<SUBMISSION>
<ACCESSION-NUMBER>0000950134-08-016328
<TYPE>S-3ASR
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20080909
<DATE-OF-FILING-DATE-CHANGE>20080909
<EFFECTIVENESS-DATE>20080909
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMB PROPERTY CORP
<CIK>0001045609
<ASSIGNED-SIC>6798
<IRS-NUMBER>943281941
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3ASR
<ACT>33
<FILE-NUMBER>333-153379
<FILM-NUMBER>081062249
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
<PHONE>4153949000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>f43115s3sv3asr.htm
<DESCRIPTION>FORM S-3 AUTOMATIC SHELF REGISTRATION
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3asr</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    September&#160;9, 2008</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-3</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">AMB Property
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Maryland</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction of
    incorporation or organization)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">94-3281941</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer Identification
    Number)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Pier 1, Bay 1</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">San&#160;Francisco, CA
    94111</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(415)&#160;394-9000</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Tamra D.
    Browne,&#160;Esq.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Senior Vice President and
    General Counsel</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">AMB Property
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Pier 1, Bay 1</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">San&#160;Francisco, CA
    94111</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(415)&#160;394-9000</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt">Copies to:</FONT></I></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt"> Laura L.
    Gabriel,&#160;Esq.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Latham &#038; Watkins
    LLP</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">505 Montgomery Street, Suite
    2000</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">San&#160;Francisco, CA
    94111</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(415) 391-0600</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:</B>&#160;&#160;From time to time after this Registration
    Statement becomes effective.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the only securities being registered on this Form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, other than
    securities offered only in connection with dividend or interest
    reinvestment plans, check the following box.
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a registration statement pursuant to General
    Instruction I.D. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following box.
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction I.D. filed to
    register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Large accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT><BR>
    <FONT style="font-size: 8pt">(Do not check if a smaller
    reporting company)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">CALCULATION OF REGISTRATION
    FEE</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed Maximum Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price per Unit</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common Stock, par value $.01 per share, Preferred Stock, par
    value $.01 per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (1)(2)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    (3)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Omitted pursuant to Form&#160;S-3
    General Instruction II.E.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">An unspecified number of the
    securities of each identified class is being registered for
    possible issuance from time to time at indeterminate prices. In
    accordance with Rules&#160;456(b) and 457(r), we are deferring
    payment of all applicable registration fees.
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Deferred in reliance upon
    Rules&#160;456(b) and 457(r).
    </FONT></TD>
</TR>



<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Immediately after the filing of
    this registration statement, AMB Property Corporation will file
    a prospectus supplement relating to 3,323,143 unsold shares of
    its common stock issuable upon redemption of an equivalent
    number of common limited partnership units of its subsidiaries,
    AMB Property, L.P. and AMB Property II, L.P., and any additional
    shares of its common stock which become issuable with respect
    thereto by reason of any stock dividend, stock split,
    recapitalization or other similar transaction, that were
    previously covered by the following registration statements
    (collectively, the &#147;Prior Registration Statements&#148;):
    Nos. 333-68291 filed on December&#160;3, 1998
    (65,086&#160;shares), 333-75953 filed on April&#160;9, 1999
    (225,938&#160;shares), 333-80815 filed on June&#160;16, 1999
    (21,024&#160;shares), 333-36894 filed on May&#160;12, 2000
    (351,284&#160;shares), 333-73718 filed on November&#160;20, 2001
    (1,401,098&#160;shares), 333-120793 filed on November&#160;26,
    2004 (127,878&#160;shares) and 333-147412 filed on
    November&#160;15, 2007 (1,130,835&#160;shares). The following
    filing fees paid upon filing of the Prior Registration
    Statements with respect to the unsold securities will continue
    to be applied to such unsold securities: Nos. 333-68291
    ($389.56), 333-75953 ($1,291.55), 333-80815 ($131.87), 333-36894
    ($2,124.79), 333-73718 ($8,676.64),
    <FONT style="white-space: nowrap">333-120793</FONT>
    ($628.32) and 333-147412 ($2,105.56). Pursuant to
    Rule&#160;415(a)(6) under the Securities Act, the filing fee
    previously paid in connection with such unsold securities will
    continue to be applied to such unsold securities and the Prior
    Registration Statements terminated effective upon filing of this
    registration statement.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="f43115s3f4311501.gif" alt="(COMPANY LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">AMB Property
    Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer, from time to time, in one or more series or
    classes, separately or together, and in amounts, at prices and
    on terms that we will determine at the time of offering, shares
    of our common stock, par value $.01&#160;per&#160;share,
    <FONT style="white-space: nowrap">and/or</FONT>
    shares of our preferred stock, par value $.01 per share. In
    addition, selling stockholders to be named in a prospectus
    supplement may offer and sell, from time to time, shares of our
    common stock or preferred stock in such amounts as set forth in
    a prospectus supplement. Any such shares may be issued in
    exchange for partnership units of AMB Property, L.P. or AMB
    Property II, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this prospectus, we refer to the common stock and preferred
    stock registered hereunder collectively as the
    &#147;securities.&#148; We will provide specific terms of the
    offering of any securities in supplements to this prospectus.
    You should read this prospectus and any prospectus supplement
    carefully before you invest in any of our securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are organized and conduct our operations in a manner which we
    believe allows us to qualify as a real estate investment trust
    for federal income tax purposes. To assist us in complying with
    certain federal income tax requirements applicable to real
    estate investment trusts, our charter contains certain
    restrictions relating to the ownership and transfer of our
    stock, including an ownership limit of 9.8% in value or number
    (whichever is more restrictive) of our capital stock. See
    &#147;Description of Common Stock,&#148; &#147;Description of
    Preferred Stock&#148; and &#147;Restrictions on Ownership and
    Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The securities may be offered directly by us or by any selling
    stockholder, through agents designated from time to time by us
    or to or through underwriters or dealers. If any agents, dealers
    or underwriters are involved in the sale of any of the
    securities, their names, and any applicable purchase price, fee,
    commission or discount arrangement between or among them will be
    set forth, or will be calculable from the information set forth,
    in the applicable prospectus supplement. See the sections
    entitled &#147;About This Prospectus&#148; for more information.
    No securities may be sold without delivery of this prospectus
    and the applicable prospectus supplement describing the method
    and terms of the offering of such series of securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the New York Stock Exchange under
    the symbol &#147;AMB&#148;. On September&#160;8, 2008, the last
    reported sales price of our common stock on the New York Stock
    Exchange was $49.99 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the securities involves risk. See &#147;Risk
    Factors&#148; beginning on page&#160;1.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus may not be used to offer or sell any securities
    unless accompanied by a prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus is September 9, 2008.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Table of
    Contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    About this Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk Factors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward-Looking Statements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    AMB Property Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Use of Proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratios of Earnings to Fixed Charges and Preferred Stock Dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General Description of Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Preferred Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restrictions on Ownership and Transfer of Capital Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Certain Provisions of Maryland Law and of Our Charter and Bylaws
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Certain Provisions of the Partnership Agreement
    of AMB Property, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Certain Provisions of the Partnership Agreement
    of AMB Property II, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    United States Federal Income Tax Considerations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plan of Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal Matters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Experts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Incorporation of Certain Information by Reference
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Where You Can Find More Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus and any
    accompanying prospectus supplement. We have not authorized
    anyone else to provide you with different or additional
    information. We are offering to sell the securities and seeking
    offers to buy the securities only in jurisdictions where offers
    and sales are permitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We have not authorized any dealer or other person to give any
    information or to make any representation other than those
    contained or incorporated by reference in this prospectus and
    any accompanying supplement to this prospectus. You must not
    rely upon any information or representation not contained or
    incorporated by reference in this prospectus or any accompanying
    supplement to this prospectus. This prospectus and any
    accompanying supplement to this prospectus do not constitute an
    offer to sell or the solicitation of an offer to buy any
    securities other than the registered securities to which they
    relate, nor do this prospectus and any accompanying supplement
    to this prospectus constitute an offer to sell or the
    solicitation of an offer to buy securities in any jurisdiction
    to any person to whom it is unlawful to make such offer or
    solicitation in such jurisdiction. You should not assume that
    the information contained in this prospectus and any
    accompanying supplement to this prospectus is accurate on any
    date subsequent to the date set forth on the front of the
    document or that any information we have incorporated by
    reference is correct on any date subsequent to the date of the
    document incorporated by reference, even though this prospectus
    and any accompanying supplement to this prospectus is delivered
    or securities are sold on a later date.</B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the Securities and Exchange Commission, or SEC, using
    a &#147;shelf&#148; registration process. Under this shelf
    process, we may sell the securities described in this prospectus
    in one or more offerings. This prospectus sets forth certain
    terms of the securities that we may offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each time we offer securities, we will attach a prospectus
    supplement to this prospectus. The prospectus supplement will
    contain the specific description of the terms of the offering.
    The prospectus supplement will supersede this prospectus to the
    extent it contains information that is different from, or that
    conflicts with, the information contained in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is important for you to read and consider all information
    contained in this prospectus and the applicable prospectus
    supplement in making your investment decision. You should also
    read and consider the information contained in the documents
    identified under the heading &#147;Where You Can Find More
    Information&#148; in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated or unless the context requires
    otherwise, all references in this prospectus to &#147;we&#148;,
    &#147;us&#148; or &#147;our&#148; mean AMB Property Corporation
    and our consolidated subsidiaries, except where it is made clear
    that the terms mean AMB Property Corporation only.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should carefully consider any specific risks set forth under
    the caption &#147;Risk Factors&#148; in the applicable
    prospectus supplement and under the caption &#147;Risk
    Factors&#148; in our most recent annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and subsequent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    incorporated into this prospectus and the accompanying
    prospectus supplement by reference, as updated by our subsequent
    filings under the Securities Exchange Act of 1934, as amended.
    You should consider carefully those risk factors together with
    all of the other information included and incorporated by
    reference in this prospectus and the accompanying prospectus
    supplement before you decide to purchase our securities.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of the information included and incorporated by reference
    in this prospectus and the accompanying prospectus supplement
    contains forward-looking statements, which are made pursuant to
    the safe-harbor provisions of Section&#160;21E of the Securities
    Exchange Act of 1934, as amended, and Section&#160;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
    &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148;
    &#147;will,&#148; &#147;should,&#148; &#147;seeks,&#148;
    &#147;approximately,&#148; &#147;intends,&#148;
    &#147;plans,&#148; &#147;forecasting,&#148; &#147;pro
    forma,&#148; &#147;estimates&#148; or &#147;anticipates,&#148;
    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 should not be read as guarantees of future
    performance or results, and will not necessarily be accurate
    indicators of whether, or the time at which, such performance or
    results will be achieved. There is no assurance that the events
    or circumstances reflected in forward-looking statements will
    occur or be achieved. 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 that many forward-looking statements presented in the
    prospectus and the accompanying prospectus supplement are based
    on management&#146;s beliefs and assumptions made by, and
    information currently available to, management. Statements
    contained and incorporated by reference in this prospectus and
    accompanying prospectus supplement that are not historical facts
    may be forward-looking statements. Such statements relate to our
    future performance and plans, results of operations, capital
    expenditures, acquisitions, and operating improvements and costs.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in general economic conditions or in the real estate
    sector;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    defaults on or non-renewal of leases by customers or renewal at
    lower than expected rent;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    difficulties in identifying properties to acquire and in
    effecting acquisitions on advantageous terms and the failure of
    acquisitions to perform as we expect;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties affecting property development,
    redevelopment and value-added conversion (including construction
    delays, cost overruns, our inability to obtain necessary permits
    and financing, our inability to lease properties at all or at
    favorable rents and terms, public opposition to these
    activities, as well as the risks associated with our expansion
    of and increased investment in our development business);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to contribute properties to our co-investment
    ventures due to such factors as our inability to acquire,
    develop, or lease properties that meet the investment criteria
    of such ventures, or our co-investment ventures&#146; inability
    to access debt and equity capital to pay for property
    contributions or their allocation of available capital to cover
    other capital requirements such as future redemptions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks of doing business internationally and global expansion,
    including unfamiliarity with new markets and currency risks;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks of opening offices globally (including increasing
    headcount);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a downturn in the California, U.S., or global economy or real
    estate conditions and other financial market fluctuations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks of changing personnel and roles;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    losses in excess of our insurance coverage;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to divest of properties on advantageous terms or to
    timely reinvest proceeds from any such divestitures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unknown liabilities acquired in connection with acquired
    properties or otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to successfully integrate acquired properties and
    operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with using debt to fund acquisitions and
    development, including re-financing risks;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to our obligations in the event of certain
    defaults under co-investment venture and other debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to obtain necessary financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to maintain our current credit agency ratings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with equity and debt securities financings and
    issuances (including the risk of dilution);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in local, state and federal regulatory requirements,
    including changes in real estate and zoning laws;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increases in real property tax rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with our tax structuring;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increases in interest rates and operating costs or greater than
    expected capital expenditures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental uncertainties and risks related to natural
    disasters;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to qualify and maintain our status as a real estate
    investment trust under the Internal Revenue Code of 1986, as
    amended.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our success also depends upon economic trends generally, various
    market conditions and fluctuations and those other risk factors
    discussed under the heading &#147;Risk Factors&#148; herein and
    in the accompanying prospectus supplement and under the heading
    &#147;Risk Factors&#148; in our most recent annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and subsequent
</DIV>

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    <BR>
    2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    and in our other filings with the SEC that are incorporated by
    reference in this prospectus and the accompanying prospectus
    supplement. 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 prospectus or the accompanying
    prospectus supplement, as applicable, or as of the dates
    indicated in the statements. All of our forward-looking
    statements, including those included and incorporated by
    reference in this prospectus and the accompanying prospectus
    supplement, are qualified in their entirety by this statement.
    We assume no obligation to update or supplement forward-looking
    statements.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMB
    PROPERTY CORPORATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Corporation, a Maryland corporation, acquires,
    develops and operates industrial properties in key distribution
    markets tied to global trade in the Americas, Europe and Asia.
    We use the terms &#147;industrial properties&#148; or
    &#147;industrial buildings&#148; to describe various types of
    industrial properties in our portfolio and use these terms
    interchangeably with the following: logistics facilities,
    centers or warehouses; distribution facilities, centers or
    warehouses; High Throughput
    Distribution<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    (HTD<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>)
    facilities; or any combination of these terms. We use the term
    &#147;owned and managed&#148; to describe assets in which we
    have at least a 10% ownership interest, for which we are the
    property or asset manager, and which we currently intend to hold
    for the long-term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our strategy focuses on providing industrial distribution
    warehouse space to customers who value the efficient movement of
    goods through the global supply chain, primarily in the
    world&#146;s busiest distribution markets: large,
    supply-constrained infill locations with dense populations and
    proximity to airports, seaports and major highway systems. As of
    June&#160;30, 2008, we owned, or had investments in, on a
    consolidated basis or through unconsolidated co-investment
    ventures, properties and development projects expected to total
    approximately 155.5&#160;million square feet (14.5&#160;million
    square meters) in 47 markets within 15 countries. Additionally,
    as of June&#160;30, 2008, we managed, but did not have a
    significant ownership interest in, industrial and other
    properties totaling approximately 1.5&#160;million rentable
    square feet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We operate our business primarily through our subsidiary, AMB
    Property, L.P., a Delaware limited partnership, which we refer
    to as the &#147;operating partnership&#148;. As of June&#160;30,
    2008, we owned an approximate 96.1% general partnership interest
    in the operating partnership, excluding preferred units. As the
    sole general partner of the operating partnership, we have the
    full, exclusive and complete responsibility for and discretion
    in its day-to-day management and control. We issue partnership
    units of AMB Property II, L.P. in exchange for contributions of
    cash or land and industrial properties. AMB Property II, L.P. is
    a partnership in which AMB Property Holding Corporation, a
    Maryland corporation and our direct subsidiary, owns an
    approximate 1% partnership interest as the sole general partner
    and our operating partnership, AMB Property, L.P., owns an
    approximate 92% partnership interest, excluding preferred units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a self-administered and self-managed real estate
    investment trust and expect that we have qualified, and will
    continue to qualify, as a real estate investment trust for
    federal income tax purposes beginning with the year ended
    December&#160;31, 1997. As a self-administered and self-managed
    real estate investment trust, our own employees perform our
    corporate administrative and management functions, rather than
    our relying on an outside manager for these services. We manage
    our portfolio of properties generally through direct property
    management performed by our own employees. Additionally, within
    our flexible operating model, we may from time to time establish
    relationships with third-party real estate management firms,
    brokers and developers that provide some property-level
    administrative and management services under our direction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our global headquarters are located at Pier 1, Bay 1,
    San&#160;Francisco, California 94111; our telephone number is
    <FONT style="white-space: nowrap">(415)&#160;394-9000.</FONT>
    We maintain other office locations in Amsterdam, Atlanta,
    Baltimore, Beijing, Boston, Chengdu, Chicago, Dallas, Delhi,
    Frankfurt, Los Angeles, Madrid, Menlo Park, Mumbai, Nagoya,
    Narita, New Jersey, New&#160;York, Osaka, Paris, Seoul,
    Shanghai, Shenzhen, Singapore, Tokyo, Toronto, Vancouver and
    Warsaw. As of June&#160;30, 2008, we employed 586 individuals:
    205 in our San&#160;Francisco headquarters, 58 in our Boston
    office, 55 in our Tokyo office, 53 in our Amsterdam office and
    the remainder in our other offices. Our website address is
    <U><FONT style="white-space: nowrap">http://www.amb.com</FONT></U>.
    Information contained on our website is not and should not be
    deemed a part of this prospectus or any other report or filing
    filed with the SEC.
</DIV>

