10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________________

Form 10-K

___________________________________________________________________________

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

Commission File Number 333-21873

_____________________________________________________________________________

FIRST INDUSTRIAL, L.P.

(Exact name of Registrant as specified in its Charter)

______________________________________________________________________________

Delaware	36-3924586
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
311 S. Wacker Drive, Suite 3900, Chicago, Illinois	60606
(Address of principal executive offices)	(Zip Code)

(312) 344-4300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

______________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ¨    No  ý

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨		Accelerated filer	ý
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

FIRST INDUSTRIAL, L.P.

TABLE OF CONTENTS

	Page
PART I.
Item 1. Business	4
Item 1A. Risk Factors	7
Item 1B. Unresolved SEC Comments	15
Item 2. Properties	15
Item 3. Legal Proceedings	21
Item 4. Mine Safety Disclosures	21
PART II.
Item 5. Market for Registrant’s Partners’ Capital, Related Partner Matters and Issuer Purchases of Equity Securities	22
Item 6. Selected Financial Data	23
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	37
Item 8. Financial Statements and Supplementary Data	37
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	37
Item 9A. Controls and Procedures	37
Item 9B. Other Information	37
PART III.
Item 10. Directors, Executive Officers and Corporate Governance	38
Item 11. Executive Compensation	38
Item  12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	38
Item 13. Certain Relationships and Related Transactions and Director Independence	38
Item 14. Principal Accountant Fees and Services	38
PART IV.
Item 15. Exhibits and Financial Statements and Financial Statement Schedule	39
Signatures	S-22

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This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe future plans, strategies and expectations of the Company. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land) in the Company’s current and potential market areas; difficulties in identifying and consummating acquisitions and dispositions; our ability to manage the integration of properties we acquire; risks related to our investments in properties through joint ventures; environmental liabilities; delays in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; and those additional factors described in Item 1A, "Risk Factors" and elsewhere in this report and in the Company's other Exchange Act reports. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements. Unless the context otherwise requires, the terms "we," "us" and "our" refer to First Industrial, L.P. and their respective controlled subsidiaries.

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PART I

THE COMPANY

Item 1.Business

General

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.2% ownership interest at December 31, 2014. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, an approximately 3.8% interest in the Operating Partnership at December 31, 2014. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein.

We also hold at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P. (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD., and FI Development Services L.P. and wholly owned LLCs (together, the "Other Real Estate Partnerships"). The Other Real Estate Partnerships’ operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

We also own noncontrolling equity interests in, and provide services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture"; collectively, the "Joint Ventures"). At December 31, 2014, the 2003 Net Lease Joint Venture owned one industrial property comprising approximately 0.8 million square feet of GLA and the 2007 Europe Joint Venture did not own any properties. The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

As of December 31, 2014, we owned 572 in-service industrial properties, containing an aggregate of approximately 54.5 million square feet of gross leasable area ("GLA"). On a combined basis, as of December 31, 2014, the Other Real Estate Partnerships owned 62 in-service industrial properties, containing an aggregate of approximately 7.9 million square feet of GLA. Of the 62 industrial properties owned by the Other Real Estate Partnerships at December 31, 2014, 20 are held by the Financing Partnership, 17 are held by the Pennsylvania Partnership, eight are held by the Mortgage Partnership, six are held by the Securities Partnership, six are held by the Harrisburg Partnership, three are held by the Indianapolis Partnership, one is held by TK-SV, LTD. and one is held by FI Development Services, L.P. Our in-service portfolio includes all properties other than developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased). Properties which are at least 75% occupied at acquisition are placed in-service. Acquired properties less than 75% occupied are placed in-service upon the earlier of reaching 90% occupancy or one year from the acquisition date. Development properties are placed in-service upon the earlier of reaching 90% occupancy or one year from the date construction is completed. Redevelopments (generally projects which require capital expenditures exceeding 25% of the undepreciated gross book basis of the property) are placed in-service upon the earlier of reaching 90% occupancy or one year from the completion of renovation construction.

We utilize an operating approach which combines the effectiveness of decentralized, locally based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At December 31, 2014, we had 173 employees.

We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-K. Copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission (the "SEC"). You may also read and copy any document filed at the public reference facilities of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further information about the public reference facilities. These documents also may be accessed through the SEC’s Interactive

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Data Electronic Application via the SEC's home page on the Internet (http://www.sec.gov). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on our website or upon request to us. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:

First Industrial Realty Trust, Inc.

311 S. Wacker Drive, Suite 3900

Chicago, IL 60606

Attention: Investor Relations

Business Objectives and Growth Plans

Our fundamental business objective is to maximize the total return to our partners through per unit distributions and increases in the value of our properties and operations. Our long-term business growth plans include the following elements:

• Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; and (iv) renovating existing properties.

• External Growth. We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.

• Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term income growth.

Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities.

Business Strategies

We utilize the following six strategies in connection with the operation of our business:

• Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

• Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.

• Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and national tenants.

• Acquisition/Development Strategy. Our acquisition/development strategy is to invest in industrial properties in the top industrial real estate markets in the United States.

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• Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition.

• Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $625.0 million unsecured credit facility (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. As of February 24, 2015, we had approximately $418.0 million available for additional borrowings under the Unsecured Credit Facility.

Recent Developments

During the year ended December 31, 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels for an aggregate purchase price of approximately $86.1 million, excluding costs incurred in conjunction with the acquisitions. Additionally, we placed in-service four developments totaling approximately 0.9 million square feet of GLA for a total cost of approximately $79.9 million. We also sold 25 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels for total gross sales proceeds of $94.1 million. At December 31, 2014, we owned 572 in-service industrial properties containing approximately 54.5 million square feet of GLA.

During the year ended December 31, 2014, we entered into a seven-year, $200.0 million unsecured loan (the "Unsecured Term Loan") with a syndicate of financial institutions. The Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings. We also entered into four interest rate protection agreements, with an aggregate notional value of $200.0 million, to effectively convert the variable rate to a fixed rate.

During the year ended December 31, 2014, we paid off and retired our 6.420% Notes due 2014 (the "2014 Notes"), at maturity, in the amount of $81.8 million and paid off and retired prior to maturity mortgage loans payable in the amount of $59.7 million. We recognized a loss from retirement of debt on our Consolidated Statement of Operations of $0.5 million.

During the year ended December 31, 2014, the Company redeemed all 50,000 Depositary Shares, each representing 1/100th of a share of the Company's Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at a redemption price of $1,000.00 per Depositary Share. An equivalent number of the 6.236% Series F Cumulative Redeemable Preferred Units (the "Series F Preferred Units") were redeemed during the year ended December 31, 2014 as well. The Company also redeemed all 25,000 Depositary Shares, each representing 1/100th of a share of the Company's 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at a redemption price of $1,000.00 per Depositary Share. An equivalent number of the 7.236% Series G Cumulative Redeemable Preferred Units (the "Series F Preferred Units") were redeemed during the year ended December 31, 2014 as well.

Future Property Acquisitions, Developments and Property Sales

We have acquisition and development programs through which we seek to identify portfolio and individual industrial property acquisitions and developments. We also sell properties based on market conditions and property related factors. As a result, we are currently engaged in negotiations relating to the possible acquisition, development or sale of certain industrial properties in our portfolio.

When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, we will consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property’s performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.

INDUSTRY

Industrial properties are typically used for the design, assembly, packaging, storage and distribution of goods and/or the provision of services. As a result, the demand for industrial space in the United States is related to the level of economic output. Accordingly, the competition we face to lease our existing properties and acquire new properties varies with the level of economic output.

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Item 1A.Risk Factors

Our operations involve various risks that could adversely affect our financial condition, results of operations, cash flow, ability to pay distributionson our Unitsand the market value of our Units. These risks, among others contained in the Operating Partnership’s other filings with the SEC, include:

Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.

From time to time, the capital and credit markets in the United States and other countries experience significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in some cases result in the unavailability of financing. A significant amount of our existing indebtedness was issued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if volatility in or disruption of the capital markets occurs. Furthermore, we could potentially lose access to available liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.

In addition, price volatility in the capital and credit markets could make the valuation of our properties more difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties that could result in a substantial decrease in the value of our properties. As a result, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.

Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.

The factors that affect the value of our real estate and the revenues we derive from our properties include, among other things:

• general economic conditions;

• local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;

• local conditions such as oversupply or a reduction in demand in an area;

• increasing labor and material costs;

• the ability to collect on a timely basis all rents from tenants;

• changes in tenant operations, real estate needs and credit;

• changes in interest rates and in the availability, cost and terms of mortgage funding;

• zoning or other regulatory restrictions;

• competition from other available real estate;

• operating costs, including maintenance, insurance premiums and real estate taxes; and

• other factors that are beyond our control.

Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant’s lease, which could adversely affect our cash flow from operations. These factors may be amplified by a disruption of financial markets.

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Many real estate costs are fixed, even if income from properties decreases.

Our financial results depend on leasing space to tenants on terms favorable to us. Our income and funds available for distribution to our unitholders will decrease if a significant number of our tenants cannot pay their rent or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. Costs associated with real property, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the property.

We may be unable to acquire properties on advantageous terms or acquisitions may not perform as we expect.

We have routinely acquired properties from third parties as conditions warrant and, as part of our business, we intend to continue to do so. The acquisition of properties entails various risks, including risks that our investments may not perform as expected and that our cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, we face significant competition for attractive investment opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, we may be unable to acquire additional properties and purchase prices may increase. In addition, we expect to finance future acquisitions through a combination of borrowings under the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations by the Consolidated Operating Partnership and proceeds from property sales, which may not be available and which could adversely affect our cash flow. Any of the above risks could adversely affect our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, our Units.

We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.

The seller of a property often sells such property in its "as is" condition on a "where is" basis and "with all faults," without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property as well as the loss of rental income from that property.

We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.

Real estate investments generally cannot be sold quickly, which could limit our ability to adjust our property portfolio in response to changes in economic conditions or in the performance of the portfolio. This could adversely affect our financial condition and our ability to service debt and make distributions to our unitholders. In addition, like other companies qualifying as REITs under the Code, our ability to sell assets may be restricted by tax laws that potentially result in punitive taxation on asset sales that fail to meet certain safe harbor rules or other criteria established under case law.

We may be unable to sell properties on advantageous terms.

We have routinely sold properties to third parties as conditions warrant and, as part of our business, we intend to continue to do so. However, our ability to sell properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers. If we are unable to sell properties on favorable terms or to redeploy the proceeds in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, our Units could be adversely affected. Further, if we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our operations and financial condition.

We may be unable to complete development and re-development projects on advantageous terms.

As part of our business, we develop new properties and re-develop existing properties as conditions warrant. This part of our business involves significant risks including the following:

• we may not be able to obtain financing for these projects on favorable terms;

• we may not complete construction on schedule or within budget;

• we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;

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• contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and

• properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties.

To the extent these risks result in increased debt service expense, construction costs and delays in budgeted leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of the Company's common stock.

We may be unable to renew leases or find other lessees.

We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the current rates, our financial condition, results of operation, cash flow and ability to pay distributions on, and the market value of, our Units could be adversely affected.

The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.

The Company intends to operate so as to qualify as a REIT under the Code, and we believe that it is organized and will operate in a manner that allows it to continue to do so. However, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions. There are only limited judicial and administrative interpretations of these provisions, and they involve the determination of various factual matters and circumstances not entirely within our control.

If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income tax at corporate rates, including any applicable alternative minimum tax. This could result in a discontinuation or substantial reduction in distributions to to unitholders and could reduce the cash available to pay interest and principal on debt securities that we issue. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which it failed to qualify. Additionally, since the Internal Revenue Service ("IRS"), the United States Treasury Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or rulings will be adopted. Any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our unitholders.

Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.

As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions. In addition, any income from a prohibited transaction may adversely affect the Company's ability to satisfy the income tests for qualification as a REIT.

The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.

As a REIT, The Company must distribute to its stockholders at least 90% of its taxable income each year. The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, the Company may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase our leverage and additional equity offerings may result in substantial dilution of unitholders’ interests.

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Failure to hedge effectively against interest rate changes may adversely affect our results of operations.

Subject to maintaining our qualification as a REIT, we may seek to manage its exposure to interest rate volatility by using interest rate hedging arrangements, such as interest cap agreements and interest rate swap agreements. These agreements may fail to protect or could adversely affect us because, among other things:

• interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;

• available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought;

• the duration of the hedge may not match the duration of the related liability;

• the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT subsidiaries) is limited by U.S. federal tax provisions governing REITs;

• the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;

• the party owing money in the hedging transaction may default on its obligation to pay;

• we could incur significant costs associated with the settlement of the agreements;

• the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally accepted accounting practices; and

• a court could rule that such an agreement is not legally enforceable.

We have adopted a practice relating to the use of derivative financial instruments to hedge interest rate risks related to our borrowings. This practice requires the Company's Board of Directors to authorize our use of derivative financial instruments to manage the interest rates on our variable rate borrowings. Our practice is that we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major financial institutions based on their credit rating and other factors, but our Board of Directors may choose to change these practices in the future. Hedging may reduce the overall returns on our investments, which could reduce our cash available for distribution to our stockholders. Failure to hedge effectively against interest rate changes may materially adversely affect our financial condition, results of operations and cash flow.

Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.

We use debt to increase the rate of return to our unitholders' investments and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur.

Failure to comply with covenants in our debt agreements could adversely affect our financial condition.

The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our prior practice, we will continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.

Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our Unsecured Term Loan and the indentures governing our senior unsecured notes contain

10

certain cross-default provisions that may be triggered in the event that our other material indebtedness is in default. These cross-default provisions may require us to repay or restructure our Unsecured Credit Facility, our Unsecured Term Loan or our senior unsecured notes, depending on which is in default, and such restructuring could adversely affect our financial condition, results of operations, cash flow and ability to pay dividends on, and the market value of, our Units. If repayment of any of our indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to refinance such indebtedness or that we would be able to sell sufficient assets to repay such indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.

Cross-collateralization of mortgage loans could result in foreclosure on a significant portion of our properties if we are unable to service its indebtedness.

Certain of our mortgages were issued on a cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the debt. To the extent indebtedness is cross-collateralized, lenders may seek to foreclose upon properties that do not comprise the primary collateral for a loan, which may, in turn, result in acceleration of other indebtedness collateralized by such properties. Foreclosure of properties would result in a loss of income and asset value to us, making it difficult for us to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code.

We may have to make lump-sum payments on its existing indebtedness.

We are required to make lump-sum or "balloon" payments under the terms of some of our indebtedness. Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we have no commitments to refinance any of our indebtedness.

Our mortgages may impact its ability to sell encumbered properties on advantageous terms or at all.

Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to pay dividends on, and the market value of, our Units could be adversely affected.

Adverse market and economic conditions could cause us to recognize impairment charges.

We regularly review our real estate assets for impairment indicators, such as a decline in a property’s occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we determine that indicators of impairment are present, we review the properties affected by these indicators to determine whether an impairment charge is required. As a result, we may be required to recognize asset impairment, which could materially and adversely affect our business, financial condition and results of operations. We use considerable judgment in making determinations about impairments, from analyzing whether there are indicators of impairment, to the assumptions used in calculating the fair value of the investment. Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations are subject to change or revision.

Earnings and cash dividends, asset value and market interest rates affect the price of the Company’s common stock.

The market value of the Company’s common stock is based in large part upon the market’s perception of the Company’s growth potential of its earnings and cash dividends. The market value of the Company’s common stock is also based upon the value of the Company’s underlying real estate assets. For this reason, shares of the Company’s common stock may trade at prices that are higher or lower than the Company’s net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company’s underlying assets, may not correspondingly increase the market price of the Company’s common stock. The Company’s failure to meet the market’s expectations with regard to future earnings and cash dividends likely would adversely affect the market price of the Company’s common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the price of the Company’s common stock. An increase in market interest rates might lead prospective purchasers of the Company’s common stock to expect a higher distribution yield, which would adversely affect the market price of the Company’s common stock.

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We may become subject to litigation, which could have a material and adverse effect on our financial condition, results of operations and cash flow.

We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.

We may incur unanticipated costs and liabilities due to environmental problems.

Under various federal, state and local laws, ordinances and regulations, we, as an owner or operator of real estate may be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect our ability to rent or sell a property or to borrow using a property as collateral. The disposal or treatment of or arrangement for the disposal or treatment of hazardous or toxic materials may cause us to also be liable for the costs of clean-up of such materials or for related natural resource damages occurring at or emanating from an off-site disposal or treatment facility, whether or not the facility is owned or operated by us. No assurance can be given that existing environmental assessments with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of any of our properties did not create any material environmental condition not known to us or that a material environmental condition does not otherwise exist as to any of our properties. In addition, changes to existing environmental regulations to address, among other things, climate change, could increase the scope of our potential liabilities.

Our insurance coverage does not include all potential losses.

Real property is subject to casualty risk including damage, destruction, or loss resulting from events that are unusual, sudden and unexpected.  Some of our properties are located in areas where casualty risk is higher due to earthquake, wind and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located. Among other coverage, we carry property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended coverage and rental insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities.  We evaluate our level of insurance coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not insure against all types of casualty, and we may not fully insure against those casualty types where we do have insurance, either because coverage is not available or because we do not deem it to be economically feasible or prudent to do so. As a result, we could experience a significant loss of capital or revenues, and be exposed to obligations under recourse debt associated with a property. This could occur if an uninsured loss occurs, a loss in excess of insured limits occurs, or a loss is not paid due to insurer insolvency.

We could be subject to risks and liabilities in connection with joint venture arrangements.

Our organizational documents do not limit the amount of available funds that we may invest in joint ventures and we may selectively develop and acquire properties through joint ventures with other persons or entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in general, involve certain risks, including:

• joint venturers may share certain approval rights over major decisions;

• joint venturers might fail to fund their share of any required capital commitments;

• joint venturers might have economic or other business interests or goals that are inconsistent with our business interests or goals that would affect our ability to operate the property;

• joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company’s qualification as a REIT;

• the joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or “buy-sell” or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms;

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• disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and

• we may in certain circumstances be liable for the actions of our joint venturers.

The occurrence of one or more of the events described above could adversely affect our financial condition, results of operations, cash flow and ability to pay dividends on, and the market value of, its Units.

We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses.

The properties in our portfolio are subject to various covenants and U.S. federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulation will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition, results of operations and cash flow.

In addition, under the ADA, all places of public accommodation are required to meet certain U.S. federal requirements related to access and use by disabled persons. Noncompliance with the ADA could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. We do not conduct audits or investigations of all of these properties to determine their compliance and we cannot predict the ultimate cost of compliance with the ADA, or other legislation. If one or more of our properties in which we invest is not in compliance with the ADA, or other legislation, then we would be required to incur additional costs to bring the property into compliance. If we incur substantial costs to comply with the ADA or other legislation, our financial condition, results of operations, cash flow, price per share of our common stock and our ability to satisfy debt service obligations and to pay distributions could be adversely affected.

Terrorist attacks and other acts of violence or war may affect the market for our common units, the industry in which we conduct our operations and our profitability.

Terrorist attacks may harm our results of operations and financial condition. We cannot assure you that there will not be terrorist attacks in the localities in which we conduct business. More generally, any of these events could cause consumer confidence and spending to decrease or result in increased volatility in the worldwide financial markets and economy. These attacks or armed conflicts may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.

We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.

We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks. These could include attempts to gain unauthorized access to our data and computer systems. Attacks can be both individual and/or highly organized attempts organized by very sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these threats, which include password protection, frequent password change events, firewall detection systems, frequent backups, a redundant data system for core applications and annual penetration testing; however, there is no guarantee such efforts will be successful in preventing a cyber-attack. A cybersecurity attack could compromise the confidential information of our employees, tenants and vendors. A successful attack could disrupt and affect the business operations.

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Adverse changes in our credit ratings could negatively affect our liquidity and business operations.

The credit ratings of the Operating Partnership’s senior unsecured notes are based on the Company’s operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analyses. Our credit ratings can affect the availability, terms and pricing of any indebtedness and preferred stock that we may incur going forward. There can be no assurance that we will be able to maintain any credit rating, and in the event any credit rating is downgraded, we could incur higher borrowing costs or may be unable to access certain or any capital markets.

Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.

The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies, including any material weakness, in our internal control over financial reporting which may occur could result in misstatements of our results of operations, restatements of our financial statements, a decline in the price of our securities, or otherwise materially adversely affect our business, reputation, results of operations, financial condition or liquidity.

The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect the holders of the Company's common stock issued pursuant to its public offerings.

Our declaration of trust authorizes the Company to issue 150,000,000 shares, of which 10,000,000 shares are designated as preferred stock. Subject to approval by the Company's Board of Directors, the Company may issue preferred stock with rights, preferences and privileges that are more beneficial than the rights, preferences and privileges of its common stock. Holders of the Company's common stock do not have preemptive rights to acquire any shares issued by the Company in the future. If the Company ever creates and issues preferred stock with a distribution preference over common stock, payment of any distribution preferences on outstanding preferred stock would reduce the amount of funds available for the payment of distributions to our unitholders. In addition, holders of preferred stock are normally entitled to receive a preference payment in the event of liquidation, dissolution or wind up before any payment is made to unitholders, thereby reducing the amount a unitholder might otherwise receive upon such an occurrence. Also, under certain circumstances, the issuance of preferred stock may have the effect of delaying or preventing a change in control of our company.

The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.

Our investment, financing, leverage and distribution policies and our policies with respect to all other activities, including growth, debt, capitalization and operations, are determined by the Company's Board of Directors. These policies may be amended or revised at any time and from time to time at the discretion of the Company's Board of Directors without notice to or a vote of its stockholders. This could result in us conducting operational matters, making investments or pursuing different business or growth strategies. Under these circumstances, we may expose ourselves to different and more significant risks in the future, which could have a material adverse effect on our business and growth. In addition, the Company's Board of Directors may change its governance policies provided that such changes are consistent with applicable legal requirements. A change in these policies could have an adverse effect on our financial condition, results of operations, cash flow, per share trading price of our common stock and ability to satisfy our principal and interest obligations and to make distributions to our stockholders.

We may be unable to retain and attract key management personnel.

We may be unable to retain and attract talented executives. In the event of the loss of key management personnel or upon unexpected death, disability or retirement, we may not be able to find replacements with comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all, our operating results and financial condition could be materially and adversely affected.

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Item 1B.Unresolved SEC Comments

None.

Item 2.Properties

General

At December 31, 2014, we owned 572 in-service industrial properties containing an aggregate of approximately 54.5 million square feet of GLA in 24 states, with a diverse base of approximately 1,700 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The average annual base rent per square foot on a portfolio basis, calculated at December 31, 2014, was $4.63. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.

We classify our properties into four industrial categories: light industrial, R&D/flex, bulk warehouse and regional warehouse. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property.

The following describes, generally, the different industrial categories:

• Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space;

• R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space;

• Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space; and

• Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space.

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The following tables summarize, by market, certain information as of December 31, 2014, with respect to the in-service properties owned by the Consolidated Operating Partnership.

Consolidated Operating Partnership

In-Service Property Summary Totals

	Light Industrial			R&D/Flex			Bulk Warehouse			Regional Warehouse			Total
Metropolitan Area	GLA	Number  of Properties		GLA	Number  of Properties		GLA	Number  of Properties		GLA	Number  of Properties		GLA	Number  of Properties
Atlanta, GA	622,944	11		108,062	2		3,397,270	12		833,518	6		4,961,794	31
Baltimore, MD	385,445	7		115,985	4		586,647	3		96,000	1		1,184,077	15
Central PA	146,990	2		—	—		3,131,350	5		—	—		3,278,340	7
Chicago, IL	406,064	7		197,997	3		3,843,365	13		478,111	6		4,925,537	29
Cincinnati, OH	278,000	5		100,000	2		416,250	2		683,269	4		1,477,519	13
Cleveland, OH	—	—		—	—		1,317,799	7		—	—		1,317,799	7
Dallas, TX	1,996,261	35		209,249	9		2,148,315	16		501,873	7		4,855,698	67
Denver, CO	1,147,393	26		369,949	10		287,095	2		756,685	7		2,561,122	45
Detroit, MI	1,973,115	71		160,163	5		341,792	3		550,089	13		3,025,159	92
Houston, TX	470,101	8		132,997	6		2,457,546	11		355,793	5		3,416,437	30
Indianapolis, IN	583,100	13		25,000	2		1,143,555	5		443,512	5		2,195,167	25
Miami, FL	81,791	1		—	—		142,804	1		281,626	6		506,221	8
Milwaukee, WI	276,126	5		—	—		1,026,409	5		90,089	1		1,392,624	11
Minneapolis/St. Paul, MN	969,796	14		80,862	1		3,424,963	15		297,960	4		4,773,581	34
Nashville, TN	163,852	2		—	—		1,088,627	4		—	—		1,252,479	6
Northern New Jersey	749,849	13		171,601	3		329,593	2		—	—		1,251,043	18
Philadelphia, PA	—	—		—	—		—	—		131,934	2		131,934	2
Phoenix, AZ	38,560	1		—	—		833,451	6		388,070	6		1,260,081	13
Salt Lake City, UT	190,620	6		146,937	6		279,179	1		—	—		616,736	13
Seattle, WA	—	—		—	—		100,611	1		126,803	2		227,414	3
Southern California (a)	743,038	20		88,064	1		2,852,620	11		600,206	10		4,283,928	42
Southern New Jersey	115,626	2		45,054	1		172,100	1		191,329	2		524,109	6
St. Louis, MO	503,132	8		191,923	2		1,496,695	5		—	—		2,191,750	15
Tampa, FL	212,901	6		508,708	24		209,500	1		—	—		931,109	31
Other (b)	102,997	2		—	—		1,796,108	7		—	—		1,899,105	9
Total	12,157,701	265		2,652,551	81		32,823,644	139		6,806,867	87		54,440,763	572
Occupancy by Industrial Building Type		93	%		86	%		95	%		95	%		94	%

____________________ 

(a) Southern California includes the markets of Los Angeles, Inland Empire and San Diego.

(b) Properties are located in Grand Rapids, MI, Orlando, FL, Kansas City, MO, San Antonio, TX, Birmingham, AL, Jefferson County, KY, Greenville, KY, Horn Lake, MS, and Fort Smith, AR.

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Consolidated Operating Partnership

In-Service Property Summary Totals

Metropolitan Area	GLA	Number  of Properties	Average Occupancy at 12/31/14		GLA as a % of Total Portfolio		Encumbrances at 12/31/14 (In 000s)(c)
Atlanta, GA	4,961,794	31	89	%	9.1	%	$	17,469
Baltimore, MD	1,184,077	15	84	%	2.2	%	2,348
Central PA	3,278,340	7	100	%	6.0	%	29,436
Chicago, IL	4,925,537	29	99	%	9.0	%	36,434
Cincinnati, OH	1,477,519	13	94	%	2.7	%	11,931
Cleveland, OH	1,317,799	7	100	%	2.4	%	28,484
Dallas, TX	4,855,698	67	95	%	8.9	%	55,499
Denver, CO	2,561,122	45	95	%	4.7	%	21,619
Detroit, MI	3,025,159	92	96	%	5.6	%	—
Houston, TX	3,416,437	30	97	%	6.3	%	47,991
Indianapolis, IN	2,195,167	25	91	%	4.0	%	15,213
Miami, FL	506,221	8	99	%	0.9	%	—
Milwaukee, WI	1,392,624	11	98	%	2.6	%	14,569
Minneapolis/St. Paul, MN	4,773,581	34	87	%	8.8	%	75,496
Nashville, TN	1,252,479	6	99	%	2.3	%	25,519
Northern New Jersey	1,251,043	18	93	%	2.3	%	3,283
Philadelphia, PA	131,934	2	100	%	0.3	%	3,235
Phoenix, AZ	1,260,081	13	95	%	2.3	%	21,605
Salt Lake City, UT	616,736	13	89	%	1.1	%	6,983
Seattle, WA	227,414	3	100	%	0.4	%	4,604
Southern California (a)	4,283,928	42	98	%	7.9	%	68,403
Southern New Jersey	524,109	6	82	%	1.0	%	—
St. Louis, MO	2,191,750	15	91	%	4.0	%	17,636
Tampa, FL	931,109	31	92	%	1.7	%	—
Other (b)	1,899,105	9	100	%	3.5	%	10,997
Total or Average	54,440,763	572	94	%	100	%	518,754

____________________

(a) Southern California includes the markets of Los Angeles, Inland Empire and San Diego.

(b) Properties are located in Grand Rapids, MI, Orlando, FL, Kansas City, MO, San Antonio, TX, Birmingham, AL, Jefferson County, KY, Greenville, KY, Horn Lake, MS, and Fort Smith, AR.

(c) Certain properties are pledged as collateral under our mortgage financings at December 31, 2014. For purposes of this table, the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property’s carrying balance.

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Property Acquisitions

During the year ended December 31, 2014, we acquired eight industrial properties and several land parcels for an aggregate purchase price of approximately $86.1 million. The industrial properties were acquired at a capitalization rate of approximately 6.6%. The capitalization rate for these industrial property acquisitions was calculated using the estimated stabilized net operating income (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) and dividing it by the sum of the purchase price plus estimated costs incurred to stabilize the properties. The acquired industrial properties have the following characteristics:

Metropolitan Area	Number  of Properties	GLA	Property Type	Occupancy at 12/31/14
Chicago, IL	1	53,260	Regional Warehouse	100	%
Minneapolis/St. Paul, MN	2	451,968	Bulk Warehouse	100	%
Phoenix, AZ	3	220,324	Bulk Warehouse/Regional Warehouse	71	%
Southern California	2	358,792	Bulk Warehouse	100	%
	8	1,084,344

Development Activity

During the year ended December 31, 2014, we placed in-service four developments totaling approximately 0.9 million square feet of GLA at a total cost of approximately $79.9 million. Included in total costs is $1.5 million incurred on leasing commissions. The capitalization rate for these developments, calculated using the estimated stabilized net operating income (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) divided by the total investment in the developed properties is 6.2%. The placed in-service developments have the following characteristics:

Developments Placed In Service - Metropolitan Area	GLA	Property Type	Occupancy at  12/31/14
Chicago, IL	250,243	Bulk Warehouse Expansion	100	%
Minneapolis/St. Paul, MN	96,787	Regional Warehouse	100	%
Southern California	489,038	Bulk Warehouse	100	%
Southern California	43,485	Regional Warehouse	100	%
	879,553

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As of December 31, 2014, we substantially completed three industrial properties totaling approximately 1.0 million square feet of GLA and have three industrial properties that are under construction totaling approximately 0.8 million square feet of GLA. The estimated total costs for the three development properties that are substantially complete are approximately $62.0 million, of which $53.9 has been incurred as of December 31, 2014. The estimated total investment for the three development properties under construction is $35.2 million, of which $18.6 million has been incurred as of December 31, 2014. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above. The completed developments and developments under construction have the following characteristics:

Developments Completed - Not In Service - Metropolitan Area	GLA	Property Type	Quarter of Building Completion
Southern California	555,670	Bulk Warehouse	Q2 2014
Houston, TX	350,820	Bulk Warehouse	Q4 2014
Minneapolis/St. Paul, MN	142,290	Bulk Warehouse	Q4 2014
	1,048,780
Developments In Process - Metropolitan Area	GLA	Property Type	Anticipated Quarter of Building Completion
Dallas, TX (a)	598,445	Bulk Warehouse	Q1/Q2 2015
Dallas, TX	153,000	Bulk Warehouse	Q2 2015
	751,445

_______________

(a) Project includes the development of two buildings (376,601 square feet and 221,844 square feet).

Property Sales

During the year ended December 31, 2014, we sold 25 industrial properties comprising approximately 1.8 million square feet of GLA, at a weighted average capitalization rate of 6.3%, and several land parcels for total gross sales proceeds of approximately $94.1 million. The capitalization rate for the 25 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. The properties we sold this year have the following characteristics:

Metropolitan Area	Number  of Properties	GLA	Property Type
Baltimore, MD	5	285,148	Light Industrial/R&D/Flex
Chicago, IL	2	178,679	Bulk Warehouse/Light Industrial
Cincinnati, OH	1	502,000	Bulk Warehouse
Detroit, MI	5	102,240	Light Industrial/R&D/Flex
Houston, TX	2	205,773	Light Industrial
Indianapolis, IN	5	278,000	Light Industrial
Miami, FL	1	7,029	Light Industrial
Milwaukee, WI	2	67,600	Light Industrial
Seattle, WA	1	157,515	Bulk Warehouse
Tampa, FL	1	56,812	R&D/Flex
Total	25	1,840,796

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Tenant and Lease Information

We have a diverse base of approximately 1,700 tenants engaged in a wide variety of businesses including retail, wholesale trade, distribution, manufacturing and professional services. At December 31, 2014, our leases, on a combined basis, have a weighted average lease length of 6.1 years and provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property’s operating costs, including the costs of common area maintenance, property taxes and insurance. As of December 31, 2014, approximately 94% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 3.1% of the Consolidated Operating Partnerships’ and Other Real Estate Partnerships’ combined rent revenues, nor did any single tenant or group of related tenants occupy more than 2.2% of the Consolidated Operating Partnership’s and Other Real Estate Partnership’s combined total GLA of our in-service properties.

Leasing Activity

The following table provides a summary of our leasing activity for the year ended December 31, 2014. The table does not include month-to-month leases or leases with terms less than twelve months.

	Number of Leases Signed	Square Feet Signed (in 000’s)	Average GAAP Rent Per Square Foot (1)		GAAP  Basis Rent  Growth (2)		Weighted Average  Lease Term (3)	Turnover Costs Per Square Foot (4)		Weighted Average Retention (5)
New Leases	237	3,993	$	4.33	3.7	%	5.4	$	4.43	N/A
Renewal Leases	297	7,360	$	4.48	12.9	%	4.4	$	1.32	68.0	%
Development Leases	14	1,047	$	5.85	N/A		8.0	N/A		N/A
Total / Weighted Average	548	12,400	$	4.55	9.7	%	5.0	$	2.36	68.0	%

(1) Average GAAP rent is the average rent calculated in accordance with GAAP, over the term of the lease.

(2) GAAP basis rent growth is a ratio of the change in net effective rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the net effective rent (on a GAAP basis) of the comparable lease. New leases where there were no prior comparable leases are also excluded.

(3) The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.

(4) Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Turnover costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.

(5) Represents the weighted average square feet of tenants renewing their respective leases.

During the year ended December 31, 2014, 185 new leases with free rent periods during the lease term on 4.3 million square feet of GLA commenced. Total free rent concessions of $5.6 million were associated with these new leases. Additionally, during the year ended December 31, 2014, 22 renewal leases with free rent periods during the lease term on 0.9 million square feet of GLA commenced. Total free rent concessions of $0.7 million were associated with these renewal leases.

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Lease Expirations

Fundamentals for the United States industrial real estate market continued to improve in 2014, as growth in the general economy drove additional demand for space. Development of new industrial space increased in response to this growth in demand, but incremental demand continued to exceed new supply. The fourth quarter of 2014 marked the 18th consecutive quarter of positive net absorption for the overall market. These conditions resulted in improved market rental rate environments in virtually all of our markets. Based on our recent experience, the favorable supply-demand balance and the forecast from a leading national research company, for 2015, we expect our average net rental rates for renewal leases on a cash basis to be slightly higher than the expiring rates. Net rental rates for new leases on a cash basis on average are expected to be slightly lower than the comparative prior leases for 2015, primarily due to the differing market conditions when the comparative leases were structured and the impact of contractual rent escalations within those leases. The following table shows scheduled lease expirations for all leases for our in-service properties as of December 31, 2014.

Year of Expiration(1)	Number of Leases Expiring	GLA Expiring(2)	Percentage of GLA Expiring(2)		Annual Base  Rent Under Expiring Leases (3)		Percentage  of Total Annual Base Rent Expiring (3)
					(In thousands)
2015	318	5,248,840	10	%	$	24,529	10	%
2016	382	9,166,810	18	%	42,128		18	%
2017	308	6,951,888	14	%	33,834		14	%
2018	223	7,464,374	15	%	35,241		15	%
2019	184	5,960,135	12	%	29,055		12	%
2020	108	5,054,295	10	%	22,577		10	%
2021	51	4,378,027	8	%	17,584		8	%
2022	27	1,430,378	3	%	6,918		3	%
2023	18	1,510,409	3	%	7,067		3	%
2024	14	1,638,415	3	%	6,731		3	%
Thereafter	22	1,859,928	4	%	9,157		4	%
Total	1,655	50,663,499	100	%	$	234,821	100	%

____________________ 

(1) Includes leases that expire on or after January 1, 2015 and assumes tenants do not exercise existing renewal, termination or purchase options.

(2) Does not include existing vacancies of 3,084,182 aggregate square feet and December 31, 2014 move outs of 693,082 aggregate square feet.

(3) Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2014, multiplied by 12. If free rent is granted, then the first positive rent value is used.

Item 3. Legal Proceedings

We are involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on the results of operations, financial position or liquidity.

Item 4. Mine Safety Disclosures

None.

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PART II

Item 5.Market for Registrant’s Partners’ Capital, Related Partner Matters and Issuer Purchases of Equity Securities

There is no established public trading market for the general partner and limited partner Units. As of February 24, 2015, there were 143 holders of record of general partner and limited partner Units.

The following table sets forth the distributions per Unit paid or declared by us during the periods noted:

Quarter Ended	Distribution Declared
December 31, 2014	$	0.1025
September 30, 2014	$	0.1025
June 30, 2014	$	0.1025
March 31, 2014	$	0.1025
December 31, 2013	$	0.0850
September 30, 2013	$	0.0850
June 30, 2013	$	0.0850
March 31, 2013	$	0.0850

Our ability to make distributions is dependent on multiple factors, including cash flow and capital expenditure requirements, as well as ensuring that the Company meets the minimum distribution requirements set forth in the Code. Holders of general partner and limited partner Units are entitled to receive distributions when, as and if declared by the Board of Directors of the Company, our general partner, after the priority distributions required under our partnership agreement have been made with respect to preferred Units out of any funds legally available for that purpose.

During the year ended December 31, 2014, the Operating Partnership did not issue any limited partner Units.

Subject to lock-up periods and certain adjustments, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2014, we could satisfy our redemption obligations by making an aggregate cash payment of approximately $89.9 million or by issuing 4,374,637 shares of the Company’s common stock.

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Item 6.Selected Financial Data

The following sets forth selected financial and operating data for the Consolidated Operating Partnership. The following selected consolidated financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. All consolidated financial data has been restated, as appropriate, to reflect the impact of activity classified as discontinued operations for all periods presented.

	Year Ended 12/31/14			Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/10
	(In thousands, except per unit data)
Statement of Operations Data:
Total Revenues	$	302,605		$	279,727		$	266,155		$	254,642		$	256,965
Income (Loss) from Continuing Operations	25,687			5,993			(25,181		)	(34,014		)	(152,170		)
Income (Loss) from Continuing Operations Available to Unitholders	23,040			(7,587		)	(42,155		)	(52,661		)	(171,330		)
Net Income (Loss) Available to Unitholders and Participating Securities	48,704			27,033			(23,169		)	(28,527		)	(241,184		)
Basic and Diluted Earnings Per Units:
Income (Loss)from Continuing Operations Available to Unitholders	$	0.20		$	(0.07	)	$	(0.44	)	$	(0.61	)	$	(2.51	)
Net Income (Loss) Available to Unitholders	0.42			0.24			(0.24		)	(0.33		)	(3.53		)
Distributions Per Unit	$	0.41		$	0.34		$	0.00		$	0.00		$	0.00
Basic Weighted Average Units	114,388			111,646			96,509			85,913			68,327
Diluted Weighted Average Units	114,791			111,646			96,509			85,913			68,327
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation	$	2,804,122		$	2,748,179		$	2,764,007		$	2,660,974		$	2,331,596
Total Assets	2,514,246			2,498,779			2,503,882			2,571,113			2,711,786
Indebtedness (Inclusive of Indebtedness Held for Sale)	1,268,615			1,199,131			1,228,479			1,373,515			1,688,005
Partners’ Capital	1,100,510			1,180,722			1,155,151			1,081,992			901,303
Cash Flow Data:
Cash Flow From Operating Activities	$	121,460		$	114,052		$	117,851		$	70,175		$	48,342
Cash Flow From Investing Activities	(69,658		)	(59,704		)	(20,430		)	65,067			45,531
Cash Flow From Financing Activities	(49,873		)	(52,136		)	(100,693		)	(150,041		)	(252,673		)

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Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with "Selected Financial Data" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.

In addition, the following discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe future plans, strategies and expectations of the Company. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of REITs) and actions of regulatory authorities; our ability to qualify and maintain our status as a REIT; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land) in the Company’s current and potential market areas; difficulties in identifying and consummating acquisitions and dispositions; our ability to manage the integration of properties we acquire; risks related to our investments in properties through joint ventures; environmental liabilities; delays in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to REITs; and those additional factors described in Item 1A, "Risk Factors" and elsewhere in this report and in the Company's other Exchange Act reports. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.

The Operating Partnership was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc., which owns Units in the Operating Partnership representing an approximate 96.2% ownership interest at December 31, 2014. The Company is a REIT as defined in the Code. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owns, in the aggregate, approximately a 3.8% interest in the Operating Partnership at December 31, 2014. Operations are also conducted through other partnerships and limited liability companies (LLCs) of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the Consolidated Operating Partnership), the operating data of which is consolidated with that of the Operating Partnership as presented herein.

We also hold at least a 99% limited partnership interest in the Financing Partnership, the Securities Partnership, the Mortgage Partnership, the Pennsylvania Partnership, the Harrisburg Partnership, the Indianapolis Partnership, TK-SV, LTD., and FI Development Services, L.P. and wholly owned LLCs (together, the Other Real Estate Partnerships). See Note 5 to the Consolidated Financial Statements for more information on the Other Real Estate Partnerships. The Other Real Estate Partnerships’ operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture). At December 31, 2014, the 2003 Net Lease Joint Venture owned one industrial property comprising approximately 0.8 million square feet of GLA and the 2007 Europe Joint Venture did not own any properties.

Our financial statements report the LLCs and the taxable REIT subsidiaries on a consolidated basis and the Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Profits, losses and distributions of the Operating Partnership, the LLCs and the Other Real Estate Partnerships are allocated to the general partner and the limited partners, or members, as applicable, in accordance with the provisions contained in the partnership agreements or operating agreements, as applicable, of the Operating Partnership, the LLCs and the Other Real Estate Partnerships.

24

As of December 31, 2014, we owned 572 in-service industrial properties, containing an aggregate of approximately 54.5 million square feet of GLA. On a combined basis, as of December 31, 2014, the Other Real Estate Partnerships owned 62 in-service industrial properties, containing an aggregate of approximately 7.9 million square feet of GLA. Of the 62 industrial properties owned by the Other Real Estate Partnerships at December 31, 2014, 20 are held by the Financing Partnership, 17 are held by the Pennsylvania Partnership, eight are held by the Mortgage Partnership, six are held by the Securities Partnership, six are held by the Harrisburg Partnership, three are held by the Indianapolis Partnership, one is held by TK-SV, LTD and one is held by FI Development Services, L.P.

We believe our financial condition and results of operations are, primarily, a function of our performance in four key areas: leasing of industrial properties, acquisition and development of additional industrial properties, disposition of industrial properties and access to external capital.

We generate revenue primarily from rental income and tenant recoveries from operating leases of our industrial properties. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. Our revenue growth is dependent, in part, on our ability to (i) increase rental income, through increasing either or both occupancy rates and rental rates at our properties, (ii) maximize tenant recoveries and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains/losses on the sale of our properties (as discussed below), for our liquidity. The leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The leasing of property also entails various risks, including the risk of tenant default. If we were unable to maintain or increase occupancy rates and rental rates at our properties or to maintain tenant recoveries and operating and certain other expenses consistent with historical levels and proportions, our revenue would decline. Further, if a significant number of our tenants were unable to pay rent (including tenant recoveries) or if we were unable to rent our properties on favorable terms, our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

Our revenue growth is also dependent, in part, on our ability to acquire existing, and develop new industrial properties on favorable terms. The Consolidated Operating Partnership seeks to identify opportunities to acquire existing industrial properties on favorable terms, and, when conditions permit, also seeks to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they are leased, generate revenue from rental income, tenant recoveries and fees, income from which, as discussed above, is a source of funds for our distributions. The acquisition and development of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The acquisition and development of properties also entails various risks, including the risk that our investments may not perform as expected. For example, acquired existing and acquired and developed new properties may not sustain and/or achieve anticipated occupancy and rental rate levels. With respect to acquired and developed new properties, we may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties. Also, we face significant competition for attractive acquisition and development opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. Further, as discussed below, we may not be able to finance the acquisition and development opportunities we identify. If we were unable to acquire and develop sufficient additional properties on favorable terms, or if such investments did not perform as expected, our revenue growth would be limited and our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

We also generate income from the sale of our properties (including existing buildings, buildings which we have developed or re-developed on a merchant basis and land). The gain/loss on, and fees from, the sale of such properties are included in our income and can be a significant source of funds, in addition to revenues generated from rental income and tenant recoveries. Proceeds from sales are being used to repay outstanding debt and, market conditions permitting, may be used to fund the acquisition of existing, and the acquisition and development of new, industrial properties. The sale of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. Further, our ability to sell properties is limited by safe harbor rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If we are unable to sell properties on favorable terms, our income growth would be limited and our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.

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We utilize a portion of the net sales proceeds from property sales, borrowings under our Unsecured Credit Facility, and proceeds from the issuance, when and as warranted, of additional debt and equity securities to refinance debt and finance future acquisitions and developments. Access to external capital on favorable terms plays a key role in our financial condition and results of operations, as it impacts our cost of capital and our ability and cost to refinance existing indebtedness as it matures and to fund acquisitions and developments. Our ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on our debt, the market’s perception of our growth potential, our current and potential future earnings and cash distributions and the market price of the Company’s capital stock. If we were unable to access external capital on favorable terms, our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.

CRITICAL ACCOUNTING POLICIES

Our significant accounting policies are described in more detail in Note 3 to the Consolidated Financial Statements. We believe the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements.

• Accounts Receivable: We are subject to tenant defaults and bankruptcies that could affect the collection of rent due under our outstanding accounts receivable, including straight-line rent. In order to mitigate these risks, we perform credit reviews and analyses on our major existing tenants and all prospective tenants meeting certain financial thresholds before leases are executed. We maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging, customer credit-worthiness and historical bad debts.

• Investment in Real Estate: We allocate purchase price of acquired properties to tangible (land, building, tenant improvements) and identified intangible assets (leasing commissions, in-place leases, tenant relationships, above and below market leases and below market ground lease obligations). Above-market and below-market lease and below market ground lease obligation values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Acquired above market leases are amortized as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases and acquired below market leases are amortized as an increase to rental income over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases. Leasing commission, in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to leasing commission and in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property.

• Capitalization of Costs: We capitalize costs incurred in developing and expanding real estate assets as part of the investment basis. During the construction period, we capitalize interest costs, real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We also capitalize internal and external costs incurred to successfully originate a lease that result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets. The determination and calculation of certain costs requires estimates by us.

• Impairment of Real Estate Assets: We review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We utilize the guidelines established under the Financial Accounting Standards Board’s (the "FASB") guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist. We review the expected undiscounted cash flows of the property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is generally determined by discounting the future expected cash flows of the property. The preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such

26

as estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to present value the cash flows for determining fair value is also subjective. To the extent applicable marketplace data is available, we generally use the market approach in estimating the fair value of undeveloped land. Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell.

• Accounting for Joint Ventures: We analyze our investments in Joint Ventures to determine whether the joint ventures should be accounted for under the equity method of accounting or consolidated into our financial statements based on standards set forth under the FASB’s guidance relating to the consolidation of variable interest entities. Based on the guidance set forth in these pronouncements, we do not consolidate any of our joint venture investments because either the joint venture has been determined to be a variable interest entity but we are not the primary beneficiary or the joint venture has been determined not to be a variable interest entity and we lack control of the joint venture. Our assessment of whether we are the primary beneficiary of a variable interest entity involves the consideration of various factors including the form of our ownership interest, our representation on the entity’s governing body, the size of our investment and future cash flows of the entity.

• Deferred Tax Assets and Liabilities: In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax liabilities. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Company’s inability to qualify as a REIT and changes in tax laws. Adjustments required in any given period are included within the income tax provision. In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made.

RESULTS OF OPERATIONS

Comparison of Year Ended December 31, 2014 to Year Ended December 31, 2013

Our net income available to unitholders and participating securities was $48.7 million and $27.0 million for the years ended December 31, 2014 and 2013, respectively. Basic and diluted net income available to unitholders was $0.42 per Unit and $0.24 per Unit for the years ended December 31, 2014 and 2013, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2014 and 2013. Same store properties are properties owned prior to January 1, 2013 and held as an in-service property through December 31, 2014 and developments and redevelopments that were placed in service prior to January 1, 2013 or were substantially completed for the 12 months prior to January 1, 2013. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions (that are less than 75% occupied at the date of acquisition), developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2012 and held as an operating property through December 31, 2014. Sold properties are properties that were sold subsequent to December 31, 2012. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2013 or b) stabilized prior to January 1, 2013. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. Our future revenues and expenses may vary materially from historical rates.

For the years ended December 31, 2014 and 2013, the average occupancy rates of our same store properties were 92.8% and 91.3%, respectively.

27

	2014			2013			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	290,644		$	276,405		$	14,239		5.2	%
Acquired Properties	6,894			453			6,441			1,421.9	%
Sold Properties	6,654			19,418			(12,764		)	(65.7	)%
(Re) Developments and Land, Not Included Above	3,121			1,411			1,710			121.2	%
Other	1,946			1,458			488			33.5	%
	$	309,259		$	299,145		$	10,114		3.4	%
Discontinued Operations	(6,654		)	(19,418		)	12,764			(65.7	)%
Total Revenues	$	302,605		$	279,727		$	22,878		8.2	%

Revenues from same store properties increased $14.2 million primarily due to an increase in occupancy, an increase in tenant recoveries and a one-time restoration fee recognized in 2014, partially offset by an increase in the straight-line rent reserve for doubtful accounts. Revenues from acquired properties increased $6.4 million due to the 10 industrial properties acquired subsequent to December 31, 2012 totaling approximately 2.2 million square feet of GLA. Revenues from sold properties decreased $12.8 million due to the 90 industrial properties sold subsequent to December 31, 2012 totaling approximately 4.6 million square feet of GLA. Revenues from (re)developments and land increased $1.7 million due to an increase in occupancy. Other revenues increased $0.5 million primarily due to an increase in maintenance company revenues and other one-time revenue transactions.

	2014			2013			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	88,049		$	81,714		$	6,335		7.8	%
Acquired Properties	2,647			454			2,193			483.0	%
Sold Properties	2,621			7,545			(4,924		)	(65.3	)%
(Re) Developments and Land, Not Included Above	2,324			709			1,615			227.8	%
Other	8,513			8,815			(302		)	(3.4	)%
	$	104,154		$	99,237		$	4,917		5.0	%
Discontinued Operations	(2,621		)	(7,545		)	4,924			(65.3	)%
Total Property Expenses	$	101,533		$	91,692		$	9,841		10.7	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $6.3 million primarily due to higher snow removal costs incurred during the year ended December 31, 2014 as compared to the year ended December 31, 2013 due to the harsh 2014 winter, an increase in real estate tax expense and an increase in bad debt expense. Property expenses from acquired properties increased $2.2 million due to properties acquired subsequent to December 31, 2012. Property expenses from sold properties decreased $4.9 million due to properties sold subsequent to December 31, 2012. Property expenses from (re)developments and land increased $1.6 million primarily due to an increase in real estate tax expense related to the substantial completion of developments. Other expenses remained relatively unchanged.

General and administrative expense remained relatively unchanged.

For the years ended December 31, 2014 and 2013, we recognized $1.0 million and $0.3 million, respectively, of expense related to costs associated with acquiring buildings from third parties.

28

	2014			2013			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	92,833		$	92,899		$	(66	)	(0.1	)%
Acquired Properties	4,642			871			3,771			433.0	%
Sold Properties	2,248			7,258			(5,010		)	(69.0	)%
(Re) Developments and Land, Not Included Above	1,948			672			1,276			189.9	%
Corporate Furniture, Fixtures and Equipment	526			618			(92		)	(14.9	)%
	$	102,197		$	102,318		$	(121	)	(0.1	)%
Discontinued Operations	(2,248		)	(7,258		)	5,010			(69.0	)%
Total Depreciation and Other Amortization	$	99,949		$	95,060		$	4,889		5.1	%

Depreciation and other amortization for same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $3.8 million due to properties acquired subsequent to December 31, 2012. Depreciation and other amortization from sold properties decreased $5.0 million due to properties sold subsequent to December 31, 2012. Depreciation and other amortization for (re)developments and land increased $1.3 million primarily due to an increase in developments that were placed in service. Corporate furniture, fixtures and equipment depreciation expense decreased $0.1 million due to assets becoming fully depreciated.

Interest income decreased $0.2 million, or 10.2%, primarily due a decrease in the weighted average note receivable balance outstanding for the year ended December 31, 2014 as compared to the year ended December 31, 2013 partially offset by the receipt of prepayment fees of $0.7 million related to note receivables that were paid off early during the year ended December 31, 2014.

Interest expense decreased $1.3 million, or 2.0%, primarily due to a decrease in the weighted average interest rate for the year ended December 31, 2014 (5.33%) as compared to the year ended December 31, 2013 (5.79%), partially offset by an increase in the weighted average debt balance outstanding for the year ended December 31, 2014 ($1,290.5 million) as compared to the year ended December 31, 2013 ($1,238.0 million) and a decrease in capitalized interest of $1.6 million for the year ended December 31, 2014 as compared to the year ended December 31, 2013 due to a decrease in development activities.

Amortization of deferred financing costs remained relatively unchanged.

In October 2008, we entered into an interest rate swap agreement (the "Series F Agreement") to mitigate our exposure to floating interest rates related to the coupon reset of our Series F Preferred Units. The Series F Agreement had a notional value of $50.0 million and fixed the 30 year Treasury constant maturity treasury rate at 5.2175%. We recorded $0.1 million in mark-to-market net gain, inclusive of $0.8million in swap payments, for the year ended December 31, 2013. The Series F Agreement matured on October 1, 2013.

For the year ended December 31, 2014, we recognized a loss from retirement of debt of $0.5 million due to the early payoff of certain mortgage loans. For the year ended December 31, 2013, we recognized a loss from retirement of debt of $6.4 million due to the partial repurchase of certain series of our senior unsecured notes, the early payoff of certain mortgage loans and the write-off of certain unamortized loan fees associated with the amendment of our revolving line of credit.

Equity in income of other real estate partnerships increased $2.6 million, or 22.5%, during the year ended December 31, 2014 as compared to the year ended December 31, 2013 primarily due to an increase in gain on sale of real estate and an increase in occupancy related to the properties within the Other Real Estate Partnerships for the year ended December 31, 2014 as compared to December 31, 2013.

Equity in income of joint ventures increased $3.4 million during the year ended December 31, 2014 as compared to the year ended December 31, 2013 primarily due to an increase in our pro rata share of gain and earn outs from the sales of industrial properties from the 2003 Net Lease Joint Venture.

The income tax provision is not significant.

29

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2014 and 2013.

	2014			2013
	($ in 000’s)
Total Revenues	$	6,654		$	19,418
Property Expenses	(2,621		)	(7,545		)
Impairment of Real Estate	—			(2,652		)
Depreciation and Amortization	(2,248		)	(7,258		)
Gain on Sale of Real Estate	23,796			32,657
Income from Discontinued Operations	$	25,581		$	34,620

Income from discontinued operations for the year ended December 31, 2014 reflects the results of operations and gain on sale of real estate relating to 25 industrial properties that were sold during the year ended December 31, 2014.

Income from discontinued operations for the year ended December 31, 2013 reflects the results of operations and gain on sale of real estate relating to 65 industrial properties that were sold during the year ended December 31, 2013 and the results of operations of 25 industrial properties that were sold during the year ended December 31, 2014. The impairment loss for the year ended December 31, 2013 of $2.7 million primarily relates to an impairment charge recorded due to carrying values of certain properties exceeding the estimated fair value based upon third party purchase contracts for properties held for sale during 2013.

The $0.1 million loss and $1.0 million gain on sale of real estate for the years ended December 31, 2014 and 2013, respectively, resulted from the sale of land parcels that did not meet the criteria for inclusion in discontinued operations.

Comparison of Year Ended December 31, 2013 to Year Ended December 31, 2012

Our net income (loss) available to unitholders and participating securities was $27.0 million and $(23.2) million for the years ended December 31, 2013 and 2012, respectively. Basic and diluted net income (loss) available to unitholders was $0.24 per Unit and $(0.24) per Unit for the years ended December 31, 2013 and 2012, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2013 and 2012. Same store properties are properties owned prior to January 1, 2012 and held as an in-service property through December 31, 2013 and developments and redevelopments that were placed in service prior to January 1, 2012 or were substantially completed for the 12 months prior to January 1, 2012. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions (that are less than 75% occupied at the date of acquisition), developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2011 and held as an operating property through December 31, 2013. Sold properties are properties that were sold subsequent to December 31, 2011. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2012 or b) stabilized prior to January 1, 2012. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. Our future revenues and expenses may vary materially from historical rates.

For the years ended December 31, 2013 and 2012, the average occupancy rates of our same store properties were 90.5% and 88.4%, respectively.

30

	2013			2012			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	278,184		$	270,184		$	8,000		3.0	%
Acquired Properties	2,729			1,954			775			39.7	%
Sold Properties	10,169			20,524			(10,355		)	(50.5	)%
(Re) Developments and Land, Not Included Above	6,604			698			5,906			846.1	%
Other	1,459			2,635			(1,176		)	(44.6	)%
	$	299,145		$	295,995		$	3,150		1.1	%
Discontinued Operations	(19,418		)	(29,840		)	10,422			(34.9	)%
Total Revenues	$	279,727		$	266,155		$	13,572		5.1	%

Revenues from same store properties increased $8.0 million primarily due to increases in occupancy and tenant recoveries, partially offset by a decrease in lease cancellation fees. Revenues from acquired properties increased $0.8 million due to the two leased industrial properties acquired subsequent to December 31, 2011 totaling approximately 1.0 million square feet of GLA. Revenues from sold properties decreased $10.4 million due to the 91 industrial properties sold subsequent to December 31, 2011 totaling approximately 6.9 million square feet of GLA. Revenues from (re)developments and land increased $5.9 million due to an increase in occupancy. Other revenues decreased $1.2 million primarily due to certain one-time revenue transactions during the year ended December 31, 2012, as well as a decrease in leasing fees earned from our Joint Ventures and a decrease in revenues from the operations of our maintenance company for the year ended December 31, 2013, as compared to the year ended December 31, 2012.

	2013			2012			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	83,512		$	78,208		$	5,304		6.8	%
Acquired Properties	1,047			420			627			149.3	%
Sold Properties	3,924			8,324			(4,400		)	(52.9	)%
(Re) Developments and Land, Not Included Above	1,938			658			1,280			194.5	%
Other	8,816			9,485			(669		)	(7.1	)%
	$	99,237		$	97,095		$	2,142		2.2	%
Discontinued Operations	(7,545		)	(11,565		)	4,020			(34.8	)%
Total Property Expenses	$	91,692		$	85,530		$	6,162		7.2	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $5.3 million primarily due to an increase in real estate tax expense due to refunds received in 2012 relating to previous years and an increase in repairs and maintenance expense due to the higher snow removal costs incurred during the year ended December 31, 2013 as compared to the year ended December 31, 2012 due to the mild 2012 winter. Property expenses from acquired properties increased $0.6 million due to properties acquired subsequent to December 31, 2011. Property expenses from sold properties decreased $4.4 million due to properties sold subsequent to December 31, 2011. Property expenses from (re)developments and land increased $1.3 million primarily due to an increase in real estate tax expense. Other expenses remained relatively unchanged.

General and administrative expense decreased $2.1 million, or 8.6%, during the year ended December 31, 2013 compared to the year ended December 31, 2012 due primarily to the acceleration of expense recorded during 2012 related to restricted stock held by the Company’s CEO in connection with the terms of his employment agreement that was entered into in December 2012.

For the years ended December 31, 2013 and 2012, we recognized $0.3 million and $0.04 million, respectively, of expense related to costs associated with acquiring buildings from third parties.

The impairment reversal included in continuing operations for the year ended December 31, 2012 of $0.02 million is primarily comprised of an impairment reversal relating to certain industrial properties that no longer qualified for held for sale classification.

31

	2013			2012			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	94,703		$	98,455		$	(3,752	)	(3.8	)%
Acquired Properties	1,755			808			947			117.2	%
Sold Properties	3,493			7,560			(4,067		)	(53.8	)%
(Re) Developments and Land, Not Included Above	1,749			344			1,405			408.4	%
Corporate Furniture, Fixtures and Equipment	618			1,077			(459		)	(42.6	)%
	$	102,318		$	108,244		$	(5,926	)	(5.5	)%
Discontinued Operations	(7,258		)	(10,926		)	3,668			(33.6	)%
Total Depreciation and Other Amortization	$	95,060		$	97,318		$	(2,258	)	(2.3	)%

Depreciation and other amortization for same store properties decreased $3.8 million due to certain intangible assets related to acquisitions of real estate becoming fully depreciated as well as certain adjustments, which should have been recorded in previous periods, recorded during the years ended December 31, 2013 and 2012 causing a decrease in depreciation and amortization expense. Depreciation and other amortization from acquired properties increased $0.9 million due to properties acquired subsequent to December 31, 2011. Depreciation and other amortization from sold properties decreased $4.1 million due to properties sold subsequent to December 31, 2011. Depreciation and other amortization for (re)developments and land increased $1.4 million primarily due to an increase in substantial completion of developments. Corporate furniture, fixtures and equipment depreciation expense decreased $0.5 million due to assets becoming fully depreciated.

Interest income decreased $0.5 million, or 17.1%, primarily due to a decrease in the weighted average note receivable balance outstanding and a decrease in the weighted average interest rate for the year ended December 31, 2013 as compared to the year ended December 31, 2012.

Interest expense decreased $8.9 million, or 11.5%, primarily due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2013 ($1,238.0 million) as compared to the year ended December 31, 2012 ($1,321.6 million), an increase in capitalized interest of $1.0 million for the year ended December 31, 2013 as compared to the year ended December 31, 2012 due to an increase in development activities and a decrease in the weighted average interest rate for the year ended December 31, 2013 (5.79%) as compared to the year ended December 31, 2012 (6.02%).

Amortization of deferred financing costs decreased $0.2 million, or 6.6%, due to lower deferred financing costs due to the amendment to our credit facility in July 2013 and the write off of financing costs related to the early retirement of certain mortgage loans and the repurchase and retirement of certain senior unsecured notes.

We recorded $0.1 million in mark-to-market net gain, inclusive of $0.8 million in swap payments related to the Series F Agreement, for the year ended December 31, 2013, as compared to $0.3 million in mark-to-market net loss, inclusive of $1.2 million in swap payments, for the year ended December 31, 2012. The Series F Agreement matured on October 1, 2013.

For the year ended December 31, 2013, we recognized a net loss from retirement of debt of $6.4 million due to the partial repurchase of certain series of our senior unsecured notes, the early payoff of certain mortgage loans and the write-off of certain unamortized loan fees associated with the amendment of our revolving line of credit. For the year ended December 31, 2012, we recognized a net loss from retirement of debt of $9.7 million due to the partial repurchase of certain series of our senior unsecured notes and early payoff of certain mortgage loans.

Equity in income of other real estate partnerships increased $3.8 million, or 49.6%, during the year ended December 31, 2013 as compared to the year ended December 31, 2012 primarily due to a decrease in depreciation expense caused by a decrease in catch-up depreciation taken for properties that were classified as held for sale in 2011 but no longer classified as held for sale during the year ended December 31, 2012 and by certain intangible assets related to acquisitions of real estate becoming fully depreciated. The increase is also due to a decrease in interest expense due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2013 as compared to December 31, 2012 as well as an increase in gain on sale of real estate for the year ended December 31, 2013 as compared to December 31, 2012.

Equity in income of joint ventures decreased $1.4 million, or 91.3%, during the year ended December 31, 2013 as compared to the year ended December 31, 2012 primarily due to a decrease in our pro rata share of gain and earn-outs on property sales from the 2003 Net Lease Joint Venture.

32

For the year ended December 31, 2012, we recognized $0.8 million of gain on change in control of interests related to the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The $0.8 million of gain represents the difference between our carrying value and fair value of our equity interest on the acquisition date.

The income tax provision (as allocated to continuing operations and gain on sale of real estate, as applicable) decreased $5.5 million or 100.1% during the year ended December 31, 2013 compared to the year ended December 31, 2012 primarily due to a one-time IRS audit adjustment related to the 2009 liquidation of a former taxable REIT subsidiary that was recorded during the year ended December 31, 2012.

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2013 and 2012.

	2013			2012
	($ in 000’s)
Total Revenues	$	19,418		$	29,840
Property Expenses	(7,545		)	(11,565		)
Impairment of Real Estate	(2,652		)	(1,121		)
Depreciation and Amortization	(7,258		)	(10,926		)
Gain on Sale of Real Estate	32,657			12,758
Income from Discontinued Operations	$	34,620		$	18,986

Income from discontinued operations for the year ended December 31, 2013 reflects the results of operations and gain on sale of real estate relating to 65 industrial properties that were sold during the year ended December 31, 2013 and the results of operations of 25 industrial properties that were sold during the year ended December 31, 2014. The impairment loss for the year ended December 31, 2013 of $2.7 million primarily relates to an impairment charge recorded due to the carrying values of certain properties exceeding the estimated fair value based upon third party purchase contracts for properties held for sale during 2013.

Income from discontinued operations for the year ended December 31, 2012 reflects the results of operations and gain on sale of real estate relating to 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of 25 industrial properties that were sold during the year ended December 31, 2014 and the results of operations of 65 industrial properties that were sold during the year ended December 31, 2013. The impairment loss for the year ended December 31, 2012 of $1.1 million relates to impairment charges recorded due to carrying values of certain properties exceeding the estimated fair values based upon third party purchase contracts for properties held for sale during 2012.

The $1.0 million and $3.8 million gain on sale of real estate for the years ended December 31, 2013 and 2012, respectively, resulted from the sale of several land parcels that did not meet the criteria for inclusion in discontinued operations.

33

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2014, our cash and cash equivalents and restricted cash were approximately $8.4 million and $1.8 million, respectively. Restricted cash is primarily comprised of cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange industrial properties under Section 1031 of the Code. We also had $433.0 million available for additional borrowings under our Unsecured Credit Facility.

We have considered our short-term (through December 31, 2015) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. We have $23.2 million in mortgage loans payable outstanding at December 31, 2014 that mature or we anticipate prepaying during 2015. We expect to satisfy these payment obligations prior to December 31, 2015 with borrowings under our Unsecured Credit Facility. With the exception of these payment obligations, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company’s REIT qualification under the Code and distributions approved by the Company’s Board of Directors. We anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of additional Units or long-term unsecured indebtedness, subject to market conditions and contractual restrictions or borrowings under our Unsecured Credit Facility.

We expect to meet long-term (after December 31, 2015) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional Units and preferred Units, subject to market conditions.

We also finance the development and acquisition of additional properties through borrowings under our Unsecured Credit Facility and may finance the development or acquisition of additional properties through such borrowings, to the extent capacity is available. At December 31, 2014, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 1.662%. As of February 24, 2015, we had approximately $418.0 million available for additional borrowings under our Unsecured Credit Facility. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of December 31, 2014, and we anticipate that we will be able to operate in compliance with our financial covenants in 2015.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BBB-/Baa3/BBB-, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

Year Ended December 31, 2014

Net cash provided by operating activities of approximately $121.5 million for the year ended December 31, 2014, was comprised primarily of the non-cash adjustments of approximately $91.0 million, a book overdraft of approximately $1.1 million, and net income of approximately $51.2 million, offset by the net change in operating assets and liabilities of approximately $9.6 million, payments of discounts and prepayment penalties associated with retirement of debt of approximately $10.6 million and equity in income of Joint Ventures in excess of distributions of approximately $1.6 million. The adjustments for the non-cash items of approximately $91.0 million are primarily comprised of depreciation and amortization of approximately $114.7 million, the loss from retirement of debt of approximately $0.5 million and the provision for bad debt of approximately $1.3 million, offset by the gain on sale of real estate of approximately $23.7 million and the effect of the straight-lining of rental income of approximately $1.8 million.

Net cash used in investing activities of approximately $69.7 million for the year ended December 31, 2014, was comprised primarily of investments in and advances to the Other Real Estate Partnerships, the acquisition of certain land parcels and eight industrial properties comprising approximately 1.1 million square feet of GLA, the development of real estate, capital expenditures related to the improvement of existing real estate, payments related to leasing activities and an increase in escrows, offset by the net proceeds from the sale of real estate, distributions from the Other Real Estate Partnerships in excess of equity in income, repayments on our notes receivable and net distributions from our Joint Ventures.

During the year ended December 31, 2014, we sold 25 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels. Proceeds from the sales of the 25 industrial properties and several land parcels, net of closing costs, were approximately $90.4 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale in 2015.

