Exhibit 99.1

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|  | Company Profile |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

AMB Property Corporation® is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of September 30, 2008, AMB owned or had investments in, on a consolidated basis or through unconsolidated co-investment ventures, properties and development projects expected to total approximately 158.4 million square feet (14.7 million square meters) in 49 markets within 15 countries.
AMB invests in properties located predominantly in the infill submarkets of its targeted markets. AMB’s portfolio is comprised primarily of High Throughput Distribution® facilities built for efficiency and located near airports, seaports, ground transportation systems, and population concentrations.
Through its private capital group, AMB provides real estate investment, portfolio management and reporting services to co-investment ventures and clients. The private capital revenue consists of asset management distributions and fees, acquisition and development fees as well as incentive distributions.

The Americas |  |  | Europe |  |  | Asia
Operating Portfolio(1) |  | 118.2 msf |  |  | Operating Portfolio(1) |  | 9.8 msf |  |  | Operating Portfolio(1) |  | 9.1 msf
Development Pipeline(2)(3) |  | 12.0 msf |  |  | Development Pipeline(2)(3) |  | 3.8 msf |  |  | Development Pipeline(2)(3) |  | 5.5 msf
Land Inventory(3) |  | 2,264 acres |  |  | Land Inventory(3) |  | 226 acres |  |  | Land Inventory(3) |  | 100 acres
Offices |  | 17 |  |  | Offices |  | 5 |  |  | Offices |  | 12

(1) |  | The operating portfolio includes the owned and managed portfolio and operating properties held through AMB’s investments in unconsolidated co-investment ventures that it does not manage (excluded from the owned and managed portfolio) and the location of AMB’s global headquarters.
(2) |  | Includes development properties available for sale or contribution.
(3) |  | Includes investments held through unconsolidated co-investment ventures.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 1

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|  | Highlights (dollars in thousands, except per share data) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarters ended September 30, |  |  | For the Nine Months ended September 30, |
|  | 2008 |  |  | 2007 |  |  | % Change |  |  | 2008 |  |  | 2007 |  |  | % Change |
Revenues |  | $ | 162,495 |  |  | $ | 165,369 |  |  |  | (1.7 | %) |  | $ | 547,909 |  |  | $ | 496,759 |  |  |  | 10.3 | %
Adjusted EBITDA(1) |  |  | 129,215 |  |  |  | 137,853 |  |  |  | (6.3 | %) |  |  | 391,563 |  |  |  | 355,081 |  |  |  | 10.3 | %
Net income available to common stockholders |  |  | 24,199 |  |  |  | 69,155 |  |  |  | (65.0 | %) |  |  | 136,246 |  |  |  | 202,275 |  |  |  | (32.6 | %)
FFO(1) |  |  | 71,756 |  |  |  | 104,235 |  |  |  | (31.2 | %) |  |  | 249,434 |  |  |  | 239,582 |  |  |  | 4.1 | %
Per diluted share and unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS |  | $ | 0.24 |  |  | $ | 0.69 |  |  |  | (65.2 | %) |  | $ | 1.37 |  |  | $ | 2.04 |  |  |  | (32.8 | %)
FFO(1) |  |  | 0.70 |  |  |  | 0.99 |  |  |  | (29.3 | %) |  |  | 2.41 |  |  |  | 2.31 |  |  |  | 4.3 | %
Dividends per common share |  |  | 0.52 |  |  |  | 0.50 |  |  |  | 4.0 | % |  |  | 1.56 |  |  |  | 1.50 |  |  |  | 4.0 | %

Financial |  | • |  | Expanded capacity by issuing $230 million secured two-year term loan
| • |  | Over $720 million in availability on our three multi-currency lines as of quarter-end
| • |  | AMB’s share of total debt to total market capitalization(1) is 44.9% at the end of the third quarter
Operations(2) |  | • |  | 4.9% year-to-date same store NOI growth(1); 3.5% in the third quarter
| • |  | 95.0% year-to-date average occupancy; 95.3% average occupancy in the third quarter
| • |  | 4.1% trailing four quarter rent changes on renewals and rollover; 4.8% in the third quarter
| • |  | Formed wholly owned subsidiary, AMB Property Mexico, through acquisition of remaining equity interest (approximately 42%) in G.Accion
Capital Deployment(2) |  | • |  | Acquired $140 million of properties in the Americas and Asia in the third quarter(3)
| • |  | Commenced $132 million of development in the third quarter
| • |  | Development leasing of more than 2.4 msf in the third quarter
Private Capital |  | • |  | Added $242 million in properties to our funds across Japan, Mexico and the U.S.
| • |  | Contributed AMB Partners II interests to AMB Institutional Alliance Fund III

(1) |  | See reporting definitions and supplemental financial measures disclosures.
(2) |  | Owned and managed portfolio.
(3) |  | Includes investments held through unconsolidated co-investment ventures.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 2

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|  | Funds From Operations (1) Overview |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Funds From Operations(1)(2)
(per diluted common share and unit)
Estimated FFO by Business(1)
(per diluted common share and unit)

|  | For the Years ended December 31, |  |  | 2008 Projected |
|  | 2006 |  |  | 2007 |  |  | (Midpoint) |
Real estate operations, net of unallocated overhead |  | $ | 1.53 |  |  | $ | 1.60 |  |  | $ | 1.49 |
Overhead reallocation |  |  | 0.27 |  |  |  | 0.45 |  |  |  | 0.56 |
Real estate operations FFO |  | $ | 1.80 |  |  | $ | 2.05 |  |  | $ | 2.05 |
% of reported FFO |  |  | 57.7 | % |  |  | 58.4 | % |  |  | 66.5 | %
Development Gains |  |  | 1.11 |  |  |  | 1.61 |  |  |  | 0.93 |
Overhead allocation |  |  | (0.13 | ) |  |  | (0.32 | ) |  |  | (0.41 | )
Development FFO |  | $ | 0.98 |  |  | $ | 1.29 |  |  | $ | 0.52 |
% of reported FFO |  |  | 31.4 | % |  |  | 36.8 | % |  |  | 16.9 | %
Private Capital Revenues |  |  | 0.48 |  |  |  | 0.30 |  |  |  | 0.66 |
Overhead allocation |  |  | (0.14 | ) |  |  | (0.13 | ) |  |  | (0.15 | )
Private Capital FFO |  | $ | 0.34 |  |  | $ | 0.17 |  |  | $ | 0.51 |
% of reported FFO |  |  | 10.9 | % |  |  | 4.8 | % |  |  | 16.6 | %
Total FFO |  | $ | 3.12 |  |  | $ | 3.51 |  |  | $ | 3.08 |

Development Gains(1)(3)
(per diluted common share and unit)
Private Capital Revenue
(per diluted common share and unit)

(1) |  | See reporting definitions and supplemental financial measures disclosures.
(2) |  | For a reconciliation of FFO from net income for the years ended December 31, 2007, 2006, 2005, 2004 and 2003, refer to our annual report on Form 10-K for the year ended December 31, 2007.
(3) |  | Excludes co-investment venture partners’ share of development gains.
(4) |  | Management revenues consist of asset management distributions or fees, acquisition fees for third-party acquisitions and priority distributions, as well as market compensation for development and other services.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 3

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|  | Consolidated Statements of Operations(1) (in thousands, except share and per share data) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarters ended September 30, |  |  | For the Nine Months ended September 30, |
|  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 152,993 |  |  | $ | 157,805 |  |  | $ | 487,071 |  |  | $ | 474,752 |
Private capital revenues(2) |  |  | 9,502 |  |  |  | 7,564 |  |  |  | 60,838 |  |  |  | 22,007 |
Total revenues |  |  | 162,495 |  |  |  | 165,369 |  |  |  | 547,909 |  |  |  | 496,759 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating costs |  |  | (44,157 | ) |  |  | (42,664 | ) |  |  | (138,375 | ) |  |  | (128,785 | )
Depreciation and amortization |  |  | (46,985 | ) |  |  | (40,628 | ) |  |  | (129,493 | ) |  |  | (121,641 | )
General and administrative |  |  | (34,415 | ) |  |  | (35,145 | ) |  |  | (103,361 | ) |  |  | (95,259 | )
Fund costs |  |  | (312 | ) |  |  | (261 | ) |  |  | (919 | ) |  |  | (779 | )
Impairment losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (257 | )
Other expenses(3) |  |  | 1,088 |  |  |  | (944 | ) |  |  | 1,926 |  |  |  | (2,995 | )
Total costs and expenses |  |  | (124,781 | ) |  |  | (119,642 | ) |  |  | (370,222 | ) |  |  | (349,716 | )
Other income and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development gains, net of taxes |  |  | 28,026 |  |  |  | 48,298 |  |  |  | 76,248 |  |  |  | 89,486 |
Gains from sale or contribution of real estate interests, net |  |  | — |  |  |  | — |  |  |  | 19,967 |  |  |  | 74,843 |
Equity in earnings of unconsolidated co-investment ventures |  |  | 5,372 |  |  |  | 3,425 |  |  |  | 14,359 |  |  |  | 7,286 |
Other income(3) |  |  | (4,229 | ) |  |  | 7,956 |  |  |  | (51 | ) |  |  | 20,012 |
Interest expense, including amortization |  |  | (32,319 | ) |  |  | (29,326 | ) |  |  | (100,955 | ) |  |  | (97,486 | )
Total other income and expenses |  |  | (3,150 | ) |  |  | 30,353 |  |  |  | 9,568 |  |  |  | 94,141 |
Income from operations before minority interests |  |  | 34,564 |  |  |  | 76,080 |  |  |  | 187,255 |  |  |  | 241,184 |
Minority interests’ share of income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Co-investment venture partners’ share of income |  |  | (4,194 | ) |  |  | (5,890 | ) |  |  | (29,393 | ) |  |  | (21,088 | )
Co-investment venture partners’ and limited partnership unitholders’ share of development gains |  |  | (1,090 | ) |  |  | (2,115 | ) |  |  | (7,204 | ) |  |  | (5,196 | )
Preferred unitholders |  |  | (1,431 | ) |  |  | (1,431 | ) |  |  | (4,295 | ) |  |  | (6,610 | )
Limited partnership unitholders |  |  | 137 |  |  |  | (581 | ) |  |  | (2,518 | ) |  |  | (4,903 | )
Total minority interests’ share of income |  |  | (6,578 | ) |  |  | (10,017 | ) |  |  | (43,410 | ) |  |  | (37,797 | )
Income from continuing operations |  |  | 27,986 |  |  |  | 66,063 |  |  |  | 143,845 |  |  |  | 203,387 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income attributable to discontinued operations, net of minority interests |  |  | 177 |  |  |  | 3,135 |  |  |  | 2,066 |  |  |  | 9,345 |
Gains (losses) from disposition of real estate, net of minority interests |  |  | (12 | ) |  |  | 3,912 |  |  |  | 2,191 |  |  |  | 4,329 |
Total discontinued operations |  |  | 165 |  |  |  | 7,047 |  |  |  | 4,257 |  |  |  | 13,674 |
Net income |  |  | 28,151 |  |  |  | 73,110 |  |  |  | 148,102 |  |  |  | 217,061 |
Preferred stock dividends |  |  | (3,952 | ) |  |  | (3,952 | ) |  |  | (11,856 | ) |  |  | (11,856 | )
Preferred unit redemption (issuance costs) discount |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (2,930 | )
Net income available to common stockholders |  | $ | 24,199 |  |  | $ | 69,155 |  |  | $ | 136,246 |  |  | $ | 202,275 |
Net income per common share (diluted) |  | $ | 0.24 |  |  | $ | 0.69 |  |  | $ | 1.37 |  |  | $ | 2.04 |
Weighted average common shares (diluted) |  |  | 98,952 |  |  |  | 100,914 |  |  |  | 99,457 |  |  |  | 99,311 |

(1) |  | On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture.
(2) |  | Includes incentive and promote distributions for 2008 of $33.0 million for AMB Institutional Alliance Fund III received during the quarter ended June 30, 2008 and of $1.0 million for the dissolution of AMB Erie co-investment venture received during the quarter ended March 31, 2008.
(3) |  | Includes changes in liabilities and assets associated with AMB’s deferred compensation plan.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 4

#####

|  | Consolidated Statements of Funds from Operations(1) (in thousands, except share and per share data) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarters ended September 30, |  |  | For the Nine Months ended September 30, |
|  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Net income available to common stockholders |  | $ | 24,199 |  |  | $ | 69,155 |  |  | $ | 136,246 |  |  | $ | 202,275 |
Gains (losses) from sale or contribution of real estate, net of minority interests |  |  | 12 |  |  |  | (3,912 | ) |  |  | (22,158 | ) |  |  | (79,172 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total depreciation and amortization |  |  | 46,985 |  |  |  | 40,628 |  |  |  | 129,493 |  |  |  | 121,641 |
Discontinued operations’ depreciation |  |  | 4 |  |  |  | 354 |  |  |  | 61 |  |  |  | 1,853 |
Non-real estate depreciation |  |  | (1,997 | ) |  |  | (1,387 | ) |  |  | (5,786 | ) |  |  | (3,965 | )
Adjustments to derive FFO from consolidated co-investment ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Co-investment venture partners’ minority interests (Net income) |  |  | 4,194 |  |  |  | 5,890 |  |  |  | 29,393 |  |  |  | 21,088 |
Limited partnership unitholders’ minority interests (Net income) |  |  | (137 | ) |  |  | 581 |  |  |  | 2,518 |  |  |  | 4,903 |
Limited partnership unitholders’ minority interests (Development profits) |  |  | 1,090 |  |  |  | 2,115 |  |  |  | 2,795 |  |  |  | 3,861 |
Discontinued operations’ minority interests (Net income) |  |  | 8 |  |  |  | 139 |  |  |  | 316 |  |  |  | 423 |
FFO attributable to minority interests |  |  | (8,819 | ) |  |  | (15,731 | ) |  |  | (41,812 | ) |  |  | (47,347 | )
Adjustments to derive FFO from unconsolidated co-investment ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB’s share of net income |  |  | (5,372 | ) |  |  | (3,425 | ) |  |  | (14,359 | ) |  |  | (7,286 | )
AMB’s share of FFO |  |  | 11,589 |  |  |  | 9,828 |  |  |  | 32,727 |  |  |  | 21,308 |
Funds from operations |  | $ | 71,756 |  |  | $ | 104,235 |  |  | $ | 249,434 |  |  | $ | 239,582 |
FFO per common share and unit (diluted) |  | $ | 0.70 |  |  | $ | 0.99 |  |  | $ | 2.41 |  |  | $ | 2.31 |
Weighted average common shares and units (diluted) |  |  | 102,922 |  |  |  | 105,110 |  |  |  | 103,430 |  |  |  | 103,777 |

(1) |  | See reporting definitions and supplemental financial measures disclosures.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 5

