April 28, 2009 - EX-99.1 - 8-K: Current report filing


		Company Profile		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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 March 31, 2009, AMB owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 159.0 million square feet (14.8 million square meters) in 48 markets within 14 countries.

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

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


(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 2009 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2009			2008			% Change
Revenues	$	165,529		$	171,858			(3.7	%)
Adjusted EBITDA⁽¹⁾		135,352			109,543			23.6	%
Net (loss) income available to common stockholders		(122,350	)		38,980			(413.9	%)
FFO⁽¹⁾		(102,186	)		67,850			(250.6	%)
FFO, excluding impairment charges⁽²⁾		79,402			67,850	⁽⁴⁾		17.0	%⁽⁴⁾
Per diluted share and unit
EPS	$	(1.24	)	$	0.39			(417.9	%)
FFO⁽¹⁾		(1.00	)		0.65			(253.8	%)
FFO, excluding impairment charges⁽²⁾		0.77			0.65	⁽⁴⁾		18.5	%⁽⁴⁾
Dividends per common share		0.28			0.52			(46.2	%)


Financial
	-	Completed common equity offering of approximately 47.4 million shares, generating net proceeds of $553 million
	-	Completed $751 million of debt extensions and repayments
	-	Reduced AMBs share of debt by approximately $787 million
	-	Approximately $1.5 billion in capacity; consisting of $263 million of consolidated cash and cash equivalents and $1.2 billion of availability on our lines of credit
	-	Recognized non-cash impairment charges of approximately $182 million or $1.77 FFO⁽¹⁾per share, including $119 million, $56 million and $7 million for development assets, land and operating assets, respectively


Operations⁽³⁾	-	1.1% cash basis same store NOI decline⁽¹⁾ in the first quarter
	-	93.1% average occupancy; 92.2% occupancy at the end of the first quarter
	-	2.2% trailing four quarter rent changes on renewals and rollover; (0.3)% in the first quarter
	-	Leased more than 6.6 msf, representing 1.0 msf of development assets and 5.6 msf of operating properties


Capital Deployment⁽³⁾	-	Completed approximately $304 million in contributions and sales, with gains of approximately $52 million
	-	Commenced approximately $29 million in previously committed development


Private Capital	-	Added approximately $185 million in properties to AMB Japan Fund I, L.P.
	-	Completed final investment for AMB Japan Fund I, L.P. and repaid balance of subscription line


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		See page 5 for a reconciliation to derive FFO, excluding impairment charges.
(3)		Owned and managed portfolio.
(4)		There were no impairment charges for the quarter ended March 31, 2008.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Funds From Operations⁽¹⁾ Overview		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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,						For the Quarter Ended
	2007			2008			March 31, 2009
Real estate operations, net of unallocated overhead	$	1.60		$	1.52		$	0.33
Overhead reallocation		0.45			0.49			0.10

Real estate operations FFO	$	2.05		$	2.01		$	0.43
% of reported FFO		58.4	%		68.8	%		55.8	%
Development Gains		1.61			0.73			0.32
Overhead allocation		(0.32	)		(0.34	)		(0.06	)

Development FFO	$	1.29		$	0.39		$	0.26
% of reported FFO		36.8	%		13.4	%		33.8	%
Private Capital Revenues		0.30			0.67			0.13
Overhead allocation		(0.13	)		(0.15	)		(0.05	)

Private Capital FFO	$	0.17		$	0.52		$	0.08
% of reported FFO		4.8	%		17.8	%		10.4	%

Total FFO	$	3.51		$	2.92		$	0.77

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, 2008, 2007, 2006, 2005, and 2004, refer to our annual report on Form 10-K for the year ended December 31, 2008.
(3)		FFO per share, excluding impairment charges is $0.77 and $2.92 year to date for 2009 and 2008, respectively. See page 5 for a reconciliation to derive FFO, excluding impairment charges.
(4)		Excludes co-investment venture partners share of development gains.
(5)		Estimated FFO by Business for 2009 and 2008 represents FFO, excluding impairment charges. See page 5 for a reconciliation to derive FFO, excluding impairment 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 2009 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2009			2008
Revenues
Rental revenues	$	153,834		$	161,935
Private capital revenues		11,695			9,923

Total revenues		165,529			171,858

Costs and expenses
Property operating costs		(49,568	)		(44,994	)
Depreciation and amortization		(42,101	)		(40,969	)
General and administrative		(31,249	)		(35,126	)
Fund costs		(261	)		(222	)
Real estate impairment losses		(165,979	)
Other expenses⁽²⁾		662			92

Total costs and expenses		(288,496	)		(121,219	)

Other income and expenses
Development profits, net of taxes		33,286			17,820
Gains from sale or contribution of real estate interests, net					19,967
Equity in earnings of unconsolidated joint ventures, net		(34	)		2,928
Other (expenses) income⁽²⁾		(7,065	)		4,415
Interest expense, including amortization		(32,521	)		(29,957	)

Total other income and expenses, net		(6,334	)		15,173

(Loss) income from continuing operations		(129,301	)		65,812

Discontinued operations
(Loss) income attributable to discontinued operations		(12,669	)		2,205
Gains from sale of real estate interests, net of taxes		18,946			1,718

Total discontinued operations		6,277			3,923

Net (loss) income		(123,024	)		69,735
Noncontrolling interests share of net loss (income)
Joint venture partners share of net loss (income)		1,846			(19,263	)
Joint venture partners and limited partnership unitholders share of development profits		(1,108	)		(4,741	)
Preferred unitholders		(1,432	)		(1,432	)
Limited partnership unitholders		5,320			(1,367	)

Total noncontrolling interests share of net loss (income)		4,626			(26,803	)

Net (loss) income after noncontrolling interests		(118,398	)		42,932
Preferred stock dividends		(3,952	)		(3,952	)

Net (loss) income available to common stockholders	$	(122,350	)	$	38,980

Net (loss) income per common share (diluted)⁽³⁾	$	(1.24	)	$	0.39

Weighted average common shares (diluted)		98,916			99,668


(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 changes in liabilities and assets associated with AMBs deferred compensation plan.
(3)		Net (loss) income per common share (diluted) is calculated using the diluted two-class method. For 2008, 895,446 shares of unvested restricted stock outstanding are also included in the weighted average common shares amount.