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    <BR>
    3
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<A name='105'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we indicate otherwise in the applicable prospectus
    supplement, we intend to use the net proceeds from the sale of
    the securities offered by us for general corporate purposes,
    which may include acquisitions of properties, portfolios of
    properties or interests in property-owning or real
    estate-related entities; development, redevelopment or
    value-added conversion activities; the repayment of indebtedness
    (which may include temporarily reducing borrowings under our
    unsecured credit facilities); loans to affiliates; the
    redemption or other repurchase of outstanding securities;
    capital expenditures and increasing our working capital. We are
    generally engaged in various stages of negotiations for a number
    of acquisitions, dispositions and other transactions, some of
    which may be significant, that may include, but are not limited
    to, individual properties, large multi-property portfolios or
    property owning or real estate-related entities. Unless we
    indicate otherwise in the applicable prospectus supplement, we
    will initially invest any proceeds from the sale of the
    securities in the operating partnership, which, unless indicated
    otherwise in the applicable prospectus supplement, will directly
    or indirectly use the proceeds as described above. Pending the
    application of the net proceeds, we may invest the proceeds in
    short-term securities or reduce borrowings under credit
    facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from any sale of the securities
    by any selling stockholders.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIOS OF
    EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
    DIVIDENDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ratios of earnings to fixed charges and preferred stock
    dividends for the six months ended June&#160;30, 2008 and each
    of the previous five years ended December 31 were as follows:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>For Six Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Ended June&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For Fiscal Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges and preferred stock dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.6
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.6
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.3
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.3x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of the above calculations, earnings include
    income from continuing operations before adjustment for minority
    interests in income of majority owned subsidiaries, income from
    unconsolidated entities, fixed charges, amortization of
    capitalized interest and distributed income from unconsolidated
    entities. Fixed charges consist of interest costs, whether
    expensed or capitalized, the interest component of rental
    expense, and amortization of debt issuance costs and preferred
    distributions of consolidated subsidiaries. The ratios for all
    periods have been updated for discontinued operations related to
    properties sold or held for sale through June&#160;30, 2008.
</DIV>
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    DESCRIPTION OF SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling stockholders named in a prospectus supplement,
    directly or through dealers, agents or underwriters designated
    from time to time, may offer, issue and sell, separately or
    together, in one or more offerings shares of our common stock,
    par value $.01 per share,
    <FONT style="white-space: nowrap">and/or</FONT>
    shares of our preferred stock, par value $.01 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When a particular series of securities is offered, a supplement
    to this prospectus will be delivered with this prospectus, which
    will set forth the terms of the offering and sale of the offered
    securities.
</DIV>
<A name='108'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of our common stock sets forth certain
    general terms and provisions of the common stock to which any
    prospectus supplement may relate and will apply to any common
    stock offered by this prospectus unless we provide otherwise in
    the applicable prospectus supplement. The description of the
    common stock set forth below and in any prospectus supplement
    does not purport to be complete and is subject to and qualified
    in its entirety by reference to the applicable provisions of our
    charter and bylaws and the Maryland General Corporation Law. See
    &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter provides that we are authorized to issue
    500,000,000&#160;shares of common stock, par value
    $.01&#160;per&#160;share. As of June&#160;30, 2008, we had
    97,998,672&#160;shares of common stock issued and outstanding.
    Each
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    outstanding share of common stock entitles the holder to one
    vote on all matters presented to stockholders generally for a
    vote, including the election of directors. Except as otherwise
    required by law and except as provided in any resolution adopted
    by the board of directors establishing any other class or series
    of stock, the holders of common stock possess the exclusive
    voting power, subject to the provisions of our charter regarding
    the ownership of shares of common stock in excess of the
    ownership limit or any other limit specified in our charter, or
    otherwise permitted by the board of directors. Holders of shares
    of common stock do not have any conversion, exchange, sinking
    fund, redemption or appraisal rights or any preemptive rights to
    subscribe for any of our securities or cumulative voting rights
    in the election of directors. All shares of our common stock
    that are issued and outstanding are duly authorized, fully paid
    and nonassessable. Subject to the preferential rights of any
    other shares or series or classes of stock, including our
    preferred stock, and to the provisions of our charter regarding
    ownership of shares of common stock in excess of the ownership
    limit, or such other limit specified in our charter or as
    otherwise permitted by the board of directors, we may pay
    distributions to the holders of shares of common stock if and
    when authorized and declared by the board of directors out of
    funds legally available for distribution. We intend to continue
    to make quarterly distributions on outstanding shares of common
    stock.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Maryland General Corporation Law, stockholders are
    generally not liable for our debts or obligations. If we
    liquidate, subject to the right of any holders of preferred
    stock to receive preferential distributions, each outstanding
    share of common stock will be entitled to participate pro rata
    in the assets remaining after payment of, or adequate provision
    for, all of our known debts and liabilities, including debts and
    liabilities arising out of our status as general partner of the
    operating partnership.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of our charter regarding the ownership
    of shares of common stock in excess of the ownership limit, or
    such other limit specified in our charter, or as otherwise
    permitted by the board of directors as described below, all
    shares of common stock have equal distribution, liquidation and
    voting rights, and have no preference or exchange rights.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Maryland General Corporation Law, a Maryland
    corporation generally cannot dissolve, amend its charter, merge,
    sell all or substantially all of its assets, engage in a share
    exchange or engage in similar transactions outside the ordinary
    course of business unless advised by its board of directors and
    approved by the affirmative vote of at least two-thirds of the
    votes entitled to be cast on the matter unless a lesser
    percentage (but not less than a majority of all of the votes
    entitled to be cast on the matter) is set forth in the
    corporation&#146;s charter. Under the Maryland General
    Corporation Law, the term &#147;substantially all of the
    company&#146;s assets&#148; is not defined and is, therefore,
    subject to Maryland common law and to judicial interpretation
    and review in the context of the unique facts and circumstances
    of any particular transaction. Our charter does not provide for
    a lesser percentage in any of the above situations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter authorizes the board of directors to reclassify any
    unissued shares of capital stock into other classes or series of
    classes of stock and to establish the number of shares in each
    class or series and to set the preferences, conversion and other
    rights, voting powers, restrictions, limitations and
    restrictions on ownership, limitations as to dividends or other
    distributions, qualifications and terms or conditions of
    redemption for each class or series.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent, Registrar and Dividend Disbursing Agent</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent, registrar and dividend disbursing agent for
    our common stock is currently Computershare Trust&#160;Company,
    N.A.
</DIV>
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter provides that we are authorized to issue
    100,000,000&#160;shares of preferred stock, par value $.01 per
    share, of which 1,595,337&#160;shares are of a separate class
    designated as Series&#160;D Cumulative Redeemable Preferred
    Stock, 2,300,000&#160;shares are of a separate class designated
    as Series&#160;L Cumulative Redeemable Preferred Stock,
    2,300,000&#160;shares are of a separate class designated as
    Series&#160;M Cumulative Redeemable Preferred Stock,
    3,000,000&#160;shares are of a separate class designated as
    Series&#160;O Cumulative Redeemable Preferred Stock and
    2,000,000&#160;shares are of a separate class designated as
    Series&#160;P Cumulative Redeemable Preferred Stock. We
    currently have 2,000,000&#160;shares of series&#160;L preferred
    stock, 2,300,000&#160;shares of series&#160;M preferred stock,
    3,000,000&#160;shares of series&#160;O preferred stock and
    2,000,000&#160;shares of series&#160;P preferred stock issued
    and outstanding. We currently have 1,595,337&#160;shares of
    series&#160;D preferred stock reserved for issuance but not
    issued or outstanding. Our series&#160;D preferred stock is
    issuable in exchange,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    on a one-for-one basis, subject to adjustment, for series&#160;D
    preferred units of AMB Property II, L.P., a partnership in which
    our direct subsidiary owns, as of June&#160;30, 2008, an
    approximate 1% partnership interest as general partner and the
    operating partnership owns an approximate 92% common limited
    partnership interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description summarizes certain general terms and
    provisions of the preferred stock to which any prospectus
    supplement may relate and will apply to any preferred stock
    offered by this prospectus unless we provide otherwise in the
    applicable prospectus supplement. The description of the
    preferred stock set forth below and in any prospectus supplement
    does not purport to be complete and is subject to and qualified
    in its entirety by reference to the applicable provisions of our
    charter (including the applicable articles supplementary) and
    bylaws and the Maryland General Corporation Law. See &#147;Where
    You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue additional shares of preferred stock from time to
    time, in one or more classes, as authorized by our board of
    directors. Prior to the issuance of shares of each class of
    preferred stock, our board of directors is required by the
    Maryland General Corporation Law and our charter to fix for each
    class the terms, preferences, conversion or other rights, voting
    powers, restrictions, limitations as to distributions,
    qualifications and terms or conditions of redemption, as
    permitted by Maryland law. Because our board of directors has
    the power to establish the preferences, powers and rights of
    each class or series of preferred stock, it may afford the
    holders of any class of preferred stock preferences, powers and
    rights, voting or otherwise, senior to the rights of holders of
    shares of common stock, and, subject to any limitations
    applicable to any outstanding class or series of preferred
    stock, senior to the rights of the holders of our then
    outstanding preferred stock. The terms of our outstanding shares
    of Series&#160;L, M, O and P preferred stock, and the terms of
    our authorized but unissued shares of Series&#160;D preferred
    stock, each provide that shares of preferred stock having senior
    dividend or liquidation rights may not be authorized or issued
    by us without the prior approval of the holders of each of such
    series. The issuance of preferred stock, depending on the terms
    of such class or series, could have the effect of delaying or
    preventing a change of control that might involve a premium
    price for holders of shares of preferred stock or shares of
    common stock or otherwise be in their best interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Preferred stock, upon issuance against full payment of the
    purchase price therefor, will be fully paid and nonassessable.
    The preferences and other terms of the preferred stock of each
    class will be fixed by the articles supplementary relating to
    the class. The specific terms of a particular class of preferred
    stock will be described in the prospectus supplement relating to
    that class. The description of preferred stock set forth below
    and the description of the terms of a particular class of
    preferred stock set forth in a prospectus supplement do not
    purport to be complete and are qualified in their entirety by
    reference to the articles supplementary relating to that class.
    A prospectus supplement relating to each class of preferred
    stock will specify the following terms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title and stated value of the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The number of shares of the preferred stock offered, the
    liquidation preference per share and the offering price of the
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The dividend rate(s), period(s),
    <FONT style="white-space: nowrap">and/or</FONT>
    payment date(s) or method(s) of calculation thereof applicable
    to the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the preferred stock is cumulative or not and, if
    cumulative, the date from which dividends on the preferred stock
    will accumulate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The provision for a sinking fund, if any, for the preferred
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The provision for redemption, if applicable, of the preferred
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any listing of the preferred stock on any securities exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms and conditions, if applicable, upon which the
    preferred stock will be converted into common stock, including
    the conversion price (or manner of calculation thereof);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A discussion of any material federal income tax considerations
    applicable to the preferred stock;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any limitations on actual and constructive ownership and
    restrictions on transfer, in each case as may be appropriate to
    preserve our status as a real estate investment trust;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The relative ranking and preferences of the preferred stock as
    to dividend rights and rights upon liquidation, dissolution or
    winding up of our affairs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any limitations on issuance of any class of preferred stock
    ranking senior to or on a parity with such class or series of
    preferred stock as to dividend rights and rights upon
    liquidation, dissolution or winding up of our affairs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any other specific terms, preferences, rights, limitations or
    restrictions of the preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any voting rights of the preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rank</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the applicable prospectus
    supplement, the preferred stock will be, with respect to
    dividends and upon our voluntary or involuntary liquidation,
    dissolution or winding up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities the terms of which provide that the equity
    securities shall rank junior to the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities that we issue or have issued
    which rank senior to the preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities that we issue or have
    issued other than those that are referred to in the bullet
    points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of shares of the preferred stock of each class will be
    entitled to receive, when, as and if authorized and declared by
    our board of directors, out of our assets legally available for
    payment, cash dividends at the rates and on the dates as we will
    set forth in the applicable prospectus supplement. Dividends
    will be payable to holders of record as they appear on our stock
    transfer books on the record dates that the board of directors
    will fix.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends on any class of preferred stock may be cumulative or
    noncumulative, as provided in the applicable prospectus
    supplement. Dividends, if cumulative, will be cumulative from
    and after the date set forth in the applicable prospectus
    supplement. If our board of directors fails to authorize a
    dividend payable on a dividend payment date on any class of
    preferred stock for which dividends are noncumulative, then the
    holders of the class of preferred stock will have no right to
    receive a dividend in respect of the dividend period ending on
    the dividend payment date, and we will have no obligation to pay
    the dividend accrued for the period, whether or not dividends on
    the class are declared or paid for any future period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless full cumulative dividends on the class of preferred stock
    have been or contemporaneously are declared and paid or declared
    and a sum sufficient for the payment thereof set apart for
    payment for all past dividend periods and the then current
    dividend period, no dividends (other than in common stock or any
    of our other equity securities ranking junior to the series or
    class of preferred stock as to dividends and upon our voluntary
    or involuntary liquidation, dissolution and winding up) shall be
    declared or paid or set aside for payment or other dividend be
    declared or made upon the common stock or any of our other
    equity securities ranking as to distributions or upon our
    voluntary or involuntary liquidation, dissolution or winding up
    junior to or on a parity with the series or class of preferred
    stock, nor will any common stock or any of our other equity
    securities ranking junior to or on a parity with the class of
    preferred stock as to dividends or upon our voluntary or
    involuntary liquidation, dissolution or winding up be redeemed,
    purchased or otherwise acquired for any consideration (or any
    monies be paid to or made available for a sinking fund for the
    redemption of any such securities) by us (except by conversion
    into or exchange for our other equity securities ranking junior
    to the class of preferred stock as to dividends and upon
    voluntary or involuntary liquidation, dissolution and winding up
    and pursuant to the provisions of our charter providing for
    limitations on ownership and transfer in order to ensure that we
    remain qualified as a real estate investment trust). When
    dividends are not paid in full (or a sum sufficient for full
    payment is not so set apart) upon the class of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preferred stock and any other equity securities ranking as to
    dividends on a parity with the class of preferred stock, all
    dividends declared upon the series or class of preferred stock
    and any of our other equity securities ranking on a parity with
    the class of preferred stock as to dividends and upon voluntary
    or involuntary liquidation, dissolution or winding up will be
    declared pro rata so that the amount of dividends declared per
    share of the series or class of preferred stock and each other
    equity securities will in all cases bear to each other the same
    ratio that accumulated dividends per share of the series or
    class of preferred stock and the other equity securities (which
    will not include any accumulation in respect of unpaid dividends
    for prior dividend periods if the other equity securities do not
    have a cumulative dividend) bear to each other. No interest, or
    sum of money in lieu of interest, will be payable in respect of
    any dividend payment or payments on any series or class of
    preferred stock which may be in arrears.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any dividend payment that we make on shares of a class of
    preferred stock will first be credited against the earliest
    accrued but unpaid dividend due with respect to shares of such
    series or class that remains payable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we so provide in the applicable prospectus supplement, the
    shares of preferred stock will be subject to mandatory
    redemption or redemption at our option, as a whole or in part,
    in each case on the terms, at the times and at the redemption
    prices set forth in the prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to a series or class of
    preferred stock that is subject to mandatory redemption will
    specify the number of shares of preferred stock that we will
    redeem in each year commencing after a date to be specified, at
    a redemption price per share to be specified, together with an
    amount equal to all accumulated and unpaid dividends thereon
    (which will not, if the preferred stock does not have a
    cumulative dividend, include any accumulation in respect of
    unpaid dividends for prior dividend periods) to the date of
    redemption. We may pay the redemption price in cash or other
    property, as specified in the applicable prospectus supplement.
    If the redemption price for preferred stock of any class is
    payable only from the net proceeds of the issuance of our stock,
    the terms of the preferred stock may provide that, if no such
    preferred stock shall have been issued or to the extent the net
    proceeds from any issuance are insufficient to pay in full the
    aggregate redemption price then due, the preferred stock will
    automatically and mandatorily be converted into shares of the
    applicable stock pursuant to conversion provisions specified in
    the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, if the class of preferred stock
    has a cumulative dividend, unless full cumulative dividends on
    all outstanding shares of the class of preferred stock have been
    or contemporaneously are declared and paid or declared and a sum
    sufficient for the payment thereof set apart for payment for all
    past dividend periods and the then current dividend period, we
    may not redeem any shares of the class of preferred stock unless
    we simultaneously redeem all outstanding shares of the class of
    preferred stock; provided, however, that the foregoing will not
    prevent the purchase or acquisition of shares of the series or
    class of preferred stock pursuant to a purchase or exchange
    offer made on the same terms to holders of all outstanding
    shares of the class of preferred stock. In addition, unless full
    cumulative dividends on all outstanding shares of the class of
    preferred stock have been or contemporaneously are declared and
    paid or declared and a sum sufficient for the payment thereof
    set apart for payment for all past dividend periods and the then
    current dividend period, we may not purchase or otherwise
    acquire directly or indirectly any shares of such class of
    preferred stock or any of our equity securities ranking junior
    to or on a parity with such class of preferred stock as to
    dividends or upon voluntary or involuntary liquidation,
    dissolution or winding up (except by conversion into or exchange
    for our equity securities ranking junior to such class of
    preferred stock as to dividends and upon voluntary or
    involuntary liquidation, dissolution or winding up).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing provisions will not prevent us from acquiring
    shares of preferred stock pursuant to the provisions of the
    applicable articles supplementary providing for limitations on
    ownership and transfer in order to ensure that we remain
    qualified as a real estate investment trust for federal income
    tax purposes. See &#147;Restrictions on Ownership and Transfer
    of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we redeem fewer than all of the outstanding shares of a class
    of preferred stock, we will select the shares that we will
    redeem pro rata (as nearly as may be practicable without
    creating fractional shares), by lot or by any other equitable
    method that we determine. If this redemption is to be by lot
    and, as a result of the redemption, any holder of shares of the
    class of preferred stock would become a holder of a number of
    shares of the class of preferred stock in excess of the
    ownership limit because we did not redeem the holder&#146;s
    shares of the class of preferred stock, or we
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    only redeemed those shares in part, then, except as otherwise
    provided in our charter, we will redeem the requisite number of
    shares of the series or class of preferred stock of the holder
    such that no holder will hold in excess of the ownership limit
    subsequent to the redemption. See &#147;Restrictions on
    Ownership and Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will give notice of redemption by publication in a newspaper
    of general circulation in The City of New&#160;York. This
    publication will be made once a week for two successive weeks
    commencing not less than 30 nor more than 60&#160;days prior to
    the redemption date. We will mail a similar notice, postage
    prepaid, not less than 30 nor more than 60&#160;days prior to
    the redemption date, addressed to the respective holders of
    record of the preferred stock to be redeemed at their respective
    addresses as they appear on our share transfer records. No
    failure to give notice or any defect in notice or in the mailing
    thereof will affect the validity of the proceedings for the
    redemption of any shares of the series or class of preferred
    stock except as to the holder to whom notice was defective or
    not given. Each notice will state the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares of the class of preferred stock to be
    redeemed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the certificates evidencing shares of
    the series or class of preferred stock are to be surrendered for
    payment of the redemption price;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that dividends on the class of preferred stock to be redeemed
    will cease to accumulate on the redemption date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we will redeem fewer than all the shares of the class of
    preferred stock held by any holder, the notice that we mail to
    the holder will also specify the number of shares of the class
    of preferred stock that we will redeem from the holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of shares of a class of preferred stock at the close
    of business on a dividend record date will be entitled to
    receive the dividend payable with respect to the shares of the
    class of preferred stock held on the corresponding dividend
    payment date notwithstanding the redemption of the shares
    between the dividend record date and the corresponding dividend
    payment date or our default in the payment of the dividend due.
    Except as provided above, we will make no payment or allowance
    for unpaid dividends, whether or not in arrears, on shares of
    any class of preferred stock to be redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to applicable law and the limitation on purchases when
    dividends on a class of preferred stock are in arrears, we may,
    at any time and from time to time, purchase any shares of the
    class of preferred stock in the open market, by tender or by
    private agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up, the holders of preferred stock will be
    entitled to receive out of our assets legally available for
    distribution to our stockholders remaining after payment or
    provision for payment of all of our debts and, liquidating
    distributions in the amount of the liquidation preference per
    share set forth in the applicable prospectus supplement, plus an
    amount equal to any accumulated and unpaid dividends to the date
    of payment, before any distribution of assets is made to holders
    of common stock or any other equity securities that rank junior
    to the class of preferred stock as to voluntary or involuntary
    liquidation. After payment of the full amount of the liquidating
    distributions to which they are entitled, the holders of the
    class of preferred stock will have no right or claim to any of
    our remaining assets. Our consolidation or merger with or into
    any other entity, a merger of another entity with or into us, a
    statutory share exchange by us or the sale, lease, transfer or
    conveyance of all or substantially all of our property or
    business will not be considered a liquidation, dissolution or
    winding up.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, upon any voluntary or involuntary liquidation, dissolution
    or winding up, our assets are insufficient to make full payment
    to holders of such class of preferred stock and the
    corresponding amounts payable on all shares of other classes of
    our equity securities ranking on a parity with the class of
    preferred stock as to liquidation rights, then the holders of
    the class of preferred stock and all other such classes of
    equity securities will share ratably in any
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    distribution of assets in proportion to the full liquidating
    distributions to which they would otherwise be respectively
    entitled. In determining whether a distribution (other than upon
    voluntary or involuntary liquidation, dissolution or winding up)
    by dividend, redemption or other acquisition of shares of stock
    or otherwise is permitted under the Maryland General Corporation
    Law, no effect will be given to amounts that would be needed, if
    we were to be dissolved at the time of the distribution, to
    satisfy the preferential rights upon dissolution of holders of
    shares of the class of preferred stock, whose preferential
    rights upon dissolution are superior to those receiving the
    distribution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the preferred stock will not have any voting rights,
    except as set forth below or as otherwise from time to time
    required by law or as we indicate in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless provided for otherwise by any class of preferred stock,
    so long as any shares of preferred stock of a class remain
    outstanding, we will not, without the affirmative vote or
    consent of at least two-thirds of the votes entitled to be cast
    by the holders of such outstanding shares, given in person or by
    proxy, either in writing or at a meeting (the class voting
    separately as a class) do any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to such series
    or class of preferred stock with respect to payment of dividends
    or the distribution of assets upon voluntary or involuntary
    liquidation, dissolution or winding up;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to such series or class of preferred
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, authorize or issue any obligation or security
    convertible into, exchangeable or exercisable for, or evidencing
    the right to purchase, any class or series of stock ranking
    senior to such series or class of preferred stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter, whether by
    merger or consolidation or otherwise, so as to materially and
    adversely affect any right, preference, privilege or voting
    power of the class of preferred stock or the holders of such
    class.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as shares of the class of preferred stock (or shares
    issued by a surviving entity in substitution for the class of
    preferred stock) remain outstanding with their terms materially
    unchanged, taking into account that upon the occurrence of such
    an event, we may not be the surviving entity, the occurrence of
    an event set forth in the fourth bullet point above will not be
    considered to materially and adversely affect the rights,
    preferences, privileges or voting powers of holders of such
    class of preferred stock. Additionally, any increase in the
    amount of the authorized preferred stock or the creation or
    issuance of any other class or series of preferred stock, or any
    increase in the amount of authorized series or class of
    preferred stock or any other class or series of preferred stock,
    in each case ranking on a parity with or junior to such series
    or class of preferred stock with respect to payment of dividends
    and the distribution of assets upon voluntary or involuntary
    liquidation, dissolution or winding up, will not be considered
    to materially and adversely affect such rights, preferences,
    privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing voting provisions will not apply to any class or
    series of preferred stock if, at or prior to the time when the
    act with respect to which such vote would otherwise be required
    shall be effected, all outstanding shares of such class or
    series of preferred stock have been redeemed or called for
    redemption upon proper notice and sufficient funds deposited in
    trust to effect such redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will specify in the applicable prospectus supplement the
    terms and conditions upon which any shares of any class or
    series of preferred stock are convertible into common stock. The
    terms will include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares of common stock into which the shares of
    preferred stock are convertible;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion price (or method for calculating the conversion
    price);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion period;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions regarding whether conversion will be at the option of
    the holders of the class or series of preferred stock or the
    operating partnership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the events requiring an adjustment of the conversion
    price;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions affecting conversion in the event of the redemption
    of the class or series of preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent, Registrar and Dividend Disbursing Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent, registrar and dividend disbursing agent for
    our preferred stock is currently Computershare
    Trust&#160;Company, N.A. If different, we will specify in the
    applicable prospectus supplement the transfer agent, registrar
    and dividend disbursing agent for any series of preferred stock
    offered by that prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Series&#160;D Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are authorized to issue up to 1,595,337&#160;shares of
    series&#160;D preferred stock of which no shares are currently
    issued or outstanding. The series&#160;D preferred stock is
    issuable upon exchange of AMB Property II, L.P. series&#160;D
    preferred units. The AMB Property II, L.P. series&#160;D
    preferred units are exchangeable in whole at any time on or
    after May&#160;5, 2009, at the option of 51% of the holders of
    all outstanding series&#160;D preferred units, on a one-for-one
    basis, subject to adjustment, for shares of our series&#160;D
    preferred stock or, at the election of AMB Property Holding
    Corporation, our direct subsidiary and the general partner of
    AMB Property II, L.P., cash in an amount equal to the original
    contribution plus any accrued but unpaid dividends owed to the
    holder of AMB Property II, L.P. series&#160;D preferred units.
    In addition, AMB Property II, L.P. series&#160;D preferred units
    are exchangeable in whole at any time at the option of 51% of
    the holders of all outstanding series&#160;D preferred units of
    AMB Property II, L.P., on a one-for-one basis, subject to
    adjustment, for shares of our series&#160;D preferred stock, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any series&#160;D preferred unit shall not have received full
    distributions with respect to six prior quarterly distribution
    periods (whether or not consecutive);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the general partner of AMB Property II, L.P. or one of its
    subsidiaries takes the position, and a holder or holders of
    series&#160;D preferred units receive an opinion of independent
    counsel that AMB Property II, L.P. is, or upon the happening of
    a certain event likely will be, a &#147;publicly traded
    partnership&#148; within the meaning of the Internal Revenue
    Code.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;D preferred units of AMB Property II, L.P. are
    exchangeable in whole for shares of our series&#160;D preferred
    stock at any time prior to May&#160;5, 2009 at the option of 51%
    of the holders of all outstanding series&#160;D preferred units
    if those holders deliver to the general partner of AMB Property
    II, L.P. a private letter ruling or an opinion of independent
    counsel to the effect that an exchange of the series&#160;D
    preferred units at that time would not cause the series&#160;D
    preferred units to be considered &#147;stock and
    securities&#148; within the meaning of the Internal Revenue Code
    for purposes of determining whether the holder of the
    series&#160;D preferred units is an &#147;investment
    company&#148; under the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder of series&#160;D preferred units of AMB Property II,
    L.P. will not be entitled to exchange the units for
    series&#160;D preferred stock if the exchange would result in a
    violation of the ownership limit. See &#147;Restrictions on
    Ownership and Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;D preferred stock, if and when issued, will
    rank, with respect to dividends and in the event we voluntarily
    or involuntarily liquidate, dissolve or wind up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities that provide that they rank junior to the
    series&#160;D preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities issued by us which rank senior
    to the series&#160;D preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities issued by us (including
    the series&#160;L, M, O and P preferred stock) other than those
    referred to in the bullet points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities until converted into equity
    securities.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If ever issued, the series&#160;D preferred stock will entitle
    the holders to receive, when and as authorized by the board of
    directors out of funds legally available for dividends,
    cumulative preferential cash dividends at the rate of 7.18% of
    the liquidation preference per annum (equivalent to $3.59 per
    annum per share of series&#160;D preferred stock). Dividends on
    the series&#160;D preferred stock will accumulate on a daily
    basis and will be payable quarterly in arrears on the
    15th&#160;day of each January, April, July and October. Except
    as provided below, unless full cumulative dividends on the
    series&#160;D preferred stock have been or at the same time are
    declared and paid or declared and a sum sufficient for payment
    set apart for payment for all dividend periods, no dividends
    (other than in common stock or other equity securities ranking
    junior to the series&#160;D preferred stock as to distributions
    and upon voluntary or involuntary liquidation, dissolution or
    winding up) shall be declared or paid or set aside for payment
    or other dividend be declared or made upon the common stock or
    any other equity securities ranking as to distributions or upon
    voluntary or involuntary liquidation, dissolution or winding up
    junior to or on a parity with the series&#160;D preferred stock,
    nor shall any common stock or any other equity securities
    ranking junior to or on a parity with the series&#160;D
    preferred stock as to distributions or upon voluntary or
    involuntary liquidation, dissolution or winding up be redeemed,
    purchased or otherwise acquired for any consideration (or any
    monies be paid to or made available for a sinking fund for the
    redemption of any such securities) by us (except by conversion
    into or exchange for other equity securities ranking junior to
    the series&#160;D preferred stock and pursuant to the provisions
    of our charter providing for limitations on ownership and
    transfer in order to ensure that we remain qualified as a real
    estate investment trust). When dividends are not paid in full
    (or a sum sufficient for such full payment is not so set apart)
    upon the series&#160;D preferred stock and any other equity
    securities ranking as to distributions on a parity with the
    series&#160;D preferred stock, all dividends declared upon the
    series&#160;D preferred stock and any other equity securities
    ranking on a parity with the series&#160;D preferred stock as to
    distributions and upon voluntary or involuntary liquidation,
    dissolution or winding up will be declared pro rata so that the
    amount of dividends declared per share of series&#160;D
    preferred stock and each such other equity securities shall bear
    to each other the same ratio that accumulated dividends per
    share of series&#160;D preferred stock and such other equity
    securities (which shall not include any accumulation in respect
    of unpaid dividends for prior dividend periods if such other
    equity securities do not have a cumulative dividend) bear to
    each other. Dividends on the series&#160;D preferred stock will
    accumulate whether or not we have funds legally available for
    the payment of dividends and whether or not we declare
    dividends. If we designate any portion of a dividend as a
    &#147;capital gain dividend,&#148; a holder&#146;s share of the
    capital gain dividend will be an amount that bears the same
    ratio to the total amount of dividends (as determined for
    federal income tax purposes) paid to the holder for the year as
    the aggregate amount designated as a capital gain dividend bears
    to the aggregate amount of all dividends (as determined for
    federal income tax purposes) paid on all classes of shares for
    the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up following the issuance of series&#160;D
    preferred stock, the holders of the series&#160;D preferred
    stock will be entitled to receive out of our assets legally
    available for distribution to our stockholders remaining after
    payment or provision for payment of all of our debts and
    liabilities, a liquidation preference, in cash, of $50.00 per
    share, plus an amount equal to any accumulated or accrued and
    unpaid dividends to the date of such payment, before any
    distribution of assets is made to holders of common stock or any
    other equity securities that rank junior to the series&#160;D
    preferred stock. After payment of the full amount of the
    liquidating distributions to which they are entitled, the
    holders of the series&#160;D preferred stock will have no right
    or claim to any of our remaining assets. Our consolidation or
    merger with or into any other entity, a merger of another entity
    with or into us, a statutory share exchange or the sale, lease,
    transfer or conveyance of all or substantially all of our
    property or business will not constitute a liquidation,
    dissolution or winding up for purposes of triggering the
    liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we voluntarily or involuntarily liquidate, dissolve or wind
    up following the issuance of series&#160;D preferred stock and
    our assets are insufficient to make full payment to holders of
    the series&#160;D preferred stock and the corresponding amounts
    payable on all shares of other classes or series of equity
    securities ranking on a parity with the series&#160;D preferred
    stock as to liquidation rights then the holders of the
    series&#160;D preferred stock and all other such classes or
    series of equity securities will share ratably in any such
    distribution of assets in proportion to the full liquidating
    distributions to which they would otherwise be entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;D preferred stock will have no stated maturity
    and will not be subject to mandatory redemption or any sinking
    fund. If issued, subject to the foregoing provisions, we will be
    able to redeem the series&#160;D preferred stock on or after
    February&#160;22, 2012 for cash at our option, in whole or from
    time to time in part, at a redemption price
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of $50.00 per share, plus accumulated and unpaid dividends, if
    any, to the redemption date. In certain circumstances related to
    our maintenance of our ability to qualify as a real estate
    investment trust for federal income tax purposes, we will be
    able to redeem shares of series&#160;D preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of series&#160;D preferred stock will have no voting
    rights, except as described below. If, after issuance, we do not
    pay dividends on the series&#160;D preferred stock for six or
    more quarterly periods (whether or not consecutive), holders of
    the series&#160;D preferred stock (voting separately as a class
    with all other classes or series of equity securities upon which
    like voting rights have been conferred and are exercisable) will
    be entitled to vote for the election of two additional directors
    to serve on our board of directors until we have eliminated all
    dividend arrearages with respect to the series&#160;D preferred
    stock. So long as any shares of series&#160;D preferred stock
    remain outstanding, we may not, without the affirmative vote or
    consent of at least two-thirds of the votes entitled to be cast
    by the holders of the outstanding shares of series&#160;D
    preferred stock (the series&#160;D preferred stock voting
    separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to the series D
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to the series&#160;D preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    designate or create, or increase the authorized or issued amount
    of, or reclassify any authorized shares into, any preferred
    stock ranking on a parity with the series&#160;D preferred stock
    or create, authorize or issue any obligations or securities
    convertible into any such shares, but only to the extent such
    stock is issued to one of our affiliates;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either consolidate, merge into or with, or convey, transfer or
    lease our assets substantially, as an entirety, to any
    corporation or other entity, or amend, alter or repeal the
    provisions of our charter, whether by merger or consolidation or
    otherwise, in each case so as to materially and adversely affect
    the powers, special rights, preferences, privileges or voting
    power of the series&#160;D preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the occurrence of any of the events set forth in
    the fourth bullet point above, so long as we are either the
    surviving entity and shares of series&#160;D preferred stock
    remain outstanding with the terms materially unchanged or the
    resulting, surviving or transferee entity is a corporation,
    business trust or like entity organized under the laws of any
    state and substitutes for the series&#160;D preferred stock
    other preferred stock or shares having substantially the same
    terms and rights as the series&#160;D preferred stock, the
    occurrence of any such event will not be considered to
    materially and adversely affect rights, preferences, privileges
    or voting powers of holders of series&#160;D preferred stock.
    Any increase in the amount of authorized preferred stock, the
    creation or issuance of any other class or series of preferred
    stock or any increase in an amount of authorized shares of each
    class or series, in each case ranking on a parity with or junior
    to the series&#160;D preferred stock will not be considered to
    materially and adversely affect such rights, preferences,
    privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to file a registration statement registering the
    resale of the shares of series&#160;D preferred stock issuable
    to the holders of AMB Property II, L.P. series&#160;D preferred
    units as soon as practicable but not later than 60&#160;days
    after the date the AMB Property II, L.P. series&#160;D preferred
    units are exchanged for shares of series&#160;D preferred stock.
    We have also agreed to use our best efforts to cause the
    registration statement to be declared effective within
    120&#160;days after the date of the exchange.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Series&#160;L Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are authorized to issue up to 2,300,000&#160;shares of
    series&#160;L preferred stock of which 2,000,000&#160;shares are
    currently issued and outstanding. The series&#160;L preferred
    stock ranks, with respect to dividends and in the event we
    voluntarily or involuntarily liquidate, dissolve or wind up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities that provide that they rank junior to the
    series&#160;L preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities issued by us which rank senior
    to the series&#160;L preferred stock;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities issued by us (including
    the series&#160;M, O and P preferred stock and, if and when
    issued, any series&#160;D preferred stock) other than those
    referred to in the bullet points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the series&#160;L preferred stock are entitled to
    receive, when and as authorized by the board of directors out of
    funds legally available for dividends, cumulative preferential
    cash dividends at the rate of 6.50% of the liquidation
    preference per annum (equivalent to $1.625 per annum per share
    of series&#160;L preferred stock). Dividends on the
    series&#160;L preferred stock accumulate on a daily basis and
    are payable quarterly in arrears on the 15th&#160;day of each
    January, April, July and October. Each share of series&#160;L
    preferred stock issued and outstanding on the record date for
    the first dividend payment on the series&#160;L preferred stock
    following the initial issuance of shares of series&#160;L
    preferred stock on June&#160;23, 2003, shall accrue dividends
    from the earliest date on which any shares of the series&#160;L
    preferred stock were issued (June&#160;23, 2003), and shall
    receive the same dividend payment regardless of the date on
    which such share was actually issued. Except as provided below,
    unless full cumulative dividends on the series&#160;L preferred
    stock have been or at the same time are declared and paid or
    declared and a sum sufficient for payment set apart for payment
    for all past dividend periods and the then current dividend
    period, no dividends (other than in common stock or other equity
    securities ranking junior to the series&#160;L preferred stock
    as to dividends and upon liquidation, dissolution and winding
    up) shall be declared or paid or set aside for payment, nor may
    any common stock or any other equity securities ranking junior
    to or on a parity with the series&#160;L preferred stock be
    redeemed, purchased or otherwise acquired for any consideration
    (or any monies be paid to or made available for a sinking fund
    for the redemption of any such securities) by us (except by
    conversion into or exchange for other equity securities ranking
    junior to the series&#160;L preferred stock and pursuant to the
    provisions of our charter providing for limitations on ownership
    and transfer in order to ensure that we remain qualified as a
    real estate investment trust). When dividends are not paid in
    full (or a sum sufficient for such full payment is not so set
    apart) upon the series&#160;L preferred stock and any other
    equity securities ranking as to dividends on a parity with the
    series&#160;L preferred stock, all dividends declared upon the
    series&#160;L preferred stock and any other equity securities
    ranking as to dividends on a parity with the series&#160;L
    preferred stock will be declared pro rata so that the amount of
    dividends declared per share of series&#160;L preferred stock
    and each such other equity securities shall bear to each other
    the same ratio that accumulated dividends per share of
    series&#160;L preferred stock and such other equity securities
    (which shall not include any accumulation in respect of unpaid
    dividends for prior dividend periods if such other equity
    securities do not have a cumulative dividend) bear to each
    other. Dividends on the series&#160;L preferred stock will
    accumulate whether or not we have funds legally available for
    the payment of dividends and whether or not we declare
    dividends. If we designate any portion of a dividend as a
    &#147;capital gain dividend,&#148; a holder&#146;s share of the
    capital gain dividend will be an amount that bears the same
    ratio to the total amount of dividends (as determined for
    federal income tax purposes) paid to the holder for the year as
    the aggregate amount designated as a capital gain dividend bears
    to the aggregate amount of all dividends (as determined for
    federal income tax purposes) paid on all classes of shares for
    the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up, the holders of our series&#160;L preferred
    stock are entitled to receive out of our assets legally
    available for distribution to our stockholders remaining after
    payment or provision for payment of all of our debts and
    liabilities, a liquidation preference, in cash, of $25.00 per
    share, and in addition, a preferential payment in an amount
    equal to any accumulated and unpaid dividends to the date of
    such payment, before any distribution of assets is made to
    holders of common stock or any other equity securities that rank
    junior to the series&#160;L preferred stock. After payment of
    the full amount of the liquidating distributions to which they
    are entitled, the holders of the series&#160;L preferred stock
    will have no right or claim to any of our remaining assets. Our
    consolidation or merger with or into any other entity, a merger
    of another entity with or into us, a statutory share exchange or
    the sale, lease, transfer or conveyance of all or substantially
    all of our property or business do not constitute a liquidation,
    dissolution or winding up for purposes of triggering the
    liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we voluntarily or involuntarily liquidate, dissolve or wind
    up and our assets are insufficient to make full payment to
    holders of the series&#160;L preferred stock and the
    corresponding amounts payable on all shares of other classes or
    series of equity securities ranking on a parity with the
    series&#160;L preferred stock as to liquidation rights, then the
    holders of the series&#160;L preferred stock and all other such
    classes or series of equity securities will share ratably in
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    any such distribution of assets in proportion to the full
    liquidating distributions to which they would otherwise be
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;L preferred stock has no stated maturity and is
    not subject to mandatory redemption or any sinking fund. We
    cannot redeem the series&#160;L preferred stock prior to
    June&#160;23, 2008. On and after June&#160;23, 2008, we can
    redeem the series&#160;L preferred stock for cash at our option,
    in whole or from time to time in part, at a redemption price of
    $25.00 per share, plus accumulated and unpaid dividends, if any,
    to the redemption date. In certain circumstances related to our
    maintenance of our ability to qualify as a real estate
    investment trust for federal income tax purposes, we may redeem
    shares of series&#160;L preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of series&#160;L preferred stock have no voting rights,
    except as described below. If we do not pay dividends on the
    series&#160;L preferred stock for six or more quarterly periods
    (whether or not consecutive), holders of the series&#160;L
    preferred stock (voting separately as a class with all other
    classes or series of equity securities upon which like voting
    rights have been conferred and are exercisable) will be entitled
    to vote for the election of two additional directors to serve on
    our board of directors until we have eliminated all dividend
    arrearages with respect to the series&#160;L preferred stock. So
    long as any shares of series&#160;L preferred stock remain
    outstanding, we may not, without the affirmative vote or consent
    of at least two-thirds of the votes entitled to be cast by the
    holders of outstanding shares of series&#160;L preferred stock
    (the series&#160;L preferred stock voting separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to the series L
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to the series&#160;L preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, authorize or issue any obligation or security
    convertible into, exchangeable or exercisable for, or evidencing
    the right to purchase, any class or series of stock ranking
    senior to the series&#160;L preferred stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter, whether by
    merger or consolidation or otherwise, so as to materially and
    adversely affect any right, preference, privilege or voting
    power of the series&#160;L preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the occurrence of any of the events set forth in
    the fourth bullet point above, so long as shares of
    series&#160;L preferred stock (or shares issued by a surviving
    entity in substitution for shares of the series&#160;L preferred
    stock) remain outstanding with the terms materially unchanged,
    taking into account that upon the occurrence of such an event,
    we may not be the surviving entity, the occurrence of any such
    event will not be considered to materially and adversely affect
    rights, preferences, privileges or voting powers of holders of
    series&#160;L preferred stock. Any increase in the amount of the
    authorized preferred stock, the creation or issuance of any
    other class or series of preferred stock or any increase in the
    amount of authorized series&#160;L preferred stock or any other
    class or series of preferred stock, in each case ranking on a
    parity with or junior to the series&#160;L preferred stock will
    not be considered to materially and adversely affect such
    rights, preferences, privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the operating partnership&#146;s
    partnership agreement, we contributed the net proceeds of the
    sale of the series&#160;L preferred stock to the operating
    partnership and the operating partnership issued to us
    series&#160;L preferred units that generally mirror the rights,
    preferences and other terms of the series&#160;L preferred
    stock. The operating partnership is required to make all
    required distributions on the series&#160;L preferred units
    prior to any distribution of cash or assets to the holders of
    any other units or any other equity interests in the operating
    partnership, except for any other series of preferred units
    ranking on a parity with the series&#160;L preferred units as to
    dividends or voluntary or involuntary liquidation, dissolution
    or winding up of the operating partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Series&#160;M Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are authorized to issue up to 2,300,000&#160;share of
    series&#160;M preferred stock, all of which are currently issued
    and outstanding. The series&#160;M preferred stock ranks, with
    respect to dividends and in the event we voluntarily or
    involuntarily liquidate, dissolve or wind up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities that provide that they rank junior to the
    series&#160;M preferred stock;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities issued by us which rank senior
    to the series&#160;M preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities issued by us (including
    the series&#160;L, O and P preferred stock and, if and when
    issued, any series&#160;D preferred stock) other than those
    referred to in the bullet points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the series&#160;M preferred stock are entitled to
    receive, when and as authorized by the board of directors out of
    funds legally available for dividends, cumulative preferential
    cash dividends at the rate of 6.75% of the liquidation
    preference per annum (equivalent to $1.6875 per annum per share
    of series&#160;M preferred stock). Dividends on the
    series&#160;M preferred stock accumulate on a daily basis and
    are payable quarterly in arrears on the 15th&#160;day of each
    January, April, July and October. Each share of series&#160;M
    preferred stock issued and outstanding on the record date for
    the first dividend payment on the series&#160;M preferred stock
    following the initial issuance of shares of series&#160;M
    preferred stock on November&#160;25, 2003, shall accrue
    dividends from the earliest date on which any shares of the
    series&#160;M preferred stock were issued (November&#160;25,
    2003), and shall receive the same dividend payment regardless of
    the date on which such share was actually issued. Except as
    provided below, unless full cumulative dividends on the
    series&#160;M preferred stock have been or at the same time are
    declared and paid or declared and a sum sufficient for payment
    set apart for payment for all past dividend periods and the then
    current dividend period, no dividends (other than in common
    stock or other equity securities ranking junior to the
    series&#160;M preferred stock as to dividends and upon
    liquidation, dissolution and winding up) shall be declared or
    paid or set aside for payment, nor may any common stock or any
    other equity securities ranking junior to or on a parity with
    the series&#160;M preferred stock be redeemed, purchased or
    otherwise acquired for any consideration (or any monies be paid
    to or made available for a sinking fund for the redemption of
    any such securities) by us (except by conversion into or
    exchange for other equity securities ranking junior to the
    series&#160;M preferred stock and pursuant to the provisions of
    our charter providing for limitations on ownership and transfer
    in order to ensure that we remain qualified as a real estate
    investment trust). When dividends are not paid in full (or a sum
    sufficient for such full payment is not so set apart) upon the
    series&#160;M preferred stock and any other equity securities
    ranking as to dividends on a parity with the series M preferred
    stock, all dividends declared upon the series&#160;M preferred
    stock and any other equity securities ranking as to dividends on
    a parity with the series&#160;M preferred stock will be declared
    pro rata so that the amount of dividends declared per share of
    series&#160;M preferred stock and each such other equity
    securities shall bear to each other the same ratio that
    accumulated dividends per share of series&#160;M preferred stock
    and such other equity securities (which shall not include any
    accumulation in respect of unpaid dividends for prior dividend
    periods if such other equity securities do not have a cumulative
    dividend) bear to each other. Dividends on the series&#160;M
    preferred stock will accumulate whether or not we have funds
    legally available for the payment of dividends and whether or
    not we declare dividends. If we designate any portion of a
    dividend as a &#147;capital gain dividend,&#148; a holder&#146;s
    share of the capital gain dividend will be an amount that bears
    the same ratio to the total amount of dividends (as determined
    for federal income tax purposes) paid to the holder for the year
    as the aggregate amount designated as a capital gain dividend
    bears to the aggregate amount of all dividends (as determined
    for federal income tax purposes) paid on all classes of shares
    for the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up, the holders of our series&#160;M preferred
    stock are entitled to receive out of our assets legally
    available for distribution to our stockholders remaining after
    payment or provision for payment of all of our debts and
    liabilities, a liquidation preference, in cash, of $25.00 per
    share, and in addition, a preferential payment in an amount
    equal to any accumulated and unpaid dividends to the date of
    such payment, before any distribution of assets is made to
    holders of common stock or any other equity securities that rank
    junior to the series&#160;M preferred stock. After payment of
    the full amount of the liquidating distributions to which they
    are entitled, the holders of the series&#160;M preferred stock
    will have no right or claim to any of our remaining assets. Our
    consolidation or merger with or into any other entity, a merger
    of another entity with or into us, a statutory share exchange or
    the sale, lease, transfer or conveyance of all or substantially
    all of our property or business do not constitute a liquidation,
    dissolution or winding up for purposes of triggering the
    liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we voluntarily or involuntarily liquidate, dissolve or wind
    up and our assets are insufficient to make full payment to
    holders of the series&#160;M preferred stock and the
    corresponding amounts payable on all shares of other classes or
    series of equity securities ranking on a parity with the
    series&#160;M preferred stock as to liquidation rights,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then the holders of the series&#160;M preferred stock and all
    other such classes or series of equity securities will share
    ratably in any such distribution of assets in proportion to the
    full liquidating distributions to which they would otherwise be
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;M preferred stock has no stated maturity and is
    not subject to mandatory redemption or any sinking fund. On and
    after November&#160;25, 2008, we can redeem the series&#160;M
    preferred stock for cash at our option, in whole or from time to
    time in part, at a redemption price of $25.00 per share, plus
    accumulated and unpaid dividends, if any, to the redemption
    date. In certain circumstances related to our maintenance of our
    ability to qualify as a real estate investment trust for federal
    income tax purposes, we may redeem shares of series&#160;M
    preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of series&#160;M preferred stock have no voting rights,
    except as described below. If we do not pay dividends on the
    series&#160;M preferred stock for six or more quarterly periods
    (whether or not consecutive), holders of the series&#160;M
    preferred stock (voting separately as a class with all other
    classes or series of equity securities upon which like voting
    rights have been conferred and are exercisable) will be entitled
    to vote for the election of two additional directors to serve on
    our board of directors until we have eliminated all dividend
    arrearages with respect to the series&#160;M preferred stock. So
    long as any shares of series&#160;M preferred stock remain
    outstanding, we may not, without the affirmative vote or consent
    of at least two-thirds of the votes entitled to be cast by the
    holders of outstanding shares of series&#160;M preferred stock
    (the series&#160;M preferred stock voting separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to the series M
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to the series&#160;M preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, authorize or issue any obligation or security
    convertible into, exchangeable or exercisable for, or evidencing
    the right to purchase, any class or series of stock ranking
    senior to the series&#160;M preferred stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter, whether by
    merger or consolidation or otherwise, so as to materially and
    adversely affect any right, preference, privilege or voting
    power of the series&#160;M preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the occurrence of any of the events set forth in
    the fourth bullet point above, so long as shares of
    series&#160;M preferred stock (or shares issued by a surviving
    entity in substitution for shares of the series&#160;M preferred
    stock) remain outstanding with the terms materially unchanged,
    taking into account that upon the occurrence of such an event,
    we may not be the surviving entity, the occurrence of any such
    event will not be considered to materially and adversely affect
    rights, preferences, privileges or voting powers of holders of
    series&#160;M preferred stock. Any increase in the amount of the
    authorized preferred stock, the creation or issuance of any
    other class or series of preferred stock or any increase in the
    amount of authorized series&#160;M preferred stock or any other
    class or series of preferred stock, in each case ranking on a
    parity with or junior to the series&#160;M preferred stock will
    not be considered to materially and adversely affect such
    rights, preferences, privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the operating partnership&#146;s
    partnership agreement, we contributed the net proceeds of the
    sale of the series&#160;M preferred stock to the operating
    partnership and the operating partnership issued to us
    series&#160;M preferred units that generally mirror the rights,
    preferences and other terms of the series&#160;M preferred
    stock. The operating partnership is required to make all
    required distributions on the series&#160;M preferred units
    prior to any distribution of cash or assets to the holders of
    any other units or any other equity interests in the operating
    partnership, except for any other series of preferred units
    ranking on a parity with the series&#160;M preferred units as to
    dividends or voluntary or involuntary liquidation, dissolution
    or winding up of the operating partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Series&#160;O Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are authorized to issue up to 3,000,000&#160;shares of
    series&#160;O preferred stock, all of which are currently issued
    and outstanding. The series&#160;O preferred stock ranks, with
    respect to dividends and in the event we voluntarily or
    involuntarily liquidate, dissolve or wind up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities that provide that they rank junior to the
    series&#160;O preferred stock;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities issued by us which rank senior
    to the series&#160;O preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities issued by us (including
    the series&#160;L, M and P preferred stock and, if and when
    issued, any series&#160;D preferred stock) other than those
    referred to in the bullet points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the series&#160;O preferred stock are entitled to
    receive, when and as authorized by the board of directors out of
    funds legally available for dividends, cumulative preferential
    cash dividends at the rate of 7.00% of the liquidation
    preference per annum (equivalent to $1.75 per annum per share of
    series&#160;O preferred stock). Dividends on the series&#160;O
    preferred stock accumulate on a daily basis and are payable
    quarterly in arrears on the 15th&#160;day of each January,
    April, July and October. Each share of series&#160;O preferred
    stock issued and outstanding on the record date for the first
    dividend payment on the series&#160;O preferred stock following
    the initial issuance of shares of series&#160;O preferred stock
    on December&#160;13, 2005, shall accrue dividends from the
    earliest date on which any shares of the series&#160;O preferred
    stock were issued (December&#160;13, 2005), and shall receive
    the same dividend payment regardless of the date on which such
    share was actually issued. Except as provided below, unless full
    cumulative dividends on the series&#160;O preferred stock have
    been or at the same time are declared and paid or declared and a
    sum sufficient for payment set apart for payment for all past
    dividend periods and the then current dividend period, no
    dividends (other than in common stock or other equity securities
    ranking junior to the series&#160;O preferred stock as to
    dividends and upon liquidation, dissolution and winding up)
    shall be declared or paid or set aside for payment, nor may any
    common stock or any other equity securities ranking junior to or
    on a parity with the series&#160;O preferred stock be redeemed,
    purchased or otherwise acquired for any consideration (or any
    monies be paid to or made available for a sinking fund for the
    redemption of any such securities) by us (except by conversion
    into or exchange for other equity securities ranking junior to
    the series&#160;O preferred stock and pursuant to the provisions
    of our charter providing for limitations on ownership and
    transfer in order to ensure that we remain qualified as a real
    estate investment trust). When dividends are not paid in full
    (or a sum sufficient for such full payment is not so set apart)
    upon the series&#160;O preferred stock and any other equity
    securities ranking as to dividends on a parity with the
    series&#160;O preferred stock, all dividends declared upon the
    series&#160;O preferred stock and any other equity securities
    ranking as to dividends on a parity with the series&#160;O
    preferred stock will be declared pro rata so that the amount of
    dividends declared per share of series&#160;O preferred stock
    and each such other equity securities shall bear to each other
    the same ratio that accumulated dividends per share of
    series&#160;O preferred stock and such other equity securities
    (which shall not include any accumulation in respect of unpaid
    dividends for prior dividend periods if such other equity
    securities do not have a cumulative dividend) bear to each
    other. Dividends on the series&#160;O preferred stock will
    accumulate whether or not we have funds legally available for
    the payment of dividends and whether or not we declare
    dividends. If we designate any portion of a dividend as a
    &#147;capital gain dividend,&#148; a holder&#146;s share of the
    capital gain dividend will be an amount that bears the same
    ratio to the total amount of dividends (as determined for
    federal income tax purposes) paid to the holder for the year as
    the aggregate amount designated as a capital gain dividend bears
    to the aggregate amount of all dividends (as determined for
    federal income tax purposes) paid on all classes of shares for
    the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up, the holders of our series&#160;O preferred
    stock are entitled to receive out of our assets legally
    available for distribution to our stockholders remaining after
    payment or provision for payment of all of our debts and
    liabilities, a liquidation preference, in cash, of $25.00 per
    share, and in addition, a preferential payment in an amount
    equal to any accumulated and unpaid dividends to the date of
    such payment, before any distribution of assets is made to
    holders of common stock or any other equity securities that rank
    junior to the series&#160;O preferred stock. After payment of
    the full amount of the liquidating distributions to which they
    are entitled, the holders of the series&#160;O preferred stock
    will have no right or claim to any of our remaining assets. Our
    consolidation or merger with or into any other entity, a merger
    of another entity with or into us, a statutory share exchange or
    the sale, lease, transfer or conveyance of all or substantially
    all of our property or business do not constitute a liquidation,
    dissolution or winding up for purposes of triggering the
    liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we voluntarily or involuntarily liquidate, dissolve or wind
    up and our assets are insufficient to make full payment to
    holders of the series&#160;O preferred stock and the
    corresponding amounts payable on all shares of other classes or
    series of equity securities ranking on a parity with the
    series&#160;O preferred stock as to liquidation rights, then the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    holders of the series&#160;O preferred stock and all other such
    classes or series of equity securities will share ratably in any
    such distribution of assets in proportion to the full
    liquidating distributions to which they would otherwise be
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;O preferred stock has no stated maturity and is
    not subject to mandatory redemption or any sinking fund. On and
    after December&#160;13, 2010, we can redeem the series&#160;O
    preferred stock for cash at our option, in whole or from time to
    time in part, at a redemption price of $25.00 per share, plus
    accumulated and unpaid dividends, if any, to the redemption
    date. In certain circumstances related to our maintenance of our
    ability to qualify as a real estate investment trust for federal
    income tax purposes, we may redeem shares of series&#160;O
    preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of series&#160;O preferred stock have no voting rights,
    except as described below. If we do not pay dividends on the
    series&#160;O preferred stock for six or more quarterly periods
    (whether or not consecutive), holders of the series&#160;O
    preferred stock (voting separately as a class with all other
    classes or series of equity securities upon which like voting
    rights have been conferred and are exercisable) will be entitled
    to vote for the election of two additional directors to serve on
    our board of directors until we have eliminated all dividend
    arrearages with respect to the series&#160;O preferred stock. So
    long as any shares of series&#160;O preferred stock remain
    outstanding, we may not, without the affirmative vote or consent
    of at least two-thirds of the votes entitled to be cast by the
    holders of outstanding shares of series&#160;O preferred stock
    (the series&#160;O preferred stock voting separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to the series O
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to the series&#160;O preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, authorize or issue any obligation or security
    convertible into, exchangeable or exercisable for, or evidencing
    the right to purchase, any class or series of stock ranking
    senior to the series&#160;O preferred stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter, whether by
    merger or consolidation or otherwise, so as to materially and
    adversely affect any right, preference, privilege or voting
    power of the series&#160;O preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the occurrence of any of the events set forth in
    the fourth bullet point above, so long as shares of
    series&#160;O preferred stock (or shares issued by a surviving
    entity in substitution for shares of the series&#160;O preferred
    stock) remain outstanding with the terms materially unchanged,
    taking into account that upon the occurrence of such an event,
    we may not be the surviving entity, the occurrence of any such
    event will not be considered to materially and adversely affect
    rights, preferences, privileges or voting powers of holders of
    series&#160;O preferred stock. Any increase in the amount of the
    authorized preferred stock, the creation or issuance of any
    other class or series of preferred stock or any increase in the
    amount of authorized series&#160;O preferred stock or any other
    class or series of preferred stock, in each case ranking on a
    parity with or junior to the series&#160;O preferred stock will
    not be considered to materially and adversely affect such
    rights, preferences, privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the operating partnership&#146;s
    partnership agreement, we contributed the net proceeds of the
    sale of the series&#160;O preferred stock to the operating
    partnership and the operating partnership issued to us
    series&#160;O preferred units that generally mirror the rights,
    preferences and other terms of the series&#160;O preferred
    stock. The operating partnership is required to make all
    required distributions on the series&#160;O preferred units
    prior to any distribution of cash or assets to the holders of
    any other units or any other equity interests in the operating
    partnership, except for any other series of preferred units
    ranking on a parity with the series&#160;O preferred units as to
    dividends or voluntary or involuntary liquidation, dissolution
    or winding up of the operating partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Series&#160;P Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are authorized to issue up to 2,000,000&#160;shares of
    series&#160;P preferred stock, all of which are currently issued
    and outstanding. The series&#160;P preferred stock ranks, with
    respect to dividends and in the event we voluntarily or
    involuntarily liquidate, dissolve or wind up:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all classes or series of common stock and to all of
    our equity securities that provide that they rank junior to the
    series&#160;P preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all equity securities issued by us which rank senior
    to the series&#160;P preferred stock;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all equity securities issued by us (including
    the series&#160;L, M and O preferred stock and, if and when
    issued, any series&#160;D preferred stock) other than those
    referred to in the bullet points above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the series&#160;P preferred stock are entitled to
    receive, when and as authorized by the board of directors out of
    funds legally available for dividends, cumulative preferential
    cash dividends at the rate of 6.85% of the liquidation
    preference per annum (equivalent to $1.7125 per annum per share
    of series&#160;P preferred stock). Dividends on the
    series&#160;P preferred stock accumulate on a daily basis and
    are payable quarterly in arrears on the 15th&#160;day of each
    January, April, July and October. Each share of series&#160;P
    preferred stock issued and outstanding on the record date for
    the first dividend payment on the series&#160;P preferred stock
    following the initial issuance of shares of series&#160;P
    preferred stock on August&#160;25, 2006, shall accrue dividends
    from the earliest date on which any shares of the series&#160;P
    preferred stock were issued (August&#160;25, 2006), and shall
    receive the same dividend payment regardless of the date on
    which such share was actually issued. Except as provided below,
    unless full cumulative dividends on the series&#160;P preferred
    stock have been or at the same time are declared and paid or
    declared and a sum sufficient for payment set apart for payment
    for all past dividend periods and the then current dividend
    period, no dividends (other than in common stock or other equity
    securities ranking junior to the series&#160;P preferred stock
    as to dividends and upon liquidation, dissolution and winding
    up) shall be declared or paid or set aside for payment, nor may
    any common stock or any other equity securities ranking junior
    to or on a parity with the series&#160;P preferred stock be
    redeemed, purchased or otherwise acquired for any consideration
    (or any monies be paid to or made available for a sinking fund
    for the redemption of any such securities) by us (except by
    conversion into or exchange for other equity securities ranking
    junior to the series&#160;P preferred stock and pursuant to the
    provisions of our charter providing for limitations on ownership
    and transfer in order to ensure that we remain qualified as a
    real estate investment trust). When dividends are not paid in
    full (or a sum sufficient for such full payment is not so set
    apart) upon the series&#160;P preferred stock and any other
    equity securities ranking as to dividends on a parity with the
    series&#160;P preferred stock, all dividends declared upon the
    series&#160;P preferred stock and any other equity securities
    ranking as to dividends on a parity with the series&#160;P
    preferred stock will be declared pro rata so that the amount of
    dividends declared per share of series&#160;P preferred stock
    and each such other equity securities shall bear to each other
    the same ratio that accumulated dividends per share of
    series&#160;P preferred stock and such other equity securities
    (which shall not include any accumulation in respect of unpaid
    dividends for prior dividend periods if such other equity
    securities do not have a cumulative dividend) bear to each
    other. Dividends on the series&#160;P preferred stock will
    accumulate whether or not we have funds legally available for
    the payment of dividends and whether or not we declare
    dividends. If we designate any portion of a dividend as a
    &#147;capital gain dividend,&#148; a holder&#146;s share of the
    capital gain dividend will be an amount that bears the same
    ratio to the total amount of dividends (as determined for
    federal income tax purposes) paid to the holder for the year as
    the aggregate amount designated as a capital gain dividend bears
    to the aggregate amount of all dividends (as determined for
    federal income tax purposes) paid on all classes of shares for
    the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that we voluntarily or involuntarily liquidate,
    dissolve or wind up, the holders of our series&#160;P preferred
    stock are entitled to receive out of our assets legally
    available for distribution to our stockholders remaining after
    payment or provision for payment of all of our debts and
    liabilities, a liquidation preference, in cash, of $25.00 per
    share, and in addition, a preferential payment in an amount
    equal to any accumulated and unpaid dividends to the date of
    such payment, before any distribution of assets is made to
    holders of common stock or any other equity securities that rank
    junior to the series&#160;P preferred stock. After payment of
    the full amount of the liquidating distributions to which they
    are entitled, the holders of the series&#160;P preferred stock
    will have no right or claim to any of our remaining assets. Our
    consolidation or merger with or into any other entity, a merger
    of another entity with or into us, a statutory share exchange or
    the sale, lease, transfer or conveyance of all or substantially
    all of our property or business do not constitute a liquidation,
    dissolution or winding up for purposes of triggering the
    liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we voluntarily or involuntarily liquidate, dissolve or wind
    up and our assets are insufficient to make full payment to
    holders of the series&#160;P preferred stock and the
    corresponding amounts payable on all shares of other classes or
    series of equity securities ranking on a parity with the
    series&#160;P preferred stock as to liquidation rights, then the
    holders of the series&#160;P preferred stock and all other such
    classes or series of equity securities will share ratably in any
    such distribution of assets in proportion to the full
    liquidating distributions to which they would otherwise be
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The series&#160;P preferred stock has no stated maturity and is
    not subject to mandatory redemption or any sinking fund. On and
    after August&#160;25, 2011, we can redeem the series&#160;P
    preferred stock for cash at our option, in whole or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    from time to time in part, at a redemption price of $25.00 per
    share, plus accumulated and unpaid dividends, if any, to the
    redemption date. In certain circumstances related to our
    maintenance of our ability to qualify as a real estate
    investment trust for federal income tax purposes, we may redeem
    shares of series&#160;P preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of series&#160;P preferred stock have no voting rights,
    except as described below. If we do not pay dividends on the
    series&#160;P preferred stock for six or more quarterly periods
    (whether or not consecutive), holders of the series&#160;P
    preferred stock (voting separately as a class with all other
    classes or series of equity securities upon which like voting
    rights have been conferred and are exercisable) will be entitled
    to vote for the election of two additional directors to serve on
    our board of directors until we have eliminated all dividend
    arrearages with respect to the series&#160;P preferred stock. So
    long as any shares of series&#160;P preferred stock remain
    outstanding, we may not, without the affirmative vote or consent
    of at least two-thirds of the votes entitled to be cast by the
    holders of outstanding shares of series&#160;P preferred stock
    (the series&#160;P preferred stock voting separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of stock ranking senior to the series P
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reclassify any of our authorized stock into any class or series
    of stock ranking senior to the series&#160;P preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, authorize or issue any obligation or security
    convertible into, exchangeable or exercisable for, or evidencing
    the right to purchase, any class or series of stock ranking
    senior to the series&#160;P preferred stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter, whether by
    merger or consolidation or otherwise, so as to materially and
    adversely affect any right, preference, privilege or voting
    power of the series&#160;P preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the occurrence of any of the events set forth in
    the fourth bullet point above, so long as shares of
    series&#160;P preferred stock (or shares issued by a surviving
    entity in substitution for shares of the series&#160;P preferred
    stock) remain outstanding with the terms materially unchanged,
    taking into account that upon the occurrence of such an event,
    we may not be the surviving entity, the occurrence of any such
    event will not be considered to materially and adversely affect
    rights, preferences, privileges or voting powers of holders of
    series&#160;P preferred stock. Any increase in the amount of the
    authorized preferred stock, the creation or issuance of any
    other class or series of preferred stock or any increase in the
    amount of authorized series&#160;P preferred stock or any other
    class or series of preferred stock, in each case ranking on a
    parity with or junior to the series&#160;P preferred stock will
    not be considered to materially and adversely affect such
    rights, preferences, privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the operating partnership&#146;s
    partnership agreement, we contributed the net proceeds of the
    sale of the series&#160;P preferred stock to the operating
    partnership and the operating partnership issued to us
    series&#160;P preferred units that generally mirror the rights,
    preferences and other terms of the series&#160;P preferred
    stock. The operating partnership is required to make all
    required distributions on the series&#160;P preferred units
    prior to any distribution of cash or assets to the holders of
    any other units or any other equity interests in the operating
    partnership, except for any other series of preferred units
    ranking on a parity with the series&#160;P preferred units as to
    dividends or voluntary or involuntary liquidation, dissolution
    or winding up of the operating partnership.
</DIV>
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RESTRICTIONS
    ON OWNERSHIP AND TRANSFER OF CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for us to qualify as a real estate investment trust
    under the Internal Revenue Code, no more than 50% in value of
    all classes of our outstanding shares of capital stock may be
    owned, actually or constructively, by five or fewer individuals
    (as defined in the Internal Revenue Code to include certain
    entities) during the last half of a taxable year (other than the
    first year for which we have made an election to be treated as a
    real estate investment trust). In addition, if we, or an owner
    of 10% or more of our capital stock, actually or constructively
    own 10% or more of one of our tenants (or a tenant of any
    partnership or limited liability company in which we are a
    partner or member), the rent received by us (either directly or
    through the partnership or limited liability company) from the
    tenant will not be qualifying income for purposes of the gross
    income tests for real estate investment trusts contained in the
    Internal Revenue Code. A real estate investment trust&#146;s
    stock also must be beneficially owned by 100 or more persons
    during at least 335&#160;days of a taxable year of
    12&#160;months or during a proportionate part of a shorter
    taxable year (other than the first year for which an election to
    be treated as a real estate investment trust has been made).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because our board of directors currently believes it is
    desirable for us to qualify as a real estate investment trust,
    our charter, subject to certain exceptions as discussed below,
    provides that no person may own, or be deemed to own by virtue
    of the constructive ownership provisions of the Internal Revenue
    Code, more than 9.8% (by value or number of shares, whichever is
    more restrictive) of each of our issued and outstanding common
    stock, series&#160;L preferred stock, series&#160;M preferred
    stock, series&#160;O preferred stock and series&#160;P preferred
    stock. We also prohibit the ownership, actually or
    constructively, of any shares of our series&#160;D preferred
    stock by any single person so that no such person, taking into
    account all of our stock so owned by such person, including any
    common stock or preferred stock, may own in excess of 9.8% in
    value of our issued and outstanding capital stock. The
    constructive ownership rules under the Internal Revenue Code are
    complex and may cause stock owned actually or constructively by
    a group of related individuals
    <FONT style="white-space: nowrap">and/or</FONT>
    entities to be owned constructively by one individual or entity.
    As a result, the acquisition of less than 9.8% of our common
    stock, series&#160;L preferred stock, series&#160;M preferred
    stock, series&#160;O preferred stock, series&#160;P preferred
    stock or any other capital stock (or the acquisition of an
    interest in an entity that owns, actually or constructively,
    common stock, series&#160;L preferred stock, series&#160;M
    preferred stock, series&#160;O preferred stock, series&#160;P
    preferred stock or any other capital stock) by an individual or
    entity could nevertheless cause that individual or entity, or
    another individual or entity, to own constructively in excess of
    9.8% of our outstanding common stock, series&#160;L preferred
    stock, series&#160;M preferred stock, series&#160;O preferred
    stock, series&#160;P preferred stock or any other capital stock,
    as the case may be, and thereby subject the common stock,
    series&#160;L preferred stock, series&#160;M preferred stock,
    series&#160;O preferred stock, series&#160;P preferred stock or
    any other capital stock to the applicable ownership limit. The
    board of directors may, but in no event will be required to,
    waive the applicable ownership limit with respect to a
    particular stockholder if it determines that such ownership will
    not jeopardize our status as a real estate investment trust and
    the board of directors otherwise decides such action would be in
    our best interest. As a condition of such waiver, the board of
    directors may require an opinion of counsel satisfactory to it
    <FONT style="white-space: nowrap">and/or</FONT>
    undertakings or representations from the applicant with respect
    to preserving our real estate investment trust status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter also provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no person may actually or constructively own common stock,
    series&#160;D preferred stock, series&#160;L preferred stock,
    series&#160;M preferred stock, series&#160;O preferred stock or
    series&#160;P preferred stock that would result in us being
    &#147;closely held&#148; under Section 856(h) of the Internal
    Revenue Code or otherwise cause us to fail to qualify as a real
    estate investment trust;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no person may transfer common stock, series&#160;D preferred
    stock, series&#160;L preferred stock, series&#160;M preferred
    stock, series&#160;O preferred stock or series&#160;P preferred
    stock, if a transfer would result in shares of our capital stock
    being owned by fewer than 100&#160;persons;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any person who acquires or attempts or intends to acquire actual
    or constructive ownership of common stock, series&#160;D
    preferred stock, series&#160;L preferred stock, series&#160;M
    preferred stock, series&#160;O preferred stock or series&#160;P
    preferred stock that will or may violate any of the foregoing
    restrictions on transferability and ownership is required to
    notify us immediately and provide us with such other information
    as we may request in order to determine the effect of the
    transfer on our status as a real estate investment trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These restrictions on transferability and ownership will not
    apply if our board of directors determines that it is no longer
    in our best interest to attempt to qualify, or to continue to
    qualify, as a real estate investment trust and such
    determination is approved by the affirmative vote of holders
    owning at least two-thirds of the shares of our outstanding
    capital stock entitled to vote thereon. Except as otherwise
    described above, any change in the applicable ownership limit
    would require an amendment to our charter, which must be
    declared advisable by our board of directors and approved by the
    affirmative vote of holders owning at least two-thirds of the
    shares of our outstanding capital stock entitled to vote on the
    amendment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our charter, if any attempted transfer of shares of stock
    or any other event would otherwise result in any person
    violating an ownership limit, any other limit imposed by our
    board of directors or the other restrictions in the charter,
    then any such attempted transfer will be void and of no force or
    effect with respect to the purported transferee as to that
    number of shares that exceeds the applicable ownership limit or
    such other limit (referred to as &#147;excess shares&#148;).
    Under those circumstances, the prohibited transferee will
    acquire no right or interest (or, in the case of any event other
    than an attempted transfer, the person or entity holding record
    title to any shares in excess of the applicable ownership limit
    will cease to own any right or interest) in the excess shares.
    Any excess shares described above will be
</DIV>

