Sec Form 4 Filing - BELMONTE LUIS A @ AMB PROPERTY CORP - 2004-08-25

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person BELMONTE LUIS A 2. Issuer Name and Ticker or Trading Symbol AMB PROPERTY CORP [ AMB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Executive VP (Last) (First) (Middle) C/O AMB PROPERTY CORPORATION, PIER 1, BAY 1 3. Date of Earliest Transaction (MM/DD/YY) 08/25/2004 (Street) SAN FRANCISCO, CA94111 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/25/2004 X V 32,667 A $ 20.1875 211,381 D Common Stock 08/25/2004 S 1,467 D $ 37 209,914 D Common Stock 08/25/2004 S 1,600 D $ 36.99 208,314 D Common Stock 08/25/2004 S 5,700 D $ 36.98 202,614 D Common Stock 08/25/2004 S 800 D $ 36.97 201,814 D Common Stock 08/25/2004 S 1,700 D $ 36.96 200,114 D Common Stock 08/25/2004 S 5,100 D $ 36.95 195,014 D Common Stock 08/25/2004 S 3,500 D $ 36.94 191,514 D Common Stock 08/25/2004 S 1,300 D $ 36.93 190,214 D Common Stock 08/25/2004 S 600 D $ 36.92 189,614 D Common Stock 08/25/2004 S 3,900 D $ 36.9 185,714 D Common Stock 08/25/2004 S 500 D $ 36.89 185,214 D Common Stock 08/25/2004 S 300 D $ 36.88 184,914 D Common Stock 08/25/2004 S 400 D $ 36.87 184,514 D Common Stock 08/25/2004 S 100 D $ 36.86 184,414 D Common Stock 08/25/2004 S 1,700 D $ 36.85 182,714 D Common Stock 08/25/2004 S 1,600 D $ 36.84 181,114 D Common Stock 08/25/2004 S 700 D $ 36.83 180,414 D Common Stock 08/25/2004 S 400 D $ 36.82 180,014 D Common Stock 08/25/2004 S 400 D $ 36.81 179,614 D Common Stock 08/25/2004 S 900 D $ 36.8 178,714 ( 1 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Purchase) $ 20.1875 08/25/2004 X V 32,667 ( 2 ) 02/28/2010 Common Stock 32,667 ( 3 ) 123,746 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other BELMONTE LUIS A C/O AMB PROPERTY CORPORATION PIER 1, BAY 1 SAN FRANCISCO, CA94111 Executive VP Signatures /s/ Michael A. Coke pursuant to a power of attorney dated 01/15/2003 08/26/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Of the 178,714 securities beneficially owned, 167,851 are directly owned (D) and 10,863 securities are held indirectly (I) through a rabbi trust pursuant to the Amended and Restated AMB Nonqualified Deferred Compensation Plan. ( 2 )One-third of the shares subject to the option vested and became exerciseable annually on January 1. The shares vested fully on January 1, 2003. ( 3 )Not applicable.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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