þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2007 | ||
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 | ||
(State or other jurisdiction of incorporation or organization) One Penn Plaza, Suite 4015 | 13-3717318 (I.R.S. Employer Identification No.) | |
New York, NY | ||
(Address of principal executive offices) | 10119-4015 (Zip Code) |
Title of Each Class | Name of Each Exchange on which Registered | |||
Common Shares of beneficial interests, par value $0.0001 | New York Stock Exchange | |||
8.05% Series B Cumulative Redeemable Preferred Stock, par value $0.0001 | New York Stock Exchange | |||
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 | New York Stock Exchange | |||
7.55% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 | New York Stock Exchange |
Item of | ||||||||
Form 10-K | Description | Page | ||||||
PART I | ||||||||
1 | Business | 1 | ||||||
1A. | Risk Factors | 8 | ||||||
1B. | Unresolved Staff Comments | 21 | ||||||
2. | Properties | 21 | ||||||
3. | Legal Proceedings | 34 | ||||||
4. | Submission of Matters to a Vote of Security Holders | 34 | ||||||
PART II | ||||||||
5. | Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 36 | ||||||
6. | Selected Financial Data | 39 | ||||||
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 40 | ||||||
7A. | Quantitative and Qualitative Disclosures about Market Risk | 58 | ||||||
8. | Financial Statements and Supplementary Data | 60 | ||||||
9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 112 | ||||||
9A. | Controls and Procedures | 112 | ||||||
9B. | Other Information | 112 | ||||||
PART III | ||||||||
10. | Trustees and Executive Officers of the Registrant | 112 | ||||||
11. | Executive Compensation | 112 | ||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 112 | ||||||
13. | Certain Relationships and Related Transactions | 113 | ||||||
14. | Principal Accountant Fees and Services | 113 | ||||||
PART IV | ||||||||
15. | Exhibits and Financial Statement Schedules | 113 | ||||||
Signatures | 120 | |||||||
EX-12: STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||
EX-14.1: AMENDED AND RESTATED CODE OF BUSINESS CONDUCT AND ETHICS | ||||||||
EX-21: LIST OF SUBSIDIARIES | ||||||||
EX-23: CONSENT OF KPMG LLP | ||||||||
EX-31.1: CERTFICATION | ||||||||
EX-31.2: CERTIFICATION | ||||||||
EX-32.1: CERTIFICATION | ||||||||
EX-32.2: CERTIFICATION |
i
Item 1. | Business |
1
1
• | A wholly-owned portfolio of core office assets; | |
• | A wholly-owned portfolio of core warehouse/distribution assets; | |
• | A continuing 50% interest in a co-investment program that invests in senior and subordinated debt interests secured by both net leased and multi-tenanted real estate collateral; | |
• | A minority interest in a co-investment program that invests in specialty single tenant real estate assets; and | |
• | Equity securities in other net lease companies owned either individually or through an interest in one or more joint ventures or co-investment programs. |
2
• | acquired all of the outstanding interests not otherwise owned by us in Triple Net Investment Company LLC, one of our co-investment programs, which resulted in us becoming the sole owner of the co-investment program’s 15 primarily single tenant net leased properties; | |
• | acquired all of the outstanding interests not otherwise owned by us in Lexington Acquiport Company, LLC and Lexington Acquiport Company II, LLC, two of our co-investment programs, which resulted in us becoming the sole owner of the co-investment program’s 26 primarily single tenant net leased properties; | |
• | terminated Lexington/Lion Venture L.P., one of our co-investment programs, and were distributed seven primarily single tenant net leased properties owned by the co-investment program; | |
• | announced a disposition program, whereby we began marketing non-core assets for sale; and | |
• | formed a co-investment program, Net Lease Strategic Assets Fund LP, which we refer to as NLS, with a subsidiary of Inland American Real Estate Trust, Inc., which has acquired 30 assets previously owned by us and which, in addition, is under contract to acquire an additional 13 assets currently owned by us and may invest in “core plus” net leased assets, such as manufacturing assets, call centers and other specialty assets. |
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Item 1A. | Risk Factors |
8
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Year | Balloon Payments | |
2008 | ||
$31.8 million | ||
2009 | ||
$282.4 million | ||
2010 | ||
$118.2 million | ||
2011 | $140.6 million | |
2012 | $633.8 million |
Total | Our Proportionate Share | |||||||
2007 | $43.9 million | $21.9 million | ||||||
2008 | $0 | $0 | ||||||
2009 | $69.0 million | $23.6 million | ||||||
2010 | $61.6 million | $20.5 million | ||||||
2011 | $67.0 million | $21.7 million |
Balloon Payments - our | ||||||||
Proportionate | ||||||||
Year | Balloon Payments | Share | ||||||
2008 | $ 87 | .8 million | $ 43 | .9 million | ||||
2009 | $357 | .7 million | $176 | .3 million | ||||
2010 | $ — | $ — | ||||||
2011 | $ 2 | .1 million | $ 1 | .0 million | ||||
2012 | $ 81 | .8 million | $ 40 | .3 million |
9
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• | the discovery of previously unknown environmental conditions; | ||
• | changes in law; | ||
• | activities of tenants; or | ||
• | activities relating to properties in the vicinity of our properties. |
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Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
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22
Primary | Net | |||||||||||||||
Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Leases Expiration | Leased | ||||||||||
6303 Barfield Rd | Atlanta | GA | International Business Machines Corporation (Internet Security Systems, Inc.) | 238,600 | 5/31/2013 | 100 | % | |||||||||
859 Mount Vernon Hwy | Atlanta | GA | International Business Machines Corporation (Internet Security Systems, Inc.) | 50,400 | 5/31/2013 | 100 | % | |||||||||
4000 Johns Creek Pwy | Suwanee | GA | Kraft Foods N.A., Inc. | 87,219 | 1/31/2012 | 100 | % | |||||||||
160 Clairemont Ave | Decatur | GA | Multi-tenanted | 121,686 | 12/31/2007 | 24 | % | |||||||||
King St. | Honolulu | HI | Multi-tenanted | 236,545 | Various | 93 | % | |||||||||
1275 N.W. 128th St. | Clive | IA | Principal Life Insurance Company | 61,180 | 1/31/2012 | 100 | % | |||||||||
101 E. Erie St. | Chicago | IL | FCB Worldwide, Inc. (Interpublic Group of Companies, Inc.) | 227,569 | 3/15/2014 | 100 | % | |||||||||
850 & 950 Warrenville Rd | Lisle | IL | National Louis University | 99,329 | 12/31/2019 | 100 | % | |||||||||
500 Jackson St. | Columbus | IN | Cummins Engine Company, Inc. | 390,100 | 7/31/2019 | 100 | % | |||||||||
10300 Kincaid Dr. | Fishers | IN | Bank One Indiana, N.A. | 193,000 | 10/31/2009 | 100 | % | |||||||||
5757 Decatur Blvd. | Indianapolis | IN | Allstate Insurance Company | 89,956 | 8/31/2012 | 100 | % | |||||||||
10475 Crosspoint Blvd. | Fishers | IN | John Wiley & Sons, Inc. | 141,047 | 10/31/2019 | 100 | % | |||||||||
2300 Litton Lane | Hebron | KY | AGC Automotive Americas Company (AFG Industries, Inc.) | 80,441 | 8/31/2012 | 58 | % | |||||||||
5200 Metcalf Ave | Overland Park | KS | Employers Reinsurance Corporation | 291,168 | 12/22/2018 | 100 | % | |||||||||
4455 American Way | Baton Rouge | LA | Bell South Mobility, Inc. | 70,100 | 10/31/2012 | 100 | % | |||||||||
147 Milk St. | Boston | MA | Harvard Vanguard Medical Association | 52,337 | 5/31/2012 | 100 | % | |||||||||
33 Commercial St. | Foxboro | MA | Invensys Systems, Inc. (Siebe, Inc.) | 164,689 | 7/1/2015 | 100 | % | |||||||||
70 Mechanic St. | Foxboro | MA | Invensys Systems, Inc. (Siebe, Inc.) | 251,914 | 6/30/2014 | 100 | % | |||||||||
100 Light St. | Baltimore | MD | St. Paul Fire and Marine Insurance Company | 530,000 | 9/30/2009 | 100 | % | |||||||||
27404 Drake Rd | Farmington Hills | MI | Vacant | 108,499 | None | 0 | % | |||||||||
3701 Corporate Dr. | Farmington Hills | MI | Temic Automotive of North America, Inc. | 119,829 | 12/31/2016 | 100 | % | |||||||||
26555 Northwestern Hwy | Southfield | MI | Federal-Mogul Corporation | 187,163 | 1/31/2015 | 100 | % | |||||||||
3165 McKelvey Rd | Bridgeton | MO | BJC Health System | 52,994 | 3/31/2013 | 100 | % | |||||||||
9201 Stateline Rd | Kansas City | MO | Employers Reinsurance Corporation | 155,925 | 4/1/2019 | 100 | % | |||||||||
200 Lucent Lane | Cary | NC | Lucent Technologies, Inc. | 124,944 | 9/30/2011 | 100 | % | |||||||||
11707 Miracle Hills Dr. | Omaha | NE | (i) Structure, LLC (Infocrossing, Inc.) | 85,200 | 11/30/2025 | 100 | % | |||||||||
700 US Hwy. Route202-206 | Bridgewater | NJ | Biovail Pharmaceuticals, Inc. (Biovail Corporation) | 115,558 | 10/31/2014 | 100 | % | |||||||||
200 Milik St. | Carteret | NJ | Pathmark Stores, Inc. | 149,100 | 12/31/2011 | 100 | % | |||||||||
288 N. BRd. St. | Elizabeth | NJ | Bank of America | 30,000 | 8/31/2013 | 100 | % | |||||||||
389 & 399 Interpace Hwy | Parsippany | NJ | Sanofi-aventis U.S., Inc. (Aventis, Inc. & Aventis Pharma Holding GmbH) | 340,240 | 1/31/2010 | 100 | % | |||||||||
656 Plainsboro Rd | Plainsboro | NJ | Bank of America | 4,060 | 8/31/2013 | 100 | % | |||||||||
333 Mount Hope Ave | Rockaway | NJ | BASF Corporation | 95,500 | 9/30/2014 | 100 | % |
PROPERTY CHART
23
Primary | Net | |||||||||||||||
Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Leases Expiration | Leased | ||||||||||
1415 Wyckoff Rd | Wall | NJ | New Jersey Natural Gas Company | 157,511 | 6/30/2021 | 100 | % | |||||||||
29 S. Jefferson Rd | Whippany | NJ | CAE SimuFlite, Inc. | 76,383 | 11/30/2021 | 100 | % | |||||||||
6226 W. Sahara Ave | Las Vegas | NV | Nevada Power Company | 282,000 | 1/31/2014 | 100 | % | |||||||||
180 S. Clinton St. | Rochester | NY | Frontier Corporation | 226,000 | 12/31/2014 | 100 | % | |||||||||
5550 Britton Pwy | Hilliard | OH | BMW Financial Services NA, LLC | 220,966 | 2/28/2021 | 100 | % | |||||||||
2000 Eastman Dr. | Milford | OH | Siemens Product Lifestyle Management Software, Inc. | 221,215 | 4/30/2011 | 100 | % | |||||||||
500 Olde Worthington Rd | Westerville | OH | InVentiv Communications, Inc. | 97,000 | 9/30/2015 | 100 | % | |||||||||
4848 129th E. Ave | Tulsa | OK | Metris Direct, Inc. (Metris Companies, Inc.) | 101,100 | 1/31/2010 | 100 | % | |||||||||
180 Rittenhouse Circle | Bristol | PA | Jones Apparel Group, Inc. | 96,000 | 7/31/2013 | 100 | % | |||||||||
250 Rittenhouse Circle | Bristol | PA | Jones Apparel Group, Inc. | 255,019 | 3/25/2008 | 100 | % | |||||||||
275 Technology Dr. | Canonsburg | PA | ANSYS, Inc. | 107,872 | 12/31/2014 | 100 | % | |||||||||
2550 Interstate Dr. | Harrisburg | PA | New Cingular Wireless PCS, LLC | 81,859 | 12/13/2013 | 100 | % | |||||||||
1701 Market St. | Philadelphia | PA | Morgan, Lewis & Bockius, LLC | 307,775 | 1/31/2014 | 100 | % | |||||||||
1460 Tobias Gadsen Blvd. | Charleston | SC | Hagemeyer North America, Inc. | 50,076 | 7/8/2020 | 100 | % | |||||||||
2210 Enterprise Dr. | Florence | SC | Washington Mutual Home Loans, Inc. | 177,747 | 6/30/2013 | 100 | % | |||||||||
3476 Stateview Blvd. | Fort Mill | SC | Wells Fargo Home Mortgage, Inc. | 169,083 | 1/30/2013 | 100 | % | |||||||||
2480 Stateview Blvd. | Fort Mill | SC | Wells Fargo Bank, N.A. | 169,218 | 5/31/2014 | 100 | % | |||||||||
Nijborg 15 | 3927 DA Renswoude | The Netherlands | AS Watson (Health & Beauty Continental Europe) | 17,610 | 12/20/2011 | 100 | % | |||||||||
Nijborg 17 | 3927 DA Renswoude | The Netherlands | AS Watson (Health & Beauty Continental Europe) | 114,195 | 6/14/2018 | 100 | % | |||||||||
207 Mockingbird Lane | Johnson City | TN | Sun Trust Bank | 63,800 | 11/30/2011 | 100 | % | |||||||||
1409 Centerpoint Blvd. | Knoxville | TN | Alstom Power, Inc. | 84,404 | 10/31/2014 | 100 | % | |||||||||
104 & 110 S. Front St. | Memphis | TN | Hnedak Bobo Group, Inc. | 37,229 | 10/31/2016 | 100 | % | |||||||||
3965 Airways Blvd. | Memphis | TN | Federal Express Corporation | 521,286 | 6/19/2019 | 100 | % | |||||||||
800 Ridgelake Blvd. | Memphis | TN | The Kroger Company | 75,000 | 7/1/2013 | 100 | % | |||||||||
601 & 701 Experian Pwy | Allen | TX | Experian Information Solutions, Inc. (TRW, Inc.) | 292,700 | 10/15/2010 | 100 | % | |||||||||
1401 & 1501 Nolan Ryan Pwy | Arlington | TX | Siemens Dematic Postal Automation, LP | 236,547 | 1/31/2014 | 100 | % | |||||||||
3535 Calder Ave | Beaumont | TX | Texas State Bank | 49,689 | 12/31/2012 | 100 | % | |||||||||
350 Pine St. | Beaumont | TX | Multi-tenanted | 425,198 | Various | 58 | % | |||||||||
1900 L. Don Dodson Dr. | Bedford | TX | Transamerica Life Insurance Company | 202,493 | 4/30/2019 | 29 | % | |||||||||
4201 Marsh Lane | Carrollton | TX | Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.) | 130,000 | 11/30/2018 | 100 | % | |||||||||
4001 International Pwy | Carrollton | TX | Motel 6 Operating, LP (Accor S.A.) | 138,443 | 7/31/2015 | 100 | % | |||||||||
555 Dividend Dr. | Coppell | TX | Brinks, Inc. | 101,844 | 4/30/2017 | 100 | % | |||||||||
1600 Viceroy Dr. | Dallas | TX | TFC Services, Inc. (Freeman Decorating Company) | 249,452 | 1/31/2019 | 63 | % | |||||||||
6301 Gaston Ave | Dallas | TX | Multi-tenanted | 173,855 | Various | 62 | % | |||||||||
11511 Luna Rd | Farmers Branch | TX | Haggar Clothing Company (Texas Holding Clothing Corp. & Haggar Corp.) | 180,507 | 4/30/2016 | 100 | % |
PROPERTY CHART
24
Primary | Net | |||||||||||||||
Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Leases Expiration | Leased | ||||||||||
1200 Jupiter Rd | Garland | TX | Raytheon Company | 278,759 | 5/31/2011 | 100 | % | |||||||||
10001 Richmond Ave | Houston | TX | Baker Hughes, Inc. | 554,385 | 9/27/2015 | 100 | % | |||||||||
15375 Memorial Dr. | Houston | TX | BP America Production Company | 327,325 | 9/15/2009 | 100 | % | |||||||||
810 & 820 Gears Rd | Houston | TX | IKON Office Solutions, Inc. | 157,790 | 1/31/2013 | 100 | % | |||||||||
2529 W. Thorn Dr. | Houston | TX | Baker Hughes, Inc. | 65,500 | 9/27/2015 | 100 | % | |||||||||
16676 Northchase Dr. | Houston | TX | Anadarko Petroleum Corporation | 101,111 | 7/31/2014 | 100 | % | |||||||||
1311 BRd.field Blvd. | Houston | TX | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | 155,991 | 3/31/2011 | 100 | % | |||||||||
6555 Sierra Dr. | Irving | TX | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | 247,254 | 3/31/2023 | 100 | % | |||||||||
8900 Freeport Pwy | Irving | TX | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) | 268,445 | 3/31/2013 | 100 | % | |||||||||
6200 Northwest Pwy | San Antonio | TX | PacifiCare Health Systems, Inc. | 142,500 | 11/30/2010 | 100 | % | |||||||||
12645 W. Airport Rd | Sugar Land | TX | Baker Hughes, Inc. | 165,836 | 9/27/2015 | 100 | % | |||||||||
11555 University Blvd. | Sugar Land | TX | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | 72,683 | 11/30/2020 | 100 | % | |||||||||
2050 Roanoke Rd | Westlake | TX | DaimlerChrysler Financial Services Americas, LLC | 130,290 | 12/31/2011 | 100 | % | |||||||||
100 E. Shore Dr. | Glen Allen | VA | Multi-tenanted | 67,508 | Various | 94 | % | |||||||||
120 E. Shore Dr. | Glen Allen | VA | Capital One Services, Inc. | 77,045 | 3/31/2010 | 100 | % | |||||||||
130 E. Shore Dr. | Glen Allen | VA | Capital One Services, Inc. | 79,675 | 2/10/2010 | 100 | % | |||||||||
400 Butler Farm Rd | Hampton | VA | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 100,632 | 12/31/2009 | 100 | % | |||||||||
421 Butler Farm Rd | Hampton | VA | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 56,515 | 1/14/2010 | 100 | % | |||||||||
13651 McLearen Rd | Herndon | VA | Boeing Service Company (The Boeing Company) | 159,664 | 5/30/2008 | 100 | % | |||||||||
13775 McLearen Rd | Herndon | VA | Equant, Inc. (Equant N.V.) | 125,293 | 4/30/2015 | 100 | % | |||||||||
2800 Waterford Lake Dr. | Richmond | VA | Alstom Power, Inc. | 99,057 | 10/31/2014 | 100 | % | |||||||||
9950 Mayland Dr. | Richmond | VA | Circuit City Stores, Inc. | 288,000 | 2/28/2010 | 100 | % | |||||||||
5150 220th Ave | Issaquah | WA | OSI Systems, Inc. (Instrumentarium Corporation) | 106,944 | 12/14/2014 | 100 | % | |||||||||
22011 S.E. 51st St. | Issaquah | WA | OSI Systems, Inc. (Instrumentarium Corporation) | 95,600 | 12/14/2014 | 100 | % | |||||||||
848 Main St. & 849 Front St. | Evanston | WY | Multi-tenanted | 29,500 | Various | 74 | % | |||||||||
295 Chipeta Way | Salt Lake City | UT | Northwest Pipeline Corporation | 295,000 | 9/30/2009 | 100 | % | |||||||||
Office Total | 20,846,729 | |||||||||||||||
25
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
Moody Commuter & Tech Park | Moody | AL | CEVA Logistics U.S., Inc. (TNT Holdings B.V.) | 595,346 | 1/2/2014 | 100 | % | |||||||||
1665 Hughes Way | Long Beach | CA | Raytheon Company | 200,541 | 12/31/2008 | 100 | % | |||||||||
3333 Coyote Hill Road | Palo Alto | CA | Xerox Corporation | 202,000 | 12/13/2013 | 100 | % | |||||||||
2455 Premier Drive | Orlando | FL | Walgreen Company | 205,016 | 3/31/2011 | 100 | % | |||||||||
3102 Queen Palm Drive | Tampa | FL | Time Customer Service, Inc. (Time, Inc.) | 229,605 | 6/30/2020 | 100 | % | |||||||||
1420 Greenwood Road | McDonough | GA | Atlas Cold Storage America, LLC | 296,972 | 10/31/2017 | 100 | % | |||||||||
7500 Chavenelle Road | Dubuque | IA | The McGraw-Hill Companies, Inc. | 330,988 | 6/30/2017 | 100 | % | |||||||||
3600 Southgate Drive | Danville | IL | Sygma Network, Inc. (Sysco Corporation) | 149,500 | 10/31/2015 | 100 | % | |||||||||
749 Southrock Drive | Rockford | IL | Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.) | 150,000 | 12/31/2015 | 100 | % | |||||||||
3686 S. Central Avenue | Rockford | IL | Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.) | 90,000 | 12/31/2014 | 100 | % | |||||||||
10000 Business Boulevard | Dry Ridge | KY | Dana Corporation | 336,350 | 6/30/2025 | 100 | % | |||||||||
730 N. Black Branch Road | Elizabethtown | KY | Dana Corporation | 167,770 | 6/30/2025 | 100 | % | |||||||||
750 N. Black Branch Road | Elizabethtown | KY | Dana Corporation | 539,592 | 6/30/2025 | 100 | % | |||||||||
301 Bill Bryan Road | Hopkinsville | KY | Dana Corporation | 424,904 | 6/30/2025 | 100 | % | |||||||||
4010 Airpark Drive | Owensboro | KY | Dana Corporation | 211,598 | 6/30/2025 | 100 | % | |||||||||
1901 Ragu Drive | Owensboro | KY | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | 443,380 | 12/19/2020 | 100 | % | |||||||||
7150 Exchequer Drive | Baton Rouge | LA | Corporate Express Office Products, Inc. (Buhrmann NV) | 79,086 | 10/31/2013 | 100 | % | |||||||||
5001 Greenwood Road | Shreveport | LA | Libbey Glass, Inc. | 646,000 | 10/30/2026 | 100 | % | |||||||||
N. Wells Road | North Berwick | ME | United Technologies Corporation | 820,868 | 12/31/2010 | 100 | % | |||||||||
4425 Purks Road | Auburn Hills | MI | Vacant | 183,717 | None | 0 | % | |||||||||
6938 Elm Valley Drive | Kalamazoo | MI | Dana Corporation | 150,945 | 10/25/2021 | 100 | % | |||||||||
904 Industrial Road | Marshall | MI | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | 195,640 | 8/17/2010 | 100 | % | |||||||||
1601 Pratt Avenue | Marshall | MI | Joseph Campbell Company | 53,600 | 9/30/2011 | 100 | % | |||||||||
43955 Plymouth Oaks Boulevard | Plymouth | MI | Tower Automotive Operations USA I, LLC (Tower (Tower Automotive Holdings I, LLC) | 290,133 | 10/31/2012 | 100 | % | |||||||||
46600 Port Street | Plymouth | MI | Vacant | 134,160 | None | 0 | % | |||||||||
7111 Crabb Road | Temperance | MI | CEVA Logistics U.S., Inc. (TNT Holdings B.V.) | 752,000 | 8/4/2012 | 100 | % | |||||||||
7670 Hacks Cross Road | Olive Branch | MS | MAHLE Clevite, Inc. (MAHLE Industries, Inc,) | 268,104 | 2/28/2016 | 100 | % | |||||||||
1133 Poplar Creek Road | Henderson | NC | Corporate Express Office Products, Inc. (Buhrmann NV) | 196,946 | 1/31/2014 | 100 | % | |||||||||
250 Swathmore Avenue | High Point | NC | Steelcase, Inc. | 244,851 | 9/30/2017 | 100 | % | |||||||||
2880 Kenny Biggs Road | Lumberton | NC | Quickie Manufacturing Corporation | 423,280 | 11/30/2021 | 100 | % | |||||||||
2203 Sherrill Drive | Statesville | NC | LA-Z-Boy Greensboro, Inc. (LA-Z-Boy, Inc.) | 639,600 | 4/30/2010 | 100 | % | |||||||||
121 Technology Drive | Durham | NH | Heidelberg Web Systems, Inc. | 500,500 | 3/30/2021 | 100 | % | |||||||||
1109 Commerce Boulevard | Swedesboro | NJ | Linens’n Things, Inc. | 262,644 | 12/31/2008 | 100 | % |
26
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
75 North Street | Saugerties | NY | Rotron, Inc. (EG&G) | 52,000 | 12/31/2009 | 100 | % | |||||||||
10590 Hamilton Avenue | Cincinnati | OH | The Hillman Group, Inc. | 247,088 | 8/31/2016 | 100 | % | |||||||||
1650 & 1654 Williams Road | Columbus | OH | ODW Logistics, Inc. | 772,450 | 6/30/2018 | 100 | % | |||||||||
191 Arrowhead Drive | Hebron | OH | Owens Corning Insulating Systems, LLC | 250,450 | 4/13/2008 | 41 | % | |||||||||
200 Arrowhead Drive | Hebron | OH | Owens Corning Insulating Systems, LLC | 401,260 | 5/31/2009 | 100 | % | |||||||||
7005 Cochran Road | Glenwillow | OH | Royal Appliance Manufacturing Company | 458,000 | 7/31/2015 | 100 | % | |||||||||
10345 Philipp Parkway | Streetsboro | OH | L’Oreal USA, Inc. | 649,250 | 10/17/2019 | 100 | % | |||||||||
245 Salem Church Road | Mechanicsburg | PA | Exel Logistics, Inc. (NFC plc) | 252,000 | 12/31/2012 | 100 | % | |||||||||
6 Doughten Road | New Kingston | PA | Carolina Logistics Services | 330,000 | Month to month | 51 | % | |||||||||
34 East Main Street | New Kingston | PA | Quaker Sales and Distribution, Inc. | 179,200 | 2/29/2008 | 100 | % | |||||||||
159 Farley Drive | Dillon | SC | Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.) | 1,010,859 | 12/31/2021 | 100 | % | |||||||||
50 Tyger River Drive | Duncan | SC | Plastic Omnium Exteriors, LLC | 218,382 | 5/31/2017 | 100 | % | |||||||||
101 Michelin Drive | Laurens | SC | CEVA Logistics U.S., Inc. (TNT Holdings B.V.) | 1,164,000 | 8/4/2012 | 100 | % | |||||||||
6050 Dana Way | Antioch | TN | W.M. Wright Company | 677,400 | 3/31/2021 | 50 | % | |||||||||
477 Distribution Parkway | Collierville | TN | Federal Express Corporation | 120,000 | 5/31/2021 | 100 | % | |||||||||
900 Industrial Boulevard | Crossville | TN | Dana Corporation | 222,200 | 9/30/2016 | 100 | % | |||||||||
120 S.E. Parkway Drive | Franklin | TN | Essex Group, Inc. (United Technologies Corporation) | 289,330 | 12/31/2013 | 100 | % | |||||||||
187 Spicer Drive | Gordonsville | TN | Dana Corporation | 148,000 | 8/31/2012 | 100 | % | |||||||||
3350 Miac Cove Road | Memphis | TN | Mimeo.com, Inc. | 141,359 | 9/30/2020 | 84 | % | |||||||||
3456 Meyers Avenue | Memphis | TN | Sears, Roebuck & Company | 780,000 | 2/28/2017 | 100 | % | |||||||||
3820 Micro Drive | Millington | TN | Ingram Micro, LP (Ingram Micro, Inc.) | 701,819 | 9/25/2011 | 100 | % | |||||||||
9110 Grogans Mill Road | Houston | TX | Baker Hughes, Inc. | 275,750 | 9/27/2015 | 100 | % | |||||||||
19500 Bulverde Road | San Antonio | TX | Harcourt Brace & Company (Reed Elsevier, Inc.) | 559,258 | 3/31/2016 | 100 | % | |||||||||
2425 Highway 77 N | Waxahachie | TX | James Hardie Building Products, Inc. (James Hardie N.V.) | 425,816 | 3/31/2020 | 100 | % | |||||||||
291 Park Center Drive | Winchester | VA | Kraft Foods North America, Inc. | 344,700 | 5/31/2011 | 100 | % | |||||||||
Industrial Total | 21,086,207 | |||||||||||||||
27
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
302 Coxcreek Parkway | Florence | AL | The Kroger Company | 42,130 | 7/1/2013 | 100 | % | |||||||||
5544 Atlanta Highway | Montgomery | AL | Vacant | 60,698 | None | 0 | % | |||||||||
Bisbee Naco Highway & Highway 92 | Bisbee | AZ | Safeway Stores, Inc. | 30,181 | 3/31/2009 | 100 | % | |||||||||
10415 Grande Avenue | Sun City | AZ | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
Grant Road & Craycroft Road | Tucson | AZ | Safeway Stores, Inc. | 37,268 | 3/31/2009 | 100 | % | |||||||||
Old Mamoth Road & Meridian Boulevard | Mammoth Lakes | CA | Safeway Stores, Inc. | 44,425 | 5/31/2012 | 100 | % | |||||||||
255 Northgate Drive | Manteca | CA | Kmart Corporation | 107,489 | 12/31/2018 | 100 | % | |||||||||
12080 Carmel Mountain Road | San Diego | CA | Kmart Corporation | 107,210 | 12/31/2018 | 100 | % | |||||||||
12000 East Mississippi Ave | Aurora | CO | Safeway Stores, Inc. | 24,000 | 5/31/2012 | 100 | % | |||||||||
Kipling Street & Bowles Avenue | Littleton | CO | Vacant | 29,360 | None | 0 | % | |||||||||
10340 U.S. 19 | Port Richey | FL | Kingswere Furniture | 53,820 | 11/30/2017 | 100 | % | |||||||||
2010 Apalachee Parkway | Tallahassee | FL | Kohl’s Department Stores, Inc. | 102,381 | 1/31/2028 | 100 | % | |||||||||
