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þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
Commission file number | 001-9106 (Brandywine Realty Trust) 000-24407 (Brandywine Operating Partnership, L.P.) |
Brandywine Operating Partnership, L.P.
MARYLAND(Brandywine Realty Trust) | 23-2413352 | |
DELAWARE(Brandywine Operating Partnership L.P. | 23-2862640 | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
Incorporation or organization) | ||
555 East Lancaster Avenue | ||
Radnor, Pennsylvania | 19087 | |
(Address of principal executive offices) | (Zip Code) |
Name of each exchange | ||
Title of each class | on which registered | |
Common Shares of Beneficial Interest, | ||
par value $0.01 per share | ||
(Brandywine Realty Trust) | New York Stock Exchange | |
7.50% Series C Cumulative Redeemable | ||
Preferred Shares of Beneficial Interest | New York Stock Exchange | |
par value $0.01 per share | ||
(Brandywine Realty Trust) | ||
7.375% Series D Cumulative Redeemable | ||
Preferred Shares of Beneficial Interest | New York Stock Exchange | |
par value $0.01 per share | ||
(Brandywine Realty Trust) |
Units of General Partnership Interest (Brandywine Operating Partnership, L.P.)
Brandywine Realty Trust | Yesþ Noo | |
Brandywine Operating Partnership, L.P. | Yesþ Noo |
Brandywine Realty Trust | Yeso Noþ | |
Brandywine Operating Partnership, L.P. | Yeso Noþ |
Brandywine Realty Trust | Yesþ Noo | |
Brandywine Operating Partnership, L.P. | Yesþ Noo |
Brandywine Realty Trust | Large accelerated filerþ Accelerated filero Non-accelerated filero | |
Brandywine Operating Partnership, L.P. | Large accelerated filero Accelerated filerþ Non-accelerated filero |
Brandywine Realty Trust | Yeso Noþ | |
Brandywine Operating Partnership, L.P. | Yeso Noþ |
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• | changes in general economic conditions; | ||
• | changes in local real estate conditions (including changes in rental rates and the number of properties that compete with our properties); | ||
• | changes in the economic conditions affecting industries in which our principal tenants compete; | ||
• | our failure to lease unoccupied space in accordance with our projections; | ||
• | our failure to re-lease occupied space upon expiration of leases; | ||
• | the bankruptcy of major tenants; | ||
• | changes in prevailing interest rates; | ||
• | the unavailability of equity and debt financing; | ||
• | failure of acquisitions to perform as expected; | ||
• | unanticipated costs associated with, and integration of, our acquisitions; | ||
• | unanticipated costs to complete and lease-up pending developments; | ||
• | impairment charges; | ||
• | increased costs for, or lack of availability of, adequate insurance, including for terrorist acts; | ||
• | demand for tenant services beyond those traditionally provided by landlords; | ||
• | potential liability under environmental or other laws; | ||
• | earthquakes and other natural disasters; | ||
• | complex regulations relating to our status as a REIT and to our acquisition, disposition and development activities; |
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• | the adverse consequences of our failure to qualify as a REIT; and | ||
• | the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results. |
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§ | In January 2006, we sold 850/950 Warrenville Road, two properties totaling 99,470 square feet in Chicago, Illinois for a sales price of $15.3 million. | ||
§ | In February 2006, we acquired 100 Lenox Drive, a property totaling 92,980 square feet in Lawrenceville, New Jersey for a purchase price of $10.2 million. | ||
§ | In February 2006, we sold 550/650 Warrenville Road, 1050 Warrenville Road, 701 Warrenville Road and 801 Cherry Street, five properties totaling 1,316,744 square feet in Chicago, Illinois and Fort Worth, Texas for an aggregate sales price of $207.3 million. | ||
§ | In March 2006, we sold 8755 W. Higgins Road, a property totaling 237,320 square feet in Chicago, Illinois for a sales price of $30.0 million. | ||
§ | In April 2006, we acquired One Paragon, a property totaling 145,127 square feet in Richmond, Virginia for a purchase price of $24.0 million. We also acquired a 47.9 acre land parcel in Mt. Laurel, New Jersey and a 5.5 acre land parcel in Newtown (Delaware County), Pennsylvania for a total purchase price of $8.6 million. | ||
§ | In April 2006, we sold 1.3 acres of land in Radnor, Pennsylvania for a sales price of $4.5 million. | ||
§ | In June 2006, we acquired a 23.2 acre land parcel in Goochland County, Virginia for a purchase price of $4.6 million. | ||
§ | In June 2006, we sold 505 Millenium Drive, a property totaling 98,586 square feet in Allen, Texas and 5.5 acres of land in Westampton, New Jersey for a an aggregate sales price of $6.4 million. |
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§ | In July 2006, we sold 110 Summit Drive, a property totaling 43,660 square feet in Exton, Pennsylvania for a sales price of $3.7 million. | ||
§ | In August 2006, we acquired 2340 Dulles Corner Boulevard, a property totaling 264,405 square feet in Herndon, Virginia, for a purchase price of $79.0 million and 2355 Dulles Corner Boulevard, a property totaling 179,176 square feet in Herndon, Virginia for a purchase price of $55.0 million. | ||
§ | In August 2006, we sold 8144 Walnut Hill Lane, property totaling 464,470 square feet in Dallas, Texas, 111 Presidential Boulevard, a property totaling 172,894 square feet in Bala Cynwyd, Pennsylvania, 220 Cabot Drive, a property totaling 124,327 square feet in Lisle, Texas and 10.9 acres of land in Sacramento, California for an aggregate sales price of $127.6 million. | ||
§ | In October 2006, we acquired a 16.8 acre land parcel in Austin, Texas for a purchase price of $2.5 million. | ||
§ | In November 2006, we sold King & Harvard Drive and One South Union Avenue, two properties totaling 167,017 square feet in Cherry Hill, New Jersey and 1255 Corporate Drive, a property totaling 150,019 square feet in Irving, Texas for an aggregate sales price of $37.8 million. | ||
§ | In November 2006, we acquired 2251 Corporate Park Drive, a property totaling 158,016 square feet in Herndon, Virginia for a purchase price of $59.0 million. | ||
§ | In December 2006, we sold 2110 Walnut Hill Lane, three properties totaling 164,782 square feet in Irving, Texas, 105/140 Terry Drive, two properties totaling 128,666 square feet in Newtown, Pennsylvania and 3890/3860 West Northwest Highway, two properties totaling 196,260 square feet in Dallas, Texas for an aggregate sales price of $45.0 million. We also sold 59.0 acres of land in Newtown, Pennsylvania for a sales price of $19.0 million. |
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• | maximize cash flow through leasing strategies designed to capture rental growth as rental rates increase and as below-market leases are renewed; | ||
• | attain a high tenant retention rate by providing a full array of property management and maintenance services and tenant service programs responsive to the varying needs of our diverse tenant base; | ||
• | increase the economic diversification of our tenant base while maximizing economies of scale; | ||
• | as warranted by market conditions, deploy our land inventory and seek new land parcels on which to develop high-quality office and industrial properties to service our tenant base; | ||
• | capitalize on our redevelopment expertise to selectively acquire, redevelop and reposition properties in desirable locations; | ||
• | acquire high-quality office and industrial properties and portfolios of such properties at attractive yields in markets that we expect will experience economic growth; | ||
• | form joint venture opportunities with high-quality partners having attractive real estate holdings or significant financial resources; and | ||
• | utilize our reputation as a full-service real estate development and management organization to identify opportunities that will expand our business and create long-term value. |
• | current and projected market rents and absorption statistics justify construction activity; | ||
• | we can maximize market penetration by accumulating a critical mass of properties and thereby enhance operating efficiencies; | ||
• | barriers to entry (such as zoning restrictions, utility availability, infrastructure limitations, development moratoriums and limited developable land) will create supply constraints on office and industrial space; and | ||
• | there is potential for economic growth, particularly job growth and industry diversification. |
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• | downturns in the national, regional and local economic climate; | ||
• | competition from other office, industrial and commercial buildings; | ||
• | local real estate market conditions, such as oversupply or reduction in demand for office, or other commercial or industrial space; | ||
• | changes in interest rates and availability of financing; | ||
• | vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space; | ||
• | increased operating costs, including insurance expense, utilities, real estate taxes, state and local taxes and heightened security costs; | ||
• | civil disturbances, earthquakes and other natural disasters, or terrorist acts or acts of war which may result in uninsured or underinsured losses; | ||
• | significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from a property; and | ||
• | declines in the financial condition of our tenants and our ability to collect rents from our tenants. |
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• | the unavailability of favorable financing alternatives in the private and public debt markets; | ||
• | construction costs exceeding original estimates due to rising interest rates and increases in the costs of materials and labor; | ||
• | construction and lease-up delays resulting in increased debt service, fixed expenses and construction or renovation costs; | ||
• | expenditure of funds and devotion of management’s time to projects that we do not complete; | ||
• | the unavailability utilities; | ||
• | occupancy rates and rents at newly completed properties may fluctuate depending on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and | ||
• | complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits. |
• | we may not be able to obtain financing for acquisitions on favorable terms; | ||
• | acquired properties may fail to perform as expected; | ||
• | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates; | ||
• | acquired properties may be located in new markets where we may have limited knowledge and understanding of the local economy, an absence of business relationships in the area or unfamiliarity with local governmental and permitting procedures; and | ||
• | we may not be able to efficiently integrate acquired properties, particularly portfolios of properties, into our organization and to manage new properties in a way that allows us to realize cost savings and synergies. |
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• | liabilities for clean-up of undisclosed environmental contamination; | ||
• | claims by tenants, vendors or other persons arising on account of actions or omissions of the former owners of the properties; and | ||
• | liabilities incurred in the ordinary course of business. |
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• | the operational and financial performance of our properties; | ||
• | capital expenditures with respect to existing and newly acquired properties; | ||
• | general and administrative costs associated with our operation as a publicly-held REIT; | ||
• | the amount of, and the interest rates on, our debt; and | ||
• | the absence of significant expenditures relating to environmental and other regulatory matters. |
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• | consider the transfer to be null and void; | ||
• | not reflect the transaction on our books; | ||
• | institute legal action to stop the transaction; | ||
• | not pay dividends or other distributions with respect to those shares; | ||
• | not recognize any voting rights for those shares; and | ||
• | consider the shares held in trust for the benefit of a person to whom such shares may be transferred. |
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• | increases in market interest rates, relative to the dividend yield on our shares. If market interest rates go up, prospective purchasers of our securities may require a higher yield. Higher market interest rates would not, however, result in more funds for us to distribute and, to the contrary, would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common shares to go down; | ||
• | anticipated benefit of an investment in our securities as compared to investment in securities of companies in other industries (including benefits associated with tax treatment of dividends and distributions); | ||
• | perception by market professionals of REITs generally and REITs comparable to us in particular; | ||
• | level of institutional investor interest in our securities; | ||
• | relatively low trading volumes in securities of REITs; | ||
• | our results of operations and financial condition; and | ||
• | investor confidence in the stock market generally. |
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Month of | # of | Rentable Square | Purchase | |||||||||||||
Acquisition | Property/Portfolio Name | Location | Buildings | Feet/ Acres | Price | |||||||||||
(in 000’s) | ||||||||||||||||
Office: | ||||||||||||||||
Jan-06 | Prentiss Properties | Various | 79 | 14,043,326 | $ | 2,701,652 | ||||||||||
Feb-06 | 100 Lenox Drive | Lawrenceville, NJ | 1 | 92,980 | 10,150 | |||||||||||
Apr-06 | One Paragon Place | Richmond, VA | 1 | 145,127 | 24,000 | |||||||||||
Aug-06 | 2340 Dulles Corner Boulevard | Herndon, VA | 1 | 264,405 | 79,000 | |||||||||||
Aug-06 | 2355 Dulles Corner Boulevard | Herndon, VA | 1 | 179,176 | 55,000 | |||||||||||
Nov-06 | 2251 Corporate Park Drive | Herndon, VA | 1 | 158,016 | 59,000 | |||||||||||
Total Office Properties Acquired | 84 | 14,883,030 | $ | 2,928,802 | ||||||||||||
Land Parcels: | ||||||||||||||||
Mar-06 | 101-103 Juniper Street (parking garage) | Philadelphia, PA | — | $ | 2,250 | |||||||||||
Apr-06 | Bishops Gate South | Mount Laurel, NJ | 47.9 | 6,700 | ||||||||||||
Apr-06 | Gradyville Road | Newtown (Delaware County), PA | 5.5 | 1,900 | ||||||||||||
Jun-06 | West Creek Land | Goochland County, VA | 23.2 | 4,636 | ||||||||||||
Oct-06 | Rob Roy Land | Austin, TX | 16.8 | 2,475 | ||||||||||||
Total Land Acquired | 93.4 | $ | 17,961 | |||||||||||||
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Month Placed | # of | Rentable | ||||||||||
in Service | Property/Portfolio Name | Location | Buildings | Square Feet | ||||||||
Office: | ||||||||||||
Nov-06 | Cira Centre | Philadelphia, PA | 1 | 731,852 | ||||||||
Dec-06 | 855 Springdale Drive | West Whiteland, PA | 1 | 52,500 | ||||||||
Total Properties Placed in Service | 2 | 784,352 | ||||||||||
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Month of | # of | Rentable Square | Sales | |||||||||||||
Sale | Property/Portfolio Name | Location | Bldgs. | Feet/ Acres | Price | |||||||||||
(in 000’s) | ||||||||||||||||
Office: | ||||||||||||||||
Jan-06 | 850/950 Warrenville Road | Chicago, IL | 2 | 99,470 | $ | 15,250 | ||||||||||
Feb-06 | 550/650 Warrenville Road | Chicago, IL | 2 | 169,115 | 22,250 | |||||||||||
Feb-06 | 1050 Warrenville Road | Chicago, IL | 1 | 53,982 | 3,500 | |||||||||||
Feb-06 | 701 Warrenville Road | Chicago, IL | 1 | 68,046 | 9,500 | |||||||||||
Feb-06 | 801 Cherry Street | Fort Worth, TX | 1 | 1,025,601 | 172,000 | |||||||||||
Mar-06 | 8755 W. Higgins Road | Chicago, IL | 1 | 237,320 | 30,000 | |||||||||||
Jun-06 | 505 Millenium Drive | Allen, TX | 1 | 98,586 | 5,943 | |||||||||||
Jul-06 | 110 Summit Drive | Exton, PA | 1 | 43,660 | 3,690 | |||||||||||
Aug-06 | 8144 Walnut Hill Lane | Dallas, TX | 1 | 464,470 | 63,300 | |||||||||||
Aug-06 | 111 Presidential Boulevard | Bala Cynwyd, PA | 1 | 172,894 | 34,868 | |||||||||||
Aug-06 | 2200 Cabot Drive | Lisle, IL | 1 | 124,327 | 24,250 | |||||||||||
Nov-06 | King & Harvard Drive | Cherry Hill, NJ | 1 | 67,444 | 6,600 | |||||||||||
Nov-06 | One South Union Avenue | Cherry Hill, NJ | 1 | 99,573 | 11,000 | |||||||||||
Nov-06 | 1255 Corporate Drive | Irving, TX | 1 | 150,019 | 20,200 | |||||||||||
Dec-06 | 2110 Walnut Hill Lane | Irving, TX | 3 | 164,782 | 11,825 | |||||||||||
Dec-06 | 105/140 Terry Drive | Newtown (Bucks County), PA | 2 | 128,666 | 16,150 | |||||||||||
Dec-06 | 3890 West Northwest Highway | Dallas, TX | 1 | 126,132 | 11,000 | |||||||||||
Dec-06 | 3860 West Northwest Highway | Dallas, TX | 1 | 70,128 | 6,000 | |||||||||||
Total Office Properties Sold | 23 | 3,364,215 | $ | 467,326 | ||||||||||||
Land Parcels: | ||||||||||||||||
Apr-06 | Radnor Chester Road | Radnor, PA | 1.3 | $ | 4,500 | |||||||||||
Jun-06 | Highland Drive | Westampton, NJ | 5.5 | 427 | ||||||||||||
Aug-06 | Natomas Land | Sacramento, CA | 10.9 | 5,223 | ||||||||||||
Dec-06 | Newtown Land | Newtown (Bucks County), PA | 59.0 | 19,000 | ||||||||||||
Total Land Sold | 76.7 | $ | 29,150 | |||||||||||||
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% | ||||||||||||||
Leased | Projected | |||||||||||||
Rentable | as of | In-Service | ||||||||||||
Project Name | Location | Square Feet | 12/31/06 | Date (a) | ||||||||||
Under Development: | ||||||||||||||
Three Paragon | Richmond, VA | 72,561 | 71 | % | Jun-07 | |||||||||
Metroplex | Plymouth Meeting, PA | 120,877 | 0 | % | Apr-08 | |||||||||
1200 Lenox Drive | Lawrenceville, NJ | 71,250 | 0 | % | Apr-08 | |||||||||
Park on Barton Creek | Austin, TX | 213,255 | 0 | % | Jun-08 | |||||||||
2150 Franklin | Oakland, CA | 215,000 | 0 | % | Oct-08 | |||||||||
South Lake at Dulles | Herndon, VA | 267,350 | 0 | % | Aug-08 | |||||||||
960,293 | ||||||||||||||
Under Redevelopment: | ||||||||||||||
555 East Lancaster Avenue | Radnor, PA | 242,032 | 92 | %(b) | May-07 | |||||||||
500 Office Center Drive | Fort Washington, PA | 104,303 | 36 | % | Oct-07 | |||||||||
100 Lenox Drive | Lawrenceville, NJ | 92,980 | 0 | % | May-08 | |||||||||
439,315 | ||||||||||||||
1,399,608 | ||||||||||||||
(a) | Projected in-service date represents the earlier of (i) the date at which the property is estimated to be 95% occupied or (ii) one year from the project completion date. | |
(b) | Includes the portion of the building we occupied in the second quarter of 2006. |
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Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
CALIFORNIA NORTH SEGMENT | ||||||||||||||||||||||||
1 Kaiser Plaza | Oakland | CA | 1970 | 530,887 | 98.1 | % | $ | 16,028 | $ | 34.34 | ||||||||||||||
2101 Webster Street | Oakland | CA | 1985 | 464,424 | 93.2 | % | 11,538 | 29.01 | ||||||||||||||||
1901 Harrison Street | Oakland | CA | 1985 | 272,100 | 95.3 | % | 7,565 | 32.05 | ||||||||||||||||
1220 Concord Avenue | Concord | CA | 1984 | 175,153 | 100.0 | % | 2,944 | 22.06 | ||||||||||||||||
1200 Concord Avenue | Concord | CA | 1984 | 175,103 | 100.0 | % | 4,161 | 24.47 | ||||||||||||||||
MID-ATLANTIC REGION SEGMENT | ||||||||||||||||||||||||
7101 Wisconsin Avenue | Bethesda | MD | 1975 | 223,054 | 76.1 | % | 4,640 | 21.88 | ||||||||||||||||
6600 Rockledge Drive | (d) | Bethesda | MD | 1981 | 156,325 | 100.0 | % | 4,993 | 36.27 | |||||||||||||||
2273 Research Boulevard | Rockville | MD | 1999 | 147,689 | 85.0 | % | 2,751 | 24.53 | ||||||||||||||||
2275 Research Boulevard | Rockville | MD | 1990 | 147,267 | 91.2 | % | 2,993 | 23.17 | ||||||||||||||||
2277 Research Boulevard | Rockville | MD | 1986 | 137,045 | 100.0 | % | 3,012 | 24.29 | ||||||||||||||||
11720 Beltsville Drive | Beltsville | MD | 1987 | 132,252 | 58.8 | % | 875 | 17.72 | ||||||||||||||||
7735 Old Georgetown Road | Bethesda | MD | 1964/1997 | 124,480 | 98.4 | % | 3,233 | 30.38 | ||||||||||||||||
11700 Beltsville Drive | Beltsville | MD | 1981 | 95,983 | 71.1 | % | 1,517 | 21.75 | ||||||||||||||||
11710 Beltsville Drive | Beltsville | MD | 1987 | 77,869 | 80.0 | % | 1,586 | 25.05 | ||||||||||||||||
11740 Beltsville Drive | Beltsville | MD | 1987 | 6,783 | 100.0 | % | 160 | 26.41 | ||||||||||||||||
1676 International Drive | McLean | VA | 1999 | 299,413 | 100.0 | % | 9,152 | 31.59 | ||||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | 1987 | 264,405 | 96.8 | % | 2,443 | 26.04 | ||||||||||||||||
1900 Gallows Road | Vienna | VA | 1989 | 202,684 | 100.0 | % | 4,244 | 23.65 | ||||||||||||||||
