Exhibit 5.1
November 20, 2009
AMB Property Corporation
Pier 1, Bay 1
San Francisco, California 94111
|
Re: |
|
AMB Property Corporation, a Maryland corporation (the
Company) Issuance and sale of up to $250,000,000 aggregate principal
amount of the 6.125% Notes due 2016 (the 2016 Debt Securities) of AMB
Property, L.P., a Delaware limited partnership of which the Company is the
sole general partner (the Operating Partnership), and up to $250,000,000
aggregate principal amount of the 6.625% Notes due 2019 of the Operating
Partnership (the 2019 Debt Securities, and together with the 2016 Debt
Securities, the Debt Securities), together with the Guarantees (as defined
herein) of the Debt Securities by the Company, pursuant to a Registration
Statement on Form S-3 (Registration No. 333-161347) filed with the United
States Securities and Exchange Commission (the Commission), as amended to
date (the Registration Statement) |
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 under the Securities Act of 1933, as amended (the Act),
pursuant to the Registration Statement filed by the Company and the Operating Partnership with the
Commission on or about August 14, 2009. 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):
(i) 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 (the Articles of Incorporation), 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
Atlanta | Baltimore | Bethesda | Denver | Las Vegas | Los Angeles | New Jersey | Philadelphia | Phoenix | Salt Lake City | Washington, DC | Wilmington
AMB Property Corporation
November 20, 2009
Page 2
Correction filed with 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 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;
(ii) the Bylaws of the Company, as adopted as of November 24, 1997 and 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);
(iii) resolutions adopted, and actions taken, by the Board of Directors of the Company, or a
committee thereof, on or as of November 24, 1997, December 11, 2008, November 16, 2009 and November
17, 2009 (collectively, the Directors Resolutions);
(iv) the Twelfth Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, dated as of August 25, 2006 (the Partnership Agreement);
(v) the Registration Statement and the related prospectus and form of prospectus supplement,
in substantially the form filed or to be filed with the Commission pursuant to the Act (the
Registration Statement);
(vi) the Indenture dated as of June 30, 1998 (the Base Indenture), by and among the
Operating Partnership, the Company and State Street Bank and Trust Company of California, N.A. (the
Predecessor Trustee), together with a fully executed counterpart of the First Supplemental
Indenture dated as of June 30, 1998 (the First Supplemental Indenture), by and among the
Operating Partnership, the Company and the Predecessor Trustee, the Second Supplemental Indenture
dated as of June 30, 1998 (the Second Supplemental Indenture), by and among the Operating
Partnership, the Company and the Predecessor Trustee, the Third Supplemental Indenture dated as of
June 30, 1998 (the Third
AMB Property Corporation
November 20, 2009
Page 3
Supplemental Indenture), by and among the Operating Partnership, the Company and the Predecessor
Trustee, the Fourth Supplemental Indenture dated as of August 15, 2000 (the Fourth Supplemental
Indenture), by and among the Operating Partnership, the Company and the Predecessor Trustee, the
Fifth Supplemental Indenture dated as of May 7, 2002 (the Fifth Supplemental Indenture), by and
among the Operating Partnership, the Company and the Predecessor Trustee, the Sixth Supplemental
Indenture dated as of July 11, 2005 (the Sixth Supplemental Indenture), by and among the
Operating Partnership, the Company and U.S. Bank National Association, as successor-in-interest to
the Predecessor Trustee (the Trustee), the Seventh Supplemental Indenture dated as of August 10,
2006 (the Seventh Supplemental Indenture), by and among the Operating Partnership, the Company
and the Trustee, the Eighth Supplemental Indenture dated as of November 20, 2009 (the Eighth
Supplemental Indenture), by and among the Operating Partnership, the Company and the Trustee, and
the Ninth Supplemental Indenture dated as of November 20, 2009 (the Ninth Supplemental
Indenture), by and among the Operating Partnership, the Company and the Trustee (the Base
Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the
Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture
and the Ninth Supplemental Indenture are hereinafter referred to collectively as the Indenture);
(vii) the Guarantee, dated as of November 20, 2009, made by the Company with respect to the
2016 Debt Securities, and the Guarantee, dated as of November 20, 2009, made by the Company with
respect to the 2019 Debt Securities (collectively, the Guarantees);
