exv99w2

EXHIBIT 99.2

Item 6. Selected Financial Data

SELECTED COMPANY FINANCIAL AND OTHER DATA ⁽¹⁾

The following table sets forth selected consolidated historical financial and other data for AMB Property Corporation on a historical basis as of and for the years ended December 31:

Note: Effective October 1, 2006, the Company deconsolidated AMB Institutional Alliance Fund III, L.P. on a prospective basis. See footnote 4 below for further discussion of the comparability of selected financial and other data.


	2006 ^{(5) (6)}			2005 ⁽⁶⁾			2004 ⁽⁶⁾			2003 ⁽⁶⁾			2002 ⁽⁶⁾
	(Dollars in thousands, except per share amounts)
Operating Data
Total revenues	$	718,723		$	650,830		$	566,687		$	491,657		$	470,558
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		225,234			197,248			107,248			105,249			108,764
Income from continuing operations before cumulative effect of change in accounting principle		162,826			122,878			54,782			48,158			63,980
Income from discontinued operations		61,053			134,929			70,689			80,970			57,139
Net income before cumulative effect of change in accounting principle		223,879			257,807			125,471			129,128			121,119
Net income		224,072			257,807			125,471			129,128			121,119
Net income available to common stockholders		209,420			250,419			118,340			116,716			113,035
Income from continuing operations per common share:
Basic ⁽²⁾		1.69			1.37			0.58			0.44			0.67
Diluted⁽²⁾		1.63			1.31			0.56			0.43			0.66
Income from discontinued operations per common share:
Basic ⁽²⁾		0.70			1.61			0.86			1.00			0.69
Diluted⁽²⁾		0.67			1.54			0.83			0.98			0.67
Net income available to common stockholders per common share:
Basic ⁽²⁾		2.39			2.98			1.44			1.44			1.36
Diluted⁽²⁾		2.30			2.85			1.39			1.41			1.33
Dividends declared per common share		1.84			1.76			1.70			1.66			1.64

Other Data
Funds from operations ⁽³⁾	$	297,912		$	254,363		$	207,314		$	186,666		$	215,194
Funds from operations per common share and unit:
Basic		3.24			2.87			2.39			2.17			2.44
Diluted		3.12			2.75			2.30			2.13			2.40
Cash flows provided by (used in):
Operating activities		335,855			295,815			297,349			269,808			297,723
Investing activities		(880,560	)		(60,407	)		(731,402	)		(346,275	)		(253,312	)
Financing activities		483,621			(101,856	)		409,705			112,022			(28,150	)

Balance Sheet Data
Investments in real estate at cost	$	6,575,733		$	6,798,294		$	6,526,144		$	5,491,707		$	4,922,782
Total assets		6,713,512			6,802,739			6,386,943			5,409,559			4,983,629
Total consolidated debt		3,437,415			3,401,561			3,257,191			2,574,257			2,235,361
Our share of total debt ⁽⁴⁾		3,088,624			2,601,878			2,395,046			1,954,314			1,691,737
Stockholders’ equity		2,166,657			1,916,299			1,671,140			1,657,137			1,676,079


(1)		Certain items in the consolidated financial statements for prior periods have been reclassified to conform with current classifications with no effect on net income or stockholders’ equity.

(2)		Basic and diluted net income per weighted average share equals the net income available to common stockholders divided by 87,710,500 and 91,106,893 shares, respectively, for 2006; 84,048,936 and 87,873,399 shares, respectively, for 2005; 82,133,627


		and 85,368,626 shares, respectively, for 2004; 81,096,062 and 82,852,528 shares, respectively, for 2003; 83,310,885 and 84,795,987 shares, respectively, for 2002.

(3)		See Part II, Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Supplemental Earnings Measures – FFO,” for a discussion of why we believe FFO is a useful supplemental measure of operating performance, of ways in which investors might use FFO when assessing our financial performance, and of FFO’s limitations as a measurement tool.

(4)		Our share of total debt is the pro rata portion of the total debt based on our percentage of equity interest in each of the consolidated ventures holding the debt. We believe that our share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies. In addition, it allows for a more meaningful comparison of our debt to that of other companies that do not consolidate their joint ventures. Our share of total debt is not intended to reflect our actual liability should there be a default under any or all of such loans or a liquidation of the joint ventures. For a reconciliation of our share of total debt to total consolidated debt, a GAAP financial measure, please see the table of debt maturities and capitalization in Part II, Item 7: “Management Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources — Capital Resources.”

(5)		Effective October 1, 2006, we deconsolidated AMB Institutional Alliance Fund III, L.P. on a prospective basis, due to the re-evaluation of the accounting for our investment in the fund in light of changes to the partnership agreement regarding the general partner’s rights effective October 1, 2006. As a result, the financial measures for the years 2006, 2005, 2004, 2003 and 2002, included in our operating data, other data and balance sheet data above are not comparable.

(6)		For the years ended December 31, 2006, 2005, 2004, 2003 and 2002, we reclassified to discontinued operations the results of properties that we intended to sell or had sold as of September 30, 2007. See Note 17 to our consolidated financial statements.