April 18, 2007 - EXHIBIT 99.1 - 8-K: Current report filing


		SUPPLEMENTAL ANALYST PACKAGE 2007 First 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
Supplemental Cash Flow Information			5
Owned & Managed Operating Statistics, Top 10 Customers & Lease Expirations			6
Largest Global Markets			7
Portfolio Overview			8
Capital Deployment			9
Property Contributions & Dispositions			10
Development & Renovation Projects in Process			11
Development Projects Placed in Operations and Projects Available for Sale or Contribution			13
Land Inventory			14
Capitalization Summary			15
Unconsolidated & Consolidated Joint Ventures			16
Supplemental Information for Net Asset Value Analysis			17
Reporting Definitions			18
Supplemental Financial Measures Disclosures			19
Joint Venture Partner Information			22
Contacts			23

Cover:

Beacon Lakes Bldg 6, a 206,500 square foot development, was stabilized during the quarter. The distribution facility is located in Beacon Lakes park in Miamis Airport West submarket, where AMB has completed 605,600 square feet and has another 347,100 square feet under development. When fully developed, the 436-acre Beacon Lakes park will total 5.8 million square feet.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

FINANCIAL HIGHLIGHTS

(dollars in thousands, except share data)


	Quarters Ended March 31,
	2007			Change			2006
Operating Data
Revenues	$	168,007			(4.8	%)	$	176,407	^{(1) (2)}
Adjusted EBITDA ⁽³⁾		125,173			(0.4	%)		125,630
Net income available to common stockholders		21,730			(7.1	%)		23,384
FFO (3)		56,873			16.7	%		48,739
Per diluted share and unit:
EPS	$	0.23			(11.5	%)	$	0.26
FFO ⁽³⁾		0.57			9.6	%		0.52
Dividends per common share		0.50			8.7	%		0.46
Ratios
Interest coverage (3)		3.3 x						3.0 x
Fixed charge coverage (3)		2.1 x						2.3 x
FFO payout		88	%					88	%


	As of
	March 31, 2007			December 31, 2006
Capitalization
AMBs share of total debt ⁽³⁾	$	2,532,072		$	3,088,624
Preferred equity		417,767			417,767
Market equity		6,113,297			5,531,113

Total capitalization	$	9,063,136		$	9,037,504

Ratios
AMBs share of total debt-to-AMBs share of total book capitalization ^{(3) (4)}		46.5	%		55.8	%
AMBs share of total debt-to-AMBs share of total market capitalization ^{(3) (4)}		27.9	%		34.2	%
Total common shares and units outstanding		103,985,326			94,371,491

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

(2)		Pro forma revenues for the quarter ended March 31, 2006 would have been $160,831, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.

(3)		See Supplemental Financial Measures Disclosures.

(4)		See Reporting Definitions.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


	As of
	March 31, 2007			December 31, 2006
Assets
Investments in real estate:
Total investments in properties	$	6,777,738		$	6,575,733
Accumulated depreciation		(829,814	)		(789,693	)

Net investments in properties		5,947,924			5,786,040
Investments in unconsolidated joint ventures		279,422			274,381
Properties held for contribution, net		144,961			154,036
Properties held for divestiture, net		11,227			20,916

Net investments in real estate		6,383,534			6,235,373
Cash and cash equivalents and restricted cash		286,161			195,878
Mortgages and loans receivable ⁽¹⁾		18,711			18,747
Accounts receivable, net		141,647			133,998
Other assets ⁽²⁾		146,930			129,516

Total assets	$	6,976,983		$	6,713,512

Liabilities and stockholders equity
Secured debt	$	1,648,336		$	1,395,354
Unsecured senior debt		1,057,186			1,101,874
Unsecured credit facilities		474,849			852,033
Other debt		86,146			88,154
Accounts payable and other liabilities		287,372			271,880

Total liabilities		3,553,889			3,709,295
Minority interests:
Joint venture partners		506,611			555,201
Preferred unitholders		180,292			180,298
Limited partnership unitholders		112,823			102,061

Total minority interests		799,726			837,560
Stockholders equity:
Common equity		2,399,951			1,943,240
Preferred equity		223,417			223,417

Total stockholders equity		2,623,368			2,166,657

Total liabilities and stockholders equity	$	6,976,983		$	6,713,512

(1)		As of March 31, 2007 and December 31, 2006, includes a mortgage receivable from Pier 1, LLC, in the amount of $12.6 million and $12.7 million, respectively, maturing in May 2026 with an interest rate of 13.0%, and a loan receivable from G. Accion in the amount of $6.1 million, maturing in March 2010 with an interest rate of 10.0%.

(2)		Includes AMBs 100% ownership interest in Park One, a 19.9 acre land parcel leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX, for approximately $75.7 million and $75.5 million as of March 31, 2007 and December 31, 2006, respectively.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF OPERATIONS ⁽¹⁾

(dollars in thousands, except share data)


	For the Quarters Ended March 31,
	2007			2006
Revenues
Rental revenues ⁽²⁾	$	162,082		$	171,301
Private capital income		5,925			5,106

Total revenues		168,007			176,407

Costs and expenses
Property operating costs ⁽³⁾		(44,247	)		(44,143	)
Depreciation and amortization		(41,029	)		(42,754	)
Impairment losses		(257	)
General and administrative		(29,854	)		(22,855	)
Other expenses ⁽⁴⁾		(912	)		(537	)
Fund costs		(241	)		(614	)

Total costs and expenses		(116,540	)		(110,903	)

Other income and expenses
Equity in earnings of unconsolidated joint ventures ⁽⁵⁾		2,113			2,088
Other income ⁽⁴⁾		5,507			3,507
Gains from dispositions of real estate interests, net		136
Development profits, net of taxes		12,192			674
Interest expense, including amortization		(33,865	)		(39,153	)

Total other income and expenses		(13,917	)		(32,884	)

Income from operations before minority interests		37,550			32,620

Minority interests share of income:
Joint venture partners share of income		(7,193	)		(8,539	)
Joint venture partners and limited partnership unitholders share of development profits		(595	)		(32	)
Preferred unitholders		(3,699	)		(5,001	)
Limited partnership unitholders		(494	)		(730	)

Total minority interests share of income		(11,981	)		(14,302	)

Income from continuing operations		25,569			18,318

Discontinued operations:
Income attributable to discontinued operations, net of minority interests		77			2,246
Gain from disposition of real estate, net of minority interests		36			7,013

Total discontinued operations		113			9,259

Net income		25,682			27,577
Preferred stock dividends		(3,952	)		(3,096	)
Preferred unit redemption discount/(issuance costs)					(1,097	)

Net income available to common stockholders	$	21,730		$	23,384

Net income per common share (diluted)	$	0.23		$	0.26

Weighted average common shares (diluted)		95,098,711			90,179,329

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

(2)		Pro forma rental revenues for the quarter ended March 31, 2006 would have been $155,725, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.