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    <BR>
    22
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transferred automatically, by operation of law, to a trust, the
    beneficiary of which will be a qualified charitable organization
    selected by us. This automatic transfer will be considered to be
    effective as of the close of business on the business day prior
    to the date of the violating transfer or event. Within
    20&#160;days of receiving notice from us of the transfer of
    shares to the trust, the trustee of the trust will be required
    to sell the excess shares to a person or entity who could own
    the shares without violating the applicable ownership limit, or
    any other limit imposed by our board of directors, and
    distribute to the prohibited transferee an amount equal to the
    lesser of the price paid by the prohibited transferee for the
    excess shares or the sales proceeds received by the trust for
    the excess shares. In the case of any excess shares resulting
    from any event other than a transfer, or from a transfer for no
    consideration (such as a gift), the trustee will be required to
    sell the excess shares to a qualified person or entity and
    distribute to the prohibited owner an amount equal to the lesser
    of the applicable market price of the excess shares as of the
    date of the event or the sales proceeds received by the trust
    for the excess shares. In either case, any proceeds in excess of
    the amount distributable to the prohibited transferee or
    prohibited owner will be distributed to the beneficiary. Prior
    to a sale of any excess shares by the trust, the trustee will be
    entitled to receive, in trust for the beneficiary, all dividends
    and other distributions paid by us with respect to the excess
    shares, and also will be entitled to exercise all voting rights
    with respect to the excess shares. Subject to Maryland law,
    effective as of the date that the shares have been transferred
    to the trust, the trustee will have the authority (at the
    trustee&#146;s sole discretion) to rescind as void any vote cast
    by a prohibited transferee or prohibited owner prior to the time
    that we discover that the shares have been automatically
    transferred to the trust and to recast the vote in accordance
    with the desires of the trustee acting for the benefit of the
    beneficiary. However, if we have already taken irreversible
    corporate action, then the trustee will not have the authority
    to rescind and recast the vote. If we pay the prohibited
    transferee or prohibited owner any dividend or other
    distribution before we discover that the shares were transferred
    to the trust, the prohibited transferee or prohibited owner will
    be required to repay the trustee upon demand for distribution to
    the beneficiary. If the transfer to the trust is not
    automatically effective (for any reason), to prevent violation
    of the applicable ownership limit or any other limit provided in
    our charter or imposed by the board of directors, then our
    charter provides that the transfer of the excess shares will be
    void <I>ab initio </I>and the intended transferee will acquire
    no rights to such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, shares of stock held in the trust will be
    considered to have been offered for sale to us, or our designee,
    at a price per share equal to the lesser of (1)&#160;the price
    per share in the transaction that resulted in the transfer to
    the trust (or, in the case of a devise or gift, the market price
    at the time of such devise or gift) and (2)&#160;the applicable
    market price on the date that we, or our designee, accept the
    offer. We have the right to accept the offer until the trustee
    has sold the shares held in the trust. Upon that sale to us, the
    interest of the beneficiary in the shares sold will terminate
    and the trustee will distribute the net proceeds of the sale to
    the prohibited transferee or prohibited owner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any attempted transfer of shares would cause us to be
    beneficially owned by fewer than 100&#160;persons, our charter
    provides that the transfer will be void <I>ab initio </I>and the
    intended transferee will acquire no rights to such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All certificates representing shares will bear a legend
    referring to the restrictions described above. The ownership
    limitations described above could delay, defer or prevent a
    transaction or a change in control that might involve a premium
    price for the shares or otherwise be in the best interest of
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our charter, owners of outstanding shares must, upon our
    demand, provide us with a completed questionnaire containing
    information regarding ownership of the shares, as set forth in
    the treasury regulations. In addition, each stockholder must
    upon demand disclose to us in writing such information that we
    may request in order to determine the effect, if any, of the
    stockholder&#146;s actual and constructive ownership of shares
    of our stock, on our status as a real estate investment trust
    and to ensure compliance with each ownership limit, or any other
    limit specified in our charter or required by the board of
    directors.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    PROVISIONS OF MARYLAND LAW AND<BR>
    OF OUR CHARTER AND BYLAWS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have summarized certain terms and provisions of the Maryland
    General Corporation Law and our charter and bylaws. This summary
    is not complete and is qualified by the provisions of our
    charter and bylaws, and the Maryland General Corporation Law.
    See &#147;Where You Can Find More Information.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For restrictions on ownership and transfer of our capital stock
    contained in our charter, see &#147;Restrictions on Ownership
    and Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter provides that the number of our directors shall be
    established by the bylaws, but cannot be less than the minimum
    number required by the Maryland General Corporation Law, which
    is one. There are currently nine&#160;members of our board of
    directors, but our bylaws provide the board of directors with
    the authority to increase or decrease the number of directors,
    without amendment of the bylaws, to a number of directors not
    fewer than five nor more than thirteen. Because our board has
    the power to amend our bylaws, it could modify the bylaws to
    change that range. Subject to the rights of holders of our
    preferred stock, our board of directors may fill any vacancy
    (including a vacancy caused by removal) subject to approval by
    the stockholders. Our bylaws provide that a majority of our
    board of directors must be independent directors, as defined
    from time to time by the listing standards of the New York Stock
    Exchange and any other relevant laws, rules and regulations. Our
    bylaws also provide for the election of directors by a majority
    vote in uncontested elections.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Removal
    of Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While our charter and the Maryland General Corporation Law
    empower our stockholders to fill vacancies in our board of
    directors that are caused by the removal of a director, our
    charter precludes stockholders from removing incumbent directors
    except upon a substantial affirmative vote. Specifically, our
    charter provides that stockholders may remove a director only
    for cause and only by the affirmative vote of at least
    two-thirds of the votes entitled to be cast in the election of
    directors, subject to the rights of the holders of shares of our
    preferred stock to elect and remove directors elected by such
    holders under certain circumstances. The Maryland General
    Corporation Law does not define the term &#147;cause.&#148; As a
    result, removal for &#147;cause&#148; is subject to Maryland
    common law and to judicial interpretation and review in the
    context of the unique facts and circumstances of any particular
    situation. This provision, when coupled with the provision in
    our bylaws authorizing our board of directors to fill vacant
    directorships, precludes stockholders from removing incumbent
    directors except upon a substantial affirmative vote and filling
    the vacancies created by removal with their own nominees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Opt Out
    of Business Combinations and Control Share Acquisition
    Statutes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have elected in our bylaws not to be governed by the
    &#147;control share acquisition&#148; provisions of the Maryland
    General Corporation Law
    <FONT style="white-space: nowrap">(Sections&#160;3-701</FONT>
    through 3-709), and our board of directors has determined, by
    irrevocable resolution, that we will not be governed by the
    &#147;business combination&#148; provision of the Maryland
    General Corporation Law
    <FONT style="white-space: nowrap">(Section&#160;3-602),</FONT>
    each of which could have the effect of delaying or preventing a
    change of control. Our bylaws provide that we cannot at a future
    date determine to be governed by either provision without the
    approval of a majority of the outstanding shares entitled to
    vote. In addition, the irrevocable resolution adopted by our
    board of directors may only be changed by the approval of a
    majority of the outstanding shares of common stock entitled to
    vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Elective Provisions of Maryland Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Maryland corporation that has a class of securities
    registered under the Securities Exchange Act of 1934, as
    amended, and at least three independent directors may elect to
    be governed in whole or in part by Maryland law provisions
    relating to extraordinary actions and unsolicited takeovers. We
    have not elected to be governed by these specific provisions,
    but we currently have more than three independent directors, so
    our board of directors could elect to provide for any of the
    following provisions. Pursuant to these provisions, the board of
    directors of any Maryland corporation fitting such description,
    without obtaining stockholder approval and notwithstanding a
    contrary provision in its charter or bylaws, may elect to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    classify the board;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase the required stockholder vote to remove a director to
    two-thirds of all the votes entitled to be cast by the
    shareholders generally in the election of directors; and/or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    require that a stockholder requested special meeting need be
    called only upon the written request of the shareholders
    entitled to cast a majority of all the votes entitled to be cast
    at the meeting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the board could provide that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of directors may be fixed only by a vote of the board
    of directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each vacancy on the board of directors (including a vacancy
    resulting from the removal of a director by the stockholders)
    may be filled only by the affirmative vote of a majority of the
    remaining directors in office, even if the remaining directors
    do not constitute a quorum; and/or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any director elected to fill a vacancy will hold office for the
    full remainder of the term of the class of directors in which
    the vacancy occurred, rather than until the next election of
    directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These provisions do not provide for limits on the power of a
    corporation to confer on the holders of any class or series of
    preferred stock the right to elect one or more directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we have not elected to be governed by these provisions,
    our charter
    <FONT style="white-space: nowrap">and/or</FONT>
    bylaws already provide for a two-thirds vote to remove directors
    and only for cause, and provide that the number of directors may
    be determined by a resolution of our board (or by our
    stockholders through a bylaw amendment), subject to a minimum
    and maximum number, and that our secretary must call a special
    meeting of stockholders only upon the written request of the
    holders of a majority of our outstanding shares entitled to vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    to Our Charter and Bylaws</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our charter may not be amended without the affirmative vote of
    at least two-thirds of the shares of capital stock outstanding
    and entitled to vote on the amendment, voting together as a
    single class. Our bylaws may be amended by the vote of a
    majority of the board of directors or by a vote of a majority of
    the shares of our capital stock entitled to vote on the
    amendment, except with respect to the following bylaw provisions
    (each of which requires the approval of a majority of the shares
    of common stock entitled to vote on the amendment):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions opting out of the control share acquisition statute;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions confirming that our board of directors has determined
    by irrevocable resolution that we will not be governed by the
    business combination provision of the Maryland General
    Corporation Law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the requirement in our bylaws that our independent directors
    approve transactions involving our executive officers or
    directors or any limited partners of the operating partnership
    and their affiliates;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions governing amendment of our bylaws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Meetings
    of Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws provide for annual meetings of stockholders to elect
    the board of directors and transact other business as may
    properly be brought before the meeting. The president, the board
    of directors and the chairman of the board may call a special
    meeting of stockholders. Additionally, our bylaws provide that
    the secretary shall call a special meeting of the stockholders
    upon the written request of the holders of 50% or more of our
    outstanding stock entitled to vote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Maryland General Corporation Law provides that stockholders
    may act without a meeting with respect to any action that they
    are required or permitted to take at a meeting, if a unanimous
    consent which sets forth the action is given in writing or by
    electronic transmission by each stockholder and filed in paper
    or electronic form with the records of the stockholders&#146;
    meetings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Advance
    Notice of Director Nominations and New Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws provide that with respect to an annual meeting of
    stockholders, nominations of persons for election to the board
    of directors and the proposal of business to be considered by
    stockholders may be made only:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pursuant to the notice of the meeting;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by or at the direction of the board of directors;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by a stockholder who is entitled to vote at the meeting and has
    complied with the advance notice procedures set forth in our
    bylaws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws also provide that with respect to special meetings of
    stockholders, only the business specified in the notice of
    meeting may be brought before the meeting. Nomination of
    individuals for election to our board of directors at a special
    meeting may only be made:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pursuant to our notice of meeting;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by or at the direction of our board of directors;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provided that our board of directors has determined that
    directors will be elected at the special meeting, by a
    stockholder who has complied with the advance notice provisions
    of the bylaws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions in our charter regarding amendments to the
    charter and the advance notice provisions of our bylaws could
    have the effect of discouraging a takeover or other transaction
    in which holders of some, or a majority, of the shares of common
    stock might receive a premium for their shares over the then
    prevailing market price or which holders might believe to be
    otherwise in their best interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dissolution
    of AMB Property Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Maryland General Corporation Law, we may be dissolved
    upon the affirmative vote of a majority of the entire board of
    directors declaring dissolution to be advisable, and approval of
    the dissolution at any annual or special stockholders meeting by
    the affirmative vote of the holders of two-thirds of the total
    number of shares of capital stock outstanding and entitled to
    vote on the dissolution, voting as a single class.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    and Limitation of Directors&#146; and Officers&#146;
    Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our officers and directors are indemnified under the Maryland
    General Corporation Law, our charter and the partnership
    agreement of the operating partnership against certain
    liabilities. Our charter and bylaws require us to indemnify our
    directors and officers to the fullest extent permitted from time
    to time by the Maryland General Corporation Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Maryland General Corporation Law permits a corporation to
    indemnify its directors and officers and certain other parties
    against judgments, penalties, fines, settlements and reasonable
    expenses actually incurred by them in connection with any
    proceeding to which they may be made a party by reason of their
    service in those or other capacities unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the act or omission of the director or officer was material to
    the matter giving rise to the proceeding and was committed in
    bad faith or was the result of active and deliberate dishonesty;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the director or officer actually received an improper personal
    benefit in money, property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of any criminal proceeding, the director or officer
    had reasonable cause to believe that the act or omission was
    unlawful.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A corporation may indemnify a director or officer against
    judgments, penalties, fines, settlements and reasonable expenses
    that the director or officer actually incurs in connection with
    the proceeding unless the proceeding is one by or in the right
    of the corporation and the director or officer has been adjudged
    to be liable to the corporation. In addition, a corporation may
    not indemnify a director or officer with respect to any
    proceeding charging improper personal benefit to the director or
    officer in which the director or officer was adjudged to be
    liable on the basis that a personal benefit was improperly
    received. The termination of any proceeding by conviction, or
    upon a plea of <I>nolo contendere </I>or its equivalent, or an
    entry of any order of probation prior to judgment, creates a
    rebuttable presumption that the director or officer did not meet
    the requisite standard of conduct required for indemnification
    to be permitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Maryland General Corporation Law permits the charter of a
    Maryland corporation to include a provision limiting the
    liability of its directors and officers to the corporation and
    its stockholders for money damages, subject
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    to specified restrictions. Our charter contains this provision.
    The Maryland General Corporation Law does not, however, permit
    the liability of directors and officers to the corporation or
    its stockholders to be limited to the extent that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it is proved that the person actually received an improper
    benefit or profit in money, property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a judgment or other final adjudication adverse to the person is
    entered in a proceeding based on a finding in the proceeding
    that the person&#146;s action, or failure to act, was the result
    of active and deliberate dishonesty and was material to the
    cause of action adjudicated in the proceeding.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This provision does not limit our ability or our
    stockholders&#146; ability to obtain other relief, such as an
    injunction or rescission. The partnership agreement of the
    operating partnership also provides for our indemnification, as
    general partner, and our officers and directors to the same
    extent indemnification is provided to our officers and directors
    in our charter, and limits our liability and the liability of
    our officers and directors to the operating partnership and the
    partners of the operating partnership to the same extent
    liability of our officers and directors to us and our
    stockholders is limited under our charter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as the foregoing provisions permit indemnification for
    liability arising under the Securities Act of directors,
    officers or persons controlling us, we have been informed that
    in the opinion of the SEC, this indemnification is against
    public policy as expressed in the Securities Act and is
    therefore unenforceable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into indemnification agreements with each of our
    executive officers and directors. The indemnification agreements
    require, among other matters, that we indemnify our executive
    officers and directors to the fullest extent permitted by law
    and reimburse the executive officers and directors for all
    related expenses as incurred, subject to return if it is
    subsequently determined that indemnification is not permitted.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CERTAIN PROVISIONS OF THE<BR>
    PARTNERSHIP AGREEMENT OF AMB PROPERTY, L.P.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Substantially all of our assets are held, and all of our
    operations are conducted, by or through the operating
    partnership. As the sole general partner of the operating
    partnership, we have the exclusive right and power to manage the
    operating partnership. Our interest in the operating partnership
    is designated as a general partner interest. Except with respect
    to distributions of cash and allocations of income and loss, and
    except as otherwise noted in this prospectus, the description in
    this section of common limited partnership units is also
    applicable to performance units. See
    &#147;&#151;&#160;Performance Units&#148; below. We have
    summarized certain terms and provisions of the operating
    partnership&#146;s partnership agreement. This summary is not
    complete and is qualified by the provisions of the partnership
    agreement. See &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of limited partnership units hold limited partnership
    interests in the operating partnership, and all holders of
    partnership interests (including us in our capacity as general
    partner) are entitled to share in cash distributions from, and
    in the profits and losses of, the operating partnership. The
    number of general partnership units held by us is approximately
    equal to the total number of outstanding shares of our common
    stock and preferred stock. Accordingly, the distributions that
    we pay per share of common stock are expected to be equal to the
    distributions per unit that the operating partnership pays on
    the common units. Similarly, the distributions that we pay per
    share of series&#160;L, M, O or P preferred stock outstanding,
    and if and when issued any series&#160;D preferred stock are
    expected to be equal to the distributions per unit that the
    operating partnership pays on the corresponding series of
    preferred units. The units have not been registered pursuant to
    federal or state securities laws, and they will not be listed on
    the New York Stock Exchange or any other exchange or quoted on
    any national market system. However, the shares of common stock
    and preferred stock that we may issue upon exchange of the
    common units and the preferred units of the operating
    partnership may be sold in registered transactions or
    transactions exempt from registration under the Securities Act.
    The limited partners of the operating partnership have the
    rights to which limited partners are entitled under the
    partnership agreement and the Delaware Revised Uniform Limited
    Partnership Act. The partnership agreement imposes certain
    restrictions on the transfer of operating partnership units, as
    described below.
</DIV>

