AMB Q1 2009

--AMB property inc. is an industry REIT, competitor of Prologis (PLD) --Propertiy features in 2008 size: 55.6% of 139 mil square feet, occupancy/lease rate: 94.9% vs 95.1% in 2007 vs 95.3% in 2006 remaining term: 3.4 y Q1 2009 --properties features 133 mil square feet 92.2% vs 95.1% Q4 08 vs 94.8% Q1 08 --revenue: 165.5 mil Q1 09, 164.74 mil Q4 08, 176.5 mil Q1 08 --NI: -198 mil, 28 mil, 43 mil Q1 08 --OCF: 62 mil, 61 Q4 08, 62 mil Q1 08 --EBITDA/Interest: 75/32, 85/33, 95/30 --no refinancing risk until 2010 Q2 1 bill revovler loan, 200 mil bonds due in Q3 --leverage: 3.6 bil liab/3.3 bil equity --liquidity: cash 264 mil, AR 145 mil AP 280 mil Comments: --pros: no immediate refinancing risk, stable revenue, cash flow --Cons: lease rate dropp faster, at least than PLD; EBITDA/interest more in line with high yield credits --the company will survive the crisis if its lease rate can maintain above 85%, Market weight until Q2 09