##### 









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-K





|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|           |  | For the fiscal year ended December 31, 2004                                                 
|           |  | or                                                                                          
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-13545


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


þ o


o


þ o




DOCUMENTS INCORPORATED BY REFERENCE












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FORWARD-LOOKING STATEMENTS


Some of the information included in this annual report on
Form 10-K contains forward-looking statements, which are
made pursuant to the safe-harbor provisions of Section 21E
of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from those in the
forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future events. The
events or circumstances reflected in forward-looking statements
might not occur. You can identify forward-looking statements by
the use of forward-looking terminology such as
believes, expects, may,
will, should, seeks,
approximately, intends,
plans, pro forma, estimates
or anticipates, or the negative of these words and
phrases, or similar words or phrases. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions. Forward-looking statements involve numerous risks
and uncertainties and you should not rely upon them as
predictions of future events. There is no assurance that the
events or circumstances reflected in forward-looking statements
will occur or be achieved. Forward-looking statements are
necessarily dependent on assumptions, data or methods that may
be incorrect or imprecise and we may not be able to realize
them.


The following factors, among others, could cause actual
results and future events to differ materially from those set
forth or contemplated in the forward-looking statements:




| |   |                                                                                                                                                                                       
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | changes in general economic conditions or in the real estate
    sector;                                                                                                              
|
| |  | non-renewal of leases by customers or renewal at lower than
    expected rent;                                                                                                        
|
| |  | difficulties in identifying properties to acquire and in
    effecting acquisitions on advantageous terms and the failure of
    acquisitions to perform as we expect;                
|
| |  | risks and uncertainties affecting property development and
    renovation (including construction delays, cost overruns, our
    inability to obtain necessary permits and financing);
|
| |  | risks of doing business internationally, including
    unfamiliarity with new markets and currency risks;                                                                             
|
| |  | a downturn in Californias economy or real estate
    conditions;                                                                                                                     
|
| |  | losses in excess of our insurance coverage;                                                                                                                                           
|
| |  | our failure to divest of properties on advantageous terms or
    to timely reinvest proceeds from any such divestitures;                                                              
|
| |  | unknown liabilities acquired in connection with acquired
    properties or otherwise;                                                                                                 
|
| |  | risks associated with using debt to fund acquisitions and
    development, including re-financing risks;                                                                              
|
| |  | our failure to obtain necessary financing;                                                                                                                                            
|
| |  | changes in local, state and federal regulatory requirements;
    and                                                                                                                  
|
| |  | environmental uncertainties.                                                                                                                                                          

Our success also depends upon economic trends generally,
various market conditions and fluctuations and those other risk
factors discussed under the heading Managements
Discussion and Analysis of Financial Condition and Results of
Operations  Business Risks in this report. We
caution you not to place undue reliance on forward-looking
statements, which reflect our analysis only and speak as of the
date of this report or as of the dates indicated in the
statements. We assume no obligation to update or supplement
forward-looking statements.


2



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PART I




|        |         
|------- | --------
|Item 1. | Business

General








® ®




3



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®


www.amb.com


® ® ® ® ® ® ® ®


Operating Strategy


®




Growth Strategies


Growth Through
Operations




4



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##### 





Growth Through
Acquisitions and Capital Redeployment


®




Growth Through
Development






5



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##### 



®


Growth Through Global
Expansion




®




Growth Through
Co-Investments




BUSINESS RISKS




6



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##### 





|        |           
|------- | ----------
|Item 2. | Properties

INDUSTRIAL PROPERTIES




Property Characteristics.




|                 |  |                                                                           |  |      |       |  |      |  |       | 
|---------------- |  | ------------------------------------------------------------------------- |  | ---- | ----- |  | ---- |  | ----- | 
|Building Type    |  | Description                                                               |  | 2004 |       |  | 2003 | 
|                 |  |                                                                           |  |      |       |  |      | 
|Warehouse        |  | Customers typically 15,000-75,000 square feet, single or
    multi-tenant |  |      | 41.4% |  |      |  | 40.7% | 
|Bulk Warehouse   |  | Customers typically over 75,000 square feet, single or
    multi-tenant   |  |      | 38.9% |  |      |  | 39.3% | 
|Flex Industrial  |  | Includes assembly or research & development, single or
    multi-customer |  |      | 7.1%  |  |      |  | 7.3%  | 
|Light Industrial |  | Smaller customers, 15,000 square feet or less, higher
    office finish   |  |      | 5.9%  |  |      |  | 6.1%  | 
|Trans-Shipment   |  | Unique configurations for truck terminals and cross-docking               |  |      | 2.3%  |  |      |  | 2.2%  | 
|Air Cargo        |  | On-tarmac or airport land for transfer of air cargo goods                 |  |      | 3.2%  |  |      |  | 3.1%  | 
|Office           |  | Single or multi-customer, used strictly for office                        |  |      | 1.2%  |  |      |  | 1.3%  | 

Lease Terms.


Overview of Major Target Markets.




7



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##### 



Industrial Market Operating Statistics
(1)




|                                          |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |            |  
|----------------------------------------- | ------------------------------- | ------- | --------- | --------- | ------- | ------- | ---------- | --------- | --- | ------- | ----------- | --------- | - | -------- | ------------- | --------- | -------- |  | ---------- | --------- | --- | --- | ---------- | --------- | ------- | ---------- | --------- | --------- | ------- |  | --------------- | --------- | - |  | --------- | --------- | - |  | ---------- | ---------- | - |  | ---------- | --------- | - |  | ----------- | ---------- | -
|                                          |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            | Total     |     |     |            |           |        
|                                          |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            | U.S. Hub  |     |     |            |           |        
|                                          |                                 |         |           |           |         |         |            |           |     | No. New |             |           |   |          |               |           |          |  |            |           | and |     |            | Total     |         |            |          
|                                          |                                 |         |           |           |         | Dallas/ |            |           | Los |         |             | Jersey/   |   |          | San Francisco |           |          |  |            |           |     | On- |            |           | Gateway |            |           | Other     |         |  | Total/ Weighted |          
|                                          |                                 | Atlanta |           |           | Chicago |         |            | Ft. Worth |     |         | Angeles (2) |           |   | New York |               |           | Bay Area |  |            | Miami     |     |     | Seattle    |           |         | Tarmac (3) |           |           | Markets |  |                 | Markets   |   |  | Average   |          
|                                          |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |          
|Number of buildings                       |                                 |         | 45        |           |         |         | 100        |           |     |         | 40          |           |   |          | 150           |           |          |  | 125        |           |     |     | 139        |           |         |            | 49        |           |         |  | 64              |           |   |  | 38        |           |   |  | 750        |            |   |  | 234        |           |   |  | 984         |           
|Rentable square feet                      |                                 |         | 5,132,333 |           |         |         | 9,345,110  |           |     |         | 3,799,444   |           |   |          | 13,288,870    |           |          |  | 9,258,334  |           |     |     | 11,104,642 |           |         |            | 5,170,909 |           |         |  | 6,857,569       |           |   |  | 2,941,345 |           |   |  | 66,898,556 |            |   |  | 23,380,247 |           |   |  | 90,278,803  |           
|                                          | % of total rentable square feet |         |           | 5.7       | %       |         |            | 10.4      | %   |         |             | 4.2       | % |          |               | 14.7      | %        |  |            | 10.3      | %   |     |            | 12.3      | %       |            |           | 5.7       | %       |  |                 | 7.6       | % |  |           | 3.2       | % |  |            | 74.1       | % |  |            | 25.9      | % |  |             | 100.0      | %
|Occupancy percentage                      |                                 |         | 92.4      | %         |         |         | 94.2       | %         |     |         | 91.8        | %         |   |          | 98.3          | %         |          |  | 94.5       | %         |     |     | 93.8       | %         |         |            | 93.1      | %         |         |  | 96.7            | %         |   |  | 96.3      | %         |   |  | 95.0       | %          |   |  | 94.2       | %         |   |  | 94.8        | %         
|Annualized base rent (000s)              |                                 |         | $19,062   |           |         |         | $41,483    |           |     |         | $13,258     |           |   |          | $81,890       |           |          |  | $63,590    |           |     |     | $71,966    |           |         |            | $34,495   |           |         |  | $34,916         |           |   |  | $45,848   |           |   |  | $406,508   |            |   |  | $145,669   |           |   |  | $552,177    |           
|                                          | % of total annualized base rent |         |           | 3.5       | %       |         |            | 7.5       | %   |         |             | 2.5       | % |          |               | 14.8      | %        |  |            | 11.5      | %   |     |            | 13.0      | %       |            |           | 6.2       | %       |  |                 | 6.3       | % |  |           | 8.3       | % |  |            | 73.6       | % |  |            | 26.4      | % |  |             | 100.0      | %
|Number of leases                          |                                 |         | 163       |           |         |         | 204        |           |     |         | 119         |           |   |          | 419           |           |          |  | 377        |           |     |     | 407        |           |         |            | 239       |           |         |  | 267             |           |   |  | 250       |           |   |  | 2,445      |            |   |  | 892        |           |   |  | 3,337       |           
|Annualized base rent per square foot      |                                 |         | $4.02     |           |         |         | $4.71      |           |     |         | $3.80       |           |   |          | $6.27         |           |          |  | $7.27      |           |     |     | $6.91      |           |         |            | $7.17     |           |         |  | $5.27           |           |   |  | $16.19    |           |   |  | $6.40      |            |   |  | $6.61      |           |   |  | $6.45       |           
|Lease expirations as a % of
    ABR: (4)  |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |           
|                                          | 2005                            |         |           | 15.6      | %       |         |            | 21.9      | %   |         |             | 18.1      | % |          |               | 13.8      | %        |  |            | 9.4       | %   |     |            | 18.5      | %       |            |           | 22.2      | %       |  |                 | 14.6      | % |  |           | 16.4      | % |  |            | 16.1       | % |  |            | 16.9      | % |  |             | 16.3       | %
|                                          | 2006                            |         |           | 20.4      | %       |         |            | 23.1      | %   |         |             | 15.2      | % |          |               | 21.3      | %        |  |            | 14.5      | %   |     |            | 10.7      | %       |            |           | 16.2      | %       |  |                 | 18.4      | % |  |           | 11.7      | % |  |            | 16.6       | % |  |            | 9.8       | % |  |             | 14.8       | %
|                                          | 2007                            |         |           | 13.6      | %       |         |            | 25.0      | %   |         |             | 14.5      | % |          |               | 14.1      | %        |  |            | 14.5      | %   |     |            | 16.5      | %       |            |           | 22.0      | %       |  |                 | 18.9      | % |  |           | 5.9       | % |  |            | 16.0       | % |  |            | 16.1      | % |  |             | 16.0       | %
|Weighted average lease terms:             |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |           
|                                          | Original                        |         |           | 5.8 years |         |         |            | 5.6 years |     |         |             | 5.4 years |   |          |               | 6.1 years |          |  |            | 6.6 years |     |     |            | 5.2 years |         |            |           | 6.0 years |         |  |                 | 5.7 years |   |  |           | 8.2 years |   |  |            | 6.0 years  |   |  |            | 6.5 years |   |  |             | 6.1 years  |  
|                                          | Remaining                       |         |           | 3.2 years |         |         |            | 2.3 years |     |         |             | 3.5 years |   |          |               | 3.2 years |          |  |            | 3.8 years |     |     |            | 2.9 years |         |            |           | 3.1 years |         |  |                 | 3.0 years |   |  |           | 4.4 years |   |  |            | 3.2 years  |   |  |            | 3.6 years |   |  |             | 3.3 years  |  
|Tenant retention:                         |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |           
|                                          | Quarter                         |         |           | 56.1      | %       |         |            | 74.8      | %   |         |             | 94.5      | % |          |               | 67.1      | %        |  |            | 31.1      | %   |     |            | 65.5      | %       |            |           | 72.5      | %       |  |                 | 76.5      | % |  |           | 78.1      | % |  |            | 67.3       | % |  |            | 69.5      | % |  |             | 68.1       | %
|                                          | Year-to-date                    |         |           | 62.6      | %       |         |            | 60.1      | %   |         |             | 76.6      | % |          |               | 61.7      | %        |  |            | 65.9      | %   |     |            | 65.3      | %       |            |           | 72.0      | %       |  |                 | 66.7      | % |  |           | 75.4      | % |  |            | 65.4       | % |  |            | 71.4      | % |  |             | 66.8       | %
|Rent increases on renewals and rollovers: |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |           
|                                          | Year-to-date                    |         |           | (12.4)    | %       |         |            | (5.9)     | %   |         |             | (13.1)    | % |          |               | (3.0)     | %        |  |            | (3.9)     | %   |     |            | (43.1)    | %       |            |           | (5.1)     | %       |  |                 | (7.8)     | % |  |           | (2.7)     | % |  |            | (15.3)     | % |  |            | (3.6)     | % |  |             | (13.2)     | %
|                                          | Same Space SF leased            |         |           | 1,218,861 |         |         |            | 2,263,609 |     |         |             | 1,181,607 |   |          |               | 2,749,944 |          |  |            | 1,032,006 |     |     |            | 2,411,216 |         |            |           | 1,031,103 |         |  |                 | 1,376,509 |   |  |           | 667,358   |   |  |            | 13,932,213 |   |  |            | 3,553,563 |   |  |             | 17,485,776 |  
|Same store cash basis NOI growth:         |                                 |         |           |           |         |         |            |           |     |         |             |           |   |          |               |           |          |  |            |           |     |     |            |           |         |            |           |           |         |  |                 |           |   |  |           |           |   |  |            |            |   |  |            |           |   |  |             |           
|                                          | Year-to-date                    |         |           | (4.2)     | %       |         |            | 1.9       | %   |         |             | 0.9       | % |          |               | 2.8       | %        |  |            | (3.1)     | %   |     |            | (9.4)     | %       |            |           | (2.6)     | %       |  |                 | 3.0       | % |  |           | 5.1       | % |  |            | (1.8)      | % |  |            | 1.9       | % |  |             | (0.9)      | %
|Sq. feet owned in same store
    pool (5) |                                 |         | 4,943,591 |           |         |         | 7,254,655  |           |     |         | 3,532,884   |           |   |          | 11,778,861    |           |          |  | 6,182,388  |           |     |     | 10,696,621 |           |         |            | 4,348,139 |           |         |  | 4,857,434       |           |   |  | 2,404,378 |           |   |  | 55,998,951 |            |   |  | 18,517,476 |           |   |  | 74,516,427  |           
|Our pro rata share of square feet         |                                 |         | 2,770,126 |           |         |         | 6,095,983  |           |     |         | 2,752,701   |           |   |          | 8,779,575     |           |          |  | 5,194,776  |           |     |     | 8,555,870  |           |         |            | 4,296,915 |           |         |  | 3,409,892       |           |   |  | 2,359,531 |           |   |  | 44,215,369 |            |   |  | 19,248,213 |           |   |  | 63,463,582  |           
|Total market square
    footage (6)       |                                 |         | 6,066,769 |           |         |         | 13,893,317 |           |     |         | 4,708,441   |           |   |          | 17,320,438    |           |          |  | 10,793,255 |           |     |     | 11,563,682 |           |         |            | 5,791,707 |           |         |  | 7,033,554       |           |   |  |          |           |   |  | 77,171,163 |            |   |  | 33,550,535 |           |   |  | 110,721,698 |           






|    |                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes all industrial consolidated operating properties and
    excludes industrial developments and renovation projects.                                                                                                                                                                                                                  
|   
|(2) | We also own a 19.9 acre parking lot with 2,720 parking
    spaces and 12 billboard signs in the Los Angeles market
    immediately adjacent to the Los Angeles International Airport.                                                                                                                                                        
|   
|(3) | Includes on-tarmac air cargo facilities at 14 airports.                                                                                                                                                                                                                                                                                      
|   
|(4) | Annualized base rent is calculated as monthly base rent (cash
    basis) per the terms of the lease, as of December 31, 2004,
    multiplied by 12.                                                                                                                                                                                          
|   
|(5) | Same store pool excludes properties purchased or developments
    stabilized after December 31, 2002. Stabilized properties
    are generally defined as properties that are 90% leased or
    properties for which we have held a certificate of occupancy or
    where building has been substantially complete for at least
    12 months.
|   
|(6) | Total market square footage includes industrial and retail
    operating properties, development properties, unconsolidated
    properties (100% of the square footage), properties managed for
    third parties and reallocation of on-tarmac properties into
    metro markets.                                                           

8



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##### 



Industrial Operating Portfolio Overview




|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |   |     |      |       |   |     |     |       |  |       |       |      | 
|-------------------- | ------------------------------------ | --------------------------- | -------------------------- | ----------------------- | -------- | --- | ---------- | ----------- | --------- | ---------- | ---------- | - | ---------- | --------- | ----- | ---------- | ---------- | ---- | ------- | --------- | ---------- | ------- | ------------- | - | --- | ---- | ----- | - | --- | --- | ----- |  | ----- | ----- | ---- | 
|                     |                                      | Number                      |                            |                         | Rentable |     |            | % of Total  |           |            |            |   | Annualized |           |       | % of Total |            |      |         |           | Annualized |        
|                     |                                      | of                          |                            |                         | Square   |     |            | Rentable    |           |            | Occupancy  |   |            | Base Rent |       |            | Annualized |      |         | Number    |            |         | Base Rent per |  
|                     |                                      | Buildings                   |                            |                         | Feet     |     |            | Square Feet |           |            | Percentage |   |            | (000s)   |       |            | Base Rent  |      |         | of Leases |            |         | Square Foot   |  
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|Domestic Hub Markets |                                      |                             | 750                        |                         |          |     | 66,898,556 |             |           |            | 74.1       | % |            |           | 95.0  | %          |            | $    | 406,508 |           |            |         | 73.6          | % |     |      | 2,445 |   |     | $   | 6.40  | 
|                    
|Other Markets        |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |   |     |      |       |   |     |     |       | 
|                     | Domestic Target Markets              |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |   |     |      |       |   |     |     |       |  |      
|                     |                                      | Austin                      |                            |                         | 10       |     |            |             | 1,656,254 |            |            |   | 1.8        |           |       |            | 99.5       |      |         |           | 11,125     |         |               |   | 2.0 |      |       |   | 36  |     |       |  | 6.75  |      
|                     |                                      | Baltimore/ Washington, D.C. |                            |                         | 64       |     |            |             | 4,245,420 |            |            |   | 4.7        |           |       |            | 95.9       |      |         |           | 33,663     |         |               |   | 6.1 |      |       |   | 287 |     |       |  | 8.27  |      
|                     |                                      | Boston                      |                            |                         | 36       |     |            |             | 4,309,262 |            |            |   | 4.8        |           |       |            | 93.0       |      |         |           | 27,781     |         |               |   | 5.0 |      |       |   | 100 |     |       |  | 6.94  |      
|                     |                                      | Minneapolis                 |                            |                         | 38       |     |            |             | 3,942,806 |            |            |   | 4.4        |           |       |            | 95.4       |      |         |           | 17,047     |         |               |   | 3.1 |      |       |   | 172 |     |       |  | 4.53  |      
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|                     |                                      |                             | Subtotal/ Weighted Average |                         |          | 148 |            |             |           | 14,153,742 |            |   |            | 15.7      |       |            |            | 95.3 |         |           |            | 89,616  |               |   |     | 16.2 |       |   |     | 595 |       |  |       | 6.64  |     
|                    
|                     | Domestic Non-Target Markets          |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |   |     |      |       |   |     |     |       |  |      
|                     |                                      | Charlotte                   |                            |                         | 21       |     |            |             | 1,317,864 |            |            |   | 1.5        |           |       |            | 85.1       |      |         |           | 5,720      |         |               |   | 1.0 |      |       |   | 66  |     |       |  | 5.10  |      
|                     |                                      | Columbus                    |                            |                         | 1        |     |            |             | 240,000   |            |            |   | 0.3        |           |       |            | 90.0       |      |         |           | 547        |         |               |   | 0.1 |      |       |   | 10  |     |       |  | 2.53  |      
|                     |                                      | Houston                     |                            |                         | 1        |     |            |             | 410,000   |            |            |   | 0.5        |           |       |            | 100.0      |      |         |           | 2,172      |         |               |   | 0.4 |      |       |   | 1   |     |       |  | 5.30  |      
|                     |                                      | Memphis                     |                            |                         | 17       |     |            |             | 1,883,845 |            |            |   | 2.0        |           |       |            | 85.9       |      |         |           | 8,292      |         |               |   | 1.5 |      |       |   | 45  |     |       |  | 5.13  |      
|                     |                                      | New Orleans                 |                            |                         | 5        |     |            |             | 410,839   |            |            |   | 0.5        |           |       |            | 96.8       |      |         |           | 1,998      |         |               |   | 0.4 |      |       |   | 50  |     |       |  | 5.02  |      
|                     |                                      | Newport News                |                            |                         | 1        |     |            |             | 60,215    |            |            |   | 0.1        |           |       |            | 76.8       |      |         |           | 566        |         |               |   | 0.1 |      |       |   | 2   |     |       |  | 12.24 |      
|                     |                                      | Orlando                     |                            |                         | 16       |     |            |             | 1,424,748 |            |            |   | 1.6        |           |       |            | 99.5       |      |         |           | 7,046      |         |               |   | 1.3 |      |       |   | 76  |     |       |  | 4.97  |      
|                     |                                      | Portland                    |                            |                         | 5        |     |            |             | 676,104   |            |            |   | 0.6        |           |       |            | 98.0       |      |         |           | 3,148      |         |               |   | 0.6 |      |       |   | 10  |     |       |  | 4.75  |      
|                     |                                      | San Diego                   |                            |                         | 5        |     |            |             | 276,167   |            |            |   | 0.3        |           |       |            | 91.4       |      |         |           | 1,955      |         |               |   | 0.4 |      |       |   | 20  |     |       |  | 7.75  |      
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|                     |                                      |                             | Subtotal/ Weighted Average |                         |          | 72  |            |             |           | 6,699,782  |            |   |            | 7.4       |       |            |            | 91.7 |         |           |            | 31,444  |               |   |     | 5.8  |       |   |     | 280 |       |  |       | 5.12  |     
|                    
|                     | International Target
    Markets (1) |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |   |     |      |       |   |     |     |       |  |      
|                     |                                      | Amsterdam, Netherlands      |                            |                         | 2        |     |            |             | 302,091   |            |            |   | 0.3        |           |       |            | 100.0      |      |         |           | 3,572      |         |               |   | 0.6 |      |       |   | 2   |     |       |  | 11.82 |      
|                     |                                      | Frankfurt, Germany          |                            |                         | 1        |     |            |             | 166,917   |            |            |   | 0.2        |           |       |            | 100.0      |      |         |           | 1,587      |         |               |   | 0.3 |      |       |   | 1   |     |       |  | 9.51  |      
|                     |                                      | Mexico City, Mexico         |                            |                         | 1        |     |            |             | 120,251   |            |            |   | 0.1        |           |       |            | 0.0        |      |         |           |           |         |               |   | 0.0 |      |       |   | 0   |     |       |  |      |      
|                     |                                      | Paris, France               |                            |                         | 4        |     |            |             | 1,022,063 |            |            |   | 1.2        |           |       |            | 100.0      |      |         |           | 8,148      |         |               |   | 1.5 |      |       |   | 4   |     |       |  | 7.97  |      
|                     |                                      | Tokyo, Japan                |                            |                         | 6        |     |            |             | 915,401   |            |            |   | 1.0        |           |       |            | 99.2       |      |         |           | 11,302     |         |               |   | 2.0 |      |       |   | 10  |     |       |  | 12.44 |      
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|                    
|                     |                                      |                             | Subtotal/ Weighted Average |                         |          | 14  |            |             |           | 2,526,723  |            |   |            | 2.8       |       |            |            | 95.0 |         |           |            | 24,609  |               |   |     | 4.4  |       |   |     | 17  |       |  |       | 10.25 |     
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|                    
|                     |                                      |                             | Total Other Markets        |                         |          | 234 |            |             |           | 23,380,247 |            |   |            | 25.9      |       |            |            | 94.2 |         |           |            | 145,669 |               |   |     | 26.4 |       |   |     | 892 |       |  |       | 6.61  |     
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  
|                    
|                     |                                      |                             |                            | Total/ Weighted Average |          |     | 984        |             |           |            | 90,278,803 |   |            |           | 100.0 | %          |            |      | 94.8    | %         |            | $       | 552,177       |   |     |      | 100.0 | % |     |     | 3,337 |  |       | $     | 6.45 | 
|                     |                                      |                             |                            |                         |          |     |            |             |           |            |            |   |            |           |       |            |            |      |         |           |            |         |               |  






|    |                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Annualized base rent for leases denominated in international
    currencies is translated using the currency exchange rate at
    December 31, 2004.

9



---



##### 



Industrial Lease Expirations




|                |  |          |            |            |             |   |         |            |  |  |        | 
|--------------- |  | -------- | ---------- | ---------- | ----------- | - | ------- | ---------- |  |  | ------ | 
|                |  |          |            | Annualized |             |   | % of    |           
|                |  | Square   |            |            | Base Rent   |   |         | Annualized | 
|                |  | Feet (1) |            |            | (000s) (3) |   |         | Base Rent  | 
|                |  |          |            |            |             |   |         |            | 
|2005 (2)        |  |          | 14,200,643 |            |             | $ | 94,933  |            |  |  | 16.3%  | 
|2006            |  |          | 13,835,724 |            |             |   | 86,126  |            |  |  | 14.8%  | 
|2007            |  |          | 14,814,005 |            |             |   | 93,156  |            |  |  | 16.0%  | 
|2008            |  |          | 12,130,342 |            |             |   | 74,372  |            |  |  | 12.8%  | 
|2009            |  |          | 11,265,930 |            |             |   | 69,045  |            |  |  | 11.9%  | 
|2010            |  |          | 6,500,185  |            |             |   | 51,201  |            |  |  | 8.8%   | 
|2011            |  |          | 3,826,000  |            |             |   | 30,917  |            |  |  | 5.3%   | 
|2012            |  |          | 3,301,422  |            |             |   | 29,505  |            |  |  | 5.1%   | 
|2013            |  |          | 1,080,898  |            |             |   | 12,466  |            |  |  | 2.2%   | 
|2014 and beyond |  |          | 4,748,401  |            |             |   | 39,831  |            |  |  | 6.8%   | 
|                |  |          |            |            |             |   |         |            | 
|Total           |  |          | 85,703,550 |            |             | $ | 581,552 |            |  |  | 100.0% | 
|                |  |          |            |            |             |   |         |            | 






|    |                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Schedule includes in-place leases and leases with future
    commencement dates.                                                                                                                           
|(2) | The schedule also includes leases in month-to-month and
    hold-over status totaling 2.7 million square feet.                                                                                             
|(3) | Calculated as monthly base rent at expiration multiplied by 12.
    Non-U.S. dollar projects are converted to U.S. dollars
    based on the Bloomberg (Screen FRD) forward exchange rate at
    expiration.

10



---



##### 



Customer Information


Largest Property Customers.


|                                    |       |           |    |           |             |               |           |                 |  |            |               |       |           |               |        |         |  |  |      |       | 
|----------------------------------- | ----- | --------- | -- | --------- | ----------- | ------------- | --------- | --------------- |  | ---------- | ------------- | ----- | --------- | ------------- | ------ | ------- |  |  | ---- | ----- | 
|                                    |       |           |    |           |             | Percentage of |           |                 |  |            | Percentage of |      
|                                    |       |           |    | Aggregate |             |               | Aggregate |                 |  | Annualized |               |       | Aggregate |              
|                                    |       | Number of |    |           | Rentable    |               |           | Leased          |  |            | Base Rent     |       |           | Annualized    |       
|Customer Name (1)                   |       | Leases    |    |           | Square Feet |               |           | Square Feet (2) |  |            | (000s) (3)   |       |           | Base Rent (4) |       
|                                    |       |           |    |           |             |               |           |                 |  |            |               |       |           |               |       
|United States
    Government (5)(6) |       |           | 50 |           |             |               | 1,120,408 |                 |  |            | 1.2%          |       |           | $             | 18,767 |         |  |  | 3.4% |      
|FedEx
    Corporation (5)           |       |           | 24 |           |             |               | 1,264,178 |                 |  |            | 1.4%          |       |           |               | 13,869 |         |  |  | 2.5% |      
|Deutsche Post World
    Net (5)     |       |           | 30 |           |             |               | 985,081   |                 |  |            | 1.1%          |       |           |               | 8,233  |         |  |  | 1.5% |      
|Harmonic Inc.                       |       |           | 4  |           |             |               | 285,480   |                 |  |            | 0.3%          |       |           |               | 6,424  |         |  |  | 1.2% |      
|La Poste                            |       |           | 2  |           |             |               | 854,435   |                 |  |            | 0.9%          |       |           |               | 6,121  |         |  |  | 1.1% |      
|Worldwide Flight
    Services (5)   |       |           | 17 |           |             |               | 358,389   |                 |  |            | 0.4%          |       |           |               | 4,225  |         |  |  | 0.8% |      
|International Paper Company         |       |           | 7  |           |             |               | 525,893   |                 |  |            | 0.6%          |       |           |               | 4,100  |         |  |  | 0.7% |      
|Exel, Inc.                          |       |           | 12 |           |             |               | 480,779   |                 |  |            | 0.5%          |       |           |               | 3,817  |         |  |  | 0.7% |      
|BAX Global
    Inc. (5)             |       |           | 8  |           |             |               | 256,877   |                 |  |            | 0.3%          |       |           |               | 3,805  |         |  |  | 0.7% |      
|Panalpina, Inc.                     |       |           | 8  |           |             |               | 646,636   |                 |  |            | 0.7%          |       |           |               | 3,682  |         |  |  | 0.7% |      
|Wells Fargo and Company             |       |           | 7  |           |             |               | 280,494   |                 |  |            | 0.3%          |       |           |               | 3,498  |         |  |  | 0.6% |      
|Forward Air Corporation             |       |           | 7  |           |             |               | 462,714   |                 |  |            | 0.5%          |       |           |               | 3,314  |         |  |  | 0.6% |      
|County of Los
    Angeles (7)       |       |           | 11 |           |             |               | 213,230   |                 |  |            | 0.2%          |       |           |               | 3,157  |         |  |  | 0.6% |      
|Eagle Global Logistics, L.P.        |       |           | 8  |           |             |               | 520,243   |                 |  |            | 0.6%          |       |           |               | 3,122  |         |  |  | 0.6% |      
|Expeditors International            |       |           | 7  |           |             |               | 666,045   |                 |  |            | 0.7%          |       |           |               | 3,093  |         |  |  | 0.6% |      
|Ahold NV                            |       |           | 7  |           |             |               | 680,565   |                 |  |            | 0.8%          |       |           |               | 2,880  |         |  |  | 0.5% |      
|UPS                                 |       |           | 15 |           |             |               | 416,496   |                 |  |            | 0.5%          |       |           |               | 2,832  |         |  |  | 0.5% |      
|Aeroground Inc.                     |       |           | 5  |           |             |               | 208,867   |                 |  |            | 0.2%          |       |           |               | 2,741  |         |  |  | 0.5% |      
|Nippon Express USA                  |       |           | 3  |           |             |               | 367,707   |                 |  |            | 0.4%          |       |           |               | 2,695  |         |  |  | 0.5% |      
|United Air Lines
    Inc. (5)       |       |           | 5  |           |             |               | 118,825   |                 |  |            | 0.1%          |       |           |               | 2,426  |         |  |  | 0.4% |      
|Elmhult Limited Partnership         |       |           | 4  |           |             |               | 661,149   |                 |  |            | 0.7%          |       |           |               | 2,318  |         |  |  | 0.4% |      
|Intel International B.V.            |       |           | 1  |           |             |               | 183,892   |                 |  |            | 0.2%          |       |           |               | 2,241  |         |  |  | 0.4% |      
|Integrated Airline
    Services (5) |       |           | 6  |           |             |               | 233,656   |                 |  |            | 0.3%          |       |           |               | 2,229  |         |  |  | 0.4% |      
|Applied Materials, Inc.             |       |           | 1  |           |             |               | 290,557   |                 |  |            | 0.3%          |       |           |               | 2,152  |         |  |  | 0.4% |      
|Tokyo Nohin Daiko Co Ltd.           |       |           | 1  |           |             |               | 177,434   |                 |  |            | 0.2%          |       |           |               | 2,105  |         |  |  | 0.4% |      
|                                    |       |           |    |           |             |               |           |                 |  |            |               |       |           |               |       
|                                    | Total |           |    |           |             |               |           | 12,260,030      |  |            |               | 13.6% |           |               | $      | 113,846 |  |  |      | 20.6% | 
|                                    |       |           |    |           |             |               |           |                 |  |            |               |       |           |               |       






|    |                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Customer(s) may be a subsidiary of or an entity affiliated with
    the named customer. We also have a lease with ParkN Fly at
    our Park One property, a parking lot, adjacent to the Los
    Angeles International Airport with an annualized base rent of
    $6.7 million, which is not included.
|(2) | Computed as aggregate leased square feet divided by the
    aggregate leased square feet of the industrial and retail
    properties.                                                                                                                                                                   
|(3) | Annualized base rent is calculated as monthly base rent (cash
    basis) per the lease, as of December 31, 2004, multiplied
    by 12.                                                                                                                                                                  
|(4) | Computed as aggregate annualized base rent divided by the
    aggregate annualized base rent of the industrial and retail and
    other properties.                                                                                                                                                     
|(5) | Airport apron rental amounts (but not square footage) are
    included.                                                                                                                                                                                                                                 
|(6) | United States Government includes the United States Postal
    Service, United States Customs, United States Department of
    Agriculture and various other U.S. governmental agencies.                                                                                                                
|(7) | County of Los Angeles includes Child Support Services
    Department, the Fire Department, the District Attorney, the
    Sheriffs Department and the Unified School District.                                                                                                                        

11



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##### 



OPERATING AND LEASING STATISTICS


Industrial Operating and Leasing Statistics




|                                            |                                                          |             |                  |           |      |      |            |           |      |      |            |           |      |      | 
|------------------------------------------- | -------------------------------------------------------- | ----------- | ---------------- | --------- | ---- | ---- | ---------- | --------- | ---- | ---- | ---------- | --------- | ---- | ---- | 
|Operating Portfolio (1)                     |                                                          | 2004        |                  |           | 2003 |      |            | 2002      |     
|                                            |                                                          |             |                  |           |      |      |            |           |     
|Square feet
    owned (2)                   |                                                          |             | 90,278,803       |           |      |      | 87,101,412 |           |      |      | 84,203,022 |          
|Occupancy percentage                        |                                                          |             | 94.8             | %         |      |      | 93.1       | %         |      |      | 94.6       | %        
|Weighted average lease terms:               |                                                          |             |                  |           |      |      |            |           |      |      |            |          
|                                            | Original                                                 |             |                  | 6.1 years |      |      |            | 6.1 years |      |      |            | 6.2 years |     
|                                            | Remaining                                                |             |                  | 3.3 years |      |      |            | 3.2 years |      |      |            | 3.3 years |     
|                                           
|Tenant retention                            |                                                          |             | 66.8             | %         |      |      | 65.3       | %         |      |      | 74.2       | %        
|                                           
|Same Space Leasing
    Activity (3):        |                                                          |             |                  |           |      |      |            |           |      |      |            |          
|                                            | Rent increases (decreases) on renewals and rollovers     |             |                  | (13.2)    | %    |      |            | (10.1)    | %    |      |            | (1.0)     | %   
|                                            | Same space square footage commencing (millions)          |             |                  | 17.5      |      |      |            | 17.3      |      |      |            | 14.7      |     
|                                           
|Second Generation Leasing
    Activity (4): |                                                          |             |                  |           |      |      |            |           |      |      |            |          
|                                            | Tenant improvements and leasing commissions per sq. ft.: |             |                  |           |      |      |            |           |      |      |            |           |     
|                                            |                                                          | Renewals    |                  | $         | 1.73 |      |            | $         | 1.39 |      |            | $         | 1.30 |     
|                                            |                                                          | Re-tenanted |                  |           | 2.70 |      |            |           | 2.13 |      |            |           | 2.45 |     
|                                            |                                                          |             |                  |           |      |      |            |           |     
|                                            |                                                          |             | Weighted average |           | $    | 2.27 |            |           | $    | 1.77 |            |           | $    | 1.90 | 
|                                            |                                                          |             |                  |           |      |      |            |           |     
|                                            | Square footage commencing (millions)                     |             |                  | 22.5      |      |      |            | 22.7      |      |      |            | 19.0      |     






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes all consolidated industrial operating properties and
    excludes industrial development and renovation projects.
    Excludes retail and other properties square footage of
    0.5 million with occupancy of 71.4% and annualized base
    rents of $3.8 million as of December 31, 2004.                                                                                                                                                                                             
|(2) | In addition to owned square feet as of December 31, 2004,
    we managed, through our subsidiary, AMB Capital
    Partners, LLC, 0.4 million additional square feet of
    industrial and other properties. As of December 31, 2004,
    we also had investments in 10.3 million square feet of
    industrial operating properties through our investments in
    unconsolidated joint ventures.                                                                                                 
|(3) | Consists of second generation leases renewing or re-tenanting
    with current and prior lease terms greater than one year.                                                                                                                                                                                                                                                                                                                                                                       
|(4) | Second generation tenant improvements and leasing commissions
    per square foot are the total cost of tenant improvements,
    leasing commissions and other leasing costs incurred during
    leasing of second generation space divided by the total square
    feet leased. Costs incurred prior to leasing available space are
    not included until such space is leased. Second generation space
    excludes newly developed square footage or square footage vacant
    at acquisition.

12



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##### 



Industrial Same Store Operating Statistics




|                                                              |                                   |                      |            |      |       |   |            |      |       |   |            |      |     |  
|------------------------------------------------------------- | --------------------------------- | -------------------- | ---------- | ---- | ----- | - | ---------- | ---- | ----- | - | ---------- | ---- | --- | -
|                                                              |                                   | 2004                 |            |      | 2003  |   |            | 2002 |      
|                                                              |                                   |                      |            |      |       |   |            |      |      
|Square feet in same store
    pool (1)                        |                                   |                      | 74,516,427 |      |       |   | 71,985,575 |      |       |   | 67,998,585 |     
|                                                              | % of total industrial square feet |                      |            | 82.5 | %     |   |            | 82.6 | %     |   |            | 80.8 | %  
|Occupancy percentage at period end                            |                                   |                      | 95.3       | %    |       |   | 93.0       | %    |       |   | 94.6       | %   
|Tenant retention                                              |                                   |                      | 66.4       | %    |       |   | 65.1       | %    |       |   | 73.3       | %   
|Rent increases (decreases) on renewals and rollovers          |                                   |                      | (14.7)     | %    |       |   | (10.6)     | %    |       |   | (1.4)      | %   
|                                                              | Square feet leased (millions)     |                      |            | 16.2 |       |   |            | 16.2 |       |   |            | 13.8 |    
|Growth % increase (decrease) (excluding straight-line rents): |                                   |                      |            |      |       |   |            |      |       |   |            |     
|                                                              |                                   | Revenues             |            |      | (0.8) | % |            |      | (3.6) | % |            |      | 3.9 | %
|                                                              |                                   | Expenses             |            |      | (0.5) | % |            |      | 2.7   | % |            |      | 5.1 | %
|                                                              |                                   | Net operating income |            |      | (0.9) | % |            |      | (5.6) | % |            |      | 3.5 | %
|Growth % increase (decrease) (including straight-line rents): |                                   |                      |            |      |       |   |            |      |       |   |            |     
|                                                              |                                   | Revenues             |            |      | (0.7) | % |            |      | (3.8) | % |            |      | 3.6 | %
|                                                              |                                   | Expenses             |            |      | (0.5) | % |            |      | 2.7   | % |            |      | 5.1 | %
|                                                              |                                   | Net operating income |            |      | (0.8) | % |            |      | (5.7) | % |            |      | 3.1 | %






|    |                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Same store properties are those properties that we owned during
    both the current and prior year reporting periods, excluding
    development properties prior to being stabilized (generally
    defined as properties that are 90% leased or properties for
    which we have held a certificate of occupancy or building has
    been substantially complete for at least 12 months).