34

Net cash used in financing activities of approximately $49.9 million for the year ended December 31, 2014, was comprised primarily of the redemption of our Series F Preferred Units and Series G Preferred Units, repayments on our senior unsecured notes and mortgage loans payable, general and limited partnership Unit and preferred general partnership Unit distributions, payments of debt issuance costs and the repurchase and retirement of restricted Units, offset by proceeds from the Unsecured Term Loan (as defined hereafter), proceeds from the assumption of a mortgage loan payable from one of our Other Real Estate Partnerships and net proceeds from our Unsecured Credit Facility.

During the year ended December 31, 2014, we entered into a seven-year, $200.0 million unsecured term loan (the "Unsecured Term Loan").

During the year ended December 31, 2014, we paid off and retired prior to maturity mortgage loans in the amount of $59.7 million. Additionally, we paid off and retired our 2014 Notes, at maturity, in the amount of $81.8 million. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, taxable income and results of operations.

During the year ended December 31, 2014, the Company redeemed all 50,000 Depositary Shares of the Company's Series F Preferred Stock for $50.0 million and paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling approximately $0.6 million. An equivalent number of Series F Preferred Units were redeemed during the year ended December 31, 2014 as well. Additionally, during the year ended December 31, 2014, the Company redeemed all 25,000 Depositary Shares of the Company's Series G Preferred Stock for $25.0 million and paid a semi-annual dividend of $36.18 per Depositary Share, totaling approximately $0.9 million. An equivalent number of Series G Preferred Units were redeemed during the year ended December 31, 2014 as well.

Contractual Obligations and Commitments

The following table lists our contractual obligations and commitments as of December 31, 2014:

			Payments Due by Period (In thousands)
	Total		Less Than 1 Year		1-3 Years		3-5 Years		Over 5 Years
Operating and Ground Leases(1)(2)	$	33,914	$	1,939	$	3,886	$	1,698	$	26,391
Real Estate Development Costs(1)(3)	$	16,600	16,600		—		—		—
Long Term Debt	$	1,268,766	10,537		602,091		193,539		462,599
Interest Expense on Long Term Debt(1)(4)	$	260,398	60,135		86,861		55,513		57,889
Total	$	1,579,678	$	89,211	$	692,838	$	250,750	$	546,879

____________________ 

(1) Not on balance sheet.

(2) Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $5.4 million due in the future under non-cancelable subleases.

(3) Represents estimated remaining costs on the completion of development projects.

(4) Includes interest expense on our Unsecured Term Loan, inclusive of the impact of $200.0 million of interest rate protection agreements which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility.

Off-Balance Sheet Arrangements

At December 31, 2014, we had letters of credit and performance bonds outstanding amounting to $17.6 million in the aggregate. The letters of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than those disclosed on the Contractual Obligations and Commitments table above that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

Environmental

We paid approximately $0.5 million and $0.5 million in 2014 and 2013, respectively, related to environmental expenditures. We estimate 2015 expenditures of approximately $0.5 million. We estimate that the aggregate expenditures which need to be expended in 2015 and beyond with regard to currently identified environmental issues will not exceed approximately $1.8 million.

35

Inflation

For the last several years, inflation has not had a significant impact on us because of the relatively low inflation rates in our markets of operation. Most of our leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases have lease terms of six years which may enable us to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward- looking statements. Our business subjects us to market risk from interest rates, as described below.

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by us at December 31, 2014 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

At December 31, 2014, $1,083.6 million (85.4% of total debt at December 31, 2014) of our debt was fixed rate debt (includes $200.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements) and $185.0 million (14.6% of total debt at December 31, 2014) of our debt was variable rate debt. At December 31, 2013, $1,026.1 million (85.6% of total debt at December 31, 2013) of our debt was fixed rate debt and $173.0 million (14.4% of total debt at December 31, 2013) of our debt was variable rate debt.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 6 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

Our variable rate debt is subject to risk based upon prevailing market interest rates. As of December 31, 2014 and 2013, we had approximately $185.0 million and $173.0 million, respectively, of variable rate debt outstanding indexed to LIBOR rates (excluding the $200.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements during the year ended December 31, 2014). If the LIBOR rates relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the years ended December 31, 2014 and 2013 would have increased by approximately $0.03 million and $0.03 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 2014 and 2013. Additionally, if weighted average interest rates on our fixed rate debt were to have increased by 10% due to refinancing, interest expense would have increased by approximately $6.7 million and $7.0 million during the years ended December 31, 2014 and 2013.

As of December 31, 2014 and 2013, the estimated fair value of our debt was approximately $1,335.8 million and $1,241.2 million, respectively, based on our estimate of the then-current market interest rates.

The use of derivative financial instruments allows us to manage risks of increases in interest rates with respect to the effect these fluctuations would have on our earnings and cash flows. As of December 31, 2014, we had interest rate protection agreements with a notional aggregate amount outstanding of $420.0 million, which mitigate our exposure to interest rates. $200.0 million of the interest rate protection agreements fix our interest rate on our Unsecured Term Loan and $220.0 million fix our interest rate to maintain our flexibility to pursue an offering of long-term unsecured debt in the future. Currently, we do not enter into financial instruments for trading or other speculative purposes.

Subsequent Events

From January 1, 2015 to February 24, 2015, we sold six industrial properties for approximately $12.9 million.

36

Item 7A.Quantitative and Qualitative Disclosures About Market Risk

Response to this item is included in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.

Item 8.Financial Statements and Supplementary Data

See Index to Financial Statements and Financial Statement Schedule included in Item 15.

Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

We carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Our management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2014. In making its assessment of internal control over financial reporting, management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission.

Our management has concluded that, as of December 31, 2014, our internal control over financial reporting was effective.

The effectiveness of our internal control over financial reporting as of December 31, 2014 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the fourth quarter of 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

37

PART III

Item 10, 11, 12, 13 and 14. Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services

The Operating Partnership has no directors or executive officers; instead it is managed by its sole general partner, the Company. The information with respect to the sole general partner of the Operating Partnership required by Item 10, Item 11, Item 12, Item 13 and Item 14 is hereby incorporated or furnished, solely to the extent required by such item, from the Company’s definitive proxy statement, which is expected to be filed with the SEC no later than 120 days after the end of the Company’s fiscal year. Information from the Company’s definitive proxy statement shall not be deemed to be “filed” or “soliciting material,” or subject to liability for purposes of Section 18 of the Securities Exchange Act of 1934 to the maximum extent permitted under the Exchange Act.

38

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Financial Statements, Financial Statement Schedule and Exhibits

(1 & 2) See Index to Financial Statements and Financial Statement Schedule.

(3) Exhibits:

Exhibit No.	Description
3.1	Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 and effective March 17, 2012 (incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-13102)
4.1	Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.2	Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.3	Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873)
4.4	7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.5	Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.6	Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.7	Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnership’s Form 8-K dated April 4, 2002, File No. 333-21873)
4.8	Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.9	Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102)

39

Exhibit No.	Description
4.10	Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102)
10.1	Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873)
10.2	Amended and Restated Unsecured Revolving Credit Agreement dated as of July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 22, 2013, File No. 1-13102)
10.3	Unsecured Term Loan Agreement dated as of January 29, 2014 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 29, 2014, File No. 1-13102)
10.4	Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated March 13, 2014 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on March 13, 2014, File No. 1-13102)
21.1	Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, File No. 1-13102)
23*	Consent of PricewaterhouseCoopers LLP
31.1*	Certification of the Principal Executive Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2*	Certification of the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32**	Certification of the Principal Executive Officer and the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.1*	The following financial statements from First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2014, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited)

_______________________

* Filed herewith.

** Furnished herewith.

40

EXHIBIT INDEX

Exhibit No.	Description
3.1	Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 and effective March 17, 2012 (incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-13102)
4.1	Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.2	Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.3	Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873)
4.4	7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.5	Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.6	Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.7	Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnership’s Form 8-K dated April 4, 2002, File No. 333-21873)
4.8	Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.9	Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102)
4.10	Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102)
10.1	Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873)

41

Exhibit No.	Description
10.2	Amended and Restated Unsecured Revolving Credit Agreement dated as of July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 22, 2013, File No. 1-13102)
10.3	Unsecured Term Loan Agreement dated as of January 29, 2014 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 29, 2014, File No. 1-13102)
10.4	Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated March 13, 2014 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on March 13, 2014, File No. 1-13102)
21.1	Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, File No. 1-13102)
23*	Consent of PricewaterhouseCoopers LLP
31.1*	Certification of the Principal Executive Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2*	Certification of the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32**	Certification of the Principal Executive Officer and the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.1*	The following financial statements from First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2014, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited)

_______________________

* Filed herewith.

** Furnished herewith.

42

FIRST INDUSTRIAL, L.P.

INDEX TO FINANCIAL STATEMENTS

	Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm	44
Consolidated Balance Sheets as of December 31, 2014 and 2013	45
Consolidated Statements of Operations for the Years Ended December 31, 2014, 2013 and 2012	46
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2014, 2013 and 2012	47
Consolidated Statements of Changes in Partners’ Capital for the Years Ended December  31, 2014, 2013 and 2012	48
Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013 and 2012	49
Notes to the Consolidated Financial Statements	50

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

INDEX TO FINANCIAL STATEMENTS

	Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm	77
Consolidated Balance Sheets as of December 31, 2014 and 2013	78
Consolidated Statements of Operations for the Years Ended December 31, 2014, 2013 and 2012	79
Consolidated Statements of Changes in Partners’ Capital for the Years Ended December  31, 2014, 2013 and 2012	80
Consolidated Statements of Cash Flows for the Years Ended December  31, 2014, 2013 and 2012	81
Notes to the Consolidated Financial Statements	82

COMBINED PARTNERSHIPS

INDEX TO FINANCIAL STATEMENTS

	Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm	89
Consolidated Balance Sheets as of December 31, 2014 and 2013	90
Consolidated Statements of Operations for the Years Ended December 31, 2014, 2013 and 2012	91
Consolidated Statements of Changes in Partners’ Capital for the Years Ended December  31, 2014, 2013 and 2012	92
Consolidated Statements of Cash Flows for the Years Ended December  31, 2014, 2013 and 2012	93
Notes to the Consolidated Financial Statements	94

FIRST INDUSTRIAL, L.P.

INDEX TO FINANCIAL STATEMENT SCHEDULE

	Page
FINANCIAL STATEMENT SCHEDULE
Schedule III: Real Estate and Accumulated Depreciation	S-1

43

Report of Independent Registered Public Accounting Firm

To the Partners of

First Industrial, L.P.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, of comprehensive income, of changes in partners' capital and of cash flows present fairly, in all material respects, the financial position of First Industrial, L.P. and its subsidiaries (the “Consolidated Operating Partnership”) at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Consolidated Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control -Integrated Framework(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Consolidated Operating Partnership’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Consolidated Operating Partnership’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2015

44

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

	December 31, 2014			December 31, 2013
	(In thousands except Unit data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	617,426		$	610,802
Buildings and Improvements	2,164,537			2,113,689
Construction in Progress	22,159			23,688
Less: Accumulated Depreciation	(686,451		)	(652,971		)
Net Investment in Real Estate	2,117,671			2,095,208
Investments in and Advances to Other Real Estate Partnerships	213,041			196,323
Cash and Cash Equivalents	8,429			6,518
Restricted Cash	1,829			—
Tenant Accounts Receivable, Net	6,363			4,746
Investments in Joint Venture	71			907
Deferred Rent Receivable, Net	50,064			49,173
Deferred Financing Costs, Net	9,888			10,570
Deferred Leasing Intangibles, Net	30,704			26,581
Prepaid Expenses and Other Assets, Net	76,186			108,753
Total Assets	$	2,514,246		$	2,498,779
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net	$	518,754		$	580,215
Senior Unsecured Notes, Net	364,861			445,916
Unsecured Term Loan	200,000			—
Unsecured Credit Facility	185,000			173,000
Accounts Payable, Accrued Expenses and Other Liabilities	89,209			70,139
Deferred Leasing Intangibles, Net	11,097			11,879
Rents Received in Advance and Security Deposits	32,866			26,619
Distributions Payable	11,949			10,289
Total Liabilities	1,413,736			1,318,057
Commitments and Contingencies	—			—
Partners’ Capital:
General Partner Preferred Units (See Note 7)	—			73,587
General Partner Units (110,600,866 and 109,980,850 units outstanding)	1,034,129			1,027,664
Limited Partners Units (4,374,637 and 4,597,313 units outstanding)	80,757			82,833
Accumulated Other Comprehensive Loss	(14,376		)	(3,362		)
Total Partners’ Capital	1,100,510			1,180,722
Total Liabilities and Partners’ Capital	$	2,514,246		$	2,498,779

The accompanying notes are an integral part of the consolidated financial statements.

45

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
	(In thousands except per unit data)
Revenues:
Rental Income	$	226,705		$	214,781		$	206,835
Tenant Recoveries and Other Income	75,900			64,946			59,320
Total Revenues	302,605			279,727			266,155
Expenses:
Property Expenses	101,533			91,692			85,530
General and Administrative	23,166			22,775			24,919
Acquisition Costs	960			331			40
Impairment of Real Estate	—			—			(20		)
Depreciation and Other Amortization	99,949			95,060			97,318
Total Expenses	225,608			209,858			207,787
Other Income (Expense):
Interest Income	2,189			2,438			2,940
Interest Expense	(67,509		)	(68,857		)	(77,794		)
Amortization of Deferred Financing Costs	(2,940		)	(3,038		)	(3,252		)
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements	—			52			(328		)
Loss from Retirement of Debt	(522		)	(6,423		)	(9,684		)
Total Other Income (Expense)	(68,782		)	(75,828		)	(88,118		)
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax (Provision) Benefit	8,215			(5,959		)	(29,750		)
Equity in Income of Other Real Estate Partnerships	14,211			11,603			7,756
Equity in Income of Joint Ventures	3,499			136			1,559
Gain on Change in Control of Interests	—			—			776
Income Tax (Provision) Benefit	(238		)	213			(5,522		)
Income (Loss) from Continuing Operations	25,687			5,993			(25,181		)
Discontinued Operations:
Income Attributable to Discontinued Operations	1,785			1,963			6,228
Gain on Sale of Real Estate	23,796			32,657			12,758
Income from Discontinued Operations	25,581			34,620			18,986
Income (Loss) Before (Loss) Gain on Sale of Real Estate	51,268			40,613			(6,195		)
(Loss) Gain on Sale of Real Estate	(83		)	1,030			3,777
Provision for Income Taxes Allocable to Gain on Sale of Real Estate	—			(210		)	—
Net Income (Loss)	51,185			41,433			(2,418		)
Less: Preferred Unit Distributions	(1,019		)	(8,733		)	(18,947		)
Less: Redemption of Preferred Units	(1,462		)	(5,667		)	(1,804		)
Net Income (Loss) Available to Unitholders and Participating Securities	$	48,704		$	27,033		$	(23,169	)
Basic and Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.20		$	(0.07	)	$	(0.44	)
Income from Discontinued Operations Attributable to Unitholders	$	0.22		$	0.31		$	0.20
Net Income (Loss) Available to Unitholders	$	0.42		$	0.24		$	(0.24	)
Distributions Per Unit	$	0.41		$	0.34		$	0.00
Weighted Average Units Outstanding - Basic	114,388			111,646			96,509
Weighted Average Units Outstanding - Diluted	114,791			111,646			96,509
Net Income (Loss) Available to Unitholders Attributable to:
General Partner	$	46,809		$	25,912		$	(21,968	)
Limited Partners	1,895			1,121			(1,201		)
Net Income (Loss) Available to Unitholders and Participating Securities	$	48,704		$	27,033		$	(23,169	)

The accompanying notes are an integral part of the consolidated financial statements.

46

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
	(In thousands)
Net Income (Loss)	$	51,185		$	41,433		$	(2,418	)
Mark-to-Market Loss on Interest Rate Protection Agreements	(12,279		)	—			—
Amortization of Interest Rate Protection Agreements	1,358			2,411			2,271
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—			1,116			3,247
Foreign Currency Translation Adjustment	(93		)	(60		)	32
Comprehensive Income	$	40,171		$	44,900		$	3,132

The accompanying notes are an integral part of the consolidated financial statements.

47

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	General Partner Preferred Units			General Partner Units			Limited Partner Units			Accumulated Other Comprehensive Loss			Total
	(In thousands)
Balance as of December 31, 2011	$	266,211		$	737,914		$	90,246		$	(12,379	)	$	1,081,992
Issuance of General Partner Units, Net of Issuance Costs	—			134,436			—			—			134,436
Redemption of Preferred Units	(48,240		)	—			—			—			(48,240		)
Stock Based Compensation Activity	—			4,582			—			—			4,582
Conversion of Limited Partner Units to General Partner Units	—			4,763			(4,763		)	—			—
Preferred Unit Distributions	(20,751		)	—			—			—			(20,751		)
Net Income (Loss)	20,751			(21,968		)	(1,201		)	—			(2,418		)
Other Comprehensive Income	—			—			—			5,550			5,550
Balance as of December 31, 2012	$	217,971		$	859,727		$	84,282		$	(6,829	)	$	1,155,151
Issuance of General Partner Units, Net of Issuance Costs	—			173,785			—			—			173,785
Redemption of Preferred Units	(144,384		)	—			—			—			(144,384		)
Stock Based Compensation Activity	—			4,532			—			—			4,532
Conversion of Limited Partner Units to General Partner Units	—			996			(996		)	—			—
Common Unit Distributions	—			(37,288		)	(1,574		)	—			(38,862		)
Preferred Unit Distributions	(14,400		)	—			—			—			(14,400		)
Net Income	14,400			25,912			1,121			—			41,433
Other Comprehensive Income	—			—			—			3,467			3,467
Balance as of December 31, 2013	$	73,587		$	1,027,664		$	82,833		$	(3,362	)	$	1,180,722
Redemption of Preferred Units	(73,587		)	—			—			—			(73,587		)
Stock Based Compensation Activity	—			2,948			—			—			2,948
Conversion of Limited Partner Units to General Partner Units	—			2,155			(2,155		)	—			—
Common Unit Distributions	—			(45,447		)	(1,816		)	—			(47,263		)
Preferred Unit Distributions	(2,481		)	—			—			—			(2,481		)
Net Income	2,481			46,809			1,895			—			51,185
Other Comprehensive Loss	—			—			—			(11,014		)	(11,014		)
Balance as of December 31, 2014	$	—		$	1,034,129		$	80,757		$	(14,376	)	$	1,100,510

The accompanying notes are an integral part of the consolidated financial statements.

48

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	51,185		$	41,433		$	(2,418	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation	83,116			83,835			88,123
Amortization of Deferred Financing Costs	2,940			3,038			3,252
Other Amortization	28,527			28,787			32,763
Impairment of Real Estate	—			2,652			1,101
Provision for Bad Debt	1,325			729			463
Equity in Income of Joint Ventures	(3,499		)	(136		)	(1,559		)
Distributions from Joint Ventures	1,881			177			1,580
Gain on Sale of Real Estate	(23,713		)	(33,687		)	(16,535		)
Gain on Change in Control of Interests	—			—			(776		)
Loss from Retirement of Debt	522			6,423			9,684
Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements	—			(52		)	328
Equity in Income of Other Real Estate Partnerships	(14,211		)	(11,603		)	(7,756		)
Distributions from Investment in Other Real Estate Partnerships	14,211			11,603			7,756
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(19,950		)	(3,277		)	5,576
Increase in Deferred Rent Receivable	(1,802		)	(3,694		)	(3,374		)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	10,345			(7,355		)	4,993
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	(10,553		)	(4,821		)	(7,065		)
Cash Book Overdraft	1,136			—			1,715
Net Cash Provided by Operating Activities	121,460			114,052			117,851
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(86,197		)	(73,642		)	(48,621		)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(108,017		)	(88,789		)	(74,511		)
Net Proceeds from Sales of Investments in Real Estate	90,388			120,674			80,362
Investments in and Advances to Other Real Estate Partnerships	(34,585		)	(50,946		)	(30,006		)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income	17,867			32,727			38,354
Contributions to and Investments in Joint Ventures	(31		)	(38		)	(190		)
Distributions from Joint Ventures	2,475			104			90
Repayments of Notes Receivable	49,761			615			14,365
Increase in Escrows	(1,319		)	(409		)	(273		)
Net Cash Used in Investing Activities	(69,658		)	(59,704		)	(20,430		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Redemption Costs	(2,570		)	(3,575		)	(1,512		)
Unit Contributions	—			174,081			134,905
Repurchase and Retirement of Restricted Units	(4,667		)	(2,968		)	(2,690		)
Common Unit Distributions Paid	(45,151		)	(29,025		)	—
Preferred Unit Distributions Paid	(1,471		)	(8,733		)	(23,258		)
Redemption of Preferred Units	(75,000		)	(150,000		)	(50,000		)
Payments on Interest Rate Protection Agreements	—			(1,079		)	(1,144		)
Proceeds from Origination of Mortgage Loans Payable	8,872			—			97,561
Repayments on Mortgage Loans Payable	(70,308		)	(76,068		)	(37,402		)
Repayments of Senior Unsecured Notes	(71,578		)	(29,769		)	(166,153		)
Proceeds from Unsecured Term Loan	200,000			—			—
Proceeds from Unsecured Credit Facility	356,000			373,000			339,000
Repayments on Unsecured Credit Facility	(344,000		)	(298,000		)	(390,000		)
Net Cash Used in Financing Activities	(49,873		)	(52,136		)	(100,693		)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(18		)	(51		)	5
Net Increase (Decrease) in Cash and Cash Equivalents	1,929			2,212			(3,272		)
Cash and Cash Equivalents, Beginning of Year	6,518			4,357			7,624
Cash and Cash Equivalents, End of Year	$	8,429		$	6,518		$	4,357

The accompanying notes are an integral part of the consolidated financial statements.

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FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per Unit data)

1. Organization and Formation of Partnership

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.2% and 96.0% ownership interest at December 31, 2014 and 2013, respectively. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 3.8% and 4.0% interest in the Operating Partnership at December 31, 2014 and 2013, respectively. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us" and "our" refer to First Industrial, L.P. and its controlled subsidiaries.

We also hold at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P, (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD. and FI Development Services, L.P. (together, the "Other Real Estate Partnerships"). The Other Real Estate Partnerships' operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership.

We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture"; collectively, the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and 2007 Europe Joint Venture are 15% and 10%, respectively. At December 31, 2014, the 2003 Net Lease Joint Venture owned one industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA") and the 2007 Europe Joint Venture did not own any properties. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. Our maximum exposure to loss is equal to our investment.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

As of December 31, 2014, we owned 576 industrial properties located in 24 states, containing an aggregate of approximately 55.6 million square feet of GLA. On a combined basis, as of December 31, 2014, the Other Real Estate Partnerships owned 62 industrial properties containing an aggregate of approximately 7.9 million square feet of GLA.

Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable.

The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

Any references to the number of buildings and square footage in the financial statement footnotes are unaudited.

2. Basis of Presentation

Our consolidated financial statements at December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012 include the accounts and operating results of the Operating Partnership, the LLCs, other partnerships and the taxable REIT subsidiaries on a consolidated basis. Such financial statements present our limited partnership interests in each of the Other Real Estate Partnerships and our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

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3. Summary of Significant Accounting Policies

In order to conform with generally accepted accounting principles, we are required in preparation of our financial statements to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2014 and 2013, and the reported amounts of revenues and expenses for each of the years ended December 31, 2014, 2013 and 2012. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the 2013 and 2012 financial statements to conform to the 2014 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 50
Land Improvements	3 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Shorter of Lease Term or Useful Life

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred

51

had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2014		December 31, 2013
In-Place Leases	$	15,441	$	14,045
Above Market Leases	2,504		3,004
Below Market Ground Lease Obligation	1,823		—
Tenant Relationships	10,936		9,532
Total Included in Total Assets, Net of $26,306 and $26,663 of Accumulated Amortization	$	30,704	$	26,581
Below Market Leases	$	11,097	$	11,879
Total Included in Total Liabilities, Net of $7,981 and $7,604 of Accumulated Amortization	$	11,097	$	11,879

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $5,923, $5,071 and $6,070 for the years ended December 31, 2014, 2013 and 2012, respectively. Rental revenues increased by $875, $465 and $659 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2014, 2013 and 2012, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2015	$	5,465	$	355
2016	$	4,242	$	900
2017	$	3,778	$	863
2018	$	2,919	$	790
2019	$	2,244	$	748

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Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts are translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $16,633 and $16,520 at December 31, 2014 and 2013, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investment in and Advances to Other Real Estate Partnerships

Investment in and Advances to Other Real Estate Partnerships represents our limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. We account for our Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, our share of earnings or losses of the Other Real Estate Partnerships is reflected in income as earned and contributions or distributions increase or decrease, respectively, our Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively.

On a continuous basis, we assess whether there are any indicators that the value of our Investment in and Advances to Other Real Estate Partnerships may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties and the discount rate used to value the debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated by management in the impairment analyses may not be realized.

Investments in Joint Ventures

Investments in joint ventures represent our limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited partner Units are reported within Partners’ Capital in the balance sheet as of December 31, 2014 and 2013 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

53

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2014, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Units.

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred Unit distributions and redemption of preferred Units, is allocated to Unitholders and participating securities based upon their proportionate share of weighted average Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as Units. See Note 10 for further disclosure about participating securities.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

Interest income on notes receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,597 and $1,352 as of December 31, 2014 and 2013, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,855 and $1,694 as of December 31, 2014 and 2013, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales.

Notes Receivable

Notes receivable are primarily comprised of mortgage notes receivable that we have made in connection with sales of real estate assets. The notes receivable are recorded at fair value at the time of issuance. Discounts on notes receivable are accreted over the life of the related note receivable. Interest income is accrued as earned. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable on an individual basis based on various factors which may include payment history, expected fair value of the collateral and internal and external credit information. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since the majority of our notes receivable are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

54

Income Taxes

In accordance with partnership taxation, each of the partners is responsible for reporting their share of taxable income or loss.

A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations, income (loss) from discontinued operations and gain (loss) on sale of real estate. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Unit ("EPU")

Basic net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the weighted average number of Units outstanding for the period. Diluted net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the sum of the weighted average number of Units outstanding and any dilutive non-participating securities for the period. See Note 10 for further disclosure about EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes or convert floating rate debt and preferred Units to fixed rate. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (partners’ capital). Agreements which do not qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income (loss) available to Unitholders immediately. Amounts accumulated in other comprehensive income during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the current value of the interest rate differential, not the notional amount, and our carrying value of Agreements on the balance sheet. See Note 14 for more information on the Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 6 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes and see Note 4 for the fair value of our notes receivable.

Discontinued Operations

The FASB’s guidance on financial reporting for the disposal of long lived assets requires that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from our ongoing operations as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

Management views the Consolidated Operating Partnership as a single segment based on its method of internal reporting.

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Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption in the first quarter of 2015, we anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

4. Investment in Real Estate

Acquisitions

In 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA through the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture and several land parcels. The gross agreed-upon fair value for the industrial property was $21,819, excluding costs incurred in conjunction with the acquisition of the industrial property. The acquisition was funded through the assumption of a mortgage loan, which was subsequently paid off on the date of acquisition and whose carrying value approximated fair market value, in the amount of $12,026 and a cash payment of $8,324 (85% of the net fair value of the acquisition). We accounted for this transaction as a step acquisition utilizing the purchase method of accounting. Due to the change in control that occurred, we recorded a gain during the year ended December 31, 2012 of $776 related to the difference between our carrying value and fair value of our equity interest on the acquisition date. The purchase price of the land parcels was approximately $40,003, excluding costs incurred in conjunction with the acquisition of the land parcels.

In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the equity interest in the limited liability company that owned the industrial property, comprising approximately 1.1 million square feet of GLA and several land parcels. One of the two industrial properties was vacant upon acquisition. The purchase price of these acquisitions totaled approximately $72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $86,057, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2014 and 2013, was allocated as follows:

	Year Ended December 31, 2014		Year Ended December 31, 2013
Land	$	30,104	$	34,518
Building and Improvements	44,070		33,244
Other Assets	1,863		517
Deferred Leasing Intangibles, Net	10,020		4,533
Total Purchase Price	$	86,057	$	72,812

We value third party acquisitions and acquisitions of unconsolidated joint venture partner interests in industrial properties on a similar basis, generally by applying an income capitalization approach. The fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements.

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Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the years ended December 31, 2014 and 2013, which are recorded as deferred leasing intangibles, is as follows:

	Year Ended December 31, 2014			Year Ended December 31, 2013
In-Place Leases	$	5,350		$	2,807
Tenant Relationships	$	3,440		$	1,914
Above Market Leases	$	316		$	—
Below Market Ground Lease Obligation	$	1,854		$	—
Below Market Leases	$	(940	)	$	(188	)

The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the years ended December 31, 2014 and 2013 is as follows:

	Year Ended December 31, 2014	Year Ended December 31, 2013
In-Place Leases	74	52
Tenant Relationships	131	112
Above Market Leases	66	N/A
Below Market Ground Lease Obligation	480	N/A
Below Market Leases	79	52

Sales and Discontinued Operations

In 2012, we sold 26 industrial properties comprising approximately 4.1 million square feet of GLA and one land parcel. Gross proceeds from the sales of the industrial properties and one land parcel were approximately $83,098. The gain on sale of real estate was approximately $16,535, of which $12,758 is shown in discontinued operations. The 26 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 26 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel, which does not meet the criteria to be included in discontinued operations, is included in continuing operations.

In 2013, we sold 65 industrial properties comprising approximately 2.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $138,769. The gain on sale of real estate was approximately $33,687, of which $32,657 is shown in discontinued operations. The 65 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 65 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2014, we sold 25 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $94,095. The gain on sale of real estate was approximately $23,713, of which $23,796 is shown in discontinued operations. The 25 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 25 industrial properties sold are included in discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

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The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,
	2014			2013			2012
Total Revenues	$	6,654		$	19,418		$	29,840
Property Expenses	(2,621		)	(7,545		)	(11,565		)
Impairment of Real Estate	—			(2,652		)	(1,121		)
Depreciation and Amortization	(2,248		)	(7,258		)	(10,926		)
Gain on Sale of Real Estate	23,796			32,657			12,758
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986

At December 31, 2014 and 2013, we had notes receivable and accrued interest outstanding, issued in connection with sales of industrial properties, of approximately $2,731 and $52,605, net of a discount of $0 and $191, respectively, which are included as a component of prepaid expenses and other assets. The note receivable outstanding at December 31, 2014, bears interest at a fixed rate of 4.75% and matured January 15, 2015. At December 31, 2014 and 2013, the fair value of the notes receivable, including accrued interest, was $2,732 and $53,482, respectively. The fair values of our notes receivable were determined by discounting the future cash flows using the current rates at which similar loans would be made to other borrowers based on similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs.

Impairment Charges

During the years ended December 31, 2013 and 2012, we recorded the following net non-cash impairment charges (reversals):

	Year Ended December 31, 2013		Year Ended December 31, 2012
Sold Operating Properties - Discontinued Operations	$	2,652	$	1,121
Operating Properties - Continuing Operations	—		(20		)
Total Net Impairment	$	2,652	$	1,101

The impairment charges for assets that qualify to be classified as held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value, less costs to sell. The impairment charges for assets not held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value. The net impairment charges recorded during the years ended December 31, 2013 and 2012 were due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction. Catch-up depreciation and amortization was recorded during the year ended December 31, 2012 for certain assets that were no longer classified as held for sale.

The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The real estate assets measured at fair value on a non-recurring basis during the years ended December 31, 2014 and 2013 were either sold or are recorded at carrying value at December 31, 2014.

The fair market values were determined using widely accepted valuation techniques including discounted cash flow analyses using expected cash flows and third party offers. For operational real estate assets, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, market rental rates, capital expenditures and the terminal capitalization rate. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

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5. Investments in and Advances to Other Real Estate Partnerships

The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.

Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:

Condensed Combined Balance Sheets:

	December 31, 2014			December 31, 2013
ASSETS
Assets:
Net Investment in Real Estate	$	278,720		$	276,294
Note Receivable	77,242			119,364
Other Assets, Net	26,884			33,234
Total Assets	$	382,846		$	428,892
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	81,231		$	97,675
Other Liabilities, Net	10,172			13,795
Partners’ Capital	291,443			317,422
Total Liabilities and Partners’ Capital	$	382,846		$	428,892
Operating Partnership’s Share of Equity	$	290,221		$	316,188
Basis Differentials (1)	(77,180		)	(119,865		)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$	213,041		$	196,323

_____________________ 

(1) This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

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Condensed Combined Statements of Operations:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Total Revenues	$	41,994		$	38,727		$	38,362
Property Expenses	(12,966		)	(12,022		)	(10,987		)
Impairment of Real Estate	—			—			172
Depreciation and Other Amortization	(11,948		)	(11,891		)	(13,543		)
Interest Income	1,309			4,999			7,776
Interest Expense	(4,669		)	(4,701		)	(5,712		)
Amortization of Deferred Financing Costs	(158		)	(187		)	(208		)
Loss from Retirement of Debt	(133		)	(214		)	—
Income from Continuing Operations	13,429			14,711			15,860
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	50			259			(126		)
Gain (Loss) on Sale of Real Estate	2,192			1,687			(93		)
Income (Loss) from Discontinued Operations	2,242			1,946			(219		)
Gain on Sale of Real Estate	—			70			—
Net Income	$	15,671		$	16,727		$	15,641

6. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014			December 31, 2013
Mortgage Loans Payable, Net	$	518,754		$	580,215		4.03% – 8.26%	4.03% – 8.26%	February 2016 – September 2022
Unamortized Premiums	(90		)	(115		)
Mortgage Loans Payable, Gross	$	518,664		$	580,100
Senior Unsecured Notes, Net
2016 Notes	$	159,621		$	159,566		5.750%	5.91%	1/15/2016
2017 Notes	54,966			54,960			7.500%	7.52%	12/1/2017
2027 Notes	6,066			6,066			7.150%	7.11%	5/15/2027
2028 Notes	31,884			31,883			7.600%	8.13%	7/15/2028
2032 Notes	10,518			10,514			7.750%	7.87%	4/15/2032
2014 Notes	—			81,149			N/A	N/A	6/1/2014
2017 II Notes	101,806			101,778			5.950%	6.37%	5/15/2017
Subtotal	$	364,861		$	445,916
Unamortized Discounts	241			980
Senior Unsecured Notes, Gross	$	365,102		$	446,896
Unsecured Term Loan*	$	200,000		N/A			1.906%	1.906%	1/29/2021
Unsecured Credit Facility**	$	185,000		$	173,000		1.662%	1.662%	9/29/2017

* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

** The maturity date may be extended an additional year at our election, subject to certain restrictions.

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Mortgage Loans Payable, Net

During the years ended December 31, 2014 and 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $59,680 and $64,395, respectively. In connection with these prepayments, we recognized $522 and $1,364 as loss from retirement of debt for the years ended December 31, 2014 and 2013, respectively.

On August 5, 2014, we assumed a mortgage loan payable from one of our Other Real Estate Partnerships totaling $8,872.

As of December 31, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $663,825. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2014.

Senior Unsecured Notes, Net

During the year ended December 31, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	430		482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the year ended December 31, 2013, which is the difference between the repurchase price and the principal amount retired, net of the pro rata write-off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements of $28, $191 and $1,116, respectively.

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794.

Unsecured Term Loan

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "Unsecured Term Loan") with a syndicate of financial institutions. The Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings.

Unsecured Credit Facility

On July 19, 2013, we amended and restated our $450,000 revolving credit agreement (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2014, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 150 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in loss from retirement of debt for the year ended December 31, 2013.

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Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
2015	$	10,537
2016	250,164
2017	351,927
2018	127,107
2019	66,432
Thereafter	462,599
Total	$	1,268,766

The Unsecured Credit Facility, Unsecured Term Loan and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and Unsecured Term Loan, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of December 31, 2014. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At December 31, 2014 and 2013, the fair value of our indebtedness was as follows:

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	518,754	$	554,118	$	580,215	$	585,449
Senior Unsecured Debt, Net	364,861		395,320		445,916		482,781
Unsecured Term Loan	200,000		200,575		N/A		N/A
Unsecured Credit Facility	185,000		185,747		173,000		173,000
Total	$	1,268,615	$	1,335,760	$	1,199,131	$	1,241,230

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured debt was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured debt, recent trades for senior unsecured debt with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured debt, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs.

7. Partners’ Capital

We have issued general partnership Units and limited partnership Units and preferred general partnership Units. The general partnership Units resulted from capital contributions from the Company. The limited partnership Units are issued in conjunction with the acquisition of certain properties (see discussion below). Subject to certain lock-up periods, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2014, we could satisfy our redemption obligations by

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making an aggregate cash payment of approximately $89,943 or by issuing 4,374,637 shares of the Company’s common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The preferred general partnership Units had an aggregate liquidation priority of $0 and $75,000 as of December 31, 2014 and 2013, respectively. We were required to make all required distributions on the preferred general partnership units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the limited partnership units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Consolidated Operating Partnership, or to amend the provisions of the partnership agreement which requires such consent.

Preferred Contributions

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series F Preferred Stock were contributed to us in exchange for 6.236% Series F Cumulative Preferred Units (the "Series F Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series F Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 6, 2014, the Company fully redeemed the Series F Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling $566. An equivalent number of Series F Preferred Units were redeemed on March 6, 2014 as well. The initial offering costs associated with the issuance of the Series F Preferred Units, as well as costs associated with the redemption, totaled $949 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2014.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series G Preferred Stock were contributed to us in exchange for 7.236% Series G Cumulative Preferred Units (the "Series G Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series G Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 31, 2014, the Company fully redeemed the Series G Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a semi-annual dividend of $36.18 per depositary share, totaling $905. An equivalent number of Series G Preferred Units were redeemed on March 31, 2014 as well. The initial offering costs associated with the issuance of the Series G Preferred Units, as well as costs associated with the redemption, totaled $513 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2014.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to us in exchange for 7.25% Series J Cumulative Preferred Units (the "Series J Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series J Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On December 21, 2012, the Company redeemed 2,000,000 Depositary Shares of the Series J Preferred Stock at a redemption price of $25.00 per Depositary Share, and paid a pro-rated fourth quarter dividend of $0.407812 per Depositary Share, totaling $816. An equivalent number of Series J Preferred Units were redeemed on December 21, 2012 as well. One-third of the initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the partial redemption, totaled $1,804 and are reflected as a deduction from net loss in determining earnings per unit for the year ended December 31, 2012. The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and the Company paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Preferred Units were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2013.

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On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, Series K Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series K Preferred Stock were contributed to us in exchange for 7.25% Series K Cumulative Preferred Units (the "Series K Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series K Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, the Company fully redeemed the Series K Preferred Stock at a redemption price of $25.00 per Depositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of Series K Preferred Units were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Units, as well as costs associated with the redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2013.

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2014, no preferred Units were outstanding. The following table summarizes the preferred Units outstanding at December 31, 2013:

	Units Outstanding	Liquidation Preference
Series F Preferred Units	500	$	50,000
Series G Preferred Units	250	$	25,000

Unit Contributions

For the years ended December 31, 2014, 2013 and 2012, 222,676, 105,028, and 535,026 limited partnership Units, respectively, were converted into an equivalent number of general partnership Units, resulting in a reclassification of $2,155, $996 and $4,763, respectively, between Limited Partners Units and General Partner Units.

During the years ended December 31, 2013 and 2012, the Company issued 8,400,000 and 9,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds to the Company for the years ended December 31, 2013 and 2012, were $132,050 and $116,715, respectively. The proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On March 1, 2012, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company’s common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "2012 ATM"). During the years ended December 31, 2013 and 2012, the Company issued 2,315,704 and 1,532,598 shares, respectively, of the Company’s common stock under the 2012 ATM resulting in net proceeds to the Company of $41,735 and $18,063. These net proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. On March 12, 2014, the 2012 ATM was terminated in preparation for the commencement of the 2014 ATM (defined hereafter).

On March 13, 2014, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 13,300,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM"). During the year ended December 31, 2014, the Company issued no shares of common stock under the 2014 ATM. Under the terms of the 2014 ATM, sales are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

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The following table is a roll-forward of the General Partnership and Limited Partnership Units outstanding, including unvested general partner restricted Units (see Note 13), for the three years ended December 31, 2014:

	General Partnership  and Limited Partnership Units Outstanding
Balance at December 31, 2011	92,044,769
Issuance of General Partner Units	11,085,905
Issuance of General Partner Restricted Units	565,137
Repurchase and Retirement of Restricted Units	(225,557	)
Balance at December 31, 2012	103,470,254
Issuance of General Partner Units	10,853,693
Issuance of General Partner Restricted Units	284,461
Repurchase and Retirement of Restricted Units	(30,245	)
Balance at December 31, 2013	114,578,163
Issuance of General Partner Units	219,695
Issuance of General Partner Restricted Units	319,055
Repurchase and Retirement of Restricted Units	(141,410	)
Balance at December 31, 2014	114,975,503

Distributions

The coupon rate of our Series F Preferred Units reset every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

The following table summarizes distributions accrued during the past three years:

	2014 Total Distribution*		2013 Total Distribution *		2012 Total Distribution *
General Partner/Limited Partner Units	$	47,263	$	38,862	$	—
Series F Preferred Units	$	566	$	2,896	$	2,728
Series G Preferred Units	$	453	$	1,809	$	1,809
Series J Preferred Units	N/A		$	2,034	$	10,785
Series K Preferred Units	N/A		$	1,994	$	3,625

________________________

* See the "Preferred Contributions" section for the redemptions and discussion of pro-rated dividends for all series of preferred stock occurring during the years ended December 31, 2014, 2013 and 2012.

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8. Accumulated Other Comprehensive Loss

The following tables summarize the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 and the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(60		)	(60		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	3,527			—			3,527
Net Current Period Other Comprehensive Income (Loss)	3,527			(60		)	3,467
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	$	1,358	$	2,411	Interest Expense
Settlement Payments to our Counterparties	3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		1,116		Loss from Retirement of Debt
	$	5,349	$	3,527	Total

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $523 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps, as defined in Note 14, will also be reclassified to net income. See Note 14 for more information about our derivatives.

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9. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	65,436		$	65,978		$	77,795
Interest Expense Capitalized in Connection with Development Activity	$	1,248		$	2,813		$	1,768
Income Taxes (Refunded) Paid	$	(105	)	$	5,433		$	(295	)
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	11,949		$	9,837		$	—
Distribution Payable on Preferred Units	$	—		$	452		$	452
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(2,155	)	$	(996	)	$	(4,763	)
General Partnership Units	2,155			996			4,763
Total	$	—		$	—		$	—
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	$	339		$	483		$	12,026
Notes Receivable Issued in Conjunction with Certain Property Sales	$	—		$	12,520		$	—
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	13,506		$	10,402		$	9,584
Write-off of Fully Depreciated Assets	$	(40,962	)	$	(52,800	)	$	(39,208	)

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10. Earnings Per Unit (EPU)

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Numerator:
Income (Loss) from Continuing Operations	$	25,687		$	5,993		$	(25,181	)
(Loss) Gain on Sale of Real Estate, Net of Income Tax Provision	(83		)	820			3,777
Income from Continuing Operations Allocable to Participating Securities	(83		)	—			—
Preferred Unit Distributions	(1,019		)	(8,733		)	(18,947		)
Redemption of Preferred Units	(1,462		)	(5,667		)	(1,804		)
Income (Loss) from Continuing Operations Available to Unitholders	$	23,040		$	(7,587	)	$	(42,155	)
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986
Income from Discontinued Operations Allocable to Participating Securities	(92		)	(162		)	—
Income from Discontinued Operations Attributable to Unitholders	$	25,489		$	34,458		$	18,986
Net Income (Loss) Available	$	48,704		$	27,033		$	(23,169	)
Net Income Allocable to Participating Securities	(175		)	(162		)	—
Net Income (Loss) Available to Unitholders	$	48,529		$	26,871		$	(23,169	)
Denominator (In Thousands):
Weighted Average Units—Basic	114,388			111,646			96,509
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	403			—			—
Weighted Average Units - Diluted	114,791			111,646			96,509
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.20		$	(0.07	)	$	(0.44	)
Income from Discontinued Operations Attributable to Unitholders	$	0.22		$	0.31		$	0.20
Net Income (Loss) Available to Unitholders	$	0.42		$	0.24		$	(0.24	)

Participating securities include Units that correspond to the Company's 463,774, 488,861 and 288,627 of unvested restricted stock awards outstanding at December 31, 2014, 2013 and 2012, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average Units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred Units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the year ended December 31, 2012, there was no allocation of income to participating security holders for the year ended December 31, 2012.

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The number of weighted average Units—diluted is the same as the number of weighted average Units—basic for the years ended December 31, 2013 and 2012, as the effect of restricted unit awards and LTIP Unit Awards (as defined in Note 13), which do not participate in non-forfeitable dividends of the Company, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. The following table discloses the number of non-participating securities outstanding for the years ended December 31, 2013 and 2012 that were excluded from the computation of diluted EPU:

	Number of Awards Outstanding at December 31, 2013	Number of Awards Outstanding at December 31, 2012
Non-Participating Securities:
Restricted Unit Awards	73,400	483,500
LTIP Unit Awards	718,960	—

11. Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2014, 2013 and 2012 are comprised of the following:

	2014			2013			2012
Current:
Federal	$	(51	)	$	231		$	(5,210	)
State	(196		)	(264		)	(253		)
Foreign	—			—			(10		)
Deferred:
State	9			36			(49		)
	$	(238	)	$	3		$	(5,522	)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2014 and 2013:

	2014			2013
Impairment of Real Estate	$	2,466		$	5,185
Foreign Net Operating Loss Carryforward	585			1,312
Valuation Allowance	(4,224		)	(5,357		)
Other	1,251			696
Total Deferred Tax Assets, Net of Allowance	$	78		$	1,836
Straight-line Rent	$	(90	)	$	(76	)
Fixed Assets	—			(1,771		)
Other	(112		)	(122		)
Total Deferred Tax Liabilities	$	(202	)	$	(1,969	)
Total Net Deferred Tax Liabilities	$	(124	)	$	(133	)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our deferred tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax assets, is included in the current tax provision.

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The income tax (provision) benefit pertaining to income (loss) from continuing operations and gain on sale of real estate of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2014, 2013 and 2012:

	2014			2013			2012
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations	$	(532	)	$	286		$	557
State Tax Provision, Net of Federal Benefit	(214		)	(236		)	(244		)
Non-deductible Permanent Items, Net	1			21			32
IRS Audit Adjustment and Accrued Interest	—			58			(5,523		)
Change in Valuation Allowance	1,133			(388		)	(166		)
Foreign Taxes, Net	—			—			(10		)
Other	(626		)	262			(168		)
Net Income Tax (Provision) Benefit	$	(238	)	$	3		$	(5,522	)

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2014, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2011 through 2014.

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we agreed to an adjustment, which resulted in us owing approximately $5,300 in taxes and accrued interest. During the year ended December 31, 2012, the Operating Partnership recorded a charge for the agreed-upon adjustment which was reflected as a component of income tax expense.

12. Future Rental Revenues

Our properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2014 are approximately as follows:

2015	$	227,895
2016	200,046
2017	166,413
2018	131,344
2019	100,235
Thereafter	270,324
Total	$	1,096,257

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13. Stock Based Compensation

In May 2014, the stockholders of the Company approved a stock incentive plan (the “2014 Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors and replaces all prior active long term stock incentive plans (the "Prior Plans"). After approval of the 2014 Stock Incentive Plan, no further awards may be issued under the Prior Plans but outstanding awards previously granted under Prior Plans remained outstanding in accordance with their terms. The number of shares of common stock that may be issued under the 2014 Stock Incentive Plan is equal to 3.6 million shares plus shares equal to the aggregate number of outstanding awards previously granted under the Prior Plans at the time the 2014 Stock Incentive Plan was approved, resulting in a total of 4.9 million shares that have been reserved for issuance under the 2014 Stock Incentive Plan. As of December 31, 2014, awards covering 3.5 million shares of common stock were available to be granted under the 2014 Stock Incentive Plan.

Officers, certain employees, the Company’s independent directors and our affiliates generally are eligible to participate in the 2014 Stock Incentive Plan. Awards made under the 2014 Stock Incentive Plan can be in the form of restricted stock awards, restricted stock units, performance share awards, dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to awards granted under the 2014 Stock Incentive Plan in the event of a change in control in the Company.

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but are not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2014, 2013 and 2012, total expense recognized for the 401(k)/Profit Sharing Plan related to matching contributions was $387, $300 and $284, respectively.

For the years ended December 31, 2014, 2013 and 2012, we awarded 299,805, 284,461 and 565,137 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $5,413, $4,719 and $7,065 on the date of approval by either the Compensation Committee of the Board of Directors or the approval date of the 2014 Stock Incentive Plan. We issued Units to the Company in the same amounts. These restricted stock awards were issued based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the year ended December 31, 2014, we awarded 19,250 shares of restricted stock to non-employee members of the Board of Directors, which had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period.

Compensation expense is charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2014, 2013 and 2012, we recognized $1,451, $1,008 and $3,649, respectively, of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required.

The Board of Directors adopted the 2013 Long-Term Incentive Program ("LTIP") and, effective July 1, 2013, certain officers and employees were granted 718,960 performance units ("LTIP Unit Awards"). The LTIP Unit Awards had a fair value of $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of our common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for half of the granted units is calculated based upon the performance from July 1, 2013 through June 30, 2014 and the TSR for the other half is calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100% based on our TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement.

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As mentioned above, the fair value of the LTIP Unit Awards at issuance was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using the following assumptions:

Expected dividend yield	2.22	%
Expected volatility - range used	24.28% - 34.66%
Expected volatility - weighted average	30.61	%
Risk-free interest rate	0.03% - 0.71%
Expected term	1 - 2.5 years

For the years ended December 31, 2014, 2013 and 2012, we recognized $7,605, $6,202 and $8,559, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $41, $34 and $21 was capitalized in connection with development activities. At December 31, 2014, we had $5,079 in unrecognized compensation related to unvested restricted stock awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.79 years.

Restricted stock and unit award and LTIP Unit Award transactions for the year ended December 31, 2014 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013 (Restricted Stock and Unit and LTIP Unit Awards)	1,281,221		$	9.72
Issued (Restricted Stock Awards)	319,055		$	18.06
Forfeited (Restricted Stock and Unit and LTIP Unit Awards)	(105,346	)	$	5.83
Vested (Restricted Stock and LTIP Unit Awards)	(678,212	)	$	10.69
Outstanding at December 31, 2014 (Restricted Stock and LTIP Unit Awards)	816,718		$	12.68

14. Derivatives

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

In connection with origination of the Unsecured Term Loan (see Note 6), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021.We designated the Group I Swaps as cash flow hedges.

In order to maintain our flexibility to pursue an offering of unsecured debt in the future, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Group II Swaps"; together with the Group I Swaps, the "Swaps"). The Group II Swaps fix the LIBOR rate at a rate of 2.5795% and are effective from December 1, 2014 through December 1, 2024. We designated the Group II Swaps as cash flow hedges.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of December 31, 2014, we have not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value.

Our Series F Preferred Units were subject to a coupon rate reset. The coupon rate reset every quarter at 2.375% plus the greater of i) the 30 year Treasury CMT Rate, ii) the 10 year Treasury CMT Rate or iii) 3-month LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Units (the "Series F Agreement"). This Series F Agreement fixed the 30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded

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in the statement of operations. For the year ended December 31, 2013, gains of $52 were recognized as mark-to-market gain on interest rate protection agreements. Quarterly payments were treated as a component of the mark-to-market gains or losses and totaled $774 for the year ended December 31, 2013. The Series F Agreement matured on October 1, 2013.

The following table sets forth our financial liabilities related to the Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of December 31, 2014:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Swaps	$	(12,279	)	—	$	(12,279	)	—

There was no ineffectiveness recorded on the Swaps during the year ended December 31, 2014. See Note 8 for more information.

The estimated fair value of the Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the Swaps fell within Level 2 of the fair value hierarchy.

15. Related Party Transactions

At December 31, 2014 and 2013, we had receivable (payable) balances of $5,717 and $(1,799), respectively, from/to wholly owned entities of the Company.

16. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.

One property has a lease granting the tenant an option to purchase the property. Such option is exercisable at a fixed purchase price in excess of our depreciated cost of the asset. We have no notice of exercise of the tenant purchase option.

At December 31, 2014, we had outstanding letters of credit and performance bonds in the aggregate amount of $17,585.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At December 31, 2014, we had three industrial buildings totaling approximately 0.8 million square feet of GLA under construction. The estimated total investment as of December 31, 2014 is approximately $35,200 (unaudited). Of this amount, approximately $16,600 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment stated above.

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Ground and Operating Lease Agreements

For the years ended December 31, 2014, 2013 and 2012, we recognized $1,300, $1,440 and $1,565, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2014 are as follows:

2015	$	1,939
2016	1,975
2017	1,911
2018	1,165
2019	533
Thereafter	26,391
Total*	$	33,914

___________________

* Minimum rental payments have not been reduced by minimum sublease rentals of $5,359 due in the future under non-cancelable subleases.

17. Subsequent Events

From January 1, 2015 to February 24, 2015, we sold six industrial properties for approximately $12,864.

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18. Quarterly Financial Information (unaudited)

The following tables summarize our quarterly financial information. The first, second and third fiscal quarters of 2014 and all fiscal quarters in 2013 have been revised in accordance with guidance on accounting for discontinued operations. Net Income (Loss) Available to Unitholders and Participating Securities and basic and diluted EPU from Net Income (Loss) Available to Unitholders have not been affected.

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	73,536		$	74,082		$	76,210		$	78,777
Equity in Income of Other Real Estate Partnerships	3,094			2,516			4,775			3,826
Equity in Income (Loss) of Joint Ventures	2,966			556			(14		)	(9		)
Income from Continuing Operations	4,218			3,281			10,145			8,043
Income from Discontinued Operations	860			946			12,073			11,702
Loss on Sale of Real Estate	—			—			—			(83		)
Net Income	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(21		)	(33		)	(41		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(10		)	(10		)	(49		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	114,245			114,278			114,512			114,512
LTIP Unit Awards	539			589			199			287
Weighted Average Units —Diluted	114,784			114,867			114,711			114,799

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	Year Ended December 31, 2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	68,791		$	70,019		$	69,377		$	71,540
Equity in Income of Other Real Estate Partnerships	2,172			2,399			4,546			2,486
Equity in Income of Joint Ventures	20			27			72			17
Income (Loss) from Continuing Operations	299			(1,548		)	4,958			2,284
(Loss) Income from Discontinued Operations	(1,689		)	12,941			3,559			19,809
Gain on Sale of Real Estate, Net of Income Tax	262			—			221			337
Net (Loss) Income	(1,128		)	11,393			8,738			22,430
Preferred Unit Distributions	(3,837		)	(2,277		)	(1,392		)	(1,227		)
Redemption of Preferred Units	—			(3,546		)	(2,121		)	—
Net (Loss) Income Available to Unitholders and Participating Securities	(4,965		)	5,570			5,225			21,203
Income from Continuing Operations Allocable to Participating Securities	(36		)	—			(13		)	(6		)
Income from Discontinued Operations Allocable to Participating Securities	—			(42		)	(29		)	(85		)
Net (Loss) Income Available to Unitholders	$	(5,001	)	$	5,528		$	5,183		$	21,112
Basic Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.18
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.19
Diluted Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.17
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.18
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	105,477			112,808			114,089			114,089
LTIP Unit Awards	—			—			407			485
Weighted Average Units —Diluted	105,477			112,808			114,496			114,574

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Independent Auditor’s Report

To the Partners of

First Industrial Pennsylvania, L.P.:

We have audited the accompanying consolidated financial statements of First Industrial Pennsylvania, L.P. and its subsidiaries, which comprise theconsolidatedbalance sheetsas of December 31, 2014and December 31, 2013, and the related consolidatedstatements of operations, changes in partners’ capital and cash flowsfor each of the three years in the period ended December 31, 2014.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidatedfinancial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidatedfinancial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to First Industrial Pennsylvania, L.P.'s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of First Industrial Pennsylvania, L.P.'s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of First Industrial Pennsylvania, L.P. and its subsidiaries at December 31, 2014 and December 31, 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014 in accordance with accounting principles generally accepted in the United States of America.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2015

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FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED BALANCE SHEETS

	December 31, 2014			December 31, 2013
	(In thousands)
ASSETS
Assets:
Investment in Real Estate:
Land	$	47,426		$	47,629
Buildings and Improvements	95,787			93,459
Construction in Progress	2,838			1,815
Less: Accumulated Depreciation	(24,666		)	(21,788		)
Net Investment in Real Estate	121,385			121,115
Cash and Cash Equivalents	576			349
Tenant Accounts Receivable, Net	472			438
Related Party Note Receivable	77,242			119,364
Deferred Rent Receivable, Net	3,951			3,000
Deferred Financing Costs, Net	148			199
Deferred Leasing Intangibles, Net	2,147			2,396
Prepaid Expenses, Accrued Interest Income and Other Assets, Net	3,345			1,579
Total Assets	$	209,266		$	248,440
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	31,970		$	34,188
Accounts Payable, Accrued Expenses and Other Liabilities	2,116			5,335
Rents Received in Advance and Security Deposits	1,502			1,106
Total Liabilities	35,588			40,629
Commitments and Contingencies	—			—
Partners’ Capital	173,678			207,811
Total Liabilities and Partners’ Capital	$	209,266		$	248,440

The accompanying notes are an integral part of the consolidated financial statements.

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FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
	(In thousands)
Revenues:
Rental Income	$	11,719		$	9,917		$	10,003
Tenant Recoveries and Other Income	3,440			3,018			2,881
Total Revenues	15,159			12,935			12,884
Expenses:
Property Expenses	4,694			3,895			3,388
Depreciation and Other Amortization	4,197			3,860			4,661
Total Expenses	8,891			7,755			8,049
Other Income (Expense):
Related Party Interest Income and Facility Fee Income	1,369			5,065			7,825
Interest Expense	(1,465		)	(904		)	(1,506		)
Amortization of Deferred Financing Costs	(39		)	(43		)	(43		)
Loss from Retirement of Debt	(43		)	—			—
Total Other Income (Expense)	(178		)	4,118			6,276
Income from Continuing Operations	6,090			9,298			11,111
Discontinued Operations:
Loss Attributable to Discontinued Operations	(10		)	(30		)	(37		)
Gain on Sale of Real Estate	147			—			—
Income (Loss) from Discontinued Operations	137			(30		)	(37		)
Gain on Sale of Real Estate	—			62			—
Net Income	$	6,227		$	9,330		$	11,074

The accompanying notes are an integral part of the consolidated financial statements.

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FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	Total
	(In thousands)
Balance at December 31, 2011	$	199,796
Contributions	33,938
Distributions	(28,992		)
Net Income	11,074
Balance at December 31, 2012	$	215,816
Contributions	31,685
Distributions	(49,020		)
Net Income	9,330
Balance at December 31, 2013	$	207,811
Contributions	107,467
Distributions	(147,827		)
Net Income	6,227
Balance at December 31, 2014	$	173,678

The accompanying notes are an integral part of the consolidated financial statements.

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FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	6,227		$	9,330		$	11,074
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	3,571			3,232			3,927
Amortization of Deferred Financing Costs	39			43			43
Other Amortization	690			682			879
Provision for Bad Debt	—			7			22
Gain on Sale of Real Estate	(147		)	(62		)	—
Loss from Retirement of Debt	43			—			—
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses, Accrued Interest Income and Other Assets, Net	(39		)	(235		)	1,444
Increase in Deferred Rent Receivable	(951		)	(220		)	(196		)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	867			69			67
Prepayment Penalties Associated with Retirement of Debt	(31		)	—			—
Net Cash Provided by Operating Activities	10,269			12,846			17,260
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Real Estate	—			—			(6,887		)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(10,919		)	(18,592		)	(3,861		)
Net Proceeds from Sales of Investment in Real Estate	1,333			98			—
Repayments of Related Party Notes Receivable	109,526			24,425			9,699
Funding of Related Party Notes Receivable	(67,404		)	(807		)	(20,773		)
Net Cash Provided by (Used in) Investing Activities	32,536			5,124			(21,822		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions	107,467			31,685			33,938
Distributions	(147,827		)	(49,020		)	(28,992		)
Repayments on Mortgage Loans Payable	(2,218		)	(657		)	(626		)
Net Cash (Used in) Provided by Financing Activities	(42,578		)	(17,992		)	4,320
Net Increase (Decrease) in Cash and Cash Equivalents	227			(22		)	(242		)
Cash and Cash Equivalents, Beginning of Year	349			371			613
Cash and Cash Equivalents, End of Year	$	576		$	349		$	371

The accompanying notes are an integral part of the consolidated financial statements.

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FIRST INDUSTRIAL PENNSYLVANIA, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)

1. Organization and Formation of Partnership

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 96.2% and 96.0% partnership interest at December 31, 2014 and 2013, respectively. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 3.8% and 4.0% interest in the Operating Partnership at December 31, 2014 and 2013, respectively.

The Operating Partnership owns a 99.72% limited partnership interest in First Industrial Pennsylvania, L.P. The general partner of First Industrial Pennsylvania, L.P. is a separate corporation, with a 0.28% general partnership interest in First Industrial Pennsylvania, L.P. The general partner of First Industrial Pennsylvania, L.P. is a wholly-owned subsidiary of the Company.

As of December 31, 2014, First Industrial Pennsylvania, L.P. owned 17 industrial properties, containing an aggregate of approximately 2.8 million square feet of GLA and several land parcels aggregating to 295 acres. Two separate land parcels, aggregating to 237 acres, are leased to a tenant under non-cancelable ground leases.

Profits, losses and distributions of First Industrial Pennsylvania, L.P. are allocated to the general partner and the limited partner in accordance with the provisions contained within the restated and amended partnership agreement.

Any references to the number of buildings, square footage or acreage in the financial statement footnotes are unaudited.

2. Basis of Presentation and Summary of Significant Accounting Policies

The consolidated financial statements at December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012 include the accounts and operating results of First Industrial Pennsylvania, L.P. and its wholly owned subsidiaries.

In order to conform with generally accepted accounting principles, management, in preparation of First Industrial Pennsylvania, L.P.’s financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2014 and 2013, and the reported amounts of revenues and expenses for each of the years ended December 31, 2014, 2013 and 2012. Actual results could differ from those estimates.

The consolidated financial statements have been prepared pursuant to Rule 3-09 of SEC Regulation S-X for inclusion in the Form 10-K of First Industrial L.P., as First Industrial Pennsylvania, L.P. is an equity investee of First Industrial L.P.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. First Industrial Pennsylvania, L.P. reviews its properties on a quarterly basis for impairment and provides a provision if impairments exist. To determine if an impairment may exist, First Industrial Pennsylvania, L.P. reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, First Industrial Pennsylvania, L.P. estimates the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, First Industrial Pennsylvania, L.P. will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, First Industrial Pennsylvania, L.P. ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and as a result, First Industrial Pennsylvania, L.P. decides not to sell a property previously classified as held for sale, First Industrial Pennsylvania, L.P. will reclassify such property as held and used. Such property is measured at the

82

lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. First Industrial Pennsylvania, L.P. classifies properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, First Industrial Pennsylvania, L.P. reclassifies construction in progress to building, tenant improvement and leasing commissions. Such costs begin to be capitalized to the development projects from the point First Industrial Pennsylvania, L.P. is undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 40
Land Improvements	13 to 20
Tenant Improvements	Shorter of Lease Term or Useful Life

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of a property, First Industrial Pennsylvania, L.P. allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and tenant relationships. First Industrial Pennsylvania, L.P. allocates the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Deferred leasing intangibles, net of accumulated amortization included in First Industrial Pennsylvania, L.P.’s total assets consist of the following:

	December 31, 2014		December 31, 2013
In-Place Leases	$	868	$	994
Above Market Leases	909		975
Tenant Relationships	370		427
Total Included in Total Assets, Net of $1,916 and $1,682 of Accumulated Amortization	$	2,147	$	2,396

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Amortization expense related to in-place leases and tenant relationships was $183, $301 and $458 for the years ended December 31, 2014, 2013 and 2012, respectively. Rental revenues (decreased) increased by $(66), $(9) and $15 related to amortization of above/(below) market leases for the years ended December 31, 2014, 2013 and 2012, respectively. First Industrial Pennsylvania, L.P. will recognize amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows:

	Estimated  Amortization of In-Place Leases and Tenant Relationships		Estimated Decrease to Rental Revenues Related to Above Market Leases
2015	$	171	$	66
2016	$	138	$	66
2017	$	124	$	66
2018	$	89	$	66
2019	$	63	$	66

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $145 and $134 at December 31, 2014 and 2013, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenues in the same period the related expenses are incurred by First Industrial Pennsylvania, L.P.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when First Industrial Pennsylvania, L.P. has no further obligations under the lease.

Interest income on the related party notes receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

First Industrial Pennsylvania, L.P. provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $21 and $21 as of December 31, 2014 and 2013, respectively. For accounts receivable First Industrial Pennsylvania, L.P. deems uncollectible, First Industrial Pennsylvania, L.P. uses the direct write-off method.

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by First Industrial Pennsylvania, L.P. after completion of each sale are accrued and included in the determination of the gain on sales.

84

Related Party Notes Receivable

Related party note receivable is comprised of a revolving secured note receivable. The note receivable is recorded at fair value at the time of issuance. Interest income is accrued as earned. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. On a quarterly basis, First Industrial Pennsylvania, L.P. evaluates the collectability of each note receivable based on various factors which may include payment history, expected fair value of the collateral, to the extent applicable, on the loan and internal credit information. A loan is considered impaired when, based upon current information and events, it is probable that First Industrial Pennsylvania, L.P. will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since First Industrial Pennsylvania, L.P.’s note receivable is collateralized by a first mortgage, the loan has risk characteristics similar to the risks in owning commercial real estate.

Fair Value of Financial Instruments

First Industrial Pennsylvania, L.P.’s financial instruments include tenant accounts receivable, related party notes receivable, accounts payable, other accrued expenses and mortgage loans payable. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 5 for the fair values of the mortgage loans payable and see Note 3 for the fair value of the related party notes receivable.

Discontinued Operations

The FASB’s guidance on financial reporting for the disposal of long lived assets requires that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of First Industrial Pennsylvania, L.P. as a result of the disposal transaction and (b) First Industrial Pennsylvania, L.P. will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption in the first quarter of 2015, First Industrial Pennsylvania, L.P. anticipates the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of First Industrial Pennsylvania, L.P.'s tenant related revenue is recognized pursuant to lease agreements. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. First Industrial Pennsylvania, L.P. is currently evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements.

3. Related Party Note Receivable

On July 1, 2009, the Operating Partnership contributed and assigned to First Industrial Pennsylvania, L.P. title and interest in a revolving secured note receivable (the "Related Party Secured Note Receivable") in exchange for an increased ownership interest in First Industrial Pennsylvania, L.P. On September 1, 2012, First Industrial Pennsylvania, L.P. amended and restated the Related Party Secured Note Receivable. The amendment extended the maturity date of the Related Party Secured Note Receivable to September 1, 2015 and changed the variable interest rate to be equal to the one month term LIBOR rate, as of two business days prior to each calendar month end, plus 2.60%. Effective July 1, 2014, the loan agreement was amended to adjust the lending capacity, decreasing it from $550,000 to $40,000. Effective December 1, 2014 the lending capacity was again adjusted, increasing it from $40,000 to $110,000. The Related Party Secured Note Receivable also earns a quarterly facility fee equal to 0.25% per annum of the lending capacity. The borrowers on the Related Party Secured Note Receivable

85

include the Operating Partnership, two subsidiaries of the Operating Partnership and one subsidiary of First Industrial Pennsylvania, L.P. (collectively the "Related Party Borrowers"). As of December 31, 2014, the Related Party Secured Note Receivable was collateralized by industrial properties with a net carrying value of $111,832.

At December 31, 2014 and 2013, the fair value of the Related Party Secured Note Receivable was $77,242 and $119,364, respectively. The fair value of the Related Party Secured Note Receivable was determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates utilized were internally estimated. First Industrial Pennsylvania, L.P. has concluded that its determination of fair value for the Related Party Secured Note Receivable was primarily based upon Level 3 inputs.

4. Investment in Real Estate

Sales and Discontinued Operations

In 2013 and 2012, First Industrial Pennsylvania, L.P. did not sell any industrial properties.

In 2014, First Industrial Pennsylvania, L.P. sold two industrial properties comprising approximately 0.02 million square feet of GLA. Gross proceeds from the sale of the two industrial properties were approximately $1,470. The two industrial properties meet the criteria to be included in discontinued operations. Therefore, the results of operations and gain on sale of real estate of $147 for the two sold industrial properties are included in discontinued operations.

The following table discloses certain information regarding the industrial properties included in discontinued operations by First Industrial Pennsylvania, L.P. for the years ended December 31, 2014, 2013 and 2012. 

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Total Revenues	$	34		$	102		$	176
Property Expenses	(29		)	(75		)	(63		)
Depreciation and Amortization	(15		)	(57		)	(150		)
Gain on Sale of Real Estate	147			—			—
Income (Loss) from Discontinued Operations	$	137		$	(30	)	$	(37	)

5. Indebtedness

	Outstanding Balance at				Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014		December 31, 2013
Mortgage Loans Payable	$	31,970	$	34,188	4.45% – 7.50%	4.45% – 7.50%	June 2018 – October 2020

During the year ended December 31, 2014, First Industrial Pennsylvania, L.P. paid off and retired prior to maturity a mortgage loan payable in the amount of $1,547. In connection with this prepayment, First Industrial Pennsylvania, L.P. recognized $43 as loss from retirement of debt for the year ended December 31, 2014.

