January 29, 2008 - EXHIBIT 99.1 - 8-K: Current report filing

AMB PROPERTY CORPORATION SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call 1/29/2008 OHARE INTERNATIONAL AIRPORT Touhy Cargo Terminal AMB Port OHare Forward Air Build-to-Suit AMB Wille Road Distribution Center


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

AMB Property Corporation^® is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of December 31, 2007, AMB owned or had investments in, on a consolidated basis or through unconsolidated co-investment ventures, properties and development projects expected to total approximately 147.7 million square feet (13.7 million square meters) in 45 markets within 14 countries.

AMB invests in properties located predominantly in the infill submarkets of its targeted markets. AMBs portfolio is comprised primarily of High Throughput Distribution^® facilities built for efficiency and located near airports, seaports, ground transportation systems, and population concentrations.

Through its private capital group, AMB provides real estate investment, portfolio management and reporting services to co-investment ventures and clients. The private capital revenue consists of asset management, acquisition and development fees as well as priority and incentive distributions from AMB Capital Partners clients.

The Americas

Europe

Asia

Operating Portfolio

109.1 msf

Operating Portfolio

8.5 msf

Operating Portfolio

8.1 msf

Development Pipeline⁽¹⁾

13.8 msf

Development Pipeline⁽¹⁾

3.1 msf

Development Pipeline⁽¹⁾

5.1 msf

Land Inventory

2,296 acres

Land Inventory

199 acres

Land Inventory

40 acres

Offices

(1)

Includes development properties available for sale or contribution.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	1


		Highlights (dollars in thousands, except share data)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,							For the Years ended December 31,
	2007		2006		% Change			2007		2006			% Change

Revenues	$	171,569	$	185,439		(7.5	%)	$	669,671	$	711,321	⁽¹⁾		(5.9	%)
Adjusted EBITDA⁽²⁾		155,588		142,594		9.1	%		502,374		471,210			6.6	%
Net income available to common stockholders		93,249		83,738		11.4	%		295,524		209,420			41.1	%
FFO⁽²⁾		125,910		98,532		27.8	%		365,492		297,912			22.7	%
Per diluted share and unit
EPS	$	0.92	$	0.91		1.1	%	$	2.96	$	2.30			28.7	%
FFO⁽²⁾		1.20		1.01		18.8	%		3.51		3.12			12.5	%
Dividends per common share		0.50		0.46		8.7	%		2.00		1.84			8.7	%


Financial
				12.5% year-over-year FFO per share growth⁽²⁾
				28.7% year-over-year EPS per share growth
				Strong balance sheet with over $1.0 billion potential capacity from lines of credit

Operations⁽³⁾				5.5% annual Same Store NOI growth⁽²⁾⁽⁴⁾; 4.8% in the fourth quarter, up for the ninth consecutive quarter
				95.6% average annual occupancy; year end occupancy 96.0%
				Rent changes on renewals and rollover increased 4.9% for 2007 and 4.3% in the fourth quarter marking six consecutive quarters of rent increases


Capital Deployment⁽³⁾				Acquired over $1.0 billion of properties in 2007
				Commenced approximately $1.1 billion of development in 2007
				Development pipeline is a record $1.7 billion with an estimated margin of 20% and 2008 deliveries 40% pre-leased


Private Capital				Ten active co-investment ventures
				Added over $2.0 billion in properties in 2007
				Raised over $600 million in third party equity in 2007

(1)		Effective October 1, 2006, AMB deconsolidated AMB Alliance Fund III on a prospective basis. Pro forma revenues for the year ended December 31, 2006 would have been $631,161 if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Owned and managed portfolio.
(4)		Without lease termination fees.


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


		Funds From Operations⁽¹⁾ Overview		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Funds From Operations⁽¹⁾⁽²⁾
(per diluted common share and unit)
(BAR GRAPH)

Estimated FFO by Business Line⁽¹⁾
(per diluted common share and unit)


	For the Years ended December 31,						2008 Projected
	2006			2007			(Midpoint)

Real estate operations FFO	$	1.80		$	2.05		$	2.04
% of reported FFO		57.7	%		58.3	%		51.7	%
Development FFO	$	0.98		$	1.29		$	1.49
% of reported FFO		31.4	%		36.7	%		37.7	%
Private Capital FFO	$	0.34		$	0.17		$	0.42
% of reported FFO		10.9	%		5.0	%		10.6	%

Total FFO	$	3.12		$	3.51		$	3.95

Development Gains⁽¹⁾⁽⁴⁾
(per diluted common share and unit)
(BAR GRAPH)

Private Capital Revenue⁽¹⁾
(per diluted common share and unit)
(BAR GRAPH)

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		For a reconciliation of FFO from net income for the years ended December 31, 2005, 2004 and 2003, refer to our annual report on Form 10-K for the year ended December 31, 2006, as amended.
(3)		Management revenues consist of asset management, acquisition and development fees as well as priority distributions.
(4)		Excludes co-investment venture partners share of development gains.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	3


		Consolidated Statements of Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,						For the Years ended December 31,
	2007			2006			2007			2006
Revenues
Rental revenues⁽¹⁾	$	161,869		$	156,876		$	637,964		$	665,219
Private capital revenues		9,700			28,563			31,707			46,102

Total revenues		171,569			185,439			669,671			711,321

Costs and expenses
Property operating costs⁽¹⁾		(44,887	)		(42,064	)		(174,065	)		(173,047	)
Depreciation and amortization		(40,093	)		(42,079	)		(161,925	)		(174,721	)
General and administrative		(34,251	)		(30,431	)		(129,510	)		(104,069	)
Fund costs		(297	)		(503	)		(1,076	)		(2,091	)
Impairment losses		(900	)		(918	)		(1,157	)		(6,312	)
Other expenses		(2,117	)		(1,486	)		(5,112	)		(2,620	)

Total costs and expenses		(122,545	)		(117,481	)		(472,845	)		(462,860	)

Other income and expenses
Development gains, net of taxes		34,802			36,500			124,288			106,389
(Losses) gains from sale or contribution of real estate interests, net		(1,407	)					73,436
Equity in earnings of unconsolidated co-investment ventures		181			10,635			7,467			23,240
Other income		2,318			3,133			22,331			11,849
Interest expense, including amortization		(30,551	)		(37,600	)		(126,945	)		(165,087	)

Total other income and expenses		5,343			12,668			100,577			(23,609	)

Income from operations before minority interests		54,367			80,626			297,403			224,852

Minority interests share of income
Co-investment venture partners share of income		(6,599	)		(7,878	)		(27,748	)		(37,190	)
Co-investment venture partners and limited partnership unitholders share of development gains		(8,835	)		(2,843	)		(13,934	)		(5,613	)
Preferred unitholders		(1,432	)		(3,646	)		(8,042	)		(16,462	)
Limited partnership unitholders		(33	)		(1,434	)		(5,121	)		(2,367	)

Total minority interests share of income		(16,899	)		(15,801	)		(54,845	)		(61,632	)

Income from continuing operations		37,468			64,825			242,558			163,220

Discontinued operations
Income attributable to discontinued operations, net of minority interests		2,049			4,618			9,689			18,217
Development gains, net of taxes and minority interests		49,905						49,905
Gains from disposition of real estate, net of minority interests		7,777			18,312			12,108			42,635

Total discontinued operations		59,731			22,930			71,702			60,852

Net income		97,199			87,755			314,260			224,072
Preferred stock dividends		(3,950	)		(3,951	)		(15,806	)		(13,582	)
Preferred unit redemption (issuance costs) discount					(66	)		(2,930	)		(1,070	)

Net income available to common stockholders	$	93,249		$	83,738		$	295,524		$	209,420

Net income per common share (diluted)	$	0.92		$	0.91		$	2.96		$	2.30

Weighted average common shares (diluted)		101,121			92,252			99,809			91,107

(1)

Effective October 1, 2006, AMB deconsolidated AMB Alliance Fund III (Fund III) on a prospective basis. Pro forma rental revenues and operating expense for the year ended December 31, 2006 would have been $585,059 and $154,368, respectively, if Fund III had been deconsolidated as of January 1, 2006.