(3)		Pro forma property operating costs for the quarter ended March 31, 2006 would have been $40,169, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.

(4)		Includes changes in liabilities and assets associated with AMBs deferred compensation plan.

(5)		Includes gains on sale of operating properties of $0.2 million and $0.5 million, for the quarters ended March 31, 2007 and 2006, respectively.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS ⁽¹⁾

(dollars in thousands, except share data)


	For the Quarters Ended March 31,
	2007			2006
Net income available to common stockholders	$	21,730		$	23,384
Gains from disposition of real estate, net of minority interests		(172	)		(7,013	)
Depreciation and amortization:
Total depreciation and amortization		41,029			42,754
Discontinued operations depreciation		(4	)		514
Non-real estate depreciation		(1,177	)		(1,000	)
Adjustments to derive FFO from consolidated JVs:
Joint venture partners minority interests (Net income)		7,193			8,539
Limited partnership unitholders minority interests (Net income)		494			730
Limited partnership unitholders minority interests (Development profits)		583			32
Discontinued operations minority interests (Net income)		(61	)		113
FFO attributable to minority interests		(16,304	)		(20,435	)
Adjustments to derive FFO from unconsolidated JVs:
AMBs share of net income		(2,113	)		(2,088	)
AMBs share of FFO		5,675			3,209

Funds from operations	$	56,873		$	48,739

FFO per common share and unit (diluted)	$	0.57		$	0.52

Weighted average common share and unit (diluted)		99,776,750			94,567,680

Estimated FFO by business line ⁽¹⁾
Capital Partners FFO per common share and unit (diluted) ⁽²⁾	$	0.03		$	0.02
% of reported FFO		5.3	%		3.9	%
Development FFO per common share and unit (diluted) ⁽²⁾	$	0.11		$
% of reported FFO		19.3	%
Real estate operations FFO per common share and unit (diluted) ⁽³⁾	$	0.43		$	0.50
% of reported FFO		75.4	%		96.1	%

Total FFO per common share and unit (diluted)	$	0.57		$	0.52

(1)		See Supplemental Financial Measures Disclosures. In addition, management believes estimated FFO by business line is a useful supplemental measure of its operating performance because it helps the investing public compare the operating performance of a companys respective business lines to other companies business lines. Further, AMBs computation of FFO by business line may not be comparable to that reported by other real estate investment trusts as they may use different methodologies in computing such measures.

(2)		Estimated Capital Partners and Development FFO was determined by reducing Capital Partner Income and Development Profits, net of taxes by their respective estimated share of general and administrative expenses. Capital Partners and Developments estimated allocation of total general and administrative expenses was based on their respective percentage of actual direct general and administrative expenses incurred.

(3)		Estimated Real Estate Operations FFO represents total AMB FFO less estimated FFO attributable to Capital Partners and Development.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

SUPPLEMENTAL CASH FLOW INFORMATION

(dollars in thousands)


	For the Quarters Ended
	March 31,
	2007			2006
AMBs Owned and Managed Portfolio: ^{(1) (2)}
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	4,619		$	5,368
AMBs share of straight-line rents and amortization of lease intangibles	$	3,162		$	4,043
Gross lease termination fees	$	118		$	5,754
Net lease termination fees ⁽³⁾	$	143		$	5,745

AMBs share of net lease termination fees	$	96		$	5,745

Recurring capital expenditures:
Tenant improvements	$	3,318		$	3,821
Lease commissions and other lease costs		7,377			6,205
Building improvements		2,998			3,844

Sub-total		13,693			13,870
JV Partners share of capital expenditures		(5,046	)		(3,945	)

AMBs share of recurring capital expenditures	$	8,647		$	9,925


AMBs Consolidated Portfolio:
Straight-line rents and amortization of lease intangibles	$	2,715		$	5,146
AMBs share of straight-line rents and amortization of lease intangibles	$	2,729		$	3,999
Gross lease termination fees	$	100		$	5,754
Net lease termination fees ⁽³⁾	$	125		$	5,745
AMBs share of net lease termination fees	$	93		$	5,745


(1)		See Reporting Definitions.

(2)		See Supplemental Financial Measures Disclosure for a discussion of owned and managed supplemental cash flow information.

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


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

OWNED AND MANAGED OPERATING STATISTICS ⁽¹⁾

(dollars in thousands, except per square foot amounts)


Operating Portfolio	Quarter			Prior Quarter
Square feet owned at March 31, 2007		103,175,210			100,702,915

Occupancy percentage		95.2	%		96.1	%
Average occupancy percentage		94.9	%		95.3	%

Weighted average lease terms (years)		6.1			6.1

Trailing four quarter tenant retention		73.8	%		70.9	%

	Quarter
Same Space Leasing Activity: ⁽²⁾
Rent increases on renewals and rollovers		2.8	%
Same space square footage commencing (millions)		5.2

2nd Generation Leasing Activity:
TIs and LCs per square foot:
Retained	$	0.99
Re-tenanted		3.35

Weighted average	$	1.80


Square footage commencing (millions)		6.0

Same Store Pool ⁽¹⁾	Quarter			Prior Quarter
Square feet in same store pool at March 31, 2007		85,907,988			77,291,866
% of total square feet		83.3	%		76.8	%

Occupancy percentage at period end:
March 31, 2007		95.9	%		97.0	%
March 31, 2006		95.0	%		96.3	%

Weighted average lease terms (years)		6.1			6.0

Trailing four quarter tenant retention		74.0	%		72.5	%

	Quarter
Same Space Leasing Activity: ⁽²⁾
Rent increases on renewals and rollovers		3.0	%
Same space square footage commencing (millions)		4.3

Cash basis NOI % change: ⁽³⁾
Revenues ⁽⁴⁾		6.0	%
Expenses ⁽⁴⁾		5.0	%
NOI ^{(3) (4)}		6.3	%
NOI without lease termination fees ^{(3) (4)}		6.3	%

TOP 10 CUSTOMERS

(dollars in thousands)