As of December 31, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized by, industrial properties with a net carrying value of $29,729. First Industrial Pennsylvania, L.P. believes it was in compliance with all covenants relating to mortgage loans payable as of December 31, 2014.

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The following is a schedule of the stated maturities and scheduled principal payments of mortgage loans payable for the next five years ending December 31, and thereafter:

	Amount
2015	$	683
2016	718
2017	754
2018	20,447
2019	313
Thereafter	9,055
Total	$	31,970

At December 31, 2014 and 2013, the fair value of mortgage loans payable was as follows:

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable	$	31,970	$	33,873	$	34,188	$	34,389

The fair values of the mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar similar remaining maturities. The current market rates utilized were internally estimated. First Industrial Pennsylvania, L.P. has concluded that its determination of fair value for the mortgage loans payable was primarily based upon Level 3 inputs.

6. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	1,473		$	907		$	1,509
Interest Expense Capitalized in Connection with Development Activity	$	163		$	798		$	228
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	970		$	4,633		$	2,698
Write-off of Fully Depreciated Assets	$	(422	)	$	(4,698	)	$	(2,048	)

7. Future Rental Revenues

First Industrial Pennsylvania, L.P.’s properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2014 are approximately as follows:

2015	$	11,851
2016	10,569
2017	8,812
2018	7,475
2019	6,733
Thereafter	41,369
Total	$	86,809

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Credit Risk

For the years ended December 31, 2014, 2013 and 2012, ADESA accounted for 18.9%, 22.2% and 21.9% of rental revenues, respectively.

8. Related Party Transactions

At December 31, 2014 and 2013, First Industrial Pennsylvania, L.P. had receivable balances of $76,878 and $119,635, respectively, from wholly owned entities of the Company and the Operating Partnership. The receivable balances include the related party notes receivable and accrued interest income.

9. Commitments and Contingencies

In the normal course of business, First Industrial Pennsylvania, L.P. is involved in legal actions arising from the ownership of its industrial properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of First Industrial Pennsylvania, L.P.

At December 31, 2014, we had outstanding letters of credit and performance bonds in the aggregate amount of $7,787.

10. Subsequent Events

Subsequent events were evaluated through February 24, 2015 and it was determined that there were no events that required disclosure within these financial statements.

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Independent Auditor’s Report

To the Partners of

The Combined Partnerships:

We have audited the accompanying combined financial statements of the Combined Partnerships and their subsidiaries, which comprise the combined balance sheetas of December 31, 2013, and the related combined statements of operations, changes in partners’ capital and cash flowsfor the year then ended.

Management's Responsibility for the Combined Financial Statements

Management is responsible for the preparation and fair presentation of the combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Combined Partnerships' preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Combined Partnerships' internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the Combined Partnerships and its subsidiaries at December 31, 2013 and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matter

The accompanying balance sheet of the Combined Partnerships and their subsidiaries as of December 31, 2014, and the related statements of income and cash flows for the year ended December 31, 2014 and the year ended December 31, 2012 were not audited, reviewed, or compiled by us and, accordingly, we do not express an opinion or any other form of assurance on them.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 27, 2014

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THE COMBINED PARTNERSHIPS

COMBINED BALANCE SHEETS

	December 31, 2014 (Unaudited)			December 31, 2013
ASSETS
Assets:
Investment in Real Estate:
Land	$	31,117		$	22,544
Buildings and Improvements	83,293			85,845
Construction in Progress	298			—
Less: Accumulated Depreciation	(36,795		)	(35,870		)
Net Investment in Real Estate	77,913			72,519
Cash and Cash Equivalents	670			158
Tenant Accounts Receivable, Net	361			277
Deferred Rent Receivable, Net	1,924			1,995
Deferred Financing Costs, Net	256			333
Deferred Leasing Intangibles, Net	648			753
Prepaid Expenses and Other Assets, Net	1,903			2,250
Total Assets	$	83,675		$	78,285
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	31,064		$	32,835
Accounts Payable, Accrued Expenses and Other Liabilities	1,425			1,737
Deferred Leasing Intangibles, Net	1,628			1,748
Rents Received in Advance and Security Deposits	1,274			1,160
Total Liabilities	35,391			37,480
Commitments and Contingencies	—			—
Partners’ Capital	48,284			40,805
Total Liabilities and Partners’ Capital	$	83,675		$	78,285

The accompanying notes are an integral part of the combined financial statements.

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THE COMBINED PARTNERSHIPS

COMBINED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2014 (Unaudited)			Year Ended December 31, 2013			Year Ended December 31, 2012 (Unaudited)
	(In thousands)
Revenues:
Rental Income	$	10,017		$	10,160		$	9,797
Tenant Recoveries and Other Income	2,963			2,795			2,999
Total Revenues	12,980			12,955			12,796
Expenses:
Property Expenses	4,172			3,786			3,857
Depreciation and Other Amortization	3,771			3,820			4,440
Total Expenses	7,943			7,606			8,297
Other Expense:
Interest Expense	(1,531		)	(1,585		)	(1,531		)
Amortization of Deferred Financing Costs	(73		)	(77		)	(75		)
Loss from Retirement of Debt	(4		)	—			—
Total Other Expense	(1,608		)	(1,662		)	(1,606		)
Income from Continuing Operations	3,429			3,687			2,893
Discontinued Operations:
Income Attributable to Discontinued Operations	81			226			59
Gain on Sale of Real Estate	1,851			1,632			—
Income from Discontinued Operations	1,932			1,858			59
Net Income	$	5,361		$	5,545		$	2,952

The accompanying notes are an integral part of the combined financial statements.

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THE COMBINED PARTNERSHIPS

COMBINED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	Total
	(In thousands)
Balance at December 31, 2011 (Unaudited)	$	49,060
Contributions (Unaudited)	9,062
Distributions (Unaudited)	(16,813		)
Net Income (Unaudited)	2,952
Balance at December 31, 2012 (Unaudited)	$	44,261
Contributions	3,152
Distributions	(12,153		)
Net Income	5,545
Balance at December 31, 2013	$	40,805
Contributions (Unaudited)	13,957
Distributions (Unaudited)	(11,839		)
Net Income (Unaudited)	5,361
Balance at December 31, 2014 (Unaudited)	$	48,284

The accompanying notes are an integral part of the combined financial statements.

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THE COMBINED PARTNERSHIPS

COMBINED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2014 (Unaudited)			Year Ended December 31, 2013			Year Ended December 31, 2012 (Unaudited)
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	5,361		$	5,545		$	2,952
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	3,329			3,473			3,967
Amortization of Deferred Financing Costs	73			77			75
Other Amortization	459			550			817
Provision for (Reversal of) Bad Debt	85			(10		)	43
Gain on Sale of Real Estate	(1,851		)	(1,632		)	—
Loss from Retirement of Debt	4			—			—
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	22			(131		)	(267		)
Increase in Deferred Rent Receivable	(18		)	(212		)	(74		)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(105		)	(158		)	390
Net Cash Provided by Operating Activities	7,359			7,502			7,903
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Real Estate	(9,848		)	—			—
Additions to Investment in Real Estate and Lease Costs	(2,515		)	(1,558		)	(3,249		)
Net Proceeds from Sales of Investments in Real Estate	5,169			3,626			—
Net Cash (Used in) Provided by Investing Activities	(7,194		)	2,068			(3,249		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions	13,957			3,152			9,062
Distributions	(11,839		)	(12,153		)	(16,813		)
Debt Issuance Costs	—			—			(34		)
Proceeds from Origination of Mortgage Loans Payable	—			—			3,038
Repayments on Mortgage Loans Payable	(1,771		)	(577		)	(513		)
Net Cash Provided by (Used in) Financing Activities	347			(9,578		)	(5,260		)
Net Increase (Decrease) in Cash and Cash Equivalents	512			(8		)	(606		)
Cash and Cash Equivalents, Beginning of Year	158			166			772
Cash and Cash Equivalents, End of Year	$	670		$	158		$	166

The accompanying notes are an integral part of the combined financial statements.

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THE COMBINED PARTNERSHIPS

NOTES TO COMBINED FINANCIAL STATEMENTS

(In thousands)

1. Organization and Formation of Partnerships

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 96.2% and 96.0% partnership interest at December 31, 2014 and 2013, respectively. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 3.8% and 4.0% interest in the Operating Partnership at December 31, 2014 and 2013, respectively.

The Operating Partnership owns a 99.9% and 99.0% limited partnership interest in First Industrial Financing Partnership L.P. and First Industrial Indianapolis L.P., respectively. The general partner is a separate corporation and is a wholly-owned subsidiary of the Company, with a 0.01% and 1.0% general partnership interest in First Industrial Financing Partnership L.P. and First Industrial Indianapolis L.P., respectively. First Industrial Financing Partnership L.P. and its subsidiaries and First Industrial Indianapolis L.P. are collectively referred to as the "Combined Partnerships."

As of December 31, 2014, the Combined Partnerships own 23 industrial properties, containing an aggregate of approximately 3.0 million square feet of GLA.

Profits, losses and distributions of the Combined Partnerships are allocated to the general partner and the limited partner in accordance with the provisions contained within the restated and amended partnership agreements.

Any references to the number of buildings, square footage or acreage in the financial statement footnotes are unaudited.

2. Basis of Presentation and Summary of Significant Accounting Policies

The combined financial statements at December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012 include the accounts and operating results of the Combined Partnerships and their wholly owned subsidiaries. The Combined Partnerships have been presented on a combined basis because they are under common control.

In order to conform with generally accepted accounting principles, management, in preparation of the Combined Partnerships’ financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2014 and 2013, and the reported amounts of revenues and expenses for each of the years ended December 31, 2014, 2013 and 2012. Actual results could differ from those estimates.

The combined financial statements for the years ended December 31, 2014 and 2012 are unaudited. Those unaudited combined financial statements include all adjustments of a normal recurring nature necessary to present fairly the Combined Partnerships' financial position, results of operations and cash flows for the years presented.

These combined financial statements have been prepared pursuant to Rule 3-09 of SEC Regulation S-X for inclusion in the Form 10-K of First Industrial L.P., as the Combined Partnerships are equity investees of First Industrial L.P. Pursuant to Rule 3-09, only combined financial statements as of and for the year ended December 31, 2013 are required to and have been audited.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. The Combined Partnerships review their properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, the Combined Partnerships review their properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, the Combined Partnerships estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, the Combined Partnerships will

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recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Combined Partnerships cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and as a result, the Combined Partnerships decide not to sell a property previously classified as held for sale, the Combined Partnerships will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Combined Partnerships classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, the Combined Partnerships reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point the Combined Partnerships are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 40
Land Improvements	14 to 15
Tenant Improvements	Shorter of Lease Term or Useful Life

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of a property, the Combined Partnerships allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and tenant relationships. The Combined Partnerships allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

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Deferred leasing intangibles, net of accumulated amortization included in the Combined Partnerships’ total assets and total liabilities consist of the following:

	December 31, 2014 (Unaudited)		December 31, 2013
In-Place Leases	$	541	$	638
Above Market Leases	12		14
Tenant Relationships	95		101
Total Included in Total Assets, Net of $450 and $1,243 of Accumulated Amortization	$	648	$	753
Below Market Leases	$	1,628	$	1,748
Total Included in Total Liabilities, Net of $755 and $635 of Accumulated Amortization	$	1,628	$	1,748

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases included in discontinued operations, was $102 (unaudited), $160 and $174 (unaudited) for the years ended December 31, 2014, 2013 and 2012, respectively. Rental revenues increased by $116 (unaudited), $116 and $116 (unaudited) related to net amortization of above/(below) market leases for the years ended December 31, 2014, 2013 and 2012, respectively. The Combined Partnerships will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows (unaudited):

	Estimated  Amortization of In-Place Leases and Tenant Relationships		Estimated Net  Increase to Rental Revenues Related to Above and Below Market Leases
2015	$	55	$	116
2016	$	55	$	116
2017	$	55	$	116
2018	$	55	$	116
2019	$	55	$	118

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $240 (unaudited) and $229 at December 31, 2014 and 2013, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by the Combined Partnerships.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when the Combined Partnerships have no further obligations under the lease.

The Combined Partnerships provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the combined balance sheets are shown net of an allowance for doubtful accounts of $78 (unaudited) and $2 as of December 31, 2014 and 2013, respectively. Deferred rent receivable in the combined balance sheets are shown net of an allowance for doubtful accounts of $32 (unaudited) and $0 as of December 31, 2014 and 2013, respectively. For accounts receivable deemed uncollectible, the Combined Partnerships use the direct write-off method.

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Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Combined Partnerships after completion of each sale are accrued and included in the determination of the gain on sales.

Fair Value of Financial Instruments

The financial instruments of the Combined Partnerships include tenant accounts receivable, accounts payable, other accrued expenses and mortgage loans payable. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 4 for the fair values of the mortgage loans payable.

Discontinued Operations

The FASB’s guidance on financial reporting for the disposal of long lived assets requires that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Combined Partnerships as a result of the disposal transaction and (b) the Combined Partnerships will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior combined statements of operations.

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption in the first quarter of 2015, the Combined Partnerships anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Combined Partnerships' tenant related revenue is recognized pursuant to lease agreements. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Combined Partnerships are currently evaluating impact of the adoption of ASU 2014-09 on the combined financial statements.

3. Investment in Real Estate

Acquisitions

In 2014, the Combined Partnerships acquired several land parcels. The purchase price of these land parcels totaled approximately $9,635 (unaudited), excluding costs incurred in conjunction with the acquisition of the land parcels.

Sales and Discontinued Operations

In 2012 the Combined Partnerships did not sell any industrial properties.

In 2013, the Combined Partnerships sold one industrial property comprising approximately 0.2 million square feet of GLA. Gross proceeds from the sale of the one industrial property was approximately $3,789. The one industrial property meets the criteria to be included in discontinued operations. Therefore, the results of operations and gain on sale of real estate for the one sold industrial property is included in discontinued operations.

In 2014, the Combined Partnerships sold one industrial property comprising approximately 0.1 million square feet of GLA. Gross proceeds from the sale of the one industrial property was approximately $5,350 (unaudited). The one industrial

97

property meets the criteria to be included in discontinued operations. Therefore, the results of operations and gain on sale of real estate for the one sold industrial property is included in discontinued operations.

The following table discloses the discontinued operation for the years ended December 31, 2014, 2013 and 2012.

	Year Ended December 31, 2014 (Unaudited)			Year Ended December 31, 2013			Year Ended December 31, 2012 (Unaudited)
Total Revenues	$	312		$	860		$	824
Property Expenses	(115		)	(347		)	(375		)
Depreciation and Amortization	(116		)	(287		)	(390		)
Gain on Sale of Real Estate	1,851			1,632			—
Income from Discontinued Operations	$	1,932		$	1,858		$	59

4. Indebtedness

	Outstanding Balance at				Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014 (Unaudited)		December 31, 2013
Mortgage Loans Payable	$	31,064	$	32,835	4.03% – 7.87%	4.03% – 7.87%	June 2018 – September 2022

During the year ended December 31, 2014, the Combined Partnerships paid off and retired prior to maturity a mortgage loan payable in the amount of $1,174 (unaudited). In connection with this prepayment, the Combined Partnerships recognized $4 (unaudited) as loss from retirement of debt for the year ended December 31, 2014.

As of December 31, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized by, industrial properties with a net carrying value of $24,293 (unaudited). The Combined Partnerships believe it was in compliance with all covenants relating to mortgage loans payable as of December 31, 2014.

The following is a schedule of the stated maturities and scheduled principal payments of mortgage loans payable for the next five years ending December 31, and thereafter (unaudited):

	Amount
2015	$	606
2016	635
2017	665
2018	20,386
2019	2,304
Thereafter	6,468
Total	$	31,064

At December 31, 2014 and 2013, the fair value of mortgage loans payable was as follows:

	December 31, 2014 (Unaudited)				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable	$	31,064	$	32,372	$	32,835	$	32,285

The fair values of the mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates utilized were internally estimated. The Combined Partnerships have concluded that its determination of fair value for the mortgage loans payable was primarily based upon Level 3 inputs.

98

5. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2014 (Unaudited)			Year Ended December 31, 2013			Year Ended December 31, 2012 (Unaudited)
Interest Paid	$	1,540		$	1,587		$	1,522
Assumption of Other Liabilities in Connection with the Acquisition of Real Estate	$	25		$	—		$	—
Accounts Payable Related to Additions to Investment in Real Estate	$	105		$	172		$	63
Write-off of Fully Depreciated Assets	$	(2,446	)	$	(2,140	)	$	(2,801	)

6. Future Rental Revenues (unaudited)

The Combined Partnerships’ properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receviable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2014 are approximately as follows:

2015	$	9,140
2016	7,258
2017	5,408
2018	4,353
2019	3,137
Thereafter	9,710
Total	$	39,006

Credit Risk

For the years ended December 31, 2014, 2013 and 2012, Teledyne Energy Systems, Inc. accounted for 11.4% (unaudited), 11.2% and 11.5% (unaudited) of rental revenues, respectively.

7. Related Party Transactions

At December 31, 2014 and 2013, the Combined Partnerships had payable balances of $302 (unaudited) and $388, respectively, to wholly owned entities of the Company and the Operating Partnership.

8. Commitments and Contingencies (unaudited)

In the normal course of business, the Combined Partnerships are involved in legal actions arising from the ownership of its industrial properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the combined financial position, operations or liquidity of the Combined Partnerships.

9. Subsequent Events (unaudited)

Subsequent events were evaluated through February 24, 2015 and it was determined that there were no events that required disclosure within these financial statements.

99

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
Atlanta
1650 Highway 155		McDonough, GA	—	788	4,544	(363	)	365	4,604	4,969	2,602	1994	(j)
1665 Dogwood		Conyers, GA	—	635	3,662	972		635	4,634	5,269	2,230	1994	(j)
1715 Dogwood		Conyers, GA	—	288	1,675	827		228	2,562	2,790	1,052	1994	(j)
11235 Harland Drive		Covington, GA	—	125	739	218		125	957	1,082	433	1994	(j)
4051 Southmeadow Parkway		Atlanta, GA	—	726	4,130	880		726	5,010	5,736	2,366	1994	(j)
4071 Southmeadow Parkway		Atlanta, GA	—	750	4,460	1,742		828	6,124	6,952	2,919	1994	(j)
4081 Southmeadow Parkway		Atlanta, GA	—	1,012	5,918	1,796		1,157	7,569	8,726	3,409	1994	(j)
5570 Tulane Drive	(d)	Atlanta, GA	2,218	527	2,984	1,184		546	4,149	4,695	1,694	1996	(j)
955 Cobb Place		Kennesaw, GA	2,895	780	4,420	927		804	5,323	6,127	2,100	1997	(j)
1256 Oakbrook Drive		Norcross, GA	—	336	1,907	340		339	2,244	2,583	744	2001	(j)
1265 Oakbrook Drive		Norcross, GA	—	307	1,742	335		309	2,075	2,384	698	2001	(j)
1280 Oakbrook Drive		Norcross, GA	—	281	1,592	286		283	1,876	2,159	624	2001	(j)
1300 Oakbrook Drive		Norcross, GA	—	420	2,381	254		423	2,632	3,055	866	2001	(j)
1325 Oakbrook Drive		Norcross, GA	—	332	1,879	338		334	2,215	2,549	743	2001	(j)
1351 Oakbrook Drive		Norcross, GA	—	370	2,099	(1,020	)	146	1,303	1,449	626	2001	(j)
1346 Oakbrook Drive		Norcross, GA	—	740	4,192	(684	)	352	3,896	4,248	1,925	2001	(j)
3060 South Park Blvd		Ellenwood, GA	—	1,600	12,464	2,691		1,604	15,151	16,755	4,306	2003	(j)
Greenwood Industrial Park		McDonough, GA	4,338	1,550	—	7,632		1,550	7,632	9,182	1,943	2004	(j)
46 Kent Drive		Cartersville GA	1,415	794	2,252	(52	)	798	2,196	2,994	770	2005	(j)
605 Stonehill Drive		Atlanta, GA	—	485	1,979	(23	)	490	1,951	2,441	1,704	2005	(j)
6514 Warren Drive		Norcross, GA	—	510	1,250	127		513	1,374	1,887	454	2005	(j)
6544 Warren Drive		Norcross, GA	—	711	2,310	293		715	2,599	3,314	906	2005	(j)
5356 E. Ponce De Leon		Stone Mountain, GA	—	604	3,888	90		610	3,972	4,582	1,811	2005	(j)
5390 E. Ponce De Leon		Stone Mountain, GA	—	397	1,791	108		402	1,894	2,296	705	2005	(j)
195 & 197 Collins Boulevard		Athens, GA	—	1,410	5,344	896		989	6,661	7,650	3,516	2005	(j)
1755 Enterprise Drive		Buford, GA	1,242	712	2,118	(202	)	716	1,912	2,628	618	2006	(j)
4555 Atwater Court		Buford, GA	2,235	881	3,550	298		885	3,844	4,729	1,048	2006	(j)
80 Liberty Industrial Parkway		McDonough, GA	—	756	3,695	(1,244	)	467	2,740	3,207	902	2007	(j)
596 Bonnie Valentine		Pendergrass, GA	—	2,580	21,730	3,675		2,594	25,391	27,985	5,939	2007	(j)
11415 Old Roswell Road		Alpharetta, GA	3,126	2,403	1,912	628		2,428	2,515	4,943	963	2008	(j)
Baltimore
9700 Martin Luther King Hwy		Lanham, MD	—	700	1,920	742		700	2,662	3,362	1,103	2003	(j)
9730 Martin Luther King Hwy		Lanham, MD	—	500	955	535		500	1,490	1,990	581	2003	(j)

S-1

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

4621 Boston Way	Lanham, MD	—	1,100	3,070	517		1,100	3,587	4,687	1,338	2003	(j)
4720 Boston Way	Lanham, MD	—	1,200	2,174	792		1,200	2,966	4,166	1,047	2003	(j)
22520 Randolph Drive	Dulles, VA	—	3,200	8,187	(656	)	3,208	7,523	10,731	1,675	2004	(j)
22630 Dulles Summit Court	Dulles, VA	—	2,200	9,346	(820	)	2,206	8,520	10,726	1,994	2004	(j)
4201 Forbes Boulevard	Lanham, MD	—	356	1,823	186		375	1,990	2,365	586	2005	(j)
4370-4383 Lottsford Vista Road	Lanham, MD	—	279	1,358	89		296	1,430	1,726	325	2005	(j)
4400 Lottsford Vista Road	Lanham, MD	—	351	1,955	241		372	2,175	2,547	581	2005	(j)
4420 Lottsford Vista Road	Lanham, MD	—	539	2,196	6		568	2,173	2,741	587	2005	(j)
11204 McCormick Road	Hunt Valley, MD	—	1,017	3,132	(59	)	1,038	3,052	4,090	1,184	2005	(j)
11110 Pepper Road	Hunt Valley, MD	—	918	2,529	281		938	2,790	3,728	1,012	2005	(j)
11100-11120 Gilroy Road	Hunt Valley, MD	—	901	1,455	166		919	1,603	2,522	569	2005	(j)
10709 Gilroy Road	Hunt Valley, MD	2,348	913	2,705	(143	)	913	2,562	3,475	1,172	2005	(j)
1225 Bengies Road	Baltimore, MD	—	2,640	270	14,041		2,823	14,128	16,951	3,352	2008	(j)
Central Pennsylvania
16522 Hunters Green Parkway	Hagerstown, MD	12,222	1,390	13,104	4,841		1,863	17,472	19,335	4,732	2003	(j)
6951 Allentown Blvd	Harrisburg, PA	—	585	3,176	301		601	3,461	4,062	1,181	2005	(j)
320 Reliance Road	Washington, PA	—	201	1,819	(282	)	178	1,560	1,738	734	2005	(j)
1490 Dennison Circle	Carlisle, PA	—	1,500	—	13,880		2,341	13,039	15,380	2,722	2008	(j)
298 First Avenue	Gouldsboro, PA	—	7,022	—	57,272		7,019	57,275	64,294	9,106	2008	(j)
225 Cross Farm Lane	York, PA	17,214	4,718	—	23,163		4,715	23,166	27,881	4,204	2008	(j)
105 Steamboat Blvd	Manchester, PA	—	4,085	14,464	1		4,070	14,480	18,550	1,700	2012	(j)
Chicago
6750 South Sayre Avenue	Bedford Park, IL	—	224	1,309	470		224	1,779	2,003	826	1994	(j)
585 Slawin Court	Mount Prospect, IL	—	611	3,505	596		525	4,187	4,712	2,376	1994	(j)
2300 Windsor Court	Addison, IL	3,470	688	3,943	989		696	4,924	5,620	2,493	1994	(j)
305-311 Era Drive	Northbrook, IL	—	200	1,154	1,150		205	2,299	2,504	832	1994	(j)
11241 Melrose Street	Franklin Park, IL	—	332	1,931	78		208	2,133	2,341	1,291	1995	(j)
11939 South Central Avenue	Alsip, IL	—	1,208	6,843	2,657		1,305	9,403	10,708	3,942	1997	(j)
1010-50 Sesame Street	Bensenville, IL	—	979	5,546	3,720		1,048	9,197	10,245	3,223	1997	(j)
800 Business Drive	Mount Prospect, IL	—	631	3,493	328		666	3,786	4,452	1,328	2000	(j)
580 Slawin Court	Mount Prospect, IL	781	233	1,292	(37	)	162	1,326	1,488	551	2000	(j)
1005 101st Street	Lemont, IL	6,131	1,200	6,643	1,233		1,220	7,856	9,076	2,668	2001	(j)
175 Wall Street	Glendale Heights, IL	1,395	427	2,363	163		433	2,520	2,953	869	2002	(j)
800-820 Thorndale Avenue	Bensenville, IL	—	751	4,159	812		761	4,961	5,722	1,476	2002	(j)
251 Airport Road	North Aurora, IL	4,998	983	—	6,697		983	6,697	7,680	2,211	2002	(j)
1661 Feehanville Drive	Mount Prospect, IL	—	985	5,455	3,252		1,044	8,648	9,692	2,968	2004	(j)
400 Crossroads Pkwy	Bolingbrook, IL	5,429	1,178	9,453	808		1,181	10,258	11,439	3,105	2005	(j)
7609 W. Industrial Drive	Forest Park, IL	—	1,207	2,343	122		1,213	2,459	3,672	1,082	2005	(j)
7801 W. Industrial Drive	Forest Park, IL	—	1,215	3,020	476		1,220	3,491	4,711	1,656	2005	(j)
725 Kimberly Drive	Carol Stream, IL	—	793	1,395	223		801	1,610	2,411	580	2005	(j)
17001 S. Vincennes	Thornton, IL	—	497	504	37		513	525	1,038	373	2005	(j)

S-2

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

1111 Davis Road	Elgin, IL	2,387	998	1,859	601		1,046	2,412	3,458	1,481	2006	(j)
2900 W. 166th Street	Markham, IL	—	1,132	4,293	(881	)	1,134	3,410	4,544	806	2007	(j)
555 W. Algonquin Road	Arlington Heights, IL	2,021	574	741	1,936		579	2,672	3,251	703	2007	(j)
7000 W. 60th Street	Chicago, IL	—	609	932	100		667	974	1,641	603	2007	(j)
1501 Oakton Street	Elk Grove Village, IL	7,391	3,369	6,121	434		3,482	6,442	9,924	1,535	2008	(j)
16500 W. 103rd Street	Woodridge, IL	2,431	744	2,458	366		762	2,806	3,568	878	2008	(j)
8505 50th Street	Kenosha, WI	—	3,212	—	32,953		3,212	32,953	36,165	4,850	2008	(j)
4100 Rock Creek Blvd	Joliet, IL	—	4,476	16,061	479		4,476	16,540	21,016	1,043	2013	(j)
10100 58th Place	Kenosha, WI	—	4,201	17,604	1,443		4,201	19,047	23,248	1,417	2013	(j)
401 Airport Road	North Aurora, IL	—	534	1,957	—		534	1,957	2,491	54	2014	(j)

S-3

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
Cincinnati
9900-9970 Princeton	Cincinnati, OH	3,643	545	3,088	1,759		566	4,826	5,392	2,083	1996	(j)
4700-4750 Creek Road	Blue Ash, OH	—	1,080	6,118	1,346		1,109	7,435	8,544	3,273	1996	(j)
4436 Muhlhauser Road	Hamilton, OH	3,707	630	—	5,375		630	5,375	6,005	1,657	2002	(j)
4438 Muhlhauser Road	Hamilton, OH	4,581	779	—	6,579		779	6,579	7,358	2,116	2002	(j)
420 Wards Corner Road	Loveland, OH	—	600	1,083	757		606	1,834	2,440	586	2003	(j)
422 Wards Corner Road	Loveland, OH	—	600	1,811	35		592	1,854	2,446	586	2003	(j)
4663 Dues Drive	Westchester, OH	—	858	2,273	620		875	2,876	3,751	2,393	2005	(j)
9525 Glades Drive	Westchester, OH	—	347	1,323	115		355	1,430	1,785	585	2007	(j)
9774-9792 Windisch Road	Westchester, OH	—	392	1,744	78		394	1,820	2,214	566	2007	(j)
9808-9830 Windisch Road	Westchester, OH	—	395	2,541	85		397	2,624	3,021	617	2007	(j)
9842-9862 Windisch Road	Westchester, OH	—	506	3,148	102		508	3,248	3,756	796	2007	(j)
9872-9898 Windisch Road	Westchester, OH	—	546	3,039	159		548	3,196	3,744	812	2007	(j)
9902-9922 Windisch Road	Westchester, OH	—	623	4,003	729		627	4,728	5,355	1,503	2007	(j)
Cleveland
30311 Emerald Valley Parkway	Glenwillow, OH	8,914	681	11,838	845		691	12,673	13,364	3,862	2006	(j)
30333 Emerald Valley Parkway	Glenwillow, OH	3,896	466	5,447	54		475	5,492	5,967	1,876	2006	(j)
7800 Cochran Road	Glenwillow, OH	3,897	972	7,033	243		991	7,257	8,248	2,123	2006	(j)
7900 Cochran Road	Glenwillow, OH	4,794	775	6,244	237		792	6,464	7,256	1,900	2006	(j)
7905 Cochran Road	Glenwillow, OH	—	920	6,174	691		921	6,864	7,785	2,210	2006	(j)
30600 Carter Street	Solon, OH	—	989	3,042	881		1,022	3,890	4,912	2,487	2006	(j)
8181 Darrow Road	Twinsburg, OH	6,983	2,478	6,791	2,040		2,496	8,813	11,309	3,351	2008	(j)
Dallas
2406-2416 Walnut Ridge	Dallas, TX	—	178	1,006	633		172	1,645	1,817	603	1997	(j)
2401-2419 Walnut Ridge	Dallas, TX	—	148	839	416		142	1,261	1,403	441	1997	(j)
900-906 Great Southwest Parkway	Arlington, TX	—	237	1,342	638		270	1,947	2,217	837	1997	(j)
3000 West Commerce	Dallas, TX	—	456	2,584	1,225		469	3,796	4,265	1,498	1997	(j)
3030 Hansboro	Dallas, TX	—	266	1,510	(664	)	87	1,025	1,112	643	1997	(j)
405-407 113th	Arlington, TX	—	181	1,026	511		185	1,533	1,718	618	1997	(j)
816 111th Street	Arlington, TX	857	251	1,421	195		258	1,609	1,867	700	1997	(j)
7427 Dogwood Park	Richland Hills, TX	—	96	532	302		102	828	930	298	1998	(j)
7348-54 Tower Street	Richland Hills, TX	—	88	489	213		94	696	790	268	1998	(j)
7339-41 Tower Street	Richland Hills, TX	—	98	541	180		104	715	819	266	1998	(j)
7437-45 Tower Street	Richland Hills, TX	—	102	563	294		108	851	959	302	1998	(j)
7331-59 Airport Freeway	Richland Hills, TX	1,655	354	1,958	368		372	2,308	2,680	904	1998	(j)

S-4

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

7338-60 Dogwood Park		Richland Hills, TX	—	106	587	244		112	825	937	289	1998	(j)
7450-70 Dogwood Park		Richland Hills, TX	—	106	584	136		112	714	826	273	1998	(j)
7423-49 Airport Freeway		Richland Hills, TX	1,450	293	1,621	434		308	2,040	2,348	755	1998	(j)
7400 Whitehall Street		Richland Hills, TX	—	109	603	95		115	692	807	266	1998	(j)
1602-1654 Terre Colony		Dallas, TX	1,788	458	2,596	845		468	3,431	3,899	1,148	2000	(j)
2351-2355 Merritt Drive		Garland, TX	—	101	574	104		92	687	779	242	2000	(j)
2220 Merritt Drive		Garland, TX	—	352	1,993	145		316	2,174	2,490	661	2000	(j)
2010 Merritt Drive		Garland, TX	—	350	1,981	55		318	2,068	2,386	668	2000	(j)
2363 Merritt Drive		Garland, TX	—	73	412	(8	)	47	430	477	159	2000	(j)
2447 Merritt Drive		Garland, TX	—	70	395	(166	)	23	276	299	156	2000	(j)
2465-2475 Merritt Drive		Garland, TX	—	91	514	39		71	573	644	227	2000	(j)
2485-2505 Merritt Drive		Garland, TX	—	431	2,440	762		426	3,207	3,633	1,196	2000	(j)
2110 Hutton Drive		Carrolton, TX	—	374	2,117	117		255	2,353	2,608	844	2001	(j)
2025 McKenzie Drive		Carrolton, TX	1,398	437	2,478	133		442	2,606	3,048	896	2001	(j)
2019 McKenzie Drive		Carrolton, TX	1,706	502	2,843	374		507	3,212	3,719	1,122	2001	(j)
2029-2035 McKenzie Drive		Carrolton, TX	1,502	306	1,870	236		306	2,106	2,412	741	2001	(j)
2015 McKenzie Drive		Carrolton, TX	2,475	510	2,891	402		516	3,287	3,803	1,109	2001	(j)
2009 McKenzie Drive		Carrolton, TX	2,404	476	2,699	519		481	3,213	3,694	1,092	2001	(j)
900-1100 Avenue S		Grand Prairie, TX	2,344	623	3,528	959		629	4,481	5,110	1,250	2002	(j)
Plano Crossing	(f)	Plano, TX	9,157	1,961	11,112	997		1,981	12,089	14,070	3,660	2002	(j)
7413A-C Dogwood Park		Richland Hills, TX	—	110	623	245		111	867	978	269	2002	(j)
7450 Tower Street		Richland Hills, TX	—	36	204	103		36	307	343	111	2002	(j)
7436 Tower Street		Richland Hills, TX	—	57	324	196		58	519	577	177	2002	(j)
7426 Tower Street		Richland Hills, TX	—	76	429	186		76	615	691	160	2002	(j)
7427-7429 Tower Street		Richland Hills, TX	—	75	427	163		76	589	665	219	2002	(j)
2840-2842 Handley Ederville Rd		Richland Hills, TX	—	112	635	52		113	686	799	208	2002	(j)
7451-7477 Airport Freeway		Richland Hills, TX	1,363	256	1,453	499		259	1,949	2,208	625	2002	(j)
7450 Whitehall Street		Richland Hills, TX	—	104	591	339		105	929	1,034	250	2002	(j)
3000 Wesley Way		Richland Hills, TX	—	208	1,181	18		211	1,196	1,407	367	2002	(j)
7451 Dogwood Park		Richland Hills, TX	666	133	753	184		134	936	1,070	258	2002	(j)
825-827 Avenue H	(d)	Arlington, TX	2,481	600	3,006	67		604	3,069	3,673	1,229	2004	(j)
1013-31 Avenue M		Grand Prairie, TX	—	300	1,504	240		302	1,742	2,044	573	2004	(j)
1172-84 113th Street	(d)	Grand Prairie, TX	1,933	700	3,509	5		704	3,510	4,214	1,239	2004	(j)
1200-16 Avenue H	(d)	Arlington, TX	1,731	600	2,846	329		604	3,171	3,775	928	2004	(j)
1322-66 W. North Carrier Parkway	(e)	Grand Prairie, TX	4,739	1,000	5,012	1,003		1,006	6,009	7,015	1,796	2004	(j)
2401-2407 Centennial Drive		Arlington, TX	2,143	600	2,534	(50	)	604	2,480	3,084	991	2004	(j)
3111 West Commerce Street		Dallas, TX	3,802	1,000	3,364	1,264		1,011	4,617	5,628	1,419	2004	(j)
13800 Senlac Drive		Farmers Ranch, TX	3,142	823	4,042	(214	)	825	3,826	4,651	1,306	2005	(j)
801-831 S Great Southwest Parkway	(g)	Grand Prairie, TX	—	2,581	16,556	53		2,586	16,604	19,190	7,867	2005	(j)
801 Heinz Way		Grand Prairie, TX	2,618	599	3,327	315		601	3,640	4,241	1,338	2005	(j)
901-937 Heinz Way		Grand Prairie, TX	2,035	493	2,758	45		481	2,815	3,296	1,101	2005	(j)

S-5

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

3301 Century Circle	Irving, TX	2,110	760	3,856	(16	)	771	3,829	4,600	867	2007	(j)
3901 W Miller Road	Garland, TX	—	1,912	—	15,478		1,947	15,443	17,390	2,955	2008	(j)
Denver
4785 Elati	Denver, CO	—	173	981	205		175	1,184	1,359	481	1997	(j)
4770 Fox Street	Denver, CO	—	132	750	332		134	1,080	1,214	423	1997	(j)
3851-3871 Revere	Denver, CO	1,271	361	2,047	363		368	2,403	2,771	983	1997	(j)
4570 Ivy Street	Denver, CO	—	219	1,239	279		220	1,517	1,737	649	1997	(j)
5855 Stapleton Drive North	Denver, CO	—	288	1,630	249		290	1,877	2,167	780	1997	(j)
5885 Stapleton Drive North	Denver, CO	—	376	2,129	316		380	2,441	2,821	987	1997	(j)
5977 North Broadway	Denver, CO	1,415	268	1,518	506		271	2,021	2,292	794	1997	(j)

S-6

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
5952-5978 North Broadway		Denver, CO	2,262	414	2,346	904		422	3,242	3,664	1,439	1997	(j)
4721 Ironton Street		Denver, CO	—	232	1,313	319		236	1,628	1,864	665	1997	(j)
7003 E 47th Ave Drive		Denver, CO	—	441	2,689	58		441	2,747	3,188	1,189	1997	(j)
9500 West 49th Street - A		Wheatridge, CO	—	283	1,625	120		287	1,741	2,028	775	1997	(j)
9500 West 49th Street - B		Wheatridge, CO	—	225	1,272	200		227	1,470	1,697	603	1997	(j)
9500 West 49th Street - C		Wheatridge, CO	—	600	3,409	163		601	3,571	4,172	1,567	1997	(j)
9500 West 49th Street - D		Wheatridge, CO	—	246	1,537	487		247	2,023	2,270	927	1997	(j)
451-591 East 124th Avenue		Littleton, CO	—	383	2,145	481		383	2,626	3,009	1,096	1997	(j)
15000 West 6th Avenue		Golden, CO	—	913	5,174	1,147		918	6,316	7,234	2,824	1997	(j)
14998 West 6th Avenue Bldg E		Golden, CO	—	565	3,199	371		570	3,565	4,135	1,486	1997	(j)
14998 West 6th Avenue Bldg F		Englewood, CO	—	269	1,525	101		273	1,622	1,895	698	1997	(j)
6547 South Racine Circle		Englewood, CO	2,703	739	4,241	170		739	4,411	5,150	1,868	1997	(j)
11701 East 53rd Avenue		Denver, CO	—	416	2,355	414		422	2,763	3,185	1,145	1997	(j)
5401 Oswego		Denver, CO	—	273	1,547	313		278	1,855	2,133	798	1997	(j)
14818 West 6th Avenue Bldg A		Golden, CO	—	468	2,799	278		468	3,077	3,545	1,277	1997	(j)
14828 West 6th Avenue Bldg B		Golden, CO	—	503	2,942	397		503	3,339	3,842	1,442	1997	(j)
445 Bryant Street		Denver, CO	6,747	1,829	10,219	2,664		1,829	12,883	14,712	5,429	1998	(j)
3811 Joliet		Denver, CO	—	735	4,166	543		752	4,692	5,444	1,926	1998	(j)
12055 E 49th Ave/4955 Peoria		Denver, CO	—	298	1,688	529		305	2,210	2,515	892	1998	(j)
4940-4950 Paris		Denver, CO	—	152	861	285		156	1,142	1,298	469	1998	(j)
4970 Paris		Denver, CO	—	95	537	101		97	636	733	256	1998	(j)
7367 South Revere Parkway		Englewood, CO	3,151	926	5,124	820		934	5,936	6,870	2,420	1998	(j)
8200 East Park Meadows Drive	(d)	Lone Tree, CO	—	1,297	7,348	1,265		1,304	8,606	9,910	3,098	2000	(j)
3250 Quentin Street	(d)	Aurora, CO	—	1,220	6,911	782		1,230	7,683	8,913	2,655	2000	(j)
Highpoint Bus Ctr B		Littleton, CO	—	739	—	3,308		781	3,266	4,047	971	2000	(j)
1130 W. 124th Avenue		Westminster, CO	—	441	—	3,289		441	3,289	3,730	1,241	2000	(j)
1070 W. 124th Avenue		Westminster, CO	—	374	—	2,836		374	2,836	3,210	1,002	2000	(j)
1020 W. 124th Avenue		Westminster, CO	—	374	—	2,809		374	2,809	3,183	949	2000	(j)
8810 W. 116th Circle		Broomfield, CO	—	312	—	1,514		370	1,456	1,826	422	2001	(j)
960 W. 124th Avenue		Westminster, CO	—	441	—	3,507		442	3,506	3,948	1,187	2001	(j)
8820 W. 116th Circle		Broomfield, CO	—	338	1,918	321		372	2,205	2,577	658	2003	(j)
8835 W. 116th Circle		Broomfield, CO	—	1,151	6,523	1,410		1,304	7,780	9,084	2,445	2003	(j)
18150 E. 32nd Place		Aurora, CO	1,824	563	3,188	226		572	3,405	3,977	1,105	2004	(j)
7005 E. 46th Avenue Drive		Denver, CO	1,348	512	2,025	32		517	2,052	2,569	682	2005	(j)
4001 Salazar Way		Frederick, CO	—	1,271	6,508	(773	)	1,276	5,730	7,006	1,360	2006	(j)

S-7

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

5909-5915 N. Broadway	Denver, CO	898	495	1,268	107	500	1,370	1,870	566	2006	(j)
Detroit
449 Executive Drive	Troy, MI	—	125	425	1,066	218	1,398	1,616	1,268	1994	(j)
501 Executive Drive	Troy, MI	—	71	236	678	129	856	985	659	1994	(j)
451 Robbins Drive	Troy, MI	—	96	448	877	192	1,229	1,421	1,104	1994	(j)
1416 Meijer Drive	Troy, MI	—	94	394	399	121	766	887	701	1994	(j)
1624 Meijer Drive	Troy, MI	—	236	1,406	1,093	373	2,362	2,735	1,999	1994	(j)
1972 Meijer Drive	Troy, MI	—	315	1,301	787	372	2,031	2,403	1,555	1994	(j)
1707 Northwood Drive	Troy, MI	—	95	262	1,720	239	1,838	2,077	1,446	1994	(j)
1788 Northwood Drive	Troy, MI	—	50	196	483	103	626	729	566	1994	(j)
1826 Northwood Drive	Troy, MI	—	55	208	472	103	632	735	557	1994	(j)
1864 Northwood Drive	Troy, MI	—	57	190	489	107	629	736	573	1994	(j)
2451 Elliott Avenue	Troy, MI	—	78	319	733	164	966	1,130	786	1994	(j)
2730 Research Drive	Rochester Hills, MI	—	903	4,215	829	903	5,044	5,947	4,093	1994	(j)
2791 Research Drive	Rochester Hills, MI	—	557	2,731	1,017	560	3,745	4,305	2,552	1994	(j)
2871 Research Drive	Rochester Hills, MI	—	324	1,487	437	327	1,921	2,248	1,420	1994	(j)
3011 Research Drive	Rochester Hills, MI	—	457	2,104	492	457	2,596	3,053	2,091	1994	(j)
2870 Technology Drive	Rochester Hills, MI	—	275	1,262	356	279	1,614	1,893	1,278	1994	(j)
2900 Technology Drive	Rochester Hills, MI	—	214	977	513	219	1,485	1,704	971	1994	(j)
2930 Technology Drive	Rochester Hills, MI	—	131	594	435	138	1,022	1,160	698	1994	(j)
2950 Technology Drive	Rochester Hills, MI	—	178	819	368	185	1,180	1,365	801	1994	(j)
23014 Commerce Drive	Farmington Hills, MI	—	39	203	189	56	375	431	333	1994	(j)
23028 Commerce Drive	Farmington Hills, MI	—	98	507	278	125	758	883	704	1994	(j)
23035 Commerce Drive	Farmington Hills, MI	—	71	355	237	93	570	663	526	1994	(j)
23042 Commerce Drive	Farmington Hills, MI	—	67	277	273	89	528	617	500	1994	(j)
23065 Commerce Drive	Farmington Hills, MI	—	71	408	338	93	724	817	599	1994	(j)
23079 Commerce Drive	Farmington Hills, MI	—	68	301	290	79	580	659	524	1994	(j)
23093 Commerce Drive	Farmington Hills, MI	—	211	1,024	1,219	295	2,159	2,454	1,758	1994	(j)
23135 Commerce Drive	Farmington Hills, MI	—	146	701	392	158	1,081	1,239	904	1994	(j)
23163 Commerce Drive	Farmington Hills, MI	—	111	513	384	138	870	1,008	729	1994	(j)
23177 Commerce Drive	Farmington Hills, MI	—	175	1,007	611	254	1,539	1,793	1,313	1994	(j)
23206 Commerce Drive	Farmington Hills, MI	—	125	531	367	137	886	1,023	730	1994	(j)
23370 Commerce Drive	Farmington Hills, MI	—	59	233	174	66	400	466	374	1994	(j)
32450 N Avis Drive	Madison Heights, MI	—	281	1,590	541	286	2,126	2,412	1,047	1996	(j)
12707 Eckles Road	Plymouth Township, MI	—	255	1,445	220	267	1,653	1,920	729	1996	(j)
9300-9328 Harrison Road	Romulus, MI	—	147	834	407	159	1,229	1,388	541	1996	(j)
9330-9358 Harrison Road	Romulus, MI	—	81	456	255	89	703	792	287	1996	(j)
28420-28448 Highland Road	Romulus, MI	—	143	809	753	154	1,551	1,705	529	1996	(j)

S-8

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

28450-28478 Highland Road	Romulus, MI	—	81	461	457	90	909	999	343	1996	(j)
28421-28449 Highland Road	Romulus, MI	—	109	617	473	119	1,080	1,199	451	1996	(j)
28451-28479 Highland Road	Romulus, MI	—	107	608	411	117	1,009	1,126	396	1996	(j)
28825-28909 Highland Road	Romulus, MI	—	70	395	396	78	783	861	307	1996	(j)
28933-29017 Highland Road	Romulus, MI	—	112	634	599	122	1,223	1,345	434	1996	(j)
28824-28908 Highland Road	Romulus, MI	—	134	760	577	145	1,326	1,471	525	1996	(j)
28932-29016 Highland Road	Romulus, MI	—	123	694	582	133	1,266	1,399	486	1996	(j)
9710-9734 Harrison Road	Romulus, MI	—	125	706	432	135	1,128	1,263	474	1996	(j)
9740-9772 Harrison Road	Romulus, MI	—	132	749	401	143	1,139	1,282	492	1996	(j)
9840-9868 Harrison Road	Romulus, MI	—	144	815	296	155	1,100	1,255	452	1996	(j)
9800-9824 Harrison Road	Romulus, MI	—	117	664	362	127	1,016	1,143	401	1996	(j)
29265-29285 Airport Drive	Romulus, MI	—	140	794	263	151	1,046	1,197	462	1996	(j)
29185-29225 Airport Drive	Romulus, MI	—	140	792	514	151	1,295	1,446	580	1996	(j)
29149-29165 Airport Drive	Romulus, MI	—	216	1,225	305	231	1,515	1,746	674	1996	(j)
29101-29115 Airport Drive	Romulus, MI	—	130	738	285	141	1,012	1,153	472	1996	(j)
29031-29045 Airport Drive	Romulus, MI	—	124	704	215	134	909	1,043	374	1996	(j)
29050-29062 Airport Drive	Romulus, MI	—	127	718	218	137	926	1,063	385	1996	(j)
29120-29134 Airport Drive	Romulus, MI	—	161	912	522	173	1,422	1,595	569	1996	(j)

S-9

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
29200-29214 Airport Drive		Romulus, MI	—	170	963	310		182	1,261	1,443	465	1996	(j)
9301-9339 Middlebelt Road		Romulus, MI	—	124	703	444		130	1,141	1,271	510	1996	(j)
32975 Capitol Avenue		Livonia, MI	—	135	748	(166	)	77	640	717	313	1998	(j)
32920 Capitol Avenue		Livonia, MI	—	76	422	(62	)	27	409	436	217	1998	(j)
11923 Brookfield Avenue		Livonia, MI	—	120	665	(324	)	32	429	461	294	1998	(j)
450 Robbins Drive		Troy, MI	—	166	920	231		178	1,139	1,317	467	1998	(j)
12886 Westmore Avenue		Livonia, MI	—	190	1,050	(351	)	86	803	889	442	1998	(j)
47711 Clipper Street		Plymouth Township, MI	—	539	2,983	359		575	3,306	3,881	1,338	1998	(j)
32975 Industrial Road		Livonia, MI	—	160	887	(191	)	92	764	856	379	1998	(j)
32985 Industrial Road		Livonia, MI	—	137	761	(329	)	46	523	569	319	1998	(j)
32995 Industrial Road		Livonia, MI	—	160	887	(409	)	53	585	638	363	1998	(j)
12874 Westmore Avenue		Livonia, MI	—	137	761	(302	)	58	538	596	301	1998	(j)
1775 Bellingham		Troy, MI	—	344	1,902	329		367	2,208	2,575	893	1998	(j)
1785 East Maple		Troy, MI	—	92	507	200		98	701	799	257	1998	(j)
980 Chicago		Troy, MI	—	206	1,141	328		220	1,455	1,675	537	1998	(j)
1885 Enterprise Drive		Rochester Hills, MI	—	209	1,158	544		223	1,688	1,911	561	1998	(j)
1935-55 Enterprise Drive		Rochester Hills, MI	—	1,285	7,144	943		1,371	8,001	9,372	3,229	1998	(j)
5500 Enterprise Court		Warren, MI	—	675	3,737	680		721	4,371	5,092	1,751	1998	(j)
750 Chicago Road		Troy, MI	—	323	1,790	385		345	2,153	2,498	880	1998	(j)
800 Chicago Road		Troy, MI	—	283	1,567	370		302	1,918	2,220	763	1998	(j)
850 Chicago Road		Troy, MI	—	183	1,016	218		196	1,221	1,417	493	1998	(j)
1100 East Mandoline Road		Madison Heights, MI	—	888	4,915	(1,257	)	332	4,214	4,546	2,372	1998	(j)
1080, 1120, 1180 John Papalas Drive	(e)	Lincoln Park, MI	—	366	3,241	366		297	3,676	3,973	1,918	1998	(j)
4872 S. Lapeer Road		Lake Orion Twsp, MI	—	1,342	5,441	1,208		1,412	6,579	7,991	2,609	1999	(j)
1400 Allen Drive		Troy, MI	—	209	1,154	223		212	1,374	1,586	455	2000	(j)
1408 Allen Drive		Troy, MI	—	151	834	121		153	953	1,106	318	2000	(j)
32505 Industrial Drive		Madison Heights, MI	—	345	1,910	107		351	2,011	2,362	694	2000	(j)
1799-1855 Northfield Drive	(d)	Rochester Hills, MI	—	481	2,665	367		490	3,023	3,513	1,060	2000	(j)
28435 Automation Blvd		Wixom, MI	—	621	—	3,664		628	3,657	4,285	919	2004	(j)
32200 N Avis Drive		Madison Heights, MI	—	503	3,367	(1,446	)	195	2,229	2,424	867	2005	(j)
100 Kay Industrial Drive		Orion Township, MI	—	677	2,018	171		685	2,181	2,866	860	2005	(j)
11800 Sears Drive		Livonia, MI	—	693	1,507	1,212		476	2,936	3,412	1,451	2005	(j)
1099 Chicago Road		Troy, MI	—	1,277	1,332	(1,275	)	303	1,031	1,334	294	2005	(j)
42555 Merrill Road		Sterling Heights, MI	—	1,080	2,300	3,487		1,090	5,777	6,867	1,991	2006	(j)
200 Northpointe Drive		Orion Township, MI	—	723	2,063	36		734	2,088	2,822	882	2006	(j)

S-10

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Houston
3351 Rauch Street	Houston, TX	—	272	1,541	510		278	2,045	2,323	764	1997	(j)
3801-3851 Yale Street	Houston, TX	1,977	413	2,343	419		425	2,750	3,175	1,158	1997	(j)
3337-3347 Rauch Street	Houston, TX	—	227	1,287	454		233	1,735	1,968	669	1997	(j)
8505 N Loop East	Houston, TX	1,630	439	2,489	626		449	3,105	3,554	1,271	1997	(j)
4749-4799 Eastpark Dr	Houston, TX	2,409	594	3,368	1,290		611	4,641	5,252	1,898	1997	(j)
4851 Homestead Road	Houston, TX	3,139	491	2,782	1,549		504	4,318	4,822	1,684	1997	(j)
3365-3385 Rauch Street	Houston, TX	1,622	284	1,611	710		290	2,315	2,605	1,022	1997	(j)
5050 Campbell Road	Houston, TX	1,871	461	2,610	1,009		470	3,610	4,080	1,316	1997	(j)
4300 Pine Timbers	Houston, TX	2,712	489	2,769	756		499	3,515	4,014	1,476	1997	(j)
2500-2530 Fairway Park Drive	Houston, TX	3,287	766	4,342	2,059		792	6,375	7,167	2,419	1997	(j)
6550 Longpointe	Houston, TX	1,567	362	2,050	1,004		370	3,046	3,416	1,092	1997	(j)
1815 Turning Basin Drive	Houston, TX	1,992	487	2,761	1,095		531	3,812	4,343	1,443	1997	(j)
1819 Turning Basin Drive	Houston, TX	—	231	1,308	591		251	1,879	2,130	753	1997	(j)
1805 Turning Basin Drive	Houston, TX	2,559	564	3,197	1,820		616	4,965	5,581	1,708	1997	(j)
9835A Genard Road	Houston, TX	—	1,505	8,333	3,257		1,581	11,514	13,095	3,962	1999	(j)
9835B Genard Road	Houston, TX	—	245	1,357	663		256	2,009	2,265	690	1999	(j)
11505 State Highway 225	LaPorte City, TX	—	940	4,675	606		940	5,281	6,221	1,847	2005	(j)
1500 E. Main Street	Houston, TX	—	201	1,328	(26	)	204	1,299	1,503	858	2005	(j)
7230-7238 Wynnwood	Houston, TX	—	254	764	173		259	932	1,191	349	2007	(j)
7240-7248 Wynnwood	Houston, TX	—	271	726	35		276	756	1,032	342	2007	(j)
7250-7260 Wynnwood	Houston, TX	—	200	481	141		203	619	822	227	2007	(j)
6400 Long Point	Houston, TX	—	188	898	(47	)	188	851	1,039	291	2007	(j)
12705 S. Kirkwood, Ste 100-150	Stafford, TX	—	154	626	8		155	633	788	166	2007	(j)
12705 S. Kirkwood, Ste 200-220	Stafford, TX	—	404	1,698	275		393	1,984	2,377	747	2007	(j)
8850 Jameel	Houston, TX	—	171	826	4		171	830	1,001	305	2007	(j)
8800 Jameel	Houston, TX	—	163	798	(100	)	124	737	861	264	2007	(j)
8700 Jameel	Houston, TX	—	170	1,020	(178	)	120	892	1,012	236	2007	(j)
8600 Jameel	Houston, TX	—	163	818	41		163	859	1,022	313	2007	(j)
7967 Blankenship	Houston, TX	—	307	1,166	337		307	1,503	1,810	363	2010	(j)
8800 City Park Loop East	Houston, TX	23,226	3,717	19,237	(659	)	3,717	18,578	22,295	2,726	2011	(j)
4800 West Greens Road	Houston, TX	—	3,350	—	12,057		3,318	12,089	15,407	75	2014	(j)
Indianapolis
1445 Brookville Way	Indianapolis, IN	—	459	2,603	1,063		476	3,649	4,125	1,548	1996	(j)
1440 Brookville Way	Indianapolis, IN	3,661	665	3,770	985		685	4,735	5,420	2,049	1996	(j)
1240 Brookville Way	Indianapolis, IN	—	247	1,402	324		258	1,715	1,973	776	1996	(j)
1345 Brookville Way	Indianapolis, IN	—	586	3,321	1,160		601	4,466	5,067	1,872	1996	(j)
1350 Brookville Way	Indianapolis, IN	—	205	1,161	249		204	1,411	1,615	639	1996	(j)
1341 Sadlier Circle South	Indianapolis, IN	—	131	743	205		136	943	1,079	414	1996	(j)
1322-1438 Sadlier Circle East	Indianapolis, IN	—	145	822	296		152	1,111	1,263	491	1996	(j)
1327-1441 Sadlier Circle West	Indianapolis, IN	—	218	1,234	607		225	1,834	2,059	740	1996	(j)

S-11

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

1402-1430 Sadlier Circle West	Indianapolis, IN	—	165	934	398		171	1,326	1,497	581	1996	(j)
1504 Sadlier Circle South	Indianapolis, IN	—	219	1,238	(104	)	115	1,238	1,353	746	1996	(j)
1365-1367 Sadlier Way Circle East	Indianapolis, IN	—	121	688	181		91	899	990	393	1996	(j)
1352-1354 Sadlier Circle West	Indianapolis, IN	—	178	1,008	186		166	1,206	1,372	541	1996	(j)
1335 Sadlier Circle East	Indianapolis, IN	—	81	460	202		85	658	743	287	1996	(j)
1425 Sadlier Circle West	Indianapolis, IN	—	21	117	41		23	156	179	67	1996	(j)
6951 East 30th Street	Indianapolis, IN	—	256	1,449	227		265	1,667	1,932	754	1996	(j)
6701 East 30th Street	Indianapolis, IN	—	78	443	98		82	537	619	247	1996	(j)
6737 East 30th Street	Indianapolis, IN	1,722	385	2,181	222		398	2,390	2,788	1,098	1996	(j)

S-12

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
6555 East 30th Street	Indianapolis, IN	—	484	4,760	2,065		484	6,825	7,309	2,870	1996	(j)
7901 West 21st Street	Indianapolis, IN	4,946	1,048	6,027	246		1,048	6,273	7,321	2,725	1997	(j)
1225 Brookville Way	Indianapolis, IN	—	60	—	417		68	409	477	172	1997	(j)
6751 E 30th Street	Indianapolis, IN	2,420	728	2,837	354		741	3,178	3,919	1,301	1997	(j)
5705-97 Park Plaza Court	Indianapolis, IN	2,464	600	2,194	853		609	3,038	3,647	1,070	2003	(j)
9319-9341 Castlegate Drive	Indianapolis, IN	—	530	1,235	688		544	1,909	2,453	652	2003	(j)
1133 Northwest L Street	Richmond, IN	—	201	1,358	(188	)	208	1,163	1,371	636	2006	(j)
14425 Bergen Blvd	Noblesville, IN	—	647	—	3,484		743	3,388	4,131	615	2007	(j)
Miami
4700 NW 15th Avenue	Ft. Lauderdale, FL	—	908	1,883	269		912	2,148	3,060	777	2007	(j)
4710 NW 15th Avenue	Ft. Lauderdale, FL	—	830	2,722	346		834	3,064	3,898	856	2007	(j)
4720 NW 15th Avenue	Ft. Lauderdale, FL	—	937	2,455	404		942	2,854	3,796	828	2007	(j)
4740 NW 15th Avenue	Ft. Lauderdale, FL	—	1,107	3,111	320		1,112	3,426	4,538	944	2007	(j)
4750 NW 15th Avenue	Ft. Lauderdale, FL	—	947	3,079	406		951	3,481	4,432	785	2007	(j)
4800 NW 15th Avenue	Ft. Lauderdale, FL	—	1,092	3,308	514		1,097	3,817	4,914	1,050	2007	(j)
6891 NW 74th Street	Medley, FL	—	857	3,428	3,988		864	7,409	8,273	1,687	2007	(j)
12601 &12605 NW 115th Avenue	Medley, FL	—	2,316	—	440		762	1,994	2,756	270	2008	(j)
Milwaukee
5355 South Westridge Drive	New Berlin, WI	5,089	1,630	7,058	(108	)	1,646	6,934	8,580	1,643	2004	(j)
320-334 W. Vogel Avenue	Milwaukee, WI	2,692	506	3,199	(100	)	508	3,097	3,605	1,481	2005	(j)
4950 South 6th Avenue	Milwaukee, WI	1,444	299	1,565	273		301	1,836	2,137	1,026	2005	(j)
W140 N9059 Lilly Road	Menomonee Falls, WI	—	343	1,153	117		366	1,247	1,613	420	2005	(j)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI	1,641	301	2,150	(22	)	302	2,127	2,429	1,021	2005	(j)
4921 S. 2nd Street	Milwaukee, WI	—	101	713	(196	)	58	560	618	278	2005	(j)
1500 Peebles Drive	Richland Center, WI	—	1,577	1,018	(278	)	1,528	789	2,317	697	2005	(j)
16600 West Glendale Avenue	New Berlin, WI	2,317	704	1,923	933		715	2,845	3,560	1,494	2006	(j)
2485 Commerce Drive	New Berlin, WI	1,386	483	1,516	131		491	1,639	2,130	743	2007	(j)
14518 Whittaker Way	Menomonee Falls, WI	—	437	1,082	382		445	1,456	1,901	538	2007	(j)
N58W15380 Shawn Circle	Menomonee Falls, WI	—	1,188	—	16,931		1,204	16,915	18,119	3,014	2008	(j)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN	3,293	1,358	8,622	13,466		1,519	21,927	23,446	11,065	1994	(j)
7251-7267 Washington Avenue	Edina, MN	—	129	382	871		182	1,200	1,382	842	1994	(j)
7301-7325 Washington Avenue	Edina, MN	—	174	391	70		193	442	635	113	1994	(j)
7101 Winnetka Avenue South	Brooklyn Park, MN	5,629	2,195	6,084	3,996		2,228	10,047	12,275	7,107	1994	(j)
9901 West 74th Street	Eden Prairie, MN	3,303	621	3,289	3,291		639	6,562	7,201	5,599	1994	(j)

S-13

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

1030 Lone Oak Road	Eagan, MN	2,553	456	2,703	764		456	3,467	3,923	1,588	1994	(j)
1060 Lone Oak Road	Eagan, MN	3,216	624	3,700	616		624	4,316	4,940	2,115	1994	(j)
5400 Nathan Lane	Plymouth, MN	2,826	749	4,461	951		757	5,404	6,161	2,660	1994	(j)
10120 W 76th Street	Eden Prairie, MN	—	315	1,804	1,884		315	3,688	4,003	1,978	1995	(j)
12155 Nicollet Avenue	Burnsville, MN	—	286	—	1,809		288	1,807	2,095	829	1995	(j)
4100 Peavey Road	Chaska, MN	—	277	2,261	779		277	3,040	3,317	1,332	1996	(j)
5205 Highway 169	Plymouth, MN	—	446	2,525	891		578	3,284	3,862	1,526	1996	(j)
7100-7198 Shady Oak Road	Eden Prairie, MN	4,569	715	4,054	2,252		736	6,285	7,021	2,484	1996	(j)
7500-7546 Washington Avenue	Eden Prairie, MN	—	229	1,300	881		235	2,175	2,410	928	1996	(j)
7550-7586 Washington Avenue	Eden Prairie, MN	—	153	867	290		157	1,153	1,310	511	1996	(j)
5240-5300 Valley Industrial Blvd	Shakopee, MN	2,450	362	2,049	1,215		371	3,255	3,626	1,215	1996	(j)
500-530 Kasota Avenue SE	Minneapolis, MN	—	415	2,354	1,276		434	3,611	4,045	1,467	1998	(j)
2530-2570 Kasota Avenue	St. Paul, MN	—	407	2,308	964		441	3,238	3,679	1,315	1998	(j)
5775 12th Avenue	Shakopee, MN	3,965	590	—	5,279		590	5,279	5,869	2,103	1998	(j)
1157 Valley Park Drive	Shakopee, MN	3,969	760	—	6,803		888	6,675	7,563	2,579	1999	(j)
9600 West 76th Street	Eden Prairie, MN	2,325	1,000	2,450	483		1,034	2,899	3,933	968	2004	(j)
9700 West 76th Street	Eden Prairie, MN	3,151	1,000	2,709	1,007		1,038	3,678	4,716	1,284	2004	(j)
7600 69th Avenue	Greenfield, MN	—	1,500	8,328	1,391		1,510	9,709	11,219	3,571	2004	(j)
5017 Boone Avenue North	New Hope, MN	—	1,000	1,599	(6	)	1,009	1,584	2,593	813	2005	(j)
2300 West Highway 13	Burnsville, MN	—	2,517	6,069	(1,651	)	1,296	5,639	6,935	3,449	2005	(j)
1087 Park Place	Shakopee, MN	4,218	1,195	4,891	(409	)	1,198	4,479	5,677	1,091	2005	(j)
5391 12th Avenue SE	Shakopee, MN	4,381	1,392	8,149	(495	)	1,395	7,651	9,046	1,915	2005	(j)
4701 Valley Industrial Blvd S	Shakopee, MN	5,483	1,296	7,157	(337	)	1,299	6,817	8,116	2,477	2005	(j)
7035 Winnetka Avenue North	Brooklyn Park, MN	4,076	1,275	—	6,492		1,343	6,424	7,767	1,245	2007	(j)
139 Eva Street	St. Paul, MN	—	2,132	3,105	(286	)	2,175	2,776	4,951	560	2008	(j)
21900 Dodd Boulevard	Lakeville, MN	9,031	2,289	7,952	—		2,289	7,952	10,241	1,692	2010	(j)
375 Rivertown Drive	Woodbury, MN	7,058	2,635	8,157	48		2,635	8,205	10,840	407	2014	(j)
935 Aldrin Drive	Eagan, MN	—	2,096	7,884	1		2,096	7,885	9,981	65	2014	(j)
7050 Winnetka Avenue North	Brooklyn Park, MN	—	1,623	—	7,792		1,632	7,783	9,415	—	2014	(j)
7051 West Broadway	Brooklyn Park, MN	—	1,275	—	5,246		1,277	5,244	6,521	—	2014	(j)
Nashville
3099 Barry Drive	Portland, TN	—	418	2,368	(683	)	248	1,855	2,103	1,022	1996	(j)
1931 Air Lane Drive	Nashville, TN	2,344	489	2,785	327		493	3,108	3,601	1,326	1997	(j)
4640 Cummings Park	Nashville, TN	2,053	360	2,040	638		365	2,673	3,038	957	1999	(j)
1740 River Hills Drive	Nashville, TN	2,759	848	4,383	607		888	4,950	5,838	1,933	2005	(j)
211 Ellery Court	Nashville, TN	2,727	606	3,192	349		616	3,531	4,147	1,098	2007	(j)
130 Maddox Road	Gallatin, TN	15,636	1,778	—	23,548		1,778	23,548	25,326	3,490	2008	(j)
Northern New Jersey
14 World's Fair Drive	Franklin, NJ	—	483	2,735	717		503	3,432	3,935	1,490	1997	(j)
12 World's Fair Drive	Franklin, NJ	—	572	3,240	1,071		593	4,290	4,883	1,887	1997	(j)
22 World's Fair Drive	Franklin, NJ	—	364	2,064	533		375	2,586	2,961	1,029	1997	(j)

S-14

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

26 World's Fair Drive	Franklin, NJ	—	361	2,048	523	377	2,555	2,932	1,052	1997	(j)
24 World's Fair Drive	Franklin, NJ	—	347	1,968	490	362	2,443	2,805	1,040	1997	(j)
20 World's Fair Drive Lot 13	Sumerset, NJ	—	9	—	2,576	691	1,894	2,585	657	1999	(j)
45 Route 46	Pine Brook, NJ	—	969	5,491	913	978	6,395	7,373	2,256	2000	(j)
43 Route 46	Pine Brook, NJ	—	474	2,686	551	479	3,232	3,711	1,223	2000	(j)
39 Route 46	Pine Brook, NJ	—	260	1,471	197	262	1,666	1,928	583	2000	(j)
26 Chapin Road	Pine Brook, NJ	—	956	5,415	672	965	6,078	7,043	2,177	2000	(j)
30 Chapin Road	Pine Brook, NJ	—	960	5,440	499	969	5,930	6,899	2,080	2000	(j)
20 Hook Mountain Road	Pine Brook, NJ	—	1,507	8,542	2,809	1,534	11,324	12,858	4,700	2000	(j)
30 Hook Mountain Road	Pine Brook, NJ	—	389	2,206	539	396	2,738	3,134	977	2000	(j)
16 Chapin Road	Pine Brook, NJ	—	885	5,015	516	901	5,515	6,416	1,924	2000	(j)
20 Chapin Road	Pine Brook, NJ	—	1,134	6,426	598	1,154	7,004	8,158	2,383	2000	(j)
2500 Main Street	Sayreville, NJ	—	944	—	4,558	944	4,558	5,502	1,319	2002	(j)