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 2009 First Quarter Earnings Conference Call


	For the Quarters Ended March 31,
	2009			2008
Net (loss) income available to common stockholders	$	(122,350	)	$	38,980
Gains from sale or contribution of real estate interests, net of taxes		(18,946	)		(21,685	)
Depreciation and amortization
Total depreciation and amortization		42,101			40,969
Discontinued operations depreciation		1,358			704
Non-real estate depreciation		(2,137	)		(1,634	)
Adjustments to derive FFO from consolidated joint ventures
Joint venture partners noncontrolling interests (Net (loss) income)		(1,846	)		19,263
Limited partnership unitholders noncontrolling interests (Net (loss) income)		(5,320	)		1,367
Limited partnership unitholders noncontrolling interests (Development profits)		1,108			528
FFO attributable to noncontrolling interests		(3,712	)		(16,576	)
Adjustments to derive FFO from unconsolidated joint ventures
AMBs share of net loss (income)		34			(2,928	)
AMBs share of FFO		7,524			8,862

Funds from operations	$	(102,186	)	$	67,850

FFO per common share and unit (diluted)	$	(1.00	)	$	0.65

Weighted average common shares and units (diluted)		102,353			103,646


Adjustments for impairment charges
Real estate impairment losses	$	165,979		$
Discontinued operations real estate impairment losses		15,874
AMBs share of real estate impairment losses from unconsolidated joint ventures		4,611
Joint venture partners noncontrolling interest share of real estate impairment losses		(4,876	)

AMBs share of total impairment charges⁽¹⁾		181,588

Funds from operations, excluding impairment charges	$	79,402		$	67,850


FFO, excluding impairment charges per common share and unit (diluted)⁽²⁾	$	0.77		$	0.65


(1)		See reporting definitions and supplemental financial measures disclosures.
(2)		FFO, excluding impairment charges per common share and unit (diluted) is calculated using the diluted two-class method. 920,281 and 895,446 shares of unvested restricted stock outstanding are included in the weighted average common shares and units (diluted) amount at March 31, 2009 and 2008, respectively.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Consolidated Balance Sheets (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	As of
	March 31, 2009			December 31, 2008
Assets
Investments in real estate
Total investments in properties	$	5,949,909		$	6,603,856
Accumulated depreciation and amortization		(986,541	)		(970,737	)

Net investments in properties		4,963,368			5,633,119
Investments in unconsolidated joint ventures		432,503			431,322
Properties held for sale or contribution, net		881,431			609,023

Net investments in real estate		6,277,302			6,673,464
Cash and cash equivalents and restricted cash		282,298			251,231
Accounts receivable, net		145,266			160,528
Other assets		208,069			216,425

Total assets	$	6,912,935		$	7,301,648


Liabilities, stockholders equity and noncontrolling interests
Secured debt	$	1,405,188		$	1,522,571
Unsecured senior debt		1,054,250			1,153,926
Unsecured credit facilities		380,663			920,850
Other debt		392,613			392,838
Accounts payable and other liabilities		374,908			345,259

Total liabilities		3,607,622			4,335,444
Stockholders equity and noncontrolling interests
Stockholders equity
Common equity		2,661,648			2,291,695
Preferred equity		223,412			223,412

Total stockholders equity		2,885,060			2,515,107
Noncontrolling interests
Joint venture partners		280,033			293,367
Preferred unitholders		77,561			77,561
Limited partnership unitholders		62,659			80,169

Total noncontrolling interests		420,253			451,097

Total stockholders equity and noncontrolling interests		3,305,313			2,966,204

Total liabilities, stockholders equity and noncontrolling interests	$	6,912,935		$	7,301,648

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Supplemental Cash Flow Information (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	For the Quarters Ended
	March 31,
	2009			2008
AMBs Owned and Managed Portfolio:⁽¹⁾⁽²⁾
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	7,255		$	6,807
AMBs share of straight-line rents and amortization of lease intangibles	$	3,938		$	3,515
Gross lease termination fees	$	2,279		$	314
Net lease termination fees⁽³⁾	$	1,726		$	159
AMBs share of net lease termination fees	$	724		$	155

Recurring capital expenditures:
Tenant improvements	$	2,229		$	3,264
Lease commissions and other lease costs		5,030			6,863
Building improvements		4,996			5,051

Sub-total		12,255			15,178
Co-investment venture partners share of capital expenditures		(3,565	)		(4,452	)

AMBs share of recurring capital expenditures	$	8,690		$	10,726


AMBs Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	3,392		$	3,332
AMBs share of straight-line rents and amortization of lease intangibles	$	3,181		$	2,898
Gross lease termination fees	$	869		$	308
Net lease termination fees⁽³⁾	$	527		$	154
AMBs share of net lease termination fees	$	475		$	154

Recurring capital expenditures:
Tenant improvements	$	1,306		$	2,900
Lease commissions and other lease costs		3,886			5,634
Building improvements		4,077			4,379

Sub-total		9,269			12,913
Co-investment venture partners share of capital expenditures		(1,231	)		(2,603	)

AMBs share of recurring capital expenditures	$	8,038		$	10,310


(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 2009 First Quarter Earnings Conference Call

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

(BAR GRAPH)

Average Occupancy⁽²⁾

(BAR GRAPH)

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

(BAR GRAPH)

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

(BAR GRAPH)

Top Customers


		Square
		Feet		ABR		% of ABR

1	Deutsche Post World Net (DHL)		3,989,408	$	32,990		3.9	%
2	United States Government		1,395,896		20,921		2.5	%
3	FedEx Corporation		1,469,895		15,099		1.8	%
4	Nippon Express		1,029,415		11,853		1.4	%
5	Sagawa Express		728,791		11,199		1.3	%
6	BAX Global/Schenker/Deutsche Bahn		1,044,503		9,800		1.2	%
7	Panalpina		1,316,351		8,746		1.0	%
8	La Poste		902,391		8,150		1.0	%
9	Caterpillar Logistics Services		543,039		7,308		0.9	%
10	Kuehne + Nagel		831,978		6,547		0.8	%