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|  | Consolidated Balance Sheets(1)(2) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | As of |
|  | September 30, 2008 |  |  | December 31, 2007 |
Assets |  |  |  |  |  |  |  |
Investments in real estate |  |  |  |  |  |  |  |
Total investments in properties |  | $ | 6,315,790 |  |  | $ | 6,709,545 |
Accumulated depreciation |  |  | (928,831 | ) |  |  | (916,686 | )
Net investments in properties |  |  | 5,386,959 |  |  |  | 5,792,859 |
Investments in unconsolidated co-investment ventures |  |  | 433,649 |  |  |  | 356,194 |
Properties held for contribution, net |  |  | 693,805 |  |  |  | 488,339 |
Properties held for divestiture, net |  |  | 81,347 |  |  |  | 40,513 |
Net investments in real estate |  |  | 6,595,760 |  |  |  | 6,677,905 |
Cash and cash equivalents and restricted cash |  |  | 309,547 |  |  |  | 250,416 |
Accounts receivable, net |  |  | 163,118 |  |  |  | 184,270 |
Other assets |  |  | 249,393 |  |  |  | 149,812 |
Total assets |  | $ | 7,317,818 |  |  | $ | 7,262,403 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |
Secured debt |  | $ | 1,384,409 |  |  | $ | 1,471,087 |
Unsecured senior debt |  |  | 1,153,582 |  |  |  | 1,003,123 |
Unsecured credit facilities |  |  | 816,875 |  |  |  | 876,105 |
Other debt |  |  | 403,357 |  |  |  | 144,529 |
Accounts payable and other liabilities |  |  | 411,050 |  |  |  | 306,196 |
Total liabilities |  |  | 4,169,273 |  |  |  | 3,801,040 |
Minority interests |  |  |  |  |  |  |  |
Co-investment venture partners |  |  | 282,083 |  |  |  | 517,572 |
Preferred unitholders |  |  | 77,561 |  |  |  | 77,561 |
Limited partnership unitholders |  |  | 92,614 |  |  |  | 102,278 |
Total minority interests |  |  | 452,258 |  |  |  | 697,411 |
Stockholders’ equity |  |  |  |  |  |  |  |
Common equity |  |  | 2,472,875 |  |  |  | 2,540,540 |
Preferred equity |  |  | 223,412 |  |  |  | 223,412 |
Total stockholders’ equity |  |  | 2,696,287 |  |  |  | 2,763,952 |
Total liabilities and stockholders’ equity |  | $ | 7,317,818 |  |  | $ | 7,262,403 |

(1) |  | During the quarter ended September 30, 2008, AMB acquired the remaining equity interest (approximately 42%) in G. Accion, a Mexican real estate company. Total assets and total liabilities include $223,829 and $174,217, respectively, related to G. Accion as of September 30, 2008.
(2) |  | On July 1, 2008, the partners of AMB Partners II (previously, a consolidated co-investment venture) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III, an unconsolidated co-investment venture.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 6

#####

|  | Supplemental Cash Flow Information (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarters ended |  |  | For the Nine Months ended |
|  | September 30, |  |  | September 30, |
|  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
AMB’s Owned and Managed Portfolio:(1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rents and amortization of lease intangibles |  | $ | 6,785 |  |  | $ | 6,246 |  |  | $ | 18,746 |  |  | $ | 14,204 |
AMB’s share of straight-line rents and amortization of lease intangibles |  | $ | 4,135 |  |  | $ | 4,039 |  |  | $ | 10,567 |  |  | $ | 9,438 |
Gross lease termination fees |  | $ | 266 |  |  | $ | 1,100 |  |  | $ | 656 |  |  | $ | 1,803 |
Net lease termination fees(3) |  | $ | 197 |  |  | $ | 1,045 |  |  | $ | 408 |  |  | $ | 1,766 |
AMB’s share of net lease termination fees |  | $ | 146 |  |  | $ | 546 |  |  | $ | 334 |  |  | $ | 1,181 |
Recurring capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant improvements |  | $ | 4,610 |  |  | $ | 6,655 |  |  | $ | 12,102 |  |  | $ | 15,808 |
Lease commissions and other lease costs |  |  | 6,228 |  |  |  | 5,562 |  |  |  | 20,200 |  |  |  | 19,065 |
Building improvements |  |  | 11,902 |  |  |  | 10,123 |  |  |  | 27,220 |  |  |  | 24,475 |
Sub-total |  |  | 22,740 |  |  |  | 22,340 |  |  |  | 59,522 |  |  |  | 59,348 |
Co-Investment venture partners’ share of capital expenditures |  |  | (5,778 | ) |  |  | (6,508 | ) |  |  | (17,382 | ) |  |  | (17,747 | )
AMB’s share of recurring capital expenditures |  | $ | 16,962 |  |  | $ | 15,832 |  |  | $ | 42,140 |  |  | $ | 41,601 |
AMB’s Consolidated Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rents and amortization of lease intangibles |  | $ | 3,010 |  |  | $ | 3,817 |  |  | $ | 9,050 |  |  | $ | 8,767 |
AMB’s share of straight-line rents and amortization of lease intangibles |  | $ | 3,357 |  |  | $ | 3,554 |  |  | $ | 8,755 |  |  | $ | 8,352 |
Gross lease termination fees |  | $ | 198 |  |  | $ | 519 |  |  | $ | 557 |  |  | $ | 1,158 |
Net lease termination fees(3) |  | $ | 136 |  |  | $ | 464 |  |  | $ | 319 |  |  | $ | 1,123 |
AMB’s share of net lease termination fees |  | $ | 135 |  |  | $ | 431 |  |  | $ | 318 |  |  | $ | 1,053 |
Recurring capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant improvements |  | $ | 3,312 |  |  | $ | 6,229 |  |  | $ | 9,639 |  |  | $ | 14,271 |
Lease commissions and other lease costs |  |  | 5,321 |  |  |  | 4,811 |  |  |  | 16,719 |  |  |  | 15,900 |
Building improvements |  |  | 9,483 |  |  |  | 9,139 |  |  |  | 22,462 |  |  |  | 22,309 |
Sub-total |  |  | 18,116 |  |  |  | 20,179 |  |  |  | 48,820 |  |  |  | 52,480 |
Co-Investment venture partners’ share of capital expenditures |  |  | (1,977 | ) |  |  | (4,742 | ) |  |  | (8,616 | ) |  |  | (12,297 | )
AMB’s share of recurring capital expenditures |  | $ | 16,139 |  |  | $ | 15,437 |  |  | $ | 40,204 |  |  | $ | 40,183 |

(1) |  | See Reporting Definitions.
(2) |  | See Supplemental Financial Measures Disclosure for a discussion of owned and managed supplemental cash flow information.
(3) |  | Net lease termination fees are defined as gross lease termination fees less the associated straight-line rent balance.

Overview |  |  | Financial Results |  |  | Operations |  |  | Capital Deployment |  |  | Private Capital |  |  | Capitalization |  |  | NAV |  |  | Reporting Definitions |  |  | 7

#####

|  | Operations Overview(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Same Store Cash-basis NOI Growth Without Lease Termination Fees(2)
Average Occupancy(2)
Rent Change on Renewals and Rollovers(2)(3)
Lease Expirations as % of Annualized Base Rent (ABR)(2)
Top Customers

|  |  |  | Square |  |  |  |  |  |  |
|  |  |  | Feet |  |  | ABR |  |  | % of ABR |
1 |  | Deutsche Post World Net (DHL) |  |  | 4,371,771 |  |  | $ | 34,959 |  |  |  | 4.1 | %
2 |  | United States Government |  |  | 1,395,896 |  |  |  | 20,819 |  |  |  | 2.4 | %
3 |  | FedEx Corporation |  |  | 1,469,895 |  |  |  | 15,025 |  |  |  | 1.8 | %
4 |  | BAX Global Inc/Schenker/Deutsche Bahn |  |  | 1,146,988 |  |  |  | 11,536 |  |  |  | 1.3 | %
5 |  | Nippon Express |  |  | 1,024,139 |  |  |  | 11,289 |  |  |  | 1.3 | %
6 |  | Sagawa Express |  |  | 729,135 |  |  |  | 10,248 |  |  |  | 1.2 | %
7 |  | Panalpina |  |  | 1,316,351 |  |  |  | 8,666 |  |  |  | 1.0 | %
8 |  | UPS |  |  | 1,362,079 |  |  |  | 8,649 |  |  |  | 1.0 | %
9 |  | La Poste |  |  | 902,391 |  |  |  | 7,991 |  |  |  | 0.9 | %
10 |  | Caterpillar Logistics Services |  |  | 668,280 |  |  |  | 7,352 |  |  |  | 0.9 | %
|  | Subtotal |  |  | 14,386,925 |  |  | $ | 136,534 |  |  |  | 15.9 | %
|  | Top 11-20 Customers |  |  | 7,629,961 |  |  |  | 50,678 |  |  |  | 5.9 | %
|  | Total |  |  | 22,016,886 |  |  | $ | 187,212 |  |  |  | 21.8 | %

(1) |  | Owned and managed portfolio.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | Represents trailing four quarter data.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 8

#####

|  | Operating Statistics(1) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call |

|  | Owned & Managed Portfolio(2) |  |  | Same Store Pool(2) |
|  | Quarter ended |  |  | Quarter ended |  |  | Quarter ended |  |  | Quarter ended |
|  | September 30, 2008 |  |  | June 30, 2008 |  |  | September 30, 2008 |  |  | June 30, 2008 |
Square feet |  |  | 129,618,917 |  |  |  | 125,897,660 |  |  |  | 100,910,875 |  |  |  | 101,123,122 |
Percentage of owned & managed square feet |  |  |  |  |  |  |  |  |  |  | 77.9 | % |  |  | 80.3 | %
Occupancy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupancy percentage at period end(2) |  |  | 95.4 | % |  |  | 95.2 | % |  |  | 95.2 | % |  |  | 95.2 | %
Occupancy percentage at period end (prior year) |  |  | 95.5 | % |  |  | 96.1 | % |  |  | 96.1 | % |  |  | 96.2 | %
Average occupancy percentage(2) |  |  | 95.3 | % |  |  | 94.6 | % |  |  | 95.1 | % |  |  | 94.6 | %
Average occupancy percentage (prior year) |  |  | 95.5 | % |  |  | 94.9 | % |  |  | 95.8 | % |  |  | 95.4 | %
Weighted average lease terms (years) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Original |  |  | 6.2 |  |  |  | 6.2 |  |  |  | 5.9 |  |  |  | 6.0 |
Remaining |  |  | 3.4 |  |  |  | 3.5 |  |  |  | 3.0 |  |  |  | 3.1 |
Trailing four quarters statistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant retention(2) |  |  | 72.4 | % |  |  | 70.4 | % |  |  | 72.3 | % |  |  | 70.4 | %
Rent change on renewals and rollovers(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percentage |  |  | 4.1 | % |  |  | 4.3 | % |  |  | 3.5 | % |  |  | 3.9 | %
Same space square footage commencing (millions) |  |  | 18.4 |  |  |  | 19.1 |  |  |  | 17.7 |  |  |  | 18.5 |
Second generation TIs and LCs per square foot(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained |  | $ | 1.42 |  |  | $ | 1.28 |  |  |  |  |  |  |  |  |
Re-tenanted |  | $ | 3.15 |  |  | $ | 3.28 |  |  |  |  |  |  |  |  |
Weighted average |  | $ | 1.99 |  |  | $ | 1.98 |  |  |  |  |  |  |  |  |
Second generation square footage commencing (millions) |  |  | 21.8 |  |  |  | 22.7 |  |  |  |  |  |  |  |  |
Gross operating margin(2) |  |  | 73.5 | % |  |  | 73.7 | % |  |  | 72.9 | % |  |  | 73.0 | %
|  |  |  |  |  |  |  |  |  | Same Store Pool(2) |
|  |  |  |  |  |  |  |  |  | Quarter ended |  |  | Nine Months ended |
Cash Basis NOI percent change(2) |  |  |  |  |  |  |  | September 30, 2008 |  |  | September 30, 2008 |
Increase in revenues excluding lease termination fees(3) |  |  |  |  |  |  |  |  |  |  | 4.3 | % |  |  | 5.0 | %
Increases in expenses(3) |  |  |  |  |  |  |  |  |  |  | 6.3 | % |  |  | 5.5 | %
NOI excluding lease termination fees(2)(3) |  |  |  |  |  |  |  |  |  |  | 3.5 | % |  |  | 4.9 | %
NOI including lease termination fees(2)(3) |  |  |  |  |  |  |  |  |  |  | 3.0 | % |  |  | 4.6 | %

(1) |  | Owned and managed portfolio.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | For the quarter ended September 30, 2008, on a consolidated basis, the percent change was 1.5%, 2.7%, 1.1% and 0.9%, respectively, for increase in revenues excluding lease termination fees, increase in expenses, NOI excluding lease termination fees and NOI including lease termination fees. For the nine months ended September 30, 2008, on a consolidated basis, the percent change was 2.9%, 2.4%, 3.1% and 3.2% respectively, for increase in revenues excluding lease termination fees, increase in expenses, NOI excluding lease termination fees and NOI including lease termination fees.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 9