S-15

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
2400 Main Street	Sayreville, NJ	—	996	—	5,575		996	5,575	6,571	1,507	2003	(j)
309-313 Pierce Street	Somerset, NJ	3,283	1,300	4,628	1,020		1,309	5,639	6,948	1,968	2004	(j)
Philadelphia
3240 S. 78th Street	Philadelphia, PA	—	515	1,245	(492	)	423	845	1,268	251	2005	(j)
2455 Boulevard of Generals	Norristown, PA	3,235	1,200	4,800	846		1,226	5,620	6,846	1,894	2008	(j)
Phoenix
1045 South Edward Drive	Tempe, AZ	—	390	2,160	370		396	2,524	2,920	877	1999	(j)
50 South 56th Street	Chandler, AZ	3,766	1,206	3,218	1,362		1,252	4,534	5,786	1,224	2004	(j)
4701 W. Jefferson	Phoenix, AZ	2,508	926	2,195	443		929	2,635	3,564	1,418	2005	(j)
7102 W. Roosevelt	Phoenix, AZ	—	1,613	6,451	344		1,620	6,788	8,408	2,207	2006	(j)
4137 West Adams Street	Phoenix, AZ	—	990	2,661	467		1,038	3,080	4,118	1,039	2006	(j)
245 W. Lodge	Tempe, AZ	—	898	3,066	(1,890	)	362	1,712	2,074	710	2007	(j)
1590 E Riverview Dr.	Phoenix, AZ	4,721	1,293	5,950	403		1,292	6,354	7,646	1,396	2008	(j)
14131 N. Rio Vista Blvd	Peoria, AZ	—	2,563	9,388	1,101		2,563	10,489	13,052	2,665	2008	(j)
8716 W. Ludlow Drive	Peoria, AZ	—	2,709	10,970	1,393		2,709	12,363	15,072	2,869	2008	(j)
3815 W. Washington Street	Phoenix, AZ	3,589	1,675	4,514	149		1,719	4,619	6,338	959	2008	(j)
9180 W. Buckeye Road	Tolleson, AZ	7,021	1,904	6,805	2,568		1,923	9,354	11,277	1,665	2008	(j)
8644 West Ludlow Drive	Peoria, AZ	—	1,726	7,216	—		1,726	7,216	8,942	43	2014	(j)
8606 West Ludlow Drive	Peoria, AZ	—	956	2,668	—		956	2,668	3,624	17	2014	(j)
8679 West Ludlow Drive	Peoria, AZ	—	672	2,791	—		672	2,791	3,463	17	2014	(j)
Salt Lake City
1270 West 2320 South	West Valley, UT	—	138	784	144		143	923	1,066	362	1998	(j)
1275 West 2240 South	West Valley, UT	—	395	2,241	352		408	2,580	2,988	1,032	1998	(j)
1288 West 2240 South	West Valley, UT	—	119	672	136		123	804	927	319	1998	(j)
2235 South 1300 West	West Valley, UT	—	198	1,120	168		204	1,282	1,486	512	1998	(j)
1293 West 2200 South	West Valley, UT	—	158	896	282		163	1,173	1,336	471	1998	(j)
1279 West 2200 South	West Valley, UT	—	198	1,120	369		204	1,483	1,687	715	1998	(j)
1272 West 2240 South	West Valley, UT	—	336	1,905	410		347	2,304	2,651	966	1998	(j)
1149 West 2240 South	West Valley, UT	—	217	1,232	325		225	1,549	1,774	620	1998	(j)
1142 West 2320 South	West Valley, UT	—	217	1,232	260		225	1,484	1,709	571	1998	(j)
1152 West 2240 South	West Valley, UT	—	1,652	—	2,323		669	3,306	3,975	1,190	2000	(j)
1815-1957 South 4650 West	Salt Lake City, UT	6,983	1,707	10,873	541		1,713	11,408	13,121	3,065	2006	(j)
2100 Alexander Street	West Valley, UT	—	376	1,670	319		376	1,989	2,365	518	2007	(j)
2064 Alexander Street	West Valley, UT	—	864	2,771	83		869	2,849	3,718	825	2007	(j)
Seattle

S-16

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

1901 Raymond Ave SW	Renton, WA	1,101	4,458	2,659	400		4,594	2,923	7,517	624	2008	(j)
19014 64th Avenue South	Kent, WA	3,063	1,990	3,979	514		2,042	4,441	6,483	1,116	2008	(j)
18640 68th Avenue South	Kent, WA	440	1,218	1,950	307		1,258	2,217	3,475	551	2008	(j)
Southern California
1944 Vista Bella Way	Rancho Dominguez, CA	3,620	1,746	3,148	465		1,822	3,537	5,359	1,298	2005	(j)
2000 Vista Bella Way	Rancho Dominguez, CA	1,314	817	1,673	292		853	1,929	2,782	737	2005	(j)
2835 East Ana Street	Rancho Dominguez, CA	3,105	1,682	2,750	339		1,772	2,999	4,771	963	2005	(j)
16275 Technology Drive	San Diego, CA	—	2,848	8,641	527		2,859	9,157	12,016	2,359	2005	(j)
665 N. Baldwin Park Blvd.	City of Industry, CA	4,226	2,124	5,219	1,601		2,143	6,801	8,944	2,477	2006	(j)
27801 Avenue Scott	Santa Clarita, CA	7,228	2,890	7,020	788		2,902	7,796	10,698	2,377	2006	(j)
2610 & 2660 Columbia Street	Torrance, CA	4,524	3,008	5,826	740		3,031	6,543	9,574	1,770	2006	(j)
433 Alaska Avenue	Torrance, CA	—	681	168	(5	)	684	160	844	85	2006	(j)
4020 S. Compton Avenue	Los Angeles, CA	—	3,800	7,330	(233	)	3,825	7,072	10,897	1,716	2006	(j)
6305 El Camino Real	Carlsbad, CA	—	1,590	6,360	7,730		1,590	14,090	15,680	3,419	2006	(j)
2325 Camino Vida Roble	Carlsbad, CA	1,954	1,441	1,239	627		1,446	1,861	3,307	458	2006	(j)
2335 Camino Vida Roble	Carlsbad, CA	1,055	817	762	207		821	965	1,786	350	2006	(j)
2345 Camino Vida Roble	Carlsbad, CA	681	562	456	51		565	504	1,069	224	2006	(j)
2355 Camino Vida Roble	Carlsbad, CA	640	481	365	237		483	600	1,083	171	2006	(j)
2365 Camino Vida Roble	Carlsbad, CA	1,212	1,098	630	323		1,102	949	2,051	273	2006	(j)
2375 Camino Vida Roble	Carlsbad, CA	1,326	1,210	874	96		1,214	966	2,180	323	2006	(j)
6451 El Camino Real	Carlsbad, CA	—	2,885	1,931	623		2,895	2,544	5,439	802	2006	(j)
8572 Spectrum Lane	San Diego, CA	2,034	806	3,225	274		807	3,498	4,305	680	2007	(j)
13100 Gregg Street	Poway, CA	—	1,040	4,160	509		1,073	4,636	5,709	1,353	2007	(j)
21730-21748 Marilla Street	Chatsworth, CA	2,766	2,585	3,210	58		2,608	3,245	5,853	912	2007	(j)
8015 Paramount	Pico Rivera, CA	—	3,616	3,902	61		3,657	3,922	7,579	1,395	2007	(j)
3365 E. Slauson	Vernon, CA	—	2,367	3,243	40		2,396	3,254	5,650	1,219	2007	(j)
3015 East Ana	Rancho Dominguez, CA	—	19,678	9,321	6,305		20,144	15,160	35,304	3,470	2007	(j)
19067 Reyes Avenue	Rancho Dominguez, CA	—	9,281	3,920	102		9,381	3,922	13,303	1,557	2007	(j)
24870 Nandina Avenue	Moreno Valley, CA	—	13,543	—	20,885		6,482	27,946	34,428	1,627	2012	(j)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,435	779	42		1,441	815	2,256	331	2007	(j)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,353	722	(844	)	675	556	1,231	232	2007	(j)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,224	716	21		1,229	732	1,961	305	2007	(j)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA	2,861	2,043	3,408	(114	)	2,051	3,286	5,337	682	2007	(j)
1290 Rancho Conejo Blvd.	Thousand Oaks, CA	2,416	1,754	2,949	(204	)	1,761	2,738	4,499	594	2007	(j)
100 West Sinclair Street	Riverside, CA	—	4,894	3,481	(5,233	)	1,819	1,323	3,142	540	2007	(j)
14050 Day Street	Moreno Valley, CA	3,313	2,538	2,538	290		2,565	2,801	5,366	779	2008	(j)
12925 Marlay Avenue	Fontana, CA	9,092	6,072	7,891	762		6,090	8,635	14,725	3,159	2008	(j)
18201-18291 Santa Fe	Rancho Dominguez, CA	9,708	6,720	—	9,004		6,897	8,827	15,724	1,636	2008	(j)
1011 Rancho Conejo	Thousand Oaks, CA	5,328	7,717	2,518	(156	)	7,752	2,327	10,079	1,000	2008	(j)
2300 Corporate Center Drive	Thousand Oaks, CA	—	6,506	4,885	(5,427	)	3,236	2,728	5,964	901	2008	(j)
19021 S. Reyes Avenue	Rancho Dominguez, CA	—	8,183	7,501	761		8,545	7,900	16,445	1,675	2008	(j)

S-17

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

6185 Kimball Avenue		Chino, CA	—	6,385	—	12,343		6,382	12,346	18,728	796	2013	(j)
5555 Bandini Blvd.		Bell, CA	—	32,536	—	20,917		32,540	20,913	53,453	647	2013	(j)
16875 Heacock Street		Moreno Valley, CA	—	—	6,831	72		—	6,903	6,903	253	2014	(j)
4710 Guasti Road		Ontario, CA	—	2,846	6,564	—		2,846	6,564	9,410	41	2014	(j)
17100 Perris Blvd		Moreno Valley, CA	—	6,388	—	22,595		6,395	22,588	28,983	356	2014	(j)
13414 S. Figueroa		Los Angeles, CA	—	1,701	—	6,577		1,887	6,391	8,278	88	2014	(j)
Southern New Jersey
2060 Springdale Road		Cherry Hill, NJ	—	258	1,436	625		258	2,061	2,319	808	1998	(j)
111 Whittendale Drive		Morrestown, NJ	—	522	2,916	519		522	3,435	3,957	1,217	2000	(j)
7851 Airport Highway		Pennsauken, NJ	—	160	508	381		162	887	1,049	352	2003	(j)
103 Central Avenue		Mt. Laurel, NJ	—	610	1,847	1,471		619	3,309	3,928	1,085	2003	(j)
7890 Airport Hwy/7015 Central		Pennsauken, NJ	—	300	989	543		425	1,407	1,832	947	2006	(j)
600 Creek Road		Delanco, NJ	—	2,125	6,504	(3,821	)	1,557	3,251	4,808	746	2007	(j)
St. Louis
10431 Midwest Industrial Blvd		Olivette, MO	1,446	237	1,360	745		237	2,105	2,342	875	1994	(j)
10751 Midwest Industrial Boulevard		Olivette, MO	—	193	1,119	294		194	1,412	1,606	584	1994	(j)
6951 N Hanley	(d)	Hazelwood, MO	—	405	2,295	2,577		419	4,858	5,277	1,839	1996	(j)
1067-1083 Warson-Bldg A		St. Louis, MO	1,642	246	1,359	826		251	2,180	2,431	570	2002	(j)
1093-1107 Warson-Bldg B		St. Louis, MO	2,813	380	2,103	1,681		388	3,776	4,164	1,027	2002	(j)
1113-1129 Warson-Bldg C		St. Louis, MO	2,322	303	1,680	1,454		310	3,127	3,437	1,139	2002	(j)
1131-1151 Warson-Bldg D		St. Louis, MO	2,198	353	1,952	949		360	2,894	3,254	766	2002	(j)
6821-6857 Hazelwood Avenue		Berkeley, MO	—	985	6,205	908		985	7,113	8,098	2,090	2003	(j)
13701 Rider Trail North		Earth City, MO	—	800	2,099	710		804	2,805	3,609	1,025	2003	(j)
1908-2000 Innerbelt	(d)	Overland, MO	7,215	1,590	9,026	1,095		1,591	10,120	11,711	3,741	2004	(j)
9060 Latty Avenue		Berkeley, MO	—	687	1,947	(90	)	694	1,850	2,544	1,554	2006	(j)
21-25 Gateway Commerce Center		Edwardsville, IL	—	1,874	31,958	(331	)	1,902	31,599	33,501	7,272	2006	(j)

S-18

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
6647 Romiss Court		St. Louis, MO	—	230	681	(8	)	241	662	903	245	2008	(j)
Tampa
5313 Johns Road		Tampa, FL	—	204	1,159	573		257	1,679	1,936	640	1997	(j)
5525 Johns Road		Tampa, FL	—	192	1,086	294		200	1,372	1,572	539	1997	(j)
5709 Johns Road		Tampa, FL	—	192	1,086	197		200	1,275	1,475	534	1997	(j)
5711 Johns Road		Tampa, FL	—	243	1,376	159		255	1,523	1,778	640	1997	(j)
5453 W Waters Avenue		Tampa, FL	—	71	402	163		82	554	636	236	1997	(j)
5455 W Waters Avenue		Tampa, FL	—	307	1,742	747		326	2,470	2,796	1,043	1997	(j)
5553 W Waters Avenue		Tampa, FL	—	307	1,742	417		326	2,140	2,466	885	1997	(j)
5501 W Waters Avenue		Tampa, FL	—	215	871	298		242	1,142	1,384	491	1997	(j)
5503 W Waters Avenue		Tampa, FL	—	98	402	328		110	718	828	374	1997	(j)
5555 W Waters Avenue		Tampa, FL	—	213	1,206	230		221	1,428	1,649	625	1997	(j)
5557 W Waters Avenue		Tampa, FL	—	59	335	59		62	391	453	160	1997	(j)
5461 W Waters Avenue		Tampa, FL	—	261	—	1,355		265	1,351	1,616	541	1998	(j)
5481 W Waters Avenue		Tampa, FL	—	558	—	2,263		561	2,260	2,821	832	1999	(j)
4515-4519 George Road		Tampa, FL	—	633	3,587	854		640	4,434	5,074	1,526	2001	(j)
6089 Johns Road		Tampa, FL	—	180	987	2		186	983	1,169	320	2004	(j)
6091 Johns Road		Tampa, FL	—	140	730	(32	)	144	694	838	219	2004	(j)
6103 Johns Road		Tampa, FL	—	220	1,160	16		226	1,170	1,396	387	2004	(j)
6201 Johns Road		Tampa, FL	—	200	1,107	3		205	1,105	1,310	415	2004	(j)
6203 Johns Road		Tampa, FL	—	300	1,460	(311	)	311	1,138	1,449	348	2004	(j)
6205 Johns Road		Tampa, FL	—	270	1,363	152		278	1,507	1,785	445	2004	(j)
6101 Johns Road		Tampa, FL	—	210	833	49		216	876	1,092	304	2004	(j)
4908 Tampa West Blvd		Tampa, FL	—	2,622	8,643	(820	)	2,635	7,810	10,445	2,722	2005	(j)
4900-4914 Creekside Drive	(h)	Clearwater, FL	—	3,702	7,338	(3,486	)	2,245	5,309	7,554	1,787	2006	(j)
12345 Starkey Road		Largo, FL	—	898	2,078	(629	)	599	1,748	2,347	651	2006	(j)
Other
5050 Kendrick Court		Grand Rapids, MI	—	1,721	11,433	(2,272	)	988	9,894	10,882	7,264	1994	(j)
6266 Hurt Road		Horn Lake, MS	—	427	—	3,712		387	3,752	4,139	836	2004	(j)
6301 Hazeltine National Drive		Orlando, FL	—	909	4,613	57		920	4,659	5,579	1,718	2005	(j)
12626 Silicon Drive		San Antonio, TX	—	768	3,448	(449	)	779	2,988	3,767	934	2005	(j)
3100 Pinson Valley Parkway		Birmingham, AL	—	303	742	(280	)	225	540	765	212	2005	(j)
3730 Wheeler Avenue		Fort Smith, AR	—	720	2,800	(589	)	583	2,348	2,931	827	2006	(j)
3200 Pond Station		Jefferson County, KY	—	2,074	—	9,896		2,120	9,850	11,970	2,052	2007	(j)
7501 NW 106th Terrace		Kansas City, MO	10,997	4,152	—	13,659		4,228	13,583	17,811	2,108	2008	(j)

S-19

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

600 Greene Drive		Greenville, KY	—		294		8,570		(727		)	296		7,841		8,137		4,094		2008	(j)
Land Parcels
Land Parcels	(i)		—		113,428		—		6,710			104,513		15,625		120,138		2,180
Total			$	518,754	$	643,104	$	1,466,799	$	672,060		$	617,426	$	2,164,537	$	2,781,963	$	686,451

_______________________

NOTES:

(a) See description of encumbrances in Note 6 of the Notes to Consolidated Financial Statements For purposes of this schedule. the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance.

(b) Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.

(c) Improvements are net of the write-off of fully depreciated assets and impairment of real estate.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) These properties represent developable land and land parcels for which we receive ground lease income.

(j) Depreciation is computed based upon the following estimated lives:

Buildings and Improvements	7 to 50 years
Land Improvements	3 to 20 years
Tenant Improvements	Shorter of Lease Term or Useful Life

At December 31, 2014, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.8 billion (excluding construction in progress).

S-20

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2014

The changes in investment in real estate, including investment in real estate held for sale, for the three years ended December 31, are as follows:

	2014			2013			2012
				(In thousands)
Balance, Beginning of Year	$	2,748,179		$	2,773,501		$	2,766,989
Acquisition of Real Estate Assets	74,652			69,481			58,886
Construction Costs and Improvements	96,202			74,254			64,600
Disposition of Real Estate Assets	(89,518		)	(136,705		)	(90,794		)
Impairment of Real Estate	—			(2,652		)	(1,101		)
Write-off of Fully Depreciated Assets	(25,393		)	(29,700		)	(25,079		)
Balance, End of Year	$	2,804,122		$	2,748,179		$	2,773,501

The changes in accumulated depreciation, including accumulated depreciation for real estate held for sale, for the three years ended December 31, are as follows:

	2014			2013			2012
				(In thousands)
Balance, Beginning of Year	$	652,971		$	642,439		$	609,986
Depreciation for Year	83,116			83,835			88,123
Disposition of Real Estate Assets	(24,243		)	(43,603		)	(30,591		)
Write-off of Fully Depreciated Assets	(25,393		)	(29,700		)	(25,079		)
Balance, End of Year	$	686,451		$	652,971		$	642,439

S-21

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FIRST INDUSTRIAL, L.P.
By:	FIRST INDUSTRIAL REALTY TRUST, INC.
	as general partner
By:	/s/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Director (Principal Executive Officer)

Date: February 24, 2015

By:	/s/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial and Accounting Officer (Principal Financial and Accounting Officer)

Date: February 24, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ W. EDWIN TYLER W. Edwin Tyler	Chairman of the Board of Directors	February 24, 2015
/s/ BRUCE W. DUNCAN Bruce W. Duncan	President, Chief Executive Officer and Director	February 24, 2015
/s/ MATTHEW DOMINSKI Matthew Dominski	Director	February 24, 2015
/s/ H. PATRICK HACKETT, JR. H. Patrick Hackett, Jr.	Director	February 24, 2015
/s/ JOHN E. RAU John E. Rau	Director	February 24, 2015
/s/ L. PETER SHARPE L. Peter Sharpe	Director	February 24, 2015

S-22

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (File No. 333-194527) of First Industrial, L.P. of our report dated February 24, 2015 relating to the consolidated financial statements, financial statement schedule and the effectiveness of internal control over financial reporting of First Industrial, L.P., and our reports dated February 24, 2015 relating to consolidated financial statements of First Industrial Pennsylvania, L.P., and the combined financial statements of the Combined Partnerships, which appear in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2015

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Bruce W. Duncan, certify that:

1. I have reviewed this annual report on Form 10-K of First Industrial, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-l5(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2015

/s/ BRUCE W. DUNCAN

Bruce W. Duncan

President and Chief Executive Officer (Principal Executive Officer)

First Industrial Realty Trust, Inc.

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Musil, certify that:

1.I have reviewed this annual report on Form 10-K of First Industrial, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2015

/s/ SCOTT A. MUSIL

Scott A. Musil

Chief Financial Officer (Principal Executive Officer)

First Industrial Realty Trust, Inc.

EX-32

EXHIBIT 32

CERTIFICATION

Accompanying Form 10-K Report

of First Industrial, L.P.

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. §1350(a) and (b))

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. § 1350(a) and (b)), each of the undersigned hereby certifies, to his knowledge, that the Annual Report on Form 10-K for the period ended December 31, 2014 of First Industrial, L.P. (the “Company”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 24, 2015	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	Chief Executive Officer (Principal Executive Officer)
	First Industrial Realty Trust, Inc.
Dated: February 24, 2015	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer (Principal Financial Officer)
	First Industrial Realty Trust, Inc.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

XML

Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements on Recurring Basis

The following table sets forth our financial liabilities related to the Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of December 31, 2014:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Swaps	$	(12,279	)	—	$	(12,279	)	—

XML

Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Condensed Combined Statements of Operations [Line Items]
Total Revenues	$ 78,777	$ 76,210	$ 74,082	$ 73,536	$ 71,540	$ 69,377	$ 70,019	$ 68,791	$ 302,605	$ 279,727	$ 266,155
Property Expenses									(101,533)	(91,692)	(85,530)
Impairment of Real Estate									0	0	20
Depreciation and Other Amortization									(99,949)	(95,060)	(97,318)
Interest Income									2,189	2,438	2,940
Interest Expense									(67,509)	(68,857)	(77,794)
Amortization of Deferred Financing Costs									(2,940)	(3,038)	(3,252)
Loss from Retirement of Debt									(522)	(6,423)	(9,684)
Income (Loss) from Continuing Operations	8,043	10,145	3,281	4,218	2,284	4,958	(1,548)	299	25,687	5,993	(25,181)
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations									1,785	1,963	6,228
Gain on Sale of Real Estate									23,796	32,657	12,758
Income from Discontinued Operations	11,702	12,073	946	860	19,809	3,559	12,941	(1,689)	25,581	34,620	18,986
Gain on Sale of Real Estate									(83)	1,030	3,777
Net Income (Loss)	19,662	22,218	4,227	5,078	22,430	8,738	11,393	(1,128)	51,185	41,433	(2,418)
Other Real Estate Partnerships
Schedule Of Condensed Combined Statements of Operations [Line Items]
Total Revenues									41,994	38,727	38,362
Property Expenses									(12,966)	(12,022)	(10,987)
Impairment of Real Estate									0	0	172
Depreciation and Other Amortization									(11,948)	(11,891)	(13,543)
Interest Income									1,309	4,999	7,776
Interest Expense									(4,669)	(4,701)	(5,712)
Amortization of Deferred Financing Costs									(158)	(187)	(208)
Loss from Retirement of Debt									(133)	(214)	0
Income (Loss) from Continuing Operations									13,429	14,711	15,860
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations									50	259	(126)
Gain on Sale of Real Estate									2,192	1,687	(93)
Income from Discontinued Operations									2,242	1,946	(219)
Gain on Sale of Real Estate									0	70	0
Net Income (Loss)									$ 15,671	$ 16,727	$ 15,641

XML

Investment in Real Estate - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 Property sqft	Dec. 31, 2013 sqft Property	Dec. 31, 2012 Property Parcels sqft
Real Estate [Line Items]
Number of industrial properties acquired	8	2	1
Number of industrial properties acquired through acquisition of equity interest		1
Gross leasable area (GLA) of industrial properties acquired	1,100,000	1,100,000	400,000
Equity interest acquired		100.00%
Number of industrial properties owned	576
Number of vacant industrial properties acquired		1
Purchase price of acquisitions	$ 86,057	$ 72,812	$ 21,819
Fair value of mortgage loan assumed from acquisition			12,026
Cash payment of acquisition			8,324
Percentage of consideration paid of net fair value of acquisition			85.00%
Gain on Change in Control of Interests	0	0	776
Purchase price of land parcels	30,104	34,518	40,003
Number of industrial properties sold	25	65	26
Gross leasable area (GLA) of industrial properties sold	1,800,000	2,800,000	4,100,000
Number of land parcels sold			1
Proceeds from sale of industrial properties	94,095	138,769	83,098
Gain on sale of real estate	23,713	33,687	16,535
Gain on sale of real estate included in discontinued operations	23,796	32,657	12,758
Number of sold industrial properties included in discontinued operations	25	65	26
Notes receivable outstanding	2,731	52,605
Net discount of notes receivable outstanding	0	191
Interest rate of notes receivable	4.75%
Fair value of notes receivable	$ 2,732	$ 53,482
2003 Net Lease Joint Venture
Real Estate [Line Items]
Equity interest acquired			85.00%
Number of industrial properties owned	1		1

XML

Earnings Per Unit (EPU) - Non-Participating Securities (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Restricted Unit Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Non-Participating Securities Outstanding	73,400	483,500
Long-Term Incentive Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Non-Participating Securities Outstanding	718,960	0

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Indebtedness - Information Regarding Indebtedness (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
Mortgage Loans Payable, Net	$ 518,754		$ 580,215
Unamortized Premiums	(90)		(115)
Mortgage Loans Payable, Gross	518,664		580,100
Senior Unsecured Notes, Net	364,861		445,916
Unsecured Term Loan	200,000		0
Unsecured Credit Facility	185,000	[1]	173,000	[1]
2016 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	159,621		159,566
Term Loan Interest Rate	5.75%
Effective Interest Rate	5.91%
Maturity Date	Jan. 15, 2016
2017 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	54,966		54,960
Term Loan Interest Rate	7.50%
Effective Interest Rate	7.52%
Maturity Date	Dec. 01, 2017
2027 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	6,066		6,066
Term Loan Interest Rate	7.15%
Effective Interest Rate	7.11%
Maturity Date	May 15, 2027
2028 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	31,884		31,883
Term Loan Interest Rate	7.60%
Effective Interest Rate	8.13%
Maturity Date	Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	10,518		10,514
Term Loan Interest Rate	7.75%
Effective Interest Rate	7.87%
Maturity Date	Apr. 15, 2032
2014 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	0		81,149
Maturity Date	Jun. 01, 2014
2017 II Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	101,806		101,778
Term Loan Interest Rate	5.95%
Effective Interest Rate	6.37%
Maturity Date	May 15, 2017
Mortgages
Debt Instrument [Line Items]
Mortgage Loans Payable, Net	518,754		580,215
Interest Rate, Minimum	4.03%
Interest Rate, Maximum	8.26%
Effective Interest Rate, Minimum	4.03%
Effective Interest Rate, Maximum	8.26%
Maturity Date Range, Start	Feb. 01, 2016
Maturity Date Range, End	Sep. 01, 2022
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	364,861		445,916
Unamortized Discounts	241		980
Senior Unsecured Notes, Gross	365,102		446,896
Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured Term Loan	200,000	[2]
Term Loan Interest Rate	1.906%	[2]
Effective Interest Rate	1.906%	[2]
Maturity Date	Jan. 29, 2021	[2]
Unsecured Credit Facility
Debt Instrument [Line Items]
Unsecured Credit Facility	$ 185,000		$ 173,000
Unsecured Credit Facility Interest Rate	1.662%	[1]
Effective Interest Rate	1.662%	[1]
Maturity Date	Sep. 29, 2017	[1]

[1] The maturity date may be extended an additional year at our election, subject to certain restrictions.

[2] We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

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Stock Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Award Transactions (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, Beginning Balance, Awards	1,281,221
Issued, Awards	319,055
Forfeited, Awards	(105,346)
Vested, Awards	(678,212)
Outstanding, Ending Balance, Awards	816,718
Outstanding, Weighted average grant date fair value, Beginning of Period	$ 9.72
Issued, Weighted average grant date fair value	$ 18.06
Forfeited, Weighted average grant date fair value	$ 5.83
Vested, Weighted average grant date fair value	$ 10.69
Outstanding, Weighted average grant date fair value, End of Period	$ 12.68

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Summary of Significant Accounting Policies - Deferred Leasing Intangibles Included in Total Assets and Liabilities (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Total accumulated amortization of deferred leasing intangibles included in total assets	$ 26,306	$ 26,663
Total accumulated amortization of deferred leasing intangibles included in total liabilities	$ 7,981	$ 7,604

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Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2014

Partners' Capital [Abstract]

Summary of Preferred Units Outstanding and Liquidation Preference

The following table summarizes the preferred Units outstanding at December 31, 2013:

	Units Outstanding	Liquidation Preference
Series F Preferred Units	500	$	50,000
Series G Preferred Units	250	$	25,000

General Partnership and Limited Partnership Units Outstanding, Including Unvested General Partner Restricted Units

The following table is a roll-forward of the General Partnership and Limited Partnership Units outstanding, including unvested general partner restricted Units (see Note 13), for the three years ended December 31, 2014:

	General Partnership  and Limited Partnership Units Outstanding
Balance at December 31, 2011	92,044,769
Issuance of General Partner Units	11,085,905
Issuance of General Partner Restricted Units	565,137
Repurchase and Retirement of Restricted Units	(225,557	)
Balance at December 31, 2012	103,470,254
Issuance of General Partner Units	10,853,693
Issuance of General Partner Restricted Units	284,461
Repurchase and Retirement of Restricted Units	(30,245	)
Balance at December 31, 2013	114,578,163
Issuance of General Partner Units	219,695
Issuance of General Partner Restricted Units	319,055
Repurchase and Retirement of Restricted Units	(141,410	)
Balance at December 31, 2014	114,975,503

Summary of Distributions

The following table summarizes distributions accrued during the past three years:

	2014 Total Distribution*		2013 Total Distribution *		2012 Total Distribution *
General Partner/Limited Partner Units	$	47,263	$	38,862	$	—
Series F Preferred Units	$	566	$	2,896	$	2,728
Series G Preferred Units	$	453	$	1,809	$	1,809
Series J Preferred Units	N/A		$	2,034	$	10,785
Series K Preferred Units	N/A		$	1,994	$	3,625

________________________

* See the "Preferred Contributions" section for the redemptions and discussion of pro-rated dividends for all series of preferred stock occurring during the years ended December 31, 2014, 2013 and 2012.

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Derivatives - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended			2 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 06, 2014	Jan. 29, 2014	Aug. 01, 2014	Oct. 31, 2008
Derivative [Line Items]
Mark-to-Market Gain on Interest Rate Protection Agreements	$ 0	$ 52	$ (328)
Settlement payments of mark-to-market gains or losses		774
Series F Preferred Units
Derivative [Line Items]
Minimum fixed coupon rate of preferred units	2.375%
Number of years of U.S. treasury rate one				30 years
Number of years of U.S. treasury rate two				10 years
LIBOR rate				3-month LIBOR
New coupon rate of preferred units	6.236%			6.275%
Group I Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held					4
Swaps, Notional Amount					200,000
Swaps, Average Fixed Interest Rate					2.29%
Group II Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held						3
Swaps, Notional Amount						220,000
Swaps, Average Fixed Interest Rate						2.5795%
Series F Agreement
Derivative [Line Items]
Swaps, Notional Amount	$ 200,000						$ 50,000
Swaps, Average Fixed Interest Rate							5.2175%

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Income Taxes - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Received refund from the IRS	$ 40,418
Taxes owed		$ 5,300

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Real Estate and Accumulated Depreciation - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of land and buildings and equipment for federal income tax purpose	$ 2.8

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Indebtedness - Senior Unsecured Notes Repurchases (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	$ 29,824
Purchase Price	33,492
2017 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	430
Purchase Price	482
2017 II Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	5,000
Purchase Price	5,300
2028 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	23,394
Purchase Price	26,547
2032 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	1,000
Purchase Price	$ 1,163

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Stock Based Compensation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under Stock Incentive Plans	3,600,000
Common Stock, Capital shares reserved for future issuance	4,900,000
Shares available under Stock Incentive Plans	3,500,000
Matching contributions in 401(k) / profit sharing plan	$ 387	$ 300	$ 284
Restricted stock and unit awards to employees	319,055
Unrecognized compensation related to unvested restricted stock and unit awards	5,079
Amortization related to restricted stock and unit awards	7,605	6,202	8,559
Amortization capitalized in development activities	41	34	21
Weighted average period of unrecognized compensation expected to be recognized	9 months 15 days
Long-Term Incentive Program | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage		0.00%
Long-Term Incentive Program | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage		100.00%
Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and unit awards to employees	19,250
Unrecognized compensation related to unvested restricted stock and unit awards	350
Vesting period of restricted stock	1 year
Management | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and unit awards to employees	299,805	284,461	565,137
Unrecognized compensation related to unvested restricted stock and unit awards	5,413	4,719	7,065
Vesting period of restricted stock	3 years
Compensation expense recognized at date of grant	1,451	1,008	3,649
Management | Long-Term Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and unit awards to employees		718,960
Unrecognized compensation related to unvested restricted stock and unit awards		$ 5,411

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Quarterly Financial Information - Net (Loss) Income Available to Unitholders and Basic and Diluted Earnings Per Unit (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Total Revenues	$ 78,777	$ 76,210	$ 74,082	$ 73,536	$ 71,540	$ 69,377	$ 70,019	$ 68,791	$ 302,605	$ 279,727	$ 266,155
Equity in Income of Other Real Estate Partnerships	3,826	4,775	2,516	3,094	2,486	4,546	2,399	2,172	14,211	11,603	7,756
Equity in Income (Loss) of Joint Ventures	(9)	(14)	556	2,966	17	72	27	20	3,499	136	1,559
Income (Loss) from Continuing Operations	8,043	10,145	3,281	4,218	2,284	4,958	(1,548)	299	25,687	5,993	(25,181)
Income (Loss) from Discontinued Operations	11,702	12,073	946	860	19,809	3,559	12,941	(1,689)	25,581	34,620	18,986
Gain (Loss) on Sale of Real Estate, Net of Income Tax	(83)	0	0	0	337	221	0	262	(83)	820	3,777
Net Income (Loss)	19,662	22,218	4,227	5,078	22,430	8,738	11,393	(1,128)	51,185	41,433	(2,418)
Preferred Unit Distributions	0	0	0	(1,019)	(1,227)	(1,392)	(2,277)	(3,837)	(1,019)	(8,733)	(18,947)
Redemption of Preferred Units	0	0	0	(1,462)	0	(2,121)	(3,546)	0	(1,462)	(5,667)	(1,804)
Net Income (Loss) Available to Unitholders and Participating Securities	19,662	22,218	4,227	2,597	21,203	5,225	5,570	(4,965)	48,704	27,033	(23,169)
Income from Continuing Operations Allocable to Participating Securities	(32)	(41)	(33)	(21)	(6)	(13)	0	(36)	(83)	0	0
Income from Discontinued Operations Allocable to Participating Securities	(47)	(49)	(10)	(10)	(85)	(29)	(42)	0	(92)	(162)	0
Net Income (Loss) Available to Unitholders	$ 19,583	$ 22,128	$ 4,184	$ 2,566	$ 21,112	$ 5,183	$ 5,528	$ (5,001)	$ 48,529	$ 26,871	$ (23,169)
Basic Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$ 0.07	$ 0.09	$ 0.03	$ 0.01	$ 0.01	$ 0.01	$ (0.06)	$ (0.03)
Income (Loss) from Discontinued Operations Attributable to Unitholders	$ 0.10	$ 0.10	$ 0.01	$ 0.01	$ 0.18	$ 0.03	$ 0.11	$ (0.02)
Net Income (Loss) Available to Unitholders	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.19	$ 0.04	$ 0.05	$ (0.05)
Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$ 0.07	$ 0.09	$ 0.03	$ 0.01	$ 0.01	$ 0.01	$ (0.06)	$ (0.03)
Income (Loss) from Discontinued Operations Attributable to Unitholders	$ 0.10	$ 0.10	$ 0.01	$ 0.01	$ 0.17	$ 0.03	$ 0.11	$ (0.02)
Net Income (Loss) Available to Unitholders	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.18	$ 0.04	$ 0.05	$ (0.05)
Weighted Average Units —Basic	114,512	114,512	114,278	114,245	114,089	114,089	112,808	105,477	114,388	111,646	96,509
LTIP Unit Awards	287	199	589	539	485	407	0	0	403	0	0
Weighted Average Units - Diluted	114,799	114,711	114,867	114,784	114,574	114,496	112,808	105,477	114,791	111,646	96,509

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Related Party Transactions - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Receivable balance due from wholly owned entities	$ 5,717
Payable balance due to wholly owned entities		$ (1,799)

