AMB Property, L.P. to Offer Guaranteed Notes Due 2016 and Guaranteed Notes Due 2019

SAN FRANCISCO, Nov. 17 /PRNewswire-FirstCall/ -- AMB Property Corporation® (NYSE: AMB) announced today that its operating subsidiary, AMB Property, L.P. (the "Operating Partnership"), intends to offer a new series of notes due 2016 and a new series of notes due 2019 in an underwritten registered public offering. The notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by AMB Property Corporation. The aggregate principal amounts and coupon rates of the notes will be determined at the time the notes are sold to investors. The offering will be made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (SEC) on August 14, 2009. The offering is expected to close on November 20, 2009, subject to customary closing conditions.

The Operating Partnership intends to use the net proceeds of the offering to finance the purchase of up to $250 million aggregate principal amount of the Operating Partnership's outstanding 6.30% notes due 2013, 5.90% notes due 2013, 7.00% notes due 2011 and 6.75% notes due 2011 pursuant to a tender offer commenced on November 17, 2009. In the event that the net proceeds are greater than the purchase price and accrued and unpaid interest on such tendered 2013 and 2011 notes, the Operating Partnership may use the additional proceeds to repay borrowings under its $230 million term loan due 2010 and reduce borrowings under its $500 million unsecured revolving credit facility.

A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York, NY 10001, Toll-Free: 1-800-294-1322, Attention: Prospectus Department; J.P. Morgan Securities Inc., 270 Park Avenue, High Grade Syndicate Desk, 8th Floor, New York, NY 10017, Telephone: 212-834-4533; or Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014, Toll-Free: 1-866-718-1649, Email: prospectus@morganstanley.com, Attention: Prospectus Department.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities. The offering is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

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