3130 Fairview Park Drive | Falls Church | VA | 1999 | 183,111 | 72.4 | % | 5,213 | 30.96 | ||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | 1988 | 180,041 | 92.9 | % | 3,886 | 24.36 | ||||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | 1988 | 179,074 | 98.7 | % | 1,311 | 15.63 | ||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | 1990 | 177,072 | 95.4 | % | 5,078 | 30.10 | ||||||||||||||||
1880 Campus Commons Drive | Reston | VA | 1985 | 172,448 | 100.0 | % | 3,110 | 19.78 | ||||||||||||||||
2121 Cooperative Way | Herndon | VA | 2000 | 161,274 | 100.0 | % | 4,435 | 27.74 | ||||||||||||||||
8260 Greensboro Drive | McLean | VA | 1980 | 161,229 | 93.3 | % | 3,667 | 25.03 | ||||||||||||||||
2251 Corporate Park Drive | Herndon | VA | 2000 | 158,016 | 100.0 | % | 664 | 32.93 | ||||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | 1997 | 151,747 | 100.0 | % | 4,686 | 30.83 | ||||||||||||||||
8521 Leesburg Pike | Vienna | VA | 1984 | 150,919 | 92.2 | % | 3,161 | 24.54 | ||||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | 1985 | 150,432 | 92.7 | % | 3,335 | 24.52 | ||||||||||||||||
2201 Cooperative Way | Herndon | VA | 1990 | 138,545 | 100.0 | % | 3,829 | 28.41 | ||||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | 1982 | 127,227 | 96.8 | % | 3,048 | 24.26 | ||||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | 1989 | 104,466 | 100.0 | % | 2,484 | 24.67 | ||||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | 1988 | 55,972 | 98.7 | % | 1,573 | 24.13 | ||||||||||||||||
PENNSYLVANIA NORTH SEGMENT | ||||||||||||||||||||||||
100-300 Gundy Drive | Reading | PA | 1970 | 452,902 | 100.0 | % | 7,222 | 15.64 | ||||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | 2001 | 201,528 | 100.0 | % | 5,880 | 27.08 | ||||||||||||||||
300 Corporate Center Drive | Camp Hill | PA | 1989 | 175,280 | 91.3 | % | 1,920 | 10.23 | ||||||||||||||||
7535 Windsor Drive | Allentown | PA | 1988/2004 | 132,375 | 76.0 | % | 1,372 | 16.01 | ||||||||||||||||
100 Kachel Blvd | Reading | PA | 1970 | 131,082 | 100.0 | % | 2,960 | 21.45 | ||||||||||||||||
501 Office Center Drive | Fort Washington | PA | 1974/2005 | 114,795 | 98.0 | % | 2,340 | 20.83 | ||||||||||||||||
7130 Ambassador Drive | (f) | Allentown | PA | 1991 | 114,049 | 100.0 | % | 430 | 3.76 | |||||||||||||||
7350 Tilghman Street | Allentown | PA | 1987 | 111,500 | 100.0 | % | 1,983 | 20.11 | ||||||||||||||||
7450 Tilghman Street | Allentown | PA | 1986 | 100,000 | 100.0 | % | 1,545 | 18.02 |
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Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | 1990 | 90,175 | 89.3 | % | 1,772 | 27.91 | ||||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | 1987 | 90,152 | 100.0 | % | 2,406 | 30.12 | ||||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | 1988 | 89,925 | 88.8 | % | 1,768 | 24.05 | ||||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | 1986 | 89,681 | 97.4 | % | 2,237 | 20.77 | ||||||||||||||||
3331 Street Road -Greenwood Square | Bensalem | PA | 1986 | 81,575 | 98.8 | % | 1,447 | 20.45 | ||||||||||||||||
One Progress Drive | Horsham | PA | 1986 | 79,204 | 100.0 | % | 848 | 13.40 | ||||||||||||||||
323 Norristown Road | Lower Gwyned | PA | 1988 | 76,287 | 100.0 | % | 1,447 | 19.16 | ||||||||||||||||
160 - 180 West Germantown Pike | East Norriton | PA | 1982 | 73,394 | 69.4 | % | 902 | 17.15 | ||||||||||||||||
500 Enterprise Road | Horsham | PA | 1990 | 66,751 | 100.0 | % | 506 | 13.53 | ||||||||||||||||
925 Harvest Drive | Blue Bell | PA | 1990 | 62,957 | 100.0 | % | 1,060 | 19.22 | ||||||||||||||||
980 Harvest Drive | Blue Bell | PA | 1988 | 62,379 | 100.0 | % | 1,317 | 21.32 | ||||||||||||||||
3329 Street Road -Greenwood Square | Bensalem | PA | 1985 | 60,705 | 100.0 | % | 1,146 | 21.02 | ||||||||||||||||
200 Corporate Center Drive | Camp Hill | PA | 1989 | 60,000 | 100.0 | % | 1,051 | 17.23 | ||||||||||||||||
321 Norristown Road | Lower Gwyned | PA | 1971 | 59,994 | 95.0 | % | 1,056 | 19.22 | ||||||||||||||||
520 Virginia Drive | Fort Washington | PA | 1987 | 56,454 | 100.0 | % | — | — | ||||||||||||||||
910 Harvest Drive | Blue Bell | PA | 1990 | 52,611 | 100.0 | % | 704 | 13.72 | ||||||||||||||||
2240/50 Butler Pike | Plymouth Meeting | PA | 1984 | 52,229 | 100.0 | % | 1,119 | 20.96 | ||||||||||||||||
920 Harvest Drive | Blue Bell | PA | 1990 | 51,894 | 77.8 | % | 554 | 17.71 | ||||||||||||||||
1155 Business Center Drive | Horsham | PA | 1990 | 51,388 | 94.2 | % | 803 | 18.55 | ||||||||||||||||
800 Business Center Drive | Horsham | PA | 1986 | 51,236 | 100.0 | % | 598 | 15.71 | ||||||||||||||||
7150 Windsor Drive | Allentown | PA | 1988 | 49,420 | 100.0 | % | 542 | 14.41 | ||||||||||||||||
6575 Snowdrift Road | Allentown | PA | 1988 | 47,091 | 100.0 | % | 396 | 13.31 | ||||||||||||||||
220 Commerce Drive | Fort Washington | PA | 1985 | 46,080 | 94.5 | % | 794 | 21.39 | ||||||||||||||||
6990 Snowdrift Road (A) | Allentown | PA | 2003 | 44,200 | 100.0 | % | 763 | 18.30 | ||||||||||||||||
7248 Tilghman Street | Allentown | PA | 1987 | 43,782 | 73.2 | % | 535 | 17.56 | ||||||||||||||||
7360 Windsor Drive | Allentown | PA | 2001 | 43,600 | 100.0 | % | 935 | 24.41 | ||||||||||||||||
300 Welsh Road — Building I | Horsham | PA | 1980 | 40,042 | 100.0 | % | 679 | 18.65 | ||||||||||||||||
7310 Tilghman Street | Allentown | PA | 1985 | 40,000 | 83.5 | % | 472 | 17.73 | ||||||||||||||||
150 Corporate Center Drive | Camp Hill | PA | 1987 | 39,401 | 94.1 | % | 703 | 18.84 | ||||||||||||||||
755 Business Center Drive | Horsham | PA | 1998 | 38,050 | 100.0 | % | 576 | 24.98 | ||||||||||||||||
7010 Snowdrift Road | Allentown | PA | 1991 | 33,029 | 60.5 | % | 145 | 15.67 | ||||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | 1984 | 31,892 | 100.0 | % | 654 | 14.59 | ||||||||||||||||
700 Business Center Drive | Horsham | PA | 1986 | 30,773 | 100.0 | % | 434 | 14.78 | ||||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | 1984 | 30,574 | 100.0 | % | 562 | 20.10 | ||||||||||||||||
650 Dresher Road | Horsham | PA | 1984 | 30,071 | 100.0 | % | 684 | 23.71 | ||||||||||||||||
655 Business Center Drive | Horsham | PA | 1997 | 29,849 | 94.3 | % | 399 | 19.70 | ||||||||||||||||
630 Dresher Road | Horsham | PA | 1987 | 28,894 | 100.0 | % | 717 | 25.95 | ||||||||||||||||
6990 Snowdrift Road (B) | Allentown | PA | 2004 | 27,900 | 100.0 | % | 401 | 17.71 | ||||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | 1984 | 25,357 | 100.0 | % | 488 | 23.09 | ||||||||||||||||
3333 Street Road -Greenwood Square | Bensalem | PA | 1988 | 25,000 | 100.0 | % | 539 | 23.89 | ||||||||||||||||
800 Corporate Circle Drive | Harrisburg | PA | 1979 | 24,862 | 49.7 | % | 197 | 17.80 | ||||||||||||||||
500 Nationwide Drive | Harrisburg | PA | 1977 | 18,027 | 75.5 | % | 211 | 18.85 | ||||||||||||||||
600 Corporate Circle Drive | Harrisburg | PA | 1978 | 17,858 | 100.0 | % | 287 | 18.41 | ||||||||||||||||
300 Welsh Road — Building II | Horsham | PA | 1980 | 17,750 | 100.0 | % | 333 | 17.29 | ||||||||||||||||
2404 Park Drive | Harrisburg | PA | 1983 | 11,000 | 100.0 | % | 215 | 19.00 | ||||||||||||||||
2401 Park Drive | Harrisburg | PA | 1984 | 10,074 | 100.0 | % | 183 | 18.74 |
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Table of Contents
Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
George Kachel Farmhouse | Reading | PA | 2000 | 1,664 | 0.0 | % | — | — | ||||||||||||||||
PENNSYLVANIA WEST SEGMENT | ||||||||||||||||||||||||
101 West Elm Street | W. Conshohocken | PA | 1999 | 185,774 | 77.2 | % | 3,371 | 25.18 | ||||||||||||||||
One Radnor Corporate Center | Radnor | PA | 1998 | 185,166 | 65.9 | % | 4,743 | 31.86 | ||||||||||||||||
Four Radnor Corporate Center | Radnor | PA | 1995 | 165,138 | 78.5 | % | 2,988 | 21.02 | ||||||||||||||||
Five Radnor Corporate Center | Radnor | PA | 1998 | 164,577 | 91.9 | % | 4,755 | 32.70 | ||||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | 1967 | 158,000 | 100.0 | % | 532 | 3.39 | ||||||||||||||||
630 Allendale Road | King of Prussia | PA | 2000 | 150,000 | 100.0 | % | 3,722 | 25.40 | ||||||||||||||||
640 Freedom Business Center | (d) | King Of Prussia | PA | 1991 | 132,000 | 84.1 | % | 2,796 | 25.65 | |||||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | 1988 | 131,017 | 100.0 | % | 2,677 | 21.18 | ||||||||||||||||
400 Berwyn Park | Berwyn | PA | 1999 | 124,182 | 100.0 | % | 3,256 | 26.72 | ||||||||||||||||
Three Radnor Corporate Center | Radnor | PA | 1998 | 119,194 | 80.0 | % | 2,635 | 28.38 | ||||||||||||||||
101 Lindenwood Drive | Malvern | PA | 1988 | 118,121 | 100.0 | % | 2,114 | 19.36 | ||||||||||||||||
300 Berwyn Park | Berwyn | PA | 1989 | 109,919 | 98.8 | % | 2,180 | 24.12 | ||||||||||||||||
442 Creamery Way | (f) | Exton | PA | 1991 | 104,500 | 100.0 | % | 598 | 6.28 | |||||||||||||||
Two Radnor Corporate Center | Radnor | PA | 1998 | 100,973 | 69.0 | % | 2,156 | 30.10 | ||||||||||||||||
301 Lindenwood Drive | Malvern | PA | 1984 | 97,813 | 99.3 | % | 1,766 | 18.63 | ||||||||||||||||
1 West Elm Street | W. Conshohocken | PA | 1999 | 97,737 | 100.0 | % | 2,744 | 28.44 | ||||||||||||||||
555 Croton Road | King of Prussia | PA | 1999 | 96,909 | 100.0 | % | 2,696 | 29.74 | ||||||||||||||||
500 North Gulph Road | King Of Prussia | PA | 1979 | 93,082 | 80.8 | % | 2,184 | 19.09 | ||||||||||||||||
630 Freedom Business Center | (d) | King Of Prussia | PA | 1989 | 86,683 | 97.0 | % | 1,986 | 25.71 | |||||||||||||||
620 Freedom Business Center | (d) | King Of Prussia | PA | 1986 | 86,570 | 100.0 | % | 1,569 | 16.93 | |||||||||||||||
1200 Swedsford Road | Berwyn | PA | 1994 | 86,000 | 100.0 | % | 2,111 | 26.99 | ||||||||||||||||
595 East Swedesford Road | Wayne | PA | 1998 | 81,890 | 100.0 | % | 1,573 | 21.35 | ||||||||||||||||
1050 Westlakes Drive | Berwyn | PA | 1984 | 80,000 | 100.0 | % | 719 | — | ||||||||||||||||
1060 First Avenue | King Of Prussia | PA | 1987 | 77,718 | 90.6 | % | 1,380 | 22.03 | ||||||||||||||||
741 First Avenue | King Of Prussia | PA | 1966 | 77,184 | 100.0 | % | 580 | 8.85 | ||||||||||||||||
1040 First Avenue | King Of Prussia | PA | 1985 | 75,488 | 93.6 | % | 1,321 | 21.97 | ||||||||||||||||
200 Berwyn Park | Berwyn | PA | 1987 | 75,025 | 100.0 | % | 1,574 | 23.40 | ||||||||||||||||
1020 First Avenue | King Of Prussia | PA | 1984 | 74,556 | 100.0 | % | 1,639 | 23.37 | ||||||||||||||||
1000 First Avenue | King Of Prussia | PA | 1980 | 74,139 | 56.8 | % | 921 | 23.38 | ||||||||||||||||
436 Creamery Way | Exton | PA | 1991 | 72,300 | 87.8 | % | 616 | 13.53 | ||||||||||||||||
14 Campus Boulevard | Newtown Square | PA | 1998 | 69,542 | 100.0 | % | 1,466 | 25.83 | ||||||||||||||||
575 East Swedesford Road | Wayne | PA | 1985 | 66,265 | 100.0 | % | 1,251 | 21.43 | ||||||||||||||||
429 Creamery Way | Exton | PA | 1996 | 63,420 | 100.0 | % | 777 | 14.94 | ||||||||||||||||
610 Freedom Business Center | (d) | King Of Prussia | PA | 1985 | 62,991 | 100.0 | % | 1,420 | 26.90 | |||||||||||||||
426 Lancaster Avenue | Devon | PA | 1990 | 61,102 | 100.0 | % | 1,213 | 17.63 | ||||||||||||||||
1180 Swedesford Road | Berwyn | PA | 1987 | 60,371 | 100.0 | % | 1,847 | 32.05 | ||||||||||||||||
1160 Swedesford Road | Berwyn | PA | 1986 | 60,099 | 100.0 | % | 1,413 | 24.49 | ||||||||||||||||
100 Berwyn Park | Berwyn | PA | 1986 | 57,731 | 98.0 | % | 1,087 | 22.66 | ||||||||||||||||
440 Creamery Way | Exton | PA | 1991 | 57,218 | 100.0 | % | 446 | 7.78 | ||||||||||||||||
640 Allendale Road | (f) | King of Prussia | PA | 2000 | 56,034 | 100.0 | % | 350 | 7.83 | |||||||||||||||
565 East Swedesford Road | Wayne | PA | 1984 | 55,979 | 100.0 | % | 1,010 | 19.95 | ||||||||||||||||
650 Park Avenue | King Of Prussia | PA | 1968 | 54,338 | 97.1 | % | 796 | 15.36 | ||||||||||||||||
855 Springdale Drive | Exton | PA | 1986 | 53,500 | 33.3 | % | 44 | — |
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Table of Contents
Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
680 Allendale Road | King Of Prussia | PA | 1962 | 52,528 | 100.0 | % | 544 | 13.34 | ||||||||||||||||
486 Thomas Jones Way | Exton | PA | 1990 | 51,372 | 81.6 | % | 677 | 19.83 | ||||||||||||||||
660 Allendale Road | (f) | King of Prussia | PA | 1962 | 50,635 | 100.0 | % | 365 | 9.17 | |||||||||||||||
875 First Avenue | King of Prussia | PA | 1966 | 50,000 | 100.0 | % | 1,038 | 21.15 | ||||||||||||||||
630 Clark Avenue | King of Prussia | PA | 1960 | 50,000 | 100.0 | % | 301 | 7.36 | ||||||||||||||||
620 Allendale Road | King of Prussia | PA | 1961 | 50,000 | 100.0 | % | 978 | 21.38 | ||||||||||||||||
15 Campus Boulevard | Newtown Square | PA | 2002 | 49,621 | 100.0 | % | 991 | 21.56 | ||||||||||||||||
479 Thomas Jones Way | Exton | PA | 1988 | 49,264 | 100.0 | % | 765 | 17.30 | ||||||||||||||||
17 Campus Boulevard | Newtown Square | PA | 2001 | 48,565 | 100.0 | % | 1,224 | 28.52 | ||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | 1998 | 47,700 | 100.0 | % | 1,064 | 18.64 | ||||||||||||||||
456 Creamery Way | Exton | PA | 1987 | 47,604 | 100.0 | % | 364 | 7.89 | ||||||||||||||||
585 East Swedesford Road | Wayne | PA | 1998 | 43,683 | 100.0 | % | 1,018 | 24.76 | ||||||||||||||||
1100 Cassett Road | Berwyn | PA | 1997 | 43,480 | 100.0 | % | 1,106 | 29.65 | ||||||||||||||||
467 Creamery Way | Exton | PA | 1988 | 42,000 | 100.0 | % | 554 | 18.20 | ||||||||||||||||
1336 Enterprise Drive | West Goshen | PA | 1989 | 39,330 | 100.0 | % | 796 | 22.43 | ||||||||||||||||
600 Park Avenue | King of Prussia | PA | 1964 | 39,000 | 100.0 | % | 536 | 15.02 | ||||||||||||||||
412 Creamery Way | Exton | PA | 1999 | 38,098 | 77.3 | % | 677 | 23.33 | ||||||||||||||||
18 Campus Boulevard | Newtown Square | PA | 1990 | 37,374 | 52.6 | % | 740 | 21.94 | ||||||||||||||||
457 Creamery Way | Exton | PA | 1990 | 36,019 | 100.0 | % | 386 | 14.70 | ||||||||||||||||
100 Arrandale Boulevard | Exton | PA | 1997 | 34,931 | 100.0 | % | 550 | 20.01 | ||||||||||||||||
300 Lindenwood Drive | Malvern | PA | 1991 | 33,000 | 0.0 | % | 376 | — | ||||||||||||||||
468 Thomas Jones Way | Exton | PA | 1990 | 28,934 | 100.0 | % | 483 | 18.00 | ||||||||||||||||
1700 Paoli Pike | Malvern | PA | 2000 | 28,000 | 100.0 | % | 504 | 20.65 | ||||||||||||||||
2490 Boulevard of the Generals | King of Prussia | PA | 1975 | 20,600 | 100.0 | % | 434 | 20.77 | ||||||||||||||||
481 John Young Way | Exton | PA | 1997 | 19,275 | 100.0 | % | 405 | 22.50 | ||||||||||||||||
100 Lindenwood Drive | Malvern | PA | 1985 | 18,400 | 100.0 | % | 319 | 19.79 | ||||||||||||||||
748 Springdale Drive | Exton | PA | 1986 | 13,950 | 77.7 | % | 209 | 18.62 | ||||||||||||||||
200 Lindenwood Drive | Malvern | PA | 1984 | 12,600 | 65.3 | % | 148 | 18.39 | ||||||||||||||||
111 Arrandale Road | Exton | PA | 1996 | 10,479 | 100.0 | % | 196 | 17.76 | ||||||||||||||||
NEW JERSEY SEGMENT | ||||||||||||||||||||||||
50 East State Street | Trenton | NJ | 1989 | 305,884 | 91.3 | % | 5,278 | 29.88 | ||||||||||||||||
1009 Lenox Drive | Lawrenceville | NJ | 1989 | 180,460 | 89.8 | % | 3,777 | 28.42 | ||||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | 1990 | 179,098 | 90.0 | % | 2,727 | 22.82 | ||||||||||||||||
33 West State Street | Trenton | NJ | 1988 | 167,774 | 99.6 | % | 2,987 | 31.17 | ||||||||||||||||
525 Lincoln Drive West | Marlton | NJ | 1986 | 165,956 | 96.7 | % | 2,562 | 20.28 | ||||||||||||||||
Main Street — Plaza 1000 | Voorhees | NJ | 1988 | 162,364 | 94.6 | % | 3,247 | 24.44 | ||||||||||||||||
457 Haddonfield Road | Cherry Hill | NJ | 1990 | 121,737 | 100.0 | % | 2,689 | 24.13 | ||||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | 1989 | 121,658 | 100.0 | % | 2,022 | 24.06 | ||||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | 1984 | 119,272 | 79.2 | % | 2,061 | 24.45 | ||||||||||||||||
2000 Lenox Drive | Lawrenceville | NJ | 2000 | 119,114 | 100.0 | % | 3,208 | 30.57 | ||||||||||||||||
989 Lenox Drive | Lawrenceville | NJ | 1984 | 112,055 | 91.3 | % | 2,734 | 30.46 | ||||||||||||||||
993 Lenox Drive | Lawrenceville | NJ | 1985 | 111,124 | 100.0 | % | 2,882 | 29.00 | ||||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | 1988 | 105,312 | 100.0 | % | 1,934 | 22.85 | ||||||||||||||||
100 Brandywine Boulevard | Newtown | PA | 2002 | 102,000 | 100.0 | % | 2,681 | 25.73 | ||||||||||||||||
997 Lenox Drive | Lawrenceville | NJ | 1987 | 97,277 | 100.0 | % | 2,387 | 27.27 | ||||||||||||||||
1000 Atrium Way | Mt. Laurel | NJ | 1989 | 97,158 | 47.7 | % | 1,020 | 21.48 |
-29-
Table of Contents
Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
1120 Executive Boulevard | Mt. Laurel | NJ | 1987 | 95,278 | 98.8 | % | 1,503 | 17.14 | ||||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | 1991 | 84,056 | 100.0 | % | 1,355 | 19.75 | ||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | 1988 | 78,509 | 76.1 | % | 1,198 | 22.95 | ||||||||||||||||
1007 Laurel Oak Road | Voorhees | NJ | 1996 | 78,205 | 100.0 | % | 621 | 7.94 | ||||||||||||||||
10 Lake Center Drive | Marlton | NJ | 1989 | 76,359 | 95.2 | % | 1,117 | 20.10 | ||||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | 1989 | 76,352 | 96.0 | % | 1,609 | 22.92 | ||||||||||||||||
1400 Howard Boulevard | Mt. Laurel | NJ | 1995/2005 | 75,590 | 100.0 | % | 1,431 | 23.20 | ||||||||||||||||
Three Greentree Centre | Marlton | NJ | 1984 | 69,300 | 96.1 | % | 1,313 | 22.66 | ||||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | 1989 | 67,299 | 100.0 | % | 836 | 22.86 | ||||||||||||||||
6 East Clementon Road | Gibbsboro | NJ | 1980 | 66,236 | 87.1 | % | 981 | 18.75 | ||||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | 1986 | 61,794 | 100.0 | % | 1,280 | 22.55 | ||||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | 1986 | 60,604 | 94.2 | % | 1,214 | 22.25 | ||||||||||||||||
308 Harper Drive | Moorestown | NJ | 1976 | 59,500 | 79.5 | % | 1,001 | 22.57 | ||||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | 1980 | 56,824 | 100.0 | % | 1,068 | 22.14 | ||||||||||||||||
Two Greentree Centre | Marlton | NJ | 1983 | 56,075 | 69.6 | % | 836 | 22.86 | ||||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | 1982 | 55,911 | 100.0 | % | 1,217 | 26.19 | ||||||||||||||||
One Greentree Centre | Marlton | NJ | 1982 | 55,838 | 95.1 | % | 1,072 | 20.96 | ||||||||||||||||
8000 Lincoln Drive | Marlton | NJ | 1997 | 54,923 | 100.0 | % | 1,003 | 18.47 | ||||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | 1981 | 54,485 | 93.6 | % | 1,047 | 24.71 | ||||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | 1979 | 53,768 | 100.0 | % | 1,037 | 22.43 | ||||||||||||||||
1000 Bishops Gate | Mt. Laurel | NJ | 2005 | 53,281 | 100.0 | % | 1,167 | 22.53 | ||||||||||||||||
1000 Lenox Drive | Lawrenceville | NJ | 1982 | 52,264 | 100.0 | % | 1,329 | 28.83 | ||||||||||||||||
2 Foster Avenue | (f) | Gibbsboro | NJ | 1974 | 50,761 | 100.0 | % | 165 | 5.11 | |||||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | 1998 | 46,945 | 100.0 | % | 657 | 22.34 | ||||||||||||||||
Five Eves Drive | Marlton | NJ | 1986 | 45,564 | 100.0 | % | 815 | 19.68 | ||||||||||||||||
161 Gaither Drive | Mount Laurel | NJ | 1987 | 44,739 | 96.0 | % | 647 | 16.64 | ||||||||||||||||
Main Street — Piazza | Voorhees | NJ | 1990 | 44,708 | 97.3 | % | 725 | 17.92 | ||||||||||||||||
30 Lake Center Drive | Marlton | NJ | 1986 | 40,287 | 48.1 | % | 750 | 22.14 | ||||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | 1986 | 38,260 | 100.0 | % | 549 | 17.77 | ||||||||||||||||
Two Eves Drive | Marlton | NJ | 1987 | 37,532 | 82.9 | % | 564 | 17.98 | ||||||||||||||||
304 Harper Drive | Moorestown | NJ | 1975 | 32,978 | 97.5 | % | 655 | 23.39 | ||||||||||||||||
Main Street — Promenade | Voorhees | NJ | 1988 | 31,445 | 96.5 | % | 502 | 17.58 | ||||||||||||||||
Four B Eves Drive | Marlton | NJ | 1987 | 27,011 | 82.8 | % | 376 | 16.59 | ||||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | 1986 | 25,500 | 100.0 | % | 246 | 11.72 | ||||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | 1986 | 25,351 | 38.5 | % | 142 | 16.16 | ||||||||||||||||
Four A Eves Drive | Marlton | NJ | 1987 | 24,687 | 100.0 | % | 327 | 15.49 | ||||||||||||||||
1 Foster Avenue | (f) | Gibbsboro | NJ | 1972 | 24,255 | 100.0 | % | 62 | 4.45 | |||||||||||||||
4 Foster Avenue | (f) | Gibbsboro | NJ | 1974 | 23,372 | 100.0 | % | 150 | 8.65 | |||||||||||||||
7 Foster Avenue | Gibbsboro | NJ | 1983 | 22,158 | 100.0 | % | 367 | 21.19 | ||||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | 1983 | 18,651 | 100.0 | % | 259 | 17.26 | ||||||||||||||||
305 Harper Drive | Moorestown | NJ | 1979 | 14,980 | 100.0 | % | 127 | 9.61 | ||||||||||||||||
5 U.S. Avenue | (f) | Gibbsboro | NJ | 1987 | 5,000 | 100.0 | % | 23 | 4.40 | |||||||||||||||
50 East Clementon Road | Gibbsboro | NJ | 1986 | 3,080 | 100.0 | % | 145 | 47.01 | ||||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | 1968 | 2,000 | 100.0 | % | 7 | — | ||||||||||||||||
SOUTHWEST SEGMENT | ||||||||||||||||||||||||
2711 North Haskell Avenue | Dallas | TX | 1988 | 1,303,161 | 90.4 | % | 19,900 | 18.65 |
-30-
Table of Contents
Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
