January 29, 2009 - EX-99.1 - 8-K: Current report filing

Exhibit 99.1


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

AMB Property Corporation^{^®}is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of December 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 160.0 million square feet (14.9 million square meters) in 49 markets within 15 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 distributions and fees, acquisition and development fees as well as incentive distributions.

The Americas

Europe

Asia

Operating Portfolio⁽¹⁾

118.9 msf

Operating Portfolio⁽¹⁾

9.8 msf

Operating Portfolio⁽¹⁾

10.3 msf

Development Pipeline⁽²⁾⁽³⁾

11.3 msf

Development Pipeline⁽²⁾⁽³⁾

3.8 msf

Development Pipeline⁽²⁾⁽³⁾

5.9 msf

Land Inventory⁽³⁾

2,157 acres

Land Inventory⁽³⁾

234 acres

Land Inventory⁽³⁾

112 acres


(1)		The operating portfolio includes the owned and managed portfolio and operating properties held through AMBs investments in unconsolidated joint ventures that it does not manage (excluded from the owned and managed portfolio) and the location of AMBs global headquarters.

(2)		Includes development properties available for sale or contribution.

(3)		Includes investments held through unconsolidated joint ventures.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Highlights (dollars in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,									For the Years ended December 31,
	2008			2007			% Change			2008			2007			% Change
Revenues	$	164,744		$	172,368			(4.4	%)	$	715,045		$	671,290			6.5	%
Adjusted EBITDA⁽¹⁾		97,623			158,881			(38.6	%)		498,898			515,879			(3.3	%)
Net (loss) income available to common stockholders		(201,914	)		93,249			(316.5	%)		(65,668	)		295,524			(122.2	%)
FFO⁽¹⁾		(170,369	)		125,910			(235.3	%)		79,956			365,492			(78.1	%)
FFO, excluding impairment and restructuring charges⁽²⁾		47,046			N/A	⁽⁴⁾		N/A	⁽⁴⁾		297,371			N/A	⁽⁴⁾		N/A	⁽⁴⁾
Per diluted share and unit
EPS	$	(2.07	)	$	0.92			(325.0	%)	$	(0.67	)	$	2.96			(122.6	%)
FFO⁽¹⁾		(1.69	)		1.20			(240.8	%)		0.78			3.51			(77.8	%)
FFO, excluding impairment and restructuring charges⁽²⁾		0.47			N/A	⁽⁴⁾		N/A	⁽⁴⁾		2.89			N/A	⁽⁴⁾		N/A	⁽⁴⁾
Dividends per common share					0.50			(100.0	%)		1.56			2.00			(22.0	%)



Financial				Recognized non-cash impairment charges of approximately $204 million $2.01 FFO⁽¹⁾ per share
				Implemented a 22% reduction in global headcount and cost structure, incurring restructuring charges of $14 million or $0.14 FFO⁽¹⁾ per share
				Completed $323 million of refinancing, extensions and new financings in the fourth quarter throughout the Americas, Europe and Asia
				More than $934 million in capacity; consisting of $224 million of consolidated cash and cash equivalents and $710 million of availability on our lines of credit
				Suspended the fourth quarter dividend and aligned the 2009 dividend with taxable income from recurring operations at $1.12 per share, collectively resulting in savings of more than $150 million of cash.

Operations⁽²⁾				3.7% year-to-date same store NOI growth⁽¹⁾; 0.2% in the fourth quarter
				94.9% year-to-date average occupancy; 95.1% occupancy at the end of the fourth quarter
				3.1% trailing four quarter rent changes on renewals and rollover; 2.5% in the fourth quarter

Capital Deployment⁽²⁾				Leased more than 8.3 msf during the full year 2008, with 2.2 msf during the fourth quarter
				Acquired $543 million of properties in 2008, with $13 million of properties in the fourth quarter
				Commenced more than $545 million of development in 2008, with $80 million in the fourth quarter

				Converted $84 million of short-term debt into five-year non-recourse mortgage debt for AMB Europe Fund I in the fourth quarter
Private Capital				Added $835 million in properties to our funds across Japan, Mexico, Europe and the U.S. in 2008
				Fulfilled $57 million in redemptions for AMB Institutional Alliance Fund III in 2008; AMB Institutional Alliance Fund III is our only fund currently open for redemption


(1)		See reporting definitions and supplemental financial measures disclosures.

(2)		See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.

(3)		Owned and managed portfolio.

(4)		Not applicable.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Funds From Operations⁽¹⁾ Overview		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

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

Estimated FFO by Business⁽¹⁾⁽⁵⁾
(per diluted common share and unit)


	For the Years ended December 31,
	2006			2007			2008⁽⁵⁾
Real estate operations, net of unallocated overhead	$	1.53		$	1.60		$	1.50
Overhead reallocation		0.27			0.45			0.48

Real estate operations FFO	$	1.80		$	2.05		$	1.98
% of reported FFO		57.7	%		58.4	%		68.5	%
Development Gains		1.11			1.61			0.73
Overhead allocation		(0.13	)		(0.32	)		(0.34	)

Development FFO	$	0.98		$	1.29		$	0.39
% of reported FFO		31.4	%		36.8	%		13.5	%
Private Capital Revenues		0.48			0.30			0.67
Overhead allocation		(0.14	)		(0.13	)		(0.15	)

Private Capital FFO	$	0.34		$	0.17		$	0.52
% of reported FFO		10.9	%		4.8	%		18.0	%
Total FFO	$	3.12		$	3.51		$	2.89

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

Private Capital Revenue
(per diluted common share and unit)


(1)		See reporting definitions and supplemental financial measures disclosures.

(2)		For a reconciliation of FFO from net income for the years ended December 31, 2007, 2006, 2005, 2004 and 2003, refer to our annual report on Form 10-K for the year ended December 31, 2007.

(3)		FFO per share, excluding impairment and restructuring charges is $2.89. See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.

(4)		Excludes co-investment venture partners share of development gains.

(5)		Estimated FFO by Business for 2008 represents FFO, excluding impairment and restructuring charges. See page 5 for a reconciliation to derive FFO, excluding impairment and restructuring charges.

(6)		Management revenues consist of asset management distributions or fees, acquisition fees for third party acquisitions and priority distributions, as well as market compensation for development and other services.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Consolidated Statements of Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,						For the Years ended December 31,
	2008			2007			2008			2007
Revenues
Rental revenues	$	157,112		$	162,668		$	646,575		$	639,583
Private capital revenues⁽²⁾		7,632			9,700			68,470			31,707

Total revenues		164,744			172,368			715,045			671,290

Costs and expenses
Property operating costs		(45,732	)		(45,021	)		(184,700	)		(174,406	)
Depreciation and amortization		(39,641	)		(40,183	)		(169,145	)		(162,311	)
General and administrative⁽³⁾		(40,651	)		(34,251	)		(143,982	)		(129,510	)
Restructuring charges⁽⁴⁾		(13,758	)					(13,758	)
Fund costs		(159	)		(297	)		(1,078	)		(1,076	)
Real estate impairment losses		(190,400	)		(900	)		(190,400	)		(1,157	)
Other expenses⁽⁵⁾⁽⁶⁾		(2,446	)		(2,117	)		(520	)		(5,112	)

Total costs and expenses		(332,787	)		(122,769	)		(703,583	)		(473,572	)

Other income and expenses
Development profits, net of taxes		4,836			34,802			81,084			124,288
(Losses) gains from sale or contribution of real estate interests, net					(1,407	)		19,967			73,436
Equity in earnings of unconsolidated joint ventures, net		2,762			181			17,121			7,467
Other (expenses) income⁽⁶⁾		(5,784	)		2,316			(5,835	)		22,252
Interest expense, including amortization		(33,228	)		(30,551	)		(133,533	)		(126,968	)

Total other income and expenses, net		(31,414	)		5,341			(21,196	)		100,475

(Loss) income before minority interests and discontinued operations		(199,457	)		54,940			(9,734	)		298,193

Minority interests share of loss (income)
Joint venture partners share of income before discontinued operations		(2,917	)		(6,603	)		(32,310	)		(27,691	)
Joint venture partners and limited partnership unitholders share of development profits		(1,924	)		(8,835	)		(9,041	)		(13,934	)
Preferred unitholders		(1,432	)		(1,432	)		(5,727	)		(8,042	)
Limited partnership unitholders		8,166			(57	)		5,464			(5,158	)

Total minority interests share of loss (income)		1,893			(16,927	)		(41,614	)		(54,825	)

(Loss) income from continuing operations		(197,564	)		38,013			(51,348	)		243,368

Discontinued operations
(Loss) income attributable to discontinued operations, net of minority interests		(94	)		1,504			(401	)		8,879
Development gains, net of taxes and minority interests					49,905						49,905
(Losses) gains from sale of real estate, net of minority interests		(306	)		7,777			1,887			12,108

Total discontinued operations		(400	)		59,186			1,486			70,892

Net (loss) income		(197,964	)		97,199			(49,862	)		314,260
Preferred stock dividends		(3,950	)		(3,950	)		(15,806	)		(15,806	)
Preferred unit redemption issuance costs											(2,930	)

Net (loss) income available to common stockholders	$	(201,914	)	$	93,249		$	(65,668	)	$	295,524

Net (loss) income per common share (diluted)	$	(2.07	)	$	0.92		$	(0.67	)	$	2.96

Weighted average common shares (diluted)		97,584			101,121			97,404			99,808


(1)		On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture.