2223 N. Druid Hills Road | Atlanta | GA | Bank South, N.A. (Bank of America Corporation) | 6,260 | 12/31/2009 | 100 | % | |||||||||
956 Ponce de Leon Avenue | Atlanta | GA | Bank South, N.A. (Bank of America Corporation) | 3,900 | 12/31/2009 | 100 | % | |||||||||
4545 Chamblee-Dunwoody Road | Chamblee | GA | Bank South, N.A. (Bank of America Corporation) | 4,565 | 12/31/2009 | 100 | % | |||||||||
201 W. Main Street | Cumming | GA | Bank South, N.A. (Bank of America Corporation) | 14,208 | 12/31/2009 | 100 | % | |||||||||
3468 Georgia Highway 120 | Duluth | GA | Bank South, N.A. (Bank of America Corporation) | 9,300 | 12/31/2009 | 100 | % | |||||||||
1066 Main Street | Forest Park | GA | Bank South, N.A. (Bank of America Corporation) | 14,859 | 12/31/2009 | 100 | % | |||||||||
825 Southway Drive Boulevard | Jonesboro | GA | Bank South, N.A. (Bank of America Corporation) | 4,894 | 12/31/2009 | 100 | % | |||||||||
1698 Mountain Industrial | Stone Mountain | GA | Bank South, N.A. (Bank of America Corporation) | 5,704 | 12/31/2009 | 100 | % | |||||||||
Fort Street Mall, King Street | Honolulu | HI | Macy’s Department Stores, Inc. | 85,610 | 9/30/2009 | 100 | % | |||||||||
1150 W. Carl Sandburg Drive | Galesburg | IL | Kmart Corporation | 94,970 | 12/31/2018 | 100 | % | |||||||||
928 First Avenue | Rock Falls | IL | Rock Falls Country Market, LLC (Rock Island Country Market, LLC) | 27,650 | 9/30/2011 | 100 | % | |||||||||
502 E. Carmel Drive | Carmel | IN | Marsh Supermarkets, Inc. | 38,567 | 10/31/2013 | 100 | % | |||||||||
5104 N. Franklin Road | Lawrence | IN | Marsh Supermarkets, Inc. | 28,721 | 10/31/2013 | 100 | % | |||||||||
205 Homer Road | Minden | LA | Safeway Stores, Inc. | 35,000 | 11/30/2012 | 100 | % | |||||||||
7200 Cradle Rock Way | Columbia | MD | GFS Realty, Inc. | 57,209 | 12/31/2008 | 100 | % | |||||||||
9580 Livingston Road | Oxon Hill | MD | GFS Realty, Inc. (Giant Food, Inc.) | 107,337 | 2/28/2014 | 100 | % | |||||||||
2401 Wooton Parkway | Rockville | MD | GFS Realty, Inc. (Giant Food, Inc.) | 51,682 | 4/30/2017 | 100 | % | |||||||||
24th Street W. & St. John’s Avenue | Billings | MT | Safeway Stores, Inc. | 40,800 | 5/31/2010 | 100 | % | |||||||||
35400 Cowan Road | Westland | MI | Sam’s Real Estate Business Trust | 101,402 | 1/31/2009 | 100 | % | |||||||||
Little Rock Road & | ||||||||||||||||
Tuckaseegee Road | Charlotte | NC | Food Lion, Inc. | 33,640 | 10/31/2013 | 100 | % | |||||||||
Brown Mill Road & US 601 | Concord | NC | Food Lion, Inc. | 32,259 | 10/31/2013 | 100 | % |
28
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
104 Branchwood Shopping Center | Jacksonville | NC | Food Lion, Inc. | 23,000 | 2/28/2013 | 100 | % | |||||||||
US 221 & Hospital Road | Jefferson | NC | Food Lion, Inc. | 23,000 | 2/28/2013 | 100 | % | |||||||||
291 Talbert Boulevard | Lexington | NC | Food Lion, Inc. | 23,000 | 2/28/2013 | 100 | % | |||||||||
835 Julian Avenue | Thomasville | NC | Food Lion, Inc. | 21,000 | 10/31/2008 | 100 | % | |||||||||
10 South Avenue | Garwood | NJ | Pathmark Stores, Inc. | 52,000 | 5/31/2011 | 100 | % | |||||||||
900 S. Canal Street | Carlsbad | NM | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
130 Midland Avenue | Portchester | NY | Pathmark Stores, Inc. | 59,000 | 10/31/2013 | 100 | % | |||||||||
21082 Pioneer Plaza Drive | Watertown | NY | Kmart Corporation | 120,727 | 12/31/2018 | 100 | % | |||||||||
4733 Hills and Dales Road | Canton | OH | Bally’s Total Fitness of the Midwest (Bally’s Health & Tennis Corporation) | 37,214 | 12/31/2009 | 100 | % | |||||||||
4831 Whipple Avenue N.W | Canton | OH | Best Buy Company, Inc. | 46,350 | 2/26/2018 | 100 | % | |||||||||
1084 E. Second Street | Franklin | OH | Marsh Supermarkets, Inc. | 29,119 | 10/31/2013 | 100 | % | |||||||||
5350 Leavitt Road | Lorain | OH | Kmart Corporation | 193,193 | 12/31/2018 | 100 | % | |||||||||
N.E.C. 45th Street & Lee Boulevard | Lawton | OK | Safeway Stores, Inc. | 30,757 | 3/31/2009 | 100 | % | |||||||||
6910 S. Memorial Highway | Tulsa | OK | Toys “R” Us, Inc. | 43,123 | 5/31/2011 | 100 | % | |||||||||
12535 S.E. 82nd Avenue | Clackamas | OR | Toys “R” Us, Inc. | 42,842 | 5/31/2011 | 100 | % | |||||||||
1642 Williams Avenue | Grants Pass | OR | Safeway Stores, Inc. | 33,770 | 3/31/2009 | 100 | % | |||||||||
559 N. Main Street | Doylestown | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
25 E. Main Street | Lansdale | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
1055 W. Baltimore Pike | Lima | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
4947 N. Broad Street | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
2001-03 Broad Street | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
6201 N. 5th Street | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
7323-29 Frankford Avenue | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
15 S. 52nd Street | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
10650 Bustleton Avenue | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
1025 W. Lehigh Avenue | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
2014 Cottman Avenue | Philadelphia | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
4160 Monument Road | Philadelphia | PA | Pathmark Stores, Inc. | 50,000 | 11/30/2010 | 100 | % | |||||||||
15 Newton — Richboro Road | Richboro | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
363 W. Lancaster Avenue | Wayne | PA | Citizens Bank of Pennsylvania | 3,800 | 8/31/2018 | 100 | % | |||||||||
South Carolina 52/52 Bypass | Moncks Corner | SC | Food Lion, Inc. | 23,000 | 2/28/2013 | 100 | % | |||||||||
1000 U.S. Highway 17 | North Myrtle Beach | SC | Food Lion, Inc. | 43,021 | 10/31/2008 | 100 | % | |||||||||
399 Peach Wood Centre Drive | Spartanburg | SC | Best Buy Company, Inc. | 45,800 | 2/26/2018 | 100 | % | |||||||||
1600 E. 23rd Street | Chattanooga | TN | The Kroger Company | 42,130 | 7/1/2008 | 100 | % | |||||||||
1053 Mineral Springs Road | Paris | TN | The Kroger Company | 31,170 | 7/1/2013 | 100 | % | |||||||||
3040 Josey Lane | Carrollton | TX | Ong’s Family, Inc. | 61,000 | 1/31/2021 | 100 | % | |||||||||
4121 S. Port Avenue | Corpus Christi | TX | Cafeteria Operators, LP (Furr’s Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
1610 S. Westmoreland Avenue | Dallas | TX | Malone’s Food Stores | 68,024 | 3/31/2017 | 100 | % | |||||||||
119 N. Balboa Road | El Paso | TX | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
3451 Alta Mesa Boulevard | Fort Worth | TX | Safeway Stores, Inc. | 44,000 | 5/31/2012 | 100 | % | |||||||||
101 W. Buckingham Road | Garland | TX | Minyard Foods | 40,000 | 11/30/2012 | 100 | % | |||||||||
1415 Highway 377 E. | Granbury | TX | Safeway Stores, Inc. | 35,000 | 11/30/2012 | 100 | % | |||||||||
2500 E. Carrier Parkway | Grand Prairie | TX | Safeway Stores, Inc. | 49,349 | 3/31/2009 | 100 | % | |||||||||
4811 Wesley Street | Greenville | TX | Safeway Stores, Inc. | 48,427 | 5/31/2011 | 100 | % |
PROPERTY CHART
29
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
120 S. Waco Street | Hillsboro | TX | Safeway Stores, Inc. | 35,000 | 11/30/2012 | 100 | % | |||||||||
13133 Steubner Avenue | Houston | TX | The Kroger Company | 52,200 | 12/29/2011 | 100 | % | |||||||||
5402 4th Street | Lubbock | TX | Vacant | 53,820 | None | 0 | % | |||||||||
901 W. Expressway 83 | McAllen | TX | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
402 E. Crestwood Drive | Victoria | TX | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | 10,000 | 4/30/2012 | 100 | % | |||||||||
9400 South 755 E | Sandy | UT | Vacant | 41,612 | None | 0 | % | |||||||||
3211 W. Beverly Street | Staunton | VA | Food Lion, Inc. | 23,000 | 2/28/2013 | 100 | % | |||||||||
9803 Edmonds Way | Edmonds | WA | PCC Natural Markets | 34,459 | 8/31/2028 | 100 | % | |||||||||
224th Street & Meridian Avenue | Graham | WA | Safeway Stores, Inc. | 44,718 | 3/31/2009 | 100 | % | |||||||||
18601 Alderwood Mall Boulevard | Lynnwood | WA | Toys “R” Us, Inc. | 43,105 | 5/31/2011 | 100 | % | |||||||||
400 E. Meridian Avenue | Milton | WA | Safeway Stores, Inc. | 44,718 | 3/31/2009 | 100 | % | |||||||||
1700 State Route 160 | Port Orchard | WA | Save-A-Lot, Ltd. | 27,968 | 1/31/2015 | 57 | % | |||||||||
228th Avenue N.E. | Redmond | WA | Safeway Stores, Inc. | 44,718 | 3/31/2009 | 100 | % | |||||||||
4512 N. Market Street | Spokane | WA | Safeway Stores, Inc | 38,905 | 3/31/2009 | 100 | % | |||||||||
3711 Gateway Drive | Eau Claire | WI | Kohl’s Deptartment Stores, Inc. | 76,164 | 1/25/2015 | 100 | % | |||||||||
97 Seneca Trail | Fairlea | WV | Kmart Corporation | 90,933 | 12/31/2018 | 100 | % | |||||||||
3621 E. Lincoln Way | Cheyenne | WY | Vacant | 31,420 | None | 0 | % | |||||||||
Retail/Other Subtotal | 3,588,655 | |||||||||||||||
Grand Total | 45,521,591 | |||||||||||||||
30
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
OFFICE | ||||||||||||||||
5201 W. Barraque Street | Pine Bluff | AR | Entergy Services, Inc. | 27,189 | 10/31/2010 | 100 | % | |||||||||
Route 64 W. & Junction 333 | Russellville | AR | Entergy Gulf States | 191,950 | 5/9/2008 | 100 | % | |||||||||
1440 E. 15th Street | Tucson | AZ | Cox Communications, Inc. | 28,591 | 9/30/2016 | 100 | % | |||||||||
3500 N. Coop Court | McDonough | GA | Litton Loan Servicing, LP & Credit - Based Asset and Securitzation, LLC | 62,000 | 8/31/2018 | 100 | % | |||||||||
2500 Patrick Henry Parkway | McDonough | GA | Georgia Power Company | 111,911 | 6/30/2015 | 100 | % | |||||||||
3265 E. Goldstone Drive | Meridian | ID | Voicestream PCS II Corporation (T-Mobile USA, Inc.) | 77,484 | 6/28/2019 | 100 | % | |||||||||
101 E. Washington Boulevard | Fort Wayne | IN | American Electric Power | 348,452 | 10/31/2016 | 100 | % | |||||||||
9601 Renner Boulevard | Lenexa | KS | Voicestream PCS II Corporation (T-Mobile USA, Inc.) | 77,484 | 10/31/2019 | 100 | % | |||||||||
First Park Drive | Oakland | ME | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | 78,610 | 8/31/2020 | 100 | % | |||||||||
12000 &12025 Tech Center Drive | Livonia | MI | Kelsey-Hayes Company (TRW Automotive, Inc.) | 180,230 | 4/30/2014 | 100 | % | |||||||||
3943 Denny Avenue | Pascagoula | MS | Northrop Grumman Systems Corporation | 94,841 | 10/14/2008 | 100 | % | |||||||||
3201 Quail Springs Parkway | Oklahoma City | OK | AT& T Wireless Services, Inc. | 128,500 | 11/30/2010 | 100 | % | |||||||||
2999 SW 6th Street | Redmond | OR | Voice Stream PCS I LLC (T-Mobile USA, Inc.) | 77,484 | 1/31/2019 | 100 | % | |||||||||
265 Lehigh Street | Allentown | PA | Wachovia Bank N.A. | 71,230 | 10/31/2010 | 100 | % | |||||||||
17 Technology Circle | Columbia | SC | Blue Cross Blue Shield of South Carolina, Inc. | 456,304 | 9/30/2009 | 100 | % | |||||||||
420 Riverport Road | Kingport | TN | American Electric Power | 42,770 | 6/30/2013 | 100 | % | |||||||||
1600 Eberhardt Road | Temple | TX | Nextel of Texas | 108,800 | 1/31/2016 | 100 | % | |||||||||
26410 McDonald Road | Houston | TX | Montgomery County Management Company, LLC | 41,000 | 10/31/2019 | 100 | % | |||||||||
3711 San Gabriel | Mission | TX | Voice Stream PCS II Corporation (T-Mobile USA, Inc.) | 75,016 | 6/30/2015 | 100 | % | |||||||||
6455 State Hwy 303 N.E | Bremerton | WA | Nextel West Corporation | 60,200 | 5/14/2016 | 100 | % | |||||||||
Office Total | 2,340,046 | |||||||||||||||
31
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
INDUSTRIAL | ||||||||||||||||
109 Stevens Street | Jacksonville | FL | Unisource Worldwide, Inc. | 168,800 | 9/30/2009 | 100 | % | |||||||||
359 Gateway Drive | Livonia | GA | TI Group Automotive Systems, LLC | 133,221 | 5/31/2020 | 100 | % | |||||||||
3600 Army Post Road | Des Moines | IA | EDS Information Services, LLC (Electronic Data Systems Corporation) | 405,000 | 4/30/2012 | 100 | % | |||||||||
2935 Van Vactor Way | Plymouth | IN | Bay Valley Foods, LLC | 300,500 | 6/30/2015 | 100 | % | |||||||||
1901 49th Avenue | Minneapolis | MN | Owens Corning Roofing and Asphalt, LLC | 18,620 | 6/30/2015 | 100 | % | |||||||||
324 Industrial Park Road | Franklin | NC | SKF USA, Inc. | 72,868 | 12/31/2014 | 100 | % | |||||||||
736 Addison Road | Erwin | NY | Corning, Inc. | 408,000 | 11/30/2016 | 100 | % | |||||||||
590 Ecology Lane | Chester | SC | Owens Corning | 420,597 | 7/14/2025 | 100 | % | |||||||||
2401 Cherahala Boulevard | Knoxville | TN | Advance PCS, Inc. | 59,748 | 5/31/2013 | 100 | % | |||||||||
2424 Alpine Road | Eau Claire | WI | Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.) | 159,000 | 2/28/2027 | 100 | % | |||||||||
Industrial Total | 2,146,354 | |||||||||||||||
32
Net | ||||||||||||||||
Primary Tenant | Rentable | Current Term | Percent | |||||||||||||
Property Location | City | State | (Guarantor) | Square Feet | Lease Expiration | Leased | ||||||||||
RETAIL/OTHER | ||||||||||||||||
101 Creger Drive | Ft. Collins | CO | Lithia Motors | 10,000 | 5/31/2012 | 100 | % | |||||||||
11411 N. Kelly Avenue | Oklahoma City | OK | American Golf Corporation | 13,924 | 12/31/2017 | 100 | % | |||||||||
25500 State Highway 249 | Tomball | TX | Parkway Chevrolet, Inc. | 77,076 | 8/31/2026 | 100 | % | |||||||||
1321 Commerce Street | Dallas | TX | Adolphus Associates (Met Life) | 498,122 | 6/15/2009 | 100 | % | |||||||||
Retail/Other Total | 599,122 | |||||||||||||||
Grand Total | 5,085,522 | |||||||||||||||
33
34
35
36
37
38
39
40
41
42
43
44
For | Against | Abstain | ||
37,832,419 | 770,201 | 193,121 |
Item 4. | Submission of Matters to a Vote of Security Holders |
34
Name | Business Experience | |
Michael L. Ashner Age | Mr. Ashner served as Chairman and the Chief Executive Officer of Newkirk until consummation of the | |
E. Robert Roskind Age | Mr. Roskind became Co-Vice Chairman on December 31, 2006, and served as our Chairman from October 1993 to December 31, 2006 and our Co-Chief Executive Officer from October 1993 to January 2003. Mr. Roskind | |
Richard J. Rouse Age | Mr. Rouse became Co-Vice Chairman on December 31, 2006, served, and continues to serve as our Chief Investment Officer since January 2003 and as one of our trustees since October 1993. He served as our President from October 1993 to April 1996, was our Co-Chief Executive Officer from October 1993 until January 2003, and since April 1996 served as our Vice Chairman. |
45
T. Wilson Eglin Age | Mr. Eglin has served as our Chief Executive Officer since January 2003, our Chief Operating Officer since October 1993, our President since April 1996 and as a trustee since May 1994. He served as one of our Executive Vice Presidents from October 1993 to April 1996. Mr. Eglin | |
Concord appointed by us. | ||
Patrick Carroll Age | Mr. Carroll has served as our Chief Financial Officer since May 1998, our Treasurer since January 1999 and one of our Executive Vice Presidents since January 2003. | |
Paul R. Wood Age | Mr. Wood has served as one of our Vice Presidents, and our Chief Accounting Officer and Secretary since October 1993. |
46
35
Item 5. | Market For The Registrant’s Common Equity, Related Shareholder Matters And Issuer Purchases of Equity Securities |
For the Quarters Ended: | High | Low | High | Low | ||||||||||||
December 31, 2007 | $ | 20.90 | $ | 14.52 | ||||||||||||
September 30, 2007 | 21.54 | 18.78 | ||||||||||||||
June 30, 2007 | 21.65 | 20.38 | ||||||||||||||
March 31, 2007 | 22.42 | 20.02 | ||||||||||||||
December 31, 2006 | $ | 22.73 | $ | 20.40 | 22.73 | 20.40 | ||||||||||
September 30, 2006 | 21.90 | 19.53 | 21.90 | 19.53 | ||||||||||||
June 30, 2006 | 22.15 | 19.87 | 22.15 | 19.87 | ||||||||||||
March 31, 2006 | 22.90 | 19.64 | 22.90 | 19.64 | ||||||||||||
December 31, 2005 | 23.62 | 20.37 | ||||||||||||||
September 30, 2005 | 25.19 | 21.65 | ||||||||||||||
June 30, 2005 | 24.39 | 21.99 | ||||||||||||||
March 31, 2005 | 23.56 | 20.65 |
Quarters Ended | 2006 | 2005 | 2004 | 2003 | 2002 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||
March 31, | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | $ | 0.330 | $ | 0.5975 | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | ||||||||||||||||||||
June 30, | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | $ | 0.330 | $ | 0.375 | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | ||||||||||||||||||||
September 30, | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | $ | 0.330 | $ | 0.375 | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | ||||||||||||||||||||
December 31, | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 | $ | 0.330 | $ | 0.375 | $ | 0.365 | $ | 0.360 | $ | 0.350 | $ | 0.335 |
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Total dividends per share | $ | 1.46 | $ | 1.44 | $ | 1.40 | $ | 2.93342(1 | ) | $ | 1.46 | $ | 1.44 | |||||||||||
Ordinary income | 68.89 | % | 87.29 | % | 84.09 | % | 42.36 | % | 68.89 | % | 87.29 | % | ||||||||||||
15% rate — qualifying dividend | 0.77 | 1.04 | 6.82 | 2.50 | 0.77 | 1.04 | ||||||||||||||||||
15% rate gain | 7.97 | 8.72 | 0.34 | 35.62 | 7.97 | 8.72 | ||||||||||||||||||
25% rate gain | 5.13 | 2.95 | 2.28 | 19.52 | 5.13 | 2.95 | ||||||||||||||||||
Return of capital | 17.24 | — | 6.47 | — | 17.24 | — | ||||||||||||||||||
100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||
(1) | Includes the special dividend of $0.2325 paid in January 2007 and a portion of the special dividend of $2.10 paid in January 2008. Of the total dividend paid in January 2008, $1.21092 is allocated to 2007 and $1.26408 is allocated to 2008. |
36
2006 | 2005 | 2004 | ||||||||||
Ordinary income | 83.24 | % | 87.29 | % | 89.91 | % | ||||||
15% rate — qualifying dividend | 0.93 | 1.04 | 7.29 | |||||||||
15% rate gain | 9.63 | 8.72 | 0.37 | |||||||||
25% rate gain | 6.20 | 2.95 | 2.43 | |||||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||
47
2007 | 2006 | 2005 | ||||||||||
Ordinary income | 42.36 | % | 83.24 | % | 87.29 | % | ||||||
15% rate — qualifying dividend | 2.50 | 0.93 | 1.04 | |||||||||
15% rate gain | 35.62 | 9.63 | 8.72 | |||||||||
25% rate gain | 19.52 | 6.20 | 2.95 | |||||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||
2007 | 2006 | 2005 | ||||||||||
Ordinary income | 42.36 | % | 83.24 | % | 87.29 | % | ||||||
15% rate — qualifying dividend | 2.50 | 0.93 | 1.04 | |||||||||
15% rate gain | 35.62 | 9.63 | 8.72 | |||||||||
25% rate gain | 19.52 | 6.20 | 2.95 | |||||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||
2006 | 2005 | |||||||
Ordinary income | 83.24 | % | 87.29 | % | ||||
15% rate — qualifying dividend | 0.93 | 1.04 | ||||||
15% rate gain | 9.63 | 8.72 | ||||||
25% rate gain | 6.20 | 2.95 | ||||||
100.00 | % | 100.00 | % | |||||
2007 | ||||
Ordinary income | 42.36 | % | ||
15% rate — qualifying dividend | 2.50 | |||
15% rate gain | 35.62 | |||
25% rate gain | 19.52 | |||
100.00 | % | |||
37
Number of securities | ||||||||||||||||||||||||
remaining available for | Number of Securities | |||||||||||||||||||||||
Number of securities | future issuance under | Remaining Available for | ||||||||||||||||||||||
to be issued upon | Weighted-average | equity compensation | Number of Securities | Future Issuance Under | ||||||||||||||||||||
exercise of | exercise price of | plans (excluding | to be Issued Upon | Weighted-Average | Equity Compensation | |||||||||||||||||||
outstanding options, | outstanding options, | securities reflected in | Exercise of | Exercise Price of | Plans (Excluding | |||||||||||||||||||
warrants and rights | warrants and rights | column (a)) | Outstanding Options, | Outstanding Options, | Securities Reflected in | |||||||||||||||||||
Plan Category | (a) | (b) | (c) | Warrants and Rights | Warrants and Rights | Column (a)) | ||||||||||||||||||
(a) | (b) | (c) | ||||||||||||||||||||||
Equity compensation plans approved by security holders | 16,500 | $ | 15.56 | 592,802 | 0 | $ | 0 | 4,999,422 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | 0 | 0 | — | ||||||||||||||||||
Total | 16,500 | $ | 15.56 | 592,802 | 0 | $ | 0 | 4,999,422 | ||||||||||||||||
48
Total Number of | Maximum Number of | |||||||||||||||
Shares/Units | Shares That May Yet | |||||||||||||||
Total Number of | Average Price | Purchased as Part of | Be Purchased Under | |||||||||||||
Shares/Units | Paid Per | Publicly Announced | the Plans or | |||||||||||||
Period | Purchased | Share/Unit | Plans or Programs | Programs | ||||||||||||
October 1 – 31, 2006 | — | $ | — | — | 1,926,088 | |||||||||||
November 1 – 30, 2006 | 220,000 | $ | 20.74 | 220,000 | 1,706,088 | |||||||||||
December 1 – 31, 2006 | 234,565 | $ | 21.94 | 234,565 | 1,471,523 | |||||||||||
Fourth Quarter 2006 | 454,565 | $ | 21.36 | 454,565 | 1,471,523 | |||||||||||
Total Number of | Maximum Number of | |||||||||||||||
Shares/Units | Shares That May Yet | |||||||||||||||
Total Number of | Average Price | Purchased as Part of | Be Purchased Under | |||||||||||||
Shares/Units | Paid per | Publicly Announced | the Plans or | |||||||||||||
Period | Purchased | Share/Unit ($) | Plans or Programs | Programs | ||||||||||||
October 1 — 31, 2007 | 32,392 | 20.05 | 32,392 | 3,374,440 | ||||||||||||
November 1 — 30, 2007 | 1,277,810 | 18.02 | 1,277,810 | 2,096,630 | ||||||||||||
December 1 — 31, 2007 | 1,326,648 | 17.39 | 1,326,648 | 5,769,982 | ||||||||||||
Fourth Quarter 2007 | 2,636,850 | 17.72 | 2,636,850 | 5,769,982 | ||||||||||||
38
Item 6. | Selected Financial Data |
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||||||||||||||||||
Total gross revenues | $ | 207,391 | $ | 183,458 | $ | 129,977 | $ | 91,777 | $ | 70,737 | $ | 431,747 | $ | 186,693 | $ | 162,383 | $ | 109,901 | $ | 73,999 | ||||||||||||||||||||
Expenses applicable to revenues | (112,855 | ) | (87,954 | ) | (42,990 | ) | (29,130 | ) | (22,061 | ) | (297,139 | ) | (106,796 | ) | (81,645 | ) | (37,581 | ) | (24,568 | ) | ||||||||||||||||||||
Interest and amortization expense | (71,402 | ) | (62,617 | ) | (42,456 | ) | (30,883 | ) | (28,232 | ) | (163,628 | ) | (65,097 | ) | (56,177 | ) | (36,448 | ) | (25,609 | ) | ||||||||||||||||||||
Income (loss) from continuing operations | (663 | ) | 24,938 | 34,576 | 20,091 | 17,834 | (10,783 | ) | (7,909 | ) | 17,606 | 27,021 | 15,873 | |||||||||||||||||||||||||||
Total discontinued operations | 8,416 | 7,757 | 10,231 | 13,558 | 12,761 | 87,634 | 15,662 | 15,089 | 17,786 | 17,776 | ||||||||||||||||||||||||||||||
Net income | 7,753 | 32,695 | 44,807 | 33,649 | 30,595 | 76,851 | 7,753 | 32,695 | 44,807 | 33,649 | ||||||||||||||||||||||||||||||
Net income (loss) allocable to common shareholders | (8,682 | ) | 16,260 | 37,862 | 30,257 | 29,902 | 50,118 | (8,682 | ) | 16,260 | 37,862 | 30,257 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations per common share — basic | (0.33 | ) | 0.17 | 0.59 | 0.49 | 0.64 | (0.58 | ) | (0.47 | ) | 0.03 | 0.43 | 0.37 | |||||||||||||||||||||||||||
Income from continuing operations per common share — diluted | (0.33 | ) | 0.17 | 0.58 | 0.49 | 0.63 | (0.58 | ) | (0.47 | ) | 0.03 | 0.41 | 0.36 | |||||||||||||||||||||||||||
Income from discontinued operations — basic | 0.16 | 0.16 | 0.22 | 0.40 | 0.47 | 1.35 | 0.30 | 0.30 | 0.38 | 0.52 | ||||||||||||||||||||||||||||||
Income from discontinued operations — diluted | 0.16 | 0.16 | 0.22 | 0.39 | 0.46 | 1.35 | 0.30 | 0.30 | 0.39 | 0.52 | ||||||||||||||||||||||||||||||
Net income (loss) per common share — basic | (0.17 | ) | 0.33 | 0.81 | 0.89 | 1.11 | 0.77 | (0.17 | ) | 0.33 | 0.81 | 0.89 | ||||||||||||||||||||||||||||
Net income (loss) per common share — diluted | (0.17 | ) | 0.33 | 0.80 | 0.88 | 1.09 | 0.77 | (0.17 | ) | 0.33 | 0.80 | 0.88 | ||||||||||||||||||||||||||||
Cash dividends declared per common share | 2.0575 | 1.445 | 1.410 | 1.355 | 1.325 | 3.60 | 2.0575 | 1.445 | 1.410 | 1.355 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 108,020 | 105,457 | 90,736 | 68,883 | 56,834 | 287,651 | 108,020 | 105,457 | 90,736 | 68,883 | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (154,080 | ) | (643,777 | ) | (202,425 | ) | (295,621 | ) | (106,166 | ) | (31,490 | ) | (154,080 | ) | (643,777 | ) | (202,425 | ) | (295,621 | ) | ||||||||||||||||||||
Net cash provided by financing activities | 483 | 444,878 | 242,723 | 228,986 | 47,566 | 38,973 | 483 | 444,878 | 242,723 | 228,986 | ||||||||||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.02 | 1.25 | 1.59 | 1.52 | 1.70 | N/A | N/A | 1.15 | 1.47 | 1.52 | ||||||||||||||||||||||||||||||
Real estate assets, net | 3,471,027 | 1,641,927 | 1,227,262 | 1,001,772 | 779,150 | 3,715,447 | 3,471,027 | 1,641,927 | 1,227,262 | 1,001,772 | ||||||||||||||||||||||||||||||
Investments in non-consolidated entities | 247,045 | 191,146 | 132,738 | 69,225 | 54,261 | 226,476 | 247,045 | 191,146 | 132,738 | 69,225 | ||||||||||||||||||||||||||||||
