AMB Property Corporation , a leading developer and owner of industrial real estate, today announced six acquisitions in the first quarter totaling 1.3 million square feet for an aggregate investment of $134.2 million and new development starts on six projects totaling 1.8 million square feet for an expected total investment of $152.0 million. The new facilities expanded the company's holdings in the key distribution centers of Tokyo, Mexico City, Boston, Los Angeles, Baltimore/Washington D.C., Atlanta, northern New Jersey, and Miami.

Tokyo -- During the first quarter, AMB acquired 32 acres of land for industrial warehouse development immediately adjacent to Narita International Airport, the world's second busiest airport for cargo volume. AMB and Tokyo- based AMB BlackPine have now broken ground on Phase I of AMB Narita Air Cargo Center I, the first 685,000 square feet of a planned 1.7-million-square-foot logistics park. At completion, the seven-building multistory project is expected to be Japan's largest dedicated air cargo logistics park. Phase I contains two buildings of two and four stories for an expected investment of $82.5 million.

Adding to its existing holdings in metropolitan Tokyo, AMB acquired the two-building, 250,800-square-foot Funabashi Distribution Center for a total investment of $21.8 million. Well-located near the Wangan Expressway for access to both Narita International and the Tokyo central business district, the buildings are fully leased to Japanese logistics firms Tokyo Air Cargo and SBS.

AMB made its first acquisitions in the Tokyo market in the fourth quarter of 2003. In addition to development under way, the company currently serves five customers in four buildings totaling 613,800 square feet with 100% occupancy.

Mexico City -- AMB and its Mexico City-based partner, G.Accion, began construction in the first quarter on the 571,300-square-foot Encino Distribution Center in Mexico City's premier Class A industrial location, San Martin Obispo Industrial Park (SMO). At completion, investment in Encino Distribution Center is expected to be $29.3 million. AMB and G.Accion have completed 1.1 million square feet of developments in SMO that are fully leased or have been sold to users. Currently, AMB and G.Accion have projects under construction in SMO, including Encino Distribution Center, totaling 1.2 million square feet.

In January, AMB and G.Accion acquired the 120,300-square-foot Coltongo Distribution Center for a total investment of $4.8 million in a sale/leaseback transaction with Kraft Foods de Mexico. The property is located in the Vallejo area of Mexico City, an infill industrial submarket near the Mexico City Airport.

AMB's portfolio in Mexico includes assets in both Mexico City and Guadalajara. Excluding assets under development, the portfolio serves 20 customers in eight buildings totaling 1.2 million square feet and is 100% occupied.

Boston -- In February, AMB purchased the 376,300-square-foot Boston Marine Industrial Park for a total investment of $69.7 million. Connected to Boston's Logan International Airport via the harbor tunnel, the property's tenant roster includes such AMB target air cargo and freight forwarding customers as Eagle Global Logistics, Hankyu International Transport, Maersk and Kuehne & Nagel. The property was acquired as part of the previously announced $481.0 million International Airport Centers (IAC) portfolio -- a 37-building, 3.4- million-square-foot portfolio of airport-adjacent facilities at seven U.S. international airports. To date, AMB has closed $298.0 million of the IAC portfolio with the balance scheduled to close by third quarter 2004.

During the quarter, AMB acquired and began redevelopment of the 197,400- square-foot Somerville Distribution Center, located two miles from downtown Boston and less than five miles from Logan International in the Inner Belt Industrial Park. Historically operated as a single-tenant manufacturing and distribution warehouse for the Sweetheart Cup Company, AMB and its development alliance partner, Campanelli Companies, are redeveloping and repositioning the property for multiple-tenant use. At completion, total investment in the project is estimated to be $13.8 million.

Los Angeles -- In March, AMB purchased the 221,200-square-foot LAX Gateway building for a total investment of $27.8 million, located immediately adjacent to Los Angeles International Airport. The property serves both local import/export firms and worldwide air-cargo and freight forwarding leaders, including Exel Global Logistics and Hankyu International Transport. It also houses the main U.S. Customs facility at LAX.

LAX Gateway was acquired as part of the IAC portfolio, a transaction that included the formation of AMB International Airport Centers (AMB-IAC) -- a 50/50 partnership to develop and manage airport-adjacent facilities in Los Angeles, New York, Newark, Boston, San Francisco and Seattle. During the first quarter, AMB acquired and began redevelopment through AMB-IAC on the 75,000- square-foot Nash Logistics Center for an estimated total of $12.0 million at completion. Located one block south of LAX's on-tarmac cargo buildings, the building provides expansion opportunities for customers in AMB's existing LAX airfreight portfolio consisting of more than one million square feet of on- tarmac and airport-adjacent space.

Baltimore/Washington D.C. -- Expanding its presence in the metropolitan Washington D.C. airport markets, AMB began construction on the first of two planned buildings called Dulles Commerce Center with its local-market partner, Seefried Properties. Designed to accommodate the growth requirements of AMB's current airfreight customer base, the 118,500-square-foot building is located four miles from the North Cargo Gate of Dulles International Airport and is expected to be completed for $8.8 million.

Atlanta -- Also with partner Seefried Properties, AMB began construction on the final building in its Airport South project with a 116,300-square-foot distribution facility located in Atlanta's Hartsfield submarket. The new building is approximately 44% preleased to an existing customer. The new facility effectively completes AMB's seven-building Airport South development, a 100% occupied park serving air cargo and freight forwarding customers including Danzas AEI, UPS Global Forwarding, AIT Worldwide Logistics, Panalpina and Forward Air. Total investment in the new building is estimated at $5.6 million.

Northern New Jersey -- In January, AMB purchased the 191,300-square-foot Mooncreek Distribution Center in Carlstadt, New Jersey for an estimated total investment of $5.1 million. The property is located at the corner of a major north/south arterial through the Meadowlands and in close proximity to 21 other distribution facilities owned by AMB in the Carlstadt submarket.

Miami -- AMB purchased Tarpon Distribution Center in Miami's Gratigny Industrial Park for a total investment of $4.9 million. The property totals 128,600 square feet and is located within a 10 to 20 minute drive of Miami's seaports and international airport.

The company's disposition activity in the quarter totaled $5.0 million, represented by a 48,400-square-foot R&D facility in the San Francisco Bay Area's Silicon Valley.

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

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, 2004 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'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 such the size, completion and total investment in development projects 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. We assume no obligation to update or supplement forward-looking statements. For further information on 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 Form 10-K for the year ended December 31, 2003.

SOURCE: AMB Property Corporation

CONTACT: Investors/Analysts, John P. Cummings, +1-415-733-9565, fax,
+1-415-477-2065 or [email protected], or, Media, Lauren L. Barr,
+1-415-733-9477, fax, +1-415-394-9001, or [email protected], both of AMB

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Jennifer Nelson

VP, Head of Global Corporate Communications
+1 (415) 733 9409
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San Francisco, California USA

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