##### Table of Contents



UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
      FORM 10-K/A
 Amendment No. 1
     (Mark One)þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31, 2006oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934   Commission file number
    001-14245
  AMB Property, L.P.
 (Exact name of registrant as
    specified in its charter)
  Delaware

94-3285362(State or Other Jurisdiction
    of
    Incorporation or Organization)

(IRS Employer Identification
    No.)Pier 1, Bay 1,
    San Francisco, California(Address of Principal
    Executive Offices)

94111(Zip
    Code)   (415) 394-9000
 (Registrants telephone number, including area code)
  Securities registered pursuant to Section 12(b) of the
    Act:
 None
  Securities registered pursuant to Section 12(g) of the
    Act:
 None
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-2
  Large accelerated
    filer o     Accelerated
    filer o     Non-accelerated
    filer þ
  Rule 12b-2 o þ
    DOCUMENTS INCORPORATED BY
    REFERENCE




---



##### 



Form 10-K
  PART II
  Item 8.
    Financial
    Statements and Supplementary Data    PART IV
  Item 15.
    Exhibits
    and Financial Statement Schedules  Financial Statements and Schedule of AMB
    Property, L.P.:
  Form 10-K.
  
  PageReport of Independent Registered Public
    Accounting Firm


F-1Consolidated Balance Sheets as of
    December 31, 2006 and 2005


F-3Consolidated Statements of Operations for the
    years ended December 31, 2006, 2005 and 2004


F-4Consolidated Statements of Partners Capital
    for the years ended December 31, 2006, 2005 and 2004


F-5Consolidated Statements of Cash Flows for the
    years ended December 31, 2006, 2005 and 2004


F-6Notes to Consolidated Financial Statements


F-7Schedule III  Consolidated Real Estate
    and Accumulated Depreciation


S-1(c)(1) Financial Statements of AMB Japan
    Fund I, L.P.


S-10EXHIBIT 23.1EXHIBIT 31.2EXHIBIT 32.2     2




---



##### Table of Contents



(a)(3) Exhibits:   No. 001-14245.
  ExhibitNumber

Description3
.1

Twelfth Amended and Restated Agreement of Limited Partnership of
    AMB Property, L.P., dated as of August 25, 2006
    (incorporated by reference to Exhibit 3.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 30, 2006).4
.1

$30,000,000 7.925% Fixed Rate Note No. 1 dated
    August 18, 2000, attaching the Parent Guarantee dated
    August 18, 2000 (incorporated by reference to
    Exhibit 4.5 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000).4
.2

$25,000,000,000 7.925% Fixed Rate Note No. 2 dated
    September 12, 2000, attaching the Parent Guarantee dated
    September 12, 2000 (incorporated by reference to
    Exhibit 4.6 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000).4
.3

$50,000,000 8.00% Fixed Rate Note No. 3 dated
    October 26, 2000, attaching the Parent Guarantee dated
    October 26, 2000 (incorporated by reference to
    Exhibit 4.7 of AMB Property Corporations Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000).4
.4

$25,000,000 8.00% Fixed Rate Note No. 4 dated
    October 26, 2000, attaching the Parent Guarantee dated
    October 26, 2000 (incorporated by reference to
    Exhibit 4.8 of AMB Property Corporations Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000).4
.5

Specimen of 7.10% Notes due 2008 (included in the First
    Supplemental Indenture incorporated by reference to
    Exhibit 4.2 of AMB Property, L.P.s Registration
    Statement on
    Form S-11
    (No. 333-49163)).4
.6

Specimen of 7.50% Notes due 2018 (included in the Second
    Supplemental Indenture incorporated by reference to
    Exhibit 4.3 of AMB Property, L.P.s Registration
    Statement on
    Form S-11
    (No. 333-49163)).4
.7

$50,000,000 7.00% Fixed Rate Note No. 9 dated March 7,
    2001, attaching the Parent Guarantee dated March 7, 2001
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on March 16, 2001).4
.8

$25,000,000 6.75% Fixed Rate Note No. 10 dated
    September 6, 2001, attaching the Parent Guarantee dated
    September 6, 2001 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on September 18, 2001).4
.9

$20,000,000 5.90% Fixed Rate Note No. 11 dated
    January 17, 2002, attaching the Parent Guarantee dated
    January 17, 2002 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on January 23, 2002).4
.10

$75,000,000 5.53% Fixed Rate Note
    No. B-1
    dated November 10, 2003, attaching the Parent Guarantee
    dated November 10, 2003 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2003).4
.11

$100,000,000 Fixed Rate Note
    No. B-2
    dated March 16, 2004, attaching the Parent Guarantee dated
    March 16, 2004 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on March 17, 2004).4
.12

$175,000,000 Fixed Rate Note
    No. B-3,
    attaching the Parent Guarantee (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on November 18, 2005).4
.13

Indenture dated as of June 30, 1998, by and among AMB
    Property, L.P., AMB Property Corporation and State Street Bank
    and Trust Company of California, N.A., as trustee
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 10, 2006).4
.14

First Supplemental Indenture dated as of June 30, 1998 by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.2 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)).4
.15

Second Supplemental Indenture dated as of June 30, 1998, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.3 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)). 3




---



##### Table of Contents



ExhibitNumber

Description4
.16

Third Supplemental Indenture dated as of June 30, 1998, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.4 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)).4
.17

Fourth Supplemental Indenture dated as of August 15, 2000,
    by and among AMB Property, L.P., AMB Property Corporation and
    State Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K/A
    filed on November 9, 2000).4
.18

Fifth Supplemental Indenture dated as of May 7, 2002, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.15 of AMB
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2002).4
.19

Sixth Supplemental Indenture dated as of July 11, 2005, by
    and among AMB Property, L.P., AMB Property Corporation and U.S.
    Bank National Association, as
    successor-in-interest
    to State Street Bank and Trust Company of California, N.A.,
    as trustee (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.20

Seventh Supplemental Indenture, dated as of August 10,
    2006, by and among AMB Property, L.P., AMB Property Corporation
    and U.S. Bank National Association, as
    successor-in-interest
    to State Street Bank and Trust Company of California, N.A.,
    as trustee, including the Form of Fixed Rate Medium-Term Note,
    Series C, attaching the Form of Parent Guarantee, and the
    Form of Floating Rate Medium-Term Note, Series C, attaching
    the Form of Parent Guarantee. (incorporated by reference to
    Exhibit 4.2 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on August 10, 2006).4
.21

5.094% Notes Due 2015, attaching Parent Guarantee
    (incorporated by reference to Exhibit 4.2 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.22

$175,000,000 Fixed Rate Note
    No. FXR-C-1,
    dated as of August 15, 2006, attaching the Parent Guarantee
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 15, 2006).4
.23

Registration Rights Agreement dated as of July 8, 2005 by
    and between AMB Property, L.P. and Teachers Insurance and
    Annuity Association of America (incorporated by reference to
    Exhibit 4.3 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.24

Registration Rights Agreement dated as of April 17, 2002 by
    and among AMB Property Corporation, AMB Property, L.P. and the
    unitholders whose names are set forth on the signature pages
    thereto (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K
    filed on April 23, 2002).4
.25

Registration Rights Agreement dated as of September 21,
    2001 by and among AMB Property Corporation, AMB Property, L.P.
    and the unitholders whose names are set forth on the signature
    pages thereto (incorporated by reference to Exhibit 4.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on October 3, 2001).*10
.1

Third Amended and Restated 1997 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P. (incorporated
    by reference to Exhibit 10.22 of AMB Property, L.P.s
    Annual Report on
    Form 10-K
    for the year ended December 31, 2001).*10
.2

Amendment No. 1 to the Third Amended and Restated 1997
    Stock Option and Incentive Plan of AMB Property Corporation and
    AMB Property, L.P. (incorporated by reference to
    Exhibit 10.23 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2001).*10
.3

Amendment No. 2 to the Third Amended and Restated 1997
    Stock Option and Incentive Plan of AMB Property Corporation and
    AMB Property, L.P., dated September 23, 2004 (incorporated
    by reference to Exhibit 10.3 of AMB Property, L.P.s
    Quarterly Report on
    Form 10-Q
    filed on November 9, 2004).*10
.4

2002 Stock Option and Incentive Plan of AMB Property Corporation
    and AMB Property, L.P. (incorporated by reference to
    Exhibit 10.21 of AMB Property, L.P.s Annual Report
    Form 10-K
    for the year ended December 31, 2001). 4




---



##### Table of Contents



ExhibitNumber

Description*10
.5

Amendment No. 1 to the 2002 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P., dated
    September 23, 2004 (incorporated by reference to
    Exhibit 10.4 of AMB Property, L.P.s Quarterly Report
    on
    Form 10-Q
    filed on November 9, 2004).*10
.6

AMB 2005 Nonqualified Deferred Compensation Plan (incorporated
    by reference to Exhibit 10.1 of AMB Property L.P.s
    Current Report on
    Form 8-K
    filed on October 4, 2006).*10
.7

Amended and Restated 2002 AMB Nonqualified Deferred
    Compensation Plan (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s Current Report on
    Form 8-K,
    filed on October 4, 2006).*10
.8

Form of Amended and Restated Change of Control and
    Noncompetition Agreement by and between AMB Property, L.P. and
    executive officers (incorporated by reference to
    Exhibit 10.3 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on October 4, 2006).10
.9

Fourteenth Amended and Restated Agreement of Limited Partnership
    of AMB Property II, L.P., dated February 22, 2007
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on February 22, 2007).10
.10

Second Amended and Restated Revolving Credit Agreement, dated as
    of June 1, 2004 by and among AMB Property, L.P., the banks
    listed therein, JPMorgan Chase Bank, as administrative agent,
    J.P. Morgan Europe Limited, as administrative agent for
    alternate currencies, Bank of America, N.A., as syndication
    agent, J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as joint lead arrangers and joint bookrunners,
    Commerzbank Aktiengesellschaft New York and Grand Cayman
    Branches, PNC Bank National Association and Wachovia Bank, N.A.,
    as documentation agents, KeyBank National Association, The Bank
    of Nova Scotia, acting through its San Francisco Agency,
    and Wells Fargo Bank, N.A., as managing agents, and ING Real
    Estate Finance (USA) LLC, Southtrust Bank and Union Bank of
    California, N.A., as co-agents (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 10, 2004).10
.11

Guaranty of Payment, dated as of June 1, 2004 by AMB
    Property Corporation for the benefit of JPMorgan Chase Bank, as
    administrative agent, and J.P. Morgan Europe Limited, as
    administrative agent for alternate currencies, for the banks
    listed on the signature page to the Second Amended and Restated
    Revolving Credit Agreement (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 10, 2004).10
.12

Qualified Borrower Guaranty, dated as of June 1, 2004 by
    AMB Property, L.P. for the benefit of JPMorgan Chase Bank and
    J.P. Morgan Europe Limited, as administrative agents for
    the banks listed on the signature page to the Second Amended and
    Restated Revolving Credit Agreement (incorporated by reference
    to Exhibit 10.3 of AMB Property, L.P.s Current Report
    on
    Form 8-K
    filed on June 10, 2004).10
.13

Revolving Credit Agreement, dated as of June 29, 2004, by
    and among AMB Japan Finance Y.K., as initial borrower, AMB
    Property, L.P., as guarantor, AMB Property Corporation, as
    guarantor, the banks listed on the signature pages thereof, and
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager (incorporated by reference to
    Exhibit 10.1 of AMB Property Corporations Current
    Report on
    Form 8-K
    filed on July 2, 2004).10
.14

Guaranty of Payment, dated as of June 29, 2004 by AMB
    Property, L.P. and AMB Property Corporation for the benefit of
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager, for the banks that are from
    time to time parties to the Revolving Credit Agreement
    (incorporated by reference to Exhibit 10.2 of AMB Property
    Corporations Current Report on
    Form 8-K
    filed on July 2, 2004).10
.15

Amendment No. 1 to Revolving Credit Agreement, dated as of
    June 9, 2005, by and among, AMB Japan Finance Y.K., AMB
    Amagasaki TMK, AMB Narita 1-1 TMK and AMB Narita 2 TMK, as
    borrowers, AMB Property, L.P., as guarantor, AMB Property
    Corporation, as guarantor, the banks listed on the signature
    pages thereof, and Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager
    (incorporated by reference to Exhibit 10.16 of AMP
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2005). 5




---



##### Table of Contents



ExhibitNumber

Description10
.16

Amendment No. 2 to Revolving Credit Agreement, dated as of
    December 8, 2005, by and among, AMB Japan Finance Y.K., as
    initial borrower, AMB Property, L.P., as guarantor, AMB Property
    Corporation, as guarantor, the banks listed on the signature
    pages thereof, and Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager.
    (incorporated by reference to Exhibit 10.17 of AMP
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2005).10
.17

Credit Facility Agreement, dated as of November 24, 2004,
    by and among AMB Tokai TMK, as borrower, AMB Property, L.P., as
    guarantor, AMB Property Corporation, as guarantor, the banks
    listed on the signature pages thereof, and Sumitomo Mitsui
    Banking Corporation, as administrative agents and sole lead
    arranger and bookmanager (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on December 1, 2004).10
.18

Guaranty of Payment, dated as of November 24, 2004 by AMB
    Property, L.P. and AMB Property Corporation for the benefit of
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager, for the banks that are from
    time to time parties to the Credit Facility Agreement
    (incorporated by reference to Exhibit 10.2 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on December 1, 2004).10
.19

Agreement of Sale, made as of October 6, 2003, by and
    between AMB Property, L.P., International Airport Centers L.L.C.
    and certain affiliated entities (incorporated by reference to
    Exhibit 99.3 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on November 6, 2003).10
.20

Amendment No. 1, dated May 12, 2005, to Second Amended
    and Restated Credit Agreement by and among AMB Property, L.P.,
    AMB Property Corporation, the banks listed on the signature
    pages thereof, JPMorgan Chase Bank, N.A., as administrative
    agent, J.P. Morgan Europe Limited, as administrative agent,
    Bank of America, N.A., as syndication agent, J.P. Morgan
    Securities Inc. and Banc of America Securities LLC as joint lead
    arrangers and joint bookrunners, Commerzbank Aktiengesellschaft
    New York and Grand Cayman Branches, PNC Bank, National
    Association, and Wachovia Bank, N.A., as documentation agents,
    Keybank National Association, the Bank of Nova Scotia, acting
    through its San Francisco agency, and Wells Fargo Bank,
    N.A., as managing agents, and ING Real Estate Finance (USA) LLC,
    Southtrust Bank and Union Bank of California, N.A., as co-agents
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Quarterly Report on
    Form 10-Q
    for the quarter ended June 30, 2005).10
.21

Third Amended and Restated Revolving Credit Agreement, dated as
    of February 16, 2006, by and among AMB Property, L.P., as
    guarantor, AMB Property Corporation, as guarantor, the banks
    listed on the signature pages thereto, Bank of America, N.A., as
    administrative agent, The Bank of Nova Scotia, as syndication
    agent, Societe Generale, as documentation agent, Banc of America
    Securities Asia Limited, as Hong Kong dollars agent, Bank of
    America, N.A., acting by its Canada branch, as reference bank,
    Bank of America, Singapore branch, as Singapore dollars agent,
    and each of the other lending institutions that becomes a lender
    thereunder (incorporated by reference to Exhibit 10.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on February 22, 2006).10
.22

Fourth Amended and Restated Revolving Credit Agreement, dated as
    of June 13, 2006, by and among the qualified borrowers
    listed on the signature pages thereto, AMB Property, L.P., as a
    qualified borrower and guarantor, AMB Property Corporation, as
    guarantor, the banks listed on the signature pages thereto, Bank
    of America, N.A., as administrative agent, The Bank of Nova
    Scotia, as syndication agent, LaSalle Bank National Association
    and Société Générale, as co-documentation
    agents, Banc of America Securities Asia Limited, as Hong Kong
    dollars agent, Bank of America, N.A., acting by its Canada
    branch, as reference bank, Bank of America, Singapore branch, as
    Singapore dollars agent, and each of the other lending
    institutions that becomes a lender thereunder (incorporated by
    reference to Exhibit 10.1 of AMB Property, L.P.s
    Current Report on
    Form 8-K
    filed on June 19, 2006).10
.23

Exchange Agreement dated as of July 8, 2005, by and between
    AMB Property, L.P. and Teachers Insurance and Annuity
    Association of America (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005). 6




---



##### Table of Contents



ExhibitNumber

Description10
.24

Third Amended and Restated Revolving Credit Agreement, dated as
    of June 1, 2006, by and among AMB Property, L.P., as
    Borrower, the banks listed on the signature pages thereof,
    JPMorgan Chase Bank, N.A., as Administrative Agent,
    J.P. Morgan Europe Limited, as Administrative Agent for
    Alternate Currencies, Bank of America, N.A., as Syndication
    Agent, J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as Joint Lead Arrangers and Joint Bookrunners,
    Eurohypo AG, New York Branch, Wachovia Bank, N.A. and PNC Bank,
    National Association, as Documentation Agents, The Bank of Nova
    Scotia, acting through its San Francisco Agency, Wells
    Fargo Bank, N.A., ING Real Estate Finance (USA) LLC and LaSalle
    Bank National Association, as Managing Agents (incorporated by
    reference to Exhibit 10.1 of AMB Property, L.P.s
    Current Report on
    Form 8-K
    filed on June 7, 2006).10
.25

