-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NQp/2oe7FE6zPGQOC3JBVoCrHbVmyT1l85Z1LWBxvJsuSQWXfSKaxCoqo1RsUlGn bFWeA7hCI9UAW+uxjK5CRA== 0001104659-05-042938.txt : 20050906 0001104659-05-042938.hdr.sgml : 20050905 20050906172131 ACCESSION NUMBER: 0001104659-05-042938 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20050906 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050906 DATE AS OF CHANGE: 20050906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE REALTY CORP CENTRAL INDEX KEY: 0000783280 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 351740409 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09044 FILM NUMBER: 051071120 BUSINESS ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: STE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 BUSINESS PHONE: 3178086000 MAIL ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: STE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 FORMER COMPANY: FORMER CONFORMED NAME: DUKE WEEKS REALTY CORP DATE OF NAME CHANGE: 19990716 FORMER COMPANY: FORMER CONFORMED NAME: DUKE REALTY INVESTMENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 a05-15824_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 


 

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

 

Date of Report (Date of earliest event reported):  Septmeber 6, 2005

 

DUKE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

 

Indiana

 

1-9044

 

35-1740409

(State of
Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

 

 

 

 

600 East 96th Street
Suite 100
Indianapolis, IN 46240

(Address of principal executive offices, zip code)

 

 

 

 

 

Registrant’s telephone number, including area code: (317) 808-6000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



 

Section 8 – Other Events

 

Item 8.01.              Other Events

 

We expect to file shelf registration statements on Forms S-3 and S-8 to register securities during September 2005.  In connection with the expected filings, we have reclassified the operations of certain properties we have sold or identified as held for sale that occurred subsequent to December 31, 2004 into discontinued operations within our consolidated financial statements and notes to consolidated financial statements that were previously filed in our 2004 annual report on Form 10-K.

 

As previously reported, in October 2001, FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, which became effective on January 1, 2002.  SFAS No. 144 requires us to report in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale, unless certain conditions are met.  SFAS No. 144 further requires us to reclassify results of operations from a property disposed or held for sale as income from discontinued operations during all reported periods. The purpose of this Current Report on Form 8-K is to set forth audited consolidated financial statments of Duke Realty Corporation for the years ended December 31, 2004, 2003 and 2002, including revised notes thereto, which reflect the impact of reclassifying results of operations from properties identified as held for sale subsequent to December 31, 2004 in accordance with SFAS No. 144.

 

During the six-month period ended June 30, 2005, we sold or held for sale sixteen properties owned by us and not classified as assets held for sale as of December 31, 2004. The results of operations from such properties have been reclassified as income from discontinued operations for the years ended December 31, 2004, 2003 and 2002 in the accompanying consolidated financial statements and notes to consolidated finacial statements. There is no effect on the previously reported net income available for common shareholders.

 

Management does not believe that this reclassification in accordance with SFAS No. 144 has a material effect on our selected consolidated financial data or management’s discussion and analysis of financial condition and results of operations for the years ended December 31, 2004, 2003 and 2002 as previously reported in our 2004 Annual Report on Form 10-K.  We are not revising Management’s Discussion and Analysis (MD&A) included in our 2004 annual report on Form 10-K given the insignificance of the reclassified amounts.

 

2



 

Section 9 – Financial Statements and Exhibits

 

Item 9.01.              Financial Statements and Exhibits

 

(c)

Exhibits

 

 

 

 

 

 

 

Exhibit
Number

 

Description

 

12

 

Statement re: Calculation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

23

 

Consent of KPMG LLP

 

99.1

 

Report of Independent Registered Public Accounting Firm

 

99.2

 

Consolidated Financial Statements and Notes to Consolidated Financial Statements, Years Ended December 31, 2004, 2003 and 2002

 

99.3

 

Schedule III – Duke Realty Corporation Combined Real Estate and Accumulated Depreciation – December 31, 2004

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

DUKE REALTY CORPORATION

 

 

 

 

 

 

 

By:

/s/ Matthew A. Cohoat

 

 

 

Matthew A. Cohoat

 

 

Executive Vice President and Chief Financial
Officer

 

 

 

Dated: September 6, 2005

 

 

 

4


EX-12 2 a05-15824_1ex12.htm EX-12

Exhibit 12

 

Statement re: Calculation of Ratios of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

 

 

 

Six Months
Ended
June 30,
2005

 

Year Ended
December
31, 2004

 

Year Ended
December
31, 2003

 

Year Ended
December
31, 2002

 

Year Ended
December
31, 2001

 

Year Ended
December
31, 2000

 

Net income from continuing operations
less preferred dividends

 

$  56,644

 

$131,284

 

$142,703

 

$152,482

 

$213,349

 

$202,336

 

Preferred dividends

 

23,240

 

33,777

 

37,321

 

45,053

 

52,442

 

48,981

 

Minority interest in earnings of
common unitholders

 

5,773

 

13,607

 

15,467

 

16,616

 

29,758

 

30,474

 

Interest expense

 

70,835

 

132,936

 

123,423

 

109,269

 

104,271

 

121,961

 

Earnings before fixed charges

 

$156,492

 

$311,604

 

$318,914

 

$323,420

 

$399,820

 

$403,752

 

Interest expense

 

$  70,835

 

$132,936

 

$123,423

 

$109,269

 

$104,271

 

$121,961

 

Interest costs capitalized

 

3,554

 

5,961

 

6,734

 

13,529

 

25,859

 

32,980

 

Total fixed charges

 

$  74,389

 

$138,897

 

$130,157

 

$122,798

 

$130,130

 

$154,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends

 

$  23,240

 

$  33,777

 

$  37,321

 

$  45,053

 

$  52,442

 

$  48,981

 

Total fixed charges and preferred dividends

 

$  97,629

 

$172,674

 

$167,478

 

$167,851

 

$182,572

 

$203,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.10

 

2.24

 

2.45

 

2.63

 

3.07

 

2.61

 

Ratio of earnings to combined fixed charges and preferred dividends

 

1.60

 

1.80

 

1.90

 

1.93

 

2.19

 

1.98

 

 


EX-23 3 a05-15824_1ex23.htm EX-23

Exhibit 23

 

Consent of Independent Registered Public Accounting Firm

 

 

The Board of Directors
Duke Realty Corporation:

 

We consent to incorporation by reference in the registration statements No. 333-62381, No. 333-66919, No. 333-26833, No. 333-82063, No. 333-44858, No. 333-51344, No. 333-108556, No. 333-120492, No. 333-70678 on Form S-3, No. 333-77645 on Form S-4 and No. 33-55727, No. 333-82061, No. 333-39965, No. 333-35162, No. 333-59508, No. 333-42513 and No. 333-113907 on Form S-8 of Duke Realty Corporation of our report dated February 28, 2005, except as to notes 5 and 7, which are as of September 6, 2005, relating to the consolidated balance sheets of Duke Realty Corporation and Subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2004, and the related financial statement schedule III, which report appears in the current report on Form 8-K of the Duke Realty Corporation dated September 6, 2005.

 

 

KPMG LLP

Indianapolis, Indiana

September 6, 2005

 


EX-99.1 4 a05-15824_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Report of Independent Registered Public Accounting Firm

 

The Shareholders and Directors of
Duke Realty Corporation:

 

We have audited the consolidated balance sheets of Duke Realty Corporation and Subsidiaries (the “Company”) as of December 31, 2004 and 2003, and the related consolidated statements of operations, cash flows and shareholders’ equity for each of the years in the three-year period ended December 31, 2004. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule III. These consolidated financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and the financial statement schedule based on our 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Duke Realty Corporation and Subsidiaries as of December 31, 2004 and 2003, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2004, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule III, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Duke Realty Corporation and Subsidiaries’ internal control over financial reporting as of December 31, 2004, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 28, 2005, expressed an unqualified opinion on management’s assessment of, and the effective operation of, internal control over financial reporting.

 

 

KPMG LLP

Indianapolis, Indiana

February 28, 2005, except as to notes, 5 and 7,
which are as of September 6, 2005

 


EX-99.2 5 a05-15824_1ex99d2.htm EX-99.2

Exhibit 99.2

 

DUKE REALTY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

As of December 31,

(in thousands, except per share amounts)

 

 

 

 

 

2004

 

 

 

2003

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

 

Land and improvements

 

 

$

710,379

 

 

$

641,544

 

Buildings and tenant improvements

 

 

 

4,666,715

 

 

 

4,452,624

 

Construction in progress

 

 

 

109,788

 

 

 

119,441

 

Investments in unconsolidated companies

 

 

 

287,554

 

 

 

295,837

 

Land held for development

 

 

 

393,650

 

 

 

314,996

 

 

 

 

 

6,168,086

 

 

 

5,824,442

 

Accumulated depreciation

 

 

 

(788,900)

 

 

 

(677,357)

 

 

 

 

 

 

 

 

 

 

 

Net real estate investments

 

 

 

5,379,186

 

 

 

5,147,085

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

5,589

 

 

 

12,632

 

Accounts receivable, net of allowance of $1,238 and $1,524

 

 

 

17,127

 

 

 

17,121

 

Straight-line rent receivable, net of allowance of $1,646 and $2,146

 

 

 

89,497

 

 

 

70,143

 

Receivables on construction contracts, including retentions

 

 

 

59,342

 

 

 

44,905

 

Deferred financing costs, net of accumulated amortization of $9,006 and $10,703

 

 

 

31,924

 

 

 

13,421

 

Deferred leasing and other costs, net of accumulated amortization of $88,888 and $67,317

 

 

 

203,882

 

 

 

158,562

 

Escrow deposits and other assets

 

 

 

110,096

 

 

 

97,380

 

 

 

 

$

5,896,643

 

 

$

5,561,249

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indebtedness:

 

 

 

 

 

 

 

 

 

Secured debt

 

 

$

203,081

 

 

$

208,649

 

Unsecured notes

 

 

 

2,315,623

 

 

 

1,775,887

 

Unsecured line of credit

 

 

 

-

 

 

 

351,000

 

 

 

 

 

2,518,704

 

 

 

2,335,536

 

 

 

 

 

 

 

 

 

 

 

Construction payables and amounts due subcontractors, including retentions

 

 

 

67,740

 

 

 

60,789

 

Accounts payable

 

 

 

526

 

 

 

2,268

 

Accrued expenses:

 

 

 

 

 

 

 

 

 

Real estate taxes

 

 

 

55,748

 

 

 

52,958

 

Interest

 

 

 

36,531

 

 

 

33,259

 

Other

 

 

 

50,814

 

 

 

51,808

 

Other liabilities

 

 

 

105,771

 

 

 

107,113

 

Tenant security deposits and prepaid rents

 

 

 

39,827

 

 

 

37,975

 

Total liabilities

 

 

 

2,875,661

 

 

 

2,681,706

 

 

 

 

 

 

 

 

 

 

 

Minority interest

 

 

 

195,113

 

 

 

212,794

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

Preferred shares ($.01 par value); 5,000 shares authorized;

 

 

 

 

 

 

 

 

 

2,365 and 1,898 shares issued and outstanding

 

 

 

657,250

 

 

 

540,508

 

Common shares ($.01 par value); 250,000 shares authorized;

 

 

 

 

 

 

 

 

 

142,894 and 136,594 shares issued and outstanding

 

 

 

1,429

 

 

 

1,366

 

Additional paid-in capital

 

 

 

2,538,461

 

 

 

2,379,817

 

Accumulated other comprehensive income (loss)

 

 

 

(6,547)

 

 

 

-

 

Distributions in excess of net income

 

 

 

(364,724)

 

 

 

(254,942)

 

Total shareholders’ equity

 

 

 

2,825,869

 

 

 

2,666,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,896,643

 

 

$

5,561,249

 

 

See accompanying Notes to Consolidated Financial Statements.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

For the Years Ended December 31

(in thousands, except per share amounts)

 

 

 

 

2004

 

 

2003

 

 

2002

 

RENTAL OPERATIONS:

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Rental income from continuing operations

 

$

731,779

 

$

677,855

 

$

639,269

 

Equity in earnings of unconsolidated companies

 

 

21,586

 

 

23,688

 

 

27,180

 

 

 

 

753,365

 

 

701,543

 

 

666,449

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Rental expenses

 

 

152,853

 

 

138,086

 

 

119,583

 

Real estate taxes

 

 

83,320

 

 

75,831

 

 

68,459

 

Interest expense

 

 

132,936

 

 

123,423

 

 

109,269

 

Depreciation and amortization

 

 

217,216

 

 

184,558

 

 

162,627

 

 

 

 

586,325

 

 

521,898

 

 

459,938

 

Earnings from continuing rental operations

 

 

167,040

 

 

179,645

 

 

206,511

 

 

 

 

 

 

 

 

 

 

 

 

SERVICE OPERATIONS:

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

General contractor gross revenue

 

 

357,133

 

 

286,689

 

 

194,439

 

General contractor costs

 

(

329,545)

 

(

259,930)

 

(

172,559)

 

Net general contractor revenue

 

 

27,588

 

 

26,759

 

 

21,880

 

Property management, maintenance and leasing fees

 

 

15,000

 

 

14,731

 

 

14,301

 

Construction management and development activity income

 

 

25,002

 

 

15,486

 

 

29,428

 

Other income

 

 

3,213

 

 

2,480

 

 

2,971

 

Total revenue

 

 

70,803

 

 

59,456

 

 

68,580

 

Operating expenses

 

 

46,382

 

 

37,635

 

 

38,310

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from service operations

 

 

24,421

 

 

21,821

 

 

30,270

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

(26,388)

 

 

(22,116)

 

 

(25,284)

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

165,073

 

 

179,350

 

 

211,497

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

5,213

 

 

3,613

 

 

3,833

 

Earnings from sale of land, depreciable property and ownership

 

 

 

 

 

 

 

 

 

 

interests in unconsolidated companies, net of impairment adjustment

 

 

10,202

 

 

15,752

 

 

7,292

 

Other revenue (expense)

 

 

(567)

 

 

(734)

 

 

182

 

Other minority interest in earnings of subsidiaries

 

 

(1,253)

 

 

(586)

 

 

(1,093)

 

Minority interest in earnings of common unitholders

 

 

(13,607)

 

 

(15,467)

 

 

(16,616)

 

Minority interest in earnings of preferred unitholders

 

 

-

 

 

(1,904)

 

 

(7,560)

 

Income from continuing operations

 

 

165,061

 

 

180,024

 

 

197,535

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

Net income (loss) from discontinued operations, net of minority interest

 

 

(258)

 

 

7,456

 

 

14,088

 

Gain (loss) on sale of discontinued operations, net of impairment adjustment and minority interest

 

 

23,898

 

 

11,752

 

 

(4,456)

 

Income from discontinued operations

 

 

23,640

 

 

19,208

 

 

9,632

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

188,701

 

 

199,232

 

 

207,167

 

Dividends on preferred shares

 

 

(33,777)

 

 

(37,321)

 

 

(45,053)

 

Adjustments for redemption of preferred stock

 

 

(3,645)

 

 

-

 

 

(8,145)

 

Net income available for common shareholders

 

$

151,279

 

$

161,911

 

$

153,969

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

.90

 

$

1.05

 

$

1.08

 

Discontinued operations

 

 

.17

 

 

.14

 

 

.07

 

Total

 

$

1.07

 

$

1.19

 

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

.89

 

$

1.05

 

 

1.07

 

Discontinued operations

 

 

.17

 

 

.14

 

 

.07

 

Total

 

$

1.06

 

$

1.19

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

141,379

 

 

135,595

 

 

133,981

 

Weighted average number of common and dilutive potential common shares

 

 

157,062

 

 

151,141

 

 

150,839

 

 

See accompanying Notes to Consolidated Financial Statements.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the Years Ended December 31

(in thousands)

 

 

 

 

2004

 

 

2003

 

 

2002

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net income

 

$

188,701

 

$

199,232

 

$

207,167

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation of buildings and tenant improvements

 

 

189,119

 

 

168,959

 

 

154,565

 

Amortization of deferred leasing and other costs

 

 

39,463

 

 

27,275

 

 

21,056

 

Amortization of deferred financing costs

 

 

4,904

 

 

3,626

 

 

3,725

 

Minority interest in earnings

 

 

17,184

 

 

20,036

 

 

26,377

 

Straight-line rent adjustment

 

(22,436)

 

(22,387)

 

(12,500)

 

Earnings from land and depreciated property sales

 

(36,449)

 

(28,776)

 

 

(1,048)

 

Build-for-sale operations, net

 

 

(41)

 

(20,899)

 

 

168,199

 

Construction contracts, net

 

(11,047)

 

 

(3,210)

 

(11,656)

 

Other accrued revenues and expenses, net

 

 

(1,070)

 

 

15,989

 

 

9,136

 

Operating distributions received in excess of equity in earnings from unconsolidated companies

 

 

10,447

 

 

8,783

 

 

4,575

 

Net cash provided by operating activities

 

 

378,775

 

 

368,628

 

 

569,596

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

Development of real estate investments

 

(145,629)

 

(129,199)

 

(158,131)

 

Acquisition of real estate investments

 

(204,361)

 

(201,819)

 

 

(98,062)

 

Acquisition of land held for development and infrastructure costs

 

(116,669)

 

 

(32,944)

 

 

(27,467)

 

Recurring tenant improvements

 

 

(58,847)

 

 

(35,972)

 

 

(28,011)

 

Recurring leasing costs

 

 

(27,777)

 

 

(20,932)

 

 

(17,975)

 

Recurring building improvements

 

 

(21,029)

 

 

(19,544)

 

 

(13,373)

 

Other deferred leasing costs

 

 

(16,386)

 

 

(17,167)

 

 

(18,219)

 

Other deferred costs and other assets

 

 

(15,055)

 

 

(25,264)

 

 

(17,790)

 

Proceeds from land and depreciated property sales, net

 

 

178,301

 

 

167,626

 

 

52,186

 

Advances to unconsolidated companies

 

 

(3,033)

 

 

(5,481)

 

 

(11,130)

 

Net cash used for investing activities

 

(430,485)

 

(320,696)

 

(337,972)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common shares, net

 

 

12,259

 

 

14,026

 

 

22,834

 

Proceeds from issuance of preferred shares, net

 

 

338,360

 

 

96,700

 

 

-

 

Payments for redemption of preferred shares

 

(102,652)

 

 

(20)

 

(167,953)

 

Redemption of warrants

 

 

(2,881)

 

 

(4,692)

 

 

-

 

Proceeds from unsecured debt issuance

 

 

690,000

 

 

425,000

 

 

200,000

 

Payments on unsecured debt

 

(150,000)

 

(175,000)

 

 

-

 

Proceeds from debt refinancing

 

 

-

 

 

38,340

 

 

-

 

Proceeds from issuance of secured debt

 

 

-

 

 

40,000

 

 

-

 

Payments on secured indebtedness including principal amortization

 

 

(39,430)

 

(143,542)

 

 

(71,953)

 

Borrowings (payments) on lines of credit, net

 

(351,000)

 

 

46,105

 

 

157,305

 

Payment for redemption of preferred units

 

 

-

 

 

(65,000)

 

 

(35,000)

 

Distributions to common shareholders

 

(261,061)

 

(248,100)

 

(242,475)

 

Distributions to preferred shareholders

 

 

(31,828)

 

 

(37,321)

 

 

(47,053)

 

Distributions to preferred unitholders

 

 

-

 

 

(4,859)

 

 

(7,560)

 

Distributions to minority interest

 

 

(26,941)

 

 

(28,484)

 

 

(28,575)

 

Deferred financing costs

 

 

(30,159)

 

 

(5,867)

 

 

(3,263)

 

Net cash provided by (used for) financing activities

 

 

44,667

 

 

(52,714)

 

(223,693)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

(7,043)

 

 

(4,782)

 

 

7,931

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of year

 

 

12,632

 

 

17,414

 

 

9,483

 

Cash and cash equivalents at end of year

 

$

5,589

 

$

12,632

 

$

17,414

 

Other non-cash items:

 

 

 

 

 

 

 

 

 

 

Assumption of debt for real estate acquisitions

 

$

29,854

 

$

-

 

$

9,566

 

Contributions of property to unconsolidated companies

 

$

-

 

$

5,009

 

$

-

 

Conversion of Limited Partner Units to common shares

 

$

25,376

 

$

26,546

 

$

60,509

 

Conversion of Series D Preferred Shares to common shares

 

$

130,665

 

$

-

 

$

-

 

Issuance of Limited Partner Units for real estate acquisitions

 

$

7,575

 

$

3,187

 

$

4,686

 

Transfer of debt in sale of depreciated property

 

$

-

 

$

-

 

$

2,432

 

Acquisition of partners’ interest in unconsolidated companies

 

$

-

 

$

20,630

 

$

12,149

 

 

See accompanying Notes to Consolidated Financial Statements.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

(in thousands, except per share data)

 

 

 

 

Preferred
Stock

 

 

 

Common
Stock

 

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Income

 

Distributions
In Excess of
Net Income

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2001

 

$608,664

 

$1,314

 

$2,253,784

 

$(192)

 

 

$

(78,247)

 

$2,785,323

 

Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

207,167

 

 

207,167

 

Distributions to preferred shareholders

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(47,053)

 

 

(47,053)

 

Adjustment for carrying value of preferred stock redemptions

 

 

-

 

 

-

 

 

8,145

 

 

-

 

 

 

(8,145)

 

 

-

 

Gains (losses) on derivative instruments

 

 

-

 

 

-

 

 

-

 

 

(1,919)

 

 

 

-

 

 

(1,919)

 

Comprehensive income available for common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158,195

 

Issuance of common shares

 

 

-

 

 

12

 

 

22,855

 

 

-

 

 

 

-

 

 

22,867

 

Acquisition of minority interest

 

 

-

 

 

24

 

 

60,485

 

 

-

 

 

 

-

 

 

60,509

 

Repurchase of Series D Preferred shares

 

 

(25)

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

(25)

 

Redemption of Series B Preferred shares

 

(17,750)

 

 

-

 

 

(178)

 

 

-

 

 

 

-

 

 

(17,928)

 

Redemption of Series F Preferred shares

 

(150,000)

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

(150,000)

 

Tax benefits from employee stock plans

 

 

-

 

 

-

 

 

856

 

 

-

 

 

 

-

 

 

856

 

FASB 123 compensation expense

 

 

-

 

 

-

 

 

224

 

 

-

 

 

 

-

 

 

224

 

Retirement of common shares

 

 

-

 

 

-

 

 

(210)

 

 

-

 

 

 

-

 

 

(210)

 

Distributions to common shareholders ($1.81 per share)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(242,475)

 

 

(242,475)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2002

 

$440,889

 

$1,350

 

$2,345,961

 

$(2,111)

 

 

$(168,753)

 

$2,617,336

 

Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

199,232

 

 

199,232

 

Distributions to preferred shareholders

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(37,321)

 

 

(37,321)

 

Gains (losses) on derivative instruments

 

 

-

 

 

-

 

 

-

 

 

2,111

 

 

 

-

 

 

2,111

 

Comprehensive income available for common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164,022

 

Issuance of common shares

 

 

-

 

 

7

 

 

14,253

 

 

-

 

 

 

-

 

 

14,260

 

Issuance of preferred shares

 

 

100,000

 

 

-

 

 

(3,300)

 

 

-

 

 

 

-

 

 

96,700

 

Acquisition of minority interest

 

 

-

 

 

9

 

 

26,537

 

 

-

 

 

 

-

 

 

26,546

 

Repurchase of Series D Preferred shares

 

 

(20)

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

(20)

 

Conversion of Series D Preferred shares

 

 

(361)

 

 

-

 

 

361

 

 

-

 

 

 

-

 

 

-

 

Redemption of Warrants

 

 

-

 

 

-

 

 

(4,692)

 

 

-

 

 

 

-

 

 

(4,692)

 

Tax benefits from employee stock plans

 

 

-

 

 

-

 

 

542

 

 

-

 

 

 

-

 

 

542

 

FASB 123 compensation expense

 

 

-

 

 

-

 

 

155

 

 

-

 

 

 

-

 

 

155

 

Distributions to common shareholders ($1.83 per share)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(248,100)

 

 

(248,100)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2003

 

$540,508

 

$1,366

 

$2,379,817

 

$

-

 

 

$(254,942)

 

$2,666,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

188,701

 

 

188,701

 

Distributions to preferred shareholders

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(33,777)

 

 

(33,777)

 

Adjustment for carrying value of preferred stock redemption

 

 

-

 

 

-

 

 

3,645

 

 

-

 

 

 

(3,645)

 

 

-

 

Gains (losses) on derivative instruments

 

 

-

 

 

-

 

 

-

 

 

(6,547)

 

 

 

-

 

 

(6,547)

 

Comprehensive income available for common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148,377

 

Issuance of common shares

 

 

-

 

 

6

 

 

12,361

 

 

-

 

 

 

-

 

 

12,367

 

Issuance of preferred shares

 

 

350,000

 

 

-

 

 

(11,688)

 

 

-

 

 

 

-

 

 

338,312

 

Acquisition of minority interest

 

 

-

 

 

8

 

 

25,368

 

 

-

 

 

 

-

 

 

25,376

 

Conversion of Series D Preferred Shares

 

(130,665)

 

 

49

 

 

130,616

 

 

-

 

 

 

-

 

 

-

 

Redemption of Series D Preferred Shares

 

 

(2,593)

 

 

-

 

 

(30)

 

 

-

 

 

 

-

 

 

(2,623)

 

Redemption of Series E Preferred Shares

 

(100,000)

 

 

-

 

 

(29)

 

 

-

 

 

 

-

 

 

(100,029)

 

Exercise of Warrants

 

 

-

 

 

-

 

 

(2,881)

 

 

-

 

 

 

-

 

 

(2,881)

 

Tax benefits from employee stock plans

 

 

-

 

 

-

 

 

770

 

 

-

 

 

 

-

 

 

770

 

FASB 123 compensation expense

 

 

-

 

 

-

 

 

512

 

 

-

 

 

 

-

 

 

512

 

Distributions to common shareholders ($1.85 per share)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(261,061)

 

 

(261,061)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2004

 

$

657,250

 

$

1,429

 

$

2,538,461

 

$

(6,547)

 

 

$

(364,724)

 

$

2.825,869

 

 

See accompanying Notes to Consolidated Financial Statements.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

(1)                                 The Company

 

Our rental operations are conducted through Duke Realty Limited Partnership (“DRLP”). We owned approximately 91.3% of the common partnership interests of DRLP (“Units”) at December 31, 2004. The remaining Units in DRLP are redeemable for shares of our common stock. We conduct Service Operations through Duke Realty Services Limited Partnership (“DRSLP”), in which we are the sole general partner. We also conduct Service Operations through Duke Construction Limited Partnership (“DCLP”), which is effectively 100% owned by DRLP. The consolidated financial statements include our accounts and our majority-owned or controlled subsidiaries.

