Prologis (PLD) 8-K Results of Operations and Financial Condition

AMB Property Corporation Supplemental Analyst Package 2Q2007 Earnings Conference Call 7/18/2007 AMBEUROPE FUND 1 48 distribution facilities 4 countries 6.0 million square feet 557,929 square meters EUROPE FUND — CONTRIBUTED PROPERTIES EXAMPLES 1. AMB Fokker Logistics Center 1 Amsterdam Airport Schiphol, Amsterdam 2. AMB BRU Air Cargo Center Zaventem Airport, Brussels 3. AMB FRA Logistics Center 556 Frankfurt International Airport, Frankfurt 4. AMB Gonesse Distribution Center 2 Roissy Charles De Gaulle Airport, Paris

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TABLE OF CONTENTS

Financial Highlights	1
Consolidated Balance Sheets	2
Consolidated Statements of Operations	3
Consolidated Statements of Funds from Operations	4
Supplemental Cash Flow Information	5
Owned & Managed Operating Statistics, Top 10 Customers & Lease Expirations	6
Principal Global Markets	7
Portfolio Overview	8
Capital Deployment	9
Property Contributions & Dispositions	11
Development Projects in Process	12
Development Projects Placed in Operations and Projects Available for Sale or Contribution	15
Land Inventory	16
Capitalization Summary	17
Unconsolidated & Consolidated Joint Ventures	18
Supplemental Information for Net Asset Value Analysis	19
Reporting Definitions	20
Supplemental Financial Measures Disclosures	21
Joint Venture Partner Information	24
Contacts	25

Cover: AMB Europe Fund I, a Euro-denominated open-end commingled fund investing in distribution facilities near high-volume airports, seaports and highway systems, and in the major metropolitan areas of Europe. As of June 30, 2007 the gross asset value of AMB Europe Fund I is approximately€531 million (US$719 million).

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FINANCIAL HIGHLIGHTS

(dollars in thousands, except share data)

	Quarters Ended June 30,									Six Months Ended June 30,
	2007			Change			2006			2007			Change			2006
Operating Data
Revenues	$	171,432			(2.5	%)	$	175,917	(1) (2)	$	339,439			(3.7	%)	$	352,325	(1) (2)
Adjusted EBITDA(3)		146,018			(13.5	%)		168,832			271,191			(7.9	%)		294,462
Net income available to common stockholders		111,390			54.0	%		72,335			133,120			39.1	%		95,719
FFO (3)		78,474			(4.7	%)		82,355			135,347			3.2	%		131,094
Per diluted share and unit:
EPS	$	1.10			37.5	%	$	0.80		$	1.35			27.4	%	$	1.06
FFO(3)		0.74			(14.9	%)		0.87			1.32			(5.0	%)		1.39
Dividends per common share		0.50			8.7	%		0.46			1.00			8.7	%		0.92
Ratios
Interest coverage (3)		4.0 x						3.7 x			3.6 x						3.4 x
Fixed charge coverage (3)		2.6 x						2.8 x			2.3 x						2.5 x
FFO payout		68	%					53	%		76	%					66	%

	As of
	June 30, 2007			December 31, 2006
Capitalization
AMB’s share of total debt(3)	$	2,776,864		$	3,088,624
Preferred equity		312,267			417,767
Market equity		5,538,204			5,531,113
Total capitalization	$	8,627,335		$	9,037,504
Ratios
AMB’s share of total debt-to-AMB’s share of total book capitalization(3) (4)		48.9	%		55.8	%
AMB’s share of total debt-to-AMB’s share of total market capitalization(3) (4)		32.2	%		34.2	%
Total common shares and units outstanding		104,062,458			94,371,491

(1)	Effective October 1, 2006, AMB deconsolidated AMB Alliance Fund III on a prospective basis.
(2)	Pro forma revenues for the quarter and six months ended June 30, 2006 would have been $157,619 and $318,451, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.
(3)	See Supplemental Financial Measures Disclosures.
(4)	See Reporting Definitions.

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CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	As of
	June 30, 2007			December 31, 2006
Assets
Investments in real estate:
Total investments in properties	$	6,406,982		$	6,575,733
Accumulated depreciation		(854,227	)		(789,693	)
Net investments in properties(1)		5,552,755			5,786,040
Investments in unconsolidated joint ventures		349,534			274,381
Properties held for contribution, net		245,632			154,036
Properties held for divestiture, net		45,146			20,916
Net investments in real estate		6,193,067			6,235,373
Cash and cash equivalents and restricted cash		251,052			195,878
Accounts receivable, net		166,449			133,998
Other assets		148,696			148,263
Total assets	$	6,759,264		$	6,713,512
Liabilities and stockholders’ equity
Secured debt	$	1,340,702		$	1,395,354
Unsecured senior debt		1,057,498			1,101,874
Unsecured credit facilities		562,184			852,033
Other debt		85,110			88,154
Accounts payable and other liabilities		278,921			271,880
Total liabilities		3,324,415			3,709,295
Minority interests:
Joint venture partners		535,280			555,201
Preferred unitholders		77,563			180,298
Limited partnership unitholders		109,921			102,061
Total minority interests		722,764			837,560
Stockholders’ equity:
Common equity		2,488,673			1,943,240
Preferred equity		223,412			223,417
Total stockholders’ equity		2,712,085			2,166,657
Total liabilities and stockholders’ equity	$	6,759,264		$	6,713,512

(1) Includes AMB’s 100% ownership interest in Park One, a 19.9 acre land parcel leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX, for approximately $76 million.

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CONSOLIDATED STATEMENTS OF OPERATIONS⁽¹⁾

(dollars in thousands, except share data)

	For the Quarters Ended June 30,						For the Six Months Ended June 30,
	2007			2006			2007			2006
Revenues
Rental revenues(2)	$	162,914		$	170,974		$	324,996		$	342,276
Private capital income		8,518			4,943			14,443			10,049
Total revenues		171,432			175,917			339,439			352,325
Costs and expenses
Property operating costs(3)		(43,304	)		(43,589	)		(87,551	)		(87,732	)
Depreciation and amortization		(41,483	)		(44,500	)		(82,504	)		(87,254	)
Impairment losses		—			(5,394	)		(257	)		(5,394	)
General and administrative		(30,260	)		(25,142	)		(60,114	)		(47,997	)
Other expenses(4)		(1,139	)		296			(2,051	)		(241	)
Fund costs		(277	)		(479	)		(518	)		(1,093	)
Total costs and expenses		(116,463	)		(118,808	)		(232,995	)		(229,711	)
Other income and expenses
Equity in earnings of unconsolidated joint ventures(5)		1,748			8,278			3,861			10,366
Other income(4)		6,472			2,258			11,979			5,765
Gains from sale or contribution of real estate interests, net		74,707			—			74,843			—
Development profits, net of taxes		28,996			45,698			41,188			46,372
Interest expense, including amortization		(33,369	)		(44,310	)		(67,951	)		(83,704	)
Total other income and expenses		78,554			11,924			63,920			(21,201	)
Income from operations before minority interests		133,523			69,033			170,364			101,413
Minority interests’ share of income:
Joint venture partners’ share of income		(8,067	)		(8,895	)		(15,260	)		(17,297	)
Joint venture partners’ and limited partnership unitholders’ share of development profits		(2,574	)		(1,619	)		(3,136	)		(1,651	)
Preferred unitholders		(1,480	)		(4,024	)		(5,179	)		(9,025	)
Limited partnership unitholders		(4,001	)		(341	)		(4,495	)		(1,068	)
Total minority interests’ share of income		(16,122	)		(14,879	)		(28,070	)		(29,041	)
Income from continuing operations		117,401			54,154			142,294			72,372
Discontinued operations:
Income attributable to discontinued operations, net of minority interests		484			4,126			1,238			6,471
Gains from disposition of real estate, net of minority interests		384			17,073			419			24,087
Total discontinued operations		868			21,199			1,657			30,558
Net income		118,269			75,353			143,951			102,930
Preferred stock dividends		(3,952	)		(3,095	)		(7,904	)		(6,191	)
Preferred unit redemption (issuance costs) discount		(2,927	)		77			(2,927	)		(1,020	)
Net income available to common stockholders	$	111,390		$	72,335		$	133,120		$	95,719
Net income per common share (diluted)	$	1.10		$	0.80		$	1.35		$	1.06
Weighted average common shares (diluted)		101,361,013			90,135,659			98,305,299			90,147,493

(1)	Effective October 1, 2006, AMB deconsolidated AMB Alliance Fund III on a prospective basis.
(2)	Pro forma rental revenues for the quarter and six months ended June, 2006 would have been $152,676 and $308,402, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.
(3)	Pro forma property operating costs for the quarter and six months ended June 30, 2006 would have been $39,188 and $79,278, respectively, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.
(4)	Includes changes in liabilities and assets associated with AMB’s deferred compensation plan.
(5)	Includes  gains on sale of operating properties of $0.0 million and $7.7 million, for the quarters ended June 30, 2007 and 2006, respectively. Includes gains on sale of operating properties of $0.0 million and $8.3 million, for the six months ended June 30, 2007 and 2006, respectively.

