Document:

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                                                                    EXHIBIT 4.21

                                     FORM OF

                          FIFTH SUPPLEMENTAL INDENTURE

        FIFTH SUPPLEMENTAL INDENTURE, dated as of May __, 2002 (this "Fifth
Supplemental Indenture"), among AMB PROPERTY, L.P., a Delaware limited
partnership (the "Operating Partnership"), AMB PROPERTY CORPORATION (the "Parent
Guarantor") and STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., as
Trustee hereunder (the "Trustee").

                              W I T N E S S E T H:

        WHEREAS, the Operating Partnership, the Parent Guarantor and the Trustee
executed and delivered an Indenture, dated as of June 30, 1998, as supplemented
by the First Supplemental Indenture, the Second Supplemental Indenture and the
Third Supplemental Indenture, each dated as of June 30, 1998, and the Fourth
Supplemental Indenture, dated as of August 15, 2000 (as further supplemented
hereby, the "Indenture"), to provide for the issuance by the Operating
Partnership of notes evidencing its unsecured indebtedness;

        WHEREAS, pursuant to Board Resolution, the Operating Partnership has
authorized the issuance of up to $400,000,000 of its Series B Medium-Term Notes
due nine months or more from the date of issuance;

        WHEREAS, the Operating Partnership desires to establish the terms of
such notes in accordance with Section 301 of the Indenture and to establish the
form of such notes in accordance with Section 201 of the Indenture.

                                    ARTICLE 1
                                      TERMS

        SECTION 101. TERMS OF SECURITIES. There is hereby established and
authorized for issuance by the Operating Partnership a series of Securities (as
defined in the Indenture), the terms of which shall be as follows:

               (a) The Securities of the series shall be designated "Series B
        Medium-Term Notes" (the "Notes").

               (b) The aggregate principal amount of the Notes that may be
        authenticated and delivered under the Indenture from time to time
        (except for Notes authenticated and delivered upon registration of
        transfer of, or in exchange for, or in lieu of, other Notes pursuant to
        Sections 304, 305, 306, 906, or 1107 of the Indenture) shall be up to
        $400,000,000 or the equivalent thereof in other currencies, which amount
        may be increased from time to time by a Board Resolution or a
        supplemental indenture to the Indenture or an Officers' Certificate, in
        either case, pursuant to authority granted under a Board Resolution, and
        in accordance with Section 301 of the Indenture.

               (c) Each Note shall mature on a date which shall be nine months
        or more from the date of issue of such Note and shall be specified by an
        officer of the Parent Guarantor, as general partner of the Operating
        Partnership, to the Trustee in writing or by telephone (telephonic
        instructions to be promptly confirmed in writing) and specified in the
        applicable prospectus supplement or pricing supplement.

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               (d) The interest rate or rates or the method of determination
        thereof, if any, the date or dates or the method of determination
        thereof from which such interest shall accrue, the date or dates on
        which such interest shall be payable, and the regular record date for
        the interest payable on any interest payment date, in each case for a
        particular Note, shall each be as specified by an officer of the Parent
        Guarantor, as general partner of the Operating Partnership, to the
        Trustee in writing or by telephone (telephonic instructions to be
        promptly confirmed in writing); provided, however, the interest rate or
        rates shall in no event be higher than the maximum rate permitted by New
        York law, as the same may be modified by United States law of general
        application.

               (e) Unless stated to the contrary in the applicable prospectus
        supplement or pricing supplement, the payment of principal (and premium,
        if any) and interest on, a Note on any day, if the Holder of such Note
        is The Depository Trust Company, a New York corporation (or its nominee
        or other depository, a "Depository"), will be made in accordance with
        any applicable provisions of such written agreement between the
        Operating Partnership, the Trustee and the Depository (or its nominee)
        as may be in effect from time to time. Otherwise payment of principal
        (and premium, if any) and interest on the Notes shall be payable, and
        Notes may be surrendered for the registration of transfer or exchange,
        at the office of the Trustee's affiliate, State Street Bank and Trust
        Company, at 61 Broadway, 15th Floor, New York, New York 10006, unless
        the Holder of the Note is notified otherwise; provided, however, that at
        the option of the Operating Partnership, interest may be paid by check
        mailed to the address of the person entitled thereto as such address
        shall appear in the Operating Partnership's security register or by wire
        transfer to an account maintained by the payee located in the United
        States. Unless the Holder of the Note is notified otherwise, the place
        where notices or demands to or upon the Operating Partnership in respect
        of the Notes and the Indenture may be served shall be the Corporate
        Trust Office of the Trustee at 633 West Fifth Street, 12th Floor, Los
        Angeles, California 90071.

               (f) To receive payment of a U.S. Dollar denominated Note upon
        redemption, if applicable, or at maturity, a Holder must make
        presentation and surrender of such Note on or before the Redemption Date
        or Maturity Date, if any, as specified on the face of any Note and in
        the applicable prospectus supplement or pricing supplement. To receive
        payment of a Note denominated in a Foreign Currency (as hereinafter
        defined) or composite currency upon redemption or at maturity, a Holder
        must make presentation and surrender of such Note not less than two
        Business Days (as defined in the Notes) prior to the Redemption Date or
        Maturity Date, if any, as specified on the face of any Note and in the
        applicable prospectus supplement or pricing supplement. Upon
        presentation and surrender of a Note denominated in a Foreign Currency
        or composite currency at any time after the date two Business Days prior
        to the Redemption Date or Maturity Date, if any, as specified on the
        face of any Note and in the applicable prospectus supplement or pricing
        supplement, the Operating Partnership will pay the principal amount (and
        premium, if any) of such Note, and any interest due upon redemption or
        at maturity (unless the Redemption Date or Maturity Date is an Interest
        Payment Date, as specified on the face of the Note and in the applicable
        prospectus supplement or pricing supplement), two Business Days after
        such presentation and surrender.

               (g) Unless stated to the contrary on the face of any Note and in
        the applicable prospectus supplement or pricing supplement, a Note will
        not be subject to redemption prior to its Maturity Date. If stated on
        the face of a Note and in the applicable prospectus supplement or
        pricing supplement, such Note will be redeemable in whole or in part at
        the option of the Operating Partnership, in accordance with Article
        Eleven of the Indenture and the terms set forth in such Note and the
        applicable prospectus supplement or pricing supplement.

                                       2
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               (h) Unless stated to the contrary on the face of any Note and in
        the applicable prospectus supplement or pricing supplement, such Note
        will not be subject to repayment prior to its Maturity Date. If stated
        on the face of a Note and in the applicable prospectus supplement or
        pricing supplement, such Note will be repayable by the Operating
        Partnership in whole or in part at the option of the Holder in
        accordance with the terms set forth in such Note and the applicable
        prospectus supplement or pricing supplement.