 

(2)                                 Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The consolidated financial statements include our accounts and our controlled subsidiaries. The equity interests in these controlled subsidiaries not owned by us are reflected as minority interests in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Investments in entities that we do not control through majority voting interest or where the other owner has substantial participating rights are not consolidated and are reflected as investments in unconsolidated companies under the equity method of reporting.

 

Reclassifications

 

Certain 2003 and 2002 balances have been reclassified to conform to the 2004 presentation.

 

Real Estate Investments

 

Rental real property, including land, land improvements, buildings and building improvements, are included in real estate investments and are generally stated at cost. Buildings and land improvements are depreciated on the straight-line method over their estimated life not to exceed 40 and 15 years, respectively, and tenant improvement costs are depreciated using the straight-line method over the term of the related lease.

 

Direct and certain indirect costs clearly associated and incremental to the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. In addition, all leasing commissions paid to third parties for new leases or lease renewals are capitalized. We capitalize a portion of our indirect costs associated with our construction/development and leasing efforts. In assessing the amount of direct and indirect costs to be capitalized, allocations are made based on estimates of the actual amount of time spent in each activity. The capitalized cost pool does not include any costs allocable to its executive officers. Additionally, we do not capitalize any costs attributable to downtime or to unsuccessful projects of leasing activities.

 

Within our Rental Operations, direct and indirect costs are capitalized under the guidelines of Statement of Financial Accounting Standard (“SFAS”) No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects (“SFAS 67”), and interest costs are capitalized under the guidelines of SFAS No. 34, Capitalization of Interest Cost (“SFAS 34”). The Company capitalizes these project costs associated with the initial construction of a property up to the time the property is substantially complete and ready for its intended use. In addition, the Company capitalizes costs, including real estate taxes, insurance, and

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

utilities, that have been allocated to vacant space based on the square footage of the portion of the building not held available for immediate occupancy during the extended lease-up periods after construction of the building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once necessary work has been completed on a vacant space, project costs are no longer capitalized. We cease capitalization of all project costs on extended lease-up periods after the shorter of a one-year period after the completion of the building shell or when the property attains 90% occupancy. Tenant improvement costs are generally not incurred on vacant space until a lease is signed and specific improvements are identified in the lease.

 

Construction in process and land held for development are included in real estate investments and are stated at cost. Real estate investments also include our equity interests in unconsolidated joint ventures that own and operate rental properties and hold land for development. We analyze our investments in joint ventures under Financial Accounting Standards Board (“FASB”) Interpretation No. 46(R), Consolidation of Variable Interest Entities, to determine if the joint venture is considered a variable interest entity and would require consolidation. The equity method of accounting is used for these investments in which we have the ability to exercise significant influence, but not control, over operating and financial policies. Any difference between the carrying amount of these investments and the underlying equity in net assets is amortized to equity in earnings of unconsolidated companies over the depreciable life of the property, generally 40 years.

 

We adopted SFAS No. 144, Accounting for the Impairment or Disposal of Long Lived Assets (“SFAS 144”), in 2002.  In accordance with this statement, properties held for rental are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis) from a rental property over its anticipated holding period is less than its historical net cost basis. Upon determination that a permanent impairment has occurred, a loss is recorded to reduce the net book value of that property to its fair market value. Real properties to be disposed of are reported at the lower of net historical cost basis or the estimated fair market value, less the estimated costs to sell. Once a property is designated as held for disposal, no further depreciation expense is recorded.

 

In accordance with SFAS No. 141, Business Combinations (“SFAS 141”), we allocate the purchase price of acquired properties to net tangible and identified intangible assets based on their respective fair values. The allocation to tangible assets (buildings, tenant improvements and land) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered by management include an estimate of carrying costs during the expected lease-up periods considering current market conditions, and costs to execute similar leases. The remaining purchase price is allocated among three categories of intangible assets consisting of the above or below market component of in–place leases, the value of in-place leases and the value of customer relationships.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below market leases are included in deferred leasing and other costs in the balance sheet and are amortized to rental income over the remaining terms of the respective leases.

 

The total amount of intangible assets is further allocated to in-place lease values and to customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in deferred leasing and other costs in the balance sheet and are depreciated over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable.

 

Cash Equivalents

 

Highly liquid investments with a maturity of three months or less when purchased are classified as cash equivalents.

 

Valuation of Receivables

 

We reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days. Straight-line rent receivables for any tenant with long-term risk, regardless of the status of rent receivables, are reviewed and reserved as necessary.

 

Deferred Costs

 

Costs incurred in connection with obtaining financing are amortized to interest expense on the straight-line method, which approximates a constant spread over the term of the related loan. All direct and indirect costs, including estimated internal costs, associated with the leasing of real estate investments owned by us are capitalized and amortized over the term of the related lease. Unamortized costs are charged to expense upon the early termination of the lease or upon early payment of the financing.

 

Revenues

 

Rental Operations

 

Rental income from leases with scheduled rental increases during their terms is recognized on a straight-line basis.

 

Service Operations

 

Management fees are based on a percentage of rental receipts of properties managed and are recognized as the rental receipts are collected. Maintenance fees are based upon established hourly rates and are recognized as the services are performed. Construction management and development fees represent fee based third party contracts and are recognized as earned based on the terms of the contract, which approximates the percentage of completion method.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

We recognize income on construction contracts where we serve as a general contractor on the percentage of completion method. Using this method, profits are recorded based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reach a point where the final costs can be estimated with reasonable accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

 

Property Sales

 

Gains from sales of depreciated property are recognized in accordance with SFAS No. 66, Accounting for Sales of Real Estate (“SFAS 66”), and are included in earnings from sales of land and depreciable property dispositions, net of any impairment adjustments, in the Statement of Operations if identified as held-for-sale prior to adoption of SFAS 144 and in discontinued operations if identified as held-for-sale after adoption of SFAS 144.

 

Gains or losses to our sale of property that were developed with the intent to sell and not for long-term rental are recognized in accordance with SFAS 66 and are included in construction management and development activity income in the Statement of Operations.

 

Net Income Per Common Share

 

Basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing the sum of net income available for common shareholders and the minority interest in earnings allocable to Units not owned by us, by the sum of the weighted average number of common shares and minority Units outstanding, including any dilutive potential common shares for the period.

 

The following table reconciles the components of basic and diluted net income per common share (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Basic net income available for common shares

 

$

151,279

 

$

161,911

 

$

153,969

 

Minority interest in earnings of common unitholders

 

 

14,966

 

 

17,546

 

 

17,726

 

Diluted net income available for common shares

 

$

166,245

 

$

179,457

 

$

171,695

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

141,379

 

 

135,595

 

 

133,981

 

Weighted average partnership units outstanding

 

 

13,902

 

 

14,685

 

 

15,442

 

Weighted average conversion of Series D preferred shares (1)

 

 

877

 

 

-

 

 

-

 

Dilutive shares for stock-based compensation plans

 

 

904

 

 

861

 

 

1,416

 

Weighted average number of common shares and dilutive potential common shares

 

 

157,062

 

 

151,141

 

 

150,839

 

 


(1) We called for the redemption of the Series D shares as of March 16, 2004. Prior to the redemption date, nearly 5.3 million Series D shares were converted to 4.9 million common shares. These shares represent the weighted effect, assuming the Series D shares had been converted on January 1, 2004.

 

The Series D Convertible Preferred Stock was anti-dilutive for the years ended December 31, 2003 and 2002; therefore, no conversion to common shares was included in weighted average dilutive potential common shares.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

A joint venture partner in one of our unconsolidated companies has the option to convert a portion of its ownership to our common shares. The effect of this option on earnings per share was anti-dilutive for the years ended December 31, 2004, 2003 and 2002.

 

Federal Income Taxes

 

We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income to our stockholders. Management intends to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a tax deduction for some or all of the dividends we pay to shareholders. Accordingly, we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to stockholders. A REIT generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years.

 

REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes. As a REIT, we may also be subject to certain federal excise taxes if we engage in certain types of transactions.

 

The following table reconciles our net income to taxable income before the dividends paid deduction for the years ended December 31, 2004, 2003 and 2002 (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Net income

 

$

188,701

 

$

199,232

 

$

207,167

 

Book/tax differences

 

 

53,817

 

 

35,082

 

 

26,856

 

Taxable income before adjustments

 

 

242,518

 

 

234,314

 

 

234,023

 

Less: capital gains

 

 

(38,655)

 

 

(32,009)

 

 

(4,203)

 

Adjusted taxable income subject to 90% dividend requirement

 

$

203,863

 

$

202,305

 

$

229,820

 

 

Our dividends paid deduction is summarized below (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Cash dividends paid

 

$

292,889

 

$

284,868

 

$

289,528

 

Less: Capital gains distribution

 

 

(38,655)

 

 

(32,009)

 

 

(4,203)

 

Less: Return of capital

 

 

(46,694)

 

 

(46,637)

 

 

(50,425)

 

Total dividends paid deduction attributable to adjusted taxable income

 

$

207,540

 

$

206,222

 

$

234,900

 

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

A summary of the tax characterization of the dividends paid for the years ended December 31, 2004, 2003 and 2002 follows:

 

 

 

2004

 

2003

 

2002

 

Common Shares

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

 

69.3

%

 

69.7

%

 

78.2

%

 

 

 

 

 

 

 

 

 

 

 

Return of capital

 

 

17.5

%

 

19.1

%

 

20.5

%

 

 

 

 

 

 

 

 

 

 

 

Capital gains

 

 

13.2

%

 

11.2

%

 

1.3

%

 

 

 

100.0

%

 

100.0

%

 

100.0

%

Preferred Shares

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

 

86.8

%

 

88.8

%

 

98.7

%

 

 

 

 

 

 

 

 

 

 

 

Capital gains

 

 

13.2

%

 

11.2

%

 

1.3

%

 

 

 

100.0

%

 

100.0

%

 

100.0

%

 

We recorded federal and state income taxes of $5.2 million, $4.0 million and $12.0 million for 2004, 2003 and 2002, respectively, which were primarily attributable to the earnings of our taxable REIT subsidiaries. The taxable REIT subsidiaries had no significant deferred income tax items.

 

Stock Based Compensation

 

We apply the recognition and measurement provisions of APB Opinion No. 25, Accounting for Stock Issued to Employees, and related Interpretations in accounting, for all stock based awards issued prior to 2002.

 

Accordingly, for stock options granted prior to 2002, no compensation expense is reflected in net income as all options granted had an exercise price equal to the market value of the underlying common stock on the date of the grant.

 

In 2002, we prospectively adopted the fair value recognition provisions of SFAS No. 123, Accounting for Stock-Based Compensation (“SFAS 123”), for all awards granted after January 1, 2002.

 

Awards under our stock based employee compensation plans generally vest over five years at 20% per year. Therefore, the expense related to these plans is less than that which would have been recognized if the fair value method had been applied to all awards since the original effective date of SFAS 123. The following table illustrates the effect on net income and earnings per share if the fair value method had been applied to all outstanding and unvested awards in each period (in thousands, except per share amounts).

 

 

 

 

2004

 

 

2003

 

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

Net income, as reported

 

$

151,279

 

$

161,911

 

$

153,969

 

Add: Stock-based employee compensation expense included in net income determined under fair value method

 

 

455

 

 

155

 

 

224

 

Deduct: Total stock based compensation expense determined under fair value method for all awards

 

 

(923)

 

 

(778)

 

 

(1,153)

 

Proforma Net Income

 

$

150,811

 

$

161,288

 

$

153,040

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

 

 

 

 

 

 

 

 

 

As reported

 

$

1.07

 

$

1.19

 

$

1.15

 

Pro forma

 

$

1.07

 

$

1.19

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

 

 

 

 

 

 

 

 

 

 

As reported

 

$

1.06

 

$

1.19

 

$

1.14

 

Pro forma

 

$

1.06

 

$

1.18

 

$

1.13

 

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Derivative Financial Instruments

 

We periodically enter into certain interest rate protection agreements to effectively convert or cap floating rate debt to a fixed rate, and to hedge anticipated future financing transactions. Net amounts paid or received under these agreements are recognized as an adjustment to the interest expense of the corresponding debt. We do not utilize derivative financial instruments for trading or speculative purposes.

 

SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended (“SFAS 133”), requires that all derivative instruments be recorded on the balance sheet as assets or liabilities at their fair value. Derivatives that are not hedges must be adjusted to fair value through the recording of income or expense. If a derivative qualifies as a hedge, the changes in fair value of the effective portion of the hedge are recognized in other comprehensive income, while the ineffective portion of the derivative’s change in fair value is recognized in earnings. We estimate the fair value of derivative instruments using standard market conventions and techniques such as discounted cash flow analysis, option pricing models and termination cost at each balance sheet date.

 

Use Of Estimates

 

The preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

 

(3)                                 Related Party Transactions

 

We provide property management, leasing, construction and other tenant related services to properties in which former executive officers and current directors have ownership interests. We received fees totaling approximately $693,000, $1.2 million, and $1.4 million in 2004, 2003 and 2002, respectively, for services provided to these properties. The fees we charged for such services are equivalent to those charged to unrelated third-party owners for similar services. We had an option to acquire the executive officers’ interests in these properties. Two of these properties, the Bank One Towers office buildings in Cincinnati, Ohio, were acquired in August 2003 at a price of $45.5 million. The terms of this acquisition were reviewed and approved by the independent members of our Board of Directors. The options on the remaining properties expired in October 2003, as the independent members of our Board of Directors determined that it was not in our best interests to exercise the options.

 

We provide property management, leasing, construction and other tenant related services to unconsolidated companies in which we have an equity interest. For each of the years ended December 31, 2004, 2003 and 2002, we received management fees of $4.9 million from these unconsolidated companies. In addition, for each of the years ended December 31, 2004, 2003 and 2002, respectively, we received from these entities leasing fees of $2.6 million, $2.3 million and $2.5 million and construction and development fees of $1.5 million, $1.4 million and $4.5 million. These fees were charged at market rates and we eliminated our ownership percentage of these fees in the consolidated financial statements.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In 2002, we received lease termination fees totaling $7.7 million from a tenant that is a subsidiary of Progress Energy, Inc. At that time, William Cavanaugh III was President and Chief Executive Officer of Progress Energy, Inc. and a member of our Board of Directors. Our independent directors approved the transaction and management believes that the amount received approximates a value that would have been charged to tenants with similar lease terms and commitments.

 

(4)                                 Investments in Unconsolidated Companies

 

We have equity interests ranging from 10% – 64% in unconsolidated joint ventures that own and operate rental properties and hold land for development.

 

Combined summarized financial information for the unconsolidated companies as of December 31, 2004 and 2003, and for the years ended December 31, 2004, 2003, and 2002, are as follows (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Rental revenue

 

$

167,803

 

$

170,227

 

$

169,683

 

Net income

 

$

40,138

 

$

41,065

 

$

51,013

 

Earnings distributions received

 

$

30,309

 

$

30,844

 

$

29,238

 

 

 

 

 

 

 

 

 

 

 

Land, buildings and tenant improvements, net

 

$

1,158,068

 

$

1,173,232

 

 

 

Land held for development

 

 

50,173

 

 

51,328

 

 

 

Other assets

 

 

62,190

 

 

62,196

 

 

 

 

 

$

1,270,431

 

$

1,286,756

 

 

 

Property indebtedness

 

$

570,941

 

$

577,732

 

 

 

Other liabilities

 

 

51,377

 

 

41,691

 

 

 

 

 

 

622,318

 

 

619,423

 

 

 

Owners’ equity

 

 

648,113

 

 

667,333

 

 

 

 

 

$

1,270,431

 

$

1,286,756

 

 

 

 

Our share of the scheduled payments of long term debt for the unconsolidated joint ventures for each of the next five years and thereafter as of December 31, 2004, are as follows (in thousands):

 

 

Year

 

 

Future Repayments

 

2005

 

 

$

31,713

 

 

2006

 

 

 

13,740

 

 

2007

 

 

 

62,254

 

 

2008

 

 

 

1,507

 

 

2009

 

 

 

70,473

 

 

Thereafter

 

 

 

104,595

 

 

 

 

$

284,282

 

 

 

The following significant transactions involving the unconsolidated companies have occurred over the past three years:

 

During 2003, we purchased our partners’ interests in three separate joint ventures. We had a 50% interest in each of these ventures prior to their acquisition. We also sold our 50% interest in two separate joint ventures to our partners. In addition, we contributed cash and undeveloped land to a joint venture that owns undeveloped land and an office building in return for a 50% interest.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In 2002, we recognized a gain of $1.8 million on the sale of a building that was developed for sale by a joint venture in which we owned a 50% interest. The gain was included in equity in earnings in the Statement of Operations. We also bought out our other partners’ interest in six separate joint ventures.  We had a 50% interest in each of these ventures prior to such acquisitions.

 

(5)                                 Real Estate Investments

 

The amounts described in the following paragraphs and tables have been reclassified from the previously filed consolidated financial statements to reflect the reclassification to discontinued operations for dispositions of properties held for sale through June 30, 2005.  During the period January 1, 2005 through June 30, 2005 we sold or held for sale sixteen properties owned by us and not classified as assets held for sale as of December 31, 2004.  The results of operations from such properties have been reclassified as income (loss) from discontinued operations for the years ended December 31, 2004, 2003 and 2002 in the consolidated statements of operations.  The effect of these reclassifications resulted in a decrease to income from discontinued operations for the year ended December 31, 2004 of $1.9 million.  For the years ended December 31, 2003 and 2002, these reclassifications resulted in increases of $1.2 million and $3.4 million, respectively.

 

After the effects of the above reclassification, we have classified operations of 102 buildings as discontinued operations as of December 31, 2004. These 102 buildings consist of 78 industrial, 18 office and six retail properties. As a result of the reclassification, net income (loss), net of minority interest, of $(258,000), $7.5 million and $14.1 million are now reported as net income (loss) from discontinued operations for the years ended December 31, 2004, 2003 and 2002, respectively. Forty-one of these properties were sold during 2004, 42 properties were sold during 2003, two properties were sold during 2002 and seventeen operating properties are classified as held-for-sale at December 31, 2004. The gains on disposal of these properties, net of impairment adjustment and minority interest, of $23.9 million and $11.7 million for the years ended December 31, 2004 and 2003, respectively, are also reported in discontinued operations. For the year ended December 31, 2002, a $4.5 million loss on disposal of properties, net of impairment adjustment and minority interest, is reported in discontinued operations due to impairment charges of $7.7 million recorded on three properties in 2002 that were later sold in 2003 and 2004.

 

The following table illustrates the major classes of assets and operations affected by the 102 buildings identified as discontinued operations at December 31, 2004 (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Statement of Operations:

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

24,202

 

$

41,362

 

$

51,258

 

Expenses:

 

 

 

 

 

 

 

 

 

 

Operating

 

 

8,402

 

 

13,290

 

 

13,495

 

Interest

 

 

4,673

 

 

8,083

 

 

9,014

 

Depreciation and Amortization

 

 

11,366

 

 

11,676

 

 

12,994

 

General and Administrative

 

 

44

 

 

52

 

 

70

 

Operating Income

 

 

(283)

 

 

8,261

 

 

15,685

 

Other Income

 

 

-

 

 

2

 

 

26

 

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

 

 

 

2004

 

 

2003

 

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

Minority interest income (expense) - operating

 

 

 

 

 

 

 

 

 

 

and other income

 

 

25

 

 

(807)

 

 

(1,623)

 

Income (loss) from discontinued operations,

 

 

 

 

 

 

 

 

 

 

before gain on sale

 

 

(258)

 

 

7,456

 

 

14,088

 

Gain (loss) on sale of property, net of

 

 

 

 

 

 

 

 

 

 

impairment adjustment

 

 

26,247

 

 

13,024

 

 

(4,969)

 

Minority interest expense – gain on sales

 

 

(2,349)

 

 

(1,272)

 

 

513

 

Income from discontinued operations

 

$

23,640

 

$

19,208

 

$

9,632

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet:

 

 

 

 

 

 

 

 

 

 

Real estate investments, net

 

$

71,599

 

 

 

 

 

 

 

Other Assets

 

 

23,429

 

 

 

 

 

 

 

Total Assets

 

$

95,028

 

 

 

 

 

 

 

Accrued Expenses

 

 

1,250

 

 

 

 

 

 

 

Other Liabilities

 

 

829

 

 

 

 

 

 

 

Equity and minority interest

 

 

92,949

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

95,028

 

 

 

 

 

 

 

 

We allocate interest expense to discontinued operations as permitted under EITF 87-24, “Allocation of Interest to Discontinued Operations,” and have included such interest expense in computing net income from discontinued operations. Interest expense allocable to discontinued operations includes interest on the debt for the secured properties and an allocable share of our consolidated unsecured interest expense for unencumbered properties. The allocation of unsecured interest expense to discontinued operations was based upon the Gross Book Value of the discontinued operations unencumbered population as it related to our entire unencumbered population.

 

At December 31, 2004, we had one industrial property comprising approximately 81,000 square feet classified as held-for-sale.  The net book value of the property held-for-sale at December 31, 2004, was approximately $3.4 million.

 

In 2004 we recorded $424,000 of impairment adjustments for three land parcels that were held-for-sale. We also recorded a $180,000 impairment adjustment for the industrial building classified as held-for-sale at December 31, 2004.  These adjustments reflect the write-down of the carrying values of the properties to their projected sales prices, less selling expenses, once it became probable that the properties would be sold. The industrial building was sold in the second quarter of 2005.  Each of the land parcel properties was sold in 2004.

 

In 2003 we recorded $1.1 million of impairment adjustments for one industrial building and three land parcels that were held-for-sale. These adjustments reflect the write-down of the carrying values of the properties to their projected sales prices, less selling expenses, once it became probable that the properties would be sold. Each of these properties was later sold in 2003.

 

We recorded a $9.4 million impairment adjustment for six properties in 2002. This total consisted of a $7.7 million adjustment for three industrial properties and a $1.7 million adjustment for three office properties. The properties were identified as impaired upon the comparison of their projected undiscounted cash flows to their carrying values. The impairment adjustment reflects the write-down of the carrying values of the properties to their estimated fair market values. In estimating fair market value, management considers valuation factors used by independent appraisers, including the sales of comparable properties, replacement cost and the capitalization of future expected net operating income.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

(6)           Indebtedness

 

Indebtedness at December 31 consists of the following (in thousands):

 

 

 

 

2004

 

 

2003

 

Fixed rate secured debt, weighted average interest rate of 6.51% at December 31, 2004,

 

 

 

 

 

 

 

and 6.94% at December 31, 2003, maturity dates ranging from 2005 to 2017

 

$

163,607

 

$

153,460

 

 

 

 

 

 

 

 

 

Variable rate secured debt, weighted average interest rate of 3.43% at December 31, 2004,

 

 

 

 

 

 

 

and 2.42% at December 31, 2003, maturity dates ranging from 2006 to 2025

 

 

39,474

 

 

55,189

 

 

 

 

 

 

 

 

 

Fixed rate unsecured notes, weighted average interest rate of 6.02% at December 31, 2004,

 

 

 

 

 

 

 

and 6.41% at December 31, 2003, maturity dates ranging from 2005 to 2028

 

 

2,065,623

 

 

1,775,887

 

 

 

 

 

 

 

 

 

Unsecured line of credit, facility unused at December 31, 2004, interest rate of 1.77% at

 

 

 

 

 

 

 

December 31, 2003, maturity date 2007

 

 

-

 

 

351,000

 

 

 

 

 

 

 

 

 

Variable rate unsecured note, interest rate of 2.78% at December 31, 2004, maturity date of 2006

 

 

250,000

 

 

-

 

 

 

$

2,518,704

 

$

2,335,536

 

 

The fair value of our indebtedness as of December 31, 2004, was $2.7 billion.

 

As of December 31, 2004, the $203.1 million of secured debt was collateralized by rental properties with a carrying value of $464.6 million and by letters of credit in the amount of $14 million.

 

We had one unsecured line of credit available at December 31, 2004, described as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Borrowing

 

 

Maturity

 

 

Interest

 

at December

 

Description

 

 

 

Capacity

 

 

Date

 

 

Rate

 

31, 2004

 

Unsecured Line of Credit

 

 

 

$500,000

 

 

January 2007

 

 

LIBOR + .60%

 

$        

-

 

 

The stated interest rate under the line is LIBOR plus 60 basis points. However, the facility provides us with an option to obtain borrowings from financial institutions that participate in the line, at rates lower than the stated interest rate, subject to certain restrictions. At December 31, 2004, we were not using this facility.

 

The line of credit also contains financial covenants that require us to meet defined levels of performance. As of December 31, 2004, we are in compliance with all covenants and expect to remain in compliance for the foreseeable future.

 

In January 2004, we issued $125 million of four-year unsecured debt at an effective interest rate of 3.35%

 

In August 2004, we issued $250 million of 5.40% unsecured notes due in 2014. The notes were issued as part of an exchange of securities for $100 million principal amount of our 6.95% unsecured debt due August 2004. The remaining cash proceeds were used to fund costs associated with the offering and exchange of debt, and to reduce amounts outstanding under our unsecured line of credit.

 

In December 2004, we issued $250.0 million of unsecured floating rate debt at 26 basis points over LIBOR.  The debt matures in 2006, but is callable by us after six months.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

At December 31, 2004, the scheduled amortization and maturities of all indebtedness for the next five years and thereafter were as follows (in thousands):

 

Year

 

 

Amount

 

2005

 

$

279,666

 

2006

 

 

423,504

 

2007

 

 

221,506

 

2008

 

 

265,059

 

2009

 

 

280,867

 

Thereafter

 

 

1,048,102

 

 

 

$

2,518,704

 

 

The amount of interest paid in 2004, 2003 and 2002 was $136.2 million, $130.1 million and $125.9 million, respectively. The amount of interest capitalized in 2004, 2003 and 2002 was $6.0 million, $6.7 million and $13.5 million, respectively.

 

(7)           Segment Reporting

 

The amounts in the segment disclosure have also been reclassifed from the previously filed consolidated financial statements to reflect the reclassification to discontinued operations for the additional sixteen properties disposed of or identified as held-for-sale through June 30, 2005.

 

We are engaged in four operating segments, the first three of which consist of the ownership and rental of office, industrial and retail real estate investments (collectively, “Rental Operations”). The fourth segment consists of our build-to-suit for sale operations and the providing of various real estate services such as property management, maintenance, leasing, development and construction management to third-party property owners and joint ventures (“Service Operations”). Our reportable segments offer different products or services and are managed separately because each requires different operating strategies and management expertise. There are no material intersegment sales or transfers.

 

Non-segment revenue consists mainly of equity in earnings of unconsolidated companies. Segment FFO information is calculated by subtracting operating expenses attributable to the applicable segment from segment revenues. Non-segment assets consist of corporate assets including cash, deferred financing costs and investments in unconsolidated companies. Interest expense and other non-property specific revenues and expenses are not allocated to individual segments in determining our performance measure.