					% of
	Number		Aggregate		Aggregate					% of
	of		Rentable		Leased					Aggregate
Customer Name ⁽⁶⁾	Leases		Square Feet		Square Feet			ABR ^{(1) (5)}		ABR ^{(1) (5)}
1. United States Government ^{(7) (8)}		47		1,407,748		1.4	%	$	20,391		3.1	%
2. Deutsche Post World Net (DHL) ⁽⁷⁾		39		1,910,505		1.9	%		16,515		2.5	%
3. FedEx Corporation ⁽⁷⁾		31		1,481,619		1.5	%		14,986		2.3	%
4. Nippon Express		15		1,041,058		1.0	%		9,976		1.5	%
5. Harmonic Inc.		4		285,480		0.3	%		9,250		1.4	%
6. Sagawa Express		8		726,550		0.7	%		8,330		1.3	%
7. BAX Global Inc/Schenker/Deutsche Bahn ⁽⁷⁾		17		750,271		0.8	%		7,681		1.2	%
8. La Poste		2		854,427		0.9	%		6,142		0.9	%
9. City and County of San Francisco		1		559,605		0.6	%		5,714		0.9	%
10. Panalpina, Inc.		7		870,156		0.9	%		5,601		0.8	%

Total				9,887,419		10.0	%	$	104,586		15.9	%

LEASE EXPIRATIONS ⁽⁹⁾

(dollars in thousands)


Year	Square Feet		ABR ^{(1) (5) (7)}		% of ABR ^{(1) (5)}
2007		11,382,912	$	71,751		10.2	%
2008		16,302,074		105,000		14.9	%
2009		17,382,307		111,050		15.7	%
2010		14,465,053		103,544		14.6	%
2011		13,699,420		98,648		14.0	%
2012		9,849,407		76,001		10.8	%
2013		3,867,646		30,049		4.3	%
2014		5,126,553		37,035		5.2	%
2015		4,593,062		27,687		3.9	%
2016 and beyond		5,659,638		46,032		6.4	%

Total		102,328,072	$	706,797		100.0	%


(1)		See Reporting Definitions for definitions of owned and managed, same store properties and annualized base rent (ABR), as applicable.

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

(3)		See Supplemental Financial Measures Disclosures.

(4)		For the quarter ended March 31, 2007, on a consolidated basis, the % change was 6.6%, 6.0%, 6.8% and 6.7%, respectively, for revenues, expenses, NOI and NOI without lease termination fees.

(5)		ABR is reported net of all operating expense reimbursements.

(6)		Customer(s) may be a subsidiary of or an entity affiliated with the named customer. AMB also owns a 19.9 acre land parcel adjacent to LAX, which is leased to a parking lot operator with an ABR of $7.8 million, which is not included.

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

(8)		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.

(9)		Schedule represents spaces that expire on or after March 31, 2007. Schedule includes owned and managed operating properties.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

LARGEST GLOBAL MARKETS ⁽¹⁾
As of March 31, 2007


																												Sub-Total
				No. New			San																					Largest
	Southern			Jersey/			Francisco						U.S.			South												Global
	California ⁽²⁾			New York			Bay Area			Chicago			On-Tarmac			Florida			Seattle			Tokyo ⁽⁴⁾			Paris ⁽⁴⁾			Markets
Rentable square feet		15,485,516			10,684,097			10,555,779			12,340,950			2,681,328			5,678,594			7,430,072			2,986,749			1,885,532			69,728,617
Occupancy percentage		95.7	%		97.8	%		96.2	%		92.6	%		94.0	%		97.1	%		96.6	%		93.0	%		98.4	%		95.6	%
ABR (000s) ⁽⁵⁾	$	95,894		$	75,734		$	71,335		$	59,839		$	45,968		$	41,767		$	35,382		$	33,930		$	16,050		$	475,899
% of total ABR ⁽⁵⁾		14.5	%		11.5	%		10.8	%		9.1	%		7.0	%		6.3	%		5.4	%		5.1	%		2.4	%		72.1	%
ABR per square foot	$	6.47		$	7.25		$	7.03		$	5.23		$	18.23		$	7.58		$	4.93		$	12.22		$	8.65		$	7.14
Lease expirations as a % of ABR: ⁽⁵⁾
2007		6.8	%		5.5	%		10.7	%		20.2	%		11.4	%		13.8	%		11.1	%		7.2	%		11.8	%		10.3	%
2008		16.8	%		13.1	%		16.6	%		15.4	%		16.0	%		14.2	%		12.3	%		11.4	%		15.7	%		15.1	%
2009		11.9	%		16.4	%		20.4	%		14.8	%		6.5	%		16.4	%		27.2	%		18.0	%		7.2	%		15.7	%
Weighted average lease terms		5.8			7.0			5.6			5.1			8.6			5.6			6.1			5.0			8.0			6.0
Trailing four quarter tenant retention:		82.9	%		83.2	%		63.9	%		77.7	%		86.8	%		61.9	%		72.1	%		63.1	%					76.8	%

Rent increases on renewals and rollovers:
Quarter		5.2	%		(3.6	%)		8.1	%		(3.6	%)		4.0	%		12.5	%		7.2	%								2.7	%
Same space square feet leased		922,844			960,200			672,682			465,248			96,235			392,280			236,200									3,745,689
Same store cash basis NOI % change: ⁽⁶⁾
Quarter		0.5	%		12.4	%		5.2	%		8.8	%		0.8	%		17.5	%		5.2	%		19.1	%		32.0	%		6.9	%

Same store square feet as % of aggregate square feet ⁽⁵⁾		85.8	%		87.0	%		98.5	%		75.9	%		100.0	%		89.8	%		93.6	%		39.2	%		54.2	%		85.0	%

AMBs pro rata % share of square feet ⁽⁷⁾		60.5	%		52.3	%		74.3	%		56.0	%		92.9	%		78.6	%		52.0	%		20.0	%		100.0	%		61.3	%


(1)		Based on annualized base rent and represents AMBs owned and managed portfolio. The markets included here are a subset of AMBs regions defined as East, Southwest, and West Central in North America, Europe and Asia. See Reporting Definitions for the definition of owned and managed.

(2)		AMB 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)		At March 31, 2007, this represents our largest single market in Asia and Europe respectively.

(5)		See Reporting Definitions for definitions of ABR and same store properties, as applicable.

(6)		See Supplemental Financial Measures Disclosures.