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CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS⁽¹⁾

(dollars in thousands, except share data)

	For the Quarters Ended June 30,						For the Six Months Ended June 30,
	2007			2006			2007			2006
Net income available to common stockholders	$	111,390		$	72,335		$	133,120		$	95,719
Gains from sale or contribution of real estate, net of minority interests		(75,091	)		(17,073	)		(75,262	)		(24,087	)
Depreciation and amortization:
Total depreciation and amortization		41,483			44,500			82,504			87,254
Discontinued operations’ depreciation		4			(62	)		8			452
Non-real estate depreciation		(1,401	)		(1,068	)		(2,578	)		(2,068	)
Adjustments to derive FFO from consolidated JVs:
Joint venture partners’ minority interests (Net income)		8,067			8,895			15,260			17,297
Limited partnership unitholders’ minority interests (Net income)		4,001			341			4,495			1,068
Limited partnership unitholders’ minority interests (Development profits)		1,251			2,208			1,801			2,240
Discontinued operations’ minority interests (Net income (loss))		25			209			(4	)		463
FFO attributable to minority interests		(15,312	)		(21,748	)		(31,616	)		(42,183	)
Adjustments to derive FFO from unconsolidated JVs:
AMB’s share of net income		(1,748	)		(8,278	)		(3,861	)		(10,366	)
AMB’s share of FFO		5,805			2,096			11,480			5,305
Funds from operations	$	78,474		$	82,355		$	135,347		$	131,094
FFO per common share and unit (diluted)	$	0.74		$	0.87		$	1.32		$	1.39
Weighted average common share and unit (diluted)		105,806,524			94,520,866			102,866,432			94,534,263
Estimated FFO by business line(1)
Capital Partners FFO per common share and unit (diluted)(1)	$	0.05		$	0.02		$	0.07		$	0.04
% of reported FFO		6.7	%		2.3	%		5.3	%		2.9	%
Development FFO per common share and unit (diluted)(1)	$	0.24		$	0.48		$	0.36		$	0.48
% of reported FFO		32.4	%		55.1	%		27.4	%		34.6	%
Real estate operations FFO per common share and unit (diluted)(1)	$	0.45		$	0.37		$	0.89		$	0.87
% of reported FFO		60.9	%		42.6	%		67.3	%		62.5	%
Total FFO per common share and unit (diluted)	$	0.74		$	0.87		$	1.32		$	1.39

(1) See Supplemental Financial Measures Disclosure.

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SUPPLEMENTAL CASH FLOW INFORMATION
(dollars in thousands)

	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
AMB’s Owned and Managed Portfolio:(1) (2)
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	3,339		$	6,235		$	7,958		$	11,603
AMB’s share of straight-line rents and amortization of lease intangibles	$	2,237		$	5,095		$	5,399		$	9,138
Gross lease termination fees	$	585		$	296		$	703		$	6,050
Net lease termination fees(3)	$	578		$	241		$	721		$	5,986
AMB’s share of net lease termination fees	$	539		$	147		$	635		$	5,892
Recurring capital expenditures:
Tenant improvements	$	5,835		$	4,677		$	9,153		$	8,498
Lease commissions and other lease costs		6,125			6,661			13,503			12,866
Building improvements		11,353			13,382			14,352			17,226
Sub-total		23,313			24,720			37,008			38,590
JV Partners’ share of capital expenditures		(6,193	)		(6,911	)		(11,239	)		(10,856	)
AMB’s share of recurring capital expenditures	$	17,120		$	17,809		$	25,769		$	27,734
AMB’s Consolidated Portfolio:
Supplemental Information:
Straight-line rents and amortization of lease intangibles	$	2,235		$	6,154		$	4,950		$	11,300
AMB’s share of straight-line rents and amortization of lease intangibles	$	2,069		$	5,078		$	4,798		$	9,077
Gross lease termination fees	$	539		$	296		$	639		$	6,050
Net lease termination fees(3)	$	534		$	241		$	659		$	5,986
AMB’s share of net lease termination fees	$	529		$	147		$	622		$	5,892
Recurring capital expenditures:
Tenant improvements	$	5,299		$	4,605		$	8,042		$	8,426
Lease commissions and other lease costs		5,501			6,548			11,089			12,646
Building improvements		10,510			12,474			13,170			16,272
Sub-total		21,310			23,627			32,301			37,344
JV Partners’ share of capital expenditures		(4,672	)		(6,036	)		(7,555	)		(9,859	)
AMB’s share of recurring capital expenditures	$	16,638		$	17,591		$	24,746		$	27,485

(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.

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OWNED AND MANAGED OPERATING STATISTICS ⁽¹⁾
(dollars in thousands, except per square foot amounts)

Operating Portfolio	Quarter			Prior Quarter
Square feet owned at June 30, 2007		111,335,628			103,175,210
Occupancy percentage		96.1	%		95.3	%
Average occupancy percentage		94.9	%		94.9	%
Weighted average lease terms (years):
Original		6.0			6.1
Remaining		3.4			3.4
Trailing four quarter tenant retention		76.0	%		73.8	%

	Quarter			Year-to-Date
Same Space Leasing Activity: (2)
Rent increases on renewals and rollovers		2.0	%		2.4	%
Same space square footage commencing (millions)		4.5			9.7
2nd Generation Leasing Activity:
TIs and LCs per square foot:
Retained	$	1.30		$	1.12
Re-tenanted		2.86			3.07
Weighted average	$	2.08		$	1.94
Square footage commencing (millions)		5.7			11.7

Same Store Pool(1)	Quarter			Prior Quarter
Square feet in same store pool at June 30, 2007		85,808,842			85,907,988
% of total square feet		77.1	%		83.3	%
Occupancy percentage at period end:
June 30, 2007		96.4	%		95.9	%
June 30, 2006		95.6	%		95.0	%
Weighted average lease terms (years):
Original		6.1			6.1
Remaining		3.2			3.2
Trailing four quarter tenant retention		75.8	%		74.0	%

	Quarter			Year-to-Date
Same Space Leasing Activity: (2)
Rent increases on renewals and rollovers		1.6	%		2.2	%
Same space square footage commencing (millions)		4.3			8.5
Cash basis NOI % change:(3)
Revenues(4)		5.5	%		5.8	%
Expenses(4)		4.8	%		4.8	%
NOI(3) (4)		5.8	%		6.2	%
NOI without lease termination fees(3) (4)		5.8	%		6.2	%

TOP 10 CUSTOMERS
(dollars in thousands)

					% of
	Number		Aggregate		Aggregate					% of
	of		Rentable		Leased					Aggregate
Customer Name(6)	Leases		Square Feet		Square Feet			ABR(1) (5)		ABR(1) (5)
1. Deutsche Post World Net (DHL)(7)		51		3,467,273		3.2	%	$	26,007		3.6	%
2. United States Government(7) (8)		47		1,407,748		1.3	%		20,399		2.8	%
3. FedEx Corporation(7)		31		1,528,182		1.4	%		15,314		2.1	%
4. Nippon Express		13		993,992		0.9	%		9,793		1.4	%
5. Harmonic Inc.		4		285,480		0.3	%		9,250		1.3	%
6. Sagaw a Express		10		729,141		0.7	%		8,791		1.2	%
7. BAX Global Inc/Schenker/Deutsche Bahn(7)		17		750,271		0.7	%		7,705		1.1	%
8. La Poste		2		854,427		0.8	%		6,733		0.9	%
9. Panalpina, Inc.		10		1,008,796		0.9	%		6,545		0.9	%
10. City and County of San Francisco		1		559,605		0.5	%		5,714		0.8	%
Total				11,584,915		10.8	%	$	116,251		16.1	%

LEASE EXPIRATIONS⁽⁹⁾
(dollars in thousands)

Year	Square Feet		ABR(1) (5) (7)		% of ABR(1) (5)
2007		8,498,761	$	53,310		7.3	%
2008		16,205,000		103,462		14.1	%
2009		19,420,934		122,659		16.7	%
2010		15,436,190		112,806		15.4	%
2011		13,988,406		101,581		13.9	%
2012		11,448,715		88,731		12.1	%
2013		5,623,328		38,278		5.2	%
2014		5,782,055		41,489		5.7	%
2015		2,935,910		21,051		2.9	%
2016 and beyond		7,068,199		49,665		6.8	%
Total		106,407,498	$	733,032		100.0	%

(1)	See Reporting Definitions for definitions of “owned and managed”, “same store properties” and “annualized base rent (“ABR”), as applicable.
(2)	Consists of second generation leases renewing or re-tenanting with current and prior lease terms greater than one year.
(3)	See Supplemental Financial Measures Disclosures.
(4)	For the quarter ended June 30, 2007, on a consolidated basis, the % change was 5.4%, 5.5%, 5.4% and 5.4%, respectively, for revenues, expenses, NOI and NOI without lease termination fees. For the year-to-date ended June 30, 2007, on a consolidated basis, the % change was 5.7%, 5.9%, 5.6% and 5.6%, respectively, for revenues, expenses, NOI and NOI without lease termination fees.
(5)	ABR is reported net of all operating expense reimbursements.
(6)	Customer(s) may be a subsidiary of or an entity affiliated with the named customer. AMB also owns a 19.9 acre land parcel adjacent to LAX, which is leased to a parking lot operator with an ABR of $7.8 million, which is not included.
(7)	Apron rental amounts (but not square footage) are included.
(8)	United States Government includes the United States Postal Service (USPS), United States Customs, United States Department of Agriculture (USDA) and various other U.S. governmental agencies.
(9)	Schedule represents spaces that expire on or after June 30, 2007. Schedule includes owned and managed operating properties.

