FIRST INDUSTRIAL REALTY TRUST INC - Annual Report: 2008 (Form 10-K)
Table of Contents
Washington, D.C. 20549
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2008 | ||
or
|
||
o
|
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.) |
|
311 S. Wacker Drive,
Suite 4000, Chicago, Illinois (Address of principal executive offices) |
60606 (Zip Code) |
Large accelerated filer þ
|
Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller Reporting company o |
Table of Contents
2
Table of Contents
3
Table of Contents
Item 1. | Business |
4
Table of Contents
| Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; (iv) renovating existing properties; and (v) increasing ancillary revenues from non-real estate sources. | |
| External Growth. We seek to grow externally through (i) additional joint venture investments; (ii) the development of industrial properties; (iii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet our investment parameters and target markets; and (iv) the expansion of our properties. |
| Organization Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. | |
| Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States and select industrial real estate markets in Canada. These 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) sufficient size to provide for ample transaction volume. | |
| Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and national tenants. | |
| Acquisition/Development Strategy. Our acquisition/development strategy is to invest in properties and other assets with higher yield potential in the top industrial real estate markets in the United States and select industrial real estate markets in Canada. | |
| Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. | |
| Financing Strategy. To finance acquisitions and developments, as market conditions permit, we utilize a portion of net sales proceeds from property sales, proceeds from mortgage financings, borrowings under our unsecured line of credit (the Unsecured Line of Credit) and proceeds from the issuance, when and as warranted, of additional debt and equity securities. We also continually evaluate joint venture arrangements as another source of capital. As of February 20, 2009, we had approximately $6.2 million available for additional borrowings under our Unsecured Line of Credit. | |
| Liquidity Strategy. We plan to enhance our liquidity through a combination of capital retention, mortgage financing and asset sales. |
| Retained Capital We plan to retain capital by adjusting our dividend policy to distribute the minimum amount required to maintain our REIT status. We will not pay a dividend in April 2009 and may not pay common dividends in future quarters in 2009 depending on our taxable income. If |
5
Table of Contents
we are required to pay common stock dividends in 2009, we may elect to satisfy this obligation by distributing a combination of cash and common shares. |
| Mortgage Financing In June 2009, we have $125.0 million of unsecured debt maturing, and in July 2009 we have approximately $5.0 million of secured mortgage debt maturing. We are in active discussions with various lenders regarding the origination of mortgage financing. The total loan proceeds are expected to be sufficient to meet these maturities. If we fail to timely retire our maturing debt, we will be in default under our Unsecured Line of Credit and our senior debt securities. | |
| Asset Sales We are in various stages of discussions with third parties for the sale of properties in the three months ended March 31, 2009, and plan to continue to market other properties for sale throughout 2009. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. |
6
Table of Contents
7
Table of Contents
Item 1A. | Risk Factors |
| general economic conditions; | |
| local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties; | |
| local conditions such as oversupply or a reduction in demand in an area; | |
| 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. |
8
Table of Contents
9
Table of Contents
| we 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; | |
| we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; | |
| the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting our ability to sell such properties to third parties or to sell such properties to our Joint Ventures. |
10
Table of Contents
11
Table of Contents
| $50.0 million aggregate principal amount of 7.750% Notes due 2032 (the 2032 Notes) | |
| $200.0 million aggregate principal amount of 7.600% Notes due 2028 (the 2028 Notes) | |
| Approximately $15.0 million aggregate principal amount of 7.150% Notes due 2027 (the 2027 Notes) | |
| Approximately $118.5 million aggregate principal amount of 5.950% Notes due 2017 (the 2017 II Notes) | |
| $100.0 million aggregate principal amount of 7.500% Notes due 2017 (the 2017 Notes) | |
| $195.0 million aggregate principal amount of 5.750% Notes due 2016 (the 2016 Notes) | |
| $125.0 million aggregate principal amount of 6.420% Notes due 2014 (the 2014 Notes) | |
| $200.0 million aggregate principal amount of 6.875% Notes due 2012 (the 2012 Notes) | |
| $200.0 million aggregate principal amount of 4.625% Notes due 2011 (the 2011 Exchangeable Notes) | |
| $200.0 million aggregate principal amount of 7.375% Notes due 2011 (the 2011 Notes) | |
| $125.0 million aggregate principal amount of 5.250% Notes due 2009 (the 2009 Notes) | |
| a $500.0 million Unsecured Line of Credit under which we may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital. |
12
Table of Contents
13
Table of Contents
| 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 our business interests or goals that would affect our ability to operate the property; | |
| co-members or joint venturers may have the power to act contrary to our 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 us and our co-members or joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and | |
| we may in certain circumstances be liable for the actions of our co-members or joint venturers. |
14
Table of Contents
| exposure to the economic fluctuations in the locations in which we invest; | |
| difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations; | |
| revisions in tax treaties or other laws and regulations, including those governing the taxation of our international revenues; | |
| obstacles to the repatriation of earnings and funds; | |
| currency exchange rate fluctuations between the United States dollar and foreign currencies; | |
| restrictions on the transfer of funds; and | |
| national, regional and local political uncertainty. |
Item 1B. | Unresolved SEC Comments |
Item 2. | Properties |
15
Table of Contents
| 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. |
16
Table of Contents
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)
|
666,544 | 11 | 206,826 | 5 | 2,422,142 | 10 | 306,207 | 4 | 847,950 | 4 | ||||||||||||||||||||||||||||||
Baltimore, MD
|
857,286 | 14 | 169,660 | 5 | 383,135 | 3 | | | 171,000 | 1 | ||||||||||||||||||||||||||||||
Central PA(b)
|
870,025 | 8 | | | 1,572,000 | 4 | 117,599 | 3 | | | ||||||||||||||||||||||||||||||
Chicago, IL
|
912,677 | 14 | 174,841 | 3 | 2,453,625 | 13 | 172,851 | 4 | 421,000 | 2 | ||||||||||||||||||||||||||||||
Cincinnati, OH
|
654,389 | 8 | | | 1,103,830 | 4 | 130,870 | 2 | | | ||||||||||||||||||||||||||||||
Cleveland, OH
|
64,000 | 1 | | | 608,740 | 4 | | | | | ||||||||||||||||||||||||||||||
Columbus, OH(c)
|
217,612 | 2 | | | 2,733,541 | 8 | 98,800 | 1 | | | ||||||||||||||||||||||||||||||
Dallas, TX
|
2,221,217 | 41 | 454,963 | 18 | 2,035,363 | 17 | 677,433 | 10 | 128,478 | 1 | ||||||||||||||||||||||||||||||
Denver, CO
|
1,170,042 | 20 | 1,016,054 | 23 | 400,498 | 3 | 343,516 | 5 | 126,384 | 1 | ||||||||||||||||||||||||||||||
Detroit, MI
|
2,360,135 | 85 | 452,376 | 15 | 630,780 | 6 | 710,308 | 17 | 116,250 | 1 | ||||||||||||||||||||||||||||||
Houston, TX
|
289,407 | 6 | 111,111 | 5 | 2,041,527 | 12 | 355,793 | 5 | | | ||||||||||||||||||||||||||||||
Indianapolis, IN (d,e,f,g)
|
837,500 | 17 | 38,200 | 3 | 3,170,869 | 12 | 222,710 | 5 | 71,600 | 2 | ||||||||||||||||||||||||||||||
Inland Empire, CA
|
| | | | 595,940 | 2 | | | | | ||||||||||||||||||||||||||||||
Los Angeles, CA
|
490,525 | 11 | 184,064 | 2 | 586,499 | 4 | 199,555 | 3 | | | ||||||||||||||||||||||||||||||
Miami, FL
|
| | | | | | 228,726 | 5 | | | ||||||||||||||||||||||||||||||
Milwaukee, WI
|
238,567 | 5 | 93,705 | 2 | 1,338,129 | 6 | 129,557 | 2 | | | ||||||||||||||||||||||||||||||
Minneapolis/St. Paul, MN (h,i)
|
1,281,625 | 14 | 172,862 | 2 | 1,830,291 | 9 | 323,805 | 4 | 355,056 | 4 | ||||||||||||||||||||||||||||||
N. New Jersey
|
709,556 | 12 | 289,967 | 6 | 329,593 | 2 | | | | | ||||||||||||||||||||||||||||||
Nashville, TN
|
205,205 | 3 | | | 1,015,773 | 5 | | | 109,058 | 1 | ||||||||||||||||||||||||||||||
Philadelphia, PA
|
188,177 | 6 | 36,802 | 2 | 799,287 | 3 | 71,912 | 2 | 178,000 | 2 | ||||||||||||||||||||||||||||||
Phoenix, AZ(j)
|
38,560 | 1 | | | 328,526 | 2 | 436,615 | 6 | | | ||||||||||||||||||||||||||||||
S. New Jersey(k)
|
680,480 | 6 | | | 281,100 | 2 | 79,329 | 1 | | | ||||||||||||||||||||||||||||||
Salt Lake City, UT
|
706,201 | 35 | 146,937 | 6 | 279,179 | 1 | | | | | ||||||||||||||||||||||||||||||
San Diego, CA
|
196,025 | 7 | | | | | 69,985 | 2 | | | ||||||||||||||||||||||||||||||
Seattle, WA (l,m)
|
| | | | 100,611 | 1 | 139,435 | 2 | | | ||||||||||||||||||||||||||||||
St. Louis, MO(n)
|
660,239 | 9 | | | 1,468,095 | 5 | | | | | ||||||||||||||||||||||||||||||
Tampa, FL(o)
|
234,679 | 7 | 531,357 | 24 | 209,500 | 1 | | | | | ||||||||||||||||||||||||||||||
Toronto, ON
|
57,540 | 1 | | | 897,954 | 3 | | | | | ||||||||||||||||||||||||||||||
Other(p)
|
696,547 | 8 | | | 1,951,456 | 10 | 88,000 | 1 | | | ||||||||||||||||||||||||||||||
Total
|
17,504,760 | 352 | 4,079,725 | 121 | 31,567,983 | 152 | 4,903,006 | 84 | 2,524,776 | 19 | ||||||||||||||||||||||||||||||
(a) | One property collateralizes a $2.5 million mortgage loan which matures on May 1, 2016. | |
(b) | One property collateralizes a $14.1 million mortgage loan which matures on December 1, 2010. | |
(c) | One property collateralizes a $4.8 million mortgage loan which matures on December 1, 2019. | |
(d) | Twelve properties collateralize a $0.5 million mortgage loan which matures on September 1, 2009. | |
(e) | One property collateralizes a $1.2 million mortgage loan which matures on January 1, 2013. | |
(f) | One property collateralizes a $2.3 million mortgage loan which matures on January 1, 2012. | |
(g) | One property collateralizes a $1.5 million mortgage loan which matures on June 1, 2014. | |
(h) | One property collateralizes a $4.9 million mortgage loan which matures on December 1, 2019. | |
(i) | One property collateralizes a $1.7 million mortgage loan which matures on September 30, 2024. | |
(j) | One property collateralizes a $4.3 million mortgage loan which matures on June 1, 2018. |
17
Table of Contents
(k) | One property collateralizes a $6.0 million mortgage loan which matures on March 1, 2011. | |
(l) | One property collateralizes a $2.4 million mortgage loan which matures on July 1, 2018. | |
(m) | One property collateralizes a $1.0 million mortgage loan which matures on July 1, 2018. | |
(n) | One property collateralizes a $13.5 million mortgage loan and an $11.5 million mortgage loan which both mature on January 1, 2014. | |
(o) | Six properties collateralize a $5.2 million mortgage loan which matures on July 1, 2009. | |
(p) | Properties are located in Wichita, KS, Grand Rapids, MI, Des Moines, IA, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Sumner, IA, and Winchester, VA. |
Totals | ||||||||||||||||
Average |
GLA as a % |
|||||||||||||||
Number of |
Occupancy at |
of Total |
||||||||||||||
Metropolitan Area
|
GLA | Properties | 12/31/08 | Portfolio | ||||||||||||
Atlanta, GA
|
4,449,669 | 34 | 92 | % | 7.3 | % | ||||||||||
Baltimore, MD
|
1,581,081 | 23 | 97 | % | 2.6 | % | ||||||||||
Central PA
|
2,559,624 | 15 | 99 | % | 4.2 | % | ||||||||||
Chicago, IL
|
4,134,994 | 36 | 89 | % | 6.8 | % | ||||||||||
Cincinnati, OH
|
1,889,089 | 14 | 93 | % | 3.1 | % | ||||||||||
Cleveland, OH
|
672,740 | 5 | 95 | % | 1.1 | % | ||||||||||
Columbus, OH
|
3,049,953 | 11 | 83 | % | 5.0 | % | ||||||||||
Dallas, TX
|
5,517,454 | 87 | 91 | % | 9.1 | % | ||||||||||
Denver, CO
|
3,056,494 | 52 | 92 | % | 5.0 | % | ||||||||||
Detroit, MI
|
4,269,849 | 124 | 92 | % | 7.0 | % | ||||||||||
Houston, TX
|
2,797,838 | 28 | 99 | % | 4.6 | % | ||||||||||
Indianapolis, IN
|
4,340,879 | 39 | 95 | % | 7.2 | % | ||||||||||
Inland Empire, CA
|
595,940 | 2 | 0 | % | 1.0 | % | ||||||||||
Los Angeles, CA
|
1,460,643 | 20 | 98 | % | 2.4 | % | ||||||||||
Miami, FL
|
228,726 | 5 | 67 | % | 0.4 | % | ||||||||||
Milwaukee, WI
|
1,799,958 | 15 | 95 | % | 3.0 | % | ||||||||||
Minneapolis/St. Paul, MN
|
3,963,639 | 33 | 92 | % | 6.5 | % | ||||||||||
N. New Jersey
|
1,329,116 | 20 | 94 | % | 2.2 | % | ||||||||||
Nashville, TN
|
1,330,036 | 9 | 97 | % | 2.2 | % | ||||||||||
Philadelphia, PA
|
1,274,178 | 15 | 100 | % | 2.1 | % | ||||||||||
Phoenix, AZ
|
803,701 | 9 | 65 | % | 1.3 | % | ||||||||||
S. New Jersey
|
1,040,909 | 9 | 83 | % | 1.7 | % | ||||||||||
Salt Lake City, UT
|
1,132,317 | 42 | 90 | % | 1.9 | % | ||||||||||
San Diego, CA
|
266,010 | 9 | 97 | % | 0.4 | % | ||||||||||
Seattle, WA
|
240,046 | 3 | 100 | % | 0.4 | % | ||||||||||
St. Louis, MO
|
2,128,334 | 14 | 97 | % | 3.5 | % | ||||||||||
Tampa, FL
|
975,536 | 32 | 79 | % | 1.6 | % | ||||||||||
Toronto, ON
|
955,494 | 4 | 100 | % | 1.6 | % | ||||||||||
Other(a)
|
2,736,003 | 19 | 98 | % | 4.5 | % | ||||||||||
Total or Average
|
60,580,250 | 728 | 92 | % | 100.0 | % | ||||||||||
18
Table of Contents
(a) | Properties are located in Wichita, KS, Grand Rapids, MI, Des Moines, IA, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Sumner, IA, and Winchester, VA. |
Average |
||||||||||||||||
Number of |
Occupancy at |
|||||||||||||||
Metropolitan Area
|
Properties | GLA |
Property Type
|
12/31/2008 | ||||||||||||
Atlanta, GA
|
1 | 80,000 | Regional Warehouse | 58 | % | |||||||||||
Chicago, IL
|
3 | 339,615 | Bulk/Regional Warehouse | 100 | % | |||||||||||
Cleveland, OH
|
1 | 257,000 | Bulk Warehouse | 28 | % | |||||||||||
Dallas, TX
|
1 | 220,542 | Bulk Warehouse | 100 | % | |||||||||||
Inland Empire, CA
|
2 | 271,895 | Lt. Ind./Bulk Warehouse | 19 | % | |||||||||||
Los Angeles, CA
|
5 | 320,942 | R&D/Flex/Lt. Ind./Regional Warehouse | 78 | % | |||||||||||
Minneapolis, MN
|
1 | 165,360 | Bulk Warehouse | 100 | % | |||||||||||
Philadelphia, PA
|
2 | 258,422 | Manufacturing/Bulk Warehouse | 100 | % | |||||||||||
Phoenix, AZ
|
5 | 616,077 | Bulk/Regional Warehouse | 43 | % | |||||||||||
Seattle, WA
|
3 | 240,046 | Bulk/Regional Warehouse | 100 | % | |||||||||||
St. Louis, MO
|
1 | 22,411 | Light Industrial | 100 | % | |||||||||||
Other(a)
|
1 | 332,465 | Bulk Warehouse | 100 | % | |||||||||||
Total
|
26 | 3,124,775 | ||||||||||||||
(a) | Property is located in Greenville, KY. |
Average |
||||||||||||
Occupancy |
||||||||||||
Metropolitan Area
|
GLA |
Property Type
|
at 12/31/08 | |||||||||
Miami, FL(a)
|
24,506 | Light Industrial | N/A | |||||||||
Milwaukee, WI
|
600,000 | Bulk Warehouse | 100 | % | ||||||||
Nashville, TN(a)
|
294,000 | Bulk Warehouse | N/A | |||||||||
Nashville, TN(a)
|
50,000 | Light Industrial | N/A | |||||||||
Nashville, TN
|
145,450 | Bulk Warehouse | 100 | % | ||||||||
Philadelphia, PA
|
675,000 | Bulk Warehouse | 100 | % | ||||||||
St. Louis, MO
|
400,828 | Bulk Warehouse | 100 | % | ||||||||
Total
|
2,189,784 | |||||||||||
(a) | Property was sold in 2008. |
19
Table of Contents
Number of |
||||||||||||
Metropolitan Area
|
Properties | GLA |
Property Type
|
|||||||||
Atlanta, GA
|
2 | 117,706 | Lt. Ind./Regional Warehouse | |||||||||
Baltimore, MD
|
2 | 132,228 | Light Industrial | |||||||||
Chicago, IL
|
6 | 466,230 | Lt. Ind./Bulk Warehouse | |||||||||
Cincinnati, OH
|
3 | 421,300 | Bulk Warehouse | |||||||||
Dallas, TX
|
9 | 353,312 | Lt. Ind./Bulk Warehouse | |||||||||
Denver, CO
|
9 | 1,256,313 | Lt. Ind./Bulk/Regional Warehouse | |||||||||
Houston, TX
|
6 | 363,662 | Lt. Ind./R&D/Flex/Bulk Warehouse | |||||||||
Indianapolis, IN
|
2 | 249,353 | Lt. Ind./Bulk Warehouse | |||||||||
Los Angeles, CA
|
2 | 93,743 | Lt. Ind./Regional Warehouse | |||||||||
Milwaukee, WI
|
2 | 125,000 | Lt. Ind./Bulk Warehouse | |||||||||
Minneapolis/St. Paul, MN
|
13 | 1,316,653 | Manufacturing/Lt. Ind./R&D/Flex/Bulk/Regional Warehouse | |||||||||
N. New Jersey
|
11 | 743,762 | Lt. Ind./R&D/Flex/Bulk/Regional Whse | |||||||||
Nashville, TN
|
1 | 50,000 | Light Industrial | |||||||||
Philadelphia, PA
|
18 | 963,995 | Lt. Ind./R&D/Flex/Bulk/Regional Whse | |||||||||
Phoenix, AZ
|
1 | 22,978 | Light Industrial | |||||||||
S. New Jersey
|
16 | 737,802 | Manufacturing/Lt. Ind./Regional Warehouse | |||||||||
Salt Lake City, UT
|
3 | 369,446 | Bulk Warehouse | |||||||||
St. Louis, MO
|
3 | 371,087 | Bulk/Regional Warehouse | |||||||||
Tampa, FL
|
1 | 18,445 | R&D/Flex | |||||||||
Other(a)
|
4 | 964,100 | Manufacturing/Bulk Warehouse | |||||||||
Total
|
114 | 9,137,115 | ||||||||||
(a) | Properties are located in Kansas City, MO, Corinth, MS, Johnson County, KS and Portland, OR. |
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(2) | Leases | Expiring | |||||||||||||||
(In thousands) | ||||||||||||||||||||
2009
|
541 | 11,842,662 | 21 | % | 51,265 | 20 | % | |||||||||||||
2010
|
465 | 9,712,050 | 17 | % | 46,905 | 19 | % | |||||||||||||
2011
|
357 | 8,442,120 | 15 | % | 41,750 | 17 | % | |||||||||||||
2012
|
226 | 6,605,935 | 12 | % | 30,363 | 12 | % | |||||||||||||
2013
|
183 | 5,498,683 | 10 | % | 27,719 | 11 | % | |||||||||||||
2014
|
64 | 2,730,863 | 5 | % | 11,643 | 5 | % | |||||||||||||
2015
|
42 | 2,308,631 | 4 | % | 8,465 | 3 | % | |||||||||||||
2016
|
25 | 1,918,892 | 4 | % | 7,685 | 3 | % | |||||||||||||
2017
|
9 | 709,861 | 1 | % | 3,600 | 1 | % | |||||||||||||
2018
|
22 | 1,094,783 | 2 | % | 4,620 | 2 | % | |||||||||||||
Thereafter
|
27 | 4,711,591 | 9 | % | 18,464 | 7 | % | |||||||||||||
Total
|
1,961 | 55,576,071 | 100 | % | $ | 252,479 | 100 | % | ||||||||||||
(1) | Lease expirations as of December 31, 2008 assume tenants do not exercise existing renewal, termination or purchase options. | |
(2) | Does not include existing vacancies of 5,004,179 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, 2008
|
$ | 28.39 | $ | 5.10 | $ | 0.2500 | ||||||
September 30, 2008
|
$ | 32.13 | $ | 21.94 | $ | 0.7200 | ||||||
June 30, 2008
|
$ | 32.68 | $ | 27.47 | $ | 0.7200 | ||||||
March 31, 2008
|
$ | 36.54 | $ | 28.83 | $ | 0.7200 | ||||||
December 31, 2007
|
$ | 42.71 | $ | 34.60 | $ | 0.7200 | ||||||
September 30, 2007
|
$ | 41.28 | $ | 37.63 | $ | 0.7100 | ||||||
June 30, 2007
|
$ | 45.77 | $ | 38.76 | $ | 0.7100 | ||||||
March 31, 2007
|
$ | 49.51 | $ | 44.44 | $ | 0.7100 |
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
|
| | 1,179,500 | |||||||||
Equity Compensation Plans Not Approved by Security Holders(1)
|
278,601 | $ | 31.92 | 133,329 | ||||||||
Total
|
278,601 | $ | 31.92 | 1,312,829 | ||||||||
(1) | See Notes 4 and 15 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/0000921825/000095013709001437/c48884c4888401.gif)
12/03 | 12/04 | 12/05 | 12/06 | 12/07 | 12/08 | |||||||||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC.
