q/A for more detail.

Cover: AMB CDG Cargo Center is a modern 501,000 square foot (46,525 square meter) on-airport cargo facility located at Paris Roissy Charles de Gaulle Airport. The property was acquired in October 2004 and is 100% leased to La Poste, Europe’s second largest postal service and AMB’s fifth largest customer.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data)


	Quarters Ended December 31,									Years Ended December 31,
	2004			Change			2003			2004			Change			2003
Operating Data
Revenues	$	174,368			11.3	%	$	156,735		$	665,689			13.5	%	$	586,629
Adjusted EBITDA ⁽¹⁾		129,121			3.6	%		124,631			490,630			6.0	%		463,005
Net income available to common stockholders (restated) ⁽³⁾		56,152			121.7	%		25,325			118,340			1.4	%		116,716
FFO ⁽²⁾		56,285			8.5	%		51,865			207,314			11.1	%		186,666
Per diluted share and unit:
EPS (restated) ⁽³⁾	$	0.65			116.7	%	$	0.30		$	1.39			(1.4	%)	$	1.41
FFO ⁽²⁾		0.62			5.1	%		0.59			2.30			8.0	%		2.13
Dividends per common share		0.425			2.4	%		0.415			1.70			2.4	%		1.66

Ratios
Interest coverage ⁽¹⁾		3.2	x					3.2	x		3.0	x					3.1	x
Fixed charge coverage ⁽¹⁾		2.4	x					2.6	x		2.3	x					2.4	x
FFO payout		69	%					70	%		74	%					78	%


	As of
	December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004			December 31, 2003
Capitalization
AMB’s share of total debt ⁽⁴⁾	$	2,395,046		$	2,581,627		$	2,363,536		$	2,128,464			1,954,314
Preferred equity		392,325			392,325			355,846			355,846			355,846
Market equity		3,554,108			3,245,525			3,026,532			3,246,769			2,845,984

Total capitalization	$	6,341,479		$	6,219,477		$	5,745,914		$	5,731,079			5,156,144


Ratios
AMB’s share of total debt-to-total book capitalization (restated) ⁽³⁾⁽⁴⁾		54.0	%		56.3	%		54.6	%		51.8	%		49.6	%
AMB’s share of total debt-to-total market capitalization ⁽⁴⁾		37.8	%		41.5	%		41.1	%		37.1	%		37.9	%
Total common shares and units outstanding		87,994,744			87,669,504			87,396,245			87,349,167			86,556,703

⁽¹⁾ See the footnotes to the Adjusted EBITDA and Coverage Ratios.

⁽²⁾ See the footnotes to the Consolidated Statements of Funds from Operations.

⁽³⁾ See Table of Contents for discussion of restated amounts for prior periods.

⁽⁴⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)


	As of
	December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004			December 31, 2003
							(Restated) ⁽¹⁾			(Restated) ⁽¹⁾			(Restated) ⁽¹⁾
Assets

Investments in real estate:
Total investments in properties	$	6,526,144		$	6,302,529		$	6,051,308		$	5,730,654		$	5,491,707
Accumulated depreciation		(615,646	)		(595,438	)		(560,877	)		(524,115	)		(485,559	)

Net investments in properties		5,910,498			5,707,091			5,490,431			5,206,539			5,006,148
Investment in unconsolidated joint ventures		55,166			48,601			52,579			54,006			52,009
Properties held for contribution, net		—			11,854			11,143			—			—
Properties held for divestiture, net		87,340			59,924			39,246			9,628			11,751

Net investments in real estate		6,053,004			5,827,470			5,593,399			5,270,173			5,069,908
Cash and cash equivalents		146,593			174,323			146,136			150,903			156,663
Mortgages receivable		13,738			23,068			23,594			23,620			43,145
Accounts receivable, net		109,028			102,078			96,524			92,081			88,452
Other assets		64,580			94,711			76,958			69,669			51,391

Total assets	$	6,386,943		$	6,221,650		$	5,936,611		$	5,606,446		$	5,409,559


Liabilities and Stockholders’ Equity

Secured debt	$	1,892,524		$	1,617,944		$	1,552,084		$	1,457,630		$	1,363,890
Unsecured senior debt securities		1,003,940			1,025,000			1,025,000			1,025,000			925,000
Unsecured debt		9,028			9,182			9,334			9,482			9,628
Unsecured credit facilities		351,699			583,864			428,502			261,369			275,739
Accounts payable and other liabilities		262,286			278,350			256,574			208,614			187,095

Total liabilities		3,519,477			3,514,340			3,271,494			2,962,095			2,761,352
Minority interests:
Joint venture partners		828,622			701,639			698,549			662,235			658,723
Preferred unitholders		278,378			278,378			241,899			241,873			241,899
Limited partnership unitholders		89,326			88,026			88,190			89,036			90,448

Total minority interests		1,196,326			1,068,043			1,028,638			993,144			991,070
Stockholders’ equity:
Common stock		1,567,936			1,536,063			1,533,275			1,547,995			1,553,764
Preferred stock		103,204			103,204			103,204			103,212			103,373

Total stockholders’ equity		1,671,140			1,639,267			1,636,479			1,651,207			1,657,137

Total liabilities and stockholders’ equity	$	6,386,943		$	6,221,650		$	5,936,611		$	5,606,446		$	5,409,559

(1) See Table of Contents for discussion of restated amounts for prior periods.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share data)


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2004			2003			2004			2003
				(Restated) ⁽¹⁾						(Restated) ⁽¹⁾
Revenues
Rental revenues	$	169,550		$	151,242		$	652,794		$	573,292
Private capital income		4,818			5,493			12,895			13,337

Total revenues		174,368			156,735			665,689			586,629

Costs and expenses
Property operating costs		(43,431	)		(39,699	)		(168,506	)		(152,023	)
Depreciation and amortization		(43,168	)		(34,823	)		(160,026	)		(132,167	)
Impairment losses		—			—			—			(5,251	)
General and administrative		(13,987	)		(12,234	)		(58,956	)		(46,429	)
Fund costs		(1,004	)		(186	)		(1,741	)		(825	)

Total costs and expenses		(101,590	)		(86,942	)		(389,229	)		(336,695	)

Operating income		72,778			69,793			276,460			249,934

Other income and expenses
Equity in earnings of unconsolidated joint ventures		525			1,223			3,781			5,445
Interest income and other, net		682			865			3,958			4,009
Gains from dispositions of real estate		5,219			—			5,219			7,429
Development profits, net of taxes		3,772			8,929			8,528			14,441
Interest expense, including amortization		(39,401	)		(38,537	)		(157,852	)		(146,230	)

Total other income and expenses		(29,203	)		(27,520	)		(136,366	)		(114,906	)

Income before minority interests and discontinued operations		43,575			42,273			140,094			135,028

Minority interests’ share of income:
Joint venture partners’ share of income		(10,000	)		(7,972	)		(37,817	)		(31,726	)
Joint venture partners’ share of development profits		(64	)		(4,996	)		(958	)		(8,442	)
Preferred unitholders		(5,395	)		(5,534	)		(20,161	)		(24,607	)
Limited partnership unitholders		(970	)		(888	)		(3,318	)		(2,890	)

Total minority interests’ share of income		(16,429	)		(19,390	)		(62,254	)		(67,665	)

Income from continuing operations		27,146			22,883			77,840			67,363

Discontinued operations:
Income attributable to discontinued operations, net of minority interests		1,108			2,078			5,626			18,869
Gain from disposition of real estate, net of minority interests		29,680			3,317			42,005			42,896

Total discontinued operations		30,788			5,395			47,631			61,765

Net income		57,934			28,278			125,471			129,128
Preferred stock dividends		(1,782	)		(1,211	)		(7,131	)		(6,999	)
Preferred stock unit issuance costs		—			(1,742	)		—			(5,413	)

Net income available to common stockholders	$	56,152		$	25,325		$	118,340		$	116,716

Net income per common share (diluted)	$	0.65		$	0.30		$	1.39		$	1.41

Weighted average common shares (diluted)		86,263,305			83,667,798			85,368,626			82,852,528

(1) See Table of Contents for discussion of restated amounts for prior periods.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS ⁽¹⁾
(dollars in thousands, except share data)


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2004			2003 ⁽²⁾			2004			2003 ⁽²⁾
				(Restated) ⁽³⁾						(Restated) ⁽³⁾
Net income	$	57,934		$	28,278		$	125,471		$	129,128
Gain from disposition of real estate, net of minority interests		(34,899	)		(3,317	)		(47,224	)		(50,325	)
Real estate related depreciation and amortization:
Total depreciation and amortization		43,168			34,823			160,026			132,167
Discontinued operations’ depreciation		1,451			2,321			7,324			10,170
FF&E depreciation		(363	)		(172	)		(871	)		(720	)
Adjustments to derive FFO from consolidated JVs:
Joint venture partners’ minority interests (NI)		10,000			7,972			37,817			31,726
Limited partnership unitholders’ minority interests (NI)		970			888			3,318			2,890
Limited partnership unitholders’ minority interests (Development profits)		213			229			435			344
Discontinued operations’ minority interests (NI)		678			640			4,573			4,991
FFO attributable to minority interests		(22,020	)		(17,756	)		(80,192	)		(65,603	)
Adjustments to derive FFO from unconsolidated JVs:
AMB’s share of net income		(525	)		(1,223	)		(3,781	)		(5,445	)
AMB’s share of FFO		1,460			2,135			7,549			9,755
Preferred stock dividends		(1,782	)		(1,211	)		(7,131	)		(6,999	)
Preferred stock unit issuance costs		—			(1,742	)		—			(5,413	)

Funds from operations	$	56,285		$	51,865		$	207,314		$	186,666


FFO per common share and unit (diluted)	$	0.62		$	0.59		$	2.30		$	2.13


Weighted average common shares and units (diluted)		91,003,313			88,360,432			90,120,250			87,616,365

⁽¹⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes FFO is a useful supplemental measure of operating performance, of ways in which investors might use FFO when assessing AMB’s financial performance, and of FFO’s limitations as a measurement tool.