(2)		Includes incentive and promote distributions for 2008 of $33.0 million for AMB Institutional Alliance Fund III received during the quarter ended June 30, 2008 and of $1.0 million for the dissolution of AMB Erie co-investment venture received during the quarter ended March 31, 2008.

(3)		For the quarter and year ended December 31, 2008, includes an impairment charge of $5.0 million for a reserve against tax assets.

(4)		See reporting definitions and supplemental financial measures disclosures.

(5)		For the quarter and year ended December 31, 2008, includes $6.8 million to write-off pursuit costs.

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

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Consolidated Statements of Funds from Operations⁽¹⁾ (in thousands, except per share data)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarters ended December 31,						For the Years ended December 31,
	2008			2007			2008			2007
Net (loss) income available to common stockholders	$	(201,914	)	$	93,249		$	(65,668	)	$	295,524
Losses (gains) from sale or contribution of real estate, net of minority interests		306			(6,370	)		(21,854	)		(85,544	)
Depreciation and amortization
Total depreciation and amortization		39,641			40,183			169,145			162,311
Discontinued operations depreciation		4			49			54			1,415
Non-real estate depreciation		(1,484	)		(1,658	)		(7,270	)		(5,623	)
Adjustments to derive FFO from consolidated joint ventures
Joint venture partners minority interests (Net income)		2,917			6,603			32,310			27,691
Limited partnership unitholders minority interests (Net (loss) income)		(8,166	)		57			(5,464	)		5,158
Limited partnership unitholders minority interests (Development profits)		114			3,384			2,822			7,148
Discontinued operations minority interests (Net (loss) income)		(4	)		66			217			390
FFO attributable to minority interests		(9,036	)		(15,555	)		(49,957	)		(62,902	)
Adjustments to derive FFO from unconsolidated joint ventures
AMBs share of net income		(2,762	)		(181	)		(17,121	)		(7,467	)
AMBs share of FFO		10,015			6,083			42,742			27,391

Funds from operations	$	(170,369	)	$	125,910		$	79,956		$	365,492

FFO per common share and unit (diluted)	$	(1.69	)	$	1.20		$	0.78		$	3.51

Weighted average common shares and units (diluted)		101,102			105,130			102,856			104,169


Adjustments for impairment and restructuring charges
Real estate impairment losses	$	190,400					$	190,400
Pursuit costs and tax reserve		11,834						11,834
AMBs share of real estate impairment losses from unconsolidated joint ventures		1,847						1,847
Joint venture partners minority interest share of real estate impairment losses		(424	)					(424	)

Total impairment charges⁽¹⁾		203,657						203,657
Restructuring charges⁽¹⁾		13,758						13,758

Funds from operations, excluding impairment and restructuring charges	$	47,046					$	297,371

FFO, excluding impairment and restructuring charges per common share and unit (diluted)	$	0.47					$	2.89


(1)		See reporting definitions and supplemental financial measures disclosures.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Consolidated Balance Sheets⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	As of
	December 31, 2008			December 31, 2007
Assets
Investments in real estate
Total investments in properties	$	6,598,328		$	6,709,545
Accumulated depreciation and amortization		(970,843	)		(916,686	)

Net investments in properties		5,627,485			5,792,859
Investments in unconsolidated joint ventures		431,322			356,194
Properties held for contribution, net		600,852			488,339
Properties held for divestiture, net		8,171			40,513

Net investments in real estate		6,667,830			6,677,905
Cash and cash equivalents and restricted cash		251,231			250,416
Accounts receivable, net		160,266			184,270
Other assets		213,982			149,812

Total assets	$	7,293,309		$	7,262,403


Liabilities and stockholders equity
Secured debt	$	1,522,571		$	1,471,087
Unsecured senior debt		1,153,926			1,003,123
Unsecured credit facilities		920,850			876,105
Other debt		392,838			144,529
Accounts payable and other liabilities		335,845			306,196

Total liabilities		4,326,030			3,801,040
Minority interests
Joint venture partners		293,367			517,572
Preferred unitholders		77,561			77,561
Limited partnership unitholders		80,205			102,278

Total minority interests		451,133			697,411
Stockholders equity
Common equity		2,292,734			2,540,540
Preferred equity		223,412			223,412

Total stockholders equity		2,516,146			2,763,952

Total liabilities and stockholders equity	$	7,293,309		$	7,262,403


(1)		During the quarter ended September 30, 2008, AMB acquired the remaining equity interest (approximately 42%) in G. Accion, a Mexican real estate company. Total assets and total liabilities include $174,206 and $126,003, respectively, related to G. Accion as of December 31, 2008.

(2)		On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Supplemental Cash Flow Information (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2008			2007			2008			2007
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	5,285		$	8,537		$	24,031		$	22,741
AMBs share of straight-line rents and amortization of lease intangibles	$	1,498		$	5,002		$	12,065		$	14,440
Gross lease termination fees	$	5,772		$	138		$	6,428		$	1,941
Net lease termination fees⁽³⁾	$	4,777		$	132		$	5,185		$	1,897
AMBs share of net lease termination fees	$	4,318		$	115		$	4,652		$	1,296

Recurring capital expenditures:
Tenant improvements	$	5,276		$	3,785		$	17,377		$	19,593
Lease commissions and other lease costs		6,949			7,461			27,149			26,526
Building improvements		12,688			11,635			39,908			36,110

Sub-total		24,913			22,881			84,434			82,229
Co-investment venture partners share of capital expenditures		(7,043	)		(7,867	)		(24,425	)		(25,614	)

AMBs share of recurring capital expenditures	$	17,870		$	15,014		$	60,009		$	56,615


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	1,499		$	4,479		$	10,549		$	13,246
AMBs share of straight-line rents and amortization of lease intangibles	$	764		$	4,247		$	9,519		$	12,599
Gross lease termination fees	$	5,077		$	129		$	5,634		$	1,288
Net lease termination fees⁽³⁾	$	4,266		$	124		$	4,585		$	1,248
AMBs share of net lease termination fees	$	4,216		$	113		$	4,534		$	1,166

Recurring capital expenditures:
Tenant improvements	$	4,118		$	2,592		$	13,757		$	16,863
Lease commissions and other lease costs		4,725			6,337			21,444			22,237
Building improvements		10,033			10,514			32,495			32,823

Sub-total		18,876			19,443			67,696			71,923
Co-investment venture partners share of capital expenditures		(2,075	)		(5,036	)		(10,691	)		(17,333	)

AMBs share of recurring capital expenditures	$	16,801		$	14,407		$	57,005		$	54,590


(1)		See Reporting Definitions.

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

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

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Operations Overview⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Same Store Cash-basis NOI Growth Without Lease Termination Fees⁽²⁾

Average Occupancy⁽²⁾

Rent Change on Renewals and Rollovers⁽²⁾⁽³⁾

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

Top Customers


		Square
		Feet		ABR		% of ABR

1	Deutsche Post World Net (DHL)		4,546,771	$	35,812		4.1	%
2	United States Government		1,393,646		20,770		2.4	%
3	FedEx Corporation		1,469,895		15,035		1.7	%
4	Nippon Express		1,074,128		13,096		1.5	%
5	Sagawa Express		729,135		11,992		1.4	%
6	BAX Global Inc/Schenker/Deutsche Bahn		1,044,503		9,924		1.1	%
7	Panalpina		1,316,351		8,727		1.0	%
8	La Poste		902,391		8,249		0.9	%
9	UPS		1,263,715		8,075		0.9	%
10	Caterpillar Logistics Services		543,039		7,977		0.9	%

	Subtotal		14,283,574	$	139,657		15.9	%

	Top 11-20 Customers		6,784,688		52,058		5.9	%

	Total		21,068,262	$	191,715		21.8	%


(1)		Owned and managed portfolio.

