FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BELMONTE LUIS A
   2. Issuer Name and Ticker or Trading Symbol
AMB PROPERTY CORP [AMB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive VP
(Last)
(First)
(Middle)
C/O AMB PROPERTY CORPORATION, PIER 1, BAY 1		 3. Date of Earliest Transaction (Month/Day/Year)
11/19/2003
(Street)

SAN FRANCISCO, CA 94111		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/19/2003   X V 29,780 A $21.625 202,822 D  
Common Stock 11/20/2003   S   1,080 D $31.38 201,742 D  
Common Stock 11/20/2003   S   100 D $31.36 201,642 D  
Common Stock 11/20/2003   S   100 D $31.3 201,542 D  
Common Stock 11/20/2003   S   200 D $31.21 201,342 D  
Common Stock 11/20/2003   S   700 D $31.14 200,642 D  
Common Stock 11/20/2003   S   400 D $31.12 200,242 D  
Common Stock 11/20/2003   S   300 D $31.15 199,942 D  
Common Stock 11/20/2003   S   200 D $31.16 199,742 D  
Common Stock 11/20/2003   S   1,100 D $31.19 198,642 D  
Common Stock 11/20/2003   S   500 D $31.1 198,142 D  
Common Stock 11/20/2003   S   800 D $31.11 197,342 D  
Common Stock 11/20/2003   S   400 D $31.05 196,942 D  
Common Stock 11/20/2003   S   600 D $31.06 196,342 D  
Common Stock 11/20/2003   S   300 D $31.09 196,042 D  
Common Stock 11/20/2003   S   500 D $31.08 195,542 D  
Common Stock 11/20/2003   S   100 D $31.07 195,442 D  
Common Stock 11/20/2003   S   500 D $31.03 194,942 D  
Common Stock 11/20/2003   S   500 D $31.04 194,442 D  
Common Stock 11/20/2003   S   21,400 D $31 173,042(1) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Purchase) $21.625 11/19/2003   X V   9,927 12/31/1999 12/15/2008 Common Stock 9,927 $ 0 176,266 D  
Stock Option (Right to Purchase) $21.625 11/19/2003   X V   9,927 12/31/2000 12/15/2008 Common Stock 9,927 $ 0 166,339 D  
Stock Option (Right to Purchase) $21.625 11/19/2003   X V   9,926 12/31/2001 12/15/2008 Common Stock 9,926 $ 0 156,413 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BELMONTE LUIS A
C/O AMB PROPERTY CORPORATION
PIER 1, BAY 1
SAN FRANCISCO, CA 94111		       Executive VP  

Signatures

 /s/ Luis Belmonte   11/21/2003
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Of the 173,042 securities beneficially owned, 168,471 are directly owned (D) and 4,571 securities are held indirectly (I) through a rabbi trust pursuant to the Amended and Restated AMB Nonqualified Deferred Compensation Plan.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.