1501/1503 LBJ Freeway | Dallas | TX | 1985 | 355,895 | 72.1 | % | 4,891 | 19.60 | ||||||||||||||||
1505/1507 LBJ Freeway | Dallas | TX | 1989 | 352,177 | 94.1 | % | 7,414 | 24.23 | ||||||||||||||||
1250 Capital of Texas Highway South | Austin | TX | 1984 | 269,321 | 90.1 | % | 3,232 | 22.62 | ||||||||||||||||
1301 Mopac Expressway | Austin | TX | 2001 | 222,581 | 99.1 | % | 4,441 | 29.60 | ||||||||||||||||
1603 LBJ Freeway | Dallas | TX | 1985 | 200,375 | 69.4 | % | 2,049 | 12.22 | ||||||||||||||||
1601 Mopac Expressway | Austin | TX | 2000 | 195,639 | 100.0 | % | 2,562 | 25.20 | ||||||||||||||||
1501 South Mopac Expressway | Austin | TX | 1999 | 195,164 | 100.0 | % | 3,026 | 25.76 | ||||||||||||||||
1601 LBJ Freeway | Dallas | TX | 1982 | 182,739 | 100.0 | % | 3,085 | 15.60 | ||||||||||||||||
1221 Mopac Expressway | Austin | TX | 2001 | 173,302 | 96.0 | % | 3,541 | 30.62 | ||||||||||||||||
1801 Mopac Expressway | Austin | TX | 1999 | 58,576 | 100.0 | % | 974 | 29.13 | ||||||||||||||||
URBAN SEGMENT | ||||||||||||||||||||||||
2929 Arch Street | Philadelphia | PA | 2006 | 729,723 | 99.4 | % | 16,653 | 22.61 | ||||||||||||||||
100 North 18th Street | (e) | Philadelphia | PA | 1988 | 701,645 | 99.1 | % | 20,235 | 31.52 | |||||||||||||||
130 North 18th Street | Philadelphia | PA | 1998 | 594,361 | 100.0 | % | 12,852 | 29.54 | ||||||||||||||||
Philadelphia Marine Center | (d) | Philadelphia | PA | Various | 181,900 | 100.0 | % | 1,491 | 5.45 | |||||||||||||||
300 Delaware Avenue | Wilmington | DE | 1989 | 310,929 | 79.5 | % | 3,613 | 15.08 | ||||||||||||||||
920 North King Street | Wilmington | DE | 1989 | 203,328 | 100.0 | % | 4,604 | 24.61 | ||||||||||||||||
400 Commerce Drive | Newark | DE | 1997 | 154,086 | 100.0 | % | 2,229 | 15.82 | ||||||||||||||||
One Righter Parkway | (d) | Wilmington | DE | 1989 | 105,237 | 93.1 | % | 1,719 | 18.40 | |||||||||||||||
Two Righter Parkway | (d) | Wilmington | DE | 1987 | 95,514 | 0.0 | % | 1,759 | — | |||||||||||||||
200 Commerce Drive | Newark | DE | 1998 | 68,034 | 100.0 | % | 1,327 | 18.51 | ||||||||||||||||
100 Commerce Drive | Newark | DE | 1989 | 62,787 | 99.8 | % | 1,106 | 15.35 | ||||||||||||||||
111/113 Pencader Drive | Newark | DE | 1990 | 52,665 | 100.0 | % | 505 | 12.73 | ||||||||||||||||
VIRGINIA SEGMENT | ||||||||||||||||||||||||
600 East Main Street | Richmond | VA | 1986 | 420,575 | 93.8 | % | 6,957 | 19.14 | ||||||||||||||||
300 Arboretum Place | Richmond | VA | 1988 | 212,647 | 100.0 | % | 3,822 | 18.97 | ||||||||||||||||
6800 Paragon Place | Richmond | VA | 1986 | 145,127 | 98.9 | % | 2,075 | 19.22 | ||||||||||||||||
6802 Paragon Place | Richmond | VA | 1989 | 143,585 | 87.4 | % | 2,311 | 18.07 | ||||||||||||||||
2511 Brittons Hill Road | (f) | Richmond | VA | 1987 | 132,548 | 100.0 | % | 673 | 6.20 | |||||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | 1976 | 127,287 | 95.6 | % | 1,929 | 16.01 | ||||||||||||||||
1957 Westmoreland Street | (f) | Richmond | VA | 1975 | 121,815 | 100.0 | % | 656 | 8.25 | |||||||||||||||
2201-2245 Tomlynn Street | (f) | Richmond | VA | 1989 | 85,860 | 100.0 | % | 543 | 5.30 | |||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | 2001 | 74,585 | 0.0 | % | 1,348 | — | ||||||||||||||||
9011 Arboretum Parkway | Richmond | VA | 1991 | 72,949 | 98.0 | % | 1,225 | 17.52 | ||||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | 1996 | 61,347 | 94.8 | % | 878 | 15.50 | ||||||||||||||||
9100 Arboretum Parkway | Richmond | VA | 1988 | 57,838 | 100.0 | % | 1,005 | 19.02 | ||||||||||||||||
2812 Emerywood Parkway | Henrico | VA | 1980 | 56,984 | 100.0 | % | 841 | 15.49 | ||||||||||||||||
2277 Dabney Road | (f) | Richmond | VA | 1986 | 50,400 | 100.0 | % | 267 | 7.28 | |||||||||||||||
9200 Arboretum Parkway | Richmond | VA | 1988 | 49,542 | 71.4 | % | 523 | 14.06 | ||||||||||||||||
9210 Arboretum Parkway | Richmond | VA | 1988 | 48,012 | 100.0 | % | 670 | 13.85 | ||||||||||||||||
2212-2224 Tomlynn Street | (f) | Richmond | VA | 1985 | 45,353 | 100.0 | % | 215 | 6.91 | |||||||||||||||
2221-2245 Dabney Road | (f) | Richmond | VA | 1994 | 45,250 | 100.0 | % | 274 | 8.28 | |||||||||||||||
2251 Dabney Road | (f) | Richmond | VA | 1983 | 42,000 | 100.0 | % | 183 | 5.85 | |||||||||||||||
2161-2179 Tomlynn Street | (f) | Richmond | VA | 1985 | 41,550 | 100.0 | % | 245 | 7.95 | |||||||||||||||
2256 Dabney Road | (f) | Richmond | VA | 1982 | 33,600 | 86.0 | % | 185 | 7.85 |
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Average | ||||||||||||||||||||||||
Total Base Rent | Annualized | |||||||||||||||||||||||
Net | Percentage | for the Twelve | Rental Rate | |||||||||||||||||||||
Year | Rentable | Leased as of | Months Ended | as of | ||||||||||||||||||||
Built/ | Square | December 31, | December 31, | December 31, | ||||||||||||||||||||
Property Name | Location | State | Renovated | Feet | 2006 (a) | 2006 (b) (000’s) | 2006 (c) | |||||||||||||||||
2246 Dabney Road | (f) | Richmond | VA | 1987 | 33,271 | 100.0 | % | 280 | 10.29 | |||||||||||||||
2244 Dabney Road | (f) | Richmond | VA | 1993 | 33,050 | 100.0 | % | 297 | 10.53 | |||||||||||||||
9211 Arboretum Parkway | Richmond | VA | 1991 | 30,791 | 100.0 | % | 438 | 14.23 | ||||||||||||||||
2248 Dabney Road | (f) | Richmond | VA | 1989 | 30,184 | 100.0 | % | 207 | 8.23 | |||||||||||||||
2130-2146 Tomlynn Street | (f) | Richmond | VA | 1988 | 29,700 | 100.0 | % | 249 | 10.66 | |||||||||||||||
2120 Tomlyn Street | (f) | Richmond | VA | 1986 | 23,850 | 100.0 | % | 142 | 8.07 | |||||||||||||||
2240 Dabney Road | (f) | Richmond | VA | 1984 | 15,389 | 100.0 | % | 139 | 10.88 | |||||||||||||||
4364 South Alston Avenue | Durham | NC | 1985 | 56,601 | 100.0 | % | 1,132 | 20.14 | ||||||||||||||||
SUBTOTAL FULLY OWNED PROPERTIES / WEIGHTED AVG. | 28,180,705 | 93.2 | % | |||||||||||||||||||||
1333 Broadway | Oakland | CA | 1972 | 238,392 | 93.7 | % | 5,822 | 25.94 | ||||||||||||||||
5780 & 5790 Feet Street | Carlsbad | CA | 1999 | 121,381 | 97.3 | % | 3,406 | 32.02 | ||||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | 1988 | 80,506 | 98.4 | % | 1,675 | 24.08 | ||||||||||||||||
16870 West Bernardo Drive | San Diego | CA | 2002 | 68,708 | 100.0 | % | 2,175 | 34.68 | ||||||||||||||||
5963 La Place Court | Carlsbad | CA | 1987 | 61,587 | 87.4 | % | 1,321 | 26.02 | ||||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | 1991 | 53,982 | 88.5 | % | 1,040 | 21.23 | ||||||||||||||||
5973 Avendia Encinas | Carlsbad | CA | 1986 | 51,695 | 100.0 | % | 1,325 | 26.88 | ||||||||||||||||
2291 Wood Oak Drive | Herndon | VA | 1999 | 227,574 | 100.0 | % | 5,152 | 27.70 | ||||||||||||||||
198 Van Buren Street | Herndon | VA | 1996 | 99,214 | 80.2 | % | 2,119 | 29.92 | ||||||||||||||||
196 Van Buren Street | Herndon | VA | 1991 | 97,781 | 87.2 | % | 2,081 | 26.78 | ||||||||||||||||
1177 East Belt Line Road | Coppell | TX | 1998 | 150,000 | 100.0 | % | 1,728 | 12.87 | ||||||||||||||||
200 Barr Harbour Drive | Conshohocken | PA | 1998 | 85,867 | 77.7 | % | 2,251 | 31.90 | ||||||||||||||||
181 Washington Street | Conshohocken | PA | 1999 | 115,122 | 100.0 | % | 3,078 | 28.51 | ||||||||||||||||
SUBTOTAL CONSOLIDATED JOINT VENTURES / WEIGHTED AVG. | 1,451,809 | 94.2 | % | |||||||||||||||||||||
500 Office Center Drive | Fort Washington | PA | 1974 | 104,303 | 35.7 | % | 357 | 21.50 | ||||||||||||||||
555 Lancaster Avenue | Radnor | PA | 1973 | 242,099 | 92.5 | % | 2,700 | 17.89 | ||||||||||||||||
100 Lenox Drive | Lawrenceville | NJ | 1991 | 92,980 | 0.0 | % | 225 | — | ||||||||||||||||
SUBTOTAL REDEVELOPMENT PROPERTIES / WEIGHTED AVG. | 439,382 | �� | 59.4 | % | ||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | 1983 | 335,458 | 78.5 | % | 5,419 | 23.20 | ||||||||||||||||
201 King of Prussia Road | Radnor | PA | 2001 | 251,372 | 57.1 | % | 3,352 | 33.71 | ||||||||||||||||
170 Radnor Chester Road | Radnor | PA | 1983 | 72,962 | 88.6 | % | 115 | 5.34 | ||||||||||||||||
130 Radnor Chester Road | Radnor | PA | 1983 | 71,349 | 32.2 | % | 270 | 11.75 | ||||||||||||||||
SUBTOTAL LEASE-UP PROPERTIES / WEIGHTED AVG. | 395,683 | 59.4 | % | |||||||||||||||||||||
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(a) | Calculated by dividing net rentable square feet included in leases signed on or before December 31, 2006 at the property by the aggregate net rentable square feet of the property. | |
(b) | “Total Base Rent” for the twelve months ended December 31, 2006 represents base rents received during such period, excluding tenant reimbursements, calculated in accordance with generally accepted accounting principles (GAAP) determined on a straight-line basis. | |
(c) | “Average Annualized Rental Rate” is calculated as follows: (i) for office leases written on a triple net basis, the sum of the annualized contracted base rental rates payable for all space leased as of December 31, 2006 (without giving effect to free rent or scheduled rent increases that would be taken into account under GAAP) plus the 2006 budgeted operating expenses excluding tenant electricity; and (ii) for office leases written on a full service basis, the annualized contracted base rent payable for all space leased as of December 31, 2006. In both cases, the annualized rental rate is divided by the total square footage leased as of December 31, 2006 without giving effect to free rent or scheduled rent increases that would be taken into account under GAAP. | |
(d) | These properties are subject to a ground lease with a third party. | |
(e) | We hold our interest in Two Logan Square (100 North 18th Street) primarily through our ownership of second and third mortgages that are secured by this property and that are junior to a first mortgage. Our ownership of these two mortgages currently provides us with all of the cash flows from Two Logan Square after the payment of operating expenses and debt service on the first mortgage. | |
(f) | These properties are industrial facilities. |
Final | Percentage | |||||||||||||||||||||||
Rentable | Final | Annualized | of Total Final | |||||||||||||||||||||
Number of | Square | Annualized | Base Rent | Annualized | ||||||||||||||||||||
Year of | Leases | Footage | Base Rent | Per Square | Base Rent | |||||||||||||||||||
Lease | Expiring | Subject to | Under | Foot Under | Under | |||||||||||||||||||
Expiration | Within the | Expiring | Expiring | Expiring | Expiring | Cumulative | ||||||||||||||||||
December 31, | Year | Leases | Leases (a) | Leases | Leases | Total | ||||||||||||||||||
2007 | 405 | 3,093,670 | $ | 65,018,414 | $ | 21.02 | 11.2 | % | 11.2 | % | ||||||||||||||
2008 | 319 | 3,224,632 | 68,055,879 | 21.11 | 11.8 | % | 23.0 | % | ||||||||||||||||
2009 | 340 | 3,651,654 | 79,335,298 | 21.73 | 13.7 | % | 36.7 | % | ||||||||||||||||
2010 | 274 | 3,669,111 | 80,071,219 | 21.82 | 13.9 | % | 50.6 | % | ||||||||||||||||
2011 | 248 | 3,377,304 | 73,218,213 | 21.68 | 12.7 | % | 63.3 | % | ||||||||||||||||
2012 | 99 | 1,620,205 | 39,995,511 | 24.69 | 6.9 | % | 70.2 | % | ||||||||||||||||
2013 | 49 | 1,109,288 | 24,415,811 | 22.01 | 4.2 | % | 74.4 | % | ||||||||||||||||
2014 | 43 | 1,463,277 | 31,220,832 | 21.34 | 5.4 | % | 79.8 | % | ||||||||||||||||
2015 | 31 | 1,346,511 | 33,219,278 | 24.67 | 5.7 | % | 85.5 | % | ||||||||||||||||
2016 | 35 | 630,168 | 15,738,836 | 24.98 | 2.7 | % | 88.2 | % | ||||||||||||||||
2017 and thereafter | 51 | 2,608,623 | 67,760,193 | 25.98 | 11.8 | % | 100.0 | % | ||||||||||||||||
1,894 | 25,794,443 | $ | 578,049,484 | $ | 22.41 | 100.0 | % | |||||||||||||||||
(a) | “Final Annualized Base Rent” for each lease scheduled to expire represents the cash rental rate of base rents, excluding tenant reimbursements, in the final month prior to expiration multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. |
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Weighted | Percentage of | |||||||||||||||||||||||
Average | Aggregate | Percentage | Annualized | Aggregate | ||||||||||||||||||||
Number | Remaining | Square | of Aggregate | Escalated | Annualized | |||||||||||||||||||
of | Lease Term | Feet | Leased | Rent (in | Escalated | |||||||||||||||||||
Tenant Name (a) | Leases | in Months | Leased | Square Feet | 000) (b) | Rent | ||||||||||||||||||
Kaiser Foundation Health Plan | 2 | 47 | 483,693 | 1.8 | % | $ | 17,682 | 2.9 | % | |||||||||||||||
Northrop Grumman Corporation | 5 | 63 | 519,493 | 2.0 | % | 15,379 | 2.5 | % | ||||||||||||||||
State of New Jersey | 7 | 33 | 441,488 | 1.7 | % | 13,323 | 2.2 | % | ||||||||||||||||
7-Eleven, Inc. | 1 | 4 | 504,351 | 1.9 | % | 12,222 | 2.0 | % | ||||||||||||||||
Pepper Hamilton LLP | 2 | 94 | 295,873 | 1.1 | % | 11,101 | 1.8 | % | ||||||||||||||||
Lockheed Martin | 9 | 48 | 548,579 | 2.1 | % | 10,385 | 1.7 | % | ||||||||||||||||
Wells Fargo Bank, N.A. | 6 | 43 | 368,879 | 1.4 | % | 9,379 | 1.5 | % | ||||||||||||||||
Verizon | 6 | 46 | 409,574 | 1.6 | % | 8,990 | 1.5 | % | ||||||||||||||||
Dechert LP | 2 | 139 | 242,288 | 0.9 | % | 8,086 | 1.3 | % | ||||||||||||||||
IBM | 5 | 43 | 284,940 | 1.1 | % | 7,811 | 1.3 | % | ||||||||||||||||
Bearingpoint, Inc. | 2 | 95 | 243,122 | 0.9 | % | 7,655 | 1.2 | % | ||||||||||||||||
AT&T | 8 | 25 | 335,223 | 1.3 | % | 7,397 | 1.2 | % | ||||||||||||||||
General Services Administration — U.S. Govt. | 17 | 40 | 330,242 | 1.3 | % | 7,374 | 1.2 | % | ||||||||||||||||
Drinker Biddle & Reath | 2 | 87 | 218,743 | 0.8 | % | 6,476 | 1.0 | % | ||||||||||||||||
Blank Rome LLP | 1 | 181 | 223,886 | 0.8 | % | 6,419 | 1.0 | % | ||||||||||||||||
Penske Truck Leasing | 1 | 198 | 352,641 | 1.3 | % | 6,006 | 1.0 | % | ||||||||||||||||
Marsh USA, Inc. | 3 | 30 | 154,797 | 0.6 | % | 5,344 | 0.9 | % | ||||||||||||||||
World Savings & Loan Corporation | 1 | 132 | 148,175 | 0.6 | % | 5,265 | 0.9 | % | ||||||||||||||||
Computer Sciences | 5 | 71 | 252,765 | 1.0 | % | 5,130 | 0.8 | % | ||||||||||||||||
Vignette Corporation | 2 | 49 | 142,745 | 0.5 | % | 4,927 | 0.8 | % | ||||||||||||||||
Consolidated Total/Weighted Average | 87 | 66 | 6,501,497 | 24.7 | % | $ | 176,351 | 28.7 | % | |||||||||||||||
(a) | The identified tenant includes affiliates in certain circumstances. | |
(b) | Annualized Escalated Rent represents the monthly Escalated Rent for each lease in effect at December 31, 2006 multiplied by 12. Escalated Rent represents fixed base rental amounts plus tenant reimbursements which include payment of real estate taxes, operating expenses and common area maintenance and utility charges. We estimate operating expense reimbursements based on historical amounts and comparable market data. |
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Share Price | Share Price | Distributions | ||||||||||
High | Low | Declared For Quarter | ||||||||||
First Quarter 2005 | $ | 30.06 | $ | 27.61 | $ | 0.44 | ||||||
Second Quarter 2005 | $ | 30.90 | $ | 27.49 | $ | 0.44 | ||||||
Third Quarter 2005 | $ | 32.71 | $ | 29.56 | $ | 0.44 | ||||||
Fourth Quarter 2005 | $ | 29.69 | $ | 26.30 | $ | 0.44 | ||||||
First Quarter 2006 | $ | 31.90 | $ | 28.94 | $ | 0.44 | ||||||
Second Quarter 2006 | $ | 32.17 | $ | 27.65 | $ | 0.44 | ||||||
Third Quarter 2006 | $ | 33.83 | $ | 30.98 | $ | 0.44 | ||||||
Fourth Quarter 2006 | $ | 35.37 | $ | 31.55 | $ | 0.44 |
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(a) | (b) | (c) | ||||||||||
Plan category | Number of securities to be | Weighted-average exercise | Number of securities | |||||||||
issued upon exercise of | price of outstanding | remaining available for | ||||||||||
outstanding options, | options, warrants and | future issuance under | ||||||||||
warrants and rights | rights | equity compensation plans | ||||||||||
(excluding securities | ||||||||||||
reflected in column (a)) | ||||||||||||
Equity compensation plans approved by security holders (1) | 1,286,075 | $ | 26.45(2) | 4,129,630 | ||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||
Total | 1,286,075 | $ | 26.45(2) | 4,129,630 |
(1) | Relates to our Amended and Restated 1997 Long-Term Incentive Plan and the Prentiss Properties Trust 2005 Share Incentive Plan that we assumed in our January 2006 merger with Prentiss Properties Trust. Under each of these two plans, the Compensation Committee of our Board of Trustees may award restricted or unrestricted common shares, options to acquire common shares and performance shares or units or other instruments that have a value tied to our common shares. In May 2005, our shareholders authorized an increase to the number of common shares that may be issued or subject to award under the 1997 Long-Term Incentive Plan, from 5,000,000 to 6,600,000. The May 2005 amendment provides that 500,000 of the shares under the 1997 Plan are available solely for awards under options and share appreciation rights that have an exercise or strike price not less than the market price of our common shares on the date of award, and the remaining 6,100,000 shares are available for any type of award under the Plan. | |
(2) | Weighted-average exercise price of outstanding options; excludes restricted common shares. |
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Purchased as Part of | Shares that May Yet Be | |||||||||||||||
Total Number of | Average Price Paid | Publicly Announced | Purchased Under the | |||||||||||||
Period | Shares Purchased | per Share | Plans or Programs | Plans or Programs (a) | ||||||||||||
(in thousands) | ||||||||||||||||
October 2006 | 1,829,000 | $ | 32.80 | — | 2,319,800 | |||||||||||
November 2006 | — | — | — | 2,319,800 | ||||||||||||
December 2006 | — | — | — | 2,319,800 | ||||||||||||
Total | 1,829,000 | — | ||||||||||||||
(a) | On May 2, 2006, our Board of Trustees authorized an increase in the number of common shares that we may repurchase, whether in open-market or privately negotiated transactions. The Board authorized us to purchase up to an aggregate of 3,500,000 common shares (inclusive of remaining share repurchase availability under the Board’s prior authorization from September 2001). There is no expiration date on the share repurchase program. The 1,829,000 shares shown above were purchased with proceeds of our 3.875% exchangeable notes and did not reduce capacity under the share repurchase plan. |
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Period Ending | ||||||||||||||||||||||||
Index | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | ||||||||||||||||||
Brandywine Realty Trust | 100.00 | 111.81 | 147.33 | 171.86 | 173.68 | 215.51 | ||||||||||||||||||
S&P 500 | 100.00 | 77.90 | 100.24 | 111.14 | 116.59 | 135.00 | ||||||||||||||||||
Russell 2000 | 100.00 | 79.52 | 117.09 | 138.55 | 144.86 | 171.47 | ||||||||||||||||||
NAREIT All Equity REIT Index | 100.00 | 103.82 | 142.37 | 187.33 | 210.12 | 283.78 |
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(in thousands, except per common share data and number of properties)
Year Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Operating Results | ||||||||||||||||||||
Total revenue | $ | 662,801 | $ | 380,624 | $ | 316,557 | $ | 293,108 | $ | 277,553 | ||||||||||
Income (loss) from continuing operations | (14,031 | ) | 38,179 | 56,483 | 72,774 | 43,445 | ||||||||||||||
Net income | 10,482 | 42,766 | 60,301 | 86,678 | 62,984 | |||||||||||||||
Income allocated to Common Shares | 2,490 | 34,774 | 55,081 | 54,174 | 51,078 | |||||||||||||||
Income from continuing operations per Common Share | ||||||||||||||||||||
Basic | $ | (0.25 | ) | $ | 0.54 | $ | 1.07 | $ | 1.05 | $ | 0.85 | |||||||||
Diluted | $ | (0.24 | ) | $ | 0.54 | $ | 1.07 | $ | 1.05 | $ | 0.84 | |||||||||
Earnings per Common Share | ||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.62 | $ | 1.15 | $ | 1.43 | $ | 1.40 | ||||||||||
Diluted | $ | 0.03 | $ | 0.62 | $ | 1.15 | $ | 1.43 | $ | 1.39 | ||||||||||
Cash distributions declared per Common Share | $ | 1.76 | $ | 1.78 | (a) | $ | 1.76 | $ | 1.76 | $ | 1.76 | |||||||||
Balance Sheet Data | ||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 4,739,726 | $ | 2,541,486 | $ | 2,363,865 | $ | 1,695,355 | $ | 1,745,981 | ||||||||||
Total assets | 5,508,263 | 2,805,745 | 2,633,984 | 1,855,776 | 1,919,288 | |||||||||||||||
Total indebtedness | 3,152,230 | 1,521,384 | 1,306,669 | 867,659 | 1,004,729 | |||||||||||||||
Total liabilities | 3,486,346 | 1,663,022 | 1,444,116 | 950,431 | 1,097,793 | |||||||||||||||
Minority interest | 123,991 | 37,859 | 42,866 | 133,488 | 135,052 | |||||||||||||||
Convertible preferred shares | — | — | — | 37,500 | 132,300 | |||||||||||||||
Beneficiaries’ equity | 1,897,926 | 1,104,864 | 1,147,002 | 771,857 | 686,443 | |||||||||||||||
Other Data | ||||||||||||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities | 241,566 | 125,147 | 152,890 | 118,793 | 128,836 | |||||||||||||||
Investing activities | (915,794 | ) | (252,417 | ) | (682,652 | ) | (34,068 | ) | 5,038 | |||||||||||
Financing activities | 692,433 | 119,098 | 536,556 | (102,974 | ) | (120,532 | ) | |||||||||||||
