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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
Portfolio Overview			7
AMB’s Owned & Managed Operating and Leasing Statistics			8
AMB’s Owned & Managed Market Operating Statistics			9
AMB’s Owned & Managed Portfolio Overview			10
Lease Expirations			11
Top 25 Customers			12
Acquisitions			13
Operating Property Dispositions			14
Contributions to Private Capital Joint Ventures			15
New Development & Renovation Projects			16
Development & Renovation Projects in Process			17
Stabilized Development & Renovation Projects			19
Development Projects Available for Sale or Contribution and Sold or Contributed Projects			20
Land Inventory			21
Capitalization Summary			22
Co-Investment Consolidated Joint Ventures			23
Unconsolidated Joint Ventures			24
AMB Private Capital Information			25
Other Consolidated Joint Ventures, Mortgage investments and Other Investments			26
Supplemental Information for Net Asset Value Analysis			27
Reporting Definitions			28
Supplemental Financial Measures Disclosures			29
AMB Property Corporation Contacts			31


Cover:		AMB Kashiwa Distribution Center is a 221,160 square foot facility developed by AMB for Nippon Express Company, Ltd., Japan’s largest freight forwarder and a worldwide leader in logistics services. The multi-story facility is strategically located in the Kashiwa submarket of Tokyo.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

FINANCIAL HIGHLIGHTS

(dollars in thousands, except share data)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.
See Notes to Consolidated Balance Sheet and Statement of Operations for pro forma information.


	Quarters Ended December 31,									Years Ended December 31
	2006			Change			2005			2006			Change			2005
Operating Data
Revenues	$	190,666			(3.0	%)	$	196,613		$	729,896			10.4	%	$	660,875
Adjusted EBITDA ⁽¹⁾		173,295			(10.1	%)		192,852			618,260			5.8	%		584,134
Net income available to common stockholders		83,738			(39.8	%)		139,144			209,420			(16.4	%)		250,419
FFO ⁽²⁾		98,532			(8.5	%)		107,743			297,912			17.1	%		254,363
Per diluted share and unit:
EPS	$	0.91			(41.7	%)	$	1.56		$	2.30			(19.3	%)	$	2.85
FFO ⁽²⁾		1.01			(12.2	%)		1.15			3.12			13.5	%		2.75
Dividends per common share		0.460			4.5	%		0.440			1.840			4.5	%		1.760
Ratios
Interest coverage ⁽¹⁾		4.2	x					4.3	x		3.6	x					3.4	x
Fixed charge coverage ⁽¹⁾		2.9	x					3.3	x		2.6	x					2.6	x
FFO payout		46	%					38	%		59	%					64	%


	As of
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Capitalization
AMB’s share of total debt ⁽³⁾	$	3,088,624		$	3,067,242		$	2,983,751		$	2,830,250		$	2,601,878
Preferred equity		417,767			417,767			377,824			388,846			467,325
Market equity		5,531,113			5,130,909			4,675,100			5,010,887			4,435,696

Total capitalization	$	9,037,504		$	8,615,918		$	8,036,675		$	8,229,983		$	7,504,899

Ratios
AMB’s share of total debt-to-AMB’s share of total book capitalization^{(3) (4)}		55.8	%		56.9	%		56.9	%		55.9	%		53.3	%
AMB’s share of total debt-to-AMB’s share of total market capitalization^{(3) (5)}		34.2	%		35.6	%		37.1	%		34.4	%		34.7	%
Total common shares and units outstanding		94,371,491			93,103,047			92,484,670			92,332,552			90,211,430


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

(2)		See the Consolidated Statements of Funds from Operations and its footnote.

(3)		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.

(4)		See Reporting Definitions for definition of “AMB’s share of total debt-to-AMB’s share of total book capitalization.”

(5)		See Reporting Definitions for definition of “AMB’s share of total debt-to-AMB’s share of total market capitalization.”


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.
See note 1 for pro forma information.


	As of
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005⁽¹⁾
Assets
Investments in real estate:
Total investments in properties	$	6,575,733		$	7,553,031		$	7,376,322		$	6,913,524		$	6,798,294
Accumulated depreciation		(789,693	)		(821,545	)		(774,528	)		(736,760	)		(697,388	)

Net investments in properties⁽¹⁾		5,786,040			6,731,486			6,601,794			6,176,764			6,100,906
Investments in unconsolidated joint ventures		274,381			116,856			123,107			118,472			118,653
Properties held for contribution, net		154,036			184,365			71,981			266,311			32,755
Properties held for divestiture, net		20,916			63,402			46,857			31,201			17,936

Net investments in real estate		6,235,373			7,096,109			6,843,739			6,592,748			6,270,250
Cash and cash equivalents		195,878			184,230			231,912			168,007			267,233
Mortgages and loans receivable		18,747			18,782			18,816			21,589			21,621
Accounts receivable, net		133,998			143,594			127,528			148,907			178,682
Other assets		129,516			135,646			114,371			112,312			64,953

Total assets⁽¹⁾	$	6,713,512		$	7,578,361		$	7,336,366		$	7,043,563		$	6,802,739

Liabilities and stockholders’ equity
Secured debt	$	1,395,354		$	1,874,887		$	1,829,968		$	1,917,805		$	1,912,526
Unsecured senior debt		1,101,874			1,226,561			1,051,249			950,937			975,000
Unsecured credit facilities		852,033			801,656			904,452			734,110			490,072
Other debt		88,154			79,894			88,217			63,543			23,963
Accounts payable and other liabilities		271,880			297,358			254,223			249,149			263,744

Total liabilities⁽¹⁾		3,709,295			4,280,356			4,128,109			3,915,544			3,665,305
Minority interests:
Joint venture partners		555,201			977,452			950,209			899,658			853,643
Preferred unitholders		180,298			180,298			190,198			200,986			278,378
Limited partnership unitholders		102,061			79,733			89,705			87,973			89,114

Total minority interests		837,560			1,237,483			1,230,112			1,188,617			1,221,135
Stockholders’ equity:
Common equity		1,943,240			1,836,928			1,802,814			1,764,071			1,740,751
Preferred equity		223,417			223,594			175,331			175,331			175,548

Total stockholders’ equity		2,166,657			2,060,522			1,978,145			1,939,402			1,916,299

Total liabilities and stockholders’ equity	$	6,713,512		$	7,578,361		$	7,336,366		$	7,043,563		$	6,802,739


(1)		Pro forma balances as of December 31, 2005 for net investments in properties, total assets, and total liabilities would have been $5,343,030, $6,044,863, and $3,213,626, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of December 31, 2005.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except share data)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.
See notes 1 and 3 for pro forma information.


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2006			2005			2006			2005
Revenues
Rental revenues ⁽¹⁾	$	162,103		$	165,191		$	683,794		$	616,933
Private capital income ⁽²⁾		28,563			31,422			46,102			43,942

Total revenues		190,666			196,613			729,896			660,875

Costs and expenses
Property operating costs ⁽³⁾		(42,669	)		(42,285	)		(175,824	)		(158,929	)
Depreciation and amortization		(42,657	)		(42,683	)		(177,824	)		(161,732	)
Impairment losses		(918	)		—			(6,312	)		—
General and administrative ⁽⁴⁾		(30,431	)		(18,968	)		(104,069	)		(71,564	)
Other expenses ⁽⁵⁾		(1,486	)		(1,375	)		(2,620	)		(5,038	)
Fund costs		(503	)		(409	)		(2,091	)		(1,482	)

Total costs and expenses		(118,664	)		(105,720	)		(468,740	)		(398,745	)

Other income and expenses
Equity in earnings of unconsolidated joint ventures ⁽⁶⁾		10,635			811			23,240			10,770
Other income ⁽⁵⁾		1,785			3,188			9,423			5,593
Gains from dispositions of real estate, net		—			176			—			19,099
Development profits, net of taxes		36,500			34,489			106,389			54,811
Interest expense, including amortization		(37,218	)		(37,963	)		(165,230	)		(147,317	)

Total other income and expenses		11,702			701			(26,178	)		(57,044	)

Income from operations before minority interests		83,704			91,594			234,978			205,086

Minority interests’ share of income:
Joint venture partners’ share of income		(7,696	)		(9,396	)		(37,975	)		(36,401	)
Joint venture partners’ and limited partnership unitholders’ share of development profits		(2,843	)		(3,366	)		(5,613	)		(13,492	)
Preferred unitholders		(3,646	)		(5,369	)		(16,462	)		(21,473	)
Limited partnership unitholders		(1,587	)		(1,974	)		(2,805	)		(3,411	)

Total minority interests’ share of income		(15,772	)		(20,105	)		(62,855	)		(74,777	)

Income from continuing operations		67,932			71,489			172,123			130,309

Discontinued operations:
Income attributable to discontinued operations, net of minority interests		1,511			3,877			9,314			13,945
Gain from disposition of real estate, net of minority interests		18,312			65,817			42,635			113,553

Total discontinued operations		19,823			69,694			51,949			127,498

Net income		87,755			141,183			224,072			257,807
Preferred stock dividends		(3,951	)		(2,039	)		(13,582	)		(7,388	)
Preferred unit redemption discount/(issuance costs)		(66	)		—			(1,070	)		—

Net income available to common stockholders	$	83,738		$	139,144		$	209,420		$	250,419

Net income per common share (diluted)	$	0.91		$	1.56		$	2.30		$	2.85

Weighted average common shares (diluted)		92,251,667			88,981,657			91,106,893			87,873,399


(1)		Pro forma rental revenues for the years ended December 31, 2006 and 2005 would have been $627,099 and $562,812, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2005.

(2)		Includes incentive distributions of $20.4 million and $26.4 million, for the quarters ended December 31, 2006 and 2005, respectively, and $22.5 million and $26.4 million for the years ended December 31, 2006 and 2005, respectively.

(3)		Pro forma property operating costs for the years ended December 31, 2006 and 2005 would have been $162,549 and $145,671, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2005.

