As of June 3, 2011, AMB Property Corporation was acquired by Prologis, Inc. AMB Property Corporation engages in the acquisition, development, and operation of industrial properties in North America, Europe, and Asia. As of December 31, 2006, the company owned or had investments in properties and development projects totaling approximately 124.7 million square feet and 1,088 buildings in 39 markets within 12 countries. It also managed industrial and other properties totaling approximately 1.5 million rentable square feet. The company has elected to be taxed as a real estate investment trust under the Internal Revenue Code and distributes at least 90% of its real estate investment trust taxable income to its stockholders. AMB Property was founded in 1983 and is headquartered in San Francisco, California.