FIRST INDUSTRIAL REALTY TRUST INC - Annual Report: 2006 (Form 10-K)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2006 | ||
or
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Maryland | 36-3935116 | |
(State or other jurisdiction
of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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311 S. Wacker
Drive, Suite 4000, Chicago, Illinois (Address of principal executive offices) |
60606 (Zip Code) |
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Item 1. | Business |
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| Internal Growth. The Company seeks to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancy exists and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; (iv) renovating existing properties; and (v) increasing ancillary revenues from non-real estate sources. | |
| External Growth. The Company seeks to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet the Companys investment parameters and target markets; (iii) additional joint venture investments; and (iv) the expansion of its properties. | |
| Corporate Services. Through its corporate services program, the Company builds for, purchases from, and leases and sells industrial properties to companies that need industrial facilities. The Company seeks to grow this business by targeting both large and middle-market public and private companies. |
| Organization Strategy. The Company implements its decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. Each operating region is headed by a managing director who is a senior executive officer of, and has an equity interest in, the Company. The Company provides acquisition, development and financing assistance, asset management oversight and financial reporting functions from its headquarters in Chicago, Illinois to support its regional operations. The Company believes the size of its portfolio enables it to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. | |
| Market Strategy. The Companys market strategy is to concentrate on the top industrial real estate markets in the United States. These top markets have one or more of the following characteristics: (i) strong industrial real estate fundamentals, including increased industrial demand expectations; (ii) a history of and outlook for continued economic growth and industry diversity; and (iii) a minimum market size of 75 million square feet of industrial space. The Company is currently evaluating industrial real estate investments outside the United States, including in Canada. |
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| Leasing and Marketing Strategy. The Company has an operational management strategy designed to enhance tenant satisfaction and portfolio performance. The Company pursues an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. The Company also has local and national marketing programs which focus on the business and real estate brokerage communities and national tenants. | |
| Acquisition/Development Strategy. The Companys acquisition/development strategy is to invest in properties and other assets with higher yield potential in the top industrial real estate markets in the United States. Of the 858 industrial properties in the Companys in-service portfolio at December 31, 2006, 128 properties have been developed by the Company or its former management. The Company will continue to leverage the development capabilities of its management, many of whom are leading industrial property developers in their respective markets. | |
| Disposition Strategy. The Company continuously evaluates local market conditions and property-related factors in all of its markets for purposes of identifying assets suitable for disposition. | |
| Financing Strategy. The Company plans on utilizing a portion of net sales proceeds from property sales, borrowings under its unsecured line of credit and proceeds from the issuance, when and as warranted, of additional debt and equity securities to finance future acquisitions and developments. The Company also continually evaluates joint venture arrangements as another source of capital. As of February 22, 2007, the Company had approximately $210.6 million available in additional borrowings under its unsecured line of credit. |
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* | Source: Torto Wheaton Research |
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Item 1A. | Risk Factors |
| general economic conditions; | |
| local conditions such as oversupply or a reduction in demand in an area; | |
| the attractiveness of the properties to tenants; | |
| tenant defaults; | |
| zoning or other regulatory restrictions; | |
| competition from other available real estate; | |
| our ability to provide adequate maintenance and insurance; and | |
| increased operating costs, including insurance premiums and real estate taxes. |
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| the Company may not be able to obtain financing for development projects on favorable terms and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties and generating cash flow; | |
| the Company may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; | |
| the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting the Companys ability to sell such properties to third parties or to sell such properties to the Companys joint ventures. |
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| $50 million aggregate principal amount of 7.75% Notes due 2032 (the 2032 Notes) | |
| $200 million aggregate principal amount of 7.60% Notes due 2028 (the 2028 Notes) | |
| approximately $15 million aggregate principal amount of 7.15% Notes due 2027 (the 2027 Notes) | |
| $100 million aggregate principal amount of 7.50% Notes due 2017 (the 2017 Notes) | |
| $200 million aggregate principal amount of 5.75% Notes due 2016 (the 2016 Notes) | |
| $125 million aggregate principal amount of 6.42% Notes due 2014 (the 2014 Notes) | |
| $200 million aggregate principal amount of 6.875% Notes due 2012 (the 2012 Notes) | |
| $200 million aggregate principal amount of 4.625% Notes due 2011 (the 2011 Exchangeable Notes) | |
| $200 million aggregate principal amount of 7.375% Notes due 2011 (the 2011 Notes) | |
| $125 million aggregate principal amount of 5.25% Notes due 2009 (the 2009 Notes) | |
| $150 million aggregate principal amount of 7.60% Notes due 2007 (the 2007 Notes) | |
| a $500 million unsecured revolving credit facility (the Unsecured Line of Credit I) under which First Industrial Realty Trust, Inc., through the Operating Partnership, may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital. |
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| co-members or joint venturers may share certain approval rights over major decisions; | |
| co-members or joint venturers might fail to fund their share of any required capital commitments; | |
| co-members or joint venturers might have economic or other business interests or goals that are inconsistent with the Companys business interests or goals that would affect its ability to operate the property; | |
| co-members or joint venturers may have the power to act contrary to the Companys instructions, requests, policies or objectives, including our current policy with respect to maintaining our qualification as a real estate investment trust; | |
| the joint venture agreements often restrict the transfer of a members or joint venturers interest or buy-sell or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms; | |
| disputes between the Company and its co-members or joint venturers may result in litigation or arbitration that would increase the Companys expenses and prevent its officers and directors from focusing their time and effort on the Companys business and subject the properties owned by the applicable joint venture to additional risk; and | |
| the Company may in certain circumstances be liable for the actions of its co-members or joint venturers. |
Item 1B. | Unresolved SEC Comments |
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Item 2. | Properties |
| Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to the area occupied by the building. | |
| R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1. | |
| Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. | |
| Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. | |
| Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1. |
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Light Industrial | R&D/Flex | Bulk Warehouse | Regional Warehouse | Manufacturing | ||||||||||||||||||||||||||||||||||||
Number of |
Number of |
Number of |
Number of |
Number of |
||||||||||||||||||||||||||||||||||||
Metropolitan Area
|
GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | ||||||||||||||||||||||||||||||
Atlanta, GA(a)
|
789,082 | 13 | 206,826 | 5 | 2,620,959 | 12 | 455,935 | 6 | 747,950 | 3 | ||||||||||||||||||||||||||||||
Baltimore, MD
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918,062 | 15 | 169,660 | 5 | 910,735 | 4 | | | 171,000 | 1 | ||||||||||||||||||||||||||||||
Central PA(b)
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923,242 | 9 | | | 897,000 | 3 | 117,599 | 3 | | | ||||||||||||||||||||||||||||||
Chicago, IL
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1,104,890 | 19 | 174,198 | 3 | 2,898,661 | 15 | 198,131 | 4 | 421,000 | 2 | ||||||||||||||||||||||||||||||
Cincinnati, OH
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436,389 | 4 | | | 1,765,130 | 8 | 79,800 | 1 | | | ||||||||||||||||||||||||||||||
Cleveland, OH
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64,000 | 1 | | | 608,740 | 4 | | | | | ||||||||||||||||||||||||||||||
Columbus, OH(c)
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217,612 | 2 | | | 2,442,967 | 7 | 98,800 | 1 | | | ||||||||||||||||||||||||||||||
Dallas, TX
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1,811,665 | 45 | 454,963 | 18 | 2,637,371 | 18 | 677,433 | 10 | 128,478 | 1 | ||||||||||||||||||||||||||||||
Denver, CO
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1,543,666 | 29 | 1,527,480 | 37 | 1,499,976 | 9 | 521,664 | 8 | 126,384 | 1 | ||||||||||||||||||||||||||||||
Des Moines, IA
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| | | | 150,444 | 1 | 88,000 | 1 | | | ||||||||||||||||||||||||||||||
Detroit, MI
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2,380,894 | 86 | 532,376 | 16 | 530,843 | 5 | 759,851 | 18 | 116,250 | 1 | ||||||||||||||||||||||||||||||
Grand Rapids, MI
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61,250 | 1 | | | | | | | | | ||||||||||||||||||||||||||||||
Houston, TX
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449,325 | 6 | | | 2,233,064 | 13 | 437,088 | 6 | | | ||||||||||||||||||||||||||||||
Indianapolis, IN(d,e,f,g)
|
889,600 | 18 | 108,200 | 4 | 3,728,421 | 15 | 323,610 | 8 | 71,600 | 2 | ||||||||||||||||||||||||||||||
Los Angeles, CA
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451,760 | 6 | | | 329,664 | 3 | 120,162 | 2 | | | ||||||||||||||||||||||||||||||
Louisville, KY
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| | | | 443,500 | 2 | | | | | ||||||||||||||||||||||||||||||
Milwaukee, WI
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263,567 | 6 | 93,705 | 2 | 838,129 | 6 | 129,557 | 2 | | | ||||||||||||||||||||||||||||||
Minneapolis/St. Paul, MN(h,i,j)
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1,626,304 | 20 | 524,265 | 7 | 1,902,386 | 9 | 321,805 | 4 | 994,077 | 9 | ||||||||||||||||||||||||||||||
Nashville, TN
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273,843 | 5 | | | 1,588,813 | 7 | | | 109,058 | 1 | ||||||||||||||||||||||||||||||
N. New Jersey
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1,200,856 | 21 | 413,167 | 7 | 555,205 | 4 | 58,585 | 1 | | | ||||||||||||||||||||||||||||||
Philadelphia, PA
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878,456 | 18 | 127,802 | 5 | 221,937 | 2 | 160,828 | 3 | 30,000 | 1 | ||||||||||||||||||||||||||||||
Phoenix, AZ
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135,415 | 6 | | | 131,000 | 1 | 588,520 | 8 | | | ||||||||||||||||||||||||||||||
Salt Lake City, UT
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601,051 | 33 | 146,937 | 6 | 834,693 | 5 | 82,704 | 1 | | | ||||||||||||||||||||||||||||||
San Diego, CA
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112,773 | 5 | | | 397,967 | 2 | 274,042 | 7 | | | ||||||||||||||||||||||||||||||
S. New Jersey(k)
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1,386,577 | 21 | 23,050 | 1 | | | 118,496 | 2 | 22,738 | 1 | ||||||||||||||||||||||||||||||
St. Louis, MO(l)
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545,747 | 7 | | | 1,887,790 | 8 | 96,392 | 1 | | | ||||||||||||||||||||||||||||||
Tampa, FL(m)
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493,029 | 12 | 759,328 | 31 | 209,500 | 1 | | | | | ||||||||||||||||||||||||||||||
Other(n)
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692,837 | 8 | | | 2,098,214 | 9 | 50,000 | 1 | 36,000 | 1 | ||||||||||||||||||||||||||||||
Total
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20,251,892 | 416 | 5,261,957 | 147 | 34,363,109 | 173 | 5,759,002 | 98 | 2,974,535 | 24 | ||||||||||||||||||||||||||||||
(a) | One property collateralizes a $3.0 million mortgage loan which matures on May 1, 2016. | |
(b) | One property collateralizes a $15.2 million mortgage loan which matures on December 1, 2010. | |
(c) | One property collateralizes a $5.1 million mortgage loan which matures on December 1, 2019. | |
(d) | Twelve properties collateralize a $1.8 million mortgage loan which matures on September 1, 2009. | |
(e) | One property collateralizes a $1.6 million mortgage loan which matures on January 1, 2013. | |
(f) | One property collateralizes a $2.4 million mortgage loan which matures on January 1, 2012. | |
(g) | One property collateralizes a $1.9 million mortgage loan which matures on June 1, 2014. | |
(h) | One property collateralizes a $0.8 million mortgage loan which matures on February 1, 2017. | |
(i) | One property collateralizes a $5.3 million mortgage loan which matures on December 1, 2019. | |
(j) | One property collateralizes a $1.9 million mortgage loan which matures on September 30, 2024. | |
(k) | One property collateralizes a $6.7 million mortgage loan which matures on March 1, 2011. |
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(l) | One property collateralizes a $14.2 million mortgage loan and a $12.0 million mortgage loan which both mature on January 1, 2014. | |
(m) | Six properties collateralize a $6.0 million mortgage loan which matures on July 1, 2009. | |
(n) | Properties are located in Wichita, KS, McAllen, TX, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Portland, OR, Cambridge, ON, Stratford, ON, Omaha, NE, and Ajax, ON. |
Totals | ||||||||||||||||
Average |
GLA as a % |
|||||||||||||||
Number of |
Occupancy at |
of Total |
||||||||||||||
Metropolitan Area
|
GLA | Properties(b) | 12/31/06(b) | Portfolio(b) | ||||||||||||
Atlanta, GA
|
4,820,752 | 39 | 94 | % | 7.0 | % | ||||||||||
Baltimore, MD
|
2,169,457 | 25 | 98 | % | 3.2 | % | ||||||||||
Central, PA
|
1,937,841 | 15 | 98 | % | 2.8 | % | ||||||||||
Chicago, IL
|
4,796,880 | 43 | 91 | % | 7.0 | % | ||||||||||
Cincinnati, OH
|
2,281,319 | 13 | 89 | % | 3.3 | % | ||||||||||
Cleveland, OH
|
672,740 | 5 | 100 | % | 1.0 | % | ||||||||||
Columbus, OH
|
2,759,379 | 10 | 90 | % | 4.0 | % | ||||||||||
Dallas, TX
|
5,709,910 | 92 | 93 | % | 8.3 | % | ||||||||||
Denver, CO
|
5,219,170 | 84 | 90 | % | 7.6 | % | ||||||||||
Des Moines, IA
|
238,444 | 2 | 87 | % | 0.3 | % | ||||||||||
Detroit, MI
|
4,320,214 | 126 | 86 | % | 6.3 | % | ||||||||||
Grand Rapids, MI
|
61,250 | 1 | 100 | % | 0.1 | % | ||||||||||
Houston, TX
|
3,119,477 | 25 | 94 | % | 4.5 | % | ||||||||||
Indianapolis, IN
|
5,121,431 | 47 | 98 | % | 7.5 | % | ||||||||||
Los Angeles, CA
|
901,586 | 11 | 100 | % | 1.3 | % | ||||||||||
Louisville, KY
|
443,500 | 2 | 100 | % | 0.6 | % | ||||||||||
Milwaukee, WI
|
1,324,958 | 16 | 95 | % | 1.9 | % | ||||||||||
Minneapolis/St. Paul, MN
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5,368,837 | 49 | 95 | % | 7.8 | % | ||||||||||
Nashville, TN
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1,971,714 | 13 | 99 | % | 2.9 | % | ||||||||||
N. New Jersey
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2,227,813 | 33 | 96 | % | 3.2 | % | ||||||||||
Philadelphia, PA
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1,419,023 | 29 | 96 | % | 2.1 | % | ||||||||||
Phoenix, AZ
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854,935 | 15 | 93 | % | 1.2 | % | ||||||||||
Salt Lake City, UT
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1,665,385 | 45 | 97 | % | 2.4 | % | ||||||||||
San Diego, CA
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784,782 | 14 | 83 | % | 1.1 | % | ||||||||||
S. New Jersey
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1,550,861 | 25 | 98 | % | 2.3 | % | ||||||||||
St. Louis, MO
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2,529,929 | 16 | 98 | % | 3.7 | % | ||||||||||
Tampa, FL
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1,461,857 | 44 | 92 | % | 2.1 | % | ||||||||||
Other(a)
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2,877,051 | 19 | 100 | % | 4.2 | % | ||||||||||
Total or Average
|
68,610,495 | 858 | 94 | % | 100.0 | % | ||||||||||
(a) | Properties are located in Wichita, KS, McAllen, TX, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Portland, OR, Cambridge, ON, Stratford, ON, Omaha, NE, and Ajax, ON. | |
(b) | Includes only in-service properties. |
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Average |
||||||||||||||||
Number of |
Occupancy at |
|||||||||||||||
Metropolitan Area
|
Properties | GLA |
Property Type
|
12/31/2006(b) | ||||||||||||
Atlanta, GA
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2 | 192,000 | Bulk/Regional Warehouse | 71 | % | |||||||||||
Central, PA
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2 | 81,200 | Light Industrial | 100 | % | |||||||||||
Chicago, IL(a)
|
1 | 25,313 | Bulk Warehouse | N/A | ||||||||||||
Chicago, IL
|
4 | 652,944 | Bulk Warehouse/Light Industrial | 96 | % | |||||||||||
Cincinnati, OH
|
1 | 79,800 | Regional Warehouse | 100 | % | |||||||||||
Cleveland, OH
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7 | 1,124,799 | Bulk Warehouse/Light Industrial | 86 | % | |||||||||||
Cleveland, OH(a)
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4 | 788,292 | Bulk Warehouse | N/A | ||||||||||||
Columbus, OH(a)
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1 | 744,800 | Bulk Warehouse | N/A | ||||||||||||
Columbus, OH
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2 | 306,627 | Bulk/Regional Warehouse | 100 | % | |||||||||||
Dallas, TX
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2 | 628,243 | Light Industrial/Bulk Warehouse | 100 | % | |||||||||||
Denver, CO
|
4 | 350,606 | Bulk Warehouse | 98 | % | |||||||||||
Detroit, MI
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3 | 168,962 | Manufacturing/Regional Warehouse | 100 | % | |||||||||||
Indianapolis, IN
|
1 | 209,380 | Bulk Warehouse | 100 | % | |||||||||||
Los Angeles, CA
|
7 | 698,991 | Light Industrial | 63 | % | |||||||||||
Milwaukee, WI
|
1 | 90,089 | Regional Warehouse | 100 | % | |||||||||||
Minneapolis/St. Paul, MN
|
3 | 180,589 | Light Industrial/Regional Warehouse | 100 | % | |||||||||||
Philadelphia, PA(a)
|
1 | 87,000 | Light Industrial | N/A | ||||||||||||
Phoenix, AZ
|
3 | 272,197 | Bulk /Regional Warehouse | 44 | % | |||||||||||
Phoenix, AZ(a)
|
2 | 217,496 | Bulk Warehouse/Light Industrial | 44 | % | |||||||||||
San Diego, CA
|
8 | 186,787 | Light Industrial/Regional Warehouse | 45 | % | |||||||||||
S. New Jersey
|
2 | 128,026 | Light Industrial | 66 | % | |||||||||||
S. New Jersey(a)
|
1 | 37,875 | R&D/Flex | N/A | ||||||||||||
Light Industrial /Bulk Warehouse / | ||||||||||||||||
Salt Lake City, UT
|
5 | 715,273 | Regional Warehouse | 99 | % | |||||||||||
San Francisco, CA
|
1 | 143,750 | Bulk Warehouse | 100 | % | |||||||||||
St. Louis, MO
|
2 | 1,186,423 | Light Industrial/Bulk Warehouse | 100 | % | |||||||||||
Tampa, FL
|
19 | 497,535 | R&D/Flex | 66 | % | |||||||||||
Other(c)
|
2 | 698,794 | Bulk Warehouse | 100 | % | |||||||||||
| ||||||||||||||||
Total
|
91 | 10,493,791 | ||||||||||||||
(a) | Property was sold in 2006. | |
(b) | Includes only in-service properties. | |
(c) | Properties are located in Omaha, NE, and Ajax, ON. |
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Average |
||||||||||||
Occupancy |
||||||||||||
Metropolitan Area
|
GLA |
Property Type
|
at 12/31/06 | |||||||||
Chicago, IL
|
134,905 | Bulk Warehouse | 100 | % | ||||||||
Seattle, WA(a)
|
451,151 | Bulk Warehouse | N/A | |||||||||
Atlanta, GA(a)
|
399,695 | Regional Warehouse | N/A | |||||||||
Chicago, IL
|
167,556 | Bulk Warehouse | 100 | % | ||||||||
Indianapolis, IN(a)
|
158,928 | Bulk Warehouse | N/A | |||||||||
Dallas, TX
|
201,500 | Bulk Warehouse | 100 | % | ||||||||
Flint, MI
|
80,000 | R&D/Flex | 100 | % | ||||||||
Byhalia, MS(a)
|
400,000 | Bulk Warehouse | N/A | |||||||||
Atlanta, GA(a)
|
1,300,716 | Bulk Warehouse | N/A | |||||||||
Shreveport, TX
|
646,000 | Bulk Warehouse | 100 | % | ||||||||
Houston, TX(a)
|
210,000 | Bulk Warehouse | N/A | |||||||||
Houston, TX(a)
|
80,000 | Regional Warehouse | N/A | |||||||||
Nashville, TN
|
300,000 | Bulk Warehouse | 100 | % | ||||||||
Detroit, MI
|
116,250 | Manufacturing | 100 | % | ||||||||
Chicago, IL
|
120,000 | Bulk Warehouse | 100 | % | ||||||||
Nashville, TN
|
275,000 | Bulk Warehouse | 100 | % | ||||||||
Total
|
5,041,701 | |||||||||||
(a) | Property was sold in 2006. |
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Number of |
||||||||||||
Metropolitan Area
|
Properties | GLA |
Property Type
|
|||||||||
Atlanta, GA
|
5 | 2,170,372 | R&D/Flex/Bulk Warehouse/Manufacturing | |||||||||
Baltimore, MD
|
5 | 636,073 | Light Industrial/Bulk Warehouse | |||||||||
Central, PA
|
2 | 206,931 | Bulk Warehouse | |||||||||
Chicago, IL
|
7 | 922,983 | Bulk/Regional Warehouse/Manufacturing | |||||||||
Cincinnati, OH
|
11 | 913,041 | Regional /Bulk Warehouse/Lt. Ind. | |||||||||
Cleveland, OH
|
5 | 1,250,292 | Bulk Warehouse/Manufacturing | |||||||||
Columbus, OH
|
1 | 744,800 | Bulk Warehouse | |||||||||
Dallas, TX
|
14 | 1,060,054 | Bulk/Lt. Ind./Manufacturing /R&D/Flex/Regional | |||||||||
Denver, CO
|
2 | 63,287 | Light Industrial | |||||||||
Detroit, MI
|
5 | 178,942 | Bulk/Lt. Ind/R&D/Flex/Regional | |||||||||
Houston, TX
|
7 | 783,080 | Bulk/Lt. Ind/R&D/Flex/Regional | |||||||||
Indianapolis, IN
|
9 | 856,206 | Bulk/Lt. Ind/R&D/Flex/Regional | |||||||||
Los Angeles, CA
|
13 | 818,362 | Bulk Warehouse/R&D/Flex/Lt. Ind. | |||||||||
Milwaukee, WI
|
5 | 1,000,263 | Bulk/Regional/Lt. Ind. Warehouse | |||||||||
Minneapolis/St. Paul, MN
|
5 | 276,881 | Manufacturing/R&D/Flex | |||||||||
N. New Jersey
|
1 | 92,400 | Regional Warehouse | |||||||||
Nashville, TN
|
3 | 467,041 | Bulk/Regional Warehouse | |||||||||
Philadelphia, PA
|
4 | 239,038 | Light Industrial | |||||||||
Phoenix, AZ
|
6 | 1,102,179 | Bulk Warehouse/Light Industrial | |||||||||
Raleigh, NC
|
2 | 397,120 | Bulk Warehouse/Manufacturing | |||||||||
S. New Jersey
|
2 | 58,883 | R&D/Flex/Light Industrial | |||||||||
San Diego, CA
|
3 | 155,984 | Bulk/Regional Warehouse | |||||||||
San Francisco, CA
|
1 | 143,750 | Bulk Warehouse | |||||||||
Seattle, WA
|
1 | 451,151 | Bulk Warehouse | |||||||||
St. Louis, MO
|
1 | 281,105 | Bulk Warehouse | |||||||||
Tampa, FL
|
1 | 14,914 | R&D/Flex | |||||||||
Other(a)
|
4 | 1,827,946 | Bulk Warehouse | |||||||||
| ||||||||||||
Total
|
125 | 17,113,078 | ||||||||||
(a) | Properties are located in Malvern, AR, Sparks, NV, Byhalia, MS and Greenville, SC. |
20
Table of Contents
Number of |
Percentage of |
Annual Base Rent |
Percentage of Total |
|||||||||||||||||
Year of |
Leases |
GLA |
GLA |
Under Expiring |
Annual Base Rent |
|||||||||||||||
Expiration(1)
|
Expiring | Expiring(2) | Expiring | Leases | Expiring(2) | |||||||||||||||
(In thousands) | ||||||||||||||||||||
2007
|
716 | 12,577,758 | 20 | % | 54,949 | 19 | % | |||||||||||||
2008
|
566 | 12,329,575 | 19 | % | 52,606 | 18 | % | |||||||||||||
2009
|
517 | 10,039,151 | 16 | % | 46,189 | 16 | % | |||||||||||||
2010
|
300 | 7,060,607 | 11 | % | 32,543 | 11 | % | |||||||||||||
2011
|
254 | 6,223,967 | 10 | % | 31,779 | 11 | % | |||||||||||||
2012
|
81 | 2,177,391 | 3 | % | 10,557 | 4 | % | |||||||||||||
2013
|
51 | 3,501,366 | 5 | % | 14,029 | 5 | % | |||||||||||||
2014
|
23 | 1,142,517 | 2 | % | 5,448 | 2 | % | |||||||||||||
2015
|
30 | 2,176,249 | 3 | % | 6,996 | 2 | % | |||||||||||||
2016
|
27 | 2,250,640 | 3 | % | 8,036 | 3 | % | |||||||||||||
Thereafter
|
28 | 5,120,820 | 8 | % | 22,928 | 9 | % | |||||||||||||
Total
|
2,593 | 64,600,041 | 100.0 | % | $ | 286,060 | 100.0 | % | ||||||||||||
(1) | Lease expirations as of December 31, 2006 assume tenants do not exercise existing renewal, termination or purchase options. | |
(2) | Does not include existing vacancies of 4,010,454 aggregate square feet. |
Item 3. | Legal Proceedings |
Item 4. | Submission of Matters to a Vote of Security Holders |
21
Table of Contents
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Distribution |
||||||||||||
Quarter Ended
|
High | Low | Declared | |||||||||
December 31, 2006
|
$ | 50.52 | $ | 43.70 | $ | 0.7100 | ||||||
September 30, 2006
|
$ | 44.25 | $ | 37.25 | $ | 0.7000 | ||||||
June 30, 2006
|
$ | 41.79 | $ | 36.50 | $ | 0.7000 | ||||||
March 31, 2006
|
$ | 43.24 | $ | 37.73 | $ | 0.7000 | ||||||
December 31, 2005
|
$ | 41.82 | $ | 37.79 | $ | 0.7000 | ||||||
September 30, 2005
|
$ | 41.80 | $ | 37.20 | $ | 0.6950 | ||||||
June 30, 2005
|
$ | 42.16 | $ | 37.35 | $ | 0.6950 | ||||||
March 31, 2005
|
$ | 42.65 | $ | 37.83 | $ | 0.6950 |
22
Table of Contents
Number of Securities |
Number of Securities |
|||||||||||
to be Issued |
Weighted-Average |
Remaining Available |
||||||||||
Upon Exercise of |
Exercise Price of |
for Further Issuance |
||||||||||
Outstanding Options, |
Outstanding Options, |
Under Equity |
||||||||||
Plan Category
|
Warrants and Rights | Warrants and Rights | Compensation Plans | |||||||||
Equity Compensation Plans Approved
by Security Holders
|
| | 2,178,868 | |||||||||
Equity Compensation Plans Not
Approved by Security Holders(1)
|
381,976 | $ | 31.65 | 93,340 | ||||||||
Total
|
381,976 | $ | 31.65 | 2,272,208 | ||||||||
(1) | See Notes 3 and 13 of the Notes to Consolidated Financial Statements contained herein for a description of the plan. |
23
Table of Contents
![(PERFORMANCE GRAPH)](https://www.sec.gov/Archives/edgar/data/0000921825/000095013707003121/c12587c1258701.gif)
12/01 | 12/02 | 12/03 | 12/04 | 12/05 | 12/06 | |||||||||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC.