|
$ | 100.00 | $ | 129.50 | $ | 131.38 | $ | 170.90 | $ | 135.48 | $ | 32.92 | ||||||||||||
S&P 500
|
100.00 | 110.88 | 116.33 | 134.70 | 142.10 | 89.53 | ||||||||||||||||||
NAREIT Index
|
100.00 | 131.58 | 147.58 | 199.32 | 168.05 | 89.91 |
24
Table of Contents
Item 6. | Selected Financial Data |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | 12/31/04 | ||||||||||||||||
(In thousands, except per share and property data) | ||||||||||||||||||||
Statement of Operations Data:
|
||||||||||||||||||||
Total Revenues
|
$ | 526,294 | $ | 380,262 | $ | 300,183 | $ | 241,573 | $ | 192,742 | ||||||||||
Interest Income
|
3,690 | 1,926 | 1,614 | 1,486 | 3,632 | |||||||||||||||
Mark-to-Market (Loss) Gain on Settlement of Interest Rate
Protection Agreements
|
(3,073 | ) | | (3,112 | ) | 811 | 1,583 | |||||||||||||
Property Expenses
|
(124,963 | ) | (110,438 | ) | (97,989 | ) | (78,377 | ) | (64,443 | ) | ||||||||||
General and Administrative Expense
|
(84,627 | ) | (92,101 | ) | (77,497 | ) | (55,812 | ) | (39,569 | ) | ||||||||||
Restructuring Costs
|
(27,349 | ) | | | | | ||||||||||||||
Interest Expense
|
(111,559 | ) | (119,314 | ) | (121,141 | ) | (108,339 | ) | (98,636 | ) | ||||||||||
Amortization of Deferred Financing Costs
|
(2,879 | ) | (3,210 | ) | (2,666 | ) | (2,125 | ) | (1,931 | ) | ||||||||||
Depreciation and Other Amortization
|
(161,027 | ) | (137,429 | ) | (115,009 | ) | (80,580 | ) | (58,052 | ) | ||||||||||
Construction Expenses
|
(139,539 | ) | (34,553 | ) | (10,263 | ) | (15,574 | ) | | |||||||||||
Gain (Loss) from Early Retirement from Debt
|
2,749 | (393 | ) | | 82 | (515 | ) | |||||||||||||
Equity in (Loss) Income of Joint Ventures
|
(33,178 | ) | 30,045 | 30,673 | 3,699 | 37,301 | ||||||||||||||
Income Tax Benefit
|
12,259 | 10,653 | 9,935 | 14,343 | 8,195 | |||||||||||||||
Minority Interest Allocable to Continuing Operations
|
20,048 | 12,392 | 13,919 | 11,719 | 5,774 | |||||||||||||||
Loss from Continuing Operations
|
(123,154 | ) | (62,160 | ) | (71,353 | ) | (67,094 | ) | (13,919 | ) | ||||||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $172,167, $244,962, $213,442, $132,139 and
$88,245 for the Years Ended December 31, 2008, 2007, 2006,
2005, and 2004, respectively)
|
183,561 | 280,422 | 258,072 | 182,791 | 144,206 | |||||||||||||||
Provision for Income Taxes Allocable to Discontinued Operations
(Including $3,732, $36,032, $47,511, $20,529 and $8,659
allocable to Gain on Sale of Real Estate for the Years ended
December 31, 2008, 2007, 2006, 2005, and 2004, respectively)
|
(4,188 | ) | (38,126 | ) | (51,155 | ) | (23,904 | ) | (11,275 | ) | ||||||||||
Minority Interest Allocable to Discontinued Operations
|
(22,242 | ) | (30,626 | ) | (26,920 | ) | (20,910 | ) | (18,238 | ) | ||||||||||
Gain on Sale of Real Estate
|
12,008 | 9,425 | 6,071 | 29,550 | 16,755 | |||||||||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real
Estate
|
(3,782 | ) | (3,082 | ) | (2,119 | ) | (10,871 | ) | (5,359 | ) | ||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate
|
(1,020 | ) | (802 | ) | (514 | ) | (2,458 | ) | (1,564 | ) | ||||||||||
Net Income
|
41,183 | 155,051 | 112,082 | 87,104 | 110,606 | |||||||||||||||
Preferred Dividends
|
(19,428 | ) | (21,320 | ) | (21,424 | ) | (10,688 | ) | (14,488 | ) | ||||||||||
Redemption of Preferred Stock
|
| (2,017 | ) | (672 | ) | | (7,959 | ) | ||||||||||||
Net Income Available to Common Stockholders
|
$ | 21,755 | $ | 131,714 | $ | 89,986 | $ | 76,416 | $ | 88,159 | ||||||||||
Basic and Diluted Earnings Per Weighted Average Common Share
Outstanding:
|
||||||||||||||||||||
Loss from Continuing Operations Available to Common Stockholders
|
$ | (3.13 | ) | $ | (1.81 | ) | $ | (2.05 | ) | $ | (1.45 | ) | $ | (0.65 | ) | |||||
Net Income Available to Common Stockholders
|
$ | 0.50 | $ | 2.99 | $ | 2.04 | $ | 1.80 | $ | 2.17 | ||||||||||
Distributions Per Share
|
$ | 2.410 | $ | 2.850 | $ | 2.810 | $ | 2.785 | $ | 2.750 | ||||||||||
Basic and Diluted Weighted Average Number of Common Shares
Outstanding
|
43,193 | 44,086 | 44,012 | 42,431 | 40,557 | |||||||||||||||
Net Income
|
$ | 41,183 | $ | 155,051 | $ | 112,082 | $ | 87,104 | $ | 110,606 | ||||||||||
Other Comprehensive (Loss) Income:
|
||||||||||||||||||||
Reclassification of Settlement of Interest Rate Protection
Agreements to Net Income
|
| | | (159 | ) | | ||||||||||||||
Mark-to-Market of Interest Rate Protection Agreements, Net of Tax
|
(8,676 | ) | 3,819 | (2,800 | ) | (1,414 | ) | 106 | ||||||||||||
Amortization of Interest Rate Protection Agreements
|
(792 | ) | (916 | ) | (912 | ) | (1,085 | ) | (512 | ) | ||||||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
831 | | | | | |||||||||||||||
Settlement of Interest Rate Protection Agreements
|
| (4,261 | ) | (1,729 | ) | | 6,816 | |||||||||||||
Foreign Currency Translation Adjustment, Net of Tax
|
(2,792 | ) | 2,134 | | | | ||||||||||||||
Other Comprehensive Loss (Income) Allocable to Minority Interest
|
1,391 | (142 | ) | 698 | 837 | | ||||||||||||||
Other Comprehensive Income
|
$ | 31,145 | $ | 155,685 | $ | 107,339 | $ | 85,283 | $ | 117,016 | ||||||||||
25
Table of Contents
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | 12/31/04 | ||||||||||||||||
(In thousands, except per share and property data) | ||||||||||||||||||||
Balance Sheet Data (End of Period):
|
||||||||||||||||||||
Real Estate, Before Accumulated Depreciation
|
$ | 3,385,597 | $ | 3,326,268 | $ | 3,219,728 | $ | 3,260,761 | $ | 2,856,474 | ||||||||||
Real Estate, After Accumulated Depreciation
|
2,862,489 | 2,816,287 | 2,754,310 | 2,850,195 | 2,478,091 | |||||||||||||||
Real Estate Held for Sale, Net
|
21,117 | 37,875 | 115,961 | 16,840 | 52,790 | |||||||||||||||
Total Assets
|
3,223,876 | 3,258,033 | 3,224,399 | 3,226,243 | 2,721,890 | |||||||||||||||
Mortgage Loans Payable, Net, Unsecured Lines of Credit and
Senior Unsecured Debt, Net
|
2,036,978 | 1,946,670 | 1,834,658 | 1,813,702 | 1,574,929 | |||||||||||||||
Total Liabilities
|
2,237,128 | 2,183,755 | 2,048,873 | 2,020,361 | 1,719,463 | |||||||||||||||
Stockholders Equity
|
864,200 | 923,919 | 1,022,979 | 1,043,562 | 845,494 | |||||||||||||||
Other Data:
|
||||||||||||||||||||
Cash Flow From Operating Activities
|
$ | 71,185 | $ | 92,989 | $ | 59,551 | $ | 49,350 | $ | 77,657 | ||||||||||
Cash Flow From Investing Activities
|
6,274 | 126,909 | 129,147 | (371,654 | ) | 9,992 | ||||||||||||||
Cash Flow From Financing Activities
|
(79,754 | ) | (230,276 | ) | (180,800 | ) | 325,617 | (83,546 | ) | |||||||||||
Total In-Service Properties
|
728 | 804 | 858 | 884 | 827 | |||||||||||||||
Total In-Service GLA, in Square Feet
|
60,580,250 | 64,028,533 | 68,610,505 | 70,193,161 | 61,670,735 | |||||||||||||||
In-Service Occupancy Percentage
|
92 | % | 95 | % | 94 | % | 92 | % | 90 | % |
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
| Retained Capital We plan to retain capital by adjusting our dividend policy to distribute the minimum amount required to maintain our REIT status. We will not pay a dividend in April 2009 and may not pay common dividends in future quarters in 2009 depending on our taxable income. If we are required to pay common stock dividends in 2009, we may elect to satisfy this obligation by distributing a combination of cash and common shares. | |
| Mortgage Financing In June 2009, we have $125.0 million of unsecured debt maturing, and in July 2009 we have $5.0 million of secured mortgage debt maturing. We are in active discussions with various lenders regarding the origination of mortgage financing. The total loan proceeds are expected to be sufficient to meet these maturities. No assurances can be made that new secured financing will be obtained. If we fail to timely retire our maturing debt, we will be in default under our Unsecured Line of Credit and our senior unsecured debt securities. | |
| Asset Sales We are in various stages of discussions with third parties for the sale of properties during the three months ended March 31, 2009, and plan to continue to market other properties for sale throughout 2009. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. |
| We maintain an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of our tenants to satisfy outstanding billings with us. The allowance for doubtful accounts is an estimate based on our assessment of the creditworthiness of our tenants. | |
| Properties are classified as held for sale when all criteria within Financial Accounting Standards Boards (the FASB) Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long Lived Assets (SFAS 144) are met for such properties. When properties are classified as held for sale, we cease depreciating the properties and estimate the values of such properties and measure 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, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. We estimate the value of such property and measure 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. | |
| We review our properties on a periodic basis for possible impairment and provide a provision if impairments are determined. We utilize the guidelines established under SFAS 144 to determine if impairment conditions exist. We review 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, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is determined by discounting the future expected cash flows of the property. The calculation |
29
Table of Contents
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. |
| We analyze our investments in Joint Ventures to determine whether the joint venture should be accounted for under the equity method of accounting or consolidated into our financial statements based on standards set forth under SFAS 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, we do not consolidate any of our joint venture investments because either the joint venture has been determined to be a variable interest entity but we are not the primary beneficiary or the joint venture has been determined not to be a variable interest entity and we lack control of the joint venture. Our assessment of whether we are the primary beneficiary of a variable interest involves the consideration of various factors including the form of our ownership interest, our representation on the entitys governing body, the size of our investment and future cash flows of the entity. | |
| On a periodic basis, we assess whether there are any indicators that the value of our investments in Joint Ventures may be impaired in accordance with APB Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock (APB 18). An investment is impaired only if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties and the discount rate used to value the Joint Ventures debt. | |
| We capitalize (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 performing development, renovations or rehabilitation up to the time the property is substantially complete. The determination and calculation of certain costs requires estimates by us. Amounts included in capitalized costs are included in the investment basis of real estate assets. | |
| We are engaged in the acquisition of individual properties as well as multi-property portfolios. In accordance with SFAS No. 141, Business Combinations, we are required to allocate purchase price between land, building, tenant improvements, leasing commissions, in-place leases, tenant relationship 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) our 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. In-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenants lease and our overall relationship with the respective tenant. The value allocated to in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationship is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. |
30
Table of Contents
| In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax liabilities, and our compliance with REIT qualification requirements. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, our inability to qualify as a REIT, and changes in tax laws. Adjustments required in any given period are included within the income tax provision. |
31
Table of Contents
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 288,329 | $ | 281,350 | $ | 6,979 | 2.5 | % | ||||||||
Acquired Properties
|
47,138 | 19,408 | 27,730 | 142.9 | % | |||||||||||
Sold Properties
|
27,150 | 96,536 | (69,386 | ) | (71.9 | )% | ||||||||||
(Re)Developments and Land, Not Included Above
|
16,475 | 9,086 | 7,389 | 81.3 | % | |||||||||||
Other
|
28,896 | 36,888 | (7,992 | ) | (21.7 | )% | ||||||||||
$ | 407,988 | $ | 443,268 | $ | (35,280 | ) | (8.0 | )% | ||||||||
Discontinued Operations
|
(28,993 | ) | (98,634 | ) | 69,641 | (70.6 | )% | |||||||||
Subtotal Revenues
|
$ | 378,995 | $ | 344,634 | $ | 34,361 | 10.0 | % | ||||||||
Construction Revenues
|
147,299 | 35,628 | 111,671 | 313.4 | % | |||||||||||
Total Revenues
|
$ | 526,294 | $ | 380,262 | $ | 146,032 | 38.4 | % | ||||||||
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY AND CONSTRUCTION EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 92,937 | $ | 87,065 | $ | 5,872 | 6.7 | % | ||||||||
Acquired Properties
|
15,367 | 4,952 | 10,415 | 210.3 | % | |||||||||||
Sold Properties
|
9,531 | 29,975 | (20,444 | ) | (68.2 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
7,360 | 4,914 | 2,446 | 49.8 | % | |||||||||||
Other
|
10,422 | 16,603 | (6,181 | ) | (37.2 | )% | ||||||||||
$ | 135,617 | $ | 143,509 | $ | (7,892 | ) | (5.5 | )% | ||||||||
Discontinued Operations
|
(10,654 | ) | (33,071 | ) | 22,417 | (67.8 | )% | |||||||||
Property Expenses
|
$ | 124,963 | $ | 110,438 | $ | 14,525 | 13.2 | % | ||||||||
Construction Expenses
|
139,539 | 34,553 | 104,986 | 303.8 | % | |||||||||||
Total Property and Construction Expenses
|
$ | 264,502 | $ | 144,991 | $ | 119,511 | 82.4 | % | ||||||||
32
Table of Contents
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 111,671 | $ | 117,781 | $ | (6,110 | ) | (5.2 | )% | |||||||
Acquired Properties
|
39,839 | 14,095 | 25,744 | 182.6 | % | |||||||||||
Sold Properties
|
6,136 | 29,401 | (23,265 | ) | (79.1 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
8,069 | 4,418 | 3,651 | 82.6 | % | |||||||||||
Corporate Furniture, Fixtures and Equipment
|
2,257 | 1,837 | 420 | 22.9 | % | |||||||||||
$ | 167,972 | $ | 167,532 | $ | 440 | 0.3 | % | |||||||||
Discontinued Operations
|
(6,945 | ) | (30,103 | ) | 23,158 | (76.9 | )% | |||||||||
Total Depreciation and Other Amortization
|
$ | 161,027 | $ | 137,429 | $ | 23,598 | 17.2 | % | ||||||||
33
Table of Contents
2008 | 2007 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 28,993 | $ | 98,634 | ||||
Property Expenses
|
(10,654 | ) | (33,071 | ) | ||||
Depreciation and Amortization
|
(6,945 | ) | (30,103 | ) | ||||
Gain on Sale of Real Estate
|
172,167 | 244,962 | ||||||
Provision for Income Taxes
|
(4,188 | ) | (38,126 | ) | ||||
Minority Interest
|
(22,242 | ) | (30,626 | ) | ||||
Income from Discontinued Operations
|
$ | 157,131 | $ | 211,670 | ||||
34
Table of Contents
35
Table of Contents
2007 | 2006 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 301,404 | $ | 289,761 | $ | 11,643 | 4.0 | % | ||||||||
Acquired Properties
|
55,724 | 16,844 | 38,880 | 230.8 | % | |||||||||||
Sold Properties
|
41,037 | 80,409 | (39,372 | ) | (49.0 | )% | ||||||||||
(Re)Developments and Land, Not Included Above
|
8,213 | 5,973 | 2,240 | 37.5 | % | |||||||||||
Other
|
36,890 | 29,958 | 6,932 | 23.1 | % | |||||||||||
$ | 443,268 | $ | 422,945 | $ | 20,323 | 4.8 | % | |||||||||
Discontinued Operations
|
(98,634 | ) | (133,302 | ) | 34,668 | (26.0 | )% | |||||||||
Subtotal Revenues
|
$ | 344,634 | $ | 289,643 | $ | 54,991 | 19.0 | % | ||||||||
Construction Revenues
|
35,628 | 10,540 | 25,088 | 238.0 | % | |||||||||||
Total Revenues
|
$ | 380,262 | $ | 300,183 | $ | 80,079 | 26.7 | % | ||||||||
2007 | 2006 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY AND CONSTRUCTION EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 96,368 | $ | 94,400 | $ | 1,968 | 2.1 | % | ||||||||
Acquired Properties
|
13,680 | 4,037 | 9,643 | 238.9 | % | |||||||||||
Sold Properties
|
12,346 | 23,532 | (11,186 | ) | (47.5 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
4,512 | 3,979 | 533 | 13.4 | % | |||||||||||
Other
|
16,603 | 15,427 | 1,176 | 7.6 | % | |||||||||||
$ | 143,509 | $ | 141,375 | $ | 2,134 | 1.5 | % | |||||||||
Discontinued Operations
|
(33,071 | ) | (43,386 | ) | 10,315 | (23.8 | )% | |||||||||
Property Expenses
|
$ | 110,438 | $ | 97,989 | $ | 12,449 | 12.7 | % | ||||||||
Construction Expenses
|
34,553 | 10,263 | 24,290 | 236.7 | % | |||||||||||
Total Property and Construction Expenses
|
$ | 144,991 | $ | 108,252 | $ | 36,739 | 33.9 | % | ||||||||
36
Table of Contents
2007 | 2006 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 109,896 | $ | 107,451 | $ | 2,445 | 2.3 | % | ||||||||
Acquired Properties
|
38,988 | 13,727 | 25,261 | 184.0 | % | |||||||||||
Sold Properties
|
12,568 | 28,383 | (15,815 | ) | (55.7 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
4,243 | 8,821 | (4,578 | ) | (51.9 | )% | ||||||||||
Corporate Furniture, Fixtures and Equipment
|
1,837 | 1,913 | (76 | ) | (4.0 | )% | ||||||||||
$ | 167,532 | $ | 160,295 | $ | 7,237 | 4.5 | % | |||||||||
Discontinued Operations
|
(30,103 | ) | (45,286 | ) | 15,183 | (33.5 | )% | |||||||||
Total Depreciation and Other Amortization
|
$ | 137,429 | $ | 115,009 | $ | 22,420 | 19.5 | % | ||||||||
37
Table of Contents
2007 | 2006 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 98,634 | $ | 133,302 | ||||
Property Expenses
|
(33,071 | ) | (43,386 | ) | ||||
Depreciation and Amortization
|
(30,103 | ) | (45,286 | ) | ||||
Gain on Sale of Real Estate
|
244,962 | 213,442 | ||||||
Provision for Income Taxes
|
(38,126 | ) | (51,155 | ) | ||||
Minority Interest
|
(30,626 | ) | (26,920 | ) | ||||
Income from Discontinued Operations
|
$ | 211,670 | $ | 179,997 | ||||
38
Table of Contents
39
Table of Contents
40
Table of Contents
Payments Due by Period | ||||||||||||||||||||
Less Than |
||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | ||||||||||||||||
Operating and Ground Leases*
|
$ | 48,107 | $ | 3,864 | $ | 6,464 | $ | 4,307 | $ | 33,472 | ||||||||||
Real Estate Development*
|
11,932 | 11,932 | | | | |||||||||||||||
Long-term Debt
|
2,047,463 | 133,297 | 423,472 | 650,582 | 840,112 | |||||||||||||||
Interest Expense on Long-Term Debt*
|
791,687 | 100,221 | 177,561 | 117,910 | 395,995 | |||||||||||||||
Deferred Acquisition Payment
|
2,948 | 2,948 | | | | |||||||||||||||
Total
|
$ | 2,902,137 | $ | 252,262 | $ | 607,497 | $ | 772,799 | $ | 1,269,579 | ||||||||||
* | Not on balance sheet. |
41
Table of Contents
42
Table of Contents
43
Table of Contents
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 |
44
Table of Contents
Item 9B. | Other Information |
Item 15. | Exhibits and Financial Statement Schedules |
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) |
45
Table of Contents
Exhibits
|
Description
|
|||
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 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 | .6 | 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 | .7 | 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 | .8 | 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 | .9 | 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 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 | .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 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 | .3 | 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 | .4 | 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) | ||
4 | .5 | 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 | .6 | 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 | .7 | 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 | .8 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) |
46
Table of Contents
Exhibits
|
Description
|
|||
4 | .9 | 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 | .10 | 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 | .11 | 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 | .12 | 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 | .13 | 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 | .14 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .15 | 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 | .16 | 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) | ||
4 | .17 | 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 | .18 | 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 | .19 | 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 | .20 | 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 | .21 | 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 | .22 | 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) |
47
Table of Contents
Exhibits
|
Description
|
|||
4 | .23 | 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 | .24 | 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 | .25 | 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 | .26 | 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) | ||
4 | .27 | Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, 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 May 5, 2007, File No. 1-13102) | ||
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) | ||
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 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael W. Brennan dated November 26, 2008 (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed November 28, 2008, 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) |
48
Table of Contents
Exhibits
|
Description
|
|||
10 | .13 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael J. Havala dated December 22, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 23, 2008, 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 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and David P. Draft dated November 25, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed November 28, 2008, 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 | Fifth Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 28, 2007, 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 October 1, 2007, 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) | ||
10 | .23 | Amendment No. 2 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2007, File No. 1-13102) | ||
10 | .24 | Amendment No. 1 to the Companys 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .25 | Amendment No. 1 to the Companys 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.25 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .26 | Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .27 | Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.27 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .28 | Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.28 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .29 | Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.29 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .30 | Amendment No. 3 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) |
49
Table of Contents
Exhibits
|
Description
|
|||
10 | .31 | Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) | ||
10 | .32 | First Amendment, dated as of August 18, 2008, to the Fifth Amended and Restated Unsecured Revolving Credit Agreement dated as of September 28, 2007 among the Operating Partnership, the Company, JPMorgan Chase Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 20, 2008, File No. 1-13102) | ||
10 | .33* | First Amendment, dated as of December 29, 2008, to Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap | ||
10 | .34 | Employment Agreement dated January 30, 2006 between First Industrial Development Services, Inc. and Gerald A. Pientka (incorporated by reference to Exhibit 10.30 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .35* | First Amendment, dated as of December 29, 2008, to Employment Agreement, dated January 30, 2006, between First Industrial Realty Trust, Inc. and Gerald A. Pientka | ||
10 | .36 | Employment Agreement dated as of January 9, 2009 among First Industrial Realty Trust, Inc., First Industrial L.P. and Bruce W. Duncan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 12, 2009, File No. 1-13102) | ||
10 | .37 | Restricted Stock Unit Award Agreement dated as of January 9, 2009 between First Industrial Realty Trust, Inc. and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed January 12, 2009, File No. 1-13102) | ||
10 | .38 | Letter agreement dated October 24, 2008 between the Compensation Committee and W. Ed Tyler (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed October 30, 2008, File No. 1-13102) | ||
21 | * | 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. |
50
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 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 | .6 | 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 | .7 | 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 | .8 | 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 | .9 | 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 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 | .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 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 | .3 | 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 | .4 | 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) | ||
4 | .5 | 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 | .6 | 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) |
51
Table of Contents
Exhibits
|
Description
|
|||
4 | .7 | 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 | .8 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | ||
4 | .9 | 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 | .10 | 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 | .11 | 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 | .12 | 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 | .13 | 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 | .14 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | ||
4 | .15 | 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 | .16 | 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) | ||
4 | .17 | 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 | .18 | 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 | .19 | 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 | .20 | 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) |