 

We assess and measure segment operating results based upon an industry performance measure referred to as Funds From Operations (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of an equity real estate investment trust (“REIT”). FFO is calculated in accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT, represents net income (loss) determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization, and after similar adjustments for unconsolidated partnerships and joint ventures.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The revenues and FFO for each of the reportable segments for the years ended December 31, 2004, 2003 and 2002, and the assets of each reportable segment as of December 31, 2004 and 2003 are summarized as follows (in thousands):

 

 

 

2004

 

2003

 

2002

 

Revenues

 

 

 

 

 

 

 

 

 

 

Rental Operations:

 

 

 

 

 

 

 

 

 

 

Office

$

453,226

 

 $

413,845

 

 $

386,348

 

 

Industrial

 

268,375

 

 

254,453

 

 

244,356

 

 

Retail

 

4,830

 

 

5,801

 

 

4,672

 

 

Service Operations

 

70,803

 

 

59,456

 

 

68,580

 

 

Total Segment Revenues

 

797,234

 

 

733,555

 

 

703,956

 

 

Non-Segment Revenue

 

26,934

 

 

27,444

 

 

31,073

 

 

Consolidated Revenue from continuing operations

 

824,168

 

 

760,999

 

 

735,029

 

 

Discontinued Operations

 

24,202

 

 

41,362

 

 

52,533

 

 

Consolidated Revenue

$

848,370

 

 $

802,361

 

 $

787,562

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations

 

 

 

 

 

 

 

 

 

 

Rental Operations:

 

 

 

 

 

 

 

 

 

 

Office

$

290,193

 

 $

269,764

 

 $

258,405

 

 

Industrial

 

201,314

 

 

191,361

 

 

189,297

 

 

Retail

 

3,894

 

 

4,876

 

 

4,075

 

 

Services Operations

 

24,421

 

 

21,821

 

 

30,270

 

 

Total Segment FFO

 

519,822

 

 

487,822

 

 

482,047

 

 

Non-Segment FFO:

 

 

 

 

 

 

 

 

 

 

Interest expense

(132,936)

 

(123,423)

 

(109,269)

 

 

Interest income

 

5,213

 

 

3,613

 

 

3,833

 

 

General and administrative expense

(26,388)

 

(22,116)

 

 

(25,284)

 

 

Gain on land sales

 

10,119

 

 

7,135

 

 

4,478

 

 

Impairment charges on depreciable property

 

(180)

 

 

(500)

 

 

(9,379)

 

 

Other expenses

 

(363)

 

 

(2,796)

 

 

(368)

 

 

Minority interest in earnings of subsidiaries

 

(1,253)

 

 

(586)

 

 

(1,093)

 

 

Minority interest in earnings of common unitholders

(13,607)

 

(15,467)

 

 

(16,616)

 

 

Minority interest in earnings of preferred unitholders

 

-

 

 

(1,904)

 

 

(7,560)

 

 

Minority interest share of FFO adjustments

(19,783)

 

(18,854)

 

 

(19,353)

 

 

Joint venture FFO

 

40,488

 

 

42,526

 

 

44,778

 

 

Dividends on preferred shares

(33,777)

 

(37,321)

 

 

(45,053)

 

 

Adjustment for redemption of preferred stock

 

(3,645)

 

 

-

 

 

(8,145)

 

 

Discontinued operations, net of minority interest

 

8,759

 

 

17,860

 

 

28,870

 

 

Consolidated FFO

 

352,469

 

 

335,989

 

 

321,886

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization on continuing operations

(217,216)

 

(184,558)

 

(162,627)

 

 

Depreciation and amortization on discontinued operations

(11,366)

 

(11,676)

 

 

(12,994)

 

 

Share of joint venture adjustments

(18,901)

 

(18,839)

 

 

(17,598)

 

 

Earnings from depreciated property sales and ownership interests

 

 

 

 

 

 

 

 

 

 

in unconsolidated companies on continuing operations

 

83

 

 

8,617

 

 

4,491

 

 

Earnings from depreciated property sales on discontinued operations

 

26,427

 

 

13,524

 

 

1,458

 

 

Minority interest share of FFO adjustments

 

19,783

 

 

18,854

 

 

19,353

 

 

Net income available for common shareholders

$

151,279

 

$

161,911

 

 $

153,969

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

2004

 

2003

 

 

Assets

 

 

 

 

 

 

 

 

 

Rental Operations

 

 

 

 

 

 

 

 

 

Office

 

$

3,128,387

 

 

$

2,884,834

 

 

 

 

Industrial

 

 

2,211,509

 

 

 

2,177,483

 

 

 

 

Retail

 

 

84,625

 

 

 

47,293

 

 

 

 

Service Operations

 

 

131,218

 

 

 

111,318

 

 

 

 

Total Segment Assets

 

 

5,555,739

 

 

 

5,220,928

 

 

 

 

Non-Segment Assets

 

 

340,904

 

 

 

340,321

 

 

 

 

Consolidated Assets

 

$

5,896,643

 

 

$

5,561,249

 

 

 

 

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In addition to revenues and FFO, we also review our recurring capital expenditures in measuring the performance of our individual Rental Operations segments. These recurring capital expenditures consist of tenant improvements, leasing commissions and building improvements. We review these expenditures to determine the costs associated with re-leasing vacant space and maintaining the condition of our properties. Our recurring capital expenditures by segment are summarized as follows for the years ended December 31, 2004, 2003 and 2002, respectively (in thousands):

 

 

 

 

2004

 

 

2003

 

 

2002

 

Recurring Capital Expenditures

 

 

 

 

 

 

 

Office

 

 

$

68,535

 

 

$

44,602

 

 

$

31,616

 

Industrial

 

 

 

39,096

 

 

 

31,711

 

 

 

27,398

 

Retail

 

 

 

22

 

 

 

135

 

 

 

345

 

Total

 

 

$

107,653

 

 

$

76,448

 

 

$

59,359

 

 

(8)           Leasing Activity

 

Future minimum rents due to us under non-cancelable operating leases at December 31, 2004, are as follows (in thousands):

 

Year

 

 

 

Amount

 

2005

 

 

$

567,801

 

2006

 

 

 

518,136

 

2007

 

 

 

441,843

 

2008

 

 

 

358,202

 

2009

 

 

 

289,451

 

Thereafter

 

 

 

832,194

 

 

 

$

3,007,627

 

 

In addition to minimum rents, certain leases require reimbursements of specified operating expenses that amounted to $137.9 million, $130.3 million, and $121.0 million for the years ended December 31, 2004, 2003 and 2002, respectively.

 

(9)           Employee Benefit Plans

 

We maintain a 401(k) plan for full-time employees.  We make matching contributions up to an amount equal to three percent of the employee’s salary and may also make annual discretionary contributions. The total expense recognized for this plan was $1.9 million, $1.6 million and $1.7 million for the years ended 2004, 2003 and 2002, respectively.

 

We make contributions to a contributory health and welfare plan as necessary to fund claims not covered by employee contributions. The total expense we recognized related to this plan was $7.2 million, $6.4 million and $5.4 million for 2004, 2003 and 2002, respectively. These expense amounts include estimates based upon the historical experience of claims incurred but not reported as of year-end.

 

(10)         Shareholders’ Equity

 

We periodically access the public equity markets to fund the development and acquisition of additional rental properties or to pay down debt. The proceeds of these offerings are contributed to DRLP in exchange for an additional interest in DRLP.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The following series of preferred stock were outstanding as of December 31, 2004 (in thousands, except percentages):

 

 

 

Shares

 

Dividend

 

Redemption

 

Liquidation

 

 

 

Description

 

Outstanding

 

   Rate   

 

Date

 

Preference

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred

 

265

 

7.990%

 

September 30, 2007

 

$

132,250

 

 

No

 

Series I Preferred

 

300

 

8.450%

 

February 6, 2006

 

 

75,000

 

 

No

 

Series J Preferred

 

400

 

6.625%

 

August 29, 2008

 

 

100,000

 

 

No

 

Series K Preferred

 

600

 

6.500%

 

February 13, 2009

 

 

150,000

 

 

No

 

Series L Preferred

 

800

 

6.600%

 

November 30, 2009

 

 

200,000

 

 

No

 

 

All series of preferred shares require cumulative distributions and have no stated maturity date (although we may redeem them on or following their optional redemption dates).

 

The Series B, Series I, Series J, Series K and Series L Preferred Stock may be redeemed only at our option, in whole or in part.

 

We issued $150 million of Series K Preferred Shares in February 2004 at a dividend rate of 6.50% and $200 million of Series L Preferred Shares in November 2004 at a dividend rate of 6.60%.

 

The dividend rate on the Series B Preferred shares increases to 9.99% after September 12, 2012. We repurchased 355,000 shares of the Series B Preferred shares in September 2002. The repurchase transaction was initiated by a group of Series B Preferred shareholders who voluntarily approached us with an opportunity for us to buy back these shares before their earliest stated redemption date.

 

We called for the redemption of our Series D Convertible Preferred Shares as of March 16, 2004. Prior to the redemption date, 5,242,635 Series D Convertible Preferred Shares were converted into 4,911,143 Common Shares. The remaining 103,695 Series D Convertible Preferred Shares outstanding on March 16, 2004 were redeemed.

 

We redeemed our $100 million Series E Preferred Shares on January 20, 2004, at par value.

 

(11)         Stock Based Compensation

 

At December 31, 2004, we had nine stock-based employee compensation plans that are described more fully below.  We are authorized to issue up to 7,144,711 shares of our common stock under these compensation plans.

 

Fixed Stock Option Plans

 

We had options outstanding under six fixed stock option plans as of December 31, 2004. Additional grants may be made under three of those plans.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

A summary of the status of our fixed stock option plans as of December 31, 2004, 2003 and 2002 and changes during the years ended on those dates follows:

 

 

2004

 

2003

 

 

2002

 

 

 

 

 

 

Weighted

 

 

 

Weighted

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

Average

 

 

 

 

Average

 

 

 

 

 

Exercise

 

 

 

Exercise

 

 

 

 

Exercise

 

 

 

Shares

 

Price

 

Shares

 

Price

 

 

Shares

 

Price

 

Outstanding, beginning of year

 

3,586,360

 

$22.65

 

 

3,920,198

 

$22.09

 

 

 

 

4,691,659

 

$21.12

 

 

Granted

 

506,688

 

32.49

 

 

609,390

 

25.48

 

 

 

 

676,038

 

23.37

 

 

Exercised

 

(728,250

)

20.85

 

 

(773,625)

 

21.87

 

 

 

(1,203,534)

 

18.82

 

 

Forfeited

 

(12,329

)

27.20

 

 

(169,603)

 

23.63

 

 

 

 

(243,965)

 

22.96

 

 

Outstanding, end of year

 

3,352,469

 

24.51

 

 

3,586,360

 

22.65

 

 

 

 

3,920,198

 

22.09

 

 

Options exercisable,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

end of year

 

1,844,256

 

 

 

2,014,875

 

 

 

 

 

2,297,500

 

 

 

Weighted-average fair value of options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

granted during the year

$

2.84

 

 

 $

1.81

 

 

 

 

$

2.05

 

 

 

 

The fair values of the options were determined using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

2004

 

2003

 

 

2002

 

Dividend yield

 

6.50%

 

7.25%

 

 

7.25%

 

Volatility

 

20.0%

 

20.0%

 

 

20.0%

 

Risk-free interest rate

 

3.6%

 

3.2%

 

 

4.7%

 

Expected life

 

6 years

 

6 years

 

 

6 years

 

 

The options outstanding at December 31, 2004, under the fixed stock option plans have a range of exercise prices from $12.94 to $34.14 with a weighted average exercise price of $24.51 and a weighted average remaining contractual life of 6.11 years. The options exercisable at December 31, 2004 have a weighted average exercise price of $22.55.

 

Each option’s maximum term is ten years. With limited exceptions, options vest at 20% per year, or, if earlier, upon the death, retirement or disability of the optionee or a change in control of the Company.

 

Performance Based Stock Plans

 

Performance shares are granted under the 2000 Performance Share Plan, with each performance share economically equivalent to one share of our common stock. The performance shares vest over a five-year period with the vesting percentage for a year dependent upon our attainment of certain predefined levels of earnings growth for such year. The value of vested performance shares are payable in cash upon the retirement or termination of employment of the participant. At December 31, 2004, plan participants had the right to receive up to 200,726 performance shares, of which 48,760 were vested and 152,002 were contingent upon future earnings achievement.

 

The amount of compensation cost was based upon the intrinsic value of the vested performance shares at the end of each applicable reporting period. The compensation cost that was charged against income for this plan was $1.7 million, $529,000 and $96,000 for 2004, 2003 and 2002, respectively.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In October 2002, we amended our Shareholder Value Plan (“SVP Plan”) and Dividend Increase Unit Plans (“DIU Plans”) by requiring that all payouts under these two plans to be in cash only. Payments made under our SVP Plan are based upon our cumulative shareholder return for a three-year period as compared to the cumulative total return of the S&P 500 and the NAREIT Equity REIT Total Return indices. Payments under the DIU Plans are based upon increases in our dividend per common share. The total compensation cost that was charged against income for these two plans was $2.3 million, $1.6 million and $4.6 million for 2004, 2003 and 2002, respectively.

 

Directors Stock Payment Plan

 

Under our 1999 Directors’ Stock Payment Plan, non-employee members of our board of directors are entitled to 1,600 shares our common stock per year as partial compensation for services as a board member. The shares are fully vested when issued and we record the value of the shares as an expense. The amount of that expense was $525,000, $415,000 and $274,000 for 2004, 2003 and 2002, respectively.

 

Employee Stock Purchase Plan

 

Under our Employee Stock Purchase Plan, employees are entitled to purchase our common stock at a 15% discount through payroll deductions. Under SFAS 123, we are required to record the amount of the discount as compensation expense. The amount of that expense for 2004 and 2003 was $255,000 and $219,000, respectively.

 

(12)         Financial Instruments

 

We are exposed to capital market risk, such as changes in interest rates. In order to manage the volatility relating to interest rate risk, we may enter into interest rate hedging arrangements from time to time. We do not utilize derivative financial instruments for trading or speculative purposes. We account for derivative instruments under SFAS 133.

 

During the first quarter of 2004, we funded a $65 million note receivable secured by a first mortgage on a portfolio of office properties owned by a third party located in Atlanta, Georgia. The note receivable had a maximum two-year term with an interest rate of 5.5% for the first 6 months and 6.5% thereafter. In order to fund the note receivable, we borrowed $65 million under a variable interest rate term loan. The loan bears interest at the rate of LIBOR + 75 basis points, has a maturity date of January 2005, and contains two six month renewal options. To hedge our variable interest rate risk on the loan, we entered into two interest rate swaps totaling $65 million that effectively fixed the rate at 2.184% through maturity. The hedge accounting rules are being used for the swaps, which allow for changes in market value of the swaps to be recorded through Other Comprehensive Income (“OCI”) in equity versus the Statement of Operations. In the third quarter of 2004, the $65 million note receivable was repaid in connection with our acquisition of the properties that secured the note. However, our $65 million note payable and related interest swaps were not retired. As of December 31, 2004, the fair value of the hedge was $51,000, which was reflected through an increase in other assets and OCI on our balance sheet.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In June 2004, we simultaneously entered into three forward-starting interest rate swaps aggregating $144.3 million, which effectively fixed the rate on financing expected in 2004 at 5.346%, plus our credit spread over the swap rate. The swaps qualified for hedge accounting under SFAS 133; therefore, changes in the fair value were recorded in OCI. In August 2004, we settled these three swaps when we issued $250.0 million of unsecured notes with an effective interest rate of 6.33%, due in 2014. We paid $6.85 million to unwind the swaps, which will be amortized from OCI into interest expense over the life of the new 6.33% notes.

 

In December 2002, we simultaneously entered into two $50 million forward-starting interest rate swaps as a hedge to effectively fix the rate on unsecured debt financings expected in 2003. Then again in February 2003, we simultaneously entered into two additional $25 million forward-starting interest rate swaps as a hedge to effectively fix the rate on unsecured debt financings expected in 2003.  All four swaps qualified for hedge accounting under SFAS 133; therefore, changes in fair value were recorded in other comprehensive income. In July 2003, we terminated the swaps for a net gain of $643,000, which is included in other revenue in the Statements of Operations. The swaps were terminated because our capital needs were met through the issuance of the Series J Preferred Stock in lieu of the previously contemplated issuance of debt.

 

During the year ended December 31, 2002, we recorded a $1.4 million gain associated with an interest rate contract that did not qualify for hedge accounting.  The contract expired on December 30, 2002.

 

In May 2003, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“SFAS 150”). SFAS 150 establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. SFAS 150 is effective for all financial instruments created or modified after May 31, 2003, and otherwise is effective July 1, 2003. We include the operations of one joint venture in our consolidated financial statements. This joint venture is partially owned by unaffiliated parties that have noncontrolling interests. SFAS 150 requires the disclosure of the estimated settlement value of these noncontrolling interests. As of December 31, 2004, the estimated settlement value of the noncontrolling interest in this consolidated joint venture was approximately $1.0 million as compared to the minority interest asset recorded on our books for this joint venture of $142,000.

 

(13)         Recent Accounting Pronouncements

 

In December 2004, FASB issued SFAS No. 123 (R), Share-Based Payment, which is a revision of SFAS No. 123, Accounting for Stock Based Compensation, and is effective July 2005. We are currently evaluating the impact on our financial position and results of operations.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

(14)         Commitments and Contingencies

 

In 1998 and 1999, certain members of management and the Board of Directors purchased $69 million of common stock in connection with an Executive and Senior Officer Stock Purchase Plan. The purchases were financed by five-year personal loans at market interest rates from financial institutions. As of December 31, 2004, the outstanding balance on these loans was approximately $1.6 million as some participants have extended their involvement in the program beyond the original five years. These loans were secured by common shares with a fair market value of approximately $2.5 million purchased through this program and owned by the remaining plan participants at December 31, 2004. As a condition of the financing agreement with the financial institution, we guaranteed repayment of principal, interest and other obligations for each participant, but are fully indemnified by the participants. In the opinion of management, it is not probable that we will be required to satisfy these guarantees.

 

In October 2000, we sold or contributed industrial properties and undeveloped land with a fair value of $487 million to a joint venture (Dugan Realty LLC) in which we have a 50% interest and recognized a net gain of $35.2 million. This transaction expanded an existing joint venture with an institutional real estate investor. As a result of the total transactions, we received $363.9 million of proceeds. The joint venture partially financed this transaction with $350 million of secured mortgage debt, the repayment of which we directly or indirectly guaranteed. The guarantee associated with $260 million of such debt expired in December 2003 without us being required to satisfy the guarantee. The remaining $90 million of such debt is still guaranteed by us. In connection with this transaction, the joint venture partners were given an option to put up to a $50 million interest in the joint venture to us in exchange for our common stock or cash (at our option), subject to certain timing and other restrictions. As a result of this put option, we deferred $10.2 million of gain on sale of depreciated property and recorded a $50 million liability.

 

We have guaranteed the repayment of $12.3 million of economic development bonds issued by various municipalities in connection with certain commercial developments. We will be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service. Management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees.

 

We have also guaranteed the repayment of a $2 million mortgage loan encumbering the real estate of one of our unconsolidated joint ventures. Management believes that the value of the real estate exceeds the loan balance and that we will not be required to satisfy this guarantee.

 

We evaluated our guarantees under FASB Interpretation 45 (“FIN 45”) in order to determine the amount of potential liability we may incur resulting from the guarantees. For this evaluation we used discounted cash flow projections for expected incremental financing to be generated from anticipated development. Based upon these projections, no liability was recorded at December 31, 2004.

 



 

DUKE REALTY CORPORATION AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

We have entered into agreements, subject to the completion of due diligence requirements, resolution of certain contingencies and completion of customary closing conditions, for the future acquisition of land totaling $43.8 million. We have also entered into an agreement to acquire a single building for $8.0 million, which is expected to close in 2005.

 

We renewed all of our major insurance policies in 2004. These policies include coverage for acts of terrorism for our properties. We believe that this insurance provides adequate coverage against normal insurance risks and that any loss experienced would not have a significant impact on our liquidity, financial position, or results of operations.

 

We are subject to various legal proceedings and claims that arise in the ordinary course of business.  In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations.

 

(15)         Subsequent Events

 

Effective as of January 1, 2005, the Company, DRLP, Duke Management, Inc (“DMI”), an Indiana corporation, and DRSLP entered into a Contribution Agreement, pursuant to which DMI contributed to DRLP all of DMI’s limited partnership interest in DRSLP in exchange for the issuance to DMI of 435,814 DRLP limited partnership units. As a result, the Company and DRLP now own 100% of the partnership interests in DRSLP. In addition, DMI owns a total of 501,349 DRLP limited partnership units as a result of the transaction.

 

See additional information regarding this transaction in a Current Report on Form 8-K filed with the SEC on January 4, 2005.

 


EX-99.3 6 a05-15824_1ex99d3.htm EX-99.3

Exhibit 99.3

 

DUKE REALTY CORPORATION

 

 

REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

DECEMBER 31, 2004

 

Schedule III

(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

ALPHARETTA, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brookside Office Park

 

Radiant I

 

Office

 

 

 

$1,269

 

$14,749

 

$6

 

$1,269

 

$14,755

 

$16,024

 

$2,036

 

1998

 

1999

 

Brookside Office Park

 

Brookside I

 

Office

 

 

 

1,625

 

11,094

 

2,929

 

1,625

 

14,023

 

15,648

 

3,452

 

1999

 

1999

 

Brookside Office Park

 

Radiant II

 

Office

 

 

 

831

 

7,327

 

115

 

831

 

7,442

 

8,273

 

704

 

2000

 

2000

 

Brookside Office Park

 

Brookside II

 

Office

 

 

 

1,381

 

12,313

 

1,370

 

1,381

 

13,683

 

15,064

 

1,834

 

2000

 

2001

 

Hembree Crest

 

11800 Wills Road

 

Industrial

 

 

 

304

 

2,152

 

380

 

304

 

2,532

 

2,836

 

455

 

1987

 

1999

 

Hembree Crest

 

11810 Wills Road

 

Industrial

 

 

 

296

 

2,260

 

139

 

296

 

2,399

 

2,695

 

387

 

1987

 

1999

 

Hembree Crest

 

11820 Wills Road

 

Industrial

 

 

 

488

 

2,285

 

883

 

488

 

3,168

 

3,656

 

432

 

1987

 

1999

 

Hembree Crest

 

11415 Old Roswell Road

 

Industrial

 

 

 

648

 

2,463

 

1,039

 

648

 

3,502

 

4,150

 

783

 

1991

 

1999

 

Hembree Park

 

1750 Founders

 

Industrial

 

 

 

1,936

 

7,813

 

436

 

1,936

 

8,249

 

10,185

 

2,254

 

1999

 

2000

 

Hembree Park

 

NMeadow SC II @ Founders

 

Industrial

 

 

 

1,369

 

3,646

 

2,417

 

1,369

 

6,063

 

7,432

 

571

 

2001

 

2001

 

North Meadow

 

1350 Northmeadow Parkway

 

Industrial

 

 

 

672

 

3,658

 

260

 

672

 

3,918

 

4,590

 

700

 

1994

 

1999

 

North Meadow

 

11835 Alpharetta Highway

 

Retail

 

 

 

524

 

2,869

 

46

 

524

 

2,915

 

3,439

 

394

 

1994

 

1999

 

Northwinds Pointe

 

Northwinds VII

 

Office

 

 

 

2,271

 

20,070

 

766

 

2,271

 

20,836

 

23,107

 

2,913

 

1998

 

1999

 

Northwinds Pointe

 

Northwinds I

 

Office

 

 

 

1,866

 

15,912

 

-    

 

1,866

 

15,912

 

17,778

 

356

 

1997

 

2004

 

Northwinds Pointe

 

Northwinds II

 

Office

 

 

 

1,786

 

15,934

 

-    

 

1,786

 

15,934

 

17,720

 

352

 

1997

 

2004

 

Northwinds Pointe

 

Northwinds III

 

Office

 

17,457

 

1,850

 

15,813

 

-    

 

1,850

 

15,813

 

17,663

 

354

 

1998

 

2004

 

Northwinds Pointe

 

Northwinds IV

 

Office

 

16,614

 

1,833

 

15,831

 

-    

 

1,833

 

15,831

 

17,664

 

356

 

1999

 

2004

 

Northwinds Pointe

 

Northwinds V

 

Office

 

 

 

2,203

 

15,511

 

-    

 

2,203

 

15,511

 

17,714

 

355

 

1999

 

2004

 

Northwinds Pointe

 

Northwinds VI

 

Office

 

 

 

2,645

 

15,352

 

-    

 

2,645

 

15,352

 

17,997

 

357

 

2000

 

2004

 

Northwinds Pointe

 

Northwinds Village

 

Retail

 

 

 

578

 

4,511

 

-    

 

578

 

4,511

 

5,089

 

63

 

2000

 

2004

 

Northwinds Pointe

 

Northwinds Restaurant

 

Retail

 

 

 

202

 

329

 

-    

 

202

 

329

 

531

 

6

 

1998

 

2004

 

Ridgeland

 

1320 Ridgeland Pkwy

 

Industrial

 

 

 

998

 

5,890

 

37

 

998

 

5,927

 

6,925

 

805

 

1999

 

1999

 

Ridgeland

 

Ridgeland Business Dist I

 

Industrial

 

 

 

488

 

2,983

 

447

 

488

 

3,430

 

3,918

 

883

 

1999

 

1999

 

Ridgeland

 

Ridgeland Business Dist. II

 

Industrial

 

 

 

579

 

2,536

 

239

 

579

 

2,775

 

3,354

 

621

 

1999

 

2000

 

Preston Ridge

 

Preston Ridge IV

 

Office

 

 

 

2,777

 

13,081

 

-    

 

2,777

 

13,081

 

15,858

 

416

 

2000

 

2004

 

Windward

 

800 North Point Parkway

 

Office

 

 

 

1,250

 

18,443

 

-    

 

1,250

 

18,443

 

19,693

 

870

 

1991

 

2003

 

Windward

 

900 North Point Parkway

 

Office

 

 

 

1,250

 

13,945

 

-    

 

1,250

 

13,945

 

15,195

 

666

 

1991

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANTIOCH, TENNESSEE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson Business Center

 

Keebler

 

Industrial

 

 

 

307

 

1,311

 

20

 

307

 

1,331

 

1,638

 

315

 

1985

 

1995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARLINGTON HEIGHTS, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arlington Business Park

 

Atrium II

 

Office

 

 