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    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose,
    Business and Management</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating partnership is organized as a Delaware limited
    partnership pursuant to the terms of the partnership agreement.
    We are the sole general partner of the operating partnership and
    conduct substantially all of our business through the operating
    partnership. The primary purpose of the operating partnership
    is, in general, to acquire, purchase, own, operate, manage,
    develop, redevelop, invest in, finance, refinance, sell, lease
    and otherwise deal with properties and assets related to those
    properties, and interests in those properties and assets. The
    operating partnership is authorized to conduct any business that
    a limited partnership formed under the Delaware Revised Uniform
    Limited Partnership Act may lawfully conduct, subject to the
    limitation that the partnership agreement requires the operating
    partnership to conduct its business in such a manner that will
    permit us to be classified as a real estate investment trust
    under Section&#160;856 of the Internal Revenue Code, unless we
    cease to qualify as a real estate investment trust for reasons
    other than the conduct of the business of the operating
    partnership. The operating partnership is generally authorized
    to take any lawful actions consistent with this purpose. This
    includes the authority to enter into partnerships, joint
    ventures or similar arrangements and to own interests directly
    or indirectly in any other entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As the general partner of the operating partnership we have the
    exclusive power and authority to conduct the business of the
    operating partnership, subject to the consent of the limited
    partners in certain limited circumstances (as discussed below)
    and except as expressly limited in the partnership agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have the right to make all decisions and take all actions
    with respect to the operating partnership&#146;s acquisition and
    operation of our properties and all other assets and businesses
    of or related to the operating partnership. No limited partner
    may take part in the conduct or control of the business or
    affairs of the operating partnership by virtue of its interest
    in the partnership. In particular, each limited partner
    expressly acknowledges in the partnership agreement that as
    general partner, we are acting on behalf of the operating
    partnership&#146;s limited partners and our stockholders,
    collectively, and are under no obligation to consider the tax
    consequences to limited partners when making decisions for the
    benefit of the operating partnership. We intend to make
    decisions in our capacity as general partner of the operating
    partnership so as to maximize our profitability and the
    profitability of the operating partnership as a whole,
    independent of the tax effects on the limited partners. We and
    the operating partnership have no liability to any limited
    partner as a result of any liabilities or damages incurred or
    suffered by, or benefits not derived by, a limited partner as a
    result of our action or inaction as general partner of the
    operating partnership so long as we acted in good faith. Limited
    partners have no right or authority to act for or to bind the
    operating partnership. Limited partners of the operating
    partnership have no authority to transact business for, or to
    otherwise participate in the management activities or decisions
    of, the operating partnership, except as expressly provided in
    the partnership agreement or as required by applicable law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Engaging
    in Other Businesses; Conflicts of Interest; Transactions With Us
    and Our Affiliates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not conduct any business other than in connection with
    the ownership, acquisition and disposition of operating
    partnership interests as a general partner and the management of
    the business of the operating partnership, our operation as a
    public reporting company with a class (or classes) of securities
    registered under the Securities Exchange Act of 1934, as
    amended, our operation as a real estate investment trust and
    activities that are incidental to these activities without the
    consent of the holders of a majority of the limited partnership
    interests. Unless it otherwise agrees, each limited partner, and
    its affiliates, is free to engage in any business or activity,
    even if the business or activity competes with or is enhanced by
    the business of the operating partnership. The operating
    partnership&#146;s partnership agreement does not prevent
    another person or entity that acquires control of us in the
    future from conducting other businesses or owning other assets,
    even if it would be in the best interests of the limited
    partners for the operating partnership to own those businesses
    or assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the exercise of our power and authority under the partnership
    agreement, we may contract and otherwise deal with, or otherwise
    obligate the operating partnership to, entities in which we or
    any one or more of our officers, directors or stockholders may
    have an ownership or other financial interest. We may retain
    persons or entities that we select (including ourselves, any
    entity in which we have an interest, or any entity with which we
    are affiliated) to provide services to or on behalf of the
    operating partnership. Except as expressly permitted by the
    partnership agreement, however, our affiliates may not engage in
    any transactions with the operating partnership except on
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    terms that are fair and reasonable to the operating partnership
    and no less favorable to the operating partnership than it would
    obtain from an unaffiliated third party.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Reimbursement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not receive any compensation for our services as general
    partner of the operating partnership. However, as a partner in
    the operating partnership, we have rights to allocations and
    distributions as a partner of the operating partnership. In
    addition, the operating partnership reimburses us for all
    expenses we incur relating to ownership of interests in and
    operation of, or for the benefit of, the operating partnership.
    The operating partnership will reimburse us for all expenses
    incurred relating to the ongoing operation of the operating
    partnership and any issuance of additional partnership interests
    in the operating partnership. These expenses include those
    incurred in connection with the administration and activities of
    the operating partnership, such as the maintenance of the
    operating partnership&#146;s books and records, management of
    the operating partnership&#146;s property and assets, and
    preparation of information regarding the operating partnership
    provided to the partners in the preparation of their individual
    tax returns.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Exculpation and Indemnification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement generally provides that neither we, as
    general partner of the operating partnership, nor any of our
    officers, directors or employees, will be liable to the
    operating partnership or any limited partner for losses
    sustained, liabilities incurred, or benefits not derived as a
    result of errors in judgment or for any mistakes of fact or law
    or for anything that we may do or not do in connection with the
    business and affairs of the operating partnership if we carry
    out our duties in good faith. Our liability in any event is
    limited to our interest in the operating partnership. We have no
    further liability for the loss of any limited partner&#146;s
    capital. In addition, we are not responsible for any misconduct,
    negligent act or omission of any of our consultants, contractors
    or agents, or any of the operating partnership&#146;s
    consultants, contractors or agents provided that we have used
    good faith in the selection of those contractors, consultants
    and agents. We may consult with legal counsel, accountants,
    appraisers, management consultants, investment bankers and other
    consultants and advisors that we select. Any action we take or
    fail to take in reliance upon the opinion of such a consultant
    on a matter that we reasonably believe is within the
    consultant&#146;s professional or expert competence is presumed
    to be done in good faith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement also requires the operating
    partnership to indemnify us, our directors and officers, and
    other persons that we may from time to time designate against
    any loss or damage, including reasonable legal fees and court
    costs incurred by the person by reason of anything the person
    may do or not do for or on behalf of the operating partnership
    or in connection with its business or affairs unless it is
    established that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the act or omission of the indemnified person was material to
    the matter giving rise to the proceeding and either the
    indemnified person committed the act or omission in bad faith or
    as the result of active and deliberate dishonesty;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the indemnified person actually received an improper personal
    benefit in money, property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of any criminal proceeding, the indemnified person
    had reasonable cause to believe that the act or omission was
    unlawful.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any indemnification claims must be satisfied solely out of the
    assets of the operating partnership and any insurance proceeds
    from the liability policy covering our officers and directors
    and such other persons that we may from time to time designate.
    The operating partnership may also purchase and maintain
    insurance on behalf of our directors and officers, and other
    persons that we may from time to time designate, against any
    liability, and related expenses, that may be asserted against
    such person in connection with the activities of the operating
    partnership, regardless of whether the partnership would have
    the power to indemnify that person against such liability under
    the partnership agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sales of
    Assets; Liquidation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the partnership agreement, as general partner, we
    generally have the exclusive authority to determine whether,
    when and on what terms, the operating partnership will sell its
    assets (including our properties, which we
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    own through the operating partnership). However, we have agreed,
    in connection with the contribution of properties from taxable
    investors in our formation transactions and certain property
    acquisitions for limited units in the operating partnership, not
    to dispose of certain assets in a taxable sale or exchange for a
    mutually agreed upon period and, thereafter, to use commercially
    reasonable or best efforts to minimize the adverse tax
    consequences of any sale. We may enter into similar or other
    agreements in connection with other acquisitions of properties
    for units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A merger of the operating partnership with another entity
    generally requires an affirmative vote of the partners (other
    than the preferred limited partners) holding a majority of the
    outstanding percentage interest (including the interest held
    directly or indirectly by us) of all partners other than
    preferred limited partners, subject to certain consent rights of
    holders of limited partnership units as described below under
    &#147;Amendment of the Partnership Agreement.&#148; A sale or
    disposition of all or substantially all of the operating
    partnership&#146;s assets generally requires an affirmative vote
    of the limited partners (other than the general partner, the
    preferred limited partners and any limited partner 50% or more
    of whose equity is owned, directly or indirectly, by the general
    partner) holding a majority of the outstanding percentage
    interest of all limited partners (other than the general
    partner, the preferred limited partners and any limited partner
    50% or more of whose equity is owned, directly or indirectly, by
    the general partner). A dissolution or liquidation of the
    operating partnership generally requires our approval as well as
    the consent of limited partners holding ninety percent (90%) of
    the outstanding percentage interest of all limited partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Contribution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating partnership&#146;s partnership agreement provides
    that if the operating partnership requires additional funds at
    any time and from time to time in excess of funds available to
    the operating partnership from borrowings or capital
    contributions, we may borrow funds from a financial institution
    or other lender or through public or private debt offerings and
    lend the funds to the operating partnership on the same terms
    and conditions as are applicable to our borrowing of the funds.
    As an alternative to borrowing funds required by the operating
    partnership, we may contribute the amount of the required funds
    as an additional capital contribution to the operating
    partnership. We may also raise additional funds by accepting
    additional capital contributions, in the form of cash, real
    property or other non-cash assets. If we contribute additional
    capital to the operating partnership, our partnership interest
    in the operating partnership will be increased on a
    proportionate basis. Conversely, the partnership interests of
    the limited partners will be decreased on a proportionate basis
    if we make additional capital contributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement generally provides that the operating
    partnership will make quarterly distributions of available cash
    (as defined below), as determined in the manner provided in the
    partnership agreement, to the partners of the operating
    partnership in proportion to their percentage interests in the
    operating partnership (which for any partner is determined by
    the number of units it owns relative to the total number of
    units outstanding). If any preferred units are outstanding, the
    operating partnership will pay distributions to holders of
    preferred units in accordance with the rights of each class of
    preferred units (and, within each such class, pro rata in
    proportion to the respective percentage interest of each
    holder), with any remaining available cash distributed in
    accordance with the previous sentence. &#147;Available
    cash&#148; is generally defined as the sum of the
    partnership&#146;s net income or net loss, depreciation and all
    non-cash charges deducted to determine net income or net loss,
    the reduction in reserves of the partnership, the excess of net
    proceeds from the sale, exchange, disposition or refinancing of
    partnership property over the gain or loss recognized from such
    transaction and all other cash received by the partnership,
    minus all principal debt payments, capital expenditures,
    investments in any entity, expenditures and payments not
    deducted in determining net income or net loss, any amount
    included in determining net income or net loss that was not
    received by the partnership, increases in reserves and amount of
    any working capital accounts and other cash or similar balances
    which we, as general partner, determine to be necessary or
    appropriate. Other than as described below, neither we nor the
    limited partners are currently entitled to any preferential or
    disproportionate distributions of available cash with respect to
    the units.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;D
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described under &#147;Description of Preferred
    Stock&#160;&#151; Series&#160;D Preferred Stock,&#148; holders
    of series&#160;D preferred units of AMB Property II, L.P. may
    exchange their units for shares of our series&#160;D preferred
    stock. If we issue series&#160;D preferred stock, we will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    contribute 99% of the series&#160;D preferred units of AMB
    Property II, L.P. to the operating partnership in exchange for
    series&#160;D preferred units of the operating partnership that
    the operating partnership will issue to mirror the rights,
    preferences and other terms of the series&#160;D preferred
    stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    contribute 1% of the series&#160;D preferred units of AMB
    Property II, L.P. to AMB Property Holding Corporation.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any series&#160;D preferred units issued to us by the operating
    partnership, as described in the first bullet point above, will
    rank on a parity with the operating partnership&#146;s
    series&#160;L preferred units, series&#160;M preferred units,
    series&#160;O preferred units and series&#160;P preferred units.
    As a consequence, we would receive distributions from the
    operating partnership that we would use to pay dividends on any
    our preferred stock before any other partner in the operating
    partnership (other than holders of parity preferred units).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;L
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;The series&#160;L preferred units of
    the operating partnership rank, with respect to distribution
    rights and rights upon liquidation, winding up or dissolution of
    the operating partnership:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to the common units of the operating partnership and to
    all units of the operating partnership that provide that they
    rank junior to the series&#160;L preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all units which rank senior to the series&#160;L
    preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    and on a parity with the series&#160;M, O and P preferred units,
    and any series&#160;D preferred units that the operating
    partnership may issue to us, and all other units expressly
    designated by the operating partnership to rank on a parity with
    the series&#160;L preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Subject to the rights of
    holders of parity preferred units, holders of the series&#160;L
    preferred units are entitled to receive, when, as and if
    declared by the operating partnership, acting through us as
    general partner, cumulative preferential cash distributions in
    an amount equal to 6.50% per annum on an amount equal to $25.00
    per series&#160;L preferred unit then outstanding (equivalent to
    $1.625 per annum). These distributions are payable on the
    15th&#160;day of January, April, July and October of each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption.</I>&#160;&#160;On or after June&#160;23, 2008, if
    we redeem any shares of the series&#160;L preferred stock as
    described under &#147;Description of Preferred Stock&#160;&#151;
    Series&#160;L Preferred Stock,&#148; the operating partnership
    will redeem the number of series&#160;L preferred units equal to
    the number of such series&#160;L preferred stock to be redeemed
    at a redemption price payable in cash equal to the product of
    the number of series&#160;L preferred units being redeemed and
    the sum of $25.00 plus any deficiency still owing under prior
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation Preference.</I>&#160;&#160;The distribution and
    income allocation provisions of the partnership agreement have
    the effect of providing each series&#160;L preferred unit with a
    liquidation preference to each holder of series&#160;L preferred
    units equal to the holder&#146;s capital contributions, plus any
    accrued but unpaid distributions, in preference to any other
    class or series of partnership interest of the operating
    partnership, other than any parity preferred units and any
    senior preferred units that we may issue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;M
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;The series&#160;M preferred units of
    the operating partnership rank, with respect to distribution
    rights and rights upon liquidation, winding up or dissolution of
    the operating partnership:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to the common units of the operating partnership and to
    all units of the operating partnership that provide that they
    rank junior to the series&#160;M preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all units which rank senior to the series&#160;M
    preferred units;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    and on a parity with the series&#160;L, O and P preferred units,
    and any series&#160;D preferred units that the operating
    partnership may issue to us, and all other units expressly
    designated by the operating partnership to rank on a parity with
    the series&#160;M preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Subject to the rights of
    holders of parity preferred units, holders of the series&#160;M
    preferred units are entitled to receive, when, as and if
    declared by the operating partnership, acting through us as
    general partner, cumulative preferential cash distributions in
    an amount equal to 6.75% per annum on an amount equal to $25.00
    per series&#160;M preferred unit then outstanding (equivalent to
    $1.6875 per annum). These distributions are payable on the
    15th&#160;day of January, April, July and October of each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption.</I>&#160;&#160;On or after November&#160;25,
    2008, if we redeem any shares of the series&#160;M preferred
    stock as described under &#147;Description of Preferred
    Stock&#160;&#151; Series&#160;M Preferred Stock,&#148; the
    operating partnership will redeem the number of series&#160;M
    preferred units equal to the number of such series&#160;M
    preferred stock to be redeemed at a redemption price payable in
    cash equal to the product of the number of series&#160;M
    preferred units being redeemed and the sum of $25.00 plus any
    deficiency still owing under prior distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation Preference.</I>&#160;&#160;The distribution and
    income allocation provisions of the partnership agreement have
    the effect of providing each series&#160;M preferred unit with a
    liquidation preference to each holder of series&#160;M preferred
    units equal to the holder&#146;s capital contributions, plus any
    accrued but unpaid distributions, in preference to any other
    class or series of partnership interest of the operating
    partnership, other than any parity preferred units and any
    senior preferred units that we may issue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;O
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;The series&#160;O preferred units of
    the operating partnership rank, with respect to distribution
    rights and rights upon liquidation, winding up or dissolution of
    the operating partnership:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to the common units of the operating partnership and to
    all units of the operating partnership that provide that they
    rank junior to the series&#160;O preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all units which rank senior to the series&#160;O
    preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    and on a parity with the series&#160;L, M and P preferred units,
    and any series&#160;D preferred units that the operating
    partnership may issue to us, and all other units expressly
    designated by the operating partnership to rank on a parity with
    the series&#160;O preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Subject to the rights of
    holders of parity preferred units, holders of the series&#160;O
    preferred units are entitled to receive, when, as and if
    declared by the operating partnership, acting through us as
    general partner, cumulative preferential cash distributions in
    an amount equal to 7.00% per annum on an amount equal to $25.00
    per series&#160;O preferred unit then outstanding (equivalent to
    $1.75 per annum). These distributions are payable on the
    15th&#160;day of January, April, July and October of each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption.</I>&#160;&#160;On or after December&#160;13,
    2010, if we redeem any shares of the series&#160;O preferred
    stock as described under &#147;Description of Preferred
    Stock&#160;&#151; Series&#160;O Preferred Stock,&#148; the
    operating partnership will redeem the number of series&#160;O
    preferred units equal to the number of such series&#160;O
    preferred stock to be redeemed at a redemption price payable in
    cash equal to the product of the number of series&#160;O
    preferred units being redeemed and the sum of $25.00 plus any
    deficiency still owing under prior distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation Preference.</I>&#160;&#160;The distribution and
    income allocation provisions of the partnership agreement have
    the effect of providing each series&#160;O preferred unit with a
    liquidation preference to each holder of series&#160;O preferred
    units equal to the holder&#146;s capital contributions, plus any
    accrued but unpaid distributions, in preference to any other
    class or series of partnership interest of the operating
    partnership, other than any parity preferred units and any
    senior preferred units that we may issue.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;P
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;The series&#160;P preferred units of
    the operating partnership rank, with respect to distribution
    rights and rights upon liquidation, winding up or dissolution of
    the operating partnership:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to the common units of the operating partnership and to
    all units of the operating partnership that provide that they
    rank junior to the series&#160;P preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all units which rank senior to the series&#160;P
    preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    and on a parity with the series&#160;L, M and O preferred units,
    and any series&#160;D preferred units that the operating
    partnership may issue to us, and all other units expressly
    designated by the operating partnership to rank on a parity with
    the series&#160;P preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Subject to the rights of
    holders of parity preferred units, holders of the series&#160;P
    preferred units are entitled to receive, when, as and if
    declared by the operating partnership, acting through us as
    general partner, cumulative preferential cash distributions in
    an amount equal to 6.85% per annum on an amount equal to $25.00
    per series&#160;P preferred unit then outstanding (equivalent to
    $1.7125 per annum). These distributions are payable on the
    15th&#160;day of January, April, July and October of each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption.</I>&#160;&#160;On or after August&#160;25, 2011,
    if we redeem any shares of the series&#160;P preferred stock as
    described under &#147;Description of Preferred Stock&#160;&#151;
    Series&#160;P Preferred Stock,&#148; the operating partnership
    will redeem the number of series&#160;P preferred units equal to
    the number of such series&#160;P preferred stock to be redeemed
    at a redemption price payable in cash equal to the product of
    the number of series&#160;P preferred units being redeemed and
    the sum of $25.00 plus any deficiency still owing under prior
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation Preference.</I>&#160;&#160;The distribution and
    income allocation provisions of the partnership agreement have
    the effect of providing each series&#160;P preferred unit with a
    liquidation preference to each holder of series&#160;P preferred
    units equal to the holder&#146;s capital contributions, plus any
    accrued but unpaid distributions, in preference to any other
    class or series of partnership interest of the operating
    partnership, other than any parity preferred units and any
    senior preferred units that we may issue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Limited Partnership Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption&#160;Rights.</I>&#160;&#160;Holders of common
    limited partnership units in the operating partnership have the
    right, commencing generally on or before the first anniversary
    of the holder becoming a limited partner of the operating
    partnership (or such other date agreed to by the operating
    partnership and the applicable unit holders), to require the
    operating partnership to redeem part or all of their common
    units for cash (based upon the fair market value of an
    equivalent number of shares of our common stock at the time of
    redemption) or the operating partnership may, in its sole and
    absolute discretion (subject to the limits on ownership and
    transfer of common stock set forth in our charter) elect to have
    us exchange those common units for shares of our common stock on
    a one-for-one basis, subject to adjustment in the event of stock
    splits, stock dividends, issuance of certain rights, certain
    extraordinary distributions and similar events. We presently
    anticipate that the operating partnership will generally elect
    to have us issue shares of our common stock in exchange for
    common units in connection with a redemption request; however,
    the operating partnership has paid cash and may in the future
    pay cash for a redemption of common units. With each redemption
    or exchange, our percentage ownership interest in the operating
    partnership will increase. Common limited partners may exercise
    this redemption right from time to time, in whole or in part,
    subject to the limitations that limited partners may not
    exercise the right if exercise would result in any person
    actually or constructively owning shares of common stock in
    excess of the ownership limit or any other amount specified by
    the board of directors, assuming common stock was issued in the
    exchange. Holders of performance units also have limited
    redemption rights, as discussed under the caption
    &#147;Performance Units&#148; below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Registration Rights.</I>&#160;&#160;We have granted to common
    limited partners certain registration rights with respect to the
    shares of stock issuable upon exchange of common limited
    partnership units in the operating partnership or otherwise. We
    have agreed to file and generally keep continuously effective
    generally beginning on or as soon as practicable after one year
    after issuance of common limited partnership units a
    registration statement covering the issuance of shares of common
    stock upon exchange of the units and the resale of the shares.
    We will bear expenses
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    incident to our registration obligations upon exercise of
    registration rights, including the payment of federal securities
    and state blue sky registration fees, except that we will not
    bear any underwriting discounts or commissions or transfer taxes
    relating to registration of the shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Performance
    Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing discussion of distributions and
    allocations of income or loss of the operating partnership,
    certain of our current and former executive officers, in their
    capacity as limited partners of the operating partnership, have
    received performance units. The performance units are similar to
    common limited partnership units in many respects, including the
    right to share in operating distributions, and allocations of
    operating income and loss of the operating partnership on a pro
    rata basis with common limited partnership units, and certain
    redemption rights, including limited rights to cause the
    operating partnership to redeem the performance units for cash
    or, at the operating partnership&#146;s option, to have us
    exchange the performance units for shares of our common stock.
    However, a holder of performance units may not require the
    operating partnership to redeem, and the operating partnership
    may not redeem, any performance units in excess of the number of
    performance units equal to the amount of the unitholder&#146;s
    capital account balance immediately following the revaluation of
    the operating partnership assets pursuant to the partnership
    agreement, divided by the fair market value of a share of our
    common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Removal
    of the General Partner; Transferability of Our Interests;
    Treatment of Limited Partnership Units in Significant
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The limited partners may not remove us as general partner of the
    operating partnership, with or without cause, other than with
    our consent. The partnership agreement provides that we may not
    withdraw from the operating partnership (whether by sale,
    statutory merger, consolidation, liquidation or otherwise)
    without the consent of limited partners other than the preferred
    limited partners, holding a majority of limited partner units
    (excluding any preferred limited units) then outstanding.
    However, except as set forth below, we may transfer or assign
    our general partner interest in connection with a merger,
    consolidation or sale of substantially all of our assets without
    limited partner consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither we nor the operating partnership may engage in any
    merger, consolidation or other combination, or effect any
    reclassification, recapitalization or change of its outstanding
    equity interests, and we may not sell all or substantially all
    of our assets unless in connection with such a termination
    transaction all holders of limited partnership units other than
    preferred units either will have the right to receive, for each
    unit, an amount of cash, securities or other property equal to
    the product of the number of shares of common stock into which
    each unit is then exchangeable and the greatest amount of cash,
    securities or other property paid to the holder of one share of
    common stock as consideration pursuant to such a termination
    transaction. If, in connection with the termination transaction,
    a purchase, tender or exchange offer shall have been made to and
    accepted by the holders of the outstanding shares of our common
    stock, each holder of limited partnership units other than
    preferred units will have the right to receive, the greatest
    amount of cash, securities or other property that the holder
    would have received had it exercised its right to redemption and
    received shares of common stock in exchange for its units
    immediately prior to the expiration of the purchase, tender or
    exchange offer and had accepted the purchase, tender or exchange
    offer. Performance units also have the benefit of these
    provisions, irrespective of the capital account then applicable
    to the performance units. We and the operating partnership may
    also engage in a merger, consolidation or other combination, or
    effect any reclassification, recapitalization or change or our
    outstanding equity interests, and we may also sell all or
    substantially all of our assets if the following conditions are
    met:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    substantially all of the assets directly or indirectly owned by
    the surviving entity are held directly or indirectly by the
    operating partnership or another limited partnership or limited
    liability company which is the survivor of a merger,
    consolidation or combination of assets with the operating
    partnership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders of common limited partnership units, including the
    holders of any performance units, own a percentage interest of
    the surviving partnership based on the relative fair market
    value of the net assets of the operating partnership and the
    other net assets of the surviving partnership immediately prior
    to the consummation of the transaction;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rights, preferences and privileges of the holders in the
    surviving partnership, including the holders of performance
    units, are at least as favorable as those in effect immediately
    prior to the consummation of such transaction and as those
    applicable to any other limited partners or non-managing members
    of the surviving partnership (except, as to performance units,
    for such differences with units regarding liquidation,
    redemption or exchange as are described in the partnership
    agreement);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such rights of the common limited partners, including the
    holders of performance units issued or to be issued, include at
    least one of the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the right to redeem their interests in the surviving partnership
    for the consideration available to them pursuant to the
    preceding paragraph;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the right to redeem their units for cash on terms equivalent to
    those in effect immediately prior to the consummation of the
    transaction, or, if the ultimate controlling person of the
    surviving partnership has publicly traded common equity
    securities, the common equity securities, with an exchange ratio
    based on the relative fair market value of the securities and
    our common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors will reasonably determine fair market
    values and rights, preferences and privileges of the common
    limited partners of the operating partnership as of the time of
    the termination transaction and, to the extent applicable, the
    values will be no less favorable to the holders of common
    limited partnership units than the relative values reflected in
    the terms of the termination transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, in the event of a termination transaction, the
    arrangements with respect to performance units and performance
    shares will be equitably adjusted to reflect the terms of the
    transaction, including, to the extent that the shares are
    exchanged for consideration other than publicly traded common
    equity, the transfer or release of remaining performance shares,
    and resulting issuance of any performance units, as of the
    consummation of the termination transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Duties
    and Conflicts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided by our conflicts of interest
    policies with respect to directors and officers and as provided
    in the non-competition agreements that most of our executive
    officers have entered into with us, any limited partner of the
    operating partnership may engage in other business activities
    outside the operating partnership, including business activities
    that directly compete with the operating partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Meetings;
    Voting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As general partner, we may call meetings of the limited partners
    of the operating partnership on our own motion, and must call a
    meeting of the limited partners upon written request of limited
    partners owning at least 25% of the then outstanding limited
    partnership units that are entitled to vote on the matters to be
    voted upon at such meeting. Limited partners may vote either in
    person or by proxy at meetings. Limited partners may take any
    action that they are required or permitted to take either at a
    meeting of the limited partners or without a meeting if consents
    in writing setting forth the action taken are signed by limited
    partners owning not less than the minimum number of units that
    would be necessary to authorize or take the action at a meeting
    of the limited partners at which all limited partners entitled
    to vote on the action were present. On matters for which limited
    partners are entitled to vote, each limited partner has a vote
    equal to the number of units the limited partner holds. A
    transferee of limited partnership units who has not been
    admitted as a substituted limited partner with respect to the
    units will have no voting rights with respect to the units, even
    if the transferee holds other units as to which it has been
    admitted as a limited partner. The partnership agreement does
    not provide for, and we do not anticipate calling, annual
    meetings of the limited partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    of the Partnership Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or limited partners owning at least 25% of the then
    outstanding limited partnership units entitled to vote may
    propose amendments to the operating partnership&#146;s
    partnership agreement. Generally, the partnership agreement may
    be amended with our approval, as general partner, and partners
    (including us but not including the preferred limited partners)
    holding a majority of the partnership interests then outstanding
    other than preferred
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    limited partnership interests. Certain provisions regarding,
    among other things, our rights and duties as general partner
    (e.g., restrictions on our power to conduct businesses other
    than as denoted herein) or the dissolution of the operating
    partnership, may not be amended without the approval of limited
    partners (other than preferred limited partners) holding a
    majority of the percentage interests of the limited partners
    other than preferred limited partners. As general partner, we
    have the power, without the consent of the limited partners, to
    amend the partnership agreement as may be required to, among
    other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    add to our obligations as general partner or surrender any right
    or power granted to us as general partner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reflect the admission, substitution, termination or withdrawal
    of partners in accordance with the terms of the partnership
    agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish the rights, powers, duties and preferences of any
    additional partnership interests issued in accordance with the
    terms of the partnership agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reflect a change of an inconsequential nature that does not
    materially adversely affect any limited partner, or cure any
    ambiguity, correct or supplement any provisions of the
    partnership agreement not inconsistent with law or with other
    provisions of the partnership agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    satisfy any requirements of federal, state or local law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reflect such changes as are reasonably necessary for us to
    maintain our status as a real estate investment trust;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the manner in which capital accounts are computed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We must approve, and each limited partner that would be
    adversely affected must approve, certain amendments to the
    partnership agreement, including amendments effected directly or
    indirectly through a merger or sale of assets of the operating
    partnership or otherwise, that would, among other things,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    convert a limited partner&#146;s interest into a general
    partner&#146;s interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the limited liability of a limited partner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    alter the interest of a partner in profits or losses, or the
    rights to receive any distributions (except as permitted under
    the partnership agreement with respect to the admission of new
    partners or the issuance of additional units, either of which
    actions will have the effect of changing the percentage
    interests of the partners and thereby altering their interests
    in profits, losses and distributions);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    alter the limited partner&#146;s redemption or exchange right.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Term</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating partnership will continue in full force and effect
    for approximately 99&#160;years from its formation or until
    sooner dissolved pursuant to the terms of the partnership
    agreement.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CERTAIN PROVISIONS OF THE<BR>
    PARTNERSHIP AGREEMENT OF AMB PROPERTY II, L.P.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A portion of our assets are held by or through AMB Property II,
    L.P. As the sole direct owner of AMB Property Holding
    Corporation, the general partner of AMB Property II, L.P., we
    have the exclusive right and power to manage AMB Property II,
    L.P. Our interest in AMB Property II, L.P. is designated as an
    indirect general partner interest. We have summarized certain
    terms and provisions of AMB Property II, L.P.&#146;s partnership
    agreement. This summary is not complete and is qualified by the
    provisions of the partnership agreement. See &#147;Where You Can
    Find More Information.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of limited partnership units hold limited partnership
    interests in AMB Property II, L.P., and all holders of
    partnership interests (including AMB Property Holding
    Corporation in its capacity as general partner) are
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    entitled to share in cash distributions from, and in the profits
    and losses of, AMB Property II, L.P. The distributions that we
    may pay per share of any series&#160;D preferred stock are
    expected to be equal to the distributions per unit that AMB
    Property II, L.P. pays on the series&#160;D preferred units. The
    units have not been registered pursuant to federal or state
    securities laws, and they will not be listed on the New York
    Stock Exchange or any other exchange or quoted on any national
    market system. However, the shares of common stock that we may
    issue upon exchange of the class&#160;B common units and the
    shares of preferred stock that we may issue upon exchange of
    preferred units may be sold in registered transactions or
    transactions exempt from registration under the Securities Act.
    The limited partners of AMB Property II, L.P. have the rights to
    which limited partners are entitled under the partnership
    agreement and the Delaware Revised Uniform Limited Partnership
    Act. The partnership agreement imposes certain restrictions on
    the transfer of AMB Property II, L.P. units, as described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose,
    Business and Management</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property II, L.P. is organized as a Delaware limited
    partnership pursuant to the terms of the partnership agreement.
    AMB Property Holding Corporation, our wholly owned subsidiary,
    is the general partner of AMB&#160;Property II, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property II, L.P. is authorized to conduct any business that
    a limited partnership formed under the Delaware Revised Uniform
    Limited Partnership Act may lawfully conduct, except that the
    partnership agreement requires that the partnership conduct its
    business in such a manner that will permit us to be classified
    as a real estate investment trust under Section&#160;856 of the
    Internal Revenue Code, unless we cease to qualify as a real
    estate investment trust for reasons other than the conduct of
    the business of AMB Property II, L.P. Subject to the foregoing
    limitation, AMB Property II, L.P. may enter into partnerships,
    joint ventures or similar arrangements and may own interests
    directly or indirectly in any other entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Holding Corporation, the general partner of AMB
    Property II, L.P., has the exclusive power and authority to
    conduct the business of AMB Property II, L.P., subject to the
    consent of the limited partners in certain limited circumstances
    (as discussed below) and except as expressly limited in the
    partnership agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Holding Corporation, the general partner of AMB
    Property II, L.P., has the right to make all decisions and take
    all actions with respect to AMB Property II, L.P.&#146;s
    acquisition and operation of our properties and all other assets
    and businesses of or related to AMB Property II, L.P. No limited
    partner may take part in the conduct or control of the business
    or affairs of AMB Property II, L.P. by virtue of its interest in
    the partnership. In particular, each limited partner expressly
    acknowledges in the partnership agreement that as general
    partner, AMB Property Holding Corporation is acting on behalf of
    AMB Property II, L.P.&#146;s limited partners and the sole
    stockholder of AMB Property Holding Corporation, collectively,
    and is under no obligation to consider the tax consequences to
    limited partners when making decisions for the benefit of AMB
    Property II, L.P. We intend to make decisions in our capacity as
    direct owner of AMB Property Holding Corporation, the general
    partner of AMB Property II, L.P., so as to maximize our
    profitability and the profitability of AMB Property II, L.P. as
    a whole, independent of the tax effects on the limited partners.
    AMB&#160;Property Holding Corporation has no liability to a
    limited partner as a result of any liabilities or damages
    incurred or suffered by, or benefits not derived by, a limited
    partner as a result of its action or inaction as the general
    partner of AMB Property II, L.P. as long as AMB Property Holding
    Corporation acted in good faith. Limited partners have no right
    or authority to act for or to bind AMB Property II, L.P. Limited
    partners of AMB Property II,&#160;L.P. have no authority to
    transact business for, or participate in the management
    activities or decisions of, AMB Property II, L.P., except as
    provided in the partnership agreement or as required by
    applicable law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Engaging
    in Other Businesses; Conflicts of Interest; Transactions Between
    AMB Property II, L.P. and the General Partner and its
    Affiliates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Holding Corporation may not, without the consent of
    the holders of a majority of the limited partnership interests,
    conduct any business other than in connection with the
    ownership, acquisition and disposition of AMB Property II, L.P.
    interests as a general partner and the management of the
    business of AMB Property II, L.P., and activities that are
    incidental to these activities. Unless it otherwise agrees, each
    limited partner, and its affiliates, is free to engage in any
    business or activity, even if the business or activity competes
    with or is enhanced by the business of AMB Property II, L.P. The
    AMB Property II, L.P. partnership agreement does not prevent
    another
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    person or entity that acquires control of us in the future from
    conducting other businesses or owning other assets, even if it
    would be in the best interests of the limited partners for AMB
    Property II, L.P. to own those businesses or assets. In the
    exercise of its power and authority under the partnership
    agreement, AMB Property Holding Corporation may contract and
    otherwise deal with or otherwise obligate AMB Property II, L.P.
    to entities in which AMB Property Holding Corporation, we or any
    one or more of our officers, directors or stockholders may have
    an ownership or other financial interest. AMB Property Holding
    Corporation may retain persons or entities that AMB Property
    Holding Corporation selects (including itself, us, any entity in
    which we have an interest or any entity with which we are
    affiliated) to provide services to or on behalf of AMB Property
    II, L.P.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Reimbursement
    of the General Partner</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Holding Corporation does not receive any
    compensation for its services as general partner of AMB Property
    II, L.P. However, as a partner in AMB Property II, L.P., AMB
    Property Holding Corporation has rights to allocations and
    distributions of the partnership. In addition, AMB Property II,
    L.P. reimburses AMB Property Holding Corporation for all
    expenses it incurs relating to ownership of interests in and
    operation of, or for the benefit of, AMB Property II, L.P. AMB
    Property II, L.P. will reimburse AMB Property Holding
    Corporation for all expenses incurred relating to the ongoing
    operation of AMB Property II, L.P. and any issuance of
    additional partnership interests in AMB Property II, L.P. These
    expenses include those incurred in connection with the
    administration and activities of AMB Property II, L.P., such as
    the maintenance of the partnership&#146;s books and records,
    management of the partnership&#146;s property and assets, and
    preparation of information regarding the partnership provided to
    the partners in the preparation of their individual tax returns.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exculpation
    and Indemnification of the General Partner</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement generally provides that neither the
    general partner of AMB Property II, L.P., nor any of its
    officers, directors or employees will be liable to AMB Property
    II, L.P. or any limited partner for losses sustained,
    liabilities incurred, or benefits not derived as a result of
    errors in judgment or for any mistakes of fact or law or for
    anything that the general partner may do or not do in connection
    with the business and affairs of AMB Property II, L.P. if its
    general partner carries out its duties in good faith. In
    addition, the general partner is not responsible for any
    misconduct, negligent act or omission of any of its consultants,
    contractors or agents, or any of AMB Property II, L.P.&#146;s
    consultants, contractors or agents, provided that the general
    partner uses good faith in the selection of those contractors,
    consultants and agents. The general partner may consult with
    legal counsel, accountants, appraisers, management consultants,
    investment bankers, and other consultants and advisors that it
    selects. Any action taken or omitted to be taken in reliance
    upon the opinion of such a consultant on a matter that the
    general partner reasonably believes is within the
    consultant&#146;s professional or expert competence is presumed
    to be done in good faith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement also requires AMB Property II, L.P. to
    indemnify the general partner, its directors and officers, and
    other persons that the general partner may from time to time
    designate against any loss or damage, including reasonable legal
    fees and expenses incurred by the person by reason of anything
    the person may do or not do for or on behalf of AMB Property II,
    L.P. or in connection with its business or affairs unless it is
    established that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the act or omission of the indemnified person was material to
    the matter giving rise to the proceeding and either the
    indemnified person committed the act or omission in bad faith or
    as the result of active and deliberate dishonesty;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the indemnified person actually received an improper personal
    benefit in money, property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of any criminal proceeding, the indemnified person
    had reasonable cause to believe that the act or omission was
    unlawful.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any indemnification claims must be satisfied solely out of the
    assets of AMB Property II, L.P. and any insurance proceeds from
    the liability policy covering the general partner&#146;s
    officers and directors and other persons that the general
    partner may from time to time designate. AMB Property II, L.P.
    may also purchase and maintain insurance on behalf of the
    general partner&#146;s directors and officers, and other persons
    that the general partner may from time to time designate,
    against any liability, and related expenses, that may be
    asserted against such person in
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    connection with the activities of the operating partnership,
    regardless of whether the partnership would have the power to
    indemnify that person against such liability under the
    partnership agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sales of
    Assets; Liquidation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the partnership agreement, the general partner generally
    has the exclusive authority to determine whether, when and on
    what terms, AMB Property II, L.P. will sell its assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A merger of AMB Property II, L.P. with another entity generally
    requires an affirmative vote of the partners (other than the
    preferred limited partners) holding a majority of the
    outstanding percentage interest (including the interest held
    directly or indirectly by us) of all partners other than
    preferred limited partners, subject to certain consent rights of
    holders of limited partnership units as described below under
    &#147;Amendment of the Partnership Agreement.&#148; A sale or
    disposition of all or substantially all of AMB Property II,
    L.P.&#146;s assets generally requires an affirmative vote of the
    partners (other than the preferred limited partners) holding a
    majority of the outstanding percentage interest of all limited
    partners holding common units (other than the preferred limited
    partners). A dissolution or liquidation of AMB Property II, L.P.
    generally requires our approval as well as the affirmative vote
    of limited partners holding ninety percent (90%) of the
    outstanding percentage interest of all limited partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Contribution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property II, L.P.&#146;s partnership agreement provides that
    if AMB Property II, L.P. requires additional funds at any time
    and from time to time in excess of funds available to AMB
    Property II, L.P. from borrowings or capital contributions, AMB
    Property II, L.P. may borrow funds from a financial institution
    or other lender. As an alternative to borrowing funds required
    by AMB Property II, L.P., the general partner may accept
    additional capital contributions to AMB Property II, L.P. AMB
    Property II, L.P. may also raise additional funds by accepting
    additional capital contributions, in the form of cash, real
    property or other non-cash assets. If additional capital
    contributions to AMB Property II, L.P. are accepted, the
    partnership interest of the contributors in AMB Property II,
    L.P. will be increased on a proportionate basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partnership agreement generally provides that AMB Property
    II, L.P. will make quarterly distributions of available cash (as
    defined below), as determined in the manner provided in the
    partnership agreement, to the partners of AMB Property II, L.P.
    in proportion to their percentage interests in the partnership
    (which for any partner is determined by the number of units it
    owns relative to the total number of units outstanding). If any
    preferred units are issued and outstanding, AMB Property II,
    L.P. will pay distributions to holders of preferred units in
    accordance with the rights of each class of preferred units
    (and, within each such class, pro rata in proportion to the
    respective percentage interest of each holder), with any
    remaining available cash distributed in accordance with the
    previous sentence. Except as provided for in the partnership
    agreement with respect to series&#160;D preferred units and
    class&#160;B common units, no partnership interest is entitled
    to a distribution in preference to any other partnership
    interest. &#147;Available cash&#148; is generally defined as the
    sum of AMB Property II, L.P.&#146;s net income or net loss,
    depreciation and all non-cash charges deducted to determine net
    income or net loss, the reduction in reserves of the
    partnership, the excess of net proceeds from the sale, exchange,
    disposition or refinancing of partnership property over the gain
    or loss recognized from such transaction and all other cash
    received by the partnership, minus all principal debt payments,
    capital expenditures, investments in any entity, expenditures
    and payments not deducted in determining net income or net loss,
    any amount included in determining net income or net loss that
    was not received by AMB&#160;Property II, L.P., increases in
    reserves and amount of any working capital accounts and other
    cash or similar balances which the general partner determines to
    be necessary or appropriate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;D
    Preferred Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;5, 1999, AMB Property II, L.P. issued and sold
    1,595,337 7.75% series&#160;D cumulative redeemable preferred
    limited partnership units at a price of $50.00 per unit in a
    private placement. On February&#160;22, 2007, in connection with
    the transfer of the series&#160;D preferred units, AMB Property
    II, L.P. amended the terms of the series&#160;D
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preferred units to the change in the rate applicable to
    series&#160;D preferred units from 7.75% to 7.18% and to change
    the date prior to which series&#160;D preferred units may not be
    redeemed from May&#160;5, 2004 to February&#160;22, 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;The series&#160;D preferred units
    rank, with respect to distribution rights and rights upon
    liquidation, winding up or dissolution of AMB Property II, L.P.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to all common units of AMB Property II, L.P., including
    all class&#160;A and class&#160;B common units, and to all units
    of AMB Property II, L.P. that provide that they rank junior to
    the series&#160;D preferred units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all units which rank senior to the series&#160;D
    preferred units;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with all other units expressly designated by AMB
    Property II, L.P. to rank on a parity with the series&#160;D
    preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Each series&#160;D
    preferred unit is entitled to receive cumulative preferential
    distributions payable on or before the 25th&#160;of March, June,
    September and December of each year at a rate of 7.18% per annum
    on an amount equal to $50.00 per series&#160;D preferred unit
    then outstanding (equivalent to $3.59 per annum), in preference
    to any payment made on any other class or series of partnership
    interest of AMB Property II, L.P., other than any class or
    series of partnership interest expressly designated as ranking
    on parity with or senior to the series&#160;D preferred units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limited Consent Rights.</I>&#160;&#160;For so long as any
    series&#160;D preferred units remain outstanding, AMB Property
    II, L.P. will not, without the affirmative vote of the holders
    of at least two-thirds of the series&#160;D preferred units:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize, create or increase the authorized or issued amount of
    any class or series of partnership interests ranking prior to
    the series&#160;D preferred units with respect to payment of
    distributions or rights upon liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    or reclassify any partnership interests of AMB Property II, L.P.
    into any such partnership interest, or create, authorize or
    issue any obligations or security convertible into or evidencing
    the right to purchase any such partnership interests,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of any preferred units ranking on a parity with the
    series&#160;D preferred units or reclassify any partnership
    interest of AMB Property II, L.P. into any such partnership
    interest or create, authorize or issue any obligations or
    security convertible into or evidencing the right to purchase
    any such partnership interests but only to the extent such
    parity preferred units are issued to an affiliate of AMB
    Property II, L.P., other than us or the operating partnership to
    the extent the issuance of such interests was to allow us or the
    operating partnership to issue corresponding preferred stock or
    preferred interests to persons who are not affiliates of AMB
    Property II, L.P.,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either (1)&#160;consolidate, merge into or with, or convey,
    transfer or lease its assets substantially as an entirety to,
    any corporation or other entity or (2)&#160;amend, alter or
    repeal the provisions of AMB Property II, L.P.&#146;s
    partnership agreement, whether by merger, consolidation or
    otherwise, in each case in a manner that would materially and
    adversely affect the powers, special rights, preferences,
    privileges or voting power of the series&#160;D preferred units
    or the holders of series&#160;D preferred units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any increase in the amount of partnership interests or the
    creation or issuance of any other class or series of partnership
    interests, in each case ranking on a parity with or junior to
    the series&#160;D preferred units will not be considered to
    materially and adversely affect such rights, preferences,
    privileges or voting powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limited Management Rights.</I>&#160;&#160;If distributions on
    any series&#160;D preferred units remain unpaid for six or more
    quarterly periods (whether or not consecutive), subject to the
    rights of any holders of other preferred units ranking on a
    parity with the series&#160;D preferred units, the holders of
    series&#160;D preferred units may assume certain rights to
    manage AMB Property II, L.P. for the sole purpose of enforcing
    AMB Property II, L.P.&#146;s rights and remedies against
    obligees of AMB Property II, L.P. or others from whom AMB
    Property II, L.P. may be entitled to receive cash or other
    assets, until all distributions accumulated on series&#160;D
    preferred units for all past quarterly periods and distributions
    for the then-current quarterly period have been fully paid or
    declared and a sum sufficient for the payment of such dividends
    irrevocably set aside in trust for payment in full.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption and Exchange.</I>&#160;&#160;Beginning
    February&#160;22, 2012, the series&#160;D preferred units may be
    redeemed by AMB Property II, L.P. at a redemption price equal to
    $50.00 per unit, plus all accrued and unpaid distributions to
    the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    date of redemption. On or after May&#160;5, 2009, the
    series&#160;D preferred units may be exchanged for shares of our
    7.18% series&#160;D preferred stock as described under
    &#147;Description of Preferred Stock&#160;&#151; Series&#160;D
    Preferred Stock.&#148; The general partner may, in lieu of
    exchanging the series&#160;D preferred units for shares of
    series&#160;D preferred stock, elect to cause AMB Property II,
    L.P. to redeem all or a portion of the series&#160;D preferred
    units for cash in an amount equal to $50.00 per unit plus
    accrued and unpaid distributions. The right of the holders of
    series&#160;D preferred units to exchange the series&#160;D
    preferred units for shares of series&#160;D preferred stock will
    in each case be subject to the ownership limitations set forth
    in our charter in order for us to maintain our qualification as
    a real estate investment trust for federal income tax purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Class&#160;A
    Common Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The class&#160;A common units rank junior to all partnership
    units of AMB Property II, L.P. including Class&#160;B common
    units, other than any class or series of partnership interest
    expressly designated as ranking junior to the class&#160;A
    common units. Holders of a majority of the class&#160;A common
    units may elect to remove the general partner, with or without
    cause, and select a successor general partner. The class&#160;A
    common units are not redeemable or exchangeable, and are not
    entitled to receive any distributions or liquidation preference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All class&#160;A common units are limited partnership units,
    unless held by the general partner. All class&#160;B common
    units acquired by us pursuant to a redemption of the
    class&#160;B common units in exchange for shares of our common
    stock (as described more fully below) will automatically be
    converted into and deemed to be class&#160;A common units. We
    will contribute any such class&#160;A common units to our
    operating partnership in exchange for additional partnership
    units in our operating partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, AMB Property Holding
    Corporation holds approximately 1% of the issued and outstanding
    class&#160;A common units, and the remainder of the issued and
    outstanding class&#160;A common units are held by the operating
    partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Class&#160;B
    Common Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;All class&#160;B common units are
    limited partnership units. The class&#160;B common units rank,
    with respect to distribution rights and rights upon liquidation,
    winding up or dissolution of the AMB Property II, L.P.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to AMB Property II, L.P.&#146;s class&#160;A common
    units, all classes or series of common partnership units not
    expressly designated as ranking senior to the class&#160;B
    common units and any partnership units which by their terms are
    expressly designated as ranking junior to the class&#160;B
    common units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to all classes or series of preferred partnership units
    (including AMB Property II, L.P.&#146;s series&#160;D preferred
    units);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on parity with all partnership units which by their terms are
    expressly designated as raking on parity with the class&#160;B
    common units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Rights.</I>&#160;&#160;Each class&#160;B common
    unit is entitled to receive cumulative preferential
    distributions equal to any dividends paid on our common stock,
    calculated as if each unit had been converted into a single
    share of common stock immediately prior to the record day for
    the payment of the respective dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption and Exchange.</I>&#160;&#160;Beginning one year
    after the date such units are issued, the holders of
    class&#160;B common units generally may require AMB Property II,
    L.P. to redeem some or all of their class&#160;B common units
    for cash at a price equal to the average of the daily market
    price of a share of our common stock for the ten consecutive
    trading days prior to such redemption, provided, however, that
    AMB Property II, L.P. may elect to have us acquire some or all
    of the class&#160;B common units so tendered in which case the
    class&#160;B common units shall be exchanged for our common
    stock on a one-for-one basis (as adjusted for dividends,
    distributions, splits, subdivisions, reverse splits or
    combinations).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The right of the holders of class&#160;B common units to cause a
    redemption, or of AMB Property II, L.P. to cause an exchange of
    the class&#160;B common units for shares of our common stock,
    shall in each case be subject to the restrictions on ownership
    and transfers set forth in our charter in order for us to
    maintain our qualification as a real estate investment trust for
    federal income tax purposes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Registration Rights.</I>&#160;&#160;We have granted to the
    holders of class&#160;B common units certain registration rights
    with respect to the shares of our common stock issuable upon
    exchange of the class&#160;B common units.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Removal
    of the General Partner</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The limited partners may not remove the general partner of AMB
    Property II, L.P. with or without cause; provided, however, that
    holders of a majority of the class&#160;A common units (all
    outstanding shares of which are held by AMB Property Holding
    Corporation and the operating partnership as of the date of this
    prospectus) may remove the general partner with or without cause.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Duties
    and Conflicts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided by our conflicts of interest
    policies with respect to directors and officers and as provided
    in the non-competition agreements that most of our executive
    officers have entered into with us, and subject to any
    agreements entered into by a limited partner or its affiliates
    with AMB Property Holding Corporation, us or the operating
    partnership (or a subsidiary of AMB Property Holding
    Corporation, us or the operating partnership), any limited
    partner of AMB Property II, L.P. may engage in other business
    activities outside AMB&#160;Property II, L.P., including
    business activities that directly compete with AMB Property II,
    L.P.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Meetings;
    Voting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The general partner may call meetings of the limited partners of
    AMB Property II, L.P. on its own motion, and shall call meetings
    of the limited partners upon written request of limited partners
    owning at least 25% of the then outstanding limited partnership
    units that are entitled to vote on the matters to be voted upon
    at such meeting. Limited partners may vote either in person or
    by proxy at meetings. Limited partners may take any action that
    they are required or permitted to take either at a meeting of
    the limited partners or without a meeting if consents in writing
    setting forth the action taken are signed by limited partners
    owning not less than the minimum number of units that would be
    necessary to authorize or take the action at a meeting of the
    limited partners at which all limited partners entitled to vote
    on the action were present. Except as otherwise provided in the
    partnership agreement, each limited partner has a vote equal to
    the number of units the limited partner holds on matters for
    which limited partners are entitled to vote. A transferee of
    limited partnership units who has not been admitted as a
    substituted limited partner with respect to the units will have
    no voting rights with respect to the units, even if the
    transferee holds other units as to which it has been admitted as
    a limited partner. The partnership agreement does not provide
    for, and we do not anticipate calling, annual meetings of the
    limited partners.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    of the Partnership Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Amendments to AMB Property II, L.P.&#146;s partnership agreement
    may be proposed by the general partner or limited partners
    owning at least 25% of the then outstanding limited partnership
    units entitled to consent to or approve the matter addressed in
    the proposed amendment. Generally, the partnership agreement may
    be amended with the approval of the general partner and partners
    (including AMB Property Holding Corporation, but not including
    the preferred limited partners) holding a majority of all
    partnership interests then outstanding, other than preferred
    limited partners. Certain provisions regarding, among other
    things, the dissolution of AMB Property II, L.P., the general
    assignment for the benefit of creditors of AMB Property II,
    L.P.&#146;s assets, the appointment of a custodian, receiver or
    trustee for any all of the AMB Property II, L.P.&#146;s assets,
    the institution of bankruptcy proceedings, the confession of a
    judgment against AMB Property II, L.P. or the entrance into a
    merger, consolidation or other combination of the partnership
    with or into another entity, may not be undertaken without the
    approval of partners (other than preferred limited partners)
    holding a majority of the percentage interests of the partners
    in addition to any consents of the limited partners required to
    be obtained by the partnership agreement. The general partner
    has the power, without the consent of the partners, to amend the
    partnership agreement as may be required to, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    add to the obligations of AMB Property Holding Corporation as
    general partner or surrender any right or power granted to AMB
    Property Holding Corporation as general partner for the benefit
    of the limited partners;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reflect the admission, substitution, termination or withdrawal
    of partners or reduction in partnership units in accordance with
    the terms of the partnership agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish the designations, rights, powers, duties and
    preferences of any additional partnership interests issued in
    accordance with the terms of the partnership agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reflect a change of an inconsequential nature that does not
    materially adversely affect any limited partner, or cure any
    ambiguity, correct or supplement any provisions of or make other
    changes concerning matters under the partnership agreement not
    inconsistent with law or with other provisions of the
    partnership agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    satisfy any requirements of federal, state or local law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to reflect such changes as are reasonably necessary for us to
    maintain our status as a real estate investment trust;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the manner in which capital accounts are computed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Holding Corporation may not, without the consent of
    the limited partners that would be adversely affected, take any
    action or make certain amendments to the partnership agreement,
    including amendments effected directly or indirectly through a
    merger or sale of assets of AMB Property II, L.P. or otherwise,
    that would, among other things,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    convert a limited partner&#146;s interest into a general
    partner&#146;s interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the limited liability of a limited partner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    alter the rights of a partner to receive any distributions
    (except as permitted under the partnership agreement with
    respect to the admission of new partners or the issuance of
    additional units, either of which actions will have the effect
    of changing the percentage interests of the partners and thereby
    altering their interests in profits, losses and
    distributions);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    alter the limited partner&#146;s redemption or exchange rights.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Term</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property II, L.P. will continue in full force and effect for
    approximately 99&#160;years from its formation or until sooner
    dissolved pursuant to the terms of the partnership agreement.
</DIV>
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITED
    STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a general summary of the United States federal
    income tax considerations regarding our election to be taxed as
    a REIT and the ownership and disposition of certain securities
    offered by this prospectus. This summary of material federal
    income tax considerations is for general information only and is
    not tax advice. The information in this summary is based on
    current law, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Internal Revenue Code of 1986, as amended;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    current, temporary and proposed Treasury regulations promulgated
    under the Internal Revenue Code;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the legislative history of the Internal Revenue Code;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    current administrative interpretations and practices of the
    Internal Revenue Service;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    court decisions;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in each case, as of the date of this prospectus. In addition,
    the administrative interpretations and practices of the Internal
    Revenue Service include its practices and policies as expressed
    in private letter rulings which are not binding on the Internal
    Revenue Service except with respect to the particular taxpayers
    that requested and received those rulings. Future legislation,
    Treasury regulations, administrative interpretations and
    practices
    <FONT style="white-space: nowrap">and/or</FONT> court
    decisions may adversely affect the tax considerations described
    in this prospectus. Any such change could apply retroactively.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, this summary does not consider the effect of any
    foreign, state, local or other tax laws that may be applicable
    to us or to our stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not requested, and do not plan to request, any rulings
    from the Internal Revenue Service with respect to matters
    contained in this discussion, and the statements in this
    prospectus are not binding on the Internal Revenue Service or
    any court. We can provide no assurance that the tax
    considerations described in this discussion will not be
    challenged by the Internal Revenue Service or, if so challenged,
    would be sustained by a court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You are urged to consult your tax advisor regarding the
    specific tax consequences to you of:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B>The acquisition, ownership and sale or other disposition of
    the securities offered by this prospectus, including the
    federal, state, local, foreign and other tax consequences;</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B>Our election to be taxed as a REIT for federal income tax
    purposes; and</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B>Potential changes in applicable tax laws.</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    qualification as a REIT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;We elected to be taxed as a REIT
    under Sections&#160;856 through 860 of the Internal Revenue
    Code, commencing with our taxable year ended December&#160;31,
    1997. We believe that we have been organized and have operated
    in a manner that allows us to qualify for taxation as a REIT
    under the Internal Revenue Code commencing with our taxable year
    ended December&#160;31, 1997, and we currently intend to
    continue to be organized and operate in this manner. However,
    our qualification and taxation as a REIT depend upon our ability
    to meet the various qualification tests imposed under the
    Internal Revenue Code, including through actual annual operating
    results, asset composition, distribution levels and diversity of
    stock ownership, the results of which have not been and will not
    be reviewed by our tax counsel. Accordingly, the actual results
    of our operations during any particular taxable year may not
    satisfy those requirements, and no assurance can be given that
    we have operated or will continue to operate in a manner so as
    to qualify or remain qualified as a REIT. See
    &#147;&#151;&#160;Failure to Qualify.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sections of the Internal Revenue Code and the corresponding
    Treasury regulations that relate to the qualification and
    taxation as a REIT are highly technical and complex. This
    summary is qualified in its entirety by the applicable Internal
    Revenue Code provisions, relevant rules and Treasury regulations
    promulgated under the Internal Revenue Code, and administrative
    and judicial interpretations of the Internal Revenue Code, and
    those rules and Treasury regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provided we qualify for taxation as a REIT, we generally will
    not be required to pay federal corporate income taxes on our net
    income that is currently distributed to our stockholders. This
    treatment substantially eliminates the &#147;double
    taxation&#148; that ordinarily results from investment in a C
    corporation. Double taxation means taxation once at the
    corporate level when income is earned and once again at the
    stockholder level when that income is distributed. We will,
    however, be required to pay federal income tax as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    First, we will be required to pay tax at regular corporate rates
    on any undistributed &#147;REIT taxable income,&#148; including
    undistributed net capital gains.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Second, we may be required to pay the &#147;alternative minimum
    tax&#148; on our items of tax preference under some
    circumstances.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Third, if we have (1)&#160;net income from the sale or other
    disposition of &#147;foreclosure property&#148; held primarily
    for sale to customers in the ordinary course of business or
    (2)&#160;other nonqualifying income from foreclosure property,
    we will be required to pay tax at the highest corporate rate on
    this income. Foreclosure property is generally property acquired
    through foreclosure or after a default on a loan secured by the
    property or a lease of the property.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Fourth, we will be required to pay a 100% tax on any net income
    from prohibited transactions. Prohibited transactions are, in
    general, sales or other taxable dispositions of property, other
    than foreclosure property, held primarily for sale to customers
    in the ordinary course of business.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Fifth, if we fail to satisfy the 75% gross income test or the
    95% gross income test, as described below, but have otherwise
    maintained our qualification as a REIT because certain other
    requirements are met, we will be required to pay a tax equal to
    (1)&#160;the greater of (A)&#160;the amount by which 75% of our
    gross income exceeds the amount qualifying under the 75% gross
    income test, and (B)&#160;the amount by which 95% (90% for tax
    years ending on or before December&#160;31, 2004)&#160;of our
    gross income exceeds the amount qualifying under the 95% gross
    income test, multiplied by (2)&#160;a fraction intended to
    reflect our profitability.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Sixth, if we fail to satisfy any of the REIT asset tests (other
    than a de minimis failure of the 5% or 10% asset tests), as
    described below, provided such failure is due to reasonable
    cause and not due to willful neglect, and we nonetheless
    maintain our REIT qualification because of specified cure
    provisions, we will be required to pay a tax equal to the
    greater of $50,000 or the highest corporate tax rate multiplied
    by the net income generated by the nonqualifying assets that
    caused us to fail such test.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Seventh, if we fail to satisfy any provision of the Code that
    would result in our failure to qualify as a REIT (other than a
    violation of the REIT gross income tests or certain violations
    of the asset tests described below) and the violation is due to
    reasonable cause and not due to willful neglect, we may retain
    our REIT qualification but we will be required to pay a penalty
    of $50,000 for each such failure.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Eighth, we will be required to pay a 4% excise tax to the extent
    we fail to distribute during each calendar year at least the sum
    of (1)&#160;85% of our REIT ordinary income for the year,
    (2)&#160;95% of our REIT capital gain net income for the year,
    and (3)&#160;any undistributed taxable income from prior periods.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Ninth, if we acquire any asset from a corporation that is or has
    been a C corporation in a transaction in which the basis of the
    asset in our hands is determined by reference to the basis of
    the asset in the hands of the C corporation, and we subsequently
    recognize gain on the disposition of the asset during the
    ten-year period beginning on the date on which we acquired the
    asset, then we will be required to pay tax at the highest
    regular corporate tax rate on this gain to the extent of the
    excess of (1)&#160;the fair market value of the asset over
    (2)&#160;our adjusted basis in the asset, in each case
    determined as of the date on which we acquired the asset. The
    results described in this paragraph with respect to the
    recognition of gain assume that the necessary parties make or
    refrain from making the appropriate elections under the
    applicable Treasury regulations then in effect.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Tenth, we will be required to pay a 100% tax on any
    &#147;redetermined rents,&#148; &#147;redetermined
    deductions&#148; or &#147;excess interest.&#148; In general,
    redetermined rents are rents from real property that are
    overstated as a result of services furnished by a &#147;taxable
    REIT subsidiary&#148; of our company to any of our tenants. See
    &#147;&#151;&#160;Ownership of Interests in Taxable REIT
    Subsidiaries.&#148; Redetermined deductions and excess interest
    generally represent amounts that are deducted by a taxable REIT
    subsidiary of ours for amounts paid to us that are in excess of
    the amounts that would have been deducted based on arm&#146;s
    length negotiations. See &#147;&#151;&#160;Redetermined Rents,
    Redetermined Deductions, and Excess Interest&#148; below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Requirements for Qualification as a REIT.</I>&#160;&#160;The
    Internal Revenue Code defines a REIT as a corporation, trust or
    association:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;that is managed by one or more trustees or directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;that issues transferable shares or transferable
    certificates to evidence its beneficial ownership;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;that would be taxable as a domestic corporation, but
    for Sections&#160;856 through 860 of the Internal Revenue Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;that is not a financial institution or an insurance
    company within the meaning of certain provisions of the Internal
    Revenue Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;that is beneficially owned by 100 or more persons;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;not more than 50% in value of the outstanding stock of
    which is owned, actually or constructively, by five or fewer
    individuals, (as defined in the Internal Revenue Code to include
    certain entities) during the last half of each taxable
    year;&#160;and
</DIV>