Amended and Restated Revolving Credit Agreement, dated as of
    June 23, 2006, by and among the initial borrower and the
    initial qualified borrowers listed on the signature pages
    thereto, AMB Property, L.P., as a guarantor, AMB Property
    Corporation, as a guarantor, the banks listed on the signature
    pages thereto, Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager, and
    each of the other lending institutions that becomes a lender
    thereunder (incorporated by reference to Exhibit 10.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 29, 2006).10
.26

Euros 228,000,000 Facility Agreement, dated as of
    December 8, 2006, by and among AMB European Investments
    LLC, AMB Property, L.P., ING Real Estate Finance NV and the
    Entities of AMB, Entities of AMB Property, L.P., Financial
    Institutions and the Entities of ING Real Estate Finance NV all
    listed on Schedule 1 of the Facility Agreement
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on December 14, 2006).10
.27

Collateral Loan Agreement, dated as of February 14, 2007,
    by and among The Prudential Insurance Company Of America and
    Prudential Mortgage Capital Company, LLC, as Lenders, and
    AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP
    CIF-I, LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP
    CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC as Borrowers
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s
    Form 8-K
    filed on February 21, 2007).10
.28

$160,000,000 Amended, Restated and Consolidated Promissory Note
    (Fixed A-1),
    dated February 14, 2007, by AMB-SGP California, LLC,
    AMB-SGP CIF-California, LLC, AMB-SGP CIF-I, LLC, AMB-SGP Docks,
    LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and
    AMB-SGP TX/IL SUB, LLC, as Borrowers, to Prudential Mortgage
    Capital Company LLC, as Lender (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).10
.29

$40,000,000 Amended, Restated and Consolidated Promissory Note
    (Floating
    A-2), dated
    February 14, 2007, by AMB-SGP California, LLC, AMB-SGP
    CIF-California, LLC, AMB-SGP CIF-I, LLC, AMB-SGP Docks, LLC,
    AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP
    TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance
    Company of America, as Lender (incorporated by reference to
    Exhibit 10.3 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).10
.30

$84,000,000 Amended, Restated and Consolidated Promissory Note
    (Fixed B-1), dated February 14, 2007, by AMB-SGP
    California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I,
    LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP
    CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to
    The Prudential Insurance Company of America, as Lender
    (incorporated by reference to Exhibit 10.4 of AMB Property,
    L.P.s
    Form 8-K
    filed on February 21, 2007).10
.31

$21,000,000 Amended, Restated and Consolidated Promissory Note
    (Floating B-2), dated February 14, 2007, by AMB-SGP
    California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I,
    LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP
    CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC, as Borrowers, to
    The Prudential Insurance Company of America, as Lender
    (incorporated by reference to Exhibit 10.5 of AMB Property,
    L.P.s
    Form 8-K
    filed on February 21, 2007).21
.1

Subsidiaries of AMB Property, L.P. (filed with AMB Property,
    L.P.s Annual Report on
    Form 10-K
    on February 28, 2007).23
.1

Consent of PricewaterhouseCoopers LLP.24
.1

Powers of Attorney (included in Part IV of AMB Property,
    L.P.s Annual Report on
    Form 10-K
    filed on February 28, 2007).31
.1

Rule 13a-14(a)/15d-14(a) Certifications
    dated February 28, 2007 (filed with AMB Property,
    L.P.s Annual Report on
    Form 10-K
    on February 28, 2007). 7




---



##### Table of Contents



ExhibitNumber

Description31
.2

Rule 13a-14(a)/15d-14(a) Certifications
    dated October 25, 2007.32
.1

18 U.S.C. § 1350 Certifications dated
    February 28, 2007. The certifications in this exhibit are
    being furnished solely to accompany this report pursuant to
    18 U.S.C. § 1350, and are not being filed for purposes
    of Section 18 of the Securities Exchange Act of 1934, as
    amended, and are not to be incorporated by reference into any of
    our filings, whether made before or after the date hereof,
    regardless of any general incorporation language in such filing
    (filed with AMB Property, L.P.s Annual Report on
    Form 10-K
    on February 28, 2007).32
.2

18 U.S.C. § 1350 Certifications dated October 25,
    2007. The certifications in this exhibit are being furnished
    solely to accompany this report pursuant to 18 U.S.C.
    § 1350, and are not being filed for purposes of
    Section 18 of the Securities Exchange Act of 1934, as
    amended, and are not to be incorporated by reference into any of
    our filings, whether made before or after the date hereof,
    regardless of any general incorporation language in such filing.     *
    
    Management contract or compensatory plan or arrangement  Financial Statement Schedule:
    page S-10
 8




---



##### Table of Contents



SIGNATURES
     By:
    AMB Property Corporation, Its General PartnerBy:
    /s/  Hamid
    R. Moghadam   Chairman of the Board, President and
 Chief Executive Officer
  Date: October 25, 2007
    Name

Title

Date/s/  Hamid
    R. MoghadamHamid
    R. Moghadam

Chairman of the Board, President and Chief Executive Officer
    (Principal Executive Officer)

October 25, 2007/s/  T.
    Robert Burke*T.
    Robert Burke

Director

October 25, 2007/s/  David
    A. Cole*David
    A. Cole

Director

October 25, 2007/s/  Lydia
    H. Kennard*Lydia
    H. Kennard

Director

October 25, 2007/s/  J.
    Michael Losh*J.
    Michael Losh

Director

October 25, 2007/s/  Frederick
    W. Reid*Frederick
    W. Reid

Director

October 25, 2007/s/  Jeffrey
    L. Skelton*Jeffrey
    L. Skelton

Director

October 25, 2007/s/  Thomas
    W. Tusher*Thomas
    W. Tusher

Director

October 25, 2007Carl
    B. Webb

Director

October 25, 2007/s/  Thomas
    S. OlingerThomas
    S. Olinger

Chief Financial Officer (Duly
    Authorized Officer and Principal
    Financial Officer)

October 25, 2007/s/  Nina
    A. Tran*Nina
    A. Tran

Chief Accounting Officer and
    Senior Vice President (Duly
    Authorized Officer and Principal Accounting Officer)

October 25, 2007/s/  Hamid
    R. MoghadamHamid
    R. Moghadam

Attorney-in Fact

October 25, 2007  9




---



##### Table of Contents



REPORT
    OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
      Consolidated financial statements and financial statement
    schedule
      Internal control over financial reporting
  Internal Control 
    Integrated Framework Internal Control 
    Integrated Framework
   F-1




---



##### Table of Contents



PricewaterhouseCoopers LLP
    F-2




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  CONSOLIDATED
    BALANCE SHEETS
    As of December 31, 2006 and 2005
  December 31,


December 31,2006


2005(Dollars in thousands, except unit amounts)ASSETSInvestments in real estate:Land

$
1,351,123


$
1,527,072Buildings and improvements


4,038,474



4,273,716Construction in progress


1,186,136



997,506Total investments in properties


6,575,733



6,798,294Accumulated depreciation and amortization


(789,693
)


(697,388
)Net investments in properties


5,786,040



6,100,906Investments in unconsolidated joint ventures


274,381



118,653Properties held for contribution, net


154,036



32,755Properties held for divestiture, net


20,916



17,936Net investments in real estate


6,235,373



6,270,250Cash and cash equivalents


174,763



232,881Restricted cash


21,115



34,352Mortgages receivable


18,747



21,621Accounts receivable, net of allowance for doubtful accounts of
    $6,361 and $6,302, respectively


133,998



178,682Deferred financing costs, net


20,394



25,026Other assets


109,122



39,927Total assets

$
6,713,512


$
6,802,739LIABILITIES AND PARTNERS CAPITALDebt:Secured debt

$
1,395,354


$
1,912,526Unsecured senior debt securities


1,101,874



975,000Unsecured credit facilities


852,033



490,072Other debt


88,154



23,963Total debt


3,437,415



3,401,561Security deposits


36,106



47,055Distributions payable


48,967



46,382Accounts payable and other liabilities


186,807



170,307Total liabilities


3,709,295



3,665,305Commitments and contingencies (Note 14)Minority interests:Joint venture partners


555,201



853,643Preferred unitholders


129,764



203,513Total minority interests


684,965



1,057,156Partners capital:General partner, 89,433,024 and 85,585,494 units
    outstanding, respectively; 2,000,000 Series L preferred
    units issued and outstanding with a $50,000 liquidation
    preference, 2,300,000 Series M preferred units issued and
    outstanding with a $57,500 liquidation preference, 3,000,000
    Series O preferred units issued and outstanding with a
    $75,000 liquidation preference, and 2,000,000 and 0 units,
    respectively, Series P preferred units issued and
    outstanding with a $50,000 liquidation preference


2,166,657



1,916,299Limited partners, 3,450,343 and 4,250,977 units,
    respectively; 800,000 Series J preferred units with a
    $40,000 liquidation preference, 800,000 Series K preferred
    units with a $40,000 liquidation preference


152,595



163,979Total partners capital


2,319,252



2,080,278Total liabilities and partners capital

$
6,713,512


$
6,802,739    F-3




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  CONSOLIDATED
    STATEMENTS OF OPERATIONS
    For the Years ended December 31, 2006, 2005 and
    2004
  2006


2005


2004(Dollars in thousands, except unit and per unit amounts)REVENUESRental revenues

$
683,794


$
616,933


$
563,500Private capital income


46,102



43,942



12,895Total revenues


729,896



660,875



576,395COSTS AND EXPENSESProperty operating expenses


(100,785
)


(78,387
)


(80,806
)Real estate taxes


(75,039
)


(80,542
)


(63,330
)Depreciation and amortization


(177,824
)


(161,732
)


(136,610
)Impairment losses


(6,312
)






General and administrative


(104,262
)


(71,564
)


(57,181
)Other expenses


(2,620
)


(5,038
)


(2,554
)Fund costs


(2,091
)


(1,482
)


(1,741
)Total costs and expenses


(468,933
)


(398,745
)


(342,222
)OTHER INCOME AND EXPENSESEquity in earnings of unconsolidated joint ventures, net


23,240



10,770



3,781Other income


9,423



5,593



4,700Gains from dispositions of real estate interests






19,099



5,219Development profits, net of taxes


106,389



54,811



8,528Interest expense, including amortization


(165,230
)


(147,317
)


(141,955
)Total other income and expenses, net


(26,178
)


(57,044
)


(119,727
)Income before minority interests, discontinued operations and
    cumulative effect of change in accounting principle


234,785



205,086



114,446Minority interests share of income:Joint venture partners share of income before minority
    interests and discontinued operations


(37,975
)


(36,401
)


(29,360
)Joint venture partners share of development profits


(665
)


(11,230
)


(523
)Preferred unitholders


(10,917
)


(15,228
)


(13,903
)Total minority interests share of income


(49,557
)


(62,859
)


(43,786
)Income from continuing operations before cumulative effect of
    change in accounting principle


185,228



142,227



70,660Discontinued operations:Income attributable to discontinued operations, net of minority
    interests


9,771



14,708



23,140Gains from dispositions of real estate, net of minority interests


44,683



120,814



44,716Total discontinued operations


54,454



135,522



67,856Net income before cumulative effect of change in accounting
    principle


239,682



277,749



138,516Cumulative effect of change in accounting principle


193







Net income


239,875



277,749



138,516Series L, M, O and P preferred unit distributions


(13,582
)


(7,388
)


(7,131
)Series J and K preferred unit distributions


(6,360
)


(6,360
)


(6,360
)Preferred unit redemption issuance costs


(1,070
)






Net income available to common unitholders

$
218,863


$
264,001


$
125,025Income available to common unitholders attributable to:General partner

$
209,420


$
250,419


$
118,340Limited partners


9,443



13,582



6,685Net income available to common unitholders

$
218,863


$
264,001


$
125,025Basic income per common unitIncome from continuing operations (includes preferred unit
    distributions and preferred unit redemption issuance costs)

$
1.79


$
1.45


$
0.66Discontinued operations


0.59



1.53



0.78Cumulative effect of change in accounting principle










Net income available to common unitholders

$
2.38


$
2.98


$
1.44Diluted income per common unitIncome from continuing operations (includes preferred unit
    distributions and preferred unit redemption issuance costs)

$
1.72


$
1.39


$
0.64Discontinued operations


0.57



1.46



0.75Cumulative effect of change in accounting principle










Net income available to common unitholders

$
2.29


$
2.85


$
1.39WEIGHTED AVERAGE COMMON UNITS OUTSTANDINGBasic


92,047,678



88,684,262



86,885,250Diluted


95,444,072



92,508,725



90,120,250    F-4




---



##### Table of Contents



AMB
    PROPERTY, L.P.
    CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
    For the Years ended December 31, 2006, 2005 and 2004
    (dollars in thousands)
  General Partner


Limited PartnersPreferred Units


Common Units


Preferred Units


Common UnitsUnits


Amount


Units


Amount


Units


Amount


Units


Amount


Total(Dollars in thousands, except unit amounts)Balance as of December 31, 2003


4,300,000


$
103,373



81,563,502


$
1,553,764



1,600,000


$
77,815



4,618,242


$
87,667


$
1,822,619Comprehensive income:Net income






7,131







118,340







6,360







6,685Unrealized gain on securities














(2,058
)














Currency translation adjustment














(438
)














Total comprehensive income


































136,020Deferred compensation amortization and issuance of common
    limited partnership units in connection with the issuance of
    restricted stock










204,556



10,444



















10,444Issuance of common limited partnership units in connection with
    the exercise of stock options










1,233,485



27,721



















27,721Conversion of operating partnership units to common stock










17,686



618











(17,686
)


(334
)


284Forfeiture of common limited partnership units in connection
    with the forfeiture of restricted stock














(646
)


















(646
)Reallocation of interests














1,038















644



1,682Issuance costs






(169
)


























(169
)Distributions






(7,131
)






(140,847
)






(6,360
)






(8,075
)


(162,413
)Balance as of December 31, 2004


4,300,000



103,204



83,019,229



1,567,936



1,600,000



77,815



4,600,556



86,587



1,835,542Comprehensive income:Net income






7,388







250,419







6,360







13,582Unrealized loss on securities and derivatives














421















Currency translation adjustment














(1,846
)














Total comprehensive income


































276,324Contributions


3,000,000



72,344



























72,344Deferred compensation amortization and issuance of common
    limited partnership units in connection with the issuance of
    restricted stock










183,216



12,296



















12,296Issuance of common limited partnership units in connection with
    the exercise of stock options










2,033,470



48,472



















48,472Conversion of operating partnership units to common stock










349,579



15,108











(349,579
)


(6,655
)


8,453Forfeiture of common limited partnership units in connection
    with the forfeiture of restricted stock














(1,869
)


















(1,869
)Reallocation of interests














(891
)














746



(145
)Distributions






(7,388
)






(149,295
)






(6,360
)






(8,096
)


(171,139
)Balance as of December 31, 2005


7,300,000



175,548



85,585,494



1,740,751



1,600,000



77,815



4,250,977



86,164



2,080,278Comprehensive income:Net income






13,582







209,420







6,360







9,443Unrealized gain on securities and derivatives














825















Currency translation adjustment














(187
)














Total comprehensive income


































239,443Contributions


2,000,000



48,086



























48,086Deferred compensation amortization and issuance of common
    limited partnership units in connection with the issuance of
    restricted stock










331,911



20,736



















20,736Issuance of common limited partnership units in connection with
    the exercise of stock options










2,697,315



55,521



















55,521Conversion of operating partnership units to common stock










818,304



45,151











(800,634
)


(15,749
)


29,402Forfeiture of common limited partnership units in connection
    with the forfeiture of restricted stock














(3,454
)


















(3,454
)Cumulative effect of change in accounting princsiple














(193
)


















(193
)Reallocation of interests














37,940















2,910



40,850Offering costs






(217
)


























(217
)Distributions






(13,582
)






(163,270
)






(6,360
)






(7,988
)


(191,200
)Balance as of December 31, 2006


9,300,000


$
223,417



89,433,024


$
1,943,240



1,600,000


$
77,815



3,450,343


$
74,780


$
2,319,252    F-5




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
 For the
    Years ended December 31, 2006, 2005 and 2004
  2006


2005


2004(Dollars in thousands)CASH FLOWS FROM OPERATING ACTIVITIESNet income

$
239,875


$
277,749


$
138,516Adjustments to net income:Straight-line rents and amortization of lease intangibles


(19,134
)


(19,523
)


(16,281
)Depreciation and amortization


177,824



161,732



136,610Impairment losses


6,312







Stock-based compensation amortization


20,736



12,296



10,444Equity in earnings of unconsolidated joint ventures


(23,240
)


(10,770
)


(3,781
)Operating distributions received from unconsolidated joint
    ventures


4,875



2,752



2,971Gains from dispositions of real estate interest






(19,099
)


(5,219
)Development profits, net of taxes


(106,389
)


(54,811
)


(8,528
)Debt premiums, discounts and finance cost amortization, net


8,343



4,172



310Total minority interests share of net income


49,557



62,859



43,786Discontinued operations:Depreciation and amortization


2,153



18,572



30,740Joint venture partners share of net income


(426
)


8,006



12,707Gains from dispositions of real estate, net of minority interests


(44,683
)


(120,814
)


(44,716
)Cumulative effect of change in accounting principle


(193
)






Changes in assets and liabilities:Accounts receivable and other assets


3,276



(42,379
)