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


		Consolidated Statements of Funds from Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,						For the Years ended December 31,
	2007			2006			2007			2006
Net income available to common stockholders	$	93,249		$	83,738		$	295,524		$	209,420
Gains from sale or contribution of real estate, net of minority interests		(6,370	)		(18,312	)		(85,544	)		(42,635	)
Depreciation and amortization
Total depreciation and amortization		40,093			42,079			161,925			174,721
Discontinued operations depreciation		139			1,468			1,801			5,256
Non-real estate depreciation		(1,658	)		(1,477	)		(5,623	)		(4,546	)
Adjustments to derive FFO from consolidated co-investment ventures
Co-investment venture partners minority interests (Net income)		6,599			7,878			27,748			37,190
Limited partnership unitholders minority interests (Net income)		33			1,434			5,121			2,367
Limited partnership unitholders minority interests (Development profits)		3,384			1,653			7,148			4,948
Discontinued operations minority interests (Net income)		94			210			370			1,254
FFO attributable to minority interests		(15,555	)		(16,207	)		(62,902	)		(82,861	)
Adjustments to derive FFO from unconsolidated co-investment ventures
AMBs share of net income		(181	)		(10,635	)		(7,467	)		(23,240	)
AMBs share of FFO		6,083			6,703			27,391			16,038

Funds from operations	$	125,910		$	98,532		$	365,492		$	297,912

FFO per common share and unit (diluted)	$	1.20		$	1.01		$	3.51		$	3.12

Weighted average common share and unit (diluted)		105,130			97,088			104,169			95,444

(1)

See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	5


		Consolidated Balance Sheets (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	As of
	December 31, 2007			December 31, 2006
Assets
Investments in real estate
Total investments in properties	$	6,709,545		$	6,575,733
Accumulated depreciation		(916,686	)		(789,693	)

Net investments in properties		5,792,859			5,786,040
Investments in unconsolidated co-investment ventures		356,194			274,381
Properties held for contribution, net		488,339			154,036
Properties held for divestiture, net		40,513			20,916

Net investments in real estate		6,677,905			6,235,373
Cash and cash equivalents and restricted cash		250,416			195,878
Accounts receivable, net		184,270			133,998
Other assets		149,812			148,263

Total assets	$	7,262,403		$	6,713,512


Liabilities and stockholders equity
Secured debt	$	1,471,087		$	1,395,354
Unsecured senior debt		1,003,123			1,101,874
Unsecured credit facilities		876,105			852,033
Other debt		144,529			88,154
Accounts payable and other liabilities		306,196			271,880

Total liabilities		3,801,040			3,709,295
Minority interests
Co-investment venture partners		517,572			555,201
Preferred unitholders		77,561			180,298
Limited partnership unitholders		102,278			102,061

Total minority interests		697,411			837,560
Stockholders equity
Common equity		2,540,540			1,943,240
Preferred equity		223,412			223,417

Total stockholders equity		2,763,952			2,166,657

Total liabilities and stockholders equity	$	7,262,403		$	6,713,512


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


		Operations Overview⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Same Store NOI Growth Without Lease Termination Fees⁽²⁾
(BAR GRAPH)

Average Occupancy⁽²⁾
(BAR GRAPH)

Rent Change on Renewals and Rollovers⁽²⁾
(BAR GRAPH)

Lease Expirations as % of Annualized Base Rent (ABR)⁽²⁾
(BAR GRAPH)

Top Customers


			Square
Customer			Feet		ABR		% of ABR

	1	Deutsche Post World Net (DHL)		3,545,830	$	27,489		3.5	%
	2	United States Government		1,392,586		20,483		2.6	%
	3	FedEx Corporation		1,517,523		15,589		2.0	%
	4	Nippon Express		967,039		10,111		1.3	%
	5	BAX Global Inc/Schenker/Deutsche Bahn		904,210		9,908		1.3	%
	6	Sagaw a Express		729,141		9,694		1.2	%
	7	La Poste		902,391		8,014		1.0	%
	8	Caterpillar Inc		668,297		6,908		0.9	%
	9	Panalpina		1,016,825		6,706		0.9	%
	10	Expeditors International		1,238,693		6,192		0.8	%

		Subtotal		12,882,535	$	121,094		15.5	%

		Top 11-20 Customers		6,115,538		44,400		5.7	%

		Total		18,998,073	$	165,494		21.2	%

(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	7


		Operating Statistics⁽¹⁾		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter ended			Quarter ended			Quarter ended			Quarter ended
	December 31, 2007			September 30, 2007			December 31, 2007			September 30, 2007


Square feet		118,180,295			114,030,439			85,192,781			85,480,766
Percentage of Owned & Managed square feet								72.1	%		75.0	%

Occupancy
Occupancy percentage at period end⁽²⁾		96.0	%		95.5	%		96.4	%		96.2	%
Occupancy percentage at period end (prior year)		96.1	%		95.9	%		96.7	%		96.1	%

Average occupancy percentage⁽²⁾		95.6	%		95.4	%		95.9	%		95.9	%
Average occupancy percentage (prior year)		95.3	%		94.8	%		95.9	%		95.5	%

Weighted average lease terms (years)
Original		6.2			6.1			6.1			6.1
Remaining		3.5			3.5			3.1			3.1

Trailing four quarters statistics
Tenant retention⁽²⁾		74.0	%		72.8	%		73.4	%		72.3	%

Rent change on renewals and rollovers⁽²⁾
Percentage		4.9	%		4.4	%		5.0	%		4.3	%
Same space square footage commencing (millions)		19.2			18.0			17.6			16.3

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.19		$	1.20
Re-tenanted	$	3.25		$	3.38
Weighted average	$	2.03		$	2.12
Second generation square footage commmencing (millions)		22.8			21.7

Gross operating margin⁽²⁾		73.5	%		73.6	%		73.0	%		73.1	%

							Same Store Pool⁽²⁾
							Quarter ended			Year ended
Cash Basis NOI % change⁽²⁾							December 31, 2007			December 31, 2007

Revenues without lease termination fees⁽³⁾								5.7	%		5.8	%
Expenses⁽³⁾								7.9	%		6.7	%
NOI without lease termination fees⁽²⁾⁽³⁾								4.8	%		5.5	%

NOI with lease termination fees⁽²⁾⁽³⁾								3.3	%		5.1	%

(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended December 31, 2007, on a consolidated basis, the % change was 5.6%, 6.3%, 5.3% and 5.0%, respectively, for revenues, expenses, NOI without lease termination fees and NOI with lease termination fees. For the year ended December 31, 2007, on a consolidated basis, the % change was 6.1%, 6.2%, 6.0% and 5.5%, respectively, for revenues, expenses, NOI without lease termination fees and NOI with lease termination fees.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	8


		Portfolio Overview		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


																				Annualized		Year-to-Date
						Placed in								AMB share of			Year-to-Date			Base Rent		Same Store NOI			Rent Change
	Square Feet as		Acquired			Operations			Disposed			Square Feet as		Square Feet as			Average			psf as of		Growth Without Lease			on Renewals
	of 9/30/2007		Square Feet			Square Feet⁽¹⁾			Square Feet			of 12/31/2007		of 12/31/2007			Occupancy			12/31/2007		Termination Fees⁽²⁾			and Rollovers⁽²⁾