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    <BR>
    45
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;that meets other tests, described below, regarding the
    nature of its income and assets and the amount of its
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Internal Revenue Code provides that conditions
    (1)&#160;through (4), inclusive, must be met during the entire
    taxable year and that condition (5)&#160;must be met during at
    least 335&#160;days of a taxable year of twelve months, or
    during a proportionate part of a taxable year of less than
    twelve months. Conditions (5)&#160;and (6)&#160;above do not
    apply until after the first taxable year for which an election
    is made to be taxed as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of condition (6), specified tax-exempt entities are
    treated as individuals, except that a &#147;look-through&#148;
    exception applies with respect to pension funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that we have been organized, have operated and have
    issued sufficient shares of capital stock with sufficient
    diversity of ownership to allow us to satisfy conditions
    (1)&#160;through (7), inclusive during the relevant time
    periods. In addition, our charter provides for restrictions on
    the ownership and transfer of our shares intended to assist us
    in continuing to satisfy the share ownership requirements
    described in conditions (5)&#160;and (6)&#160;above. These stock
    ownership and transfer restrictions may not ensure that we will,
    in all cases, be able to satisfy the share ownership
    requirements described in conditions (5)&#160;and
    (6)&#160;above. If we fail to satisfy these share ownership
    requirements, except as provided in the next sentence, our
    status as a REIT will terminate. If, however, we comply with the
    rules contained in applicable Treasury regulations that require
    us to ascertain the actual ownership of our shares and we do not
    know, or would not have known through the exercise of reasonable
    diligence, that we failed to meet the requirement described in
    condition (6)&#160;above, we will be treated as having met this
    requirement. See the section below entitled
    &#147;&#151;&#160;Failure to Qualify.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may not maintain our status as a REIT unless our
    taxable year is the calendar year. We have and intend to
    continue to have a calendar taxable year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ownership of a Partnership Interest.</I>&#160;&#160;We own
    and operate one or more properties through partnerships and
    limited liability companies treated as partnerships for federal
    income tax purposes. Treasury regulations provide that if we are
    a partner in a partnership, we will be deemed to own our
    proportionate share of the assets of the partnership based on
    our interest in the partnership&#146;s capital, subject to
    special rules relating to the 10% asset test described below. We
    also will be deemed to be entitled to our proportionate share of
    the income of the partnership. The character of the assets and
    gross income of the partnership retains the same character in
    our hands for purposes of Section&#160;856 of the Internal
    Revenue Code, including satisfying the gross income tests and
    the asset tests. In addition, for these purposes, the assets and
    items of income of any partnership in which we directly or
    indirectly own an interest include such partnership&#146;s share
    of assets and items of income of any partnership in which it
    owns an interest. Thus, our proportionate share of the assets
    and items of income of the operating partnership, including the
    operating partnership&#146;s share of these items for any
    partnership in which the operating partnership owns an interest,
    are treated as our assets and items of income for purposes of
    applying the requirements described in this prospectus,
    including the income and asset tests described below. We have
    included a brief summary of the rules governing the federal
    income taxation of partnerships below in &#147;&#151;&#160;Tax
    Aspects of the Operating Partnership, the Subsidiary
    Partnerships and the Limited Liability Companies.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have direct control of the operating partnership and indirect
    control of some of our subsidiary partnerships, and we intend to
    continue to operate them in a manner consistent with the
    requirements for qualification as a REIT. However, we are a
    limited partner in certain partnerships. If a partnership in
    which we own an interest takes or expects to take actions that
    could jeopardize our status as a REIT or require us to pay tax,
    we may be forced to dispose of our interest in such entity. In
    addition, it is possible that a partnership could take an action
    that could cause us to fail a REIT income or asset test, and
    that we would not become aware of such action in time to dispose
    of our interest in the partnership or take other corrective
    action on a timely basis. In that case, we could fail to qualify
    as a REIT unless we were entitled to relief, as described below.
    See &#147;&#151;&#160;Failure to Qualify&#148; below. The
    treatment described in this paragraph also applies with respect
    to our ownership of interests in limited liability companies or
    other entities or arrangements that are treated as partnerships
    for tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ownership of Interests in Qualified REIT
    Subsidiaries.</I>&#160;&#160;We own 100% of the stock of a
    number of corporate subsidiaries that we believe will be treated
    as qualified REIT subsidiaries under the Internal Revenue Code,
    and may acquire additional qualified REIT subsidiaries in the
    future. A corporation will qualify as a qualified REIT
</DIV>