#####

a

|  | Portfolio Overview |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | % of Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year-to-Date |  |  | Trailing Four |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Owned and |  |  | AMB's share |  |  |  |  |  |  | Annualized |  |  | Same Store NOI |  |  | Quarters Rent |
|  | Square Feet |  |  |  |  |  |  | Placed in |  |  |  |  |  |  | Square Feet |  |  | Managed Square |  |  | of Square |  |  | Year-to-Date |  |  | Base Rent |  |  | Growth Without |  |  | Change on |
|  | as of |  |  | Acquired |  |  | Operations |  |  | Disposed |  |  | as of |  |  | Feet as of |  |  | Feet as of |  |  | Average |  |  | psf as of |  |  | Lease |  |  | Renewals and |
|  | 6/30/2008 |  |  | Square Feet |  |  | Square Feet(1) |  |  | Square Feet |  |  | 9/30/2008 |  |  | 9/30/2008 |  |  | 9/30/2008 |  |  | Occupancy |  |  | 9/30/2008 |  |  | Termination Fees(2) |  |  | Rollovers(2) |
Southern California |  |  | 18,223,868 |  |  |  | 436,650 |  |  |  | 1,313,470 |  |  |  | — |  |  |  | 19,973,988 |  |  |  | 15.4 | % |  |  | 54.6 | % |  |  | 96.8 | % |  | $ | 6.42 |  |  |  | 6.0 | % |  |  | 10.9 | %
Chicago |  |  | 13,193,391 |  |  |  | 202,470 |  |  |  | — |  |  |  | — |  |  |  | 13,395,861 |  |  |  | 10.3 | % |  |  | 52.4 | % |  |  | 89.7 | % |  |  | 5.39 |  |  |  | (3.0 | %) |  |  | 0.8 | %
No. New Jersey/New York |  |  | 11,239,553 |  |  |  | 112,121 |  |  |  | — |  |  |  | — |  |  |  | 11,351,674 |  |  |  | 8.8 | % |  |  | 48.2 | % |  |  | 98.9 | % |  |  | 7.37 |  |  |  | 5.3 | % |  |  | 2.8 | %
San Francisco Bay Area |  |  | 10,366,058 |  |  |  | 310,447 |  |  |  | 205,112 |  |  |  | — |  |  |  | 10,881,617 |  |  |  | 8.4 | % |  |  | 71.1 | % |  |  | 93.8 | % |  |  | 6.60 |  |  |  | 3.4 | % |  |  | 8.4 | %
Seattle |  |  | 8,645,277 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,645,277 |  |  |  | 6.7 | % |  |  | 46.9 | % |  |  | 96.6 | % |  |  | 5.22 |  |  |  | 10.3 | % |  |  | 8.6 | %
South Florida |  |  | 6,279,591 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,279,591 |  |  |  | 4.8 | % |  |  | 70.7 | % |  |  | 95.2 | % |  |  | 7.60 |  |  |  | 4.2 | % |  |  | 9.0 | %
U.S. On-Tarmac |  |  | 2,629,113 |  |  |  | — |  |  |  | 1,611 |  |  |  | — |  |  |  | 2,630,724 |  |  |  | 2.0 | % |  |  | 92.6 | % |  |  | 92.8 | % |  |  | 19.03 |  |  |  | (0.5 | %) |  |  | (3.5 | %)
Other U.S. Markets |  |  | 28,666,494 |  |  |  | — |  |  |  | (152,550 | ) |  |  | — |  |  |  | 28,513,944 |  |  |  | 22.0 | % |  |  | 62.8 | % |  |  | 93.7 | % |  |  | 5.57 |  |  |  | 1.7 | % |  |  | 1.7 | %
U.S. Subtotal / Wtd Avg |  |  | 99,243,345 |  |  |  | 1,061,688 |  |  |  | 1,367,643 |  |  |  | — |  |  |  | 101,672,676 |  |  |  | 78.4 | % |  |  | 59.0 | % |  |  | 94.7 | % |  | $ | 6.47 |  |  |  | 3.4 | % |  |  | 4.9 | %
Canada |  |  | 1,784,376 |  |  |  | — |  |  |  | 375,241 |  |  |  | — |  |  |  | 2,159,617 |  |  |  | 1.7 | % |  |  | 100.0 | % |  |  | 97.0 | % |  | $ | 5.58 |  |  |  | 0.0 | % |  |  | n/a |
Mexico City |  |  | 3,590,942 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,590,942 |  |  |  | 2.8 | % |  |  | 47.4 | % |  |  | 98.2 | % |  |  | 6.14 |  |  |  | 15.8 | % |  |  | (4.5 | %)
Guadalajara |  |  | 2,409,455 |  |  |  | — |  |  |  | 473,719 |  |  |  | — |  |  |  | 2,883,174 |  |  |  | 2.2 | % |  |  | 21.6 | % |  |  | 95.7 | % |  |  | 4.65 |  |  |  | (0.1 | %) |  |  | 0.9 | %
Other Mexico Markets |  |  | 419,845 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 419,845 |  |  |  | 0.3 | % |  |  | 26.8 | % |  |  | 100.0 | % |  |  | 5.36 |  |  |  | 9.8 | % |  |  | n/a |
Mexico Subtotal / Wtd Avg |  |  | 6,420,242 |  |  |  | — |  |  |  | 473,719 |  |  |  | — |  |  |  | 6,893,961 |  |  |  | 5.3 | % |  |  | 35.4 | % |  |  | 97.3 | % |  | $ | 5.47 |  |  |  | 10.7 | % |  |  | (0.5 | %)
The Americas Total / Wtd Avg |  |  | 107,447,963 |  |  |  | 1,061,688 |  |  |  | 2,216,603 |  |  |  | — |  |  |  | 110,726,254 |  |  |  | 85.4 | % |  |  | 58.3 | % |  |  | 94.8 | % |  | $ | 6.39 |  |  |  | 3.6 | % |  |  | 4.8 | %
France |  |  | 3,441,817 |  |  |  | — |  |  |  | (63,163 | ) |  |  | — |  |  |  | 3,378,654 |  |  |  | 2.6 | % |  |  | 22.1 | % |  |  | 94.7 | % |  | $ | 8.71 |  |  |  | 13.8 | % |  |  | (21.8 | %)
Germany |  |  | 3,191,670 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,191,670 |  |  |  | 2.5 | % |  |  | 30.2 | % |  |  | 95.7 | % |  |  | 9.03 |  |  |  | 9.4 | % |  |  | 3.5 | %
Benelux |  |  | 2,835,213 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,835,213 |  |  |  | 2.2 | % |  |  | 20.6 | % |  |  | 99.2 | % |  |  | 10.15 |  |  |  | 27.4 | % |  |  | 5.9 | %
Other Europe Markets |  |  | 343,077 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 343,077 |  |  |  | 0.3 | % |  |  | 61.8 | % |  |  | 100.0 | % |  |  | 16.43 |  |  |  | 0.0 | % |  |  | n/a |
Europe Subtotal / Wtd Avg |  |  | 9,811,777 |  |  |  | — |  |  |  | (63,163 | ) |  |  | — |  |  |  | 9,748,614 |  |  |  | 7.6 | % |  |  | 25.7 | % |  |  | 96.5 | % |  | $ | 9.53 |  |  |  | 15.2 | % |  |  | (14.8 | %)
Tokyo |  |  | 5,263,053 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,263,053 |  |  |  | 4.1 | % |  |  | 20.0 | % |  |  | 94.9 | % |  | $ | 12.96 |  |  |  | 10.4 | % |  |  | 1.7 | %
Osaka |  |  | 1,018,875 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,018,875 |  |  |  | 0.7 | % |  |  | 20.0 | % |  |  | 93.1 | % |  |  | 9.86 |  |  |  | 17.0 | % |  |  | (2.1 | %)
Other Japan Markets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | n/a |
Japan Subtotal / Wtd Avg |  |  | 6,281,928 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,281,928 |  |  |  | 4.8 | % |  |  | 20.0 | % |  |  | 94.6 | % |  | $ | 12.46 |  |  |  | 11.6 | % |  |  | 1.0 | %
China |  |  | 1,404,539 |  |  |  | 302,122 |  |  |  | 1,367 |  |  |  | — |  |  |  | 1,708,028 |  |  |  | 1.3 | % |  |  | 100.0 | % |  |  | 97.9 | % |  | $ | 4.64 |  |  |  | 8.9 | % |  |  | 20.2 | %
Singapore |  |  | 733,321 |  |  |  | 202,640 |  |  |  | — |  |  |  | — |  |  |  | 935,961 |  |  |  | 0.7 | % |  |  | 100.0 | % |  |  | 99.7 | % |  |  | 9.42 |  |  |  | 23.9 | % |  |  | 9.1 | %
Other Asia Markets |  |  | 218,132 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 218,132 |  |  |  | 0.2 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 7.06 |  |  |  | 0.0 | % |  |  | n/a |
Asia Total / Wtd Avg |  |  | 8,637,920 |  |  |  | 504,762 |  |  |  | 1,367 |  |  |  | — |  |  |  | 9,144,049 |  |  |  | 7.0 | % |  |  | 45.0 | % |  |  | 95.7 | % |  | $ | 10.57 |  |  |  | 15.1 | % |  |  | 4.1 | %
Owned and Managed Total / Wtd Avg(2) |  |  | 125,897,660 |  |  |  | 1,566,450 |  |  |  | 2,154,807 |  |  |  | — |  |  |  | 129,618,917 |  |  |  | 100.0 | % |  |  | 54.9 | % |  |  | 95.0 | % |  | $ | 6.92 |  |  |  | 4.9 | % |  |  | 4.1 | %
Other Real Estate Investments(3) |  |  | 7,495,659 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,495,659 |  |  |  |  |  |  |  | 54.3 | % |  |  | 94.5 | % |  |  | 5.27 |  |  |  |  |  |  |  |  |
Total Operating Portfolio |  |  | 133,393,319 |  |  |  | 1,566,450 |  |  |  | 2,154,807 |  |  |  | — |  |  |  | 137,114,576 |  |  |  |  |  |  |  | 54.9 | % |  |  | 95.0 | % |  | $ | 6.83 |  |  |  |  |  |  |  |  |
Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pipeline |  |  | 17,288,574 |  |  |  | 1,604,006 | (5) |  |  | (289,426 | )(6) |  |  | (771,930 | )(6) |  |  | 17,831,224 |  |  |  |  |  |  |  | 89.3 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale or Contribution(4) |  |  | 4,863,803 |  |  |  | 771,930 | (5) |  |  | (2,162,431 | )(6) |  |  | (42,069 | )(6) |  |  | 3,431,233 |  |  |  |  |  |  |  | 94.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development Subtotal |  |  | 22,152,377 |  |  |  | 2,375,936 |  |  |  | (2,451,857 | ) |  |  | (813,999 | ) |  |  | 21,262,457 |  |  |  |  |  |  |  | 90.2 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Global Portfolio |  |  | 155,545,696 |  |  |  | 3,942,386 |  |  |  | (297,050 | ) |  |  | (813,999 | ) |  |  | 158,377,033 |  |  |  |  |  |  |  | 59.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) |  | Represents assets placed in operations from development and may include positive/(negative) remeasures to operating assets.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | Includes operating properties held through AMB’s investments in unconsolidated co-investment ventures that it does not manage and are therefore excluded from the owned and managed portfolio and the location of AMB’s global headquarters.
(4) |  | Represents development projects available for sale or contribution that are not included in the operating portfolio.
(5) |  | For development pipeline, represents square footage of development starts. For available for sale or contribution, represents new projects available.
(6) |  | For development pipeline, represents square footage of completed development projects. For available for sale or contribution, represents projects placed in operations.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 10

#####

|  | Capital Deployment Overview (dollars in millions) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Development Pipeline by Region as of September 30, 2008(1)
(Estimated Total Investment(2))
Development Starts(1)
(Estimated Total Investment(2))
Property Acquisitions by Region for the Nine Months ended September 30, 2008(3)
(Acquisition Cost(2))
Acquisition Volume(3)
(Acquisition Cost(2))

(1) |  | Includes investments held through unconsolidated co-investment ventures.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | Owned and managed portfolio.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 11

#####

|  | Property Acquisitions(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarter ended September 30, 2008 |  |  | For the Nine Months ended September 30, 2008 |
|  |  |  |  |  | Acquisition |  |  | % of Total |  |  |  |  |  |  | Acquisition |  |  | % of Total |
|  | Square Feet |  |  | Cost(2) |  |  | Acquisition Cost |  |  | Square Feet |  |  | Cost(2) |  |  | Acquisition Cost |
The Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1,061,688 |  |  | $ | 100,263 |  |  |  | 71.8 | % |  |  | 2,059,299 |  |  | $ | 201,319 |  |  |  | 37.9 | %
Other Americas |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 828,167 |  |  |  | 72,995 |  |  |  | 13.8 | %
The Americas Total |  |  | 1,061,688 |  |  | $ | 100,263 |  |  |  | 71.8 | % |  |  | 2,887,466 |  |  | $ | 274,314 |  |  |  | 51.7 | %
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
France |  |  | — |  |  | $ | — |  |  |  | 0.0 | % |  |  | — |  |  | $ | — |  |  |  | 0.0 | %
Germany |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 1,075,367 |  |  |  | 106,780 |  |  |  | 20.1 | %
Benelux |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
Other Europe |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 164,795 |  |  |  | 68,023 |  |  |  | 12.8 | %
Europe Total |  |  | — |  |  | $ | — |  |  |  | 0.0 | % |  |  | 1,240,162 |  |  | $ | 174,803 |  |  |  | 32.9 | %
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | — |  |  | $ | — |  |  |  | 0.0 | % |  |  | — |  |  | $ | — |  |  |  | 0.0 | %
China |  |  | 302,122 |  |  |  | 15,201 |  |  |  | 10.9 | % |  |  | 302,122 |  |  |  | 15,201 |  |  |  | 2.9 | %
Other Asia |  |  | 202,640 |  |  |  | 24,164 |  |  |  | 17.3 | % |  |  | 671,530 |  |  |  | 66,408 | (4) |  |  | 12.5 | %
Asia Total |  |  | 504,762 |  |  | $ | 39,365 |  |  |  | 28.2 | % |  |  | 973,652 |  |  | $ | 81,609 |  |  |  | 15.4 | %
Total Acquisitions |  |  | 1,566,450 |  |  | $ | 139,628 |  |  |  | 100.0 | % |  |  | 5,101,280 |  |  | $ | 530,726 |  |  |  | 100.0 | %
AMB’s Weighted Average Ownership Percentage |  |  |  |  |  |  | 58.9 | % |  |  |  |  |  |  |  |  |  |  | 50.3 | % |  |  |  |
Weighted Average Stabilized GAAP Cap Rate(3) |  |  |  |  |  |  | 6.0 | % |  |  |  |  |  |  |  |  |  |  | 6.0 | % |  |  |  |
Weighted Average Stabilized Cash Cap Rate(3) |  |  |  |  |  |  | 5.5 | % |  |  |  |  |  |  |  |  |  |  | 5.8 | % |  |  |  |

|  |  |  |  |  | Acquisition |  |  | % of Total |  |  |  |  |  |  | Acquisition |  |  | % of Total |
|  | Square Feet |  |  | Cost(2) |  |  | Acquisition Cost |  |  | Square Feet |  |  | Cost(2) |  |  | Acquisition Cost |
By Entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB Property Corporation |  |  | 941,412 |  |  | $ | 68,990 |  |  |  | 49.4 | % |  |  | 2,630,318 |  |  | $ | 204,533 |  |  |  | 38.5 | %
AMB-SGP Mexico |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
AMB Japan Fund I |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
AMB Europe Fund I |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 848,313 |  |  |  | 154,499 |  |  |  | 29.1 | %
AMB Institutional Alliance Fund III |  |  | 625,038 |  |  |  | 70,638 |  |  |  | 50.6 | % |  |  | 1,622,649 |  |  |  | 171,694 |  |  |  | 32.4 | %
Total Acquisitions |  |  | 1,566,450 |  |  | $ | 139,628 |  |  |  | 100.0 | % |  |  | 5,101,280 |  |  | $ | 530,726 |  |  |  | 100.0 | %

(1) |  | Owned and managed portfolio.
(2) |  | Includes closing costs and estimated total acquisition capital expenditures of approximately $2.4 and $13.4 million, respectively, for the quarter and nine months ended September 30, 2008.
(3) |  | See reporting definitions and supplemental financial measures disclosures.
(4) |  | Includes buyout of remaining 50% interest in an owned and managed asset.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 12

