Exhibit 99.1

FOR IMMEDIATE RELEASE

AMB PROPERTY CORPORATION^® ANNOUNCES FIRST QUARTER 2008 RESULTS

14% year-over-year FFO per share growth, driven by strong operating fundamentals

SAN FRANCISCO, April 16, 2008 — AMB Property Corporation^® (NYSE:AMB), a leading global developer and owner of industrial real estate, today reported results for the first quarter of 2008. Funds from operations per fully diluted share and unit (“FFOPS”) was $0.65 for the first quarter of 2008, as compared to $0.57 for the same quarter in 2007. Net income available to common stockholders per fully diluted share (“EPS”) for the first quarter of 2008 was $0.39, as compared to $0.23 for the same quarter in 2007.

“AMB’s first quarter results were solid. Our performance demonstrates the underlying resiliency and strength of a business model that places distribution facilities in locations vital to the global supply chain, as well as highlights the ability of our global leadership teams to execute within a challenging economic environment,” said Hamid R. Moghadam, AMB chairman and CEO. “Coming off of a few years of record growth, trade flows into the U.S. have moderated. At the same time, exports from the U.S. have increased, and preliminary data for the first few months of 2008 indicates that trade flows between Europe and Asia are growing, as well. Discussions with our global customers support our view that, over the long term, the power of global trade will continue to drive demand for highly functional distribution space, particularly in the world’s major gateway markets.”

Owned and Managed Portfolio Operating Results

AMB’s operating portfolio was 94.8% occupied at March 31, 2008. The average occupancy rate for the quarter was 94.9%, unchanged from the same quarter in 2007. Benefiting primarily from higher rent levels, cash-basis same store net operating income in the first quarter of 2008 increased 7.3% over the same period in 2007, excluding the effects of lease termination fees. For the trailing four quarters ended March 31, 2008, average rents on lease renewals and rollovers in AMB’s operating portfolio increased 4.2%, following an average increase of 4.9% for the trailing four quarters ended December 31, 2007.

“While general market fundamentals in the U.S. have softened, key operating performance metrics in our global portfolio have remained relatively healthy, reflecting the sustained demand for industrial distribution space in markets essential to global trade,” added Mr. Moghadam. “First quarter 2008 marked AMB’s seventh consecutive quarter of rent increases on rollovers and the tenth of same store NOI growth. Notably, our leasing activity during and subsequent to the quarter exceeded the pace during the same period in the prior two years, placing us in a good position to realize continued growth from our global portfolio and operations.”

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Investment Activity

During the quarter, the company commenced development on 1.1 million square feet of industrial distribution space with an estimated total investment of $85.2 million. At quarter end, AMB’s development pipeline, which includes investments held through unconsolidated joint ventures, totaled 18.2 million square feet globally, with an estimated total investment of $1.8 billion, approximately 68% of which is outside the United States.

The company’s development business includes contributions of stabilized properties to affiliated private capital co-investment ventures or sale of projects to third parties. During the first quarter, AMB contributed or sold 1.3 million square feet in the Americas and Europe, including contributions to two of its co-investment ventures, for an aggregate price of $155.8 million.

Expanding the company’s presence in several target markets in the Americas, Europe and Asia, AMB acquired seven industrial properties during the quarter, including three airport-related facilities in London, Singapore and Seoul, for an aggregate acquisition cost of $244.9 million.

Financing Activities

Demonstrating the strength of the company’s balance sheet and its financial flexibility, AMB Property, L.P. accessed the debt market and entered into a $325 million unsecured term loan during the quarter at LIBOR plus 100 basis points. At March 31, 2008, AMB’s share of total debt to total market capitalization was less than 40%.

Share Repurchases

During the quarter, the company repurchased 1,765,591 shares of its common stock for an aggregate price of $87.7 million, or at a weighted average price of $49.64 per share. Approximately $112.3 million of capacity remains under the company’s current stock repurchase program.

2008 FFO Guidance

The company confirms its previous full year 2008 FFO guidance of $3.85 to $4.05 per share and full year 2008 EPS guidance of $2.80 to $3.00 per share.

Annual Meeting of Stockholders

The Annual Meeting of Stockholders will be held on Thursday, May 8, 2008 at 2:00 p.m. PDT. Stockholders are invited to attend the meeting at the company’s global headquarters located at Pier 1, Bay 1, in San Francisco, California. The proxy statement, Annual Report to Stockholders, voting materials and meeting information were mailed on or about March 27, 2008.

