Real Estate Central

SAN FRANCISCO, May 13 /PRNewswire-FirstCall/ — AMB Property
Corporation(R) (NYSE: AMB), a leading global developer and owner of
industrial real estate, today announced it has fully leased AMB Palmetto
Distribution Center, stabilizing the more than 406,000 square foot
development in Orlando months ahead of schedule. Kuehne + Nagel, a leading
global provider of integrated supply chain solutions, leased approximately
141,000 square feet for dedicated distribution and warehousing activities,
which will support the Florida operations of an entertainment customer. As
previously announced, the remainder of the development, approximately
265,000 square feet, has been leased to a leading consumer electronics
retailer.

“We see the southeastern United States experiencing steady demand for
logistics real estate, due primarily to an increase of goods shipped
through the region’s seaports, as well as a growing population base,” said
Gene Reilly, AMB’s president, the Americas. “AMB Palmetto Distribution
Center represents our seventh lease globally with Kuehne + Nagel, a valued
target customer.”

“At Kuehne + Nagel, we turn the logistics requirements of our customers
into their competitive advantage, and AMB understands we call for speed and
efficiency from our distribution facilities in order to deliver on this
commitment,” commented John Frick, Kuehne + Nagel, Inc.’s senior vice
president-chief administrative officer, Contract Logistics - USA.

AMB Palmetto Distribution Center provides rapid access to the
Interstate 4 corridor between Orlando and Tampa Bay, as well as Highway 27,
which is the main access route to south Florida from central Florida.

As of March 31, 2008 AMB’s presence in south Florida totaled
approximately 8.7 million square feet of operating and development
properties in Miami, Orlando, and on-tarmac at Miami International Airport.
AMB’s Orlando portfolio totals more than 1.8 million square feet, and is
now nearly 100 percent leased.

AMB Property Corporation.(R) Local partner to global trade.(TM)

AMB Property Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway distribution
markets in the Americas, Europe and Asia. As of March 31, 2008, AMB owned,
or had investments in, on a consolidated basis or through unconsolidated
joint ventures, properties and development projects expected to total
approximately 150.2 million square feet (14.0 million square meters) in 45
markets within 14 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.

Some of the information included in this press release contains
forward- looking statements, such as those related to the occupation and
use of AMB Palmetto Distribution Center, 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 are necessarily dependent on assumptions, data or methods that
may be incorrect or imprecise and we may not be able to realize them. We
caution you not to place undue reliance on forward-looking statements,
which reflect our analysis only and speak only as of the date of this
report or the dates indicated in the statements. We assume no obligation to
update or supplement forward-looking statements. 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: defaults on or non-renewal of leases by tenants, increased
interest rates and operating costs, our failure to obtain necessary outside
financing, re-financing risks, risks related to our obligations in the
event of certain defaults under joint venture and other debt, risks related
to debt and equity security financings (including dilution risk),
difficulties in identifying properties to acquire and in effecting
acquisitions, our failure to successfully integrate acquired properties and
operations, our failure to divest properties we have contracted to sell or
to timely reinvest proceeds from any divestitures, risks and uncertainties
affecting property development and construction (including construction
delays, cost overruns, our inability to obtain necessary permits and public
opposition to these activities), our failure to qualify and maintain our
status as a real estate investment trust, risks related to our tax
structuring, failure to maintain our current credit agency ratings,
environmental uncertainties, risks related to natural disasters, financial
market fluctuations, changes in general economic conditions or in the real
estate sector, changes in real estate and zoning laws, a downturn in the
U.S., California or global economy, risks related to doing business
internationally and global expansion, losses in excess of our insurance
coverage, unknown liabilities acquired in connection with acquired
properties or otherwise and increases in real property tax rates. Our
success also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation, population
changes and certain other matters discussed under the heading “Risk
Factors” and elsewhere in our annual report on Form 10-K for the year ended
December 31, 2007.



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Source: Real Estate Newswire