               (i) Unless stated to the contrary on the face of a Note and in
        the applicable prospectus supplement or pricing supplement, Notes shall
        be issuable in minimum denominations of (i) if the Notes are denominated
        in U.S. Dollars, $1,000 and in any larger amount in integral multiples
        of $1,000 and (ii) if the Notes are denominated in a currency other than
        U.S. Dollars (a "Foreign Currency") or in a composite currency, the
        equivalent in such Foreign Currency or composite currency determined in
        accordance with the Market Exchange Rate (as defined in the Notes) for
        such Foreign Currency or composite currency on the Business Day
        immediately preceding the date on which the Operating Partnership
        accepts an offer to purchase the Note, of $1000 (rounded to an integral
        multiple of 1,000 units of the Foreign Currency or composite currency),
        and in any larger amount in integral multiples of 1,000 units. The
        principal amount of any particular Note shall be determined by an
        officer of the Parent Guarantor, as general partner of the Operating
        Partnership, and specified to the Trustee in writing or by telephone
        (telephonic instructions to be promptly confirmed in writing).

               (j) Initially, unless otherwise stated to the contrary on the
        face of any Note and in the applicable prospectus supplement or pricing
        supplement, the Trustee shall be the registrar, transfer agent,
        authenticating agent, exchange rate agent, calculation agent and paying
        agent for the Notes. The Operating Partnership may from time to time
        name other or additional registrars, paying agents, authenticating
        agents, exchange rate agents, calculation agents or transfer agents.

               (k) Unless stated to the contrary on the face of a Note and in
        the applicable prospectus supplement or pricing supplement, such Note
        shall be issuable only in registered form without coupons in book-entry
        form, represented by one or more global notes recorded in the book-entry
        system maintained by The Depository Trust Company. If specified on the
        face thereof, Notes may be issued in certificated form issued to, and
        registered in the name of, the beneficial owner or its nominee.

               (l) The Notes are not convertible into any other security of the
        Operating Partnership or the Parent Guarantor. The Notes shall
        constitute senior unsecured and unsubordinated obligations of the
        Operating Partnership and will rank equally with all other unsecured and
        unsubordinated indebtedness of the Operating Partnership from time to
        time outstanding.

               (m) There are no restrictive covenants pertaining to the Notes
        other than those contained in the Indenture. Unless stated to the
        contrary on the face of any Note and in the applicable prospectus
        supplement or pricing supplement, the holders of the Notes shall have no
        special rights in addition to those provided in the Indenture upon the
        occurrence of any particular events. The Notes shall have no additional
        Events of Default in addition to the Events of Default set forth in
        Article Five of the Indenture.

               (n) The Notes will be unconditionally guaranteed on an unsecured
        basis by the Parent Guarantor and, if required by Section 1013 of the
        Indenture, the Subsidiary Guarantors.

        SECTION 102. FORM OF NOTES. The Notes shall be in the form of, and shall
have the terms set forth in, the specimens thereof attached hereto as Exhibits A
and B in fully registered fixed rate and

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floating rate form, respectively, with applicable blank terms completed and
additional terms added to reflect settlement and other specific information,
which terms shall be specified by an officer of the Parent Guarantor, as general
partner of the Operating Partnership to the Trustee in writing or by telephone
(telephonic instructions to be promptly confirmed in writing) and specified in
the applicable prospectus supplement or pricing supplement.

        SECTION 103. FORM OF SUBSIDIARY GUARANTEE. The form of the Subsidiary
Guarantee which shall be executed if required pursuant to Section 1013 of the
Indenture is attached hereto as Exhibit C.

        SECTION 104. FORM OF GUARANTEES. There are hereby authorized for
issuance by the Parent Guarantor Guarantees (as defined in the Indenture) of the
Notes, which Guarantees shall be in the form of, and shall have the terms set
forth in, the specimen of "Parent Guarantee" endorsed on the specimen Notes
attached hereto as Exhibits A and B.

        SECTION 105. PROCEDURES. The Trustee is hereby instructed to
authenticate and deliver from time to time the Notes, with Guarantees endorsed
thereon, pursuant to the following procedures:

            (a) the procedures set forth in the Administrative Procedures
attached as Exhibit B to the Distribution Agreement, as amended from time to
time; and

            (b) each advice of settlement information with respect to any of the
Notes issued pursuant to (a) above will be deemed an instruction by the
Operating Partnership and the Parent Guarantor to authenticate and deliver such
Notes and Guarantees.

                                   ARTICLE II
                                  MISCELLANEOUS

        SECTION 201. DEFINITIONS. Capitalized terms used but not defined in this
Fifth Supplemental Indenture shall have the meanings ascribed thereto in the
Indenture.

        SECTION 202. CONFIRMATION OF INDENTURE. The Indenture, as heretofore
supplemented and amended by this Fifth Supplemental Indenture, is in all
respects ratified and confirmed, and the Indenture, this Fifth Supplemental
Indenture and all indentures supplemental thereto shall be read, taken and
construed as one and the same instrument.

        SECTION 203. CONCERNING THE TRUSTEE. The Trustee assumes no duties,
responsibilities or liabilities by reason of this Fifth Supplemental Indenture
other than as set forth in the Indenture and, in carrying out its
responsibilities hereunder, shall have all of the rights, protections and
immunities which it possesses under the Indenture.

        SECTION 204. GOVERNING LAW. This Fifth Supplemental Indenture, the
Indenture and the Notes shall be governed by and construed in accordance with
the internal laws of the State of New York.

        SECTION 205. SEPARABILITY. In case any provision in this Fifth
Supplemental Indenture shall for any reason be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

        SECTION 206. COUNTERPARTS. This Fifth Supplemental Indenture may be
executed in any number of counterparts each of which shall be an original, but
such counterparts shall together constitute but one and the same instrument.

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        IN WITNESS WHEREOF, the parties hereto have caused this Fifth
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                         AMB PROPERTY, L.P.

                                         By: AMB PROPERTY CORPORATION,
                                             as General Partner

                                         By: ___________________________________
                                             Name: _____________________________
                                             Title: ____________________________

                                         AMB PROPERTY CORPORATION

                                         By: ___________________________________
                                             Name: _____________________________
                                             Title: ____________________________

                                         STATE STREET BANK AND TRUST
                                         COMPANY OF CALIFORNIA, N.A., AS TRUSTEE

                                         By: ___________________________________
                                             Name: _____________________________
                                             Title: ____________________________

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                                                                       EXHIBIT A

                      FORM OF FIXED RATE MEDIUM-TERM NOTES

                                      A-1
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                                                                       EXHIBIT B

                     FORM OF FLOATING RATE MEDIUM-TERM NOTES

                                      B-1
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                                                                       EXHIBIT C