Property Data | ||||||||||||||||||||
Number of properties owned at year end | 313 | 251 | 246 | 234 | 238 | |||||||||||||||
Net rentable square feet owned at year end | 31,764 | 19,600 | 19,150 | 15,733 | 16,052 |
(a) | Includes $0.02 special distribution declared in December 2005 for shareholders of record for the period January 1, 2006 through January 4, 2006 (pre-Prentiss merger period). |
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(in thousands, except per unit data and number of properties)
Year Ended December 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Operating Results | ||||||||||||||||||||
Total revenue | $ | 662,801 | $ | 380,624 | $ | 316,557 | $ | 293,108 | $ | 277,553 | ||||||||||
Income (loss) from continuing operations | (15,059 | ) | 39,262 | 59,118 | 82,068 | 52,820 | ||||||||||||||
Net income | 10,626 | 44,013 | 63,081 | 96,467 | 73,136 | |||||||||||||||
Income from continuing operations per Common Partnership Unit | ||||||||||||||||||||
Basic | $ | (0.25 | ) | $ | 0.54 | $ | 1.07 | $ | 1.06 | $ | 0.86 | |||||||||
Diluted | $ | (0.24 | ) | $ | 0.54 | $ | 1.07 | $ | 1.06 | $ | 0.86 | |||||||||
Earnings per Common Partnership Units | ||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.62 | $ | 1.15 | $ | 1.43 | $ | 1.41 | ||||||||||
Diluted | $ | 0.03 | $ | 0.62 | $ | 1.14 | $ | 1.43 | $ | 1.40 | ||||||||||
Cash distributions declared per Common Partnership Unit | $ | 1.76 | $ | 1.78 | (a) | $ | 1.76 | $ | 1.76 | $ | 1.76 | |||||||||
Balance Sheet Data | ||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 4,739,726 | $ | 2,541,486 | $ | 2,363,865 | $ | 1,695,355 | $ | 1,745,981 | ||||||||||
Total assets | 5,508,263 | 2,805,745 | 2,633,984 | 1,855,776 | 1,919,288 | |||||||||||||||
Total indebtedness | 3,152,230 | 1,521,384 | 1,306,669 | 867,659 | 1,004,729 | |||||||||||||||
Total liabilities | 3,486,346 | 1,662,967 | 1,443,934 | 951,484 | 1,098,846 | |||||||||||||||
Series B Preferred Units | — | — | — | 97,500 | 97,500 | |||||||||||||||
Redeemable limited partnership units | 131,711 | 54,300 | 60,586 | 46,505 | 38,984 | |||||||||||||||
Partners’ equity | 1,855,770 | 1,088,478 | 1,129,464 | 760,287 | 683,958 | |||||||||||||||
Other Data | ||||||||||||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities | 241,566 | 125,147 | 152,890 | 118,793 | 128,836 | |||||||||||||||
Investing activities | (915,794 | ) | (252,417 | ) | (682,652 | ) | (34,068 | ) | 5,038 | |||||||||||
Financing activities | 692,433 | 119,098 | 536,556 | (102,974 | ) | (120,532 | ) | |||||||||||||
Property Data | ||||||||||||||||||||
Number of properties owned at year end | 313 | 251 | 246 | 234 | 238 | |||||||||||||||
Net rentable square feet owned at year end | 31,764 | 19,600 | 19,150 | 15,733 | 16,052 |
(a) | Includes $0.02 special distribution declared in December 2005 for unitholders of record for the period January 1, 2006 through January 4, 2006 (pre-Prentiss merger period). |
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Acquired | Development | Other/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Properties | Properties | Properties (a) | Eliminations (b) | All Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase/ | % | Increase/ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2006 | 2005 | (Decrease) | Change | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | (Decrease) | Change | ||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash rents | $ | 296,811 | $ | 292,439 | $ | 4,372 | 1.5 | % | $ | 200,753 | $ | 1,342 | $ | 24,163 | $ | 8,400 | $ | (912 | ) | $ | 297 | $ | 520,815 | $ | 302,478 | $ | 218,337 | 72.2 | % | |||||||||||||||||||||||||||
Straight-line rents | 8,636 | 11,141 | (2,505 | ) | -22.5 | % | 9,111 | 165 | 11,504 | 2,984 | — | — | 29,251 | 14,290 | 14,961 | 104.7 | % | |||||||||||||||||||||||||||||||||||||||
Rents — FAS 141 | 2,713 | 1,546 | 1,167 | 75.5 | % | 7,405 | (33 | ) | (249 | ) | (243 | ) | 1 | 180 | 9,870 | 1,450 | 8,420 | 580.7 | % | |||||||||||||||||||||||||||||||||||||
Total rents | 308,160 | 305,126 | 3,034 | 1.0 | % | 217,269 | 1,474 | 35,418 | 11,141 | (911 | ) | 477 | 559,936 | 318,218 | 241,718 | 76.0 | % | |||||||||||||||||||||||||||||||||||||||
Tenant reimbursements | 48,086 | 46,705 | 1,381 | 3.0 | % | 28,698 | 98 | 3,007 | 1,130 | 679 | 629 | 80,470 | 48,562 | 31,908 | 65.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other (c) | 9,499 | 8,153 | 1,346 | 16.5 | % | 2,195 | — | 108 | 613 | 10,593 | 5,078 | 22,395 | 13,844 | 8,551 | 61.8 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | 365,745 | 359,984 | 5,761 | 1.6 | % | 248,162 | 1,572 | 38,533 | 12,884 | 10,361 | 6,184 | 662,801 | 380,624 | 282,177 | 74.1 | % | ||||||||||||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 114,455 | 112,656 | 1,799 | 1.6 | % | 72,798 | 552 | 14,454 | 7,614 | (13,706 | ) | (9,630 | ) | 188,001 | 111,192 | 76,809 | 69.1 | % | ||||||||||||||||||||||||||||||||||||||
Real estate taxes | 36,682 | 34,387 | 2,295 | 6.7 | % | 24,422 | 190 | 4,124 | 3,320 | 356 | 283 | 65,584 | 38,180 | 27,404 | 71.8 | % | ||||||||||||||||||||||||||||||||||||||||
Subtotal | 151,137 | 147,043 | 4,094 | 2.8 | % | 97,220 | 742 | 18,578 | 10,934 | (13,350 | ) | (9,347 | ) | 253,585 | 149,372 | 104,213 | 69.8 | % | ||||||||||||||||||||||||||||||||||||||
Net operating income | 214,608 | 212,941 | 1,667 | 0.8 | % | 150,942 | 830 | 19,955 | 1,950 | 23,711 | 15,531 | 409,216 | 231,252 | 177,964 | 77.0 | % | ||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | — | — | 0.0 | % | — | — | — | — | 29,647 | 17,982 | 29,647 | 17,982 | 11,665 | 64.9 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 113,247 | 101,074 | 12,173 | 12.0 | % | 117,175 | 461 | 15,313 | 5,326 | 2,394 | 2,257 | 248,129 | 109,118 | 139,011 | 127.4 | % | ||||||||||||||||||||||||||||||||||||||||
Operating Income (loss) | $ | 101,361 | $ | 111,867 | $ | (10,506 | ) | -9.4 | % | $ | 33,767 | $ | 369 | $ | 4,642 | $ | (3,376 | ) | $ | (8,330 | ) | $ | (4,708 | ) | $ | 131,440 | $ | 104,152 | $ | 27,288 | 26.2 | % | ||||||||||||||||||||||||
Number of properties | 234 | 62 | 17 | 313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet (in thousands) | 17,533 | 11,261 | 2,970 | 31,764 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 9,513 | 1,370 | 8,143 | 594 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (171,177 | ) | (70,152 | ) | (101,025 | ) | 144 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense — Deferred Financing Costs | (4,607 | ) | (3,766 | ) | (841 | ) | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity in income of real estate ventures | 2,165 | 3,172 | (1,007 | ) | -32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sales of interests in real estate | 14,190 | 4,640 | 9,550 | 206 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on termination of purchase contract | 3,147 | — | 3,147 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before minority interest | (15,329 | ) | 39,416 | (54,745 | ) | -139 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Minority interest — partners’ share of consolidated real estate ventures | 270 | — | 270 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Minority interest attributable to continuing operations — LP units | 1,028 | (1,237 | ) | 2,265 | 183 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | (14,031 | ) | 38,179 | (52,210 | ) | -137 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | 24,513 | 4,588 | 19,925 | 434 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (loss) | $ | 10,482 | $ | 42,767 | $ | (32,285 | ) | -75 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share | $ | 0.03 | $ | 0.62 | $ | (0.59 | ) | -95 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(a) | - Results include: nine developments/redevelopments, four lease-up assets and three properties placed in service |
(b) | - Represents certain revenues and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation and third-party management fees |
(c) | - Includes net termination fee income of $6,133 for 2006 and $5,583 for 2005 for the same store property portfolio and $948 for 2006 for the acquired properties |
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Acquired | Development | Other/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Properties | Properties (a) | Properties | Eliminations (b) | All Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase/ | % | Increase/ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2005 | 2004 | (Decrease) | Change | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | (Decrease) | Change | ||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rents | $ | 245,234 | $ | 248,725 | (3,491 | ) | -1.4 | % | $ | 75,500 | $ | 22,177 | $ | 7,338 | $ | 4,729 | $ | 0 | $ | 0 | $ | 328,072 | $ | 275,631 | $ | 52,441 | 19.0 | % | ||||||||||||||||||||||||||||
Tenant reimbursements | 37,071 | 34,037 | 3,034 | 8.9 | % | 11,460 | 3,040 | 753 | 549 | 225 | (54 | ) | 49,509 | 37,572 | 11,937 | 31.8 | % | |||||||||||||||||||||||||||||||||||||||
Other | 7,329 | 3,967 | 3,362 | 84.7 | % | 907 | 326 | 594 | 60 | 5,049 | 7,665 | 13,879 | 12,018 | 1,861 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | 289,634 | 286,729 | 2,905 | 1.0 | % | 87,867 | 25,543 | 8,685 | 5,338 | 5,274 | 7,611 | 391,460 | 325,221 | 66,239 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 91,423 | 88,266 | 3,157 | 3.6 | % | 30,079 | 7,883 | 3,615 | 2,218 | (10,241 | ) | (8,510 | ) | 114,876 | 89,857 | 25,019 | 27.8 | % | ||||||||||||||||||||||||||||||||||||||
Real estate taxes | 28,814 | 27,399 | 1,415 | 5.2 | % | 9,402 | 2,563 | 1,164 | 1,069 | 31 | 31 | 39,411 | 31,062 | 8,349 | 26.9 | % | ||||||||||||||||||||||||||||||||||||||||
Subtotal | 120,237 | 115,665 | 4,572 | 4.0 | % | 39,481 | 10,446 | 4,779 | 3,287 | (10,210 | ) | (8,479 | ) | 154,287 | 120,919 | 33,368 | 27.6 | % | ||||||||||||||||||||||||||||||||||||||
Net Operating Income | 169,397 | 171,064 | (1,667 | ) | -1.0 | % | 48,386 | 15,097 | 3,906 | 2,051 | 15,484 | 16,090 | 237,173 | 204,302 | 32,871 | 16.1 | % | |||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | — | — | 0.0 | % | — | — | — | — | 17,982 | 15,100 | 17,982 | 15,100 | 2,882 | 19.1 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 68,744 | 63,968 | 4,776 | 7.5 | % | 38,776 | 13,221 | 3,313 | 1,669 | 1,053 | 1,046 | 111,886 | 79,904 | 31,982 | 40.0 | % | ||||||||||||||||||||||||||||||||||||||||
Operating Income | 100,653 | 107,096 | (6,443 | ) | -6.0 | % | 9,610 | 1,876 | 593 | 382 | (3,551 | ) | (56 | ) | 107,305 | 109,298 | (1,993 | ) | -1.8 | % | ||||||||||||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 1,376 | 840 | 536 | 63.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (74,363 | ) | (55,061 | ) | (19,302 | ) | 35.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity in income of real estate ventures | 3,172 | 2,024 | 1,148 | 56.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sales of interest in real estate | 4,640 | 2,975 | 1,665 | 56.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income before minority interest | 42,130 | 60,076 | (17,946 | ) | -29.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Minority interest attributable to continuing operations | (1,331 | ) | (2,472 | ) | 1,141 | -46.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 40,799 | 57,604 | (16,805 | ) | -29.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 1,968 | 2,699 | (731 | ) | -27.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 42,767 | 60,303 | (17,536 | ) | -29.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share | $ | 0.62 | $ | 1.15 | $ | (0.53 | ) | -46.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(a) | - Represents the operations of properties acquired that are not included in the definition of the Same Store Property Portfolio, primarily the TRC properties acquired on September 21, 2004. |
(b) | - Represents certain revenue and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation. |
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• | fund normal recurring expenses, | ||
• | meet debt service requirements, | ||
• | fund capital expenditures, including capital and tenant improvements and leasing costs, | ||
• | fund current development and redevelopment costs, and | ||
• | fund distributions declared by our Board of Trustees. |
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Activity | 2006 | 2005 | 2004 | |||||||||
Operating | $ | 241,566 | $ | 125,147 | $ | 152,890 | ||||||
Investing | (915,794 | ) | (252,417 | ) | (682,652 | ) | ||||||
Financing | 692,433 | 119,098 | 536,556 | |||||||||
Net cash flows | $ | 18,205 | $ | (8,172 | ) | $ | 6,794 | |||||
December 31 | ||||||||
2006 | 2005 | |||||||
(dollars in thousands) | ||||||||
Balance: | ||||||||
Fixed rate | $ | 2,718,171 | $ | 1,417,611 | ||||
Variable rate | 439,162 | 103,773 | ||||||
Total | $ | 3,157,333 | $ | 1,521,384 | ||||
Percent of Total Debt: | ||||||||
Fixed rate | 86.1 | % | 93.2 | % | ||||
Variable rate | 13.9 | % | 6.8 | % | ||||
Total | 100 | % | 100 | % | ||||
Weighted-average interest rate at period end: | ||||||||
Fixed rate | 5.6 | % | 5.9 | % | ||||
Variable rate | 6.0 | % | 5.3 | % |
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Effective | ||||||||||||||||
December 31, | December 31, | Interest Rate | Maturity | |||||||||||||
Property / Location | 2006 | 2005 | @ 12/31/06 | Date | ||||||||||||
111 Arrandale Blvd | $ | — | $ | 1,043 | — | Aug-06 | ||||||||||
429 Creamery Way | — | 2,927 | — | Sep-06 | ||||||||||||
Interstate Center | 552 | 766 | 6.19 | %(b) | Mar-07 | |||||||||||
440 & 442 Creamery Way | 5,421 | 5,581 | 8.55 | % | Jul-07 | |||||||||||
Norriton Office Center | — | 5,191 | 8.50 | % | Oct-07 | |||||||||||
481 John Young Way | 2,294 | 2,360 | 8.40 | % | Nov-07 | |||||||||||
400 Commerce Drive | 11,797 | 11,989 | 7.12 | % | Jun-08 | |||||||||||
Two Logan Square | 71,348 | 72,468 | 5.78 | %(a) | Jul-09 | |||||||||||
The Bluffs | 10,700 | — | 6.00 | %(a) | Jul-09 | |||||||||||
Pacific Ridge | 14,500 | — | 6.00 | %(a) | Aug-09 | |||||||||||
Pacific View/Camino | 26,000 | — | 6.00 | %(a) | Aug-09 | |||||||||||
Computer Associates Building | 31,000 | — | 6.00 | %(a) | Aug-09 | |||||||||||
200 Commerce Drive | 5,841 | 5,911 | 7.12 | %(a) | Jan-10 | |||||||||||
Presidents Plaza | 30,900 | — | 6.00 | %(a) | May-10 | |||||||||||
1333 Broadway | 24,418 | — | 5.18 | %(a) | May-10 | |||||||||||
The Ordway | 46,199 | — | 7.95 | %(a) | Aug-10 | |||||||||||
World Savings Center | 27,524 | — | 7.91 | %(a) | Nov-10 | |||||||||||
Plymouth Meeting Exec. | 44,103 | 44,687 | 7.00 | %(a) | Dec-10 | |||||||||||
Four Tower Bridge | 10,626 | 10,763 | 6.62 | % | Feb-11 | |||||||||||
Arboretum I, II, III & V | 22,750 | 23,238 | 7.59 | % | Jul-11 | |||||||||||
Midlantic Drive/Lenox Drive/DCC I | 62,678 | 63,803 | 8.05 | % | Oct-11 | |||||||||||
Research Office Center | 42,205 | — | 7.64 | %(a) | Oct-11 | |||||||||||
Concord Airport Plaza | 38,461 | — | 7.20 | %(a) | Jan-12 | |||||||||||
Six Tower Bridge | 14,744 | 15,083 | 7.79 | % | Aug-12 | |||||||||||
Newtown Square/Berwyn Park/Libertyview | 63,231 | 64,429 | 7.25 | % | May-13 | |||||||||||
Coppell Associates | 3,737 | — | 6.89 | % | Dec-13 | |||||||||||
Southpoint III | 4,949 | 5,431 | 7.75 | % | Apr-14 | |||||||||||
Tysons Corner | 100,000 | — | 4.84 | %(a) | Aug-15 | |||||||||||
Coppell Associates | 16,600 | — | 5.75 | % | Mar-16 | |||||||||||
Grande A | 59,513 | 61,092 | 7.48 | % | Jul-27 | |||||||||||
Grande A | — | 11,456 | — | Jul-27 | ||||||||||||
Grande A | — | 1,551 | — | Jul-27 | ||||||||||||
Grande B | 77,535 | 79,036 | 7.48 | % | Jul-27 | |||||||||||
Principal balance outstanding | 869,626 | 488,805 | ||||||||||||||
Plus: unamortized fixed-rate debt premiums | 14,294 | 5,972 | ||||||||||||||
Total mortgage indebtedness | $ | 883,920 | $ | 494,777 | ||||||||||||
(a) | Loans were assumed upon acquisition of the related property. Interest rates presented above reflect the market rate at the time of acquisition. | |
(b) | For loans that bear interest at a variable rate, the rates in effect at December 31, 2006 have been presented. |
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Payments by Period (in thousands) | ||||||||||||||||||||
Less than | More than | |||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||
Mortgage notes payable (a) | $ | 869,626 | $ | 20,232 | $ | 190,733 | $ | 320,864 | $ | 337,797 | ||||||||||
Mortgage notes payable on asset classified as held for sale (a) | 5,105 | 5,105 | — | — | — | |||||||||||||||
Revolving credit facility (b) | 60,000 | — | 60,000 | — | — | |||||||||||||||
Unsecured debt (a), (b) | 2,211,610 | — | 688,000 | 945,000 | 578,610 | |||||||||||||||
Ground leases (c) | 280,185 | 1,736 | 3,472 | 3,637 | 271,340 | |||||||||||||||
Other liabilities | 2,495 | — | 1,807 | — | 688 | |||||||||||||||
$ | 3,429,021 | $ | 27,073 | $ | 944,012 | $ | 1,269,501 | $ | 1,188,435 | |||||||||||
(a) | Amounts do not include unamortized discounts and/or premiums. | |
(b) | Our revolving credit facility was used to repay the $300 million floating rate notes due 2009 on January 2, 2007. Accordingly, these amounts are shown as payable in 2009, which is the maturity of the credit facility. | |
(c) | Future minimum rental payments under the terms of all non-cancelable ground leases under which we are the lessee are expensed on a straight-line basis regardless of when payments are due. |
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Exhibits No. | Description | |
2 | Agreement and Plan of Merger dated as of October 3, 2005 by and among Brandywine Realty Trust, Brandywine Operating Partnership, L.P., Brandywine Cognac I, LLC, Brandywine Cognac II, LLC, Prentiss Properties Trust and Prentiss Properties Acquisition Partners, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2005 and incorporated herein by reference) | |
3.1.1 | Amended and Restated Declaration of Trust of Brandywine Realty Trust (amended and restated as of May 12, 1997) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 9, 1997 and incorporated herein by reference) | |
3.1.2 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (September 4, 1997) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 10, 1997 and incorporated herein by reference) | |
3.1.3 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 3, 1998 and incorporated herein by reference) | |
3.1.4 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (September 28, 1998) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.5 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (March 19, 1999) (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference) | |
3.1.6 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (April 19, 1999) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 26, 1999 and incorporated herein by reference) | |
3.1.7 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (December 30, 2003) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated December 29, 2003 and incorporated herein by reference) | |
3.1.8 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (February 5, 2004) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated February 5, 2004 and incorporated herein by reference) | |
3.1.9 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (October 3, 2005) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2005 and incorporated herein by reference) | |
3.1.10 | Second Amended and Restated Partnership Agreement of Brandywine Realty Services Partnership (previously filed as an exhibit to Brandywine Realty Trust’s Registration statement of Form S-11 (File No. 33-4175) and incorporated herein by reference) | |
3.1.11 | Amended and Restated Articles of Incorporation of Brandywine Realty Services Corporation (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
3.1.12 | Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (the “Operating Partnership”) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 17, 1997 and incorporated herein by reference) | |
3.1.13 | First Amendment to Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 17, 1997 and incorporated herein by reference) | |
3.1.14 | Second Amendment to the Amended and Restated Agreement of Limited Partnership Agreement of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 13, 1998 and incorporated herein by reference) | |
3.1.15 | Third Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated May 14, 1998 and incorporated herein by reference) | |
3.1.16 | Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.17 | Fifth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.18 | Sixth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.19 | Seventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.20 | Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) |
