<PAGE>

                                                                    Exhibit 4.15
 
Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company (as
defined below) or its agent for registration of transfer, exchange, or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

REGISTERED                                                      PRINCIPAL AMOUNT
No.:  1                                                             $100,000,000

CUSIP No.:  814141 AB 3

                         SECURITY CAPITAL PACIFIC TRUST
                              7.90% NOTE DUE 2016

     SECURITY CAPITAL PACIFIC TRUST, a real estate investment trust organized
and existing under the laws of the State of Maryland (hereinafter called the
"Company," which term shall include any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, upon presentation, the principal sum of ONE HUNDRED
MILLION DOLLARS on February 15, 2016 (less all previously paid installments of
principal which are due and payable as set forth below, commencing on February
15, 2011) and to pay interest on the outstanding principal amount thereon from
February 23, 1996, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on
February 15 and August 15 in each year, commencing on August 15, 1996, at the
rate of 7.90% per annum, until the entire principal hereof is paid or made
available for payment.  The interest so payable, and punctually paid or duly
provided for on any Interest Payment Date will, as provided in the Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest which shall be the February 1 or August 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not more than 15
days and not less than 10 days prior to such Special Record Date, or may be paid
at any time in

                                      -1-
<PAGE>
 
any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.  Payment
of the principal of, Make-Whole Amount, if any, on, and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in the City of Boston, Commonwealth of Massachusetts, or elsewhere as
provided in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of
interest may be made by (i) check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or (ii) transfer
to an account of the Person entitled thereto located inside the United States.

     Each Security of this series is one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of February 1, 1994,
between the Company and Morgan Guaranty Trust Company of New York, as trustee,
as supplemented by a First Supplemental Indenture, dated as of February 2, 1994,
(as so supplemented, herein called the "Indenture") between the Company and
State Street Bank and Trust Company, as successor trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of which this Security is a part), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered.  This
Security is one of the series designated on the first page hereof, limited in
aggregate principal amount to $100,000,000.

     Installments of principal on each $1,000 original principal amount of
Securities of this series will be paid annually on each February 15, commencing
on February 15, 2011, in the following amounts: $100 in 2011, $125 in 2012,
$150 in 2013, $175 in 2014, $200 in 2015 and $250 in 2016.  In each case,
principal on this Security will be payable to the Person in whose name this
Security is registered in the Security Register on the preceding February 1
(whether or not a Business Day).

     Securities of this series may be redeemed at any time at the option of the
Company, in whole or in part, upon notice of not more than 60 nor less than
30 days prior to the Redemption Date, at a redemption price equal to the sum of
(i) the principal amount of the Securities being redeemed plus accrued interest

                                      -2-
<PAGE>
 
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Securities.

     The following definitions apply with respect to any redemption of the
Securities of this series at the option of the Company:

          "Make-Whole Amount" means, in connection with any optional redemption
     or accelerated payment of any Security, the excess, if any, of (i) the
     aggregate present value as of the date of such redemption or accelerated
     payment of each dollar of principal being redeemed or paid and the amount
     of interest (exclusive of interest accrued to the date of redemption or
     accelerated payment) that would have been payable in respect of such dollar
     if such redemption or accelerated payment had not been made, determined by
     discounting, on a semiannual basis, such principal and interest at the
     Reinvestment Rate (determined on the third Business Day preceding the date
     such notice of redemption is given or declaration of acceleration is made)
     from the respective dates on which such principal and interest would have
     been payable if such redemption or accelerated payment had not been made,
     over (ii) the aggregate principal amount of the Securities being redeemed
     or paid.

          "Reinvestment Rate" means .25% (one-fourth of one percent) plus the
     arithmetic mean of the yields under the respective headings "This Week" and
     "Last Week" published in the Statistical Release under the caption
     "Treasury Constant Maturities" for the maturity (rounded to the nearest
     month) corresponding to the remaining life to maturity, as of the payment
     date of the principal being redeemed or paid.  If no maturity exactly
     corresponds to such maturity, yields for the two published maturities most
     closely corresponding to such maturity shall be calculated pursuant to the
     immediately preceding sentence and the Reinvestment Rate shall be
     interpolated or extrapolated from such yields on a straight-line basis,
     rounding in each of such relevant periods to the nearest month.  For the
     purposes of calculating the Reinvestment Rate, the most recent Statistical
     Release published prior to the date of determination of the Make-Whole
     Amount shall be used.

          "Statistical Release" means the statistical release designated
     "H.15(519)" or any successor publication which is published weekly by the
     Federal Reserve System and which establishes yields on actively traded
     United States government securities adjusted to constant maturities or, if
     such statistical release is not published at the time of any determination
     under the Indenture, then such other reasonably comparable index which
     shall be designated by the Company.


                                      -3-
<PAGE>
 
     The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on this Security and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Company, in each case, upon compliance by the Company with certain conditions
set forth in the Indenture, which provisions apply to this Security.

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of, and the Make-Whole Amount, if any,
on, the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and the Trustee shall have failed to institute any such proceeding
for 60 days after receipt of such notice, request and offer of indemnity.  The
foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any interest on or
after the respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series of Securities then Outstanding affected
thereby.  The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences.  Any such
consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or 

                                      -4-
<PAGE>
 
in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, Make-Whole Amount, if any,
on, and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or
agency of the Company in any Place of Payment where the principal of, Make-Whole
Amount, if any, on, and interest on this Security are payable duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof.  As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or in this Security, or because of any indebtedness evidenced
thereby, shall be had against any promoter, as such, or against any past,
present or future shareholder, officer or trustee, as such, of the Company or of
any successor, either directly or through the Company or

                                      -5-
<PAGE>
 
any successor, under any rule of law, statute or constitutional provision or by
the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of this Security by the Holder thereof and as part of the
consideration for the issue of the Securities of this series.

     All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

     THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

     Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused "CUSIP" numbers to be
printed on the Securities of this series as a convenience to the Holders of such
Securities.  No representation is made as to the correctness or accuracy of such
CUSIP numbers as printed on the Securities, and reliance may be placed only on
the other identification numbers printed hereon.

                                      -6-
<PAGE>
 
     Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by the undersigned officer.


                                       SECURITY CAPITAL PACIFIC TRUST



                                       By: /s/ C. Ronald Blankenship
                                          ----------------------------
                                          C. Ronald Blankenship
                                          Chairman



Attest:


By: /s/ Jeffrey A. Klopf
   -----------------------
   Jeffrey A. Klopf
   Secretary

Dated:  February 23, 1996



TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

STATE STREET BANK AND TRUST
  COMPANY, as Trustee


BY:________________________
    Authorized Officer

                                      -7-
<PAGE>
 
                                ASSIGNMENT FORM

                   FOR VALUE RECEIVED, the undersigned hereby
                       sells, assigns and transfers unto


     PLEASE INSERT SOCIAL
     SECURITY OR OTHER IDENTIFYING
     NUMBER OF ASSIGNEE

======================================

======================================



 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
             (Please Print or Typewrite Name and Address including
                             Zip Code of Assignee)



 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
the within Security of Security Capital Pacific Trust and hereby does
irrevocably constitute and appoint


 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Attorney
to transfer said Security on the books of the within-named Company with full
power of substitution in the premises.

Dated:         . . . . . .                         . . . . . . . . . . . . . .

                                                   . . . . . . . . . . . . . .



NOTICE:  The signature to this assignment must correspond with the name as it
appears on the first page of the within Security in every particular, without
alteration or enlargement or any change whatever.


                                      -8-