Supplemental Earnings Measure

Included in the footnotes to the company’s attached financial statements is a discussion of why management believes FFOPS is a useful supplemental measure of operating performance, ways in which investors might use FFOPS when assessing the company’s financial performance and FFOPS’s limitations as a measurement tool. Reconciliation from net income to funds from

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operations and FFOPS is provided in the attached tables and published in the company’s quarterly supplemental analyst package, available on the company’s website at www.amb.com.

The company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, the company considers cash-basis same store net operating income (SSNOI) to be a useful supplemental measure of its operating performance. Properties that are considered part of the same store pool include all properties that were owned as of the end of both the current and prior year reporting periods and exclude 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, 2006. In deriving SSNOI, the company defines NOI as rental revenues (as calculated in accordance with GAAP), including reimbursements, less straight-line rents, amortization of lease intangibles, and property operating expenses, which excludes depreciation, amortization, general and administrative expenses and interest expense. The company considers SSNOI to be an appropriate and useful supplemental performance measure because it reflects the operating performance of the real estate portfolio excluding effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, the company believes that SSNOI helps the investing public compare the company’s operating performance with that of other companies. While SSNOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating the company’s liquidity or operating performance. SSNOI also 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 its results from operations. Further, the company’s computation of SSNOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SSNOI. Reconciliation from net income to SSNOI is published in the company’s quarterly supplemental analyst package, available on the company’s website at www.amb.com.

“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.

Conference Call Information

The company will host a conference call to discuss its first quarter 2008 results on Wednesday, April 16, 2008 at 1:00 PM EDT. Stockholders and interested parties may listen to a live broadcast of the conference call by dialing 877 447 8218 (from the U.S. and Canada) or +1 706 643 7823 (from all other countries) and using reservation code 40931191. A webcast can be accessed through a link titled “Q1 2008 Earnings Conference Call” located on the home page of the company’s website at www.amb.com.

If you are unable to listen to the live conference call, a telephone and webcast replay will be available after 3:00 PM EDT on Wednesday, April 16, 2008 until 8:00 PM EDT on Friday, May 16, 2008. The telephone replay can be accessed by dialing 800 642 1687 (from the U.S. and Canada) or +1 706 645 9291 (from all other countries) and using reservation code 40931191. The webcast replay can be accessed through the link on the company’s website at www.amb.com.

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AMB Property Corporation.^® Local partner to global trade.^™

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 March 31, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 150.2 million square feet (14.0 million square meters) in 45 markets within 14 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company’s portfolio is comprised of High Throughput Distribution^® facilities—industrial properties built for speed and located near airports, seaports and ground transportation systems.

AMB’s press releases are available on the company website at www.amb.com or by contacting the Investor Relations department at +1 415 394 9000.

Some of the information included in this press release contains forward-looking statements such as those related to continued demand for our product, occupancy levels, leasing velocity, rental rate growth, trade volume growth, future competitive advantages, increasing valuations, our development projects (including completion, timing of stabilization, our ability to lease such projects, square feet at stabilization or completion, costs and total investment amounts), our ability to grow our private capital business (including raising equity capital and contributions to such funds), returns on invested capital and source of investment opportunities, and our ability to accomplish future business plans (such as expansion into additional markets and of our platform generally), our ability to access credit markets and enter into credit agreements, our ability to buy back common shares of AMB stock and to meet our forecasts (including our FFO and EPS guidance) and business goals, 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 or renewal at lower than expected rent, increased interest rates and operating costs or greater than expected capital expenditures, our failure to obtain necessary outside financing, re-financing risks, risks related to our obligations in the event of certain defaults under joint 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, redevelopment, value-added conversion 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, risks of opening offices globally, risks of changing personnel and roles, 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, 2007.

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

		As of
		March 31, 2008				December 31, 2007
Assets
Investments in real estate
Total investments in properties		$	6,885,735			$	6,709,545
Accumulated depreciation			(941,413	)			(916,686	)
Net investments in properties			5,944,322				5,792,859
Investments in unconsolidated co-investment ventures			366,385				356,194
Properties held for contribution, net			559,131				488,339
Properties held for divestiture, net			42,893				40,513
Net investments in real estate			6,912,731				6,677,905
Cash and cash equivalents and restricted cash			322,489				250,416
Accounts receivable, net			181,910				184,270
Other assets			272,124				149,812
Total assets		$	7,689,254			$	7,262,403
Liabilities and stockholders’ equity
Secured debt		$	1,452,416			$	1,471,087
Unsecured senior debt			1,003,435				1,003,123
Unsecured credit facilities			960,479				876,105
Other debt			569,844				144,529
Accounts payable and other liabilities			321,978				306,196
Total liabilities			4,308,152				3,801,040
Minority interests
Co-investment venture partners			512,573				517,572
Preferred unitholders			77,561				77,561
Limited partnership unitholders			100,134				102,278
Total minority interests			690,268				697,411
Stockholders’ equity
Common equity			2,467,422				2,540,540
Preferred equity			223,412				223,412
Total stockholders’ equity			2,690,834				2,763,952
Total liabilities and stockholders’ equity		$	7,689,254			$	7,262,403