#####

|  | Development Starts and Total Capital Deployment(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarter ended September 30, 2008 |  |  | For the Nine Months ended September 30, 2008 |
|  | Estimated |  |  | Estimated |  |  | % of Total |  |  | Estimated |  |  | Estimated |  |  | % of Total |
|  | Square Feet at |  |  | Total |  |  | Estimated |  |  | Square Feet at |  |  | Total |  |  | Estimated |
|  | Stabilization(2) |  |  | Investment(2) |  |  | Investment(2) |  |  | Stabilization(2) |  |  | Investment(2) |  |  | Investment(2) |
The Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 392,603 |  |  | $ | 25,503 |  |  |  | 19.3 | % |  |  | 2,185,871 |  |  | $ | 170,792 |  |  |  | 36.7 | %
Other Americas |  |  | 733,938 |  |  |  | 47,419 |  |  |  | 35.8 | % |  |  | 2,278,427 |  |  |  | 146,203 |  |  |  | 31.4 | %
The Americas Total |  |  | 1,126,541 |  |  | $ | 72,922 |  |  |  | 55.1 | % |  |  | 4,464,298 |  |  | $ | 316,995 |  |  |  | 68.1 | %
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
France |  |  | 63,507 |  |  | $ | 10,219 |  |  |  | 7.7 | % |  |  | 403,948 |  |  | $ | 42,380 |  |  |  | 9.1 | %
Germany |  |  | 413,958 |  |  |  | 49,200 |  |  |  | 37.2 | % |  |  | 413,958 |  |  |  | 49,200 |  |  |  | 10.6 | %
Benelux |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
Other Europe |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
Europe Total |  |  | 477,465 |  |  | $ | 59,419 |  |  |  | 44.9 | % |  |  | 817,906 |  |  | $ | 91,580 |  |  |  | 19.7 | %
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | — |  |  | $ | — |  |  |  | 0.0 | % |  |  | 417,833 |  |  | $ | 47,142 |  |  |  | 10.1 | %
China |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | 276,482 |  |  |  | 9,509 |  |  |  | 2.1 | %
Other Asia |  |  | — |  |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | — |  |  |  | 0.0 | %
Asia Total |  |  | — |  |  | $ | — |  |  |  | 0.0 | % |  |  | 694,315 |  |  | $ | 56,651 |  |  |  | 12.2 | %
Total Development Starts |  |  | 1,604,006 |  |  | $ | 132,341 |  |  |  | 100.0 | % |  |  | 5,976,519 |  |  | $ | 465,226 |  |  |  | 100.0 | %
AMB’s Weighted Average Ownership Percentage |  |  |  |  |  |  | 91.2 | % |  |  |  |  |  |  |  |  |  |  | 94.1 | % |  |  |  |
Weighted Average Estimated Yield(2) |  |  |  |  |  |  | 7.7 | % |  |  |  |  |  |  |  |  |  |  | 7.5 | % |  |  |  |

|  | For the Quarter ended |  |  | For the Nine Months ended |
|  | September 30, 2008 |  |  | September 30, 2008 |
|  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |
|  | Square Feet at |  |  | Total |  |  | Square Feet at |  |  | Total |
|  | Stabilization(2) |  |  | Investment(2) |  |  | Stabilization(2) |  |  | Investment(2) |
Total Acquisitions |  |  | 1,566,450 |  |  | $ | 139,628 |  |  |  | 5,101,280 |  |  | $ | 530,726 |
Total Development Starts |  |  | 1,604,006 |  |  |  | 132,341 |  |  |  | 5,976,519 |  |  |  | 465,226 |
Total Capital Deployment |  |  | 3,170,456 |  |  | $ | 271,969 |  |  |  | 11,077,799 |  |  | $ | 995,952 |

(1) |  | Includes investments held through unconsolidated co-investment ventures.
(2) |  | See reporting definitions and supplemental financial measures disclosures.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 13

#####

|  | Contributions and Dispositions(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | For the Quarter ended |  |  | For the Nine Months ended |
|  | September 30, 2008 |  |  | September 30, 2008 |
|  | Operating Property |  |  | Development Property |  |  | Operating Property |  |  | Development Property |
AMB’s Ownership Contributed and Disposed |  |  | 0.0 | % |  |  | 74.1 | % |  |  | 36.3 | % |  |  | 75.2 | %
Contribution Value and Disposition Price |  | $ | — |  |  | $ | 192,378 |  |  | $ | 69,775 |  |  | $ | 569,568 |
Weighted Average Stabilized Cash Cap Rate(2)(3) |  |  | 0.0 | % |  |  | 6.0 | % |  |  | 6.3 | % |  |  | 5.9 | %
Development Margin(3) |  |  | N/A |  |  |  | 26.4 | % |  |  | N/A |  |  |  | 22.6 | %

Square Footage or Acreage Contributed or Sold

|  | For the Quarter ended September 30, 2008 |  |  | For the Nine Months ended September 30, 2008 |
|  | Operating Property |  |  | Development Property |  |  | Operating Property |  |  | Development Property |
|  | Square Feet |  |  | Square Feet |  |  | Land Acreage(4) |  |  | Square Feet |  |  | Square Feet |  |  | Land Acreage(4) |
The Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  |  | 1,354,964 |  |  |  | 7 |  |  |  | 848,550 |  |  |  | 2,922,628 |  |  |  | 7 |
Other Americas |  |  | — |  |  |  | 473,720 |  |  |  | — |  |  |  | — |  |  |  | 1,421,043 |  |  |  | — |
The Americas Total |  |  | — |  |  |  | 1,828,684 |  |  |  | 7 |  |  |  | 848,550 |  |  |  | 4,343,671 |  |  |  | 7 |
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
France |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Germany |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benelux |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 110,701 |  |  |  | — |
Other Europe |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Europe Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 110,701 |  |  |  | - |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | — |  |  |  | 348,557 |  |  |  | — |  |  |  | — |  |  |  | 891,596 |  |  |  | — |
China |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other Asia |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asia Total |  |  | — |  |  |  | 348,557 |  |  |  | — |  |  |  | — |  |  |  | 891,596 |  |  |  | - |
Total |  |  | — |  |  |  | 2,177,241 |  |  |  | 7 |  |  |  | 848,550 |  |  |  | 5,345,968 |  |  |  | 7 |

(1) |  | Includes investments held through unconsolidated co-investment ventures.
(2) |  | Excludes value-added conversions, development for sale, and land sales.
(3) |  | See reporting definitions and supplemental financial measures disclosures.
(4) |  | Represents acreage for land sales and value added conversion projects.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 14

#####

|  | Development Pipeline(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | 2008 Expected Stabilizations |  |  | 2009 Expected Stabilizations |  |  | 2010 Expected Stabilizations |  |  | Total |  |  |  |
|  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |  |  | Estimated |  |  | % of Total |
|  | Square Feet at |  |  | Total |  |  | Square Feet at |  |  | Total |  |  | Square Feet at |  |  | Total |  |  | Square Feet at |  |  | Total |  |  | Estimated |
|  | Stabilization(2) |  |  | Investment(2)(3) |  |  | Stabilization(2) |  |  | Investment(2)(3) |  |  | Stabilization(2) |  |  | Investment(2)(3) |  |  | Stabilization(2) |  |  | Investment(2)(3) |  |  | Investment(2) |
The Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1,139,193 |  |  | $ | 83,152 |  |  |  | 4,844,815 |  |  | $ | 399,466 |  |  |  | 189,740 |  |  | $ | 16,552 |  |  |  | 6,173,748 |  |  | $ | 499,170 |  |  |  | 32.4 | %
Other Americas |  |  | 404,548 |  |  |  | 24,501 |  |  |  | 3,327,183 |  |  |  | 209,091 |  |  |  | 875,533 |  |  |  | 60,049 |  |  |  | 4,607,264 |  |  |  | 293,641 |  |  |  | 19.1 | %
The Americas Total |  |  | 1,543,741 |  |  | $ | 107,653 |  |  |  | 8,171,998 |  |  | $ | 608,557 |  |  |  | 1,065,273 |  |  | $ | 76,601 |  |  |  | 10,781,012 |  |  | $ | 792,811 |  |  |  | 51.5 | %
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
France |  |  | 37,954 |  |  | $ | 5,006 |  |  |  | 475,969 |  |  | $ | 47,458 |  |  |  | 340,441 |  |  | $ | 29,192 |  |  |  | 854,364 |  |  | $ | 81,656 |  |  |  | 5.3 | %
Germany |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 413,958 |  |  |  | 49,200 |  |  |  | 413,958 |  |  |  | 49,200 |  |  |  | 3.2 | %
Benelux |  |  | 96,520 |  |  |  | 17,904 |  |  |  | 890,529 |  |  |  | 92,903 |  |  |  | — |  |  |  | — |  |  |  | 987,049 |  |  |  | 110,807 |  |  |  | 7.2 | %
Other Europe |  |  | 585,971 |  |  |  | 75,353 |  |  |  | 436,916 |  |  |  | 39,048 |  |  |  | — |  |  |  | — |  |  |  | 1,022,887 |  |  |  | 114,401 |  |  |  | 7.4 | %
Europe Total |  |  | 720,445 |  |  | $ | 98,263 |  |  |  | 1,803,414 |  |  | $ | 179,409 |  |  |  | 754,399 |  |  | $ | 78,392 |  |  |  | 3,278,258 |  |  | $ | 356,064 |  |  |  | 23.1 | %
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | 1,409,492 |  |  | $ | 173,360 |  |  |  | 685,757 |  |  | $ | 103,835 |  |  |  | 417,833 |  |  | $ | 47,187 |  |  |  | 2,513,082 |  |  | $ | 324,382 |  |  |  | 21.1 | %
China |  |  | — |  |  |  | — |  |  |  | 617,062 |  |  |  | 28,392 |  |  |  | 279,065 |  |  |  | 10,461 |  |  |  | 896,127 |  |  |  | 38,853 |  |  |  | 2.5 | %
Other Asia |  |  | 362,745 |  |  |  | 27,353 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 362,745 |  |  |  | 27,353 |  |  |  | 1.8 | %
Asia Total |  |  | 1,772,237 |  |  | $ | 200,713 |  |  |  | 1,302,819 |  |  | $ | 132,227 |  |  |  | 696,898 |  |  | $ | 57,648 |  |  |  | 3,771,954 |  |  | $ | 390,588 |  |  |  | 25.4 | %
Total |  |  | 4,036,423 |  |  | $ | 406,629 |  |  |  | 11,278,231 |  |  | $ | 920,193 |  |  |  | 2,516,570 |  |  | $ | 212,641 |  |  |  | 17,831,224 |  |  | $ | 1,539,463 |  |  |  | 100.0 | %
Number of Projects |  |  |  |  |  |  | 11 |  |  |  |  |  |  |  | 38 |  |  |  |  |  |  |  | 8 |  |  |  |  |  |  |  | 57 |  |  |  |  |
Funded-to-Date |  |  |  |  |  | $ | 360,859 |  |  |  |  |  |  | $ | 760,954 |  |  |  |  |  |  | $ | 89,328 |  |  |  |  |  |  | $ | 1,211,141 |  |  |  |  |
AMB’s Weighted Average Ownership Percentage |  |  |  |  |  |  | 97.7 | % |  |  |  |  |  |  | 89.3 | % |  |  |  |  |  |  | 98.4 | % |  |  |  |  |  |  | 92.8 | % |  |  |  |
AMB’s Share of Amounts Funded to Date |  |  |  |  |  | $ | 352,459 |  |  |  |  |  |  | $ | 678,049 |  |  |  |  |  |  | $ | 88,247 |  |  |  |  |  |  | $ | 1,118,755 |  |  |  |  |
AMB’s Share of Amounts Funded to Date Percentage |  |  |  |  |  |  | 88.7 | % |  |  |  |  |  |  | 82.5 | % |  |  |  |  |  |  | 42.2 | % |  |  |  |  |  |  | 78.3 | % |  |  |  |
Weighted Average Estimated Yield(2) |  |  |  |  |  |  | 7.3 | % |  |  |  |  |  |  | 7.5 | % |  |  |  |  |  |  | 7.1 | % |  |  |  |  |  |  | 7.4 | % |  |  |  |
Percent Pre-Leased(2) |  |  |  |  |  |  | 54.7 | % |  |  |  |  |  |  | 26.7 | % |  |  |  |  |  |  | 5.9 | % |  |  |  |  |  |  | 30.1 | % |  |  |  |

(1) |  | Includes investments held through unconsolidated co-investment ventures.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | Includes value-added conversion projects.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 15

#####

|  | Completions and Properties Available for Sale or Contribution(1) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | Development Completions(2) |  |  | Available for Sale or Contribution as of September 30, 2008 |
|  | For the Quarter ended |  |  | For the Nine Months ended |  |  | Development |  |  | Operating |
|  | September 30, 2008 |  |  | September 30, 2008 |  |  | Properties |  |  | Properties |
|  |  |  |  |  | Total |  |  |  |  |  |  | Total |  |  |  |  |  |  | Total |  |  |  |  |  |  | Total |
|  | Square Feet |  |  | Investment(3) |  |  | Square Feet |  |  | Investment(3) |  |  | Square Feet |  |  | Investment(3)(4) |  |  | Square Feet |  |  | Investment(3) |
The Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 366,896 |  |  | $ | 27,691 |  |  |  | 3,096,104 |  |  | $ | 219,605 |  |  |  | 901,773 |  |  | $ | 95,225 |  |  |  | 122,793 |  |  | $ | 7,240 |
Other Americas |  |  | — |  |  |  | — |  |  |  | 281,441 |  |  |  | 25,362 |  |  |  | 281,459 |  |  |  | 24,961 |  |  |  | 2,159,617 |  |  |  | 203,088 |
The Americas Total |  |  | 366,896 |  |  | $ | 27,691 |  |  |  | 3,377,545 |  |  | $ | 244,967 |  |  |  | 1,183,232 |  |  | $ | 120,186 |  |  |  | 2,282,410 |  |  | $ | 210,328 |
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
France |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | 277,817 |  |  | $ | 23,504 |  |  |  | 67,274 |  |  | $ | 15,630 |
Germany |  |  | — |  |  |  | — |  |  |  | 139,608 |  |  |  | 18,790 |  |  |  | 139,608 |  |  |  | 19,012 |  |  |  | — |  |  |  | — |
Benelux |  |  | — |  |  |  | — |  |  |  | 110,712 |  |  |  | 18,273 |  |  |  | 110,712 |  |  |  | 16,311 |  |  |  | — |  |  |  | — |
Other Europe |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 178,282 |  |  |  | 38,195 |
Europe Total |  |  | — |  |  | $ | — |  |  |  | 250,320 |  |  | $ | 37,063 |  |  |  | 528,137 |  |  | $ | 58,827 |  |  |  | 245,556 |  |  | $ | 53,825 |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | 405,034 |  |  | $ | 55,284 |  |  |  | 2,068,421 |  |  | $ | 325,694 |  |  |  | 1,719,864 |  |  | $ | 276,832 |  |  |  | — |  |  | $ | — |
China |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,405,906 |  |  |  | 62,024 |
Other Asia |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 218,132 |  |  |  | 20,532 |
Asia Total |  |  | 405,034 |  |  | $ | 55,284 |  |  |  | 2,068,421 |  |  | $ | 325,694 |  |  |  | 1,719,864 |  |  | $ | 276,832 |  |  |  | 1,624,038 |  |  | $ | 82,556 |
Total |  |  | 771,930 |  |  | $ | 82,975 |  |  |  | 5,696,286 |  |  | $ | 607,724 |  |  |  | 3,431,233 |  |  | $ | 455,845 |  |  |  | 4,152,004 |  |  | $ | 346,709 |
AMB’s Weighted Average Ownership Percentage |  |  |  |  |  |  | 100.0 | % |  |  |  |  |  |  | 87.2 | % |  |  |  |  |  |  | 92.6 | % |  |  |  |  |  |  | 100.0 | %
Weighted Average Estimated Yield(2) |  |  |  |  |  |  | 6.3 | % |  |  |  |  |  |  | 7.2 | % |  |  |  |  |  |  | 7.0 | % |  |  |  |  |  |  | N/A |
Percent Pre-leased(2) |  |  |  |  |  |  | 31.0 | % |  |  |  |  |  |  | 60.3 | % |  |  |  |  |  |  | 59.9 | % |  |  |  |  |  |  | 97.4 | %

(1) |  | Includes investments held through unconsolidated co-investment ventures.
(2) |  | See reporting definitions and supplemental financial measures disclosures.
(3) |  | Includes value-added conversion projects.
(4) |  | Total investment includes estimated costs of completion.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 16