52
Table of Contents
Exhibits
|
Description
|
|||
4 | .21 | 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 | .22 | 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 | .23 | 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 | .24 | 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 | .25 | 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 | .26 | 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) | ||
4 | .27 | Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, 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 May 5, 2007, File No. 1-13102) | ||
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) | ||
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) |
53
Table of Contents
Exhibits
|
Description
|
|||
10 | .10 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael W. Brennan dated November 26, 2008 (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed November 28, 2008, 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 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael J. Havala dated December 22, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 23, 2008, 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 | Separation and Release Agreement between First Industrial Realty Trust, Inc. and David P. Draft dated November 25, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed November 28, 2008, 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 | Fifth Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 28, 2007, 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 October 1, 2007, 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) | ||
10 | .23 | Amendment No. 2 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2007, File No. 1-13102) | ||
10 | .24 | Amendment No. 1 to the Companys 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .25 | Amendment No. 1 to the Companys 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.25 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .26 | Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .27 | Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.27 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .28 | Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.28 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) |
54
Table of Contents
Exhibits
|
Description
|
|||
10 | .29 | Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.29 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .30 | Amendment No. 3 to the Companys 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) | ||
10 | .31 | Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) | ||
10 | .32 | First Amendment, dated as of August 18, 2008, to the Fifth Amended and Restated Unsecured Revolving Credit Agreement dated as of September 28, 2007 among the Operating Partnership, the Company, JPMorgan Chase Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 20, 2008, File No. 1-13102) | ||
10 | .33* | First Amendment, dated as of December 29, 2008, to Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap | ||
10 | .34 | Employment Agreement dated January 30, 2006 between First Industrial Development Services, Inc. and Gerald A. Pientka (incorporated by reference to Exhibit 10.30 of the Companys Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) | ||
10 | .35* | First Amendment, dated as of December 29, 2008, to Employment Agreement, dated January 30, 2006, between First Industrial Realty Trust, Inc. and Gerald A. Pientka | ||
10 | .36 | Employment Agreement dated as of January 9, 2009 among First Industrial Realty Trust, Inc., First Industrial L.P. and Bruce W. Duncan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 12, 2009, File No. 1-13102) | ||
10 | .37 | Restricted Stock Unit Award Agreement dated as of January 9, 2009 between First Industrial Realty Trust, Inc. and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed January 12, 2009, File No. 1-13102) | ||
10 | .38 | Letter agreement dated October 24, 2008 between the Compensation Committee and W. Ed Tyler (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed October 30, 2008, File No. 1-13102) | ||
21 | * | 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. |
55
Page | ||||
FINANCIAL STATEMENTS
|
||||
57 | ||||
58 | ||||
59 | ||||
60 | ||||
61 | ||||
62 | ||||
63 | ||||
FINANCIAL STATEMENT SCHEDULE
|
||||
S-1 |
56
Table of Contents
57
Table of Contents
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
(In thousands except share and per share data) | ||||||||
ASSETS
|
||||||||
Assets:
|
||||||||
Investment in Real Estate:
|
||||||||
Land
|
$ | 776,991 | $ | 655,523 | ||||
Buildings and Improvements
|
2,551,450 | 2,599,784 | ||||||
Construction in Progress
|
57,156 | 70,961 | ||||||
Less: Accumulated Depreciation
|
(523,108 | ) | (509,981 | ) | ||||
Net Investment in Real Estate
|
2,862,489 | 2,816,287 | ||||||
Real Estate Held for Sale, Net of Accumulated Depreciation and
Amortization of $2,251 and $3,038 at December 31, 2008 and
December 31, 2007, respectively
|
21,117 | 37,875 | ||||||
Cash and Cash Equivalents
|
3,182 | 5,757 | ||||||
Restricted Cash
|
109 | 24,903 | ||||||
Tenant Accounts Receivable, Net
|
10,414 | 9,665 | ||||||
Investments in Joint Ventures
|
16,299 | 57,543 | ||||||
Deferred Rent Receivable, Net
|
32,984 | 32,665 | ||||||
Deferred Financing Costs, Net
|
12,197 | 15,373 | ||||||
Deferred Leasing Intangibles, Net
|
90,342 | 87,019 | ||||||
Prepaid Expenses and Other Assets, Net
|
174,743 | 170,946 | ||||||
Total Assets
|
$ | 3,223,876 | $ | 3,258,033 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||
Liabilities:
|
||||||||
Mortgage Loans Payable, Net
|
$ | 77,396 | $ | 73,550 | ||||
Senior Unsecured Debt, Net
|
1,516,298 | 1,550,991 | ||||||
Unsecured Line of Credit
|
443,284 | 322,129 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities
|
128,828 | 146,308 | ||||||
Deferred Leasing Intangibles, Net
|
30,754 | 22,041 | ||||||
Rents Received in Advance and Security Deposits
|
26,181 | 31,425 | ||||||
Leasing Intangibles Held for Sale, Net of Accumulated
Amortization of $254 and $0 at December 31, 2008 and
December 31, 2007, respectively
|
541 | | ||||||
Dividends Payable
|
13,846 | 37,311 | ||||||
Total Liabilities
|
2,237,128 | 2,183,755 | ||||||
Commitments and Contingencies
|
| | ||||||
Minority Interest
|
122,548 | 150,359 | ||||||
Stockholders Equity:
|
||||||||
Preferred Stock ($0.01 par value, 10,000,000 shares
authorized, 500, 250, 600, and 200 shares of Series F,
G, J, and K Cumulative Preferred Stock, respectively, issued and
outstanding at December 31, 2008 and December 31,
2007, having a liquidation preference of $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)
|
| | ||||||
Common Stock ($0.01 par value, 100,000,000 shares
authorized, 48,976,296 and 47,996,263 shares issued and
44,652,182 and 43,672,149 shares outstanding at
December 31, 2008 and December 31, 2007, respectively)
|
490 | 480 | ||||||
Additional
Paid-in-Capital
|
1,390,358 | 1,354,674 | ||||||
Distributions in Excess of Accumulated Earnings
|
(366,962 | ) | (281,587 | ) | ||||
Accumulated Other Comprehensive Loss
|
(19,668 | ) | (9,630 | ) | ||||
Treasury Shares at Cost (4,324,114 shares at
December 31, 2008 and December 31, 2007)
|
(140,018 | ) | (140,018 | ) | ||||
Total Stockholders Equity
|
864,200 | 923,919 | ||||||
Total Liabilities and Stockholders Equity
|
$ | 3,223,876 | $ | 3,258,033 | ||||
58
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
(In thousands except per share data) | ||||||||||||
Revenues:
|
||||||||||||
Rental Income
|
$ | 272,797 | $ | 241,942 | $ | 202,098 | ||||||
Tenant Recoveries and Other Income
|
106,198 | 102,692 | 87,545 | |||||||||
Construction Revenues
|
147,299 | 35,628 | 10,540 | |||||||||
Total Revenues
|
526,294 | 380,262 | 300,183 | |||||||||
Expenses:
|
||||||||||||
Property Expenses
|
124,963 | 110,438 | 97,989 | |||||||||
General and Administrative
|
84,627 | 92,101 | 77,497 | |||||||||
Restructuring Costs
|
27,349 | | | |||||||||
Depreciation and Other Amortization
|
161,027 | 137,429 | 115,009 | |||||||||
Construction Expenses
|
139,539 | 34,553 | 10,263 | |||||||||
Total Expenses
|
537,505 | 374,521 | 300,758 | |||||||||
Other Income (Expense):
|
||||||||||||
Interest Income
|
3,690 | 1,926 | 1,614 | |||||||||
Interest Expense
|
(111,559 | ) | (119,314 | ) | (121,141 | ) | ||||||
Amortization of Deferred Financing Costs
|
(2,879 | ) | (3,210 | ) | (2,666 | ) | ||||||
Mark-to-Market Loss on Settlement of Interest Rate Protection
Agreements
|
(3,073 | ) | | (3,112 | ) | |||||||
Gain (Loss) From Early Retirement of Debt
|
2,749 | (393 | ) | | ||||||||
Total Other Income (Expense)
|
(111,072 | ) | (120,991 | ) | (125,305 | ) | ||||||
Loss from Continuing Operations Before Equity in (Loss) Income
of Joint Ventures, Income Tax Benefit and Loss Allocated To
Minority Interest
|
(122,283 | ) | (115,250 | ) | (125,880 | ) | ||||||
Equity in (Loss) Income of Joint Ventures
|
(33,178 | ) | 30,045 | 30,673 | ||||||||
Income Tax Benefit
|
12,259 | 10,653 | 9,935 | |||||||||
Minority Interest Allocable to Continuing Operations
|
20,048 | 12,392 | 13,919 | |||||||||
Loss from Continuing Operations
|
(123,154 | ) | (62,160 | ) | (71,353 | ) | ||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $172,167, $244,962, and $213,442 for the Years
Ended December 31, 2008, 2007 and 2006, respectively)
|
183,561 | 280,422 | 258,072 | |||||||||
Provision for Income Taxes Allocable to Discontinued Operations
(including $3,732, $36,032, and $47,511 allocable to Gain on
Sale of Real Estate for the Years Ended December 31, 2008,
2007 and 2006, respectively)
|
(4,188 | ) | (38,126 | ) | (51,155 | ) | ||||||
Minority Interest Allocable to Discontinued Operations
|
(22,242 | ) | (30,626 | ) | (26,920 | ) | ||||||
Income Before Gain on Sale of Real Estate
|
33,977 | 149,510 | 108,644 | |||||||||
Gain on Sale of Real Estate
|
12,008 | 9,425 | 6,071 | |||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real
Estate
|
(3,782 | ) | (3,082 | ) | (2,119 | ) | ||||||
Minority Interest Allocable to Gain on Sale of Real Estate
|
(1,020 | ) | (802 | ) | (514 | ) | ||||||
Net Income
|
41,183 | 155,051 | 112,082 | |||||||||
Less: Preferred Dividends
|
(19,428 | ) | (21,320 | ) | (21,424 | ) | ||||||
Less: Redemption of Preferred Stock
|
| (2,017 | ) | (672 | ) | |||||||
Net Income Available to Common Stockholders
|
$ | 21,755 | $ | 131,714 | $ | 89,986 | ||||||
Basic and Diluted Earnings Per Share:
|
||||||||||||
Loss from Continuing Operations
|
$ | (3.13 | ) | $ | (1.81 | ) | $ | (2.05 | ) | |||
Income from Discontinued Operations
|
$ | 3.64 | $ | 4.80 | $ | 4.09 | ||||||
Net Income Available to Common Stockholders
|
$ | 0.50 | $ | 2.99 | $ | 2.04 | ||||||
Weighted Average Shares Outstanding
|
43,193 | 44,086 | 44,012 | |||||||||
Dividends/Distributions declared per Common Share Outstanding
|
$ | 2.41 | $ | 2.85 | $ | 2.81 | ||||||
59
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net Income
|
$ | 41,183 | $ | 155,051 | $ | 112,082 | ||||||
Settlement of Interest Rate Protection Agreements
|
| (4,261 | ) | (1,729 | ) | |||||||
Mark-to-Market of Interest Rate Protection Agreements, Net of
Income Tax Benefit of $610, $254 and $0 for the years ended
December 31, 2008, 2007 and 2006, respectively
|
(8,676 | ) | 3,819 | (2,800 | ) | |||||||
Amortization of Interest Rate Protection Agreements
|
(792 | ) | (916 | ) | (912 | ) | ||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
831 | | | |||||||||
Foreign Currency Translation Adjustment, Net of Tax Benefit
(Provision) of $3,498, $(1,149) and $0 for the years ended
December 31, 2008, 2007 and 2006, respectively
|
(2,792 | ) | 2,134 | | ||||||||
Other Comprehensive Loss (Income) Allocable to Minority Interest
|
1,391 | (142 | ) | 698 | ||||||||
Other Comprehensive Income
|
$ | 31,145 | $ | 155,685 | $ | 107,339 | ||||||
60
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
(Dollars in thousands) | ||||||||||||
Preferred Stock Beginning of Year
|
$ | | $ | | $ | | ||||||
Issuance of Preferred Stock
|
| | | |||||||||
Redemption of Preferred Stock
|
| | | |||||||||
Preferred Stock End of Year
|
$ | | $ | | $ | | ||||||
Common Stock Beginning of Year
|
$ | 480 | $ | 475 | $ | 470 | ||||||
Net Proceeds from the Issuance of Common Stock
|
| | 1 | |||||||||
Issuance of Restricted Stock
|
6 | 5 | 3 | |||||||||
Repurchase and Retirement of Common Stock
|
(2 | ) | | (1 | ) | |||||||
Conversion of Units to Common Stock
|
6 | | 2 | |||||||||
Common Stock End of Year
|
$ | 490 | $ | 480 | $ | 475 | ||||||
Additional
Paid-In-Capital
Beginning of Year
|
$ | 1,354,674 | $ | 1,388,311 | $ | 1,384,712 | ||||||
Offering Costs
|
(321 | ) | (46 | ) | | |||||||
Proceeds from the Issuance of Common Stock
|
174 | 613 | 3,819 | |||||||||
Issuance of Restricted Stock
|
(6 | ) | (5 | ) | (3 | ) | ||||||
Repurchase and Retirement of Restricted Stock/Common Stock
|
(4,579 | ) | (3,210 | ) | (2,463 | ) | ||||||
Call Spread
|
| | (6,835 | ) | ||||||||
Net Proceeds from the Issuance of Preferred Stock
|
| | 192,624 | |||||||||
Redemption of Preferred Stock
|
| (47,997 | ) | (181,484 | ) | |||||||
Conversion of Units to Common Stock
|
14,610 | 2,858 | 5,142 | |||||||||
Reclassification to initially adopt SFAS 123R
|
| | (16,825 | ) | ||||||||
Amortization of Restricted Stock Grants
|
25,806 | 14,150 | 9,624 | |||||||||
Additional
Paid-In-Capital
End of Year
|
$ | 1,390,358 | $ | 1,354,674 | $ | 1,388,311 | ||||||
Dist. In Excess of Accum. Earnings Beginning of Year
|
$ | (281,587 | ) | $ | (284,955 | ) | $ | (248,686 | ) | |||
Preferred Stock Dividends
|
(19,428 | ) | (21,320 | ) | (21,424 | ) | ||||||
Distributions ($2.41, $2.85, and $2.81 per Share/Unit at
December 31, 2008, 2007 and 2006, respectively)
|
(121,882 | ) | (146,126 | ) | (144,720 | ) | ||||||
Redemption of Preferred Stock
|
| (2,017 | ) | (672 | ) | |||||||
Repurchase and Retirement of Restricted Stock/Common Stock
|
(266 | ) | (728 | ) | (269 | ) | ||||||
Net Income Before Minority Interest
|
44,397 | 174,087 | 125,597 | |||||||||
Minority Interest:
|
||||||||||||
Allocation of Income
|
(3,214 | ) | (19,036 | ) | (13,515 | ) | ||||||
Distributions ($2.41, $2.85, and $2.81 per Unit at
December 31, 2008, 2007 and 2006, respectively)
|
15,018 | 18,508 | 18,734 | |||||||||
Dist. In Excess of Accum. Earnings End of Year
|
$ | (366,962 | ) | $ | (281,587 | ) | $ | (284,955 | ) | |||
Unearned Value of Rest. Stock Grants Beginning of
Year
|
$ | | $ | | $ | (16,825 | ) | |||||
Issuance of Restricted Stock
|
| | | |||||||||
Amortization of Restricted Stock Grants
|
| | | |||||||||
Restricted Stock Forfeitures
|
| | | |||||||||
Reclassification to initially adopt SFAS 123R
|
| | 16,825 | |||||||||
Unearned Value of Rest. Stock Grants End of Year
|
$ | | $ | | $ | | ||||||
Treasury Shares, at cost Beginning of Year
|
$ | (140,018 | ) | $ | (70,588 | ) | $ | (70,588 | ) | |||
Purchase of Treasury Shares
|
| (69,430 | ) | | ||||||||
Treasury Shares, at cost End of Year
|
$ | (140,018 | ) | $ | (140,018 | ) | $ | (70,588 | ) | |||
Accum. Other Comprehensive Loss Beginning of Year
|
$ | (9,630 | ) | $ | (10,264 | ) | $ | (5,521 | ) | |||
Settlement of Interest Rate Protection Agreements
|
| (4,261 | ) | (1,729 | ) | |||||||
Mark-to-Market of Interest Rate Protection Agreements, Net of
Tax Benefit
|
(8,676 | ) | 3,819 | (2,800 | ) | |||||||
Amortization of Interest Rate Protection Agreements
|
(792 | ) | (916 | ) | (912 | ) | ||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
831 | | | |||||||||
Foreign Currency Translation Adjustment, Net of Tax Benefit
(Provision)
|
(2,792 | ) | 2,134 | | ||||||||
Other Comprehensive Loss (Income) Allocable to Minority Interest
|
1,391 | (142 | ) | 698 | ||||||||
Accum. Other Comprehensive Loss End of Year
|
$ | (19,668 | ) | $ | (9,630 | ) | $ | (10,264 | ) | |||
Total Stockholders Equity at End of Year
|
$ | 864,200 | $ | 923,919 | $ | 1,022,979 | ||||||
61
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income
|
$ | 41,183 | $ | 155,051 | $ | 112,082 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
|
||||||||||||
Allocation of Income to Minority Interest
|
3,214 | 19,036 | 13,515 | |||||||||
Depreciation
|
114,925 | 121,584 | 121,347 | |||||||||
Amortization of Deferred Financing Costs
|
2,879 | 3,210 | 2,666 | |||||||||
Other Amortization
|
70,455 | 54,556 | 40,965 | |||||||||
Provision for Bad Debt
|
3,346 | 2,212 | 2,289 | |||||||||
Mark-to-Market of Interest Rate Protection Agreements
|
3,073 | | (16 | ) | ||||||||
(Gain) Loss on Early Retirement of Debt
|
(2,749 | ) | 393 | | ||||||||
Equity in Loss (Income) of Joint Ventures
|
33,178 | (30,045 | ) | (30,673 | ) | |||||||
Distributions from Joint Ventures
|
1,520 | 31,365 | 31,664 | |||||||||
Decrease in Developments for Sale Costs
|
1,527 | 1,209 | 5,883 | |||||||||
Gain on Sale of Real Estate
|
(184,175 | ) | (254,387 | ) | (219,513 | ) | ||||||
Increase in Tenant Accounts Receivable and Prepaid Expenses and
Other Assets, Net
|
(12,934 | ) | (20,140 | ) | (16,524 | ) | ||||||
Increase in Deferred Rent Receivable
|
(7,189 | ) | (9,710 | ) | (10,154 | ) | ||||||
Increase in Accounts Payable, Accrued Expenses, Other
Liabilities, Rents Received in Advance and Security Deposits
|
(216 | ) | 18,408 | 6,020 | ||||||||
Decrease (Increase) in Restricted Cash
|
90 | (6 | ) | | ||||||||
Cash Book Overdraft.
|
3,058 | 253 | | |||||||||
Net Cash Provided by Operating Activities
|
71,185 | 92,989 | 59,551 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchases of and Additions to Investment in Real Estate
|
(583,414 | ) | (677,461 | ) | (813,840 | ) | ||||||
Net Proceeds from Sales of Investments in Real Estate
|
502,929 | 800,147 | 907,428 | |||||||||
Contributions to and Investments in Joint Ventures
|
(17,327 | ) | (27,696 | ) | (32,773 | ) | ||||||
Distributions from Joint Ventures
|
20,985 | 22,863 | 19,734 | |||||||||
Funding of Notes Receivable
|
(10,325 | ) | (8,385 | ) | | |||||||
Repayment of Mortgage Loans Receivable
|
68,722 | 26,350 | 34,987 | |||||||||
Decrease (Increase) in Restricted Cash
|
24,704 | (8,909 | ) | 13,611 | ||||||||
Net Cash Provided by Investing Activities
|
6,274 | 126,909 | 129,147 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Offering Costs
|
(321 | ) | (46 | ) | (280 | ) | ||||||
Proceeds from the Issuance of Common Stock
|
174 | 613 | 3,742 | |||||||||
Proceeds from the Issuance of Preferred Stock
|
| | 200,000 | |||||||||
Preferred Stock Offering Costs
|
| | (7,103 | ) | ||||||||
Redemption of Preferred Stock
|
| (50,014 | ) | (182,156 | ) | |||||||
Repurchase of Restricted Stock
|
(4,847 | ) | (3,938 | ) | (2,660 | ) | ||||||
Proceeds from Senior Unsecured Debt
|
| 149,595 | 399,306 | |||||||||
Other Costs from Senior Unsecured Debt
|
| (4,261 | ) | (1,729 | ) | |||||||
Repayment of Senior Unsecured Debt
|
(32,525 | ) | (150,000 | ) | (150,000 | ) | ||||||
Dividends/Distributions
|
(145,347 | ) | (146,660 | ) | (143,858 | ) | ||||||
Preferred Stock Dividends
|
(19,428 | ) | (26,023 | ) | (19,248 | ) | ||||||
Purchase of Treasury Shares
|
| (69,430 | ) | | ||||||||
Repayments of Mortgage Loans Payable
|
(3,271 | ) | (41,475 | ) | (12,618 | ) | ||||||
Proceeds from Unsecured Line of Credit
|
550,920 | 879,129 | 779,300 | |||||||||
Repayments on Unsecured Line of Credit
|
(425,030 | ) | (764,000 | ) | (1,029,800 | ) | ||||||
Call Spread
|
| | (6,835 | ) | ||||||||
Debt Issuance Costs and Costs Incurred in Connection with the
Early Retirement of Debt
|
(79 | ) | (3,766 | ) | (6,861 | ) | ||||||
Net Cash Used in Financing Activities
|
(79,754 | ) | (230,276 | ) | (180,800 | ) | ||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(280 | ) | | | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(2,295 | ) | (10,378 | ) | 7,898 | |||||||
Cash and Cash Equivalents, Beginning of Year
|
5,757 | 16,135 | 8,237 | |||||||||
Cash and Cash Equivalents, End of Year
|
$ | 3,182 | $ | 5,757 | $ | 16,135 | ||||||
62
Table of Contents
1. | Organization and Formation of Company |
2. | Current Business Risks and Uncertainties |
63
Table of Contents
| Retained Capital We plan to retain capital by adjusting our dividend policy to distribute the minimum amount required to maintain our REIT status. We will not pay a dividend in April 2009 and may not pay common dividends in future quarters in 2009 depending on our taxable income. If we are required to pay common stock dividends in 2009, we may elect to satisfy this obligation by distributing a combination of cash and common shares. | |
| Mortgage Financing In June 2009, we have $125,000 of unsecured debt maturing, and in July 2009 we have $5,025 of secured mortgage debt maturing. We are in active discussions with various lenders regarding the origination of mortgage financing. The total loan proceeds are expected to be sufficient to meet these maturities. No assurances can be made that new secured financing will be obtained. If we fail to timely retire our maturing debt, we will be in default under our Unsecured Line of Credit and our senior unsecured debt securities. | |
| Asset Sales We are in various stages of discussions with third parties for the sale of properties during the first quarter of 2009, and will continue to market other properties for sale throughout 2009. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. |
3. | Basis of Presentation |
4. | Summary of Significant Accounting Policies |
64
Table of Contents
Years | ||||
Buildings and Improvements
|
8 to 50 | |||
Land Improvements
|
3 to 15 | |||
Furniture, Fixtures and Equipment
|
5 to 10 |
65
Table of Contents
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
In-Place Leases
|
$ | 84,424 | $ | 86,398 | ||||
Less: Accumulated Amortization
|
(30,350 | ) | (24,860 | ) | ||||
$ | 54,074 | $ | 61,538 | |||||
Above Market Leases
|
$ | 15,830 | $ | 6,440 | ||||
Less: Accumulated Amortization
|
(2,607 | ) | (2,519 | ) | ||||
$ | 13,223 | $ | 3,921 | |||||
Tenant Relationships
|
$ | 28,717 | $ | 24,970 | ||||
Less: Accumulated Amortization
|
(5,672 | ) | (3,410 | ) | ||||
$ | 23,045 | $ | 21,560 | |||||
Total Deferred Leasing Intangibles, Net
|
$ | 90,342 | $ | 87,019 | ||||
66
Table of Contents
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Below Market Leases
|
$ | 42,856 | $ | 31,668 | ||||
Less: Accumulated Amortization
|
(12,102 | ) | (9,627 | ) | ||||
Total Deferred Leasing Intangibles, Net
|
$ | 30,754 | $ | 22,041 | ||||
Estimated Net Increase to |
||||||||
Estimated Net Amortization |
Rental Revenues Related to |
|||||||
of In-Place Leases and |
Above and Below Market |
|||||||
Tenant Relationships | Leases | |||||||
2009
|
$ | 16,390 | $ | 4,411 | ||||
2010
|
12,755 | 3,241 | ||||||
2011
|
9,914 | 1,747 | ||||||
2012
|
8,205 | 1,252 | ||||||
2013
|
6,938 | 950 |
67
Table of Contents
68
Table of Contents
69
Table of Contents
70
Table of Contents
71
Table of Contents
5. | Investments in Joint Ventures and Property Management Services |
72
Table of Contents
73
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
Contributions
|
$ | 16,623 | $ | 25,482 | $ | 29,194 | ||||||
Distributions
|
$ | 22,505 | $ | 54,228 | $ | 51,398 | ||||||
Fees
|
$ | 19,757 | $ | 25,116 | $ | 22,507 |
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Condensed Combined Balance Sheets
|
||||||||
Gross Real Estate Investment
|
$ | 1,967,717 | $ | 1,777,964 | ||||
Less: Accumulated Depreciation
|
(93,215 | ) | (69,811 | ) | ||||
Net Real Estate
|
1,874,502 | 1,708,153 | ||||||
Other Assets
|
186,881 | 163,583 | ||||||
Total Assets
|
$ | 2,061,383 | $ | 1,871,736 | ||||
Debt
|
$ | 1,442,464 | $ | 1,264,769 | ||||
Other Liabilities
|
130,407 | 112,268 | ||||||
Equity
|
488,512 | 494,699 | ||||||
Total Liabilities and Equity
|
$ | 2,061,383 | $ | 1,871,736 | ||||
Companys share of Equity
|
$ | 56,066 | $ | 56,494 | ||||
Basis Differentials(1)
|
(39,767 | ) | 1,049 | |||||
Carrying Value of the Companys investments in Joint
Ventures
|
$ | 16,299 | $ | 57,543 | ||||
(1) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded in accordance with APB 18, a gain deferral related to a property we sold to the 2003 Net Lease Joint Venture, deferred fees and certain equity costs which are not reflected at the joint venture level. |
74
Table of Contents
Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Condensed Combined Statements of Operations
|
||||||||||||
Total Revenues
|
$ | 91,754 | $ | 85,691 | $ | 71,897 | ||||||
Expenses:
|
||||||||||||
Operating and Other
|
38,897 | 28,238 | 21,951 | |||||||||
Interest
|
55,071 | 48,345 | 30,205 | |||||||||
Depreciation and Amortization
|
48,768 | 45,433 | 38,539 | |||||||||
Impairment Loss
|
20,208 | | | |||||||||
Total Expenses
|
162,944 | 122,016 | 90,695 | |||||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $33,518, $92,652 and $66,927 for the years ended
December 31, 2008, 2007 and 2006, respectively)
|
34,812 | 84,998 | 41,732 | |||||||||
Gain on Sale of Real Estate
|
18,460 | 15,523 | 27,425 | |||||||||
Net (Loss) Income
|
$ | (17,918 | ) | $ | 64,196 | $ | 50,359 | |||||
Companys Share of Net Income
|
6,661 | 30,045 | 30,673 | |||||||||
Companys Impairment in Accordance with APB 18
|
(39,839 | ) | | | ||||||||
Equity in (Loss) Income of Joint Ventures
|
$ | (33,178 | ) | $ | 30,045 | $ | 30,673 | |||||
75
Table of Contents
6. | Mortgage Loans Payable, Net, Senior Unsecured Notes, Net and Unsecured Line of Credit |
Effective |
||||||||||||||||||||
Outstanding |
Interest |
Interest |
||||||||||||||||||
Balance at |
Rate at |
Rate at |
||||||||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
Maturity |
||||||||||||||||
2008 | 2007 | 2008 | 2008 | Date | ||||||||||||||||
Mortgage Loans Payable, Net
|
$ | 77,396 | $ | 73,550 | 5.50% | - 9.25% | 4.58% | - 9.25% |
July 2009 - September 2024 |
|||||||||||
Unamortized Premiums
|
(1,717 | ) | (2,196 | ) | ||||||||||||||||
Mortgage Loans Payable, Gross
|
$ | 75,679 | $ | 71,354 | ||||||||||||||||
Senior Unsecured Notes, Net
|
||||||||||||||||||||
2016 Notes
|
$ | 194,524 | $ | 199,442 | 5.750% | 5.91% | 01/15/16 | |||||||||||||
2017 Notes
|
99,914 | 99,905 | 7.500% | 7.52% | 12/01/17 | |||||||||||||||
2027 Notes
|
15,056 | 15,056 | 7.150% | 7.11% | 05/15/27 | |||||||||||||||
2028 Notes
|
199,846 | 199,838 | 7.600% | 8.13% | 07/15/28 | |||||||||||||||
2011 Notes
|
199,868 | 199,807 | 7.375% | 7.39% | 03/15/11 | |||||||||||||||