Retail and Other Property Summary




13



---



##### 



DEVELOPMENT PROPERTIES


Development Pipeline




Industrial Development and Renovation Deliveries


|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        |         |     |     |     |    |  
|---------------------------------- | -------------------------------------------------------- | ----------------------------------------- | -------------------------------------------------------- | --------------------- |  | --------------------- | -------------------- | --------- | ------- | ------------- | --------------- | ---------- | ----------- | ------- | --------- | ---------- | ------- | ------- | ------ | ------- | --- | --- | --- | -- | -
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      | Estimated |         |               |                 |            |            
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      | Square    |         |               | Estimated Total |            |             | Our     |          
|                                   |                                                          |                                           |                                                          |                       |  | Estimated             |                      |           | Feet at |               |                 | Investment |             |         | Ownership |           
|Project                            |                                                          | Location                                  |                                                          | Developer             |  |                       | Stabilization        |           |         | Stabilization |                 |            | (000s) (1) |         |           | Percentage |        
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|2005 Deliveries                    |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        |         |     |    
|                                   |                                                          | 1. Dulles Commerce Center  Bldg 100      |                                                          | Dulles, VA            |  |                       | Seefried Properties  |           |         |               | Q1              |            |             |         | 50,030    |            |         | $       | 4,000  |         |     |     | 20  | % 
|                                   |                                                          | 2. Nicholas Warehouse                     |                                                          | Elk Grove Village, IL |  |                       | AMB                  |           |         |               | Q1              |            |             |         | 131,728   |            |         |         | 12,500 |         |     |     | 100 | % 
|                                   |                                                          | 3. Patriot Distribution
    Center (3)    |                                                          | Mansfield, MA         |  |                       | National Development |           |         |               | Q2              |            |             |         | 429,897   |            |         |         | 23,500 |         |     |     | 20  | % 
|                                   |                                                          | 4. Agave Bldg
    1 (5)                   |                                                          | Mexico City, Mexico   |  |                       | G.Accion             |           |         |               | Q2              |            |             |         | 397,210   |            |         |         | 20,100 |         |     |     | 90  | % 
|                                   |                                                          | 5. Somerville Distribution
    Center (3) |                                                          | Somerville, MA        |  |                       | Campanelli           |           |         |               | Q2              |            |             |         | 197,384   |            |         |         | 17,900 |         |     |     | 20  | % 
|                                   |                                                          | 6. MIA Logistics
    Center (3)           |                                                          | Miami, FL             |  |                       | AMB                  |           |         |               | Q2              |            |             |         | 147,182   |            |         |         | 10,100 |         |     |     | 20  | % 
|                                   |                                                          | 7. Airport South Bldg 500                 |                                                          | Atlanta, GA           |  |                       | Seefried Properties  |           |         |               | Q2              |            |             |         | 116,280   |            |         |         | 5,600  |         |     |     | 20  | % 
|                                   |                                                          | 8. Sterling
    Distribution 2 (4)        |                                                          | Chino, CA             |  |                       | Majestic Realty      |           |         |               | Q2              |            |             |         | 490,000   |            |         |         | 17,100 |         |     |     | 40  | % 
|                                   |                                                          | 9. Interstate
    Crossdock (3)           |                                                          | Teterboro, NJ         |  |                       | AMB                  |           |         |               | Q3              |            |             |         | 616,992   |            |         |         | 53,600 |         |     |     | 100 | % 
|                                   | 10. Beacon Lakes 9                                       |                                           | Miami, FL                                                |                       |  | Codina Development    |                      |           |         | Q3            |                 |            |             | 206,656 |           |            |         | 10,200  |        |         |     | 79  | %  
|                                   | 11. Sterling Distribution
    3 (4)                      |                                           | Chino, CA                                                |                       |  | Majestic Realty       |                      |           |         | Q4            |                 |            |             | 390,000 |           |            |         | 14,100  |        |         |     | 50  | %  
|                                   | 12. Spinnaker
    Logistics (3)                          |                                           | Redondo Beach, CA                                        |                       |  | AMB-IAC               |                      |           |         | Q4            |                 |            |             | 279,431 |           |            |         | 28,900  |        |         |     | 39  | %  
|                                   | 13. Encino Distribution
    Center (5)                   |                                           | Mexico City, Mexico                                      |                       |  | G.Accion              |                      |           |         | Q4            |                 |            |             | 571,267 |           |            |         | 31,000  |        |         |     | 90  | %  
|                                   | 14. Narita Air Cargo 1  Phase 1
    Bldg B (5)          |                                           | Narita, Japan                                            |                       |  | AMB Blackpine         |                      |           |         | Q4            |                 |            |             | 576,842 |           |            |         | 70,900  |        |         |     | 100 | %  
|                                   | 15. AMB West OHare Bldg 1                               |                                           | Elk Grove Village, IL                                    |                       |  | AMB                   |                      |           |         | Q4            |                 |            |             | 189,240 |           |            |         | 14,400  |        |         |     | 20  | %  
|                                   | 16. AMB Amagasaki Distribution
    Center (5)            |                                           | Osaka, Japan                                             |                       |  | AMB Blackpine         |                      |           |         | Q4            |                 |            |             | 973,037 |           |            |         | 100,700 |        |         |     | 100 | %  
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Total 2005 Deliveries                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 5,763,176  |         |         |        | 434,600 |     |     |     | 76 | %
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Leased/Funded-to-date                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 48         | %       |         | $      | 274,800 | (2) |     |     |    |  
|                                   |                                                          |                                           | Weighted Average Estimated Stabilized Cash
    Yield (5) |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        | 8.7     | %   |     |     |    |  
|2006 Deliveries                    |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        |         |     |    
|                                   | 17. Dulles Commerce Center  Bldg 150                    |                                           | Dulles, VA                                               |                       |  | Seefried Properties   |                      |           |         | Q1            |                 |            |             | 71,880  |           |            |         | 5,800   |        |         |     | 20  | %  
|                                   | 18. AMB Layline Distribution
    Center (3)              |                                           | Torrance, CA                                             |                       |  | AMB                   |                      |           |         | Q1            |                 |            |             | 250,000 |           |            |         | 26,300  |        |         |     | 100 | %  
|                                   | 19. Nash Logistics Center                                |                                           | El Segundo, CA                                           |                       |  | AMB  IAC             |                      |           |         | Q1            |                 |            |             | 75,000  |           |            |         | 12,000  |        |         |     | 50  | %  
|                                   | 20. Narita Air Cargo 1  Phase 1 Bldg
    A (5)          |                                           | Narita, Japan                                            |                       |  | AMB Blackpine         |                      |           |         | Q1            |                 |            |             | 108,005 |           |            |         | 13,300  |        |         |     | 100 | %  
|                                   | 21. AMB West OHare Building 2                           |                                           | Elk Grove Village, IL                                    |                       |  | AMB                   |                      |           |         | Q1            |                 |            |             | 119,708 |           |            |         | 8,800   |        |         |     | 20  | %  
|                                   | 22. Highway 17  50 Broad
    Street (3)                 |                                           | Carlstadt, NJ                                            |                       |  | AMB                   |                      |           |         | Q2            |                 |            |             | 120,000 |           |            |         | 8,700   |        |         |     | 100 | %  
|                                   | 23. Highway 17  55 Madison
    Street (3)               |                                           | Carlstadt, NJ                                            |                       |  | AMB                   |                      |           |         | Q2            |                 |            |             | 150,446 |           |            |         | 11,900  |        |         |     | 100 | %  
|                                   | 24. AMB Ohta Distribution
    Center (5)                 |                                           | Tokyo, Japan                                             |                       |  | AMB Blackpine         |                      |           |         | Q2            |                 |            |             | 816,866 |           |            |         | 195,100 |        |         |     | 100 | %  
|                                   | 25. Singapore Airport Logistics Center Bldg
    2 (4)(5) |                                           | Changi Airport, Singapore                                |                       |  | Boustead Projects PTE |                      |           |         | Q2            |                 |            |             | 254,267 |           |            |         | 11,800  |        |         |     | 50  | %  
|                                   | 26. Dulles Commerce Center  Bldg 200                    |                                           | Dulles, VA                                               |                       |  | Seefried Properties   |                      |           |         | Q2            |                 |            |             | 97,232  |           |            |         | 7,300   |        |         |     | 20  | %  
|                                   | 27. Beacon Lakes 6                                       |                                           | Miami, FL                                                |                       |  | Codina Development    |                      |           |         | Q2            |                 |            |             | 203,720 |           |            |         | 11,100  |        |         |     | 79  | %  
|                                   | 28. Northfield Bldg 700                                  |                                           | Dallas, TX                                               |                       |  | Seefried Properties   |                      |           |         | Q3            |                 |            |             | 108,640 |           |            |         | 6,000   |        |         |     | 20  | %  
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Total 2006 Deliveries                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 2,375,764  |         |         |        | 318,100 |     |     |     | 89 | %
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Leased/ Funded-to-date                                   |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 0          | %       |         | $      | 195,900 | (2) |     |     |    |  
|                                   |                                                          |                                           | Weighted Average Estimated Stabilized Cash
    Yield (5) |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        | 7.7     | %   |     |     |    |  
|2007 Deliveries                    |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        |         |     |    
|                                   | 29. MAD Logistics
    Center (5)                         |                                           | Madrid, Spain                                            |                       |  | Codina/Torimbia       |                      |           |         | Q2            |                 |            |             | 454,779 |           |            |         | 31,700  |        |         |     | 80  | %  
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Total 2007 Deliveries                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 454,779    |         |         |        | 31,700  |     |     |     | 80 | %
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Leased/Funded-to-date                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 0          | %       |         | $      | 1,800   | (2) |     |     |    |  
|                                   |                                                          |                                           | Weighted Average Estimated Stabilized Cash
    Yield (5) |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        | 8.3     | %   |     |     |    |  
|2008 Deliveries                    |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        |         |     |    
|                                   | 30. AMB Fokker Logistics
    Center 3 (5)                |                                           | Amsterdam, Netherlands                                   |                       |  | Delta Group           |                      |           |         | Q1            |                 |            |             | 313,229 |           |            |         | 44,300  |        |         |     | 50  | %  
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Total 2008 Deliveries                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 313,229    |         |         |        | 44,300  |     |     |     | 50 | %
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Leased/Funded-to-date                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 0          | %       |         | $      | 17,300  | (2) |     |     |    |  
|                                   |                                                          |                                           | Weighted Average Estimated Stabilized Cash
    Yield (5) |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        | 8.3     | %   |     |     |    |  
|Total Scheduled
    Deliveries (1) |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            | 8,906,948   |         |           | $          | 828,700 |         |        |         | 80  | %  
|                                   |                                                          |                                           |                                                          |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |        
|                                   |                                                          |                                           | Leased/Funded-to-date                                    |                       |  |                       |                      |           |         |               |                 |            |             |         |           | 31         | %       |         | $      | 489,800 | (2) |     |     |    |  
|                                   |                                                          |                                           | Weighted Average Estimated Stabilized Cash
    Yield (5) |                       |  |                       |                      |           |         |               |                 |            |             |         |           |            |         |         |        | 8.3     | %   |     |     |    |  

14



---



##### 








|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents total estimated cost of renovation, expansion or
    development, including initial acquisition costs, third-party
    developer earnouts and associated carry costs. The estimates are
    based on our current estimates and forecasts and are subject to
    change. Excludes 1,263 acres of land held for future
    development representing a potential 22.2 million square
    feet and other acquisition-related costs totaling
    $224.8 million. Non-U.S. dollar investments are
    translated to U.S. dollars using the exchange rate at
    December 31, 2004.
|(2) | Our share of amounts funded to date for 2005, 2006, 2007 and
    2008 deliveries was $209.9 million, $173.4 million,
    $1.5 million and $8.6 million, respectively, for a
    total of $393.4 million.                                                                                                                                                                                                                                                                                                                                                                               
|(3) | Represents a renovation project.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(4) | Represents projects in unconsolidated joint ventures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(5) | The yields on international projects are on an after-tax basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



Completed Development Projects Available for Sale or
Contribution (2)


|                                             |                                          |                           |  |                       |  |               |         |         |                        |   |        |            |        |     |     |   |  | 
|-------------------------------------------- | ---------------------------------------- | ------------------------- |  | --------------------- |  | ------------- | ------- | ------- | ---------------------- | - | ------ | ---------- | ------ | --- | --- | - |  | 
|                                             |                                          |                           |  |                       |  | Estimated     |         |         |                        |   | Our    |           
|                                             |                                          |                           |  |                       |  | Square Feet   |         |         | Estimated Total        |   |        | Ownership  |       
|Projects (1)                                 |                                          | Market                    |  | Developer             |  | at Completion |         |         | Investment (000s) (3) |   |        | Percentage |       
|                                             |                                          |                           |  |                       |  |               |         |         |                        |   |        |            |       
|1. Wilsonville Phase II                      |                                          | Watsonville, OR           |  | Trammell Crow Company |  |               | 249,625 |         |                        | $ | 11,000 |            |        |     | 100 | %
|2. OHare Industrial -
    701 Hilltop Drive |                                          | Itasca, IL                |  | Hamilton Partners     |  |               | 60,810  |         |                        |   | 2,900  |            |        |     | 100 | %
|3. Central Business Park Bldgs A,C,D         |                                          | SF Bay Area               |  | Harvest Properties    |  |               | 55,123  |         |                        |   | 5,300  |            |        |     | 100 | %
|4. Singapore Airport Logistics Center Bldg 1 |                                          | Changi Airport, Singapore |  | Boustead Projects PTE |  |               | 230,432 |         |                        |   | 10,000 |            |        |     | 50  | %
|                                             |                                          |                           |  |                       |  |               |         |         |                        |   |        |            |       
|                                             | Total Available for Sale or Contribution |                           |  |                       |  |               |         | 595,990 |                        |   | $      | 29,200     |        |     |     |   | 
|                                             |                                          |                           |  |                       |  |               |         |         |                        |   |        |            |       
|                                             |                                          | Funded-to-date            |  |                       |  |               |         |         |                        |   |        | $          | 25,400 | (4) |     |   |  | 






|    |                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents build-to-suit and speculative development or
    redevelopment.                                                                                                                                                                       
|(2) | We intend to sell these properties or contribute them into a
    co-investment joint venture within two years of completion.
    Non-U.S. dollar investments are translated to
    U.S. dollars using the exchange rate at December 31,
    2004.
|(3) | Represents total estimated cost of renovation, expansion or
    development, including initial acquisition costs, carry and
    partner earnouts. The estimates are based on our current
    estimates and forecasts and are subject to change.  
|(4) | Our share of amounts funded as of December 31, 2004 was
    $21.0 million.                                                                                                                                                                       

Properties held through Joint Ventures, Limited Liability
Companies and Partnerships


Consolidated:




15



---



##### 







Co-investment Consolidated Joint Ventures


|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           |  |   |           |           |  |   |         |         | 
|----------------------------------------- | ------------------------------------------------- | ----------------------------------------------- |  | --- | --------- |  |  | -------- | ----- |  | --------- | ---------- | ---------- | --------- | - | --------- | --------- |  | - | --------- | --------- |  | - | ------- | ------- | 
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           | JV         |           
|                                          |                                                   | Our                                             |  |     |           |  |  |          | Gross |  |           |            |            | Partners |  
|                                          |                                                   | Ownership                                       |  |     | Number of |  |  | Square   |       |  | Book      |            |            | Property  |   |           | Share     | 
|Joint Ventures                            |                                                   | Percentage                                      |  |     | Buildings |  |  | Feet (1) |       |  | Value (2) |            |            | Debt      |   |           | of Debt   | 
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           | 
|Co-Investment Operating Joint Ventures:   |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           |  |   |           |           |  |   |        
|                                          | AMB/ Erie,
    L.P. (3)                           |                                                 |  | 50% |           |  |  | 26       |       |  |           | 2,502,052  |            |           | $ | 134,875   |           |  | $ | 50,338    |           |  | $ | 25,169  |        
|                                          | AMB Institutional Alliance Fund I,
    L.P. (4)   |                                                 |  | 21% |           |  |  | 100      |       |  |           | 5,829,368  |            |           |   | 415,191   |           |  |   | 223,704   |           |  |   | 177,313 |        
|                                          | AMB Partners II,
    L.P. (5)                     |                                                 |  | 20% |           |  |  | 100      |       |  |           | 7,599,176  |            |           |   | 472,442   |           |  |   | 258,179   |           |  |   | 207,036 |        
|                                          | AMB-SGP,
    L.P. (6)                             |                                                 |  | 50% |           |  |  | 73       |       |  |           | 8,589,823  |            |           |   | 418,129   |           |  |   | 245,454   |           |  |   | 122,382 |        
|                                          | AMB Institutional Alliance Fund II,
    L.P. (4)  |                                                 |  | 20% |           |  |  | 69       |       |  |           | 7,531,342  |            |           |   | 462,114   |           |  |   | 231,858   |           |  |   | 182,922 |        
|                                          | AMB-AMS,
    L.P. (7)                             |                                                 |  | 39% |           |  |  | 30       |       |  |           | 1,218,592  |            |           |   | 74,498    |           |  |   | 34,977    |           |  |   | 21,504  |        
|                                          | AMB Institutional Alliance Fund III,
    L.P. (8) |                                                 |  | 20% |           |  |  | 36       |       |  |           | 4,459,565  |            |           |   | 514,142   |           |  |   | 258,164   |           |  |   | 203,704 |        
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           | 
|                                          | Total Co-Investment Operating Joint Ventures      |                                                 |  | 27% |           |  |  | 434      |       |  |           | 37,729,918 |            |           |   | 2,491,391 |           |  |   | 1,302,674 |           |  |   | 940,030 |        
|Co-Investment Development Joint Ventures: |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           |  |   |           |           |  |   |        
|                                          | AMB/ Erie,
    L.P. (3)                           |                                                 |  | 50% |           |  |  |         |       |  |           |           |            |           |   | 14,369    |           |  |   |          |           |  |   |        |        
|                                          | AMB Institutional Alliance Fund I,
    L.P. (4)   |                                                 |  | 21% |           |  |  |         |       |  |           |           |            |           |   |          |           |  |   |          |           |  |   |        |        
|                                          | AMB Partners II,
    L.P.(5)                      |                                                 |  | 20% |           |  |  | 7        |       |  |           | 841,754    |            |           |   | 43,758    |           |  |   | 6,136     |           |  |   | 4,860   |        
|                                          | AMB Institutional Alliance Fund II,
    L.P. (4)  |                                                 |  | 20% |           |  |  | 2        |       |  |           | 538,537    |            |           |   | 30,573    |           |  |   | 5,940     |           |  |   | 4,752   |        
|                                          | AMB-AMS,
    L.P. (7)                             |                                                 |  | 39% |           |  |  | 1        |       |  |           | 279,431    |            |           |   | 25,545    |           |  |   | 9,429     |           |  |   | 5,797   |        
|                                          | AMB Institutional Alliance Fund III,
    L.P. (8) |                                                 |  | 20% |           |  |  | 1        |       |  |           | 147,182    |            |           |   | 8,895     |           |  |   |          |           |  |   |        |        
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           | 
|                                          | Total Co-Investment Development Joint Ventures    |                                                 |  | 27% |           |  |  | 11       |       |  |           | 1,806,904  |            |           |   | 123,140   |           |  |   | 21,505    |           |  |   | 15,409  |        
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           | 
|                                          |                                                   | Total Co-Investment Consolidated Joint Ventures |  |     | 27%       |  |  |          | 445   |  |           |            | 39,536,822 |           |   | $         | 2,614,531 |  |   | $         | 1,324,179 |  |   | $       | 955,439 | 
|                                          |                                                   |                                                 |  |     |           |  |  |          |       |  |           |            |            |           |   |           |           | 






|    |                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | For development properties, this represents estimated square
    feet at completion of development for committed phases of
    development and renovation projects.                                                               
|(2) | Represents the book value of the property (before accumulated
    depreciation) owned by the joint venture entity and excludes net
    other assets as of December 31, 2004. Development book
    values include uncommitted land.
|(3) | AMB/ Erie, L.P. is a co-investment partnership formed in 1998
    with the Erie Insurance Company and certain related entities.                                                                                                   
|(4) | AMB Institutional Alliance Fund I, L.P. and AMB
    Institutional Alliance Fund II, L.P. are co-investment
    partnerships with institutional investors, which invest through
    private real estate investment trusts.         
|(5) | AMB Partners II, L.P. is a co-investment partnership formed
    in 2001 with the City and County of San Francisco
    Employees Retirement System.                                                                               

16



---



##### 



|    |                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(6) | AMB-SGP, L.P. is a co-investment partnership formed in 2001 with
    Industrial JV Pte Ltd, a subsidiary of GIC Real Estate Pte Ltd,
    a real estate investment subsidiary of the government of
    Singapore Investment Corporation.
|(7) | AMB-AMS, L.P. is a co-investment partnership with three Dutch
    pension funds advised by Mn Services NV.                                                                                                                             
|(8) | 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 real estate investment
    trust.                             

Other Consolidated Joint Ventures


|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |   |        |       |        |   |       |     |        | 
|------------------------------------------- | -------------------- | ------------------------------------------------- | ------- | --------- | ---------- |  | ------ | ---- | ----- | ---- | --------- | ------- | --------- | --------- | ------- | -------- | ------- | - | ------ | ----- | ------ | - | ----- | --- | ------ | 
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           | JV      |          
|                                            |                      |                                                   |         | Our       |            |  |        |      | Gross |      |           |         |           | Partners |        
|                                            |                      |                                                   |         | Ownership |            |  | Square |      |       | Book |           |         | Property  |           |         | Share of |        
|Properties                                  |                      | Market                                            |         |           | Percentage |  |        | Feet |       |      | Value (1) |         |           | Debt      |         |          | Debt    |  
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |  
|Other Industrial Operating Joint Ventures   |                      |                                                   | Various |           |            |  | 92%    |      |       |      | 2,403,711 |         |           | $         | 218,821 |          |         | $ | 49,869 |       |        | $ | 2,493 |    
|Other Industrial Development Joint Ventures |                      |                                                   | Various |           |            |  | 81%    |      |       |      | 2,026,726 |         |           |           | 122,170 |          |         |   | 21,104 |       |        |   | 9,149 |    
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |  
|                                            |                      | Total Other Industrial Consolidated JointVentures |         |           |            |  |        |      | 88%   |      |           |         | 4,430,437 |           |         | $        | 340,991 |   |        | $     | 70,973 |   |       | $   | 11,642 | 
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |  
|Retail Joint Ventures:                      |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |   |        |       |        |   |       |    
|                                            | 1. Around Lenox      |                                                   |         | Atlanta   |            |  |        | 90%  |       |      |           | 125,222 |           |           | $       | 22,273   |         |   | $      | 8,933 |        |   | $     | 893 |       
|                                            | 2. Springs Gate Land |                                                   |         | Miami     |            |  |        | 100% |       |      |           |        |           |           |         | 6,767    |         |   |        |      |        |   |       |    |       
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |  
|                                            |                      | Total Retail Consolidated Joint Ventures          |         |           |            |  |        |      | 92%   |      |           |         | 125,222   |           |         | $        | 29,040  |   |        | $     | 8,933  |   |       | $   | 893    | 
|                                            |                      |                                                   |         |           |            |  |        |      |       |      |           |         |           |           |         |          |         |  






|    |                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents the book value of the property (before accumulated
    depreciation) owned by the joint venture entity and excludes net
    other assets as of December 31, 2004. Development book
    values include uncommitted land.

Unconsolidated
Joint Ventures, Mortgage Investments and Other Investment:


Consolidation of Variable
Interest Entities.


17



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##### 



Unconsolidated Joint Ventures,


Mortgage Investments and Other Investment


|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |        |     |     |     |     |       |        |        |         | 
|--------------------------------------------------- | -------------------------------------------- | ------------------------------------------------- | ----------------------------------- | ----------- | ---------------- | ------ | ----------------- | ----------------- | ------ |  | ---------- | --------- | --------- | ---------- | -------- | ------ | ------ | ------ | --- | --- | --- | --- | ----- | ------ | ------ | ------- | 
|                                                    |                                              |                                                   |                                     |             |                  |        |                   | Our Net           |        |  | Our        |           |           | Our        |         
|                                                    |                                              |                                                   |                                     |             |                  | Square |                   |                   | Equity |  |            | Ownership |           |            | Share of |       
|Unconsolidated Joint Ventures                       |                                              | Market                                            |                                     |             | Alliance Partner |        |                   | Feet              |        |  | Investment |           |           | Percentage |          |        | Debt   |       
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       
|Co-investment Joint Ventures                        |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |        |     |     |     |     |       |       
|                                                    | 1. AMB-SGP Mexico,
    LLC (1)               |                                                   |                                     | Various     |                  |        |                   | N/A               |        |  |            | 1,256,165 |           |            | $        | 9,467  |        |        |     | 20% |     |     | $     | 3,214  |       
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       
|                                                    |                                              | Total Co-investment Joint Ventures                |                                     |             |                  |        |                   |                   |        |  |            |           | 1,256,165 |            |          |        | 9,467  |        |     |     |     |     |       |        | 3,214  |        
|Other Industrial Operating Joint Ventures           |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |        |     |     |     |     |       |       
|                                                    | 2. Elk Grove Du Page                         |                                                   |                                     | Chicago     |                  |        |                   | Hamilton Partners |        |  |            | 4,046,721 |           |            |          | 33,664 |        |        |     | 56% |     |     |       | 37,826 |       
|                                                    | 3. Pico Rivera                               |                                                   |                                     | Los Angeles |                  |        |                   | Majestic Realty   |        |  |            | 855,600   |           |            |          | 676    |        |        |     | 50% |     |     |       | 17,751 |       
|                                                    | 4. Monte Vista Spectrum                      |                                                   |                                     | Los Angeles |                  |        |                   | Majestic Realty   |        |  |            | 576,852   |           |            |          | 236    |        |        |     | 50% |     |     |       | 9,302  |       
|                                                    | 5. Industrial Fund I, LLC                    |                                                   |                                     | Various     |                  |        |                   | Citigroup         |        |  |            | 2,326,334 |           |            |          | 3,612  |        |        |     | 15% |     |     |       | 9,735  |       
|                                                    | 6. Singapore Airport Logistics Center Bldg 1 |                                                   |                                     | Singapore   |                  |        |                   | Boustead Projects |        |  |            | 230,432   |           |            |          | 2,633  |        |        |     | 50% |     |     |       | 2,390  |       
|                                                    | 7. Sterling Distribution Center Bldg 1       |                                                   |                                     | Los Angeles |                  |        |                   | Majestic Realty   |        |  |            | 1,000,000 |           |            |          | 550    |        |        |     | 40% |     |     |       | 13,982 |       
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       
|                                                    |                                              | Total Other Industrial Operating Joint Ventures   |                                     |             |                  |        |                   |                   |        |  |            |           | 9,035,939 |            |          |        | 41,371 |        |     |     | 52% |     |       |        | 90,986 |        
|Other Industrial Development Joint
    Ventures (2) |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |        |     |     |     |     |       |       
|                                                    | 8. Sterling Distribution Center Bldg 2       |                                                   |                                     | Los Angeles |                  |        |                   | Majestic Realty   |        |  |            | 490,000   |           |            |          | 707    |        |        |     | 40% |     |     |       | 5,327  |       
|                                                    | 9. Sterling Distribution Center Bldg 3       |                                                   |                                     | Los Angeles |                  |        |                   | Majestic Realty   |        |  |            | 390,000   |           |            |          | 620    |        |        |     | 50% |     |     |       | 3,800  |       
|10. Nash Logistics Center                           |                                              |                                                   | Los Angeles                         |             |                  |        | AMB-IAC           |                   |        |  | 75,000     |           |           |            | 1,412    |        |        |        | 50% |     |     |     | 2,502 |       
|11. Singapore Airport Logistics Center Bldg 2       |                                              |                                                   | Singapore                           |             |                  |        | Boustead Projects |                   |        |  | 254,267    |           |           |            | 1,589    |        |        |        | 50% |     |     |     |      |       
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       
|                                                    |                                              | Total Other Industrial Development Joint Ventures |                                     |             |                  |        |                   |                   |        |  |            |           | 1,209,267 |            |          |        | 4,328  |        |     |     | 48% |     |       |        | 11,629 |        
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       
|                                                    |                                              |                                                   | Total Unconsolidated Joint Ventures |             |                  |        |                   |                   |        |  |            |           |           | 11,501,371 |          |        | $      | 55,166 |     |     |     | 46% |       |        | $      | 105,829 | 
|                                                    |                                              |                                                   |                                     |             |                  |        |                   |                   |        |  |            |           |           |            |          |        |        |       

|                                |  |                |  |          |               |          |            |   |        |      |           |  |                |  |  |  |      | 
|------------------------------- |  | -------------- |  | -------- | ------------- | -------- | ---------- | - | ------ | ---- | --------- |  | -------------- |  |  |  | ---- | 
|                                |  |                |  |          |               |          |            |   |        | Our  |          
|                                |  |                |  |          |               | Mortgage |            |   |        |      | Ownership | 
|Mortgage Investments            |  | Market         |  | Maturity |               |          | Receivable |   |        | Rate |           |  | Percentage (3) | 
|                                |  |                |  |          |               |          |            |   |        |      |           |  |                | 
|1. Pier
    1 (4)               |  | SF Bay Area    |  |          | May 2026      |          |            | $ | 12,938 |      |           |  | 13.0%          |  |  |  | 100% | 
|2. Platinum Distribution Center |  | No. New Jersey |  |          | November 2006 |          |            |   | 800    |      |           |  | 12.0%          |  |  |  | 20%  | 
|                                |  |                |  |          |               |          |            |   |        |      |           |  |                | 
|                                |  |                |  |          |               |          |            | $ | 13,738 |      |           |  |                |  |  |  |      | 
|                                |  |                |  |          |               |          |            |   |        |      |           |  |                | 

|                 |  |             |  |               |             |       |            |     |           |            |  |  |      | 
|---------------- |  | ----------- |  | ------------- | ----------- | ----- | ---------- | --- | --------- | ---------- |  |  | ---- | 
|                 |  |             |  |               |             |       |            | Our |          
|                 |  |             |  |               |             | Gross |            |     | Ownership |           
|Other Investment |  | Market      |  | Property Type |             |       | Investment |     |           | Percentage | 
|                 |  |             |  |               |             |       |            |     |           |            | 
|1. Park One      |  | Los Angeles |  |               | Parking Lot |       |            | $   | 75,497    |            |  |  | 100% | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | AMB-SGP Mexico, LLC is an unconsolidated co-investment joint
    venture formed in 2004 with Industrial (Mexico) JV Pte Ltd, a
    real estate investment subsidiary of the Government of Singapore
    Investment Corporation. Includes $8.1 million of
    shareholder loans outstanding at December 31, 2004 between
    us and the co-investment partnership and its subsidiaries,
    $5.0 million of which we expect to replace with third party
    debt in the second quarter of 2005.
|(2) | Square feet for development alliance joint ventures represents
    estimated square feet at completion of development project.                                                                                                                                                                                                                                                                                                                                                                
|(3) | Represents our ownership percentage in the mortgage investment.                                                                                                                                                                                                                                                                                                                                                                                                                               
|(4) | We also have a 0.1% unconsolidated equity interest (with a 33%
    economic interest) in this property and an option to purchase
    the remaining equity interest beginning January 1, 2007 and
    expiring December 31, 2009.                                                                                                                                                                                                                                                              

18



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##### 



Secured Debt






|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings





|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders



PART II




|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for Registrants Common Equity, Related
    Shareholder Matters and Issuer Purchases of Equity
    Securities

1 2 3 4 1 2 3 4


19



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##### 





|     |             |              |   |       | 
|---- | ----------- | ------------ | - | ----- | 
|Year |             | Distribution |  
|     |             |              |  
|2003 |             |              |   |      
|     | 1st Quarter |              | $ | 0.415 | 
|     | 2nd Quarter |              |   | 0.415 | 
|     | 3rd Quarter |              |   | 0.415 | 
|     | 4th Quarter |              |   | 0.415 | 
|2004 |             |              |   |      
|     | 1st Quarter |              | $ | 0.425 | 
|     | 2nd Quarter |              |   | 0.425 | 
|     | 3rd Quarter |              |   | 0.425 | 
|     | 4th Quarter |              |   | 0.425 | 

20



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##### 





|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data

SELECTED OPERATING PARTNERSHIP FINANCIAL AND OTHER
DATA (1)




|                   |                                                                                |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |           | 
|------------------ | ------------------------------------------------------------------------------ | ----------------------------------------------- | - | --------- | --------- |  | - | --------- | --------- |  | ---- | --------- | --------- | ---- | - | --------- | --------- |  | - | --------- | --------- | 
|                   |                                                                                | 2004                                            |   |           | 2003      |  |   | 2002      |           |  | 2001 |           |           | 2000 |  
|                   |                                                                                |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |  
|                   |                                                                                | (Dollars in thousands, except per unit amounts) |  
|Operating Data     |                                                                                |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |          
|                   | Total revenues                                                                 |                                                 | $ | 665,689   |           |  | $ | 586,629   |           |  | $    | 563,231   |           |      | $ | 510,505   |           |  | $ | 415,172   |          
|                   | Income before minority interests and discontinued operations                   |                                                 |   | 140,094   |           |  |   | 135,028   |           |  |      | 138,809   |           |      |   | 174,890   |           |  |   | 144,467   |          
|                   | Income from continuing operations                                              |                                                 |   | 87,851    |           |  |   | 81,761    |           |  |      | 97,477    |           |      |   | 124,851   |           |  |   | 114,376   |          
|                   | Income from discontinued operations                                            |                                                 |   | 50,665    |           |  |   | 65,328    |           |  |      | 41,577    |           |      |   | 25,421    |           |  |   | 21,056    |          
|                   | Net income available to common unitholders attributable to
    general partner |                                                 |   | 118,340   |           |  |   | 116,716   |           |  |      | 113,035   |           |      |   | 120,100   |           |  |   | 113,282   |          
|                   | Net income from continuing operations per common unit:                         |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |          
|                   |                                                                                | Basic (2)                                       |   |           | 0.86      |  |   |           | 0.68      |  |      |           | 0.89      |      |   |           | 1.15      |  |   |           | 1.11      | 
|                   |                                                                                | Diluted (2)                                     |   |           | 0.83      |  |   |           | 0.66      |  |      |           | 0.87      |      |   |           | 1.13      |  |   |           | 1.12      | 
|                   | Net income from discontinued operations per common unit:                       |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |          
|                   |                                                                                | Basic (2)                                       |   |           | 0.58      |  |   |           | 0.76      |  |      |           | 0.47      |      |   |           | 0.28      |  |   |           | 0.24      | 
|                   |                                                                                | Diluted (2)                                     |   |           | 0.56      |  |   |           | 0.75      |  |      |           | 0.46      |      |   |           | 0.28      |  |   |           | 0.23      | 
|                   | Net income per common unit:                                                    |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |          
|                   |                                                                                | Basic (2)                                       |   |           | 1.44      |  |   |           | 1.44      |  |      |           | 1.36      |      |   |           | 1.43      |  |   |           | 1.35      | 
|                   |                                                                                | Diluted (2)                                     |   |           | 1.39      |  |   |           | 1.41      |  |      |           | 1.33      |      |   |           | 1.41      |  |   |           | 1.35      | 
|                   | Distributions declared per common unit                                         |                                                 |   | 1.70      |           |  |   | 1.66      |           |  |      | 1.64      |           |      |   | 1.58      |           |  |   | 1.48      |          
|Other Data         |                                                                                |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |          
|                   | Funds from operations                                                          |                                                 | $ | 207,314   |           |  | $ | 186,666   |           |  | $    | 215,194   |           |      | $ | 186,707   |           |  | $ | 202,751   |          
|                   | Funds from operations per common unit:                                         |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |          
|                   |                                                                                | Basic                                           |   |           | 2.39      |  |   |           | 2.17      |  |      |           | 2.44      |      |   |           | 2.09      |  |   |           | 2.26      | 
|                   |                                                                                | Diluted                                         |   |           | 2.30      |  |   |           | 2.13      |  |      |           | 2.40      |      |   |           | 2.07      |  |   |           | 2.25      | 
|                   | Cash flows provided by (used in):                                              |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |           |          
|                   |                                                                                | Operating activities                            |   |           | 294,378   |  |   |           | 264,463   |  |      |           | 291,265   |      |   |           | 288,562   |  |   |           | 261,175   | 
|                   |                                                                                | Investing activities                            |   |           | (728,431) |  |   |           | (340,930) |  |      |           | (246,854) |      |   |           | (363,152) |  |   |           | (726,499) | 
|                   |                                                                                | Financing activities                            |   |           | 409,705   |  |   |           | 112,022   |  |      |           | (28,150)  |      |   |           | 127,303   |  |   |           | 452,370   | 
|Balance Sheet Data |                                                                                |                                                 |   |           |           |  |   |           |           |  |      |           |           |      |   |           |           |  |   |          
|                   | Investments in real estate at cost                                             |                                                 | $ | 6,526,144 |           |  | $ | 5,491,707 |           |  | $    | 4,922,782 |           |      | $ | 4,527,511 |           |  | $ | 4,026,597 |          
|                   | Total assets                                                                   |                                                 |   | 6,386,943 |           |  |   | 5,409,559 |           |  |      | 4,983,629 |           |      |   | 4,763,614 |           |  |   | 4,433,207 |          
|                   | Total consolidated debt                                                        |                                                 |   | 3,257,191 |           |  |   | 2,574,257 |           |  |      | 2,235,361 |           |      |   | 2,143,714 |           |  |   | 1,843,857 |          
|                   | Our share of total
    debt (3)                                                |                                                 |   | 2,395,046 |           |  |   | 1,954,314 |           |  |      | 1,691,737 |           |      |   | 1,655,386 |           |  |   | 1,681,161 |          
|                   | General partners capital                                                      |                                                 |   | 1,671,140 |           |  |   | 1,657,137 |           |  |      | 1,579,265 |           |      |   | 1,747,389 |           |  |   | 1,767,930 |          






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Certain items in the consolidated financial statements for prior
    periods have been reclassified to conform with current
    classifications with no effect on net income or partners
    capital.                                                                                                                                                                                                                                      
|(2) | Basic and diluted net income per weighted average unit equals
    the net income available to common unitholders divided by
    82,133,627 and 85,368,626 units, respectively, for 2004;
    81,096,062 and 82,852,528 units, respectively, for 2003;
    83,310,885 and 84,795,987 units, respectively, for 2002;
    84,174,644 and 85,214,066 units, respectively, for 2001;
    83,697,170 and 84,155,306 units, respectively, for 2000.
|(3) | Our share of total debt is the pro rata portion of the total
    debt based on our percentage of equity interest in each of the
    consolidated ventures holding the debt. We believe that our
    share of total debt is a meaningful                                                                                                                                                                                                     

21



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##### 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | supplemental measure, which enables both management and
    investors to analyze our leverage and to compare our leverage to
    that of other companies. In addition, it allows for a more
    meaningful comparison of our debt to that of other companies
    that do not consolidate their joint ventures. Our share of total
    debt is not intended to reflect our actual liability should
    there be a default under any or all of such loans or a
    liquidation of the joint ventures. For a reconciliation of our
    share of total debt to total consolidated debt, a GAAP financial
    measure, please see the table of debt maturities and
    capitalization in Part II, Item 7: Management
    Discussion and Analysis of Financial Condition and Results of
    Operations  Liquidity and Capital
    Resources  Capital Resources.

22



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##### 





|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

GENERAL


You should read the following discussion and analysis of our
consolidated financial condition and results of operations in
conjunction with the notes to consolidated financial
statements.




Managements Overview






|                                      |                                                      |                     |  |            |             |  |  |                |   |  |  |            |  
|------------------------------------- | ---------------------------------------------------- | ------------------- |  | ---------- | ----------- |  |  | -------------- | - |  |  | ---------- | -
|                                      |                                                      | U.S. Hub and        |  |            | Total Other |  |  | Total/Weighted |  
|Property Data                         |                                                      | Gateway Markets (1) |  |            | Markets (2) |  |  | Average        |  
|                                      |                                                      |                     |  |            |             |  |  |                |  
|For the year ended December 31, 2004: |                                                      |                     |  |            |             |  |  |                |   |  |  |           
|                                      | % of total rentable square feet                      |                     |  | 74.1       | %           |  |  | 25.9           | % |  |  | 100.0      | %
|                                      | Occupancy percentage at year end                     |                     |  | 95.0       | %           |  |  | 94.2           | % |  |  | 94.8       | %
|                                      | Same space square footage leased                     |                     |  | 13,932,213 |             |  |  | 3,553,563      |   |  |  | 17,485,776 |  
|                                      | Rent increases (decreases) on renewals and rollovers |                     |  | (15.3)     | %           |  |  | (3.6)          | % |  |  | (13.2)     | %
|For the year ended December 31, 2003: |                                                      |                     |  |            |             |  |  |                |   |  |  |           
|                                      | % of total rentable square feet                      |                     |  | 75.0       | %           |  |  | 25.0           | % |  |  | 100.0      | %
|                                      | Occupancy percentage at year end                     |                     |  | 93.5       | %           |  |  | 91.9           | % |  |  | 93.1       | %
|                                      | Same space square footage leased                     |                     |  | 13,636,050 |             |  |  | 3,636,967      |   |  |  | 17,273,017 |  
|                                      | Rent increases (decreases) on renewals and rollovers |                     |  | (12.7)     | %           |  |  | 1.7            | % |  |  | (10.1)     | %






|    |                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Our U.S. hub and gateway markets include on-tarmac and
    Atlanta, Chicago, Dallas/ Fort Worth, Los Angeles, Northern
    New Jersey/ New York City, the San Francisco Bay Area,
    Miami and Seattle.
|(2) | Our total other markets include other domestic target markets,
    other non-target markets, international target markets and
    retail.                                                               

23



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##### 













24



---



##### 







Summary of Key Transactions in 2004






| |   |                                                                                                                                                                                                                                                                                              
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Acquired 64 buildings in the United States, Mexico, Europe and
    Asia, aggregating approximately 7.6 million square feet,
    for $695.2 million, including $261.0 million invested
    through four of our co-investment joint ventures;                                                  
|
| |  | Commenced 19 development projects in the United States, Japan,
    Mexico and the Netherlands, totaling 6.1 million square
    feet with an estimated total investment of approximately
    $648.5 million (using exchange rates in effect at
    applicable quarter end and year end dates);
|
| |  | Acquired 640 acres of land for industrial warehouse
    development in various U.S. markets and Mexico City for
    approximately $68.3 million;                                                                                                                                             
|
| |  | Sold seven land parcels and six development projects available
    for sale, aggregating approximately 0.3 million square
    feet, for an aggregate price of $40.4 million; and                                                                                                             
|
| |  | Divested ourselves of 21 industrial buildings, two retail
    centers and one office building, aggregating approximately
    3.1 million square feet, for an aggregate price of
    $200.3 million.                                                                                          







| |   |                                                                                                                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Obtained long-term secured debt financings for our co-investment
    joint ventures totaling $243.5 million at an average rate
    of 5.0%;                                                                                                                                             
|
| |  | Obtained $129.2 million of debt (using exchange rates in
    effect at applicable quarter end dates) with a weighted average
    interest rate of 4.5% for international acquisitions, net of the
    financing for the AMB Ohta Distribution Center development;                       
|
| |  | Completed the early renewal of our senior unsecured revolving
    line of credit in the amount of $500.0 million. The
    three-year credit facility includes a multi-currency component
    under which up to $250.0 million can be drawn in Yen, Euros
    or British Pounds Sterling;

25



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##### 





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Entered into an unsecured revolving credit agreement through AMB
    Japan Finance Y.K., our subsidiary, providing for loans or
    letters of credit in a maximum principal amount outstanding at
    any time of up to 24 billion Yen (approximately
    $233.8 million in U.S. dollars using exchange rates in
    effect on December 31, 2004);                                                                                                                                                                                                                                                                                                                        
|
| |  | Closed on a 20 billion Yen financing (approximately
    $195 million U.S. dollars using exchange rates in
    effect on December 31, 2004) for the AMB Ohta Distribution
    Center development project in Japan, of which 14 billion
    Yen ($136 million U.S. dollars using exchange rates in
    effect on December 31, 2004) has been funded. We locked in
    the interest rate on 65% of the financing for the full
    eight-year term at closing. During construction, the fixed rate
    portion is locked at 1.9% and upon stabilization, the fixed rate
    will be 2.4%;                                                                                      
|
| |  | Formed AMB Institutional Alliance Fund III, L.P., an
    open-ended co-investment joint venture, with $136.5 million
    of equity from co-investment partners to invest in properties in
    the United States; and                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | Formed an unconsolidated co-investment joint venture, AMB-SGP
    Mexico, LLC, with Industrial (Mexico) JV Pte Ltd, a real estate
    investment subsidiary of the Government of Singapore Investment
    Corporation, with an equity commitment of $200 million to
    invest in properties in Mexico, in which we retain a 20%
    interest. We contributed $71.5 million of operating
    properties and recently completed development projects in Mexico
    and when combined with our equity commitment and leverage, the
    venture has an investment capacity of approximately
    $715 million. This is our first international co-investment
    joint venture.



Critical Accounting Policies




Investments in Real Estate.


26



---



##### 





Revenue Recognition.


Property Dispositions. Accounting for the
Impairment or Disposal of Long-Lived Assets


Joint Ventures. Consolidation of Variable
Interest Entities. Investors
Accounting for an Investee When the Investor Has a Majority of
the Voting Interest but the Minority Shareholder or Shareholders
Have Certain Approval or Veto Rights Accounting for Investments in Real Estate
Ventures.


Our General Partners Status as a Real Estate Investment
Trust.