Total assets | 4,624,857 | 2,160,232 | 1,697,086 | 1,207,411 | 902,471 | 5,265,163 | 4,624,857 | 2,160,232 | 1,697,086 | 1,207,411 | ||||||||||||||||||||||||||||||
Mortgages, notes payable and credit facility, including discontinued operations | 2,129,025 | 1,170,560 | 765,909 | 551,385 | 491,517 | 3,047,550 | 2,132,661 | 1,170,560 | 765,909 | 551,385 | ||||||||||||||||||||||||||||||
Shareholders’ equity | 1,122,444 | 891,310 | 847,290 | 579,848 | 332,976 | 939,071 | 1,122,444 | 891,310 | 847,290 | 579,848 | ||||||||||||||||||||||||||||||
Preferred share liquidation preference | 234,000 | 234,000 | 214,000 | 79,000 | — | 389,000 | 234,000 | 234,000 | 214,000 | 79,000 |
N/A — Ratio is below 1.0, deficit of $84,014 and $6,503 exists at December 31, 2007 and 2006, respectively. |
49
39
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2012 and | 2013 and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | thereafter | Total(3) | 2008 | 2009 | 2010 | 2011 | 2012 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||
Notes payable (2) (4) | $ | 73,075 | $ | 699,526 | $ | 104,378 | $ | 90,363 | $ | 142,793 | $ | 1,018,890 | $ | 2,129,025 | ||||||||||||||||||||||||||||||||||||||||||
Notes payable(2)(3) | $ | 100,083 | $ | 339,552 | $ | 164,550 | $ | 184,059 | $ | 677,991 | $ | 1,581,315 | $ | 3,047,550 | ||||||||||||||||||||||||||||||||||||||||||
Contract rights payable | — | 229 | 491 | 540 | 593 | 11,591 | 13,444 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Tenant incentives | 4,272 | 3,500 | 10,000 | — | — | — | 17,772 | 8,445 | 10,000 | — | — | — | — | 18,445 | ||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations(1) | 4,635 | 4,103 | 3,108 | 2,589 | 2,167 | 14,975 | 31,577 | 4,431 | 3,858 | 3,631 | 3,235 | 2,830 | 16,720 | 34,705 | ||||||||||||||||||||||||||||||||||||||||||
$ | 81,982 | $ | 707,129 | $ | 117,486 | $ | 92,952 | $ | 144,960 | $ | 1,033,865 | $ | 2,178,374 | $ | 112,959 | $ | 353,639 | $ | 168,672 | $ | 187,834 | $ | 681,414 | $ | 1,609,626 | $ | 3,114,144 | |||||||||||||||||||||||||||||
(1) | Includes ground lease payments and office rent. Amounts disclosed through 2008 include rent for our principal executive office which is fixed through 2008 and adjusted to fair market value as determined at January 2009. Therefore, the amounts for 2009 and thereafter do not include principal executive office rent. In addition certain ground lease payments due under bond leases allow for a right of offset between the lease obligation and the debt service and accordingly are not included. | |
(2) | We have | |
(3) | ||
Includes balloon payments. |
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CDO Loan Assets and Loan Securities — December 31, 2007 | CDO Notes — December 31, 2007 | |||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||
Par Value of | Average | Averaged | Outstanding | Average | ||||||||||||||||||||||||
Date | CDO | Interest | Life | CDO | Interest | Stated | Retained | |||||||||||||||||||||
Closed | Collateral(3) | Rate | (Years) | Notes(1) | Rate | Maturity | Interest(2) | |||||||||||||||||||||
12/21/2006 | $ | 464,601 | 6.70 | % | 4.29 | $ | 376,650 | 5.37 | % | 12/2016 | $ | 88,350 |
(1) | Includes only notes held by third parties. | |
(2) | Concord’s potential economic loss is limited to the retained interest of its investment in CDO-1, of which the MLP would bear 50% of such loss. | |
(3) | Consists of loan assets with a par value of $338,681 and loan securities with a par value of $125,920. |
Industry | % of Face Amount | |||
Office | 44.22 | % | ||
Hospitality | 30.54 | % | ||
Multi-family | 8.62 | % | ||
Industrial | 7.09 | % | ||
Mixed Use | 5.10 | % | ||
Retail | 4.43 | % | ||
100 | % | |||
Fixed Rate: | Floating Rate: | |||||||||||||||||||
Carrying | Allocation by | Average | Average Spread | |||||||||||||||||
Value(1) | Par Value | Investment Type | Yield | over LIBOR(2) | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Whole loans, floating rate | $ | 20,000 | $ | 20,000 | 4.31 | % | — | 195 bps | ||||||||||||
Whole loans, fixed rate | 20,900 | 20,900 | 4.50 | % | 6.56 | % | — | |||||||||||||
Subordinate interests in whole loans, floating rate | 108,766 | 108,864 | 23.43 | % | — | 244 bps | ||||||||||||||
Subordinate interests in whole loans, fixed rate | 24,567 | 27,619 | 5.95 | % | 7.46 | % | — | |||||||||||||
Mezzanine loans, floating rate | 81,419 | 81,410 | 17.52 | % | — | 270 bps | ||||||||||||||
Mezzanine loans, fixed rate | 77,669 | 79,888 | 17.19 | % | 5.92 | % | — | |||||||||||||
Loan securities, floating rate | 100,955 | 103,428 | 22.26 | % | — | 189 bps | ||||||||||||||
Loan securities, floating rate | 18,448 | 22,492 | 4.84 | % | 5.97 | % | — | |||||||||||||
Total/Average | $ | 452,724 | $ | 464,601 | 100 | % | 6.30 | % | 230 bps | |||||||||||
(1) | Net of scheduled amortization payments and prepayments, unamortized fees and discounts. | |
(2) | Spreads over an index other than LIBOR have been adjusted to a LIBOR based equivalent. |
54
Number of Loan | ||||||||||||
Year of Maturity | Assets Maturing | Carrying Value | % of Total | |||||||||
(In thousands) | ||||||||||||
2008 | 7 | $ | 140,183 | 42.06 | % | |||||||
2009 | 2 | 34,584 | 10.38 | % | ||||||||
2010 | 4 | 46,465 | 13.94 | % | ||||||||
2011 | 1 | 20,900 | 6.27 | % | ||||||||
2012 | 1 | 5,017 | 1.50 | % | ||||||||
Thereafter | 7 | 86,172 | 25.85 | % | ||||||||
Total | 22 | $ | 333,321 | 100 | % | |||||||
Weighted average maturity is 3.45 years(1) |
(1) | The calculation of weighted average maturity is based upon the remaining initial term and does not take into account any maturity extension periods or the ability to prepay the investment after a negotiated lock-out period, which may be available to the borrower. |
Gross Unrealized | Impairment | Carrying | ||||||||||||||||||
Description | Par Value | Loss | Loss | Value | ||||||||||||||||
Floating rate | $ | 22,492 | $ | (321 | ) | $ | (1,601 | ) | $ | 18,448 | ||||||||||
Fixed rate | 103,428 | (2,355 | ) | — | 100,955 | |||||||||||||||
Total | $ | 125,920 | $ | (2,676 | ) | $ | (1,601 | ) | $ | 119,403 | ||||||||||
Rating | Par Value | Percentage | ||||||
(In thousands) | ||||||||
BBB+ | $ | 9,000 | 7.15 | % | ||||
BBB | 2,151 | 1.71 | % | |||||
BBB- | 44,384 | 35.25 | % | |||||
BB+ | 33,392 | 26.52 | % | |||||
BB | 18,500 | 14.69 | % | |||||
B+ | 7,000 | 5.56 | % | |||||
Not rated | 11,493 | 9.12 | % | |||||
Total | $ | 125,920 | 100 | % | ||||
55
Fixed Rate: | Floating Rate: | |||||||||||||||||||
Allocation by | Average | Average Spread | ||||||||||||||||||
Carrying Value(1) | Par Value | Investment Type | Yield | over LIBOR(2) | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Whole loans, floating rate | $ | 136,260 | $ | 136,260 | 19 | % | — | 218 bps | ||||||||||||
Whole loans, fixed rate | 6,300 | 6,300 | 1 | % | 6.40 | % | — | |||||||||||||
Subordinate interests in whole loans, floating rate | 163,077 | 163,908 | 23 | % | — | 223 bps | ||||||||||||||
Subordinate interests in whole loans, fixed rate | 14,196 | 15,750 | 2 | % | 8.63 | % | — | |||||||||||||
Mezzanine loans, floating rate | 230,852 | 236,436 | 33 | % | — | 222 bps | ||||||||||||||
Mezzanine loans, fixed rate | 68,028 | 71,718 | 10 | % | 7.45 | % | — | |||||||||||||
Loan securities, floating rate | 43,260 | 56,400 | 8 | % | — | 143 bps | ||||||||||||||
Loan securities, fixed rate | 25,411 | 27,084 | 4 | % | 6.68 | % | — | |||||||||||||
Total/Average | $ | 687,384 | $ | 713,856 | 100 | % | 7.38 | % | 214 bps | |||||||||||
(1) | Net of scheduled amortization payments and prepayments, unamortized fees and discounts. | |
(2) | Spreads over an index other than LIBOR have been adjusted to a LIBOR based equivalent. |
Number of Loan | ||||||||||||
Year of Maturity | Assets Maturing | Carrying Value | % of Total | |||||||||
(In thousands) | ||||||||||||
2008 | 9 | $ | 185,500 | 30.0 | % | |||||||
2009 | 9 | 134,052 | 21.7 | % | ||||||||
2010 | 3 | 81,903 | 13.2 | % | ||||||||
2011 | 1 | 6,300 | 1.0 | % | ||||||||
2012 | 3 | 72,968 | 11.8 | % | ||||||||
Thereafter | 8 | 137,990 | 22.3 | % | ||||||||
Total | 33 | $ | 618,713 | 100 | % | |||||||
Weighted average maturity is 2.72 years(1) |
(1) | The calculation of weighted average maturity is based upon the remaining initial term and does not take into account any maturity extension periods or the ability to prepay the investment after a negotiated lock-out period, which may be available to the borrower. |
56
Gross Unrealized | Impairment | Carrying | ||||||||||||||
Description | Par Value | Loss | Loss | Value | ||||||||||||
Floating rate | $ | 56,400 | $ | (3,487 | ) | $ | (9,427 | ) | $ | 43,260 | ||||||
Fixed rate | 27,084 | (1,673 | ) | — | 25,411 | |||||||||||
Total | $ | 83,484 | $ | (5,160 | ) | $ | (9,427 | ) | $ | 68,671 | ||||||
Rating | Par Value | Percentage | ||||||
AA- | $ | 1,381 | 1.65 | % | ||||
A- | 1,966 | 2.36 | % | |||||
BBB+ | 25,094 | 30.06 | % | |||||
BBB | 15,833 | 18.97 | % | |||||
BBB- | 30,392 | 36.40 | % | |||||
BB+ | 5,000 | 5.99 | % | |||||
Not rated | 3,818 | 4.57 | % | |||||
Total | $ | 83,484 | 100 | % | ||||
Industry | % of Par Value | |||
Office | 46.4 | % | ||
Hospitality | 41.7 | % | ||
Multi-family | 6.4 | % | ||
Mixed Use | 5.3 | % | ||
Industrial | 0.2 | % | ||
100 | % | |||
57
Maximum | Carrying Value of | |||||||||||||||||||
Outstanding | Outstanding | Interest Rate — | Maturity | Assets | ||||||||||||||||
Counterparty | Balance | Balance | LIBOR Plus(5) | Date | Securing Facility | |||||||||||||||
Greenwich(1) | $ | 39,079 | $ | 39,079 | 100 bps | 12/08 | $ | 55,827 | ||||||||||||
Greenwich(1) | 59,613 | 59,613 | 100 bps | 12/12 | 70,146 | |||||||||||||||
Column(1) | 16,414 | 16,414 | 100 bps | 3/09 | (3) | 25,270 | ||||||||||||||
Column(2) | 350,000 | 308,508 | 85-135 bps(4 | ) | 3/09 | 412,561 | ||||||||||||||
Bear Stearns(2) | 150,000 | 48,710 | 85-115 bps(4 | ) | 11/08 | 82,258 |
(1) | Repurchase facilities cover specific loan assets and may not be used for any other loan assets. | |
(2) | Repurchase facilities may be used for multiple loan assets and loan securities subject to the repurchase counterparty’s consent. Repurchase counterparties have advised that no additional advance will be made except, if at all, in connection with loans assets or debt securities acquired for the repurchase counterparty. | |
(3) | May be extended for up to three one-year extensions. | |
(4) | Interest rate is based on type of loan asset or loan security for which financing is provided. Weighted average at December 31, 2007 on the Column repurchase facility was 5.8% and on the Bear Stearns repurchase facility was 5.5% | |
(5) | Concord has entered into interest rate swaps with a total national amount of $203.3 million as of December 31, 2007 to manage exposure to interest rate movements affecting interest payments on certain variable-rate obligations. |
Item 7A. | Quantitative and Qualitative Disclosure about Market Risk |
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Item 8. | Financial Statements and Supplementary Data |
Page | ||||
Reports of Independent Registered Public Accounting Firm | ||||
2006 | 63 | |||
2005 | 64 | |||
2005 | 65 | |||
2005 | 66 | |||
2005 | 67 | |||
Financial Statement Schedule | ||||
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2007 | 2006 | |||||||||||||||
2006 | 2005 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||
Real estate, at cost | ||||||||||||||||
Real estate, at cost: | ||||||||||||||||
Buildings and building improvements | $ | 3,107,234 | $ | 1,608,175 | $ | 3,388,421 | $ | 3,107,234 | ||||||||
Land and land estates | 625,717 | 259,682 | 694,020 | 625,717 | ||||||||||||
Land improvements | 2,044 | 2,044 | 893 | 2,044 | ||||||||||||
Fixtures and equipment | 12,161 | 13,214 | 11,944 | 12,161 | ||||||||||||
3,747,156 | 1,883,115 | 4,095,278 | 3,747,156 | |||||||||||||
Less: accumulated depreciation | 276,129 | 241,188 | 379,831 | 276,129 | ||||||||||||
3,471,027 | 1,641,927 | 3,715,447 | 3,471,027 | |||||||||||||
Properties held for sale — discontinued operations | 69,612 | 49,397 | 150,907 | 69,612 | ||||||||||||
Intangible assets (net of accumulated amortization of $33,724 in 2006 and $15,181 in 2005) | 468,244 | 128,775 | ||||||||||||||
Intangible assets (net of accumulated amortization of $181,190 in 2007 and $33,724 in 2006) | 516,698 | 468,244 | ||||||||||||||
Investment in and advances to non-consolidated entities | 247,045 | 191,146 | 226,476 | 247,045 | ||||||||||||
Cash and cash equivalents | 97,547 | 53,515 | 412,106 | 97,547 | ||||||||||||
Investment in marketable equity securities (cost $31,247 in 2006) | 32,036 | — | ||||||||||||||
Deferred expenses (net of accumulated amortization of $6,834 in 2006 and $4,740 in 2005) | 16,084 | 13,582 | ||||||||||||||
Investment in marketable equity securities (cost of $2,647 in 2007 and $31,247 in 2006) | 2,609 | 32,036 | ||||||||||||||
Deferred expenses (net of accumulated amortization of $12,154 in 2007 and $6,834 in 2006) | 42,040 | 16,084 | ||||||||||||||
Rent receivable — current | 53,744 | 7,673 | 25,289 | 43,283 | ||||||||||||
Rent receivable — deferred | 29,410 | 24,778 | 15,303 | 29,410 | ||||||||||||
Notes receivable | 50,534 | 11,050 | 69,775 | 50,534 | ||||||||||||
Other assets, net | 89,574 | 38,389 | 88,513 | 100,035 | ||||||||||||
$ | 4,624,857 | $ | 2,160,232 | $ | 5,265,163 | $ | 4,624,857 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Liabilities: | ||||||||||||||||
Mortgages and notes payable | $ | 2,123,174 | $ | 1,139,971 | $ | 2,312,422 | $ | 2,126,810 | ||||||||
Exchangable notes payable | 450,000 | — | ||||||||||||||
Trust notes payable | 200,000 | — | ||||||||||||||
Contract rights payable | 12,231 | — | 13,444 | 12,231 | ||||||||||||
Liabilities — discontinued operations | 6,064 | 32,145 | 119,093 | 6,064 | ||||||||||||
Accounts payable and other liabilities | 29,513 | 13,250 | 49,442 | 25,877 | ||||||||||||
Accrued interest payable | 10,818 | 5,859 | 23,507 | 10,818 | ||||||||||||
Dividends payable | 44,948 | — | 158,168 | 44,948 | ||||||||||||
Prepaid rent | 10,109 | 10,054 | 16,764 | 10,109 | ||||||||||||
Deferred revenue (net of amortization of $1,029 in 2006 and $554 in 2005) | 362,815 | 6,271 | ||||||||||||||
Deferred revenue (net of accretion of $14,076 in 2007 and $1,029 in 2006) | 217,389 | 362,815 | ||||||||||||||
2,599,672 | 1,207,550 | 3,560,229 | 2,599,672 | |||||||||||||
Minority interests | 902,741 | 61,372 | 765,863 | 902,741 | ||||||||||||
3,502,413 | 1,268,922 | 4,326,092 | 3,502,413 | |||||||||||||
Commitments and contingencies (notes 8, 9, 10, 11, 13 and 15) | ||||||||||||||||
Commitments and contingencies (Notes 8, 9, 11, 12, 14, & 16) | ||||||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred shares, par value $0.0001 per share; authorized 10,000,000 shares; | ||||||||||||||||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares; | ||||||||||||||||
Series B Cumulative Redeemable Preferred, liquidation preference, $79,000, 3,160,000 shares issued and outstanding | 76,315 | 76,315 | 76,315 | 76,315 | ||||||||||||
Series C Cumulative Convertible Preferred, liquidation preference $155,000; 3,100,000 shares issued and outstanding | 150,589 | 150,589 | 150,589 | 150,589 | ||||||||||||
Special Voting Preferred Share, par value $0.0001 per share; authorized and issued 1 share in 2006 | — | — | ||||||||||||||
Common shares, par value $0.0001 per share, authorized 160,000,000 shares, 69,051,781 and 52,155,855 shares issued and outstanding in 2006 and 2005, respectively | 7 | 5 | ||||||||||||||
Series D Cumulative Convertible Preferred, liquidation preference $155,000; 6,200,000 shares issued and outstanding in 2007 | 149,774 | — | ||||||||||||||
Special Voting Preferred Share, par value $0.0001 per share; authorized and issued 1 share in 2007 and 2006 | — | — | ||||||||||||||
Common shares, par value $0.0001 per share, authorized 400,000,000 shares, 61,064,334 and 69,051,781 shares issued and outstanding in 2007 and 2006, respectively | 6 | 7 | ||||||||||||||
Additional paid-in-capital | 1,188,900 | 848,564 | 1,033,332 | 1,188,900 | ||||||||||||
Deferred compensation, net | — | (11,401 | ) | |||||||||||||
Accumulated distributions in excess of net income | (294,640 | ) | (172,762 | ) | (468,167 | ) | (294,640 | ) | ||||||||
Accumulated other comprehensive income | 1,273 | — | ||||||||||||||
Accumulated other comprehensive income (loss) | (2,778 | ) | 1,273 | |||||||||||||
Total shareholders’ equity | 1,122,444 | 891,310 | 939,071 | 1,122,444 | ||||||||||||
$ | 4,624,857 | $ | 2,160,232 | $ | 5,265,163 | $ | 4,624,857 | |||||||||
63
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Gross revenues: | ||||||||||||||||||||||||
Rental | $ | 185,312 | $ | 167,253 | $ | 119,663 | $ | 385,898 | $ | 165,275 | $ | 146,848 | ||||||||||||
Advisory fees | 4,555 | 5,365 | 4,885 | |||||||||||||||||||||
Advisory and incentive fees | 13,567 | 4,555 | 5,365 | |||||||||||||||||||||
Tenant reimbursements | 17,524 | 10,840 | 5,429 | 32,282 | 16,863 | 10,170 | ||||||||||||||||||
Total gross revenues | 207,391 | 183,458 | 129,977 | 431,747 | 186,693 | 162,383 | ||||||||||||||||||
Expense applicable to revenues: | ||||||||||||||||||||||||
Depreciation and amortization | (80,688 | ) | (66,041 | ) | (34,017 | ) | (236,044 | ) | (75,849 | ) | (61,004 | ) | ||||||||||||
Property operating | (32,167 | ) | (21,913 | ) | (8,973 | ) | (61,095 | ) | (30,947 | ) | (20,641 | ) | ||||||||||||
General and administrative | (35,530 | ) | (17,587 | ) | (13,832 | ) | (39,389 | ) | (35,514 | ) | (17,554 | ) | ||||||||||||
Impairment charges | (7,221 | ) | — | — | (15,500 | ) | (7,221 | ) | — | |||||||||||||||
Non-operating income | 8,913 | 1,514 | 3,269 | 10,726 | 8,913 | 1,502 | ||||||||||||||||||
Interest and amortization expense | (71,402 | ) | (62,617 | ) | (42,456 | ) | (163,628 | ) | (65,097 | ) | (56,177 | ) | ||||||||||||
Debt satisfaction gains (charges), net | 7,228 | 4,409 | (56 | ) | (1,209 | ) | 7,228 | 4,409 | ||||||||||||||||
Write-off — tenant bankruptcy | — | — | (2,884 | ) | ||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations | (3,476 | ) | 21,223 | 31,028 | ||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities, gains on sale of properties-affiliates and discontinued operations | (74,392 | ) | (11,794 | ) | 12,918 | |||||||||||||||||||
Benefit (provision) for income taxes | 238 | 150 | (1,181 | ) | (3,374 | ) | 238 | 150 | ||||||||||||||||
Minority interests | (1,611 | ) | (2,655 | ) | (2,465 | ) | 2,652 | (601 | ) | (1,694 | ) | |||||||||||||
Equity in earnings of non-consolidated entities | 4,186 | 6,220 | 7,194 | 46,467 | 4,248 | 6,232 | ||||||||||||||||||
Gains on sale of properties-affiliates | 17,864 | — | — | |||||||||||||||||||||
Income (loss) from continuing operations | (663 | ) | 24,938 | 34,576 | (10,783 | ) | (7,909 | ) | 17,606 | |||||||||||||||
Discontinued operations, net of minority interests and taxes: | ||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||
Income from discontinued operations | 4,853 | 8,206 | 10,203 | 29,561 | 14,459 | 17,593 | ||||||||||||||||||
Debt satisfaction gains (charges) | 3,626 | (725 | ) | — | ||||||||||||||||||||
Provision for income taxes | (3,327 | ) | (73 | ) | — | |||||||||||||||||||
Debt satisfaction (charges) gains | (7,950 | ) | 4,492 | (731 | ) | |||||||||||||||||||
Gains on sales of properties | 92,878 | 22,866 | 12,291 | |||||||||||||||||||||
Impairment charges | (21,612 | ) | (11,302 | ) | (5,447 | ) | (1,670 | ) | (28,209 | ) | (13,006 | ) | ||||||||||||
Gains on sales of properties | 21,549 | 11,578 | 5,475 | |||||||||||||||||||||
Minority interests share of (income) loss | (21,858 | ) | 2,127 | (1,058 | ) | |||||||||||||||||||
Total discontinued operations | 8,416 | 7,757 | 10,231 | 87,634 | 15,662 | 15,089 | ||||||||||||||||||
Net income | 7,753 | 32,695 | 44,807 | 76,851 | 7,753 | 32,695 | ||||||||||||||||||
Dividends attributable to preferred shares — Series B | (6,360 | ) | (6,360 | ) | (6,360 | ) | (6,360 | ) | (6,360 | ) | (6,360 | ) | ||||||||||||
Dividends attributable to preferred shares — Series C | (10,075 | ) | (10,075 | ) | (585 | ) | (10,075 | ) | (10,075 | ) | (10,075 | ) | ||||||||||||
Dividends attributable to preferred shares — Series D | (10,298 | ) | — | — | ||||||||||||||||||||
Net income (loss) allocable to common shareholders | $ | (8,682 | ) | $ | 16,260 | $ | 37,862 | $ | 50,118 | $ | (8,682 | ) | $ | 16,260 | ||||||||||
Income (loss) per common share — basic: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.17 | $ | 0.59 | $ | (0.58 | ) | $ | (0.47 | ) | $ | 0.03 | |||||||||
Income from discontinued operations | 0.16 | 0.16 | 0.22 | 1.35 | 0.30 | 0.30 | ||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.33 | $ | 0.81 | $ | 0.77 | $ | (0.17 | ) | $ | 0.33 | ||||||||||
Weighted average common shares outstanding — basic | 52,163,569 | 49,835,773 | 46,551,328 | 64,910,123 | 52,163,569 | 49,835,773 | ||||||||||||||||||
Income (loss) per common share — diluted: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.17 | $ | 0.58 | $ | (0.58 | ) | $ | (0.47 | ) | $ | 0.03 | |||||||||
Income from discontinued operations | 0.16 | 0.16 | 0.22 | 1.35 | 0.30 | 0.30 | ||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.33 | $ | 0.80 | $ | 0.77 | $ | (0.17 | ) | $ | 0.33 | ||||||||||
Weighted average common shares outstanding — diluted | 52,163,569 | 49,902,649 | 52,048,909 | 64,910,123 | 52,163,569 | 49,902,649 | ||||||||||||||||||
64
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Net income | $ | 7,753 | $ | 32,695 | $ | 44,807 | $ | 76,851 | $ | 7,753 | $ | 32,695 | ||||||||||||
Change in other comprehensive income: | ||||||||||||||||||||||||
Unrealized gain (loss) in marketable equity securities | (896 | ) | 789 | — | ||||||||||||||||||||
Unrealized gain in foreign currency translation | 371 | 484 | — | |||||||||||||||||||||
Unrealized loss on investments in non-consolidated entities | (3,526 | ) | — | — | ||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Unrealized gain in marketable equity securities | 789 | — | — | |||||||||||||||||||||
Unrealized gain in foreign currency translation | 484 | — | — | |||||||||||||||||||||
Other comprehensive income | 1,273 | — | — | |||||||||||||||||||||
Other comprehensive income (loss) | (4,051 | ) | 1,273 | — | ||||||||||||||||||||
Comprehensive income | $ | 9,026 | $ | 32,695 | $ | 44,807 | $ | 72,800 | $ | 9,026 | $ | 32,695 | ||||||||||||
65
