AMB Property Corporation® Confirms Ongoing Discussions Regarding Strategic Combination With ProLogis

SAN FRANCISCO, Jan. 26, 2011 /PRNewswire/ -- AMB Property Corporation® (NYSE: AMB) today announced that it and ProLogis (NYSE: PLD) are in discussions regarding a potential merger of equals, in which the two companies would combine in an all-stock, at-market transaction, based upon the unaffected trading prices of the two companies' stock prior to media reports of a possible merger. There can be no assurance that any discussions regarding a merger will result in a definitive agreement for such a transaction or the timing of such agreement or any transaction. AMB and ProLogis have issued press releases in response to media reports, and intend to make no further comment regarding their discussions or negotiations unless and until a definitive agreement is reached or discussions are terminated.

AMB Property Corporation.®  Local partner to global trade.™

AMB Property Corporation® is a leading owner, operator and developer of global industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of September 30, 2010, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 158.4 million square feet (14.7 million square meters) in 49 markets within 15 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio comprises High Throughput Distribution® facilities--industrial properties built for speed and located near airports, seaports and ground transportation systems.

AMB's press releases are available on the company website at www.amb.com or by contacting the Investor Relations department at +1 415 394 9000.

SOURCE AMB Property Corporation; ProLogis