#####

|  | Land, Value Added Conversion, and Redevelopment Inventory(1)(2) (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Land Inventory

|  | The Americas |  |  | Europe |  |  | Asia |  |  | Total |
|  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |
|  |  |  |  |  | Build Out Potential |  |  |  |  |  |  | Build Out Potential |  |  |  |  |  |  | Build Out Potential |  |  |  |  |  |  | Build Out Potential |
|  | Acres |  |  | (square feet) |  |  | Acres |  |  | (square feet) |  |  | Acres |  |  | (square feet) |  |  | Acres |  |  | (square feet) |
Balance as of June 30, 2008 |  |  | 2,274 |  |  |  | 37,415,858 |  |  |  | 225 |  |  |  | 4,401,981 |  |  |  | 64 |  |  |  | 2,774,095 |  |  |  | 2,563 |  |  |  | 44,591,934 |
Acquisitions |  |  | 38 |  |  |  | 674,488 |  |  |  | 16 |  |  |  | 400,029 |  |  |  | 36 |  |  |  | 1,654,137 |  |  |  | 90 |  |  |  | 2,728,654 |
Sales |  |  | (7 | ) |  |  | (113,802 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | (113,802 | )
Development starts |  |  | (41 | ) |  |  | (767,688 | ) |  |  | (15 | ) |  |  | (413,958 | ) |  |  | — |  |  |  | — |  |  |  | (56 | ) |  |  | (1,181,646 | )
Site plan adjustments |  |  | — |  |  |  | (110,896 | ) |  |  | — |  |  |  | 85,212 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25,684 | )
Balance as of September 30, 2008 |  |  | 2,264 |  |  |  | 37,097,960 |  |  |  | 226 |  |  |  | 4,473,264 |  |  |  | 100 |  |  |  | 4,428,232 |  |  |  | 2,590 | (3) |  |  | 45,999,456 | (3)
Investment in Land(4) |  |  |  |  |  | $ | 479,633 |  |  |  |  |  |  | $ | 79,796 |  |  |  |  |  |  | $ | 113,358 |  |  |  |  |  |  | $ | 672,787 | (3)
Estimated Total Investment(1) |  |  |  |  |  | $ | 1,939,300 |  |  |  |  |  |  | $ | 399,352 |  |  |  |  |  |  | $ | 385,782 |  |  |  |  |  |  | $ | 2,724,434 |

Value-Added Conversion Inventory(1)(7)

|  | East Region |  |  | Southwest Region |  |  | West Central Region |  |  | The Americas |
|  |  |  |  |  | Number of |  |  |  |  |  |  | Number of |  |  |  |  |  |  | Number of |  |  |  |  |  |  | Number of |
Conversion Time Frame |  | Acres |  |  | Projects |  |  | Acres |  |  | Projects |  |  | Acres |  |  | Projects |  |  | Acres |  |  | Projects |
3 years or less |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | 2 |  |  |  | 36 |  |  |  | 3 |  |  |  | 67 |  |  |  | 5 |
3+ years |  |  | 7 |  |  |  | 2 |  |  |  | 32 |  |  |  | 2 |  |  |  | 160 |  |  |  | 8 |  |  |  | 199 |  |  |  | 12 |
Total |  |  | 7 |  |  |  | 2 |  |  |  | 63 |  |  |  | 4 |  |  |  | 196 |  |  |  | 11 |  |  |  | 266 | (5) |  |  | 17 |

Redevelopment Inventory(1)(7)

|  | East Region |  |  | Southwest Region |  |  | West Central Region |  |  | The Americas |
|  | Square |  |  | Number of |  |  | Square |  |  | Number of |  |  | Square |  |  | Number of |  |  | Square |  |  | Number of |
Redevelopment Time Frame |  | Feet |  |  | Projects |  |  | Feet |  |  | Projects |  |  | Feet |  |  | Projects |  |  | Feet |  |  | Projects |
3 years or less |  |  | 40,800 |  |  |  | 1 |  |  |  | 329,140 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 369,940 |  |  |  | 2 |
3+ years |  |  | — |  |  |  | — |  |  |  | 688,499 |  |  |  | 2 |  |  |  | 309,873 |  |  |  | 1 |  |  |  | 998,372 |  |  |  | 3 |
Total |  |  | 40,800 |  |  |  | 1 |  |  |  | 1,017,639 |  |  |  | 3 |  |  |  | 309,873 |  |  |  | 1 |  |  |  | 1,368,312 | (6) |  |  | 5 |

(1) |  | See reporting definitions and supplemental financial measures disclosures.
(2) |  | Includes investments held through unconsolidated co-investment ventures.
(3) |  | AMB’s share of acres, square feet of estimated build out, and total investment including amounts held in unconsolidated co-investment ventures is 2,398 acres, 42.7 million square feet and $571,840, respectively.
(4) |  | Represents actual cost incurred to date including initial acquisition, infrastructure, and associated carry costs.
(5) |  | AMB’s share is 198 acres.
(6) |  | AMB’s share is 748,457 square feet.
(7) |  | East, Southwest, and West Central regions represent AMB’s geographic division of The Americas.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 17

#####

|  | Private Capital Co-investment Ventures Overview(1) (dollars in millions) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | Date |  | Geographic |  |  |  | Functional |  | Incentive Distribution |  |
Co-investment Venture |  | Established |  | Focus |  | Principal Venture Investors |  | Currency |  | Frequency |  | Term
AMB-SGP |  | March 2001 |  | United States |  | Subsidiary of GIC Real Estate Pte Ltd. |  | USD |  | 10 years |  | March 2011; extendable 10 years
AMB Institutional Alliance Fund II |  | June 2001 |  | United States |  | Various |  | USD |  | At dissolution |  | December 2014 (estimated)
AMB-AMS |  | June 2004 |  | United States |  | Various |  | USD |  | At dissolution |  | December 2012; extendable 4 years
AMB Institutional Alliance Fund III(1) |  | October 2004 |  | United States |  | Various |  | USD |  | 3 years (next 2Q11) |  | Open end
AMB-SGP Mexico |  | December 2004 |  | Mexico |  | Subsidiary of GIC Real Estate Pte Ltd. |  | USD |  | 7 years |  | December 2011; extendable 7 years
AMB Japan Fund I |  | June 2005 |  | Japan |  | Various |  | JPY |  | At dissolution |  | June 2013; extendable 2 years
AMB DFS Fund I |  | October 2006 |  | United States |  | GE Real Estate |  | USD |  | Upon project sales |  | Perpetual
AMB Europe Fund I |  | June 2007 |  | Europe |  | Various |  | EUR |  | 3 years (next 2Q10) |  | Open end

YTD Additions to Private Capital Co-investment Ventures(2)
Gross Carrying Value of Private Capital Co-investment Ventures(3)

(1) |  | On July 1, 2008, the partners of AMB Partners II contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III in exchange for interests in AMB Institutional Alliance Fund III.
(2) |  | Additions to private capital co-investment ventures include both acquisitions from third parties as well as assets contributed to co-investment ventures from AMB.
(3) |  | See reporting definitions and supplemental financial measures disclosures.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 18

#####

|  | Joint Ventures Financial Summary (dollars in thousands) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | AMB’s |  |  |  |  |  | Gross |  |  |  |  |  |  |  |  |  |  | AMB’s |  |  | Estimated |  |  | Planned |
|  | Ownership |  | Square |  |  | Book |  |  | Property |  |  | Other |  |  | Net Equity |  |  | Investment |  |  | Gross |
Unconsolidated Joint Ventures |  | Percentage |  | Feet(1) |  |  | Value(2) |  |  | Debt |  |  | Debt |  |  | Investment(3) |  |  | Capacity |  |  | Capitalization |
Operating Co-Investment Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB Institutional Alliance Fund III(4) |  | 19% |  |  | 36,869,503 |  |  | $ | 3,339,421 |  |  | $ | 1,766,493 |  |  | $ | — |  |  | $ | 186,709 |  |  | $ | 474,000 |  |  | $ | 3,813,000 |
AMB Europe Fund I(4) |  | 21% |  |  | 9,111,209 |  |  |  | 1,224,143 |  |  |  | 733,807 |  |  |  | — |  |  |  | 66,179 |  |  |  | 155,000 |  |  |  | 1,379,000 |
AMB Japan Fund I |  | 20% |  |  | 6,281,928 |  |  |  | 1,153,215 |  |  |  | 663,614 |  |  |  | 112,949 |  |  |  | 65,995 |  |  |  | 524,000 |  |  |  | 1,677,000 |
AMB-SGP Mexico |  | 22% |  |  | 6,324,638 |  |  |  | 353,559 |  |  |  | 171,180 |  |  |  | 58,825 |  |  |  | 14,663 |  |  |  | 306,000 |  |  |  | 660,000 |
Total Operating Co-investment Ventures |  | 20% |  |  | 58,587,278 |  |  |  | 6,070,338 |  |  |  | 3,335,094 |  |  |  | 171,774 |  |  |  | 333,546 |  |  |  | 1,459,000 |  |  |  | 7,529,000 |
Development Co-investment Ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB DFS Fund I |  | 15% |  |  | 1,288,340 |  |  |  | 131,606 |  |  |  | — |  |  |  | — |  |  |  | 19,693 |  |  |  | 307,000 |  |  |  | 439,000 |
AMB Institutional Alliance Fund III(4) |  | 19% |  |  | 431,747 |  |  |  | 10,457 |  |  |  | 6,024 |  |  |  | — |  |  |  | 837 |  |  |  | n/a |  |  |  | n/a |
AMB Europe Fund I(4) |  | 21% |  |  | 63,507 |  |  |  | 8,191 |  |  |  | 4,327 |  |  |  | — |  |  |  | 795 |  |  |  | n/a |  |  |  | n/a |
Total Development Co-investment Ventures |  | 14% |  |  | 1,783,594 |  |  |  | 150,254 |  |  |  | 10,351 |  |  |  | — |  |  |  | 21,325 |  |  |  | 307,000 |  |  |  | 439,000 |
Total Unconsolidated Co-investment Ventures(5) |  | 19% |  |  | 60,370,872 |  |  |  | 6,220,592 |  |  |  | 3,345,445 |  |  |  | 171,774 |  |  |  | 354,871 |  |  |  | 1,766,000 |  |  |  | 7,968,000 |
Other Industrial Operating Joint Ventures |  | 55% |  |  | 7,669,507 | (6) |  |  | 278,179 |  |  |  | 166,199 |  |  |  | — |  |  |  | 50,877 |  |  |  | n/a |  |  |  | n/a |
Total Unconsolidated Joint Ventures |  | 21% |  |  | 68,040,379 |  |  | $ | 6,498,771 |  |  | $ | 3,511,644 |  |  | $ | 171,774 |  |  | $ | 405,748 |  |  | $ | 1,766,000 |  |  | $ | 7,968,000 |
Consolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Co-investment Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB-SGP |  | 50% |  |  | 8,288,663 |  |  | $ | 460,536 |  |  | $ | 343,088 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
AMB Institutional Alliance Fund II |  | 20% |  |  | 8,006,081 |  |  |  | 530,758 |  |  |  | 234,238 |  |  |  | 60,000 |  |  |  |  |  |  |  |  |  |  |  |  |
AMB-AMS |  | 39% |  |  | 2,172,137 |  |  |  | 157,291 |  |  |  | 83,761 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Operating Co-investment Ventures |  | 35% |  |  | 18,466,881 |  |  |  | 1,148,585 |  |  |  | 661,087 |  |  |  | 60,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Development Co-investment Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB Institutional Alliance Fund II |  | 20% |  |  | 98,560 |  |  |  | 8,234 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Development Co-investment Ventures |  | 20% |  |  | 98,560 |  |  |  | 8,234 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Consolidated Co-investment Ventures |  | 34% |  |  | 18,565,441 |  |  |  | 1,156,819 |  |  |  | 661,087 |  |  |  | 60,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Industrial Operating Joint Ventures |  | 92% |  |  | 2,196,134 |  |  |  | 211,637 |  |  |  | 21,973 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Other Industrial Development Joint Ventures |  | 66% |  |  | 1,551,047 |  |  |  | 254,874 |  |  |  | 108,877 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Consolidated Joint Ventures |  | 47% |  |  | 22,312,622 |  |  | $ | 1,623,330 |  |  | $ | 791,937 |  |  | $ | 60,000 |  |  |  |  |  |  |  |  |  |  |  |  |

Selected Operating Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Quarter ended September 30, 2008 |  | Cash NOI(7) |  |  | Net Income |  |  | FFO(7) |  |  | Share of |  | Cash NOI(7) |  |  | Net Income |  |  | FFO(7) |
Unconsolidated Joint Ventures |  | $ | 102,913 |  |  | $ | 10,373 |  |  | $ | 49,081 |  |  | AMB’s |  | $ | 22,531 |  |  | $ | 5,372 |  |  | $ | 11,589 |
Consolidated Joint Ventures |  | $ | 29,949 |  |  | $ | 8,323 |  |  | $ | 18,313 |  |  | Partner’s |  | $ | 16,052 |  |  | $ | 2,601 |  |  | $ | 8,819 |
Selected Operating Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months ended September 30, 2008 |  | Cash NOI(7) |  |  | Net Income |  |  | FFO(7) |  |  | Share of |  | Cash NOI(7) |  |  | Net Income |  |  | FFO(7) |
Unconsolidated Joint Ventures |  | $ | 263,117 |  |  | $ | 41,956 |  |  | $ | 140,972 |  |  | AMB’s |  | $ | 57,539 |  |  | $ | 14,359 |  |  | $ | 32,727 |
Consolidated Joint Ventures |  | $ | 116,972 |  |  | $ | 52,354 |  |  | $ | 71,019 |  |  | Partner’s |  | $ | 72,417 |  |  | $ | 25,022 |  |  | $ | 41,812 |

(1) |  | For development properties, represents the estimated square feet upon completion for the committed phases of development projects.
(2) |  | Represents the book value of the property (before accumulated depreciation) owned by the Joint Venture and excludes net other assets. Development book values include uncommitted land.
(3) |  | On July 18, 2008, AMB acquired the remaining equity interest (approximately 42%) in G. Accion, a Mexican real estate company. G. Accion owns and develops real estate, and provides real estate management and development services in Mexico. Through its investment in G. Accion, AMB holds an equity interest in various other unconsolidated ventures for approximately $27.9 million.
(4) |  | The estimated investment capacity and planned gross capitalizations and investment capacities of AMB Institutional Alliance Fund III and AMB Europe Fund I, as open-end funds, are not limited. The planned gross capitalization represents the gross book value of real estate assets as of the most recent quarter end, and the investment capacity represents estimated capacity based on the fund’s current cash and leverage limitations as of the most recent quarter end. On July 1, 2008, the partners of AMB Partners II (previously, a consolidated entity) contributed their interests in AMB Partners II to AMB Institutional Alliance Fund III (an unconsolidated entity) in exchange for interests in AMB Institutional Alliance Fund III.
(5) |  | See reporting definitions and supplemental financial measures disclosures for unconsolidated co-investment venture operating results.
(6) |  | Includes investments in 7.4 million square feet of operating properties through AMB’s investment in unconsolidated Joint Ventures that it does not manage which it excludes from its owned and managed portfolio.
(7) |  | See reporting definitions and supplemental financial measures disclosures.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 19