|
$ | 100 | $ | 98 | $ | 129 | $ | 167 | $ | 169 | $ | 220 | ||||||||||||
S&P 500
|
100 | 78 | 100 | 111 | 117 | 135 | ||||||||||||||||||
NAREIT
|
100 | 104 | 142 | 187 | 210 | 284 |
24
Table of Contents
Item 6. | Selected Financial Data |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | ||||||||||||||||
(In thousands, except per unit and property data) | ||||||||||||||||||||
Statement of Operations
Data:
|
||||||||||||||||||||
Total Revenues
|
$ | 396,036 | $ | 325,530 | $ | 268,008 | $ | 247,129 | $ | 231,893 | ||||||||||
Interest Income
|
1,614 | 1,486 | 3,632 | 2,416 | 2,378 | |||||||||||||||
Mark-to-Market/(Loss)
Gain on Settlement of Interest Rate Protection Agreements
|
(3,112 | ) | 811 | 1,583 | | | ||||||||||||||
Property Expenses
|
(130,230 | ) | (108,464 | ) | (90,309 | ) | (83,848 | ) | (75,694 | ) | ||||||||||
General and Administrative Expense
|
(77,497 | ) | (55,812 | ) | (39,569 | ) | (26,953 | ) | (19,610 | ) | ||||||||||
Interest Expense
|
(121,141 | ) | (108,339 | ) | (98,636 | ) | (94,895 | ) | (90,017 | ) | ||||||||||
Amortization of Deferred Financing
Costs
|
(2,666 | ) | (2,125 | ) | (1,931 | ) | (1,764 | ) | (1,925 | ) | ||||||||||
Depreciation and Other Amortization
|
(145,906 | ) | (105,720 | ) | (79,939 | ) | (63,006 | ) | (52,521 | ) | ||||||||||
Expenses from Build to Suit
Development for Sale
|
(10,263 | ) | (15,574 | ) | | | | |||||||||||||
Gain (Loss) from Early Retirement
from Debt(a)
|
| 82 | (515 | ) | (1,466 | ) | (888 | ) | ||||||||||||
Equity in Income of Joint Ventures
|
30,673 | 3,699 | 37,301 | 539 | 463 | |||||||||||||||
Income Tax Benefit
|
8,920 | 14,022 | 7,937 | 5,495 | 2,125 | |||||||||||||||
Minority Interest Allocable to
Continuing Operations
|
9,795 | 7,980 | 2,034 | 5,239 | 4,660 | |||||||||||||||
(Loss) Income from Continuing
Operations
|
(43,777 | ) | (42,424 | ) | 9,596 | (11,114 | ) | 864 | ||||||||||||
Income from Discontinued Operations
(Including Gain on Sale of Real Estate of $213,442, $132,139,
$88,245, $79,485 and $58,323 for the Years Ended
December 31, 2006, 2005, 2004, 2003 and 2002, respectively)
|
225,357 | 154,061 | 116,693 | 136,764 | 129,686 | |||||||||||||||
Provision for Income Taxes
Allocable to Discontinued Operations (Including $47,511,
$20,529, $8,659, $2,154, and $1,538 allocable to Gain on Sale of
Real Estate for the Years ended December 31, 2006, 2005,
2004, 2003 and 2002, respectively)
|
(50,140 | ) | (23,583 | ) | (11,005 | ) | (3,689 | ) | (2,680 | ) | ||||||||||
Minority Interest Allocable to
Discontinued Operations
|
(22,796 | ) | (17,171 | ) | (14,500 | ) | (19,602 | ) | (19,025 | ) | ||||||||||
Gain on Sale of Real Estate
|
6,071 | 29,550 | 16,755 | 15,794 | 16,476 | |||||||||||||||
Provision for Income Taxes
Allocable to Gain on Sale of Real Estate
|
(2,119 | ) | (10,871 | ) | (5,371 | ) | (2,408 | ) | (3,111 | ) | ||||||||||
Minority Interest Allocable to Gain
on Sale of Real Estate
|
(514 | ) | (2,458 | ) | (1,562 | ) | (1,972 | ) | (2,002 | ) | ||||||||||
Net Income
|
112,082 | 87,104 | 110,606 | 113,773 | 120,208 | |||||||||||||||
Redemption of Preferred Stock
|
(672 | ) | | (7,959 | ) | | (3,707 | ) | ||||||||||||
Preferred Dividends
|
(21,424 | ) | (10,688 | ) | (14,488 | ) | (20,176 | ) | (23,432 | ) | ||||||||||
Net Income Available to Common
Stockholders
|
$ | 89,986 | $ | 76,416 | $ | 88,159 | $ | 93,597 | $ | 93,069 | ||||||||||
Loss from Continuing Operations
Available to Common Stockholders Per Weighted Average Common
Share Outstanding:
|
||||||||||||||||||||
Basic
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | $ | (0.52 | ) | $ | (0.38 | ) | |||||
Diluted
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | $ | (0.52 | ) | $ | (0.38 | ) | |||||
Net Income Available to Common
Stockholders Per Weighted Average Common Share Outstanding:
|
||||||||||||||||||||
Basic
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | $ | 2.43 | $ | 2.39 | ||||||||||
Diluted
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | $ | 2.43 | $ | 2.39 | ||||||||||
Distributions Per Share
|
$ | 2.8100 | $ | 2.7850 | $ | 2.7500 | $ | 2.7400 | $ | 2.7250 | ||||||||||
Weighted Average Number of Common
Shares Outstanding:
|
||||||||||||||||||||
Basic
|
44,012 | 42,431 | 40,557 | 38,542 | 38,927 | |||||||||||||||
Diluted
|
44,012 | 42,431 | 40,557 | 38,542 | 38,927 | |||||||||||||||
Net Income
|
$ | 112,082 | $ | 87,104 | $ | 110,606 | $ | 113,773 | $ | 120,208 | ||||||||||
Other Comprehensive Income (Loss):
|
||||||||||||||||||||
Settlement of Interest Rate
Protection Agreements
|
(1,729 | ) | | 6,816 | | 1,772 | ||||||||||||||
Reclassification of Settlement of
Interest Rate Protection Agreements to Net Income
|
| (159 | ) | | | | ||||||||||||||
Mark-to-Market
of Interest Rate Protection Agreements and Interest Rate Swap
Agreements
|
(2,800 | ) | (1,414 | ) | 106 | 251 | (126 | ) | ||||||||||||
Amortization of Interest Rate
Protection Agreements
|
(912 | ) | (1,085 | ) | (512 | ) | 198 | 176 | ||||||||||||
Other Comprehensive Loss Allocable
to Minority Interest
|
698 | 837 | | | | |||||||||||||||
Comprehensive Income
|
$ | 107,339 | $ | 85,283 | $ | 117,016 | $ | 114,222 | $ | 122,030 | ||||||||||
25
Table of Contents
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | ||||||||||||||||
(In thousands, except per unit and property data) | ||||||||||||||||||||
Balance Sheet Data (End of
Period):
|
||||||||||||||||||||
Real Estate, Before Accumulated
Depreciation
|
$ | 3,219,728 | $ | 3,260,761 | $ | 2,856,474 | $ | 2,738,034 | $ | 2,697,269 | ||||||||||
Real Estate, After Accumulated
Depreciation
|
2,754,310 | 2,850,195 | 2,478,091 | 2,388,782 | 2,388,781 | |||||||||||||||
Real Estate Held for Sale, Net
|
115,961 | 16,840 | 52,790 | | 7,040 | |||||||||||||||
Total Assets
|
3,224,399 | 3,226,243 | 2,721,890 | 2,648,023 | 2,629,973 | |||||||||||||||
Mortgage Loans Payable, Net,
Unsecured Lines of Credit and Senior Unsecured Debt, Net
|
1,834,658 | 1,813,702 | 1,574,929 | 1,453,798 | 1,442,149 | |||||||||||||||
Total Liabilities
|
2,048,873 | 2,020,361 | 1,719,463 | 1,591,732 | 1,575,586 | |||||||||||||||
Stockholders Equity
|
1,022,979 | 1,043,562 | 845,494 | 889,173 | 882,326 | |||||||||||||||
Other Data:
|
||||||||||||||||||||
Cash Flow From Operating Activities
|
$ | 59,551 | $ | 49,350 | $ | 77,657 | $ | 103,156 | $ | 132,838 | ||||||||||
Cash Flow From Investing Activities
|
129,147 | (371,654 | ) | 9,992 | 29,037 | 33,350 | ||||||||||||||
Cash Flow From Financing Activities
|
(180,800 | ) | 325,617 | (83,546 | ) | (131,372 | ) | (166,188 | ) | |||||||||||
Total In-Service Properties
|
858 | 884 | 827 | 834 | 908 | |||||||||||||||
Total In-Service GLA, in Square Feet
|
68,610,505 | 70,193,161 | 61,670,735 | 57,925,466 | 59,979,894 | |||||||||||||||
In-Service Occupancy Percentage
|
94 | % | 92 | % | 90 | % | 88 | % | 90 | % |
(a) | In 2005, the Company wrote off $0.05 million of financing fees related to the Companys previous line of credit agreement, which was amended and restated on August 23, 2005. In addition, the Company paid $0.3 million of finance fees and wrote off a loan premium of $0.4 million on a mortgage loan payable which was assumed by the buyers of the related properties on July 13, 2005. In 2004, the Company paid off and retired a mortgage loan. The Company recorded a loss from the early retirement of debt in 2004 of approximately $0.5 million, which is comprised of the write-off of unamortized deferred financing costs and prepayment penalties. In 2003, the Company paid off and retired a mortgage loan. The Company recorded a loss from the early retirement of debt in 2003 of approximately $1.5 million, which is comprised of the write-off of unamortized deferred financing costs. In 2002, the Company paid off and retired senior unsecured debt. The Company recorded a loss from the early retirement of debt of approximately $0.9 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt and the write-off of pro rata unamortized deferred financing costs and legal costs. |
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
26
Table of Contents
27
Table of Contents
28
Table of Contents
| The Company maintains an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of the Companys tenants to satisfy outstanding billings with the Company. The allowance for doubtful accounts is an estimate based on the Companys assessment of the creditworthiness of its tenants. | |
| Properties are classified as held for sale when management of the Company have approved the sales of such properties. When properties are classified as held for sale, the Company ceases depreciating the properties and estimates the values of such properties and measures them at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. The Company estimates the value of such property and measures it at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Fair value is determined by deducting from the estimated sales price of the property the estimated costs to close the sale. | |
| The Company reviews its properties on a quarterly basis for possible impairment and provides a provision if impairments are determined. The Company utilizes the guidelines established under Financial Accounting Standards Boards (FASB) Statement of Financial Accounting Standards (FAS) No. 144, Accounting for the Impairment or Disposal of Long Lived Assets (FAS 144) to determine if impairment conditions exist. The Company reviews the expected undiscounted cash flows of each property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, the Company will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is determined by discounting the future expected cash flows of the property. The calculation of the fair value involves subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and the discount rate used to present value the cash flows. | |
| The Company is engaged in the acquisition of individual properties as well as multi-property portfolios. In accordance with FAS No. 141, Business Combinations (FAS 141), the Company is required to allocate purchase price between land, building, tenant improvements, leasing commissions, intangible assets and above and below market leases. Above-market and below-market lease values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) managements estimate of fair market lease rents for each corresponding in-place lease. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental income. The Company also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on the Companys assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. | |
| The Company capitalizes (direct and certain indirect) costs incurred in developing, renovating, acquiring and rehabilitating real estate assets as part of the investment basis. Costs incurred in making certain other improvements are also capitalized. During the land development and construction periods, we capitalize interest costs, real estate taxes and certain general and administrative costs of the personnel |
29
Table of Contents
performing development, renovations or rehabilitation up to the time the property is substantially complete. The determination and calculation of certain indirect costs requires estimates by the Company. Amounts included in capitalized costs are included in the investment basis of real estate assets. |
| The company analyzes its investments in joint ventures to determine whether the joint venture should be accounted for under the equity method of accounting or consolidated into the Companys financial statements based on standards set forth under Financial Accounting Standards Board (FASB) Interpretation No. 46(R), Consolidation of Variable Interest Entities, EITF 96-16, Investors Accounting for an Investee When the Investor Has a Majority of the Voting Interest but the Minority Shareholder or Shareholders Have Certain Approval or Veto Rights and Statement of Position 78-9, Accounting for Investments in Real Estate Ventures. Based on the guidance set forth in these pronouncements, the Company does not consolidate any of its joint venture investments because either the joint venture has been determined not to be a variable interest entity or it has been determined the Company is not the primary beneficiary. The Companys assessment of whether they are the primary beneficiary of a variable interest involves the consideration of various factors including the form of our ownership interest, the Companys representation on the entitys governing body, the size of the Companys investment and future cash flows of the entity. |
30
Table of Contents
2006 | 2005 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 257,525 | $ | 255,963 | $ | 1,562 | 0.6 | % | ||||||||
Acquired Properties
|
95,957 | 18,565 | 77,392 | 416.9 | % | |||||||||||
Sold Properties
|
27,738 | 79,826 | (52,088 | ) | (65.3 | )% | ||||||||||
Properties Not In-service
|
22,217 | 18,789 | 3,428 | 18.2 | % | |||||||||||
Other
|
30,048 | 19,118 | 10,930 | 57.2 | % | |||||||||||
433,485 | 392,261 | 41,224 | 10.5 | % | ||||||||||||
Discontinued Operations
|
(37,449 | ) | (66,731 | ) | 29,282 | (43.9 | )% | |||||||||
Total Revenues
|
$ | 396,036 | $ | 325,530 | $ | 70,506 | 21.7 | % | ||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY
EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 87,047 | $ | 85,220 | $ | 1,827 | 2.1 | % | ||||||||
Acquired Properties
|
31,380 | 5,688 | 25,692 | 451.7 | % | |||||||||||
Sold Properties
|
8,270 | 34,959 | (26,689 | ) | (76.3 | )% | ||||||||||
Properties Not In-service
|
9,512 | 9,005 | 507 | 5.6 | % | |||||||||||
Other
|
15,429 | 11,321 | 4,108 | 36.3 | % | |||||||||||
151,638 | 146,193 | 5,445 | 3.7 | % | ||||||||||||
Discontinued Operations
|
(11,145 | ) | (22,155 | ) | 11,010 | (49.7 | )% | |||||||||
Total Property Expenses
|
$ | 140,493 | $ | 124,038 | $ | 16,455 | 13.3 | % | ||||||||
31
Table of Contents
2006 | 2005 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER
AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 82,896 | $ | 84,009 | $ | (1,113 | ) | (1.3 | )% | |||||||
Acquired Properties
|
51,652 | 11,808 | 39,844 | 337.4 | % | |||||||||||
Sold Properties
|
9,584 | 20,644 | (11,060 | ) | (53.6 | )% | ||||||||||
Properties Not In-service and Other
|
14,250 | 10,169 | 4,081 | 40.1 | % | |||||||||||
Corporate Furniture, Fixtures and
Equipment
|
1,913 | 1,371 | 542 | 39.5 | % | |||||||||||
160,295 | 128,001 | 32,294 | 25.2 | % | ||||||||||||
Discontinued Operations
|
(14,389 | ) | (22,281 | ) | 7,892 | (35.4 | )% | |||||||||
Total Depreciation and Other
Amortization
|
$ | 145,906 | $ | 105,720 | $ | 40,186 | 38.0 | % | ||||||||
32
Table of Contents
Year Ended |
||||||||
December 31, | ||||||||
2006 | 2005 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 37,449 | $ | 66,731 | ||||
Property Expenses
|
(11,145 | ) | (22,155 | ) | ||||
Interest Expense
|
| (373 | ) | |||||
Depreciation and Amortization
|
(14,389 | ) | (22,281 | ) | ||||
Provision for Income Taxes
Allocable to Operations
|
(2,629 | ) | (3,054 | ) | ||||
Gain on Sale of Real Estate
|
213,442 | 132,139 | ||||||
Provision for Income Taxes
Allocable to Gain on Sale
|
(47,511 | ) | (20,529 | ) | ||||
Income from Discontinued Operations
|
$ | 175,217 | $ | 130,478 | ||||
33
Table of Contents
2005 | 2004 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 251,046 | $ | 249,309 | $ | 1,737 | 0.7 | % | ||||||||
Acquired Properties
|
55,098 | 11,912 | 43,186 | 362.5 | % | |||||||||||
Sold Properties
|
24,482 | 49,395 | (24,913 | ) | (50.4 | )% | ||||||||||
Properties Not In-service
|
42,199 | 23,617 | 18,582 | 78.7 | % | |||||||||||
Other
|
19,436 | 8,880 | 10,556 | 118.9 | % | |||||||||||
392,261 | 343,113 | 49,148 | 14.3 | % | ||||||||||||
Discontinued Operations
|
(66,731 | ) | (75,105 | ) | 8,374 | 11.1 | % | |||||||||
Total Revenues
|
$ | 325,530 | $ | 268,008 | $ | 57,522 | 21.5 | % | ||||||||
34
Table of Contents
2005 | 2004 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 83,636 | $ | 80,051 | $ | 3,585 | 4.5 | % | ||||||||
Acquired Properties
|
15,702 | 3,756 | 11,946 | 318.1 | % | |||||||||||
Sold Properties
|
8,823 | 16,661 | (7,838 | ) | (47.0 | )% | ||||||||||
Properties Not In-service
|
26,161 | 8,739 | 17,422 | 199.4 | % | |||||||||||
Other
|
11,871 | 6,543 | 5,328 | 81.4 | % | |||||||||||
146,193 | 115,750 | 30,443 | 26.3 | % | ||||||||||||
Discontinued Operations
|
(22,155 | ) | (25,441 | ) | 3,286 | (12.9 | )% | |||||||||
Total Property Expenses
|
$ | 124,038 | $ | 90,309 | $ | 33,729 | 37.3 | % | ||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER
AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 77,329 | $ | 72,016 | $ | 5,313 | 7.4 | % | ||||||||
Acquired Properties
|
29,278 | 3,797 | 25,481 | 671.1 | % | |||||||||||
Sold Properties
|
7,795 | 13,713 | (5,918 | ) | (43.2 | )% | ||||||||||
Properties Not In-service and Other
|
12,228 | 9,740 | 2,488 | 25.5 | % | |||||||||||
Corporate Furniture, Fixtures and
Equipment
|
1,371 | 1,280 | 91 | 7.1 | % | |||||||||||
128,001 | 100,546 | 27,455 | 27.3 | % | ||||||||||||
Discontinued Operations
|
(22,281 | ) | (20,607 | ) | (1,674 | ) | 8.1 | % | ||||||||
Total Depreciation and Other
Amortization
|
$ | 105,720 | $ | 79,939 | $ | 25,781 | 32.3 | % | ||||||||
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Year Ended |
||||||||
December 31, | ||||||||
2005 | 2004 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 66,731 | $ | 75,105 | ||||
Property Expenses
|
(22,155 | ) | (25,441 | ) | ||||
Interest Expense
|
(373 | ) | (609 | ) | ||||
Depreciation and Amortization
|
(22,281 | ) | (20,607 | ) | ||||
Provision for Income Taxes
Allocable to Operations
|
(3,054 | ) | (2,346 | ) | ||||
Gain on Sale of Real Estate
|
132,139 | 88,245 | ||||||
Provision for Income Taxes
Allocable to Gain on Sale
|
(20,529 | ) | (8,659 | ) | ||||
Income from Discontinued Operations
|
$ | 130,478 | $ | 105,688 | ||||
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38
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Payments Due by Period | ||||||||||||||||||||
Less Than |
||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | ||||||||||||||||
Operating and Ground Leases*
|
$ | 41,649 | $ | 2,561 | $ | 4,417 | $ | 3,504 | $ | 31,167 | ||||||||||
Real Estate Development*
|
101,050 | 101,050 | | | | |||||||||||||||
Long-term Debt
|
1,847,077 | 152,884 | 343,112 | 422,905 | 928,176 | |||||||||||||||
Interest Expense on Long-Term Debt*
|
921,160 | 100,967 | 189,078 | 162,359 | 468,756 | |||||||||||||||
Total
|
$ | 2,910,936 | $ | 357,462 | $ | 536,607 | $ | 588,768 | $ | 1,428,099 | ||||||||||
* | Not on balance sheet. |
40
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41
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42
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Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
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Item 9B. | Other Information |
Item 10, 11, 12, 13 and 14. | Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
44
Table of Contents
Exhibits
|
Description
|
|||
3 | .1 | Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .2 | Amended and Restated Bylaws of the Company, dated September 4, 1997 (incorporated by reference to Exhibit 1 of the Companys Form 8-K, dated September 4, 1997, as filed on September 29, 1997, File No. 1-13102) | ||
3 | .3 | Articles of Amendment to the Companys Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .4 | Articles of Amendment to the Companys Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .5 | Articles Supplementary relating to the Companys 85/8% Series C Cumulative Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102) | ||
3 | .6 | Articles Supplementary relating to the Companys 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
3 | .7 | Articles Supplementary relating to the Companys 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
3 | .8 | Articles Supplementary relating to the Companys Junior Participating Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) | ||
3 | .9 | Articles Supplementary relating to the Companys 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company filed January 17, 2006, File No. 1-13102) | ||
3 | .10 | Articles Supplementary relating to the Companys 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 1.6 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102) | ||
4 | .1 | Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, File No. 1-13102) | ||
4 | .2 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
4 | .3 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
4 | .4 | Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) | ||
4 | .5 | Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) |
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Exhibits
|
Description
|
|||
4 | .6 | Deposit Agreement, dated January 13, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series J Depositary Receipts (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, filed January 17, 2006, File No. 1-13102) | ||
4 | .7 | Deposit Agreement, dated August 21, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series K Depositary Receipts (incorporated by reference to Exhibit 1.7 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102) | ||
4 | .8 | Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | ||
4 | .9 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | ||
4 | .10 | Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 73/8% Notes due 2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | ||
4 | .11 | Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of First Industrial, L.P., dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | ||
4 | .12 | 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | ||
4 | .13 | 7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | ||
4 | .14 | Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | ||
4 | .15 | Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102) | ||
4 | .16 | 7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .17 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2008 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .18 | 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | ||
4 | .19 | Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.375% Notes due March 15, 2011 (incorporated by reference to Exhibit 4.16 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) |
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Exhibits
|
Description
|
|||
4 | .20 | Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | ||
4 | .21 | Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) | ||
4 | .22 | Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | ||
4 | .23 | Form of 7.75% Notes due 2032 in the principal amount of $50.0 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | ||
4 | .24 | Supplemental Indenture No. 8, dated as of May 17, 2004, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873) | ||
4 | .25 | Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated June 17, 2004, File No. 333-21873) | ||
4 | .26 | Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Companys Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) | ||
4 | .27 | Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) | ||
4 | .28 | Indenture dated as of September 25, 2006 among First Industrial, L.P., as issuer, the Company, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
4 | .29 | Form of 4.625% Exchangeable Senior Note due 2011 (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
4 | .30 | Registration Rights Agreement dated September 25, 2006 among the Company, First Industrial, L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
10 | .1 | Eleventh Amended and Restated Partnership Agreement of First Industrial, L.P. dated August 21, 2006 (the LP Agreement) (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company, filed August 22, 2006, File No. 1-13102) | ||
10 | .2 | Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102) | ||
10 | .3 | Registration Rights Agreement, dated April 29, 1998, relating to the Companys Common Stock, par value $0.01 per share, between the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated May 1, 1998, File No. 1-13102) |
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Exhibits
|
Description
|
|||
10 | .4 | Non-Competition Agreement between Jay H. Shidler and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.16 of the Companys Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | ||
10 | .5 | Form of Non-Competition Agreement between each of Michael T. Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to the Companys Registration Statement on Form S-11, File No. 33-77804) | ||
10 | .6 | 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.37 of the Companys Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | ||
10 | .7 | First Industrial Realty Trust, Inc. Deferred Income Plan (incorporated by reference to Exhibit 10 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1996, File No. 1-13102) | ||
10 | .8 | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | ||
10 | .9 | Contribution Agreement, dated January 31, 1997, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.58 of the Companys Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | ||
10 | .10 | Employment Agreement, dated June 21, 2005, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.1 of the Companys Form 8-K filed June 24, 2005 File No. 1-13102) | ||
10 | .11 | 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.62 of the Companys Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | ||
10 | .12 | 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.34 of the Companys Annual Report on Form 10-K for the year ended December 31, 2001, File No. 1-13102) | ||
10 | .13 | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Michael J. Havala (incorporated by reference to Exhibit 10.1 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .14 | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.2 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .15 | Employment Agreement, dated March 25, 2002, between First Industrial Realty Trust, Inc. and David P. Draft (incorporated by reference to Exhibit 10.3 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .16 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .17 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .18 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .19 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.6 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .20 | Fourth Amended and Restated Unsecured Revolving Credit Agreement, dated as of August 23, 2005, among First Industrial, L.P., First Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 25, 2005, File No. 1-13102) | ||
10 | .21 | Form of Restricted Stock Agreement (Directors Annual Retainer) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 19, 2006, File No. 1-13102) | ||
10 | .22 | Amendment No. 1 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2006, File No. 1-13102) |
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Exhibits
|
Description
|
|||
10 | .23 | Summary of Managing Director 2006 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 7, 2006, File No. 1-13102) | ||
10 | .24 | Separation Agreement between Robert Cutlip and First Industrial Realty Trust, Inc. dated March 13, 2006 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed March 16, 2006, File No. 1-13102) | ||
12 | .1* | Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company | ||
21 | .1* | Subsidiaries of the Registrant | ||
23 | * | Consent of PricewaterhouseCoopers LLP | ||
31 | .1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | ||
31 | .2* | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | ||
32 | ** | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 |
* | Filed herewith. | |
** | Furnished herewith. | |
| Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
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Exhibits
|
Description
|
|||
3 | .1 | Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .2 | Amended and Restated Bylaws of the Company, dated September 4, 1997 (incorporated by reference to Exhibit 1 of the Companys Form 8-K, dated September 4, 1997, as filed on September 29, 1997, File No. 1-13102) | ||
3 | .3 | Articles of Amendment to the Companys Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .4 | Articles of Amendment to the Companys Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | ||
3 | .5 | Articles Supplementary relating to the Companys 85/8% Series C Cumulative Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102) | ||
3 | .6 | Articles Supplementary relating to the Companys 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
3 | .7 | Articles Supplementary relating to the Companys 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
3 | .8 | Articles Supplementary relating to the Companys Junior Participating Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) | ||
3 | .9 | Articles Supplementary relating to the Companys 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company filed January 17, 2006, File No. 1-13102) | ||
3 | .10 | Articles Supplementary relating to the Companys 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 1.6 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102) | ||
4 | .1 | Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, File No. 1-13102) | ||
4 | .2 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
4 | .3 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
4 | .4 | Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) | ||
4 | .5 | Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) |
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Exhibits
|
Description
|
|||
4 | .6 | Deposit Agreement, dated January 13, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series J Depositary Receipts (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, filed January 17, 2006, File No. 1-13102) | ||
4 | .7 | Deposit Agreement, dated August 21, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series K Depositary Receipts (incorporated by reference to Exhibit 1.7 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102) | ||
4 | .8 | Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | ||
4 | .9 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | ||
4 | .10 | Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 73/8% Notes due 2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | ||
4 | .11 | Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of First Industrial, L.P., dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | ||
4 | .12 | 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | ||
4 | .13 | 7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | ||
4 | .14 | Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | ||
4 | .15 | Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102) | ||
4 | .16 | 7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .17 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2008 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .18 | 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | ||
4 | .19 | Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.375% Notes due March 15, 2011 (incorporated by reference to Exhibit 4.16 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) |
51
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Exhibits
|
Description
|
|||
4 | .20 | Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of First Industrial, L.P.s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | ||
4 | .21 | Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the U.S. Bank National Association, relating to First Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) | ||
4 | .22 | Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | ||
4 | .23 | Form of 7.75% Notes due 2032 in the principal amount of $50.0 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | ||
4 | .24 | Supplemental Indenture No. 8, dated as of May 17, 2004, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873) | ||
4 | .25 | Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated June 17, 2004, File No. 333-21873) | ||
4 | .26 | Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Companys Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) | ||
4 | .27 | Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) | ||
4 | .28 | Indenture dated as of September 25, 2006 among First Industrial, L.P., as issuer, the Company, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
4 | .29 | Form of 4.625% Exchangeable Senior Note due 2011 (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
4 | .30 | Registration Rights Agreement dated September 25, 2006 among the Company, First Industrial, L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K of First Industrial, L.P. dated September 25, 2006, File No. 333-21873) | ||
10 | .1 | Eleventh Amended and Restated Partnership Agreement of First Industrial, L.P. dated August 21, 2006 (the LP Agreement) (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company, filed August 22, 2006, File No. 1-13102). | ||
10 | .2 | Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102) | ||
10 | .3 | Registration Rights Agreement, dated April 29, 1998, relating to the Companys Common Stock, par value $0.01 per share, between the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated May 1, 1998, File No. 1-13102) |
52
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Exhibits
|
Description
|
|||
10 | .4 | Non-Competition Agreement between Jay H. Shidler and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.16 of the Companys Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | ||
10 | .5 | Form of Non-Competition Agreement between each of Michael T. Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to the Companys Registration Statement on Form S-11, File No. 33-77804) | ||
10 | .6 | 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.37 of the Companys Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | ||
10 | .7 | First Industrial Realty Trust, Inc. Deferred Income Plan (incorporated by reference to Exhibit 10 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1996, File No. 1-13102) | ||
10 | .8 | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | ||
10 | .9 | Contribution Agreement, dated January 31, 1997, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.58 of the Companys Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | ||
10 | .10 | Employment Agreement, dated June 21, 2005, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.1 of the Companys Form 8-K filed June 24, 2005 File No. 1-13102) | ||
10 | .11 | 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.62 of the Companys Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | ||
10 | .12 | 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.34 of the Companys Annual Report on Form 10-K for the year ended December 31, 2001, File No. 1-13102) | ||
10 | .13 | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Michael J. Havala (incorporated by reference to Exhibit 10.1 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .14 | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.2 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .15 | Employment Agreement, dated March 25, 2002, between First Industrial Realty Trust, Inc. and David P. Draft (incorporated by reference to Exhibit 10.3 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | ||
10 | .16 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .17 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .18 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .19 | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.6 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | ||
10 | .20 | Fourth Amended and Restated Unsecured Revolving Credit Agreement, dated as of August 23, 2005, among First Industrial, L.P., First Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 25, 2005, File No. 1-13102) | ||
10 | .21 | Form of Restricted Stock Agreement (Directors Annual Retainer) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 19, 2006, File No. 1-13102) | ||
10 | .22 | Amendment No. 1 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2006, File No. 1-13102) |
53
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Exhibits
|
Description
|
|||
10 | .23 | Summary of Managing Director 2006 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 7, 2006, File No. 1-13102) | ||
10 | .24 | Separation Agreement between Robert Cutlip and First Industrial Realty Trust, Inc. dated March 13, 2006 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed March 16, 2006, File No. 1-13102) | ||
12 | .1* | Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company | ||
21 | .1* | Subsidiaries of the Registrant | ||
23* | Consent of PricewaterhouseCoopers LLP | |||
31 | .1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | ||
31 | .2* | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | ||
32** | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 |
* | Filed herewith. | |
** | Furnished herewith. | |
| Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
54
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Page | ||||
FINANCIAL STATEMENTS
|
||||
56 | ||||
58 | ||||
59 | ||||
60 | ||||
61 | ||||
62 | ||||
63 | ||||
FINANCIAL STATEMENT
SCHEDULE
|
||||
S-1 |
55
Table of Contents
56
Table of Contents
57
Table of Contents
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(Dollars in thousands, except share and per share data) | ||||||||
ASSETS
|
||||||||
Assets:
|
||||||||
Investment in Real Estate:
|
||||||||
Land
|
$ | 558,425 | $ | 541,406 | ||||
Buildings and Improvements
|
2,626,284 | 2,653,281 | ||||||
Construction in Progress
|
35,019 | 66,074 | ||||||
Less: Accumulated Depreciation
|
(465,418 | ) | (410,566 | ) | ||||
Net Investment in Real Estate
|
2,754,310 | 2,850,195 | ||||||
Real Estate Held for Sale, Net of
Accumulated Depreciation and Amortization of $9,688 and $1,622
at December 31, 2006 and December 31, 2005
|
115,961 | 16,840 | ||||||
Cash and Cash Equivalents
|
16,135 | 8,237 | ||||||
Restricted Cash
|
15,970 | 29,581 | ||||||
Tenant Accounts Receivable, Net
|
8,014 | 8,897 | ||||||
Investments in Joint Ventures
|
55,527 | 44,241 | ||||||
Deferred Rent Receivable, Net
|
28,839 | 24,910 | ||||||
Deferred Financing Costs, Net
|
15,210 | 10,909 | ||||||
Deferred Leasing Intangibles, Net
|
86,265 | 78,537 | ||||||
Prepaid Expenses and Other Assets,
Net
|
128,168 | 153,896 | ||||||
Total Assets
|
$ | 3,224,399 | $ | 3,226,243 | ||||
LIABILITIES AND
STOCKHOLDERS EQUITY
|
||||||||
Liabilities:
|
||||||||
Mortgage Loans Payable, Net
|
$ | 77,926 | $ | 57,309 | ||||
Senior Unsecured Debt, Net
|
1,549,732 | 1,298,893 | ||||||
Unsecured Lines of Credit
|
207,000 | 457,500 | ||||||
Accounts Payable and Accrued
Expenses
|
119,027 | 110,560 | ||||||
Deferred Leasing Intangibles, Net
|
19,486 | 24,307 | ||||||
Rents Received in Advance and
Security Deposits
|
30,844 | 32,283 | ||||||
Leasing Intangibles Held for Sale
Net of Accumulated Amortization of $183 at December 31, 2006
|
2,310 | | ||||||
Dividends Payable
|
42,548 | 39,509 | ||||||
Total Liabilities
|
2,048,873 | 2,020,361 | ||||||
Commitments and Contingencies
|
| | ||||||
Minority Interest
|
152,547 | 162,320 | ||||||
Stockholders Equity:
|
||||||||
Preferred Stock ($0.01 par
value, 10,000,000 shares authorized, 20,000, 500, 250, 600,
and 200 shares of Series C, F, G, J, and K Cumulative
Preferred Stock, respectively, issued and outstanding at
December 31, 2006, having a liquidation preference of
$2,500 per share ($50,000), $100,000 per share
($50,000), $100,000 per share ($25,000), $250,000 per
share ($150,000), and $250,000 per share ($50,000),
respectively. At December 31, 2005, 10,000,000 shares
authorized, 20,000, 500, 250 and 750 shares of
Series C, F, G and I Cumulative Preferred Stock,
respectively, were issued and outstanding, having a liquidation
preference of $2,500 per share ($50,000), $100,000 per
share ($50,000), $100,000 per share ($25,000) and
$250,000 per share ($187,500), respectively
|
| | ||||||
Common Stock ($0.01 par value,
100,000,000 shares authorized, 47,537,030 and
46,971,110 shares issued and 45,010,630 and
44,444,710 shares outstanding at December 31, 2006 and
December 31, 2005, respectively)
|
475 | 470 | ||||||
Additional
Paid-in-Capital
|
1,388,311 | 1,384,712 | ||||||
Distributions in Excess of
Accumulated Earnings
|
(284,955 | ) | (248,686 | ) | ||||
Unearned Value of Restricted Stock
Grants
|
| (16,825 | ) | |||||
Accumulated Other Comprehensive Loss
|
(10,264 | ) | (5,521 | ) | ||||
Treasury Shares at Cost
(2,526,400 shares at December 31, 2006 and
December 31, 2005)
|
(70,588 | ) | (70,588 | ) | ||||
Total Stockholders Equity
|
1,022,979 | 1,043,562 | ||||||
Total Liabilities and
Stockholders Equity
|
$ | 3,224,399 | $ | 3,226,243 | ||||
58
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands except per unit data) | ||||||||||||
Revenues:
|
||||||||||||
Rental Income
|
$ | 274,907 | $ | 223,572 | $ | 200,600 | ||||||
Tenant Recoveries and Other Income
|
110,589 | 85,717 | 67,408 | |||||||||
Revenues from Build to Suit
Development for Sale
|
10,540 | 16,241 | | |||||||||
Total Revenues
|
396,036 | 325,530 | 268,008 | |||||||||
Expenses:
|
||||||||||||
Property Expenses
|
130,230 | 108,464 | 90,309 | |||||||||
General and Administrative
|
77,497 | 55,812 | 39,569 | |||||||||
Depreciation and Other Amortization
|
145,906 | 105,720 | 79,939 | |||||||||
Expenses from Build to Suit
Development for Sale
|
10,263 | 15,574 | | |||||||||
Total Expenses
|
363,896 | 285,570 | 209,817 | |||||||||
Other Income/Expense:
|
||||||||||||
Interest Income
|
1,614 | 1,486 | 3,632 | |||||||||
Mark-to-Market/(Loss)
Gain on Settlement of Interest Rate Protection Agreements
|
(3,112 | ) | 811 | 1,583 | ||||||||
Interest Expense
|
(121,141 | ) | (108,339 | ) | (98,636 | ) | ||||||
Amortization of Deferred Financing
Costs
|
(2,666 | ) | (2,125 | ) | (1,931 | ) | ||||||
Gain (Loss) From Early Retirement
of Debt
|
| 82 | (515 | ) | ||||||||
Total Other Income/Expense
|
(125,305 | ) | (108,085 | ) | (95,867 | ) | ||||||
Loss from Continuing Operations
Before Equity in Income of Joint Ventures, Income Tax Benefit
and Income Allocated To Minority Interest
|
(93,165 | ) | (68,125 | ) | (37,676 | ) | ||||||
Equity in Income of Joint Ventures
|
30,673 | 3,699 | 37,301 | |||||||||
Income Tax Benefit
|
8,920 | 14,022 | 7,937 | |||||||||
Minority Interest Allocable to
Continuing Operations
|
9,795 | 7,980 | 2,034 | |||||||||
(Loss) Income from Continuing
Operations
|
(43,777 | ) | (42,424 | ) | 9,596 | |||||||
Income from Discontinued Operations
(Including Gain on Sale of Real Estate of $213,442, $132,139,
and $88,245 for the Years Ended December 31, 2006, 2005 and
2004, respectively)
|
225,357 | 154,061 | 116,693 | |||||||||
Provision for Income Taxes
Allocable to Discontinued Operations (including $47,511,
$20,529, and $8,659 allocable to Gain on Sale of Real Estate for
the Years Ended December 31, 2006, 2005 and 2004,
respectively)
|
(50,140 | ) | (23,583 | ) | (11,005 | ) | ||||||
Minority Interest Allocable to
Discontinued Operations
|
(22,796 | ) | (17,171 | ) | (14,500 | ) | ||||||
Income Before Gain on Sale of Real
Estate
|
108,644 | 70,883 | 100,784 | |||||||||
Gain on Sale of Real Estate
|
6,071 | 29,550 | 16,755 | |||||||||
Provision for Income Taxes
Allocable to Gain on Sale of Real Estate
|
(2,119 | ) | (10,871 | ) | (5,371 | ) | ||||||
Minority Interest Allocable to Gain
on Sale of Real Estate
|
(514 | ) | (2,458 | ) | (1,562 | ) | ||||||
Net Income
|
112,082 | 87,104 | 110,606 | |||||||||
Less: Preferred Dividends
|
(21,424 | ) | (10,688 | ) | (14,488 | ) | ||||||
Less: Redemption of Preferred Stock
|
(672 | ) | | (7,959 | ) | |||||||
Net Income Available to Common
Stockholders
|
$ | 89,986 | $ | 76,416 | $ | 88,159 | ||||||
Basic Earnings Per Share:
|
||||||||||||
Loss from Continuing Operations
Available to Common Stockholders
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | |||
Income from Discontinued Operations
|
$ | 3.46 | $ | 2.67 | $ | 2.25 | ||||||
Net Income Available to Common
Stockholders
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | ||||||
Weighted Average
Shares Outstanding
|
44,012 | 42,431 | 40,557 | |||||||||
Diluted Earnings Per Share:
|
||||||||||||
Loss from Continuing Operations
Available to Common Stockholders
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | |||
Income from Discontinued Operations
|
$ | 3.46 | $ | 2.67 | $ | 2.25 | ||||||
Net Income Available to Common
Stockholders
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | ||||||
Weighted Average
Shares Outstanding
|
44,012 | 42,431 | 40,557 | |||||||||
Dividends/Distributions declared
per Common Share Outstanding
|
$ | 2.8100 | $ | 2.7850 | $ | 2.7500 | ||||||
59
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net Income
|
112,082 | $ | 87,104 | $ | 110,606 | |||||||
Other Comprehensive (Loss)
Income:
|
||||||||||||
Settlement of Interest Rate
Protection Agreements
|
(1,729 | ) | | 6,816 | ||||||||
Reclassification of Settlement of
Interest Rate Protection Agreements to Net Income
|
| (159 | ) | | ||||||||
Mark-to-Market
of Interest Rate Protection Agreements
|
(2,800 | ) | (1,414 | ) | 106 | |||||||
Amortization of Interest Rate
Protection Agreements
|
(912 | ) | (1,085 | ) | (512 | ) | ||||||
Other Comprehensive Loss Allocable
to Minority Interest
|
698 | 837 | | |||||||||
Comprehensive Income
|
$ | 107,339 | $ | 85,283 | $ | 117,016 | ||||||
60
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
(Dollars in thousands) | ||||||||||||
Preferred Stock
Beginning of Year
|
$ | | $ | | $ | 1 | ||||||
Issuance of Preferred Stock
|
| | | |||||||||
Redemption of Preferred Stock
|
| | (1 | ) | ||||||||
Preferred Stock End of
Year
|
$ | | $ | | $ | | ||||||
Common Stock Beginning
of Year
|
$ | 470 | $ | 454 | $ | 424 | ||||||
Net Proceeds from the Issuance of
Common Stock
|
1 | 15 | 30 | |||||||||
Issuance of Restricted Stock
|
3 | 2 | 2 | |||||||||
Repurchase and Retirement of Common
Stock
|
(1 | ) | (1 | ) | (1 | ) | ||||||
Restricted Stock Forfeitures
|
| (1 | ) | (4 | ) | |||||||
Conversion of Units to Common Stock
|
2 | 1 | 3 | |||||||||
Common Stock End of Year
|
$ | 475 | $ | 470 | $ | 454 | ||||||
Additional
Paid-In-Capital Beginning of Year
|
$ | 1,384,712 | $ | 1,142,356 | $ | 1,161,373 | ||||||
Net Proceeds from the Issuance of
Common Stock
|
3,819 | 56,109 | 99,250 | |||||||||
Issuance of Restricted Stock
|
(3 | ) | 8,379 | 8,377 | ||||||||
Repurchase and Retirement of
Restricted Stock/Common Stock
|
(2,463 | ) | (2,741 | ) | (3,094 | ) | ||||||
Restricted Stock Forfeitures
|
| (2,825 | ) | (10,629 | ) | |||||||
Call Spread
|
(6,835 | ) | | | ||||||||
Net Proceeds from the Issuance of
Preferred Stock
|
192,624 | 181,484 | 194,424 | |||||||||
Redemption of Preferred Stock
|
(181,484 | ) | | (313,537 | ) | |||||||
Conversion of Units to Common Stock
|
5,142 | 1,950 | 6,192 | |||||||||
Reclassification to initially adopt
SFAS No. 123R
|
(16,825 | ) | | | ||||||||
Amortization of Restricted Stock
Grants
|
9,624 | | | |||||||||
Additional
Paid-In-Capital End of Year
|
$ | 1,388,311 | $ | 1,384,712 | $ | 1,142,356 | ||||||
Dist. In Excess of Accum.
Earnings Beginning of Year
|
$ | (248,686 | ) | $ | (203,417 | ) | $ | (172,892 | ) | |||
Preferred Stock Dividends
|
(21,424 | ) | (10,688 | ) | (14,488 | ) | ||||||
Distributions ($2.8100, $2.7850 and
$2.7500 per Share/Unit at December 31, 2006, 2005 and
2004, respectively)
|
(144,720 | ) | (139,168 | ) | (132,585 | ) | ||||||
Redemption of Preferred Stock
|
(672 | ) | | (7,959 | ) | |||||||
Repurchase and Retirement of
Restricted Stock/Common Stock
|
(269 | ) | (543 | ) | (652 | ) | ||||||
Restricted Stock Forfeitures
|
| (147 | ) | (3,464 | ) | |||||||
Net Income Before Minority Interest
|
125,597 | 98,753 | 124,634 | |||||||||
Minority Interest:
|
||||||||||||
Allocation of Income
|
(13,515 | ) | (11,649 | ) | (14,028 | ) | ||||||
Distributions ($2.8100, $2.7850 and
$2.7500 per Unit at December 31, 2006, 2005 and 2004,
respectively)
|
18,734 | 18,173 | 18,017 | |||||||||
Dist. In Excess of Accum.