(2)		See reporting definitions and supplemental financial measures disclosures.

(3)		Represents trailing four quarter data.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Operating Statistics⁽¹⁾		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter ended			Quarter ended			Quarter ended			Quarter ended
	December 31, 2008			September 30, 2008			December 31, 2008			September 30, 2008


Square feet		131,508,119			129,618,917			100,912,256			100,910,875
Percentage of owned & managed square feet								76.7	%		77.9	%

Occupancy
Occupancy percentage at period end⁽²⁾		95.1	%		95.4	%		94.8	%		95.2	%
Occupancy percentage at period end (prior year)		96.0	%		95.5	%		96.2	%		96.1	%

Average occupancy percentage⁽²⁾		94.9	%		95.3	%		94.6	%		95.1	%
Average occupancy percentage (prior year)		95.5	%		95.5	%		95.6	%		95.8	%

Weighted average lease terms (years)
Original		6.2			6.2			5.8			5.9
Remaining		3.4			3.4			2.8			3.0

Trailing four quarters statistics
Tenant retention⁽²⁾		71.5	%		72.4	%		71.7	%		72.3	%

Rent change on renewals and rollovers⁽²⁾
Percentage		3.1	%		4.1	%		2.7	%		3.5	%
Same space square footage commencing (millions)		18.4			18.4			17.3			17.7

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.43		$	1.42
Re-tenanted	$	3.23		$	3.15
Weighted average	$	2.02		$	1.99
Second generation square footage commencing (millions)		22.0			21.8

Gross operating margin⁽²⁾		73.5	%		73.5	%		72.7	%		72.9	%

							Same Store Pool⁽²⁾
							Quarter ended			Year ended
Cash Basis NOI percent change⁽²⁾							December 31, 2008			December 31, 2008

Increase in revenues excluding lease termination fees⁽³⁾								1.2	%		4.0	%
Increases in expenses⁽³⁾								3.7	%		5.0	%
NOI excluding lease termination fees⁽²⁾⁽³⁾								0.2	%		3.7	%
NOI including lease termination fees⁽²⁾⁽³⁾								4.0	%		4.4	%


(1)		Owned and managed portfolio.

(2)		See reporting definitions and supplemental financial measures disclosures.

(3)		For the quarter ended December 31, 2008, on a consolidated basis, the percent change was 0.1%, 2.2%, (1.1)% and 4.3%, respectively, for decrease in revenues excluding lease termination fees, increase in expenses, NOI excluding lease termination fees and NOI including lease termination fees. For the year ended December 31, 2008, on a consolidated basis, the percent change was 2.1%, 2.4%, 2.0% and 3.4%, respectively, for increase in revenues excluding lease termination fees, increase in expenses, NOI excluding lease termination fees and NOI including lease termination fees.


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


		Portfolio Overview		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


														% of Total											Year-to-Date			Trailing Four
														Owned and			AMBs share						Annualized		Same Store NOI			Quarters Rent
	Square Feet					Placed in						Square Feet		Managed Square			of Square			Year-to-Date			Base Rent		Growth Without			Change on
	as of		Acquired			Operations			Disposed			as of		Feet as of			Feet as of			Average			psf as of		Lease			Renewals and
	9/30/2008		Square Feet			Square Feet⁽¹⁾			Square Feet			12/31/2008		12/31/2008			12/31/2008			Occupancy			12/31/2008		Termination Fees⁽²⁾			Rollovers⁽²⁾


Southern California		19,973,988					161,491						20,135,479		15.3	%		55.2	%		97.1	%	$	6.43		6.2	%		8.4	%
Chicago		13,395,861											13,395,861		10.2	%		52.6	%		90.3	%		5.45		(2.4	%)		0.1	%
No. New Jersey/New York		11,351,674											11,351,674		8.6	%		48.4	%		98.5	%		7.45		4.8	%		3.0	%
San Francisco Bay Area		10,881,617					26,615						10,908,232		8.3	%		71.3	%		93.0	%		6.64		1.4	%		4.7	%
Seattle		8,645,277											8,645,277		6.6	%		47.1	%		96.9	%		5.23		7.9	%		7.6	%
South Florida		6,279,591											6,279,591		4.8	%		70.8	%		95.3	%		7.54		0.6	%		10.1	%
U.S. On-Tarmac		2,630,724											2,630,724		2.0	%		92.7	%		92.3	%		19.09		(1.4	%)		(2.8	%)
Other U.S. Markets		28,513,944					176,667						28,690,611		21.8	%		63.2	%		93.3	%		5.63		1.4	%		0.5	%

U.S. Subtotal / Wtd Avg		101,672,676					364,773						102,037,449		77.6	%		59.3	%		94.6	%	$	6.50		2.6	%		3.8	%

Canada		2,159,617					281,459						2,441,076		1.9	%		100.0	%		97.2	%	$	4.96		0.0	%		4.9	%

Mexico City		3,590,942											3,590,942		2.7	%		47.4	%		98.0	%		5.94		11.3	%		(3.0	%)
Guadalajara		2,883,174					7,352						2,890,526		2.2	%		21.6	%		96.1	%		4.66		4.3	%		0.9	%
Other Mexico Markets		419,845											419,845		0.3	%		26.8	%		100.0	%		5.20		1.3	%		n/a

Mexico Subtotal / Wtd Avg		6,893,961					7,352						6,901,313		5.2	%		35.4	%		97.4	%	$	5.36		8.8	%		(0.7	%)


The Americas Total / Wtd Avg		110,726,254					653,584						111,379,838		84.7	%		58.7	%		94.8	%	$	6.39		2.8	%		3.7	%


France		3,378,654					53,873						3,432,527		2.6	%		22.3	%		94.8	%	$	8.86		5.7	%		(21.5	%)
Germany		3,191,670											3,191,670		2.4	%		30.3	%		97.0	%		8.92		(2.0	%)		3.5	%
Benelux		2,835,213											2,835,213		2.2	%		20.8	%		99.2	%		10.11		17.2	%		5.9	%
Other Europe Markets		343,077											343,077		0.3	%		61.9	%		100.0	%		13.50		0.0	%		n/a

Europe Subtotal / Wtd Avg		9,748,614					53,873						9,802,487		7.5	%		25.9	%		97.0	%	$	9.42		5.9	%		(14.6	%)


Tokyo		5,263,053											5,263,053		4.0	%		20.0	%		93.0	%	$	15.17		12.4	%		4.5	%
Osaka		1,018,875					981,162						2,000,037		1.4	%		59.2	%		93.0	%		11.83		17.1	%		0.9	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		6,281,928					981,162						7,263,090		5.4	%		30.8	%		93.0	%	$	14.25		13.2	%		3.3	%

China		1,708,028		200,618									1,908,646		1.5	%		100.0	%		94.2	%	$	4.59		9.4	%		11.1	%
Singapore		935,961					(35	)					935,926		0.7	%		100.0	%		99.3	%		9.48		14.2	%		4.2	%
Other Asia Markets		218,132											218,132		0.2	%		100.0	%		100.0	%		6.65		0.0	%		n/a

Asia Total / Wtd Avg		9,144,049		200,618			981,127						10,325,794		7.8	%		51.3	%		93.9	%	$	12.00		11.4	%		4.0	%


Owned and Managed Total / Wtd Avg⁽²⁾		129,618,917		200,618			1,688,584						131,508,119		100.0	%		55.7	%		94.9	%	$	7.05		3.7	%		3.1	%


Other Real Estate Investments⁽³⁾		7,495,659											7,495,659					54.3	%		94.1	%		5.32

Total Operating Portfolio		137,114,576		200,618			1,688,584						139,003,778					55.6	%		94.9	%	$	6.96


Development
Pipeline		17,831,224		1,411,827	⁽⁵⁾		(218,873	) ⁽⁶⁾		(2,586,621	) ⁽⁷⁾		16,437,557					90.2	%
Available for Sale or Contribution⁽⁴⁾		3,431,233		2,586,621	⁽⁵⁾		(1,450,727	) ⁽⁶⁾		(13,329	) ⁽⁷⁾		4,553,798					93.4	%

Development Subtotal		21,262,457		3,998,448			(1,669,600)	^-		(2,599,950	)		20,991,355					90.9	%

Total Global Portfolio		158,377,033		4,199,066			18,984			(2,599,950	)		159,995,133					60.2	%


(1)		Represents assets placed in operations from development and may include positive/(negative) remeasurements of square footage as operating assets.