 

776

 

7,230

 

1,345

 

776

 

8,575

 

9,351

 

1,636

 

1986

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATLANTA, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Druid Chase

 

6 W. Druid Hills Drive

 

Office

 

 

 

473

 

6,758

 

2,297

 

473

 

9,055

 

9,528

 

1,162

 

1968

 

1999

 

Druid Chase

 

2801 Buford Highway

 

Office

 

 

 

794

 

9,905

 

1,826

 

794

 

11,731

 

12,525

 

1,832

 

1977

 

1999

 

Druid Chase

 

1190 W. Druid Hills Drive

 

Office

 

 

 

689

 

6,631

 

1,098

 

689

 

7,729

 

8,418

 

1,040

 

1980

 

1999

 

Druid Chase

 

2071 N. Druid Hills Drive

 

Retail

 

 

 

98

 

321

 

-    

 

98

 

321

 

419

 

44

 

1968

 

1999

 

Gwinnett Park

 

Gwinnett Park Land

 

Grounds

 

 

 

 

 

-    

 

30

 

30

 

-    

 

30

 

5

 

 

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AURORA, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meridian Business Campus

 

535 Exchange

 

Industrial

 

 

 

386

 

930

 

64

 

386

 

994

 

1,380

 

170

 

1984

 

1999

 

Meridian Business Campus

 

515-525 North Enterprise

 

Industrial

 

 

 

342

 

1,694

 

72

 

342

 

1,766

 

2,108

 

293

 

1984

 

1999

 

Meridian Business Campus

 

615 Enterprise

 

Industrial

 

 

 

468

 

2,831

 

528

 

468

 

3,359

 

3,827

 

549

 

1984

 

1999

 

Meridian Business Campus

 

3615 Exchange

 

Industrial

 

 

 

410

 

1,618

 

59

 

410

 

1,677

 

2,087

 

293

 

1986

 

1999

 

Meridian Business Campus

 

4000 Sussex

 

Industrial

 

 

 

417

 

1,952

 

245

 

417

 

2,197

 

2,614

 

399

 

1990

 

1999

 

Meridian Business Campus

 

3737 East Exchange

 

Industrial

 

 

 

598

 

2,562

 

57

 

598

 

2,619

 

3,217

 

440

 

1985

 

1999

 

Meridian Business Campus

 

444 North Commerce

 

Industrial

 

 

 

722

 

5,480

 

423

 

722

 

5,903

 

6,625

 

1,017

 

1985

 

1999

 

Meridian Business Campus

 

Meridian I

 

Industrial

 

 

 

1,150

 

6,731

 

11

 

1,150

 

6,742

 

7,892

 

1,574

 

1999

 

2000

 

Meridian Business Campus

 

Meridian II

 

Industrial

 

 

 

567

 

1,283

 

1,701

 

567

 

2,984

 

3,551

 

148

 

2001

 

2001

 

Meridian Business Campus

 

Genera Corp

 

Industrial

 

 

 

970

 

4,796

 

-    

 

1,957

 

3,809

 

5,766

 

46

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BEACHWOOD, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Exchange

 

One Corporate Exchange

 

Office

 

3,487

 

1,287

 

8,803

 

1,088

 

1,287

 

9,891

 

11,178

 

2,314

 

1989

 

1996

 

Corporate Place

 

Corporate Place

 

Office

 

 

 

1,161

 

7,909

 

813

 

1,163

 

8,720

 

9,883

 

1,955

 

1988

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLOOMINGTON, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpha Buildings

 

Alpha Business Ctr I&II

 

Office

 

 

 

280

 

1,631

 

302

 

280

 

1,933

 

2,213

 

372

 

1980

 

1999

 

Alpha Buildings

 

Alpha Business Ctr III&IV

 

Industrial

 

 

 

341

 

2,000

 

261

 

341

 

2,261

 

2,602

 

409

 

1980

 

1999

 

Alpha Buildings

 

Alpha Business Ctr V

 

Industrial

 

 

 

537

 

3,125

 

265

 

538

 

3,389

 

3,927

 

543

 

1980

 

1999

 

Bloomington Industrial Center

 

Bloomington Industrial Center

 

Industrial

 

1,211

 

621

 

3,689

 

776

 

621

 

4,465

 

5,086

 

1,187

 

1963

 

1997

 

Hampshire Dist. Center

 

Hampshire Dist Center North

 

Industrial

 

1,881

 

779

 

4,511

 

217

 

779

 

4,728

 

5,507

 

819

 

1979

 

1997

 

Hampshire Dist. Center

 

Hampshire Dist Center South

 

Industrial

 

2,203

 

901

 

5,239

 

286

 

901

 

5,525

 

6,426

 

1,072

 

1979

 

1997

 

Hampshire Tech Center

 

Hampshire Tech Center

 

Industrial

 

 

 

2,124

 

13,123

 

797

 

2,223

 

13,821

 

16,044

 

2,913

 

1998

 

1998

 

Lyndale Commons

 

Lyndale Commons I

 

Industrial

 

 

 

247

 

1,449

 

98

 

247

 

1,547

 

1,794

 

282

 

1981

 

1998

 

Lyndale Commons

 

Lyndale Commons II

 

Industrial

 

 

 

181

 

1,056

 

273

 

183

 

1,327

 

1,510

 

336

 

1985

 

1998

 

Norman Center

 

Norman Center 4

 

Office

 

 

 

562

 

3,276

 

248

 

579

 

3,507

 

4,086

 

1,552

 

1967

 

1998

 

Norman Center Plaza

 

Norman Pointe I

 

Office

 

 

 

3,650

 

28,380

 

1,879

 

3,650

 

30,259

 

33,909

 

3,573

 

2000

 

2000

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

BLUE ASH, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alliance Woods

 

McAuley Place

 

Office

 

 

 

2,331

 

18,772

 

1,205

 

2,331

 

19,977

 

22,308

 

2,162

 

2000

 

2001

 

Cornell Commerce Center

 

Cornell Commerce Center

 

Industrial

 

 

 

495

 

4,841

 

625

 

495

 

5,466

 

5,961

 

1,184

 

1989

 

1996

 

Creek Road

 

Creek Road Bldg 1

 

Industrial

 

 

 

103

 

833

 

65

 

103

 

898

 

1,001

 

184

 

1971

 

1996

 

Creek Road

 

Creek Road Bldg 2

 

Industrial

 

 

 

132

 

1,164

 

79

 

132

 

1,243

 

1,375

 

262

 

1971

 

1996

 

Huntington Bank Building

 

Huntington Bank Building

 

Office

 

 

 

175

 

241

 

-    

 

175

 

241

 

416

 

49

 

1986

 

1996

 

Lake Forest/Westlake

 

Lake Forest Place

 

Office

 

 

 

1,953

 

20,823

 

1,904

 

1,953

 

22,727

 

24,680

 

5,361

 

1985

 

1996

 

Northmark Office Park

 

Northmark Bldg. 1

 

Office

 

 

 

1,452

 

4,903

 

-    

 

1,452

 

4,903

 

6,355

 

231

 

1987

 

2004

 

Northmark Office Park

 

Northmark Bldg. 2

 

Office

 

 

 

1,386

 

4,133

 

-    

 

1,386

 

4,133

 

5,519

 

87

 

1984

 

2004

 

Lake Forest/Westlake

 

Westlake Center

 

Office

 

 

 

2,459

 

17,035

 

2,037

 

2,459

 

19,072

 

21,531

 

4,270

 

1981

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOLINGBROOK, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bolingbrook

 

555 Joliet Road

 

Industrial

 

 

 

2,184

 

9,319

 

113

 

2,184

 

9,432

 

11,616

 

672

 

1967

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRANDON, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency Park North

 

Regency I

 

Office

 

 

 

1,048

 

4,276

 

846

 

1,048

 

5,122

 

6,170

 

1,293

 

2000

 

2000

 

Regency Park North

 

Regency II

 

Office

 

 

 

1,411

 

3,722

 

-    

 

1,411

 

3,722

 

5,133

 

726

 

2001

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRASELTON, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Braselton

 

Braselton II

 

Industrial

 

 

 

1,365

 

9,570

 

1,447

 

1,878

 

10,504

 

12,382

 

850

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRENTWOOD, TENNESSEE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspen Grove Business Center

 

Aspen Grove 4

 

Industrial

 

 

 

492

 

2,430

 

4

 

492

 

2,434

 

2,926

 

194

 

2002

 

2002

 

Brentwood South Bus. Center

 

7104 Crossroads Blvd

 

Industrial

 

 

 

1,065

 

6,011

 

653

 

1,065

 

6,664

 

7,729

 

992

 

1987

 

1999

 

Brentwood South Bus. Center

 

7106 Crossroads Blvd

 

Industrial

 

 

 

1,065

 

2,846

 

932

 

1,065

 

3,778

 

4,843

 

546

 

1987

 

1999

 

Brentwood South Bus. Center

 

7108 Crossroads Blvd

 

Industrial

 

 

 

848

 

4,152

 

520

 

848

 

4,672

 

5,520

 

697

 

1989

 

1999

 

Creekside Crossing

 

Creekside Crossing One

 

Office

 

 

 

1,900

 

7,676

 

606

 

1,901

 

8,281

 

10,182

 

1,722

 

1997

 

1998

 

Creekside Crossing

 

Creekside Crossing Two

 

Office

 

 

 

2,087

 

9,749

 

631

 

2,087

 

10,380

 

12,467

 

2,802

 

1999

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BROOKLYN PARK, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7300 Northland Drive

 

7300 Northland Drive

 

Industrial

 

 

 

700

 

6,119

 

3

 

703

 

6,119

 

6,822

 

1,023

 

1980

 

1998

 

Crosstown North

 

Crosstown North Bus. Ctr. 1

 

Industrial

 

 

 

835

 

5,504

 

1,047

 

1,286

 

6,100

 

7,386

 

1,176

 

1998

 

1999

 

Crosstown North

 

Crosstown North Bus. Ctr. 2

 

Industrial

 

 

 

449

 

2,979

 

488

 

599

 

3,317

 

3,916

 

583

 

1998

 

1999

 

Crosstown North

 

Crosstown North Bus. Ctr. 3

 

Industrial

 

 

 

758

 

2,764

 

44

 

837

 

2,729

 

3,566

 

945

 

1999

 

1999

 

Crosstown North

 

Crosstown North Bus. Ctr. 4

 

Industrial

 

 

 

2,079

 

8,199

 

1,000

 

2,397

 

8,881

 

11,278

 

2,096

 

1999

 

1999

 

Crosstown North

 

Crosstown North Bus. Ctr. 5

 

Industrial

 

 

 

1,079

 

5,632

 

356

 

1,354

 

5,713

 

7,067

 

1,261

 

1999

 

2000

 

Crosstown North

 

Crosstown North Bus. Ctr. 6

 

Industrial

 

 

 

788

 

3,680

 

1,534

 

1,031

 

4,971

 

6,002

 

995

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CARMEL, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hamilton Crossing

 

Hamilton Crossing Bldg 1

 

Industrial

 

 

 

835

 

4,952

 

2,374

 

847

 

7,314

 

8,161

 

1,907

 

1989

 

1993

 

Hamilton Crossing

 

Hamilton Crossing Bldg 2

 

Office

 

 

 

313

 

1,430

 

831

 

384

 

2,190

 

2,574

 

724

 

1997

 

1997

 

Hamilton Crossing

 

Hamilton Crossing Bldg 3

 

Office

 

 

 

890

 

10,151

 

1,270

 

890

 

11,421

 

12,311

 

1,987

 

2000

 

2000

 

Hamilton Crossing

 

Hamilton Crossing Bldg 4

 

Office

 

 

 

515

 

5,616

 

67

 

598

 

5,600

 

6,198

 

1,102

 

1999

 

1999

 

Hamilton Crossing

 

Hamilton Crossing Bldg 6

 

Office

 

 

 

1,044

 

14,307

 

-    

 

1,044

 

14,307

 

15,351

 

432

 

2003

 

2003

 

Meridian Technology Center

 

Meridian Tech Center

 

Office

 

 

 

600

 

2,719

 

887

 

600

 

3,606

 

4,206

 

232

 

1986

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAROL STREAM, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carol Stream Business Park

 

Carol Stream #4

 

Industrial

 

 

 

1,973

 

13,835

 

-    

 

3,197

 

12,611

 

15,808

 

395

 

1994

 

2003

 

Carol Stream Business Park

 

Carol Stream #5

 

Industrial

 

 

 

4,553

 

7,317

 

-    

 

4,553

 

7,317

 

11,870

 

280

 

1986

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CARY, NORTH CAROLINA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency Forest

 

200 Regency Forest Dr.

 

Office

 

 

 

1,230

 

13,535

 

1,103

 

1,230

 

14,638

 

15,868

 

1,988

 

1999

 

1999

 

Regency Forest

 

100 Regency Forest Dr.

 

Office

 

 

 

1,538

 

10,788

 

1,598

 

1,618

 

12,306

 

13,924

 

2,322

 

1997

 

1999

 

Weston Parkway

 

6501 Weston Parkway

 

Office

 

 

 

1,775

 

10,700

 

225

 

1,775

 

10,925

 

12,700

 

1,518

 

1996

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CELEBRATION, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Celebration Business Center

 

Celebration Business Center I

 

Office

 

 

 

1,102

 

4,859

 

261

 

1,308

 

4,914

 

6,222

 

714

 

1997

 

1999

 

Celebration Business Center

 

Celebration Business Center II

 

Office

 

 

 

771

 

3,590

 

153

 

961

 

3,553

 

4,514

 

524

 

1997

 

1999

 

Celebration Business Center

 

Celebration Office Center I

 

Office

 

 

 

1,382

 

7,957

 

83

 

1,382

 

8,040

 

9,422

 

1,904

 

2000

 

2000

 

Celebration Business Center

 

Celebration Office Center II

 

Office

 

 

 

1,382

 

6,272

 

777

 

1,382

 

7,049

 

8,431

 

813

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHANHASSEN, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chanhassen Lakes

 

Chanhassen Lakes I

 

Industrial

 

 

 

357

 

2,084

 

884

 

370

 

2,955

 

3,325

 

769

 

1983

 

1998

 

Chanhassen Lakes

 

Chanhassen Lakes II

 

Industrial

 

 

 

438

 

2,542

 

585

 

453

 

3,112

 

3,565

 

569

 

1986

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPEL HILL, NORTH CAROLINA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Governors Village

 

Governors Village - Office

 

Office

 

 

 

515

 

5,669

 

107

 

515

 

5,776

 

6,291

 

632

 

2000

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CINCINNATI, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312 Elm

 

312 Elm

 

Office

 

36,994

 

4,750

 

47,436

 

3,858

 

5,428

 

50,616

 

56,044

 

14,064

 

1992

 

1993

 

312 Plum

 

312 Plum

 

Office

 

 

 

2,539

 

24,934

 

2,538

 

2,590

 

27,421

 

30,011

 

7,938

 

1987

 

1993

 

Bank One Towers

 

Towers of Kenwood

 

Office

 

 

 

4,891

 

41,022

 

-    

 

4,891

 

41,022

 

45,913

 

1,694

 

1989

 

2003

 

 



 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Blue Ash Office Center

 

Blue Ash Office Ctr VI

 

Office

 

 

 

518

 

2,861

 

339

 

518

 

3,200

 

3,718

 

627

 

1989

 

1997

 

Executive Plaza

 

Executive Plaza I

 

Office

 

 

 

728

 

5,571

 

520

 

728

 

6,091

 

6,819

 

1,347

 

1980

 

1996

 

Executive Plaza

 

Executive Plaza II

 

Office

 

 

 

728

 

5,661

 

932

 

728

 

6,593

 

7,321

 

1,269

 

1981

 

1996

 

Executive Plaza

 

Executive Plaza III

 

Office

 

 

 

509

 

5,060

 

618

 

509

 

5,678

 

6,187

 

1,168

 

1998

 

1998

 

Governors Hill

 

8790 Governor’s Hill

 

Office

 

 

 

400

 

4,805

 

769

 

408

 

5,566

 

5,974

 

1,553

 

1985

 

1993

 

Governors Hill

 

8800 Governor’s Hill

 

Office

 

 

 

225

 

2,319

 

41

 

231

 

2,354

 

2,585

 

1,075

 

1985

 

1986

 

Governors Hill

 

8600 Governor’s Hill

 

Office

 

 

 

1,220

 

19,041

 

3,468

 

1,245

 

22,484

 

23,729

 

5,988

 

1986

 

1993

 

Iams Industrial Park

 

Cincinnati Bell Supply

 

Industrial

 

 

 

606

 

3,266

 

2

 

606

 

3,268

 

3,874

 

393

 

1999

 

2000

 

Kenwood Commons

 

8230 Kenwood Commons

 

Office

 

3,980

 

638

 

3,189

 

602

 

638

 

3,791

 

4,429

 

2,239

 

1986

 

1986

 

Kenwood Commons

 

8280 Kenwood Commons

 

Office

 

2,420

 

638

 

1,740

 

326

 

638

 

2,066

 

2,704

 

1,029

 

1986

 

1986

 

Kenwood Executive Center

 

Kenwood Executive Center

 

Office

 

 

 

606

 

4,072

 

674

 

664

 

4,688

 

5,352

 

818

 

1981

 

1997

 

Kenwood MOB

 

Kenwood MOB

 

Office

 

 

 

 

 

7,852

 

47

 

-    

 

7,899

 

7,899

 

1,110

 

1994

 

1999

 

One Ashview Place

 

One Ashview Place

 

Office

 

 

 

1,204

 

12,674

 

2,786

 

1,204

 

15,460

 

16,664

 

3,043

 

1989

 

1997

 

Pfeiffer Place

 

Pfeiffer Place

 

Office

 

 

 

3,608

 

15,049

 

1,057

 

3,608

 

16,106

 

19,714

 

2,112

 

2001

 

2001

 

Pfeiffer Woods

 

Pfeiffer Woods

 

Office

 

 

 

1,450

 

12,405

 

399

 

1,450

 

12,804

 

14,254

 

1,713

 

1998

 

1999

 

Remington Office Park

 

Remington Park Bldg A

 

Office

 

 

 

560

 

1,472

 

478

 

560

 

1,950

 

2,510

 

301

 

1982

 

1997

 

Remington Office Park

 

Remington Park Bldg B

 

Office

 

 

 

560

 

1,587

 

464

 

560

 

2,051

 

2,611

 

442

 

1982

 

1997

 

Triangle Office Park

 

Triangle Office Park

 

Office

 

4,425

 

1,018

 

11,511

 

386

 

1,018

 

11,897

 

12,915

 

5,334

 

1965

 

1986

 

World Park

 

World Park Bldg 5

 

Industrial

 

 

 

270

 

3,413

 

135

 

371

 

3,447

 

3,818

 

1,373

 

1987

 

1988

 

World Park

 

World Park Bldg 6

 

Industrial

 

 

 

378

 

3,876

 

239

 

480

 

4,013

 

4,493

 

1,638

 

1987

 

1988

 

World Park

 

World Park Bldg 7

 

Industrial

 

 

 

525

 

4,558

 

154

 

537

 

4,700

 

5,237

 

1,834

 

1987

 

1988

 

Zussman Building

 

Zussman Bldg

 

Office

 

 

 

339

 

6,911

 

926

 

346

 

7,830

 

8,176

 

3,572

 

1986

 

1993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CLAYTON, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clayton

 

Interco Corporate Tower

 

Office

 

 

 

6,150

 

39,591

 

672

 

6,150

 

40,263

 

46,413

 

2,436

 

1986

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLUMBUS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Easton

 

Easton Way One

 

Office

 

 

 

1,874

 

10,461

 

427

 

1,874

 

10,888

 

12,762

 

2,211

 

2000

 

2000

 

Easton

 

Easton Way Two

 

Office

 

 

 

2,005

 

10,392

 

686

 

2,005

 

11,078

 

13,083

 

1,670

 

2001

 

2001

 

Easton

 

Easton Way Three

 

Office

 

 

 

2,640

 

10,670

 

-    

 

2,640

 

10,670

 

13,310

 

414

 

2002

 

2003

 

Easton

 

One Easton Oval

 

Office

 

 

 

2,789

 

11,472

 

325

 

2,789

 

11,797

 

14,586

 

2,978

 

1998

 

1999

 

Easton

 

Two Easton Oval

 

Office

 

 

 

2,489

 

16,944

 

1,078

 

2,489

 

18,022

 

20,511

 

3,001

 

1996

 

1998

 

Polaris

 

1000 Polaris Parkway

 

Office

 

 

 

1,200

 

6,659

 

1,463

 

1,293

 

8,029

 

9,322

 

1,544

 

1992

 

1999

 

Westbelt Drive

 

2190-2200 Westbelt Drive

 

Industrial

 

 

 

300

 

1,981

 

140

 

300

 

2,121

 

2,421

 

342

 

1986

 

1998

 

Westbelt West

 

Westbelt West #1

 

Industrial

 

 

 

432

 

4,215

 

872

 

432

 

5,087

 

5,519

 

1,273

 

1999

 

1999

 

Westbelt West

 

Westbelt West #2

 

Industrial

 

 

 

509

 

5,264

 

408

 

509

 

5,672

 

6,181

 

1,001

 

1999

 

2000

 

Zane Trace

 

3800 Zane Trace Drive

 

Industrial

 

 

 

170

 

2,122

 

714

 

170

 

2,836

 

3,006

 

597

 

1978

 

1994

 

Zane Trace

 

3635 Zane Trace Drive

 

Industrial

 

 

 

236

 

1,828

 

566

 

236

 

2,394

 

2,630

 

332

 

1980

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COPPELL, TEXAS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freeport North

 

Freeport X

 

Industrial

 

 

 

8,198

 

19,931

 

-    

 

8,198

 

19,931

 

28,129

 

840

 

2003

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREVE COUER, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twin Oaks Office Ctr

 

Twin Oaks

 

Office

 

 

 

566

 

8,333

 

1,379

 

566

 

9,712

 

10,278

 

1,813

 

1995

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRYSTAL, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crystal Industrial Center

 

Crystal Industrial Center

 

Industrial

 

 

 

456

 

2,629

 

390

 

480

 

2,995

 

3,475

 

754

 

1974

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAVENPORT, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FL Central Park North

 

Park 27 Distribution Center

 

Industrial

 

 

 

2,449

 

6,100

 

8

 

2,449

 

6,108

 

8,557

 

460

 

2002

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DES PLAINES, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105 East Oakton

 

105 East Oakton

 

Industrial

 

 

 

1,132

 

4,306

 

379

 

1,132

 

4,685

 

5,817

 

892

 

1974

 

1999

 

Deckbrand Building

 

Wolf Road Building

 

Industrial

 

 

 

179

 

1,642

 

362

 

179

 

2,004

 

2,183

 

339

 

1966

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DOWNERS GROVE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executive Towers

 

Executive Towers I

 

Office

 

 

 

2,652

 

24,578

 

3,486

 

2,652

 

28,064

 

30,716

 

5,393

 

1983

 

1997

 

Executive Towers

 

Executive Towers II

 

Office

 

 

 

3,386

 

31,968

 

7,128

 

3,386

 

39,096

 

42,482

 

8,908

 

1984

 

1997

 

Executive Towers

 

Executive Towers III

 

Office

 

 

 

3,512

 

33,016

 

6,344

 

3,512

 

39,360

 

42,872

 

7,073

 

1987

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DUBLIN, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Scioto Corporate Center

 

Scioto Corporate Center

 

Office

 

 

 

1,100

 

3,381

 

946

 

1,100

 

4,327

 

5,427

 

1,079

 

1987

 

1996

 

Tuttle Crossing

 

Metrocenter III

 

Office

 

 

 

887

 

3,015

 

739

 

887

 

3,754

 

4,641

 

736

 

1983

 

1996

 

Tuttle Crossing

 

Qwest (LCI)

 

Office

 

 

 

2,618

 

19,087

 

1,053

 

2,670

 

20,088

 

22,758

 

5,678

 

1990

 

1993

 

Tuttle Crossing

 

Sterling 1

 

Office

 

 

 

1,494

 

12,963

 

430

 

1,524

 

13,363

 

14,887

 

3,677

 

1990

 

1993

 

Tuttle Crossing

 

4700 Lakehurst Ct.

 

Office

 

 

 

717

 

2,495

 

108

 

717

 

2,603

 

3,320

 

654

 

1994

 

1994

 

Tuttle Crossing

 

Sterling 2

 

Office

 

 

 

605

 

5,935

 

89

 

605

 

6,024

 

6,629

 

1,432

 

1995

 

1995

 

Tuttle Crossing

 

5500 Glendon Court

 

Office

 

 

 

1,066

 

7,767

 

837

 

1,066

 

8,604

 

9,670

 

1,974

 

1995

 

1995

 

Tuttle Crossing

 

5555 Glendon Court

 

Office

 

 

 

1,600

 

10,984

 

830

 

1,767

 

11,647

 

13,414

 

5,241

 

1995

 

1995

 

Tuttle Crossing

 

Sterling 3

 

Office

 

 

 

1,601

 

8,815

 

72

 

1,601

 

8,887

 

10,488

 

2,963

 

1996

 

1996

 

Tuttle Crossing

 

Compmanagement

 

Office

 

 

 

867

 

4,471

 

545

 

867

 

5,016

 

5,883

 

1,186

 

1997

 

1997

 

Tuttle Crossing

 

Sterling 4

 

Office

 

 

 

483

 

9,456

 

892

 

483

 

10,348

 

10,831

 

2,378

 

1998

 

1998

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Tuttle Crossing

 

Xerox Bldg-5555 Parkcenter Cir

 

Office

 

 

 

1,580

 

9,437

 

671

 

1,580

 

10,108

 

11,688

 

2,811

 

1992

 

1994

 

Tuttle Crossing

 

Parkwood Place

 

Office

 

 

 

1,690

 

11,714

 

893

 

1,690

 

12,607

 

14,297

 

3,300

 

1997

 

1997

 

Tuttle Crossing

 

Nationwide

 

Office

 

 

 

4,815

 

19,459

 

212

 

4,815

 

19,671

 

24,486

 

6,432

 

1996

 

1996

 

Tuttle Crossing

 

Emerald II

 

Office

 

 

 

495

 

2,863

 

22

 

495

 

2,885

 

3,380

 

456

 

1998

 

1998

 

Tuttle Crossing

 

Atrium II, Phase I

 

Office

 

 

 

1,649

 

10,143

 

391

 

1,649

 

10,534

 

12,183

 

2,204

 

1997

 

1998

 

Tuttle Crossing

 

Atrium II, Phase II

 

Office

 

 

 

1,597

 

7,993

 

1,077

 

1,597

 

9,070

 

10,667

 

1,502

 

1998

 

1999

 

Tuttle Crossing

 

Blazer I

 

Office

 

 