2012 Notes
|
199,546 | 199,408 | 6.875% | 6.85% | 04/15/12 | |||||||||||||||
2032 Notes
|
49,480 | 49,457 | 7.750% | 7.87% | 04/15/32 | |||||||||||||||
2009 Notes
|
124,980 | 124,937 | 5.250% | 4.10% | 06/15/09 | |||||||||||||||
2014 Notes
|
114,921 | 113,521 | 6.420% | 6.54% | 06/01/14 | |||||||||||||||
2011 Exchangeable Notes*
|
200,000 | 200,000 | 4.625% | 4.63% | 09/15/11 | |||||||||||||||
2017 II Notes
|
118,163 | 149,620 | 5.950% | 6.37% | 05/15/17 | |||||||||||||||
Subtotal
|
$ | 1,516,298 | $ | 1,550,991 | ||||||||||||||||
Unamortized Discounts
|
12,202 | 14,079 | ||||||||||||||||||
Senior Unsecured Notes, Gross
|
$ | 1,528,500 | $ | 1,565,070 | ||||||||||||||||
Unsecured Line of Credit
|
$ | 443,284 | $ | 322,129 | 1.981% | 1.981% | 09/28/12 | |||||||||||||
* | Holders of the 2011 Exchangeable Notes may exchange their notes for our common shares prior to the close of business on the second business day immediately preceding the stated maturity date at any time beginning on July 15, 2011 and also under other certain circumstances. The 2011 Exchangeable Notes are convertible into common shares of the Company at a price of $50.93. |
76
Table of Contents
77
Table of Contents
Amount | ||||
2009
|
$ | 133,297 | ||
2010
|
15,815 | |||
2011
|
407,657 | |||
2012
|
648,059 | |||
2013
|
2,523 | |||
Thereafter
|
840,112 | |||
Total
|
$ | 2,047,463 | ||
December 31, 2008 | December 31, 2007 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable
|
$ | 77,396 | $ | 75,817 | $ | 73,550 | $ | 74,867 | ||||||||
Senior Unsecured Debt
|
1,516,298 | 1,033,283 | 1,550,991 | 1,605,048 | ||||||||||||
Unsecured Line of Credit
|
443,284 | 400,849 | 322,129 | 322,129 | ||||||||||||
Total
|
$ | 2,036,978 | $ | 1,509,949 | $ | 1,946,670 | $ | 2,002,044 | ||||||||
7. | Stockholders Equity |
78
Table of Contents
79
Table of Contents
80
Table of Contents
Stated Value at | ||||||||
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Series F Preferred Stock
|
$ | 50,000 | $ | 50,000 | ||||
Series G Preferred Stock
|
25,000 | 25,000 | ||||||
Series J Preferred Stock
|
150,000 | 150,000 | ||||||
Series K Preferred Stock
|
50,000 | 50,000 | ||||||
Total
|
$ | 275,000 | $ | 275,000 | ||||
81
Table of Contents
Shares of |
||||
Common Stock |
||||
Outstanding | ||||
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 | |||
Stock Option Exercises
|
19,600 | |||
Issuance of Restricted Stock Shares
|
459,147 | |||
Repurchase of Treasury Shares
|
(1,797,714 | ) | ||
Repurchase and Retirement of Restricted Stock Shares
|
(139,261 | ) | ||
Conversion of Operating Partnership Units
|
119,747 | |||
Balance at December 31, 2007
|
43,672,149 | |||
Stock Option Exercises
|
6,300 | |||
Issuance of Common Stock in connection with Restricted Stock
Award
|
138 | |||
Issuance of Restricted Stock Shares
|
605,816 | |||
Repurchase and Retirement of Restricted Stock Shares
|
(264,713 | ) | ||
Conversion of Operating Partnership Units
|
632,492 | |||
Balance at December 31, 2008
|
44,652,182 | |||
Year Ended 2008 | Year Ended 2007 | Year Ended 2006 | ||||||||||||||||||||||
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
|
$ | 2.4100 | $ | 121,882 | $ | 2.8500 | $ | 146,126 | $ | 2.8100 | $ | 144,720 | ||||||||||||
Series C Preferred Stock
|
$ | | $ | | $ | 94.6353 | $ | 1,893 | $ | 215.6240 | $ | 4,313 | ||||||||||||
Series F Preferred Stock
|
$ | 6,236.0000 | $ | 3,118 | $ | 6,236.0000 | $ | 3,118 | $ | 6,236.0000 | $ | 3,118 | ||||||||||||
Series G Preferred Stock
|
$ | 7,236.0000 | $ | 1,809 | $ | 7,236.0000 | $ | 1,809 | $ | 7,236.0000 | $ | 1,809 | ||||||||||||
Series I Preferred Stock
|
$ | | $ | | $ | | $ | | $ | 470.6667 | $ | 353 | ||||||||||||
Series J Preferred Stock
|
$ | 18,125.2000 | $ | 10,875 | $ | 18,125.2000 | $ | 10,875 | $ | 17,521.0000 | $ | 10,512 | ||||||||||||
Series K Preferred Stock
|
$ | 18,125.2000 | $ | 3,625 | $ | 18,125.2000 | $ | 3,625 | $ | 6,595.6000 | $ | 1,319 |
8. | Acquisition and Development of Real Estate |
82
Table of Contents
9. | Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations |
83
Table of Contents
Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Total Revenues
|
$ | 28,993 | $ | 98,634 | $ | 133,302 | ||||||
Property Expenses
|
(10,654 | ) | (33,071 | ) | (43,386 | ) | ||||||
Depreciation and Amortization
|
(6,945 | ) | (30,103 | ) | (45,286 | ) | ||||||
Gain on Sale of Real Estate
|
172,167 | 244,962 | 213,442 | |||||||||
Provision for Income Taxes
|
(4,188 | ) | (38,126 | ) | (51,155 | ) | ||||||
Minority Interest
|
(22,242 | ) | (30,626 | ) | (26,920 | ) | ||||||
Income from Discontinued Operations
|
$ | 157,131 | $ | 211,670 | $ | 179,997 | ||||||
84
Table of Contents
10. | Supplemental Information to Statements of Cash Flows |
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
Interest paid, net of capitalized interest
|
$ | 113,062 | $ | 118,909 | $ | 114,7091 | ||||||
Capitalized Interest
|
$ | 7,775 | $ | 8,413 | $ | 5,159 | ||||||
Income Taxes Paid
|
$ | 2,355 | $ | 42,169 | $ | 36,374 | ||||||
Supplemental schedule of noncash investing and financing
activities:
|
||||||||||||
Distribution payable on common stock/Units
|
$ | 12,614 | $ | 36,079 | $ | 36,613 | ||||||
Distribution payable on preferred stock
|
$ | 1,232 | $ | 1,232 | $ | 5,935 | ||||||
Exchange of units for common stock:
|
||||||||||||
Minority interest
|
$ | (14,616 | ) | $ | (2,858 | ) | $ | (5,144 | ) | |||
Common stock
|
6 | | 2 | |||||||||
Additional
paid-in-capital
|
14,610 | 2,858 | 5,142 | |||||||||
$ | | $ | | $ | | |||||||
In conjunction with property and land acquisitions, the
following assets and liabilities were assumed:
|
||||||||||||
Accounts payable and accrued expenses
|
$ | (464 | ) | $ | (6,095 | ) | $ | (1,928 | ) | |||
Issuance of Operating Partnership Units
|
$ | | $ | | $ | (1,288 | ) | |||||
Mortgage debt
|
$ | (7,852 | ) | $ | (38,590 | ) | $ | (33,982 | ) | |||
Write-off of fully depreciated assets
|
$ | 72,406 | $ | 45,031 | $ | 30,596 | ||||||
In conjunction with certain property sales, we provided seller
financing or assigned a mortgage loan payable:
|
||||||||||||
Notes receivable
|
$ | 62,613 | $ | 48,282 | $ | 11,200 | ||||||
Mortgage Note Payable
|
$ | | $ | 769 | $ | | ||||||
85
Table of Contents
11. | Earnings Per Share (EPS) |
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2008 | 2007 | 2006 | ||||||||||
Numerator:
|
||||||||||||
Loss from Continuing Operations
|
$ | (123,154 | ) | $ | (62,160 | ) | $ | (71,353 | ) | |||
Gain on Sale of Real Estate, Net of Minority Interest and Income
Tax
|
7,206 | 5,541 | 3,438 | |||||||||
Less: Preferred Stock Dividends
|
(19,428 | ) | (21,320 | ) | (21,424 | ) | ||||||
Less: Redemption of Preferred Stock
|
| (2,017 | ) | (672 | ) | |||||||
Loss from Continuing Operations Available to Common
Stockholders, Net of Minority Interest and Income
Tax For Basic and Diluted EPS
|
(135,376 | ) | (79,956 | ) | (90,011 | ) | ||||||
Discontinued Operations, Net of Minority Interest and Income Tax
|
157,131 | 211,670 | 179,997 | |||||||||
Net Income Available to Common Stockholders For
Basic and Diluted EPS
|
$ | 21,755 | $ | 131,714 | $ | 89,986 | ||||||
Denominator:
|
||||||||||||
Weighted Average Shares Basic and Diluted
|
43,192,969 | 44,085,998 | 44,011,503 | |||||||||
Basic and Diluted EPS:
|
||||||||||||
Loss from Continuing Operations Available to Common
Stockholders, Net of Minority Interest and Income Tax
|
$ | (3.13 | ) | $ | (1.81 | ) | $ | (2.05 | ) | |||
Discontinued Operations, Net of Minority Interest and Income Tax
|
$ | 3.64 | $ | 4.80 | $ | 4.09 | ||||||
Net Income Available to Common Stockholders
|
$ | 0.50 | $ | 2.99 | $ | 2.04 | ||||||
86
Table of Contents
12. | Income Taxes |
As a Percentage |
As a Percentage |
As a Percentage |
||||||||||||||||||||||
2008 | of Distributions | 2007 | of Distributions | 2006 | of Distributions | |||||||||||||||||||
Ordinary income
|
$ | 0.1127 | 4.68 | % | $ | 0.6158 | 21.61 | % | $ | 0.2613 | 9.30 | % | ||||||||||||
Long-term capital gains
|
1.3166 | 54.63 | % | 1.2950 | 45.44 | % | 0.3364 | 11.97 | % | |||||||||||||||
Unrecaptured Section 1250 gain
|
0.8141 | 33.78 | % | 0.6721 | 23.58 | % | 0.2408 | 8.57 | % | |||||||||||||||
Return of capital
|
| 0.00 | % | 0.2671 | 9.37 | % | 1.3918 | 49.53 | % | |||||||||||||||
Qualified Dividends
|
0.1666 | 6.91 | % | | 0.00 | % | 0.5797 | 20.63 | % | |||||||||||||||
$ | 2.4100 | 100.00 | % | $ | 2.8500 | 100.00 | % | $ | 2.810 | 100.00 | % | |||||||||||||
As a Percentage |
As a Percentage |
|||||||||||||||
Series C Preferred Stock
|
2007 | of Distributions | 2006 | of Distributions | ||||||||||||
Ordinary income
|
$ | 0.1285 | 23.84 | % | $ | 0.3972 | 18.42 | % | ||||||||
Long-term capital gains
|
0.2703 | 50.14 | % | 0.5115 | 23.72 | % | ||||||||||
Unrecaptured Section 1250 gain
|
0.1403 | 26.02 | % | 0.3661 | 16.98 | % | ||||||||||
Qualified Dividends
|
| 0.00 | % | 0.8814 | 40.88 | % | ||||||||||
$ | 0.5391 | 100.00 | % | $ | 2.1562 | 100.00 | % | |||||||||
As a Percentage |
As a Percentage |
As a Percentage |
||||||||||||||||||||||
Series J Preferred Stock
|
2008 | of Distributions | 2007 | of Distributions | 2006 | of Distributions | ||||||||||||||||||
Ordinary income
|
$ | 0.0847 | 4.68 | % | $ | 0.4322 | 23.84 | % | 0.3227 | 18.42 | % | |||||||||||||
Long-term capital gains
|
0.9902 | 54.63 | % | 0.9087 | 50.14 | % | 0.4156 | 23.72 | % | |||||||||||||||
Unrecaptured Section 1250 gain
|
0.6123 | 33.78 | % | 0.4716 | 26.02 | % | 0.2975 | 16.98 | % | |||||||||||||||
Qualified Dividends
|
0.1253 | 6.91 | % | | 0.00 | % | 0.7163 | 40.88 | % | |||||||||||||||
$ | 1.8125 | 100.00 | % | $ | 1.8125 | 100.00 | % | 1.7521 | 100.00 | % | ||||||||||||||
87
Table of Contents
As a Percentage |
As a Percentage |
As a Percentage |
||||||||||||||||||||||
Series K Preferred Stock
|
2008 | of Distributions | 2007 | of Distributions | 2006 | of Distributions | ||||||||||||||||||
Ordinary income
|
$ | 0.0847 | 4.68 | % | $ | 0.4322 | 23.84 | % | 0.1215 | 18.42 | % | |||||||||||||
Long-term capital gains
|
0.9902 | 54.63 | % | 0.9087 | 50.14 | % | 0.1564 | 23.72 | % | |||||||||||||||
Unrecaptured Section 1250 gain
|
0.6123 | 33.78 | % | 0.4716 | 26.02 | % | 0.1120 | 16.98 | % | |||||||||||||||
Qualified Dividends
|
0.1253 | 6.91 | % | | 0.00 | % | 0.2696 | 40.88 | % | |||||||||||||||
$ | 1.8125 | 100.00 | % | $ | 1.8125 | 100.00 | % | 0.6595 | 100.00 | % | ||||||||||||||
2008 | 2007 | 2006 | ||||||||||
Current:
|
||||||||||||
Federal
|
$ | 5,114 | $ | (28,209 | ) | $ | (39,531 | ) | ||||
State
|
814 | (4,934 | ) | (7,734 | ) | |||||||
Foreign
|
(649 | ) | | | ||||||||
Deferred:
|
||||||||||||
Federal
|
(526 | ) | 3,977 | 3,548 | ||||||||
State
|
(107 | ) | 571 | 695 | ||||||||
Foreign
|
671 | | | |||||||||
$ | 5,317 | $ | (28,595 | ) | $ | (43,022 | ) | |||||
88
Table of Contents
2008 | 2007 | |||||||
Bad debt expense
|
$ | 196 | $ | 32 | ||||
Investment in Joint Ventures
|
19,621 | 2,677 | ||||||
Fixed assets
|
9,625 | 8,204 | ||||||
Prepaid rent
|
494 | 215 | ||||||
Capitalized general and administrative expense under 263A
|
3,711 | 2,671 | ||||||
Deferred losses/gains
|
71 | 905 | ||||||
Capitalized interest under 263A
|
| 613 | ||||||
Accrued contingency loss
|
377 | 289 | ||||||
Restricted stock
|
2,326 | 2,744 | ||||||
Accrual for Restructuring Costs
|
751 | | ||||||
Abandoned Project Costs
|
1,150 | | ||||||
State net operating loss carrying forward
|
131 | | ||||||
Valuation Allowance
|
(19,501 | ) | | |||||
Other
|
836 | | ||||||
Total deferred tax assets
|
$ | 19,788 | $ | 18,350 | ||||
Straight-line rent
|
(1,936 | ) | (967 | ) | ||||
Build to suit development
|
| (97 | ) | |||||
Fixed assets
|
(53 | ) | (130 | ) | ||||
Capitalized interest under 263(A)
|
(362 | ) | | |||||
Other
|
(243 | ) | | |||||
Total deferred tax liabilities
|
$ | (2,594 | ) | $ | (1,194 | ) | ||
Total net deferred tax asset
|
$ | 17,194 | $ | 17,156 | ||||
89
Table of Contents
2008 | 2007 | 2006 | ||||||||||
Tax expense associated with income from operations on sold
properties which is included in discontinued operations
|
$ | (456 | ) | $ | (2,094 | ) | $ | (3,644 | ) | |||
Tax expense associated with gains and losses on the sale of real
estate which is included in discontinued operations
|
(3,732 | ) | (36,032 | ) | (47,511 | ) | ||||||
Tax expense associated with gains and losses on the sale of real
estate
|
(3,782 | ) | (3,082 | ) | (2,119 | ) | ||||||
Income tax benefit
|
13,287 | 12,613 | 10,252 | |||||||||
Income tax benefit (expense)
|
$ | 5,317 | $ | (28,595 | ) | $ | (43,022 | ) | ||||
2008 | 2007 | 2006 | ||||||||||
Tax benefit at federal rate related to continuing operations
|
$ | 27,751 | $ | 8,174 | $ | 6,771 | ||||||
State tax benefit, net of federal benefit
|
2,734 | 1,006 | 808 | |||||||||
Non-deductible permanent items
|
(1,852 | ) | (121 | ) | (24 | ) | ||||||
Prior year provision to return adjustments
|
7 | 436 | 484 | |||||||||
Change in valuation allowance
|
(19,501 | ) | | | ||||||||
Foreign taxes, net
|
337 | | | |||||||||
Other
|
29 | 36 | 94 | |||||||||
Net income tax benefit
|
$ | 9,505 | $ | 9,531 | $ | 8,133 | ||||||
13. | Restructuring Costs |
90
Table of Contents
14. | Future Rental Revenues |
2009
|
$ | 251,308 | ||
2010
|
209,739 | |||
2011
|
163,201 | |||
2012
|
125,896 | |||
2013
|
94,312 | |||
Thereafter
|
453,157 | |||
Total
|
$ | 1,297,613 | ||
15. | Stock Based Compensation |
Weighted |
||||||||||||||||
Average |
Exercise |
Aggregate |
||||||||||||||
Exercise |
Price |
Intrinsic |
||||||||||||||
Shares | Price | per Share | Value | |||||||||||||
Outstanding at December 31, 2006
|
381,976 | $ | 31.65 | $ | 25.13-$33.15 | $ | 5,823 | |||||||||
Exercised
|
(19,600 | ) | $ | 31.27 | $ | 30.38-$33.13 | $ | 230 | ||||||||
Expired or Terminated
|
(6,475 | ) | $ | 30.85 | $ | 27.25-$33.13 | ||||||||||
Outstanding at December 31, 2007
|
355,901 | $ | 31.68 | $ | 25.13-$33.15 | $ | 3,669 | |||||||||
Exercised
|
(6,300 | ) | $ | 27.58 | $ | 25.13-$31.13 | $ | 24 | ||||||||
Expired or Terminated
|
(71,000 | ) | $ | 31.13 | $ | 31.13-$31.13 | ||||||||||
Outstanding at December 31, 2008
|
278,601 | $ | 31.92 | $ | 27.25-$33.15 | $ | 0 | |||||||||
91
Table of Contents
Number |
Weighted |
Weighted |
||||||||||
Outstanding |
Average |
Average |
||||||||||
and |
Remaining |
Exercise |
||||||||||
Range of Exercise Price
|
Exercisable | Contractual Life | Price | |||||||||
$27.25 - $30.53
|
95,601 | 2.37 | $ | 30.03 | ||||||||
$31.05 - $33.15
|
183,000 | 2.24 | $ | 32.90 |
Weighted |
||||||||
Average |
||||||||
Grant Date |
||||||||
Shares | Fair Value | |||||||
Outstanding at December 31, 2006
|
778,535 | $ | 35.49 | |||||
Issued
|
459,147 | $ | 46.98 | |||||
Vested
|
(272,745 | ) | $ | 37.74 | ||||
Forfeited
|
(54,971 | ) | $ | 39.59 | ||||
Outstanding at December 31, 2007
|
909,966 | $ | 41.88 | |||||
Issued
|
610,573 | $ | 31.88 | |||||
Vested
|
(733,666 | ) | $ | 22.97 | ||||
Forfeited
|
(25,213 | ) | $ | 35.17 | ||||
Outstanding at December 31, 2008
|
761,660 | $ | 36.00 | |||||
92
Table of Contents
December 31, |
||||
2008 | ||||
Stock price
|
$ | 7.55 | ||
Exercise price
|
$ | 7.94 | ||
Expected dividend yield
|
17.6 | % | ||
Expected stock volatility
|
133.5 | % | ||
Risk-free interest rate
|
0.33 | % | ||
Expected life (years)
|
0.81 | |||
Value
|
$ | 2.62 |
16. | Derivatives |
93
Table of Contents
Fair |
||||||||||||||||||||
Hedge Product
|
Notional Amount | Strike | Trade Date | Maturity Date | Value | |||||||||||||||
Forward-Starting Agreement
|
$ | 59,750 | 4.0725 | % | January 2008 | May 15, 2014 | $ | (3,429 | ) | |||||||||||
Forward-Starting Agreement
|
59,750 | 4.0770 | % | January 2008 | May 15, 2014 | (3,452 | ) | |||||||||||||
Interest Rate Swap Agreement
|
50,000 | 2.4150 | % | March 2008 | April 1, 2010 | (858 | ) | |||||||||||||
Series F Agreement
|
50,000 | 5.2175 | % | October 2008 | October 1, 2013 | (3,073 | ) | |||||||||||||
Total
|
$ | 219,500 | Total | $ | (10,812 | ) | ||||||||||||||
Fair Value Measurements at Reporting |
||||||||||||||||
Date Using: | ||||||||||||||||
Quoted Prices in |
||||||||||||||||
Active Markets for |
Significant Other |
Unobservable |
||||||||||||||
December 31, |
Identical Assets |
Observable Inputs |
Inputs |
|||||||||||||
Description
|
2008 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities:
|
||||||||||||||||
Forward Starting Agreements
|
$ | 6,881 | | $ | 6,881 | | ||||||||||
Interest Rate Swap Agreement
|
$ | 858 | | $ | 858 | | ||||||||||
Series F Agreement
|
$ | 3,073 | | | $ | 3,073 |
94
Table of Contents
Fair Value Measurements |
||||
Using Significant |
||||
Unobservable Inputs |
||||
(Level 3) |
||||
Derivatives | ||||
Beginning liability balance
|
$ | | ||
Total unrealized losses
|
||||
Losses included in earnings
|
3, 073 | |||
Ending liability balance
|
$ | 3,073 | ||
17. | Related Party Transactions |
18. | Commitments and Contingencies |
95
Table of Contents
2009
|
$ | 3,864 | ||
2010
|
3,450 | |||
2011
|
3,014 | |||
2012
|
2,236 | |||
2013
|
2,071 | |||
Thereafter
|
33,472 | |||
Total
|
$ | 48,107 | ||
19. | Subsequent Events |
96
Table of Contents
20. | Quarterly Financial Information (unaudited) |
Year Ended December 31, 2008 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 113,553 | $ | 128,891 | $ | 138,476 | $ | 145,374 | ||||||||
Equity in Income (Loss) of Joint Ventures
|
3,302 | 3,268 | 725 | (40,473 | ) | |||||||||||
Minority Interest Allocable to Continuing Operations
|
3,639 | 3,094 | 2,430 | 10,885 | ||||||||||||
Loss from Continuing Operations, Net of Income Tax and Minority
Interest
|
(20,031 | ) | (19,087 | ) | (11,885 | ) | (72,151 | ) | ||||||||
Income from Discontinued Operations, Net of Income Tax
|
78,982 | 71,397 | 23,635 | 5,359 | ||||||||||||
Minority Interest Allocable to Discontinued Operations
|
(10,078 | ) | (8,588 | ) | (2,933 | ) | (643 | ) | ||||||||
Gain on Sale of Real Estate, Net of Income Tax
|
5,438 | 2,788 | | | ||||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate
|
(694 | ) | (326 | ) | | | ||||||||||
Net Income (Loss)
|
53,617 | 46,184 | 8,817 | (67,435 | ) | |||||||||||
Preferred Stock Dividends
|
(4,857 | ) | (4,857 | ) | (4,857 | ) | (4,857 | ) | ||||||||
Net Income (Loss) Available to Common Stockholders
|
$ | 48,760 | $ | 41,327 | $ | 3,960 | $ | (72,292 | ) | |||||||
Basic and Diluted Earnings Per Share:
|
||||||||||||||||
Loss From Continuing Operations
|
$ | (0.47 | ) | $ | (0.50 | ) | $ | (0.39 | ) | $ | (1.77 | ) | ||||
Income from Discontinued Operations
|
$ | 1.60 | $ | 1.46 | $ | 0.48 | $ | 0.11 | ||||||||
Net Income (Loss) Available to Common Stockholders
|
$ | 1.13 | $ | 0.96 | $ | 0.09 | $ | (1.66 | ) | |||||||
Weighted Average Shares Outstanding
|
42,984 | 43,128 | 43,151 | 43,506 | ||||||||||||
97
Table of Contents
Year Ended December 31, 2007 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 94,060 | $ | 93,368 | $ | 92,126 | $ | 100,708 | ||||||||
Equity in Income of Joint Ventures
|
5,631 | 11,626 | 6,376 | 6,412 | ||||||||||||
Minority Interest Allocable to Continuing Operations
|
3,140 | 3,024 | 2,995 | 3,233 | ||||||||||||
Loss from Continuing Operations, Net of Income Tax and Minority
Interest
|
(15,535 | ) | (13,406 | ) | (16,021 | ) | (17,198 | ) | ||||||||
Income from Discontinued Operations, Net of Income Tax
|
55,268 | 57,602 | 57,333 | 72,093 | ||||||||||||
Minority Interest Allocable to Discontinued Operations
|
(6,997 | ) | (7,223 | ) | (7,207 | ) | (9,199 | ) | ||||||||
Gain on Sale of Real Estate, Net of Income Tax
|
2,806 | 503 | 63 | 2,971 | ||||||||||||
Minority Interest Allocable to Gain Sale of Real Estate
|
(355 | ) | (63 | ) | (8 | ) | (376 | ) | ||||||||
Net Income
|
35,187 | 37,413 | 34,160 | 48,291 | ||||||||||||
Preferred Stock Dividends
|
(5,935 | ) | (5,671 | ) | (4,857 | ) | (4,857 | ) | ||||||||
Less: Redemption of Preferred Stock
|
| (2,017 | ) | | | |||||||||||
Net Income Available to Common Stockholders
|
$ | 29,252 | $ | 29,725 | $ | 29,303 | $ | 43,434 | ||||||||
Basic and Diluted Earnings Per Share:
|
||||||||||||||||
Loss From Continuing Operations
|
$ | (0.43 | ) | $ | (0.46 | ) | $ | (0.47 | ) | $ | (0.45 | ) | ||||
Income from Discontinued Operations
|
$ | 1.09 | $ | 1.13 | $ | 1.13 | $ | 1.45 | ||||||||
Net Income Available to Common Stockholders
|
$ | 0.66 | $ | 0.67 | $ | 0.66 | $ | 1.00 | ||||||||
Weighted Average Shares Outstanding
|
44,410 | 44,471 | 44,240 | 43,234 | ||||||||||||
21. | Pro Forma Financial Information (unaudited) |
98
Table of Contents
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Pro Forma Revenues
|
$ | 531,664 | $ | 398,050 | ||||
Pro Forma Loss from Continuing Operations Available to Common
Stockholders, Net of Minority Interest and Income Taxes
|
$ | (132,174 | ) | $ | (60,909 | ) | ||
Pro Forma Net Income Available to Common Stockholders
|
$ | 24,956 | $ | 150,761 | ||||
Per Share Data:
|
||||||||
Pro Forma Basic and Diluted Earnings Per Share Data:
|
||||||||
Loss from Continuing Operations Available to Common Stockholders
|
$ | (3.06 | ) | $ | (1.38 | ) | ||
Net Income Available to Common Stockholders
|
$ | 0.58 | $ | 3.42 | ||||
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2007 | 2006 | |||||||
Pro Forma Revenues
|
$ | 441,933 | $ | 371,713 | ||||
Pro Forma Loss from Continuing Operations Available to Common
Stockholders, Net of Minority Interest and Income Taxes
|
$ | (44,798 | ) | $ | (49,248 | ) | ||
Pro Forma Net Income Available to Common Stockholders
|
$ | 149,955 | $ | 115,200 | ||||
Per Share Data:
|
||||||||
Pro Forma Basic and Diluted Earnings Per Share Data:
|
||||||||
Loss from Continuing Operations Available to Common Stockholders
|
$ | (1.02 | ) | $ | (1.12 | ) | ||
Net Income Available to Common Stockholders
|
$ | 3.40 | $ | 2.62 | ||||
99
Table of Contents
As Of December 31, 2008
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Atlanta
|
||||||||||||||||||||||||||||||||||||||||||
4250 River Green Parkway
|
Duluth, GA | $ | 264 | $ | 1,522 | $ | 223 | $ | 264 | $ | 1,745 | $ | 2,009 | $ | 658 | 1994 | (l | ) | ||||||||||||||||||||||||
3450 Corporate Parkway
|
Duluth, GA | 506 | 2,904 | 455 | 506 | 3,359 | 3,865 | 1,270 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1650 GA Highway 155
|
McDonough, GA | 788 | 4,544 | 356 | 788 | 4,900 | 5,688 | 1,714 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1665 Dogwood Drive
|
Conyers, GA | 635 | 3,662 | 317 | 635 | 3,979 | 4,614 | 1,377 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1715 Dogwood Drive
|
Conyers, GA | 288 | 1,675 | 1,785 | 288 | 3,460 | 3,748 | 785 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
11235 Harland Drive
|
Covington, GA | 125 | 739 | 163 | 125 | 902 | 1,027 | 293 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
4051 Southmeadow Parkway
|
Atlanta, GA | 726 | 4,130 | 857 | 726 | 4,987 | 5,713 | 1,637 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
4071 Southmeadow Parkway
|
Atlanta, GA | 750 | 4,460 | 1,308 | 828 | 5,690 | 6,518 | 1,973 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
4081 Southmeadow Parkway
|
Atlanta, GA | 1,012 | 5,918 | 1,726 | 1,157 | 7,499 | 8,656 | 2,553 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
370 Great Southwest Parkway(d)
|
Atlanta, GA | 527 | 2,984 | 650 | 546 | 3,615 | 4,161 | 1,187 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
955 Cobb Place
|
Kennesaw, GA | 780 | 4,420 | 684 | 804 | 5,080 | 5,884 | 1,497 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1005 Sigman Road
|
Conyers, GA | 566 | 3,134 | 419 | 574 | 3,545 | 4,119 | 780 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
2050 East Park Drive
|
Conyers, GA | 452 | 2,504 | 111 | 459 | 2,608 | 3,067 | 601 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
1256 Oakbrook Drive
|
Norcross, GA | 336 | 1,907 | 335 | 339 | 2,239 | 2,578 | 510 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1265 Oakbrook Drive
|
Norcross, GA | 307 | 1,742 | 637 | 309 | 2,377 | 2,686 | 544 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1280 Oakbrook Drive
|
Norcross, GA | 281 | 1,592 | 311 | 283 | 1,901 | 2,184 | 403 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1300 Oakbrook Drive
|
Norcross, GA | 420 | 2,381 | 236 | 423 | 2,614 | 3,037 | 467 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1325 Oakbrook Drive
|
Norcross, GA | 332 | 1,879 | 335 | 334 | 2,212 | 2,546 | 488 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1351 Oakbrook Drive
|
Norcross, GA | 370 | 2,099 | 386 | 373 | 2,482 | 2,855 | 471 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1346 Oakbrook Drive
|
Norcross, GA | 740 | 4,192 | 703 | 744 | 4,891 | 5,635 | 877 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1412 Oakbrook Drive
|
Norcross, GA | 313 | 1,776 | 256 | 315 | 2,030 | 2,345 | 412 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
Greenwood Industrial Park
|
McDonough, GA | 1,550 | | 7,485 | 1,550 | 7,485 | 9,035 | 818 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
3060 South Park Blvd
|
Ellenwood, GA | 1,600 | 12,464 | 891 | 1,603 | 13,352 | 14,955 | 2,171 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
46 Kent Drive
|
Cartersville, GA | 794 | 2,252 | 6 | 798 | 2,254 | 3,052 | 303 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
100 Dorris Williams Industrial-King
|
Atlanta, GA | (m | ) | 401 | 3,754 | 42 | 406 | 3,791 | 4,197 | 776 | 2005 | (l | ) | |||||||||||||||||||||||||||||
605 Stonehill Diver
|
Atlanta, GA | 485 | 1,979 | 27 | 490 | 2,001 | 2,491 | 761 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
5095 Phillips Lee Drive
|
Atlanta, GA | 735 | 3,627 | 254 | 740 | 3,876 | 4,616 | 890 | 2005 | (l | ) |
S-1
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
6514 Warren Drive
|
Norcross, GA | 510 | 1,250 | (104 | ) | 513 | 1,143 | 1,656 | 142 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
6544 Warren Drive
|
Norcross, GA | 711 | 2,310 | 65 | 715 | 2,371 | 3,086 | 370 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
720 Industrial Boulevard
|
Dublin, GA | 250 | 2,632 | 40 | 255 | 2,667 | 2,922 | 1,057 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
5356 East Ponce DeLeon
|
One Mountain, GA | 604 | 3,888 | (55 | ) | 610 | 3,827 | 4,437 | 748 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
5390 East Ponce DeLeon
|
One Mountain, GA | 397 | 1,791 | (5 | ) | 402 | 1,781 | 2,183 | 283 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1755 Enterprise Drive
|
