The seller is privately held International Airport Centers. The acquisition is being made in several phases. The first phase, comprised of 25 buildings, closed today for approximately $167 million. It includes buildings in New York, Los Angeles, Seattle, Miami, Houston, Boston and Charlotte, NC. Another $130 million closing is expected to close by the end of the year and the remaining $184 million is slated to close by the third quarter of 2004.

Approximately $63 million of the remaining 2003 closings will be purchased by an existing 80/20 AMB co-investment venture. AMB expects to finance the remaining acquisitions with newly issued long-term debt and proceeds from property dispositions.

AMB chairman/CEO Hamid Moghadam says 70% of the portfolio's total square footage and more than 80% of its income is generated from facilities adjacent to AMB's target airports of Los Angeles International, John F. Kennedy International, Sea-Tac International, Logan Airport and Miami International. All of the buildings are very close to their respective airports and in supply-constrained submarkets. Most were built or renovated within the last five years and include a 30% office build out. Moghadam says the buildings will enable AMB to better service its freight forwarding and logistics customers by getting them closer to cargo-centric airports.