EXHIBIT 99.1


                                                           FOR IMMEDIATE RELEASE

AMB PROPERTY CORPORATION ANNOUNCES REDEMPTION OF 8.5% SERIES A PREFERRED STOCK

San Francisco, June 23, 2003 - AMB Property Corporation (NYSE: AMB) today
announced that it will redeem all 3,995,800 of its outstanding shares of 8.5%
Series A Cumulative Redeemable Preferred Stock (NYSE: AMB-A) on July 28, 2003.
The preferred stock will be redeemed at a redemption price of $25.0826 per
share, which is equal to the original issuance price of $25.00 per share plus
accumulated and unpaid dividends through the redemption date.

The notice of redemption will be mailed to record holders of the shares of the
Series A Preferred Stock on or about June 25, 2003. Questions regarding the
redemption of the Series A Preferred Stock should be directed to the redemption
agent, EquiServe, Inc., at 100 William Street Galleria, New York, NY 10038,
Attention: Greg Veliotis or by telephone at +1 781 575 3452.

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.

AMB's press releases are available on the company website at www.amb.com or by
contacting the Investor Relations department at +1 877 285 3111.

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
quarterly report on Form 10-Q for the quarter ended March 31, 2003. The
quarterly financial data contained therein is unaudited and the historical
financial information is not necessarily indicative of future results.



AMB CONTACTS

INVESTORS/ANALYSTS                    MEDIA

Michelle C. Wells                     Lauren L. Barr
Toll-free +1 877 285 3111             Direct   +1 415 733 9477
Fax  +1 415 394 9001                  Fax      +1 415 394 9001
Email       ir@amb.com                Email    lbarr@amb.com