Earnings End of Year
|
$ | (284,955 | ) | $ | (248,686 | ) | $ | (203,417 | ) | |||
Unearned Value of Rest. Stock
Grants Beginning of Year
|
$ | (16,825 | ) | $ | (19,611 | ) | $ | (19,035 | ) | |||
Issuance of Restricted Stock
|
| (8,381 | ) | (8,379 | ) | |||||||
Amortization of Restricted Stock
Grants
|
| 8,845 | 6,866 | |||||||||
Restricted Stock Forfeitures
|
| 2,322 | 937 | |||||||||
Reclassification to initially adopt
SFAS No. 123R
|
16,825 | | | |||||||||
Unearned Value of Rest. Stock
Grants End of Year
|
$ | | $ | (16,825 | ) | $ | (19,611 | ) | ||||
Treasury Shares, at
cost Beginning of Year
|
$ | (70,588 | ) | $ | (70,588 | ) | $ | (70,588 | ) | |||
Purchase of Treasury Shares
|
| | | |||||||||
Treasury Shares, at
cost End of Year
|
$ | (70,588 | ) | $ | (70,588 | ) | $ | (70,588 | ) | |||
Accum. Other Comprehensive
Loss Beginning of Year
|
$ | (5,521 | ) | $ | (3,700 | ) | $ | (10,110 | ) | |||
Settlement of Interest Rate
Protection Agreements
|
(1,729 | ) | | 6,816 | ||||||||
Reclassification of Settlement of
Interest Rate Protection Agreements to Net Income
|
| (159 | ) | | ||||||||
Mark-to-Market
of Interest Rate Protection Agreements
|
(2,800 | ) | (1,414 | ) | 106 | |||||||
Amortization of Interest Rate
Protection Agreements
|
(912 | ) | (1,085 | ) | (512 | ) | ||||||
Other Comprehensive Loss Allocable
to Minority Interest
|
698 | 837 | | |||||||||
Accum. Other Comprehensive
Loss End of Year
|
$ | (10,264 | ) | $ | (5,521 | ) | $ | (3,700 | ) | |||
Total Stockholders Equity at
End of Year
|
$ | 1,022,979 | $ | 1,043,562 | $ | 845,494 | ||||||
61
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
||||||||||||
Net Income
|
$ | 112,082 | $ | 87,104 | $ | 110,606 | ||||||
Income Allocated to Minority
Interest
|
13,515 | 11,649 | 14,028 | |||||||||
Net Income Before Minority Interest
|
125,597 | 98,753 | 124,634 | |||||||||
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
|
||||||||||||
Depreciation
|
121,347 | 99,338 | 82,757 | |||||||||
Amortization of Deferred Financing
Costs
|
2,666 | 2,125 | 1,931 | |||||||||
Other Amortization
|
40,965 | 33,728 | 22,547 | |||||||||
Provision for Bad Debt
|
2,289 | 1,817 | (1,474 | ) | ||||||||
Mark-to-Market/Loss
on Settlement of Interest Rate Protection Agreements
|
(16 | ) | (143 | ) | | |||||||
(Gain) Loss From Early Retirement
of Debt
|
| (82 | ) | 515 | ||||||||
Equity in Income of Joint Ventures
|
(30,673 | ) | (3,699 | ) | (36,451 | ) | ||||||
Distributions from Joint Ventures
|
31,664 | 3,866 | 36,451 | |||||||||
Decrease (Increase) in Build to
Suit Development for Sale Costs Receivable
|
5,883 | (16,241 | ) | | ||||||||
Gain on Sale of Real Estate
|
(219,513 | ) | (161,689 | ) | (91,242 | ) | ||||||
Increase in Tenant Accounts
Receivable and Prepaid Expenses and Other Assets, Net
|
(16,524 | ) | (23,371 | ) | (46,030 | ) | ||||||
Increase in Deferred Rent Receivable
|
(10,154 | ) | (9,459 | ) | (6,771 | ) | ||||||
Increase (Decrease) in Accounts
Payable and Accrued Expenses and Rents Received in Advance and
Security Deposits
|
6,020 | 24,407 | (9,210 | ) | ||||||||
Net Cash Provided by Operating
Activities
|
59,551 | 49,350 | 77,657 | |||||||||
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
||||||||||||
Purchases of and Additions to
Investment in Real Estate
|
(813,840 | ) | (920,707 | ) | (485,393 | ) | ||||||
Net Proceeds from Sales of
Investments in Real Estate
|
907,428 | 537,252 | 293,703 | |||||||||
Contributions to and Investments in
Joint Ventures
|
(32,773 | ) | (45,175 | ) | (5,422 | ) | ||||||
Distributions from Joint Ventures
|
19,734 | 2,971 | 14,074 | |||||||||
Repayment and Sale of Mortgage
Loans Receivable
|
34,987 | 83,561 | 111,049 | |||||||||
Decrease (Increase) in Restricted
Cash
|
13,611 | (29,556 | ) | 81,981 | ||||||||
Net Cash Provided by (Used in)
Investing Activities
|
129,147 | (371,654 | ) | 9,992 | ||||||||
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
||||||||||||
Net Proceeds from the Issuance of
Common Stock
|
3,462 | 55,754 | 86,121 | |||||||||
Proceeds from the Issuance of
Preferred Stock
|
200,000 | 187,500 | 200,000 | |||||||||
Preferred Stock Offering Costs
|
(7,103 | ) | (5,906 | ) | (5,576 | ) | ||||||
Redemption of Preferred Stock
|
(182,156 | ) | | (321,438 | ) | |||||||
Repurchase of Restricted Stock
|
(2,660 | ) | (3,285 | ) | (3,747 | ) | ||||||
Proceeds from Senior Unsecured Debt
|
399,306 | | 134,496 | |||||||||
Other (Costs) Proceeds from Senior
Unsecured Debt
|
(1,729 | ) | | 6,816 | ||||||||
Repayment of Senior Unsecured Debt
|
(150,000 | ) | (50,000 | ) | | |||||||
Dividends/Distributions
|
(143,858 | ) | (137,672 | ) | (130,220 | ) | ||||||
Preferred Stock Dividends
|
(19,248 | ) | (8,162 | ) | (13,256 | ) | ||||||
Proceeds from Mortgage Loans Payable
|
| 1,167 | 1,400 | |||||||||
Repayments of Mortgage Loans Payable
|
(12,618 | ) | (1,987 | ) | (5,965 | ) | ||||||
Proceeds from Unsecured Lines of
Credit
|
779,300 | 647,500 | 581,000 | |||||||||
Repayments on Unsecured Lines of
Credit
|
(1,029,800 | ) | (357,500 | ) | (609,400 | ) | ||||||
Call Spread
|
(6,835 | ) | | | ||||||||
Cost of Debt Issuance and
Prepayment Fees
|
(6,861 | ) | (1,792 | ) | (3,777 | ) | ||||||
Net Cash (Used in) Provided by
Financing Activities
|
(180,800 | ) | 325,617 | (83,546 | ) | |||||||
Net Increase in Cash and Cash
Equivalents
|
7,898 | 3,313 | 4,103 | |||||||||
Cash and Cash Equivalents,
Beginning of Period
|
8,237 | 4,924 | 821 | |||||||||
Cash and Cash Equivalents, End of
Period
|
$ | 16,135 | $ | 8,237 | $ | 4,924 | ||||||
62
Table of Contents
1. | Organization and Formation of Company |
2. | Basis of Presentation |
63
Table of Contents
3. | Summary of Significant Accounting Policies |
64
Table of Contents
Years | ||||
Buildings and Improvements
|
20 to 50 | |||
Land Improvements
|
15 | |||
Furniture, Fixtures and Equipment
|
5 to 10 |
65
Table of Contents
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
In-Place Leases
|
$ | 81,422 | $ | 78,674 | ||||
Less: Accumulated Amortization
|
(15,361 | ) | (6,236 | ) | ||||
$ | 66,061 | $ | 72,438 | |||||
Above Market Leases
|
$ | 6,933 | $ | 7,958 | ||||
Less: Accumulated Amortization
|
(2,177 | ) | (1,859 | ) | ||||
$ | 4,756 | $ | 6,099 | |||||
Tenant Relationships
|
$ | 16,657 | $ | | ||||
Less: Accumulated Amortization
|
(1,209 | ) | | |||||
$ | 15,448 | $ | | |||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
Below Market Leases
|
$ | 25,735 | $ | 27,710 | ||||
Less: Accumulated Amortization
|
(6,249 | ) | (3,403 | ) | ||||
$ | 19,486 | $ | 24,307 | |||||
2007
|
$ | 19,673 | ||
2008
|
17,012 | |||
2009
|
14,695 | |||
2010
|
12,324 | |||
2011
|
10,409 |
66
Table of Contents
67
Table of Contents
For the Year Ended | ||||||||
2005 | 2004 | |||||||
Net Income Available to Common
Stockholders as reported
|
$ | 76,416 | $ | 88,159 | ||||
Add: Stock-Based Employee
Compensation Expense Included in Net Income Available to Common
Stockholders, Net of Minority Interest as reported
|
| | ||||||
Less: Total Stock-Based Employee
Compensation Expense, Net of Minority Interest
Determined Under the Fair Value Method
|
(87 | ) | (362 | ) | ||||
Net Income Available to Common
Stockholders pro forma
|
$ | 76,329 | $ | 87,797 | ||||
Net Income Available to Common
Stockholders per Share as reported Basic
|
$ | 1.80 | $ | 2.17 | ||||
Net Income Available to Common
Stockholders per Share pro forma Basic
|
$ | 1.80 | $ | 2.16 | ||||
Net Income Available to Common
Stockholders per Share as reported
Diluted
|
$ | 1.80 | $ | 2.17 | ||||
Net Income Available to Common
Stockholders per Share pro forma Diluted
|
$ | 1.80 | $ | 2.16 | ||||
The fair value of each option
grant is estimated on the date of grant using the Black-Scholes
option pricing model with the following weighted average
assumptions:
|
||||||||
Expected dividend yield
|
N/A | N/A | ||||||
Expected stock price volatility
|
N/A | N/A | ||||||
Risk-free interest rate
|
N/A | N/A | ||||||
Expected life of options
|
N/A | N/A |
68
Table of Contents
69
Table of Contents
70
Table of Contents
71
Table of Contents
4. | Investments in Joint Ventures |
72
Table of Contents
73
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
Contributions
|
$ | 29,194 | $ | 43,311 | $ | 3,676 | ||||||
Distributions
|
$ | 51,398 | $ | 6,837 | $ | 50,525 | ||||||
Fees
|
$ | 22,507 | $ | 8,301 | $ | 2,689 |
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
Condensed Combined Balance
Sheets
|
||||||||
Gross Real Estate Investment
|
$ | 1,685,969 | $ | 1,410,389 | ||||
Less: Accumulated Depreciation
|
(72,398 | ) | (30,497 | ) | ||||
Net Real Estate
|
1,613,571 | 1,379,892 | ||||||
Other Assets
|
224,048 | 256,233 | ||||||
Total Assets
|
$ | 1,837,619 | $ | 1,636,125 | ||||
Debt
|
$ | 1,276,001 | $ | 1,174,296 | ||||
Other Liabilities
|
108,430 | 46,962 | ||||||
Equity
|
453,188 | 414,867 | ||||||
Total Liabilities and Equity
|
$ | 1,837,619 | $ | 1,636,125 | ||||
Companys share of Equity
|
$ | 53,151 | $ | 44,772 | ||||
Basis Differentials(1)
|
2,376 | (531 | ) | |||||
Carrying Value of the
Companys investments in joint ventures
|
$ | 55,527 | $ | 44,241 | ||||
(1) | This amount represents the aggregate difference between the Companys historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals related to properties the Company sold to the Joint Ventures, certain acquisition costs which are not reflected at the joint venture level and incentive payments the Company has earned but has not received. |
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Condensed Combined Statements
of Operations
|
||||||||||||
Total Revenues
|
$ | 163,443 | $ | 59,411 | $ | 32,353 | ||||||
Expenses
|
||||||||||||
Operating and Other
|
55,070 | 16,128 | 11,593 | |||||||||
Interest
|
61,524 | 20,995 | 7,712 | |||||||||
Depreciation and Amortization
|
90,842 | 32,150 | 12,540 | |||||||||
Total Expenses
|
207,436 | 69,273 | 31,845 | |||||||||
Gain on Sale of Real Estate
|
94,352 | 10,761 | 81,431 | |||||||||
Net Income
|
50,359 | 899 | 81,939 | |||||||||
Companys share of Net Income
|
$ | 30,673 | $ | 3,699 | $ | 37,301 | ||||||
74
Table of Contents
5. | Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit |
Effective |
||||||||||||||||||
Outstanding |
Interest |
Interest |
||||||||||||||||
Balance at |
Rate at |
Rate at |
||||||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
Maturity |
||||||||||||||
2006 | 2005 | 2006 | 2006 | Date | ||||||||||||||
Mortgage Loans Payable,
Net
|
$ | 77,926 | $ | 57,309 | 5.50% - 9.25% | 4.58% - 9.25% |
July 2009 - September 2024 |
|||||||||||
Unamortized Premiums
|
(2,919 | ) | (3,549 | ) | ||||||||||||||
Mortgage Loans Payable,
Gross
|
$ | 75,007 | $ | 53,760 | ||||||||||||||
Senior Unsecured Debt,
Net
|
||||||||||||||||||
2006 Notes
|
$ | | $ | 150,000 | 7.000% | 7.22% | 12/01/06 | |||||||||||
2007 Notes
|
149,998 | 149,992 | 7.600% | 7.61% | 05/15/07 | |||||||||||||
2016 Notes
|
199,372 | | 5.750% | 5.91% | 01/15/16 | |||||||||||||
2017 Notes
|
99,895 | 99,886 | 7.500% | 7.52% | 12/01/17 | |||||||||||||
2027 Notes
|
15,055 | 15,054 | 7.150% | 7.11% | 05/15/27 | |||||||||||||
2028 Notes
|
199,831 | 199,823 | 7.600% | 8.13% | 07/15/28 | |||||||||||||
2011 Notes
|
199,746 | 199,685 | 7.375% | 7.39% | 03/15/11 | |||||||||||||
2012 Notes
|
199,270 | 199,132 | 6.875% | 6.85% | 04/15/12 | |||||||||||||
2032 Notes
|
49,435 | 49,413 | 7.750% | 7.87% | 04/15/32 | |||||||||||||
2009 Notes
|
124,893 | 124,849 | 5.250% | 4.10% | 06/15/09 | |||||||||||||
2014 Notes
|
112,237 | 111,059 | 6.420% | 6.54% | 06/01/14 | |||||||||||||
2011 Exchangeable Notes
|
200,000 | | 4.625% | 4.63% | 09/15/11 | |||||||||||||
Subtotal
|
$ | 1,549,732 | $ | 1,298,893 | ||||||||||||||
Unamortized Discounts
|
15,338 | 16,177 | ||||||||||||||||
Senior Unsecured Notes,
Gross
|
$ | 1,565,070 | $ | 1,315,070 | ||||||||||||||
Unsecured Lines of
Credit
|
||||||||||||||||||
Unsecured Line of Credit I
|
$ | 207,000 | $ | 332,500 | 6.058% | 6.058% | 09/28/08 | |||||||||||
Unsecured Line of Credit II
|
| 125,000 | N/A | N/A | N/A | |||||||||||||
Unsecured Lines of Credit
Total
|
$ | 207,000 | $ | 457,500 | ||||||||||||||
75
Table of Contents
76
Table of Contents
Amount | ||||
2007
|
$ | 152,884 | ||
2008
|
210,111 | |||
2009
|
133,001 | |||
2010
|
15,545 | |||
2011
|
407,360 | |||
Thereafter
|
928,176 | |||
Total
|
$ | 1,847,077 | ||
77
Table of Contents
December 31, 2006 | December 31, 2005 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable
|
$ | 77,926 | $ | 78,730 | $ | 57,309 | $ | 58,864 | ||||||||
Senior Unsecured Debt
|
1,549,732 | 1,636,318 | 1,298,893 | 1,415,268 | ||||||||||||
Unsecured Lines of Credit I
|
207,000 | 207,000 | 457,500 | 457,500 | ||||||||||||
Total
|
$ | 1,834,658 | $ | 1,922,048 | $ | 1,813,702 | $ | 1,931,632 | ||||||||
78
Table of Contents
6. | Stockholders Equity |
79
Table of Contents
80
Table of Contents
81
Table of Contents
Stated Value at | ||||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
Series C Preferred Stock
|
$ | 50,000 | $ | 50,000 | ||||
Series F Preferred Stock
|
50,000 | 50,000 | ||||||
Series G Preferred Stock
|
25,000 | 25,000 | ||||||
Series I Preferred Stock
|
| 187,500 | ||||||
Series J Preferred Stock
|
150,000 | | ||||||
Series K Preferred Stock
|
50,000 | | ||||||
Total
|
$ | 325,000 | $ | 312,500 | ||||
82
Table of Contents
Shares of |
||||
Common Stock |
||||
Outstanding | ||||
Balance at December 31,
2003
|
39,850,370 | |||
Issuance of Common Stock and Stock
Option Exercises
|
2,621,082 | |||
Issuance of Restricted Stock Shares
|
216,617 | |||
Repurchase and Retirement of
Restricted Stock Shares
|
(102,076 | ) | ||
Conversion of Operating
Partnership Units
|
248,098 | |||
Balance at December 31,
2004
|
42,834,091 | |||
Issuance of Common Stock and Stock
Option Exercises
|
1,480,942 | |||
Issuance of Restricted Stock Shares
|
200,042 | |||
Repurchase and Retirement of
Restricted Stock Shares
|
(152,009 | ) | ||
Conversion of Operating
Partnership Units
|
81,644 | |||
Balance at December 31,
2005
|
44,444,710 | |||
Stock Option Exercises
|
125,780 | |||
Issuance of Restricted Stock Shares
|
319,374 | |||
Repurchase and Retirement of
Restricted Stock Shares
|
(93,007 | ) | ||
Conversion of Operating
Partnership Units
|
213,773 | |||
Balance at December 31,
2006
|
45,010,630 | |||
83
Table of Contents
Year Ended 2006 | Year Ended 2005 | Year Ended 2004 | ||||||||||||||||||||||
Dividend/ |
Dividend/ |
Dividend/ |
||||||||||||||||||||||
Distribution |
Total |
Distribution |
Total |
Distribution |
Total |
|||||||||||||||||||
per Share/ |
Dividend/ |
per Share/ |
Dividend/ |
per Share/ |
Dividend/ |
|||||||||||||||||||
Unit | Distribution | Unit | Distribution | Unit | Distribution | |||||||||||||||||||
Common Stock/Operating Partnership
Units
|
$ | 2.8100 | $ | 144,720 | $ | 2.7850 | $ | 139,168 | $ | 2.7500 | $ | 132,585 | ||||||||||||
Series C Preferred Stock
|
$ | 215.6240 | $ | 4,313 | $ | 215.6240 | $ | 4,313 | $ | 215.6240 | $ | 4,313 | ||||||||||||
Series D Preferred Stock
|
$ | | $ | | $ | | $ | | $ | 86.6780 | $ | 4,334 | ||||||||||||
Series E Preferred Stock
|
$ | | $ | | $ | | $ | | $ | 86.1320 | $ | 2,585 | ||||||||||||
Series F Preferred Stock
|
$ | 6,236.0000 | $ | 3,118 | $ | 6,236.0000 | $ | 3,118 | $ | 3,724.2800 | $ | 1,861 | ||||||||||||
Series G Preferred Stock
|
$ | 7,236.0000 | $ | 1,809 | $ | 7,236.0000 | $ | 1,809 | $ | 4,321.5000 | $ | 1,080 | ||||||||||||
Series H Preferred Stock
|
$ | | $ | | $ | | $ | | $ | 629.5550 | $ | 315 | ||||||||||||
Series I Preferred Stock
|
$ | 470.6667 | $ | 353 | $ | 1,930.2431 | $ | 1,448 | $ | | $ | | ||||||||||||
Series J Preferred Stock
|
$ | 17,521.0000 | $ | 10,512 | $ | | $ | | $ | | $ | | ||||||||||||
Series K Preferred Stock
|
$ | 6,595.6000 | $ | 1,319 | $ | | $ | | $ | | $ | |
7. | Acquisition and Development of Real Estate |
84
Table of Contents
8. | Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations |
85
Table of Contents
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Total Revenues
|
$ | 37,449 | $ | 66,731 | $ | 75,105 | ||||||
Property Expenses
|
(11,145 | ) | (22,155 | ) | (25,441 | ) | ||||||
Interest Expense
|
| (373 | ) | (609 | ) | |||||||
Depreciation and Amortization
|
(14,389 | ) | (22,281 | ) | (20,607 | ) | ||||||
Provision for Income Taxes
Allocable to Operations
|
(2,629 | ) | (3,054 | ) | (2,346 | ) | ||||||
Gain on Sale of Real Estate
|
213,442 | 132,139 | 88,245 | |||||||||
Provision for Income Taxes
Allocable to Gain on Sale of Real Estate
|
(47,511 | ) | (20,529 | ) | (8,659 | ) | ||||||
Income from Discontinued Operations
|
$ | 175,217 | $ | 130.478 | $ | 105,688 | ||||||
86
Table of Contents
9. | Supplemental Information to Statements of Cash Flows |
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
Interest paid, net of capitalized
interest
|
$ | 114,709 | $ | 107,573 | $ | 98,910 | ||||||
Interest capitalized
|
$ | 5,159 | $ | 3,271 | $ | 1,304 | ||||||
Income Taxes Paid
|
$ | 36,374 | $ | 36,080 | $ | 7,936 | ||||||
Supplemental schedule of noncash
investing and financing activities:
|
||||||||||||
Distribution payable on common
stock/units
|
$ | 36,613 | $ | 35,752 | $ | 34,255 | ||||||
Distribution payable on preferred
stock
|
$ | 5,935 | $ | 3,757 | $ | 1,232 | ||||||
Exchange of units for common
shares:
|
||||||||||||
Minority interest
|
$ | (5,144 | ) | $ | (1,951 | ) | $ | (6,195 | ) | |||
Common stock
|
2 | 1 | 3 | |||||||||
Additional
paid-in-capital
|
5,142 | 1,950 | 6,192 | |||||||||
$ | | $ | | $ | | |||||||
In conjunction with property and
land acquisitions, the following assets and liabilities were
assumed:
|
||||||||||||
Accounts payable and accrued
expenses
|
$ | (1,928 | ) | $ | (4,735 | ) | $ | (3,231 | ) | |||
Issuance of Operating Partnership
Units
|
$ | (1,288 | ) | $ | (14,698 | ) | $ | | ||||
Mortgage debt
|
$ | (33,982 | ) | $ | (11,545 | ) | $ | (18,244 | ) | |||
Foreclosed property acquisition
and write-off of a Mortgage loan receivable
|
$ | | $ | 3,870 | $ | | ||||||
Write-off of fully depreciated
assets
|
$ | 30,596 | $ | 67,814 | $ | 26,041 | ||||||
In conjunction with certain
property sales, the Company provided seller financing or
assigned a mortgage loan payable:
|
||||||||||||
Notes receivable
|
$ | 11,200 | $ | 76,744 | $ | 92,146 | ||||||
Mortgage Note Payable
|
$ | | $ | 13,242 | $ | | ||||||
87
Table of Contents
10. | Earnings Per Share (EPS) |
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2006 | 2005 | 2004 | ||||||||||
Numerator:
|
||||||||||||
(Loss) Income from Continuing
Operations
|
$ | (43,777 | ) | $ | (42,424 | ) | $ | 9,596 | ||||
Gain on Sale of Real Estate, Net
of Minority Interest and Income Tax
|
3,438 | 16,221 | 9,822 | |||||||||
Less: Preferred Stock Dividends
|
(21,424 | ) | (10,688 | ) | (14,488 | ) | ||||||
Less: Redemption of Preferred Stock
|
(672 | ) | | (7,959 | ) | |||||||
Loss from Continuing Operations
Available to Common Stockholders, Net of Minority
Interest For Basic and Diluted EPS
|
(62,435 | ) | (36,891 | ) | (3,029 | ) | ||||||
Discontinued Operations, Net of
Minority Interest and Income Tax
|
152,421 | 113,307 | 91,188 | |||||||||
Net Income Available to Common
Stockholders For Basic and Diluted EPS
|
$ | 89,986 | $ | 76,416 | $ | 88,159 | ||||||
Denominator:
|
||||||||||||
Weighted Average
Shares Basic
|
44,011,503 | 42,431,109 | 40,557,053 | |||||||||
Effect of Dilutive Securities:
|
||||||||||||
2011 Exchangeable Notes
|
| | | |||||||||
Employee and Director Common Stock
Options
|
| | | |||||||||
Employee and Director Shares of
Restricted Stock
|
| | | |||||||||
Weighted Average
Shares Diluted
|
44,011,503 | 42,431,109 | 40,557,053 | |||||||||
Basic EPS:
|
||||||||||||
Loss from Continuing Operations
Available to Common Stockholders, Net of Minority Interest
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | |||
Discontinued Operations, Net of
Minority Interest and Income Tax
|
$ | 3.46 | $ | 2.67 | $ | 2.25 | ||||||
Net Income Available to Common
Stockholders
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | ||||||
Diluted EPS:
|
||||||||||||
Loss from Continuing Operations
Available to Common Stockholders, Net of Minority Interest
|
$ | (1.42 | ) | $ | (0.87 | ) | $ | (0.07 | ) | |||
Discontinued Operations, Net of
Minority Interest and Income Tax
|
$ | 3.46 | $ | 2.67 | $ | 2.25 | ||||||
Net Income Available to Common
Stockholders
|
$ | 2.04 | $ | 1.80 | $ | 2.17 | ||||||
88
Table of Contents
11. | Income Taxes |
As a Percentage |
As a Percentage |
As a Percentage |
||||||||||||||||||||||
2006 | of Distributions | 2005 | of Distributions | 2004 | of Distributions | |||||||||||||||||||
Ordinary income
|
$ | 0.2613 | 9.30 | % | $ | 0.3278 | 11.77 | % | $ | 0.3622 | 13.17 | % | ||||||||||||
Short-term capital gains
|
| | | | 0.0423 | 1.54 | % | |||||||||||||||||
Long-term capital gains
|
0.3364 | 11.97 | % | 0.4289 | 15.40 | % | 0.8654 | 31.47 | % | |||||||||||||||
Unrecaptured Section 1250 gain
|
0.2408 | 8.57 | % | 0.2158 | 7.75 | % | 0.2503 | 9.10 | % | |||||||||||||||
Return of capital
|
1.3918 | 49.53 | % | 1.6276 | 58.44 | % | 1.2298 | 44.72 | % | |||||||||||||||
Qualified Dividends
|
0.5797 | 20.63 | % | 0.1849 | 6.64 | % | | | ||||||||||||||||
$ | 2.810 | 100.00 | % | $ | 2.785 | 100.00 | % | $ | 2.7500 | 100.00 | % | |||||||||||||
As a Percentage |
As a Percentage |
As a Percentage |
||||||||||||||||||||||
Series C Cumulative Preferred Stock
|
2006 | of Distributions | 2005 | of Distributions | 2004 | of Distributions | ||||||||||||||||||
Ordinary income
|
$ | 0.3972 | 18.42 | % | $ | 0.5992 | 27.79 | % | $ | 0.9249 | 23.81 | % | ||||||||||||
Short-term capital gains
|
| | | | 0.1080 | 2.78 | % | |||||||||||||||||
Long-term capital gains
|
0.5115 | 23.72 | % | 0.8023 | 37.21 | % | 2.2119 | 56.94 | % | |||||||||||||||
Unrecaptured Section 1250 gain
|
0.3661 | 16.98 | % | 0.4041 | 18.74 | % | 0.6398 | 16.47 | % | |||||||||||||||
Qualified Dividends
|
0.8814 | 40.88 | % | 0.3506 | 16.26 | % | | | ||||||||||||||||
$ | 2.1562 | 100.00 | % | $ | 2.1562 | 100.00 | % | $ | 3.8846 | 100.00 | % | |||||||||||||
89
Table of Contents
As a Percentage |
||||||||
Series J Cumulative Redeemable Preferred Stock
|
2006 | of Distributions | ||||||
Ordinary income
|
$ | 0.3227 | 18.42 | % | ||||
Long-term capital gains
|
0.4156 | 23.72 | % | |||||
Unrecaptured Section 1250 gain
|
0.2975 | 16.98 | % | |||||
Qualified Dividends
|
0.7163 | 40.88 | % | |||||
$ | 1.7521 | 100.00 | % | |||||
As a Percentage |
||||||||
Series K Cumulative Redeemable Preferred Stock
|
2006 | of Distributions | ||||||
Ordinary income
|
$ | 0.1215 | 18.42 | % | ||||
Long-term capital gains
|
0.1564 | 23.72 | % | |||||
Unrecaptured Section 1250 gain
|
0.1120 | 16.98 | % | |||||
Qualified Dividends
|
0.2696 | 40.88 | % | |||||
$ | 0.6595 | 100.00 | % | |||||
2006 | 2005 | 2004 | ||||||||||
Current:
|
||||||||||||
Federal
|
$ | (39,531 | ) | $ | (19,265 | ) | $ | (8,074 | ) | |||
State
|
(7,734 | ) | (4,519 | ) | (1,654 | ) | ||||||
Deferred:
|
||||||||||||
Federal
|
3,548 | 4,299 | 1,070 | |||||||||
State
|
695 | 1,009 | 219 | |||||||||
$ | (43,022 | ) | $ | (18,476 | ) | $ | (8,439 | ) | ||||
90
Table of Contents
2006 | 2005 | 2004 | ||||||||||
Bad debt expense
|
$ | 119 | $ | 118 | $ | | ||||||
Investment in partnerships
|
2,519 | 648 | | |||||||||
Fixed assets
|
7,133 | 4,363 | 2,012 | |||||||||
Prepaid rent
|
556 | 461 | 323 | |||||||||
Capitalized general and
administrative expense under 263A
|
2,408 | 2,696 | 818 | |||||||||
Deferred losses/gains
|
968 | 878 | 334 | |||||||||
Mark-to-Market
of interest rate protection agreements
|
| 6 | | |||||||||
Capitalized interest under 263A
|
191 | 184 | | |||||||||
Accrued contingency loss
|
297 | | | |||||||||
Total deferred tax assets
|
$ | 14,191 | $ | 9,354 | $ | 3,487 | ||||||
Straight-line rent
|
(1,483 | ) | (923 | ) | (430 | ) | ||||||
Build to suit development
|
(100 | ) | (66 | ) | | |||||||
Total deferred tax liabilities
|
$ | (1,583 | ) | $ | (989 | ) | $ | (430 | ) | |||
Total net deferred tax asset
|
$ | 12,608 | $ | 8,365 | $ | 3,057 | ||||||
2006 | 2005 | 2004 | ||||||||||
Tax expense associated with income
from operations on sold properties which is included in
discontinued operations
|
$ | (2,629 | ) | $ | (3,054 | ) | $ | (2,346 | ) | |||
Tax expense associated with gains
and losses on the sale of real estate which is included in
discontinued operations
|
(47,511 | ) | (20,529 | ) | (8,659 | ) | ||||||
Tax expense associated with gains
and losses on the sale of real estate
|
(2,119 | ) | (10,871 | ) | (5,371 | ) | ||||||
Income tax benefit
|
9,237 | 15,978 | 7,937 | |||||||||
Income tax expense
|
$ | (43,022 | ) | $ | (18,476 | ) | $ | (8,439 | ) | |||
2006 | 2005 | 2004 | ||||||||||
Tax benefit at Federal rate
related to continuing operations
|
$ | 5,873 | $ | 2,785 | $ | 2,256 | ||||||