(2)		See reporting definitions and supplemental financial measures disclosures.

(3)		Includes operating properties held through AMBs investments in unconsolidated joint 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 placed in operations. For available for sale or contribution, represents projects placed in operations.

(7)		For development pipeline, represents square footage of completed development projects placed in available for sale or contribution. For available for sale or contribution, represents projects disposed.


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


		Capital Deployment Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Development Pipeline by Region as of December 31, 2008⁽¹⁾
(Estimated Total Investment⁽²⁾)

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

Property Acquisitions by Region for the Year ended December 31, 2008⁽³⁾
(Acquisition Cost⁽²⁾)

Acquisition Volume⁽³⁾
(Acquisition Cost⁽²⁾)


(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	11


		Property Acquisitions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarter ended December 31, 2008								For the Year ended December 31, 2008
			Acquisition			% of Total					Acquisition			% of Total
	Square Feet		Cost⁽²⁾			Acquisition Cost			Square Feet		Cost⁽²⁾			Acquisition Cost


The Americas
United States			$				0.0	%		2,059,299	$	201,319			37.1	%
Other Americas							0.0	%		828,167		72,995			13.4	%

The Americas Total			$				0.0	%		2,887,466	$	274,314			50.5	%

Europe
France			$				0.0	%			$				0.0	%
Germany							0.0	%		1,075,367		106,780			19.7	%
Benelux							0.0	%							0.0	%
Other Europe							0.0	%		164,795		68,023			12.5	%

Europe Total			$				0.0	%		1,240,162	$	174,803			32.2	%

Asia
Japan			$				0.0	%			$				0.0	%
China		200,618		12,511			100.0	%		502,740		27,712			5.1	%
Other Asia							0.0	%		671,530		66,408	⁽⁴⁾		12.2	%

Asia Total		200,618	$	12,511			100.0	%		1,174,270	$	94,120			17.3	%


Total Acquisitions		200,618	$	12,511			100.0	%		5,301,898	$	543,237			100.0	%


AMBs Weighted Average Ownership Percentage				100.0	%							51.4	%
Weighted Average Stabilized GAAP Cap Rate⁽³⁾				7.4	%							6.2	%
Weighted Average Stabilized Cash Cap Rate⁽³⁾				7.3	%							5.9	%


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


By Entity
AMB Property Corporation		200,618	$	12,511		100.0	%		2,830,936	$	217,044		40.0	%
AMB-SGP Mexico						0.0	%						0.0	%
AMB Japan Fund I						0.0	%						0.0	%
AMB Europe Fund I						0.0	%		848,313		154,499		28.4	%
AMB Institutional Alliance Fund III						0.0	%		1,622,649		171,694		31.6	%

Total Acquisitions		200,618	$	12,511		100.0	%		5,301,898	$	543,237		100.0	%


(1)		Owned and managed portfolio.

(2)		Includes closing costs and estimated total acquisition capital expenditures of approximately $0.3 and $13.7 million, respectively, for the quarter and year ended December 31, 2008.

(3)		See reporting definitions and supplemental financial measures disclosures.

(4)		Includes buyout of remaining 50% interest in an owned and managed asset.


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


		Development Starts and Total Capital Deployment⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarter ended December 31, 2008								For the Year ended December 31, 2008
	Estimated		Estimated			% of Total			Estimated		Estimated			% of Total
	Square Feet at		Total			Estimated			Square Feet at		Total			Estimated
	Stabilization⁽²⁾		Investment⁽²⁾			Investment⁽²⁾			Stabilization⁽²⁾		Investment⁽²⁾			Investment⁽²⁾


The Americas
United States			$				0.0	%		2,185,871	$	170,792			31.4	%
Other Americas							0.0	%		2,278,427		146,203			26.8	%

The Americas Total			$				0.0	%		4,464,298	$	316,995			58.2	%

Europe
France			$				0.0	%		403,948	$	42,380			7.8	%
Germany							0.0	%		413,958		49,200			9.0	%
Benelux		67,705		12,243			15.4	%		67,705		12,243			2.2	%
Other Europe							0.0	%							0.0	%

Europe Total		67,705	$	12,243			15.4	%		885,611	$	103,823			19.0	%

Asia
Japan			$				0.0	%		417,833	$	47,142			8.7	%
China		1,344,122		67,259			84.6	%		1,620,604		76,768			14.1	%
Other Asia							0.0	%							0.0	%

Asia Total		1,344,122	$	67,259			84.6	%		2,038,437	$	123,910			22.8	%


Total Development Starts		1,411,827	$	79,502			100.0	%		7,388,346	$	544,728			100.0	%

AMBs Weighted Average Ownership Percentage				100.0	%							94.9	%
Weighted Average Estimated Yield⁽²⁾				8.5	%							7.6	%

						For the Quarter ended					For the Year ended
						December 31, 2008					December 31, 2008
						Estimated			Estimated		Estimated			Estimated
						Square Feet at			Total		Square Feet at			Total
						Stabilization⁽²⁾			Investment⁽²⁾		Stabilization⁽²⁾			Investment⁽²⁾

Total Acquisitions							200,618		$	12,511		5,301,898		$	543,237
Total Development Starts							1,411,827			79,502		7,388,346			544,728

Total Capital Deployment							1,612,445		$	92,013		12,690,244		$	1,087,965


(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	13


		Contributions and Dispositions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	For the Quarter ended						For the Year ended
	December 31, 2008						December 31, 2008
	Operating Property			Development Property			Operating Property			Development Property

AMBs Ownership Contributed and Disposed		0.0	%		61.2	%		36.3	%		72.1	%
Contribution Value and Disposition Price	$			$	23,016		$	69,775		$	592,584
Weighted Average Stabilized Cash Cap Rate⁽²⁾⁽³⁾		0.0	%		7.4	%		6.3	%		5.9	%
Development Margin⁽³⁾		N/A			21.8	%		N/A			22.7	%

Square Footage or Acreage Contributed or Sold

For the Quarter ended December 31, 2008

For the Year ended December 31, 2008

Operating Property

Development Property

Operating Property

Development Property

Square Feet

Land Acreage⁽⁴⁾

Square Feet

Land Acreage⁽⁴⁾

The Americas

United States

13,329

848,550

2,935,957

102

Other Americas

1,421,043

The Americas Total

13,329

848,550

4,357,000

102

Europe

France

53,873

Germany

Benelux

110,701

Other Europe

Europe Total

53,873

164,574

Asia

Japan

891,596

China

Other Asia

Asia Total

891,596

Total

67,202

848,550

5,413,170

102


(1)		Includes investments held through unconsolidated co-investment ventures.

(2)		Excludes value-added conversions, development for sale, and land sales.

(3)		See reporting definitions and supplemental financial measures disclosures.

(4)		Represents acreage for land sales and value added conversion projects.