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    <BR>
    46
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    subsidiary if we own 100% of its stock and it is not a
    &#147;taxable REIT subsidiary,&#148; as described below. A
    qualified REIT subsidiary is not treated as a separate
    corporation for federal income tax purposes. All assets,
    liabilities and items of income, deduction and credit of a
    qualified REIT subsidiary are treated as our assets, liabilities
    and such items (as the case may be) for all purposes under the
    Internal Revenue Code, including the REIT qualification tests.
    For this reason, references in this discussion to our income and
    assets include the income and assets of any qualified REIT
    subsidiary we own. A qualified REIT subsidiary is not required
    to pay federal income tax, and our ownership of the stock of a
    qualified REIT subsidiary will not violate the restrictions on
    ownership of securities, as described below under
    &#147;&#151;&#160;Asset Tests.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ownership of Interests in Taxable REIT
    Subsidiaries.</I>&#160;&#160;Our taxable REIT subsidiaries are
    corporations other than REITs and qualified REIT subsidiaries in
    which we directly or indirectly hold stock, and that have made a
    joint election with us to be treated as taxable REIT
    subsidiaries. A taxable REIT subsidiary also includes any
    corporation other than a REIT with respect to which one of our
    taxable REIT subsidiaries owns more than 35% of the total voting
    power or value of the outstanding securities of such
    corporation. Other than some activities relating to lodging and
    health care facilities, a taxable REIT subsidiary may generally
    engage in any business, including the provision of customary or
    non-customary services to tenants of its parent REIT. A taxable
    REIT subsidiary is subject to federal income tax as a regular C
    corporation. In addition, our taxable REIT subsidiaries may be
    prevented from deducting interest on debt funded directly or
    indirectly by us if certain tests regarding the taxable REIT
    subsidiary&#146;s debt to equity ratio and interest expense are
    not satisfied. We currently hold an interest in a number of
    taxable REIT subsidiaries, and may acquire securities in one or
    more additional taxable REIT subsidiaries in the future. Our
    ownership of securities of taxable REIT subsidiaries will not be
    subject to the 5% or 10% asset tests described below under
    &#147;&#151;&#160;Asset Tests.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Income Tests.</I>&#160;&#160;We must satisfy two gross income
    requirements annually to maintain our qualification as a REIT.
    First, in each taxable year, we must derive directly or
    indirectly at least 75% of our gross income, excluding gross
    income from prohibited transactions, from certain hedging
    transactions entered into after July&#160;30, 2008, and from
    certain foreign currency gains recognized after July&#160;30,
    2008, from investments relating to real property or mortgages on
    real property, including &#147;rents from real property&#148;
    and, in certain circumstances, interest, or from certain types
    of temporary investments. Second, in each taxable year, we must
    derive at least 95% of our gross income, excluding gross income
    from prohibited transactions, from certain hedges of
    indebtedness and from certain foreign currency gains recognized
    after July&#160;30, 2008, from (a)&#160;these real property
    investments, (b)&#160;dividends, interest and gain from the sale
    or disposition of stock or securities, or (c)&#160;any
    combination of the foregoing. For these purposes, the term
    &#147;interest&#148; generally does not include any amount
    received or accrued, directly or indirectly, if the
    determination of all or some of the amount depends in any way on
    the income or profits of any person. However, an amount received
    or accrued generally will not be excluded from the term
    &#147;interest&#148; solely by reason of being based on a fixed
    percentage or percentages of receipts or sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rents we receive from a tenant will qualify as &#147;rents from
    real property&#148; for the purpose of satisfying the gross
    income requirements described above only if all of the following
    conditions are met:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The amount of rent must not be based in whole or in part on the
    income or profits of any person. However, an amount we receive
    or accrue generally will not be excluded from the term
    &#147;rents from real property&#148; solely because it is based
    on a fixed percentage or percentages of receipts or sales;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We, or an actual or constructive owner of 10% or more of our
    stock, must not actually or constructively own 10% or more of
    the interests in the assets or net profits of the tenant, or, if
    the tenant is a corporation, 10% or more of the total combined
    voting power of all classes of stock entitled to vote or 10% or
    more of the total value of all classes of stock of the tenant.
    Rents received from such a tenant that is also a taxable REIT
    subsidiary, however, will not be excluded from the definition of
    &#147;rents from real property&#148; as a result of this
    condition if at least 90% of the space at the property to which
    the rents relate is leased to third parties, and the rents paid
    by the taxable REIT subsidiary are substantially comparable to
    rents paid by other tenants for comparable space. Whether rents
    paid by a taxable REIT subsidiary are substantially comparable
    to rents paid by other tenants is determined at the time the
    lease with the taxable REIT subsidiary is entered into,
    extended, and modified, if such modification increases the rents
    due under such lease. Notwithstanding the foregoing, however, if
    a lease with a &#147;controlled taxable REIT subsidiary&#148; is
    modified and such modification
</TD>
</TR>

</TABLE>

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    <BR>
    47
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    results in an increase in the rents payable by such taxable REIT
    subsidiary, any such increase will not qualify as &#147;rents
    from real property.&#148; For purposes of this rule, a
    &#147;controlled taxable REIT subsidiary&#148; is a taxable REIT
    subsidiary in which we own stock possessing more than 50% of the
    voting power or more than 50% of the total value;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Rent attributable to personal property leased in connection with
    a lease of real property must not be greater than 15% of the
    total rent received under the lease. If this requirement is not
    met, then the portion of the rent attributable to personal
    property will not qualify as &#147;rents from real
    property;&#148;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We generally must not operate or manage our property or furnish
    or render services to our tenants, subject to a 1% de minimis
    exception, other than customary services through an independent
    contractor from whom we derive no revenue. We may, however,
    directly perform certain services that are &#147;usually or
    customarily rendered&#148; in connection with the rental of
    space for occupancy only and are not otherwise considered
    &#147;rendered to the occupant&#148; of the property. Examples
    of such services include the provision of light, heat, or other
    utilities, trash removal and general maintenance of common
    areas. In addition, we may employ a taxable REIT subsidiary,
    which may be wholly or partially owned by us, to provide both
    customary and non-customary services to our tenants without
    causing the rent we receive from those tenants to fail to
    qualify as &#147;rents from real property.&#148; Any amounts we
    receive from a taxable REIT subsidiary with respect to its
    provision of non-customary services will, however, be
    nonqualifying income under the 75% gross income test and, except
    to the extent received through the payment of dividends, the 95%
    gross income test.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We generally do not intend, and as the general partner of the
    operating partnership, do not intend to permit the operating
    partnership, to take actions we believe will cause us to fail to
    satisfy any of the rental conditions described above. However,
    we may intentionally have taken and may intentionally continue
    to take actions that fail to satisfy these conditions to the
    extent the failure will not, based on the advice of tax counsel,
    jeopardize our tax status as a REIT. In addition, with respect
    to the limitation on the rental of personal property, we have
    not obtained appraisals of the real property and personal
    property leased to tenants. Accordingly, there can be no
    assurance that the IRS will agree with our determinations of
    value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, we may enter into hedging transactions with
    respect to one or more of our assets or liabilities. Our hedging
    activities may include entering into interest rate swaps, caps,
    and floors, options to purchase these items, and futures and
    forward contracts. Income from a hedging transaction, including
    gain from the sale or disposition of such a transaction, that is
    clearly identified as a hedging transaction as specified in the
    Code will not constitute gross income and thus will be exempt
    from the 95% gross income test to the extent such a hedging
    transaction is entered into on or after January&#160;1, 2005,
    and will not constitute gross income and thus will be exempt
    from the 75% gross income test to the extent such hedging
    transaction is entered into after July&#160;30, 2008. Income and
    gain from a hedging transaction, including gain from the sale or
    disposition of such a transaction, entered into on or prior to
    July&#160;30, 2008 will be treated as nonqualifying income for
    purposes of the 75% gross income test. Income and gain from a
    hedging transaction, including gain from the sale or disposition
    of such a transaction, entered into prior to January&#160;1,
    2005 will be qualifying income for purposes of the 95% gross
    income test. The term &#147;hedging transaction,&#148; as used
    above, generally means any transaction we enter into in the
    normal course of our business primarily to manage risk of
    (1)&#160;interest rate changes or fluctuations with respect to
    borrowings made or to be made by us to acquire or carry real
    estate assets, and (2)&#160;for hedging transactions entered
    into after July&#160;30, 2008, currency fluctuations with
    respect to an item of qualifying income under the 75% or 95%
    gross income test. To the extent that we do not properly
    identify such transactions as hedges or we hedge with other
    types of financial instruments, or hedge other types of
    indebtedness, the income from those transactions is not likely
    to be treated as qualifying income for purposes of the gross
    income tests. We intend to structure any hedging transactions in
    a manner that does not jeopardize our status as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have made investments in certain entities located outside the
    United States, and from time to time we may acquire additional
    properties outside of the United States, through a taxable REIT
    subsidiary or otherwise. These acquisitions could cause us to
    incur foreign currency gains or losses. Prior to July&#160;30,
    2008, the characterization of any such foreign currency gains
    for purposes of the REIT gross income tests was unclear,
    although the IRS had indicated that REITs may apply the
    principles of proposed Treasury Regulations to determine whether
    such foreign currency gain constitutes qualifying income under
    the REIT income tests. As a result, we anticipated that any
</DIV>

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    48
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    foreign currency gain we recognized relating to rents we receive
    from any property located outside of the United States were
    qualifying income for purposes of the 75% and 95% gross income
    tests. Any foreign currency gains recognized after July&#160;30,
    2008 to the extent attributable to specified items of qualifying
    income or gain, or specified qualifying assets, however,
    generally will not constitute gross income for purposes of the
    75% and 95% gross income tests, and will be exempt from these
    tests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our taxable REIT subsidiaries may provide certain services in
    exchange for a fee or derive other income that would not qualify
    under the REIT gross income tests. Such fees and other income do
    not accrue to us, but, to the extent our taxable REIT
    subsidiaries pay dividends, we generally will derive our
    allocable share of such dividend income through our interest in
    the operating partnership. Such dividend income qualifies under
    the 95%, but not the 75%, REIT gross income test. The operating
    partnership may provide certain management or administrative
    services to our taxable REIT subsidiaries. In addition, AMB
    Capital Partners, LLC conducts an asset management business and
    receives fees, which may include incentive fees, in exchange for
    the provision of certain services to asset management clients.
    The fees we and AMB Capital Partners, LLC derive as a result of
    the provision of such services will be non-qualifying income to
    us under both the 95% and 75% REIT income tests. The amount of
    such dividend and fee income will depend on a number of factors
    that cannot be determined with certainty, including the level of
    services provided by AMB Capital Partners, LLC, our taxable REIT
    subsidiaries and the operating partnership. We will monitor the
    amount of the dividend income from our taxable REIT subsidiaries
    and the fee income described above, and will take actions
    intended to keep this income, and any other non-qualifying
    income, within the limitations of the REIT income tests.
    However, there can be no guarantee that such actions will in all
    cases prevent us from violating a REIT income test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that the aggregate amount of our nonqualifying
    income, from all sources, in any taxable year will not exceed
    the limit on nonqualifying income under the gross income tests.
    If we fail to satisfy one or both of the 75% or 95% gross income
    tests for any taxable year, we may nevertheless qualify as a
    REIT for the year if we are entitled to relief under certain
    provisions of the Internal Revenue Code. Commencing with our
    taxable year beginning January&#160;1, 2005, we generally may
    make use of the relief provisions if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    following our identification of the failure to meet the 75% or
    95% gross income tests for any taxable year, we file a schedule
    with the IRS setting forth each item of our gross income for
    purposes of the 75% or 95% gross income tests for such taxable
    year in accordance with Treasury regulations to be
    issued;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to meet these tests was due to reasonable cause and
    not due to willful neglect.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is not possible, however, to state whether in all
    circumstances we would be entitled to the benefit of these
    relief provisions. For example, if we fail to satisfy the gross
    income tests because non-qualifying income that we intentionally
    accrue or receive exceeds the limits on non-qualifying income,
    the Internal Revenue Service could conclude that our failure to
    satisfy the tests was not due to reasonable cause. If these
    relief provisions do not apply to a particular set of
    circumstances, we will not qualify as a REIT. As discussed above
    in &#147;&#151;&#160;Our Qualification as a REIT&#160;&#151;
    General,&#148; even if these relief provisions apply, and we
    retain our status as a REIT, a tax would be imposed with respect
    to our non-qualifying income. We may not always be able to
    comply with the gross income tests for REIT qualification
    despite periodic monitoring of our income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Prohibited Transaction Income.</I>&#160;&#160;Any gain we
    recognize (including any net foreign currency gain recognized
    after July&#160;30, 2008)&#160;on the sale of property held as
    inventory or other property held primarily for sale to customers
    in the ordinary course of business, including our share of any
    such gain realized by our qualified REIT subsidiaries,
    partnerships or limited liability companies, will be treated as
    income from a prohibited transaction that is subject to a 100%
    penalty tax. Such prohibited transaction income could also
    adversely affect our ability to satisfy the income tests for
    qualification as a REIT. Under existing law, whether property is
    held as inventory or primarily for sale to customers in the
    ordinary course of a trade or business is a question of fact
    that depends on all the facts and circumstances surrounding the
    particular transaction. We intend to hold our properties for
    investment with a view to long-term appreciation, to engage in
    the business of acquiring, developing and owning our properties
    and to make occasional sales of the properties as are consistent
    with our investment objectives. We do not believe that any of
    our sales were prohibited transactions. However, the Internal
    Revenue Service may contend that one or more of these sales is
    subject to the 100% penalty tax.
</DIV>

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    49
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redetermined Rents, Redetermined Deductions, and Excess
    Interest.</I>&#160;&#160;Any redetermined rents, redetermined
    deductions or excess interest we generate will be subject to a
    100% penalty tax. In general, redetermined rents are rents from
    real property that are overstated as a result of services
    furnished by one of our taxable REIT subsidiaries to any of our
    tenants, and redetermined deductions and excess interest
    represent amounts that are deducted by a taxable REIT subsidiary
    for amounts paid to us that are in excess of the amounts that
    would have been deducted based on arm&#146;s length agreements.
    Rents we receive will not constitute redetermined rents if they
    qualify under the safe harbor provisions contained in the
    Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to deal with our taxable REIT subsidiaries on a
    commercially reasonable arm&#146;s length basis, but we may not
    always satisfy the safe harbor provisions described above. These
    determinations are inherently factual, and the Internal Revenue
    Service has broad discretion to assert that amounts paid between
    related parties should be reallocated to clearly reflect their
    respective incomes. If the Internal Revenue Service successfully
    made such an assertion, we would be required to pay a 100%
    penalty tax on the excess of an arm&#146;s length fee for tenant
    services over the amount actually paid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Asset Tests.</I>&#160;&#160;At the close of each quarter of
    our taxable year, we must also satisfy four tests relating to
    the nature and diversification of our assets. First, at least
    75% of the value of our total assets, including assets held by
    our qualified REIT subsidiaries and our allocable share of the
    assets held by the partnerships and limited liability companies
    in which we own an interest, must be represented by real estate
    assets, cash, cash items and government securities. For purposes
    of this test, the term &#147;real estate assets&#148; generally
    means real property (including interests in real property and
    interests in mortgages on real property) and shares (or
    transferable certificates of beneficial interest) in other
    REITs, as well as any stock or debt instrument attributable to
    the investment of the proceeds of a stock offering or a public
    offering of debt with a term of at least five years, but only
    for the one-year period beginning on the date we receive such
    proceeds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Second, not more than 25% of the value of our total assets may
    be represented by securities, other than those securities
    included in the 75% asset test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Third, of the investments included in the 25% asset class, and
    except for investments in other REITs, our qualified REIT
    subsidiaries and our taxable REIT subsidiaries, the value of any
    one issuer&#146;s securities may not exceed 5% of the value of
    our total assets, and we may not own more than 10% of the total
    vote or value of the outstanding securities of any one issuer
    except, in the case of the 10% value test, securities satisfying
    the &#147;straight debt&#148; safe-harbor. Certain types of
    securities are disregarded as securities solely for purposes of
    the 10% value test, including, but not limited to, any loan to
    an individual or an estate, any obligation to pay rents from
    real property and any security issued by a REIT. In addition,
    commencing with our taxable year beginning January&#160;1, 2005,
    solely for purposes of the 10% value test, the determination of
    our interest in the assets of a partnership or limited liability
    company in which we own an interest will be based on our
    proportionate interest in any securities issued by the
    partnership or limited liability company, excluding for this
    purpose certain securities described in the Internal Revenue
    Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fourth, not more than 20% (25% for taxable years beginning on or
    after January&#160;1, 2009)&#160;of the value of our total
    assets may be represented by the securities of one or more
    taxable REIT subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through the operating partnership, we own an interest in several
    corporations which have jointly elected with us to be treated as
    taxable REIT subsidiaries. Some of these corporations own the
    stock of other corporations, which have also become our taxable
    REIT subsidiaries. So long as each of these corporations
    qualifies as a taxable REIT subsidiary, we will not be subject
    to the 5% asset test, the 10% voting securities limitation or
    the 10% value limitation with respect to our ownership of their
    securities. We may acquire securities in other taxable REIT
    subsidiaries in the future. We believe that the aggregate value
    of our taxable REIT subsidiaries has not exceeded and will not
    exceed 20% (or 25% for taxable years beginning on or after
    January&#160;1, 2009)&#160;of the aggregate value of our gross
    assets. Prior to the election to treat these corporations as
    taxable REIT subsidiaries, we did not own more than&#160;10% of
    the voting securities of these corporations. In addition, we
    believe that prior to the election to treat these corporations
    as our taxable REIT subsidiaries, the value of the pro rata
    share of the securities of these corporations held by us did
    not, in any case, exceed 5% of the total value of our assets.
    With respect to each issuer in which we currently own
    securities, that does not qualify as a REIT, a qualified REIT
    subsidiary or a taxable REIT subsidiary, we believe that the
    value of the securities of each issuer does not exceed 5% of the
    total value of our assets and our
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ownership of the securities of each issuer complies with the 10%
    voting securities limitation and 10% value limitation. No
    independent appraisals have been obtained to support these
    conclusions, and there can be no assurance that the Internal
    Revenue Service will agree with our determinations of value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The asset tests must be satisfied at the close of each quarter
    of our taxable year in which we (directly or through our
    qualified REIT subsidiaries, partnerships or limited liability
    companies) acquire securities in the applicable issuer, and also
    at the close of each quarter of our taxable year in which we
    increase our ownership of securities of such issuer, including
    as a result of increasing our interest in the operating
    partnership or other partnerships and limited liability
    companies which own such securities, or acquire other assets.
    For example, our indirect ownership of securities of each issuer
    will increase as a result of our capital contributions to the
    operating partnership or as limited partners exercise their
    redemption/exchange rights. After initially meeting the asset
    tests at the close of any quarter, we will not lose our status
    as a REIT for failure to satisfy the asset tests at the end of a
    later quarter solely by reason of changes in asset values
    (including, for taxable years beginning on or after
    January&#160;1, 2009, a change caused by changes in the foreign
    currency exchange rate used to value foreign assets). If we fail
    to satisfy an asset test because we acquire securities or other
    property during a quarter, we may cure this failure by disposing
    of sufficient non-qualifying assets within 30&#160;days after
    the close of that quarter. For this purpose, an increase in our
    interests in the operating partnership or any other partnership
    or limited liability company in which we directly or indirectly
    own an interest will be treated as an acquisition of a portion
    of the securities or other property owned by that partnership or
    limited liability company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain relief provisions may be available to us if we discover
    a failure to satisfy the asset tests described above after the
    30&#160;day cure period. Under these provisions, we will be
    deemed to have met the 5% and 10% asset tests if the value of
    our nonqualifying assets (1)&#160;does not exceed the lesser of
    (a)&#160;1% of the total value of our assets at the end of the
    applicable quarter or (b)&#160;$10,000,000, and (2)&#160;we
    dispose of the nonqualifying assets or otherwise satisfy such
    tests within (a)&#160;six months after the last day of the
    quarter in which the failure to satisfy the asset tests is
    discovered or (b)&#160;the period of time prescribed by Treasury
    regulations to be issued. For violations of any of the asset
    tests due to reasonable cause and not due to willful neglect and
    that are, in the case of the 5% and 10% asset tests, in excess
    of the de minimis exception described above, we may avoid
    disqualification as a REIT after the 30&#160;day cure period by
    taking steps including (1)&#160;the disposition of sufficient
    nonqualifying assets, or the taking of other actions, which
    allow us to meet the asset tests within (a)&#160;six months
    after the last day of the quarter in which the failure to
    satisfy the asset tests is discovered or (b)&#160;the period of
    time prescribed by Treasury regulations to be issued,
    (2)&#160;paying a tax equal to the greater of (a)&#160;$50,000
    or (b)&#160;the highest corporate tax rate multiplied by the net
    income generated by the nonqualifying assets, and
    (3)&#160;disclosing certain information to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we believe that we have satisfied the asset tests and
    plan to take steps to ensure that we satisfy such tests for any
    quarter with respect to which retesting is to occur, there can
    be no assurance that our efforts will always be successful, or
    will not require a reduction in the operating partnership&#146;s
    overall interest in an issuer. If we fail to cure any
    noncompliance with the asset tests in a timely manner, and the
    relief provisions described above are not available, we would
    cease to qualify as a REIT. See &#147;&#151;&#160;Failure to
    Qualify&#148; below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Annual Distribution Requirements.</I>&#160;&#160;To maintain
    our qualification as a REIT, we are required to distribute
    dividends, other than capital gain dividends, to our
    stockholders in an amount at least equal to the sum of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    90% of our &#147;REIT taxable income,&#148;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    90% of our after tax net income, if any, from foreclosure
    property; minus
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the excess of the sum of certain items of our non-cash income
    over 5% of &#147;REIT taxable income&#148; as described below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our &#147;REIT taxable income&#148; is computed without regard
    to the dividends paid deduction and our net capital gain. In
    addition, for purposes of this test, non-cash income means
    income attributable to leveled stepped rents, original issue
    discount on purchase money debt, cancellation of indebtedness or
    a like-kind exchange that is later determined to be taxable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if we dispose of any asset we acquired from a
    corporation which is or has been a C corporation in a
    transaction in which our basis in the asset is determined by
    reference to the basis of the asset in the hands of that C
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    corporation, within the ten-year period following our
    acquisition of such asset, we would be required to distribute at
    least 90% of the after-tax gain, if any, we recognized on the
    disposition of the asset, to the extent that gain does not
    exceed the excess of (a)&#160;the fair market value of the asset
    on the date we acquired the asset over (b)&#160;our adjusted
    basis in the asset on the date we acquired the asset.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We generally must pay the distributions described above in the
    taxable year to which they relate, or in the following taxable
    year if they are declared during the last three months of the
    taxable year, payable to stockholders of record on a specified
    date during such period and paid during January of the following
    year. Such distributions are treated as paid by us and received
    by our stockholders on December 31 of the year in which they are
    declared. In addition, at our election, a distribution will be
    treated as paid in a taxable year if it is declared before we
    timely file our tax return for that year and paid on or before
    the first regular dividend payment after such declaration,
    provided such payment is made during the twelve month period
    following the close of that year. Except as provided below,
    these distributions are taxable to our stockholders, other than
    tax-exempt entities, as discussed below, in the year in which
    paid. This is so even though these distributions relate to the
    prior year for purposes of our 90% distribution requirement. The
    amount distributed must not be preferential. To avoid being
    preferential, every stockholder of the class of stock to which a
    distribution is made must be treated the same as every other
    stockholder of that class, and no class of stock may be treated
    other than according to its dividend rights as a class. To the
    extent that we do not distribute all of our net capital gain or
    distribute at least 90%, but less than 100%, of our &#147;REIT
    taxable income,&#148; as adjusted, we will be required to pay
    tax on the undistributed amount at regular ordinary and capital
    gain corporate tax rates. We believe we have made and intend to
    continue to make timely distributions sufficient to satisfy
    these annual distribution requirements. In this regard, the
    operating partnership agreement authorizes us, as general
    partner, to take such steps as may be necessary to cause the
    operating partnership to distribute to its partners an amount
    sufficient to permit us to meet these distribution requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that our &#147;REIT taxable income&#148; will be less
    than our cash flow because of depreciation and other non-cash
    charges included in computing our &#147;REIT taxable
    income.&#148; Accordingly, we anticipate that we will generally
    have sufficient cash or liquid assets to enable us to satisfy
    the distribution requirements described above. However, from
    time to time, we may not have sufficient cash or other liquid
    assets to meet these distribution requirements due to timing
    differences between the actual receipt of income and actual
    payment of deductible expenses, and the inclusion of income and
    deduction of expenses in determining our taxable income. If
    these timing differences occur, we may be required to borrow
    funds to pay dividends or pay dividends in the form of taxable
    stock dividends in order to meet the distribution requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under some circumstances, we may be able to rectify an
    inadvertent failure to meet the 90% distribution requirement for
    a year by paying &#147;deficiency dividends&#148; to our
    stockholders in a later year, which we may include in our
    deduction for dividends paid for the earlier year. Thus, we may
    be able to avoid being taxed on amounts distributed as
    deficiency dividends. However, we will be required to pay
    interest to the Internal Revenue Service based upon the amount
    of any deduction taken for deficiency dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, we will be required to pay a 4% excise tax to the
    extent we fail to distribute during each calendar year (or in
    the case of distributions with declaration and record dates
    falling in the last three months of the calendar year, by the
    end of January immediately following such year) at least the sum
    of 85% of our REIT ordinary income for such year, 95% of our
    REIT capital gain income for the year and any undistributed
    taxable income from prior periods. Any REIT taxable income and
    net capital gain on which this excise tax is imposed for any
    year is treated as an amount distributed during that year for
    purposes of calculating the tax in subsequent years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Like-Kind Exchanges.</I>&#160;&#160;We have in the past
    disposed of properties in transactions intended to qualify as
    like-kind exchanges under the Internal Revenue Code, and may
    continue this practice in the future. Such like-kind exchanges
    are intended to result in the deferral of gain for federal
    income tax purposes. The failure of any such transaction to
    qualify as a like-kind exchange could subject us to federal
    income tax, possibly including the 100% prohibited transaction
    tax, depending on the facts and circumstances surrounding the
    particular transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Earnings and Profits Distribution
    Requirement.</I>&#160;&#160;A REIT is not permitted to have
    accumulated earnings and profits attributable to non-REIT years.
    A REIT has until the close of its first taxable year in which it
    has non-REIT earnings and profits to distribute all such
    earnings and profits. Our failure to comply with this rule would
    require that we pay a &#147;deficiency dividend&#148; to our
    stockholders, and interest to the Internal Revenue Service, to
    distribute any
</DIV>