(7)		Calculated as AMBs pro rata share of square feet on the total stabilized portfolio as shown on the next page.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

PORTFOLIO OVERVIEW ⁽¹⁾
As of March 31, 2007

(dollars in thousands, expect per square foot amounts)


	Rentable
	Square		Occupancy					% of Total			ABR per
	Feet		Percentage			ABR ⁽²⁾		ABR ⁽²⁾			Square Foot ⁽²⁾
Largest Global Markets		69,728,617		95.6	%	$	475,899		72.1	%	$	7.14

Other Global Target Markets
North America Markets
Atlanta		4,622,651		94.5	%	$	19,395		2.9	%	$	4.44
Baltimore		3,046,324		99.1	%		20,801		3.1	%		6.89
Boston		5,188,593		92.1	%		31,395		4.8	%		6.57
Dallas		4,842,119		92.8	%		21,186		3.2	%		4.72
Mexico City		2,021,424		91.4	%		11,433		1.7	%		6.18
Minneapolis		4,006,858		95.1	%		17,547		2.7	%		4.60
Other Markets ⁽³⁾		6,093,733		92.7	%		32,067		4.8	%		5.68

Subtotal/Weighted Average		29,821,702		93.8	%	$	153,824		23.2	%	$	5.50

Europe Markets
Amsterdam, Netherlands		964,039		100.0	%	$	8,489		1.3	%	$	8.81
Frankfurt, Germany		166,917		100.0	%		2,768		0.4	%		16.58
Hamburg, Germany		952,369		99.7	%		7,586		1.1	%		7.99
Lyon, France		262,491		100.0	%		1,781		0.3	%		6.78

Subtotal/Weighted Average		2,345,816		99.9	%	$	20,624		3.1	%	$	8.80

Asia Markets
Osaka, Japan		965,155		95.7	%	$	7,660		1.2	%	$	8.30
Shanghai, China		151,749		100.0	%		556		0.1	%		3.66
Singapore, Singapore		162,171		100.0	%		1,738		0.3	%		10.72

Subtotal/Weighted Average		1,279,075		96.7	%	$	9,954		1.6	%	$	8.04

Owned and Managed Total		103,175,210		95.2	%	$	660,301		100.0	%	$	6.72


Other Non-Managed JVs		7,359,173		96.3	%

Total Stabilized Portfolio ⁽²⁾		110,534,383		95.3	%


Development Projects ⁽⁴⁾		17,708,048

Total Portfolio		128,242,431


(1)		Includes AMBs owned and managed operating and development properties, investments in operating properties through 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)		See Reporting Definitions for definitions of Annualized Base Rent (ABR) and completion/stabilization, as applicable.

(3)		Other Markets includes other target markets (Austin, Guadalajara, Houston, Orlando and Querétaro) and non-target markets (Columbus and New Orleans).

(4)		Development projects includes recently completed development projects available for sale or contribution totaling twelve projects and 3.0 million square feet.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CAPITAL DEPLOYMENT
For the Quarter ended March 31, 2007

(dollars in thousands)


		Month of	Square
Property Acquisitions	Market	Acquisition	Feet
AMB Alliance Fund III
1. AMB Internationale Industrial	Chicago	January		138,242
2. AMB Midwest Distribution Center	Chicago	January		701,889
3. AMB Kingsland Distribution	No. New Jersey/New York	January		146,000
4. AMB Crosstown	Minneapolis	January		120,000
5. AMB Gibraltar R&D	San Francisco Bay Area	February		56,720
6. AMB Capelin Distribution Center	Southern California	March		329,140

Total AMB Alliance Fund III				1,491,991
Acquisition Cost ⁽¹⁾			$	104,295

AMB Japan Fund I
7. AMB Funabashi Distribution Center 6	Tokyo, Japan	February		137,131

Total AMB Japan Fund I				137,131
Acquisition Cost ⁽¹⁾			$	17,283	⁽²⁾

AMB Property Corporation
8. Airport Logistics Center SGP	Singapore, Singapore	March		162,171

Total AMB Property Corporation				162,171
Acquisition Cost ⁽¹⁾			$	20,179	⁽²⁾
Total First Quarter Property Acquisitions				1,791,293
Acquisition Cost ⁽¹⁾			$	141,757
AMBs Weighted Average Ownership Percentage				32	%
Weighted Average Stabilized Cap Rate (GAAP)				5.9	%


			Estimated
		Estimated	Square Feet
New Development and Renovation Projects	Market	Stabilization ⁽³⁾	at Stabilization
1. AMB Wille Distribution Center	Chicago	Q407		253,410
2. AMB Beacon Lakes Commerce Bank	South Florida	Q407		101,345
3. AMB Remington Lakes Distribution	Chicago	Q308		228,413
4. AMB Akechi Distribution Center	Nagoya, Japan	Q408		979,357
5. AMB ICN Logistics Center	Incheon, Korea	Q408		362,745

Total First Quarter New Projects				1,925,270
Estimated Total Investment ⁽³⁾			$	190,744
AMBs Weighted Average Ownership Percentage				98	%
Weighted Average Estimated Yield ⁽³⁾				7.4	%

Total First Quarter Capital Deployment			$	332,501


(1)		Represents the total expected investment, including closing costs and estimated acquisition capital of $4.8 million for the quarter ended March 31, 2007, respectively.

(2)		Non-U.S. Dollar assets are translated using the exchange rate on the date of acquisition.

(3)		See Reporting Definitions for definitions of completion/stabilization, estimated total investment and estimated yields, as applicable.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

PROPERTY CONTRIBUTIONS AND DISPOSITIONS
For the Quarter ended March 31, 2007

(dollars in thousands)


		Month of
		Contribution/	Square
Operating Property Contributions and Dispositions	Market	Disposition	Feet

Contributions
1. AMB Corregidora Distribution Center	Queretaro, Mexico	March		95,949

Total Contributions				95,949
Contribution Value			$	4,591

Dispositions
None	n/a	n/a		n/a

Total First Quarter Operating Property Contributions and Dispositions				95,949
Total Contribution Value			$	4,591
AMBs Weighted Average Ownership Percentage Sold or Contributed				80	%
Weighted Average Stabilized Cash Cap Rate				9.3	%


		Month of
		Contribution/	Square
Development Property Contributions and Dispositions ⁽¹⁾	Market	Disposition	Feet

Contributions
1. AMB Layline Distribution Center	Southern California	March		298,000
2. Agave Industrial Park Bldg 4	Mexico City, Mexico	March		217,514

Total Contributions				515,514
Contribution Value			$	56,000

Dispositions
1. AMB Des Plaines Logistics Center ⁽²⁾	Chicago	March		126,053
2. AMB Beacon Lakes Village Phase 1 Bldg E1 3 units ⁽²⁾	South Florida	March		19,750

Total Dispositions				145,803
Disposition Price			$	24,698

Total First Quarter Development Property Contributions and Dispositions				661,317
Total Contribution Value and Disposition Price			$	80,698
AMBs Weighted Average Ownership Percentage Sold or Contributed				84	%
Weighted Average Stabilized Cash Cap Rate				6.6	%


(1)		AMB also contributed approximately 82 acres of land at cost plus associated carry to AMB DFS Fund I.