(1,154
)Accounts payable and other liabilities


16,969



15,073



944Net cash provided by operating activities


335,855



295,815



297,349CASH FLOWS FROM INVESTING ACTIVITIESChange in restricted cash and other assets


(24,910
)


1,973



(9,749
)Cash paid for property acquisitions


(451,940
)


(424,087
)


(415,034
)Additions to land, buildings, development costs, building
    improvements and lease costs


(1,033,941
)


(662,561
)


(581,168
)Net proceeds from divestiture of real estate


616,343



1,088,737



213,296Additions to interests in unconsolidated joint ventures


(18,969
)


(74,069
)


(16,003
)Capital distributions received from unconsolidated joint ventures


34,277



17,483



47,849Repayment/(issuance) of mortgage receivable


2,874



(7,883
)


29,407Cash transferred to unconsolidated joint venture


(4,294
)






Net cash used in investing activities


(880,560
)


(60,407
)


(731,402
)CASH FLOWS FROM FINANCING ACTIVITIESIssuance of common units


55,521



48,472



27,721Borrowings on secured debt


610,598



386,592



420,565Payments on secured debt


(483,138
)


(327,038
)


(98,178
)Borrowings on other debt


65,098







Payments on other debt


(16,281
)


(649
)


(600
)Borrowings on unsecured credit facilities


1,291,209



873,627



795,128Payments on unsecured credit facilities


(944,626
)


(697,464
)


(747,432
)Payment of financing fees


(11,746
)


(10,185
)


(13,230
)Net proceeds from issuances of senior debt securities


272,079







99,067Payments on senior debt securities


(150,000
)


(28,940
)


(21,060
)Net proceeds from issuances of preferred units


48,086



72,344



Issuance costs on preferred units


(217
)






(169
)Repurchase of preferred units


(98,080
)






Cash transferred to unconsolidated joint venture










(2,897
)Contributions from co-investment partners


189,110



160,544



192,956Distributions paid to partners


(180,626
)


(160,430
)


(152,311
)Distributions to minority interests, including preferred units


(163,366
)


(418,729
)


(89,855
)Net cash provided by/(used in) financing activities


483,621



(101,856
)


409,705Net effect of exchange rate changes on cash


2,966



(10,063
)


6,062Net (decrease) increase in cash and cash equivalents


(58,118
)


123,489



(18,286
)Cash and cash equivalents at beginning of period


232,881



109,392



127,678Cash and cash equivalents at end of period

$
174,763


$
232,881


$
109,392Supplemental Disclosures of Cash Flow InformationCash paid for interest, net of capitalized interest

$
159,389


$
174,246


$
171,298Non-cash transactions:Acquisition of properties

$
689,832


$
519,106


$
695,169Assumption of secured debt


(134,651
)


(74,173
)


(210,233
)Assumption of other assets and liabilities


(17,931
)


(5,994
)


(59,970
)Acquisition capital


(20,061
)


(13,979
)


(8,097
)Minority interests contributions, including units issued


(65,249
)


(873
)


(1,835
)Net cash paid for acquisitions

$
451,940


$
424,087


$
415,034Preferred unit redemption issuance costs

$
1,070


$



$
Contribution of properties to unconsolidated joint ventures, net

$
161,967


$
27,282


$
9,467Deconsolidation of AMB Institutional Alliance Fund III,
    L.P.,

$
93,876


$



$
    F-6




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31,
    2006 and 2005
  1.
    Organization
    and Formation of the Company  ® ®
           F-7




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
      
    on an owned and managed basis, which include investments held on
    a consolidated basis or through unconsolidated joint ventures,
    the Operating Partnership owned or partially owned 964
    industrial buildings, principally warehouse distribution
    buildings, encompassing approximately 100.7 million
    rentable square feet that were 96.1% leased;
    on an owned and managed basis, which include investments held on
    an unconsolidated basis or through unconsolidated joint
    ventures, the Operating Partnership had investments in 45
    industrial development projects which are expected to total
    approximately 13.7 million rentable square feet upon
    completion;
    on a consolidated basis, the Operating Partnership owned nine
    development projects, totaling approximately 2.7 million
    rentable square feet that are available for sale or
    contribution; and
    through other non-managed unconsolidated joint ventures, the
    Operating Partnership had investments in 46 industrial operating
    properties, totaling approximately 7.4 million rentable
    square feet, and one industrial operating property, totaling
    approximately 0.2 million square feet which is available
    for sale or contribution.  2.
    Summary
    of Significant Accounting Policies  Basis of Presentation.
  Use of Estimates.
  Reclassifications.
  Investments in Real Estate. property-by-property
 F-8




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
      Depreciation and Amortization Expense

Estimated Lives

2006


2005


2004Building costs

5-40 years

$
81,565


$
85,192


$
68,329Building costs on ground leases

5-40 years


19,173



16,631



31,268Buildings and improvements:Roof/HVAC/parking lots

5-40 years


10,016



6,928



6,072Plumbing/signage

7-25 years


2,469



2,111



1,704Painting and other

5-40 years


11,479



15,035



13,516Tenant improvements

Over initial lease term


19,901



21,635



20,246Lease commissions

Over initial lease term


19,990



21,095



19,655Total real estate depreciation and amortization




164,593



168,627



160,790Other depreciation and amortization

Various


15,384



11,677



6,560Discontinued operations depreciation

Various


(2,153
)


(18,572
)


(30,740
)Total depreciation and amortization from continuing operations



$
177,824


$
161,732


$
136,610       Investments in Consolidated and Unconsolidated Joint
    Ventures.
  EITF 04-5, Determining Whether
 F-9




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  a General Partner, or the General Partners as a Group,
    Controls a Limited Partnership or Similar Entity When the
    Limited Partners Have Certain Rights Consolidation of Variable Interest Entities EITF 04-5, EITF 04-5,
  Accounting for Certain Financial Instruments with
    Characteristics of Both Liabilities and Equity
  Cash and Cash Equivalents.
  Restricted Cash.
  Mortgages and Loans Receivable.
  Accounts Receivable.
  Concentration of Credit Risk.
 F-10




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    Deferred Financing Costs.
  Goodwill and Intangible Assets.
  Financial Instruments. Accounting for Derivative Instruments and for Hedging
    Activities,
  Debt.
  Debt Premiums.
  Rental Revenues and Allowance for Doubtful
    Accounts.
 F-11




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  Private Capital Income.
  Other Income.
  Development Profits, Net of Taxes.
  Gains from Dispositions of Real Estate.
  Discontinued Operations. Accounting for the Impairment or
    Disposal of Long-Lived Assets
  International Operations.
     F-12




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  New Accounting Pronouncements. Accounting for Uncertainty in Income
    Taxes  An Interpretation of FASB Statement
    No. 109.,
  Considering
    the Effects of Prior Year Misstatements When Quantifying
    Misstatements in Current Year Financial Statements,
  3.
    Real
    Estate Acquisition and Development Activity  Acquisition Activity.
  Development Starts.
  Development Completions.
 F-13




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    Development Pipeline.
  4.
    Gains
    from Dispositions of Real Estate Interests, Development Sales
    and Discontinued Operations  Gains from Dispositions of Real Estate
    Interests.
    Development Sales.
      Discontinued Operations.
 F-14




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
          Development Contributions.
      Properties Held for Contribution. 15-50%.
  Properties Held for Divestiture.
 F-15




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    2006


2005


2004Rental revenues

$
14,351


$
79,171


$
114,970Straight-line rents and amortization of lease intangibles


589



2,239



2,278Property operating expenses


(3,267
)


(13,179
)


(18,265
)Real estate taxes


(1,721
)


(9,642
)


(14,371
)Depreciation and amortization


(2,153
)


(18,572
)


(30,740
)General and administrative


(13
)


(85
)


(113
)Other income and expenses, net


19



165



200Interest, including amortization


1,540



(17,383
)


(18,112
)Joint venture partners share of income


426



(8,006
)


(12,707
)Income attributable to discontinued operations

$
9,771


$
14,708


$
23,140     2006


2005Other assets

$
1


$
1Accounts payable and other liabilities

$
286


$
1,884   5.
    Mortgage
    and Loan Receivables    Mortgage and Loan Receivables

Market


Maturity


2006


2005


Rate1. Pier 1


SF Bay Area



May 2026


$
12,686


$
12,821



13.0
%2. G.Accion


Mexico, Various



March 2010



6,061



8,800



10.0
%Total Mortgage and Loan Receivables









$
18,747


$
21,621  F-16




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  6.
    Debt    2006


2005Operating Partnership secured debt, varying interest rates from
    4.3% to 10.4%, due February 1, 2007 to April 2020 (weighted
    average interest rate of 5.6% and 4.1% at December 31, 2006
    and 2005, respectively)

$
368,332


$
522,459Consolidated joint venture secured debt, varying interest rates
    from 2.9% to 9.4%, due March 2007 to January 2025 (weighted
    average interest rates of 6.5% and 6.3% at December 31,
    2006 and 2005, respectively)


1,020,678



1,378,083Unsecured senior debt securities, varying interest rates from
    3.5% to 8.0%, due January 2007 to June 2018 (weighted average
    interest rates of 6.2% and 6.2% at December 31, 2006 and
    December 31, 2005, respectively, and net of unamortized
    discounts of $10.6 million and $12.5 million,
    respectively)


1,112,491



975,000Other debt, varying interest rates from 5.1% to 7.5%, due June
    2007 to November 2015 (weighted average interest rates of 6.6%
    and 8.2% at December 31, 2006 and December 31, 2005,
    respectively)


88,154



23,963Unsecured credit facilities, variable interest rate, due
    February 2010 and June 2010 (weighted average interest rates of
    3.1% and 2.2% at December 31, 2006 and 2005, respectively)


852,033



490,072Total debt before unamortized net premiums (discounts)


3,441,688



3,389,577Unamortized net premiums (discounts)


(4,273
)


11,984Total consolidated debt

$
3,437,415


$
3,401,561      F-17




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
       F-18




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
        Operating


Consolidated


UnsecuredPartnership


Joint Venture


SeniorSecured


Secured


Debt


Other


CreditDebt


Debt


Securities


Debt


Facilities


Total2007

$
12,929


$
84,815


$
100,000


$
16,125


$



$
213,8692008


41,906



173,029



175,000



810







390,7452009


3,536



96,833



100,000



971







201,3402010


69,327



112,918



250,000



941



852,033



1,285,2192011


3,094



228,708



75,000



1,014







307,8162012


5,085



169,717







1,093







175,8952013


38,668



55,168



175,000



65,920







334,7562014


186,864



4,261







616







191,7412015


2,174



19,001



112,491



664







134,3302016


4,749



50,648















55,397Thereafter






25,580



125,000











150,580Total

$
368,332


$
1,020,678


$
1,112,491


$
88,154


$
852,033


$
3,441,688  F-19




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  7.
    Leasing
    Activity    2007

$
488,7382008


409,7282009


335,6382010


264,6332011


196,729Thereafter


352,884Total

$
2,048,350     8.
    Income
    Taxes      2006


2005


2004Net income available to common unitholders attributable to the
    general partner

$
209,420


$
250,419


$
118,340Book depreciation and amortization


177,824



161,732



136,610Book depreciation discontinued operations


2,153



18,572



30,740Impairment losses


6,312







Tax depreciation and amortization


(155,467
)


(152,084
)


(141,368
)Book/tax difference on gain on divestitures and contributions of
    real estate


(108,777
)


(23,104
)


(7,409
)Book/tax difference in stock option expense


(50,030
)


(35,513
)


(15,069
)Other book/tax differences, net(1)


(3,436
)


(35,348
)


(14,786
)Taxable income available to common unitholders

$
77,999


$
184,674


$
107,058     (1)
    
    Primarily due to straight-line rent, prepaid rent, joint venture
    accounting and debt premium amortization timing differences. F-20




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
     2006


2005


2004Ordinary income

$
0.53



38.4
%

$
0.50



23.0
%

$
0.78



46.1
%Capital gains


0.16



11.6
%


1.34



61.1
%


0.37



21.9
%Unrecaptured Section 1250 gain


0.20



14.4
%


0.35



15.9
%


0.15



8.9
%Dividends paid or payable


0.89



64.4
%


2.19



100.0
%


1.30



76.9
%Return of capital


0.49



35.6
%






0.0
%


0.39



23.10Total distributions

$
1.38



100.0
%

$
2.19



100.0
%

$
1.69



100.0
%   9.
    Minority
    Interests in Consolidated Joint Ventures and Preferred
    Units  Consolidation of Variable Interest Entities
        OperatingPartnerships


Total InvestmentOwnership


in Real Estate(1)


Property Debt(2)


Other DebtCo-investment Joint Venture

Joint Venture Partner

Percentage


2006


2005


2006


2005


2006


2005AMB/Erie, L.P.

Erie Insurance Company and affiliates


50
%

$
52,942


$
99,722


$
20,605


$
40,710


$



$
AMB Partners II, L.P.

City and County of San Francisco


20
%


679,138



592,115



323,532



291,684



65,000



Employees Retirement SystemAMB-SGP, L.P.

Industrial JV Pte Ltd(3)


50
%


444,990



436,713



235,480



239,944







AMB Institutional Alliance Fund II, L.P.

AMB Institutional Alliance REIT II, Inc.(4)


20
%


519,534



507,493



243,263



245,056







AMB-AMS,
    L.P.(5)

PMT, SPW and TNO(6)


39
%


153,563



146,007



78,904



63,143







AMB Institutional Alliance Fund III, L.P.(7)

AMB Institutional Alliance REIT III, Inc.


23
%






749,634







421,290







Total







$
1,850,167


$
2,531,684


$
901,784


$
1,301,827


$
65,000


$
     (1)
    
    The Operating Partnership also had other consolidated joint
    ventures with total investments in real estate of
    $579.3 million as of December 31, 2006. F-21




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
   (2)
    
    The Operating Partnership also had other consolidated joint
    ventures with property debt of $123.6 million as of
    December 31, 2006.(3)
    
    A subsidiary of GIC Real Estate Pte. Ltd., the real estate
    investment subsidiary of the Government of Singapore Investment
    Corporation.(4)
    
    Comprised of 14 institutional investors as stockholders and one
    third-party limited partner as of December 31, 2006.(5)
    
    AMB-AMS,
    L.P. is a co-investment partnership with three Dutch pension
    funds.(6)
    
    PMT is Stichting Pensioenfonds Metaal en Techniek, SPW is
    Stichting Pensioenfonds voor de Woningcorporaties and
    TNO is Stichting Pensioenfonds TNO.(7)
    
    AMB Institutional Alliance Fund III, L.P., is an open-ended
    co-investment partnership formed in 2004 with institutional
    investors, which effective October 1, 2006, was
    deconsolidated on a prospective basis.    2006


2005Joint venture partners

$
555,201


$
853,643Held through AMB Property II, L.P.:Class B Limited Partners


27,281



2,950Series D preferred units (liquidation preference of $79,767)


77,684



77,684Series E preferred units (repurchased in June 2006)






10,788Series F preferred units (repurchased in September 2006)






9,900Series H preferred units (repurchased in March 2006)






40,912Series I preferred units (liquidation preference of $25,500)


24,799



24,800Series N preferred units (repurchased in January 2006)






36,479Total minority interests

$
684,965


$
1,057,156     2006


2005


2004Joint venture partners

$
37,975


$
36,401


$
29,360Joint venture partners share of development profits


665



11,230



523Held through AMB Property II, L.P.:Class B common limited partnership units


815



115



102Series D preferred units (liquidation preference of $79,767)


6,182



6,182



6,182Series E preferred units (repurchased in June 2006)


392



854



854Series F preferred units (repurchased in September 2006)


546



800



800Series H preferred units (repurchased in March 2006)


815



3,413



3,413Series I preferred units (liquidation preference of $25,500)


2,040



2,040



2,040Series N preferred units (repurchased in January 2006)


127



1,824



512Total minority interests share of net income

$
49,557


$
62,859


$
43,786  F-22




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  10.
    Investments
    in Unconsolidated Joint Ventures      OperatingPartnershipsSquare








OwnershipUnconsolidated Joint Ventures

Feet


2006


2005


PercentageCo-Investment Joint VenturesAMB-SGP Mexico, LLC(1)


2,737,515


$
7,601


$
16,218



20
%AMB Japan Fund I, L.P.(2)


3,814,773



31,811



10,112



20
%AMB Institutional Alliance Fund III, L.P.(3)


13,963,806



136,971







23
%AMB DFS Fund I, LLC(4)


N/A



11,700







15
%Other Industrial Operating Joint Ventures


7,684,931



47,955



41,520



53
%Other Industrial Development Joint Ventures


N/A







6,176



Other Investment  G.Accion(5)


N/A



38,343



44,627



39
%Total Unconsolidated Joint Ventures


28,201,025


$
274,381


$
118,653     (1)
    
    AMB-SGP Mexico, LLC, is a co-investment partnership formed in
    2004 with Industrial (Mexico) JV Pte. Ltd., a subsidiary of GIC
    Real Estate Pte. Ltd, the real estate investment subsidiary of
    the Government of Singapore Investment Corporation. Includes
    $5.5 million of shareholder loans outstanding at
    December 31, 2006 between the Operating Partnership and the
    co-investment partnership.(2)
    
    AMB Japan Fund I, L.P. is a co-investment partnership
    formed in 2005 with institutional investors.(3)
    