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    <BR>
    52
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    remaining earnings and profits. A failure to make this
    deficiency dividend distribution would result in the loss of our
    REIT status. See &#147;&#151;&#160;Failure to Qualify.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    to Qualify</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Commencing with our taxable year beginning January&#160;1, 2005,
    specified cure provisions will be available to us in the event
    that we violate a provision of the Code that would result in our
    failure to qualify as a REIT. Except with respect to violations
    of the REIT income tests and asset tests (for which the cure
    provisions are described above), and provided the violation is
    due to reasonable cause and not due to willful neglect, these
    cure provisions generally impose a $50,000 penalty for each
    violation in lieu of a loss of REIT status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we fail to qualify for taxation as a REIT in any taxable
    year, and the relief provisions of the Internal Revenue Code do
    not apply, we will be required to pay tax, including any
    applicable alternative minimum tax, on our taxable income at
    regular corporate rates. Distributions to stockholders in any
    year in which we fail to qualify as a REIT will not be
    deductible by us and we will not be required to distribute any
    amounts to our stockholders. As a result, we anticipate that our
    failure to qualify as a REIT would reduce the cash available for
    distribution by us to our stockholders. In addition, if we fail
    to qualify as a REIT, all distributions to stockholders will be
    taxable as ordinary corporate dividends to the extent of our
    current and accumulated earnings and profits. In this event,
    subject to certain limitations of the Internal Revenue Code,
    corporate distributees may be eligible for the
    dividends-received deduction. Unless entitled to relief under
    specific statutory provisions, we will also be disqualified from
    taxation as a REIT for the four taxable years following the year
    during which we lost our qualification. It is not possible to
    state whether in all circumstances we would be entitled to this
    statutory relief.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Aspects of the Operating Partnership, the Subsidiary
    Partnerships and the Limited Liability Companies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;Substantially all of our investments
    are held indirectly through the operating partnership and
    subsidiary partnerships and limited liability companies. In
    general, partnerships and limited liability companies that are
    classified as partnerships for federal income tax purposes are
    &#147;pass-through&#148; entities which are not required to pay
    federal income tax. Rather, partners or members of such entities
    are allocated their proportionate shares of the items of income,
    gain, loss, deduction and credit of the entity, and are
    potentially required to pay tax on this income, without regard
    to whether they receive a distribution from the entity. We will
    include in our income our proportionate share of these
    partnership and limited liability company items for purposes of
    the various REIT income tests and in the computation of our REIT
    taxable income. Moreover, for purposes of the REIT asset tests
    and subject to special rules relating to the 10% asset test
    described above, we will include our proportionate share of
    assets held by the operating partnership and our subsidiary
    partnerships and limited liability companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Entity Classification.</I>&#160;&#160;Our ownership of an
    interest in the operating partnership involves special tax
    considerations, including the possibility that the Internal
    Revenue Service might challenge the status of the operating
    partnership or one or more of the subsidiary partnerships or
    limited liability companies as partnerships, as opposed to
    associations taxable as corporations for federal income tax
    purposes. If the operating partnership or one or more of the
    subsidiary partnerships or limited liability companies were
    treated as an association, they would be taxable as a
    corporation and therefore be required to pay an entity-level
    income tax. In this situation, the character of our assets and
    items of gross income would change and could prevent us from
    satisfying the asset tests and possibly the income tests. This,
    in turn, could prevent us from qualifying as a REIT. In
    addition, a change in the tax status of the operating
    partnership or one or more of the subsidiary partnerships or
    limited liability companies might be treated as a taxable event,
    in which case, we might incur a tax liability without any
    related cash distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Treasury regulations that apply for tax periods beginning on or
    after January&#160;1, 1997, provide that a domestic business
    entity not otherwise organized as a corporation and which has at
    least two members may elect to be treated as a partnership for
    federal income tax purposes. Unless it elects otherwise, an
    eligible entity in existence prior to January&#160;1, 1997, will
    have the same classification for federal income tax purposes
    that it claimed under the entity classification Treasury
    regulations in effect prior to this date. In addition, an
    eligible entity which did not exist, or did not claim a
    classification, prior to January&#160;1, 1997, will be
    classified as a partnership (or disregarded entity) for federal
    income tax purposes unless it elects otherwise. The operating
    partnership and the subsidiary partnerships
</DIV>

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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and limited liability companies intend to claim classification
    as partnerships (or disregarded entities) under these Treasury
    regulations. As a result, we believe that these partnerships and
    limited liability companies will be classified as partnerships
    (or disregarded entities) for federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Allocations of Income, Gain, Loss and
    Deduction.</I>&#160;&#160;The net proceeds from our issuance of
    any preferred stock will be contributed to the operating
    partnership in exchange for its preferred limited partnership
    units. In addition, to the extent we issue preferred stock in
    exchange for preferred limited partnership units of AMB Property
    II, L.P., we will contribute substantially all of such units to
    the operating partnership in exchange for additional preferred
    limited partnership units in the operating partnership. In each
    case, the operating partnership&#146;s partnership agreement
    will provide for preferred distributions of cash and preferred
    allocations of income to us with respect to these newly issued
    preferred units. As a consequence, we will receive distributions
    from the operating partnership that we will use to pay dividends
    on substantially all of the shares of preferred stock that we
    issue before any of the other partners in the operating
    partnership (other than a holder of preferred units, if such
    units are not then held by us) receive a distribution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if necessary, income will be specially allocated to
    us, and losses will be allocated to the other partners of the
    operating partnership, in amounts necessary to ensure that the
    balance in our capital account will at all times be equal to or
    in excess of the amount we are required to pay on the preferred
    stock then issued by us upon liquidation or redemption. Similar
    preferred distributions and allocations will be made for the
    benefit of other holders of preferred limited partnership units
    in the operating partnership. Except as provided below, all
    remaining items of operating income and loss will be allocated
    to the holders of common units in the operating partnership in
    proportion to the number of units or performance units held by
    each such unitholder. All remaining items of gain or loss
    relating to the disposition of the operating partnership&#146;s
    assets upon liquidation will be allocated first to the partners
    in the amounts necessary, in general, to equalize our and the
    limited partners&#146; per unit capital accounts, with any
    special allocation of gain to the holders of performance units
    being offset by a reduction in the gain allocation to us and to
    unitholders that were performance investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain limited partners have agreed to guarantee debt of our
    operating partnership, either directly or indirectly under
    limited circumstances. As a result of these guarantees, and
    notwithstanding the foregoing discussion of allocations of
    income and loss of our operating partnership to holders of
    units, such limited partners could under limited circumstances
    be allocated a disproportionate amount of gain or loss upon a
    liquidation of our operating partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an allocation of income of a partnership or limited liability
    company does not comply with the requirements of
    Section&#160;704(b) of the Internal Revenue Code and the
    Treasury regulations thereunder, the item subject to the
    allocation will be reallocated according to the partners&#146;
    or members&#146; interests in the partnership or limited
    liability company. This reallocation will be determined by
    taking into account all of the facts and circumstances relating
    to the economic arrangement of the partners or members with
    respect to such item. Our operating partnership&#146;s
    allocations of taxable income and loss are intended to comply
    with the requirements of Section&#160;704(b) of the Internal
    Revenue Code and the Treasury regulations thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax Allocations With Respect to the
    Properties.</I>&#160;&#160;Under Section&#160;704(c) of the
    Internal Revenue Code, income, gain, loss and deduction
    attributable to appreciated or depreciated property that is
    contributed to a partnership or limited liability company in
    exchange for an interest in the partnership or limited liability
    company must be allocated in a manner so that the contributing
    partner or member is charged with the unrealized gain or
    benefits from the unrealized loss associated with the property
    at the time of the contribution. The amount of the unrealized
    gain or unrealized loss is generally equal to the difference
    between the fair market value or book value and the adjusted tax
    basis of the contributed property at the time of contribution as
    adjusted from time to time. These allocations are solely for
    federal income tax purposes, and do not affect the book capital
    accounts or other economic or legal arrangements among the
    partners or members. The operating partnership was formed by way
    of contributions of appreciated property, i.e., property having
    an adjusted tax basis less than its fair market value at the
    time of contribution. Moreover, subsequent to the formation of
    the operating partnership, additional appreciated property has
    been contributed to it in exchange for operating partnership
    interests. The operating partnership agreement requires that
    these allocations be made in a manner consistent with
    Section&#160;704(c) of the Internal Revenue Code.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Treasury regulations issued under Section&#160;704(c) of the
    Internal Revenue Code provide partnerships and limited liability
    companies with a choice of several methods of accounting for
    book-tax differences. We and our operating partnership have
    agreed to use the &#147;traditional method&#148; to account for
    book-tax differences for the properties initially contributed to
    the operating partnership and for some assets acquired
    subsequently. Under the &#147;traditional method,&#148; which is
    the least favorable method from our perspective, the carryover
    basis of contributed interests in the properties in the hands of
    our operating partnership (i)&#160;could cause us to be
    allocated lower amounts of depreciation deductions for tax
    purposes than would be allocated to us if all contributed
    properties were to have a tax basis equal to their fair market
    value at the time of the contribution and (ii)&#160;could cause
    us to be allocated taxable gain in the event of a sale of such
    contributed interests or properties in excess of the economic or
    book income allocated to us as a result of such sale, with a
    corresponding benefit to the other partners in our operating
    partnership. An allocation described in (ii)&#160;above might
    cause us or the other partners to recognize taxable income in
    excess of cash proceeds in the event of a sale or other
    disposition of property, which might adversely affect our
    ability to comply with the REIT distribution requirements. See
    &#147;&#151;&#160;Our Qualification as a REIT.&#148; To the
    extent our depreciation is reduced, or our gain on sale is
    increased, stockholders may recognize additional dividend income
    without an increase in distributions. We and our operating
    partnership have not yet decided what method will be used to
    account for book-tax differences for properties to be acquired
    by the operating partnership in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any property acquired by the operating partnership in a taxable
    transaction will initially have a tax basis equal to its fair
    market value, and Section&#160;704(c) of the Internal Revenue
    Code will not apply.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Our Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary describes certain of the United States
    federal income tax consequences of owning and disposing of our
    capital stock. This summary assumes that you hold our stock as a
    &#147;capital asset&#148; within the meaning of the Internal
    Revenue Code (generally, property held for investment).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not deal with all aspects of federal income
    taxation that may affect particular holders of capital stock in
    light of their individual circumstances, or with holders subject
    to special treatment under the federal income tax laws,
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    insurance companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tax-exempt organizations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial institutions or broker-dealers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    traders in securities that elect to mark to market;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    holders owning our capital stock as part of a
    &#147;straddle,&#148; &#147;hedge,&#148; &#147;conversion&#148;
    or other risk reduction transaction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    holders whose functional currency is not the United States
    dollar;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    holders subject to the alternative minimum tax;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons deemed to sell our capital stock under the constructive
    sale provisions of the Internal Revenue Code;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;S&#148; corporations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    partnerships and persons holding our capital stock through an
    entity treated as a partnership for federal income tax purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expatriates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    REITs or regulated investment companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    holders who acquire our capital stock as compensation;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    except as specifically provided below,
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholders</FONT>
    (as defined below).
</TD>
</TR>

</TABLE>

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    <BR>
    55
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxable
    United States Stockholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a &#147;United States stockholder,&#148; as defined
    below, this section applies to you. Otherwise, the next section,
    <FONT style="white-space: nowrap">&#147;Non-United</FONT>
    States Stockholders,&#148; applies to you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Definition of a United States Stockholder.</I>&#160;&#160;A
    &#147;United States stockholder&#148; is a beneficial holder of
    capital stock who is, for United States federal income tax
    purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation, partnership or other entity created or organized
    in or under the laws of the United States or of any state or in
    the District of Columbia, unless, in the case of a partnership,
    Treasury Regulations provide otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate which is required to pay United States federal income
    tax regardless of the source of its income;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if a United States court can exercise primary
    supervision over the administration of the trust and one or more
    United States persons have authority to control all substantial
    decisions of the trust, or if the trust has a valid election in
    place to be treated as a United States person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distributions Generally.</I>&#160;&#160;Distributions out of
    our current or accumulated earnings and profits, other than
    capital gain dividends discussed below, will constitute
    dividends generally taxable to our taxable United States
    stockholders as ordinary income. As long as we qualify as a
    REIT, these distributions will not be eligible for the
    dividends-received deduction in the case of United States
    stockholders that are corporations. For purposes of determining
    whether distributions to holders of our stock are out of current
    or accumulated earnings and profits, our earnings and profits
    will be allocated first to distributions on our outstanding
    preferred stock and then to distributions on our outstanding
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that we make distributions in excess of our
    current and accumulated earnings and profits, these
    distributions will be treated first as a tax-free return of
    capital to each United States stockholder. This treatment will
    reduce the adjusted tax basis which each United States
    stockholder has in its shares of our stock by the amount of the
    distribution, but not below zero. Distributions in excess of our
    current and accumulated earnings and profits and in excess of a
    United States stockholder&#146;s adjusted tax basis in its
    shares will be taxable as capital gain, provided that the shares
    have been held as capital assets. Such gain will be taxable as
    long-term capital gain if the shares have been held for more
    than one year. Dividends we declare in October, November, or
    December of any year and payable to a stockholder of record on a
    specified date in any of these months will be treated as both
    paid by us and received by the stockholder on December 31 of
    that year, provided we actually pay the dividend on or before
    January 31 of the following year. Stockholders may not include
    in their own income or on their tax returns any of our net
    operating losses or capital losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital Gain Distributions.</I>&#160;&#160;Distributions that
    we properly designate as capital gain dividends will be taxable
    to our taxable United States stockholders as gain from the sale
    or disposition of a capital asset, to the extent that such gain
    does not exceed our actual net capital gain for the taxable
    year. If we properly designate any portion of a dividend as a
    capital gain dividend, then we intend to allocate a portion of
    the total capital gain dividends paid or made available to
    holders of all classes of our stock for the year to the holders
    of our stock in proportion to the amount that our total
    dividends, as determined for federal income tax purposes, paid
    or made available to the holders of our stock for the year bears
    to the total dividends, as determined for federal income tax
    purposes, paid or made available to holders of all classes of
    our stock for the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Retention of Net Long-Term Capital Gains.</I>&#160;&#160;We
    may elect to retain, rather than distribute as a capital gain
    dividend, our net long-term capital gains. If we make this
    election, we would pay tax on our retained net long-term capital
    gains. In addition, to the extent we designate, a United States
    stockholder generally would:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    include its proportionate share of our undistributed long-term
    capital gains in computing its long-term capital gains in its
    return for its taxable year in which the last day of our taxable
    year falls;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be deemed to have paid the capital gains tax imposed on us on
    the designated amounts included in the United States
    stockholder&#146;s long-term capital gains;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    receive a credit or refund for the amount of tax deemed paid by
    it;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase the adjusted basis of its stock by the difference
    between the amount of includable gains and the tax deemed to
    have been paid by it;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of a United States stockholder that is a
    corporation, appropriately adjust its earnings and profits for
    the retained capital gains as required by Treasury regulations
    to be prescribed by the Internal Revenue Service.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Passive Activity Losses and Investment Interest
    Limitations.</I>&#160;&#160;Distributions we make and gain
    arising from the sale or exchange by a United States stockholder
    of our shares will not be treated as passive activity income. As
    a result, United States stockholders generally will not be able
    to apply any &#147;passive losses&#148; against this income or
    gain. A U.S.&#160;stockholder may elect to treat capital gain
    dividends, capital gains from the disposition of stock and
    qualified dividend income as investment income for purposes of
    computing the investment interest limitation, but in such case,
    the stockholder will be taxed at ordinary income rates on such
    amount. Other distributions made by us, to the extent they do
    not constitute a return of capital, generally will be treated as
    investment income for purposes of computing the investment
    interest limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dispositions of Our Stock.</I>&#160;&#160;If a United States
    stockholder sells or disposes of its shares of our stock to a
    person other than us, it will recognize gain or loss for federal
    income tax purposes in an amount equal to the difference between
    the amount of cash and the fair market value of any property it
    receives on the sale or other disposition and its adjusted basis
    in the shares for tax purposes. This gain or loss, except as
    provided below, will be long-term capital gain or loss if it has
    held the stock for more than one year. In general, if a United
    States stockholder recognizes loss upon the sale or other
    disposition of stock that it has held for six months or less,
    the loss recognized will be treated as a long-term capital loss
    to the extent the United States stockholder received
    distributions from us which were required to be treated as
    long-term capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax Rates.</I>&#160;&#160;The maximum tax rate of
    non-corporate taxpayers for (i)&#160;capital gains, including
    &#147;capital gain dividends,&#148; has generally been reduced
    to 15% (although depending on the characteristics of the assets
    which produced these gains and on designations which we may
    make, certain capital gain dividends may be taxed at a 25% rate)
    and (ii)&#160;dividends has generally been reduced to 15%. In
    general, dividends payable by REITs are not eligible for the
    reduced tax rate on corporate dividends, except to the extent
    the REIT&#146;s dividends are attributable either to dividends
    received from taxable corporations (such as our taxable REIT
    subsidiaries), to income that was subject to tax at the
    corporate/REIT level (for example, if we distribute taxable
    income that we retained and paid tax on in the prior taxable
    year) or to dividends properly designated by us as &#147;capital
    gain dividends.&#148; The currently applicable provisions of the
    United States federal income tax laws relating to the 15% tax
    rate are scheduled to &#147;sunset&#148; or revert back to the
    provisions of prior law effective for taxable years beginning
    after December&#160;31, 2010, at which time the capital gains
    tax rate will be increased to 20% and the rate applicable to
    dividends will be increased to the tax rate then applicable to
    ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Information Reporting and Backup
    Withholding.</I>&#160;&#160;We report to our United States
    stockholders and the Internal Revenue Service the amount of
    dividends paid during each calendar year, and the amount of any
    tax withheld. A United States stockholder may be subject to
    backup withholding with respect to dividends paid by us unless
    the holder is a corporation or is otherwise exempt and, when
    required, demonstrates this fact or provides a taxpayer
    identification number, certifies as to no loss of exemption from
    backup withholding, and otherwise complies with the backup
    withholding rules. A United States stockholder that does not
    provide us with its correct taxpayer identification number may
    also be subject to penalties imposed by the Internal Revenue
    Service. Backup withholding is not an additional tax. Any amount
    paid as backup withholding will be creditable against the
    stockholder&#146;s income tax liability. In addition, we may be
    required to withhold a portion of distributions to any
    stockholders who fail to certify their non-foreign status. See
    &#147;&#151;&#160;Taxation of
    <FONT style="white-space: nowrap">Non-United</FONT>
    States Stockholders.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tax-Exempt
    Stockholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described below, dividend income from us and gain
    arising upon the sale of shares generally will not be unrelated
    business taxable income to a tax-exempt stockholder. This income
    or gain will be unrelated business taxable income, however, if
    the tax-exempt stockholder holds its shares as &#147;debt
    financed property&#148; within the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning of the Internal Revenue Code or if the shares are used
    in a trade or business of the tax-exempt stockholder. Generally,
    debt financed property is property the acquisition or holding of
    which was financed through a borrowing by the tax-exempt
    stockholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For tax-exempt stockholders that are social clubs, voluntary
    employee benefit associations, supplemental unemployment benefit
    trusts, or qualified group legal services plans exempt from
    federal income taxation under Sections&#160;501(c)(7), (c)(9),
    (c)(17) or (c)(20) of the Internal Revenue Code, respectively,
    income from an investment in our shares will constitute
    unrelated business taxable income unless the organization is
    able to properly claim a deduction for amounts set aside or
    placed in reserve for specific purposes so as to offset the
    income generated by its investment in our shares. These
    prospective investors should consult their tax advisors
    concerning these &#147;set aside&#148; and reserve requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the above, however, a portion of the dividends
    paid by a &#147;pension held REIT&#148; will be treated as
    unrelated business taxable income as to some trusts that hold
    more than 10%, by value, of the interests of a REIT. A REIT will
    not be a &#147;pension held REIT&#148; if it is able to satisfy
    the &#147;not closely held&#148; requirement without relying on
    the &#147;look-through&#148; exception with respect to certain
    trusts. As a result of limitations on the transfer and ownership
    of stock contained in our charter, we do not expect to be
    classified as a &#147;pension-held REIT,&#148; and as a result,
    the tax treatment described in this paragraph should be
    inapplicable to our stockholders. However, because our stock is
    publicly traded, we cannot guarantee that this will always be
    the case.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-United</FONT>
    States Stockholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion addresses the rules governing United
    States federal income taxation of the ownership and disposition
    of our stock by
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholders. When we use the term
    <FONT style="white-space: nowrap">&#147;non-United</FONT>
    States stockholders,&#148; we mean stockholders who are not
    United States stockholders, as described above in
    &#147;&#151;&#160;Taxable United States Stockholders&#160;&#151;
    Definition of a United States Stockholder.&#148; The rules
    governing the United States federal income taxation of the
    ownership and disposition of our stock by
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholders are complex, and no attempt is made herein
    to provide more than a brief summary. Accordingly, the
    discussion does not address all aspects of United States federal
    income taxation that may be relevant to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder in light of such stockholder&#146;s
    particular circumstances and does not address any state, local
    or foreign tax consequences. We urge
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholders to consult their tax advisors to determine
    the impact of federal, state, local and foreign income tax laws
    on the purchase, ownership, and disposition of shares of our
    stock, including any reporting requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distributions Generally.</I>&#160;&#160;Distributions that
    are neither attributable to gain from our sale or exchange of
    United States real property interests nor designated by us as
    capital gain dividends will be treated as dividends of ordinary
    income to the extent that they are made out of our current or
    accumulated earnings and profits. Such distributions ordinarily
    will be subject to withholding of United States federal income
    tax at a 30% rate or such lower rate as may be specified by an
    applicable income tax treaty unless the distributions are
    treated as effectively connected with the conduct by the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder of a United States trade or business. Under
    certain treaties, however, lower withholding rates generally
    applicable to dividends do not apply to dividends from a REIT.
    Certain certification and disclosure requirements must be
    satisfied to be exempt from withholding under the effectively
    connected income exemption. Dividends that are treated as
    effectively connected with such a trade or business will be
    subject to tax on a net basis at graduated rates, in the same
    manner as dividends paid to United States stockholders are
    subject to tax, and are generally not subject to withholding.
    Any such dividends received by a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that is a corporation may also be subject to
    an additional branch profits tax at a 30% rate or such lower
    rate as may be specified by an applicable income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions in excess of our current and accumulated earnings
    and profits will not be taxable to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder to the extent that such distributions do not
    exceed the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s adjusted basis in our stock, but
    rather will reduce the adjusted basis of such stock. To the
    extent that these distributions exceed a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s adjusted basis in our stock, they will
    give rise to gain from the sale or exchange of such stock. The
    tax treatment of this gain is described below.
</DIV>

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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise described below, we expect to withhold
    United States income tax at the rate of 30% on any distributions
    made to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder unless:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder files with us an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    evidencing eligibility for that reduced treaty rate;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder files an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    with us claiming that the distribution is income effectively
    connected with the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s trade or business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, amounts withheld should generally be refundable if it
    is subsequently determined that the distribution was, in fact,
    in excess of our current and accumulated earnings and profits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital Gain Dividends and Distributions Attributable to a
    Sale or Exchange of United States Real Property
    Interests.</I>&#160;&#160;Distributions to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that we properly designate as capital gain
    dividends, other than those arising from the disposition of a
    United States real property interest, generally should not be
    subject to United States federal income taxation, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;the investment in our stock is treated as effectively
    connected with the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s United States trade or business, in
    which case the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder will be subject to the same treatment as
    United States stockholders with respect to such gain, except
    that a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that is a foreign corporation may also be
    subject to the 30% branch profits tax, as discussed
    above;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder is a nonresident alien individual who is
    present in the United States for 183&#160;days or more during
    the taxable year and certain other conditions are met, in which
    case the nonresident alien individual will be subject to a 30%
    tax on the individual&#146;s capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Foreign Investment in Real Property Tax Act,
    which is referred to as &#147;FIRPTA,&#148; distributions to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that are attributable to gain from our sale
    or exchange of United States real property interests (whether or
    not designated as capital gain dividends) will cause the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder to be treated as recognizing such gain as
    income effectively connected with a United States trade or
    business.
    <FONT style="white-space: nowrap">Non-United&#160;States</FONT>
    stockholders would generally be taxed at the same rates
    applicable to United States stockholders, subject to a special
    alternative minimum tax in the case of nonresident alien
    individuals. We also will be required to withhold and to remit
    to the Internal Revenue Service 35% (or 15% to the extent
    provided in future Treasury regulations) of any distribution to
    a <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that is designated as a capital gain
    dividend, or, if greater, 35% (or 15% to the extent provided in
    future Treasury regulations) of a distribution to the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder that could have been designated as a capital
    gain dividend. The amount withheld is creditable against the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s United States federal income tax
    liability. However, any distribution with respect to any class
    of stock which is regularly traded on an established securities
    market located in the United&#160;States is not subject to
    FIRPTA, and therefore, not subject to the 35%
    U.S.&#160;withholding tax described above, if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder did not own more than 5% of such class of
    stock at any time during the one-year period ending on the date
    of the distribution. Instead, such distributions will be treated
    as ordinary dividend distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Retention of Net Capital Gains.</I>&#160;&#160;Although the
    law is not clear on the matter, it appears that amounts we
    designate as retained capital gains in respect of the capital
    stock held by United States stockholders generally should be
    treated with respect to
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholders in the same manner as actual distributions
    by us of capital gain dividends. Under this approach, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder would be able to offset as a credit against
    its United States federal income tax liability resulting from
    its proportionate share of the tax paid by us on such retained
    capital gains, and to receive from the Internal Revenue Service
    a refund to the extent of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s proportionate share of such tax paid
    by us exceeds its actual United States federal income tax
    liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Our Stock.</I>&#160;&#160;Gain recognized by a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder upon the sale or exchange of our stock
    generally will not be subject to United States taxation unless
    such stock constitutes a &#147;United States real property
    interest&#148; within the meaning of FIRPTA. Our stock will not
    constitute a &#147;United States real property interest&#148; so
    long as we are a &#147;domestically-controlled qualified
    investment entity.&#148; A &#147;domestically-controlled
    qualified investment entity&#148; includes a REIT in which at
    all times during a specified testing period less than 50% in
    value of its stock is held directly or indirectly by
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholders. We believe, but cannot guarantee, that we
    have been a &#147;domestically-controlled qualified investment
    entity,&#148; but because our capital stock is publicly traded,
    no assurance can be given that we are or will continue to be a
    &#147;domestically-controlled qualified investment entity.&#148;
</DIV>

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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, gain from the sale or exchange of
    our stock not otherwise subject to FIRPTA will be taxable to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder if either (1)&#160;the investment in our
    stock is treated as effectively connected with the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s United States trade or business or
    (2)&#160;the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder is a nonresident alien individual who is
    present in the United States for 183&#160;days or more during
    the taxable year and certain other conditions are met. In
    addition, even if we are a domestically controlled qualified
    investment entity, upon disposition of our stock (subject to the
    5% exception applicable to &#147;regularly traded&#148; stock
    described above), a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder may be treated as having gain from the sale
    or exchange of United States real property interest if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder (1)&#160;disposes of our stock within a
    <FONT style="white-space: nowrap">30-day</FONT>
    period preceding the ex-dividend date of a distribution, any
    portion of which, but for the disposition, would have been
    treated as gain from the sale or exchange of a United States
    real property interest and (2)&#160;acquires, or enters into a
    contract or option to acquire, other shares of our stock within
    30&#160;days after such ex-dividend date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Even if we do not qualify as a &#147;domestically-controlled
    qualified investment entity&#148; at the time a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder sells or exchanges our stock, gain arising
    from such a sale or exchange would not be subject to United
    States taxation under FIRPTA as a sale of a &#147;United States
    real property interest&#148; if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;our stock is &#147;regularly traded,&#148; as defined
    by applicable Treasury regulations, on an established securities
    market such as the NYSE;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;such
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder owned, actually and constructively, 5% or
    less of our stock throughout the five-year period ending on the
    date of the sale or exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If gain on the sale or exchange of our stock were subject to
    taxation under FIRPTA, the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder would be subject to regular United States
    federal income tax with respect to such gain in the same manner
    as a taxable United States stockholder (subject to any
    applicable alternative minimum tax and a special alternative
    minimum tax in the case of nonresident alien individuals). In
    addition, if the sale or exchange of our stock were subject to
    taxation under FIRPTA, and if shares of our stock were not
    &#147;regularly traded&#148; on an established securities
    market, the purchaser of the stock would be required to withhold
    and remit to the Internal Revenue Service 10% of the purchase
    price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Information Reporting and Backup
    Withholding.</I>&#160;&#160;Generally, we must report annually
    to the Internal Revenue Service the amount of dividends paid to
    a <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder, such holder&#146;s name and address, and the
    amount of tax withheld, if any. A similar report is sent to the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder. Pursuant to tax treaties or other
    agreements, the Internal Revenue Service may make its reports
    available to tax authorities in the
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder&#146;s country of residence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments of dividends or of proceeds from the disposition of
    stock made to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder may be subject to information reporting and
    backup withholding unless such holder establishes an exemption,
    for example, by properly certifying its
    <FONT style="white-space: nowrap">non-United</FONT>
    States status on an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or another appropriate version of Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8.</FONT>
    Notwithstanding the foregoing, backup withholding and
    information reporting may apply if either we have or our paying
    agent has actual knowledge, or reason to know, that a
    <FONT style="white-space: nowrap">non-United</FONT>
    States stockholder is a United States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Rather, the United
    States income tax liability of persons subject to backup
    withholding will be reduced by the amount of tax withheld. If
    withholding results in an overpayment of taxes, a refund or
    credit may be obtained, provided that the required information
    is furnished to the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other Tax
    Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may be subject to state or local taxation in various state or
    local jurisdictions, including those in which we transact
    business, and our stockholders may be required to pay tax in
    various state or local jurisdictions, including those in which
    they reside. Our state and local tax treatment may not conform
    to the federal income tax consequences discussed above. In
    addition, a stockholder&#146;s state and local tax treatment may
    not conform to the federal income tax consequences discussed
    above. This discussion does not purport to describe any aspect
    of the tax laws of any state, local or foreign jurisdiction.
    Consequently, prospective investors should consult their tax
    advisors regarding the effect of state, local or foreign tax
    laws on an investment in our shares.
</DIV>

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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling stockholder may sell the securities offered
    pursuant to any applicable prospectus supplement, directly to
    one or more purchasers or though dealers, agents or
    underwriters, or through a combination of methods. The
    securities may be sold domestically or abroad. Selling
    stockholders to be named in a prospectus supplement may offer
    and sell, from time to time, the securities up to such amounts
    as set forth in a prospectus supplement. The securities offered
    pursuant to any applicable prospectus supplement may be sold in
    at-the-market equity offerings or on a negotiated or competitive
    bid basis through underwriters or dealers or directly to other
    purchasers or through agents. We will name any underwriter,
    dealer or agent involved in the offer and sale of the securities
    in the applicable prospectus supplement. We reserve the right to
    sell the securities directly to investors on our own behalf in
    those jurisdictions where and in such manner as we are
    authorized to do so.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The securities may be distributed from time to time in one or
    more transactions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed price or prices, which may be changed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to prevailing market prices;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may also, from time to time, authorize underwriters, dealers
    or other persons, acting as our agents, to offer and sell the
    securities upon the terms and conditions as are set forth in the
    applicable prospectus supplement. In connection with the sale of
    the securities, underwriters may be deemed to have received
    compensation from us in the form of underwriting discounts or
    commissions and may also receive commissions from purchasers of
    the securities for whom they may act as agent. Underwriters may
    sell the securities to or through dealers, and dealers may
    receive compensation in the form of discounts, concessions or
    commissions from the underwriters
    <FONT style="white-space: nowrap">and/or</FONT>
    commissions from the purchasers for whom they may act as agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any agents, dealers or underwriters are involved in the sale
    of any of the securities, their names, and any applicable
    purchase price, fee, commission or discount arrangement between
    or among them will be set forth, or will be calculable from the
    information set forth, in the applicable prospectus supplement.
    We will also describe in the applicable prospectus supplement
    any discounts, concessions or commissions allowed by
    underwriters to participating dealers. Dealers and agents
    participating in the distribution of the securities may be
    deemed to be underwriters, and any discounts and commissions
    received by them and any profit realized by them on resale of
    the securities may be deemed to be underwriting discounts and
    commissions. We may enter into agreements with any underwriters,
    dealers and agents which may entitle them to indemnification
    against and contribution toward certain civil liabilities,
    including liabilities under the Securities Act, and to
    reimbursement for certain expenses. We will describe any
    indemnification agreements in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we specify otherwise in the applicable prospectus
    supplement, any series of preferred stock issued hereunder will
    be a new issue with no established trading market. If we sell
    any shares of our common stock pursuant to a prospectus
    supplement, such shares will be listed on the New York Stock
    Exchange, subject to official notice of issuance. We may elect
    to list any series of preferred stock issued hereunder on any
    exchange, but we are not obligated to do so. It is possible that
    one or more underwriters or agents may make a market in the
    preferred stock, but will not be obligated to do so and may
    discontinue any market making at any time without notice.
    Therefore, we cannot assure you as to the liquidity of the
    trading market for the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If indicated in the applicable prospectus supplement, we may
    authorize underwriters, dealers or other persons acting as our
    agents to solicit offers by certain institutions or other
    suitable persons to purchase the securities from us at the
    public offering price set forth in the prospectus supplement
    pursuant to delayed delivery contracts providing for payment and
    delivery on the date or dates stated in the prospectus
    supplement. We may make delayed delivery with various
    institutions, including commercial and savings banks, insurance
    companies, pension funds, investment companies and educational
    and charitable institutions. Delayed delivery contracts will be
    subject to the condition that the purchase of the securities
    covered by the delayed delivery contracts will not at the time
    of delivery be prohibited under the laws of any jurisdiction in
    the United States to which the purchaser is subject. The
    underwriters and agents will not have any responsibility with
    respect to the validity or performance of these contracts.
</DIV>