(viii) the form of global note, dated November 20, 2009, registered in the name of The
Depository Trust Company or its nominee Cede & Co., representing the 2016 Debt Securities, and the
form of global note, dated November 20,
2009, registered in the name of The Depository Trust Company or its nominee Cede & Co.,
representing the 2019 Debt Securities (collectively, the Global Notes);
(ix) a certificate of Tamra D. Browne, Senior Vice President, General Counsel and Secretary of
the Company, and Jaime Cannon, Vice President, Treasury of the Company, dated as of November 20,
2009 (the Officers Certificate), to the effect that, among other things, the Charter, the Bylaws
and the Directors Resolutions are true, correct and complete and have not been rescinded or
modified and are in full force and effect as of the date of the Officers Certificate, and
certifying as to the manner of adoption or approval of the Directors Resolutions, and the form,
execution and delivery of the Partnership Agreement, the Indenture, the Guarantees and the Global
Notes;
(x) a status certificate of the Department, dated as of a recent date, to the effect that the
Company is duly incorporated and existing under the laws of the State of Maryland; and
(xi) 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.
AMB Property Corporation
November 20, 2009
Page 4
In reaching the opinions set forth below, we have assumed the following:
(a) each person executing any of the Documents on behalf of any party (other than the Company)
is duly authorized to do so;
(b) each natural person executing any of the Documents is legally competent to do so;
(c) all 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, facsimile or photostatic copies conform to the original document; 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;
(d) all certificates submitted to us, including, without limitation, the Officers
Certificate, are true, correct and complete both when made and as of the date hereof;
(e) the actions documented by the Directors Resolutions were taken at duly called meetings of
directors at which a quorum of the incumbent members of the Board of Directors or a committee
thereof, as the case may be, was present and acting throughout, by the affirmative vote of a
majority of the entire Board of Directors, or a committee thereof, as the case may be, or by
unanimous written consent by all incumbent members of the Board of Directors, or a committee
thereof, as the case may be, all in accordance with the Charter and Bylaws and applicable law; and
(f) the Indenture will remain in full force and effect for so long as the Debt Securities are
outstanding.
Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it
is our opinion that, as of the date of this letter:
1. The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Maryland.
2. The execution, delivery and performance of the Indenture and the Guarantees 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 has 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.
AMB Property Corporation
November 20, 2009
Page 5
The foregoing opinion is limited to the corporation laws of the State of Maryland, and we do
not express any opinion herein concerning any other law. We express no opinion as to the
applicability or effect of any federal or state securities laws, including the securities laws of
the State of Maryland, or as to federal or state laws regarding fraudulent transfers, or with
respect to the actions required for the Operating Partnership to authorize, execute or deliver, or
perform its obligations under, the Indenture, the Global Notes or any other document, instrument or
agreement. To the extent that any matter as to which our opinion is expressed herein would be
governed by any jurisdiction other than the State of Maryland, we do not express any opinion on
such matter.
This opinion letter is issued as of the date hereof and is 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 letter if any applicable laws change after the date hereof,
or if we become aware of any facts or circumstances that now exist or that occur or arise in the
future and may change the opinions expressed herein after the date hereof.
We consent to your filing this opinion as an exhibit to the Registration Statement and further
consent to the filing of this opinion as an exhibit to the applications to securities commissioners
for the various states of the United States for registration of the Debt Securities. We also
consent to the identification of our firm as Maryland counsel to the Company in the section of the
Registration Statement entitled Legal Matters. In giving this consent, we do not admit that we
are within the category of persons whose consent is required by Section 7 of the Act.
|
|
|
|
|
|
Very truly yours,
|
|
|
/s/ Ballard Spahr LLP
|
|
|
Ballard Spahr LLP |
|
|
|
|
|