#####

|  | Capitalization Summary (dollars in millions) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Value
Coverage and Debt Ratios

|  | For the Quarter ended |  |  | For the Nine Months ended |
|  | September 30, 2008 |  |  | September 30, 2008 |
Interest coverage(2) |  |  | 3.0 | x |  |  | 4.1 | x
Fixed charge coverage(2) |  |  | 2.2 | x |  |  | 2.5 | x
FFO payout(2) |  |  | 74.3 | % |  |  | 64.7 | %
AMB’s share of total debt-to-total market capitalization(2) |  |  | 44.9 | % |  |  | 44.9 | %

Capital Structure(1)

(1) |  | Debt amounts represent AMB’s share of debt and preferred securities.
(2) |  | See reporting definitions and supplemental financial measures disclosures.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 20

#####

|  | Capitalization Detail (dollars in thousands, except shares and share price) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

|  | AMB |  |  | Co-investment |  |  | Unsecured |  |  |  |  |  |  |  |  |  |
|  | Secured |  |  | Venture |  |  | Senior |  |  | Credit |  |  | Other |  |  | Total |
|  | Debt |  |  | Debt |  |  | Debt |  |  | Facilities(1) |  |  | Debt |  |  | Debt |
2008 |  | $ | 93,166 |  |  | $ | 10,966 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,236 |  |  | $ | 116,368 |
2009 |  |  | 135,094 |  |  |  | 99,964 |  |  |  | 100,000 |  |  |  | — |  |  |  | 325,873 |  |  |  | 660,931 |
2010 |  |  | 307,275 |  |  |  | 102,709 |  |  |  | 250,000 |  |  |  | 443,387 |  |  |  | 941 |  |  |  | 1,104,312 |
2011 |  |  | 14,759 |  |  |  | 68,780 |  |  |  | 75,000 |  |  |  | 373,488 |  |  |  | 1,014 |  |  |  | 533,041 |
2012 |  |  | 2,407 |  |  |  | 388,419 |  |  |  | — |  |  |  | — |  |  |  | 61,093 |  |  |  | 451,919 |
2013 |  |  | 20,761 |  |  |  | 42,831 |  |  |  | 500,000 |  |  |  | — |  |  |  | 920 |  |  |  | 564,512 |
2014 |  |  | 405 |  |  |  | 2,981 |  |  |  | — |  |  |  | — |  |  |  | 616 |  |  |  | 4,002 |
2015 |  |  | 16,271 |  |  |  | 17,610 |  |  |  | 112,491 |  |  |  | — |  |  |  | 664 |  |  |  | 147,036 |
2016 |  |  | — |  |  |  | 16,231 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,231 |
2017 |  |  | — |  |  |  | 1,272 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,272 |
Thereafter |  |  | — |  |  |  | 40,119 |  |  |  | 125,000 |  |  |  | — |  |  |  | — |  |  |  | 165,119 |
Subtotal |  | $ | 590,138 |  |  | $ | 791,882 |  |  | $ | 1,162,491 |  |  | $ | 816,875 |  |  | $ | 403,357 |  |  | $ | 3,764,743 |
Unamortized premiums/(discount) |  |  | 2,334 |  |  |  | 55 |  |  |  | (8,909 | ) |  |  | — |  |  |  | — |  |  |  | (6,520 | )
Total consolidated debt |  | $ | 592,472 |  |  | $ | 791,937 |  |  | $ | 1,153,582 |  |  | $ | 816,875 |  |  | $ | 403,357 |  |  | $ | 3,758,223 |
AMB’s share of unconsolidated co-investment venture debt(2)(3) |  |  | — |  |  |  | 735,943 |  |  |  | — |  |  |  | — |  |  |  | 35,296 |  |  |  | 771,239 |
Total debt |  | $ | 592,472 |  |  | $ | 1,527,880 |  |  | $ | 1,153,582 |  |  | $ | 816,875 |  |  | $ | 438,653 |  |  | $ | 4,529,462 |
Co-investment venture partners’ share of consolidated debt(3) |  |  | — |  |  |  | (456,924 | ) |  |  | — |  |  |  | — |  |  |  | (48,000 | ) |  |  | (504,924 | )
AMB’s share of total debt(3) |  | $ | 592,472 |  |  | $ | 1,070,956 |  |  | $ | 1,153,582 |  |  | $ | 816,875 |  |  | $ | 390,653 |  |  | $ | 4,024,538 |
Weighted average interest rate |  |  | 4.7 | % |  |  | 5.4 | % |  |  | 6.0 | % |  |  | 2.9 | % |  |  | 3.8 | % |  |  | 4.8 | %
Weighted average maturity (years) |  |  | 1.6 |  |  |  | 4.8 |  |  |  | 4.4 |  |  |  | 2.1 |  |  |  | 1.5 |  |  |  | 3.3 |

Market Equity |
Security |  | Shares |  |  | Price |  |  | Value |
Common Stock |  |  | 98,331,206 | (4) |  | $ | 45.30 |  |  | $ | 4,454,404 |
LP Units |  |  | 3,683,016 |  |  |  | 45.30 |  |  |  | 166,841 |
Total |  |  | 102,014,222 |  |  |  |  |  |  | $ | 4,621,245 |
Total options outstanding |  |  | 6,422,704 |
Dilutive effect of stock options and restricted stock(5) |  |  | 1,803,167 |

Preferred Stock and Units(6) |
|  | Dividend |  |  | Liquidation |
Security |  | Rate |  |  | Preference |
Series D preferred units |  |  | 7.18 | % |  | $ | 79,767 |
Series L preferred stock |  |  | 6.50 | % |  |  | 50,000 |
Series M preferred stock |  |  | 6.75 | % |  |  | 57,500 |
Series O preferred stock |  |  | 7.00 | % |  |  | 75,000 |
Series P preferred stock |  |  | 6.85 | % |  |  | 50,000 |
Weighted Average/Total |  |  | 6.90 | % |  | $ | 312,267 |

Capitalization Ratios |
Total debt-to-total market capitalization(3)(7) |  |  | 47.9 | %
AMB’s share of total debt-to-total market capitalization(3) |  |  | 44.9 | %
Total debt plus preferred-to-total market capitalization(3)(7) |  |  | 51.2 | %
AMB’s share of total debt plus preferred-to-AMB’s share of total market capitalization(3) |  |  | 48.4 | %

(1) |  | Represents three credit facilities with total capacity of approximately $1.6 billion. Includes $329.2 million, $337.8 million, $114.2 million and $35.7 million in Yen, Canadian dollar, Euro and Singapore dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at September 30, 2008.
(2) |  | The weighted average interest and maturity for the unconsolidated co-investment venture debt are 5.1% and 5.1 years, respectively.
(3) |  | See reporting definitions and supplemental financial measures disclosures.
(4) |  | Includes 905,220 shares of unvested restricted stock.
(5) |  | Computed using the treasury stock method and an average share price of $47.53 for the quarter ended September 30, 2008.
(6) |  | Units are exchangeable under certain circumstances by the unitholder for preferred stock and redeemable at the option of AMB after a five year non-call period.
(7) |  | Total Market Capitalization is defined as total debt plus preferred equity liquidation preferences plus market equity.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 21

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|  | Supplemental Information for Net Asset Value Analysis (NAV) (dollars in thousands, except per share amounts) |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Income Items

|  | Actual |  |  | Projected |
|  | Quarter ended |  |  |  |
|  | September 30, 2008 |  |  | 2008 |
Real Estate: |  |  |  |  |  |  |  |
Wholly owned property cash NOI(1) |  | $ | 75,877 |  |  |  |  |
Total cash NOI from co-investment ventures(1) |  | $ | 132,862 |  |  |  |  |
AMB’s share of joint ventures(1) |  |  | 27.4 | % |  |  |  |
AMB’s share of cash NOI from joint ventures(1) |  | $ | 36,428 |  |  |  |  |
AMB’s share of transaction adjustments(1)(2) |  | $ | (11,781 | ) |  |  |  |
Total AMB’s share of cash NOI(1)(3) |  | $ | 100,524 |  |  |  |  |
Development platform:(3) |  |  |  |  |  |  |  |  |  |
Development starts |  |  |  |  |  | $ | 750,000 |
Average development margin(1) |  |  |  |  |  |  | 12%-15 | %
Private capital platform: |  |  |  |  |  |  |  |
Total private capital revenue per common share and unit (diluted) |  | $ | 0.09 |  |  | $ | 0.64 - $0.66 |
Incentive distributions per common share and unit (diluted) |  | $ | — |  |  | $ | 0.33 |
FFO per common share and unit (diluted)(1) |  | $ | 0.70 |  |  | $ | 3.05 - $3.10 |

Assets & Liabilities(1)

|  | As of |
AMB’s share of:(1) |  | September 30, 2008 |
Development, land, and contributed assets:(3) |  |  |  |  |
Development pipeline (funded-to-date) |  | $ | 1,118,755 |
Development projects held for contribution or sale |  |  | 422,055 |
Operating projects held for contribution or sale |  |  | 346,709 |
Land held for future development |  |  | 571,840 |
Assets contributed to co-investment ventures |  |  | 33,706 |
Debt and preferred securities:(3) |  |  |  |
Total debt |  | $ | 4,024,538 |
Preferred securities |  |  | 312,267 |
Other balance sheet items:(3) |  |  |  |
Cash and cash equivalents |  | $ | 333,074 |
Accounts receivable (net) and other assets |  | $ | 434,830 |
Deferred rents receivable and deferred financing costs (net) |  | $ | (63,527 | )
Accounts payable and other liabilities |  | $ | (445,152 | )

(1) |  | See reporting definitions and supplemental financial measures disclosures.
(2) |  | Transaction activity adjustments remove NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution as the value of this real estate is reflected in AMB’s share of development, land, and contributed assets as detailed above. The adjustments also stabilize NOI for acquisitions.
(3) |  | Includes investments held through unconsolidated co-investment ventures.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 22

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|  | Reporting Definitions / Supplemental Financial Measures |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Acquisition Cost includes closing costs and estimated acquisition capital expenditures. Estimated acquisition capital expenditures include immediate building improvements that are taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standard or to stabilization and incremental building improvements and leasing costs that are incurred in an effort to substantially increase the revenue potential of an existing building.
Adjusted EBITDA. AMB uses adjusted earnings before interest, tax, depreciation and amortization, and non-development gains, or adjusted EBITDA, to measure both its operating performance and liquidity. AMB considers adjusted EBITDA to provide investors relevant and useful information because it permits investors to view income from its operations on an unleveraged basis before the effects of tax, non-cash depreciation and amortization expense or non-development gains. By excluding interest expense, adjusted EBITDA allows investors to measure AMB’s operating performance independent of its capital structure and indebtedness and, therefore, allows for a more meaningful comparison of its operating performance between quarters as well as annual periods and to compare its operating performance to that of other companies, both in the real estate industry and in other industries. AMB considers adjusted EBITDA to be a useful supplemental measure for reviewing its comparative performance with other companies because, by excluding non-cash depreciation expense, adjusted EBITDA can help the investing public compare the performance of a real estate company to that of companies in other industries. As a liquidity measure, AMB believes that adjusted EBITDA helps investors to analyze its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. Management uses adjusted EBITDA when measuring AMB’s operating performance and liquidity; specifically when assessing its operating performance, and comparing that performance to other companies, both in the real estate industry and in other industries, and when evaluating its ability to meet debt service obligations and to make quarterly preferred share dividends and unit distributions. AMB believes investors should consider adjusted EBITDA, in conjunction with net income (the primary measure of AMB’s performance) and the other required GAAP measures of its performance and liquidity, to improve their understanding of AMB’s operating results and liquidity, and to make more meaningful comparisons of its performance between periods and as against other companies. By excluding interest, taxes, depreciation and amortization, and non-development gains when assessing AMB’s financial performance, an investor is assessing the earnings generated by AMB’s operations, but not taking into account the eliminated expenses or non-development gains incurred in connection with such operations. As a result, adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with AMB’s required GAAP presentations. Adjusted EBITDA does not reflect AMB’s historical cash expenditures or future cash requirements for working capital, capital expenditures or contractual commitments. Adjusted EBITDA also does not reflect the cash required to make interest and principal payments on AMB’s outstanding debt. While adjusted EBITDA is a relevant and widely used measure of operating performance and liquidity, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, AMB’s computation of adjusted EBITDA may not be comparable to EBITDA reported by other companies.
The following table reconciles adjusted EBITDA from net income for the three and nine months ended September 30, 2008 and 2007 (dollars in thousands):

|  | For the Quarters ended |  |  | For the Nine Months ended |
|  | September 30, |  |  | September 30, |
|  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Net income |  | $ | 28,151 |  |  | $ | 73,110 |  |  | $ | 148,102 |  |  | $ | 217,061 |
Depreciation and amortization |  |  | 46,985 |  |  |  | 40,628 |  |  |  | 129,493 |  |  |  | 121,641 |
Impairment losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 257 |
Stock-based compensation amortization |  |  | 5,118 |  |  |  | 4,114 |  |  |  | 16,741 |  |  |  | 13,517 |
Adjustments to derive adjusted EBITDA from unconsolidated co-investment ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB’s share of net income |  |  | (5,372 | ) |  |  | (3,425 | ) |  |  | (14,359 | ) |  |  | (7,286 | )
AMB’s share of FFO |  |  | 11,589 |  |  |  | 9,828 |  |  |  | 32,727 |  |  |  | 21,308 |
AMB’s share of interest expense |  |  | 13,699 |  |  |  | 6,033 |  |  |  | 24,430 |  |  |  | 14,350 |
Interest expense, including amortization |  |  | 32,319 |  |  |  | 29,326 |  |  |  | 100,955 |  |  |  | 97,486 |
Total minority interests’ share of income |  |  | 6,578 |  |  |  | 10,017 |  |  |  | 43,410 |  |  |  | 37,797 |
Total discontinued operations, including gains |  |  | (165 | ) |  |  | (7,047 | ) |  |  | (24,224 | ) |  |  | (88,517 | )
Adjusted EBITDA attributable to minority interests |  |  | (10,398 | ) |  |  | (27,929 | ) |  |  | (67,505 | ) |  |  | (81,892 | )
Discontinued operations’ adjusted EBITDA |  |  | 711 |  |  |  | 3,198 |  |  |  | 1,793 |  |  |  | 9,359 |
Adjusted EBITDA |  | $ | 129,215 |  |  | $ | 137,853 |  |  | $ | 391,563 |  |  | $ | 355,081 |