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PRINCIPAL GLOBAL MARKETS ⁽¹⁾
As of June 30, 2007

																												Total
				No. New			San																					Principal
	Southern			Jersey/			Francisco						U.S.			South												Global
	California(2)			New York			Bay Area			Chicago			On-Tarmac(3)			Florida			Seattle			Tokyo(4)			Paris(4)			Markets
Rentable square feet		15,863,691			10,709,491			10,478,861			12,423,064			2,679,328			5,885,118			7,818,178			3,858,593			2,328,122			72,044,446
Occupancy percentage		97.8	%		98.9	%		98.0	%		91.4	%		94.8	%		97.1	%		97.1	%		95.4	%		99.1	%		96.6	%
ABR (000’s)(5)	$	102,947		$	76,849		$	72,060		$	59,670		$	46,771		$	43,533		$	37,530		$	41,271		$	19,586		$	500,217
% of total ABR(5)		14.3	%		10.7	%		10.0	%		8.3	%		6.5	%		6.0	%		5.2	%		5.8	%		2.7	%		69.5	%
ABR per square foot	$	6.64		$	7.25		$	7.02		$	5.25		$	18.41		$	7.62		$	4.94		$	11.21		$	8.49		$	7.19
Lease expirations as a % of ABR:(5)
2007		5.9	%		2.4	%		6.8	%		16.7	%		12.0	%		11.1	%		4.4	%		4.6	%		9.0	%		7.6	%
2008		15.5	%		12.0	%		17.0	%		12.0	%		15.8	%		13.8	%		11.4	%		12.5	%		13.1	%		14.0	%
2009		13.5	%		16.5	%		22.1	%		14.5	%		6.3	%		15.9	%		26.1	%		20.6	%		22.9	%		16.8	%
Weighted average lease terms:
Original		5.6			6.9			5.5			5.5			8.7			5.7			6.2			4.8			6.8			6.0
Remaining		3.2			4.1			2.5			3.2			4.8			3.5			3.2			3.4			3.4			3.3
Trailing four quarter tenant retention:		80.5	%		82.4	%		68.1	%		75.5	%		81.4	%		59.1	%		86.9	%		15.0	%		0.0	%		76.6	%
Rent increases on renewals and rollovers:
Quarter		21.9	%		12.7	%		(19.2	%)		—			(0.8	%)		17.7	%		13.0	%		—			—			2.6	%
Same space square feet leased		641,925			710,653			730,719			442,764			144,203			152,169			534,042			—			—			3,356,475
Year-to-Date		11.8	%		2.1	%		(8.9	%)		(1.7	%)		(0.6	%)		13.8	%		11.1	%		—			—			2.7	%
Same space square feet leased		1,567,446			1,670,853			1,382,589			739,569			252,975			546,298			770,242			—			—			6,929,972
Same store cash basis NOI % change:(6)
Quarter		7.9	%		2.5	%		8.4	%		(1.7	%)		4.1	%		9.7	%		3.7	%		14.4	%		22.3	%		5.9	%
Year-to-Date		4.2	%		7.3	%		7.6	%		3.4	%		2.5	%		13.4	%		4.4	%		16.6	%		26.8	%		6.6	%
Same store square feet as % of aggregate square feet(5)		83.8	%		86.8	%		98.3	%		75.4	%		100.0	%		86.6	%		88.9	%		30.3	%		43.9	%		82.1	%
AMB’s pro rata share of square feet(7)		11,452,147			5,590,027			7,752,796			9,183,681			2,488,584			4,387,620			3,944,593			771,719			465,624			46,036,791
AMB’s pro rata % share of square feet(7)		59.7	%		52.2	%		74.0	%		55.8	%		92.9	%		74.6	%		50.5	%		20.0	%		20.0	%		58.0	%

(1)	Based on annualized base rent and represents AMB’s owned and managed portfolio. The markets included here are a subset of AMB’s regions defined as East, Southwest, and West Central in North America, Europe and Asia. See Reporting Definitions for the definition of owned and managed.
(2)	AMB also owns a 19.9 acre land parcel, which is leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX.
(3)	Includes on-tarmac cargo facilities at 14 airports.
(4)	At June 30, 2007, this represents our largest single market in Asia and Europe respectively.
(5)	See Reporting Definitions for definitions of “ABR” and “same store properties”, as applicable.
(6)	See Supplemental Financial Measures Disclosures.
(7)	Calculated as AMB’s pro rata share of square feet on the total stabilized portfolio as shown on the next page.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

PORTFOLIO OVERVIEW⁽¹⁾
As of June 30, 2007

(dollars in thousands, except per square foot amounts)

	Rentable
	Square		Occupancy				% of Total		ABR per
	Feet		Percentage		ABR(2)		ABR(2)		Square Foot(2)
Principal Global Markets		72,044,446	96.6	%	$	500,217	69.5	%	$	7.19
Other Global Target Markets(6)
North America Markets
Atlanta		4,622,651	94.9	%	$	19,504	2.7	%	$	4.45
Baltimore		3,755,256	97.5	%		23,611	3.3	%		6.45
Boston		5,188,593	93.2	%		32,158	4.5	%		6.65
Dallas		5,103,641	93.7	%		22,734	3.2	%		4.75
Mexico City		2,022,489	95.8	%		12,055	1.7	%		6.22
Minneapolis		4,006,858	94.9	%		17,551	2.4	%		4.62
Other Markets(3)		8,102,257	94.2	%		41,644	5.7	%		5.46
Subtotal/Weighted Average		32,801,745	94.6	%	$	169,257	23.5	%	$	5.45
Europe Markets
Amsterdam, Netherlands		1,613,855	99.7	%	$	15,363	2.0	%	$	9.55
Brussels, Belgium		100,169	100.0	%		1,369	0.2	%		13.67
Frankfurt, Germany		275,868	100.0	%		4,550	0.6	%		16.49
Hamburg, Germany		1,425,002	99.9	%		10,481	1.5	%		7.37
Lyon, France		262,491	100.0	%		1,827	0.3	%		6.96
Subtotal/Weighted Average		3,677,385	99.8	%	$	33,590	4.6	%	$	9.15
Asia Markets
Osaka, Japan		1,018,875	91.1	%	$	7,885	1.1	%	$	8.50
Shanghai, China		1,380,248	100.0	%		5,233	0.7	%		3.79
Singapore, Singapore		412,929	95.9	%		4,469	0.6	%		11.28
Subtotal/Weighted Average		2,812,052	96.2	%	$	17,587	2.4	%	$	6.50
Owned and Managed Total		111,335,628	96.1	%	$	720,651	100.0	%	$	6.74
Other(4)		7,495,659	95.4	%
Total Stabilized Portfolio(2)		118,831,287	96.0	%
Development Projects		17,912,529
Total Portfolio(5)		136,743,816

(1)	Includes AMB’s owned and managed operating and development properties, investments in operating properties through non-managed unconsolidated joint ventures, and recently completed developments that have not yet been placed in operations but are being held for sale or contribution. See Reporting Definitions for the definition of owned and managed.
(2)	See Reporting Definitions for definitions of “Annualized Base Rent (ABR)” and “completion/stabilization”, as applicable.
(3)	Other Markets includes other target markets (Austin, Guadalajara, Houston, Orlando and Querétaro) and non-target markets (Columbus and New Orleans).
(4)	Includes investments in 7.4 million square feet of operating properties through AMB’s investments in unconsolidated joint ventures that it does not manage which it excludes from its owned and managed portfolio and 151,606 square feet for its investment in AMB Pier One, LLC.
(5)	Total Portfolio includes recently completed development projects available for sale or contribution totaling 13 projects and 3.8 million square feet.
(6)	AMB’s pro rata share of square feet and pro rata % share of square feet is 22,103,183 and 56.3%, respectively, for other global target markets.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

CAPITAL DEPLOYMENT
For the Quarter ended June 30, 2007

(dollars in thousands)

		Month of	Square
Property Acquisitions	Market	Acquisition	Feet
AMB Alliance Fund III
1. AMB Baltimore Beltway Industrial	Baltimore	April		708,932
2. AMB Topside Distribution Center	Southern California	April		107,154
3. AMB Wayfarer Distribution Center	Southern California	April		129,499
4. AMB Mittel Distribution Center	Chicago	May		82,114
5. AMB Los Nietos Business Center 2	Southern California	June		141,826
6. AMB Maude R&D	San Francisco Bay Area	June		20,000
7. AMB Port America Logistics Center 12-15	Dallas	June		147,900
Total AMB Alliance Fund III				1,337,425
AMB Japan Fund I
8. AMB Chiba Distribution Center 1	Toyko, Japan	June		46,845
9. AMB Fukuoka Distribution Center 1	Osaka, Japan	June		53,720
10 AMB Funabashi Distribution Center 7-9	Toyko, Japan	June		503,219
11. AMB Higashi Ogijima Distribution Center 2	Toyko, Japan	June		176,861
12. AMB Narashino Distribution Center 1	Toyko, Japan	June		136,664
13. AMB Saitama Distribution 5	Toyko, Japan	June		8,255
Total AMB Japan Fund I				925,564
AMB Europe Fund I
14. AMB Arena Distribution Centers	Amsterdam, Netherlands	June		270,906
15. AMB Gonesse Distribution 3 & 4	Paris, France	June		454,559
16. AMB Waltershof 4-7	Hamburg, Germany	June		474,796
17. AMB Eemhaven Distribution 3	Amsterdam, Netherlands	June		145,054
Total AMB Europe Fund I				1,345,315
AMB-SGP Mexico
18. AMB Frontera Distribution Center	Tijuana, Mexico	April		264,103
19. AMB Arbolada Distribution Center	Guadalajara, Mexico	May		222,113
20. AMB Los Altos Industrial Park	Guadalajara, Mexico	May		1,151,955
Total AMB-SGP Mexico				1,638,171