⁽²⁾ Effective January 1, 2003, the Company discontinued its practice of deducting amortization of investments in leasehold interests from FFO as such an adjustment is not provided for in NAREIT’s FFO definition. As a result, FFO for the periods presented has been adjusted to reflect the changes.

⁽³⁾ See Table of Contents for discussion of restated amounts for prior periods.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

ADJUSTED EBITDA ⁽¹⁾ AND COVERAGE RATIOS
(dollars in thousands)


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2004			2003			2004			2003
				(Restated) ⁽⁴⁾						(Restated) ⁽⁴⁾
Net income	$	57,934		$	28,278		$	125,471		$	129,128

Depreciation and amortization		43,168			34,823			160,026			132,167
Impairment losses		—			—			—			5,251
Stock-based compensation amortization		2,501			2,075			10,444			8,075
Adjustments to derive adjusted EBITDA from unconsolidated JVs:
AMB’s share of net income		(525	)		(1,223	)		(3,781	)		(5,445	)
AMB’s share of FFO		1,460			2,135			7,549			9,755
AMB’s share of interest expense		953			693			3,927			2,775
Gains from dispositions of real estate		(5,219	)		—			(5,219	)		(7,429	)
Interest, including amortization		39,401			38,537			157,852			146,230
Total minority interests’ share of income		16,429			19,390			62,254			67,665
Total discontinued operations, including (gains) losses		(30,788	)		(5,395	)		(47,631	)		(61,765	)
Discontinued operations’ adjusted EBITDA		3,807			5,318			19,738			36,598

Adjusted EBITDA	$	129,121		$	124,631		$	490,630		$	463,005

Interest
Interest expense, including amortization - continuing operations	$	39,401		$	38,537		$	157,852		$	146,230
Interest expense, including amortization - discontinued operations		570			279			2,215			2,568
AMB’s share of interest expense from unconsolidated JVs		953			693			3,927			2,775

Total interest	$	40,924		$	39,509		$	163,994		$	151,573

Interest coverage ⁽²⁾		3.2	x		3.2	x		3.0	x		3.1	x

Fixed charge
Interest expense, including amortization - continuing operations	$	39,401		$	38,537		$	157,852		$	146,230
Amortization of financing costs and debt premiums - continuing operations		(790	)		(472	)		(290	)		(1,996	)
Interest expense, including amortization - discontinued operations		570			279			2,215			2,568
Amortization of financing costs and debt premiums - discontinued operations		(18	)		—			(155	)		(53	)
AMB’s share of interest expense from unconsolidated JVs		953			693			3,927			2,775
Capitalized interest		6,875			2,454			18,687			8,526
Preferred unit distributions		5,395			5,534			20,161			24,607
Preferred stock dividends		1,782			1,211			7,131			6,999

Total fixed charge	$	54,168		$	48,236		$	209,528		$	189,656


Fixed charge coverage ⁽³⁾		2.4	x		2.6	x		2.3	x		2.4	x

⁽¹⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes adjusted EBITDA is a useful supplemental measure of operating performance and liquidity, of ways in which investors might use adjusted EBITDA when assessing AMB’s financial performance, and of adjusted EBITDA’s limitations as a measurement tool.

⁽²⁾ See Reporting Definitions for Interest coverage and Supplemental Financial Measures Disclosures for a discussion of why management believes Interest coverage is a useful supplemental measure of liquidity.

⁽³⁾ See Reporting Definitions for Fixed charge coverage and Supplemental Financial Measures Disclosures for a discussion of why management believes Fixed charge coverage is a useful supplemental measure of liquidity.

⁽⁴⁾ See Table of Contents for discussion of restated amounts for prior periods.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

SUPPLEMENTAL CASH FLOW INFORMATION
(dollars in thousands)


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2004			2003			2004			2003
Supplemental Information:

Straight-line rents and amortization of lease intangibles	$	4,320		$	3,830		$	16,281			$	10,662
AMB’s share of straight-line rents and amortization of lease intangibles	$	2,530		$	2,017		$	11,107			$	6,672
AMB’s share of unconsolidated JV’s NOI ⁽¹⁾	$	2,204		$	2,733		$	10,859			$	11,961
JV Partners’ share of cash basis NOI ⁽¹⁾	$	34,824		$	25,442		$	123,881			$	101,059
Discontinued operations’ NOI - Held for Sale ⁽¹⁾	$	1,681		$	1,860		$	7,263			$	7,477
Discontinued operations’ NOI - Sold ⁽¹⁾	$	2,125		$	3,440		$	12,425			$	28,957
Stock-based compensation amortization	$	2,501		$	2,075		$	10,444			$	8,075
Capitalized interest	$	6,875		$	2,454		$	18,687			$	8,526

Recurring capital expenditures:
Tenant improvements	$	9,464		$	6,977		$	26,728			$	19,091
Lease commissions and other lease costs		6,848			5,103			24,247				21,031
Building improvements		8,659			4,914			20,756				16,128

Sub-total		24,971			16,994			71,731				56,250
JV Partners’ share of capital expenditures		(6,438	)		(3,054	)		(18,059	)			(14,831	)

AMB’s share of recurring capital expenditures	$	18,533		$	13,940		$	53,672			$	41,419

(1) See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

INDUSTRIAL OPERATING AND LEASING STATISTICS
(dollars in thousands, except per square foot amounts)


				Year-to-
Operating Portfolio ⁽¹⁾	Quarter			Date
Square feet owned at December 31, 2004 ⁽³⁾		90,278,803			90,278,803

Occupancy percentage at December 31, 2004		94.8	%		94.8	%

Weighted average lease terms:
Original	6.1 years			6.1 years
Remaining	3.3 years			3.3 years
Tenant retention		68.1	%		66.8	%

Same Space Leasing Activity: ⁽⁴⁾
Rent increases (decreases) on renewals and rollovers ⁽³⁾		(12.4	%)		(13.2	%)
Same space square footage commencing (millions)		4.3			17.5

2nd Generation Leasing Activity:
TIs and LCs per square foot:
Retained	$	2.02		$	1.73
Re-tenanted		4.24			2.70

Weighted average	$	3.14		$	2.27


Square footage commencing (millions)		5.3			22.5


				Year-to-
Same Store Pool⁽²⁾	Quarter			Date
Square feet in same store pool at December 31, 2004		74,516,427			74,516,427
% of total industrial square feet		82.5	%		82.5	%

Occupancy percentage at period end:
December 31, 2004		95.3	%		95.3	%
December 31, 2003		93.4	%		93.4	%

Tenant retention		67.8	%		66.4	%

Rent increases (decreases) on renewals and rollovers		(13.6	%)		(14.7	%)
Same space square footage commencing (millions)		4.0			16.2

Cash basis NOI % change ⁽⁵⁾:
Revenues		(0.6	%)		(0.8	%)
Expenses		(3.3	%)		(0.5	%)
NOI ⁽⁵⁾		0.4	%		(0.9	%)
NOI without lease termination fees ⁽⁵⁾		0.7	%		(0.9	%)

⁽¹⁾ Includes all consolidated industrial operating properties and excludes industrial development and renovation projects. Excludes retail and other properties’ square feet of 474,368 with occupancy of 71.4% and annualized base rent of $3.8 million.

⁽²⁾ The same store pool excludes properties purchased and developments stabilized after December 31, 2002. See Reporting Definitions.

⁽³⁾ In addition to owned square feet as of December 31, 2004, the Company manages, through its subsidiary, AMB Capital Partners, 0.4 million additional square feet of industrial, retail and other properties. The Company also has investments in 10.3 million square feet of operating industrial properties through its investments in unconsolidated joint ventures.

⁽⁴⁾ Consists of second generation leases renewing or re-tenanting with current and prior lease terms greater than one year.