State tax benefit, net of Federal
benefit
|
700 | 403 | 282 | |||||||||
Meals and Entertainment
|
(24 | ) | (19 | ) | (16 | ) | ||||||
Prior year provision to return
adjustments
|
484 | 1,886 | | |||||||||
Other
|
85 | 52 | 44 | |||||||||
Net Income tax benefit
|
$ | 7,118 | $ | 5,107 | $ | 2,566 | ||||||
91
Table of Contents
12. | Future Rental Revenues |
2007
|
$ | 280,654 | ||
2008
|
236,882 | |||
2009
|
189,035 | |||
2010
|
140,853 | |||
2011
|
106,194 | |||
Thereafter
|
460,231 | |||
Total
|
$ | 1,413,849 | ||
13. | Stock Based Compensation |
Weighted |
||||||||||||||||
Average |
Exercise |
Aggregate |
||||||||||||||
Exercise |
Price |
Intrinsic |
||||||||||||||
Shares | Price | per Share | Value | |||||||||||||
Outstanding at December 31,
2004
|
823,421 | $ | 30.74 | $ | 18.25-$33.15 | $ | 8,230 | |||||||||
Exercised
|
(248,881 | ) | $ | 29.57 | $ | 18.25-$33.15 | $ | 2,588 | ||||||||
Expired or Terminated
|
(27,817 | ) | $ | 30.71 | $ | 25.13-$33.13 | ||||||||||
Outstanding at December 31,
2005
|
546,723 | $ | 31.27 | $ | 22.75-$33.15 | $ | 3,954 | |||||||||
Exercised
|
(125,780 | ) | $ | 30.24 | $ | 22.75-$33.15 | $ | 1,846 | ||||||||
Expired or Terminated
|
(38,967 | ) | $ | 30.88 | $ | 27.25-$33.13 | ||||||||||
Outstanding at December 31,
2006
|
381,976 | $ | 31.65 | $ | 25.13-$33.15 | $ | 5,823 | |||||||||
Number |
Weighted |
Weighted |
||||||||||
Outstanding |
Average |
Average |
||||||||||
and |
Remaining |
Exercise |
||||||||||
Range of Exercise Price
|
Exercisable | Contractual Life | Price | |||||||||
$25.13 - $30.53
|
117,576 | 3.98 | 29.90 | |||||||||
$31.05 - $33.15
|
264,400 | 3.45 | 32.42 |
92
Table of Contents
Weighted |
||||||||
Average |
||||||||
Grant Date |
||||||||
Shares | Fair Value | |||||||
Outstanding at December 31,
2004
|
823,836 | $ | 31.88 | |||||
Issued
|
200,042 | $ | 41.89 | |||||
Vested
|
(279,266 | ) | $ | 32.78 | ||||
Forfeited
|
(44,589 | ) | $ | 34.37 | ||||
Outstanding at December 31,
2005
|
700,023 | $ | 34.23 | |||||
Issued
|
319,374 | $ | 38.05 | |||||
Vested
|
(217,168 | ) | $ | 36.57 | ||||
Forfeited
|
(23,694 | ) | $ | 34.55 | ||||
Outstanding at December 31,
2006
|
778,535 | $ | 35.49 | |||||
14. | Related Party Transactions |
15. | Commitments and Contingencies |
93
Table of Contents
2007
|
$ | 2,561 | ||
2008
|
2,433 | |||
2009
|
1,984 | |||
2010
|
1,789 | |||
2011
|
1,715 | |||
Thereafter
|
31,167 | |||
Total
|
$ | 41,649 | ||
16. | Subsequent Events |
94
Table of Contents
17. | Quarterly Financial Information (unaudited) |
Year Ended December 31, 2006 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 90,591 | $ | 94,487 | $ | 97,512 | $ | 113,446 | ||||||||
Equity in Income (Loss) of Joint
Ventures
|
(34 | ) | 7,307 | 4,747 | 18,654 | |||||||||||
Minority Interest Allocable to
Continuing Operations
|
2,916 | 2,231 | 2,892 | 1,756 | ||||||||||||
Loss from Continuing Operations,
Net of Income Tax and Minority Interest
|
(13,754 | ) | (10,635 | ) | (14,063 | ) | (5,325 | ) | ||||||||
Income from Discontinued
Operations, Net of Income Tax
|
41,284 | 47,874 | 48,190 | 37,869 | ||||||||||||
Minority Interest Allocable to
Discontinued Operations
|
(5,442 | ) | (6,228 | ) | (6,260 | ) | (4,866 | ) | ||||||||
Gain on Sale of Real Estate, Net
of Income Tax
|
982 | 1,475 | 1,729 | (234 | ) | |||||||||||
Minority Interest Allocable to
(Gain) Loss Sale of Real Estate
|
(127 | ) | (192 | ) | (225 | ) | 30 | |||||||||
Net Income
|
22,943 | 32,294 | 29,371 | 27,474 | ||||||||||||
Preferred Stock Dividends
|
(5,019 | ) | (5,029 | ) | (5,442 | ) | (5,934 | ) | ||||||||
Less: Redemption of Preferred Stock
|
(672 | ) | | | | |||||||||||
Net Income Available to Common
Stockholders
|
$ | 17,252 | $ | 27,265 | $ | 23,929 | $ | 21,540 | ||||||||
Basic Earnings Per Share:
|
||||||||||||||||
Loss From Continuing Operations
|
$ | (0.42 | ) | $ | (0.33 | ) | $ | (0.41 | ) | $ | (0.26 | ) | ||||
Income from Discontinued Operations
|
$ | 0.82 | $ | 0.95 | $ | 0.95 | $ | 0.75 | ||||||||
Net Income Available to Common
Stockholders
|
$ | 0.39 | $ | 0.62 | $ | 0.54 | $ | 0.49 | ||||||||
Weighted Average
Shares Outstanding
|
43,887 | 44,006 | 44,032 | 44,118 | ||||||||||||
Diluted Earnings Per Share:
|
||||||||||||||||
Loss From Continuing Operations
|
$ | (0.42 | ) | $ | (0.33 | ) | $ | (0.41 | ) | $ | (0.26 | ) | ||||
Income from Discontinued Operations
|
$ | 0.82 | $ | 0.95 | $ | 0.95 | $ | 0.75 | ||||||||
Net Income Available to Common
Stockholders
|
$ | 0.39 | $ | 0.62 | $ | 0.54 | $ | 0.49 | ||||||||
Weighted Average
Shares Outstanding
|
43,887 | 44,006 | 44,032 | 44,118 | ||||||||||||
95
Table of Contents
Year Ended December 31, 2005 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 73,267 | $ | 72,365 | $ | 88,861 | $ | 91,037 | ||||||||
Equity in (Loss) Income of Joint
Ventures
|
(122 | ) | (98 | ) | 3,978 | (59 | ) | |||||||||
Minority Interest Allocable to
Continuing Operations
|
1,724 | 1,954 | 1,854 | 2,448 | ||||||||||||
Loss from Continuing Operations,
Net of Income Tax and Minority Interest
|
(9,238 | ) | (10,828 | ) | (9,901 | ) | (12,457 | ) | ||||||||
Income from Discontinued
Operations, Net of Income Tax
|
15,714 | 35,666 | 36,943 | 42,155 | ||||||||||||
Minority Interest Allocable to
Discontinued Operations
|
(2,053 | ) | (4,665 | ) | (4,880 | ) | (5,573 | ) | ||||||||
Gain on Sale of Real Estate, Net
of Income Tax
|
13,780 | 1,818 | 1,538 | 1,543 | ||||||||||||
Minority Interest Allocable to
Gain on Sale of Real Estate
|
(1,813 | ) | (238 | ) | (203 | ) | (204 | ) | ||||||||
Net Income
|
16,390 | 21,753 | 23,497 | 25,464 | ||||||||||||
Preferred Stock Dividends
|
(2,310 | ) | (2,310 | ) | (2,310 | ) | (3,758 | ) | ||||||||
Net Income Available to Common
Stockholders
|
$ | 14,080 | $ | 19,443 | $ | 21,187 | $ | 21,706 | ||||||||
Basic Earnings Per Share:
|
||||||||||||||||
Income (Loss) From Continuing
Operations
|
$ | 0.01 | $ | (0.27 | ) | $ | (0.26 | ) | $ | (0.35 | ) | |||||
Income From Discontinued Operations
|
$ | 0.32 | $ | 0.73 | $ | 0.75 | $ | 0.85 | ||||||||
Net Income Available to Common
Stockholders
|
$ | 0.33 | $ | 0.46 | $ | 0.50 | $ | 0.51 | ||||||||
Weighted Average
Shares Outstanding
|
42,158 | 42,285 | 42,468 | 42,806 | ||||||||||||
Diluted Earnings Per Share:
|
||||||||||||||||
Income (Loss) From Continuing
Operations
|
$ | 0.01 | $ | (0.27 | ) | $ | (0.26 | ) | $ | (0.35 | ) | |||||
Income From Discontinued Operations
|
$ | 0.32 | $ | 0.73 | $ | 0.75 | $ | 0.85 | ||||||||
Net Income Available to Common
Stockholders
|
$ | 0.33 | $ | 0.46 | $ | 0.50 | $ | 0.51 | ||||||||
Weighted Average
Shares Outstanding
|
42,466 | 42,285 | 42,468 | 42,806 | ||||||||||||
96
Table of Contents
18. | Pro Forma Financial Information (unaudited) |
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
Pro Forma Revenues
|
$ | 409,229 | $ | 355,126 | ||||
Pro Forma Loss from Continuing
Operations Available to Common Stockholders, Net of Minority
Interest and Income Taxes
|
$ | (58,391 | ) | $ | (36,017 | ) | ||
Pro Forma Net Income Available to
Common Stockholders
|
$ | 94,029 | $ | 77,290 | ||||
Per Share Data:
|
||||||||
Basic Earnings Per Share Data:
|
||||||||
Income from Continuing Operations
Available to Common Stockholders
|
$ | (1.31 | ) | $ | (0.85 | ) | ||
Net Income Available to Common
Stockholders
|
$ | 2.14 | $ | 1.82 | ||||
Diluted Earnings Per Share Data:
|
||||||||
Income from Continuing Operations
Available to Common Stockholders
|
$ | (1.31 | ) | $ | (0.85 | ) | ||
Net Income Available to Common
Stockholders
|
$ | 2.14 | $ | 1.82 | ||||
97
Table of Contents
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2005 | 2004 | |||||||
Pro Forma Revenues
|
$ | 390,716 | $ | 329,152 | ||||
Pro Forma (Loss) Income from
Continuing Operations Available to Common Stockholders, Net of
Minority Interest and Income Taxes
|
(16,869 | ) | 17,661 | |||||
Pro Forma Net Income Available to
Common Stockholders
|
85,580 | 100,982 | ||||||
Per Share Data:
|
||||||||
Basic Earnings Per Share Data:
|
||||||||
Income from Continuing Operations
Available to Common Stockholders
|
$ | (0.40 | ) | $ | 0.44 | |||
Net Income Available to Common
Stockholders
|
$ | 2.02 | $ | 2.49 | ||||
Diluted Earnings Per Share Data:
|
||||||||
Income from Continuing Operations
Available to Common Stockholders
|
$ | (0.40 | ) | $ | 0.43 | |||
Net Income Available to Common
Stockholders
|
$ | 2.02 | $ | 2.47 | ||||
98
Table of Contents
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2006
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Atlanta
|
||||||||||||||||||||||||||||||||||||||||
4250 River Green Parkway
|
Duluth, GA | 264 | $ | 1,522 | $ | 186 | $ | 264 | $ | 1,708 | $ | 1,972 | $ | 515 | 1988 | (o | ) | |||||||||||||||||||||||
3450 Corporate Parkway
|
Duluth, GA | 506 | 2,904 | 444 | 506 | 3,348 | 3,854 | 1,100 | 1988 | (o | ) | |||||||||||||||||||||||||||||
1650 GA Highway 155
|
McDonough, GA | 788 | 4,544 | 203 | 788 | 4,747 | 5,535 | 1,453 | 1991 | (o | ) | |||||||||||||||||||||||||||||
14101 Industrial Park Boulevard
|
Covington, GA | 285 | 1,658 | 703 | 285 | 2,361 | 2,646 | 640 | 1984 | (o | ) | |||||||||||||||||||||||||||||
801-804
Blacklawn Road
|
Conyers, GA | 361 | 2,095 | 859 | 361 | 2,954 | 3,316 | 879 | 1982 | (o | ) | |||||||||||||||||||||||||||||
1665 Dogwood Drive
|
Conyers, GA | 635 | 3,662 | 481 | 635 | 4,143 | 4,778 | 1,335 | 1973 | (o | ) | |||||||||||||||||||||||||||||
1715 Dogwood Drive(j)
|
Conyers, GA | 288 | 1,675 | 1,042 | 288 | 2,717 | 3,005 | 544 | 1973 | (o | ) | |||||||||||||||||||||||||||||
11235 Harland Drive
|
Covington, GA | 125 | 739 | 88 | 125 | 827 | 952 | 251 | 1988 | (o | ) | |||||||||||||||||||||||||||||
4050 Southmeadow Parkway
|
Atlanta, GA | 401 | 2,813 | 328 | 425 | 3,117 | 3,542 | 972 | 1991 | (o | ) | |||||||||||||||||||||||||||||
4051 Southmeadow Parkway
|
Atlanta, GA | 726 | 4,130 | 1,429 | 726 | 5,558 | 6,284 | 1,820 | 1989 | (o | ) | |||||||||||||||||||||||||||||
4071 Southmeadow Parkway
|
Atlanta, GA | 750 | 4,460 | 1,094 | 828 | 5,476 | 6,304 | 1,705 | 1991 | (o | ) | |||||||||||||||||||||||||||||
4081 Southmeadow Parkway
|
Atlanta, GA | 1,012 | 5,918 | 1,649 | 1,157 | 7,423 | 8,579 | 2,077 | 1989 | (o | ) | |||||||||||||||||||||||||||||
370 Great Southwest Parkway(c)
|
Atlanta, GA | 527 | 2,984 | 578 | 546 | 3,542 | 4,088 | 935 | 1986 | (o | ) | |||||||||||||||||||||||||||||
955 Cobb Place
|
Kennesaw, GA | 780 | 4,420 | 627 | 804 | 5,023 | 5,827 | 1,161 | 1991 | (o | ) | |||||||||||||||||||||||||||||
1005 Sigman Road
|
Conyers, GA | 566 | 3,134 | 160 | 574 | 3,285 | 3,860 | 600 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2050 East Park Drive
|
Conyers, GA | 452 | 2,504 | 111 | 459 | 2,608 | 3,067 | 470 | 1998 | (o | ) | |||||||||||||||||||||||||||||
1256 Oakbrook Drive
|
Norcross, GA | 336 | 1,907 | 346 | 339 | 2,250 | 2,589 | 368 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1265 Oakbrook Drive
|
Norcross, GA | 307 | 1,742 | 636 | 309 | 2,377 | 2,686 | 310 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1266 Oakbrook Drive
|
Norcross, GA | 234 | 1,326 | 95 | 235 | 1,419 | 1,654 | 194 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1275 Oakbrook Drive
|
Norcross, GA | 400 | 2,269 | 235 | 403 | 2,502 | 2,905 | 352 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1280 Oakbrook Drive
|
Norcross, GA | 281 | 1,592 | 345 | 283 | 1,935 | 2,218 | 290 | 1986 | (o | ) |
S-1
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
1300 Oakbrook Drive
|
Norcross, GA | 420 | 2,381 | 185 | 423 | 2,563 | 2,986 | 342 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1325 Oakbrook Drive
|
Norcross, GA | 332 | 1,879 | 260 | 334 | 2,137 | 2,470 | 297 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1351 Oakbrook Drive
|
Norcross, GA | 370 | 2,099 | 173 | 373 | 2,270 | 2,643 | 316 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1346 Oakbrook Drive
|
Norcross, GA | 740 | 4,192 | 132 | 744 | 4,319 | 5,063 | 602 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1412 Oakbrook Drive
|
Norcross, GA | 313 | 1,776 | 209 | 315 | 1,983 | 2,298 | 300 | 1985 | (o | ) | |||||||||||||||||||||||||||||
7800 The Bluffs
|
Austell, GA | 490 | 2,415 | 564 | 496 | 2,974 | 3,469 | 372 | 1995 | (o | ) | |||||||||||||||||||||||||||||
Greenwood Industrial Park
|
McDonough, GA | 1,550 | | 7,485 | 1,550 | 7,485 | 9,035 | 441 | 2003 | (o | ) | |||||||||||||||||||||||||||||
3060 South Park Blvd
|
Ellenwood, GA | 1,600 | 12,464 | 862 | 1,603 | 13,323 | 14,926 | 1,392 | 1992 | (o | ) | |||||||||||||||||||||||||||||
46 Kent Drive
|
Cartersville, GA | 875 | 2,476 | 13 | 879 | 2,485 | 3,364 | 148 | 2001 | (o | ) | |||||||||||||||||||||||||||||
100 Dorris Williams Industrial -King
|
Atlanta, GA | (l | ) | 401 | 3,754 | 42 | 406 | 3,791 | 4,197 | 343 | 2000 | (o | ) | |||||||||||||||||||||||||||
605 Stonehill Diver
|
Atlanta, GA | 485 | 1,979 | 24 | 490 | 1,998 | 2,488 | 316 | 1970 | (o | ) | |||||||||||||||||||||||||||||
5095 Phillips Lee Drive(j)
|
Atlanta, GA | 735 | 3,627 | 54 | 740 | 3,676 | 4,416 | 330 | 1985/1990 | (o | ) | |||||||||||||||||||||||||||||
6514 Warren Drive
|
Norcross, GA | 510 | 1,250 | (165 | ) | 513 | 1,082 | 1,595 | 57 | 1999 | (o | ) | ||||||||||||||||||||||||||||
6544 Warren Drive
|
Norcross, GA | 711 | 2,310 | 52 | 715 | 2,358 | 3,073 | 140 | 1999 | (o | ) | |||||||||||||||||||||||||||||
720 Industrial Boulevard
|
Dublin, GA | 250 | 2,632 | 39 | 255 | 2,667 | 2,921 | 389 | 1973/2000 | (o | ) | |||||||||||||||||||||||||||||
5356 East Ponce DeLeon
|
One Mountain, GA | 604 | 3,888 | 7 | 610 | 3,890 | 4,499 | 284 | 1982 | (o | ) | |||||||||||||||||||||||||||||
5390 East Ponce DeLeon
|
One Mountain, GA | 397 | 1,791 | 8 | 402 | 1,794 | 2,196 | 136 | 1982 | (o | ) | |||||||||||||||||||||||||||||
1755 Enterprise Drive
|
Buford, GA | 712 | 2,118 | 41 | 716 | 2,155 | 2,871 | 45 | 1997 | (o | ) | |||||||||||||||||||||||||||||
4555 Atwater Court(j)
|
Buford, GA | 881 | 3,550 | 34 | 885 | 3,580 | 4,465 | 63 | 1999 | (o | ) | |||||||||||||||||||||||||||||
195 & 197 Collins Boulevard
|
Athens, GA | 1,410 | 5,344 | 64 | 1,426 | 5,393 | 6,818 | 747 | 1969/1984 | (o | ) | |||||||||||||||||||||||||||||
Baltimore
|
||||||||||||||||||||||||||||||||||||||||
1820 Portal
|
Baltimore, MD | 884 | 4,891 | 455 | 899 | 5,330 | 6,230 | 1,151 | 1982 | (o | ) | |||||||||||||||||||||||||||||
8900 Yellow Brick Road
|
Baltimore, MD | 447 | 2,473 | 409 | 475 | 2,853 | 3,328 | 624 | 1982 | (o | ) | |||||||||||||||||||||||||||||
504 Advantage Way
|
Aberdeen, MD | 2,799 | 15,864 | 953 | 2,807 | 16,809 | 19,616 | 1,651 | 1987/92 | (o | ) | |||||||||||||||||||||||||||||
9700 Martin Luther King Hwy
|
Lanham, MD | 700 | 1,920 | 729 | 700 | 2,649 | 3,349 | 447 | 1980 | (o | ) | |||||||||||||||||||||||||||||
9730 Martin Luther King Hwy
|
Lanham, MD | 500 | 955 | 418 | 500 | 1,373 | 1,873 | 212 | 1980 | (o | ) | |||||||||||||||||||||||||||||
4621 Boston Way
|
Lanham, MD | 1,100 | 3,070 | 614 | 1,100 | 3,684 | 4,784 | 469 | 1980 | (o | ) | |||||||||||||||||||||||||||||
4720 Boston Way
|
Lanham, MD | 1,200 | 2,174 | 735 | 1,200 | 2,909 | 4,109 | 512 | 1979 | (o | ) | |||||||||||||||||||||||||||||
2250 Randolph Drive
|
Dulles, VA | 3,200 | 8,187 | 36 | 3,208 | 8,215 | 11,423 | 654 | 1999 | (o | ) |
S-2
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
22630 Dulles Summit Court
|
Dulles, VA | 2,200 | 9,346 | 128 | 2,206 | 9,468 | 11,674 | 747 | 1998 | (o | ) | |||||||||||||||||||||||||||||
4201 Forbes Boulevard(j)
|
Lanham, MD | 356 | 1,823 | 403 | 375 | 2,207 | 2,582 | 176 | 1989 | (o | ) | |||||||||||||||||||||||||||||
4370-4383
Lottsford Vista Road
|
Lanham, MD | 279 | 1,358 | 247 | 296 | 1,588 | 1,884 | 109 | 1989 | (o | ) | |||||||||||||||||||||||||||||
4400 Lottsford Vista Road
|
Lanham, MD | 351 | 1,955 | 112 | 372 | 2,046 | 2,418 | 140 | 1989 | (o | ) | |||||||||||||||||||||||||||||
4420 Lottsford Vista Road
|
Lanham, MD | 539 | 2,196 | 165 | 568 | 2,332 | 2,900 | 187 | 1989 | (o | ) | |||||||||||||||||||||||||||||
11204 McCormick Road
|
Hunt Valley, MD | 1,017 | 3,132 | 86 | 1,038 | 3,197 | 4,235 | 231 | 1962 | (o | ) | |||||||||||||||||||||||||||||
11110 Pepper Road
|
Hunt Valley, MD | 918 | 2,529 | 252 | 938 | 2,762 | 3,699 | 152 | 1964 | (o | ) | |||||||||||||||||||||||||||||
11100 Gilroy Road
|
Hunt Valley, MD | 901 | 1,455 | 43 | 919 | 1,480 | 2,399 | 107 | 1972 | (o | ) | |||||||||||||||||||||||||||||
318 Clubhouse
|
Hunt Valley, MD | 701 | 1,691 | (3 | ) | 718 | 1,671 | 2,389 | 128 | 1984 | (o | ) | ||||||||||||||||||||||||||||
336 Clubhouse(j)
|
Hunt Valley, MD | 982 | 3,158 | 98 | 1,004 | 3,234 | 4,238 | 240 | 1976 | (o | ) | |||||||||||||||||||||||||||||
10709 Gilroy Road
|
Hunt Valley, MD | 907 | 2,884 | (173 | ) | 913 | 2,705 | 3,618 | 195 | 1978 | (o | ) | ||||||||||||||||||||||||||||
10707 Gilroy Road
|
Hunt Valley, MD | 1,111 | 3,819 | 96 | 1,136 | 3,890 | 5,026 | 274 | 1977 | (o | ) | |||||||||||||||||||||||||||||
10947 Golden West
|
Hunt Valley, MD | 1,134 | 3,436 | 70 | 1,135 | 3,504 | 4,640 | 168 | 1983 | (o | ) | |||||||||||||||||||||||||||||
38 Loveton Circle
|
Hunt Valley, MD | 1,664 | 2,151 | 78 | 1,701 | 2,191 | 3,893 | 239 | 1983 | (o | ) | |||||||||||||||||||||||||||||
7120-7132
Ambassador Road
|
Hunt Valley, MD | 829 | 1,329 | 145 | 847 | 1,456 | 2,303 | 117 | 1970 | (o | ) | |||||||||||||||||||||||||||||
7142 Ambassador Road
|
Hunt Valley, MD | 924 | 2,876 | 86 | 942 | 2,945 | 3,886 | 119 | 1973 | (o | ) | |||||||||||||||||||||||||||||
7144-7160
Ambassador Road
|
Hunt Valley, MD | 979 | 1,672 | 162 | 1,000 | 1,813 | 2,813 | 178 | 1974 | (o | ) | |||||||||||||||||||||||||||||
7223-7249
Ambassador Road
|
Hunt Valley, MD | 1,283 | 2,674 | 136 | 1,311 | 2,782 | 4,093 | 260 | 1967/87 | (o | ) | |||||||||||||||||||||||||||||
7200 Rutherford(j)
|
Hunt Valley, MD | 1,032 | 2,150 | 145 | 1,054 | 2,274 | 3,327 | 211 | 1978 | (o | ) | |||||||||||||||||||||||||||||
2700 Lord Baltimore(j)
|
Hunt Valley, MD | 875 | 1,826 | 261 | 897 | 2,065 | 2,962 | 169 | 1978 | (o | ) | |||||||||||||||||||||||||||||
9800 Martin Luther King Hwy
|
Lanham, MD | 1,200 | 2,457 | 309 | 1,200 | 2,766 | 3,966 | 360 | 1978 | (o | ) | |||||||||||||||||||||||||||||
Central Pennsylvania
|
||||||||||||||||||||||||||||||||||||||||
1214-B Freedom Road
|
Cranberry Township, PA | 31 | 994 | 612 | 200 | 1,438 | 1,637 | 817 | 1982 | (o | ) | |||||||||||||||||||||||||||||
401 Russell Drive
|
Middletown, PA | 262 | 857 | 2,065 | 287 | 2,896 | 3,184 | 1,577 | 1990 | (o | ) | |||||||||||||||||||||||||||||
2700 Commerce Drive
|
Middletown, PA | 196 | 997 | 710 | 206 | 1,697 | 1,903 | 892 | 1990 | (o | ) | |||||||||||||||||||||||||||||
2701 Commerce Drive
|
Middletown, PA | 141 | 859 | 1,160 | 164 | 1,996 | 2,160 | 908 | 1989 | (o | ) | |||||||||||||||||||||||||||||
2780 Commerce Drive
|
Middletown, PA | 113 | 743 | 1,090 | 209 | 1,737 | 1,946 | 902 | 1989 | (o | ) |
S-3
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
5020 Louise Drive
|
Mechanicsburg, PA | 707 | | 2,908 | 716 | 2,899 | 3,615 | 815 | 1995 | (o | ) | |||||||||||||||||||||||||||||
350 Old Silver Springs Road(j)
|
Mechanicsburg, PA | 510 | 2,890 | 5,281 | 541 | 8,140 | 8,681 | 1,639 | 1968/97 | (o | ) | |||||||||||||||||||||||||||||
16522 Hunters Green Parkway
|
Hagerstown, MD(m) | 1,390 | 13,104 | 3,902 | 1,863 | 16,534 | 18,396 | 1,496 | 2000 | (o | ) | |||||||||||||||||||||||||||||
18212 Shawley Drive
|
Hagerstown, MD | 1,000 | 5,847 | 119 | 1,016 | 5,950 | 6,966 | 484 | 1992 | (o | ) | |||||||||||||||||||||||||||||
301 Railroad Avenue
|
Shiremanstown, PA | 1,181 | 4,447 | 1,583 | 1,357 | 5,853 | 7,211 | 614 | 1970 | (o | ) | |||||||||||||||||||||||||||||
431 Railroad Avenue
|
Shiremanstown, PA | 1,293 | 7,164 | 204 | 1,340 | 7,321 | 8,661 | 681 | 1968 | (o | ) | |||||||||||||||||||||||||||||
Golden Eagle Business Center
|
Harrisburg, PA | 585 | 3,176 | 68 | 601 | 3,229 | 3,829 | 169 | 2000 | (o | ) | |||||||||||||||||||||||||||||
37 Valleyview Business Park
|
Jessup, PA | 542 | | 2,971 | 542 | 2,972 | 3,513 | 151 | 2004 | (o | ) | |||||||||||||||||||||||||||||
1351 Eisenhower Blvd., Bldg 1
|
Harrisburg, PA | 382 | 2,343 | 25 | 387 | 2,363 | 2,750 | 50 | 2003 | (o | ) | |||||||||||||||||||||||||||||
1351 Eisenhower Blvd., Bldg 2
|
Harrisburg, PA | 436 | 1,587 | 19 | 443 | 1,599 | 2,042 | 39 | 2001 | (o | ) | |||||||||||||||||||||||||||||
320 Museum Road
|
Washington, PA | 201 | 1,819 | 56 | 208 | 1,868 | 2,076 | 128 | 1967/75 | (o | ) | |||||||||||||||||||||||||||||
Chicago
|
||||||||||||||||||||||||||||||||||||||||
720-730
Landwehr Road
|
Northbrook, IL | 521 | 2,982 | 1,526 | 521 | 4,508 | 5,029 | 1,406 | 1978 | (o | ) | |||||||||||||||||||||||||||||
20W201 101st Street
|
Lemont, IL | 967 | 5,554 | 878 | 968 | 6,431 | 7,399 | 2,107 | 1988 | (o | ) | |||||||||||||||||||||||||||||
3600 West Pratt Avenue
|
Lincolnwood, IL | 1,050 | 5,767 | 1,158 | 1,050 | 6,925 | 7,975 | 2,179 | 1953/88 | (o | ) | |||||||||||||||||||||||||||||
6750 South Sayre Avenue
|
Bedford Park, IL | 224 | 1,309 | 477 | 224 | 1,786 | 2,010 | 499 | 1975 | (o | ) | |||||||||||||||||||||||||||||
585 Slawin Court
|
Mount Prospect, IL | 611 | 3,505 | 183 | 611 | 3,688 | 4,299 | 1,115 | 1992 | (o | ) | |||||||||||||||||||||||||||||
2300 Windsor Court
|
Addison, IL | 688 | 3,943 | 590 | 696 | 4,525 | 5,221 | 1,482 | 1986 | (o | ) | |||||||||||||||||||||||||||||
3505 Thayer Court
|
Aurora, IL | 430 | 2,472 | 71 | 430 | 2,543 | 2,973 | 788 | 1989 | (o | ) | |||||||||||||||||||||||||||||
305-311
Era Drive
|
Northbrook, IL | 200 | 1,154 | 146 | 205 | 1,296 | 1,501 | 396 | 1978 | (o | ) | |||||||||||||||||||||||||||||
12241 Melrose Street
|
Franklin Park, IL | 332 | 1,931 | 1,915 | 469 | 3,709 | 4,178 | 1,290 | 1969 | (o | ) | |||||||||||||||||||||||||||||
3150-3160
MacArthur Boulevard
|
Northbrook, IL | 429 | 2,518 | 32 | 429 | 2,551 | 2,979 | 800 | 1978 | (o | ) | |||||||||||||||||||||||||||||
365 North Avenue
|
Carol Stream, IL | 1,081 | 6,882 | 4,614 | 1,111 | 11,465 | 12,577 | 3,283 | 1969 | (o | ) | |||||||||||||||||||||||||||||
305-307
East North Ave
|
Carol Stream, IL | 126 | | 2,732 | 128 | 2,731 | 2,859 | 432 | 1999 | (o | ) | |||||||||||||||||||||||||||||
11939 S Central Avenue
|
Alsip, IL | 1,208 | 6,843 | 2,523 | 1,305 | 9,268 | 10,573 | 2,132 | 1972 | (o | ) | |||||||||||||||||||||||||||||
405 East Shawmut
|
LaGrange, IL | 368 | 2,083 | 359 | 387 | 2,422 | 2,809 | 606 | 1965 | (o | ) | |||||||||||||||||||||||||||||
1010-50
Sesame Street
|
Bensenville, IL | 979 | 5,546 | 2,306 | 1,048 | 7,782 | 8,831 | 1,500 | 1976 | (o | ) |
S-4
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
7501 S. Pulaski
|
Chicago, IL | 318 | 2,038 | 767 | 318 | 2,805 | 3,123 | 590 | 1975/86 | (o | ) | |||||||||||||||||||||||||||||
385 Fenton Lane
|
West Chicago, IL | 868 | 4,918 | 554 | 884 | 5,455 | 6,340 | 1,451 | 1990 | (o | ) | |||||||||||||||||||||||||||||
905 Paramount
|
Batavia, IL | 243 | 1,375 | 439 | 252 | 1,805 | 2,057 | 401 | 1977 | (o | ) | |||||||||||||||||||||||||||||
1005 Paramount
|
Batavia, IL | 282 | 1,600 | 451 | 293 | 2,041 | 2,334 | 472 | 1978 | (o | ) | |||||||||||||||||||||||||||||
2120-24
Roberts
|
Broadview, IL | 220 | 1,248 | 565 | 231 | 1,802 | 2,033 | 451 | 1960 | (o | ) | |||||||||||||||||||||||||||||
700 Business Center Drive
|
Mount Prospect, IL | 270 | 1,492 | 297 | 288 | 1,771 | 2,059 | 243 | 1980 | (o | ) | |||||||||||||||||||||||||||||
800 Business Center Drive
|
Mount Prospect, IL | 631 | 3,493 | 233 | 666 | 3,691 | 4,358 | 561 | 1988/99 | (o | ) | |||||||||||||||||||||||||||||
580 Slawin Court
|
Mount Prospect, IL | 233 | 1,292 | 234 | 254 | 1,505 | 1,760 | 218 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1150 Feehanville Drive
|
Mount Prospect, IL | 260 | 1,437 | 131 | 273 | 1,555 | 1,829 | 247 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1331 Business Center Drive
|
Mount Prospect, IL | 235 | 1,303 | 177 | 255 | 1,460 | 1,716 | 219 | 1985 | (o | ) | |||||||||||||||||||||||||||||
19W661 101st Street
|
Lemont, IL | 1,200 | 6,643 | 2,227 | 1,220 | 8,850 | 10,069 | 1,243 | 1988 | (o | ) | |||||||||||||||||||||||||||||
175 Wall Street
|
Glendale Heights, IL | 427 | 2,363 | 162 | 433 | 2,519 | 2,952 | 307 | 1990 | (o | ) | |||||||||||||||||||||||||||||
800-820
Thorndale Avenue(j)
|
Bensenville, IL | 751 | 4,159 | 323 | 761 | 4,473 | 5,233 | 455 | 1985 | (o | ) | |||||||||||||||||||||||||||||
830-890
Supreme Drive
|
Bensenville, IL | 671 | 3,714 | 319 | 679 | 4,025 | 4,704 | 485 | 1981 | (o | ) | |||||||||||||||||||||||||||||
1661 Feehanville Drive
|
Mount Prospect, IL | 985 | 5,455 | 1,159 | 1,044 | 6,555 | 7,599 | 1,096 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2250 Arthur Avenue
|
Elk Grove Village, IL | 800 | 1,543 | (6 | ) | 809 | 1,529 | 2,337 | 237 | 1973/86 | (o | ) | ||||||||||||||||||||||||||||
1850 Touhy &
1158-60
McCage Ave.
