AMB Amb Property Corp.

SAN FRANCISCO, Jan. 12 /PRNewswire-FirstCall/ -- AMB Property Corporation(R) (NYSE:AMB) today announced the tax treatment of its 2008 distributions on its Common Stock (NYSE:AMB), 6.5% Series L Cumulative Redeemable Preferred Stock (NYSE:AMB.PrL), 6.75% Series M Cumulative Redeemable Preferred Stock (NYSE:AMB.PrM), 7.0% Series O Cumulative Redeemable Preferred Stock (NYSE:AMB.PrO), and 6.85% Series P Cumulative Redeemable Preferred Stock (NYSE:AMB.PrP). For holders of AMB Property Corporation(R) common stock, the 2008 dividend of $2.06 per share includes one quarterly distribution declared in 2007 and paid in 2008 and three quarterly distributions declared and paid in 2008. These distributions are classified for income tax purposes as follows: $1.244 per share (60.38%) is classified as an Ordinary Taxable Dividend; $0.600 per share (29.13%) is classified as a Capital Gain Dividend; and $0.216 per share (10.49%) is classified as Return of Capital on the 2008 Form 1099-DIV. For the company's 6.5% Series L Cumulative Redeemable Preferred Stock (NYSE:AMB.PrL), the company's reportable 2008 dividends totaling $1.625 per share are classified for income tax purposes as follows: $1.096 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.529 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV. For the company's 6.75% Series M Cumulative Redeemable Preferred Stock (NYSE:AMB.PrM), the company's reportable 2008 dividends totaling $1.6875 per share are classified for income tax purposes as follows: $1.1384 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.5491 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV. For the company's 7.0% Series O Cumulative Redeemable Preferred Stock (NYSE:AMB.PrO), the company's reportable 2008 dividends totaling $1.750 per share are classified for income tax purposes as follows: $1.181 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.569 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV. For the company's 6.85% Series P Cumulative Redeemable Preferred Stock (NYSE:AMB.PrP), the company's reportable 2008 dividends totaling $1.7125 per share are classified for income tax purposes as follows: $1.1552 per share (67.46%) is classified as an Ordinary Taxable Dividend and $0.5573 per share (32.54%) is classified as a Capital Gain Dividend on the 2008 Form 1099-DIV. As previously announced on November 17, 2008, AMB's Board of Directors suspended the company's common stock dividend for the fourth quarter of 2008. The Board of Directors also declared dividends on the company's four outstanding series of preferred stock, including: * 6.5% Series L Cumulative Redeemable Preferred Stock - a dividend of $0.40625 per share * 6.75% Series M Cumulative Redeemable Preferred Stock - a dividend of $0.421875 per share * 7.0% Series O Cumulative Redeemable Preferred Stock - a dividend of $0.4375 per share * 6.85% Series P Cumulative Redeemable Preferred Stock - a dividend of $0.428125 per share The record date for the preferred dividends was January 5, 2009 and the payment date will be January 15, 2009. These dividends will be classified as 2009 dividends. The tables below summarize the income tax treatment of the company's 2008 dividends: 2008 Dividend Tax Reporting Information (Form 1099-DIV) AMB Property Corporation Common Stock CUSIP # 00163T109 Ticker Symbol: AMB 2008 25% 2008 2008 Capital Ordinary 15% (unrecaptured 2008 Decla- Cash Taxable Capital Section Return of ration Record Payable Dividend Dividend Gain 1250 gain) Capital Dates Dates Dates ($ per ($ per ($ per ($ per ($ per share) share) share) share) share) 12/18/ 12/21/ 1/7/ 2007 2007 2008 $0.500000 $0.301905 $0.145639 $0.000001 $0.052455 2/21/ 4/4/ 4/15/ 2008 2008 