⁽⁵⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

INDUSTRIAL MARKET OPERATING STATISTICS ⁽¹⁾
As of December 31, 2004


																												Total
													No. New			San												U.S. Hub and			Total			Total/
							Dallas/			Los			Jersey/			Francisco									On-			Gateway			Other			Weighted
	Atlanta			Chicago			Ft. Worth			Angeles ⁽²⁾			New York			Bay Area			Miami			Seattle			Tarmac ⁽³⁾			Markets			Markets			Average
Number of buildings		45			100			40			150			125			139			49			64			38			750			234			984
Rentable square feet		5,132,333			9,345,110			3,799,444			13,288,870			9,258,334			11,104,642			5,170,909			6,857,569			2,941,345			66,898,556			23,380,247			90,278,803
% of total rentable square feet		5.7	%		10.4	%		4.2	%		14.7	%		10.3	%		12.3	%		5.7	%		7.6	%		3.2	%		74.1	%		25.9	%		100.0	%
Occupancy percentage		92.4	%		94.2	%		91.8	%		98.3	%		94.5	%		93.8	%		93.1	%		96.7	%		96.3	%		95.0	%		94.2	%		94.8	%
Annualized base rent (000’s)	$	19,062		$	41,483		$	13,258		$	81,890		$	63,590		$	71,966		$	34,495		$	34,916		$	45,848		$	406,508		$	145,669		$	552,177
% of total annualized base rent		3.5	%		7.5	%		2.5	%		14.8	%		11.5	%		13.0	%		6.2	%		6.3	%		8.3	%		73.6	%		26.4	%		100.0	%
Number of leases		163			204			119			419			377			407			239			267			250			2,445			892			3,337
Annualized base rent per square foot	$	4.02		$	4.71		$	3.80		$	6.27		$	7.27		$	6.91		$	7.17		$	5.27		$	16.19		$	6.40		$	6.61		$	6.45
Lease expirations as a % of ABR: ⁽⁴⁾
2005		15.6	%		21.9	%		18.1	%		13.8	%		9.4	%		18.5	%		22.2	%		14.6	%		16.4	%		16.1	%		16.9	%		16.3	%
2006		20.4	%		23.1	%		15.2	%		21.3	%		14.5	%		10.7	%		16.2	%		18.4	%		11.7	%		16.6	%		9.8	%		14.8	%
2007		13.6	%		25.0	%		14.5	%		14.1	%		14.5	%		16.5	%		22.0	%		18.9	%		5.9	%		16.0	%		16.1	%		16.0	%
Weighted average lease terms:
Original	5.8 years			5.6 years			5.4 years			6.1 years			6.6 years			5.2 years			6.0 years			5.7 years			8.2 years			6.0 years			6.5 years			6.1 years
Remaining	3.2 years			2.3 years			3.5 years			3.2 years			3.8 years			2.9 years			3.1 years			3.0 years			4.4 years			3.2 years			3.6 years			3.3 years
Tenant retention:
Quarter		56.1	%		74.8	%		94.5	%		67.1	%		31.1	%		65.5	%		72.5	%		76.5	%		78.1	%		67.3	%		69.5	%		68.1	%
Year-to-date		62.6	%		60.1	%		76.6	%		61.7	%		65.9	%		65.3	%		72.0	%		66.7	%		75.4	%		65.4	%		71.4	%		66.8	%

Rent increases on renewals and rollovers:
Quarter		(14.3	%)		(6.5	%)		(14.1	%)		2.7	%		6.4	%		(51.3	%)		(12.9	%)		(5.7	%)		(1.3	%)		(17.8	%)		2.8	%		(12.4	%)
Same space SF leased		36,250			593,642			283,650			528,714			249,397			576,025			302,335			257,419			181,689			3,009,121			1,329,957			4,339,078
Year-to-date		(12.4	%)		(5.9	%)		(13.1	%)		(3.0	%)		(3.9	%)		(43.1	%)		(5.1	%)		(7.8	%)		(2.7	%)		(15.3	%)		(3.6	%)		(13.2	%)
Same space SF leased		1,218,861			2,263,609			1,181,607			2,749,944			1,032,006			2,411,216			1,031,103			1,376,509			667,358			13,932,213			3,553,563			17,485,776

Same store cash basis NOI % change⁽⁵⁾:
Quarter		(4.3	%)		21.2	%		15.9	%		2.8	%		11.6	%		(12.8	%)		(9.8	%)		6.9	%		2.1	%		0.8	%		(0.7	%)		0.4	%
Year-to-date		(4.2	%)		1.9	%		0.9	%		2.8	%		(3.1	%)		(9.4	%)		(2.6	%)		3.0	%		5.1	%		(1.8	%)		1.9	%		(0.9	%)

Sq. feet owned in same store pool ⁽⁶⁾		4,943,591			7,254,655			3,532,884			11,778,861			6,182,388			10,696,621			4,348,139			4,857,434			2,404,378			55,998,951			18,517,476			74,516,427

AMB’s pro rata share of square feet		2,770,126			6,095,983			2,752,701			8,779,575			5,194,776			8,555,870			4,296,915			3,409,892			2,359,531			44,215,369			19,248,213			63,463,582

Total market square footage ⁽⁷⁾		6,066,769			13,893,317			4,708,441			17,320,438			10,793,255			11,563,682			5,791,707			7,033,554			—			77,171,163			33,550,535			110,721,698

⁽¹⁾ Includes all industrial consolidated operating properties and excludes industrial development and renovation projects.

⁽²⁾ The Company also has a 19.9 acre parking lot with 2,720 parking spaces and 12 billboard signs in the Los Angeles market immediately adjacent to LAX.

⁽³⁾ Includes domestic on-tarmac airport air cargo facilities at 14 airports.

⁽⁴⁾ See Reporting Definitions.

⁽⁵⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.

⁽⁶⁾ Same store pool at December 31, 2004 excludes properties purchased or developments stabilized after December 31, 2002. See Reporting Definitions.

⁽⁷⁾ Total market square footage includes industrial and retail operating properties, development properties, unconsolidated properties (100% SF), properties managed for third parties and reallocation of On-Tarmac properties into metro markets.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

INDUSTRIAL PORTFOLIO OVERVIEW
As of December 31, 2004


	Number		Rentable		% of Total						Annualized		% of Total					Annualized
	of		Square		Rentable			Occupancy			Base Rent		Annualized			Number		Base Rent per
	Buildings		Feet		Square Feet			Percentage			(000’s)		Base Rent			of Leases		Square Foot
Domestic Hub Markets		750		66,898,556		74.1	%		95.0	%	$	406,508		73.6	%		2,445	$	6.40

Other Markets Domestic Target Markets
Austin		10		1,656,254		1.8			99.5			11,125		2.0			36		6.75
Baltimore/Washington DC		64		4,245,420		4.7			95.9			33,663		6.1			287		8.27
Boston		36		4,309,262		4.8			93.0			27,781		5.0			100		6.94
Minneapolis		38		3,942,806		4.4			95.4			17,047		3.1			172		4.53

Subtotal/Weighted Average		148		14,153,742		15.7			95.3			89,616		16.2			595		6.64

Domestic Non-Target Markets
Charlotte		21		1,317,864		1.5			85.1			5,720		1.0			66		5.10
Columbus		1		240,000		0.3			90.0			547		0.1			10		2.53
Houston		1		410,000		0.5			100.0			2,172		0.4			1		5.30
Memphis		17		1,883,845		2.0			85.9			8,292		1.5			45		5.13
New Orleans		5		410,839		0.5			96.8			1,998		0.4			50		5.02
Newport News		1		60,215		0.1			76.8			566		0.1			2		12.24
Orlando		16		1,424,748		1.6			99.5			7,046		1.3			76		4.97
Portland		5		676,104		0.6			98.0			3,148		0.6			10		4.75
San Diego		5		276,167		0.3			91.4			1,955		0.4			20		7.75

Subtotal/Weighted Average		72		6,699,782		7.4			91.7			31,444		5.8			280		5.12

International Target Markets ⁽¹⁾
Amsterdam, Netherlands		2		302,091		0.3			100.0			3,572		0.6			2		11.82
Frankfurt, Germany		1		166,917		0.2			100.0			1,587		0.3			1		9.51
Mexico City, Mexico		1		120,251		0.1			0.0			—		0.0			0		—
Paris, France		4		1,022,063		1.2			100.0			8,148		1.5			4		7.97
Tokyo, Japan		6		915,401		1.0			99.2			11,302		2.0			10		12.44

Subtotal/Weighted Average		14		2,526,723		2.8			95.0			24,609		4.4			17		10.25


Total Other Markets		234		23,380,247		25.9			94.2			145,669		26.4			892	$	6.61


Total/Weighted Average		984		90,278,803		100.0	%		94.8	%	$	552,177		100.0	%		3,337	$	6.45

⁽¹⁾ Annualized base rent for leases denominated in foreign currencies is translated using the currency exchange rate at December 31, 2004.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

TOP 25 CUSTOMERS
As of December 31, 2004
(dollars in thousands)