Continued on next page

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

CAPITAL DEPLOYMENT
For the Quarter ended June 30, 2007

(dollars in thousands)
(continued)

		Month of	Square
Property Acquisitions	Market	Acquisition	Feet
AMB Property Corporation
21. AMB Annagem Distribution Center II	Toronto, Canada	April		106,184
22. AMB Portview(1)	No. New Jersey/New York	June		26,697
23. AMB Taft Distribution Center(1)	Houston	June		66,000
Total AMB Property Corporation				198,881
Total Second Quarter Property Acquisitions				5,445,356
Acquisition Cost(2) (3)			$	494,610
AMB’s Weighted Average Ownership Percentage				22	%
Weighted Average Stabilized Cap Rate (Using GAAP NOI)(6)				6.6	%
Total Year-to-Date Property Acquisitions				7,236,649
Acquisition Cost(2) (3)			$	636,367
AMB’s Weighted Average Ownership Percentage				25	%
Weighted Average Stabilized Cap Rate (Using GAAP NOI)(6)				6.5	%
			Estimated
		Estimated	Square Feet
New Development Projects	Market	Stabilization(4)	at Stabilization(4)
1. AMB Osgood Industrial(5)	San Francisco Bay Area	Q407		—
2. AMB IAH Airfreight 7	Houston	Q208		239,500
3. AMB El Segundo	Southern California	Q408		217,740
4. AMB Liberty Logistics Center	No. New Jersey/New York	Q408		191,196
5. AMB Minooka Distribution Center	Chicago	Q408		1,000,743
6. AMB Morgan Business Center — Bldg 100	Savannah	Q408		343,030
7. AMB Tsurumi Distribution Center 1	Tokyo, Japan	Q408		685,757
8. AMB Beacon Lakes Village — Phase 1 Bldg E2	South Florida	Q408		52,918
9. AMB Arrayanes — Bldg 4	Guadalajara, Mexico	Q109		265,050
10. AMB Pacifico — Bldgs 3 & 4	Tijuana, Mexico	Q109		194,977
Total Second Quarter New Development Projects				3,190,911
Estimated Total Investment(4)			$	265,134
AMB’s Weighted Average Ownership Percentage				69	%
Weighted Average Estimated Yield(4)				7.4	%
Total Second Quarter Capital Deployment			$	759,744
Total Year-to-Date Capital Deployment			$	1,092,245

(1)	Represents a future redevelopment project.
(2)	Represents the total expected investment, including closing costs and estimated acquisition capital of $7.0 million and $11.8 million, respectively, for the quarter and six months ended June 30, 2007.
(3)	Non-U.S. Dollar assets are translated using the exchange rate on the date of acquisition.
(4)	See Reporting Definitions for definitions of “completion/stabilization”, “estimated total investment” and “estimated yields”, as applicable.
(5)	Represents a value-added conversion project. See Reporting Definitions.
(6)	See Reporting Definitions for definition of “stabilized GAAP cap rates” and Supplemental Financial Disclosures for discussion of NOI.

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SUPPLEMENTAL ANALYST PACKAGE
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PROPERTY CONTRIBUTIONS & DISPOSITIONS
For the Quarter ended June 30, 2007

(dollars in thousands)

		Month of
		Contribution/	Square
Operating Property Contributions and Dispositions	Market	Disposition	Feet
Contributions
1. AMB Europe Fund I	Europe	June		4,231,348
2. AMB Beacon Lakes 9	South Florida	June		206,656
Total Contributions				4,438,004
Contribution Value(1)			$	520,260
Dispositions
None	n/a	n/a		n/a
Total Second Quarter Operating Property Contributions and Dispositions				4,438,004
Total Contribution Value(1)			$	520,260
AMB’s Weighted Average Ownership Percentage Sold or Contributed				80	%
Weighted Average Stabilized Cash Cap Rate				6.4	%
Total Year-to-Date Operating Property Contributions and Dispositions				4,533,953
Total Contribution Value(1)			$	524,851
AMB’s Weighted Average Ownership Percentage Sold or Contributed				80	%
Weighted Average Stabilized Cash Cap Rate				6.4	%

		Month of
		Contribution/	Square
Development Property Contributions and Dispositions	Market	Disposition	Feet
Contributions
1. AMB Riverfront Distribution Center — Bldg B(2)	Seattle	June		388,000
2. AMB Fokker Logistics Center 1	Amsterdam, Netherlands	June		236,203
3. AMB Beacon Lakes — Bldg 6	South Florida	June		206,524
4. AMB DFW Logistics Center — 1	Dallas	June		113,640
5. AMB FRA Logistics Center 556 — Phase II	Frankfurt, Germany	June		108,952
6. AMB BRU Air Cargo Center	Brussels, Belgium	June		102,655
Total Contributions				1,155,974
Contribution Value(1)			$	138,540
Development Margin(3)				32.0	%
Dispositions
1. AMB Forest Park Freight Terminal(2)	Atlanta	June		142,000
2. AMB Beacon Lakes Village — Phase 1 Bldg E1 — 4 units	South Florida	June		26,334
3. AMB Torrance Matrix — 2 units(2)	Southern California	June		11,770
Total Dispositions				180,104
Disposition Price(1)			$	20,915
Development Margin(3)				19.5	%
Total Second Quarter Development Property Contributions and Dispositions				1,336,078
Total Contribution Value and Disposition Price(1)			$	159,455
Development Margin(3)				30.5	%
AMB’s Weighted Average Ownership Percentage Sold or Contributed				83	%
Weighted Average Stabilized Cash Cap Rate				6.0	%
Total Year-to-Date Development Property Contributions and Dispositions				1,997,395
Total Contribution Value and Disposition Price(1)			$	240,153
Development Margin(3)				27.3	%
AMB’s Weighted Average Ownership Percentage Sold or Contributed				84	%
Weighted Average Stabilized Cash Cap Rate				6.2	%

(1)	Translated to U.S. Dollars using the exchange rate on the date of contribution/disposition, as applicable.
(2)	Represents a project that was placed in projects available for sale or contribution during the quarter ended June 30, 2007, and was sold or contributed during the quarter.
(3)	See Reporting Definitions for definition of “development margin”.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

DEVELOPMENT PROJECTS IN PROCESS
As of June 30, 2007

(dollars in thousands)

			Estimated
		Estimated	Square Feet
2007 Deliveries	Market	Stabilization(1)	at Stabilization(1)
1. AMB Altenwerder Distribution Center 1(3)	Hamburg, Germany	Q3		414,701
2. AMB Dublin(4)	San Francisco Bay Area	Q3		—
3. AMB Pearson Logistics Centre 1 — Bldg 200	Toronto, Canada	Q3		205,518
4. AMB Tres Rios Industrial Park — Bldg 3	Mexico City, Mexico	Q3		628,784
5. AMB Tres Rios Industrial Park — Bldg 4	Mexico City, Mexico	Q3		315,156
6. AMB Osgood Industrial(4) (5)	San Francisco Bay Area	Q4		—
7. AMB Arrayanes — Bldg 2	Guadalajara, Mexico	Q4		473,720
8. AMB Milton 401 Business Park — Bldg 2	Toronto, Canada	Q4		281,358
9. AMB Pearson Logistics Centre 1 — Bldg 100	Toronto, Canada	Q4		446,338
10. AMB Sagamihara Distribution Center	Tokyo, Japan	Q4		543,056
11. AMB Fokker Logistics Center 3	Amsterdam, Netherlands	Q4		332,109
12. AMB Hathaway(4)	San Francisco Bay Area	Q4		—
13. AMB Isle d’Abeau Logistics Park Bldg. C	Lyon, France	Q4		277,817
14. AMB Wille Distribution Center	Chicago	Q4		253,410
15. AMB Beacon Lakes — Commerce Bank	South Florida	Q4		101,345
16. AMB Beacon Lakes Bldg 7	South Florida	Q4		193,090
Total 2007 Deliveries				4,466,402
Estimated Total Investment(1)			$	429,642
Funded-to-date			$	346,389	(2)
AMB’s Weighted Average Ownership Percentage				92	%
Weighted Average Estimated Yield(1)				7.7	%
% Pre-leased				50	%

Continued on next page

(1)	See Reporting Definitions for definitions of “completion/stabilization”, “estimated total investment” and “estimated yield”, as applicable.
(2)	AMB’s share of amounts funded to date for 2007, 2008 and 2009 deliveries was $314.8 million, $570.9 million and $8.5 million, respectively, for a total of $894.2 million.
(3)	Property was previously named AMB Port of Hamburg 1.
(4)	Represents a value-added conversion project. See Reporting Definitions.
(5)	Represents a new development start for the quarter ended June 30, 2007.