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Exhibits No. | Description | |
3.1.21 | Ninth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.22 | Tenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.23 | Eleventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.24 | Twelfth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.25 | Thirteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
3.1.26 | Fourteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
3.1.27 | Fifteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 18, 2006 and incorporated herein by reference) | |
3.1.28 | List of partners of Brandywine Operating Partnership, L.P. | |
3.2 | Amended and Restated Bylaws of Brandywine Realty Trust (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 14, 2003 and incorporated herein by reference) | |
4.1 | Form of 7.50% Series C Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated December 29, 2003 and incorporated herein by reference) | |
4.2 | Form of 7.375% Series D Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated February 5, 2004 and incorporated herein by reference) | |
4.3.1 | Indenture dated October 22, 2004 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 22, 2004 and incorporated herein by reference) | |
4.3.2 | First Supplemental Indenture dated as of May 25, 2005 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated May 26, 2005 and incorporated herein by reference) | |
4.3.3 | Second Supplemental Indenture dated as of October 4, 2006 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust and the Bank of New York, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
4.4 | Form of $275,000,000 4.50% Guaranteed Note due 2009 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 22, 2004 and incorporated herein by reference) | |
4.5 | Form of $250,000,000 5.40% Guaranteed Note due 2014 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 22, 2004 and incorporated herein by reference) | |
4.6 | Form of $300,000,000 5.625% Guaranteed Note due 2010 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 20, 2005 and incorporated herein by reference) | |
4.7 | Form of $300,000,000 aggregate principal amount of Floating Rate Guaranteed Note due 2009 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 28, 2006 and incorporated herein by reference). | |
4.8 | Form of $300,000,000 aggregate principal amount of 5.75% Guaranteed Note due 2012 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 28, 2006 and incorporated herein by reference). | |
4.9 | Form of $250,000,000 aggregate principal amount of 6.00% Guaranteed Note due 2016 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 28, 2006 and incorporated herein by reference). | |
4.10 | Form of 3.875% Exchangeable Guaranteed Notes due 2026 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
10.1 | Amended and Restated Revolving Credit Agreement dated as of December 22, 2005 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 23, 2005 and incorporated herein by reference) | |
10.2 | Term Loan Agreement dated as of January 5, 2006 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.3 | Note Purchase Agreement dated as of November 15, 2004 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated November 15, 2004 and incorporated herein by reference) | |
10.4 | Tax Indemnification Agreement dated May 8, 1998, by and between Brandywine Operating Partnership, L.P. and the parties identified on the signature page (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated May 14, 1998 and incorporated herein by reference) | |
10.5 | Contribution Agreement dated as of July 10, 1998 (with Donald E. Axinn) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated July 30, 1998 and incorporated herein by reference) |
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Exhibits No. | Description | |
10.6 | First Amendment to Contribution Agreement (with Donald E. Axinn) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
10.7 | Form of Donald E. Axinn Options** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated July 30, 1998 and incorporated herein by reference) | |
10.8 | Modification Agreement dated as of June 20, 2005 between Brandywine Operating Partnership, L.P. and Donald E. Axinn (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 21, 2005 and incorporated herein by reference) | |
10.9 | Consent and Confirmation Agreement with Donald E. Axinn (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2006 and incorporated herein by reference) | |
10.10 | Contribution Agreement dated August 18, 2004 with TRC Realty, Inc.-GP, TRC-LB LLC and TRC Associates Limited Partnership (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 19, 2004 and incorporated herein by reference) | |
10.11 | Registration Rights Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
10.12 | Tax Protection Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
10.13 | Alternative Asset Purchase Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.14 | Registration Rights Agreement dated as of October 3, 2005 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2005 and incorporated herein by reference) | |
10.15 | Letter to Cohen & Steers Capital Management, Inc. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended June 30, 2003 and incorporated herein by reference) | |
10.16 | Sales Agreement with Brinson Patrick Securities Corporation (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated November 29, 2004 and incorporated herein by reference) | |
10.17 | Registration Rights Agreement dated as of October 4, 2006 relating to 3.875% Exchangeable Guaranteed Notes due 2026 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
10.18 | Common Share Delivery Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
10.19 | 2006 Amended and Restated Agreement dated as of January 5, 2006 with Anthony A. Nichols, Sr.** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.20 | Amended and Restated Employment Agreement dated as of February 9, 2007 of Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) | |
10.21 | Employment Agreement with Robert K. Wiberg (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated as of November 2, 2005 and incorporated herein by reference) | |
10.22 | Employment Agreement with Daniel K. Cushing (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated as of November 2, 2005 and incorporated herein by reference) | |
10.23 | Employment Agreement with Christopher M. Hipps (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated as of November 2, 2005 and incorporated herein by reference) | |
10.24 | Employment Agreement with Michael J. Cooper (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated as of November 2, 2005 and incorporated herein by reference) | |
10.25 | Employment Agreement with Gregory S. Imhoff** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.26 | Employment Agreement with Howard M. Sipzner** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 12, 2006 and incorporated herein by reference) | |
10.27 | Employment Agreement with Darryl M. Dunn** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2007 and incorporated herein by reference) | |
10.28 | Consulting Agreement with Michael V. Prentiss** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.29 | Consulting Agreement with Thomas F. August** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.30 | Third Amended and Restated Employment Agreement with Michael V. Prentiss**(previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.31 | First Amendment to the Third Amended and Restated Employment Agreement with Michael V. Prentiss** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.32 | Second Amendment to the Third Amended and Restated Employment Agreement with Michael V. Prentiss** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.33 | Amended and Restated Employment Agreement with Thomas F. August** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.34 | First Amendment to the Amended and Restated Employment Agreement with Thomas F. August** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) |
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Exhibits No. | Description | |
10.35 | Second Amendment to the Amended and Restated Employment Agreement with Thomas F. August** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.36 | Form of Acknowledgment and Waiver Agreement** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.37 | 1997 Long-Term Incentive Plan (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2005 and incorporated herein by reference) | |
10.38 | Amended and Restated Executive Deferred Compensation Plan effective March 25, 2004** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference) | |
10.39 | Amended and Restated Executive Deferred Compensation Plan effective January 1, 2006** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 26, 2006 and incorporated herein by reference) | |
10.40 | Amended and Restated Non-Qualified Stock Option Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference) | |
10.41 | 2002 Restricted Share Award for Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended June 30, 2002 and incorporated herein by reference) | |
10.42 | 2002 Form of Restricted Share Award for Executive Officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended June 30, 2002 and incorporated herein by reference) | |
10.43 | 2002 Restricted Share Award to Christopher P. Marr** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 27, 2002 and incorporated herein by reference) | |
10.44 | 2002 Non-Qualified Option to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended September 30, 2002 and incorporated herein by reference) | |
10.45 | 2003 Restricted Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.46 | 2003 Restricted Share Award to Anthony S. Rimikis** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.47 | 2003 Restricted Share Award to H. Jeffrey De Vuono** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.48 | 2003 Restricted Share Award to George D. Sowa** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.49 | 2003 Restricted Share Award to Brad A. Molotsky** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.50 | 2003 Restricted Share Award to Christopher P. Marr** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference) | |
10.51 | 2004 Restricted Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference) | |
10.52 | Form of 2004 Restricted Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference) | |
10.53 | Form of 2004 Restricted Share Award to non-executive trustees** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended June 30, 2004 and incorporated herein by reference) | |
10.54 | Form of 2004 Restricted Share Award to non-executive trustee (Wyche Fowler)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 22, 2004 and incorporated herein by reference) | |
10.55 | 2005 Restricted Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2005 and incorporated herein by reference) | |
10.56 | Form of 2005 Restricted Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2005 and incorporated herein by reference) | |
10.57 | Form of 2005 Restricted Share Award to non-executive trustees** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated May 26, 2005 and incorporated herein by reference) | |
10.58 | 2006 Restricted Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2006 and incorporated herein by reference) | |
10.59 | Form of 2006 Restricted Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2006 and incorporated herein by reference) | |
10.60 | Form of 2006 Restricted Share Award to non-executive trustees** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2006 and incorporated herein by reference) | |
10.61 | Performance Share Award to Howard M. Sipzner ** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 12, 2006 and incorporated herein by reference) | |
10.62 | 2007 Performance Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) |
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Exhibits No. | Description | |
10.63 | Form of 2007 Performance Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) | |
10.64 | Form of Severance Agreement for executive officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 15, 2005 and incorporated herein by reference) | |
10.65 | Change of Control Agreement with Howard M. Sipzner** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 12, 2006 and incorporated herein by reference) | |
10.66 | Summary of Trustee Compensation** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 17, 2006 and incorporated herein by reference) | |
10.67 | Prentiss Properties Trust 1996 Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.68 | First Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan**(previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.69 | Second Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan**(previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.70 | Amendment No. 3 to the Prentiss Properties Trust 1996 Share Incentive Plan**(previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.71 | Fourth Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.72 | Amendment No. 5 to the Prentiss Properties Trust 1996 Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.73 | Sixth Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.74 | Prentiss Properties Trust 2005 Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.75 | Amended and Restated Prentiss Properties Trust Trustees’ Share Incentive Plan**(previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.76 | Amendment No. 1 to the Amended and Restated Prentiss Properties Trust Trustees’ Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.77 | Second Amendment to the Amended and Restated Prentiss Properties Trust Trustees’ Share Incentive Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.78 | Form of Restricted Share Award** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
10.79 | 2006 Long-Term Outperformance Compensation Program (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 1, 2006 and incorporated herein by reference) | |
12.1 | Statement re Computation of Ratios of Brandywine Realty Trust | |
12.2 | Statement re Computation of Ratios of Brandywine Operating Partnership, L.P. | |
14.1 | Code of Business Conduct and Ethics (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 22, 2004 and incorporated herein by reference) | |
21 | List of subsidiaries | |
23.1 | Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Realty Trust | |
23.2 | Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Operating Partnership, L.P. | |
31.1 | Certifications of the Chief Executive Officer of Brandywine Realty Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
31.2 | Certifications of the Chief Financial Officer of Brandywine Realty Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
31.3 | Certifications of the Chief Executive Officer of Brandywine Realty Trust in its capacity as the general partner of Brandywine Operating Partnership, L.P., required by Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
31.4 | Certifications of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., required by Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
32.1 | Certifications of the Chief Executive Officer of Brandywine Realty Trust required under Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
32.2 | Certifications of the Chief Financial Officer of Brandywine Realty Trust required by Rule 13a-14(b) under the Securities Exchange Act of 1934. | |
32.3 | Certifications of the Chief Executive Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., required by Rule 13a-14(b) under the Securities Exchange Act of 1934. | |
32.4 | Certifications of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., required by Rule 13a-14(b) under the Securities Exchange Act of 1934. |
** | Management contract or compensatory plan or arrangement. |
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BRANDYWINE REALTY TRUST | ||||||
By: | /s/ Gerard H. Sweeney | |||||
Gerard H. Sweeney President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Walter D’Alessio | Chairman of the Board and Trustee | February 28, 2007 | ||
/s/ Gerard H. Sweeney | President, Chief Executive Officer and Trustee (Principal Executive Officer) | February 28, 2007 | ||
/s/ Howard M. Sipzner | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 28, 2007 | ||
/s/ Darryl M. Dunn | Vice President, Chief Accounting Officer & Treasurer (Principal Accounting Officer) | February 28, 2007 | ||
/s/ D. Pike Aloian | Trustee | February 28, 2007 | ||
/s/ Thomas F. August | Trustee | February 28, 2007 | ||
/s/ Donald E. Axinn | Trustee | February 28, 2007 | ||
/s/ Wyche Fowler | Trustee | February 28, 2007 | ||
/s/ Michael J. Joyce | Trustee | February 28, 2007 | ||
/s/ Anthony A. Nichols, Sr. | Trustee | February 28, 2007 | ||
/s/ Charles P. Pizzi | Trustee | February 28, 2007 | ||
/s/ Michael V. Prentiss | Trustee | February 28, 2007 |
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BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
By: Brandywine Realty Trust, its General Partner | ||||||
By: | /s/ Gerard H. Sweeney | |||||
Gerard H. Sweeney President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Walter D’Alessio | Chairman of the Board and Trustee | February 28, 2007 | ||
/s/ Gerard H. Sweeney | President, Chief Executive Officer and Trustee (Principal Executive Officer) | February 28, 2007 | ||
/s/ Howard M. Sipzner | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 28, 2007 | ||
/s/ Darryl M. Dunn | Vice President, Chief Accounting Officer & Treasurer (Principal Accounting Officer) | February 28, 2007 | ||
/s/ D. Pike Aloian | Trustee | February 28, 2007 | ||
/s/ Thomas F. August | Trustee | February 28, 2007 | ||
/s/ Donald E. Axinn | Trustee | February 28, 2007 | ||
/s/ Wyche Fowler | Trustee | February 28, 2007 | ||
/s/ Michael J. Joyce | Trustee | February 28, 2007 | ||
�� | ||||
/s/ Anthony A. Nichols, Sr. | Trustee | February 28, 2007 | ||
/s/ Charles P. Pizzi | Trustee | February 28, 2007 | ||
/s/ Michael V. Prentiss | Trustee | February 28, 2007 |
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F - 1
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Philadelphia, Pennsylvania
February 28, 2007
F - 2
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December 31, | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
Real estate investments: | ||||||||
Operating properties | $ | 4,927,305 | $ | 2,560,061 | ||||
Accumulated depreciation | (515,698 | ) | (390,333 | ) | ||||
Operating real estate investments, net | 4,411,607 | 2,169,728 | ||||||
Construction-in-progress | 217,886 | 273,240 | ||||||
Land held for development | 110,233 | 98,518 | ||||||
Total real estate investments, net | 4,739,726 | 2,541,486 | ||||||
Cash and cash equivalents | 25,379 | 7,174 | ||||||
Restricted cash | 22,557 | 18,498 | ||||||
Accounts receivable, net | 19,957 | 12,874 | ||||||
Accrued rent receivable, net | 71,589 | 47,034 | ||||||
Asset held for sale | 126,016 | — | ||||||
Investment in real estate ventures, at equity | 74,574 | 13,331 | ||||||
Deferred costs, net | 73,708 | 37,602 | ||||||
Intangible assets, net | 281,251 | 78,097 | ||||||
Other assets | 73,506 | 49,649 | ||||||
Total assets | $ | 5,508,263 | $ | 2,805,745 | ||||
LIABILITIES AND BENEFICIARIES’ EQUITY | ||||||||
Mortgage notes payable | $ | 883,920 | $ | 494,777 | ||||
Unsecured notes | 2,208,310 | 936,607 | ||||||
Unsecured credit facility | 60,000 | 90,000 | ||||||
Accounts payable and accrued expenses | 108,400 | 52,635 | ||||||
Distributions payable | 42,760 | 28,880 | ||||||
Tenant security deposits and deferred rents | 55,697 | 20,953 | ||||||
Acquired below market leases, net of accumulated amortization of $26,009 and $6,931 | 92,527 | 34,704 | ||||||
Other liabilities | 13,906 | 4,466 | ||||||
Mortgage notes payable and other liabilities held for sale | 20,826 | — | ||||||
Total liabilities | 3,486,346 | 1,663,022 | ||||||
Minority interest — partners’ share of consolidated real estate ventures | 34,428 | — | ||||||
Minority interest attributable to continuing operations — LP units | 89,563 | 37,859 | ||||||
Commitments and contingencies (Note 22) | ||||||||
Beneficiaries’ equity: | ||||||||
Preferred Shares (shares authorized-20,000,000): | ||||||||
7.50% Series C Preferred Shares, $0.01 par value; issued and outstanding–2,000,000 in 2006 and 2005 | 20 | 20 | ||||||
7.375% Series D Preferred Shares, $0.01 par value; issued and outstanding–2,300,000 in 2006 and 2005 | 23 | 23 | ||||||
Common Shares of beneficial interest, $0.01 par value; shares authorized 200,000,000; issued and outstanding–88,327,041 in 2006 and 56,179,075 in 2005 | 883 | 562 | ||||||
Additional paid-in capital | 2,311,541 | 1,369,913 | ||||||