(2)		Represents a project that was placed in projects available for sale or contribution during the quarter ended March 31, 2007, and was sold or contributed during the quarter.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS
As of March 31, 2007

(dollars in thousands)


			Estimated
		Estimated	Square Feet
2007 Deliveries	Market	Stabilization ⁽¹⁾	at Stabilization ⁽¹⁾
1. AMB Fokker Logistics Center 2A	Amsterdam, Netherlands	Q2		118,166
2. AMB Riverfront Distribution Center Bldg B	Seattle	Q2		388,000
3. AMB Gonesse Distribution Center	Paris, France	Q2		598,161
4. AMB Douglassingel Distribution Center	Amsterdam, Netherlands	Q3		148,714
5. AMB Port of Hamburg 1	Hamburg, Germany	Q3		414,701
6. AMB Forest Park Freight Terminal	Atlanta	Q3		142,000
7. AMB Pearson Logistics Centre 1Bldg 200	Toronto, Canada	Q3		205,518
8. AMB Tres Rios Industrial Park Bldg 3	Mexico City, Mexico	Q3		628,784
9. AMB Tres Rios Industrial Park Bldg 4	Mexico City, Mexico	Q3		315,156
10. AMB Arrayanes Bldg 2	Guadalajara, Mexico	Q4		473,720
11. AMB Dublin ⁽³⁾	San Francisco Bay Area	Q4
12. AMB Milton 401 Business Park Bldg 2	Toronto, Canada	Q4		281,358
13. AMB Pearson Logistics Centre 1Bldg 100	Toronto, Canada	Q4		446,338
14. AMB Sagamihara Distribution Center	Sagamihara, Japan	Q4		543,056
15. AMB Aurora Industrial ⁽⁵⁾	Minneapolis	Q4		122,793
16. AMB Fokker Logistics Center 3	Amsterdam, Netherlands	Q4		324,725
17. AMB Hathaway ⁽³⁾	San Francisco Bay Area	Q4
18. AMB Isle dAbeau Logistics Park Bldg. C	Lyon, France	Q4		277,817
19. AMB Redlands 2	Southern California	Q4		1,313,470
20. AMB Torrance Matrix	Southern California	Q4		161,785
21. AMB Valley Distribution Center	Seattle	Q4		749,970
22. AMB Wille Distribution Center ⁽⁴⁾	Chicago	Q4		253,410
23. AMB Beacon Lakes Commerce Bank ⁽⁴⁾	South Florida	Q4		101,345
24. AMB Beacon Lakes Bldg 7	South Florida	Q4		193,090
25. Platinum Triangle Land Phase 1 ⁽³⁾	Southern California	Q4

Total 2007 Deliveries				8,202,077

Estimated Total Investment ⁽¹⁾			$	700,122
Funded-to-date			$	551,290	⁽²⁾
AMBs Weighted Average Ownership Percentage				93	%
Weighted Average Estimated Yield ⁽¹⁾				7.8	%
% Pre-leased				32	%

Continued on next page


(1)		See Reporting Definitions for definitions of completion/stabilization, estimated total investment and estimated yield, as applicable.

(2)		AMBs share of amounts funded to date for 2007 and 2008 deliveries was $506.5 million and $394.1 million, respectively, for a total of $900.6 million.

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

(4)		Represents a new development start for the quarter ended March 31, 2007.

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


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

DEVELOPMENT & RENOVATION PROJECTS IN PROCESS
As of March 31, 2007

(dollars in thousands)


			Estimated
		Estimated	Square Feet
2008 Deliveries	Market	Stabilization ⁽¹⁾	at Stabilization ⁽¹⁾
26. AMB Steel Road	Southern California	Q1		161,000
27. AMB Amagasaki Distribution Center 2	Osaka, Japan	Q2		981,679
28. Agave Industrial Park Bldg 5	Mexico City, Mexico	Q2		111,589
29. AMB Le Grand Roissy Distribution Mitry	Paris, France	Q2		37,954
30. AMB Shinkiba Distribution Center	Tokyo, Japan	Q2		328,764
31. AMB Theodore Park Logistics Center	Dusseldorf, Germany	Q2		140,566
32. AMB Narita Air Cargo Center 1 Phase 1 Bldg C	Tokyo, Japan	Q2		348,891
33. Platinum Triangle Land Phase 2 ⁽³⁾	Southern California	Q2
34. AMB Barajas Logistics Park	Madrid, Spain	Q2		427,133
35. AMB Funabashi Distribution Center 5	Tokyo, Japan	Q2		469,254
36. AMB Palmetto Distribution Center	Orlando	Q2		406,400
37. AMB Franklin Commerce Center	No. New Jersey/New York	Q3		366,896
38. AMB Lijnden Logistics Court 1	Lijnden, Netherlands	Q3		96,520
39. AMB Nanko Naka Distribution Center	Osaka, Japan	Q3		402,313
40. AMB Remington Lakes Distribution ⁽⁴⁾	Chicago	Q3		228,413
41. AMB Pompano Center of Commerce Phase 1	South Florida	Q4		218,835
42. AMB Akechi Distribution Center ⁽⁴⁾	Nagoya, Japan	Q4		979,357
43. AMB Siziano Business Park Bldg 1	Milan, Italy	Q4		436,916
44. AMB ICN Logistics Center ⁽⁴⁾	Incheon, Korea	Q4		362,745

Total 2008 Deliveries				6,505,225
Estimated Total Investment ⁽¹⁾			$	730,142
Funded-to-date			$	403,287	⁽²⁾
AMBs Weighted Average Ownership Percentage				97	%
Weighted Average Estimated Yield ⁽¹⁾				7.1	%
% Pre-leased				11	%

Total 2007 and 2008 Scheduled Deliveries				14,707,302
Estimated Total Investment ⁽¹⁾			$	1,430,264
Funded-to-date			$	954,577	⁽²⁾
AMBs Weighted Average Ownership Percentage				95	%
Weighted Average Estimated Yield ⁽¹⁾				7.5	%
% Pre-leased				23	%


(1)		See Reporting Definitions for definitions of completion/stabilization, estimated total investment and estimated yield, as applicable.

(2)		AMBs share of amounts funded to date for 2007 and 2008 deliveries was $506.5 million and $394.1 million, respectively, for a total of $900.6 million.