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


		Development Pipeline⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	2009 Expected Stabilizations					2010 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		5,580,595	$	449,120			189,740	$	16,552			5,770,335	$	465,672			35.3	%
Other Americas		3,741,731		229,681			875,533		55,362			4,617,264		285,043			21.6	%

The Americas Total		9,322,326	$	678,801			1,065,273	$	71,914			10,387,599	$	750,715			56.9	%

Europe
France		460,050	$	44,244			340,441	$	28,944			800,491	$	73,188			5.5	%
Germany							413,958		48,781			413,958		48,781			3.7	%
Benelux		1,054,754		122,429								1,054,754		122,429			9.3	%
Other Europe		436,916		38,715								436,916		38,715			2.9	%

Europe Total		1,951,720	$	205,388			754,399	$	77,725			2,706,119	$	283,113			21.5	%

Asia
Japan		685,757	$	122,762			417,833	$	55,215			1,103,590	$	177,977			13.5	%
China		617,062		29,211			1,623,187		78,001			2,240,249		107,212			8.1	%
Other Asia																	0.0	%

Asia Total		1,302,819	$	151,973			2,041,020	$	133,216			3,343,839	$	285,189			21.6	%


Total		12,576,865	$	1,036,162			3,860,692	$	282,855			16,437,557	$	1,319,017			100.0	%

Real estate impairment losses														(38,850	)


Estimated total investment, net of real estate impairment losses													$	1,280,167


Number of Projects				43					10					53
Funded-to-Date⁽⁴⁾			$	920,346				$	136,862				$	1,057,208
AMBs Weighted Average Ownership Percentage				90.5	%				98.8	%				92.3	%
AMBs Share of Amounts Funded to Date⁽²⁾⁽⁴⁾			$	834,025				$	134,682				$	968,707
AMBs Share of Amounts Funded to Date Percentage^(2)(4)(5)(6)				88.9	%				48.2	%				79.6	%
AMBs Share of Remainder to Fund^(2)(4)(6)			$	103,862				$	144,697				$	248,559
Weighted Average Estimated Yield⁽²⁾⁽⁶⁾				7.5	%				7.4	%				7.5	%
Percent Pre-Leased⁽²⁾				46.0	%				3.8	%				36.1	%


(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value-added conversion projects.
(4)		Amounts include capitalized interest as applicable.
(5)		Calculated as AMBs share of amounts funded to date to AMBs share of estimated total investment.
(6)		Calculated using estimated total investment before the impact of real estate impairment losses.


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


		Completions and Properties Available for Sale or Contribution⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	Development Completions⁽²⁾										Available for Sale or Contribution as of December 31, 2008
	For the Quarter ended					For the Year ended					Development					Operating
	December 31, 2008					December 31, 2008					Properties					Properties					Total
			Total					Total					Total					Total					Total
	Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾			Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾

The Americas
United States		403,413	$	27,952			3,499,517	$	247,557			928,751	$	86,882			485,899	$	40,428			1,414,650	$	127,310
Other Americas							281,441		25,361								2,441,076		169,962			2,441,076		169,962

The Americas Total		403,413	$	27,952			3,780,958	$	272,918			928,751	$	86,882			2,926,975	$	210,390			3,855,726	$	297,272

Europe
France		53,873	$	8,582			53,873	$	8,582			277,817	$	23,304			67,274	$	13,873			345,091	$	37,177
Germany							139,608		21,005			139,608		18,850								139,608		18,850
Benelux							110,712		18,273			110,712		16,606								110,712		16,606
Other Europe		585,971		70,138			585,971		70,138			585,971		70,138			178,262		27,690			764,233		97,828

Europe Total		639,844	$	78,720			890,164	$	117,998			1,114,108	$	128,898			245,536	$	41,563			1,359,644	$	170,461

Asia
Japan		1,409,492	$	203,304			3,477,913	$	528,743			2,148,194	$	387,511			981,162	$	138,805			3,129,356	$	526,316
China																	1,908,646		59,683			1,908,646		59,683
Other Asia		362,745		25,767			362,745		25,767			362,745		25,767			218,132		19,525			580,877		45,292

Asia Total		1,772,237	$	229,071			3,840,658	$	554,510			2,510,939	$	413,278			3,107,940	$	218,013			5,618,879	$	631,291


Total		2,815,494	$	335,743			8,511,780	$	945,426			4,553,798	$	629,058			6,280,451	$	469,966			10,834,249	$	1,099,024


Real estate impairment losses																								(50,710	)

Total investment, net of real estate impairment losses																							$	1,048,314


AMBs Weighted Average Ownership Percentage				97.3	%				90.8	%				92.9	%				95.8	%
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾				7.3	%				7.3	%				7.0	%				N/A
Percent Pre-leased⁽²⁾				48.4	%				56.4	%				45.2	%				93.8	%

(1)		Includes investments held through unconsolidated co-investment ventures.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		Includes value-added conversion projects.
(4)		Total investment includes estimated costs of completion.
(5)		Calculated using estimated total investment before impact of real estate impairment losses.


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


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Land Inventory


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


Balance as of September 30, 2008		2,264			37,097,960			226			4,473,264			100			4,428,232			2,590			45,999,456
Acquisitions								11			330,740			37			1,532,404			48			1,863,144
Sales		(95	)		(1,330,781	)														(95	)		(1,330,781	)
Development starts								(3	)		(67,705	)		(25	)		(1,344,122	)		(28	)		(1,411,827	)
Site plan adjustments		(12	)																	(12	)


Balance as of December 31, 2008		2,157			35,767,179			234			4,736,299			112			4,616,514			2,503	⁽³⁾		45,119,992	⁽³⁾


Investment in Land⁽⁴⁾				$	492,873					$	114,317					$	164,021					$	771,211	⁽³⁾

Real estate impairment losses																						$	(94,703	)

Investment in land, net of real estate impairment losses																						$	676,508

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		36		3		67			5
3+ years		7		2		32		2		160		8		199			12

Total		7		2		63		4		196		11		266	⁽⁵⁾		17

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		329,140		1						369,940			2
3+ years						688,499		2		309,873		1		998,372			3

Total		40,800		1		1,017,639		3		309,873		1		1,368,312	⁽⁶⁾		5

(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 2,331 acres, 42.0 million square feet and $667,533, respectively.
(4)		Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.
(5)		AMBs share is 216 acres.
(6)		AMBs share is 750,674 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	17


		Private Capital Co-investment Ventures Overview⁽¹⁾ (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Date

Geographic

Functional

Incentive Distribution

Co-investment Venture

Established

Focus

Principal Venture Investors

Currency

Frequency

Term

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⁽¹⁾

October 2004

United States

Various

USD

3 years (next 2Q11)

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 (next 2Q10)

Open end

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

Gross Carrying Value of Private Capital Co-investment Ventures⁽³⁾

(1)		On July 1, 2008, the partners of AMB Partners II contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III.
(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.
(3)		See reporting definitions and supplemental financial measures disclosures.


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


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


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


Operating Co-Investment Ventures
AMB Institutional Alliance Fund III⁽⁴⁾		19	%		36,869,518		$	3,339,952	$	1,761,477	$	40,000	$	184,645	$		$	3,340,000
AMB Europe Fund I⁽⁴⁾		21	%		9,165,082			1,223,167		705,522				64,665				1,223,000
AMB Japan Fund I		20	%		6,281,928			1,350,958		775,254		132,168		65,705		189,000		1,540,000
AMB-SGP Mexico		22	%		6,331,990			353,983		170,403		58,825		19,519		245,000		599,000

Total Operating Co-investment Ventures		20	%		58,648,518			6,268,060		3,412,656		230,993		334,534		434,000		6,702,000

Development Co-investment Ventures:
AMB DFS Fund I		15	%		1,237,764			132,989						20,663		306,000		439,000
AMB Institutional Alliance Fund III⁽⁴⁾		19	%		178,567			10,047		5,996				785		n/a		n/a
AMB Europe Fund I⁽⁴⁾		21	%		63,507			8,616		4,290				898		n/a		n/a

Total Development Co-investment Ventures		16	%		1,479,838			151,652		10,286				22,346		306,000		439,000

Total Unconsolidated Co-investment Ventures⁽⁵⁾		20	%		60,128,356			6,419,712		3,422,942		230,993		356,880		740,000		7,141,000
Other Industrial Operating Joint Ventures		51	%		7,418,749	⁽⁶⁾		278,214		164,206				49,791		n/a		n/a

Total Unconsolidated Joint Ventures		21	%		67,547,105		$	6,697,926	$	3,587,148	$	230,993	$	406,671	$	740,000	$	7,141,000

Consolidated Joint Ventures

Operating Co-investment Ventures

AMB-SGP		50	%		8,288,663		$	461,981	$	341,855	$
AMB Institutional Alliance Fund II		20	%		8,006,081			533,491		232,856		50,000
AMB-AMS		39	%		2,172,137			157,034		83,337

Total Operating Co-investment Ventures		35	%		18,466,881			1,152,506		658,048		50,000

Development Co-investment Ventures
AMB Institutional Alliance Fund II		20	%		98,560			5,415

Total Development Co-investment Ventures		20	%		98,560			5,415

Total Consolidated Co-investment Ventures		35	%		18,565,441			1,157,921		658,048		50,000