|
Elk Grove Village, IL | 1,500 | 4,842 | 57 | 1,514 | 4,885 | 6,399 | 573 | 1978 | (o | ) | |||||||||||||||||||||||||||||
1088-1130
Thorndale Avenue(j)
|
Bensenville, IL | 2,103 | 3,674 | 4 | 2,108 | 3,673 | 5,781 | 291 | 1983 | (o | ) | |||||||||||||||||||||||||||||
855-891
Busse(Route 83)
|
Bensenville, IL | 1,597 | 2,767 | 11 | 1,601 | 2,774 | 4,375 | 243 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1060-1074 W. Thorndale
Ave.(j)
|
Bensenville, IL | 1,704 | 2,108 | 52 | 1,709 | 2,156 | 3,864 | 214 | 1982 | (o | ) | |||||||||||||||||||||||||||||
400 Crossroads Parkway
|
Bolingbrook, IL | 1,178 | 9,453 | 264 | 1,181 | 9,714 | 10,895 | 601 | 1988 | (o | ) | |||||||||||||||||||||||||||||
7609 West Industrial Drive(j)
|
Forest Park, IL | 1,207 | 2,343 | 182 | 1,213 | 2,518 | 3,732 | 200 | 1974 | (o | ) | |||||||||||||||||||||||||||||
7801 West Industrial Drive
|
Forest Park, IL | 1,215 | 3,020 | 19 | 1,220 | 3,034 | 4,254 | 249 | 1976 | (o | ) | |||||||||||||||||||||||||||||
825 East 26th Street(j)
|
LaGrange Park, IL | 1,547 | 2,078 | 106 | 1,617 | 2,115 | 3,731 | 275 | 1959/88 | (o | ) | |||||||||||||||||||||||||||||
1111 Davis Road(j)
|
Elgin, IL | 998 | 1,859 | 646 | 1,046 | 2,458 | 3,503 | 245 | 1974/97 | (o | ) | |||||||||||||||||||||||||||||
2800 Forbes Avenue
|
Hoffman Estates, IL | 2,157 | 9,931 | 2,158 | 9,931 | 12,088 | 225 | 2005 | (o | ) | ||||||||||||||||||||||||||||||
501 Airport Road
|
Aurora, IL | 694 | | 5,267 | 694 | 5,268 | 5,961 | 659 | 2002 | (o | ) | |||||||||||||||||||||||||||||
251 Airport Road
|
Aurora, IL | 983 | | 6,675 | 983 | 6,675 | 7,658 | 990 | 2002 | (o | ) |
S-5
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
1900-1960
Devon Avenue
|
Elk Grove Village, IL | 1,154 | 2,552 | 319 | 1,167 | 2,858 | 4,025 | 309 | 1979 | (o | ) | |||||||||||||||||||||||||||||
725 Kimberly Drive
|
Carol Stream, IL | 793 | 1,395 | 11 | 801 | 1,398 | 2,199 | 94 | 1987 | (o | ) | |||||||||||||||||||||||||||||
17001 S. Vincennes
|
Thornton, IL | 497 | 504 | 29 | 513 | 518 | 1,030 | 64 | 1974 | (o | ) | |||||||||||||||||||||||||||||
750 South Schmidt Road
|
Bolingbrook, IL | 1,894 | 14,416 | 105 | 1,907 | 14,507 | 16,415 | 208 | 1997 | (o | ) | |||||||||||||||||||||||||||||
550 North West Frontage Road
|
Bolingbrook, IL | 2,210 | 23,889 | 324 | 2,240 | 24,183 | 26,423 | 311 | 2004 | (o | ) | |||||||||||||||||||||||||||||
525 Crossroads Parkway
|
Bolingbrook, IL | 790 | 5,414 | 40 | 795 | 5,448 | 6,244 | 80 | 1998 | (o | ) | |||||||||||||||||||||||||||||
Cincinnati
|
||||||||||||||||||||||||||||||||||||||||
9900-9970
Princeton
|
Cincinnati, OH | 545 | 3,088 | 2,137 | 566 | 5,203 | 5,769 | 1,524 | 1970 | (o | ) | |||||||||||||||||||||||||||||
2940 Highland Avenue
|
Cincinnati, OH | 1,717 | 9,730 | 2,279 | 1,772 | 11,954 | 13,726 | 3,577 | 1969/74 | (o | ) | |||||||||||||||||||||||||||||
4700-4750
Creek Road
|
Blue Ash, OH | 1,080 | 6,118 | 703 | 1,109 | 6,791 | 7,900 | 1,966 | 1960 | (o | ) | |||||||||||||||||||||||||||||
12072 Best Place
|
Springboro, OH | 426 | | 3,177 | 443 | 3,160 | 3,604 | 710 | 1984 | (o | ) | |||||||||||||||||||||||||||||
901 Pleasant Valley Drive
|
Springboro, OH | 304 | 1,721 | 244 | 316 | 1,954 | 2,269 | 425 | 1984/94 | (o | ) | |||||||||||||||||||||||||||||
4440 Mulhauser Road
|
Cincinnati, OH | 655 | 39 | 5,796 | 655 | 5,835 | 6,490 | 1,395 | 1999 | (o | ) | |||||||||||||||||||||||||||||
4434 Mulhauser Road
|
Cincinnati, OH | 444 | 16 | 4,858 | 463 | 4,854 | 5,318 | 977 | 1999 | (o | ) | |||||||||||||||||||||||||||||
9449 Glades Drive
|
Hamilton, OH | 465 | | 4,106 | 477 | 4,094 | 4,571 | 673 | 1999 | (o | ) | |||||||||||||||||||||||||||||
420 Wars Corner Road
|
Loveland, OH | 600 | 1,083 | 1,040 | 606 | 2,117 | 2,723 | 393 | 1985 | (o | ) | |||||||||||||||||||||||||||||
422 Wards Corner Road
|
Loveland, OH | 600 | 1,811 | 468 | 605 | 2,274 | 2,879 | 527 | 1985 | (o | ) | |||||||||||||||||||||||||||||
4436 Muhlhauser Road
|
Hamilton, OH | 630 | | 5,669 | 630 | 5,670 | 6,299 | 916 | 2001 | (o | ) | |||||||||||||||||||||||||||||
4438 Muhlhauser Road
|
Hamilton, OH | 779 | | 7,156 | 779 | 7,156 | 7,935 | 1,020 | 2000 | (o | ) | |||||||||||||||||||||||||||||
9345 Princeton-Glendale Road
|
West Chester, OH | 818 | 1,648 | 27 | 827 | 1,665 | 2,493 | 69 | 1973 | (o | ) | |||||||||||||||||||||||||||||
4663 Dues Drive(j)
|
West Chester, OH | 858 | 2,273 | 1,203 | 875 | 3,460 | 4,334 | 456 | 1972 | (o | ) | |||||||||||||||||||||||||||||
Cleveland
|
||||||||||||||||||||||||||||||||||||||||
2368 E. Enterprise Parkway
|
Twinsburg, OH | 294 | 1,857 | 29 | 298 | 1,881 | 2,180 | 105 | 1991/95 | (o | ) | |||||||||||||||||||||||||||||
30311 Emerald Valley Parkway(j)
|
Glenwillow, OH | 681 | 11,838 | 176 | 691 | 12,003 | 12,694 | 233 | 2005 | (o | ) | |||||||||||||||||||||||||||||
30333 Emerald Valley Parkway
|
Glenwillow, OH | 466 | 5,913 | (363 | ) | 475 | 5,541 | 6,016 | 121 | 2004 | (o | ) | ||||||||||||||||||||||||||||
7800 Cochran Road
|
Glenwillow, OH | 972 | 7,033 | 65 | 980 | 7,090 | 8,070 | 155 | 1999 | (o | ) | |||||||||||||||||||||||||||||
7900 Cochran Road
|
Glenwillow, OH | 775 | 6,244 | 205 | 801 | 6,424 | 7,224 | 131 | 2003 | (o | ) | |||||||||||||||||||||||||||||
7905 Cochran Road
|
Glenwillow, OH | 920 | 6,174 | 173 | 945 | 6,322 | 7,267 | 147 | 2001 | (o | ) | |||||||||||||||||||||||||||||
30600 Carter Street(j)
|
Solon, OH | 989 | 3,492 | 102 | 1,022 | 3,561 | 4,583 | 183 | 1970 | (o | ) |
S-6
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Columbus
|
||||||||||||||||||||||||||||||||||||||||
3800 Lockbourne Industrial Pkwy
|
Columbus, OH | 1,045 | 6,421 | 21 | 1,045 | 6,442 | 7,486 | 1,718 | 1986 | (o | ) | |||||||||||||||||||||||||||||
3880 Groveport Road
|
Columbus, OH | 1,955 | 12,154 | 616 | 1,955 | 12,770 | 14,725 | 3,497 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1819 North Walcutt Road
|
Columbus, OH | 637 | 4,590 | (322 | ) | 634 | 4,271 | 4,905 | 1,239 | 1973 | (o | ) | ||||||||||||||||||||||||||||
4300 Cemetary Road
|
Hillard, OH | 764 | 6,248 | (5,628 | ) | 764 | 620 | 1,384 | 10 | 1968/74 | (o | ) | ||||||||||||||||||||||||||||
4115 Leap Road(c)
|
Hillard, OH | 756 | 4,297 | 815 | 756 | 5,111 | 5,867 | 1,022 | 1977 | (o | ) | |||||||||||||||||||||||||||||
3300 Lockbourne
|
Columbus, OH | 708 | 3,920 | 1,504 | 710 | 5,422 | 6,132 | 1,269 | 1964 | (o | ) | |||||||||||||||||||||||||||||
1076 Pittsburgh Drive
|
Delaware, OH | (n | ) | 2,497 | 5,103 | 37 | 2,505 | 5,132 | 7,637 | 426 | 1996 | (o | ) | |||||||||||||||||||||||||||
6150 Huntley Road
|
Columbus, OH | 986 | 5,162 | 17 | 990 | 5,175 | 6,165 | 274 | 2002 | (o | ) | |||||||||||||||||||||||||||||
4985 Frusta Drive
|
Obetz, OH | 318 | 837 | 23 | 326 | 852 | 1,178 | 41 | 1979 | (o | ) | |||||||||||||||||||||||||||||
4600 S. Hamilton Road
|
Groveport, OH | 681 | 5,941 | 55 | 688 | 5,989 | 6,677 | 42 | 1996/2003 | (o | ) | |||||||||||||||||||||||||||||
Dallas/Fort Worth
|
||||||||||||||||||||||||||||||||||||||||
1275-1281
Roundtable Drive
|
Dallas, TX | 117 | 839 | 53 | 117 | 892 | 1,009 | 210 | 1966 | (o | ) | |||||||||||||||||||||||||||||
2406-2416
Walnut Ridge
|
Dallas, TX | 178 | 1,006 | 294 | 183 | 1,295 | 1,478 | 325 | 1978 | (o | ) | |||||||||||||||||||||||||||||
1324-1343
Roundtable Drive
|
Dallas, TX | 178 | 1,006 | 227 | 184 | 1,227 | 1,411 | 273 | 1972 | (o | ) | |||||||||||||||||||||||||||||
2401-2419
Walnut Ridge
|
Dallas, TX | 148 | 839 | 119 | 153 | 953 | 1,106 | 234 | 1978 | (o | ) | |||||||||||||||||||||||||||||
900-906
Great Southwest Pkwy
|
Arlington, TX | 237 | 1,342 | 596 | 270 | 1,905 | 2,175 | 444 | 1972 | (o | ) | |||||||||||||||||||||||||||||
3000 West Commerce
|
Dallas, TX | 456 | 2,584 | 530 | 469 | 3,101 | 3,570 | 681 | 1980 | (o | ) | |||||||||||||||||||||||||||||
3030 Hansboro
|
Dallas, TX | 266 | 1,510 | 419 | 276 | 1,920 | 2,195 | 410 | 1971 | (o | ) | |||||||||||||||||||||||||||||
405-407
113th
|
Arlington, TX | 181 | 1,026 | 462 | 185 | 1,484 | 1,669 | 308 | 1969 | (o | ) | |||||||||||||||||||||||||||||
816 111th Street
|
Arlington, TX | 251 | 1,421 | 224 | 258 | 1,638 | 1,896 | 417 | 1972 | (o | ) | |||||||||||||||||||||||||||||
7341 Dogwood Park
|
Richland Hills, TX | 79 | 435 | 237 | 84 | 666 | 750 | 197 | 1973 | (o | ) | |||||||||||||||||||||||||||||
7427 Dogwood Park
|
Richland Hills, TX | 96 | 532 | 571 | 102 | 1,098 | 1,200 | 203 | 1973 | (o | ) | |||||||||||||||||||||||||||||
7348-54
Tower Street
|
Richland Hills, TX | 88 | 489 | 213 | 94 | 696 | 790 | 147 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7370 Dogwood Park
|
Richland Hills, TX | 91 | 503 | 97 | 96 | 594 | 691 | 145 | 1987 | (o | ) | |||||||||||||||||||||||||||||
7339-41
Tower Street
|
Richland Hills, TX | 98 | 541 | 97 | 104 | 632 | 735 | 123 | 1980 | (o | ) | |||||||||||||||||||||||||||||
7437-45
Tower Street
|
Richland Hills, TX | 102 | 563 | 72 | 108 | 629 | 736 | 128 | 1977 | (o | ) | |||||||||||||||||||||||||||||
7331-59
Airport Freeway
|
Richland Hills, TX | 354 | 1,958 | 394 | 372 | 2,333 | 2,706 | 539 | 1987 | (o | ) | |||||||||||||||||||||||||||||
7338-60
Dogwood Park
|
Richland Hills, TX | 106 | 587 | 122 | 112 | 704 | 816 | 155 | 1978 | (o | ) |
S-7
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
7450-70
Dogwood Park
|
Richland Hills, TX | 106 | 584 | 122 | 112 | 700 | 812 | 166 | 1985 | (o | ) | |||||||||||||||||||||||||||||
7423-49
Airport Freeway
|
Richland Hills, TX | 293 | 1,621 | 331 | 308 | 1,936 | 2,245 | 437 | 1985 | (o | ) | |||||||||||||||||||||||||||||
7400 Whitehall Street
|
Richland Hills, TX | 109 | 603 | 91 | 115 | 688 | 804 | 148 | 1994 | (o | ) | |||||||||||||||||||||||||||||
1602-1654
Terre Colony
|
Dallas, TX | 458 | 2,596 | 214 | 468 | 2,800 | 3,268 | 547 | 1981 | (o | ) | |||||||||||||||||||||||||||||
3330 Duncanville Road
|
Dallas, TX | 197 | 1,114 | 28 | 199 | 1,139 | 1,338 | 187 | 1987 | (o | ) | |||||||||||||||||||||||||||||
6851-6909
Snowden Road
|
Fort Worth, TX | 1,025 | 5,810 | 480 | 1,038 | 6,277 | 7,315 | 1,104 | 1985/86 | (o | ) | |||||||||||||||||||||||||||||
2351-2355
Merritt Drive
|
Garland, TX | 101 | 574 | 134 | 103 | 706 | 809 | 145 | 1986 | (o | ) | |||||||||||||||||||||||||||||
701-735
North Plano Road
|
Richardson, TX | 696 | 3,944 | 152 | 705 | 4,087 | 4,792 | 682 | 1972/94 | (o | ) | |||||||||||||||||||||||||||||
2220 Merritt Drive
|
Garland, TX | 352 | 1,993 | 638 | 356 | 2,627 | 2,983 | 391 | 1986/2000 | (o | ) | |||||||||||||||||||||||||||||
2010 Merritt Drive
|
Garland, TX | 350 | 1,981 | 469 | 354 | 2,445 | 2,799 | 390 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2363 Merritt Drive
|
Garland, TX | 73 | 412 | 117 | 74 | 529 | 602 | 85 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2447 Merritt Drive
|
Garland, TX | 70 | 395 | 89 | 71 | 483 | 554 | 81 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2465-2475
Merritt Drive
|
Garland, TX | 91 | 514 | 158 | 92 | 671 | 763 | 90 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2485-2505
Merritt Drive
|
Garland, TX | 431 | 2,440 | 415 | 436 | 2,849 | 3,285 | 427 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2081 Hutton Drive Bldg
1(d)
|
Carrolton, TX | 448 | 2,540 | 465 | 453 | 3,000 | 3,453 | 531 | 1981 | (o | ) | |||||||||||||||||||||||||||||
2150 Hutton Drive
|
Carrolton, TX | 192 | 1,089 | 514 | 194 | 1,601 | 1,795 | 306 | 1980 | (o | ) | |||||||||||||||||||||||||||||
2110 Hutton Drive
|
Carrolton, TX | 374 | 2,117 | 487 | 377 | 2,600 | 2,977 | 417 | 1985 | (o | ) | |||||||||||||||||||||||||||||
2025 McKenzie Drive
|
Carrolton, TX | 437 | 2,478 | 156 | 442 | 2,629 | 3,071 | 458 | 1985 | (o | ) | |||||||||||||||||||||||||||||
2019 McKenzie Drive
|
Carrolton, TX | 502 | 2,843 | 529 | 507 | 3,368 | 3,874 | 524 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1420 Valwood Parkway
Bldg 1(c)
|
Carrolton, TX | 460 | 2,608 | 710 | 466 | 3,313 | 3,778 | 498 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1620 Valwood Parkway(d)
|
Carrolton, TX | 1,089 | 6,173 | 1,190 | 1,100 | 7,352 | 8,452 | 1,333 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1505 Luna Road
Bldg II
|
Carrolton, TX | 167 | 948 | 180 | 169 | 1,126 | 1,294 | 200 | 1988 | (o | ) | |||||||||||||||||||||||||||||
1625 West Crosby Road
|
Carrolton, TX | 617 | 3,498 | 739 | 631 | 4,223 | 4,854 | 840 | 1988 | (o | ) | |||||||||||||||||||||||||||||
2029-2035
McKenzie Drive
|
Carrolton, TX | 306 | 1,870 | 997 | 306 | 2,867 | 3,173 | 802 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1840 Hutton Drive(c)
|
Carrolton, TX | 811 | 4,597 | 687 | 819 | 5,277 | 6,095 | 791 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1420 Valwood Pkwy
Bldg II
|
Carrolton, TX | 373 | 2,116 | 343 | 377 | 2,455 | 2,832 | 387 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2015 McKenzie Drive
|
Carrolton, TX | 510 | 2,891 | 321 | 516 | 3,206 | 3,722 | 481 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2105 McDaniel Drive
|
Carrolton, TX | 502 | 2,844 | 735 | 507 | 3,573 | 4,080 | 555 | 1986 | (o | ) | |||||||||||||||||||||||||||||
2009 McKenzie Drive
|
Carrolton, TX | 476 | 2,699 | 482 | 481 | 3,176 | 3,657 | 527 | 1987 | (o | ) | |||||||||||||||||||||||||||||
1505 Luna Road Bldg I
|
Carrolton, TX | 521 | 2,953 | 579 | 529 | 3,524 | 4,053 | 558 | 1988 | (o | ) |
S-8
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
900-1100
Avenue S
|
Grand Prairie, TX | 623 | 3,528 | 324 | 629 | 3,846 | 4,474 | 576 | 1985 | (o | ) | |||||||||||||||||||||||||||||
15001 Trinity Blvd
|
Ft. Worth, TX | 529 | 2,998 | 50 | 534 | 3,043 | 3,578 | 329 | 1984 | (o | ) | |||||||||||||||||||||||||||||
Plano Crossing(e)
|
Plano, TX | 1,961 | 11,112 | 346 | 1,981 | 11,437 | 13,418 | 1,244 | 1998 | (o | ) | |||||||||||||||||||||||||||||
7413A-C Dogwood Park
|
Richland Hills, TX | 110 | 623 | 106 | 111 | 728 | 839 | 76 | 1990 | (o | ) | |||||||||||||||||||||||||||||
7450 Tower Street
|
Richland Hills, TX | 36 | 204 | 191 | 36 | 394 | 431 | 50 | 1977 | (o | ) | |||||||||||||||||||||||||||||
7436 Tower Street
|
Richland Hills, TX | 57 | 324 | 161 | 58 | 485 | 543 | 60 | 1979 | (o | ) | |||||||||||||||||||||||||||||
7501 Airport Freeway
|
Richland Hills, TX | 113 | 638 | 50 | 115 | 686 | 800 | 91 | 1983 | (o | ) | |||||||||||||||||||||||||||||
7426 Tower Street
|
Richland Hills, TX | 76 | 429 | 105 | 76 | 533 | 610 | 49 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7427-7429
Tower Street
|
Richland Hills, TX | 75 | 427 | 27 | 76 | 453 | 529 | 48 | 1981 | (o | ) | |||||||||||||||||||||||||||||
2840-2842
Handley Ederville Rd
|
Richland Hills, TX | 112 | 635 | 58 | 113 | 692 | 805 | 78 | 1977 | (o | ) | |||||||||||||||||||||||||||||
7451-7477
Airport Freeway
|
Richland Hills, TX | 256 | 1,453 | 155 | 259 | 1,605 | 1,864 | 212 | 1984 | (o | ) | |||||||||||||||||||||||||||||
7415 Whitehall Street
|
Richland Hills, TX | 372 | 2,107 | 148 | 375 | 2,251 | 2,627 | 258 | 1986 | (o | ) | |||||||||||||||||||||||||||||
7450 Whitehall Street
|
Richland Hills, TX | 104 | 591 | 30 | 105 | 620 | 725 | 64 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7430 Whitehall Street
|
Richland Hills, TX | 143 | 809 | 15 | 144 | 822 | 966 | 89 | 1985 | (o | ) | |||||||||||||||||||||||||||||
7420 Whitehall Street
|
Richland Hills, TX | 110 | 621 | 35 | 111 | 655 | 766 | 80 | 1985 | (o | ) | |||||||||||||||||||||||||||||
300 Wesley Way
|
Richland Hills, TX | 208 | 1,181 | 17 | 211 | 1,196 | 1,407 | 128 | 1995 | (o | ) | |||||||||||||||||||||||||||||
825-827
Avenue H(c)
|
Arlington, TX | 600 | 3,006 | 300 | 604 | 3,302 | 3,906 | 395 | 1979 | (o | ) | |||||||||||||||||||||||||||||
1013-31
Avenue M
|
Grand Prairie, TX | 300 | 1,504 | 66 | 302 | 1,568 | 1,870 | 180 | 1978 | (o | ) | |||||||||||||||||||||||||||||
1172-84
113th Street(c)
|
Grand Prairie, TX | 700 | 3,509 | 59 | 704 | 3,564 | 4,268 | 347 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1200-16
Avenue H(c)
|
Arlington, TX | 600 | 2,846 | 30 | 604 | 2,873 | 3,476 | 311 | 1981/82 | (o | ) | |||||||||||||||||||||||||||||
1322-66 N. Carrier
Parkway(d)
|
Grand Prairie, TX | 1,000 | 5,012 | 73 | 1,006 | 5,079 | 6,085 | 522 | 1979 | (o | ) | |||||||||||||||||||||||||||||
2401-2407
Centennial Dr.
|
Arlington, TX | 600 | 2,534 | 141 | 604 | 2,672 | 3,275 | 287 | 1977 | (o | ) | |||||||||||||||||||||||||||||
3111 West Commerce Street
|
Dallas, TX | 1,000 | 3,364 | 53 | 1,011 | 3,405 | 4,417 | 390 | 1979 | (o | ) | |||||||||||||||||||||||||||||
4201 Kellway
|
Addison, TX | 306 | 1,342 | 31 | 317 | 1,361 | 1,679 | 86 | 1980 | (o | ) | |||||||||||||||||||||||||||||
9150 West Royal Lane(j)
|
Irving, TX | 818 | 3,767 | 234 | 820 | 3,999 | 4,819 | 260 | 1985 | (o | ) | |||||||||||||||||||||||||||||
13800 Senlac Drive
|
Farmers Ranch, TX | 823 | 4,042 | 12 | 825 | 4,052 | 4,877 | 324 | 1988 | (o | ) | |||||||||||||||||||||||||||||
801-831 S. Great
Southwest Pkwy(j)(y)
|
Grand Prairie, TX | 2,581 | 16,556 | 401 | 2,586 | 16,952 | 19,538 | 1,829 | 1975 | (o | ) | |||||||||||||||||||||||||||||
801-842
Heinz Way(j)
|
Grand Prairie, TX | 599 | 3,327 | 74 | 601 | 3,399 | 4,000 | 250 | 1977 | (o | ) | |||||||||||||||||||||||||||||
901-937
Heinz Way
|
Grand Prairie, TX | 493 | 2,823 | (62 | ) | 481 | 2,773 | 3,254 | 238 | 1997 | (o | ) |
S-9
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2104 Hutton Drive
|
Carrolton, TX | 246 | 1,393 | 172 | 249 | 1,563 | 1,811 | 243 | 1990 | (o | ) | |||||||||||||||||||||||||||||
7451 Dogwood Park
|
Richland Hills, TX | 133 | 753 | 195 | 134 | 947 | 1,081 | 209 | 1977 | (o | ) | |||||||||||||||||||||||||||||
2900 Avenue E(j)
|
Arlington, TX | 296 | | 1,936 | 296 | 1,936 | 2,232 | 88 | 1968 | (o | ) | |||||||||||||||||||||||||||||
5801 Martin Luther King Blvd
|
Lubbock, TX | 1,119 | 35,324 | 74 | 1,125 | 35,391 | 36,516 | 1,163 | 2000 | (o | ) | |||||||||||||||||||||||||||||
3730 Wheeler Avenue
|
Fort Smith, AR | 720 | 2,800 | 27 | 726 | 2,822 | 3,547 | 19 | 1960/97 | (o | ) | |||||||||||||||||||||||||||||
Denver
|
||||||||||||||||||||||||||||||||||||||||
7100 North Broadway 1
|
Denver, CO | 201 | 1,141 | 380 | 217 | 1,505 | 1,722 | 401 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7100 North Broadway 2
|
Denver, CO | 203 | 1,150 | 264 | 204 | 1,413 | 1,617 | 347 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7100 North Broadway 3
|
Denver, CO | 139 | 787 | 134 | 140 | 920 | 1,060 | 232 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7100 North Broadway 5
|
Denver, CO | 178 | 1,018 | 218 | 178 | 1,236 | 1,414 | 288 | 1978 | (o | ) | |||||||||||||||||||||||||||||
7100 North Broadway 6
|
Denver, CO | 269 | 1,526 | 304 | 271 | 1,828 | 2,099 | 464 | 1978 | (o | ) | |||||||||||||||||||||||||||||
20100 East 32nd Avenue Parkway
|
Aurora, CO | 314 | 1,888 | 168 | 314 | 2,055 | 2,370 | 624 | 1997 | (o | ) | |||||||||||||||||||||||||||||
700 West 48th Street
|
Denver, CO | 302 | 1,711 | 429 | 307 | 2,135 | 2,442 | 611 | 1984 | (o | ) | |||||||||||||||||||||||||||||
702 West 48th Street
|
Denver, CO | 135 | 763 | 103 | 139 | 861 | 1,000 | 220 | 1984 | (o | ) | |||||||||||||||||||||||||||||
6425 North Washington
|
Denver, CO | 374 | 2,118 | 326 | 385 | 2,433 | 2,817 | 627 | 1983 | (o | ) | |||||||||||||||||||||||||||||
3370 North Peoria Street
|
Aurora, CO | 163 | 924 | 106 | 163 | 1,030 | 1,193 | 263 | 1978 | (o | ) | |||||||||||||||||||||||||||||
3390 North Peoria Street
|
Aurora, CO | 145 | 822 | 104 | 147 | 924 | 1,071 | 245 | 1978 | (o | ) | |||||||||||||||||||||||||||||
3508-3538
North Peoria Street
|
Aurora, CO | 260 | 1,472 | 505 | 264 | 1,973 | 2,237 | 612 | 1978 | (o | ) | |||||||||||||||||||||||||||||
3568 North Peoria Street
|
Aurora, CO | 222 | 1,260 | 333 | 225 | 1,590 | 1,815 | 453 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4785 Elati
|
Denver, CO | 173 | 981 | 177 | 175 | 1,156 | 1,332 | 314 | 1972 | (o | ) | |||||||||||||||||||||||||||||
4770 Fox Street
|
Denver, CO | 132 | 750 | 128 | 134 | 875 | 1,009 | 233 | 1972 | (o | ) | |||||||||||||||||||||||||||||
1550 W. Evans
|
Denver, CO | 385 | 2,200 | 466 | 385 | 2,665 | 3,050 | 613 | 1975 | (o | ) | |||||||||||||||||||||||||||||
3871 Revere
|
Denver, CO | 361 | 2,047 | 534 | 368 | 2,574 | 2,942 | 607 | 1980 | (o | ) | |||||||||||||||||||||||||||||
4570 Ivy Street
|
Denver, CO | 219 | 1,239 | 201 | 220 | 1,438 | 1,658 | 361 | 1985 | (o | ) | |||||||||||||||||||||||||||||
5855 Stapleton Drive North
|
Denver, CO | 288 | 1,630 | 267 | 290 | 1,896 | 2,186 | 489 | 1985 | (o | ) | |||||||||||||||||||||||||||||
5885 Stapleton Drive North
|
Denver, CO | 376 | 2,129 | 251 | 380 | 2,376 | 2,756 | 531 | 1985 | (o | ) | |||||||||||||||||||||||||||||
5977-5995
North Broadway
|
Denver, CO | 268 | 1,518 | 529 | 271 | 2,044 | 2,315 | 490 | 1978 | (o | ) | |||||||||||||||||||||||||||||
2952-5978
North Broadway
|
Denver, CO | 414 | 2,346 | 690 | 422 | 3,029 | 3,451 | 764 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4721 Ironton Street
|
Denver, CO | 232 | 1,313 | 1,520 | 236 | 2,827 | 3,064 | 1,236 | 1969 | (o | ) | |||||||||||||||||||||||||||||
7100 North Broadway 7
|
Denver, CO | 215 | 1,221 | 186 | 219 | 1,403 | 1,622 | 368 | 1985 | (o | ) |
S-10
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
7100 North Broadway 8
|
Denver, CO | 79 | 448 | 109 | 82 | 554 | 636 | 132 | 1985 | (o | ) | |||||||||||||||||||||||||||||
6804 East 48th Avenue
|
Denver, CO | 253 | 1,435 | 395 | 256 | 1,827 | 2,084 | 438 | 1973 | (o | ) | |||||||||||||||||||||||||||||
445 Bryant Street
|
Denver, CO | 1,829 | 10,219 | 1,722 | 1,829 | 11,941 | 13,770 | 2,843 | 1960 | (o | ) | |||||||||||||||||||||||||||||
East 47th Drive A
|
Denver, CO | 441 | 2,689 | (25 | ) | 441 | 2,664 | 3,105 | 647 | 1997 | (o | ) | ||||||||||||||||||||||||||||
9500 West
49th Street A
|
Wheatridge, CO | 283 | 1,625 | 328 | 286 | 1,951 | 2,236 | 561 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9500 West
49th Street B
|
Wheatridge, CO | 225 | 1,272 | 67 | 226 | 1,338 | 1,564 | 312 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9500 West
49th Street C
|
Wheatridge, CO | 600 | 3,409 | 126 | 600 | 3,536 | 4,136 | 846 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9500 West
49th Street D
|
Wheatridge, CO | 246 | 1,537 | 293 | 246 | 1,830 | 2,076 | 603 | 1997 | (o | ) | |||||||||||||||||||||||||||||
8100 South Park Way A
|
Littleton, CO | 423 | 2,507 | 220 | 423 | 2,727 | 3,150 | 669 | 1997 | (o | ) | |||||||||||||||||||||||||||||
8100 South Park Way B
|
Littleton, CO | 103 | 582 | 162 | 104 | 743 | 847 | 210 | 1984 | (o | ) | |||||||||||||||||||||||||||||
8100 South Park Way C
|
Littleton, CO | 568 | 3,219 | 223 | 575 | 3,435 | 4,010 | 785 | 1984 | (o | ) | |||||||||||||||||||||||||||||
451-591
East 124th Avenue
|
Littleton, CO | 383 | 2,145 | 816 | 383 | 2,961 | 3,344 | 835 | 1979 | (o | ) | |||||||||||||||||||||||||||||
608 Garrison Street
|
Lakewood, CO | 265 | 1,501 | 404 | 267 | 1,903 | 2,170 | 455 | 1984 | (o | ) | |||||||||||||||||||||||||||||
610 Garrison Street
|
Lakewood, CO | 264 | 1,494 | 421 | 266 | 1,913 | 2,179 | 491 | 1984 | (o | ) | |||||||||||||||||||||||||||||
15000 West 6th Avenue
|
Golden, CO | 913 | 5,174 | 1,230 | 916 | 6,402 | 7,318 | 1,690 | 1985 | (o | ) | |||||||||||||||||||||||||||||
14998 West 6th Avenue
Bldg E
|
Golden, CO | 565 | 3,199 | 224 | 568 | 3,419 | 3,987 | 870 | 1995 | (o | ) | |||||||||||||||||||||||||||||
14998 West 6th Avenue
Bldg F
|
Englewood, CO | 269 | 1,525 | 86 | 271 | 1,610 | 1,881 | 415 | 1995 | (o | ) | |||||||||||||||||||||||||||||
12503 East Euclid Drive
|
Denver, CO | 1,208 | 6,905 | 1,024 | 1,208 | 7,930 | 9,138 | 2,058 | 1986 | (o | ) | |||||||||||||||||||||||||||||
6547 South Racine Circle
|
Denver, CO | 739 | 4,241 | 173 | 739 | 4,415 | 5,153 | 1,021 | 1996 | (o | ) | |||||||||||||||||||||||||||||
7800 East Iliff Avenue
|
Denver, CO | 188 | 1,067 | 255 | 190 | 1,320 | 1,510 | 311 | 1983 | (o | ) | |||||||||||||||||||||||||||||
2369 South Trenton Way
|
Denver, CO | 292 | 1,656 | 193 | 294 | 1,848 | 2,141 | 480 | 1983 | (o | ) | |||||||||||||||||||||||||||||
2422 S. Trenton Way
|
Denver, CO | 241 | 1,364 | 399 | 243 | 1,762 | 2,005 | 421 | 1983 | (o | ) | |||||||||||||||||||||||||||||
2452 South Trenton Way
|
Denver, CO | 421 | 2,386 | 269 | 426 | 2,650 | 3,076 | 624 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1600 South Abilene
|
Aurora, CO | 465 | 2,633 | 140 | 467 | 2,771 | 3,238 | 650 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1620 South Abilene
|
Aurora, CO | 268 | 1,520 | 99 | 270 | 1,617 | 1,887 | 391 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1640 South Abilene
|
Aurora, CO | 368 | 2,085 | 147 | 382 | 2,219 | 2,600 | 556 | 1986 | (o | ) | |||||||||||||||||||||||||||||
13900 East Florida Ave
|
Aurora, CO | 189 | 1,071 | 81 | 190 | 1,151 | 1,341 | 276 | 1986 | (o | ) | |||||||||||||||||||||||||||||
14401-14492
East 33rd Place
|
Aurora, CO | 440 | 2,519 | 288 | 440 | 2,806 | 3,246 | 675 | 1979 | (o | ) | |||||||||||||||||||||||||||||
11701 East 53rd Avenue
|
Denver, CO | 416 | 2,355 | 193 | 422 | 2,542 | 2,964 | 575 | 1985 | (o | ) | |||||||||||||||||||||||||||||
5401 Oswego Street
|
Denver, CO | 273 | 1,547 | 341 | 278 | 1,882 | 2,160 | 551 | 1985 | (o | ) |
S-11
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
3811 Joilet
|
Denver, CO | 735 | 4,166 | 448 | 752 | 4,597 | 5,349 | 977 | 1977 | (o | ) | |||||||||||||||||||||||||||||
2650 West 2nd Avenue
|
Denver, CO | 221 | 1,252 | 190 | 223 | 1,440 | 1,663 | 349 | 1970 | (o | ) | |||||||||||||||||||||||||||||
14818 West 6th Avenue
Bldg A
|
Golden, CO | 468 | 2,799 | 300 | 468 | 3,099 | 3,567 | 754 | 1985 | (o | ) | |||||||||||||||||||||||||||||
14828 West 6th Avenue
Bldg B
|
Golden, CO | 503 | 2,942 | 566 | 503 | 3,508 | 4,011 | 943 | 1985 | (o | ) | |||||||||||||||||||||||||||||
12055 E 49th Ave/4955 Peoria
|
Denver, CO | 298 | 1,688 | 439 | 305 | 2,120 | 2,424 | 487 | 1984 | (o | ) | |||||||||||||||||||||||||||||
4940-4950
Paris
|
Denver, CO | 152 | 861 | 174 | 156 | 1,032 | 1,187 | 233 | 1984 | (o | ) | |||||||||||||||||||||||||||||
4970 Paris
|
Denver, CO | 95 | 537 | 69 | 97 | 604 | 701 | 128 | 1984 | (o | ) | |||||||||||||||||||||||||||||
7367 South Revere Parkway
|
Englewood, CO | 926 | 5,124 | 507 | 934 | 5,623 | 6,557 | 1,217 | 1997 | (o | ) | |||||||||||||||||||||||||||||
8200 East Park Meadows Drive(c)
|
Lone Tree, CO | 1,297 | 7,348 | 1,236 | 1,304 | 8,577 | 9,881 | 1,548 | 1984 | (o | ) | |||||||||||||||||||||||||||||
3250 Quentin(c)
|
Aurora, CO | 1,220 | 6,911 | 615 | 1,230 | 7,515 | 8,745 | 1,383 | 1984/2000 | (o | ) | |||||||||||||||||||||||||||||
11585 E. 53rd Ave.(c)
|
Denver, CO | 1,770 | 10,030 | 1,052 | 1,780 | 11,072 | 12,852 | 1,644 | 1984 | (o | ) | |||||||||||||||||||||||||||||
10500 East 54th Ave.(d)
|
Denver, CO | 1,253 | 7,098 | 890 | 1,260 | 7,980 | 9,240 | 1,347 | 1986 | (o | ) | |||||||||||||||||||||||||||||
8835 W. 116th Street
|
Broomfield, CO | 1,151 | 6,523 | 869 | 1,304 | 7,239 | 8,543 | 725 | 2002 | (o | ) | |||||||||||||||||||||||||||||
3101-3151 S. Platte
River Dr.
|
Englewood, CO | 2,500 | 8,549 | 184 | 2,504 | 8,729 | 11,233 | 825 | 1974 | (o | ) | |||||||||||||||||||||||||||||
3155-3199 S. Platte
River Dr.
|
Englewood, CO | 1,700 | 7,787 | 199 | 1,702 | 7,983 | 9,686 | 691 | 1974 | (o | ) | |||||||||||||||||||||||||||||
3201-3273 S. Platte
River Dr.