2008 $0.520000 $0.313981 $0.151465 $0.000001 $0.054553 5/8/ 7/3/ 7/15/ 2008 2008 2008 $0.520000 $0.313981 $0.151465 $0.000001 $0.054553 9/23/ 10/6/ 10/15/ 2008 2008 2008 $0.520000 $0.313981 $0.151465 $0.000001 $0.054553 2008 Totals $2.060000 $1.243848 $0.600034 $0.000004 $0.216114 AMB Property Corporation Series L Cumulative Redeemable Preferred Stock CUSIP # 00163T307 Ticker Symbol: AMB.PrL 2008 25% Capital 2008 2008 Gain Ordinary 15% (unrecaptured Cash Taxable Capital Section Dividend Dividend Gain 1250 gain) Decl- aration Record Payable ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) 12/18/2007 1/4/2008 1/15/2008 $0.406250 $0.274048 $0.132201 $0.000001 2/21/2008 4/4/2008 4/15/2008 $0.406250 $0.274048 $0.132201 $0.000001 5/8/2008 7/3/2008 7/15/2008 $0.406250 $0.274048 $0.132201 $0.000001 9/23/2008 10/6/2008 10/15/2008 $0.406250 $0.274048 $0.132201 $0.000001 2008 Totals $1.625000 $1.096192 $0.528804 $0.000004 AMB Property Corporation Series M Cumulative Redeemable Preferred Stock CUSIP # 00163T406 Ticker Symbol: AMB.PrM 2008 25% 2008 2008 Capital Gain Ordinary 15% (unrecaptured Cash Taxable Capital Section Dividend Dividend Gain 1250 gain) Declaration Record Payable ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) 12/18/2007 1/4/2008 1/15/2008 $0.421875 $0.284588 $0.137286 $0.000001 2/21/2008 4/4/2008 4/15/2008 $0.421875 $0.284588 $0.137286 $0.000001 5/8/2008 7/3/2008 7/15/2008 $0.421875 $0.284588 $0.137286 $0.000001 9/23/2008 10/6/2008 10/15/2008 $0.421875 $0.284588 $0.137286 $0.000001 2008 Totals $1.687500 $1.138352 $0.549144 $0.000004 AMB Property Corporation Series O Cumulative Redeemable Preferred Stock CUSIP # 00163T505 Ticker Symbol: AMB.PrO 2008 25% Capital 2008 2008 Gain Ordinary 15% (unrecaptured Cash Taxable Capital Section Dividend Dividend Gain 1250 gain) Declaration Record Payable ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) 12/18/2007 1/4/2008 1/15/2008 $0.437500 $0.295129 $0.142370 $0.000001 2/21/2008 4/4/2008 4/15/2008 $0.437500 $0.295129 $0.142370 $0.000001 5/8/2008 7/3/2008 7/15/2008 $0.437500 $0.295129 $0.142370 $0.000001 9/23/2008 10/6/2008 10/15/2008 $0.437500 $0.295129 $0.142370 $0.000001 2008 Totals $1.750000 $1.180516 $0.569480 $0.000004 AMB Property Corporation Series P Cumulative Redeemable Preferred Stock CUSIP # 00163T604 Ticker Symbol: AMB.PrP 2008 25% 2008 2008 Capital Gain Ordinary 15% (unrecaptured Cash Taxable Capital Section Dividend Dividend Gain 1250 gain) Declaration Record Payable ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) 12/18/2007 1/4/2008 1/15/2008 $0.428125 $0.288804 $0.139320 $0.000001 2/21/2008 4/4/2008 4/15/2008 $0.428125 $0.288804 $0.139320 $0.000001 5/8/2008 7/3/2008 7/15/2008 $0.428125 $0.288804 $0.139320 $0.000001 9/23/2008 10/6/2008 10/15/2008 $0.428125 $0.288804 $0.139320 $0.000001 2008 Totals $1.712500 $1.155216 $0.557280 $0.000004 AMB Property Corporation.(R) Local partner to global trade.(TM) AMB Property Corporation(R) is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of September 30, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 158.4 million square feet (14.7 million square meters) in 49 markets within 15 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution(R) facilities-industrial properties built for speed and located near airports, seaports and ground transportation systems. AMB's press releases are available on the company website at http://www.amb.com/ or by contacting the Investor Relations department at +1 415 394 9000. DATASOURCE: AMB Property Corporation CONTACT: Tracy A. Ward, Vice President, IR & Corporate Communications of AMB Property Corporation, +1-415-733-9565, Web site: http://www.amb.com/

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