Accumulated | Accumulated | �� | Accumulated | Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Additional | Deferred | Distributions | Other | Total | Number of | Number of | Additional | Deferred | Distributions | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred | Common | Paid-in | Compensation, | In Excess of | Comprehensive | Shareholders’ | Preferred | Common | Paid-in | Compensation, | In Excess of | Comprehensive | Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | net | Net Income | Income | Equity | Shares | Amount | Shares | Amount | Capital | Net | Net Income | Income (Loss) | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2003 | 3,160,000 | $ | 76,315 | 40,394,113 | $ | 4 | $ | 601,501 | $ | (6,265 | ) | $ | (91,707 | ) | — | $ | 579,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 44,807 | — | 44,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders | — | — | — | — | — | — | (65,086 | ) | — | (65,086 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to preferred shareholders | — | — | — | — | — | — | (6,360 | ) | — | (6,360 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, net | — | — | 7,939,272 | 1 | 161,572 | (4,381 | ) | — | — | 157,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net | 2,700,000 | 131,126 | — | — | — | — | — | — | 131,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | 1,954 | — | — | 1,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclass of common shares from mezzanine equity | — | — | 287,888 | — | 3,809 | — | — | — | 3,809 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2004 | 5,860,000 | 207,441 | 48,621,273 | 5 | 766,882 | (8,692 | ) | (118,346 | ) | — | 847,290 | 5,860,000 | $ | 207,441 | 48,621,273 | $ | 5 | $ | 766,882 | $ | (8,692 | ) | $ | (118,346 | ) | $ | — | $ | 847,290 | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 32,695 | — | 32,695 | — | — | — | — | — | — | 32,695 | — | 32,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders | — | — | — | — | — | — | (72,617 | ) | — | (72,617 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to preferred shareholders | — | — | — | — | — | — | (6,360 | ) | — | (6,360 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to preferred shareholders | — | — | — | — | — | — | (8,134 | ) | — | (8,134 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — common shareholders | — | — | — | — | — | — | (72,617 | ) | — | (72,617 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — preferred shareholders | — | — | — | — | — | — | (14,494 | ) | — | (14,494 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, net | — | — | 3,534,582 | — | 81,682 | (5,575 | ) | — | — | 76,107 | — | — | 3,534,582 | — | 81,682 | (5,575 | ) | — | — | 76,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net | 400,000 | 19,463 | — | — | — | — | — | — | 19,463 | 400,000 | 19,463 | — | — | — | — | — | — | 19,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | 2,866 | — | — | 2,866 | — | — | — | — | — | 2,866 | — | — | 2,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2005 | 6,260,000 | 226,904 | 52,155,855 | 5 | 848,564 | (11,401 | ) | (172,762 | ) | — | 891,310 | 6,260,000 | 226,904 | 52,155,855 | 5 | 848,564 | (11,401 | ) | (172,762 | ) | — | 891,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 7,753 | — | 7,753 | — | — | — | — | — | — | 7,753 | — | 7,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting principle (Note 2) | — | — | — | — | (11,401 | ) | 11,401 | — | — | — | — | — | — | — | (11,401 | ) | 11,401 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders | — | — | — | — | — | — | (109,088 | ) | — | (109,088 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | — | — | — | (7,949 | ) | — | (7,949 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | — | — | — | (12,594 | ) | — | (12,594 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — common shareholders | — | — | — | — | — | — | (109,088 | ) | — | (109,088 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — preferred shareholders | — | — | — | — | — | — | (20,543 | ) | — | (20,543 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, net | — | — | 16,895,926 | 2 | 351,737 | — | — | — | 351,739 | — | — | 16,895,926 | 2 | 351,737 | — | — | — | 351,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of special voting preferred | 1 | — | — | — | — | — | — | — | — | 1 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 1,273 | 1,273 | — | — | — | — | — | — | — | 1,273 | 1,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2006 | 6,260,001 | $ | 226,904 | 69,051,781 | $ | 7 | $ | 1,188,900 | $ | — | $ | (294,640 | ) | $ | 1,273 | $ | 1,122,444 | 6,260,001 | 226,904 | 69,051,781 | 7 | 1,188,900 | — | (294,640 | ) | 1,273 | 1,122,444 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 76,851 | — | 76,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — common shareholders | — | — | — | — | — | — | (223,746 | ) | — | (223,746 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends — preferred shareholders | — | — | — | — | — | — | (26,733 | ) | — | (26,733 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, net | — | — | 1,608,369 | — | 34,554 | — | 101 | — | 34,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (9,595,816 | ) | (1 | ) | (190,122 | ) | — | — | — | (190,123 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net | 6,200,000 | 149,774 | — | — | — | — | — | — | 149,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (4,051 | ) | (4,051 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2007 | 12,460,001 | $ | 376,678 | 61,064,334 | $ | 6 | $ | 1,033,332 | $ | — | $ | (468,167 | ) | $ | (2,778 | ) | $ | 939,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
66
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 7,753 | $ | 32,695 | $ | 44,807 | $ | 76,851 | $ | 7,753 | $ | 32,695 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities, net of effects from acquisitions: | ||||||||||||||||||||||||
Depreciation and amortization | 84,734 | 73,034 | 41,710 | 253,535 | 84,734 | 73,034 | ||||||||||||||||||
Minority interests | (2,842 | ) | 2,165 | 2,983 | 19,206 | (2,842 | ) | 2,165 | ||||||||||||||||
Gains on sales of properties | (21,549 | ) | (11,578 | ) | (5,475 | ) | (110,742 | ) | (21,549 | ) | (11,578 | ) | ||||||||||||
Debt satisfaction gain, net | (14,761 | ) | (4,536 | ) | — | |||||||||||||||||||
Debt satisfaction charges (gains), net | 2,250 | (14,761 | ) | (4,536 | ) | |||||||||||||||||||
Impairment charges | 35,430 | 12,879 | 6,375 | 17,170 | 35,430 | 12,879 | ||||||||||||||||||
Write-off-tenant bankruptcy | — | — | 2,884 | |||||||||||||||||||||
Straight-line rents | (4,923 | ) | (3,447 | ) | (3,395 | ) | 16,151 | (4,923 | ) | (3,447 | ) | |||||||||||||
Other non-cash charges | 17,233 | 4,196 | 2,556 | 16,774 | 17,233 | 4,196 | ||||||||||||||||||
Equity in earnings of non-consolidated entities | (4,186 | ) | (6,220 | ) | (7,194 | ) | (46,474 | ) | (4,186 | ) | (6,220 | ) | ||||||||||||
Distributions of accumulated earnings from non-consolidated entities | 8,058 | 7,561 | 5,170 | 7,930 | 8,058 | 7,561 | ||||||||||||||||||
Deferred tax assets | (738 | ) | (466 | ) | (2,026 | ) | 2,358 | (738 | ) | (466 | ) | |||||||||||||
Increase (decrease) in accounts payable and other liabilities | 1,999 | (788 | ) | 1,710 | 4,999 | 1,999 | (788 | ) | ||||||||||||||||
Change in rent receivable and prepaid rent, net | 12,378 | (3,521 | ) | 2,790 | ||||||||||||||||||||
Increase in accrued interest payable | 15,193 | 1,383 | 235 | |||||||||||||||||||||
Other adjustments, net | 1,812 | (38 | ) | 631 | 72 | 3,950 | (3,063 | ) | ||||||||||||||||
Net cash provided by operating activities | 108,020 | 105,457 | 90,736 | 287,651 | 108,020 | 105,457 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Net proceeds from sales/transfers of properties | 76,627 | 96,685 | 101,367 | 423,634 | 76,627 | 96,685 | ||||||||||||||||||
Net proceeds from sales of properties-affiliates | 126,628 | — | — | |||||||||||||||||||||
Cash paid relating to Merger | (12,395 | ) | — | — | — | (12,395 | ) | — | ||||||||||||||||
Investments in real estate properties and intangible assets | (173,661 | ) | (759,656 | ) | (203,678 | ) | (163,746 | ) | (173,661 | ) | (759,656 | ) | ||||||||||||
Investments in and advances to non-consolidated entities | (9,865 | ) | (41,943 | ) | (86,171 | ) | (97,942 | ) | (9,865 | ) | (41,943 | ) | ||||||||||||
Investment in convertible mortgage receivable | — | — | (19,800 | ) | ||||||||||||||||||||
Acquisition of controlling interest in LSAC | (42,619 | ) | — | — | ||||||||||||||||||||
Acquisition of interest in certain non-consolidated entities | (366,614 | ) | — | — | ||||||||||||||||||||
Acquisition of additional interest in LSAC | (24,199 | ) | (42,619 | ) | — | |||||||||||||||||||
Collection of notes from affiliate | 8,300 | 45,800 | — | — | 8,300 | 45,800 | ||||||||||||||||||
Issuance of notes receivable to affiliate | (8,300 | ) | — | (32,800 | ) | — | (8,300 | ) | — | |||||||||||||||
Principal payments received on loans receivable | 8,499 | — | — | |||||||||||||||||||||
Collection of notes | — | 3,488 | — | — | — | 3,488 | ||||||||||||||||||
Real estate deposits | 359 | 1,579 | 1,180 | 1,756 | 359 | 1,579 | ||||||||||||||||||
Investment in notes receivable | (11,144 | ) | — | — | — | (11,144 | ) | — | ||||||||||||||||
Investment in marketable securities | (5,019 | ) | — | — | ||||||||||||||||||||
Proceeds from the sale of marketable equity securities | 29,462 | — | — | |||||||||||||||||||||
Investment in marketable equity securities | (723 | ) | (5,019 | ) | — | |||||||||||||||||||
Distribution from non-consolidated entities in excess of accumulated earnings | 19,640 | 17,202 | 38,651 | 9,457 | 19,640 | 17,202 | ||||||||||||||||||
Increase in deferred leasing costs | (1,737 | ) | (2,919 | ) | (207 | ) | (5,713 | ) | (1,737 | ) | (2,919 | ) | ||||||||||||
Change in escrow deposits and restricted cash | 5,734 | (4,013 | ) | (967 | ) | 28,011 | 5,734 | (4,013 | ) | |||||||||||||||
Net cash used in investing activities | (154,080 | ) | (643,777 | ) | (202,425 | ) | (31,490 | ) | (154,080 | ) | (643,777 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds of mortgages and notes payable | 147,045 | 516,520 | 159,760 | 246,965 | 147,045 | 516,520 | ||||||||||||||||||
Change in credit facility borrowing, net | 65,194 | — | (94,000 | ) | (65,194 | ) | 65,194 | — | ||||||||||||||||
Dividends to common and preferred shareholders | (93,681 | ) | (87,111 | ) | (71,446 | ) | (137,259 | ) | (93,681 | ) | (87,111 | ) | ||||||||||||
Dividend reinvestment plan proceeds | 12,525 | 13,815 | 10,608 | 5,652 | 12,525 | 13,815 | ||||||||||||||||||
Principal payments on debt, excluding normal amortization | (82,010 | ) | (50,936 | ) | (6,543 | ) | (665,124 | ) | (82,010 | ) | (50,936 | ) | ||||||||||||
Principal amortization payments | (28,966 | ) | (25,313 | ) | (19,704 | ) | (73,351 | ) | (28,966 | ) | (25,313 | ) | ||||||||||||
Debt deposits | 291 | 1,334 | (1,384 | ) | — | 291 | 1,334 | |||||||||||||||||
Origination fee amortization payments | — | — | (29 | ) | ||||||||||||||||||||
Proceeds from term loan | 225,000 | — | — | |||||||||||||||||||||
Proceeds from trust preferred notes | 200,000 | — | — | |||||||||||||||||||||
Proceeds from exchangeable notes | 450,000 | — | — | |||||||||||||||||||||
Issuance of common/preferred shares | 272 | 80,671 | 275,644 | 149,898 | 272 | 80,671 | ||||||||||||||||||
Repurchase of common shares | (11,159 | ) | — | — | (190,123 | ) | (11,159 | ) | — | |||||||||||||||
Contributions from minority partners | 810 | 9,412 | — | — | 810 | 9,412 | ||||||||||||||||||
Cash distributions to minority partners | (8,554 | ) | (7,028 | ) | (8,975 | ) | (84,858 | ) | (8,554 | ) | (7,028 | ) | ||||||||||||
Increase in deferred financing costs | (1,169 | ) | (6,403 | ) | (1,087 | ) | (18,707 | ) | (1,169 | ) | (6,403 | ) | ||||||||||||
Purchases of partnership units | (115 | ) | (83 | ) | (121 | ) | (3,926 | ) | (115 | ) | (83 | ) | ||||||||||||
Net cash provided by financing activities | 483 | 444,878 | 242,723 | 38,973 | 483 | 444,878 | ||||||||||||||||||
Cash acquired in co-investment program acquisition | 20,867 | — | — | |||||||||||||||||||||
Cash associated with sale of interest in entity | (1,442 | ) | — | — | ||||||||||||||||||||
Cash attributable to newly consolidated entity | 31,985 | — | — | — | 31,985 | — | ||||||||||||||||||
Cash attributable to Merger | 57,624 | — | — | — | 57,624 | — | ||||||||||||||||||
Change in cash and cash equivalents | 44,032 | (93,442 | ) | 131,034 | 314,559 | 44,032 | (93,442 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of year | 53,515 | 146,957 | 15,923 | 97,547 | 53,515 | 146,957 | ||||||||||||||||||
Cash and cash equivalents, end of year | $ | 97,547 | $ | 53,515 | $ | 146,957 | $ | 412,106 | $ | 97,547 | $ | 53,515 | ||||||||||||
67
(1) | The Company |
• | a wholly-owned portfolio of core office assets; | |
• | a wholly-owned portfolio of core warehouse/distribution assets; |
68
• | a continuing 50% interest in a co-investment program that invests in senior and subordinated debt interests secured by both net leased and multi-tenanted real estate collateral; | |
• | a minority interest in a co-investment program that invests in specialty single tenant real estate assets; and | |
• | equity securities in other net lease companies owned either individually or through an interest in one or more joint ventures or co-investment program. |
• | acquired all of the outstanding interests not otherwise owned by the Company in Triple Net Investment Company LLC, one of the Company’s co-investment programs, which resulted in the Company becoming the sole owner of the co-investment program’s 15 primarily single tenant net leased properties; | |
• | acquired all of the outstanding interests not otherwise owned by the Company in Lexington Acquiport Company, LLC and Lexington Acquiport Company II, LLC, two of the Company’s co-investment programs, which resulted in the Company becoming the sole owner of the co-investment program’s 26 primarily single tenant net leased properties; | |
• | terminated Lexington/Lion Venture L.P., one of its co-investment programs, and was distributed seven primarily single tenant net leased properties owned by the co-investment program; | |
• | announced a disposition program, whereby the Company began marketing non-core assets for sale; and | |
• | formed a co-investment program with a subsidiary of Inland American Real Estate Trust, Inc., which acquired 30 assets previously owned by the Company, and which, in addition is under contract to acquire an additional 13 assets currently owned by the Company and may invest in “core plus” net leased assets, such as manufacturing assets, call centers and other specialty assets. |
(2) | Summary of Significant Accounting Policies |
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2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Total dividends per share | $ | 1.46 | $ | 1.44 | $ | 1.40 | $ | 2.93342 | (i) | $ | 1.46 | $ | 1.44 | |||||||||||
Ordinary income | 68.89 | % | 87.29 | % | 84.09 | % | 42.36 | % | 68.89 | % | 87.29 | % | ||||||||||||
15% rate — qualifying dividend | 0.77 | 1.04 | 6.82 | 2.50 | 0.77 | 1.04 | ||||||||||||||||||
15% rate gain | 7.97 | 8.72 | 0.34 | 35.62 | 7.97 | 8.72 | ||||||||||||||||||
25% rate gain | 5.13 | 2.95 | 2.28 | 19.52 | 5.13 | 2.95 | ||||||||||||||||||
Return of capital | 17.24 | — | 6.47 | — | 17.24 | — | ||||||||||||||||||
100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||
(i) | Includes the special dividend of $0.2325 paid in January 2007 and a portion of the special dividend of $2.10 paid in January 2008. Of the total dividend paid in January 2008, $1.21092 is allocated to 2007 and $1.26408 is allocated to 2008. |
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Total dividends per share | $ | 2.0125 | $ | 2.0125 | $ | 2.0125 | $ | 2.0125 | $ | 2.0125 | $ | 2.0125 | ||||||||||||
Ordinary income | 83.24 | % | 87.29 | % | 89.91 | % | 42.36 | % | 83.24 | % | 87.29 | % | ||||||||||||
15% rate — qualifying dividend | 0.93 | 1.04 | 7.29 | 2.50 | 0.93 | 1.04 | ||||||||||||||||||
15% rate gain | 9.63 | 8.72 | 0.37 | 35.62 | 9.63 | 8.72 | ||||||||||||||||||
25% rate gain | 6.20 | 2.95 | 2.43 | 19.52 | 6.20 | 2.95 | ||||||||||||||||||
100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||
2006 | 2005 | |||||||||||||||||||
Total dividends per share | $ | 3.25 | $ | 2.6239 | $ | 3.25 | $ | 3.25 | $ | 2.624 | ||||||||||
Ordinary income | 83.24 | % | 87.29 | % | 42.36 | % | 83.24 | % | 87.29 | % | ||||||||||
15% rate — qualifying dividend | 0.93 | 1.04 | 2.50 | 0.93 | 1.04 | |||||||||||||||
15% rate gain | 9.63 | 8.72 | 35.62 | 9.63 | 8.72 | |||||||||||||||
25% rate gain | 6.20 | 2.95 | 19.52 | 6.20 | 2.95 | |||||||||||||||
100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||
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2007 | ||||
Total dividends per share | $ | 1.662 | ||
Ordinary income | 42.36 | % | ||
15% rate — qualifying dividend | 2.50 | |||
15% rate gain | 35.62 | |||
25% rate gain | 19.52 | |||
100.00 | % | |||
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2005 | ||||||||||||
2005 | 2004 | |||||||||||
Net income allocable to common shareholders, as reported — basic | $ | 16,260 | $ | 37,862 | $ | 16,260 | ||||||
Add: Stock based employee compensation expense included in reported net income | — | — | — | |||||||||
Deduct: Total stock based employee compensation expense determined under fair value based method for all awards | 6 | 255 | 6 | |||||||||
Pro forma net income — basic | $ | 16,254 | $ | 37,607 | $ | 16,254 | ||||||
Net income per share — basic | ||||||||||||
Basic — as reported | $ | 0.33 | $ | 0.81 | $ | 0.33 | ||||||
Basic — pro forma | $ | 0.33 | $ | 0.81 | $ | 0.33 | ||||||
Net income allocable to common shareholders, as reported — diluted | $ | 16,260 | $ | 41,615 | $ | 16,260 | ||||||
Add: Stock based employee compensation expense included in reported net income | — | — | — | |||||||||
Deduct: Total stock based employee compensation expense determined under fair value based method for all awards | 6 | 255 | 6 | |||||||||
Pro forma net income — diluted | $ | 16,254 | $ | 41,360 | $ | 16,254 | ||||||
Net income per share — diluted | ||||||||||||
Diluted — as reported | $ | 0.33 | $ | 0.80 | $ | 0.33 | ||||||
Diluted — pro forma | $ | 0.33 | $ | 0.79 | $ | 0.33 | ||||||
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(3) | Earnings Per Share |
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
BASIC | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (663 | ) | $ | 24,938 | $ | 34,576 | $ | (10,783 | ) | $ | (7,909 | ) | $ | 17,606 | |||||||||
Less — dividends attributable to preferred shares | (16,435 | ) | (16,435 | ) | (6,945 | ) | (26,733 | ) | (16,435 | ) | (16,435 | ) | ||||||||||||
Income (loss) attributable to common shareholders from continuing operations | (17,098 | ) | 8,503 | 27,631 | (37,516 | ) | (24,344 | ) | 1,171 | |||||||||||||||
Total discontinued operations | 8,416 | 7,757 | 10,231 | 87,634 | 15,662 | 15,089 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (8,682 | ) | $ | 16,260 | $ | 37,862 | $ | 50,118 | $ | (8,682 | ) | $ | 16,260 | ||||||||||
Weighted average number of common shares outstanding | 52,163,569 | 49,835,773 | 46,551,328 | 64,910,123 | 52,163,569 | 49,835,773 | ||||||||||||||||||
Income (loss) per common share — basic: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.17 | $ | 0.59 | $ | (0.58 | ) | $ | (0.47 | ) | $ | 0.03 | |||||||||
Income from discontinued operations | 0.16 | 0.16 | 0.22 | 1.35 | 0.30 | 0.30 | ||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.33 | $ | 0.81 | $ | 0.77 | $ | (0.17 | ) | $ | 0.33 | ||||||||||
DILUTED | ||||||||||||||||||||||||
Income (loss) attributable to common shareholders from continuing operations — basic | $ | (17,098 | ) | $ | 8,503 | $ | 27,631 | $ | (37,516 | ) | $ | (24,344 | ) | $ | 1,171 | |||||||||
Add — incremental income attributable to assumed conversion of dilutive interests | — | — | 2,465 | — | — | — | ||||||||||||||||||
Income (loss) attributable to common shareholders from continuing operations | (17,098 | ) | 8,503 | 30,096 | (37,516 | ) | (24,344 | ) | 1,171 | |||||||||||||||
Income from discontinued operations | 8,416 | 7,757 | 11,519 | 87,634 | 15,662 | 15,089 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (8,682 | ) | $ | 16,260 | $ | 41,615 | $ | 50,118 | $ | (8,682 | ) | $ | 16,260 | ||||||||||
Weighted average number of shares used in calculation of basic earnings per share | 52,163,569 | 49,835,773 | 46,551,328 | 64,910,123 | 52,163,569 | 49,835,773 | ||||||||||||||||||
Add — incremental shares representing: | ||||||||||||||||||||||||
Shares issuable upon exercise of employee share options | — | 66,876 | 131,415 | — | — | 66,876 | ||||||||||||||||||
Shares issuable upon conversion of dilutive interests | — | — | 5,366,166 | |||||||||||||||||||||
Weighted average number of shares used in calculation of diluted earnings per common share | 52,163,569 | 49,902,649 | 52,048,909 | 64,910,123 | 52,163,569 | 49,902,649 | ||||||||||||||||||
Income (loss) per common share — diluted: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.17 | $ | 0.58 | $ | (0.58 | ) | $ | (0.47 | ) | $ | 0.03 | |||||||||
Income from discontinued operations | 0.16 | 0.16 | 0.22 | 1.35 | 0.30 | 0.30 | ||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.33 | $ | 0.80 | $ | 0.77 | $ | (0.17 | ) | $ | 0.33 | ||||||||||
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(4) | Investments in Real Estate and Intangible Assets |
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Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Costs | Life (yrs) | ||||||||||||||
Costs | Life (yrs) | |||||||||||||||
Lease origination costs | $ | 19,335 | 13.3 | $ | 165,885 | 8.9 | ||||||||||
Customer relationships | 3,983 | 12.1 | 117,636 | 7.0 | ||||||||||||
Above — market leases | 7,540 | 12.3 | 22,560 | 7.0 | ||||||||||||
$ | 30,858 | $ | 306,081 | |||||||||||||
2007 | 2006 | |||||||||||||||
2006 | 2005 | |||||||||||||||
Lease origination costs | $ | 125,791 | $ | 98,502 | $ | 404,820 | $ | 301,449 | ||||||||
Customer relationships | 35,780 | 30,603 | 178,716 | 93,323 | ||||||||||||
Above-market leases | 21,685 | 14,851 | 114,352 | 107,196 | ||||||||||||
$ | 183,256 | $ | 143,956 | $ | 697,888 | $ | 501,968 | |||||||||
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(5) | Newkirk Merger |
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Fair value of common shares issued | $ | 332,050 | ||
Merger costs | 13,537 | |||
Purchase price, net of assumed liabilities and minority interests | 345,587 | |||
Fair value of liabilities assumed, including debt and minority interest | 2,049,801 | |||
Purchase price | $ | 2,395,388 | ||
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Total real estate assets, including intangibles | $ | 2,081,704 | ||
Investment in and advances to non-consolidated entities | 99,396 | |||
Cash and cash equivalents | 57,624 | |||
Accounts receivable | 46,905 | |||
Restricted cash | 39,640 | |||
Marketable equity securities | 25,760 | |||
Other assets | 44,359 | |||
Total assets acquired | 2,395,388 | |||
Less: | ||||
Debt assumed | 838,735 | |||
Minority interest | 833,608 | |||
Below market leases | 356,788 | |||
Accounts payable, accrued expenses and other liabilities assumed | 20,670 | |||
Purchase price, net of assumed liabilities and minority interest | $ | 345,587 | ||
Weighted Average | ||||||||||||||||
Cost | Useful Life (yrs) | |||||||||||||||
Cost | Weighted average useful life (yrs) | |||||||||||||||
Lease origination costs | $ | 175,658 | 13.1 | $ | 175,658 | 13.1 | ||||||||||
Customer relationships | 57,543 | 7.2 | 57,543 | 7.2 | ||||||||||||
Above-market leases | 85,511 | 3.2 | 85,511 | 3.2 | ||||||||||||
$ | 318,712 | $ | 318,712 | |||||||||||||
Year Ending | ||||||||||||||||
Year Ended | December 31, | |||||||||||||||
December 31, | 2006 | 2005 | ||||||||||||||
2006 | 2005 | |||||||||||||||
Total gross revenues | $ | 376,659 | $ | 346,080 | $ | 376,659 | $ | 346,080 | ||||||||
Income (loss) from continuing operations | 586 | (3,163 | ) | 586 | (3,163 | ) | ||||||||||
Net income | 34,967 | 15,338 | 34,967 | 15,338 | ||||||||||||
Net income (loss) per common share – basic | 0.27 | (0.02 | ) | |||||||||||||
Net income (loss) per common share – diluted | 0.27 | (0.02 | ) | |||||||||||||
Net income (loss) per common share — basic | 0.27 | (0.02 | ) | |||||||||||||
Net income (loss) per common share — diluted | 0.27 | (0.02 | ) |
(6) | Discontinued Operations and Assets Held For Sale |
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Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Total gross revenues | $ | 11,902 | $ | 20,983 | $ | 25,055 | ||||||
Pre-tax income, including gains on sales | $ | 8,491 | $ | 7,757 | $ | 10,231 |
Year Ending December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Total gross revenues | $ | 53,613 | $ | 32,599 | $ | 42,057 | ||||||
Pre-tax income, including gains on sales | $ | 90,961 | $ | 15,735 | $ | 15,089 |
Year Ended | ||||
December 31, | Total | |||
2008 | $ | 759 | ||
2009 | 987 | |||
2010 | 1,230 | |||
2011 | 1,299 | |||
2012 | 1,371 | |||
Thereafter | 79,482 | |||
$ | 85,128 | |||
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(7) | Notes Receivable |
(8) | Investment in Non-Consolidated Entities |
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2007 2006 2005 Gross rental revenues $ 21,883 $ 51,425 $ 42,362 Depreciation and amortization (9,349 ) (21,895 ) (18,508 ) Interest expense (6,669 ) (15,657 ) (13,619 ) Property operating and other (5,272 ) (12,461 ) (8,227 ) Income before gain on sale $ 593 $ 1,412 $ 2,008
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As of 12/31/07 | As of 12/31/06 | |||||||
Investments | $ | 1,140,108 | $ | 450,870 | ||||
Cash, including restricted cash | 19,094 | 148,261 | ||||||
Warehouse debt facilities obligations | 472,324 | 43,893 | ||||||
Collateralized debt obligations | 376,650 | 376,650 | ||||||
Members’ equity | 310,922 | 186,515 |
For the Year | ||||
Ended 12/31/07 | ||||
Interest and other income | $ | 68,453 | ||
Interest expense | (41,675 | ) | ||
Impairment charge | (11,028 | ) | ||
Other expenses and minority interests | (5,554 | ) | ||
Net income | 10,196 | |||
Other comprehensive loss (unrealized loss on investments and swaps) | (16,780 | ) | ||
Comprehensive loss | $ | (6,584 | ) | |
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As of 12/31/07 | ||||
Real estate, including intangibles | $ | 405,834 | ||
Cash | 1,884 | |||
Mortgages payable | 171,556 |
For the Period | ||||
12/20/07 to 12/31/07 | ||||
Gross rental revenues | $ | 951 | ||
Expenses | (352 | ) | ||
Net income | $ | 599 | ||
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2006 | 2005 | |||||||
Real estate, net | $ | 1,395,422 | $ | 1,384,361 | ||||
Other assets | 799,329 | 267,310 | ||||||
$ | 2,194,751 | $ | 1,651,671 | |||||
