AMB Property Corporation Declares Quarterly Dividend

The Board of Directors of AMB Property Corporation yesterday declared a regular cash dividend for the quarter ending September 30, 2001 of $0.3950 per share of common stock. The dividend will be payable on October 15, 2001, to stockholders of record as of the close of business on October 4, 2001.

AMB Property Corporation's Board of Directors also declared a dividend for period commencing on and including July 15, 2001 and ending on and including October 14, 2001 of $0.53125 per share of its 8.5% Series A Cumulative Redeemable Preferred Stock . The dividend is payable on October 15, 2001 to stockholders of record as of the close of business on October 4, 2001.

AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. As of June 30, 2001, AMB owned, managed and had renovation and development projects totaling 94 million square feet and 1,008 buildings in 26 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)

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 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 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 June 30, 2001.

SOURCE: AMB Property Corporation