Exhibit 99.1

  AMB PROPERTY CORPORATION^®

FOR IMMEDIATE RELEASE

AMB PROPERTY CORPORATION^® ANNOUNCES SECOND QUARTER 2008 RESULTS

SAN FRANCISCO, July 16, 2008 – AMB Property Corporation^® (NYSE: AMB), a leading global developer and owner of industrial real estate, today reported results for the second quarter and first six months of 2008. Funds from operations per fully diluted share and unit (“FFOPS”) was $1.06 for the second quarter of 2008, as compared to $0.74 for the same quarter in 2007. The second quarter results included $0.32 per share of scheduled incentive distributions from the company’s private capital business. FFOPS for the six months ended June 30, 2008 was $1.71, as compared to $1.32 for the same period in 2007.

Net income available to common stockholders per fully diluted share (“EPS”) for the second quarter of 2008 was $0.73. This compares to $1.10 for the same quarter in 2007, which included the gain on the contribution of operating properties to AMB’s Europe Fund I, formed in June 2007. EPS for the six months ended June 30, 2008 was $1.12 as compared to $1.35 for the same period in 2007.

Owned and Managed Portfolio Operating Results

AMB’s operating portfolio was 95.2% occupied at June 30, 2008, up 40 basis points from March 31, 2008. Cash-basis same store net operating income (“SSNOI”) increased 3.3% in the second quarter and 5.4% in the first six months of 2008, over the same periods in 2007. When the effects of lease termination fees are excluded from this metric, the increases were 3.7% for the quarter and 5.5% for the first six months. For the trailing four quarters ended June 30, 2008, average rents on lease renewals and rollovers in AMB’s operating portfolio increased 4.3%, following an average increase of 4.2% for the trailing four quarters ended March 31, 2008.

“Higher energy prices and the dislocation in the credit markets are creating a challenging environment for industrial demand in the U.S. and Europe; however, our portfolio continues to perform well despite the downturn—a testament to our strategic focus on major supply-constrained markets essential to global trade,” said Hamid R. Moghadam, AMB’s chairman & CEO. “While it’s too soon to predict the long-term impact of rising transportation costs on distribution networks, year-to-date leasing velocity in our portfolio and dialogue with our customers indicate that our infill locations in major metropolitan areas should continue to outperform the broader market.”

Investment Activity

During the quarter, the company commenced development on 3.3 million square feet in the Americas, Europe and Asia, with an estimated total investment of $248 million. At quarter end, AMB’s development pipeline, which included investments held through unconsolidated joint ventures, totaled approximately 17.3 million square feet globally, with an estimated total investment of $1.6 billion.

Pier 1, Bay 1   San Francisco, California 94111   United States   Main +1 415 394 9000   Fax +1 415 394 9001

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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 second quarter, AMB contributed or sold 1.9 million square feet in the Americas and Asia, including contributions to three of its co-investment ventures, for an aggregate contribution value and disposition price of approximately $221 million.

During the quarter, AMB acquired 1.5 million square feet of industrial distribution space for an aggregate acquisition cost of approximately $146 million. The acquisitions expanded AMB’s presence in target markets in the Americas and Europe, including the Port of Hamburg, which is continental Europe’s second largest port and where AMB is a leading private owner of port-related distribution space.

Private Capital

Subsequent to quarter end, AMB and the City and County of San Francisco Employees’ Retirement System contributed their interests in AMB Partners II, a co-investment venture comprising 10.3 million square feet of U.S. industrial property, to AMB Institutional Alliance Fund III in exchange for partnership interests in Fund III. “This transaction represents an opportunity for our partner to transfer its investment to our flagship U.S. fund, with the benefits of the fund’s open-end structure. As well, the fund is acquiring a portfolio of high-quality and known assets in its target markets, thereby solidifying its position as a premier vehicle for investing in industrial real estate in the U.S.,” commented John T. Roberts, Jr., president of AMB’s private capital business.

Financing Activities

Demonstrating the strength of the company’s balance sheet and its financial flexibility, AMB Property, L.P. issued $325 million of senior unsecured notes during the second quarter 2008. The coupon on the notes is 6.30% with an effective rate of 6.06%, as a result of a treasury lock. At June 30, 2008, AMB’s share of total debt to total market capitalization was 42.1%.