Mortgages and notes payable | $ | 1,470,951 | $ | 993,454 | ||||
Other liabilities | 29,001 | 26,767 | ||||||
The Company’s capital | 246,477 | 192,466 | ||||||
Other partners/members capital | 448,322 | 438,984 | ||||||
$ | 2,194,751 | $ | 1,651,671 | |||||
2006 | 2005 | 2004 | ||||||||||
Revenues | $ | 166,368 | $ | 145,830 | $ | 83,387 | ||||||
Expenses | (162,883 | ) | (132,878 | ) | (62,764 | ) | ||||||
Debt satisfaction charge | — | (1,952 | ) | — | ||||||||
Impairment charge | (1,838 | ) | — | — | ||||||||
Gain on sale of bankruptcy claim | 5,567 | — | — | |||||||||
Gain on sale of property | — | 5,219 | — | |||||||||
Net income | $ | 7,214 | $ | 16,219 | $ | 20,623 | ||||||
(9) | Mortgages and Notes Payable and Contract Rights Payable |
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2007 | $ | 0 | ||||||
Year ending | ||||||||
December 31, | Total | |||||||
2008 | 0 | $ | — | |||||
2009 | 229 | 229 | ||||||
2010 | 491 | 491 | ||||||
2011 | 540 | 540 | ||||||
2012 | 593 | |||||||
Thereafter | 10,971 | 11,591 | ||||||
$ | 12,231 | $ | 13,444 | |||||
Years ending | ||||||||
December 31, | Total | Total | ||||||
2007 | $ | 73,075 | ||||||
2008 | 699,526 | $ | 99,324 | |||||
2009 | 104,378 | 338,565 | ||||||
2010 | 90,363 | 163,319 | ||||||
2011 | 142,793 | 182,760 | ||||||
2012 | 226,621 | |||||||
Thereafter | 1,018,890 | 1,301,833 | ||||||
$ | 2,129,025 | $ | 2,312,422 | |||||
(10) | Exchangeable Notes and Trust Notes Payable |
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Year ending | ||||
December 31, | Total | |||
2008 | $ | — | ||
2009 | — | |||
2010 | — | |||
2011 | — | |||
2012 | 450,000 | (1) | ||
Thereafter | 200,000 | |||
$ | 650,000 | |||
(1) | Although the exchangeable guaranteed notes mature in 2037, the notes can be put to the Company in 2012. |
(11) | Leases |
Year ending | ||||||||
Years ending | ||||||||
December 31, | Total | |||||||
2007 | $ | 411,757 | ||||||
2008 | 369,441 | $ | 422,579 | |||||
2009 | 283,815 | 359,495 | ||||||
2010 | 234,230 | 308,388 | ||||||
2011 | 215,265 | 286,200 | ||||||
2012 | 254,431 | |||||||
Thereafter | 1,014,072 | 983,308 | ||||||
$ | 2,528,580 | $ | 2,614,401 | |||||
90
Year ending | ||||||||
Years ending | ||||||||
December 31, | Total | |||||||
2007 | $ | 3,998 | ||||||
2008 | 3,464 | $ | 3,744 | |||||
2009 | 3,067 | 3,768 | ||||||
2010 | 2,568 | 3,538 | ||||||
2011 | 2,167 | 3,140 | ||||||
2012 | 2,806 | |||||||
Thereafter | 14,975 | 16,720 | ||||||
$ | 30,239 | $ | 33,716 | |||||
(12) | Minority Interests |
82
91
(13) | Preferred and Common Shares |
92
83
(14) | Benefit Plans |
93
Weighted-Average | Weighted-Average | |||||||||||||||
Number of | Exercise Price | Number of | Exercise Price | |||||||||||||
Shares | Per Share | Shares | Per Share | |||||||||||||
Balance at December 31, 2003 | 521,530 | $ | 13.94 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (345,200 | ) | 13.48 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Expired | — | — | ||||||||||||||
Balance at December 31, 2004 | 176,330 | $ | 14.70 | $ | 176,330 | $ | 14.70 | |||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (133,830 | ) | 14.71 | (133,830 | ) | 14.71 | ||||||||||
Forfeited | (2,000 | ) | 13.66 | (2,000 | ) | 13.66 | ||||||||||
Expired | — | — | — | — | ||||||||||||
Balance at December 31, 2005 | 40,500 | 14.71 | 40,500 | 14.71 | ||||||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (20,500 | ) | 14.15 | (20,500 | ) | 14.15 | ||||||||||
Forfeited | (2,000 | ) | 15.50 | (2,000 | ) | 15.50 | ||||||||||
Expired | (1,500 | ) | 11.82 | (1,500 | ) | 11.82 | ||||||||||
Balance at December 31, 2006 | 16,500 | $ | 15.56 | 16,500 | 15.56 | |||||||||||
Granted | — | — | ||||||||||||||
Exercised | (15,500 | ) | 15.56 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Expired | (1,000 | ) | 15.50 | |||||||||||||
Balance at December 31, 2007 | $ | — | $ | — | ||||||||||||
Options Outstanding | Exercisable Options | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Range of | Average | Remaining | Average | |||||||||||||||||
Exercise | Exercise | Life | Exercise | |||||||||||||||||
Prices | Number | Price | (Months) | Number | Price | |||||||||||||||
$15.50-$15.90 | 16,500 | $ | 15.56 | 2 | 16,500 | $ | 15.56 | |||||||||||||
Number of | Weighted-Average | Number of | Weighted-Average | |||||||||||||
Shares | Value Per Share | Shares | Value Per Share | |||||||||||||
Balance at December 31, 2005 | 708,628 | $ | 20.38 | |||||||||||||
Balance at December 31, 2006 | 654,761 | $ | 21.52 | |||||||||||||
Granted | 639,353 | 22.15 | — | — | ||||||||||||
Forfeited | (469 | ) | 21.30 | (8,430 | ) | 21.99 | ||||||||||
Vested | (692,751 | ) | 20.93 | (224,608 | ) | 20.48 | ||||||||||
Balance at December 31, 2006 | 654,761 | $ | 21.52 | |||||||||||||
Balance at December 31, 2007 | 421,723 | $ | 22.06 | |||||||||||||
94
84
95
(15) | Income Taxes |
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 139 | $ | 222 | $ | 2,249 | $ | (928 | ) | $ | (139 | ) | $ | (222 | ) | |||||||||
State and local | 331 | 93 | 958 | (2,679 | ) | (331 | ) | (93 | ) | |||||||||||||||
NOL utilized | 799 | — | — | |||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | (561 | ) | (358 | ) | (1,722 | ) | (407 | ) | 561 | 358 | ||||||||||||||
State and local | (147 | ) | (107 | ) | (304 | ) | (159 | ) | 147 | 107 | ||||||||||||||
$ | (238 | ) | $ | (150 | ) | $ | 1,181 | $ | (3,374 | ) | $ | 238 | $ | 150 | ||||||||||
2006 | 2005 | 2004 | 2007 | 2006 | 2005 | |||||||||||||||||||
Federal (benefit) provision at statutory tax rate (34%) | $ | (548 | ) | $ | (96 | ) | $ | 1,106 | ||||||||||||||||
Federal benefit at statutory tax rate (34)% | $ | 488 | $ | 548 | $ | 96 | ||||||||||||||||||
State and local taxes, net of Federal benefit | (86 | ) | (24 | ) | 195 | 4 | 86 | 24 | ||||||||||||||||
Other | 396 | (30 | ) | (120 | ) | (3,866 | ) | (396 | ) | 30 | ||||||||||||||
$ | (238 | ) | $ | (150 | ) | $ | 1,181 | $ | (3,374 | ) | $ | 238 | $ | 150 | ||||||||||
96
(16) | Commitments and Contingencies |
97
(17) | Related Party Transactions |
85
98
(18) | Fair Market Value of Financial Instruments |
(19) | Concentration of Risk |
(20) | Supplemental Disclosure of Statement of Cash Flow Information |
99
86
Real estate | $ | 106,112 | ||
Cash | $ | 31,985 | ||
Other assets | $ | 23,476 | ||
Mortgage payable | $ | 72,057 | ||
Other liabilities | $ | 1,341 |
100
2006 | ||||||||||||||||
3/31/06 | 6/30/06 | 9/30/06 | 12/31/06 | |||||||||||||
Total gross revenues(1) | $ | 51,621 | $ | 49,258 | $ | 51,271 | $ | 55,241 | ||||||||
Net income (loss) | $ | 6,078 | $ | 25,520 | $ | (17,596 | ) | $ | (6,249 | ) | ||||||
Net income (loss) allocable to common shareholders — basic | $ | 1,969 | $ | 21,411 | $ | (21,705 | ) | $ | (10,357 | ) | ||||||
Net income (loss) allocable to common shareholders — per share: | ||||||||||||||||
Basic | $ | 0.04 | $ | 0.41 | $ | (0.42 | ) | $ | (0.20 | ) | ||||||
Diluted | $ | 0.04 | $ | 0.41 | $ | (0.42 | ) | $ | (0.20 | ) |
2005 | ||||||||||||||||
3/31/05 | 6/30/05 | 9/30/05 | 12/31/05 | |||||||||||||
Total gross revenues(1) | $ | 33,983 | $ | 46,575 | $ | 52,239 | $ | 50,661 | ||||||||
Net income (loss) | $ | 9,526 | $ | 15,949 | $ | 8,970 | $ | (1,750 | ) | |||||||
Net income (loss) allocable to common shareholders — basic | $ | 5,417 | $ | 11,841 | $ | 4,861 | $ | (5,859 | ) | |||||||
Net income (loss) allocable to common shareholders — per share: | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.24 | $ | 0.10 | $ | (0.11 | ) | |||||||
Diluted | $ | 0.11 | $ | 0.22 | $ | 0.08 | $ | (0.11 | ) |
(21) | Unaudited Quarterly Financial Data |
2007 | ||||||||||||||||
3/31/2007 | 6/30/2007 | 9/30/2007 | 12/31/2007 | |||||||||||||
Total gross revenues(1) | $ | 81,943 | $ | 109,510 | $ | 118,032 | $ | 122,262 | ||||||||
Net income | $ | 2,215 | $ | 28,939 | $ | 14,463 | $ | 31,234 | ||||||||
Net income (loss) allocable to common shareholders — basic | $ | (3,416 | ) | $ | 21,906 | $ | 7,429 | $ | 24,199 | |||||||
Net income (loss) allocable to common shareholders — per share: | ||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.34 | $ | 0.12 | $ | 0.39 | |||||||
Diluted | $ | (0.05 | ) | $ | 0.34 | $ | 0.12 | $ | 0.39 |
2006 | ||||||||||||||||
3/31/2006 | 6/30/2006 | 9/30/2006 | 12/31/2006 | |||||||||||||
Total gross revenues(1) | $ | 46,367 | $ | 44,209 | $ | 46,216 | $ | 49,901 | ||||||||
Net income (loss) | $ | 6,078 | $ | 25,520 | $ | (17,596 | ) | $ | (6,249 | ) | ||||||
Net income (loss) allocable to common shareholders — basic | $ | 1,969 | $ | 21,411 | $ | (21,704 | ) | $ | (10,358 | ) | ||||||
Net income (loss) allocable to common shareholders — per share: | ||||||||||||||||
Basic | $ | 0.04 | $ | 0.41 | $ | (0.42 | ) | $ | (0.20 | ) | ||||||
Diluted | $ | 0.04 | $ | 0.41 | $ | (0.42 | ) | $ | (0.20 | ) |
(1) | All periods have been adjusted to reflect the impact of properties sold during the years ended December 31, |
87
(22) | Subsequent Events |
• | |||
• | |||
• |
88
101
Accumulated | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and | Buildings | Depreciation | Useful life computing | Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | and | and | Date | Date | depreciation in latest | Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | ||||||||||||||||||||||||||||||||||||||||||||
R&D | Glendale, AZ | $ | 14,278 | $ | 4,996 | $ | 24,392 | $ | 29,388 | $ | 14,036 | Nov-86 | 1985 | 12 & 40 | Glendale, AZ | $ | 14,084 | $ | 4,996 | $ | 24,392 | $ | 29,388 | $ | 14,557 | Nov-86 | 1985 | 12 & 40 | ||||||||||||||||||||||||||||||||||
Industrial | Marshall, MI | — | 33 | 3,932 | 3,965 | 1,890 | Aug-87 | 1968/1972 | 12,20,22 & 40 | Marshall, MI | 0 | 40 | 900 | 940 | 526 | Aug-87 | 1979 | 12, 20 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Marshall, MI | — | 14 | 926 | 940 | 505 | Aug-87 | 1979 | 12,20 & 40 | Marshall, MI | 0 | 129 | 3,836 | 3,965 | 1,992 | Aug-87 | 1968/1972 | 12, 20, 22 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Newport, OR | 6,644 | 1,400 | 7,270 | 8,670 | 4,072 | Sep-87 | 1986 | 12,15 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office/Warehouse | Tampa, FL | 8,052 | 1,900 | 9,854 | 11,754 | 4,510 | Nov-87 | 1986 | 28,30 & 40 | Tampa, FL | 7,941 | 1,900 | 9,854 | 11,754 | 4,758 | Nov-87 | 1986 | 28, 30 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office/Warehouse | Memphis, TN | — | 1,053 | 11,438 | 12,491 | 8,641 | Feb-88 | 1987 | 8 &15 | Memphis, TN | *** | 1,053 | 11,538 | 12,591 | 9,566 | Feb-88 | 1987 | 8 &15 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Klamath Falls, OR | — | 728 | 9,159 | 9,887 | 4,303 | Mar-88 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Tampa, FL | 5,823 | 1,389 | 7,866 | 9,255 | 4,013 | Jul-88 | 1986 | 10, 24, 26, 31, & 40 | Tampa, FL | 5,741 | 2,160 | 7,127 | 9,287 | 4,234 | Jul-88 | 1986 | 10, 24, 26, 31, & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse/Industrial | Jacksonville, FL | — | 258 | 3,637 | 3,895 | 1,551 | Jul-88 | 1958/1969 | 20, 25 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse/Distribution | Mechanicsburg, PA | 13,126 | 1,439 | 13,986 | 15,425 | 5,358 | Oct-90 | 1985/1995 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Laguna Hills, CA | — | 255 | 5,035 | 5,290 | 2,793 | Aug-95 | 1974 | 17 & 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Oxon Hill, MD | — | 403 | 2,765 | 3,168 | 1,487 | Aug-95 | 1976 | 18.21 & 24 | Oxon Hill, MD | 0 | 403 | 2,765 | 3,168 | 1,616 | Aug-95 | 1976 | 18.21 & 24 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Rockville, MD | — | — | 1,784 | 1,784 | 968 | Aug-95 | 1977 | 20 & 22 | Rockville, MD | 0 | 0 | 1,784 | 1,784 | 1,041 | Aug-95 | 1977 | 20 & 22 | ||||||||||||||||||||||||||||||||||||||||||||
Retail/Health Club | Canton, OH | 757 | 602 | 3,819 | 4,421 | 1,050 | Dec-95 | 1987 | 40 | Canton, OH | 427 | 602 | 3,819 | 4,421 | 1,145 | Dec-95 | 1987 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Salt Lake City, UT | 7,137 | — | 55,404 | 55,404 | 22,686 | May-96 | 1982 | 26 | Salt Lake City, UT | 4,712 | 0 | 55,404 | 55,404 | 24,821 | May-96 | 1982 | 26 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Honolulu, HI | — | — | 11,147 | 11,147 | 7,898 | Dec-96 | 1980 | 5 | Honolulu, HI | *** | 0 | 11,147 | 11,147 | 9,458 | Dec-96 | 1980 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Oberlin, OH | — | 276 | 4,515 | 4,791 | 1,129 | Dec-96 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufacturing | Franklin, NC | 1,600 | 386 | 3,062 | 3,448 | 766 | Dec-96 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Clackamas, OR | — | 523 | 2,847 | 3,370 | 1,587 | Dec-96 | 1981 | 14 & 24 | Tulsa, OK | 0 | 447 | 2,432 | 2,879 | 1,492 | Dec-96 | 1981 | 14 & 24 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Lynwood, WA | — | 488 | 2,658 | 3,146 | 1,483 | Dec-96 | 1981 | 14 & 24 | Clackamas, OR | 0 | 523 | 2,847 | 3,370 | 1,747 | Dec-96 | 1981 | 14 & 24 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Tulsa, OK | — | 447 | 2,432 | 2,879 | 1,356 | Dec-96 | 1981 | 14 & 24 | Lynwood, WA | 0 | 488 | 2,658 | 3,146 | 1,631 | Dec-96 | 1981 | 14 & 24 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse | New Kingston, PA | 6,917 | 1,380 | 10,963 | 12,343 | 2,684 | Mar-97 | 1989 | 40 | New Kingston, PA | 3,230 | 674 | 5,360 | 6,034 | 1,446 | Mar-97 | 1981 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse | Mechanicsburg, PA | 5,106 | 1,012 | 8,039 | 9,051 | 1,968 | Mar-97 | 1985 | 40 | Mechanicsburg, PA | 5,005 | 1,012 | 8,039 | 9,051 | 2,169 | Mar-97 | 1985 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse | New Kingston, PA | 3,295 | 674 | 5,360 | 6,034 | 1,312 | Mar-97 | 1981 | 40 | New Kingston, PA | 6,780 | 1,380 | 10,963 | 12,343 | 2,958 | Mar-97 | 1989 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Dallas, TX | — | 3,582 | 32,413 | 35,995 | 7,285 | Sep-97 | 1986 | 40 | Dallas, TX | 0 | 3,582 | 37,246 | 40,828 | 8,563 | Sep-97 | 1981 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse | Waterloo, IA | 5,899 | 1,025 | 8,296 | 9,321 | 1,910 | Oct-97 | 1996/1997 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Richmond, VA | — | — | 27,282 | 27,282 | 7,614 | Dec-97 | 1990 | 32.25 | Decatur, GA | 6,106 | 975 | 14,252 | 15,227 | 3,438 | Dec-97 | 1983 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Decatur, GA | 6,268 | 975 | 13,677 | 14,652 | 3,077 | Dec-97 | 1983 | 40 | Richmond, VA | 15,745 | 0 | 27,282 | 27,282 | 8,460 | Dec-97 | 1990 | 32.25 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Hebron, OH | 15,953 | 1,063 | 4,271 | 5,334 | 538 | Dec-97 | 2000 | 40 | Hebron, OH | *** | 1,063 | 4,271 | 5,334 | 645 | Dec-97 | 2000 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Gordonsville, TN | — | 52 | 3,325 | 3,377 | 861 | Dec-97 | 1983/1985 | 34.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office/Warehouse | Bristol, PA | 9,393 | 2,508 | 10,031 | 12,539 | 2,194 | Mar-98 | 1982 | 40 | Bristol, PA | 9,262 | 2,508 | 10,915 | 13,423 | 2,446 | Mar-98 | 1982 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Hebron, KY | — | 1,615 | 7,743 | 9,358 | 1,540 | Mar-98 | 1987 | 6,12 & 40 | Hebron, KY | 0 | 1,615 | 7,958 | 9,573 | 1,830 | Mar-98 | 1987 | 6, 12 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
R&D | Livonia, MI | — | 2,008 | 8,328 | 10,336 | 1,570 | Mar-98 | 1987/1988 | 8 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Livonia, MI | 10,625 | 1,554 | 7,961 | 9,515 | 1,459 | Mar-98 | 1988 | 8 & 40 | Palm Beach Gardens, FL | 10,536 | 3,578 | 14,848 | 18,426 | 3,435 | May-98 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Palm Beach Gardens, FL | 10,759 | 3,578 | 14,249 | 17,827 | 3,073 | May-98 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Lancaster, CA | 18,683 | 2,028 | 28,183 | 30,211 | 4,410 | Jun-98 | 1998/2002 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Auburn Hills, MI | 6,758 | 2,788 | 11,342 | 14,130 | 2,353 | Jul-98 | 1989/1998 | 40 | Auburn Hills, MI | 6,590 | 2,788 | 6,648 | 9,436 | 2,638 | Jul-98 | 1989/1998 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse/Distribution | Baton Rouge, LA | 1,670 | 685 | 3,316 | 4,001 | 648 | Oct-98 | 1998 | 9 & 40 | Baton Rouge, LA | 1,581 | 685 | 3,316 | 4,001 | 764 | Oct-98 | 1998 | 9 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Herndon, VA | 18,258 | 5,127 | 20,730 | 25,857 | 3,616 | Dec-99 | 1987 | 40 | Herndon, VA | 18,041 | 5,127 | 20,730 | 25,857 | 4,135 | Dec-99 | 1987 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Bristol, PA | 5,611 | 1,073 | 7,709 | 8,782 | 1,357 | Dec-99 | 1998 | 40 | Bristol, PA | 5,442 | 1,073 | 7,709 | 8,782 | 1,550 | Dec-99 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Southborough, MA | 1,759 | 456 | 4,291 | 4,747 | 755 | Dec-99 | 1984 | 40 | Hampton, VA | 6,984 | 2,333 | 9,352 | 11,685 | 1,431 | Mar-00 | 1999 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Hampton, VA | 7,072 | 2,333 | 9,352 | 11,685 | 1,198 | Mar-00 | 1999 | 40 | Phoenix, AZ | 18,807 | 4,666 | 19,966 | 24,632 | 3,689 | May-00 | 1997 | 6 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Phoenix, AZ | 19,143 | 4,666 | 18,695 | 23,361 | 3,091 | May-00 | 1997 | 6 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Danville, IL | 6,292 | 1,796 | 7,182 | 8,978 | 1,087 | Dec-00 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Chester, SC | 13,443 | 558 | 21,665 | 22,223 | 5,375 | Jan-01 | 2001/2005 | 25 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Bremerton, WA | 6,564 | 2,144 | 8,633 | 10,777 | 689 | Oct-01 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Phoenix, AZ | — | 2,287 | 18,727 | 21,014 | 1,422 | Nov-01 | 1995/1994 | 5, 10 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Plymouth, MI | 4,502 | 1,533 | 6,130 | 7,663 | 785 | Nov-01 | 1996 | 40 | Danville, IL | 6,161 | 1,796 | 7,182 | 8,978 | 1,266 | Dec-00 | 2000 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Westland, MI | 1,625 | 1,444 | 5,777 | 7,221 | 740 | Nov-01 | 1987/1997 | 40 | Eau Claire, WI | 1,583 | 860 | 3,441 | 4,301 | 527 | Nov-01 | 1994 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Hampton, VA | 4,337 | 1,353 | 5,441 | 6,794 | 924 | Nov-01 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Canton, OH | 3,085 | 883 | 3,534 | 4,417 | 453 | Nov-01 | 1995 | 40 | Canton, OH | 2,993 | 884 | 3,534 | 4,418 | 541 | Nov-01 | 1995 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Eau Claire, WI | 1,762 | 860 | 3,441 | 4,301 | 441 | Nov-01 | 1994 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Spartanburg, SC | 2,563 | 833 | 3,334 | 4,167 | 427 | Nov-01 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Tucson, AZ | 2,307 | 657 | 2,842 | 3,499 | 386 | Nov-01 | 1988 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Columbus, OH | — | 319 | 1,275 | 1,594 | 163 | Nov-01 | 1990 | 40 | Plymouth, MI | 4,442 | 1,533 | 6,130 | 7,663 | 939 | Nov-01 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Retail | Stockton, CA | — | 259 | 1,037 | 1,296 | 133 | Nov-01 | 1968 | 40 | Spartanburg, SC | 2,486 | 834 | 3,334 | 4,168 | 510 | Nov-01 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Henderson, NC | 4,119 | 1,488 | 5,953 | 7,441 | 763 | Nov-01 | 1998 | 40 | Henderson, NC | 4,007 | 1,488 | 5,953 | 7,441 | 912 | Nov-01 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Dillon, SC | 23,378 | 3,223 | 26,054 | 29,277 | 2,419 | Dec-01 | 2001/2005 | 22 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Hebron, OH | — | 1,681 | 6,779 | 8,460 | 865 | Dec-01 | 1999 | 5 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Lake Forest, CA | 10,486 | 3,442 | 13,769 | 17,211 | 1,649 | Mar-02 | 2001 | 40 | Hampton, VA | 4,283 | 1,353 | 5,441 | 6,794 | 1,060 | Nov-01 | 2000 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Knoxville, TN | 5,093 | 1,624 | 6,497 | 8,121 | 711 | Aug-02 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Valley Forge, PA | 12,298 | 3,960 | 16,069 | 20,029 | 1,738 | Sep-02 | 1985/2001 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Groveport, OH | 7,552 | 2,384 | 9,546 | 11,930 | 1,024 | Sep-02 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Westmont, IL | 15,224 | 4,978 | 20,559 | 25,537 | 2,086 | Dec-02 | 1989 | 10, 38, & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Fort Mill, SC | 11,086 | 3,601 | 14,404 | 18,005 | 1,455 | Dec-02 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Boca Raton, FL | 20,400 | 4,290 | 17,161 | 21,451 | 1,662 | Feb-03 | 1983/2002 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Greenville, SC | 13,184 | 4,059 | 16,236 | 20,295 | 1,404 | Jul-03 | 2000/2001 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Dubuque, IA | 10,745 | 2,052 | 8,443 | 10,495 | 731 | Jul-03 | 2002 | 12 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Minneapolis, MN | — | 922 | 3,652 | 4,574 | 316 | Jul-03 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Temple, TX | 8,881 | 2,890 | 11,561 | 14,451 | 927 | Oct-03 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Waxahachie, TX | — | 652 | 13,045 | 13,697 | 2,790 | Dec-03 | 1996/1997 | 10, 16 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Wallingford, CT | 3,421 | 1,049 | 4,198 | 5,247 | 319 | Dec-03 | 1978/1985 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Wall Township, NJ | 29,596 | 8,985 | 26,961 | 35,946 | 3,109 | Jan-04 | 1983 | 22 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Redmond, OR | 9,751 | 1,925 | 13,731 | 15,656 | 1,630 | Feb-04 | 2004 | 20 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Moody, AL | 7,365 | 655 | 9,981 | 10,636 | 1,507 | Feb-04 | 2004 | 10, 15 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Houston, TX | 64,380 | 16,613 | 52,682 | 69,295 | 3,622 | Mar-04 | 1976/1984 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Houston, TX | 25,987 | 13,894 | 14,488 | 28,382 | 996 | Mar-04 | 1992 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Sugar Land, TX | 16,869 | 1,834 | 16,536 | 18,370 | 1,137 | Mar-04 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Houston, TX | 7,382 | 644 | 7,424 | 8,068 | 510 | Mar-04 | 1981/1999 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Florence, SC | 8,879 | 3,235 | 12,941 | 16,176 | 1,596 | May-04 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Carrollton, TX | 14,138 | 2,487 | 18,157 | 20,644 | 1,597 | Jun-04 | 2003 | 19 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Westland, MI | 1,087 | 1,444 | 5,777 | 7,221 | 884 | Nov-01 | 1987/1997 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Clive, IA | 5,868 | 2,762 | 7,453 | 10,215 | 1,139 | Jun-04 | 2003 | 12, 13 & 40 | Phoenix, AZ | *** | 2,287 | 20,584 | 22,871 | 2,009 | Nov-01 | 1995/1994 | 20 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | San Antonio, TX | 29,183 | 2,482 | 38,535 | 41,017 | 4,561 | Jul-04 | 2001 | 17 & 40 | Hebron, OH | *** | 1,681 | 6,779 | 8,460 | 1,038 | Dec-01 | 1999 | 5 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | High Point, NC | 8,372 | 1,330 | 11,183 | 12,513 | 1,221 | Jul-04 | 2002 | 18 & 40 | Dillon, SC | 22,950 | 3,223 | 26,054 | 29,277 | 3,254 | Dec-01 | 2001/2005 | 22 & 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Southfield, MI | — | — | 12,124 | 12,124 | 1,931 | Jul-04 | 1963/1965 | 7, 16 & 40 | Lake Forest, CA | 10,352 | 3,442 | 13,769 | 17,211 | 1,994 | Mar-02 | 2001 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Chelmsford, MA | 6,946 | 1,063 | 10,565 | 11,628 | 1,416 | Aug-04 | 1985 | 14 & 40 | Fort Mill, SC | 10,903 | 3,601 | 14,404 | 18,005 | 1,815 | Dec-02 | 2002 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office | Fort Mill, SC | 20,300 | 1,798 | 25,192 | 26,990 | 3,165 | Nov-04 | 2004 | 15 & 40 | Boca Raton, FL | 20,400 | 4,290 | 17,160 | 21,450 | 2,091 | Feb-03 | 1983/2002 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Office/R&D | Foxboro, MA | 16,002 | 1,586 | 18,245 | 19,831 | 1,994 | Nov-04 | 1965/1988 | 15 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Foxboro, MA | 20,452 | 2,231 | 25,653 | 27,884 | 2,653 | Dec-04 | 1982 | 16 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Los Angeles, CA | 11,398 | 5,110 | 10,859 | 15,969 | 1,310 | Dec-04 | 2000 | 13 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Olive Branch, MS | — | 198 | 10,276 | 10,474 | 1,434 | Dec-04 | 1989 | 8, 15 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Knoxville, TN | 7,734 | 533 | 10,762 | 11,295 | 1,025 | Mar-05 | 2001 | 14 & 40 |
89
Accumulated | ||||||||||||||||||||||||||||||||
Land and | Buildings | Depreciation | Useful life computing | |||||||||||||||||||||||||||||
Land | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||||
Description | Location | Encumbrances | Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||||
Office | Atlanta, GA | 44,851 | 4,600 | 55,340 | 59,940 | 5,491 | Apr-05 | 2003 | 13 & 40 | |||||||||||||||||||||||