Southern California		15,966,939		1,547,488			130						17,514,557		57.1	%		96.5	%	$	6.53		4.9	%		10.2	%
Chicago		12,423,064		516,884									12,939,948		53.3	%		91.0	%		5.30		4.9	%		0.8	%
No. New Jersey/New York		11,115,945											11,115,945		50.1	%		98.6	%		7.21		7.9	%		3.1	%
San Francisco Bay Area		10,147,211		112,312			2,920						10,262,443		72.6	%		96.2	%		6.42		3.8	%		-5.5	%
Seattle		7,891,551											7,891,551		49.7	%		96.3	%		5.17		6.0	%		18.6	%
South Florida		6,119,659		156,632									6,276,291		70.5	%		97.5	%		7.49		10.6	%		12.0	%
U.S. On-Tarmac		2,679,328					(500	)		(49,715	)		2,629,113		92.6	%		94.2	%		18.69		0.9	%		1.4	%
Other U.S. Markets		27,931,772		100,000			(1,766	)		(240,000	)		27,790,006		64.8	%		94.4	%		5.49		3.9	%		1.8	%

U.S. Subtotal / Wtd Avg		94,275,469		2,433,316			784			(289,715	)		96,419,854		60.9	%		95.3	%	$	6.42		5.0	%		4.1	%

Canada		304,353											304,353		100.0	%		87.0	%	$	7.89		0.0	%		n/a

Mexico City		2,134,089											2,134,089		20.0	%		95.9	%		6.34		-6.9	%		0.0	%
Other Mexico Markets		2,769,507											2,769,507		20.0	%		93.2	%		4.83		-0.2	%		0.1	%

Mexico Subtotal / Wtd Avg		4,903,596											4,903,596		20.0	%		94.4	%	$	5.51		-3.8	%		0.1	%


The Americas Total / Wtd Avg		99,483,418		2,433,316			784			(289,715	)		101,627,803		59.0	%		95.2	%	$	6.38		4.9	%		4.1	%


France		3,371,164											3,371,164		20.0	%		94.4	%	$	8.61		16.5	%		10.6	%
Germany		1,700,870					415,433						2,116,303		19.8	%		99.8	%		9.36		10.4	%		-1.2	%
Benelux		1,980,667		633,154			221,392						2,835,213		21.2	%		99.5	%		10.35		10.1	%		n/a
Other Europe Markets							178,282						178,282		100.0	%		100.0	%		14.39		0.0	%		n/a

Europe Subtotal / Wtd Avg		7,052,701		633,154			815,107						8,500,962		22.0	%		97.6	%	$	9.53		13.4	%		7.6	%


Tokyo		4,374,922					541,595						4,916,517		28.9	%		94.2	%	$	12.24		24.0	%		1.0	%
Osaka		1,018,875											1,018,875		20.0	%		92.1	%		9.32		0.0	%		n/a
Other Japan Markets															0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		5,393,797					541,595						5,935,392		27.4	%		93.8	%	$	11.77		24.0	%		1.0	%

Shanghai		1,382,817											1,382,817		69.9	%		99.9	%	$	4.03		38.6	%		48.7	%
Singapore		717,706					15,615						733,321		82.9	%		95.5	%		9.86		0.0	%		2.7	%
Other Asia Markets															0.0	%		0.0	%				0.0	%		n/a

Asia Total / Wtd Avg		7,494,320					557,210						8,051,530		39.7	%		95.0	%	$	10.21		24.7	%		19.5	%


Owned and Managed Total / Wtd Avg⁽²⁾		114,030,439		3,066,470			1,373,101			(289,715	)		118,180,295		55.0	%		95.1	%	$	6.87		5.5	%		4.9	%

Other Real Estate Investments⁽³⁾		7,495,659											7,495,659		54.3	%		95.0	%

Total Operating Portfolio		121,526,098		3,066,470			1,373,101			(289,715	)		125,675,954		55.0	%		95.1	%

Development
Pipeline		16,773,990		4,228,206	(5)		(3,078,031	)(6)		(101,345	)(6)		17,822,820		87.6	%
Available for Sale or Contribution⁽⁴⁾		2,475,555		2,268,526	(5)		(525,397	)(6)		(28,180	)(6)		4,190,504		98.3	%

Development Subtotal		19,249,545		6,496,732			(3,603,428	)		(129,525	)		22,013,324		89.7	%


Total Global Portfolio		140,775,643		9,563,202			(2,230,327	)		(419,240	)		147,689,278		60.2	%

(1)		Represents assets contributed or placed in operations from development and may include positive/(negative) remeasures to operating assets.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes investments in operating properties through AMBs investments in unconsolidated co-investment ventures that it does not manage and are therefore excluded from the owned and managed portfolio and the location of AMBs global headquarters.
(4)		Represents development projects available for sale or contribution that are not included in the operating portfolio.
(5)		For development pipeline, represents square footage of development starts. For available for sale or contribution, represents new projects available.
(6)		For development pipeline, represents square footage of completed development projects. For available for sale or contribution, represents projects sold, contributed, or placed in operations.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	9


		Capital Deployment Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Development Pipeline by Region as of December 31, 2007⁽¹⁾
(Estimated Total Investment⁽²⁾)
(PIE CHART)

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

Property Acquisitions by Region for the Year Ended December 31, 2007⁽³⁾
(Acquisition Cost⁽²⁾)
(PIE CHART)

Acquisition Volume⁽³⁾
(Acquisition Cost⁽²⁾)
(BAR GRAPH)

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Owned and managed portfolio.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	10


		Property Acquisitions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	For the Quarter ended							For the Year ended
	December 31, 2007							December 31, 2007
											% of Total
			Acquisition					Acquisition			Acquisition
	Square Feet		Cost⁽²⁾			Square Feet		Cost⁽²⁾			Cost


The Americas
United States		2,433,316	$	222,247			6,341,590	$	542,345			52.1	%
Other Americas							1,846,160		78,033			7.5	%

The Americas Total		2,433,316	$	222,247			8,187,750	$	620,378			59.5	%

Europe
France			$				577,483	$	38,040			3.7	%
Germany							474,796		47,605			4.6	%
Benelux		633,154		67,015			1,049,114		116,149			11.1	%
Other Europe												0.0	%

Europe Total		633,154	$	67,015			2,101,393	$	201,794			19.4	%

Asia
Japan			$				1,107,261	$	180,901			17.4	%
China												0.0	%
Other Asia							466,948		38,815			3.7	%

Asia Total			$				1,574,209	$	219,716			21.1	%


Total		3,066,470	$	289,262			11,863,352	$	1,041,888			100.0	%


AMBs Weighted
Average Ownership Percentage				20.5	%				24.3	%
Weighted Average
Stabilized GAAP Cap Rate⁽³⁾				5.4	%				6.2	%
Weighted Average
Stabilized Cash Cap Rate⁽³⁾				5.2	%				5.9	%


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

By Entity
AMB Property Corporation		35,800		6,783		701,629		62,241		6.0	%
AMB-SGP Mexico						1,739,976		69,688		6.6	%
AMB Japan Fund I						1,107,261		180,901		17.4	%
AMB Europe Fund I		633,154		67,015		2,101,393		201,794		19.4	%
AMB Institutional Alliance Fund III		2,397,516		215,464		6,213,093		527,264		50.6	%

Total		3,066,470	$	289,262		11,863,352	$	1,041,888		100.0	%

(1)		Owned and managed portfolio.
(2)		Includes closing costs and estimated total acquisition capital expenditures of approximately $4.8 million and $19.3 million, respectively, for the quarter and year ended December 31, 2007.
(3)		See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	11


		Development Starts and Total Capital Deployment⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	For the Quarter ended December 31, 2007					For the Year ended December 31, 2007
	Estimated		Estimated			Estimated		Estimated			% of Total
	Square Feet at		Total			Square Feet at		Total			Estimated
	Stabilization⁽²⁾		Investment⁽²⁾			Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Investment⁽²⁾


The Americas
United States		422,504	$	40,444			5,101,686	$	414,702			38.2	%
Other Americas		1,589,913		111,162			2,326,228		144,574			13.3	%

The Americas Total		2,012,417	$	151,606			7,427,914	$	559,276			51.5	%

Europe
France		409,588	$	38,542			476,862	$	52,751			4.9	%
Germany												0.0	%
Benelux		453,515		57,521			890,529		94,964			8.7	%
Other Europe		320,210		72,485			320,210		72,485			6.7	%

Europe Total		1,183,313	$	168,548			1,687,601	$	220,200			20.3	%

Asia
Japan		423,939	$	51,401			2,089,053	$	246,450			22.7	%
China		608,537		24,918			608,537		24,918			2.3	%
Other Asia							362,745		34,504			3.2	%

Asia Total		1,032,476	$	76,319			3,060,335	$	305,872			28.2	%


Total		4,228,206	$	396,473			12,175,850	$	1,085,348			100.0	%


AMBs Weighted Average Ownership Percentage				92.2	%				88.6	%
Weighted Average Estimated Yield⁽²⁾				6.9	%				7.2	%

For the Quarter ended December 31, 2007

For the Year ended December 31, 2007

Estimated

Square Feet at

Total

Square Feet at

Total

Stabilization⁽²⁾

Investment⁽²⁾

Stabilization⁽²⁾

Investment⁽²⁾⁽³⁾

Total Acquisitions

3,066,470

289,262

11,863,352

1,041,888

Total Development Starts

4,228,206

396,473

12,175,850

1,085,348

Total Capital Deployment

7,294,676

685,735

24,039,202

2,127,236

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value added conversion projects.