	Subtotal		13,251,667	$	132,613		15.8	%

	Top 11-20 Customers		7,234,948		49,871		5.7	%

	Total		20,486,615	$	182,484		21.5	%

(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 2009 First Quarter Earnings Conference Call


	Owned & Managed Portfolio⁽²⁾						Same Store Pool⁽²⁾
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	March 31, 2009			December 31, 2008			March 31, 2009			December 31, 2008


Square feet		133,136,434			131,508,119			116,813,431			100,912,256
Percentage of owned & managed square feet								88.1	%		76.7	%

Occupancy
Occupancy percentage at period end⁽²⁾		92.2	%		95.1	%		92.9	%		94.8	%
Occupancy percentage at period end (prior year)		94.8	%		96.0	%		94.9	%		96.2	%

Average occupancy percentage⁽²⁾		93.1	%		94.9	%		93.5	%		94.6	%
Average occupancy percentage (prior year)		94.9	%		95.5	%		95.0	%		95.6	%

Weighted average lease terms (years)
Original		6.3			6.2			6.2			5.8
Remaining		3.5			3.4			3.2			2.8

Trailing four quarters statistics
Tenant retention⁽²⁾		67.4	%		71.5	%		70.0	%		71.7	%

Rent change on renewals and rollovers⁽²⁾
Percentage		2.2	%		3.1	%		1.5	%		2.7	%
Same space square footage commencing (millions)		17.1			18.4			16.9			17.3

Second generation TIs and LCs per square foot⁽²⁾
Retained	$	1.37		$	1.43
Re-tenanted	$	3.10		$	3.23
Weighted average	$	1.94		$	2.02
Second generation square footage commencing (millions)		21.4			22.0

Gross operating margin⁽²⁾		73.0	%		73.5	%		73.0	%		72.7	%

							Same Store Pool⁽²⁾
							Quarter Ended
Cash Basis NOI percent change⁽²⁾							March 31, 2009


Increase in revenues excluding lease termination fees⁽³⁾								1.6	%
Increases in expenses⁽³⁾								9.1	%
NOI excluding lease termination fees⁽²⁾⁽³⁾								(1.1	%)
NOI including lease termination fees⁽²⁾⁽³⁾								(0.2	%)


(1)		Owned and managed portfolio.
(2)		See reporting definitions and supplemental financial measures disclosures.
(3)		For the quarter ended March 31, 2009, on a consolidated basis, the percent change was 2.1%, 9.8%, (0.9)% and (0.6)%, 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


		Portfolio Overview		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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			Ave rage			psf as of		Lease			Renewals and
	12/31/2008		Square Feet			Square Feet⁽¹⁾			Square Feet			3/31/2009		3/31/2009			3/31/2009			Occupancy			3/31/2009		Termination Fees⁽²⁾			Rollovers⁽²⁾

Southern California		20,135,479								(549,103	)		19,586,376		14.7	%		53.9	%		93.3	%	$	6.54		2.0	%		4.1	%
Chicago		13,395,861								(248,805	)		13,147,056		9.9	%		52.7	%		92.5	%		5.42		(2.2	%)		(0.4	%)
No. New Jersey/New York		11,351,674					334,952						11,686,626		8.8	%		49.5	%		94.7	%		7.46		(9.2	%)		3.0	%
San Francisco Bay Area		10,908,232					657,600						11,565,832		8.7	%		72.9	%		91.8	%		6.62		2.0	%		9.3	%
Seattle		8,645,277											8,645,277		6.5	%		47.1	%		98.0	%		5.32		5.1	%		11.0	%
South Florida		6,279,591					192,806						6,472,397		4.9	%		71.0	%		94.4	%		7.50		(8.4	%)		3.1	%
U.S. On-Tarmac		2,630,724											2,630,724		2.0	%		92.7	%		90.1	%		19.10		(5.2	%)		(2.4	%)
Other U.S. Markets		28,690,611					253,701			(195,754	)		28,748,558		21.5	%		63.2	%		90.0	%		5.70		(2.7	%)		(0.2	%)

U.S. Subtotal/WtdAvg		102,037,449					1,439,059			(993,662	)		102,482,846		77.0	%		59.5	%		92.6	%	$	6.56		(2.0	%)		3.0	%

Canada		2,441,076					1,122,983						3,564,059		2.6	%		100.0	%		91.4	%	$	4.51		29.2	%		2.6	%

Mexico City		3,590,942											3,590,942		2.7	%		47.4	%		92.1	%		5.93		(9.8	%)		(1.5	%)
Guadalajara		2,890,526											2,890,526		2.2	%		21.6	%		98.0	%		4.75		3.0	%		(6.3	%)
Other Mexico Markets		419,845											419,845		0.3	%		26.8	%		100.0	%		5.16		(2.6	%)		n/a

Mexico Subtotal / Wtd Avg		6,901,313											6,901,313		5.2	%		35.4	%		95.1	%	$	5.36		(3.7	%)		(5.4	%)


The Americas Total / Wtd Avg		111,379,838					2,562,042			(993,662	)		112,948,218		84.8	%		59.3	%		92.7	%	$	6.42		(2.0	%)		2.8	%


France		3,432,527					75,659						3,508,186		2.6	%		22.1	%		95.9	%	$	8.43		(2.1	%)		(13.8	%)
Germany		3,191,670											3,191,670		2.4	%		30.2	%		96.4	%		8.33		(15.1	%)		0.8	%
Benelux		2,835,213					(4,478	)					2,830,735		2.1	%		20.6	%		99.4	%		9.68		(12.3	%)		n/a
Other Europe Markets		343,077											343,077		0.3	%		61.9	%		100.0	%		13.21		n/a			n/a

Europe Subtotal / Wtd Avg		9,802,487					71,181						9,873,668		7.4	%		25.7	%		97.2	%	$	8.93		(6.7	%)		(7.1	%)