				Percentage of			Percentage of
				Aggregate			Aggregate
		Aggregate Rentable		Leased	Annualized		Annualized
Customer Name ⁽¹⁾	Number of Leases	Square Feet		Square Feet ⁽²⁾	Base Rent ⁽³⁾		Base Rent ⁽⁴⁾
United States Government ⁽⁵⁾⁽⁶⁾	50		1,120,408	1.2%	$	18,767	3.4%
FedEx Corporation ⁽⁵⁾	24		1,264,178	1.4%		13,869	2.5%
Deutsche Post World Net ⁽⁵⁾	30		985,081	1.1%		8,233	1.5%
Harmonic Inc.	4		285,480	0.3%		6,424	1.2%
La Poste	2		854,435	0.9%		6,121	1.1%
Worldwide Flight Services ⁽⁵⁾	17		358,389	0.4%		4,225	0.8%
International Paper Company	7		525,893	0.6%		4,100	0.7%
Exel, Inc.	12		480,779	0.5%		3,817	0.7%
BAX Global Inc. ⁽⁵⁾	8		256,877	0.3%		3,805	0.7%
Panalpina, Inc.	8		646,636	0.7%		3,682	0.7%
Wells Fargo and Company	7		280,494	0.3%		3,498	0.6%
Forward Air Corporation	7		462,714	0.5%		3,314	0.6%
County of Los Angeles ⁽⁷⁾	11		213,230	0.2%		3,157	0.6%
Eagle Global Logistics, L.P.	8		520,243	0.6%		3,122	0.6%
Expeditors International	7		666,045	0.7%		3,093	0.6%
Ahold NV	7		680,565	0.8%		2,880	0.5%
UPS	15		416,496	0.5%		2,832	0.5%
Aeroground Inc.	5		208,867	0.2%		2,741	0.5%
Nippon Express USA	3		367,707	0.4%		2,695	0.5%
United Air Lines Inc. ⁽⁵⁾	5		118,825	0.1%		2,426	0.4%
Elmhult Limited Partnership	4		661,149	0.7%		2,318	0.4%
Intel International B.V.	1		183,892	0.2%		2,241	0.4%
Integrated Airline Services ⁽⁵⁾	6		233,656	0.3%		2,229	0.4%
Applied Materials, Inc.	1		290,557	0.3%		2,152	0.4%
Tokyo Nohin Daiko Co Ltd.	1		177,434	0.2%		2,105	0.4%

Total			12,260,030	13.6%	$	113,846	20.6%

⁽¹⁾ Customer(s) may be a subsidiary of or an entity affiliated with the named customer. The Company also holds a lease at our Park One property adjacent to LAX with an ABR of $6,749, which is not included.

⁽²⁾ Computed as aggregate leased square feet divided by the aggregate leased square feet of the industrial and retail properties.

⁽³⁾ See Reporting Definitions.

⁽⁴⁾ Computed as aggregate annualized base rent divided by the aggregate annualized base rent of the industrial, retail and other properties.

⁽⁵⁾ Apron rental amounts (but not square footage) are included.

⁽⁶⁾ United States Government includes the United States Postal Service (USPS), United States Customs, United States Department of Agriculture (USDA) and various other U.S. governmental agencies.

⁽⁷⁾ County of Los Angeles includes Child Support Services Department, the Fire Department, the District Attorney, the Sheriff’s Department and the City of Los Angeles.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

ACQUISITIONS
For the Quarter ended December 31, 2004
(dollars in thousands)


										AMB’s
		Number of		Square		Month of	Acquisition			Ownership
Property Name	Location	Buildings		Feet		Acquisition	Cost			Percentage
AMB Property Corporation
1. AMB CDG Cargo Center	Paris, France		1		500,795	October	$	38,889		100%
2. AMB Schiphol Distribution Center	Amsterdam, Netherlands		1		118,199	December		15,832		100%
3. AMB Funabashi Distribution Centers 3 & 4	Funabashi, Japan		2		301,591	December		21,482		100%

Total AMB Property Corporation Acquisitions			4		920,585			76,203


AMB Alliance Fund II
4. AMB District Industrial	Itasca, IL		1		50,755	December		2,230		21%
5. AMB Sivert Distribution	Bensenville, IL		1		49,875	December		2,657		21%

Total AMB Alliance Fund II Acquisitions			2		100,630			4,887


AMB Alliance Fund III
6. AMB Turnberry Distribution	Hanover Park, IL		5		1,678,910	December		98,736		20%

AMB Partners II
7. AMB Shady Oak Industrial Center	Eden Prairie, MN		1		59,538	December		2,967		20%
8. AMB Northpoint Industrial Center	Fridley, MN		3		207,476	December		10,867		20%
9. AMB Industrial Park Business Center	Plymouth, MN		1		113,054	December		5,845		20%

Total AMB Partners II Acquisitions			5		380,068			19,679


Total Fourth Quarter Acquisitions			16		3,080,193		$	199,505	⁽¹⁾	51%

Weighted Average Stabilized Cap Rate GAAP/Cash								7.8%/7.5	%

Total Year-to-Date Acquisitions			64		7,648,641		$	695,169	⁽²⁾	72%

Weighted Average Stabilized Cap Rate GAAP/Cash								7.8%/7.5	%

⁽¹⁾ Represents the total expected investment, including closing costs and estimated acquisition capital of $2.8 million.

⁽²⁾ Year-to-date total has been increased by $4.8 million representing a net non-cash increase to the acquisition cost associated with an intangible liability for the value attributable to below market leases and adjustments to the market value of assumed debt in accordance with SFAS 141, Business Combinations.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

NEW DEVELOPMENT & RENOVATION PROJECTS ⁽¹⁾
For the Quarter ended December 31, 2004
(dollars in thousands)


			Estimated	Estimated	Estimated		AMB’s
			Stabilization	Square	Total		Ownership
Projects	Location	Developer	Date	Feet	Investment ⁽¹⁾		Percentage
1. Interstate Crossdock ⁽²⁾⁽⁴⁾	Teterboro, NJ	AMB	Q3 05	616,992	$	53,600	100%
2. AMB Layline Distribution Center ⁽²⁾	Torrance, CA	AMB	Q1 06	250,000		26,300	100%
3. Highway 17 - 50 Broad Street ⁽²⁾⁽⁵⁾	Carlstadt, NJ	AMB	Q2 06	120,000		8,700	100%
4. Highway 17 - 55 Madison Street ⁽²⁾⁽⁶⁾	Carlstadt, NJ	AMB	Q2 06	150,446		11,900	100%
5. Northfield Building 700	Dallas, TX	Seefried Properties	Q3 06	108,640		6,000	20%
6. AMB Fokker Logistics Center 3 ⁽³⁾	Amsterdam, Netherlands	Delta Group	Q1 08	313,229		44,300	50%


Total Fourth Quarter New Projects				1,559,307	$	150,800	82%

Weighted Average Estimated Stabilized Cash Yield ⁽³⁾						7.8%

Total Year-to-Date New Projects				6,052,354	$	648,500	84%

Weighted Average Estimated Stabilized Cash Yield ⁽³⁾						8.3%

⁽¹⁾ Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, third party developer earnouts (if triggered by stabilization) and associated carry costs. The estimates are based on the Company’s current estimates and forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at December 31, 2004.

⁽²⁾ Represents a renovation project. See Reporting Definitions.

⁽³⁾ Yields on international projects are on an after-tax basis.

⁽⁴⁾ The estimated total investment represents $32.1 million for the existing building. The balance represents the additional renovation cost.

⁽⁵⁾ The estimated total investment represents $6.9 million for the existing building. The balance represents the additional renovation cost.

⁽⁴⁾ The estimated total investment represents $7.9 million for the existing building. The balance represents the additional renovation cost.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS ⁽¹⁾
As of December 31, 2004
(dollars in thousands)


				Estimated		Estimated			AMB’s
			Estimated	Square Feet		Total			Ownership
Projects	Location	Developer	Stabilization	at Stabilization		Investment ⁽¹⁾			Percentage
2005 Deliveries
1. Dulles Commerce Center - Bldg 100	Dulles, VA	Seefried Properties	Q1		50,030	$	4,000		20%
2. Nicholas Warehouse	Elk Grove Village, IL	AMB	Q1		131,728		12,500		100%
3. Patriot Distribution Center ⁽³⁾	Mansfield, MA	National Development	Q2		429,897		23,500		20%
4. Agave Bldg 1 ⁽⁵⁾	Mexico City, Mexico	G.Accion	Q2		397,210		20,100		90%
5. Somerville Distribution Center ⁽³⁾	Somerville, MA	Campanelli	Q2		197,384		17,900		20%
6. MIA Logistics Center ⁽³⁾	Miami, FL	AMB	Q2		147,182		10,100		20%
7. Airport South Bldg 500	Atlanta, GA	Seefried Properties	Q2		116,280		5,600		20%
8. Sterling Distribution 2 ⁽⁴⁾	Chino, CA	Majestic Realty	Q2		490,000		17,100		40%
9. Interstate Crossdock ⁽³⁾	Teterboro, NJ	AMB	Q3		616,992		53,600		100%
10. Beacon Lakes 9	Miami, FL	Codina Development	Q3		206,656		10,200		79%
11. Sterling Distribution 3 ⁽⁴⁾	Chino, CA	Majestic Realty	Q4		390,000		14,100		50%
12. Spinnaker Logistics ⁽³⁾	Redondo Beach, CA	AMB-IAC	Q4		279,431		28,900		39%
13. Encino Distribution Center ⁽⁵⁾	Mexico City, Mexico	G Accion	Q4		571,267		31,000		90%
14. Narita Air Cargo 1 - Phase 1 Bldg B ⁽⁵⁾	Narita, Japan	AMB Blackpine	Q4		576,842		70,900		100%
15. AMB West O’Hare Bldg 1	Elk Grove Village, IL	AMB	Q4		189,240		14,400		20%
16. AMB Amagasaki Distribution Center ⁽⁵⁾	Osaka, Japan	AMB Blackpine	Q4		973,037		100,700		100%

Total 2005 Deliveries					5,763,176		434,600		76%

Leased/ Funded-to-date					48%	$	274,800	⁽²⁾
Weighted Average Estimated Stabilized Cash Yield ⁽⁵⁾							8.7%

Continued on next page

⁽¹⁾ Represents total estimated cost of renovation, expansion or development, including initial acquisition costs, third party developer earnouts (if triggered by stabilization) and associated carry costs. The estimates are based on the Company’s current estimates and forecasts and are subject to change. Excludes 1,263 acres of land held for future development or sale (representing a potential 22.2 million square feet) totaling $224.8 million, including acquisition and carry costs. Non-US Dollar investments are translated to US Dollars using the exchange rate at December 31, 2004.

