AMB Property Corporation , a leading global developer and owner of industrial real estate, today announced fourth quarter 2005 distribution facility development projects comprising 2.4 million square feet and acquisitions comprising 2.1 million square feet, for an estimated total investment of $366 million. Fourth quarter capital deployment activity includes the company's first investment in China; market entry into the Port of Hamburg, Germany; and a build-to-suit development in Tokyo, Japan for an AMB target customer.

  Development -- North America:

   Atlanta -- During the fourth quarter, AMB began development of AMB
   Horizon Creek -- Building 300 with its local market partner. The 190,900
   square foot distribution facility is located in AMB's Horizon Creek
   project, which totals 395,200 square feet and is located in the center of
   Atlanta's largest distribution submarket. AMB Horizon Creek - Building
   300 is projected to be completed for a total investment of $9.0 million.

   Chicago -- In Chicago's O'Hare International Airport (ORD) submarket, AMB
   commenced development of the pre-leased AMB Des Plaines Logistics Center
   for an estimated investment of approximately $12.4 million. The 125,100
   square foot facility expands AMB's presence in the submarket and provides
   another high quality alternative for the company's target airfreight
   customers who require easy access to ORD.

   Dallas -- AMB began development on AMB DFW Logistics Center 1, located
   on-airport at Dallas/Fort Worth International Airport (DFW). The 113,600
   square foot facility is projected to be completed for an investment of
   approximately $5.4 million. AMB now has an operating and development
   portfolio of 1.4 million square feet serving customers with requirements
   at DFW.

   Los Angeles -- In the fourth quarter, AMB began development on Civic
   Center Corporate Park which, when completed for an anticipated total
   investment of approximately $25.9 million, will consist of 24 buildings
   totaling 161,800 square feet. The buildings are designed for sale to
   customers requiring smaller, flexible facility space in the Los Angeles'
   South Bay submarket, which is equidistant to the Ports of Los Angeles and
   Long Beach, Los Angeles International Airport, and adjacent to the San
   Diego and Harbor Freeways.

   Mexico City, Mexico -- AMB, with its local partner, commenced development
   on the 259,500 square foot Agave -- Building 2, the fourth building
   located in its master-planned Agave Industrial Park, which totals 1.1
   million square feet, one mile from the NAFTA Highway. The planned
   facility is expected to be completed for a total investment of
   approximately $14.8 million. Several multi-national firms lease space at
   Agave Industrial Park including Kraft Foods, Adidas, Caterpillar
   Logistics, McGraw Hill and DuPont.

   Seattle -- During the fourth quarter, AMB commenced development of AMB
   Valley Distribution Center, a 766,200 square foot facility for an
   anticipated total investment of approximately $42.7 million. The
   development is located in the Kent Valley, a submarket of Seattle that
   serves the Port of Tacoma and has limited land sites capable of
   accommodating large distribution warehouse requirements. The combined
   Ports of Seattle/Tacoma rank third busiest in the United States, behind
   the Ports of Los Angeles/Long Beach and the Ports of New York/New Jersey.

  Development -- Europe:

   Amsterdam, The Netherlands -- AMB is expanding its presence in
   Amsterdam's Schiphol Airport submarket with the development of AMB
   Douglassingel Distribution Center, an anticipated 149,000 square foot
   facility that is projected to be completed with an affiliate for
   approximately $20.2 million. The project's infill location is in one of
   the last remaining large industrial zoned parcels within the master-
   planned Schiphol-Rijk industrial park, serving as Schiphol Airport's
   primary second line logistics park and home to many of AMB's target
   customers. AMB operates four fully-leased distribution facilities at the
   park, and now has approximately 1.3 million square feet of operating and
   development properties in Amsterdam.

   Hamburg, Germany -- AMB entered the Hamburg market with the commencement
   of AMB Port of Hamburg Building 1, a development project of approximately
   403,900 square feet. The project is expected to be completed with a local
   alliance partner in the second half of 2007, for an estimated total
   investment of $33.1 million. The Port of Hamburg is Europe's second
   busiest seaport and largest rail container-handling center, which is
   served by a high-quality motorway network providing direct links to major
   markets throughout Europe.

  Development -- Asia:

   Tokyo, Japan -- As announced during the quarter, AMB is developing the
   pre-leased AMB Kashiwa Distribution Center with its local development
   partner. The 221,500 square foot facility is being developed in the
   Kashiwa submarket of Tokyo for an AMB global target customer, Japan's
   largest freight forwarder and a worldwide leader in logistics services.
   The logistics facility is expected to be completed in the fourth quarter
   of 2006 for a total investment of $23.9 million.

  Acquisition -- North America:

   Austin -- In the fourth quarter, AMB added 242,600 square feet to its
   industrial property portfolio at TechRidge Corporate Center, which now
   totals three fully-leased buildings comprising approximately 823,500
   square feet. TechRidge Building 4.2, acquired for approximately $14.3
   million, is leased to a leading global third-party logistics provider.