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Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 518,754
Initial Cost, Land	643,104
Initial Cost, Buildings	1,466,799
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	672,060
Gross Amount Carried, Land	617,426
Gross Amount Carried, Building and Improvements	2,164,537
SEC Schedule III, Real Estate, Gross	2,781,963
Accumulated Depreciation	686,451	652,971	642,439	609,986
1650 Highway 155 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Initial Cost, Land	788
Initial Cost, Buildings	4,544
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(363)
Gross Amount Carried, Land	365
Gross Amount Carried, Building and Improvements	4,604
SEC Schedule III, Real Estate, Gross	4,969
Accumulated Depreciation	2,602
1665 Dogwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Initial Cost, Land	635
Initial Cost, Buildings	3,662
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	972
Gross Amount Carried, Land	635
Gross Amount Carried, Building and Improvements	4,634
SEC Schedule III, Real Estate, Gross	5,269
Accumulated Depreciation	2,230
1715 Dogwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Initial Cost, Land	288
Initial Cost, Buildings	1,675
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	827
Gross Amount Carried, Land	228
Gross Amount Carried, Building and Improvements	2,562
SEC Schedule III, Real Estate, Gross	2,790
Accumulated Depreciation	1,052
11235 Harland Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Covington, GA
Initial Cost, Land	125
Initial Cost, Buildings	739
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	218
Gross Amount Carried, Land	125
Gross Amount Carried, Building and Improvements	957
SEC Schedule III, Real Estate, Gross	1,082
Accumulated Depreciation	433
4051 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Initial Cost, Land	726
Initial Cost, Buildings	4,130
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	880
Gross Amount Carried, Land	726
Gross Amount Carried, Building and Improvements	5,010
SEC Schedule III, Real Estate, Gross	5,736
Accumulated Depreciation	2,366
4071 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Initial Cost, Land	750
Initial Cost, Buildings	4,460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,742
Gross Amount Carried, Land	828
Gross Amount Carried, Building and Improvements	6,124
SEC Schedule III, Real Estate, Gross	6,952
Accumulated Depreciation	2,919
4081 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Initial Cost, Land	1,012
Initial Cost, Buildings	5,918
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,796
Gross Amount Carried, Land	1,157
Gross Amount Carried, Building and Improvements	7,569
SEC Schedule III, Real Estate, Gross	8,726
Accumulated Depreciation	3,409
5570 Tulane Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Encumbrances	2,218
Initial Cost, Land	527
Initial Cost, Buildings	2,984
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,184
Gross Amount Carried, Land	546
Gross Amount Carried, Building and Improvements	4,149
SEC Schedule III, Real Estate, Gross	4,695
Accumulated Depreciation	1,694
955 Cobb Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kennesaw, GA
Encumbrances	2,895
Initial Cost, Land	780
Initial Cost, Buildings	4,420
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	927
Gross Amount Carried, Land	804
Gross Amount Carried, Building and Improvements	5,323
SEC Schedule III, Real Estate, Gross	6,127
Accumulated Depreciation	2,100
1256 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	336
Initial Cost, Buildings	1,907
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	340
Gross Amount Carried, Land	339
Gross Amount Carried, Building and Improvements	2,244
SEC Schedule III, Real Estate, Gross	2,583
Accumulated Depreciation	744
1265 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	307
Initial Cost, Buildings	1,742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	335
Gross Amount Carried, Land	309
Gross Amount Carried, Building and Improvements	2,075
SEC Schedule III, Real Estate, Gross	2,384
Accumulated Depreciation	698
1280 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	281
Initial Cost, Buildings	1,592
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	286
Gross Amount Carried, Land	283
Gross Amount Carried, Building and Improvements	1,876
SEC Schedule III, Real Estate, Gross	2,159
Accumulated Depreciation	624
1300 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	420
Initial Cost, Buildings	2,381
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	254
Gross Amount Carried, Land	423
Gross Amount Carried, Building and Improvements	2,632
SEC Schedule III, Real Estate, Gross	3,055
Accumulated Depreciation	866
1325 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	332
Initial Cost, Buildings	1,879
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	338
Gross Amount Carried, Land	334
Gross Amount Carried, Building and Improvements	2,215
SEC Schedule III, Real Estate, Gross	2,549
Accumulated Depreciation	743
1351 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	370
Initial Cost, Buildings	2,099
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,020)
Gross Amount Carried, Land	146
Gross Amount Carried, Building and Improvements	1,303
SEC Schedule III, Real Estate, Gross	1,449
Accumulated Depreciation	626
1346 Oakbrook Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	740
Initial Cost, Buildings	4,192
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(684)
Gross Amount Carried, Land	352
Gross Amount Carried, Building and Improvements	3,896
SEC Schedule III, Real Estate, Gross	4,248
Accumulated Depreciation	1,925
3060 South Park Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ellenwood, GA
Initial Cost, Land	1,600
Initial Cost, Buildings	12,464
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,691
Gross Amount Carried, Land	1,604
Gross Amount Carried, Building and Improvements	15,151
SEC Schedule III, Real Estate, Gross	16,755
Accumulated Depreciation	4,306
Greenwood Industrial Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Encumbrances	4,338
Initial Cost, Land	1,550
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,632
Gross Amount Carried, Land	1,550
Gross Amount Carried, Building and Improvements	7,632
SEC Schedule III, Real Estate, Gross	9,182
Accumulated Depreciation	1,943
46 Kent Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cartersville GA
Encumbrances	1,415
Initial Cost, Land	794
Initial Cost, Buildings	2,252
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(52)
Gross Amount Carried, Land	798
Gross Amount Carried, Building and Improvements	2,196
SEC Schedule III, Real Estate, Gross	2,994
Accumulated Depreciation	770
605 Stonehill Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Initial Cost, Land	485
Initial Cost, Buildings	1,979
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(23)
Gross Amount Carried, Land	490
Gross Amount Carried, Building and Improvements	1,951
SEC Schedule III, Real Estate, Gross	2,441
Accumulated Depreciation	1,704
6514 Warren Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	510
Initial Cost, Buildings	1,250
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	127
Gross Amount Carried, Land	513
Gross Amount Carried, Building and Improvements	1,374
SEC Schedule III, Real Estate, Gross	1,887
Accumulated Depreciation	454
6544 Warren Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Initial Cost, Land	711
Initial Cost, Buildings	2,310
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	293
Gross Amount Carried, Land	715
Gross Amount Carried, Building and Improvements	2,599
SEC Schedule III, Real Estate, Gross	3,314
Accumulated Depreciation	906
5356 E. Ponce De Leon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stone Mountain, GA
Initial Cost, Land	604
Initial Cost, Buildings	3,888
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	90
Gross Amount Carried, Land	610
Gross Amount Carried, Building and Improvements	3,972
SEC Schedule III, Real Estate, Gross	4,582
Accumulated Depreciation	1,811
5390 E. Ponce De Leon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stone Mountain, GA
Initial Cost, Land	397
Initial Cost, Buildings	1,791
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	108
Gross Amount Carried, Land	402
Gross Amount Carried, Building and Improvements	1,894
SEC Schedule III, Real Estate, Gross	2,296
Accumulated Depreciation	705
195 & 197 Collins Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Athens, GA
Initial Cost, Land	1,410
Initial Cost, Buildings	5,344
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	896
Gross Amount Carried, Land	989
Gross Amount Carried, Building and Improvements	6,661
SEC Schedule III, Real Estate, Gross	7,650
Accumulated Depreciation	3,516
1755 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Buford, GA
Encumbrances	1,242
Initial Cost, Land	712
Initial Cost, Buildings	2,118
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(202)
Gross Amount Carried, Land	716
Gross Amount Carried, Building and Improvements	1,912
SEC Schedule III, Real Estate, Gross	2,628
Accumulated Depreciation	618
4555 Atwater Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Buford, GA
Encumbrances	2,235
Initial Cost, Land	881
Initial Cost, Buildings	3,550
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	298
Gross Amount Carried, Land	885
Gross Amount Carried, Building and Improvements	3,844
SEC Schedule III, Real Estate, Gross	4,729
Accumulated Depreciation	1,048
80 Liberty Industrial Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Initial Cost, Land	756
Initial Cost, Buildings	3,695
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,244)
Gross Amount Carried, Land	467
Gross Amount Carried, Building and Improvements	2,740
SEC Schedule III, Real Estate, Gross	3,207
Accumulated Depreciation	902
596 Bonnie Valentine [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pendergrass, GA
Initial Cost, Land	2,580
Initial Cost, Buildings	21,730
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,675
Gross Amount Carried, Land	2,594
Gross Amount Carried, Building and Improvements	25,391
SEC Schedule III, Real Estate, Gross	27,985
Accumulated Depreciation	5,939
11415 Old Roswell Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Alpharetta, GA
Encumbrances	3,126
Initial Cost, Land	2,403
Initial Cost, Buildings	1,912
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	628
Gross Amount Carried, Land	2,428
Gross Amount Carried, Building and Improvements	2,515
SEC Schedule III, Real Estate, Gross	4,943
Accumulated Depreciation	963
9700 Martin Luther King Hwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	700
Initial Cost, Buildings	1,920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	742
Gross Amount Carried, Land	700
Gross Amount Carried, Building and Improvements	2,662
SEC Schedule III, Real Estate, Gross	3,362
Accumulated Depreciation	1,103
9730 Martin Luther King Hwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	500
Initial Cost, Buildings	955
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	535
Gross Amount Carried, Land	500
Gross Amount Carried, Building and Improvements	1,490
SEC Schedule III, Real Estate, Gross	1,990
Accumulated Depreciation	581
4621 Boston Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	1,100
Initial Cost, Buildings	3,070
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	517
Gross Amount Carried, Land	1,100
Gross Amount Carried, Building and Improvements	3,587
SEC Schedule III, Real Estate, Gross	4,687
Accumulated Depreciation	1,338
4720 Boston Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	1,200
Initial Cost, Buildings	2,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	792
Gross Amount Carried, Land	1,200
Gross Amount Carried, Building and Improvements	2,966
SEC Schedule III, Real Estate, Gross	4,166
Accumulated Depreciation	1,047
22520 Randolph Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dulles, VA
Initial Cost, Land	3,200
Initial Cost, Buildings	8,187
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(656)
Gross Amount Carried, Land	3,208
Gross Amount Carried, Building and Improvements	7,523
SEC Schedule III, Real Estate, Gross	10,731
Accumulated Depreciation	1,675
22630 Dulles Summit Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dulles, VA
Initial Cost, Land	2,200
Initial Cost, Buildings	9,346
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(820)
Gross Amount Carried, Land	2,206
Gross Amount Carried, Building and Improvements	8,520
SEC Schedule III, Real Estate, Gross	10,726
Accumulated Depreciation	1,994
4201 Forbes Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	356
Initial Cost, Buildings	1,823
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	186
Gross Amount Carried, Land	375
Gross Amount Carried, Building and Improvements	1,990
SEC Schedule III, Real Estate, Gross	2,365
Accumulated Depreciation	586
4370-4383 Lottsford Vista Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	279
Initial Cost, Buildings	1,358
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	89
Gross Amount Carried, Land	296
Gross Amount Carried, Building and Improvements	1,430
SEC Schedule III, Real Estate, Gross	1,726
Accumulated Depreciation	325
4400 Lottsford Vista Road. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	351
Initial Cost, Buildings	1,955
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	241
Gross Amount Carried, Land	372
Gross Amount Carried, Building and Improvements	2,175
SEC Schedule III, Real Estate, Gross	2,547
Accumulated Depreciation	581
4420 Lottsford Vista Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Initial Cost, Land	539
Initial Cost, Buildings	2,196
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6
Gross Amount Carried, Land	568
Gross Amount Carried, Building and Improvements	2,173
SEC Schedule III, Real Estate, Gross	2,741
Accumulated Depreciation	587
11204 McCormick Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Initial Cost, Land	1,017
Initial Cost, Buildings	3,132
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(59)
Gross Amount Carried, Land	1,038
Gross Amount Carried, Building and Improvements	3,052
SEC Schedule III, Real Estate, Gross	4,090
Accumulated Depreciation	1,184
11110 Pepper Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Initial Cost, Land	918
Initial Cost, Buildings	2,529
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	281
Gross Amount Carried, Land	938
Gross Amount Carried, Building and Improvements	2,790
SEC Schedule III, Real Estate, Gross	3,728
Accumulated Depreciation	1,012
11100-11120 Gilroy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Initial Cost, Land	901
Initial Cost, Buildings	1,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	166
Gross Amount Carried, Land	919
Gross Amount Carried, Building and Improvements	1,603
SEC Schedule III, Real Estate, Gross	2,522
Accumulated Depreciation	569
10709 Gilroy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Encumbrances	2,348
Initial Cost, Land	913
Initial Cost, Buildings	2,705
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(143)
Gross Amount Carried, Land	913
Gross Amount Carried, Building and Improvements	2,562
SEC Schedule III, Real Estate, Gross	3,475
Accumulated Depreciation	1,172
1225 Bengies Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Baltimore, MD
Initial Cost, Land	2,640
Initial Cost, Buildings	270
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	14,041
Gross Amount Carried, Land	2,823
Gross Amount Carried, Building and Improvements	14,128
SEC Schedule III, Real Estate, Gross	16,951
Accumulated Depreciation	3,352
16522 Hunters Green Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hagerstown, MD
Encumbrances	12,222
Initial Cost, Land	1,390
Initial Cost, Buildings	13,104
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,841
Gross Amount Carried, Land	1,863
Gross Amount Carried, Building and Improvements	17,472
SEC Schedule III, Real Estate, Gross	19,335
Accumulated Depreciation	4,732
6951 Allentown Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Harrisburg, PA
Initial Cost, Land	585
Initial Cost, Buildings	3,176
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	301
Gross Amount Carried, Land	601
Gross Amount Carried, Building and Improvements	3,461
SEC Schedule III, Real Estate, Gross	4,062
Accumulated Depreciation	1,181
320 Reliance Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Washington, PA
Initial Cost, Land	201
Initial Cost, Buildings	1,819
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(282)
Gross Amount Carried, Land	178
Gross Amount Carried, Building and Improvements	1,560
SEC Schedule III, Real Estate, Gross	1,738
Accumulated Depreciation	734
1490 Dennison Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlisle, PA
Initial Cost, Land	1,500
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,880
Gross Amount Carried, Land	2,341
Gross Amount Carried, Building and Improvements	13,039
SEC Schedule III, Real Estate, Gross	15,380
Accumulated Depreciation	2,722
298 First Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Gouldsboro, PA
Initial Cost, Land	7,022
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	57,272
Gross Amount Carried, Land	7,019
Gross Amount Carried, Building and Improvements	57,275
SEC Schedule III, Real Estate, Gross	64,294
Accumulated Depreciation	9,106
225 Cross Farm Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	York, PA
Encumbrances	17,214
Initial Cost, Land	4,718
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	23,163
Gross Amount Carried, Land	4,715
Gross Amount Carried, Building and Improvements	23,166
SEC Schedule III, Real Estate, Gross	27,881
Accumulated Depreciation	4,204
105 Steamboat Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Manchester, PA
Initial Cost, Land	4,085
Initial Cost, Buildings	14,464
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1
Gross Amount Carried, Land	4,070
Gross Amount Carried, Building and Improvements	14,480
SEC Schedule III, Real Estate, Gross	18,550
Accumulated Depreciation	1,700
6750 South Sayre Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bedford Park, IL
Initial Cost, Land	224
Initial Cost, Buildings	1,309
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	470
Gross Amount Carried, Land	224
Gross Amount Carried, Building and Improvements	1,779
SEC Schedule III, Real Estate, Gross	2,003
Accumulated Depreciation	826
585 Slawin Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Initial Cost, Land	611
Initial Cost, Buildings	3,505
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	596
Gross Amount Carried, Land	525
Gross Amount Carried, Building and Improvements	4,187
SEC Schedule III, Real Estate, Gross	4,712
Accumulated Depreciation	2,376
2300 Windsor Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Addison, IL
Encumbrances	3,470
Initial Cost, Land	688
Initial Cost, Buildings	3,943
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	989
Gross Amount Carried, Land	696
Gross Amount Carried, Building and Improvements	4,924
SEC Schedule III, Real Estate, Gross	5,620
Accumulated Depreciation	2,493
305-311 Era Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Northbrook, IL
Initial Cost, Land	200
Initial Cost, Buildings	1,154
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,150
Gross Amount Carried, Land	205
Gross Amount Carried, Building and Improvements	2,299
SEC Schedule III, Real Estate, Gross	2,504
Accumulated Depreciation	832
11241 Melrose Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin Park, IL
Initial Cost, Land	332
Initial Cost, Buildings	1,931
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	78
Gross Amount Carried, Land	208
Gross Amount Carried, Building and Improvements	2,133
SEC Schedule III, Real Estate, Gross	2,341
Accumulated Depreciation	1,291
11939 South Central Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Alsip, IL
Initial Cost, Land	1,208
Initial Cost, Buildings	6,843
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,657
Gross Amount Carried, Land	1,305
Gross Amount Carried, Building and Improvements	9,403
SEC Schedule III, Real Estate, Gross	10,708
Accumulated Depreciation	3,942
1010-50 Sesame Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bensenville, IL
Initial Cost, Land	979
Initial Cost, Buildings	5,546
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,720
Gross Amount Carried, Land	1,048
Gross Amount Carried, Building and Improvements	9,197
SEC Schedule III, Real Estate, Gross	10,245
Accumulated Depreciation	3,223
800 Business Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Initial Cost, Land	631
Initial Cost, Buildings	3,493
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	328
Gross Amount Carried, Land	666
Gross Amount Carried, Building and Improvements	3,786
SEC Schedule III, Real Estate, Gross	4,452
Accumulated Depreciation	1,328
580 Slawin Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Encumbrances	781
Initial Cost, Land	233
Initial Cost, Buildings	1,292
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(37)
Gross Amount Carried, Land	162
Gross Amount Carried, Building and Improvements	1,326
SEC Schedule III, Real Estate, Gross	1,488
Accumulated Depreciation	551
1005 101st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lemont, IL
Encumbrances	6,131
Initial Cost, Land	1,200
Initial Cost, Buildings	6,643
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,233
Gross Amount Carried, Land	1,220
Gross Amount Carried, Building and Improvements	7,856
SEC Schedule III, Real Estate, Gross	9,076
Accumulated Depreciation	2,668
175 Wall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glendale Heights, IL
Encumbrances	1,395
Initial Cost, Land	427
Initial Cost, Buildings	2,363
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	163
Gross Amount Carried, Land	433
Gross Amount Carried, Building and Improvements	2,520
SEC Schedule III, Real Estate, Gross	2,953
Accumulated Depreciation	869
800-820 Thorndale Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bensenville, IL
Initial Cost, Land	751
Initial Cost, Buildings	4,159
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	812
Gross Amount Carried, Land	761
Gross Amount Carried, Building and Improvements	4,961
SEC Schedule III, Real Estate, Gross	5,722
Accumulated Depreciation	1,476
251 Airport Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	North Aurora, IL
Encumbrances	4,998
Initial Cost, Land	983
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,697
Gross Amount Carried, Land	983
Gross Amount Carried, Building and Improvements	6,697
SEC Schedule III, Real Estate, Gross	7,680
Accumulated Depreciation	2,211
1661 Feehanville Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Initial Cost, Land	985
Initial Cost, Buildings	5,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,252
Gross Amount Carried, Land	1,044
Gross Amount Carried, Building and Improvements	8,648
SEC Schedule III, Real Estate, Gross	9,692
Accumulated Depreciation	2,968
400 Crossroads Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bolingbrook, IL
Encumbrances	5,429
Initial Cost, Land	1,178
Initial Cost, Buildings	9,453
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	808
Gross Amount Carried, Land	1,181
Gross Amount Carried, Building and Improvements	10,258
SEC Schedule III, Real Estate, Gross	11,439
Accumulated Depreciation	3,105
7609 W. Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Forest Park, IL
Initial Cost, Land	1,207
Initial Cost, Buildings	2,343
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	122
Gross Amount Carried, Land	1,213
Gross Amount Carried, Building and Improvements	2,459
SEC Schedule III, Real Estate, Gross	3,672
Accumulated Depreciation	1,082
7801 W. Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Forest Park, IL
Initial Cost, Land	1,215
Initial Cost, Buildings	3,020
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	476
Gross Amount Carried, Land	1,220
Gross Amount Carried, Building and Improvements	3,491
SEC Schedule III, Real Estate, Gross	4,711
Accumulated Depreciation	1,656
725 Kimberly Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carol Stream, IL
Initial Cost, Land	793
Initial Cost, Buildings	1,395
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	223
Gross Amount Carried, Land	801
Gross Amount Carried, Building and Improvements	1,610
SEC Schedule III, Real Estate, Gross	2,411
Accumulated Depreciation	580
17001 S. Vincennes [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thornton, IL
Initial Cost, Land	497
Initial Cost, Buildings	504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	37
Gross Amount Carried, Land	513
Gross Amount Carried, Building and Improvements	525
SEC Schedule III, Real Estate, Gross	1,038
Accumulated Depreciation	373
1111 Davis Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Elgin, IL
Encumbrances	2,387
Initial Cost, Land	998
Initial Cost, Buildings	1,859
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	601
Gross Amount Carried, Land	1,046
Gross Amount Carried, Building and Improvements	2,412
SEC Schedule III, Real Estate, Gross	3,458
Accumulated Depreciation	1,481
2900 W. 166th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Markham, IL
Initial Cost, Land	1,132
Initial Cost, Buildings	4,293
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(881)
Gross Amount Carried, Land	1,134
Gross Amount Carried, Building and Improvements	3,410
SEC Schedule III, Real Estate, Gross	4,544
Accumulated Depreciation	806
555 W. Algonquin Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington Heights, IL
Encumbrances	2,021
Initial Cost, Land	574
Initial Cost, Buildings	741
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,936
Gross Amount Carried, Land	579
Gross Amount Carried, Building and Improvements	2,672
SEC Schedule III, Real Estate, Gross	3,251
Accumulated Depreciation	703
7000 W. 60th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chicago, IL
Initial Cost, Land	609
Initial Cost, Buildings	932
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	100
Gross Amount Carried, Land	667
Gross Amount Carried, Building and Improvements	974
SEC Schedule III, Real Estate, Gross	1,641
Accumulated Depreciation	603
1501 Oakton Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Elk Grove Village, IL
Encumbrances	7,391
Initial Cost, Land	3,369
Initial Cost, Buildings	6,121
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	434
Gross Amount Carried, Land	3,482
Gross Amount Carried, Building and Improvements	6,442
SEC Schedule III, Real Estate, Gross	9,924
Accumulated Depreciation	1,535
16500 W. 103rd Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Woodridge, IL
Encumbrances	2,431
Initial Cost, Land	744
Initial Cost, Buildings	2,458
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	366
Gross Amount Carried, Land	762
Gross Amount Carried, Building and Improvements	2,806
SEC Schedule III, Real Estate, Gross	3,568
Accumulated Depreciation	878
8505 50th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kenosha, WI
Initial Cost, Land	3,212
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	32,953
Gross Amount Carried, Land	3,212
Gross Amount Carried, Building and Improvements	32,953
SEC Schedule III, Real Estate, Gross	36,165
Accumulated Depreciation	4,850
4100 Rock Creek Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Joliet, IL
Initial Cost, Land	4,476
Initial Cost, Buildings	16,061
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	479
Gross Amount Carried, Land	4,476
Gross Amount Carried, Building and Improvements	16,540
SEC Schedule III, Real Estate, Gross	21,016
Accumulated Depreciation	1,043
10100 58Th Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kenosha, WI
Initial Cost, Land	4,201
Initial Cost, Buildings	17,604
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,443
Gross Amount Carried, Land	4,201
Gross Amount Carried, Building and Improvements	19,047
SEC Schedule III, Real Estate, Gross	23,248
Accumulated Depreciation	1,417
401 Airport Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	North Aurora, IL
Initial Cost, Land	534
Initial Cost, Buildings	1,957
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Gross Amount Carried, Land	534
Gross Amount Carried, Building and Improvements	1,957
SEC Schedule III, Real Estate, Gross	2,491
Accumulated Depreciation	54
9900-9970 Princeton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cincinnati, OH
Encumbrances	3,643
Initial Cost, Land	545
Initial Cost, Buildings	3,088
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,759
Gross Amount Carried, Land	566
Gross Amount Carried, Building and Improvements	4,826
SEC Schedule III, Real Estate, Gross	5,392
Accumulated Depreciation	2,083
4700-4750 Creek Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Blue Ash, OH
Initial Cost, Land	1,080
Initial Cost, Buildings	6,118
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,346
Gross Amount Carried, Land	1,109
Gross Amount Carried, Building and Improvements	7,435
SEC Schedule III, Real Estate, Gross	8,544
Accumulated Depreciation	3,273
4436 Muhlhauser Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hamilton, OH
Encumbrances	3,707
Initial Cost, Land	630
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,375
Gross Amount Carried, Land	630
Gross Amount Carried, Building and Improvements	5,375
SEC Schedule III, Real Estate, Gross	6,005
Accumulated Depreciation	1,657
4438 Muhlhauser Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hamilton, OH
Encumbrances	4,581
Initial Cost, Land	779
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,579
Gross Amount Carried, Land	779
Gross Amount Carried, Building and Improvements	6,579
SEC Schedule III, Real Estate, Gross	7,358
Accumulated Depreciation	2,116
420 Wards Corner Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Loveland, OH
Initial Cost, Land	600
Initial Cost, Buildings	1,083
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	757
Gross Amount Carried, Land	606
Gross Amount Carried, Building and Improvements	1,834
SEC Schedule III, Real Estate, Gross	2,440
Accumulated Depreciation	586
422 Wards Corner Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Loveland, OH
Initial Cost, Land	600
Initial Cost, Buildings	1,811
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	35
Gross Amount Carried, Land	592
Gross Amount Carried, Building and Improvements	1,854
SEC Schedule III, Real Estate, Gross	2,446
Accumulated Depreciation	586
4663 Dues Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	858
Initial Cost, Buildings	2,273
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	620
Gross Amount Carried, Land	875
Gross Amount Carried, Building and Improvements	2,876
SEC Schedule III, Real Estate, Gross	3,751
Accumulated Depreciation	2,393
9525 Glades Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	347
Initial Cost, Buildings	1,323
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	115
Gross Amount Carried, Land	355
Gross Amount Carried, Building and Improvements	1,430
SEC Schedule III, Real Estate, Gross	1,785
Accumulated Depreciation	585
9774-9792 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	392
Initial Cost, Buildings	1,744
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	78
Gross Amount Carried, Land	394
Gross Amount Carried, Building and Improvements	1,820
SEC Schedule III, Real Estate, Gross	2,214
Accumulated Depreciation	566
9808-9830 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	395
Initial Cost, Buildings	2,541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	85
Gross Amount Carried, Land	397
Gross Amount Carried, Building and Improvements	2,624
SEC Schedule III, Real Estate, Gross	3,021
Accumulated Depreciation	617
9842-9862 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	506
Initial Cost, Buildings	3,148
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	102
Gross Amount Carried, Land	508
Gross Amount Carried, Building and Improvements	3,248
SEC Schedule III, Real Estate, Gross	3,756
Accumulated Depreciation	796
9872-9898 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	546
Initial Cost, Buildings	3,039
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	159
Gross Amount Carried, Land	548
Gross Amount Carried, Building and Improvements	3,196
SEC Schedule III, Real Estate, Gross	3,744
Accumulated Depreciation	812
9902-9922 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Initial Cost, Land	623
Initial Cost, Buildings	4,003
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	729
Gross Amount Carried, Land	627
Gross Amount Carried, Building and Improvements	4,728
SEC Schedule III, Real Estate, Gross	5,355
Accumulated Depreciation	1,503
30311 Emerald Valley Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	8,914
Initial Cost, Land	681
Initial Cost, Buildings	11,838
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	845
Gross Amount Carried, Land	691
Gross Amount Carried, Building and Improvements	12,673
SEC Schedule III, Real Estate, Gross	13,364
Accumulated Depreciation	3,862
30333 Emerald Valley Pkwy. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	3,896
Initial Cost, Land	466
Initial Cost, Buildings	5,447
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	54
Gross Amount Carried, Land	475
Gross Amount Carried, Building and Improvements	5,492
SEC Schedule III, Real Estate, Gross	5,967
Accumulated Depreciation	1,876
7800 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	3,897
Initial Cost, Land	972
Initial Cost, Buildings	7,033
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	243
Gross Amount Carried, Land	991
Gross Amount Carried, Building and Improvements	7,257
SEC Schedule III, Real Estate, Gross	8,248
Accumulated Depreciation	2,123
7900 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	4,794
Initial Cost, Land	775
Initial Cost, Buildings	6,244
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	237
Gross Amount Carried, Land	792
Gross Amount Carried, Building and Improvements	6,464
SEC Schedule III, Real Estate, Gross	7,256
Accumulated Depreciation	1,900
7905 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Initial Cost, Land	920
Initial Cost, Buildings	6,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	691
Gross Amount Carried, Land	921
Gross Amount Carried, Building and Improvements	6,864
SEC Schedule III, Real Estate, Gross	7,785
Accumulated Depreciation	2,210
30600 Carter Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Solon, OH
Initial Cost, Land	989
Initial Cost, Buildings	3,042
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	881
Gross Amount Carried, Land	1,022
Gross Amount Carried, Building and Improvements	3,890
SEC Schedule III, Real Estate, Gross	4,912
Accumulated Depreciation	2,487
8181 Darrow Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Twinsburg, OH
Encumbrances	6,983
Initial Cost, Land	2,478
Initial Cost, Buildings	6,791
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,040
Gross Amount Carried, Land	2,496
Gross Amount Carried, Building and Improvements	8,813
SEC Schedule III, Real Estate, Gross	11,309
Accumulated Depreciation	3,351
2406-2416 Walnut Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Initial Cost, Land	178
Initial Cost, Buildings	1,006
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	633
Gross Amount Carried, Land	172
Gross Amount Carried, Building and Improvements	1,645
SEC Schedule III, Real Estate, Gross	1,817
Accumulated Depreciation	603
2401-2419 Walnut Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Initial Cost, Land	148
Initial Cost, Buildings	839
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	416
Gross Amount Carried, Land	142
Gross Amount Carried, Building and Improvements	1,261
SEC Schedule III, Real Estate, Gross	1,403
Accumulated Depreciation	441
900-906 Great Southwest Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Initial Cost, Land	237
Initial Cost, Buildings	1,342
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	638
Gross Amount Carried, Land	270
Gross Amount Carried, Building and Improvements	1,947
SEC Schedule III, Real Estate, Gross	2,217
Accumulated Depreciation	837
3000 West Commerce [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Initial Cost, Land	456
Initial Cost, Buildings	2,584
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,225
Gross Amount Carried, Land	469
Gross Amount Carried, Building and Improvements	3,796
SEC Schedule III, Real Estate, Gross	4,265
Accumulated Depreciation	1,498
3030 Hansboro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Initial Cost, Land	266
Initial Cost, Buildings	1,510
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(664)
Gross Amount Carried, Land	87
Gross Amount Carried, Building and Improvements	1,025
SEC Schedule III, Real Estate, Gross	1,112
Accumulated Depreciation	643
405-407 113th [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Initial Cost, Land	181
Initial Cost, Buildings	1,026
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	511
Gross Amount Carried, Land	185
Gross Amount Carried, Building and Improvements	1,533
SEC Schedule III, Real Estate, Gross	1,718
Accumulated Depreciation	618
816 111th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	857
Initial Cost, Land	251
Initial Cost, Buildings	1,421
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	195
Gross Amount Carried, Land	258
Gross Amount Carried, Building and Improvements	1,609
SEC Schedule III, Real Estate, Gross	1,867
Accumulated Depreciation	700
7427 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	96
Initial Cost, Buildings	532
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	302
Gross Amount Carried, Land	102
Gross Amount Carried, Building and Improvements	828
SEC Schedule III, Real Estate, Gross	930
Accumulated Depreciation	298
7348-54 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	88
Initial Cost, Buildings	489
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	213
Gross Amount Carried, Land	94
Gross Amount Carried, Building and Improvements	696
SEC Schedule III, Real Estate, Gross	790
Accumulated Depreciation	268
7339-41 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	98
Initial Cost, Buildings	541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	180
Gross Amount Carried, Land	104
Gross Amount Carried, Building and Improvements	715
SEC Schedule III, Real Estate, Gross	819
Accumulated Depreciation	266
7437-45 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	102
Initial Cost, Buildings	563
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	294
Gross Amount Carried, Land	108
Gross Amount Carried, Building and Improvements	851
SEC Schedule III, Real Estate, Gross	959
Accumulated Depreciation	302
7331-59 Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	1,655
Initial Cost, Land	354
Initial Cost, Buildings	1,958
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	368
Gross Amount Carried, Land	372
Gross Amount Carried, Building and Improvements	2,308
SEC Schedule III, Real Estate, Gross	2,680
Accumulated Depreciation	904
7338-60 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	106
Initial Cost, Buildings	587
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	244
Gross Amount Carried, Land	112
Gross Amount Carried, Building and Improvements	825
SEC Schedule III, Real Estate, Gross	937
Accumulated Depreciation	289
7450-70 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	106
Initial Cost, Buildings	584
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	136
Gross Amount Carried, Land	112
Gross Amount Carried, Building and Improvements	714
SEC Schedule III, Real Estate, Gross	826
Accumulated Depreciation	273
7423-49 Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	1,450
Initial Cost, Land	293
Initial Cost, Buildings	1,621
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	434
Gross Amount Carried, Land	308
Gross Amount Carried, Building and Improvements	2,040
SEC Schedule III, Real Estate, Gross	2,348
Accumulated Depreciation	755
7400 Whitehall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	109
Initial Cost, Buildings	603
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	95
Gross Amount Carried, Land	115
Gross Amount Carried, Building and Improvements	692
SEC Schedule III, Real Estate, Gross	807
Accumulated Depreciation	266
1602-1654 Terre Colony [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Encumbrances	1,788
Initial Cost, Land	458
Initial Cost, Buildings	2,596
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	845
Gross Amount Carried, Land	468
Gross Amount Carried, Building and Improvements	3,431
SEC Schedule III, Real Estate, Gross	3,899
Accumulated Depreciation	1,148
2351-2355 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	101
Initial Cost, Buildings	574
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	104
Gross Amount Carried, Land	92
Gross Amount Carried, Building and Improvements	687
SEC Schedule III, Real Estate, Gross	779
Accumulated Depreciation	242
2220 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	352
Initial Cost, Buildings	1,993
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	145
Gross Amount Carried, Land	316
Gross Amount Carried, Building and Improvements	2,174
SEC Schedule III, Real Estate, Gross	2,490
Accumulated Depreciation	661
2010 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	350
Initial Cost, Buildings	1,981
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	55
Gross Amount Carried, Land	318
Gross Amount Carried, Building and Improvements	2,068
SEC Schedule III, Real Estate, Gross	2,386
Accumulated Depreciation	668
2363 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	73
Initial Cost, Buildings	412
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(8)
Gross Amount Carried, Land	47
Gross Amount Carried, Building and Improvements	430
SEC Schedule III, Real Estate, Gross	477
Accumulated Depreciation	159
2447 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	70
Initial Cost, Buildings	395
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(166)
Gross Amount Carried, Land	23
Gross Amount Carried, Building and Improvements	276
SEC Schedule III, Real Estate, Gross	299
Accumulated Depreciation	156
2465-2475 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	91
Initial Cost, Buildings	514
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	39
Gross Amount Carried, Land	71
Gross Amount Carried, Building and Improvements	573
SEC Schedule III, Real Estate, Gross	644
Accumulated Depreciation	227
2485-2505 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	431
Initial Cost, Buildings	2,440
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	762
Gross Amount Carried, Land	426
Gross Amount Carried, Building and Improvements	3,207
SEC Schedule III, Real Estate, Gross	3,633
Accumulated Depreciation	1,196
2110 Hutton Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Initial Cost, Land	374
Initial Cost, Buildings	2,117
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	117
Gross Amount Carried, Land	255
Gross Amount Carried, Building and Improvements	2,353
SEC Schedule III, Real Estate, Gross	2,608
Accumulated Depreciation	844
2025 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	1,398
Initial Cost, Land	437
Initial Cost, Buildings	2,478
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	133
Gross Amount Carried, Land	442
Gross Amount Carried, Building and Improvements	2,606
SEC Schedule III, Real Estate, Gross	3,048
Accumulated Depreciation	896
2019 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	1,706
Initial Cost, Land	502
Initial Cost, Buildings	2,843
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	374
Gross Amount Carried, Land	507
Gross Amount Carried, Building and Improvements	3,212
SEC Schedule III, Real Estate, Gross	3,719
Accumulated Depreciation	1,122
2029-2035 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	1,502
Initial Cost, Land	306
Initial Cost, Buildings	1,870
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	236
Gross Amount Carried, Land	306
Gross Amount Carried, Building and Improvements	2,106
SEC Schedule III, Real Estate, Gross	2,412
Accumulated Depreciation	741
2015 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	2,475
Initial Cost, Land	510
Initial Cost, Buildings	2,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	402
Gross Amount Carried, Land	516
Gross Amount Carried, Building and Improvements	3,287
SEC Schedule III, Real Estate, Gross	3,803
Accumulated Depreciation	1,109
2009 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	2,404
Initial Cost, Land	476
Initial Cost, Buildings	2,699
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	519
Gross Amount Carried, Land	481
Gross Amount Carried, Building and Improvements	3,213
SEC Schedule III, Real Estate, Gross	3,694
Accumulated Depreciation	1,092
900-1100 Avenue S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	2,344
Initial Cost, Land	623
Initial Cost, Buildings	3,528
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	959
Gross Amount Carried, Land	629
Gross Amount Carried, Building and Improvements	4,481
SEC Schedule III, Real Estate, Gross	5,110
Accumulated Depreciation	1,250
Plano Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plano, TX
Encumbrances	9,157
Initial Cost, Land	1,961
Initial Cost, Buildings	11,112
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	997
Gross Amount Carried, Land	1,981
Gross Amount Carried, Building and Improvements	12,089
SEC Schedule III, Real Estate, Gross	14,070
Accumulated Depreciation	3,660
7413 A-C Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	110
Initial Cost, Buildings	623
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	245
Gross Amount Carried, Land	111
Gross Amount Carried, Building and Improvements	867
SEC Schedule III, Real Estate, Gross	978
Accumulated Depreciation	269
7450 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	36
Initial Cost, Buildings	204
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	103
Gross Amount Carried, Land	36
Gross Amount Carried, Building and Improvements	307
SEC Schedule III, Real Estate, Gross	343
Accumulated Depreciation	111
7436 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	57
Initial Cost, Buildings	324
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	196
Gross Amount Carried, Land	58
Gross Amount Carried, Building and Improvements	519
SEC Schedule III, Real Estate, Gross	577
Accumulated Depreciation	177
7426 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	76
Initial Cost, Buildings	429
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	186
Gross Amount Carried, Land	76
Gross Amount Carried, Building and Improvements	615
SEC Schedule III, Real Estate, Gross	691
Accumulated Depreciation	160
7427-7429 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	75
Initial Cost, Buildings	427
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	163
Gross Amount Carried, Land	76
Gross Amount Carried, Building and Improvements	589
SEC Schedule III, Real Estate, Gross	665
Accumulated Depreciation	219
2840-2842 Handley Ederville Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	112
Initial Cost, Buildings	635
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	52
Gross Amount Carried, Land	113
Gross Amount Carried, Building and Improvements	686
SEC Schedule III, Real Estate, Gross	799
Accumulated Depreciation	208
7451-7477 Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	1,363
Initial Cost, Land	256
Initial Cost, Buildings	1,453
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	499
Gross Amount Carried, Land	259
Gross Amount Carried, Building and Improvements	1,949
SEC Schedule III, Real Estate, Gross	2,208
Accumulated Depreciation	625
7450 Whitehall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	104
Initial Cost, Buildings	591
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	339
Gross Amount Carried, Land	105
Gross Amount Carried, Building and Improvements	929
SEC Schedule III, Real Estate, Gross	1,034
Accumulated Depreciation	250
3000 Wesley Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Initial Cost, Land	208
Initial Cost, Buildings	1,181
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	18
Gross Amount Carried, Land	211
Gross Amount Carried, Building and Improvements	1,196
SEC Schedule III, Real Estate, Gross	1,407
Accumulated Depreciation	367
7451 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	666
Initial Cost, Land	133
Initial Cost, Buildings	753
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	184
Gross Amount Carried, Land	134
Gross Amount Carried, Building and Improvements	936
SEC Schedule III, Real Estate, Gross	1,070
Accumulated Depreciation	258
825-827 Avenue H [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	2,481
Initial Cost, Land	600
Initial Cost, Buildings	3,006
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	67
Gross Amount Carried, Land	604
Gross Amount Carried, Building and Improvements	3,069
SEC Schedule III, Real Estate, Gross	3,673
Accumulated Depreciation	1,229
1013-31 Avenue M [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Initial Cost, Land	300
Initial Cost, Buildings	1,504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	240
Gross Amount Carried, Land	302
Gross Amount Carried, Building and Improvements	1,742
SEC Schedule III, Real Estate, Gross	2,044
Accumulated Depreciation	573
1172-84 113th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	1,933
Initial Cost, Land	700
Initial Cost, Buildings	3,509
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5
Gross Amount Carried, Land	704
Gross Amount Carried, Building and Improvements	3,510
SEC Schedule III, Real Estate, Gross	4,214
Accumulated Depreciation	1,239
1200-16 Avenue H [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	1,731
Initial Cost, Land	600
Initial Cost, Buildings	2,846
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	329
Gross Amount Carried, Land	604
Gross Amount Carried, Building and Improvements	3,171
SEC Schedule III, Real Estate, Gross	3,775
Accumulated Depreciation	928
1322-66 W. North Carrier Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	4,739
Initial Cost, Land	1,000
Initial Cost, Buildings	5,012
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,003
Gross Amount Carried, Land	1,006
Gross Amount Carried, Building and Improvements	6,009
SEC Schedule III, Real Estate, Gross	7,015
Accumulated Depreciation	1,796
2401-2407 Centennial Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	2,143
Initial Cost, Land	600
Initial Cost, Buildings	2,534
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(50)
Gross Amount Carried, Land	604
Gross Amount Carried, Building and Improvements	2,480
SEC Schedule III, Real Estate, Gross	3,084
Accumulated Depreciation	991
3111 West Commerce Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Encumbrances	3,802
Initial Cost, Land	1,000
Initial Cost, Buildings	3,364
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,264
Gross Amount Carried, Land	1,011
Gross Amount Carried, Building and Improvements	4,617
SEC Schedule III, Real Estate, Gross	5,628
Accumulated Depreciation	1,419
13800 Senlac Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmers Ranch, TX
Encumbrances	3,142
Initial Cost, Land	823
Initial Cost, Buildings	4,042
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(214)
Gross Amount Carried, Land	825
Gross Amount Carried, Building and Improvements	3,826
SEC Schedule III, Real Estate, Gross	4,651
Accumulated Depreciation	1,306
801-831 S Great Southwest Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Initial Cost, Land	2,581
Initial Cost, Buildings	16,556
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	53
Gross Amount Carried, Land	2,586
Gross Amount Carried, Building and Improvements	16,604
SEC Schedule III, Real Estate, Gross	19,190
Accumulated Depreciation	7,867
801 Heinz Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	2,618
Initial Cost, Land	599
Initial Cost, Buildings	3,327
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	315
Gross Amount Carried, Land	601
Gross Amount Carried, Building and Improvements	3,640
SEC Schedule III, Real Estate, Gross	4,241
Accumulated Depreciation	1,338
901-937 Heinz Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	2,035
Initial Cost, Land	493
Initial Cost, Buildings	2,758
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	45
Gross Amount Carried, Land	481
Gross Amount Carried, Building and Improvements	2,815
SEC Schedule III, Real Estate, Gross	3,296
Accumulated Depreciation	1,101
3301 Century Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Irving, TX
Encumbrances	2,110
Initial Cost, Land	760
Initial Cost, Buildings	3,856
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(16)
Gross Amount Carried, Land	771
Gross Amount Carried, Building and Improvements	3,829
SEC Schedule III, Real Estate, Gross	4,600
Accumulated Depreciation	867
3901 W Miller Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Initial Cost, Land	1,912
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	15,478
Gross Amount Carried, Land	1,947
Gross Amount Carried, Building and Improvements	15,443
SEC Schedule III, Real Estate, Gross	17,390
Accumulated Depreciation	2,955
4785 Elati [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	173
Initial Cost, Buildings	981
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	205
Gross Amount Carried, Land	175
Gross Amount Carried, Building and Improvements	1,184
SEC Schedule III, Real Estate, Gross	1,359
Accumulated Depreciation	481
4770 Fox Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	132
Initial Cost, Buildings	750
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	332
Gross Amount Carried, Land	134
Gross Amount Carried, Building and Improvements	1,080
SEC Schedule III, Real Estate, Gross	1,214
Accumulated Depreciation	423
3851-3871 Revere [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	1,271
Initial Cost, Land	361
Initial Cost, Buildings	2,047
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	363
Gross Amount Carried, Land	368
Gross Amount Carried, Building and Improvements	2,403
SEC Schedule III, Real Estate, Gross	2,771
Accumulated Depreciation	983
4570 Ivy Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	219
Initial Cost, Buildings	1,239
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	279
Gross Amount Carried, Land	220
Gross Amount Carried, Building and Improvements	1,517
SEC Schedule III, Real Estate, Gross	1,737
Accumulated Depreciation	649
5855 Stapleton Drive North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	288
Initial Cost, Buildings	1,630
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	249
Gross Amount Carried, Land	290
Gross Amount Carried, Building and Improvements	1,877
SEC Schedule III, Real Estate, Gross	2,167
Accumulated Depreciation	780
5885 Stapleton Drive North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	376
Initial Cost, Buildings	2,129
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	316
Gross Amount Carried, Land	380
Gross Amount Carried, Building and Improvements	2,441
SEC Schedule III, Real Estate, Gross	2,821
Accumulated Depreciation	987
5977 North Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	1,415
Initial Cost, Land	268
Initial Cost, Buildings	1,518
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	506
Gross Amount Carried, Land	271
Gross Amount Carried, Building and Improvements	2,021
SEC Schedule III, Real Estate, Gross	2,292
Accumulated Depreciation	794
5952-5978 North Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	2,262
Initial Cost, Land	414
Initial Cost, Buildings	2,346
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	904
Gross Amount Carried, Land	422
Gross Amount Carried, Building and Improvements	3,242
SEC Schedule III, Real Estate, Gross	3,664
Accumulated Depreciation	1,439
4721 Ironton Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	232
Initial Cost, Buildings	1,313
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	319
Gross Amount Carried, Land	236
Gross Amount Carried, Building and Improvements	1,628
SEC Schedule III, Real Estate, Gross	1,864
Accumulated Depreciation	665
7003 E 47th Ave Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	441
Initial Cost, Buildings	2,689
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	58
Gross Amount Carried, Land	441
Gross Amount Carried, Building and Improvements	2,747
SEC Schedule III, Real Estate, Gross	3,188
Accumulated Depreciation	1,189
9500 West 49th Street - A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Initial Cost, Land	283
Initial Cost, Buildings	1,625
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	120
Gross Amount Carried, Land	287
Gross Amount Carried, Building and Improvements	1,741
SEC Schedule III, Real Estate, Gross	2,028
Accumulated Depreciation	775
9500 West 49th Street - B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Initial Cost, Land	225
Initial Cost, Buildings	1,272
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	200
Gross Amount Carried, Land	227
Gross Amount Carried, Building and Improvements	1,470
SEC Schedule III, Real Estate, Gross	1,697
Accumulated Depreciation	603
9500 West 49th Street - C [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Initial Cost, Land	600
Initial Cost, Buildings	3,409
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	163
Gross Amount Carried, Land	601
Gross Amount Carried, Building and Improvements	3,571
SEC Schedule III, Real Estate, Gross	4,172
Accumulated Depreciation	1,567
9500 West 49th Street - D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Initial Cost, Land	246
Initial Cost, Buildings	1,537
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	487
Gross Amount Carried, Land	247
Gross Amount Carried, Building and Improvements	2,023
SEC Schedule III, Real Estate, Gross	2,270
Accumulated Depreciation	927
451-591 East 124th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Littleton, CO
Initial Cost, Land	383
Initial Cost, Buildings	2,145
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	481
Gross Amount Carried, Land	383
Gross Amount Carried, Building and Improvements	2,626
SEC Schedule III, Real Estate, Gross	3,009
Accumulated Depreciation	1,096
15000 West 6th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Initial Cost, Land	913
Initial Cost, Buildings	5,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,147
Gross Amount Carried, Land	918
Gross Amount Carried, Building and Improvements	6,316
SEC Schedule III, Real Estate, Gross	7,234
Accumulated Depreciation	2,824
14998 West 6th Avenue Bldg E [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Initial Cost, Land	565
Initial Cost, Buildings	3,199
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	371
Gross Amount Carried, Land	570
Gross Amount Carried, Building and Improvements	3,565
SEC Schedule III, Real Estate, Gross	4,135
Accumulated Depreciation	1,486
14998 West 6th Avenue Bldg F [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Englewood, CO
Initial Cost, Land	269
Initial Cost, Buildings	1,525
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	101
Gross Amount Carried, Land	273
Gross Amount Carried, Building and Improvements	1,622
SEC Schedule III, Real Estate, Gross	1,895
Accumulated Depreciation	698
6547 South Racine Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Englewood, CO
Encumbrances	2,703
Initial Cost, Land	739
Initial Cost, Buildings	4,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	170
Gross Amount Carried, Land	739
Gross Amount Carried, Building and Improvements	4,411
SEC Schedule III, Real Estate, Gross	5,150
Accumulated Depreciation	1,868
11701 East 53rd Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	416
Initial Cost, Buildings	2,355
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	414
Gross Amount Carried, Land	422
Gross Amount Carried, Building and Improvements	2,763
SEC Schedule III, Real Estate, Gross	3,185
Accumulated Depreciation	1,145
5401 Oswego [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	273
Initial Cost, Buildings	1,547
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	313
Gross Amount Carried, Land	278
Gross Amount Carried, Building and Improvements	1,855
SEC Schedule III, Real Estate, Gross	2,133
Accumulated Depreciation	798
14818 West 6th Avenue Bldg A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Initial Cost, Land	468
Initial Cost, Buildings	2,799
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	278
Gross Amount Carried, Land	468
Gross Amount Carried, Building and Improvements	3,077
SEC Schedule III, Real Estate, Gross	3,545
Accumulated Depreciation	1,277
14828 West 6th Avenue Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Initial Cost, Land	503
Initial Cost, Buildings	2,942
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	397
Gross Amount Carried, Land	503
Gross Amount Carried, Building and Improvements	3,339
SEC Schedule III, Real Estate, Gross	3,842
Accumulated Depreciation	1,442
445 Bryant Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	6,747
Initial Cost, Land	1,829
Initial Cost, Buildings	10,219
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,664
Gross Amount Carried, Land	1,829
Gross Amount Carried, Building and Improvements	12,883
SEC Schedule III, Real Estate, Gross	14,712
Accumulated Depreciation	5,429
3811 Joliet [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	735
Initial Cost, Buildings	4,166
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	543
Gross Amount Carried, Land	752
Gross Amount Carried, Building and Improvements	4,692
SEC Schedule III, Real Estate, Gross	5,444
Accumulated Depreciation	1,926
12055 E 49th Ave/4955 Peoria [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	298
Initial Cost, Buildings	1,688
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	529
Gross Amount Carried, Land	305
Gross Amount Carried, Building and Improvements	2,210
SEC Schedule III, Real Estate, Gross	2,515
Accumulated Depreciation	892
4940-4950 Paris [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	152
Initial Cost, Buildings	861
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	285
Gross Amount Carried, Land	156
Gross Amount Carried, Building and Improvements	1,142
SEC Schedule III, Real Estate, Gross	1,298
Accumulated Depreciation	469
4970 Paris [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Initial Cost, Land	95
Initial Cost, Buildings	537
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	101
Gross Amount Carried, Land	97
Gross Amount Carried, Building and Improvements	636
SEC Schedule III, Real Estate, Gross	733
Accumulated Depreciation	256
7367 South Revere Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Englewood, CO
Encumbrances	3,151
Initial Cost, Land	926
Initial Cost, Buildings	5,124
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	820
Gross Amount Carried, Land	934
Gross Amount Carried, Building and Improvements	5,936
SEC Schedule III, Real Estate, Gross	6,870
Accumulated Depreciation	2,420
8200 East Park Meadows Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lone Tree, CO
Initial Cost, Land	1,297
Initial Cost, Buildings	7,348
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,265
Gross Amount Carried, Land	1,304
Gross Amount Carried, Building and Improvements	8,606
SEC Schedule III, Real Estate, Gross	9,910
Accumulated Depreciation	3,098
3250 Quentin Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aurora, CO
Initial Cost, Land	1,220
Initial Cost, Buildings	6,911
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	782
Gross Amount Carried, Land	1,230
Gross Amount Carried, Building and Improvements	7,683
SEC Schedule III, Real Estate, Gross	8,913
Accumulated Depreciation	2,655
Highpoint Bus Ctr B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Littleton, CO
Initial Cost, Land	739
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,308
Gross Amount Carried, Land	781
Gross Amount Carried, Building and Improvements	3,266
SEC Schedule III, Real Estate, Gross	4,047
Accumulated Depreciation	971
1130 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Initial Cost, Land	441
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,289
Gross Amount Carried, Land	441
Gross Amount Carried, Building and Improvements	3,289
SEC Schedule III, Real Estate, Gross	3,730
Accumulated Depreciation	1,241
1070 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Initial Cost, Land	374
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,836
Gross Amount Carried, Land	374
Gross Amount Carried, Building and Improvements	2,836
SEC Schedule III, Real Estate, Gross	3,210
Accumulated Depreciation	1,002
1020 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Initial Cost, Land	374
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,809
Gross Amount Carried, Land	374
Gross Amount Carried, Building and Improvements	2,809
SEC Schedule III, Real Estate, Gross	3,183
Accumulated Depreciation	949
8810 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Initial Cost, Land	312
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,514
Gross Amount Carried, Land	370
Gross Amount Carried, Building and Improvements	1,456
SEC Schedule III, Real Estate, Gross	1,826
Accumulated Depreciation	422
960 W. 124th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Initial Cost, Land	441
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,507
Gross Amount Carried, Land	442
Gross Amount Carried, Building and Improvements	3,506
SEC Schedule III, Real Estate, Gross	3,948
Accumulated Depreciation	1,187
8820 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Initial Cost, Land	338
Initial Cost, Buildings	1,918
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	321
Gross Amount Carried, Land	372
Gross Amount Carried, Building and Improvements	2,205
SEC Schedule III, Real Estate, Gross	2,577
Accumulated Depreciation	658
8835 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Initial Cost, Land	1,151
Initial Cost, Buildings	6,523
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,410
Gross Amount Carried, Land	1,304
Gross Amount Carried, Building and Improvements	7,780
SEC Schedule III, Real Estate, Gross	9,084
Accumulated Depreciation	2,445
18150 E. 32nd Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aurora, CO
Encumbrances	1,824
Initial Cost, Land	563
Initial Cost, Buildings	3,188
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	226
Gross Amount Carried, Land	572
Gross Amount Carried, Building and Improvements	3,405
SEC Schedule III, Real Estate, Gross	3,977
Accumulated Depreciation	1,105
7005 E. 46th Avenue Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	1,348
Initial Cost, Land	512
Initial Cost, Buildings	2,025
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	32
Gross Amount Carried, Land	517
Gross Amount Carried, Building and Improvements	2,052
SEC Schedule III, Real Estate, Gross	2,569
Accumulated Depreciation	682
4001 Salazar Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Frederick, CO
Initial Cost, Land	1,271
Initial Cost, Buildings	6,508
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(773)
Gross Amount Carried, Land	1,276
Gross Amount Carried, Building and Improvements	5,730
SEC Schedule III, Real Estate, Gross	7,006
Accumulated Depreciation	1,360
5909-5915 N. Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	898
Initial Cost, Land	495
Initial Cost, Buildings	1,268
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	107
Gross Amount Carried, Land	500
Gross Amount Carried, Building and Improvements	1,370
SEC Schedule III, Real Estate, Gross	1,870
Accumulated Depreciation	566
449 Executive Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	125
Initial Cost, Buildings	425
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,066
Gross Amount Carried, Land	218
Gross Amount Carried, Building and Improvements	1,398
SEC Schedule III, Real Estate, Gross	1,616
Accumulated Depreciation	1,268
501 Executive Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	71
Initial Cost, Buildings	236
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	678
Gross Amount Carried, Land	129
Gross Amount Carried, Building and Improvements	856
SEC Schedule III, Real Estate, Gross	985
Accumulated Depreciation	659
451 Robbins Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	96
Initial Cost, Buildings	448
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	877
Gross Amount Carried, Land	192
Gross Amount Carried, Building and Improvements	1,229
SEC Schedule III, Real Estate, Gross	1,421
Accumulated Depreciation	1,104
1416 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	94
Initial Cost, Buildings	394
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	399
Gross Amount Carried, Land	121
Gross Amount Carried, Building and Improvements	766
SEC Schedule III, Real Estate, Gross	887
Accumulated Depreciation	701
1624 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	236
Initial Cost, Buildings	1,406
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,093
Gross Amount Carried, Land	373
Gross Amount Carried, Building and Improvements	2,362
SEC Schedule III, Real Estate, Gross	2,735
Accumulated Depreciation	1,999
1972 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	315
Initial Cost, Buildings	1,301
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	787
Gross Amount Carried, Land	372
Gross Amount Carried, Building and Improvements	2,031
SEC Schedule III, Real Estate, Gross	2,403
Accumulated Depreciation	1,555
1707 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	95
Initial Cost, Buildings	262
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,720
Gross Amount Carried, Land	239
Gross Amount Carried, Building and Improvements	1,838
SEC Schedule III, Real Estate, Gross	2,077
Accumulated Depreciation	1,446
1788 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	50
Initial Cost, Buildings	196
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	483
Gross Amount Carried, Land	103
Gross Amount Carried, Building and Improvements	626
SEC Schedule III, Real Estate, Gross	729
Accumulated Depreciation	566
1826 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	55
Initial Cost, Buildings	208
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	472
Gross Amount Carried, Land	103
Gross Amount Carried, Building and Improvements	632
SEC Schedule III, Real Estate, Gross	735
Accumulated Depreciation	557
1864 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	57
Initial Cost, Buildings	190
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	489
Gross Amount Carried, Land	107
Gross Amount Carried, Building and Improvements	629
SEC Schedule III, Real Estate, Gross	736
Accumulated Depreciation	573
2451 Elliott Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	78
Initial Cost, Buildings	319
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	733
Gross Amount Carried, Land	164
Gross Amount Carried, Building and Improvements	966
SEC Schedule III, Real Estate, Gross	1,130
Accumulated Depreciation	786
2730 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	903
Initial Cost, Buildings	4,215
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	829
Gross Amount Carried, Land	903
Gross Amount Carried, Building and Improvements	5,044
SEC Schedule III, Real Estate, Gross	5,947
Accumulated Depreciation	4,093
2791 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	557
Initial Cost, Buildings	2,731
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,017
Gross Amount Carried, Land	560
Gross Amount Carried, Building and Improvements	3,745
SEC Schedule III, Real Estate, Gross	4,305
Accumulated Depreciation	2,552
2871 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	324
Initial Cost, Buildings	1,487
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	437
Gross Amount Carried, Land	327
Gross Amount Carried, Building and Improvements	1,921
SEC Schedule III, Real Estate, Gross	2,248
Accumulated Depreciation	1,420
3011 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	457
Initial Cost, Buildings	2,104
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	492
Gross Amount Carried, Land	457
Gross Amount Carried, Building and Improvements	2,596
SEC Schedule III, Real Estate, Gross	3,053
Accumulated Depreciation	2,091
2870 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	275
Initial Cost, Buildings	1,262
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	356
Gross Amount Carried, Land	279
Gross Amount Carried, Building and Improvements	1,614
SEC Schedule III, Real Estate, Gross	1,893
Accumulated Depreciation	1,278
2900 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	214
Initial Cost, Buildings	977
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	513
Gross Amount Carried, Land	219
Gross Amount Carried, Building and Improvements	1,485
SEC Schedule III, Real Estate, Gross	1,704
Accumulated Depreciation	971
2930 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	131
Initial Cost, Buildings	594
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	435
Gross Amount Carried, Land	138
Gross Amount Carried, Building and Improvements	1,022
SEC Schedule III, Real Estate, Gross	1,160
Accumulated Depreciation	698
2950 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	178
Initial Cost, Buildings	819
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	368
Gross Amount Carried, Land	185
Gross Amount Carried, Building and Improvements	1,180
SEC Schedule III, Real Estate, Gross	1,365
Accumulated Depreciation	801
23014 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	39
Initial Cost, Buildings	203
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	189
Gross Amount Carried, Land	56
Gross Amount Carried, Building and Improvements	375
SEC Schedule III, Real Estate, Gross	431
Accumulated Depreciation	333
23028 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	98
Initial Cost, Buildings	507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	278
Gross Amount Carried, Land	125
Gross Amount Carried, Building and Improvements	758
SEC Schedule III, Real Estate, Gross	883
Accumulated Depreciation	704
23035 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	71
Initial Cost, Buildings	355
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	237
Gross Amount Carried, Land	93
Gross Amount Carried, Building and Improvements	570
SEC Schedule III, Real Estate, Gross	663
Accumulated Depreciation	526
23042 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	67
Initial Cost, Buildings	277
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	273
Gross Amount Carried, Land	89
Gross Amount Carried, Building and Improvements	528
SEC Schedule III, Real Estate, Gross	617
Accumulated Depreciation	500
23065 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	71
Initial Cost, Buildings	408
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	338
Gross Amount Carried, Land	93
Gross Amount Carried, Building and Improvements	724
SEC Schedule III, Real Estate, Gross	817
Accumulated Depreciation	599
23079 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	68
Initial Cost, Buildings	301
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	290
Gross Amount Carried, Land	79
Gross Amount Carried, Building and Improvements	580
SEC Schedule III, Real Estate, Gross	659
Accumulated Depreciation	524
23093 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	211
Initial Cost, Buildings	1,024
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,219
Gross Amount Carried, Land	295
Gross Amount Carried, Building and Improvements	2,159
SEC Schedule III, Real Estate, Gross	2,454
Accumulated Depreciation	1,758
23135 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	146
Initial Cost, Buildings	701
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	392
Gross Amount Carried, Land	158
Gross Amount Carried, Building and Improvements	1,081
SEC Schedule III, Real Estate, Gross	1,239
Accumulated Depreciation	904
23163 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	111
Initial Cost, Buildings	513
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	384
Gross Amount Carried, Land	138
Gross Amount Carried, Building and Improvements	870
SEC Schedule III, Real Estate, Gross	1,008
Accumulated Depreciation	729
23177 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	175
Initial Cost, Buildings	1,007
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	611
Gross Amount Carried, Land	254
Gross Amount Carried, Building and Improvements	1,539
SEC Schedule III, Real Estate, Gross	1,793
Accumulated Depreciation	1,313
23206 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	125
Initial Cost, Buildings	531
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	367
Gross Amount Carried, Land	137
Gross Amount Carried, Building and Improvements	886
SEC Schedule III, Real Estate, Gross	1,023
Accumulated Depreciation	730
23370 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Initial Cost, Land	59
Initial Cost, Buildings	233
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	174
Gross Amount Carried, Land	66
Gross Amount Carried, Building and Improvements	400
SEC Schedule III, Real Estate, Gross	466
Accumulated Depreciation	374
32450 N Avis Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Initial Cost, Land	281
Initial Cost, Buildings	1,590
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	541
Gross Amount Carried, Land	286
Gross Amount Carried, Building and Improvements	2,126
SEC Schedule III, Real Estate, Gross	2,412
Accumulated Depreciation	1,047
12707 Eckles Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth Township, MI
Initial Cost, Land	255
Initial Cost, Buildings	1,445
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	220
Gross Amount Carried, Land	267
Gross Amount Carried, Building and Improvements	1,653
SEC Schedule III, Real Estate, Gross	1,920
Accumulated Depreciation	729
9300-9328 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	147
Initial Cost, Buildings	834
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	407
Gross Amount Carried, Land	159
Gross Amount Carried, Building and Improvements	1,229
SEC Schedule III, Real Estate, Gross	1,388
Accumulated Depreciation	541
9330-9358 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	81
Initial Cost, Buildings	456
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	255
Gross Amount Carried, Land	89
Gross Amount Carried, Building and Improvements	703
SEC Schedule III, Real Estate, Gross	792
Accumulated Depreciation	287
28420-28448 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	143
Initial Cost, Buildings	809
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	753
Gross Amount Carried, Land	154
Gross Amount Carried, Building and Improvements	1,551
SEC Schedule III, Real Estate, Gross	1,705
Accumulated Depreciation	529
28450-28478 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	81
Initial Cost, Buildings	461
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	457
Gross Amount Carried, Land	90
Gross Amount Carried, Building and Improvements	909
SEC Schedule III, Real Estate, Gross	999
Accumulated Depreciation	343
28421-28449 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	109
Initial Cost, Buildings	617
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	473
Gross Amount Carried, Land	119
Gross Amount Carried, Building and Improvements	1,080
SEC Schedule III, Real Estate, Gross	1,199
Accumulated Depreciation	451
28451-28479 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	107
Initial Cost, Buildings	608
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	411
Gross Amount Carried, Land	117
Gross Amount Carried, Building and Improvements	1,009
SEC Schedule III, Real Estate, Gross	1,126
Accumulated Depreciation	396
28825-28909 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	70
Initial Cost, Buildings	395
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	396
Gross Amount Carried, Land	78
Gross Amount Carried, Building and Improvements	783
SEC Schedule III, Real Estate, Gross	861
Accumulated Depreciation	307
28933-29017 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	112
Initial Cost, Buildings	634
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	599
Gross Amount Carried, Land	122
Gross Amount Carried, Building and Improvements	1,223
SEC Schedule III, Real Estate, Gross	1,345
Accumulated Depreciation	434
28824-28908 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	134
Initial Cost, Buildings	760
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	577
Gross Amount Carried, Land	145
Gross Amount Carried, Building and Improvements	1,326
SEC Schedule III, Real Estate, Gross	1,471
Accumulated Depreciation	525
28932-29016 Highland Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	123
Initial Cost, Buildings	694
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	582
Gross Amount Carried, Land	133
Gross Amount Carried, Building and Improvements	1,266
SEC Schedule III, Real Estate, Gross	1,399
Accumulated Depreciation	486
9710-9734 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	125
Initial Cost, Buildings	706
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	432
Gross Amount Carried, Land	135
Gross Amount Carried, Building and Improvements	1,128
SEC Schedule III, Real Estate, Gross	1,263
Accumulated Depreciation	474
9740-9772 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	132
Initial Cost, Buildings	749
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	401
Gross Amount Carried, Land	143
Gross Amount Carried, Building and Improvements	1,139
SEC Schedule III, Real Estate, Gross	1,282
Accumulated Depreciation	492
9840-9868 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	144
Initial Cost, Buildings	815
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	296
Gross Amount Carried, Land	155
Gross Amount Carried, Building and Improvements	1,100
SEC Schedule III, Real Estate, Gross	1,255
Accumulated Depreciation	452
9800-9824 Harrison Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	117
Initial Cost, Buildings	664
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	362
Gross Amount Carried, Land	127
Gross Amount Carried, Building and Improvements	1,016
SEC Schedule III, Real Estate, Gross	1,143
Accumulated Depreciation	401
29265-29285 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	140
Initial Cost, Buildings	794
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	263
Gross Amount Carried, Land	151
Gross Amount Carried, Building and Improvements	1,046
SEC Schedule III, Real Estate, Gross	1,197
Accumulated Depreciation	462
29185-29225 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	140
Initial Cost, Buildings	792
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	514
Gross Amount Carried, Land	151
Gross Amount Carried, Building and Improvements	1,295
SEC Schedule III, Real Estate, Gross	1,446
Accumulated Depreciation	580
29149-29165 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	216
Initial Cost, Buildings	1,225
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	305
Gross Amount Carried, Land	231
Gross Amount Carried, Building and Improvements	1,515
SEC Schedule III, Real Estate, Gross	1,746
Accumulated Depreciation	674
29101-29115 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	130
Initial Cost, Buildings	738
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	285
Gross Amount Carried, Land	141
Gross Amount Carried, Building and Improvements	1,012
SEC Schedule III, Real Estate, Gross	1,153
Accumulated Depreciation	472
29031-29045 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	124
Initial Cost, Buildings	704
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	215
Gross Amount Carried, Land	134
Gross Amount Carried, Building and Improvements	909
SEC Schedule III, Real Estate, Gross	1,043
Accumulated Depreciation	374
29050-29062 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	127
Initial Cost, Buildings	718
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	218
Gross Amount Carried, Land	137
Gross Amount Carried, Building and Improvements	926
SEC Schedule III, Real Estate, Gross	1,063
Accumulated Depreciation	385
29120-29134 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	161
Initial Cost, Buildings	912
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	522
Gross Amount Carried, Land	173
Gross Amount Carried, Building and Improvements	1,422
SEC Schedule III, Real Estate, Gross	1,595
Accumulated Depreciation	569
29200-29214 Airport Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	170
Initial Cost, Buildings	963
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	310
Gross Amount Carried, Land	182
Gross Amount Carried, Building and Improvements	1,261
SEC Schedule III, Real Estate, Gross	1,443
Accumulated Depreciation	465
9301-9339 Middlebelt Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Romulus, MI
Initial Cost, Land	124
Initial Cost, Buildings	703
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	444
Gross Amount Carried, Land	130
Gross Amount Carried, Building and Improvements	1,141
SEC Schedule III, Real Estate, Gross	1,271
Accumulated Depreciation	510
32975 Capitol Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	135
Initial Cost, Buildings	748
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(166)
Gross Amount Carried, Land	77
Gross Amount Carried, Building and Improvements	640
SEC Schedule III, Real Estate, Gross	717
Accumulated Depreciation	313
32920 Capitol Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	76
Initial Cost, Buildings	422
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(62)
Gross Amount Carried, Land	27
Gross Amount Carried, Building and Improvements	409
SEC Schedule III, Real Estate, Gross	436
Accumulated Depreciation	217
11923 Brookfield Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	120
Initial Cost, Buildings	665
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(324)
Gross Amount Carried, Land	32
Gross Amount Carried, Building and Improvements	429
SEC Schedule III, Real Estate, Gross	461
Accumulated Depreciation	294
450 Robbins Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	166
Initial Cost, Buildings	920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	231
Gross Amount Carried, Land	178
Gross Amount Carried, Building and Improvements	1,139
SEC Schedule III, Real Estate, Gross	1,317
Accumulated Depreciation	467
12886 Westmore Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	190
Initial Cost, Buildings	1,050
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(351)
Gross Amount Carried, Land	86
Gross Amount Carried, Building and Improvements	803
SEC Schedule III, Real Estate, Gross	889
Accumulated Depreciation	442
47711 Clipper Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth Township, MI
Initial Cost, Land	539
Initial Cost, Buildings	2,983
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	359
Gross Amount Carried, Land	575
Gross Amount Carried, Building and Improvements	3,306
SEC Schedule III, Real Estate, Gross	3,881
Accumulated Depreciation	1,338
32975 Industrial Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	160
Initial Cost, Buildings	887
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(191)
Gross Amount Carried, Land	92
Gross Amount Carried, Building and Improvements	764
SEC Schedule III, Real Estate, Gross	856
Accumulated Depreciation	379
32985 Industrial Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	137
Initial Cost, Buildings	761
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(329)
Gross Amount Carried, Land	46
Gross Amount Carried, Building and Improvements	523
SEC Schedule III, Real Estate, Gross	569
Accumulated Depreciation	319
32995 Industrial Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	160
Initial Cost, Buildings	887
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(409)
Gross Amount Carried, Land	53
Gross Amount Carried, Building and Improvements	585
SEC Schedule III, Real Estate, Gross	638
Accumulated Depreciation	363
12874 Westmore Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	137
Initial Cost, Buildings	761
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(302)
Gross Amount Carried, Land	58
Gross Amount Carried, Building and Improvements	538
SEC Schedule III, Real Estate, Gross	596
Accumulated Depreciation	301
1775 Bellingham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	344
Initial Cost, Buildings	1,902
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	329
Gross Amount Carried, Land	367
Gross Amount Carried, Building and Improvements	2,208
SEC Schedule III, Real Estate, Gross	2,575
Accumulated Depreciation	893
1785 East Maple [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	92
Initial Cost, Buildings	507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	200
Gross Amount Carried, Land	98
Gross Amount Carried, Building and Improvements	701
SEC Schedule III, Real Estate, Gross	799
Accumulated Depreciation	257
980 Chicago [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	206
Initial Cost, Buildings	1,141
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	328
Gross Amount Carried, Land	220
Gross Amount Carried, Building and Improvements	1,455
SEC Schedule III, Real Estate, Gross	1,675
Accumulated Depreciation	537
1885 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	209
Initial Cost, Buildings	1,158
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	544
Gross Amount Carried, Land	223
Gross Amount Carried, Building and Improvements	1,688
SEC Schedule III, Real Estate, Gross	1,911
Accumulated Depreciation	561
1935-55 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	1,285
Initial Cost, Buildings	7,144
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	943
Gross Amount Carried, Land	1,371
Gross Amount Carried, Building and Improvements	8,001
SEC Schedule III, Real Estate, Gross	9,372
Accumulated Depreciation	3,229
5500 Enterprise Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Warren, MI
Initial Cost, Land	675
Initial Cost, Buildings	3,737
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	680
Gross Amount Carried, Land	721
Gross Amount Carried, Building and Improvements	4,371
SEC Schedule III, Real Estate, Gross	5,092
Accumulated Depreciation	1,751
750 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	323
Initial Cost, Buildings	1,790
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	385
Gross Amount Carried, Land	345
Gross Amount Carried, Building and Improvements	2,153
SEC Schedule III, Real Estate, Gross	2,498
Accumulated Depreciation	880
800 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	283
Initial Cost, Buildings	1,567
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	370
Gross Amount Carried, Land	302
Gross Amount Carried, Building and Improvements	1,918
SEC Schedule III, Real Estate, Gross	2,220
Accumulated Depreciation	763
850 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	183
Initial Cost, Buildings	1,016
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	218
Gross Amount Carried, Land	196
Gross Amount Carried, Building and Improvements	1,221
SEC Schedule III, Real Estate, Gross	1,417
Accumulated Depreciation	493
1100 East Mandoline Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Initial Cost, Land	888
Initial Cost, Buildings	4,915
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,257)
Gross Amount Carried, Land	332
Gross Amount Carried, Building and Improvements	4,214
SEC Schedule III, Real Estate, Gross	4,546
Accumulated Depreciation	2,372
1080, 1120, 1180 John Papalas Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lincoln Park, MI
Initial Cost, Land	366
Initial Cost, Buildings	3,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	366
Gross Amount Carried, Land	297
Gross Amount Carried, Building and Improvements	3,676
SEC Schedule III, Real Estate, Gross	3,973
Accumulated Depreciation	1,918
4872 S. Lapeer Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lake Orion Twsp, MI
Initial Cost, Land	1,342
Initial Cost, Buildings	5,441
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,208
Gross Amount Carried, Land	1,412
Gross Amount Carried, Building and Improvements	6,579
SEC Schedule III, Real Estate, Gross	7,991
Accumulated Depreciation	2,609
1400 Allen Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	209
Initial Cost, Buildings	1,154
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	223
Gross Amount Carried, Land	212
Gross Amount Carried, Building and Improvements	1,374
SEC Schedule III, Real Estate, Gross	1,586
Accumulated Depreciation	455
1408 Allen Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	151
Initial Cost, Buildings	834
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	121
Gross Amount Carried, Land	153
Gross Amount Carried, Building and Improvements	953
SEC Schedule III, Real Estate, Gross	1,106
Accumulated Depreciation	318
32505 Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Initial Cost, Land	345
Initial Cost, Buildings	1,910
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	107
Gross Amount Carried, Land	351
Gross Amount Carried, Building and Improvements	2,011
SEC Schedule III, Real Estate, Gross	2,362
Accumulated Depreciation	694
1799-1855 Northfield Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Initial Cost, Land	481
Initial Cost, Buildings	2,665
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	367
Gross Amount Carried, Land	490
Gross Amount Carried, Building and Improvements	3,023
SEC Schedule III, Real Estate, Gross	3,513
Accumulated Depreciation	1,060
28435 Automation Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wixom, MI
Initial Cost, Land	621
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,664
Gross Amount Carried, Land	628
Gross Amount Carried, Building and Improvements	3,657
SEC Schedule III, Real Estate, Gross	4,285
Accumulated Depreciation	919
32200 N Avis Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Initial Cost, Land	503
Initial Cost, Buildings	3,367
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,446)
Gross Amount Carried, Land	195
Gross Amount Carried, Building and Improvements	2,229
SEC Schedule III, Real Estate, Gross	2,424
Accumulated Depreciation	867
100 Kay Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orion Township, MI
Initial Cost, Land	677
Initial Cost, Buildings	2,018
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	171
Gross Amount Carried, Land	685
Gross Amount Carried, Building and Improvements	2,181
SEC Schedule III, Real Estate, Gross	2,866
Accumulated Depreciation	860
11800 Sears Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Initial Cost, Land	693
Initial Cost, Buildings	1,507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,212
Gross Amount Carried, Land	476
Gross Amount Carried, Building and Improvements	2,936
SEC Schedule III, Real Estate, Gross	3,412
Accumulated Depreciation	1,451
1099 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Initial Cost, Land	1,277
Initial Cost, Buildings	1,332
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,275)
Gross Amount Carried, Land	303
Gross Amount Carried, Building and Improvements	1,031
SEC Schedule III, Real Estate, Gross	1,334
Accumulated Depreciation	294
42555 Merrill Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sterling Heights, MI
Initial Cost, Land	1,080
Initial Cost, Buildings	2,300
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,487
Gross Amount Carried, Land	1,090
Gross Amount Carried, Building and Improvements	5,777
SEC Schedule III, Real Estate, Gross	6,867
Accumulated Depreciation	1,991
200 Northpointe Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orion Township, MI
Initial Cost, Land	723
Initial Cost, Buildings	2,063
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	36
Gross Amount Carried, Land	734
Gross Amount Carried, Building and Improvements	2,088
SEC Schedule III, Real Estate, Gross	2,822
Accumulated Depreciation	882
3351 Rauch St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	272
Initial Cost, Buildings	1,541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	510
Gross Amount Carried, Land	278
Gross Amount Carried, Building and Improvements	2,045
SEC Schedule III, Real Estate, Gross	2,323
Accumulated Depreciation	764
3801-3851 Yale St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,977
Initial Cost, Land	413
Initial Cost, Buildings	2,343
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	419
Gross Amount Carried, Land	425
Gross Amount Carried, Building and Improvements	2,750
SEC Schedule III, Real Estate, Gross	3,175
Accumulated Depreciation	1,158
3337-3347 Rauch Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	227
Initial Cost, Buildings	1,287
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	454
Gross Amount Carried, Land	233
Gross Amount Carried, Building and Improvements	1,735
SEC Schedule III, Real Estate, Gross	1,968
Accumulated Depreciation	669
8505 N Loop East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,630
Initial Cost, Land	439
Initial Cost, Buildings	2,489
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	626
Gross Amount Carried, Land	449
Gross Amount Carried, Building and Improvements	3,105
SEC Schedule III, Real Estate, Gross	3,554
Accumulated Depreciation	1,271
4749-4799 Eastpark Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	2,409
Initial Cost, Land	594
Initial Cost, Buildings	3,368
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,290
Gross Amount Carried, Land	611
Gross Amount Carried, Building and Improvements	4,641
SEC Schedule III, Real Estate, Gross	5,252
Accumulated Depreciation	1,898
4851 Homestead Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	3,139
Initial Cost, Land	491
Initial Cost, Buildings	2,782
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,549
Gross Amount Carried, Land	504
Gross Amount Carried, Building and Improvements	4,318
SEC Schedule III, Real Estate, Gross	4,822
Accumulated Depreciation	1,684
3365-3385 Rauch Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,622
Initial Cost, Land	284
Initial Cost, Buildings	1,611
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	710
Gross Amount Carried, Land	290
Gross Amount Carried, Building and Improvements	2,315
SEC Schedule III, Real Estate, Gross	2,605
Accumulated Depreciation	1,022
5050 Campbell Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,871
Initial Cost, Land	461
Initial Cost, Buildings	2,610
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,009
Gross Amount Carried, Land	470
Gross Amount Carried, Building and Improvements	3,610
SEC Schedule III, Real Estate, Gross	4,080
Accumulated Depreciation	1,316
4300 Pine Timbers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	2,712
Initial Cost, Land	489
Initial Cost, Buildings	2,769
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	756
Gross Amount Carried, Land	499
Gross Amount Carried, Building and Improvements	3,515
SEC Schedule III, Real Estate, Gross	4,014
Accumulated Depreciation	1,476
2500-2530 Fairway Park Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	3,287
Initial Cost, Land	766
Initial Cost, Buildings	4,342
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,059
Gross Amount Carried, Land	792
Gross Amount Carried, Building and Improvements	6,375
SEC Schedule III, Real Estate, Gross	7,167
Accumulated Depreciation	2,419
6550 Longpointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,567
Initial Cost, Land	362
Initial Cost, Buildings	2,050
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,004
Gross Amount Carried, Land	370
Gross Amount Carried, Building and Improvements	3,046
SEC Schedule III, Real Estate, Gross	3,416
Accumulated Depreciation	1,092
1815 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	1,992
Initial Cost, Land	487
Initial Cost, Buildings	2,761
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,095
Gross Amount Carried, Land	531
Gross Amount Carried, Building and Improvements	3,812
SEC Schedule III, Real Estate, Gross	4,343
Accumulated Depreciation	1,443
1819 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	231
Initial Cost, Buildings	1,308
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	591
Gross Amount Carried, Land	251
Gross Amount Carried, Building and Improvements	1,879
SEC Schedule III, Real Estate, Gross	2,130
Accumulated Depreciation	753
1805 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	2,559
Initial Cost, Land	564
Initial Cost, Buildings	3,197
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,820
Gross Amount Carried, Land	616
Gross Amount Carried, Building and Improvements	4,965
SEC Schedule III, Real Estate, Gross	5,581
Accumulated Depreciation	1,708
9835A Genard Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	1,505
Initial Cost, Buildings	8,333
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,257
Gross Amount Carried, Land	1,581
Gross Amount Carried, Building and Improvements	11,514
SEC Schedule III, Real Estate, Gross	13,095
Accumulated Depreciation	3,962
9835B Genard Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	245
Initial Cost, Buildings	1,357
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	663
Gross Amount Carried, Land	256
Gross Amount Carried, Building and Improvements	2,009
SEC Schedule III, Real Estate, Gross	2,265
Accumulated Depreciation	690
11505 State Highway 225 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	LaPorte City, TX
Initial Cost, Land	940
Initial Cost, Buildings	4,675
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	606
Gross Amount Carried, Land	940
Gross Amount Carried, Building and Improvements	5,281
SEC Schedule III, Real Estate, Gross	6,221
Accumulated Depreciation	1,847
1500 E. Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	201
Initial Cost, Buildings	1,328
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(26)
Gross Amount Carried, Land	204
Gross Amount Carried, Building and Improvements	1,299
SEC Schedule III, Real Estate, Gross	1,503
Accumulated Depreciation	858
7230-7238 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	254
Initial Cost, Buildings	764
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	173
Gross Amount Carried, Land	259
Gross Amount Carried, Building and Improvements	932
SEC Schedule III, Real Estate, Gross	1,191
Accumulated Depreciation	349
7240-7248 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	271
Initial Cost, Buildings	726
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	35
Gross Amount Carried, Land	276
Gross Amount Carried, Building and Improvements	756
SEC Schedule III, Real Estate, Gross	1,032
Accumulated Depreciation	342
7250-7260 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	200
Initial Cost, Buildings	481
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	141
Gross Amount Carried, Land	203
Gross Amount Carried, Building and Improvements	619
SEC Schedule III, Real Estate, Gross	822
Accumulated Depreciation	227
6400 Long Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	188
Initial Cost, Buildings	898
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(47)
Gross Amount Carried, Land	188
Gross Amount Carried, Building and Improvements	851
SEC Schedule III, Real Estate, Gross	1,039
Accumulated Depreciation	291
12705 S. Kirkwood, Ste 100-150 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stafford, TX
Initial Cost, Land	154
Initial Cost, Buildings	626
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	8
Gross Amount Carried, Land	155
Gross Amount Carried, Building and Improvements	633
SEC Schedule III, Real Estate, Gross	788
Accumulated Depreciation	166
12705 S. Kirkwood, Ste 200-220 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stafford, TX
Initial Cost, Land	404
Initial Cost, Buildings	1,698
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	275
Gross Amount Carried, Land	393
Gross Amount Carried, Building and Improvements	1,984
SEC Schedule III, Real Estate, Gross	2,377
Accumulated Depreciation	747
8850 Jameel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	171
Initial Cost, Buildings	826
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4
Gross Amount Carried, Land	171
Gross Amount Carried, Building and Improvements	830
SEC Schedule III, Real Estate, Gross	1,001
Accumulated Depreciation	305
8800 Jameel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	163
Initial Cost, Buildings	798
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(100)
Gross Amount Carried, Land	124
Gross Amount Carried, Building and Improvements	737
SEC Schedule III, Real Estate, Gross	861
Accumulated Depreciation	264
8700 Jameel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	170
Initial Cost, Buildings	1,020
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(178)
Gross Amount Carried, Land	120
Gross Amount Carried, Building and Improvements	892
SEC Schedule III, Real Estate, Gross	1,012
Accumulated Depreciation	236
8600 Jameel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	163
Initial Cost, Buildings	818
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	41
Gross Amount Carried, Land	163
Gross Amount Carried, Building and Improvements	859
SEC Schedule III, Real Estate, Gross	1,022
Accumulated Depreciation	313
7967 Blankenship [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Initial Cost, Land	307
Initial Cost, Buildings	1,166
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	337
Gross Amount Carried, Land	307
Gross Amount Carried, Building and Improvements	1,503
SEC Schedule III, Real Estate, Gross	1,810
Accumulated Depreciation	363
8800 City Park Loop East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	23,226
Initial Cost, Land	3,717
Initial Cost, Buildings	19,237
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(659)
Gross Amount Carried, Land	3,717
Gross Amount Carried, Building and Improvements	18,578
SEC Schedule III, Real Estate, Gross	22,295
Accumulated Depreciation	2,726
Four Thousand Eight Hundred West Greens Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
1445 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	459
Initial Cost, Buildings	2,603
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,063
Gross Amount Carried, Land	476
Gross Amount Carried, Building and Improvements	3,649
SEC Schedule III, Real Estate, Gross	4,125
Accumulated Depreciation	1,548
1440 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	3,661
Initial Cost, Land	665
Initial Cost, Buildings	3,770
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	985
Gross Amount Carried, Land	685
Gross Amount Carried, Building and Improvements	4,735
SEC Schedule III, Real Estate, Gross	5,420
Accumulated Depreciation	2,049
1240 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	247
Initial Cost, Buildings	1,402
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	324
Gross Amount Carried, Land	258
Gross Amount Carried, Building and Improvements	1,715
SEC Schedule III, Real Estate, Gross	1,973
Accumulated Depreciation	776
1345 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	586
Initial Cost, Buildings	3,321
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,160
Gross Amount Carried, Land	601
Gross Amount Carried, Building and Improvements	4,466
SEC Schedule III, Real Estate, Gross	5,067
Accumulated Depreciation	1,872
1350 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	205
Initial Cost, Buildings	1,161
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	249
Gross Amount Carried, Land	204
Gross Amount Carried, Building and Improvements	1,411
SEC Schedule III, Real Estate, Gross	1,615
Accumulated Depreciation	639
1341 Sadlier Circle South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	131
Initial Cost, Buildings	743
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	205
Gross Amount Carried, Land	136
Gross Amount Carried, Building and Improvements	943
SEC Schedule III, Real Estate, Gross	1,079
Accumulated Depreciation	414
1322-1438 Sadlier Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	145
Initial Cost, Buildings	822
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	296
Gross Amount Carried, Land	152
Gross Amount Carried, Building and Improvements	1,111
SEC Schedule III, Real Estate, Gross	1,263
Accumulated Depreciation	491
1327-1441 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	218
Initial Cost, Buildings	1,234
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	607
Gross Amount Carried, Land	225
Gross Amount Carried, Building and Improvements	1,834
SEC Schedule III, Real Estate, Gross	2,059
Accumulated Depreciation	740
1402-1430 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	165
Initial Cost, Buildings	934
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	398
Gross Amount Carried, Land	171
Gross Amount Carried, Building and Improvements	1,326
SEC Schedule III, Real Estate, Gross	1,497
Accumulated Depreciation	581
1504 Sadlier Circle South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	219
Initial Cost, Buildings	1,238
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(104)
Gross Amount Carried, Land	115
Gross Amount Carried, Building and Improvements	1,238
SEC Schedule III, Real Estate, Gross	1,353
Accumulated Depreciation	746
1365-1367 Sadlier Way Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	121
Initial Cost, Buildings	688
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	181
Gross Amount Carried, Land	91
Gross Amount Carried, Building and Improvements	899
SEC Schedule III, Real Estate, Gross	990
Accumulated Depreciation	393
1352-1354 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	178
Initial Cost, Buildings	1,008
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	186
Gross Amount Carried, Land	166
Gross Amount Carried, Building and Improvements	1,206
SEC Schedule III, Real Estate, Gross	1,372
Accumulated Depreciation	541
1335 Sadlier Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	81
Initial Cost, Buildings	460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	202
Gross Amount Carried, Land	85
Gross Amount Carried, Building and Improvements	658
SEC Schedule III, Real Estate, Gross	743
Accumulated Depreciation	287
1425 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	21
Initial Cost, Buildings	117
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	41
Gross Amount Carried, Land	23
Gross Amount Carried, Building and Improvements	156
SEC Schedule III, Real Estate, Gross	179
Accumulated Depreciation	67
6951 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	256
Initial Cost, Buildings	1,449
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	227
Gross Amount Carried, Land	265
Gross Amount Carried, Building and Improvements	1,667
SEC Schedule III, Real Estate, Gross	1,932
Accumulated Depreciation	754
6701 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	78
Initial Cost, Buildings	443
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	98
Gross Amount Carried, Land	82
Gross Amount Carried, Building and Improvements	537
SEC Schedule III, Real Estate, Gross	619
Accumulated Depreciation	247
6737 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	1,722
Initial Cost, Land	385
Initial Cost, Buildings	2,181
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	222
Gross Amount Carried, Land	398
Gross Amount Carried, Building and Improvements	2,390
SEC Schedule III, Real Estate, Gross	2,788
Accumulated Depreciation	1,098
6555 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	484
Initial Cost, Buildings	4,760
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,065
Gross Amount Carried, Land	484
Gross Amount Carried, Building and Improvements	6,825
SEC Schedule III, Real Estate, Gross	7,309
Accumulated Depreciation	2,870
7901 West 21st St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	4,946
Initial Cost, Land	1,048
Initial Cost, Buildings	6,027
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	246
Gross Amount Carried, Land	1,048
Gross Amount Carried, Building and Improvements	6,273
SEC Schedule III, Real Estate, Gross	7,321
Accumulated Depreciation	2,725
1225 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	60
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	417
Gross Amount Carried, Land	68
Gross Amount Carried, Building and Improvements	409
SEC Schedule III, Real Estate, Gross	477
Accumulated Depreciation	172
6751 E 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	2,420
Initial Cost, Land	728
Initial Cost, Buildings	2,837
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	354
Gross Amount Carried, Land	741
Gross Amount Carried, Building and Improvements	3,178
SEC Schedule III, Real Estate, Gross	3,919
Accumulated Depreciation	1,301
5705-97 Park Plaza Ct. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	2,464
Initial Cost, Land	600
Initial Cost, Buildings	2,194
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	853
Gross Amount Carried, Land	609
Gross Amount Carried, Building and Improvements	3,038
SEC Schedule III, Real Estate, Gross	3,647
Accumulated Depreciation	1,070
9319-9341 Castlegate Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Initial Cost, Land	530
Initial Cost, Buildings	1,235
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	688
Gross Amount Carried, Land	544
Gross Amount Carried, Building and Improvements	1,909
SEC Schedule III, Real Estate, Gross	2,453
Accumulated Depreciation	652
1133 Northwest L Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richmond, IN
Initial Cost, Land	201
Initial Cost, Buildings	1,358
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(188)
Gross Amount Carried, Land	208
Gross Amount Carried, Building and Improvements	1,163
SEC Schedule III, Real Estate, Gross	1,371
Accumulated Depreciation	636
14425 Bergen Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Noblesville, IN
Initial Cost, Land	647
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,484
Gross Amount Carried, Land	743
Gross Amount Carried, Building and Improvements	3,388
SEC Schedule III, Real Estate, Gross	4,131
Accumulated Depreciation	615
4700 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	908
Initial Cost, Buildings	1,883
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	269
Gross Amount Carried, Land	912
Gross Amount Carried, Building and Improvements	2,148
SEC Schedule III, Real Estate, Gross	3,060
Accumulated Depreciation	777
4710 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	830
Initial Cost, Buildings	2,722
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	346
Gross Amount Carried, Land	834
Gross Amount Carried, Building and Improvements	3,064
SEC Schedule III, Real Estate, Gross	3,898
Accumulated Depreciation	856
4720 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	937
Initial Cost, Buildings	2,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	404
Gross Amount Carried, Land	942
Gross Amount Carried, Building and Improvements	2,854
SEC Schedule III, Real Estate, Gross	3,796
Accumulated Depreciation	828
4740 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	1,107
Initial Cost, Buildings	3,111
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	320
Gross Amount Carried, Land	1,112
Gross Amount Carried, Building and Improvements	3,426
SEC Schedule III, Real Estate, Gross	4,538
Accumulated Depreciation	944
4750 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	947
Initial Cost, Buildings	3,079
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	406
Gross Amount Carried, Land	951
Gross Amount Carried, Building and Improvements	3,481
SEC Schedule III, Real Estate, Gross	4,432
Accumulated Depreciation	785
4800 NW 15th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Initial Cost, Land	1,092
Initial Cost, Buildings	3,308
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	514
Gross Amount Carried, Land	1,097
Gross Amount Carried, Building and Improvements	3,817
SEC Schedule III, Real Estate, Gross	4,914
Accumulated Depreciation	1,050
Medley Industrial Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Medley, FL
Initial Cost, Land	857
Initial Cost, Buildings	3,428
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,988
Gross Amount Carried, Land	864
Gross Amount Carried, Building and Improvements	7,409
SEC Schedule III, Real Estate, Gross	8,273
Accumulated Depreciation	1,687
12601 & 12605 NW 116th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Medley, FL
Initial Cost, Land	2,316
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	440
Gross Amount Carried, Land	762
Gross Amount Carried, Building and Improvements	1,994
SEC Schedule III, Real Estate, Gross	2,756
Accumulated Depreciation	270
5355 South Westridge Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	5,089
Initial Cost, Land	1,630
Initial Cost, Buildings	7,058
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(108)
Gross Amount Carried, Land	1,646
Gross Amount Carried, Building and Improvements	6,934
SEC Schedule III, Real Estate, Gross	8,580
Accumulated Depreciation	1,643
320-334 W. Vogel Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Encumbrances	2,692
Initial Cost, Land	506
Initial Cost, Buildings	3,199
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(100)
Gross Amount Carried, Land	508
Gross Amount Carried, Building and Improvements	3,097
SEC Schedule III, Real Estate, Gross	3,605
Accumulated Depreciation	1,481
4950 South 6th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Encumbrances	1,444
Initial Cost, Land	299
Initial Cost, Buildings	1,565
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	273
Gross Amount Carried, Land	301
Gross Amount Carried, Building and Improvements	1,836
SEC Schedule III, Real Estate, Gross	2,137
Accumulated Depreciation	1,026
W140 N9059 Lilly Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Menomonee Falls, WI
Initial Cost, Land	343
Initial Cost, Buildings	1,153
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	117
Gross Amount Carried, Land	366
Gross Amount Carried, Building and Improvements	1,247
SEC Schedule III, Real Estate, Gross	1,613
Accumulated Depreciation	420
200 W. Vogel Avenue-Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Encumbrances	1,641
Initial Cost, Land	301
Initial Cost, Buildings	2,150
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(22)
Gross Amount Carried, Land	302
Gross Amount Carried, Building and Improvements	2,127
SEC Schedule III, Real Estate, Gross	2,429
Accumulated Depreciation	1,021
4921 S. 2nd Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Initial Cost, Land	101
Initial Cost, Buildings	713
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(196)
Gross Amount Carried, Land	58
Gross Amount Carried, Building and Improvements	560
SEC Schedule III, Real Estate, Gross	618
Accumulated Depreciation	278
1500 Peebles Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Center, WI
Initial Cost, Land	1,577
Initial Cost, Buildings	1,018
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(278)
Gross Amount Carried, Land	1,528
Gross Amount Carried, Building and Improvements	789
SEC Schedule III, Real Estate, Gross	2,317
Accumulated Depreciation	697
16600 West Glendale Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	2,317
Initial Cost, Land	704
Initial Cost, Buildings	1,923
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	933
Gross Amount Carried, Land	715
Gross Amount Carried, Building and Improvements	2,845
SEC Schedule III, Real Estate, Gross	3,560
Accumulated Depreciation	1,494
2485 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	1,386
Initial Cost, Land	483
Initial Cost, Buildings	1,516
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	131
Gross Amount Carried, Land	491
Gross Amount Carried, Building and Improvements	1,639
SEC Schedule III, Real Estate, Gross	2,130
Accumulated Depreciation	743
14518 Whittaker Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Menomonee Falls, WI
Initial Cost, Land	437
Initial Cost, Buildings	1,082
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	382
Gross Amount Carried, Land	445
Gross Amount Carried, Building and Improvements	1,456
SEC Schedule III, Real Estate, Gross	1,901
Accumulated Depreciation	538
N58W15380 Shawn Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Menomonee Falls, WI
Initial Cost, Land	1,188
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16,931
Gross Amount Carried, Land	1,204
Gross Amount Carried, Building and Improvements	16,915
SEC Schedule III, Real Estate, Gross	18,119
Accumulated Depreciation	3,014
6201 West 111th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bloomington, MN
Encumbrances	3,293
Initial Cost, Land	1,358
Initial Cost, Buildings	8,622
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,466
Gross Amount Carried, Land	1,519
Gross Amount Carried, Building and Improvements	21,927
SEC Schedule III, Real Estate, Gross	23,446
Accumulated Depreciation	11,065
7251-7267 Washington Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Edina, MN
Initial Cost, Land	129
Initial Cost, Buildings	382
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	871
Gross Amount Carried, Land	182
Gross Amount Carried, Building and Improvements	1,200
SEC Schedule III, Real Estate, Gross	1,382
Accumulated Depreciation	842
7301-7325 Washington Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Edina, MN
Initial Cost, Land	174
Initial Cost, Buildings	391
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	70
Gross Amount Carried, Land	193
Gross Amount Carried, Building and Improvements	442
SEC Schedule III, Real Estate, Gross	635
Accumulated Depreciation	113
7101 Winnetka Avenue South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Encumbrances	5,629
Initial Cost, Land	2,195
Initial Cost, Buildings	6,084
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,996
Gross Amount Carried, Land	2,228
Gross Amount Carried, Building and Improvements	10,047
SEC Schedule III, Real Estate, Gross	12,275
Accumulated Depreciation	7,107
9901 West 74th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	3,303
Initial Cost, Land	621
Initial Cost, Buildings	3,289
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,291
Gross Amount Carried, Land	639
Gross Amount Carried, Building and Improvements	6,562
SEC Schedule III, Real Estate, Gross	7,201
Accumulated Depreciation	5,599
1030 Lone Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Encumbrances	2,553
Initial Cost, Land	456
Initial Cost, Buildings	2,703
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	764
Gross Amount Carried, Land	456
Gross Amount Carried, Building and Improvements	3,467
SEC Schedule III, Real Estate, Gross	3,923
Accumulated Depreciation	1,588
1060 Lone Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Encumbrances	3,216
Initial Cost, Land	624
Initial Cost, Buildings	3,700
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	616
Gross Amount Carried, Land	624
Gross Amount Carried, Building and Improvements	4,316
SEC Schedule III, Real Estate, Gross	4,940
Accumulated Depreciation	2,115
5400 Nathan Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth, MN
Encumbrances	2,826
Initial Cost, Land	749
Initial Cost, Buildings	4,461
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	951
Gross Amount Carried, Land	757
Gross Amount Carried, Building and Improvements	5,404
SEC Schedule III, Real Estate, Gross	6,161
Accumulated Depreciation	2,660
10120 W 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Initial Cost, Land	315
Initial Cost, Buildings	1,804
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,884
Gross Amount Carried, Land	315
Gross Amount Carried, Building and Improvements	3,688
SEC Schedule III, Real Estate, Gross	4,003
Accumulated Depreciation	1,978
12155 Nicollet Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Burnsville, MN
Initial Cost, Land	286
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,809
Gross Amount Carried, Land	288
Gross Amount Carried, Building and Improvements	1,807
SEC Schedule III, Real Estate, Gross	2,095
Accumulated Depreciation	829
4100 Peavey Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chaska, MN
Initial Cost, Land	277
Initial Cost, Buildings	2,261
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	779
Gross Amount Carried, Land	277
Gross Amount Carried, Building and Improvements	3,040
SEC Schedule III, Real Estate, Gross	3,317
Accumulated Depreciation	1,332
5205 Highway 169 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth, MN
Initial Cost, Land	446
Initial Cost, Buildings	2,525
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	891
Gross Amount Carried, Land	578
Gross Amount Carried, Building and Improvements	3,284
SEC Schedule III, Real Estate, Gross	3,862
Accumulated Depreciation	1,526
7100-7198 Shady Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	4,569
Initial Cost, Land	715
Initial Cost, Buildings	4,054
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,252
Gross Amount Carried, Land	736
Gross Amount Carried, Building and Improvements	6,285
SEC Schedule III, Real Estate, Gross	7,021
Accumulated Depreciation	2,484
7500-7546 Washington Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Initial Cost, Land	229
Initial Cost, Buildings	1,300
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	881
Gross Amount Carried, Land	235
Gross Amount Carried, Building and Improvements	2,175
SEC Schedule III, Real Estate, Gross	2,410
Accumulated Depreciation	928
7550-7586 Washington Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Initial Cost, Land	153
Initial Cost, Buildings	867
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	290
Gross Amount Carried, Land	157
Gross Amount Carried, Building and Improvements	1,153
SEC Schedule III, Real Estate, Gross	1,310
Accumulated Depreciation	511
5240-5300 Valley Industrial Blvd S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	2,450
Initial Cost, Land	362
Initial Cost, Buildings	2,049
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,215
Gross Amount Carried, Land	371
Gross Amount Carried, Building and Improvements	3,255
SEC Schedule III, Real Estate, Gross	3,626
Accumulated Depreciation	1,215
500-530 Kasota Avenue SE [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Minneapolis, MN
Initial Cost, Land	415
Initial Cost, Buildings	2,354
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,276
Gross Amount Carried, Land	434
Gross Amount Carried, Building and Improvements	3,611
SEC Schedule III, Real Estate, Gross	4,045
Accumulated Depreciation	1,467
2530-2570 Kasota Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Paul, MN
Initial Cost, Land	407
Initial Cost, Buildings	2,308
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	964
Gross Amount Carried, Land	441
Gross Amount Carried, Building and Improvements	3,238
SEC Schedule III, Real Estate, Gross	3,679
Accumulated Depreciation	1,315
5775 12th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	3,965
Initial Cost, Land	590
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,279
Gross Amount Carried, Land	590
Gross Amount Carried, Building and Improvements	5,279
SEC Schedule III, Real Estate, Gross	5,869
Accumulated Depreciation	2,103
1157 Valley Park Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	3,969
Initial Cost, Land	760
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,803
Gross Amount Carried, Land	888
Gross Amount Carried, Building and Improvements	6,675
SEC Schedule III, Real Estate, Gross	7,563
Accumulated Depreciation	2,579
9600 West 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	2,325
Initial Cost, Land	1,000
Initial Cost, Buildings	2,450
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	483
Gross Amount Carried, Land	1,034
Gross Amount Carried, Building and Improvements	2,899
SEC Schedule III, Real Estate, Gross	3,933
Accumulated Depreciation	968
9700 West 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	3,151
Initial Cost, Land	1,000
Initial Cost, Buildings	2,709
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,007
Gross Amount Carried, Land	1,038
Gross Amount Carried, Building and Improvements	3,678
SEC Schedule III, Real Estate, Gross	4,716
Accumulated Depreciation	1,284
7600 69th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Greenfield, MN
Initial Cost, Land	1,500
Initial Cost, Buildings	8,328
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,391
Gross Amount Carried, Land	1,510
Gross Amount Carried, Building and Improvements	9,709
SEC Schedule III, Real Estate, Gross	11,219
Accumulated Depreciation	3,571
5017 Boone Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Hope, MN
Initial Cost, Land	1,000
Initial Cost, Buildings	1,599
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(6)
Gross Amount Carried, Land	1,009
Gross Amount Carried, Building and Improvements	1,584
SEC Schedule III, Real Estate, Gross	2,593
Accumulated Depreciation	813
2300 West Highway 13 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Burnsville, MN
Initial Cost, Land	2,517
Initial Cost, Buildings	6,069
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,651)
Gross Amount Carried, Land	1,296
Gross Amount Carried, Building and Improvements	5,639
SEC Schedule III, Real Estate, Gross	6,935
Accumulated Depreciation	3,449
1087 Park Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	4,218
Initial Cost, Land	1,195
Initial Cost, Buildings	4,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(409)
Gross Amount Carried, Land	1,198
Gross Amount Carried, Building and Improvements	4,479
SEC Schedule III, Real Estate, Gross	5,677
Accumulated Depreciation	1,091
5391 12th Avenue SE [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	4,381
Initial Cost, Land	1,392
Initial Cost, Buildings	8,149
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(495)
Gross Amount Carried, Land	1,395
Gross Amount Carried, Building and Improvements	7,651
SEC Schedule III, Real Estate, Gross	9,046
Accumulated Depreciation	1,915
4701 Valley Industrial Blvd S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	5,483
Initial Cost, Land	1,296
Initial Cost, Buildings	7,157
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(337)
Gross Amount Carried, Land	1,299
Gross Amount Carried, Building and Improvements	6,817
SEC Schedule III, Real Estate, Gross	8,116
Accumulated Depreciation	2,477
7035 Winnetka Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Encumbrances	4,076
Initial Cost, Land	1,275
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,492
Gross Amount Carried, Land	1,343
Gross Amount Carried, Building and Improvements	6,424
SEC Schedule III, Real Estate, Gross	7,767
Accumulated Depreciation	1,245
139 Eva Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Paul, MN
Initial Cost, Land	2,132
Initial Cost, Buildings	3,105
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(286)
Gross Amount Carried, Land	2,175
Gross Amount Carried, Building and Improvements	2,776
SEC Schedule III, Real Estate, Gross	4,951
Accumulated Depreciation	560
21900 Dodd Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lakeville, MN
Encumbrances	9,031
Initial Cost, Land	2,289
Initial Cost, Buildings	7,952
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Gross Amount Carried, Land	2,289
Gross Amount Carried, Building and Improvements	7,952
SEC Schedule III, Real Estate, Gross	10,241
Accumulated Depreciation	1,692
375 Rivertown Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Woodbury, MN
Encumbrances	7,058
Initial Cost, Land	2,635
Initial Cost, Buildings	8,157
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	48
Gross Amount Carried, Land	2,635
Gross Amount Carried, Building and Improvements	8,205
SEC Schedule III, Real Estate, Gross	10,840
Accumulated Depreciation	407
935 Aldrin Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Initial Cost, Land	2,096
Initial Cost, Buildings	7,884
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1
Gross Amount Carried, Land	2,096
Gross Amount Carried, Building and Improvements	7,885
SEC Schedule III, Real Estate, Gross	9,981
Accumulated Depreciation	65
7050 Winnetka Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Initial Cost, Land	1,623
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,792
Gross Amount Carried, Land	1,632
Gross Amount Carried, Building and Improvements	7,783
SEC Schedule III, Real Estate, Gross	9,415
7051 West Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Initial Cost, Land	1,275
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,246
Gross Amount Carried, Land	1,277
Gross Amount Carried, Building and Improvements	5,244
SEC Schedule III, Real Estate, Gross	6,521
3099 Barry Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Portland, TN
Initial Cost, Land	418
Initial Cost, Buildings	2,368
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(683)
Gross Amount Carried, Land	248
Gross Amount Carried, Building and Improvements	1,855
SEC Schedule III, Real Estate, Gross	2,103
Accumulated Depreciation	1,022
1931 Air Lane Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	2,344
Initial Cost, Land	489
Initial Cost, Buildings	2,785
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	327
Gross Amount Carried, Land	493
Gross Amount Carried, Building and Improvements	3,108
SEC Schedule III, Real Estate, Gross	3,601
Accumulated Depreciation	1,326
4640 Cummings Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	2,053
Initial Cost, Land	360
Initial Cost, Buildings	2,040
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	638
Gross Amount Carried, Land	365
Gross Amount Carried, Building and Improvements	2,673
SEC Schedule III, Real Estate, Gross	3,038
Accumulated Depreciation	957
1740 River Hills Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	2,759
Initial Cost, Land	848
Initial Cost, Buildings	4,383
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	607
Gross Amount Carried, Land	888
Gross Amount Carried, Building and Improvements	4,950
SEC Schedule III, Real Estate, Gross	5,838
Accumulated Depreciation	1,933
211 Ellery Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	2,727
Initial Cost, Land	606
Initial Cost, Buildings	3,192
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	349
Gross Amount Carried, Land	616
Gross Amount Carried, Building and Improvements	3,531
SEC Schedule III, Real Estate, Gross	4,147
Accumulated Depreciation	1,098
130 Maddox Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Gallatin, TN
Encumbrances	15,636
Initial Cost, Land	1,778
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	23,548
Gross Amount Carried, Land	1,778
Gross Amount Carried, Building and Improvements	23,548
SEC Schedule III, Real Estate, Gross	25,326
Accumulated Depreciation	3,490
14 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Initial Cost, Land	483
Initial Cost, Buildings	2,735
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	717
Gross Amount Carried, Land	503
Gross Amount Carried, Building and Improvements	3,432
SEC Schedule III, Real Estate, Gross	3,935
Accumulated Depreciation	1,490
12 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Initial Cost, Land	572
Initial Cost, Buildings	3,240
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,071
Gross Amount Carried, Land	593
Gross Amount Carried, Building and Improvements	4,290
SEC Schedule III, Real Estate, Gross	4,883
Accumulated Depreciation	1,887
22 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Initial Cost, Land	364
Initial Cost, Buildings	2,064
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	533
Gross Amount Carried, Land	375
Gross Amount Carried, Building and Improvements	2,586
SEC Schedule III, Real Estate, Gross	2,961
Accumulated Depreciation	1,029
26 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Initial Cost, Land	361
Initial Cost, Buildings	2,048
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	523
Gross Amount Carried, Land	377
Gross Amount Carried, Building and Improvements	2,555
SEC Schedule III, Real Estate, Gross	2,932
Accumulated Depreciation	1,052
24 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Initial Cost, Land	347
Initial Cost, Buildings	1,968
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	490
Gross Amount Carried, Land	362
Gross Amount Carried, Building and Improvements	2,443
SEC Schedule III, Real Estate, Gross	2,805
Accumulated Depreciation	1,040
20 World's Fair Drive Lot 13 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sumerset, NJ
Initial Cost, Land	9
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,576
Gross Amount Carried, Land	691
Gross Amount Carried, Building and Improvements	1,894
SEC Schedule III, Real Estate, Gross	2,585
Accumulated Depreciation	657
45 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	969
Initial Cost, Buildings	5,491
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	913
Gross Amount Carried, Land	978
Gross Amount Carried, Building and Improvements	6,395
SEC Schedule III, Real Estate, Gross	7,373
Accumulated Depreciation	2,256
43 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	474
Initial Cost, Buildings	2,686
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	551
Gross Amount Carried, Land	479
Gross Amount Carried, Building and Improvements	3,232
SEC Schedule III, Real Estate, Gross	3,711
Accumulated Depreciation	1,223
39 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	260
Initial Cost, Buildings	1,471
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	197
Gross Amount Carried, Land	262
Gross Amount Carried, Building and Improvements	1,666
SEC Schedule III, Real Estate, Gross	1,928
Accumulated Depreciation	583
26 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	956
Initial Cost, Buildings	5,415
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	672
Gross Amount Carried, Land	965
Gross Amount Carried, Building and Improvements	6,078
SEC Schedule III, Real Estate, Gross	7,043
Accumulated Depreciation	2,177
30 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	960
Initial Cost, Buildings	5,440
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	499
Gross Amount Carried, Land	969
Gross Amount Carried, Building and Improvements	5,930
SEC Schedule III, Real Estate, Gross	6,899
Accumulated Depreciation	2,080
20 Hook Mountain Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	1,507
Initial Cost, Buildings	8,542
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,809
Gross Amount Carried, Land	1,534
Gross Amount Carried, Building and Improvements	11,324
SEC Schedule III, Real Estate, Gross	12,858
Accumulated Depreciation	4,700
30 Hook Mountain Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	389
Initial Cost, Buildings	2,206
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	539
Gross Amount Carried, Land	396
Gross Amount Carried, Building and Improvements	2,738
SEC Schedule III, Real Estate, Gross	3,134
Accumulated Depreciation	977
16 Chapin Rod [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	885
Initial Cost, Buildings	5,015
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	516
Gross Amount Carried, Land	901
Gross Amount Carried, Building and Improvements	5,515
SEC Schedule III, Real Estate, Gross	6,416
Accumulated Depreciation	1,924
20 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Initial Cost, Land	1,134
Initial Cost, Buildings	6,426
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	598
Gross Amount Carried, Land	1,154
Gross Amount Carried, Building and Improvements	7,004
SEC Schedule III, Real Estate, Gross	8,158
Accumulated Depreciation	2,383
2500 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sayreville, NJ
Initial Cost, Land	944
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,558
Gross Amount Carried, Land	944
Gross Amount Carried, Building and Improvements	4,558
SEC Schedule III, Real Estate, Gross	5,502
Accumulated Depreciation	1,319
2400 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sayreville, NJ
Initial Cost, Land	996
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,575
Gross Amount Carried, Land	996
Gross Amount Carried, Building and Improvements	5,575
SEC Schedule III, Real Estate, Gross	6,571
Accumulated Depreciation	1,507
309-319 Pierce Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Somerset, NJ
Encumbrances	3,283
Initial Cost, Land	1,300
Initial Cost, Buildings	4,628
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,020
Gross Amount Carried, Land	1,309
Gross Amount Carried, Building and Improvements	5,639
SEC Schedule III, Real Estate, Gross	6,948
Accumulated Depreciation	1,968
3240 S. 78th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Philadelphia, PA
Initial Cost, Land	515
Initial Cost, Buildings	1,245
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(492)
Gross Amount Carried, Land	423
Gross Amount Carried, Building and Improvements	845
SEC Schedule III, Real Estate, Gross	1,268
Accumulated Depreciation	251
2455 Boulevard of Generals [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norristown, PA
Encumbrances	3,235
Initial Cost, Land	1,200
Initial Cost, Buildings	4,800
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	846
Gross Amount Carried, Land	1,226
Gross Amount Carried, Building and Improvements	5,620
SEC Schedule III, Real Estate, Gross	6,846
Accumulated Depreciation	1,894
1045 South Edward Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tempe, AZ
Initial Cost, Land	390
Initial Cost, Buildings	2,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	370
Gross Amount Carried, Land	396
Gross Amount Carried, Building and Improvements	2,524
SEC Schedule III, Real Estate, Gross	2,920
Accumulated Depreciation	877
50 South 56th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chandler, AZ
Encumbrances	3,766
Initial Cost, Land	1,206
Initial Cost, Buildings	3,218
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,362
Gross Amount Carried, Land	1,252
Gross Amount Carried, Building and Improvements	4,534
SEC Schedule III, Real Estate, Gross	5,786
Accumulated Depreciation	1,224
4701 W. Jefferson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	2,508
Initial Cost, Land	926
Initial Cost, Buildings	2,195
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	443
Gross Amount Carried, Land	929
Gross Amount Carried, Building and Improvements	2,635
SEC Schedule III, Real Estate, Gross	3,564
Accumulated Depreciation	1,418
7102 W. Roosevelt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Initial Cost, Land	1,613
Initial Cost, Buildings	6,451
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	344
Gross Amount Carried, Land	1,620
Gross Amount Carried, Building and Improvements	6,788
SEC Schedule III, Real Estate, Gross	8,408
Accumulated Depreciation	2,207
4137 West Adams Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Initial Cost, Land	990
Initial Cost, Buildings	2,661
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	467
Gross Amount Carried, Land	1,038
Gross Amount Carried, Building and Improvements	3,080
SEC Schedule III, Real Estate, Gross	4,118
Accumulated Depreciation	1,039
245 W. Lodge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tempe, AZ
Initial Cost, Land	898
Initial Cost, Buildings	3,066
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,890)
Gross Amount Carried, Land	362
Gross Amount Carried, Building and Improvements	1,712
SEC Schedule III, Real Estate, Gross	2,074
Accumulated Depreciation	710
1590 E Riverview Dr. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	4,721
Initial Cost, Land	1,293
Initial Cost, Buildings	5,950
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	403
Gross Amount Carried, Land	1,292
Gross Amount Carried, Building and Improvements	6,354
SEC Schedule III, Real Estate, Gross	7,646
Accumulated Depreciation	1,396
14131 N. Rio Vista Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Initial Cost, Land	2,563
Initial Cost, Buildings	9,388
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,101
Gross Amount Carried, Land	2,563
Gross Amount Carried, Building and Improvements	10,489
SEC Schedule III, Real Estate, Gross	13,052
Accumulated Depreciation	2,665
8716 W. Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Initial Cost, Land	2,709
Initial Cost, Buildings	10,970
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,393
Gross Amount Carried, Land	2,709
Gross Amount Carried, Building and Improvements	12,363
SEC Schedule III, Real Estate, Gross	15,072
Accumulated Depreciation	2,869
3815 W. Washington St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	3,589
Initial Cost, Land	1,675
Initial Cost, Buildings	4,514
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	149
Gross Amount Carried, Land	1,719
Gross Amount Carried, Building and Improvements	4,619
SEC Schedule III, Real Estate, Gross	6,338
Accumulated Depreciation	959
9180 W. Buckeye Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tolleson, AZ
Encumbrances	7,021
Initial Cost, Land	1,904
Initial Cost, Buildings	6,805
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,568
Gross Amount Carried, Land	1,923
Gross Amount Carried, Building and Improvements	9,354
SEC Schedule III, Real Estate, Gross	11,277
Accumulated Depreciation	1,665
8644 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Initial Cost, Land	1,726
Initial Cost, Buildings	7,216
Gross Amount Carried, Land	1,726
Gross Amount Carried, Building and Improvements	7,216
SEC Schedule III, Real Estate, Gross	8,942
Accumulated Depreciation	43
8606 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Initial Cost, Land	956
Initial Cost, Buildings	2,668
Gross Amount Carried, Land	956
Gross Amount Carried, Building and Improvements	2,668
SEC Schedule III, Real Estate, Gross	3,624
Accumulated Depreciation	17
8679 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Initial Cost, Land	672
Initial Cost, Buildings	2,791
Gross Amount Carried, Land	672
Gross Amount Carried, Building and Improvements	2,791
SEC Schedule III, Real Estate, Gross	3,463
Accumulated Depreciation	17
1270 West 2320 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	138
Initial Cost, Buildings	784
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	144
Gross Amount Carried, Land	143
Gross Amount Carried, Building and Improvements	923
SEC Schedule III, Real Estate, Gross	1,066
Accumulated Depreciation	362
1275 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	395
Initial Cost, Buildings	2,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	352
Gross Amount Carried, Land	408
Gross Amount Carried, Building and Improvements	2,580
SEC Schedule III, Real Estate, Gross	2,988
Accumulated Depreciation	1,032
1288 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	119
Initial Cost, Buildings	672
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	136
Gross Amount Carried, Land	123
Gross Amount Carried, Building and Improvements	804
SEC Schedule III, Real Estate, Gross	927
Accumulated Depreciation	319
2235 South 1300 West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	198
Initial Cost, Buildings	1,120
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	168
Gross Amount Carried, Land	204
Gross Amount Carried, Building and Improvements	1,282
SEC Schedule III, Real Estate, Gross	1,486
Accumulated Depreciation	512
1293 West 2200 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	158
Initial Cost, Buildings	896
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	282
Gross Amount Carried, Land	163
Gross Amount Carried, Building and Improvements	1,173
SEC Schedule III, Real Estate, Gross	1,336
Accumulated Depreciation	471
1279 West 2200 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	198
Initial Cost, Buildings	1,120
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	369
Gross Amount Carried, Land	204
Gross Amount Carried, Building and Improvements	1,483
SEC Schedule III, Real Estate, Gross	1,687
Accumulated Depreciation	715
1272 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	336
Initial Cost, Buildings	1,905
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	410
Gross Amount Carried, Land	347
Gross Amount Carried, Building and Improvements	2,304
SEC Schedule III, Real Estate, Gross	2,651
Accumulated Depreciation	966
1149 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	217
Initial Cost, Buildings	1,232
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	325
Gross Amount Carried, Land	225
Gross Amount Carried, Building and Improvements	1,549
SEC Schedule III, Real Estate, Gross	1,774
Accumulated Depreciation	620
1142 West 2320 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	217
Initial Cost, Buildings	1,232
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	260
Gross Amount Carried, Land	225
Gross Amount Carried, Building and Improvements	1,484
SEC Schedule III, Real Estate, Gross	1,709
Accumulated Depreciation	571
1152 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	1,652
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,323
Gross Amount Carried, Land	669
Gross Amount Carried, Building and Improvements	3,306
SEC Schedule III, Real Estate, Gross	3,975
Accumulated Depreciation	1,190
1815-1957 South 4650 West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Salt Lake City, UT
Encumbrances	6,983
Initial Cost, Land	1,707
Initial Cost, Buildings	10,873
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	541
Gross Amount Carried, Land	1,713
Gross Amount Carried, Building and Improvements	11,408
SEC Schedule III, Real Estate, Gross	13,121
Accumulated Depreciation	3,065
2100 Alexander Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	376
Initial Cost, Buildings	1,670
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	319
Gross Amount Carried, Land	376
Gross Amount Carried, Building and Improvements	1,989
SEC Schedule III, Real Estate, Gross	2,365
Accumulated Depreciation	518
2064 Alexander Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Initial Cost, Land	864
Initial Cost, Buildings	2,771
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	83
Gross Amount Carried, Land	869
Gross Amount Carried, Building and Improvements	2,849
SEC Schedule III, Real Estate, Gross	3,718
Accumulated Depreciation	825
1901 Raymond Ave SW [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Renton, WA
Encumbrances	1,101
Initial Cost, Land	4,458
Initial Cost, Buildings	2,659
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	400
Gross Amount Carried, Land	4,594
Gross Amount Carried, Building and Improvements	2,923
SEC Schedule III, Real Estate, Gross	7,517
Accumulated Depreciation	624
19014 64th Avenue South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kent, WA
Encumbrances	3,063
Initial Cost, Land	1,990
Initial Cost, Buildings	3,979
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	514
Gross Amount Carried, Land	2,042
Gross Amount Carried, Building and Improvements	4,441
SEC Schedule III, Real Estate, Gross	6,483
Accumulated Depreciation	1,116
18640 68th Avenue South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kent, WA
Encumbrances	440
Initial Cost, Land	1,218
Initial Cost, Buildings	1,950
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	307
Gross Amount Carried, Land	1,258
Gross Amount Carried, Building and Improvements	2,217
SEC Schedule III, Real Estate, Gross	3,475
Accumulated Depreciation	551
1944 Vista Bella Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	3,620
Initial Cost, Land	1,746
Initial Cost, Buildings	3,148
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	465
Gross Amount Carried, Land	1,822
Gross Amount Carried, Building and Improvements	3,537
SEC Schedule III, Real Estate, Gross	5,359
Accumulated Depreciation	1,298
2000 Vista Bella Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	1,314
Initial Cost, Land	817
Initial Cost, Buildings	1,673
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	292
Gross Amount Carried, Land	853
Gross Amount Carried, Building and Improvements	1,929
SEC Schedule III, Real Estate, Gross	2,782
Accumulated Depreciation	737
2835 East Ana Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	3,105
Initial Cost, Land	1,682
Initial Cost, Buildings	2,750
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	339
Gross Amount Carried, Land	1,772
Gross Amount Carried, Building and Improvements	2,999
SEC Schedule III, Real Estate, Gross	4,771
Accumulated Depreciation	963
16275 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Diego, CA
Initial Cost, Land	2,848
Initial Cost, Buildings	8,641
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	527
Gross Amount Carried, Land	2,859
Gross Amount Carried, Building and Improvements	9,157
SEC Schedule III, Real Estate, Gross	12,016
Accumulated Depreciation	2,359
665 N. Baldwin Park Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	City of Industry, CA
Encumbrances	4,226
Initial Cost, Land	2,124
Initial Cost, Buildings	5,219
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,601
Gross Amount Carried, Land	2,143
Gross Amount Carried, Building and Improvements	6,801
SEC Schedule III, Real Estate, Gross	8,944
Accumulated Depreciation	2,477
27801 Avenue Scott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Santa Clarita, CA
Encumbrances	7,228
Initial Cost, Land	2,890
Initial Cost, Buildings	7,020
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	788
Gross Amount Carried, Land	2,902
Gross Amount Carried, Building and Improvements	7,796
SEC Schedule III, Real Estate, Gross	10,698
Accumulated Depreciation	2,377
2610 & 2660 Columbia St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Torrance, CA
Encumbrances	4,524
Initial Cost, Land	3,008
Initial Cost, Buildings	5,826
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	740
Gross Amount Carried, Land	3,031
Gross Amount Carried, Building and Improvements	6,543
SEC Schedule III, Real Estate, Gross	9,574
Accumulated Depreciation	1,770
433 Alaska Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Torrance, CA
Initial Cost, Land	681
Initial Cost, Buildings	168
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(5)
Gross Amount Carried, Land	684
Gross Amount Carried, Building and Improvements	160
SEC Schedule III, Real Estate, Gross	844
Accumulated Depreciation	85
4020 S. Compton Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Los Angeles, CA
Initial Cost, Land	3,800
Initial Cost, Buildings	7,330
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(233)
Gross Amount Carried, Land	3,825
Gross Amount Carried, Building and Improvements	7,072
SEC Schedule III, Real Estate, Gross	10,897
Accumulated Depreciation	1,716
6305 El Camino Real [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Initial Cost, Land	1,590
Initial Cost, Buildings	6,360
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,730
Gross Amount Carried, Land	1,590
Gross Amount Carried, Building and Improvements	14,090
SEC Schedule III, Real Estate, Gross	15,680
Accumulated Depreciation	3,419
2325 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	1,954
Initial Cost, Land	1,441
Initial Cost, Buildings	1,239
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	627
Gross Amount Carried, Land	1,446
Gross Amount Carried, Building and Improvements	1,861
SEC Schedule III, Real Estate, Gross	3,307
Accumulated Depreciation	458
2335 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	1,055
Initial Cost, Land	817
Initial Cost, Buildings	762
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	207
Gross Amount Carried, Land	821
Gross Amount Carried, Building and Improvements	965
SEC Schedule III, Real Estate, Gross	1,786
Accumulated Depreciation	350
2345 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	681
Initial Cost, Land	562
Initial Cost, Buildings	456
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	51
Gross Amount Carried, Land	565
Gross Amount Carried, Building and Improvements	504
SEC Schedule III, Real Estate, Gross	1,069
Accumulated Depreciation	224
2355 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	640
Initial Cost, Land	481
Initial Cost, Buildings	365
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	237
Gross Amount Carried, Land	483
Gross Amount Carried, Building and Improvements	600
SEC Schedule III, Real Estate, Gross	1,083
Accumulated Depreciation	171
2365 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	1,212
Initial Cost, Land	1,098
Initial Cost, Buildings	630
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	323
Gross Amount Carried, Land	1,102
Gross Amount Carried, Building and Improvements	949
SEC Schedule III, Real Estate, Gross	2,051
Accumulated Depreciation	273
2375 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	1,326
Initial Cost, Land	1,210
Initial Cost, Buildings	874
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	96
Gross Amount Carried, Land	1,214
Gross Amount Carried, Building and Improvements	966
SEC Schedule III, Real Estate, Gross	2,180
Accumulated Depreciation	323
6451 El Camino Real [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Initial Cost, Land	2,885
Initial Cost, Buildings	1,931
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	623
Gross Amount Carried, Land	2,895
Gross Amount Carried, Building and Improvements	2,544
SEC Schedule III, Real Estate, Gross	5,439
Accumulated Depreciation	802
8572 Spectrum Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Diego, CA
Encumbrances	2,034
Initial Cost, Land	806
Initial Cost, Buildings	3,225
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	274
Gross Amount Carried, Land	807
Gross Amount Carried, Building and Improvements	3,498
SEC Schedule III, Real Estate, Gross	4,305
Accumulated Depreciation	680
13100 Gregg Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Poway, CA
Initial Cost, Land	1,040
Initial Cost, Buildings	4,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	509
Gross Amount Carried, Land	1,073
Gross Amount Carried, Building and Improvements	4,636
SEC Schedule III, Real Estate, Gross	5,709
Accumulated Depreciation	1,353
21730-21748 Marilla St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chatsworth, CA
Encumbrances	2,766
Initial Cost, Land	2,585
Initial Cost, Buildings	3,210
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	58
Gross Amount Carried, Land	2,608
Gross Amount Carried, Building and Improvements	3,245
SEC Schedule III, Real Estate, Gross	5,853
Accumulated Depreciation	912
8015 Paramount [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pico Rivera, CA
Initial Cost, Land	3,616
Initial Cost, Buildings	3,902
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	61
Gross Amount Carried, Land	3,657
Gross Amount Carried, Building and Improvements	3,922
SEC Schedule III, Real Estate, Gross	7,579
Accumulated Depreciation	1,395
3365 E. Slauson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Vernon, CA
Initial Cost, Land	2,367
Initial Cost, Buildings	3,243
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	40
Gross Amount Carried, Land	2,396
Gross Amount Carried, Building and Improvements	3,254
SEC Schedule III, Real Estate, Gross	5,650
Accumulated Depreciation	1,219
3015 East Ana [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Initial Cost, Land	19,678
Initial Cost, Buildings	9,321
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,305
Gross Amount Carried, Land	20,144
Gross Amount Carried, Building and Improvements	15,160
SEC Schedule III, Real Estate, Gross	35,304
Accumulated Depreciation	3,470
19067 Reyes Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Initial Cost, Land	9,281
Initial Cost, Buildings	3,920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	102
Gross Amount Carried, Land	9,381
Gross Amount Carried, Building and Improvements	3,922
SEC Schedule III, Real Estate, Gross	13,303
Accumulated Depreciation	1,557
24870 Nandina Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Initial Cost, Land	13,543
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	20,885
Gross Amount Carried, Land	6,482
Gross Amount Carried, Building and Improvements	27,946
SEC Schedule III, Real Estate, Gross	34,428
Accumulated Depreciation	1,627
1250 Rancho Conejo Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Initial Cost, Land	1,435
Initial Cost, Buildings	779
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	42
Gross Amount Carried, Land	1,441
Gross Amount Carried, Building and Improvements	815
SEC Schedule III, Real Estate, Gross	2,256
Accumulated Depreciation	331
1260 Rancho Conejo Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Initial Cost, Land	1,353
Initial Cost, Buildings	722
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(844)
Gross Amount Carried, Land	675
Gross Amount Carried, Building and Improvements	556
SEC Schedule III, Real Estate, Gross	1,231
Accumulated Depreciation	232
1270 Rancho Conejo Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Initial Cost, Land	1,224
Initial Cost, Buildings	716
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	21
Gross Amount Carried, Land	1,229
Gross Amount Carried, Building and Improvements	732
SEC Schedule III, Real Estate, Gross	1,961
Accumulated Depreciation	305
1280 Rancho Conejo Blvd. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	2,861
Initial Cost, Land	2,043
Initial Cost, Buildings	3,408
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(114)
Gross Amount Carried, Land	2,051
Gross Amount Carried, Building and Improvements	3,286
SEC Schedule III, Real Estate, Gross	5,337
Accumulated Depreciation	682
1290 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	2,416
Initial Cost, Land	1,754
Initial Cost, Buildings	2,949
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(204)
Gross Amount Carried, Land	1,761
Gross Amount Carried, Building and Improvements	2,738
SEC Schedule III, Real Estate, Gross	4,499
Accumulated Depreciation	594
100 West Sinclair Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Riverside, CA
Initial Cost, Land	4,894
Initial Cost, Buildings	3,481
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(5,233)
Gross Amount Carried, Land	1,819
Gross Amount Carried, Building and Improvements	1,323
SEC Schedule III, Real Estate, Gross	3,142
Accumulated Depreciation	540
14050 Day Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Encumbrances	3,313
Initial Cost, Land	2,538
Initial Cost, Buildings	2,538
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	290
Gross Amount Carried, Land	2,565
Gross Amount Carried, Building and Improvements	2,801
SEC Schedule III, Real Estate, Gross	5,366
Accumulated Depreciation	779
12925 Marlay Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Fontana, CA
Encumbrances	9,092
Initial Cost, Land	6,072
Initial Cost, Buildings	7,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	762
Gross Amount Carried, Land	6,090
Gross Amount Carried, Building and Improvements	8,635
SEC Schedule III, Real Estate, Gross	14,725
Accumulated Depreciation	3,159
18201-18291 Santa Fe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	9,708
Initial Cost, Land	6,720
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9,004
Gross Amount Carried, Land	6,897
Gross Amount Carried, Building and Improvements	8,827
SEC Schedule III, Real Estate, Gross	15,724
Accumulated Depreciation	1,636
1011 Rancho Conejo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	5,328
Initial Cost, Land	7,717
Initial Cost, Buildings	2,518
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(156)
Gross Amount Carried, Land	7,752
Gross Amount Carried, Building and Improvements	2,327
SEC Schedule III, Real Estate, Gross	10,079
Accumulated Depreciation	1,000
2300 Corporate Center Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Initial Cost, Land	6,506
Initial Cost, Buildings	4,885
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(5,427)
Gross Amount Carried, Land	3,236
Gross Amount Carried, Building and Improvements	2,728
SEC Schedule III, Real Estate, Gross	5,964
Accumulated Depreciation	901
19021 S. Reyes Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Initial Cost, Land	8,183
Initial Cost, Buildings	7,501
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	761
Gross Amount Carried, Land	8,545
Gross Amount Carried, Building and Improvements	7,900
SEC Schedule III, Real Estate, Gross	16,445
Accumulated Depreciation	1,675
6185 Kimball Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chino, CA
Initial Cost, Land	6,385
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	12,343
Gross Amount Carried, Land	6,382
Gross Amount Carried, Building and Improvements	12,346
SEC Schedule III, Real Estate, Gross	18,728
Accumulated Depreciation	796
5555 Bandini Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bell, CA
Initial Cost, Land	32,536
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	20,917
Gross Amount Carried, Land	32,540
Gross Amount Carried, Building and Improvements	20,913
SEC Schedule III, Real Estate, Gross	53,453
Accumulated Depreciation	647
16875 Heacock Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Initial Cost, Buildings	6,831
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	72
Gross Amount Carried, Building and Improvements	6,903
SEC Schedule III, Real Estate, Gross	6,903
Accumulated Depreciation	253
4710 Guasti Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ontario, CA
Initial Cost, Land	2,846
Initial Cost, Buildings	6,564
Gross Amount Carried, Land	2,846
Gross Amount Carried, Building and Improvements	6,564
SEC Schedule III, Real Estate, Gross	9,410
Accumulated Depreciation	41
17100 Perris Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Initial Cost, Land	6,388
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	22,595
Gross Amount Carried, Land	6,395
Gross Amount Carried, Building and Improvements	22,588
SEC Schedule III, Real Estate, Gross	28,983
Accumulated Depreciation	356
13414 South Figueroa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Los Angeles, CA
Initial Cost, Land	1,701
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,577
Gross Amount Carried, Land	1,887
Gross Amount Carried, Building and Improvements	6,391
SEC Schedule III, Real Estate, Gross	8,278
Accumulated Depreciation	88
2060 Springdale Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cherry Hill, NJ
Initial Cost, Land	258
Initial Cost, Buildings	1,436
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	625
Gross Amount Carried, Land	258
Gross Amount Carried, Building and Improvements	2,061
SEC Schedule III, Real Estate, Gross	2,319
Accumulated Depreciation	808
111 Whittendale Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Morrestown, NJ
Initial Cost, Land	522
Initial Cost, Buildings	2,916
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	519
Gross Amount Carried, Land	522
Gross Amount Carried, Building and Improvements	3,435
SEC Schedule III, Real Estate, Gross	3,957
Accumulated Depreciation	1,217
7851 Airport Highway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pennsauken, NJ
Initial Cost, Land	160
Initial Cost, Buildings	508
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	381
Gross Amount Carried, Land	162
Gross Amount Carried, Building and Improvements	887
SEC Schedule III, Real Estate, Gross	1,049
Accumulated Depreciation	352
103 Central Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mt. Laurel, NJ
Initial Cost, Land	610
Initial Cost, Buildings	1,847
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,471
Gross Amount Carried, Land	619
Gross Amount Carried, Building and Improvements	3,309
SEC Schedule III, Real Estate, Gross	3,928
Accumulated Depreciation	1,085
7890 Airport Hwy/7015 Central [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pennsauken, NJ
Initial Cost, Land	300
Initial Cost, Buildings	989
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	543
Gross Amount Carried, Land	425
Gross Amount Carried, Building and Improvements	1,407
SEC Schedule III, Real Estate, Gross	1,832
Accumulated Depreciation	947
600 Creek Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Delanco, NJ
Initial Cost, Land	2,125
Initial Cost, Buildings	6,504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(3,821)
Gross Amount Carried, Land	1,557
Gross Amount Carried, Building and Improvements	3,251
SEC Schedule III, Real Estate, Gross	4,808
Accumulated Depreciation	746
10431 Midwest Industrial Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Olivette, MO
Encumbrances	1,446
Initial Cost, Land	237
Initial Cost, Buildings	1,360
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	745
Gross Amount Carried, Land	237
Gross Amount Carried, Building and Improvements	2,105
SEC Schedule III, Real Estate, Gross	2,342
Accumulated Depreciation	875
10751 Midwest Industrial Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Olivette, MO
Initial Cost, Land	193
Initial Cost, Buildings	1,119
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	294
Gross Amount Carried, Land	194
Gross Amount Carried, Building and Improvements	1,412
SEC Schedule III, Real Estate, Gross	1,606
Accumulated Depreciation	584
6951 N Hanley [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hazelwood, MO
Initial Cost, Land	405
Initial Cost, Buildings	2,295
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,577
Gross Amount Carried, Land	419
Gross Amount Carried, Building and Improvements	4,858
SEC Schedule III, Real Estate, Gross	5,277
Accumulated Depreciation	1,839
1067-1083 Warson-Bldg A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	1,642
Initial Cost, Land	246
Initial Cost, Buildings	1,359
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	826
Gross Amount Carried, Land	251
Gross Amount Carried, Building and Improvements	2,180
SEC Schedule III, Real Estate, Gross	2,431
Accumulated Depreciation	570
1093-1107 Warson-Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	2,813
Initial Cost, Land	380
Initial Cost, Buildings	2,103
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,681
Gross Amount Carried, Land	388
Gross Amount Carried, Building and Improvements	3,776
SEC Schedule III, Real Estate, Gross	4,164
Accumulated Depreciation	1,027
1113- 1129 Warson-Bldg C [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	2,322
Initial Cost, Land	303
Initial Cost, Buildings	1,680
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,454
Gross Amount Carried, Land	310
Gross Amount Carried, Building and Improvements	3,127
SEC Schedule III, Real Estate, Gross	3,437
Accumulated Depreciation	1,139
1131-1151 Warson-Bldg D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	2,198
Initial Cost, Land	353
Initial Cost, Buildings	1,952
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	949
Gross Amount Carried, Land	360
Gross Amount Carried, Building and Improvements	2,894
SEC Schedule III, Real Estate, Gross	3,254
Accumulated Depreciation	766
6821-6857 Hazelwood Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Initial Cost, Land	985
Initial Cost, Buildings	6,205
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	908
Gross Amount Carried, Land	985
Gross Amount Carried, Building and Improvements	7,113
SEC Schedule III, Real Estate, Gross	8,098
Accumulated Depreciation	2,090
13701 Rider Trail North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Earth City, MO
Initial Cost, Land	800
Initial Cost, Buildings	2,099
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	710
Gross Amount Carried, Land	804
Gross Amount Carried, Building and Improvements	2,805
SEC Schedule III, Real Estate, Gross	3,609
Accumulated Depreciation	1,025
1908-2000 Innerbelt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Overland, MO
Encumbrances	7,215
Initial Cost, Land	1,590
Initial Cost, Buildings	9,026
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,095
Gross Amount Carried, Land	1,591
Gross Amount Carried, Building and Improvements	10,120
SEC Schedule III, Real Estate, Gross	11,711
Accumulated Depreciation	3,741
9060 Latty Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Initial Cost, Land	687
Initial Cost, Buildings	1,947
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(90)
Gross Amount Carried, Land	694
Gross Amount Carried, Building and Improvements	1,850
SEC Schedule III, Real Estate, Gross	2,544
Accumulated Depreciation	1,554
21-25 Gateway Commerce Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Edwardsville, IL
Initial Cost, Land	1,874
Initial Cost, Buildings	31,958
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(331)
Gross Amount Carried, Land	1,902
Gross Amount Carried, Building and Improvements	31,599
SEC Schedule III, Real Estate, Gross	33,501
Accumulated Depreciation	7,272
6647 Romiss Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Initial Cost, Land	230
Initial Cost, Buildings	681
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(8)
Gross Amount Carried, Land	241
Gross Amount Carried, Building and Improvements	662
SEC Schedule III, Real Estate, Gross	903
Accumulated Depreciation	245
5313 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	204
Initial Cost, Buildings	1,159
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	573
Gross Amount Carried, Land	257
Gross Amount Carried, Building and Improvements	1,679
SEC Schedule III, Real Estate, Gross	1,936
Accumulated Depreciation	640
5525 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	192
Initial Cost, Buildings	1,086
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	294
Gross Amount Carried, Land	200
Gross Amount Carried, Building and Improvements	1,372
SEC Schedule III, Real Estate, Gross	1,572
Accumulated Depreciation	539
5709 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	192
Initial Cost, Buildings	1,086
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	197
Gross Amount Carried, Land	200
Gross Amount Carried, Building and Improvements	1,275
SEC Schedule III, Real Estate, Gross	1,475
Accumulated Depreciation	534
5711 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	243
Initial Cost, Buildings	1,376
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	159
Gross Amount Carried, Land	255
Gross Amount Carried, Building and Improvements	1,523
SEC Schedule III, Real Estate, Gross	1,778
Accumulated Depreciation	640
5453 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	71
Initial Cost, Buildings	402
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	163
Gross Amount Carried, Land	82
Gross Amount Carried, Building and Improvements	554
SEC Schedule III, Real Estate, Gross	636
Accumulated Depreciation	236
5455 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	307
Initial Cost, Buildings	1,742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	747
Gross Amount Carried, Land	326
Gross Amount Carried, Building and Improvements	2,470
SEC Schedule III, Real Estate, Gross	2,796
Accumulated Depreciation	1,043
5553 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	307
Initial Cost, Buildings	1,742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	417
Gross Amount Carried, Land	326
Gross Amount Carried, Building and Improvements	2,140
SEC Schedule III, Real Estate, Gross	2,466
Accumulated Depreciation	885
5501 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	215
Initial Cost, Buildings	871
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	298
Gross Amount Carried, Land	242
Gross Amount Carried, Building and Improvements	1,142
SEC Schedule III, Real Estate, Gross	1,384
Accumulated Depreciation	491
5503 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	98
Initial Cost, Buildings	402
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	328
Gross Amount Carried, Land	110
Gross Amount Carried, Building and Improvements	718
SEC Schedule III, Real Estate, Gross	828
Accumulated Depreciation	374
5555 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	213
Initial Cost, Buildings	1,206
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	230
Gross Amount Carried, Land	221
Gross Amount Carried, Building and Improvements	1,428
SEC Schedule III, Real Estate, Gross	1,649
Accumulated Depreciation	625
5557 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	59
Initial Cost, Buildings	335
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	59
Gross Amount Carried, Land	62
Gross Amount Carried, Building and Improvements	391
SEC Schedule III, Real Estate, Gross	453
Accumulated Depreciation	160
5461 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	261
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,355
Gross Amount Carried, Land	265
Gross Amount Carried, Building and Improvements	1,351
SEC Schedule III, Real Estate, Gross	1,616
Accumulated Depreciation	541
5481 W. Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	558
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,263
Gross Amount Carried, Land	561
Gross Amount Carried, Building and Improvements	2,260
SEC Schedule III, Real Estate, Gross	2,821
Accumulated Depreciation	832
4515-4519 George Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	633
Initial Cost, Buildings	3,587
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	854
Gross Amount Carried, Land	640
Gross Amount Carried, Building and Improvements	4,434
SEC Schedule III, Real Estate, Gross	5,074
Accumulated Depreciation	1,526
6089 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	180
Initial Cost, Buildings	987
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2
Gross Amount Carried, Land	186
Gross Amount Carried, Building and Improvements	983
SEC Schedule III, Real Estate, Gross	1,169
Accumulated Depreciation	320
6091 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	140
Initial Cost, Buildings	730
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(32)
Gross Amount Carried, Land	144
Gross Amount Carried, Building and Improvements	694
SEC Schedule III, Real Estate, Gross	838
Accumulated Depreciation	219
6103 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	220
Initial Cost, Buildings	1,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16
Gross Amount Carried, Land	226
Gross Amount Carried, Building and Improvements	1,170
SEC Schedule III, Real Estate, Gross	1,396
Accumulated Depreciation	387
6201 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	200
Initial Cost, Buildings	1,107
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3
Gross Amount Carried, Land	205
Gross Amount Carried, Building and Improvements	1,105
SEC Schedule III, Real Estate, Gross	1,310
Accumulated Depreciation	415
6203 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	300
Initial Cost, Buildings	1,460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(311)
Gross Amount Carried, Land	311
Gross Amount Carried, Building and Improvements	1,138
SEC Schedule III, Real Estate, Gross	1,449
Accumulated Depreciation	348
6205 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	270
Initial Cost, Buildings	1,363
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	152
Gross Amount Carried, Land	278
Gross Amount Carried, Building and Improvements	1,507
SEC Schedule III, Real Estate, Gross	1,785
Accumulated Depreciation	445
6101 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	210
Initial Cost, Buildings	833
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	49
Gross Amount Carried, Land	216
Gross Amount Carried, Building and Improvements	876
SEC Schedule III, Real Estate, Gross	1,092
Accumulated Depreciation	304
4908 Tampa West Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Initial Cost, Land	2,622
Initial Cost, Buildings	8,643
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(820)
Gross Amount Carried, Land	2,635
Gross Amount Carried, Building and Improvements	7,810
SEC Schedule III, Real Estate, Gross	10,445
Accumulated Depreciation	2,722
4900-4914 Creekside Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Clearwater, FL
Initial Cost, Land	3,702
Initial Cost, Buildings	7,338
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(3,486)
Gross Amount Carried, Land	2,245
Gross Amount Carried, Building and Improvements	5,309
SEC Schedule III, Real Estate, Gross	7,554
Accumulated Depreciation	1,787
12345 Starkey Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Largo, FL
Initial Cost, Land	898
Initial Cost, Buildings	2,078
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(629)
Gross Amount Carried, Land	599
Gross Amount Carried, Building and Improvements	1,748
SEC Schedule III, Real Estate, Gross	2,347
Accumulated Depreciation	651
5050 Kendrick Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Rapids, MI
Initial Cost, Land	1,721
Initial Cost, Buildings	11,433
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(2,272)
Gross Amount Carried, Land	988
Gross Amount Carried, Building and Improvements	9,894
SEC Schedule III, Real Estate, Gross	10,882
Accumulated Depreciation	7,264
6266 Hurt Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Horn Lake, MS
Initial Cost, Land	427
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,712
Gross Amount Carried, Land	387
Gross Amount Carried, Building and Improvements	3,752
SEC Schedule III, Real Estate, Gross	4,139
Accumulated Depreciation	836
6301 Hazeltine National Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orlando, FL
Initial Cost, Land	909
Initial Cost, Buildings	4,613
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	57
Gross Amount Carried, Land	920
Gross Amount Carried, Building and Improvements	4,659
SEC Schedule III, Real Estate, Gross	5,579
Accumulated Depreciation	1,718
12626 Silicon Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Antonio, TX
Initial Cost, Land	768
Initial Cost, Buildings	3,448
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(449)
Gross Amount Carried, Land	779
Gross Amount Carried, Building and Improvements	2,988
SEC Schedule III, Real Estate, Gross	3,767
Accumulated Depreciation	934
3100 Pinson Valley Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Birmingham, AL
Initial Cost, Land	303
Initial Cost, Buildings	742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(280)
Gross Amount Carried, Land	225
Gross Amount Carried, Building and Improvements	540
SEC Schedule III, Real Estate, Gross	765
Accumulated Depreciation	212
3730 Wheeler Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Fort Smith, AR
Initial Cost, Land	720
Initial Cost, Buildings	2,800
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(589)
Gross Amount Carried, Land	583
Gross Amount Carried, Building and Improvements	2,348
SEC Schedule III, Real Estate, Gross	2,931
Accumulated Depreciation	827
3200 Pond Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Jefferson County, KY
Initial Cost, Land	2,074
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9,896
Gross Amount Carried, Land	2,120
Gross Amount Carried, Building and Improvements	9,850
SEC Schedule III, Real Estate, Gross	11,970
Accumulated Depreciation	2,052
7501 NW 106th Terrace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kansas City, MO
Encumbrances	10,997
Initial Cost, Land	4,152
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,659
Gross Amount Carried, Land	4,228
Gross Amount Carried, Building and Improvements	13,583
SEC Schedule III, Real Estate, Gross	17,811
Accumulated Depreciation	2,108
600 Greene Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Greenville, KY
Initial Cost, Land	294
Initial Cost, Buildings	8,570
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(727)
Gross Amount Carried, Land	296
Gross Amount Carried, Building and Improvements	7,841
SEC Schedule III, Real Estate, Gross	8,137
Accumulated Depreciation	4,094
Developments / Land Parcels [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	113,428
Initial Cost, Buildings	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,710
Gross Amount Carried, Land	104,513
Gross Amount Carried, Building and Improvements	15,625
SEC Schedule III, Real Estate, Gross	120,138
Accumulated Depreciation	$ 2,180