    AMB Institutional Alliance Fund III, L.P. is an open-ended
    co-investment partnership formed in 2004 with institutional
    investors, which invest through a private REIT. Prior to
    October 1, 2006, the Operating Partnership accounted for
    AMB Institutional Alliance Fund III, L.P. as a consolidated
    joint venture.(4)
    
    AMB DFS Fund I, LLC is a co-investment partnership formed
    in 2006 with a subsidiary of GE Real Estate to build and sell
    properties.(5)
    
    The Operating Partnership has a 39% unconsolidated equity
    interest in G.Accion, a Mexican real estate company. G.Accion
    provides management and development services for industrial,
    retail, residential and office properties in Mexico. F-23




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
     Income (loss)Net




















from


NetInvestment


Total


Total


Total


Minority








Continuing


Income2006

in Properties


assets


debt


liabilities


Interests


Equity


Revenues


Operations


(loss)Co-Investment Joint Ventures:AMB-SGP Mexico, LLC(1)

$
158,959


$
172,533


$
106,700


$
162,963


$
1,082


$
8,488


$
14,514


$
(6,796
)

$
(6,796
)AMB Japan Fund I, L.P.(2)


595,859



673,811



450,270



483,835



48,570



141,406



19,217



1,716



1,716AMB Institutional Alliance Fund III, L.P.(3)


1,279,564



1,318,709



675,500



714,072



3,090



601,547



80,160



12,691



33,842AMB DFS Fund I, LLC(4)


78,450



78,475















78,475











Other Industrial Operating Joint Ventures


223,679



241,085



184,423



193,394







47,691



37,238



11,529



26,139Other Investments:G. Accion(5)


9,536



158,733



14,881



45,380



1,610



111,743



18,294



(51,399
)


21,532Total Unconsolidated Joint Ventures

$
2,346,047


$
2,643,346


$
1,431,774


$
1,599,644


$
54,352


$
989,350


$
169,423


$
(32,259
)

$
76,433   Income (loss)Net




















from


NetInvestment


Total


Total


Total


Minority








Continuing


Income2005

in Properties


assets


debt


liabilities


Interests


Equity


Revenues


Operations


(loss)Co-Investment Joint Ventures:AMB-SGP Mexico, LLC(1)

$
105,123


$
127,509


$
65,351


$
86,522


$
81,663


$
(40,676
)

$
9,288


$
(4,892
)

$
(4,892
)AMB Japan Fund I, L.P.(2)


121,161



161,469



73,893



106,008



10,043



45,418



6,736



871



871Other Industrial Operating Joint Ventures


279,526



297,874



232,503



239,335







58,539



42,031



9,659



9,713Other Industrial Development Joint Ventures


33,190



34,542



21,596



22,856



5,471



6,216



732



(305
)


(305
)Other Investments:G. Accion(5)


116,549



249,193



91,730



126,456



832



121,905



49,605



(33,977
)


1,750Total Unconsolidated Joint Ventures

$
655,549


$
870,587


$
485,073


$
581,177


$
98,009


$
191,402


$
108,392


$
(28,644
)

$
7,137   Income (loss)Net




















from


NetInvestment


Total


Total


Total


Minority








Continuing


Income2004

in Properties


assets


debt


liabilities


Interests


Equity


Revenues


Operations


(loss)Co-Investment Joint Ventures:AMB-SGP Mexico, LLC(1)

$
73,300


$
103,223


$
16,405


$
46,870


$
48,631


$
7,722


$



$



$
Other Industrial Operating Joint Ventures


275,269



290,734



223,215



230,224







60,510



38,112



6,765



7,471Other Industrial Development Joint Ventures


31,640



35,287



27,664



29,360



3,108



2,818







(3
)


(3
)Total Unconsolidated Joint Ventures

$
380,209


$
429,244


$
267,284


$
306,454


$
51,739


$
71,050


$
38,112


$
6,762


$
7,468     (1)
    
    AMB-SGP Mexico, LLC, is a co-investment partnership formed in
    2004 with Industrial (Mexico) JV Pte. Ltd., a subsidiary of GIC
    Real Estate Pte. Ltd, the real estate investment subsidiary of
    the Government of Singapore Investment Corporation. Includes
    $5.5 million of shareholder loans outstanding at
    December 31, 2006 between the Operating Partnership and the
    co-investment partnership.(2)
    
    AMB Japan Fund I is a co-investment partnership formed in
    2005 with institutional investors.(3)
    
    AMB Institutional Alliance Fund III, L.P. is an open-ended
    co-investment partnership formed in 2004 with institutional
    investors, which invest through a private REIT. Prior to
    October 1, 2006, the Operating Partnership accounted for
    AMB Institutional Alliance Fund III, L.P. as a consolidated
    joint venture.(4)
    
    AMB DFS Fund I, LLC is a co-investment partnership formed
    in 2006 with a subsidiary of GE Real Estate to build and sell
    properties.(5)
    
    The Operating Partnership has a 39% unconsolidated equity
    interest in G.Accion, a Mexican real estate company. G.Accion
    provides management and development services for industrial,
    retail, residential and office properties in Mexico.   F-24




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
             F-25




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    11.
    Partners
    Capital             F-26




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
             F-27




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
      Paying Entity

Security

2006


2005


2004AMB Property, L.P.

Common limited partnership units

$
1.84


$
1.76


$
1.70AMB Property, L.P.

Series J preferred units

$
3.98


$
3.98


$
3.98AMB Property, L.P.

Series K preferred units

$
3.98


$
3.98


$
3.98AMB Property II, L.P.

Class B common limited partnership units

$
1.84


$
1.76


$
1.70AMB Property II, L.P.

Series D preferred units

$
3.88


$
3.88


$
3.88AMB Property II, L.P.

Series E preferred units(1)

$
1.78


$
3.88


$
3.88AMB Property II, L.P.

Series F preferred units(2)

$
2.72


$
3.98


$
3.98AMB Property II, L.P.

Series H preferred units(3)

$
0.97


$
4.06


$
4.06AMB Property II, L.P.

Series I preferred units

$
4.00


$
4.00


$
4.00AMB Property II, L.P.

Series N preferred units(4)

$
0.22


$
2.50


$
0.70     (1)
    
    In June 2006, AMB Property II, L.P. repurchased all of its
    outstanding Series E preferred units.(2)
    
    In September 2006, AMB Property II, L.P. repurchased all of its
    outstanding Series F preferred units.(3)
    
    In March 2006, AMB Property II, L.P. repurchased all of its
    outstanding Series H preferred units.(4)
    
    The holder of the series N preferred units exercised its
    put option in January 2006 and sold all of its series N
    preferred units to the Operating Partnership and AMB Property
    II, L.P. repurchased all of such units from the Operating
    Partnership.  12.
    Stock
    Incentive Plan, 401(k) Plan and Deferred Compensation
    Plan  Stock Incentive Plans.
  Share Based Payment, Accounting
    for Stock-Based Compensation
 F-28




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
         F-29




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    Shares


Weighted


OptionsUnder


Average


ExercisableOption


Exercise Price


at Year EndOutstanding as of December 31, 2003


10,286


$
23.92



7,210Granted


1,253



34.88Exercised


(1,233
)


22.45Forfeited


(85
)


29.43Outstanding as of December 31, 2004


10,221



25.40



7,841Granted


1,086



38.94Exercised


(2,033
)


24.24Forfeited


(126
)


35.32Outstanding as of December 31, 2005


9,148



27.14



7,237Granted


874



51.89Exercised


(3,081
)


24.16Forfeited


(98
)


42.18Outstanding as of December 31, 2006


6,843


$
31.42



5,404Remaining average contractual life


6.0 yearsFair value of options granted during the year

$
8.54     WeightedAverage


Currently ExercisableWeighted


Remaining





WeightedRange of

Number


Average


Contractual


Number


AverageExercise Price

of Options


Exercise Price


Life in Years


of Options


Exercise Price$20.19 - $24.69


1,937


$
22.52



3.4



1,936


$
22.52$25.06 - $30.81


2,293



27.10



5.8



2,291



27.10$30.81 - $44.65


1,774



37.06



7.6



1,004



36.61$44.65 - $61.35


839



51.89



9.2



173



51.926,843











5,404     WeightedNumber


AverageUnvested Options

of Options


Exercise PriceUnvested at December 31, 2005


1,912


$
27.14Granted


874



51.89Vested


(1,250
)


36.23Forfeited


(97
)


42.15Unvested at December 31, 2006


1,439


$
43.54  F-30




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
        Weighted AverageGrant DateUnvested Shares

Shares


Fair ValueUnvested at December 31, 2005


548


$
34.41Granted


450



51.92Vested


(330
)


35.97Forfeited


(56
)


45.68Unvested at December 31, 2006


612


$
45.43     401(k) Plan.
    Deferred Compensation Plans.
 F-31




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  and/or
  13.
    Income
    Per Unit    2006


2005


2004NumeratorIncome from continuing operations before cumulative effect of
    change in accounting principle

$
185,228


$
142,227


$
70,660Preferred unit distributions


(19,942
)


(13,748
)


(13,491
)Preferred unit issuance costs


(1,070
)






Income from continuing operations before cumulative effect of
    change in accounting principle (after preferred unit
    distributions)


164,216



128,479



57,169Total discontinued operations


54,454



135,522



67,856Cumulative effect of change in accounting principle


193







Net income available to common unitholders

$
218,863


$
264,001


$
125,025DenominatorBasic


92,047,678



88,684,262



86,885,250Stock options and restricted stock dilution(1)


3,396,394



3,824,463



3,235,000Diluted weighted average common units


95,444,072



92,508,725



90,120,250Basic income per common unitIncome from continuing operations (after preferred unit
    distributions) before cumulative effect of change in accounting
    principle

$
1.79


$
1.45


$
0.66Discontinued operations


0.59



1.53



0.78Cumulative effect of change in accounting principle










Net income available to common unitholders

$
2.38


$
2.98


$
1.44Diluted income per common unitIncome from continuing operations (after preferred unit
    distributions) before cumulative effect of change in accounting
    principle

$
1.72


$
1.39


$
0.64Discontinued operations


0.57



1.46



0.75Cumulative effect of change in accounting principle










Net income available to common unitholders

$
2.29


$
2.85


$
1.39     (1)
    
    Excludes anti-dilutive stock options of 48,196, 56,463 and
    62,380, respectively, for the years ended December 31,
    2006, 2005, and 2004. F-32




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
   14.
    Commitments
    and Contingencies  Commitments
  Lease Commitments.
  2007

$
21,6362008


22,1862009


21,5062010


20,6672011


20,668Thereafter


272,483Total

$
379,146   Standby Letters of Credit.
  Guarantees.
  Performance and Surety Bonds.
  Promoted Interests and Other Contractual
    Obligations.
  Contingencies
  Litigation.
 F-33




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  Environmental Matters.
  General Uninsured Losses.
    Captive Insurance Company.
 F-34




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  15.
    Quarterly
    Financial Data (Unaudited)    Quarter (unaudited)(1)2006

March 31


June 30


September 30


December 31


YearTotal revenues

$
177,711


$
177,068


$
184,451


$
190,666


$
729,896Income before minority interests and discontinued operations
    cumulative effect of change in accounting principle


32,477



69,522



49,082



83,704



234,785Total minority interests share of income


(12,201
)


(11,248
)


(14,395
)


(11,713
)


(49,557
)Income from continuing operations before cumulative effect of
    change in accounting principle


20,276



58,274



34,687



71,991



185,228Total discontinued operations


9,900



22,264



1,539



20,751



54,454Cumulative ffect of change in accounting principle


193















193Net income


30,369



80,538



36,226



92,742



239,875Preferred unit distributions


(4,686
)


(4,685
)


(5,030
)


(5,541
)


(19,942
)Preferred unit redemption (issuance costs)/discount


(1,097
)


77



16



(66
)


(1,070
)Net income available to common unitholders

$
24,586


$
75,930


$
31,212


$
87,135


$
218,863Basic income per common unit(2)Income from continuing operations

$
0.16


$
0.59


$
0.32


$
0.71


$
1.79Discontinued operations


0.11



0.24



0.02



0.22



0.59Cumulative effect of change in accounting principle


















Net income available to common unitholders

$
0.27


$
0.83


$
0.34


$
0.93


$
2.38Diluted income per common unit(2)Income from continuing operations

$
0.16


$
0.56


$
0.31


$
0.69


$
1.72Discontinued operations


0.10



0.24



0.02



0.21



0.57Cumulative effect of change in accounting principle


















Net income available to common unitholders

$
0.26


$
0.80


$
0.33


$
0.90


$
2.29WEIGHTED AVERAGE COMMON UNITS OUTSTANDINGBasic


90,821,246



91,702,701



92,088,600



93,671,504



92,047,678Diluted


94,567,680



94,520,866



95,117,597



97,087,889



95,444,072     (1)
    
    Certain reclassifications have been made to the quarterly data
    to conform with the annual presentation with no net effect to
    net income or net income available to common unitholders. F-35




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
   (2)
    
    The sum of quarterly financial data may vary from the annual
    data due to rounding.  Quarter (unaudited)(1)2005

March 31


June 30


September 30


December 31


YearTotal revenues

$
152,931


$
154,512


$
156,819


$
196,613


$
660,875Income before minority interests and discontinued operations


40,337



47,011



26,149



91,589



205,086Total minority interests share of income


(22,457
)


(12,878
)


(12,669
)


(14,855
)


(62,859
)Income from continuing operations


17,880



34,133



13,480



76,734



142,227Total discontinued operations


33,000



10,402



18,597



73,523



135,522Net income


50,880



44,535



32,077



150,257



277,749Preferred unit distributions


(3,373
)


(3,373
)


(3,373
)


(3,629
)


(13,748
)Net income available to common unitholders

$
47,507


$
41,162


$
28,704


$
146,628


$
264,001Basic income per common unit(2) Income from continuing
    operations

$
0.16


$
0.35


$
0.11


$
0.82


$
1.45Discontinued operations


0.38



0.12



0.21



0.82



1.53Net income available to common unitholders

$
0.54


$
0.47


$
0.32


$
1.64


$
2.98Diluted income per common unit(2) Income from continuing
    operations

$
0.16


$
0.34


$
0.11


$
0.78


$
1.39Discontinued operations


0.36



0.11



0.20



0.79



1.46Net income available to common unitholders

$
0.52


$
0.45


$
0.31


$
1.57


$
2.85WEIGHTED AVERAGE COMMON UNITS OUTSTANDINGBasic


87,857,933



88,241,361



89,098,104



89,451,565



88,684,262Diluted


91,240,898



91,795,834



93,034,016



93,422,964



92,508,725     (1)
    
    Certain reclassifications have been made to the quarterly data
    to conform with the annual presentation with no net effect to
    net income or net income available to common unitholders.(2)
    
    The sum of quarterly financial data may vary from the annual
    data due to rounding.  16.
    Segment
    Information   F-36




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  non-U.S. target
    Rental Revenues


Property NOI(1)Segments

2006


2005


2004


2006


2005


2004Industrial U.S. hub and gateway markets:Atlanta

$
21,538


$
23,270


$
32,850


$
16,459


$
18,161


$
25,430Chicago


55,255



55,085



45,015



38,606



38,105



31,389Dallas/Fort Worth


16,493



16,791



16,551



11,089



11,491



11,218Los Angeles


111,191



108,625



106,306



87,708



86,300



83,288Northern New Jersey/New York


79,940



85,331



64,662



56,283



61,278



45,022San Francisco Bay Area


86,477



86,631



98,885



68,412



69,005



79,486Miami


40,311



35,953



36,833



27,678



24,188



24,136Seattle


38,968



44,368



41,675



30,668



34,394



32,539On-Tarmac


55,131



56,912



54,425



31,584



33,198



30,596Total industrial U.S. hub markets


505,304



512,966



497,202



368,487



376,120



363,104Other U.S. target markets


100,622



113,422



118,205



73,805



81,324



87,076Other U.S. non-target markets


17,144



20,084



18,061



12,412



14,531



13,811Non U.S. target markets


56,491



30,762



25,641



43,985



23,942



20,694Straight-line rents and amortization of lease intangibles


19,134



19,523



16,281



19,134



19,523



16,281Total other markets


39



1,586



5,358



99



1,153



3,010Discontinued operations


(14,940
)


(81,410
)


(117,248
)


(9,952
)


(58,589
)


(84,612
)Total

$
683,794


$
616,933


$
563,500


$
507,970


$
458,004


$
419,364     (1)
    
    Property net operating income (NOI) is defined as
    rental revenue, including reimbursements, less property
    operating expenses, which excludes depreciation, amortization,
    general and administrative expenses and interest expense. For a
    reconciliation of NOI to net income, see the table below.   F-37




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
    2006


2005


2004Property NOI

$
507,970


$
458,004


$
419,364Private capital income


46,102



43,942



12,895Depreciation and amortization


(177,824
)


(161,732
)


(136,610
)Impairment losses


(6,312
)






General and administrative


(104,262
)


(71,564
)


(57,181
)Other income


(2,620
)


(5,038
)


(2,554
)Fund costs


(2,091
)


(1,482
)


(1,741
)Equity in earnings of unconsolidated joint ventures


23,240



10,770



3,781Interest and other income


9,423



5,593



4,700Gains from dispositions of real estate






19,099



5,219Development profits, net of taxes


106,389



54,811



8,528Interest, including amortization


(165,230
)


(147,317
)


(141,955
)Total minority interests share of income


(49,557
)


(62,859
)