AMB’s share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on AMB’s percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures accounted for in the applicable financial measure. AMB believes that “AMB’s share of” calculations are meaningful and useful supplemental measures, which enable both management and investors to assess the operations, earnings and growth of AMB in light of AMB’s ownership interest in its co-investment ventures and to compare the applicable measure to that of other companies. In addition, it allows for a more meaningful comparison of the applicable measure to that of other companies that do not consolidate any of their co-investment ventures. “AMB’s share of” calculations are not intended to reflect actual liability should there be a default under loans or a liquidation of the co-investment ventures. AMB’s computation of “AMB’s share of” measures may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.
AMB’s share of Other Balance Sheet Items. AMB believes that balance sheet information based on GAAP provides the most appropriate earnings information. However, AMB considers balance sheet information reported on an owned and managed basis (such as AMB’s share of cash and cash equivalents, AMB ‘s share of accounts receivable (net) and other assets, AMB’s share of deferred rents receivable and deferred financing costs (net), and AMB’s share of accounts payable and other liabilities) to be useful supplemental measures to help the investors better understand AMB’s operating performance. See Reporting Definitions for definitions of “owned and managed” and “AMB’s share of.” AMB believes that AMB’s share of balance sheet items on an owned and managed basis helps management and investors make a comprehensive assessment of AMB’s total real estate portfolio and provides a better understanding of AMB’s operating activities. While such information is helpful to the investor, it does not provide balance sheet information as defined by GAAP and is not a true alternative to such GAAP measurements. Further, AMB’s computation of its share of balance sheet items on an owned and managed basis may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.
AMB’s share of total debt. AMB’s share of total debt is the pro rata portion of the total debt based on its percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures holding the debt. AMB believes that its share of total debt is a meaningful supplemental measure, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. In addition, it allows for a more meaningful comparison of its debt to that of other companies that do not consolidate their co-investment ventures. AMB’s share of total debt is not intended to reflect its actual liability should there be a default under any or all of such loans or a liquidation of the co-investment ventures. See Capitalization Detail for a reconciliation of total debt and AMB’s share of total debt.
AMB’s share of total debt-to-total book capitalization is calculated using the following definitions: AMB’s share of total debt is the pro rata portion of the total debt based on AMB’s percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures holding the debt. AMB’s share of total book capitalization is defined as AMB’s share of total debt plus minority interests to preferred and limited partnership unitholders plus stockholders’ equity.
AMB’s share of total debt-to-total market capitalization is calculated using the following definitions: AMB’s share of total debt is the pro rata portion of the total debt based on AMB’s percentage of equity interest in each of the consolidated and unconsolidated co-investment ventures holding the debt. AMB’s definition of “total market capitalization” is AMB’s share of total debt plus preferred equity liquidation preferences plus market equity. AMB’s definition of “market equity” is the total number of outstanding shares of AMB’s common stock and common limited partnership units multiplied by the closing price per share of its common stock as of the period end.
Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of a certain date, multiplied by 12. If free rent is granted, then the first positive rent value is used. Leases denominated in foreign currencies are translated using the currency exchange rate at period end.
Assets Under Management is AMB’s estimate of the value of the real estate it wholly owns or manages through its consolidated and unconsolidated co-investment ventures or for clients of AMB Capital Partners. Assets under management is calculated by adding the co-investment venture partner’s or client’s share of the carrying value of its real estate investment to AMB’s share of total market capitalization.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 23

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|  | Reporting Definitions / Supplemental Financial Measures |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Average occupancy percentage represents the daily weighted occupancy of the total rentable square feet leased, including month-to-month leases, divided by total rentable square feet. Space is considered leased when the tenant has either taken physical or economic occupancy.
Carrying value is the sum of the most recent valuation of real estate investments plus subsequently incurred capital expenditures. Generally, each real estate investment is valued once a year.
Cash-basis NOI. Cash-basis NOI is defined as NOI less straight line rents and amortization of lease intangibles. AMB considers cash-basis NOI to be an appropriate and useful supplemental performance measure because cash basis NOI reflects the operating performance of the real estate portfolio excluding the effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. However, cash-basis NOI should not be viewed as an alternative measure of financial performance since it does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, cash-basis NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating cash-basis NOI.
For a reconciliation of NOI from net income for the quarter ended September 30, 2008, refer to the SS NOI definition. The following table reconciles AMB’s share of cash-basis NOI from NOI for the quarter ended September 30, 2008 (dollars in thousands):

|  | Quarter ended |
|  | September 30, 2008 |
NOI |  | $ | 108,836 |
Straight-line rents and amortization of lease intangibles |  |  | (3,010 | )
Consolidated co-investment venture cash NOI |  |  | (29,949 | )
Wholly-owned property cash NOI |  |  | 75,877 |
AMB’s share of consolidated co-investment venture cash NOI |  |  | 13,897 |
AMB’s share of unconsolidated co-investment venture cash NOI |  |  | 22,531 |
AMB’s share of transaction adjustments |  |  | (11,781 | )
AMB’s share of cash-basis NOI |  | $ | 100,524 |

Co-investment Ventures are Joint Ventures with institutional investors, managed by AMB from which AMB receives acquisition fees for third-party acquisitions, portfolio and asset management distributions or fees, as well as incentive distributions or promoted interests.
Co-Investment venture operating results.

For the Quarter Ended September 30, 2008 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Income |  |  |  |  |  |  |  |  |  |
|  | AMB’s |  |  |  |  |  |  | Property |  |  | (loss) from |  |  |  |  |  |  |  |  |  |
|  | Ownership |  |  |  |  |  |  | Operating |  |  | Continuing |  |  | Net |  |  |  |  |  |  |
Unconsolidated Co-investment Ventures |  | Percentage |  |  | Revenues |  |  | Expenses |  |  | Operations |  |  | Income (loss) |  |  | Cash NOI |  |  | FFO |
AMB Institutional Alliance Fund III(4) |  |  | 19 | % |  | $ | 69,480 |  |  | $ | (17,517 | ) |  | $ | 5,859 |  |  | $ | 5,859 |  |  | $ | 50,261 |  |  | $ | 26,063 |
AMB Europe Fund I(4) |  |  | 21 | % |  |  | 28,724 |  |  |  | (5,782 | ) |  |  | 2,876 |  |  |  | 2,876 |  |  |  | 23,357 |  |  |  | 10,900 |
AMB Japan Fund I |  |  | 20 | % |  |  | 19,757 |  |  |  | (4,321 | ) |  |  | 1,621 |  |  |  | 1,621 |  |  |  | 14,756 |  |  |  | 6,501 |
AMB-SGP Mexico |  |  | 22 | % |  |  | 9,082 |  |  |  | (1,541 | ) |  |  | (4,716 | ) |  |  | (4,716 | ) |  |  | 7,920 |  |  |  | (2,051 | )
AMB DFS Fund I |  |  | 15 | % |  |  | 187 |  |  |  | (26 | ) |  |  | 2,911 |  |  |  | 2,911 |  |  |  | 148 |  |  |  | 2,911 |
Consolidated Co-investment Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMB-SGP |  |  | 50 | % |  |  | 12,790 |  |  |  | (3,294 | ) |  |  | 1,221 |  |  |  | 1,221 |  |  |  | 9,528 |  |  |  | 4,539 |
AMB Institutional Alliance Fund II |  |  | 20 | % |  |  | 14,345 |  |  |  | (3,505 | ) |  |  | 3,291 |  |  |  | 3,291 |  |  |  | 11,112 |  |  |  | 6,482 |
AMB-AMS |  |  | 39 | % |  |  | 4,163 |  |  |  | (859 | ) |  |  | 918 |  |  |  | 918 |  |  |  | 3,221 |  |  |  | 2,042 |

Co-investment venture partner’s share of calculations for certain financial measures represent the pro-rata portion of the applicable financial measure based on AMB’s co-investment venture partners’ percentage of equity interest in each of the consolidated or unconsolidated co-investment ventures accounted for in the applicable financial measure.
Co-investment venture partner’s (or co-investor’s) share of debt is the co-investment venture partner’s pro-rata portion of total debt.
Co-investment venture partner’s (or co-investor’s) share of equity is the pro-rata portion of the co-investment venture partner’s share of carrying value less the co-investment venture partner’s share of debt.
Completion/Stabilization is generally defined as properties that are 90% leased or properties that have been substantially complete for at least 12 months.
Development activities include ground-up development, redevelopments, renovations, land sales and value-added conversions.
Development margin is calculated as contribution value or disposition price less closing costs, minus estimated total investment and any deferred rents, taxes or third party promotes before any deferrals on contributions, divided by the estimated total investment.
Estimated FFO by Business. Estimated FFO by Business is FFO generated by AMB’s Real Estate Operations, Development and Private Capital business. Estimated Development and Private Capital FFO was determined by reducing Development Profits, net of taxes, and Private Capital revenues by their respective estimated share of general and administrative expenses. Development’s and Private Capital’s estimated allocation of total general and administrative expenses was based on their respective percentage of actual direct general and administrative expenses incurred. Estimated Real Estate Operations FFO represents total AMB FFO less estimated FFO attributable to Development and Private Capital. Management believes estimated FFO by business line is a useful supplemental measure of its operating performance because it helps the investing public compare the operating performance of AMB’s respective businesses to other companies’ comparable businesses. Further, AMB’s computation of FFO by business line may not be comparable to that reported by other real estate investment trusts as they may use different methodologies in computing such measures.
Estimated investment capacity is AMB’s estimate of the gross real estate which could be acquired through the use of its equity commitments from co-investment venture partners plus AMB’s funding obligations and estimated debt capitalization.
Estimated total investment represents total estimated cost of development, renovation, or expansion, including initial acquisition costs, prepaid ground leases, buildings, and associated carry costs. Estimated total investments are based on current forecasts and are subject to change. Non-U.S. Dollar investments are translated to U.S. Dollars using the exchange rate at period end.
Estimated yields on development projects are calculated from estimated annual cash NOI following occupancy stabilization divided by the estimated total investment. Yields exclude value added conversion projects and are calculated on an after-tax basis for international projects.
Fixed charge coverage. Fixed charge coverage is defined as Adjusted EBITDA divided by fixed charges. Fixed charges consist of interest expense less co-investment venture partner’s share of interest expense, including amortization of finance costs and debt premiums, from continuing and discontinued operations, AMB’s share of interest expense from unconsolidated co-investment venture debt, capitalized interest, preferred unit distributions and preferred stock dividends. AMB uses fixed charge coverage to measure its liquidity. AMB believes fixed charge coverage is relevant and useful to investors because it permits fixed income investors to measure AMB’s ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred shareholders. AMB’s computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies.
The following table details the calculation of fixed charges for the three and nine months ended September 30, 2008 and 2007 (dollars in thousands):

|  | For the Quarters ended |  |  | For the Nine Months ended |
|  | September 30, |  |  | September 30, |
Fixed charge |  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Interest expense, including amortization — continuing operations |  | $ | 32,319 |  |  | $ | 29,326 |  |  | $ | 100,955 |  |  | $ | 97,486 |
Amortization of financing costs and debt premiums — continuing operations |  |  | (1,890 | ) |  |  | (1,473 | ) |  |  | (7,052 | ) |  |  | (3,599 | )
Interest expense, including amortization — discontinued operations |  |  | 522 |  |  |  | (430 | ) |  |  | (650 | ) |  |  | (2,262 | )
Amortization of financing costs and debt premiums — discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |
Co-investment partner’s share of interest expense |  |  | (3,979 | ) |  |  | (11,825 | ) |  |  | (28,468 | ) |  |  | (33,302 | )
AMB’s share of interest expense from unconsolidated co-investment ventures |  |  | 13,699 |  |  |  | 6,033 |  |  |  | 24,430 |  |  |  | 14,350 |
Capitalized interest |  |  | 13,980 |  |  |  | 15,227 |  |  |  | 48,907 |  |  |  | 45,595 |
Preferred unit distributions |  |  | 1,431 |  |  |  | 1,431 |  |  |  | 4,295 |  |  |  | 6,610 |
Preferred stock dividends |  |  | 3,952 |  |  |  | 3,952 |  |  |  | 11,856 |  |  |  | 11,856 |
Total fixed charge |  | $ | 60,034 |  |  | $ | 42,241 |  |  | $ | 154,273 |  |  | $ | 136,823 |

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 24

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|  | Reporting Definitions / Supplemental Financial Measures |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Funds From Operations (“FFO”) and Funds From Operations Per Share and Unit (“FFOPS”). AMB believes that net income, as defined by U.S. GAAP, is the most appropriate earnings measure. However, AMB considers funds from operations, or FFO, and FFO per share and unit, or FFOPS, to be useful supplemental measures of its operating performance. AMB defines FFOPS as FFO per fully diluted weighted average share of AMB’s common stock and operating partnership units. AMB calculates FFO as net income, calculated in accordance with U.S. GAAP, less gains (or losses) from dispositions of real estate held for investment purposes and real estate-related depreciation, and adjustments to derive AMB’s pro rata share of FFO of consolidated and unconsolidated joint ventures. AMB does not adjust FFO to eliminate the effects of non-recurring charges. AMB includes the gains from development, including those from value added conversion projects, before depreciation recapture, as a component of FFO. AMB believes that value-added conversion dispositions are in substance land sales and as such should be included in FFO, consistent with the real estate investment trust industry’s long standing practice to include gains on the sale of land in FFO. However, AMB’s interpretation of FFO or FFOPS may not be consistent with the views of others in the real estate investment trust industry, who may consider it to be a divergence from the NAREIT definition, and may not be comparable to FFO or FFOPS reported by other real estate investment trusts that interpret the current NAREIT definition differently than AMB does. In connection with the formation of a co-investment venture, AMB may warehouse assets that are acquired with the intent to contribute these assets to the newly formed venture. Some of the properties held for contribution may, under certain circumstances, be required to be depreciated under U.S. GAAP. If this circumstance arises, AMB intends to include in its calculation of FFO gains or losses related to the contribution of previously depreciated real estate to joint ventures. Although such a change, if instituted, will be a departure from the current NAREIT definition, AMB believes such calculation of FFO will better reflect the value created as a result of the contributions. To date, AMB has not included gains or losses from the contribution of previously depreciated warehoused assets in FFO.
AMB believes that FFO and FFOPS are meaningful supplemental measures of its operating performance because historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with market and other conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Thus, FFO and FFOPS are supplemental measures of operating performance for real estate investment trusts that exclude historical cost depreciation and amortization, among other items, from net income, as defined by U.S. GAAP. AMB believes that the use of FFO and FFOPS, combined with the required U.S. GAAP presentations, has been beneficial in improving the understanding of operating results of real estate investment trusts among the investing public and making comparisons of operating results among such companies more meaningful. AMB considers FFO and FFOPS to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses related to sales of previously depreciated operating real estate assets and real estate depreciation and amortization, FFO and FFOPS can help the investing public compare the operating performance of a company’s real estate between periods or as compared to other companies. While FFO and FFOPS are relevant and widely used measures of operating performance of real estate investment trusts, these measures do not represent cash flow from operations or net income as defined by U.S. GAAP and should not be considered as alternatives to those measures in evaluating AMB’s liquidity or operating performance. FFO and FFOPS also do not consider the costs associated with capital expenditures related to AMB’s real estate assets nor are FFO or FFOPS necessarily indicative of cash available to fund AMB’s future cash requirements.
See Consolidated Statements of Funds from Operations for a reconciliation of FFO from net income.
The following table reconciles projected FFO from projected net income for the year ended December 31, 2008:

|  | 2008 |
|  | Low |  |  | High |
Projected net income |  | $ | 1.58 |  |  | $ | 1.63 |
AMB’s share of projected depreciation and amortization |  |  | 1.60 |  |  |  | 1.60 |
AMB’s share of projected gains on disposition of operating properties |  |  | (0.07 | ) |  |  | (0.07 | )
Impact of additional dilutive securities, other, rounding |  |  | (0.06 | ) |  |  | (0.06 | )
Projected Funds From Operations (FFO) |  | $ | 3.05 |  |  | $ | 3.10 |