27



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##### 



RESULTS OF OPERATIONS






For the Years ended December 31, 2004 and 2003 (dollars
in millions)


|                       |                          |                       |                |      |       |       |      |          |       |       |          |      |       |      |        |        |        |       | 
|---------------------- | ------------------------ | --------------------- | -------------- | ---- | ----- | ----- | ---- | -------- | ----- | ----- | -------- | ---- | ----- | ---- | ------ | ------ | ------ | ----- | 
|Revenues               |                          | 2004                  |                |      | 2003  |       |      | $ Change |       |       | % Change |     
|                       |                          |                       |                |      |       |       |      |          |       |       |          |     
|Rental revenues        |                          |                       |                |      |       |       |      |          |       |       |          |      |       |      |        |       
|                       | U.S. industrial:         |                       |                |      |       |       |      |          |       |       |          |      |       |      |        |        |       
|                       |                          | Same store            |                | $    | 531.8 |       |      | $        | 535.4 |       |          | $    | (3.6) |      |        |        | (0.7)% |      
|                       |                          | 2003 acquisitions     |                |      | 47.8  |       |      |          | 14.6  |       |          |      | 33.2  |      |        |        | 227.4% |      
|                       |                          | 2004 acquisitions     |                |      | 25.9  |       |      |          |      |       |          |      | 25.9  |      |        |        | %     |      
|                       |                          | Development           |                |      | 7.8   |       |      |          | 7.8   |       |          |      |      |      |        |        | %     |      
|                       |                          | Other industrial      |                |      | 10.3  |       |      |          | 6.3   |       |          |      | 4.0   |      |        |        | 63.5%  |      
|                       | International industrial |                       |                | 25.6 |       |       |      | 6.1      |       |       |          | 19.5 |       |      |        | 319.7% |       
|                       | Retail                   |                       |                | 3.6  |       |       |      | 3.1      |       |       |          | 0.5  |       |      |        | 16.1%  |       
|                       |                          |                       |                |      |       |       |      |          |       |       |          |     
|                       |                          | Total rental revenues |                |      | 652.8 |       |      |          | 573.3 |       |          |      | 79.5  |      |        |        | 13.9%  |      
|Private capital income |                          |                       | 12.9           |      |       |       | 13.3 |          |       |       | (0.4)    |      |       |      | (3.0)% |       
|                       |                          |                       |                |      |       |       |      |          |       |       |          |     
|                       |                          |                       | Total revenues |      | $     | 665.7 |      |          | $     | 586.6 |          |      | $     | 79.1 |        |        |        | 13.5% | 
|                       |                          |                       |                |      |       |       |      |          |       |       |          |     



28



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##### 



|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      |       |      |          |          |         |       | 
|----------------------------- | ------------------------ | ------------------------------ | ------------------------ | ---- | ----- | ----- | ----- | -------- | ----- | ----- | -------- | ---- | ----- | ---- | -------- | -------- | ------- | ----- | 
|Costs and Expenses            |                          | 2004                           |                          |      | 2003  |       |       | $ Change |       |       | % Change |     
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     
|Property operating costs:     |                          |                                |                          |      |       |       |       |          |       |       |          |      |       |      |          |         
|                              | Rental expenses          |                                | $                        | 94.7 |       |       | $     | 84.7     |       |       | $        | 10.0 |       |      |          | 11.8%    |        
|                              | Real estate taxes        |                                |                          | 73.8 |       |       |       | 67.3     |       |       |          | 6.5  |       |      |          | 9.7%     |        
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     
|                              |                          | Total property operating costs |                          | $    | 168.5 |       |       | $        | 152.0 |       |          | $    | 16.5  |      |          |          | 10.9%   |      
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     
|                             
|Property operating costs      |                          |                                |                          |      |       |       |       |          |       |       |          |      |       |      |          |         
|                              | U.S. industrial:         |                                |                          |      |       |       |       |          |       |       |          |      |       |      |          |          |        
|                              |                          | Same store                     |                          | $    | 141.1 |       |       | $        | 141.4 |       |          | $    | (0.3) |      |          |          | (0.2)%  |      
|                              |                          | 2003 acquisitions              |                          |      | 11.0  |       |       |          | 3.6   |       |          |      | 7.4   |      |          |          | 205.6%  |      
|                              |                          | 2004 acquisitions              |                          |      | 6.9   |       |       |          |      |       |          |      | 6.9   |      |          |          | %      |      
|                              |                          | Development                    |                          |      | 1.5   |       |       |          | 3.6   |       |          |      | (2.1) |      |          |          | (58.3)% |      
|                              |                          | Other industrial               |                          |      | 1.8   |       |       |          | 1.8   |       |          |      |      |      |          |          | %      |      
|                              | International industrial |                                |                          | 4.9  |       |       |       | 0.4      |       |       |          | 4.5  |       |      |          | 1,125.0% |        
|                              | Retail                   |                                |                          | 1.3  |       |       |       | 1.2      |       |       |          | 0.1  |       |      |          | 8.3%     |        
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     
|                              |                          | Total property operating costs |                          |      | 168.5 |       |       |          | 152.0 |       |          |      | 16.5  |      |          |          | 10.9%   |      
|Depreciation and amortization |                          |                                | 160.0                    |      |       |       | 132.2 |          |       |       | 27.8     |      |       |      | 21.0%    |         
|Impairment losses             |                          |                                |                         |      |       |       | 5.3   |          |       |       | (5.3)    |      |       |      | (100.0)% |         
|General and administrative    |                          |                                | 59.0                     |      |       |       | 46.4  |          |       |       | 12.6     |      |       |      | 27.2%    |         
|Fund costs                    |                          |                                | 1.7                      |      |       |       | 0.8   |          |       |       | 0.9      |      |       |      | 112.5%   |         
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     
|                              |                          |                                | Total costs and expenses |      | $     | 389.2 |       |          | $     | 336.7 |          |      | $     | 52.5 |          |          |         | 15.6% | 
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |     



|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |      |  |  |         |       | 
|-------------------------------------------------------- | -------------------------------------- | ---- | ------- | ------- | ---- | - | ------- | -------- |  | - | -------- | ---- |  |  | ------- | ----- | 
|Other Income and (Expenses)                              |                                        | 2004 |         |         | 2003 |   |         | $ Change |  |   | % Change |     
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |     
|Equity in earnings of unconsolidated joint ventures, net |                                        | $    | 3.8     |         |      | $ | 5.5     |          |  | $ | (1.7)    |      |  |  | (30.9)% |      
|Interest and other income                                |                                        |      | 4.0     |         |      |   | 4.0     |          |  |   |         |      |  |  | %      |      
|Gains from dispositions of real estate interests         |                                        |      | 5.2     |         |      |   | 7.4     |          |  |   | (2.2)    |      |  |  | (29.7)% |      
|Development profits, net of taxes                        |                                        |      | 8.5     |         |      |   | 14.4    |          |  |   | (5.9)    |      |  |  | (41.0)% |      
|Interest expense, including amortization                 |                                        |      | (157.9) |         |      |   | (146.2) |          |  |   | 11.7     |      |  |  | 8.0%    |      
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |     
|                                                         | Total other income and (expenses), net |      | $       | (136.4) |      |   | $       | (114.9)  |  |   | $        | 21.5 |  |  |         | 18.7% | 
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |     



29



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##### 





|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |        |  |  |         |         | 
|----------------------------------------------------------------------------- | ----------------------------- | ---- | ---- | ---- | ---- | - | ---- | -------- |  | - | -------- | ------ |  |  | ------- | ------- | 
|Discontinued Operations                                                       |                               | 2004 |      |      | 2003 |   |      | $ Change |  |   | % Change |       
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |       
|Income attributable to discontinued operations, net of minority
    interests |                               | $    | 5.9  |      |      | $ | 20.0 |          |  | $ | (14.1)   |        |  |  | (70.5)% |        
|Gains from dispositions of real estate, net of minority interests             |                               |      | 44.7 |      |      |   | 45.4 |          |  |   | (0.7)    |        |  |  | (1.5)%  |        
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |       
|                                                                              | Total discontinued operations |      | $    | 50.6 |      |   | $    | 65.4     |  |   | $        | (14.8) |  |  |         | (22.6)% | 
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |       



|                                           |                       |      |        |        |      |   |        |          |  |   |          |        |  |  |          |         | 
|------------------------------------------ | --------------------- | ---- | ------ | ------ | ---- | - | ------ | -------- |  | - | -------- | ------ |  |  | -------- | ------- | 
|Preferred Units                            |                       | 2004 |        |        | 2003 |   |        | $ Change |  |   | % Change |       
|                                           |                       |      |        |        |      |   |        |          |  |   |          |       
|Preferred unit distributions               |                       | $    | (13.5) |        |      | $ | (18.2) |          |  | $ | (4.7)    |        |  |  | (25.8)%  |        
|Preferred unit (issuance costs or premium) |                       |      |       |        |      |   | (5.4)  |          |  |   | (5.4)    |        |  |  | (100.0)% |        
|                                           |                       |      |        |        |      |   |        |          |  |   |          |       
|                                           | Total preferred units |      | $      | (13.5) |      |   | $      | (23.6)   |  |   | $        | (10.1) |  |  |          | (42.8)% | 
|                                           |                       |      |        |        |      |   |        |          |  |   |          |       

5 8


30



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##### 



For the Years ended December 31, 2003 and 2002 (dollars
in millions)


|                       |                          |                       |                |     |       |       |      |          |       |       |          |       |       |      |       |         |         |      | 
|---------------------- | ------------------------ | --------------------- | -------------- | --- | ----- | ----- | ---- | -------- | ----- | ----- | -------- | ----- | ----- | ---- | ----- | ------- | ------- | ---- | 
|Revenues               |                          | 2003                  |                |     | 2002  |       |      | $ Change |       |       | % Change |      
|                       |                          |                       |                |     |       |       |      |          |       |       |          |      
|Rental revenues        |                          |                       |                |     |       |       |      |          |       |       |          |       |       |      |       |        
|                       | U.S. industrial:         |                       |                |     |       |       |      |          |       |       |          |       |       |      |       |         |        
|                       |                          | Same store            |                | $   | 535.4 |       |      | $        | 529.2 |       |          | $     | 6.2   |      |       |         | 1.2%    |     
|                       |                          | 2003 acquisitions     |                |     | 14.6  |       |      |          |      |       |          |       | 14.6  |      |       |         | %      |     
|                       |                          | Development           |                |     | 7.8   |       |      |          | 3.9   |       |          |       | 3.9   |      |       |         | 100.0%  |     
|                       |                          | Other industrial      |                |     | 6.3   |       |      |          | 13.1  |       |          |       | (6.8) |      |       |         | (51.9)% |     
|                       | International industrial |                       |                | 6.1 |       |       |      | 0.7      |       |       |          | 5.4   |       |      |       | 771.4%  |        
|                       | Retail                   |                       |                | 3.1 |       |       |      | 5.1      |       |       |          | (2.0) |       |      |       | (39.2)% |        
|                       |                          |                       |                |     |       |       |      |          |       |       |          |      
|                       |                          | Total rental revenues |                |     | 573.3 |       |      |          | 552.0 |       |          |       | 21.3  |      |       |         | 3.9%    |     
|Private capital income |                          |                       | 13.3           |     |       |       | 11.2 |          |       |       | 2.1      |       |       |      | 18.8% |        
|                       |                          |                       |                |     |       |       |      |          |       |       |          |      
|                       |                          |                       | Total revenues |     | $     | 586.6 |      |          | $     | 563.2 |          |       | $     | 23.4 |       |         |         | 4.2% | 
|                       |                          |                       |                |     |       |       |      |          |       |       |          |      



|                              |                          |                                |                          |      |       |       |       |          |       |       |          |       |       |      |         |         |         |      | 
|----------------------------- | ------------------------ | ------------------------------ | ------------------------ | ---- | ----- | ----- | ----- | -------- | ----- | ----- | -------- | ----- | ----- | ---- | ------- | ------- | ------- | ---- | 
|Costs and Expenses            |                          | 2003                           |                          |      | 2002  |       |       | $ Change |       |       | % Change |      
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      
|Property operating costs:     |                          |                                |                          |      |       |       |       |          |       |       |          |       |       |      |         |        
|                              | Rental expenses          |                                | $                        | 84.7 |       |       | $     | 72.6     |       |       | $        | 12.1  |       |      |         | 16.7%   |        
|                              | Real estate taxes        |                                |                          | 67.3 |       |       |       | 63.9     |       |       |          | 3.4   |       |      |         | 5.3%    |        
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      
|                              |                          | Total property operating costs |                          | $    | 152.0 |       |       | $        | 136.5 |       |          | $     | 15.5  |      |         |         | 11.4%   |     
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      
|                             
|Property operating costs      |                          |                                |                          |      |       |       |       |          |       |       |          |       |       |      |         |        
|                              | U.S. industrial:         |                                |                          |      |       |       |       |          |       |       |          |       |       |      |         |         |        
|                              |                          | Same store                     |                          | $    | 141.4 |       |       | $        | 127.5 |       |          | $     | 13.9  |      |         |         | 10.9%   |     
|                              |                          | 2003 acquisitions              |                          |      | 3.6   |       |       |          |      |       |          |       | 3.6   |      |         |         | %      |     
|                              |                          | Development                    |                          |      | 3.6   |       |       |          | 3.2   |       |          |       | 0.4   |      |         |         | 12.5%   |     
|                              |                          | Other industrial               |                          |      | 1.8   |       |       |          | 4.2   |       |          |       | (2.4) |      |         |         | (57.1)% |     
|                              | International industrial |                                |                          | 0.4  |       |       |       |         |       |       |          | 0.4   |       |      |         | %      |        
|                              | Retail                   |                                |                          | 1.2  |       |       |       | 1.6      |       |       |          | (0.4) |       |      |         | (25.0)% |        
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      
|                              |                          | Total property operating costs |                          |      | 152.0 |       |       |          | 136.5 |       |          |       | 15.5  |      |         |         | 11.4%   |     
|Depreciation and amortization |                          |                                | 132.2                    |      |       |       | 121.1 |          |       |       | 11.1     |       |       |      | 9.2%    |        
|Impairment losses             |                          |                                | 5.3                      |      |       |       | 2.9   |          |       |       | 2.4      |       |       |      | 82.8%   |        
|General and administrative    |                          |                                | 46.4                     |      |       |       | 45.1  |          |       |       | 1.3      |       |       |      | 2.9%    |        
|Fund costs                    |                          |                                | 0.8                      |      |       |       | 1.0   |          |       |       | (0.2)    |       |       |      | (20.0)% |        
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      
|                              |                          |                                | Total costs and expenses |      | $     | 336.7 |       |          | $     | 306.6 |          |       | $     | 30.1 |         |         |         | 9.8% | 
|                              |                          |                                |                          |      |       |       |       |          |       |       |          |      

31



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##### 





|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |       |  |  |          |        | 
|-------------------------------------------------------- | -------------------------------------- | ---- | ------- | ------- | ---- | - | ------- | -------- |  | - | -------- | ----- |  |  | -------- | ------ | 
|Other Income and (Expenses)                              |                                        | 2003 |         |         | 2002 |   |         | $ Change |  |   | % Change |      
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |      
|Equity in earnings of unconsolidated joint ventures, net |                                        | $    | 5.5     |         |      | $ | 5.7     |          |  | $ | (0.2)    |       |  |  | (3.5)%   |       
|Interest and other income                                |                                        |      | 4.0     |         |      |   | 9.4     |          |  |   | (5.4)    |       |  |  | (57.4)%  |       
|Gains from dispositions of real estate interests         |                                        |      | 7.4     |         |      |   | 8.8     |          |  |   | (1.4)    |       |  |  | (15.9)%  |       
|Development profits, net of taxes                        |                                        |      | 14.4    |         |      |   | 1.2     |          |  |   | 13.2     |       |  |  | 1,100.0% |       
|Interest expense, including amortization                 |                                        |      | (146.2) |         |      |   | (142.9) |          |  |   | 3.3      |       |  |  | 2.3%     |       
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |      
|                                                         | Total other income and (expenses), net |      | $       | (114.9) |      |   | $       | (117.8)  |  |   | $        | (2.9) |  |  |          | (2.5)% | 
|                                                         |                                        |      |         |         |      |   |         |          |  |   |          |      



|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |      |  |  |         |       | 
|----------------------------------------------------------------------------- | ----------------------------- | ---- | ---- | ---- | ---- | - | ---- | -------- |  | - | -------- | ---- |  |  | ------- | ----- | 
|Discontinued Operations                                                       |                               | 2003 |      |      | 2002 |   |      | $ Change |  |   | % Change |     
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |     
|Income attributable to discontinued operations, net of minority
    interests |                               | $    | 20.0 |      |      | $ | 30.0 |          |  | $ | (10.0)   |      |  |  | (33.3)% |      
|Gains from dispositions of real estate, net of minority interests             |                               |      | 45.4 |      |      |   | 11.5 |          |  |   | 33.9     |      |  |  | 294.8%  |      
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |     
|                                                                              | Total discontinued operations |      | $    | 65.4 |      |   | $    | 41.5     |  |   | $        | 23.9 |  |  |         | 57.6% | 
|                                                                              |                               |      |      |      |      |   |      |          |  |   |          |     



32



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##### 





|                                                               |                       |      |        |        |      |   |        |          |  |   |          |     |  |  |          |       | 
|-------------------------------------------------------------- | --------------------- | ---- | ------ | ------ | ---- | - | ------ | -------- |  | - | -------- | --- |  |  | -------- | ----- | 
|Preferred Units                                                |                       | 2003 |        |        | 2002 |   |        | $ Change |  |   | % Change |    
|                                                               |                       |      |        |        |      |   |        |          |  |   |          |    
|Preferred unit distributions                                   |                       | $    | (18.2) |        |      | $ | (19.8) |          |  | $ | (1.6)    |     |  |  | (8.1)%   |      
|Preferred unit redemption discount/(issuance costs or premium) |                       |      | (5.4)  |        |      |   | 0.4    |          |  |   | 5.8      |     |  |  | 1,450.0% |      
|                                                               |                       |      |        |        |      |   |        |          |  |   |          |    
|                                                               | Total preferred units |      | $      | (23.6) |      |   | $      | (19.4)   |  |   | $        | 4.2 |  |  |          | 21.6% | 
|                                                               |                       |      |        |        |      |   |        |          |  |   |          |    

5 8


LIQUIDITY AND CAPITAL RESOURCES


Balance Sheet Strategy.






| |   |                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------
| |  | retained earnings and cash flow from operations;                                                                                        
|
| |  | borrowings under our unsecured credit facilities;                                                                                       
|
| |  | other forms of secured or unsecured financing;                                                                                          
|
| |  | proceeds from debt or limited partnership unit offerings
    (including issuances of limited partnership units by our
    subsidiaries);
|
| |  | net proceeds from divestitures of properties;                                                                                           
|
| |  | private capital from co-investment partners; and                                                                                        
|
| |  | contribution of properties and completed development projects to
    our co-investment joint ventures.                                  





| |   |                                                     
| | - | ----------------------------------------------------
| |  | working capital;                                    
|
| |  | development, expansion and renovation of properties;
|
| |  | acquisitions, including our global expansion;       

33



---



##### 





| |   |                                                                                 
| | - | --------------------------------------------------------------------------------
| |  | debt service; and                                                               
|
| |  | distributions on outstanding common and preferred limited
    partnership units.



Capital Resources


Property Contributions.


Property Divestitures.


Development Sales and Contributions.


Properties Held for Divestiture.


Co-investment Joint Ventures.






34



---



##### 







|                                         |                                                |  |                       |                                                                   |            |  |          |                    |  |   |         | 
|---------------------------------------- | ---------------------------------------------- |  | --------------------- | ----------------------------------------------------------------- | ---------- |  | -------- | ------------------ |  | - | ------- | 
|                                         |                                                |  |                       | Our                                                               |            |  |         
|                                         |                                                |  |                       | Approximate                                                       |            |  | Original |                   
|                                         |                                                |  |                       | Ownership                                                         |            |  | Planned  |                   
|Consolidated co-investment Joint Venture |                                                |  | Joint Venture Partner |                                                                   | Percentage |  |          | Capitalization (1) | 
|                                         |                                                |  |                       |                                                                   |            |  |          |                    | 
|                                         | AMB/ Erie, L.P.                                |  |                       | Erie Insurance Company and affiliates                             |            |  | 50       | %                  |  | $ | 200,000 | 
|                                         | AMB Institutional Alliance Fund I, L.P.        |  |                       | AMB Institutional Alliance REIT I,
    Inc. (2)                   |            |  | 21       | %                  |  | $ | 420,000 | 
|                                         | AMB Partners II, L.P.                          |  |                       | City and County of San Francisco Employees Retirement
    System |            |  | 20       | %                  |  | $ | 500,000 | 
|                                         | AMB-SGP, L.P.                                  |  |                       | Industrial JV Pte
    Ltd (3)                                     |            |  | 50       | %                  |  | $ | 425,000 | 
|                                         | AMB Institutional Alliance Fund II, L.P.       |  |                       | AMB Institutional Alliance REIT II,
    Inc. (4)                  |            |  | 20       | %                  |  | $ | 489,000 | 
|                                         | AMB-AMS, L.P. (5)                              |  |                       | PMT, SPW and
    TNO (6)                                          |            |  | 39       | %                  |  | $ | 200,000 | 
|                                         | AMB Institutional Alliance Fund III, L.P.  (7) |  |                       | AMB Institutional Alliance REIT III, Inc.                         |            |  | 20       | %                  |  |   | N/A     | 






|    |                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Planned capitalization includes anticipated debt and both
    partners expected equity contributions.                                                                                                    
|(2) | Comprised of 16 institutional investors as stockholders as of
    December 31, 2004.                                                                                                                      
|(3) | A subsidiary of the real estate investment subsidiary of the
    Government of Singapore Investment Corporation.                                                                                          
|(4) | Comprised of 13 institutional investors as stockholders as of
    December 31, 2004.                                                                                                                      
|(5) | AMB-AMS, L.P. is a co-investment partnership with three Dutch
    pension funds advised by Mn Services NV.                                                                                                
|(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 invest through a private real estate investment
    trust.

|                                           |                     |  |                       |                                        |            |  |          |                    |  |   |         | 
|------------------------------------------ | ------------------- |  | --------------------- | -------------------------------------- | ---------- |  | -------- | ------------------ |  | - | ------- | 
|                                           |                     |  |                       | Our                                    |            |  |         
|                                           |                     |  |                       | Approximate                            |            |  | Original |                   
|                                           |                     |  |                       | Ownership                              |            |  | Planned  |                   
|Unconsolidated co-investment Joint Venture |                     |  | Joint Venture Partner |                                        | Percentage |  |          | Capitalization (1) | 
|                                           |                     |  |                       |                                        |            |  |          |                    | 
|                                           | AMB-SGP Mexico, LLC |  |                       | Industrial (Mexico) JV Pte
    Ltd (2) |            |  | 20       | %                  |  | $ | 715,000 | 






|    |                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------
|(1) | Planned capitalization includes anticipated debt and both
    partners expected equity contributions.
|(2) | A real estate investment subsidiary of the Government of
    Singapore Investment Corporation.        

Partners Capital.




35



---



##### 









5 8












36



---



##### 





Debt.










37



---



##### 







Credit Facilities.






38



---



##### 





Mortgages Receivable.


39



---



##### 





|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |       |         |         |         |         |         |           |           |           | 
|----------------------------------- | -------------------------------------------------------------------- | ------------------------------- | ----------------------- | ------- | -------- | ------- | ------- | ----------- | ------- | --------- | --------- | --------- | --------- | -------------- | ----- | ----- | ---------- | ----- | ------- | ------- | ------- | ------- | ------- | --------- | --------- | --------- | 
|Debt                                |                                                                     
|                                    |                                                                     
|                                    |                                                                      | Our                             |                         |         | Joint    |         |         | Unsecured   |         |           |          
|                                    |                                                                      | Secured                         |                         |         | Venture  |         |         | Senior Debt |         |           | Unsecured |           |           | Credit         |       |       |           
|                                    |                                                                      | Debt (4)                        |                         |         | Debt (4) |         |         | Securities  |         |           | Debt      |           |           | Facilities (1) |       |       | Total Debt |      
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|2005                                |                                                                      | $                               | 43,398                  |         |          | $       | 65,802  |             |         | $         | 250,000   |           |           | $              | 647   |       |            | $     |        |         |         | $       | 359,847 |          
|2006                                |                                                                      |                                 | 80,641                  |         |          |         | 72,184  |             |         |           | 75,000    |           |           |                | 698   |       |            |       | 27,826  |         |         |         | 256,349 |          
|2007                                |                                                                      |                                 | 16,386                  |         |          |         | 70,920  |             |         |           | 75,000    |           |           |                | 752   |       |            |       | 323,873 |         |         |         | 486,931 |          
|2008                                |                                                                      |                                 | 42,091                  |         |          |         | 174,431 |             |         |           | 175,000   |           |           |                | 810   |       |            |       |        |         |         |         | 392,332 |          
|2009                                |                                                                      |                                 | 5,644                   |         |          |         | 119,163 |             |         |           | 100,000   |           |           |                | 873   |       |            |       |        |         |         |         | 225,680 |          
|2010                                |                                                                      |                                 | 71,471                  |         |          |         | 149,960 |             |         |           | 75,000    |           |           |                | 941   |       |            |       |        |         |         |         | 297,372 |          
|2011                                |                                                                      |                                 | 80,319                  |         |          |         | 412,055 |             |         |           | 75,000    |           |           |                | 1,014 |       |            |       |        |         |         |         | 568,388 |          
|2012                                |                                                                      |                                 | 133,781                 |         |          |         | 177,833 |             |         |           |          |           |           |                | 1,093 |       |            |       |        |         |         |         | 312,707 |          
|2013                                |                                                                      |                                 | 1,985                   |         |          |         | 117,346 |             |         |           | 53,940    |           |           |                | 920   |       |            |       |        |         |         |         | 174,191 |          
|2014                                |                                                                      |                                 | 2,105                   |         |          |         | 3,777   |             |         |           |          |           |           |                | 616   |       |            |       |        |         |         |         | 6,498   |          
|Thereafter                          |                                                                      |                                 | 7,108                   |         |          |         | 33,358  |             |         |           | 125,000   |           |           |                | 664   |       |            |       |        |         |         |         | 166,130 |          
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|                                    | Subtotal                                                             |                                 |                         | 484,929 |          |         |         | 1,396,829   |         |           |           | 1,003,940 |           |                |       | 9,028 |            |       |         | 351,699 |         |         |         | 3,246,425 |          
|                                    | Unamortized premiums                                                 |                                 |                         | 3,510   |          |         |         | 7,256       |         |           |           |          |           |                |       |      |            |       |         |        |         |         |         | 10,766    |          
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|                                    |                                                                      |                                 | Total consolidated debt |         |          | 488,439 |         |             |         | 1,404,085 |           |           |           | 1,003,940      |       |       |            | 9,028 |         |         |         | 351,699 |         |           |           | 3,257,191 | 
|                                    | Our share of unconsolidated joint venture
    debt (2)               |                                 |                         |        |          |         |         | 105,829     |         |           |           |          |           |                |       |      |            |       |         |        |         |         |         | 105,829   |          
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|                                    |                                                                      |                                 | Total debt              |         |          | 488,439 |         |             |         | 1,509,914 |           |           |           | 1,003,940      |       |       |            | 9,028 |         |         |         | 351,699 |         |           |           | 3,363,020 | 
|                                    | Joint venture partners share of consolidated joint venture
    debt |                                 |                         |        |          |         |         | (967,974)   |         |           |           |          |           |                |       |      |            |       |         |        |         |         |         | (967,974) |          
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|                                    |                                                                      | Our share of total
    debt (3) |                         | $       | 488,439  |         |         | $           | 541,940 |           |           | $         | 1,003,940 |                |       | $     | 9,028      |       |         | $       | 351,699 |         |         | $         | 2,395,046 |          
|                                    |                                                                      |                                 |                         |         |          |         |         |             |         |           |           |           |           |                |       |       |            |      
|Weighed average interest rate       |                                                                      |                                 | 5.3                     | %       |          |         | 6.4     | %           |         |           | 6.6       | %         |           |                | 7.5   | %     |            |       | 1.9     | %       |         |         | 5.8     | %        
|Weighed average maturity (in years) |                                                                      |                                 | 5.4                     |         |          |         | 6.1     |             |         |           | 4.6       |           |           |                | 9.8   |       |            |       | 2.4     |         |         |         | 5.1     |          






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes Euro, Yen and Singapore dollar-based borrowings
    translated to U.S. dollars using the functional exchange
    rates in effect on December 31, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2) | The weighted average interest and maturity for the
    unconsolidated joint venture debt were 5.3% and 4.9 years,
    respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(3) | Our share of total debt is the pro rata portion of the total
    debt based on our percentage of equity interest in each of the
    consolidated ventures holding the debt. We believe that our
    share of total debt is a meaningful supplemental measure, which
    enables both management and investors to analyze our leverage
    and to compare our leverage to that of other companies. In
    addition, it allows for a more meaningful comparison of our debt
    to that of other companies that do not consolidate their joint
    ventures. Our share of total debt is not intended to reflect our
    actual liability should there be a default under any or all of
    such loans or a liquidation of the joint ventures. The above
    table reconciles our share of total debt to total consolidated
    debt, a GAAP financial measure. For the calculation of the joint
    venture partners share of consolidated joint venture debt
    used in the above table, please see Part 1, Item 2:
    Properties held through Joint Ventures, Limited Liability
    Companies and Partnerships  Co-investment
    Consolidated Joint Ventures.

40



---



##### 



|    |                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | Our secured debt and joint venture debt include debt related to
    international assets in the amount of $269.5 million. Of
    this, $195.2 million is associated with assets located in
    Asia and the remaining $74.3 million is related to assets
    located in Europe.

|                                         |       |             |            |            |           |   |       |           |  |   |           |           | 
|---------------------------------------- | ----- | ----------- | ---------- | ---------- | --------- | - | ----- | --------- |  | - | --------- | --------- | 
|Market Capital                           |      
|                                         |      
|                                         |       | Units       |            |            | Market    |   |       | Market    | 
|Security                                 |       | Outstanding |            |            | Price (1) |   |       | Value (1) | 
|                                         |       |             |            |            |           |   |       |           | 
|Common units                             |       |             | 83,019,229 |            |           | $ | 40.39 |           |  | $ | 3,353,147 |          
|Common limited partnership
    units (2) |       |             | 4,746,104  |            |           | $ | 40.39 |           |  |   | 191,695   |          
|                                         |       |             |            |            |           |   |       |           | 
|                                         | Total |             |            | 87,765,333 |           |   |       |           |  |   | $         | 3,544,842 | 
|                                         |       |             |            |            |           |   |       |           | 






|    |                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Assumes that our general partnership units are exchanged for AMB
    Property Corporations common stock on a one-for-one basis
    because there is no public market for our units.
|(2) | Includes 145,548 class B common limited partnership units
    issued by AMB Property II, L.P. in November 2003.                                                                     

|                         |                        |              |      |      |             |   |        |            |  |  |                 |  | 
|------------------------ | ---------------------- | ------------ | ---- | ---- | ----------- | - | ------ | ---------- |  |  | --------------- |  | 
|Preferred Units          |                       
|                         |                       
|                         |                        | Distribution |      |      | Liquidation |   |        | Redemption | 
|Security                 |                        | Rate         |      |      | Preference  |   |        | Provisions | 
|                         |                        |              |      |      |             |   |        |            | 
|Series D preferred units |                        |              | 7.75 | %    |             | $ | 79,767 |            |  |  | May 2004        | 
|Series E preferred units |                        |              | 7.75 | %    |             |   | 11,022 |            |  |  | August 2004     | 
|Series F preferred units |                        |              | 7.95 | %    |             |   | 10,057 |            |  |  | March 2005      | 
|Series H preferred units |                        |              | 8.13 | %    |             |   | 42,000 |            |  |  | September  2005 | 
|Series I preferred units |                        |              | 8.00 | %    |             |   | 25,500 |            |  |  | March 2006      | 
|Series J preferred units |                        |              | 7.95 | %    |             |   | 40,000 |            |  |  | September  2006 | 
|Series K preferred units |                        |              | 7.95 | %    |             |   | 40,000 |            |  |  | April 2007      | 
|Series N preferred units |                        |              | 5.00 | %    |             |   | 36,479 |            |  |  | September  2009 | 
|Series L preferred units |                        |              | 6.50 | %    |             |   | 50,000 |            |  |  | June 2008       | 
|Series M preferred units |                        |              | 6.75 | %    |             |   | 57,500 |            |  |  | November 2008   | 
|                         |                        |              |      |      |             |   |        |            | 
|                         | Weighted average/total |              |      | 7.29 | %           |   | $      | 392,325    |  |  |                 |  | 
|                         |                        |              |      |      |             |   |        |            | 

|                                                                                                     |  |  |       | 
|---------------------------------------------------------------------------------------------------- |  |  | ----- | 
|Capitalization Ratios as of December 31, 2004                                                        | 
|                                                                                                     | 
|Total debt-to-total market
    capitalization (1)                                                    |  |  | 46.0% | 
|Our share of total debt-to-our share of total market
    capitalization (1)(2)(3)                    |  |  | 37.8% | 
|Total debt plus preferred-to-total market
    capitalization (1)(3)                                  |  |  | 51.4% | 
|Our share of total debt plus preferred-to-our share of total
    market
    capitalization (1)(2)(3) |  |  | 44.0% | 
|Our share of total debt-to-our share of total book
    capitalization (1)(4)                         |  |  | 54.0% | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Our definition of total market capitalization is
    total debt plus preferred equity liquidation preferences plus
    market equity. Our definition of our share of total market
    capitalization is our share of total debt plus preferred
    equity liquidation preferences plus market equity. Our
    definition of market equity is the total number of
    outstanding shares of our general partners common stock
    and our common limited partnership units multiplied by the
    closing price per share of our general partners common
    stock as of December 31, 2004.

41



---



##### 



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Our share of total debt is the pro rata portion of the total
    debt based on our percentage of equity interest in each of the
    consolidated ventures holding the debt. We believe that our
    share of total debt is a meaningful supplemental measure, which
    enables both management and investors to analyze our leverage
    and to compare our leverage to that of other companies. In
    addition, it allows for a more meaningful comparison of our debt
    to that of other companies that do not consolidate their joint
    ventures. Our share of total debt is not intended to reflect our
    actual liability should there be a default under any or all of
    such loans or a liquidation of the joint ventures. For a
    reconciliation of our share of total debt to total consolidated
    debt, a GAAP financial measure, please see the table of debt
    maturities and capitalization on the preceding page in
     Liquidity and Capital Resources 
    Capital Resources.
|(3) | Our definition of preferred is preferred equity
    liquidation preferences.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(4) | Our share of total book capitalization is defined as our share
    of total debt plus minority interests to preferred unitholders
    and limited partnership unitholders plus partners capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

Liquidity








|              |                       |  |          |  |                                          |      |  |   |      |  |  |      |      |  |  |   |      | 
|------------- | --------------------- |  | -------- |  | ---------------------------------------- | ---- |  | - | ---- |  |  | ---- | ---- |  |  | - | ---- | 
|Paying Entity |                       |  | Security |  |                                          | 2004 |  |   | 2003 |  |  | 2002 |     
|              |                       |  |          |  |                                          |      |  |   |      |  |  |      |     
|              | Operating Partnership |  |          |  | Common limited partnership units         |      |  | $ | 1.70 |  |  | $    | 1.66 |  |  | $ | 1.64 | 
|              | Operating Partnership |  |          |  | Series B preferred units                 |      |  |   | n/a  |  |  | $    | 3.71 |  |  | $ | 4.31 | 
|              | Operating Partnership |  |          |  | Series J preferred units                 |      |  | $ | 3.98 |  |  | $    | 3.98 |  |  | $ | 3.98 | 
|              | Operating Partnership |  |          |  | Series K preferred units                 |      |  | $ | 3.98 |  |  | $    | 3.98 |  |  | $ | 2.96 | 
|              | AMB Property II, L.P. |  |          |  | Class B common limited partnership units |      |  | $ | 1.70 |  |  | $    | 0.22 |  |  |   | n/a  | 
|              | AMB Property II, L.P. |  |          |  | Series D preferred units                 |      |  | $ | 3.88 |  |  | $    | 3.88 |  |  | $ | 3.88 | 
|              | AMB Property II, L.P. |  |          |  | Series E preferred units                 |      |  | $ | 3.88 |  |  | $    | 3.88 |  |  | $ | 3.88 | 
|              | AMB Property II, L.P. |  |          |  | Series F preferred units                 |      |  | $ | 3.98 |  |  | $    | 3.98 |  |  | $ | 3.98 | 
|              | AMB Property II, L.P. |  |          |  | Series G preferred units                 |      |  |   | n/a  |  |  |      | n/a  |  |  | $ | 2.14 | 
|              | AMB Property II, L.P. |  |          |  | Series H preferred units                 |      |  | $ | 4.06 |  |  | $    | 4.06 |  |  | $ | 4.06 | 
|              | AMB Property II, L.P. |  |          |  | Series I preferred units                 |      |  | $ | 4.00 |  |  | $    | 4.00 |  |  | $ | 4.00 | 
|              | AMB Property II, L.P. |  |          |  | Series N preferred units                 |      |  | $ | 0.70 |  |  |      | n/a  |  |  |   | n/a  | 



42



---



##### 



Capital Commitments


Developments


Acquisitions.


Lease Commitments.


|           |       |   |         |         | 
|---------- | ----- | - | ------- | ------- | 
|2005       |       | $ | 10,810  |        
|2006       |       |   | 11,320  |        
|2007       |       |   | 11,280  |        
|2008       |       |   | 11,310  |        
|2009       |       |   | 11,169  |        
|Thereafter |       |   | 222,437 |        
|           |       |   |        
|           | Total |   | $       | 278,326 | 
|           |       |   |        

Co-investment Joint Ventures.


43



---



##### 





Captive Insurance Company.


Potential Unknown Liabilities.




| |   |                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | liabilities for clean-up or remediation of undisclosed
    environmental conditions;                                                                                                   
|
| |  | claims of customers, vendors or other persons dealing with our
    predecessors prior to our formation transactions that had not
    been asserted prior to our formation transactions;
|
| |  | accrued but unpaid liabilities incurred in the ordinary course
    of business;                                                                                                        
|
| |  | tax liabilities; and                                                                                                                                                                   
|
| |  | claims for indemnification by the officers and directors of our
    general partners predecessors and others indemnified by
    these entities.                                       



| |                                    
| | -----------------------------------
| | Overview of Contractual Obligations



|                            |       |           |         |         |           |   |         |           |           |   |         |         |  |       |           |           |  |   |           |           | 
|--------------------------- | ----- | --------- | ------- | ------- | --------- | - | ------- | --------- | --------- | - | ------- | ------- |  | ----- | --------- | --------- |  | - | --------- | --------- | 
|                            |       | Less than |         |         |           |   |         |           | More than |   |         |        
|Contractual Obligations     |       | 1 Year    |         |         | 1-3 Years |   |         | 3-5 Years |           |   | 5 Years |         |  | Total |          
|                            |       |           |         |         |           |   |         |           |           |   |         |         |  |       |          
|Debt                        |       | $         | 359,847 |         |           | $ | 743,280 |           |           | $ | 618,012 |         |  | $     | 1,525,286 |           |  | $ | 3,246,425 |          
|Debt interest payments      |       |           | 25,154  |         |           |   | 30,438  |           |           |   | 36,117  |         |  |       | 108,280   |           |  |   | 199,989   |          
|Operating lease commitments |       |           | 10,810  |         |           |   | 22,600  |           |           |   | 22,479  |         |  |       | 222,437   |           |  |   | 278,326   |          
|                            |       |           |         |         |           |   |         |           |           |   |         |         |  |       |          
|                            | Total |           | $       | 395,811 |           |   | $       | 796,318   |           |   | $       | 676,608 |  |       | $         | 1,856,003 |  |   | $         | 3,724,740 | 
|                            |       |           |         |         |           |   |         |           |           |   |         |         |  |       |          

OFF-BALANCE SHEET ARRANGEMENTS


Standby Letters of Credit.


44



---



##### 



Guarantees.


Performance and Surety Bonds.


Promoted Interests and Other Contractual Obligations.


SUPPLEMENTAL EARNINGS MEASURES


FFO.




45



---



##### 





|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |          |          |            |   |          |          |            | 
|--------------------------------------------------------------------------- | ----------------------------------------------------------------------------- | --------------------- | -------- | -------- | ---------- | - | -------- | -------- | ---------- | - | -------- | -------- | ---------- | ---- | -------- | -------- | ---------- | - | -------- | -------- | ---------- | 
|                                                                            |                                                                               | 2004                  |          |          | 2003       |   |          | 2002     |            |   | 2001     |          |            | 2000 |         
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|Net income                                                                  |                                                                               | $                     | 138,516  |          |            | $ | 147,089  |          |            | $ | 139,054  |          |            | $    | 150,272  |          |            | $ | 135,432  |         
|Income available to common unitholders attributable to limited
    partners |                                                                               |                       | (6,685)  |          |            |   | (6,773)  |          |            |   | (6,659)  |          |            |      | (7,591)  |          |            |   | (8,042)  |         
|Gains from dispositions of real estate                                      |                                                                               |                       | (47,224) |          |            |   | (50,325) |          |            |   | (19,383) |          |            |      | (41,859) |          |            |   | (7,044)  |         
|Real estate related depreciation and amortization:                          |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |          |          |            |   |          |         
|                                                                            | Total depreciation and amortization                                           |                       |          | 160,026  |            |   |          | 132,167  |            |   |          | 121,069  |            |      |          | 101,455  |            |   |          | 81,523   |           
|                                                                            | Discontinued operations depreciation                                         |                       |          | 7,324    |            |   |          | 10,170   |            |   |          | 15,434   |            |      |          | 12,088   |            |   |          | 8,835    |           
|                                                                            | Furniture, fixtures and equipment depreciation                                |                       |          | (871)    |            |   |          | (720)    |            |   |          | (712)    |            |      |          | (731)    |            |   |          | (380)    |           
|                                                                            | Ground lease
    amortization (3)                                             |                       |          |         |            |   |          |         |            |   |          | (2,301)  |            |      |          | (1,232)  |            |   |          | (734)    |           
|Adjustments to derive FFO from consolidated joint ventures:                 |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |          |          |            |   |          |         
|                                                                            | Joint venture partners minority interests (Net Income)                       |                       |          | 37,817   |            |   |          | 31,726   |            |   |          | 27,320   |            |      |          | 23,731   |            |   |          | 11,086   |           
|                                                                            | Limited partnership unitholders minority interests (Net
    Income)          |                       |          | 3,318    |            |   |          | 2,890    |            |   |          | 4,004    |            |      |          | 5,322    |            |   |          | 6,676    |           
|                                                                            | Limited partnership unitholders minority interests
    (Development profits) |                       |          | 435      |            |   |          | 344      |            |   |          | 57       |            |      |          | 764      |            |   |          |         |           
|                                                                            | Discontinued operations minority interests (Net Income)                      |                       |          | 4,573    |            |   |          | 4,991    |            |   |          | 5,105    |            |      |          | 4,666    |            |   |          | 2,586    |           
|                                                                            | FFO attributable to minority interests                                        |                       |          | (80,192) |            |   |          | (65,603) |            |   |          | (52,051) |            |      |          | (40,144) |            |   |          | (15,055) |           
|Adjustments to derive FFO from unconsolidated joint ventures:               |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |          |          |            |   |          |         
|                                                                            | Our share of net income                                                       |                       |          | (3,781)  |            |   |          | (5,445)  |            |   |          | (5,674)  |            |      |          | (5,467)  |            |   |          | (5,212)  |           
|                                                                            | Our share of FFO                                                              |                       |          | 7,549    |            |   |          | 9,755    |            |   |          | 9,291    |            |      |          | 8,014    |            |   |          | 7,188    |           
|Preferred unit distributions                                                |                                                                               |                       | (13,491) |          |            |   | (18,187) |          |            |   | (19,772) |          |            |      | (14,981) |          |            |   | (14,108) |         
|Preferred unit redemption discount (issuance costs)                         |                                                                               |                       |         |          |            |   | (5,413)  |          |            |   | 412      |          |            |      | (7,600)  |          |            |   |         |         
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|                                                                            |                                                                               | Funds from operations |          | $        | 207,314    |   |          | $        | 186,666    |   |          | $        | 215,194    |      |          | $        | 186,707    |   |          | $        | 202,751    | 
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|                                                                           
|Basic FFO per common unit                                                   |                                                                               | $                     | 2.39     |          |            | $ | 2.17     |          |            | $ | 2.44     |          |            | $    | 2.09     |          |            | $ | 2.26     |         
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|                                                                           
|Diluted FFO per common unit                                                 |                                                                               | $                     | 2.30     |          |            | $ | 2.13     |          |            | $ | 2.40     |          |            | $    | 2.07     |          |            | $ | 2.25     |         
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|                                                                           
|Weighted average common units:                                              |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |          |          |            |   |          |         
|                                                                            |                                                                               | Basic                 |          |          | 86,885,250 |   |          |          | 85,859,899 |   |          |          | 88,204,208 |      |          |          | 89,286,379 |   |          |          | 89,566,375 | 
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         
|                                                                            |                                                                               | Diluted               |          |          | 90,120,250 |   |          |          | 87,616,365 |   |          |          | 89,689,310 |      |          |          | 90,325,801 |   |          |          | 90,024,511 | 
|                                                                            |                                                                               |                       |          |          |            |   |          |          |            |   |          |          |            |      |         

46



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##### 



BUSINESS RISKS




General Real Estate Industry Risks




| |                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------
| | Our performance and value are subject to general economic
    conditions and risks associated with our real estate
    assets.





| |   |                                                                                           
| | - | ------------------------------------------------------------------------------------------
| |  | changes in the general economic climate;                                                  
|
| |  | local conditions, such as oversupply of or a reduction in demand
    for industrial space;
|
| |  | the attractiveness of our properties to potential customers;                              
|
| |  | competition from other properties;                                                        
|
| |  | our ability to provide adequate maintenance and insurance;                                
|
| |  | increased operating costs;                                                                
|
| |  | increased cost of compliance with regulations; and                                        
|
| |  | the potential for liability under applicable laws (including
    changes in tax laws).    







| |                                                                      
| | ---------------------------------------------------------------------
| | We may be unable to renew leases or relet space as leases
    expire.



47



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##### 







| |                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------
| | Actions by our competitors may decrease or prevent
    increases of the occupancy and rental rates of our
    properties.





| |                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------
| | Real estate investments are relatively illiquid, making it
    difficult for us to respond promptly to changing
    conditions.



We could be adversely affected if a significant number of our
tenants are unable to meet their lease obligations.




We may be unable to consummate acquisitions on advantageous
terms or acquisitions may not perform as we expect.




48



---



##### 





We may be unable to complete renovation and development
projects on advantageous terms.






| |   |                                                                                                                                                                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | we may not be able to obtain financing for development projects
    on favorable terms and complete construction on schedule or
    within budget, resulting in increased debt service expense and
    construction costs and delays in leasing the properties and
    generating cash flow;
|
| |  | we may not be able to obtain, or may experience delays in
    obtaining, all necessary zoning, land-use, building, occupancy
    and other governmental permits and authorizations;                                                                                                         
|
| |  | the properties may perform below anticipated levels, producing
    cash flow below budgeted amounts;                                                                                                                                                                                        
|
| |  | substantial renovation and new development activities,
    regardless of their ultimate success, typically require a
    significant amount of managements time and attention,
    diverting their attention from our day-to-day
    operations; and                                       
|
| |  | upon completion of construction, we may not be able to obtain,
    or obtain on advantageous terms, permanent financing for
    activities that we have financed through construction loans.                                                                                                

Risks Associated With Our International Business




| |                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------
| | Our international growth is subject to special risks and
    we may not be able to effectively manage our international
    growth.







| |                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------
| | Acquired properties may be located in new markets, where
    we may face risks associated with investing in an unfamiliar
    market.



49



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##### 







| |                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We are subject to risks from potential fluctuations in
    exchange rates between the U.S. dollar and the currencies
    of the other countries in which we invest.



Our performance and value are impacted by the local economic
conditions of and the risks associated with doing business in
California.




We may experience losses that our insurance does not
cover.




50



---



##### 





We are subject to risks and liabilities in connection with
properties owned through joint ventures, limited liability
companies and partnerships.






| |   |                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | if our partners, co-members or joint venturers go bankrupt, then
    we and any other remaining general partners, members, or joint
    venturers would generally remain liable for the
    partnerships, limited liability companys, or joint
    ventures liabilities;                                                                                                                                
|
| |  | if our partners fail to fund their share of any required capital
    contributions;                                                                                                                                                                                                                                                                                                                        
|
| |  | our partners, co-members or joint venturers might have economic
    or other business interests or goals that are inconsistent with
    our business interests or goals that would affect our ability to
    operate the property;                                                                                                                                                                         
|
| |  | our partners, co-members or joint venturers may have the power
    to act contrary to our instructions, requests, policies, or
    objectives, including our general partners current policy
    with respect to maintaining its qualification as a real estate
    investment trust;                                                                                                                     
|
| |  | the joint venture, limited liability and partnership agreements
    often restrict the transfer of a joint ventures,
    members or partners interest or buy-sell
    or may otherwise restrict our ability to sell the interest when
    we desire or on advantageous terms;                                                                                                                         
|
| |  | disputes between us and our partners, co-members or joint
    venturers may result in litigation or arbitration that would
    increase our expenses and prevent AMB Property
    Corporations officers and directors from focusing their
    time and effort on our business and result in subjecting the
    properties owned by the applicable partnership or joint venture
    to additional risk; and
|
| |  | we may in certain circumstances be liable for the actions of our
    partners, co-members or joint venturers.                                                                                                                                                                                                                                                                                              



51



---



##### 



We may be unable to complete divestitures on advantageous
terms or contribute properties.






Contingent or unknown liabilities could adversely affect our
financial condition.






| |   |                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  | liabilities for clean-up or remediation of undisclosed
    environmental conditions;                                                             
|
| |  | accrued but unpaid liabilities incurred in the ordinary course
    of business;                                                                  
|
| |  | tax liabilities; and                                                                                                                             
|
| |  | claims for indemnification by the general partners, officers and
    directors and others indemnified by the former owners of the
    properties.

We are dependent on external sources of capital.




52



---



##### 



Debt Financing Risks




| |                                                           
| | ----------------------------------------------------------
| | We could incur more debt, increasing our debt
    service.





| |                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------
| | We face risks associated with the use of debt to fund
    acquisitions and developments, including refinancing
    risk.







| |                                                                                     
| | ------------------------------------------------------------------------------------
| | Covenants in our debt agreements could adversely affect
    our financial condition.



53



---



##### 







| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | Failure to hedge effectively against interest rates may
    adversely affect results of operations.



