AMB Property Corporation(R) Announces Tax Treatment of 2008 Dividends

AMB Property Corporation(R) today announced the tax treatment of its 2008 distributions 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 holders of AMB Property Corporation(R) common stock, the 2008 dividend of $2.06 per share includes one quarterly distribution declared in 2007 and paid in 2008 and three quarterly distributions declared and paid in 2008.

These distributions are classified for income tax purposes as follows: $1.244 per share (60.38%) is classified as an Ordinary Taxable Dividend; $0.600 per share (29.13%) is classified as a Capital Gain Dividend; and $0.216 per share (10.49%) is classified as Return of Capital on the 2008 Form 1099-DIV.

For the company's 6.5% Series L Cumulative Redeemable Preferred Stock , the company's reportable 2008 dividends totaling $1.625 per share are classified for income tax purposes as follows: $1.096 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.529 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV.

For the company's 6.75% Series M Cumulative Redeemable Preferred Stock , the company's reportable 2008 dividends totaling $1.6875 per share are classified for income tax purposes as follows: $1.1384 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.5491 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV.

For the company's 7.0% Series O Cumulative Redeemable Preferred Stock , the company's reportable 2008 dividends totaling $1.750 per share are classified for income tax purposes as follows: $1.181 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.569 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV.

For the company's 6.85% Series P Cumulative Redeemable Preferred Stock , the company's reportable 2008 dividends totaling $1.7125 per share are classified for income tax purposes as follows: $1.1552 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.5573 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV.

As previously announced on November 17, 2008, AMB's Board of Directors suspended the company's common stock dividend for the fourth quarter of 2008. The Board of Directors also declared dividends on the company's four outstanding series of preferred stock, including:

* 6.5% Series L Cumulative Redeemable Preferred Stock - a dividend of $0.40625 per share

* 6.75% Series M Cumulative Redeemable Preferred Stock - a dividend of $0.421875 per share

* 7.0% Series O Cumulative Redeemable Preferred Stock - a dividend of $0.4375 per share

* 6.85% Series P Cumulative Redeemable Preferred Stock - a dividend of $0.428125 per share

The record date for the preferred dividends was January 5, 2009 and the payment date will be January 15, 2009. These dividends will be classified as 2009 dividends.

The tables below summarize the income tax treatment of the company's 2008 dividends:

  2008 Dividend Tax Reporting Information (Form 1099-DIV)



  AMB Property Corporation
  Common Stock
  CUSIP # 00163T109
  Ticker Symbol: AMB



                                                       2008 25%
                                      2008     2008     Capital
                                    Ordinary    15%   (unrecaptured   2008
  Decla-                   Cash     Taxable   Capital   Section    Return of
  ration  Record Payable  Dividend  Dividend   Gain    1250 gain)   Capital
  Dates   Dates   Dates  ($ per     ($ per    ($ per    ($ per      ($ per
                           share)    share)    share)    share)      share)
  12/18/ 12/21/   1/7/
    2007  2007   2008  $0.500000  $0.301905  $0.145639  $0.000001  $0.052455
   2/21/  4/4/   4/15/
    2008  2008   2008  $0.520000  $0.313981  $0.151465  $0.000001  $0.054553
    5/8/  7/3/   7/15/
    2008  2008   2008  $0.520000  $0.313981  $0.151465  $0.000001  $0.054553
   9/23/  10/6/ 10/15/
    2008  2008   2008  $0.520000  $0.313981  $0.151465  $0.000001  $0.054553