|
Englewood, CO | 1,600 | 6,592 | 170 | 1,602 | 6,760 | 8,362 | 708 | 1974 | (o | ) | |||||||||||||||||||||||||||||
18150 E. 32nd Street
|
Aurora, CO | 563 | 3,188 | 1,164 | 572 | 4,344 | 4,915 | 995 | 2000 | (o | ) | |||||||||||||||||||||||||||||
8820 W. 116th Street(j)
|
Broomfield, CO | 338 | 1,918 | 543 | 372 | 2,426 | 2,798 | 245 | 2001 | (o | ) | |||||||||||||||||||||||||||||
3400 Fraser Street
|
Aurora, CO | 616 | 3,593 | 9 | 620 | 3,598 | 4,218 | 264 | 1965 | (o | ) | |||||||||||||||||||||||||||||
7005 East 46th Avenue
|
Denver, CO | 512 | 2,025 | 9 | 517 | 2,029 | 2,546 | 112 | 1996 | (o | ) | |||||||||||||||||||||||||||||
Hilltop Business Center
I Bldg. B(j)
|
Littleton, CO | 739 | | 3,622 | 781 | 3,580 | 4,361 | 621 | 2001 | (o | ) | |||||||||||||||||||||||||||||
Jeffco Business Center A
|
Broomfield, CO | 312 | | 1,358 | 370 | 1,299 | 1,670 | 163 | 2001 | (o | ) | |||||||||||||||||||||||||||||
Park Centre A(j)
|
Westminister, CO | 441 | | 4,238 | 441 | 4,238 | 4,679 | 820 | 2001 | (o | ) | |||||||||||||||||||||||||||||
Park Centre B(j)
|
Westminister, CO | 374 | | 3,048 | 374 | 3,047 | 3,422 | 582 | 2001 | (o | ) | |||||||||||||||||||||||||||||
Park Centre C(j)
|
Westminister, CO | 374 | | 3,031 | 374 | 3,031 | 3,405 | 614 | 2001 | (o | ) |
S-12
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Park Centre D(j)
|
Westminister, CO | 441 | | 3,762 | 441 | 3,762 | 4,203 | 629 | 2001 | (o | ) | |||||||||||||||||||||||||||||
4001 Salazar Way
|
Frederick, CO | 1,271 | 6,577 | 26 | 1,276 | 6,598 | 7,874 | 253 | 1999 | (o | ) | |||||||||||||||||||||||||||||
1690 S. Abilene
|
Aurora, CO | 406 | 2,814 | 37 | 411 | 2,846 | 3,257 | 100 | 1985 | (o | ) | |||||||||||||||||||||||||||||
5909-5915 N. Broadway
|
Denver, CO | 495 | 1,268 | 19 | 500 | 1,281 | 1,782 | 49 | 1972 | (o | ) | |||||||||||||||||||||||||||||
9586 Interstate 25 East Frontage
|
Longmont, CO | 898 | 5,038 | 377 | 967 | 5,346 | 6,313 | 346 | 1997 | (o | ) | |||||||||||||||||||||||||||||
555 Corporate Circle
|
Golden, CO | 397 | 2,673 | 345 | 448 | 2,968 | 3,416 | 308 | 1996 | (o | ) | |||||||||||||||||||||||||||||
Des Moines
|
||||||||||||||||||||||||||||||||||||||||
2250 Delaware Ave
|
Des Moines, IA | 277 | 1,609 | 520 | 277 | 2,130 | 2,407 | 479 | 1975 | (o | ) | |||||||||||||||||||||||||||||
1021 W. First Street, Hwy
93
|
Sumner, IA | 99 | 2,540 | 20 | 100 | 2,559 | 2,659 | 197 | 1990/1995 | (o | ) | |||||||||||||||||||||||||||||
Detroit
|
||||||||||||||||||||||||||||||||||||||||
1731 Thorncroft
|
Troy, MI | 331 | 1,904 | 173 | 331 | 2,077 | 2,408 | 641 | 1969 | (o | ) | |||||||||||||||||||||||||||||
1653 E. Maple
|
Troy, MI | 192 | 1,104 | 156 | 192 | 1,260 | 1,451 | 363 | 1990 | (o | ) | |||||||||||||||||||||||||||||
47461 Clipper
|
Plymouth Township, MI | 122 | 723 | 76 | 122 | 799 | 921 | 239 | 1992 | (o | ) | |||||||||||||||||||||||||||||
238 Executive Drive
|
Troy, MI | 52 | 173 | 554 | 100 | 679 | 779 | 606 | 1973 | (o | ) | |||||||||||||||||||||||||||||
301 Executive Drive
|
Troy, MI | 71 | 293 | 731 | 133 | 962 | 1,095 | 789 | 1974 | (o | ) | |||||||||||||||||||||||||||||
449 Executive Drive
|
Troy, MI | 125 | 425 | 1,030 | 218 | 1,362 | 1,580 | 1,073 | 1975 | (o | ) | |||||||||||||||||||||||||||||
501 Executive Drive
|
Troy, MI | 71 | 236 | 678 | 129 | 856 | 985 | 487 | 1984 | (o | ) | |||||||||||||||||||||||||||||
451 Robbins Drive
|
Troy, MI | 96 | 448 | 961 | 192 | 1,313 | 1,505 | 1,018 | 1975 | (o | ) | |||||||||||||||||||||||||||||
1095 Crooks Road(j)
|
Troy, MI | 331 | 1,017 | 1,075 | 360 | 2,063 | 2,423 | 1,214 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1416 Meijer Drive
|
Troy, MI | 94 | 394 | 403 | 121 | 771 | 891 | 515 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1624 Meijer Drive
|
Troy, MI | 236 | 1,406 | 940 | 373 | 2,209 | 2,582 | 1,378 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1972 Meijer Drive
|
Troy, MI | 315 | 1,301 | 721 | 372 | 1,965 | 2,337 | 1,205 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1621 Northwood Drive
|
Troy, MI | 85 | 351 | 918 | 215 | 1,140 | 1,354 | 1,011 | 1977 | (o | ) | |||||||||||||||||||||||||||||
1707 Northwood Drive
|
Troy, MI | 95 | 262 | 1,221 | 239 | 1,339 | 1,578 | 901 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1788 Northwood Drive
|
Troy, MI | 50 | 196 | 549 | 103 | 692 | 795 | 528 | 1977 | (o | ) | |||||||||||||||||||||||||||||
1821 Northwood Drive
|
Troy, MI | 132 | 523 | 756 | 220 | 1,192 | 1,411 | 1,037 | 1977 | (o | ) | |||||||||||||||||||||||||||||
1826 Northwood Drive
|
Troy, MI | 55 | 208 | 394 | 103 | 554 | 657 | 491 | 1977 | (o | ) | |||||||||||||||||||||||||||||
1864 Northwood Drive
|
Troy, MI | 57 | 190 | 437 | 107 | 577 | 684 | 510 | 1977 | (o | ) | |||||||||||||||||||||||||||||
2277 Elliott Avenue
|
Troy, MI | 48 | 188 | 501 | 104 | 633 | 737 | 512 | 1975 | (o | ) | |||||||||||||||||||||||||||||
2451 Elliott Avenue
|
Troy, MI | 78 | 319 | 742 | 164 | 975 | 1,139 | 841 | 1974 | (o | ) |
S-13
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2730 Research Drive
|
Rochester Hills, MI | 903 | 4,215 | 675 | 903 | 4,891 | 5,793 | 2,862 | 1988 | (o | ) | |||||||||||||||||||||||||||||
2791 Research Drive
|
Rochester Hills, MI | 557 | 2,731 | 719 | 560 | 3,447 | 4,007 | 1,728 | 1991 | (o | ) | |||||||||||||||||||||||||||||
2871 Research Drive
|
Rochester Hills, MI | 324 | 1,487 | 372 | 327 | 1,856 | 2,183 | 982 | 1991 | (o | ) | |||||||||||||||||||||||||||||
3011 Research Drive
|
Rochester Hills, MI | 457 | 2,104 | 346 | 457 | 2,450 | 2,907 | 1,469 | 1988 | (o | ) | |||||||||||||||||||||||||||||
2870 Technology Drive
|
Rochester Hills, MI | 275 | 1,262 | 290 | 279 | 1,548 | 1,827 | 886 | 1988 | (o | ) | |||||||||||||||||||||||||||||
2900 Technology Drive
|
Rochester Hills, MI | 214 | 977 | 531 | 219 | 1,503 | 1,722 | 721 | 1992 | (o | ) | |||||||||||||||||||||||||||||
2920 Technology Drive
|
Rochester Hills, MI | 153 | 671 | 196 | 153 | 868 | 1,020 | 444 | 1992 | (o | ) | |||||||||||||||||||||||||||||
2930 Technology Drive
|
Rochester Hills, MI | 131 | 594 | 380 | 138 | 966 | 1,105 | 466 | 1991 | (o | ) | |||||||||||||||||||||||||||||
2950 Technology Drive
|
Rochester Hills, MI | 178 | 819 | 223 | 185 | 1,035 | 1,220 | 552 | 1991 | (o | ) | |||||||||||||||||||||||||||||
23014 Commerce Drive
|
Farmington Hills, MI | 39 | 203 | 169 | 56 | 355 | 411 | 225 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23028 Commerce Drive
|
Farmington Hills, MI | 98 | 507 | 247 | 125 | 727 | 852 | 464 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23035 Commerce Drive
|
Farmington Hills, MI | 71 | 355 | 262 | 93 | 596 | 688 | 374 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23042 Commerce Drive
|
Farmintgon Hills, MI | 67 | 277 | 313 | 89 | 568 | 657 | 357 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23065 Commerce Drive
|
Farmington Hills, MI | 71 | 408 | 227 | 93 | 613 | 706 | 378 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23070 Commerce Drive
|
Farmington Hills, MI | 112 | 442 | 673 | 125 | 1,102 | 1,227 | 810 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23079 Commerce Drive
|
Farmington Hills, MI | 68 | 301 | 316 | 79 | 605 | 685 | 348 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23093 Commerce Drive
|
Farmington Hills, MI | 211 | 1,024 | 844 | 295 | 1,784 | 2,079 | 1,134 | 1983 | (o | ) | |||||||||||||||||||||||||||||
23135 Commerce Drive
|
Farmington Hills, MI | 146 | 701 | 279 | 158 | 969 | 1,126 | 555 | 1986 | (o | ) | |||||||||||||||||||||||||||||
23163 Commerce Drive
|
Farmington Hills, MI | 111 | 513 | 350 | 138 | 836 | 974 | 468 | 1986 | (o | ) | |||||||||||||||||||||||||||||
23177 Commerce Drive
|
Farmington Hills, MI | 175 | 1,007 | 642 | 254 | 1,570 | 1,824 | 926 | 1986 | (o | ) | |||||||||||||||||||||||||||||
23206 Commerce Drive
|
Farmington Hills, MI | 125 | 531 | 350 | 137 | 868 | 1,006 | 514 | 1985 | (o | ) | |||||||||||||||||||||||||||||
23370 Commerce Drive
|
Farmington Hills, MI | 59 | 233 | 308 | 66 | 534 | 600 | 347 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1451 East Lincoln Avenue
|
Madison Heights, MI | 299 | 1,703 | 248 | 306 | 1,944 | 2,250 | 586 | 1967 | (o | ) | |||||||||||||||||||||||||||||
4400 Purks Drive
|
Auburn Hills, MI | 602 | 3,410 | 3,022 | 612 | 6,421 | 7,033 | 1,632 | 1987 | (o | ) | |||||||||||||||||||||||||||||
6515 Cobb Drive
|
Sterling Heights, MI | 305 | 1,753 | 323 | 305 | 2,076 | 2,380 | 597 | 1984 | (o | ) | |||||||||||||||||||||||||||||
32450 N Avis Drive
|
Madison Heights, MI | 281 | 1,590 | 193 | 286 | 1,778 | 2,064 | 469 | 1974 | (o | ) | |||||||||||||||||||||||||||||
12707 Eckles Road
|
Plymouth Township, MI | 255 | 1,445 | 129 | 267 | 1,562 | 1,829 | 401 | 1990 | (o | ) | |||||||||||||||||||||||||||||
9300-9328
Harrison Rd
|
Romulus, MI | 147 | 834 | 397 | 154 | 1,223 | 1,378 | 347 | 1978 | (o | ) | |||||||||||||||||||||||||||||
9330-9358
Harrison Rd
|
Romulus, MI | 81 | 456 | 278 | 85 | 731 | 815 | 209 | 1978 | (o | ) | |||||||||||||||||||||||||||||
28420-28448
Highland Rd
|
Romulus, MI | 143 | 809 | 220 | 149 | 1,023 | 1,172 | 305 | 1979 | (o | ) | |||||||||||||||||||||||||||||
28450-28478
Highland Rd
|
Romulus, MI | 81 | 461 | 280 | 85 | 738 | 823 | 226 | 1979 | (o | ) | |||||||||||||||||||||||||||||
28421-28449
Highland Rd
|
Romulus, MI | 109 | 617 | 291 | 114 | 903 | 1,017 | 258 | 1980 | (o | ) |
S-14
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
28451-28479
Highland Rd
|
Romulus, MI | 107 | 608 | 302 | 112 | 905 | 1,017 | 204 | 1980 | (o | ) | |||||||||||||||||||||||||||||
28825-28909
Highland Rd
|
Romulus, MI | 70 | 395 | 236 | 73 | 627 | 700 | 162 | 1981 | (o | ) | |||||||||||||||||||||||||||||
28933-29017
Highland Rd
|
Romulus, MI | 112 | 634 | 137 | 117 | 766 | 883 | 188 | 1982 | (o | ) | |||||||||||||||||||||||||||||
28824-28908
Highland Rd
|
Romulus, MI | 134 | 760 | 244 | 140 | 997 | 1,137 | 256 | 1982 | (o | ) | |||||||||||||||||||||||||||||
28932-29016
Highland Rd
|
Romulus, MI | 123 | 694 | 330 | 128 | 1,019 | 1,147 | 275 | 1982 | (o | ) | |||||||||||||||||||||||||||||
9710-9734
Harrison Rd
|
Romulus, MI | 125 | 706 | 149 | 130 | 850 | 980 | 239 | 1987 | (o | ) | |||||||||||||||||||||||||||||
9740-9772
Harrison Rd
|
Romulus, MI | 132 | 749 | 164 | 138 | 906 | 1,044 | 236 | 1987 | (o | ) | |||||||||||||||||||||||||||||
9840-9868
Harrison Rd
|
Romulus, MI | 144 | 815 | 146 | 151 | 954 | 1,105 | 253 | 1987 | (o | ) | |||||||||||||||||||||||||||||
9800-9824
Harrison Rd
|
Romulus, MI | 117 | 664 | 126 | 123 | 785 | 907 | 191 | 1987 | (o | ) | |||||||||||||||||||||||||||||
29265-29285
Airport Dr
|
Romulus, MI | 140 | 794 | 220 | 147 | 1,008 | 1,155 | 258 | 1983 | (o | ) | |||||||||||||||||||||||||||||
29185-29225
Airport Dr
|
Romulus, MI | 140 | 792 | 258 | 146 | 1,044 | 1,191 | 279 | 1983 | (o | ) | |||||||||||||||||||||||||||||
29149-29165
Airport Dr
|
Romulus, MI | 216 | 1,225 | 377 | 226 | 1,592 | 1,818 | 380 | 1984 | (o | ) | |||||||||||||||||||||||||||||
29101-29115
Airport Dr
|
Romulus, MI | 130 | 738 | 306 | 136 | 1,038 | 1,175 | 272 | 1985 | (o | ) | |||||||||||||||||||||||||||||
29031-29045
Airport Dr
|
Romulus, MI | 124 | 704 | 144 | 130 | 842 | 972 | 216 | 1985 | (o | ) | |||||||||||||||||||||||||||||
29050-29062
Airport Dr
|
Romulus, MI | 127 | 718 | 133 | 133 | 845 | 978 | 239 | 1986 | (o | ) | |||||||||||||||||||||||||||||
29120-29134
Airport Dr
|
Romulus, MI | 161 | 912 | 244 | 169 | 1,149 | 1,317 | 277 | 1986 | (o | ) | |||||||||||||||||||||||||||||
29200-29214
Airport Dr
|
Romulus, MI | 170 | 963 | 352 | 178 | 1,307 | 1,485 | 378 | 1985 | (o | ) | |||||||||||||||||||||||||||||
9301-9339
Middlebelt Rd
|
Romulus, MI | 124 | 703 | 186 | 130 | 883 | 1,013 | 244 | 1983 | (o | ) | |||||||||||||||||||||||||||||
26980 Trolley Industrial Drive
|
Taylor, MI | 450 | 2,550 | 1,014 | 463 | 3,551 | 4,014 | 925 | 1997 | (o | ) | |||||||||||||||||||||||||||||
32975 Capitol Avenue
|
Livonia, MI | 135 | 748 | 332 | 144 | 1,071 | 1,215 | 251 | 1978 | (o | ) | |||||||||||||||||||||||||||||
2725 S. Industrial Highway
|
Ann Arbor, MI | 660 | 3,654 | 470 | 704 | 4,080 | 4,784 | 850 | 1997 | (o | ) | |||||||||||||||||||||||||||||
32920 Capitol Avenue
|
Livonia, MI | 76 | 422 | 88 | 82 | 504 | 586 | 109 | 1973 | (o | ) | |||||||||||||||||||||||||||||
11923 Brookfield Avenue
|
Livonia, MI | 120 | 665 | 495 | 128 | 1,151 | 1,280 | 431 | 1973 | (o | ) | |||||||||||||||||||||||||||||
11965 Brookfield Avenue
|
Livonia, MI | 120 | 665 | 67 | 128 | 724 | 852 | 156 | 1973 | (o | ) | |||||||||||||||||||||||||||||
13405 Stark Road
|
Livonia, MI | 46 | 254 | 136 | 49 | 387 | 436 | 97 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1170 Chicago Road
|
Troy, MI | 249 | 1,380 | 256 | 266 | 1,618 | 1,885 | 328 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1200 Chicago Road
|
Troy, MI | 268 | 1,483 | 274 | 286 | 1,739 | 2,025 | 350 | 1984 | (o | ) | |||||||||||||||||||||||||||||
450 Robbins Drive
|
Troy, MI | 166 | 920 | 257 | 178 | 1,165 | 1,343 | 227 | 1976 | (o | ) | |||||||||||||||||||||||||||||
1230 Chicago Road
|
Troy, MI | 271 | 1,498 | 156 | 289 | 1,636 | 1,925 | 349 | 1996 | (o | ) | |||||||||||||||||||||||||||||
12886 Westmore Avenue
|
Livonia, MI | 190 | 1,050 | 194 | 202 | 1,232 | 1,434 | 257 | 1981 | (o | ) | |||||||||||||||||||||||||||||
12898 Westmore Avenue
|
Livonia, MI | 190 | 1,050 | 235 | 202 | 1,273 | 1,475 | 283 | 1981 | (o | ) |
S-15
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
33025 Industrial Road
|
Livonia, MI | 80 | 442 | 130 | 85 | 567 | 652 | 133 | 1980 | (o | ) | |||||||||||||||||||||||||||||
47711 Clipper Street
|
Plymouth Township, MI | 539 | 2,983 | 265 | 575 | 3,212 | 3,787 | 691 | 1996 | (o | ) | |||||||||||||||||||||||||||||
32975 Industrial Road
|
Livonia, MI | 160 | 887 | 341 | 171 | 1,217 | 1,388 | 298 | 1984 | (o | ) | |||||||||||||||||||||||||||||
32985 Industrial Road
|
Livonia, MI | 137 | 761 | 149 | 147 | 900 | 1,047 | 193 | 1985 | (o | ) | |||||||||||||||||||||||||||||
32995 Industrial Road
|
Livonia, MI | 160 | 887 | 180 | 171 | 1,056 | 1,227 | 242 | 1983 | (o | ) | |||||||||||||||||||||||||||||
12874 Westmore Avenue
|
Livonia, MI | 137 | 761 | 239 | 147 | 990 | 1,137 | 220 | 1984 | (o | ) | |||||||||||||||||||||||||||||
33067 Industrial Road
|
Livonia, MI | 160 | 887 | 305 | 171 | 1,181 | 1,352 | 256 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1775 Bellingham
|
Troy, MI | 344 | 1,902 | 297 | 367 | 2,176 | 2,543 | 447 | 1987 | (o | ) | |||||||||||||||||||||||||||||
1785 East Maple
|
Troy, MI | 92 | 507 | 86 | 98 | 587 | 685 | 126 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1807 East Maple
|
Troy, MI | 321 | 1,775 | 210 | 342 | 1,964 | 2,306 | 427 | 1984 | (o | ) | |||||||||||||||||||||||||||||
980 Chicago
|
Troy, MI | 206 | 1,141 | 176 | 220 | 1,303 | 1,523 | 265 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1840 Enterprise Drive
|
Rochester Hills, MI | 573 | 3,170 | 371 | 611 | 3,503 | 4,114 | 767 | 1990 | (o | ) | |||||||||||||||||||||||||||||
1885 Enterprise Drive
|
Rochester Hills, MI | 209 | 1,158 | 115 | 223 | 1,259 | 1,482 | 273 | 1990 | (o | ) | |||||||||||||||||||||||||||||
1935-55
Enterprise Drive
|
Rochester Hills, MI | 1,285 | 7,144 | 701 | 1,371 | 7,759 | 9,130 | 1,679 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5500 Enterprise Court
|
Warren, MI | 675 | 3,737 | 447 | 721 | 4,138 | 4,859 | 886 | 1989 | (o | ) | |||||||||||||||||||||||||||||
750 Chicago Road
|
Troy, MI | 323 | 1,790 | 381 | 345 | 2,149 | 2,494 | 468 | 1986 | (o | ) | |||||||||||||||||||||||||||||
800 Chicago Road
|
Troy, MI | 283 | 1,567 | 519 | 302 | 2,067 | 2,369 | 577 | 1985 | (o | ) | |||||||||||||||||||||||||||||
850 Chicago Road
|
Troy, MI | 183 | 1,016 | 262 | 196 | 1,265 | 1,461 | 258 | 1984 | (o | ) | |||||||||||||||||||||||||||||
2805 S. Industrial Highway
|
Ann Arbor, MI | 318 | 1,762 | 402 | 340 | 2,142 | 2,482 | 474 | 1990 | (o | ) | |||||||||||||||||||||||||||||
6833 Center Drive
|
Sterling Heights, MI | 467 | 2,583 | 220 | 493 | 2,777 | 3,270 | 613 | 1998 | (o | ) | |||||||||||||||||||||||||||||
32201 North Avis Drive
|
Madison Heights, MI | 345 | 1,911 | 519 | 349 | 2,427 | 2,776 | 709 | 1974 | (o | ) | |||||||||||||||||||||||||||||
1100 East Mandoline Road
|
Madison Heights, MI | 888 | 4,915 | 1,452 | 897 | 6,357 | 7,255 | 1,621 | 1967 | (o | ) | |||||||||||||||||||||||||||||
30081 Stephenson Highway
|
Madison Heights, MI | 271 | 1,499 | 389 | 274 | 1,884 | 2,158 | 418 | 1967 | (o | ) | |||||||||||||||||||||||||||||
1120 John A. Papalas Drive(d)
|
Lincoln Park, MI | 586 | 3,241 | 843 | 593 | 4,077 | 4,670 | 849 | 1985 | (o | ) | |||||||||||||||||||||||||||||
4872 S. Lapeer Road
|
Lake Orion Twsp, MI | 1,342 | 5,441 | 2,007 | 1,412 | 7,378 | 8,790 | 1,994 | 1999 | (o | ) | |||||||||||||||||||||||||||||
22701 Trolley Industrial
|
Taylor, MI | 795 | | 7,224 | 849 | 7,169 | 8,018 | 1,027 | 1999 | (o | ) | |||||||||||||||||||||||||||||
1400 Allen Drive
|
Troy, MI | 209 | 1,154 | 120 | 212 | 1,271 | 1,483 | 192 | 1979 | (o | ) | |||||||||||||||||||||||||||||
1408 Allen Drive
|
Troy, MI | 151 | 834 | 171 | 153 | 1,003 | 1,156 | 226 | 1979 | (o | ) | |||||||||||||||||||||||||||||
1305 Stephenson Hwy
|
Troy, MI | 345 | 1,907 | 171 | 350 | 2,072 | 2,423 | 359 | 1979 | (o | ) | |||||||||||||||||||||||||||||
32505 Industrial Drive
|
Madison Heights, MI | 345 | 1,910 | 418 | 351 | 2,322 | 2,673 | 449 | 1979 | (o | ) |
S-16
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
1799-1813
Northfield Drive(c)
|
Rochester Hills, MI | 481 | 2,665 | 266 | 490 | 2,922 | 3,412 | 473 | 1980 | (o | ) | |||||||||||||||||||||||||||||
32200 N. Avis(j)
|
Madison Heights, MI | 503 | 3,367 | 865 | 503 | 4,232 | 4,735 | 146 | 1973 | (o | ) | |||||||||||||||||||||||||||||
100 Kay Industrial
|
Orion, MI | 677 | 2,018 | 403 | 685 | 2,414 | 3,098 | 269 | 1987 | (o | ) | |||||||||||||||||||||||||||||
1849 West Maple Road
|
Troy, MI | 1,688 | 2,790 | 29 | 1,700 | 2,808 | 4,507 | 163 | 1986 | (o | ) | |||||||||||||||||||||||||||||
42555 Merrill Road
|
Sterling Heights, MI | 1,080 | 2,300 | 3,550 | 1,090 | 5,840 | 6,930 | 175 | 1979/2006 | (o | ) | |||||||||||||||||||||||||||||
28435 Automation Blvd.
|
Wixom, MI | 621 | 3,804 | 628 | 3,797 | 4,425 | 217 | 2004 | (o | ) | ||||||||||||||||||||||||||||||
2441 N. Opdyke Road
|
Auburn Hills, MI | 530 | 737 | 16 | 538 | 745 | 1,283 | 16 | 1989/94 | (o | ) | |||||||||||||||||||||||||||||
200 Northpointe Drive
|
Orion Township, MI | 723 | 2,063 | 35 | 734 | 2,088 | 2,821 | 27 | 1997 | (o | ) | |||||||||||||||||||||||||||||
12163 Globe Street(j)
|
Detroit, MI | 595 | 979 | 154 | 596 | 1,132 | 1,728 | 135 | 1980 | (o | ) | |||||||||||||||||||||||||||||
32500 Capitol Avenue
|
Livonia, MI | 258 | 1,032 | 154 | 260 | 1,185 | 1,444 | 35 | 1970 | (o | ) | |||||||||||||||||||||||||||||
32650 Capitol Avenue
|
Livonia, MI | 282 | 1,128 | 54 | 284 | 1,181 | 1,464 | 44 | 1970 | (o | ) | |||||||||||||||||||||||||||||
11800 Sears Drive(j)
|
Livonia, MI | 693 | 1,507 | 1,222 | 703 | 2,718 | 3,422 | 254 | 1971 | (o | ) | |||||||||||||||||||||||||||||
1099 Church Road
|
Troy, MI | 702 | 1,332 | 45 | 721 | 1,358 | 2,079 | 147 | 1980 | (o | ) | |||||||||||||||||||||||||||||
Grand Rapids
|
||||||||||||||||||||||||||||||||||||||||
5050 Kendrick Court(j)
|
Grand Rapids, MI | 1,721 | 11,433 | 7,167 | 1,721 | 18,600 | 20,320 | 5,158 | 1988/94 | (o | ) | |||||||||||||||||||||||||||||
5015 52nd Street SE
|
Grand Rapids, MI | 234 | 1,321 | 143 | 234 | 1,464 | 1,698 | 492 | 1987 | (o | ) | |||||||||||||||||||||||||||||
Houston
|
||||||||||||||||||||||||||||||||||||||||
2102-2314
Edwards Street
|
Houston, TX | 348 | 1,973 | 1,174 | 382 | 3,113 | 3,496 | 631 | 1961 | (o | ) | |||||||||||||||||||||||||||||
4545 Eastpark Drive
|
Houston, TX | 235 | 1,331 | 735 | 240 | 2,061 | 2,301 | 530 | 1972 | (o | ) | |||||||||||||||||||||||||||||
3351 Rauch St
|
Houston, TX | 272 | 1,541 | 189 | 278 | 1,724 | 2,002 | 382 | 1970 | (o | ) | |||||||||||||||||||||||||||||
3851 Yale St
|
Houston, TX | 413 | 2,343 | 680 | 425 | 3,012 | 3,437 | 777 | 1971 | (o | ) | |||||||||||||||||||||||||||||
3337-3347
Rauch Street
|
Houston, TX | 227 | 1,287 | 217 | 233 | 1,499 | 1,731 | 337 | 1970 | (o | ) | |||||||||||||||||||||||||||||
8505 N Loop East
|
Houston, TX | 439 | 2,489 | 744 | 449 | 3,223 | 3,672 | 737 | 1981 | (o | ) | |||||||||||||||||||||||||||||
4749-4799
Eastpark Dr
|
Houston, TX | 594 | 3,368 | 1,159 | 611 | 4,510 | 5,121 | 1,112 | 1979 | (o | ) | |||||||||||||||||||||||||||||
4851 Homestead Road
|
Houston, TX | 491 | 2,782 | 913 | 504 | 3,682 | 4,186 | 846 | 1973 | (o | ) | |||||||||||||||||||||||||||||
3365-3385
Rauch Street
|
Houston, TX | 284 | 1,611 | 119 | 290 | 1,724 | 2,014 | 388 | 1970 | (o | ) | |||||||||||||||||||||||||||||
5050 Campbell Road
|
Houston, TX | 461 | 2,610 | 330 | 470 | 2,930 | 3,401 | 669 | 1970 | (o | ) | |||||||||||||||||||||||||||||
4300 Pine Timbers
|
Houston, TX | 489 | 2,769 | 597 | 499 | 3,355 | 3,854 | 751 | 1980 | (o | ) | |||||||||||||||||||||||||||||
2500-2530
Fairway Park Drive
|
Houston, TX | 766 | 4,342 | 764 | 792 | 5,080 | 5,872 | 1,157 | 1974 | (o | ) | |||||||||||||||||||||||||||||
6550 Longpointe
|
Houston, TX | 362 | 2,050 | 549 | 370 | 2,591 | 2,961 | 589 | 1980 | (o | ) |
S-17
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
1815 Turning Basin Dr
|
Houston, TX | 487 | 2,761 | 522 | 531 | 3,239 | 3,770 | 731 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1819 Turning Basin Dr
|
Houston, TX | 231 | 1,308 | 567 | 251 | 1,854 | 2,105 | 424 | 1980 | (o | ) | |||||||||||||||||||||||||||||
1805 Turning Basin Drive
|
Houston, TX | 564 | 3,197 | 655 | 616 | 3,800 | 4,415 | 856 | 1980 | (o | ) | |||||||||||||||||||||||||||||
9835A Genard Road
|
Houston, TX | 1,505 | 8,333 | 3,310 | 1,581 | 11,568 | 13,149 | 2,245 | 1980 | (o | ) | |||||||||||||||||||||||||||||
9835B Genard Road
|
Houston, TX | 245 | 1,357 | 463 | 256 | 1,809 | 2,065 | 302 | 1980 | (o | ) | |||||||||||||||||||||||||||||
10325-10415
Landsbury Drive(d)
|
Houston, TX | 696 | 3,854 | 499 | 704 | 4,345 | 5,049 | 569 | 1982 | (o | ) | |||||||||||||||||||||||||||||
8705 City Park Loop
|
Houston, TX | 710 | 2,983 | 933 | 714 | 3,912 | 4,626 | 452 | 1982 | (o | ) | |||||||||||||||||||||||||||||
11505 State Highway 225
|
LaPorte City, TX | 940 | 4,675 | 615 | 940 | 5,290 | 6,230 | 338 | 2003 | (o | ) | |||||||||||||||||||||||||||||
6955 Portwest Drive
|
Houston, TX | 314 | 1,686 | 213 | 320 | 1,892 | 2,213 | 91 | 1985 | (o | ) | |||||||||||||||||||||||||||||
6925 Portwest Drive(j)
|
Houston, TX | 402 | 1,360 | 230 | 407 | 1,585 | 1,992 | 112 | 1985 | (o | ) | |||||||||||||||||||||||||||||
600 Kenrick(j)
|
Houston, TX | 900 | 1,791 | 235 | 913 | 2,013 | 2,926 | 280 | 1981 | (o | ) | |||||||||||||||||||||||||||||
1500 E. Main
|
LaPorte City, TX | 201 | 1,328 | 24 | 204 | 1,348 | 1,553 | 121 | 1972/1982 | (o | ) | |||||||||||||||||||||||||||||
Indianapolis
|
||||||||||||||||||||||||||||||||||||||||
2900 N Shadeland Avenue
|
Indianapolis, IN | 2,057 | 13,565 | 3,327 | 2,057 | 16,892 | 18,949 | 4,698 | 1957/1992 | (o | ) | |||||||||||||||||||||||||||||
7901 West 21st St.
|
Indianapolis, IN | 1,048 | 6,027 | 427 | 1,048 | 6,454 | 7,502 | 1,661 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1445 Brookville Way
|
Indianapolis, IN | 459 | 2,603 | 737 | 476 | 3,323 | 3,799 | 967 | 1989 | (o | ) | |||||||||||||||||||||||||||||
1440 Brookville Way
|
Indianapolis, IN | 665 | 3,770 | 1,080 | 685 | 4,831 | 5,516 | 1,219 | 1990 | (o | ) | |||||||||||||||||||||||||||||
1240 Brookville Way
|
Indianapolis, IN | 247 | 1,402 | 308 | 258 | 1,700 | 1,958 | 496 | 1990 | (o | ) | |||||||||||||||||||||||||||||
1345 Brookville Way
|
Indianapolis, IN | (o | ) | 586 | 3,321 | 910 | 601 | 4,215 | 4,816 | 1,196 | 1992 | (o | ) | |||||||||||||||||||||||||||
1350 Brookville Way
|
Indianapolis, IN | 205 | 1,161 | 179 | 212 | 1,333 | 1,544 | 379 | 1994 | (o | ) | |||||||||||||||||||||||||||||
1341 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 131 | 743 | 374 | 136 | 1,112 | 1,248 | 352 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1322-1438
Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 145 | 822 | 283 | 152 | 1,099 | 1,251 | 337 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1327-1441
Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 218 | 1,234 | 426 | 225 | 1,653 | 1,877 | 484 | 1992 | (o | ) | |||||||||||||||||||||||||||
1304 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 71 | 405 | 153 | 75 | 554 | 629 | 175 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1402 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 165 | 934 | 437 | 171 | 1,365 | 1,536 | 425 | 1970/1992 | (o | ) | |||||||||||||||||||||||||||
1504 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 219 | 1,238 | 318 | 226 | 1,549 | 1,774 | 381 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1311 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 54 | 304 | 105 | 57 | 405 | 462 | 105 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1365 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 121 | 688 | 287 | 126 | 970 | 1,096 | 240 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1352-1354
Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 178 | 1,008 | 383 | 184 | 1,384 | 1,568 | 385 | 1970/1992 | (o | ) |
S-18
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
1335 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 81 | 460 | 139 | 85 | 594 | 679 | 158 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1327 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 52 | 295 | 80 | 55 | 372 | 427 | 120 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1425 Sadlier Circle E Dr
|
Indianapolis, IN | (p | ) | 21 | 117 | 39 | 23 | 154 | 177 | 40 | 1971/1992 | (o | ) | |||||||||||||||||||||||||||
1230 Brookville Way
|
Indianapolis, IN | 103 | 586 | 90 | 109 | 672 | 780 | 175 | 1995 | (o | ) | |||||||||||||||||||||||||||||
6951 E 30th St
|
Indianapolis, IN | 256 | 1,449 | 238 | 265 | 1,678 | 1,943 | 486 | 1995 | (o | ) | |||||||||||||||||||||||||||||
6701 E 30th St
|
Indianapolis, IN | 78 | 443 | 43 | 82 | 482 | 564 | 131 | 1995 | (o | ) | |||||||||||||||||||||||||||||
6737 E 30th St
|
Indianapolis, IN | 385 | 2,181 | 307 | 398 | 2,474 | 2,873 | 722 | 1995 | (o | ) | |||||||||||||||||||||||||||||
1225 Brookville Way
|
Indianapolis, IN | 60 | | 458 | 68 | 450 | 518 | 94 | 1997 | (o | ) | |||||||||||||||||||||||||||||
6555 E 30th St
|
Indianapolis, IN | 484 | 4,760 | 1,874 | 484 | 6,634 | 7,118 | 1,900 | 1969/1981 | (o | ) | |||||||||||||||||||||||||||||
8402-8440
E 33rd St
|
Indianapolis, IN | 222 | 1,260 | 638 | 230 | 1,890 | 2,120 | 518 | 1977 | (o | ) | |||||||||||||||||||||||||||||
8520-8630
E 33rd St
|
Indianapolis, IN | 326 | 1,848 | 706 | 336 | 2,545 | 2,881 | 733 | 1976 | (o | ) | |||||||||||||||||||||||||||||
8710-8768
E 33rd St
|
Indianapolis, IN | 175 | 993 | 405 | 187 | 1,385 | 1,572 | 384 | 1979 | (o | ) | |||||||||||||||||||||||||||||
3316-3346 N. Pagosa
Court
|
Indianapolis, IN | 325 | 1,842 | 605 | 335 | 2,436 | 2,771 | 696 | 1977 | (o | ) | |||||||||||||||||||||||||||||
6751 E 30th St
|
Indianapolis, IN | 728 | 2,837 | 256 | 741 | 3,079 | 3,820 | 740 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9200 East 146th Street
|
Noblesville, IN | 181 | 1,221 | 1,045 | 181 | 2,266 | 2,446 | 566 | 1961/1981 | (o | ) | |||||||||||||||||||||||||||||
6575 East 30th Street
|
Indianapolis, IN | 118 | | 1,997 | 128 | 1,987 | 2,115 | 415 | 1998 | (o | ) | |||||||||||||||||||||||||||||
6585 East 30th Street
|
Indianapolis, IN | 196 | | 3,293 | 196 | 3,292 | 3,489 | 685 | 1998 | (o | ) | |||||||||||||||||||||||||||||
8525 E. 33rd Street
|
Indianapolis, IN | 1,300 | 2,091 | 1,230 | 1,308 | 3,314 | 4,621 | 937 | 1978 | (o | ) | |||||||||||||||||||||||||||||
5705-97
Park Plaza Ct
|
Indianapolis, IN | (q | ) | 600 | 2,194 | 872 | 609 | 3,057 | 3,666 | 701 | 1977 | (o | ) | |||||||||||||||||||||||||||
8219 Northwest Blvd.
|
Indianapolis, IN | 900 | 3,081 | 397 | 902 | 3,476 | 4,378 | 467 | 1990 | (o | ) | |||||||||||||||||||||||||||||
8227 Northwest Blvd.
|
Indianapolis, IN | 600 | 5,502 | 699 | 602 | 6,198 | 6,801 | 772 | 1990 | (o | ) | |||||||||||||||||||||||||||||
9319-9341
Castlegate Drive
|
Indianapolis, IN | 530 | 1,235 | 1,111 | 544 | 2,332 | 2,876 | 478 | 1983 | (o | ) | |||||||||||||||||||||||||||||
9332-9350
Castlegate Drive
|
Indianapolis, IN | 420 | 646 | 663 | 429 | 1,300 | 1,729 | 290 | 1983 | (o | ) | |||||||||||||||||||||||||||||
2855 Michigan Road
|
Madison, IN | 504 | 1,169 | 49 | 521 | 1,201 | 1,722 | 625 | 1962 | (o | ) | |||||||||||||||||||||||||||||
1133 Northwest L Street
|
Richmond, IN | (r | ) | 201 | 1,358 | 26 | 208 | 1,378 | 1,586 | 150 | 1955/92 | (o | ) | |||||||||||||||||||||||||||
1380 Perry Road
|
Plainfield, IN | 781 | 5,156 | 35 | 785 | 5,187 | 5,972 | 352 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9210 East 146th Street
|
Noblesville, IN | 66 | 684 | 799 | 66 | 1,483 | 1,549 | 520 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4640 Martin Luther King Jr.
