AMB Property Corporation Declares Fourth Quarter Dividends.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Dec. 1, 2000

The Board of Directors of AMB Property Corporation (NYSE:AMB) declared a dividend for the quarter ending December 31, 2000 of $0.37 per share on Common Stock. The dividend will be payable on December 22, 2000, to stockholders of record as of December 12, 2000.

AMB Property Corporation's Board of Directors also declared a dividend for the three month period ending January 14, 2001 of $0.53125 per share of its 8.5% Series A Cumulative Redeemable Preferred Stock (NYSE:AMB Pf A). The dividend is payable on January 15, 2001 to stockholders of record as of January 4, 2001.

AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. As of September 30, 2000, AMB owned, managed and had renovation and development projects totaling 87 million square feet and 946 buildings in 25 metropolitan markets. AMB targets High Throughput Distribution(TM) properties - industrial properties located in major distribution markets near airports, seaports and ground transportation systems. These HTD(TM)facilities are built for speed and benefit from barriers to entry due to their supply-constrained locations and proximity to large customer bases. AMB - A tradition of nontraditional thinking(TM).

AMB Property Corporation'press releases are available on its company website at or by contacting the Investor Relations department toll-free at 877-285-3111.

This press release contains forward-looking statements about business strategy and future plans, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve numerous risks and uncertainties and should not be relied upon as predictions of future events. The events or circumstances reflected in our forward-looking statements might not occur. In particular, a number of factors could cause AMB's actual results to differ materially from those anticipated, including, among other things, defaults on or non-renewal of leases by tenants, increased interest rates and operating costs, AMB's failure to obtain necessary outside financing, difficulties in identifying properties to acquire and in effecting acquisitions, AMB's failure to successfully integrate acquired properties and operations, AMB's failure to timely reinvest proceeds from any such dispositions, risks and uncertainties affecting property development and construction (including construction delays, cost overruns, AMB's inability to obtain necessary permits and public opposition to these activities), AMB's failure to qualify and maintain our status as a real estate investment trust under the Internal Revenue Code, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in real estate and zoning laws and increases in real property tax rates. AMB's success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation and population changes. For further information on these and other factors that could impact AMB and the statements contained herein, reference should be made to AMB's filings with the Securities and Exchange Commission, including AMB's quarterly report on Form 10-Q for the quarter ended September 30, 2000.