   Boston -- AMB acquired the 57,800 square foot AMB Broadmoor Distribution
   airfreight facility in the fourth quarter, for an investment of
   approximately $8.4 million. The building is located at an off-airport
   location near Logan International Airport (BOS). Expansion plans for BOS
   include the elimination of certain on-tarmac airfreight facilities,
   creating new demand in this strategic infill airport submarket.

   AMB acquired AMB Pinewood Distribution, a 345,000 square foot industrial
   building at an infill location in the southeast region of greater Boston
   for an investment of approximately $23.6 million. Demand for functional
   warehousing in the immediate vicinity is solid, with a substantial
   portion of the existing buildings earmarked for conversion to retail and
   office use.

   Chicago -- In the fourth quarter, AMB acquired AMB Glendale Lakes
   Distribution, two industrial buildings totaling 126,400 square feet in
   central DuPage, a fully-developed Chicago submarket with limited
   availability and convenient access to ORD. The $10.7 million acquisition
   increases the company's presence in the Central DuPage area to
   approximately 2.2 million square feet.

   Dallas -- As announced in the fourth quarter, AMB received AMB DFW Air
   Cargo Center I, a 232,900 square foot on-tarmac facility at DFW, for an
   investment of approximately $38.3 million, as part of the sale of the
   assets of AMB Institutional Alliance Fund I.

   Guadalajara, Mexico -- For an investment of approximately $10.6 million,
   AMB expanded its presence in Guadalajara with the acquisition of
   Arrayanes Industrial Park, a fully-leased, 242,300 square foot industrial
   building with an adjacent land parcel capable of supporting up to 1
   million square feet of future development. The property is located in
   master-planned San Jorge Industrial Park in Guadalajara's largest
   industrial submarket.

   Los Angeles -- AMB acquired the fully-occupied AMB Triton Distribution
   Center which is located in Los Angeles' Mid-Counties submarket, serving
   the Ports of Los Angeles and Long Beach, Los Angeles and Ontario
   International Airports, and western U.S. rail and freeway shipping
   corridors. The building is approximately 203,900 square feet and
   represents an investment of approximately $15.3 million.

   For a total investment of approximately $8.4 million, AMB acquired AMB
   Line Haul Distribution Center, a fully-leased truck facility totaling
   approximately 25,900 square feet on an 11-acre site in the Inland Empire
   submarket of the greater Los Angeles metropolitan area. AMB has a
   portfolio of approximately 3.2 million square feet of industrial property
   in the Inland Empire, one of the country's key distribution markets,
   crisscrossed by Interstates 10 and 15 and linked to all major West Coast
   markets and Mexico.

   Minneapolis -- AMB has acquired the fully-leased 117,000 square foot AMB
   Lunar Pointe Distribution for a total investment of approximately $7.9
   million. The facility is in the South Central submarket of Minneapolis,
   where AMB now owns 10 buildings totaling approximately 1.3 million square
   feet. The location offers direct access to the Minneapolis/St. Paul
   International Airport.

  Acquisition -- Europe:

   Hamburg, Germany -- AMB acquired three buildings totaling approximately
   398,000 square feet, as part of its AMB Port of Hamburg portfolio, which
   in the aggregate comprises operating and development facilities totaling
   approximately 801,800 square feet. The AMB Port of Hamburg Buildings 2, 3
   and 5, acquired in the fourth quarter for a total investment of
   approximately $34.2 million, are 99% leased.

  Acquisition -- Asia:

   Shanghai, China -- As announced in the fourth quarter, AMB completed its
   first investment in Shanghai, China's largest city, with the acquisition
   of the 151,700 square foot AMB Jiuting Distribution Center for an
   investment of approximately $7.0 million. Additionally, the company
   acquired an adjacent parcel of land capable of supporting up to 185,000
   square feet of development.

  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 December 31, 2005, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, or managed buildings, properties and development projects expected to total approximately 115 million square feet (10.7 million square meters) and 1,057 buildings in 42 markets within eleven 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.

Some of the information included in this press release contains forward- looking statements, such as those related to our expectations for completion of developments and redevelopments, square footages of development and redevelopments and total expected investment dollars, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward- looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants, increased interest rates and operating costs, our failure to obtain necessary outside financing, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, risks and uncertainties affecting property development and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in real estate and zoning laws, risks related to doing business internationally and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations. Business Risks" and elsewhere in our most recent annual report on Form 10-K for the year ended December 31, 2004.

SOURCE: AMB Property Corporation

CONTACT: Margan S. Mitchell, Vice President, Corporate Communications,
+1-415-733-9477, or [email protected], or Rachel E. McKosky, Marketing & Media
Relations Manager, +1-415-733-9532, or [email protected], both of AMB Property
Corporation

Media contact & resources

Jennifer Nelson

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

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