Conflicts of Interest Risks




| |                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Some of AMB Property Corporations directors and
    executive officers are involved in other real estate activities
    and investments and therefore, may have conflicts of interest
    with us.





| |                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------
| | AMB Property Corporations duty to its stockholders
    may conflict with the interests of our limited partners and
    noteholders.



Risks Associated with Government Regulations




| |                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------
| | The costs of compliance with environmental laws and
    regulations and any related potential liability could exceed our
    budgets for these items.



54



---



##### 













| |                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------
| | Compliance or failure to comply with the Americans with
    Disabilities Act and other similar regulations could result in
    substantial costs.



55



---



##### 



Federal Income Tax Risks




| |                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------
| | Certain property transfers may generate prohibited
    transaction income, resulting in a penalty tax on gain
    attributable to the transaction.



Risks Associated with Our Dependence on Our General
Partners Key Personnel




Risks Associated with Our Disclosure Controls and Procedures
and Internal Control over Financial Reporting




| |                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our business could be adversely impacted if we have
    deficiencies in our disclosure controls and procedures or
    internal control over financial reporting.



Item 7a. Quantitative and Qualitative
Disclosures about Market Risk




56



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##### 







|                           |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |            |   |         |       |  |   |           |   |  |   |           |  
|-------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - | ---------- | - | ------- | ----- |  | - | --------- | - |  | - | --------- | -
|                           |  |      |        
|                           |  | 2005 |         |   | 2006 |   |         | 2007 |  |   | 2008    |   |  | 2009 |         |   | Thereafter |   |         | Total | 
|                           |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |            |   |         |       | 
|Fixed rate
    debt (1)    |  | $    | 358,798 |   |      | $ | 172,312 |      |  | $ | 145,740 |   |  | $    | 386,761 |   |            | $ | 188,305 |       |  | $ | 1,496,223 |   |  | $ | 2,748,139 |  
|Average interest rate      |  |      | 7.0     | % |      |   | 6.6     | %    |  |   | 6.9     | % |  |      | 6.7     | % |            |   | 4.8     | %     |  |   | 7.2       | % |  |   | 6.6       | %
|Variable rate
    debt (2) |  | $    | 1,049   |   |      | $ | 84,037  |      |  | $ | 341,191 |   |  | $    | 5,571   |   |            | $ | 37,375  |       |  | $ | 29,063    |   |  | $ | 498,286   |  
|Average interest rate      |  |      | 3.6     | % |      |   | 2.6     | %    |  |   | 2.0     | % |  |      | 2.8     | % |            |   | 2.7     | %     |  |   | 1.9       | % |  |   | 2.1       | %
|Interest Payments          |  | $    | 25,154  |   |      | $ | 13,558  |      |  | $ | 16,880  |   |  | $    | 26,069  |   |            | $ | 10,048  |       |  | $ | 108,280   |   |  | $ | 199,989   |  






|    |                                          
|--- | -----------------------------------------
|(1) | Represents 84.7% of all outstanding debt.
|(2) | Represents 15.3% of all outstanding debt.





Financial Instruments.


57



---



##### 





|                                   |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |         | 
|---------------------------------- | ----- | -------------- | ----- |  | -------- | - | ---------- | ---------- |  | - | -------- | - |  | ---------- | ------- | ------- |  | - | ------- | ------- | 
|                                   |       | Maturity Dates |       |  |          |   |           
|                                   |       |                |       |  | Notional |   |            |           
|Related Derivatives (in thousands) |       | March-05       |       |  | Dec-08   |   |            | October-12 |  |   | Amount   |   |  | Fair Value |        
|                                   |       |                |       |  |          |   |            |            |  |   |          |   |  |            |        
|Interest Rate Swaps:               |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Plain Interest Rate Swap, Japan    |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Notional Amount (U.S. Dollars)     |       |                |       |  |          |   |            |            |  | $ | 126,669  |   |  | $          | 126,669 |         |  |   |         |        
|Receive Floating (%)               |       |                |       |  |          |   |            |            |  |   | 3M TIBOR |   |  |            |         |         |  |   |         |        
|Pay Fixed Rate (%)                 |       |                |       |  |          |   |            |            |  |   | 1.32     | % |  |            |         |         |  |   |         |        
|Fair Market Value                  |       |                |       |  |          |   |            |            |  | $ |         |   |  |            |         |         |  | $ | (1,211) |        
|Plain Interest Rate Swap, Europe   |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Notional Amount (U.S. Dollars)     |       |                |       |  |          | $ | 10,437     |            |  |   |          |   |  | $          | 10,437  |         |  |   |         |        
|Receive Floating (%)               |       |                |       |  |          |   | 3M EURIBOR |            |  |   |          |   |  |            |         |         |  |   |         |        
|Pay Fixed Rate (%)                 |       |                |       |  |          |   | 3.72       | %          |  |   |          |   |  |            |         |         |  |   |         |        
|Fair Market Value                  |       |                |       |  |          | $ |           |            |  |   |          |   |  |            |         |         |  | $ | (13)    |        
|Foreign Exchange Agreements:       |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Option to Sell MXN/ Buy USD        |       |                |       |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Contract Amount (U.S. Dollars)     |       | $              | 2,422 |  |          |   |            |            |  |   |          |   |  | $          | 2,422   |         |  |   |         |        
|Contract FX Rate                   |       |                | 11.50 |  |          |   |            |            |  |   |          |   |  |            |         |         |  |   |         |        
|Contract Premium                   |       | $              | 43    |  |          |   |            |            |  |   |          |   |  |            |         |         |  | $ | 30      |        
|                                   |       |                |       |  |          |   |            |            |  |   |          |   |  |            |        
|                                   | Total |                |       |  |          |   |            |            |  |   |          |   |  |            | $       | 139,528 |  |   | $       | (1,194) | 
|                                   |       |                |       |  |          |   |            |            |  |   |          |   |  |            |        

International Operations.








|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data



58



---



##### 





|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure





|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures



| |                                    
| | -----------------------------------
| | Restatement of Depreciation Expense









| |   |                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Management modified our existing property acquisition accounting
    checklist system to identify ground leases to the appropriate
    accounting and finance personnel who create journal entries in
    the general ledger and to communicate certain information
    regarding such ground leases, including lease commencement and
    termination dates and any contractual extension options.
|
| |  | Management created new general ledger accounts to segregate
    ground lease assets from fee simple assets and reclassified all
    investments in buildings that reside on land subject to ground
    leases into the new general ledger accounts.                                                                                                                                                
|
| |  | Management modified our existing property depreciation
    accounting policy to include a separate category for buildings
    residing on land subject to ground leases, which under the
    policy will be depreciated over the lesser of 40 years or
    the contractual term of the underlying ground lease.                                                                                    
|
| |  | Management designated certain finance personnel to review our
    quarterly depreciation calculations, which will include a review
    for the correct depreciable lives of ground lease assets.                                                                                                                                                                                                   



59



---



##### 







| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | Disclosure Controls and Procedures and Changes to Internal
    Control over Financial Reporting







| |                                                                     
| | --------------------------------------------------------------------
| | Managements Report on Internal Control over Financial
    Reporting





| |     |                                                                                                                                                                                                                                                                                                                                          
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions involving our
    assets;                                                                                                                                                                                             
|
| | (2) | Provide reasonable assurance that transactions are recorded as
    necessary to permit preparation of financial statements in
    accordance with generally accepted accounting principles, and
    that our receipts and expenditures are being made only in
    accordance with authorizations of our management and
    directors; and
|
| | (3) | Provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of our
    assets that could have a material effect on our consolidated
    financial statements.                                                                                                              





60



---



##### 















Item 9B. Other Information




61



---



##### 



PART III


Items 10, 11, 12, 13 and 14.




PART IV




|         |                                          
|-------- | -----------------------------------------
|Item 15. | Exhibits and Financial Statement Schedule

Financial Statements and Schedule:




|                                                                                                      |  |      |     | 
|----------------------------------------------------------------------------------------------------- |  | ---- | --- | 
|                                                                                                      |  | Page |    
|                                                                                                      |  |      |    
|Report of Independent Registered Public Accounting Firm                                               |  |      | F-1 | 
|Consolidated Balance Sheets as of December 31, 2004 and 2003                                          |  |      | F-3 | 
|Consolidated Statements of Operations for the years ended
    December 31, 2004, 2003 and 2002        |  |      | F-4 | 
|Consolidated Statements of Partners Capital for the years
    ended December 31, 2004, 2003 and 2002 |  |      | F-5 | 
|Consolidated Statements of Cash Flows for the years ended
    December 31, 2004, 2003 and 2002        |  |      | F-6 | 
|Notes to Consolidated Financial Statements                                                            |  |      | F-7 | 
|Schedule III  Real Estate and Accumulated
    Depreciation                                           |  |      | S-1 | 



62



---



##### 



Exhibits:


|        |   |     |             |                                                                                                                                                                                                                                                                                   
|------- | - | --- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |   |     |            
|Number  |   |     | Description
|        |   |     |            
|       
|        | 3 | .1  |             | Tenth Amended and Restated Agreement of Limited Partnership of
    AMB Property, L.P. dated as of November 26, 2003
    (incorporated by reference to Exhibit 3.2 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    November 26, 2003).                         
|       
|        | 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, L.P.s Annual Report on
    Form 10-K for the year ended December 31, 2000).         
|       
|        | 4 | .4  |             | $25,000,000 8.000% 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, L.P.s Annual Report on
    Form 10-K for the year ended December 31, 2000).        
|       
|        | 4 | .5  |             | $50,000,000 7.20% Fixed Rate Note No. 5 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .6  |             | $50,000,000 7.20% Fixed Rate Note No. 6 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.2 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .7  |             | $50,000,000 7.20% Fixed Rate Note No. 7 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.3 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .8  |             | Specimen of 7.10% Notes due 2008 (included in the First
    Supplemental Indenture incorporated by reference as
    Exhibit 4.2 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                                 
|       
|        | 4 | .9  |             | Specimen of 7.50% Notes due 2018 (included in the Second
    Supplemental Indenture incorporated by reference as
    Exhibit 4.3 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                                
|       
|        | 4 | .10 |             | Specimen of 6.90% Reset Put Securities due 2015 (included in the
    Third Supplemental Indenture incorporated by reference as
    Exhibit 4.4 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                  
|       
|        | 4 | .11 |             | $25,000,000 6.90% Fixed Rate Note No. 8 dated
    January 9, 2001, attaching the Parent Guarantee dated
    January 9, 2001 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 31, 2001).                      
|       
|        | 4 | .12 |             | $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 | .13 |             | $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 | .14 |             | $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).                   

63



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##### 



|        |     |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------- | --- | --- | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |     |     |            
|Number  |     |     | Description
|        |     |     |            
|        | 4   | .15 |             | $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   | .16 |             | $50,000,000 Floating Rate Note No. B-1 dated
    November 21, 2003, attaching the Parent Guarantee dated
    November 21, 2003 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on November 21, 2003).                                                                                                                                                                                                                                                                                       
|       
|        | 4   | .17 |             | $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   | .18 |             | 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 Registration Statement on Form S-11
    (No. 333-49163)).                                                                                                                                                                                                                                     
|       
|        | 4   | .19 |             | 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   | .20 |             | 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   | .21 |             | 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   | .22 |             | Fourth Supplemental Indenture, 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   | .23 |             | 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).                                                                                                                                                                                                       
|       
|        | 10  | .1  |             | Distribution Agreement dated May 7, 2002, by and among AMB
    Property Corporation, AMB Property, L.P., Morgan
    Stanley & Co. Incorporated, A.G. Edwards &
    Sons, Inc., Banc of America Securities LLC, Bear,
    Stearns & Co. Inc., Commerzbank Capital Markets Corp.,
    First Union Securities, Inc., J.P. Morgan Securities Inc.,
    Lehman Brothers Inc., and PNC Capital Markets, Inc.
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Annual Report on Form 10-K for the year ended
    December 31, 2003).
|       
|        | *10 | .2  |             | 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 | .3  |             | 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 | .4  |             | 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.                                                                                                                                                                                                                                                                                                                                                                           
|       
|        | *10 | .5  |             | 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 on
    Form 10-K for the year ended December 31, 2001).                                                                                                                                                                                                                                                                                                              

64



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##### 



|        |     |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- | --- | --- | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |     |     |            
|Number  |     |     | Description
|        |     |     |            
|        | *10 | .6  |             | Amendment No. 1 to the 2002 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P., dated
    September 23, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       
|        | *10 | .7  |             | 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 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on December 15, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       
|        | *10 | .8  |             | Amended and Restated AMB Nonqualified Deferred Compensation Plan
    (incorporated by reference to Exhibit 4.17 of AMB Property,
    L.P.s Registration Statement on Form S-8
    (No. 333-100214)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       
|        | 10  | .9  |             | Thirteenth Amended and Restated Agreement of Limited Partnership
    of AMB Property II, L.P., dated September 24, 2004
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    September 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       
|        | 10  | .10 |             | Put Agreement, dated September 24, 2004, by and between
    Robert Pattillo Properties, Inc. and AMB Property, L.P.
    (incorporated by reference to Exhibit 10.2 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    September 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | 10  | .11 |             | Note Purchase Agreement dated as of November 5, 2003,
    by and between AMB Property, L.P. and Teachers Insurance and
    Annuity Association of America (incorporated by reference to
    Exhibit 99.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on November 6, 2003).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | 10  | .12 |             | 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  | .13 |             | 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  | .14 |             | 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  | .15 |             | 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 L.P.s Current Report on
    Form 8-K filed on July 2, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       
|        | 10  | .16 |             | 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
    L.P.s Current Report on Form 8-K filed on
    July 2, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   




65



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##### 



|        |    |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- | -- | --- | ----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |     |            
|Number  |    |     | Description
|        |    |     |            
|       
|        | 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 agent and sole lead
    arranger an 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).                                                                                                                                                                                                      
|       
|        | 21 | .1  |             | Subsidiaries of AMB Property, L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       
|        | 23 | .1  |             | Consent of PricewaterhouseCoopers LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       
|        | 24 | .1  |             | Powers of Attorney (included in Part IV of this 10-K)                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | 31 | .1  |             | Rule 13a-14(a)/15d-14(a) Certifications dated
    March 14, 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | 32 | .1  |             | 18 U.S.C. § 1350 Certifications dated
    March 14, 2005. 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.

Financial Statement Schedule:




66



---



##### 



SIGNATURES






| |                                                  
| | -------------------------------------------------
| | AMB PROPERTY, L.P.                               
| | By: AMB Property Corporation, its General Partner



| |     |                      
| | --- | ---------------------
| | By: | /s/ HAMID R. MOGHADAM

| |                          
| | -------------------------
| |                          
| | Hamid R. Moghadam        
| | Chairman of the Board and
| | Chief Executive Officer  

POWER OF ATTORNEY






|                                           |  |                                                                                     |  |                |  | 
|------------------------------------------ |  | ----------------------------------------------------------------------------------- |  | -------------- |  | 
|Name                                       |  | Title                                                                               |  | Date          
|                                           |  |                                                                                     |  |               
|                                          
|/s/ HAMID R. MOGHADAMHamid
    R. Moghadam |  | Chairman of the Board and Chief Executive Officer
    (Principal Executive Officer) |  | March 14, 2005
|                                          
|/s/ W. BLAKE BAIRDW.
    Blake Baird       |  | President and Director                                                              |  | March 14, 2005
|                                          
|/s/ T. ROBERT BURKET.
    Robert Burke     |  | Director                                                                            |  | March 14, 2005
|                                          
|/s/ DAVID A. COLEDavid
    A. Cole         |  | Director                                                                            |  | March 14, 2005
|                                          
|/s/ LYDIA H. KENNARDLydia
    H. Kennard   |  | Director                                                                            |  | March 14, 2005
|                                          
|/s/ J. MICHAEL LOSHJ.
    Michael Losh     |  | Director                                                                            |  | March 14, 2005

67



---



##### 



|                                             |  |                                                                                                                                       |  |                |  | 
|-------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- |  | 
|Name                                         |  | Title                                                                                                                                 |  | Date          
|                                             |  |                                                                                                                                       |  |               
|                                            
|/s/ FREDERICK W. REIDFrederick
    W. Reid   |  | Director                                                                                                                              |  | March 14, 2005
|                                            
|/s/ JEFFREY L. SKELTONJeffrey
    L. Skelton |  | Director                                                                                                                              |  | March 14, 2005
|                                            
|/s/ THOMAS W. TUSHERThomas
    W. Tusher     |  | Director                                                                                                                              |  | March 14, 2005
|                                            
|/s/ CARYL B. WELBORNCaryl
    B. Welborn     |  | Director                                                                                                                              |  | March 14, 2005
|                                            
|/s/ MICHAEL A. COKEMichael
    A. Coke       |  | Chief Financial Officer and Executive Vice President (Duly
    Authorized Officer and Principal Financial and Accounting
    Officer) |  | March 14, 2005

68



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM






Consolidated financial statements and financial statement
schedule




Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities
and Equity


Internal control over financial reporting


Internal Control  Integrated Framework Internal Control  Integrated Framework




F-1



---



##### 













F-2



---



##### 



AMB PROPERTY, L.P.


CONSOLIDATED BALANCE SHEETS


As of December 31, 2004 and 2003


|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |           |         |           |           |           | 
|-------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | --------------------------------------- | --------- | ------------ | --------- | ------- | --------- | --------- | --------- | 
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | December 31,                    |                                         |           | December 31, |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | 2004                            |                                         |           | 2003         |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | (Dollars in thousands, except   |                                        
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | share amounts)                  |                                        
|ASSETS                                                                                            
|Investments in real estate:                                                                        |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |           |         |          
|                                                                                                   | Land                                                                                                                                                                                                                                                                                            |                                 | $                                       | 1,509,145 |              |           | $       | 1,403,807 |          
|                                                                                                   | Buildings and improvements                                                                                                                                                                                                                                                                      |                                 |                                         | 4,305,622 |              |           |         | 3,888,272 |          
|                                                                                                   | Construction in progress                                                                                                                                                                                                                                                                        |                                 |                                         | 711,377   |              |           |         | 199,628   |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total investments in properties |                                         |           | 6,526,144    |           |         |           | 5,491,707 |          
|                                                                                                   | Accumulated depreciation and amortization                                                                                                                                                                                                                                                       |                                 |                                         | (615,646) |              |           |         | (485,559) |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Net investments in properties   |                                         |           | 5,910,498    |           |         |           | 5,006,148 |          
|Investments in unconsolidated joint ventures                                                       |                                                                                                                                                                                                                                                                                                 |                                 | 55,166                                  |           |              |           | 52,009  |          
|Properties held for divestiture, net                                                               |                                                                                                                                                                                                                                                                                                 |                                 | 87,340                                  |           |              |           | 11,751  |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Net investments in real estate  |                                         |           | 6,053,004    |           |         |           | 5,069,908 |          
|Cash and cash equivalents                                                                          |                                                                                                                                                                                                                                                                                                 |                                 | 109,392                                 |           |              |           | 127,678 |          
|Restricted cash                                                                                    |                                                                                                                                                                                                                                                                                                 |                                 | 37,201                                  |           |              |           | 28,985  |          
|Mortgages receivable                                                                               |                                                                                                                                                                                                                                                                                                 |                                 | 13,738                                  |           |              |           | 43,145  |          
|Accounts receivable, net of allowance for doubtful accounts of
    $5,755 and $6,581, respectively |                                                                                                                                                                                                                                                                                                 |                                 | 109,028                                 |           |              |           | 88,452  |          
|Deferred financing costs, net                                                                      |                                                                                                                                                                                                                                                                                                 |                                 | 28,340                                  |           |              |           | 18,595  |          
|Other assets                                                                                       |                                                                                                                                                                                                                                                                                                 |                                 | 36,240                                  |           |              |           | 32,796  |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total assets                    |                                         | $         | 6,386,943    |           |         | $         | 5,409,559 |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                  
|LIABILITIES AND PARTNERS CAPITAL                                                                 
|Debt:                                                                                              |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |           |         |          
|                                                                                                   | Secured debt                                                                                                                                                                                                                                                                                    |                                 | $                                       | 1,892,524 |              |           | $       | 1,363,890 |          
|                                                                                                   | Unsecured senior debt securities                                                                                                                                                                                                                                                                |                                 |                                         | 1,003,940 |              |           |         | 925,000   |          
|                                                                                                   | Unsecured debt                                                                                                                                                                                                                                                                                  |                                 |                                         | 9,028     |              |           |         | 9,628     |          
|                                                                                                   | Unsecured credit facilities                                                                                                                                                                                                                                                                     |                                 |                                         | 351,699   |              |           |         | 275,739   |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total debt                      |                                         |           | 3,257,191    |           |         |           | 2,574,257 |          
|Security deposits                                                                                  |                                                                                                                                                                                                                                                                                                 |                                 | 40,260                                  |           |              |           | 33,461  |          
|Distributions payable                                                                              |                                                                                                                                                                                                                                                                                                 |                                 | 41,103                                  |           |              |           | 39,076  |          
|Accounts payable and other liabilities                                                             |                                                                                                                                                                                                                                                                                                 |                                 | 180,923                                 |           |              |           | 114,558 |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total liabilities               |                                         |           | 3,519,477    |           |         |           | 2,761,352 |          
|Commitments and contingencies (Note 14)                                                            |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |           |         |          
|                                                                                                   | Minority interests:                                                                                                                                                                                                                                                                             |                                 |                                         |           |              |           |         |           |          
|                                                                                                   | Joint venture partners                                                                                                                                                                                                                                                                          |                                 |                                         | 828,622   |              |           |         | 658,723   |          
|                                                                                                   | Preferred unitholders                                                                                                                                                                                                                                                                           |                                 |                                         | 203,302   |              |           |         | 166,865   |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total minority interests        |                                         |           | 1,031,924    |           |         |           | 825,588   |          
|Partners capital:                                                                                 |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |           |         |          
|                                                                                                   | General partner, 83,019,229 and 81,563,502 units outstanding,
    respectively; 2,000,000 Series L preferred units issued and
    outstanding with a $50,000 liquidation preference and 2,300,000
    Series M preferred units issued and outstanding with a
    $57,500 liquidation preference |                                 |                                         | 1,671,140 |              |           |         | 1,657,137 |          
|                                                                                                   | Limited partners, 4,600,556 and 4,618,242 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                                                                       |                                 |                                         | 164,402   |              |           |         | 165,482   |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 | Total partners capital         |                                         |           | 1,835,542    |           |         |           | 1,822,619 |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 | Total liabilities and partners capital |           | $            | 6,386,943 |         |           | $         | 5,409,559 | 
|                                                                                                   |                                                                                                                                                                                                                                                                                                 |                                 |                                         |           |              |          



F-3



---



##### 



AMB PROPERTY, L.P.


CONSOLIDATED STATEMENTS OF OPERATIONS


For the Years ended December 31, 2004, 2003 and 2002


|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |            |          |           | 
|-------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------- | ------------------------------------------------------------ | ---------- | -------- | --------- | -------- | ---------- | -------- | --------- | -------- | ---------- | -------- | --------- | 
|                                                               |                                                                                                                                                      | 2004                                                 |                                                              |            | 2003     |           |          | 2002       |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      | (Dollars in thousands, except per unit and per       |                                                             
|                                                               |                                                                                                                                                      | unit amounts)                                        |                                                             
|REVENUES                                                       |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Rental revenues                                                                                                                                      |                                                      | $                                                            | 652,794    |          |           | $        | 573,292    |          |           | $        | 552,038    |         
|                                                               | Private capital income                                                                                                                               |                                                      |                                                              | 12,895     |          |           |          | 13,337     |          |           |          | 11,193     |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Total revenues                                               |            |          | 665,689   |          |            |          | 586,629   |          |            |          | 563,231   | 
|COSTS AND EXPENSES                                             |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Property operating expenses                                                                                                                          |                                                      |                                                              | (94,667)   |          |           |          | (84,653)   |          |           |          | (72,561)   |         
|                                                               | Real estate taxes                                                                                                                                    |                                                      |                                                              | (73,839)   |          |           |          | (67,370)   |          |           |          | (63,890)   |         
|                                                               | Depreciation and amortization                                                                                                                        |                                                      |                                                              | (160,026)  |          |           |          | (132,167)  |          |           |          | (121,069)  |         
|                                                               | Impairment losses                                                                                                                                    |                                                      |                                                              |           |          |           |          | (5,251)    |          |           |          | (2,846)    |         
|                                                               | General and administrative                                                                                                                           |                                                      |                                                              | (58,956)   |          |           |          | (46,429)   |          |           |          | (45,149)   |         
|                                                               | Fund costs                                                                                                                                           |                                                      |                                                              | (1,741)    |          |           |          | (825)      |          |           |          | (1,051)    |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Total costs and expenses                                     |            |          | (389,229) |          |            |          | (336,695) |          |            |          | (306,566) | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|OTHER INCOME AND EXPENSES                                      |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Equity in earnings of unconsolidated joint ventures, net                                                                                             |                                                      |                                                              | 3,781      |          |           |          | 5,445      |          |           |          | 5,674      |         
|                                                               | Interest and other income                                                                                                                            |                                                      |                                                              | 3,958      |          |           |          | 4,009      |          |           |          | 9,446      |         
|                                                               | Gains from dispositions of real estate interests                                                                                                     |                                                      |                                                              | 5,219      |          |           |          | 7,429      |          |           |          | 8,771      |         
|                                                               | Development profits, net of taxes                                                                                                                    |                                                      |                                                              | 8,528      |          |           |          | 14,441     |          |           |          | 1,171      |         
|                                                               | Interest expense, including amortization                                                                                                             |                                                      |                                                              | (157,852)  |          |           |          | (146,230)  |          |           |          | (142,918)  |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Total other income and expenses, net                         |            |          | (136,366) |          |            |          | (114,906) |          |            |          | (117,856) | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Income before minority interests and discontinued operations |            |          | 140,094   |          |            |          | 135,028   |          |            |          | 138,809   | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               | Minority interests share of income:                                                                                                                 |                                                      |                                                              |            |          |           |          |            |          |           |          |            |         
|                                                               |                                                                                                                                                      | Joint venture partners share of operating income    |                                                              |            | (37,817) |           |          |            | (31,726) |           |          |            | (27,320) |          
|                                                               |                                                                                                                                                      | Joint venture partners share of development profits |                                                              |            | (523)    |           |          |            | (8,098)  |           |          |            | (139)    |          
|                                                               |                                                                                                                                                      | Preferred unitholders                                |                                                              |            | (13,903) |           |          |            | (13,443) |           |          |            | (13,873) |          
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Total minority interests share of income                    |            |          | (52,243)  |          |            |          | (53,267)  |          |            |          | (41,332)  | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|Income from continuing operations                              |                                                                                                                                                      |                                                      | 87,851                                                       |            |          |           | 81,761   |            |          |           | 97,477   |           
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|Discontinued operations:                                       |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Income attributable to discontinued operations, net of minority
    interests                                                                        |                                                      |                                                              | 5,949      |          |           |          | 19,969     |          |           |          | 30,037     |         
|                                                               | Gains from dispositions of real estate, net of minority interests                                                                                    |                                                      |                                                              | 44,716     |          |           |          | 45,359     |          |           |          | 11,540     |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      | Total discontinued operations                        |                                                              |            | 50,665   |           |          |            | 65,328   |           |          |            | 41,577   |          
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               | Net income                                                                                                                                           |                                                      |                                                              | 138,516    |          |           |          | 147,089    |          |           |          | 139,054    |         
|Series A, L and M preferred unit distributions                 |                                                                                                                                                      |                                                      | (7,131)                                                      |            |          |           | (6,999)  |            |          |           | (8,496)  |           
|Series B, J and K preferred unit distributions                 |                                                                                                                                                      |                                                      | (6,360)                                                      |            |          |           | (11,188) |            |          |           | (11,276) |           
|Preferred unit redemption discount/(issuance costs or premium) |                                                                                                                                                      |                                                      |                                                             |            |          |           | (5,413)  |            |          |           | 412      |           
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Net income available to common unitholders                   |            | $        | 125,025   |          |            | $        | 123,489   |          |            | $        | 119,694   | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|Income available to common unitholders attributable to:        |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | General partner                                                                                                                                      |                                                      | $                                                            | 118,340    |          |           | $        | 116,716    |          |           | $        | 113,035    |         
|                                                               | Limited partners                                                                                                                                     |                                                      |                                                              | 6,685      |          |           |          | 6,773      |          |           |          | 6,659      |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Net income available to common unitholders                   |            | $        | 125,025   |          |            | $        | 123,489   |          |            | $        | 119,694   | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|Basic income per common unit                                   |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/(issuance
    costs or premium)) |                                                      | $                                                            | 0.86       |          |           | $        | 0.68       |          |           | $        | 0.89       |         
|                                                               | Discontinued operations                                                                                                                              |                                                      |                                                              | 0.58       |          |           |          | 0.76       |          |           |          | 0.47       |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Net income available to common unitholders                   |            | $        | 1.44      |          |            | $        | 1.44      |          |            | $        | 1.36      | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|Diluted income per common unit                                 |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/(issuance
    costs or premium)  |                                                      | $                                                            | 0.83       |          |           | $        | 0.66       |          |           | $        | 0.87       |         
|                                                               | Discontinued operations                                                                                                                              |                                                      |                                                              | 0.56       |          |           |          | 0.75       |          |           |          | 0.46       |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               |                                                                                                                                                      |                                                      | Net income available to common unitholders                   |            | $        | 1.39      |          |            | $        | 1.41      |          |            | $        | 1.33      | 
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                      |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |          |           |          |           
|                                                               | Basic                                                                                                                                                |                                                      |                                                              | 86,885,250 |          |           |          | 85,859,899 |          |           |          | 88,204,208 |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         
|                                                               | Diluted                                                                                                                                              |                                                      |                                                              | 90,120,250 |          |           |          | 87,616,365 |          |           |          | 89,689,310 |         
|                                                               |                                                                                                                                                      |                                                      |                                                              |            |          |           |          |            |         



F-4



---



##### 



AMB PROPERTY, L.P.


CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL


For the Years ended December 31, 2004, 2003 and 2002


|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           |         | 
|---------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------- | ----------- | - | ---------------- | - | -------- | --------------- |  |  | ------------ |  |  | ----- | --------- |  | ------ |  | ----------- | ----- |  | - | -------- |  |  | ----- | --------- |  |  | - | ------- |  |  | - | --------- | ------- | 
|                                                                                                                 |                            | General Partner                             |             |   | Limited Partners |   |          |                
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                
|                                                                                                                 |                            | Preferred Units                             |             |   | Common Units     |   |          | Preferred Units |  |  | Common Units |  |  |      
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |      
|                                                                                                                 |                            | Units                                       |             |   | Amount           |   |          | Units           |  |  | Amount       |  |  | Units |           |  | Amount |  |             | Units |  |   | Amount   |  |  | Total |          
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |          
|                                                                                                                 |                            | (Dollars in thousands, except unit amounts) |            
|Balance as of December 31, 2001                                                                                  |                            |                                             | 4,000,000   |   |                  | $ | 96,100   |                 |  |  | 83,592,418   |  |  | $     | 1,651,289 |  |        |  | 2,100,000   |       |  | $ | 101,225  |  |  |       | 4,969,027 |  |  | $ | 98,673  |  |  | $ | 1,947,287 |        
|Comprehensive income:                                                                                            |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           |        
|Net income                                                                                                       |                            |                                             |            |   |                  |   | 8,496    |                 |  |  |             |  |  |       | 112,623   |  |        |  |            |       |  |   | 11,276   |  |  |       |          |  |  |   | 6,659   |  |  |   |           |        
|Unrealized gain on securities                                                                                    |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 412       |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|Currency translation adjustment                                                                                  |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 31        |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|                                                                                                                 | Total comprehensive income |                                             |             |  |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           | 139,497 | 
|Contributions                                                                                                    |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       |          |  |        |  | 800,000     |       |  |   | 38,932   |  |  |       |          |  |  |   |        |  |  |   | 38,932    |        
|Issuance of common limited partnership units in connection with
    the issuance of restricted stock and options |                            |                                             |            |   |                  |   |         |                 |  |  | 170,604      |  |  |       | 7,478     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 7,478     |        
|Issuance of common limited partnership units in connection with
    the exercise of stock options                |                            |                                             |            |   |                  |   |         |                 |  |  | 565,976      |  |  |       | 14,830    |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 14,830    |        
|Conversion of operating partnership units to common stock                                                        |                            |                                             |            |   |                  |   |         |                 |  |  | 122,640      |  |  |       | 2,309     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 2,309     |        
|Conversion of operating partnership units to cash                                                                |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       |          |  |        |  |            |       |  |   |         |  |  |       | (122,640) |  |  |   | (2,309) |  |  |   | (2,309)   |        
|Retirement of units                                                                                              |                            |                                             | (4,200)     |   |                  |   | (106)    |                 |  |  | (2,651,600)  |  |  |       | (69,399)  |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | (69,505)  |        
|Deferred compensation                                                                                            |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (7,478)   |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | (7,478)   |        
|Deferred compensation amortization                                                                               |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 5,265     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 5,265     |        
|Reallocation of interests                                                                                        |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (54)      |  |        |  |            |       |  |   | 946      |  |  |       |          |  |  |   | (982)   |  |  |   | (90)      |        
|Distributions                                                                                                    |                            |                                             |            |   |                  |   | (8,496)  |                 |  |  |             |  |  |       | (137,221) |  |        |  |            |       |  |   | (11,276) |  |  |       |          |  |  |   | (7,963) |  |  |   | (164,956) |        
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |          
|Balance as of December 31, 2002                                                                                  |                            |                                             | 3,995,800   |   |                  |   | 95,994   |                 |  |  | 81,800,038   |  |  |       | 1,580,085 |  |        |  | 2,900,000   |       |  |   | 141,103  |  |  |       | 4,846,387 |  |  |   | 94,078  |  |  |   | 1,911,260 |        
|Comprehensive income:                                                                                            |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           |        
|Net income                                                                                                       |                            |                                             |            |   |                  |   | 6,999    |                 |  |  |             |  |  |       | 116,716   |  |        |  |            |       |  |   | 11,188   |  |  |       |          |  |  |   | 6,773   |  |  |   |           |        
|Unrealized gain on securities                                                                                    |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 812       |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|Currency translation adjustment                                                                                  |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 662       |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|                                                                                                                 | Total comprehensive income |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           | 143,150 | 
|Contributions                                                                                                    |                            |                                             | 4,300,000   |   |                  |   | 103,373  |                 |  |  |             |  |  |       |          |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 103,373   |        
|Issuance of common limited partnership units in connection with
    the issuance of restricted stock and options |                            |                                             |            |   |                  |   |         |                 |  |  | 256,611      |  |  |       | 11,473    |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 11,473    |        
|Issuance of common limited partnership units in connection with
    the exercise of stock options                |                            |                                             |            |   |                  |   |         |                 |  |  | 317,753      |  |  |       | 6,947     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 6,947     |        
|Conversion of operating partnership units to common stock                                                        |                            |                                             |            |   |                  |   |         |                 |  |  | 2,000        |  |  |       | 58        |  |        |  |            |       |  |   |         |  |  |       | (2,000)   |  |  |   | (38)    |  |  |   | 20        |        
|Conversion of operating partnership units to cash                                                                |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       |          |  |        |  |            |       |  |   |         |  |  |       | (226,145) |  |  |   | (4,340) |  |  |   | (4,340)   |        
|Retirement of units                                                                                              |                            |                                             | (3,995,800) |   |                  |   | (95,994) |                 |  |  | (812,900)    |  |  |       | (21,239)  |  |        |  | (1,300,000) |       |  |   | (63,288) |  |  |       |          |  |  |   |        |  |  |   | (180,521) |        
|Deferred compensation                                                                                            |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (11,470)  |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | (11,470)  |        
|Deferred compensation amortization                                                                               |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 8,076     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 8,076     |        
|Reallocation of interests                                                                                        |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (1,102)   |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   | (956)   |  |  |   | (2,058)   |        
|Distributions                                                                                                    |                            |                                             |            |   |                  |   | (6,999)  |                 |  |  |             |  |  |       | (137,254) |  |        |  |            |       |  |   | (11,188) |  |  |       |          |  |  |   | (7,850) |  |  |   | (163,291) |        
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |          
|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  |  |  |   | 1,822,619 |        
|Comprehensive income:                                                                                            |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           |        
|Net income                                                                                                       |                            |                                             |            |   |                  |   | 7,131    |                 |  |  |             |  |  |       | 118,340   |  |        |  |            |       |  |   | 6,360    |  |  |       |          |  |  |   | 6,685   |  |  |   |           |        
|Unrealized loss on securities and derivatives                                                                    |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (2,058)   |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|Currency translation adjustment                                                                                  |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (438)     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   |           |        
|                                                                                                                 | Total comprehensive income |                                             |             |  |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |           |  |  |   |         |  |  |   |           | 136,020 | 
|Issuance of common limited partnership units in connection with
    the issuance of restricted stock and options |                            |                                             |            |   |                  |   |         |                 |  |  | 204,556      |  |  |       | 12,936    |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 12,936    |        
|Issuance of common limited partnership units in connection with
    the exercise of stock options                |                            |                                             |            |   |                  |   |         |                 |  |  | 1,233,485    |  |  |       | 27,721    |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 27,721    |        
|Conversion of operating partnership units to common stock                                                        |                            |                                             |            |   |                  |   |         |                 |  |  | 17,686       |  |  |       | 618       |  |        |  |            |       |  |   |         |  |  |       | (17,686)  |  |  |   | (334)   |  |  |   | 284       |        
|Forfeiture of common limited partnership units in connection
    with the forfeiture of restricted stock         |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (646)     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | (646)     |        
|Deferred compensation                                                                                            |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | (12,936)  |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | (12,936)  |        
|Deferred compensation amortization                                                                               |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 10,444    |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   |        |  |  |   | 10,444    |        
|Reallocation of interests                                                                                        |                            |                                             |            |   |                  |   |         |                 |  |  |             |  |  |       | 1,038     |  |        |  |            |       |  |   |         |  |  |       |          |  |  |   | 644     |  |  |   | 1,682     |        
|Issuance 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  |  |  | $ | 1,835,542 |        
|                                                                                                                 |                            |                                             |             |   |                  |   |          |                 |  |  |              |  |  |       |           |  |        |  |             |       |  |   |          |  |  |       |          



F-5



---



##### 



AMB PROPERTY, L.P.


CONSOLIDATED STATEMENTS OF CASH FLOWS


For the Years ended December 31, 2004, 2003 and 2002


|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |          |          |           |        | 
|------------------------------------------------------------------------------------------ | ----------------------------------------------------------- | ----------------------------------------------------------------- | --------------------------------------------------- | ---------------------------------------------------- | -------- | --------- | --------- | -------- | -------- | --------- | --------- | -------- | -------- | --------- | ------ | 
|                                                                                           |                                                             | 2004                                                              |                                                     |                                                      | 2003     |           |           | 2002     |         
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             | (Dollars in thousands)                                            |                                                    
|CASH FLOWS FROM OPERATING ACTIVITIES                                                       |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|Net income                                                                                 |                                                             | $                                                                 | 138,516                                             |                                                      |          | $         | 147,089   |          |          | $         | 139,054   |         
|Adjustments to net income:                                                                 |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|                                                                                           | Straight-line rents and amortization of lease intangibles   |                                                                   |                                                     | (16,281)                                             |          |           |           | (10,662) |          |           |           | (11,013) |         
|                                                                                           | Depreciation and amortization                               |                                                                   |                                                     | 160,026                                              |          |           |           | 132,167  |          |           |           | 121,069  |         
|                                                                                           | Impairment losses                                           |                                                                   |                                                     |                                                     |          |           |           | 5,251    |          |           |           | 2,846    |         
|                                                                                           | Stock-based compensation amortization                       |                                                                   |                                                     | 10,444                                               |          |           |           | 8,075    |          |           |           | 5,265    |         
|                                                                                           | Equity in earnings of unconsolidated joint ventures         |                                                                   |                                                     | (3,781)                                              |          |           |           | (5,445)  |          |           |           | (5,674)  |         
|                                                                                           | Gains from dispositions of real estate interest             |                                                                   |                                                     | (5,219)                                              |          |           |           | (7,429)  |          |           |           | (8,771)  |         
|                                                                                           | Development profits, net of taxes                           |                                                                   |                                                     | (8,528)                                              |          |           |           | (14,441) |          |           |           | (1,171)  |         
|                                                                                           | Debt premiums, discounts and finance cost amortization, net |                                                                   |                                                     | 310                                                  |          |           |           | 2,049    |          |           |           | (58)     |         
|                                                                                           | Total minority interests share of net income               |                                                                   |                                                     | 52,243                                               |          |           |           | 53,267   |          |           |           | 41,332   |         
|                                                                                           | Discontinued operations:                                    |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |          |         
|                                                                                           |                                                             | Depreciation and amortization                                     |                                                     |                                                      | 7,324    |           |           |          | 10,170   |           |           |          | 15,434   |          
|                                                                                           |                                                             | Joint venture partners share of net income                       |                                                     |                                                      | 4,250    |           |           |          | 3,891    |           |           |          | 3,435    |          
|                                                                                           |                                                             | Gains from dispositions of real estate, net of minority interests |                                                     |                                                      | (44,716) |           |           |          | (45,359) |           |           |          | (11,540) |          
|                                                                                           | Changes in assets and liabilities:                          |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |          |         
|                                                                                           |                                                             | Accounts receivable and other assets                              |                                                     |                                                      | (1,154)  |           |           |          | (7,771)  |           |           |          | 43       |          
|                                                                                           |                                                             | Accounts payable and other liabilities                            |                                                     |                                                      | 944      |           |           |          | (6,389)  |           |           |          | 1,014    |          
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   | Net cash provided by operating activities           |                                                      |          | 294,378   |           |          |          | 264,463   |           |          |          | 291,265   |       
|CASH FLOWS FROM INVESTING ACTIVITIES                                                       |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|Change in restricted cash                                                                  |                                                             |                                                                   | (9,749)                                             |                                                      |          |           | 1,103     |          |          |           | (19,221)  |         
|Cash paid for property acquisitions                                                        |                                                             |                                                                   | (415,034)                                           |                                                      |          |           | (470,188) |          |          |           | (358,428) |         
|Additions to land, buildings, development costs, building
    improvements and lease costs |                                                             |                                                                   | (581,168)                                           |                                                      |          |           | (283,878) |          |          |           | (207,127) |         
|Net proceeds from divestiture of real estate                                               |                                                             |                                                                   | 213,296                                             |                                                      |          |           | 423,996   |          |          |           | 257,383   |         
|Additions to interests in unconsolidated joint ventures                                    |                                                             |                                                                   | (16,003)                                            |                                                      |          |           | (20,147)  |          |          |           |          |         
|Distributions received from unconsolidated joint ventures                                  |                                                             |                                                                   | 50,820                                              |                                                      |          |           | 38,196    |          |          |           | 6,458     |         
|Repayment/(issuance) of mortgage receivable                                                |                                                             |                                                                   | 29,407                                              |                                                      |          |           | (30,012)  |          |          |           | 74,081    |         
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   | Net cash used in investing activities               |                                                      |          | (728,431) |           |          |          | (340,930) |           |          |          | (246,854) |       
|CASH FLOWS FROM FINANCING ACTIVITIES                                                       |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|Issuance of common units                                                                   |                                                             |                                                                   | 27,721                                              |                                                      |          |           | 6,947     |          |          |           | 14,830    |         
|Repurchase and retirement of common and preferred units                                    |                                                             |                                                                   |                                                    |                                                      |          |           | (121,239) |          |          |           | (69,505)  |         
|Borrowings on secured debt                                                                 |                                                             |                                                                   | 420,565                                             |                                                      |          |           | 192,750   |          |          |           | 167,960   |         
|Payments on secured debt                                                                   |                                                             |                                                                   | (98,178)                                            |                                                      |          |           | (157,310) |          |          |           | (146,118) |         
|Payments on unsecured debt                                                                 |                                                             |                                                                   | (600)                                               |                                                      |          |           |           |          |          |           |           |         
|Borrowings on unsecured credit facilities                                                  |                                                             |                                                                   | 795,128                                             |                                                      |          |           | 603,550   |          |          |           | 230,000   |         
|Payments on unsecured credit facilities                                                    |                                                             |                                                                   | (747,432)                                           |                                                      |          |           | (431,000) |          |          |           | (147,000) |         
|Borrowings on Alliance Fund II credit facility                                             |                                                             |                                                                   |                                                    |                                                      |          |           | 8,000     |          |          |           | 67,250    |         
|Payments on Alliance Fund II credit facility                                               |                                                             |                                                                   |                                                    |                                                      |          |           | (53,500)  |          |          |           | (145,250) |         
|Payment of financing fees                                                                  |                                                             |                                                                   | (13,230)                                            |                                                      |          |           | (3,187)   |          |          |           | (6,837)   |         
|Net proceeds from issuances of senior debt securities                                      |                                                             |                                                                   | 99,067                                              |                                                      |          |           | 124,566   |          |          |           | 19,883    |         
|Payments on senior debt securities                                                         |                                                             |                                                                   | (21,060)                                            |                                                      |          |           |          |          |          |           |          |         
|Net proceeds from issuances of preferred units                                             |                                                             |                                                                   |                                                    |                                                      |          |           | 103,373   |          |          |           | 38,932    |         
|Issuance costs on preferred units                                                          |                                                             |                                                                   | (169)                                               |                                                      |          |           |          |          |          |           |          |         
|Repurchase of preferred units                                                              |                                                             |                                                                   |                                                    |                                                      |          |           | (71,883)  |          |          |           | (7,927)   |         
|Cash transferred to unconsolidated joint venture                                           |                                                             |                                                                   | (2,897)                                             |                                                      |          |           |          |          |          |           |          |         
|Contributions from co-investment partners                                                  |                                                             |                                                                   | 192,956                                             |                                                      |          |           | 171,042   |          |          |           | 146,572   |         
|Dividends paid to partners                                                                 |                                                             |                                                                   | (152,311)                                           |                                                      |          |           | (163,427) |          |          |           | (123,361) |         
|Distributions to minority interests, including preferred units                             |                                                             |                                                                   | (89,855)                                            |                                                      |          |           | (96,660)  |          |          |           | (67,579)  |         
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   | Net cash provided by/(used in) financing activities |                                                      |          | 409,705   |           |          |          | 112,022   |           |          |          | (28,150)  |       
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   |                                                     | Net effect of exchange rate changes on cash          |          |           | 6,062     |          |          |           | 2,791     |          |          |           |       | 
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   |                                                     | Net (decrease) increase in cash and cash equivalents |          |           | (24,348)  |          |          |           | 35,555    |          |          |           | 16,261 | 
|                                                                                           |                                                             |                                                                   |                                                     | Cash and cash equivalents at beginning of period     |          |           | 127,678   |          |          |           | 89,332    |          |          |           | 73,071 | 
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   |                                                     | Cash and cash equivalents at end of period           |          | $         | 109,392   |          |          | $         | 127,678   |          |          | $         | 89,332 | 
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|Supplemental Disclosures of Cash Flow Information                                          |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|Cash paid for interest, net of capitalized interest                                        |                                                             | $                                                                 | 171,298                                             |                                                      |          | $         | 153,300   |          |          | $         | 165,154   |         
|Non-cash transactions:                                                                     |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |          |           |           |         
|                                                                                           | Acquisition of properties                                   |                                                                   | $                                                   | 695,169                                              |          |           | $         | 533,864  |          |           | $         | 403,318  |         
|                                                                                           | Assumption of secured debt                                  |                                                                   |                                                     | (210,233)                                            |          |           |           | (42,246) |          |           |           | (39,687) |         
|                                                                                           | Assumption of other assets and liabilities                  |                                                                   |                                                     | (59,970)                                             |          |           |           | (7,073)  |          |           |           | 2,464    |         
|                                                                                           | Acquisition capital                                         |                                                                   |                                                     | (8,097)                                              |          |           |           | (9,870)  |          |           |           | (7,667)  |         
|                                                                                           | Minority interests contributions, including units issued   |                                                                   |                                                     | (1,835)                                              |          |           |           | (4,487)  |          |           |           |         |         
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         
|                                                                                           |                                                             |                                                                   | Net cash paid                                       |                                                      | $        | 415,034   |           |          | $        | 470,188   |           |          | $        | 358,428   |       
|                                                                                           |                                                             |                                                                   |                                                     |                                                      |          |           |           |          |         



F-6



---



##### 



AMB PROPERTY, L.P.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


December 31, 2004 and 2003




|   |                                                        
|-- | -------------------------------------------------------
|1. | Organization and Formation of the Operating Partnership













F-7



---



##### 







|   |                                           
|-- | ------------------------------------------
|2. | Summary of Significant Accounting Policies

Basis of Presentation.