Tokyo		5,263,053											5,263,053		4.0	%		20.0	%		93.6	%	$	13.87		11.4	%		(2.9	%)
Osaka		2,000,037											2,000,037		1.5	%		20.0	%		93.6	%		10.86		25.1	%		0.4	%
Other Japan Markets															0.0	%		0.0	%		0.0	%				0.0	%		n/a

Japan Subtotal / Wtd Avg		7,263,090											7,263,090		5.5	%		20.0	%		93.6	%	$	13.03		13.1	%		(1.9	%)

China		1,908,646					(11,246	)					1,897,400		1.4	%		100.0	%		89.1	%	$	4.64		10.4	%		11.1	%
Singapore		935,926											935,926		0.7	%		100.0	%		98.8	%		8.84		1.1	%		3.9	%
Other Asia Markets		218,132											218,132		0.2	%		100.0	%		100.0	%		6.12		0.0	%		n/a

Asia Total /Wtd Avg		10,325,794					(11,246	)					10,314,548		7.8	%		43.7	%		93.4	%	$	10.96		4.5	%		(0.7	%)


Owned and Managed Total /Wtd Avg⁽²⁾		131,508,119					2,621,977			(993,662	)		133,136,434		100.0	%		55.6	%		93.1	%	$	6.97		(1.1	%)		2.2	%


Other Real Estate Investments⁽³⁾		7,495,659											7,495,659					54.3	%		90.0	%		5.37

Total Operating Portfolio		139,003,778					2,621,977			(993,662	)		140,632,093					55.5	%		92.9	%	$	6.89


Development
Pipeline		16,437,557		464,139	⁽⁵⁾		(2,145,805	)⁽⁶⁾		(2,962,717	)⁽⁷⁾		11,793,174					94.4	%
Available for Sale or Contribution⁽⁴⁾		4,553,798		2,239,765	⁽⁵⁾		(161,471	)⁽⁶⁾		(33,700	)⁽⁷⁾		6,598,392					84.1	%

Development Subtotal		20,991,355		2,703,904			(2,307,276	)		(2,996,417	)		18,391,566					90.7	%


Total Global Portfolio		159,995,133		2,703,904			314,701			(3,990,079	)		159,023,659					59.6	%


(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


		Capital Deployment Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Development Pipeline by Region as of March 31, 2009⁽¹⁾
(Estimated Total Investment⁽²⁾)

(PIE CHART)

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

(BAR GRAPH)

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

(BAR GRAPH)

(1)		Includes investments held through unconsolidated co-investment ventures. Estimated total investment is before the impact of real estate impairment losses.
(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


		Development Starts and Total Capital Deployment⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	For the Quarter Ended March 31, 2009
	Estimated		Estimated			% of Total
	Square Feet at		Total			Estimated
	Stabilization⁽²⁾		Investment⁽²⁾			Investment⁽²⁾

The Americas
United States			$				0.0	%
Other Americas		189,337		12,116			41.4	%

The Americas Total		189,337	$	12,116			41.4	%

Europe
France		274,802	$	17,118			58.6	%
Germany							0.0	%
Benelux							0.0	%
Other Europe							0.0	%

Europe Total		274,802	$	17,118			58.6	%
Asia
Japan			$				0.0	%
China							0.0	%
Other Asia							0.0	%

Asia Total			$				0.0	%


Total Development Starts		464,139	$	29,234			100.0	%


AMBs Weighted Average Ownership Percentage				100.0	%
Weighted Average Estimated Yield⁽²⁾				9.0	%

	For the Quarter Ended March 31, 2009
	Estimated		Estimated
	Square Feet at		Total
	Stabilization⁽²⁾		Investment⁽²⁾

Total Acquisitions			$
Total Development Starts		464,139		29,234

Total Capital Deployment		464,139	$	29,234


(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


		Contributions and Dispositions⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	For the Quarter Ended March 31, 2009
	Operating Property			Development Property

AMBs Ownership Contributed and Disposed		95.6	%		79.1	%
Contribution Value and Disposition Price	$	61,754		$	242,667
Weighted Average Stabilized Cap Rate⁽²⁾⁽³⁾		9.1	%		5.7	%
Development Margin⁽³⁾		N/A			20.6	%

Square Footage or Acreage Contributed or Sold

For the Quarter Ended March 31, 2009

Operating Property

Development Property

Square Feet

Land Acreage⁽⁴⁾

The Americas

United States

832,171

583,191

Other Americas

The Americas Total

832,171

583,191

Europe

France

Germany

Benelux

Other Europe

Europe Total

Asia

Japan

981,162

China

Other Asia

Asia Total

981,162

Total

832,171

1,564,353


(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


		Development Pipeline⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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		2,040,849	$	219,584			395,011	$	41,682			2,435,860	$	261,266			26.6	%
Other Americas		1,912,132		117,435			1,366,938		81,154			3,279,070		198,589			20.2	%

The Americas Total		3,952,981	$	337,019			1,761,949	$	122,836			5,714,930	$	459,855			46.8	%
Europe
France			$				973,832	$	72,358			973,832	$	72,358			7.3	%
Germany							413,958		46,079			413,958		46,079			4.7	%
Benelux		504,719		46,197			453,515		52,749			958,234		98,946			10.1	%
Other Europe		436,916		36,717								436,916		36,717			3.7	%

Europe Total		941,635	$	82,914			1,841,305	$	171,186			2,782,940	$	254,100			25.8	%
Asia
Japan		685,757	$	112,175			417,833	$	50,585			1,103,590	$	162,760			16.5	%
China		598,484		29,345			1,593,230		77,521			2,191,714		106,866			10.9	%
Other Asia																	0.0	%

Asia Total		1,284,241	$	141,520			2,011,063	$	128,106			3,295,304	$	269,626			27.4	%

Total		6,178,857	$	561,453			5,614,317	$	422,128			11,793,174	$	983,581			100.0	%

Cumulative real estate impairment losses														(71,095	)