Other Industrial Operating Joint Ventures		92	%		2,196,134			212,472		21,544
Other Industrial Development Joint Ventures		65	%		1,551,047			299,687		128,501

Total Consolidated Joint Ventures		47	%		22,312,622		$	1,670,080	$	808,093	$	50,000


Selected Operating Results
For the Quarter ended December 31, 2008	Cash NOI⁽⁷⁾		Net Income (loss)			FFO⁽⁷⁾			Share of	Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures	$	101,597	$	(1,150	)⁽⁸⁾	$	38,024	⁽⁸⁾	AMBs	$	22,730	$	2,762	$	10,015
Consolidated Joint Ventures	$	28,404	$	10,860		$	21,488		Partners	$	16,260	$	5,986	$	10,846

Selected Operating Results
For the Year ended December 31, 2008	Cash NOI⁽⁷⁾		Net Income			FFO⁽⁷⁾			Share of	Cash NOI⁽⁷⁾		Net Income		FFO⁽⁷⁾

Unconsolidated Joint Ventures	$	364,714	$	49,952	⁽⁸⁾	$	187,034	⁽⁸⁾	AMBs	$	84,462	$	17,121	$	42,742
Consolidated Joint Ventures	$	145,376	$	80,295		$	109,588		Partners	$	88,677	$	44,566	$	56,176

(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 Joint Venture and excludes net other assets. Development book values include uncommitted land.
(3)		On July 18, 2008, AMB acquired the remaining equity interest (approximately 42%) in G. Accion, a Mexican real estate company. G. Accion owns and develops real estate, and provides real estate management and development services in Mexico. Through its investment in G. Accion, AMB holds an equity interest in various other unconsolidated ventures for approximately $24.6 million.
(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. On July 1, 2008, the partners of AMB Partners II (previously, a consolidated entity) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III (an unconsolidated entity) in exchange for interests in AMB Institutional Alliance Fund III.
(5)		See reporting definitions and supplemental financial measures disclosures for unconsolidated co-investment venture operating results.
(6)		Includes investments in 7.4 million square feet of operating properties through AMBs investment in unconsolidated Joint Ventures that it does not manage which it excludes from its owned and managed portfolio.
(7)		See reporting definitions and supplemental financial measures disclosures.
(8)		Excludes $3.9 million and $13.4 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter ended and year ended December 31, 2008, respectively.


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


		Capitalization Summary (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Coverage and Debt Ratios


	For the Quarter ended			For the Year ended
	December 31, 2008			December 31, 2008
Interest coverage⁽²⁾		2.8	x		3.9	x
Fixed charge coverage⁽²⁾		1.8	x		2.5	x
Dividends per share-to-FFO per share		0.0	%		200.0	%
AMBs share of total debt-to-total market capitalization⁽²⁾		61.4	%		61.4	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		51.1	%		51.1	%

Capital Structure⁽¹⁾

(1)		Debt amounts represent 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	20


		Capitalization Detail (dollars in thousands, except shares and share price)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


	AMB Wholly-Owned												Consolidated Joint Venture
	Unsecured																		Total			Unconsolidated
	Senior			Credit			Other			Secured			Secured			Other			Consolidated			Joint			Total
	Debt			Facilities⁽¹⁾			Debt			Debt			Debt			Debt			Debt			Venture Debt⁽²⁾			Debt


2009	$	100,000		$			$	337,590		$	257,995		$	102,452		$			$	798,037		$	255,397		$	1,053,434
2010		250,000			585,256			941			306,585			121,245						1,264,027			188,683			1,452,710
2011		75,000			335,594			1,014			112,083			75,813						599,504			558,378			1,157,882
2012								1,093			2,686			388,378			50,000			442,157			448,299			890,456
2013		500,000						920			19,614			42,270						562,804			707,464			1,270,268
2014								616			405			2,981						4,002			776,365			780,367
2015		112,491						664			16,272			17,610						147,037			274,290			421,327
2016														16,231						16,231			73,040			89,271
2017														1,272						1,272			351,574			352,846
2018		125,000																		125,000						125,000
Thereafter														39,867						39,867			189,038			228,905

Subtotal	$	1,162,491		$	920,850		$	342,838		$	715,640		$	808,119		$	50,000		$	3,999,938		$	3,822,528		$	7,822,466
Unamortized premiums/(discount)		(8,565	)								(1,162	)		(26	)					(9,753	)		(4,387	)		(14,140	)

Subtotal	$	1,153,926		$	920,850		$	342,838		$	714,478		$	808,093		$	50,000		$	3,990,185		$	3,818,141		$	7,808,326
Joint venture partners share of debt⁽³⁾														(463,999	)		(40,000	)		(503,999	)		(3,010,817	)		(3,514,816	)

AMBs share of total debt⁽³⁾	$	1,153,926		$	920,850		$	342,838		$	714,478		$	344,094		$	10,000		$	3,486,186		$	807,324		$	4,293,510


Weighted average interest rate		6.0	%		2.2	%		3.6	%		3.7	%		4.8	%		5.8	%		4.4	%		4.8	%		4.6	%
Weighted average maturity (years)		4.1			1.8			0.8			1.7			3.4			3.7			2.7			4.9			3.8


Market Equity
Security	Shares			Price		Value

Common Stock		98,469,872	⁽⁴⁾	$	23.42	$	2,306,164
LP Units		3,439,522			23.42		80,554

Total		101,909,394				$	2,386,718

Total options outstanding							6,206,678
Dilutive effect of stock options and restricted stock⁽⁵⁾							45,028


Preferred Stock and Units⁽⁶⁾
	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

AMBs share of total debt-to-total market capitalization⁽³⁾⁽⁷⁾	61.4	%

AMBs share of total debt plus preferred-to- AMBs share of total market capitalization⁽³⁾⁽⁷⁾	65.9	%
AMBs share of total debt-to-AMBs share of total assets⁽³⁾	51.1	%
AMBs share of total debt plus preferred-to- AMBs share of total assets⁽³⁾	54.8	%

(1)		Represents three credit facilities with total capacity of approximately $1.7 billion. Includes $80.0 million of U.S. Dollar borrowings, as well as $358.7 million, $304.0 million, $146.6 million and $31.6 million in Yen, Canadian Dollar, Euro and Singapore Dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at December 31, 2008.
(2)		The weighted average interest and maturity for the unconsolidated joint venture debt are 4.8% and 4.9 years, respectively.
(3)		See reporting definitions and supplemental financial measures disclosures.
(4)		Includes 855,919 shares of unvested restricted stock.
(5)		Computed using the treasury stock method and an average share price of $21.98 for the quarter ended December 31, 2008.
(6)		Units are exchangeable under certain circumstances by the unitholder for preferred stock and redeemable at the option of AMB after a five year non-call period.
(7)		Total Market Capitalization is defined as total debt plus preferred equity liquidation preferences plus market equity.


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


		Capitalization Commitments (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Debt Maturing in 2009 and 2010⁽¹⁾



	As of December 31, 2008						After Extension Options⁽²⁾
	2009			2010			2009			2010
AMB wholly-owned debt
Credit Facilities	$			$	585,256		$			$
Unsecured Senior Debt		100,000			250,000			100,000			250,000
Other Debt⁽³⁾		336,718						11,718			325,000
AMB Secured Debt		257,069			305,618			140,175			192,512

Total AMB wholly-owned debt		693,787			1,140,873			251,892			767,512

Consolidated joint venture debt		88,814			111,021			88,814			60,086
Less: Joint venture partners share of debt		(39,355	)		(75,597	)		(39,355	)		(34,849	)

Subtotal		49,459			35,424			49,459			25,237

AMBs share of total consolidated debt		743,246			1,176,298			301,351			792,750

Unconsolidated joint venture debt		212,054			142,600			173,366			142,600
Less: Joint venture partners share of debt		(167,464	)		(114,252	)		(136,274	)		(114,252	)

Subtotal		44,590			28,348			37,092			28,348


AMBs share of total debt	$	787,836		$	1,204,646		$	338,443		$	821,098

Development Pipeline Remainder to Fund



												AMBs Share of
	Estimated Total		Funded to		Remainder to		Remainder of		AMBs			Remainder of
	Investment⁽⁴⁾⁽⁵⁾		Date⁽⁴⁾⁽⁵⁾		Fund⁽⁴⁾⁽⁵⁾		Cash to Fund⁽⁴⁾⁽⁶⁾		Ownership %			Cash to Fund⁽⁴⁾⁽⁶⁾
	(a)		(b)		(a - b)		(c)		(d)			(c x d)

Development pipeline as of 12/31/2008	$	1,319,017	$	1,057,208	$	261,809	$	238,222		96.2	%	$	229,069
Projected first quarter 2009 development starts		32,121		4,788		27,333		26,553		100.0	%		26,553

Total projected development pipeline	$	1,351,138	$	1,061,996	$	289,142	$	264,775		96.5	%	$	255,622


(1)		Excludes scheduled principal amortization, as well as debt premiums and discounts.
(2)		Subject to certain conditions.
(3)		Subsequent to December 31, 2008, the maturity of the $325 million term loan was extended to 2010.
(4)		Excluding impact of real estate impairment losses.
(5)		Amounts include capitalized interest as applicable.
(6)		Amounts remove the estimated capitalized interest component of the estimated total investment.