⁽²⁾ AMB’s share of amounts funded to date for 2005, 2006, 2007 and 2008 deliveries was $209.9 million, $173.4 million, $1.5 million and $8.6 million, respectively, for a total of $393.4 million.

⁽³⁾ Represents a renovation project. See Reporting Definitions.

⁽⁴⁾ Represents projects in unconsolidated joint ventures.

⁽⁵⁾ Yields on international projects are on an after-tax basis.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS ⁽¹⁾
As of December 31, 2004
(dollars in thousands)
(continued)


				Estimated			Estimated			AMB’s
			Estimated	Square Feet			Total			Ownership
Projects	Location	Developer	Stabilization	at Stabilization			Investment ⁽¹⁾			Percentage
2006 Deliveries
17. Dulles Commerce Center - Bldg 150	Dulles, VA	Seefried Properties	Q1		71,880			5,800		20%
18. AMB Layline Distribution Center ⁽³⁾	Torrance, CA	AMB	Q1		250,000			26,300		100%
19. Nash Logistics Center	El Segundo, CA	AMB - IAC	Q1		75,000			12,000		50%
20. Narita Air Cargo 1 - Phase 1 Bldg A ⁽⁵⁾	Narita, Japan	AMB Blackpine	Q1		108,005			13,300		100%
21. AMB West O’Hare Building 2	Elk Grove Village, IL	AMB	Q1		119,708			8,800		20%
22. Highway 17 - 50 Broad Street ⁽³⁾	Carlstadt, NJ	AMB	Q2		120,000			8,700		100%
23. Highway 17 - 55 Madison Street ⁽³⁾	Carlstadt, NJ	AMB	Q2		150,446			11,900		100%
24. AMB Ohta Distribution Center ⁽⁵⁾	Tokyo, Japan	AMB Blackpine	Q2		816,866			195,100		100%
25. Singapore Airport Logistics Center Bldg 2 ^{(4) (5)}	Changi Airport, Singapore	Boustead Projects PTE	Q2		254,267			11,800		50%
26. Dulles Commerce Center - Bldg 200	Dulles, VA	Seefried Properties	Q2		97,232			7,300		20%
27. Beacon Lakes 6	Miami, FL	Codina Development	Q2		203,720			11,100		79%
28. Northfield Bldg 700	Dallas, TX	Seefried Properties	Q3		108,640			6,000		20%

Total 2006 Deliveries					2,375,764			318,100		89%

Leased/Funded-to-date					0	%	$	195,900	⁽²⁾
Weighted Average Estimated Stabilized Cash Yield ⁽⁵⁾								7.7	%
2007 Deliveries
29. MAD Logistics Center ⁽⁵⁾	Madrid, Spain	Codina Torimbia	Q2		454,779			31,700		80%

Total 2007 Deliveries					454,779			31,700		80%

Leased/Funded-to-date					0	%	$	1,800	⁽²⁾
Weighted Average Estimated Stabilized Cash Yield ⁽⁵⁾								8.3	%
2008 Deliveries
30. AMB Fokker Logistics Center 3 ⁽⁵⁾	Amsterdam, Netherlands	Delta Group	Q1		313,229			44,300		50%

Total 2008 Deliveries					313,229			44,300		50%

Leased/Funded-to-date					0	%	$	17,300	⁽²⁾
Weighted Average Estimated Stabilized Cash Yield ⁽⁵⁾								8.3	%
Total Scheduled Deliveries ⁽¹⁾					8,906,948		$	828,700		80%


Leased/Funded-to-date					31	%	$	489,800	⁽²⁾
Weighted Average Estimated Stabilized Cash Yield ⁽⁵⁾								8.3	%


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS ⁽¹⁾
STABILIZED, SOLD OR CONTRIBUTED
For the Quarter ended December 31, 2004
(dollars in thousands)


									AMB’s
			Square			Total			Ownership
Projects Placed in Operations	Location	Developer	Feet			Investment ⁽¹⁾			Percentage
1. Sterling Distribution Center Bldg 1 ⁽²⁾	Chino, CA	Majestic Realty		1,000,000		$	36,100		40%
2. JFK Air Cargo - 179 149th Road ⁽³⁾	New York, NY	AMB		15,578			2,200		100%
3. Chancellor ⁽³⁾	Orlando, FL	AMB		201,600			8,300		100%


Total Fourth Quarter Placed in Operations				1,217,178		$	46,600		54%

Leased/Weighted Average Stabilized Cash Yield ⁽⁴⁾				100	%		8.8	%

Total Year-to-Date Placed in Operations				2,058,426		$	88,900		50%

Weighted Average Stabilized Cash Yield ⁽⁴⁾							9.4	%


							AMB’s	AMB’s Recognized
		Sold or	Square				Ownership	Share of
Projects Sold or Contributed	Location	Contributed	Feet		Sale Price		Percentage	Net Cash Gain
1. Orlando Central Park Land	Orlando, FL	Sold		—	$	1,416	100%
2. Carson Town Center E3 Land	Carson, CA	Sold		—		6,869	95%
3. Central Business Park B	SF Bay Area	Sold		16,895		1,858	100%
4. Central Business Park F	SF Bay Area	Sold		22,460		2,471	100%
5. Agave Bldg 3	Mexico City, Mexico	Contributed		224,020		15,500	90%


Total Fourth Quarter Sold or Contributed				263,375	$	28,114	93%	$	3,921


Total Year-to-Date Sold or Contributed				488,598	$	55,901	94%	$	8,005

⁽¹⁾ Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, Development Alliance Partner^®earnouts (if triggered by stabilization) and associated carry costs. The estimates are based on the Company’s current estimates and forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at December 31, 2004.

⁽²⁾ Represents projects in unconsolidated joint ventures.

⁽³⁾ Represents a renovation project. See Reporting Definitions.

⁽⁴⁾ Yields on international projects are on an after-tax basis.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CAPITALIZATION SUMMARY
As of December 31, 2004
(dollars in thousands, except share price)


	AMB			Joint			Unsecured
	Secured			Venture			Senior debt			Unsecured			Credit			Total
Year	Debt ⁽¹⁾			Debt ⁽¹⁾			Securities			Debt			Facilities ⁽²⁾			Debt
2005	$	43,398		$	65,802		$	250,000		$	647		$	—		$	359,847
2006		80,641			72,184			75,000			698			27,826			256,349
2007		16,386			70,920			75,000			752			323,873			486,931
2008		42,091			174,431			175,000			810			—			392,332
2009		5,644			119,163			100,000			873			—			225,680
2010		71,471			149,960			75,000			941			—			297,372
2011		80,319			412,055			75,000			1,014			—			568,388
2012		133,781			177,833			—			1,093			—			312,707
2013		1,985			117,346			53,940	⁽³⁾		920			—			174,191
2014		2,105			3,777			—			616			—			6,498
Thereafter		7,108			33,358			125,000			664			—			166,130

Sub-total		484,929			1,396,829			1,003,940			9,028			351,699			3,246,425

Unamortized premiums		3,510			7,256			—			—			—			10,766

Total consolidated debt		488,439			1,404,085			1,003,940			9,028			351,699			3,257,191

AMB’s share of unconsolidated JV Debt⁽⁴⁾		—			105,829			—			—			—			105,829


Total debt		488,439			1,509,914			1,003,940			9,028			351,699			3,363,020

JV partners’ share of consolidated JV debt		—			(967,974	)		—			—			—			(967,974	)


AMB’s share of total debt⁽⁷⁾	$	488,439		$	541,940		$	1,003,940		$	9,028		$	351,699		$	2,395,046


Weighted average interest rate		5.3	%		6.4	%		6.6	%		7.5	%		1.9	%		5.8	%

Weighted average maturity (in years)		5.4			6.1			4.6			9.8			2.4			5.1


Market Equity
Security	Shares		Price		Value
Common Stock		83,248,640	$	40.39	$	3,362,413
LP Units		4,746,104		40.39		191,695

Total		87,994,744			$	3,554,108


Preferred Stock and Units ⁽⁵⁾
	Dividend			Liquidation
Security	Rate			Preference
Series D & E preferred units		7.75	%	$	90,789
Series F preferred units		7.95	%		10,057
Series H preferred units		8.13	%		42,000
Series I preferred units		8.00	%		25,500
Series J preferred units		7.95	%		40,000
Series K preferred units		7.95	%		40,000
Series N preferred units⁽⁶⁾		5.00	%		36,479
Series L preferred stock		6.50	%		50,000
Series M preferred stock		6.75	%		57,500

Weighted Average/Total		7.29	%	$	392,325

Capitalization Ratios


Total debt-to-total market capitalization	46.0	%

AMB’s share of total debt-to-total market capitalization ⁽⁷⁾	37.8	%

Total debt plus preferred-to-total market capitalization	51.4	%

AMB’s share of total debt plus preferred-to-total market capitalization⁽⁷⁾	44.0	%

⁽¹⁾ AMB secured debt and JV debt include debt related to international assets in the amount of $269.5 million. Of this, $195.2 million is associated with assets located in Asia and the remaining $74.3 million is related to assets located in Europe.