Buford, GA | 712 | 2,118 | 53 | 716 | 2,167 | 2,883 | 277 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
4555 Atwater Court
|
Buford, GA | 881 | 3,550 | 558 | 885 | 4,104 | 4,989 | 508 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
80 Liberty Industrial Parkway
|
McDonough, GA | 756 | 3,695 | 212 | 763 | 3,900 | 4,663 | 306 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
596 Bonnie Valentine Way
|
Pendergrass, GA | 2,580 | 21,730 | 1,203 | 2,594 | 22,919 | 25,513 | 786 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
11415 Old Roswell Road
|
Alpharetta, GA | 2,403 | 1,912 | 90 | 2,427 | 1,978 | 4,405 | 39 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
195 & 197 Collins Boulevard
|
Athens, GA | 1,410 | 5,344 | 65 | 1,426 | 5,393 | 6,819 | 1,994 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Baltimore
|
||||||||||||||||||||||||||||||||||||||||||
1820 Portal
|
Baltimore, MD | 884 | 4,891 | 454 | 899 | 5,330 | 6,229 | 1,418 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
9700 Martin Luther King Hwy
|
Lanham, MD | 700 | 1,920 | 555 | 700 | 2,475 | 3,175 | 646 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
9730 Martin Luther King Hwy
|
Lanham, MD | 500 | 955 | 508 | 500 | 1,463 | 1,963 | 388 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
4621 Boston Way
|
Lanham, MD | 1,100 | 3,070 | 601 | 1,100 | 3,671 | 4,771 | 780 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
4720 Boston Way
|
Lanham, MD | 1,200 | 2,174 | 541 | 1,200 | 2,715 | 3,915 | 695 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
2250 Randolph Drive
|
Dulles, VA | 3,200 | 8,187 | 36 | 3,208 | 8,215 | 11,423 | 1,234 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
22630 Dulles Summit Court
|
Dulles, VA | 2,200 | 9,346 | 131 | 2,206 | 9,471 | 11,677 | 1,446 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
4201 Forbes Boulevard
|
Lanham, MD | 356 | 1,823 | 417 | 375 | 2,221 | 2,596 | 460 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
4370-4383
Lottsford Vista Road
|
Lanham, MD | 279 | 1,358 | 171 | 296 | 1,512 | 1,808 | 227 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
4400 Lottsford Vista Road
|
Lanham, MD | 351 | 1,955 | 160 | 372 | 2,094 | 2,466 | 276 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
4420 Lottsford Vista Road
|
Lanham, MD | 539 | 2,196 | 241 | 568 | 2,408 | 2,976 | 372 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
11204 McCormick Road
|
Hunt Valley, MD | 1,017 | 3,132 | 104 | 1,038 | 3,215 | 4,253 | 506 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
11110 Pepper Road
|
Hunt Valley, MD | 918 | 2,529 | 271 | 938 | 2,780 | 3,718 | 445 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
11100 Gilroy Road
|
Hunt Valley, MD | 901 | 1,455 | 57 | 919 | 1,494 | 2,413 | 305 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
318 Clubhouse
|
Hunt Valley, MD | 701 | 1,691 | 14 | 718 | 1,688 | 2,406 | 363 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
336 Clubhouse
|
Hunt Valley, MD | 982 | 3,158 | 544 | 1,004 | 3,680 | 4,684 | 726 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
10709 Gilroy Road
|
Hunt Valley, MD | 913 | 2,705 | 46 | 913 | 2,751 | 3,664 | 556 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
10707 Gilroy Road
|
Hunt Valley, MD | 1,111 | 3,819 | 127 | 1,136 | 3,921 | 5,057 | 778 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
38 Loveton Circle
|
Hunt Valley, MD | 1,648 | 2,151 | (132 | ) | 1,690 | 1,977 | 3,667 | 361 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7120-7132
Ambassador Road
|
Hunt Valley, MD | 829 | 1,329 | 253 | 847 | 1,564 | 2,411 | 333 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7142 Ambassador Road
|
Hunt Valley, MD | 924 | 2,876 | 415 | 942 | 3,273 | 4,215 | 345 | 2005 | (l | ) |
S-2
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
7144-7160
Ambassador Road
|
Hunt Valley, MD | 979 | 1,672 | 145 | 1,000 | 1,796 | 2,796 | 450 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7223-7249
Ambassador Road
|
Hunt Valley, MD | 1,283 | 2,674 | 232 | 1,311 | 2,878 | 4,189 | 752 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7200 Rutherford
|
Hunt Valley, MD | 1,032 | 2,150 | 165 | 1,054 | 2,293 | 3,347 | 470 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
2700 Lord Baltimore
|
Hunt Valley, MD | 875 | 1,826 | 275 | 897 | 2,079 | 2,976 | 520 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
9800 Martin Luther King Hwy
|
Lanham, MD | 1,200 | 2,457 | 281 | 1,200 | 2,738 | 3,938 | 554 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
Baltimore Crossroads @95
|
Baltimore, MD | 2,640 | 270 | 13,041 | 2,823 | 13,128 | 15,951 | 558 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Central Pennsylvania
|
||||||||||||||||||||||||||||||||||||||||||
1214-B Freedom Road
|
Cranberry Township, PA | 31 | 994 | 613 | 200 | 1,438 | 1,638 | 930 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
401 Russell Drive
|
Middletown, PA | 262 | 857 | 1,699 | 287 | 2,531 | 2,818 | 1,462 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2700 Commerce Drive
|
Middletown, PA | 196 | 997 | 714 | 206 | 1,701 | 1,907 | 1,014 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2701 Commerce Drive
|
Middletown, PA | 141 | 859 | 1,174 | 164 | 2,010 | 2,174 | 1,042 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2780 Commerce Drive
|
Middletown, PA | 113 | 743 | 1,206 | 209 | 1,853 | 2,062 | 1,081 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
350 Old Silver Springs Road
|
Mechanicsburg, PA | 510 | 2,890 | 5,776 | 541 | 8,635 | 9,176 | 2,185 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
16522 Hunters Green Parkway
|
Hagerstown, MD | (n | ) | 1,390 | 13,104 | 3,903 | 1,863 | 16,534 | 18,397 | 2,311 | 2003 | (l | ) | |||||||||||||||||||||||||||||
18212 Shawley Drive
|
Hagerstown, MD | 1,000 | 5,847 | 1,193 | 1,016 | 7,024 | 8,040 | 974 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
301 Railroad Avenue
|
Shiremanstown, PA | 1,181 | 4,447 | 1,542 | 1,328 | 5,842 | 7,170 | 1,391 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
431 Railroad Avenue
|
Shiremanstown, PA | 1,293 | 7,164 | 1,911 | 1,341 | 9,027 | 10,368 | 1,734 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Golden Eagle Business Center
|
Harrisburg, PA | 585 | 3,176 | 161 | 601 | 3,321 | 3,922 | 444 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
37 Valleyview Business Park
|
Jessup, PA | 542 | | 2,962 | 532 | 2,972 | 3,504 | 299 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1351 Eisenhower Blvd., Bldg 1
|
Harrisburg, PA | 382 | 2,343 | 29 | 387 | 2,367 | 2,754 | 290 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
1351 Eisenhower Blvd., Bldg 2
|
Harrisburg, PA | 436 | 1,587 | (11 | ) | 443 | 1,569 | 2,012 | 180 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
320 Museum Road
|
Washington, PA | 201 | 1,819 | 57 | 208 | 1,869 | 2,077 | 347 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Chicago
|
||||||||||||||||||||||||||||||||||||||||||
720-730
Landwehr Road
|
Northbrook, IL | 521 | 2,982 | 1,415 | 521 | 4,397 | 4,918 | 1,843 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
20W201 101st Street
|
Lemont, IL | 967 | 5,554 | 626 | 968 | 6,179 | 7,147 | 2,164 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
3600 West Pratt Avenue
|
Lincolnwood, IL | 1,050 | 5,767 | 1,205 | 1,050 | 6,972 | 8,022 | 2,485 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
6750 South Sayre Avenue
|
Bedford Park, IL | 224 | 1,309 | 642 | 224 | 1,951 | 2,175 | 695 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
585 Slawin Court
|
Mount Prospect, IL | 611 | 3,505 | 2,055 | 615 | 5,556 | 6,171 | 1,568 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2300 Windsor Court
|
Addison, IL | 688 | 3,943 | 1,023 | 696 | 4,958 | 5,654 | 1,745 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
3505 Thayer Court
|
Aurora, IL | 430 | 2,472 | 90 | 430 | 2,562 | 2,992 | 909 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
305-311 Era
Drive
|
Northbrook, IL | 200 | 1,154 | 145 | 205 | 1,294 | 1,499 | 462 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
12241 Melrose Street
|
Franklin Park, IL | 332 | 1,931 | 1,334 | 469 | 3,128 | 3,597 | 1,024 | 1995 | (l | ) |
S-3
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
3150-3160
MacArthur Boulevard
|
Northbrook, IL | 429 | 2,518 | 32 | 429 | 2,550 | 2,979 | 928 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
365 North Avenue
|
Carol Stream, IL | 1,081 | 6,882 | 3,897 | 1,111 | 10,749 | 11,860 | 3,737 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
11939 S Central Avenue
|
Alsip, IL | 1,208 | 6,843 | 3,477 | 1,305 | 10,223 | 11,528 | 2,555 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
405 East Shawmut
|
LaGrange, IL | 368 | 2,083 | 507 | 388 | 2,570 | 2,958 | 664 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1010-50
Sesame Street
|
Bensenville, IL | 979 | 5,546 | 2,673 | 1,048 | 8,150 | 9,198 | 1,913 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
7501 S. Pulaski
|
Chicago, IL | 318 | 2,038 | 1,516 | 318 | 3,554 | 3,872 | 800 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
2120-24
Roberts
|
Broadview, IL | 220 | 1,248 | 491 | 231 | 1,728 | 1,959 | 606 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
800 Business Center Drive
|
Mount Prospect, IL | 631 | 3,493 | 237 | 666 | 3,695 | 4,361 | 745 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
580 Slawin Court
|
Mount Prospect, IL | 233 | 1,292 | 317 | 254 | 1,588 | 1,842 | 293 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
1150 Feehanville Drive
|
Mount Prospect, IL | 260 | 1,437 | 131 | 273 | 1,555 | 1,828 | 334 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
19W661 101st Street
|
Lemont, IL | 1,200 | 6,643 | 2,300 | 1,220 | 8,923 | 10,143 | 2,143 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
175 Wall Street
|
Glendale Heights, IL | 427 | 2,363 | 163 | 433 | 2,520 | 2,953 | 447 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
800-820
Thorndale Avenue
|
Bensenville, IL | 751 | 4,159 | 1,638 | 761 | 5,787 | 6,548 | 961 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
1661 Feehanville Drive
|
Mount Prospect, IL | 985 | 5,455 | 2,061 | 1,044 | 7,457 | 8,501 | 1,718 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1850 Touhy &
1158-60
McCage Ave
|
Elk Grove Village, IL | 1,500 | 4,842 | 164 | 1,514 | 4,992 | 6,506 | 1,009 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1088-1130
Thorndale Avenue
|
Bensenville, IL | 2,103 | 3,674 | 129 | 2,108 | 3,798 | 5,906 | 652 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
855-891
Busse(Route 83)
|
Bensenville, IL | 1,597 | 2,767 | (42 | ) | 1,601 | 2,721 | 4,322 | 495 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1060-1074 W. Thorndale
Ave
|
Bensenville, IL | 1,704 | 2,108 | 179 | 1,709 | 2,282 | 3,991 | 461 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
400 Crossroads Parkway
|
Bolingbrook, IL | 1,178 | 9,453 | 850 | 1,181 | 10,300 | 11,481 | 1,603 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7609 West Industrial Drive
|
Forest Park, IL | 1,207 | 2,343 | 207 | 1,213 | 2,544 | 3,757 | 503 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7801 West Industrial Drive
|
Forest Park, IL | 1,215 | 3,020 | 19 | 1,220 | 3,034 | 4,254 | 600 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
825 East 26th Street
|
LaGrange Park, IL | 1,547 | 2,078 | 2,761 | 1,617 | 4,769 | 6,386 | 844 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1111 Davis Road
|
Elgin, IL | 998 | 1,859 | 833 | 1,046 | 2,644 | 3,690 | 706 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2900 W 166th St
|
Markham, IL | 1,132 | 4,293 | 269 | 1,134 | 4,560 | 5,694 | 541 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
555 W Algonquin Rd
|
Arlington Heights, IL | 574 | 741 | 2,053 | 579 | 2,789 | 3,368 | 167 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
7000 W 60th Street
|
Chicago, IL | 609 | 932 | 106 | 667 | 980 | 1,647 | 161 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9501 Nevada
|
Franklin Park, IL | 2721 | 5630 | 500 | 2,737 | 6,114 | 8,851 | 319 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
1501 Oakton Street
|
Elk Grove Village, IL | 3369 | 6121 | 69 | 3,412 | 6,147 | 9,559 | 267 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
16500 W 103rd Street
|
Woodridge, IL | 744 | 2458 | 101 | 760 | 2,544 | 3,304 | 85 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
251 Airport Road
|
Aurora, IL | 983 | | 6,681 | 983 | 6,681 | 7,664 | 1,017 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
725 Kimberly Drive
|
Carol Stream, IL | 793 | 1,395 | 38 | 801 | 1,425 | 2,226 | 231 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
17001 S. Vincennes
|
Thornton, IL | 497 | 504 | 103 | 513 | 591 | 1,104 | 176 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Rust-Oleum BTS
|
Kenosha, WI | 4,100 | | 18,418 | 3,212 | 19,306 | 22,518 | 76 | 2008 | (l | ) |
S-4
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Cincinnati
|
||||||||||||||||||||||||||||||||||||||||||
9900-9970
Princeton
|
Cincinnati, OH | 545 | 3,088 | 1,887 | 566 | 4,954 | 5,520 | 1,676 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
2940 Highland Avenue
|
Cincinnati, OH | 1,717 | 9,730 | 1,794 | 1,772 | 11,469 | 13,241 | 3,559 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
4700-4750
Creek Road
|
Blue Ash, OH | 1,080 | 6,118 | 1,044 | 1,109 | 7,133 | 8,242 | 2,158 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
901 Pleasant Valley Drive
|
Springboro, OH | 304 | 1,721 | 333 | 316 | 2,042 | 2,358 | 560 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
4436 Muhlhauser Road
|
Hamilton, OH | 630 | | 5,264 | 630 | 5,264 | 5,894 | 1,035 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
4438 Muhlhauser Road
|
Hamilton, OH | 779 | | 6,795 | 779 | 6,795 | 7,574 | 1,227 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
9345 Princeton-Glendale Road
|
West Chester, OH | 818 | 1,648 | 419 | 840 | 2,045 | 2,885 | 428 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
9525 Glades Drive
|
West Chester, OH | 347 | 1,323 | 87 | 355 | 1,402 | 1,757 | 145 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9776-9876
Windisch Road
|
West Chester, OH | 392 | 1,744 | 20 | 394 | 1,762 | 2,156 | 123 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9810-9822
Windisch Road
|
West Chester, OH | 395 | 2,541 | 64 | 397 | 2,603 | 3,000 | 134 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9842-9862
Windisch Road
|
West Chester, OH | 506 | 3,148 | 106 | 508 | 3,252 | 3,760 | 236 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9872-9898
Windisch Road
|
West Chester, OH | 546 | 3,039 | 47 | 548 | 3,084 | 3,632 | 170 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
9902-9922
Windisch Road
|
West Chester, OH | 623 | 4,003 | 92 | 627 | 4,091 | 4,718 | 291 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
420 Wars Corner Road
|
Loveland, OH | 600 | 1,083 | 1,023 | 606 | 2,100 | 2,706 | 620 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
422 Wards Corner Road
|
Loveland, OH | 600 | 1,811 | 395 | 605 | 2,201 | 2,806 | 758 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
4663 Dues Drive
|
West Chester, OH | 858 | 2,273 | 1,183 | 875 | 3,439 | 4,314 | 1,213 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
8181 Darrow Road
|
Twinsburg, OH | 2478 | 6,791 | 78 | 2,496 | 6,852 | 9,348 | 248 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Cleveland
|
||||||||||||||||||||||||||||||||||||||||||
2368 E. Enterprise Parkway
|
Twinsburg, OH | 294 | 1,857 | 28 | 298 | 1,881 | 2,179 | 333 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
30311 Emerald Valley Parkway
|
Glenwillow, OH | 681 | 11,838 | 1,084 | 691 | 12,912 | 13,603 | 1,227 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
30333 Emerald Valley Parkway
|
Glenwillow, OH | 466 | 5,447 | 103 | 475 | 5,541 | 6,016 | 600 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
7800 Cochran Road
|
Glenwillow, OH | 972 | 7,033 | 146 | 991 | 7,160 | 8,151 | 769 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
7900 Cochran Road
|
Glenwillow, OH | 775 | 6,244 | 136 | 792 | 6,363 | 7,155 | 650 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
7905 Cochran Road
|
Glenwillow, OH | 920 | 6,174 | 100 | 945 | 6,249 | 7,194 | 624 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
30600 Carter Street
|
Solon, OH | 989 | 3,042 | 408 | 1,022 | 3,417 | 4,439 | 908 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
Columbus
|
||||||||||||||||||||||||||||||||||||||||||
3800 Lockbourne Industrial Pkwy
|
Columbus, OH | 1,045 | 6,421 | 707 | 1,045 | 7,128 | 8,173 | 2,106 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
3880 Groveport Road
|
Columbus, OH | 1,955 | 12,154 | 675 | 1,955 | 12,829 | 14,784 | 4,156 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1819 North Walcutt Road
|
Columbus, OH | 637 | 4,590 | (140 | ) | 634 | 4,453 | 5,087 | 1,408 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4300 Cemetary Road
|
Hillard, OH | 764 | 620 | | 764 | 620 | 1,384 | 41 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4115 Leap Road(d)
|
Hillard, OH | 756 | 4,297 | 1,471 | 756 | 5,768 | 6,524 | 1,427 | 1998 | (l | ) |
S-5
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
3300 Lockbourne
|
Columbus, OH | 708 | 3,920 | 1,258 | 710 | 5,176 | 5,886 | 1,299 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1076 Pittsburgh Drive
|
Delaware, OH | (o | ) | 2,265 | 4,733 | 62 | 2,273 | 4,787 | 7,060 | 888 | 2005 | (l | ) | |||||||||||||||||||||||||||||
6150 Huntley Road
|
Columbus, OH | 920 | 4,810 | 8 | 925 | 4,813 | 5,738 | 564 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
4985 Frusta Drive
|
Obetz, OH | 318 | 837 | 344 | 326 | 1,173 | 1,499 | 238 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
4600 S. Hamilton Road
|
Groveport, OH | 681 | 5,941 | (142 | ) | 688 | 5,792 | 6,480 | 496 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2200 Spiegel
|
Groveport, OH | 780 | 3,205 | 308 | 793 | 3,500 | 4,293 | 208 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4311 Janitrol Road
|
Columbus, OH | 662 | 4,332 | 829 | 675 | 5,148 | 5,823 | 411 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Dallas/Fort Worth
|
||||||||||||||||||||||||||||||||||||||||||
2406-2416
Walnut Ridge
|
Dallas, TX | 178 | 1,006 | 483 | 172 | 1,495 | 1,667 | 322 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
2401-2419
Walnut Ridge
|
Dallas, TX | 148 | 839 | 239 | 142 | 1,084 | 1,226 | 278 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
900-906
Great Southwest Pkwy
|
Arlington, TX | 237 | 1,342 | 596 | 270 | 1,905 | 2,175 | 598 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3000 West Commerce
|
Dallas, TX | 456 | 2,584 | 526 | 469 | 3,097 | 3,566 | 837 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3030 Hansboro
|
Dallas, TX | 266 | 1,510 | 529 | 276 | 2,029 | 2,305 | 500 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
405-407 113th
|
Arlington, TX | 181 | 1,026 | 429 | 185 | 1,451 | 1,636 | 334 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
816 111th Street
|
Arlington, TX | 251 | 1,421 | 169 | 258 | 1,583 | 1,841 | 491 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
7341 Dogwood Park
|
Richland Hills, TX | 79 | 435 | 82 | 84 | 512 | 596 | 145 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7427 Dogwood Park
|
Richland Hills, TX | 96 | 532 | 572 | 102 | 1,098 | 1,200 | 326 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7348-54
Tower Street
|
Richland Hills, TX | 88 | 489 | 283 | 94 | 766 | 860 | 216 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7339-41
Tower Street
|
Richland Hills, TX | 98 | 541 | 188 | 104 | 723 | 827 | 179 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7437-45
Tower Street
|
Richland Hills, TX | 102 | 563 | 85 | 108 | 642 | 750 | 163 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7331-59
Airport Freeway
|
Richland Hills, TX | 354 | 1,958 | 395 | 372 | 2,335 | 2,707 | 609 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7338-60
Dogwood Park
|
Richland Hills, TX | 106 | 587 | 127 | 112 | 708 | 820 | 171 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7450-70
Dogwood Park
|
Richland Hills, TX | 106 | 584 | 127 | 112 | 705 | 817 | 173 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7423-49
Airport Freeway
|
Richland Hills, TX | 293 | 1,621 | 360 | 308 | 1,966 | 2,274 | 506 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7400 Whitehall Street
|
Richland Hills, TX | 109 | 603 | 91 | 115 | 688 | 803 | 193 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1602-1654
Terre Colony
|
Dallas, TX | 458 | 2,596 | 765 | 468 | 3,351 | 3,819 | 640 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
3330 Duncanville Road
|
Dallas, TX | 197 | 1,114 | 68 | 199 | 1,180 | 1,379 | 247 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2351-2355
Merritt Drive
|
Garland, TX | 101 | 574 | 112 | 103 | 684 | 787 | 140 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
701-735
North Plano Road
|
Richardson, TX | 696 | 3,944 | 217 | 705 | 4,152 | 4,857 | 891 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2220 Merritt Drive
|
Garland, TX | 352 | 1,993 | 779 | 356 | 2,768 | 3,124 | 627 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2010 Merritt Drive
|
Garland, TX | 350 | 1,981 | 598 | 357 | 2,572 | 2,929 | 608 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2363 Merritt Drive
|
Garland, TX | 73 | 412 | 170 | 74 | 581 | 655 | 102 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2447 Merritt Drive
|
Garland, TX | 70 | 395 | 77 | 71 | 471 | 542 | 95 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2465-2475
Merritt Drive
|
Garland, TX | 91 | 514 | 145 | 92 | 658 | 750 | 125 | 2000 | (l | ) |
S-6
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
2485-2505
Merritt Drive
|
Garland, TX | 431 | 2,440 | 562 | 436 | 2,997 | 3,433 | 587 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2081 Hutton Drive(e)
|
Carrollton, TX | 448 | 2,540 | 438 | 453 | 2,973 | 3,426 | 570 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2110 Hutton Drive
|
Carrollton, TX | 374 | 2,117 | 437 | 377 | 2,551 | 2,928 | 586 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2025 McKenzie Drive
|
Carrollton, TX | 437 | 2,478 | 351 | 442 | 2,824 | 3,266 | 557 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2019 McKenzie Drive
|
Carrollton, TX | 502 | 2,843 | 519 | 507 | 3,357 | 3,864 | 726 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1420 Valwood Parkway Bldg 1(d)
|
Carrollton, TX | 460 | 2,608 | 717 | 466 | 3,319 | 3,785 | 636 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1620 Valwood Parkway(e)
|
Carrollton, TX | 1,089 | 6,173 | 1,266 | 1,100 | 7,428 | 8,528 | 1,396 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1505 Luna Road Bldg II
|
Carrollton, TX | 167 | 948 | 70 | 169 | 1,016 | 1,185 | 202 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1625 West Crosby Road
|
Carrollton, TX | 617 | 3,498 | 459 | 631 | 3,943 | 4,574 | 824 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2029-2035
McKenzie Drive
|
Carrollton, TX | 306 | 1,870 | 699 | 306 | 2,569 | 2,875 | 790 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1840 Hutton Drive(d)
|
Carrollton, TX | 811 | 4,597 | 757 | 819 | 5,346 | 6,165 | 1,040 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1420 Valwood Pkwy Bldg II
|
Carrollton, TX | 373 | 2,116 | 376 | 377 | 2,488 | 2,865 | 526 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2015 McKenzie Drive
|
Carrollton, TX | 510 | 2,891 | 415 | 516 | 3,300 | 3,816 | 659 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
2009 McKenzie Drive
|
Carrollton, TX | 476 | 2,699 | 386 | 481 | 3,080 | 3,561 | 640 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
1505 Luna Road Bldg I
|
Carrollton, TX | 521 | 2,953 | 476 | 529 | 3,421 | 3,950 | 773 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
900-1100
Avenue S
|
Grand Prairie, TX | 623 | 3,528 | 1,307 | 629 | 4,829 | 5,458 | 646 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
Plano Crossing(f)
|
Plano, TX | 1,961 | 11,112 | 616 | 1,981 | 11,708 | 13,689 | 1,914 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7413A-C Dogwood Park
|
Richland Hills, TX | 110 | 623 | 125 | 111 | 747 | 858 | 115 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7450 Tower Street
|
Richland Hills, TX | 36 | 204 | 191 | 36 | 395 | 431 | 106 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7436 Tower Street
|
Richland Hills, TX | 57 | 324 | 162 | 58 | 485 | 543 | 118 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7426 Tower Street
|
Richland Hills, TX | 76 | 429 | 146 | 76 | 575 | 651 | 103 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7427-7429
Tower Street
|
Richland Hills, TX | 75 | 427 | 20 | 76 | 446 | 522 | 69 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
2840-2842
Handley Ederville Rd
|
Richland Hills, TX | 112 | 635 | 71 | 113 | 705 | 818 | 124 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7451-7477
Airport Freeway
|
Richland Hills, TX | 256 | 1,453 | 218 | 259 | 1,668 | 1,927 | 315 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7415 Whitehall Street
|
Richland Hills, TX | 372 | 2,107 | 218 | 375 | 2,322 | 2,697 | 413 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
7450 Whitehall Street
|
Richland Hills, TX | 104 | 591 | 110 | 105 | 700 | 805 | 103 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
300 Wesley Way
|
Richland Hills, TX | 208 | 1,181 | 18 | 211 | 1,196 | 1,407 | 187 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
825-827
Avenue H(d)
|
Arlington, TX | 600 | 3,006 | 248 | 604 | 3,250 | 3,854 | 670 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1013-31
Avenue M
|
Grand Prairie, TX | 300 | 1,504 | 83 | 302 | 1,585 | 1,887 | 332 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1172-84
113th Street(d)
|
Grand Prairie, TX | 700 | 3,509 | 156 | 704 | 3,661 | 4,365 | 670 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1200-16
Avenue H(d)
|
Arlington, TX | 600 | 2,846 | 92 | 604 | 2,934 | 3,538 | 588 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1322-66 N. Carrier
Parkway(e)
|
Grand Prairie, TX | 1,000 | 5,012 | 163 | 1,006 | 5,169 | 6,175 | 929 | 2004 | (l | ) |
S-7
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
2401-2407
Centennial Dr.