 

904

 

4,517

 

603

 

904

 

5,120

 

6,024

 

934

 

1999

 

1999

 

Tuttle Crossing

 

Parkwood II

 

Office

 

 

 

1,848

 

14,160

 

57

 

1,848

 

14,217

 

16,065

 

2,815

 

2000

 

2000

 

Tuttle Crossing

 

Blazer II

 

Office

 

 

 

1,016

 

6,969

 

294

 

1,016

 

7,263

 

8,279

 

1,391

 

2000

 

2000

 

Tuttle Crossing

 

Emerald III

 

Office

 

 

 

1,685

 

9,954

 

156

 

1,694

 

10,101

 

11,795

 

1,458

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DULUTH, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Breckinridge

 

2825 Breckinridge Blvd

 

Industrial

 

 

 

317

 

3,634

 

96

 

317

 

3,730

 

4,047

 

520

 

1986

 

1999

 

Breckinridge

 

2875 Breckinridge Blvd

 

Industrial

 

 

 

476

 

4,809

 

34

 

476

 

4,843

 

5,319

 

659

 

1986

 

1999

 

Breckinridge

 

2885 Breckinridge Blvd

 

Industrial

 

 

 

487

 

6,910

 

561

 

487

 

7,471

 

7,958

 

1,343

 

1997

 

1999

 

Business Park At Sugarloaf

 

2775 Premiere Parkway

 

Industrial

 

 

 

560

 

4,709

 

23

 

560

 

4,732

 

5,292

 

648

 

1997

 

1999

 

Business Park At Sugarloaf

 

3079 Premiere Parkway

 

Industrial

 

 

 

776

 

6,538

 

1,084

 

776

 

7,622

 

8,398

 

1,062

 

1998

 

1999

 

Business Park At Sugarloaf

 

Sugarloaf Office I

 

Industrial

 

 

 

1,042

 

8,650

 

729

 

1,042

 

9,379

 

10,421

 

1,364

 

1998

 

1999

 

Business Park At Sugarloaf

 

Sugarloaf Office II

 

Industrial

 

 

 

972

 

4,088

 

81

 

1,006

 

4,135

 

5,141

 

243

 

1999

 

2002

 

Business Park At Sugarloaf

 

Sugarloaf Office III

 

Industrial

 

 

 

696

 

3,793

 

121

 

696

 

3,914

 

4,610

 

226

 

1999

 

2002

 

Business Park At Sugarloaf

 

Sugarloaf Office IV

 

Industrial

 

 

 

623

 

3,960

 

9

 

623

 

3,969

 

4,592

 

1,123

 

2000

 

2000

 

Business Park At Sugarloaf

 

Sugarloaf Office V

 

Industrial

 

 

 

744

 

4,006

 

406

 

744

 

4,412

 

5,156

 

1,046

 

2001

 

2001

 

Business Park At Sugarloaf

 

2850 Premiere Parkway

 

Industrial

 

 

 

621

 

4,621

 

10

 

621

 

4,631

 

5,252

 

252

 

1997

 

2002

 

Business Park At Sugarloaf

 

2855 Premiere Parkway

 

Industrial

 

 

 

765

 

4,006

 

186

 

765

 

4,192

 

4,957

 

772

 

1999

 

1999

 

Business Park At Sugarloaf

 

6655 Sugarloaf

 

Industrial

 

 

 

1,651

 

6,505

 

4

 

1,651

 

6,509

 

8,160

 

498

 

1998

 

2001

 

Crestwood Pointe

 

3805 Crestwood Parkway

 

Office

 

 

 

877

 

15,197

 

1,237

 

877

 

16,434

 

17,311

 

2,393

 

1997

 

1999

 

Crestwood Pointe

 

3885 Crestwood Parkway

 

Office

 

 

 

878

 

14,187

 

502

 

878

 

14,689

 

15,567

 

2,120

 

1998

 

1999

 

Hampton Green

 

Hampton Green Off I

 

Office

 

 

 

1,388

 

12,451

 

411

 

1,388

 

12,862

 

14,250

 

1,799

 

2000

 

2000

 

River Green

 

3450 River Green Court

 

Industrial

 

 

 

194

 

2,197

 

195

 

194

 

2,392

 

2,586

 

451

 

1989

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAGAN, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apollo Distribution Center

 

Apollo Industrial Ctr I

 

Industrial

 

 

 

866

 

5,009

 

1,341

 

882

 

6,334

 

7,216

 

1,228

 

1997

 

1997

 

Apollo Distribution Center

 

Apollo Industrial Ctr II

 

Industrial

 

 

 

474

 

3,171

 

7

 

474

 

3,178

 

3,652

 

799

 

2000

 

2000

 

Apollo Distribution Center

 

Apollo Industrial Ctr III

 

Industrial

 

 

 

1,432

 

6,966

 

-    

 

1,432

 

6,966

 

8,398

 

951

 

2000

 

2000

 

Eagandale Crossing

 

Eagandale Crossing

 

Industrial

 

 

 

974

 

4,567

 

92

 

987

 

4,646

 

5,633

 

2,055

 

1998

 

1998

 

Eagandale Tech Center

 

Eagandale Tech Center

 

Industrial

 

 

 

987

 

5,744

 

542

 

997

 

6,276

 

7,273

 

1,282

 

1998

 

1998

 

Outside of a Development Park

 

Lunar Pointe

 

Industrial

 

 

 

982

 

4,477

 

517

 

982

 

4,994

 

5,976

 

214

 

2001

 

2001

 

Silverbell Commons

 

Silverbell Commons

 

Industrial

 

 

 

1,807

 

6,851

 

673

 

1,807

 

7,524

 

9,331

 

1,351

 

1999

 

1999

 

Trapp Road

 

Trapp Road Commerce I

 

Industrial

 

 

 

671

 

3,919

 

274

 

700

 

4,164

 

4,864

 

675

 

1996

 

1998

 

Trapp Road

 

Trapp Road Commerce II

 

Industrial

 

 

 

1,250

 

7,050

 

357

 

1,266

 

7,391

 

8,657

 

1,342

 

1998

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARTH CITY, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earth City

 

3322 NGIC

 

Office

 

5,852

 

2,615

 

10,927

 

873

 

2,615

 

11,800

 

14,415

 

2,187

 

1987

 

1997

 

Earth City

 

3300 Pointe 70

 

Office

 

4,103

 

1,186

 

7,661

 

1,136

 

1,186

 

8,797

 

9,983

 

1,656

 

1989

 

1997

 

Earth City

 

Corporate Center, Earth City

 

Industrial

 

 

 

783

 

4,570

 

727

 

783

 

5,297

 

6,080

 

1,429

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAST POINTE, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camp Creek

 

Camp Creek Bldg 1400

 

Industrial

 

 

 

561

 

3,440

 

435

 

561

 

3,875

 

4,436

 

492

 

1988

 

2001

 

Camp Creek

 

Camp Creek Bldg 1800

 

Industrial

 

 

 

462

 

3,048

 

6

 

462

 

3,054

 

3,516

 

487

 

1989

 

2001

 

Camp Creek

 

Camp Creek Bldg 2000

 

Industrial

 

 

 

395

 

2,312

 

16

 

395

 

2,328

 

2,723

 

232

 

1989

 

2001

 

Camp Creek

 

Camp Creek Bldg 2400

 

Industrial

 

 

 

296

 

1,865

 

51

 

296

 

1,916

 

2,212

 

279

 

1988

 

2001

 

Camp Creek

 

Camp Creek Bldg 2600

 

Industrial

 

 

 

364

 

2,367

 

26

 

364

 

2,393

 

2,757

 

341

 

1990

 

2001

 

Camp Creek

 

Clorox Company

 

Industrial

 

 

 

4,406

 

9,600

 

-     

 

4,406

 

9,600

 

14,006

 

230

 

2003

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EDEN PRAIRIE, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edenvale Executive Center

 

Edenvale Executive Center

 

Industrial

 

 

 

1,184

 

6,786

 

929

 

1,185

 

7,714

 

8,899

 

1,243

 

1987

 

1999

 

Golden Triangle Tech Center

 

Golden Triangle Tech Ctr

 

Industrial

 

 

 

1,446

 

8,324

 

379

 

1,458

 

8,691

 

10,149

 

1,404

 

1997

 

1998

 

Valley Gate/Green

 

Valley Gate North

 

Industrial

 

 

 

548

 

3,158

 

596

 

556

 

3,746

 

4,302

 

805

 

1986

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EDINA, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edina Interchange

 

Edina Interchange I

 

Industrial

 

1,316

 

630

 

3,673

 

451

 

630

 

4,124

 

4,754

 

880

 

1995

 

1997

 

Edina Interchange

 

Edina Interchange II

 

Industrial

 

841

 

432

 

2,523

 

75

 

432

 

2,598

 

3,030

 

474

 

1980

 

1997

 

Edina Interchange

 

Edina Interchange III

 

Industrial

 

945

 

487

 

2,844

 

70

 

487

 

2,914

 

3,401

 

538

 

1981

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAIRFIELD, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairfield Business Center

 

Fairfield Bus. Ctr. D

 

Industrial

 

 

 

135

 

1,757

 

154

 

135

 

1,911

 

2,046

 

486

 

1990

 

1995

 

Fairfield Business Center

 

Fairfield Bus. Ctr. E

 

Industrial

 

 

 

398

 

2,612

 

61

 

398

 

2,673

 

3,071

 

587

 

1990

 

1995

 

University Moving

 

Thunderbird Bldg 1

 

Industrial

 

 

 

248

 

1,769

 

147

 

248

 

1,916

 

2,164

 

491

 

1991

 

1995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FENTON, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fenton Interstate Buildings

 

Fenton Interstate Building C

 

Industrial

 

 

 

519

 

1,993

 

303

 

519

 

2,296

 

2,815

 

347

 

1986

 

1999

 

Fenton Interstate Buildings

 

Fenton Interstate Building D

 

Industrial

 

 

 

1,286

 

5,207

 

175

 

1,286

 

5,382

 

6,668

 

810

 

1987

 

1999

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Fenton Interstate Buildings

 

Fenton Industrial Bldg A

 

Industrial

 

 

 

603

 

2,641

 

23

 

603

 

2,664

 

3,267

 

403

 

1987

 

2000

 

Fenton Interstate Buildings

 

Fenton Industrial Bldg B

 

Industrial

 

 

 

702

 

2,345

 

98

 

702

 

2,443

 

3,145

 

315

 

1986

 

2000

 

Southport

 

Southport Commerce Ctr

 

Industrial

 

 

 

233

 

1,026

 

137

 

233

 

1,163

 

1,396

 

201

 

1978

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FISHERS, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exit 5

 

Exit 5 Bldg I

 

Industrial

 

 

 

822

 

2,728

 

101

 

822

 

2,829

 

3,651

 

504

 

1999

 

1999

 

Exit 5

 

Exit 5 Bldg. II

 

Industrial

 

 

 

749

 

4,673

 

162

 

749

 

4,835

 

5,584

 

1,208

 

1999

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FRANKLIN, TENNESSEE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspen Grove Business Center

 

277 Mallory Station

 

Industrial

 

 

 

936

 

6,556

 

2,497

 

936

 

9,053

 

9,989

 

1,141

 

1996

 

1999

 

Aspen Grove Business Center

 

320 Premier Court

 

Industrial

 

 

 

1,151

 

6,539

 

379

 

1,151

 

6,918

 

8,069

 

974

 

1996

 

1999

 

Aspen Grove Business Center

 

305 Seaboard Lane

 

Industrial

 

 

 

970

 

5,680

 

566

 

970

 

6,246

 

7,216

 

1,297

 

1998

 

1999

 

Aspen Grove Business Center

 

416 Mary Lindsay Polk Dr

 

Industrial

 

 

 

943

 

5,304

 

754

 

943

 

6,058

 

7,001

 

1,022

 

1996

 

1999

 

Aspen Grove Business Center

 

318 Seaboard Lane Bldg 200

 

Industrial

 

 

 

240

 

1,390

 

147

 

240

 

1,537

 

1,777

 

121

 

1999

 

1999

 

Aspen Grove Business Center

 

341 Cool Springs Blvd

 

Office

 

 

 

950

 

7,559

 

1,707

 

950

 

9,266

 

10,216

 

1,972

 

1999

 

1999

 

Aspen Grove Business Center

 

318 Seaboard Lane Bldg 100

 

Industrial

 

 

 

301

 

1,684

 

553

 

301

 

2,237

 

2,538

 

613

 

1999

 

1999

 

Aspen Grove Business Center

 

Aspen Grove Flex Ctr III

 

Industrial

 

 

 

327

 

2,050

 

804

 

327

 

2,854

 

3,181

 

289

 

2001

 

2001

 

Aspen Grove Business Center

 

Aspen Grove Flex Ctr IV

 

Industrial

 

 

 

205

 

1,545

 

148

 

205

 

1,693

 

1,898

 

405

 

2001

 

2001

 

Aspen Grove Business Center

 

Aspen Corporate Center 100

 

Office

 

 

 

723

 

2,179

 

-     

 

723

 

2,179

 

2,902

 

-     

 

2004

 

2004

 

Brentwood South Bus. Center

 

119 Seaboard Lane

 

Industrial

 

 

 

569

 

2,442

 

96

 

569

 

2,538

 

3,107

 

337

 

1990

 

1999

 

Brentwood South Bus. Center

 

121 Seaboard Lane

 

Industrial

 

 

 

445

 

1,936

 

50

 

445

 

1,986

 

2,431

 

265

 

1990

 

1999

 

Brentwood South Bus. Center

 

123 Seaboard Lane

 

Industrial

 

 

 

489

 

1,248

 

450

 

489

 

1,698

 

2,187

 

225

 

1990

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FRIDLEY, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

River Road

 

River Road Business Ctr. S.

 

Industrial

 

3,315

 

1,083

 

6,426

 

483

 

1,112

 

6,880

 

7,992

 

1,157

 

1986

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FT. LAUDERDALE, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacon Pointe At Weston

 

Beacon Pointe@Weston Bldg 2

 

Office

 

 

 

2,183

 

10,785

 

-     

 

2,183

 

10,785

 

12,968

 

638

 

2001

 

2003

 

Beacon Pointe At Weston

 

Beacon Pointe@Weston Bldg 3

 

Office

 

 

 

2,183

 

11,507

 

-     

 

2,183

 

11,507

 

13,690

 

457

 

2001

 

2003

 

Beacon Pointe At Weston

 

Beacon Pointe@Weston Bldg 1

 

Office

 

 

 

2,580

 

10,001

 

-     

 

2,580

 

10,001

 

12,581

 

432

 

1999

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLENWILLOW, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Valley

 

Emerald Valley Bldg 1, 201

 

Industrial

 

 

 

555

 

6,477

 

131

 

556

 

6,607

 

7,163

 

881

 

1999

 

1999

 

Emerald Valley

 

Emerald Valley Bldg 2, 144

 

Industrial

 

 

 

519

 

5,070

 

729

 

519

 

5,799

 

6,318

 

387

 

2001

 

2002

 

Emerald Valley

 

Emerald Valley 3, 144 W

 

Industrial

 

 

 

1,593

 

3,409

 

-     

 

1,593

 

3,409

 

5,002

 

70

 

2003

 

2003

 

Emerald Valley

 

Emerald Valley Building 4

 

Industrial

 

 

 

1,357

 

3,486

 

-     

 

1,357

 

3,486

 

4,843

 

38

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GOLDEN VALLEY, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Golden Hills

 

Golden Hills 1

 

Industrial

 

 

 

1,081

 

6,317

 

454

 

1,105

 

6,747

 

7,852

 

1,174

 

1996

 

1998

 

Golden Hills

 

Golden Hills 2

 

Industrial

 

 

 

1,741

 

4,366

 

355

 

1,742

 

4,720

 

6,462

 

1,333

 

1999

 

1999

 

Golden Hills

 

Golden Hills 3

 

Industrial

 

 

 

1,813

 

4,910

 

395

 

1,815

 

5,303

 

7,118

 

1,647

 

1999

 

1999

 

Outside of a Development Park

 

5075 Building

 

Office

 

 

 

506

 

2,393

 

365

 

539

 

2,725

 

3,264

 

1,206

 

1965

 

1998

 

Sandburg Industrial Center

 

Sandburg Industrial Center

 

Industrial

 

 

 

451

 

2,629

 

552

 

451

 

3,181

 

3,632

 

732

 

1973

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREENWOOD, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Park-Indiana

 

Brylane Parking Lot

 

Grounds

 

 

 

54

 

-     

 

3

 

57

 

-     

 

57

 

30

 

 

 

1994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROVE CITY, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Pointe

 

South Pointe Bldg D

 

Industrial

 

 

 

276

 

3,212

 

250

 

276

 

3,462

 

3,738

 

785

 

1997

 

1997

 

South Pointe

 

South Pointe Bldg E

 

Industrial

 

 

 

279

 

2,482

 

572

 

279

 

3,054

 

3,333

 

788

 

1997

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROVEPORT, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6600 Port Road

 

6600 Port Road

 

Industrial

 

 

 

2,725

 

23,709

 

1,137

 

2,850

 

24,721

 

27,571

 

4,682

 

1995

 

1997

 

Groveport Commerce Ctr

 

Groveport Comm Ctr #2

 

Industrial

 

 

 

1,049

 

7,657

 

1,187

 

1,065

 

8,828

 

9,893

 

1,560

 

1999

 

1999

 

Groveport Commerce Ctr

 

Groveport Comm Ctr #3

 

Industrial

 

 

 

510

 

3,910

 

899

 

510

 

4,809

 

5,319

 

698

 

1999

 

2000

 

Groveport Commerce Ctr

 

Groveport Commerce Ctr. #345

 

Industrial

 

 

 

1,045

 

7,402

 

577

 

1,045

 

7,979

 

9,024

 

1,183

 

2000

 

2000

 

Groveport Commerce Ctr

 

Groveport CC Common Area

 

N/A

 

 

 

-     

 

-     

 

45

 

-     

 

45

 

45

 

-     

 

 

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HEBRON, KENTUCKY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KY, Southpark

 

Ky. Southpark Bldg 4

 

Industrial

 

 

 

779

 

3,395

 

51

 

779

 

3,446

 

4,225

 

898

 

1994

 

1994

 

KY, Southpark

 

CR Services

 

Industrial

 

 

 

1,085

 

4,259

 

1,291

 

1,085

 

5,550

 

6,635

 

1,393

 

1994

 

1994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HIGHLAND HILLS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Plaza

 

Metropolitan Plaza

 

Office

 

 

 

2,310

 

14,044

 

-     

 

2,310

 

14,044

 

16,354

 

429

 

2000

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HIGHLAND HEIGHTS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highland Park

 

5335 Avion Park Drive

 

Industrial

 

 

 

606

 

2,548

 

167

 

606

 

2,715

 

3,321

 

210

 

1994

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HIGHLAND HILLS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvard Road

 

20800 Harvard Road

 

Office

 

 

 

660

 

6,814

 

-     

 

660

 

6,814

 

7,474

 

59

 

1999

 

2004

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

HOPKINS, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cornerstone Business Center

 

Cornerstone Business Center

 

Industrial

 

5,462

 

1,469

 

8,512

 

410

 

1,543

 

8,848

 

10,391

 

1,608

 

1996

 

1997

 

Westside Business Park

 

Westside Business Park

 

Industrial

 

 

 

1,170

 

6,899

 

1,357

 

1,170

 

8,256

 

9,426

 

1,682

 

1987

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDEPENDENCE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6111 Oak Tree

 

Oak Tree Place

 

Office

 

 

 

703

 

4,708

 

504

 

703

 

5,212

 

5,915

 

918

 

1979

 

1997

 

Corporate Plaza

 

Corporate Plaza I

 

Office

 

5,578

 

2,116

 

14,248

 

761

 

2,116

 

15,009

 

17,125

 

3,304

 

1989

 

1996

 

Corporate Plaza

 

Corporate Plaza II

 

Office

 

4,622

 

1,841

 

12,428

 

973

 

1,841

 

13,401

 

15,242

 

3,133

 

1991

 

1996

 

Freedom Square

 

Freedom Square I

 

Office

 

 

 

595

 

4,020

 

305

 

600

 

4,320

 

4,920

 

934

 

1980

 

1996

 

Freedom Square

 

Freedom Square II

 

Office

 

4,339

 

1,746

 

11,847

 

605

 

1,746

 

12,452

 

14,198

 

2,801

 

1987

 

1996

 

Freedom Square

 

Freedom Square III

 

Office

 

 

 

701

 

6,412

 

39

 

701

 

6,451

 

7,152

 

1,505

 

1997

 

1997

 

Park Center

 

Park Center Bldg I

 

Office

 

 

 

2,193

 

12,943

 

639

 

2,193

 

13,582

 

15,775

 

3,042

 

1998

 

1998

 

Park Center

 

Park Center Bldg II

 

Office

 

 

 

2,190

 

12,957

 

462

 

2,190

 

13,419

 

15,609

 

2,733

 

1999

 

1999

 

Park Center

 

Park Center Bldg III

 

Office

 

 

 

2,190

 

12,975

 

2,256

 

2,190

 

15,231

 

17,421

 

2,710

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDIANAPOLIS, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franklin Road Business Park

 

Franklin Road Bus. Ctr.

 

Industrial

 

 

 

594

 

10,803

 

744

 

594

 

11,547

 

12,141

 

3,101

 

1962

 

1995

 

Hillsdale

 

Hillsdale Bldg 4

 

Industrial

 

 

 

366

 

5,173

 

679

 

366

 

5,852

 

6,218

 

1,578

 

1987

 

1993

 

Hillsdale

 

Hillsdale Bldg 5

 

Industrial

 

 

 

251

 

3,265

 

600

 

251

 

3,865

 

4,116

 

1,153

 

1987

 

1993

 

Hillsdale

 

Hillsdale Bldg 6

 

Industrial

 

 

 

315

 

4,348

 

1,661

 

315

 

6,009

 

6,324

 

1,701

 

1987

 

1993

 

KATC - South

 

8465 Keystone Crossing

 

Office

 

 

 

89

 

1,397

 

320

 

89

 

1,717

 

1,806

 

447

 

1983

 

1995

 

Keystone Crossing

 

8555 Keystone Crossing

 

Office

 

 

 

-     

 

6,074

 

591

 

-     

 

6,665

 

6,665

 

1,249

 

1985

 

1997

 

Nampac Building

 

6061 Guion Rd

 

Industrial

 

 

 

274

 

1,822

 

165

 

274

 

1,987

 

2,261

 

452

 

1974

 

1995

 

Outside of a Development Park

 

4750 Kentucky Avenue

 

Industrial

 

 

 

246

 

2,392

 

220

 

246

 

2,612

 

2,858

 

531

 

1974

 

1996

 

Not Applicable

 

River Road Bldg I

 

Office

 

 

 

856

 

7,800

 

1,062

 

856

 

8,862

 

9,718

 

2,038

 

1997

 

1998

 

Outside of a Development Park

 

4316 West Minnesota

 

Industrial

 

 

 

287

 

2,291

 

295

 

287

 

2,586

 

2,873

 

526

 

1970

 

1996

 

One North Capital

 

One North Capitol

 

Office

 

 

 

1,439

 

9,748

 

155

 

1,439

 

9,903

 

11,342

 

1,684

 

1980

 

1998

 

Park 100

 

Park 100 Bldg 96

 

Industrial

 

 

 

1,414

 

13,948

 

-     

 

1,667

 

13,695

 

15,362

 

3,397

 

1994

 

1995

 

Park 100

 

Park 100 Bldg 98

 

Industrial

 

 

 

273

 

8,380

 

1,785

 

273

 

10,165

 

10,438

 

2,334

 

1968

 

1994

 

Park 100

 

Park 100 Bldg 100

 

Industrial

 

 

 

103

 

2,494

 

534

 

103

 

3,028

 

3,131

 

934

 

1995

 

1995

 

Park 100

 

Park 100 Bldg 107

 

Industrial

 

 

 

99

 

1,721

 

112

 

99

 

1,833

 

1,932

 

423

 

1984

 

1995

 

Park 100

 

Park 100 Bldg 109

 

Industrial

 

 

 

240

 

1,856

 

70

 

246

 

1,920

 

2,166

 

801

 

1985

 

1986

 

Park 100

 

Park 100 Bldg 116

 

Office

 

 

 

341

 

3,233

 

198

 

348

 

3,424

 

3,772

 

1,284

 

1988

 

1988

 

Park 100

 

Park 100 Bldg 118

 

Office

 

 

 

226

 

2,443

 

401

 

230

 

2,840

 

3,070

 

791

 

1988

 

1993

 

Park 100

 

Park 100 Bldg 119

 

Office

 

 

 

388

 

3,757

 

1,326

 

500

 

4,971

 

5,471

 

1,512

 

1989

 

1993

 

Park 100

 

Park 100 Bldg 122

 

Industrial

 

 

 

284

 

3,783

 

348

 

290

 

4,125

 

4,415

 

1,148

 

1990

 

1993

 

Park 100

 

Park 100 Building 124

 

Office

 

 

 

227

 

2,771

 

8

 

227

 

2,779

 

3,006

 

294

 

1992

 

2002

 

Park 100

 

Park 100 Bldg 127

 

Industrial

 

 

 

96

 

1,956

 

302

 

96

 

2,258

 

2,354

 

696

 

1995

 

1995

 

Park 100

 

UPS Parking

 

Grounds

 

 

 

270

 

-     

 

-     

 

270

 

-     

 

270

 

61

 

 

 

1997

 

Park 100

 

Norgate Ground Lease

 

Grounds

 

 

 

51

 

-     

 

-     

 

51

 

-     

 

51

 

-     

 

 

 

1995

 

Park 100

 

Zollman Ground Lease

 

Grounds

 

 

 

115

 

-     

 

-     

 

115

 

-     

 

115

 

-     

 

 

 

1994

 

Park 100

 

Bldg 111 Parking Lot

 

Grounds

 

 

 

196

 

-     

 

-     

 

196

 

-     

 

196

 

-     

 

 

 

1994

 

Park 100

 

Becton Dickinson Lot

 

Grounds

 

 

 

-     

 

-     

 

13

 

13

 

-     

 

13

 

6

 

 

 

1993

 

Park 100

 

3.58 acres on Allison Avenue

 

Grounds

 

 

 

242

 

-     

 

-     

 

242

 

-     

 

242

 

-     

 

 

 

2000

 

Park 100

 

Hewlett-Packard Land Lease

 

Grounds

 

 

 

252

 

-     

 

-     

 

252

 

-     

 

252

 

-     

 

 

 

2003

 

Park 100

 

Park 100 Bldg 121 Land Lease

 

Grounds

 

 

 

5

 

-     

 

-     

 

5

 

-     

 

5

 

-     

 

 

 

2003

 

Park 100

 