(43,786
)Total discontinued operations


54,454



135,522



67,856Cumulative effect of change in accounting principle


193







Net income

$
239,875


$
277,749


$
138,516     Total Assets as ofDecember 31,December 31, 2006


2005Industrial U.S. hub and gateway markets:Atlanta

$
162,980


$
208,751Chicago


447,995



504,581Dallas/Fort Worth


140,847



137,112Los Angeles


897,057



930,917Northern New Jersey/New York


607,727



756,719San Francisco Bay Area


707,139



789,129Miami


370,304



372,728Seattle


381,306



371,029On-Tarmac


210,798



245,046Total industrial U.S. hub markets


3,926,153



4,316,012Other U.S. target markets


578,251



693,287Other non-target markets and other


111,556



264,954Non U.S. target markets


1,428,420



975,960Total other markets






10,277Investments in unconsolidated joint ventures


274,381



118,653Non-segment assets


394,751



423,596Total assets

$
6,713,512


$
6,802,739  F-38




---



##### Table of Contents



AMB
    PROPERTY, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 December 31,
    2006 and 2005
  17.
    Subsequent
    Event     F-39




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)AtlantaAirport Plaza


3


GA


IND


$
4,275


$
1,811


$
5,093


$
974


$
1,811


$
6,067


$
7,878


$
785



2003



5-40Airport South Business Park


8


GA


IND



16,086



9,200



16,436



14,476



9,200



30,912



40,112



5,341



2001



5-40Atlanta South Business Park


9


GA


IND







8,047



24,180



4,348



8,047



28,528



36,575



7,728



1997



5-40AMB Garden City Industrial


1


GA


IND







441



2,604



147



462



2,730



3,192



213



2004



5-40South Ridge at Hartsfield


1


GA


IND



3,828



2,096



4,008



1,130



2,096



5,138



7,234



872



2001



5-40Southfield/KRDC Industrial SG


13


GA


IND



32,177



13,578



35,730



8,591



13,578



44,321



57,899



7,672



1997



5-40Southside Distribution Center


1


GA


IND



1,064



766



2,480



105



766



2,585



3,351



385



2001



5-40Sylvan Industrial


1


GA


IND







1,946



5,905



724



1,946



6,629



8,575



1,407



1999



5-40ChicagoAddison Business Center


1


IL


IND







1,060



3,228



389



1,060



3,617



4,677



742



2000



5-40Alsip Industrial


1


IL


IND







1,200



3,744



737



1,200



4,481



5,681



1,013



1998



5-40Belden Avenue SGP


3


IL


IND



9,486



5,393



13,655



1,176



5,487



14,737



20,224



3,345



2001



5-40Bensenville Ind Park


13


IL


IND







20,799



62,438



23,187



20,799



85,625



106,424



25,407



1993



5-40Bridgeview Industrial


1


IL


IND







1,332



3,996



561



1,332



4,557



5,889



1,136



1995



5-40Chancellory Park


8


IL


IND



35,838



24,491



31,848



1,725



24,491



33,573



58,064



1,106



2002



5-40Chicago Industrial Portfolio


1


IL


IND







762



2,285



749



762



3,034



3,796



787



1992



5-40Chicago Ridge Freight Terminal


1


IL


IND







3,705



3,576



206



3,705



3,782



7,487



567



2001



5.40AMB District Industrial


1


IL


IND







703



1,338



173



703



1,511



2,214



191



2004



5-40Elk Grove Village SG


10


IL


IND



15,948



7,059



21,739



5,095



7,059



26,834



33,893



5,928



2001



5-40Executive Drive


1


IL


IND







1,399



4,236



1,599



1,399



5,835



7,234



1,727



1997



5-40AMB Golf Distribution


1


IL


IND



13,922



7,740



16,749



823



7,740



17,572



25,312



1,207



2005



5-40Hamilton Parkway


1


IL


IND







1,554



4,408



563



1,554



4,971



6,525



1,254



1995



5-40Hintz Building


1


IL


IND







420



1,259



402



420



1,661



2,081



428



1998



5-40Itasca Industrial Portfolio


5


IL


IND







3,830



11,537



2,958



3,830



14,495



18,325



4,703



1994



5-40AMB Kehoe Industrial


1


IL


IND







2,000



3,006







2,000



3,006



5,006



39



2006



5-40Melrose Park Distribution Ctr


1


IL


IND







2,936



9,190



2,398



2,936



11,588



14,524



3,892



1995



5-40NDP  Chicago


3


IL


IND







1,496



4,487



1,271



1,496



5,758



7,254



1,744



1998



5-40AMB Nicholas Logistics Center


1


IL


IND







4,681



5,811



1,883



4,681



7,694



12,375



798



2001



5-40AMB OHare


14


IL


IND



8,987



2,924



8,995



3,002



2,924



11,997



14,921



2,511



2001



5-40OHare Industrial Portfolio


12


IL


IND







5,497



20,238



1,806



5,497



22,044



27,541



5,963



1996



5-40Poplar Gateway Truck Terminal


1


IL


IND







4,551



3,152



806



4,551



3,958



8,509



371



2002



5-40AMB Port OHare


2


IL


IND



5,739



4,913



5,761



1,300



4,913



7,061



11,974



1,567



2001



5-40AMB Sivert Distribution


1


IL


IND







857



1,377



744



857



2,121



2,978



260



2004



5-40Stone Distribution Center


1


IL


IND



2,781



2,242



3,266



801



2,242



4,067



6,309



463



2003



5-40AMB Territorial Industrial


1


IL


IND







954



3,451



5



954



3,456



4,410



53



2006



5-40Thorndale Distribution


1


IL


IND



5,252



4,130



4,216



531



4,130



4,747



8,877



731



2002



5-40Touhy Cargo Terminal


1


IL


IND



5,056



2,800



110



4,615



2,800



4,725



7,525



450



2002



5-40 S-1




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)West OHare CC


2


IL


IND



5,892



8,523



14,848



1,761



8,523



16,609



25,132



1,732



2001



5-40Windsor Court


1


IL


IND







766



2,338



165



766



2,503



3,269



612



1997



5-40Wood Dale Industrial SG


5


IL


IND



8,227



2,868



9,166



1,482



2,868



10,648



13,516



1,993



2001



5-40Yohan Industrial


3


IL


IND



4,364



5,904



7,323



1,656



5,904



8,979



14,883



1,349



2003



5-40Dallas/Ft. WorthAddison Technology Center


1


TX


IND







899



2,696



1,312



899



4,008



4,907



1,228



1998



5-40Dallas Industrial


12


TX


IND







5,938



17,836



5,980



5,938



23,816



29,754



7,856



1994



5-40Greater Dallas Industrial Port


4


TX


IND







4,295



14,285



3,971



4,295



18,256



22,551



5,676



1997



5-40Lincoln Industrial Center


1


TX


IND







671



2,052



1,426



671



3,478



4,149



760



1994



5-40Lonestar Portfolio


6


TX


IND



15,414



6,451



19,360



4,978



6,451



24,338



30,789



4,115



1994



5-40Northfield Dist. Center


7


TX


IND



21,453



9,313



27,388



3,676



9,313



31,064



40,377



3,519



2002



5-40Richardson Tech Center SGP


2


TX


IND



4,810



1,522



5,887



2,425



1,522



8,312



9,834



1,116



2001



5-40Valwood Industrial


2


TX


IND







1,983



5,989



2,476



1,983



8,465



10,448



2,745



1994



5-40West North Carrier Parkway


1


TX


IND







1,375



4,165



1,275



1,375



5,440



6,815



1,676



1993



5-40Los AngelesActivity Distribution Center


4


CA


IND







3,736



11,248



3,293



3,736



14,541



18,277



3,914



1994



5-40Anaheim Industrial Property


1


CA


IND







1,457



4,341



940



1,457



5,281



6,738



1,420



1994



5-40Artesia Industrial


23


CA


IND







21,764



65,270



15,301



21,764



80,571



102,335



21,873



1996



5-40Bell Ranch Distribution


5


CA


IND







6,904



12,915



1,415



6,904



14,330



21,234



2,286



2001



5-40Cabrillo Distribution Center


1


CA


IND



11,794



7,563



11,177



41



7,563



11,218



18,781



1,134



2002



5-40Carson Industrial


12


CA


IND







4,231



10,418



6,664



4,231



17,082



21,313



3,713



1999



5-40Carson Town Center


2


CA


IND







6,565



3,210



15,604



6,565



18,814



25,379



3,365



2000



5-40Chartwell Distribution Center


1


CA


IND







2,711



8,191



1,111



2,711



9,302



12,013



1,645



2000



5-40Del Amo Industrial Center


1


CA


IND







2,529



7,651



231



2,529



7,882



10,411



1,206



2000



5-40Eaves Distribution Center


3


CA


IND



14,341



11,893



12,708



3,317



11,893



16,025



27,918



3,239



2001



5-40Fordyce Distribution Center


1


CA


IND



7,054



5,835



10,985



917



5,835



11,902



17,737



1,346



2001



5-40Ford Distribution Cntr


7


CA


IND







24,557



22,046



5,261



24,557



27,307



51,864



4,750



2001



5-40Harris Bus Ctr Alliance II


9


CA


IND



31,095



20,772



31,050



4,370



20,863



35,329



56,192



6,706



2000



5-40Hawthorne LAX Cargo AMBPTNII


1


CA


IND



7,952



2,775



8,377



519



2,775



8,896



11,671



1,436



2000



5-40LA Co Industrial Port SGP


6


CA


IND



21,596



9,430



29,242



6,600



9,432



35,840



45,272



5,700



2001



5-40LAX Gateway


1


CA


IND



15,960







26,814



425







27,239



27,239



3,093



2004



5-40Los Nietos Business Center SG


4


CA


IND



7,504



2,488



7,751



1,103



2,488



8,854



11,342



1,635



2001



5-40International Multifoods


1


CA


IND







1,613



4,879



1,751



1,613



6,630



8,243



1,910



1993



5-40NDP  Los Angeles


6


CA


IND







5,948



17,844



4,879



5,948



22,723



28,671



5,520



1998



5-40Normandie Industrial


1


CA


IND







2,398



7,491



3,095



2,398



10,586



12,984



2,370



2000



5-40Northpointe Commerce


2


CA


IND







1,773



5,358



788



1,773



6,146



7,919



1,646



1993



5-40Pioneer-Alburtis


5


CA


IND



7,821



2,422



7,166



1,302



2,422



8,468



10,890



1,645



2001



5-40Park One at LAX, LLC


0


CA


IND







75,000



431



67



75,000



498



75,498



64



2002



5-40 S-2




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)Slauson Dist. Ctr. AMBPTNII


8


CA


IND



24,706



7,806



23,552



6,163



7,806



29,715



37,521



5,307



2000



5-40Spinnaker Logistics


1


CA


IND



12,934



12,198



17,276



1,737



12,198



19,013



31,211



417



2004



5-40AMB Starboard Distribution Ctr


1


CA


IND







19,683



17,387



2,069



19,683



19,456



39,139



1,160



2005



5-40Sunset Dist. Center


3


CA


IND



13,725



13,360



2,765



10,022



13,360



12,787



26,147



1,311



2002



5-40Systematics


1


CA


IND







911



2,773



711



911



3,484



4,395



1,161



1993



5-40Torrance Commerce Center


6


CA


IND







2,045



6,136



1,604



2,045



7,740



9,785



2,281



1998



5-40AMB Triton Distribution Center


1


CA


IND



9,700



6,856



7,135



1,243



6,856



8,378



15,234



351



2005



5-40Van Nuys Airport Industrial


4


CA


IND







9,393



8,641



15,714



9,393



24,355



33,748



5,463



2000



5-40Walnut Drive


1


CA


IND







964



2,918



814



964



3,732



4,696



1,065



1997



5-40Watson Industrial Center AFdII


1


CA


IND



4,270



1,713



5,321



1,378



1,713



6,699



8,412



1,252



2001



5-40Wilmington Avenue Warehouse


2


CA


IND







3,849



11,605



4,525



3,849



16,130



19,979



4,284



1999



5-40MiamiBeacon Centre


18


FL


IND



65,798



31,704



96,681



26,393



31,704



123,074



154,778



24,905



2000



5-40Beacon Centre  Headlands


1


FL


IND







2,523



7,669



1,288



2,523



8,957



11,480



1,637



2000



5-40Beacon Industrial Park


8


FL


IND







10,105



31,437



9,388



10,105



40,825



50,930



9,881



1996



5-40Beacon Lakes


1


FL


IND



7,544



1,689



8,133



878



1,689



9,011



10,700



822



2002



5-40Blue Lagoon Business Park


2


FL


IND







4,945



14,875



2,439



4,945



17,314



22,259



4,486



1996



5-40Cobia Distribution Center


2


FL


IND



7,800



1,792



5,950



2,292



1,792



8,242



10,034



534



2004



5-40Dolphin Distribution Center


1


FL


IND



2,819



1,581



3,602



1,652



1,581



5,254



6,835



295



2003



5-40Gratigny Distribution Center


1


FL


IND



3,766



1,551



2,380



1,306



1,551



3,686



5,237



513



2003



5-40Marlin Distribution Center


1


FL


IND







1,076



2,169



931



1,076



3,100



4,176



408



2003



5-40Miami Airport Business Center


6


FL


IND







6,400



19,634



5,068



6,400



24,702



31,102



4,956



1999



5-40Panther Distribution Center


1


FL


IND



3,865



1,840



3,252



1,391



1,840



4,643



6,483



482



2003



5-40Sunrise Industrial


3


FL


IND



7,415



4,573



17,088



2,155



4,573



19,243



23,816



3,104



1998



5-40Tarpon Distribution Center


1


FL


IND



3,008



884



3,914



531



884



4,445



5,329



450



2004



5-40No. New Jersey/New York CityAMB Meadowlands Park


8


NJ


IND







5,449



14,458



4,975



5,449



19,433



24,882



4,253



2000



5-40Dellamor


8


NJ


IND



13,662



12,061



11,577



2,674



12,061



14,251



26,312



2,084



2002



5-40Docks Corner SG (Phase II)