Use of Estimates.


Reclassifications.


Investments in Real Estate.




F-8



---



##### 





|                                      |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |        |         |         |          |        |         |         | 
|------------------------------------- | ----------------------- | ----------------------------------------------- | -------------------------------------------------------------- | ---------- | ---- | - | ------- | ------ | ------- | ------- | -------- | ------ | ------- | ------- | -------- | ------ | ------- | ------- | 
|Depreciation and Amortization Expense |                         | Estimated Lives                                 |                                                                |            | 2004 |   |         | 2003   |         |         | 2002     |       
|                                      |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |       
|Building costs                        |                         |                                                 | 5-40 years                                                     |            |      | $ | 68,329  |        |         | $       | 74,820   |        |         | $       | 75,853   |       
|Building costs on ground leases       |                         |                                                 | 5-40 years                                                     |            |      |   | 31,268  |        |         |         | 11,581   |        |         |         | 8,346    |       
|Buildings and improvements:           |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |        |         |         |          |       
|                                      | Roof/ HVAC/parking lots |                                                 |                                                                | 5-40 years |      |   |         | 6,072  |         |         |          | 5,280  |         |         |          | 5,471  |        
|                                      | Plumbing/signage        |                                                 |                                                                | 7-25 years |      |   |         | 1,704  |         |         |          | 1,319  |         |         |          | 1,170  |        
|                                      | Painting and other      |                                                 |                                                                | 5-40 years |      |   |         | 13,516 |         |         |          | 10,696 |         |         |          | 13,370 |        
|Tenant improvements                   |                         |                                                 | Over lease term                                                |            |      |   | 20,246  |        |         |         | 16,026   |        |         |         | 13,762   |       
|Lease commissions                     |                         |                                                 | Over lease term                                                |            |      |   | 19,655  |        |         |         | 20,306   |        |         |         | 16,004   |       
|                                      |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |       
|                                      |                         | Total real estate depreciation and amortization |                                                                |            |      |   |         |        | 160,790 |         |          |        | 140,028 |         |          |        | 133,976 |        
|Other depreciation and amortization   |                         |                                                 | Various                                                        |            |      |   | 6,560   |        |         |         | 2,309    |        |         |         | 2,527    |       
|Discontinued operations depreciation |                         |                                                 | Various                                                        |            |      |   | (7,324) |        |         |         | (10,170) |        |         |         | (15,434) |       
|                                      |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |       
|                                      |                         |                                                 | Total depreciation and amortization from continuing operations |            |      |   |         |        | $       | 160,026 |          |        | $       | 132,167 |          |        | $       | 121,069 | 
|                                      |                         |                                                 |                                                                |            |      |   |         |        |         |         |          |       





Investments in Consolidated and Unconsolidated Joint
Ventures.


Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equity


F-9



---



##### 





Consolidation of Variable Interest
Entities Investors Accounting for an Investee When the Investor
Has a Majority of the Voting Interest but the Minority
Shareholder or Shareholders Have Certain Approval or Veto
Rights Accounting
for Investments in Real Estate Ventures


Consolidation of Variable Interest Entities


Cash and Cash Equivalents.


Restricted Cash.


Mortgages Receivable.


Accounts Receivable.


Concentration of Credit Risk.


F-10



---



##### 





Deferred Financing Costs.


Financial Instruments. Accounting for Derivative Instruments and for Hedging
Activities


Debt.


Debt Premiums.


Rental Revenues and Allowance for Doubtful Accounts.


Private Capital Income.


Stock-Based Compensation Expense. Accounting for Stock-Based Compensation


F-11



---



##### 







|                                    |         |      |       |      |      |   |       |      |  |   |       |      | 
|----------------------------------- | ------- | ---- | ----- | ---- | ---- | - | ----- | ---- |  | - | ----- | ---- | 
|                                    |         | 2004 |       |      | 2003 |   |       | 2002 | 
|                                    |         |      |       |      |      |   |       |      | 
|Reduction to net income             |         | $    | 1,100 |      |      | $ | 1,613 |      |  | $ | 2,402 |     
|Adjusted earnings per common share: |         |      |       |      |      |   |       |      |  |   |       |     
|                                    | Basic   |      | $     | 1.43 |      |   | $     | 1.42 |  |   | $     | 1.33 | 
|                                    | Diluted |      | $     | 1.37 |      |   | $     | 1.39 |  |   | $     | 1.30 | 

Interest and Other Income.


Gains from Dispositions of Real Estate Interests.


Gains from Dispositions of Real Estate.


Discontinued Operations. Accounting for the Impairment or Disposal of
Long-Lived Assets


International Operations.


F-12



---



##### 







Share-Based Payment. Share-Based Payment Accounting for Stock-Based
Compensation




|   |                                                 
|-- | ------------------------------------------------
|3. | Real Estate Acquisition and Development Activity









F-13



---



##### 







|   |                                                                                                    
|-- | ---------------------------------------------------------------------------------------------------
|4. | Gains from Dispositions of Real Estate Interests, Development
    Sales and Discontinued Operations

Gains from Dispositions of Real Estate Interests.




Accounting for the Impairment or
Disposal of Long-Lived Assets


Development Sales and Contributions.






F-14



---



##### 



Discontinued Operations.








Properties Held for Divestiture.




|                                        |                                                |      |         |       |      |   |          |        |  |   |          |        | 
|--------------------------------------- | ---------------------------------------------- | ---- | ------- | ----- | ---- | - | -------- | ------ |  | - | -------- | ------ | 
|                                        |                                                | 2004 |         |       | 2003 |   |          | 2002   | 
|                                        |                                                |      |         |       |      |   |          |        | 
|Rental revenues                         |                                                | $    | 27,212  |       |      | $ | 47,646   |        |  | $ | 73,273   |       
|Straight-line rents                     |                                                |      | 742     |       |      |   | 370      |        |  |   | 3,542    |       
|Property operating expenses             |                                                |      | (4,404) |       |      |   | (6,014)  |        |  |   | (9,796)  |       
|Real estate taxes                       |                                                |      | (3,862) |       |      |   | (5,568)  |        |  |   | (10,011) |       
|Depreciation and amortization           |                                                |      | (7,324) |       |      |   | (10,170) |        |  |   | (15,434) |       
|Interest income and other, net          |                                                |      | 50      |       |      |   | 164      |        |  |   | 7        |       
|Interest, including amortization        |                                                |      | (2,215) |       |      |   | (2,568)  |        |  |   | (8,109)  |       
|Joint venture partners share of income |                                                |      | (4,250) |       |      |   | (3,891)  |        |  |   | (3,435)  |       
|                                        |                                                |      |         |       |      |   |          |        | 
|                                        | Income attributable to discontinued operations |      | $       | 5,949 |      |   | $        | 19,969 |  |   | $        | 30,037 | 
|                                        |                                                |      |         |       |      |   |          |        | 

F-15



---



##### 





|                                       |  |      |       |  |      |   |   | 
|-------------------------------------- |  | ---- | ----- |  | ---- | - | - | 
|                                       |  | 2004 |       |  | 2003 |  
|                                       |  |      |       |  |      |  
|Accounts receivable, net               |  | $    | 1,707 |  |      | $ |  | 
|Other assets                           |  | $    | 130   |  |      | $ |  | 
|Secured debt                           |  | $    |      |  |      | $ |  | 
|Accounts payable and other liabilities |  | $    | 1,731 |  |      | $ | 3 | 



|   |                     
|-- | --------------------
|5. | Mortgages Receivable



|                                          |                            |        |                        |  |          |  |                |      |  |   |        |           |  |      |        |        |                |  |       |  |  |  |      |  | 
|----------------------------------------- | -------------------------- | ------ | ---------------------- |  | -------- |  | -------------- | ---- |  | - | ------ | --------- |  | ---- | ------ | ------ | -------------- |  | ----- |  |  |  | ---- |  | 
|                                          |                            |        |                        |  |          |  |                |      |  |   |        | Ownership | 
|Mortgage Receivable                       |                            | Market |                        |  | Maturity |  |                | 2004 |  |   | 2003   |           |  | Rate |        |        | Percentage (1) | 
|                                          |                            |        |                        |  |          |  |                |      |  |   |        |           |  |      |        |        |                | 
|1. Pier 1                                 |                            |        | SF Bay Area            |  |          |  | May 2026       |      |  | $ | 12,938 |           |  | $    | 13,042 |        |                |  | 13.0% |  |  |  | 100% | 
|2. Platinum Distribution Center           |                            |        | No. New Jersey         |  |          |  | February 2004  |      |  |   |       |           |  |      | 19,500 |        |                |  | 6.0%  |  |  |  | 20%  | 
|3. Platinum Distribution Center           |                            |        | No. New Jersey         |  |          |  | November 2006  |      |  |   | 800    |           |  |      | 1,300  |        |                |  | 12.0% |  |  |  | 20%  | 
|4. North Bay Distribution Center/ BAB     |                            |        | San Francisco Bay Area |  |          |  | December  2004 |      |  |   |       |           |  |      | 7,040  |        |                |  | 5.5%  |  |  |  | 100% | 
|5. North Bay Distribution Center/ Corovan |                            |        | San Francisco Bay Area |  |          |  | December  2004 |      |  |   |       |           |  |      | 2,263  |        |                |  | 7.3%  |  |  |  | 100% | 
|                                          |                            |        |                        |  |          |  |                |      |  |   |        |           |  |      |        |        |                | 
|                                          | Total Mortgages Receivable |        |                        |  |          |  |                |      |  |   | $      | 13,738    |  |      | $      | 43,145 |                |  |       |  |  |  |      |  | 
|                                          |                            |        |                        |  |          |  |                |      |  |   |        |           |  |      |        |        |                | 






|    |                                                                                            
|--- | -------------------------------------------------------------------------------------------
|(1) | Represents the Operating Partnerships ownership percentage
    in the mortgage investment.

F-16



---



##### 





|   |     
|-- | ----
|6. | Debt



|                                                                                                                                                                                                                             |                                        |                         |           |           |           |   |           |           |           | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | ----------------------- | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                                                                                                                                                                                                             |                                        | 2004                    |           |           | 2003      |  
|                                                                                                                                                                                                                             |                                        |                         |           |           |           |  
|Operating Partnership secured debt, varying interest rates from
    0.7% to 10.4%, due April 2005 to October 2017 (weighted average
    interest rate of 5.3% and 7.3% at December 31, 2004 and
    2003, respectively)      |                                        | $                       | 484,929   |           |           | $ | 291,516   |          
|Consolidated joint venture secured debt, varying interest rates
    from 3.5% to 9.4%, due June 2005 to November 2022 (weighted
    average interest rates of 6.4% and 6.5% at December 31,
    2004 and 2003, respectively) |                                        |                         | 1,396,829 |           |           |   | 1,061,585 |          
|Unsecured senior debt securities, varying interest rates from
    3.0% to 8.0%, due June 2005 to June 2018 (weighted average
    interest rates of 6.6% and 6.5% at December 31, 2004 and
    2003, respectively)            |                                        |                         | 1,003,940 |           |           |   | 925,000   |          
|Unsecured debt, due June 2013 and November 2015, interest rate
    of 7.5%                                                                                                                                                   |                                        |                         | 9,028     |           |           |   | 9,628     |          
|Unsecured credit facilities, variable interest rate, due May
    2006 to June 2007 (weighted average interest rates of 1.9% and
    1.9% at December 31, 2004 and 2003, respectively)                                        |                                        |                         | 351,699   |           |           |   | 275,739   |          
|                                                                                                                                                                                                                             |                                        |                         |           |           |           |  
|                                                                                                                                                                                                                             | Total debt before unamortized premiums |                         |           | 3,246,425 |           |   |           | 2,563,468 |          
|                                                                                                                                                                                                                             | Unamortized premiums                   |                         |           | 10,766    |           |   |           | 10,789    |          
|                                                                                                                                                                                                                             |                                        |                         |           |           |           |  
|                                                                                                                                                                                                                             |                                        | Total consolidated debt |           | $         | 3,257,191 |   |           | $         | 2,574,257 | 
|                                                                                                                                                                                                                             |                                        |                         |           |           |           |  









F-17



---



##### 









F-18



---



##### 







|           |       |             |         |         |               |   |           |            |  |   |           |           |  |            |       |       |       |   |         |         |  |   |         |           | 
|---------- | ----- | ----------- | ------- | ------- | ------------- | - | --------- | ---------- |  | - | --------- | --------- |  | ---------- | ----- | ----- | ----- | - | ------- | ------- |  | - | ------- | --------- | 
|           |       | Operating   |         |         |               |   | Unsecured |            |  |   |           |           |  |           
|           |       | Partnership |         |         | Consolidated  |   |           | Senior     |  |   |           |           |  |            |      
|           |       | Secured     |         |         | Joint Venture |   |           | Debt       |  |   | Unsecured |           |  | Credit     |       |       |      
|           |       | Debt        |         |         | Secured Debt  |   |           | Securities |  |   | Debt      |           |  | Facilities |       |       | Total |  
|           |       |             |         |         |               |   |           |            |  |   |           |           |  |            |       |       |       |  
|2005       |       | $           | 43,398  |         |               | $ | 65,802    |            |  | $ | 250,000   |           |  | $          | 647   |       |       | $ |        |         |  | $ | 359,847 |          
|2006       |       |             | 80,641  |         |               |   | 72,184    |            |  |   | 75,000    |           |  |            | 698   |       |       |   | 27,826  |         |  |   | 256,349 |          
|2007       |       |             | 16,386  |         |               |   | 70,920    |            |  |   | 75,000    |           |  |            | 752   |       |       |   | 323,873 |         |  |   | 486,931 |          
|2008       |       |             | 42,091  |         |               |   | 174,431   |            |  |   | 175,000   |           |  |            | 810   |       |       |   |        |         |  |   | 392,332 |          
|2009       |       |             | 5,644   |         |               |   | 119,163   |            |  |   | 100,000   |           |  |            | 873   |       |       |   |        |         |  |   | 225,680 |          
|2010       |       |             | 71,471  |         |               |   | 149,960   |            |  |   | 75,000    |           |  |            | 941   |       |       |   |        |         |  |   | 297,372 |          
|2011       |       |             | 80,319  |         |               |   | 412,055   |            |  |   | 75,000    |           |  |            | 1,014 |       |       |   |        |         |  |   | 568,388 |          
|2012       |       |             | 133,781 |         |               |   | 177,833   |            |  |   |          |           |  |            | 1,093 |       |       |   |        |         |  |   | 312,707 |          
|2013       |       |             | 1,985   |         |               |   | 117,346   |            |  |   | 53,940    |           |  |            | 920   |       |       |   |        |         |  |   | 174,191 |          
|2014       |       |             | 2,105   |         |               |   | 3,777     |            |  |   |          |           |  |            | 616   |       |       |   |        |         |  |   | 6,498   |          
|Thereafter |       |             | 7,108   |         |               |   | 33,358    |            |  |   | 125,000   |           |  |            | 664   |       |       |   |        |         |  |   | 166,130 |          
|           |       |             |         |         |               |   |           |            |  |   |           |           |  |            |       |       |       |  
|           | Total |             | $       | 484,929 |               |   | $         | 1,396,829  |  |   | $         | 1,003,940 |  |            | $     | 9,028 |       |   | $       | 351,699 |  |   | $       | 3,246,425 | 
|           |       |             |         |         |               |   |           |            |  |   |           |           |  |            |       |       |       |  

F-19



---



##### 





|   |                 
|-- | ----------------
|7. | Leasing Activity



|           |       |   |         |           | 
|---------- | ----- | - | ------- | --------- | 
|2005       |       | $ | 526,966 |          
|2006       |       |   | 446,462 |          
|2007       |       |   | 365,890 |          
|2008       |       |   | 281,143 |          
|2009       |       |   | 215,081 |          
|Thereafter |       |   | 579,854 |          
|           |       |   |        
|           | Total |   | $       | 2,415,396 | 
|           |       |   |        





|   |             
|-- | ------------
|8. | Income Taxes





|                                                                                   |                                                |      |           |         |      |   |           |         |  |   |           |         | 
|---------------------------------------------------------------------------------- | ---------------------------------------------- | ---- | --------- | ------- | ---- | - | --------- | ------- |  | - | --------- | ------- | 
|                                                                                   |                                                | 2004 |           |         | 2003 |   |           | 2002    | 
|                                                                                   |                                                |      |           |         |      |   |           |         | 
|Net income available to common unitholders attributable to the
    general partner |                                                | $    | 118,340   |         |      | $ | 116,716   |         |  | $ | 113,035   |        
|Book depreciation and amortization                                                 |                                                |      | 160,026   |         |      |   | 132,167   |         |  |   | 121,069   |        
|Book depreciation discontinued operations                                          |                                                |      | 7,324     |         |      |   | 10,170    |         |  |   | 15,434    |        
|Impairment losses                                                                  |                                                |      |          |         |      |   | 5,251     |         |  |   | 2,846     |        
|Tax depreciation and amortization                                                  |                                                |      | (141,368) |         |      |   | (129,608) |         |  |   | (125,888) |        
|Book/tax difference on gain on divestitures of real estate                         |                                                |      | (7,409)   |         |      |   | 13,783    |         |  |   | 25,178    |        
|Book/tax difference in stock option expense                                        |                                                |      | (15,069)  |         |      |   | 1,069     |         |  |   | (2,543)   |        
|Other book/tax differences,
    net (1)                                            |                                                |      | (14,786)  |         |      |   | (6,576)   |         |  |   | (37,496)  |        
|                                                                                   |                                                |      |           |         |      |   |           |         | 
|                                                                                   | Taxable income available to common unitholders |      | $         | 107,058 |      |   | $         | 142,972 |  |   | $         | 111,635 | 
|                                                                                   |                                                |      |           |         |      |   |           |         | 




|    |                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------
|(1) | Primarily due to straight-line rent, prepaid rent, joint venture
    accounting and debt premium amortization timing differences.

F-20



---



##### 





|                                   |                           |      |      |      |      |  |       |        |  |   |      |      |  |  |       |        |  |   |      |      |  |  |       |        | 
|---------------------------------- | ------------------------- | ---- | ---- | ---- | ---- |  | ----- | ------ |  | - | ---- | ---- |  |  | ----- | ------ |  | - | ---- | ---- |  |  | ----- | ------ | 
|                                   |                           | 2004 |      |      | 2003 |  |       | 2002   | 
|                                   |                           |      |      |      |      |  |       |        | 
|Ordinary income                    |                           | $    | 0.78 |      |      |  | 46.1% |        |  | $ | 1.07 |      |  |  | 64.5% |        |  | $ | 1.05 |      |  |  | 64.0% |       
|Capital gains                      |                           |      | 0.37 |      |      |  | 21.9% |        |  |   | 0.47 |      |  |  | 28.3% |        |  |   |     |      |  |  |      |       
|Unrecaptured Section 1250 gain     |                           |      | 0.15 |      |      |  | 8.9%  |        |  |   | 0.12 |      |  |  | 7.2%  |        |  |   | 0.18 |      |  |  | 11.0% |       
|Dividends taxed in subsequent year |                           |      |     |      |      |  |      |        |  |   |     |      |  |  |      |        |  |   | 0.41 |      |  |  | 25.0% |       
|                                   |                           |      |      |      |      |  |       |        |  |   |      |      |  |  |       |        |  |  
|                                   | Dividends paid or payable |      |      | 1.30 |      |  |       | 76.9%  |  |   |      | 1.66 |  |  |       | 100.0% |  |   |      | 1.64 |  |  |       | 100.0% | 
|                                   |                           |      |      |      |      |  |       |        |  |   |      |      |  |  |       |        |  |  
|Return of Capital                  |                           |      | 0.39 |      |      |  | 23.1% |        |  |   |     |      |  |  |      |        |  |   |     |      |  |  |      |       
|                                   |                           |      |      |      |      |  |       |        |  |   |      |      |  |  |       |        |  |  
|                                   | Total Distributions       |      | $    | 1.69 |      |  |       | 100.0% |  |   | $    | 1.66 |  |  |       | 100.0% |  |   | $    | 1.64 |  |  |       | 100.0% | 
|                                   |                           |      |      |      |      |  |       |        |  |   |      |      |  |  |       |        |  |  



|   |                                                                          
|-- | -------------------------------------------------------------------------
|9. | Minority Interests in Consolidated Joint Ventures and
    Preferred Units

Consolidation of Variable
Interest Entities.




F-21



---



##### 





|                                          |       |                                                                   |  |               |     |  |                          |   |         |               |  |   |         |           |  |      |         |           |  |   |         |         | 
|----------------------------------------- | ----- | ----------------------------------------------------------------- |  | ------------- | --- |  | ------------------------ | - | ------- | ------------- |  | - | ------- | --------- |  | ---- | ------- | --------- |  | - | ------- | ------- | 
|                                          |       |                                                                   |  | Operating     |     |  | Total Investment in Real |   |         |              
|                                          |       |                                                                   |  | Partnerships |     |  | Estate                   |   |         | Property Debt | 
|Co-investment Joint                       |       |                                                                   |  | Ownership     |     |  |                          |   |         |               | 
|Venture                                   |       | Joint Venture Partner                                             |  | Percentage    |     |  | 2004                     |   |         | 2003          |  |   | 2004    |           |  | 2003 |        
|                                          |       |                                                                   |  |               |     |  |                          |   |         |               |  |   |         |           |  |      |        
|AMB/Erie, L.P.                            |       | Erie Insurance Company and affiliates                             |  |               | 50% |  |                          | $ | 149,244 |               |  | $ | 156,174 |           |  | $    | 50,338  |           |  | $ | 57,115  |        
|AMB Institutional Alliance Fund I, L.P.   |       | AMB Institutional Alliance REIT I,
    Inc. (1)                   |  |               | 21% |  |                          |   | 415,191 |               |  |   | 417,902 |           |  |      | 223,704 |           |  |   | 214,538 |        
|AMB Partners II, L.P.                     |       | City and County of San Francisco Employees Retirement
    System |  |               | 20% |  |                          |   | 516,200 |               |  |   | 428,837 |           |  |      | 264,315 |           |  |   | 253,942 |        
|AMB-SGP, L.P.                             |       | Industrial JV Pte
    Ltd (2)                                     |  |               | 50% |  |                          |   | 418,129 |               |  |   | 408,507 |           |  |      | 245,454 |           |  |   | 249,861 |        
|AMB Institutional Alliance Fund II, L.P.  |       | AMB Institutional Alliance REIT II,
    Inc. (3)                  |  |               | 20% |  |                          |   | 492,687 |               |  |   | 449,709 |           |  |      | 237,798 |           |  |   | 204,542 |        
|AMB-AMS,
    L.P. (4)                     |       | PMT, SPW and
    TNO (5)                                          |  |               | 39% |  |                          |   | 100,043 |               |  |   |        |           |  |      | 44,406  |           |  |   |        |        
|AMB Institutional Alliance Fund III, L.P. |       | AMB Institutional Alliance REIT III,
    Inc. (6)                 |  |               | 20% |  |                          |   | 523,037 |               |  |   |        |           |  |      | 258,164 |           |  |   |        |        
|                                          |       |                                                                   |  |               |     |  |                          |   |         |               |  |   |         |           |  |      |        
|                                          | Total |                                                                   |  |               |     |  |                          |   | $       | 2,614,531     |  |   | $       | 1,861,129 |  |      | $       | 1,324,179 |  |   | $       | 979,998 | 
|                                          |       |                                                                   |  |               |     |  |                          |   |         |               |  |   |         |           |  |      |        






|    |                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Comprised of 16 institutional investors as stockholders as of
    December 31, 2004.                                                                       
|(2) | A subsidiary of the real estate investment subsidiary of the
    Government of Singapore Investment Corporation.                                           
|(3) | Comprised of 13 institutional investors as stockholders and one
    third-party limited partner as of December 31, 2004.                                   
|(4) | AMB-AMS, L.P. is a co-investment partnership with three Dutch
    pension funds advised by Mn Services NV.                                                 
|(5) | PMT is Stichting Pensioenfonds Metaal en Techniek, SPW is
    Stichting Pensioenfonds voor de Woningcorporaties and TNO is
    Stichting Pensioenfonds TNO.
|(6) | AMB Institutional Fund III, L.P. is an open-ended
    co-investment partnership formed in 2004 with institutional
    investors.                           

5 8




F-22



---



##### 





|                                    |                                                              |                          |         |        |           |   |         |        |         | 
|----------------------------------- | ------------------------------------------------------------ | ------------------------ | ------- | ------ | --------- | - | ------- | ------ | ------- | 
|                                    |                                                              | 2004                     |         |        | 2003      |  
|                                    |                                                              |                          |         |        |           |  
|Joint venture partners              |                                                              | $                        | 828,622 |        |           | $ | 658,723 |       
|Held through AMB Property II, L.P.: |                                                              |                          |         |        |           |   |         |       
|                                    | Class B Limited Partners                                     |                          |         | 2,739  |           |   |         | 2,781  |        
|                                    | Series D preferred units (liquidation preference of $79,767) |                          |         | 77,684 |           |   |         | 77,684 |        
|                                    | Series E preferred units (liquidation preference of $11,022) |                          |         | 10,788 |           |   |         | 10,788 |        
|                                    | Series F preferred units (liquidation preference of $10,057) |                          |         | 9,900  |           |   |         | 9,900  |        
|                                    | Series H preferred units (liquidation preference of $42,000) |                          |         | 40,912 |           |   |         | 40,912 |        
|                                    | Series I preferred units (liquidation preference of $25,500) |                          |         | 24,800 |           |   |         | 24,800 |        
|                                    | Series N preferred units (liquidation preference of $36,479) |                          |         | 36,479 |           |   |         |       |        
|                                    |                                                              |                          |         |        |           |  
|                                    |                                                              | Total minority interests |         | $      | 1,031,924 |   |         | $      | 825,588 | 
|                                    |                                                              |                          |         |        |           |  



|                                                     |                                                              |                                               |        |       |        |   |        |       |        |   |        |       |        | 
|---------------------------------------------------- | ------------------------------------------------------------ | --------------------------------------------- | ------ | ----- | ------ | - | ------ | ----- | ------ | - | ------ | ----- | ------ | 
|                                                     |                                                              | 2004                                          |        |       | 2003   |   |        | 2002  |       
|                                                     |                                                              |                                               |        |       |        |   |        |       |       
|Joint Venture Partners                               |                                                              | $                                             | 37,817 |       |        | $ | 31,726 |       |        | $ | 27,320 |      
|Joint Venture Partners share of development profits |                                                              |                                               | 523    |       |        |   | 8,098  |       |        |   | 139    |      
|Held through AMB Property II, L.P.:                  |                                                              |                                               |        |       |        |   |        |       |        |   |        |      
|                                                     | Class B common limited partnership units                     |                                               |        | 102   |        |   |        | 24    |        |   |        |      |       
|                                                     | Series D preferred units (liquidation preference of $79,767) |                                               |        | 6,182 |        |   |        | 6,182 |        |   |        | 6,182 |       
|                                                     | Series E preferred units (liquidation preference of $11,022) |                                               |        | 854   |        |   |        | 854   |        |   |        | 854   |       
|                                                     | Series F preferred units (liquidation preference of $10,057) |                                               |        | 800   |        |   |        | 931   |        |   |        | 1,342 |       
|                                                     | Series G preferred units (repurchased in July 2002)          |                                               |        |      |        |   |        |      |        |   |        | 43    |       
|                                                     | Series H preferred units (liquidation preference of $42,000) |                                               |        | 3,413 |        |   |        | 3,412 |        |   |        | 3,412 |       
|                                                     | Series I preferred units (liquidation preference of $25,500) |                                               |        | 2,040 |        |   |        | 2,040 |        |   |        | 2,040 |       
|                                                     | Series N preferred units (liquidation preference of $36,479) |                                               |        | 512   |        |   |        |      |        |   |        |      |       
|                                                     |                                                              |                                               |        |       |        |   |        |       |       
|                                                     |                                                              | Total minority interests share of net income |        | $     | 52,243 |   |        | $     | 53,267 |   |        | $     | 41,332 | 
|                                                     |                                                              |                                               |        |       |        |   |        |       |       

F-23



---



##### 





|    |                                             
|--- | --------------------------------------------
|10. | Investments in Unconsolidated Joint Ventures



|                                          |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            |  |  |   |        |  |  |  |    |  
|----------------------------------------- |  | ----------------------------------------- |  |  | ---------------- | ------ |  | ---- | ----------------- |  | ---- |  | ---------- | ---- |  | - | ---------- |  |  | - | ------ |  |  |  | -- | -
|                                          |  |                                           |  |  |                  | Square |  |      |                   |  |      |  | Ownership  |     
|Unconsolidated Joint Ventures             |  | Market                                    |  |  | Alliance Partner |        |  | Feet |                   |  | 2004 |  |            | 2003 |  |   | Percentage | 
|                                          |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            | 
|Co-Investment Joint Ventures              |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            |  |  |   |        |  |  | 
|1.                                        |  | AMB-SGP Mexico, LLC                       |  |  | Various          |        |  |      |                  |  |      |  | 1,256,165  |      |  | $ | 9,467      |  |  | $ |       |  |  |  | 20 | %
|Other Industrial Operating Joint Ventures |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            |  |  |   |        |  |  | 
|2.                                        |  | Elk Grove Du Page                         |  |  | Chicago          |        |  |      | Hamilton Partners |  |      |  | 4,046,721  |      |  |   | 33,664     |  |  |   | 31,548 |  |  |  | 56 | %
|3.                                        |  | Pico Rivera                               |  |  | Los Angeles      |        |  |      | Majestic Realty   |  |      |  | 855,600    |      |  |   | 676        |  |  |   | 1,091  |  |  |  | 50 | %
|4.                                        |  | Monte Vista Spectrum                      |  |  | Los Angeles      |        |  |      | Majestic Realty   |  |      |  | 576,852    |      |  |   | 236        |  |  |   | 487    |  |  |  | 50 | %
|5.                                        |  | Industrial Fund I, LLC                    |  |  | Various          |        |  |      | Citigroup         |  |      |  | 2,326,334  |      |  |   | 3,612      |  |  |   | 4,173  |  |  |  | 15 | %
|6.                                        |  | Singapore Airport Logistics Center Bldg 1 |  |  | Singapore        |        |  |      | Boustead Projects |  |      |  | 230,432    |      |  |   | 2,633      |  |  |   | 2,067  |  |  |  | 50 | %
|7.                                        |  | Sterling Distribution 1 & 2               |  |  | Los Angeles      |        |  |      | Majestic Realty   |  |      |  | 1,490,000  |      |  |   | 1,257      |  |  |   | 10,429 |  |  |  | 40 | %
|8.                                        |  | Sterling Distribution 3                   |  |  | Los Angeles      |        |  |      | Majestic Realty   |  |      |  | 390,000    |      |  |   | 620        |  |  |   | 2,214  |  |  |  | 50 | %
|9.                                        |  | Nash Logistics Center                     |  |  | Los Angeles      |        |  |      | AMB  IAC         |  |      |  | 75,000     |      |  |   | 1,412      |  |  |   |       |  |  |  | 50 | %
|10.                                       |  | Singapore Airport Logistics Center Bldg 2 |  |  | Singapore        |        |  |      | Boustead Projects |  |      |  | 254,267    |      |  |   | 1,589      |  |  |   |       |  |  |  | 50 | %
|                                          |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            |  |  |  
|                                          |  | Total Unconsolidated Joint Ventures       |  |  |                  |        |  |      |                   |  |      |  | 11,501,371 |      |  | $ | 55,166     |  |  | $ | 52,009 |  |  |  |    |  
|                                          |  |                                           |  |  |                  |        |  |      |                   |  |      |  |            |      |  |   |            |  |  |  









|    |                  
|--- | -----------------
|11. | Partners Capital



F-24



---



##### 









5 8






F-25



---



##### 









|                      |  |          |                                          |  |      |   |      |      |  |   |      |  |  |   |      | 
|--------------------- |  | -------- | ---------------------------------------- |  | ---- | - | ---- | ---- |  | - | ---- |  |  | - | ---- | 
|Paying Entity         |  | Security |                                          |  | 2004 |   |      | 2003 |  |   | 2002 | 
|                      |  |          |                                          |  |      |   |      |      |  |   |      | 
|Operating Partnership |  |          | Common limited partnership units         |  |      | $ | 1.70 |      |  | $ | 1.66 |  |  | $ | 1.64 | 
|Operating Partnership |  |          | Series B preferred units                 |  |      |   | n/a  |      |  | $ | 3.71 |  |  | $ | 4.31 | 
|Operating Partnership |  |          | Series J preferred units                 |  |      | $ | 3.98 |      |  | $ | 3.98 |  |  | $ | 3.98 | 
|Operating Partnership |  |          | Series K preferred units                 |  |      | $ | 3.98 |      |  | $ | 3.98 |  |  | $ | 2.96 | 
|AMB Property II, L.P. |  |          | Class B common limited partnership units |  |      | $ | 1.70 |      |  | $ | 0.22 |  |  |   | n/a  | 
|AMB Property II, L.P. |  |          | Series D preferred units                 |  |      | $ | 3.88 |      |  | $ | 3.88 |  |  | $ | 3.88 | 
|AMB Property II, L.P. |  |          | Series E preferred units                 |  |      | $ | 3.88 |      |  | $ | 3.88 |  |  | $ | 3.88 | 
|AMB Property II, L.P. |  |          | Series F preferred units                 |  |      | $ | 3.98 |      |  | $ | 3.98 |  |  | $ | 3.98 | 
|AMB Property II, L.P. |  |          | Series G preferred units                 |  |      |   | n/a  |      |  |   | n/a  |  |  | $ | 2.14 | 
|AMB Property II, L.P. |  |          | Series H preferred units                 |  |      | $ | 4.06 |      |  | $ | 4.06 |  |  | $ | 4.06 | 
|AMB Property II, L.P. |  |          | Series I preferred units                 |  |      | $ | 4.00 |      |  | $ | 4.00 |  |  | $ | 4.00 | 
|AMB Property II, L.P. |  |          | Series N preferred units                 |  |      | $ | 0.70 |      |  |   | n/a  |  |  |   | n/a  | 



|    |                                                                     
|--- | --------------------------------------------------------------------
|12. | Stock Incentive Plan, 401(k) Plan and Deferred Compensation
    Plan

Stock Incentive Plan.


Accounting
for Stock-Based Compensation.


F-26



---



##### 





Accounting for
Stock-Based Compensation  Transition and
Disclosure  An Amendment of FASB Statement
No. 123




F-27



---



##### 





|                                              |  |        |           |          |          |   |         |             |  |  |       | 
|--------------------------------------------- |  | ------ | --------- | -------- | -------- | - | ------- | ----------- |  |  | ----- | 
|                                              |  |        |           | Weighted |          |   | Options |            
|                                              |  | Shares |           |          | Average  |   |         | Exercisable | 
|                                              |  | Under  |           |          | Exercise |   |         | at Year     | 
|                                              |  | Option |           |          | Price    |   |         | End         | 
|                                              |  |        |           |          |          |   |         |             | 
|Outstanding as of December 31, 2000           |  |        | 5,767     |          |          | $ | 20.83   |             |  |  | 3,326 | 
|                                              |  |        |           |          |          |   |         |             | 
|Granted                                       |  |        | 1,924     |          |          |   | 24.61   |             |  |  |       | 
|Exercised                                     |  |        | (202)     |          |          |   | 21.15   |             |  |  |       | 
|Forfeited                                     |  |        | (52)      |          |          |   | 22.45   |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 
|Outstanding as of December 31, 2001           |  |        | 7,437     |          |          |   | 22.16   |             |  |  | 4,623 | 
|                                              |  |        |           |          |          |   |         |             | 
|Granted                                       |  |        | 1,990     |          |          |   | 26.48   |             |  |  |       | 
|Exercised                                     |  |        | (566)     |          |          |   | 21.41   |             |  |  |       | 
|Forfeited                                     |  |        | (96)      |          |          |   | 24.48   |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 
|Outstanding as of December 31, 2002           |  |        | 8,765     |          |          |   | 23.16   |             |  |  | 5,526 | 
|                                              |  |        |           |          |          |   |         |             | 
|Granted                                       |  |        | 1,854     |          |          |   | 27.18   |             |  |  |       | 
|Exercised                                     |  |        | (318)     |          |          |   | 21.94   |             |  |  |       | 
|Forfeited                                     |  |        | (15)      |          |          |   | 25.67   |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 
|Outstanding as of December 31, 2003           |  |        | 10,286    |          |          |   | 23.92   |             |  |  | 7,210 | 
|                                              |  |        |           |          |          |   |         |             | 
|Granted                                       |  |        | 1,253     |          |          |   | 34.88   |             |  |  |       | 
|Exercised                                     |  |        | (1,233)   |          |          |   | 22.45   |             |  |  |       | 
|Forfeited                                     |  |        | (85)      |          |          |   | 29.43   |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 
|Outstanding as of December 31, 2004           |  |        | 10,221    |          |          | $ | 25.40   |             |  |  | 7,841 | 
|                                              |  |        |           |          |          |   |         |             | 
|Remaining average contractual life            |  |        | 6.3 years |          |          |   |         |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 
|Fair value of options granted during the year |  | $      | 4.12      |          |          |   |         |             |  |  |       | 
|                                              |  |        |           |          |          |   |         |             | 



401(k) Plan.


F-28



---



##### 



Deferred Compensation Plan.




|    |                
|--- | ---------------
|13. | Income Per Unit



|                              |                                    |                                       |  |            |            |  |  |            |            |  |  |            |            | 
|----------------------------- | ---------------------------------- | ------------------------------------- |  | ---------- | ---------- |  |  | ---------- | ---------- |  |  | ---------- | ---------- | 
|                              |                                    | 2004                                  |  |            | 2003       |  |  | 2002       |           
|                              |                                    |                                       |  |            |            |  |  |            |           
|WEIGHTED AVERAGE COMMON UNITS |                                    |                                       |  |            |            |  |  |            |            |  |  |           
|                              | Basic                              |                                       |  | 86,885,250 |            |  |  | 85,859,899 |            |  |  | 88,204,208 |           
|                              | Stock options and restricted stock |                                       |  | 3,235,000  |            |  |  | 1,756,466  |            |  |  | 1,485,102  |           
|                              |                                    |                                       |  |            |            |  |  |            |           
|                              |                                    | Diluted weighted average common units |  |            | 90,120,250 |  |  |            | 87,616,365 |  |  |            | 89,689,310 | 
|                              |                                    |                                       |  |            |            |  |  |            |           



|    |                              
|--- | -----------------------------
|14. | Commitments and Contingencies



| |            
| | -----------
| | Commitments

Lease Commitments.


|           |       |   |         |         | 
|---------- | ----- | - | ------- | ------- | 
|2005       |       | $ | 10,810  |        
|2006       |       |   | 11,320  |        
|2007       |       |   | 11,280  |        
|2008       |       |   | 11,310  |        
|2009       |       |   | 11,169  |        
|Thereafter |       |   | 222,437 |        
|           |       |   |        
|           | Total |   | $       | 278,326 | 
|           |       |   |        

Standby Letters of Credit.


Guarantees.


F-29



---



##### 





Performance and Surety Bonds.


Promoted Interests and Other Contractual Obligations.


Contingencies


Litigation.


Environmental Matters.


General Uninsured Losses.


Captive Insurance Company.