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


		Contributions and Dispositions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	Operating Property						Development Property
	Contributions and Dispositions						Contributions and Dispositions
	For the Quarter ended			For the Year ended			For the Quarter ended			For the Year ended
	December 31, 2007			December 31, 2007			December 31, 2007			December 31, 2007


AMBs Ownership Contributed and Disposed		100.0	%		80.6	%		92.6	%		86.2	%
Contribution Value and Disposition Price	$	8,788		$	541,188		$	244,871		$	730,348
Weighted Average Stabilized Cash Cap Rate⁽²⁾⁽³⁾		8.5	%		6.4	%		5.6	%		5.6	%
Development Margin⁽³⁾		N/A			N/A			65.5	%		39.9	%

Square Footage or Acreage Contributed or Sold

Operating Property

Development Property

Contributions and Dispositions

For the Quarter ended

For the Year ended

For the Quarter ended

For the Year ended

December 31, 2007

Square Feet

Land Acreage⁽⁴⁾

Square Feet

Land Acreage⁽⁴⁾

The Americas

United States

289,715

542,291

129,525

100

1,504,181

107

Other Americas

95,949

111,600

329,114

The Americas Total

289,715

638,240

241,125

106

1,833,295

113

Europe

France

2,148,023

598,161

Germany

1,119,286

414,701

523,653

Benelux

964,039

110,696

716,197

Other Europe

Europe Total

4,231,348

525,397

1,838,011

Asia

Japan

469,627

China

Other Asia

Asia Total

469,627

Total

289,715

4,869,588

766,522

106

4,140,933

113

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		Excludes value added conversions, build-to-suit buildings, and land sales.
(3)		See reporting definitions and supplemental financial measures disclosures.
(4)		Includes value added conversion projects.


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


		Development Pipeline⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	2008 Expected Stabilizations					2009 Expected Stabilizations					Total
	Estimated		Estimated			Estimated		Estimated			Estimated		Estimated			% of Total
	Square Feet at		Total			Square Feet at		Total			Square Feet at		Total			Estimated
	Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Stabilization⁽²⁾		Investment⁽²⁾⁽³⁾			Investment⁽²⁾


The Americas
United States		3,577,575	$	275,366			3,804,520	$	324,843			7,382,095	$	600,209			35.0	%
Other Americas		281,441		26,047			2,321,879		145,474			2,603,320		171,521			10.0	%

The Americas Total		3,859,016	$	301,413			6,126,399	$	470,317			9,985,415	$	771,730			45.0	%

Europe
France		37,954	$	5,173			409,588	$	38,542			447,542	$	43,715			2.6	%
Germany		139,608		19,452								139,608		19,452			1.1	%
Benelux		207,232		35,513			890,529		95,811			1,097,761		131,324			7.7	%
Other Europe		585,971		76,540			436,916		40,336			1,022,887		116,876			6.8	%

Europe Total		970,765	$	136,678			1,737,033	$	174,690			2,707,798	$	311,368			18.2	%

Asia
Japan		3,472,568	$	471,591			685,757	$	98,630			4,158,325	$	570,221			33.3	%
China							608,537		24,918			608,537		24,918			1.5	%
Other Asia		362,745		34,672								362,745		34,672			2.0	%

Asia Total		3,835,313	$	506,263			1,294,294	$	123,548			5,129,607	$	629,811			36.8	%


Total		8,665,094	$	944,353			9,157,726	$	768,555			17,822,820	$	1,712,908			100.0	%


Number of Projects				27					29					56
Funded-to-Date			$	822,500				$	391,757				$	1,214,257
AMBs Weighted Average Ownership Percentage				90.9	%				88.5	%				89.8	%
AMBs Share of Amounts Funded to Date			$	758,668				$	347,152				$	1,105,820
Weighted Average Estimated Yield⁽²⁾				7.3	%				7.5	%				7.4	%
Percent Pre-leased⁽²⁾				39.7	%				6.9	%				22.9	%

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value added conversion projects.


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


		Completions and Properties Available for Sale or Contribution⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	Development Completions⁽²⁾										Available for Sale or Contribution As of December 31, 2007
	For the Quarter ended					For the Year ended					Development					Operating
	December 31, 2007					December 31, 2007					Properties					Properties
			Total					Total					Total					Total
	Square Feet		Investment			Square Feet		Investment			Square Feet		Investment			Square Feet		Investment


The Americas
United States		1,104,722	$	88,920			2,635,762	$	223,463			1,400,656	$	110,657			116,168	$	6,505
Other Americas		920,058		55,845			2,379,295		151,051			2,444,757		155,223			304,353		25,511

The Americas Total		2,024,780	$	144,765			5,015,057	$	374,514			3,845,413	$	265,880			420,521	$	32,016

Europe
France		345,091	$	38,863			937,870	$	99,235			345,091	$	38,863				$
Germany							414,701		40,434
Benelux		110,701		16,278			488,277		73,049								110,701		16,278
Other Europe		178,282		38,053			178,282		38,053								178,282		38,053

Europe Total		634,074	$	93,194			2,019,130	$	250,771			345,091	$	38,863			288,983	$	54,331

Asia
Japan		543,056	$	92,553			1,012,310	$	145,236				$				543,056	$	92,553
China																	1,382,817		58,375
Other Asia																	733,321		52,750

Asia Total		543,056	$	92,553			1,012,310	$	145,236				$				2,659,194	$	203,678


Total		3,201,910	$	330,512			8,046,497	$	770,521			4,190,504	$	304,743			3,368,698	$	290,025


AMBs Weighted Average Ownership Percentage				95.9	%				94.8	%				98.9	%				88.7	%
Weighted Average Estimated Yield⁽²⁾				6.8	%				7.6	%				7.8	%				N/A
Percent Pre-leased				86.6	%				83.8	%				82.4	%				98.6	%

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.