(4)		Includes $5.1 million and $7.5 million, of charges for executive level turnover for the quarter and year ended December 31, 2006, respectively.

(5)		Includes changes in liabilities and assets associated with the Company’s deferred compensation plan.

(6)		Includes gains on sale of operating properties of $7.5 million and $0.5 million, for the quarters ended December 31, 2006 and 2005, respectively, and $15.8 million and $5.6 million, for the years ended December 31, 2006 and 2005, respectively.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS⁽¹⁾

(dollars in thousands, except share data)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2006			2005			2006			2005
Net income	$	87,755		$	141,183		$	224,072		$	257,807
Gains from disposition of real estate, net of minority interests		(18,312	)		(65,993	)		(42,635	)		(132,652	)
Depreciation and amortization:
Total depreciation and amortization		42,657			42,683			177,824			161,732
Discontinued operations’ depreciation		890			3,859			2,153			18,572
Non-real estate depreciation		(1,477	)		(949	)		(4,546	)		(3,388	)
Adjustments to derive FFO from consolidated JVs:
Joint venture partners’ minority interests (Net income)		7,696			9,396			37,975			36,401
Limited partnership unitholders’ minority interests (Net income)		1,587			1,974			2,805			3,411
Limited partnership unitholders’ minority interests (Development profits)		1,653			1,704			4,948			2,262
Discontinued operations’ minority interests (Net income)		239			1,744			31			8,769
FFO attributable to minority interests		(16,207	)		(27,641	)		(82,861	)		(100,275	)
Adjustments to derive FFO from unconsolidated JVs:
AMB’s share of net income		(10,635	)		(811	)		(23,240	)		(10,770	)
AMB’s share of FFO		6,703			2,633			16,038			14,441
AMB’s share of development profits, net		—			—			—			5,441
Preferred stock dividends		(3,951	)		(2,039	)		(13,582	)		(7,388	)
Preferred unit redemption discount (issuance costs)		(66	)		—			(1,070	)		—


Funds from operations	$	98,532		$	107,743		$	297,912		$	254,363


FFO per common share and unit (diluted)	$	1.01		$	1.15		$	3.12		$	2.75


Weighted average common shares and units (diluted)		97,087,889			93,422,964			95,444,072			92,508,725


(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.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

ADJUSTED EBITDA⁽¹⁾ AND COVERAGE RATIOS

(dollars in thousands)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2006			2005			2006			2005
Net income	$	87,755		$	141,183		$	224,072		$	257,807
Depreciation and amortization		42,657			42,683			177,824			161,732
Impairment losses		918			—			6,312			—
Stock-based compensation amortization		6,350			2,673			20,736			12,296
Adjustments to derive adjusted EBITDA from unconsolidated JVs:
AMB’s share of net income		(10,635	)		(811	)		(23,240	)		(10,770	)
AMB’s share of FFO ⁽²⁾		6,703			2,633			16,038			14,441
AMB’s share of interest expense		3,823			2,833			10,424			9,021
AMB’s share of development profits, net of taxes		—			—			—			5,441
Interest expense, including amortization		37,218			37,963			165,230			147,317
Total minority interests’ share of income		15,772			20,105			62,855			74,777
Total discontinued operations, including gains		(19,823	)		(69,870	)		(51,949	)		(146,597	)
Discontinued operations’ adjusted EBITDA		2,557			13,460			9,958			58,669

Adjusted EBITDA	$	173,295		$	192,852		$	618,260		$	584,134


Interest
Interest expense, including amortization — continuing operations	$	37,218		$	37,963		$	165,230		$	147,317
Interest expense, including amortization — discontinued operations		(83	)		3,980			(1,540	)		17,383
AMB’s share of interest expense from unconsolidated JVs		3,823			2,833			10,424			9,021

Total interest	$	40,958		$	44,776		$	174,114		$	173,721


Interest coverage⁽³⁾		4.2x			4.3x			3.6x			3.4x

Fixed charge
Interest expense, including amortization — continuing operations	$	37,218		$	37,963		$	165,230		$	147,317
Amortization of financing costs and debt premiums — continuing operations		(1,923	)		(1,641	)		(7,696	)		(4,248	)
Interest expense, including amortization — discontinued operations		(83	)		3,980			(1,540	)		17,383
Amortization of financing costs and debt premiums — discontinued operations		(18	)		(124	)		(23	)		(406	)
AMB’s share of interest expense from unconsolidated JVs		3,823			2,833			10,424			9,021
Capitalized interest		13,004			7,575			42,938			29,503
Preferred unit distributions		3,646			5,369			16,462			21,473
Preferred stock dividends		3,951			2,039			13,582			7,388

Total fixed charge	$	59,618		$	57,994		$	239,377		$	227,431


Fixed charge coverage ⁽⁴⁾		2.9x			3.3x			2.6x			2.6x


(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 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.

(3)		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, of ways in which investors might use interest coverage when assessing AMB’s liquidity, and of interest coverage’s limitations as a measurement tool.

(4)		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, of ways in which investors might use fixed charge coverage when assessing AMB’s liquidity, and of fixed charge coverage’s limitations as a measurement tool.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

SUPPLEMENTAL CASH FLOW INFORMATION

(dollars in thousands)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.


	For the Quarter Ended			For the Year Ended
	December 31,			December 31,
	2006			2006
AMB’s Owned and Managed Portfolio ⁽¹⁾:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	3,753		$	20,963
AMB’s share of straight-line rents and amortization of lease intangibles	$	2,813		$	15,739
Gross lease termination fees	$	1,988		$	8,444
Net lease termination fees ⁽²⁾	$	1,671		$	7,953

AMB’s share of net lease termination fees	$	474		$	6,543

Recurring capital expenditures:
Tenant improvements	$	4,887		$	18,272
Lease commissions and other lease costs		6,294			24,883
Building improvements		13,313			43,614

Sub-total		24,494			86,769
JV Partners’ share of capital expenditures		(7,331	)		(24,052	)

AMB’s share of recurring capital expenditures	$	17,163		$	62,717


AMB’s Consolidated Portfolio:
Straight-line rents and amortization of lease intangibles	$	2,944		$	19,134
AMB’s share of straight-line rents and amortization of lease intangibles	$	2,644		$	15,365
Gross lease termination fees	$	489		$	6,945
Net lease termination fees ⁽²⁾	$	258		$	6,540
AMB’s share of net lease termination fees	$	191		$	6,260


(1)		See Reporting Definitions for the definition of owned and managed.

(2)		Net lease termination fees are defined as gross lease termination fees less the associated straight-line rent balance.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

PORTFOLIO OVERVIEW ⁽¹⁾
As of December 31, 2006


	U.S.			U.S.			U.S.								Total									Non-Japan			Total
	Target ⁽⁴⁾			On-Tarmac			Non-Target			Mexico			Canada		N. America			Europe			Japan			Asia			Europe/Asia			Grand Total
Operating Portfolio ⁽²⁾
Number of buildings		908			34			6			13			—		961			36			12			1			49			1,010
Rentable square feet		93,691,732			2,681,328			650,849			2,833,464			—		99,857,373			4,238,193			3,814,773			151,749			8,204,715			108,062,088
% of total rentable square feet		86.7	%		2.5	%		0.6	%		2.6	%		—		92.4	%		4.0	%		3.5	%		0.1	%		7.6	%		100.0	%
Pro rata rentable square feet owned by AMB ⁽⁵⁾		59,563,611			2,494,569			650,849			643,452			—		63,352,481			4,220,628			762,955			151,749			5,135,332			68,487,813
% of total rentable square feet owned by AMB		87.0	%		3.6	%		1.0	%		0.9	%		—		92.5	%		6.2	%		1.1	%		0.2	%		7.5	%		100.0	%

Occupancy percentage		96.2	%		96.3	%		100.0	%		96.9	%		—		96.3	%		98.1	%		89.2	%		100.0	%		94.0	%		96.1	%
Annualized base rent (000’s)	$	538,144		$	46,402		$	2,659		$	16,024			—	$	603,229		$	35,914		$	38,725		$	550		$	75,189		$	678,418
% of total annualized base rent		79.3	%		6.8	%		0.4	%		2.4	%		—		88.9	%		5.3	%		5.7	%		0.1	%		11.1	%		100.0	%
Number of leases		2,857			233			56			39			—		3,185			82			50			2			134			3,319
Annualized base rent per square foot	$	5.97		$	17.96		$	4.09		$	5.84			—	$	6.27		$	8.64		$	11.38		$	3.62		$	9.75		$	6.53

Development Pipeline ⁽³⁾
Number of buildings		41			—			—			5			5		51			16			6			5			27			78
Rentable square feet		5,353,317			—			—			1,738,378			1,506,624		8,598,319			3,465,954			3,073,957			1,479,257			8,019,168			16,617,487
Land acres held for future development		1,055			—			164			300			85		1,604			53			62			16			131			1,735

Total number of buildings		949			34			6			18			5		1,012			52			18			6			76			1,088
Total rentable square feet		99,045,049			2,681,328			650,849			4,571,842			1,506,624		108,455,692			7,704,147			6,888,730			1,631,006			16,223,883			124,679,575


(1)		Includes the Company’s owned and managed operating and development properties, investments in 7.4 million square feet of operating properties through its investments in non-managed unconsolidated joint ventures, and recently completed developments that have not yet been placed in operations but are being held for sale or contribution. See Reporting Definitions for the definition of owned and managed.

(2)		Includes all owned and managed operating properties as well as investments in 7.4 million square feet of operating properties through the Company’s investments in non-managed unconsolidated joint ventures. See Reporting Definitions for the definition of owned and managed.

(3)		Development pipeline includes recently completed development projects available for sale or contribution totaling eleven buildings and 2,965,039 square feet.

(4)		Effective as of December 31, 2006, Houston and Orlando have been added to the Company’s U.S. Target markets.

