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Business Description
AMB Property Corporation is a fully integrated real investment company engaged in the acquisition, development, management and operation of industrial properties in key distribution markets throughout North America, Europe and Asia. The Company, operating as a real estate investment trust, conducts its business principally through its subsidiary, AMB Property L.P., a limited partnership (the Operating Partnership), wherein it owns an approximate 94.5% general partnership interest, excluding preferred units. As of December 31, 2003, the Company's property portfolio was comprised of 948 Company-owned industrial buildings and six retail and other properties aggregating approximately 87.6 million rentable square feet, industrial development projects including development-for-sale properties, managed industrial and retail properties through subsidiary AMB Capital Partners, LLC and other properties held through joint ventures and partnerships.

Financial Information
For the nine months ended 9/30/04, revenues rose 14% to $505.1 million. Net income applicable to Common and from continuing operations rose 31% to $50 million. Revenues reflect properties acquired in Boston and L.A. Net income also reflect the absence of a $5.3M impairment loss and lower minority interest loss of preferred unitholders.