Estimated total investment, net of cumulative real estate impairment losses													$	912,486

Number of Projects				27					16					43
Funded-to-Date⁽⁴⁾			$	515,328				$	309,019				$	824,347
AMBs Weighted Average Ownership Percentage				94.0	%				94.1	%				94.0	%
AMBs Share of Amounts Invested to Date⁽²⁾⁽⁴⁾			$	484,036				$	287,096				$	771,132
AMBs Share of Amounts Invested to Date Percentage^(2)(4)(5)(6)				91.8	%				72.3	%				83.4	%
AMBs Share of Remainder to Invest^(2)(4)(6)			$	43,467				$	110,196				$	153,663
Weighted Average Estimated Yield⁽²⁾⁽⁶⁾				7.6	%				7.1	%				7.4	%
Percent Pre-Leased⁽²⁾				48.5	%				11.0	%				30.6	%


(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 cumulative real estate impairment losses.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Completions and Properties Available for Sale or Contribution⁽¹⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	Development Completions⁽²⁾					Available for Sale or Contribution as of March 31, 2009
	For the Quarter Ended					Development					Operating
	March 31, 2009					Properties					Properties					Total
			Total					Total					Total					Total
	Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾			Square Feet		Investment⁽³⁾			Square Feet		Investment⁽³⁾⁽⁴⁾

The Americas
United States		3,334,475	$	201,149			2,402,988	$	126,856			1,235,188	$	100,948			3,638,176	$	227,804
Other Americas		1,527,531		99,154			404,548		26,343			2,607,850		170,530			3,012,398		196,873

The Americas Total		4,862,006	$	300,303			2,807,536	$	153,199			3,843,038	$	271,478			6,650,574	$	424,677

Europe
France		101,461	$	14,314			315,771	$	26,805			67,274	$	13,157			383,045	$	39,962
Germany							139,608		17,871								139,608		17,871
Benelux		96,520		16,830			207,232		32,433								207,232		32,433
Other Europe							585,971		67,255			178,262		27,459			764,233		94,714

Europe Total		197,981	$	31,144			1,248,582	$	144,364			245,536	$	40,616			1,494,118	$	184,980

Asia
Japan			$				2,148,194	$	357,169				$				2,148,194	$	357,169
China												1,897,400		59,763			1,897,400		59,763
Other Asia							394,080		21,738			218,132		17,993			612,212		39,731

Asia Total						$	2,542,274	$	378,907			2,115,532	$	77,756			4,657,806	$	456,663


Total		5,059,987	$	331,447			6,598,392	$	676,470			6,204,106	$	389,850			12,802,498	$	1,066,320

								Cumulative real estate impairment losses											(121,332	)

			Total investment, net of cumulative real estate impairment losses															$	944,988


AMBs Weighted Average Ownership Percentage				88.0	%				92.1	%				100.0	%
Weighted Average Estimated Yield⁽²⁾⁽⁵⁾				7.2	%				6.9	%				N/A
Percent Pre-leased⁽²⁾				63.8	%				44.8	%				94.8	%


(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 cumulative real estate impairment losses.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Land, Value-Added Conversion, and Redevelopment Inventory⁽¹⁾⁽²⁾ (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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 December 31, 2008		2,157			35,767,179			234			4,736,299			112		4,616,514			2,503			45,119,992
Acquisitions		4												16		456,529			20			456,529
Sales		(5	)		(101,068	)													(5	)		(101,068	)
Development starts		(16	)		(189,337	)		(13	)		(274,802	)							(29	)		(464,139	)
Site plan adjustments		(4	)		(42,918	)										(13,513	)		(4	)		(56,431	)


Balance as of March 31, 2009		2,136			35,433,856			221			4,461,497			128		5,059,530			2,485	⁽³⁾		44,954,883


Investment in Land⁽⁴⁾				$	509,321					$	111,063				$	160,308					$	780,692

										Cumulative real estate impairment losses											$	(153,834	)

				Investment in land, net of cumulative real estate impairment losses																	$	626,858



Value-Added Conversion Inventory⁽¹⁾⁽⁷⁾

	East Region				West Region				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						29		2				29			2
3+ years		7		2		228		13				235			15

Total		7		2		257		15				264	⁽⁵⁾		17

Redevelopment Inventory⁽¹⁾⁽⁷⁾

East Region

West Region

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

329,140

369,940

3+ years

998,372

Total

40,800

1,327,512

1,368,312

⁽⁶⁾


(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 investment in land, net of cumulative real estate impairment losses including amounts held in unconsolidated co-investment ventures is 2,261 acres, 40.9 million square feet and $483,366, 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, West and Central regions represent AMBs geographic division of the Americas.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Private Capital Co-investment Ventures Overview (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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

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⁽¹⁾

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⁽¹⁾

Gross Carrying Value of Private Capital Co-investment Ventures⁽²⁾


(1)		Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB.

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

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Joint Ventures Financial Summary (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call


	AMB's				Gross						AMB's		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%		36,817,115		$	3,330,260	$	1,756,550	$	40,000	$	183,196	$			$	3,330,000
AMB Europe Fund I⁽⁴⁾	21%		9,236,263			1,162,141		671,683				60,750					1,162,000
AMB Japan Fund I	20%		7,263,090			1,405,788		797,535		8,082		78,526					1,406,000
AMB-SGP Mexico	22%		6,331,990			354,557		169,614		58,825		19,426		245,000			600,000

Total Operating Co-investment Ventures	20%		59,648,458			6,252,746		3,395,382		106,907		341,898		245,000			6,498,000

Development Co-investment Ventures:
AMB DFS Fund I	15%		1,248,126			125,466						18,966		306,000	⁽⁵⁾		431,000
AMB Institutional Alliance Fund III⁽⁴⁾	19%		178,567			10,335		5,968				844		n/a			n/a

Total Development Co-investment Ventures	16%		1,426,693			135,801		5,968				19,810		306,000			431,000

Total Unconsolidated Co-investment Ventures⁽⁶⁾	20%		61,075,151			6,388,547		3,401,350		106,907		361,708		551,000			6,929,000