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    <BR>
    61
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To facilitate an offering of the securities, certain persons
    participating in the offering may engage in transactions that
    stabilize, maintain, or otherwise affect the price of the
    securities. This may include over-allotments or short sales of
    the securities, which involves the sale by persons participating
    in the offering of more securities than we sold to them. In
    these circumstances, these persons would cover the
    over-allotments or short positions by making purchases in the
    open market or by exercising their over-allotment option. In
    addition, these persons may stabilize or maintain the price of
    the securities by bidding for or purchasing securities in the
    open market or by imposing penalty bids, whereby selling
    concessions allowed to dealers participating in the offering may
    be reclaimed if securities sold by them are repurchased in
    connection with stabilization transactions. The effect of these
    transactions may be to stabilize or maintain the market price of
    the securities at a level above that which might otherwise
    prevail in the open market. These transactions may be
    discontinued at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the underwriters, dealers or agents and their
    respective associates may be customers of,
    <FONT style="white-space: nowrap">and/or</FONT>
    engage in transactions with and perform services for, us in the
    ordinary course of business.
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the securities will be passed upon for us by
    Ballard Spahr Andrews&#160;&#038; Ingersoll, LLP, Baltimore,
    Maryland. Latham&#160;&#038; Watkins LLP will also issue an
    opinion to us regarding certain tax matters described under
    &#147;United States Federal Income Tax Considerations.&#148;
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements of AMB Property Corporation as of
    December&#160;31, 2007 and 2006 and for each of the three years
    in the period ended December&#160;31, 2007, the financial
    statements of AMB Japan Fund&#160;I, L.P. as of
    December&#160;31, 2006 and for the year ended December&#160;31,
    2006 and for the period from inception (June&#160;30,
    2005)&#160;to December&#160;31, 2005, the financial statements
    of AMB Europe Fund&#160;I, FCP-FIS as of December&#160;31, 2007
    and for the period from incorporation (May&#160;31,
    2007)&#160;to December&#160;31, 2007, the financial statement
    schedule and management&#146;s assessment of the effectiveness
    of internal control over financial reporting (which is included
    in Management&#146;s Annual Report on Internal Control Over
    Financial Reporting), incorporated in this prospectus by
    reference to AMB Property Corporation&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 have been so
    incorporated in reliance on the reports of
    PricewaterhouseCoopers LLP, an independent registered public
    accounting firm, given on the authority of said firm as experts
    in auditing and accounting.
</DIV>
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information we file with them which means that we can disclose
    important information to you by referring you to those documents
    instead of having to repeat the information in this prospectus.
    The information incorporated by reference is considered to be
    part of this prospectus, and later information that we file with
    the SEC will automatically update and supersede this
    information. We incorporate by reference the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report of AMB Property Corporation on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2007;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Reports of AMB Property Corporation on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2008 and June&#160;30,
    2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports of AMB Property Corporation on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on March&#160;14, 2008, April&#160;2, 2008, May&#160;1,
    2008, May&#160;1, 2008, June&#160;5, 2008 and September&#160;5,
    2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Item&#160;8.01 of the Current Report of AMB Property Corporation
    on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on January&#160;29, 2008, April&#160;16, 2008 and
    July&#160;16, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    AMB Property Corporation&#146;s definitive proxy statement with
    respect to the 2007 Annual Meeting of Stockholders filed on
    March&#160;27, 2008;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    62
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our common stock contained in our
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on October&#160;28, 1997;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed on June&#160;20, 2003, registering our
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Series&#160;L Cumulative Redeemable Preferred Stock under the
    Securities Exchange Act of 1934, as amended;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed on November&#160;12, 2003, registering our
    6<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%
    Series&#160;M Cumulative Redeemable Preferred Stock under the
    Securities Exchange Act of 1934, as amended;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed on December&#160;12, 2005, registering our 7.00%
    Series&#160;O Cumulative Redeemable Preferred Stock under the
    Securities Exchange Act of 1934, as amended;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed on August&#160;24, 2006, registering our 6.85%
    Series&#160;P Cumulative Redeemable Preferred Stock under the
    Securities Exchange Act of 1934, as amended;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all documents filed by AMB Property Corporation with the SEC
    pursuant to Sections&#160;13(a), 13(c), 14 or 15(d) of the
    Securities Exchange Act of 1934, as amended, after the date of
    this prospectus and prior to the termination of the offering
    (but excluding any documents or portions of documents which are
    deemed &#147;furnished&#148; and not filed with the SEC).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Annual Report of AMB Property Corporation on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2007 and the
    Quarterly Report of AMB Property Corporation on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2008 have not been updated
    for discontinued operations related to properties sold or held
    for sale subsequent to December&#160;31, 2007 and March&#160;31,
    2008, respectively. We believe that the updates for discontinued
    operations are not material to these reports incorporated by
    reference herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    we have filed with the SEC under the Securities Act of 1933, as
    amended. This prospectus does not contain all of the information
    in the registration statement. We have omitted certain parts of
    the registration statement, as permitted by the rules and
    regulations of the SEC. You may inspect and copy the
    registration statement, including exhibits, at the SEC&#146;s
    Public Reference Room or on our website at
    <U><FONT style="white-space: nowrap">http://www.amb.com.</FONT></U>&#160;&#160;Information
    contained on our website is not and should not be deemed a part
    of this prospectus or any other report or filing filed with the
    SEC. Our statements in this prospectus about the contents of any
    contract or other document are not necessarily complete. You
    should refer to the copy of each contract or other document we
    have filed as an exhibit to the registration statement for
    complete information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will furnish without charge to you, upon written or oral
    request, a copy of any or all of the documents incorporated by
    reference in this prospectus, including exhibits to these
    documents. You should direct any requests for documents to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Corporation
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Investor Relations
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pier 1, Bay 1
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    San&#160;Francisco, CA 94111
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(415)&#160;394-9000</FONT>
</DIV>
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. You may read and copy any
    document we file with the SEC at the SEC&#146;s Public Reference
    Room located at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the Public Reference Room. Our
    filings with the SEC are also available to the public at the
    SEC&#146;s website at
    <U><FONT style="white-space: nowrap">http://www.sec.gov.</FONT></U>
    You may also obtain copies of the documents at prescribed rates
    by writing to the SEC&#146;s Public Reference Section at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    63
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Part&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table itemizes the expenses incurred by the
    Registrant in connection with the issuance and registration of
    the securities being registered hereunder. All amounts shown are
    estimates except the Securities and Exchange Commission
    registration fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;(1)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fees of rating agencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Under SEC Rules&#160;456(b) and 457(r), the SEC registration fee
    will be paid at the time of any particular offering of
    securities under the registration statement, and is therefore
    not currently determinable.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    These fees are calculated based on the securities offered and
    the number of issuances and accordingly cannot be estimated at
    this time.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">Section&#160;2-418</FONT>
    of the Maryland General Corporation Law permits a corporation to
    indemnify its directors and officers and certain other parties
    against judgments, penalties, fines, settlements, and reasonable
    expenses actually incurred by them in connection with any
    proceeding to which they may be made a party by reason of their
    service in those or other capacities unless it is established
    that (i)&#160;the act or omission of the director or officer was
    material to the matter giving rise to the proceeding and
    (a)&#160;was committed in bad faith or (b)&#160;was the result
    of active and deliberate dishonesty; (ii)&#160;the director or
    officer actually received an improper personal benefit in money,
    property or services; or (iii)&#160;in the case of any criminal
    proceeding, the director or officer had reasonable cause to
    believe that the act or omission was unlawful. Indemnification
    may be made against judgments, penalties, fines, settlements and
    reasonable expenses actually incurred by the director or officer
    in connection with the proceeding; provided, however, that if
    the proceeding is one by or in the right of the corporation,
    indemnification may not be made with respect to any proceeding
    in which the director or officer has been adjudged to be liable
    to the corporation. In addition, a director or officer may not
    be indemnified with respect to any proceeding charging improper
    personal benefit to the director or officer, whether or not
    involving action in the director&#146;s or officer&#146;s
    official capacity, in which the director or officer was adjudged
    to be liable on the basis that personal benefit was improperly
    received. The termination of any proceeding by conviction, or
    upon a plea of nolo contendere or its equivalent, or an entry of
    any order of probation prior to judgment, creates a rebuttable
    presumption that the director or officer did not meet the
    requisite standard of conduct required for indemnification to be
    permitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition,
    <FONT style="white-space: nowrap">Section&#160;2-418</FONT>
    of the Maryland General Corporation Law requires that, unless
    prohibited by its Charter, a corporation indemnify any director
    or officer who is made a party to any proceeding by reason of
    service in that capacity against reasonable expenses incurred by
    the director or officer in connection with the proceeding, or
    any claim, issue or matter in the proceeding, in the event that
    the director or officer is successful, on the merits or
    otherwise, in the defense of the proceeding, or in the defense
    of any such claim, issue or matter in the proceeding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Corporation&#146;s Charter and Bylaws provide in
    effect for the indemnification by the company of its directors
    and officers to the fullest extent permitted by applicable law.
    AMB Property Corporation has purchased directors&#146; and
    officers&#146; liability insurance for the benefit of its
    directors and officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Corporation has entered into indemnification
    agreements with each of its executive officers and directors.
    The indemnification agreements require, among other matters,
    that AMB Property Corporation indemnify its
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    executive officers and directors to the fullest extent permitted
    by law and reimburse the executive officers and directors for
    all related expenses as incurred, subject to return if it is
    subsequently determined that indemnification is not permitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Partnership Agreement of AMB Property, L.P. requires AMB
    Property, L.P. to indemnify AMB Property Corporation, the
    directors and officers of AMB Property Corporation, and such
    other persons as AMB Property Corporation may from time to time
    designated against any loss or damage, including reasonable
    legal fees and court costs incurred by the person by reason of
    anything it may do or refrain from doing for or on behalf of AMB
    Property, L.P. or in connection with its business or affairs
    unless it is established that: (i)&#160;the act or omission of
    the indemnified person was material to the matter giving rise to
    the proceeding and either was committed in bad faith or was the
    result of active and deliberate dishonesty; (ii)&#160;the
    indemnified person actually received an improper personal
    benefit in money, property or services; or (iii)&#160;in the
    case of any criminal proceeding, the indemnified person had
    reasonable cause to believe that the act or omission was
    unlawful.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Underwriting Agreement(1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate(2).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Preferred Stock Certificate(1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Ballard Spahr Andrews&#160;&#038; Ingersoll, LLP
    regarding the validity of the securities being registered.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Latham&#160;&#038; Watkins LLP with respect to tax
    matters.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratios.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Ballard Spahr Andrews&#160;&#038; Ingersoll, LLP
    (contained in Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Latham&#160;&#038; Watkins LLP (contained in
    Exhibit&#160;8.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page to the
    Registration Statement).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or incorporated by reference in
    connection with the offering of the securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the registrant&#146;s registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-11</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-35915).</FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;To include any prospectus required by
    section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the SEC pursuant to Rule&#160;424(b) if,
    in the aggregate, the changes in volume and price represent no
    more than 20% change in the maximum aggregate offering price set
    forth in the &#147;Calculation of Registration Fee&#148; table
    in the effective registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Provided, however, </I>that paragraphs (a)(1)(i), (a)(1)(ii)
    and (a)(1)(iii) of this section do not apply if the registration
    statement is on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    or
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    and the information required to be included in a post-effective
    amendment by those paragraphs is contained in reports filed with
    or furnished to the SEC by the registrant pursuant to
    section&#160;13 or section&#160;15(d) of the Securities Exchange
    Act of 1934 that are incorporated by reference in the
    registration statement, or is contained in a form of prospectus
    filed pursuant to Rule&#160;424(b) that is part of the
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Each prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for
    the purpose of providing the information required by
    section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities: The undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The undersigned registrant hereby undertakes that, for
    purposes of determining any liability under the Securities Act
    of 1933, each filing of the registrant&#146;s annual report
    pursuant to section&#160;13(a) or section&#160;15(d) of the
    Securities Exchange Act of 1934 (and, where applicable, each
    filing of an employee benefit plan&#146;s annual report pursuant
    to section&#160;15(d) of the Securities Exchange Act of
    1934)&#160;that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act of 1933&#160;may be permitted to
    directors, officers and controlling persons of the registrant
    pursuant to the foregoing provisions, or otherwise, the
    registrant has been advised that in the opinion of the SEC such
    indemnification is against public policy as expressed in the Act
    and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Act and will be governed by the final adjudication of such
    issue.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Signatures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of San&#160;Francisco, State of California, on this 9th day
    of September 2008.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMB Property Corporation
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Hamid
    R. Moghadam</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Hamid R. Moghadam
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chairman of the Board and<BR>
    Chief Executive Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Power of
    Attorney</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL PERSONS BY THESE PRESENT, that each person whose
    signature appears below constitutes and appoints Hamid R.
    Moghadam, Thomas S. Olinger and Tamra D. Browne, and each or
    either of them, his true and lawful attorney-in-fact and agent,
    with full power of substitution and resubstitution, for him and
    in his name, place and stead, in any and all capacities, to sign
    any and all amendments (including post-effective amendments or
    any abbreviated registration statement and any amendments
    thereto filed pursuant to Rule&#160;462(b) increasing the number
    of securities for which registration is sought) to this
    Registration Statement, and to file the same, with all exhibits
    thereto, and other documents in connection therewith, with the
    SEC, granting unto said attorneys-in-fact and agents, and each
    of them, full power and authority to do and perform each and
    every act and thing requisite and necessary to be done in
    connection therewith, as fully to all intents and purposes as he
    might or could do in person, hereby ratifying and confirming all
    that said attorneys-in-fact and agents, or any of them, or their
    or his substitutes or substitute, may lawfully do or cause to be
    done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Hamid
    R. Moghadam</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Hamid
    R. Moghadam
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chairman of the Board and<BR>
    Chief Executive Officer<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">T.
    Robert Burke</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->T.
    Robert Burke
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">David
    A. Cole</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->David
    A. Cole
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Lydia
    H. Kennard</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Lydia
    H. Kennard
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">J.
    Michael Losh</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->J.
    Michael Losh
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Frederick
    W. Reid</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Frederick
    W. Reid
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September 9, 2008
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Jeffrey
    L. Skelton</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Jeffrey
    L. Skelton
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    September&#160;9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    W. Tusher</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Thomas
    W. Tusher
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    September&#160;9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Carl
    B. Webb</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Carl
    B. Webb
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    September&#160;9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    S. Olinger</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Thomas
    S. Olinger
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    September&#160;9, 2008
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Nina
    A. Tran</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=180 length=0 -->Nina
    A. Tran
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Accounting Officer and <BR>
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    September&#160;9, 2008
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;Index</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Underwriting Agreement(1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate(2).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Preferred Stock Certificate(1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Ballard Spahr Andrews&#160;&#038; Ingersoll, LLP
    regarding the validity of the securities being registered.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Latham&#160;&#038; Watkins LLP with respect to tax
    matters.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratios.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Ballard Spahr Andrews&#160;&#038; Ingersoll, LLP
    (contained in Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Latham&#160;&#038; Watkins LLP (contained in
    Exhibit&#160;8.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page to the
    Registration Statement).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or incorporated by reference in
    connection with the offering of the securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the registrant&#146;s registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-11</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-35915).</FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>f43115s3exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.1
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>&#091;LETTERHEAD OF BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP&#093;</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 50%">September
9, 2008

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
Pier 1, Bay 1<BR>
San Francisco, California 94111

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> AMB Property Corporation, a Maryland corporation (the &#147;Company&#148;)&#151; Registration
Statement on Form S-3 pertaining to an indeterminate aggregate initial offering price
or number of shares of common stock, par value $0.01 per share, of the Company (the
&#147;Common Stock&#148;) and shares of preferred stock, par value $0.01 per share, of the
Company (the &#147;Preferred Stock&#148;)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as Maryland corporate counsel to the Company in connection with the registration
of the shares of Common Stock and shares of Preferred Stock (each a &#147;Security&#148; and collectively,
the &#147;Securities&#148;) under the Securities Act of 1933, as amended (the &#147;Act&#148;), by the Company on Form
S-3, filed or to be filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on or
about September 9, 2008, and any amendments thereto (the &#147;Registration Statement&#148;), if any are to
be filed with the Commission subsequent to the date hereof. You have requested our opinion with
respect to the matters set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as Maryland corporate counsel to the Company and for the purposes of this
opinion, we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents (collectively, the &#147;Documents&#148;):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporate charter of the Company (the &#147;Charter&#148;),
represented by Articles of Incorporation filed with the Maryland State
Department of Assessments and Taxation (the &#147;Department&#148;) on November&nbsp;24, 1997,
Articles Supplementary filed with the Department on July&nbsp;23, 1998 (the &#147;July
1998 Articles Supplementary&#148;), Articles Supplementary filed with the Department
on November&nbsp;12, 1998, Articles Supplementary filed with the Department on
November&nbsp;25, 1998, Certificate of Correction filed with the Department on March
18, 1999 correcting the July&nbsp;1998 Articles Supplementary, Articles
Supplementary filed with the Department on May&nbsp;5, 1999, Articles Supplementary
filed with the Department on August&nbsp;31,</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
September 9, 2008<BR>
Page 2

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1999, Articles Supplementary filed with the Department on March
23, 2000, Articles Supplementary filed with the Department on August&nbsp;30, 2000,
Articles Supplementary filed with the Department on September&nbsp;1, 2000, Articles
Supplementary filed with the Department on March&nbsp;21, 2001, Articles
Supplementary filed with the Department on September&nbsp;24, 2001, Articles
Supplementary filed with the Department on December&nbsp;6, 2001, Articles
Supplementary filed with the Department on April&nbsp;17, 2002, Articles
Supplementary filed with the Department on August&nbsp;7, 2002, Articles
Supplementary filed with the Department on June&nbsp;20, 2003, Articles
Supplementary filed with the Department on November&nbsp;24, 2003, Articles
Supplementary filed with the Department on December&nbsp;8, 2003, Articles
Supplementary filed with the Department on December&nbsp;12, 2005, Articles
Supplementary filed with the Department on February&nbsp;17, 2006, Articles
Supplementary filed with the Department on March&nbsp;22, 2006, Articles
Supplementary filed with the Department on August&nbsp;24, 2006, Articles
Supplementary filed with the Department on October&nbsp;3, 2006, Articles
Supplementary filed with the Department on February&nbsp;22, 2007 and Articles
Supplementary filed with the Department on May&nbsp;15, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Bylaws of the Company, as adopted as of November&nbsp;24, 1997
and as amended and restated pursuant to the First Amended and Restated Bylaws
of the Company, on or as of March&nbsp;5, 1999, the Second Amended and Restated
Bylaws of the Company, on or as of February&nbsp;27, 2001, the Third Amended and
Restated Bylaws of the Company, on or as of May&nbsp;15, 2003, the Fourth Amended
and Restated Bylaws of the Company, on or as of August&nbsp;16, 2004, and the Fifth
Amended and Restated Bylaws of the Company, on or as of February&nbsp;16, 2007 (the
&#147;Bylaws&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Written Organizational Action of the Board of Directors of
the Company dated as of November&nbsp;24, 1997 (the &#147;Organizational Minutes&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Certificate of Officer of the Company, dated as of September
9, 2008, executed by Tamra D. Browne, Senior Vice President, General Counsel
and Secretary of the Company (the &#147;Officer&#146;s Certificate&#148;), to the effect that,
among other things, the Charter, the Bylaws and the Organizational Minutes are
true, correct and complete, have not been rescinded or modified and are in full
force and effect on the date of the Officer&#146;s Certificate;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
September 9, 2008<BR>
Page 3

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement and the related form of prospectus
included therein (the &#147;Prospectus&#148;), in substantially the form filed or to be
filed with the Commission pursuant to the Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a status certificate of the Department, dated as of a recent
date, to the effect that the Company is duly incorporated and existing under
the laws of the State of Maryland; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other laws, records, documents, certificates, opinions and instruments
as we have deemed necessary to render this opinion, subject to the limitations,
assumptions and qualifications noted below.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching the opinions set forth below, we have assumed the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each person executing any instrument, document or agreement on
behalf of any party (other than the Company) is duly authorized to do so;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person executing any instrument, document or
agreement is legally competent to do so;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Documents submitted to us as originals are
authentic; the form and content of any Documents submitted to us as unexecuted
drafts do not differ in any respect relevant to this opinion from the form and
content of such documents as executed and delivered; any of the Documents
submitted to us as certified, facsimile or photostatic copies conform to the
original Documents; all signatures on all of the Documents are genuine; all
public records reviewed or relied upon by us or on our behalf are true and
complete; all statements and information contained in the Documents are true
and complete; there has been no modification of, or amendment to, any of the
Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all certificates submitted to us, including, without
limitation, the Officer&#146;s Certificate, are true, correct and complete both when
made and as of the date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the resolutions to be adopted subsequent to the date hereof,
and the actions to be taken by the Board of Directors subsequent to the date
hereof, including, but not limited to, the adoption of all resolutions and the
taking of all actions necessary to authorize the issuance and sale of the
Securities in accordance with the procedures set forth in paragraphs 1 and 2
below,</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
September&nbsp;9, 2008<BR>
Page 4

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will occur at duly called meetings at which a quorum of the incumbent
directors of the Company is present and acting throughout, or by unanimous
written consent of all incumbent directors, all in accordance with the Charter
and Bylaws of the Company and applicable law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares of Preferred Stock of each class and the
number of shares of Common Stock to be offered and sold subsequent to the date
hereof as Securities under the Registration Statement, together with the number
of shares of Common Stock issuable upon the conversion or exchange of shares of
Preferred Stock of each class subsequent to the date hereof, will not, in the
aggregate, exceed the number of shares of Preferred Stock of such class, and
the number of shares of Common Stock, respectively, authorized in the Charter
of the Company, less the number of shares of Preferred Stock of such class and
the number of shares of Common Stock, respectively, authorized and reserved for
issuance and/or issued and outstanding on the date subsequent to the date
hereof on which the Securities are authorized, the date subsequent to the date
hereof on which the Securities are issued and delivered, and the date
subsequent to the date hereof on which any shares of Common Stock are issued
pursuant to the conversion or exchange of shares of Preferred Stock of such
class;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the terms of any Security to be established subsequent
to the date hereof, nor the issuance and delivery of such Security containing
such terms established subsequent to the date hereof, nor the compliance by the
Company with the terms of such Security established subsequent to the date
hereof, nor the form of certificate evidencing such Security approved
subsequent to the date hereof, will violate any applicable law or will conflict
with, or result in a breach or violation of, the Charter or Bylaws of the
Company, any instrument or agreement to which the Company is a party or by
which the Company is bound or any order or decree of any
court, administrative or governmental body having jurisdiction over the
Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of certificate representing the Securities authorized
subsequent to the date hereof for issuance and sale will conform in all
respects to the requirements applicable under Maryland law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the Securities to be offered and sold subsequent to the
date hereof, and none of the shares of Common Stock issuable upon the
conversion or exchange of shares of Preferred Stock of any class subsequent to
the date</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
September&nbsp;9, 2008<BR>
Page 5

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hereof, (i)&nbsp;will be issued in violation of the provisions of the
Charter of the Company imposing restrictions on ownership and transfer of shares
of stock of the Company, or (ii)&nbsp;will be issued or sold to an Interested
Stockholder of the Company or any Affiliate thereof, as each such term is
defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the
&#147;MGCL&#148;), in violation of Section&nbsp;3-602 of the MGCL.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it
is our opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon due authorization by the Board of Directors of a
designated number of shares of Common Stock for issuance at a minimum price or
value of consideration to be set by the Board of Directors, all necessary
corporate action on the part of the Company will have been taken to authorize
the issuance and sale of such shares of Common Stock, and when such shares of
Common Stock are issued and delivered against payment of the consideration
therefor as set by the Board of Directors, whether upon original issue or upon
conversion or exchange of duly authorized and validly issued shares of
Preferred Stock, such shares of Common Stock will be validly issued, fully paid
and non-assessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon: (a)&nbsp;designation by the Board of Directors of one or more
classes of Preferred Stock to distinguish each such class from any other
outstanding classes of Preferred Stock; (b)&nbsp;setting by the Board of Directors
of the number of shares of Preferred Stock to be included in such class; (c)
establishment by the Board of Directors of the preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends,
qualifications and terms and conditions of redemption of such class of
Preferred Stock; (d)&nbsp;filing by the Company with the Department of articles
supplementary setting forth a description of such class of Preferred Stock,
including the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications and terms and
conditions of redemption as set by the Board of Directors and a statement
that such class of the Preferred Stock has been classified by the Board of
Directors under the authority contained in the Charter, and the acceptance
for record by the Department of such articles supplementary; and (e)&nbsp;due
authorization by the Board of Directors of a designated number of shares of
such class of Preferred Stock for issuance at a minimum price or value of
consideration to be set by the Board of Directors, all necessary corporate
action on the part of the Company will have been taken to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
September 9, 2008<BR>
Page 6

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorize the
issuance and sale of the shares of such class of Preferred Stock, and when
such shares of such class of Preferred Stock are issued and delivered
against payment of the consideration therefor as set by the Board of
Directors, such shares of such class of Preferred Stock will be validly
issued, fully paid and non-assessable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do
not express any opinion herein concerning any other law. We express no opinion as to the
applicability or effect of any federal or state securities laws, including the securities laws of
the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the
extent that any matter as to which our opinion is expressed herein would be governed by any
jurisdiction other than the State of Maryland, we do not express any opinion on such matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter is issued as of the date hereof and is necessarily limited to laws now in
effect and facts and circumstances presently existing and brought to our attention. We assume no
obligation to supplement this opinion letter if any applicable laws change after the date hereof,
or if we become aware of any facts or circumstances that now exist or that occur or arise in the
future and may change the opinions expressed herein after the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to your filing this opinion as an exhibit to the Registration Statement and further
consent to the filing of this opinion as an exhibit to the applications to securities commissioners
for the various states of the United States for registration of the Securities. We also consent to
the identification of our firm as Maryland counsel to the Company in the section of the
Registration Statement entitled &#147;Legal Matters&#148;. In giving this consent, we do not admit that we
are within the category of persons whose consent is required by Section&nbsp;7 of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,<BR>
<BR>
<BR>
<BR>
<FONT style="font-variant: small-caps">/s/ Ballard Spahr
Andrews&nbsp;&#038; Ingersoll, LLP</FONT>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>f43115s3exv8w1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;8.1
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">355 South Grand Avenue<br>
Los Angeles, California 90071-1560<br>
Tel: &#043;1.213.485.1234&nbsp; Fax: &#043;1.213.891.8763<br>
www.lw.com</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">LATHAM &#038; WATKINS LLP</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">FIRM / AFFILIATE OFFICES</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barcelona
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brussels
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Northern Virginia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dubai
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Orange County</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frankfurt
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paris</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hamburg
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rome</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">September 9, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hong Kong
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">London
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shanghai</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madrid
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Silicon Valley</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AMB Property Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Milan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Singapore</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pier 1, Bay 1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moscow
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tokyo</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">San Francisco, California 94111
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Munich
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington, D.C.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMB Property Corporation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as tax counsel to AMB Property Corporation, a Maryland corporation (the
&#147;<U>Company</U>&#148;), in connection with its filing of a registration statement on Form S-3 on
September 9, 2008 (together with the documents incorporated by reference therein, the
&#147;<U>Registration Statement</U>&#148;) with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have requested our opinion concerning certain of the federal income tax considerations
relating to the Company. This opinion is based on various facts and assumptions, including the
facts set forth in the Registration Statement concerning the business, assets and governing
documents of the Company and its subsidiaries. We have also been furnished with, and with your
consent have relied upon, certain representations made by the Company and its subsidiaries with
respect to certain factual matters through a certificate of an officer of the Company, dated as of
the date hereof (the &#147;<U>Officer&#146;s Certificate</U>&#148;). For purposes of this opinion and with your
consent, we have assumed that the restrictions on ownership and transfer of the Company&#146;s stock
which are set forth in the Company&#146;s charter and articles supplementary are enforceable under
Maryland law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as tax counsel to the Company, we have made such legal and factual
examinations and inquiries, including an examination of originals or copies certified or otherwise
identified to our satisfaction of such documents, corporate records and other instruments as we
have deemed necessary or appropriate for purposes of this opinion. For the purposes of our
opinion, we have not made an independent investigation or audit of the facts set forth in the above
referenced documents or in the Officer&#146;s Certificate. In addition, in rendering this opinion we
have assumed the truth and accuracy of all representations and statements made to us which are
qualified as to knowledge or belief, without regard to such qualification. In our examination, we
have assumed the authenticity of all documents submitted to us as originals, the genuineness of all
signatures thereon, the legal capacity of natural persons executing such documents and the
conformity to authentic original documents of all documents submitted to us as copies.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>September
9, 2008<BR>
Page 2</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">LATHAM &#038; WATKINS LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are opining herein only as to the federal income tax laws of the United States, and we
express no opinion with respect to the applicability thereto, or the effect thereon, of other
federal laws, the laws of any state or other jurisdiction or as to any matters of municipal law or
the laws of any other local agencies within any state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on such facts, assumptions and representations, it is our opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing with its taxable year ending December&nbsp;31, 1997, the Company has been
organized and has operated in conformity with the requirements for qualification as a
real estate investment trust (&#147;<U>REIT</U>&#148;) under the Internal Revenue Code of 1986,
as amended (the &#147;<U>Code</U>&#148;), and its proposed method of operation will enable it to
continue to meet the requirements for qualification and taxation as a REIT under the
Code; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements set forth in the Registration Statement under the caption &#147;U.S.
Federal Income Tax Considerations,&#148; insofar as they purport to
summarize certain provisions of the statutes or regulations referred to therein, are accurate
summaries in all material respects.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No opinion is expressed as to any matter not discussed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is rendered to you as of the date of this letter, and we undertake no obligation
to update this opinion subsequent to the date hereof. This opinion is based on various statutory
provisions, regulations promulgated thereunder and interpretations thereof by the Internal Revenue
Service and the courts having jurisdiction over such matters, all of which are subject to change
either prospectively or retroactively. Any such change may affect the conclusions stated herein.
Also, any variation or difference in the facts from those set forth in the Registration Statement
or the Officer&#146;s Certificate may affect the conclusions stated herein. As described in the
Registration Statement, the Company&#146;s qualification and taxation as a REIT depend upon the
Company&#146;s ability to meet the various qualification tests imposed under the Code, including through
actual annual operating results, asset composition, distribution levels and diversity of stock
ownership, the results of which have not been and will not be reviewed by Latham &#038; Watkins LLP.
Accordingly, no assurance can be given that the actual results of the Company&#146;s operation for any
particular taxable year will satisfy such requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is rendered only to you and is solely for your benefit in connection with the
transaction described above. This opinion may not be relied upon by you for any other purpose, or
furnished to, assigned to, quoted to or relied upon by any other person, firm or other entity for
any purpose without our prior written consent, which may be granted or withheld in our discretion,
except that this opinion may be relied upon by persons entitled to rely on it pursuant to
applicable provisions of federal securities law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement,
and to the reference to our firm name in the Registration Statement under the captions &#147;U.S.
Federal Income Tax Considerations&#148; and &#147;Legal Matters.&#148; In giving this consent, we do not hereby
admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the
Act or the rules or regulations of the Commission promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><B>/s/
LATHAM &amp; WATKINS LLP</B>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>f43115s3exv12w1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;12.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMB Property Corporation<BR>
Computation of Earnings to Fixed Charges and Preferred Stock Dividends Ratio<BR>
(In thousands)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Six Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>June 30, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations before minority interests
and income from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">142,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">281,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">183,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributed income from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,345</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,014</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,938</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,687</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,526</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">234,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">447,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">380,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">362,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">273,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest on indebtedness (including amortization of
premiums and financing costs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">164,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">160,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">148,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portion of rents representative of the interest factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred distributions of consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">207,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">231,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">206,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">188,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total fixed charges and preferred stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">117,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">245,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">231,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">213,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">195,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings to fixed charges and preferred stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>x</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>f43115s3exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of
our report dated February&nbsp;28, 2008, relating to the financial statements, financial statement
schedule and the effectiveness of internal control over financial reporting, which appears in AMB
Property Corporation&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2007. We also
consent to the incorporation by reference of our report dated February&nbsp;12, 2007, relating to the
financial statements of AMB Japan Fund I, L.P., which appears in such Annual Report on Form 10-K
for the year ended December&nbsp;31, 2007. We also consent to the incorporation by reference of our
report dated February&nbsp;27, 2008, relating to the financial statements of AMB Europe Fund I, FCP-FIS,
which appears in such Annual Report on Form 10-K for the year ended December&nbsp;31, 2007. We also
consent to the references to us under the headings &#147;Experts&#148; in such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">PricewaterhouseCoopers LLP<BR>
San Francisco, CA<BR>
September&nbsp;9, 2008

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>f43115s3f4311501.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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