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


		Land, Value Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call



Land Inventory	The Americas						Europe						Asia						Total
				Estimated						Estimated						Estimated						Estimated
				Build Out						Build Out						Build Out						Build Out
	Acres			(square feet)			Acres			(square feet)			Acres			(square feet)			Acres			(square feet)


Balance as of September 30, 2007		2,296			38,108,831			53			1,299,163			56			2,681,838			2,405			42,089,832
Acquisitions		205			3,087,277			182			3,328,267			9			210,273			396			6,625,817
Sales		(83	)		(1,227,578	)														(83	)		(1,227,578	)
Development starts		(122	)		(2,026,097	)		(36	)		(767,326	)		(25	)		(608,537	)		(183	)		(3,401,960	)
Site plan adjustments					(66,212	)																	(66,212	)


Balance as of December 31, 2007		2,296			37,876,221			199			3,860,104			40			2,283,574			2,535	⁽³⁾		44,019,899	⁽³⁾


Investment in Land⁽⁴⁾				$	459,147					$	52,917					$	88,449					$	600,513⁽³⁾

Estimated Total Investment⁽¹⁾				$	1,957,390					$	341,557					$	264,864					$	2,563,811

Value Added Conversion Inventory⁽¹⁾⁽⁷⁾


	East Region				Southwest Region				West Central Region				The Americas
			Number of				Number of				Number of					Number of
Conversion Time Frame	Acres		Projects		Acres		Projects		Acres		Projects		Acres			Projects


3 years or less						31		2		44		4		75			6
3+ years		7		2		20		1		112		4		139			7

Total		7		2		51		3		156		8		214	⁽⁵⁾		13

Redevelopment Inventory⁽¹⁾⁽⁷⁾


	East Region				Southwest Region				West Central Region				The Americas
	Square		Number of		Square		Number of		Square		Number of		Square			Number of
Redevelopment Time Frame	Feet		Projects		Feet		Projects		Feet		Projects		Feet			Projects


3 years or less		40,800		1		888,140		2		131,987		1		1,060,927			4
3+ years						129,499		1		860,641		2		990,140			3

Total		40,800		1		1,017,639		3		992,628		3		2,051,067	⁽⁶⁾		7

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Includes investments held through unconsolidated co-investment ventures.
(3)		AMBs share of acres, square feet of estimated build out, and total investment including amounts held in unconsolidated co-investment ventures is 2,302 acres, 39.7 million square feet and $470,940, respectively.
(4)		Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.
(5)		AMBs share is 161 acres.
(6)		AMBs share is 1,436,257 square feet.
(7)		East, Southwest, and West Central regions represent AMBs geographic division of the Americas.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	16


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Incentive

Date

Geographic

Functional

Distribution

Co-investment Venture

Established

Focus

Principal Venture Investors

Currency

Frequency

Term

AMB Erie

March 1998

United States

Erie Insurance Group

USD

3 years

Perpetual

AMB Partners II

February 2001

United States

City and County of San Francisco ERS

USD

3 years

Perpetual

AMB-SGP

March 2001

United States

Subsidiary of GIC Real Estate Pte Ltd.

USD

10 years

March 2011; extendable 10 years

AMB Institutional Alliance Fund II

June 2001

United States

Various

USD

At dissolution

December 2014 (estimated)

AMB-AMS

June 2004

United States

Various

USD

At dissolution

December 2012; extendable 4 years

AMB Institutional Alliance Fund III

October 2004

United States

Various

USD

3 years

Open end

AMB-SGP Mexico

December 2004

Mexico

Subsidiary of GIC Real Estate Pte Ltd.

USD

7 years

December 2011; extendable 7 years

AMB Japan Fund I

June 2005

Japan

Various

JPY

At dissolution

June 2013; extendable 2 years

AMB DFS Fund I

October 2006

United States

GE Real Estate

USD

Upon project sales

Perpetual

AMB Europe Fund I

June 2007

Europe

Various

EUR

3 years

Open end

YTD Additions to Private Capital Co-investment Ventures⁽²⁾

Gross Carrying Value of Private Capital Co-investment Ventures ⁽¹⁾

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB.


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


		Private Capital Co-investment Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	AMBs				Gross						AMBs		Estimated		Planned
	Ownership	Square			Book		Property		Other		Net Equity		Investment		Gross
Unconsolidated Co-investment Ventures	Percentage	Feet⁽¹⁾			Value⁽²⁾		Debt		Debt		Investment⁽³⁾		Capacity		Capitalization


Co-Investment Operating Ventures
AMB Institutional Alliance Fund III⁽⁴⁾	18%		21,382,228		$	1,975,455	$	962,029	$	86,000	$	135,710	$	309,000	$	2,284,000
AMB Europe Fund I⁽⁴⁾	21%		8,322,680			1,098,469		667,018				49,893		273,000		1,371,000
AMB Japan Fund I	20%		5,392,336			926,859		561,020		105,496		54,733		1,300,000		2,227,000
AMB-SGP Mexico	20%		4,903,596			262,428		173,449				12,557		443,000		705,000

Total Co-investment Operating Ventures	19%		40,000,840			4,263,211		2,363,516		191,496		252,893		2,325,000		6,587,000

Co-investment Development Ventures:
AMB DFS Fund I	15%		1,432,577			144,150						22,004		274,000		418,000
Other Industrial Co-investment Operating Ventures	54%		7,669,507	⁽⁵⁾		294,805		177,812				48,555		n/a		n/a

Total Unconsolidated Co-investment Ventures	21%		49,102,924		$	4,702,166	$	2,541,328	$	191,496	$	323,452	$	2,599,000	$	7,005,000


Consolidated Co-investment Ventures

Co-investment Operating Ventures

AMB Partners II	20%		9,914,742		$	691,114	$	319,956	$	65,000
AMB-SGP	50%		8,287,592			454,794		346,638
AMB Institutional Alliance Fund II	20%		8,006,081			524,727		238,284		60,000
AMB-AMS	39%		2,172,137			156,468		83,151
AMB Erie	50%		821,712			53,745		20,026

Total Co-investment Operating Ventures	30%		29,202,264			1,880,848		1,008,055		125,000

Co-investment Development Ventures
AMB Partners II	20%		n/a			3,376
AMB Institutional Alliance Fund II	20%		n/a			4,421

Total Co-investment Development Ventures	20%					7,797

Total Co-investment Ventures	30%		29,202,264			1,888,645		1,008,055		125,000

Other Industrial Co-investment Operating Ventures	92%		2,196,134			209,554		28,570
Other Industrial Co-investment Development Ventures	82%		2,868,271			410,847		82,403

Total Consolidated Co-investment Ventures	43%		34,266,669		$	2,509,046	$	1,119,028	$	125,000


Selected Operating Results
For the Quarter ended December 31, 2007	Cash NOI⁽⁶⁾		Net Income		FFO⁽⁶⁾		Share of	Cash NOI⁽⁶⁾		Net Income		FFO⁽⁶⁾

Unconsolidated Co-investment Ventures	$	68,997	$	2,944	$	29,796	AMB's	$	18,335	$	181	$	6,083
Consolidated Co-investment Ventures	$	39,768	$	6,960	$	22,808	Partner's	$	28,217	$	3,599	$	15,555

Selected Operating Results
For the Year ended December 31, 2007	Cash NOI⁽⁶⁾		Net Income		FFO⁽⁶⁾		Share of	Cash NOI⁽⁶⁾		Net Income		FFO⁽⁶⁾

Unconsolidated Co-investment Ventures	$	219,952	$	20,839	$	104,888	AMB's	$	56,679	$	7,467	$	27,391
Consolidated Co-investment Ventures	$	169,538	$	37,416	$	99,926	Partner's	$	110,409	$	16,076	$	62,902

(1)		For development properties, represents the estimated square feet upon completion for the committed phases of development projects.
(2)		Represents the book value of the property (before accumulated depreciation) owned by the co-investment venture and excludes net other assets. Development book values include uncommitted land.
(3)		AMB also has a 39% equity interest in G. Accion, a Mexican real estate company for approximately $32.7 million. G. Accion provides real estate management and development services in Mexico.
(4)		The estimated investment capacity and planned gross capitalizations and investment capacities of AMB Institutional Alliance Fund III and AMB Europe Fund I, as open-end funds, are 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 7.5 million square feet of operating properties through AMBs investments in unconsolidated co-investment venture that it does not manage which it excludes from its owned and managed portfolio.
(6)		See reporting definitions and supplemental financial measures disclosures.