(5)		Calculated as AMB’s pro rata share of square feet on owned and managed operating properties as well as non-managed operating properties. See Reporting Definitions for the definition of owned and managed.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

AMB’S OWNED AND MANAGED OPERATING AND LEASING STATISTICS ⁽¹⁾

(dollars in thousands, except per square foot amounts)


				Prior
Operating Portfolio	Quarter			Quarter
Square feet owned at December 31, 2006 ⁽³⁾		100,702,915			101,027,390

Occupancy percentage		96.1	%		95.4	%
Average Occupancy percentage ⁽⁴⁾		95.3	%		94.8	%

Weighted average lease terms:
Original	6.1 years
Remaining	3.3 years


				Year-to-
Operating Portfolio	Quarter			Date
Tenant retention		68.9	%		70.9	%

Same Space Leasing Activity: ⁽⁵⁾
Rent increases (decreases) on renewals and rollovers ⁽³⁾		4.1	%		(0.1	%)
Same space square footage commencing (millions)		3.6			16.2

2nd Generation Leasing Activity:
TIs and LCs per square foot:
Retained	$	1.79		$	1.41
Re-tenanted		3.23			3.19

Weighted average	$	2.48		$	2.20


Square footage commencing (millions)		4.5			19.1


				Prior
Same Store Pool ⁽²⁾	Quarter			Quarter
Square feet in same store pool at December 31, 2006		77,291,866			83,524,484
% of total square feet		76.8	%		82.7	%

Occupancy percentage at period end:
December 31, 2006		97.0	%		96.0	%
December 31, 2005		96.3	%		94.7	%

Weighted average lease terms:
Original	6.0 years
Remaining	3.0 years


				Year-to-
Same Store Pool ⁽²⁾	Quarter			Date
Tenant retention		68.3	%		72.5	%

Same Space Leasing Activity: ⁽⁵⁾
Rent increases (decreases) on renewals and rollovers		3.4	%		(0.4	%)
Same space square footage commencing (millions)		3.4			15.7

Cash basis NOI % change: ⁽⁶⁾
Revenues ⁽⁷⁾		2.1	%		2.8	%
Expenses ⁽⁷⁾		4.6	%		3.5	%
NOI ^{(6) (7)}		1.3	%		2.6	%
NOI without lease termination fees ^{(6) (7)}		3.0	%		3.2	%


(1)		The Company’s owned and managed portfolio excludes development and renovation projects and recently completed development projects available for sale or contribution. See Reporting Definitions for the definition of owned and managed.

(2)		The same store pool excludes properties purchased and developments stabilized after December 31, 2004. See Reporting Definitions.

(3)		In addition to owned square feet as of December 31, 2006, the Company managed, but did not have an ownership interest in, approximately 0.2 million additional square feet of properties. One of the Company’s subsidiaries also manages approximately 1.1 million square feet of properties representing the IAT portfolio on behalf of the IAT Air Cargo Facilities Income Fund. The Company also has investments in 7.4 million square feet of operating properties through its investments in non-managed unconsolidated joint ventures.

(4)		Based on monthly occupancy percentage.

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

(6)		See Supplemental Financial Measures Disclosures for discussions of why management believes NOI, cash-basis NOI, and same store cash basis NOI are useful supplemental measures for our management and investors, of ways to use these measures when assessing financial performance, and the limitations of these measures as measurement tools.

(7)		For the quarter ended December 31, 2006, on a consolidated basis, the % change was 1.2%, 6.1%, (0.5%) and 2.8%, respectively, for revenues, expenses, NOI and NOI without lease termination fees. For the year ended December 31, 2006, on a consolidated basis, the % change was 2.4%, 4.7%, 1.6% and 2.8%, respectively, for revenues, expenses, NOI and NOI without lease termination fees. See footnote 6 above.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

AMB’S OWNED AND MANAGED MARKET OPERATING STATISTICS ⁽¹⁾
As of December 31, 2006


																												Total
																No. New			San									U.S. Hub and			Total			Total/
										Los						Jersey/			Francisco						U.S.			Gateway			Other			Weighted
	Atlanta			Chicago			Dallas			Angeles ⁽²⁾			Miami			New York			Bay Area			Seattle			On-Tarmac ⁽³⁾			Markets			Markets			Average
Number of buildings		47			112			53			148			53			133			116			59			34			755			209			964
Rentable square feet		4,622,651			11,321,419			4,843,064			14,858,376			5,678,594			10,538,097			10,499,059			7,430,006			2,681,328			72,472,594			28,230,321			100,702,915
% of total rentable square feet		4.6	%		11.2	%		4.8	%		14.8	%		5.6	%		10.5	%		10.4	%		7.4	%		2.7	%		72.0	%		28.0	%		100.0	%
Occupancy percentage		92.7	%		95.1	%		97.8	%		95.8	%		97.9	%		98.7	%		97.4	%		96.0	%		96.3	%		96.5	%		95.0	%		96.1	%
Annualized base rent (000’s)	$	19,016		$	56,603		$	22,387		$	92,562		$	42,148		$	75,719		$	70,466		$	34,913		$	46,402		$	460,216		$	186,948		$	647,164
% of total annualized base rent		2.9	%		8.7	%		3.5	%		14.3	%		6.5	%		11.7	%		10.9	%		5.4	%		7.2	%		71.1	%		28.9	%		100.0	%
Number of leases		163			229			258			394			259			381			344			230			233			2,491			785			3,276
Annualized base rent per square foot	$	4.44		$	5.26		$	4.73		$	6.50		$	7.58		$	7.28		$	6.89		$	4.89		$	17.96		$	6.59		$	6.97		$	6.69
Lease expirations as a % of ABR:⁽⁴⁾
2007		15.8	%		26.3	%		17.1	%		9.4	%		22.5	%		10.8	%		13.7	%		18.9	%		16.0	%		15.6	%		10.9	%		14.3	%
2008		21.4	%		15.2	%		15.1	%		19.1	%		11.1	%		13.2	%		16.7	%		13.2	%		13.8	%		15.5	%		9.6	%		13.8	%
2009		24.2	%		13.9	%		17.2	%		13.7	%		16.3	%		15.3	%		22.8	%		21.2	%		6.5	%		16.2	%		11.8	%		15.0	%
Weighted average lease terms:
Original	5.2 years			4.8 years			5.6 years			5.9 years			5.6 years			6.9 years			5.6 years			6.0 years			8.6 years			5.8 years			6.6 years			6.1 years
Remaining	2.5 years			2.6 years			3.3 years			3.3 years			3.4 years			3.8 years			2.4 years			2.8 years			4.6 years			3.1 years			4.0 years			3.3 years
Tenant retention:
Quarter		57.1	%		84.7	%		37.1	%		83.6	%		83.7	%		66.6	%		54.2	%		45.5	%		84.5	%		71.9	%		55.4	%		68.9	%
Year-to-date		66.9	%		69.7	%		47.6	%		78.5	%		77.0	%		75.6	%		71.2	%		76.2	%		90.8	%		73.4	%		61.3	%		70.9	%

Rent increases on renewals and rollovers:
Quarter		(4.1	%)		3.9	%		(3.6	%)		13.9	%		10.2	%		11.2	%		(21.0	%)		13.5	%		4.9	%		4.4	%		2.2	%		4.1	%
Same space SF leased		233,627			557,402			200,241			990,934			155,519			305,275			317,314			155,385			85,242			3,000,939			580,710			3,581,649
Year-to-date		(8.3	%)		(5.4	%)		(5.5	%)		7.5	%		5.2	%		3.4	%		(13.2	%)		4.1	%		4.1	%		(0.4	%)		1.6	%		(0.1	%)
Same space SF leased		862,757			2,270,278			777,789			2,842,876			1,083,300			2,175,615			1,505,411			1,080,155			418,545			13,016,726			3,186,854			16,203,580
Same store cash basis NOI % change:⁽⁵⁾
Quarter		(3.5	%)		0.0	%		12.3	%		(1.4	%)		15.6	%		(7.5	%)		6.5	%		(1.1	%)		1.9	%		0.7	%		3.5	%		1.3	%
Year-to-date		(0.3	%)		2.3	%		2.4	%		2.6	%		16.8	%		(1.2	%)		2.1	%		0.0	%		3.5	%		2.5	%		2.7	%		2.6	%

Sq. feet owned in same store pool⁽⁶⁾		3,611,600			8,479,166			3,515,471			12,162,203			4,681,107			8,817,823			9,835,672			6,119,008			2,564,083			59,786,133			17,505,733			77,291,866

AMB’s pro rata share of square feet⁽⁷⁾		2,355,377			9,032,175			2,856,821			11,289,385			4,480,180			5,571,416			7,849,682			3,880,944			1,494,569			48,810,549			19,677,264			68,487,813


(1)		The Company’s owned and managed portfolio excludes development and renovation projects and recently completed development projects available for sale or contribution. See Reporting Definitions for the definition of owned and managed.

(2)		The Company also owns a 19.9 acre land parcel, which is leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX.

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

(4)		See Reporting Definitions.

(5)		See Supplemental Financial Measures Disclosures for a discussion of why management believes same store NOI is a useful supplemental measure for our 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.

(6)		The same store pool excludes properties purchased and developments stabilized after December 31, 2004. See Reporting Definitions.