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

(4)		Represents a new development start for the quarter ended March 31, 2007.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

DEVELOPMENT PROJECTS PLACED IN OPERATIONS AND
PROJECTS AVAILABLE FOR SALE OR CONTRIBUTION
As of March 31, 2007

(dollars in thousands)


Projects Placed in Operations	Market	Square Feet
1. AMB Turnberry Distribution VI	Chicago		179,400

Total First Quarter Placed in Operations			179,400

Total Investment ⁽⁵⁾		$	10,657
AMBs Weighted Average Ownership Percentage			20	%
Weighted Average Estimated Yield ⁽⁵⁾			8.0	%


Projects Available for Sale or Contribution ⁽¹⁾	Market	Square Feet
1. AMB BRU Air Cargo Center	Brussels, Belgium		102,655
2. Singapore Airport Logistics Center Bldg 2 ⁽²⁾	Singapore, Singapore		250,758
3. AMB Fokker Logistics Center 1	Amsterdam, Netherlands		236,203
4. Frankfurt Logistics Center 556 Phase II	Frankfurt, Germany		105,723
5. AMB Milton 401 Business Park Bldg 1	Toronto, Canada		375,241
6. AMB Fengxian Logistics Center Bldgs 2, 4 & 6 ⁽³⁾	Shanghai, China		1,040,633
7. Highway 17 55 Madison Street ⁽³⁾	No. New Jersey/New York		150,446
8. AMB Jiuting Distribution Center 2	Shanghai, China		187,866
9. AMB Annagem Distribution Centre ⁽⁴⁾	Toronto, Canada		198,169
10. AMB DFW Logistics Center 1 ⁽⁴⁾	Dallas		113,640
11. AMB Beacon Lakes Village Phase 1 Bldg E1 5 units ⁽⁴⁾	South Florida		32,918
12. AMB Beacon Lakes Bldg 6 ⁽⁴⁾	South Florida		206,494

Total Available for Sale or Contribution			3,000,746

Total Investment ⁽⁵⁾		$	193,818
AMBs Weighted Average Ownership Percentage			86	%


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

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

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

(4)		Bold indicates a project placed in available for sale or contribution during the quarter ended March 31, 2007. Projects placed in available for sale or contribution during the quarter totaled $57.1 million and 0.7 million square feet.

(5)		See Reporting Definitions for definitions of stabilization, estimated total investment, estimated yields, AMBs share of, as applicable.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

LAND INVENTORY
As of March 31, 2007

(dollars in thousands)


	North America						Europe				Asia						Totals
				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 December 31, 2006		1,604			25,534,071			53		1,037,254		78			3,904,640			1,735			30,475,965
Acquisitions		422			6,728,837													422			6,728,837
Development Starts		(37	)		(583,168	)						(32	)		(1,342,102	)		(69	)		(1,925,270	)

Balance as of March 31, 2007		1,989			31,679,740			53		1,037,254		46			2,562,538			2,088	⁽⁴⁾		35,279,532	⁽⁴⁾


Total investments ⁽¹⁾	$	400,017					$	27,833			$	97,903					$	525,753	⁽⁴⁾	$	1,942,500	⁽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)		AMB also has a 19.9 acre land parcel leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX.

(4)		AMBs share of acres, square feet of estimated build out potential, and total investment including amounts held in unconsolidated joint ventures is 1,874 acres, 31,661,167 square feet and $399,818, respectively.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CAPITALIZATION SUMMARY
As of March 31, 2007

(dollars in thousands, except share price)


	AMB			Joint			Unsecured
	Secured			Venture			Senior			Credit			Other			Total
Year	Debt ⁽¹⁾			Debt ⁽¹⁾			Debt			Facilities ⁽²⁾			Debt			Debt
2007	$	12,396		$	49,349		$	55,000		$			$	14,215		$	130,960
2008		92,239			79,200			175,000						810			347,249
2009		6,234			124,868			100,000						873			231,975
2010		72,026			122,620			250,000			474,849			941			920,436
2011		6,335			197,466			75,000						1,014			279,815
2012		8,369			420,116									1,093			429,578
2013		42,682			59,714			175,000						65,920	⁽⁶⁾		343,316
2014		245,273			4,076									616			249,965
2015		2,199			18,780			112,491						664			134,134
2016		4,804			54,995												59,799
Thereafter					19,091			125,000									144,091

Sub-total		492,557			1,150,275			1,067,491			474,849			86,146			3,271,318
Unamortized premiums/(discount)		1,480			4,024			(10,305	)								(4,801	)

Total consolidated debt		494,037			1,154,299			1,057,186			474,849			86,146			3,266,517

AMBs share of unconsolidated JV Debt ^{(3) (5)}					30,930												30,930


Total debt		494,037			1,185,229			1,057,186			474,849			86,146			3,297,447

JV partners share of consolidated JV debt ⁽⁵⁾					(713,375	)								(52,000	)		(765,375	)

AMBs share of total debt ⁽⁵⁾	$	494,037		$	471,854		$	1,057,186		$	474,849		$	34,146		$	2,532,072


Weighted average interest rate		4.9	%		6.2	%		6.2	%		2.1	%		6.9	%		5.4	%
Weighted average maturity (in years)		5.2			4.6			4.8			3.1			5.9			4.5


Market Equity
Security	Shares		Price		Value
Common Stock		99,319,253	$	58.79	$	5,838,979
LP Units		4,666,073		58.79		274,318

Total		103,985,326			$	6,113,297


Preferred Stock and Units ⁽⁴⁾
	Dividend			Liquidation
Security	Rate			Preference
Series D preferred units		7.18	%	$	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		7.17	%	$	417,767


Capitalization Ratios
Total debt-to-total market capitalization ⁽⁵⁾	33.5	%
AMBs share of total debt-to-AMBs share of total market capitalization ⁽⁵⁾	27.9	%
Total debt plus preferred-to-total market capitalization ⁽⁵⁾	37.8	%
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization ⁽⁵⁾	32.5	%

(1)		AMB secured debt includes debt related to European and Asian assets in the amount of $414.8 million and $47.5 million, respectively.

(2)		Represents three credit facilities with total capacity of approximately $1,182 million. Includes $342.5 million and $132.3 million in Yen and Canadian dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at March 31, 2007.

(3)		The weighted average interest and maturity for the unconsolidated JV debt were 4.7% and 5.6 years, respectively.

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

(5)		See Reporting Definitions and Supplemental Financial Measures Disclosures.