2008 Guidance

The company confirms its previous full year 2008 FFO guidance of $3.85 to $4.05 per share. Full year EPS guidance is $2.55 to $2.75 per share.

Company Officer Promotions and Additions

During the quarter, the company announced the following officer promotions, effective July 1, 2008: Will O’Donnell was promoted to senior vice president; and Nick Chung, Irene Duran, Mike Fangman, Adrian Fernandez, Erin Marenghi, Rita McLean, Greydie Sargent, Brian Scruggs, Nancy Schultz, Satoshi Takeda, Leo Wang, Tracy Ward, David Yu, and Bob Vereschagin were promoted to vice president. In addition, John Drake and Mark Gschwind joined the company during the quarter as vice president.

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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 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, 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. The company defines SSNOI to also exclude straight-line rents and amortization of lease intangibles. 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 and Supplemental Information

The company will host a conference call to discuss its second quarter 2008 results on Wednesday, July 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 52517905. A webcast can be accessed through a link titled “Q2 2008 Earnings Conference Call” located on the home page of the company’s website at www.amb.com.

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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, July 16, 2008 until 8:00 PM EDT on Friday, August 15, 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 52517905. The webcast replay can be accessed through the link on the company’s website at www.amb.com.

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 June 30, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 155.5 million square feet (14.5 million square meters) in 47 markets within 15 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, status of key operating metrics, our ability to capitalize on trends and realize growth, effectiveness of our strategies, performance of our portfolio, occupancy levels, rent growth, SSNOI growth, 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 accomplish future business plans, strength of our balance sheet, our ability to access credit markets and enter into credit and financing agreements 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, inflation risks, 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.

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AMB CONTACTS

Margan S. Mitchell		Tracy A. Ward
Vice President, Corporate Communications		Vice President, Investor Relations
Direct +1 415 733 9477		Direct +1 415 733 9565
Fax +1 415 477 2177		Fax +1 415 477 2044
Email mmitchell@amb.com		Email tward@amb.com

Rachel E.M. Bennett
Director, Media
Direct +1 415 733 9532
Fax +1 415 477 2063
Email rbennett@amb.com

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

		For the Quarters Ended								For the Six Months Ended
		June 30,								June 30,
		2008				2007				2008				2007
Revenues
Rental revenues		$	167,886			$	158,883			$	334,430			$	316,947
Private capital revenues(1)			41,413				8,518				51,336				14,443
Total revenues			209,299				167,401				385,766				331,390
Costs and expenses
Property operating costs			(48,108	)			(42,568	)			(94,208	)			(86,121	)
Depreciation and amortization			(40,841	)			(40,173	)			(82,462	)			(80,564	)
General and administrative			(33,794	)			(30,260	)			(68,947	)			(60,114	)
Fund costs			(384	)			(277	)			(606	)			(518	)
Impairment losses			—				—				—				(257	)
Other expenses			(1,422	)			(1,139	)			(1,330	)			(2,051	)
Total costs and expenses			(124,549	)			(114,417	)			(247,553	)			(229,625	)
Other income and expenses
Development gains, net of taxes			30,402				28,996				48,222				41,188
Gains from sale or contribution of real estate interests, net			—				74,707				19,967				74,843
Equity in earnings of unconsolidated co-investment ventures			6,059				1,748				8,987				3,861
Other income			1,909				6,472				6,345				11,979
Interest expense, including amortization			(36,555	)			(33,151	)			(67,514	)			(67,490	)
Total other income and expenses			1,815				78,772				16,007				64,381
Income from operations before minority interests			86,565				131,756				154,220				166,146
Minority interests’ share of income
Co-investment venture partners’ share of income			(6,103	)			(7,912	)			(25,047	)			(14,904	)
Co-investment venture partners’ and limited partnership unitholders’ share of development gains			(1,371	)			(2,574	)			(6,113	)			(3,136	)
Preferred unitholders			(1,432	)			(1,480	)			(2,864	)			(5,179	)
Limited partnership unitholders			(1,740	)			(3,928	)			(2,719	)			(4,321	)
Total minority interests’ share of income			(10,646	)			(15,894	)			(36,743	)			(27,540	)
Income from continuing operations			75,919				115,862				117,477				138,606
Discontinued operations
Income attributable to discontinued operations, net of minority interests			297				2,023				272				4,926
Gains from disposition of real estate, net of minority interests			803				384				2,202				419
Total discontinued operations			1,100				2,407				2,474				5,345
Net income			77,019				118,269				119,951				143,951
Preferred stock dividends			(3,952	)			(3,952	)			(7,904	)			(7,904	)
Preferred unit redemption (issuance costs) discount			—				(2,927	)			—				(2,927	)
Net income available to common stockholders		$	73,067			$	111,390			$	112,047			$	133,120
Net income per common share (diluted)		$	0.73			$	1.10			$	1.12			$	1.35
Weighted average common shares (diluted)			99,432				101,361				99,666				98,305