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


		Capitalization Summary (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Value

Coverage and Debt Ratios


	Quarter ended			Year ended
	December 31, 2007			December 31, 2007
Interest coverage⁽²⁾		6.1	x		4.9	x
Fixed charge coverage⁽²⁾		3.3	x		2.7	x
FFO payout⁽²⁾		41.7	%		57.0	%
AMBs share of total debt-to-total market capitalization⁽²⁾		34.4	%		34.4	%

Capital Structure⁽¹⁾

(1)		Debt amounts represents AMBs share of debt and preferred securities.
(2)		See reporting definitions and supplemental financial measures disclosures.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	19


		Capitalization Detail (dollars in thousands, except share price)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


	AMB			Co-investment			Unsecured
	Secured			Venture			Senior			Credit			Other			Total
	Debt			Debt			Debt			Facilities⁽¹⁾			Debt			Debt


2008	$	199,970		$	98,989		$	175,000		$			$	13,408		$	487,367
2009		25,799			122,671			100,000						873			249,343
2010		65,905			102,661			250,000			658,928			941			1,078,435
2011		115			189,420			75,000			217,177			1,014			482,726
2012		3,753			459,111									61,093			523,957
2013		3,053			46,195			175,000						65,920			290,168
2014		3,216			4,102									616			7,934
2015		3,387			18,806			112,491						664			135,348
2016		3,567			54,795												58,362
Thereafter		42,267			19,091			125,000									186,358

Subtotal	$	351,032		$	1,115,841		$	1,012,491		$	876,105		$	144,529		$	3,499,998
Unamortized premiums/(discount)		1,027			3,187			(9,368	)								(5,154	)

Total consolidated debt	$	352,059		$	1,119,028		$	1,003,123		$	876,105		$	144,529		$	3,494,844
AMBs share of unconsolidated co-investment venture debt⁽²⁾⁽⁴⁾					556,710									36,368			593,078

Total debt	$	352,059		$	1,675,738		$	1,003,123		$	876,105		$	180,897		$	4,087,922
Co-investment venture partners share of consolidated debt⁽⁴⁾					(715,409	)								(100,000	)		(815,409	)

AMBs share of total debt⁽⁴⁾	$	352,059		$	960,329		$	1,003,123		$	876,105		$	80,897		$	3,272,513


Weighted average interest rate		4.0	%		6.1	%		6.1	%		3.4	%		6.0	%		5.2	%
Weighted average maturity (years)		2.4			4.1			4.2			2.7			4.6			3.6


Market Equity
Security	Shares		Price		Value

Common Stock		99,210,508	$	57.56	$	5,710,557
LP Units		3,992,607		57.56		229,814

Total		103,203,115			$	5,940,371


Preferred Stock and Units⁽³⁾
	Dividend			Liquidation
Security	Rate			Preference

Series D preferred units		7.18	%	$	79,767
Series L preferred stock		6.50	%		50,000
Series M preferred stock		6.75	%		57,500
Series O preferred stock		7.00	%		75,000
Series P preferred stock		6.85	%		50,000

Weighted Average/Total		6.90	%	$	312,267


Capitalization Ratios

Total debt-to-total market capitalization⁽⁴⁾	39.5	%
AMBs share of total debt-to-total market capitalization⁽⁴⁾	34.4	%
Total debt plus preferred-to-total market capitalization⁽⁴⁾	42.6	%
AMBs share of total debt plus preferred-to-
AMBs share of total market capitalization⁽⁴⁾	37.6	%

(1)		Represents three credit facilities with total capacity of approximately $1.5 billion. Includes $432.7 million, $197.3 million, $84.3 million, $82.0 million and $19.9 million in Yen, Canadian dollar, Euro, British Pounds and Singapore dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at December 31, 2007.
(2)		The weighted average interest and maturity for the unconsolidated co-investment venture debt are 4.8% and 5.4 years, respectively.
(3)		Units are exchangeable under certain circumstances by the unitholder for preferred stock and redeemable at the option of AMB after a non-call period, five years from issuance.
(4)		See reporting definitions and supplemental financial measures disclosures.


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


		Supplemental Information for Net Asset Value Analysis (NAV) (dollars in millions, except per share amounts)		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Income Items


	Actual			Projected
	Quarter ended
	December 31, 2007			2008

Real Estate:
Wholly owned property cash NOI⁽¹⁾	$	72.7
Total cash NOI from co-investment ventures⁽¹⁾	$	108.8
AMBs share of co-investment ventures⁽¹⁾		27.5	%
AMBs share of cash NOI from co-investment ventures⁽¹⁾	$	29.9
AMBs share of transaction adjustments⁽¹⁾⁽²⁾	$	(5.6)
Total AMB share of cash NOI⁽¹⁾	$	97.0

Development platform:
Development starts				$	1,350.0
Average development margin⁽¹⁾					12%-15	%

Private capital platform:
Total private capital revenue per common share and unit (diluted)	$	0.09		$	0.52-$0.59
Incentive distributions per common share and unit (diluted)	$	0.01		$	0.20-$0.25

FFO per common share and unit (diluted)⁽¹⁾	$	1.20		$	3.85-$4.05

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	December 31, 2007
Development, land, and contributed assets:
Development pipeline (funded-to-date)	$	1.1
Development projects held for contribution or sale		301.5
Land held for future development		470.9
Assets contributed to co-investment ventures		18.9

Debt and preferred securities:
Total debt	$	3,272.5
Preferred securities		312.3

Other balance sheet items:
Cash and cash equivalents	$	292.7
Accounts receivable (net) and other assets		330.4
Deferred rents receivable and deferred financing costs (net)		(73.7	)
Accounts payable and other liabilities		(347.0	)

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Transaction activity adjustments to NOI stabilizes NOI for acquisitions and removes NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Acquisition Cost includes closing costs and estimated acquisition capital expenditures. Estimated acquisition capital expenditures include immediate building improvements that are taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standard or to stabilization and incremental building improvements and leasing costs that are incurred in an effort to substantially increase the revenue potential of an existing building.

Adjusted EBITDA. AMB uses adjusted earnings before interest, tax, depreciation and amortization, and non-development gains, or adjusted EBITDA, to measure both its operating performance and liquidity. AMB considers adjusted EBITDA to provide investors relevant and useful information because it permits investors to view income from its operations on an unleveraged basis before the effects of tax, non-cash depreciation and amortization expense or non-development gains. By excluding interest expense, adjusted EBITDA allows investors to measure AMBs operating performance independent of its capital structure and indebtedness and, therefore, allows for a more meaningful comparison of its operating performance between quarters as well as annual periods and to compare its operating performance to that of other companies, both in the real estate industry and in other industries. AMB considers adjusted EBITDA to be a useful supplemental measure for reviewing its comparative performance with other companies because, by excluding non-cash depreciation 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, AMB believes that adjusted EBITDA helps investors to analyze its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. Management uses adjusted EBITDA when measuring AMBs operating performance and liquidity; specifically when assessing its operating performance, and comparing that performance to other companies, both in the real estate industry and in other industries, and when evaluating its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. AMB believes investors should consider adjusted EBITDA, in conjunction with net income (the primary measure of AMBs performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of AMBs operating results and liquidity, and to make more meaningful comparisons of its performance between periods and as against other companies. By excluding interest, taxes, depreciation and amortization, and non-development gains when assessing AMBs financial performance, an investor is assessing the earnings generated by AMBs operations, but not taking into account the eliminated expenses or non-development gains incurred in connection with such operations. As a result, adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with AMBs required GAAP presentations. Adjusted EBITDA does not reflect AMBs historical cash expenditures or future cash requirements for working capital, capital expenditures or contractual commitments. Adjusted EBITDA also does not reflect the cash required to make interest and principal payments on AMBs outstanding debt. While adjusted EBITDA is a relevant and widely used measure of operating performance and liquidity, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, AMBs computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The following table reconciles adjusted EBITDA from net income for the three months and years ended December 31, 2007 and 2006 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2007			2006			2007			2006
Net income	$	97,199		$	87,755		$	314,260		$	224,072
Depreciation and amortization		40,093			42,079			161,925			174,721
Impairment losses		900			918			1,157			6,312
Stock-based compensation amortization		2,530			6,350			16,047			20,736
Adjustments to derive adjusted EBITDA from unconsolidated co-investment ventures:
AMBs share of net income		(181	)		(10,635	)		(7,467	)		(23,240	)
AMBs share of FFO		6,083			6,703			27,391			16,038
AMBs share of interest expense		5,395			3,823			19,745			10,424
Interest expense, including amortization		30,551			37,600			126,945			165,087
Total minority interests share of income		16,899			15,801			54,845			61,632
Total discontinued operations, including gains		(8,419	)		(22,930	)		(95,233	)		(60,852	)
Adjusted EBITDA attributable to minority interests		(37,744	)		(30,701	)		(129,613	)		(147,050	)
Discontinued operations adjusted EBITDA		2,282			5,831			10,690			23,330

Adjusted EBITDA	$	155,588		$	142,594		$	500,692		$	471,210

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

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

AMBs share of total debt-to-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 AMBs percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures holding the debt. AMBs share of total book capitalization is defined as AMBs share of total debt plus minority interests to preferred and limited partnership unitholders plus stockholders equity.

