Exhibit 99.1

PRESS RELEASE                                   Source: AMB Property Corporation

AMB PROPERTY CORPORATION PRICES $50 MILLION 6.5% SERIES L PREFERRED STOCK
OFFERING

SAN FRANCISCO, June 18 /PRNewswire-FirstCall/ -- AMB Property Corporation (NYSE:
AMB - News) today announced the pricing of a public offering of 2,000,000 shares
of its 6.5% Series L Cumulative Redeemable Preferred Stock at a price of $25.00
per share. In addition, AMB has granted the underwriters an over-allotment
option to purchase up to 300,000 shares of the Series L Preferred. The Company
intends to use the proceeds from the offering for general corporate purposes,
including the planned redemption of its outstanding 8.5% Series A Cumulative
Redeemable Preferred Stock (NYSE: AMB-A).

The Series L Preferred Stock's dividends are cumulative from the date of the
original issue and are payable quarterly in arrears at an annual rate of $1.625
per share. The shares will not be redeemable prior to June 23, 2008, after which
date they will be redeemable, subject to certain conditions, for a cash
redemption price of $25.00 per share plus accumulated and unpaid dividends, if
any, to the redemption date.

Underwriters of the offering include lead manager Wachovia Securities, LLC,
senior co-manager Bear, Stearns & Co. Inc. and co-manager McDonald Investments
Inc. A copy of the prospectus relating to the offering may be obtained from
Wachovia Securities, LLC, Prospectus Department, 8739 Research Drive, Charlotte,
North Carolina, 28262, Mail Code: NC0675.

AMB Property Corporation is a leading owner and operator of industrial real
estate, focused on major hub and gateway distribution markets throughout North
America, Europe and Asia. As of March 31, 2003 AMB owned, managed and had
renovation and development projects totaling 93.7 million square feet (8.7
million square meters) and 987 buildings in 29 markets. AMB invests in
industrial properties located predominantly in the infill submarkets of its
targeted markets. The company's portfolio is comprised largely of High
Throughput Distribution(R) facilities -- industrial properties built for speed
and located near airports, seaports and ground transportation systems.

This document contains forward-looking statements about business strategy and
future plans, which are made pursuant to the safe-harbor provisions of Section
21E of the Securities Exchange Act of 1934. Forward-looking statements involve
numerous risks and uncertainties and should not be relied upon as predictions of
future events. The events or circumstances reflected in our forward-looking
statements might not occur. In particular, a number of factors could cause AMB's
actual results to differ materially from those anticipated, including, among
other things, defaults on or non-renewal of leases by customers, increased
interest rates and operating costs, AMB's failure to obtain necessary outside
financing, difficulties in identifying properties to acquire and in effecting
acquisitions, AMB's failure to successfully integrate acquired properties and
operations, AMB's failure to divest of properties that we have contracted to
sell or timely reinvest proceeds from any such divestitures, risks and
uncertainties affecting property development and construction (including
construction delays, cost overruns, AMB's inability to obtain necessary permits
and public opposition to these activities), AMB's failure to qualify and
maintain our status as a real estate investment trust under the Internal Revenue
Code, environmental uncertainties, risks related to natural disasters, financial
market fluctuations, changes in real estate and zoning laws, increases in real
property tax rates and the risks of doing business internationally, including
currency risks. AMB's success also depends upon economic trends generally,
including interest rates, income tax laws, governmental regulation, legislation
and population changes. For further information on these and other factors that
could impact AMB and the statements contained herein, reference should be made
to AMB's filings with the Securities and Exchange Commission, including AMB's
annual report on from 10-K for the year ended December 31, 2003, quarterly
report on Form 10-Q for the quarter ended March 31, 2003 and prospectus
supplement filed June 17, 2003 pursuant to Rule 424 (b). The quarterly financial
data contained therein is unaudited and the historical financial information is
not necessarily indicative of future results.

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Source: AMB Property Corporation