AMB Property Corporation Declares Quarterly Dividend

The Board of Directors of AMB Property Corporation today declared a regular cash dividend for the quarter ending June 30, 2001 of $0.3950 per share of common stock. The dividend will be payable on July 16, 2001, to stockholders of record as of the close of business on July 5, 2001.

AMB Property Corporation's Board of Directors also declared a dividend for period commencing on and including April 15, 2001 and ending on and including July 14, 2001 of $0.53125 per share of its 8.5% Series A Cumulative Redeemable Preferred Stock . The dividend is payable on July 16, 2001 to stockholders of record as of the close of business on July 5, 2001.

AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. As of March 31, 2001, AMB owned, managed and had renovation and development projects totaling 93 million square feet and 998 buildings in 27 metropolitan markets. AMB targets High Throughput Distribution(TM) properties -- industrial properties located in major distribution markets near airports, seaports and ground transportation systems. These HTD(TM) facilities are built for speed and benefit from barriers to entry due to their supply-constrained locations and proximity to large customer bases. AMB -- A tradition of nontraditional thinking(TM).

AMB's press releases are available on the company website at http://www.amb.com/ or by contacting the Investor Relations department toll-free at 877-285-3111.

This press release 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 tenants, 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 timely reinvest proceeds from any such dispositions, 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 its status as a real estate investment trust under the Internal Revenue Code, environmental uncertainties, risks related to natural disasters, financial market fluctuations, risks arising from the California energy shortage, changes in real estate and zoning laws and increases in real property tax rates. 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, 2001.

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SOURCE: AMB Property Corporation

Contact: investors, Victoria A. Robinson, Director, Investor Relations,
toll free, 877-285-3111, or fax, 415-394-9001, or [email protected], or media,
Christine G. Schadlich, Vice President, Corporate Communications,
415-733-5233, or fax, 415-394-9001, or [email protected], both of
AMB Property Corporation

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