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

(7)		Callable as of March 31, 2007.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES ⁽¹⁾
As of March 31, 2007

(dollars in thousands)


		AMB's						Gross						AMB's		3rd Party		Planned			Estimated
	Geographic	Ownership			Square			Book		Property		Other		Net Equity		Equity		Gross			Investment
Unconsolidated Joint Ventures	Focus	Percentage			Feet ⁽²⁾			Value ⁽³⁾		Debt		Debt		Investment ⁽⁸⁾		Committed		Capitalization			Capacity
Co-Investment Operating Joint Ventures:
AMB Institutional Alliance Fund III	United States		21	%		15,746,793		$	1,469,392	$	726,956	$		$	135,914	$	553,900	$	1,469,000	⁽⁴⁾	$	257,000	⁽⁴⁾
AMB Japan Fund I ⁽⁶⁾	Japan		20	%		3,951,904			625,523		390,027		100,017		32,184		420,000		2,100,000			1,460,000
AMB-SGP Mexico	Mexico		20	%		3,050,915			184,487		135,955				8,495		200,000		715,000			519,000

Total Co-Investment Operating Joint Ventures			20	%		22,749,612			2,279,402		1,252,938		100,017		176,593		1,173,900		4,284,000			2,236,000

Co-Investment Development Joint Ventures:
AMB DFS Fund I	United States		15	%					110,242						16,622		425,000		500,000			270,000

Other Industrial Operating Joint Ventures			53	%		7,684,931	⁽⁵⁾		290,898		182,830				48,569		n/a		n/a			n/a

Total Unconsolidated Joint Ventures			24	%		30,434,543		$	2,680,542	$	1,435,768	$	100,017	$	241,784	$	1,598,900	$	4,784,000		$	2,506,000


Consolidated Joint Ventures
Co-Investment Operating Joint Ventures:

AMB Partners II	United States		20	%		9,913,375		$	683,609	$	322,094	$	65,000			$	193,000	$	580,000		$
AMB Institutional Alliance Fund II	United States		20	%		8,007,103			517,058		242,050						195,000		490,000
AMB-SGP	United States		50	%		8,287,424			445,718		350,073						75,000		420,000
AMB-AMS	United States		39	%		2,172,137			153,990		84,558						49,000		228,000
AMB Erie	United States		50	%		821,712			52,643		20,459						50,000		200,000

Total Co-Investment Operating Joint Ventures			30	%		29,201,751			1,853,018		1,019,234		65,000			$	562,000	$	1,918,000		$


Co-Investment Development Joint Ventures:
AMB Partners II	United States		20	%		n/a			343
AMB Institutional Alliance Fund II	United States		20	%		n/a			4,256

Total Co-Investment Development Joint Ventures			20	%					4,599

Total Co-Investment Joint Ventures			30	%		29,201,751			1,857,617		1,019,234		65,000
Other Industrial Operating Joint Ventures			91	%		2,871,846			252,773		64,498
Other Industrial Development Joint Ventures			88	%		3,814,446			333,124		70,567

Total Consolidated Joint Ventures			44	%		35,888,043		$	2,443,514	$	1,154,299	$	65,000


Selected Operating Results
For the Quarter Ended March 31, 2007	Cash NOI ⁽⁷⁾		Net Income		FFO ⁽⁷⁾		Share of	Cash NOI ⁽⁷⁾		Net Income		FFO ⁽⁷⁾
Unconsolidated Joint Ventures	$	41,702	$	6,161	$	20,872	AMB's	$	11,479	$	2,113	$	5,675
Consolidated Co-Investment Joint Ventures	$	36,533	$	5,648	$	18,368	Partner's	$	26,768	$	4,077	$	15,881

(1)		See Joint Venture Partner Information.

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

(3)		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.

(4)		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 Funds current cash and leverage limitations as of the most recent quarter end.

(5)		Includes investments in 7.4 million square feet of operating properties through AMBs 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.

(6)		AMB Japan Fund I is a yen-denominated fund. U.S. dollar amounts are converted at the March 31, 2007 exchange rate.

(7)		See Supplemental Financial Measures Disclosures and Reporting Definitions.

(8)		AMB also has a 39% equity interest in G. Accion, a Mexican real estate company for approximately $37.6 million. G. Accion provides real estate management and development services in Mexico.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

SUPPLEMENTAL INFORMATION FOR NET ASSET VALUE ANALYSIS ⁽¹⁾

(dollars in thousands)


	For the Quarter
	Ended March 31, 2007
AMBs Share of cash basis NOI
Rental revenues	$	162,082
Straight-line rents and amortization of lease intangibles		(2,715	)
Property operating costs		(44,247	)
JV Partners share of cash basis NOI ^{(1) (2)}		(27,337	)
AMBs share of transaction activity adjustments to NOI ^{(1) (2) (3)}		(2,451	)
AMBs share of unconsolidated JVs cash basis NOI ^{(1) (2)}		11,479

Total AMBs share of cash basis NOI ^{(1) (2)}	$	96,811


Private capital income	$	5,925

AMBs share of land and development projects
AMBs share of land held for future development ^{(2) (4)}	$	399,818
AMBs share of developments and renovations in process ^{(2) (4)}	$	900,600
AMBs share of development projects held for contribution or sale ^{(2) (4)}	$	166,683
AMBs share of assets contributed to private capital joint ventures ^{(2) (4)}	$	12,454

AMBs share of total debt and preferred securities ^{(1) (2) (4)}	$	2,949,839

AMBs share of select balance sheet items (owned and managed portfolio): ^{(1) (2)}
Cash and cash equivalents	$	269,079
Mortgages and loans receivable		18,711
Accounts receivable (net) and other assets		262,052
Deferred rents receivable and deferred financing costs (net)		(72,325	)
Accounts payable and other liabilities		(281,796	)

AMBs share of other assets and liabilities	$	195,721

(1)		See Supplemental Financial Disclosures.

(2)		See Reporting Definitions for definitions of AMBs share of, JV Partners share of and owned and managed, as applicable.

(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)		See Development & Renovation Projects in Process, Development Projects Available for Sale or Contribution and Sold or Contributed Projects, Operating Property Contributions and Dispositions or Capitalization Summary and their respective footnotes for further information.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First 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.

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

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

AMBs share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on the Companys percentage of equity interest in each of the consolidated or unconsolidated ventures accounted for in the applicable financial measure.

AMBs share of total market capitalization is defined as the Companys 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. Leases denominated in foreign currencies are translated using the currency exchange rate at quarter end.

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 total investment 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 period end.

Estimated yields on development and renovation projects are calculated from estimated annual NOI following occupancy stabilization divided by the estimated total investment, including earnouts (if triggered by stabilization), prepaid ground leases and associated carrying costs. Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects.

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 interest expense.

JV Partners share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on the Companys joint venture partners percentage of equity interest in each of the consolidated or unconsolidated ventures accounted for in the applicable financial measure.