Hewlett Packard Land Lse-62

 

Grounds

 

 

 

45

 

-     

 

-     

 

45

 

-     

 

45

 

-     

 

 

 

2003

 

Park Fletcher

 

Park Fletcher Bldg 14

 

Industrial

 

 

 

76

 

740

 

161

 

76

 

901

 

977

 

196

 

1978

 

1996

 

Parkwood Crossing

 

One Parkwood

 

Office

 

 

 

1,018

 

10,282

 

632

 

1,028

 

10,904

 

11,932

 

2,480

 

1989

 

1995

 

Parkwood Crossing

 

Two Parkwood

 

Office

 

 

 

861

 

7,704

 

800

 

871

 

8,494

 

9,365

 

2,449

 

1996

 

1996

 

Parkwood Crossing

 

Three Parkwood

 

Office

 

 

 

1,377

 

9,857

 

178

 

1,387

 

10,025

 

11,412

 

2,588

 

1997

 

1997

 

Parkwood Crossing

 

Four Parkwood

 

Office

 

 

 

1,489

 

11,280

 

632

 

1,537

 

11,864

 

13,401

 

1,930

 

1998

 

1998

 

Parkwood Crossing

 

Five Parkwood

 

Office

 

 

 

1,485

 

13,739

 

47

 

1,528

 

13,743

 

15,271

 

3,248

 

1999

 

1999

 

Parkwood Crossing

 

Six Parkwood

 

Office

 

 

 

1,960

 

15,828

 

483

 

1,960

 

16,311

 

18,271

 

2,733

 

2000

 

2000

 

Parkwood Crossing

 

Eight Parkwood

 

Office

 

 

 

6,435

 

14,829

 

70

 

6,435

 

14,899

 

21,334

 

885

 

2002

 

2002

 

Woodfield

 

Two Woodfield Crossing

 

Office

 

 

 

719

 

9,553

 

1,791

 

733

 

11,330

 

12,063

 

3,131

 

1987

 

1993

 

Woodfield

 

Three Woodfield Crossing

 

Office

 

 

 

3,767

 

21,404

 

3,644

 

3,843

 

24,972

 

28,815

 

7,269

 

1989

 

1993

 

Woodland Corporate Park

 

Woodland Corporate Park I

 

Office

 

 

 

290

 

4,666

 

644

 

320

 

5,280

 

5,600

 

1,475

 

1998

 

1998

 

Woodland Corporate Park

 

Woodland Corporate Park II

 

Office

 

 

 

271

 

3,673

 

782

 

297

 

4,429

 

4,726

 

857

 

1999

 

1999

 

Woodland Corporate Park

 

Woodland Corporate Park III

 

Office

 

 

 

1,227

 

4,480

 

72

 

1,227

 

4,552

 

5,779

 

921

 

1999

 

2000

 

Woodland Corporate Park

 

Woodland Corporate Park IV

 

Office

 

 

 

715

 

7,340

 

438

 

715

 

7,778

 

8,493

 

1,267

 

2000

 

2000

 

Woodland Corporate Park

 

Woodland Corporate Park V

 

Office

 

 

 

768

 

10,002

 

31

 

768

 

10,033

 

10,801

 

657

 

2002

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KENNESAW, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town Point

 

3391 Town Point Drive

 

Office

 

 

 

797

 

8,508

 

614

 

797

 

9,122

 

9,919

 

1,792

 

1999

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAKE FOREST, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bradley Business Center

 

Ballard Drive Building

 

Industrial

 

 

 

186

 

1,770

 

328

 

186

 

2,098

 

2,284

 

335

 

1985

 

1998

 

Bradley Business Center

 

Laurel Drive Building

 

Industrial

 

 

 

98

 

913

 

52

 

98

 

965

 

1,063

 

164

 

1981

 

1998

 

Bradley Business Center

 

13825 W. Laurel Dr.

 

Industrial

 

 

 

750

 

1,900

 

862

 

750

 

2,762

 

3,512

 

585

 

1978

 

1999

 

Conway Park

 

One Conway Park

 

Office

 

 

 

1,901

 

18,441

 

951

 

1,901

 

19,392

 

21,293

 

3,766

 

1989

 

1998

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

LAKE MARY, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northpoint

 

Northpoint Center I

 

Office

 

 

 

1,087

 

11,546

 

79

 

1,087

 

11,625

 

12,712

 

1,186

 

1998

 

1999

 

Northpoint

 

Northpoint Center II

 

Office

 

 

 

1,202

 

9,693

 

387

 

1,202

 

10,080

 

11,282

 

1,248

 

1999

 

2000

 

Northpoint

 

Northpoint III

 

Office

 

 

 

1,552

 

11,087

 

26

 

1,552

 

11,113

 

12,665

 

1,394

 

2001

 

2001

 

Northpoint

 

Northpoint IV

 

Office

 

 

 

1,605

 

8,590

 

1,477

 

1,605

 

10,067

 

11,672

 

366

 

2002

 

2002

 

Technology Park

 

Technology Park I

 

Industrial

 

 

 

640

 

3,531

 

172

 

640

 

3,703

 

4,343

 

567

 

1986

 

1999

 

Technology Park

 

Technology Park II

 

Industrial

 

 

 

835

 

4,318

 

354

 

835

 

4,672

 

5,507

 

656

 

1998

 

1999

 

Technology Park

 

Technology Park III

 

Industrial

 

 

 

477

 

3,859

 

83

 

477

 

3,942

 

4,419

 

528

 

1998

 

1999

 

Technology Park

 

Technology Park IV

 

Industrial

 

 

 

669

 

2,945

 

297

 

669

 

3,242

 

3,911

 

595

 

1999

 

1999

 

Technology Park

 

Technology Park V

 

Industrial

 

 

 

547

 

2,907

 

210

 

547

 

3,117

 

3,664

 

387

 

1999

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAKELAND, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakeland Interstate Park

 

Lakeland Interstate Park I

 

Industrial

 

 

 

864

 

4,267

 

586

 

864

 

4,853

 

5,717

 

429

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAWRENCEVILLE, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillside at Huntcrest

 

Huntcrest I

 

Office

 

 

 

1,193

 

11,047

 

28

 

1,193

 

11,075

 

12,268

 

1,352

 

2000

 

2001

 

Hillside at Huntcrest

 

Huntcrest II

 

Office

 

 

 

927

 

11,606

 

16

 

927

 

11,622

 

12,549

 

1,819

 

2000

 

2001

 

Hillside at Huntcrest

 

Huntcrest III

 

Office

 

 

 

1,358

 

12,997

 

238

 

1,358

 

13,235

 

14,593

 

1,076

 

2001

 

2002

 

Hillside at Huntcrest

 

Huntcrest IV

 

Office

 

 

 

1,306

 

6,005

 

-     

 

1,306

 

6,005

 

7,311

 

126

 

2003

 

2003

 

Other Northeast I85 Properties

 

Weyerhaeuser

 

Industrial

 

 

 

3,974

 

2,840

 

-     

 

3,974

 

2,840

 

6,814

 

-     

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LEBANON, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lebanon Bus. Park

 

Lebanon Building 4

 

Industrial

 

 

 

305

 

9,767

 

89

 

305

 

9,856

 

10,161

 

1,924

 

1997

 

1997

 

Lebanon Bus. Park

 

Lebanon Building 9

 

Industrial

 

 

 

554

 

6,974

 

667

 

554

 

7,641

 

8,195

 

1,107

 

1999

 

1999

 

Lebanon Bus. Park

 

Lebanon Building 11

 

Industrial

 

 

 

480

 

5,208

 

-     

 

1,286

 

4,402

 

5,688

 

292

 

2003

 

2003

 

Lebanon Bus. Park

 

Lebanon Bldg 13

 

Industrial

 

 

 

561

 

6,554

 

-     

 

1,901

 

5,214

 

7,115

 

325

 

2003

 

2003

 

Lebanon Bus. Park

 

Lebanon Bldg 12

 

Industrial

 

 

 

5,163

 

13,207

 

4

 

5,163

 

13,211

 

18,374

 

669

 

2002

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LEWIS CENTER, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orange Point Commerce Park

 

Orange Point #73

 

Industrial

 

 

 

551

 

3,281

 

499

 

551

 

3,780

 

4,331

 

530

 

2001

 

2001

 

Orange Point Commerce Park

 

Orange Point 144

 

Industrial

 

 

 

886

 

4,990

 

81

 

886

 

5,071

 

5,957

 

751

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LISLE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Lakes Business Park

 

2275 Cabot Drive

 

Office

 

 

 

3,355

 

6,263

 

-     

 

3,355

 

6,263

 

9,618

 

108

 

1996

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARIETTA, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franklin Forest

 

805 Franklin Court

 

Industrial

 

 

 

313

 

1,937

 

158

 

313

 

2,095

 

2,408

 

274

 

1983

 

1999

 

Franklin Forest

 

810 Franklin Court

 

Industrial

 

 

 

255

 

1,658

 

50

 

255

 

1,708

 

1,963

 

232

 

1983

 

1999

 

Franklin Forest

 

811 Livingston Court

 

Industrial

 

 

 

193

 

1,428

 

263

 

193

 

1,691

 

1,884

 

310

 

1983

 

1999

 

Franklin Forest

 

825 Franklin Court

 

Industrial

 

 

 

358

 

562

 

1,034

 

358

 

1,596

 

1,954

 

212

 

1983

 

1999

 

Franklin Forest

 

830 Franklin Court

 

Industrial

 

 

 

133

 

759

 

90

 

133

 

849

 

982

 

108

 

1983

 

1999

 

Franklin Forest

 

835 Franklin Court

 

Industrial

 

 

 

393

 

637

 

980

 

393

 

1,617

 

2,010

 

214

 

1983

 

1999

 

Franklin Forest

 

840 Franklin Court

 

Industrial

 

 

 

242

 

893

 

603

 

242

 

1,496

 

1,738

 

132

 

1983

 

1999

 

Franklin Forest

 

821 Livingston Court

 

Industrial

 

 

 

145

 

975

 

101

 

145

 

1,076

 

1,221

 

169

 

1983

 

1999

 

Franklin Forest

 

841 Livingston Court

 

Industrial

 

 

 

275

 

2,736

 

7

 

275

 

2,743

 

3,018

 

374

 

1983

 

1999

 

Northwest Business Center

 

1335 Capital Circle

 

Industrial

 

 

 

416

 

2,112

 

161

 

416

 

2,273

 

2,689

 

318

 

1985

 

1999

 

Northwest Business Center

 

1337-41-51 Capital Circle

 

Industrial

 

 

 

558

 

5,364

 

1,114

 

558

 

6,478

 

7,036

 

1,050

 

1985

 

1999

 

Northwest Business Center

 

2260 Northwest Parkway

 

Industrial

 

 

 

320

 

1,826

 

751

 

320

 

2,577

 

2,897

 

419

 

1982

 

1999

 

Northwest Business Center

 

2252 Northwest Parkway

 

Industrial

 

 

 

92

 

982

 

84

 

92

 

1,066

 

1,158

 

168

 

1982

 

1999

 

Northwest Business Center

 

2242 Northwest Parkway

 

Industrial

 

 

 

175

 

1,444

 

140

 

175

 

1,584

 

1,759

 

233

 

1982

 

1999

 

Northwest Business Center

 

2256 Northwest Parkway

 

Industrial

 

 

 

85

 

916

 

75

 

85

 

991

 

1,076

 

133

 

1982

 

1999

 

Northwest Business Center

 

2244 Northwest Parkway

 

Industrial

 

 

 

47

 

492

 

8

 

47

 

500

 

547

 

68

 

1982

 

1999

 

Northwest Business Center

 

2150 Northwest Parkway

 

Industrial

 

 

 

294

 

3,087

 

468

 

294

 

3,555

 

3,849

 

488

 

1982

 

1999

 

Northwest Business Center

 

2152 Northwest Parkway

 

Industrial

 

 

 

161

 

1,637

 

187

 

161

 

1,824

 

1,985

 

256

 

1982

 

1999

 

Northwest Business Center

 

2130 Northwest Parkway

 

Industrial

 

 

 

353

 

2,885

 

429

 

353

 

3,314

 

3,667

 

493

 

1982

 

1999

 

Northwest Business Center

 

2270 Northwest Parkway

 

Industrial

 

1,590

 

483

 

3,887

 

485

 

483

 

4,372

 

4,855

 

661

 

1988

 

1999

 

Northwest Business Center

 

2275 Northwest Parkway

 

Industrial

 

1,044

 

327

 

2,641

 

252

 

327

 

2,893

 

3,220

 

435

 

1988

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARYLAND HEIGHTS, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Riverport Business Park

 

Riverport Tower

 

Office

 

 

 

3,549

 

30,215

 

7,875

 

3,954

 

37,685

 

41,639

 

6,298

 

1991

 

1997

 

Riverport Business Park

 

Riverport Distribution

 

Industrial

 

 

 

242

 

2,272

 

124

 

242

 

2,396

 

2,638

 

443

 

1990

 

1997

 

Riverport Business Park

 

Express Scripts

 

Office

 

 

 

2,285

 

12,535

 

184

 

2,285

 

12,719

 

15,004

 

3,938

 

1999

 

1999

 

Riverport Business Park

 

Riverport 1

 

Industrial

 

 

 

900

 

3,798

 

124

 

900

 

3,922

 

4,822

 

1,240

 

1999

 

1999

 

Riverport Business Park

 

Riverport 2

 

Industrial

 

 

 

1,238

 

7,056

 

2

 

1,238

 

7,058

 

8,296

 

2,751

 

2000

 

2000

 

Riverport Business Park

 

Riverport 3

 

Industrial

 

 

 

1,269

 

4,570

 

1,933

 

1,269

 

6,503

 

7,772

 

999

 

2001

 

2001

 

Riverport Distribution

 

Express Scripts Service Center

 

Industrial

 

 

 

1,197

 

8,825

 

150

 

1,197

 

8,975

 

10,172

 

1,697

 

1992

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MASON, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deerfield Crossing

 

Deerfield Crossing Bldg 1

 

Office

 

 

 

1,493

 

14,492

 

221

 

1,493

 

14,713

 

16,206

 

3,595

 

1999

 

1999

 

Deerfield Crossing

 

Deerfield Crossing Bldg 2

 

Office

 

 

 

1,069

 

14,269

 

207

 

1,069

 

14,476

 

15,545

 

2,557

 

2001

 

2001

 

Governor’s Pointe North

 

Community Insurance

 

Office

 

 

 

3,252

 

17,314

 

-     

 

3,252

 

17,314

 

20,566

 

-     

 

2002

 

2002

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Governor’s Pointe

 

Governor’s Pointe 4770

 

Office

 

 

 

586

 

8,016

 

114

 

596

 

8,120

 

8,716

 

3,150

 

1986

 

1988

 

Governor’s Pointe

 

Governor’s Pointe 4700

 

Industrial

 

 

 

584

 

5,868

 

501

 

595

 

6,358

 

6,953

 

2,320

 

1987

 

1988

 

Governor’s Pointe

 

Governor’s Pointe 4900

 

Industrial

 

 

 

654

 

4,412

 

430

 

673

 

4,823

 

5,496

 

1,821

 

1987

 

1989

 

Governor’s Pointe

 

Governor’s Pointe 4705

 

Office

 

 

 

719

 

8,360

 

3,162

 

987

 

11,254

 

12,241

 

3,637

 

1988

 

1993

 

Governor’s Pointe

 

Governor’s Pointe 4605

 

Office

 

 

 

630

 

18,121

 

949

 

909

 

18,791

 

19,700

 

5,036

 

1990

 

1993

 

Governor’s Pointe

 

Governor’s Pointe 8990

 

Office

 

 

 

594

 

6,199

 

436

 

594

 

6,635

 

7,229

 

2,328

 

1997

 

1997

 

Governor’s Pointe

 

Governor’s Pointe 4660

 

Office

 

 

 

385

 

4,838

 

54

 

529

 

4,748

 

5,277

 

1,183

 

1997

 

1997

 

Governor’s Pointe

 

Governor’s Pointe 4680

 

Office

 

 

 

1,115

 

8,697

 

116

 

1,115

 

8,813

 

9,928

 

2,273

 

1998

 

1998

 

Governor’s Pointe

 

Governor’s Pointe 4690

 

Office

 

 

 

907

 

3,488

 

174

 

907

 

3,662

 

4,569

 

476

 

2002

 

2002

 

Governors Pointe Retail

 

Bigg’s Supercenter

 

Retail

 

 

 

2,107

 

10,040

 

23

 

4,227

 

7,943

 

12,170

 

2,392

 

1996

 

1996

 

Governors Pointe Retail

 

Lowes

 

Retail

 

 

 

3,750

 

6,614

 

219

 

3,750

 

6,833

 

10,583

 

2,135

 

1997

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MAYFIELD HEIGHTS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landerbrook Corporate Ctr

 

Landerbrook Corp. Center I

 

Office

 

 

 

1,807

 

10,266

 

69

 

1,808

 

10,334

 

12,142

 

2,323

 

1997

 

1997

 

Landerbrook Corporate Ctr

 

Landerbrook Corp. Center II

 

Office

 

 

 

1,382

 

10,226

 

1,787

 

1,382

 

12,013

 

13,395

 

2,839

 

1998

 

1998

 

Landerbrook Corporate Ctr

 

Landerbrook Corp. Center III

 

Office

 

 

 

1,528

 

8,591

 

4,631

 

1,684

 

13,066

 

14,750

 

1,454

 

2000

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCDONOUGH, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Dist. Center

 

120 Declaration Drive

 

Industrial

 

 

 

615

 

8,603

 

80

 

615

 

8,683

 

9,298

 

1,200

 

1997

 

1999

 

Liberty Dist. Center

 

Liberty III

 

Industrial

 

 

 

2,273

 

14,604

 

611

 

2,273

 

15,215

 

17,488

 

1,906

 

2001

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MENDOTA HEIGHTS, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise Industrial Center

 

Enterprise Industrial Center

 

Industrial

 

1,775

 

864

 

5,073

 

235

 

864

 

5,308

 

6,172

 

960

 

1979

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MILFORD, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Park 50

 

Park 50 Bldg 17

 

Office

 

 

 

500

 

5,123

 

347

 

510

 

5,460

 

5,970

 

2,541

 

1985

 

1986

 

Park 50

 

Park 50 Bldg 20

 

Industrial

 

 

 

461

 

6,634

 

365

 

469

 

6,991

 

7,460

 

3,179

 

1987

 

1988

 

Park 50

 

Park 50 Bldg 25

 

Industrial

 

 

 

1,161

 

3,751

 

755

 

1,184

 

4,483

 

5,667

 

1,266

 

1989

 

1993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINNEAPOLIS, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadway Business Center

 

Broadway Business Ctr III

 

Industrial

 

 

 

140

 

817

 

171

 

144

 

984

 

1,128

 

160

 

1983

 

1998

 

Broadway Business Center

 

Broadway Business Ctr IV

 

Industrial

 

 

 

194

 

1,173

 

323

 

200

 

1,490

 

1,690

 

286

 

1983

 

1998

 

Broadway Business Center

 

Broadway Business Ctr VI

 

Industrial

 

 

 

433

 

2,538

 

583

 

447

 

3,107

 

3,554

 

652

 

1983

 

1998

 

Broadway Business Center

 

Broadway Business Ctr VII

 

Industrial

 

 

 

233

 

1,385

 

95

 

241

 

1,472

 

1,713

 

249

 

1983

 

1998

 

Minneapolis

 

Chilies Ground Lease

 

Grounds

 

 

 

921

 

-    

 

69

 

990

 

-    

 

990

 

3

 

 

 

1998

 

Minneapolis

 

Olive Garden Ground Lease

 

Grounds

 

 

 

921

 

-    

 

-    

 

921

 

-    

 

921

 

-    

 

 

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINNETONKA, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10801 Red Circle Drive

 

10801 Red Circle Dr.

 

Office

 

 

 

527

 

2,472

 

701

 

527

 

3,173

 

3,700

 

574

 

1977

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONROE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monroe Business Center

 

Monroe Business Center Bldg. 1

 

Industrial

 

 

 

660

 

5,484

 

305

 

660

 

5,789

 

6,449

 

974

 

1992

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MORRISVILLE, NORTH CAROLINA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Perimeter Park

 

507 Airport Blvd

 

Industrial

 

 

 

1,327

 

8,464

 

914

 

1,351

 

9,354

 

10,705

 

1,317

 

1993

 

1999

 

Perimeter Park

 

5151 McCrimmon Pkwy

 

Industrial

 

 

 

1,318

 

8,241

 

431

 

1,342

 

8,648

 

9,990

 

1,473

 

1995

 

1999

 

Perimeter Park

 

2600 Perimeter Park Dr

 

Industrial

 

 

 

975

 

5,407

 

341

 

991

 

5,732

 

6,723

 

842

 

1997

 

1999

 

Perimeter Park

 

5150 McCrimmon Pkwy

 

Industrial

 

 

 

1,739

 

12,278

 

150

 

1,773

 

12,394

 

14,167

 

1,700

 

1998

 

1999

 

Perimeter Park

 

2400 Perimeter Park Dr.

 

Office

 

 

 

760

 

6,322

 

1,035

 

778

 

7,339

 

8,117

 

1,198

 

1999

 

1999

 

Perimeter Park

 

3000 Perimeter Park Dr

 

Industrial

 

1,693

 

482

 

3,165

 

653

 

491

 

3,809

 

4,300

 

675

 

1989

 

1999

 

Perimeter Park

 

2900 Perimeter Park Dr

 

Industrial

 

1,312

 

235

 

2,346

 

705

 

264

 

3,022

 

3,286

 

586

 

1990

 

1999

 

Perimeter Park

 

2800 Perimeter Park Dr

 

Industrial

 

2,350

 

777

 

4,940

 

213

 

811

 

5,119

 

5,930

 

763

 

1992

 

1999

 

Perimeter Park

 

100 Perimeter Park Drive

 

Industrial

 

 

 

477

 

3,250

 

1,496

 

477

 

4,746

 

5,223

 

612

 

1987

 

1999

 

Perimeter Park

 

200 Perimeter Park Drive

 

Industrial

 

 

 

567

 

3,160

 

229

 

576

 

3,380

 

3,956

 

470

 

1987

 

1999

 

Perimeter Park

 

300 Perimeter Park Drive

 

Industrial

 

 

 

567

 

3,159

 

1,567

 

567

 

4,726

 

5,293

 

583

 

1986

 

1999

 

Perimeter Park

 

400 Perimeter Park Drive

 

Industrial

 

3,614

 

486

 

4,470

 

104

 

486

 

4,574

 

5,060

 

657

 

1983

 

1999

 

Perimeter Park

 

500 Perimeter Park Drive

 

Industrial

 

 

 

522

 

4,421

 

238

 

522

 

4,659

 

5,181

 

679

 

1985

 

1999

 

Perimeter Park

 

800 Perimeter Park Drive

 

Industrial

 

2,672

 

405

 

3,321

 

1,753

 

405

 

5,074

 

5,479

 

964

 

1984

 

1999

 

Perimeter Park

 

900 Perimeter Park Drive

 

Industrial

 

 

 

629

 

1,918

 

1,277

 

629

 

3,195

 

3,824

 

495

 

1982

 

1999

 

Perimeter Park

 

1000 Perimeter Park Drive

 

Industrial

 

 

 

405

 

3,268

 

940

 

405

 

4,208

 

4,613

 

665

 

1982

 

1999

 

Perimeter Park

 

1100 Perimeter Park Drive

 

Industrial

 

 

 

777

 

6,056

 

664

 

794

 

6,703

 

7,497

 

980

 

1990

 

1999

 

Perimeter Park

 

1400 Perimeter Park Drive

 

Office

 

 

 

666

 

4,614

 

1,284

 

974

 

5,590

 

6,564

 

827

 

1991

 

1999

 

Perimeter Park

 

1500 Perimeter Park Drive

 

Office

 

 

 

1,148

 

10,424

 

301

 

1,177

 

10,696

 

11,873

 

1,527

 

1996

 

1999

 

Perimeter Park

 

1600 Perimeter Park Drive

 

Office

 

 

 

1,463

 

10,160

 

771

 

1,513

 

10,881

 

12,394

 

1,528

 

1994

 

1999

 

Perimeter Park

 

1800 Perimeter Park Drive

 

Office

 

 

 

907

 

5,751

 

593

 

976

 

6,275

 

7,251

 

853

 

1994

 

1999

 

Perimeter Park

 

2000 Perimeter Park Drive

 

Office

 

 

 

788

 

5,860

 

677

 

842

 

6,483

 

7,325

 

1,215

 

1997

 

1999

 

Perimeter Park

 

1700 Perimeter Center West

 

Office

 

 

 

1,230

 

10,808

 

372

 

1,260

 

11,150

 

12,410

 

1,514

 

1997

 

1999

 

Perimeter Park

 

3900 N. Paramount Parkway

 

Office

 

 

 

540

 

13,328

 

154

 

574

 

13,448

 

14,022

 

1,876

 

1998

 

1999

 

Perimeter Park

 

3900 S.Paramount Pkwy

 

Office

 

 

 

1,575

 

12,573

 

1,011

 

1,612

 

13,547

 

15,159

 

2,568

 

2000

 

1999

 

Perimeter Park

 

5200 East Paramount

 

Office

 

 

 

1,748

 

17,892

 

816

 

1,797

 

18,659

 

20,456

 

3,479

 

1999

 

1999

 

Perimeter Park

 

3500 Paramount Pkwy

 

Office

 

 

 

755

 

13,072

 

13

 

755

 

13,085

 

13,840

 

2,446

 

1999

 

2000

 

Perimeter Park

 

2700 Perimeter Park

 

Industrial

 

 

 

662

 

3,233

 

948

 

662

 

4,181

 

4,843

 

559

 

2001

 

2001

 

Perimeter Park

 

5200 West Paramount

 

Office

 

 

 

1,831

 

13,288

 

26

 

1,831

 

13,314

 

15,145

 

1,422

 

2000

 

2001

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Perimeter Park

 

2450 Perimeter Park

 

Office

 

 

 

669

 

4,028

 

-    

 

669

 

4,028

 

4,697

 

856

 

2001

 

2001

 

Research Triangle Ind. Ctr

 

409 Airport Blvd Bldg A

 

Industrial

 

700

 

296

 

1,291

 

22

 

300

 

1,309

 

1,609

 

186

 

1983

 

1999

 

Research Triangle Ind. Ctr

 

409 Airport Blvd Bldg B

 

Industrial

 

439

 

175

 

772

 

54

 

177

 

824

 

1,001

 

128

 

1986

 

1999

 

Research Triangle Ind. Ctr

 

409 Airport Blvd bldg C

 

Industrial

 

1,415

 

185

 

2,856

 

219

 

193

 

3,067

 