1


NJ


IND



34,068



13,672



22,516



20,624



13,672



43,140



56,812



7,672



2001



5-40Fairfalls Portfolio


28


NJ


IND



32,984



20,381



45,038



6,351



20,381



51,389



71,770



5,121



2004



5-40Fairmeadows Portfolio


20


NJ


IND



30,058



22,932



35,522



7,935



22,932



43,457



66,389



4,437



2003



5-40Jamesburg Road Corporate Park


3


NJ


IND



20,605



11,700



35,101



6,141



11,700



41,242



52,942



11,070



1998



5-40JFK Air Cargo


15


NY


IND







16,944



45,694



8,664



16,944



54,358



71,302



11,696



2000



5-40JFK Airport Park


1


NY


IND







2,350



7,251



1,240



2,350



8,491



10,841



1,798



2000



5-40AMB JFK Airgate Center


4


NY


IND



12,770



5,980



26,393



2,570



5,980



28,963



34,943



2,070



2005



5-40Linden Industrial


1


NJ


IND







900



2,753



1,617



900



4,370



5,270



1,057



1999



5-40Mahwah Corporate Center


4


NJ


IND







7,068



22,086



5,886



7,068



27,972



35,040



5,604



1998



5-40Mooncreek Distribution Center


1


NJ


IND







2,958



7,924



166



2,958



8,090



11,048



662



2004



5-40 S-3




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)Meadowlands ALFII


3


NJ


IND



11,510



5,210



10,272



2,457



5,210



12,729



17,939



2,624



2001



5-40Meadowlands Cross Dock


1


NJ


IND







1,110



3,485



1,102



1,110



4,587



5,697



1,187



2000



5-40Meadow Lane


1


NJ


IND







838



2,594



773



838



3,367



4,205



702



1999



5-40Moonachie Industrial


2


NJ


IND



5,154



2,731



5,228



711



2,731



5,939



8,670



1,036



2001



5-40Murray Hill Parkway


2


NJ


IND







1,670



2,568



5,605



1,670



8,173



9,843



3,117



1999



5-40Newark Airport I & II


2


NJ


IND



3,347



1,755



5,400



656



1,755



6,056



7,811



1,385



2000



5-40Orchard Hill


1


NJ


IND



1,504



1,212



1,411



642



1,212



2,053



3,265



242



2002



5-40AMB Pointview Dist. Ctr


1


NJ


IND



12,217



4,693



12,355



539



4,693



12,894



17,587



563



2005



5-40Porete Avenue Warehouse


1


NJ


IND







4,067



12,202



5,081



4,067



17,283



21,350



4,391



1998



5-40Skyland Crossdock


1


NJ


IND











7,250



714







7,964



7,964



970



2002



5-40Teterboro Meadowlands 15


1


NJ


IND



9,189



4,961



9,618



6,838



4,961



16,456



21,417



2,953



2001



5-40AMB Tri-Port Distribution Ctr


1


NJ


IND







25,672



19,852



729



25,672



20,581



46,253



1,564



2004



5-40Two South Middlesex


1


NJ


IND







2,247



6,781



2,354



2,247



9,135



11,382



2,627



1995



5-40On-TarmacAMB BWI Cargo Center E


1


MD


IND











6,367



200







6,567



6,567



2,157



2000



5-19AMB DFW Cargo Center East


3


TX


IND



5,678







20,632



1,291







21,923



21,923



5,176



2000



5-26AMB DAY Cargo Center


5


OH


IND



6,265







7,163



554







7,717



7,717



2,264



2000



5-23AMB DFW Cargo Center 1


1


TX


IND











34,199



724







34,923



34,923



1,334



2005



5-32AMB DFW Cargo Center 2


1


TX


IND











4,286



14,703







18,989



18,989



3,721



1999



5-39AMB IAD Cargo Center 5


1


VA


IND











38,840



804







39,644



39,644



11,723



2002



5-15AMB JAX Cargo Center


1


FL


IND











3,029



226







3,255



3,255



859



2000



5-22AMB JFK Cargo Center 7577


2


NJ


IND











30,965



6,503







37,468



37,468



12,917



2002



5-13AMB LAS Cargo Center 15


4


NV


IND











19,721



1,560







21,281



21,281



3,026



2003



5-33AMB LAX Cargo Center


3


CA


IND



6,454







13,445



782







14,227



14,227



3,940



2000



5-22AMB MCI Cargo Center 1


1


MO


IND



4,215







5,793



437







6,230



6,230



2,115



2000



5-18AMB MCI Cargo Center 2


1


MO


IND



8,485







8,134



180







8,314



8,314



1,836



2000



5-27AMB PHL Cargo Center C2


1


PA


IND











9,716



2,438







12,154



12,154



4,068



2000



5-27AMB PDX Cargo Center Airtrans


2


OR


IND











9,207



2,018







11,225



11,225



2,187



1999



5-28AMB RNO Cargo Center 1011


2


NV


IND











6,014



302







6,316



6,316



1,129



2003



5-23AMB SEA Cargo Center North


2


WA


IND



3,771







15,594



570







16,164



16,164



3,764



2000



5-27AMB SEA Cargo Center South


1


WA


IND











3,056



363







3,419



3,419



1,519



2000



5-14San Francisco Bay AreaAcer Distribution Center


1


CA


IND







3,146



9,479



3,162



3,146



12,641



15,787



3,941



1998



5-40Albrae Business Center


1


CA


IND



7,331



6,299



6,227



1,189



6,299



7,416



13,715



1,222



2001



5-40Alvarado Business Center SG


5


CA


IND



22,560



6,328



26,671



10,620



6,328



37,291



43,619



6,551



2001



5-40Brennan Distribution


1


CA


IND



3,448



3,683



3,022



2,193



3,683



5,215



8,898



1,599



2001



5-40Central Bay


2


CA


IND



6,571



3,896



7,400



1,903



3,896



9,303



13,199



2,068



2001



5-40Component Drive Ind Port


3


CA


IND







12,688



6,974



2,028



12,688



9,002



21,690



1,766



2001



5-40 S-4




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)Dado Distribution


1


CA


IND







7,221



3,739



2,520



7,221



6,259



13,480



1,217



2001



5-40Doolittle Distribution Center


1


CA


IND







2,644



8,014



1,522



2,644



9,536



12,180



2,030



2000



5-40Dowe Industrial Center


2


CA


IND







2,665



8,034



2,537



2,665



10,571



13,236



3,023



1991



5-40East Bay Whipple


1


CA


IND



6,497



5,333



8,126



1,697



5,333



9,823



15,156



1,735



2001



5-40East Bay Doolittle


1


CA


IND







7,128



11,023



3,051



7,128



14,074



21,202



2,783



2001



5-40Edgewater Industrial Center


1


CA


IND







4,038



15,113



5,574



4,038



20,687



24,725



4,995



2000



5-40East Grand Airfreight


2


CA


IND



3,789



5,093



4,190



816



5,093



5,006



10,099



639



2003



5-40Fairway Drive Ind SGP


4


CA


IND



11,546



4,204



13,949



3,496



4,204



17,445



21,649



3,009



2001



5-40Junction Industrial Park


4


CA


IND







7,875



23,975



4,377



7,875



28,352



36,227



6,651



1999



5-40Laurelwood Drive


2


CA


IND







2,750



8,538



958



2,750



9,496



12,246



2,238



1997



5-40Lawrence SSF


1


CA


IND







2,870



5,521



1,269



2,870



6,790



9,660



1,491



2001



5-40Marina Business Park


2


CA


IND







3,280



4,316



447



3,280



4,763



8,043



608



2002



5-40Martin/Scott Ind Port


2


CA


IND







9,052



5,309



952



9,052



6,261



15,313



979



2001



5-40MBC Industrial


4


CA


IND







5,892



17,716



3,881



5,892



21,597



27,489



6,065



1996



5-40Milmont Page SGP


3


CA


IND



10,780



3,420



10,600



3,356



3,420



13,956



17,376



2,391



2001



5-40Moffett Distribution


7


CA


IND



15,856



26,916



11,277



2,875



26,916



14,152



41,068



2,725



2001



5-40Moffett Park / Bordeaux R&D


4


CA


IND















3,801







3,801



3,801



2,557



1996



5-40Moffett Park R&D Portfolio


10


CA


IND







14,805



44,462



12,458



14,805



56,920



71,725



17,744



1996



5-40Pacific Business Center


2


CA


IND







5,417



16,291



4,519



5,417



20,810



26,227



6,174



1993



5-40Pardee Drive SG


1


CA


IND



1,443



619



1,880



284



619



2,164



2,783



354



2001



5-40South Bay Brokaw


3


CA


IND







4,372



13,154



3,218



4,372



16,372



20,744



4,769



1995



5-40South Bay Junction


2


CA


IND







3,464



10,424



1,099



3,464



11,523



14,987



3,089



1995



5-40South Bay Lundy


2


CA


IND







5,497



16,542



2,787



5,497



19,329



24,826



5,417



1995



5-40South Bay Osgood


1


CA


IND







1,659



4,992



1,537



1,659



6,529



8,188



1,787



1995



5-40Silicon Valley R&D


5


CA


IND







6,700



20,186



11,877



6,700



32,063



38,763



10,434



1997



5-40Utah Airfreight


1


CA


IND



16,234



18,753



8,381



1,759



18,753



10,140



28,893



1,565



2003



5-40Wiegman Road


1


CA


IND







1,563



4,688



1,670



1,563



6,358



7,921



2,044



1997



5-40Willow Park Industrial


21


CA


IND







25,590



76,771



20,408



25,590



97,179



122,769



26,189



1998



5-40Williams & Burroughs AMB PrtII


4


CA


IND



7,468



2,262



6,981



3,406



2,262



10,387



12,649



2,949



2001



5-40Yosemite Drive


1


CA


IND







2,350



7,051



1,546



2,350



8,597



10,947



2,115



1997



5-40Zanker/Charcot Industrial


5


CA


IND







5,282



15,887



4,806



5,282



20,693



25,975



5,633



1992



5-40SeattleBlack River


1


WA


IND



3,197



1,845



3,559



534



1,845



4,093



5,938



778



2001



5-40Earlington Business Park


1


WA


IND



3,962



2,766



3,234



1,052



2,766



4,286



7,052



753



2002



5-40East Valley Warehouse


1


WA


IND







6,813



20,511



6,656



6,813



27,167



33,980



7,620



1999



5-40Harvest Business Park


3


WA


IND







2,371



7,153



2,161



2,371



9,314



11,685



2,735



1995



5-40Kent Centre Corporate Park


4


WA


IND







3,042



9,165



3,060



3,042



12,225



15,267



3,282



1995



5-40Kingsport Industrial Park


7


WA


IND







7,919



23,812



7,195



7,919



31,007



38,926



8,849



1992



5-40 S-5




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)NDP  Seattle


4


WA


IND



11,206



3,992



11,773



1,404



3,992



13,177



17,169



1,783



2002



5-40Northwest Distribution Center


3


WA


IND







3,533



10,751



2,010



3,533



12,761



16,294



3,494



1992



5-40AMB Portside Distribution Cent


1


WA


IND







9,964



14,421



4,707



9,964



19,128



29,092



990



2005



5-40Puget Sound Airfreight


1


WA


IND







1,329



1,830



426



1,329



2,256



3,585



424



2002



5-40Renton Northwest Corp. Park


6


WA


IND



22,990



25,959



14,792



1,922



25,959



16,714



42,673



2,132



2002



5-40SEA Logistics Center 2


3


WA


IND



14,031



11,481



24,496



485



11,481



24,981



36,462



2,293



2003



5-40AMB Sumner Landing


1


WA


IND







6,937



17,577



3,056



6,937



20,633



27,570



1,425



2005



5-40Trans-Pacific Industrial Park


11


WA


IND



48,600



31,675



42,210



9,516



31,675



51,726



83,401



5,459



2003



5-40Non U.S. Target MarketsAMB Capronilaan


1


The Netherlands


IND



22,260



8,769



14,675



2,403



9,497



16,350



25,847



1,418



2004



5-40AMB CDG Cargo Center SAS


1


France


IND



20,403







38,870



2,353







41,223



41,223



2,806



2004



8-38AMB Schiphol Dist Center


1


The Netherlands


IND



9,655



6,258



9,490



84



6,258



9,574



15,832



701



2004



5-40Koolhovenlaan 1&2


2


The Netherlands


IND



10,256



4,371



7,412



506



4,551



7,738



12,289



459



2005



4-40AMB Isle dAbeau Logistics Park Bldg B


1


Lyon


IND



18,479



3,774



14,367



1,809



4,133



15,817



19,950



893



2005



5-40Frankfurt Logistic Center


1


Germany


IND



23,316







19,875



5,250







25,125



25,125



1,620



2003



37-40Paris Nord Distribution I


1


France


IND







2,864



4,723



2,606



3,743



6,450



10,193



693



2002



5-40Paris Nord Distribution II


1


France


IND







1,697



5,127



4,034



2,191



8,667



10,858



1,217



2002



5-40Bourget Industrial


1


France


IND



33,077



10,058



23,843



2,769



10,864



25,806



36,670



2,004



2003



5-38Port of Rotterdam


1


The Netherlands


IND



3,689







5,660



428







6,088



6,088



263



2005



4-40Port of Hamburg 2, 3, 5


3


Germany


IND



18,987







34,218



4,360







38,578



38,578



1,564



2005



2-28AMB LG Roissy Mesnil SAS


1


France


IND



310



124



537



54



124



591



715



3



2006



2-40AMB LG Roissy Santal SAS


1


France


IND



2,851



1,396



3,227



143



1,396



3,370



4,766



91



2006



2-40AMB LG Roissy Saturne SAS


1


France


IND



2,957



1,666



3,894



151



1,666



4,045



5,711



79



2006



4-40AMB LG Roissy Scandy SAS


1


France


IND



3,867



1,870



4,325



157



1,870



4,482



6,352



115



2006



2-40AMB LG Roissy Scipion SAS


1


France


IND



2,006



844



3,597



141



844



3,738



4,582



81



2006



2-40AMB LG Roissy Segur SAS


1


France


IND



9,655



4,583



11,444



237



4,583



11,681



16,264



224



2006



5-40AMB LG Roissy Sepia SAS


1


France


IND



4,052



2,162



4,594



651



2,162



5,245



7,407



97



2006



6-40AMB LG Roissy Seringa SAS


1


France


IND



2,653



1,126



3,483



250



1,126



3,733



4,859



79



2006



3-40AMB LG Roissy Signac SAS


1


France


IND



4,785



2,106



5,228



166



2,106



5,394



7,500



117



2006



3-40AMB LG Roissy Sisley SAS


1


France


IND



6,349



2,883



6,942



425



2,883



7,367



10,250



136



2006



5-40AMB LG Roissy Soliflore SAS


1


France


IND



2,178



752



3,248



138



752



3,386



4,138



77



2006



2-40AMB LG Roissy Sonate SAS


1


France


IND



7,477



4,121



9,745



291



4,121



10,036



14,157



241



2006



2-40AMB LG Roissy Sorbiers SAS


1


France


IND



3,524



1,124



4,853



155



1,124



5,008



6,132



150



2006



2-40AMB LG Roissy Storland SAS


1


France


IND



1,346



479



2,109



226



479



2,335



2,814



42



2006



2-40AMB LG Roissy Symphonie SAS


1


France


IND



3,933



1,930



4,463



158



1,930



4,621



6,551



125



2006



2-40AMB Eemhaven Distribution Center B.V


1


The Netherlands


IND











23,588



1,399







24,987



24,987



9



2006



5-33 S-6




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)AMB Hordijk Distribution Center B.V


1


The Netherlands


IND











12,349



4







12,353



12,353



54



2006



5-40SCI AMB France Givaudan DC


1


France


IND







1,037



4,323







1,037



4,323



5,360



51



2006



5-40AMB Port of Hamburg 4, 6-8 BV


4


Germany


IND



39,284







51,359



81







51,440



51,440



2,116



2006



2-28AMB Jiuting DC


1


Shanghai


IND











6,302











6,302



6,302



501



2005



2-40Corregidora Distribution Center


1


Mexico


IND







798



3,662



9



798



3,671



4,469



50



2006



10-40U.S. Other Target MarketsMET PHASE 1 95, LTD


4


TX


IND







10,968



14,554



2,677



10,968



17,231



28,199



1,346



1995



5-40MET 4/12, LTD


1


TX


IND











18,390



2,678







21,068



21,068



8,067



1997



5-40TechRidge Bldg 4.3B (Phase IV)


1


TX


IND



8,000



4,020



9,185



114



4,020



9,299



13,319



62



2006



5-40TechRidge Phase II


1


TX


IND



10,588



7,261



13,484



234



7,261



13,718



20,979



1,976



2001



5-40TechRidge Phase IIIA Bldg. 4.1


1


TX


IND



9,200



3,143



12,087



13



3,143



12,100



15,243



1,353



2004



5-40Beltway Distribution


1


MD


IND







4,800



15,159



6,298



4,800



21,457



26,257



5,508



1999



5-40B.W.I.P


2


MD


IND







2,258



5,149



1,219



2,258



6,368



8,626



921



2002



5-40Columbia Business Center


9


MD


IND







3,856



11,736



5,001



3,856



16,737



20,593



4,582



1999



5-40Corridor Industrial


1


MD


IND



2,260



996



3,019



382



996



3,401



4,397



774



1999



5-40Crysen Industrial


1


MD


IND







1,425



4,275



1,267



1,425



5,542



6,967



1,640



1998



5-40Dulles Commerce Center


3


MD


IND







3,694



12,547



1,341



3,694



13,888



17,582



497



2003



5-40Gateway Commerce Center


5


MD


IND







4,083



12,336



2,568



4,083



14,904



18,987



3,593



1999



5-40AMB Granite Hill Dist. Center


2


MD


IND







4,653



6,407



319



4,653



6,726



11,379



193



2006



5-40Greenwood Industrial


3


MD


IND







4,729



14,188



4,053



4,729



18,241



22,970



4,712



1998



5-40Meadowridge Industrial


3


MD


IND







3,716



11,147



958



3,716



12,105



15,821



2,786



1998



5-40Oakland Ridge Ind Ctr I


1


MD


IND



1,769



797



2,466



1,160



797



3,626



4,423



1,153



1999



5-40Oakland Ridge Ind Ctr II


1


MD


IND



2,269



839



2,557



1,411



839



3,968



4,807



1,436



1999



5-40Oakland Ridge Ind Ctr V


4


MD


IND











6,740



3,032







9,772



9,772



3,455



1999



5-40Patuxent Range Road


2


MD


IND







1,696



5,127



1,265



1,696



6,392



8,088



1,806



1997



5-40Preston Court


1


MD


IND







2,313



7,192



1,073



2,313



8,265



10,578



2,056



1997



5-40Boston Industrial


17


MA


IND



6,475



16,329



50,856



20,516



16,329



71,372



87,701



21,612



1998



5-40Cabot Business Park


12


MA


IND







15,398



42,288



10,484



15,398



52,772



68,170



14,458



1997



5-40Cabot BP Land (KYDJ)


1


MA


IND







863



6,918



3,035



863



9,953



10,816



3,585



1998



5-40Cabot Business Park SGP


3


MA


IND



15,525



6,253



18,747



1,872



6,253



20,619



26,872



2,634



2002



5-40Patriot Dist. Center


1


MA


IND



11,844



4,164



22,603



1,249



4,164



23,852



28,016



1,534



2003



5-40Somerville Distribution Center


1


MA


IND







5,221



13,208



1,714



5,221



14,922



20,143



1,107



2004



5-40AMB Blue Water


1


MN


IND







1,905



6,312







1,905



6,312



8,217



63



2006



5-40Braemar Business Center


2


MN


IND







1,566



4,613



1,551



1,566



6,164



7,730



1,878



1998



5-40Burnsville Business Center


1


MN


IND







932



2,796



1,566



932



4,362



5,294



1,617



1998



5-40Corporate Square Industrial


6


MN


IND







4,024



12,113



4,335



4,024



16,448



20,472



5,249



1996



5-40AMB Industrial Park Bus. Ctr


1


MN


IND



3,212



1,648



4,187



8



1,648



4,195



5,843



309



2004



5-40 S-7




---



##### Table of Contents



AMB PROPERTY, L.P.SCHEDULE IIICONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATIONAs of December 31, 2006CostsInitial Cost to Company


Capitalized


Gross Amount Carried at
    12/31/06





Year ofNo of













Building &


Subsequent to





Building &


Total Costs


Accumulated


Construction/


Depreciable LifeProperty

Bldgs


Location

Type


Encumbrances(3)


Land


Improvements


Acquisition


Land


Improvements


(1)(2)


Depreciation(4)


