Exhibit
5.1
[LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP]
May 1, 2008
AMB Property Corporation
Pier 1, Bay 1
San Francisco, California 94111
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Re: |
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AMB Property L.P., a Delaware limited partnership (the
Operating Partnership) Issuance and Sale by the Operating Partnership of
$500,000,000 Aggregate Principal Amount of Medium-Term Notes (collectively, the
Medium-Term Notes) pursuant to a Registration Statement on Form S-3
(Registration No. 333-135210) filed with the United States Securities and
Exchange Commission (the Commission), as amended to date (the
Registration Statement) |
Ladies and Gentlemen:
We have served as Maryland corporate counsel to AMB Property Corporation, a Maryland
corporation and general partner of the Operating Partnership (the Company), in connection with
the registration of the Medium-Term Notes and the guarantees of the Medium-Term Notes by the
Company (the Guarantees, and together with the Medium-Term Notes, the Securities) under the
Securities Act of 1933, as amended (the Act), under the Registration Statement filed with the
Commission on June 21, 2006. 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 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 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, |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
May 1, 2008
Page 2
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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 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 by the Board of Directors of the Company
(the Board of Directors), or a duly authorized committee thereof, on or as of
December 7, 2005, August 9, 2006 and September 28, 2006 (together with the
Organizational Minutes, the Directors Resolutions); |
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(v) |
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the Registration Statement, in substantially the form filed
with the Commission pursuant to the Act; |
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(vi) |
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a fully executed counterpart of 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
May 1, 2008
Page 3
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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; |
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(viii) |
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a fully executed counterpart of 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 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), and 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 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 and the Seventh Supplemental Indenture are hereinafter
referred to collectively as the Indenture); |
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(ix) |
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the forms of the Medium-Term Notes, inclusive of the forms of
Guarantees, attached as exhibits to the Seventh Supplemental Indenture; |
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(x) |
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a supplemental certificate of officer of the Company, dated as of March 14, 2008, executed by
Tamra D. Browne, Senior Vice President, General Counsel and Secretary of the Company, and a
certificate of officer of the Company, dated as of May 1, 2008, executed by Michael P. Brown, Vice
President, Capital Markets of the Company (collectively, the Officers Certificate), to the
effect that, among other things, the Charter, the |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
May 1, 2008
Page 4
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Bylaws, the Organizational Minutes, the Directors Resolutions, the Partnership
Agreement and the Indenture are true, correct and complete, have not been
rescinded or modified and are in full force and effect on the respective date
of the Officers Certificate; and |
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(xi) |
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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. |
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; |
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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; and |
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(e) |
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the Directors Resolutions were adopted at duly called meetings
of the Board of Directors, or a committee thereof, as the case may be, at which
a quorum of the incumbent directors, or the incumbent members of such
committee, as the case may be, was present and acting throughout, or by
unanimous written consent of all incumbent directors, or all incumbent members
of such committee, as the case may be, all in accordance with the Charter and
Bylaws of the Company and applicable law. |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
AMB Property Corporation
May 1, 2008
Page 5
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 execution, delivery and performance of the Indenture and
the Guarantees has 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 Medium-Term Notes 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. |
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 action required for the Operating Partnership to authorize, execute or deliver any
of the Securities 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 Securities. We also consent to
the identification of our firm as Maryland counsel to the Company in the section of the
Registration Statement entitled Validity of the Securities. 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