⁽²⁾ Represents three credit facilities with total capacity of approximately $783.9 million. Includes Euro, Yen and Singapore dollar-based borrowings translated to US Dollars using the foreign exchange rates at December 31, 2004.

⁽³⁾ With certain exceptions, until November 10, 2005, the Company can require the purchaser to return these notes to the Company for cancellation for an obligation of equal dollar amount under a secured first mortgage loan.

⁽⁴⁾ The weighted average interest and maturity for the unconsolidated JV debt were 5.3% and 4.9 years, respectively.

⁽⁵⁾ Exchangeable under certain circumstances by the unitholder and redeemable at the option of the Company after a specified non-call period, generally five years from issuance.

⁽⁶⁾ The Series N preferred units are putable at the option of the holder beginning June 1, 2005 and until January 15, 2006 at a price equal to $50 per unit, plus all accrued and unpaid distributions. Beginning September 25, 2006 and until September 25, 2009, the Series N preferred units are redeemable by the Company at a price equal to $49.75 per unit, plus all accrued and unpaid distributions.

⁽⁷⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CO-INVESTMENT CONSOLIDATED JOINT VENTURES
As of December 31, 2004
(dollars in thousands)


	AMB’s					Gross				JV Partners’
	Ownership	Number of		Square		Book		Property		Share
Joint Ventures	Percentage	Buildings		Feet ⁽¹⁾		Value ⁽²⁾		Debt		of Debt ⁽¹⁰⁾
Co-Investment Operating Joint Ventures:
AMB Erie ⁽⁴⁾	50%		26		2,502,052	$	134,875	$	50,338	$	25,169
AMB Institutional Alliance Fund I ⁽⁵⁾	21%		100		5,829,368		415,191		223,704		177,313
AMB Partners II ⁽⁶⁾	20%		100		7,599,176		472,442		258,179		207,036
AMB-SGP ⁽⁷⁾	50%		73		8,589,823		418,129		245,454		122,382
AMB Institutional Alliance Fund II ⁽⁵⁾	20%		69		7,531,342		462,114		231,858		182,922
AMB-AMS ⁽⁸⁾	39%		30		1,218,592		74,498		34,977		21,504
AMB Institutional Alliance Fund III ⁽⁹⁾	20%		36		4,459,565		514,142		258,164		203,704

Total Co-Investment Operating Joint Ventures	27%		434		37,729,918		2,491,391		1,302,674		940,030

Co-Investment Development Joint Ventures:
AMB Erie ⁽⁴⁾	50%		—		—		14,369		—		—
AMB Partners II ⁽⁶⁾	20%		7		841,754		43,758		6,136		4,860
AMB Institutional Alliance Fund II ⁽⁵⁾	20%		2		538,537		30,573		5,940		4,752
AMB-AMS ⁽⁸⁾	39%		1		279,431		25,545		9,429		5,797
AMB Institutional Alliance Fund III ⁽⁹⁾	20%		1		147,182		8,895		—		—


Total Co-Investment Development Joint Ventures	27%		11		1,806,904		123,140		21,505		15,409


Total Co-Investment Consolidated Joint Ventures	27%		445		39,536,822	$	2,614,531	$	1,324,179	$	955,439


							Partners’ Share of
Co-investment Joint Ventures	Cash NOI ⁽³⁾		Net Income		FFO		Cash NOI ⁽³⁾		Net Income		FFO
For the quarter ended December 31, 2004	$	49,909	$	23,322	$	29,940	$	34,233	$	8,580	$	21,523
For the twelve months ended December 31, 2004	$	186,082	$	57,326	$	106,280	$	121,631	$	34,344	$	78,442

⁽¹⁾ For development properties, this represents estimated square feet at completion of development for committed phases of development and renovation projects.

⁽²⁾ Represents the book value of the property (before accumulated depreciation) owned by the joint venture entity and excludes net other assets. Development book values include uncommitted land.

⁽³⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.

⁽⁴⁾ AMB Erie is a co-investment partnership formed in 1998 with the Erie Insurance Group.

⁽⁵⁾ AMB Institutional Alliance Funds I and II are co-investment partnerships with institutional investors, which invest through private REITs.

⁽⁶⁾ AMB Partners II is a co-investment partnership formed in 2001 with the City and County of San Francisco Employees’ Retirement System.

⁽⁷⁾ AMB-SGP is a co-investment partnership formed in 2001 with GIC Real Estate Pte Ltd, the real estate investment subsidiary of the Government of Singapore Investment Corporation.

⁽⁸⁾ AMB-AMS is a co-investment partnership with three Dutch pension funds advised by Mn Services NV.

⁽⁹⁾ AMB Institutional Alliance Fund III is an open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private REIT.

⁽¹⁰⁾ JV partners’ share of debt is defined as total debt less the Company’s share of total debt. See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

UNCONSOLIDATED JOINT VENTURES,
MORTGAGE INVESTMENTS AND OTHER INVESTMENTS
As of December 31, 2004
(dollars in thousands)


					AMB’s		AMB’s	AMB’s
		Alliance	Square		Net Equity		Ownership	Share
Unconsolidated Joint Ventures	Market	Partner	Feet		Investment		Percentage	of Debt ⁽⁵⁾
Co-Investment Joint Ventures

1. AMB-SGP Mexico ⁽¹⁾	Various	N/A		1,256,165	$	9,467	20%	$	3,214

Total Co-Investment Joint Ventures				1,256,165		9,467			3,214

Other Industrial Operating Joint Ventures
2. Elk Grove Du Page	Chicago	Hamilton Partners		4,046,721		33,664	56%		37,826
3. Pico Rivera	Los Angeles	Majestic Realty		855,600		676	50%		17,751
4. Monte Vista Spectrum	Los Angeles	Majestic Realty		576,852		236	50%		9,302
5. Industrial Fund I, LLC	Various	Citigroup		2,326,334		3,612	15%		9,735
6. Singapore Airport Logistics Center Bldg 1	Singapore	Boustead Projects		230,432		2,633	50%		2,390
7. Sterling Distribution 1	Los Angeles	Majestic Realty		1,000,000		550	40%		13,982

Total Other Industrial Operating Joint Ventures				9,035,939		41,371	52%		90,986

Other Industrial Development Joint Ventures ⁽²⁾
8. Sterling Distribution 2	Los Angeles	Majestic Realty		490,000		707	40%		5,327
9. Sterling Distribution 3	Los Angeles	Majestic Realty		390,000		620	50%		3,800
10. Nash Logistics Center	Los Angeles	AMB - IAC		75,000		1,412	50%		2,502
11. Singapore Airport Logistics Center Bldg 2	Singapore	Boustead Projects		254,267		1,589	50%		—



Total Other Industrial Development Joint Ventures				1,209,267		4,328	48%		11,629


Total Unconsolidated Joint Ventures				11,501,371	$	55,166	46%	$	105,829

AMB’s

Mortgage

Ownership

Mortgage Investments

Market

Maturity

Receivable ⁽³⁾

Rate

Percentage

1. Pier 1 ⁽⁴⁾

SF Bay Area

May 2026

12,938

13.0%

100%

2. Platinum Distribution Center

No. New Jersey

November 2006

800

12.0%

20%

13,738

AMB’s

Gross

Ownership

Other Investments

Market

Property Type

Investment

Percentage

1. Park One

Los Angeles

Parking Lot

75,497

100%

⁽¹⁾ AMB-SGP Mexico is a co-investment partnership formed in 2004 with GIC Real Estate Pte Ltd, the real estate investment subsidiary of the Government of Singapore Investment Corporation. Includes $8.1 million of shareholder loans outstanding at December 31, 2004 between the Company and the co-investment partnership. $5.0 million of this loan is expected to be replaced by third party debt in the first quarter of 2005.

⁽²⁾ Square feet for development alliance joint ventures represents estimated square feet at completion of development project.

⁽³⁾ The Company also holds inter-company loans that it eliminates in consolidations.