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

		For the Quarters ended March 31,
		2008				2007
Revenues
Rental revenues		$	166,563			$	158,580
Private capital revenues(1)			9,923				5,925
Total revenues			176,486				164,505
Costs and expenses
Property operating costs			(46,171	)			(43,686	)
Depreciation and amortization			(41,669	)			(40,454	)
General and administrative			(35,153	)			(29,854	)
Fund costs			(222	)			(241	)
Impairment losses			—				(257	)
Other expenses			92				(912	)
Total costs and expenses			(123,123	)			(115,404	)
Other income and expenses
Development gains, net of taxes			17,820				12,192
Gains from sale or contribution of real estate interests, net			19,967				136
Equity in earnings of unconsolidated co-investment ventures			2,928				2,113
Other income			4,436				5,507
Interest expense, including amortization			(30,928	)			(34,395	)
Total other income and expenses			14,223				(14,447	)
Income from operations before minority interests			67,586				34,654
Minority interests’ share of income
Co-investment venture partners’ share of income			(18,944	)			(7,192	)
Co-investment venture partners’ and limited partnership unitholders’ share of development gains			(4,741	)			(595	)
Preferred unitholders			(1,432	)			(3,699	)
Limited partnership unitholders			(979	)			(356	)
Total minority interests’ share of income			(26,096	)			(11,842	)
Income from continuing operations			41,490				22,812
Discontinued operations
Income attributable to discontinued operations, net of minority interests			41				2,834
Gains from disposition of real estate, net of minority interests			1,401				36
Total discontinued operations			1,442				2,870
Net income			42,932				25,682
Preferred stock dividends			(3,952	)			(3,952	)
Net income available to common stockholders		$	38,980			$	21,730
Net income per common share (diluted)		$	0.39			$	0.23
Weighted average common shares (diluted)			99,789				95,099

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

		For the Quarters ended March 31,
		2008				2007
Net income available to common stockholders		$	38,980			$	21,730
Gains from sale or contribution of real estate, net of minority interests			(21,368	)			(172	)
Depreciation and amortization
Total depreciation and amortization			41,669				40,454
Discontinued operations’ depreciation			4				571
Non-real estate depreciation			(1,634	)			(1,177	)
Adjustments to derive FFO from consolidated co-investment ventures
Co-investment venture partners’ minority interests (Net income)			18,944				7,192
Limited partnership unitholders’ minority interests (Net income)			979				356
Limited partnership unitholders’ minority interests (Development profits)			528				583
Discontinued operations’ minority interests (Net income)			390				78
FFO attributable to minority interests			(16,576	)			(16,304	)
Adjustments to derive FFO from unconsolidated co-investment ventures
AMB’s share of net income			(2,928	)			(2,113	)
AMB’s share of FFO			8,862				5,675
Funds from operations		$	67,850			$	56,873
FFO per common share and unit (diluted)		$	0.65			$	0.57
Weighted average common shares and units (diluted)			103,767				99,777

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

		2008
		Low				High
Projected net income		$	2.70			$	2.90
AMB’s share of projected depreciation and amortization			1.46				1.48
AMB’s share of projected gains on disposition of operating properties			(0.23	)			(0.25	)
Impact of additional dilutive securities, other, rounding			(0.08	)			(0.08	)
Projected Funds From Operations (FFO)		$	3.85			$	4.05

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

AMB CONTACTS

Margan S. Mitchell				Rachel E. M. Bennett
Vice President, Corporate Communications				Director, Media Relations
Direct		+1 415 733 9477		Direct		+1 415 733 9532
Fax		+1 415 477 2177		Fax		+1 415 477 9532
Email		mmitchell@amb.com		Email		rbennett@amb.com
Tracy A. Ward
Director, Investor Relations
Direct		+1 415 733 9565
Fax		+1 415 477 9565
Email		tward@amb.com