AMB Property Corporation(R) , a leading global developer and owner of industrial real estate, today announced it has fully leased AMB Palmetto Distribution Center, stabilizing the more than 406,000 square foot development in Orlando months ahead of schedule. Kuehne + Nagel, a leading global provider of integrated supply chain solutions, leased approximately 141,000 square feet for dedicated distribution and warehousing activities, which will support the Florida operations of an entertainment customer. As previously announced, the remainder of the development, approximately 265,000 square feet, has been leased to a leading consumer electronics retailer.

"We see the southeastern United States experiencing steady demand for logistics real estate, due primarily to an increase of goods shipped through the region's seaports, as well as a growing population base," said Gene Reilly, AMB's president, the Americas. "AMB Palmetto Distribution Center represents our seventh lease globally with Kuehne + Nagel, a valued target customer."

"At Kuehne + Nagel, we turn the logistics requirements of our customers into their competitive advantage, and AMB understands we call for speed and efficiency from our distribution facilities in order to deliver on this commitment," commented John Frick, Kuehne + Nagel, Inc.'s senior vice president-chief administrative officer, Contract Logistics - USA.

AMB Palmetto Distribution Center provides rapid access to the Interstate 4 corridor between Orlando and Tampa Bay, as well as Highway 27, which is the main access route to south Florida from central Florida.

As of March 31, 2008 AMB's presence in south Florida totaled approximately 8.7 million square feet of operating and development properties in Miami, Orlando, and on-tarmac at Miami International Airport. AMB's Orlando portfolio totals more than 1.8 million square feet, and is now nearly 100 percent leased.

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 in the Americas, Europe and Asia. As of March 31, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 150.2 million square feet (14.0 million square meters) in 45 markets within 14 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.

Some of the information included in this press release contains forward- looking statements, such as those related to the occupation and use of AMB Palmetto Distribution Center, 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, re-financing risks, risks related to our obligations in the event of certain defaults under joint venture and other debt, risks related to debt and equity security financings (including dilution risk), 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, risks related to our tax structuring, failure to maintain our current credit agency ratings, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions or in the real estate sector, changes in real estate and zoning laws, a downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise 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 "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2007.

First Call Analyst:
FCMN Contact: [email protected]

SOURCE: AMB Property Corporation

CONTACT: Margan S. Mitchell, Vice President, Corporate Communications,
+1-415-733-9477, fax, +1-415-477-2177, [email protected], or Rachel E. M.
Bennett, Media and Public Relations Director, +1-415-733-9532, fax,
+1-415-477-2063, [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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