F-30



---



##### 





F-31



---



##### 





|    |                                     
|--- | ------------------------------------
|15. | Quarterly Financial Data (Unaudited)



|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |            |         | 
|------------------------------------------------------------ | --------------------------------- | ------------------------------------------ | -------- | ---------- | ------- | - | -------- | ------------ | ------ | - | ----------- | ---------- | ------ | ---- | -------- | ---------- | ------ | - | -------- | ---------- | ------- | 
|                                                             |                                   | Quarter (unaudited) (1)                    |          |            |        
|2004                                                         |                                   |                                            |          |            |        
|                                                             |                                   |                                            |          |           
|                                                             |                                   | March 31                                   |          |            | June 30 |   |          | September 30 |        |   | December 31 |            |        | Year |         
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Total revenues                                               |                                   | $                                          | 159,619  |            |         | $ | 159,750  |              |        | $ | 171,952     |            |        | $    | 174,368  |            |        | $ | 665,689  |           
|Income before minority interests and discontinued operations |                                   |                                            | 29,541   |            |         |   | 31,082   |              |        |   | 35,896      |            |        |      | 43,575   |            |        |   | 140,094  |           
|Total minority interests share of income                    |                                   |                                            | (11,941) |            |         |   | (13,229) |              |        |   | (13,395)    |            |        |      | (13,678) |            |        |   | (52,243) |           
|Income from continuing operations                            |                                   |                                            | 17,600   |            |         |   | 17,853   |              |        |   | 22,501      |            |        |      | 29,897   |            |        |   | 87,851   |           
|Total discontinued operations                                |                                   |                                            | 1,396    |            |         |   | 3,602    |              |        |   | 12,814      |            |        |      | 32,853   |            |        |   | 50,665   |           
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             | Net income                        |                                            |          | 18,996     |         |   |          | 21,455       |        |   |             | 35,315     |        |      |          | 62,750     |        |   |          | 138,516    |        
|Preferred unit distributions                                 |                                   |                                            | (3,373)  |            |         |   | (3,373)  |              |        |   | (3,373)     |            |        |      | (3,372)  |            |        |   | (13,491) |           
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 15,623  |   |          | $            | 18,082 |   |             | $          | 31,942 |      |          | $          | 59,378 |   |          | $          | 125,025 | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Basic income per common
    unit (2)                         |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Income from continuing operations |                                            | $        | 0.16       |         |   | $        | 0.17         |        |   | $           | 0.22       |        |      | $        | 0.30       |        |   | $        | 0.86       |        
|                                                             | Discontinued operations           |                                            |          | 0.02       |         |   |          | 0.04         |        |   |             | 0.15       |        |      |          | 0.38       |        |   |          | 0.58       |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 0.18    |   |          | $            | 0.21   |   |             | $          | 0.37   |      |          | $          | 0.68   |   |          | $          | 1.44    | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Diluted income per common
    unit (2)                       |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Income from continuing operations |                                            | $        | 0.15       |         |   | $        | 0.16         |        |   | $           | 0.21       |        |      | $        | 0.29       |        |   | $        | 0.83       |        
|                                                             | Discontinued operations           |                                            |          | 0.02       |         |   |          | 0.04         |        |   |             | 0.14       |        |      |          | 0.36       |        |   |          | 0.56       |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 0.17    |   |          | $            | 0.20   |   |             | $          | 0.35   |      |          | $          | 0.65   |   |          | $          | 1.39    | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                    |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Basic                             |                                            |          | 86,447,303 |         |   |          | 86,824,795   |        |   |             | 86,943,931 |        |      |          | 87,277,240 |        |   |          | 86,885,250 |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             | Diluted                           |                                            |          | 89,617,834 |         |   |          | 89,288,954   |        |   |             | 90,146,245 |        |      |          | 91,003,313 |        |   |          | 90,120,250 |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         






|    |                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.                                                                                                        

F-32



---



##### 



|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |            |         | 
|------------------------------------------------------------ | --------------------------------- | ------------------------------------------ | -------- | ---------- | ------- | - | -------- | ------------ | ------ | - | ----------- | ---------- | ------ | ---- | -------- | ---------- | ------ | - | -------- | ---------- | ------- | 
|                                                             |                                   | Quarter (unaudited) (1)                    |          |            |        
|2003                                                         |                                   |                                            |          |            |        
|                                                             |                                   |                                            |          |           
|                                                             |                                   | March 31                                   |          |            | June 30 |   |          | September 30 |        |   | December 31 |            |        | Year |         
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Total revenues                                               |                                   | $                                          | 143,795  |            |         | $ | 143,051  |              |        | $ | 143,048     |            |        | $    | 156,735  |            |        | $ | 586,629  |           
|Income before minority interests and discontinued operations |                                   |                                            | 34,525   |            |         |   | 24,492   |              |        |   | 33,738      |            |        |      | 42,273   |            |        |   | 135,028  |           
|Total minority interests share of income                    |                                   |                                            | (10,182) |            |         |   | (11,194) |              |        |   | (15,807)    |            |        |      | (16,084) |            |        |   | (53,267) |           
|Income from continuing operations                            |                                   |                                            | 24,343   |            |         |   | 13,298   |              |        |   | 17,931      |            |        |      | 26,189   |            |        |   | 81,761   |           
|Total discontinued operations                                |                                   |                                            | 40,211   |            |         |   | 7,495    |              |        |   | 11,913      |            |        |      | 5,709    |            |        |   | 65,328   |           
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             | Net income                        |                                            |          | 64,554     |         |   |          | 20,793       |        |   |             | 29,844     |        |      |          | 31,898     |        |   |          | 147,089    |        
|Preferred unit distributions                                 |                                   |                                            | (5,115)  |            |         |   | (5,186)  |              |        |   | (4,462)     |            |        |      | (3,424)  |            |        |   | (18,187) |           
|Preferred unit redemption discount/(issuance costs)          |                                   |                                            |         |            |         |   |         |              |        |   | (3,671)     |            |        |      | (1,742)  |            |        |   | (5,413)  |           
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 59,439  |   |          | $            | 15,607 |   |             | $          | 21,711 |      |          | $          | 26,732 |   |          | $          | 123,489 | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Basic income per common
    unit (2)                         |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Income from continuing operations |                                            | $        | 0.22       |         |   | $        | 0.09         |        |   | $           | 0.11       |        |      | $        | 0.24       |        |   | $        | 0.68       |        
|                                                             | Discontinued operations           |                                            |          | 0.47       |         |   |          | 0.09         |        |   |             | 0.14       |        |      |          | 0.07       |        |   |          | 0.76       |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 0.69    |   |          | $            | 0.18   |   |             | $          | 0.25   |      |          | $          | 0.31   |   |          | $          | 1.44    | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|Diluted income per common
    unit (2)                       |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Income from continuing operations |                                            | $        | 0.22       |         |   | $        | 0.09         |        |   | $           | 0.11       |        |      | $        | 0.24       |        |   | $        | 0.66       |        
|                                                             | Discontinued operations           |                                            |          | 0.46       |         |   |          | 0.09         |        |   |             | 0.14       |        |      |          | 0.06       |        |   |          | 0.75       |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             |                                   | Net income available to common unitholders |          | $          | 0.68    |   |          | $            | 0.18   |   |             | $          | 0.25   |      |          | $          | 0.30   |   |          | $          | 1.41    | 
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|WEIGHTED AVERAGE COMMON UNITS OUTSTANDING                    |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |          |            |        |   |          |           
|                                                             | Basic                             |                                            |          | 85,944,112 |         |   |          | 85,852,418   |        |   |             | 85,776,261 |        |      |          | 85,858,038 |        |   |          | 85,859,899 |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         
|                                                             | Diluted                           |                                            |          | 87,360,543 |         |   |          | 87,302,896   |        |   |             | 87,399,544 |        |      |          | 88,360,432 |        |   |          | 87,616,365 |        
|                                                             |                                   |                                            |          |            |         |   |          |              |        |   |             |            |        |      |         






|    |                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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-33



---



##### 









|                                                          |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         |  |          |         |         |  |          |         |         | 
|--------------------------------------------------------- | ----------------------------- | ------------------------------------- | -------- | ------- | ---------------- |  | -------- | ------- | ------- |  | -------- | ------- | ------- | ---- | -------- | ------- | ------- |  | -------- | ------- | ------- |  | -------- | ------- | ------- | 
|                                                          |                               | Rental Revenues                       |          |         | Property NOI (1) | 
|                                                          |                               |                                       |          |         |                  | 
|                                                          |                               | 2004                                  |          |         | 2003             |  |          | 2002    |         |  | 2004     |         |         | 2003 |          |         | 2002    | 
|Segments                                                  |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         | 
|Industrial domestic hub and gateway markets:              |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         |  |          |         |         |  |          |        
|                                                          | Atlanta                       |                                       | $        | 30,411  |                  |  | $        | 29,080  |         |  | $        | 30,444  |         |      | $        | 23,765  |         |  | $        | 23,048  |         |  | $        | 23,970  |        
|                                                          | Chicago                       |                                       |          | 44,991  |                  |  |          | 43,837  |         |  |          | 45,114  |         |      |          | 31,378  |         |  |          | 29,934  |         |  |          | 31,446  |        
|                                                          | Dallas / Fort Worth           |                                       |          | 16,551  |                  |  |          | 17,015  |         |  |          | 26,697  |         |      |          | 11,218  |         |  |          | 11,457  |         |  |          | 18,915  |        
|                                                          | Los Angeles                   |                                       |          | 103,438 |                  |  |          | 94,025  |         |  |          | 77,700  |         |      |          | 80,960  |         |  |          | 74,633  |         |  |          | 61,250  |        
|                                                          | Northern New Jersey/ New York |                                       |          | 64,686  |                  |  |          | 52,709  |         |  |          | 47,422  |         |      |          | 45,046  |         |  |          | 34,735  |         |  |          | 31,845  |        
|                                                          | San Francisco Bay Area        |                                       |          | 98,885  |                  |  |          | 109,819 |         |  |          | 129,858 |         |      |          | 79,429  |         |  |          | 90,008  |         |  |          | 109,000 |        
|                                                          | Miami                         |                                       |          | 33,821  |                  |  |          | 32,902  |         |  |          | 35,164  |         |      |          | 23,027  |         |  |          | 23,308  |         |  |          | 25,516  |        
|                                                          | Seattle                       |                                       |          | 41,675  |                  |  |          | 31,813  |         |  |          | 25,656  |         |      |          | 32,539  |         |  |          | 24,863  |         |  |          | 20,394  |        
|                                                          | On-Tarmac                     |                                       |          | 54,425  |                  |  |          | 48,909  |         |  |          | 30,617  |         |      |          | 30,623  |         |  |          | 26,639  |         |  |          | 17,161  |        
|                                                          |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         | 
|                                                          |                               | Total industrial domestic hub markets |          |         | 488,883          |  |          |         | 460,109 |  |          |         | 448,672 |      |          |         | 357,985 |  |          |         | 338,625 |  |          |         | 339,497 | 
|Other domestic target markets                             |                               |                                       | 109,474  |         |                  |  | 103,070  |         |         |  | 104,565  |         |         |      | 80,084   |         |         |  | 74,178   |         |         |  | 75,567   |        
|Other domestic non-target markets                         |                               |                                       | 34,066   |         |                  |  | 28,976   |         |         |  | 46,968   |         |         |      | 25,387   |         |         |  | 21,000   |         |         |  | 35,235   |        
|International target markets                              |                               |                                       | 25,641   |         |                  |  | 6,101    |         |         |  | 739      |         |         |      | 20,694   |         |         |  | 5,697    |         |         |  | 686      |        
|Straight-line rents and amortization of lease intangibles |                               |                                       | 16,281   |         |                  |  | 10,662   |         |         |  | 11,013   |         |         |      | 16,281   |         |         |  | 10,662   |         |         |  | 11,013   |        
|Total retail and other markets                            |                               |                                       | 6,403    |         |                  |  | 12,390   |         |         |  | 16,896   |         |         |      | 3,545    |         |         |  | 7,541    |         |         |  | 10,597   |        
|Discontinued operations                                   |                               |                                       | (27,954) |         |                  |  | (48,016) |         |         |  | (76,815) |         |         |      | (19,688) |         |         |  | (36,434) |         |         |  | (57,008) |        
|                                                          |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         | 
|                                                          | Total                         |                                       | $        | 652,794 |                  |  | $        | 573,292 |         |  | $        | 552,038 |         |      | $        | 484,288 |         |  | $        | 421,269 |         |  | $        | 415,587 |        
|                                                          |                               |                                       |          |         |                  |  |          |         |         |  |          |         |         |      |          |         |         | 






|    |                                                                                                                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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-34



---



##### 





|                                                    |            |      |           |         |      |   |           |         |  |   |           |         | 
|--------------------------------------------------- | ---------- | ---- | --------- | ------- | ---- | - | --------- | ------- |  | - | --------- | ------- | 
|                                                    |            | 2004 |           |         | 2003 |   |           | 2002    | 
|                                                    |            |      |           |         |      |   |           |         | 
|Property NOI                                        |            | $    | 484,288   |         |      | $ | 421,269   |         |  | $ | 415,587   |        
|Private capital income                              |            |      | 12,895    |         |      |   | 13,337    |         |  |   | 11,193    |        
|Depreciation and amortization                       |            |      | (160,026) |         |      |   | (132,167) |         |  |   | (121,069) |        
|Impairment losses                                   |            |      |          |         |      |   | (5,251)   |         |  |   | (2,846)   |        
|General and administrative                          |            |      | (58,956)  |         |      |   | (46,429)  |         |  |   | (45,149)  |        
|Fund costs                                          |            |      | (1,741)   |         |      |   | (825)     |         |  |   | (1,051)   |        
|Equity in earnings of unconsolidated joint ventures |            |      | 3,781     |         |      |   | 5,445     |         |  |   | 5,674     |        
|Interest and other income                           |            |      | 3,958     |         |      |   | 4,009     |         |  |   | 9,446     |        
|Gains from dispositions of real estate              |            |      | 5,219     |         |      |   | 7,429     |         |  |   | 8,771     |        
|Development profits, net of taxes                   |            |      | 8,528     |         |      |   | 14,441    |         |  |   | 1,171     |        
|Interest, including amortization                    |            |      | (157,852) |         |      |   | (146,230) |         |  |   | (142,918) |        
|Total minority interests share of income           |            |      | (52,243)  |         |      |   | (53,267)  |         |  |   | (41,332)  |        
|Total discontinued operations                       |            |      | 50,665    |         |      |   | 65,328    |         |  |   | 41,577    |        
|                                                    |            |      |           |         |      |   |           |         | 
|                                                    | Net income |      | $         | 138,516 |      |   | $         | 147,089 |  |   | $         | 139,054 | 
|                                                    |            |      |           |         |      |   |           |         | 



|                                             |                               |                                       |         |         |                   |  |         |         |           | 
|-------------------------------------------- | ----------------------------- | ------------------------------------- | ------- | ------- | ----------------- |  | ------- | ------- | --------- | 
|                                             |                               | Total Assets as of                    |        
|                                             |                               |                                       |        
|                                             |                               | December 31, 2004                     |         |         | December 31, 2003 | 
|                                             |                               |                                       |         |         |                   | 
|Industrial domestic hub and gateway markets: |                               |                                       |         |         |                   |  |         |        
|                                             | Atlanta                       |                                       | $       | 204,554 |                   |  | $       | 256,304 |          
|                                             | Chicago                       |                                       |         | 479,919 |                   |  |         | 365,019 |          
|                                             | Dallas/ Fort Worth            |                                       |         | 143,953 |                   |  |         | 137,367 |          
|                                             | Los Angeles                   |                                       |         | 922,401 |                   |  |         | 851,630 |          
|                                             | Northern New Jersey/ New York |                                       |         | 775,784 |                   |  |         | 488,998 |          
|                                             | San Francisco Bay Area        |                                       |         | 788,120 |                   |  |         | 792,012 |          
|                                             | Miami                         |                                       |         | 363,694 |                   |  |         | 350,872 |          
|                                             | Seattle                       |                                       |         | 377,142 |                   |  |         | 374,136 |          
|                                             | On-Tarmac                     |                                       |         | 239,377 |                   |  |         | 260,099 |          
|                                             |                               |                                       |         |         |                   | 
|                                             |                               | Total industrial domestic hub markets |         |         | 4,294,944         |  |         |         | 3,876,437 | 
|Other domestic target markets                |                               |                                       | 825,930 |         |                   |  | 705,724 |        
|Other non-target markets and other           |                               |                                       | 308,428 |         |                   |  | 268,064 |        
|International target markets                 |                               |                                       | 684,184 |         |                   |  | 199,824 |        
|Total retail and other markets               |                               |                                       | 15,915  |         |                   |  | 41,967  |        
|Non-segment
    assets (1)                   |                               |                                       | 257,542 |         |                   |  | 317,543 |        
|                                             |                               |                                       |         |         |                   | 
|                                             |                               | Total assets                          |         | $       | 6,386,943         |  |         | $       | 5,409,559 | 
|                                             |                               |                                       |         |         |                   | 






|    |                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Non-segment assets consist of corporate assets including cash,
    investments in unconsolidated joint ventures and mortgages
    receivable.

F-35



---



##### 





|    |                                            
|--- | -------------------------------------------
|17. | Pro Forma Financial Information (Unaudited)





|                                           |                                                                                                                                                      |                                            |         |            |      |   |         |            |      | 
|------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | ---------- | ---- | - | ------- | ---------- | ---- | 
|                                           |                                                                                                                                                      | 2004                                       |         |            | 2003 |  
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|                                           |                                                                                                                                                      | (in thousands, except unit and per         |        
|                                           |                                                                                                                                                      | unit amounts)                              |        
|Rental revenues                            |                                                                                                                                                      | $                                          | 683,692 |            |      | $ | 624,650 |           
|Income from continuing operations          |                                                                                                                                                      | $                                          | 93,113  |            |      | $ | 84,388  |           
|Total discontinued operations              |                                                                                                                                                      | $                                          | 50,665  |            |      | $ | 65,328  |           
|Net income                                 |                                                                                                                                                      | $                                          | 143,778 |            |      | $ | 149,716 |           
|Net income available to common unitholders |                                                                                                                                                      | $                                          | 130,287 |            |      | $ | 126,116 |           
|Basic income per common unit               |                                                                                                                                                      |                                            |         |            |      |   |         |           
|                                           | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/(issuance
    costs or premium)) |                                            | $       | 0.92       |      |   | $       | 0.71       |     
|                                           | Discontinued operations                                                                                                                              |                                            |         | 0.58       |      |   |         | 0.76       |     
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|                                           |                                                                                                                                                      | Net income available to common unitholders |         | $          | 1.50 |   |         | $          | 1.47 | 
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|Diluted income per common unit             |                                                                                                                                                      |                                            |         |            |      |   |         |           
|                                           | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/(issuance
    costs or premium)) |                                            | $       | 0.88       |      |   | $       | 0.69       |     
|                                           | Discontinued operations                                                                                                                              |                                            |         | 0.56       |      |   |         | 0.75       |     
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|                                           |                                                                                                                                                      | Net income available to common unitholders |         | $          | 1.44 |   |         | $          | 1.44 | 
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|Weighted Average Common Units Outstanding  |                                                                                                                                                      |                                            |         |            |      |   |         |           
|                                           | Basic                                                                                                                                                |                                            |         | 86,885,250 |      |   |         | 85,859,899 |     
|                                           |                                                                                                                                                      |                                            |         |            |      |  
|                                           | Diluted                                                                                                                                              |                                            |         | 90,120,250 |      |   |         | 87,616,365 |     
|                                           |                                                                                                                                                      |                                            |         |            |      |  



F-36



---



##### 





|                                           |                                                                                                                                                       |                                            |         |            |      |   |         |            |      | 
|------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | ---------- | ---- | - | ------- | ---------- | ---- | 
|                                           |                                                                                                                                                       | 2003                                       |         |            | 2002 |  
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|                                           |                                                                                                                                                       | (in thousands, except unit and per         |        
|                                           |                                                                                                                                                       | unit amounts)                              |        
|Rental revenues                            |                                                                                                                                                       | $                                          | 602,090 |            |      | $ | 586,067 |           
|Income from continuing operations          |                                                                                                                                                       | $                                          | 84,312  |            |      | $ | 98,136  |           
|Total discontinued operations              |                                                                                                                                                       | $                                          | 65,328  |            |      | $ | 41,577  |           
|Net income                                 |                                                                                                                                                       | $                                          | 149,640 |            |      | $ | 139,713 |           
|Net income available to common unitholders |                                                                                                                                                       | $                                          | 126,040 |            |      | $ | 120,353 |           
|Basic income per common unit               |                                                                                                                                                       |                                            |         |            |      |   |         |           
|                                           | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/ (issuance
    costs or premium)) |                                            | $       | 0.71       |      |   | $       | 0.89       |     
|                                           | Discontinued operations                                                                                                                               |                                            |         | 0.76       |      |   |         | 0.47       |     
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|                                           |                                                                                                                                                       | Net income available to common unitholders |         | $          | 1.47 |   |         | $          | 1.36 | 
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|Diluted income per common unit             |                                                                                                                                                       |                                            |         |            |      |   |         |           
|                                           | Income from continuing operations (includes preferred unit
    distributions and preferred unit redemption discount/ (issuance
    costs or premium)) |                                            | $       | 0.70       |      |   | $       | 0.88       |     
|                                           | Discontinued operations                                                                                                                               |                                            |         | 0.74       |      |   |         | 0.46       |     
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|                                           |                                                                                                                                                       | Net income available to common unitholders |         | $          | 1.44 |   |         | $          | 1.34 | 
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|Weighted Average Common Units Outstanding  |                                                                                                                                                       |                                            |         |            |      |   |         |           
|                                           | Basic                                                                                                                                                 |                                            |         | 85,986,705 |      |   |         | 88,349,756 |     
|                                           |                                                                                                                                                       |                                            |         |            |      |  
|                                           | Diluted                                                                                                                                               |                                            |         | 87,743,171 |      |   |         | 89,834,858 |     
|                                           |                                                                                                                                                       |                                            |         |            |      |  

F-37



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                                                     |  |       |    |  |          |  |    |      |  |                 |                  |  |                   |      |        |               |              |   |        |             |  |   |        |  |  |   |        |  
|---------------------------------------------------- |  | ----- | -- |  | -------- |  | -- | ---- |  | --------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ | - | ------ | ----------- |  | - | ------ |  |  | - | ------ | -
|                                                     |  |       |    |  |          |  |    |      |  | Initial Cost to |                  |  |                  
|                                                     |  |       |    |  |          |  |    |      |  | Company         |                  |  |                  
|                                                     |  |       |    |  |          |  |    |      |  |                 |                  |  | Costs Capitalized |     
|                                                     |  | No of |    |  |          |  |    |      |  |                 |                  |  | Building &        |      |        | Subsequent to |             
|Property                                             |  | Bldgs |    |  | Location |  |    | Type |  |                 | Encumbrances (3) |  |                   | Land |        |               | Improvements |   |        | Acquisition | 
|                                                     |  |       |    |  |          |  |    |      |  |                 |                  |  |                   |      |        |               |              |   |        |             | 
|Atlanta                                              |  |       |    |  |          |  |    |      |  |                 |                  |  |                   |      |        |               |              |   |        |             |  |   |        |  |  |   |        |  
|Airport Plaza                                        |  |       | 3  |  |          |  | GA |      |  |                 | IND              |  |                   | $    | 4,392  |               |              | $ | 1,811  |             |  | $ | 5,093  |  |  | $ | 548    |  
|Airport South Business Park                          |  |       | 7  |  |          |  | GA |      |  |                 | IND              |  |                   |      | 16,770 |               |              |   | 10,035 |             |  |   | 16,436 |  |  |   | 6,648  |  
|Atlanta South Business Park                          |  |       | 9  |  |          |  | GA |      |  |                 | IND              |  |                   |      |       |               |              |   | 8,047  |             |  |   | 24,180 |  |  |   | 2,419  |  
|AMB Garden City Industrial                           |  |       | 1  |  |          |  | GA |      |  |                 | IND              |  |                   |      |       |               |              |   | 441    |             |  |   | 2,604  |  |  |   | 6      |  
|AMB South Davis Industrial                           |  |       | 1  |  |          |  | GA |      |  |                 | IND              |  |                   |      |       |               |              |   | 78     |             |  |   | 713    |  |  |   |       |  
|South Ridge at Hartsfield                            |  |       | 1  |  |          |  | GA |      |  |                 | IND              |  |                   |      | 3,991  |               |              |   | 2,096  |             |  |   | 4,008  |  |  |   | 137    |  
|Southfield Logistics Center                          |  |       | 2  |  |          |  | GA |      |  |                 | IND              |  |                   |      | 10,950 |               |              |   | 3,200  |             |  |   | 10,012 |  |  |   | 5,907  |  
|Southfield/ KRDC Industrial SG                       |  |       | 13 |  |          |  | GA |      |  |                 | IND              |  |                   |      | 33,495 |               |              |   | 13,585 |             |  |   | 35,730 |  |  |   | 8,371  |  
|Southside Distribution Center                        |  |       | 1  |  |          |  | GA |      |  |                 | IND              |  |                   |      | 1,064  |               |              |   | 766    |             |  |   | 2,480  |  |  |   | 105    |  
|Sylvan Industrial                                    |  |       | 1  |  |          |  | GA |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,946  |             |  |   | 5,905  |  |  |   | 596    |  
|Chicago                                              |  |       |    |  |          |  |    |      |  |                 |                  |  |                   |      |        |               |              |   |        |             |  |   |        |  |  |   |        |  
|Addison Business Center                              |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,060  |             |  |   | 3,228  |  |  |   | 267    |  
|Alsip Industrial                                     |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,200  |             |  |   | 3,744  |  |  |   | 263    |  
|Bedford Warehouse                                    |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      | 2,742  |               |              |   | 1,354  |             |  |   | 3,225  |  |  |   | 7      |  
|Belden Avenue SGP                                    |  |       | 3  |  |          |  | IL |      |  |                 | IND              |  |                   |      | 9,853  |               |              |   | 5,491  |             |  |   | 13,655 |  |  |   | 433    |  
|Bensenville Ind Park                                 |  |       | 13 |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 20,799 |             |  |   | 62,438 |  |  |   | 15,031 |  
|Bridgeview Industrial                                |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,332  |             |  |   | 3,996  |  |  |   | 547    |  
|Chancellory Warehouse                                |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      | 2,532  |               |              |   | 1,566  |             |  |   | 2,006  |  |  |   | 835    |  
|Chicago Industrial Portfolio                         |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      | 1,500  |               |              |   | 762    |             |  |   | 2,285  |  |  |   | 505    |  
|Chicago Ridge Freight Terminal                       |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 3,705  |             |  |   | 3,576  |  |  |   | 73     |  
|Chicago/ OHare IP Alliance I                        |  |       | 5  |  |          |  | IL |      |  |                 | IND              |  |                   |      | 8,819  |               |              |   | 4,816  |             |  |   | 9,603  |  |  |   | 1,214  |  
|AMB District Industrial                              |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 703    |             |  |   | 1,339  |  |  |   | (1     | )
|Elk Grove Village SG                                 |  |       | 10 |  |          |  | IL |      |  |                 | IND              |  |                   |      | 16,565 |               |              |   | 7,060  |             |  |   | 21,739 |  |  |   | 4,569  |  
|Executive Drive                                      |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,399  |             |  |   | 4,236  |  |  |   | 1,125  |  
|Hamilton Parkway                                     |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,554  |             |  |   | 4,703  |  |  |   | 261    |  
|Hintz Building                                       |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 420    |             |  |   | 1,259  |  |  |   | 309    |  
|Itasca Industrial Portfolio                          |  |       | 6  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 6,416  |             |  |   | 19,289 |  |  |   | 4,206  |  
|Melrose Park Distribution Ctr.                       |  |       | 1  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 2,936  |             |  |   | 9,190  |  |  |   | 2,133  |  
|NDP  Chicago                                        |  |       | 3  |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 1,496  |             |  |   | 4,487  |  |  |   | 1,022  |  
|AMB OHare                                           |  |       | 14 |  |          |  | IL |      |  |                 | IND              |  |                   |      | 9,348  |               |              |   | 3,197  |             |  |   | 8,995  |  |  |   | 1,930  |  
|OHare Industrial Portfolio (DEV) Nicholas Warehouse |  |       | 13 |  |          |  | IL |      |  |                 | IND              |  |                   |      |       |               |              |   | 6,248  |             |  |   | 18,778 |  |  |   | 1,583  |  

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                                     |  |                         |        |            |              |   |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|---------------------------------------------------- |  | ----------------------- | ------ | ---------- | ------------ | - | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------ | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                                                     |  | Gross Amount Carried at |        |            |              |   |         |              | 
|                                                     |  | 12/31/04                |        |            |              |   |         |              | 
|                                                     |  |                         |        |            |              |   | Year of |              |  |            
|                                                     |  |                         |        | Building & |              |   | Total   |              |  | Accumulated |                  |  | Construction/ |             |        | Depreciable |             
|Property                                             |  | Land                    |        |            | Improvements |   |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |        |             | Life (Years) | 
|                                                     |  |                         |        |            |              |   |         |              |  |             |                  |  |               |             |        |             |              | 
|Atlanta                                              |  |                         |        |            |              |   |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Airport Plaza                                        |  | $                       | 1,811  |            |              | $ | 5,641   |              |  | $           | 7,452            |  |               | $           | 206    |             |              |  | 2003 |  |  |  | 5-40 | 
|Airport South Business Park                          |  |                         | 10,035 |            |              |   | 23,084  |              |  |             | 33,119           |  |               |             | 2,837  |             |              |  | 2001 |  |  |  | 5-40 | 
|Atlanta South Business Park                          |  |                         | 8,047  |            |              |   | 26,599  |              |  |             | 34,646           |  |               |             | 5,788  |             |              |  | 1997 |  |  |  | 5-40 | 
|AMB Garden City Industrial                           |  |                         | 441    |            |              |   | 2,610   |              |  |             | 3,051            |  |               |             | 21     |             |              |  | 2004 |  |  |  | 5-40 | 
|AMB South Davis Industrial                           |  |                         | 78     |            |              |   | 713     |              |  |             | 791              |  |               |             | 5      |             |              |  | 2004 |  |  |  | 5-40 | 
|South Ridge at Hartsfield                            |  |                         | 2,096  |            |              |   | 4,145   |              |  |             | 6,241            |  |               |             | 406    |             |              |  | 2001 |  |  |  | 5-40 | 
|Southfield Logistics Center                          |  |                         | 3,200  |            |              |   | 15,919  |              |  |             | 19,119           |  |               |             | 2,351  |             |              |  | 2002 |  |  |  | 5-40 | 
|Southfield/ KRDC Industrial SG                       |  |                         | 13,585 |            |              |   | 44,101  |              |  |             | 57,686           |  |               |             | 4,799  |             |              |  | 1997 |  |  |  | 5-40 | 
|Southside Distribution Center                        |  |                         | 766    |            |              |   | 2,585   |              |  |             | 3,351            |  |               |             | 239    |             |              |  | 2001 |  |  |  | 5-40 | 
|Sylvan Industrial                                    |  |                         | 1,946  |            |              |   | 6,501   |              |  |             | 8,447            |  |               |             | 926    |             |              |  | 1999 |  |  |  | 5-40 | 
|Chicago                                              |  |                         |        |            |              |   |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Addison Business Center                              |  |                         | 1,060  |            |              |   | 3,495   |              |  |             | 4,555            |  |               |             | 465    |             |              |  | 2000 |  |  |  | 5-40 | 
|Alsip Industrial                                     |  |                         | 1,200  |            |              |   | 4,007   |              |  |             | 5,207            |  |               |             | 749    |             |              |  | 1998 |  |  |  | 5-40 | 
|Bedford Warehouse                                    |  |                         | 1,354  |            |              |   | 3,232   |              |  |             | 4,586            |  |               |             | 258    |             |              |  | 2001 |  |  |  | 5-40 | 
|Belden Avenue SGP                                    |  |                         | 5,491  |            |              |   | 14,088  |              |  |             | 19,579           |  |               |             | 2,054  |             |              |  | 1997 |  |  |  | 5-40 | 
|Bensenville Ind Park                                 |  |                         | 20,799 |            |              |   | 77,469  |              |  |             | 98,268           |  |               |             | 17,796 |             |              |  | 1997 |  |  |  | 5-40 | 
|Bridgeview Industrial                                |  |                         | 1,332  |            |              |   | 4,543   |              |  |             | 5,875            |  |               |             | 748    |             |              |  | 1997 |  |  |  | 5-40 | 
|Chancellory Warehouse                                |  |                         | 1,566  |            |              |   | 2,841   |              |  |             | 4,407            |  |               |             | 247    |             |              |  | 2002 |  |  |  | 5-40 | 
|Chicago Industrial Portfolio                         |  |                         | 762    |            |              |   | 2,790   |              |  |             | 3,552            |  |               |             | 497    |             |              |  | 1997 |  |  |  | 5-40 | 
|Chicago Ridge Freight Terminal                       |  |                         | 3,705  |            |              |   | 3,649   |              |  |             | 7,354            |  |               |             | 356    |             |              |  | 2001 |  |  |  | 5-40 | 
|Chicago/ OHare IP Alliance I                        |  |                         | 4,816  |            |              |   | 10,817  |              |  |             | 15,633           |  |               |             | 1,081  |             |              |  | 2001 |  |  |  | 5-40 | 
|AMB District Industrial                              |  |                         | 703    |            |              |   | 1,338   |              |  |             | 2,041            |  |               |             | 4      |             |              |  | 2004 |  |  |  | 5-40 | 
|Elk Grove Village SG                                 |  |                         | 7,060  |            |              |   | 26,308  |              |  |             | 33,368           |  |               |             | 3,302  |             |              |  | 1997 |  |  |  | 5-40 | 
|Executive Drive                                      |  |                         | 1,399  |            |              |   | 5,361   |              |  |             | 6,760            |  |               |             | 1,268  |             |              |  | 1997 |  |  |  | 5-40 | 
|Hamilton Parkway                                     |  |                         | 1,554  |            |              |   | 4,964   |              |  |             | 6,518            |  |               |             | 961    |             |              |  | 1997 |  |  |  | 5-40 | 
|Hintz Building                                       |  |                         | 420    |            |              |   | 1,568   |              |  |             | 1,988            |  |               |             | 318    |             |              |  | 1998 |  |  |  | 5-40 | 
|Itasca Industrial Portfolio                          |  |                         | 6,416  |            |              |   | 23,495  |              |  |             | 29,911           |  |               |             | 5,513  |             |              |  | 1997 |  |  |  | 5-40 | 
|Melrose Park Distribution Ctr.                       |  |                         | 2,936  |            |              |   | 11,323  |              |  |             | 14,259           |  |               |             | 2,806  |             |              |  | 1997 |  |  |  | 5-40 | 
|NDP  Chicago                                        |  |                         | 1,496  |            |              |   | 5,509   |              |  |             | 7,005            |  |               |             | 1,270  |             |              |  | 1998 |  |  |  | 5-40 | 
|AMB OHare                                           |  |                         | 3,197  |            |              |   | 10,925  |              |  |             | 14,122           |  |               |             | 1,516  |             |              |  | 1999 |  |  |  | 5-40 | 
|OHare Industrial Portfolio (DEV) Nicholas Warehouse |  |                         | 6,248  |            |              |   | 20,361  |              |  |             | 26,609           |  |               |             | 4,800  |             |              |  | 1997 |  |  |  | 5.40 | 

S-1



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|------------------------------ |  | ----- | -- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                               |  |       |    |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                               |  | No of |    |  |          |  |    |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                       |  | Bldgs |    |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|Poplar Gateway Truck Terminal  |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,551  |             |  |  | 3,152  |  |  |  | 1      | 
|AMB Port OHare                |  |       | 2  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 5,975  |               |              |  | 4,913  |             |  |  | 5,761  |  |  |  | 1,157  | 
|AMB Sivert Distribution        |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      |       |               |              |  | 857    |             |  |  | 1,377  |  |  |  |       | 
|Stone Distribution Center      |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 2,932  |               |              |  | 2,242  |             |  |  | 3,266  |  |  |  | 11     | 
|Thorndale Distribution         |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 5,454  |               |              |  | 4,130  |             |  |  | 4,216  |  |  |  | 325    | 
|Touhy Cargo Terminal           |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 5,303  |               |              |  | 2,800  |             |  |  | 110    |  |  |  | 4,550  | 
|AMB Turnberry Distribution     |  |       | 5  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 48,500 |               |              |  | 19,112 |             |  |  | 78,361 |  |  |  |       | 
|Windsor Court                  |  |       | 1  |  |          |  | IL |      |  |                         | IND              |  |                   |      |       |               |              |  | 766    |             |  |  | 2,338  |  |  |  | 102    | 
|Wood Dale Industrial SG        |  |       | 5  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 8,582  |               |              |  | 2,869  |             |  |  | 9,166  |  |  |  | 952    | 
|Yohan Industrial               |  |       | 3  |  |          |  | IL |      |  |                         | IND              |  |                   |      | 4,582  |               |              |  | 5,904  |             |  |  | 7,323  |  |  |  | 1,079  | 
|Dallas/ Ft. Worth              |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Addison Technology Center      |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      |       |               |              |  | 899    |             |  |  | 2,696  |  |  |  | 1,254  | 
|Dallas Industrial              |  |       | 12 |  |          |  | TX |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,938  |             |  |  | 17,836 |  |  |  | 4,880  | 
|DFW Airfreight Seefried        |  |       | 3  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 2,375  |               |              |  | 950    |             |  |  | 1,374  |  |  |  | 700    | 
|Greater Dallas Industrial Port |  |       | 5  |  |          |  | TX |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,633  |             |  |  | 18,414 |  |  |  | 1,682  | 
|Lincoln Industrial Center      |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      |       |               |              |  | 671    |             |  |  | 2,052  |  |  |  | 303    | 
|Lonestar Portfolio             |  |       | 6  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 16,323 |               |              |  | 6,280  |             |  |  | 19,917 |  |  |  | 2,944  | 
|Northfield Dist. Center        |  |       | 6  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 22,257 |               |              |  | 6,446  |             |  |  | 20,087 |  |  |  | 6,472  | 
|Richardson Tech Center SGP     |  |       | 2  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 5,008  |               |              |  | 1,524  |             |  |  | 5,887  |  |  |  | 2,331  | 
|Valwood Industrial             |  |       | 2  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 3,413  |               |              |  | 1,983  |             |  |  | 5,989  |  |  |  | 2,182  | 
|West North Carrier Parkway     |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 2,763  |               |              |  | 1,375  |             |  |  | 4,165  |  |  |  | 1,267  | 
|Los Angeles                    |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Anaheim Industrial Property    |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,457  |             |  |  | 4,341  |  |  |  | 760    | 
|Artesia Industrial             |  |       | 24 |  |          |  | CA |      |  |                         | IND              |  |                   |      | 46,315 |               |              |  | 22,238 |             |  |  | 66,692 |  |  |  | 16,154 | 
|Aviation Logistics Center A-L  |  |       | 8  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 32,000 |               |              |  | 22,141 |             |  |  | 19,178 |  |  |  | 2,767  | 
|Bell Ranch Distribution        |  |       | 5  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 6,904  |             |  |  | 12,915 |  |  |  | 728    | 
|Cabrillo Distribution Center   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 12,449 |               |              |  | 7,563  |             |  |  | 11,177 |  |  |  | 25     | 
|Carson Industrial              |  |       | 12 |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,231  |             |  |  | 10,418 |  |  |  | 4,087  | 
|Carson Town Center             |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 6,565  |             |  |  | 3,210  |  |  |  | 14,529 | 
|Chartwell Distribution Center  |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,711  |             |  |  | 8,191  |  |  |  | 163    | 
|Del Amo Industrial Center      |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,529  |             |  |  | 7,651  |  |  |  | 31     | 
|Eaves Distribution Center      |  |       | 3  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 14,880 |               |              |  | 11,893 |             |  |  | 12,708 |  |  |  | 2,387  | 
|Fordyce Distribution Center    |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 7,351  |               |              |  | 4,340  |             |  |  | 8,335  |  |  |  | 806    | 
|Ford Distribution Cntr         |  |       | 7  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 24,557 |             |  |  | 22,046 |  |  |  | 3,144  | 
|Harris Bus Ctr Alliance I      |  |       | 10 |  |          |  | CA |      |  |                         | IND              |  |                   |      | 26,346 |               |              |  | 19,273 |             |  |  | 26,288 |  |  |  | 2,906  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|------------------------------ |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------ | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                               |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                               |  |                                  |        |            |              |  | Year of |              |  |            
|                               |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |        | Depreciable |             
|Property                       |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |        |             | Life (Years) | 
|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              | 
|Poplar Gateway Truck Terminal  |  |                                  | 4,551  |            |              |  | 3,153   |              |  |             | 7,704            |  |               |             | 158    |             |              |  | 2002 |  |  |  | 5-40 | 
|AMB Port OHare                |  |                                  | 4,913  |            |              |  | 6,918   |              |  |             | 11,831           |  |               |             | 827    |             |              |  | 2001 |  |  |  | 5-40 | 
|AMB Sivert Distribution        |  |                                  | 857    |            |              |  | 1,377   |              |  |             | 2,234            |  |               |             | 13     |             |              |  | 2004 |  |  |  | 5-40 | 
|Stone Distribution Center      |  |                                  | 2,242  |            |              |  | 3,277   |              |  |             | 5,519            |  |               |             | 142    |             |              |  | 2003 |  |  |  | 5-40 | 
|Thorndale Distribution         |  |                                  | 4,130  |            |              |  | 4,541   |              |  |             | 8,671            |  |               |             | 365    |             |              |  | 2002 |  |  |  | 5-40 | 
|Touhy Cargo Terminal           |  |                                  | 2,800  |            |              |  | 4,660   |              |  |             | 7,460            |  |               |             | 162    |             |              |  | 2002 |  |  |  | 5-40 | 
|AMB Turnberry Distribution     |  |                                  | 19,112 |            |              |  | 78,361  |              |  |             | 97,473           |  |               |             | 113    |             |              |  | 2004 |  |  |  | 5-40 | 
|Windsor Court                  |  |                                  | 766    |            |              |  | 2,440   |              |  |             | 3,206            |  |               |             | 468    |             |              |  | 1997 |  |  |  | 5-40 | 
|Wood Dale Industrial SG        |  |                                  | 2,869  |            |              |  | 10,118  |              |  |             | 12,987           |  |               |             | 1,116  |             |              |  | 1999 |  |  |  | 5-40 | 
|Yohan Industrial               |  |                                  | 5,904  |            |              |  | 8,402   |              |  |             | 14,306           |  |               |             | 491    |             |              |  | 2003 |  |  |  | 5-40 | 
|Dallas/ Ft. Worth              |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Addison Technology Center      |  |                                  | 899    |            |              |  | 3,950   |              |  |             | 4,849            |  |               |             | 859    |             |              |  | 1998 |  |  |  | 5-40 | 
|Dallas Industrial              |  |                                  | 5,938  |            |              |  | 22,716  |              |  |             | 28,654           |  |               |             | 5,825  |             |              |  | 1997 |  |  |  | 5-40 | 
|DFW Airfreight Seefried        |  |                                  | 950    |            |              |  | 2,074   |              |  |             | 3,024            |  |               |             | 460    |             |              |  | 2000 |  |  |  | 5-40 | 
|Greater Dallas Industrial Port |  |                                  | 5,633  |            |              |  | 20,096  |              |  |             | 25,729           |  |               |             | 4,911  |             |              |  | 1997 |  |  |  | 5-40 | 
|Lincoln Industrial Center      |  |                                  | 671    |            |              |  | 2,355   |              |  |             | 3,026            |  |               |             | 565    |             |              |  | 1997 |  |  |  | 5-40 | 
|Lonestar Portfolio             |  |                                  | 6,280  |            |              |  | 22,861  |              |  |             | 29,141           |  |               |             | 1,767  |             |              |  | 1997 |  |  |  | 5-40 | 
|Northfield Dist. Center        |  |                                  | 6,446  |            |              |  | 26,559  |              |  |             | 33,005           |  |               |             | 1,532  |             |              |  | 2002 |  |  |  | 5-40 | 
|Richardson Tech Center SGP     |  |                                  | 1,524  |            |              |  | 8,218   |              |  |             | 9,742            |  |               |             | 554    |             |              |  | 1997 |  |  |  | 5-40 | 
|Valwood Industrial             |  |                                  | 1,983  |            |              |  | 8,171   |              |  |             | 10,154           |  |               |             | 2,021  |             |              |  | 1997 |  |  |  | 5-40 | 
|West North Carrier Parkway     |  |                                  | 1,375  |            |              |  | 5,432   |              |  |             | 6,807            |  |               |             | 1,111  |             |              |  | 1997 |  |  |  | 5-40 | 
|Los Angeles                    |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Anaheim Industrial Property    |  |                                  | 1,457  |            |              |  | 5,101   |              |  |             | 6,558            |  |               |             | 1,107  |             |              |  | 1997 |  |  |  | 5-40 | 
|Artesia Industrial             |  |                                  | 22,238 |            |              |  | 80,771  |              |  |             | 103,009          |  |               |             | 16,717 |             |              |  | 1997 |  |  |  | 5-40 | 
|Aviation Logistics Center A-L  |  |                                  | 22,141 |            |              |  | 21,945  |              |  |             | 44,086           |  |               |             | 787    |             |              |  | 2003 |  |  |  | 5-40 | 
|Bell Ranch Distribution        |  |                                  | 6,904  |            |              |  | 13,643  |              |  |             | 20,547           |  |               |             | 1,321  |             |              |  | 2001 |  |  |  | 5-40 | 
|Cabrillo Distribution Center   |  |                                  | 7,563  |            |              |  | 11,202  |              |  |             | 18,765           |  |               |             | 564    |             |              |  | 2002 |  |  |  | 5-40 | 
|Carson Industrial              |  |                                  | 4,231  |            |              |  | 15,284  |              |  |             | 19,515           |  |               |             | 2,447  |             |              |  | 1999 |  |  |  | 5-40 | 
|Carson Town Center             |  |                                  | 6,565  |            |              |  | 18,517  |              |  |             | 25,082           |  |               |             | 1,368  |             |              |  | 2000 |  |  |  | 5-40 | 
|Chartwell Distribution Center  |  |                                  | 2,711  |            |              |  | 8,613   |              |  |             | 11,324           |  |               |             | 976    |             |              |  | 2000 |  |  |  | 5-40 | 
|Del Amo Industrial Center      |  |                                  | 2,529  |            |              |  | 7,941   |              |  |             | 10,470           |  |               |             | 820    |             |              |  | 2000 |  |  |  | 5-40 | 
|Eaves Distribution Center      |  |                                  | 11,893 |            |              |  | 15,095  |              |  |             | 26,988           |  |               |             | 1,727  |             |              |  | 2001 |  |  |  | 5-40 | 
|Fordyce Distribution Center    |  |                                  | 4,340  |            |              |  | 9,141   |              |  |             | 13,481           |  |               |             | 900    |             |              |  | 2001 |  |  |  | 5-40 | 
|Ford Distribution Cntr         |  |                                  | 24,557 |            |              |  | 25,190  |              |  |             | 49,747           |  |               |             | 2,582  |             |              |  | 2001 |  |  |  | 5-40 | 
|Harris Bus Ctr Alliance I      |  |                                  | 19,273 |            |              |  | 29,194  |              |  |             | 48,467           |  |               |             | 3,577  |             |              |  | 2000 |  |  |  | 5-40 | 