Other Industrial Operating Joint Ventures	51%		7,418,749	⁽⁷⁾		278,198		163,250				50,596		n/a			n/a

Total Unconsolidated Joint Ventures	21%		68,493,900		$	6,666,745	$	3,564,600	$	106,907	$	412,304	$	551,000		$	6,929,000

Consolidated Joint Ventures

Operating Co-investment Ventures
AMB-SGP	50%		8,288,663		$	463,167	$	340,581	$
AMB Institutional Alliance Fund II	20%		8,006,081			535,023		231,396		50,000
AMB-AMS	39%		2,172,137			157,039		82,906

Total Operating Co-investment Ventures	35%		18,466,881			1,155,229		654,883		50,000

Development Co-investment Ventures
AMB Institutional Alliance Fund II	20%		98,560			5,950

Total Development Co-investment Ventures	20%		98,560			5,950

Total Consolidated Co-investment Ventures	35%		18,565,441			1,161,179		654,883		50,000

Other Industrial Operating Joint Ventures	92%		2,196,134			212,156		21,416
Other Industrial Development Joint Ventures	63%		1,107,004			255,851		133,272

Total Consolidated Joint Ventures	46%		21,868,579		$	1,629,186	$	809,571	$	50,000


Selected Operating Results
For the Quarter ended March 31, 2009	Cash NOI⁽⁸⁾		Net Loss			FFO⁽⁸⁾			Share of	Cash NOI⁽⁸⁾		Net Loss			FFO⁽⁸⁾

Unconsolidated Joint Ventures	$	101,693	$	(13,528	)⁽⁹⁾	$	31,632	⁽⁹⁾	AMBs	$	22,386	$	(34	)	$	7,524
Consolidated Joint Ventures	$	27,086	$	(4,443	)	$	6,249		Partners	$	15,087	$	(1,288	)	$	3,712


(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)		Through its investment in G. Accion, AMB holds an equity interest in various other unconsolidated ventures for approximately $20.2 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.

(5)		For AMB DFS Fund I, the investment period ends in June 2009.

(6)		See reporting definitions and supplemental financial measures disclosures for unconsolidated co-investment venture operating results.

(7)		Includes investments in 7.3 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.

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

(9)		Excludes $3.8 million of interest expense on shareholder loans for AMB-SGP Mexico for the quarter ended March 31, 2009.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Capitalization Summary (dollars in millions)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Value

Coverage and Debt Ratios


	For the Quarter Ended
	March 31, 2009

Interest coverage⁽²⁾		3.9x
Fixed charge coverage⁽²⁾		2.7x
Dividends per share-to-FFO per share		(28.0	%)
AMBs share of total debt-to-total market capitalization⁽²⁾		58.7	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾		43.6	%

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


		Capitalization Detail (dollars in thousands, except shares and share price)		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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			Debt

2009	$			$			$	12,366		$	129,508		$	96,379		$			$	238,253		$	36,420		$	274,673
2010		250,000			265,862			325,941			414,582			120,161						1,376,546			197,486			1,574,032
2011		75,000			114,801			1,014			15,022			82,499						288,336			666,754			955,090
2012								1,093			2,670			388,383			50,000			442,146			437,020			879,166
2013		500,000						919			18,474			42,303						561,696			710,807			1,272,503
2014								616			405			6,481						7,502			739,395			746,897
2015		112,491						664			16,271			17,611						147,037			274,171			421,208
2016														16,231						16,231			72,914			89,145
2017														1,272						1,272			351,441			352,713
2018		125,000												1,455						126,455			183,194			309,649
Thereafter														36,898						36,898			5,844			42,742

Subtotal	$	1,062,491		$	380,663		$	342,613		$	596,932		$	809,673		$	50,000		$	3,242,372		$	3,675,446		$	6,917,818
Unamortized discount		(8,241	)								(1,315	)		(102	)					(9,658	)		(3,939	)		(13,597	)

Subtotal	$	1,054,250		$	380,663		$	342,613		$	595,617		$	809,571		$	50,000		$	3,232,714		$	3,671,507		$	6,904,221
Joint venture partners share of debt⁽²⁾														(461,930	)		(40,000	)		(501,930	)		(2,896,219	)		(3,398,149	)

AMBs share of total debt⁽²⁾	$	1,054,250		$	380,663		$	342,613		$	595,617		$	347,641		$	10,000		$	2,730,784		$	775,288		$	3,506,072


Weighted average interest rate		6.3	%		1.1	%		3.6	%		3.8	%		5.2	%		5.8	%		4.6	%		4.8	%		4.7	%
Weighted average maturity (years)		4.3			1.5			1.5			1.5			3.1			3.4			2.8			4.8			3.2


Market Equity
Security	Shares			Price		Value

Common Stock		146,219,201	⁽³⁾	$	14.40	$	2,105,556
LP Units		3,435,522		$	14.40		49,472

Total		149,654,723				$	2,155,028


Total options outstanding							8,317,048
Dilutive effect of stock options⁽⁴⁾


Preferred Stock and Units⁽⁵⁾
	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⁽²⁾⁽⁶⁾	58.7	%
AMBs share of total debt plus preferred-to-AMBs share of total market capitalization⁽²⁾⁽⁶⁾	63.9	%
AMBs share of total debt-to-AMBs share of total assets⁽²⁾	43.6	%
AMBs share of total debt plus preferred-to-AMBs share of total assets⁽²⁾	47.5	%


(1)		Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $265.9 million, $87.3 million and $27.5 million in Yen, Canadian dollar and Singapore dollar-based borrowings outstanding at March 31, 2009, respectively, translated to U.S. dollars using the foreign exchange rates in effect on March 31, 2009.

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

(3)		Includes 920,281 shares of unvested restricted stock.

(4)		Computed using the treasury stock method and an average share price of $15.71 for the quarter ended March 31, 2009. All stock options were non-dilutive as of March 31, 2009.

(5)		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.

