AMB Property Corporation(R) Announces Tax Treatment of 2007 Dividends

AMB Property Corporation(R) today announced the tax treatment for dividend distributions taxable in 2007 on its Common Stock ; 6.5% Series L Cumulative Redeemable Preferred Stock ; 6.75% Series M Cumulative Redeemable Preferred Stock ; 7.0% Series O Cumulative Redeemable Preferred Stock ; and 6.85% Series P Cumulative Redeemable Preferred Stock .

For shareholders of AMB Property Corporation(R) Common Stock, the 2007 dividend of $1.96 per share includes one quarterly distribution declared in 2006 and paid in 2007 and three quarterly distributions declared and paid in 2007. On December 18, 2007, AMB Property Corporation declared dividends on the company's Common Stock and on four series of the company's preferred stock. These distributions will be designated as 2008 dividends.

The 2007 dividend of $1.96 per share is classified for income tax purposes as follows: $0.848 per share (43.27%) as Ordinary Taxable Dividend; $0.488 per share (24.91%) as a 15% rate Capital Gain Dividend; $0.096 per share (4.89%) as a 25% rate Capital Gain Dividend; and $0.528 per share (26.93%) as return of capital on the 2007 Form 1099-DIV.

For the company's 6.5% Series L Cumulative Redeemable Preferred Stock , the company's reportable 2007 dividend totaling $1.625 per share is classified for income tax purposes as follows: $0.962 per share (59.22%) as an Ordinary Taxable Dividend; $0.554 per share (34.09%) as a 15% rate Capital Gain Dividend; and $0.109 per share (6.69%) as a 25% rate Capital Gain Dividend on the 2007 Form 1099-DIV.

For the company's 6.75% Series M Cumulative Redeemable Preferred Stock , the company's reportable 2007 dividend totaling $1.6875 per share is classified for income tax purposes as follows: $0.9993 per share (59.22%) as an Ordinary Taxable Dividend; $0.5753 per share (34.09%) as a 15% rate Capital Gain Dividend; and $0.1129 per share (6.69%) as a 25% rate Capital Gain Dividend on the 2007 Form 1099-DIV.

For the company's 7.0% Series O Cumulative Redeemable Preferred Stock , the company's reportable 2007 dividend totaling $1.7500 per share is classified for income tax purposes as follows: $1.0363 per share (59.22%) as an Ordinary Taxable Dividend; $0.5966 per share (34.09%) as a 15% rate Capital Gain Dividend; and $0.1171 per share (6.69%) as a 25% rate Capital Gain Dividend on the 2007 Form 1099-DIV.

For the company's 6.85% Series P Cumulative Redeemable Preferred Stock , the company's reportable 2007 dividend totaling $1.9646 per share is classified for income tax purposes as follows: $1.1634 per share (59.22%) as an Ordinary Taxable Dividend; $0.6698 per share (34.09%) as a 15% rate Capital Gain Dividend; and $0.1314 per share (6.69%) as a 25% rate Capital Gain Dividend on the 2007 Form 1099-DIV.

The tables below summarize the income tax treatment of the company's 2007 dividends:

  2007 Dividend Tax Reporting Information (Form 1099-DIV)



  AMB Property Corporation
  Common Stock
  CUSIP # 00163T109
  Ticker Symbol: AMB
                                                      2007 25%
                                                      Capital
                                                      Gain (un-
                                  2007                recaptured
  Dec-                            Ordinary  2007 15%  Section    2007
  lar-                   Cash     Taxable   Capital   1250       Return of
  ation  Record  Payable Dividend Dividend  Gain      Gain)      Capital
  Dates  Dates   Dates   ($ per   ($ per    ($ per    ($ per     ($ per
                         share)   share)    share)    share)     share)
  12/7/  12/22/  1/5/
   2006   2006    2007  $0.460000 $0.199060 $0.114599 $0.022490  $0.123851
  2/16/  4/6/    4/16/
   2007   2007    2007  $0.500000 $0.216369 $0.124564 $0.024446  $0.134621
  5/10/  7/6/    7/16/
   2007   2007    2007  $0.500000 $0.216369 $0.124564 $0.024446  $0.134621
  9/27/  10/5/   10/15/
   2007   2007    2007  $0.500000 $0.216369 $0.124564 $0.024446  $0.134621
      2007 Totals       $1.960000 $0.848167 $0.488291 $0.095828  $0.527714



  AMB Property Corporation
  Series L Cumulative Redeemable Preferred Stock
  CUSIP # 00163T307
  Ticker Symbol: AMB.PrL