(7)		Calculated as AMB’s pro rata share of square feet on owned and managed operating properties as well as non-managed operating properties. See Reporting Definitions for the definition of owned and managed.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

AMB’S OWNED AND MANAGED OPERATING PORTFOLIO OVERVIEW ⁽¹⁾
As of December 31, 2006


	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
U.S. Hub and Gateway Markets		755		72,472,594		72.0	%		96.5	%	$	460,216		71.1	%		2,491	$	6.59
U.S. Other Target Markets⁽²⁾
Austin		9		1,758,369		1.7			95.9			9,964		1.5			33		5.91
Baltimore / Washington DC		39		3,046,324		3.0			99.6			20,580		3.2			147		6.78
Boston		39		5,188,593		5.2			92.5			31,452		4.9			101		6.55
Houston		7		1,236,401		1.2			83.5			7,145		1.1			60		6.92
Minneapolis		31		3,886,858		3.9			96.2			17,216		2.7			138		4.61
Orlando		16		1,424,748		1.4			99.8			6,719		1.0			77		4.72

Subtotal/Weighted Average		141		16,541,293		16.4	%		95.0	%	$	93,076		14.4	%		556		5.92
U.S. Non-Target Markets
Columbus		1		240,000		0.2			100.0			552		0.1			4		2.30
New Orleans		5		410,849		0.4			100.0			2,107		0.3			52		5.13

Subtotal/Weighted Average		6		650,849		0.6	%		100.0	%	$	2,659		0.4	%		56		4.09
Non U.S. Target Markets⁽³⁾
North America
Guadalajara, Mexico		6		933,542		0.9			100.0			5,061		0.8			20		5.42
Mexico City, Mexico		6		1,803,973		1.8			95.1			10,481		1.6			18		6.11
Queretaro, Mexico		1		95,949		0.1			100.0			482		0.1			1		5.02
Europe
Amsterdam, Netherlands		7		964,039		0.8			100.0			8,377		1.3			7		8.69
Frankfurt, Germany		1		166,917		0.2			100.0			2,669		0.4			1		15.99
Hamburg, Germany		7		959,214		1.0			98.9			7,931		1.2			21		8.36
Lyon, France		1		262,491		0.3			100.0			1,758		0.3			2		6.70
Paris, France		20		1,885,532		1.9			96.2			15,179		2.3			51		8.37
Asia
Osaka, Japan		1		965,155		1.0			90.3			7,546		1.2			13		8.66
Shanghai, China		1		151,749		0.2			100.0			550		0.1			2		3.62
Tokyo, Japan		11		2,849,618		2.8			88.8			31,179		4.8			37		12.32

Subtotal/Weighted Average		62		11,038,179		11.0	%		94.7	%	$	91,213		14.1	%		173	$	8.72

Total Other Markets		209		28,230,321		28.0			95.0			186,948		28.9			785		6.97

Total/Weighted Average		964		100,702,915		100.0	%		96.1	%	$	647,164		100.0	%		3,276		6.69


(1)		The Company’s owned and managed operating portfolio excludes development and renovation projects and recently completed development projects available for sale or contribution. See Reporting Definitions for the definition of owned and managed.

(2)		Effective as of December 31, 2006, Houston and Orlando have been added to the Company’s U.S. target markets.

(3)		Annualized base rent for leases denominated in foreign currencies is translated using the currency exchange rate at December 31, 2006.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

TOP 25 CUSTOMERS ⁽¹⁾
As of December 31, 2006
(dollars in thousands)


				Percentage of					Percentage of
				Aggregate					Aggregate
		Aggregate Rentable		Leased			Annualized		Annualized
Customer Name ⁽²⁾	Number of Leases	Square Feet		Square Feet ⁽³⁾			Base Rent ⁽⁴⁾		Base Rent ⁽⁵⁾
United States Government ^{(6) (7)}	47		1,407,748		1.5	%	$	20,295		3.1	%
Deutsche Post World Net (DHL) ⁽⁶⁾	41		1,977,650		2.0	%		17,791		2.7	%
FedEx Corporation ⁽⁶⁾	30		1,361,619		1.4	%		14,455		2.2	%
Nippon Express	12		967,039		1.0	%		9,636		1.5	%
Sagawa Express	7		726,235		0.8	%		9,008		1.4	%
Harmonic Inc.	4		285,480		0.3	%		8,907		1.4	%
BAX Global Inc/Schenker/Deutsche Bahn ⁽⁶⁾	16		711,117		0.7	%		7,067		1.1	%
La Poste	2		854,427		0.9	%		6,332		1.0	%
City and County of San Francisco	1		559,605		0.6	%		5,714		0.9	%
Panalpina, Inc.	7		870,156		0.9	%		5,585		0.9	%
Expeditors International	8		1,003,939		1.0	%		4,836		0.7	%
Worldwide Flight Services ⁽⁶⁾	14		327,622		0.3	%		4,694		0.7	%
Eagle Global Logistics, L.P.	10		758,121		0.8	%		4,424		0.7	%
Forward Air Corporation	9		547,544		0.6	%		4,290		0.7	%
FMI International	3		764,343		0.8	%		4,240		0.7	%
UPS	15		559,994		0.6	%		3,911		0.6	%
United Air Lines Inc. ⁽⁶⁾	6		191,085		0.2	%		3,408		0.5	%
World Logi K.K.	10		343,883		0.4	%		3,178		0.5	%
Ahold NV	6		693,280		0.7	%		2,970		0.5	%
Elmhult Limited Partnership	5		760,253		0.8	%		2,686		0.4	%
Virco Manufacturing Corporation	1		559,000		0.6	%		2,566		0.4	%
UTi United States Inc.	11		314,029		0.3	%		2,494		0.4	%
Menzies Aviation ⁽⁶⁾	4		183,867		0.2	%		2,323		0.4	%
Integrated Airline Services ⁽⁶⁾	4		198,262		0.2	%		2,284		0.4	%
Kintetsu World Express	7		180,027		0.2	%		2,278		0.4	%

Total			17,106,325		17.8	%	$	155,372		24.2	%


(1)		Schedule includes owned and managed operating properties. See Reporting Definitions for the definition of owned and managed.

(2)		Customer(s) may be a subsidiary of or an entity affiliated with the named customer. The Company also owns a 19.9 acre land parcel adjacent to LAX, which is leased to a parking lot operator with an ABR of $7,487, which is not included.

(3)		Computed as aggregate leased square feet divided by the aggregate leased square feet of operating properties.

(4)		See Reporting Definitions for the definition of annualized base rent.

(5)		Computed as aggregate annualized base rent divided by the aggregate annualized base rent of operating properties.

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

(7)		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.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

ACQUISITIONS
For the Quarter ended December 31, 2006

(dollars in thousands)


										AMB’s
		Number of		Square		Month of	Acquisition			Ownership
Property Name	Market	Buildings		Feet		Acquisition	Cost ⁽¹⁾			Percentage
Property Acquisitions
AMB Alliance Fund III ⁽²⁾
1. AMB DFW Port America	Dallas		2		72,895	October	$	4,000			23	%
2. AMB Foster Distribution	Chicago		1		306,918	October		15,632			23	%
3. AMB Airfreight Portfolio	Various		25		2,103,839	November		170,909			23	%
4. AMB Zephyr Distribution	Los Angeles		1		190,679	November		20,246			23	%
5. AMB Coral Distribution Center	Miami		1		106,599	December		10,343			23	%
6. AMB Charcot Distribution Center	San Francisco Bay Area		1		103,782	December		7,922			23	%
7. AMB Worthington Distribution Center	Los Angeles		2		328,771	December		36,769			23	%

Subtotal			33		3,213,483			265,821
AMB Partners II
8. Techridge 4.3B	Austin		1		199,612	November		13,334			15	%

Subtotal			1		199,612			13,334
AMB Property Corporation
9. AMB LG Roissy Mesnil SAS	Paris, France		1		4,747	October		660			100	%
10. AMB Hordijk Distribution Center	Rotterdam, Netherlands		1		146,368	November		12,226			100	%
11. AMB Eemhaven Distribution Center	Rotterdam, Netherlands		1		340,699	December		26,413			100	%

Subtotal			3		491,814			39,299
Total Fourth Quarter Property Acquisitions			37		3,904,909		$	318,454	⁽³⁾		32	%

Weighted Average Stabilized Cap Rate GAAP/Cash								7.2%/6.9	%
Total 2006 Property Acquisitions			106		9,808,236		$	834,191	⁽³⁾		42	%

Weighted Average Stabilized Cap Rate GAAP/Cash								6.9%/6.7	%


(1)		Translated to U.S. Dollars using the exchange rate on the date of acquisition.

(2)		Effective October 1, 2006, the Company deconsolidated AMB Alliance Fund III on a prospective basis.

(3)		Represents the total expected investment, including closing costs and estimated acquisition capital of $9.2 million and $20.1 million, for the quarter and year ended December 31, 2006, respectively.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

NEW DEVELOPMENT & RENOVATION PROJECTS
For the Quarter ended December 31, 2006

(dollars in thousands)


				Estimated		Estimated			AMB’s
			Estimated	Square Feet		Total			Ownership
Projects	Market	Developer	Stabilization	at Stabilization		Investment ⁽¹⁾			Percentage
1. AMB Dublin ⁽²⁾	San Francisco Bay Area	AMB	Q407		—	$	13,600			100	%
2. AMB Hathaway ⁽²⁾	San Francisco Bay Area	AMB	Q407		—		16,500			100	%
3. AMB Sagamihara Distribution Center	Tokyo, Japan	AMB	Q407		543,056		87,100			100	%
4. Agave — Bldg 5	Mexico City, Mexico	G. Accion	Q208		103,204		7,100			98	%
5. AMB Theodore Park Logistics Center	Dusseldorf, Germany	Delta Group	Q208		140,566		17,000			100	%
6. AMB Palmetto Distribution Center	Orlando	AMB	Q208		406,400		20,800			100	%
7. AMB Franklin Commerce Center	New Jersey	AMB	Q308		366,896		26,700			100	%
8. AMB Pompano Center of Commerce — Phase 1	Miami	AMB	Q308		218,835		21,400			100	%
9. AMB Lijnden Logistics Court 1	Amsterdam, Netherlands	Keystone Vasgoed	Q308		96,520		16,800			100	%
10. AMB Nanko Naka Distribution Center	Osaka, Japan	AMB	Q308		402,313		48,700			100	%
11. AMB Siziano Business Park — Bldg 1	Milan, Italy	Redilco	Q408		436,916		34,000			50	%

Total Fourth Quarter New Projects					2,714,706	$	309,700			94	%


Weighted Average Estimated Yield ⁽³⁾							6.7	%
Total 2006 New Projects					10,424,170	$	914,300			96	%


Weighted Average Estimated Yield ⁽³⁾							7.3	%


(1)		Represents total estimated cost of development, renovation or expansion, including initial acquisition costs, prepaid ground leases 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, 2006.