(6)		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	20


		Capital Commitments (dollars in thousands)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Debt Maturing in 2009 through 2012⁽¹⁾


	After Extension Options⁽²⁾
AMB Wholly-owned Debt	2009		2010		2011		2012
Unsecured Senior Debt	$		$	250,000	$	75,000	$
Credit Facilities						265,862		114,801
Other Debt		11,705		325,000
AMB Secured Debt		128,822		183,632		244,736		2,340

Subtotal		140,527		758,632		585,598		117,141

Consolidated Joint Ventures
AMB-AMS		13,362		2,616
AMB Institutional Alliance Fund II				26,238		31,631		50,528
AMB-SGP		15,414				28,227		296,940
Other Industrial Operating Joint Ventures		57,221		29,987		14,734

Subtotal		85,997		58,841		74,592		347,468

Unconsolidated Joint Ventures
AMB Institutional Alliance Fund III		2,584		27,582		302,822		79,010
AMB Japan Fund I				105,248		193,085		171,065
AMB-SGP Mexico						58,825		169,614
Other Industrial Operating Joint Ventures		225		9,059		32,639
AMB Europe Fund I								6,066

Subtotal		2,809		141,889		587,371		425,755

Total Consolidated		226,524		817,473		660,190		464,609
Total Unconsolidated		2,809		141,889		587,371		425,755

Total		229,333		959,362		1,247,561		890,364


Total AMBs Share	$	188,929	$	813,903	$	740,605	$	363,830

Development Pipeline Remainder to Fund

AMB's Share of

Estimated Total

Invested to

Remainder to

Remainder of

AMB's

Remainder of

Investment⁽³⁾⁽⁴⁾

Date⁽³⁾⁽⁴⁾

Invest⁽³⁾⁽⁴⁾

Cash to Fund⁽³⁾⁽⁵⁾

Ownership %

Cash to Fund⁽³⁾⁽⁵⁾

(a)

(b)

(a - b)

(c)

(d)

(c x d)

Development pipeline as of March 31, 2009

983,581

824,347

159,234

139,340

96.9

134,975


(1)		Excludes scheduled principal amortization of debt maturing in years subsequent to 2012 as well as debt premiums and discounts.

(2)		Subject to certain conditions.

(3)		Excluding impact of cumulative real estate impairment losses.

(4)		Amounts include capitalized interest as applicable.

(5)		Amounts remove the estimated capitalized interest component from the remainder to fund.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts)		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Income Items


				Actual
				Quarter Ended
				March 31, 2009
Real Estate:
Wholly owned property cash NOI from continuing operations⁽¹⁾				$	74,424
AMBs share of cash NOI from joint ventures:
Total cash NOI from joint ventures from continuing operations⁽¹⁾	$	128,144
AMBs share of joint ventures⁽¹⁾		26.7	%

AMBs share of cash NOI from joint ventures from continuing operations⁽¹⁾					34,258
Adjustments to AMBs share of cash NOI:
NOI attributed to in-progress developments	$	(2,896	)
NOI attributed to projects held for sale or contribution		(5,863	)
NOI attributed to contributed developments		(1,030	)
NOI required to stabilize property acquired during the quarter

Adjustments to AMBs share of cash NOI⁽²⁾					(9,789	)

Total AMBs share of cash NOI related to operating properties⁽¹⁾⁽³⁾				$	98,893

Development platform:⁽³⁾
Development starts				$	29,234

Private capital platform:
Total private capital revenue per common share and unit (diluted)				$	0.11

Assets & Liabilities


	As of
AMB's share of:⁽¹⁾	March 31, 2009
Development, land, and contributed assets:⁽³⁾
Development pipeline (funded-to-date)⁽⁴⁾	$	702,455
Development projects available for sale or contribution⁽⁴⁾		572,601
Operating projects available for sale or contribution⁽⁴⁾		323,568
Land held for future development⁽⁴⁾		483,366
Assets contributed to co-investment ventures⁽⁵⁾		147,835

Total development, land and contributed assets	$	2,229,825

Debt and preferred securities:⁽³⁾
Total debt	$	3,506,072
Preferred securities		312,267

Total debt and preferred securities	$	3,818,339

Other balance sheet items:⁽³⁾
Cash and cash equivalents and restricted cash	$	310,655
Accounts receivable (net) and other assets		344,896
Deferred rents receivable and deferred financing costs (net)		(66,112	)
Accounts payable and other liabilities		(404,161	)

Total other balance sheet items	$	185,278


(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.

(4)		Assets are net of cumulative real estate impairment losses.

(5)		Represents AMBs share of assets contributed to co-investment ventures during the three months ended March 31, 2009.

Overview

Financial Results

Operations

Capital Deployment

Private Capital

Capitalization

NAV

Reporting Definitions


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Acquisition Cost includes 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 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 (loss) income for the three months ended March 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2009			2008
Net (loss) income	$	(123,024	)	$	69,735
Depreciation and amortization		42,101			40,969
Impairment charges		165,979
Stock-based compensation amortization and other non-cash charges		7,497			6,529
Adjustments to derive adjusted EBITDA from unconsolidated joint ventures:
AMBs share of net loss (income)		34			(2,928	)
AMBs share of FFO		7,524			8,862
AMBs share of interest expense		9,664			5,921
Interest expense, including amortization		32,521			29,957
Total discontinued operations, including gains		(6,277	)		(23,890	)
Adjusted EBITDA attributable to noncontrolling interests		(15,109	)		(32,850	)
Capitalized interest attributable to development properties sold or contributed		9,974			3,348
Discontinued operations adjusted EBITDA		4,468			3,890

Adjusted EBITDA	$	135,352		$	109,543

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 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.