3,260

 

467

 

1982

 

1999

 

Woodlake Center

 

100 Innovation Avenue

 

Industrial

 

 

 

633

 

4,014

 

261

 

633

 

4,275

 

4,908

 

721

 

1994

 

1999

 

Woodlake Center

 

101 Innovation Ave

 

Industrial

 

 

 

615

 

4,106

 

97

 

615

 

4,203

 

4,818

 

605

 

1997

 

1999

 

Woodlake Center

 

200 Innovation Drive

 

Industrial

 

 

 

357

 

4,336

 

85

 

357

 

4,421

 

4,778

 

693

 

1999

 

1999

 

Woodlake Center

 

501 Innovation Ave.

 

Industrial

 

 

 

640

 

7,132

 

47

 

640

 

7,179

 

7,819

 

1,951

 

1999

 

1999

 

Woodlake Center

 

1000 Innovation

 

Industrial

 

 

 

514

 

2,941

 

39

 

514

 

2,980

 

3,494

 

208

 

1996

 

2002

 

Woodlake Center

 

1200 Innovation

 

Industrial

 

 

 

740

 

5,925

 

59

 

740

 

5,984

 

6,724

 

674

 

1996

 

2002

 

Woodlake Center

 

Woodlake VIII

 

Industrial

 

 

 

908

 

1,545

 

-    

 

908

 

1,545

 

2,453

 

72

 

2003

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAPERVILLE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meridian Business Campus

 

1835 Jefferson

 

Industrial

 

 

 

1,723

 

5,553

 

-    

 

1,723

 

5,553

 

7,276

 

216

 

2003

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NASHVILLE, TENNESSEE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airpark Business Center

 

1420 Donelson Pike

 

Industrial

 

521

 

1,331

 

5,417

 

499

 

1,357

 

5,890

 

7,247

 

908

 

1985

 

1999

 

Airpark Business Center

 

1410 Donelson Pike

 

Industrial

 

610

 

1,411

 

6,917

 

164

 

1,411

 

7,081

 

8,492

 

989

 

1986

 

1999

 

Airpark Business Center

 

1400 Donelson Pike

 

Industrial

 

470

 

1,276

 

5,057

 

224

 

1,276

 

5,281

 

6,557

 

830

 

1996

 

1999

 

Airpark Business Center

 

400 Airpark Center

 

Industrial

 

1,695

 

419

 

2,188

 

18

 

419

 

2,206

 

2,625

 

318

 

1989

 

1999

 

Airpark Business Center

 

500 Airpark Center Dr.

 

Industrial

 

2,661

 

923

 

2,465

 

792

 

923

 

3,257

 

4,180

 

466

 

1988

 

1999

 

Airpark Business Center

 

600 Airport Center
Dr

 

Industrial

 

2,645

 

729

 

3,341

 

63

 

729

 

3,404

 

4,133

 

483

 

1990

 

1999

 

Airpark Business Center

 

700 Airpark Center Dr.

 

Industrial

 

2,578

 

801

 

2,849

 

379

 

801

 

3,228

 

4,029

 

459

 

1992

 

1999

 

Airpark Business Center

 

800 Airpark Center Dr.

 

Industrial

 

2,373

 

924

 

4,021

 

392

 

924

 

4,413

 

5,337

 

683

 

1995

 

1999

 

Airpark Business Center

 

900 Airpark Center Dr

 

Industrial

 

1,961

 

798

 

3,424

 

259

 

798

 

3,683

 

4,481

 

580

 

1995

 

1999

 

Airpark Business Center

 

1000 Airpark Center Dr.

 

Industrial

 

 

 

1,300

 

9,650

 

26

 

1,300

 

9,676

 

10,976

 

1,335

 

1997

 

1999

 

Airpark Business Center

 

5270 Harding place

 

Industrial

 

1,059

 

535

 

2,501

 

8

 

535

 

2,509

 

3,044

 

348

 

1996

 

1999

 

Airpark Business Center

 

1415 Donelson Pike

 

Industrial

 

3,700

 

1,308

 

8,822

 

378

 

1,308

 

9,200

 

10,508

 

1,308

 

1996

 

1999

 

Airpark Business Center

 

1413 Donelson Pike

 

Industrial

 

1,180

 

549

 

2,751

 

43

 

549

 

2,794

 

3,343

 

395

 

1996

 

1999

 

Airpark Business Center

 

5233 Harding Place

 

Industrial

 

 

 

628

 

3,084

 

18

 

628

 

3,102

 

3,730

 

711

 

1998

 

1999

 

Airpark East

 

Airpark East-Eagle Bldg

 

Industrial

 

 

 

1,564

 

3,363

 

677

 

1,564

 

4,040

 

5,604

 

348

 

2001

 

2002

 

Cumberland Business Center

 

Cumberland Business Center I

 

Industrial

 

 

 

1,461

 

6,958

 

-    

 

1,461

 

6,958

 

8,419

 

1,538

 

1999

 

1999

 

Four-Forty Business Center

 

700 Melrose Avenue

 

Industrial

 

3,197

 

938

 

6,481

 

-    

 

938

 

6,481

 

7,419

 

886

 

1997

 

1999

 

Four-Forty Business Center

 

684 Melrose Ave

 

Industrial

 

 

 

1,812

 

7,605

 

209

 

1,812

 

7,814

 

9,626

 

1,127

 

1998

 

1999

 

Four-Forty Business Center

 

782 Melrose Avenue

 

Industrial

 

 

 

1,522

 

5,766

 

261

 

1,522

 

6,027

 

7,549

 

933

 

1997

 

1999

 

Four-Forty Business Center

 

784 Melrose Ave.

 

Industrial

 

 

 

471

 

3,331

 

516

 

471

 

3,847

 

4,318

 

849

 

1999

 

1999

 

Greenbriar

 

Greenbriar Business Park

 

Industrial

 

 

 

1,445

 

5,248

 

953

 

1,445

 

6,201

 

7,646

 

1,583

 

1986

 

1994

 

Haywood Oaks

 

Haywood Oaks Bldg 2

 

Industrial

 

 

 

395

 

1,941

 

183

 

395

 

2,124

 

2,519

 

579

 

1988

 

1993

 

Haywood Oaks

 

Haywood Oaks Bldg 3

 

Industrial

 

 

 

346

 

1,777

 

375

 

346

 

2,152

 

2,498

 

698

 

1988

 

1993

 

Haywood Oaks

 

Haywood Oaks Bldg 4

 

Industrial

 

 

 

435

 

2,126

 

68

 

435

 

2,194

 

2,629

 

598

 

1988

 

1993

 

Haywood Oaks

 

Haywood Oaks Bldg 5

 

Industrial

 

 

 

629

 

3,093

 

95

 

629

 

3,188

 

3,817

 

878

 

1988

 

1993

 

Haywood Oaks

 

Haywood Oaks Bldg 6

 

Industrial

 

 

 

924

 

6,418

 

481

 

946

 

6,877

 

7,823

 

1,919

 

1989

 

1993

 

Haywood Oaks

 

Haywood Oaks Bldg 7

 

Industrial

 

 

 

456

 

1,875

 

265

 

456

 

2,140

 

2,596

 

520

 

1995

 

1995

 

Haywood Oaks

 

Haywood Oaks Bldg 8

 

Industrial

 

 

 

617

 

3,563

 

181

 

751

 

3,610

 

4,361

 

1,087

 

1997

 

1997

 

Haywood Oaks East

 

Haywood Oaks East

 

Industrial

 

 

 

969

 

5,906

 

248

 

969

 

6,154

 

7,123

 

1,326

 

2000

 

2000

 

Lakeview Place

 

Three Lakeview

 

Office

 

 

 

2,126

 

14,034

 

1,708

 

2,126

 

15,742

 

17,868

 

3,180

 

1999

 

1999

 

Lakeview Place

 

One Lakeview Place

 

Office

 

 

 

2,046

 

11,887

 

1,377

 

2,123

 

13,187

 

15,310

 

2,429

 

1986

 

1998

 

Lakeview Place

 

Two Lakeview Place

 

Office

 

 

 

2,046

 

11,910

 

581

 

2,046

 

12,491

 

14,537

 

2,009

 

1988

 

1998

 

Riverview Business Center

 

545 Mainstream Dr.

 

Office

 

 

 

847

 

6,326

 

683

 

847

 

7,009

 

7,856

 

1,134

 

1983

 

1999

 

Metro Center

 

566 Mainstream Dr.

 

Industrial

 

 

 

454

 

3,937

 

496

 

454

 

4,433

 

4,887

 

732

 

1982

 

1999

 

Metro Center

 

621 Mainstream Dr.

 

Industrial

 

 

 

428

 

2,868

 

243

 

428

 

3,111

 

3,539

 

470

 

1984

 

1999

 

Riverview Business Center

 

Riverview Business Center I

 

Industrial

 

 

 

497

 

2,878

 

59

 

497

 

2,937

 

3,434

 

687

 

2000

 

2000

 

Riverview Business Center

 

Riverview Business Center II

 

Industrial

 

 

 

685

 

2,738

 

210

 

685

 

2,948

 

3,633

 

506

 

2001

 

2001

 

Metropolitan Airport Center

 

Metro Airport Center Bldg 1

 

Industrial

 

 

 

1,180

 

4,128

 

344

 

1,190

 

4,462

 

5,652

 

861

 

1999

 

1999

 

Metropolitan Airport Center

 

Metro Airport Bus Ctr C

 

Industrial

 

 

 

1,053

 

6,652

 

111

 

1,053

 

6,763

 

7,816

 

745

 

2001

 

2001

 

Nashville Business Center

 

3300 Briley Park Blvd

 

Industrial

 

 

 

936

 

6,417

 

103

 

936

 

6,520

 

7,456

 

1,175

 

1997

 

1999

 

Nashville Park

 

Powertel Pk Lot at Grassmere

 

Grounds

 

 

 

1,050

 

-    

 

39

 

1,089

 

-    

 

1,089

 

78

 

2003

 

2003

 

Royal Parkway Center

 

2515 Perimeter Park

 

Industrial

 

 

 

731

 

4,766

 

217

 

734

 

4,980

 

5,714

 

681

 

1990

 

1999

 

Royal Parkway Center

 

500 Royal Parkway

 

Industrial

 

 

 

603

 

4,644

 

18

 

603

 

4,662

 

5,265

 

639

 

1990

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW ALBANY, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Albany

 

6525 West Campus Oval

 

Office

 

 

 

842

 

3,467

 

1,922

 

881

 

5,350

 

6,231

 

524

 

1993

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NILES, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Niles Park

 

6300 Howard St.

 

Industrial

 

 

 

4,920

 

3,671

 

-    

 

4,920

 

3,671

 

8,591

 

61

 

1950

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORCROSS, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gwinnett Park

 

4258 Communications Drive

 

Industrial

 

 

 

29

 

2,388

 

116

 

29

 

2,504

 

2,533

 

342

 

1981

 

1999

 

Gwinnett Park

 

4245 International Blvd

 

Industrial

 

 

 

192

 

6,961

 

-    

 

192

 

6,961

 

7,153

 

1,441

 

1985

 

1999

 

Gwinnett Park

 

4355 International Blvd

 

Industrial

 

 

 

233

 

2,969

 

110

 

233

 

3,079

 

3,312

 

429

 

1983

 

1999

 

Gwinnett Park

 

4436 Park Drive

 

Industrial

 

 

 

18

 

1,516

 

36

 

26

 

1,544

 

1,570

 

307

 

1968

 

1999

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Gwinnett Park

 

1835 Shackleford Court

 

Office

 

 

 

29

 

6,309

 

1,000

 

29

 

7,309

 

7,338

 

1,076

 

1990

 

1999

 

Gwinnett Park

 

1854 Shackleford Road

 

Office

 

 

 

52

 

10,387

 

1,115

 

52

 

11,502

 

11,554

 

2,085

 

1985

 

1999

 

Gwinnett Park

 

4274 Shackleford Road

 

Industrial

 

 

 

27

 

3,626

 

82

 

32

 

3,703

 

3,735

 

541

 

1974

 

1999

 

Gwinnett Park

 

4275 Shackleford Court

 

Office

 

334

 

8

 

2,125

 

497

 

12

 

2,618

 

2,630

 

416

 

1985

 

1999

 

Northeast I85

 

5755 Peachtree Industrial Blvd

 

Office

 

 

 

800

 

3,652

 

229

 

800

 

3,881

 

4,681

 

532

 

1997

 

1999

 

Northeast I85

 

5765 Peachtree Industrial Blvd

 

Industrial

 

 

 

521

 

4,671

 

-    

 

521

 

4,671

 

5,192

 

640

 

1997

 

1999

 

Northeast I85

 

5775 Peachtree Industrial Blvd

 

Industrial

 

 

 

521

 

4,695

 

35

 

521

 

4,730

 

5,251

 

665

 

1997

 

1999

 

Northwoods

 

2915 Courtyards Drive

 

Industrial

 

 

 

268

 

1,967

 

374

 

268

 

2,341

 

2,609

 

317

 

1986

 

1999

 

Northwoods

 

2925 Courtyards Drive

 

Industrial

 

 

 

333

 

3,243

 

311

 

333

 

3,554

 

3,887

 

457

 

1986

 

1999

 

Northwoods

 

2975 Courtyards Drive

 

Industrial

 

 

 

144

 

1,268

 

261

 

144

 

1,529

 

1,673

 

217

 

1986

 

1999

 

Northwoods

 

2995 Courtyards Drive

 

Industrial

 

 

 

109

 

894

 

34

 

109

 

928

 

1,037

 

123

 

1986

 

1999

 

Northwoods

 

2725 Northwoods Pkwy

 

Industrial

 

 

 

440

 

2,575

 

704

 

440

 

3,279

 

3,719

 

568

 

1984

 

1999

 

Northwoods

 

2755 Northwoods Pkwy

 

Industrial

 

 

 

249

 

2,887

 

127

 

249

 

3,014

 

3,263

 

403

 

1986

 

1999

 

Northwoods

 

2775 Northwoods Pkwy

 

Industrial

 

 

 

322

 

2,431

 

145

 

322

 

2,576

 

2,898

 

338

 

1986

 

1999

 

Northwoods

 

2850 Colonnades Court

 

Industrial

 

 

 

562

 

5,294

 

251

 

562

 

5,545

 

6,107

 

755

 

1988

 

1999

 

Northwoods

 

3040 Northwoods Pkwy

 

Industrial

 

 

 

298

 

1,806

 

311

 

298

 

2,117

 

2,415

 

367

 

1984

 

1999

 

Northwoods

 

3055 Northwoods Pkwy

 

Industrial

 

 

 

213

 

1,560

 

88

 

213

 

1,648

 

1,861

 

236

 

1985

 

1999

 

Northwoods

 

3075 Northwoods Pkwy

 

Industrial

 

 

 

374

 

2,872

 

789

 

374

 

3,661

 

4,035

 

456

 

1985

 

1999

 

Northwoods

 

3100 Northwoods Pkwy

 

Industrial

 

 

 

393

 

2,550

 

165

 

393

 

2,715

 

3,108

 

360

 

1985

 

1999

 

Northwoods

 

3155 Northwoods Pkwy

 

Industrial

 

 

 

331

 

2,511

 

320

 

331

 

2,831

 

3,162

 

356

 

1985

 

1999

 

Northwoods

 

3175 Northwoods Pkwy

 

Industrial

 

 

 

250

 

2,076

 

84

 

250

 

2,160

 

2,410

 

287

 

1985

 

1999

 

Peachtree Corners Tech Center

 

3170 Reps Miller Road

 

Industrial

 

 

 

500

 

3,671

 

18

 

500

 

3,689

 

4,189

 

504

 

1998

 

1999

 

Peachtree Corners Tech Center

 

3180 Reps Miller Road

 

Industrial

 

 

 

500

 

2,951

 

38

 

500

 

2,989

 

3,489

 

410

 

1998

 

1999

 

Peachtree Corners Tech Center

 

3190 Reps Miller Road

 

Industrial

 

 

 

525

 

2,371

 

1,329

 

525

 

3,700

 

4,225

 

506

 

1998

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

 

-    

 

 

 

 

 

 

 

 

 

NORTHLAKE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

 

-    

 

 

 

 

 

 

 

 

 

Northlake

 

Northlake I

 

Industrial

 

 

 

5,721

 

10,859

 

-    

 

5,721

 

10,859

 

16,580

 

810

 

2002

 

2002

 

Northlake

 

Northlake II

 

Industrial

 

 

 

2,911

 

5,784

 

-    

 

2,977

 

5,718

 

8,695

 

84

 

1970

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTH OLMSTED, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Great Northern Corp Center

 

Great Northern Corp Center I

 

Office

 

 

 

1,040

 

7,235

 

961

 

1,040

 

8,196

 

9,236

 

1,750

 

1985

 

1996

 

Great Northern Corp Center

 

Great Northern Corp Center II

 

Office

 

 

 

1,048

 

7,299

 

893

 

1,048

 

8,192

 

9,240

 

1,780

 

1987

 

1996

 

Great Northern Corp Center

 

Great Northern Corp Center III

 

Office

 

 

 

604

 

5,776

 

339

 

604

 

6,115

 

6,719

 

1,294

 

1999

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OLIVETTE, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warson Commerce Center

 

Warson Commerce Center

 

Industrial

 

 

 

749

 

5,448

 

481

 

749

 

5,929

 

6,678

 

1,081

 

1987

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ORLANDO, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Centre at Lee Vista

 

Lee Vista Distribution Ctr I

 

Industrial

 

 

 

819

 

4,559

 

85

 

819

 

4,644

 

5,463

 

1,335

 

1998

 

1999

 

Business Centre at Lee Vista

 

Lee Vista Distribution Ctr II

 

Industrial

 

 

 

740

 

3,959

 

12

 

740

 

3,971

 

4,711

 

1,123

 

1999

 

2000

 

Business Centre at Lee Vista

 

Lee Vista Service Center I

 

Industrial

 

 

 

926

 

2,378

 

1,250

 

926

 

3,628

 

4,554

 

403

 

2000

 

2001

 

Bus Ctr at Lee Vista-Gen

 

Lee Vista Distrib. Center III

 

Industrial

 

 

 

841

 

3,596

 

186

 

841

 

3,782

 

4,623

 

310

 

2001

 

2002

 

Liberty Park @ Southcenter

 

Southcenter I-Brede/Allied

 

Industrial

 

 

 

3,094

 

3,867

 

-    

 

3,094

 

3,867

 

6,961

 

298

 

2002

 

2002

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg B

 

Industrial

 

 

 

565

 

4,906

 

407

 

570

 

5,308

 

5,878

 

709

 

1996

 

1999

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg A

 

Industrial

 

 

 

493

 

4,557

 

159

 

498

 

4,711

 

5,209

 

640

 

1997

 

1999

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg D

 

Industrial

 

 

 

593

 

4,142

 

5

 

597

 

4,143

 

4,740

 

581

 

1998

 

1999

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg E

 

Industrial

 

 

 

649

 

4,667

 

215

 

653

 

4,878

 

5,531

 

686

 

1997

 

1999

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg F

 

Industrial

 

 

 

1,030

 

5,543

 

978

 

1,035

 

6,516

 

7,551

 

1,199

 

1999

 

1999

 

Parksouth Dist. Center

 

Parksouth Dist. Ctr-Bldg H

 

Industrial

 

 

 

725

 

3,977

 

9

 

730

 

3,981

 

4,711

 

613

 

2000

 

2000

 

Parksouth Dist. Center

 

Chase Orlando

 

Industrial

 

 

 

598

 

2,068

 

1,220

 

674

 

3,212

 

3,886

 

234

 

2000

 

2001

 

Parksouth Dist. Center

 

Parksouth-Benjamin Moore

 

Industrial

 

 

 

708

 

2,076

 

-    

 

1,115

 

1,669

 

2,784

 

117

 

2003

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERLAND, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I-170 Center

 

I-170 Center

 

Industrial

 

 

 

950

 

4,230

 

721

 

1,018

 

4,883

 

5,901

 

1,198

 

1986

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARK RIDGE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

O’Hare Corporate Centre

 

O’Hare Corporate Centre

 

Office

 

 

 

1,476

 

9,184

 

-    

 

1,476

 

9,184

 

10,660

 

274

 

1985

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PEPPER PIKE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Circle

 

Corporate Circle

 

Office

 

 

 

1,696

 

11,534

 

2,460

 

1,698

 

13,992

 

15,690

 

2,880

 

1983

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLAINFIELD, INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plainfield Business Park

 

Plainfield Building 1

 

Industrial

 

6,072

 

1,104

 

11,235

 

10

 

1,104

 

11,245

 

12,349

 

1,385

 

2000

 

2000

 

Plainfield Business Park

 

Plainfield Building 2

 

Industrial

 

 

 

1,387

 

9,734

 

14

 

1,387

 

9,748

 

11,135

 

1,430

 

2000

 

2000

 

Plainfield Business Park

 

Plainfield Building 3

 

Industrial

 

 

 

2,016

 

12,460

 

281

 

2,016

 

12,741

 

14,757

 

859

 

2002

 

2002

 

Plainfield Business Park

 

Plainfield Building 5

 

Industrial

 

 

 

1,890

 

6,867

 

-    

 

1,890

 

6,867

 

8,757

 

-    

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLANO, TEXAS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legacy Business Park

 

Metasolv Building Phase I

 

Office

 

 

 

1,527

 

5,849

 

706

 

1,527

 

6,555

 

8,082

 

1,025

 

1997

 

1999

 

Legacy Business Park

 

Metasolv Building Phase II

 

Office

 

 

 

1,181

 

11,294

 

65

 

1,181

 

11,359

 

12,540

 

1,903

 

1999

 

1999

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLYMOUTH, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medicine Lake

 

Medicine Lake Indus. Center

 

Industrial

 

3,045

 

1,145

 

6,744

 

862

 

1,145

 

7,606

 

8,751

 

1,651

 

1970

 

1997

 

Plymouth Office/Tech Center

 

Plymouth Office/Tech Center

 

Industrial

 

 

 

428

 

2,458

 

562

 

431

 

3,017

 

3,448

 

596

 

1986

 

1998

 

Westpoint Buildings

 

Westpoint Business Ctr

 

Office

 

 

 

98

 

573

 

301

 

114

 

858

 

972

 

237

 

1978

 

1999

 

Westpoint Buildings

 

Westpoint Bldg B&C

 

Industrial

 

 

 

370

 

2,166

 

756

 

370

 

2,922

 

3,292

 

576

 

1978

 

1999

 

Westpoint Buildings

 

Westpoint Bldg D&E

 

Industrial

 

 

 

362

 

2,127

 

636

 

362

 

2,763

 

3,125

 

779

 

1978

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RALEIGH, NORTH CAROLINA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brook Forest

 

Brook Forest I

 

Office

 

 

 

1,242

 

6,221

 

404

 

1,242

 

6,625

 

7,867

 

1,184

 

2000

 

2000

 

Centerview

 

Centerview 5540

 

Office

 

 

 

773

 

6,307

 

342

 

773

 

6,649

 

7,422

 

212

 

1986

 

2003

 

Centerview

 

Centerview 5565

 

Office

 

 

 

513

 

4,831

 

123

 

513

 

4,954

 

5,467

 

161

 

1999

 

2003

 

Centerview

 

Centerview 5580

 

Office

 

 

 

768

 

5,675

 

178

 

768

 

5,853

 

6,621

 

188

 

1987

 

2003

 

Crabtree Overlook

 

Crabtree Overlook

 

Office

 

 

 

2,164

 

21,005

 

135

 

2,164

 

21,140

 

23,304

 

2,720

 

2000

 

2001

 

Interchange Plaza

 

801 Jones Franklin Rd

 

Office

 

4,770

 

1,351

 

7,800

 

508

 

1,351

 

8,308

 

9,659

 

1,145

 

1995

 

1999

 

Interchange Plaza

 

5520 Capital Ctr Dr

 

Office

 

 

 

842

 

4,412

 

507

 

842

 

4,919

 

5,761

 

788

 

1993

 

1999

 

Spring Forest Business Center

 

3200 Spring Forest Road

 

Industrial

 

 

 

561

 

5,253

 

1,578

 

561

 

6,831

 

7,392

 

924

 

1986

 

1999

 

Spring Forest Business Center

 

3100 Spring Forest Road

 

Industrial

 

 

 

616

 

4,232

 

410

 

616

 

4,642

 

5,258

 

716

 

1992

 

1999

 

Spring Forest Business Center

 

Spring Forest Bus Center III

 

Office

 

 

 

462

 

3,124

 

357

 

462

 

3,481

 

3,943

 

402

 

2002

 

2002

 

Walnut Creek

 

Walnut Creek Business Park #1

 

Industrial

 

 

 

419

 

3,126

 

218

 

419

 

3,344

 

3,763

 

578

 

2001

 

2001

 

Walnut Creek

 

Walnut Creek Business Park #2

 

Industrial

 

 

 

456

 

3,808

 

46

 

456

 

3,854

 

4,310

 

521

 

2001

 

2001

 

Walnut Creek

 

Walnut Creek Business Park #3

 

Industrial

 

 

 

679

 

4,374

 

1,213

 

679

 

5,587

 

6,266

 

452

 

2001

 

2001

 

Walnut Creek

 

Walnut Creek IV

 

Industrial

 

 

 

2,038

 

2,714

 

-    

 

2,038

 

2,714

 

4,752

 

67

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROMEOVILLE, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crossroads Business Park

 

Chapco Carton Company

 

Industrial

 

 

 

917

 

5,224

 

42

 

917

 

5,266

 

6,183

 

385

 

1999

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROSWELL, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hembree Crest

 

11545 Wills Road

 

Industrial

 

 

 

1,225

 

6,479

 

158

 

1,225

 

6,637

 

7,862

 

899

 

1998

 

1999

 

Hembree Park

 

105 Hembree Park Drive

 

Industrial

 

 

 

288

 

1,796

 

287

 

288

 

2,083

 

2,371

 

282

 

1988

 

1999

 

Hembree Park

 

150 Hembree Park Drive

 

Industrial

 

 

 

824

 

3,761

 

256

 

824

 

4,017

 

4,841

 

642

 

1985

 

1999

 

Hembree Park

 

200 Hembree Park Drive

 

Industrial

 

 

 

160

 

2,064

 

370

 

160

 

2,434

 

2,594

 

391

 

1985

 

1999

 

Hembree Park

 

645 Hembree Parkway

 

Industrial

 

 

 

248

 

2,627

 

433

 

248

 

3,060

 

3,308

 

617

 

1986

 

1999

 

Hembree Park

 

655 Hembree Parkway

 

Industrial

 

 

 

248

 

2,762

 

219

 

248

 

2,981

 

3,229

 

452

 

1986

 

1999

 

Hembree Park

 

250 Hembree Park Drive

 