Office | Allen, TX | 30,582 | 7,600 | 35,343 | 42,943 | 4,263 | Apr-05 | 1981/1983 | 11 & 40 | |||||||||||||||||||||||
Office | Farmington Hills, MI | — | 3,400 | 16,040 | 19,440 | 1,472 | Apr-05 | 1999 | 22 & 40 | |||||||||||||||||||||||
Office | Houston, TX | 17,507 | 3,750 | 21,149 | 24,899 | 2,151 | Apr-05 | 2000 | 13 & 40 | |||||||||||||||||||||||
Office | Houston, TX | 16,828 | 800 | 22,538 | 23,338 | 2,619 | Apr-05 | 2000 | 11 & 40 | |||||||||||||||||||||||
Industrial | Millington, TN | 17,674 | 723 | 19,119 | 19,842 | 1,564 | Apr-05 | 1997 | 16 & 40 | |||||||||||||||||||||||
Industrial | Kalamazoo, MI | 17,479 | 960 | 17,714 | 18,674 | 1,178 | Apr-05 | 1999 | 22 & 40 | |||||||||||||||||||||||
Office | Indianapolis, IN | 13,067 | 1,700 | 16,448 | 18,148 | 2,158 | Apr-05 | 1999 | 10 & 40 | |||||||||||||||||||||||
Office | San Antonio, TX | 12,961 | 2,800 | 14,587 | 17,387 | 1,741 | Apr-05 | 2000 | 11 & 40 | |||||||||||||||||||||||
Office | Houston, TX | 13,140 | 1,500 | 14,581 | 16,081 | 1,354 | Apr-05 | 2003 | 14 & 40 | |||||||||||||||||||||||
Office | Tempe, AZ | 13,528 | — | 14,564 | 14,564 | 1,441 | Apr-05 | 1998 | 13 & 40 | |||||||||||||||||||||||
Office | Suwannee, GA | 11,325 | 3,200 | 10,903 | 14,103 | 1,189 | Apr-05 | 2001 | 12 & 40 | |||||||||||||||||||||||
Office | Indianapolis, IN | 9,554 | 1,359 | 13,038 | 14,397 | 1,361 | Apr-05 | 2002 | 12 & 40 | |||||||||||||||||||||||
Office | Richmond, VA | 10,518 | 1,100 | 11,919 | 13,019 | 1,088 | Apr-05 | 2000 | 15 & 40 | |||||||||||||||||||||||
Office | Fort Meyers, FL | 8,912 | 1,820 | 10,198 | 12,018 | 1,037 | Apr-05 | 1997 | 13 & 40 | |||||||||||||||||||||||
Office | Harrisburg, PA | 9,099 | 900 | 10,526 | 11,426 | 1,518 | Apr-05 | 1998 | 9 & 40 | |||||||||||||||||||||||
Office | Lakewood, CO | 8,617 | 1,400 | 8,653 | 10,053 | 932 | Apr-05 | 2002 | 12 & 40 | |||||||||||||||||||||||
Office | Jacksonville, FL | 5,759 | 1,334 | 8,561 | 9,895 | 976 | Apr-05 | 2001 | 11 & 40 | |||||||||||||||||||||||
Office | Tulsa, OK | 7,619 | 1,638 | 8,493 | 10,131 | 1,090 | Apr-05 | 2000 | 9 & 40 | |||||||||||||||||||||||
Office | Philadelphia, PA | 49,000 | 13,209 | 50,589 | 63,798 | 4,412 | Jun-05 | 1957 | 14,15& 40 | |||||||||||||||||||||||
Industrial | Elizabethtown, KY | 16,303 | 890 | 26,868 | 27,758 | 1,401 | Jun-05 | 1995/2001 | 25&40 | |||||||||||||||||||||||
Industrial | Hopkinsville, KY | 9,550 | 631 | 16,154 | 16,785 | 745 | Jun-05 | Various | 25&40 | |||||||||||||||||||||||
Industrial | Dry Ridge, KY | 7,723 | 560 | 12,553 | 13,113 | 654 | Jun-05 | 1988 | 25&40 | |||||||||||||||||||||||
Industrial | Owensboro, KY | 6,879 | 393 | 11,956 | 12,349 | 514 | Jun-05 | 1998/2000 | 25&40 | |||||||||||||||||||||||
Industrial | Elizabethtown, KY | 3,096 | 352 | 4,862 | 5,214 | 253 | Jun-05 | 2001 | 25&40 | |||||||||||||||||||||||
Industrial | Livonia, GA | 9,898 | 214 | 12,410 | 12,624 | 709 | Aug-05 | 2005 | 20 & 40 | |||||||||||||||||||||||
Office | Southington, CT | 13,656 | 3,240 | 25,340 | 28,580 | 11,241 | Nov-05 | 1983 | 12,28& 40 | |||||||||||||||||||||||
Office | Sugarland, TX | 9,880 | 2,725 | 10,027 | 12,752 | 465 | Nov-05 | 2004 | 20&40 | |||||||||||||||||||||||
Office | Omaha, NE | 8,919 | 1,630 | 8,324 | 9,954 | 285 | Nov-05 | 1995 | 30 & 40 | |||||||||||||||||||||||
Office | Tempe, AZ | 8,423 | — | 9,442 | 9,442 | 299 | Dec-05 | 1998 | 15 & 40 | |||||||||||||||||||||||
Industrial | Collierville, TN | — | 714 | 2,293 | 3,007 | 104 | Dec-05 | 2005 | 20&40 | |||||||||||||||||||||||
Office | Renswoude, Netherlands | 35,880 | 2,612 | 23,686 | 26,298 | 1,048 | Jan-06 | 1994/2003 | 17 & 40 | |||||||||||||||||||||||
Industrial | Crossville, TN | — | 198 | 7,009 | 7,207 | 342 | Jan-06 | 1989/2006 | 12 & 40 | |||||||||||||||||||||||
Retail | Oklahoma City, OK | — | 4,130 | 1,178 | 5,308 | 49 | May-06 | 1991 | 23 & 40 | |||||||||||||||||||||||
Office | Woodlands, TX | 7,500 | 971 | 7,868 | 8,839 | 179 | May-06 | 2004 | 14 & 40 | |||||||||||||||||||||||
Industrial | Plymouth, IN | 6,652 | 478 | 7,507 | 7,985 | 224 | Jun-06 | 2000/2003 | 30 & 40 | |||||||||||||||||||||||
Retail | Tomball, TX | 9,408 | 3,743 | 8,751 | 12,494 | 100 | Aug-06 | 2004 | 2 & 40 | |||||||||||||||||||||||
Office | Pascagoula, MS | — | 2,329 | 3,286 | 5,615 | 223 | Oct-06 | 1993 | 20 & 40 | |||||||||||||||||||||||
Office | Memphis, TN | 3,951 | 237 | 4.460 | 4,697 | 23 | Nov-06 | 1888 | 20 & 40 | |||||||||||||||||||||||
Office | Hanover, NJ | 16,880 | 2,969 | 19,711 | 22,680 | 101 | Nov-06 | 2006 | 20 & 40 | |||||||||||||||||||||||
Office | Charleston, SC | — | 1,189 | 8,721 | 9,910 | 47 | Nov-06 | 2006 | 40 | |||||||||||||||||||||||
Office | Hilliard, OH | 28,960 | 3,214 | 28,975 | 32,189 | 56 | Dec-06 | 2006 | 40 | |||||||||||||||||||||||
Retail, Office, Garage | Honolulu, HI | — | 21,094 | 12,333 | 33,427 | — | Dec-06 | 1917/1955/1960/1980 | 40 | |||||||||||||||||||||||
Office | Lisle, IL | 10,450 | 2,882 | 14,072 | 16,954 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Office | Dallas, TX | — | 4,042 | 15,555 | 19,597 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Office | Beaumont, TX | — | 456 | 3,454 | 3,910 | — | Dec-06 | 1978 | 40 | |||||||||||||||||||||||
Office | Memphis, TN | — | 1,353 | 8,124 | 9,477 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Office | Elizabeth, NJ | — | 1,324 | 6,484 | 7,808 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Office | Plainsboro, NJ | — | 799 | 912 | 1,711 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Pine Bluff, AR | — | 521 | 2,347 | 2,868 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Bridgewater, NJ | 14,805 | 4,738 | 27,331 | 32,069 | — | Dec-06 | 1986 | 40 | |||||||||||||||||||||||
Office | Long Beach, CA | 35,300 | 19,672 | 67,449 | 87,121 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Office | Allentown, PA | — | 1,972 | 7,241 | 9,213 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Clinton, CT | 1,157 | 285 | 4,025 | 4,310 | — | Dec-06 | 1971 | 40 | |||||||||||||||||||||||
Office | Miamisburg, OH | — | 2,249 | 3,935 | 6,184 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Garland, TX | — | 2,606 | 15,547 | 18,153 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Kingport, TN | — | 351 | 1,637 | 1,988 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Office | Colorado Springs, CO | — | 1,018 | 2,459 | 3,477 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Office | Bridgeton, MO | — | 1,016 | 4,469 | 5,485 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Glenwillow, OH | 17,000 | 2,308 | 37,997 | 40,305 | — | Dec-06 | 1996 | 40 | |||||||||||||||||||||||
Office | Columbus, IN | — | 244 | 22,613 | 22,857 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Office | Johnson City, TN | — | 1,214 | 7,568 | 8,782 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Office | Memphis, TN | — | 5,210 | 95,548 | 100,758 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Office | Orlando, FL | — | 587 | 34,973 | 35,560 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Office | Little Rock, AR | — | 1,353 | 2,260 | 3,613 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Baltimore, MD | — | 15,264 | 71,867 | 87,131 | — | Dec-06 | 1973 | 40 | |||||||||||||||||||||||
Office | Miamisburg, OH | — | 951 | 9,674 | 10,625 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Office | Carondelet, LA | 6,712 | 133 | 8,365 | 8,498 | — | Dec-06 | 1921 | 40 | |||||||||||||||||||||||
Office | Tulane, LA | 5,336 | 84 | 8,721 | 8,805 | — | Dec-06 | 1950 | 40 | |||||||||||||||||||||||
Office | Rockaway, NJ | 14,900 | 4,646 | 20,428 | 25,074 | — | Dec-06 | 2002 | 40 | |||||||||||||||||||||||
Office | El Segundo, CA | 13,282 | 3,012 | 45,022 | 48,034 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Office | El Segundo, CA | 16,233 | 3,030 | 32,808 | 35,838 | — | Dec-06 | 1979 | 40 | |||||||||||||||||||||||
Office | Orlando, FL | — | 11,498 | 33,671 | 45,169 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Office | Beaumont, TX | — | — | 22,988 | 22,988 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Office | Carteret, NJ | — | 3,834 | 24,572 | 28,406 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Office | Bedford, TX | — | 1,983 | 4,037 | 6,020 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Office | Rochester, NY | 18,800 | 674 | 32,783 | 33,457 | — | Dec-06 | 1988 | 40 | |||||||||||||||||||||||
Office | Las Vegas, NV | — | 8,819 | 53,134 | 61,953 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Office | Walnut Creek, CA | — | 2,775 | 14,130 | 16,905 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Rock Falls, IL | — | 135 | 702 | 837 | — | Dec-06 | 1991 | 40 | |||||||||||||||||||||||
Retail | Florence, AL | — | 796 | 3,747 | 4,543 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Chattanooga, TN | — | 550 | 1,241 | 1,791 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Paris, TN | — | 247 | 547 | 794 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Lake Forest, CA | — | 1,296 | 1,568 | 2,864 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Morgan Hill, CA | — | 687 | 2,026 | 2,713 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Redlands, CA | — | 659 | 1,802 | 2,461 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Union City, CA | — | 1,849 | 1,897 | 3,746 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Yorba Linda, CA | — | 751 | 2,200 | 2,951 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Chamblee, GA | — | 770 | 186 | 956 | — | Dec-06 | 1972 | 40 | |||||||||||||||||||||||
Retail | Atlanta, GA | — | 1,014 | 269 | 1,283 | — | Dec-06 | 1972 | 40 | |||||||||||||||||||||||
Retail | Atlanta, GA | — | 870 | 187 | 1,057 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Retail | Cumming, GA | — | 1,558 | 1,368 | 2,926 | — | Dec-06 | 1968 | 40 | |||||||||||||||||||||||
Retail | Duluth, GA | — | 660 | 1,014 | 1,674 | — | Dec-06 | 1971 | 40 | |||||||||||||||||||||||
Retail | Forest Park, GA | — | 668 | 1,242 | 1,910 | — | Dec-06 | 1969 | 40 | |||||||||||||||||||||||
Retail | Jonesboro, GA | — | 778 | 146 | 924 | — | Dec-06 | 1971 | 40 | |||||||||||||||||||||||
Retail | Stone Mountain, GA | — | 672 | 276 | 948 | — | Dec-06 | 1973 | 40 |
90
Accumulated | ||||||||||||||||||||||||||||||||
Land and | Buildings | Depreciation | Useful life computing | |||||||||||||||||||||||||||||
Land | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||||
Description | Location | Encumbrances | Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||||
Retail | Carrollton, TX | — | 1,545 | 3,460 | 5,005 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Corona, CA | — | 743 | 1,342 | 2,085 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Indio, CA | — | 331 | 1,954 | 2,285 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Charlotte, NC | — | 606 | 2,561 | 3,167 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Concord, NC | — | 685 | 1,862 | 2,547 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Thomasville, NC | — | 610 | 1,854 | 2,464 | — | Dec-06 | 1998 | 40 | |||||||||||||||||||||||
Retail | Carmel, IN | — | 921 | 4,727 | 5,648 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Lawrence, IN | — | 404 | 1,737 | 2,141 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Franklin, OH | — | 1,089 | 1,699 | 2,788 | — | Dec-06 | 1961 | 40 | |||||||||||||||||||||||
Retail | Dallas, TX | — | 807 | 5,381 | 6,188 | — | Dec-06 | 1960 | 40 | |||||||||||||||||||||||
Retail | Houston, TX | — | 990 | 4,649 | 5,639 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Port Richey, FL | — | 1,376 | 1,664 | 3,040 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Mammoth Lake, CA | — | 6,279 | 2,761 | 9,040 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Aurora, CO | — | 1,224 | 1,431 | 2,655 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Billings, MT | — | 511 | 3,058 | 3,569 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Fort Worth, TX | — | 1,003 | 3,304 | 4,307 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Retail | Mesa, AZ | — | 189 | 312 | 501 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Atascadero, CA | — | 1,523 | 571 | 2,094 | — | Dec-06 | 1998 | 40 | |||||||||||||||||||||||
Retail | Beaumont, CA | — | 272 | 553 | 825 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Paso Robles, CA | — | 1,099 | 958 | 2,057 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Farmington, NM | — | 90 | 155 | 245 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Retail | Las Vegas, NV | — | 334 | 250 | 584 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | El Paso, TX | — | 82 | 56 | 138 | — | Dec-06 | 1939 | 40 | |||||||||||||||||||||||
Retail | El Paso, TX | — | 121 | 126 | 247 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Lubbock, TX | — | 167 | 80 | 247 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Cheyenne, WY | — | 956 | 1,974 | 2,930 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Greenville, TX | — | 562 | 2,743 | 3,305 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Retail | Bisbee, AZ | — | 478 | 2,426 | 2,904 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Tucson, AZ | — | 1,459 | 3,596 | 5,055 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Lawton, OK | — | 663 | 1,288 | 1,951 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Grants Pass, OR | — | 1,894 | 1,470 | 3,364 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Grand Prairie, TX | — | 1,132 | 4,754 | 5,886 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Graham, WA | — | 2,195 | 4,478 | 6,673 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Milton, WA | — | 1,941 | 5,310 | 7,251 | — | Dec-06 | 1989 | 40 | |||||||||||||||||||||||
Retail | Redmond, WA | — | 4,653 | 5,355 | 10,008 | — | Dec-06 | 1985 | 40 | |||||||||||||||||||||||
Retail | Spokane, WA | — | 449 | 3,070 | 3,519 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Aurora, CO | — | 1,017 | 673 | 1,690 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Santa Monica, CA | — | 16,172 | 29,756 | 45,928 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Baltimore, MD | 1,146 | 4,326 | 3,684 | 8,010 | — | Dec-06 | 1978 | 40 | |||||||||||||||||||||||
Retail | Pleasanton, CA | — | 11,258 | 29,359 | 40,617 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Sandy, UT | — | 1,505 | 3,375 | 4,880 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Jacksonville, NC | — | 1,151 | 1,392 | 2,543 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Jefferson, NC | — | 71 | 884 | 955 | — | Dec-06 | 1979 | 40 | |||||||||||||||||||||||
Retail | Lexington, NC | — | 832 | 1,429 | 2,261 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Moncks Corner, SC | — | 13 | 1,510 | 1,523 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Staunton, VA | — | 1,028 | 1,297 | 2,325 | — | Dec-06 | 1971 | 40 | |||||||||||||||||||||||
Retail | San Diego, CA | — | 32,372 | 16,202 | 48,574 | — | Dec-06 | 1969 | 40 | |||||||||||||||||||||||
Retail | Doylestown, PA | — | 980 | 855 | 1,835 | — | Dec-06 | 1976 | 40 | |||||||||||||||||||||||
Retail | Lansdale, PA | — | 488 | 333 | 821 | — | Dec-06 | 1966 | 40 | |||||||||||||||||||||||
Retail | Lima, PA | — | 1,011 | 961 | 1,972 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 75 | 1,129 | 1,204 | — | Dec-06 | 1921 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 99 | 1,375 | 1,474 | — | Dec-06 | 1920 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 510 | 810 | 1,320 | — | Dec-06 | 1970 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 217 | 1,406 | 1,623 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 134 | 1,874 | 2,008 | — | Dec-06 | 1960 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 92 | 811 | 903 | — | Dec-06 | 1922 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 86 | 565 | 651 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 75 | 1,083 | 1,158 | — | Dec-06 | 1920 | 40 | |||||||||||||||||||||||
Retail | Richboro, PA | — | 686 | 897 | 1,583 | — | Dec-06 | 1976 | 40 | |||||||||||||||||||||||
Retail | Wayne, PA | — | 1,877 | 981 | 2,858 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Montgomery, AL | — | 783 | 2,617 | 3,400 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Port Orchard, WA | — | 2,167 | 1,293 | 3,460 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Minden, LA | — | 334 | 4,888 | 5,222 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Albuquerque, NM | — | 2,900 | 3,080 | 5,980 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Garland, TX | — | 763 | 3,448 | 4,211 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Granbury, TX | — | 1,131 | 3,986 | 5,117 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Hillsboro, TX | — | 139 | 1,581 | 1,720 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Garwood, TX | — | 3,920 | 9,868 | 13,788 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Philadelphia, PA | — | 2,548 | 12,487 | 15,035 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Portchester, NY | — | 7,086 | 9,313 | 16,399 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Tustin, CA | — | 9,324 | 6,803 | 16,127 | — | Dec-06 | 1977 | 40 | |||||||||||||||||||||||
Retail | Ventura, CA | — | 596 | 11,058 | 11,654 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Tallahassee, FL | — | — | 3,700 | 3,700 | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
Retail | Lubbock, TX | — | 417 | 1,783 | 2,200 | — | Dec-06 | 1978 | 40 | |||||||||||||||||||||||
Retail | Edmonds, WA | — | — | 2,600 | 2,600 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | Evanston, WY | — | 173 | 1,630 | 1,803 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Retail | Evanston, WY | — | 190 | 887 | 1,077 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Industrial | Memphis, TN | — | 1,200 | 14,547 | 15,747 | — | Dec-06 | 1973 | 40 | |||||||||||||||||||||||
Industrial | Long Beach, CA | — | 6,230 | 7,802 | 14,032 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Industrial | N. Myrtle Beach, SC | — | 1,481 | 2,078 | 3,559 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Industrial | Cincinnati, OH | — | 1,191 | 10,848 | 12,039 | — | Dec-06 | 1991 | 40 | |||||||||||||||||||||||
Industrial | Owensboro, KY | 7,487 | 819 | 2,439 | 3,258 | — | Dec-06 | 1975 | 40 | |||||||||||||||||||||||
Industrial | Lewisville, TX | — | 3,798 | 31,544 | 35,342 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Industrial | Lumberton, NC | — | 423 | 16,967 | 17,390 | — | Dec-06 | 1998 | 40 | |||||||||||||||||||||||
Industrial | McDonough, GA | — | 2,530 | 16,430 | 18,960 | — | Dec-06 | 2000 | 40 | |||||||||||||||||||||||
Industrial | Columbus, OH | — | 1,972 | 10,476 | 12,448 | — | Dec-06 | 1973 | 40 | |||||||||||||||||||||||
Industrial | Saugerties, NY | — | 508 | 2,837 | 3,345 | — | Dec-06 | 1979 | 40 | |||||||||||||||||||||||
Industrial | Palo Alto, CA | — | 12,435 | 17,028 | 29,463 | — | Dec-06 | 1974 | 40 | |||||||||||||||||||||||
Industrial | North Berwick, ME | — | 1,468 | 27,971 | 29,439 | — | Dec-06 | 1965 | 40 | |||||||||||||||||||||||
Industrial | Franklin, TN | — | 964 | 7,047 | 8,011 | — | Dec-06 | 1970 | 40 | |||||||||||||||||||||||
Industrial | Orlando, FL | — | 1,030 | 10,869 | 11,899 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Industrial | Windsor, WI | — | 1,284 | 12,905 | 14,189 | — | Dec-06 | 1997 | 40 | |||||||||||||||||||||||
Retail | Rockford, Central, IL | 2,622 | 393 | 4,018 | 4,411 | — | Dec-06 | 1998 | 40 | |||||||||||||||||||||||
Retail | Rockford, Rock, IL | 4,278 | — | 7,399 | 7,399 | — | Dec-06 | 1991 | 40 | |||||||||||||||||||||||
Retail | Sun City, AZ | — | 2,154 | 2,775 | 4,929 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Ft. Collins, CO | — | 886 | 2,427 | 3,313 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | Carlsbad, NM | — | 918 | 775 | 1,693 | — | Dec-06 | 1980 | 40 |
91
Accumulated | ||||||||||||||||||||||||||||||||
Land and | Buildings | Depreciation | Useful life computing | |||||||||||||||||||||||||||||
Land | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||||
Description | Location | Encumbrances | Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||||
Retail | Corpus Christi, TX | — | 987 | 974 | 1,961 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | El Paso, TX | — | 220 | 1,749 | 1,969 | — | Dec-06 | 1982 | 40 | |||||||||||||||||||||||
Retail | McAllen, TX | — | 606 | 1,257 | 1,863 | — | Dec-06 | 2004 | 40 | |||||||||||||||||||||||
Retail | Victoria, TX | — | 300 | 1,149 | 1,449 | — | Dec-06 | 1981 | 40 | |||||||||||||||||||||||
Retail | El Segundo, CA | 55,000 | 3,074 | 21,608 | 24,682 | — | Dec-06 | 1979 | 40 | |||||||||||||||||||||||
Retail | Statesville, NC | 14,100 | 910 | 20,467 | 21,377 | — | Dec-06 | 1999 | 40 | |||||||||||||||||||||||
Retail | Irvine, CA | 9,094 | 4,856 | 36,954 | 41,810 | — | Dec-06 | 1983 | 40 | |||||||||||||||||||||||
Retail | Baltimore, MD | — | 4,500 | — | 4,500 | — | Dec-06 | 40 | ||||||||||||||||||||||||
Office | San Francisco, CA | 23,314 | 193 | 25,919 | 26,112 | — | Dec-06 | 1959 | 40 | |||||||||||||||||||||||
Office | Pleasanton, CA | 4,652 | 1,931 | 2,737 | 4,668 | — | Dec-06 | 1984 | 40 | |||||||||||||||||||||||
Retail | Cincinnati, OH | — | — | — | — | — | Dec-06 | 1980 | 40 | |||||||||||||||||||||||
$ | 1,510,781 | 625,717 | 3,121,439 | $ | 3,747,156 | $ | 276,129 | |||||||||||||||||||||||||
92
102
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Industrial | Dubuque, IA | 10,597 | 2,052 | 8,443 | 10,495 | 955 | Jul-03 | 2002 | 12 & 40 | |||||||||||||||||||||
Office | Wallingford, CT | 3,371 | 1,049 | 4,198 | 5,247 | 424 | Dec-03 | 1978/1985 | 40 | |||||||||||||||||||||
Industrial | Waxahachie, TX | 0 | 652 | 13,045 | 13,697 | 3,709 | Dec-03 | 1996/1997 | 10, 16 & 40 | |||||||||||||||||||||
Office | Wall Township, NJ | 29,430 | 8,985 | 26,961 | 35,946 | 4,160 | Jan-04 | 1983 | 22 & 40 | |||||||||||||||||||||
Industrial | Moody, AL | 7,241 | 654 | 9,943 | 10,597 | 2,024 | Feb-04 | 2004 | 10, 15 & 40 | |||||||||||||||||||||
Industrial | Houston, TX | 24,498 | 13,894 | 14,488 | 28,382 | 1,358 | Mar-04 | 1992 | 40 | |||||||||||||||||||||
Office | Sugar Land, TX | 15,670 | 1,834 | 16,536 | 18,370 | 1,550 | Mar-04 | 1997 | 40 | |||||||||||||||||||||
Office | Houston, TX | 6,948 | 644 | 7,424 | 8,068 | 696 | Mar-04 | 1981/1999 | 40 | |||||||||||||||||||||
Office | Florence, SC | 8,678 | 3,235 | 12,941 | 16,176 | 1,920 | May-04 | 1998 | 40 | |||||||||||||||||||||
Office | Clive, IA | 5,784 | 2,761 | 7,453 | 10,214 | 1,590 | Jun-04 | 2003 | 12, 13 & 40 | |||||||||||||||||||||
Office | Carrollton, TX | 13,921 | 2,487 | 18,157 | 20,644 | 2,379 | Jun-04 | 2003 | 19 & 40 | |||||||||||||||||||||
Industrial | High Point, NC | 8,146 | 1,330 | 11,183 | 12,513 | 1,718 | Jul-04 | 2002 | 18 & 40 | |||||||||||||||||||||
Office | Southfield, MI | *** | 0 | 12,124 | 12,124 | 2,707 | Jul-04 | 1963/1965 | 7, 16 & 40 | |||||||||||||||||||||
Industrial | San Antonio, TX | 28,671 | 2,482 | 38,535 | 41,017 | 6,416 | Jul-04 | 2001 | 17 & 40 | |||||||||||||||||||||
Office | Fort Mill, SC | 20,238 | 1,798 | 25,192 | 26,990 | 4,497 | Nov-04 | 2004 | 15 & 40 | |||||||||||||||||||||
Office/R&D | Foxboro, MA | 14,091 | 1,586 | 18,245 | 19,831 | 2,971 | Nov-04 | 1965/1988 | 15 & 40 |
103
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Office | Foxboro, MA | 18,351 | 2,231 | 25,653 | 27,884 | 3,952 | Dec-04 | 1982 | 16 & 40 | |||||||||||||||||||||
Industrial | Olive Branch, MS | 0 | 198 | 10,276 | 10,474 | 2,234 | Dec-04 | 1989 | 8, 15 & 40 | |||||||||||||||||||||
Office | Los Angeles, CA | 11,235 | 5,110 | 10,911 | 16,021 | 1,952 | Dec-04 | 2000 | 13 & 40 | |||||||||||||||||||||
Industrial | Knoxville, TN | 7,628 | 1,079 | 10,762 | 11,841 | 1,598 | Mar-05 | 2001 | 14 & 40 | |||||||||||||||||||||
Office | Tempe, AZ | 13,336 | 0 | 14,564 | 14,564 | 2,285 | Apr-05 | 1998 | 13 & 40 | |||||||||||||||||||||
Office | Farmington Hills, MI | 0 | 3,400 | 6,040 | 9,440 | 2,333 | Apr-05 | 1999 | 22 & 40 | |||||||||||||||||||||
Industrial | Kalamazoo, MI | 17,243 | 960 | 17,714 | 18,674 | 1,867 | Apr-05 | 1999 | 22 & 40 | |||||||||||||||||||||
Industrial | Millington, TN | 17,427 | 723 | 19,119 | 19,842 | 2,549 | Apr-05 | 1997 | 16 & 40 | |||||||||||||||||||||
Office | Fort Meyers, FL | 8,912 | 1,820 | 10,198 | 12,018 | 1,644 | Apr-05 | 1997 | 13 & 40 | |||||||||||||||||||||
Office | Harrisburg, PA | 8,968 | 900 | 10,526 | 11,426 | 2,406 | Apr-05 | 1998 | 9 & 40 | |||||||||||||||||||||
Office | Indianapolis, IN | 12,881 | 1,700 | 16,448 | 18,148 | 3,422 | Apr-05 | 1999 | 10 & 40 | |||||||||||||||||||||
Office | Tulsa, OK | 7,509 | 2,126 | 8,493 | 10,619 | 1,727 | Apr-05 | 2000 | 11 & 40 | |||||||||||||||||||||