          2008 Totals  $2.060000  $1.243848  $0.600034  $0.000004  $0.216114



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

                                                                   2008 25%
                                                                   Capital
                                               2008       2008       Gain
                                             Ordinary      15% (unrecaptured
                                    Cash      Taxable   Capital   Section
                                   Dividend   Dividend    Gain    1250 gain)
  Decl-
  aration  Record   Payable     ($ per      ($ per   ($ per     ($ per
  Dates        Dates     Dates        share)     share)   share)     share)
  12/18/2007  1/4/2008  1/15/2008  $0.406250  $0.274048 $0.132201  $0.000001
   2/21/2008  4/4/2008  4/15/2008  $0.406250  $0.274048 $0.132201  $0.000001
    5/8/2008  7/3/2008  7/15/2008  $0.406250  $0.274048 $0.132201  $0.000001
   9/23/2008 10/6/2008 10/15/2008  $0.406250  $0.274048 $0.132201  $0.000001

        2008 Totals                $1.625000  $1.096192 $0.528804  $0.000004



  AMB Property Corporation
  Series M Cumulative Redeemable Preferred Stock
  CUSIP # 00163T406
  Ticker Symbol: AMB.PrM

                                                                  2008 25%
                                              2008      2008    Capital Gain
                                             Ordinary   15%    (unrecaptured
                                   Cash       Taxable   Capital     Section
                                  Dividend   Dividend    Gain     1250 gain)
  Declaration  Record    Payable  ($ per     ($ per     ($ per     ($ per
  Dates        Dates     Dates     share)    share)     share)     share)
  12/18/2007  1/4/2008   1/15/2008 $0.421875 $0.284588  $0.137286  $0.000001
   2/21/2008  4/4/2008   4/15/2008 $0.421875 $0.284588  $0.137286  $0.000001
    5/8/2008  7/3/2008   7/15/2008 $0.421875 $0.284588  $0.137286  $0.000001
   9/23/2008 10/6/2008  10/15/2008 $0.421875 $0.284588  $0.137286  $0.000001

        2008 Totals                $1.687500 $1.138352  $0.549144  $0.000004



  AMB Property Corporation
  Series O Cumulative Redeemable Preferred Stock
  CUSIP # 00163T505
  Ticker Symbol: AMB.PrO

                                                                   2008 25%
                                                                   Capital
                                                2008     2008       Gain
                                             Ordinary    15%   (unrecaptured
                                    Cash      Taxable   Capital     Section
                                 Dividend   Dividend    Gain     1250 gain)
  Declaration  Record  Payable    ($ per      ($ per     ($ per     ($ per
  Dates        Dates   Dates       share)      share)     share)     share)
  12/18/2007  1/4/2008  1/15/2008 $0.437500  $0.295129  $0.142370  $0.000001
   2/21/2008  4/4/2008  4/15/2008 $0.437500  $0.295129  $0.142370  $0.000001
    5/8/2008  7/3/2008  7/15/2008 $0.437500  $0.295129  $0.142370  $0.000001
   9/23/2008 10/6/2008 10/15/2008 $0.437500  $0.295129  $0.142370  $0.000001

         2008 Totals              $1.750000  $1.180516  $0.569480  $0.000004



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

                                                                   2008 25%
                                               2008     2008    Capital Gain
                                            Ordinary     15%   (unrecaptured
                                   Cash      Taxable    Capital    Section
                                  Dividend   Dividend     Gain    1250 gain)
  Declaration  Record     Payable  ($ per     ($ per     ($ per     ($ per
  Dates        Dates      Dates     share)     share)     share)     share)
  12/18/2007  1/4/2008  1/15/2008 $0.428125  $0.288804  $0.139320  $0.000001
   2/21/2008  4/4/2008  4/15/2008 $0.428125  $0.288804  $0.139320  $0.000001
    5/8/2008  7/3/2008  7/15/2008 $0.428125  $0.288804  $0.139320  $0.000001
   9/23/2008 10/6/2008 10/15/2008 $0.428125  $0.288804  $0.139320  $0.000001

         2008 Totals              $1.712500  $1.155216  $0.557280  $0.000004



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

AMB Property Corporation(R) is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of September 30, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 158.4 million square feet (14.7 million square meters) in 49 markets within 15 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