Exhibit 5.1
[LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP]
August
14, 2009
AMB Property Corporation
AMB Property, L.P.
Pier 1, Bay 1
San Francisco, CA 94111
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AMB Property Corporation, a Maryland corporation (the Company); AMB Property, L.P.,
a Delaware limited partnership (the Operating Partnership) Registration Statement on
Form S-3 pertaining to an unspecified number of senior or subordinated debt securities of
the Operating Partnership (the Debt Securities) being registered for possible issuance
from time to time at indeterminate prices and guarantees of the Debt Securities by the
Company (Guarantees) |
Ladies and Gentlemen:
We have acted as Maryland corporate counsel to the Company in connection with the registration
of the Debt Securities and the Guarantees (collectively, the Securities) under the Securities Act
of 1933, as amended (the Act), by the Operating Partnership and the Company pursuant to a
Registration Statement on Form S-3 to be filed with the Securities and Exchange Commission (the
Commission) on or about August 14, 2009 (the Registration Statement). With respect to such
matters, the Company acts in its individual capacity and in its capacity as general partner of the
Operating Partnership. You have requested our opinion with respect to the matters set forth below.
In our capacity as Maryland corporate counsel to the Company and for the purposes of this
opinion, we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents (collectively, the Documents):
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(i) |
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the corporate charter of the Company (the Charter),
represented by Articles of Incorporation filed with the Maryland State
Department of Assessments and Taxation (the Department) on November 24, 1997,
Articles of Merger filed with the Department on November 24, 1997, Articles of
Merger filed with the Department on November 26, 1997, Articles Supplementary
filed with the Department on July 23, 1998 (the July 1998 Articles
Supplementary), Articles Supplementary filed with the Department on November
12, 1998, Articles Supplementary filed with the Department on November 25, 1998, Certificate of Correction filed with
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BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
AMB Property, L.P.
August 14, 2009
Page 2
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the Department on March 18, 1999, correcting the July 1998 Articles
Supplementary, Articles Supplementary filed with the Department on May 5,
1999, Articles Supplementary filed with the Department on August 31, 1999,
Articles Supplementary filed with the Department on March 23, 2000, Articles
Supplementary filed with the Department on August 30, 2000, Articles
Supplementary filed with the Department on September 1, 2000, Articles
Supplementary filed with the Department on March 21, 2001, Articles
Supplementary filed with the Department on September 24, 2001, Articles
Supplementary filed with the Department on December 6, 2001, Articles
Supplementary filed with the Department on April 17, 2002, Articles
Supplementary filed with the Department on August 7, 2002, Articles
Supplementary filed with the Department on August 7, 2002, Articles
Supplementary filed with the Department on June 20, 2003, Articles
Supplementary filed with the Department on November 24, 2003; Articles
Supplementary filed with the Department on December 8, 2003; Articles
Supplementary filed with the Department on December 12, 2005; Articles
Supplementary filed with the Department on February 17, 2006; Articles
Supplementary filed with the Department on March 22, 2006; Articles
Supplementary filed with the Department on August 24, 2006, Articles
Supplementary filed with the Department on October 3, 2006, Articles
Supplementary filed with the Department on February 22, 2007 and Articles
Supplementary filed with the Department on May 15, 2007; |
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(ii) |
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the Bylaws of the Company, as adopted on November 24, 1997, as
amended and restated pursuant to the First Amended and Restated Bylaws of the
Company, on or as of March 5, 1999, the Second Amended and Restated Bylaws of
the Company, on or as of February 27, 2001, the Third Amended and Restated
Bylaws of the Company, on or as of May 15, 2003, the Fourth Amended and
Restated Bylaws of the Company, on or as of August 16, 2004, the Fifth Amended
and Restated Bylaws of the Company, on or as of February 16, 2007, and the
Sixth Amended and Restated Bylaws of the Company, on or as of September 23,
2008 (the Bylaws); |
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(iii) |
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the Written Organizational Action of the Board of Directors of
the Company, dated as of November 24, 1997 (the Organizational Minutes); |
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(iv) |
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resolutions adopted by the Board of Directors of the Company
(the Board of Directors) on or as of December 11, 2008 (the Directors
Resolutions); |
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(v) |
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the Twelfth Amended and Restated Agreement of Limited
Partnership of the Operating Partnership, dated as of August 25, 2006 (the
Partnership Agreement); |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
AMB Property, L.P.
August 14, 2009
Page 3
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(vi) |
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a certificate of Tamra D. Browne, Senior Vice President,
General Counsel and Secretary of the Company, dated as of August 14, 2009 (the
Officers Certificate), to the effect that, among other things, the Charter,
the Bylaws, the Organizational Minutes, the Directors Resolutions and the
Partnership Agreement are true, correct and complete, and that the Charter and
the Bylaws have not been rescinded or modified and are in full force and effect
as of the date of the Officers Certificate; |
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(vii) |
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a certificate of the Department as to the good standing of the
Company, dated as of a recent date; |
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(viii) |
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the Registration Statement and the related form of prospectus included
therein (the Prospectus), in substantially the form filed or to be filed with
the Commission pursuant to the Act; and |
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(ix) |
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such other laws, records, documents, certificates, opinions and
instruments as we have deemed necessary to render this opinion, subject to the
limitations, assumptions and qualifications noted below. |
In reaching the opinions set forth below, we have assumed the following:
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(a) |
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each person executing any of the Documents on behalf of a party
(other than the Company and the Operating Partnership) is duly authorized to do
so; |
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(b) |
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each natural person executing any of the Documents is legally
competent to do so; |
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(c) |
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any of the Documents submitted to us as originals are
authentic; the form and content of any Documents submitted to us as unexecuted
drafts do not differ in any respect relevant to this opinion from the form and
content of such documents as executed and delivered; any of the Documents
submitted to us as certified or photostatic copies conform to the original
documents; all signatures on all of the Documents are genuine; all public
records reviewed or relied upon by us or on our behalf are true and complete;
all statements and information contained in the Documents are true and
complete; there has been no modification of, or amendment to, any of the
Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise; |
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(d) |
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the resolutions adopted and to be adopted, and the actions
taken and to be taken by the Board of Directors including, but not limited |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
AMB Property, L.P.