(2)		Represents a value-added conversion project. See Reporting Definitions.

(3)		Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects. See Reporting Definitions.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS
As of December 31, 2006

(dollars in thousands)


				Estimated			Estimated			AMB’s
			Estimated	Square Feet			Total			Ownership
Projects	Market	Developer	Stabilization ⁽⁶⁾	at Stabilization ⁽⁶⁾			Investment ⁽¹⁾			Percentage
2007 Deliveries
1. Beacon Lakes Village — Phase 1 Bldg E1	Miami	Flagler	Q1		52,668		$	6,100			50%
2. AMB Annagem Distribution Centre	Toronto, Canada	AMB	Q1		198,169			13,800			100%
3. AMB Des Plaines Logistics Center	Chicago	AMB	Q1		126,053			18,600			100%
4. AMB DFW Logistics Center 1	Dallas	AMB	Q1		113,640			5,900			100%
5. AMB Turnberry Distribution VI	Chicago	AMB	Q1		179,400			10,600			20%
6. Beacon Lakes — Bldg 6	Miami	Flagler	Q1		206,464			13,300			79%
7. AMB Fokker Logistics Center 2A	Amsterdam, Netherlands	Delta Group	Q2		118,166			15,900			100%
8. AMB Riverfront Distribution Center — Bldg B	Seattle	AMB	Q2		388,000			22,800			100%
9. AMB Forest Park Freight Terminal	Atlanta	AMB	Q2		142,000			11,200			100%
10. AMB Gonesse Distribution Center	Paris, France	GEPRIM	Q2		598,161			55,400			100%
11. AMB Douglassingel Distribution Center	Amsterdam, Netherlands	Austin	Q3		148,714			22,800			100%
12. AMB Port of Hamburg 1	Hamburg, Germany	BUSS Ports + Logistics	Q3		414,701			36,800			94%
13. AMB Pearson Logistics Centre 1 — Bldg 200	Toronto, Canada	AMB	Q3		205,518			16,800			100%
14. AMB Tres Rios Industrial Park — Bldg 3	Mexico City, Mexico	G. Accion	Q3		628,784			34,900			98%
15. AMB Tres Rios Industrial Park — Bldg 4	Mexico City, Mexico	G. Accion	Q3		315,156			17,800			98%
16. AMB Arrayanes — Bldg 2	Guadalajara, Mexico	G. Accion	Q4		473,720			17,800			90%
17. AMB Aurora Industrial ⁽⁴⁾	Minneapolis	AMB	Q4		125,200			7,100			100%
18. AMB Milton 401 Business Park — Bldg 2	Toronto, Canada	AMB	Q4		281,358			21,700			100%
19. AMB Sagamihara Distribution Center	Tokyo, Japan	AMB	Q4		543,056			87,100			100%
20. AMB Pearson Logistics Centre 1 — Bldg 100	Toronto, Canada	AMB	Q4		446,338			31,700			100%
21. AMB Dublin ⁽³⁾	San Francisco Bay Area	AMB	Q4		—			13,600			100%
22. AMB Hathaway ⁽³⁾	San Francisco Bay Area	AMB	Q4		—			16,500			100%
23. AMB Valley Distribution Center	Seattle	AMB	Q4		749,970			43,600			100%
24. AMB Redlands — Parcel 2	Los Angeles	AMB	Q4		1,313,470			57,200			100%
25. Platinum Triangle Land — Phase 1 ⁽³⁾	Los Angeles	AMB	Q4		—			15,400			100%
26. AMB Fokker Logistics Center 3	Amsterdam, Netherlands	Delta Group	Q4		324,725			44,900			50%
27. AMB Isle d’Abeau Logistics Park Bldg C	Lyon, France	GEPRIM	Q4		277,817			21,800			100%
28. AMB Torrance Matrix	Los Angeles	AMB	Q4		161,785			28,000			100%

Total 2007 Deliveries					8,533,033		$	709,100			94%

Leased or Under Contract For Sale/Funded-to-date					34	%	$	516,800	⁽²⁾
Weighted Average Estimated Yield ⁽⁵⁾								8.0	%

Continued on next page


(1)		Represents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases 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 December 31, 2006.

(2)		AMB’s share of amounts funded to date for 2007 and 2008 deliveries was $489.0 million and $288.5 million, respectively, for a total of $777.5 million.

(3)		Represents a value-added conversion project. See Reporting Definitions.

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

(5)		Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects. See Reporting Definitions.

(6)		See Reporting Definitions for a definition of stabilization.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS
As of December 31, 2006

(dollars in thousands)
(continued)


				Estimated			Estimated			AMB’s
			Estimated	Square Feet			Total			Ownership
Projects	Market	Developer	Stabilization ⁽⁵⁾	at Stabilization ⁽⁵⁾			Investment ⁽¹⁾			Percentage
2008 Deliveries
29. AMB Steel Road	Los Angeles	AMB	Q1		161,000		$	10,400			100	%
30. Beacon Lakes Bldg 7	Miami	Flagler	Q1		193,090			14,400			79	%
31. AMB Amagasaki Distribution Center 2	Osaka, Japan	AMB	Q2		981,679			105,900			100	%
32. Agave — Bldg 5	Mexico City, Mexico	G. Accion	Q2		103,204			7,100			98	%
33. AMB Le Grand Roissy Distribution — Mitry	Paris, France	SIRIUS	Q2		37,954			4,600			100	%
34. AMB Shinkiba Distribution Center	Tokyo, Japan	AMB	Q2		328,764			90,000			100	%
35. AMB Theodore Park Logistics Center	Dusseldorf, Germany	Delta Group	Q2		140,566			17,000			100	%
36. AMB Narita Distribution Center 1 — Bldg C	Tokyo, Japan	AMB	Q2		348,891			43,500			100	%
37. AMB Barajas Logistics Park	Madrid, Spain	AMB	Q2		427,133			39,500			80	%
38 AMB Funabashi Distribution Center 5	Tokyo, Japan	AMB	Q2		469,254			57,500			100	%
39. AMB Palmetto Distribution Center	Orlando	AMB	Q2		406,400			20,800			100	%
40. Platinum Triangle Land — Phase 2 ⁽³⁾	Los Angeles	AMB	Q2		—			30,100			100	%
41. AMB Franklin Commerce Center	New Jersey	AMB	Q3		366,896			26,700			100	%
42. AMB Pompano Center of Commerce — Phase 1	Miami	AMB	Q3		218,835			21,400			100	%
43. AMB Lijnden Logistics Court 1	Amsterdam, Netherlands	Keystone Vasgoed	Q3		96,520			16,800			100	%
44. AMB Nanko Naka Distribution Center	Osaka, Japan	AMB	Q3		402,313			48,700			100	%
45. AMB Siziano Business Park — Bldg 1	Milan, Italy	Redilco	Q4		436,916			34,000			50	%

Total 2008 Deliveries					5,119,415		$	588,400			95	%

Leased or Under Contract For Sale/Funded-to-date					7	%	$	297,700	⁽²⁾
Weighted Average Estimated Yield ⁽⁴⁾								7.1	%
Total Scheduled Deliveries					13,652,448		$	1,297,500			95	%

Leased or Under Contract For Sale/Funded-to-date					24	%	$	814,500	⁽²⁾
Weighted Average Estimated Yield ⁽⁴⁾								7.6	%


(1)		Represents total estimated cost of development, renovation or expansion, including initial acquisition costs, prepaid ground leases 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, 2006.

(2)		AMB’s share of amounts funded to date for 2007 and 2008 deliveries was $489.0 million and $288.5 million, respectively, for a total of $777.5 million.

(3)		Represents a value-added conversion project. See Reporting Definitions.

(4)		Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects. See Reporting Definitions.

(5)		See Reporting Definitions for the definition of stabilization.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

STABILIZED DEVELOPMENT & RENOVATION PROJECTS
For the Quarter ended December 31, 2006

(dollars in thousands)

AMB’s

Square

Total

Ownership

Projects Placed in Operations

Market

Developer

Feet

Investment ⁽¹⁾

Percentage

None

n/a

Total Fourth Quarter Placed in Operations

—

Leased/Weighted Average Yield ⁽⁴⁾

Total Year-to-Date Placed in Operations

941,336

90,500

Leased/Weighted Average Yield ⁽⁴⁾

8.4


									AMB’s
			Square			Total			Ownership
Projects Placed in Available for Sale or Contribution ⁽²⁾	Market	Developer	Feet			Investment ⁽¹⁾			Percentage
1. Agave — Bldg 4	Mexico City, Mexico	G. Accion		217,514		$	14,200			98	%
2. AMB Fengxian Logistics Center — Bldg 6 ⁽³⁾	Shanghai, China	AMB		341,355			13,000			60	%
3. AMB Fokker Logistics Center 1	Amsterdam, Netherlands	Delta Group		236,203			30,300			100	%
4. AMB Jiuting Distribution Center 2	Shanghai, China	AMB		187,866			7,300			100	%
5. AMB Horizon Creek — Bldg 300	Atlanta	Seefried		190,214			7,700			100	%
6. AMB Kashiw a Distribution Center	Tokyo, Japan	AMB		221,160			23,500			100	%
7. AMB Milton 401 Business Park — Bldg 1	Toronto, Canada	AMB		375,241			21,100			100	%
8. AMB Mt. Prospect Distribution	Chicago	AMB		228,603			26,000			100	%
9. Beacon Lakes — Bldg 10	Miami	Flagler		192,476			12,400			79	%
10. Frankfurt Logistics Center 556 — Phase II	Frankfurt, Germany	AMB		105,723			15,800			100	%
11. Highway 17 — 55 Madison Street ⁽³⁾	New Jersey	AMB		150,446			12,900			100	%
12. Monarch Commerce Center — Bldg 1 Unit A	Miami	AMB		42,153			4,000			100	%


Total Fourth Quarter Available for Sale or Contribution				2,488,954		$	188,200			96	%

Leased/Weighted Average Yield ⁽⁴⁾				84	%		8.6	%

Total Year-to-Date Available for Sale or Contribution				6,954,825		$	647,600			96	%

Leased/Weighted Average Yield ⁽⁴⁾				90	%		8.0	%


(1)		Represents total estimated cost of development, renovation or expansion, including initial acquisition costs, prepaid ground leases 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, 2006.