                              SUBSIDIARY GUARANTEE

        FOR VALUE RECEIVED, the undersigned hereby jointly and severally with
the Parent Guarantor pursuant to the Parent Guarantee and any other Subsidiary
Guarantors under their respective Subsidiary Guarantees, unconditionally
guarantees to the Holder of the accompanying Series B Medium-Term Note (the
"Note") issued by AMB Property, L.P. (the "Operating Partnership") under an
Indenture dated as of June 30, 1998 (together with the First Supplemental
Indenture, the Second Supplemental Indenture and the Third Supplemental
Indenture, each dated as of June 30, 1998, the Fourth Supplemental Indenture
dated as of August 15, 2000 and the Fifth Supplemental Indenture dated as of May
__, 2002, the "Indenture") among the Operating Partnership, AMB Property
Corporation, and State Street Bank and Trust Company of California, N.A., as
trustee (the "Trustee"), (a) the full and prompt payment of the principal of and
premium, if any, on such Note when and as the same shall become due and payable,
whether at the Maturity Date (as defined in the Note), by acceleration, by
redemption, repurchase or otherwise, and (b) the full and prompt payment of the
interest on such Note when and as the same shall become due and payable,
according to the terms of such Note and of the Indenture. In case of the failure
of the Operating Partnership punctually to pay any such principal, premium or
interest, the undersigned hereby agrees to cause any such payment to be made
punctually when and as the same shall become due and payable, whether at the
Maturity Date, upon acceleration, by redemption or repayment or otherwise, and
as if such payment were made by the Operating Partnership. The undersigned
hereby agrees, jointly and severally with the Parent Guarantor pursuant to the
Parent Guarantee and any other Subsidiary Guarantors under their respective
Subsidiary Guarantees, that its obligations hereunder shall be as principal and
not merely as surety, and shall be absolute and unconditional, and shall not be
affected, modified or impaired by the following: (a) the failure to give notice
to the Guarantors of the occurrence of an Event of Default under the Indenture;
(b) the waiver, surrender, compromise, settlement, release or termination of the
payment, performance or observance by the Operating Partnership or the
Guarantors of any or all of the obligations, covenants or agreements of any of
them contained in the Indenture or any Note; (c) the acceleration, extension or
any other changes in the time for payment of any principal of or interest or any
premium on any Note or for any other payment under the Indenture or of the time
for performance of any other obligations, covenants or agreements under or
arising out of the Indenture or any Note; (d) the modification or amendment
(whether material or otherwise) of any obligation, covenant or agreement set
forth in the Indenture or any Note; (e) the taking or the omission of any of the
actions referred to in the Indenture and in any of the actions under any Note;
(f) any failure, omission, delay or lack on the part of the Trustee to enforce,
assert or exercise any right, power or remedy conferred on the Trustee in the
Indenture, or any other action or acts on the part of the Trustee or any of the
Holders from time to time of any Note; (g) the voluntary or involuntary
liquidation, dissolution, sale or other disposition of all or substantially all
the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition with creditors or readjustment of, or other similar
proceedings affecting the Guarantors or the Operating Partnership or any of the
assets of any of them, or any allegation or contest of the validity of this
Subsidiary Guarantee in any such proceeding; (h) to the extent permitted by law,
the release or discharge by operation of law of the Guarantors from the
performance or observance of any obligation, covenant or agreement contained in
the Indenture; (i) to the extent permitted by law, the release or discharge by
operation of law of the Operating Partnership from the performance or observance
of any obligation, covenant or agreement contained in the Indenture; (j) the
default or failure of the Operating Partnership Trustee fully to perform any of
its obligations set forth in the Indenture or any Note; (k) the invalidity,
irregularity or unenforceability of the Indenture or any Note or any part of any
thereof; (l) any judicial or governmental action affecting the Operating
Partnership or any Note or consent or indulgence granted to the Operating
Partnership by the Holders or by the Trustee; or (m) the recovery of any
judgment against the Operating Partnership or any action to enforce the same or
any other circumstance which might constitute a legal or equitable discharge of
a surety or guarantor. The undersigned hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of merger, sale,
lease or conveyance of all or substantially all of its assets, insolvency or
bankruptcy of any Guarantor or the Operating Partnership, any right to require a
proceeding first against any other Guarantor or the Operating Partnership,
protest or notice with respect to such Note or the indebtedness evidenced
thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee
will not be discharged except by complete performance of the obligations
contained in such Note and in this Subsidiary Guarantee.

        No reference herein to such Indenture and no provision of this
Subsidiary Guarantee or of such Indenture shall alter or impair the guarantee of
the undersigned, which is absolute and unconditional, of the full and prompt
payment of the principal of and premium, if any, and interest on the Note.

        THIS SUBSIDIARY GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                      C-1
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        The validity and enforceability of this Subsidiary Guarantee shall not
be affected by the fact that it is not affixed to any particular Note.

        An Event of Default under the Indenture or any Note shall constitute an
event of default under this Subsidiary Guarantee, and shall entitle the Holder
of any Note to accelerate the obligations of the undersigned hereunder in the
same manner and to the same extent as the obligations of the Operating
Partnership.

        Notwithstanding any other provision of this Subsidiary Guarantee to the
contrary, the undersigned hereby waives any claims or other rights which it may
now have or hereafter acquire against any Guarantor or the Operating Partnership
that arise from the existence or performance of its obligations under this
Subsidiary Guarantee (all such claims and rights are referred to as "Guarantor's
Conditional Rights"), including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, or indemnification, any right to
participate in any claim or remedy against any Guarantor or the Operating
Partnership, whether or not such claim, remedy or right arises in equity or
under contract, statute or common law, by any payment made hereunder or
otherwise, including without limitation, the right to take or receive from any
Guarantor or the Operating Partnership, directly or indirectly, in cash or other
property or by setoff or in any other manner, payment or security on account of
such claim or other rights. The undersigned hereby agrees not to exercise any
rights which may be acquired by way of contribution under this Subsidiary
Guarantee or any other agreement, by any payment made hereunder or otherwise,
including, without limitation, the right to take or receive from any other
guarantor, directly or indirectly, in cash or other property or by setoff or in
any other manner, payment or security on account of such contribution rights.
If, notwithstanding the foregoing provisions, any amount shall be paid to the
undersigned party on account of any such Guarantor's Conditional Rights and
either (i) such amount is paid to such undersigned party at any time when the
indebtedness shall not have been paid or performed in full, or (ii) regardless
of when such amount is paid to the undersigned, any payment made by any
Guarantor or the Operating Partnership to a Holder that is at any time
determined to be a Preferential Payment (as defined below), then such amount
paid to the undersigned shall be held in trust for the benefit of the Holders
and shall forthwith be paid such Holder to be credited and applied upon the
indebtedness, whether matured or unmatured. Any such payment is herein referred
to as a "Preferential Payment" to the extent any Guarantor or the Operating
Partnership makes any payment to Holder in connection with the Note, and any or
all of such payment is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required to be repaid or paid over to a trustee,
receiver or any other entity, whether under any bankruptcy act or otherwise.

        To the extent that any of the provisions of the immediately preceding
paragraph shall not be enforceable, the undersigned agrees that until such time
as the indebtedness has been paid and performed in full and the period of time
has expired during which any payment made by any Guarantor or the Operating
Partnership or the undersigned to a Holder may be determined to be a
Preferential Payment, Guarantor's Conditional Rights to the extent not validly
waived shall be subordinate to Holders' right to full payment and performance of
the indebtedness and the undersigned shall not enforce any of its respective
portion of the Guarantors' Conditional Rights until such time as the
indebtedness has been paid and performed in full and the period of time has
expired during which any payment made by any Guarantor or the Operating
Partnership or the undersigned to Holders may be determined to be a Preferential
Payment.

