Potential Sources & Uses

     

CAPITAL SOURCES							2008 – 2009 CAPITAL REQUIREMENTS
AMB’s share of (in millions):							AMB’s share of (in millions):
Properties held for divestiture		$	81				2008 Development funding(1)		$	36
Development properties HFS/C*			422				2009 Development funding(1)			192
Operating properties HFS/C*			347				2008 Debt maturities(2)			-
AMB’s share of properties HFS/C/Divestiture		$	850				2009 Debt maturities(2)			348
Consolidated:
Cash and cash equivalents		$	238
Credit facilities			689
Capital Sources		$	1,777				Capital Requirements		$	576

Note: All data approximate as of October 31, 2008
*      Held for Sale or Contribution
(1)     For further detail see page 4
(2)     Represents debt maturities after extensions, for further detail see page 3		1		© 2008 AMB Property Corporation

     

2008 – 2010 Debt Maturities Schedule (in millions)

									As of October 31st															After Extension Options
								2008				2009				2010							2008				2009				2010
REIT				1		Credit Facilities			$     -				$     -				$  584							$     -				$     -				$     -
				2		Unsecured Senior Debt			-				100				250							-				100				250
				3		Other Debt			12				325				-							-				12				325
				4		AMB Secured Debt			93				134				307							-				129				175
									105				559				1,141							-				241				750
Consolidated JV’S				5		AMB-AMS			-				14				3							-				14				3
				6		AMB Institutional Alliance Fund II			-				-				77							-				-				42
				7		AMB-SGP			-				15				-							-				15				-
				8		Other Industrial Operating Joint Ventures			-				72				-							-				72				-
									-				101				80							-				101				45
Unconsolidated JV’S				9		AMB Institutional Alliance Fund III			-				71				28							-				32				28
				10		AMB Japan Fund I			-				113				98							-				113				98
				11		AMB-SGP Mexico			-				-				-							-				-				-
				12		Other Industrial Operating Joint Ventures			1				8				-							1				8				-
				13		AMB Europe Fund I			-				84				-							-				84				-
									1				276				126							1				237				126
						TOTAL CONSOLIDATED			105				660				1,221							-				342				795
						TOTAL UNCONSOLIDATED			1				276				126							1				237				126
						TOTAL			106				936				1,347							1				579				921
						TOTAL AMB’s SHARE			$ 106				$ 673				$ 1,185							$  0.5				$ 348				$ 787

	Notes:					9	)		Extension options on $39 million. The rest are low LTV
	1)		Two lines of credit which can be extended to 2011, subject to certain conditions			10	)		Japan Fund subscription line will either be refinanced or repaid with uncalled equity
	2)		$100 million in 2009 to be paid off at maturity. $250 million is maturing in Q4 2010			11	)		-NA-
	3)		$12 million maturity: one year extension nearly complete. $325 million Term loan (due September 2009) can			12	)		Construction loan maturing in 2009
			be extended for one year, subject to certain conditions			13	)		Consists of four assets on acquisition facility; refinancing in progress
	4)		The option to extend the $93 million maturity has been exercised to extend the loan to December 2009 and is subject to certain conditions.
			$98 million maturing in 2009 can be extended for one year, subject to certain conditions
			$230 million Term loan maturing September 2010 can be extended for one year, subject to certain conditions
	5)		Low LTV mortgage
	6)		Low LTV, $51 million in extension options with life company mortgage pool
	7)		Low LTV mortgage
	8)		Construction loans, majority are due December 2009.

		3	© 2008 AMB Property Corporation

     

AMB Development Pipeline

		Estimated Total				Funded as of				Remaining to				Remaining to				AMB				AMB's share of
		Investment				10/31/2008				Fund				Fund (Cash)(1)				Ownership				Remaining
		(a)				(b)				(a – b)				(c)				(d)				to Fund (Cash)(2)
																						(c x d)
Pipeline (in millions)			$ 1,539				$ 1,231				$ 308				$ 276				92.8%				$ 260
Projected 4Q 2008 Development Starts			100				14				86				78				100.0%				78
			$ 1,639				$ 1,245				$ 394				$ 354				95.4%				$ 338
2008 AMB’s Share of Expected Cash Fundings (in millions)																							$ 36(3)
2009 AMB’s Share of Expected Cash Fundings (in millions)																							192(3)
2010 AMB’s Share of Expected Cash Fundings (in millions)																							110
																							$ 338

	(1)		Removes the estimated capitalized interest component of the estimated total investment
	(2)		AMB’s Share of remaining to fund			4			© 2008 AMB Property Corporation
	(3)		See page 1 for further detail on fundings

Forward Looking Statements

Some of the information included in this report and the presentations to be held in connection therewith contains forward-looking statements, such as those related to our future opportunities and plans, trends and forecasts, potential sources and uses of capital, information regarding our development projects (including funding and stabilization dates, costs and total investment amounts, scope, location and timing of development starts, profitability, scope and scale of and demand for projects, and completion timelines), future balance sheet capacity, and access to the debt markets with respect to financings, extensions and refinancings, 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 customers or renewals at lower than expected rent, increased interest rates and operating costs or greater than expected capital expenditures, our failure to obtain necessary outside financing, re-financing risks, risks related to our obligations in the event of certain defaults under 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 on advantageous terms and the failure of acquisitions to perform as we expect, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions or in the real estate sector, inflation risks, changes in real estate and zoning laws or other local, state and federal regulatory requirements, a continued or prolonged 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, various market conditions and fluctuations and those other risk factors discussed under the heading “Risk Factors” and elsewhere in our most recent annual report on Form 10-K for the year ended December 31, 2007 and our quarterly report on Form 10-Q for the quarter ended September 30, 2008. Reporting definitions and supplemental measures are published in the company’s quarterly supplemental analyst package, available on the company’s website at www.amb.com.

		7		© 2008 AMB Property Corporation