EXHIBIT 99.1

Exhibit 99.1

For Immediate Release

AMB Property Corporation Announces First Quarter 2001 Results


Highlights

o Adjusted earnings per share increased 5.9% to $0.36; EPS increased 47.1%
to $0.50

o FFO per share increased 3.6% over the first quarter of 2000 to $0.57;
FFO per share excluding non-cash charges of $0.05 per share increased
12.7% to $0.62

o Same store NOI growth was 8.0%

o Raised $125 million of private equity in two separate co-investment
ventures

o Issued $25.5 million of cumulative redeemable preferred units at 8.0%

o Issued $75 million of fixed rate senior unsecured notes at an average
rate of 7.0% and a weighted average maturity of 8 years under
medium-term note program

o Increased 2001 dividends on common stock 6.8% to $1.58 per share

San Francisco, April 9, 2001 - AMB Property Corporation (NYSE: AMB) today
reported adjusted earnings per share, before gains, extraordinary and one-time
items of $0.36, a 5.9% increase over the first quarter 2000. Earnings per share
(EPS) were $0.50, an increase of 47.1% over the first quarter 2000. Funds from
Operations (FFO) per fully diluted share were $0.57, reflecting an increase of
3.6% over the first quarter of 2000. Earnings and funds from operations include
a non-cash charge of $4.7 million, or $0.05 per share, related to an impairment
reserve taken on the company's equity investment in Webvan Group. Excluding the
non-cash charge, FFO was $0.62 per fully diluted share for the first quarter
2001, a 12.7% increase over the first quarter 2000. EPS includes a gain of $0.20
per share on asset sales and contributions.

"While we are disappointed with the performance of our equity investment in
Webvan, we believe that we have put this issue behind us by writing down 93% of
our original investment. At the same time, we are very pleased with our
operating results for the quarter, including our better than expected same store
NOI growth," stated Hamid R. Moghadam, chairman and chief executive officer of
AMB. "We demonstrated the strength of our private capital model with the
completion of two significant co-investment ventures, raising more than half of
our private equity target for the year. Our


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private capital model allows us to grow our operating platform while keeping our
equity scarce and increasing our return on invested capital."

For the first quarter, same store cash basis net operating income grew 8.0% with
a 27.7% increase in same store base rents on lease renewals and rollovers during
the quarter and 61.9% tenant retention at the same-store properties. Rent
increases on renewals and rollovers during the quarter for the entire portfolio
were 25.8%. Occupancy was 95.9% at quarter-end, down slightly from 96.3% at
year-end 2000.

During the quarter, AMB announced the closing of two co-investment ventures
totaling more than $585 million in expected total capitalization. AMB formed a
$250 million partnership with the City and County of San Francisco Employee's
Retirement System and a $335 million venture with a subsidiary of GIC Real
Estate Pte Ltd., the real estate investment subsidiary of the Government of
Singapore Investment Corporation. The combined third party equity contribution
of the two ventures was $125 million.

"AMB's strategy of owning High Throughput Distribution(TM) properties, operated
through an alliance-based model and financed with private capital, is producing
solid long-term results," said W. Blake Baird, president of AMB. "During the
first quarter, we executed on our capital recycling program by disposing of
non-strategic assets to third parties totaling $31.5 million and 588,427 square
feet and contributing core operating assets into our co-investment ventures
totaling $427.3 million and 8.8 million square feet." Baird continued, "Focused
on long-term fixed-rate capital, we issued $75 million of notes at attractive
pricing, including $25 million of 5-year notes at 6.9% and $50 million of
10-year notes at 7.0% under our medium-term note (MTN) program. Additionally we
issued $25.5 million of cumulative redeemable preferred units at 8.0%, and we
reduced our share of total debt outstanding by $50 million during the quarter."

Acquisitions totaled $93.4 million and 1.8 million square feet in the first
quarter. AMB completed and stabilized one industrial renovation project totaling
397,000 square feet for a total investment of $21.6 million. New development
starts on 103,000 square feet began in Atlanta during the first quarter for an
estimated $4.9 million investment. The industrial development and renovation
pipeline currently stands at $290.8 million and consists of 5.2 million square
feet, of which $157.2 million, or 54.1%, has been funded.

AMB increased its regular cash dividend for the quarter ending March 31, 2001 to
$0.395 per common share, equivalent to a new annualized rate of $1.58 per share
and reflecting an increase of 6.8% over the previous quarterly dividend of $0.37
per common share.

AMB Property Corporation is one of the leading owners and operators of
industrial real estate nationwide. As of March 31, 2001, AMB owned, managed and
had renovation and development projects totaling 93 million square feet and 998
buildings in 27 metropolitan markets. AMB targets High Throughput
Distribution(TM) properties - industrial properties located in major
distribution markets near airports, seaports and ground transportation systems.
These HTD(TM) facilities are built for speed and benefit from barriers to entry
due


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to their supply - constrained locations and proximity to large customer bases.
AMB - A tradition of nontraditional thinking(TM).

######

This press release contains forward-looking statements about business
strategy and future plans, which are made pursuant to the safe-harbor
provisions of Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements involve numerous risks and uncertainties and
should not be relied upon as predictions of future events. The events or
circumstances reflected in our forward-looking statements might not occur.
In particular, a number of factors could cause AMB's actual results to
differ materially from those anticipated, including, among other things,
defaults on or non-renewal of leases by tenants, increased interest rates
and operating costs, AMB's failure to obtain necessary outside financing,
difficulties in identifying properties to acquire and in effecting
acquisitions, AMB's failure to successfully integrate acquired properties
and operations, AMB's failure to timely reinvest proceeds from any such
dispositions, risks and uncertainties affecting property development and
construction (including construction delays, cost overruns, AMB's inability
to obtain necessary permits and public opposition to these activities),
AMB's failure to qualify and maintain its status as a real estate
investment trust under the Internal Revenue Code, environmental
uncertainties, risks related to natural disasters, financial market
fluctuations, risks arising from the California energy shortage, changes in
real estate and zoning laws and increases in real property tax rates. AMB's
success also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation and population
changes. For further information on these and other factors that could
impact AMB and the statements contained herein, reference should be made to
AMB's filings with the Securities and Exchange Commission, including AMB's
annual report on Form 10-K for the year ended December 31, 2000.


CONSOLIDATED BALANCE SHEETS
(dollars in thousands)