        The undersigned's liability (the "Base Guaranty Liability") shall be
that amount from time to time equal to the aggregate liability of the
undersigned hereunder, but shall be limited to the lesser of (A) the aggregate
amount of the obligation as stated in the second sentence of Section 1401 of the
Indenture, and (B) the amount, if any, which would not have (i) rendered the
undersigned "insolvent" (as such term is defined in Section 101(29) of the
Federal Bankruptcy Code and in Section 271 of the Debtor and Creditor Law of the
State of New York, as each is in effect at the date of the Indenture) or (ii)
left the undersigned with unreasonably small capital at the time this Subsidiary
Guarantee was entered into, after giving effect to the incurrence of existing
Debt (as defined in the Indenture) immediately prior to such time, provided
that, it shall be a presumption in any lawsuit or other proceeding in which the
undersigned is a party that the amount guaranteed is the amount set forth in (A)
above unless a creditor, or representative of creditors of the undersigned or a
trustee in bankruptcy of the undersigned, as debtor in possession, otherwise
proves in such a lawsuit that the aggregate liability of the undersigned is
limited to the amount set forth in (B). In making any determination as to the
solvency or sufficiency of capital of the undersigned in accordance with the
previous sentence, the right of the undersigned to contribution from the other
Guarantors, to subrogation and any other rights the undersigned may have,
contractual or otherwise, shall be taken into account.

        The obligations of the undersigned to the Holder of any Note and to the
Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly
set forth in Article 14 of the Indenture and reference is hereby made to the

                                      C-2
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Indenture for the precise terms of the Subsidiary Guarantee and all of the other
provisions of the Indenture to which this Subsidiary Guarantee relates.

        Capitalized terms in this Subsidiary Guarantee which are not defined
herein shall have the meanings assigned to them in the Indenture.

        IN WITNESS WHEREOF, the undersigned has caused this Subsidiary Guarantee
to be duly executed.

Dated: ____________________

                                             [NAME OF SUBSIDIARY]

                                             By: _______________________________

                                      C-3<PAGE>

                                                                    Exhibit 4.22

                                 (FACE OF NOTE)

                                AMB PROPERTY L.P.
                           MEDIUM-TERM NOTE, SERIES B

REGISTERED                        (FIXED RATE)                        REGISTERED

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE OPERATING
PARTNERSHIP (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS 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.

NOTE NO:  FXR - ____________________________________________

ORIGINAL ISSUE DATE: _______________________________________

MATURITY DATE: _____________________________________________

TRADE DATE: ________________________________________________

EXCHANGE RATE AGENT: _______________________________________
(if other than State Street Bank and Trust Company  of
California, N.A.)

REDEMPTION:
  [ ] The Note cannot be redeemed prior to maturity
  [ ] The Note may be redeemed at the option of the
        Operating Partnership prior to maturity
      Redemption Commencement Date: ________________________
      Initial Redemption Percentage: _______________________%
      Annual Redemption Percentage Reduction: ______________%

ADDENDUM  ATTACHED:     [ ]  Yes    [ ]  No

CUSIP NO.: _________________________________________________

REGISTERED HOLDER: _________________________________________

FORM:            [ ]   Book-Entry
                 [ ]   Certificated

AGENT'S DISCOUNT OR COMMISSION: ____________________________%

NET PROCEEDS TO ISSUER: ____________________________________

INTEREST RATE: _________________________________ % per annum

REPAYMENT:
  [ ] The Note cannot be repaid prior to maturity
  [ ] The Note may be repaid prior to maturity at
        the option of the Holder of the Note
      Optional Repayment Date(s): __________________________
      Repayment Price: _____________________________________%

OTHER/ADDITIONAL PROVISIONS:

PRINCIPAL AMOUNT: __________________________________________

SPECIFIED CURRENCY: ________________________________________

PRINCIPAL FINANCIAL CENTER: ________________________________
(if the Specified Currency is other than U.S. dollars or
Euro)

AUTHORIZED DENOMINATION: ___________________________________
(if other than $1,000 or integral multiples thereof)

INTEREST PAYMENT DATES: ____________________________________

REGULAR RECORD DATES: ______________________________________

DISCOUNT NOTES:     [ ]  Yes    [ ]  No
Issue Price: _______________________________________________
Total Amount of OID: _______________________________________
Yield to Maturity: _________________________________________
Initial Accrual Period: ____________________________________
<PAGE>
      AMB PROPERTY, L.P., a Delaware limited partnership (hereinafter called the
"Operating Partnership", which term includes any successor under the Indenture
referred to below), for value received, hereby promises to pay to the Registered
Holder specified on the face hereof, or registered assigns ("Holder"), upon
presentation and surrender of this Note, on the Maturity Date specified on the
face hereof (except to the extent repaid or redeemed prior to the Maturity Date)
the Principal Amount specified on the face hereof in the Specified Currency
specified on the face hereof, and to pay interest thereon at the Interest Rate
per annum specified on the face hereof, until the principal hereof is paid or
duly made available for payment.

      Unless otherwise specified on the face hereof, the Operating Partnership
will pay interest (other than defaulted interest) on each Interest Payment Date
(as defined below), commencing with the first Interest Payment Date next
succeeding the Original Issue Date specified on the face hereof, to the person
who is the Holder of this Note on the applicable Regular Record Date (as defined
below); provided that if the Original Issue Date occurs between a Regular Record
Date and an Interest Payment Date, the Operating Partnership will make the first
payment of interest on the Interest Payment Date following the next Regular
Record Date to the registered owner on that Regular Record Date.

      The Operating Partnership will pay interest due on the Maturity Date,
Redemption Date (as defined on the reverse hereof) or Repayment Date (as defined
on the reverse hereof), as applicable, to the same person to whom it is paying
the principal amount; provided that if the Operating Partnership would have made
a regular interest payment on the Maturity Date, Redemption Date or Repayment
Date, as the case may be, it will make that regular interest payment to the
Holder as of the applicable Regular Record Date, even if it is not the same
person to whom it is paying the principal amount.

      Any such interest not so punctually paid or duly provided for ("Defaulted
Interest") will forthwith cease to be payable to the Holder on any Regular
Record Date, and shall be paid, at the election of the Operating Partnership, to
either (i) to the Holder at the close of business on a special record date (the
"Special Record Date") for the payment of such Defaulted Interest to be fixed by
the Trustee (as defined on the reverse hereof), notice whereof shall be given to
the Holder of this Note by the Trustee not less than 10 calendar days prior to
such Special Record Date or (ii) at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Note
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided for in the Indenture.

      Unless specified on the face hereof, payments of interest on this Note
with respect to any Interest Payment Date, Maturity Date, Redemption Date or
Repayment Date, as applicable, will include interest accrued from and including
each immediately preceding Interest Payment Date (or from and including the
Original Date of Issue if no interest has been paid or duly provided for), to,
but excluding, the Interest Payment Date, Maturity Date, Redemption Date or
Repayment Date, as the case may be.

      If an Interest Payment Date, Maturity Date, Redemption Date or Repayment
Date, as applicable, falls on a day that is not a Business Day (as defined
below), interest (or interest and principal) will be paid on the next Business
Day; provided that interest on the payment will not accrue for the period from
the original Interest Payment Date, Maturity Date, Redemption Date or Repayment
Date, as the case may be, to the date of such payment on the next Business Day.

      Unless otherwise specified on the face hereof, the "Interest Payment
Dates" shall be June 30 and December 30 of each year. The "Regular Record Dates"
shall be June 15 for a June 30 interest payment date, December 15 for a December
30 interest payment date and the date that is 15 calendar days before any other
interest payment date, whether or not those dates are Business Days.

