AMB Amb Property Corp.

AMB Property Corporation Announces Tax Treatment of 2003 Dividends SAN FRANCISCO, Jan. 8 /PRNewswire-FirstCall/ -- AMB Property Corporation today announced the tax treatment of its 2003 dividends on its Common Stock , 8.5% Series A Cumulative Redeemable Preferred Stock and 6.5% Series L Cumulative Redeemable Preferred Stock . No portion of the 2003 dividend distributions represented return of capital. The company paid four quarterly dividends totaling $1.655 per share of Common Stock, during 2003. The company's reportable 2003 dividends totaling $1.655 per share of Common Stock are classified for income tax purposes as follows: $1.069 per share (64.6%) is classified as an Ordinary Taxable Dividend; $0.320 per share (19.3%) is classified as a 20% Rate (Pre-May 6) Capital Gain Dividend, $0.150 per share (9.1%) is classified as a 15% Rate (Post-May 5) Capital Gain Dividend and $0.116 per share (7.0%) is classified as a 25% Rate Capital Gain Dividend on the 2003 Form 1099-DIV. AMB Property Corporation also announced the tax treatment of its 2003 dividends on two series of the company's preferred stocks. For the company's 8.5% Series A Cumulative Redeemable Preferred Stock (NYSE:AMB.A), the company's reportable 2003 dividends totaling $1.676 per share are classified for income tax purposes as follows: $1.083 per share (64.6%) is classified as an Ordinary Taxable Dividend; $0.324 per share (19.3%) is classified as a 20% Rate (Pre-May 6) Capital Gain Dividend, $0.152 per share (9.1%) is classified as a 15% Rate (Post-May 5) Capital Gain Dividend and $0.117 per share (7.0%) is classified as a 25% Rate Capital Gain Dividend on the 2003 Form 1099-DIV. The company's 8.5% Series A Redeemable Preferred Stock was redeemed in full on July 28, 2003. The tax treatment of its reportable 2003 dividends on the company's 6.5% Series L Cumulative Redeemable Preferred Stock (NYSE:AMB.L) totaling $0.506 per share is classified for income tax purposes as follows: $0.327 per share (64.6%) is classified as an Ordinary Taxable Dividend; $0.098 per share (19.3%) is classified as a 20% Rate (Pre-May 6) Capital Gain Dividend, $0.046 per share (9.1%) is classified as a 15% Rate (Post-May 5) Capital Gain Dividend and $0.035 per share (7.0%) is classified as a 25% Rate Capital Gain Dividend on the 2003 Form 1099-DIV. On December 4, 2003, AMB Property Corporation declared a dividend for the company's 6.75% Series M Cumulative Redeemable Preferred Stock (NYSE:AMB.M). For stockholders of record on January 5, 2004, a dividend of $0.234375 per share will be paid on January 15, 2004 and will be classified as 2004 taxable dividends The tables below summarize the income tax treatment of the company's 2003 dividends: 2003 Dividend Tax Reporting Information (Form 1099-DIV) AMB Property Corporation Common Stock CUSIP # 00163T109 Ticker Symbol: AMB 2003 25% Capital 2003 2003 2003 Gain Ordi- Pre- Post- (unre- nary May 6 May 5 captured Cash Taxable 20% 15% Section Divi- Divi- Capital Capital 1250 Declar- dend dend Gain Gain Gain) ation Record Payable ($ per ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) share) 12/5/02 12/20/02 1/6/03 $0.410000 $0.264907 $0.079165 $0.037113 $0.028815 2/25/03 4/4/03 4/15/03 $0.415000 $0.268138 $0.080130 $0.037566 $0.029166 5/15/03 7/3/03 7/15/03 $0.415000 $0.268138 $0.080130 $0.037566 $0.029166 9/18/03 10/3/03 10/15/03 $0.415000 $0.268138 $0.080130 $0.037566 $0.029166 2003 Totals $1.655000 $1.069321 $0.319555 $0.149811 $0.116313 AMB Property Corporation Series A Cumulative Redeemable Preferred Stock CUSIP # 00163T208 Ticker Symbol: AMB.A 2003 25% Capital 2003 2003 2003 Gain Ordi- Pre- Post- (unre- nary May 6 May 5 captured Cash Taxable 20% 15% Section Divi- Divi- Capital Capital 1250 Declar- dend dend Gain Gain Gain) ation Record Payable ($ per ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) share) 12/5/02 1/3/03 1/15/03 $0.531250 $0.343248 $0.102576 $0.048089 $0.037337 2/25/03 4/4/03 4/15/03 $0.531250 $0.343248 $0.102576 $0.048089 $0.037337 5/15/03 7/3/03 7/15/03 $0.531250 $0.343248 $0.102576 $0.048089 $0.037337 6/23/03 7/28/03 7/28/03 $0.082639 $0.053396 $0.015956 $0.007480 $0.005807 2003 Totals $1.676389 $1.083140 $0.323684 $0.151747 $0.117818 Note: The company redeemed its Series A Preferred Stock on 7/28/2003. The July 28th payment represents dividends accrued between the 15th and 28th of July. AMB Property Corporation Series L Cumulative Redeemable Preferred Stock CUSIP # 00163T30 Ticker Symbol: AMB.L 2003 25% Capital 2003 2003 2003 Gain Ordi- Pre- Post- (unre- nary May 6 May 5 captured Cash Taxable 20% 15% Section Divi- Divi- Capital Capital 1250 Declar- dend dend Gain Gain Gain) ation Record Payable ($ per ($ per ($ per ($ per ($ per Dates Dates Dates share) share) share) share) share) 6/27/03 7/3/03 7/15/03 $0.099300 $0.064159 $0.019173 $0.008989 $0.006979 9/18/03 10/3/03 10/15/03 $0.406250 $0.262485 $0.078440 $0.036774 $0.028551 2003 Totals $0.505550 $0.326644 $0.097613 $0.045763 $0.035530 AMB Property Corporation is a leading owner and operator of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of September 30, 2003 AMB owned, managed and had renovation and development projects totaling 96.9 million square feet (9.0 million square meters) and 1,004 buildings in 32 markets. AMB invests in industrial properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised largely of High Throughput Distribution(R) facilities -- industrial properties built for speed and located near airports, seaports and ground transportation systems. This document contains forward-looking statements about business strategy and future plans, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve numerous risks and uncertainties and should not be relied upon as predictions of future events. The events or circumstances reflected in our forward-looking statements might not occur. We assume no obligation to update or supplement forward-looking statements. In particular, a number of factors could cause AMB's actual results to differ materially from those anticipated, including, among other things, changes in general economic conditions or in the real estate sector; non-renewal of leases by customers or renewal at lower than expected rent; a downturn in California's economy or real estate conditions; we experience losses in excess of our insurance coverage; difficulties in identifying properties to acquire and in effecting acquisitions on advantageous terms and the failure of acquisitions to perform as we expect; our failure to divest of properties on advantageous terms or to timely reinvest proceeds from any such divestitures; risks and uncertainties affecting property development and renovation (including construction delays, cost overruns, our inability to obtain necessary permits and financings); unknown liabilities acquired from our predecessors or in connections with acquired properties; risks of doing business internationally, including unfamiliarity with new markets and currency risks; risks associated with using debt to fund acquisitions and development, including re-financing risks; our failure to obtain necessary outside financing; changes in local, state and federal regulatory requirements; environmental uncertainties; and our failure to qualify and maintain our status as a real estate investment trust under the Internal Revenue Code of 1986. AMB's success also depends upon economic trends generally, various market conditions and fluctuations. For further information on these and other factors that could impact AMB and the statements contained herein, reference should be made to AMB's filings with the Securities and Exchange Commission, including AMB's quarterly report on Form 10-Q for the quarter ended September 30, 2003. The quarterly financial data contained herein is unaudited and the historical financial information is not necessarily indicative of future results. DATASOURCE: AMB Property Corporation CONTACT: John P. Cummings of AMB Property Corporation, +1-415-733-9565, or fax, +1-415-394-9001, or Web site: http://www.amb.com/

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