AMB Property Corporation today announced the tax treatment of its 2001 dividends on its Common Stock and 8.5% Series A Cumulative Redeemable Preferred Stock . None of the 2001 dividend distributions represented return of capital.

The company declared and paid four quarterly dividends of $0.3950 each, totaling $1.58 per share of Common Stock, during 2001. The company's reportable 2001 dividends totaling $1.58 per share of Common Stock are classified for income tax purposes as follows: $1.2944 per share (81.92%) is classified as an Ordinary Taxable Dividend; $0.2360 per share (14.93%) is classified as a 20% Rate Capital Gain Dividend and $0.0496 per share (3.15%) is classified as a 25% Rate Capital Gain Dividend on the 2001 Form 1099-DIV.

AMB Property Corporation also announced the tax treatment of its 2001 dividends on its 8.5% Series A Cumulative Redeemable Preferred Stock totaling $2.125 per share. The $2.125 of 2001 reportable dividend is classified for income tax purposes as follows: $1.7408 per share (81.92%) is classified as an Ordinary Taxable Dividend; $0.3173 per share (14.93%) is classified as a 20% Rate Capital Gain Dividend and $0.0669 per share (3.15%) is classified as a 25% Rate Capital Gain Dividend on the 2001 Form 1099-DIV.

The tables below summarize the income tax treatment of the company's 2001 dividends:

         2001 Dividend Tax Reporting Information (Form 1099-DIV)

   AMB Property Corporation
   Common Stock
   CUSIP # 00163T109
   Ticker Symbol: AMB

                                           2001     2001    2001    2001 25%
                                          Ordinary Return    20%     Capital
                                   Cash   Taxable   of     Capital    Gain
                                 Dividend Dividend Capital Gain ($  (unre-
  Declaration Record   Payable   ($ per   ($ per   ($ per   per    captured
  Dates       Dates    Dates      share)    share)  share) share)   Section
                                                                      1250
                                                                      Gain)
                                                                    ($ per
                                                                      share)

  2/27/2001 4/4/2001   4/16/2001   $0.3950 $0.3236 $0.0000 $0.0590 $0.0124
  5/22/2001 7/5/2001   7/16/2001   $0.3950 $0.3236 $0.0000 $0.0590 $0.0124
  9/14/2001 10/4/2001  10/15/2001  $0.3950 $0.3236 $0.0000 $0.0590 $0.0124
  12/6/2002 12/14/2001 12/24/2001  $0.3950 $0.3236 $0.0000 $0.0590 $0.0124

                       2001 Totals $1.5800 $1.2944 $0.0000 $0.2360 $0.0496


   AMB Property Corporation
   Series A Cumulative Redeemable Preferred Stock
   CUSIP # 00163T208
   Ticker Symbol: AMB.A

                                           2001     2001    2001    2001 25%
                                          Ordinary Return    20%     Capital
                                   Cash   Taxable   of     Capital    Gain
                                 Dividend Dividend Capital Gain ($  (unre-
  Declaration Record   Payable   ($ per   ($ per   ($ per   per    captured
  Dates       Dates    Dates      share)    share)  share) share)   Section
                                                                      1250
                                                                      Gain)
                                                                    ($ per
                                                                      share)

  12/1/2000  1/4/2001  1/15/2001  $0.5313 $0.4352 $0.0000 $0.0793 $0.0167
  2/27/2001  4/4/2000  4/16/2001  $0.5313 $0.4352 $0.0000 $0.0793 $0.0167
  5/22/2001  7/5/2001  7/16/2001  $0.5313 $0.4352 $0.0000 $0.0793 $0.0167
  9/14/2001  10/4/2001 10/15/2001 $0.5313 $0.4352 $0.0000 $0.0793 $0.0167

                      2001 Totals $2.1250 $1.7408 $0.0000 $0.3173 $0.0669

AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. As of September 30, 2001, AMB owned, managed and had renovation and development projects totaling 92.6 million square feet and 996 buildings in 26 metropolitan markets. AMB targets High Throughput Distribution(R) properties -- industrial properties located in major distribution markets near airports, seaports and ground transportation systems. These HTD(R) 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(R).

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 its status as a real estate investment trust under the Internal Revenue Code, environmental uncertainties, risks related to natural disasters, financial market fluctuations, risks arising from the California energy shortage, 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, 2001.

SOURCE: AMB Property Corporation