|
Arlington, TX | 600 | 2,534 | 209 | 604 | 2,739 | 3,343 | 564 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
3111 West Commerce Street
|
Dallas, TX | 1,000 | 3,364 | 63 | 1,011 | 3,416 | 4,427 | 692 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
9150 West Royal Lane
|
Irving, TX | 818 | 3,767 | 278 | 820 | 4,043 | 4,863 | 617 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
13800 Senlac Drive
|
Farmers Ranch, TX | 823 | 4,042 | 12 | 825 | 4,052 | 4,877 | 781 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
801-831 S. Great
Southwest Pkwy(g)
|
Grand Prairie, TX | 2,581 | 16,556 | 635 | 2,586 | 17,186 | 19,772 | 4,454 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
801-842
Heinz Way
|
Grand Prairie, TX | 599 | 3,327 | 142 | 601 | 3,467 | 4,068 | 612 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
901-937
Heinz Way
|
Grand Prairie, TX | 493 | 2,758 | (14 | ) | 481 | 2,756 | 3,237 | 537 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2900 Avenue E
|
Arlington, TX | 296 | | 2,054 | 296 | 2,054 | 2,350 | 194 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7451 Dogwood Park
|
Richland Hills, TX | 133 | 753 | 25 | 134 | 777 | 911 | 129 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
2104 Hutton Drive
|
Carrollton, TX | 246 | 1,393 | 149 | 249 | 1,539 | 1,788 | 296 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
3301 Century Circle
|
Irving, TX | 760 | 3,856 | (16 | ) | 771 | 3,829 | 4,600 | 203 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
202-210 N
Great Southwest Prkwy
|
Grand Prairie, TX | 870 | 2,754 | 75 | 892 | 2,807 | 3,699 | 165 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
3730 Wheeler Avenue
|
Fort Smith, AR | 720 | 2,800 | 28 | 726 | 2,822 | 3,548 | 244 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
First Garland District Center 2
|
Garland, TX | 1,912 | | 14,459 | 1,947 | 14,424 | 16,371 | 337 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Denver
|
||||||||||||||||||||||||||||||||||||||||||
4785 Elati
|
Denver, CO | 173 | 981 | 89 | 175 | 1,068 | 1,243 | 312 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4770 Fox Street
|
Denver, CO | 132 | 750 | 74 | 134 | 822 | 956 | 229 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3871 Revere
|
Denver, CO | 361 | 2,047 | 620 | 368 | 2,660 | 3,028 | 828 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4570 Ivy Street
|
Denver, CO | 219 | 1,239 | 171 | 220 | 1,409 | 1,629 | 418 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5855 Stapleton Drive North
|
Denver, CO | 288 | 1,630 | 228 | 290 | 1,856 | 2,146 | 544 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5885 Stapleton Drive North
|
Denver, CO | 376 | 2,129 | 279 | 380 | 2,404 | 2,784 | 670 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5977-5995
North Broadway
|
Denver, CO | 268 | 1,518 | 374 | 271 | 1,889 | 2,160 | 533 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
2952-5978
North Broadway
|
Denver, CO | 414 | 2,346 | 831 | 422 | 3,169 | 3,591 | 923 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4721 Ironton Street
|
Denver, CO | 232 | 1,313 | 710 | 236 | 2,019 | 2,255 | 765 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
445 Bryant Street
|
Denver, CO | 1,829 | 10,219 | 1,870 | 1,829 | 12,089 | 13,918 | 3,315 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
East 47th Drive A
|
Denver, CO | 441 | 2,689 | (31 | ) | 441 | 2,658 | 3,099 | 782 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9500 West 49th Street A
|
Wheatridge, CO | 283 | 1,625 | 243 | 287 | 1,864 | 2,151 | 737 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
9500 West 49th Street B
|
Wheatridge, CO | 225 | 1,272 | 108 | 227 | 1,378 | 1,605 | 390 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
9500 West 49th Street C
|
Wheatridge, CO | 600 | 3,409 | 100 | 601 | 3,508 | 4,109 | 1,022 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
9500 West 49th Street D
|
Wheatridge, CO | 246 | 1,537 | 115 | 247 | 1,651 | 1,898 | 474 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
451-591 East
124th Avenue
|
Littleton, CO | 383 | 2,145 | 815 | 383 | 2,960 | 3,343 | 1,172 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
608 Garrison Street
|
Lakewood, CO | 265 | 1,501 | 376 | 269 | 1,873 | 2,142 | 548 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
610 Garrison Street
|
Lakewood, CO | 264 | 1,494 | 350 | 268 | 1,840 | 2,108 | 529 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
15000 West 6th Avenue
|
Golden, CO | 913 | 5,174 | 1,096 | 918 | 6,265 | 7,183 | 2,013 | 1997 | (l | ) |
S-8
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg E
|
Golden, CO | 565 | 3,199 | 239 | 570 | 3,433 | 4,003 | 984 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg F
|
Englewood, CO | 269 | 1,525 | 31 | 273 | 1,552 | 1,825 | 435 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
12503 East Euclid Drive
|
Denver, CO | 1,208 | 6,905 | 947 | 1,208 | 7,852 | 9,060 | 2,388 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
6547 South Racine Circle
|
Denver, CO | 739 | 4,241 | 406 | 739 | 4,647 | 5,386 | 1,322 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1600 South Abilene
|
Aurora, CO | 465 | 2,633 | 67 | 467 | 2,698 | 3,165 | 763 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1620 South Abilene
|
Aurora, CO | 268 | 1,520 | 70 | 270 | 1,588 | 1,858 | 447 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1640 South Abilene
|
Aurora, CO | 368 | 2,085 | 104 | 382 | 2,175 | 2,557 | 611 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
13900 East Florida Ave
|
Aurora, CO | 189 | 1,071 | 115 | 190 | 1,185 | 1,375 | 340 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
11701 East 53rd Avenue
|
Denver, CO | 416 | 2,355 | 193 | 422 | 2,542 | 2,964 | 751 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5401 Oswego Street
|
Denver, CO | 273 | 1,547 | 428 | 278 | 1,970 | 2,248 | 695 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3811 Joilet
|
Denver, CO | 735 | 4,166 | 448 | 752 | 4,597 | 5,349 | 1,212 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
14818 West 6th Avenue Bldg A
|
Golden, CO | 468 | 2,799 | 391 | 468 | 3,190 | 3,658 | 910 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
14828 West 6th Avenue Bldg B
|
Golden, CO | 503 | 2,942 | 379 | 503 | 3,321 | 3,824 | 1,053 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
12055 E 49th Ave/4955 Peoria
|
Denver, CO | 298 | 1,688 | 499 | 305 | 2,180 | 2,485 | 669 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
4940-4950
Paris
|
Denver, CO | 152 | 861 | 184 | 156 | 1,041 | 1,197 | 270 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
4970 Paris
|
Denver, CO | 95 | 537 | 121 | 97 | 656 | 753 | 168 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7367 South Revere Parkway
|
Englewood, CO | 926 | 5,124 | 755 | 934 | 5,871 | 6,805 | 1,554 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
8200 East Park Meadows Drive(d)
|
Lone Tree, CO | 1,297 | 7,348 | 976 | 1,304 | 8,317 | 9,621 | 1,851 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
3250 Quentin(d)
|
Aurora, CO | 1,220 | 6,911 | 457 | 1,230 | 7,358 | 8,588 | 1,538 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
8835 W. 116th Street
|
Broomfield, CO | 1,151 | 6,523 | 975 | 1,304 | 7,345 | 8,649 | 1,145 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
18150 E. 32nd Street
|
Aurora, CO | 563 | 3,188 | 803 | 572 | 3,982 | 4,554 | 1,003 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
8820 W. 116th Street
|
Broomfield, CO | 338 | 1,918 | 282 | 372 | 2,166 | 2,538 | 321 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
3400 Fraser Street
|
Aurora, CO | 616 | 3,593 | 9 | 620 | 3,598 | 4,218 | 553 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7005 East 46th Avenue
|
Denver, CO | 512 | 2,025 | 19 | 517 | 2,039 | 2,556 | 254 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Hilltop Business Center I Bldg. B
|
Littleton, CO | 739 | | 3,536 | 781 | 3,494 | 4,275 | 852 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
Jeffco Business Center A
|
Broomfield, CO | 312 | | 1,404 | 370 | 1,346 | 1,716 | 243 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
Park Centre A
|
Westminister, CO | 441 | | 4,489 | 441 | 4,489 | 4,930 | 1,396 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
Park Centre B
|
Westminister, CO | 374 | | 3,156 | 374 | 3,156 | 3,530 | 684 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
Park Centre C
|
Westminister, CO | 374 | | 2,924 | 374 | 2,924 | 3,298 | 670 | 2000 | (l | ) |
S-9
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Park Centre D
|
Westminister, CO | 441 | | 3,839 | 441 | 3,839 | 4,280 | 955 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
4001 Salazar Way
|
Frederick, CO | 1,271 | 6,508 | 26 | 1,276 | 6,529 | 7,805 | 755 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
1690 S. Abilene
|
Aurora, CO | 406 | 2,814 | 83 | 411 | 2,892 | 3,303 | 372 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
5909-5915 N. Broadway
|
Denver, CO | 495 | 1,268 | 202 | 500 | 1,465 | 1,965 | 243 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
9586 Interstate 25 East Frontage
|
Longmont, CO | 898 | 5,038 | 12 | 967 | 4,981 | 5,948 | 643 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
555 Corporate Circle
|
Golden, CO | 397 | 2,673 | (51 | ) | 448 | 2,571 | 3,019 | 280 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
Detroit
|
||||||||||||||||||||||||||||||||||||||||||
1731 Thorncroft
|
Troy, MI | 331 | 1,904 | 173 | 331 | 2,077 | 2,408 | 766 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1653 E. Maple
|
Troy, MI Plymouth | 192 | 1,104 | 156 | 192 | 1,260 | 1,452 | 440 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
47461 Clipper
|
Township, MI | 122 | 723 | 128 | 122 | 851 | 973 | 320 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
238 Executive Drive
|
Troy, MI | 52 | 173 | 494 | 100 | 619 | 719 | 553 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
301 Executive Drive
|
Troy, MI | 71 | 293 | 731 | 133 | 962 | 1,095 | 880 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
449 Executive Drive
|
Troy, MI | 125 | 425 | 1,030 | 218 | 1,362 | 1,580 | 1,217 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
501 Executive Drive
|
Troy, MI | 71 | 236 | 678 | 129 | 856 | 985 | 570 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
451 Robbins Drive
|
Troy, MI | 96 | 448 | 874 | 192 | 1,226 | 1,418 | 1,089 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1095 Crooks Road
|
Troy, MI | 331 | 1,017 | 2,225 | 360 | 3,213 | 3,573 | 1,531 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1416 Meijer Drive
|
Troy, MI | 94 | 394 | 520 | 121 | 887 | 1,008 | 624 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1624 Meijer Drive
|
Troy, MI | 236 | 1,406 | 940 | 373 | 2,209 | 2,582 | 1,566 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1972 Meijer Drive
|
Troy, MI | 315 | 1,301 | 738 | 372 | 1,982 | 2,354 | 1,334 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1621 Northwood Drive
|
Troy, MI | 85 | 351 | 1,028 | 215 | 1,249 | 1,464 | 1,140 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1707 Northwood Drive
|
Troy, MI | 95 | 262 | 1,383 | 239 | 1,501 | 1,740 | 1,042 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1788 Northwood Drive
|
Troy, MI | 50 | 196 | 546 | 103 | 689 | 792 | 605 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1821 Northwood Drive
|
Troy, MI | 132 | 523 | 757 | 220 | 1,192 | 1,412 | 1,161 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1826 Northwood Drive
|
Troy, MI | 55 | 208 | 484 | 103 | 644 | 747 | 551 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1864 Northwood Drive
|
Troy, MI | 57 | 190 | 437 | 107 | 577 | 684 | 572 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2277 Elliott Avenue
|
Troy, MI | 48 | 188 | 503 | 104 | 635 | 739 | 579 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2451 Elliott Avenue
|
Troy, MI | 78 | 319 | 779 | 164 | 1,012 | 1,176 | 910 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2730 Research Drive
|
Rochester Hills, MI | 903 | 4,215 | 1,402 | 903 | 5,617 | 6,520 | 3,200 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2791 Research Drive
|
Rochester Hills, MI | 557 | 2,731 | 719 | 560 | 3,447 | 4,007 | 1,980 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2871 Research Drive
|
Rochester Hills, MI | 324 | 1,487 | 651 | 327 | 2,135 | 2,462 | 1,158 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
3011 Research Drive
|
Rochester Hills, MI | 457 | 2,104 | 406 | 457 | 2,510 | 2,967 | 1,625 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2870 Technology Drive
|
Rochester Hills, MI | 275 | 1,262 | 283 | 279 | 1,541 | 1,820 | 984 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2900 Technology Drive
|
Rochester Hills, MI | 214 | 977 | 536 | 219 | 1,508 | 1,727 | 863 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2930 Technology Drive
|
Rochester Hills, MI | 131 | 594 | 379 | 138 | 966 | 1,104 | 519 | 1994 | (l | ) |
S-10
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
2950 Technology Drive
|
Rochester Hills, MI | 178 | 819 | 374 | 185 | 1,186 | 1,371 | 648 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23014 Commerce Drive
|
Farmington Hills, MI | 39 | 203 | 178 | 56 | 364 | 420 | 241 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23028 Commerce Drive
|
Farmington Hills,1 MI | 98 | 507 | 278 | 125 | 758 | 883 | 520 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23035 Commerce Drive
|
Farmington Hills, MI | 71 | 355 | 263 | 93 | 596 | 689 | 435 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23042 Commerce Drive
|
Farmington Hills, MI | 67 | 277 | 310 | 89 | 565 | 654 | 410 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23065 Commerce Drive
|
Farmington Hills, MI | 71 | 408 | 207 | 93 | 593 | 686 | 402 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23070 Commerce Drive
|
Farmington Hills, MI | 112 | 442 | 346 | 125 | 775 | 900 | 541 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23079 Commerce Drive
|
Farmington Hills, MI | 68 | 301 | 216 | 79 | 506 | 585 | 347 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23093 Commerce Drive
|
Farmington Hills, MI | 211 | 1,024 | 844 | 295 | 1,784 | 2,079 | 1,295 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23135 Commerce Drive
|
Farmington Hills, MI | 146 | 701 | 344 | 158 | 1,033 | 1,191 | 617 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23163 Commerce Drive
|
Farmington Hills, MI | 111 | 513 | 342 | 138 | 828 | 966 | 520 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23177 Commerce Drive
|
Farmington Hills, MI | 175 | 1,007 | 596 | 254 | 1,524 | 1,778 | 977 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23206 Commerce Drive
|
Farmington Hills, MI | 125 | 531 | 349 | 137 | 868 | 1,005 | 587 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
23370 Commerce Drive
|
Farmington Hills, MI | 59 | 233 | 174 | 66 | 400 | 466 | 315 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1451 East Lincoln Avenue
|
Madison Heights, MI | 299 | 1,703 | 273 | 306 | 1,969 | 2,275 | 680 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
4400 Purks Drive
|
Auburn Hills, MI | 602 | 3,410 | 3,205 | 612 | 6,605 | 7,217 | 1,990 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
6515 Cobb Drive
|
Sterling Heights, MI | 305 | 1,753 | 325 | 305 | 2,078 | 2,383 | 746 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
32450 N Avis Drive
|
Madison Heights, MI | 281 | 1,590 | 193 | 286 | 1,778 | 2,064 | 559 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
12707 Eckles Road
|
Plymouth Township, MI | 255 | 1,445 | 235 | 267 | 1,668 | 1,935 | 484 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9300-9328
Harrison Rd
|
Romulus, MI | 147 | 834 | 404 | 154 | 1,231 | 1,385 | 332 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9330-9358
Harrison Rd
|
Romulus, MI | 81 | 456 | 277 | 85 | 729 | 814 | 214 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28420-28448
Highland Rd
|
Romulus, MI | 143 | 809 | 172 | 149 | 975 | 1,124 | 327 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28450-28478
Highland Rd
|
Romulus, MI | 81 | 461 | 258 | 85 | 715 | 800 | 198 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28421-28449
Highland Rd
|
Romulus, MI | 109 | 617 | 404 | 114 | 1,016 | 1,130 | 285 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28451-28479
Highland Rd
|
Romulus, MI | 107 | 608 | 322 | 112 | 925 | 1,037 | 271 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28825-28909
Highland Rd
|
Romulus, MI | 70 | 395 | 314 | 73 | 706 | 779 | 215 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28933-29017
Highland Rd
|
Romulus, MI | 112 | 634 | 322 | 117 | 951 | 1,068 | 283 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28824-28908
Highland Rd
|
Romulus, MI | 134 | 760 | 221 | 140 | 975 | 1,115 | 295 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
28932-29016
Highland Rd
|
Romulus, MI | 123 | 694 | 311 | 128 | 1,000 | 1,128 | 346 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9710-9734
Harrison Rd
|
Romulus, MI | 125 | 706 | 95 | 130 | 796 | 926 | 239 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9740-9772
Harrison Rd
|
Romulus, MI | 132 | 749 | 235 | 138 | 978 | 1,116 | 292 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9840-9868
Harrison Rd
|
Romulus, MI | 144 | 815 | 169 | 151 | 977 | 1,128 | 296 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9800-9824
Harrison Rd
|
Romulus, MI | 117 | 664 | 127 | 123 | 785 | 908 | 244 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29265-29285
Airport Dr
|
Romulus, MI | 140 | 794 | 214 | 147 | 1,001 | 1,148 | 302 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29185-29225
Airport Dr
|
Romulus, MI | 140 | 792 | 307 | 146 | 1,093 | 1,239 | 326 | 1996 | (l | ) |
S-11
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
29149-29165
Airport Dr
|
Romulus, MI | 216 | 1,225 | 379 | 226 | 1,594 | 1,820 | 547 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29101-29115
Airport Dr
|
Romulus, MI | 130 | 738 | 297 | 136 | 1,029 | 1,165 | 340 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29031-29045
Airport Dr
|
Romulus, MI | 124 | 704 | 168 | 130 | 866 | 996 | 261 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29050-29062
Airport Dr
|
Romulus, MI | 127 | 718 | 117 | 133 | 829 | 962 | 252 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29120-29134
Airport Dr
|
Romulus, MI | 161 | 912 | 245 | 169 | 1,149 | 1,318 | 335 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
29200-29214
Airport Dr
|
Romulus, MI | 170 | 963 | 300 | 178 | 1,255 | 1,433 | 372 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
9301-9339
Middlebelt Rd
|
Romulus, MI | 124 | 703 | 289 | 130 | 986 | 1,116 | 308 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
26980 Trolley Industrial Drive
|
Taylor, MI | 450 | 2,550 | 935 | 463 | 3,472 | 3,935 | 1,061 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
32975 Capitol Avenue
|
Livonia, MI | 135 | 748 | 332 | 144 | 1,071 | 1,215 | 338 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
2725 S. Industrial Highway
|
Ann Arbor, MI | 660 | 3,654 | 408 | 704 | 4,018 | 4,722 | 1,075 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
32920 Capitol Avenue
|
Livonia, MI | 76 | 422 | 113 | 82 | 529 | 611 | 141 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
11923 Brookfield Avenue
|
Livonia, MI | 120 | 665 | 278 | 128 | 935 | 1,063 | 259 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
11965 Brookfield Avenue
|
Livonia, MI | 120 | 665 | 67 | 128 | 724 | 852 | 192 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
13405 Stark Road
|
Livonia, MI | 46 | 254 | 136 | 49 | 387 | 436 | 140 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1170 Chicago Road
|
Troy, MI | 249 | 1,380 | 255 | 266 | 1,618 | 1,884 | 419 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1200 Chicago Road
|
Troy, MI | 268 | 1,483 | 274 | 286 | 1,739 | 2,025 | 446 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
450 Robbins Drive
|
Troy, MI | 166 | 920 | 260 | 178 | 1,168 | 1,346 | 299 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1230 Chicago Road
|
Troy, MI | 271 | 1,498 | 156 | 289 | 1,636 | 1,925 | 433 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
12886 Westmore Avenue
|
Livonia, MI | 190 | 1,050 | 194 | 202 | 1,232 | 1,434 | 323 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
12898 Westmore Avenue
|
Livonia, MI | 190 | 1,050 | 235 | 202 | 1,273 | 1,475 | 365 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
33025 Industrial Road
|
Livonia, MI | 80 | 442 | 92 | 85 | 529 | 614 | 132 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
47711 Clipper Street
|
Plymouth Township, MI | 539 | 2,983 | 265 | 575 | 3,212 | 3,787 | 852 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
32975 Industrial Road
|
Livonia, MI | 160 | 887 | 343 | 171 | 1,219 | 1,390 | 413 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
32985 Industrial Road
|
Livonia, MI | 137 | 761 | 154 | 147 | 905 | 1,052 | 245 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
32995 Industrial Road
|
Livonia, MI | 160 | 887 | 187 | 171 | 1,063 | 1,234 | 270 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
12874 Westmore Avenue
|
Livonia, MI | 137 | 761 | 239 | 147 | 990 | 1,137 | 307 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
33067 Industrial Road
|
Livonia, MI | 160 | 887 | 314 | 171 | 1,190 | 1,361 | 346 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1775 Bellingham
|
Troy, MI | 344 | 1,902 | 297 | 367 | 2,176 | 2,543 | 556 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1785 East Maple
|
Troy, MI | 92 | 507 | 95 | 98 | 596 | 694 | 153 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1807 East Maple
|
Troy, MI | 321 | 1,775 | 371 | 342 | 2,125 | 2,467 | 533 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
980 Chicago
|
Troy, MI | 206 | 1,141 | 176 | 220 | 1,303 | 1,523 | 330 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1840 Enterprise Drive
|
Rochester Hills, MI | 573 | 3,170 | 346 | 611 | 3,478 | 4,089 | 935 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1885 Enterprise Drive
|
Rochester Hills, MI | 209 | 1,158 | 146 | 223 | 1,290 | 1,513 | 338 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1935-55
Enterprise Drive
|
Rochester Hills, MI | 1,285 | 7,144 | 704 | 1,371 | 7,762 | 9,133 | 2,088 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
5500 Enterprise Court
|
Warren, MI | 675 | 3,737 | 646 | 721 | 4,337 | 5,058 | 1,199 | 1998 | (l | ) |
S-12
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
750 Chicago Road
|
Troy, MI | 323 | 1,790 | 483 | 345 | 2,251 | 2,596 | 571 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
800 Chicago Road
|
Troy, MI | 283 | 1,567 | 351 | 302 | 1,899 | 2,201 | 478 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
850 Chicago Road
|
Troy, MI | 183 | 1,016 | 261 | 196 | 1,264 | 1,460 | 331 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
2805 S. Industrial Highway
|
Ann Arbor, MI | 318 | 1,762 | 638 | 340 | 2,378 | 2,718 | 601 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
6833 Center Drive
|
Sterling Heights, MI | 467 | 2,583 | 218 | 493 | 2,775 | 3,268 | 754 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
32201 North Avis Drive
|
Madison Heights, MI | 345 | 1,911 | 232 | 349 | 2,139 | 2,488 | 567 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1100 East Mandoline Road
|
Madison Heights, MI | 888 | 4,915 | 1,023 | 897 | 5,929 | 6,826 | 1,522 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
30081 Stephenson Highway
|
Madison Heights, MI | 271 | 1,499 | 349 | 274 | 1,845 | 2,119 | 494 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1120 John A. Papalas Drive(e)
|
Lincoln Park, MI | 366 | 3,241 | 1,040 | 469 | 4,178 | 4,647 | 1,098 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
4872 S. Lapeer Road
|
Lake Orion Twsp, MI | 1,342 | 5,441 | 2,215 | 1,412 | 7,586 | 8,998 | 2,928 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
22701 Trolley Industrial
|
Taylor, MI | 795 | | 7,329 | 849 | 7,275 | 8,124 | 1,470 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
1400 Allen Drive
|
Troy, MI | 209 | 1,154 | 254 | 212 | 1,405 | 1,617 | 290 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
1408 Allen Drive
|
Troy, MI | 151 | 834 | 133 | 153 | 965 | 1,118 | 188 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
1305 Stephenson Hwy
|
Troy, MI | 345 | 1,907 | 255 | 350 | 2,157 | 2,507 | 409 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
32505 Industrial Drive
|
Madison Heights, MI | 345 | 1,910 | 501 | 351 | 2,405 | 2,756 | 672 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
1799-1813
Northfield Drive(d)
|
Rochester Hills, MI | 481 | 2,665 | 291 | 490 | 2,947 | 3,437 | 591 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
32200 N. Avis
|
Madison Heights, MI | 503 | 3,367 | 1,348 | 503 | 4,715 | 5,218 | 412 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
100 Kay Industrial
|
Orion, MI | 677 | 2,018 | 404 | 685 | 2,414 | 3,099 | 650 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1849 West Maple Road
|
Troy, MI | 1,688 | 2,790 | 30 | 1,700 | 2,808 | 4,508 | 435 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
42555 Merrill Road
|
Sterling Heights, MI | 1,080 | 2,300 | 3,702 | 1,090 | 5,992 | 7,082 | 746 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