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

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

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

Average occupancy percentage represents the daily weighted occupancy of the total rentable square feet leased, including month-to-month leases, divided by total rentable square feet. Space is considered leased when the tenant has either taken physical or economic occupancy.

Carrying value is the sum of the most recent valuation of real estate investments plus subsequently incurred capital expenditures. Generally, each real estate investment is valued once a year.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Cash-basis NOI. Cash-basis NOI is defined as NOI less straight line rents and amortization of lease intangibles. AMB considers cash-basis NOI to be an appropriate and useful supplemental performance measure because cash basis NOI reflects the operating performance of the real estate portfolio excluding the effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. However, cash-basis NOI should not be viewed as an alternative measure of financial performance since it does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, cash-basis NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating cash-basis NOI.

For a reconciliation of NOI from net income for the three months ended December 31, 2007, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the three months ended December 31, 2007 (dollars in thousands):


	Quarter ended
	December 31, 2007
	2007
NOI	$	116,982
Straight-line rents and amortization of lease intangibles		(4,479	)
Consolidated co-investment venture cash NOI		(39,768	)

Wholly-owned property cash NOI		72,735
AMBs share of consolidated co-investment venture cash NOI		11,551
AMBs share of unconsolidated co-investment venture cash NOI		18,335
AMBs share of transaction adjustments		(5,584	)

AMBs share of cash-basis NOI	$	97,037

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

Co-investment venture partners share of debt is the co-investment venture partners pro-rata portion of total debt.

Co-investment venture partners share of equity is the pro-rata portion of the co-investment venture partners share of carrying value less the co-investment venture partners share of debt.

Completion/Stabilization is generally defined as properties that are 90% leased or properties that have been substantially complete for at least 12 months.

Development activities include ground-up development, redevelopments, renovations, land sales and value-added conversions.

Development margin is calculated as contribution value or disposition price less closing costs, minus estimated total investment and any deferred rents, taxes or third party promotes before any deferrals on contributions, divided by the estimated total investment.

Estimated FFO by Business Line. Estimated FFO by Business Line is FFO generated by AMBs Real Estate Operations, Development and Private Capital business lines. Estimated Development and Private Capital FFO was determined by reducing Development Profits, net of taxes, and Private Capital revenues by their respective estimated share of general and administrative expenses. Developments and Private Capitals estimated allocation of total general and administrative expenses was based on their respective percentage of actual direct general and administrative expenses incurred. Estimated Real Estate Operations FFO represents total AMB FFO less estimated FFO attributable to Development and Private Capital. 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 AMBs respective business lines to other companies comparable 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.

Estimated investment capacity is AMBs estimate of the gross real estate which could be acquired through the use of its equity commitments from co-investment venture partners plus AMBs funding obligations and estimated debt capitalization.

Estimated total investment represents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, and associated carry costs. Estimated total investments are based on current forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at period end.

Estimated yields on development projects are calculated from estimated annual cash NOI following occupancy stabilization divided by the estimated total investment. Yields exclude value added conversion projects and are calculated on an after-tax basis for international projects.

Fixed charge coverage. Fixed charge coverage is defined as Adjusted EBITDA divided by fixed charges. Fixed charges consist of interest expense less co-investment venture partners share of interest expense, including amortization of finance costs and debt premiums, from continuing and discontinued operations, AMBs share of interest expense from unconsolidated co-investment venture debt, capitalized interest, preferred unit distributions and preferred stock dividends. AMB uses fixed charge coverage to measure its liquidity. AMB believes fixed charge coverage is relevant and useful to investors because it permits fixed income investors to measure AMBs ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred shareholders. AMBs computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies.

The following table details the calculation of fixed charges for the three months and years ended December 31, 2007 and 2006 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
Fixed charge	2007			2006			2007			2006
Interest expense, including amortization continuing operations	$	30,551		$	37,600		$	126,945		$	165,087
Amortization of financing costs and debt premiums continuing operations		(2,303	)		(1,923	)		(5,811	)		(7,674	)
Interest expense, including amortization discontinued operations					(465	)		(1,170	)		(1,397	)
Amortization of financing costs and debt premiums discontinued operations					(18	)		(2	)		(45	)
Co-investment partners share of interest expense		(10,439	)		(9,239	)		(43,741	)		(52,802	)
AMBs share of interest expense from unconsolidated co-investment ventures		5,395			3,823			19,745			10,424
Capitalized interest		18,419			13,004			64,014			42,938
Preferred unit distributions		1,432			3,646			8,042			16,462
Preferred stock dividends		3,950			3,951			15,806			13,582

Total fixed charge	$	47,005		$	50,379		$	183,828		$	186,575

Funds From Operations (FFO) and Funds From Operations Per Share and Unit (FFOPS). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, or FFO, and FFO per share and unit, or FFOPS, to be useful supplemental measures of its operating performance. AMB defines FFOPS as FFO per fully diluted weighted average share of AMBs common stock and operating partnership units. AMB calculates FFO as net income, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMBs pro rata share of FFO of consolidated and unconsolidated joint ventures. AMB does not adjust FFO to eliminate the effects of non-recurring charges. AMB includes the gains from development, including those from value added conversion projects, before depreciation recapture, as a component of FFO. AMB believes that value-added conversion dispositions are in substance land sales and as such should be included in FFO, consistent with the real estate investment trust industrys long standing practice to include gains on the sale of land in FFO. However, AMBs interpretation of FFO or FFOPS may not be consistent with the views of others in the real estate investment trust industry, who may consider it to be a divergence from the NAREIT definition, and may not be comparable to FFO or FFOPS reported by other real estate investment trusts that interpret the current NAREIT definition differently than AMB does.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

In connection with the formation of a co-investment venture, AMB may warehouse assets that are acquired with the intent to contribute these assets to the newly formed venture. Some of the properties held for contribution may, under certain circumstances, be required to be depreciated under U.S. GAAP. If this circumstance arises, AMB intends to include in its calculation of FFO gains or losses related to the contribution of previously depreciated real estate to joint ventures. Although such a change, if instituted, will be a departure from the current NAREIT definition, AMB believes such calculation of FFO will better reflect the value created as a result of the contributions. To date, AMB has not included gains or losses from the contribution of previously depreciated warehoused assets in FFO.

AMB believes that FFO and FFOPS are meaningful supplemental measures of its operating performance because historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with market and other conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Thus, FFO and FFOPS are supplemental measures of operating performance for real estate investment trusts that exclude historical cost depreciation and amortization, among other items, from net income, as defined by U.S. GAAP. AMB believes that the use of FFO and FFOPS, combined with the required U.S. GAAP presentations, has been beneficial in improving the understanding of operating results of real estate investment trusts among the investing public and making comparisons of operating results among such companies more meaningful. AMB considers FFO and FFOPS to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses related to sales of previously depreciated operating real estate assets and real estate depreciation and amortization, FFO and FFOPS can help the investing public compare the operating performance of a companys real estate between periods or as compared to other companies. While FFO and FFOPS are relevant and widely used measures of operating performance of real estate investment trusts, these measures do not represent cash flow from operations or net income as defined by U.S. GAAP and should not be considered as alternatives to those measures in evaluating AMBs liquidity or operating performance. FFO and FFOPS also do not consider the costs associated with capital expenditures related to AMBs real estate assets nor are FFO or FFOPS necessarily indicative of cash available to fund AMBs future cash requirements.