      "Business Day" as used herein means any day, other than a Saturday or
Sunday, (a) that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation to close (x) in The
City of New York or (y) for notes denominated in a specified currency other than
U.S. dollars, Australian dollars or euro, in the principal financial center of
the country of the specified currency or (z) for notes denominated in Australian
dollars, in Sydney, and (b) for notes denominated in euro, that is also a day on
which the Trans-European

                                       1
<PAGE>
Automated Real-time Gross Settlement Express Transfer System, which is commonly
referred to as "TARGET," is operating.

      Payment of principal (and premium, if any) and interest on, this Note on
any day, if the Holder of this Note is DTC (or its nominee or other depository,
a "Depository"), will be made in accordance with any applicable provisions of
such written agreement between the Operating Partnership, the Trustee and the
Depository (or its nominee) as may be in effect from time to time. Otherwise
payment of principal (and premium, if any) and interest on, this Note on any day
shall be payable and this Note may be surrendered for the registration of
transfer or exchange at the Office of the Trustee's affiliate, State Street Bank
and Trust Company, at 61 Broadway, 15th Floor, New York, New York 10006, unless
the Holder of this Note is notified otherwise; provided, however, that at the
option of the Operating Partnership, interest may be paid by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Operating Partnership's Security Register or by wire transfer, if proper wire
instructions are on file with the Trustee or are received at presentment, to an
account maintained by the payee located in the United States. Unless the Holder
of this Note is notified otherwise, the place where notices or demands to or
upon the Operating Partnership in respect of this Note and the Indenture may be
served shall be the Corporate Trust Office of the Trustee at 633 West Fifth
Street, 12th Floor, Los Angeles, California 90071.

      To receive payment of a U.S. dollar denominated Note upon redemption (if
applicable) or at maturity, a Holder must make presentation and surrender of
such Note on or before the Redemption Date or Maturity Date, as applicable. To
receive payment of a Note denominated in a Foreign Currency (as defined on the
reverse hereof) or composite currency upon redemption or at maturity, a Holder
must make presentation and surrender of such Note not less than two Business
Days prior to the Redemption Date or Maturity Date, as applicable. Upon
presentation and surrender of a Note denominated in a Foreign Currency or
composite currency at any time after the date two Business Days prior to the
Redemption Date or Maturity Date, as applicable, the Operating Partnership will
pay the principal amount (and premium, if any) of such Note, and any interest
due upon redemption or at maturity (unless the Redemption Date or Maturity Date
is an Interest Payment Date), two Business Days after such presentation and
surrender.

      For procedures relating to the receipt of payment upon repayment, if
applicable, see the reverse hereof.

      The Operating Partnership will pay any administrative costs imposed by
banks in connection with sending payments by wire transfer, but any tax,
assessment or governmental charge imposed upon payments will be borne by the
Holders of the Notes in respect of which payments are made.

      Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof and, if so specified on the face hereof, in the Addendum
hereto, which further provisions shall for all purposes have the same force and
effect as though fully set forth on the face hereof.

      This Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof, or become valid or obligatory for any
purpose, until the certificate of authentication hereon shall have been signed
by or on behalf of the Trustee under such Indenture.

      Notwithstanding the foregoing, if an Addendum is attached hereto or
"Other/Additional Provisions" apply to this Note as specified on the face
hereof, this Note shall be subject to the terms set forth in such Addendum or
such "Other/Additional Provisions."

                                       2
<PAGE>
      IN WITNESS WHEREOF, the Operating Partnership has caused this Instrument
to be duly executed under.

Dated:                                  AMB PROPERTY L.P.

                                        By: AMB PROPERTY CORPORATION,
                                        as General Partner

                                            By:
                                                --------------------------------
                                                Michael A. Coke
                                                Executive Vice President and
                                                Chief Financial Officer

TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the
series designated and referred to in the
within-mentioned Indenture.

STATE STREET BANK AND TRUST
COMPANY OF CALIFORNIA, N.A., as Trustee

By:
   -------------------------------------
          Authorized Signatory
<PAGE>
                                (REVERSE OF NOTE)

                                AMB PROPERTY L.P.
                           MEDIUM-TERM NOTE, SERIES B
                                  (FIXED RATE)

      This Note is one of a duly authorized issue of debt securities of the
Operating Partnership (hereinafter called the "Securities") of the series
hereinafter specified, unlimited in aggregate principal amount, all issued or to
be issued under or pursuant to an Indenture dated as of June 30, 1998, as
supplemented by the First Supplemental Indenture dated as of June 30, 1998, the
Second Supplemental Indenture dated as of June 30, 1998, the Third Supplemental
Indenture dated as of June 30, 1998, the Fourth Supplemental Indenture dated as
of August 15, 2000 and the Fifth Supplemental Indenture dated as of May __,
2002, among the Operating Partnership, AMB Property Corporation, a Maryland
corporation and general partner of the Operating Partnership (the "Guarantor"),
and State Street Bank and Trust Company of California, N.A., as Trustee; to
which Indenture and all indentures supplemental thereto (herein collectively
called the "Indenture") reference is hereby made for a specification of the
rights and limitation of rights thereunder of the Holders of the Securities, the
rights and obligations thereunder of the Operating Partnership and the rights,
duties and immunities thereunder of the Trustee. The Securities may be issued in
one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption or repayment provisions
(if any), may be subject to different covenants and defaults and may otherwise
vary as provided in the Indenture. This Note is one of a series designated as
"Series B Medium-Term Notes" (hereinafter referred to as the "Notes") of the
Operating Partnership, of up to $400,000,000 in aggregate principal amount. All
terms used in this Note which are defined in the Indenture and which are not
otherwise defined in this Note shall have the meanings assigned to them in the
Indenture. The terms of the Notes include those stated in the Indenture and
those made a part of the Indenture by reference to the Trust Indenture Act of
1939, as amended. The Notes are subject to all such terms, and the Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling.

      Unless stated to the contrary on the face hereof, this Note is issuable
only in registered form without coupons in Book-Entry form represented by one or
more global notes (each a "Global Note") recorded in the book-entry system
maintained by the Depository. If specified on the face hereof, this Note is
issuable in certificated form issued to, and registered in the name of, the
beneficial owner or its nominee (a "Certificated Note").

      Unless a different minimum Authorized Denomination is set forth on the
face hereof, this Note is issuable in minimum denominations of (i) if the
Specified Currency of this Note is U.S. dollars, U.S. $1,000 and in any larger
amount in integral multiples of $1,000 and (ii) if the Specified Currency of
this Note is a currency other than U.S. dollars (a "Foreign Currency") or is a
composite currency, the equivalent in such Foreign Currency or composite
currency determined in accordance with the Market Exchange Rate (as defined
below) for such Foreign Currency or composite currency on the Business Day
immediately preceding the date on which the Operating Partnership accepts an
offer to purchase a Note, of U.S. $1,000 (rounded to an integral multiple of
1,000 units of the Foreign Currency or composite currency), and in any larger
amount in integral multiples of 1,000 units.

      If this is a Global Note representing Book-Entry Notes, this Note may be
transferred or exchanged only through DTC. In the manner and subject to the
limitations provided in the Indenture, if this is a Certificated Note, it may be
transferred or exchanged, without charge except for any tax or other
governmental charge imposed in relation thereto, for other Notes of authorized
denominations for a like aggregate principal amount, at the office or agency of
the Operating Partnership in the Borough of Manhattan of The City of New York,
or, at the option of the Holder, such office or agency, if any, maintained by
the Operating Partnership in the city in which the principal executive offices
of the Operating Partnership are located or the city in which the principal
corporate trust office of the Trustee is located.

