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.

SOURCE AMB Property Corporation