Boulevard
|
Anderson, IN | 161 | 664 | 6 | 163 | 669 | 831 | 67 | 1999 | (o | ) | |||||||||||||||||||||||||||||
6512 Production Drive
|
Anderson, IN | 58 | 281 | 3 | 58 | 284 | 342 | 19 | 1995 | (o | ) | |||||||||||||||||||||||||||||
6628 Production Drive
|
Anderson, IN | 150 | 680 | 7 | 151 | 686 | 837 | 48 | 1995 | (o | ) | |||||||||||||||||||||||||||||
2902 Enterprise Drive
|
Anderson, IN | 230 | 4,573 | 44 | 232 | 4,615 | 4,847 | 224 | 1995 | (o | ) |
S-19
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Los Angeles
|
||||||||||||||||||||||||||||||||||||||||
12616 Yukon Ave
|
Hawthorne, CA | 685 | 3,884 | 217 | 696 | 4,090 | 4,786 | 457 | 1987 | (o | ) | |||||||||||||||||||||||||||||
333 Turnbull Canyon Road
|
City of Industry, CA | 2,700 | 1,824 | 572 | 2,700 | 2,396 | 5,096 | 362 | 1968/1985 | (o | ) | |||||||||||||||||||||||||||||
350-390
Manville St.
|
Compton, CA | 2,300 | 3,768 | 103 | 2,313 | 3,857 | 6,171 | 377 | 1979 | (o | ) | |||||||||||||||||||||||||||||
1944 Vista Bella Way
|
Rancho Dominguez, CA | 1,746 | 3,148 | 586 | 1,821 | 3,660 | 5,480 | 244 | 1976 | (o | ) | |||||||||||||||||||||||||||||
2000 Vista Bella Way
|
Rancho Dominguez, CA | 817 | 1,673 | 292 | 852 | 1,931 | 2,782 | 126 | 1971 | (o | ) | |||||||||||||||||||||||||||||
2835 East Ana Street Drive
|
Rancho Dominguez, CA | 1,682 | 2,750 | 133 | 1,770 | 2,796 | 4,565 | 186 | 1972/2000 | (o | ) | |||||||||||||||||||||||||||||
665 N. Baldwin Park Blvd
|
City of Industry, CA | 2,124 | 5,219 | 53 | 2,139 | 5,257 | 7,396 | 228 | 1965/92 | (o | ) | |||||||||||||||||||||||||||||
27801 Avenue Scott(j)
|
Santa Clarita, CA | 2,890 | 7,020 | 192 | 2,899 | 7,203 | 10,102 | 69 | 1984 | (o | ) | |||||||||||||||||||||||||||||
2610 & 2660 Columbia Street
|
Torrance, CA | 3,008 | 5,826 | 36 | 3,021 | 5,849 | 8,870 | 153 | 1969 | (o | ) | |||||||||||||||||||||||||||||
433 Alaska Avenue
|
Torrance, CA | 681 | 168 | 4 | 684 | 169 | 853 | 4 | 1962 | (o | ) | |||||||||||||||||||||||||||||
201 West Manville Avenue
|
Compton, CA | 7,639 | 5,022 | 310 | 7,807 | 5,164 | 12,971 | 434 | 1956 | (o | ) | |||||||||||||||||||||||||||||
14300 Bonelli Street(j)
|
City of Industry, CA | 2,000 | 8,000 | 1,130 | 2,096 | 9,034 | 11,130 | 309 | 1973/2002 | (o | ) | |||||||||||||||||||||||||||||
4020 S. Compton Ave
|
Los Angeles, CA | 3,800 | 7,330 | 71 | 3,825 | 7,376 | 11,201 | 109 | 1986 | (o | ) | |||||||||||||||||||||||||||||
Louisville
|
||||||||||||||||||||||||||||||||||||||||
9001 Cane Run Road
|
Louisville, KY | 524 | | 5,817 | 560 | 5,781 | 6,341 | 1,675 | 1998 | (o | ) | |||||||||||||||||||||||||||||
9101 Cane Run Road
|
Louisville, KY | 608 | | 6,114 | 608 | 6,113 | 6,722 | 917 | 2000 | (o | ) | |||||||||||||||||||||||||||||
Milwaukee
|
||||||||||||||||||||||||||||||||||||||||
N25 W23050 Paul Road
|
Pewaukee, WI | 474 | 2,723 | 1,932 | 485 | 4,645 | 5,130 | 1,266 | 1989 | (o | ) | |||||||||||||||||||||||||||||
N25 W23255 Paul Road
|
Pewaukee, WI | 569 | 3,270 | 128 | 569 | 3,398 | 3,967 | 1,030 | 1987 | (o | ) | |||||||||||||||||||||||||||||
N27 W23293 Roundy Drive
|
Pewaukee, WI | 412 | 2,837 | 81 | 420 | 2,910 | 3,330 | 891 | 1989 | (o | ) | |||||||||||||||||||||||||||||
6523 N Sydney Place
|
Glendale, WI | 172 | 976 | 189 | 176 | 1,163 | 1,338 | 316 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4560 N 124th Street
|
Wauwatosa, WI | 118 | 667 | 85 | 129 | 741 | 870 | 177 | 1976 | (o | ) | |||||||||||||||||||||||||||||
4410-80
North 132nd Street
|
Butler, WI | 355 | | 4,023 | 359 | 4,019 | 4,378 | 680 | 1999 | (o | ) | |||||||||||||||||||||||||||||
5355 South Westridge Drive
|
New Berlin, WI | 1,630 | 7,058 | 92 | 1,646 | 7,134 | 8,780 | 565 | 1997 | (o | ) | |||||||||||||||||||||||||||||
320-34 W. Vogel
|
Milwaukee, WI | 506 | 3,199 | 41 | 508 | 3,238 | 3,746 | 375 | 1970 | (o | ) | |||||||||||||||||||||||||||||
4950 S. 6th Avenue
|
Milwaukee, WI | 299 | 1,565 | 85 | 301 | 1,648 | 1,949 | 230 | 1970 | (o | ) | |||||||||||||||||||||||||||||
1711 Paramount Court
|
Waukesha, WI | 308 | 1,762 | 19 | 311 | 1,778 | 2,089 | 122 | 1997 | (o | ) | |||||||||||||||||||||||||||||
17005 W. Ryerson Road
|
New Berlin, WI | 403 | 3,647 | 32 | 405 | 3,676 | 4,082 | 287 | 1985/88 | (o | ) | |||||||||||||||||||||||||||||
W 140 N9059 Lilly Road
|
Iomonee Falls, WI | 343 | 1,153 | 242 | 366 | 1,372 | 1,738 | 100 | 1995 | (o | ) |
S-20
Table of Contents
(s) |
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Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
200 W. Vogel Ave., Bldg B
|
Milwaukee, WI | 301 | 2,150 | 13 | 302 | 2,162 | 2,464 | 225 | 1970 | (o | ) | |||||||||||||||||||||||||||||
16600 West Glendale Avenue
|
New Berlin, WI | 704 | 1,923 | 385 | 715 | 2,298 | 3,012 | 177 | 1969/84 | (o | ) | |||||||||||||||||||||||||||||
4921 S. 2nd Street
|
Milwaukee, WI | 101 | 713 | 2 | 101 | 715 | 816 | 68 | 1970 | (o | ) | |||||||||||||||||||||||||||||
1500 Peebles Drive
|
Richland Center, WI | 1,577 | 1,018 | 34 | 1,603 | 1,027 | 2,629 | 358 | 1967/72 | (o | ) | |||||||||||||||||||||||||||||
Minneapolis/St. Paul
|
||||||||||||||||||||||||||||||||||||||||
6507-6545
Cecilia Circle
|
Bloomington, MN | 357 | 1,320 | 1,289 | 386 | 2,580 | 2,966 | 1,444 | 1980 | (o | ) | |||||||||||||||||||||||||||||
6201 West 111th Street
|
Bloomington, MN | (s | ) | 1,358 | 8,622 | 4,139 | 1,499 | 12,620 | 14,119 | 6,307 | 1987 | (o | ) | |||||||||||||||||||||||||||
6403-6545
Cecilia Drive
|
Bloomington, MN | 366 | 1,363 | 1,141 | 395 | 2,475 | 2,870 | 1,455 | 1980 | (o | ) | |||||||||||||||||||||||||||||
7251-7267
Washington Avenue
|
Edina, MN | 129 | 382 | 715 | 182 | 1,044 | 1,226 | 769 | 1972 | (o | ) | |||||||||||||||||||||||||||||
7301-7325
Washington Avenue
|
Edina, MN | 174 | 391 | 103 | 193 | 475 | 668 | 150 | 1972 | (o | ) | |||||||||||||||||||||||||||||
7101 Winnetka Avenue North
|
Brooklyn Park, MN | 2,195 | 6,084 | 3,707 | 2,228 | 9,758 | 11,986 | 5,183 | 1990 | (o | ) | |||||||||||||||||||||||||||||
7600 Golden Triangle Drive
|
Eden Prairie, MN | 566 | 1,394 | 1,418 | 615 | 2,764 | 3,378 | 1,489 | 1989 | (o | ) | |||||||||||||||||||||||||||||
9901 West 74th Street
|
Eden Prairie, MN | 621 | 3,289 | 3,211 | 639 | 6,482 | 7,121 | 3,440 | 1983/88 | (o | ) | |||||||||||||||||||||||||||||
12220-12222
Nicollet Avenue
|
Burnsville, MN | 105 | 425 | 400 | 114 | 817 | 930 | 518 | 1989/90 | (o | ) | |||||||||||||||||||||||||||||
12250-12268
Nicollet Avenue
|
Burnsville, MN | 260 | 1,054 | 523 | 296 | 1,540 | 1,837 | 715 | 1989/90 | (o | ) | |||||||||||||||||||||||||||||
12224-12226
Nicollet Avenue
|
Burnsville, MN | 190 | 770 | 715 | 207 | 1,468 | 1,675 | 650 | 1989/90 | (o | ) | |||||||||||||||||||||||||||||
1030 Lone Oak Road
|
Eagan, MN | 456 | 2,703 | 575 | 456 | 3,278 | 3,734 | 966 | 1988 | (o | ) | |||||||||||||||||||||||||||||
1060 Lone Oak Road
|
Eagan, MN | 624 | 3,700 | 701 | 624 | 4,401 | 5,026 | 1,349 | 1988 | (o | ) | |||||||||||||||||||||||||||||
5400 Nathan Lane
|
Plymouth, MN | 749 | 4,461 | 1,302 | 757 | 5,754 | 6,512 | 2,059 | 1990 | (o | ) | |||||||||||||||||||||||||||||
10120 W 76th Street
|
Eden Prairie, MN | 315 | 1,804 | 1,378 | 315 | 3,181 | 3,496 | 1,498 | 1987 | (o | ) | |||||||||||||||||||||||||||||
7615 Golden Triangle
|
Eden Prairie, MN | 268 | 1,532 | 785 | 268 | 2,317 | 2,585 | 612 | 1987 | (o | ) | |||||||||||||||||||||||||||||
7625 Golden Triangle
|
Eden Prairie, MN | 415 | 2,375 | 1,107 | 415 | 3,482 | 3,897 | 1,129 | 1987 | (o | ) | |||||||||||||||||||||||||||||
2605 Fernbrook Lane North
|
Plymouth, MN | 443 | 2,533 | 672 | 445 | 3,203 | 3,647 | 835 | 1987 | (o | ) | |||||||||||||||||||||||||||||
12155 Nicollet Ave
|
Burnsville, MN | 286 | | 1,731 | 288 | 1,729 | 2,017 | 482 | 1995 | (o | ) | |||||||||||||||||||||||||||||
6655 Wedgewood Road
|
Maple Grove, MN | 1,466 | 8,342 | 3,291 | 1,466 | 11,633 | 13,099 | 3,183 | 1989 | (o | ) | |||||||||||||||||||||||||||||
900 Apollo Road
|
Eagan, MN | 1,029 | 5,855 | 1,178 | 1,030 | 7,032 | 8,062 | 2,003 | 1970 | (o | ) |
S-21
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
7316 Aspen Lane North
|
Brooklyn Park, MN | 368 | 2,156 | 822 | 377 | 2,969 | 3,346 | 875 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4100 Peavey Road
|
Chaska, MN | 277 | 2,261 | 795 | 277 | 3,056 | 3,333 | 768 | 1988 | (o | ) | |||||||||||||||||||||||||||||
11300 Hamshire Ave South
|
Bloomington, MN | 527 | 2,985 | 1,460 | 541 | 4,430 | 4,972 | 980 | 1983 | (o | ) | |||||||||||||||||||||||||||||
375 Rivertown Drive
|
Woodbury, MN | 1,083 | 6,135 | 2,720 | 1,503 | 8,435 | 9,938 | 1,987 | 1996 | (o | ) | |||||||||||||||||||||||||||||
5205 Highway 169
|
Plymouth, MN | 446 | 2,525 | 1,000 | 740 | 3,230 | 3,970 | 793 | 1960 | (o | ) | |||||||||||||||||||||||||||||
6451-6595
Citywest Parkway
|
Eden Prairie, MN | 525 | 2,975 | 1,258 | 538 | 4,220 | 4,758 | 1,116 | 1984 | (o | ) | |||||||||||||||||||||||||||||
7100-7198
Shady Oak Road
|
Eden Prairie, MN | 715 | 4,054 | 1,212 | 736 | 5,245 | 5,981 | 1,747 | 1982/2002 | (o | ) | |||||||||||||||||||||||||||||
7500-7546
Washington Square
|
Eden Prairie, MN | 229 | 1,300 | 795 | 235 | 2,090 | 2,325 | 515 | 1975 | (o | ) | |||||||||||||||||||||||||||||
7550-7558
Washington Square
|
Eden Prairie, MN | 153 | 867 | 184 | 157 | 1,048 | 1,205 | 251 | 1975 | (o | ) | |||||||||||||||||||||||||||||
5240-5300
Valley Industrial Blvd S
|
Shakopee, MN | 362 | 2,049 | 1,011 | 371 | 3,049 | 3,421 | 816 | 1973 | (o | ) | |||||||||||||||||||||||||||||
6477-6525
City West Parkway
|
Eden Prairie, MN | 810 | 4,590 | 984 | 819 | 5,564 | 6,384 | 1,355 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1157 Valley Park Drive
|
Shakopee, MN | 760 | | 6,160 | 888 | 6,032 | 6,920 | 1,145 | 1997 | (o | ) | |||||||||||||||||||||||||||||
500-530
Kasota Avenue SE
|
Minneapolis, MN | 415 | 2,354 | 998 | 432 | 3,335 | 3,767 | 913 | 1976 | (o | ) | |||||||||||||||||||||||||||||
770-786
Kasota Avenue SE
|
Minneapolis, MN | 333 | 1,888 | 512 | 347 | 2,386 | 2,733 | 504 | 1976 | (o | ) | |||||||||||||||||||||||||||||
800 Kasota Avenue SE
|
Minneapolis, MN | 524 | 2,971 | 743 | 597 | 3,641 | 4,238 | 872 | 1976 | (o | ) | |||||||||||||||||||||||||||||
2530-2570
Kasota Avenue
|
St. Paul, MN | 407 | 2,308 | 780 | 465 | 3,030 | 3,495 | 707 | 1976 | (o | ) | |||||||||||||||||||||||||||||
1280 Energy Park Drive
|
St. Paul, MN | 700 | 2,779 | 83 | 705 | 2,857 | 3,562 | 271 | 1984 | (o | ) | |||||||||||||||||||||||||||||
9600 West 76th Street
|
Eden Prairie, MN | 1,000 | 2,450 | 36 | 1,034 | 2,451 | 3,486 | 188 | 1997 | (o | ) | |||||||||||||||||||||||||||||
9700 West 76th Street
|
Eden Prairie, MN | 1,000 | 2,709 | 101 | 1,038 | 2,772 | 3,810 | 227 | 1984/97 | (o | ) | |||||||||||||||||||||||||||||
5017 Boone Avenue North
|
New Hope, MN | (t | ) | 1,000 | 1,599 | 58 | 1,009 | 1,648 | 2,657 | 263 | 1971/74 | (o | ) | |||||||||||||||||||||||||||
2300 West Highway 13(I-35 Dist
Ctr)
|
Burnsville, MN | 2,517 | 6,069 | 579 | 2,524 | 6,640 | 9,165 | 1,218 | 1970/76 | (o | ) | |||||||||||||||||||||||||||||
1087 Park Place
|
Shakopee, MN | 1,195 | 4,891 | 15 | 1,198 | 4,903 | 6,101 | 372 | 1996/2000 | (o | ) | |||||||||||||||||||||||||||||
5391 12th Avenue SE
|
Shakopee, MN | 1,392 | 8,149 | 230 | 1,395 | 8,375 | 9,771 | 580 | 1998 | (o | ) | |||||||||||||||||||||||||||||
4701 Valley Industrial Boulevard
|
Shakopee, MN | 1,296 | 7,157 | (81 | ) | 1,299 | 7,073 | 8,372 | 518 | 1997 | (o | ) | ||||||||||||||||||||||||||||
Park 2000 III(j)
|
Shakopee, MN | 590 | | 4,953 | 590 | 4,953 | 5,543 | 619 | 2001 | (o | ) | |||||||||||||||||||||||||||||
7600 69th Avenue
|
Greenfield, MN | 1,500 | 8,328 | 1,808 | 1,510 | 10,126 | 11,636 | 945 | 2004 | (o | ) |
S-22
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
316 Lake Hazeltine Drive
|
Chaska, MN | 714 | 944 | 155 | 729 | 1,084 | 1,813 | 108 | 1986 | (o | ) | |||||||||||||||||||||||||||||
6455 City West Parkway
|
Eden Prairie, MN | 659 | 3,189 | 48 | 666 | 3,229 | 3,895 | 257 | 1995/97 | (o | ) | |||||||||||||||||||||||||||||
1225 Highway 169 North
|
Plymouth, MN | 1,190 | 1,979 | 59 | 1,207 | 2,022 | 3,228 | 39 | 1968 | (o | ) | |||||||||||||||||||||||||||||
Nashville
|
||||||||||||||||||||||||||||||||||||||||
1621 Heil Quaker Boulevard
|
Nashville, TN | 413 | 2,383 | 1,467 | 430 | 3,833 | 4,263 | 1,133 | 1975 | (o | ) | |||||||||||||||||||||||||||||
3099 Barry Drive
|
Portland, TN | 418 | 2,368 | 192 | 421 | 2,557 | 2,978 | 702 | 1995 | (o | ) | |||||||||||||||||||||||||||||
3150 Barry Drive
|
Portland, TN | 941 | 5,333 | 477 | 981 | 5,770 | 6,750 | 1,447 | 1993 | (o | ) | |||||||||||||||||||||||||||||
5599 Highway 31 West
|
Portland, TN | 564 | 3,196 | 211 | 571 | 3,400 | 3,971 | 950 | 1995 | (o | ) | |||||||||||||||||||||||||||||
1650 Elm Hill Pike
|
Nashville, TN | 329 | 1,867 | 172 | 332 | 2,036 | 2,368 | 486 | 1984 | (o | ) | |||||||||||||||||||||||||||||
1931 Air Lane Drive
|
Nashville, TN | 489 | 2,785 | 273 | 493 | 3,054 | 3,547 | 722 | 1984 | (o | ) | |||||||||||||||||||||||||||||
470 Metroplex Drive(c)
|
Nashville, TN | 619 | 3,507 | 1,216 | 626 | 4,716 | 5,342 | 1,405 | 1986 | (o | ) | |||||||||||||||||||||||||||||
1150 Antiock Pike
|
Nashville, TN | 661 | 3,748 | 523 | 669 | 4,264 | 4,932 | 1,033 | 1987 | (o | ) | |||||||||||||||||||||||||||||
4640 Cummings Park
|
Nashville, TN | 360 | 2,040 | 181 | 365 | 2,216 | 2,581 | 390 | 1986 | (o | ) | |||||||||||||||||||||||||||||
556 Metroplex Drive
|
Nashville, TN | 227 | 1,285 | 124 | 231 | 1,405 | 1,636 | 234 | 1983 | (o | ) | |||||||||||||||||||||||||||||
1740 River Hills Drive
|
Nashville, TN | 848 | 4,383 | 515 | 888 | 4,858 | 5,746 | 614 | 1978 | (o | ) | |||||||||||||||||||||||||||||
Northern New Jersey
|
||||||||||||||||||||||||||||||||||||||||
14 Worlds Fair Drive
|
Franklin, NJ | 483 | 2,735 | 553 | 503 | 3,268 | 3,771 | 787 | 1980 | (o | ) | |||||||||||||||||||||||||||||
12 Worlds Fair Drive
|
Franklin, NJ | 572 | 3,240 | 539 | 593 | 3,757 | 4,350 | 920 | 1981 | (o | ) | |||||||||||||||||||||||||||||
22 Worlds Fair Drive
|
Franklin, NJ | 364 | 2,064 | 302 | 375 | 2,355 | 2,730 | 528 | 1983 | (o | ) | |||||||||||||||||||||||||||||
26 Worlds Fair Drive
|
Franklin, NJ | 361 | 2,048 | 293 | 377 | 2,325 | 2,703 | 553 | 1984 | (o | ) | |||||||||||||||||||||||||||||
24 Worlds Fair Drive
|
Franklin, NJ | 347 | 1,968 | 487 | 362 | 2,441 | 2,802 | 620 | 1984 | (o | ) | |||||||||||||||||||||||||||||
20 Worlds Fair Drive
Lot 13
|
Sumerset, NJ | 9 | | 2,632 | 691 | 1,950 | 2,641 | 365 | 1999 | (o | ) | |||||||||||||||||||||||||||||
45 Route 46
|
Pine Brook, NJ | 969 | 5,491 | 790 | 978 | 6,272 | 7,250 | 1,045 | 1974/1987 | (o | ) | |||||||||||||||||||||||||||||
43 Route 46
|
Pine Brook, NJ | 474 | 2,686 | 454 | 479 | 3,136 | 3,614 | 582 | 1974/1987 | (o | ) | |||||||||||||||||||||||||||||
39 Route 46
|
Pine Brook, NJ | 260 | 1,471 | 179 | 262 | 1,647 | 1,909 | 286 | 1970 | (o | ) | |||||||||||||||||||||||||||||
26 Chapin Road
|
Pine Brook, NJ | 956 | 5,415 | 520 | 965 | 5,925 | 6,890 | 970 | 1983 | (o | ) | |||||||||||||||||||||||||||||
30 Chapin Road
|
Pine Brook, NJ | 960 | 5,440 | 592 | 969 | 6,023 | 6,992 | 997 | 1983 | (o | ) | |||||||||||||||||||||||||||||
20 Hook Mountain Road
|
Pine Brook, NJ | 1,507 | 8,542 | 1,050 | 1,534 | 9,566 | 11,100 | 1,488 | 1972/1984 | (o | ) | |||||||||||||||||||||||||||||
30 Hook Mountain Road
|
Pine Brook, NJ | 389 | 2,206 | 368 | 396 | 2,567 | 2,963 | 424 | 1972/1987 | (o | ) | |||||||||||||||||||||||||||||
55 Route 46
|
Pine Brook, NJ | 396 | 2,244 | 211 | 403 | 2,448 | 2,851 | 396 | 1978/1994 | (o | ) | |||||||||||||||||||||||||||||
16 Chapin Road
|
Pine Brook, NJ | 885 | 5,015 | 323 | 901 | 5,323 | 6,223 | 881 | 1987 | (o | ) |
S-23
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
20 Chapin Road
|
Pine Brook, NJ | 1,134 | 6,426 | 523 | 1,154 | 6,929 | 8,083 | 1,144 | 1987 | (o | ) | |||||||||||||||||||||||||||||
Sayreville Lot 3
|
Sayreville, NJ | 996 | | 5,301 | 996 | 5,301 | 6,297 | 318 | 2002 | (o | ) | |||||||||||||||||||||||||||||
Sayreville Lot 4
|
Sayreville, NJ | 944 | | 4,749 | 944 | 4,749 | 5,693 | 532 | 2001 | (o | ) | |||||||||||||||||||||||||||||
400 Raritan Center Parkway
|
Edison, NJ | 829 | 4,722 | 552 | 851 | 5,253 | 6,104 | 769 | 1983 | (o | ) | |||||||||||||||||||||||||||||
300 Columbus Circle
|
Edison, NJ | 1,257 | 7,122 | 950 | 1,277 | 8,052 | 9,329 | 1,180 | 1983 | (o | ) | |||||||||||||||||||||||||||||
400 Apgar
|
Franklin Township, NJ | 780 | 4,420 | 624 | 822 | 5,002 | 5,824 | 639 | 1987 | (o | ) | |||||||||||||||||||||||||||||
500 Apgar
|
Franklin Township, NJ | 361 | 2,044 | 440 | 368 | 2,476 | 2,845 | 367 | 1987 | (o | ) | |||||||||||||||||||||||||||||
201 Circle Dr. North
|
Piscataway, NJ | 840 | 4,760 | 696 | 857 | 5,439 | 6,296 | 634 | 1987 | (o | ) | |||||||||||||||||||||||||||||
1 Pearl Ct.
|
Allendale, NJ | 623 | 3,528 | 1,304 | 649 | 4,806 | 5,454 | 498 | 1978 | (o | ) | |||||||||||||||||||||||||||||
2 Pearl Ct.
|
Allendale, NJ | 255 | 1,445 | 1,280 | 403 | 2,577 | 2,980 | 267 | 1979 | (o | ) | |||||||||||||||||||||||||||||
3 Pearl Ct.
|
Allendale, NJ | 440 | 2,491 | 203 | 458 | 2,675 | 3,133 | 327 | 1978 | (o | ) | |||||||||||||||||||||||||||||
4 Pearl Ct.
|
Allendale, NJ | 450 | 2,550 | 613 | 469 | 3,144 | 3,613 | 440 | 1979 | (o | ) | |||||||||||||||||||||||||||||
5 Pearl Ct.
|
Allendale, NJ | 505 | 2,860 | 510 | 526 | 3,349 | 3,875 | 403 | 1977 | (o | ) | |||||||||||||||||||||||||||||
6 Pearl Ct.
|
Allendale, NJ | 1,160 | 6,575 | 774 | 1,177 | 7,332 | 8,509 | 807 | 1980 | (o | ) | |||||||||||||||||||||||||||||
7 Pearl Ct.
|
Allendale, NJ | 513 | 2,907 | 260 | 520 | 3,159 | 3,680 | 349 | 1979 | (o | ) | |||||||||||||||||||||||||||||
59 Route 17
|
Allendale, NJ | 518 | 2,933 | 1,122 | 539 | 4,033 | 4,572 | 631 | 1979 | (o | ) | |||||||||||||||||||||||||||||
309-319
Pierce Street
|
Somerset, NJ | 1,300 | 4,628 | 340 | 1,309 | 4,958 | 6,268 | 412 | 1986 | (o | ) | |||||||||||||||||||||||||||||
50 Triangle Blvd
|
Carlstadt, NJ | 497 | 2,195 | 203 | 532 | 2,363 | 2,895 | 154 | 1967 | (o | ) | |||||||||||||||||||||||||||||
Orlando
|
||||||||||||||||||||||||||||||||||||||||
Lake Point IV
|
Tampa, FL | 909 | 4,613 | 137 | 920 | 4,739 | 5,659 | 348 | 1987 | (o | ) | |||||||||||||||||||||||||||||
Philadelphia
|
||||||||||||||||||||||||||||||||||||||||
230-240
Welsh Pool Road
|
Exton, PA | 154 | 851 | 128 | 170 | 963 | 1,133 | 210 | 1975/1997 | (o | ) | |||||||||||||||||||||||||||||
264 Welsh Pool Road
|
Exton, PA | 147 | 811 | 121 | 162 | 918 | 1,079 | 206 | 1975/1996 | (o | ) | |||||||||||||||||||||||||||||
254 Welsh Pool Road
|
Exton, PA | 152 | 842 | 463 | 184 | 1,273 | 1,457 | 332 | 1975/1998 | (o | ) | |||||||||||||||||||||||||||||
213 Welsh Pool Road
|
Exton, PA | 149 | 827 | 171 | 173 | 974 | 1,147 | 217 | 1975/1998 | (o | ) | |||||||||||||||||||||||||||||
251 Welsh Pool Road
|
Exton, PA | 144 | 796 | 274 | 159 | 1,056 | 1,214 | 206 | 1975/1991 | (o | ) | |||||||||||||||||||||||||||||
253-255
Welsh Pool Road
|
Exton, PA | 113 | 626 | 176 | 125 | 790 | 915 | 171 | 1975/1980 | (o | ) | |||||||||||||||||||||||||||||
151-161
Philips Road
|
Exton, PA | 191 | 1,059 | 303 | 229 | 1,324 | 1,553 | 318 | 1975/1990 | (o | ) | |||||||||||||||||||||||||||||
216 Philips Road
|
Exton, PA | 199 | 1,100 | 238 | 220 | 1,317 | 1,537 | 290 | 1985 | (o | ) | |||||||||||||||||||||||||||||
964 Postal Road
|
Lehigh, PA | 215 | 1,216 | 116 | 224 | 1,322 | 1,546 | 192 | 1986 | (o | ) | |||||||||||||||||||||||||||||
966 Postal Road
|
Lehigh, PA | 268 | 1,517 | 125 | 279 | 1,630 | 1,910 | 245 | 1987 | (o | ) |
S-24
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
999 Postal Road
|
Lehigh, PA | 439 | 2,486 | 644 | 458 | 3,112 | 3,569 | 454 | 1988 | (o | ) | |||||||||||||||||||||||||||||
7331 William Avenue
|
Lehigh, PA | 311 | 1,764 | 144 | 325 | 1,894 | 2,219 | 271 | 1989 | (o | ) | |||||||||||||||||||||||||||||
7350 William Ave.
|
Lehigh, PA | 552 | 3,128 | 699 | 576 | 3,803 | 4,379 | 766 | 1989 | (o | ) | |||||||||||||||||||||||||||||
7377 William Ave.
|
Lehigh, PA | 290 | 1,645 | 229 | 303 | 1,861 | 2,164 | 307 | 1989 | (o | ) | |||||||||||||||||||||||||||||
2000 Cabot Boulevard West
|
Langhorne, PA | 414 | 2,346 | 646 | 424 | 2,982 | 3,406 | 362 | 1984 | (o | ) | |||||||||||||||||||||||||||||
2005 Cabot Boulevard West
|
Langhorne, PA | 315 | 1,785 | 218 | 322 | 1,995 | 2,317 | 262 | 1984 | (o | ) | |||||||||||||||||||||||||||||
2010 Cabot Boulevard West
|
Langhorne, PA | 513 | 2,907 | 596 | 525 | 3,490 | 4,015 | 525 | 1984 | (o | ) | |||||||||||||||||||||||||||||
2200 Cabot Boulevard West
|
Langhorne, PA | 428 | 2,427 | 346 | 438 | 2,763 | 3,201 | 400 | 1979 | (o | ) | |||||||||||||||||||||||||||||
2260-2270
Cabot Boulevard West
|
Langhorne, PA | 361 | 2,044 | 453 | 369 | 2,488 | 2,858 | 351 | 1980 | (o | ) | |||||||||||||||||||||||||||||
3000 Cabot Boulevard West
|
Langhorne, PA | 509 | 2,886 | 733 | 521 | 3,607 | 4,128 | 561 | 1986 | (o | ) | |||||||||||||||||||||||||||||
180 Wheeler Court
|
Langhorne, PA | 447 | 2,533 | 178 | 458 | 2,700 | 3,157 | 346 | 1974 | (o | ) | |||||||||||||||||||||||||||||
2512 Metropolitan Drive
|
Trevose, PA | 242 | 1,369 | 218 | 248 | 1,581 | 1,828 | 221 | 1981 | (o | ) | |||||||||||||||||||||||||||||
2515 Metropolitan Drive
|
Trevose, PA | 259 | 1,466 | 97 | 265 | 1,557 | 1,822 | 221 | 1974 | (o | ) | |||||||||||||||||||||||||||||
2450 Metropolitan Drive
|
Trevose, PA | 571 | 3,234 | 725 | 586 | 3,944 | 4,530 | 589 | 1983 | (o | ) | |||||||||||||||||||||||||||||
4667 Somerton Road
|
Trevose, PA | 637 | 3,608 | 751 | 652 | 4,344 | 4,996 | 736 | 1974 | (o | ) | |||||||||||||||||||||||||||||
835 Wheeler Way
|
Langhorne, PA | 293 | 1,658 | 477 | 319 | 2,107 | 2,427 | 366 | 1974 | (o | ) | |||||||||||||||||||||||||||||
14 McFadden Road
|
Palmer, PA | 600 | 1,349 | 56 | 625 | 1,380 | 2,005 | 176 | 1994/2000 | (o | ) | |||||||||||||||||||||||||||||
2801 Red Lion Road
|
Philadelphia, PA | 950 | 5,916 | 88 | 964 | 5,990 | 6,954 | 865 | 1969/90 | (o | ) | |||||||||||||||||||||||||||||
3240 S.78th Street
|
Philadelphia, PA | 515 | 1,245 | 70 | 539 | 1,291 | 1,830 | 73 | 1980 | (o | ) | |||||||||||||||||||||||||||||
Phoenix
|
||||||||||||||||||||||||||||||||||||||||
1045 South Edward Drive
|
Tempe, AZ | 390 | 2,160 | 86 | 394 | 2,242 | 2,636 | 433 | 1976 | (o | ) | |||||||||||||||||||||||||||||
46 N. 49th Ave.
|
Phoenix, AZ | 283 | 1,704 | 732 | 283 | 2,436 | 2,719 | 459 | 1986 | (o | ) | |||||||||||||||||||||||||||||
240 N. 48th Ave.
|
Phoenix, AZ | 482 | 1,913 | 96 | 482 | 2,009 | 2,491 | 293 | 1977 | (o | ) | |||||||||||||||||||||||||||||
220 N. 48th Ave.
|
Phoenix, AZ | 530 | 1,726 | 252 | 531 | 1,977 | 2,508 | 257 | 1977 | (o | ) | |||||||||||||||||||||||||||||