      The principal (and premium, if any) and interest on, this Note is payable
by the Operating Partnership in the Specified Currency.

      If this Note is denominated in a Foreign Currency, in the event that the
Foreign Currency is not available for payment at a time at which any payment is
required hereunder due to the imposition of exchange controls or

                                       2
<PAGE>
other circumstances beyond the control of the Operating Partnership or is no
longer used by the government of the country issuing such currency or for the
settlement of transactions by public institutions within the international
banking community, the Operating Partnership may, in full satisfaction of its
obligation to make such payment, make instead a payment in an equivalent amount
of U.S. dollars, determined by the Exchange Rate Agent, as specified on the face
hereof, on the basis of the Market Exchange Rate for such Foreign Currency on
the second Business Day prior to such payment date or, if such Market Exchange
Rate is not then available, on the basis of the most recently available Market
Exchange Rate; provided, however, that if such Specified Currency is replaced by
a single European currency, the payment of principal of (and premium, if any) or
interest, if any, on this Note denominated in such currency shall be effected in
the new single European currency in conformity with legally applicable measures
taken pursuant to, or by virtue of, the treaty establishing the European
Community, as amended by the treaty on European Unity. The "Market Exchange
Rate" for the Specified Currency means the noon dollar buying rate in The City
of New York for cable transfers for the Specified Currency as certified for
customs purposes by (or if not so certified, as otherwise determined by) the
Federal Reserve Bank of New York. Any payment made under such circumstances in
U.S. dollars or a new single European currency where the required payment is in
a Specified Currency other than U.S. dollars or such single European currency,
respectively, will not constitute an Event of Default (as defined in the
Indenture).

      If the Specified Currency is a composite currency and if such composite
currency is unavailable due to the imposition of exchange controls or other
circumstances beyond the control of the Operating Partnership, then the
Operating Partnership will be entitled to satisfy its obligations to the Holder
of this Note by making such payment in U.S. dollars. The amount of each payment
in U.S. dollars shall be computed by the Exchange Rate Agent on the basis of the
equivalent of the composite currency in U.S. dollars. The component currencies
of the composite currency for this purpose (collectively, the "Component
Currencies" and each, a "Component Currency") shall be the currency amounts that
were components of the composite currency as of the last day on which the
composite currency was used. The equivalent of the composite currency in U.S.
dollars shall be calculated by aggregating the U.S. dollar equivalents of the
Component Currencies. The U.S. dollar equivalent of each of the Component
Currencies shall be determined by the Exchange Rate Agent on the basis of the
most recently available Market Exchange Rate for each such Component Currency,
or as otherwise specified on the face hereof.

      If the official unit of any Component Currency is altered by way of
combination or subdivision, the number of units of the currency as a Component
Currency shall be divided or multiplied in the same proportion. If two or more
Component Currencies are consolidated into a single currency, the amounts of
those currencies as Component Currencies shall be replaced by an amount in such
single currency equal to the sum of the amounts of the consolidated Component
Currencies expressed in such single currency. If any Component Currency is
divided into two or more currencies, the amount of the original Component
Currency shall be replaced by the amounts of such two or more currencies, the
sum of which shall be equal to the amount of the original Component Currency.

      All determinations referred to above made by the Exchange Rate Agent shall
be at its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and binding on the Holder of this Note.

      If a Redemption Commencement Date is specified on the face hereof, this
Note may be redeemed, whether or not any other Note is concurrently redeemed, at
the option of the Operating Partnership, in whole, or from time to time in part,
on any Business Day on or after such Redemption Commencement Date and prior to
the Maturity Date, upon mailing by first-class mail, postage prepaid, a notice
of such redemption not less than 30 nor more than 60 days prior to the actual
date of redemption ("Redemption Date"), to the Holder of this Note at such
Holder's address appearing in the Security Register, as provided in the
Indenture (provided that, if the Holder of this Note is a Depository or a
nominee of a Depository, notice of such redemption shall be given in accordance
with any applicable provisions of such written agreement between the Operating
Partnership, the Trustee and such Depository (or its nominee) as may be in
effect from time to time), at the Redemption Price (as defined below), together
in each case with interest accrued to the Redemption Date (subject to the right
of the Holder of record on a Regular Record Date to receive interest due on an
Interest Payment Date). The "Redemption Price" shall be equal to (i) the Initial
Redemption Percentage specified on the face of this Note, as adjusted downward
on each anniversary of the Redemption Commencement Date by the Annual Redemption
Price Reduction, if any, specified on the face hereof, multiplied by (ii) the
unpaid Principal Amount of this Note to be redeemed. In the event of redemption
of this Note in part only, a new Note or Notes of this series, and of like
tenor, for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.

                                       3
<PAGE>
      If an Optional Repayment Date(s) is specified on the face hereof, this
Note will be subject to repayment by the Operating Partnership at the option of
the Holder hereof on such Optional Repayment Date(s), in whole or in part in
increments of U.S. $1,000 or other increments specified on the face hereof (as
long as any remaining principal is at least $1,000 or another specified minimum
denomination), at the Repayment Price specified on the face hereof, together
with unpaid interest accrued hereon to the date of repayment ("Repayment Date").
For this Note to be repaid, this Note must be received, together with the form
hereon entitled "Option to Elect Repayment" duly completed, by the Trustee at
the corporate trust office of the Trustee's Affiliate, State Street Bank and
Trust Company, at 61 Broadway Street, New York, New York (or at such other
address of which the Operating Partnership shall from time to time designate and
notify Holders of the Notes) at least 30 but not more than 60 days prior to the
Repayment Date. Exercise of such repayment option by the Holder hereof will be
irrevocable. In the event of repayment of this Note in part only, a new Note of
like tenor for the unrepaid portion hereof and otherwise having the same terms
as this Note shall be issued in the name of the Holder hereof upon the
presentation and surrender hereof.

      If this is a Global Note representing Book-Entry Notes, only the
Depository may exercise the repayment option in respect of this Note.
Accordingly, if this is a Global Security representing Book-Entry Notes and the
beneficial owner desires to have all or any portion of the Book-Entry Note
represented by this Global Security repaid, the beneficial owner must instruct
the participant through which he owns his interest to direct the Depository to
exercise the repayment option on his behalf by delivering this Note and duly
completed election form to the Trustee as aforesaid.

      If this Note is an Original Issue Discount Note, as specified on the face
hereof, the amount payable to the Holder of this Note in the event of
redemption, repayment or acceleration of maturity will be equal to the sum of
(i) the Issue Price specified on the face hereof (increased by any accruals of
the Discount, as defined below) multiplied, in the event of any redemption or
repayment of this Note (if applicable), by the Redemption Price or Repayment
Price, as the case may be, and (ii) any unpaid interest on this Note accrued
from the Original Issue Date to the Redemption Date, Repayment Date or date of
acceleration of maturity, as the case may be. The difference between the Issue
Price, as specified on the face hereof, and 100% of the principal amount of this
Note is referred to herein as the "Discount".