XML

Stock Based Compensation - Valuation Assumptions (Details) (Long-Term Incentive Program)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.22%
Expected volatility - weighted average	30.61%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility - range used	24.28%
Risk-free interest rate	0.03%
Expected term	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility - range used	34.66%
Risk-free interest rate	0.71%
Expected term	2 years 6 months

XML

Income Taxes - Components of Income Tax Benefit (Provision) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	$ (51)	$ 231	$ (5,210)
State	(196)	(264)	(253)
Foreign	0	0	(10)
Deferred:
State	9	36	(49)
Income Tax Benefit (Provision), Continuing Operations	$ (238)	$ 3	$ (5,522)

XML

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

18. Quarterly Financial Information (unaudited)

The following tables summarize our quarterly financial information. The first, second and third fiscal quarters of 2014 and all fiscal quarters in 2013 have been revised in accordance with guidance on accounting for discontinued operations. Net Income (Loss) Available to Unitholders and Participating Securities and basic and diluted EPU from Net Income (Loss) Available to Unitholders have not been affected.

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	73,536		$	74,082		$	76,210		$	78,777
Equity in Income of Other Real Estate Partnerships	3,094			2,516			4,775			3,826
Equity in Income (Loss) of Joint Ventures	2,966			556			(14		)	(9		)
Income from Continuing Operations	4,218			3,281			10,145			8,043
Income from Discontinued Operations	860			946			12,073			11,702
Loss on Sale of Real Estate	—			—			—			(83		)
Net Income	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(21		)	(33		)	(41		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(10		)	(10		)	(49		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	114,245			114,278			114,512			114,512
LTIP Unit Awards	539			589			199			287
Weighted Average Units —Diluted	114,784			114,867			114,711			114,799

	Year Ended December 31, 2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	68,791		$	70,019		$	69,377		$	71,540
Equity in Income of Other Real Estate Partnerships	2,172			2,399			4,546			2,486
Equity in Income of Joint Ventures	20			27			72			17
Income (Loss) from Continuing Operations	299			(1,548		)	4,958			2,284
(Loss) Income from Discontinued Operations	(1,689		)	12,941			3,559			19,809
Gain on Sale of Real Estate, Net of Income Tax	262			—			221			337
Net (Loss) Income	(1,128		)	11,393			8,738			22,430
Preferred Unit Distributions	(3,837		)	(2,277		)	(1,392		)	(1,227		)
Redemption of Preferred Units	—			(3,546		)	(2,121		)	—
Net (Loss) Income Available to Unitholders and Participating Securities	(4,965		)	5,570			5,225			21,203
Income from Continuing Operations Allocable to Participating Securities	(36		)	—			(13		)	(6		)
Income from Discontinued Operations Allocable to Participating Securities	—			(42		)	(29		)	(85		)
Net (Loss) Income Available to Unitholders	$	(5,001	)	$	5,528		$	5,183		$	21,112
Basic Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.18
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.19
Diluted Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.17
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.18
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	105,477			112,808			114,089			114,089
LTIP Unit Awards	—			—			407			485
Weighted Average Units —Diluted	105,477			112,808			114,496			114,574

XML

Investment in Real Estate - Summary of Intangible Assets (Liabilities) Subject to Amortization in Period of Acquisition (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ 5,350	$ 2,807
Acquired finite lived intangible assets, weighted average life	74 months	52 months
Tenant Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	3,440	1,914
Acquired finite lived intangible assets, weighted average life	131 months	112 months
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	316	0
Acquired finite lived intangible assets, weighted average life	66 months
Below Market Ground Lease Obligation
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	1,854	0
Acquired finite lived intangible assets, weighted average life	480 months
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ (940)	$ (188)
Acquired finite lived intangible assets, weighted average life	79 months	52 months

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Organization and Formation of Partnership - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014 Property sqft	Dec. 31, 2013	Dec. 31, 2012 Property
Organization And Formation Of Company [Line Items]
Ownership interest of sole general partner	96.20%	96.00%
Ownership interest of limited partners	3.80%	4.00%
Number of joint ventures	2
Number of industrial properties owned	576
Number of states in which industrial properties are located	24
Gross leasable area (GLA) of industrial properties owned	55,600,000
Other Real Estate Partnerships
Organization And Formation Of Company [Line Items]
Minimum ownership interest in limited partnerships	99.00%
Minimum ownership interest of limited partnerships	0.01%
Number of industrial properties owned	62
Gross leasable area (GLA) of industrial properties owned	7,900,000
2003 Net Lease Joint Venture
Organization And Formation Of Company [Line Items]
Noncontrolling equity ownership interest	15.00%
Number of industrial properties owned	1		1
Gross leasable area (GLA) of industrial properties owned	800,000
2007 Europe Joint Venture
Organization And Formation Of Company [Line Items]
Noncontrolling equity ownership interest	10.00%

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Future Rental Revenues - Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Operating Leases, Future Minimum Payments Receivable [Abstract]
2015	$ 227,895
2016	200,046
2017	166,413
2018	131,344
2019	100,235
Thereafter	270,324
Total	$ 1,096,257

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Future Rental Revenues (Tables)

12 Months Ended

Dec. 31, 2014

Operating Leases, Future Minimum Payments Receivable [Abstract]

Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases

Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2014 are approximately as follows:

2015	$	227,895
2016	200,046
2017	166,413
2018	131,344
2019	100,235
Thereafter	270,324
Total	$	1,096,257

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Investment in Real Estate - Net Non-Cash Impairment Charges (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Sold Operating Properties - Discontinued Operations		$ 2,652	$ 1,121
Operating Properties - Continuing Operations		0	(20)
Total Net Impairment	$ 0	$ 2,652	$ 1,101

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Supplemental Information to Statements of Cash Flows - Cash Flow Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Cash Flow Information [Line Items]
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$ 65,436	$ 65,978	$ 77,795
Interest Expense Capitalized in Connection with Development Activity	1,248	2,813	1,768
Income Taxes (Refunded) Paid	(105)	5,433	(295)
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distributions Payable	11,949	10,289
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	0	0	0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	339	483	12,026
Notes Receivable Issued in Conjunction with Certain Property Sales	0	12,520	0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	13,506	10,402	9,584
Write-off of Fully Depreciated Assets	(40,962)	(52,800)	(39,208)
General Partner Units
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	2,155	996	4,763
Limited Partner Units
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	(2,155)	(996)	(4,763)
General and Limited Partner Units
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distributions Payable	11,949	9,837	0
Preferred Units
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distributions Payable	$ 0	$ 452	$ 452

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Partners' Capital - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended			2 Months Ended	3 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 06, 2014	Dec. 31, 2012	May 27, 2004	Apr. 11, 2013	Dec. 21, 2012	Jan. 13, 2006	Aug. 21, 2006	Mar. 13, 2014	Mar. 01, 2012
Class of Stock [Line Items]
Operating Partnership, aggregate cash payment									$ 89,943
Operating Partnership, shares									4,374,637
Liquidation Preference	0				75,000				0	75,000
Cost associated with the redemptions	0	0	0	1,462	0	2,121	3,546	0	1,462	5,667	1,804
Preferred stock shares authorized	10,000,000								10,000,000
Converted Units									222,676	105,028	535,026
Reclassifications of Partner's Capital									2,155	996	4,763
Net proceeds from the issuance of common stock									0	174,081	134,905
Series F Preferred Units
Class of Stock [Line Items]
Liquidation Preference					50,000					50,000
Depositary shares issued														50,000
Depositary Share percentage per share														1.00%
Dividend rate per share									6.236%			6.275%
Par value per share														$ 0.01
Initial offering price per depositary share														$ 1,000.00
Aggregate redemption price														50,000
Dividend per Depositary share				$ 11.3299
Total dividends, Depositary Shares				566
Cost associated with the redemptions									949
Minimum fixed coupon rate of preferred units	2.375%								2.375%
Number of years of U.S. treasury rate one												30 years
Number of years of U.S. treasury rate two												10 years
LIBOR rate												3-month LIBOR
Series G Preferred Units
Class of Stock [Line Items]
Liquidation Preference					25,000					25,000
Depositary shares issued														25,000
Depositary Share percentage per share														1.00%
Dividend rate per share									7.236%
Par value per share														$ 0.01
Initial offering price per depositary share														$ 1,000.00
Redemption price per share														$ 1,000.00
Aggregate redemption price														25,000
Dividend per Depositary share				$ 36.18
Total dividends, Depositary Shares				905
Cost associated with the redemptions									513
Series J Preferred Units
Class of Stock [Line Items]
Depositary shares issued																	6,000,000
Depositary Share percentage per share																	0.01%
Dividend rate per share									7.25%
Par value per share																	$ 0.01
Initial offering price per depositary share																	$ 25.00
Redemption price per share																	$ 25.00
Aggregate redemption price																	150,000
Dividend per Depositary share							$ 0.055382						$ 0.407812
Total dividends, Depositary Shares							221						816
Cost associated with the redemptions										3,546	1,804
Depositary Shares redeemed															4,000,000	2,000,000
Series K Preferred Units
Class of Stock [Line Items]
Depositary shares issued																		2,000,000
Depositary Share percentage per share																		0.01%
Dividend rate per share									7.25%
Par value per share																		$ 0.01
Initial offering price per depositary share																		$ 25.00
Redemption price per share																		$ 25.00
Aggregate redemption price																		50,000
Dividend per Depositary share						$ 0.090625
Total dividends, Depositary Shares						181
Cost associated with the redemptions										2,121
Common Stock
Class of Stock [Line Items]
Shares of common stock issued										8,400,000	9,400,000
Net proceeds from the issuance of common stock										132,050	116,715
ATM
Class of Stock [Line Items]
Shares of common stock issued										2,315,704	1,532,598
Net proceeds from the issuance of common stock										41,735	18,063
Shares of company stock issuable under the at-the-market offering																			13,300,000	12,500,000
Aggregate gross sale proceeds																			$ 200,000	$ 125,000

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Summary of Significant Accounting Policies - Net Amortization Expense Related to Deferred Leasing Intangibles (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
In-Place Leases and Tenant Relationships
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2015	$ 5,465
2016	4,242
2017	3,778
2018	2,919
2019	2,244
Above and Below Market Leases
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2015	355
2016	900
2017	863
2018	790
2019	$ 748

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Basis of Presentation

12 Months Ended

Dec. 31, 2014

Basis of Presentation Disclosure [Abstract]

Basis of Presentation

2. Basis of Presentation

Our consolidated financial statements at December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012 include the accounts and operating results of the Operating Partnership, the LLCs, other partnerships and the taxable REIT subsidiaries on a consolidated basis. Such financial statements present our limited partnership interests in each of the Other Real Estate Partnerships and our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

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Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	$ 67,509	$ 68,857	$ 77,794
Loss from Retirement of Debt	(522)	(6,423)	(9,684)
Total	(68,782)	(75,828)	(88,118)
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	5,349	3,527
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Contract | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	1,358	2,411
Loss from Retirement of Debt	0	1,116
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Swap | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	$ 3,991	$ 0

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Maturity of liquid investments	three months or less
Accumulated amortization deferred financing costs	$ 16,633	$ 16,520
Allowance for doubtful accounts receivable	1,597	1,352
Deferred rent receivable allowance amount	1,855	1,694
In-Place Leases and Tenant Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense of deferred leasing intangibles	5,923	5,071	6,070
Above and Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense of deferred leasing intangibles	$ 875	$ 465	$ 659

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Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Summary of Acquisition Purchase Price Allocation

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2014 and 2013, was allocated as follows:

	Year Ended December 31, 2014		Year Ended December 31, 2013
Land	$	30,104	$	34,518
Building and Improvements	44,070		33,244
Other Assets	1,863		517
Deferred Leasing Intangibles, Net	10,020		4,533
Total Purchase Price	$	86,057	$	72,812

Summary of Intangible Assets (Liabilities) Subject to Amortization in Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the years ended December 31, 2014 and 2013, which are recorded as deferred leasing intangibles, is as follows:

	Year Ended December 31, 2014			Year Ended December 31, 2013
In-Place Leases	$	5,350		$	2,807
Tenant Relationships	$	3,440		$	1,914
Above Market Leases	$	316		$	—
Below Market Ground Lease Obligation	$	1,854		$	—
Below Market Leases	$	(940	)	$	(188	)

The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the years ended December 31, 2014 and 2013 is as follows:

	Year Ended December 31, 2014	Year Ended December 31, 2013
In-Place Leases	74	52
Tenant Relationships	131	112
Above Market Leases	66	N/A
Below Market Ground Lease Obligation	480	N/A
Below Market Leases	79	52

Summary Regarding Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,
	2014			2013			2012
Total Revenues	$	6,654		$	19,418		$	29,840
Property Expenses	(2,621		)	(7,545		)	(11,565		)
Impairment of Real Estate	—			(2,652		)	(1,121		)
Depreciation and Amortization	(2,248		)	(7,258		)	(10,926		)
Gain on Sale of Real Estate	23,796			32,657			12,758
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986

Net Non-Cash Impairment Charges

During the years ended December 31, 2013 and 2012, we recorded the following net non-cash impairment charges (reversals):

	Year Ended December 31, 2013		Year Ended December 31, 2012
Sold Operating Properties - Discontinued Operations	$	2,652	$	1,121
Operating Properties - Continuing Operations	—		(20		)
Total Net Impairment	$	2,652	$	1,101

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Useful Lives of Depreciable Assets

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 50
Land Improvements	3 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Shorter of Lease Term or Useful Life

Summary of Deferred Leasing Intangibles

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2014		December 31, 2013
In-Place Leases	$	15,441	$	14,045
Above Market Leases	2,504		3,004
Below Market Ground Lease Obligation	1,823		—
Tenant Relationships	10,936		9,532
Total Included in Total Assets, Net of $26,306 and $26,663 of Accumulated Amortization	$	30,704	$	26,581
Below Market Leases	$	11,097	$	11,879
Total Included in Total Liabilities, Net of $7,981 and $7,604 of Accumulated Amortization	$	11,097	$	11,879

Future Amortization Expense Related to Deferred Leasing Intangibles

We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2015	$	5,465	$	355
2016	$	4,242	$	900
2017	$	3,778	$	863
2018	$	2,919	$	790
2019	$	2,244	$	748

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Indebtedness - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 29, 2014	Dec. 14, 2011	Jul. 19, 2013	Oct. 31, 2008
Debt Disclosure [Line Items]
Loss from Retirement of Debt	$ (522)	$ (6,423)	$ (9,684)
Mortgage loans assumed	8,872
Unamortized deferred financing cost, wrote off	56
Line of credit facility, maximum borrowing capacity					450,000
Number of years of extension of line of credit facility at election	1 year
Line of credit facility, interest rate description	150
2014 Notes
Debt Disclosure [Line Items]
Extinguishment of Debt, Amount	81,794
Unsecured Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity						625,000
Line of credit facility, increase, additional borrowings	825,000
Unsecured Debt
Debt Disclosure [Line Items]
Loss from Retirement of Debt		5,003
Unamortized debt issue discount		28
Unamortized deferred financing cost, wrote off		191
Unamortized settlement amount of interest rate protection agreements		1,116
Mortgages
Debt Disclosure [Line Items]
Extinguishment of Debt, Amount	59,680	64,395
Loss from Retirement of Debt	522	1,364
Carrying value of industrial properties held under mortgage	663,825
Unsecured Term Loan
Debt Disclosure [Line Items]
Unsecured Term Loan, Term				7 years
Unsecured Term Loan, Face Amount				200,000
Interest Rate Swap
Debt Disclosure [Line Items]
Swaps, Notional Amount	$ 200,000						$ 50,000

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Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Detail)	12 Months Ended
	Dec. 31, 2014
Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	50 years
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Furniture, Fixtures and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Furniture, Fixtures and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

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Investments in and Advances to Other Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Condensed Combined Balance Sheet

Condensed Combined Balance Sheets:

	December 31, 2014			December 31, 2013
ASSETS
Assets:
Net Investment in Real Estate	$	278,720		$	276,294
Note Receivable	77,242			119,364
Other Assets, Net	26,884			33,234
Total Assets	$	382,846		$	428,892
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	81,231		$	97,675
Other Liabilities, Net	10,172			13,795
Partners’ Capital	291,443			317,422
Total Liabilities and Partners’ Capital	$	382,846		$	428,892
Operating Partnership’s Share of Equity	$	290,221		$	316,188
Basis Differentials (1)	(77,180		)	(119,865		)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$	213,041		$	196,323

_____________________ 

(1) This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

Condensed Combined Statements of Operations

Condensed Combined Statements of Operations:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Total Revenues	$	41,994		$	38,727		$	38,362
Property Expenses	(12,966		)	(12,022		)	(10,987		)
Impairment of Real Estate	—			—			172
Depreciation and Other Amortization	(11,948		)	(11,891		)	(13,543		)
Interest Income	1,309			4,999			7,776
Interest Expense	(4,669		)	(4,701		)	(5,712		)
Amortization of Deferred Financing Costs	(158		)	(187		)	(208		)
Loss from Retirement of Debt	(133		)	(214		)	—
Income from Continuing Operations	13,429			14,711			15,860
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	50			259			(126		)
Gain (Loss) on Sale of Real Estate	2,192			1,687			(93		)
Income (Loss) from Discontinued Operations	2,242			1,946			(219		)
Gain on Sale of Real Estate	—			70			—
Net Income	$	15,671		$	16,727		$	15,641

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Indebtedness (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Information Regarding Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014			December 31, 2013
Mortgage Loans Payable, Net	$	518,754		$	580,215		4.03% – 8.26%	4.03% – 8.26%	February 2016 – September 2022
Unamortized Premiums	(90		)	(115		)
Mortgage Loans Payable, Gross	$	518,664		$	580,100
Senior Unsecured Notes, Net
2016 Notes	$	159,621		$	159,566		5.750%	5.91%	1/15/2016
2017 Notes	54,966			54,960			7.500%	7.52%	12/1/2017
2027 Notes	6,066			6,066			7.150%	7.11%	5/15/2027
2028 Notes	31,884			31,883			7.600%	8.13%	7/15/2028
2032 Notes	10,518			10,514			7.750%	7.87%	4/15/2032
2014 Notes	—			81,149			N/A	N/A	6/1/2014
2017 II Notes	101,806			101,778			5.950%	6.37%	5/15/2017
Subtotal	$	364,861		$	445,916
Unamortized Discounts	241			980
Senior Unsecured Notes, Gross	$	365,102		$	446,896
Unsecured Term Loan*	$	200,000		N/A			1.906%	1.906%	1/29/2021
Unsecured Credit Facility**	$	185,000		$	173,000		1.662%	1.662%	9/29/2017

* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

** The maturity date may be extended an additional year at our election, subject to certain restrictions.

Senior Unsecured Notes Repurchases

During the year ended December 31, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	430		482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

Schedule of Maturities of Long-Term Debt

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
2015	$	10,537
2016	250,164
2017	351,927
2018	127,107
2019	66,432
Thereafter	462,599
Total	$	1,268,766

Summary of Indebtedness at Estimated Fair Value

At December 31, 2014 and 2013, the fair value of our indebtedness was as follows:

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	518,754	$	554,118	$	580,215	$	585,449
Senior Unsecured Debt, Net	364,861		395,320		445,916		482,781
Unsecured Term Loan	200,000		200,575		N/A		N/A
Unsecured Credit Facility	185,000		185,747		173,000		173,000
Total	$	1,268,615	$	1,335,760	$	1,199,131	$	1,241,230

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Organization and Formation of Partnership

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Formation of Partnership

1. Organization and Formation of Partnership

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.2% and 96.0% ownership interest at December 31, 2014 and 2013, respectively. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 3.8% and 4.0% interest in the Operating Partnership at December 31, 2014 and 2013, respectively. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us" and "our" refer to First Industrial, L.P. and its controlled subsidiaries.

We also hold at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P, (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD. and FI Development Services, L.P. (together, the "Other Real Estate Partnerships"). The Other Real Estate Partnerships' operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership.