Acquisition


(Years)(In thousands, except number of buildings)Minneapolis Distribution Port


3


MN


IND







4,052



13,375



4,611



4,052



17,986



22,038



4,840



1994



5-40Mendota Heights Gateway Common


1


MN


IND







1,367



4,565



2,833



1,367



7,398



8,765



2,987



1997



5-40Minneapolis Industrial Port IV


4


MN


IND







4,938



14,854



3,628



4,938



18,482



23,420



5,517



1994



5-40AMB Northpoint Indust. Center


3


MN


IND



6,245



2,769



8,087



115



2,769



8,202



10,971



751



2004



5-40Penn James Warehouse


2


MN


IND







1,991



6,013



1,888



1,991



7,901



9,892



2,346



1996



5-40Round Lake Business Center


1


MN


IND







875



2,625



863



875



3,488



4,363



1,076



1998



5-40AMB Shady Oak Indust. Center


1


MN


IND



1,745



897



1,795



248



897



2,043



2,940



237



2004



5-40Twin Cities


2


MN


IND







4,873



14,638



7,989



4,873



22,627



27,500



7,436



1995



5-40Chancellor


1


FL


IND







1,587



3,759



3,622



1,587



7,381



8,968



1,249



1996



5-40Chancellor Square


3


FL


IND



13,929



2,009



6,106



5,576



2,009



11,682



13,691



3,558



1998



5-40Presidents Drive


6


FL


IND







5,770



17,655



4,785



5,770



22,440



28,210



6,111



1997



5-40Sand Lake Service Center


6


FL


IND







3,483



10,585



5,152



3,483



15,737



19,220



4,876



1998



5-40Other U.S. Non-Target MarketsJanitrol


1


OH


IND







1,797



4,605
(1)


369



1,797



4,974



6,771



1,442



1997



5-40Elmwood Distribution


5


LA


IND







4,163



12,488



5,391



4,152



17,890



22,042



2,742



1998



5-40Total


820








$
1,302,921


$
1,347,480


$
3,266,466


$
775,651


$
1,351,123


$
4,038,474


$
5,389,597


$
789,693     (1)
    
    The Company recognized an impairment loss of approximately
    $1.0 million during the year ended December 31, 2006
    as a result of leasing activities and changes in the economic
    environment. S-8




---



##### Table of Contents



2006


2005


2004(1
)

Reconciliation of total cost to consolidated balance sheet
    caption as of December 31, 2006:Total per Schedule III(5)

$
5,389,597


$
5,800,788


$
5,814,767Construction in process


1,186,136



997,506



711,377Total investments in properties

$
6,575,733


$
6,798,294


$
6,526,144(2
)

Aggregate cost for federal income tax purposes of investments in
    real estate

$
6,297,448


$
6,468,360


$
6,263,171(3
)

Reconciliation of total debt to consolidated balance sheet
    caption as of December 31, 2006:Total per Schedule III

$
1,302,921


$
1,598,919


$
1,828,864Debt on properties held for divestiture


22,919







27,481Debt on development properties


63,170



301,623



25,413Unamortized premiums


6,344



11,984



10,766Total debt

$
1,395,354


$
1,912,526


$
1,892,524(4
)

Reconciliation of accumulated depreciation to consolidated
    balance sheet caption as of December 31, 2006:Total per Schedule III

$
789,693


$
693,324


$
614,084Accumulated depreciation on properties under renovation






4,064



1,562Total accumulated depreciation

$
789,693


$
697,388


$
615,646(5
)

A summary of activity for real estate and accumulated
    depreciation for the year ended December 31, 2006 is as
    follows:Investments in Properties:Balance at beginning of year

$
6,798,294


$
6,526,144


$
5,491,707Acquisition of properties


669,771



505,127



687,072Improvements, including development properties


442,922



496,623



618,188Deconsolidation of AMB Institutional Alliance
    Fund III, L.P.


(743,323
)






Asset impairment


(6,312
)






Divestiture of properties


(478,545
)


(770,869
)


(185,564
)Adjustment for properties held for divestiture


(107,074
)


41,269



(85,259
)Balance at end of year

$
6,575,733


$
6,798,294


$
6,526,144Accumulated Depreciation:Balance at beginning of year

$
697,388


$
615,646


$
485,559Depreciation expense, including discontinued
    operations


127,199



168,869



163,316Properties divested


(37,391
)


(95,371
)


(23,559
)Adjustment for properties held for divestiture


2,497



8,244



(9,670
)Balance at end of year

$
789,693


$
697,388


$
615,646  S-9




---



##### Table of Contents



AMB
    JAPAN FUND I, L.P.
     S-10




---



##### Table of Contents



Report of
    Independent Registered Public Accounting Firm
  
      
 S-11




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  CONSOLIDATED
    BALANCE SHEETS
    AS OF DECEMBER 31, 2006 AND 2005
  2006


2005(Yen in thousands)ASSETSInvestments in real estate:Land

¥
29,132,520


¥
3,247,793Buildings and improvements


42,574,173



11,223,394Total investments in real estate


71,706,693



14,471,187Accumulated depreciation and amortization


(757,753
)


(204,437
)Net investments in real estate


70,948,940



14,266,750Cash and cash equivalents


3,030,454



1,488,353Restricted cash


5,099,538



3,142,163Deferred financing costs, net


547,277



1,009Accounts receivable and other assets


648,517



114,751Total assets

¥
80,274,726


¥
19,013,026LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage loan payable

¥
2,705,495


¥
2,711,494Bonds payable


38,550,556



3,389,367Secured loans payable


12,385,000



2,600,000Net payables to affiliates


71,430



2,815,703Accounts payable and other liabilities


1,192,553



373,113Distributions payable


1,021,381



367,020Security deposits


1,713,593



225,761Total liabilities


57,640,008



12,482,458Commitments and contingencies (Note 9)Minority interests


5,785,959



1,182,563Partners Capital:AMB Japan Investments, LLC (general partner)


168,487



53,480Limited partners capital


16,680,272



5,294,525Total partners capital


16,848,759



5,348,005Total liabilities and partners capital

¥
80,274,726


¥
19,013,026    S-12




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED DECEMBER 31, 2006
    AND FOR THE PERIOD FROM INCEPTION (JUNE 30, 2005) TO
    DECEMBER 31, 2005
  Period from Inception(June 30, 2005) to2006


December 31, 2005(Yen in thousands)RENTAL REVENUES

¥
2,243,976


¥
738,648COSTS AND EXPENSESProperty operating costs


266,781



91,000Real estate taxes and insurance


326,813



115,089Depreciation and amortization


553,538



204,436General and administrative


171,112



79,717Total costs and expenses


1,318,244



490,242Operating income


925,732



248,406OTHER INCOME AND EXPENSESInterest and other income


294



4Interest, including amortization


(615,868
)


(99,376
)Total other income and expenses


(615,574
)


(99,372
)Income before minority interests and taxes


310,158



149,034Income and withholding taxes


(33,429
)


(26,135
)Minority interest share of income


(64,795
)


(27,390
)Net income


211,934



95,509Priority distributions to AMB Japan Investments, LLC


(654,361
)


(367,020
)Net loss available to partners

¥
(442,427
)

¥
(271,511
)    S-13




---



##### Table of Contents



AMB JAPAN
    FUND I.L.P.
    CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
    FOR THE YEAR ENDED DECEMBER 31, 2006
    AND FOR THE PERIOD FROM INCEPTION (JUNE 30, 2005) TO
    DECEMBER 31, 2005
  AMB JapanInvestments, LLC(General Partner)


Limited Partners


Total(Yen in thousands)Contributions at Inception (June 30, 2005)

¥
57,500


¥
5,692,500


¥
5,750,000Net income (loss)


364,305



(268,796
)


95,509Fund offering costs


(1,305
)


(129,179
)


(130,484
)Priority distributions (Note 8)


(367,020
)






(367,020
)Balance at December 31, 2005


53,480



5,294,525



5,348,005Contributions


119,596



11,840,000



11,959,596Net income (loss)


649,937



(438,003
)


211,934Fund offering costs


(91
)


(8,961
)


(9,052
)Other comprehensive income (Note 2)


(74
)


(7,289
)


(7,363
)Priority distributions (Note 8)


(654,361
)






(654,361
)Balance at December 31, 2006

¥
168,487


¥
16,680,272


¥
16,848,759    S-14




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEAR ENDED DECEMBER 31, 2006
    AND FOR THE PERIOD FROM INCEPTION (JUNE 30, 2005) TO
    DECEMBER 31, 2005
  Period from Inception(June 30, 2005) to2006


December 31, 2005(Yen in thousands)CASH FLOWS FROM OPERATING ACTIVITIESNet income

¥
211,934


¥
95,509Adjustments to reconcile net income to net cash (used in)
    provided by operating activities:Depreciation and amortization


553,538



204,436Straight-line rents and amortization of lease intangibles


(176,543
)


(40,642
)Debt premiums and finance cost amortization, net


97,170



(5,944
)Minority interests share of income


64,795



27,390Changes in assets and liabilities:Accounts receivable and other assets


(82,749
)


101,151Restricted cash


(442,060
)


Accounts payable and other liabilities


(488,927
)


103,813Security deposits


115,045



(7,159
)Net cash (used in) provided by operating activities


(147,797
)


478,554CASH FLOWS FROM INVESTING ACTIVITIESDebt financed distributions to AMB Japan for property
    acquisitions


(9,758,080
)


Cash paid for property acquisitions, net of cash and restricted
    cash acquired


(8,634,334
)


(3,994,653
)Restricted cash acquired


(1,515,315
)


(3,142,163
)Additions to properties


(255,730
)


(15,509
)Net cash used in investing activities


(20,163,459
)


(7,152,325
)CASH FLOWS FROM FINANCING ACTIVITIESContributions from limited partners


11,840,000



5,692,490Contributions from minority interest partners


359,891



1,931Borrowings on secured loan


9,785,000



2,600,000Payments of financing costs


(71,979
)


(1,813
)Payment of bonds payable


(31,313
)


Distributions to minority interest partners


(19,190
)


Fund offering costs


(9,052
)


(130,484
)Net cash provided by financing activities


21,853,357



8,162,124NET CHANGE IN CASH AND CASH EQUIVALENTS


1,542,101



1,488,353CASH AND CASH EQUIVALENTS  Beginning of period


1,488,353



CASH AND CASH EQUIVALENTS  End of period

¥
3,030,454


¥
1,488,353    S-15




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER
    31, 2006
  1.
    ORGANIZATION            2.
    SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES  Basis of Presentation.
  Use of Estimates.
  Functional and Reporting Currency.
  Investments in Real Estate. property-by-property
 S-16




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Depreciation and Amortization Expense

Estimated LivesBuilding and seismic costs

40 yearsParking, plumbing and utility

25 yearsExpansions, roof, HVAC and other

20 yearsFurniture, fixtures and other

10 yearsSignage and common areas

7 yearsPainting and other

5 yearsGround lease

Lesser of lease term or 40 years         Cash and Cash Equivalents.
  Restricted Cash.
 S-17




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Deferred Financing Costs.
  Financial Instruments.
  Mortgage and Bond Premiums.
  Minority Interests.
  Partners Capital.
  Rental Revenues.
  Concentration of Credit Risk.
  Fair Value of Financial Instruments.
  3.
    REAL
    ESTATE ACQUISITION ACTIVITY   S-18




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          Period fromInception toDecember 31,December 31, 2006


2005Land

¥
27,037,638


¥
3,247,793Buildings and improvements


29,234,337



11,005,346In-place leases


708,025



108,329Lease origination costs






61,858Below-market leases






(110,951
)¥
56,980,000


¥
14,312,375   4.
    DEBT           S-19




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          Mortgage





SecuredLoan





LoansPayable


Bonds Payable


Payable


Total2007

¥



¥
212,300


¥
2,600,000


¥
2,812,3002008






227,400



9,785,000



10,012,4002009






499,400







499,4002010






579,760







579,7602011


2,680,000



3,723,220







6,403,220Thereafter






33,276,608







33,276,608Subtotal


2,680,000



38,518,688



12,385,000



53,583,688Unamortized premiums


25,495



31,868







57,363Total

¥
2,705,495


¥
38,550,556


¥
12,385,000


¥
53,641,051    S-20




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  5.
    LEASING
    ACTIVITY    (Yen in thousands)2007

¥
4,592,5302008


4,358,9632009


3,292,2452010


3,102,0762011


1,722,689Thereafter


3,620,633Total

¥
20,689,136     6.
    INCOME
    AND WITHHOLDING TAXES     S-21




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  7.
    SUPPLEMENTAL
    DISCLOSURES OF CASH FLOW INFORMATION  For the PeriodFor the Year


fromEnded


Inception toDecember 31,


December 31,2006


2005(Yen in thousands)Cash paid for interest, net of amounts capitalized

¥
404,487


¥
93,684Acquisition of properties

¥
56,980,000


¥
14,312,375Non-cash transactions:Assumption of bond payable


(35,200,000
)


Assumption of other assets and liabilities


(5,366,091
)


(1,575,172
)Assumption of debts






(6,107,609
)Payable for remaining portion of purchase price


(479,330
)


(2,577,431
)Non-cash contribution by General Partner


(119,596
)


(57,510
)15,814,983



3,994,653Debt financed distribution for acquisition of property


(7,180,649
)


Net cash paid for property acquisitions

¥
8,634,334


¥
3,994,653   8.
    TRANSACTIONS
    WITH AFFILIATES           S-22




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
             S-23




---



##### Table of Contents



AMB JAPAN
    FUND I, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      9.
    COMMITMENTS
    AND CONTINGENCIES  Litigation.
  Environmental Matters.
  General Uninsured Losses.
  10.
    SUBSEQUENT
    EVENTS (UNAUDITED)   S-24




---



##### Table of Contents



EXHIBIT INDEX
  No. 001-14245
  ExhibitNumber

Description3
.1

Twelfth Amended and Restated Agreement of Limited Partnership of
    AMB Property, L.P., dated as of August 25, 2006
    (incorporated by reference to Exhibit 3.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 30, 2006).4
.1

$30,000,000 7.925% Fixed Rate Note No. 1 dated
    August 18, 2000, attaching the Parent Guarantee dated
    August 18, 2000 (incorporated by reference to
    Exhibit 4.5 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000).4
.2

$25,000,000,000 7.925% Fixed Rate Note No. 2 dated
    September 12, 2000, attaching the Parent Guarantee dated
    September 12, 2000 (incorporated by reference to
    Exhibit 4.6 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000).4
.3

$50,000,000 8.00% Fixed Rate Note No. 3 dated
    October 26, 2000, attaching the Parent Guarantee dated
    October 26, 2000 (incorporated by reference to
    Exhibit 4.7 of AMB Property Corporations Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000).4
.4

$25,000,000 8.00% Fixed Rate Note No. 4 dated
    October 26, 2000, attaching the Parent Guarantee dated
    October 26, 2000 (incorporated by reference to
    Exhibit 4.8 of AMB Property Corporations Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000).4
.5

Specimen of 7.10% Notes due 2008 (included in the First
    Supplemental Indenture incorporated by reference to
    Exhibit 4.2 of AMB Property, L.P.s Registration
    Statement on
    Form S-11
    (No. 333-49163)).4
.6

Specimen of 7.50% Notes due 2018 (included in the Second
    Supplemental Indenture incorporated by reference to
    Exhibit 4.3 of AMB Property, L.P.s Registration
    Statement on
    Form S-11
    (No. 333-49163)).4
.7

$50,000,000 7.00% Fixed Rate Note No. 9 dated March 7,
    2001, attaching the Parent Guarantee dated March 7, 2001
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on March 16, 2001).4
.8

$25,000,000 6.75% Fixed Rate Note No. 10 dated
    September 6, 2001, attaching the Parent Guarantee dated
    September 6, 2001 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on September 18, 2001).4
.9

$20,000,000 5.90% Fixed Rate Note No. 11 dated
    January 17, 2002, attaching the Parent Guarantee dated
    January 17, 2002 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on January 23, 2002).4
.10

$75,000,000 5.53% Fixed Rate Note
    No. B-1
    dated November 10, 2003, attaching the Parent Guarantee
    dated November 10, 2003 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Quarterly Report
    on
    Form 10-Q
    for the quarter ended September 30, 2003).4
.11

$100,000,000 Fixed Rate Note
    No. B-2
    dated March 16, 2004, attaching the Parent Guarantee dated
    March 16, 2004 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on March 17, 2004).4
.12

$175,000,000 Fixed Rate Note
    No. B-3,
    attaching the Parent Guarantee (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on November 18, 2005).4
.13

Indenture dated as of June 30, 1998, by and among AMB
    Property, L.P., AMB Property Corporation and State Street Bank
    and Trust Company of California, N.A., as trustee
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 10, 2006).4
.14

First Supplemental Indenture dated as of June 30, 1998 by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.2 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)).4
.15

Second Supplemental Indenture dated as of June 30, 1998, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.3 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)).4
.16

Third Supplemental Indenture dated as of June 30, 1998, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.4 of AMB
    Property, L.P.s Registration Statement on
    Form S-11
    (No. 333-49163)).