Cumulative earnings | 423,764 | 413,282 | ||||||
Accumulated other comprehensive income (loss) | 1,576 | (3,169 | ) | |||||
Cumulative distributions | (839,881 | ) | (675,767 | ) | ||||
Total beneficiaries’ equity | 1,897,926 | 1,104,864 | ||||||
Total liabilities, minority interest and beneficiaries’ equity | $ | 5,508,263 | $ | 2,805,745 | ||||
F - 3
Table of Contents
(in thousands, except share and per share information)
Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | 559,936 | $ | 318,218 | $ | 267,710 | ||||||
Tenant reimbursements | 80,470 | 48,562 | 36,849 | |||||||||
Other | 22,395 | 13,844 | 11,998 | |||||||||
Total revenue | 662,801 | 380,624 | 316,557 | |||||||||
Operating Expenses: | ||||||||||||
Property operating expenses | 188,001 | 111,192 | 86,358 | |||||||||
Real estate taxes | 65,584 | 38,180 | 29,895 | |||||||||
Depreciation and amortization | 248,132 | 109,118 | 77,521 | |||||||||
Administrative expenses | 29,644 | 17,982 | 15,100 | |||||||||
Total operating expenses | 531,361 | 276,472 | 208,874 | |||||||||
Operating income | 131,440 | 104,152 | 107,683 | |||||||||
Other Income (Expense): | ||||||||||||
Interest income | 9,513 | 1,370 | 841 | |||||||||
Interest expense | (171,177 | ) | (70,152 | ) | (52,642 | ) | ||||||
Interest expense — Deferred financing costs | (4,607 | ) | (3,766 | ) | (1,968 | ) | ||||||
Equity in income of real estate ventures | 2,165 | 3,172 | 2,023 | |||||||||
Net gain on sale of interests in real estate | 14,190 | 4,640 | 2,975 | |||||||||
Gain on termination of purchase contract | 3,147 | — | — | |||||||||
Income (loss) before minority interest | (15,329 | ) | 39,416 | 58,912 | ||||||||
Minority interest — partners’ share of consolidated real estate ventures | 270 | — | — | |||||||||
Minority interest attributable to continuing operations — LP units | 1,028 | (1,237 | ) | (2,429 | ) | |||||||
Income (loss) from continuing operations | (14,031 | ) | 38,179 | 56,483 | ||||||||
Discontinued operations: | ||||||||||||
Income from discontinued operations | 7,681 | 2,555 | 827 | |||||||||
Net gain on disposition of discontinued operations | 20,243 | 2,196 | 3,137 | |||||||||
Minority interest — partners’ share of consolidated real estate ventures | (2,239 | ) | — | — | ||||||||
Minority interest attributable to discontinued operations — LP units | (1,172 | ) | (163 | ) | (144 | ) | ||||||
Income from discontinued operations | 24,513 | 4,588 | 3,820 | |||||||||
Net income | 10,482 | 42,767 | 60,303 | |||||||||
Income allocated to Preferred Shares | (7,992 | ) | (7,992 | ) | (9,720 | ) | ||||||
Preferred Share redemption gain | — | — | 4,500 | |||||||||
Income allocated to Common Shares | $ | 2,490 | $ | 34,775 | $ | 55,083 | ||||||
Basic earnings per Common Share: | ||||||||||||
Continuing operations | $ | (0.25 | ) | $ | 0.54 | $ | 1.07 | |||||
Discontinued operations | 0.27 | 0.08 | 0.08 | |||||||||
$ | 0.03 | $ | 0.62 | $ | 1.15 | |||||||
Diluted earnings per Common Share: | ||||||||||||
Continuing operations | $ | (0.24 | ) | $ | 0.54 | $ | 1.07 | |||||
Discontinued operations | 0.27 | 0.08 | 0.08 | |||||||||
$ | 0.03 | $ | 0.62 | $ | 1.15 | |||||||
Dividends declared per common share | $ | 1.76 | $ | 1.78 | $ | 1.76 | ||||||
Basic weighted average shares outstanding | 89,552,301 | 55,846,268 | 47,781,789 | |||||||||
Diluted weighted average shares outstanding | 90,070,825 | 56,104,588 | 48,018,704 |
F - 4
Table of Contents
Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Net income | $ | 10,482 | $ | 42,767 | $ | 60,303 | ||||||
Other comprehensive income: | ||||||||||||
Unrealized gain (loss) on derivative financial instruments | 1,330 | (713 | ) | 309 | ||||||||
Less: minority interest — consolidated real estate venture partner’s share of unrealized gain (loss) on derivative financial instruments | (302 | ) | — | — | ||||||||
Settlement of treasury locks | — | — | (3,238 | ) | ||||||||
Settlement of forward starting swaps | 3,266 | 240 | — | |||||||||
Realized gain on derivative financial instruments | 450 | 2,809 | ||||||||||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 122 | — | — | |||||||||
Unrealized gain (loss) on available-for-sale securities | 328 | (16 | ) | (852 | ) | |||||||
Total other comprehensive income (loss) | 4,744 | (39 | ) | (972 | ) | |||||||
Comprehensive income | $ | 15,226 | $ | 42,728 | $ | 59,331 | ||||||
F - 5
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(in thousands, except number of shares)
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Par Value of | Number of | Par Value of | Number of | Par Value of | Par Value of | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred A | Preferred A | Preferred C | Preferred C | Preferred D | Preferred D | Number of | Common | Additional Paid-in | Employee | Share | Cumulative | Comprehensive | Cumulative | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Common Shares | Shares | Capital | Stock Loans | Warrants | Earnings | Income (Loss) | Distributions | Total | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2003 | 750,000 | $ | 8 | 2,000,000 | $ | 20 | — | $ | — | 41,040,710 | $ | 411 | $ | 938,262 | $ | (1,533 | ) | $ | 401 | $ | 310,212 | $ | (2,158 | ) | $ | (473,766 | ) | $ | 771,857 | |||||||||||||||||||||||||||||||
Net income | 60,303 | 60,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | (972 | ) | (972 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Restricted Stock | 88,406 | 1 | 1,642 | 1,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Shares | 2,300,000 | 23 | 55,515 | 55,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Preferred Series A Shares | (750,000 | ) | (8 | ) | 1,339,286 | 13 | (6 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Preferred Shares | 4,500 | 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 12,235,000 | 122 | 336,562 | 336,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of trustee/bonus shares | 2,191 | — | 55 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of employee stock loans | 1,112 | 1,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants/options | 587,159 | 6 | 14,940 | (401 | ) | 14,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock options | 102 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (9,720 | ) | (9,720 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions ($1.76 per share) | (88,644 | ) | (88,644 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2004 | — | $ | — | 2,000,000 | $ | 20 | 2,300,000 | $ | 23 | 55,292,752 | $ | 553 | $ | 1,347,072 | $ | (421 | ) | $ | — | $ | 370,515 | $ | (3,130 | ) | $ | (567,630 | ) | $ | 1,147,002 | |||||||||||||||||||||||||||||||
Net income | 42,767 | 42,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | (39 | ) | (39 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Restricted Stock | 69,746 | 1 | 1,539 | 1,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of LP units to common shares | 107,692 | 1 | 2,584 | 2,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of trustee/bonus shares | 3,204 | — | 90 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of employee stock loans | 50 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants/options | 705,681 | 7 | 18,999 | 19,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (7,992 | ) | (7,992 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions ($1.78 per share) | (100,145 | ) | (100,145 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2005 | — | $ | — | 2,000,000 | $ | 20 | 2,300,000 | $ | 23 | 56,179,075 | $ | 562 | $ | 1,370,284 | $ | (371 | ) | $ | — | $ | 413,282 | $ | (3,169 | ) | $ | (675,767 | ) | $ | 1,104,864 | |||||||||||||||||||||||||||||||
Net income | 10,482 | 10,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 4,745 | 4,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Restricted Stock | 81,142 | 1 | 1,886 | 1,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of LP units to common shares | 14,700 | — | 488 | 488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 34,542,151 | 345 | 1,021,828 | 1,022,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (3,009,200 | ) | (30 | ) | (94,443 | ) | (94,473 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of trustee/bonus shares | 3,257 | — | 90 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of employee stock loans | 371 | 371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants/options | 515,916 | 5 | 11,408 | 11,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (7,992 | ) | (7,992 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions ($1.76 per share) | (156,122 | ) | (156,122 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2006 | — | $ | — | 2,000,000 | $ | 20 | 2,300,000 | $ | 23 | 88,327,041 | $ | 883 | $ | 2,311,541 | $ | — | $ | — | $ | 423,764 | $ | 1,576 | $ | (839,881 | ) | $ | 1,897,926 | |||||||||||||||||||||||||||||||||
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Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 10,482 | $ | 42,767 | $ | 60,303 | ||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||
Depreciation | 186,454 | 84,561 | 64,175 | |||||||||
Amortization: | ||||||||||||
Deferred financing costs | 4,607 | 3,721 | 5,088 | |||||||||
Deferred leasing costs | 12,258 | 8,895 | 7,841 | |||||||||
Acquired above (below) market leases, net | (9,034 | ) | (1,542 | ) | (406 | ) | ||||||
Acquired lease intangibles | 66,317 | 18,573 | 8,112 | |||||||||
Deferred compensation costs | 3,447 | 2,764 | 2,114 | |||||||||
Straight-line rent | (31,326 | ) | (14,952 | ) | (6,023 | ) | ||||||
Provision for doubtful accounts | 3,510 | 792 | 467 | |||||||||
Real estate venture income in excess of distributions | (15 | ) | (769 | ) | (293 | ) | ||||||
Net gain on sale of interests in real estate | (34,433 | ) | (6,820 | ) | (6,111 | ) | ||||||
Gain on termination of purchase contract | (3,147 | ) | — | — | ||||||||
Minority interest | 2,113 | 1,400 | 2,573 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | 1,365 | (598 | ) | (1,769 | ) | |||||||
Other assets | (4,855 | ) | (11,810 | ) | 9,840 | |||||||
Accounts payable and accrued expenses | (1,154 | ) | (2,407 | ) | 3,199 | |||||||
Tenant security deposits and deferred rents | 29,209 | (40 | ) | 3,750 | ||||||||
Other liabilities | 5,768 | 612 | 30 | |||||||||
Net cash from operating activities | 241,566 | 125,147 | 152,890 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of Prentiss | (935,856 | ) | — | — | ||||||||
Acquisition of properties | (231,244 | ) | (92,674 | ) | (569,343 | ) | ||||||
Sales of properties, net | 347,652 | 29,428 | 22,283 | |||||||||
Proceeds from termination of purchase contract | 3,147 | — | — | |||||||||
Capital expenditures | (242,516 | ) | (177,035 | ) | (131,998 | ) | ||||||
Investment in marketable securities | 181,556 | 423 | — | |||||||||
Investment in unconsolidated Real Estate Ventures | (753 | ) | (269 | ) | (233 | ) | ||||||
Restricted cash | (2,981 | ) | (518 | ) | (1,320 | ) | ||||||
Cash distributions from unconsolidated Real Estate Ventures in excess of equity in income | 3,762 | 462 | 1,402 | |||||||||
Increase in cash due to consolidation of variable interest entities | — | — | 426 | |||||||||
Proceeds from repayment of mortgage notes receivable | — | — | 6,470 | |||||||||
Leasing costs | (38,561 | ) | (12,234 | ) | (10,339 | ) | ||||||
Net cash from investing activities | (915,794 | ) | (252,417 | ) | (682,652 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from Credit Facility borrowings | 726,000 | 372,142 | 570,000 | |||||||||
Repayments of Credit Facility borrowings | (756,000 | ) | (434,142 | ) | (723,000 | ) | ||||||
Proceeds from mortgage notes payable | 20,520 | — | — | |||||||||
Repayments of secured debt | (213,338 | ) | (23,457 | ) | (50,165 | ) | ||||||
Proceeds from term loan | 750,000 | — | 433,000 | |||||||||
Repayments of term loan | (750,000 | ) | — | (533,000 | ) | |||||||
Proceeds from unsecured notes | 1,193,217 | 299,976 | 636,398 | |||||||||
Proceeds from forward starting swap termination | 3,266 | — | — | |||||||||
Repayments on employee stock loans | 371 | 50 | 1,112 | |||||||||
Proceeds from issuance of shares, net | — | — | 406,767 | |||||||||
Debt financing costs | (14,319 | ) | (4,026 | ) | (13,580 | ) | ||||||
Exercise of stock options | 11,414 | 18,999 | — | |||||||||
Repurchases of Common Shares and minority interest units | (94,472 | ) | (239 | ) | (95,436 | ) | ||||||
Distributions paid to shareholders | (151,102 | ) | (106,608 | ) | (90,457 | ) | ||||||
Distributions to minority interest holders | (33,124 | ) | (3,597 | ) | (5,083 | ) | ||||||
Net cash from financing activities | 692,433 | 119,098 | 536,556 | |||||||||
Increase (decrease) in cash and cash equivalents | 18,205 | (8,172 | ) | 6,794 | ||||||||
Cash and cash equivalents at beginning of period | 7,174 | 15,346 | 8,552 | |||||||||
Cash and cash equivalents at end of period | $ | 25,379 | $ | 7,174 | $ | 15,346 | ||||||
Supplemental disclosure: | ||||||||||||
Cash paid for interest, net of capitalized interest | $ | 154,258 | $ | 53,450 | $ | 43,281 | ||||||
Supplemental disclosure of non-cash activity: | ||||||||||||
Common shares issued in the Prentiss acquisition | 1,022,173 | — | — | |||||||||
Operating Partnership units issued in Prentiss acquisitions | 64,103 | — | — | |||||||||
Operating Partnership units issued in property acquisitions | 13,819 | — | 10,000 | |||||||||
Debt assumed in property acquisitions | — | — | 79,330 | |||||||||
Debt, minority interest and other liabilities, net, assumed in the Prentiss acquisition | 679,520 | — | — |
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F - 8
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F - 11
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F - 12
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F - 13
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F - 14
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December 31, | ||||||||
2006 | 2005 | |||||||
(amounts in thousands) | ||||||||
Land | $ | 756,400 | $ | 456,736 | ||||
Building and improvements | 3,807,040 | 1,951,252 | ||||||
Tenant improvements | 363,865 | 152,073 | ||||||
$ | 4,927,305 | $ | 2,560,061 | |||||
F - 15
Table of Contents
At January 5, 2006 | ||||
Real estate investments | ||||
Land — operating | $ | 282,584 | ||
Building and improvements | 1,942,728 | |||
Tenant improvements | 120,610 | |||
Construction in progress and land inventory | 57,329 | |||
Total real estate investments acquired | 2,403,251 | |||
Rent receivables | 6,031 | |||
Other assets acquired: | ||||
Intangible assets: | ||||
In-place leases | 187,907 | |||
Relationship values | 98,382 | |||
Above-market leases | 26,352 | |||
Total intangible assets acquired | 312,641 | |||
Investment in real estate ventures | 66,921 | |||
Investment in marketable securities | 193,089 | |||
Other assets | 8,868 | |||
Total other assets | 581,519 | |||
Total assets acquired | 2,990,801 | |||
Liabilities assumed: | ||||
Mortgage notes payable | 532,607 | |||
Unsecured notes | 78,610 | |||
Secured note payable | 186,116 | |||
Security deposits and deferred rent | 6,475 | |||
Other liabilities: | ||||
Below-market leases | 78,911 | |||
Other liabilities | 43,995 | |||
Total other liabilities assumed | 122,906 | |||
Total liabilities assumed | 926,714 | |||
Minority interest | 104,658 | |||
Net assets acquired | $ | 1,959,429 | ||
F - 16
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December 31, | ||||||||
2006 | 2005 | |||||||
(unaudited) | ||||||||
Pro forma revenue | $ | 665,205 | $ | 644,273 | ||||
Pro forma loss from continuing operations | (13,682 | ) | (19,637 | ) | ||||
Pro forma income (loss) allocated to common shares | 2,839 | (23,041 | ) | |||||
Earnings per common share from continuing operations | ||||||||
Basic — as reported | $ | (0.25 | ) | $ | 0.54 | |||
Basic — as pro forma | $ | (0.24 | ) | $ | (0.31 | ) | ||
Diluted — as reported | $ | (0.24 | ) | $ | 0.54 | |||
Diluted — as pro forma | $ | (0.24 | ) | $ | (0.31 | ) | ||
Earnings per common share | ||||||||
Basic — as reported | $ | 0.03 | $ | 0.62 | ||||
Basic — as pro forma | $ | 0.03 | $ | (0.26 | ) | |||
Diluted — as reported | $ | 0.03 | $ | 0.62 | ||||
Diluted — as pro forma | $ | 0.03 | $ | (0.26 | ) | |||
F - 17
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F - 18
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At September 21, | ||||
2004 | ||||
Real estate investments | ||||
Land | $ | 105,302 | ||
Building and improvements | 434,795 | |||
Tenant improvements | 20,322 | |||
Total real estate investments acquired | 560,419 | |||
Rent receivables | 5,537 | |||
Other assets acquired: | ||||
Intangible assets: | ||||
In-Place leases | 49,455 | |||
Relationship values | 35,548 | |||
Above-market leases | 13,240 | |||
Total intangible assets acquired | 98,243 | |||
Other assets | 6,292 | |||
Total Other assets | 104,535 | |||
Total assets acquired | 670,491 | |||
Liabilities assumed: | ||||
Mortgage notes payable | 79,330 | |||
Security deposits and deferred rent | 618 | |||
Other liabilities: | ||||
Below-market leases | 39,204 | |||
Other liabilities | 943 | |||
Total other liabilities assumed | 40,147 | |||
Total liabilities assumed | 120,095 | |||
Net assets acquired | $ | 550,396 | ||
F - 19
Table of Contents
Percentage (1) | Amount | Income (Loss) | Debt at 100% | Rate | Maturity | |||||||||||||||||||
Two Tower Bridge Associates | 35 | % | $ | 2,290 | $ | (102 | ) | $ | 11,430 | 6.82 | % | May-08 | ||||||||||||
Five Tower Bridge Associates | 15 | % | 162 | 57 | 29,927 | 6.77 | % | Feb-09 | ||||||||||||||||
Eight Tower Bridge Associates | 5.5 | % | 1,184 | (175 | ) | 41,830 | 7.68 | % | Feb-12 | |||||||||||||||
1000 Chesterbrook Boulevard | 50 | % | 2,608 | 660 | 26,791 | 6.88 | % | Nov-11 | ||||||||||||||||
PJP Building Two, LC | 30 | % | 143 | 107 | 5,282 | 6.12 | % | Nov-23 | ||||||||||||||||
PJP Building Three, LC | 25 | % | 30 | 76 | — | N/A | N/A | |||||||||||||||||
PJP Building Five, LC | 25 | % | 169 | 59 | 6,503 | 6.47 | % | Aug-19 | ||||||||||||||||
PJP Building Six, LC | 25 | % | 75 | — | 4,597 | 7.08 | % | (3 | ) | |||||||||||||||
Macquarie BDN Christina LLC | 20 | % | 3,351 | 927 | 74,500 | 4.62 | % | Jan-09 | ||||||||||||||||
Broadmoor Austin Associates | 50 | % | 63,793 | 446 | 117,249 | 5.79 | % | Apr-11 | ||||||||||||||||
Residence Inn Tower Bridge | 50 | % | 769 | 110 | 14,480 | 5.63 | % | Jan-16 | ||||||||||||||||
Invesco, L.P. (2) | 35 | % | — | — | — | N/A | N/A | |||||||||||||||||
$ | 74,574 | $ | 2,165 | $ | 332,589 | |||||||||||||||||||
(1) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable. | |
(2) | The Company’s interest consists solely of a residual profits interest. | |
(3) | Property is under development as of December 31, 2006, with an expected completion date in the first quarter of 2007, at which time the outstanding balance is expected to be converted to permanent financing. |
F - 20
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December 31, | ||||||||
2006 | 2005 | |||||||
Net property | $ | 365,168 | $ | 286,601 | ||||
Other assets | 52,935 | 32,291 | ||||||
Other Liabilities | 28,764 | 24,855 | ||||||
Debt | 332,589 | 205,018 | ||||||
Equity | 56,888 | 88,995 | ||||||
Company’s share of equity (Company basis) | 74,574 | 13,331 |
Year ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenue | $ | 70,381 | $ | 59,346 | $ | 46,906 | ||||||
Operating expenses | 26,878 | 29,387 | 19,395 | |||||||||
Interest expense, net | 21,711 | 12,324 | 11,843 | |||||||||
Depreciation and amortization | 10,808 | 9,359 | 9,514 | |||||||||
Net income | 12,711 | 8,276 | 6,154 | |||||||||
Company’s share of income (Company basis) | 2,165 | 3,172 | 2,023 |
2007 | $ | 28,166 | ||
2008 | 20,592 | |||
2009 | 38,109 | |||
2010 | 9,336 | |||
2011 | 110,440 | |||
2012 and thereafter | 125,946 | |||
$ | 332,589 | |||
December 31, 2005 | ||||||||||||
Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
Leasing Costs | $ | 83,629 | $ | (28,278 | ) | $ | 55,351 | |||||
Financing Costs | 24,648 | (6,291 | ) | 18,357 | ||||||||
Total | $ | 108,277 | $ | (34,569 | ) | $ | 73,708 | |||||
December 31, 2005 | ||||||||||||
Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
Leasing Costs | $ | 52,476 | $ | (23,116 | ) | $ | 29,360 | |||||
Financing Costs | 9,793 | (1,551 | ) | 8,242 | ||||||||
Total | $ | 62,269 | $ | (24,667 | ) | $ | 37,602 | |||||
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Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
In-place lease value | $ | 207,513 | $ | (52,293 | ) | $ | 155,220 | |||||
Tenant relationship value | 124,605 | (19,572 | ) | 105,033 | ||||||||
Above market leases acquired | 32,667 | (11,669 | ) | 20,998 | ||||||||
Total | $ | 364,785 | $ | (83,534 | ) | $ | 281,251 | |||||
Below market leases acquired | $ | 118,536 | $ | (26,009 | ) | $ | 92,527 | |||||