August 14, 2009
Page 4
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to,
the adoption of all resolutions and the taking of all action necessary to
authorize the issuance and sale of the Securities and the making of the
Guarantees in accordance with the procedures set forth below, have occurred or
will occur at duly called meetings at which a quorum of the incumbent directors
of the Company were or are present and acting throughout, or by unanimous
written consent of all incumbent directors, all in accordance with the Charter
and Bylaws of the Company and applicable law; |
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(e) |
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none of the terms of any of the Securities, or any agreements
related thereto, to be established subsequent to the date hereof, nor the
issuance and delivery of any such Securities nor the compliance by the Company
with the terms of any such Securities or agreements will violate any applicable
law or will conflict with, or result in a breach or violation of, the Charter
or Bylaws of the Company, or any instrument or agreement to which the Company
is a party or by which the Company is bound or any order or decree of any
court, administrative or governmental body having jurisdiction over the
Company; |
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(f) |
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the form of certificate or other instrument or document
representing the Securities will conform in all respects to the requirements
applicable under Maryland law; and |
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(g) |
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that certain Indenture dated as of June 30, 1998, by and among
the Operating Partnership, the Company and State Street Bank and Trust Company
of California, N.A. (the Indenture), will be in full force and effect on the
date subsequent to the date hereof on which any of the Debt Securities are
issued and thereafter for so long as such Debt Securities are outstanding. |
Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it
is our opinion that:
Upon (a) due authorization by the Board of Directors of the issuance, execution and delivery
by the Company in its capacity as general partner of the Operating Partnership of the Debt
Securities and the execution and delivery by the Company in its individual capacity and in its
capacity as general partner of the Operating Partnership and on behalf of the Operating
Partnership, as the case may be, of the Guarantees and/or any necessary and appropriate
supplements, amendments or modifications to the Indenture (inclusive therein of Guarantees
providing for the guaranty by the Company of the obligations of the Operating Partnership under the
Debt Securities) (collectively, the Supplements); and (b) the establishment of the terms,
conditions and provisions of the Debt Securities, the Guarantees and the Supplements by the
Board of Directors or a duly authorized officer of the Company, acting on behalf of the Company in
its individual capacity or in its capacity as general
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
AMB Property, L.P.
August 14, 2009
Page 5
partner of the Operating Partnership, as the
case may be: the execution, delivery and performance of the Indenture as supplemented, amended or
modified by the Supplements (inclusive of the Guarantees provided for therein) and the Guarantees
will have been duly authorized by all necessary corporate action on the part of the Company acting
in its individual capacity and in its capacity as general partner of the Operating Partnership, as
the case may be, and the issuance of the Debt Securities will have been duly authorized by all
necessary corporate action on the part of the Company acting in its capacity as general partner of
the Operating Partnership.
This opinion is limited to the present corporation laws of the State of Maryland and we
express no opinion with respect to the laws of any other jurisdiction. Furthermore, the opinions
presented in this letter are limited to the matters specifically set forth herein and no other
opinion shall be inferred beyond the matters expressly set forth herein. Without limiting the
generality of the foregoing, we express no opinion with respect to any federal or state securities
laws or with respect to the action required for the Operating Partnership to authorize, execute or
deliver any of the Securities or any other document, instrument or agreement.
The opinions set forth in this letter are rendered as of the date hereof and are necessarily
limited to laws now in effect and facts and circumstances presently existing and brought to our
attention. We assume no obligation to supplement this opinion if any applicable law is changed
after the date hereof or if we become aware of any facts or circumstances which now exist or which
occur or arise in the future and may change the opinions expressed herein after the date hereof.
We consent to the filing of this opinion as an exhibit to the Registration Statement and
further consent to the filing of this opinion as an exhibit to applications to the securities
commissioners of the various states of the United States for registration of the Securities. We
also consent to the identification of our firm as Maryland counsel to the Company in the section of
the Prospectus (which is a part of the Registration Statement)
entitled Legal Matters. In giving these consents, we do not admit that we are within the category of persons
whose consent is required by Section 7 of the Act.
The opinions expressed in this letter are for your use and the use of your securities counsel,
Latham & Watkins LLP, in connection with the filing of the Registration Statement and the rendering
of opinions by Latham & Watkins LLP in connection therewith, and may not be relied upon by you or
Latham & Watkins LLP for any other purpose, without our prior written consent.
Very truly yours,
/s/ Ballard Spahr Andrews & Ingersoll, LLP