(2)		Represents projects where development activities have been completed and which the Company intends to sell or contribute within two years of construction completion.

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

(4)		Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects. See Reporting Definitions.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

DEVELOPMENT PROJECTS AVAILABLE FOR SALE OR
CONTRIBUTION AND SOLD OR CONTRIBUTED PROJECTS
As of December 31, 2006

(dollars in thousands)


						AMB’s
				Total		Ownership
Projects Available for Sale or Contribution ⁽²⁾	Market	Square Feet		Investment ⁽¹⁾		Percentage
1. Agave — Bldg 4	Mexico City, Mexico		217,514	$	14,200		98	%
2. AMB BRU Air Cargo Center	Brussels, Belgium		102,655		12,900		100	%
3. AMB Fengxian Logistics Center — Bldgs 2, 4 & 6	Shanghai, China		1,040,633		41,500		60	%
4. AMB Fokker Logistics Center 1	Amsterdam, Netherlands		236,203		30,300		100	%
5. AMB Jiuting Distribution Center 2	Shanghai, China		187,866		7,300		100	%
6. AMB Layline Distribution Center ⁽⁵⁾	Los Angeles		298,000		30,200		100	%
7. AMB Milton 401 Business Park — Bldg 1	Toronto, Canada		375,241		21,100		100	%
8. Frankfurt Logistics Center 556 — Phase II	Frankfurt, Germany		105,723		15,800		100	%
9. Highway 17 - 55 Madison Street ⁽⁵⁾	New Jersey		150,446		12,900		100	%
10. Singapore Airport Logistics Center — Bldg 2 ⁽³⁾	Singapore City, Singapore		250,758		13,000		50	%


Total Available for Sale or Contribution			2,965,039	$	199,200		88	%


						AMB’s
						Ownership			AMB’s
		Square		Gross		Percentage			Share of
Projects Sold or Contributed ⁽⁴⁾	Market	Feet		Price ⁽¹⁾		Sold or Contributed			Net Cash Gain
1. Agave — Bldg 2	Mexico City, Mexico		262,770	$	18,000		80	%
2. AMB Mt. Prospect Distribution	Chicago		228,603		36,500		77	%
3. Monarch Commerce Center — Bldg 1 Unit A	Miami		42,153		4,014		100	%
4. AMB Amagasaki Distribution Center 1	Osaka, Japan		965,155		113,958		80	%
5. AMB Horizon Creek — Bldgs 200, 300, 400	Atlanta		482,896		29,028		100	%
6. Highway 17 - 50 Broad Street ⁽⁵⁾	New Jersey		133,200		11,600		77	%
7. Beacon Lakes — Bldg 10	Miami		192,476		16,700		77	%
8. AMB Kashiw a Distribution Center	Tokyo, Japan		221,160		33,596		80	%
9. Beacon Lakes — Land	Miami		n/a		2,690		79	%
10. AMB Greenwood Industrial Park — Land	Atlanta		n/a		425		100	%
11. Creekside — Land	Atlanta		n/a		2,300		100	%
12. Charlotte Logistics — Land	Charlotte		n/a		2,191		23	%


Total Fourth Quarter Sold or Contributed			2,528,413	$	271,002		81	%	$	35,310


Total Year-to-Date Sold or Contributed			5,365,724	$	694,424		82	%	$	105,724


(1)		Represents total estimated cost of development, renovation or expansion, including initial acquisition costs, prepaid ground leases 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, 2006.

(2)		Represents projects where development activities have been completed and which the Company intends to sell or contribute within two years of construction completion.

(3)		Represents a project in an unconsolidated joint venture.

(4)		The Company also contributed 104 acres of land at cost plus associated carry to AMB DFS Fund I.

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


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

LAND INVENTORY
As of December 31, 2006

(dollars in thousands)


	North America						Europe						Asia						Total
				Estimated						Estimated						Estimated						Estimated
				Build Out Potential						Build Out Potential						Build Out Potential						Build Out Potential
	Acres ⁽³⁾			(square feet)			Acres			(square feet)			Acres			(square feet)			Acres			(square feet)
Balance as of September 30, 2006		1,535			23,792,734			70			1,474,170			65			3,327,596			1,670			28,594,500
Acquisitions		195			3,361,714			—			—			28			1,522,413			223			4,884,127
Sales		(49	)		(525,042	)		—			—			—			—			(49	)		(525,042	)
Development Starts		(77	)		(1,095,335	)		(17	)		(436,916	)		(15	)		(945,369	)		(109	)		(2,477,620	)

Balance as of December 31, 2006		1,604			25,534,071			53			1,037,254			78			3,904,640			1,735	⁽⁴⁾		30,475,965	⁽⁴⁾


Total investment ⁽¹⁾	$	347,300					$	27,400					$	105,700					$	480,400	⁽⁴⁾	$	1,787,800	⁽²⁾


(1)		Includes initial acquisition cost and associated carry costs.

(2)		Represents total estimated costs of development including initial land acquisition cost and associated carry costs assuming full build out of land inventory.

(3)		The Company also has a 19.9 acre land parcel leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX.

(4)		AMB’s share of acres, square feet of estimated build out potential, and total investment is 1,530, 27,100,588, and $385,300, respectively.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CAPITALIZATION SUMMARY
As of December 31, 2006

(dollars in thousands, except share price)

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III on a prospective basis.


	AMB			Joint			Unsecured
	Secured			Venture			Senior			Credit			Other			Total
Year	Debt ⁽¹⁾			Debt ⁽¹⁾			Debt			Facilities ⁽²⁾			Debt			Debt
2007	$	12,929		$	84,815		$	100,000		$	—		$	16,125		$	213,869
2008		41,906			173,029			175,000			—			810			390,745
2009		3,536			96,833			100,000			—			971			201,340
2010		69,327			112,918			250,000			852,033			941			1,285,219
2011		3,094			228,708			75,000			—			1,014			307,816
2012		5,085			169,717			—			—			1,093			175,895
2013		38,668			55,168			175,000			—			65,920	⁽⁶⁾		334,756
2014		186,864			4,261			—			—			616			191,741
2015		2,174			19,001			112,491			—			664			134,330
2016		4,749			50,648			—			—			—			55,397
Thereafter		—			25,580			125,000			—			—			150,580

Sub-total		368,332			1,020,678			1,112,491			852,033			88,154			3,441,688
Unamortized premiums/(discount)		1,632			4,712			(10,617	)		—			—			(4,273	)

Total consolidated debt		369,964			1,025,390			1,101,874			852,033			88,154			3,437,415

AMB’s share of unconsolidated JV Debt ⁽³⁾		—			330,813			—			—			32,610			363,423


Total debt		369,964			1,356,203			1,101,874			852,033			120,764			3,800,838

JV partners’ share of consolidated JV debt		—			(660,193	)		—			—			(52,021	)		(712,214	)

AMB’s share of total debt ⁽⁵⁾	$	369,964		$	696,010		$	1,101,874		$	852,033		$	68,743		$	3,088,624


Weighted average interest rate		5.6	%		6.5	%		6.2	%		3.1	%		6.6	%		5.5	%

Weighted average maturity (in years)		6.6			4.5			4.8			3.3			5.3			4.6


Market Equity
Security	Shares		Price		Value
Common Stock		89,662,435	$	58.61	$	5,255,115
LP Units		4,709,056		58.61		275,998

Total		94,371,491			$	5,531,113


Preferred Stock and Units ⁽⁴⁾
	Dividend			Liquidation
Security	Rate			Preference
Series D preferred units ⁽⁷⁾		7.75	%	$	79,767
Series I preferred units ⁽⁷⁾		8.00	%		25,500
Series J preferred units ⁽⁷⁾		7.95	%		40,000
Series K preferred units		7.95	%		40,000
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		7.27	%	$	417,767


Capitalization Ratios
Total debt-to-total market capitalization ⁽⁵⁾	39.0	%
AMB’s share of total debt-to-AMB’s share of total market capitalization ⁽⁵⁾	34.2	%
Total debt plus preferred-to-total market capitalization ⁽⁵⁾	43.3	%
AMB’s share of total debt plus preferred-to-
AMB’s share of total market capitalization ⁽⁵⁾	38.8	%


(1)		AMB secured debt includes debt related to European assets in the amount of $331.3 million.

(2)		Represents three credit facilities with total capacity of approximately $1,178 million. Includes $418.5 million, $321.0 million and $112.5 million in Euro, Yen and Canadian dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at December 31, 2006.

(3)		The weighted average interest and maturity for the unconsolidated JV debt were 4.4% and 5.8 years, respectively.

(4)		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.

(5)		See Reporting Definitions for the Company’s definitions of “total market capitalization,” “AMB’s share of total market capitalization,” “market equity,” and “preferred.” 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.

(6)		Maturity includes $65 million balance outstanding on a $65 million non-recourse credit facility obtained by AMB Partners II.