---



##### Table of Contents



ExhibitNumber

Description4
.17

Fourth Supplemental Indenture dated as of August 15, 2000,
    by and among AMB Property, L.P., AMB Property Corporation and
    State Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K/A
    filed on November 9, 2000).4
.18

Fifth Supplemental Indenture dated as of May 7, 2002, by
    and among AMB Property, L.P., AMB Property Corporation and State
    Street Bank and Trust Company of California, N.A., as
    trustee (incorporated by reference to Exhibit 4.15 of AMB
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2002).4
.19

Sixth Supplemental Indenture dated as of July 11, 2005, by
    and among AMB Property, L.P., AMB Property Corporation and U.S.
    Bank National Association, as
    successor-in-interest
    to State Street Bank and Trust Company of California, N.A.,
    as trustee (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.20

Seventh Supplemental Indenture, dated as of August 10,
    2006, by and among AMB Property, L.P., AMB Property Corporation
    and U.S. Bank National Association, as
    successor-in-interest
    to State Street Bank and Trust Company of California, N.A.,
    as trustee, including the Form of Fixed Rate Medium-Term Note,
    Series C, attaching the Form of Parent Guarantee, and the
    Form of Floating Rate Medium-Term Note, Series C, attaching
    the Form of Parent Guarantee. (incorporated by reference to
    Exhibit 4.2 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on August 10, 2006)4
.21

5.094% Notes Due 2015, attaching Parent Guarantee
    (incorporated by reference to Exhibit 4.2 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.22

$175,000,000 Fixed Rate Note
    No. FXR-C-1,
    dated as of August 15, 2006, attaching the Parent Guarantee
    (incorporated by reference to Exhibit 4.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on August 15, 2006).4
.23

Registration Rights Agreement dated as of July 8, 2005 by
    and between AMB Property, L.P. and Teachers Insurance and
    Annuity Association of America (incorporated by reference to
    Exhibit 4.3 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).4
.24

Registration Rights Agreement dated as of April 17, 2002 by
    and among AMB Property Corporation, AMB Property, L.P. and the
    unitholders whose names are set forth on the signature pages
    thereto (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on
    Form 8-K
    filed on April 23, 2002).4
.25

Registration Rights Agreement dated as of September 21,
    2001 by and among AMB Property Corporation, AMB Property, L.P.
    and the unitholders whose names are set forth on the signature
    pages thereto (incorporated by reference to Exhibit 4.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on October 3, 2001).*10
.1

Third Amended and Restated 1997 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P. (incorporated
    by reference to Exhibit 10.22 of AMB Property, L.P.s
    Annual Report on
    Form 10-K
    for the year ended December 31, 2001).*10
.2

Amendment No. 1 to the Third Amended and Restated 1997
    Stock Option and Incentive Plan of AMB Property Corporation and
    AMB Property, L.P. (incorporated by reference to
    Exhibit 10.23 of AMB Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2001).*10
.3

Amendment No. 2 to the Third Amended and Restated 1997
    Stock Option and Incentive Plan of AMB Property Corporation and
    AMB Property, L.P., dated September 23, 2004 (incorporated
    by reference to Exhibit 10.3 of AMB Property, L.P.s
    Quarterly Report on
    Form 10-Q
    filed on November 9, 2004).*10
.4

2002 Stock Option and Incentive Plan of AMB Property Corporation
    and AMB Property, L.P. (incorporated by reference to
    Exhibit 10.21 of AMB Property, L.P.s Annual Report
    Form 10-K
    for the year ended December 31, 2001).*10
.5

Amendment No. 1 to the 2002 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P., dated
    September 23, 2004 (incorporated by reference to
    Exhibit 10.4 of AMB Property, L.P.s Quarterly Report
    on
    Form 10-Q
    filed on November 9, 2004).*10
.6

AMB 2005 Nonqualified Deferred Compensation Plan (incorporated
    by reference to Exhibit 10.1 of AMB Property L.P.s
    Current Report on
    Form 8-K
    filed on October 4, 2006).*10
.7

Amended and Restated 2002 AMB Nonqualified Deferred
    Compensation Plan (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s Current Report on
    Form 8-K,
    filed on October 4, 2006).




---



##### Table of Contents



ExhibitNumber

Description*10
.8

Form of Amended and Restated Change of Control and
    Noncompetition Agreement by and between AMB Property, L.P. and
    executive officers (incorporated by reference to
    Exhibit 10.3 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on October 4, 2006).10
.9

Fourteenth Amended and Restated Agreement of Limited Partnership
    of AMB Property II, L.P., dated February 22, 2007
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on February 22, 2007).10
.10

Second Amended and Restated Revolving Credit Agreement, dated as
    of June 1, 2004 by and among AMB Property, L.P., the banks
    listed therein, JPMorgan Chase Bank, as administrative agent,
    J.P. Morgan Europe Limited, as administrative agent for
    alternate currencies, Bank of America, N.A., as syndication
    agent, J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as joint lead arrangers and joint bookrunners,
    Commerzbank Aktiengesellschaft New York and Grand Cayman
    Branches, PNC Bank National Association and Wachovia Bank, N.A.,
    as documentation agents, KeyBank National Association, The Bank
    of Nova Scotia, acting through its San Francisco Agency,
    and Wells Fargo Bank, N.A., as managing agents, and ING Real
    Estate Finance (USA) LLC, Southtrust Bank and Union Bank of
    California, N.A., as co-agents (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 10, 2004).10
.11

Guaranty of Payment, dated as of June 1, 2004 by AMB
    Property Corporation for the benefit of JPMorgan Chase Bank, as
    administrative agent, and J.P. Morgan Europe Limited, as
    administrative agent for alternate currencies, for the banks
    listed on the signature page to the Second Amended and Restated
    Revolving Credit Agreement (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 10, 2004).10
.12

Qualified Borrower Guaranty, dated as of June 1, 2004 by
    AMB Property, L.P. for the benefit of JPMorgan Chase Bank and
    J.P. Morgan Europe Limited, as administrative agents for
    the banks listed on the signature page to the Second Amended and
    Restated Revolving Credit Agreement (incorporated by reference
    to Exhibit 10.3 of AMB Property, L.P.s Current Report
    on
    Form 8-K
    filed on June 10, 2004).10
.13

Revolving Credit Agreement, dated as of June 29, 2004, by
    and among AMB Japan Finance Y.K., as initial borrower, AMB
    Property, L.P., as guarantor, AMB Property Corporation, as
    guarantor, the banks listed on the signature pages thereof, and
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager (incorporated by reference to
    Exhibit 10.1 of AMB Property Corporations Current
    Report on
    Form 8-K
    filed on July 2, 2004).10
.14

Guaranty of Payment, dated as of June 29, 2004 by AMB
    Property, L.P. and AMB Property Corporation for the benefit of
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager, for the banks that are from
    time to time parties to the Revolving Credit Agreement
    (incorporated by reference to Exhibit 10.2 of AMB Property
    Corporations Current Report on
    Form 8-K
    filed on July 2, 2004).10
.15

Amendment No. 1 to Revolving Credit Agreement, dated as of
    June 9, 2005, by and among, AMB Japan Finance Y.K., AMB
    Amagasaki TMK, AMB Narita 1-1 TMK and AMB Narita 2 TMK, as
    borrowers, AMB Property, L.P., as guarantor, AMB Property
    Corporation, as guarantor, the banks listed on the signature
    pages thereof, and Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager
    (incorporated by reference to Exhibit 10.16 of AMP
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2005).10
.16

Amendment No. 2 to Revolving Credit Agreement, dated as of
    December 8, 2005, by and among, AMB Japan Finance Y.K., as
    initial borrower, AMB Property, L.P., as guarantor, AMB Property
    Corporation, as guarantor, the banks listed on the signature
    pages thereof, and Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager.
    (incorporated by reference to Exhibit 10.17 of AMP
    Property, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2005).10
.17

Credit Facility Agreement, dated as of November 24, 2004,
    by and among AMB Tokai TMK, as borrower, AMB Property, L.P., as
    guarantor, AMB Property Corporation, as guarantor, the banks
    listed on the signature pages thereof, and Sumitomo Mitsui
    Banking Corporation, as administrative agents and sole lead
    arranger and bookmanager (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on December 1, 2004).




---



##### Table of Contents



ExhibitNumber

Description10
.18

Guaranty of Payment, dated as of November 24, 2004 by AMB
    Property, L.P. and AMB Property Corporation for the benefit of
    Sumitomo Mitsui Banking Corporation, as administrative agent and
    sole lead arranger and bookmanager, for the banks that are from
    time to time parties to the Credit Facility Agreement
    (incorporated by reference to Exhibit 10.2 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on December 1, 2004).10
.19

Agreement of Sale, made as of October 6, 2003, by and
    between AMB Property, L.P., International Airport Centers L.L.C.
    and certain affiliated entities (incorporated by reference to
    Exhibit 99.3 of AMB Property, L.P.s Current
    Report on
    Form 8-K
    filed on November 6, 2003).10
.20

Amendment No. 1, dated May 12, 2005, to Second Amended
    and Restated Credit Agreement by and among AMB Property, L.P.,
    AMB Property Corporation, the banks listed on the signature
    pages thereof, JPMorgan Chase Bank, N.A., as administrative
    agent, J.P. Morgan Europe Limited, as administrative agent,
    Bank of America, N.A., as syndication agent, J.P. Morgan
    Securities Inc. and Banc of America Securities LLC as joint lead
    arrangers and joint bookrunners, Commerzbank Aktiengesellschaft
    New York and Grand Cayman Branches, PNC Bank, National
    Association, and Wachovia Bank, N.A., as documentation agents,
    Keybank National Association, the Bank of Nova Scotia, acting
    through its San Francisco agency, and Wells Fargo Bank,
    N.A., as managing agents, and ING Real Estate Finance (USA) LLC,
    Southtrust Bank and Union Bank of California, N.A., as co-agents
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Quarterly Report on
    Form 10-Q
    for the quarter ended June 30, 2005).10
.21

Third Amended and Restated Revolving Credit Agreement, dated as
    of February 16, 2006, by and among AMB Property, L.P., as
    guarantor, AMB Property Corporation, as guarantor, the banks
    listed on the signature pages thereto, Bank of America, N.A., as
    administrative agent, The Bank of Nova Scotia, as syndication
    agent, Societe Generale, as documentation agent, Banc of America
    Securities Asia Limited, as Hong Kong dollars agent, Bank of
    America, N.A., acting by its Canada branch, as reference bank,
    Bank of America, Singapore branch, as Singapore dollars agent,
    and each of the other lending institutions that becomes a lender
    thereunder (incorporated by reference to Exhibit 10.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on February 22, 2006).10
.22

Fourth Amended and Restated Revolving Credit Agreement, dated as
    of June 13, 2006, by and among the qualified borrowers
    listed on the signature pages thereto, AMB Property, L.P., as a
    qualified borrower and guarantor, AMB Property Corporation, as
    guarantor, the banks listed on the signature pages thereto, Bank
    of America, N.A., as administrative agent, The Bank of Nova
    Scotia, as syndication agent, LaSalle Bank National Association
    and Société Générale, as co-documentation
    agents, Banc of America Securities Asia Limited, as Hong Kong
    dollars agent, Bank of America, N.A., acting by its Canada
    branch, as reference bank, Bank of America, Singapore branch, as
    Singapore dollars agent, and each of the other lending
    institutions that becomes a lender thereunder (incorporated by
    reference to Exhibit 10.1 of AMB Property, L.P.s
    Current Report on
    Form 8-K
    filed on June 19, 2006).10
.23

Exchange Agreement dated as of July 8, 2005, by and between
    AMB Property, L.P. and Teachers Insurance and Annuity
    Association of America (incorporated by reference to
    Exhibit 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K
    filed on July 13, 2005).10
.24

Third Amended and Restated Revolving Credit Agreement, dated as
    of June 1, 2006, by and among AMB Property, L.P., as
    Borrower, the banks listed on the signature pages thereof,
    JPMorgan Chase Bank, N.A., as Administrative Agent,
    J.P. Morgan Europe Limited, as Administrative Agent for
    Alternate Currencies, Bank of America, N.A., as Syndication
    Agent, J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as Joint Lead Arrangers and Joint Bookrunners,
    Eurohypo AG, New York Branch, Wachovia Bank, N.A. and PNC Bank,
    National Association, as Documentation Agents, The Bank of Nova
    Scotia, acting through its San Francisco Agency, Wells
    Fargo Bank, N.A., ING Real Estate Finance (USA) LLC and LaSalle
    Bank National Association, as Managing Agents (incorporated by
    reference to Exhibit 10.1 of AMB Property, L.P.s
    Current Report on
    Form 8-K
    filed on June 7, 2006).10
.25

Amended and Restated Revolving Credit Agreement, dated as of
    June 23, 2006, by and among the initial borrower and the
    initial qualified borrowers listed on the signature pages
    thereto, AMB Property, L.P., as a guarantor, AMB Property
    Corporation, as a guarantor, the banks listed on the signature
    pages thereto, Sumitomo Mitsui Banking Corporation, as
    administrative agent and sole lead arranger and bookmanager, and
    each of the other lending institutions that becomes a lender
    thereunder (incorporated by reference to Exhibit 10.1 of
    AMB Property, L.P.s Current Report on
    Form 8-K
    filed on June 29, 2006).




---



##### Table of Contents



ExhibitNumber

Description10
.26

Euros 228,000,000 Facility Agreement, dated as of
    December 8, 2006, by and among AMB European Investments
    LLC, AMB Property, L.P., ING Real Estate Finance NV and the
    Entities of AMB, Entities of AMB Property, L.P., Financial
    Institutions and the Entities of ING Real Estate Finance NV all
    listed on Schedule 1 of the Facility Agreement
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on
    Form 8-K
    filed on December 14, 2006).10
.27

Collateral Loan Agreement, dated as of February 14, 2007,
    by and among The Prudential Insurance Company Of America and
    Prudential Mortgage Capital Company, LLC, as Lenders, and
    AMB-SGP California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP
    CIF-I, LLC, AMB-SGP Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP
    CIF-Illinois, L.P. and AMB-SGP TX/IL SUB, LLC as Borrowers
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s
    Form 8-K
    filed on February 21, 2007).10
.28

$160,000,000 Amended, Restated and Consolidated Promissory Note
    (Fixed A-1),
    dated February 14, 2007, by AMB-SGP California, LLC,
    AMB-SGP
    CIF-California, LLC, AMB-SGP CIF-I, LLC,
    AMB-SGP
    Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and
    AMB-SGP TX/IL SUB, LLC, as Borrowers, to Prudential Mortgage
    Capital Company LLC, as Lender (incorporated by reference to
    Exhibit 10.2 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).10
.29

$40,000,000 Amended, Restated and Consolidated Promissory Note
    (Floating
    A-2), dated
    February 14, 2007, by AMB-SGP California, LLC, AMB-SGP
    CIF-California, LLC, AMB-SGP CIF-I, LLC, AMB-SGP Docks, LLC,
    AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and AMB-SGP
    TX/IL SUB, LLC, as Borrowers, to The Prudential Insurance
    Company of America, as Lender (incorporated by reference to
    Exhibit 10.3 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).10
.30

$84,000,000 Amended, Restated and Consolidated Promissory Note
    (Fixed B-1), dated February 14, 2007, by AMB-SGP
    California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I,
    LLC, AMB-SGP
    Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and
    AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential
    Insurance Company of America, as Lender (incorporated by
    reference to Exhibit 10.4 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).10
.31

$21,000,000 Amended, Restated and Consolidated Promissory Note
    (Floating B-2), dated February 14, 2007, by AMB-SGP
    California, LLC, AMB-SGP CIF-California, LLC, AMB-SGP CIF-I,
    LLC, AMB-SGP
    Docks, LLC, AMB-SGP Georgia, LLC, AMB-SGP CIF-Illinois, L.P. and
    AMB-SGP TX/IL SUB, LLC, as Borrowers, to The Prudential
    Insurance Company of America, as Lender (incorporated by
    reference to Exhibit 10.5 of AMB Property, L.P.s
    Form 8-K
    filed on February 21, 2007).21
.1

Subsidiaries of AMB Property, L.P. (filed with AMB Property,
    L.P.s Annual Report on
    Form 10-K
    on February 28, 2007).23
.1

Consent of PricewaterhouseCoopers LLP.24
.1

Powers of Attorney (included in Part IV of AMB Property,
    L.P.s Annual Report on
    Form 10-K
    filed on February 28, 2007).31
.1

Rule 13a-14(a)/15d-14(a) Certifications
    dated February 28, 2007 (filed with AMB Property,
    L.P.s Annual Report on
    Form 10-K
    on February 28, 2007).31
.2

Rule 13a-14(a)/15d-14(a) Certifications
    dated October 25, 2007.32
.1

18 U.S.C. § 1350 Certifications dated
    February 28, 2007. The certifications in this exhibit are
    being furnished solely to accompany this report pursuant to
    18 U.S.C. § 1350, and are not being filed for purposes
    of Section 18 of the Securities Exchange Act of 1934, as
    amended, and are not to be incorporated by reference into any of
    our filings, whether made before or after the date hereof,
    regardless of any general incorporation language in such filing
    (filed with AMB Property, L.P.s Annual Report on
    Form 10-K
    on February 28, 2007).32
.2

18 U.S.C. § 1350 Certifications dated October 25,
    2007. The certifications in this exhibit are being furnished
    solely to accompany this report pursuant to 18 U.S.C.
    § 1350, and are not being filed for purposes of
    Section 18 of the Securities Exchange Act of 1934, as
    amended, and are not to be incorporated by reference into any of
    our filings, whether made before or after the date hereof,
    regardless of any general incorporation language in such filing.     *
    
    Management contract or compensatory plan or arrangement