      For purposes of determining the amount of Discount that has accrued as of
any Redemption Date, Repayment Date or date of acceleration of maturity of this
Note, such Discount will be accrued so as to cause the yield on the Note to be
constant. The constant yield will be calculated using a 30-day month, 360-day
year convention, a compounding period that, except for the Initial Period (as
defined below), corresponds to the shortest period between Interest Payment
Dates (with ratable accruals within a compounding period) and an assumption that
the maturity of this Note will not be accelerated. If the period from the
Original Issue Date to the initial Interest Payment Date (the "Initial Period")
is shorter than the compounding period for this Note, a proportionate amount of
the yield for an entire compounding period will be accrued. If the Initial
Period is longer than the compounding period, then such period will be divided
into a regular compounding period and a short period, with the short period
being treated as provided in the preceding sentence.

      In case a default, as defined in the Indenture, shall occur and be
continuing with respect to the Notes, the principal amount of all Notes then
outstanding under the Indenture may be declared or may become due and payable
upon the conditions and in the manner and with the effect provided in the
Indenture. The Indenture provides that such declaration may in certain events be
annulled by the Holders of a majority in principal amount of the Notes
outstanding.

      To the extent permitted by, and as provided in, the Indenture, the
Operating Partnership may enter into one or more supplements to the Indenture
for the purpose of modifying or altering the Indenture, without the consent of
any Holders of Notes, for the limited purposes described in the Indenture.

      To the extent permitted by, and as provided in, the Indenture, the
Operating Partnership may enter into one or more supplements to the Indenture
for the purpose of modifying or altering the rights and obligations of the
Operating Partnership and the Holders of the Securities (as defined in the
Indenture) with the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities (as defined in the Indenture) of
any series affected, evidenced as provided in the Indenture.

                                       4
<PAGE>
      The Indenture contains provisions for legal defeasance and covenant
defeasance with respect to the Notes, in each case, upon compliance with certain
conditions set forth therein, which provisions apply to the Notes.

      The Operating Partnership, the Trustee, any Authenticating Agent, any
paying agent and any Security registrar may deem and treat the registered Holder
hereof as the absolute owner hereof (whether or not this Note shall be overdue
and notwithstanding any notice of ownership or other writing hereon by anyone
other than the Operating Partnership or any Security registrar) for the purpose
of receiving payment of or on account of the principal hereof (and premium, if
any), and interest hereon, and for all other purposes, and none of the Operating
Partnership, the Trustee, an Authenticating Agent, a paying agent nor the
Security registrar shall be affected by any notice to the contrary. All such
payments shall be valid and effectual to satisfy and discharge the liability
upon this Note to the extent of the sum or sums so paid.

      No recourse under or upon any obligation, covenant or agreement of the
Indenture or of this Note, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, partner, stockholder,
officer or director, as such, past, present or future, of the Operating
Partnership or the Guarantor or of any successor entity, either directly or
through the Operating Partnership or the Guarantor, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that the Indenture and this
Note are solely corporate obligations, and that no such personal liability
whatever shall attach to, or is or shall be incurred by the incorporators,
partners, stockholders, officers or directors, as such, of the Operating
Partnership or the Guarantor or of any successor entity, or any of them, because
of the creation of the indebtedness authorized by the Indenture, or under or by
reason of the obligations, covenants or agreements contained in the Indenture or
this Note or implied therefrom; and that any and all such personal liability,
either at common law or in equity or by constitution or statute, or any and all
such rights and claims against, every such incorporator, partner, stockholder,
officer or director, as such, because of the creation of the indebtedness
authorized by the Indenture, or under or by reason of the obligations, covenants
or agreements contained in the Indenture or this Note or implied therefrom, are,
by acceptance of this Note, hereby expressly waived and released as a condition
of, and as consideration for, the issue of this Note. In the event of any sale
or transfer of its assets and liabilities substantially as an entirety to a
successor entity, the predecessor entity may be dissolved and liquidated as more
fully set forth in the Indenture.

      All U.S. dollar amounts used in or resulting from calculations referred to
in this Note shall be rounded to the nearest cent (with one half cent being
rounded upwards).

      THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK.

                                       5
<PAGE>
                                PARENT GUARANTEE

      FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with the
Subsidiary Guarantors, if any, unconditionally guarantees to the Holder of the
accompanying Series B Medium-Term Note (the "Note") issued by AMB Property, L.P.
(the "Operating Partnership") under an Indenture dated as of June 30, 1998
(together with the First Supplemental Indenture, the Second Supplemental
Indenture and the Third Supplemental Indenture, each dated as of June 30, 1998,
the Fourth Supplemental Indenture dated as of August 15, 2000 and the Fifth
Supplemental Indenture dated as of May __, 2002 the "Indenture") among the
Operating Partnership, AMB Property Corporation and State Street Bank and Trust
Company of California, N.A., as trustee (the "Trustee"), (a) the full and prompt
payment of the principal of and premium, if any, on such Note when and as the
same shall become due and payable, whether at the Maturity Date (as defined in
the Note), by acceleration, by redemption, repurchase or otherwise, and (b) the
full and prompt payment of the interest on such Note when and as the same shall
become due and payable, according to the terms of such Note and of the
Indenture. In case of the failure of the Operating Partnership punctually to pay
any such principal, premium or interest, the undersigned hereby agrees to cause
any such payment to be made punctually when and as the same shall become due and
payable, whether at the Maturity Date, upon acceleration, by redemption or
repayment or otherwise, and as if such payment were made by the Operating
Partnership. The undersigned hereby agrees, jointly and severally with the
Subsidiary Guarantors, if any, that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute and unconditional, and
shall not be affected, modified or impaired by the following: (a) the failure to
give notice to the Guarantors of the occurrence of an Event of Default under the
Indenture; (b) the waiver, surrender, compromise, settlement, release or
termination of the payment, performance or observance by the Operating
Partnership or the Guarantors of any or all of the obligations, covenants or
agreements of either of them contained in the Indenture or any Note; (c) the
acceleration, extension or any other changes in the time for payment of any
principal of or interest or any premium on any Note or for any other payment
under the Indenture or of the time for performance of any other obligations,
covenants or agreements under or arising out of the Indenture or any Note; (d)
the modification or amendment (whether material or otherwise) of any obligation,
covenant or agreement set forth in the Indenture or any Note; (e) the taking or
the omission of any of the actions referred to in the Indenture and in any of
the actions under any Note; (f) any failure, omission, delay or lack on the part
of the Trustee to enforce, assert or exercise any right, power or remedy
conferred on the Trustee in the Indenture, or any other action or acts on the
part of the Trustee or any of the Holders from time to time of any Note; (g) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of
all or substantially all the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition with creditors or readjustment of, or
other similar proceedings affecting the Guarantors or the Operating Partnership
or any of the assets of any of them, or any allegation or contest of the
validity of this Parent Guarantee in any such proceeding; (h) to the extent
permitted by law, the release or discharge by operation of law of the Guarantors
from the performance or observance of any obligation, covenant or agreement
contained in the Indenture; (i) to the extent permitted by law, the release or
discharge by operation of law of the Operating Partnership from the performance
or observance of any obligation, covenant or agreement contained in the
Indenture; (j) the default or failure of the Operating Partnership or the
Trustee fully to perform any of its obligations set forth in the Indenture or
any Note; (k) the invalidity, irregularity or unenforceability of the Indenture
or any Note or any part of any thereof; (l) any judicial or governmental action
affecting the Operating Partnership or any Note or consent or indulgence granted
to the Operating Partnership by the Holders or by the Trustee; or (m) the
recovery of any judgment against the Operating Partnership or any action to
enforce the same or any other circumstance which might constitute a legal or
equitable discharge of a surety or guarantor. The undersigned hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of merger, sale, lease or conveyance of all or substantially all of its
assets, insolvency or bankruptcy of any Guarantor or the Operating Partnership,
any right to require a proceeding first against any other Guarantor or the
Operating Partnership, protest or notice with respect to such Note or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that
this Parent Guarantee will not be discharged except by complete performance of
the obligations contained in such Note and in this Parent Guarantee.