S-2



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|------------------------------ |  | ----- | -- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                               |  |       |    |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                               |  | No of |    |  |          |  |    |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                       |  | Bldgs |    |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|Harris Bus Ctr Alliance II     |  |       | 9  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 32,401 |               |              |  | 20,772 |             |  |  | 31,050 |  |  |  | 3,043  | 
|Hawthorne LAX Cargo AMBPTNII   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 8,275  |               |              |  | 2,775  |             |  |  | 8,377  |  |  |  | 512    | 
|LA Co Industrial Port SGP      |  |       | 6  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 22,432 |               |              |  | 9,430  |             |  |  | 29,242 |  |  |  | 4,126  | 
|LAX Gateway                    |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 16,275 |               |              |  |       |             |  |  | 26,734 |  |  |  | 103    | 
|LAX Logistics Center 1         |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 31,857 |               |              |  | 29,622 |             |  |  | 25,913 |  |  |  | 61     | 
|Los Nietos Business Center SG  |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 7,828  |               |              |  | 2,488  |             |  |  | 7,751  |  |  |  | 706    | 
|International Multifoods       |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,613  |             |  |  | 4,879  |  |  |  | 1,290  | 
|NDP  Los Angeles              |  |       | 6  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,948  |             |  |  | 17,844 |  |  |  | 2,775  | 
|Normandie Industrial           |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,398  |             |  |  | 7,491  |  |  |  | 1,733  | 
|Northpointe Commerce           |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,773  |             |  |  | 5,358  |  |  |  | 544    | 
|Pioneer-Alburtis               |  |       | 5  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 8,131  |               |              |  | 2,482  |             |  |  | 7,166  |  |  |  | 922    | 
|Park One at LAX, LLC           |  |       |   |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 75,000 |             |  |  | 431    |  |  |  | 67     | 
|Slauson Dist. Ctr. AMBPTNII    |  |       | 8  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 25,737 |               |              |  | 7,806  |             |  |  | 23,552 |  |  |  | 4,079  | 
|Stadium Business Park          |  |       | 9  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,768  |             |  |  | 11,345 |  |  |  | 1,372  | 
|Sunset Dist. Center            |  |       | 3  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 6,883  |               |              |  | 6,718  |             |  |  | 2,765  |  |  |  | 16,317 | 
|Systematics                    |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 911    |             |  |  | 2,773  |  |  |  | 620    | 
|Torrance Commerce Center       |  |       | 6  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,046  |             |  |  | 6,136  |  |  |  | 1,082  | 
|Van Nuys Airport Industrial    |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 9,393  |             |  |  | 8,641  |  |  |  | 15,025 | 
|Walnut Drive                   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 964    |             |  |  | 2,918  |  |  |  | 744    | 
|Watson Industrial Center AFdII |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 4,449  |               |              |  | 1,713  |             |  |  | 5,321  |  |  |  | 1,325  | 
|Wilmington Avenue Warehouse    |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,849  |             |  |  | 11,605 |  |  |  | 3,318  | 
|Miami                          |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Beacon Centre  Alliance Fund  |  |       | 4  |  |          |  | FL |      |  |                         | IND              |  |                   |      | 16,762 |               |              |  | 7,229  |             |  |  | 22,238 |  |  |  | 1,902  | 
|Beacon Centre                  |  |       | 18 |  |          |  | FL |      |  |                         | IND              |  |                   |      | 65,798 |               |              |  | 31,704 |             |  |  | 96,681 |  |  |  | 17,213 | 
|Beacon Industrial Park         |  |       | 8  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 10,105 |             |  |  | 31,437 |  |  |  | 6,384  | 
|Blue Lagoon Business Park      |  |       | 2  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,945  |             |  |  | 14,875 |  |  |  | 1,246  | 
|Cobia Distribution Center      |  |       | 2  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,792  |             |  |  | 5,950  |  |  |  | 872    | 
|Dolphin Distribution Center    |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      | 1,414  |               |              |  | 1,581  |             |  |  | 3,602  |  |  |  | 519    | 
|Gratigny Distribution Center   |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,551  |             |  |  | 2,380  |  |  |  | 587    | 
|Marlin Distribution Center     |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,076  |             |  |  | 2,169  |  |  |  | 659    | 
|Miami Airport Business Center  |  |       | 6  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 6,400  |             |  |  | 19,634 |  |  |  | 3,501  | 
|Panther Distribution Center    |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,840  |             |  |  | 3,252  |  |  |  | 632    | 
|Sunrise Industrial             |  |       | 4  |  |          |  | FL |      |  |                         | IND              |  |                   |      | 11,140 |               |              |  | 6,266  |             |  |  | 18,798 |  |  |  | 4,007  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|------------------------------ |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------ | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                               |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                               |  |                                  |        |            |              |  | Year of |              |  |            
|                               |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |        | Depreciable |             
|Property                       |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |        |             | Life (Years) | 
|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              | 
|Harris Bus Ctr Alliance II     |  |                                  | 20,772 |            |              |  | 34,093  |              |  |             | 54,865           |  |               |             | 4,443  |             |              |  | 2000 |  |  |  | 5-40 | 
|Hawthorne LAX Cargo AMBPTNII   |  |                                  | 2,775  |            |              |  | 8,889   |              |  |             | 11,664           |  |               |             | 901    |             |              |  | 2000 |  |  |  | 5-40 | 
|LA Co Industrial Port SGP      |  |                                  | 9,430  |            |              |  | 33,368  |              |  |             | 42,798           |  |               |             | 3,339  |             |              |  | 1997 |  |  |  | 5-40 | 
|LAX Gateway                    |  |                                  |       |            |              |  | 26,837  |              |  |             | 26,837           |  |               |             | 823    |             |              |  | 2004 |  |  |  | 5-40 | 
|LAX Logistics Center 1         |  |                                  | 29,622 |            |              |  | 25,974  |              |  |             | 55,596           |  |               |             | 978    |             |              |  | 2003 |  |  |  | 5-40 | 
|Los Nietos Business Center SG  |  |                                  | 2,488  |            |              |  | 8,457   |              |  |             | 10,945           |  |               |             | 922    |             |              |  | 1999 |  |  |  | 5-40 | 
|International Multifoods       |  |                                  | 1,613  |            |              |  | 6,169   |              |  |             | 7,782            |  |               |             | 1,249  |             |              |  | 1997 |  |  |  | 5-40 | 
|NDP  Los Angeles              |  |                                  | 5,948  |            |              |  | 20,619  |              |  |             | 26,567           |  |               |             | 3,965  |             |              |  | 1998 |  |  |  | 5-40 | 
|Normandie Industrial           |  |                                  | 2,398  |            |              |  | 9,224   |              |  |             | 11,622           |  |               |             | 1,401  |             |              |  | 2000 |  |  |  | 5-40 | 
|Northpointe Commerce           |  |                                  | 1,773  |            |              |  | 5,902   |              |  |             | 7,675            |  |               |             | 1,242  |             |              |  | 1997 |  |  |  | 5-40 | 
|Pioneer-Alburtis               |  |                                  | 2,482  |            |              |  | 8,088   |              |  |             | 10,570           |  |               |             | 978    |             |              |  | 1999 |  |  |  | 5-40 | 
|Park One at LAX, LLC           |  |                                  | 75,000 |            |              |  | 498     |              |  |             | 75,498           |  |               |             | 29     |             |              |  | 2002 |  |  |  | 5-40 | 
|Slauson Dist. Ctr. AMBPTNII    |  |                                  | 7,806  |            |              |  | 27,631  |              |  |             | 35,437           |  |               |             | 3,096  |             |              |  | 2000 |  |  |  | 5-40 | 
|Stadium Business Park          |  |                                  | 3,768  |            |              |  | 12,717  |              |  |             | 16,485           |  |               |             | 2,759  |             |              |  | 1997 |  |  |  | 5-40 | 
|Sunset Dist. Center            |  |                                  | 6,718  |            |              |  | 19,082  |              |  |             | 25,800           |  |               |             | 425    |             |              |  | 2002 |  |  |  | 5-40 | 
|Systematics                    |  |                                  | 911    |            |              |  | 3,393   |              |  |             | 4,304            |  |               |             | 805    |             |              |  | 1997 |  |  |  | 5-40 | 
|Torrance Commerce Center       |  |                                  | 2,046  |            |              |  | 7,218   |              |  |             | 9,264            |  |               |             | 1,616  |             |              |  | 1998 |  |  |  | 5-40 | 
|Van Nuys Airport Industrial    |  |                                  | 9,393  |            |              |  | 23,666  |              |  |             | 33,059           |  |               |             | 3,505  |             |              |  | 2000 |  |  |  | 5-40 | 
|Walnut Drive                   |  |                                  | 964    |            |              |  | 3,662   |              |  |             | 4,626            |  |               |             | 751    |             |              |  | 1997 |  |  |  | 5-40 | 
|Watson Industrial Center AFdII |  |                                  | 1,713  |            |              |  | 6,646   |              |  |             | 8,359            |  |               |             | 683    |             |              |  | 2001 |  |  |  | 5-40 | 
|Wilmington Avenue Warehouse    |  |                                  | 3,849  |            |              |  | 14,923  |              |  |             | 18,772           |  |               |             | 2,998  |             |              |  | 1999 |  |  |  | 5-40 | 
|Miami                          |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Beacon Centre  Alliance Fund  |  |                                  | 7,229  |            |              |  | 24,140  |              |  |             | 31,369           |  |               |             | 2,800  |             |              |  | 2000 |  |  |  | 5-40 | 
|Beacon Centre                  |  |                                  | 31,704 |            |              |  | 113,894 |              |  |             | 145,598          |  |               |             | 16,230 |             |              |  | 2000 |  |  |  | 5-40 | 
|Beacon Industrial Park         |  |                                  | 10,105 |            |              |  | 37,821  |              |  |             | 47,926           |  |               |             | 7,642  |             |              |  | 1997 |  |  |  | 5-40 | 
|Blue Lagoon Business Park      |  |                                  | 4,945  |            |              |  | 16,121  |              |  |             | 21,066           |  |               |             | 3,357  |             |              |  | 1997 |  |  |  | 5-40 | 
|Cobia Distribution Center      |  |                                  | 1,792  |            |              |  | 6,822   |              |  |             | 8,614            |  |               |             | 75     |             |              |  | 2004 |  |  |  | 5-40 | 
|Dolphin Distribution Center    |  |                                  | 1,581  |            |              |  | 4,121   |              |  |             | 5,702            |  |               |             | 153    |             |              |  | 2003 |  |  |  | 5-40 | 
|Gratigny Distribution Center   |  |                                  | 1,551  |            |              |  | 2,967   |              |  |             | 4,518            |  |               |             | 237    |             |              |  | 2003 |  |  |  | 5-40 | 
|Marlin Distribution Center     |  |                                  | 1,076  |            |              |  | 2,828   |              |  |             | 3,904            |  |               |             | 165    |             |              |  | 2003 |  |  |  | 5-40 | 
|Miami Airport Business Center  |  |                                  | 6,400  |            |              |  | 23,135  |              |  |             | 29,535           |  |               |             | 3,889  |             |              |  | 1999 |  |  |  | 5-40 | 
|Panther Distribution Center    |  |                                  | 1,840  |            |              |  | 3,884   |              |  |             | 5,724            |  |               |             | 153    |             |              |  | 2003 |  |  |  | 5-40 | 
|Sunrise Industrial             |  |                                  | 6,266  |            |              |  | 22,805  |              |  |             | 29,071           |  |               |             | 3,612  |             |              |  | 1998 |  |  |  | 5-40 | 

S-3



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                                        |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|--------------------------------------- |  | ----- | -- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                                        |  |       |    |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                                        |  |       |    |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                                        |  | No of |    |  |          |  |    |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                                |  | Bldgs |    |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                                        |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|Tarpon Distribution Center              |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      | 1,509  |               |              |  | 884    |             |  |  | 3,914  |  |  |  | 124    | 
|No. New Jersey/ New York City           |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|AMB Meadowlands Park                    |  |       | 8  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,449  |             |  |  | 14,458 |  |  |  | 4,175  | 
|Dellamor                                |  |       | 8  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 14,176 |               |              |  | 12,061 |             |  |  | 11,577 |  |  |  | 1,713  | 
|Docks Corner SG (Phase II)              |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 35,133 |               |              |  | 5,125  |             |  |  | 22,516 |  |  |  | 28,738 | 
|Fairfalls Portfolio                     |  |       | 28 |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 34,641 |               |              |  | 20,380 |             |  |  | 45,038 |  |  |  | 467    | 
|Fairmeadows Portfolio (1-18, except 14) |  |       | 17 |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 31,585 |               |              |  | 18,615 |             |  |  | 27,901 |  |  |  | 3,088  | 
|Fairmeadows Portfolio (19-21)           |  |       | 3  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,317  |             |  |  | 8,836  |  |  |  | 5      | 
|Jamesburg Road Corporate Park           |  |       | 3  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 21,658 |               |              |  | 11,700 |             |  |  | 35,101 |  |  |  | 4,659  | 
|JFK Air Cargo                           |  |       | 15 |  |          |  | NY |      |  |                         | IND              |  |                   |      |       |               |              |  | 15,834 |             |  |  | 45,694 |  |  |  | 5,952  | 
|JFK Air Cargo  Alliance Fund           |  |       | 13 |  |          |  | NY |      |  |                         | IND              |  |                   |      | 18,468 |               |              |  | 10,095 |             |  |  | 29,258 |  |  |  | 4,794  | 
|JFK Airport Park                        |  |       | 1  |  |          |  | NY |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,350  |             |  |  | 7,251  |  |  |  | 924    | 
|JFK Logistics Center Bldgs A-D          |  |       | 4  |  |          |  | NY |      |  |                         | IND              |  |                   |      | 35,349 |               |              |  | 57,534 |             |  |  | 96,593 |  |  |  | 55     | 
|Linden Industrial                       |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 900    |             |  |  | 2,753  |  |  |  | 503    | 
|Mahwah Corporate Center                 |  |       | 4  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 7,212  |             |  |  | 22,086 |  |  |  | 878    | 
|Mooncreek Distribution Center           |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,958  |             |  |  | 7,924  |  |  |  |       | 
|Meadowlands ALFII                       |  |       | 4  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 11,993 |               |              |  | 6,755  |             |  |  | 13,093 |  |  |  | 1,928  | 
|Meadowlands Cross Dock                  |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,110  |             |  |  | 3,485  |  |  |  | 1,004  | 
|Meadow Lane                             |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 838    |             |  |  | 2,594  |  |  |  | 283    | 
|Moonachie Industrial                    |  |       | 2  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 5,356  |               |              |  | 2,731  |             |  |  | 5,228  |  |  |  | 335    | 
|Murray Hill Parkway                     |  |       | 2  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,670  |             |  |  | 2,568  |  |  |  | 5,181  | 
|Newark Airport I & II                   |  |       | 2  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 3,534  |               |              |  | 1,755  |             |  |  | 5,400  |  |  |  | 511    | 
|Orchard Hill                            |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 754    |               |              |  | 1,212  |             |  |  | 1,411  |  |  |  | 8      | 
|Porete Avenue Warehouse                 |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,067  |             |  |  | 12,202 |  |  |  | 4,709  | 
|Skyland Crossdock                       |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 7,250  |  |  |  | 255    | 
|Teterboro Meadowlands 15                |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      | 9,575  |               |              |  | 4,961  |             |  |  | 9,618  |  |  |  | 1,353  | 
|AMB Tri-Port Distribution Ctr           |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 25,656 |             |  |  | 19,853 |  |  |  | 1      | 
|Two South Middlesex                     |  |       | 1  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,247  |             |  |  | 6,781  |  |  |  | 1,379  | 
|On-Tarmac                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|AMB BWI Cargo Center E                  |  |       | 1  |  |          |  | MD |      |  |                         | IND              |  |                   |      | 2,585  |               |              |  |       |             |  |  | 6,367  |  |  |  | 87     | 
|AMB DFW Cargo Center East               |  |       | 3  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 5,933  |               |              |  |       |             |  |  | 20,632 |  |  |  | 1,067  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                        |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|--------------------------------------- |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ----- | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                                        |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                                        |  |                                  |        |            |              |  | Year of |              |  |            
|                                        |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |       | Depreciable |             
|Property                                |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |       |             | Life (Years) | 
|                                        |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              | 
|Tarpon Distribution Center              |  |                                  | 884    |            |              |  | 4,038   |              |  |             | 4,922            |  |               |             | 161   |             |              |  | 2004 |  |  |  | 5-40 | 
|No. New Jersey/ New York City           |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|AMB Meadowlands Park                    |  |                                  | 5,449  |            |              |  | 18,633  |              |  |             | 24,082           |  |               |             | 2,742 |             |              |  | 2000 |  |  |  | 5-40 | 
|Dellamor                                |  |                                  | 12,061 |            |              |  | 13,290  |              |  |             | 25,351           |  |               |             | 893   |             |              |  | 2002 |  |  |  | 5-40 | 
|Docks Corner SG (Phase II)              |  |                                  | 5,125  |            |              |  | 51,254  |              |  |             | 56,379           |  |               |             | 4,859 |             |              |  | 1997 |  |  |  | 5-40 | 
|Fairfalls Portfolio                     |  |                                  | 20,380 |            |              |  | 45,505  |              |  |             | 65,885           |  |               |             | 1,005 |             |              |  | 2004 |  |  |  | 5-40 | 
|Fairmeadows Portfolio (1-18, except 14) |  |                                  | 18,615 |            |              |  | 30,989  |              |  |             | 49,604           |  |               |             | 1,130 |             |              |  | 2003 |  |  |  | 5-40 | 
|Fairmeadows Portfolio (19-21)           |  |                                  | 4,317  |            |              |  | 8,841   |              |  |             | 13,158           |  |               |             | 174   |             |              |  | 2004 |  |  |  | 5-40 | 
|Jamesburg Road Corporate Park           |  |                                  | 11,700 |            |              |  | 39,760  |              |  |             | 51,460           |  |               |             | 7,469 |             |              |  | 1998 |  |  |  | 5-40 | 
|JFK Air Cargo                           |  |                                  | 15,834 |            |              |  | 51,646  |              |  |             | 67,480           |  |               |             | 7,479 |             |              |  | 2000 |  |  |  | 5-40 | 
|JFK Air Cargo  Alliance Fund           |  |                                  | 10,095 |            |              |  | 34,052  |              |  |             | 44,147           |  |               |             | 5,541 |             |              |  | 2000 |  |  |  | 5-40 | 
|JFK Airport Park                        |  |                                  | 2,350  |            |              |  | 8,175   |              |  |             | 10,525           |  |               |             | 1,152 |             |              |  | 2000 |  |  |  | 5-40 | 
|JFK Logistics Center Bldgs A-D          |  |                                  | 57,534 |            |              |  | 96,648  |              |  |             | 154,182          |  |               |             | 1,533 |             |              |  | 2004 |  |  |  | 5-40 | 
|Linden Industrial                       |  |                                  | 900    |            |              |  | 3,256   |              |  |             | 4,156            |  |               |             | 618   |             |              |  | 1999 |  |  |  | 5-40 | 
|Mahwah Corporate Center                 |  |                                  | 7,212  |            |              |  | 22,964  |              |  |             | 30,176           |  |               |             | 3,586 |             |              |  | 1998 |  |  |  | 5-40 | 
|Mooncreek Distribution Center           |  |                                  | 2,958  |            |              |  | 7,924   |              |  |             | 10,882           |  |               |             | 220   |             |              |  | 2004 |  |  |  | 5-40 | 
|Meadowlands ALFII                       |  |                                  | 6,755  |            |              |  | 15,021  |              |  |             | 21,776           |  |               |             | 1,825 |             |              |  | 2001 |  |  |  | 5-40 | 
|Meadowlands Cross Dock                  |  |                                  | 1,110  |            |              |  | 4,489   |              |  |             | 5,599            |  |               |             | 824   |             |              |  | 2000 |  |  |  | 5-40 | 
|Meadow Lane                             |  |                                  | 838    |            |              |  | 2,877   |              |  |             | 3,715            |  |               |             | 491   |             |              |  | 1999 |  |  |  | 5-40 | 
|Moonachie Industrial                    |  |                                  | 2,731  |            |              |  | 5,563   |              |  |             | 8,294            |  |               |             | 626   |             |              |  | 2001 |  |  |  | 5-40 | 
|Murray Hill Parkway                     |  |                                  | 1,670  |            |              |  | 7,749   |              |  |             | 9,419            |  |               |             | 2,153 |             |              |  | 1999 |  |  |  | 5-40 | 
|Newark Airport I & II                   |  |                                  | 1,755  |            |              |  | 5,911   |              |  |             | 7,666            |  |               |             | 928   |             |              |  | 2000 |  |  |  | 5-40 | 
|Orchard Hill                            |  |                                  | 1,212  |            |              |  | 1,419   |              |  |             | 2,631            |  |               |             | 83    |             |              |  | 2002 |  |  |  | 5-40 | 
|Porete Avenue Warehouse                 |  |                                  | 4,067  |            |              |  | 16,911  |              |  |             | 20,978           |  |               |             | 3,061 |             |              |  | 1998 |  |  |  | 5-40 | 
|Skyland Crossdock                       |  |                                  |       |            |              |  | 7,505   |              |  |             | 7,505            |  |               |             | 499   |             |              |  | 2002 |  |  |  | 5-40 | 
|Teterboro Meadowlands 15                |  |                                  | 4,961  |            |              |  | 10,971  |              |  |             | 15,932           |  |               |             | 1,549 |             |              |  | 2001 |  |  |  | 5-40 | 
|AMB Tri-Port Distribution Ctr           |  |                                  | 25,656 |            |              |  | 19,854  |              |  |             | 45,510           |  |               |             | 173   |             |              |  | 2004 |  |  |  | 5-40 | 
|Two South Middlesex                     |  |                                  | 2,247  |            |              |  | 8,160   |              |  |             | 10,407           |  |               |             | 1,999 |             |              |  | 1997 |  |  |  | 5-40 | 
|On-Tarmac                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|AMB BWI Cargo Center E                  |  |                                  |       |            |              |  | 6,454   |              |  |             | 6,454            |  |               |             | 1,448 |             |              |  | 2000 |  |  |  | 5-19 | 
|AMB DFW Cargo Center East               |  |                                  |       |            |              |  | 21,699  |              |  |             | 21,699           |  |               |             | 3,381 |             |              |  | 2000 |  |  |  | 5-26 | 

S-4



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                              |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|----------------------------- |  | ----- | -- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                              |  |       |    |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                              |  |       |    |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                              |  | No of |    |  |          |  |    |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                      |  | Bldgs |    |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                              |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|AMB DAY Cargo Center          |  |       | 5  |  |          |  | OH |      |  |                         | IND              |  |                   |      | 6,515  |               |              |  |       |             |  |  | 7,163  |  |  |  | 459    | 
|AMB DFW Cargo Center 1        |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 15,566 |               |              |  |       |             |  |  | 19,683 |  |  |  | 4,123  | 
|DFW Airfreight                |  |       | 3  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 5,000  |               |              |  |       |             |  |  | 7,117  |  |  |  | 496    | 
|AMB DFW Cargo Center 2        |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 4,286  |  |  |  | 13,952 | 
|AMB IAH Cargo Center          |  |       | 1  |  |          |  | TX |      |  |                         | IND              |  |                   |      | 7,117  |               |              |  |       |             |  |  | 339    |  |  |  | 9,915  | 
|AMB IAD Cargo Center 5        |  |       | 1  |  |          |  | VA |      |  |                         | IND              |  |                   |      | 11,025 |               |              |  |       |             |  |  | 38,840 |  |  |  | 63     | 
|AMB JAX Cargo Center          |  |       | 1  |  |          |  | FL |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 3,029  |  |  |  | 87     | 
|AMB JFK Cargo Center 75 77    |  |       | 2  |  |          |  | NJ |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 30,965 |  |  |  | 3,554  | 
|AMB LAS Cargo Center 1 5      |  |       | 5  |  |          |  | NV |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 24,072 |  |  |  | 640    | 
|AMB LAX Cargo Center          |  |       | 3  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 7,066  |               |              |  |       |             |  |  | 13,445 |  |  |  | 141    | 
|AMB MCI Cargo Center 1        |  |       | 1  |  |          |  | MO |      |  |                         | IND              |  |                   |      | 4,790  |               |              |  |       |             |  |  | 5,793  |  |  |  | 226    | 
|AMB MCI Cargo Center 2        |  |       | 1  |  |          |  | MO |      |  |                         | IND              |  |                   |      | 8,935  |               |              |  |       |             |  |  | 8,134  |  |  |  |       | 
|AMB PHL Cargo Center C2       |  |       | 1  |  |          |  | PA |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 9,716  |  |  |  | 1,978  | 
|AMB PDX Cargo Center Airtrans |  |       | 2  |  |          |  | OR |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 26     |  |  |  | 10,558 | 
|AMB RNO Cargo Center 10 11    |  |       | 2  |  |          |  | NV |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 6,014  |  |  |  | 202    | 
|AMB SEA Air Cargo Center 314  |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 2,673  |               |              |  |       |             |  |  | 2,939  |  |  |  | 1,428  | 
|AMB SEA Cargo Center North    |  |       | 2  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 4,358  |               |              |  |       |             |  |  | 15,594 |  |  |  | 203    | 
|AMB SEA Cargo Center South    |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  |       |             |  |  | 3,056  |  |  |  | 239    | 
|San Francisco Bay Area        |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Acer Distribution Center      |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,146  |             |  |  | 9,479  |  |  |  | 2,608  | 
|Albrae Business Center        |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 7,606  |               |              |  | 6,299  |             |  |  | 6,227  |  |  |  | 1,055  | 
|Alvarado Business Center SG   |  |       | 5  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 23,434 |               |              |  | 6,342  |             |  |  | 26,671 |  |  |  | 9,659  | 
|Brennan Distribution          |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 4,079  |               |              |  | 3,683  |             |  |  | 3,022  |  |  |  | 2,193  | 
|Central Bay                   |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 6,833  |               |              |  | 3,896  |             |  |  | 7,400  |  |  |  | 1,437  | 
|Component Drive Ind Port      |  |       | 3  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 12,688 |             |  |  | 6,974  |  |  |  | 841    | 
|Concord Industrial Portfolio  |  |       | 10 |  |          |  | CA |      |  |                         | IND              |  |                   |      | 10,223 |               |              |  | 3,872  |             |  |  | 11,647 |  |  |  | 3,576  | 
|Dado Distribution             |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 7,221  |             |  |  | 3,739  |  |  |  | 2,844  | 
|Diablo Industrial Park        |  |       | 12 |  |          |  | CA |      |  |                         | IND              |  |                   |      | 8,829  |               |              |  | 3,379  |             |  |  | 10,489 |  |  |  | 1,252  | 
|Doolittle Distribution Center |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,644  |             |  |  | 8,014  |  |  |  | 1,006  | 
|Dowe Industrial Center        |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,665  |             |  |  | 8,034  |  |  |  | 2,023  | 
|Dublin Industrial Portfolio   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,980  |             |  |  | 9,042  |  |  |  | 1,588  | 
|East Bay Whipple              |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 6,771  |               |              |  | 5,333  |             |  |  | 8,126  |  |  |  | 1,643  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                              |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|----------------------------- |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ----- | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                              |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                              |  |                                  |        |            |              |  | Year of |              |  |            
|                              |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |       | Depreciable |             
|Property                      |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |       |             | Life (Years) | 
|                              |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              | 
|AMB DAY Cargo Center          |  |                                  |       |            |              |  | 7,622   |              |  |             | 7,622            |  |               |             | 1,555 |             |              |  | 2000 |  |  |  | 5-23 | 
|AMB DFW Cargo Center 1        |  |                                  |       |            |              |  | 23,806  |              |  |             | 23,806           |  |               |             | 4,393 |             |              |  | 2000 |  |  |  | 5-38 | 
|DFW Airfreight                |  |                                  |       |            |              |  | 7,613   |              |  |             | 7,613            |  |               |             | 1,525 |             |              |  | 2000 |  |  |  | 5-26 | 
|AMB DFW Cargo Center 2        |  |                                  |       |            |              |  | 18,238  |              |  |             | 18,238           |  |               |             | 2,654 |             |              |  | 1999 |  |  |  | 5-39 | 
|AMB IAH Cargo Center          |  |                                  |       |            |              |  | 10,254  |              |  |             | 10,254           |  |               |             | 772   |             |              |  | 2000 |  |  |  | 5-36 | 
|AMB IAD Cargo Center 5        |  |                                  |       |            |              |  | 38,903  |              |  |             | 38,903           |  |               |             | 6,510 |             |              |  | 2002 |  |  |  | 5-15 | 
|AMB JAX Cargo Center          |  |                                  |       |            |              |  | 3,116   |              |  |             | 3,116            |  |               |             | 573   |             |              |  | 2000 |  |  |  | 5-22 | 
|AMB JFK Cargo Center 75 77    |  |                                  |       |            |              |  | 34,519  |              |  |             | 34,519           |  |               |             | 6,790 |             |              |  | 2002 |  |  |  | 5-13 | 
|AMB LAS Cargo Center 1 5      |  |                                  |       |            |              |  | 24,712  |              |  |             | 24,712           |  |               |             | 1,603 |             |              |  | 2003 |  |  |  | 5-33 | 
|AMB LAX Cargo Center          |  |                                  |       |            |              |  | 13,586  |              |  |             | 13,586           |  |               |             | 2,633 |             |              |  | 2000 |  |  |  | 5-22 | 
|AMB MCI Cargo Center 1        |  |                                  |       |            |              |  | 6,019   |              |  |             | 6,019            |  |               |             | 1,426 |             |              |  | 2000 |  |  |  | 5-18 | 
|AMB MCI Cargo Center 2        |  |                                  |       |            |              |  | 8,134   |              |  |             | 8,134            |  |               |             | 1,237 |             |              |  | 2000 |  |  |  | 5-27 | 
|AMB PHL Cargo Center C2       |  |                                  |       |            |              |  | 11,694  |              |  |             | 11,694           |  |               |             | 2,282 |             |              |  | 2000 |  |  |  | 5-27 | 
|AMB PDX Cargo Center Airtrans |  |                                  |       |            |              |  | 10,584  |              |  |             | 10,584           |  |               |             | 1,277 |             |              |  | 2002 |  |  |  | 5-28 | 
|AMB RNO Cargo Center 10 11    |  |                                  |       |            |              |  | 6,216   |              |  |             | 6,216            |  |               |             | 515   |             |              |  | 2003 |  |  |  | 5-23 | 
|AMB SEA Air Cargo Center 314  |  |                                  |       |            |              |  | 4,367   |              |  |             | 4,367            |  |               |             | 1,126 |             |              |  | 2003 |  |  |  | 5-15 | 
|AMB SEA Cargo Center North    |  |                                  |       |            |              |  | 15,797  |              |  |             | 15,797           |  |               |             | 2,469 |             |              |  | 2000 |  |  |  | 5-27 | 
|AMB SEA Cargo Center South    |  |                                  |       |            |              |  | 3,295   |              |  |             | 3,295            |  |               |             | 1,009 |             |              |  | 2000 |  |  |  | 5-14 | 
|San Francisco Bay Area        |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|Acer Distribution Center      |  |                                  | 3,146  |            |              |  | 12,087  |              |  |             | 15,233           |  |               |             | 2,913 |             |              |  | 1997 |  |  |  | 5-40 | 
|Albrae Business Center        |  |                                  | 6,299  |            |              |  | 7,282   |              |  |             | 13,581           |  |               |             | 653   |             |              |  | 2001 |  |  |  | 5-40 | 
|Alvarado Business Center SG   |  |                                  | 6,342  |            |              |  | 36,330  |              |  |             | 42,672           |  |               |             | 3,993 |             |              |  | 1997 |  |  |  | 5-40 | 
|Brennan Distribution          |  |                                  | 3,683  |            |              |  | 5,215   |              |  |             | 8,898            |  |               |             | 824   |             |              |  | 2001 |  |  |  | 5-40 | 
|Central Bay                   |  |                                  | 3,896  |            |              |  | 8,837   |              |  |             | 12,733           |  |               |             | 1,199 |             |              |  | 2001 |  |  |  | 5-40 | 
|Component Drive Ind Port      |  |                                  | 12,688 |            |              |  | 7,815   |              |  |             | 20,503           |  |               |             | 968   |             |              |  | 2001 |  |  |  | 5-40 | 
|Concord Industrial Portfolio  |  |                                  | 3,872  |            |              |  | 15,223  |              |  |             | 19,095           |  |               |             | 3,136 |             |              |  | 1999 |  |  |  | 5-40 | 
|Dado Distribution             |  |                                  | 7,221  |            |              |  | 6,583   |              |  |             | 13,804           |  |               |             | 722   |             |              |  | 2001 |  |  |  | 5-40 | 
|Diablo Industrial Park        |  |                                  | 3,379  |            |              |  | 11,741  |              |  |             | 15,120           |  |               |             | 2,030 |             |              |  | 1999 |  |  |  | 5-40 | 
|Doolittle Distribution Center |  |                                  | 2,644  |            |              |  | 9,020   |              |  |             | 11,664           |  |               |             | 1,303 |             |              |  | 2000 |  |  |  | 5-40 | 
|Dowe Industrial Center        |  |                                  | 2,665  |            |              |  | 10,057  |              |  |             | 12,722           |  |               |             | 2,214 |             |              |  | 1997 |  |  |  | 5-40 | 
|Dublin Industrial Portfolio   |  |                                  | 2,980  |            |              |  | 10,630  |              |  |             | 13,610           |  |               |             | 1,337 |             |              |  | 2000 |  |  |  | 5-40 | 
|East Bay Whipple              |  |                                  | 5,333  |            |              |  | 9,769   |              |  |             | 15,102           |  |               |             | 1,018 |             |              |  | 2001 |  |  |  | 5-40 | 

S-5



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|------------------------------ |  | ----- | -- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                               |  |       |    |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                               |  | No of |    |  |          |  |    |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                       |  | Bldgs |    |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                               |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|East Bay Doolittle             |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 7,128  |             |  |  | 11,023 |  |  |  | 2,028  | 
|Edgewater Industrial Center    |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,038  |             |  |  | 15,113 |  |  |  | 4,914  | 
|East Grand Airfreight          |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 4,089  |               |              |  | 5,093  |             |  |  | 4,190  |  |  |  | 160    | 
|Fairway Drive Ind SGP          |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 11,993 |               |              |  | 4,214  |             |  |  | 13,949 |  |  |  | 3,046  | 
|Hayward Industrial  Hathaway  |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,473  |             |  |  | 13,546 |  |  |  | 568    | 
|Junction Industrial Park       |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 7,875  |             |  |  | 23,975 |  |  |  | 2,271  | 
|Laurelwood Drive               |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,750  |             |  |  | 8,538  |  |  |  | 608    | 
|Lawrence SSF                   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,870  |             |  |  | 5,521  |  |  |  | 1,124  | 
|Marina Business Park           |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 4,232  |               |              |  | 3,280  |             |  |  | 4,316  |  |  |  | 132    | 
|Martin/ Scott Ind Port         |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 9,052  |             |  |  | 5,309  |  |  |  | 336    | 
|MBC Industrial                 |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,892  |             |  |  | 17,716 |  |  |  | 3,281  | 
|Milmont Page SGP               |  |       | 3  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 11,198 |               |              |  | 3,422  |             |  |  | 10,600 |  |  |  | 3,153  | 
|Moffett Distribution           |  |       | 7  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 18,738 |               |              |  | 26,916 |             |  |  | 11,277 |  |  |  | 1,813  | 
|Moffett Park R&D Portfolio     |  |       | 14 |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 14,805 |             |  |  | 44,462 |  |  |  | 11,823 | 
|Pacific Business Center        |  |       | 2  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 8,371  |               |              |  | 5,417  |             |  |  | 16,291 |  |  |  | 3,198  | 
|Pardee Drive SG                |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 1,505  |               |              |  | 619    |             |  |  | 1,880  |  |  |  | 283    | 
|South Bay Industrial           |  |       | 8  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 17,445 |               |              |  | 14,992 |             |  |  | 45,016 |  |  |  | 6,061  | 
|Silicon Valley R&D             |  |       | 5  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 6,700  |             |  |  | 20,186 |  |  |  | 7,823  | 
|Utah Airfreight                |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 17,025 |               |              |  | 18,753 |             |  |  | 8,381  |  |  |  | 1,683  | 
|Wiegman Road                   |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,563  |             |  |  | 4,688  |  |  |  | 1,550  | 
|Willow Park Industrial         |  |       | 21 |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 25,590 |             |  |  | 76,771 |  |  |  | 15,059 | 
|Williams & Burroughs AMB PrtII |  |       | 4  |  |          |  | CA |      |  |                         | IND              |  |                   |      | 7,765  |               |              |  | 2,382  |             |  |  | 6,981  |  |  |  | 3,267  | 
|Yosemite Drive                 |  |       | 1  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,350  |             |  |  | 7,051  |  |  |  | 904    | 
|Zanker/ Charcot Industrial     |  |       | 5  |  |          |  | CA |      |  |                         | IND              |  |                   |      |       |               |              |  | 5,282  |             |  |  | 15,887 |  |  |  | 3,079  | 
|Seattle                        |  |       |    |  |          |  |    |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Black River                    |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 3,349  |               |              |  | 1,845  |             |  |  | 3,559  |  |  |  | 338    | 
|Earlington Business Park       |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 4,151  |               |              |  | 2,766  |             |  |  | 3,234  |  |  |  | 751    | 
|East Valley Warehouse          |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 6,813  |             |  |  | 20,511 |  |  |  | 5,726  | 
|Gateway North                  |  |       | 6  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 14,000 |               |              |  | 5,270  |             |  |  | 16,296 |  |  |  | 1,850  | 
|Gateway Corporate Center       |  |       | 9  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 27,000 |               |              |  | 10,643 |             |  |  | 32,908 |  |  |  | 4,879  | 
|Harvest Business Park          |  |       | 3  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,371  |             |  |  | 7,153  |  |  |  | 1,244  | 
|Kent Centre Corporate Park     |  |       | 4  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,042  |             |  |  | 9,165  |  |  |  | 1,523  | 
|Kingsport Industrial Park      |  |       | 7  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 8,101  |             |  |  | 23,812 |  |  |  | 5,476  | 
|NDP  Seattle                  |  |       | 4  |  |          |  | WA |      |  |                         | IND              |  |                   |      | 11,653 |               |              |  | 3,993  |             |  |  | 11,773 |  |  |  | 1,138  | 
|Northwest Distribution Center  |  |       | 3  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,533  |             |  |  | 10,751 |  |  |  | 1,158  | 
|Puget Sound Airfreight         |  |       | 1  |  |          |  | WA |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,329  |             |  |  | 1,830  |  |  |  | 303    | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|------------------------------ |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------ | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                               |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                               |  |                                  |        |            |              |  | Year of |              |  |            
|                               |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |        | Depreciable |             
|Property                       |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |        |             | Life (Years) | 
|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              | 
|East Bay Doolittle             |  |                                  | 7,128  |            |              |  | 13,051  |              |  |             | 20,179           |  |               |             | 1,603  |             |              |  | 2001 |  |  |  | 5-40 | 
|Edgewater Industrial Center    |  |                                  | 4,038  |            |              |  | 20,027  |              |  |             | 24,065           |  |               |             | 2,901  |             |              |  | 2000 |  |  |  | 5-40 | 
|East Grand Airfreight          |  |                                  | 5,093  |            |              |  | 4,350   |              |  |             | 9,443            |  |               |             | 167    |             |              |  | 2003 |  |  |  | 5-40 | 
|Fairway Drive Ind SGP          |  |                                  | 4,214  |            |              |  | 16,995  |              |  |             | 21,209           |  |               |             | 1,796  |             |              |  | 1997 |  |  |  | 5-40 | 
|Hayward Industrial  Hathaway  |  |                                  | 4,473  |            |              |  | 14,114  |              |  |             | 18,587           |  |               |             | 1,507  |             |              |  | 2000 |  |  |  | 5-40 | 
|Junction Industrial Park       |  |                                  | 7,875  |            |              |  | 26,246  |              |  |             | 34,121           |  |               |             | 4,602  |             |              |  | 1999 |  |  |  | 5-40 | 
|Laurelwood Drive               |  |                                  | 2,750  |            |              |  | 9,146   |              |  |             | 11,896           |  |               |             | 1,684  |             |              |  | 1997 |  |  |  | 5-40 | 
|Lawrence SSF                   |  |                                  | 2,870  |            |              |  | 6,645   |              |  |             | 9,515            |  |               |             | 945    |             |              |  | 2001 |  |  |  | 5-40 | 
|Marina Business Park           |  |                                  | 3,280  |            |              |  | 4,448   |              |  |             | 7,728            |  |               |             | 274    |             |              |  | 2002 |  |  |  | 5-40 | 
|Martin/ Scott Ind Port         |  |                                  | 9,052  |            |              |  | 5,645   |              |  |             | 14,697           |  |               |             | 567    |             |              |  | 2001 |  |  |  | 5-40 | 
|MBC Industrial                 |  |                                  | 5,892  |            |              |  | 20,997  |              |  |             | 26,889           |  |               |             | 4,607  |             |              |  | 1997 |  |  |  | 5-40 | 
|Milmont Page SGP               |  |                                  | 3,422  |            |              |  | 13,753  |              |  |             | 17,175           |  |               |             | 1,444  |             |              |  | 1997 |  |  |  | 5-40 | 
|Moffett Distribution           |  |                                  | 26,916 |            |              |  | 13,090  |              |  |             | 40,006           |  |               |             | 1,419  |             |              |  | 2001 |  |  |  | 5-40 | 
|Moffett Park R&D Portfolio     |  |                                  | 14,805 |            |              |  | 56,285  |              |  |             | 71,090           |  |               |             | 16,001 |             |              |  | 1997 |  |  |  | 5-40 | 
|Pacific Business Center        |  |                                  | 5,417  |            |              |  | 19,489  |              |  |             | 24,906           |  |               |             | 4,093  |             |              |  | 1997 |  |  |  | 5-40 | 
|Pardee Drive SG                |  |                                  | 619    |            |              |  | 2,163   |              |  |             | 2,782            |  |               |             | 221    |             |              |  | 1999 |  |  |  | 5-40 | 
|South Bay Industrial           |  |                                  | 14,992 |            |              |  | 51,077  |              |  |             | 66,069           |  |               |             | 11,365 |             |              |  | 1997 |  |  |  | 5-40 | 
|Silicon Valley R&D             |  |                                  | 6,700  |            |              |  | 28,009  |              |  |             | 34,709           |  |               |             | 7,014  |             |              |  | 1997 |  |  |  | 5-40 | 
|Utah Airfreight                |  |                                  | 18,753 |            |              |  | 10,064  |              |  |             | 28,817           |  |               |             | 609    |             |              |  | 2003 |  |  |  | 5-40 | 
|Wiegman Road                   |  |                                  | 1,563  |            |              |  | 6,238   |              |  |             | 7,801            |  |               |             | 1,336  |             |              |  | 1997 |  |  |  | 5-40 | 
|Willow Park Industrial         |  |                                  | 25,590 |            |              |  | 91,830  |              |  |             | 117,420          |  |               |             | 18,220 |             |              |  | 1998 |  |  |  | 5-40 | 
|Williams & Burroughs AMB PrtII |  |                                  | 2,382  |            |              |  | 10,248  |              |  |             | 12,630           |  |               |             | 1,822  |             |              |  | 1999 |  |  |  | 5-40 | 
|Yosemite Drive                 |  |                                  | 2,350  |            |              |  | 7,955   |              |  |             | 10,305           |  |               |             | 1,527  |             |              |  | 1997 |  |  |  | 5-40 | 
|Zanker/ Charcot Industrial     |  |                                  | 5,282  |            |              |  | 18,966  |              |  |             | 24,248           |  |               |             | 4,121  |             |              |  | 1997 |  |  |  | 5-40 | 
|Seattle                        |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Black River                    |  |                                  | 1,845  |            |              |  | 3,897   |              |  |             | 5,742            |  |               |             | 493    |             |              |  | 2001 |  |  |  | 5-40 | 
|Earlington Business Park       |  |                                  | 2,766  |            |              |  | 3,985   |              |  |             | 6,751            |  |               |             | 312    |             |              |  | 2002 |  |  |  | 5-40 | 
|East Valley Warehouse          |  |                                  | 6,813  |            |              |  | 26,237  |              |  |             | 33,050           |  |               |             | 5,532  |             |              |  | 1999 |  |  |  | 5-40 | 
|Gateway North                  |  |                                  | 5,270  |            |              |  | 18,146  |              |  |             | 23,416           |  |               |             | 2,814  |             |              |  | 1999 |  |  |  | 5-40 | 
|Gateway Corporate Center       |  |                                  | 10,643 |            |              |  | 37,787  |              |  |             | 48,430           |  |               |             | 6,331  |             |              |  | 1999 |  |  |  | 5-40 | 
|Harvest Business Park          |  |                                  | 2,371  |            |              |  | 8,397   |              |  |             | 10,768           |  |               |             | 2,021  |             |              |  | 1997 |  |  |  | 5-40 | 
|Kent Centre Corporate Park     |  |                                  | 3,042  |            |              |  | 10,688  |              |  |             | 13,730           |  |               |             | 2,478  |             |              |  | 1997 |  |  |  | 5-40 | 
|Kingsport Industrial Park      |  |                                  | 8,101  |            |              |  | 29,288  |              |  |             | 37,389           |  |               |             | 6,244  |             |              |  | 1997 |  |  |  | 5-40 | 
|NDP  Seattle                  |  |                                  | 3,993  |            |              |  | 12,911  |              |  |             | 16,904           |  |               |             | 974    |             |              |  | 1998 |  |  |  | 5-40 | 
|Northwest Distribution Center  |  |                                  | 3,533  |            |              |  | 11,909  |              |  |             | 15,442           |  |               |             | 2,706  |             |              |  | 1997 |  |  |  | 5-40 | 
|Puget Sound Airfreight         |  |                                  | 1,329  |            |              |  | 2,133   |              |  |             | 3,462            |  |               |             | 221    |             |              |  | 2002 |  |  |  | 5-40 | 