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


		Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts)		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Income Items


	Actual
	Quarter ended
	December 31, 2008

Real Estate:
Wholly owned property cash NOI⁽¹⁾	$	81,477
Total cash NOI from joint ventures⁽¹⁾	$	130,001
AMBs share of joint ventures⁽¹⁾		26.8	%
AMBs share of cash NOI from joint ventures⁽¹⁾	$	34,874
AMBs share of transaction adjustments⁽¹⁾⁽²⁾	$	(10,980	)
Total AMBs share of cash NOI⁽¹⁾⁽³⁾	$	105,371

Development platform:⁽³⁾
Development starts	$	80
Average development margin⁽¹⁾

Private capital platform:
Total private capital revenue per common share and unit (diluted)	$	0.08
Incentive distributions per common share and unit (diluted)	$

Assets & Liabilities


	As of
AMBs share of:⁽¹⁾	December 31, 2008
Development, land, and contributed assets:⁽³⁾
Development pipeline (funded-to-date)	$	968,707
Development projects available for sale or contribution		584,652
Operating projects available for sale or contribution		450,441
Land held for future development		667,533
Assets contributed to co-investment ventures		1,926

Debt and preferred securities:⁽³⁾
Total debt	$	4,293,510
Preferred securities		312,267

Other balance sheet items:⁽³⁾
Cash and cash equivalents and restricted cash	$	274,799
Accounts receivable (net) and other assets	$	377,228
Deferred rents receivable and deferred financing costs (net)	$	(64,813	)
Accounts payable and other liabilities	$	(353,147	)

(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		Transaction activity adjustments remove NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution as the value of this real estate is reflected in AMBs share of development, land, and contributed assets as detailed above. The adjustments also include stabilized NOI for acquisitions.
(3)		Includes investments held through unconsolidated joint ventures.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2008 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 (including the amount of capitalized interest deducted from the determination of development gains), tax, depreciation and amortization, impairment and non-cash restructuring charges, 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 (loss) for the three months and years ended December 31, 2008 and 2007 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2008			2007			2008			2007
Net (loss) income	$	(197,964	)	$	97,199		$	(49,862	)	$	314,260
Depreciation and amortization		39,641			40,183			169,145			162,311
Impairment charges		203,657			900			203,657			1,157
Non-cash restructuring charges		5,059						5,059
Stock-based compensation amortization and other non-cash charges		13,807			2,530			30,548			16,047
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
AMBs share of net income		(2,762	)		(181	)		(17,121	)		(7,467	)
AMBs share of FFO		10,015			6,083			42,742			27,391
AMBs share of interest expense		10,031			5,395			34,461			19,745
Interest expense, including amortization		33,228			30,551			133,533			126,968
Total minority interests share of (income) loss		(1,893	)		16,927			41,614			54,825
Total discontinued operations, including gains		400			(7,874	)		(21,453	)		(94,423	)
Adjusted EBITDA attributable to minority interests		(15,617	)		(37,744	)		(92,454	)		(129,613	)
Capitalized interest attributable to development properties sold or contributed		99			3,293			19,143			15,187
Discontinued operations adjusted EBITDA		(78	)		1,619			(114	)		9,491

Adjusted EBITDA	$	97,623		$	158,881		$	498,898		$	515,879

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 enable both management and investors to assess the operations, earnings and growth of AMB in light of AMBs ownership interest in its joint 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 joint ventures. AMBs share of calculations are not intended to reflect actual liability should there be a default under loans or a liquidation of the joint 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 Other Balance Sheet Items. AMB believes that balance sheet information based on GAAP provides the most appropriate information about financial position. However, AMB considers balance sheet information reported on an owned and managed basis (such as AMBs share of cash and cash equivalents, AMBs share of accounts receivable (net) and other assets, AMBs share of deferred rents receivable and deferred financing costs (net), and AMBs share of accounts payable and other liabilities) to be useful supplemental measures to help the investors better understand AMBs operating performance. See Reporting Definitions for definitions of owned and managed and AMBs share of. AMB believes that AMBs share of balance sheet items on an owned and managed basis helps management and investors make a comprehensive assessment of AMBs total real estate portfolio and provides a better understanding of AMBs operating activities. While such information is helpful to the investor, it does not provide balance sheet information as defined by GAAP and is not a true alternative to such GAAP measurements. Further, AMBs computation of its share of balance sheet items on an owned and managed basis 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 joint 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 joint 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 joint ventures. See Capitalization Detail for a reconciliation of total debt and AMBs share of total debt.

AMBs share of total debt-to-AMBs share of total assets 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 joint ventures holding the debt. AMBs share of total assets is the pro rata portion of total assets based on AMBs percentage of equity interest in each of the consolidated and unconsolidated joint ventures holding the assets.

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 joint 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 joint 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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

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.

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, 2008, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended December 31, 2008 (dollars in thousands):


	Quarter ended
	December 31, 2008
NOI	$	111,380
Straight-line rents and amortization of lease intangibles		(1,499	)
Consolidated joint venture cash NOI		(28,404	)

Wholly-owned property cash NOI		81,477
AMBs share of consolidated joint venture cash NOI		12,144
AMBs share of unconsolidated joint venture cash NOI		22,730
AMBs share of transaction adjustments		(10,980	)

AMBs share of cash-basis NOI	$	105,371

Co-investment Ventures are Joint Ventures with institutional investors, managed by AMB from which AMB receives acquisition fees for third-party acquisitions, portfolio and asset management distributions or fees, as well as incentive distributions or promoted interests.

Co-Investment venture operating results.


For the Quarter Ended December 31, 2008
									Income
	AMBs					Property			(loss) from
	Ownership					Operating			Continuing			Net
Unconsolidated Co-investment Ventures	Percentage			Revenues		Expenses			Operations			Income (loss)			Cash NOI		FFO
AMB Institutional Alliance Fund III		19	%	$	72,697	$	(19,281	)	$	(3,552	)	$	(3,552	)	$	50,769	$	17,656
AMB Europe Fund I		21	%		22,441		(5,401	)		(866	)		(866	)		16,828		6,215
AMB Japan Fund I		20	%		21,981		(4,974	)		1,197			1,197			17,943		6,804
AMB-SGP Mexico		22	%		9,552		(1,414	)		(800	) ⁽¹⁾		(800	) ⁽¹⁾		8,120		2,405	⁽¹⁾
AMB DFS Fund I		15	%		250		9			(156	)		(156	)		240		(156	)

Consolidated Co-investment Ventures
AMB-SGP		50	%		13,013		(3,458	)		943			943			9,562		4,317
AMB Institutional Alliance Fund II		20	%		14,233		(3,498	)		5,096			5,096			11,018		8,545
AMB-AMS		39	%		4,095		(908	)		711			711			3,151		1,895


(1)		Excludes $3.9 million of interest expense on loans from co-investment venture partners.

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 (or co-investors) share of debt is the co-investment venture partners pro-rata portion of total debt.