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SUPPLEMENTAL ANALYST PACKAGE
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DEVELOPMENT PROJECTS IN PROCESS
As of June 30, 2007

(dollars in thousands)
(continued)

			Estimated
		Estimated	Square Feet
2008 Deliveries	Market	Stabilization(1)	at Stabilization(1)
17. AMB Aurora Industrial(5)	Minneapolis	Q1		122,793
18. AMB Valley Distribution Center	Seattle	Q1		749,970
19. AMB Amagasaki Distribution Center 2	Osaka, Japan	Q2		981,679
20. AMB Agave Bldg 5	Mexico City, Mexico	Q2		111,589
21. AMB Redlands 2	Southern California	Q2		1,313,470
22. AMB Le Grand Roissy Distribution — Mitry	Paris, France	Q2		37,954
23. AMB Shinkiba Distribution Center	Tokyo, Japan	Q2		333,668
24. AMB Theodore Park Logistics Center	Dusseldorf, Germany	Q2		140,566
25. AMB Narita Air Cargo 1 — Phase 1 Bldg C	Tokyo, Japan	Q2		348,891
26. AMB IAH Airfreight 7(4)	Houston	Q2		239,500
27. AMB Platinum Triangle Land — Phase 1(3)	Southern California	Q2		—
28. AMB Barajas Logistics Park	Madrid, Spain	Q2		444,043
29. AMB Palmetto Distribution Center	Orlando	Q2		406,400
30. AMB Franklin Commerce Center	No. New Jersey/New York	Q3		366,896
31. AMB Lijnden Logistics Court 1	Lijnden, Netherlands	Q3		96,520
32. AMB Nanko Naka Distribution Center	Osaka, Japan	Q3		402,313
33. AMB Remington Lakes Distribution	Chicago	Q4		228,413
34. AMB Beacon Lakes Village — Phase 1 Bldg E2(4)	South Florida	Q4		52,918
35. AMB Pompano Center of Commerce — Phase 1	South Florida	Q4		218,835
36. AMB Liberty Logistics Center(4)	No. New Jersey/New York	Q4		191,196
37. AMB Morgan Business Center — Bldg 100(4)	Savannah	Q4		343,030
38. AMB El Segundo(4)	Southern California	Q4		217,740
39. AMB Minooka Distribution Center(4)	Chicago	Q4		1,000,743
40. AMB Tsurumi Distribution Center 1(4)	Tokyo, Japan	Q4		685,757
41. AMB ICN Logistics Center	Seoul, Korea	Q4		362,745
42. AMB Platinum Triangle Land — Phase 2(3)	Southern California	Q4		—
43. AMB Akechi Distribution Center	Nagoya, Japan	Q4		979,357
Total 2008 Deliveries				10,376,986
Estimated Total Investment(1)			$	976,350
Funded-to-date			$	611,832	(2)
AMB’s Weighted Average Ownership Percentage				91	%
Weighted Average Estimated Yield(1)				7.3	%
% Pre-leased				14	%

Continued on next page

(1)	See Reporting Definitions for definitions of “completion/stabilization”, “estimated total investment” and “estimated yield”, as applicable.
(2)	AMB’s share of amounts funded to date for 2007, 2008 and 2009 deliveries was $314.8 million, $570.9 million and $8.5 million, respectively, for a total of $894.2 million.
(3)	Represents a value-added conversion project. See Reporting Definitions.
(4)	Represents a new development start for the quarter ended June 30, 2007.
(5)	Represents a redevelopment project. See Reporting Definitions.

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2007 Second Quarter Earnings Conference Call

DEVELOPMENT PROJECTS IN PROCESS
As of June 30, 2007

(dollars in thousands)
(continued)

			Estimated
		Estimated	Square Feet
2009 Deliveries	Market	Stabilization(1)	at Stabilization(1)
44. AMB Arrayanes — Bldg 4(4)	Guadalajara, Mexico	Q1		265,050
45. AMB Pacifico — Bldgs 3 & 4(4)	Tijuana, Mexico	Q1		194,977
46. AMB Siziano Business Park — Bldg 1	Milan, Italy	Q2		436,916
Total 2009 Deliveries				896,943
Estimated Total Investment(1)			$	55,868
Funded-to-date			$	13,766	(2)
AMB’s Weighted Average Ownership Percentage				76	%
Weighted Average Estimated Yield(1)				9.3	%
% Pre-leased				0	%
Total 2007, 2008 and 2009 Scheduled Deliveries				15,740,331
Estimated Total Investment(1)			$	1,461,860
Funded-to-date			$	971,987	(2)
AMB’s Weighted Average Ownership Percentage				90	%
Weighted Average Estimated Yield(1)				7.5	%
% Pre-leased				23	%

(1)	See Reporting Definitions for definitions of “completion/stabilization”, “estimated total investment” and “estimated yield”, as applicable.
(2)	AMB’s share of amounts funded to date for 2007, 2008 and 2009 deliveries was $314.8 million, $570.9 million and $8.5 million, respectively, for a total of $894.2 million.
(3)	Represents a value-added conversion project. See Reporting Definitions.
(4)	Represents a new development start for the quarter ended June 30, 2007.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

DEVELOPMENT PROJECTS PLACED IN OPERATIONS AND
PROJECTS AVAILABLE FOR SALE OR CONTRIBUTION
As of June 30, 2007

(dollars in thousands)

Projects Placed in Operations	Market	Square Feet
None	n/a		n/a
Total Year-to-Date Placed in Operations			179,400
Total Investment(1)		$	10,657
AMB’s Weighted Average Ownership Percentage			20	%
Weighted Average Estimated Yield(1)			8.0	%

Development Projects Available for Sale or Contribution(1)	Market	Square Feet
1. Singapore Airport Logistics Center — Bldg 2(3)	Singapore, Singapore		250,758
2. AMB Milton 401 Business Park — Bldg 1	Toronto, Canada		375,241
3. AMB Fengxian Logistics Center — Bldgs 2, 4 & 6(4)	Shanghai, China		1,040,633
4. Highway 17 — 55 Madison Street(4)	No. New Jersey/New York		150,446
5. AMB Jiuting Distribution Center 2	Shanghai, China		187,866
6. AMB Annagem Distribution Centre	Toronto, Canada		198,169
7. Beacon Lakes Village — Phase 1 Bldg E1 — 1 unit	South Florida		6,583
8. AMB Funabashi Distribution Center 5(5)	Tokyo, Japan		469,254
9. AMB Fokker Logistics Center 2A(5)	Amsterdam, Netherlands		118,166
10. AMB Gonesse Distribution Center(5)	Paris, France		592,779
11. AMB Douglassingel Distribution Center(5)	Amsterdam, Netherlands		148,714
12. AMB Steel Road(5)	Southern California		161,000
13. AMB Torrance Matrix — 22 units(5)	Southern California		150,015
Total Available for Sale or Contribution			3,849,624
Total Investment(1)		$	305,306
AMB’s Weighted Average Ownership Percentage			92	%
% Leased			85	%

Operating Properties Available for Contribution (2)	Market	Square Feet
1. AMB Annagem Distribution Centre II(5)	Toronto, Canada		106,184
2. AMB Jiuting Distribution Center 1(5)	Shanghai, China		162,171
3. Singapore Airport Logistics Center — Bldg 3(5)	Singapore, Singapore		151,749
Total Available for Contribution			420,104
Total Investment(1)		$	33,063
AMB’s Weighted Average Ownership Percentage			100	%
% Leased			86	%

(1)	See Reporting Definitions for definitions of “estimated total investment” and “estimated yields”, as applicable.
(2)	Represents projects where development activities have been completed and which AMB intends to sell or contribute within two years of construction completion.
(3)	Represents a project in an unconsolidated joint venture.
(4)	Represents a redevelopment project. See Reporting Definitions.
(5)	Represents an asset placed in available for sale or contribution during the quarter ended June 30, 2007. Assets placed in available for sale or contribution during the quarter totaled $258.9 million and 2.6 million square feet.

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LAND INVENTORY⁽¹⁾
As of June 30, 2007

(dollars in thousands)

	North America						Europe				Asia						Totals
				Estimated					Estimated					Estimated						Estimated
				Build Out Potential					Build Out Potential					Build Out Potential						Build Out Potential
	Acres(4)			(square feet)			Acres		(square feet)		Acres			(square feet)			Acres			(square feet)
Balance as of March 31, 2007		1,989			31,679,740			53		1,037,254		46			2,562,538			2,088			35,279,532
Acquisitions		513			9,816,975			—		—		2			406,793			515			10,223,768
Development Starts		(157	)		(2,504,929	)		—		—		(8	)		(685,757	)		(165	)		(3,190,686	)
Balance as of June 30, 2007		2,345			38,991,786			53		1,037,254		40			2,283,574			2,438	(5)		42,312,614	(5)
Total investments in Land(2)				$	419,784				$	28,572				$	84,562					$	532,918	(5)
Estimated Development Cost																				$	2,103,870	(3)

(1)	Includes consolidated and unconsolidated investments.
(2)	Includes initial acquisition cost and associated carry costs.
(3)	Represents total estimated costs of development including initial land acquisition cost and associated carry costs assuming full build out of land inventory.
(4)	AMB also has a 19.9 acre land parcel leased to a parking lot operator in the Los Angeles market immediately adjacent to LAX.
(5)	AMB’s share of acres, square feet of estimated build out potential, and total investment including amounts held in unconsolidated joint ventures is 2,243 acres, 39,014,861 square feet and $423,701, respectively.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

CAPITALIZATION SUMMARY
As of June 30, 2007

(dollars in thousands, except share price)

