AMB Property Corporation Announces 2004 Annual Meeting Results

AMB Property Corporation held its annual meeting of stockholders this afternoon in San Francisco, California. The stockholders approved two proposals: electing nine directors to serve until the next annual meeting of stockholders and until successors are duly elected and qualified, and ratifying the appointment of PricewaterhouseCoopers LLP as the company's independent auditors for the fiscal year ending December 31, 2004.

The stockholders of AMB Property Corporation re-elected Hamid R. Moghadam (chairman), W. Blake Baird, T. Robert Burke, David A. Cole, J. Michael Losh, Fredrick W. Reid, Jeffrey L. Skelton, Thomas W. Tusher and Caryl B. Welborn as directors of the company.

AMB Property Corporation is a leading developer and owner of industrial real estate focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of March 31, 2004, the company's most recent reporting period, AMB owned, managed and had renovation and development projects totaling 104.5 million square feet (9.7 million square meters) and 1,070 buildings in 36 markets within seven countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution(R) facilities -- industrial properties built for speed and located near airports, seaports and ground transportation systems.

AMB Property Corporation. Local partner to global trade.(TM)

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

SOURCE: AMB Property Corporation