December 31, 2005 | ||||||||||||
Accumulated | ||||||||||||
Total Cost | Amortization | Deferred Costs, net | ||||||||||
In-place lease value | $ | 47,965 | $ | (12,575 | ) | $ | 35,390 | |||||
Tenant relationship value | 37,845 | (5,606 | ) | 32,239 | ||||||||
Above market leases acquired | 14,404 | (3,936 | ) | 10,468 | ||||||||
Total | $ | 100,214 | $ | (22,117 | ) | $ | 78,097 | |||||
Below market leases acquired | $ | 41,635 | $ | (6,931 | ) | $ | 34,704 | |||||
Assets | Liabilities | |||||||
2007 | $ | 56,795 | $ | 19,735 | ||||
2008 | 46,827 | 15,039 | ||||||
2009 | 41,312 | 13,013 | ||||||
2010 | 34,470 | 10,513 | ||||||
2011 | 27,584 | 8,725 | ||||||
Thereafter | 74,263 | 25,502 | ||||||
Total | $ | 281,251 | $ | 92,527 | ||||
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Effective | ||||||||||||||||
December 31, | December 31, | Interest Rate | Maturity | |||||||||||||
Property / Location | 2006 | 2005 | @ 12/31/06 | Date | ||||||||||||
111 Arrandale Blvd | $ | — | $ | 1,043 | — | Aug-06 | ||||||||||
429 Creamery Way | — | 2,927 | — | Sep-06 | ||||||||||||
Interstate Center | 552 | 766 | 6.19% | (b) | Mar-07 | |||||||||||
440 & 442 Creamery Way | 5,421 | 5,581 | 8.55 | % | Jul-07 | |||||||||||
Norriton Office Center | — | 5,191 | 8.50 | % | Oct-07 | |||||||||||
481 John Young Way | 2,294 | 2,360 | 8.40 | % | Nov-07 | |||||||||||
400 Commerce Drive | 11,797 | 11,989 | 7.12 | % | Jun-08 | |||||||||||
Two Logan Square | 71,348 | 72,468 | 5.78 | %(a) | Jul-09 | |||||||||||
The Bluffs | 10,700 | — | 6.00 | %(a) | Jul-09 | |||||||||||
Pacific Ridge | 14,500 | — | 6.00 | %(a) | Aug-09 | |||||||||||
Pacific View/Camino | 26,000 | — | 6.00 | %(a) | Aug-09 | |||||||||||
Computer Associates Building | 31,000 | — | 6.00 | %(a) | Aug-09 | |||||||||||
200 Commerce Drive | 5,841 | 5,911 | 7.12 | %(a) | Jan-10 | |||||||||||
Presidents Plaza | 30,900 | — | 6.00 | %(a) | May-10 | |||||||||||
1333 Broadway | 24,418 | — | 5.18 | %(a) | May-10 | |||||||||||
The Ordway | 46,199 | — | 7.95 | %(a) | Aug-10 | |||||||||||
World Savings Center | 27,524 | — | 7.91 | %(a) | Nov-10 | |||||||||||
Plymouth Meeting Exec. | 44,103 | 44,687 | 7.00 | %(a) | Dec-10 | |||||||||||
Four Tower Bridge | 10,626 | 10,763 | 6.62 | % | Feb-11 | |||||||||||
Arboretum I, II, III & V | 22,750 | 23,238 | 7.59 | % | Jul-11 | |||||||||||
Midlantic Drive/Lenox Drive/DCC I | 62,678 | 63,803 | 8.05 | % | Oct-11 | |||||||||||
Research Office Center | 42,205 | — | 7.64 | %(a) | Oct-11 | |||||||||||
Concord Airport Plaza | 38,461 | — | 7.20 | %(a) | Jan-12 | |||||||||||
Six Tower Bridge | 14,744 | 15,083 | 7.79 | % | Aug-12 | |||||||||||
Newtown Square/Berwyn Park/Libertyview | 63,231 | 64,429 | 7.25 | % | May-13 | |||||||||||
Coppell Associates | 3,737 | — | 6.89 | % | Dec-13 | |||||||||||
Southpoint III | 4,949 | 5,431 | 7.75 | % | Apr-14 | |||||||||||
Tysons Corner | 100,000 | — | 4.84 | %(a) | Aug-15 | |||||||||||
Coppell Associates | 16,600 | — | 5.75 | % | Mar-16 | |||||||||||
Grande A | 59,513 | 61,092 | 7.48 | % | Jul-27 | |||||||||||
Grande A | — | 11,456 | — | Jul-27 | ||||||||||||
Grande A | — | 1,551 | — | Jul-27 | ||||||||||||
Grande B | 77,535 | 79,036 | 7.48 | % | Jul-27 | |||||||||||
Principal balance outstanding | 869,626 | 488,805 | ||||||||||||||
Plus: unamortized fixed-rate debt premiums | 14,294 | 5,972 | ||||||||||||||
Total mortgage indebtedness | $ | 883,920 | $ | 494,777 | ||||||||||||
(a) | Loans were assumed upon acquisition of the related property. Interest rates presented above reflect the market rate at the time of acquisition. | |
(b) | For loans that bear interest at a variable rate, the rates in effect at December 31, 2006 have been presented. |
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2007 | $ | 20,643 | ||
2008 | 25,228 | |||
2009 | 168,237 | |||
2010 | 192,601 | |||
2011 | 140,128 | |||
Thereafter | 337,083 | |||
Total mortgage indebtedness | $ | 883,920 | ||
8. | UNSECURED NOTES |
December 31, | December 31, | Stated | Effective | |||||||||||||
Year of Maturity | 2006 | 2005 | Interest Rate | Interest Rate | ||||||||||||
2008 | 113,000 | 113,000 | 4.34 | % | 4.34 | %(a) | ||||||||||
2009 | 300,000 | — | Libor + 0.45 | % | 5.78 | %(a) | ||||||||||
2009 | 275,000 | 275,000 | 4.50 | % | 4.62 | %(a) | ||||||||||
2010 | 300,000 | 300,000 | 5.63 | % | 5.61 | %(a) | ||||||||||
2011 | 345,000 | — | 3.88 | % | 3.88 | % | ||||||||||
2012 | 300,000 | — | 5.75 | % | 5.77 | %(a) | ||||||||||
2014 | 250,000 | 250,000 | 5.40 | % | 5.53 | %(a) | ||||||||||
2016 | 250,000 | — | 6.00 | % | 5.95 | %(a) | ||||||||||
2035 | 27,062 | — | Libor + 1.25 | % | 6.58 | % | ||||||||||
2035 | 25,774 | — | Libor + 1.25 | % | 6.58 | % | ||||||||||
2035 | 25,774 | — | Libor + 1.25 | % | 6.58 | % | ||||||||||
Total face amount | $ | 2,211,610 | $ | 938,000 | ||||||||||||
Less: unamortized discounts | (3,300 | ) | (1,393 | ) | ||||||||||||
Total unsecured notes | $ | 2,208,310 | $ | 936,607 | ||||||||||||
(a) | Rates include the effect of amortization of discounts and costs related to settlement of treasury lock agreements. |
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December 31, 2006 | December 31, 2005 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage payable | $ | 888,470 | $ | 859,490 | $ | 481,006 | $ | 521,607 | ||||||||
Unsecured Notes payable | $ | 1,829,701 | $ | 1,826,357 | $ | 936,607 | $ | 920,470 |
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Real Estate Investments: | ||||
Operating Properties | $ | 110,709 | ||
Accumulated depreciation | (6,050 | ) | ||
104,659 | ||||
Other assets | 21,357 | |||
Total Assets Held for Sale | $ | 126,016 | ||
Mortgage note payable and other liabilities | $ | 20,826 | ||
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | 43,410 | $ | 10,060 | $ | 8,336 | ||||||
Tenant reimbursements | 5,314 | 1,010 | 1,120 | |||||||||
Other | 982 | 41 | 36 | |||||||||
Total revenue | 49,706 | 11,111 | 9,492 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 17,769 | 3,862 | 4,166 | |||||||||
Real estate taxes | 6,145 | 1,316 | 1,441 | |||||||||
Depreciation & amortization | 17,284 | 2,939 | 2,607 | |||||||||
Total operating expenses | 41,198 | 8,117 | 8,214 | |||||||||
Operating income | 8,508 | 2,994 | 1,278 | |||||||||
Interest income | 14 | 6 | — | |||||||||
Interest expense | (841 | ) | (445 | ) | (451 | ) | ||||||
Income from discontinued operations before gain on sale of interests in real estate and minority interest | 7,681 | 2,555 | 827 | |||||||||
Net gain on sale of interests in real estate | 18,486 | 2,196 | 3,136 | |||||||||
Minority interest — partners’ share of net gain on sale | 1,757 | — | — | |||||||||
Minority interest — partners’ share of consolidated real estate venture | (2,239 | ) | — | — | ||||||||
Minority interest attributable to discontinued operations — LP units | (1,172 | ) | (163 | ) | (144 | ) | ||||||
Income from discontinued operations | $ | 24,513 | $ | 4,588 | $ | 3,819 | ||||||
14. | MINORITY INTEREST IN OPERATING PARTNERSHIP AND REAL ESTATE VENTURES |
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For the years ended December 31, | ||||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Income (loss) from continuing operations | $ | (14,031 | ) | $ | (14,031 | ) | $ | 38,179 | $ | 38,179 | $ | 56,483 | $ | 56,483 | ||||||||||
Income from discontinued operations | 24,513 | 24,513 | 4,588 | 4,588 | 3,819 | 3,819 | ||||||||||||||||||
Income allocated to Preferred Shares | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (9,720 | ) | (9,720 | ) | ||||||||||||
Preferred Share redemption/conversion benefit (charge) | — | — | — | — | 4,500 | 4,500 | ||||||||||||||||||
$ | 2,490 | $ | 2,490 | $ | 34,775 | $ | 34,775 | $ | 55,082 | $ | 55,082 | |||||||||||||
Weighted-average shares outstanding | 89,552,301 | 89,552,301 | 55,846,268 | 55,846,268 | 47,781,789 | 47,781,789 | ||||||||||||||||||
Options, warrants and unvested restricted stock | — | 518,524 | — | 258,320 | — | 236,915 | ||||||||||||||||||
Total weighted-average shares outstanding | 89,552,301 | 90,070,825 | 55,846,268 | 56,104,588 | 47,781,789 | 48,018,704 | ||||||||||||||||||
Earnings per Common Share: | ||||||||||||||||||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.24 | ) | $ | 0.54 | $ | 0.54 | $ | 1.07 | $ | 1.07 | ||||||||||
Discontinued operations | 0.27 | 0.27 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||||||
Total | $ | 0.03 | $ | 0.03 | $ | 0.62 | $ | 0.62 | $ | 1.15 | $ | 1.15 | ||||||||||||
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Weighted | Weighted Average | |||||||||||||||
Average | Remaining Contractual | Aggregate Intrinsic | ||||||||||||||
Shares | Exercise Price | Term (in years) | Value (in 000’s) | |||||||||||||
Outstanding at January 1, 2006 | 1,276,722 | 26.82 | 2.15 | 1,888 | ||||||||||||
Prentiss options converted to Company options as part of the Prentiss acquisition (see Note 3) | 496,037 | 22.00 | 1.14 | 5,580 | ||||||||||||
Exercised | (486,684 | ) | 22.88 | 0.55 | 5,048 | |||||||||||
Forfeited | — | — | �� | — | — | |||||||||||
Outstanding at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 | |||||||||||
Vested at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 | |||||||||||
Exercisable at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 |
Years ended December 31, | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Weighted | Remaining | Weighted | Remaining | |||||||||||||||||||||
Average | Contractual | Average | Contractual | |||||||||||||||||||||
Exercise | Term | Exercise | Term | |||||||||||||||||||||
Shares | Price | (in Years) | Shares | Price | (in Years) | |||||||||||||||||||
Outstanding at beginning of year | 2,008,022 | 26.89 | 2,372,627 | 26.70 | ||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||
Exercised | (705,678 | ) | 26.94 | (337,161 | ) | 25.39 | ||||||||||||||||||
Forfeite/Expired | (25,622 | ) | 28.80 | (27,444 | ) | 28.93 | ||||||||||||||||||
Outstanding at end of year | 1,276,722 | 26.82 | 1.97 | 2,008,022 | 26.89 | 2.88 | ||||||||||||||||||
Exercisable at end of year | 1,276,722 | 26.82 | 2,008,022 | 26.89 | ||||||||||||||||||||
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Table of Contents
Weighted | ||||||||
Average Grant | ||||||||
Shares | Date Fair value | |||||||
Non-vested at January 1, 2006 | 316,134 | $ | 25.76 | |||||
Granted | 240,136 | 30.72 | ||||||
Vested | (160,972 | ) | 26.28 | |||||
Forfeited | (56,438 | ) | 28.24 | |||||
Non-vested at December 31, 2006 | 338,860 | $ | 28.23 | |||||
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Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Common Share Distributions: | ||||||||||||
Ordinary income | $ | 1.33 | $ | 1.37 | $ | 1.48 | ||||||
Capital gain | 0.30 | 0.08 | 0.28 | |||||||||
Split year dividend (a) | 0.13 | 0.31 | — | |||||||||
Distributions per share (b) | $ | 1.76 | $ | 1.76 | $ | 1.76 | ||||||
Percentage classified as ordinary income | 75.6 | % | 77.8 | % | 84.1 | % | ||||||
Percentage classified as capital gain | 17.0 | % | 4.6 | % | 15.9 | % | ||||||
Percentage classified as split year dividend | 7.4 | % | 17.6 | % | 0.0 | % | ||||||
Preferred Share Distributions: | ||||||||||||
Total distributions declared | $ | 7,992,000 | $ | 7,992,000 | $ | 9,720,000 |
(a) | Split year dividend amount shown for 2006 was taxable in 2005 and paid in 2006. | |
(b) | The Company also declared a special distribution of $0.02, in addition to the $1.76, in December 2005 for shareholders of record for the period January 1, 2006 through January 4, 2006. |
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Unrealized Gains | Cash Flow | Accumulated Other | ||||||||||
(Losses) on Securities | Hedges | Comprehensive Loss | ||||||||||
Balance at January 1, 2004 | $ | 868 | $ | (3,026 | ) | $ | (2,158 | ) | ||||
Change during year | (696 | ) | 309 | (387 | ) | |||||||
Settlement of treasury locks | — | (3,238 | ) | (3,238 | ) | |||||||
Reclassification adjustments for losses reclassified into operations | (156 | ) | 2,809 | 2,653 | ||||||||
Balance at December 31, 2004 | 16 | (3,146 | ) | (3,130 | ) | |||||||
Change during year | 241 | (713 | ) | (472 | ) | |||||||
Settlement of forward starting swaps | — | 240 | 240 | |||||||||
Reclassification adjustments for losses reclassified into operations | (257 | ) | 450 | 193 | ||||||||
Balance at December 31, 2005 | — | (3,169 | ) | (3,169 | ) | |||||||
Change during year | — | 1,330 | 1,330 | |||||||||
Minority interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | — | (302 | ) | (302 | ) | |||||||
Settlement of forward starting swaps | 3,266 | |||||||||||
Reclassification adjustments for (gains) losses reclassified into operations | 328 | 122 | 3,716 | |||||||||
Balance at December 31, 2006 | $ | 328 | $ | 1,247 | $ | 1,575 | ||||||
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Pennsylvania - | Pennsylvania | Richmond, | California - | California - | ||||||||||||||||||||||||||||||||||||||||
West | North | New Jersey | Urban | Virginia | North | South | Mid-Atlantic | Southwest | Corporate | Total | ||||||||||||||||||||||||||||||||||
2006: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | $ | 922,347 | $ | 530,436 | $ | 570,009 | $ | 568,008 | $ | 244,519 | $ | 396,927 | $ | 95,942 | $ | 1,255,940 | $ | 343,177 | $ | — | $ | 4,927,305 | ||||||||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | — | — | — | 217,886 | 217,886 | |||||||||||||||||||||||||||||||||
Land held for development | — | — | — | — | — | — | — | — | — | 110,233 | 110,233 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 124,301 | $ | 74,391 | $ | 96,926 | $ | 85,995 | $ | 32,526 | $ | 58,203 | $ | 11,564 | $ | 112,344 | $ | 57,734 | $ | 8,817 | $ | 662,801 | ||||||||||||||||||||||
Property operating expenses and real estate taxes | 39,163 | 38,124 | 41,334 | 34,362 | 11,876 | 23,016 | 4,039 | 33,897 | 23,872 | 3,902 | 253,585 | |||||||||||||||||||||||||||||||||
Net operating income | $ | 85,138 | $ | 36,267 | $ | 55,592 | $ | 51,633 | $ | 20,650 | $ | 35,187 | $ | 7,525 | $ | 78,447 | $ | 33,862 | $ | 4,915 | $ | 409,216 | ||||||||||||||||||||||
2005: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | $ | 867,089 | $ | 558,803 | $ | 562,832 | $ | 351,407 | $ | 219,930 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,560,061 | ||||||||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | — | — | — | 273,240 | 273,240 | |||||||||||||||||||||||||||||||||
Land held for development | — | — | — | — | — | — | — | — | — | 98,518 | 98,518 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 111,911 | $ | 72,154 | $ | 96,683 | $ | 65,643 | $ | 28,758 | $ | — | $ | — | $ | — | $ | — | $ | 5,475 | $ | 380,624 | ||||||||||||||||||||||
Property operating expenses and real estate taxes | 39,116 | 32,517 | 39,152 | 27,183 | 11,612 | — | — | — | — | (208 | ) | 149,372 | ||||||||||||||||||||||||||||||||
Net operating income | $ | 72,795 | $ | 39,637 | $ | 57,531 | $ | 38,460 | $ | 17,146 | $ | — | $ | — | $ | — | $ | — | $ | 5,683 | $ | 231,252 | ||||||||||||||||||||||
2004: | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 87,535 | $ | 73,882 | $ | 94,096 | $ | 26,319 | $ | 27,099 | $ | — | $ | — | $ | — | $ | — | $ | 7,626 | $ | 316,557 | ||||||||||||||||||||||
Property operating expenses and real estate taxes | 25,677 | 31,079 | 35,599 | 12,126 | 11,772 | — | — | — | — | — | 116,253 | |||||||||||||||||||||||||||||||||
Net operating income | $ | 61,858 | $ | 42,803 | $ | 58,497 | $ | 14,193 | $ | 15,327 | $ | — | $ | — | $ | — | $ | — | $ | 7,626 | $ | 200,304 | ||||||||||||||||||||||
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Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(amounts in thousands) | ||||||||||||
Consolidated net operating income (loss) | $ | 409,216 | $ | 231,252 | $ | 200,304 | ||||||
Less: | ||||||||||||
Interest income | 9,513 | 1,370 | 841 | |||||||||
Interest expense | (171,177 | ) | (70,152 | ) | (52,642 | ) | ||||||
Deferred financing costs | (4,607 | ) | (3,766 | ) | (1,968 | ) | ||||||
Depreciation and amortization | (248,132 | ) | (109,118 | ) | (77,521 | ) | ||||||
Administrative expenses | (29,644 | ) | (17,982 | ) | (15,100 | ) | ||||||
Minority interest — partners’ share of consolidated real estate ventures | 270 | — | — | |||||||||
Minority interest attributable to continuing operations — LP units | 1,028 | (1,237 | ) | (2,429 | ) | |||||||
Plus: | ||||||||||||
Equity in income of real estate ventures | 2,165 | 3,172 | 2,023 | |||||||||
Net gain on sales of interests in real estate | 14,190 | 4,640 | 2,975 | |||||||||
Gain on termination of purchase contract | 3,147 | — | — | |||||||||
Income (loss) from continuing operations | (14,031 | ) | 38,179 | 56,483 | ||||||||
Income (loss) from discontinued operations | 24,513 | 4,588 | 3,819 | |||||||||
Net income (loss) | $ | 10,482 | $ | 42,767 | $ | 60,302 | ||||||
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Year | Minimum Rent | |||
2007 | $ | 526,755 | ||
2008 | 488,853 | |||
2009 | 426,608 | |||
2010 | 349,210 | |||
2011 | 264,411 | |||
Thereafter | 879,490 | |||
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2007 | $ | 1,736 | ||
2008 | 1,736 | |||
2009 | 1,736 | |||
2010 | 1,818 | |||
2011 | 1,818 | |||
2012 and there after | 271,340 |
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1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2006: | ||||||||||||||||
Total revenue | $ | 153,582 | $ | 161,523 | $ | 172,962 | $ | 174,734 | ||||||||
Net income (loss) | (2,642 | ) | (11,556 | ) | 564 | 24,116 | ||||||||||
Income (loss) allocated to Common Shares | (4,640 | ) | (13,554 | ) | (1,434 | ) | 22,118 | |||||||||
Basic earnings (loss) per Common Share | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.02 | ) | $ | 0.25 | |||||
Diluted earnings (loss) per Common Share | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.02 | ) | $ | 0.25 | |||||
2005: | ||||||||||||||||
Total revenue | $ | 96,690 | $ | 92,843 | $ | 93,431 | $ | 97,660 | ||||||||
Net income | 9,415 | 8,930 | 15,794 | 8,626 | ||||||||||||
Income allocated to Common Shares | 7,417 | 6,932 | 13,796 | 6,628 | ||||||||||||
Basic earnings per Common Share | $ | 0.13 | $ | 0.12 | $ | 0.25 | $ | 0.12 | ||||||||
Diluted earnings per Common Share | $ | 0.13 | $ | 0.12 | $ | 0.24 | $ | 0.12 |
F - 39
Table of Contents
Valuation and Qualifying Accounts
(in thousands)
Balance at | Balance | |||||||||||||||
Beginning | at End | |||||||||||||||
Description | of Period | Additions (1) | Deductions | of Period | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2006 | $ | 4,877 | $ | 4,434 | $ | — | $ | 9,311 | �� | |||||||
Year ended December 31, 2005 | $ | 4,085 | $ | 792 | $ | — | $ | 4,877 | ||||||||
Year ended December 31, 2004 | $ | 4,031 | $ | 467 | $ | 413 | $ | 4,085 | ||||||||
(1) | The 2006 additions includes $3.5 million of current year expense and $0.9 million of allowances against receivables assumed in the Prentiss acquisition. |
F - 40
Table of Contents
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
One Greentree Centre | Marlton | NJ | — | 345 | 4,440 | 804 | 345 | 5,244 | 5,589 | 3,031 | 1982 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
Three Greentree Centre | Marlton | NJ | — | 323 | 6,024 | 590 | 324 | 6,614 | 6,937 | 4,289 | 1984 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Greentree Centre | Marlton | NJ | — | 264 | 4,693 | 312 | 264 | 5,005 | 5,269 | 3,311 | 1983 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
1155 Business Center Drive | Horsham | PA | 2,407 | 1,029 | 4,124 | 783 | 1,029 | 4,906 | 5,936 | 1,436 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | — | 685 | 2,773 | 1,092 | 685 | 3,865 | 4,550 | 1,525 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | — | 481 | 1,976 | 554 | 482 | 2,530 | 3,011 | 929 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
18 Campus Boulevard | Newtown Square | PA | 3,227 | 787 | 3,312 | 5 | 787 | 3,317 | 4,104 | 1,156 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
2240/2250 Butler Pike | Plymouth Meeting | PA | — | 1,104 | 4,627 | 331 | 1,104 | 4,959 | 6,062 | 1,939 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | — | 661 | 2,727 | 315 | 662 | 3,042 | 3,703 | 1,000 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3329 Street Road -Greenwood Square | Bensalem | PA | — | 350 | 1,401 | 590 | 350 | 1,991 | 2,341 | 896 | 1985 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3331 Street Road -Greenwood Square | Bensalem | PA | — | 1,126 | 4,511 | 1,295 | 1,126 | 5,806 | 6,932 | 2,002 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3333 Street Road -Greenwood Square | Bensalem | PA | — | 851 | 3,407 | 966 | 851 | 4,374 | 5,224 | 1,654 | 1988 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