(7)		Callable as of December 31, 2006.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

CO-INVESTMENT CONSOLIDATED JOINT VENTURES
As of December 31, 2006

(dollars in thousands)


	AMB's					Gross						JV Partners'
	Ownership	Number of		Square		Book		Property		Other		Share
Joint Ventures	Percentage	Buildings		Feet ⁽¹⁾		Value ⁽²⁾		Debt		Debt		of Debt ⁽³⁾
Co-Investment Operating Joint Ventures:
AMB Erie ⁽⁴⁾	50%		3		821,712	$	52,942	$	20,605	$	—	$	10,303
AMB Partners II ⁽⁵⁾	20%		118		9,913,375		678,796		323,532		65,000		311,470
AMB-SGP ⁽⁶⁾	50%		74		8,287,424		444,990		235,480		—		117,449
AMB Institutional Alliance Fund II ⁽⁷⁾	20%		70		8,007,103		515,334		243,263		—		192,058
AMB-AMS ⁽⁸⁾	39%		33		2,172,137		153,563		78,904		—		48,420


Total Co-Investment Operating Joint Ventures	30%		298		29,201,751		1,845,625		901,784		65,000		679,700

Co-Investment Development Joint Ventures:
AMB Partners II ⁽⁵⁾	20%		n/a		n/a		342		—		—		—
AMB Institutional Alliance Fund II ⁽⁷⁾	20%		n/a		n/a		4,200		—		—		—


Total Co-Investment Development Joint Ventures	20%		—		—		4,542		—		—		—


Total Co-Investment Consolidated Joint Ventures	30%		298		29,201,751	$	1,850,167	$	901,784	$	65,000	$	679,700


							Partners' Share of
Co-investment Joint Ventures	Cash NOI ⁽⁹⁾		Net Income		FFO ⁽¹⁰⁾		Cash NOI ⁽⁹⁾		Net Income ⁽¹¹⁾		FFO ⁽¹⁰⁾
For the quarter ended December 31, 2006	$	38,366	$	10,950	$	22,489	$	27,643	$	8,919	$	16,372

For the twelve months ended December 31, 2006	$	185,141	$	46,977	$	111,121	$	137,236	$	27,203	$	81,361


(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)		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.

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

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

(6)		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.

(7)		AMB Institutional Alliance Fund II is a co-investment partnership with institutional investors, which invest through a private REIT.

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

(9)		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.

(10)		See Supplemental Financial Measures Disclosures for a discussion of why management believes FFO 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.

(11)		Partner’s share of net income excludes partner’s share of incentive distributions of $24.8 million from AMB Partners II.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

UNCONSOLIDATED JOINT VENTURES
As of December 31, 2006

(dollars in thousands)


	AMB's						Gross						AMB's		AMB's
	Ownership	Number of		Square			Book		Property		Other		Net Equity		Share of
Unconsolidated Joint Ventures	Percentage	Buildings		Feet ⁽¹⁾			Value		Debt		Debt		Investment		Debt
Co-Investment Joint Ventures:
1. AMB-SGP Mexico ⁽²⁾	20%		12		2,737,515		$	165,381	$	95,000	$	11,700	$	7,601	$	20,912
2. AMB Japan Fund I ⁽³⁾	20%		12		3,814,773			602,397		368,086		82,184		31,811		90,004
3. AMB Institutional Alliance Fund III ⁽⁴⁾	23%		119		13,784,406			1,313,858		615,500		60,000		136,971		160,280


Total Co-Investment Joint Ventures	22%		143		20,336,694			2,081,636		1,078,586		153,884		176,383		271,196

Co-investment Development Joint Ventures:
1. AMB Institutional Alliance Fund III ⁽⁴⁾	23%		1		179,400			9,636		—		—		—		—
2. AMB DFS Fund I ⁽⁵⁾	15%		—		—			78,450		—		—		11,700		—
Other Industrial Operating Joint Ventures	53%		48		7,684,931	⁽⁸⁾		295,036		184,423		—		47,955		89,262


Total Unconsolidated Joint Ventures	28%		192		28,201,025		$	2,464,758	$	1,263,009	$	153,884	$	236,038	$	360,458


							AMB's Share of
Unconsolidated Joint Ventures	Cash NOI ⁽⁶⁾		Net Income		FFO ⁽⁷⁾		Cash NOI ⁽⁶⁾		Net Income		FFO ⁽⁷⁾
For the quarter ended December 31, 2006	$	40,555	$	35,614	$	16,761	$	11,879	$	10,635	$	6,703

For the twelve months ended December 31, 2006	$	84,909	$	40,601	$	35,295	$	32,214	$	23,240	$	16,038


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

(2)		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 $5.5 million of shareholder loans outstanding at December 31, 2006 between the Company and the co-investment partnership.

(3)		AMB Japan Fund I is a co-investment partnership formed in 2005 with institutional investors.

(4)		AMB Institutional Alliance Fund III is an open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private REIT. Prior to October 1, 2006, the Company accounted for AMB Institutional Alliance Fund III as a consolidated joint venture.

(5)		AMB DFS Fund I is a co-investment partnership formed in 2006 with a subsidiary of GE Real Estate to build and sell properties.

(6)		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.

(7)		See Supplemental Financial Measures Disclosures for a discussion of why management believes FFO 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.

(8)		Includes investments in 7.4 million square feet of operating properties through the Company’s investments in unconsolidated joint ventures that it does not manage which it excludes from its owned and managed portfolio. See Reporting Definitions for the definition of owned and managed.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

AMB PRIVATE CAPITAL INFORMATION
As of December 31, 2006

(dollars in millions)

AMB’s

3rd Party

Planned

Estimated

Date

Ownership

Equity

Gross

Investment

Promote

Joint Ventures

Focus

Established

Percentage

Committed

Capitalization

Capacity

Frequency⁽¹⁾

Term

Co-Investment Joint Ventures:

AMB Erie

United States

March 1998

50%

200

—

3 years

Perpetual

AMB Partners II

United States

February 2001

20%

193

580

—

3 years

Perpetual

AMB-SGP

United States

March 2001

50%

420

—

10 years

March 2011; extendable 10 years

AMB Institutional Alliance Fund II

United States

June 2001

20%

195

490

—

At dissolution

December 2014 (estimated)

AMB-AMS

United States

June 2004

39%

228

—

At dissolution

December 2012; extendable 4 years

AMB Institutional Alliance Fund III

United States

October 2004

23%

469

1,323

⁽²⁾

246

⁽²⁾

3 years

Open end

AMB-SGP Mexico

Mexico

December 2004

20%

200

715

538

7 years

December 2011; extendable 7 years

AMB Japan Fund I ⁽³⁾

Japan

June 2005

20%

415

2,100

1,480

At dissolution

June 2013; extendable 2 years

AMB DFS Fund I

Development for sale

October 2006

15%

425

500

360

Upon project sales

Perpetual

Total Co-Investment Joint Ventures

2,071

6,556

2,624


(1)		In general and except for AMB Japan Fund I, AMB DFS Fund I and AMB Erie, AMB receives a 15% promoted interest on a leveraged IRR of 9-12%, and 20% on a leveraged IRR exceeding 12%. For AMB Japan Fund I, AMB receives a 20% promoted interest on a leveraged IRR of 10-13%, and 25% on a leveraged IRR exceeding 13%. For AMB DFS Fund I, AMB receives a 35% promoted interest on an unleveraged IRR of 7.25% on a project by project basis. The next promote eligibility dates for AMB Institutional Alliance Fund III and AMB Partners II are June 2008 and December 2009, respectively.

(2)		The planned gross capitalization and investment capacity of AMB Institutional Alliance Fund III, as an open-end fund, is not limited. The planned gross capitalization represents the gross book value of real estate assets as of the most recent quarter end, and the investment capacity represents estimated capacity based on the Fund’s current cash and leverage limitations as of the most recent quarter end.

(3)		AMB Japan Fund I is a yen-denominated fund. U.S. dollar amounts are converted at the December 31, 2006 exchange rate.


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

OTHER CONSOLIDATED JOINT VENTURES,
MORTGAGE INVESTMENTS AND OTHER INVESTMENTS
As of December 31, 2006

(dollars in thousands)


		AMB’s					Gross						JV Partners’
		Ownership	Number of		Square		Book		Property				Share
Properties	Market	Percentage	Buildings		Feet		Value ⁽¹⁾		Debt		Other Debt		of Debt ⁽²⁾
Other Industrial Operating Joint Ventures	Various	92%		32		2,982,313	$	258,374	$	60,435	$	—	$	4,419

Other Industrial Development Joint Ventures	Various	81%		16		3,930,930		320,942		63,171		98		28,095


Total Other Industrial Consolidated Joint Ventures		86%		48		6,913,243	$	579,316	$	123,606	$	98	$	32,514


Mortgage											Mortgage
and Loan Investments							Market		Maturity		Receivable⁽⁴⁾		Rate
1. Pier 1 ⁽³⁾							San Francisco Bay Area		May 2026		$	12,686	13.0%
2. G.Accion							Various		March 2010			6,061	10.0%

											$	18,747


											AMB’s		AMB’s
									Net		Ownership		Share
Other Investments					Market		Property Type		Investment		Percentage		of Debt ⁽⁷⁾
1. Park One Land Parcel					Los Angeles		Parking Lot		$	75,498	100%		$	—
2. G.Accion ⁽⁵⁾					Various		Various			38,343	39%			2,965
3. IAT Air Cargo Facilities Income Fund ⁽⁶⁾					Canada		Industrial			2,660	5%			—

									$	116,501			$	2,965


(1)		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.

(2)		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.

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

(4)		The Company holds inter-company loans that it eliminates in the consolidation process.

(5)		The Company has a 39% unconsolidated equity interest in G.Accion, a Mexican real estate company. G.Accion provides management and development services for industrial, retail, residential and office properties in Mexico.

(6)		One of the Company’s subsidiaries has an approximate 5% equity interest in IAT Air Cargo Facilities Income Fund, a public Canadian real estate income trust.