We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture"; collectively, the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and 2007 Europe Joint Venture are 15% and 10%, respectively. At December 31, 2014, the 2003 Net Lease Joint Venture owned one industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA") and the 2007 Europe Joint Venture did not own any properties. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. Our maximum exposure to loss is equal to our investment.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

As of December 31, 2014, we owned 576 industrial properties located in 24 states, containing an aggregate of approximately 55.6 million square feet of GLA. On a combined basis, as of December 31, 2014, the Other Real Estate Partnerships owned 62 industrial properties containing an aggregate of approximately 7.9 million square feet of GLA.

Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable.

The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

Any references to the number of buildings and square footage in the financial statement footnotes are unaudited.

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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Loss [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 and the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(60		)	(60		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	3,527			—			3,527
Net Current Period Other Comprehensive Income (Loss)	3,527			(60		)	3,467
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)

Reclassification Out of Accumulated Other Comprehensive Income

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	$	1,358	$	2,411	Interest Expense
Settlement Payments to our Counterparties	3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		1,116		Loss from Retirement of Debt
	$	5,349	$	3,527	Total

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Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$ 1,939
2016	1,975
2017	1,911
2018	1,165
2019	533
Thereafter	26,391
Total	$ 33,914	[1]

[1] Minimum rental payments have not been reduced by minimum sublease rentals of $5,359 due in the future under non-cancelable subleases.

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments Under the Terms of All Non-Cancelable Ground and Operating Leases

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2014 are as follows:

2015	$	1,939
2016	1,975
2017	1,911
2018	1,165
2019	533
Thereafter	26,391
Total*	$	33,914

___________________

* Minimum rental payments have not been reduced by minimum sublease rentals of $5,359 due in the future under non-cancelable subleases.

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Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Assets:
Net Investment in Real Estate	$ 2,117,671		$ 2,095,208
Total Assets	2,514,246		2,498,779
Liabilities:
Mortgage Loans Payable, Net	518,754		580,215
Partners’ Capital	1,100,510		1,180,722		1,155,151	1,081,992
Total Liabilities and Partners’ Capital	2,514,246		2,498,779
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	213,041		196,323
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	278,720		276,294
Note Receivable	77,242		119,364
Other Assets, Net	26,884		33,234
Total Assets	382,846		428,892
Liabilities:
Mortgage Loans Payable, Net	81,231		97,675
Other Liabilities, Net	10,172		13,795
Partners’ Capital	291,443		317,422
Total Liabilities and Partners’ Capital	382,846		428,892
Operating Partnership’s Share of Equity	290,221		316,188
Basis Differentials (1)	(77,180)	[1]	(119,865)	[1]
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$ 213,041		$ 196,323

[1] This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

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Income Taxes - Deferred Tax Assets (Liabilities) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Impairment of Real Estate	$ 2,466	$ 5,185
Foreign Net Operating Loss Carryforward	585	1,312
Valuation Allowance	(4,224)	(5,357)
Other	1,251	696
Total Deferred Tax Assets, Net of Allowance	78	1,836
Straight-line Rent	(90)	(76)
Fixed Assets	0	(1,771)
Other	(112)	(122)
Total Deferred Tax Liabilities	(202)	(1,969)
Total Net Deferred Tax Liabilities	$ (124)	$ (133)

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Investment in Real Estate:
Land	$ 617,426		$ 610,802
Buildings and Improvements	2,164,537		2,113,689
Construction in Progress	22,159		23,688
Less: Accumulated Depreciation	(686,451)		(652,971)
Net Investment in Real Estate	2,117,671		2,095,208
Investments in and Advances to Other Real Estate Partnerships	213,041		196,323
Cash and Cash Equivalents	8,429		6,518
Restricted Cash	1,829		0
Tenant Accounts Receivable, Net	6,363		4,746
Investments in Joint Venture	71		907
Deferred Rent Receivable, Net	50,064		49,173
Deferred Financing Costs, Net	9,888		10,570
Deferred Leasing Intangibles, Net	30,704		26,581
Prepaid Expenses and Other Assets, Net	76,186		108,753
Total Assets	2,514,246		2,498,779
Indebtedness:
Mortgage Loans Payable, Net	518,754		580,215
Senior Unsecured Notes, Net	364,861		445,916
Unsecured Term Loan	200,000		0
Unsecured Credit Facility	185,000	[1]	173,000	[1]
Accounts Payable, Accrued Expenses and Other Liabilities	89,209		70,139
Deferred Leasing Intangibles, Net	11,097		11,879
Rents Received in Advance and Security Deposits	32,866		26,619
Distributions Payable	11,949		10,289
Total Liabilities	1,413,736		1,318,057
Commitments and Contingencies	0		0
Partners’ Capital:
General Partner Preferred Units (See Note 7)	0		73,587
General Partner Units (110,600,866 and 109,980,850 units outstanding)	1,034,129		1,027,664
Limited Partners Units (4,374,637 and 4,597,313 units outstanding)	80,757		82,833
Accumulated Other Comprehensive Loss	(14,376)		(3,362)
Total Partners’ Capital	1,100,510		1,180,722
Total Liabilities and Partners’ Capital	$ 2,514,246		$ 2,498,779

[1] The maturity date may be extended an additional year at our election, subject to certain restrictions.

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Summary of Significant Accounting Policies - Deferred Leasing Intangibles Included in Total Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	$ 30,704	$ 26,581
Total deferred leasing intangibles, net, included in total liabilities	11,097	11,879
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	15,441	14,045
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	2,504	3,004
Below Market Ground Lease Obligation
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	1,823	0
Tenant Relationships
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	10,936	9,532
Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total liabilities	$ 11,097	$ 11,879

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CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS CAPITAL (USD $) In Thousands, unless otherwise specified	Total	General Partner Preferred Units	General Partner Units	Limited Partner Units	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2011	$ 1,081,992	$ 266,211	$ 737,914	$ 90,246	$ (12,379)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of General Partner Units, Net of Issuance Costs	134,436		134,436
Redemption of Preferred Units	(48,240)	(48,240)
Stock Based Compensation Activity	4,582		4,582
Conversion of Limited Partner Units to General Partner Units	0		4,763	(4,763)
Preferred Unit Distributions	(20,751)	(20,751)
Net Income (Loss)	(2,418)	20,751	(21,968)	(1,201)
Other Comprehensive Income (Loss)	5,550				5,550
Balance at Dec. 31, 2012	1,155,151	217,971	859,727	84,282	(6,829)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of General Partner Units, Net of Issuance Costs	173,785		173,785
Redemption of Preferred Units	(144,384)	(144,384)
Stock Based Compensation Activity	4,532		4,532
Conversion of Limited Partner Units to General Partner Units	0		996	(996)
Common Unit Distributions	(38,862)	0	(37,288)	(1,574)
Preferred Unit Distributions	(14,400)	(14,400)
Net Income (Loss)	41,433	14,400	25,912	1,121
Other Comprehensive Income (Loss)	3,467				3,467
Balance at Dec. 31, 2013	1,180,722	73,587	1,027,664	82,833	(3,362)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of Preferred Units	(73,587)	(73,587)
Stock Based Compensation Activity	2,948		2,948
Conversion of Limited Partner Units to General Partner Units	0		2,155	(2,155)
Common Unit Distributions	(47,263)	0	(45,447)	(1,816)
Preferred Unit Distributions	(2,481)	(2,481)
Net Income (Loss)	51,185	2,481	46,809	1,895
Other Comprehensive Income (Loss)	(11,014)				(11,014)
Balance at Dec. 31, 2014	$ 1,100,510	$ 0	$ 1,034,129	$ 80,757	$ (14,376)

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Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Debt Disclosure [Line Items]
Mortgage Loans Payable, Net, Carrying Amount	$ 518,754		$ 580,215
Senior Unsecured Notes, Net, Carrying Amount	364,861		445,916
Unsecured Term Loan, Carrying Amount	200,000		0
Unsecured Credit Facility, Carrying Amount	185,000	[1]	173,000	[1]
Total, Carrying Amount	1,268,615		1,199,131
Total, Fair Value	1,335,760		1,241,230
Mortgages
Debt Disclosure [Line Items]
Mortgage Loans Payable, Net, Carrying Amount	518,754		580,215
Mortgage Loans Payable, Net, Fair Value	554,118		585,449
Senior Unsecured Notes
Debt Disclosure [Line Items]
Senior Unsecured Notes, Net, Carrying Amount	364,861		445,916
Senior Unsecured Notes, Net, Fair Value	395,320		482,781
Unsecured Term Loan
Debt Disclosure [Line Items]
Unsecured Term Loan, Carrying Amount	200,000	[2]
Unsecured Term Loan, Fair Value	200,575
Unsecured Credit Facility
Debt Disclosure [Line Items]
Unsecured Credit Facility, Carrying Amount	185,000		173,000
Unsecured Credit Facility, Fair Value	$ 185,747		$ 173,000

[1] The maturity date may be extended an additional year at our election, subject to certain restrictions.

[2] We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

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Earnings Per Unit (EPU) (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Unit

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Numerator:
Income (Loss) from Continuing Operations	$	25,687		$	5,993		$	(25,181	)
(Loss) Gain on Sale of Real Estate, Net of Income Tax Provision	(83		)	820			3,777
Income from Continuing Operations Allocable to Participating Securities	(83		)	—			—
Preferred Unit Distributions	(1,019		)	(8,733		)	(18,947		)
Redemption of Preferred Units	(1,462		)	(5,667		)	(1,804		)
Income (Loss) from Continuing Operations Available to Unitholders	$	23,040		$	(7,587	)	$	(42,155	)
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986
Income from Discontinued Operations Allocable to Participating Securities	(92		)	(162		)	—
Income from Discontinued Operations Attributable to Unitholders	$	25,489		$	34,458		$	18,986
Net Income (Loss) Available	$	48,704		$	27,033		$	(23,169	)
Net Income Allocable to Participating Securities	(175		)	(162		)	—
Net Income (Loss) Available to Unitholders	$	48,529		$	26,871		$	(23,169	)
Denominator (In Thousands):
Weighted Average Units—Basic	114,388			111,646			96,509
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	403			—			—
Weighted Average Units - Diluted	114,791			111,646			96,509
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.20		$	(0.07	)	$	(0.44	)
Income from Discontinued Operations Attributable to Unitholders	$	0.22		$	0.31		$	0.20
Net Income (Loss) Available to Unitholders	$	0.42		$	0.24		$	(0.24	)

Non-Participating Securities

The following table discloses the number of non-participating securities outstanding for the years ended December 31, 2013 and 2012 that were excluded from the computation of diluted EPU:

	Number of Awards Outstanding at December 31, 2013	Number of Awards Outstanding at December 31, 2012
Non-Participating Securities:
Restricted Unit Awards	73,400	483,500
LTIP Unit Awards	718,960	—

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Partners' Capital - General Partnership and Limited Partnership Units Outstanding, Including Unvested General Partner Restricted Units (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
General Partnership and Limited Partnership Units Outstanding [Roll Forward]
Balance	114,578,163	103,470,254	92,044,769
Issuance of General Partner Units	219,695	10,853,693	11,085,905
Issuance of General Partner Restricted Units	319,055	284,461	565,137
Repurchase and Retirement of Restricted Units	(141,410)	(30,245)	(225,557)
Balance	114,975,503	114,578,163	103,470,254

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Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

15. Related Party Transactions

At December 31, 2014 and 2013, we had receivable (payable) balances of $5,717 and $(1,799), respectively, from/to wholly owned entities of the Company.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit (Provision)

The components of income tax (provision) benefit for the years ended December 31, 2014, 2013 and 2012 are comprised of the following:

	2014			2013			2012
Current:
Federal	$	(51	)	$	231		$	(5,210	)
State	(196		)	(264		)	(253		)
Foreign	—			—			(10		)
Deferred:
State	9			36			(49		)
	$	(238	)	$	3		$	(5,522	)

Deferred Tax Assets (Liabilities)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2014 and 2013:

	2014			2013
Impairment of Real Estate	$	2,466		$	5,185
Foreign Net Operating Loss Carryforward	585			1,312
Valuation Allowance	(4,224		)	(5,357		)
Other	1,251			696
Total Deferred Tax Assets, Net of Allowance	$	78		$	1,836
Straight-line Rent	$	(90	)	$	(76	)
Fixed Assets	—			(1,771		)
Other	(112		)	(122		)
Total Deferred Tax Liabilities	$	(202	)	$	(1,969	)
Total Net Deferred Tax Liabilities	$	(124	)	$	(133	)

Effective Income Tax Rate Reconciliation

The income tax (provision) benefit pertaining to income (loss) from continuing operations and gain on sale of real estate of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2014, 2013 and 2012:

	2014			2013			2012
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations	$	(532	)	$	286		$	557
State Tax Provision, Net of Federal Benefit	(214		)	(236		)	(244		)
Non-deductible Permanent Items, Net	1			21			32
IRS Audit Adjustment and Accrued Interest	—			58			(5,523		)
Change in Valuation Allowance	1,133			(388		)	(166		)
Foreign Taxes, Net	—			—			(10		)
Other	(626		)	262			(168		)
Net Income Tax (Provision) Benefit	$	(238	)	$	3		$	(5,522	)

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Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

From January 1, 2015 to February 24, 2015, we sold six industrial properties for approximately $12,864.

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Earnings Per Unit (EPU) - Computation of Basic and Diluted EPU (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Income (Loss) from Continuing Operations	$ 8,043	$ 10,145	$ 3,281	$ 4,218	$ 2,284	$ 4,958	$ (1,548)	$ 299	$ 25,687	$ 5,993	$ (25,181)
(Loss) Gain on Sale of Real Estate, Net of Income Tax Provision	(83)	0	0	0	337	221	0	262	(83)	820	3,777
Income from Continuing Operations Allocable to Participating Securities	(32)	(41)	(33)	(21)	(6)	(13)	0	(36)	(83)	0	0
Preferred Unit Distributions	0	0	0	(1,019)	(1,227)	(1,392)	(2,277)	(3,837)	(1,019)	(8,733)	(18,947)
Redemption of Preferred Units	0	0	0	(1,462)	0	(2,121)	(3,546)	0	(1,462)	(5,667)	(1,804)
Income (Loss) from Continuing Operations Available to Unitholders									23,040	(7,587)	(42,155)
Income from Discontinued Operations	11,702	12,073	946	860	19,809	3,559	12,941	(1,689)	25,581	34,620	18,986
Income from Discontinued Operations Allocable to Participating Securities	(47)	(49)	(10)	(10)	(85)	(29)	(42)	0	(92)	(162)	0
Income from Discontinued Operations Attributable to Unitholders									25,489	34,458	18,986
Net Income (Loss) Available	19,662	22,218	4,227	2,597	21,203	5,225	5,570	(4,965)	48,704	27,033	(23,169)
Net Income Allocable to Participating Securities									(175)	(162)	0
Net Income (Loss) Available to Unitholders	$ 19,583	$ 22,128	$ 4,184	$ 2,566	$ 21,112	$ 5,183	$ 5,528	$ (5,001)	$ 48,529	$ 26,871	$ (23,169)
Denominator (In Thousands):
Weighted Average Units—Basic	114,512	114,512	114,278	114,245	114,089	114,089	112,808	105,477	114,388	111,646	96,509
LTIP Unit Awards	287	199	589	539	485	407	0	0	403	0	0
Weighted Average Units - Diluted	114,799	114,711	114,867	114,784	114,574	114,496	112,808	105,477	114,791	111,646	96,509
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders									$ 0.20	$ (0.07)	$ (0.44)
Income from Discontinued Operations Attributable to Unitholders									$ 0.22	$ 0.31	$ 0.20
Net Income (Loss) Available to Unitholders									$ 0.42	$ 0.24	$ (0.24)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 51,185	$ 41,433	$ (2,418)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation	83,116	83,835	88,123
Amortization of Deferred Financing Costs	2,940	3,038	3,252
Other Amortization	28,527	28,787	32,763
Impairment of Real Estate	0	2,652	1,101
Provision for Bad Debt	1,325	729	463
Equity in Income of Joint Ventures	(3,499)	(136)	(1,559)
Distributions from Joint Ventures	1,881	177	1,580
Gain on Sale of Real Estate	(23,713)	(33,687)	(16,535)
Gain on Change in Control of Interests	0	0	(776)
Loss from Retirement of Debt	522	6,423	9,684
Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements	0	(52)	328
Equity in Income of Other Real Estate Partnerships	(14,211)	(11,603)	(7,756)
Distributions from Investment in Other Real Estate Partnerships	14,211	11,603	7,756
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(19,950)	(3,277)	5,576
Increase in Deferred Rent Receivable	(1,802)	(3,694)	(3,374)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	10,345	(7,355)	4,993
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	(10,553)	(4,821)	(7,065)
Cash Book Overdraft	1,136	0	1,715
Net Cash Provided by Operating Activities	121,460	114,052	117,851
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(86,197)	(73,642)	(48,621)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(108,017)	(88,789)	(74,511)
Net Proceeds from Sales of Investments in Real Estate	90,388	120,674	80,362
Investments in and Advances to Other Real Estate Partnerships	(34,585)	(50,946)	(30,006)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income	17,867	32,727	38,354
Contributions to and Investments in Joint Ventures	(31)	(38)	(190)
Distributions from Joint Ventures	2,475	104	90
Repayments of Notes Receivable	49,761	615	14,365
Increase in Escrows	(1,319)	(409)	(273)
Net Cash Used in Investing Activities	(69,658)	(59,704)	(20,430)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Redemption Costs	(2,570)	(3,575)	(1,512)
Unit Contributions	0	174,081	134,905
Repurchase and Retirement of Restricted Units	(4,667)	(2,968)	(2,690)
Common Unit Distributions Paid	(45,151)	(29,025)	0
Preferred Unit Distributions Paid	(1,471)	(8,733)	(23,258)
Redemption of Preferred Units	(75,000)	(150,000)	(50,000)
Payments on Interest Rate Protection Agreements	0	(1,079)	(1,144)
Proceeds from Origination of Mortgage Loans Payable	8,872	0	97,561
Repayments on Mortgage Loans Payable	(70,308)	(76,068)	(37,402)
Repayments of Senior Unsecured Notes	(71,578)	(29,769)	(166,153)
Proceeds from Unsecured Term Loan	200,000	0	0
Proceeds from Unsecured Credit Facility	356,000	373,000	339,000
Repayments on Unsecured Credit Facility	(344,000)	(298,000)	(390,000)
Net Cash Used in Financing Activities	(49,873)	(52,136)	(100,693)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(18)	(51)	5
Net Increase (Decrease) in Cash and Cash Equivalents	1,929	2,212	(3,272)
Cash and Cash Equivalents, Beginning of Year	6,518	4,357	7,624
Cash and Cash Equivalents, End of Year	$ 8,429	$ 6,518	$ 4,357

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CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
General Partner Units, Outstanding	110,600,866	109,980,850
Limited Partners Units, Outstanding	4,374,637	4,597,313

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Earnings Per Unit (EPU)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Unit (EPU)

10. Earnings Per Unit (EPU)

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Numerator:
Income (Loss) from Continuing Operations	$	25,687		$	5,993		$	(25,181	)
(Loss) Gain on Sale of Real Estate, Net of Income Tax Provision	(83		)	820			3,777
Income from Continuing Operations Allocable to Participating Securities	(83		)	—			—
Preferred Unit Distributions	(1,019		)	(8,733		)	(18,947		)
Redemption of Preferred Units	(1,462		)	(5,667		)	(1,804		)
Income (Loss) from Continuing Operations Available to Unitholders	$	23,040		$	(7,587	)	$	(42,155	)
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986
Income from Discontinued Operations Allocable to Participating Securities	(92		)	(162		)	—
Income from Discontinued Operations Attributable to Unitholders	$	25,489		$	34,458		$	18,986
Net Income (Loss) Available	$	48,704		$	27,033		$	(23,169	)
Net Income Allocable to Participating Securities	(175		)	(162		)	—
Net Income (Loss) Available to Unitholders	$	48,529		$	26,871		$	(23,169	)
Denominator (In Thousands):
Weighted Average Units—Basic	114,388			111,646			96,509
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	403			—			—
Weighted Average Units - Diluted	114,791			111,646			96,509
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.20		$	(0.07	)	$	(0.44	)
Income from Discontinued Operations Attributable to Unitholders	$	0.22		$	0.31		$	0.20
Net Income (Loss) Available to Unitholders	$	0.42		$	0.24		$	(0.24	)

Participating securities include Units that correspond to the Company's 463,774, 488,861 and 288,627 of unvested restricted stock awards outstanding at December 31, 2014, 2013 and 2012, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average Units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred Units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the year ended December 31, 2012, there was no allocation of income to participating security holders for the year ended December 31, 2012.

The number of weighted average Units—diluted is the same as the number of weighted average Units—basic for the years ended December 31, 2013 and 2012, as the effect of restricted unit awards and LTIP Unit Awards (as defined in Note 13), which do not participate in non-forfeitable dividends of the Company, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. The following table discloses the number of non-participating securities outstanding for the years ended December 31, 2013 and 2012 that were excluded from the computation of diluted EPU:

	Number of Awards Outstanding at December 31, 2013	Number of Awards Outstanding at December 31, 2012
Non-Participating Securities:
Restricted Unit Awards	73,400	483,500
LTIP Unit Awards	718,960	—

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Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, Beginning of Year	$ 652,971	$ 642,439	$ 609,986
Depreciation for Year	83,116	83,835	88,123
Disposition of Assets	(24,243)	(43,603)	(30,591)
Write-off of Fully Depreciated Assets	(25,393)	(29,700)	(25,079)
Balance, End of Year	$ 686,451	$ 652,971	$ 642,439

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	FRFI
Entity Registrant Name	FIRST INDUSTRIAL LP
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Public Float		$ 0

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2014, 2013 and 2012 are comprised of the following:

	2014			2013			2012
Current:
Federal	$	(51	)	$	231		$	(5,210	)
State	(196		)	(264		)	(253		)
Foreign	—			—			(10		)
Deferred:
State	9			36			(49		)
	$	(238	)	$	3		$	(5,522	)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2014 and 2013:

	2014			2013
Impairment of Real Estate	$	2,466		$	5,185
Foreign Net Operating Loss Carryforward	585			1,312
Valuation Allowance	(4,224		)	(5,357		)
Other	1,251			696
Total Deferred Tax Assets, Net of Allowance	$	78		$	1,836
Straight-line Rent	$	(90	)	$	(76	)
Fixed Assets	—			(1,771		)
Other	(112		)	(122		)
Total Deferred Tax Liabilities	$	(202	)	$	(1,969	)
Total Net Deferred Tax Liabilities	$	(124	)	$	(133	)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our deferred tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax assets, is included in the current tax provision.

The income tax (provision) benefit pertaining to income (loss) from continuing operations and gain on sale of real estate of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2014, 2013 and 2012:

	2014			2013			2012
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations	$	(532	)	$	286		$	557
State Tax Provision, Net of Federal Benefit	(214		)	(236		)	(244		)
Non-deductible Permanent Items, Net	1			21			32
IRS Audit Adjustment and Accrued Interest	—			58			(5,523		)
Change in Valuation Allowance	1,133			(388		)	(166		)
Foreign Taxes, Net	—			—			(10		)
Other	(626		)	262			(168		)
Net Income Tax (Provision) Benefit	$	(238	)	$	3		$	(5,522	)

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2014, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2011 through 2014.

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we agreed to an adjustment, which resulted in us owing approximately $5,300 in taxes and accrued interest. During the year ended December 31, 2012, the Operating Partnership recorded a charge for the agreed-upon adjustment which was reflected as a component of income tax expense.

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Derivatives - Fair Value Measurements on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Fair Value On Recurring Basis [Line Items]
Swaps	$ (12,279)
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value On Recurring Basis [Line Items]
Swaps	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value On Recurring Basis [Line Items]
Swaps	(12,279)
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Fair Value On Recurring Basis [Line Items]
Swaps	$ 0

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Real Estate and Accumulated Depreciation - Changes in Total Real Estate Assets (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, Beginning of Year	$ 2,748,179	$ 2,773,501	$ 2,766,989
Acquisition of Real Estate Assets	74,652	69,481	58,886
Construction Costs and Improvements	96,202	74,254	64,600
Disposition of Real Estate Assets	(89,518)	(136,705)	(90,794)
Impairment of Real Estate	0	(2,652)	(1,101)
Write-off of Fully Depreciated Assets	(25,393)	(29,700)	(25,079)
Balance, End of Year	$ 2,804,122	$ 2,748,179	$ 2,773,501

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental Income	$ 226,705	$ 214,781	$ 206,835
Tenant Recoveries and Other Income	75,900	64,946	59,320
Total Revenues	302,605	279,727	266,155
Expenses:
Property Expenses	101,533	91,692	85,530
General and Administrative	23,166	22,775	24,919
Acquisition Costs	960	331	40
Impairment of Real Estate	0	0	(20)
Depreciation and Other Amortization	99,949	95,060	97,318
Total Expenses	225,608	209,858	207,787
Other Income (Expense):
Interest Income	2,189	2,438	2,940
Interest Expense	(67,509)	(68,857)	(77,794)
Amortization of Deferred Financing Costs	(2,940)	(3,038)	(3,252)
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements	0	52	(328)
Loss from Retirement of Debt	(522)	(6,423)	(9,684)
Total Other Income (Expense)	(68,782)	(75,828)	(88,118)
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax (Provision) Benefit	8,215	(5,959)	(29,750)
Equity in Income of Other Real Estate Partnerships	14,211	11,603	7,756
Equity in Income of Joint Ventures	3,499	136	1,559
Gain on Change in Control of Interests	0	0	776
Income Tax (Provision) Benefit	(238)	213	(5,522)
Income (Loss) from Continuing Operations	25,687	5,993	(25,181)
Discontinued Operations:
Income Attributable to Discontinued Operations	1,785	1,963	6,228
Gain on Sale of Real Estate	23,796	32,657	12,758
Income from Discontinued Operations	25,581	34,620	18,986
Income (Loss) Before (Loss) Gain on Sale of Real Estate	51,268	40,613	(6,195)
(Loss) Gain on Sale of Real Estate	(83)	1,030	3,777
Provision for Income Taxes Allocable to Gain on Sale of Real Estate	0	(210)	0
Net Income (Loss)	51,185	41,433	(2,418)
Less: Preferred Unit Distributions	(1,019)	(8,733)	(18,947)
Less: Redemption of Preferred Units	(1,462)	(5,667)	(1,804)
Net Income (Loss) Available to Unitholders and Participating Securities	48,704	27,033	(23,169)
Basic and Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$ 0.20	$ (0.07)	$ (0.44)
Income from Discontinued Operations Attributable to Unitholders	$ 0.22	$ 0.31	$ 0.20
Net Income (Loss) Available to Unitholders	$ 0.42	$ 0.24	$ (0.24)
Distributions Per Unit	$ 0.41	$ 0.34	$ 0
Weighted Average Units—Basic	114,388	111,646	96,509
Weighted Average Units - Diluted	114,791	111,646	96,509
Net Income (Loss) Available to Unitholders Attributable to:
General Partner	46,809	25,912	(21,968)
Limited Partners	1,895	1,121	(1,201)
Net Income (Loss) Available to Unitholders and Participating Securities	$ 48,704	$ 27,033	$ (23,169)

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Investments in and Advances to Other Real Estate Partnerships

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Other Real Estate Partnerships

5. Investments in and Advances to Other Real Estate Partnerships

The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.

Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:

Condensed Combined Balance Sheets:

	December 31, 2014			December 31, 2013
ASSETS
Assets:
Net Investment in Real Estate	$	278,720		$	276,294
Note Receivable	77,242			119,364
Other Assets, Net	26,884			33,234
Total Assets	$	382,846		$	428,892
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	81,231		$	97,675
Other Liabilities, Net	10,172			13,795
Partners’ Capital	291,443			317,422
Total Liabilities and Partners’ Capital	$	382,846		$	428,892
Operating Partnership’s Share of Equity	$	290,221		$	316,188
Basis Differentials (1)	(77,180		)	(119,865		)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$	213,041		$	196,323

_____________________ 

(1) This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

Condensed Combined Statements of Operations:

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Total Revenues	$	41,994		$	38,727		$	38,362
Property Expenses	(12,966		)	(12,022		)	(10,987		)
Impairment of Real Estate	—			—			172
Depreciation and Other Amortization	(11,948		)	(11,891		)	(13,543		)
Interest Income	1,309			4,999			7,776
Interest Expense	(4,669		)	(4,701		)	(5,712		)
Amortization of Deferred Financing Costs	(158		)	(187		)	(208		)
Loss from Retirement of Debt	(133		)	(214		)	—
Income from Continuing Operations	13,429			14,711			15,860
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	50			259			(126		)
Gain (Loss) on Sale of Real Estate	2,192			1,687			(93		)
Income (Loss) from Discontinued Operations	2,242			1,946			(219		)
Gain on Sale of Real Estate	—			70			—
Net Income	$	15,671		$	16,727		$	15,641

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Investment in Real Estate

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Investment in Real Estate

4. Investment in Real Estate

Acquisitions

In 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA through the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture and several land parcels. The gross agreed-upon fair value for the industrial property was $21,819, excluding costs incurred in conjunction with the acquisition of the industrial property. The acquisition was funded through the assumption of a mortgage loan, which was subsequently paid off on the date of acquisition and whose carrying value approximated fair market value, in the amount of $12,026 and a cash payment of $8,324 (85% of the net fair value of the acquisition). We accounted for this transaction as a step acquisition utilizing the purchase method of accounting. Due to the change in control that occurred, we recorded a gain during the year ended December 31, 2012 of $776 related to the difference between our carrying value and fair value of our equity interest on the acquisition date. The purchase price of the land parcels was approximately $40,003, excluding costs incurred in conjunction with the acquisition of the land parcels.

In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the equity interest in the limited liability company that owned the industrial property, comprising approximately 1.1 million square feet of GLA and several land parcels. One of the two industrial properties was vacant upon acquisition. The purchase price of these acquisitions totaled approximately $72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $86,057, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2014 and 2013, was allocated as follows:

	Year Ended December 31, 2014		Year Ended December 31, 2013
Land	$	30,104	$	34,518
Building and Improvements	44,070		33,244
Other Assets	1,863		517
Deferred Leasing Intangibles, Net	10,020		4,533
Total Purchase Price	$	86,057	$	72,812

We value third party acquisitions and acquisitions of unconsolidated joint venture partner interests in industrial properties on a similar basis, generally by applying an income capitalization approach. The fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements.

Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the years ended December 31, 2014 and 2013, which are recorded as deferred leasing intangibles, is as follows:

	Year Ended December 31, 2014			Year Ended December 31, 2013
In-Place Leases	$	5,350		$	2,807
Tenant Relationships	$	3,440		$	1,914
Above Market Leases	$	316		$	—
Below Market Ground Lease Obligation	$	1,854		$	—
Below Market Leases	$	(940	)	$	(188	)

The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the years ended December 31, 2014 and 2013 is as follows:

	Year Ended December 31, 2014	Year Ended December 31, 2013
In-Place Leases	74	52
Tenant Relationships	131	112
Above Market Leases	66	N/A
Below Market Ground Lease Obligation	480	N/A
Below Market Leases	79	52

Sales and Discontinued Operations

In 2012, we sold 26 industrial properties comprising approximately 4.1 million square feet of GLA and one land parcel. Gross proceeds from the sales of the industrial properties and one land parcel were approximately $83,098. The gain on sale of real estate was approximately $16,535, of which $12,758 is shown in discontinued operations. The 26 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 26 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel, which does not meet the criteria to be included in discontinued operations, is included in continuing operations.

In 2013, we sold 65 industrial properties comprising approximately 2.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $138,769. The gain on sale of real estate was approximately $33,687, of which $32,657 is shown in discontinued operations. The 65 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 65 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2014, we sold 25 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $94,095. The gain on sale of real estate was approximately $23,713, of which $23,796 is shown in discontinued operations. The 25 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 25 industrial properties sold are included in discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,
	2014			2013			2012
Total Revenues	$	6,654		$	19,418		$	29,840
Property Expenses	(2,621		)	(7,545		)	(11,565		)
Impairment of Real Estate	—			(2,652		)	(1,121		)
Depreciation and Amortization	(2,248		)	(7,258		)	(10,926		)
Gain on Sale of Real Estate	23,796			32,657			12,758
Income from Discontinued Operations	$	25,581		$	34,620		$	18,986

At December 31, 2014 and 2013, we had notes receivable and accrued interest outstanding, issued in connection with sales of industrial properties, of approximately $2,731 and $52,605, net of a discount of $0 and $191, respectively, which are included as a component of prepaid expenses and other assets. The note receivable outstanding at December 31, 2014, bears interest at a fixed rate of 4.75% and matured January 15, 2015. At December 31, 2014 and 2013, the fair value of the notes receivable, including accrued interest, was $2,732 and $53,482, respectively. The fair values of our notes receivable were determined by discounting the future cash flows using the current rates at which similar loans would be made to other borrowers based on similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs.

Impairment Charges

During the years ended December 31, 2013 and 2012, we recorded the following net non-cash impairment charges (reversals):

	Year Ended December 31, 2013		Year Ended December 31, 2012
Sold Operating Properties - Discontinued Operations	$	2,652	$	1,121
Operating Properties - Continuing Operations	—		(20		)
Total Net Impairment	$	2,652	$	1,101

The impairment charges for assets that qualify to be classified as held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value, less costs to sell. The impairment charges for assets not held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value. The net impairment charges recorded during the years ended December 31, 2013 and 2012 were due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction. Catch-up depreciation and amortization was recorded during the year ended December 31, 2012 for certain assets that were no longer classified as held for sale.

The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The real estate assets measured at fair value on a non-recurring basis during the years ended December 31, 2014 and 2013 were either sold or are recorded at carrying value at December 31, 2014.

The fair market values were determined using widely accepted valuation techniques including discounted cash flow analyses using expected cash flows and third party offers. For operational real estate assets, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, market rental rates, capital expenditures and the terminal capitalization rate. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.

One property has a lease granting the tenant an option to purchase the property. Such option is exercisable at a fixed purchase price in excess of our depreciated cost of the asset. We have no notice of exercise of the tenant purchase option.

At December 31, 2014, we had outstanding letters of credit and performance bonds in the aggregate amount of $17,585.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At December 31, 2014, we had three industrial buildings totaling approximately 0.8 million square feet of GLA under construction. The estimated total investment as of December 31, 2014 is approximately $35,200 (unaudited). Of this amount, approximately $16,600 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment stated above.

Ground and Operating Lease Agreements

For the years ended December 31, 2014, 2013 and 2012, we recognized $1,300, $1,440 and $1,565, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2014 are as follows:

2015	$	1,939
2016	1,975
2017	1,911
2018	1,165
2019	533
Thereafter	26,391
Total*	$	33,914

___________________

* Minimum rental payments have not been reduced by minimum sublease rentals of $5,359 due in the future under non-cancelable subleases.

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Future Rental Revenues

12 Months Ended

Dec. 31, 2014

Operating Leases, Future Minimum Payments Receivable [Abstract]

Future Rental Revenues

12. Future Rental Revenues

Our properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2014 are approximately as follows:

2015	$	227,895
2016	200,046
2017	166,413
2018	131,344
2019	100,235
Thereafter	270,324
Total	$	1,096,257

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Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Minimum sublease rentals due in the future under non-cancelable subleases	$ 5,359

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Partners' Capital

12 Months Ended

Dec. 31, 2014

Partners' Capital [Abstract]

Partners' Capital

7. Partners’ Capital

We have issued general partnership Units and limited partnership Units and preferred general partnership Units. The general partnership Units resulted from capital contributions from the Company. The limited partnership Units are issued in conjunction with the acquisition of certain properties (see discussion below). Subject to certain lock-up periods, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2014, we could satisfy our redemption obligations by making an aggregate cash payment of approximately $89,943 or by issuing 4,374,637 shares of the Company’s common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The preferred general partnership Units had an aggregate liquidation priority of $0 and $75,000 as of December 31, 2014 and 2013, respectively. We were required to make all required distributions on the preferred general partnership units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the limited partnership units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Consolidated Operating Partnership, or to amend the provisions of the partnership agreement which requires such consent.

Preferred Contributions

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series F Preferred Stock were contributed to us in exchange for 6.236% Series F Cumulative Preferred Units (the "Series F Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series F Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 6, 2014, the Company fully redeemed the Series F Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling $566. An equivalent number of Series F Preferred Units were redeemed on March 6, 2014 as well. The initial offering costs associated with the issuance of the Series F Preferred Units, as well as costs associated with the redemption, totaled $949 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2014.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series G Preferred Stock were contributed to us in exchange for 7.236% Series G Cumulative Preferred Units (the "Series G Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series G Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 31, 2014, the Company fully redeemed the Series G Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a semi-annual dividend of $36.18 per depositary share, totaling $905. An equivalent number of Series G Preferred Units were redeemed on March 31, 2014 as well. The initial offering costs associated with the issuance of the Series G Preferred Units, as well as costs associated with the redemption, totaled $513 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2014.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to us in exchange for 7.25% Series J Cumulative Preferred Units (the "Series J Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series J Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On December 21, 2012, the Company redeemed 2,000,000 Depositary Shares of the Series J Preferred Stock at a redemption price of $25.00 per Depositary Share, and paid a pro-rated fourth quarter dividend of $0.407812 per Depositary Share, totaling $816. An equivalent number of Series J Preferred Units were redeemed on December 21, 2012 as well. One-third of the initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the partial redemption, totaled $1,804 and are reflected as a deduction from net loss in determining earnings per unit for the year ended December 31, 2012. The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and the Company paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Preferred Units were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2013.

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, Series K Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series K Preferred Stock were contributed to us in exchange for 7.25% Series K Cumulative Preferred Units (the "Series K Preferred Units") and are reflected in our financial statements as a general partner preferred unit contribution. The Series K Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, the Company fully redeemed the Series K Preferred Stock at a redemption price of $25.00 per Depositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of Series K Preferred Units were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Units, as well as costs associated with the redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per unit for the year ended December 31, 2013.

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2014, no preferred Units were outstanding. The following table summarizes the preferred Units outstanding at December 31, 2013:

	Units Outstanding	Liquidation Preference
Series F Preferred Units	500	$	50,000
Series G Preferred Units	250	$	25,000

Unit Contributions

For the years ended December 31, 2014, 2013 and 2012, 222,676, 105,028, and 535,026 limited partnership Units, respectively, were converted into an equivalent number of general partnership Units, resulting in a reclassification of $2,155, $996 and $4,763, respectively, between Limited Partners Units and General Partner Units.

During the years ended December 31, 2013 and 2012, the Company issued 8,400,000 and 9,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds to the Company for the years ended December 31, 2013 and 2012, were $132,050 and $116,715, respectively. The proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On March 1, 2012, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company’s common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "2012 ATM"). During the years ended December 31, 2013 and 2012, the Company issued 2,315,704 and 1,532,598 shares, respectively, of the Company’s common stock under the 2012 ATM resulting in net proceeds to the Company of $41,735 and $18,063. These net proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. On March 12, 2014, the 2012 ATM was terminated in preparation for the commencement of the 2014 ATM (defined hereafter).

On March 13, 2014, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 13,300,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM"). During the year ended December 31, 2014, the Company issued no shares of common stock under the 2014 ATM. Under the terms of the 2014 ATM, sales are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

The following table is a roll-forward of the General Partnership and Limited Partnership Units outstanding, including unvested general partner restricted Units (see Note 13), for the three years ended December 31, 2014:

	General Partnership  and Limited Partnership Units Outstanding
Balance at December 31, 2011	92,044,769
Issuance of General Partner Units	11,085,905
Issuance of General Partner Restricted Units	565,137
Repurchase and Retirement of Restricted Units	(225,557	)
Balance at December 31, 2012	103,470,254
Issuance of General Partner Units	10,853,693
Issuance of General Partner Restricted Units	284,461
Repurchase and Retirement of Restricted Units	(30,245	)
Balance at December 31, 2013	114,578,163
Issuance of General Partner Units	219,695
Issuance of General Partner Restricted Units	319,055
Repurchase and Retirement of Restricted Units	(141,410	)
Balance at December 31, 2014	114,975,503

Distributions

The coupon rate of our Series F Preferred Units reset every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

The following table summarizes distributions accrued during the past three years:

	2014 Total Distribution*		2013 Total Distribution *		2012 Total Distribution *
General Partner/Limited Partner Units	$	47,263	$	38,862	$	—
Series F Preferred Units	$	566	$	2,896	$	2,728
Series G Preferred Units	$	453	$	1,809	$	1,809
Series J Preferred Units	N/A		$	2,034	$	10,785
Series K Preferred Units	N/A		$	1,994	$	3,625

________________________

* See the "Preferred Contributions" section for the redemptions and discussion of pro-rated dividends for all series of preferred stock occurring during the years ended December 31, 2014, 2013 and 2012.

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Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance	$ (3,362)	$ (6,829)
Other Comprehensive Loss Before Reclassifications	(16,363)	(60)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349	3,527
Net Current Period Other Comprehensive Income (Loss)	(11,014)	3,467
Balance	(14,376)	(3,362)
Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance	(3,481)	(7,008)
Other Comprehensive Loss Before Reclassifications	(16,270)	0
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349	3,527
Net Current Period Other Comprehensive Income (Loss)	(10,921)	3,527
Balance	(14,402)	(3,481)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance	119	179
Other Comprehensive Loss Before Reclassifications	(93)	(60)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0	0
Net Current Period Other Comprehensive Income (Loss)	(93)	(60)
Balance	$ 26	$ 119

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Indebtedness

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Indebtedness

6. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014			December 31, 2013
Mortgage Loans Payable, Net	$	518,754		$	580,215		4.03% – 8.26%	4.03% – 8.26%	February 2016 – September 2022
Unamortized Premiums	(90		)	(115		)
Mortgage Loans Payable, Gross	$	518,664		$	580,100
Senior Unsecured Notes, Net
2016 Notes	$	159,621		$	159,566		5.750%	5.91%	1/15/2016
2017 Notes	54,966			54,960			7.500%	7.52%	12/1/2017
2027 Notes	6,066			6,066			7.150%	7.11%	5/15/2027
2028 Notes	31,884			31,883			7.600%	8.13%	7/15/2028
2032 Notes	10,518			10,514			7.750%	7.87%	4/15/2032
2014 Notes	—			81,149			N/A	N/A	6/1/2014
2017 II Notes	101,806			101,778			5.950%	6.37%	5/15/2017
Subtotal	$	364,861		$	445,916
Unamortized Discounts	241			980
Senior Unsecured Notes, Gross	$	365,102		$	446,896
Unsecured Term Loan*	$	200,000		N/A			1.906%	1.906%	1/29/2021
Unsecured Credit Facility**	$	185,000		$	173,000		1.662%	1.662%	9/29/2017

* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

** The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

During the years ended December 31, 2014 and 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $59,680 and $64,395, respectively. In connection with these prepayments, we recognized $522 and $1,364 as loss from retirement of debt for the years ended December 31, 2014 and 2013, respectively.

On August 5, 2014, we assumed a mortgage loan payable from one of our Other Real Estate Partnerships totaling $8,872.

As of December 31, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $663,825. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2014.

Senior Unsecured Notes, Net

During the year ended December 31, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	430		482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the year ended December 31, 2013, which is the difference between the repurchase price and the principal amount retired, net of the pro rata write-off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements of $28, $191 and $1,116, respectively.

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794.

Unsecured Term Loan

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "Unsecured Term Loan") with a syndicate of financial institutions. The Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings.

Unsecured Credit Facility

On July 19, 2013, we amended and restated our $450,000 revolving credit agreement (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2014, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 150 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in loss from retirement of debt for the year ended December 31, 2013.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
2015	$	10,537
2016	250,164
2017	351,927
2018	127,107
2019	66,432
Thereafter	462,599
Total	$	1,268,766

The Unsecured Credit Facility, Unsecured Term Loan and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and Unsecured Term Loan, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of December 31, 2014. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At December 31, 2014 and 2013, the fair value of our indebtedness was as follows:

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	518,754	$	554,118	$	580,215	$	585,449
Senior Unsecured Debt, Net	364,861		395,320		445,916		482,781
Unsecured Term Loan	200,000		200,575		N/A		N/A
Unsecured Credit Facility	185,000		185,747		173,000		173,000
Total	$	1,268,615	$	1,335,760	$	1,199,131	$	1,241,230

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured debt was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured debt, recent trades for senior unsecured debt with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured debt, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs.

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

The following tables summarize the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 and the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(60		)	(60		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	3,527			—			3,527
Net Current Period Other Comprehensive Income (Loss)	3,527			(60		)	3,467
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	$	1,358	$	2,411	Interest Expense
Settlement Payments to our Counterparties	3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		1,116		Loss from Retirement of Debt
	$	5,349	$	3,527	Total

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $523 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps, as defined in Note 14, will also be reclassified to net income. See Note 14 for more information about our derivatives.

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Supplemental Information to Statements of Cash Flows

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Information to Statements of Cash Flows

9. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	65,436		$	65,978		$	77,795
Interest Expense Capitalized in Connection with Development Activity	$	1,248		$	2,813		$	1,768
Income Taxes (Refunded) Paid	$	(105	)	$	5,433		$	(295	)
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	11,949		$	9,837		$	—
Distribution Payable on Preferred Units	$	—		$	452		$	452
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(2,155	)	$	(996	)	$	(4,763	)
General Partnership Units	2,155			996			4,763
Total	$	—		$	—		$	—
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	$	339		$	483		$	12,026
Notes Receivable Issued in Conjunction with Certain Property Sales	$	—		$	12,520		$	—
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	13,506		$	10,402		$	9,584
Write-off of Fully Depreciated Assets	$	(40,962	)	$	(52,800	)	$	(39,208	)

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Accumulated Other Comprehensive Loss - Additional Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Accumulated Other Comprehensive Loss [Abstract]
Amoritzation to be reclassified from OCI into income	$ 523

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Subsequent Events - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended			2 Months Ended
	Dec. 31, 2014 Property	Dec. 31, 2013 Property	Dec. 31, 2012 Property	Feb. 24, 2015 Property
Subsequent Event [Line Items]
Number of industrial properties sold	25	65	26
Proceeds from sale of industrial properties	$ 94,095	$ 138,769	$ 83,098
Subsequent Events
Subsequent Event [Line Items]
Number of industrial properties sold				6
Proceeds from sale of industrial properties				$ 12,864

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Partners' Capital - Summary of Distributions (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Class of Stock [Line Items]
Total Preferred Unit Distribution	$ 2,481		$ 14,400		$ 20,751
General Partner/Limited Partner Units
Class of Stock [Line Items]
Total General/Limited Partner Unit Distribution	47,263		38,862
Series F Preferred Units
Class of Stock [Line Items]
Total Preferred Unit Distribution	566	[1]	2,896		2,728
Series G Preferred Units
Class of Stock [Line Items]
Total Preferred Unit Distribution	453	[1]	1,809		1,809
Series J Preferred Units
Class of Stock [Line Items]
Total Preferred Unit Distribution			2,034	[1]	10,785	[1]
Series K Preferred Units
Class of Stock [Line Items]
Total Preferred Unit Distribution			$ 1,994	[1]	$ 3,625

[1] See the "Preferred Contributions" section for the redemptions and discussion of pro-rated dividends for all series of preferred stock occurring during the years ended December 31, 2014, 2013 and 2012.

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Partners' Capital - Summary of Preferred Units Outstanding (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Liquidation Preference	$ 0	$ 75,000
Series F Preferred Units
Class of Stock [Line Items]
Preferred Units Outstanding		500
Liquidation Preference		50,000
Series G Preferred Units
Class of Stock [Line Items]
Preferred Units Outstanding		250
Liquidation Preference		$ 25,000

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Supplemental Information to Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	65,436		$	65,978		$	77,795
Interest Expense Capitalized in Connection with Development Activity	$	1,248		$	2,813		$	1,768
Income Taxes (Refunded) Paid	$	(105	)	$	5,433		$	(295	)
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	11,949		$	9,837		$	—
Distribution Payable on Preferred Units	$	—		$	452		$	452
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(2,155	)	$	(996	)	$	(4,763	)
General Partnership Units	2,155			996			4,763
Total	$	—		$	—		$	—
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	$	339		$	483		$	12,026
Notes Receivable Issued in Conjunction with Certain Property Sales	$	—		$	12,520		$	—
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	13,506		$	10,402		$	9,584
Write-off of Fully Depreciated Assets	$	(40,962	)	$	(52,800	)	$	(39,208	)

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Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Total Revenues									$ 6,654	$ 19,418	$ 29,840
Property Expenses									(2,621)	(7,545)	(11,565)
Impairment of Real Estate									0	(2,652)	(1,121)
Depreciation and Amortization									(2,248)	(7,258)	(10,926)
Gain on Sale of Real Estate									23,796	32,657	12,758
Income from Discontinued Operations	$ 11,702	$ 12,073	$ 946	$ 860	$ 19,809	$ 3,559	$ 12,941	$ (1,689)	$ 25,581	$ 34,620	$ 18,986

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Derivatives

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

14. Derivatives

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

In connection with origination of the Unsecured Term Loan (see Note 6), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021.We designated the Group I Swaps as cash flow hedges.

In order to maintain our flexibility to pursue an offering of unsecured debt in the future, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Group II Swaps"; together with the Group I Swaps, the "Swaps"). The Group II Swaps fix the LIBOR rate at a rate of 2.5795% and are effective from December 1, 2014 through December 1, 2024. We designated the Group II Swaps as cash flow hedges.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of December 31, 2014, we have not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value.

Our Series F Preferred Units were subject to a coupon rate reset. The coupon rate reset every quarter at 2.375% plus the greater of i) the 30 year Treasury CMT Rate, ii) the 10 year Treasury CMT Rate or iii) 3-month LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Units (the "Series F Agreement"). This Series F Agreement fixed the 30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded in the statement of operations. For the year ended December 31, 2013, gains of $52 were recognized as mark-to-market gain on interest rate protection agreements. Quarterly payments were treated as a component of the mark-to-market gains or losses and totaled $774 for the year ended December 31, 2013. The Series F Agreement matured on October 1, 2013.

The following table sets forth our financial liabilities related to the Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of December 31, 2014:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Swaps	$	(12,279	)	—	$	(12,279	)	—

There was no ineffectiveness recorded on the Swaps during the year ended December 31, 2014. See Note 8 for more information.

The estimated fair value of the Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the Swaps fell within Level 2 of the fair value hierarchy.

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Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate And Accumulated Depreciation

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
Atlanta
1650 Highway 155		McDonough, GA	—	788	4,544	(363	)	365	4,604	4,969	2,602	1994	(j)
1665 Dogwood		Conyers, GA	—	635	3,662	972		635	4,634	5,269	2,230	1994	(j)
1715 Dogwood		Conyers, GA	—	288	1,675	827		228	2,562	2,790	1,052	1994	(j)
11235 Harland Drive		Covington, GA	—	125	739	218		125	957	1,082	433	1994	(j)
4051 Southmeadow Parkway		Atlanta, GA	—	726	4,130	880		726	5,010	5,736	2,366	1994	(j)
4071 Southmeadow Parkway		Atlanta, GA	—	750	4,460	1,742		828	6,124	6,952	2,919	1994	(j)
4081 Southmeadow Parkway		Atlanta, GA	—	1,012	5,918	1,796		1,157	7,569	8,726	3,409	1994	(j)
5570 Tulane Drive	(d)	Atlanta, GA	2,218	527	2,984	1,184		546	4,149	4,695	1,694	1996	(j)
955 Cobb Place		Kennesaw, GA	2,895	780	4,420	927		804	5,323	6,127	2,100	1997	(j)
1256 Oakbrook Drive		Norcross, GA	—	336	1,907	340		339	2,244	2,583	744	2001	(j)
1265 Oakbrook Drive		Norcross, GA	—	307	1,742	335		309	2,075	2,384	698	2001	(j)
1280 Oakbrook Drive		Norcross, GA	—	281	1,592	286		283	1,876	2,159	624	2001	(j)
1300 Oakbrook Drive		Norcross, GA	—	420	2,381	254		423	2,632	3,055	866	2001	(j)
1325 Oakbrook Drive		Norcross, GA	—	332	1,879	338		334	2,215	2,549	743	2001	(j)
1351 Oakbrook Drive		Norcross, GA	—	370	2,099	(1,020	)	146	1,303	1,449	626	2001	(j)
1346 Oakbrook Drive		Norcross, GA	—	740	4,192	(684	)	352	3,896	4,248	1,925	2001	(j)
3060 South Park Blvd		Ellenwood, GA	—	1,600	12,464	2,691		1,604	15,151	16,755	4,306	2003	(j)
Greenwood Industrial Park		McDonough, GA	4,338	1,550	—	7,632		1,550	7,632	9,182	1,943	2004	(j)
46 Kent Drive		Cartersville GA	1,415	794	2,252	(52	)	798	2,196	2,994	770	2005	(j)
605 Stonehill Drive		Atlanta, GA	—	485	1,979	(23	)	490	1,951	2,441	1,704	2005	(j)
6514 Warren Drive		Norcross, GA	—	510	1,250	127		513	1,374	1,887	454	2005	(j)
6544 Warren Drive		Norcross, GA	—	711	2,310	293		715	2,599	3,314	906	2005	(j)
5356 E. Ponce De Leon		Stone Mountain, GA	—	604	3,888	90		610	3,972	4,582	1,811	2005	(j)
5390 E. Ponce De Leon		Stone Mountain, GA	—	397	1,791	108		402	1,894	2,296	705	2005	(j)
195 & 197 Collins Boulevard		Athens, GA	—	1,410	5,344	896		989	6,661	7,650	3,516	2005	(j)
1755 Enterprise Drive		Buford, GA	1,242	712	2,118	(202	)	716	1,912	2,628	618	2006	(j)
4555 Atwater Court		Buford, GA	2,235	881	3,550	298		885	3,844	4,729	1,048	2006	(j)
80 Liberty Industrial Parkway		McDonough, GA	—	756	3,695	(1,244	)	467	2,740	3,207	902	2007	(j)
596 Bonnie Valentine		Pendergrass, GA	—	2,580	21,730	3,675		2,594	25,391	27,985	5,939	2007	(j)
11415 Old Roswell Road		Alpharetta, GA	3,126	2,403	1,912	628		2,428	2,515	4,943	963	2008	(j)
Baltimore
9700 Martin Luther King Hwy		Lanham, MD	—	700	1,920	742		700	2,662	3,362	1,103	2003	(j)
9730 Martin Luther King Hwy		Lanham, MD	—	500	955	535		500	1,490	1,990	581	2003	(j)

4621 Boston Way	Lanham, MD	—	1,100	3,070	517		1,100	3,587	4,687	1,338	2003	(j)
4720 Boston Way	Lanham, MD	—	1,200	2,174	792		1,200	2,966	4,166	1,047	2003	(j)
22520 Randolph Drive	Dulles, VA	—	3,200	8,187	(656	)	3,208	7,523	10,731	1,675	2004	(j)
22630 Dulles Summit Court	Dulles, VA	—	2,200	9,346	(820	)	2,206	8,520	10,726	1,994	2004	(j)
4201 Forbes Boulevard	Lanham, MD	—	356	1,823	186		375	1,990	2,365	586	2005	(j)
4370-4383 Lottsford Vista Road	Lanham, MD	—	279	1,358	89		296	1,430	1,726	325	2005	(j)
4400 Lottsford Vista Road	Lanham, MD	—	351	1,955	241		372	2,175	2,547	581	2005	(j)
4420 Lottsford Vista Road	Lanham, MD	—	539	2,196	6		568	2,173	2,741	587	2005	(j)
11204 McCormick Road	Hunt Valley, MD	—	1,017	3,132	(59	)	1,038	3,052	4,090	1,184	2005	(j)
11110 Pepper Road	Hunt Valley, MD	—	918	2,529	281		938	2,790	3,728	1,012	2005	(j)
11100-11120 Gilroy Road	Hunt Valley, MD	—	901	1,455	166		919	1,603	2,522	569	2005	(j)
10709 Gilroy Road	Hunt Valley, MD	2,348	913	2,705	(143	)	913	2,562	3,475	1,172	2005	(j)
1225 Bengies Road	Baltimore, MD	—	2,640	270	14,041		2,823	14,128	16,951	3,352	2008	(j)
Central Pennsylvania
16522 Hunters Green Parkway	Hagerstown, MD	12,222	1,390	13,104	4,841		1,863	17,472	19,335	4,732	2003	(j)
6951 Allentown Blvd	Harrisburg, PA	—	585	3,176	301		601	3,461	4,062	1,181	2005	(j)
320 Reliance Road	Washington, PA	—	201	1,819	(282	)	178	1,560	1,738	734	2005	(j)
1490 Dennison Circle	Carlisle, PA	—	1,500	—	13,880		2,341	13,039	15,380	2,722	2008	(j)
298 First Avenue	Gouldsboro, PA	—	7,022	—	57,272		7,019	57,275	64,294	9,106	2008	(j)
225 Cross Farm Lane	York, PA	17,214	4,718	—	23,163		4,715	23,166	27,881	4,204	2008	(j)
105 Steamboat Blvd	Manchester, PA	—	4,085	14,464	1		4,070	14,480	18,550	1,700	2012	(j)
Chicago
6750 South Sayre Avenue	Bedford Park, IL	—	224	1,309	470		224	1,779	2,003	826	1994	(j)
585 Slawin Court	Mount Prospect, IL	—	611	3,505	596		525	4,187	4,712	2,376	1994	(j)
2300 Windsor Court	Addison, IL	3,470	688	3,943	989		696	4,924	5,620	2,493	1994	(j)
305-311 Era Drive	Northbrook, IL	—	200	1,154	1,150		205	2,299	2,504	832	1994	(j)
11241 Melrose Street	Franklin Park, IL	—	332	1,931	78		208	2,133	2,341	1,291	1995	(j)
11939 South Central Avenue	Alsip, IL	—	1,208	6,843	2,657		1,305	9,403	10,708	3,942	1997	(j)
1010-50 Sesame Street	Bensenville, IL	—	979	5,546	3,720		1,048	9,197	10,245	3,223	1997	(j)
800 Business Drive	Mount Prospect, IL	—	631	3,493	328		666	3,786	4,452	1,328	2000	(j)
580 Slawin Court	Mount Prospect, IL	781	233	1,292	(37	)	162	1,326	1,488	551	2000	(j)
1005 101st Street	Lemont, IL	6,131	1,200	6,643	1,233		1,220	7,856	9,076	2,668	2001	(j)
175 Wall Street	Glendale Heights, IL	1,395	427	2,363	163		433	2,520	2,953	869	2002	(j)
800-820 Thorndale Avenue	Bensenville, IL	—	751	4,159	812		761	4,961	5,722	1,476	2002	(j)
251 Airport Road	North Aurora, IL	4,998	983	—	6,697		983	6,697	7,680	2,211	2002	(j)
1661 Feehanville Drive	Mount Prospect, IL	—	985	5,455	3,252		1,044	8,648	9,692	2,968	2004	(j)
400 Crossroads Pkwy	Bolingbrook, IL	5,429	1,178	9,453	808		1,181	10,258	11,439	3,105	2005	(j)
7609 W. Industrial Drive	Forest Park, IL	—	1,207	2,343	122		1,213	2,459	3,672	1,082	2005	(j)
7801 W. Industrial Drive	Forest Park, IL	—	1,215	3,020	476		1,220	3,491	4,711	1,656	2005	(j)
725 Kimberly Drive	Carol Stream, IL	—	793	1,395	223		801	1,610	2,411	580	2005	(j)
17001 S. Vincennes	Thornton, IL	—	497	504	37		513	525	1,038	373	2005	(j)

1111 Davis Road	Elgin, IL	2,387	998	1,859	601		1,046	2,412	3,458	1,481	2006	(j)
2900 W. 166th Street	Markham, IL	—	1,132	4,293	(881	)	1,134	3,410	4,544	806	2007	(j)
555 W. Algonquin Road	Arlington Heights, IL	2,021	574	741	1,936		579	2,672	3,251	703	2007	(j)
7000 W. 60th Street	Chicago, IL	—	609	932	100		667	974	1,641	603	2007	(j)
1501 Oakton Street	Elk Grove Village, IL	7,391	3,369	6,121	434		3,482	6,442	9,924	1,535	2008	(j)
16500 W. 103rd Street	Woodridge, IL	2,431	744	2,458	366		762	2,806	3,568	878	2008	(j)
8505 50th Street	Kenosha, WI	—	3,212	—	32,953		3,212	32,953	36,165	4,850	2008	(j)
4100 Rock Creek Blvd	Joliet, IL	—	4,476	16,061	479		4,476	16,540	21,016	1,043	2013	(j)
10100 58th Place	Kenosha, WI	—	4,201	17,604	1,443		4,201	19,047	23,248	1,417	2013	(j)
401 Airport Road	North Aurora, IL	—	534	1,957	—		534	1,957	2,491	54	2014	(j)

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
Cincinnati
9900-9970 Princeton	Cincinnati, OH	3,643	545	3,088	1,759		566	4,826	5,392	2,083	1996	(j)
4700-4750 Creek Road	Blue Ash, OH	—	1,080	6,118	1,346		1,109	7,435	8,544	3,273	1996	(j)
4436 Muhlhauser Road	Hamilton, OH	3,707	630	—	5,375		630	5,375	6,005	1,657	2002	(j)
4438 Muhlhauser Road	Hamilton, OH	4,581	779	—	6,579		779	6,579	7,358	2,116	2002	(j)
420 Wards Corner Road	Loveland, OH	—	600	1,083	757		606	1,834	2,440	586	2003	(j)
422 Wards Corner Road	Loveland, OH	—	600	1,811	35		592	1,854	2,446	586	2003	(j)
4663 Dues Drive	Westchester, OH	—	858	2,273	620		875	2,876	3,751	2,393	2005	(j)
9525 Glades Drive	Westchester, OH	—	347	1,323	115		355	1,430	1,785	585	2007	(j)
9774-9792 Windisch Road	Westchester, OH	—	392	1,744	78		394	1,820	2,214	566	2007	(j)
9808-9830 Windisch Road	Westchester, OH	—	395	2,541	85		397	2,624	3,021	617	2007	(j)
9842-9862 Windisch Road	Westchester, OH	—	506	3,148	102		508	3,248	3,756	796	2007	(j)
9872-9898 Windisch Road	Westchester, OH	—	546	3,039	159		548	3,196	3,744	812	2007	(j)
9902-9922 Windisch Road	Westchester, OH	—	623	4,003	729		627	4,728	5,355	1,503	2007	(j)
Cleveland
30311 Emerald Valley Parkway	Glenwillow, OH	8,914	681	11,838	845		691	12,673	13,364	3,862	2006	(j)
30333 Emerald Valley Parkway	Glenwillow, OH	3,896	466	5,447	54		475	5,492	5,967	1,876	2006	(j)
7800 Cochran Road	Glenwillow, OH	3,897	972	7,033	243		991	7,257	8,248	2,123	2006	(j)
7900 Cochran Road	Glenwillow, OH	4,794	775	6,244	237		792	6,464	7,256	1,900	2006	(j)
7905 Cochran Road	Glenwillow, OH	—	920	6,174	691		921	6,864	7,785	2,210	2006	(j)
30600 Carter Street	Solon, OH	—	989	3,042	881		1,022	3,890	4,912	2,487	2006	(j)
8181 Darrow Road	Twinsburg, OH	6,983	2,478	6,791	2,040		2,496	8,813	11,309	3,351	2008	(j)
Dallas
2406-2416 Walnut Ridge	Dallas, TX	—	178	1,006	633		172	1,645	1,817	603	1997	(j)
2401-2419 Walnut Ridge	Dallas, TX	—	148	839	416		142	1,261	1,403	441	1997	(j)
900-906 Great Southwest Parkway	Arlington, TX	—	237	1,342	638		270	1,947	2,217	837	1997	(j)
3000 West Commerce	Dallas, TX	—	456	2,584	1,225		469	3,796	4,265	1,498	1997	(j)
3030 Hansboro	Dallas, TX	—	266	1,510	(664	)	87	1,025	1,112	643	1997	(j)
405-407 113th	Arlington, TX	—	181	1,026	511		185	1,533	1,718	618	1997	(j)
816 111th Street	Arlington, TX	857	251	1,421	195		258	1,609	1,867	700	1997	(j)
7427 Dogwood Park	Richland Hills, TX	—	96	532	302		102	828	930	298	1998	(j)
7348-54 Tower Street	Richland Hills, TX	—	88	489	213		94	696	790	268	1998	(j)
7339-41 Tower Street	Richland Hills, TX	—	98	541	180		104	715	819	266	1998	(j)
7437-45 Tower Street	Richland Hills, TX	—	102	563	294		108	851	959	302	1998	(j)
7331-59 Airport Freeway	Richland Hills, TX	1,655	354	1,958	368		372	2,308	2,680	904	1998	(j)

7338-60 Dogwood Park		Richland Hills, TX	—	106	587	244		112	825	937	289	1998	(j)
7450-70 Dogwood Park		Richland Hills, TX	—	106	584	136		112	714	826	273	1998	(j)
7423-49 Airport Freeway		Richland Hills, TX	1,450	293	1,621	434		308	2,040	2,348	755	1998	(j)
7400 Whitehall Street		Richland Hills, TX	—	109	603	95		115	692	807	266	1998	(j)
1602-1654 Terre Colony		Dallas, TX	1,788	458	2,596	845		468	3,431	3,899	1,148	2000	(j)
2351-2355 Merritt Drive		Garland, TX	—	101	574	104		92	687	779	242	2000	(j)
2220 Merritt Drive		Garland, TX	—	352	1,993	145		316	2,174	2,490	661	2000	(j)
2010 Merritt Drive		Garland, TX	—	350	1,981	55		318	2,068	2,386	668	2000	(j)
2363 Merritt Drive		Garland, TX	—	73	412	(8	)	47	430	477	159	2000	(j)
2447 Merritt Drive		Garland, TX	—	70	395	(166	)	23	276	299	156	2000	(j)
2465-2475 Merritt Drive		Garland, TX	—	91	514	39		71	573	644	227	2000	(j)
2485-2505 Merritt Drive		Garland, TX	—	431	2,440	762		426	3,207	3,633	1,196	2000	(j)
2110 Hutton Drive		Carrolton, TX	—	374	2,117	117		255	2,353	2,608	844	2001	(j)
2025 McKenzie Drive		Carrolton, TX	1,398	437	2,478	133		442	2,606	3,048	896	2001	(j)
2019 McKenzie Drive		Carrolton, TX	1,706	502	2,843	374		507	3,212	3,719	1,122	2001	(j)
2029-2035 McKenzie Drive		Carrolton, TX	1,502	306	1,870	236		306	2,106	2,412	741	2001	(j)
2015 McKenzie Drive		Carrolton, TX	2,475	510	2,891	402		516	3,287	3,803	1,109	2001	(j)
2009 McKenzie Drive		Carrolton, TX	2,404	476	2,699	519		481	3,213	3,694	1,092	2001	(j)
900-1100 Avenue S		Grand Prairie, TX	2,344	623	3,528	959		629	4,481	5,110	1,250	2002	(j)
Plano Crossing	(f)	Plano, TX	9,157	1,961	11,112	997		1,981	12,089	14,070	3,660	2002	(j)
7413A-C Dogwood Park		Richland Hills, TX	—	110	623	245		111	867	978	269	2002	(j)
7450 Tower Street		Richland Hills, TX	—	36	204	103		36	307	343	111	2002	(j)
7436 Tower Street		Richland Hills, TX	—	57	324	196		58	519	577	177	2002	(j)
7426 Tower Street		Richland Hills, TX	—	76	429	186		76	615	691	160	2002	(j)
7427-7429 Tower Street		Richland Hills, TX	—	75	427	163		76	589	665	219	2002	(j)
2840-2842 Handley Ederville Rd		Richland Hills, TX	—	112	635	52		113	686	799	208	2002	(j)
7451-7477 Airport Freeway		Richland Hills, TX	1,363	256	1,453	499		259	1,949	2,208	625	2002	(j)
7450 Whitehall Street		Richland Hills, TX	—	104	591	339		105	929	1,034	250	2002	(j)
3000 Wesley Way		Richland Hills, TX	—	208	1,181	18		211	1,196	1,407	367	2002	(j)
7451 Dogwood Park		Richland Hills, TX	666	133	753	184		134	936	1,070	258	2002	(j)
825-827 Avenue H	(d)	Arlington, TX	2,481	600	3,006	67		604	3,069	3,673	1,229	2004	(j)
1013-31 Avenue M		Grand Prairie, TX	—	300	1,504	240		302	1,742	2,044	573	2004	(j)
1172-84 113th Street	(d)	Grand Prairie, TX	1,933	700	3,509	5		704	3,510	4,214	1,239	2004	(j)
1200-16 Avenue H	(d)	Arlington, TX	1,731	600	2,846	329		604	3,171	3,775	928	2004	(j)
1322-66 W. North Carrier Parkway	(e)	Grand Prairie, TX	4,739	1,000	5,012	1,003		1,006	6,009	7,015	1,796	2004	(j)
2401-2407 Centennial Drive		Arlington, TX	2,143	600	2,534	(50	)	604	2,480	3,084	991	2004	(j)
3111 West Commerce Street		Dallas, TX	3,802	1,000	3,364	1,264		1,011	4,617	5,628	1,419	2004	(j)
13800 Senlac Drive		Farmers Ranch, TX	3,142	823	4,042	(214	)	825	3,826	4,651	1,306	2005	(j)
801-831 S Great Southwest Parkway	(g)	Grand Prairie, TX	—	2,581	16,556	53		2,586	16,604	19,190	7,867	2005	(j)
801 Heinz Way		Grand Prairie, TX	2,618	599	3,327	315		601	3,640	4,241	1,338	2005	(j)
901-937 Heinz Way		Grand Prairie, TX	2,035	493	2,758	45		481	2,815	3,296	1,101	2005	(j)