Office | Houston, TX | 17,261 | 3,750 | 21,149 | 24,899 | 3,410 | Apr-05 | 2000 | 13 & 40 | |||||||||||||||||||||
Office | Houston, TX | 16,589 | 800 | 22,538 | 23,338 | 4,152 | Apr-05 | 2000 | 11 & 40 | |||||||||||||||||||||
Office | San Antonio, TX | 12,784 | 2,800 | 14,587 | 17,387 | 2,761 | Apr-05 | 2000 | 11 & 40 | |||||||||||||||||||||
Office | Richmond, VA | 10,373 | 1,100 | 11,919 | 13,019 | 1,725 | Apr-05 | 2000 | 15 & 40 | |||||||||||||||||||||
Office | Suwannee, GA | 11,325 | 3,200 | 10,903 | 14,103 | 1,885 | Apr-05 | 2001 | 12 & 40 | |||||||||||||||||||||
Office | Indianapolis, IN | 9,419 | 1,360 | 13,067 | 14,427 | 2,160 | Apr-05 | 2002 | 12 & 40 | |||||||||||||||||||||
Office | Lakewood, CO | 8,493 | 1,400 | 8,653 | 10,053 | 1,478 | Apr-05 | 2002 | 12 & 40 | |||||||||||||||||||||
Office | Atlanta, GA | 44,228 | 4,600 | 55,333 | 59,933 | 8,715 | Apr-05 | 2003 | 13 & 40 | |||||||||||||||||||||
Office | Houston, TX | 12,955 | 1,500 | 14,581 | 16,081 | 2,146 | Apr-05 | 2003 | 14 & 40 | |||||||||||||||||||||
Office | Allen, TX | 30,582 | 7,600 | 35,343 | 42,943 | 6,759 | Apr-05 | 1981/1983 | 11 & 40 | |||||||||||||||||||||
Office | Philadelphia, PA | 48,727 | 13,209 | 50,744 | 63,953 | 7,284 | Jun-05 | 1957 | 10, 14, 15 & 40 | |||||||||||||||||||||
Industrial | Dry Ridge, KY | 7,112 | 560 | 12,553 | 13,113 | 1,091 | Jun-05 | 1988 | 25 & 40 | |||||||||||||||||||||
Industrial | Elizabethtown, KY | 2,994 | 352 | 4,862 | 5,214 | 422 | Jun-05 | 2001 | 25 & 40 | |||||||||||||||||||||
Industrial | Elizabethtown, KY | 15,874 | 890 | 26,868 | 27,758 | 2,334 | Jun-05 | 1995/2001 | 25 & 40 | |||||||||||||||||||||
Industrial | Owensboro, KY | 6,346 | 393 | 11,956 | 12,349 | 1,011 | Jun-05 | 1998/2000 | 25 & 40 | |||||||||||||||||||||
Industrial | Hopkinsville, KY | 9,304 | 631 | 16,154 | 16,785 | 1,355 | Jun-05 | Various | 25 & 40 | |||||||||||||||||||||
Office | Southington, CT | 13,456 | 3,240 | 25,339 | 28,579 | 11,828 | Nov-05 | 1983 | 12, 28 & 40 | |||||||||||||||||||||
Office | Omaha, NE | 8,802 | 2,566 | 8,324 | 10,890 | 538 | Nov-05 | 1995 | 20 & 40 |
104
Accumulated | ||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||
Office | Sugarland, TX | 9,742 | 2,725 | 10,027 | 12,752 | 878 | Nov-05 | 2004 | 20 & 40 | |||||||||||||||||||
Office | Tempe, AZ | 8,313 | 0 | 9,443 | 9,443 | 586 | Dec-05 | 1998 | 30 & 40 | |||||||||||||||||||
Industrial | Collierville, TN | *** | 714 | 2,455 | 3,169 | 204 | Dec-05 | 2005 | 20 & 40 | |||||||||||||||||||
Industrial | Crossville, TN | 0 | 545 | 6,999 | 7,544 | 692 | Jan-06 | 1989/2006 | 17 & 40 | |||||||||||||||||||
Office | Renswoude, Netherlands | 39,178 | 2,913 | 26,403 | 29,316 | 2,386 | Jan-06 | 1994/2003 | 17 & 40 | |||||||||||||||||||
Office | Memphis, TN | 3,951 | 464 | 4,467 | 4,931 | 207 | Nov-06 | 1888 | 20 & 40 | |||||||||||||||||||
Office | Charleston, SC | 7,350 | 1,189 | 8,724 | 9,913 | 427 | Nov-06 | 2006 | 40 | |||||||||||||||||||
Office | Hanover, NJ | 16,627 | 4,063 | 19,711 | 23,774 | 913 | Nov-06 | 2006 | 20 & 40 | |||||||||||||||||||
Office | Hilliard, OH | 28,960 | 3,214 | 29,028 | 32,242 | 1,405 | Dec-06 | 2006 | 40 | |||||||||||||||||||
Retail, Office, Garage | Honolulu, HI | *** | 21,094 | 13,163 | 34,257 | 326 | Dec-06 | 1917/1980 | 40 | |||||||||||||||||||
Industrial | Long Beach, CA | 5,902 | 6,230 | 7,802 | 14,032 | 386 | Dec-06 | 1981 | 40 | |||||||||||||||||||
Industrial | Palo Alto, CA | *** | 12,398 | 16,977 | 29,375 | 2,224 | Dec-06 | 1974 | 40 | |||||||||||||||||||
Industrial | Orlando, FL | *** | 1,030 | 10,869 | 11,899 | 306 | Dec-06 | 1981 | 40 | |||||||||||||||||||
Industrial | McDonough, GA | 23,000 | 2,463 | 24,291 | 26,754 | 585 | Dec-06 | 2000 | 40 | |||||||||||||||||||
Industrial | Rockford, IL | 4,278 | 509 | 5,289 | 5,798 | 145 | Dec-06 | 1992 | 40 | |||||||||||||||||||
Industrial | Rockford Central, IL | 2,622 | 371 | 2,573 | 2,944 | 76 | Dec-06 | 1998 | 40 | |||||||||||||||||||
Industrial | Owensboro, KY | 4,666 | 819 | 2,439 | 3,258 | 159 | Dec-06 | 1975 | 40 | |||||||||||||||||||
Industrial | North Berwick, ME | *** | 1,383 | 31,817 | 33,200 | 820 | Dec-06 | 1965 | 40 | |||||||||||||||||||
Industrial | Lumberton, NC | *** | 405 | 12,049 | 12,454 | 387 | Dec-06 | 1998 | 40 | |||||||||||||||||||
Industrial | Statesville, NC | 14,100 | 891 | 16,494 | 17,385 | 638 | Dec-06 | 1999 | 40 | |||||||||||||||||||
Industrial | Saugerties, NY | 0 | 508 | 2,837 | 3,345 | 73 | Dec-06 | 1979 | 40 | |||||||||||||||||||
Industrial | Cincinnati, OH | *** | 1,009 | 7,007 | 8,016 | 212 | Dec-06 | 1991 | 40 | |||||||||||||||||||
Industrial | Columbus, OH | *** | 1,990 | 10,580 | 12,570 | 348 | Dec-06 | 1973 | 40 | |||||||||||||||||||
Industrial | N. Myrtle Beach, SC | *** | 1,481 | 2,078 | 3,559 | 91 | Dec-06 | 1983 | 40 | |||||||||||||||||||
Industrial | Franklin, TN | 0 | 964 | 8,783 | 9,747 | 449 | Dec-06 | 1970 | 40 | |||||||||||||||||||
Industrial | Memphis, TN | 0 | 1,553 | 12,326 | 13,879 | 379 | Dec-06 | 1973 | 40 | |||||||||||||||||||
Industrial | Garland, TX | 0 | 2,606 | 20,452 | 23,058 | 434 | Dec-06 | 1980 | 40 | |||||||||||||||||||
Land | Baltimore, MD | 0 | 4,571 | 0 | 4,571 | 0 | Dec-06 | N/A | N/A | |||||||||||||||||||
Office | Little Rock, AR | *** | 1,353 | 2,260 | 3,613 | 68 | Dec-06 | 1980 | 40 | |||||||||||||||||||
Office | Irvine, CA | 4,079 | 4,758 | 36,262 | 41,020 | 930 | Dec-06 | 1983 | 40 |
105
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Office | Long Beach, CA | 15,923 | 19,672 | 67,478 | 87,150 | 2,501 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Office | Pleasanton, CA | 4,414 | 2,671 | 2,839 | 5,510 | 276 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Office | San Francisco, CA | 22,455 | 14,539 | 36,505 | 51,044 | 932 | Dec-06 | 1959 | 40 | |||||||||||||||||||||
Office | Walnut Creek,, CA | *** | 4,214 | 13,803 | 18,017 | 374 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Office | Colorado Springs, CO | *** | 1,018 | 2,459 | 3,477 | 109 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Office | Clinton, CT | 721 | 285 | 4,044 | 4,329 | 112 | Dec-06 | 1971 | 40 | |||||||||||||||||||||
Office | Orlando, FL | *** | 586 | 35,012 | 35,598 | 908 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Office | Orlando, FL | *** | 11,498 | 33,671 | 45,169 | 1,874 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Office | Lisle, IL | 10,450 | 3,236 | 13,667 | 16,903 | 451 | Dec-06 | 1985 | 40 | |||||||||||||||||||||
Office | Columbus, IN | 42,800 | 235 | 45,729 | 45,964 | 941 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Office | Baltimore, MD | *** | 16,959 | 78,959 | 95,918 | 2,572 | Dec-06 | 1973 | 40 | |||||||||||||||||||||
Office | Bridgeton, MO | *** | 1,016 | 4,469 | 5,485 | 151 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Office | Bridgewater, NJ | 14,805 | 4,738 | 27,331 | 32,069 | 724 | Dec-06 | 1986 | 40 | |||||||||||||||||||||
Office | Carteret, NJ | 0 | 3,834 | 16,653 | 20,487 | 621 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Office | Elizabeth, NJ | *** | 1,324 | 6,484 | 7,808 | 164 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Office | Plainsboro, NJ | 0 | 383 | 176 | 559 | 25 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Office | Rockaway, NJ | 14,900 | 4,646 | 20,428 | 25,074 | 648 | Dec-06 | 2002 | 40 | |||||||||||||||||||||
Office | Las Vegas, NV | 52,782 | 8,824 | 53,164 | 61,988 | 1,359 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Office | Rochester, NY | 18,800 | 645 | 25,892 | 26,537 | 702 | Dec-06 | 1988 | 40 | |||||||||||||||||||||
Office | Glenwillow, OH | 17,000 | 2,228 | 24,530 | 26,758 | 668 | Dec-06 | 1996 | 40 | |||||||||||||||||||||
Office | Johnson City, TN | *** | 1,214 | 7,568 | 8,782 | 212 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Office | Memphis, TN | *** | 1,353 | 8,124 | 9,477 | 241 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Office | Memphis, TN | 76,800 | 5,291 | 97,032 | 102,323 | 2,527 | Dec-06 | 1985 | 40 | |||||||||||||||||||||
Office | Beaumont, TX | 0 | 456 | 3,454 | 3,910 | 106 | Dec-06 | 1978 | 40 | |||||||||||||||||||||
Office | Beaumont, TX | *** | 0 | 22,988 | 22,988 | 1,900 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Office | Bedford, TX | *** | 1,983 | 6,486 | 8,469 | 124 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Office | Dallas, TX | *** | 4,042 | 18,104 | 22,146 | 522 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Other | Sun City, AZ | 0 | 2,154 | 2,775 | 4,929 | 71 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Other | Carlsbad, NM | 0 | 918 | 775 | 1,693 | 25 | Dec-06 | 1980 | 40 |
106
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Other | Corpus Christi, TX | 0 | 987 | 974 | 1,961 | 26 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Other | El Paso, TX | 0 | 220 | 1,749 | 1,969 | 45 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Other | McAllen, TX | 0 | 606 | 1,257 | 1,863 | 33 | Dec-06 | 2004 | 40 | |||||||||||||||||||||
Other | Victoria, TX | 0 | 300 | 1,149 | 1,449 | 30 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Retail | Florence, AL | *** | 796 | 3,747 | 4,543 | 114 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Montgomery, AL | 0 | 730 | 3,255 | 3,985 | 148 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Bisbee, AZ | 0 | 478 | 2,426 | 2,904 | 73 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Tucson, AZ | 0 | 1,459 | 3,596 | 5,055 | 128 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Mammoth Lakes, CA | 0 | 6,279 | 2,761 | 9,040 | 228 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Aurora, CO | 0 | 1,224 | 1,431 | 2,655 | 77 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Retail | Port Richey, FL | 0 | 2,214 | 2,656 | 4,870 | 101 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Tallahassee, FL | 0 | 0 | 3,700 | 3,700 | 92 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Atlanta, GA | 0 | 1,014 | 269 | 1,283 | 36 | Dec-06 | 1972 | 40 | |||||||||||||||||||||
Retail | Atlanta, GA | 0 | 870 | 187 | 1,057 | 28 | Dec-06 | 1975 | 40 | |||||||||||||||||||||
Retail | Chamblee, GA | 0 | 770 | 186 | 956 | 32 | Dec-06 | 1972 | 40 | |||||||||||||||||||||
Retail | Cumming, GA | 0 | 1,558 | 1,368 | 2,926 | 76 | Dec-06 | 1968 | 40 | |||||||||||||||||||||
Retail | Duluth, GA | 0 | 660 | 1,014 | 1,674 | 45 | Dec-06 | 1971 | 40 | |||||||||||||||||||||
Retail | Forest Park, GA | 0 | 668 | 1,242 | 1,910 | 54 | Dec-06 | 1969 | 40 | |||||||||||||||||||||
Retail | Jonesboro, GA | 0 | 778 | 146 | 924 | 25 | Dec-06 | 1971 | 40 | |||||||||||||||||||||
Retail | Stone Mountain, GA | 0 | 672 | 276 | 948 | 26 | Dec-06 | 1973 | 40 | |||||||||||||||||||||
Retail | Rock Falls, IL | *** | 135 | 702 | 837 | 41 | Dec-06 | 1991 | 40 | |||||||||||||||||||||
Retail | Lawrence, IN | 0 | 404 | 1,737 | 2,141 | 49 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Minden, LA | 0 | 334 | 4,888 | 5,222 | 123 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Columbia, MD | 942 | 4,297 | 3,664 | 7,961 | 99 | Dec-06 | 1979 | 40 | |||||||||||||||||||||
Retail | Billings, MT | 0 | 506 | 3,062 | 3,568 | 110 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Retail | Charlotte, NC | *** | 606 | 2,561 | 3,167 | 64 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Concord, NC | *** | 685 | 943 | 1,628 | 48 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Jacksonville, NC | 0 | 1,151 | 221 | 1,372 | 35 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Jefferson, NC | 0 | 71 | 884 | 955 | 23 | Dec-06 | 1979 | 40 | |||||||||||||||||||||
Retail | Lexington, NC | 0 | 832 | 1,429 | 2,261 | 37 | Dec-06 | 1983 | 40 |
107
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Retail | Thomasville, NC | *** | 610 | 1,854 | 2,464 | 47 | Dec-06 | 1998 | 40 | |||||||||||||||||||||
Retail | Garwood, NJ | 95 | 3,920 | 8,052 | 11,972 | 259 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Portchester, NY | 0 | 7,086 | 9,313 | 16,399 | 468 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Cincinnati, OH | 0 | 0 | 0 | 0 | 0 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Franklin, OH | 0 | 1,089 | 1,699 | 2,788 | 43 | Dec-06 | 1961 | 40 | |||||||||||||||||||||
Retail | Lawton, OK | 0 | 663 | 1,288 | 1,951 | 50 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Grants Pass, OR | 0 | 1,894 | 1,470 | 3,364 | 84 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Doylestown, PA | 0 | 980 | 589 | 1,569 | 22 | Dec-06 | 1976 | 40 | |||||||||||||||||||||
Retail | Lansdale, PA | 0 | 488 | 85 | 573 | 10 | Dec-06 | 1966 | 40 | |||||||||||||||||||||
Retail | Lima, PA | 0 | 1,011 | 656 | 1,667 | 23 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 92 | 771 | 863 | 28 | Dec-06 | 1920 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 122 | 973 | 1,095 | 36 | Dec-06 | 1920 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 106 | 485 | 591 | 14 | Dec-06 | 1975 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 165 | 1,362 | 1,527 | 50 | Dec-06 | 1960 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 92 | 791 | 883 | 36 | Dec-06 | 1921 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 629 | 459 | 1,088 | 29 | Dec-06 | 1970 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 114 | 551 | 665 | 24 | Dec-06 | 1922 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 267 | 963 | 1,230 | 38 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Philadelphia, PA | 0 | 2,548 | 8,370 | 10,918 | 319 | Dec-06 | 1980 | 40 | |||||||||||||||||||||
Retail | Richboro, PA | 0 | 686 | 649 | 1,335 | 23 | Dec-06 | 1976 | 40 | |||||||||||||||||||||
Retail | Wayne, PA | 0 | 1,877 | 503 | 2,380 | 25 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Moncks Corner, SC | 0 | 13 | 1,510 | 1,523 | 41 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Chattanooga, TN | *** | 550 | 1,241 | 1,791 | 53 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Paris, TN | *** | 247 | 547 | 794 | 21 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Carrollton, TX | 0 | 2,262 | 1,085 | 3,347 | 73 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Dallas, TX | 0 | 1,637 | 5,381 | 7,018 | 209 | Dec-06 | 1960 | 40 | |||||||||||||||||||||
Retail | Fort Worth, TX | 0 | 1,003 | 3,304 | 4,307 | 128 | Dec-06 | 1985 | 40 | |||||||||||||||||||||
Retail | Garland, TX | *** | 763 | 3,448 | 4,211 | 586 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Granbury, TX | 0 | 1,131 | 3,986 | 5,117 | 129 | Dec-06 | 1982 | 40 |
108
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Retail | Grand Prairie, TX | 0 | 1,132 | 4,754 | 5,886 | 150 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Greenville, TX | 0 | 562 | 2,743 | 3,305 | 84 | Dec-06 | 1985 | 40 | |||||||||||||||||||||
Retail | Hillsboro, TX | 0 | 139 | 1,581 | 1,720 | 44 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Houston, TX | 0 | 1,336 | 5,183 | 6,519 | 167 | Dec-06 | 1982 | 40 | |||||||||||||||||||||
Retail | Lubbock, TX | *** | 417 | 1,783 | 2,200 | 55 | Dec-06 | 1978 | 40 | |||||||||||||||||||||
Retail | Sandy, UT | *** | 1,505 | 3,375 | 4,880 | 145 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Retail | Staunton, VA | 0 | 1,028 | 325 | 1,353 | 37 | Dec-06 | 1971 | 40 | |||||||||||||||||||||
Retail | Edmonds, WA | 0 | 0 | 2,600 | 2,600 | 65 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Retail | Graham, WA | 0 | 2,195 | 4,478 | 6,673 | 168 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Milton, WA | 0 | 1,941 | 5,310 | 7,251 | 183 | Dec-06 | 1989 | 40 | |||||||||||||||||||||
Retail | Port Orchard, WA | 0 | 2,167 | 1,293 | 3,460 | 96 | Dec-06 | 1983 | 40 | |||||||||||||||||||||
Retail | Redmond, WA | 0 | 4,654 | 5,355 | 10,009 | 252 | Dec-06 | 1985 | 40 | |||||||||||||||||||||
Retail | Spokane, WA | 0 | 449 | 3,070 | 3,519 | 89 | Dec-06 | 1984 | 40 | |||||||||||||||||||||
Retail | Cheyenne, WY | *** | 956 | 1,974 | 2,930 | 49 | Dec-06 | 1981 | 40 | |||||||||||||||||||||
Office | Evanston, WY | *** | 362 | 2,554 | 2,916 | 73 | Dec-06 | 1975 | 40 | |||||||||||||||||||||
Office | Orlando, FL | 9,975 | 3,538 | 9,019 | 12,557 | 557 | Jan-07 | 2003 | 12 & 40 | |||||||||||||||||||||
Office | Boston, MA | *** | 3,814 | 14,728 | 18,542 | 291 | Mar-07 | 1910 | 40 | |||||||||||||||||||||
Office | Coppell, TX | 14,400 | 2,470 | 12,793 | 15,263 | 253 | Mar-07 | 2002 | 40 | |||||||||||||||||||||
Industrial | Shreveport, LA | 19,000 | 860 | 21,840 | 22,700 | 432 | Mar-07 | 2006 | 40 | |||||||||||||||||||||
Office | Westlake, TX | 18,981 | 2,361 | 22,396 | 24,757 | 1,547 | May-07 | 2007 | 40 | |||||||||||||||||||||
Industrial | Antioch, TN | 14,781 | 5,568 | 16,609 | 22,177 | 1,097 | May-07 | 1983 | 14-40 | |||||||||||||||||||||
Office | Canonsburg, PA | 9,070 | 1,055 | 10,910 | 11,965 | 756 | May-07 | 1997 | 8-40 | |||||||||||||||||||||
Retail | Galesburg, IL | 1,307 | 560 | 2,366 | 2,926 | 123 | May-07 | 1992 | 12-40 | |||||||||||||||||||||
Retail | Lewisburg, WV | 1,538 | 501 | 1,985 | 2,486 | 54 | May-07 | 1993 | 12-40 | |||||||||||||||||||||
Retail | Lorain, OH | 3,297 | 1,893 | 7,025 | 8,918 | 254 | May-07 | 1993 | 23-40 | |||||||||||||||||||||
Retail | Manteca, CA | 2,329 | 2,082 | 6,464 | 8,546 | 232 | May-07 | 1993 | 23-40 | |||||||||||||||||||||
Retail | San Diego, CA | 1,484 | 0 | 13,310 | 13,310 | 258 | May-07 | 1993 | 23-40 | |||||||||||||||||||||
Retail | Watertown, NY | 2,190 | 386 | 5,162 | 5,548 | 217 | May-07 | 1993 | 23-40 | |||||||||||||||||||||
Office | Irving, TX | 39,580 | 7,476 | 42,692 | 50,168 | 2,964 | May-07 | 1999 | 6-40 |
109
Accumulated | ||||||||||||||||||||||||||||||
Buildings | Depreciation | Useful life computing | ||||||||||||||||||||||||||||
Land, Improvements | and | and | Date | Date | depreciation in latest | |||||||||||||||||||||||||
Description | Location | Encumbrances | and Land Estates | Improvements | Total | Amortization | Acquired | Constructed | income statements (years) | |||||||||||||||||||||
Office | Baton Rouge, LA | 6,461 | 1,252 | 10,244 | 11,496 | 644 | May-07 | 1997 | 6 & 40 | |||||||||||||||||||||
Office | Centenial, CO | 15,322 | 4,851 | 15,187 | 20,038 | 1,107 | May-07 | 2001 | 10-40 | |||||||||||||||||||||
Office | Westerville, OH | 0 | 2,085 | 9,265 | 11,350 | 210 | May-07 | 2000 | 40 | |||||||||||||||||||||
Office | Overland Park, KS | 37,465 | 4,769 | 41,956 | 46,725 | 1,815 | Jun-07 | 1980 | 12 & 40 | |||||||||||||||||||||
Office | Carrollton, TX | 20,246 | 3,427 | 22,050 | 25,477 | 1,020 | Jun-07 | 2003 | 8 & 40 | |||||||||||||||||||||
Industrial | Durham, NH | 19,273 | 3,464 | 18,094 | 21,558 | 833 | Jun-07 | 1986 | 40 | |||||||||||||||||||||
Office | Dallas, TX | 18,563 | 3,984 | 27,308 | 31,292 | 1,084 | Jun-07 | 2002 | 40 | |||||||||||||||||||||
Office | Farmington Hills, MI | 19,616 | 4,876 | 21,115 | 25,991 | 1,811 | Jun-07 | 1999 | 10-40 | |||||||||||||||||||||
Office | Arlington, TX | 20,860 | 4,424 | 22,826 | 27,250 | 1,637 | Jun-07 | 2003 | 7-40 | |||||||||||||||||||||
Office | Kansas City, MO | 17,876 | 2,433 | 20,154 | 22,587 | 864 | Jun-07 | 1980 | 12-40 | |||||||||||||||||||||
Industrial | Streetsboro, OH | 19,462 | 2,441 | 22,171 | 24,612 | 1,064 | Jun-07 | 2004 | 12-40 | |||||||||||||||||||||
Office | Issaquah, WA | 31,588 | 5,126 | 13,554 | 18,680 | 917 | Jun-07 | 1987 | 8-40 | |||||||||||||||||||||
Office | Issaquah, WA | 0 | 6,268 | 16,058 | 22,326 | 1,043 | Jun-07 | 1987 | 8-40 | |||||||||||||||||||||
Office | Houston, TX | 19,663 | 12,835 | 26,690 | 39,525 | 2,395 | Jun-07 | 2000 | 2-40 | |||||||||||||||||||||
Industrial | Plymouth, MI | 11,847 | 2,296 | 13,398 | 15,694 | 1,202 | Jun-07 | 1996 | 40 | |||||||||||||||||||||
Industrial | Temperance, MI | 10,909 | 3,040 | 14,738 | 17,778 | 828 | Jun-07 | 1980 | 40 | |||||||||||||||||||||
Industrial | Logan, NJ | 7,318 | 1,825 | 10,776 | 12,601 | 416 | Jun-07 | 1998 | 40 | |||||||||||||||||||||
Industrial | Laurens, SC | 16,240 | 5,552 | 20,886 | 26,438 | 1,220 | Jun-07 | 1991 | 40 | |||||||||||||||||||||
Industrial | Winchester, VA | 10,606 | 3,823 | 12,226 | 16,049 | 848 | Jun-07 | 2001 | 40 | |||||||||||||||||||||
Office | Colorado Springs, CO | 11,381 | 2,748 | 12,554 | 15,302 | 652 | Jun-07 | 1980 | 40 | |||||||||||||||||||||
Office | Lake Mary, FL | 13,079 | 4,535 | 13,950 | 18,485 | 1,248 | Jun-07 | 1997 | 40 | |||||||||||||||||||||
Office | Lake Mary, FL | 13,040 | 4,438 | 13,716 | 18,154 | 1,220 | Jun-07 | 1999 | 40 | |||||||||||||||||||||
Office | Chicago, IL | 28,975 | 5,155 | 45,904 | 51,059 | 3,013 | Jun-07 | 1986 | 40 | |||||||||||||||||||||
Office | Fishers, IN | 14,283 | 2,808 | 18,661 | 21,469 | 1,570 | Jun-07 | 1999 | 40 | |||||||||||||||||||||
Office | Cary, NC | 12,589 | 5,342 | 14,866 | 20,208 | 1,034 | Jun-07 | 1999 | 40 | |||||||||||||||||||||
Office | Parisppany, NJ | 40,151 | 7,478 | 84,051 | 91,529 | 5,272 | Jun-07 | 2000 | 40 | |||||||||||||||||||||
Office | Milford, OH | 16,220 | 3,124 | 15,396 | 18,520 | 1,637 | Jun-07 | 1991 | 40 | |||||||||||||||||||||
Office | Irving , TX | 26,408 | 4,889 | 22,806 | 27,695 | 2,536 | Jun-07 | 1999 | 40 | |||||||||||||||||||||
Office | Glen Allen, VA | 19,485 | 2,361 | 28,504 | 30,865 | 2,222 | Jun-07 | 1998 | 40 | |||||||||||||||||||||
Office | Herndon, VA | 11,930 | 9,409 | 12,853 | 22,262 | 1,034 | Jun-07 | 1987 | 40 | |||||||||||||||||||||
Industrial | Duncan, SC | 0 | 884 | 7,944 | 8,828 | 124 | Jun-07 | 2005 | 40 | |||||||||||||||||||||
Office | Brea, CA | 78,092 | 37,270 | 45,691 | 82,961 | 3,074 | Dec-07 | 1983 | 40 | |||||||||||||||||||||
Office | Houston, TX | 60,193 | 16,613 | 52,682 | 69,295 | 4,939 | Dec-07 | 1976/1984 | 40 | |||||||||||||||||||||
subtotal | 2,098,787 | 694,913 | 3,400,365 | 4,095,278 | 379,831 | |||||||||||||||||||||||||
*** (see note below) | 213,635 | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 2,312,422 | $ | 694,913 | $ | 3,400,365 | $ | 4,095,278 | $ | 379,831 | ||||||||||||||||||||
*** | Property is collateral for a $213,635 secured loan. |
110
2007 | 2006 | 2005 | ||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Reconciliation of real estate owned: | ||||||||||||||||||||||||
Balance at the beginning of year | $ | 1,883,115 | $ | 1,407,872 | $ | 1,162,395 | $ | 3,747,156 | $ | 1,883,115 | $ | 1,407,872 | ||||||||||||
Merger basis reallocation | 8,235 | — | — | |||||||||||||||||||||
Additions during year | 1,918,700 | 671,955 | 472,988 | 146,252 | 1,918,700 | 671,955 | ||||||||||||||||||
Properties sold during year | (53,696 | ) | (34,120 | ) | (31,452 | ) | (634,560 | ) | (53,696 | ) | (34,120 | ) | ||||||||||||
Property contributed to joint venture during year | — | (117,411 | ) | (186,456 | ) | (132,054 | ) | — | (117,411 | ) | ||||||||||||||
Properties consolidated during the year | 110,728 | — | 16,176 | 1,109,064 | 110,728 | — | ||||||||||||||||||
Reclassified held for sale properties | (113,033 | ) | (32,339 | ) | (25,779 | ) | (138,163 | ) | (113,033 | ) | (32,339 | ) | ||||||||||||
Properties impaired during the year | (6,100 | ) | (12,842 | ) | — | (15,500 | ) | (6,100 | ) | (12,842 | ) | |||||||||||||
Properties held for sale placed back in service | 7,442 | — | — | 1,830 | 7,442 | — | ||||||||||||||||||
Translation adjustment on foreign currency | 3,018 | — | — | |||||||||||||||||||||
Balance at end of year | $ | 3,747,156 | $ | 1,883,115 | $ | 1,407,872 | $ | 4,095,278 | $ | 3,747,156 | $ | 1,883,115 | ||||||||||||
Balance of beginning of year | $ | 241,188 | $ | 180,610 | $ | 160,623 | $ | 276,129 | $ | 241,188 | $ | 180,610 | ||||||||||||
Depreciation and amortization expense | 67,456 | 60,096 | 36,561 | 137,525 | 67,456 | 60,096 | ||||||||||||||||||
Accumulated depreciation and amortization of properties sold and held for sale during year | (37,178 | ) | 1,506 | (15,472 | ) | (54,737 | ) | (37,178 | ) | 1,506 | ||||||||||||||
Accumulated depreciation of property contributed to joint venture | — | (1,024 | ) | (1,852 | ) | (16,887 | ) | — | (1,024 | ) | ||||||||||||||
Accumulated depreciation of properties consolidated during the year | 4,616 | — | 750 | 37,597 | 4,616 | — | ||||||||||||||||||
Translation adjustment on foreign currency | 47 | — | — | 204 | 47 | — | ||||||||||||||||||
Balance at end of year | $ | 276,129 | $ | 241,188 | $ | 180,610 | $ | 379,831 | $ | 276,129 | $ | 241,188 | ||||||||||||
93
111
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Trustees and Executive Officers of the Registrant |
Item 11. | Executive Compensation |
112
Item 13. | Certain Relationships and Related Transactions |
Item 14. | Principal Accounting Fees and Services |
94
Item 15. | Exhibits, Financial Statement Schedules |
Page | ||||||||
(a)(1) | Financial Statements | |||||||
(2) | Financial Statement Schedule | |||||||
(3) | Exhibits |
Exhibit No. | Description | |||||