28435 Automation Blvd.
|
Wixom, MI | 621 | 3,804 | 628 | 3,797 | 4,425 | 456 | 2004 | (l | ) | ||||||||||||||||||||||||||||||||
2441 N. Opdyke Road
|
Auburn Hills, MI | 530 | 737 | 16 | 538 | 745 | 1,283 | 147 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
200 Northpointe Drive
|
Orion Township, MI | 723 | 2,063 | 36 | 734 | 2,088 | 2,822 | 241 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
32500 Capitol Avenue
|
Livonia, MI | 258 | 1,032 | 324 | 260 | 1,354 | 1,614 | 99 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
32650 Capitol Avenue
|
Livonia, MI | 282 | 1,128 | 55 | 284 | 1,181 | 1,465 | 113 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
11800 Sears Drive
|
Livonia, MI | 693 | 1,507 | 2,053 | 703 | 3,550 | 4,253 | 521 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1099 Church Road
|
Troy, MI | 1,277 | 1,332 | 82 | 1,316 | 1,375 | 2,691 | 400 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Houston
|
||||||||||||||||||||||||||||||||||||||||||
2102-2314
Edwards Street
|
Houston, TX | 348 | 1,973 | 1,572 | 382 | 3,511 | 3,893 | 919 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3351 Rauch St
|
Houston, TX | 272 | 1,541 | 203 | 278 | 1,738 | 2,016 | 470 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3851 Yale St
|
Houston, TX | 413 | 2,343 | 601 | 425 | 2,932 | 3,357 | 913 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3337-3347
Rauch Street
|
Houston, TX | 227 | 1,287 | 215 | 233 | 1,496 | 1,729 | 403 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
8505 N Loop East
|
Houston, TX | 439 | 2,489 | 729 | 449 | 3,208 | 3,657 | 906 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4749-4799
Eastpark Dr
|
Houston, TX | 594 | 3,368 | 1,151 | 611 | 4,502 | 5,113 | 1,148 | 1997 | (l | ) |
S-13
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
4851 Homestead Road
|
Houston, TX | 491 | 2,782 | 867 | 504 | 3,636 | 4,140 | 994 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
3365-3385
Rauch Street
|
Houston, TX | 284 | 1,611 | 390 | 290 | 1,995 | 2,285 | 518 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5050 Campbell Road
|
Houston, TX | 461 | 2,610 | 405 | 470 | 3,006 | 3,476 | 816 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4300 Pine Timbers
|
Houston, TX | 489 | 2,769 | 568 | 499 | 3,327 | 3,826 | 922 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
2500-2530
Fairway Park Drive
|
Houston, TX | 766 | 4,342 | 1,007 | 792 | 5,323 | 6,115 | 1,337 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
6550 Longpointe
|
Houston, TX | 362 | 2,050 | 516 | 370 | 2,558 | 2,928 | 710 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1815 Turning Basin Dr
|
Houston, TX | 487 | 2,761 | 584 | 531 | 3,301 | 3,832 | 896 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1819 Turning Basin Dr
|
Houston, TX | 231 | 1,308 | 537 | 251 | 1,825 | 2,076 | 542 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1805 Turning Basin Drive
|
Houston, TX | 564 | 3,197 | 721 | 616 | 3,866 | 4,482 | 1,051 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
9835A Genard Road
|
Houston, TX | 1,505 | 8,333 | 3,246 | 1,581 | 11,503 | 13,084 | 2,373 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
9835B Genard Road
|
Houston, TX | 245 | 1,357 | 646 | 256 | 1,992 | 2,248 | 414 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
11505 State Highway 225
|
LaPorte City, TX | 940 | 4,675 | 615 | 940 | 5,290 | 6,230 | 672 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
South by Southwest
|
Sugarland , TX | 608 | 3,679 | 270 | 617 | 3,940 | 4,557 | 277 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
7230-7238
Wynnwood
|
Houston, TX | 254 | 764 | 94 | 259 | 853 | 1,112 | 120 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
7240-7248
Wynnwood
|
Houston, TX | 271 | 726 | 77 | 276 | 798 | 1,074 | 86 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
7250-7260
Wynnwood
|
Houston, TX | 200 | 481 | 35 | 203 | 513 | 716 | 52 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1500 E. Main
|
LaPorte City, TX | 201 | 1,328 | 24 | 204 | 1,349 | 1,553 | 328 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
6400 Long Point
|
Houston, TX | 188 | 898 | 1 | 188 | 899 | 1,087 | 120 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
12705 S Kirkwood Ste
100-150
|
Houston, TX | 154 | 626 | 9 | 155 | 634 | 789 | 67 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
12705 S Kirkwood Ste
200-220
|
Houston, TX | 404 | 1,698 | 93 | 413 | 1,782 | 2,195 | 195 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
8850 Jameel
|
Houston, TX | 171 | 826 | 65 | 171 | 891 | 1,062 | 103 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
8800 Jameel
|
Houston, TX | 163 | 798 | 4 | 163 | 802 | 965 | 108 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
8700 Jameel
|
Houston, TX | 170 | 1,020 | 128 | 170 | 1,148 | 1,318 | 88 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
8600 Jameel
|
Houston, TX | 163 | 818 | (23 | ) | 163 | 795 | 958 | 85 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Indianapolis
|
||||||||||||||||||||||||||||||||||||||||||
2900 N Shadeland Avenue
|
Indianapolis, IN | 2,057 | 13,565 | 4,042 | 2,057 | 17,607 | 19,664 | 5,720 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
7901 West 21st St.
|
Indianapolis, IN | 1,048 | 6,027 | 300 | 1,048 | 6,327 | 7,375 | 1,833 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1445 Brookville Way
|
Indianapolis, IN | 459 | 2,603 | 767 | 476 | 3,353 | 3,829 | 1,151 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1440 Brookville Way
|
Indianapolis, IN | 665 | 3,770 | 1,091 | 685 | 4,841 | 5,526 | 1,683 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1240 Brookville Way
|
Indianapolis, IN | 247 | 1,402 | 310 | 258 | 1,701 | 1,959 | 549 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1345 Brookville Way
|
Indianapolis, IN | (p | ) | 586 | 3,321 | 865 | 601 | 4,171 | 4,772 | 1,409 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1350 Brookville Way
|
Indianapolis, IN | 205 | 1,161 | 291 | 212 | 1,445 | 1,657 | 444 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1341 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 131 | 743 | 255 | 136 | 993 | 1,129 | 372 | 1996 | (l | ) |
S-14
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1322-1438
Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 145 | 822 | 208 | 152 | 1,023 | 1,175 | 325 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1327-1441
Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 218 | 1,234 | 394 | 225 | 1,621 | 1,846 | 528 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1304 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 71 | 405 | 112 | 75 | 513 | 588 | 173 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1402 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 165 | 934 | 367 | 171 | 1,295 | 1,466 | 450 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1504 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 219 | 1,238 | 390 | 226 | 1,621 | 1,847 | 460 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1311 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 54 | 304 | 109 | 57 | 410 | 467 | 136 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1365 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 121 | 688 | 295 | 126 | 978 | 1,104 | 318 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1352-1354
Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 178 | 1,008 | 396 | 184 | 1,398 | 1,582 | 496 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1335 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 81 | 460 | 326 | 85 | 782 | 867 | 242 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1327 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 52 | 295 | 51 | 55 | 343 | 398 | 107 | 1996 | (l | ) | |||||||||||||||||||||||||||||
1425 Sadlier Circle E Dr
|
Indianapolis, IN | (q | ) | 21 | 117 | 39 | 23 | 154 | 177 | 48 | 1996 | (l | ) | |||||||||||||||||||||||||||||
6951 E 30th St
|
Indianapolis, IN | 256 | 1,449 | 192 | 265 | 1,632 | 1,897 | 543 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
6701 E 30th St
|
Indianapolis, IN | 78 | 443 | 59 | 82 | 498 | 580 | 154 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
6737 E 30th St
|
Indianapolis, IN | 385 | 2,181 | 305 | 398 | 2,473 | 2,871 | 851 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1225 Brookville Way
|
Indianapolis, IN | 60 | | 461 | 68 | 453 | 521 | 133 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
6555 E 30th St
|
Indianapolis, IN | 484 | 4,760 | 1,616 | 484 | 6,376 | 6,860 | 2,101 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
8402-8440 E
33rd St
|
Indianapolis, IN | 222 | 1,260 | 561 | 230 | 1,813 | 2,043 | 550 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
8520-8630 E
33rd St
|
Indianapolis, IN | 326 | 1,848 | 649 | 336 | 2,487 | 2,823 | 776 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
8710-8768 E
33rd St
|
Indianapolis, IN | 175 | 993 | 417 | 187 | 1,398 | 1,585 | 414 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
3316-3346 N. Pagosa
Court
|
Indianapolis, IN | 325 | 1,842 | 522 | 335 | 2,354 | 2,689 | 834 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
6751 E 30th St
|
Indianapolis, IN | 728 | 2,837 | 356 | 741 | 3,180 | 3,921 | 917 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
9200 East 146th Street
|
Noblesville, IN | 181 | 1,221 | 918 | 181 | 2,139 | 2,320 | 618 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
6575 East 30th Street
|
Indianapolis, IN | 118 | | 2,014 | 128 | 2,004 | 2,132 | 524 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
6585 East 30th Street
|
Indianapolis, IN | 196 | | 3,195 | 196 | 3,195 | 3,391 | 860 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
8525 E. 33rd Street
|
Indianapolis, IN | 1,300 | 2,091 | 586 | 1,308 | 2,669 | 3,977 | 518 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
5705-97 Park
Plaza Ct
|
Indianapolis, IN | (r | ) | 600 | 2,194 | 421 | 609 | 2,606 | 3,215 | 483 | 2003 | (l | ) | |||||||||||||||||||||||||||||
9319-9341
Castlegate Drive
|
Indianapolis, IN | 530 | 1,235 | 1,017 | 544 | 2,238 | 2,782 | 656 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
9332-9350
Castlegate Drive
|
Indianapolis, IN | 420 | 646 | 701 | 429 | 1,338 | 1,767 | 428 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
1133 Northwest L Street
|
Richmond, IN | (s | ) | 201 | 1,358 | 68 | 208 | 1,419 | 1,627 | 450 | 2006 | (l | ) | |||||||||||||||||||||||||||||
1380 Perry Road
|
Plainfield, IN | 781 | 5,156 | 136 | 785 | 5,288 | 6,073 | 735 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
9210 East 146th Street
|
Noblesville, IN | 66 | 684 | 818 | 66 | 1,502 | 1,568 | 674 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
HelmerSpec BTS
|
Noblesville, IN | 647 | | 3,855 | 743 | 3,759 | 4,502 | 126 | 2007 | (l | ) |
S-15
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Inland Empire
|
||||||||||||||||||||||||||||||||||||||||||
3411 N Perris Blvd
|
Riverside, CA | 8,125 | 7,150 | 99 | 8,560 | 6,814 | 15,374 | 890 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
100 W Sinclair
|
Riverside, CA | 6,042 | 4,298 | 1,095 | 5,617 | 5,818 | 11,435 | 480 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
14050 Day Street
|
Moreno Valley, CA | 2,538 | 2,538 | 258 | 2,565 | 2,768 | 5,333 | 111 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
12925 Marlay Avenue
|
Fontana, CA | 6,072 | 7,891 | (27 | ) | 6,090 | 7,846 | 13,936 | 329 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Los Angeles
|
||||||||||||||||||||||||||||||||||||||||||
350-390
Manville St.
|
Compton, CA | 2,300 | 3,768 | 111 | 2,313 | 3,866 | 6,179 | 738 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
1944 Vista Bella Way
|
Rancho Dominguez, CA | 1,746 | 3,148 | 584 | 1,822 | 3,656 | 5,478 | 539 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
2000 Vista Bella Way
|
Rancho Dominguez, CA | 817 | 1,673 | 295 | 853 | 1,932 | 2,785 | 297 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
2835 East Ana Street Drive
|
Rancho Dominguez, CA | 1,682 | 2,750 | 141 | 1,772 | 2,801 | 4,573 | 535 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
665 N. Baldwin Park Blvd
|
City of Industry, CA | 2,124 | 5,219 | 1,517 | 2,143 | 6,717 | 8,860 | 534 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
27801 Avenue Scott
|
Santa Clarita, CA | 2,890 | 7,020 | 576 | 2,902 | 7,584 | 10,486 | 639 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2610 & 2660 Columbia Street
|
Torrance, CA | 3,008 | 5,826 | (15 | ) | 3,031 | 5,788 | 8,819 | 434 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
433 Alaska Avenue
|
Torrance, CA | 681 | 168 | 5 | 684 | 170 | 854 | 53 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
21730-21748
Marilla Street
|
Chatsworth, CA | 2,585 | 3,210 | 145 | 2,608 | 3,332 | 5,940 | 287 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
8015 Paramount
|
Pico Riviera, CA | 3,616 | 3,902 | 61 | 3,657 | 3,922 | 7,579 | 315 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
3365 E. Slauson
|
Los Angeles, CA | 2,367 | 3,243 | 40 | 2,396 | 3,254 | 5,650 | 276 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
3015 E Ana & 18744 Reyes
|
Los Angeles, CA | 19,678 | 9,321 | 7,361 | 20,144 | 16,216 | 36,360 | 731 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
19067 Reyes Ave
|
Rancho Dominguez, CA | 9,281 | 3,920 | 119 | 9,381 | 3,939 | 13,320 | 353 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1250 Rancho Conejo Blvd
|
Thousand Oaks, CA | 1,435 | 779 | 36 | 1,441 | 809 | 2,250 | 63 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1260 Rancho Conejo Blvd
|
Thousand Oaks, CA | 1,353 | 722 | 226 | 1,359 | 942 | 2,301 | 56 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1270 Rancho Conejo Blvd
|
Thousand Oaks, CA | 1,224 | 716 | 21 | 1,229 | 732 | 1,961 | 66 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1280 Rancho Conejo Blvd
|
Thousand Oaks, CA | 2,043 | 3,408 | 40 | 2,051 | 3,440 | 5,491 | 227 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1290 Rancho Conejo Blvd
|
Thousand Oaks, CA | 1,754 | 2,949 | 35 | 1,761 | 2,977 | 4,738 | 197 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1011 Rancho Conejo
|
Thousand Oaks, CA | 7,717 | 2,518 | 46 | 7,752 | 2,528 | 10,280 | 192 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
2300 Corporate Center Drive
|
Thousand Oaks, CA | 6,506 | 4,885 | 51 | 6,541 | 4,901 | 11,442 | 268 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
20700 Denker
|
Torrance, CA | 5,767 | 2,538 | 324 | 5,964 | 2,666 | 8,630 | 126 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
18408 Laurel Park Road
|
Rancho Dominguez, CA | 2,850 | 2,850 | 615 | 2,874 | 3,441 | 6,315 | 72 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
1901 Raymond Ave SW Berg
|
Renton, WA | (t | ) | 4,458 | 2,659 | 211 | 4,594 | 2,734 | 7,328 | 78 | 2008 | (l | ) | |||||||||||||||||||||||||||||
19014 64th Ave South
|
Kent, WA | 1,990 | 3,979 | 147 | 2,042 | 4,075 | 6,117 | 103 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
18640 68th Ave South
|
Kent, WA | (u | ) | 1,218 | 1,950 | 98 | 1,258 | 2,008 | 3,266 | 59 | 2008 | (l | ) | |||||||||||||||||||||||||||||
Puget Sound Terminal 7
|
Seattle, WA | 9,139 | 0 | 185 | 9,324 | | 9,324 | | 2008 | (l | ) | |||||||||||||||||||||||||||||||
19021 S Reyes Ave
|
Rancho Dominguez, CA | 8,183 | 7,501 | 553 | 8,565 | 7,672 | 16,237 | 164 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
4020 S. Compton Ave
|
Los Angeles, CA | 3,800 | 7,330 | 71 | 3,825 | 7,376 | 11,201 | 543 | 2006 | (l | ) |
S-16
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Santa Fe
|
Compton, CA | 6,720 | 8,969 | 6,897 | 8,792 | 15,689 | 231 | 2007 | (l | ) | ||||||||||||||||||||||||||||||||
Louisville
|
||||||||||||||||||||||||||||||||||||||||||
Penske BTS
|
Louisville, KY | 2,074 | | 9,679 | 2,119 | 9,634 | 11,753 | 413 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Miami
|
||||||||||||||||||||||||||||||||||||||||||
4700 NW 15th Ave
|
Ft.Lauderdale, FL | 908 | 1,883 | 43 | 912 | 1,922 | 2,834 | 154 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4710 NW 15th Ave
|
Ft.Lauderdale, FL | 830 | 2,722 | 167 | 834 | 2,885 | 3,719 | 175 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4720 NW 15th Ave
|
Ft.Lauderdale, FL | 937 | 2,455 | 23 | 942 | 2,473 | 3,415 | 206 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4740 NW 15th Ave
|
Ft.Lauderdale, FL | 1,107 | 3,111 | 24 | 1,112 | 3,130 | 4,242 | 212 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4750 NW 15th Ave
|
Ft.Lauderdale, FL | 947 | 3,079 | 129 | 951 | 3,204 | 4,155 | 197 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
4800 NW 15th Ave
|
Ft.Lauderdale, FL | 1,092 | 3,308 | 347 | 1,097 | 3,650 | 4,747 | 332 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Smurfit Container
|
Medley, FL | 857 | 3,428 | 2,762 | 864 | 6,183 | 7,047 | 175 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Milwaukee
|
||||||||||||||||||||||||||||||||||||||||||
N25 W23050 Paul Road
|
Pewaukee, WI | 474 | 2,723 | 1,938 | 485 | 4,650 | 5,135 | 1,693 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
N25 W23255 Paul Road
|
Pewaukee, WI | 569 | 3,270 | 331 | 573 | 3,597 | 4,170 | 1,210 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
N27 W23293 Roundy Drive
|
Pewaukee, WI | 412 | 2,837 | 106 | 424 | 2,931 | 3,355 | 1,039 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
6523 N Sydney Place
|
Glendale, WI | 172 | 976 | 352 | 176 | 1,324 | 1,500 | 421 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
5355 South Westridge Drive
|
New Berlin, WI | 1,630 | 7,058 | 46 | 1,646 | 7,088 | 8,734 | 976 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
320-34 W. Vogel
|
Milwaukee, WI | 506 | 3,199 | 40 | 508 | 3,237 | 3,745 | 735 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
4950 S. 6th Avenue
|
Milwaukee, WI | 299 | 1,565 | 99 | 301 | 1,662 | 1,963 | 485 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1711 Paramount Court
|
Waukesha, WI | 308 | 1,762 | 41 | 311 | 1,800 | 2,111 | 231 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
17005 W. Ryerson Road
|
New Berlin, WI | 403 | 3,647 | 16 | 405 | 3,661 | 4,066 | 644 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
W 140 N9059 Lilly Road
|
Iomonee Falls, WI | 343 | 1,153 | 248 | 366 | 1,378 | 1,744 | 291 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
200 W. Vogel Ave., Bldg B
|
Milwaukee, WI | 301 | 2,150 | | 302 | 2,149 | 2,451 | 425 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
16600 West Glendale Avenue
|
New Berlin, WI | 704 | 1,923 | 442 | 715 | 2,354 | 3,069 | 490 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
4921 S. 2nd Street
|
Milwaukee, WI | 101 | 713 | 3 | 101 | 716 | 817 | 143 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1500 Peebles Drive
|
Richland Center, WI | 1,577 | 1,018 | (211 | ) | 1,603 | 781 | 2,384 | 488 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2905 S 160th Street
|
New Berlin, WI | 261 | 672 | 108 | 265 | 776 | 1,041 | 87 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
2855 S 160th Street
|
New Berlin, WI | 221 | 628 | 102 | 225 | 726 | 951 | 82 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
2485 Commerce Drive
|
New Berlin, WI | 483 | 1,516 | 175 | 491 | 1,683 | 2,174 | 150 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
14518 Whittaker Way
|
New Berlin, WI | 437 | 1,082 | 83 | 445 | 1,157 | 1,602 | 146 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Minneapolis/St. Paul
|
||||||||||||||||||||||||||||||||||||||||||
6201 West 111th Street
|
Bloomington, MN | (v | ) | 1,358 | 8,622 | 4,719 | 1,499 | 13,200 | 14,699 | 7,340 | 1994 | (l | ) | |||||||||||||||||||||||||||||
7251-7267
Washington Avenue
|
Edina, MN | 129 | 382 | 692 | 182 | 1,021 | 1,203 | 793 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
7301-7325
Washington Avenue
|
Edina, MN | 174 | 391 | (74 | ) | 193 | 298 | 491 | 53 | 1994 | (l | ) |
S-17
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
7101 Winnetka Avenue North
|
Brooklyn Park, MN | 2,195 | 6,084 | 4,078 | 2,228 | 10,129 | 12,357 | 5,714 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
9901 West 74th Street
|
Eden Prairie, MN | 621 | 3,289 | 3,268 | 639 | 6,539 | 7,178 | 4,029 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1030 Lone Oak Road
|
Eagan, MN | 456 | 2,703 | 617 | 456 | 3,320 | 3,776 | 1,152 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
1060 Lone Oak Road
|
Eagan, MN | 624 | 3,700 | 621 | 624 | 4,321 | 4,945 | 1,588 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
5400 Nathan Lane
|
Plymouth, MN | 749 | 4,461 | 923 | 757 | 5,376 | 6,133 | 1,795 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
10120 W 76th Street
|
Eden Prairie, MN | 315 | 1,804 | 438 | 315 | 2,242 | 2,557 | 707 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
12155 Nicollet Ave
|
Burnsville, MN | 286 | | 1,731 | 288 | 1,729 | 2,017 | 573 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
6655 Wedgewood Road
|
Maple Grove, MN | 1,466 | 8,342 | 3,259 | 1,466 | 11,601 | 13,067 | 3,707 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
4100 Peavey Road
|
Chaska, MN | 277 | 2,261 | 844 | 277 | 3,105 | 3,382 | 969 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
5205 Highway 169
|
Plymouth, MN | 446 | 2,525 | 988 | 740 | 3,219 | 3,959 | 967 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
7100-7198
Shady Oak Road
|
Eden Prairie, MN | 715 | 4,054 | 1,153 | 736 | 5,186 | 5,922 | 1,478 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
7500-7546
Washington Square
|
Eden Prairie, MN | 229 | 1,300 | 741 | 235 | 2,035 | 2,270 | 535 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
7550-7558
Washington Square
|
Eden Prairie, MN | 153 | 867 | 178 | 157 | 1,041 | 1,198 | 296 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
5240-5300
Valley Industrial Blvd S
|
Shakopee, MN | 362 | 2,049 | 1,022 | 371 | 3,062 | 3,433 | 1,108 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
7102 Winnetka Ave. North
|
Brooklyn Park, MN | 1,275 | | 6,849 | 1,343 | 6,781 | 8,124 | 325 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1157 Valley Park Drive
|
Shakopee, MN | 760 | | 6,362 | 888 | 6,234 | 7,122 | 1,428 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
500-530
Kasota Avenue SE
|
Minneapolis, MN | 415 | 2,354 | 844 | 434 | 3,179 | 3,613 | 944 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
2530-2570
Kasota Avenue
|
St. Paul, MN | 407 | 2,308 | 972 | 467 | 3,220 | 3,687 | 848 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
9600 West 76th Street
|
Eden Prairie, MN | 1,000 | 2,450 | 44 | 1,034 | 2,460 | 3,494 | 367 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
9700 West 76th Street
|
Eden Prairie, MN | 1,000 | 2,709 | 138 | 1,038 | 2,809 | 3,847 | 390 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
5017 Boone Avenue North
|
New Hope, MN | (w | ) | 1,000 | 1,599 | 58 | 1,009 | 1,648 | 2,657 | 550 | 2005 | (l | ) | |||||||||||||||||||||||||||||
2300 West Highway 13(I-35 Dist Ctr)
|
Burnsville, MN | 2,517 | 6,069 | (416 | ) | 2,524 | 5,646 | 8,170 | 1,605 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1087 Park Place
|
Shakopee, MN | 1,195 | 4,891 | 15 | 1,198 | 4,903 | 6,101 | 896 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
5391 12th Avenue SE
|
Shakopee, MN | 1,392 | 8,149 | (18 | ) | 1,395 | 8,128 | 9,523 | 1,082 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4701 Valley Industrial Boulevard
|
Shakopee, MN | 1,296 | 7,157 | (81 | ) | 1,299 | 7,073 | 8,372 | 1,255 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
Park 2000 III
|
Shakopee, MN | 590 | | 5,721 | 590 | 5,721 | 6,311 | 1,075 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
7600 69th Avenue
|
Greenfield, MN | 1,500 | 8,328 | 1,808 | 1,510 | 10,126 | 11,636 | 1,676 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
316 Lake Hazeltine Drive
|
Chaska, MN | 714 | 944 | 166 | 729 | 1,095 | 1,824 | 304 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
6455 City West Parkway
|
Eden Prairie, MN | 659 | 3,189 | (311 | ) | 665 | 2,872 | 3,537 | 268 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
1225 Highway 169 North
|
Plymouth, MN | 1,190 | 1,979 | 60 | 1,207 | 2,022 | 3,229 | 344 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
139 Eva Street
|
St. Paul, MN | 2,132 | 3,105 | 90 | 2,175 | 3,152 | 5,327 | 50 | 2008 | (l | ) |
S-18
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
9200 10th Ave
|
Golden Valley, MN | 892 | 2,306 | 126 | 902 | 2,422 | 3,324 | 312 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Nashville
|
||||||||||||||||||||||||||||||||||||||||||
1621 Heil Quaker Boulevard
|
Nashville, TN | 413 | 2,383 | 1,687 | 430 | 4,053 | 4,483 | 1,483 | 1995 | (l | ) | |||||||||||||||||||||||||||||||
3099 Barry Drive
|
Portland, TN | 418 | 2,368 | 164 | 421 | 2,529 | 2,950 | 756 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
3150 Barry Drive
|
Portland, TN | 941 | 5,333 | 5,946 | 981 | 11,239 | 12,220 | 1,802 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
5599 Highway 31 West
|
Portland, TN | 564 | 3,196 | 166 | 571 | 3,355 | 3,926 | 1,006 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1650 Elm Hill Pike
|
Nashville, TN | 329 | 1,867 | 330 | 332 | 2,194 | 2,526 | 643 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1931 Air Lane Drive
|
Nashville, TN | 489 | 2,785 | 288 | 493 | 3,069 | 3,562 | 847 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
4640 Cummings Park
|
Nashville, TN | 360 | 2,040 | 306 | 365 | 2,341 | 2,706 | 513 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
1740 River Hills Drive
|
Nashville, TN | 848 | 4,383 | 1,052 | 888 | 5,395 | 6,283 | 1,370 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Royal Park Business Center 211 Ellery Ct
|
Nashville, TN | 606 | 3,192 | 524 | 616 | 3,706 | 4,322 | 358 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
600 Greene Drive
|
Greenville, KY | 294 | 8,570 | 3 | 296 | 8,571 | 8,867 | 784 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Northern New Jersey
|
||||||||||||||||||||||||||||||||||||||||||
14 Worlds Fair Drive
|
Franklin, NJ | 483 | 2,735 | 643 | 503 | 3,358 | 3,861 | 1,046 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
12 Worlds Fair Drive
|
Franklin, NJ | 572 | 3,240 | 530 | 593 | 3,749 | 4,342 | 1,145 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
22 Worlds Fair Drive
|
Franklin, NJ | 364 | 2,064 | 656 | 375 | 2,709 | 3,084 | 756 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
26 Worlds Fair Drive
|