	AMB			Joint			Unsecured
	Secured			Venture			Senior			Credit			Other			Total
Year	Debt(1)			Debt(1)			Debt			Facilities(2)			Debt			Debt
2007	$	57,917		$	29,640		$	55,000		$	—		$	13,179		$	155,736
2008		69,188			79,398			175,000			—			810			324,396
2009		25,799			127,993			100,000			—			873			254,665
2010		65,905			95,179			250,000			562,184			941			974,209
2011		115			189,611			75,000			—			1,014			265,740
2012		2,044			449,587			—			—			1,093			452,724
2013		—			46,447			175,000			—			65,920	(6)		287,367
2014		—			4,076			—			—			616			4,692
2015		—			18,780			112,491			—			664			131,935
2016		—			54,995			—			—			—			54,995
Thereafter		—			19,091			125,000			—			—			144,091
Sub-total		220,968			1,114,797			1,067,491			562,184			85,110			3,050,550
Unamortized premiums/(discount)		1,225			3,712			(9,993	)		—			—			(5,056	)
Total consolidated debt		222,193			1,118,509			1,057,498			562,184			85,110			3,045,494
AMB’s share of unconsolidated JV Debt(3) (5)		—			458,931			—			—			42,252			501,183
Total debt		222,193			1,577,440			1,057,498			562,184			127,362			3,546,677
JV partners’ share of consolidated JV debt(5)		—			(717,813	)		—			—			(52,000	)		(769,813	)
AMB’s share of total debt(5)	$	222,193		$	859,627		$	1,057,498		$	562,184		$	75,362		$	2,776,864
Weighted average interest rate		6.0	%		6.2	%		6.2	%		2.1	%		6.4	%		5.4	%
Weighted average maturity (in years)		1.6			4.6			4.5			2.8			5.0			4.0

Market Equity
Security	Shares		Price		Value
Common Stock		99,660,284	$	53.22	$	5,303,920
LP Units		4,402,174		53.22		234,284
Total		104,062,458			$	5,538,204

Preferred Stock and Units(4)
	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
Total debt-to-total market capitalization(5)	37.7	%
AMB’s share of total debt-to-AMB’s share of total market capitalization(5)	32.2	%
Total debt plus preferred-to-total market capitalization(5)	41.1	%
AMB’s share of total debt plus preferred-to-AMB’s share of total market capitalization(5)	35.8	%

(1)	AMB secured debt includes debt related to European and Asian assets in the amount of $60.5 million and $45.5 million, respectively.
(2)	Represents three credit facilities with total capacity of approximately $1,247 million. Includes $403.8 million and $158.3 million in Yen and Canadian dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at June 30, 2007.
(3)	The weighted average interest and maturity for the unconsolidated JV debt were 4.5% and 5.1 years, respectively.
(4)	Exchangeable under certain circumstances by the unitholder and redeemable at the option of AMB after a non-call period, five years from issuance.
(5)	See Reporting Definitions and Supplemental Financial Measures Disclosures.
(6)	Maturity includes $65 million balance outstanding on a $65 million non-recourse credit facility obtained by AMB Partners II.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES⁽¹⁾
As of June 30, 2007

(dollars in thousands)

		AMB’s						Gross						AMB’s		Estimated		Planned
	Geographic	Ownership			Square			Book		Property		Other		Net Equity		Investment		Gross
Unconsolidated Joint Ventures	Focus	Percentage			Feet(2)			Value(3)		Debt		Debt		Investment(4)		Capacity		Capitalization
Co-Investment Operating Joint Ventures:
AMB Institutional Alliance Fund III(5)	United States		20	%		17,999,126		$	1,672,461	$	793,729	$	60,000	$	139,448	$	202,000	$	1,874,461
AMB Japan Fund I(6)	Japan		20	%		4,877,468			757,580		477,701		95,673		44,905		1,220,000		1,977,580
AMB Europe Fund I(5) (6)	Europe		20	%		6,005,508			718,863		418,568		—		48,686		224,000		942,863
AMB-SGP Mexico	Mexico		20	%		4,688,440			253,153		113,397		55,851		12,839		462,000		715,153
Total Co-Investment Operating Joint Ventures			20	%		33,570,542			3,402,057		1,803,395		211,524		245,878		2,108,000		5,510,057
Co-Investment Development Joint Ventures:
AMB DFS Fund I	United States		15	%		1,218,483			118,821		—		—		17,833		328,000		446,821
Other Industrial Operating Joint Ventures			53	%		7,669,507	(7)		291,921		181,060		—		49,361		n/a		n/a
Total Unconsolidated Joint Ventures			22	%		42,458,532		$	3,812,799	$	1,984,455	$	211,524	$	313,072	$	2,436,000	$	5,956,878
Consolidated Joint Ventures
Co-Investment Operating Joint Ventures:
AMB Partners II	United States		20	%		9,913,375		$	686,368	$	320,662	$	65,000
AMB Institutional Alliance Fund II	United States		20	%		8,007,103			519,473		240,812		—
AMB-SGP	United States		50	%		8,287,424			448,399		348,928		—
AMB-AMS	United States		39	%		2,172,137			155,235		84,118		—
AMB Erie	United States		50	%		821,712			52,654		20,318		—
Total Co-Investment Operating Joint Ventures			30	%		29,201,751			1,862,129		1,014,838		65,000
Co-Investment Development Joint Ventures:
AMB Partners II	United States		20	%		n/a			955		—		—
AMB Institutional Alliance Fund II	United States		20	%		n/a			4,293		—		—
Total Co-Investment Development Joint Ventures			20	%		—			5,248		—		—
Total Co-Investment Joint Ventures			30	%		29,201,751			1,867,377		1,014,838		65,000
Other Industrial Operating Joint Ventures			92	%		2,196,134			207,530		29,180		—
Other Industrial Development Joint Ventures			71	%		4,214,731			398,506		74,491		—
Total Consolidated Joint Ventures			42	%		35,612,616		$	2,473,413	$	1,118,509	$	65,000

Selected Operating Results
For the Quarter Ended June 30, 2007	Cash NOI(8)		Net Income		FFO(8)		Share of	Cash NOI(8)		Net Income		FFO(8)
Unconsolidated Joint Ventures	$	47,524	$	6,272	$	22,432	AMB’s	$	11,527	$	1,748	$	5,805
Consolidated Co-Investment Joint Ventures	$	36,832	$	8,224	$	21,214	Partner’s	$	26,672	$	4,318	$	14,929

Selected Operating Results
For the Six Months Ended June 30, 2007	Cash NOI(8)		Net Income		FFO(8)		Share of	Cash NOI(8)		Net Income		FFO(8)
Unconsolidated Joint Ventures	$	87,004	$	12,711	$	42,961	AMB’s	$	23,066	$	3,861	$	11,480
Consolidated Co-Investment Joint Ventures	$	73,365	$	13,872	$	39,582	Partner’s	$	53,440	$	8,395	$	30,810

(1)	See Joint Venture Partner Information.
(2)	For development properties, this represents estimated square feet upon completion for committed phases of development projects.
(3)	Represents the book value of the property (before accumulated depreciation) owned by the joint venture entity and excludes net other assets. Development book values include uncommitted land.
(4)	AMB also has a 39% equity interest in G. Accion, a Mexican real estate company for approximately $36.5 million. G. Accion provides real estate management and development services in Mexico.
(5)	The 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 Fund’s current cash and leverage limitations as of the most recent quarter end.
(6)	AMB Japan Fund I is a yen-denominated fund. AMB Europe Fund I is a euro-denominated fund. U.S. dollar amounts are converted at the June 30, 2007 exchange rate.
(7)	Includes investments in 7.4 million square feet of operating properties through AMB’s investments in unconsolidated joint ventures that it does not manage which it excludes from its owned and managed portfolio. See Reporting Definitions for the definition of owned and managed.
(8)	See Supplemental Financial Measures Disclosures and Reporting Definitions.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

SUPPLEMENTAL INFORMATION FOR NET ASSET VALUE ANALYSIS⁽¹⁾

(dollars in thousands)

	For the Quarter Ended
	June 30, 2007
AMB’s Share of cash basis NOI(1) (2)
Rental revenues	$	162,914
Straight-line rents and amortization of lease intangibles		(2,235	)
Property operating costs		(43,304	)
JV Partners’ share of cash basis NOI(1) (2)		(27,181	)
AMB’s share of transaction activity adjustments to NOI(1) (2) (3)		(9,650	)
AMB’s share of unconsolidated JV’s cash basis NOI(1) (2)		11,979
Total AMB’s share of cash basis NOI(1) (2)	$	92,523
Private capital income	$	8,518
AMB’s share of land and development projects
AMB’s share of land held for future development(2) (4)	$	423,701
AMB’s share of developments and renovations in process(2) (4)	$	894,200
AMB’s share of development projects held for contribution or sale(2) (4)	$	280,882
AMB’s share of assets contributed to private capital joint ventures(2) (4)	$	131,760
AMB’s share of total debt and preferred securities(1) (2) (4)	$	3,089,131
AMB’s share of select balance sheet items (owned and managed portfolio): (1) (2)
Cash and cash equivalents	$	253,939
Mortgages and loans receivable		4,546
Accounts receivable (net) and other assets		290,944
Deferred rents receivable and deferred financing costs (net)		(73,162	)
Accounts payable and other liabilities		(288,136	)
AMB’s share of other assets and liabilities	$	188,131

(1)	See Supplemental Financial Disclosures.
(2)	See Reporting Definitions for definitions of “AMB’s share of”, “JV Partner’s share of” and “owned and managed”, as applicable.
(3)	Transaction activity adjustments to NOI stabilizes NOI for acquisitions and development completions and removes NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution.
(4)	See Property Contributions & Dispositions, Development Projects in Process, Development Projects Placed in Operations & Projects Available for Sale or Contribution or Capitalization Summary and their respective footnotes for further information.