Co-investment venture partners (or co-investors) 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. Estimated FFO by Business is FFO generated by AMBs Real Estate Operations, Development and Private Capital business. 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, also defined as overhead. 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 businesses to other companies comparable businesses. 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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Fixed charge coverage. Fixed charge coverage is defined as Adjusted EBITDA divided by fixed charges. Fixed charges consist of interest expense less joint 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 joint 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, 2008 and 2007 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
Fixed charge	2008			2007			2008			2007
Interest expense, including amortization continuing operations	$	33,228		$	30,551		$	133,533		$	126,968
Amortization of financing costs and debt premiums continuing operations		(2,815	)		(2,303	)		(9,867	)		(5,811	)
Interest expense, including amortization discontinued operations		16						16			(1,193	)
Amortization of financing costs and debt premiums discontinued operations											(2	)
Joint venture partners share of interest expense		(8,003	)		(10,439	)		(40,930	)		(43,741	)
AMBs share of interest expense from unconsolidated joint ventures		10,031			5,395			34,461			19,745
Capitalized interest		15,447			18,419			64,354			64,014
Preferred unit distributions		1,432			1,432			5,727			8,042
Preferred stock dividends		3,950			3,950			15,806			15,806

Total fixed charge	$	53,286		$	47,005		$	203,100		$	183,828

Funds From Operations (FFO), Funds From Operations Per Share and Unit (FFOPS) and FFO, excluding impairment and restructuring charges (together with FFO and FFOPS, the FFO Measures).
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, FFO per share and unit, or FFOPS, and FFO, excluding impairment and restructuring charges, 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 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. In connection with the formation of a joint 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.

In addition to presenting FFO as described above, AMB presents FFO, excluding impairment and restructuring charges. AMB calculates FFO, excluding impairment and restructuring charges, as FFO less impairment and restructuring charges and adjustments to derive AMBs share of impairment charges from consolidated and unconsolidated joint ventures.

To the extent that the book value of a land parcel or development asset exceeded the fair market value of a property, based on its intended holding period, a non-cash impairment charge was recognized for the shortfall. The impairment charges were principally a result of increases in estimated capitalization rates and deterioration in market conditions that adversely impacted values. AMB also recognized charges to write-off pursuit costs related to development projects it no longer plans to commence and to establish a reserve against tax assets associated with the reduction of its development activities. The restructuring charges reflected costs associated with AMBs reduction in global headcount and cost structure. Although difficult to predict, these charges may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate markets. While not infrequent or unusual in nature, these charges are subject to market fluctuations that can have inconsistent effects on AMBs results of operations. The economics underlying these charges reflect market conditions in the short-term but can obscure the value of AMBs long-term investment decisions and strategies. Management believes FFO, excluding impairment and restructuring charges, is significant and useful to both it and its investors because it more appropriately reflects the value and strength of AMBs business model and its potential performance isolated from the volatility of the current economic environment. However, in addition to the limitations of FFO Measures generally discussed below, FFO, excluding impairment and restructuring charges, does not present a comprehensive measure of AMBs financial condition and operating performance. This measure is a modification of the NAREIT definition of FFO and should not be considered a replacement of FFO as AMB defines it or used as an alternative to net income or cash as defined by U.S. GAAP.

AMB believes that the FFO Measures 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, the FFO Measures 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 the FFO Measures, 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 the FFO Measures 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, the FFO Measures 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, the FFO 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. The FFO Measures also do not consider the costs associated with capital expenditures related to AMBs real estate assets nor are the FFO Measures necessarily indicative of cash available to fund AMBs future cash requirements. Management compensates for the limitations of the FFO Measures by providing investors with financial statements prepared according to U.S. GAAP, along with this detailed discussion of the FFO Measures and a reconciliation of the FFO Measures to net income, a U.S. GAAP measurement.

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, 2009:


	2009
	Low			High
Projected net income	$	0.55		$	0.65
AMBs share of projected depreciation and amortization		1.55			1.55
Impact of additional dilutive securities, other, rounding		(0.05	)		(0.05	)

Projected Funds From Operations (FFO)	$	2.05		$	2.15


AMBs share of development gains recognized in January 2009		0.25			0.25

Projected FFO, excluding AMBs share of development gains⁽¹⁾	$	1.80		$	1.90

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

(1) As development gains are difficult to predict in the current economic environment, management believes Projected FFO, excluding AMBs share of development gains is the more appropriate and useful measure to reflect its assessment of AMBs projected operating performance.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

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.

Impairment charges represent the write down of assets due to estimated fair value being lower than carry value, as well as certain other charges associated with pursuit costs, tax asset reserves and restructuring costs.

Interest coverage. Interest coverage is defined as adjusted EBITDA divided by AMBs share of interest expense which consists of consolidated interest expense less joint venture partners share of interest expense, including amortization, from continuing and discontinued operations and AMBs share of interest expense from unconsolidated joint 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, 2008 and 2007 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
Interest	2008			2007			2008			2007
Interest expense, including amortization continuing operations	$	33,228		$	30,551		$	133,533		$	126,968
Interest expense, including amortization discontinued operations		16						16			(1,193	)
Joint venture partners share of interest expense		(8,003	)		(10,439	)		(40,930	)		(43,741	)
AMBs share of interest expense from unconsolidated co-investment ventures		10,031			5,395			34,461			19,745

Total interest	$	35,272		$	25,507		$	127,080		$	101,779

Joint Ventures are all joint ventures, including Co-Investment Ventures, with real estate developers, other real estate operators, or institutional investors where AMB may or may not: have control, act as the manager and/or developer, earn asset management distributions or fees, or earn incentive distributions or promoted interests. In certain cases, AMB might provide development, leasing, property management and/or accounting services for which it may receive market compensation.

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

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.

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

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.

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.

Restructuring charges represent costs related to the exit of selected markets as well as severance expense related to the general reorganization of the company.


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	27


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call

Same Store Net Operating Income and Cash-basis SS NOI (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 defines Cash-basis SS NOI to also exclude straight line rents and amortization of lease intangibles. AMB considers SS NOI 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, 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 cash-basis SS NOI and NOI from net income for the three months and years ended December 31, 2008 and 2007 (dollars in thousands):


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2008			2007			2008			2007
Net (loss) income	$	(197,964	)	$	97,199		$	(49,862	)	$	314,260
Private capital income		(7,632	)		(9,700	)		(68,470	)		(31,707	)
Depreciation and amortization		39,641			40,183			169,145			162,311
Impairment losses		190,400			900			190,400			1,157
General and administrative and fund costs		40,810			34,548			145,060			130,586
Restructuring charges		13,758						13,758
Total other income and expenses		33,860			(3,224	)		21,716			(95,363	)
Total minority interests share of income		(1,893	)		16,927			41,614			54,825
Total discontinued operations		400			(59,186	)		(1,486	)		(70,892	)

NOI		111,380			117,647			461,875			465,177
Less non same-store NOI		(17,021	)		(25,477	)		(95,486	)		(106,524	)
Less non cash adjustments⁽¹⁾		1,167			(562	)		456			(4,019	)

Cash-basis same-store NOI	$	95,526		$	91,608		$	366,845		$	354,634


(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 includes 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, 2006.

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 (unless otherwise noted).

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	28


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2008 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

Tracy A. Ward	Vice President, IR & Corporate Communications	(415) 733-9565	tward@amb.com


Corporate Headquarters	Investor Relations	Other Primary Office Locations

AMB Property Corporation	Tel: (415) 394-9000	Amsterdam	Boston	Chicago	Los Angeles
Pier 1, Bay 1	Fax: (415) 394-9001	México City	Shanghai	Singapore	Tokyo
San Francisco, CA 94111	E-mail: ir@amb.com
Tel: (415) 394-9000	Website: www.amb.com
Fax: (415) 394-9001


Overview	Financial Results	Operations	Capital Deployment	Private Capital	Capitalization	NAV	Reporting Definitions	29

SUPPLEMENTAL ANALYST PACKAGE 2008 Fourth Quarter Earnings Conference Call


		Forward-Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2008 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, future capital deployment, 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, future assets under management, 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, and 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, our share of remaining funding, costs and total investment amounts, scope, location and timing 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, lease expirations, performance and value-creation of investments and market entry opportunities, real estate valuations, 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, target leverage, future incentive distribution, asset management, acquisition and other private capital distributions and fees, timing of incentive distributions, private capital demand, launching of our Canada and second Asia funds, future balance sheet capacity, ability to maintain credit extensions, our position to address debt maturities, interest rate changes, 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 or renewal at lower than expected rent, decreases in real estate values and impairment losses, 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 co-investment ventures 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, value-added conversions, redevelopment 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 and our quarterly report on Form 10-Q for the quarter ended September 30, 2008.

Form: 8-K

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