      No reference herein to such Indenture and no provision of this Parent
Guarantee or of such Indenture shall alter or impair the guarantee of the
undersigned, which is absolute and unconditional, of the full and prompt payment
of the principal of and premium, if any, and interest on the Note.
<PAGE>
      THIS PARENT GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

      This Parent Guarantee shall not be valid or obligatory for any purpose
until the certificate of authentication on the Note shall have been executed by
the Trustee under the Indenture referred to above by the manual signature of one
of its authorized officers. The validity and enforceability of this Parent
Guarantee shall not be affected by the fact that it is not affixed to any
particular Note.

      An Event of Default under the Indenture or any Note shall constitute an
event of default under this Parent Guarantee, and shall entitle the Holder of
the Note to accelerate the obligations of the undersigned hereunder in the same
manner and to the same extent as the obligations of the Operating Partnership.

      Notwithstanding any other provision of this Parent Guarantee to the
contrary, the undersigned hereby waives any claims or other rights which it may
now have or hereafter acquire against any other Guarantor or the Operating
Partnership that arise from the existence or performance of its obligations
under this Parent Guarantee (all such claims and rights are referred to as
"Guarantor's Conditional Rights"), including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, or indemnification, any
right to participate in any claim or remedy against any Guarantor or the
Operating Partnership, whether or not such claim, remedy or right arises in
equity or under contract, statute or common law, by any payment made hereunder
or otherwise, including without limitation, the right to take or receive from
any Guarantor or the Operating Partnership, directly or indirectly, in cash or
other property or by setoff or in any other manner, payment or security on
account of such claim or other rights. The undersigned hereby agrees not to
exercise any rights which may be acquired by way of contribution under this
Parent Guarantee or any other agreement, by any payment made hereunder or
otherwise, including, without limitation, the right to take or receive from any
other guarantor, directly or indirectly, in cash or other property or by setoff
or in any other manner, payment or security on account of such contribution
rights. If, notwithstanding the foregoing provisions, any amount shall be paid
to the undersigned on account of the Guarantor's Conditional Rights and either
(i) such amount is paid to such undersigned party at any time when the
indebtedness shall not have been paid or performed in full, or (ii) regardless
of when such amount is paid to such undersigned party, any payment made by any
Guarantor or the Operating Partnership to a Holder that is at any time
determined to be a Preferential Payment (as defined below), then such amount
paid to the undersigned shall be held in trust for the benefit of such Holder
and shall forthwith be paid such Holder to be credited and applied upon the
indebtedness, whether matured or unmatured. Any such payment is herein referred
to as a "Preferential Payment" to the extent any Guarantor or the Operating
Partnership makes any payment to such Holder in connection with the Note, and
any or all of such payment is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid or paid over to a
trustee, receiver or any other entity, whether under any bankruptcy act or
otherwise.

      To the extent that any of the provisions of the immediately preceding
paragraph shall not be enforceable, the undersigned agrees that until such time
as the indebtedness has been paid and performed in full and the period of time
has expired during which any payment made by any Guarantor, the Operating
Partnership or the undersigned to a Holder may be determined to be a
Preferential Payment, Guarantor's Conditional Rights to the extent not validly
waived shall be subordinate to Holders' right to full payment and performance of
the indebtedness and the undersigned shall not enforce any of Guarantor's
Conditional Rights until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment
made by any Guarantor, the Operating Partnership or the undersigned to Holders
may be determined to be a Preferential Payment.

      The obligations of the undersigned to the Holder of the Note and to the
Trustee pursuant to this Parent Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture and reference is hereby made to the
Indenture for the precise terms of this Parent Guarantee and all of the other
provisions of the Indenture to which this Parent Guarantee relates.

      Capitalized terms used in this Parent Guarantee which are not defined
herein shall have the meanings assigned to them in the Indenture.
<PAGE>
      IN WITNESS WHEREOF, the undersigned has caused this Parent Guarantee to be
duly executed.

      Dated: .
              ---------------------

                                        AMB PROPERTY CORPORATION

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:
<PAGE>
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto:

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE:
                                      ------------------------------------------

--------------------------------------------------------------------------------
            (Please print or typewrite name and address of Assignee,
                     including postal zip code of assignee)

--------------------------------------------------------------------------------

this Note and all rights thereunder, hereby irrevocably constituting and
appointing:

--------------------------------------------------------------------------------

Attorney, to transfer this Note on the books of the Trustee, with full power of
substitution in the premises.

Dated:
      ---------------------
                                        ----------------------------------------
                                        Notice: The signature(s) on this
                                                Assignment must correspond with
                                                the name(s) as written upon the
                                                face of this Note in every
                                                particular, without alteration
                                                or enlargement or any change
                                                whatsoever.
<PAGE>
                            OPTION TO ELECT REPAYMENT

      The undersigned hereby requests and irrevocably instructs the Operating
Partnership to repay the within Note on the Optional Repayment Date specified on
the face hereof occurring at least 30 but not more than 60 days after the date
of receipt of the within Note by the Trustee at the corporate trust office of
the Trustee's Affiliate, State Street Bank and Trust Company, at 61 Broadway
Street, New York, New York (or at such other addresses of which the Operating
Partnership shall notify the registered holders of the Note of this series).

      (   )  In whole

      (   )  In part equal to $_________________ (must be a whole multiple of
             $1,000 and the remaining principal amount must be at least $1,000;
             or if the Note is denominated in a Foreign Currency or composite
             currency, rounded integrals of 1,000 units of the Foreign Currency
             or composite currency and the remaining principal amount must be at
             least 1,000 units of the Foreign Currency or composite currency)

at a price equal to the Repayment Price, determined in accordance with the terms
of the Note.

Signature:                              Please print or type name and address:

----------------------------------      ----------------------------------------
Notice:  The signature on this
         Option to Elect Repayment      ----------------------------------------
         must correspond with the
         name as written upon the       ----------------------------------------
         face of the within
         instrument in every            ----------------------------------------
         particular without
         alteration or enlargement
         or any change whatever.
<PAGE>
                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM--as tenants in common

TEN ENT--as tenants by the entireties

JT TEN--as joint tenants with right of
        survivorship and not as
        tenants in common

UNIF GIFT MIN ACT--________Custodian_________
                    (Cust)            (Minor)

Under Uniform Gifts to Minors Act ___________
                                    (State)

     Additional abbreviations may also be used though not in the above list.

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