AMB Property Corporation to Offer 33 Million Shares of Common Stock

SAN FRANCISCO, March 24 /PRNewswire-FirstCall/ -- AMB Property Corporation(R)
(NYSE: AMB), a leading owner, operator and developer of industrial real
estate, today announced it intends to offer 33 million shares of its common
stock in a registered offering. The company also plans to grant the
underwriters an option to purchase up to 4.95 million additional shares to
cover over-allotments, if any. Merrill Lynch & Co., J.P.Morgan and Morgan
Stanley will act as joint bookrunners for the proposed offering.

AMB intends to use the net proceeds from the sale of the common stock to
reduce borrowings under its unsecured credit facilities. The company may also
use the net proceeds for general corporate purposes, which may include the
repayment of other indebtedness (which may include inter-company
indebtedness); the redemption or other repurchase of outstanding securities;
loans to affiliates; development, redevelopment or value-added conversion
activities; acquisitions of properties, portfolios of properties or interests
in property-owning or real estate-related entities; capital expenditures and
increasing its working capital. Based upon the company's future funding
requirements, the balance on its unsecured credit facilities and other
short-term debt may be increased above the level prevailing after the initial
use of proceeds and AMB may, from time to time, engage in additional
financings of a character and in amounts to be determined. Certain of the
joint bookrunners and their respective affiliates are lenders and agents under
AMB's unsecured credit facilities and will receive a portion of the proceeds
of the offering. Pending the application of the net proceeds, AMB may invest
the proceeds in short-term securities.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the common stock in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.

A copy of the prospectus supplement and prospectus relating to these
securities may be obtained, when available, by contacting Merrill Lynch & Co.,
4 World Financial Center, New York, NY 10080, Phone: +1 212 449 1000; J.P.
Morgan Securities Inc., National Statement Processing, Prospectus Library, 4
Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Phone: +1 718 242 8002;
or Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180
Varick Street, New York, NY 10014, Email: prospectus@morganstanley.com.

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 December 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
160 million square feet (14.9 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.

Some of the information included in this press release contains
forward-looking statements, such as statements related to the offering and the
issuance and sale of common stock, expected use of the net proceeds, and the
availability of a final prospectus supplement, 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 numerous 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 the 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," "forecasting, " "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 as of the date of this press release or as of the
dates indicated in the statements. All of our forward-looking statements are
qualified in their entirety by this statement. 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 contained in
this press release: any material adverse change in the financial or securities
markets within or outside the United States or in political, financial or
economic conditions within or outside the United States or any material
outbreak or material escalation of hostilities within or outside the United
States or declaration by the United States of a national emergency or war or
other material calamity or crisis within or outside the United States,
including, without limitation, an act of terrorism, any suspension or
limitation of trading in securities generally or in any of the securities of
AMB by the SEC, by any exchange that lists such securities or in any
over-the-counter market, any declaration by any governmental authority of a
general banking moratorium, any financial market fluctuations, actual or
perceived changes in general economic conditions, global trade or in the real
estate sector, inflation risks, an actual or perceived downturn in the U.S.,
California or global economy, 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, 2008.

SOURCE AMB Property Corporation

Tracy A. Ward, Vice President, IR & Corporate Communications, +1-415-733-9565,
tward@amb.com, or Rachel E. M. Bennett, Director, Media and Public Relations,
+1-415-733-9532, rbennett@amb.com, both of AMB Property Corporation