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	SUPPLEMENTAL ANALYST PACKAGE
	2007 Second Quarter Earnings Conference Call

REPORTING DEFINITIONS

Acquisition/non-recurring capexincludes immediate building improvements that were 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. Also includes incremental building improvements and leasing costs that are incurred in an effort to substantially increase the revenue potential of an existing building.

AMB’s share of total debt-to-AMB’s share of total book capitalizationis calculated using the following definitions: AMB’s share of total debt is the pro rata portion of the total debt based on the Company’s percentage of equity interest in each of the consolidated or unconsolidated ventures holding the debt. AMB’s share of total book capitalization is defined as the Company’s share of total debt plus minority interests to preferred unitholders and limited partnership unitholders plus stockholders’ equity.

AMB’s share of total debt-to-AMB’s share of total market capitalizationis calculated using the following definitions: AMB’s share of total debt is the pro rata portion of the total debt based on the Company’s percentage of equity interest in each of the consolidated or unconsolidated ventures holding the debt. The Company’s definition of “total market capitalization” is total debt plus preferred equity liquidation preferences plus market equity. The Company’s definition of “AMB’s share of total market capitalization” is the Company’s share of total debt plus preferred equity liquidation preferences plus market equity. The Company’s definition of “market equity” is the total number of outstanding shares of the Company’s common stock and common limited partnership units multiplied by the closing price per share of its common stock as of the period end.

AMB’s share ofcalculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on the Company’s percentage of equity interest in each of the consolidated or unconsolidated ventures accounted for in the applicable financial measure. The company believes that “AMB’s share of” calculations are meaningful and useful supplemental measures, which enables both management and investors to assess the operations, earnings and growth of the company in light of the company’s 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 their joint ventures. “AMB’s share of” calculations are not intended to reflect actual liability should there be a default under loans or a liquidation of the joint ventures. AMB’s computation of “AMB’s share of” measures may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.

AMB’s share of total market capitalizationis defined as the Company’s share of total debt plus preferred equity liquidation preferences plus market equity.

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 quarter end.

Completion/Stabilizationis generally defined as properties that are 90% leased or properties for which we have held a certificate of occupancy or building has been substantially complete for at least 12 months.

Development marginis calculated as the net after tax gain (before any deferrals) on contributions and dispositions divided by the estimated total investment.

Estimated total investmentrepresents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases 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 projectsare calculated from estimated annual NOI following occupancy stabilization divided by the estimated total investment, including earnouts (if triggered by stabilization), prepaid ground leases and associated carrying costs. Yields exclude value-added conversion projects and are calculated on an after-tax basis for international projects.

Fixed charge coverageis adjusted EBITDA divided by total interest expense (including capitalized interest) plus preferred dividends and distributions.

Interest coverageis adjusted EBITDA divided by total interest expense.

JV Partner’s share ofcalculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on the Company’s joint venture partners’ percentage of equity interest in each of the consolidated or unconsolidated ventures accounted for in the applicable financial measure.

Market equityis defined as the total number of outstanding shares of the Company’s common stock and common limited partnership units multiplied by the closing price per share of its common stock as of the period end.

Occupancy percentagerepresents the percentage of total rentable square feet owned, which is leased, including month-to-month leases, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

Owned and managedis defined by the Company as assets in which the Company has at least a 10% ownership interest, is the property or asset manager, and which it intends to hold for the long-term.

Percentage pre-leasedrepresents the percentage of signed leases only.

Preferred, with respect to its capitalization ratios, is defined as preferred equity liquidation preferences.

Renovation projectsrepresents projects where the acquired buildings are less than 75% leased and require significant capital expenditures (generally more than 10% — 25% of acquisition cost) to bring the buildings up to operating standards and stabilization (generally 90% occupancy).

Redevelopment projectsrepresent those that require significant capital expenditures (generally more than 25% of acquired cost or existing basis) to bring them up to operating standards and stabilization (generally 90% occupancy).

Recurring capital expendituresrepresents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”

Rent increases on renewals and rolloversare calculated as the difference, weighted by square feet, of the net ABR due the first month after a term commencement date and the net ABR due the last month prior to the termination date of the former tenant’s 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 the first in the unit (first generation) and there is no prior lease for comparison, then it is excluded from this calculation.

Same store NOI growthis the change in the NOI (excluding straight-line rents and amortization of lease intangibles) of the same store properties from the prior year reporting period to the current year reporting period.

Same store propertiesinclude all properties that were 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, 2005.

Second generation TIs and LCs per square footare 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 GAAP cap ratesfor acquisitions are calculated as NOI, including straight-line rents, 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, all due diligence and closing costs, lease intangible adjustments, planned immediate capital expenditures, leasing costs necessary to achieve stabilization and, if applicable, any estimated costs required to buy-out AMB’s joint venture partners. For dispositions or contributions, cap rates are calculated as NOI divided by total disposition price or contribution value, as applicable.

Tenant retentionis the square footage of all leases renewed by existing tenants divided by the square footage of all expiring and renewed 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 capitalizationis defined by the Company as total debt plus preferred equity liquidation preferences plus market equity.

Value-added conversion projectrepresents the repurposing of land or a building site for more valuable uses and may include such activities as rezoning, redesigning, reconstructing and retenanting.

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	SUPPLEMENTAL ANALYST PACKAGE
	2007 Second Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

Adjusted EBITDA.The Company uses adjusted earnings before interest, tax, depreciation and amortization, and non-development gains, or adjusted EBITDA, to measure both its operating performance and liquidity. The Company considers adjusted EBITDA to provide investors relevant and useful information because it permits fixed income 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 the Company’s 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. The Company 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, the Company believes that adjusted EBITDA helps fixed income and equity investors to analyze its ability to meet debt service obligations and to make quarterly preferred share and unit distributions. Management uses adjusted EBITDA in the same manner as the Company expects investors to when measuring the Company’s 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 and unit distributions. The Company believes investors should consider adjusted EBITDA, in conjunction with net income (the primary measure of the Company’s performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of the Company’s operating results and liquidity, and to make more meaningful comparisons of the performance of its assets between periods and as against other companies. By excluding interest, taxes, depreciation and amortization, and non-development gains when assessing the Company’s financial performance, an investor is assessing the earnings generated by the Company’s 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 the Company’s required GAAP presentations. Adjusted EBITDA does not reflect the Company’s 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 the Company’s 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, the Company’s computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The following table reconciles adjusted EBITDA from net income for the three and six months ended June 30, 2007 and 2006 (dollars in thousands):

	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income	$	118,269		$	75,353		$	143,951		$	102,930
Depreciation and amortization		41,483			44,500			82,504			87,254
Impairment losses		—			5,394			257			5,394
Stock-based compensation amortization		4,295			6,112			9,403			10,941
Adjustments to derive adjusted EBITDA from unconsolidated JVs:
AMB’s share of net income		(1,748	)		(8,278	)		(3,861	)		(10,366	)
AMB’s share of FFO		5,805			2,096			11,480			5,305
AMB’s share of interest expense		4,249			2,428			8,317			4,455
Interest expense, including amortization		33,369			44,310			67,951			83,704
Total minority interests’ share of income		16,122			14,879			28,070			29,041
Total discontinued operations, including gains		(75,575	)		(21,199	)		(76,500	)		(30,558	)
Discontinued operations’ adjusted EBITDA		(251	)		3,237			(381	)		6,362
Adjusted EBITDA	$	146,018		$	168,832		$	271,191		$	294,462

AMB’s share of select balance sheet items (owned and managed portfolio).AMB believes that the financial information in the consolidated balance sheets based on GAAP provides the most appropriate earnings information. However, AMB considers AMB’s share of select balance sheet items reported on an owned and managed basis (such as cash and cash equivalents, mortgages and loans receivable, accounts receivable (net) and other assets, deferred rents receivable and deferred financing costs (net) and accounts payable and other liabilities) to be useful supplemental measures to help both management and investors make a comprehensive assessment and valuation of AMB’s total real estate portfolio and its operating performance and activities. (See Reporting Definitions for definitions of “owned and managed” and “AMB’s share of”.) While these measures are helpful to the investor, they do not provide balance sheet information as defined by GAAP and are not true alternatives to such GAAP measurements. Further, AMB’s computation of these measures may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.

Cash-basis NOI.Cash-basis NOI is defined as NOI (see definition for “NOI”) less straight line rents and amortization of lease intangibles. The Company 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.

Company’s share of total debt.The Company’s 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 or unconsolidated ventures holding the debt. The Company 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. The Company’s 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 Summary for a reconciliation of total debt and the Company’s share of total debt.

Estimated FFO by Business Line.Estimated FFO by Business Line is FFO (See discussion of FFO) generated by the Company’s Capital Partners, development and real estate operations business lines. Estimated Capital Partners and Development FFO was determined by reducing Capital Partner Income and Development Profits, net of taxes by their respective estimated share of general and administrative expenses. Capital Partners and Developments 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 Capital Partners and Development. 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 a company’s respective business lines to other companies’ comparable business lines. Further, AMB’s 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.