Industrial

 

 

 

686

 

5,269

 

428

 

686

 

5,697

 

6,383

 

861

 

1996

 

1999

 

Hembree Park

 

660 Hembree Park Drive

 

Industrial

 

 

 

785

 

5,083

 

377

 

785

 

5,460

 

6,245

 

768

 

1998

 

1999

 

Hembree Park

 

245 Hembree Park Drive

 

Industrial

 

 

 

616

 

6,388

 

949

 

616

 

7,337

 

7,953

 

1,976

 

1999

 

1999

 

Mansell Commons

 

993 Mansell Road

 

Industrial

 

 

 

136

 

1,288

 

6

 

136

 

1,294

 

1,430

 

176

 

1987

 

1999

 

Mansell Commons

 

995 Mansell Road

 

Industrial

 

 

 

80

 

917

 

47

 

80

 

964

 

1,044

 

155

 

1987

 

1999

 

Mansell Commons

 

997 Mansell Road

 

Industrial

 

 

 

72

 

666

 

48

 

72

 

714

 

786

 

121

 

1987

 

1999

 

Mansell Commons

 

999 Mansell Road

 

Industrial

 

 

 

104

 

955

 

10

 

104

 

965

 

1,069

 

131

 

1987

 

1999

 

Mansell Commons

 

1003 Mansell Road

 

Industrial

 

 

 

136

 

1,365

 

127

 

136

 

1,492

 

1,628

 

271

 

1987

 

1999

 

Mansell Commons

 

1005 Mansell Road

 

Industrial

 

 

 

72

 

948

 

55

 

72

 

1,003

 

1,075

 

145

 

1987

 

1999

 

Mansell Commons

 

1007 Mansell Road

 

Industrial

 

 

 

168

 

2,135

 

381

 

168

 

2,516

 

2,684

 

449

 

1987

 

1999

 

Mansell Commons

 

1009 Mansell Road

 

Industrial

 

 

 

264

 

2,546

 

359

 

264

 

2,905

 

3,169

 

458

 

1986

 

1999

 

Mansell Commons

 

1011 Mansell Road

 

Industrial

 

 

 

256

 

2,662

 

401

 

256

 

3,063

 

3,319

 

597

 

1984

 

1999

 

North Meadow

 

1100 Northmeadow Parkway

 

Industrial

 

 

 

552

 

3,966

 

417

 

557

 

4,378

 

4,935

 

641

 

1989

 

1999

 

North Meadow

 

1150 Northmeadow Parkway

 

Industrial

 

 

 

464

 

3,239

 

186

 

464

 

3,425

 

3,889

 

555

 

1988

 

1999

 

North Meadow

 

1125 Northmeadow Parkway

 

Industrial

 

 

 

320

 

3,647

 

396

 

320

 

4,043

 

4,363

 

671

 

1987

 

1999

 

North Meadow

 

1175 Northmeadow Parkway

 

Industrial

 

 

 

328

 

3,418

 

695

 

328

 

4,113

 

4,441

 

671

 

1987

 

1999

 

North Meadow

 

1250 Northmeadow Parkway

 

Industrial

 

 

 

312

 

4,370

 

431

 

312

 

4,801

 

5,113

 

800

 

1989

 

1999

 

North Meadow

 

1225 Northmeadow Parkway

 

Industrial

 

 

 

336

 

3,518

 

235

 

336

 

3,753

 

4,089

 

575

 

1989

 

1999

 

North Meadow

 

1325 Northmeadow Parkway

 

Industrial

 

 

 

472

 

6,448

 

375

 

472

 

6,823

 

7,295

 

1,148

 

1990

 

1999

 

North Meadow

 

1335 Northmeadow Parkway

 

Industrial

 

 

 

946

 

8,195

 

276

 

946

 

8,471

 

9,417

 

1,215

 

1996

 

1999

 

North Meadow

 

11390 Old Roswell Road

 

Industrial

 

 

 

530

 

3,595

 

14

 

530

 

3,609

 

4,139

 

499

 

1997

 

1999

 

North Meadow

 

1400 Hembree Road

 

Industrial

 

 

 

545

 

3,267

 

41

 

545

 

3,308

 

3,853

 

458

 

1998

 

1999

 

North Meadow

 

235 Hembree

 

Industrial

 

 

 

694

 

5,711

 

174

 

694

 

5,885

 

6,579

 

769

 

1999

 

1999

 

North Meadow

 

1115 Northmeadow Pkwy

 

Industrial

 

 

 

705

 

3,272

 

16

 

705

 

3,288

 

3,993

 

451

 

1999

 

1999

 

North Meadow

 

1200 Northmeadow Pkwy

 

Industrial

 

 

 

423

 

3,077

 

64

 

423

 

3,141

 

3,564

 

816

 

2000

 

2000

 

Other North Central Prop.

 

10745 Westside Parkway

 

Office

 

 

 

925

 

7,177

 

292

 

925

 

7,469

 

8,394

 

1,168

 

1995

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEVEN HILLS, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rock Run

 

Rock Run - North

 

Office

 

2,146

 

837

 

5,654

 

539

 

960

 

6,070

 

7,030

 

1,415

 

1984

 

1996

 

Rock Run

 

Rock Run - Center

 

Office

 

2,675

 

1,046

 

6,991

 

686

 

1,169

 

7,554

 

8,723

 

1,789

 

1985

 

1996

 

Rock Run

 

Rock Run - South

 

Office

 

2,152

 

877

 

5,925

 

369

 

1,000

 

6,171

 

7,171

 

1,411

 

1986

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARONVILLE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise Park

 

Enterprise Bldg 1

 

Industrial

 

 

 

1,030

 

6,054

 

552

 

1,051

 

6,585

 

7,636

 

1,759

 

1990

 

1993

 

Enterprise Park

 

Enterprise Bldg 2

 

Industrial

 

 

 

733

 

3,952

 

790

 

747

 

4,728

 

5,475

 

1,515

 

1990

 

1993

 

Enterprise Park

 

Enterprise Bldg A

 

Industrial

 

 

 

119

 

728

 

128

 

119

 

856

 

975

 

219

 

1987

 

1995

 

Enterprise Park

 

Enterprise Bldg B

 

Industrial

 

 

 

119

 

1,249

 

47

 

119

 

1,296

 

1,415

 

316

 

1988

 

1995

 

Enterprise Park

 

Enterprise Bldg D

 

Industrial

 

 

 

243

 

2,014

 

39

 

243

 

2,053

 

2,296

 

466

 

1989

 

1995

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

Mosteller Dist. Center

 

Mosteller Distribution Ctr I

 

Industrial

 

 

 

1,327

 

6,351

 

1,946

 

1,327

 

8,297

 

9,624

 

2,068

 

1957

 

1996

 

Mosteller Dist. Center

 

Mosteller Distribution Ctr II

 

Industrial

 

 

 

828

 

4,813

 

928

 

828

 

5,741

 

6,569

 

1,533

 

1997

 

1997

 

Perimeter Park

 

Perimeter Park Bldg A

 

Industrial

 

 

 

229

 

1,353

 

290

 

229

 

1,643

 

1,872

 

372

 

1991

 

1996

 

Perimeter Park

 

Perimeter Park Bldg B

 

Industrial

 

 

 

244

 

1,077

 

87

 

244

 

1,164

 

1,408

 

252

 

1991

 

1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOLON, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fountain Parkway

 

Fountain Parkway Bldg 2

 

Industrial

 

 

 

1,138

 

8,827

 

65

 

1,138

 

8,892

 

10,030

 

1,421

 

1998

 

1999

 

Fountain Parkway

 

Fountain Parkway Bldg 1

 

Industrial

 

 

 

527

 

2,939

 

41

 

527

 

2,980

 

3,507

 

540

 

1997

 

1998

 

Solon

 

30600 Carter

 

Industrial

 

 

 

819

 

3,465

 

403

 

821

 

3,866

 

4,687

 

730

 

1971

 

1997

 

Solon

 

6230 Cochran

 

Industrial

 

 

 

600

 

2,519

 

425

 

602

 

2,942

 

3,544

 

484

 

1977

 

1997

 

Solon

 

5821 Harper

 

Industrial

 

 

 

554

 

2,326

 

192

 

555

 

2,517

 

3,072

 

444

 

1970

 

1997

 

Solon

 

6161 Cochran

 

Industrial

 

 

 

395

 

1,667

 

375

 

396

 

2,041

 

2,437

 

425

 

1978

 

1997

 

Solon

 

5901 Harper

 

Industrial

 

 

 

349

 

1,448

 

173

 

350

 

1,620

 

1,970

 

298

 

1970

 

1997

 

Solon

 

6661 Cochran

 

Industrial

 

 

 

244

 

1,022

 

116

 

245

 

1,137

 

1,382

 

222

 

1979

 

1997

 

Solon

 

6521 Davis

 

Industrial

 

 

 

128

 

544

 

524

 

128

 

1,068

 

1,196

 

160

 

1979

 

1997

 

Solon

 

30301 Carter Street

 

Industrial

 

 

 

650

 

4,480

 

468

 

650

 

4,948

 

5,598

 

739

 

1972

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ST. LOUIS PARK, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cedar Lake Business Center

 

Cedar Lake Business Center

 

Industrial

 

 

 

332

 

1,948

 

414

 

332

 

2,362

 

2,694

 

403

 

1976

 

1997

 

Minneapolis-West

 

1600 Tower

 

Office

 

 

 

2,321

 

32,034

 

4,255

 

2,321

 

36,289

 

38,610

 

6,055

 

2000

 

2000

 

Outside of a Development Park

 

North Plaza

 

Office

 

 

 

374

 

1,669

 

195

 

374

 

1,864

 

2,238

 

835

 

1966

 

1998

 

Outside of a Development Park

 

South Plaza

 

Office

 

 

 

397

 

1,742

 

213

 

397

 

1,955

 

2,352

 

883

 

1966

 

1998

 

Travelers Park

 

Travelers Express Tower

 

Office

 

 

 

3,039

 

36,228

 

1,527

 

3,091

 

37,703

 

40,794

 

5,505

 

1987

 

1999

 

Novartis

 

Novartis Warehouse

 

Industrial

 

 

 

2,005

 

11,017

 

443

 

2,005

 

11,460

 

13,465

 

1,920

 

1960

 

1998

 

SW Submkt-Minneapolis West BC

 

5219 Building

 

Office

 

 

 

99

 

574

 

84

 

102

 

655

 

757

 

275

 

1965

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ST. LOUIS, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Craig Park Center

 

Craig Park Center

 

Industrial

 

 

 

254

 

2,332

 

430

 

254

 

2,762

 

3,016

 

469

 

1984

 

1998

 

Outside of a Development Park

 

Hawthorn Office#1

 

Office

 

 

 

2,600

 

15,328

 

152

 

2,600

 

15,480

 

18,080

 

1,174

 

1997

 

2002

 

Lakeside Crossing

 

Lakeside Crossing I

 

Industrial

 

 

 

574

 

2,286

 

117

 

574

 

2,403

 

2,977

 

183

 

2001

 

2002

 

Lakeside Crossing

 

Lakeside Crossing 2

 

Industrial

 

 

 

1,118

 

2,224

 

-    

 

1,118

 

2,224

 

3,342

 

299

 

2002

 

2002

 

Lakeside Crossing

 

Lakeside Crossing 3

 

Industrial

 

 

 

1,851

 

4,906

 

625

 

1,851

 

5,531

 

7,382

 

428

 

2001

 

2002

 

Lakeside Crossing

 

Lakeside Crossing 5

 

Office

 

 

 

883

 

1,899

 

-    

 

883

 

1,899

 

2,782

 

119

 

2003

 

2003

 

Lakeside Crossing

 

Lakeside Crossing 6

 

Industrial

 

 

 

1,074

 

2,143

 

712

 

1,507

 

2,422

 

3,929

 

220

 

2002

 

2002

 

Laumeier Office Park

 

Laumeier I

 

Office

 

 

 

1,384

 

10,175

 

1,858

 

1,384

 

12,033

 

13,417

 

3,217

 

1987

 

1995

 

Laumeier Office Park

 

Laumeier II

 

Office

 

 

 

1,421

 

10,129

 

1,249

 

1,421

 

11,378

 

12,799

 

2,818

 

1988

 

1995

 

Laumeier Office Park

 

Laumeier IV

 

Office

 

 

 

1,029

 

7,439

 

952

 

1,029

 

8,391

 

9,420

 

1,707

 

1987

 

1998

 

Maryville Center

 

500-510 Maryville Centre

 

Office

 

 

 

3,402

 

24,823

 

1,260

 

3,402

 

26,083

 

29,485

 

4,751

 

1984

 

1997

 

Maryville Center

 

530 Maryville Centre

 

Office

 

6,463

 

2,219

 

15,797

 

1,562

 

2,219

 

17,359

 

19,578

 

3,476

 

1990

 

1997

 

Maryville Center

 

550 Maryville Centre

 

Office

 

 

 

1,996

 

12,596

 

122

 

1,996

 

12,718

 

14,714

 

2,276

 

1988

 

1997

 

Maryville Center

 

635-645 Maryville Centre

 

Office

 

 

 

3,048

 

18,569

 

743

 

3,048

 

19,312

 

22,360

 

3,527

 

1987

 

1997

 

Maryville Center

 

655 Maryville Centre

 

Office

 

 

 

1,860

 

13,336

 

194

 

1,860

 

13,530

 

15,390

 

2,421

 

1994

 

1997

 

Maryville Center

 

540 Maryville Centre

 

Office

 

 

 

2,219

 

15,019

 

649

 

2,219

 

15,668

 

17,887

 

3,158

 

1990

 

1997

 

Maryville Center

 

520 Maryville Centre

 

Office

 

 

 

2,404

 

14,493

 

407

 

2,404

 

14,900

 

17,304

 

2,181

 

1998

 

1999

 

Maryville Center

 

700 Maryville Centre

 

Office

 

 

 

4,556

 

28,852

 

108

 

4,556

 

28,960

 

33,516

 

4,612

 

1999

 

2000

 

Maryville Center

 

533 Maryville Centre

 

Office

 

 

 

3,230

 

18,083

 

107

 

3,230

 

18,190

 

21,420

 

2,475

 

2000

 

2000

 

Maryville Center

 

555 Maryville Centre

 

Office

 

 

 

3,226

 

15,860

 

1,460

 

3,226

 

17,320

 

20,546

 

1,555

 

2000

 

2001

 

Maryville Center

 

625 Maryville Centre

 

Office

 

5,124

 

2,509

 

11,216

 

257

 

2,509

 

11,473

 

13,982

 

1,123

 

1996

 

2002

 

Maryville Center

 

Maryville Centre Grounds

 

Grounds

 

 

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

24

 

 

 

1997

 

St. Louis Business Center

 

St. Louis Business Center A

 

Industrial

 

 

 

194

 

1,795

 

487

 

194

 

2,282

 

2,476

 

419

 

1987

 

1998

 

St. Louis Business Center

 

St. Louis Business Center B

 

Industrial

 

 

 

250

 

2,301

 

817

 

250

 

3,118

 

3,368

 

603

 

1986

 

1998

 

St. Louis Business Center

 

St. Louis Business Center C

 

Industrial

 

 

 

166

 

1,537

 

361

 

166

 

1,898

 

2,064

 

420

 

1986

 

1998

 

St. Louis Business Center

 

St. Louis Business Center D

 

Industrial

 

 

 

168

 

1,552

 

272

 

168

 

1,824

 

1,992

 

319

 

1987

 

1998

 

Southridge

 

Southridge Business Center

 

Industrial

 

 

 

1,158

 

4,258

 

794

 

1,158

 

5,052

 

6,210

 

290

 

2002

 

2002

 

West Port Center

 

Westport Center I

 

Industrial

 

 

 

1,707

 

5,453

 

298

 

1,707

 

5,751

 

7,458

 

1,103

 

1998

 

1998

 

West Port Center

 

Westport Center II

 

Industrial

 

 

 

914

 

2,902

 

226

 

914

 

3,128

 

4,042

 

1,241

 

1998

 

1998

 

West Port Center

 

Westport Center III

 

Industrial

 

 

 

1,206

 

3,018

 

482

 

1,206

 

3,500

 

4,706

 

841

 

1998

 

1999

 

West Port Center

 

Westport Center IV

 

Industrial

 

 

 

1,440

 

5,585

 

-    

 

1,440

 

5,585

 

7,025

 

1,275

 

2000

 

2000

 

West Port Center

 

Westport Center V

 

Industrial

 

 

 

493

 

1,614

 

-    

 

493

 

1,614

 

2,107

 

390

 

1999

 

2000

 

West Port Center

 

Westport Place

 

Office

 

 

 

1,990

 

7,876

 

285

 

1,990

 

8,161

 

10,151

 

2,544

 

1999

 

2000

 

Westmark

 

Westmark

 

Office

 

 

 

1,497

 

11,002

 

1,670

 

1,681

 

12,488

 

14,169

 

3,374

 

1987

 

1995

 

Westview Place

 

Westview Place

 

Office

 

 

 

669

 

9,474

 

1,924

 

669

 

11,398

 

12,067

 

2,971

 

1988

 

1995

 

Woodsmill Commons

 

Woodsmill Commons II

 

Office

 

 

 

1,718

 

7,515

 

-    

 

1,718

 

7,515

 

9,233

 

204

 

1985

 

2003

 

Woodsmill Commons

 

Woodsmill Commons I

 

Office

 

 

 

1,836

 

7,328

 

-    

 

1,836

 

7,328

 

9,164

 

208

 

1985

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ST. PAUL, MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

University Crossing

 

University Crossing

 

Industrial

 

 

 

874

 

5,101

 

874

 

911

 

5,938

 

6,849

 

1,261

 

1990

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ST. PETERS, MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Horizon Business Ctr

 

Horizon Business Center

 

Industrial

 

 

 

344

 

2,501

 

190

 

344

 

2,691

 

3,035

 

453

 

1985

 

1998

 

 



 

 

 

 

 

 

 

 

 

 

 

Cost Capitalized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent to

 

 

 

 

 

 

 

 

 

 

 

 

 

Building

 

 

 

Initial Cost

 

Development

 

Gross Book Value 12/31/04

 

Accumulated

 

Year

 

Year

 

Development

 

Name

 

Type

 

Encumbrances

 

Land

 

Buildings

 

or Acquisition

 

Land/Land Imp

 

Bldgs/TI

 

Total

 

Depreciation (1)

 

Constructed

 

Acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STRONGSVILLE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commerce Parkway

 

Commerce Parkway Bldg 1, 142

 

Industrial

 

 

 

594

 

3,775

 

1,026

 

594

 

4,801

 

5,395

 

390

 

2002

 

2002

 

Westwood

 

Dyment

 

Industrial

 

 

 

816

 

5,418

 

60

 

816

 

5,478

 

6,294

 

1,026

 

1988

 

1997

 

Alameda Drive

 

12200 Alameda Drive

 

Industrial

 

 

 

364

 

2,418

 

538

 

367

 

2,953

 

3,320

 

480

 

1972

 

1997

 

Park 82

 

Park 82 Bldg 2

 

Industrial

 

 

 

294

 

2,968

 

343

 

294

 

3,311

 

3,605

 

549

 

1998

 

1998

 

Park 82

 

Park 82 Bldg 1

 

Industrial

 

 

 

215

 

2,015

 

120

 

215

 

2,135

 

2,350

 

349

 

1998

 

1998

 

Park 82

 

Park 82 Bldg 3

 

Industrial

 

 

 

270

 

2,760

 

841

 

270

 

3,601

 

3,871

 

755

 

1999

 

1999

 

Park 82

 

Park 82 Bldg 4

 

Industrial

 

 

 

357

 

5,430

 

95

 

357

 

5,525

 

5,882

 

803

 

2000

 

2000

 

Park 82

 

Park 82 Bldg 5

 

Industrial

 

 

 

349

 

4,477

 

220

 

349

 

4,697

 

5,046

 

559

 

2000

 

2000

 

Sprague Rd. Industrial

 

Mohawk Dr. Bldg. 1

 

Industrial

 

 

 

564

 

4,495

 

-    

 

564

 

4,495

 

5,059

 

458

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUNRISE, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sawgrass

 

Sawgrass - Building 1

 

Office

 

 

 

1,211

 

7,834

 

-    

 

1,211

 

7,834

 

9,045

 

2,004

 

1999

 

2000

 

Sawgrass

 

Sawgrass Commerce Ctr Phase II

 

Office

 

 

 

1,147

 

5,241

 

-    

 

1,147

 

5,241

 

6,388

 

297

 

2000

 

2001

 

Sawgrass

 

Sawgrass Pointe

 

Office

 

 

 

3,484

 

21,892

 

2,552

 

3,484

 

24,444

 

27,928

 

1,954

 

2001

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUWANEE, GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northbrook

 

Northbrook Business Dist II

 

Industrial

 

 

 

267

 

2,235

 

655

 

267

 

2,890

 

3,157

 

366

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAMPA, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr I

 

Industrial

 

 

 

483

 

2,666

 

37

 

487

 

2,699

 

3,186

 

377

 

1998

 

1999

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr II

 

Industrial

 

 

 

530

 

4,913

 

11

 

534

 

4,920

 

5,454

 

683

 

1998

 

1999

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr III

 

Industrial

 

 

 

334

 

2,778

 

40

 

338

 

2,814

 

3,152

 

387

 

1999

 

1999

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr IV

 

Industrial

 

 

 

600

 

2,584

 

839

 

604

 

3,419

 

4,023

 

886

 

1999

 

1999

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr V

 

Industrial

 

 

 

488

 

3,561

 

85

 

488

 

3,646

 

4,134

 

626

 

2000

 

2000

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr VI

 

Industrial

 

 

 

555

 

4,548

 

301

 

555

 

4,849

 

5,404

 

571

 

2001

 

2001

 

Fairfield Distribution Center

 

Fairfield Distribution Ctr VII

 

Industrial

 

 

 

394

 

4,067

 

593

 

394

 

4,660

 

5,054

 

1,005

 

2001

 

2001

 

Fairfield Distribution Center

 

Fairfield VIII

 

Industrial

 

 

 

1,082

 

2,490

 

-    

 

1,082

 

2,490

 

3,572

 

49

 

2004

 

2004

 

Highland Oaks

 

Highland Oaks I

 

Office

 

 

 

1,525

 

14,217

 

588

 

1,525

 

14,805

 

16,330

 

2,831

 

1999

 

1999

 

Highland Oaks

 

Highland Oaks II

 

Office

 

 

 

1,605

 

11,930

 

1,888

 

1,605

 

13,818

 

15,423

 

1,992

 

1999

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TWINSBURG, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise Parkway

 

Enterprise Parkway #1

 

Industrial

 

 

 

198

 

1,604

 

193

 

198

 

1,797

 

1,995

 

290

 

1974

 

1998

 

Enterprise Parkway

 

Enterprise Parkway Bldg 2

 

Industrial

 

 

 

610

 

7,429

 

-    

 

610

 

7,429

 

8,039

 

972

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEST CHESTER, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centre Pointe Office Park

 

Centre Pointe 1

 

Office

 

 

 

2,501

 

9,433

 

-    

 

2,501

 

9,433

 

11,934

 

219

 

2000

 

2004

 

Centre Pointe Office Park

 

Centre Pointe 2

 

Office

 

 

 

2,056

 

9,950

 

-    

 

2,056

 

9,950

 

12,006

 

229

 

2001

 

2004

 

Centre Pointe Office Park

 

Centre Pointe 3

 

Office

 

 

 

2,048

 

9,829

 

-    

 

2,048

 

9,829

 

11,877

 

224

 

2002

 

2004

 

World Park Union Centre

 

WP@Union Ctr
Bldg 11

 

Industrial

 

 

 

2,592

 

6,716

 

-    

 

2,592

 

6,716

 

9,308

 

123

 

2004

 

2004

 

World Park Union Centre

 

World Park at Union Ctr 12

 

Industrial

 

 

 

306

 

3,510

 

13

 

306

 

3,523

 

3,829

 

957

 

2000

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WESTERVILLE, OHIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Westerville Executive Campus

 

Liebert

 

Office

 

 

 

755

 

3,612

 

877

 

755

 

4,489

 

5,244

 

884

 

1999

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WESTMONT, ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oakmont Corporate Center

 

Oakmont Tech Center

 

Industrial

 

 

 

1,501

 

8,750

 

659

 

1,703

 

9,207

 

10,910

 

1,400

 

1989

 

1998

 

Oakmont Corporate Center

 

Oakmont Circle Office

 

Office

 

 

 

3,177

 

14,275

 

1,209

 

3,528

 

15,133

 

18,661

 

2,632

 

1990

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WILSON, NORTH CAROLINA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wilson Development

 

Cott Beverages

 

Industrial

 

 

 

307

 

3,393

 

-    

 

307

 

3,393

 

3,700

 

-    

 

1996

 

2004

 

 

 

Eliminations

 

 

 

 

 

 

 

 

 

(27,711

)

(206

)

(27,505

)

(27,711

)

(13,413

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$203,081

 

$693,657

 

$4,361,414

 

$322,023

 

$710,379

 

$4,666,715

 

$5,377,094

 

$788,900

 

 

 

 

 

 

 

(1)    Depreciation of real estate is computed using the straight-line method over 40 years for buildings, 15 years for land improvements and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements.

 



 

DUKE REALTY CORPORATION

 

Schedule 3

REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

DECEMBER 31, 2004

 

 

(IN THOUSANDS)

 

 

 

 

 

Real Estate Assets

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

2004

 

2003

 

2002

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

$

5,094,168

 

$

4,846,355

 

$

4,652,853

 

$

677,357

 

$

555,858

 

$

425,721

 

Acquisitions

 

213,500

 

233,248

 

137,706

 

-

 

-

 

-

 

Construction costs and tenant improvements

 

291,850

 

188,449

 

275,020

 

-

 

-

 

-

 

Depreciation expense

 

 

 

-

 

-

 

185,091

 

168,959

 

154,565

 

Acquisition of minority interest

 

11,408

 

9,984

 

13,163

 

 

 

-

 

-

 

 

 

5,610,926

 

5,278,036

 

5,078,742

 

862,448

 

724,817

 

580,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deductions during year:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of real estate sold or contributed

 

(180,982

)

(150,874

)

(204,248

)

(20,878

)

(14,966

)

(5,668

)

Impairment Allowance

 

(180

)

(500

)

(9,379

)

 

 

 

 

 

 

Write-off of fully amortized assets

 

(52,670

)

(32,494

)

(18,760

)

(52,670

)

(32,494

)

(18,760

)

Balance at end of year

 

$

5,377,094

 

$

5,094,168

 

$

4,846,355

 

$

788,900

 

$

677,357

 

$

555,858

 

 


 

-----END PRIVACY-ENHANCED MESSAGE-----