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

The following table reconciles projected FFO from projected net income for the year ended December 31, 2008:


	2008
	Low			High

Projected net income	$	2.80		$	3.00
AMBs share of projected depreciation and amortization		1.44			1.46
AMBs share of projected gains on disposition of operating properties		(0.32	)		(0.34	)
Impact of additional dilutive securities, other, rounding		(0.07	)		(0.07	)

Projected Funds From Operations (FFO)	$	3.85		$	4.05

Amounts are expressed per share, except FFO which is expressed per share and unit.

Gross operating margin is calculated as NOI divided by gross revenues (excluding straight-line rents and amortization of lease intangibles, reimbursable capital revenue and lease termination fees) for properties in the pool at period end.

Interest coverage. Interest coverage is defined as AMBs share of interest expense which consists of consolidated interest expense less co-investment venture partners share of interest expense, including amortization, from continuing and discontinued operations and AMBs share of interest expense from unconsolidated co-investment venture debt. AMB uses interest coverage to measure its liquidity. AMB believes interest coverage is relevant and useful to investors because it permits investors to measure AMBs ability to meet its interest payments on outstanding debt. AMBs computation of interest coverage may not be comparable to interest coverage reported by other companies.

The following table details AMBs share of total interest for the three months and years ended December 31, 2007 and 2006 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
Interest	2007			2006			2007			2006
Interest expense, including amortization continuing operations	$	30,551		$	37,600		$	126,945		$	165,087
Interest expense, including amortization discontinued operations					(465	)		(1,170	)		(1,397	)
Co-investment venture partners share of interest expense		(10,439	)		(9,239	)		(43,741	)		(52,802	)
AMBs share of interest expense from unconsolidated co-investment ventures		5,395			3,823			19,745			10,424

Total interest	$	25,507		$	31,719		$	101,779		$	121,312

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

Net Asset Value (NAV). AMB believes NAV is a useful supplemental measure of its operating performance because it enables both management and investors to analyze the fair value of its business. An assessment of the fair value of a business involves estimates and assumptions and can be performed using various methods. AMB has presented certain financial measures related to its business that it believes may be useful to the investing public in calculating its NAV but has not presented any specific methodology nor provided any guidance on assumptions or estimates that should be used in the calculation.

Net Operating Income (NOI). 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. AMB 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. See same store net operating income for reconciliation of NOI from net income.

Occupancy percentage at period end represents the percentage of total rentable square feet leased, including month-to-month leases, divided by total rentable square feet at period end. Space is considered leased when the tenant has either taken physical or economic occupancy.

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

Percent pre-leased represents the executed lease percentage of total square feet as of the reporting data.

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

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

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

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


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

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

Same Store Net Operating Income (SS NOI). AMB believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, AMB considers SS NOI to be a useful supplemental measure of our operating performance for properties that are considered part of the same store pool. In deriving SS NOI, AMB defines NOI as rental revenues, including reimbursements, less property operating expenses, both of which are calculated in accordance with GAAP. Property operating expenses exclude depreciation, amortization, general and administrative expenses and interest expense. AMB believes that SS NOI helps investors compare the operating performance of AMBs real estate as compared to other companies. While SS NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. SS NOI also does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact our results from operations. Further, AMBs computation of SS NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SS NOI.

The following table reconciles consolidated SS NOI and NOI from net income for the three months and years ended December 31, 2007 and 2006 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2007			2006			2007			2006
Net income	$	97,199		$	87,755		$	314,260		$	224,072
Private capital income		(9,700	)		(28,563	)		(31,707	)		(46,102	)
Depreciation and amortization		40,093			42,079			161,925			174,721
Impairment losses		900			918			1,157			6,312
General and administrative and fund costs		34,548			30,934			130,586			106,160
Total other income and expenses		(3,226	)		(11,182	)		(95,465	)		26,229
Total minority interests share of income		16,899			15,801			54,845			61,632
Total discontinued operations		(59,731	)		(22,930	)		(71,702	)		(60,852	)

NOI		116,982			114,812			463,899			492,172
Less non same-store NOI		(13,855	)		(15,968	)		(61,639	)		(104,147	)
Less non cash adjustments⁽¹⁾		(414	)		(1,002	)		(2,861	)		(9,502	)

Cash-basis same-store NOI	$	102,713		$	97,842		$	399,399		$	378,523

(1)

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

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

Same store pool include all properties that are owned as of the end of both the current and prior year reporting periods and excludes development properties for both the current and prior reporting periods. The same store pool is set annually and excludes properties purchased and developments stabilized after December 31, 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 cash cap rates for dispositions or contributions are calculated as cash-basis NOI divided by total disposition price or contribution value, as applicable.

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, estimated acquisition capital expenditures, leasing costs necessary to achieve stabilization and, if applicable, any estimated costs required to buy-out AMBs co-investment venture partners.

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

Total market capitalization is defined by AMB as AMBs share of total debt plus preferred equity liquidation preferences plus market equity.

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


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


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call


Contact Name	Title	Phone	E-mail Address

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

Thomas S. Olinger	Chief Financial Officer	(415) 733-9405	tolinger@amb.com

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

Eugene F. Reilly	President, The Americas	(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	Director, Investor Relations	(415) 733-9565	tward@amb.com




Corporate Headquarters	Investor Relations	Other Office Locations

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

Cover Description

AMB Wille Distribution Center is a fully-leased 253,410 square foot build-to-suit development property that was stabilized in the fourth quarter of 2007 and was contributed to AMB Institutional Alliance Fund III in January 2008. The property is located in Chicagos OHare International Airport submarket. AMBs Chicago portfolio totals 18.5 million square feet of distribution space, approximately 67% of which is located in the airport submarket.


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


		Forward Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2007 Fourth Quarter Earnings Conference Call

Some of the information included in this report and the presentations to be held in connection therewith contains forward-looking statements, such as those related to our growth opportunities and plans (including those regarding our global expansion and positioning, growth of our development and private capital business, organizational changes and earnings growth), our projected funds from operations, compound annual growth rate of our business divisions, same store and/or cash net operating income and other financial and operational guidance, our capabilities to drive growth, our future performance compared to peers and other market indices, rent growth, industrial and other market and trade growth, market drivers, trends and forecasts, port opportunities (such as ship capacity expansion, outsourcing trends, port market demand, port expansions, container growth, and escalating land values), on-tarmac opportunities (such as air cargo growth, ability to access and leverage positions, expertise and key airport opportunities), hiring, performance and retention of key personnel, access to resources, leveraging of relationships, continuation and effectiveness of strategic drivers, information regarding our development, value added conversion, redevelopment and renovation projects (including stabilization dates, square feet at stabilization or completion, sale or contribution dates, yields from such projects, costs and total investment amounts, scope and location of development starts, margins, projected gains and returns, sustainability, profitability, scope and scale of and demand for projects, targeted value added conversion projects, redevelopment and conversion timelines, entitlement and repositioning potential of land), ability to deliver customer solutions, performance and value-creation of investments and market entry opportunities, acquisition capital and volume, scope and build out potential of land inventory, co-investment venture and other estimated investment capacity, terms of the co-investment ventures, performance, revenues and returns on investment, future incentive, asset management, acquisition and other private capital fees, private capital demand, launching of our Canada and second Asia funds, transition to open-end funds, and access to secured and non-secured financings, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve 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 our obligations in the event of certain defaults under co-investment venture and other debt, 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, risks related to our tax structuring, 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, as amended, and our quarterly report on Form 10-Q for the quarter ended June 30, 2007 as amended.

Form: 8-K

Documents