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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

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 March 31, 2009, refer to the SS NOI definition. The following table reconciles AMBs share of cash-basis NOI from NOI for the quarter ended March 31, 2009 (dollars in thousands):


	For the Quarter Ended
	March 31, 2009
NOI	$	104,266
Straight-line rents and amortization of lease intangibles		(3,392	)
Consolidated joint venture cash NOI		(26,450	)

Wholly-owned property cash NOI		74,424
AMBs share of consolidated joint venture cash NOI		11,872
AMBs share of unconsolidated joint venture cash NOI		22,386
AMBs share of transaction adjustments		(9,789	)

AMBs share of cash-basis NOI	$	98,893

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 March 31, 2009
							Income
	AMB's			Property			(loss) from			Net
	Ownership			Operating			Continuing			Income			Cash
Unconsolidated Co-investment Ventures	Percentage	Revenues		Expenses			Operations			(loss)			NOI		FFO
AMB Institutional Alliance Fund III	19%	$	72,135	$	(20,641	)	$	(8,140	)	$	(8,141	)	$	48,070	$	12,951
AMB Europe Fund I	21%		22,933		(4,747	)		(10,237	)		(10,237	)		17,996		(2,439	)
AMB Japan Fund I	20%		25,743		(5,374	)		(1,809	)		(1,809	)		19,926		9,364
AMB-SGP Mexico	22%		9,461		(1,291	)		696	⁽¹⁾		696	⁽¹⁾		8,507		3,683	⁽¹⁾
AMB DFS Fund I	15%		50		149			3,303			3,303			199		3,303

Consolidated Co-investment Ventures

AMB-SGP	50%		12,768		(3,750	)		961			961			9,043		4,332
AMB Institutional Alliance Fund II	20%		14,706		(3,768	)		2,815			3,094			10,941		6,670
AMB-AMS	39%		4,162		(1,021	)		726			726			3,113		1,843


(1)		Excludes $3.8 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.

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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

The following table details the calculation of fixed charges for the three months ended March 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended
	March 31,
Fixed charge	2009			2008
Interest expense, including amortization continuing operations	$	32,521		$	29,957
Amortization of financing costs and debt premiums continuing operations		(3,174	)		(1,974	)
Interest expense, including amortization discontinued operations		(95	)		981
Amortization of financing costs and debt premiums discontinued operations		(3	)		(3	)
Joint venture partners share of interest expense		(7,128	)		(14,297	)
AMBs share of interest expense from unconsolidated joint ventures		9,664			5,921
Capitalized interest		12,094			17,759
Preferred unit distributions		1,432			1,432
Preferred stock dividends		3,952			3,952

Total fixed charge	$	49,263		$	43,728

Funds From Operations (FFO), Funds From Operations Per Share and Unit (FFOPS) and FFO, excluding impairment 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 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 available to common stockholders, 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 charges. AMB calculates FFO, excluding impairment charges, as FFO less impairment 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. 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 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 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 available to common stockholders, 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 available to common stockholders, a U.S. GAAP measurement.

See Consolidated Statements of Funds from Operations for a reconciliation of FFO from net income available to common stockholders.

The following table reconciles projected FFO from projected net income available to common stockholders for the year ended December 31, 2009:


	2009
	Low			High
Projected net loss available to common stockholders	$	(0.66	)	$	(0.58	)
AMBs share of projected depreciation and amortization		1.17			1.17
AMBs share of projected gains on disposition of operating properties recognized to date		(0.14	)		(0.14	)
Impact of additional dilutive securities, other, rounding		(0.03	)		(0.03	)

Projected Funds From Operations (FFO)	$	0.34		$	0.42


AMBs share of non-cash impairment charges		1.30			1.30
AMBs share of development gains recognized to date		(0.23	)		(0.23	)

Projected FFO, excluding AMBs share of non-cash impairment charges and development gains⁽¹⁾	$	1.41		$	1.49

Amounts are expressed per share, except FFO and FFO, excluding AMBs share of non-cash impairment charges and development gains, 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 non-cash impairment charges and development gains is the more appropriate and useful measure to reflect its assessment of AMBs projected operating performance.

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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

Impairment charges represent the write down of assets due to estimated fair value being lower than carry value.

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 ended March 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended
	March 31,
Interest	2009			2008
Interest expense, including amortization continuing operations	$	32,521		$	29,957
Interest expense, including amortization discontinued operations		(95	)		981
Joint venture partners share of interest expense		(7,128	)		(14,297	)
AMBs share of interest expense from unconsolidated co-investment ventures		9,664			5,921

Total interest	$	34,962		$	22,562

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.

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.


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


		Reporting Definitions / Supplemental Financial Measures		SUPPLEMENTAL ANALYST PACKAGE 2009 First Quarter Earnings Conference Call

The following table reconciles consolidated cash-basis SS NOI and NOI from net income for the three months ended March 31, 2009 and 2008 (dollars in thousands):


	For the Quarters Ended
	March 31,
	2009			2008
Net (loss) income	$	(123,024	)	$	69,735
Private capital income		(11,695	)		(9,923	)
Depreciation and amortization		42,101			40,969
Impairment losses		165,979
General and administrative and fund costs		31,510			35,348
Total other income and expenses		5,672			(15,265	)
Total discontinued operations		(6,277	)		(3,923	)

NOI		104,266			116,941
Less non same-store NOI		(14,360	)		(25,299	)
Less non cash adjustments⁽¹⁾		20			(1,146	)

Cash-basis same-store NOI	$	89,926		$	90,496


(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, 2007.

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 cap rates are calculated as cash NOI 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, buyers due diligence and closing costs, lease intangible adjustments, estimated acquisition capital expenditures and leasing costs necessary to achieve stabilization.

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	27


		Contacts		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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	28


		Forward-Looking Statements		SUPPLEMENTAL ANALYST PACKAGE 2009 First 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 cash sources to cover future capital requirements, the consummation of asset sales marketed, under contract or LOI, our plans to retire, extend and refinance debt and maintain fixed charge coverage at certain levels, estimated cash savings from our current dividend policy, estimated net G&A reductions, our opportunities and plans (including those regarding our global positioning and future capital deployment, 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, GDP 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, strength of lender and customer relationships, lease expirations, performance and value-creation of investments and market entry opportunities, real estate valuations, capitalization rates, 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 additional 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 or failure to lease at all or on expected terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater than expected capital expenditures, our failure to obtain, renew or extend 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, our failure to contribute properties to our co-investment ventures, 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 or comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade 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, 2008.

Form: 8-K

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