Market equity is defined as the total number of outstanding shares of the Companys 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, with respect to its capitalization ratios, is defined 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 tenants term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current lease terms are under 12 months, then they are excluded from this calculation. If the lease is 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, 2005.

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 for acquisitions 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 AMBs joint venture partners. For dispositions or contributions, cap rates are calculated as NOI divided by total disposition price or contribution value, as applicable.

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 2007 First 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 Companys 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 Companys 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 Companys performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of the Companys 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 Companys financial performance, an investor is assessing the earnings generated by the Companys 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 Companys required GAAP presentations. Adjusted EBITDA does not reflect the Companys 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 Companys 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 Companys computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The following table reconciles adjusted EBITDA from net income for the quarters ended March 31, 2007 and 2006 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2007			2006
Net income	$	25,682		$	27,577
Depreciation and amortization		41,029			42,754
Impairment losses		257
Stock-based compensation amortization		5,108			4,829
Adjustments to derive adjusted EBITDA from unconsolidated JVs:
AMBs share of net income		(2,113	)		(2,088	)
AMBs share of FFO ⁽²⁾		5,675			3,209
AMBs share of interest expense		4,068			2,027
Interest expense, including amortization		33,865			39,153
Total minority interests share of income		11,981			14,302
Total discontinued operations, including gains		(249	)		(9,259	)
Discontinued operations adjusted EBITDA		(130	)		3,126

Adjusted EBITDA	$	125,173		$	125,630

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

The following table details total interest for the quarters ended March 31, 2007 and 2006 (dollars in thousands):


	For the Quarters Ended
	March 31,
Interest	2007			2006
Interest expense, including amortization continuing operations	$	33,865		$	39,153
Interest expense, including amortization discontinued operations		(142	)		253
AMBs share of interest expense from unconsolidated JVs		4,068			2,027

Total interest	$	37,791		$	41,433

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

The following table details the calculation of fixed charges for the quarters ended March 31, 2007 and 2006 (dollars in thousands):


	For the Quarters Ended
	March 31,
Fixed charge	2007			2006
Interest expense, including amortization continuing operations	$	33,865		$	39,153
Amortization of financing costs and debt premiums continuing operations		(850	)		(2,372	)
Interest expense, including amortization discontinued operations		(142	)		253
Amortization of financing costs and debt premiums discontinued operations		5			(2	)
AMBs share of interest expense from unconsolidated JVs		4,068			2,027
Capitalized interest		14,542			8,533
Preferred unit distributions		3,699			5,001
Preferred stock dividends		3,952			3,096

Total fixed charge	$	59,139		$	55,689

Companys share of total debt. The Companys 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 Companys 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.

Net Asset Value (NAV). The Company believes NAV is a useful supplemental measure of its operating performance because it enables both management and investors to analyze the fair value of its business. An assessment of the fair value of a business involves estimates and assumptions and can be performed using various methods. 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.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

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 Companys 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 companys real estate between periods or as compared to other companies. While FFO is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating the Companys liquidity or operating performance. FFO also does not consider the costs associated with capital expenditures related to the Companys real estate assets nor is FFO necessarily indicative of cash available to fund the Companys future cash requirements. Further, the Companys 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 (as calculated in accordance with GAAP), 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 and useful 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 and useful 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 expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, cash-basis NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating cash-basis NOI.

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 revenue (as calculated in accordance with GAAP), including reimbursements, less property operating expenses, which excludes depreciation, amortization, general and administrative expenses and interest expense. For a discussion of cash-basis NOI, see definition of cash-basis NOI. In addition, the Company believes that SS NOI helps the investing public compare the operating performance of a companys 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 Companys 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 ended March 31, 2007 and 2006 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2007			2006
Net income	$	25,682		$	27,577
Private capital income		(5,925	)		(5,106	)
Depreciation and amortization		41,029			42,754
Impairment losses		257
General and administrative and fund costs		30,095			23,469
Total other income and expenses		14,829			33,421
Total minority interests share of income		11,981			14,302
Total discontinued operations		(113	)		(9,259	)

NOI		117,835			127,158
Less non same-store NOI		(11,603	)		(24,911	)
Less non cash adjustments ⁽¹⁾		(1,141	)		(3,808	)

Cash-basis same-store NOI	$	105,091		$	98,439


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


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

Owned and Managed Supplemental Cash Flow Information. AMB believes that cash flow information based on GAAP provides the most appropriate earnings information. However, AMB considers cash flow information reported on an owned and managed basis (such as straight-line rents and amortization of lease intangibles, AMBs share of straight-line rents and amortization of lease intangibles, gross lease termination fees, net lease termination fees, AMBs share of net lease termination fees, tenant improvements, lease commissions and other lease costs, building improvements, JV partners share of capital expenditures and AMBs share of recurring capital expenditures) to be useful supplemental measures to help the investors better understand AMBs operating performance and cash flow. See Reporting Definitions for definitions of owned and managed, AMBs share of and JV partners share of. AMB believes that owned and managed cash flow information helps investors make a comprehensive assessment of the cash flow of AMBs total real estate portfolio and provides a better understanding of AMBs operating performance and activities. While owned and managed supplemental cash flow information is helpful to the investor, it does not provide cash flow information as defined by GAAP and are not true alternatives to such GAAP measurements. Further, AMBs computation of owned and managed supplemental cash flow information may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

JOINT VENTURE PARTNER INFORMATION

AMB-SGP Mexico is a co-investment partnership formed in 2004 with a subsidiary of GIC Real Estate Pte Ltd. Includes $9.3 million of shareholder loans outstanding at March 31, 2007 between the Company and the co-investment partnership.

AMB Japan Fund I is a co-investment partnership formed in 2005 with institutional investors. This fund is yen-denominated. U.S. dollar amounts are converted at the March 31, 2007 exchange rate.

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.

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

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

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

AMB-SGP is a co-investment partnership formed in 2001 with a subsidiary of GIC Real Estate Pte Ltd.

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

AMB-AMS is a co-investment partnership with three Dutch pension funds advised by Mn Services NV and Cordares.


		SUPPLEMENTAL ANALYST PACKAGE 2007 First Quarter Earnings Conference Call

CONTACTS


Contact Name	Title	Phone	E-mail Address

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

Thomas S. Olinger	Chief Financial Officer	(415) 733-9415	tolinger@amb.com

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

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

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

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

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


Corporate Headquarters	Other Office Locations				Investor Relations

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

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, future debt summaries, 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, risks related to debt and equity security financings (including dilution risk), 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, failure to maintain our current credit agency ratings, 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 and global expansion, 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, 2006.

Form: 8-K

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