⁽⁴⁾ AMB also has a 0.1% unconsolidated equity interest (with a 33% economic interest) in this property, and has an option to purchase the remaining equity interest beginning January 1, 2007 and expiring December 31, 2009.

⁽⁵⁾ See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

REPORTING DEFINITIONS

Acquisition/non-recurring capex includes immediate building improvements that were 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. Also includes incremental building improvements and leasing costs that are incurred in an effort to substantially increase the revenue potential of an existing building.

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.

AMB’s share of total debt-to-total market capitalization is calculated as AMB’s share of total debt divided by the sum of total debt plus market equity and preferred stock and units at liquidation preference. AMB’s share of total debt includes total consolidated debt plus AMB’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt. Market equity assumes conversion of all OP units into common stock.

Completion/Stabilization is generally defined as properties that are 90% leased or properties for which we have held a certificate of occupancy or building has been substantially complete for at least 12 months.

Development and renovation cash yields are calculated from estimated NOI for the 12 months following occupancy stabilization (excluding straight-line rents) divided by the estimated total investment, including Development Alliance Partner^®earnouts (if triggered by stabilization) and associated carrying costs.

Fixed charge coverage is adjusted EBITDA divided by total interest expense (including capitalized interest) plus preferred dividends and distributions.

Interest coverage is adjusted EBITDA divided by total GAAP interest expense.

Occupancy percentage represents the percentage of total rentable square feet owned, which is leased, including month-to-month leases, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

Percentage pre-leased represents the percentage of signed leases only.

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

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

Rent increases on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month after a term commencement date and the net ABR due the last month prior to the termination date of the former tenant’s 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 the first in the unit (first generation) and there is no prior lease for comparison, then it is excluded from this calculation.

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

Same store properties include all properties that were 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, 2002. Same store pool includes Park One parking lot in Los Angeles, California.

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.

Square feet owned represents 100% of the square footage of properties either owned directly by the Company or which the Company has a controlling interest in (e.g. consolidated joint ventures) and excludes square footage of development properties prior to completion.

Stabilized GAAP cap rates rates are calculated as NOI, including straight-line rents, 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, all due diligence and closing costs, SFAS 141 adjustments, planned immediate capital expenditures (“acquisition capex”), leasing costs necessary to achieve stabilization and, if applicable, any estimated costs required to buy-out AMB’s joint venture partners. Cash rates are calculated excluding straight-line rents from NOI.

Tenant retention is the square footage of all leases renewed by existing tenants divided by the square footage of all expiring and renewed 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.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

Adjusted EBITDA. The Company uses adjusted earnings before interest, tax, depreciation and amortization, or adjusted EBITDA, to measure both its operating performance and liquidity. The Company considers adjusted EBITDA to provide investors relevant and useful information because it permits fixed income investors to view income from its operations on an unleveraged basis before the effects of non-cash depreciation and amortization expense. By excluding interest expense, adjusted EBITDA allows investors to measure the Company’s 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. The Company considers adjusted EBITDA to be a useful supplemental measure for reviewing its comparative performance with other companies because, by excluding non-cash depreciation expense, adjusted EBITDA can help the investing public compare the performance of a real estate company to that of companies in other industries. As a liquidity measure, the Company believes that adjusted EBITDA helps fixed income and equity investors to analyze its ability to meet debt service obligations and to make quarterly preferred share and unit distributions. Management uses adjusted EBITDA in the same manner as the Company expects investors to when measuring the Company’s 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 and unit distributions. The Company believes investors should consider adjusted EBITDA, in conjunction with net income (the primary measure of the Company’s performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of the Company’s operating results and liquidity, and to make more meaningful comparisons of the performance of its assets between periods and as against other companies. By excluding interest, taxes, depreciation and amortization when assessing the Company’s financial performance, an investor is assessing the earnings generated by the Company’s operations, but not taking into account the eliminated expenses incurred in connection with such operations. As a result, adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with the Company’s required GAAP presentations. Adjusted EBITDA does not reflect the Company’s 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 the Company’s outstanding debt. While adjusted EBITDA is a relevant and widely used measure of operating performance and liquidity, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, the Company’s computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.

Company’s share of total debt. The Company’s 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 or unconsolidated ventures holding the debt. The Company 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. The Company’s 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.

Interest coverage. The Company uses interest coverage to measure its liquidity. The Company considers interest coverage to provide investors relevant and useful information because it permits fixed income investors to measure the Company’s ability to meet its interest payments on outstanding debt. The Company’s computation of interest coverage may not be comparable to interest coverage reported by other companies.

Fixed charge coverage. The Company uses fixed charge coverage to measure its liquidity. The Company considers fixed charge coverage to provide investors relevant and useful information because it permits fixed income investors to measure the Company’s ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred shareholders. The Company’s computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies.

Funds From Operations (“FFO”). The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, the Company considers funds from operations, or FFO, as defined by NAREIT, to be a useful supplemental measure of its operating performance. FFO is defined as net income, calculated in accordance with GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive the Company’s pro rata share of FFO of consolidated and unconsolidated joint ventures. Further, the Company does not adjust FFO to eliminate the effects of non-recurring charges. The Company believes that FFO, as defined by NAREIT, is a meaningful supplemental measure of its operating performance because historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with market and other conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Thus, NAREIT created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. The Company believes that the use of FFO, combined with the required 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. The Company considers FFO to be a useful measure 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, FFO can help the investing public compare the operating performance of a company’s real estate between periods or as compared to other companies. While FFO 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 the Company’s liquidity or operating performance. FFO also does not consider the costs associated with capital expenditures related to the Company’s real estate assets nor is FFO necessarily indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO may not be comparable to FFO reported by other real estate investment trusts that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company does.

Net Operating Income (“NOI”). Net operating income is defined as rental revenue, including reimbursements, less property operating expenses, which excludes depreciation, amortization, general and administrative expenses and interest expense. The Company considers NOI to be an appropriate supplemental performance measure because NOI reflects the operating performance of the real estate portfolio. However, NOI should not be viewed as an alternative measure of financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating NOI.

(LARGE AMB LOGO)

Some of the information included in this supplemental analyst package and the conference call to be held in connection therewith contains forward-looking statements, such as those related to development and renovation projects (including stabilization dates, square feet at stabilization or completion, and total investment amounts), lease expirations and future business plans (such as property divestitures), which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants, increased interest rates and operating costs, our failure to obtain necessary outside financing, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, risks and uncertainties affecting property development and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in real estate and zoning laws, risks related to doing business internationally and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Risks” and elsewhere in our most recent annual report for the year ended December 31, 2003 in Amendment No. 2 on Form 10-K/A.


					% of
	Square		Annualized		Annualized
	Feet		Base Rent ⁽²⁾		Base Rent
2005		14,200,643		94,933		16.3%
2006		13,835,724		86,126		14.8%
2007		14,814,005		93,156		16.0%
2008		12,130,342		74,372		12.8%
2009		11,265,930		69,045		11.9%
2010		6,500,185		51,201		8.8%
2011		3,826,000		30,917		5.3%
2012		3,301,422		29,505		5.1%
2013		1,080,898		12,466		2.2%
2014 and beyond		4,748,401		39,831		6.8%

Total		85,703,550	$	581,552		100.0%


		Number of								AMB’s
		Buildings		Square		Month of	Disposition			Ownership
Property Name	Location	or Centers		Feet		Disposition	Price			Percentage
1. 1700 Wilmington Avenue - Artesia Bldg 26	Compton, CA		1		64,000	November	$	3,712		100%
2. LA Media Tech Center Bldg 5	Los Angeles, CA		1		83,252	December		17,930		49%
3. 9121 Red Branch Road	Columbia, MD		1		17,000	December		2,215		20%
4. Atlanta Portfolio	Various, GA		11		1,771,660	December		95,717		93%


Total Fourth Quarter Dispositions			14		1,935,912		$	119,574		85%

Weighted Average Stabilized Cash Cap Rate								6.6	%

Total Year-to-Date Dispositions			24		3,122,616		$	200,315		84%

Weighted Average Stabilized Cash Cap Rate								6.8	%


		AMB’s			Gross				JV Partners’
		Ownership	Square		Book		Property		Share
Properties	Market	Percentage	Feet		Value ⁽¹⁾		Debt		of Debt ⁽²⁾
Other Industrial Operating Joint Ventures	Various	92%		2,403,711	$	218,821	$	49,869	$	2,493

Other Industrial Development Joint Ventures	Various	81%		2,026,726		122,170		21,104		9,149


Total Other Industrial Consolidated Joint Ventures		88%		4,430,437	$	340,991	$	70,973	$	11,642


Retail Joint Ventures:
1. Around Lenox	Atlanta	90%		125,222	$	22,273	$	8,933	$	893
2. Springs Gate Land	Miami	100%		—		6,767		—		—

Total Retail Consolidated Joint Ventures		92%		125,222	$	29,040	$	8,933	$	893


Contact Name	Title	Phone	E-mail address
Hamid R. Moghadam	Chairman & Chief Executive Officer	(415) 733-9401	hmoghadam@amb.com