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

		For the Quarters Ended								For the Six Months Ended
		June 30,								June 30,
		2008				2007				2008				2007
Net income available to common stockholders		$	73,067			$	111,390			$	112,047			$	133,120
Gains from sale or contribution of real estate, net of minority interests			(803	)			(75,091	)			(22,169	)			(75,262	)
Depreciation and amortization
Total depreciation and amortization			40,841				40,173				82,462				80,564
Discontinued operations’ depreciation			51				1,314				103				1,948
Non-real estate depreciation			(2,155	)			(1,401	)			(3,789	)			(2,578	)
Adjustments to derive FFO from consolidated co-investment ventures
Co-investment venture partners’ minority interests (Net income)			6,103				7,912				25,047				14,904
Limited partnership unitholders’ minority interests (Net income)			1,740				3,928				2,719				4,321
Limited partnership unitholders’ minority interests (Development profits)			1,175				1,251				1,704				1,801
Discontinued operations’ minority interests (Net income)			9				253				396				526
FFO attributable to minority interests			(16,417	)			(15,312	)			(32,993	)			(31,616	)
Adjustments to derive FFO from unconsolidated co-investment ventures
AMB’s share of net income			(6,059	)			(1,748	)			(8,987	)			(3,861	)
AMB’s share of FFO			12,276				5,805				21,138				11,480
Funds from operations		$	109,828			$	78,474			$	177,678			$	135,347
FFO per common share and unit (diluted)		$	1.06			$	0.74			$	1.71			$	1.32
Weighted average common shares and units (diluted)			103,405				105,807				103,641				102,866

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 company’s 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 AMB’s liquidity or operating performance. FFO and FFOPS also do not consider the costs

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associated with capital expenditures related to AMB’s real estate assets nor are FFO or FFOPS necessarily indicative of cash available to fund AMB’s future cash requirements.

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

		2008
		Low				High
Projected net income		$	2.55			$	2.75
AMB’s share of projected depreciation and amortization			1.49				1.51
AMB’s share of projected gains on disposition of operating properties			(0.12	)			(0.14	)
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.

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CONSOLIDATED BALANCE SHEETS⁽¹⁾
(dollars in thousands)

		As of
		June 30, 2008				December 31, 2007
Assets
Investments in real estate
Total investments in properties		$	6,101,579			$	6,709,545
Accumulated depreciation			(894,230	)			(916,686	)
Net investments in properties			5,207,349				5,792,859
Investments in unconsolidated co-investment ventures			373,202				356,194
Properties held for contribution, net (2)			1,442,708				488,339
Properties held for divestiture, net			85,040				40,513
Net investments in real estate			7,108,299				6,677,905
Cash and cash equivalents and restricted cash			378,526				250,416
Accounts receivable, net			224,390				184,270
Other assets			215,577				149,812
Total assets		$	7,926,792			$	7,262,403
Liabilities and stockholders’ equity
Secured debt		$	1,481,422			$	1,471,087
Unsecured senior debt			1,153,270				1,003,123
Unsecured credit facilities			916,485				876,105
Other debt			568,498				144,529
Accounts payable and other liabilities			384,040				306,196
Total liabilities			4,503,715				3,801,040
Minority interests
Co-investment venture partners			532,173				517,572
Preferred unitholders			77,561				77,561
Limited partnership unitholders			100,748				102,278
Total minority interests			710,482				697,411
Stockholders’ equity
Common equity			2,489,183				2,540,540
Preferred equity			223,412				223,412
Total stockholders’ equity			2,712,595				2,763,952
Total liabilities and stockholders’ equity		$	7,926,792			$	7,262,403