3301 Century Circle	Irving, TX	2,110	760	3,856	(16	)	771	3,829	4,600	867	2007	(j)
3901 W Miller Road	Garland, TX	—	1,912	—	15,478		1,947	15,443	17,390	2,955	2008	(j)
Denver
4785 Elati	Denver, CO	—	173	981	205		175	1,184	1,359	481	1997	(j)
4770 Fox Street	Denver, CO	—	132	750	332		134	1,080	1,214	423	1997	(j)
3851-3871 Revere	Denver, CO	1,271	361	2,047	363		368	2,403	2,771	983	1997	(j)
4570 Ivy Street	Denver, CO	—	219	1,239	279		220	1,517	1,737	649	1997	(j)
5855 Stapleton Drive North	Denver, CO	—	288	1,630	249		290	1,877	2,167	780	1997	(j)
5885 Stapleton Drive North	Denver, CO	—	376	2,129	316		380	2,441	2,821	987	1997	(j)
5977 North Broadway	Denver, CO	1,415	268	1,518	506		271	2,021	2,292	794	1997	(j)

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
5952-5978 North Broadway		Denver, CO	2,262	414	2,346	904		422	3,242	3,664	1,439	1997	(j)
4721 Ironton Street		Denver, CO	—	232	1,313	319		236	1,628	1,864	665	1997	(j)
7003 E 47th Ave Drive		Denver, CO	—	441	2,689	58		441	2,747	3,188	1,189	1997	(j)
9500 West 49th Street - A		Wheatridge, CO	—	283	1,625	120		287	1,741	2,028	775	1997	(j)
9500 West 49th Street - B		Wheatridge, CO	—	225	1,272	200		227	1,470	1,697	603	1997	(j)
9500 West 49th Street - C		Wheatridge, CO	—	600	3,409	163		601	3,571	4,172	1,567	1997	(j)
9500 West 49th Street - D		Wheatridge, CO	—	246	1,537	487		247	2,023	2,270	927	1997	(j)
451-591 East 124th Avenue		Littleton, CO	—	383	2,145	481		383	2,626	3,009	1,096	1997	(j)
15000 West 6th Avenue		Golden, CO	—	913	5,174	1,147		918	6,316	7,234	2,824	1997	(j)
14998 West 6th Avenue Bldg E		Golden, CO	—	565	3,199	371		570	3,565	4,135	1,486	1997	(j)
14998 West 6th Avenue Bldg F		Englewood, CO	—	269	1,525	101		273	1,622	1,895	698	1997	(j)
6547 South Racine Circle		Englewood, CO	2,703	739	4,241	170		739	4,411	5,150	1,868	1997	(j)
11701 East 53rd Avenue		Denver, CO	—	416	2,355	414		422	2,763	3,185	1,145	1997	(j)
5401 Oswego		Denver, CO	—	273	1,547	313		278	1,855	2,133	798	1997	(j)
14818 West 6th Avenue Bldg A		Golden, CO	—	468	2,799	278		468	3,077	3,545	1,277	1997	(j)
14828 West 6th Avenue Bldg B		Golden, CO	—	503	2,942	397		503	3,339	3,842	1,442	1997	(j)
445 Bryant Street		Denver, CO	6,747	1,829	10,219	2,664		1,829	12,883	14,712	5,429	1998	(j)
3811 Joliet		Denver, CO	—	735	4,166	543		752	4,692	5,444	1,926	1998	(j)
12055 E 49th Ave/4955 Peoria		Denver, CO	—	298	1,688	529		305	2,210	2,515	892	1998	(j)
4940-4950 Paris		Denver, CO	—	152	861	285		156	1,142	1,298	469	1998	(j)
4970 Paris		Denver, CO	—	95	537	101		97	636	733	256	1998	(j)
7367 South Revere Parkway		Englewood, CO	3,151	926	5,124	820		934	5,936	6,870	2,420	1998	(j)
8200 East Park Meadows Drive	(d)	Lone Tree, CO	—	1,297	7,348	1,265		1,304	8,606	9,910	3,098	2000	(j)
3250 Quentin Street	(d)	Aurora, CO	—	1,220	6,911	782		1,230	7,683	8,913	2,655	2000	(j)
Highpoint Bus Ctr B		Littleton, CO	—	739	—	3,308		781	3,266	4,047	971	2000	(j)
1130 W. 124th Avenue		Westminster, CO	—	441	—	3,289		441	3,289	3,730	1,241	2000	(j)
1070 W. 124th Avenue		Westminster, CO	—	374	—	2,836		374	2,836	3,210	1,002	2000	(j)
1020 W. 124th Avenue		Westminster, CO	—	374	—	2,809		374	2,809	3,183	949	2000	(j)
8810 W. 116th Circle		Broomfield, CO	—	312	—	1,514		370	1,456	1,826	422	2001	(j)
960 W. 124th Avenue		Westminster, CO	—	441	—	3,507		442	3,506	3,948	1,187	2001	(j)
8820 W. 116th Circle		Broomfield, CO	—	338	1,918	321		372	2,205	2,577	658	2003	(j)
8835 W. 116th Circle		Broomfield, CO	—	1,151	6,523	1,410		1,304	7,780	9,084	2,445	2003	(j)
18150 E. 32nd Place		Aurora, CO	1,824	563	3,188	226		572	3,405	3,977	1,105	2004	(j)
7005 E. 46th Avenue Drive		Denver, CO	1,348	512	2,025	32		517	2,052	2,569	682	2005	(j)
4001 Salazar Way		Frederick, CO	—	1,271	6,508	(773	)	1,276	5,730	7,006	1,360	2006	(j)

5909-5915 N. Broadway	Denver, CO	898	495	1,268	107	500	1,370	1,870	566	2006	(j)
Detroit
449 Executive Drive	Troy, MI	—	125	425	1,066	218	1,398	1,616	1,268	1994	(j)
501 Executive Drive	Troy, MI	—	71	236	678	129	856	985	659	1994	(j)
451 Robbins Drive	Troy, MI	—	96	448	877	192	1,229	1,421	1,104	1994	(j)
1416 Meijer Drive	Troy, MI	—	94	394	399	121	766	887	701	1994	(j)
1624 Meijer Drive	Troy, MI	—	236	1,406	1,093	373	2,362	2,735	1,999	1994	(j)
1972 Meijer Drive	Troy, MI	—	315	1,301	787	372	2,031	2,403	1,555	1994	(j)
1707 Northwood Drive	Troy, MI	—	95	262	1,720	239	1,838	2,077	1,446	1994	(j)
1788 Northwood Drive	Troy, MI	—	50	196	483	103	626	729	566	1994	(j)
1826 Northwood Drive	Troy, MI	—	55	208	472	103	632	735	557	1994	(j)
1864 Northwood Drive	Troy, MI	—	57	190	489	107	629	736	573	1994	(j)
2451 Elliott Avenue	Troy, MI	—	78	319	733	164	966	1,130	786	1994	(j)
2730 Research Drive	Rochester Hills, MI	—	903	4,215	829	903	5,044	5,947	4,093	1994	(j)
2791 Research Drive	Rochester Hills, MI	—	557	2,731	1,017	560	3,745	4,305	2,552	1994	(j)
2871 Research Drive	Rochester Hills, MI	—	324	1,487	437	327	1,921	2,248	1,420	1994	(j)
3011 Research Drive	Rochester Hills, MI	—	457	2,104	492	457	2,596	3,053	2,091	1994	(j)
2870 Technology Drive	Rochester Hills, MI	—	275	1,262	356	279	1,614	1,893	1,278	1994	(j)
2900 Technology Drive	Rochester Hills, MI	—	214	977	513	219	1,485	1,704	971	1994	(j)
2930 Technology Drive	Rochester Hills, MI	—	131	594	435	138	1,022	1,160	698	1994	(j)
2950 Technology Drive	Rochester Hills, MI	—	178	819	368	185	1,180	1,365	801	1994	(j)
23014 Commerce Drive	Farmington Hills, MI	—	39	203	189	56	375	431	333	1994	(j)
23028 Commerce Drive	Farmington Hills, MI	—	98	507	278	125	758	883	704	1994	(j)
23035 Commerce Drive	Farmington Hills, MI	—	71	355	237	93	570	663	526	1994	(j)
23042 Commerce Drive	Farmington Hills, MI	—	67	277	273	89	528	617	500	1994	(j)
23065 Commerce Drive	Farmington Hills, MI	—	71	408	338	93	724	817	599	1994	(j)
23079 Commerce Drive	Farmington Hills, MI	—	68	301	290	79	580	659	524	1994	(j)
23093 Commerce Drive	Farmington Hills, MI	—	211	1,024	1,219	295	2,159	2,454	1,758	1994	(j)
23135 Commerce Drive	Farmington Hills, MI	—	146	701	392	158	1,081	1,239	904	1994	(j)
23163 Commerce Drive	Farmington Hills, MI	—	111	513	384	138	870	1,008	729	1994	(j)
23177 Commerce Drive	Farmington Hills, MI	—	175	1,007	611	254	1,539	1,793	1,313	1994	(j)
23206 Commerce Drive	Farmington Hills, MI	—	125	531	367	137	886	1,023	730	1994	(j)
23370 Commerce Drive	Farmington Hills, MI	—	59	233	174	66	400	466	374	1994	(j)
32450 N Avis Drive	Madison Heights, MI	—	281	1,590	541	286	2,126	2,412	1,047	1996	(j)
12707 Eckles Road	Plymouth Township, MI	—	255	1,445	220	267	1,653	1,920	729	1996	(j)
9300-9328 Harrison Road	Romulus, MI	—	147	834	407	159	1,229	1,388	541	1996	(j)
9330-9358 Harrison Road	Romulus, MI	—	81	456	255	89	703	792	287	1996	(j)
28420-28448 Highland Road	Romulus, MI	—	143	809	753	154	1,551	1,705	529	1996	(j)

28450-28478 Highland Road	Romulus, MI	—	81	461	457	90	909	999	343	1996	(j)
28421-28449 Highland Road	Romulus, MI	—	109	617	473	119	1,080	1,199	451	1996	(j)
28451-28479 Highland Road	Romulus, MI	—	107	608	411	117	1,009	1,126	396	1996	(j)
28825-28909 Highland Road	Romulus, MI	—	70	395	396	78	783	861	307	1996	(j)
28933-29017 Highland Road	Romulus, MI	—	112	634	599	122	1,223	1,345	434	1996	(j)
28824-28908 Highland Road	Romulus, MI	—	134	760	577	145	1,326	1,471	525	1996	(j)
28932-29016 Highland Road	Romulus, MI	—	123	694	582	133	1,266	1,399	486	1996	(j)
9710-9734 Harrison Road	Romulus, MI	—	125	706	432	135	1,128	1,263	474	1996	(j)
9740-9772 Harrison Road	Romulus, MI	—	132	749	401	143	1,139	1,282	492	1996	(j)
9840-9868 Harrison Road	Romulus, MI	—	144	815	296	155	1,100	1,255	452	1996	(j)
9800-9824 Harrison Road	Romulus, MI	—	117	664	362	127	1,016	1,143	401	1996	(j)
29265-29285 Airport Drive	Romulus, MI	—	140	794	263	151	1,046	1,197	462	1996	(j)
29185-29225 Airport Drive	Romulus, MI	—	140	792	514	151	1,295	1,446	580	1996	(j)
29149-29165 Airport Drive	Romulus, MI	—	216	1,225	305	231	1,515	1,746	674	1996	(j)
29101-29115 Airport Drive	Romulus, MI	—	130	738	285	141	1,012	1,153	472	1996	(j)
29031-29045 Airport Drive	Romulus, MI	—	124	704	215	134	909	1,043	374	1996	(j)
29050-29062 Airport Drive	Romulus, MI	—	127	718	218	137	926	1,063	385	1996	(j)
29120-29134 Airport Drive	Romulus, MI	—	161	912	522	173	1,422	1,595	569	1996	(j)

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
29200-29214 Airport Drive		Romulus, MI	—	170	963	310		182	1,261	1,443	465	1996	(j)
9301-9339 Middlebelt Road		Romulus, MI	—	124	703	444		130	1,141	1,271	510	1996	(j)
32975 Capitol Avenue		Livonia, MI	—	135	748	(166	)	77	640	717	313	1998	(j)
32920 Capitol Avenue		Livonia, MI	—	76	422	(62	)	27	409	436	217	1998	(j)
11923 Brookfield Avenue		Livonia, MI	—	120	665	(324	)	32	429	461	294	1998	(j)
450 Robbins Drive		Troy, MI	—	166	920	231		178	1,139	1,317	467	1998	(j)
12886 Westmore Avenue		Livonia, MI	—	190	1,050	(351	)	86	803	889	442	1998	(j)
47711 Clipper Street		Plymouth Township, MI	—	539	2,983	359		575	3,306	3,881	1,338	1998	(j)
32975 Industrial Road		Livonia, MI	—	160	887	(191	)	92	764	856	379	1998	(j)
32985 Industrial Road		Livonia, MI	—	137	761	(329	)	46	523	569	319	1998	(j)
32995 Industrial Road		Livonia, MI	—	160	887	(409	)	53	585	638	363	1998	(j)
12874 Westmore Avenue		Livonia, MI	—	137	761	(302	)	58	538	596	301	1998	(j)
1775 Bellingham		Troy, MI	—	344	1,902	329		367	2,208	2,575	893	1998	(j)
1785 East Maple		Troy, MI	—	92	507	200		98	701	799	257	1998	(j)
980 Chicago		Troy, MI	—	206	1,141	328		220	1,455	1,675	537	1998	(j)
1885 Enterprise Drive		Rochester Hills, MI	—	209	1,158	544		223	1,688	1,911	561	1998	(j)
1935-55 Enterprise Drive		Rochester Hills, MI	—	1,285	7,144	943		1,371	8,001	9,372	3,229	1998	(j)
5500 Enterprise Court		Warren, MI	—	675	3,737	680		721	4,371	5,092	1,751	1998	(j)
750 Chicago Road		Troy, MI	—	323	1,790	385		345	2,153	2,498	880	1998	(j)
800 Chicago Road		Troy, MI	—	283	1,567	370		302	1,918	2,220	763	1998	(j)
850 Chicago Road		Troy, MI	—	183	1,016	218		196	1,221	1,417	493	1998	(j)
1100 East Mandoline Road		Madison Heights, MI	—	888	4,915	(1,257	)	332	4,214	4,546	2,372	1998	(j)
1080, 1120, 1180 John Papalas Drive	(e)	Lincoln Park, MI	—	366	3,241	366		297	3,676	3,973	1,918	1998	(j)
4872 S. Lapeer Road		Lake Orion Twsp, MI	—	1,342	5,441	1,208		1,412	6,579	7,991	2,609	1999	(j)
1400 Allen Drive		Troy, MI	—	209	1,154	223		212	1,374	1,586	455	2000	(j)
1408 Allen Drive		Troy, MI	—	151	834	121		153	953	1,106	318	2000	(j)
32505 Industrial Drive		Madison Heights, MI	—	345	1,910	107		351	2,011	2,362	694	2000	(j)
1799-1855 Northfield Drive	(d)	Rochester Hills, MI	—	481	2,665	367		490	3,023	3,513	1,060	2000	(j)
28435 Automation Blvd		Wixom, MI	—	621	—	3,664		628	3,657	4,285	919	2004	(j)
32200 N Avis Drive		Madison Heights, MI	—	503	3,367	(1,446	)	195	2,229	2,424	867	2005	(j)
100 Kay Industrial Drive		Orion Township, MI	—	677	2,018	171		685	2,181	2,866	860	2005	(j)
11800 Sears Drive		Livonia, MI	—	693	1,507	1,212		476	2,936	3,412	1,451	2005	(j)
1099 Chicago Road		Troy, MI	—	1,277	1,332	(1,275	)	303	1,031	1,334	294	2005	(j)
42555 Merrill Road		Sterling Heights, MI	—	1,080	2,300	3,487		1,090	5,777	6,867	1,991	2006	(j)
200 Northpointe Drive		Orion Township, MI	—	723	2,063	36		734	2,088	2,822	882	2006	(j)

Houston
3351 Rauch Street	Houston, TX	—	272	1,541	510		278	2,045	2,323	764	1997	(j)
3801-3851 Yale Street	Houston, TX	1,977	413	2,343	419		425	2,750	3,175	1,158	1997	(j)
3337-3347 Rauch Street	Houston, TX	—	227	1,287	454		233	1,735	1,968	669	1997	(j)
8505 N Loop East	Houston, TX	1,630	439	2,489	626		449	3,105	3,554	1,271	1997	(j)
4749-4799 Eastpark Dr	Houston, TX	2,409	594	3,368	1,290		611	4,641	5,252	1,898	1997	(j)
4851 Homestead Road	Houston, TX	3,139	491	2,782	1,549		504	4,318	4,822	1,684	1997	(j)
3365-3385 Rauch Street	Houston, TX	1,622	284	1,611	710		290	2,315	2,605	1,022	1997	(j)
5050 Campbell Road	Houston, TX	1,871	461	2,610	1,009		470	3,610	4,080	1,316	1997	(j)
4300 Pine Timbers	Houston, TX	2,712	489	2,769	756		499	3,515	4,014	1,476	1997	(j)
2500-2530 Fairway Park Drive	Houston, TX	3,287	766	4,342	2,059		792	6,375	7,167	2,419	1997	(j)
6550 Longpointe	Houston, TX	1,567	362	2,050	1,004		370	3,046	3,416	1,092	1997	(j)
1815 Turning Basin Drive	Houston, TX	1,992	487	2,761	1,095		531	3,812	4,343	1,443	1997	(j)
1819 Turning Basin Drive	Houston, TX	—	231	1,308	591		251	1,879	2,130	753	1997	(j)
1805 Turning Basin Drive	Houston, TX	2,559	564	3,197	1,820		616	4,965	5,581	1,708	1997	(j)
9835A Genard Road	Houston, TX	—	1,505	8,333	3,257		1,581	11,514	13,095	3,962	1999	(j)
9835B Genard Road	Houston, TX	—	245	1,357	663		256	2,009	2,265	690	1999	(j)
11505 State Highway 225	LaPorte City, TX	—	940	4,675	606		940	5,281	6,221	1,847	2005	(j)
1500 E. Main Street	Houston, TX	—	201	1,328	(26	)	204	1,299	1,503	858	2005	(j)
7230-7238 Wynnwood	Houston, TX	—	254	764	173		259	932	1,191	349	2007	(j)
7240-7248 Wynnwood	Houston, TX	—	271	726	35		276	756	1,032	342	2007	(j)
7250-7260 Wynnwood	Houston, TX	—	200	481	141		203	619	822	227	2007	(j)
6400 Long Point	Houston, TX	—	188	898	(47	)	188	851	1,039	291	2007	(j)
12705 S. Kirkwood, Ste 100-150	Stafford, TX	—	154	626	8		155	633	788	166	2007	(j)
12705 S. Kirkwood, Ste 200-220	Stafford, TX	—	404	1,698	275		393	1,984	2,377	747	2007	(j)
8850 Jameel	Houston, TX	—	171	826	4		171	830	1,001	305	2007	(j)
8800 Jameel	Houston, TX	—	163	798	(100	)	124	737	861	264	2007	(j)
8700 Jameel	Houston, TX	—	170	1,020	(178	)	120	892	1,012	236	2007	(j)
8600 Jameel	Houston, TX	—	163	818	41		163	859	1,022	313	2007	(j)
7967 Blankenship	Houston, TX	—	307	1,166	337		307	1,503	1,810	363	2010	(j)
8800 City Park Loop East	Houston, TX	23,226	3,717	19,237	(659	)	3,717	18,578	22,295	2,726	2011	(j)
4800 West Greens Road	Houston, TX	—	3,350	—	12,057		3,318	12,089	15,407	75	2014	(j)
Indianapolis
1445 Brookville Way	Indianapolis, IN	—	459	2,603	1,063		476	3,649	4,125	1,548	1996	(j)
1440 Brookville Way	Indianapolis, IN	3,661	665	3,770	985		685	4,735	5,420	2,049	1996	(j)
1240 Brookville Way	Indianapolis, IN	—	247	1,402	324		258	1,715	1,973	776	1996	(j)
1345 Brookville Way	Indianapolis, IN	—	586	3,321	1,160		601	4,466	5,067	1,872	1996	(j)
1350 Brookville Way	Indianapolis, IN	—	205	1,161	249		204	1,411	1,615	639	1996	(j)
1341 Sadlier Circle South	Indianapolis, IN	—	131	743	205		136	943	1,079	414	1996	(j)
1322-1438 Sadlier Circle East	Indianapolis, IN	—	145	822	296		152	1,111	1,263	491	1996	(j)
1327-1441 Sadlier Circle West	Indianapolis, IN	—	218	1,234	607		225	1,834	2,059	740	1996	(j)

1402-1430 Sadlier Circle West	Indianapolis, IN	—	165	934	398		171	1,326	1,497	581	1996	(j)
1504 Sadlier Circle South	Indianapolis, IN	—	219	1,238	(104	)	115	1,238	1,353	746	1996	(j)
1365-1367 Sadlier Way Circle East	Indianapolis, IN	—	121	688	181		91	899	990	393	1996	(j)
1352-1354 Sadlier Circle West	Indianapolis, IN	—	178	1,008	186		166	1,206	1,372	541	1996	(j)
1335 Sadlier Circle East	Indianapolis, IN	—	81	460	202		85	658	743	287	1996	(j)
1425 Sadlier Circle West	Indianapolis, IN	—	21	117	41		23	156	179	67	1996	(j)
6951 East 30th Street	Indianapolis, IN	—	256	1,449	227		265	1,667	1,932	754	1996	(j)
6701 East 30th Street	Indianapolis, IN	—	78	443	98		82	537	619	247	1996	(j)
6737 East 30th Street	Indianapolis, IN	1,722	385	2,181	222		398	2,390	2,788	1,098	1996	(j)

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
6555 East 30th Street	Indianapolis, IN	—	484	4,760	2,065		484	6,825	7,309	2,870	1996	(j)
7901 West 21st Street	Indianapolis, IN	4,946	1,048	6,027	246		1,048	6,273	7,321	2,725	1997	(j)
1225 Brookville Way	Indianapolis, IN	—	60	—	417		68	409	477	172	1997	(j)
6751 E 30th Street	Indianapolis, IN	2,420	728	2,837	354		741	3,178	3,919	1,301	1997	(j)
5705-97 Park Plaza Court	Indianapolis, IN	2,464	600	2,194	853		609	3,038	3,647	1,070	2003	(j)
9319-9341 Castlegate Drive	Indianapolis, IN	—	530	1,235	688		544	1,909	2,453	652	2003	(j)
1133 Northwest L Street	Richmond, IN	—	201	1,358	(188	)	208	1,163	1,371	636	2006	(j)
14425 Bergen Blvd	Noblesville, IN	—	647	—	3,484		743	3,388	4,131	615	2007	(j)
Miami
4700 NW 15th Avenue	Ft. Lauderdale, FL	—	908	1,883	269		912	2,148	3,060	777	2007	(j)
4710 NW 15th Avenue	Ft. Lauderdale, FL	—	830	2,722	346		834	3,064	3,898	856	2007	(j)
4720 NW 15th Avenue	Ft. Lauderdale, FL	—	937	2,455	404		942	2,854	3,796	828	2007	(j)
4740 NW 15th Avenue	Ft. Lauderdale, FL	—	1,107	3,111	320		1,112	3,426	4,538	944	2007	(j)
4750 NW 15th Avenue	Ft. Lauderdale, FL	—	947	3,079	406		951	3,481	4,432	785	2007	(j)
4800 NW 15th Avenue	Ft. Lauderdale, FL	—	1,092	3,308	514		1,097	3,817	4,914	1,050	2007	(j)
6891 NW 74th Street	Medley, FL	—	857	3,428	3,988		864	7,409	8,273	1,687	2007	(j)
12601 &12605 NW 115th Avenue	Medley, FL	—	2,316	—	440		762	1,994	2,756	270	2008	(j)
Milwaukee
5355 South Westridge Drive	New Berlin, WI	5,089	1,630	7,058	(108	)	1,646	6,934	8,580	1,643	2004	(j)
320-334 W. Vogel Avenue	Milwaukee, WI	2,692	506	3,199	(100	)	508	3,097	3,605	1,481	2005	(j)
4950 South 6th Avenue	Milwaukee, WI	1,444	299	1,565	273		301	1,836	2,137	1,026	2005	(j)
W140 N9059 Lilly Road	Menomonee Falls, WI	—	343	1,153	117		366	1,247	1,613	420	2005	(j)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI	1,641	301	2,150	(22	)	302	2,127	2,429	1,021	2005	(j)
4921 S. 2nd Street	Milwaukee, WI	—	101	713	(196	)	58	560	618	278	2005	(j)
1500 Peebles Drive	Richland Center, WI	—	1,577	1,018	(278	)	1,528	789	2,317	697	2005	(j)
16600 West Glendale Avenue	New Berlin, WI	2,317	704	1,923	933		715	2,845	3,560	1,494	2006	(j)
2485 Commerce Drive	New Berlin, WI	1,386	483	1,516	131		491	1,639	2,130	743	2007	(j)
14518 Whittaker Way	Menomonee Falls, WI	—	437	1,082	382		445	1,456	1,901	538	2007	(j)
N58W15380 Shawn Circle	Menomonee Falls, WI	—	1,188	—	16,931		1,204	16,915	18,119	3,014	2008	(j)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN	3,293	1,358	8,622	13,466		1,519	21,927	23,446	11,065	1994	(j)
7251-7267 Washington Avenue	Edina, MN	—	129	382	871		182	1,200	1,382	842	1994	(j)
7301-7325 Washington Avenue	Edina, MN	—	174	391	70		193	442	635	113	1994	(j)
7101 Winnetka Avenue South	Brooklyn Park, MN	5,629	2,195	6,084	3,996		2,228	10,047	12,275	7,107	1994	(j)
9901 West 74th Street	Eden Prairie, MN	3,303	621	3,289	3,291		639	6,562	7,201	5,599	1994	(j)

1030 Lone Oak Road	Eagan, MN	2,553	456	2,703	764		456	3,467	3,923	1,588	1994	(j)
1060 Lone Oak Road	Eagan, MN	3,216	624	3,700	616		624	4,316	4,940	2,115	1994	(j)
5400 Nathan Lane	Plymouth, MN	2,826	749	4,461	951		757	5,404	6,161	2,660	1994	(j)
10120 W 76th Street	Eden Prairie, MN	—	315	1,804	1,884		315	3,688	4,003	1,978	1995	(j)
12155 Nicollet Avenue	Burnsville, MN	—	286	—	1,809		288	1,807	2,095	829	1995	(j)
4100 Peavey Road	Chaska, MN	—	277	2,261	779		277	3,040	3,317	1,332	1996	(j)
5205 Highway 169	Plymouth, MN	—	446	2,525	891		578	3,284	3,862	1,526	1996	(j)
7100-7198 Shady Oak Road	Eden Prairie, MN	4,569	715	4,054	2,252		736	6,285	7,021	2,484	1996	(j)
7500-7546 Washington Avenue	Eden Prairie, MN	—	229	1,300	881		235	2,175	2,410	928	1996	(j)
7550-7586 Washington Avenue	Eden Prairie, MN	—	153	867	290		157	1,153	1,310	511	1996	(j)
5240-5300 Valley Industrial Blvd	Shakopee, MN	2,450	362	2,049	1,215		371	3,255	3,626	1,215	1996	(j)
500-530 Kasota Avenue SE	Minneapolis, MN	—	415	2,354	1,276		434	3,611	4,045	1,467	1998	(j)
2530-2570 Kasota Avenue	St. Paul, MN	—	407	2,308	964		441	3,238	3,679	1,315	1998	(j)
5775 12th Avenue	Shakopee, MN	3,965	590	—	5,279		590	5,279	5,869	2,103	1998	(j)
1157 Valley Park Drive	Shakopee, MN	3,969	760	—	6,803		888	6,675	7,563	2,579	1999	(j)
9600 West 76th Street	Eden Prairie, MN	2,325	1,000	2,450	483		1,034	2,899	3,933	968	2004	(j)
9700 West 76th Street	Eden Prairie, MN	3,151	1,000	2,709	1,007		1,038	3,678	4,716	1,284	2004	(j)
7600 69th Avenue	Greenfield, MN	—	1,500	8,328	1,391		1,510	9,709	11,219	3,571	2004	(j)
5017 Boone Avenue North	New Hope, MN	—	1,000	1,599	(6	)	1,009	1,584	2,593	813	2005	(j)
2300 West Highway 13	Burnsville, MN	—	2,517	6,069	(1,651	)	1,296	5,639	6,935	3,449	2005	(j)
1087 Park Place	Shakopee, MN	4,218	1,195	4,891	(409	)	1,198	4,479	5,677	1,091	2005	(j)
5391 12th Avenue SE	Shakopee, MN	4,381	1,392	8,149	(495	)	1,395	7,651	9,046	1,915	2005	(j)
4701 Valley Industrial Blvd S	Shakopee, MN	5,483	1,296	7,157	(337	)	1,299	6,817	8,116	2,477	2005	(j)
7035 Winnetka Avenue North	Brooklyn Park, MN	4,076	1,275	—	6,492		1,343	6,424	7,767	1,245	2007	(j)
139 Eva Street	St. Paul, MN	—	2,132	3,105	(286	)	2,175	2,776	4,951	560	2008	(j)
21900 Dodd Boulevard	Lakeville, MN	9,031	2,289	7,952	—		2,289	7,952	10,241	1,692	2010	(j)
375 Rivertown Drive	Woodbury, MN	7,058	2,635	8,157	48		2,635	8,205	10,840	407	2014	(j)
935 Aldrin Drive	Eagan, MN	—	2,096	7,884	1		2,096	7,885	9,981	65	2014	(j)
7050 Winnetka Avenue North	Brooklyn Park, MN	—	1,623	—	7,792		1,632	7,783	9,415	—	2014	(j)
7051 West Broadway	Brooklyn Park, MN	—	1,275	—	5,246		1,277	5,244	6,521	—	2014	(j)
Nashville
3099 Barry Drive	Portland, TN	—	418	2,368	(683	)	248	1,855	2,103	1,022	1996	(j)
1931 Air Lane Drive	Nashville, TN	2,344	489	2,785	327		493	3,108	3,601	1,326	1997	(j)
4640 Cummings Park	Nashville, TN	2,053	360	2,040	638		365	2,673	3,038	957	1999	(j)
1740 River Hills Drive	Nashville, TN	2,759	848	4,383	607		888	4,950	5,838	1,933	2005	(j)
211 Ellery Court	Nashville, TN	2,727	606	3,192	349		616	3,531	4,147	1,098	2007	(j)
130 Maddox Road	Gallatin, TN	15,636	1,778	—	23,548		1,778	23,548	25,326	3,490	2008	(j)
Northern New Jersey
14 World's Fair Drive	Franklin, NJ	—	483	2,735	717		503	3,432	3,935	1,490	1997	(j)
12 World's Fair Drive	Franklin, NJ	—	572	3,240	1,071		593	4,290	4,883	1,887	1997	(j)
22 World's Fair Drive	Franklin, NJ	—	364	2,064	533		375	2,586	2,961	1,029	1997	(j)

26 World's Fair Drive	Franklin, NJ	—	361	2,048	523	377	2,555	2,932	1,052	1997	(j)
24 World's Fair Drive	Franklin, NJ	—	347	1,968	490	362	2,443	2,805	1,040	1997	(j)
20 World's Fair Drive Lot 13	Sumerset, NJ	—	9	—	2,576	691	1,894	2,585	657	1999	(j)
45 Route 46	Pine Brook, NJ	—	969	5,491	913	978	6,395	7,373	2,256	2000	(j)
43 Route 46	Pine Brook, NJ	—	474	2,686	551	479	3,232	3,711	1,223	2000	(j)
39 Route 46	Pine Brook, NJ	—	260	1,471	197	262	1,666	1,928	583	2000	(j)
26 Chapin Road	Pine Brook, NJ	—	956	5,415	672	965	6,078	7,043	2,177	2000	(j)
30 Chapin Road	Pine Brook, NJ	—	960	5,440	499	969	5,930	6,899	2,080	2000	(j)
20 Hook Mountain Road	Pine Brook, NJ	—	1,507	8,542	2,809	1,534	11,324	12,858	4,700	2000	(j)
30 Hook Mountain Road	Pine Brook, NJ	—	389	2,206	539	396	2,738	3,134	977	2000	(j)
16 Chapin Road	Pine Brook, NJ	—	885	5,015	516	901	5,515	6,416	1,924	2000	(j)
20 Chapin Road	Pine Brook, NJ	—	1,134	6,426	598	1,154	7,004	8,158	2,383	2000	(j)
2500 Main Street	Sayreville, NJ	—	944	—	4,558	944	4,558	5,502	1,319	2002	(j)

Building Address	Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
			Land	Buildings and Improvements			Land	Buildings and Improvements	Total
		(In thousands)
2400 Main Street	Sayreville, NJ	—	996	—	5,575		996	5,575	6,571	1,507	2003	(j)
309-313 Pierce Street	Somerset, NJ	3,283	1,300	4,628	1,020		1,309	5,639	6,948	1,968	2004	(j)
Philadelphia
3240 S. 78th Street	Philadelphia, PA	—	515	1,245	(492	)	423	845	1,268	251	2005	(j)
2455 Boulevard of Generals	Norristown, PA	3,235	1,200	4,800	846		1,226	5,620	6,846	1,894	2008	(j)
Phoenix
1045 South Edward Drive	Tempe, AZ	—	390	2,160	370		396	2,524	2,920	877	1999	(j)
50 South 56th Street	Chandler, AZ	3,766	1,206	3,218	1,362		1,252	4,534	5,786	1,224	2004	(j)
4701 W. Jefferson	Phoenix, AZ	2,508	926	2,195	443		929	2,635	3,564	1,418	2005	(j)
7102 W. Roosevelt	Phoenix, AZ	—	1,613	6,451	344		1,620	6,788	8,408	2,207	2006	(j)
4137 West Adams Street	Phoenix, AZ	—	990	2,661	467		1,038	3,080	4,118	1,039	2006	(j)
245 W. Lodge	Tempe, AZ	—	898	3,066	(1,890	)	362	1,712	2,074	710	2007	(j)
1590 E Riverview Dr.	Phoenix, AZ	4,721	1,293	5,950	403		1,292	6,354	7,646	1,396	2008	(j)
14131 N. Rio Vista Blvd	Peoria, AZ	—	2,563	9,388	1,101		2,563	10,489	13,052	2,665	2008	(j)
8716 W. Ludlow Drive	Peoria, AZ	—	2,709	10,970	1,393		2,709	12,363	15,072	2,869	2008	(j)
3815 W. Washington Street	Phoenix, AZ	3,589	1,675	4,514	149		1,719	4,619	6,338	959	2008	(j)
9180 W. Buckeye Road	Tolleson, AZ	7,021	1,904	6,805	2,568		1,923	9,354	11,277	1,665	2008	(j)
8644 West Ludlow Drive	Peoria, AZ	—	1,726	7,216	—		1,726	7,216	8,942	43	2014	(j)
8606 West Ludlow Drive	Peoria, AZ	—	956	2,668	—		956	2,668	3,624	17	2014	(j)
8679 West Ludlow Drive	Peoria, AZ	—	672	2,791	—		672	2,791	3,463	17	2014	(j)
Salt Lake City
1270 West 2320 South	West Valley, UT	—	138	784	144		143	923	1,066	362	1998	(j)
1275 West 2240 South	West Valley, UT	—	395	2,241	352		408	2,580	2,988	1,032	1998	(j)
1288 West 2240 South	West Valley, UT	—	119	672	136		123	804	927	319	1998	(j)
2235 South 1300 West	West Valley, UT	—	198	1,120	168		204	1,282	1,486	512	1998	(j)
1293 West 2200 South	West Valley, UT	—	158	896	282		163	1,173	1,336	471	1998	(j)
1279 West 2200 South	West Valley, UT	—	198	1,120	369		204	1,483	1,687	715	1998	(j)
1272 West 2240 South	West Valley, UT	—	336	1,905	410		347	2,304	2,651	966	1998	(j)
1149 West 2240 South	West Valley, UT	—	217	1,232	325		225	1,549	1,774	620	1998	(j)
1142 West 2320 South	West Valley, UT	—	217	1,232	260		225	1,484	1,709	571	1998	(j)
1152 West 2240 South	West Valley, UT	—	1,652	—	2,323		669	3,306	3,975	1,190	2000	(j)
1815-1957 South 4650 West	Salt Lake City, UT	6,983	1,707	10,873	541		1,713	11,408	13,121	3,065	2006	(j)
2100 Alexander Street	West Valley, UT	—	376	1,670	319		376	1,989	2,365	518	2007	(j)
2064 Alexander Street	West Valley, UT	—	864	2,771	83		869	2,849	3,718	825	2007	(j)
Seattle

1901 Raymond Ave SW	Renton, WA	1,101	4,458	2,659	400		4,594	2,923	7,517	624	2008	(j)
19014 64th Avenue South	Kent, WA	3,063	1,990	3,979	514		2,042	4,441	6,483	1,116	2008	(j)
18640 68th Avenue South	Kent, WA	440	1,218	1,950	307		1,258	2,217	3,475	551	2008	(j)
Southern California
1944 Vista Bella Way	Rancho Dominguez, CA	3,620	1,746	3,148	465		1,822	3,537	5,359	1,298	2005	(j)
2000 Vista Bella Way	Rancho Dominguez, CA	1,314	817	1,673	292		853	1,929	2,782	737	2005	(j)
2835 East Ana Street	Rancho Dominguez, CA	3,105	1,682	2,750	339		1,772	2,999	4,771	963	2005	(j)
16275 Technology Drive	San Diego, CA	—	2,848	8,641	527		2,859	9,157	12,016	2,359	2005	(j)
665 N. Baldwin Park Blvd.	City of Industry, CA	4,226	2,124	5,219	1,601		2,143	6,801	8,944	2,477	2006	(j)
27801 Avenue Scott	Santa Clarita, CA	7,228	2,890	7,020	788		2,902	7,796	10,698	2,377	2006	(j)
2610 & 2660 Columbia Street	Torrance, CA	4,524	3,008	5,826	740		3,031	6,543	9,574	1,770	2006	(j)
433 Alaska Avenue	Torrance, CA	—	681	168	(5	)	684	160	844	85	2006	(j)
4020 S. Compton Avenue	Los Angeles, CA	—	3,800	7,330	(233	)	3,825	7,072	10,897	1,716	2006	(j)
6305 El Camino Real	Carlsbad, CA	—	1,590	6,360	7,730		1,590	14,090	15,680	3,419	2006	(j)
2325 Camino Vida Roble	Carlsbad, CA	1,954	1,441	1,239	627		1,446	1,861	3,307	458	2006	(j)
2335 Camino Vida Roble	Carlsbad, CA	1,055	817	762	207		821	965	1,786	350	2006	(j)
2345 Camino Vida Roble	Carlsbad, CA	681	562	456	51		565	504	1,069	224	2006	(j)
2355 Camino Vida Roble	Carlsbad, CA	640	481	365	237		483	600	1,083	171	2006	(j)
2365 Camino Vida Roble	Carlsbad, CA	1,212	1,098	630	323		1,102	949	2,051	273	2006	(j)
2375 Camino Vida Roble	Carlsbad, CA	1,326	1,210	874	96		1,214	966	2,180	323	2006	(j)
6451 El Camino Real	Carlsbad, CA	—	2,885	1,931	623		2,895	2,544	5,439	802	2006	(j)
8572 Spectrum Lane	San Diego, CA	2,034	806	3,225	274		807	3,498	4,305	680	2007	(j)
13100 Gregg Street	Poway, CA	—	1,040	4,160	509		1,073	4,636	5,709	1,353	2007	(j)
21730-21748 Marilla Street	Chatsworth, CA	2,766	2,585	3,210	58		2,608	3,245	5,853	912	2007	(j)
8015 Paramount	Pico Rivera, CA	—	3,616	3,902	61		3,657	3,922	7,579	1,395	2007	(j)
3365 E. Slauson	Vernon, CA	—	2,367	3,243	40		2,396	3,254	5,650	1,219	2007	(j)
3015 East Ana	Rancho Dominguez, CA	—	19,678	9,321	6,305		20,144	15,160	35,304	3,470	2007	(j)
19067 Reyes Avenue	Rancho Dominguez, CA	—	9,281	3,920	102		9,381	3,922	13,303	1,557	2007	(j)
24870 Nandina Avenue	Moreno Valley, CA	—	13,543	—	20,885		6,482	27,946	34,428	1,627	2012	(j)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,435	779	42		1,441	815	2,256	331	2007	(j)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,353	722	(844	)	675	556	1,231	232	2007	(j)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,224	716	21		1,229	732	1,961	305	2007	(j)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA	2,861	2,043	3,408	(114	)	2,051	3,286	5,337	682	2007	(j)
1290 Rancho Conejo Blvd.	Thousand Oaks, CA	2,416	1,754	2,949	(204	)	1,761	2,738	4,499	594	2007	(j)
100 West Sinclair Street	Riverside, CA	—	4,894	3,481	(5,233	)	1,819	1,323	3,142	540	2007	(j)
14050 Day Street	Moreno Valley, CA	3,313	2,538	2,538	290		2,565	2,801	5,366	779	2008	(j)
12925 Marlay Avenue	Fontana, CA	9,092	6,072	7,891	762		6,090	8,635	14,725	3,159	2008	(j)
18201-18291 Santa Fe	Rancho Dominguez, CA	9,708	6,720	—	9,004		6,897	8,827	15,724	1,636	2008	(j)
1011 Rancho Conejo	Thousand Oaks, CA	5,328	7,717	2,518	(156	)	7,752	2,327	10,079	1,000	2008	(j)
2300 Corporate Center Drive	Thousand Oaks, CA	—	6,506	4,885	(5,427	)	3,236	2,728	5,964	901	2008	(j)
19021 S. Reyes Avenue	Rancho Dominguez, CA	—	8,183	7,501	761		8,545	7,900	16,445	1,675	2008	(j)

6185 Kimball Avenue		Chino, CA	—	6,385	—	12,343		6,382	12,346	18,728	796	2013	(j)
5555 Bandini Blvd.		Bell, CA	—	32,536	—	20,917		32,540	20,913	53,453	647	2013	(j)
16875 Heacock Street		Moreno Valley, CA	—	—	6,831	72		—	6,903	6,903	253	2014	(j)
4710 Guasti Road		Ontario, CA	—	2,846	6,564	—		2,846	6,564	9,410	41	2014	(j)
17100 Perris Blvd		Moreno Valley, CA	—	6,388	—	22,595		6,395	22,588	28,983	356	2014	(j)
13414 S. Figueroa		Los Angeles, CA	—	1,701	—	6,577		1,887	6,391	8,278	88	2014	(j)
Southern New Jersey
2060 Springdale Road		Cherry Hill, NJ	—	258	1,436	625		258	2,061	2,319	808	1998	(j)
111 Whittendale Drive		Morrestown, NJ	—	522	2,916	519		522	3,435	3,957	1,217	2000	(j)
7851 Airport Highway		Pennsauken, NJ	—	160	508	381		162	887	1,049	352	2003	(j)
103 Central Avenue		Mt. Laurel, NJ	—	610	1,847	1,471		619	3,309	3,928	1,085	2003	(j)
7890 Airport Hwy/7015 Central		Pennsauken, NJ	—	300	989	543		425	1,407	1,832	947	2006	(j)
600 Creek Road		Delanco, NJ	—	2,125	6,504	(3,821	)	1,557	3,251	4,808	746	2007	(j)
St. Louis
10431 Midwest Industrial Blvd		Olivette, MO	1,446	237	1,360	745		237	2,105	2,342	875	1994	(j)
10751 Midwest Industrial Boulevard		Olivette, MO	—	193	1,119	294		194	1,412	1,606	584	1994	(j)
6951 N Hanley	(d)	Hazelwood, MO	—	405	2,295	2,577		419	4,858	5,277	1,839	1996	(j)
1067-1083 Warson-Bldg A		St. Louis, MO	1,642	246	1,359	826		251	2,180	2,431	570	2002	(j)
1093-1107 Warson-Bldg B		St. Louis, MO	2,813	380	2,103	1,681		388	3,776	4,164	1,027	2002	(j)
1113-1129 Warson-Bldg C		St. Louis, MO	2,322	303	1,680	1,454		310	3,127	3,437	1,139	2002	(j)
1131-1151 Warson-Bldg D		St. Louis, MO	2,198	353	1,952	949		360	2,894	3,254	766	2002	(j)
6821-6857 Hazelwood Avenue		Berkeley, MO	—	985	6,205	908		985	7,113	8,098	2,090	2003	(j)
13701 Rider Trail North		Earth City, MO	—	800	2,099	710		804	2,805	3,609	1,025	2003	(j)
1908-2000 Innerbelt	(d)	Overland, MO	7,215	1,590	9,026	1,095		1,591	10,120	11,711	3,741	2004	(j)
9060 Latty Avenue		Berkeley, MO	—	687	1,947	(90	)	694	1,850	2,544	1,554	2006	(j)
21-25 Gateway Commerce Center		Edwardsville, IL	—	1,874	31,958	(331	)	1,902	31,599	33,501	7,272	2006	(j)

Building Address		Location (City/State)	(a) Encumbrances	(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/14			Accumulated Depreciation 12/31/2014	Year Acquired/ Constructed	Depreciable Lives (Years)
				Land	Buildings and Improvements			Land	Buildings and Improvements	Total
			(In thousands)
6647 Romiss Court		St. Louis, MO	—	230	681	(8	)	241	662	903	245	2008	(j)
Tampa
5313 Johns Road		Tampa, FL	—	204	1,159	573		257	1,679	1,936	640	1997	(j)
5525 Johns Road		Tampa, FL	—	192	1,086	294		200	1,372	1,572	539	1997	(j)
5709 Johns Road		Tampa, FL	—	192	1,086	197		200	1,275	1,475	534	1997	(j)
5711 Johns Road		Tampa, FL	—	243	1,376	159		255	1,523	1,778	640	1997	(j)
5453 W Waters Avenue		Tampa, FL	—	71	402	163		82	554	636	236	1997	(j)
5455 W Waters Avenue		Tampa, FL	—	307	1,742	747		326	2,470	2,796	1,043	1997	(j)
5553 W Waters Avenue		Tampa, FL	—	307	1,742	417		326	2,140	2,466	885	1997	(j)
5501 W Waters Avenue		Tampa, FL	—	215	871	298		242	1,142	1,384	491	1997	(j)
5503 W Waters Avenue		Tampa, FL	—	98	402	328		110	718	828	374	1997	(j)
5555 W Waters Avenue		Tampa, FL	—	213	1,206	230		221	1,428	1,649	625	1997	(j)
5557 W Waters Avenue		Tampa, FL	—	59	335	59		62	391	453	160	1997	(j)
5461 W Waters Avenue		Tampa, FL	—	261	—	1,355		265	1,351	1,616	541	1998	(j)
5481 W Waters Avenue		Tampa, FL	—	558	—	2,263		561	2,260	2,821	832	1999	(j)
4515-4519 George Road		Tampa, FL	—	633	3,587	854		640	4,434	5,074	1,526	2001	(j)
6089 Johns Road		Tampa, FL	—	180	987	2		186	983	1,169	320	2004	(j)
6091 Johns Road		Tampa, FL	—	140	730	(32	)	144	694	838	219	2004	(j)
6103 Johns Road		Tampa, FL	—	220	1,160	16		226	1,170	1,396	387	2004	(j)
6201 Johns Road		Tampa, FL	—	200	1,107	3		205	1,105	1,310	415	2004	(j)
6203 Johns Road		Tampa, FL	—	300	1,460	(311	)	311	1,138	1,449	348	2004	(j)
6205 Johns Road		Tampa, FL	—	270	1,363	152		278	1,507	1,785	445	2004	(j)
6101 Johns Road		Tampa, FL	—	210	833	49		216	876	1,092	304	2004	(j)
4908 Tampa West Blvd		Tampa, FL	—	2,622	8,643	(820	)	2,635	7,810	10,445	2,722	2005	(j)
4900-4914 Creekside Drive	(h)	Clearwater, FL	—	3,702	7,338	(3,486	)	2,245	5,309	7,554	1,787	2006	(j)
12345 Starkey Road		Largo, FL	—	898	2,078	(629	)	599	1,748	2,347	651	2006	(j)
Other
5050 Kendrick Court		Grand Rapids, MI	—	1,721	11,433	(2,272	)	988	9,894	10,882	7,264	1994	(j)
6266 Hurt Road		Horn Lake, MS	—	427	—	3,712		387	3,752	4,139	836	2004	(j)
6301 Hazeltine National Drive		Orlando, FL	—	909	4,613	57		920	4,659	5,579	1,718	2005	(j)
12626 Silicon Drive		San Antonio, TX	—	768	3,448	(449	)	779	2,988	3,767	934	2005	(j)
3100 Pinson Valley Parkway		Birmingham, AL	—	303	742	(280	)	225	540	765	212	2005	(j)
3730 Wheeler Avenue		Fort Smith, AR	—	720	2,800	(589	)	583	2,348	2,931	827	2006	(j)
3200 Pond Station		Jefferson County, KY	—	2,074	—	9,896		2,120	9,850	11,970	2,052	2007	(j)
7501 NW 106th Terrace		Kansas City, MO	10,997	4,152	—	13,659		4,228	13,583	17,811	2,108	2008	(j)

600 Greene Drive		Greenville, KY	—		294		8,570		(727		)	296		7,841		8,137		4,094		2008	(j)
Land Parcels
Land Parcels	(i)		—		113,428		—		6,710			104,513		15,625		120,138		2,180
Total			$	518,754	$	643,104	$	1,466,799	$	672,060		$	617,426	$	2,164,537	$	2,781,963	$	686,451

_______________________

NOTES:

(a) See description of encumbrances in Note 6 of the Notes to Consolidated Financial Statements For purposes of this schedule. the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance.

(b) Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.

(c) Improvements are net of the write-off of fully depreciated assets and impairment of real estate.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) These properties represent developable land and land parcels for which we receive ground lease income.

(j) Depreciation is computed based upon the following estimated lives:

Buildings and Improvements	7 to 50 years
Land Improvements	3 to 20 years
Tenant Improvements	Shorter of Lease Term or Useful Life

At December 31, 2014, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.8 billion (excluding construction in progress).

The changes in investment in real estate, including investment in real estate held for sale, for the three years ended December 31, are as follows:

	2014			2013			2012
				(In thousands)
Balance, Beginning of Year	$	2,748,179		$	2,773,501		$	2,766,989
Acquisition of Real Estate Assets	74,652			69,481			58,886
Construction Costs and Improvements	96,202			74,254			64,600
Disposition of Real Estate Assets	(89,518		)	(136,705		)	(90,794		)
Impairment of Real Estate	—			(2,652		)	(1,101		)
Write-off of Fully Depreciated Assets	(25,393		)	(29,700		)	(25,079		)
Balance, End of Year	$	2,804,122		$	2,748,179		$	2,773,501

The changes in accumulated depreciation, including accumulated depreciation for real estate held for sale, for the three years ended December 31, are as follows:

	2014			2013			2012
				(In thousands)
Balance, Beginning of Year	$	652,971		$	642,439		$	609,986
Depreciation for Year	83,116			83,835			88,123
Disposition of Real Estate Assets	(24,243		)	(43,603		)	(30,591		)
Write-off of Fully Depreciated Assets	(25,393		)	(29,700		)	(25,079		)
Balance, End of Year	$	686,451		$	652,971		$	642,439

XML

Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Land	$ 30,104	$ 34,518	$ 40,003
Building Improvements	44,070	33,244
Other Assets	1,863	517
Deferred Leasing Intangibles, Net	10,020	4,533
Total Purchase Price	$ 86,057	$ 72,812	$ 21,819

XML

Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

The following tables summarize our quarterly financial information. The first, second and third fiscal quarters of 2014 and all fiscal quarters in 2013 have been revised in accordance with guidance on accounting for discontinued operations. Net Income (Loss) Available to Unitholders and Participating Securities and basic and diluted EPU from Net Income (Loss) Available to Unitholders have not been affected.

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	73,536		$	74,082		$	76,210		$	78,777
Equity in Income of Other Real Estate Partnerships	3,094			2,516			4,775			3,826
Equity in Income (Loss) of Joint Ventures	2,966			556			(14		)	(9		)
Income from Continuing Operations	4,218			3,281			10,145			8,043
Income from Discontinued Operations	860			946			12,073			11,702
Loss on Sale of Real Estate	—			—			—			(83		)
Net Income	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(21		)	(33		)	(41		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(10		)	(10		)	(49		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted Earnings Per Unit:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.09		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.10		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	114,245			114,278			114,512			114,512
LTIP Unit Awards	539			589			199			287
Weighted Average Units —Diluted	114,784			114,867			114,711			114,799

	Year Ended December 31, 2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	68,791		$	70,019		$	69,377		$	71,540
Equity in Income of Other Real Estate Partnerships	2,172			2,399			4,546			2,486
Equity in Income of Joint Ventures	20			27			72			17
Income (Loss) from Continuing Operations	299			(1,548		)	4,958			2,284
(Loss) Income from Discontinued Operations	(1,689		)	12,941			3,559			19,809
Gain on Sale of Real Estate, Net of Income Tax	262			—			221			337
Net (Loss) Income	(1,128		)	11,393			8,738			22,430
Preferred Unit Distributions	(3,837		)	(2,277		)	(1,392		)	(1,227		)
Redemption of Preferred Units	—			(3,546		)	(2,121		)	—
Net (Loss) Income Available to Unitholders and Participating Securities	(4,965		)	5,570			5,225			21,203
Income from Continuing Operations Allocable to Participating Securities	(36		)	—			(13		)	(6		)
Income from Discontinued Operations Allocable to Participating Securities	—			(42		)	(29		)	(85		)
Net (Loss) Income Available to Unitholders	$	(5,001	)	$	5,528		$	5,183		$	21,112
Basic Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.18
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.19
Diluted Earnings Per Unit:
(Loss) Income from Continuing Operations Available to Unitholders	$	(0.03	)	$	(0.06	)	$	0.01		$	0.01
(Loss) Income from Discontinued Operations Attributable to Unitholders	$	(0.02	)	$	0.11		$	0.03		$	0.17
Net (Loss) Income Available to Unitholders	$	(0.05	)	$	0.05		$	0.04		$	0.18
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units —Basic	105,477			112,808			114,089			114,089
LTIP Unit Awards	—			—			407			485
Weighted Average Units —Diluted	105,477			112,808			114,496			114,574

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 51,185	$ 41,433	$ (2,418)
Mark-to-Market Loss on Interest Rate Protection Agreements	(12,279)	0	0
Amortization of Interest Rate Protection Agreements	1,358	2,411	2,271
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	0	1,116	3,247
Foreign Currency Translation Adjustment	(93)	(60)	32
Comprehensive Income	$ 40,171	$ 44,900	$ 3,132

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Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Tenant Improvements	Shorter of Lease Term or Useful Life
Buildings and Improvements | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Property, Plant and Equipment Useful Life	7 years
Buildings and Improvements | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Property, Plant and Equipment Useful Life	50 years
Land Improvements | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Property, Plant and Equipment Useful Life	3 years
Land Improvements | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Property, Plant and Equipment Useful Life	20 years

XML

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

In order to conform with generally accepted accounting principles, we are required in preparation of our financial statements to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2014 and 2013, and the reported amounts of revenues and expenses for each of the years ended December 31, 2014, 2013 and 2012. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the 2013 and 2012 financial statements to conform to the 2014 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 50
Land Improvements	3 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Shorter of Lease Term or Useful Life

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2014		December 31, 2013
In-Place Leases	$	15,441	$	14,045
Above Market Leases	2,504		3,004
Below Market Ground Lease Obligation	1,823		—
Tenant Relationships	10,936		9,532
Total Included in Total Assets, Net of $26,306 and $26,663 of Accumulated Amortization	$	30,704	$	26,581
Below Market Leases	$	11,097	$	11,879
Total Included in Total Liabilities, Net of $7,981 and $7,604 of Accumulated Amortization	$	11,097	$	11,879

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $5,923, $5,071 and $6,070 for the years ended December 31, 2014, 2013 and 2012, respectively. Rental revenues increased by $875, $465 and $659 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2014, 2013 and 2012, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2015	$	5,465	$	355
2016	$	4,242	$	900
2017	$	3,778	$	863
2018	$	2,919	$	790
2019	$	2,244	$	748

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts are translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $16,633 and $16,520 at December 31, 2014 and 2013, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investment in and Advances to Other Real Estate Partnerships

Investment in and Advances to Other Real Estate Partnerships represents our limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. We account for our Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, our share of earnings or losses of the Other Real Estate Partnerships is reflected in income as earned and contributions or distributions increase or decrease, respectively, our Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively.

On a continuous basis, we assess whether there are any indicators that the value of our Investment in and Advances to Other Real Estate Partnerships may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties and the discount rate used to value the debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated by management in the impairment analyses may not be realized.

Investments in Joint Ventures

Investments in joint ventures represent our limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited partner Units are reported within Partners’ Capital in the balance sheet as of December 31, 2014 and 2013 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2014, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Units.

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred Unit distributions and redemption of preferred Units, is allocated to Unitholders and participating securities based upon their proportionate share of weighted average Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as Units. See Note 10 for further disclosure about participating securities.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

Interest income on notes receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,597 and $1,352 as of December 31, 2014 and 2013, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,855 and $1,694 as of December 31, 2014 and 2013, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales.

Notes Receivable

Notes receivable are primarily comprised of mortgage notes receivable that we have made in connection with sales of real estate assets. The notes receivable are recorded at fair value at the time of issuance. Discounts on notes receivable are accreted over the life of the related note receivable. Interest income is accrued as earned. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable on an individual basis based on various factors which may include payment history, expected fair value of the collateral and internal and external credit information. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since the majority of our notes receivable are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Income Taxes

In accordance with partnership taxation, each of the partners is responsible for reporting their share of taxable income or loss.

A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations, income (loss) from discontinued operations and gain (loss) on sale of real estate. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Unit ("EPU")

Basic net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the weighted average number of Units outstanding for the period. Diluted net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the sum of the weighted average number of Units outstanding and any dilutive non-participating securities for the period. See Note 10 for further disclosure about EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes or convert floating rate debt and preferred Units to fixed rate. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (partners’ capital). Agreements which do not qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income (loss) available to Unitholders immediately. Amounts accumulated in other comprehensive income during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the current value of the interest rate differential, not the notional amount, and our carrying value of Agreements on the balance sheet. See Note 14 for more information on the Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 6 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes and see Note 4 for the fair value of our notes receivable.

Discontinued Operations

The FASB’s guidance on financial reporting for the disposal of long lived assets requires that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from our ongoing operations as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

Management views the Consolidated Operating Partnership as a single segment based on its method of internal reporting.

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption in the first quarter of 2015, we anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

XML

Indebtedness - Schedule of Maturities of Long-term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Debt Disclosure [Abstract]
2015	$ 10,537
2016	250,164
2017	351,927
2018	127,107
2019	66,432
Thereafter	462,599
Total	$ 1,268,766

XML

Commitments and Contingencies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 Property Buildings sqft	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Number of leased properties granting the tenants options to purchase the property	1
Amount of letters of credit and performance bonds in the aggregate	$ 17,585
Number of industrial properties committed to development	3
Gross leasable area (GLA) of industrial properties committed to development	800,000
Estimated total construction costs	35,200
Estimated total construction costs remaining to be funded	16,600
Operating and ground lease expense	$ 1,300	$ 1,440	$ 1,565

XML

Earnings Per Unit (EPU) - Additional Information (Detail)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Unvested restricted stock awards outstanding	463,774	488,861	288,627

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Reclassifications

Reclassifications

Certain reclassifications have been made to the 2013 and 2012 financial statements to conform to the 2014 presentation.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements	7 to 50
Land Improvements	3 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Shorter of Lease Term or Useful Life

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2014		December 31, 2013
In-Place Leases	$	15,441	$	14,045
Above Market Leases	2,504		3,004
Below Market Ground Lease Obligation	1,823		—
Tenant Relationships	10,936		9,532
Total Included in Total Assets, Net of $26,306 and $26,663 of Accumulated Amortization	$	30,704	$	26,581
Below Market Leases	$	11,097	$	11,879
Total Included in Total Liabilities, Net of $7,981 and $7,604 of Accumulated Amortization	$	11,097	$	11,879

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $5,923, $5,071 and $6,070 for the years ended December 31, 2014, 2013 and 2012, respectively. Rental revenues increased by $875, $465 and $659 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2014, 2013 and 2012, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2014 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2015	$	5,465	$	355
2016	$	4,242	$	900
2017	$	3,778	$	863
2018	$	2,919	$	790
2019	$	2,244	$	748

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts are translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $16,633 and $16,520 at December 31, 2014 and 2013, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investment in and Advances to Other Real Estate Partnerships

Investment in and Advances to Other Real Estate Partnerships

Investment in and Advances to Other Real Estate Partnerships represents our limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. We account for our Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, our share of earnings or losses of the Other Real Estate Partnerships is reflected in income as earned and contributions or distributions increase or decrease, respectively, our Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively.

On a continuous basis, we assess whether there are any indicators that the value of our Investment in and Advances to Other Real Estate Partnerships may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties and the discount rate used to value the debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated by management in the impairment analyses may not be realized.

Investments in Joint Ventures

Investments in Joint Ventures

Investments in joint ventures represent our limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited Partners Units

Limited partner Units are reported within Partners’ Capital in the balance sheet as of December 31, 2014 and 2013 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2014, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Units.

Stock Based Compensation

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred Unit distributions and redemption of preferred Units, is allocated to Unitholders and participating securities based upon their proportionate share of weighted average Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as Units. See Note 10 for further disclosure about participating securities.

Revenue Recognition

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

Interest income on notes receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,597 and $1,352 as of December 31, 2014 and 2013, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,855 and $1,694 as of December 31, 2014 and 2013, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales.

Notes Receivable

Notes Receivable

Notes receivable are primarily comprised of mortgage notes receivable that we have made in connection with sales of real estate assets. The notes receivable are recorded at fair value at the time of issuance. Discounts on notes receivable are accreted over the life of the related note receivable. Interest income is accrued as earned. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable on an individual basis based on various factors which may include payment history, expected fair value of the collateral and internal and external credit information. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since the majority of our notes receivable are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Income Taxes

Income Taxes

In accordance with partnership taxation, each of the partners is responsible for reporting their share of taxable income or loss.

A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations, income (loss) from discontinued operations and gain (loss) on sale of real estate. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Unit ("EPU")

Earnings Per Unit ("EPU")

Basic net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the weighted average number of Units outstanding for the period. Diluted net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the sum of the weighted average number of Units outstanding and any dilutive non-participating securities for the period. See Note 10 for further disclosure about EPU.

Derivative Financial Instruments

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes or convert floating rate debt and preferred Units to fixed rate. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (partners’ capital). Agreements which do not qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income (loss) available to Unitholders immediately. Amounts accumulated in other comprehensive income during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the current value of the interest rate differential, not the notional amount, and our carrying value of Agreements on the balance sheet. See Note 14 for more information on the Agreements.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 6 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loan and senior unsecured notes and see Note 4 for the fair value of our notes receivable.

Discontinued Operations

Discontinued Operations

The FASB’s guidance on financial reporting for the disposal of long lived assets requires that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from our ongoing operations as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

Segment Reporting

Management views the Consolidated Operating Partnership as a single segment based on its method of internal reporting.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption in the first quarter of 2015, we anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

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Income Taxes - Income Tax Benefit (Provision) Pertaining to Income from Continuing Operations and Gain on Sale of Real Estate (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations	$ (532)	$ 286	$ 557
State Tax Provision, Net of Federal Benefit	(214)	(236)	(244)
Non-deductible Permanent Items, Net	1	21	32
IRS Audit Adjustment and Accrued Interest	0	58	(5,523)
Change in Valuation Allowance	1,133	(388)	(166)
Foreign Taxes, Net	0	0	(10)
Other	(626)	262	(168)
Income Tax Benefit (Provision), Continuing Operations	$ (238)	$ 3	$ (5,522)

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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Compensation [Abstract]

Schedule of Share-based Payment Award: Valuation Assumptions

As mentioned above, the fair value of the LTIP Unit Awards at issuance was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using the following assumptions:

Expected dividend yield	2.22	%
Expected volatility - range used	24.28% - 34.66%
Expected volatility - weighted average	30.61	%
Risk-free interest rate	0.03% - 0.71%
Expected term	1 - 2.5 years

Summary of Restricted Stock Award and Restricted Stock Unit Award Transactions

Restricted stock and unit award and LTIP Unit Award transactions for the year ended December 31, 2014 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013 (Restricted Stock and Unit and LTIP Unit Awards)	1,281,221		$	9.72
Issued (Restricted Stock Awards)	319,055		$	18.06
Forfeited (Restricted Stock and Unit and LTIP Unit Awards)	(105,346	)	$	5.83
Vested (Restricted Stock and LTIP Unit Awards)	(678,212	)	$	10.69
Outstanding at December 31, 2014 (Restricted Stock and LTIP Unit Awards)	816,718		$	12.68

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Stock Based Compensation

12 Months Ended

Dec. 31, 2014

Share-based Compensation [Abstract]

Stock Based Compensation

13. Stock Based Compensation

In May 2014, the stockholders of the Company approved a stock incentive plan (the “2014 Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors and replaces all prior active long term stock incentive plans (the "Prior Plans"). After approval of the 2014 Stock Incentive Plan, no further awards may be issued under the Prior Plans but outstanding awards previously granted under Prior Plans remained outstanding in accordance with their terms. The number of shares of common stock that may be issued under the 2014 Stock Incentive Plan is equal to 3.6 million shares plus shares equal to the aggregate number of outstanding awards previously granted under the Prior Plans at the time the 2014 Stock Incentive Plan was approved, resulting in a total of 4.9 million shares that have been reserved for issuance under the 2014 Stock Incentive Plan. As of December 31, 2014, awards covering 3.5 million shares of common stock were available to be granted under the 2014 Stock Incentive Plan.

Officers, certain employees, the Company’s independent directors and our affiliates generally are eligible to participate in the 2014 Stock Incentive Plan. Awards made under the 2014 Stock Incentive Plan can be in the form of restricted stock awards, restricted stock units, performance share awards, dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to awards granted under the 2014 Stock Incentive Plan in the event of a change in control in the Company.

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but are not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2014, 2013 and 2012, total expense recognized for the 401(k)/Profit Sharing Plan related to matching contributions was $387, $300 and $284, respectively.

For the years ended December 31, 2014, 2013 and 2012, we awarded 299,805, 284,461 and 565,137 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $5,413, $4,719 and $7,065 on the date of approval by either the Compensation Committee of the Board of Directors or the approval date of the 2014 Stock Incentive Plan. We issued Units to the Company in the same amounts. These restricted stock awards were issued based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the year ended December 31, 2014, we awarded 19,250 shares of restricted stock to non-employee members of the Board of Directors, which had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period.

Compensation expense is charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2014, 2013 and 2012, we recognized $1,451, $1,008 and $3,649, respectively, of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required.

The Board of Directors adopted the 2013 Long-Term Incentive Program ("LTIP") and, effective July 1, 2013, certain officers and employees were granted 718,960 performance units ("LTIP Unit Awards"). The LTIP Unit Awards had a fair value of $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of our common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for half of the granted units is calculated based upon the performance from July 1, 2013 through June 30, 2014 and the TSR for the other half is calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100% based on our TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement.

As mentioned above, the fair value of the LTIP Unit Awards at issuance was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using the following assumptions:

Expected dividend yield	2.22	%
Expected volatility - range used	24.28% - 34.66%
Expected volatility - weighted average	30.61	%
Risk-free interest rate	0.03% - 0.71%
Expected term	1 - 2.5 years

For the years ended December 31, 2014, 2013 and 2012, we recognized $7,605, $6,202 and $8,559, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $41, $34 and $21 was capitalized in connection with development activities. At December 31, 2014, we had $5,079 in unrecognized compensation related to unvested restricted stock awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.79 years.

Restricted stock and unit award and LTIP Unit Award transactions for the year ended December 31, 2014 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013 (Restricted Stock and Unit and LTIP Unit Awards)	1,281,221		$	9.72
Issued (Restricted Stock Awards)	319,055		$	18.06
Forfeited (Restricted Stock and Unit and LTIP Unit Awards)	(105,346	)	$	5.83
Vested (Restricted Stock and LTIP Unit Awards)	(678,212	)	$	10.69
Outstanding at December 31, 2014 (Restricted Stock and LTIP Unit Awards)	816,718		$	12.68