                                                                  2007 25%
                                                                  Capital
                                                                  Gain
                                             2007       2007      (un-
                                             Ordinary   15%       recaptured
                                  Cash       Taxable    Capital   Section
  Declaration  Record   Payable   Dividend   Dividend   Gain      1250 Gain)
  Dates        Dates    Dates     ($ per     ($ per     ($ per    ($ per
                                  share)     share)     share)    share)
  12/7/2006   1/5/2007  1/16/2007  $0.406250  $0.240572  $0.138497 $0.027181
  2/16/2007   4/6/2007  4/16/2007  $0.406250  $0.240572  $0.138497 $0.027181
  5/10/2007   7/6/2007  7/16/2007  $0.406250  $0.240572  $0.138497 $0.027181
  9/27/2007  10/5/2007 10/15/2007  $0.406250  $0.240572  $0.138497 $0.027181
           2007 Totals             $1.625000  $0.962288  $0.553988 $0.108724



  AMB Property Corporation
  Series M Cumulative Redeemable Preferred Stock
  CUSIP # 00163T406
  Ticker Symbol: AMB.PrM
                                                                  2007 25%
                                                                  Capital
                                                                  Gain
                                             2007       2007      (un-
                                             Ordinary   15%       recaptured
                                  Cash       Taxable    Capital   Section
  Declaration  Record   Payable   Dividend   Dividend   Gain      1250 Gain)
  Dates        Dates    Dates     ($ per     ($ per     ($ per    ($ per
                                  share)     share)     share)    share)
  12/7/2006  1/5/2007 1/16/2007  $0.421875  $0.249824  $0.143825  $0.028226
  2/16/2007  4/6/2007 4/16/2007  $0.421875  $0.249824  $0.143825  $0.028226
  5/10/2007  7/6/2007 7/16/2007  $0.421875  $0.249824  $0.143825  $0.028226
  9/27/2007 10/5/2007 10/15/2007 $0.421875  $0.249824  $0.143825  $0.028226
           2007 Totals           $1.687500  $0.999296  $0.575300  $0.112904



  AMB Property Corporation
  Series O Cumulative Redeemable Preferred Stock
  CUSIP # 00163T505
  Ticker Symbol: AMB.PrO
                                                                  2007 25%
                                                                  Capital
                                                                  Gain
                                             2007       2007      (un-
                                             Ordinary   15%       recaptured
                                  Cash       Taxable    Capital   Section
  Declaration  Record   Payable   Dividend   Dividend   Gain      1250 Gain)
  Dates        Dates    Dates     ($ per     ($ per     ($ per    ($ per
                                  share)     share)     share)    share)
  12/7/2006  1/5/2007 1/16/2007  $0.437500  $0.259077  $0.149151  $0.029272
  2/16/2007  4/6/2007 4/16/2007  $0.437500  $0.259077  $0.149151  $0.029272
  5/10/2007  7/6/2007 7/16/2007  $0.437500  $0.259077  $0.149151  $0.029272
  9/27/2007 10/5/2007 10/15/2007 $0.437500  $0.259077  $0.149151  $0.029272
           2007 Totals           $1.750000  $1.036308  $0.596604  $0.117088



  AMB Property Corporation
  Series P Cumulative Redeemable Preferred Stock
  CUSIP # 00163T604
  Ticker Symbol: AMB.PrP

                                                                  2007 25%
                                                                  Capital
                                                                  Gain
                                             2007       2007      (un-
                                             Ordinary   15%       recaptured
                                  Cash       Taxable    Capital   Section
  Declaration  Record   Payable   Dividend   Dividend   Gain      1250 Gain)
  Dates        Dates    Dates     ($ per     ($ per     ($ per    ($ per
                                  share)     share)     share)    share)
  12/7/2006  1/5/2007 1/16/2007  $0.680243  $0.402824  $0.231906  $0.045513
  2/16/2007  4/6/2007 4/16/2007  $0.428125  $0.253526  $0.145955  $0.028644
  5/10/2007  7/6/2007 7/16/2007  $0.428125  $0.253526  $0.145955  $0.028644
  9/27/2007 10/5/2007 10/15/2007 $0.428125  $0.253526  $0.145955  $0.028644
           2007 Totals           $1.964618  $1.163402  $0.669771  $0.131445



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

AMB Property Corporation(R) is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of September 30, 2007, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 140.8 million square feet (13.1 million square meters) in 44 markets within 13 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 http://www.amb.com/ or by contacting the Investor Relations department at +1 415 394 9000.

First Call Analyst:
FCMN Contact: [email protected]

SOURCE: AMB Property Corporation