Franklin, NJ | 361 | 2,048 | 376 | 377 | 2,408 | 2,785 | 713 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
24 Worlds Fair Drive
|
Franklin, NJ | 347 | 1,968 | 523 | 362 | 2,476 | 2,838 | 761 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
20 Worlds Fair Drive Lot 13
|
Sumerset, NJ | 9 | | 2,543 | 691 | 1,861 | 2,552 | 396 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
45 Route 46
|
Pine Brook, NJ | 969 | 5,491 | 967 | 978 | 6,449 | 7,427 | 1,424 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
43 Route 46
|
Pine Brook, NJ | 474 | 2,686 | 431 | 479 | 3,112 | 3,591 | 667 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
39 Route 46
|
Pine Brook, NJ | 260 | 1,471 | 198 | 262 | 1,667 | 1,929 | 342 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
26 Chapin Road
|
Pine Brook, NJ | 956 | 5,415 | 697 | 965 | 6,103 | 7,068 | 1,311 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
30 Chapin Road
|
Pine Brook, NJ | 960 | 5,440 | 758 | 969 | 6,189 | 7,158 | 1,437 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
20 Hook Mountain Road
|
Pine Brook, NJ | 1,507 | 8,542 | 2,868 | 1,534 | 11,383 | 12,917 | 2,199 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
30 Hook Mountain Road
|
Pine Brook, NJ | 389 | 2,206 | 322 | 396 | 2,521 | 2,917 | 545 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
55 Route 46
|
Pine Brook, NJ | 396 | 2,244 | 196 | 403 | 2,433 | 2,836 | 537 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
16 Chapin Road
|
Pine Brook, NJ | 885 | 5,015 | 508 | 901 | 5,507 | 6,408 | 1,168 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
20 Chapin Road
|
Pine Brook, NJ | 1,134 | 6,426 | 525 | 1,154 | 6,931 | 8,085 | 1,502 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
Sayreville Lot 3
|
Sayreville, NJ | 996 | | 5,332 | 996 | 5,332 | 6,328 | 603 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
Sayreville Lot 4
|
Sayreville, NJ | 944 | | 4,752 | 944 | 4,752 | 5,696 | 887 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
309-319
Pierce Street
|
Somerset, NJ | 1,300 | 4,628 | 1,069 | 1,309 | 5,688 | 6,997 | 903 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
50 Triangle Blvd
|
Carlstadt, NJ | 497 | 2,195 | 259 | 532 | 2,419 | 2,951 | 350 | 2005 | (l | ) |
S-19
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Philadelphia
|
||||||||||||||||||||||||||||||||||||||||||
230-240
Welsh Pool Road
|
Exton, PA | 154 | 851 | 285 | 170 | 1,120 | 1,290 | 266 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
264 Welsh Pool Road
|
Exton, PA | 147 | 811 | 243 | 162 | 1,039 | 1,201 | 249 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
254 Welsh Pool Road
|
Exton, PA | 152 | 842 | 404 | 184 | 1,214 | 1,398 | 299 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
213 Welsh Pool Road
|
Exton, PA | 149 | 827 | 174 | 173 | 977 | 1,150 | 267 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
251 Welsh Pool Road
|
Exton, PA | 144 | 796 | 487 | 159 | 1,268 | 1,427 | 297 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
253-255
Welsh Pool Road
|
Exton, PA | 113 | 626 | 175 | 125 | 789 | 914 | 221 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
151-161
Philips Road
|
Exton, PA | 191 | 1,059 | 257 | 229 | 1,278 | 1,507 | 353 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
216 Philips Road
|
Exton, PA | 199 | 1,100 | 238 | 220 | 1,317 | 1,537 | 365 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
14 McFadden Road
|
Palmer, PA | 600 | 1,349 | 56 | 625 | 1,380 | 2,005 | 339 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
2801 Red Lion Road
|
Philadelphia, PA | 950 | 5,916 | (542 | ) | 964 | 5,360 | 6,324 | 947 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
200 Cascade Drive Bldg 1
|
Allentown, PA | 2,133 | 17,562 | 902 | 2,769 | 17,828 | 20,597 | 1,651 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
200 Cascade Drive Bldg 2
|
Allentown, PA | 310 | 2,268 | 117 | 316 | 2,379 | 2,695 | 187 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
6300 Bristol Pike
|
Levittown, PA | 1074 | 2,642 | 74 | 1,078 | 2,712 | 3,790 | 164 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
3240 S.78th Street
|
Philadelphia, PA | 515 | 1,245 | 71 | 540 | 1,291 | 1,831 | 197 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
2455 Boulevard of the Generals
|
Norristown, PA | 1200 | 4,800 | 878 | 1,226 | 5,652 | 6,878 | 256 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Southpoint II
|
Carlisle, PA | 1,500 | | 12,370 | 2,341 | 11,529 | 13,870 | 427 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Covington Land E2
|
Harrisburg, PA | 7,022 | | 57,338 | 7,023 | 57,337 | 64,360 | 455 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
225 Cross Farm lane
|
York, PA | 4,718 | | 23,553 | 4,715 | 23,556 | 28,271 | 742 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Phoenix
|
||||||||||||||||||||||||||||||||||||||||||
1045 South Edward Drive
|
Tempe, AZ | 390 | 2,160 | 200 | 396 | 2,354 | 2,750 | 559 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
46 N. 49th Ave
|
Phoenix, AZ | 283 | 1,704 | 800 | 283 | 2,504 | 2,787 | 545 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
50 South 56th Street
|
Chandler, AZ | 1,206 | 3,218 | 79 | 1,207 | 3,296 | 4,503 | 471 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
4701 W. Jefferson
|
Phoenix, AZ | 926 | 2,195 | 628 | 929 | 2,820 | 3,749 | 708 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7102 W. Roosevelt
|
Phoenix, AZ | 1,613 | 6,451 | 987 | 1,620 | 7,431 | 9,051 | 823 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
4137 West Adams Street
|
Phoenix, AZ | 990 | 2,661 | 146 | 1,033 | 2,764 | 3,797 | 267 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
245 W Lodge
|
Tempe, AZ | 898 | 3,066 | 68 | 914 | 3,118 | 4,032 | 203 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1590 E Riverview
|
Phoenix, AZ | 1293 | 5,950 | 69 | 1,292 | 6,020 | 7,312 | 196 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Mack Arrowhead Bldg A
|
Phoenix, AZ | 2563 | 9,388 | 641 | 2,563 | 10,029 | 12,592 | 324 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Mack Arrowhead Bldg B
|
Phoenix, AZ | 2709 | 10,970 | 160 | 2,709 | 11,130 | 13,839 | 324 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
3815 W Washington Beltman
|
Phoenix, AZ | (x | ) | 1675 | 4,514 | 199 | 1,772 | 4,616 | 6,388 | 85 | 2008 | (l | ) | |||||||||||||||||||||||||||||
9102 W. Buckeye Rd
(690 91st Ave) |
Tolleson, AZ | 1904 | 6,805 | 622 | 1,923 | 7,408 | 9,331 | 229 | 2008 | (l | ) |
S-20
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Salt Lake City
|
||||||||||||||||||||||||||||||||||||||||||
512 Lawndale Drive(i)
|
Salt Lake City, UT | 2,705 | 15,749 | 2,720 | 2,705 | 18,469 | 21,174 | 5,404 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
1270 West 2320 South
|
West Valley, UT | 138 | 784 | 184 | 143 | 963 | 1,106 | 290 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1275 West 2240 South
|
West Valley, UT | 395 | 2,241 | 474 | 408 | 2,702 | 3,110 | 859 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1288 West 2240 South
|
West Valley, UT | 119 | 672 | 160 | 123 | 828 | 951 | 266 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
2235 South 1300 West
|
West Valley, UT | 198 | 1,120 | 258 | 204 | 1,372 | 1,576 | 478 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1293 West 2200 South
|
West Valley, UT | 158 | 896 | 118 | 163 | 1,009 | 1,172 | 287 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1279 West 2200 South
|
West Valley, UT | 198 | 1,120 | 95 | 204 | 1,209 | 1,413 | 319 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1272 West 2240 South
|
West Valley, UT | 336 | 1,905 | 240 | 347 | 2,134 | 2,481 | 553 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1149 West 2240 South
|
West Valley, UT | 217 | 1,232 | 100 | 225 | 1,324 | 1,549 | 368 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
1142 West 2320 South
|
West Valley, UT | 217 | 1,232 | 77 | 225 | 1,301 | 1,526 | 363 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
Metro Business Park
|
West Valley, UT | 2067 | 0 | 2,519 | 1,083 | 3,503 | 4,586 | 772 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
2323 South 900 W
|
Salt Lake City, UT | 886 | 2,995 | 90 | 898 | 3,073 | 3,971 | 628 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
1815-1957
South 4650 West
|
Salt Lake City, UT | 1,707 | 10,873 | 162 | 1,713 | 11,029 | 12,742 | 910 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2100 Alexander Street
|
West Valley, UT | 376 | 1,670 | | 376 | 1,670 | 2,046 | 104 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
2064 Alexander Street
|
West Valley, UT | 864 | 2,771 | 34 | 869 | 2,800 | 3,669 | 177 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Bard Access System 5425 Amelia Earhart
|
Salt Lake City, UT | 615 | 2,461 | 43 | 628 | 2,491 | 3,119 | 99 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
San Diego
|
||||||||||||||||||||||||||||||||||||||||||
16275 Technology Drive
|
San Diego, CA | 2,848 | 8,641 | 42 | 2,859 | 8,672 | 11,531 | 1,044 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
6305 El Camino Real
|
Carlsbad, CA | 1,590 | 6,360 | 7,496 | 1,590 | 13,856 | 15,446 | 745 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
8572 Spectrum Lane
|
San Diego, CA | 806 | 3,225 | 429 | 807 | 3,653 | 4,460 | 206 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
13100 Gregg St
|
Poway, CA | 1,040 | 4,160 | 474 | 1,073 | 4,601 | 5,674 | 322 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
2325 Camino Vida Roble
|
Carlsbad, CA | 1,441 | 1,239 | 453 | 1,446 | 1,687 | 3,133 | 161 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2335 Camino Vida Roble
|
Carlsbad, CA | 817 | 762 | 111 | 821 | 869 | 1,690 | 131 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2345 Camino Vida Roble
|
Carlsbad, CA | 562 | 456 | 28 | 565 | 481 | 1,046 | 77 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2355 Camino Vida Roble
|
Carlsbad, CA | 481 | 365 | 59 | 483 | 422 | 905 | 74 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
2365 Camino Vida Roble
|
Carlsbad, CA | 1,098 | 630 | (16 | ) | 1,102 | 610 | 1,712 | 93 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2375 Camino Vida Roble
|
Carlsbad, CA | 1,210 | 874 | 154 | 1,214 | 1,024 | 2,238 | 160 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
6451 El Camino Real
|
Carlsbad, CA | 2,885 | 1,931 | 254 | 2,895 | 2,175 | 5,070 | 274 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
Southern New Jersey
|
||||||||||||||||||||||||||||||||||||||||||
8 Springdale Road
|
Cherry Hill, NJ | 258 | 1,436 | 834 | 258 | 2,270 | 2,528 | 639 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
111 Whittendale Drive
|
Moorestown, NJ | 522 | 2,916 | 136 | 522 | 3,052 | 3,574 | 725 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
9 Whittendale
|
Moorestown, NJ | 337 | 1,911 | 108 | 343 | 2,013 | 2,356 | 395 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
7851 Airport
|
Pennsauken, NJ | 160 | 508 | 383 | 163 | 888 | 1,051 | 263 | 2003 | (l | ) |
S-21
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
103 Central
|
Mt. Laurel, NJ | 610 | 1,847 | 1,215 | 619 | 3,053 | 3,672 | 725 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
7890 Airport Hwy/7015 Central
|
Pennsauken, NJ | 300 | 989 | 735 | 425 | 1,599 | 2,024 | 614 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
999 Grand Avenue
|
Hammonton, NJ | (y | ) | 969 | 8,793 | 1,561 | 979 | 10,344 | 11,323 | 2,150 | 2005 | (l | ) | |||||||||||||||||||||||||||||
600 Creek Road
|
Delanco, NJ | 2,125 | 6,504 | (12 | ) | 2,127 | 6,490 | 8,617 | 830 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1070 Thomas Busch Memorial Hwy
|
Pennsauken, NJ | 1,054 | 2,278 | 185 | 1,084 | 2,433 | 3,517 | 353 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
1601 Schlumberger Drive
|
Moorestown, NJ | 560 | 2,240 | 745 | 608 | 2,937 | 3,545 | 185 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
St. Louis
|
||||||||||||||||||||||||||||||||||||||||||
8921-8971
Fost Avenue
|
Hazelwood, MO | 431 | 2,479 | 124 | 431 | 2,603 | 3,034 | 909 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
9043-9083
Frost Avenue
|
Hazelwood, MO | 319 | 1,838 | 2,197 | 319 | 4,035 | 4,354 | 863 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
10431-10449
Midwest Industrial Blvd
|
Olivette, MO | 237 | 1,360 | 427 | 237 | 1,787 | 2,024 | 616 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
10751 Midwest Industrial Boulevard
|
Olivette, MO | 193 | 1,119 | 452 | 194 | 1,570 | 1,764 | 676 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
6951 N Hanley(d)
|
Hazelwood, MO | 405 | 2,295 | 1,322 | 419 | 3,603 | 4,022 | 1,022 | 1996 | (l | ) | |||||||||||||||||||||||||||||||
1037 Warson Bldg A
|
St. Louis, MO | 246 | 1,359 | 694 | 251 | 2,048 | 2,299 | 357 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
1037 Warson Bldg B
|
St. Louis, MO | 380 | 2,103 | 1,895 | 388 | 3,990 | 4,378 | 640 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
1037 Warson Bldg C
|
St. Louis, MO | 303 | 1,680 | 1,211 | 310 | 2,884 | 3,194 | 506 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
1037 Warson Bldg D
|
St. Louis, MO | 353 | 1,952 | 957 | 360 | 2,902 | 3,262 | 487 | 2002 | (l | ) | |||||||||||||||||||||||||||||||
6821-6857
Hazelwood Ave
|
Berkeley, MO | 985 | 6,205 | 913 | 985 | 7,118 | 8,103 | 1,297 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
13701 Rider Trail North
|
Earth City, MO | 800 | 2,099 | 729 | 804 | 2,824 | 3,628 | 663 | 2003 | (l | ) | |||||||||||||||||||||||||||||||
1908-2000
Innerbelt(d)
|
Overland, MO | 1,590 | 9,026 | 981 | 1,591 | 10,006 | 11,597 | 2,242 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
9060 Latty Avenue
|
Berkeley, MO | 687 | 1,947 | 138 | 694 | 2,078 | 2,772 | 771 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
21-25
Gateway Commerce Center
|
Edwardsville, IL | (z | ) | 1,874 | 31,958 | 1,343 | 1,928 | 33,247 | 35,175 | 2,270 | 2006 | (l | ) | |||||||||||||||||||||||||||||
6647 Romiss Court
|
St. Louis, MO | 230 | 681 | 72 | 241 | 742 | 983 | 48 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Cenveno Building 601 Cannonball
|
OFallon, MO | 584 | 2,336 | 674 | 595 | 2,999 | 3,594 | 108 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
Pure Fishing BTS
|
Kansas City, MO | 4,152 | | 13,592 | 4,172 | 13,572 | 17,744 | 75 | 2008 | (l | ) | |||||||||||||||||||||||||||||||
Tampa
|
||||||||||||||||||||||||||||||||||||||||||
5313 Johns Road
|
Tampa, FL | 204 | 1,159 | 217 | 257 | 1,323 | 1,580 | 386 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5525 Johns Road
|
Tampa, FL | 192 | 1,086 | 341 | 200 | 1,419 | 1,619 | 405 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5709 Johns Road
|
Tampa, FL | 192 | 1,086 | 165 | 200 | 1,243 | 1,443 | 335 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5711 Johns Road
|
Tampa, FL | 243 | 1,376 | 175 | 255 | 1,539 | 1,794 | 427 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5453 W Waters Avenue
|
Tampa, FL | 71 | 402 | 135 | 82 | 526 | 608 | 147 | 1997 | (l | ) |
S-22
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
5455 W Waters Avenue
|
Tampa, FL | 307 | 1,742 | 417 | 326 | 2,140 | 2,466 | 599 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5553 W Waters Avenue
|
Tampa, FL | 307 | 1,742 | 476 | 326 | 2,199 | 2,525 | 593 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5501 W Waters Avenue
|
Tampa, FL | 215 | 871 | 399 | 242 | 1,243 | 1,485 | 321 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5503 W Waters Avenue
|
Tampa, FL | 98 | 402 | 162 | 110 | 552 | 662 | 136 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5555 W Waters Avenue
|
Tampa, FL | 213 | 1,206 | 185 | 221 | 1,383 | 1,604 | 376 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5557 W Waters Avenue
|
Tampa, FL | 59 | 335 | 35 | 62 | 367 | 429 | 101 | 1997 | (l | ) | |||||||||||||||||||||||||||||||
5463 W Waters Avenue
|
Tampa, FL | 497 | 2,751 | 649 | 560 | 3,337 | 3,897 | 867 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
5461 W Waters
|
Tampa, FL | 261 | | 1,434 | 265 | 1,430 | 1,695 | 366 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
5481 W. Waters Avenue
|
Tampa, FL | 558 | | 2,302 | 561 | 2,299 | 2,860 | 546 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
4515-4519
George Road
|
Tampa, FL | 633 | 3,587 | 674 | 640 | 4,254 | 4,894 | 872 | 2001 | (l | ) | |||||||||||||||||||||||||||||||
6089 Johns Road
|
Tampa, FL | (aa | ) | 180 | 987 | 88 | 186 | 1,069 | 1,255 | 201 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6091 Johns Road
|
Tampa, FL | (aa | ) | 140 | 730 | 113 | 144 | 839 | 983 | 133 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6103 Johns Road
|
Tampa, FL | (aa | ) | 220 | 1,160 | 95 | 226 | 1,249 | 1,475 | 214 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6201 Johns Road
|
Tampa, FL | (aa | ) | 200 | 1,107 | 115 | 205 | 1,217 | 1,422 | 237 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6203 Johns Road
|
Tampa, FL | (aa | ) | 300 | 1,460 | 114 | 311 | 1,563 | 1,874 | 348 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6205 Johns Road
|
Tampa, FL | (aa | ) | 270 | 1,363 | 52 | 278 | 1,407 | 1,685 | 168 | 2004 | (l | ) | |||||||||||||||||||||||||||||
6101 Johns Road
|
Tampa, FL | 210 | 833 | 195 | 216 | 1,022 | 1,238 | 221 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
4908 Tampa West Blvd
|
Tampa, FL | 2,622 | 8,643 | 36 | 2,635 | 8,666 | 11,301 | 1,575 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
7201-7245
Bryan Dairy Road(d)
|
Largo, FL | 1,895 | 5,408 | 565 | 1,909 | 5,959 | 7,868 | 712 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
11701 Belcher Road South
|
Largo, FL | 1,657 | 2,768 | 637 | 1,669 | 3,393 | 5,062 | 436 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
4900-4914
Creekside Drive(h)
|
Clearwater, FL | 3,702 | 7,338 | 537 | 3,730 | 7,847 | 11,577 | 1,077 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
12345 Starkey Road
|
Largo, FL | 898 | 2,078 | 410 | 905 | 2,481 | 3,386 | 295 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
Toronto
|
||||||||||||||||||||||||||||||||||||||||||
114 Packham Rd Brooks Industries
|
Stratford, Ontario | 1,000 | 3,526 | (170 | ) | 1,012 | 3,344 | 4,356 | 734 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
135 Dundas Street
|
Cambridge Ontario, Canada | 3,128 | 4,958 | 138 | 3,179 | 5,045 | 8,224 | 1,917 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
678 Erie Street
|
Stratford Ontario, Canada | 786 | 557 | (236 | ) | 829 | 278 | 1,107 | 201 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
777 Bayly Street West
|
Ajax Ontario, Canada | 7,224 | 13,156 | (585 | )(ab) | 7,039 | 12,756 | 19,795 | 1,541 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||||
3501 Maple Street
|
Abilene, TX | 67 | 1,057 | 1,473 | 266 | 2,331 | 2,597 | 1,178 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
4200 West Harry Street(e)
|
Wichita, KS | 193 | 2,224 | 1,777 | 532 | 3,662 | 4,194 | 2,285 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
5050 Kendrick Court
|
Grand Rapids, MI | 1,721 | 11,433 | 7,571 | 1,721 | 19,004 | 20,725 | 6,546 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
5015 52nd Street SE
|
Grand Rapids, MI | 234 | 1,321 | 97 | 234 | 1,418 | 1,652 | 538 | 1994 | (l | ) | |||||||||||||||||||||||||||||||
2250 Delaware Ave
|
Des Moines, IA | 277 | 1,609 | 591 | 277 | 2,200 | 2,477 | 524 | 1998 | (l | ) | |||||||||||||||||||||||||||||||
9601A Dessau Road
|
Austin, TX | 255 | | 2,186 | 366 | 2,075 | 2,441 | 767 | 1999 | (l | ) |
S-23
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
Acquisition or |
At Close of Period 12/31/08 | |||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
Accumulated |
Year |
Depreciable |
||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Acquired/ |
Lives |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/08 | Constructed | (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
9601B Dessau Road
|
Austin, TX | 248 | | 1,854 | 355 | 1,747 | 2,102 | 397 | 2000 | (l | ) | |||||||||||||||||||||||||||||||
9601C Dessau Road
|
Austin, TX | 248 | | 2,186 | 355 | 2,079 | 2,434 | 908 | 1999 | (l | ) | |||||||||||||||||||||||||||||||
Lake Point IV
|
Orlando, FL | 909 | 4,613 | 208 | 920 | 4,810 | 5,730 | 695 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
Ozburn Hessey Logistics BTS
|
Winchester, VA | 2,320 | | 10,854 | 2,401 | 10,773 | 13,174 | 420 | 2007 | (l | ) | |||||||||||||||||||||||||||||||
6266 Hurt Road
|
Horn Lake, MS | 427 | | 3,756 | 427 | 3,756 | 4,183 | 584 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
6266 Hurt Road Building B
|
Horn Lake, MS | | | 868 | 99 | 769 | 868 | 136 | 2004 | (l | ) | |||||||||||||||||||||||||||||||
12626 Silicon Drive
|
San Antonio, TX | 768 | 3,448 | 22 | 779 | 3,459 | 4,238 | 611 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
3100 Pinson Valley Parkway
|
Birmingham, AL | 303 | 742 | 21 | 310 | 756 | 1,066 | 123 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1021 W. First Street, Hwy 93
|
Sumner, IA | 99 | 2,540 | 20 | 100 | 2,559 | 2,659 | 528 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
1245 N. Hearne Avenue
|
Shreveport, LA | 99 | 1,263 | 33 | 102 | 1,293 | 1,395 | 248 | 2005 | (l | ) | |||||||||||||||||||||||||||||||
10330 I Street
|
Omaha, NE | 1,808 | 8,340 | 15 | 1,809 | 8,354 | 10,163 | 1,783 | 2006 | (l | ) | |||||||||||||||||||||||||||||||
Redevelopments/
Developments/ Developable Land(j) |
179,317 | 428 | 6,069 | (ab) | 178,403 | 7,406 | 185,809 | 219 | ||||||||||||||||||||||||||||||||||
Total
|
$ | 770,513 | $ | 1,909,351 | $ | 669,308 | $ | 784,161 | (k) | $ | 2,565,006 | (k) | $ | 3,349,167 | $ | 524,865 | (k) | |||||||||||||||||||||||||
S-24
Table of Contents
(a) | See description of encumbrances in Note 6 to Notes to Consolidated Financial Statements. |
(b) | Initial cost for each respective property is tangible purchase price allocated in accordance with SFAS 141. | |
(c) | Improvements are net of write-off of fully depreciated assets. | |
(d) | Comprised of two properties. | |
(e) | Comprised of three properties. | |
(f) | Comprised of four properties. | |
(g) | Comprised of five properties. | |
(h) | Comprised of eight properties. | |
(i) | Comprised of 28 properties. | |
(j) | These properties represent developable land and redevelopments that have not been placed in service. | |
(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 | 2008 | ||||||||||
Land
|
$ | 7,170 | $ | 776,991 | $ | 784,161 | ||||||
Buildings & Improvements
|
13,556 | 2,551,450 | 2,565,006 | |||||||||
Accumulated Depreciation
|
(1,757 | ) | (523,108 | ) | (524,865 | ) | ||||||
Subtotal
|
18,969 | 2,805,333 | 2,824,302 | |||||||||
Construction in Progress
|
406 | 57,156 | 57,562 | |||||||||
Net Investment in Real Estate
|
19,375 | 2,862,489 | 2,881,864 | |||||||||
Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
Deferred Rent Receivable, Net
|
1,742 | |||||||||||
Total at December 31, 2008
|
$ | 21,117 | ||||||||||
* | Amounts exclude $90,342 of above market and other deferred leasing intangibles, net. |
(l) | Depreciation is computed based upon the following estimated lives: |
Buildings and Improvements
|
8 to 50 years | |
Tenant Improvements, Leasehold Improvements
|
Life of lease |
(m) | This property collateralizes a $2.5 million mortgage loan which matures on May 1, 2016. | |
(n) | This property collateralizes a $14.1 million mortgage loan which matures on December 1, 2010. | |
(o) | This property collateralizes a $4.9 million mortgage loan which matures on December 1, 2019. | |
(p) | This property collateralizes a $1.2 million mortgage loan which matures on January 1, 2013. | |
(q) | These properties collateralize a $0.5 million mortgage loan which matures on September 1, 2009. | |
(r) | This property collateralizes a $2.3 million mortgage loan which matures on January 1, 2012. | |
(s) | This property collateralizes a $1.5 million mortgage loan which matures on June 1, 2014. | |
(t) | This property collateralizes a $2.4 million mortgage loan which matures on July 1, 2018. | |
(u) | This property collateralizes a $1.0 million mortgage loan which matures on July 1, 2018. | |
(v) | This property collateralizes a $4.8 million mortgage loan which matures on December 1, 2019. | |
(w) | This property collateralizes a $1.7 million mortgage loan which matures on September 30, 2024. |
S-25
Table of Contents
(x) | This property collateralizes a $4.3 million mortgage loan which matures on June 1, 2018. | |
(y) | This property collateralizes a $6.0 million mortgage loan which matures on March 1, 2011. | |
(z) | This property collateralizes a $13.5 million mortgage loan and a $11.5 million mortgage loan which both mature on January 1, 2014. | |
(aa) | These properties collateralize a $5.2 million mortgage loan which matures on July 1, 2009. | |
(ab) | Includes foreign currency translation adjustments. |
2008 | 2007 | 2006 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance, Beginning of Year
|
$ | 3,365,500 | $ | 3,331,382 | $ | 3,278,740 | ||||||
Acquisition of Real Estate Assets
|
319,431 | 440,664 | 551,860 | |||||||||
Construction Costs and Improvements
|
186,997 | 237,135 | 211,711 | |||||||||
Disposition of Real Estate Assets
|
(429,106 | ) | (619,785 | ) | (693,159 | ) | ||||||
Write-off of Fully Depreciated Assets
|
(36,093 | ) | (23,896 | ) | (17,770 | ) | ||||||
Balance, End of Year
|
$ | 3,406,729 | $ | 3,365,500 | $ | 3,331,382 | ||||||
2008 | 2007 | 2006 | ||||||||||
Balance, Beginning of Year
|
$ | 512,781 | $ | 473,882 | $ | 412,039 | ||||||
Depreciation for Year
|
114,795 | 121,714 | 121,347 | |||||||||
Disposition of Assets
|
(66,618 | ) | (58,919 | ) | (41,734 | ) | ||||||
Write-off of Fully Depreciated Assets
|
(36,093 | ) | (23,896 | ) | (17,770 | ) | ||||||
Balance, End of Year
|
$ | 524,865 | $ | 512,781 | $ | 473,882 | ||||||
S-26
Table of Contents
By: |
/s/ Bruce
W. Duncan
|
By: |
/s/ Scott
A. Musil
|
Signature
|
Title
|
Date
|
||||
/s/ W.
Edwin Tyler W. Edwin Tyler |
Chairman of the Board of Directors | March 2, 2009 | ||||
/s/ Bruce
W. Duncan Bruce W. Duncan |
President, Chief Executive Officer and Director | March 2, 2009 | ||||
John Brenninkmeijer |
Director | March 2, 2009 | ||||
/s/ Michael
G. Damone Michael G. Damone |
Director of Strategic Planning and Director | March 2, 2009 | ||||
Kevin W. Lynch |
Director | March 2, 2009 | ||||
/s/ John
E. Rau John E. Rau |
Director | March 2, 2009 | ||||
/s/ Jay
H. Shidler Jay H. Shidler |
Director | March 2, 2009 | ||||
/s/ Robert
J. Slater Robert J. Slater |
Director | March 2, 2009 | ||||
/s/ J.
Steven Wilson J. Steven Wilson |
Director | March 2, 2009 |
S-27