(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

SUPPLEMENTAL INFORMATION FOR NET ASSET VALUE ANALYSIS ⁽¹⁾

(dollars in thousands)


	For the Quarter
	Ended
	December 31, 2006
AMB’s Share of Net Operating Income
Rental revenues	$	162,103
Straight-line rents and amortization of lease intangibles		(2,944	)
Property operating costs		(42,669	)
JV Partners’ share of cash basis NOI ^{(2) (4)}		(27,879	)
AMB’s share of transaction activity adjustments to NOI ^{(3) (4)}		(2,200	)
AMB’s share of unconsolidated JV’s cash basis NOI ^{(2) (4)}		11,879

Total AMB’s share of cash basis NOI ^{(2) (4)}	$	98,290

Private capital income	$	28,563

AMB’s Share of Land and Development Projects
AMB’s share of land held for future development ^{(4) (5)}	$	385,300
AMB’s share of developments and renovations in process ^{(4) (6)}	$	777,500
AMB’s share of development projects held for contribution or sale ^{(4) (7)}	$	175,816
AMB’s share of assets contributed to private capital joint ventures ^{(4) (8)}	$	59,638

AMB’s share of total debt and preferred securities ^{(4) (9)}	$	3,506,391

AMB’s Share of Select Balance Sheet Items (owned and managed portfolio):^{(4) (10)}
Cash and cash equivalents	$	184,316
Mortgages and loans receivable		18,747
Accounts receivable (net) and other assets		247,634
Less deferred rents receivable and deferred financing costs (net)		(73,012	)
Accounts payable and other liabilities		(239,799	)

AMB’s share of other assets and liabilities	$	137,886


(1)		The Company believes that net asset value, or 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. The Company has presented certain financial measures related to its business that it believes the investing public might use to calculate its NAV but has not presented any specific methodology nor provided any guidance on assumptions or estimates that should be used in the calculation.

(2)		See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI and cash-basis NOI are useful supplemental measures for our management and investors, of ways to use these measures when assessing financial performance, and the limitations of these measures as measurement tools.

(3)		Transaction activity adjustments to NOI stabilizes NOI for acquisitions and development completions and removes NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution.

(4)		AMB’s share of and JV Partners’ share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on the Company’s or the Company’s joint venture partners’ percentage, as applicable, of equity interest in each of the consolidated or unconsolidated ventures accounted for in the applicable financial measure.

(5)		See Land Inventory for information regarding total investment in land held for future development.

(6)		See Development & Renovation Projects in Process and its footnotes for information regarding total investments in development and renovation projects in process.

(7)		See Development Projects Available for Sale or Contribution and its footnotes for information regarding total investments in projects available for sale or contribution.

(8)		See Contributions to AMB Private Capital Joint Ventures for additional information.

(9)		See Capitalization Summary and its footnotes for information regarding AMB’s share of total debt and total liquidation preference for the Company’s preferred stock and units.

(10)		See Reporting Definitions for the definition of owned and managed.


		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.

AMB’s share of total debt-to-AMB’s share of total book capitalization is calculated using the following definitions: AMB’s share of total debt is the pro rata portion of the total debt based on the Company’s percentage of equity interest in each of the consolidated or unconsolidated ventures holding the debt. AMB’s share of total book capitalization is defined as the Company’s share of total debt plus minority interests to preferred unitholders and limited partnership unitholders plus stockholders’ equity.

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

AMB’s share of total market capitalization is defined by the Company as the Company’s share of total debt plus preferred equity liquidation preferences plus market equity.

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.

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.

Estimated yields on development and renovation projects are calculated from estimated annual NOI following occupancy stabilization divided by the estimated total investment, including Development Alliance Partner^{^®}earnouts (if triggered by stabilization), prepaid ground leases 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.

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

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.

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

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

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

Renovation projects represents 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, 2004.

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

Stabilized 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, lease intangible adjustments, planned immediate capital expenditures, leasing costs necessary to achieve stabilization and, if applicable, any estimated costs required to buy-out AMB’s joint venture partners.

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.

Total market capitalization is defined by the Company as total debt plus preferred equity liquidation preferences plus market equity.

Value-added conversion project represents the repurposing of land or a building site for more valuable uses and may include such activities as rezoning, redesigning, reconstructing and retenanting.


		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.

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.

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.

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


		SUPPLEMENTAL ANALYST PACKAGE Fourth Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

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. See Consolidated Statements of Funds from Operations for a reconciliation of FFO from net income.

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.

Cash-basis NOI. Cash-basis NOI is defined as NOI (see definition for “NOI”) less straight line rents and amortization of lease intangibles. The Company considers cash-basis NOI to be an appropriate supplemental performance measure because cash basis NOI reflects the operating performance of the real estate portfolio. 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 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, 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.

Same Store Net Operating Income (“SS NOI”). The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, the Company considers SS NOI to be a useful supplemental measure of our operating performance. For properties that are considered part of the same store pool, see Reporting Definitions. In deriving SS NOI, the Company defines NOI as rental revenues (as calculated in accordance with GAAP), including reimbursements, less straight-line rents, property operating expenses and real estate taxes. The Company excludes straight-line rents in calculating SS NOI because the Company believes it provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, the Company believes that SS NOI helps the investing public compare the operating performance of a company’s 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, 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, the Company’s 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 SS NOI and NOI from net income for the quarters and years ended December 31, 2006 and 2005 (dollars in thousands):


	For the Quarters Ended						For the Years Ended
	December 31,						December 31,
	2006			2005			2006			2005
Net income	$	87,755		$	141,183		$	224,072		$	257,807
Private capital income		(28,563	)		(31,422	)		(46,102	)		(43,942	)
Depreciation and amortization		42,657			42,683			177,824			161,732
Impairment losses		918			—			6,312			—
General and administrative and fund costs		30,934			19,377			106,160			73,046
Total other income and expenses		(11,507	)		674			27,507			62,082
Total minority interests’ share of income		16,779			20,105			63,863			74,777
Total discontinued operations		(19,539	)		(69,694	)		(51,666	)		(127,498	)

NOI		119,434			122,906			507,970			458,004
Less non same-store NOI		(19,340	)		(21,420	)		(116,030	)		(70,782	)
Less non cash adjustments ⁽¹⁾		(1,079	)		(1,927	)		(8,426	)		(9,861	)

Cash-basis same-store NOI	$	99,015		$	99,559		$	383,514		$	377,361


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

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, sale or contribution dates, weighted average estimated yields from such projects, costs and total investment amounts), acquisition capital, build out potential of land inventory, co-investment joint venture investment capacity, terms of the co-investment joint ventures, cost to buy out joint venture partners, lease expirations and future business plans (such as property divestitures and financings), which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants, increased interest rates and operating costs, our failure to obtain necessary outside financing, re-financing risks, 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 general economic conditions or in the real estate sector, changes in real estate and zoning laws, a downturn in the U.S., California or global economy, risks related to doing business internationally, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2005 and our quarterly report on Form 10-Q for the quarter ended June 30, 2006.


					% of
	Square		Annualized		Annualized
	Feet		Base Rent ⁽²⁾		Base Rent
2007		15,946,335	$	96,962		14.3	%
2008		14,987,948		93,720		13.8	%
2009		15,580,437		101,672		15.0	%
2010		13,056,478		96,569		14.2	%
2011		13,193,485		97,473		14.3	%
2012		7,813,704		66,080		9.7	%
2013		3,379,973		26,803		3.9	%
2014		5,326,305		41,105		6.0	%
2015		2,706,554		20,209		3.0	%
2016 and beyond		4,925,182		39,118		5.8	%

Total		96,916,401	$	679,711		100.0	%


(1)		Schedule includes spaces that expire on or after December 31, 2006. Schedule includes owned and managed operating properties. See Reporting Definitions for the definition of owned and managed.

(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.


										AMB’s
										Retained
			Number of		Square		Contribution			Ownership
Property Contributions	Joint Venture	Market	Buildings		Feet		Value ⁽¹⁾			Percentage
1. Agave — Bldg 2	AMB-SGP Mexico	Mexico City, Mexico		1		262,770	$	18,000			20	%
2. AMB Amagasaki Distribution Center 1	AMB Japan Fund I	Osaka, Japan		1		965,155		113,958			20	%
3. AMB Kashiwa Distribution Center	AMB Japan Fund I	Tokyo, Japan		1		221,160		33,596			20	%
4. AMB Mt. Prospect Distribution	AMB Institutional
	Alliance Fund III	Chicago		2		228,603		36,500			23	%
5. Beacon Lakes — Bldg 10	AMB Institutional
	Alliance Fund III	Miami		1		192,476		16,700			23	%
6. Highway 17 — 50 Broad Street	AMB Institutional
	Alliance Fund III	New Jersey		1		133,200		11,600			23	%
7. AMB Pacific Coast Business Park — Land	AMB DFS Fund I	Los Angeles		n/a		n/a		77,489			15	%

Total Fourth Quarter Property Contributions				7		2,003,364	$	307,843			19	%

Weighted Average Stabilized Cash Cap Rate								6.1	%
Total 2006 Property Contributions				11		4,041,976	$	684,842			20	%

Weighted Average Stabilized Cash Cap Rate								5.8	%


Contact Name	Title	Phone	E-mail Address

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

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

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

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

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

Margan S. Mitchell	VP, Corporate Communications	(415) 733-9477	mmitchell@amb.com

Tracy Ward	Manager, Investor Relations	(415) 733-9565	tward@amb.com


Corporate Headquarters	Other Office Locations				Investor Relations

AMB Property Corporation	Amsterdam	Boston	New Jersey	Shanghai	Tel: (415) 394-9000
Pier 1, Bay 1	Atlanta	Chicago	New York	Singapore	Fax: (415) 394-9001
San Francisco, CA 94111	Baltimore	Dallas	Nagoya	Tokyo	E-mail: ir@amb.com
Tel: (415) 394-9000	Beijing	Los Angeles	Narita	Vancouver	Website: www.amb.com
Fax: (415) 394-9001	Boston	Menlo Park	Osaka