Exhibit 5.1
[LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP]
November 15, 2007
AMB Property Corporation
Pier 1, Bay 1
San Francisco, California 94111
Re: AMB Property Corporation, a Maryland corporation (the Company)
Ladies and Gentlemen:
We have served as Maryland corporate counsel to the Company in connection with the
registration of up to 1,130,835 shares (the Shares) of common stock, par value $0.01 per share
(the Common Stock), of the Company to be issued by the Company to J.A. Green Development Corp., a
New York corporation (J.A. Green), JAGI, Inc., a Delaware corporation (JAGI), or one or more
assignees or transferees thereof (collectively, together with J.A. Green and JAGI, the Unit
Holders), as holders of Class B common limited partnership units (the Units) of AMB Property II,
L.P., a Delaware limited partnership (the Sub-Operating Partnership), upon exchange of such
Units, under the Securities Act of 1933, as amended (the Act), by the Company on Form S-3 filed
or to be filed by the Company with the Securities and Exchange Commission (the Commission) on or
about November 15, 2007 (the Registration Statement). You have requested our opinion with
respect to the matters set forth below.
In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (hereinafter collectively referred to as the
Documents):
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(i) |
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the charter of the Company (the Charter), consisting of
Articles of Incorporation filed with the Maryland State Department of
Assessments and Taxation (the Department) on November 24, 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 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, |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
November 15, 2007
Page 2
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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; |
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(ii) |
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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, and the Fifth
Amended and Restated Bylaws of the Company, on or as of February 16, 2007 (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, and actions taken, by the Board of
Directors of the Company (the Board of Directors) on or as of September 28,
2006 (the Directors Resolutions); |
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(v) |
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the Registration Statement, in substantially the form to be
filed with the Commission pursuant to the Act; |
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(vi) |
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the Fourteenth Amended and Restated Agreement of Limited
Partnership of AMB Property II, L.P., dated as of February 22, 2007 (the
Partnership Agreement); |
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(vii) |
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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 is duly authorized to transact business
in the State of Maryland; |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
November 15, 2007
Page 3
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(viii) |
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a Supplemental Certificate of Officer of the Company, of even date herewith,
executed by Tamra D. Browne, Senior Vice President, General Counsel and
Secretary of the Company (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, have not been rescinded or modified and are in full force and effect
on the date of the Officers Certificate; and |
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(ix) |
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such other documents and matters as we have deemed necessary or
appropriate to express the opinion set forth in this letter, subject to the
assumptions, limitations and qualifications stated herein. |
Insofar as the opinions and other matters set forth herein constitute, or are based upon,
factual matters, we have relied solely upon the Officers Certificate and our knowledge. The words
our knowledge signify that, in the course of our representation of the Company in matters with
respect to which we have been engaged by the Company as Maryland corporate counsel, no information
has come to our attention that would give us actual knowledge or actual notice of the inaccuracy of
the statement, opinion or other matters so qualified. We have undertaken no independent
investigation or verification of any such statements, opinions or matters. The words our
knowledge and similar language used herein are intended to be limited to the knowledge of the
attorneys within our firm who have represented the Company, as Maryland corporate counsel, in
connection with the Registration Statement.
In reaching the opinion 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 any
party (other than the Company) 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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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; |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
November 15, 2007
Page 4
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(d) |
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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; |
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(e) |
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the resolutions adopted, and the actions taken, by the Board of
Directors, including, but not limited to, the adoption of all resolutions and
the taking of all action necessary to authorize the issuance of the Shares,
have occurred upon the requisite vote of the members of the Board of Directors
at a duly called meeting at which a quorum of the incumbent directors of the
Company was present and acting throughout, all in accordance with the Charter
and Bylaws of the Company and applicable law; |
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(f) |
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the Units have been, and are, duly authorized and validly
issued by the Sub-Operating Partnership; |
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(g) |
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the Shares have not been, and will not be, issued or sold in
violation of any restriction or limitation on ownership and transfer contained
in the Charter; and the Shares have not been, and will not be, issued or sold
to an Interested Stockholder of the Company or any Affiliate thereof, as each
such term is defined in Subtitle 6 of Title 3 of the Maryland General
Corporation Law; and |
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(h) |
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upon the issuance of the Shares subsequent to the date hereof,
the total number of shares of Common Stock of the Company issued and
outstanding, after giving effect to such issuance of such Shares, will not
exceed the total number of shares of Common Stock that the Company is
authorized to issue under the Charter. |
Based upon the foregoing, and subject to the assumptions, limitations and qualifications set
forth herein, it is our opinion that:
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1. |
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The Company has been duly incorporated and is validly existing
as a corporation in good standing under the laws of the State of Maryland. |
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2. |
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The Shares have been duly authorized for issuance by all
necessary corporate action on the part of the Company, and if, as and when such
Shares are issued and delivered by the Company to the Unit Holders in exchange
for Units of the Sub-Operating Partnership, upon and subject to the terms and
conditions set forth in the Partnership Agreement and the Directors
Resolutions, such Shares will be duly authorized, validly issued, fully paid
and non-assessable. |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
November 15, 2007
Page 5
The foregoing opinion is limited to the substantive 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. 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 Shares. 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 ANDREWS & INGERSOLL, LLP