W. Blake Baird	President and Director	(415) 733-9407	bbaird@amb.com

Michael A. Coke	EVP, Chief Financial Officer	(415) 733-9405	mcoke@amb.com

Bruce H. Freedman	EVP, Real Estate Operations	(617) 619-9301	bfreedman@amb.com

David S. Fries	EVP, Strategic Initiatives & Corporate Affairs Chairman, AMB China, Ltd.	+86 (0)21 2402 8886	dfries@amb.com

Guy F. Jaquier	EVP, Chief Investment Officer	(415) 733-9406	gjaquier@amb.com

Eugene F. Reilly	EVP, Development	(617) 619-9333	ereilly@amb.com

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

Lauren L. Barr	VP, Corporate Communications	(415) 733-9477	lbarr@amb.com

Evaleen G. Andamo	Director, Investor Relations	(415) 733-9565	eandamo@amb.com


Corporate Headquarters	Other Principal Office Locations	Investor Relations
AMB Property Corporation	Amsterdam Los Angeles	Tel: (877) 285-3111 (toll-free)
Pier 1, Bay 1	Boston Shanghai	Fax: (415) 394-9001
San Francisco, CA 94111	Chicago Tokyo	E-mail: ir@amb.com
Tel: (415) 394-9000		Website: www.amb.com
Fax: (415) 394-9001

⁽¹⁾		See the footnotes to the Adjusted EBITDA and Coverage Ratios.
⁽²⁾		See the footnotes to the Consolidated Statements of Funds from Operations.
⁽³⁾		See Table of Contents for discussion of restated amounts for prior periods.
⁽⁴⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.

⁽¹⁾		Includes all consolidated industrial operating properties and excludes industrial development and renovation projects. Excludes retail and other properties’ square feet of 474,368 with occupancy of 71.4% and annualized base rent of $3.8 million.
⁽²⁾		The same store pool excludes properties purchased and developments stabilized after December 31, 2002. See Reporting Definitions.
⁽³⁾		In addition to owned square feet as of December 31, 2004, the Company manages, through its subsidiary, AMB Capital Partners, 0.4 million additional square feet of industrial, retail and other properties. The Company also has investments in 10.3 million square feet of operating industrial properties through its investments in unconsolidated joint ventures.
⁽⁴⁾		Consists of second generation leases renewing or re-tenanting with current and prior lease terms greater than one year.
⁽⁵⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.

⁽¹⁾		Includes all industrial consolidated operating properties and excludes industrial development and renovation projects.
⁽²⁾		The Company also has a 19.9 acre parking lot with 2,720 parking spaces and 12 billboard signs in the Los Angeles market immediately adjacent to LAX.
⁽³⁾		Includes domestic on-tarmac airport air cargo facilities at 14 airports.
⁽⁴⁾		See Reporting Definitions.
⁽⁵⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.
⁽⁶⁾		Same store pool at December 31, 2004 excludes properties purchased or developments stabilized after December 31, 2002. See Reporting Definitions.
⁽⁷⁾		Total market square footage includes industrial and retail operating properties, development properties, unconsolidated properties (100% SF), properties managed for third parties and reallocation of On-Tarmac properties into metro markets.

⁽¹⁾		Schedule includes in-place leases and leases with future commencement dates. Schedule also includes leases in month-to-month and hold-over status totaling 2.7 million square feet.
⁽²⁾		Calculated as monthly rent at expiration multiplied by 12. Non-U.S. Dollar projects are converted to U.S. Dollars using the budgeted exchange rate at expiration.

⁽¹⁾		Customer(s) may be a subsidiary of or an entity affiliated with the named customer. The Company also holds a lease at our Park One property adjacent to LAX with an ABR of $6,749, which is not included.
⁽²⁾		Computed as aggregate leased square feet divided by the aggregate leased square feet of the industrial and retail properties.
⁽³⁾		See Reporting Definitions.
⁽⁴⁾		Computed as aggregate annualized base rent divided by the aggregate annualized base rent of the industrial, retail and other properties.
⁽⁵⁾		Apron rental amounts (but not square footage) are included.
⁽⁶⁾		United States Government includes the United States Postal Service (USPS), United States Customs, United States Department of Agriculture (USDA) and various other U.S. governmental agencies.
⁽⁷⁾		County of Los Angeles includes Child Support Services Department, the Fire Department, the District Attorney, the Sheriff’s Department and the City of Los Angeles.

⁽¹⁾		Represents the total expected investment, including closing costs and estimated acquisition capital of $2.8 million.
⁽²⁾		Year-to-date total has been increased by $4.8 million representing a net non-cash increase to the acquisition cost associated with an intangible liability for the value attributable to below market leases and adjustments to the market value of assumed debt in accordance with SFAS 141, Business Combinations.

⁽¹⁾		Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, third party developer earnouts (if triggered by stabilization) and associated carry costs. The estimates are based on the Company’s current estimates and forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at December 31, 2004.
⁽²⁾		Represents a renovation project. See Reporting Definitions.
⁽³⁾		Yields on international projects are on an after-tax basis.
⁽⁴⁾		The estimated total investment represents $32.1 million for the existing building. The balance represents the additional renovation cost.
⁽⁵⁾		The estimated total investment represents $6.9 million for the existing building. The balance represents the additional renovation cost.
⁽⁴⁾		The estimated total investment represents $7.9 million for the existing building. The balance represents the additional renovation cost.

⁽¹⁾		Represents projects where development activities have been completed and which the Company intends to sell or contribute within two years of completion.
⁽²⁾		Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, carry and partner earnouts (if triggered by stabilization). The estimates are based on the Company’s current estimates and forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at December 31, 2004.
⁽³⁾		AMB’s share of amounts funded to date was $21.0 million.

⁽¹⁾		AMB secured debt and JV debt include debt related to international assets in the amount of $269.5 million. Of this, $195.2 million is associated with assets located in Asia and the remaining $74.3 million is related to assets located in Europe.
⁽²⁾		Represents three credit facilities with total capacity of approximately $783.9 million. Includes Euro, Yen and Singapore dollar-based borrowings translated to US Dollars using the foreign exchange rates at December 31, 2004.
⁽³⁾		With certain exceptions, until November 10, 2005, the Company can require the purchaser to return these notes to the Company for cancellation for an obligation of equal dollar amount under a secured first mortgage loan.
⁽⁴⁾		The weighted average interest and maturity for the unconsolidated JV debt were 5.3% and 4.9 years, respectively.
⁽⁵⁾		Exchangeable under certain circumstances by the unitholder and redeemable at the option of the Company after a specified non-call period, generally five years from issuance.
⁽⁶⁾		The Series N preferred units are putable at the option of the holder beginning June 1, 2005 and until January 15, 2006 at a price equal to $50 per unit, plus all accrued and unpaid distributions. Beginning September 25, 2006 and until September 25, 2009, the Series N preferred units are redeemable by the Company at a price equal to $49.75 per unit, plus all accrued and unpaid distributions.
⁽⁷⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.

⁽¹⁾		For development properties, this represents estimated square feet at completion of development for committed phases of development and renovation projects.
⁽²⁾		Represents the book value of the property (before accumulated depreciation) owned by the joint venture entity and excludes net other assets. Development book values include uncommitted land.
⁽³⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the limitations of the measure as a measurement tool.
⁽⁴⁾		AMB Erie is a co-investment partnership formed in 1998 with the Erie Insurance Group.
⁽⁵⁾		AMB Institutional Alliance Funds I and II are co-investment partnerships with institutional investors, which invest through private REITs.
⁽⁶⁾		AMB Partners II is a co-investment partnership formed in 2001 with the City and County of San Francisco Employees’ Retirement System.
⁽⁷⁾		AMB-SGP is a co-investment partnership formed in 2001 with GIC Real Estate Pte Ltd, the real estate investment subsidiary of the Government of Singapore Investment Corporation.
⁽⁸⁾		AMB-AMS is a co-investment partnership with three Dutch pension funds advised by Mn Services NV.
⁽⁹⁾		AMB Institutional Alliance Fund III is an open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private REIT.
⁽¹⁰⁾		JV partners’ share of debt is defined as total debt less the Company’s share of total debt. See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.

⁽¹⁾		AMB-SGP Mexico is a co-investment partnership formed in 2004 with GIC Real Estate Pte Ltd, the real estate investment subsidiary of the Government of Singapore Investment Corporation. Includes $8.1 million of shareholder loans outstanding at December 31, 2004 between the Company and the co-investment partnership. $5.0 million of this loan is expected to be replaced by third party debt in the first quarter of 2005.
⁽²⁾		Square feet for development alliance joint ventures represents estimated square feet at completion of development project.
⁽³⁾		The Company also holds inter-company loans that it eliminates in consolidations.
⁽⁴⁾		AMB also has a 0.1% unconsolidated equity interest (with a 33% economic interest) in this property, and has an option to purchase the remaining equity interest beginning January 1, 2007 and expiring December 31, 2009.
⁽⁵⁾		See Supplemental Financial Measures Disclosures for a discussion of why management believes the Company’s share of total debt is a useful supplemental measure for its management and investors, of ways to use this measure when assessing the Company’s financial performance, and the limitations of the measure as a measurement tool.