54 N. 48th Ave.
|
Phoenix, AZ | 130 | 625 | 50 | 131 | 674 | 805 | 94 | 1977 | (o | ) | |||||||||||||||||||||||||||||
64 N. 48th Ave.
|
Phoenix, AZ | 180 | 458 | 55 | 181 | 512 | 693 | 79 | 1977 | (o | ) | |||||||||||||||||||||||||||||
236 N. 48th Ave.
|
Phoenix, AZ | 120 | 322 | 42 | 120 | 363 | 484 | 50 | 1977 | (o | ) | |||||||||||||||||||||||||||||
10 S. 48th Ave.
|
Phoenix, AZ | 510 | 1,687 | 170 | 513 | 1,855 | 2,367 | 249 | 1977 | (o | ) | |||||||||||||||||||||||||||||
115 E. Watkins St.
|
Phoenix, AZ | 170 | 816 | 112 | 171 | 928 | 1,098 | 120 | 1979 | (o | ) | |||||||||||||||||||||||||||||
135 E. Watkins St.
|
Phoenix, AZ | 380 | 1,962 | 127 | 382 | 2,087 | 2,469 | 280 | 1977 | (o | ) | |||||||||||||||||||||||||||||
10220 S. 51st Street
|
Phoenix, AZ | 400 | 1,493 | 42 | 406 | 1,529 | 1,935 | 174 | 1985 | (o | ) |
S-25
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
50 South 56th Street
|
Chandler, AZ | 1,200 | 3,333 | (49 | ) | 1,207 | 3,277 | 4,484 | 236 | 1991/97 | (o | ) | ||||||||||||||||||||||||||||
4701 W. Jefferson
|
Phoenix, AZ | 926 | 2,195 | 628 | 929 | 2,820 | 3,749 | 322 | 1984 | (o | ) | |||||||||||||||||||||||||||||
8150 S. Kyrene Road
|
Tempe, AZ | 1,597 | 4,065 | 107 | 1,633 | 4,137 | 5,769 | 178 | 1999 | (o | ) | |||||||||||||||||||||||||||||
7102 W. Roosevelt(j)
|
Phoenix, AZ | 1,613 | 6,451 | 88 | 1,620 | 6,532 | 8,152 | 65 | 1998 | (o | ) | |||||||||||||||||||||||||||||
4137 West Adams Street
|
Phoenix, AZ | 990 | 2,661 | 131 | 1,029 | 2,753 | 3,782 | 30 | 1985/92 | (o | ) | |||||||||||||||||||||||||||||
Portland
|
||||||||||||||||||||||||||||||||||||||||
2315 NW 21st Place
|
Portland, OR | 301 | 1,247 | 38 | 309 | 1,277 | 1,586 | 59 | 1966/79 | (o | ) | |||||||||||||||||||||||||||||
Salt Lake City
|
||||||||||||||||||||||||||||||||||||||||
512 Lawndale Drive(f)
|
Salt Lake City, UT | 2,705 | 15,749 | 2,985 | 2,705 | 18,733 | 21,438 | 4,806 | 1981 | (o | ) | |||||||||||||||||||||||||||||
1270 West 2320 South
|
West Valley, UT | 138 | 784 | 144 | 143 | 924 | 1,067 | 232 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1275 West 2240 South
|
West Valley, UT | 395 | 2,241 | 473 | 408 | 2,702 | 3,109 | 652 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1288 West 2240 South
|
West Valley, UT | 119 | 672 | 180 | 123 | 849 | 971 | 249 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
2235 South 1300 West
|
West Valley, UT | 198 | 1,120 | 259 | 204 | 1,373 | 1,577 | 376 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1293 West 2200 South
|
West Valley, UT | 158 | 896 | 202 | 163 | 1,093 | 1,256 | 309 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1279 West 2200 South
|
West Valley, UT | 198 | 1,120 | 56 | 204 | 1,170 | 1,374 | 270 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1272 West 2240 South
|
West Valley, UT | 336 | 1,905 | 437 | 347 | 2,331 | 2,677 | 694 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1149 West 2240 South
|
West Valley, UT | 217 | 1,232 | 99 | 225 | 1,324 | 1,549 | 294 | 1986/92 | (o | ) | |||||||||||||||||||||||||||||
1142 West 2320 South
|
West Valley, UT | 217 | 1,232 | 139 | 225 | 1,364 | 1,588 | 346 | 1997 | (o | ) | |||||||||||||||||||||||||||||
1152 West 2240 South
|
West Valley, UT | 2,067 | | 3,549 | 2,114 | 3,503 | 5,617 | 542 | 1999 | (o | ) | |||||||||||||||||||||||||||||
369 Orange Street
|
Salt Lake City, UT | 600 | 2,855 | 170 | 602 | 3,022 | 3,625 | 375 | 1980 | (o | ) | |||||||||||||||||||||||||||||
2323 South 900 W
|
Salt Lake City, UT | 886 | 2,995 | 55 | 898 | 3,037 | 3,936 | 209 | 1972 | (o | ) | |||||||||||||||||||||||||||||
9140 South 150 East-Eckman
|
Sandy City, UT | 1,417 | 3,668 | 192 | 1,580 | 3,697 | 5,277 | 65 | 1984/2006 | (o | ) | |||||||||||||||||||||||||||||
4625 West 1730 South
|
Salt Lake City, UT | 903 | 4,005 | 17 | 907 | 4,018 | 4,925 | 43 | 1997 | (o | ) | |||||||||||||||||||||||||||||
1815-1957
South 4650 West
|
Salt Lake City, UT | 1,707 | 10,873 | 161 | 1,713 | 11,028 | 12,741 | 101 | 1997 | (o | ) | |||||||||||||||||||||||||||||
1330 W. 3300 South Avenue
|
Ogden, UT | 1,100 | 2,353 | 654 | 1,100 | 3,007 | 4,107 | 448 | 1982 | (o | ) | |||||||||||||||||||||||||||||
4517 West 1730 South
|
Salt Lake City, UT | 704 | 2,737 | 220 | 748 | 2,913 | 3,661 | 29 | 1989 | (o | ) | |||||||||||||||||||||||||||||
San Diego
|
||||||||||||||||||||||||||||||||||||||||
9051 Siempre Viva Rd
|
San Diego, CA | 540 | 1,598 | 189 | 541 | 1,786 | 2,327 | 224 | 1989 | (o | ) | |||||||||||||||||||||||||||||
9163 Siempre Viva Rd
|
San Diego, CA | 430 | 1,621 | 210 | 431 | 1,830 | 2,261 | 227 | 1989 | (o | ) | |||||||||||||||||||||||||||||
9295 Siempre Viva Rd
|
San Diego, CA | 540 | 1,569 | 123 | 541 | 1,691 | 2,232 | 195 | 1989 | (o | ) |
S-26
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
9255 Customhouse Plaza
|
San Diego, CA | 3,230 | 11,030 | 902 | 3,234 | 11,928 | 15,162 | 1,401 | 1989 | (o | ) | |||||||||||||||||||||||||||||
16275 Technology Drive
|
San Diego, CA | 2,848 | 8,641 | 42 | 2,859 | 8,672 | 11,531 | 367 | 1963/85 | (o | ) | |||||||||||||||||||||||||||||
6305 El Camino Real(j)
|
Carlsbad, CA | 1,590 | 6,360 | 0 | 1,590 | 6,360 | 7,950 | 85 | 1980 | (o | ) | |||||||||||||||||||||||||||||
42374 Avenida Alvarado(c)
|
Temecula, CA | 447 | 2,529 | 336 | 462 | 2,849 | 3,311 | 283 | 1987 | (o | ) | |||||||||||||||||||||||||||||
9375 Customhouse Plaza
|
San Diego, CA | 430 | 1,384 | 287 | 431 | 1,670 | 2,101 | 227 | 1989 | (o | ) | |||||||||||||||||||||||||||||
9465 Customhouse Plaza
|
San Diego, CA | 430 | 1,437 | 226 | 431 | 1,662 | 2,093 | 237 | 1989 | (o | ) | |||||||||||||||||||||||||||||
9485 Customhouse Plaza
|
San Diego, CA | 1,200 | 2,792 | 286 | 1,201 | 3,077 | 4,278 | 364 | 1989 | (o | ) | |||||||||||||||||||||||||||||
2675 Customhouse Court
|
San Diego, CA | 590 | 2,082 | 388 | 591 | 2,469 | 3,060 | 259 | 1989 | (o | ) | |||||||||||||||||||||||||||||
2325 Camino Vida Roble(j)
|
Carlsbad, CA | 1,441 | 1,239 | 37 | 1,446 | 1,271 | 2,717 | 52 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
2335 Camino Vida Roble
|
Carlsbad, CA | 817 | 762 | 27 | 820 | 786 | 1,606 | 39 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
2345 Camino Vida Roble
|
Carlsbad, CA | 562 | 456 | 28 | 564 | 481 | 1,046 | 25 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
2355 Camino Vida Roble
|
Carlsbad, CA | 481 | 365 | 33 | 483 | 396 | 879 | 23 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
2365 Camino Vida Roble
|
Carlsbad, CA | 1,098 | 630 | 8 | 1,102 | 634 | 1,736 | 43 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
2375 Camino Vida Roble(j)
|
Carlsbad, CA | 1,210 | 874 | 121 | 1,214 | 991 | 2,205 | 50 | 1981/98 | (o | ) | |||||||||||||||||||||||||||||
6451 El Camino Real(j)
|
Carlsbad, CA | 2,885 | 1,931 | 52 | 2,894 | 1,973 | 4,868 | 98 | 1986/98 | (o | ) | |||||||||||||||||||||||||||||
Southern New Jersey
|
||||||||||||||||||||||||||||||||||||||||
5 North Olnev Ave
|
Cherry Hill, NJ | 157 | 1,524 | (451 | ) | 157 | 1,073 | 1,229 | 204 | 1963/1985 | (o | ) | ||||||||||||||||||||||||||||
4 Springdale Road(c)
|
Cherry Hill, NJ | 332 | 1,853 | 1,271 | 332 | 3,124 | 3,456 | 594 | 1963/85 | (o | ) | |||||||||||||||||||||||||||||
8 Springdale Road
|
Cherry Hill, NJ | 258 | 1,436 | 874 | 258 | 2,311 | 2,568 | 505 | 1966 | (o | ) | |||||||||||||||||||||||||||||
2050 Springdale Road
|
Cherry Hill, NJ | 277 | 1,545 | 1,149 | 277 | 2,693 | 2,970 | 626 | 1965 | (o | ) | |||||||||||||||||||||||||||||
16 Springdale Road
|
Cherry Hill, NJ | 240 | 1,336 | 134 | 240 | 1,471 | 1,710 | 312 | 1967 | (o | ) | |||||||||||||||||||||||||||||
5 Esterbrook Lane
|
Cherry Hill, NJ | 240 | 1,336 | 236 | 240 | 1,572 | 1,812 | 329 | 1966/88 | (o | ) | |||||||||||||||||||||||||||||
2 Pin Oak Lane
|
Cherry Hill, NJ | 314 | 1,757 | 695 | 314 | 2,452 | 2,766 | 552 | 1968 | (o | ) | |||||||||||||||||||||||||||||
28 Springdale Road
|
Cherry Hill, NJ | 190 | 1,060 | 211 | 190 | 1,272 | 1,462 | 270 | 1967 | (o | ) | |||||||||||||||||||||||||||||
3 Esterbrook Lane
|
Cherry Hill, NJ | 198 | 1,102 | 486 | 198 | 1,588 | 1,786 | 328 | 1968 | (o | ) | |||||||||||||||||||||||||||||
4 Esterbrook Lane(j)
|
Cherry Hill, NJ | 232 | 1,294 | 44 | 232 | 1,338 | 1,570 | 291 | 1969 | (o | ) | |||||||||||||||||||||||||||||
26 Springdale Road
|
Cherry Hill, NJ | 226 | 1,257 | 555 | 226 | 1,811 | 2,037 | 375 | 1968 | (o | ) | |||||||||||||||||||||||||||||
1 Keystone Ave
|
Cherry Hill, NJ | 218 | 1,223 | 973 | 218 | 2,196 | 2,415 | 473 | 1969 | (o | ) | |||||||||||||||||||||||||||||
21 Olnev Ave
|
Cherry Hill, NJ | 68 | 380 | 75 | 68 | 455 | 523 | 93 | 1969 | (o | ) | |||||||||||||||||||||||||||||
19 Olnev Ave
|
Cherry Hill, NJ | 200 | 1,119 | 1,160 | 200 | 2,279 | 2,479 | 444 | 1971 | (o | ) | |||||||||||||||||||||||||||||
2 Keystone Ave
|
Cherry Hill, NJ | 214 | 1,194 | 559 | 214 | 1,753 | 1,967 | 404 | 1970 | (o | ) | |||||||||||||||||||||||||||||
18 Olnev Ave
|
Cherry Hill, NJ | 247 | 1,382 | 428 | 247 | 1,810 | 2,057 | 327 | 1974 | (o | ) |
S-27
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
2030 Springdale Rod
|
Cherry Hill, NJ | 523 | 2,914 | 1,417 | 523 | 4,331 | 4,854 | 972 | 1977 | (o | ) | |||||||||||||||||||||||||||||
111 Whittendale Drive
|
Morrestown, NJ | 522 | 2,916 | 130 | 522 | 3,046 | 3,568 | 547 | 1991/96 | (o | ) | |||||||||||||||||||||||||||||
9 Whittendale
|
Morrestown, NJ | 337 | 1,911 | 100 | 343 | 2,005 | 2,348 | 277 | 2000 | (o | ) | |||||||||||||||||||||||||||||
1931 Olney Road
|
Cherry Hill, NJ | 262 | 1,486 | 101 | 267 | 1,582 | 1,849 | 182 | 1969 | (o | ) | |||||||||||||||||||||||||||||
7851 Airport
|
Pennsauken, NJ | 160 | 508 | 382 | 163 | 888 | 1,050 | 157 | 1966 | (o | ) | |||||||||||||||||||||||||||||
103 Central
|
Mt. Laurel, NJ | 610 | 1,847 | 1,561 | 619 | 3,398 | 4,018 | 625 | 1970 | (o | ) | |||||||||||||||||||||||||||||
7890 Airport Hwy/7015 Central
|
Pennsauken, NJ | 300 | 989 | 1,062 | 425 | 1,926 | 2,351 | 442 | 1969 | (o | ) | |||||||||||||||||||||||||||||
999 Grand Avenue
|
Hammonton, NJ | (u | ) | 969 | 8,793 | 713 | 979 | 9,495 | 10,475 | 940 | 1980 | (o | ) | |||||||||||||||||||||||||||
7860-7870
Airport
|
Pennsauken, NJ | 120 | 366 | 286 | 122 | 650 | 772 | 114 | 1968 | (o | ) | |||||||||||||||||||||||||||||
855 Hylton Road(j)
|
Pennsauken, NJ | 264 | 1,025 | 105 | 269 | 1,125 | 1,394 | 37 | 1986 | (o | ) | |||||||||||||||||||||||||||||
St. Louis
|
||||||||||||||||||||||||||||||||||||||||
8921-8971
Fost Avenue
|
Hazelwood, MO | 431 | 2,479 | 114 | 431 | 2,593 | 3,025 | 834 | 1971 | (o | ) | |||||||||||||||||||||||||||||
9043-9083
Frost Avenue
|
Hazelwood, MO | 319 | 1,838 | 750 | 319 | 2,588 | 2,907 | 771 | 1970/77 | (o | ) | |||||||||||||||||||||||||||||
10431-10449
Midwest Industrial Blvd
|
Olivette, MO | 237 | 1,360 | 524 | 237 | 1,884 | 2,121 | 689 | 1967 | (o | ) | |||||||||||||||||||||||||||||
10751 Midwest Industrial Boulevard
|
Olivette, MO | 193 | 1,119 | 355 | 194 | 1,474 | 1,667 | 527 | 1965 | (o | ) | |||||||||||||||||||||||||||||
6951 N Hanley(c)
|
Hazelwood, MO | 405 | 2,295 | 1,398 | 419 | 3,679 | 4,098 | 922 | 1965 | (o | ) | |||||||||||||||||||||||||||||
1037 Warson Bldg A(j)
|
St. Louis, MO | 246 | 1,359 | 364 | 251 | 1,718 | 1,969 | 178 | 1968 | (o | ) | |||||||||||||||||||||||||||||
1037 Warson Bldg B(j)
|
St. Louis, MO | 380 | 2,103 | 1,604 | 388 | 3,698 | 4,086 | 330 | 1968 | (o | ) | |||||||||||||||||||||||||||||
1037 Warson Bldg C
|
St. Louis, MO | 303 | 1,680 | 1,085 | 310 | 2,759 | 3,068 | 309 | 1968 | (o | ) | |||||||||||||||||||||||||||||
1037 Warson Bldg D(j)
|
St. Louis, MO | 353 | 1,952 | 364 | 360 | 2,308 | 2,668 | 253 | 1968 | (o | ) | |||||||||||||||||||||||||||||
6821-6857
Hazelwood Ave
|
Berkeley, MO | 985 | 6,205 | 702 | 985 | 6,907 | 7,892 | 868 | 2001 | (o | ) | |||||||||||||||||||||||||||||
13701 Rider Trail North
|
Earth City, MO | 800 | 2,099 | 545 | 804 | 2,640 | 3,444 | 516 | 1985 | (o | ) | |||||||||||||||||||||||||||||
1908-2000
Innerbelt(c)
|
Overland, MO | 1,590 | 9,026 | 826 | 1,591 | 9,852 | 11,442 | 1,454 | 1987 | (o | ) | |||||||||||||||||||||||||||||
8449-95
Mid-County Industrial
|
Vinita Park, MO | 520 | 1,590 | 217 | 520 | 1,807 | 2,327 | 294 | 1988 | (o | ) | |||||||||||||||||||||||||||||
84104-76
Mid County Industrial
|
Vinita Park, MO | 540 | 2,109 | 50 | 540 | 2,159 | 2,699 | 312 | 1989 | (o | ) | |||||||||||||||||||||||||||||
2001 Innerbelt Business Center
|
Overland, MO | 1,050 | 4,451 | 169 | 1,050 | 4,620 | 5,670 | 673 | 1987 | (o | ) | |||||||||||||||||||||||||||||
9060 Latty Avenue
|
Berkeley, MO | 687 | 1,947 | 38 | 698 | 1,974 | 2,672 | 193 | 1965 | (o | ) |
S-28
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
21-25
Gateway Commerce Center
|
Edwardsville, IL | (v | ) | 1,874 | 31,958 | 942 | 1,927 | 32,847 | 34,774 | 392 | 2003/06 | (o | ) | |||||||||||||||||||||||||||
Tampa
|
||||||||||||||||||||||||||||||||||||||||
6202 Benjamin Road
|
Tampa, FL | 203 | 1,151 | 512 | 211 | 1,655 | 1,866 | 486 | 1981 | (o | ) | |||||||||||||||||||||||||||||
6204 Benjamin Road
|
Tampa, FL | 432 | 2,445 | 560 | 454 | 2,982 | 3,436 | 689 | 1982 | (o | ) | |||||||||||||||||||||||||||||
6206 Benjamin Road
|
Tampa, FL | 397 | 2,251 | 481 | 416 | 2,713 | 3,129 | 667 | 1983 | (o | ) | |||||||||||||||||||||||||||||
6302 Benjamin Road
|
Tampa, FL | 214 | 1,212 | 236 | 224 | 1,438 | 1,662 | 338 | 1983 | (o | ) | |||||||||||||||||||||||||||||
6304 Benjamin Road
|
Tampa, FL | 201 | 1,138 | 216 | 209 | 1,346 | 1,555 | 333 | 1984 | (o | ) | |||||||||||||||||||||||||||||
6306 Benjamin Road
|
Tampa, FL | 257 | 1,457 | 261 | 269 | 1,706 | 1,975 | 386 | 1984 | (o | ) | |||||||||||||||||||||||||||||
6308 Benjamin Road
|
Tampa, FL | 345 | 1,958 | 313 | 362 | 2,254 | 2,616 | 531 | 1984 | (o | ) | |||||||||||||||||||||||||||||
5313 Johns Road
|
Tampa, FL | 204 | 1,159 | 220 | 257 | 1,326 | 1,583 | 301 | 1991 | (o | ) | |||||||||||||||||||||||||||||
5525 Johns Road
|
Tampa, FL | 192 | 1,086 | 389 | 200 | 1,468 | 1,667 | 266 | 1993 | (o | ) | |||||||||||||||||||||||||||||
5709 Johns Road
|
Tampa, FL | 192 | 1,086 | 160 | 200 | 1,239 | 1,438 | 318 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5711 Johns Road
|
Tampa, FL | 243 | 1,376 | 174 | 255 | 1,537 | 1,793 | 341 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5453 W Waters Avenue
|
Tampa, FL | 71 | 402 | 116 | 82 | 507 | 589 | 125 | 1987 | (o | ) | |||||||||||||||||||||||||||||
5455 W Waters Avenue
|
Tampa, FL | 307 | 1,742 | 377 | 326 | 2,101 | 2,426 | 475 | 1987 | (o | ) | |||||||||||||||||||||||||||||
5553 W Waters Avenue
|
Tampa, FL | 307 | 1,742 | 262 | 326 | 1,986 | 2,312 | 448 | 1987 | (o | ) | |||||||||||||||||||||||||||||
5501 W Waters Avenue
|
Tampa, FL | 154 | 871 | 169 | 142 | 1,051 | 1,194 | 276 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5503 W Waters Avenue
|
Tampa, FL | 71 | 402 | 40 | 66 | 447 | 513 | 108 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5555 W Waters Avenue
|
Tampa, FL | 213 | 1,206 | 140 | 221 | 1,337 | 1,559 | 325 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5557 W Waters Avenue
|
Tampa, FL | 59 | 335 | 47 | 62 | 379 | 442 | 86 | 1990 | (o | ) | |||||||||||||||||||||||||||||
5463 W Waters Avenue
|
Tampa, FL | 497 | 2,751 | 770 | 560 | 3,458 | 4,018 | 770 | 1996 | (o | ) | |||||||||||||||||||||||||||||
5461 W Waters
|
Tampa, FL | 261 | | 1,226 | 265 | 1,222 | 1,487 | 240 | 1998 | (o | ) | |||||||||||||||||||||||||||||
5481 W. Waters Avenue
|
Tampa, FL | 558 | | 2,307 | 561 | 2,304 | 2,865 | 453 | 1999 | (o | ) | |||||||||||||||||||||||||||||
4515-4519
George Road
|
Tampa, FL | 633 | 3,587 | 491 | 640 | 4,072 | 4,712 | 616 | 1985 | (o | ) | |||||||||||||||||||||||||||||
6301 Benjamin Road
|
Tampa, FL | 292 | 1,657 | 84 | 295 | 1,738 | 2,033 | 254 | 1986 | (o | ) | |||||||||||||||||||||||||||||
5723 Benjamin Road
|
Tampa, FL | 406 | 2,301 | 251 | 409 | 2,548 | 2,958 | 326 | 1986 | (o | ) | |||||||||||||||||||||||||||||
6313 Benjamin Road
|
Tampa, FL | 229 | 1,296 | 267 | 231 | 1,561 | 1,792 | 245 | 1986 | (o | ) | |||||||||||||||||||||||||||||
5801 Benjamin Road
|
Tampa, FL | 564 | 3,197 | 163 | 569 | 3,355 | 3,924 | 477 | 1986 | (o | ) | |||||||||||||||||||||||||||||
5802 Benjamin Road
|
Tampa, FL | 686 | 3,889 | 607 | 692 | 4,491 | 5,183 | 672 | 1986 | (o | ) | |||||||||||||||||||||||||||||
5925 Benjamin Road
|
Tampa, FL | 328 | 1,859 | 370 | 331 | 2,227 | 2,557 | 323 | 1986 | (o | ) | |||||||||||||||||||||||||||||
6089 Johns Road
|
Tampa, FL | (w | ) | 180 | 987 | 93 | 186 | 1,074 | 1,260 | 103 | 1985 | (o | ) |
S-29
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
6091 Johns Road
|
Tampa, FL | (w | ) | 140 | 730 | 33 | 144 | 759 | 903 | 72 | 1986 | (o | ) | |||||||||||||||||||||||||||
6103 Johns Road
|
Tampa, FL | (w | ) | 220 | 1,160 | 60 | 226 | 1,214 | 1,440 | 114 | 1986 | (o | ) | |||||||||||||||||||||||||||
6201 Johns Road
|
Tampa, FL | (w | ) | 200 | 1,107 | 96 | 205 | 1,198 | 1,403 | 134 | 1981 | (o | ) | |||||||||||||||||||||||||||
6203 Johns Road
|
Tampa, FL | (w | ) | 300 | 1,460 | 111 | 311 | 1,560 | 1,871 | 179 | 1987 | (o | ) | |||||||||||||||||||||||||||
6205 Johns Road
|
Tampa, FL | (w | ) | 270 | 1,363 | 32 | 278 | 1,388 | 1,665 | 92 | 2000 | (o | ) | |||||||||||||||||||||||||||
6101 Johns Road
|
Tampa, FL | 210 | 833 | 71 | 216 | 898 | 1,114 | 97 | 1981 | (o | ) | |||||||||||||||||||||||||||||
4908 Tampa West Blvd
|
Tampa, FL | 2,622 | 8,643 | 36 | 2,635 | 8,666 | 11,301 | 558 | 1979/83 | (o | ) | |||||||||||||||||||||||||||||
7201-7245
Bryan Dairy Road(j)(c)
|
Largo, FL | 1,895 | 5,408 | 59 | 1,909 | 5,453 | 7,362 | 195 | 1988 | (o | ) | |||||||||||||||||||||||||||||
11701 Belcher Road South(j)
|
Largo, FL | 1,657 | 2,768 | 109 | 1,669 | 2,864 | 4,533 | 123 | 1985 | (o | ) | |||||||||||||||||||||||||||||
4900-4914
Creekside Drive(aa)
|
Clearwater, FL | 3,702 | 7,338 | 108 | 3,730 | 7,418 | 11,148 | 325 | 1985 | (o | ) | |||||||||||||||||||||||||||||
4908 Creekside Drive(j)
|
Clearwater, FL | 506 | 645 | 17 | 509 | 659 | 1,168 | 30 | 1985 | (o | ) | |||||||||||||||||||||||||||||
7381-7431
114th Avenue North(j)(z)
|
Largo, FL | 1,711 | 6,662 | 12 | 1,362 | 7,023 | 8,385 | 432 | 1986 | (o | ) | |||||||||||||||||||||||||||||
12345 Starkey Road(j)
|
Largo, FL | 898 | 2,078 | 15 | 905 | 2,087 | 2,992 | 77 | 1980 | (o | ) | |||||||||||||||||||||||||||||
Toronto
|
||||||||||||||||||||||||||||||||||||||||
135 Dundas Street
|
Cambridge Ontario, Canada | 3,128 | 4,958 | 137 | 3,179 | 5,044 | 8,223 | 724 | 1953/59 | (o | ) | |||||||||||||||||||||||||||||
678 Erie Street
|
Stratford Ontario, Canada | 786 | 557 | 77 | 828 | 592 | 1,420 | 261 | 1955/76 | (o | ) | |||||||||||||||||||||||||||||
777 Bayly Street West
|
Ajax Ontario, Canada | 7,224 | 13,156 | 828 | 7,539 | 13,669 | 21,208 | 120 | 1987 | (o | ) | |||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||
3501 Maple Street(j)
|
Abilene, TX | 67 | 1,057 | 1,422 | 266 | 2,280 | 2,546 | 1,057 | 1980 | (o | ) | |||||||||||||||||||||||||||||
4200 West Harry Street(d)
|
Wichita, KS | 193 | 2,224 | 1,777 | 532 | 3,662 | 4,194 | 2,040 | 1972 | (o | ) | |||||||||||||||||||||||||||||
6601 S. 33rd Street
|
McAllen, TX | 231 | 1,276 | 166 | 233 | 1,440 | 1,673 | 304 | 1975 | (o | ) | |||||||||||||||||||||||||||||
9601A Dessau Road
|
Austin, TX | 255 | | 2,204 | 366 | 2,094 | 2,459 | 544 | 1999 | (o | ) | |||||||||||||||||||||||||||||
9601B Dessau Road
|
Austin, TX | 248 | | 1,747 | 355 | 1,639 | 1,994 | 282 | 1999 | (o | ) | |||||||||||||||||||||||||||||
9601C Dessau Road
|
Austin, TX | 248 | | 2,204 | 355 | 2,097 | 2,452 | 819 | 1999 | (o | ) | |||||||||||||||||||||||||||||
6266 Hurt Road
|
Horn Lake, MS | 427 | | 3,211 | 427 | 3,212 | 3,638 | 346 | 1963 | (o | ) | |||||||||||||||||||||||||||||
6266 Hurt Road Building B(j)
|
Horn Lake, MS | | | 868 | 99 | 769 | 868 | 48 | 1963 | (o | ) | |||||||||||||||||||||||||||||
6266 Hurt Road Building C
|
Horn Lake, MS | | | 292 | 278 | 14 | 292 | 1 | 1963 | (o | ) | |||||||||||||||||||||||||||||
7601 NW 107th Terrace
|
Kansas City, MO | 746 | 4,712 | 30 | 750 | 4,738 | 5,488 | 578 | 1982/87 | (o | ) |
S-30
Table of Contents
(s) |
||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/06 |
Accumulated |
|||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Built/ |
Depreciable |
|||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/06 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
12626 Silicon Drive
|
San Antonio, TX | 768 | 3,448 | 22 | 779 | 3,459 | 4,238 | 253 | 1981/95 | (o | ) | |||||||||||||||||||||||||||||
3100 Pinson Valley Parkway
|
Birmingham, AL | 303 | 742 | 20 | 310 | 756 | 1,065 | 45 | 1970 | (o | ) | |||||||||||||||||||||||||||||
1245 N. Hearne Avenue
|
Shreveport, LA | 99 | 1,263 | 32 | 102 | 1,292 | 1,394 | 91 | 1981/2004 | (o | ) | |||||||||||||||||||||||||||||
10330 I Street
|
Omaha, NE | 1,808 | 8,340 | 5 | 1,809 | 8,344 | 10,153 | 448 | 1979/2005 | (o | ) | |||||||||||||||||||||||||||||
Redevelopments/Developments/
Developable Land
|
62,777 | 3,203 | 59,052 | 66,297 | 58,738 | 125,035 | 759 | |||||||||||||||||||||||||||||||||
556,544 | $ | 2,151,303 | $ | 581,553 | $ | 574,654 | $ | 2,714,749 | $ | 3,289,403 | $ | 473,882 | (k) | |||||||||||||||||||||||||||
S-31
Table of Contents
(a) | See description of encumbrances in Note 5 to Notes to Consolidated Financial Statements. | |
(b) | Initial cost for each respective property is tangible purchase price allocated in accordance with SFAS No. 141. | |
(c) | Comprised of two properties. | |
(d) | Comprised of three properties. | |
(e) | Comprised of four properties. | |
(f) | Comprised of 28 properties. | |
(g) | These properties represent developable land and redevelopments that have not been placed in service. | |
(h) | Improvements are net of write-off of fully depreciated assets. | |
(j) | Property is not in-service as of December 31, 2006. | |
(k) |
Gross Amount |
||||||||||||
Amounts |
Carried At |
|||||||||||
Included |
Amounts Within |
Close of Period |
||||||||||
in Real Estate |
Net Investment |
December 31, |
||||||||||
Held for Sale | in Real Estate | 2006 | ||||||||||
Land
|
$ | 16,229 | $ | 558,425 | $ | 574,654 | ||||||
Buildings & Improvements
|
88,465 | 2,626,284 | 2,714,749 | |||||||||
Accumulated Depreciation
|
(8,464 | ) | (465,418 | ) | (473,882 | ) | ||||||
Subtotal
|
96,230 | 2,719,291 | 2,815,521 | |||||||||
Construction in Progress
|
6,960 | 35,019 | 41,979 | |||||||||
Leasing Commissions, Net and
Deferred Leasing Intangibles
|
12,771 | | 12,771 | |||||||||
Total at December 31, 2006
|
$ | 115,961 | $ | 2,754,310 | $ | 2,870,271 | ||||||
(l) | This property collateralizes a $3.0 million mortgage loan which matures on May 1, 2016. | |
(m) | This property collateralizes a $15.2 million mortgage loan which matures on December 1, 2010. | |
(n) | This property collateralizes a $5.1 million mortgage loan which matures on December 1, 2019. | |
(o) | This property collateralizes a $1.6 million mortgage loan which matures on January 1, 2013. | |
(p) | These properties collateralize a $1.8 million mortgage loan which matures on September 1, 2009. | |
(q) | This property collateralizes a $2.4 million mortgage loan which matures on January 1, 2012. | |
(r) | This property collateralizes a $1.9 million mortgage loan which matures on June 1, 2014. | |
(s) | This property collateralizes a $5.3 million mortgage loan which matures on December 1, 2019. | |
(t) | This property collateralizes a $1.9 million mortgage loan which matures on September 30, 2024. | |
(u) | This property collateralizes a $6.7 million mortgage loan which matures on March 1, 2011. | |
(v) | This property collateralizes a $14.2 million mortgage loan and a $12.0 million mortgage loan which both mature on January 1, 2014. | |
(w) | These properties collateralize a $6.0 million mortgage loan which matures on July 1, 2009. | |
(x) | This property collateralizes a $0.8 million mortgage loan which matures on February 1, 2017. | |
(y) | Comprised of five properties. | |
(z) | Comprised of six properties. | |
(aa) | Comprised of 8 properties. |
S-32
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
As of December 31, 2006
2006 | 2005 | 2004 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance, Beginning of Year
|
$ | 3,278,740 | $ | 2,910,468 | $ | 2,738,034 | ||||||
Acquisition, Construction Costs
and Improvements
|
763,571 | 875,028 | 508,572 | |||||||||
Disposition of Assets
|
(693,159 | ) | (473,743 | ) | (313,940 | ) | ||||||
Write-off of Fully Depreciated
Assets
|
(17,770 | ) | (33,013 | ) | (22,198 | ) | ||||||
Balance, End of Year
|
$ | 3,331,382 | $ | 3,278,740 | $ | 2,910,468 | ||||||
2006 | 2005 | 2004 | ||||||||||
Balance, Beginning of Year
|
$ | 412,039 | $ | 381,297 | $ | 349,252 | ||||||
Depreciation for Year
|
121,347 | 99,338 | 82,757 | |||||||||
Disposition of Assets
|
(41,734 | ) | (35,946 | ) | (28,514 | ) | ||||||
Write-off of Fully Depreciated
Assets
|
(17,770 | ) | (32,650 | ) | (22,198 | ) | ||||||
Balance, End of Year
|
$ | 473,882 | $ | 412,039 | $ | 381,297 | ||||||
S-33
Table of Contents
By: |
/s/ Michael
W. Brennan
|
By: |
/s/ Michael
J. Havala
|
By: |
/s/ Scott
A. Musil
|
Signature
|
Title
|
Date
|
||||
/s/ Jay
H. Shidler Jay H. Shidler |
Chairman of the Board of Directors | February 28, 2007 | ||||
/s/ Michael
W. Brennan Michael W. Brennan |
President, Chief Executive Officer and Director | February 28, 2007 | ||||
/s/ Michael
G. Damone Michael G. Damone |
Director of Strategic Planning and Director | February 28, 2007 | ||||
/s/ Kevin
W. Lynch Kevin W. Lynch |
Director | February 28, 2007 | ||||
/s/ Robert
D. Newman Robert D. Newman |
Director | February 28, 2007 |
S-34
Table of Contents
Signature
|
Title
|
Date
|
||||
/s/ John
E. Rau John E. Rau |
Director | February 28, 2007 | ||||
/s/ Robert
J. Slater Robert J. Slater |
Director | February 28, 2007 | ||||
/s/ W.
Edwin Tyler W. Edwin Tyler |
Director | February 28, 2007 | ||||
/s/ J.
Steven Wilson J. Steven Wilson |
Director | February 28, 2007 |
S-35