Amounts are expressed per share, except FFO which is expressed per share and unit.
Gross operating margin is calculated as NOI divided by gross revenues (excluding straight-line rents and amortization of lease intangibles, reimbursable capital revenue and lease termination fees) for properties in the pool at period end.
Interest coverage. Interest coverage is defined as Adjusted EBITDA divided by AMB’s share of interest expense which consists of consolidated interest expense less co-investment venture partner’s share of interest expense, including amortization, from continuing and discontinued operations and AMB’s share of interest expense from unconsolidated co-investment venture debt. AMB uses interest coverage to measure its liquidity. AMB believes interest coverage is relevant and useful to investors because it permits investors to measure AMB’s ability to meet its interest payments on outstanding debt. AMB’s computation of interest coverage may not be comparable to interest coverage reported by other companies.
The following table details AMB’s share of total interest for the three and nine months ended September 30, 2008 and 2007 (dollars in thousands):

|  | For the Quarters ended |  |  | For the Nine Months ended |
|  | September 30, |  |  | September 30, |
Interest |  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Interest expense, including amortization — continuing operations |  | $ | 32,319 |  |  | $ | 29,326 |  |  | $ | 100,955 |  |  | $ | 97,486 |
Interest expense, including amortization — discontinued operations |  |  | 522 |  |  |  | (430 | ) |  |  | (650 | ) |  |  | (2,262 | )
Co-investment venture partner’s share of interest expense |  |  | (3,979 | ) |  |  | (11,825 | ) |  |  | (28,468 | ) |  |  | (33,302 | )
AMB’s share of interest expense from unconsolidated co-investment ventures |  |  | 13,699 |  |  |  | 6,033 |  |  |  | 24,430 |  |  |  | 14,350 |
Total interest |  | $ | 42,561 |  |  | $ | 23,104 |  |  | $ | 96,267 |  |  | $ | 76,272 |

Joint Ventures are all joint ventures, including Co-Investment Ventures, with real estate developers, other real estate operators, or institutional investors where AMB may or may not: have control, act as the manager and/or developer, earn asset management distributions or fees, or earn incentive distributions or promoted interests. In certain cases, AMB might provide development, leasing, property management and/or accounting services for which it may receive market compensation.
Market equity is defined as the total number of outstanding shares of AMB’s common stock and common limited partnership units multiplied by the closing price per share of its common stock at period end.
Net Asset Value (“NAV”). AMB believes NAV is a useful supplemental measure of its operating performance because it enables both management and investors to analyze the fair value of its business. An assessment of the fair value of a business involves estimates and assumptions and can be performed using various methods. AMB has presented certain financial measures related to its business that it believes may be useful to the investing public in calculating its NAV but has not presented any specific methodology nor provided any guidance on assumptions or estimates that should be used in the calculation.
Net Operating Income (“NOI”). Net operating income is defined as rental revenue (as calculated in accordance with GAAP), including reimbursements, less property operating expenses, which excludes depreciation, amortization, general and administrative expenses and interest expense. AMB considers NOI to be an appropriate and useful supplemental performance measure because NOI reflects the operating performance of the real estate portfolio. However, NOI should not be viewed as an alternative measure of financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact results from operations. Further, NOI may not be comparable to that of other real estate investment trusts, as they may use different methodologies for calculating NOI. See same store net operating income for reconciliation of NOI from net income.
Occupancy percentage at period end represents the percentage of total rentable square feet leased, including month-to-month leases, divided by total rentable square feet at period end. Space is considered leased when the tenant has either taken physical or economic occupancy.
Owned and managed is defined by AMB as assets in which AMB has at least a 10% ownership interest, is the property or asset manager, and which it intends to hold for the long-term.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 25

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|  | Reporting Definitions / Supplemental Financial Measures |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Owned and Managed Supplemental Cash Flow Information. AMB believes that cash flow information based on GAAP provides the most appropriate earnings information. However, AMB considers cash flow information reported on an owned and managed basis (such as straight-line rents and amortization of lease intangibles, AMB’s share of straight-line rents and amortization of lease intangibles, gross lease termination fees, net lease termination fees, AMB’s share of net lease termination fees, tenant improvements, lease commissions and other lease costs, building improvements, Co-investment partners’ share of capital expenditures and AMB’s share of recurring capital expenditures) to be useful supplemental measures to help the investors better understand AMB’s operating performance and cash flow. See Reporting Definitions for definitions of “owned and managed”, “AMB’s share of” and “Co-investment venture partners’ share of”. AMB believes that owned and managed cash flow information helps management and investors make a comprehensive assessment of the cash flow of AMB’s total real estate portfolio and provides a better understanding of AMB’s operating performance and activities. While owned and managed supplemental cash flow information is helpful to the investor, it does not provide cash flow information as defined by GAAP and are not true alternatives to such GAAP measurements. Further, AMB’s computation of owned and managed supplemental cash flow information may not be comparable to that of other real estate companies, as they may use different methodologies for calculating these measures.
Percent pre-leased represents the executed lease percentage of total square feet as of the reporting data.
Preferred, with respect to the capitalization ratios, is defined as preferred equity liquidation preferences.
Renovation projects represent projects where the acquired buildings are less than 75% leased and require significant capital expenditures (generally ranging from 10% — 25% of acquisition cost) to bring the buildings up to operating standards and stabilization (generally 90% leased).
Redevelopment projects represent those buildings that require significant capital expenditures (generally more than 25% of acquired cost or existing basis) to bring the buildings up to operating standards and stabilization (generally 90% leased).
Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include estimated acquisition capital expenditures which were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standards.
Rent changes on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month of a term commencement and the net ABR due the last month of the former tenant’s term. If free rent is granted, then the first positive full rent value is used as a point of comparison. The rental amounts exclude base stop amounts, holdover rent and premium rent charges. If either the previous or current lease terms are under 12 months, then they are excluded from this calculation. If the lease is first generation or there is no prior lease for comparison, then it is excluded from this calculation.
Same Store Net Operating Income and Cash-basis SSNOI (“SS NOI”). AMB believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, AMB considers SS NOI to be a useful supplemental measure of our operating performance for properties that are considered part of the same store pool. In deriving SS NOI, AMB defines NOI as rental revenues, including reimbursements, less property operating expenses, both of which are calculated in accordance with GAAP. Property operating expenses exclude depreciation, amortization, general and administrative expenses and interest expense. AMB defines Cash-basis SSNOI to also exclude straight line rents and amortization of lease intangibles. AMB considers SSNOI to be an appropriate and useful supplemental performance measure because it reflects the operating performance of the real estate portfolio excluding effects of non-cash adjustments and provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, AMB believes that SS NOI helps investors compare the operating performance of AMB’s real estate as compared to other companies. While SS NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. SS NOI also does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact our results from operations. Further, AMB’s computation of SS NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SS NOI.
The following table reconciles consolidated cash-basis SS NOI and NOI from net income for the three and nine months ended September 30, 2008 and 2007 (dollars in thousands):

|  | For the Quarters ended |  |  | For the Nine Months ended |
|  | September 30, |  |  | September 30, |
|  | 2008 |  |  | 2007 |  |  | 2008 |  |  | 2007 |
Net income |  | $ | 28,151 |  |  | $ | 73,110 |  |  | $ | 148,102 |  |  | $ | 217,061 |
Private capital income |  |  | (9,502 | ) |  |  | (7,564 | ) |  |  | (60,838 | ) |  |  | (22,007 | )
Depreciation and amortization |  |  | 46,985 |  |  |  | 40,628 |  |  |  | 129,493 |  |  |  | 121,641 |
Impairment losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 257 |
General and administrative and fund costs |  |  | 34,727 |  |  |  | 35,406 |  |  |  | 104,280 |  |  |  | 96,038 |
Total other income and expenses |  |  | 2,062 |  |  |  | (29,409 | ) |  |  | (11,494 | ) |  |  | (91,146 | )
Total minority interests’ share of income |  |  | 6,578 |  |  |  | 10,017 |  |  |  | 43,410 |  |  |  | 37,797 |
Total discontinued operations |  |  | (165 | ) |  |  | (7,047 | ) |  |  | (4,257 | ) |  |  | (13,674 | )
NOI |  |  | 108,836 |  |  |  | 115,141 |  |  |  | 348,696 |  |  |  | 345,967 |
Less non same-store NOI |  |  | (17,714 | ) |  |  | (24,441 | ) |  |  | (76,654 | ) |  |  | (79,485 | )
Less non cash adjustments(1) |  |  | 14 |  |  |  | (339 | ) |  |  | (711 | ) |  |  | (3,457 | )
Cash-basis same-store NOI |  | $ | 91,136 |  |  | $ | 90,361 |  |  | $ | 271,331 |  |  | $ | 263,025 |

(1) |  | Non-cash adjustments include straight line rents and amortization of lease intangibles for the same store pool only.

Same store NOI growth is the change in the NOI (excluding straight-line rents and amortization of lease intangibles) of the same store pool from the prior year reporting period to the current year reporting period.
Same store pool include all properties that are owned as of the end of both the current and prior year reporting periods and excludes development properties for both the current and prior reporting periods. The same store pool is set annually and excludes properties purchased and developments stabilized after December 31, 2006.
Second generation TIs and LCs per square foot are total tenant improvements, lease commissions and other leasing costs incurred during leasing of second generation space divided by the total square feet leased. Costs incurred prior to leasing available space are not included until such space is leased. Second generation space excludes newly developed square footage or square footage vacant at acquisition.
Stabilized cash cap rates for dispositions or contributions are calculated as cash-basis NOI divided by total disposition price or contribution value, as applicable.
Stabilized GAAP cap rates for acquisitions are calculated as NOI, including straight-line rents, stabilized to market occupancy (generally 95%) divided by total acquisition cost. The total acquisition cost basis includes the initial purchase price, the effects of marking assumed debt to market, all due diligence and closing costs, lease intangible adjustments, estimated acquisition capital expenditures, leasing costs necessary to achieve stabilization and, if applicable, any estimated costs required to buy-out AMB’s co-investment venture partners.
Tenant retention is the square footage of all leases rented by existing tenants divided by the square footage of all expiring and rented leases during the reporting period, excluding the square footage of tenants that default or buy-out prior to expiration of their lease, short-term tenants and the square footage of month-to-month leases.
Total market capitalization is defined by AMB as AMB’s share of total debt plus preferred equity liquidation preferences plus market equity (unless otherwise noted).
Value added conversion projects represent the repurposing of industrial properties to a higher and better use, including office, residential, retail, research & development or manufacturing. Activities required to prepare the property for conversion to a higher and better use may include such activities as rezoning, redesigning, reconstructing and retenanting. The sales price of the value added conversion project is generally based on the underlying land value based on its ultimate use and as such, little to no residual value is ascribed to the industrial building(s).

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 26

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|  | Contacts |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Contact Name |  | Title |  | Phone |  | E-mail Address
Hamid R. Moghadam |  | Chairman & Chief Executive Officer |  | (415) 733-9401 |  | hmoghadam@amb.com
Thomas S. Olinger |  | Chief Financial Officer |  | (415) 733-9405 |  | tolinger@amb.com
Guy F. Jaquier |  | President, Europe and Asia |  | (415) 733-9406 |  | gjaquier@amb.com
Eugene F. Reilly |  | President, The Americas |  | (617) 619-9333 |  | ereilly@amb.com
John T. Roberts, Jr. |  | President, Private Capital; President, AMB Capital Partners, LLC |  | (415) 733-9408 |  | jroberts@amb.com
Tracy A. Ward |  | Vice President, Investor Relations |  | (415) 733-9565 |  | tward@amb.com

Corporate Headquarters |  | Investor Relations |  | Other Office Locations
AMB Property Corporation |  | Tel: (415) 394-9000 |  | Amsterdam |  | Dallas |  | Mexico City |  | New York |  | Singapore
Pier 1, Bay 1 |  | Fax: (415) 394-9001 |  | Atlanta |  | Delhi |  | Monterrey |  | Osaka |  | Toronto
San Francisco, CA 94111 |  | E-mail: ir@amb.com |  | Baltimore |  | Frankfurt |  | Mumbai |  | Paris |  | Tokyo
Tel: (415) 394-9000 |  | Website: www.amb.com |  | Beijing |  | Guadalajara |  | Menlo Park |  | Queretaro |  | Vancouver
Fax: (415) 394-9001 |  |  |  | Boston |  | Juarez |  | Nagoya |  | Seoul |  | Warsaw
|  |  |  | Chengdu |  | Los Angeles |  | Narita |  | Shanghai |  |
|  |  |  | Chicago |  | Madrid |  | New Jersey |  | Shenzhen |  |

Cover Description
AMB entered the Beijing market in the third quarter with the acquisition of three buildings, aggregating approximately 302,122 square feet (28,068 square meters) within the only infill air cargo logistics park adjacent to Beijing Capital International Airport. Beijing has become a global gateway for high value import and export air cargo, and Beijing’s position as a premier air cargo market supporting increased trade flows has been further secured by the recent expansion of its airport.

Overview | Financial Results | Operations | Capital Deployment | Private Capital | Capitalization | NAV | Reporting Definitions | 27

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|  | Forward Looking Statements |  | SUPPLEMENTAL ANALYST PACKAGE 2008 Third Quarter Earnings Conference Call

Some of the information included in this report and the presentations to be held in connection therewith contain forward-looking statements, such as those related to our growth opportunities and plans (including those regarding our global expansion and positioning, future capital deployment, growth of our development and private capital business, organizational changes and earnings growth), our projected funds from operations, compound annual growth rate of our business divisions, future assets under management, same store and/or cash net operating income and other financial and operational guidance, our capabilities to drive growth, our future performance compared to peers and other market indices, rent growth, industrial and other market and trade growth, market drivers, trends and forecasts, port opportunities (such as ship capacity expansion, outsourcing trends, port market demand, port expansions, container growth, and escalating land values), on-tarmac opportunities (such as air cargo growth, ability to access and leverage positions and expertise and key airport opportunities), hiring, performance and retention of key personnel, access to resources, leveraging of relationships, continuation and effectiveness of strategic drivers, information regarding our development, value added conversion, redevelopment and renovation projects (including stabilization dates, square feet at stabilization or completion, sale or contribution dates, yields from such projects, costs and total investment amounts, scope, location and timing of development starts, margins, projected gains and returns, sustainability, profitability, scope and scale of and demand for projects, targeted value added conversion projects, redevelopment and conversion timelines, entitlement and repositioning potential of land), ability to deliver customer solutions, lease expirations, performance and value-creation of investments and market entry opportunities, real estate valuations, acquisition capital and volume, scope and build out potential of land inventory, co-investment venture and other estimated investment capacity, terms of the co-investment ventures, performance, revenues and returns on investment, target leverage, future incentive distribution, asset management, acquisition and other private capital distributions and fees, timing of incentive distributions, private capital demand, launching of our Canada and second Asia funds, future balance sheet capacity, interest rate changes, transition to open-end funds, and access to secured and non-secured financings, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower than expected rent, increased interest rates and operating costs or greater than expected capital expenditures, our failure to obtain necessary outside financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings (including dilution risk), difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions or in the real estate sector, inflation risks, changes in real estate and zoning laws, a downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2007.