2 | .1 | — | Agreement and Plan of Merger, dated July 23, 2006, by and between Newkirk Realty Trust, Inc. (“Newkirk”) and Lexington Realty Trust (formerly known as Lexington Corporate Properties Trust, the “Company”) (filed as Exhibit 2.1 to the Company’s Current Report onForm 8-K filed July 24, 2006 (the “07/24/068-K”))(1) | |||
2 | .2 | — | Amendment No. 1 to Agreement and Plan of Merger, dated as of September 11, 2006, by and between Newkirk and the Company (filed as Exhibit 2.1 to the Company’s Current Report onForm 8-K filed September 13, 2006 (the “09/13/068-K”))(1) | |||
2 | .3 | — | Amendment No. 2 to Agreement and Plan of Merger, dated as of October 13, 2006, by and between Newkirk and the Company (filed as Exhibit 2.1 to the Company’s Current Report onForm 8-K filed October 13, 2006)(1) | |||
3 | .1 | — | Articles of Merger and Amended and Restated Declaration of Trust of the Company, dated December 31, 2006 (filed as Exhibit 3.1 to the Company’s Current Report onForm 8-K filed January 8, 2007 (the “01/08/078-K”))(1) | |||
3 | .2 | — | Articles Supplementary Relating to the 7.55% Series D Cumulative Redeemable Preferred Stock, par value $.0001 per share (filed as Exhibit 3.3 to the Company’s Registration Statement on Form 8A filed February 14, 2007 (the “02/14/07 Registration Statement”))(1) | |||
3 | .3 | — | Amended and Restated By-laws of the Company (filed as Exhibit 3.2 to the 01/08/078-K)(1) | |||
3 | .4 | — | Fifth Amended and Restated Agreement of Limited Partnership of Lepercq Corporate Income Fund L.P. (“LCIF”), dated as of December 31, 1996, as supplemented (the “LCIF Partnership Agreement”) (filed as Exhibit 3.3 to the Company’s Registration Statement ofForm S-3/A filed September 10, 1999 (the “09/10/99 Registration Statement”))(1) | |||
3 | .5 | — | Amendment No. 1 to the LCIF Partnership Agreement dated as of December 31, 2000 (filed as Exhibit 3.11 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2003, filed February 26, 2004 (the “200310-K”))(1) | |||
3 | .6 | — | First Amendment to the LCIF Partnership Agreement effective as of June 19, 2003 (filed as Exhibit 3.12 to the 200310-K)(1) | |||
3 | .7 | — | Second Amendment to the LCIF Partnership Agreement effective as of June 30, 2003 (filed as Exhibit 3.13 to the 200310-K)(1) | |||
3 | .8 | — | Third Amendment to the LCIF Partnership Agreement effective as of December 31, 2003 (filed as Exhibit 3.13 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2004, filed on March 16, 2005 (the “200410-K”))(1) | |||
3 | .9 | — | Fourth Amendment to the LCIF Partnership Agreement effective as of October 28, 2004 (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed November 4, 2004)(1) |
95
113
Exhibit No. | Description | |||||
3 | .10 | — | Fifth Amendment to the LCIF Partnership Agreement effective as of December 8, 2004 (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed December 14, 2004 (the “12/14/048-K”))(1) | |||
3 | .11 | — | Sixth Amendment to the LCIF Partnership Agreement effective as of June 30, 2003 (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed January 3, 2005 (the “01/03/058-K”))(1) | |||
3 | .12 | — | Seventh Amendment to the LCIF Partnership Agreement (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed November 3, 2005)(1) | |||
3 | .13 | — | Second Amended and Restated Agreement of Limited Partnership of Lepercq Corporate Income Fund II L.P. (“LCIF II”), dated as of August 27, 1998 the (“LCIF II Partnership Agreement”) (filed as Exhibit 3.4 to the 9/10/99 Registration Statement)(1) | |||
3 | .14 | — | First Amendment to the LCIF II Partnership Agreement effective as of June 19, 2003 (filed as Exhibit 3.14 to the 200310-K)(1) | |||
3 | .15 | — | Second Amendment to the LCIF II Partnership Agreement effective as of June 30, 2003 (filed as Exhibit 3.15 to the 200310-K)(1) | |||
3 | .16 | — | Third Amendment to the LCIF II Partnership Agreement effective as of December 8, 2004 (filed as Exhibit 10.2 to 12/14/048-K)(1) | |||
3 | .17 | — | Fourth Amendment to the LCIF II Partnership Agreement effective as of January 3, 2005 (filed as Exhibit 10.2 to 01/03/058-K)(1) | |||
3 | .18 | — | Fifth Amendment to the LCIF II Partnership Agreement effective as of July 23, 2006 (filed as Exhibit 99.5 to the 07/24/068-K)(1) | |||
3 | .19 | — | Sixth Amendment to the LCIF II Partnership Agreement effective as of December 20, 2006 (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed December 22, 2006)(1) | |||
3 | .20 | — | Amended and Restated Agreement of Limited Partnership of Net 3 Acquisition L.P. (the “Net 3 Partnership Agreement”) (filed as Exhibit 3.16 to the Company’s Registration Statement ofForm S-3 filed November 16, 2006)(1) | |||
3 | .21 | — | First Amendment to the Net 3 Partnership Agreement effective as of November 29, 2001 (filed as Exhibit 3.17 to the 200310-K)(1) | |||
3 | .22 | — | Second Amendment to the Net 3 Partnership Agreement effective as of June 19, 2003 (filed as Exhibit 3.18 to the 200310-K)(1) | |||
3 | .23 | — | Third Amendment to the Net 3 Partnership Agreement effective as of June 30, 2003 (filed as Exhibit 3.19 to the 200310-K)(1) | |||
3 | .24 | — | Fourth Amendment to the Net 3 Partnership Agreement effective as of December 8, 2004 (filed as Exhibit 10.3 to 12/14/048-K)(1) | |||
3 | .25 | — | Fifth Amendment to the Net 3 Partnership Agreement effective as of January 3, 2005 (filed as Exhibit 10.3 to 01/03/058-K)(1) | |||
3 | .26 | — | Second Amended and Restated Agreement of Limited Partnership of The Lexington Master Limited Partnership (formerly known as The Newkirk Master Limited Partnership, the “MLP”), dated as of December 31, 2006, between Lex GP-1 Trust and Lex LP-1 Trust (filed as Exhibit 10.4 to the 01/08/078-K)(1) | |||
4 | .1 | — | Specimen of Common Shares Certificate of the Company (filed as Exhibit 4.1 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2006 (the “200610-K”))(1) | |||
4 | .2 | — | Form of 8.05% Series B Cumulative Redeemable Preferred Stock certificate (filed as Exhibit 4.1 to the Company’s Registration Statement on Form 8A filed June 17, 2003)(1) | |||
4 | .3 | — | Form of 6.50% Series C Cumulative Convertible Preferred Stock certificate (filed as Exhibit 4.1 to the Company’s Registration Statement on Form 8A filed December 8, 2004)(1) | |||
4 | .4 | — | Form of 7.55% Series D Cumulative Redeemable Preferred Stock certificate (filed as Exhibit 4.1 to the 02/14/07 Registration Statement)(1) | |||
4 | .5 | — | Form of Special Voting Preferred Stock certificate (filed as Exhibit 4.5 to the 200610-K)(1) |
96114
Exhibit No. | Description | |||||
4 | .6 | — | Indenture, dated as of January 29, 2007, among The Lexington Master Limited Partnership, the Company, the other guarantors named therein and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company’s Current Report onForm 8-K filed January 29, 2007 (the “01/29/078-K”))(1) | |||
4 | .7 | — | First Supplemental Indenture, dated as of January 29, 2007, among The Lexington Master Limited Partnership, the Company, the other guarantors named therein and U.S. Bank National Association, as trustee, including the Form of 5.45% Exchangeable Guaranteed Notes due 2027 (filed as Exhibit 4.2 to the 01/29/078-K)(1) | |||
4 | .8 | — | Second Supplemental Indenture, dated as of March 9, 2007, among The Lexington Master Limited Partnership, the Company, the other guarantors named therein and U.S. Bank National Association, as trustee, including the Form of 5.45% Exchangeable Guaranteed Notes due 2027 (filed as Exhibit 4.3 to the Company’s Current Report onform 8-k filed on March 9, 2007 (the “03/09/078-K”))(1) | |||
4 | .9 | — | Amended and Restated Trust Agreement, dated March 21, 2007, among Lexington Realty Trust, The Bank of New York Trust Company, National Association, The Bank of New York (Delaware), the Administrative Trustees (as named therein) and the several holders of the Preferred Securities from time to time (filed as Exhibit 4.1 to the Company’s Current Report onForm 8-K filed on March 27, 2007 (the “03/27/20078-K”))(1) | |||
4 | .10 | — | Third Supplemental Indenture, dated as of June 19, 207, among the MLP, the Company, the other guarantors named therein and U.S. bank National Association, as trustee, including the form of 5.45% Exchangeable Guaranteed Notes due 2027 (filed as Exhibit 4.1 to the Company’s Report onform 8-k filed on June 22, 2007(1) | |||
4 | .11 | — | Junior Subordinated Indenture, dated as of March 21, 2007, between Lexington Realty Trust and The Bank of New York Trust Company, National Association (filed as Exhibit 4.2 to the 03/27/078-K)(1) | |||
9 | .1 | — | Voting Trustee Agreement, dated as of December 31, 2006, among the Company, The Lexington Master Limited Partnership and NKT Advisors LLC (filed as Exhibit 10.6 to the 01/08/078-K)(1) | |||
10 | .1 | — | Form of 1994 Outside Director Shares Plan of the Company (filed as Exhibit 10.8 to the Company’s Annual Report onForm 10-K for the year ended December 31, 1993) (1, 4) | |||
10 | .2 | — | Amended and Restated 2002 Equity-Based Award Plan of the Company (filed as Exhibit 10.54 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2002, filed on March 24, 2003 (the “200210-K”))(1) | |||
10 | .3 | — | 1994 Employee Stock Purchase Plan (filed as Exhibit D to the Company’s Definitive Proxy Statement dated April 12, 1994) (1, 4) | |||
10 | .4 | — | 1998 Share Option Plan (filed as Exhibit A to the Company’s Definitive Proxy Statement filed on April 22, 1998) (1, 4) | |||
10 | .5 | — | Amendment to 1998 Share Option Plan (filed as Exhibit 10.3 to the Company’s Current Report onForm 8-K filed on February 6, 2006 (the “02/06/068-K”)) (1, 4) | |||
10 | .6 | — | Amendment to 1998 Share Option Plan (filed as Exhibit 10.3 to the Company’s Current Report onForm 8-K filed on January 3, 2007 (the “01/03/078-K”)) (1, 4) | |||
10 | .7 | — | 2007 Outperformance Program (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed on April 5, 2007) (1,4) | |||
10 | .8 | — | Amendment to 2007 Outperformance Program (filed as Exhibit 10.6 to the Company’s Current Report onform 8-K filed on December 20,2007 (the 12/26/078-K)) (1,4) | |||
10 | .9 | — | Form of Compensation Agreement (Long-Term Compensation) between the Company and each of the following officers: Richard J. Rouse and Patrick Carroll (filed as Exhibit 10.15 to the 200410-K) (1, 4) | |||
10 | .10 | — | Form of Compensation Agreement (Bonus and Long-Term Compensation) between the Company and each of the following officers: E. Robert Roskind and T. Wilson Eglin (filed as Exhibit 10.16 to the 200410-K) (1, 4) |
97115
Exhibit No. | Description | |||||
10 | .11 | — | Form of Nonvested Share Agreement (Performance Bonus Award) between the Company and each of the following officers: E. Robert Roskind, T. Wilson Eglin, Richard J. Rouse and Patrick Carroll (filed as Exhibit 10.1 to the 02/06/068-K) (1, 4) | |||
10 | .12 | — | Form of Nonvested Share Agreement (Long-Term Incentive Award) between the Company and each of the following officers: E. Robert Roskind, T. Wilson Eglin, Richard J. Rouse and Patrick Carroll and (filed as Exhibit 10.2 to the 02/06/068-K) (1, 4) | |||
10 | .13 | — | Form of the Company’s Nonvested Share Agreement, dated as of December 28, 2006 (filed as Exhibit 10.2 to the 01/03/078-K) (1,4) | |||
10 | .14 | — | Form ofLock-Up and Claw-Back Agreement, dated as of December 28, 2006 (filed as Exhibit 10.4 to the 01/03/078-K)(1) | |||
10 | .15 | — | Form of 2007 Annual Long-Term Incentive Award Agreement (filed as Exhibit 10.1 to the Company’s current Report onForm 8-k filed on January 11, 2008 (1,4) | |||
10 | .16 | — | Employment Agreement between the Company and E. Robert Roskind, dated May 4, 2006 (filed as Exhibit 99.1 to the Company’s Current Report onForm 8-K filed May 5, 2006 (the “05/05/068-K”)) (1, 4) | |||
10 | .17 | — | Employment Agreement between the Company and T. Wilson Eglin, dated May 4, 2006 (filed as Exhibit 99.2 to the 05/05/068-K) (1, 4) | |||
10 | .18 | — | Employment Agreement between the Company and Richard J. Rouse, dated May 4, 2006 (filed as Exhibit 99.3 to the 05/05/068-K) (1, 4) | |||
10 | .19 | — | Employment Agreement between the Company and Patrick Carroll, dated May 4, 2006 (filed as Exhibit 99.4 to the 05/05/068-K) (1, 4) | |||
10 | .20 | — | Employment Agreement, effective as of December 31, 2006, between the Company and Michael L. Ashner (filed as Exhibit 10.16 to the 01/08/078-K) (1,4) | |||
10 | .21 | — | Waiver Letters, dated as of July 23, 2006 and delivered by each of E. Robert Roskind, Richard J. Rouse, T. Wilson Eglin and Patrick Carroll (filed as Exhibit 10.17 to the 01/08/078-K)(1) | |||
10 | .22 | — | 2007 Trustee Fees Term Sheet (detailed on the Company’s Current Report onForm 8-K filed February 12, 2007) (1, 4) | |||
10 | .23 | — | Form of Indemnification Agreement between the Company and certain officers and trustees (filed as Exhibit 10.3 to the 200210-K)(1) | |||
10 | .24 | — | Credit Agreement, dated as of June 2, 2005 (“Credit Facility”) among the Company, LCIF, LCIF II, Net 3 Acquisition L.P., jointly and severally as borrowers, certain subsidiaries of the Company, as guarantors, Wachovia Capital Markets, LLC, as lead arranger, Wachovia Bank, National Association, as agent, Key Bank, N.A., as Syndication agent, each of Sovereign Bank and PNC Bank, National Association, as co-documentation agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5(d) therein (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed June 30, 2005)(1) | |||
10 | .25 | — | First Amendment to Credit facility, dated as of June 1, 2006 (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed June 2, 2006)(1) | |||
10 | .26 | — | Second Amendment to Credit facility, dated as of December 27, 2006 (filed as Exhibit 10.1 to the 01/03/078-K)(1) | |||
10 | .27 | — | Third Amendment to Credit Agreement, dated as of December 20, 2007(filed as Exhibit 10.1 to the 12/26/078-K)(1) | |||
10 | .28 | — | Credit Agreement, dated as of June 1, 2007, among the Company, the MLP, LCIF, LCIF II and Net 3, jointly and severally as borrowers, KeyBanc Capital Markets, as lead arranger and book running manager, KeyBank National Association, as agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5.(d) therein (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed on June 7, 2007 (the “06/07/20078-K”))(1) |
98116
Exhibit No. | Description | |||||
10 | .29 | — | Master Repurchase Agreement, dated May 24, 2006, between Bear, Stearns International Limited and 111 Debt Acquisition-Two LLC (filed as Exhibit 10.1 to Newkirk’s Current Report onForm 8-K filed May 30, 2006)(1) | |||
10 | .30 | — | Master Repurchase Agreement, dated March 30, 2006, among Column Financial Inc., 111 Debt Acquisition LLC, 111 Debt Acquisition Mezz LLC and Newkirk (filed as Exhibit 10.2 to Newkirk’s Current Report onForm 8-K filed April 5, 2006 (the “NKT 04/05/068-K”))(1) | |||
10 | .31 | — | Amended and Restated Limited Liability Company Agreement of Concord Debt Holdings LLC, dated as of September 21, 2007, among the MLP, WRT Realty, L.P. and FUR Holdings LLC (filed as Exhibit 10.1 to the Company’s current Report onForm 8-K filed on September 24, 2007) | |||
10 | .32 | — | Amendment No. 1 to Amended and Restated Limited Liability Company Agreement of Concord Debt Holdings LLC, dated as of January 7, 2008(filed as Exhibit 10.1 to the Company’s Current Report onform 8-K filed January 11, 2008)(1) | |||
10 | .33 | — | Funding Agreement, dated as of July 23, 2006, by and among LCIF, LCIF II and Net 3 Acquisition L.P. (“Net 3”) and the Company (filed as Exhibit 99.4 to the 07/24/068-K)(1) | |||
10 | .34 | — | Funding Agreement, dated as of December 31, 2006, by and among LCIF, LCIF II, Net 3, the MLP and the Company (filed as Exhibit 10.2 to the 01/08/078-K)(1) | |||
10 | .35 | — | Guaranty Agreement, effective as of December 31, 2006, between the Company and the MLP (filed as Exhibit 10.5 to the 01/08/078-K)(1) | |||
10 | .36 | — | Amended and Restated Exclusivity Services Agreement, dated as of December 31, 2006, between the Company and Michael L. Ashner (filed as Exhibit 10.1 to the 01/08/078-K)(1) | |||
10 | .37 | — | Transition Services Agreement, dated as of December 31, 2006, between the Company and First Winthrop Corporation (filed as Exhibit 10.3 to the 01/08/078-K)(1) | |||
10 | .38 | — | Acquisition Agreement, dated as of November 7, 2005, between Newkirk and First Union Real Estate Equity and Mortgage Investments (“First Union”) (filed as Exhibit 10.4 to First Union’s Current Report onForm 8-K filed on November 10, 2005)(1) | |||
10 | .39 | — | Amendment to Acquisition Agreement and Assignment and Assumption, dated as of December 31, 2006, among NKT, Winthrop Realty Trust and the Company (filed as Exhibit 10.7 to the 01/08/078-K)(1) | |||
10 | .40 | — | Letter Agreement among Newkirk, Apollo Real Estate Investment Fund III, L.P., the MLP, NKT Advisors LLC, Vornado Realty Trust, VNK Corp., Vornado Newkirk LLC, Vornado MLP GP LLC and WEM Bryn Mawr Associates LLC (filed as Exhibit 10.15 to Amendment No. 5 to Newkirk Registration Statement onForm S-11/A filed October 28, 2005 (“Amendment No. 5 to NKT’sS-11”))(1) | |||
10 | .41 | — | Amendment to the Letter Agreement among Newkirk, Apollo Real Estate Investment Fund III, L.P., the MLP, NKT Advisors LLC, Vornado Realty Trust, Vornado Realty L.P., VNK Corp., Vornado Newkirk LLC, Vornado MLP GP LLC, and WEM-Brynmawr Associates LLC (filed as Exhibit 10.25 to Amendment No. 5 to Newkirk’sS-11)(1) | |||
10 | .42 | — | Ownership Limit Waiver Agreement, dated as of December 31, 2006, between the Company and Vornado Realty, L.P. (filed as Exhibit 10.8 to the 01/08/078-K)(1) | |||
10 | .43 | — | Ownership Limit Waiver Agreement, dated as of December 31, 2006, between the Company and Apollo Real Estate Investment Fund III, L.P. (filed as Exhibit 10.9 to the 01/08/078-K)(1) | |||
10 | .44 | — | Registration Rights Agreement, dated as of December 31, 2006, between the Company and Michael L. Ashner (filed as Exhibit 10.10 to the 01/08/078-K)(1) | |||
10 | .45 | — | Registration Rights Agreement, dated as of December 31, 2006, between the Company and WEM-Brynmawr Associates LLC (filed as Exhibit 10.11 to the 01/08/078-K)(1) | |||
10 | .46 | — | Registration Rights Agreement, dated as of November 7, 2005, between Newkirk and Vornado Realty Trust (filed as Exhibit 10.4 to Newkirk’s Current Report onForm 8-K filed November 15, 2005 (“NKT’s 11/15/058-K”))(1) |
99117
Exhibit No. | Description | |||||
10 | .47 | — | Registration Rights Agreement, dated as of November 7, 2005, between Newkirk and Apollo Real Estate Investment Fund III, L.P. (“Apollo”) (filed as Exhibit 10.5 to NKT’s 11/15/058-K)(1) | |||
10 | .48 | — | Registration Rights Agreement, dated as of November 7, 2005, between the Company and First Union (filed as Exhibit 10.6 to NKT’s 11/15/058-K)(1) | |||
10 | .49 | — | Assignment and Assumption Agreement, effective as of December 31, 2006, among Newkirk, the Company, and Vornado Realty L.P. (filed as Exhibit 10.12 to the 01/08/078-K)(1) | |||
10 | .50 | — | Assignment and Assumption Agreement, effective as of December 31, 2006 among Newkirk, the Company, and Apollo Real Estate Investment Fund III, L.P. (filed as Exhibit 10.13 to the 01/08/078-K)(1) | |||
10 | .51 | — | Assignment and Assumption Agreement, effective as of December 31, 2006, among Newkirk, the Company, and Winthrop Realty Trust filed as Exhibit 10.14 to the 01/08/078-K)(1) | |||
10 | .52 | — | Registration Rights Agreement, dated as of January 29, 2007, among the MLP, the Company, LCIF, LCIF II, Net 3, Lehman Brothers Inc. and Bear, Stearns & Co. Inc., for themselves and on behalf of the initial purchasers named therein (filed as Exhibit 4.3 to the 01/29/078-K)(1) | |||
10 | .53 | — | Common Share Delivery Agreement, made as of January 29, 2007, between the MLP and the Company (filed as Exhibit 10.77 to the 200610-K)(1) | |||
10 | .54 | — | Registration Rights Agreement, dated as of March 9, 2007, among the MLP, the Company, LCIF, LCIF II, Net 3, Lehman Brothers Inc. and Bear, Stearns & Co. Inc., for themselves and on behalf of the initial purchasers named therein (filed as Exhibit 4.4 to the 03/09/078-K)(1) | |||
10 | .55 | — | Common Share Delivery Agreement, made as of January 29, 2007 between the MLP and the Company (filed as Exhibit 4.5 to the 03/09/20078-K)(1) | |||
10 | .56 | — | Property Management Agreement, made as of December 31, 2006, among the Company (Filed as Exhibit 10.15 to the 01/08/078-K)(1) | |||
10 | .57 | — | Second Amendment and Restated Limited Partnership Agreement, dated as of February 20, 2008, among LMLP GP LLC, The Lexington Master Limited Partnership and Inland American (Net Lease) Sub, LLC (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed on February 21, 2008 (the “2/21/088-K”))(1) | |||
10 | .58 | — | Contribution Agreement, dated as of August 10, 2007, between The Lexington Master Limited Partnership and Net Lease Strategic Assets Fund L.P. (filed as Exhibit 10.2 to the Company’s Current Report onform 8-K filed on August 16, 2007 ( the 08/16/20078-K”))(1) | |||
10 | .59 | — | Amendment No. 1 to Contribution Agreement, dated as of December 20, 2007(filed as Exhibit 10.3 to the 12/26/078-K)(1) | |||
10 | .60 | — | Amendment No. 2 to Contribution Agreement, dated as of February 20, 2008 (filed as Exhibit 10.2 to the 02/21/088-K)(1) | |||
10 | .61 | — | Purchase and Sale Agreement, dated as of August 10, 2007, between The Lexington Master Limited Partnership and Net Lease Strategic Assets Fund L.P. (filed as Exhibit 10.3 to the 08/16/20078-K)(1) | |||
10 | .62 | — | Amendment No. 1 to Purchase and Sale Agreement, dated as of December 20, 2007 (filed as Exhibit 10.4 to the 12/26/078-K)(1) | |||
10 | .63 | — | Amendment No. 2 to Purchase and Sale Agreement, dated as of February 20, 2008 (filed as Exhibit 10.3 to the 02/20/088-K)(1) | |||
10 | .64 | — | Management Agreement, dated as of August 10, 2007, between Net Lease Strategic Assets Fund L.P. and Lexington Realty Advisors, Inc. (filed as Exhibit 10.4 to the 08/16/20078-K)(1) | |||
10 | .65 | — | Purchase Agreement, dated as of June 1, 2007, between the Company and the Common Retirement Fund of the State of New York for interests in Lexington Acquiport Company II, LLC (filed as Exhibit 10.4 to the 06/07/20078-K)(1) | |||
10 | .66 | — | Partial Redemption Agreement, dated as of June 5, 2007, between Lexington/Lion Venture L.P., CLPF-LXP/LV, L.P. and the Company (filed as Exhibit 10.1 to the Company’s Current Report onForm 8-K filed on June 28, 2007 (the “06/28/20078-K”)(1) |
100118
Exhibit No. | Description | |||||
10 | .67 | — | Contribution Agreement, dated as of June 5, 2007, between the Company and the MLP (filed as Exhibit 10.2 to the 06/28/20078-K)(1) | |||
10 | .68 | — | Redemption Agreement, dated as of June 5, 2007, between Lexington/Lion Venture L.P., CLPF-LXP/LV, L.P. and CLPF-LXP/Lion Venture GP, LLC (filed as Exhibit 10.3 to the 06/28/20078-K)(1) | |||
10 | .69 | — | Form of Contribution Agreement dated as of December 20, 2007 (filed as Exhibit 10.5 to the 12/26/07 8-K)(1) | |||
12 | — | Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(2) | ||||
14 | .1 | — | Amended and Restated Code of Business Conduct and Ethics(2) | |||
21 | — | List of Subsidiaries(2) | ||||
23 | — | Consent of KPMG LLP(2) | ||||
31 | .1 | — | Certification of Chief Executive Officer pursuant torule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(3) | |||
31 | .2 | — | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3) | |||
32 | .1 | — | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3) | |||
32 | .2 | — | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3) |
(1) | Incorporated by reference. | |
(2) | Filed herewith. | |
(3) | Furnished herewith. | |
(4) | Management |
101119
By: | /s/ T. Wilson Eglin | |||
Signature | Title | |||
/s/ Michael L. Ashner Michael L. Ashner | Chairman of the Board of Trustees And Director of Strategic Acquisitions | |||
/s/ E. Robert Roskind E. Robert Roskind | Co-Vice Chairman of the Board of Trustees | |||
/s/ Richard J. Rouse Richard J. Rouse | Co-Vice Chairman of the Board of Trustees and Chief Investment Officer | |||
/s/ T. Wilson Eglin T. Wilson Eglin | Chief Executive Officer, President, Chief Operating Officer and Trustee | |||
/s/ Patrick Carroll Patrick Carroll | Chief Financial Officer, Treasurer and Executive Vice President | |||
/s/ Paul R. Wood Paul R. Wood | Vice President, Chief Accounting Officer and Secretary | |||
/s/ | Trustee | |||
/s/ | Trustee |
120
Signature | Title | |||
/s/ | Trustee | |||
/s/ | Trustee | |||
/s/ | Trustee | |||
/s/ Richard Frary Richard Frary | Trustee | |||
/s/ Kevin W. Lynch Kevin W. Lynch | Trustee |
102
121