S-6



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                              |  |       |    |  |          |  |                 |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|----------------------------- |  | ----- | -- |  | -------- |  | --------------- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------ | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                              |  |       |    |  |          |  |                 |      |  | Initial Cost to Company |                  |  |                  
|                              |  |       |    |  |          |  |                 |      |  |                         |                  |  | Costs Capitalized |     
|                              |  | No of |    |  |          |  |                 |      |  |                         |                  |  | Building &        |      |        | Subsequent to |             
|Property                      |  | Bldgs |    |  | Location |  |                 | Type |  |                         | Encumbrances (3) |  |                   | Land |        |               | Improvements |  |        | Acquisition | 
|                              |  |       |    |  |          |  |                 |      |  |                         |                  |  |                   |      |        |               |              |  |        |             | 
|Renton Northwest Corp. Park   |  |       | 6  |  |          |  | WA              |      |  |                         | IND              |  |                   |      | 23,855 |               |              |  | 25,959 |             |  |  | 14,792 |  |  |  | 855    | 
|Seattle Airport Industrial    |  |       | 1  |  |          |  | WA              |      |  |                         | IND              |  |                   |      | 1,012  |               |              |  | 619    |             |  |  | 1,923  |  |  |  | 236    | 
|SEA Logistics Center 1        |  |       | 3  |  |          |  | WA              |      |  |                         | IND              |  |                   |      | 17,689 |               |              |  | 9,218  |             |  |  | 18,968 |  |  |  | 222    | 
|SEA Logistics Center 2        |  |       | 3  |  |          |  | WA              |      |  |                         | IND              |  |                   |      | 14,351 |               |              |  | 11,535 |             |  |  | 24,601 |  |  |  | 1,379  | 
|Trans-Pacific Industrial Park |  |       | 11 |  |          |  | WA              |      |  |                         | IND              |  |                   |      | 48,600 |               |              |  | 31,675 |             |  |  | 42,210 |  |  |  | 3,050  | 
|Other Industrial Markets      |  |       |    |  |          |  |                 |      |  |                         |                  |  |                   |      |        |               |              |  |        |             |  |  |        |  |  |  |        | 
|Activity Distribution Center  |  |       | 4  |  |          |  | CA              |      |  |                         | IND              |  |                   |      |       |               |              |  | 3,736  |             |  |  | 11,248 |  |  |  | 2,607  | 
|AMB Capronilaan               |  |       | 1  |  |          |  | The Netherlands |      |  |                         | IND              |  |                   |      |       |               |              |  | 8,769  |             |  |  | 14,675 |  |  |  | 2,884  | 
|AMB CDG Cargo Center SAS      |  |       | 1  |  |          |  | France          |      |  |                         | IND              |  |                   |      | 25,183 |               |              |  |       |             |  |  | 38,870 |  |  |  | 3,607  | 
|AMB Industrial Park Bus. Ctr  |  |       | 1  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,648  |             |  |  | 4,187  |  |  |  | 3      | 
|AMB Northpoint Indust. Center |  |       | 3  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,769  |             |  |  | 8,087  |  |  |  | 7      | 
|AMB Schiphol Dist Center      |  |       | 1  |  |          |  | The Netherlands |      |  |                         | IND              |  |                   |      | 10,437 |               |              |  | 6,322  |             |  |  | 9,490  |  |  |  | 684    | 
|AMB Shady Oak Indust. Center  |  |       | 1  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 897    |             |  |  | 1,795  |  |  |  | 38     | 
|B.W.I.P                       |  |       | 2  |  |          |  | MD              |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,258  |             |  |  | 5,149  |  |  |  | 562    | 
|Beltway Distribution          |  |       | 1  |  |          |  | VA              |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,800  |             |  |  | 15,159 |  |  |  | 5,874  | 
|Bennington Corporate Center   |  |       | 2  |  |          |  | MD              |      |  |                         | IND              |  |                   |      | 5,781  |               |              |  | 2,671  |             |  |  | 8,181  |  |  |  | 962    | 
|Boston Industrial             |  |       | 18 |  |          |  | MA              |      |  |                         | IND              |  |                   |      | 8,956  |               |              |  | 16,707 |             |  |  | 52,013 |  |  |  | 16,923 | 
|Boston Marine Industrial Park |  |       | 1  |  |          |  | MA              |      |  |                         | IND              |  |                   |      | 50,168 |               |              |  |       |             |  |  | 69,135 |  |  |  | 782    | 
|Bourget Industrial            |  |       | 1  |  |          |  | France          |      |  |                         | IND              |  |                   |      | 24,668 |               |              |  | 10,058 |             |  |  | 23,843 |  |  |  | 4,420  | 
|Braemar Business Center       |  |       | 2  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,566  |             |  |  | 4,613  |  |  |  | 1,260  | 
|Burnsville Business Center    |  |       | 1  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 932    |             |  |  | 2,796  |  |  |  | 1,263  | 
|Cabot BP Land (KYDJ)          |  |       | 2  |  |          |  | MA              |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,474  |             |  |  | 14,353 |  |  |  | 9,901  | 
|Cabot Business Park           |  |       | 12 |  |          |  | MA              |      |  |                         | IND              |  |                   |      |       |               |              |  | 14,353 |             |  |  | 43,609 |  |  |  | 4,826  | 
|Cabot Business Park SGP       |  |       | 3  |  |          |  | MA              |      |  |                         | IND              |  |                   |      | 16,145 |               |              |  | 5,499  |             |  |  | 16,969 |  |  |  | 2,531  | 
|Cascade Business Center       |  |       | 4  |  |          |  | OR              |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,825  |             |  |  | 7,860  |  |  |  | 3,197  | 
|Chancellor                    |  |       | 1  |  |          |  | FL              |      |  |                         | IND              |  |                   |      |       |               |              |  | 1,587  |             |  |  | 3,759  |  |  |  | 3,397  | 
|Chancellor Square             |  |       | 3  |  |          |  | FL              |      |  |                         | IND              |  |                   |      | 14,691 |               |              |  | 2,009  |             |  |  | 6,106  |  |  |  | 4,282  | 
|Chemway Industrial Portfolio  |  |       | 5  |  |          |  | NC              |      |  |                         | IND              |  |                   |      |       |               |              |  | 2,875  |             |  |  | 8,625  |  |  |  | 1,599  | 
|CLT Logistics Center 1        |  |       | 11 |  |          |  | NC              |      |  |                         | IND              |  |                   |      | 20,946 |               |              |  | 5,443  |             |  |  | 22,818 |  |  |  | 1,376  | 
|Columbia Business Center      |  |       | 9  |  |          |  | MD              |      |  |                         | IND              |  |                   |      | 3,497  |               |              |  | 3,856  |             |  |  | 11,736 |  |  |  | 3,593  | 
|Corporate Park/ Hickory Hill  |  |       | 7  |  |          |  | TN              |      |  |                         | IND              |  |                   |      | 11,572 |               |              |  | 6,789  |             |  |  | 20,366 |  |  |  | 3,878  | 
|Corporate Square Industrial   |  |       | 6  |  |          |  | MN              |      |  |                         | IND              |  |                   |      |       |               |              |  | 4,024  |             |  |  | 12,113 |  |  |  | 2,815  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                              |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|----------------------------- |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------ | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                              |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                              |  |                                  |        |            |              |  | Year of |              |  |            
|                              |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |        | Depreciable |             
|Property                      |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |        |             | Life (Years) | 
|                              |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              | 
|Renton Northwest Corp. Park   |  |                                  | 25,959 |            |              |  | 15,647  |              |  |             | 41,606           |  |               |             | 1,135  |             |              |  | 2002 |  |  |  | 5-40 | 
|Seattle Airport Industrial    |  |                                  | 619    |            |              |  | 2,159   |              |  |             | 2,778            |  |               |             | 308    |             |              |  | 2000 |  |  |  | 5-40 | 
|SEA Logistics Center 1        |  |                                  | 9,218  |            |              |  | 19,190  |              |  |             | 28,408           |  |               |             | 736    |             |              |  | 2003 |  |  |  | 5-40 | 
|SEA Logistics Center 2        |  |                                  | 11,535 |            |              |  | 25,980  |              |  |             | 37,515           |  |               |             | 775    |             |              |  | 2003 |  |  |  | 5-40 | 
|Trans-Pacific Industrial Park |  |                                  | 31,675 |            |              |  | 45,260  |              |  |             | 76,935           |  |               |             | 1,792  |             |              |  | 2003 |  |  |  | 5-40 | 
|Other Industrial Markets      |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |        |             |              |  |      |  |  |  |      | 
|Activity Distribution Center  |  |                                  | 3,736  |            |              |  | 13,855  |              |  |             | 17,591           |  |               |             | 2,979  |             |              |  | 1997 |  |  |  | 5-40 | 
|AMB Capronilaan               |  |                                  | 8,769  |            |              |  | 17,559  |              |  |             | 26,328           |  |               |             | 325    |             |              |  | 2004 |  |  |  | 5-40 | 
|AMB CDG Cargo Center SAS      |  |                                  |       |            |              |  | 42,477  |              |  |             | 42,477           |  |               |             | 214    |             |              |  | 2004 |  |  |  | 5-37 | 
|AMB Industrial Park Bus. Ctr  |  |                                  | 1,648  |            |              |  | 4,190   |              |  |             | 5,838            |  |               |             | 12     |             |              |  | 2004 |  |  |  | 5-40 | 
|AMB Northpoint Indust. Center |  |                                  | 2,769  |            |              |  | 8,094   |              |  |             | 10,863           |  |               |             | 30     |             |              |  | 2004 |  |  |  | 5-40 | 
|AMB Schiphol Dist Center      |  |                                  | 6,322  |            |              |  | 10,174  |              |  |             | 16,496           |  |               |             | 15     |             |              |  | 2004 |  |  |  | 5-40 | 
|AMB Shady Oak Indust. Center  |  |                                  | 897    |            |              |  | 1,833   |              |  |             | 2,730            |  |               |             | 6      |             |              |  | 2004 |  |  |  | 5-40 | 
|B.W.I.P                       |  |                                  | 2,258  |            |              |  | 5,711   |              |  |             | 7,969            |  |               |             | 426    |             |              |  | 2002 |  |  |  | 5-40 | 
|Beltway Distribution          |  |                                  | 4,800  |            |              |  | 21,033  |              |  |             | 25,833           |  |               |             | 4,395  |             |              |  | 1999 |  |  |  | 5-40 | 
|Bennington Corporate Center   |  |                                  | 2,671  |            |              |  | 9,143   |              |  |             | 11,814           |  |               |             | 1,376  |             |              |  | 2000 |  |  |  | 5-40 | 
|Boston Industrial             |  |                                  | 16,707 |            |              |  | 68,936  |              |  |             | 85,643           |  |               |             | 15,691 |             |              |  | 1998 |  |  |  | 5-40 | 
|Boston Marine Industrial Park |  |                                  |       |            |              |  | 69,917  |              |  |             | 69,917           |  |               |             | 2,055  |             |              |  | 2004 |  |  |  | 5-40 | 
|Bourget Industrial            |  |                                  | 10,058 |            |              |  | 28,263  |              |  |             | 38,321           |  |               |             | 732    |             |              |  | 2003 |  |  |  | 5-40 | 
|Braemar Business Center       |  |                                  | 1,566  |            |              |  | 5,873   |              |  |             | 7,439            |  |               |             | 1,349  |             |              |  | 1998 |  |  |  | 5-40 | 
|Burnsville Business Center    |  |                                  | 932    |            |              |  | 4,059   |              |  |             | 4,991            |  |               |             | 1,168  |             |              |  | 1998 |  |  |  | 5-40 | 
|Cabot BP Land (KYDJ)          |  |                                  | 1,474  |            |              |  | 24,254  |              |  |             | 25,728           |  |               |             | 4,026  |             |              |  | 1998 |  |  |  | 5-40 | 
|Cabot Business Park           |  |                                  | 14,353 |            |              |  | 48,435  |              |  |             | 62,788           |  |               |             | 10,535 |             |              |  | 1998 |  |  |  | 5-40 | 
|Cabot Business Park SGP       |  |                                  | 5,499  |            |              |  | 19,500  |              |  |             | 24,999           |  |               |             | 1,217  |             |              |  | 2002 |  |  |  | 5-40 | 
|Cascade Business Center       |  |                                  | 2,825  |            |              |  | 11,057  |              |  |             | 13,882           |  |               |             | 2,262  |             |              |  | 1998 |  |  |  | 5-40 | 
|Chancellor                    |  |                                  | 1,587  |            |              |  | 7,156   |              |  |             | 8,743            |  |               |             | 855    |             |              |  | 1996 |  |  |  | 5-40 | 
|Chancellor Square             |  |                                  | 2,009  |            |              |  | 10,388  |              |  |             | 12,397           |  |               |             | 2,819  |             |              |  | 1998 |  |  |  | 5-40 | 
|Chemway Industrial Portfolio  |  |                                  | 2,875  |            |              |  | 10,224  |              |  |             | 13,099           |  |               |             | 2,101  |             |              |  | 1998 |  |  |  | 5-40 | 
|CLT Logistics Center 1        |  |                                  | 5,443  |            |              |  | 24,194  |              |  |             | 29,637           |  |               |             | 788    |             |              |  | 2003 |  |  |  | 5-40 | 
|Columbia Business Center      |  |                                  | 3,856  |            |              |  | 15,329  |              |  |             | 19,185           |  |               |             | 3,017  |             |              |  | 1999 |  |  |  | 5-40 | 
|Corporate Park/ Hickory Hill  |  |                                  | 6,789  |            |              |  | 24,244  |              |  |             | 31,033           |  |               |             | 4,899  |             |              |  | 1998 |  |  |  | 5-40 | 
|Corporate Square Industrial   |  |                                  | 4,024  |            |              |  | 14,928  |              |  |             | 18,952           |  |               |             | 3,752  |             |              |  | 1997 |  |  |  | 5-40 | 

S-7



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                               |  |       |   |  |          |  |         |      |  |                         |                  |  |                   |      |         |               |              |  |        |             |  |  |        |  |  |  |        | 
|------------------------------ |  | ----- | - |  | -------- |  | ------- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | ------- | ------------- | ------------ |  | ------ | ----------- |  |  | ------ |  |  |  | ------ | 
|                               |  |       |   |  |          |  |         |      |  | Initial Cost to Company |                  |  |                  
|                               |  |       |   |  |          |  |         |      |  |                         |                  |  | Costs Capitalized |     
|                               |  | No of |   |  |          |  |         |      |  |                         |                  |  | Building &        |      |         | Subsequent to |             
|Property                       |  | Bldgs |   |  | Location |  |         | Type |  |                         | Encumbrances (3) |  |                   | Land |         |               | Improvements |  |        | Acquisition | 
|                               |  |       |   |  |          |  |         |      |  |                         |                  |  |                   |      |         |               |              |  |        |             | 
|Corridor Industrial            |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 2,337   |               |              |  | 996    |             |  |  | 3,019  |  |  |  | 270    | 
|Crysen Industrial              |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 2,400   |               |              |  | 1,425  |             |  |  | 4,275  |  |  |  | 1,162  | 
|Dulles Airport Alliance        |  |       | 5 |  |          |  | VA      |      |  |                         | IND              |  |                   |      | 20,544  |               |              |  | 3,656  |             |  |  | 6,930  |  |  |  | 18,355 | 
|Edenvale Business Center       |  |       | 1 |  |          |  | MN      |      |  |                         | IND              |  |                   |      |        |               |              |  | 775    |             |  |  | 2,412  |  |  |  | 983    | 
|Elmwood Distribution           |  |       | 5 |  |          |  | LA      |      |  |                         | IND              |  |                   |      |        |               |              |  | 4,163  |             |  |  | 12,488 |  |  |  | 2,244  | 
|Ferrocaril                     |  |       | 1 |  |          |  | Mexico  |      |  |                         | IND              |  |                   |      |        |               |              |  | 2,230  |             |  |  | 2,087  |  |  |  | 186    | 
|Frankfurt Logistic Center      |  |       | 1 |  |          |  | Germany |      |  |                         | IND              |  |                   |      | 14,039  |               |              |  |       |             |  |  | 19,875 |  |  |  | 2,414  | 
|Funabashi Distribution Center  |  |       | 4 |  |          |  | Japan   |      |  |                         | IND              |  |                   |      | 195,167 |               |              |  | 8,843  |             |  |  | 34,633 |  |  |  | 137    | 
|Gateway 58                     |  |       | 3 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 3,019   |               |              |  | 3,256  |             |  |  | 9,940  |  |  |  | 364    | 
|Gateway Commerce Center        |  |       | 5 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 4,083  |             |  |  | 12,336 |  |  |  | 1,290  | 
|Greenwood Industrial           |  |       | 3 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 4,729  |             |  |  | 14,188 |  |  |  | 2,570  | 
|IAH Logistics Center           |  |       | 1 |  |          |  | TX      |      |  |                         | IND              |  |                   |      | 17,513  |               |              |  | 6,582  |             |  |  | 21,251 |  |  |  |       | 
|Janitrol                       |  |       | 1 |  |          |  | OH      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,797  |             |  |  | 5,390  |  |  |  | 363    | 
|Meadowridge Industrial         |  |       | 3 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 3,716  |             |  |  | 11,147 |  |  |  | 397    | 
|Mendota Heights Gateway Common |  |       | 1 |  |          |  | MN      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,367  |             |  |  | 4,565  |  |  |  | 2,514  | 
|MET PHASE 1 95, LTD            |  |       | 5 |  |          |  | TX      |      |  |                         | IND              |  |                   |      |        |               |              |  | 10,968 |             |  |  | 32,944 |  |  |  | 1,894  | 
|Minneapolis Distribution Port  |  |       | 3 |  |          |  | MN      |      |  |                         | IND              |  |                   |      |        |               |              |  | 4,052  |             |  |  | 13,375 |  |  |  | 3,719  | 
|Minneapolis Industrial Port IV |  |       | 4 |  |          |  | MN      |      |  |                         | IND              |  |                   |      | 7,068   |               |              |  | 4,938  |             |  |  | 14,854 |  |  |  | 2,492  | 
|Oakland Ridge Ind Ctr 4        |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 2,842   |               |              |  |       |             |  |  | 2,259  |  |  |  | 217    | 
|Oakland Ridge Ind Ctr 6        |  |       | 4 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 808     |               |              |  |       |             |  |  | 5,042  |  |  |  | 4,562  | 
|Oakland Ridge Industrial       |  |       | 6 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 4,175   |               |              |  | 3,297  |             |  |  | 11,906 |  |  |  | 2,944  | 
|Paris Nord Distribution I      |  |       | 1 |  |          |  | France  |      |  |                         | IND              |  |                   |      |        |               |              |  | 2,864  |             |  |  | 4,723  |  |  |  | 2,813  | 
|Paris Nord Distribution II     |  |       | 1 |  |          |  | France  |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,697  |             |  |  | 5,127  |  |  |  | 4,159  | 
|Patuxent Alliance 8280         |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      | 943     |               |              |  | 887    |             |  |  | 1,706  |  |  |  | 266    | 
|Patuxent Range Road            |  |       | 2 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,696  |             |  |  | 5,127  |  |  |  | 805    | 
|Peninsula Business Ctr III     |  |       | 1 |  |          |  | VA      |      |  |                         | IND              |  |                   |      |        |               |              |  | 992    |             |  |  | 2,976  |  |  |  | 500    | 
|Penn James Warehouse           |  |       | 2 |  |          |  | MN      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,991  |             |  |  | 6,013  |  |  |  | 1,338  | 
|Presidents Drive               |  |       | 6 |  |          |  | FL      |      |  |                         | IND              |  |                   |      |        |               |              |  | 5,770  |             |  |  | 17,655 |  |  |  | 2,393  | 
|Preston Court                  |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 2,313  |             |  |  | 7,192  |  |  |  | 545    | 
|Round Lake Business Center     |  |       | 1 |  |          |  | MN      |      |  |                         | IND              |  |                   |      |        |               |              |  | 875    |             |  |  | 2,625  |  |  |  | 618    | 
|Saitama Distribution Center    |  |       | 2 |  |          |  | Japan   |      |  |                         | IND              |  |                   |      |        |               |              |  | 8,143  |             |  |  | 28,503 |  |  |  | 1,639  | 
|Sand Lake Service Center       |  |       | 6 |  |          |  | FL      |      |  |                         | IND              |  |                   |      |        |               |              |  | 3,483  |             |  |  | 10,585 |  |  |  | 3,300  | 
|Santa Barbara Court            |  |       | 1 |  |          |  | MD      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,617  |             |  |  | 5,029  |  |  |  | 881    | 
|Scripps Sorrento               |  |       | 1 |  |          |  | CA      |      |  |                         | IND              |  |                   |      |        |               |              |  | 1,110  |             |  |  | 3,330  |  |  |  | 101    | 
|South Point Business Park      |  |       | 5 |  |          |  | NC      |      |  |                         | IND              |  |                   |      | 8,166   |               |              |  | 3,130  |             |  |  | 10,452 |  |  |  | 1,867  | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              |  |      |  |  |  |      | 
|------------------------------ |  | -------------------------------- | ------ | ---------- | ------------ |  | ------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ----- | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                               |  | Gross Amount Carried at 12/31/04 |        |            |              |  |         |              | 
|                               |  |                                  |        |            |              |  | Year of |              |  |            
|                               |  |                                  |        | Building & |              |  | Total   |              |  | Accumulated |                  |  | Construction/ |             |       | Depreciable |             
|Property                       |  | Land                             |        |            | Improvements |  |         | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |       |             | Life (Years) | 
|                               |  |                                  |        |            |              |  |         |              |  |             |                  |  |               |             |       |             |              | 
|Corridor Industrial            |  |                                  | 996    |            |              |  | 3,289   |              |  |             | 4,285            |  |               |             | 548   |             |              |  | 1999 |  |  |  | 5-40 | 
|Crysen Industrial              |  |                                  | 1,425  |            |              |  | 5,437   |              |  |             | 6,862            |  |               |             | 1,235 |             |              |  | 1998 |  |  |  | 5-40 | 
|Dulles Airport Alliance        |  |                                  | 3,656  |            |              |  | 25,285  |              |  |             | 28,941           |  |               |             | 1,436 |             |              |  | 2000 |  |  |  | 5-40 | 
|Edenvale Business Center       |  |                                  | 775    |            |              |  | 3,395   |              |  |             | 4,170            |  |               |             | 994   |             |              |  | 1998 |  |  |  | 5-40 | 
|Elmwood Distribution           |  |                                  | 4,163  |            |              |  | 14,732  |              |  |             | 18,895           |  |               |             | 3,004 |             |              |  | 1998 |  |  |  | 5-40 | 
|Ferrocaril                     |  |                                  | 2,230  |            |              |  | 2,273   |              |  |             | 4,503            |  |               |             | 46    |             |              |  | 2004 |  |  |  | 5-40 | 
|Frankfurt Logistic Center      |  |                                  |       |            |              |  | 22,289  |              |  |             | 22,289           |  |               |             | 595   |             |              |  | 2003 |  |  |  | 5-40 | 
|Funabashi Distribution Center  |  |                                  | 8,843  |            |              |  | 34,770  |              |  |             | 43,613           |  |               |             | 644   |             |              |  | 2004 |  |  |  | 5-40 | 
|Gateway 58                     |  |                                  | 3,256  |            |              |  | 10,304  |              |  |             | 13,560           |  |               |             | 1,192 |             |              |  | 2000 |  |  |  | 5-40 | 
|Gateway Commerce Center        |  |                                  | 4,083  |            |              |  | 13,626  |              |  |             | 17,709           |  |               |             | 2,665 |             |              |  | 1999 |  |  |  | 5-40 | 
|Greenwood Industrial           |  |                                  | 4,729  |            |              |  | 16,758  |              |  |             | 21,487           |  |               |             | 3,335 |             |              |  | 1998 |  |  |  | 5-40 | 
|IAH Logistics Center           |  |                                  | 6,582  |            |              |  | 21,251  |              |  |             | 27,833           |  |               |             | 340   |             |              |  | 2004 |  |  |  | 5-40 | 
|Janitrol                       |  |                                  | 1,797  |            |              |  | 5,753   |              |  |             | 7,550            |  |               |             | 1,114 |             |              |  | 1997 |  |  |  | 5-40 | 
|Meadowridge Industrial         |  |                                  | 3,716  |            |              |  | 11,544  |              |  |             | 15,260           |  |               |             | 2,081 |             |              |  | 1998 |  |  |  | 5-40 | 
|Mendota Heights Gateway Common |  |                                  | 1,367  |            |              |  | 7,079   |              |  |             | 8,446            |  |               |             | 2,803 |             |              |  | 1998 |  |  |  | 5-40 | 
|MET PHASE 1 95, LTD            |  |                                  | 10,968 |            |              |  | 34,838  |              |  |             | 45,806           |  |               |             | 6,741 |             |              |  | 1997 |  |  |  | 5-40 | 
|Minneapolis Distribution Port  |  |                                  | 4,052  |            |              |  | 17,094  |              |  |             | 21,146           |  |               |             | 3,627 |             |              |  | 1997 |  |  |  | 5-40 | 
|Minneapolis Industrial Port IV |  |                                  | 4,938  |            |              |  | 17,346  |              |  |             | 22,284           |  |               |             | 4,132 |             |              |  | 1997 |  |  |  | 5-40 | 
|Oakland Ridge Ind Ctr 4        |  |                                  |       |            |              |  | 2,476   |              |  |             | 2,476            |  |               |             | 457   |             |              |  | 1999 |  |  |  | 5-40 | 
|Oakland Ridge Ind Ctr 6        |  |                                  |       |            |              |  | 9,604   |              |  |             | 9,604            |  |               |             | 1,463 |             |              |  | 1999 |  |  |  | 5-40 | 
|Oakland Ridge Industrial       |  |                                  | 3,297  |            |              |  | 14,850  |              |  |             | 18,147           |  |               |             | 4,106 |             |              |  | 1999 |  |  |  | 5-40 | 
|Paris Nord Distribution I      |  |                                  | 2,864  |            |              |  | 7,536   |              |  |             | 10,400           |  |               |             | 360   |             |              |  | 2002 |  |  |  | 5-40 | 
|Paris Nord Distribution II     |  |                                  | 1,697  |            |              |  | 9,286   |              |  |             | 10,983           |  |               |             | 411   |             |              |  | 2002 |  |  |  | 5-40 | 
|Patuxent Alliance 8280         |  |                                  | 887    |            |              |  | 1,972   |              |  |             | 2,859            |  |               |             | 170   |             |              |  | 2001 |  |  |  | 5-40 | 
|Patuxent Range Road            |  |                                  | 1,696  |            |              |  | 5,932   |              |  |             | 7,628            |  |               |             | 1,305 |             |              |  | 1997 |  |  |  | 5-40 | 
|Peninsula Business Ctr III     |  |                                  | 992    |            |              |  | 3,476   |              |  |             | 4,468            |  |               |             | 613   |             |              |  | 1998 |  |  |  | 5-40 | 
|Penn James Warehouse           |  |                                  | 1,991  |            |              |  | 7,351   |              |  |             | 9,342            |  |               |             | 1,711 |             |              |  | 1997 |  |  |  | 5-40 | 
|Presidents Drive               |  |                                  | 5,770  |            |              |  | 20,048  |              |  |             | 25,818           |  |               |             | 4,499 |             |              |  | 1997 |  |  |  | 5-40 | 
|Preston Court                  |  |                                  | 2,313  |            |              |  | 7,737   |              |  |             | 10,050           |  |               |             | 1,579 |             |              |  | 1997 |  |  |  | 5-40 | 
|Round Lake Business Center     |  |                                  | 875    |            |              |  | 3,243   |              |  |             | 4,118            |  |               |             | 788   |             |              |  | 1998 |  |  |  | 5-40 | 
|Saitama Distribution Center    |  |                                  | 8,143  |            |              |  | 30,142  |              |  |             | 38,285           |  |               |             | 865   |             |              |  | 2003 |  |  |  | 5-40 | 
|Sand Lake Service Center       |  |                                  | 3,483  |            |              |  | 13,885  |              |  |             | 17,368           |  |               |             | 3,403 |             |              |  | 1998 |  |  |  | 5-40 | 
|Santa Barbara Court            |  |                                  | 1,617  |            |              |  | 5,910   |              |  |             | 7,527            |  |               |             | 1,513 |             |              |  | 1997 |  |  |  | 5-40 | 
|Scripps Sorrento               |  |                                  | 1,110  |            |              |  | 3,431   |              |  |             | 4,541            |  |               |             | 610   |             |              |  | 1998 |  |  |  | 5-40 | 
|South Point Business Park      |  |                                  | 3,130  |            |              |  | 12,319  |              |  |             | 15,449           |  |               |             | 2,411 |             |              |  | 1998 |  |  |  | 5-40 | 

S-8



---



##### 



AMB PROPERTY, L.P.


SCHEDULE III


CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION


As of December 31, 2004


(in thousands, except number of buildings)


|                               |  |       |     |  |          |  |    |      |  |                         |                  |  |                   |      |           |               |              |   |           |             |  |   |           |  |  |   |         | 
|------------------------------ |  | ----- | --- |  | -------- |  | -- | ---- |  | ----------------------- | ---------------- |  | ----------------- | ---- | --------- | ------------- | ------------ | - | --------- | ----------- |  | - | --------- |  |  | - | ------- | 
|                               |  |       |     |  |          |  |    |      |  | Initial Cost to Company |                  |  |                  
|                               |  |       |     |  |          |  |    |      |  |                         |                  |  | Costs Capitalized |     
|                               |  | No of |     |  |          |  |    |      |  |                         |                  |  | Building &        |      |           | Subsequent to |             
|Property                       |  | Bldgs |     |  | Location |  |    | Type |  |                         | Encumbrances (3) |  |                   | Land |           |               | Improvements |   |           | Acquisition | 
|                               |  |       |     |  |          |  |    |      |  |                         |                  |  |                   |      |           |               |              |   |           |             | 
|Technology Park I              |  |       | 2   |  |          |  | MD |      |  |                         | IND              |  |                   |      |          |               |              |   | 1,657     |             |  |   | 5,049     |  |  |   | 396     | 
|Technology Park II             |  |       | 9   |  |          |  | MD |      |  |                         | IND              |  |                   |      |          |               |              |   | 10,206    |             |  |   | 3,761     |  |  |   | 30,319  | 
|TechRidge Phase I              |  |       | 3   |  |          |  | TX |      |  |                         | IND              |  |                   |      | 14,557    |               |              |   | 7,132     |             |  |   | 21,396    |  |  |   | 485     | 
|TechRidge Phase II             |  |       | 1   |  |          |  | TX |      |  |                         | IND              |  |                   |      | 11,063    |               |              |   | 7,261     |             |  |   | 13,484    |  |  |   | 233     | 
|TechRidge Phase IIIA Bldg. 4.1 |  |       | 1   |  |          |  | TX |      |  |                         | IND              |  |                   |      | 9,200     |               |              |   | 3,143     |             |  |   | 12,328    |  |  |   |        | 
|The Rotunda                    |  |       | 2   |  |          |  | MD |      |  |                         | IND              |  |                   |      |          |               |              |   | 4,400     |             |  |   | 17,736    |  |  |   | 4,606   | 
|Twin Cities                    |  |       | 2   |  |          |  | MN |      |  |                         | IND              |  |                   |      |          |               |              |   | 4,873     |             |  |   | 14,638    |  |  |   | 7,197   | 
|Willow Lake Business Park      |  |       | 10  |  |          |  | TN |      |  |                         | IND              |  |                   |      | 18,945    |               |              |   | 12,415    |             |  |   | 35,990    |  |  |   | 14,859  | 
|Wilsonville Dist. Center       |  |       | 1   |  |          |  | OR |      |  |                         | IND              |  |                   |      |          |               |              |   | 3,407     |             |  |   | 13,493    |  |  |   | 52      | 
|Other Retail Markets           |  |       |     |  |          |  |    |      |  |                         |                  |  |                   |      |           |               |              |   |           |             |  |   |           |  |  |   |         | 
|Around Lenox                   |  |       | 1   |  |          |  | GA |      |  |                         | RET              |  |                   |      | 8,733     |               |              |   | 3,462     |             |  |   | 13,848    |  |  |   | 4,963   | 
|Beacon Centre  Headlands      |  |       | 1   |  |          |  | FL |      |  |                         | RET              |  |                   |      |          |               |              |   | 2,523     |             |  |   | 7,669     |  |  |   | 979     | 
|                               |  |       |     |  |          |  |    |      |  |                         |                  |  |                   |      |           |               |              |   |           |             | 
|Total                          |  |       | 968 |  |          |  |    |      |  |                         |                  |  |                   | $    | 1,828,864 |               |              | $ | 1,486,241 |             |  | $ | 3,609,393 |  |  | $ | 719,133 | 
|                               |  |       |     |  |          |  |    |      |  |                         |                  |  |                   |      |           |               |              |   |           |             | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                               |  |                                  |           |            |              |   |           |              |  |             |                  |  |               |             |         |             |              |  |      |  |  |  |      | 
|------------------------------ |  | -------------------------------- | --------- | ---------- | ------------ | - | --------- | ------------ |  | ----------- | ---------------- |  | ------------- | ----------- | ------- | ----------- | ------------ |  | ---- |  |  |  | ---- | 
|                               |  | Gross Amount Carried at 12/31/04 |           |            |              |   |           |              | 
|                               |  |                                  |           |            |              |   | Year of   |              |  |            
|                               |  |                                  |           | Building & |              |   | Total     |              |  | Accumulated |                  |  | Construction/ |             |         | Depreciable |             
|Property                       |  | Land                             |           |            | Improvements |   |           | Costs (1)(2) |  |             | Depreciation (4) |  |               | Acquisition |         |             | Life (Years) | 
|                               |  |                                  |           |            |              |   |           |              |  |             |                  |  |               |             |         |             |              | 
|Technology Park I              |  |                                  | 1,657     |            |              |   | 5,445     |              |  |             | 7,102            |  |               |             | 901     |             |              |  | 1999 |  |  |  | 5-40 | 
|Technology Park II             |  |                                  | 10,206    |            |              |   | 34,080    |              |  |             | 44,286           |  |               |             | 6,052   |             |              |  | 1999 |  |  |  | 5-40 | 
|TechRidge Phase I              |  |                                  | 7,132     |            |              |   | 21,881    |              |  |             | 29,013           |  |               |             | 2,312   |             |              |  | 2000 |  |  |  | 5-40 | 
|TechRidge Phase II             |  |                                  | 7,261     |            |              |   | 13,717    |              |  |             | 20,978           |  |               |             | 1,288   |             |              |  | 2001 |  |  |  | 5-40 | 
|TechRidge Phase IIIA Bldg. 4.1 |  |                                  | 3,143     |            |              |   | 12,328    |              |  |             | 15,471           |  |               |             | 298     |             |              |  | 2004 |  |  |  | 5-40 | 
|The Rotunda                    |  |                                  | 4,400     |            |              |   | 22,342    |              |  |             | 26,742           |  |               |             | 4,549   |             |              |  | 1999 |  |  |  | 5-40 | 
|Twin Cities                    |  |                                  | 4,873     |            |              |   | 21,835    |              |  |             | 26,708           |  |               |             | 5,267   |             |              |  | 1997 |  |  |  | 5-40 | 
|Willow Lake Business Park      |  |                                  | 12,415    |            |              |   | 50,849    |              |  |             | 63,264           |  |               |             | 14,586  |             |              |  | 1998 |  |  |  | 5-40 | 
|Wilsonville Dist. Center       |  |                                  | 3,407     |            |              |   | 13,545    |              |  |             | 16,952           |  |               |             | 2,348   |             |              |  | 1998 |  |  |  | 5-40 | 
|Other Retail Markets           |  |                                  |           |            |              |   |           |              |  |             |                  |  |               |             |         |             |              |  |      |  |  |  |      | 
|Around Lenox                   |  |                                  | 3,462     |            |              |   | 18,811    |              |  |             | 22,273           |  |               |             | 3,507   |             |              |  | 1998 |  |  |  | 5-40 | 
|Beacon Centre  Headlands      |  |                                  | 2,523     |            |              |   | 8,648     |              |  |             | 11,171           |  |               |             | 997     |             |              |  | 2000 |  |  |  | 5-40 | 
|                               |  |                                  |           |            |              |   |           |              |  |             |                  |  |               |             |         |             |              | 
|Total                          |  | $                                | 1,486,241 |            |              | $ | 4,328,526 |              |  | $           | 5,814,767        |  |               | $           | 614,084 |             |              |  |      |  |  |  |      | 
|                               |  |                                  |           |            |              |   |           |              |  |             |                  |  |               |             |         |             |              | 

S-9



---



##### 








|    |                                                                                                
|--- | -----------------------------------------------------------------------------------------------
|(1) | Reconciliation of total cost to consolidated balance sheet
    caption as of December 31, 2004:

|                                |                                 |   |           |           | 
|------------------------------- | ------------------------------- | - | --------- | --------- | 
|Total per Schedule III
    (5)  |                                 | $ | 5,814,767 |          
|Construction in process
    (6) |                                 |   | 711,377   |          
|                                |                                 |   |          
|                                | Total investments in properties |   | $         | 6,526,144 | 
|                                |                                 |   |          



|    |                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------
|(2) | As of December 31, 2004, the aggregate cost for federal
    income tax purposes of investments in real estate was $6,263,171.
|   
|(3) | Reconciliation of total debt to consolidated balance sheet
    caption as of December 31, 2004:                              

|                                        |            |   |           |           | 
|--------------------------------------- | ---------- | - | --------- | --------- | 
|Total per Schedule III                  |            | $ | 1,828,864 |          
|Debt on properties held for divestiture |            |   | 27,481    |          
|Debt on development properties          |            |   | 25,413    |          
|Unamortized premiums                    |            |   | 10,766    |          
|                                        |            |   |          
|                                        | Total debt |   | $         | 1,892,524 | 
|                                        |            |   |          



|    |                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------
|(4) | Reconciliation of accumulated depreciation to consolidated
    balance sheet caption as of December 31, 2004:

|                                                        |                                |   |         |         | 
|------------------------------------------------------- | ------------------------------ | - | ------- | ------- | 
|Total per Schedule III                                  |                                | $ | 614,084 |        
|Accumulated depreciation on properties under renovation |                                |   | 1,562   |        
|                                                        |                                |   |        
|                                                        | Total accumulated depreciation |   | $       | 615,646 | 
|                                                        |                                |   |        



|    |                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------
|(5) | A summary of activity for real estate and accumulated
    depreciation for the year ended December 31, 2004 is as
    follows:

|                           |                                                         |  |   |           | 
|-------------------------- | ------------------------------------------------------- |  | - | --------- | 
|Investments in Properties: |                                                         |  |   |          
|                           | Balance at beginning of year                            |  | $ | 5,491,707 | 
|                           | Acquisition of properties                               |  |   | 687,072   | 
|                           | Improvements, including development properties          |  |   | 618,188   | 
|                           | Divestiture of properties                               |  |   | (185,564) | 
|                           | Adjustment for properties held for divestiture          |  |   | (85,259)  | 
|                           |                                                         |  |  
|                           | Balance at end of year                                  |  | $ | 6,526,144 | 
|                           |                                                         |  |  
|Accumulated Depreciation:  |                                                         |  |   |          
|                           | Balance at beginning of year                            |  | $ | 485,559   | 
|                           | Depreciation expense, including discontinued operations |  |   | 163,316   | 
|                           | Properties divested                                     |  |   | (23,559)  | 
|                           | Adjustment for properties held for divestiture          |  |   | (9,670)   | 
|                           |                                                         |  |  
|                           | Balance at end of year                                  |  | $ | 615,646   | 
|                           |                                                         |  |  



|    |                                                                                          
|--- | -----------------------------------------------------------------------------------------
|(6) | Includes $515.2 million of fundings for development
    projects as of December 31, 2004.

S-10



---



##### 



EXHIBIT INDEX


|        |   |     |             |                                                                                                                                                                                                                                                                                   
|------- | - | --- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |   |     |            
|Number  |   |     | Description
|        |   |     |            
|        | 3 | .1  |             | Tenth Amended and Restated Agreement of Limited Partnership of
    AMB Property, L.P. dated as of November 26, 2003
    (incorporated by reference to Exhibit 3.2 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    November 26, 2003).                         
|       
|        | 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, L.P.s Annual Report on
    Form 10-K for the year ended December 31, 2000).         
|       
|        | 4 | .4  |             | $25,000,000 8.000% 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, L.P.s Annual Report on
    Form 10-K for the year ended December 31, 2000).        
|       
|        | 4 | .5  |             | $50,000,000 7.20% Fixed Rate Note No. 5 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .6  |             | $50,000,000 7.20% Fixed Rate Note No. 6 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.2 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .7  |             | $50,000,000 7.20% Fixed Rate Note No. 7 dated
    December 19, 2000, attaching the Parent Guarantee dated
    December 19, 2000 (incorporated herein by reference to
    Exhibit 4.3 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 8, 2001).            
|       
|        | 4 | .8  |             | Specimen of 7.10% Notes due 2008 (included in the First
    Supplemental Indenture incorporated by reference as
    Exhibit 4.2 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                                 
|       
|        | 4 | .9  |             | Specimen of 7.50% Notes due 2018 (included in the Second
    Supplemental Indenture incorporated by reference as
    Exhibit 4.3 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                                
|       
|        | 4 | .10 |             | Specimen of 6.90% Reset Put Securities due 2015 (included in the
    Third Supplemental Indenture incorporated by reference as
    Exhibit 4.4 of AMB Property, L.P.s Registration
    Statement on Form S-11 (No. 333-49163)).                                                  
|       
|        | 4 | .11 |             | $25,000,000 6.90% Fixed Rate Note No. 8 dated
    January 9, 2001, attaching the Parent Guarantee dated
    January 9, 2001 (incorporated by reference to
    Exhibit 4.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on January 31, 2001).                      
|       
|        | 4 | .12 |             | $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 | .13 |             | $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 | .14 |             | $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).                   



---



##### 



|        |     |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------- | --- | --- | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |     |     |            
|Number  |     |     | Description
|        |     |     |            
|        | 4   | .15 |             | $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   | .16 |             | $50,000,000 Floating Rate Note No. B-1 dated November 21,
    2003, attaching the Parent Guarantee dated November 21,
    2003 (incorporated by reference to Exhibit 4.1 of AMB
    Property, L.P.s Current Report on Form 8-K filed on
    November 21, 2003).                                                                                                                                                                                                                                                                                       
|        | 4   | .17 |             | $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   | .18 |             | 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
    Registration Statement on Form S-11 (No. 333-49163)).                                                                                                                                                                                                                                         
|       
|        | 4   | .19 |             | 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   | .20 |             | 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   | .21 |             | 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   | .22 |             | Fourth Supplemental Indenture, 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   | .23 |             | 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).                                                                                                                                                                                                       
|       
|        | 10  | .1  |             | Distribution Agreement dated May 7, 2002, by and among AMB
    Property Corporation, AMB Property, L.P., Morgan
    Stanley & Co. Incorporated, A.G. Edwards &
    Sons, Inc., Banc of America Securities LLC, Bear,
    Stearns & Co. Inc., Commerzbank Capital Markets Corp.,
    First Union Securities, Inc., J.P. Morgan Securities Inc.,
    Lehman Brothers Inc., and PNC Capital Markets, Inc.
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Annual Report on Form 10-K for the year ended
    December 31, 2003).
|       
|        | *10 | .2  |             | 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 | .3  |             | 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 | .4  |             | 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.                                                                                                                                                                                                                                                                                                                                                                           
|       
|        | *10 | .5  |             | 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 on
    Form 10-K for the year ended December 31, 2001).                                                                                                                                                                                                                                                                                                              
|       
|        | *10 | .6  |             | Amendment No. 1 to the 2002 Stock Option and Incentive Plan
    of AMB Property Corporation and AMB Property, L.P., dated
    September 23, 2004.                                                                                                                                                                                                                                                                                                                                                                                                      



---



##### 



|        |     |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------- | --- | --- | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |     |     |            
|Number  |     |     | Description
|        |     |     |            
|        | *10 | .7  |             | 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 10.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on December 15, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | *10 | .8  |             | Amended and Restated AMB Nonqualified Deferred Compensation Plan
    (incorporated by reference to Exhibit 4.17 of AMB Property,
    L.P.s Registration Statement on Form S-8 (No.
    333-100214)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       
|        | 10  | .9  |             | Thirteenth Amended and Restated Agreement of Limited Partnership
    of AMB Property II, L.P., dated September 24, 2004
    (incorporated by reference to Exhibit 10.1 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    September 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | 10  | .10 |             | Put Agreement, dated September 24, 2004, by and between
    Robert Pattillo Properties, Inc. and AMB Property, L.P.
    (incorporated by reference to Exhibit 10.2 of AMB Property,
    L.P.s Current Report on Form 8-K filed on
    September 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | 10  | .11 |             | Note Purchase Agreement dated as of November 5, 2003, by
    and between AMB Property, L.P. and Teachers Insurance and
    Annuity Association of America (incorporated by reference to
    Exhibit 99.1 of AMB Property, L.P.s Current Report on
    Form 8-K filed on November 6, 2003).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | 10  | .12 |             | 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  | .13 |             | 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  | .14 |             | 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  | .15 |             | 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 L.P.s Current Report on
    Form 8-K filed on July 2, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       
|        | 10  | .16 |             | 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
    L.P.s Current Report on Form 8-K filed on July 2,
    2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       
|        | 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 agent and sole lead
    arranger an 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     






---



##### 



|        |    |     |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- | -- | --- | ----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |     |            
|Number  |    |     | Description
|        |    |     |            
|       
|        | 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).                                                                                                                                                                                                      
|       
|        | 21 | .1  |             | Subsidiaries of AMB Property, L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       
|        | 23 | .1  |             | Consent of PricewaterhouseCoopers LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       
|        | 24 | .1  |             | Powers of Attorney (included in Part IV of this 10-K)                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | 31 | .1  |             | Rule 13a-14 (a)/15d-14 (a) Certifications dated
    March 14, 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       
|        | 32 | .1  |             | 18 U.S.C. § 1350 Certifications dated
    March 14, 2005. 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.