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	SUPPLEMENTAL ANALYST PACKAGE
	2007 Second Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

Fixed charge coverage.Fixed charge coverage is defined as interest expense including amortization of finance costs and debt premiums from continuing and discontinuing operations and amortization of financing costs and debt premiums from continuing and discontinuing operations, the Company’s share of interest expense from unconsolidated joint venture debt, capitalized interest, preferred unit distributions and preferred stock dividends. The Company uses fixed charge coverage to measure its liquidity. The Company believes fixed charge coverage is relevant and useful to investors because it permits fixed income investors to measure the Company’s ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred shareholders. The Company’s computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies.

The following table details the calculation of fixed charges for the three and six months ended June 30, 2007 and 2006 (dollars in thousands):

	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
Fixed charge	2007			2006			2007			2006
Interest expense, including amortization — continuing operations	$	33,369		$	44,310		$	67,951		$	83,704
Amortization of financing costs and debt premiums — continuing operations		(1,185	)		(1,803	)		(2,035	)		(4,473	)
Interest expense, including amortization — discontinued operations		(764	)		(1,036	)		(1,623	)		(1,024	)
Amortization of financing costs and debt premiums — discontinued operations		(7	)		(2	)		(2	)		(3	)
AMB’s share of interest expense from unconsolidated JVs		4,249			2,428			8,317			4,455
Capitalized interest		15,826			10,018			30,368			18,551
Preferred unit distributions		1,480			4,024			5,179			9,025
Preferred stock dividends		3,952			3,095			7,904			6,191
Total fixed charge	$	56,920		$	61,034		$	116,059		$	116,426

Funds From Operations (“FFO”).The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, the Company considers funds from operations, or FFO, as defined by NAREIT, to be a useful supplemental measure of its operating performance. FFO is defined as net income, calculated in accordance with GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive the Company’s pro rata share of FFO of consolidated and unconsolidated joint ventures. Further, the Company does not adjust FFO to eliminate the effects of non-recurring charges. The Company believes that FFO, as defined by NAREIT, is a meaningful supplemental measure of its operating performance because historical cost accounting for real estate assets in accordance with 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, NAREIT created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. The Company believes that the use of FFO, combined with the required 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. The Company considers FFO to be a useful measure 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, FFO can help the investing public compare the operating performance of a company’s real estate between periods or as compared to other companies. While FFO 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 the Company’s liquidity or operating performance. FFO also does not consider the costs associated with capital expenditures related to the Company’s real estate assets nor is FFO necessarily indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO may not be comparable to FFO reported by other real estate investment trusts that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company does. See Consolidated Statements of Funds from Operations for a reconciliation of FFO from net income.

Interest coverage.Interest coverage is defined as interest expense including amortization from continuing and discontinuing operations and the Company’s share of interest expense from unconsolidated joint venture debt. The Company uses interest coverage to measure its liquidity. The Company believes interest coverage is relevant and useful to investors because it permits fixed income investors to measure the Company’s ability to meet its interest payments on outstanding debt. The Company’s computation of interest coverage may not be comparable to interest coverage reported by other companies.

The following table details total interest for the three and six months ended June 30, 2007 and 2006 (dollars in thousands):

	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
Interest	2007			2006			2007			2006
Interest expense, including amortization — continuing operations	$	33,369		$	44,310		$	67,951		$	83,704
Interest expense, including amortization — discontinued operations		(764	)		(1,036	)		(1,623	)		(1,024	)
AMB’s share of interest expense from unconsolidated JVs		4,249			2,428			8,317			4,455
Total interest	$	36,854		$	45,702		$	74,645		$	87,135

Net Asset Value (“NAV”).The Company 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. The Company 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. The Company 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.

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	SUPPLEMENTAL ANALYST PACKAGE
	2007 Second Quarter Earnings Conference Call

SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES

Owned and Managed Supplemental Cash Flow Information.AMB believes that cash flow information based on GAAP provides the most appropriate earnings information. However, AMB considers cash flow information reported on an owned and managed basis (such as straight-line rents and amortization of lease intangibles, AMB’s share of straight-line rents and amortization of lease intangibles, gross lease termination fees, net lease termination fees, AMB’s share of net lease termination fees, tenant improvements, lease commissions and other lease costs, building improvements, JV partners’ share of capital expenditures and AMB’s share of recurring capital expenditures) to be useful supplemental measures to help the investors better understand AMB’s operating performance and cash flow. See Reporting Definitions for definitions of “owned and managed”, “AMB’s share of” and “JV 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 AMB’s total real estate portfolio and provides a better understanding of AMB’s 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, AMB’s 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.

Same Store Net Operating Income (“SS NOI”).The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, the Company considers SS NOI to be a useful supplemental measure of our operating performance. For properties that are considered part of the same store pool, see Reporting Definitions. In deriving SS NOI, the Company defines NOI 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. For a discussion of cash-basis NOI, see definition of cash-basis NOI. The Company believes that SS NOI helps the investing public compare the operating performance of a company’s 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, the Company’s 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.

The following table reconciles consolidated SS NOI and NOI from net income for the three and six months ended June 30, 2007 and 2006 (dollars in thousands):

	For the Quarters Ended						For the Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income	$	118,269		$	75,353		$	143,951		$	102,930
Private capital income		(8,518	)		(4,943	)		(14,443	)		(10,049	)
Depreciation and amortization		41,483			44,500			82,504			87,254
Impairment losses		—			5,394			257			5,394
General and administrative and fund costs		30,537			25,621			60,632			49,090
Total other income and expenses		(77,415	)		(12,220	)		(61,869	)		21,442
Total minority interests’ share of income		16,122			14,879			28,070			29,041
Total discontinued operations		(868	)		(21,199	)		(1,657	)		(30,558	)
NOI		119,610			127,385			237,445			254,544
Less non same-store NOI		(17,715	)		(29,568	)		(35,019	)		(59,034	)
Less non cash adjustments(1)		(1,103	)		(2,153	)		(2,271	)		(5,962	)
Cash-basis same-store NOI	$	100,792		$	95,664		$	200,155		$	189,548

(1) Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only.

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	SUPPLEMENTAL ANALYST PACKAGE
	2007 Second Quarter Earnings Conference Call

JOINT VENTURE PARTNER INFORMATION

AMB-SGP Mexicois a co-investment partnership formed in 2004 with a subsidiary of GIC Real Estate Pte Ltd.

AMB Japan Fund Iis a co-investment partnership formed in 2005 with institutional investors. This fund is yen-denominated. U.S. dollar amounts are converted at the June 30, 2007 exchange rate.

AMB Institutional Alliance Fund IIIis an open-ended co-investment partnership formed in 2004 with institutional investors, which invest through a private REIT. Prior to October 1, 2006, the Company accounted for AMB Institutional Alliance Fund III as a consolidated joint venture.

AMB Europe Fund Iis an open-ended co-investment venture formed in 2007 with institutional investors. This fund is euro-denominated. U.S. dollar amounts are converted at the June 30, 2007 exchange rate.

AMB DFS Fund Iis a co-investment partnership formed in 2006 with a subsidiary of GE Real Estate to build and sell properties in non-target markets.

AMB Erieis a co-investment partnership formed in 1998 with the Erie Insurance Group.

AMB Partners IIis a co-investment partnership formed in 2001 with the City and County of San Francisco Employees’ Retirement System.

AMB-SGPis a co-investment partnership formed in 2001 with a subsidiary of GIC Real Estate Pte Ltd.

AMB Institutional Alliance Fund IIis a co-investment partnership with institutional investors, which invest through a private REIT.

AMB-AMSis a co-investment partnership with three Dutch pension funds advised by Mn Services NV and Cordares.

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SUPPLEMENTAL ANALYST PACKAGE
2007 Second Quarter Earnings Conference Call

CONTACTS

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, North America	(617) 619-9333	ereilly@amb.com
John T. Roberts, Jr.	President, Private Capital; President, AMB Capital Partners, LLC	(415) 733-9408	jroberts@amb.com
Margan S. Mitchell	VP, Corporate Communications	(415) 733-9477	mmitchell@amb.com
Tracy A. Ward	Director, Investor Relations	(415) 733-9565	tward@amb.com

Corporate Headquarters	Investor Relations	Other Office Locations
AMB Property Corporation	Tel: (415) 394-9000	Amsterdam	Dallas	New Jersey	Singapore
Pier 1, Bay 1	Fax: (415) 394-9001	Atlanta	Frankfurt	New York	Tokyo
San Francisco, CA 94111	E-mail: ir@amb.com	Baltimore	Los Angeles	Osaka	Vancouver
Tel: (415) 394-9000	Website: www.amb.com	Beijing	Menlo Park	Paris
Fax: (415) 394-9001		Boston	Nagoya	Seoul
		Chicago	Narita	Shanghai

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Some of the information included in this supplemental analyst package and the conference call to be held in connection therewith contains forward-looking statements, such as those related to development, value-added conversion, redevelopment and renovation projects (including stabilization dates, square feet at stabilization or completion, sale or contribution dates, weighted average estimated yields from such projects, costs and total investment amounts), acquisition capital, build out potential of land inventory, co-investment joint venture investment capacity, terms of the co-investment joint ventures, cost to buy out joint venture partners, lease expirations, future debt summaries, and future business plans (such as property divestitures and 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, increased interest rates and operating costs, our failure to obtain necessary outside financing, re-financing risks, risks related to our obligations in the event of certain defaults under joint venture 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, risks and uncertainties affecting property development 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, 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, 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, 2006.

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