456 Creamery Way | Exton | PA | — | 635 | 2,548 | (47 | ) | 635 | 2,500 | 3,136 | 824 | 1987 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
457 Haddonfield Road | Cherry Hill | NJ | 10,689 | 2,142 | 9,120 | 490 | 2,142 | 9,610 | 11,752 | 3,340 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
468 Thomas Jones Way | Exton | PA | — | 526 | 2,112 | 163 | 527 | 2,275 | 2,801 | 747 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
486 Thomas Jones Way | Exton | PA | — | 806 | 3,256 | 159 | 806 | 3,415 | 4,221 | 1,206 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
500 Enterprise Drive | Horsham | PA | — | 1,303 | 5,188 | (253 | ) | 1,303 | 4,935 | 6,238 | 1,778 | 1990 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
500 North Gulph Road | King Of Prussia | PA | — | 1,303 | 5,201 | 1,255 | 1,303 | 6,456 | 7,759 | 2,246 | 1979 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
650 Dresher Road | Horsham | PA | 1,609 | 636 | 2,501 | 404 | 636 | 2,905 | 3,541 | 1,108 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
6575 Snowdrift Road | Allentown | PA | — | 601 | 2,411 | 437 | 601 | 2,848 | 3,449 | 822 | 1988 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
700 Business Center Drive | Horsham | PA | 1,625 | 550 | 2,201 | 848 | 550 | 3,049 | 3,599 | 1,248 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
7248 Tilghman Street | Allentown | PA | — | 731 | 2,969 | (32 | ) | 731 | 2,937 | 3,668 | 980 | 1987 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
7310 Tilghman Street | Allentown | PA | — | 553 | 2,246 | 510 | 553 | 2,755 | 3,309 | 1,178 | 1985 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
800 Business Center Drive | Horsham | PA | 2,098 | 896 | 3,585 | 18 | 896 | 3,603 | 4,499 | 1,150 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
8000 Lincoln Drive | Marlton | NJ | — | 606 | 2,887 | 688 | 606 | 3,575 | 4,181 | 1,184 | 1997 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
One Progress Drive | Horsham | PA | — | 1,399 | 5,629 | 232 | 1,399 | 5,861 | 7,260 | 1,936 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
One Righter Parkway | Wilmington | DE | 10,076 | 2,545 | 10,195 | 563 | 2,545 | 10,757 | 13,303 | 3,440 | 1989 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
1 Foster Avenue | Gibbsboro | NJ | — | 93 | 364 | 42 | 93 | 406 | 499 | 116 | 1972 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | — | 244 | 971 | 233 | 244 | 1,203 | 1,448 | 356 | 1983 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Berwyn Park | Berwyn | PA | 6,884 | 1,180 | 7,290 | 1,560 | 1,180 | 8,850 | 10,030 | 2,685 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Commerce Drive | Newark | DE | — | 1,160 | 4,633 | 1,134 | 1,160 | 5,768 | 6,927 | 1,808 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Katchel Blvd | Reading | PA | — | 1,881 | 7,423 | 158 | 1,881 | 7,582 | 9,462 | 2,183 | 1970 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Atrium Way | Mt. Laurel | NJ | — | 2,061 | 8,180 | 1,065 | 2,061 | 9,245 | 11,306 | 2,599 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | — | 2,297 | 9,288 | 1,328 | 2,297 | 10,616 | 12,913 | 3,402 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | — | 3,206 | 12,857 | 1,100 | 3,206 | 13,957 | 17,163 | 4,347 | 1990 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100-300 Gundy Drive | Reading | PA | — | 6,495 | 25,180 | 7,583 | 6,495 | 32,763 | 39,258 | 9,563 | 1970 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1007 Laurel Oak Road | Voorhees | NJ | — | 1,563 | 6,241 | 16 | 1,564 | 6,256 | 7,820 | 1,754 | 1996 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1120 Executive Boulevard | Marlton | NJ | — | 2,074 | 8,415 | 541 | 2,074 | 8,956 | 11,030 | 2,864 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1336 Enterprise Drive | West Goshen | PA | — | 731 | 2,946 | 52 | 731 | 2,998 | 3,729 | 926 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | — | 3,061 | 12,254 | 165 | 3,061 | 12,419 | 15,480 | 3,710 | 1991 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
17 Campus Boulevard | Newtown Square | PA | 5,002 | 1,108 | 5,155 | 48 | 1,108 | 5,203 | 6,311 | 1,357 | 2001 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
2 Foster Avenue | Gibbsboro | NJ | — | 185 | 730 | 42 | 185 | 772 | 957 | 225 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | — | 769 | 3,055 | 496 | 769 | 3,552 | 4,320 | 1,072 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Berwyn Park | Berwyn | PA | 9,415 | 1,533 | 9,460 | 2,071 | 1,533 | 11,531 | 13,064 | 3,386 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | 9,160 | 2,202 | 8,823 | 780 | 2,203 | 9,602 | 11,805 | 3,083 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
220 Commerce Drive | Fort Washington | PA | — | 1,086 | 4,338 | 945 | 1,010 | 5,359 | 6,369 | 1,537 | 1985 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Berwyn Park | Berwyn | PA | 12,594 | 2,206 | 13,422 | 2,618 | 2,206 | 16,041 | 18,246 | 4,878 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Welsh Road — Building I | Horsham | PA | 2,370 | 894 | 3,572 | 978 | 894 | 4,550 | 5,444 | 1,352 | 1980 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
321 Norristown Road | Lower Gwyned | PA | — | 1,290 | 5,176 | 1,580 | 1,221 | 6,825 | 8,046 | 2,268 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
323 Norristown Road | Lower Gwyned | PA | — | 1,685 | 6,751 | 4,263 | 1,601 | 11,098 | 12,699 | 3,471 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
4 Foster Avenue | Gibbsboro | NJ | — | 183 | 726 | 93 | 183 | 820 | 1,002 | 255 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | 2,980 | 714 | 5,085 | (1,939 | ) | 714 | 3,146 | 3,860 | 951 | 1998 | 1997 | 40 | ||||||||||||||||||||||||||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | — | 9 | 32 | 26 | 9 | 58 | 67 | 14 | 1968 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
5 U.S. Avenue | Gibbsboro | NJ | — | 21 | 81 | 3 | 21 | 84 | 105 | 23 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
50 East Clementon Road | Gibbsboro | NJ | — | 114 | 964 | 3 | 114 | 967 | 1,081 | 271 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
500 Office Center Drive | Fort Washington | PA | — | 1,617 | 6,480 | 1,517 | 1,617 | 7,997 | 9,614 | 2,141 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
501 Office Center Drive | Fort Washington | PA | — | 1,796 | 7,192 | 13,223 | 1,796 | 20,415 | 22,211 | 4,538 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
6 East Clementon Road | Gibbsboro | NJ | — | 1,345 | 5,366 | 664 | 1,345 | 6,030 | 7,375 | 1,813 | 1980 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
655 Business Center Drive | Horsham | PA | 1,698 | 544 | 2,529 | 696 | 544 | 3,225 | 3,769 | 1,282 | 1997 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
7 Foster Avenue | Gibbsboro | NJ | — | 231 | 921 | 140 | 231 | 1,061 | 1,292 | 321 | 1983 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
748 Springdale Drive | Exton | PA | — | 236 | 931 | 216 | 236 | 1,146 | 1,383 | 327 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
855 Springdale Drive | Exton | PA | — | 838 | 3,370 | 2,679 | 838 | 6,049 | 6,887 | 1,117 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | 5,789 | 1,472 | 5,895 | 111 | 1,472 | 6,007 | 7,478 | 1,809 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Five Eves Drive | Marlton | NJ | — | 703 | 2,819 | 772 | 703 | 3,592 | 4,294 | 1,090 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Four A Eves Drive | Marlton | NJ | — | 539 | 2,168 | 243 | 539 | 2,411 | 2,950 | 764 | 1987 | 1997 | 40 |
F - 41
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
Four B Eves Drive | Marlton | NJ | — | 588 | 2,369 | 327 | 588 | 2,696 | 3,284 | 814 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Piazza | Voorhees | NJ | — | 696 | 2,802 | 262 | 696 | 3,064 | 3,760 | 1,007 | 1990 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Plaza 1000 | Voorhees | NJ | — | 2,732 | 10,942 | 3,627 | 2,732 | 14,569 | 17,301 | 4,886 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Promenade | Voorhees | NJ | — | 531 | 2,052 | 191 | 532 | 2,242 | 2,774 | 745 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Eves Drive | Marlton | NJ | — | 818 | 3,461 | (31 | ) | 818 | 3,429 | 4,248 | 1,087 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | — | 391 | 5,410 | 125 | 391 | 5,535 | 5,926 | 674 | 2001 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 First Avenue | King Of Prussia | PA | 3,054 | 2,772 | 10,936 | 703 | 2,772 | 11,639 | 14,411 | 2,869 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1009 Lenox Drive | Lawrenceville | NJ | — | 4,876 | 19,284 | 3,139 | 4,876 | 22,422 | 27,299 | 7,008 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1020 First Avenue | King Of Prussia | PA | 2,441 | 2,168 | 8,576 | 433 | 2,168 | 9,008 | 11,177 | 2,287 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1040 First Avenue | King Of Prussia | PA | 3,277 | 2,860 | 11,282 | 1,036 | 2,860 | 12,318 | 15,178 | 3,084 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1060 First Avenue | King Of Prussia | PA | 2,985 | 2,712 | 10,953 | 1,883 | 2,712 | 12,836 | 15,548 | 2,913 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
14 Campus Boulevard | Newtown Square | PA | 5,117 | 2,244 | 4,217 | (22 | ) | 2,244 | 4,196 | 6,439 | 1,659 | 1998 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
150 Corporate Center Drive | Camp Hill | PA | — | 964 | 3,871 | 239 | 964 | 4,109 | 5,074 | 1,146 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1957 Westmoreland Street | Richmond | VA | 2,604 | 1,061 | 4,241 | 235 | 1,061 | 4,476 | 5,537 | 1,158 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Corporate Center Drive | Camp Hill | PA | — | 1,647 | 6,606 | 164 | 1,647 | 6,771 | 8,417 | 1,817 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | 552 | 2,482 | 8,846 | 2,300 | 2,482 | 11,146 | 13,628 | 2,847 | 1976 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2130-2146 Tomlynn Street | Richmond | VA | 985 | 353 | 1,416 | 289 | 353 | 1,705 | 2,058 | 499 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2161-2179 Tomlynn Street | Richmond | VA | 1,040 | 423 | 1,695 | 222 | 423 | 1,917 | 2,340 | 497 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2201-2245 Tomlynn Street | Richmond | VA | 2,576 | 1,020 | 4,067 | 283 | 1,020 | 4,351 | 5,370 | 1,172 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2212-2224 Tomlynn Street | Richmond | VA | 1,211 | 502 | 2,014 | 72 | 502 | 2,085 | 2,588 | 536 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2221-2245 Dabney Road | Richmond | VA | 1,250 | 530 | 2,123 | 203 | 530 | 2,326 | 2,856 | 595 | 1994 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2240 Dabney Road | Richmond | VA | 617 | 264 | 1,059 | 10 | 264 | 1,069 | 1,333 | 267 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2244 Dabney Road | Richmond | VA | 1,291 | 550 | 2,203 | 38 | 550 | 2,241 | 2,791 | 563 | 1993 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2246 Dabney Road | Richmond | VA | 1,062 | 455 | 1,822 | 32 | 455 | 1,855 | 2,309 | 473 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2248 Dabney Road | Richmond | VA | 1,337 | 512 | 2,049 | 200 | 512 | 2,249 | 2,761 | 601 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2251 Dabney Road | Richmond | VA | 972 | 387 | 1,552 | 111 | 387 | 1,663 | 2,050 | 449 | 1983 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2256 Dabney Road | Richmond | VA | 847 | 356 | 1,427 | 275 | 356 | 1,702 | 2,058 | 409 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2277 Dabney Road | Richmond | VA | 1,185 | 507 | 2,034 | 16 | 507 | 2,050 | 2,557 | 514 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2401 Park Drive | Harrisburg | PA | — | 182 | 728 | 187 | 182 | 916 | 1,097 | 293 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2404 Park Drive | Harrisburg | PA | — | 167 | 668 | 249 | 167 | 918 | 1,084 | 269 | 1983 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2490 Boulevard of the Generals | King Of Prussia | PA | — | 348 | 1,394 | 53 | 348 | 1,447 | 1,795 | 409 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2511 Brittons Hill Road | Richmond | VA | 2,820 | 1,202 | 4,820 | 1,849 | 1,202 | 6,669 | 7,871 | 1,482 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2812 Emerywood Parkway | Henrico | VA | 3,156 | 1,069 | 4,281 | 1,783 | 1,069 | 6,064 | 7,133 | 1,934 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Arboretum Place | Richmond | VA | 13,832 | 5,450 | 21,892 | 1,827 | 5,450 | 23,719 | 29,169 | 6,429 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Corporate Center Drive | Camp Hill | PA | — | 4,823 | 19,301 | 1,145 | 4,823 | 20,446 | 25,269 | 5,437 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | 1,789 | 1,493 | 6,055 | 584 | 1,494 | 6,638 | 8,132 | 1,696 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
304 Harper Drive | Moorestown | NJ | 777 | 657 | 2,674 | 379 | 657 | 3,052 | 3,710 | 769 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | 1,617 | 1,421 | 5,768 | 1,146 | 1,421 | 6,913 | 8,335 | 1,618 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
305 Harper Drive | Moorestown | NJ | 248 | 223 | 913 | 0 | 223 | 914 | 1,136 | 227 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | 1,761 | 1,565 | 6,342 | 382 | 1,565 | 6,725 | 8,289 | 1,660 | 1981 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
308 Harper Drive | Moorestown | NJ | — | 1,643 | 6,663 | 499 | 1,644 | 7,161 | 8,805 | 1,991 | 1976 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | 1,878 | 1,518 | 6,154 | 1,205 | 1,518 | 7,359 | 8,877 | 2,260 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
33 West State Street | Trenton | NJ | — | 6,016 | 24,091 | (21 | ) | 6,016 | 24,070 | 30,086 | 6,451 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
426 Lancaster Avenue | Devon | PA | — | 1,689 | 6,756 | 361 | 1,689 | 7,118 | 8,806 | 1,922 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
4364 South Alston Avenue | Durham | NC | 1,915 | 1,622 | 6,419 | 728 | 1,581 | 7,188 | 8,769 | 1,952 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | 3,960 | 1,640 | 6,567 | 266 | 1,640 | 6,832 | 8,473 | 1,764 | 1996 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
50 East State Street | Trenton | NJ | — | 8,926 | 35,735 | 773 | 8,926 | 36,508 | 45,434 | 9,946 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
50 Swedesford Square | East Whiteland Twp. | PA | 4,263 | 3,902 | 15,254 | (15,254 | ) | 3,902 | — | 3,902 | — | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
500 Nationwide Drive | Harrisburg | PA | — | 173 | 850 | 790 | 173 | 1,640 | 1,813 | 550 | 1977 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | 4,661 | 4,241 | 16,579 | 878 | 4,241 | 17,457 | 21,698 | 4,540 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
520 Virginia Drive | Fort Washington | PA | — | 845 | 3,455 | 39 | 845 | 3,494 | 4,339 | 1,016 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 Corporate Circle Drive | Harrisburg | PA | — | 363 | 1,452 | 107 | 363 | 1,559 | 1,922 | 426 | 1978 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 East Main Street | Richmond | VA | 11,206 | 9,808 | 38,255 | 5,668 | 9,808 | 43,923 | 53,731 | 11,744 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 Park Avenue | King Of Prussia | PA | — | 1,012 | 4,048 | 2 | 1,012 | 4,050 | 5,062 | 1,097 | 1964 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
610 Freedom Business Center | King Of Prussia | PA | 5,014 | 2,017 | 8,070 | 674 | 2,017 | 8,745 | 10,761 | 2,702 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
620 Allendale Road | King Of Prussia | PA | — | 1,020 | 3,839 | 998 | 1,020 | 4,837 | 5,857 | 1,774 | 1961 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
620 Freedom Business Center | King Of Prussia | PA | 6,750 | 2,770 | 11,014 | 3,193 | 2,770 | 14,207 | 16,977 | 3,577 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Clark Avenue | King Of Prussia | PA | — | 547 | 2,190 | 1 | 547 | 2,191 | 2,738 | 593 | 1960 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Freedom Business Center | King Of Prussia | PA | 6,655 | 2,773 | 11,144 | 668 | 2,773 | 11,812 | 14,585 | 3,337 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
640 Freedom Business Center | King Of Prussia | PA | 10,539 | 4,222 | 16,891 | 1,318 | 4,222 | 18,209 | 22,431 | 5,412 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
650 Park Avenue | King Of Prussia | PA | — | 1,916 | 4,378 | 2,491 | 1,916 | 6,869 | 8,785 | 1,845 | 1968 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
660 Allendale Road | King of Prussia | PA | — | 396 | 3,343 | (1,636 | ) | 396 | 1,706 | 2,103 | 708 | 1962 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
680 Allendale Road | King Of Prussia | PA | — | 689 | 2,756 | 679 | 689 | 3,435 | 4,124 | 1,149 | 1962 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
6990 Snowdrift Road | Allentown | PA | — | — | 1,962 | 3,696 | — | 5,658 | 5,658 | 764 | 2003 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
6990 Snowdrift Road Bldg B | Allentown | PA | — | — | 2,581 | 958 | — | 3,539 | 3,539 | 272 | 2004 | 1998 | 40 |
F - 42
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | 4,102 | 3,569 | 14,436 | 1,540 | 3,569 | 15,977 | 19,545 | 4,064 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | 2,048 | 1,736 | 6,877 | 842 | 1,736 | 7,719 | 9,455 | 2,186 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7010 Snowdrift Road | Allentown | PA | 919 | 818 | 3,324 | 464 | 818 | 3,789 | 4,606 | 886 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7150 Windsor Drive | Allentown | PA | 1,188 | 1,035 | 4,219 | 147 | 1,035 | 4,366 | 5,401 | 1,100 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7350 Tilghman Street | Allentown | PA | — | 3,414 | 13,716 | 1,273 | 3,414 | 14,988 | 18,403 | 4,433 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
741 First Avenue | King Of Prussia | PA | — | 1,287 | 5,151 | 221 | 1,287 | 5,371 | 6,659 | 1,517 | 1966 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7450 Tilghman Street | Allentown | PA | 3,482 | 2,867 | 11,631 | 1,574 | 2,867 | 13,205 | 16,072 | 3,737 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | — | 1,097 | 4,391 | 32 | 1,097 | 4,423 | 5,520 | 1,197 | 1967 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7535 Windsor Drive | Allentown | PA | 4,514 | 3,376 | 13,400 | 5,528 | 3,376 | 18,928 | 22,304 | 4,808 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
755 Business Center Drive | Horsham | PA | 2,024 | 1,362 | 2,334 | 2,940 | 1,362 | 5,274 | 6,636 | 1,581 | 1998 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
800 Corporate Circle Drive | Harrisburg | PA | — | 414 | 1,653 | 105 | 414 | 1,758 | 2,172 | 492 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | 703 | 636 | 2,584 | 375 | 636 | 2,959 | 3,595 | 709 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | 697 | 611 | 2,426 | 153 | 611 | 2,579 | 3,190 | 633 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
875 First Avenue | King Of Prussia | PA | — | 618 | 2,473 | 3,258 | 618 | 5,731 | 6,349 | 1,455 | 1966 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9011 Arboretum Parkway | Richmond | VA | 4,622 | 1,857 | 7,702 | 528 | 1,857 | 8,231 | 10,087 | 2,063 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9100 Arboretum Parkway | Richmond | VA | 3,506 | 1,362 | 5,489 | 556 | 1,362 | 6,045 | 7,407 | 1,726 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
920 Harvest Drive | Blue Bell | PA | — | 2,433 | 9,738 | 649 | 2,433 | 10,387 | 12,820 | 2,708 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9200 Arboretum Parkway | Richmond | VA | 2,506 | 985 | 3,973 | 133 | 985 | 4,107 | 5,091 | 1,040 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9210 Arboretum Parkway | Richmond | VA | 2,906 | 1,110 | 4,474 | 583 | 1,110 | 5,057 | 6,167 | 1,363 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9211 Arboretum Parkway | Richmond | VA | 1,458 | 582 | 2,433 | 286 | 582 | 2,719 | 3,301 | 704 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
925 Harvest Drive | Blue Bell | PA | — | 1,671 | 6,606 | 807 | 1,671 | 7,413 | 9,084 | 1,905 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
993 Lenox Drive | Lawrenceville | NJ | 11,638 | 2,811 | 17,996 | (5,342 | ) | 2,811 | 12,654 | 15,465 | 3,670 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
997 Lenox Drive | Lawrenceville | NJ | 9,496 | 2,410 | 9,700 | 161 | 2,410 | 9,861 | 12,271 | 2,635 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
Dabney III | Richmond | VA | 777 | 281 | 1,125 | 309 | 281 | 1,435 | 1,715 | 416 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
Philadelphia Marine Center | Philadelphia | PA | — | 532 | 2,196 | 2,285 | 628 | 4,385 | 5,013 | 1,035 | Various | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1050 Westlakes Drive | Berwyn | PA | — | 2,611 | 10,445 | 75 | — | 13,131 | 13,131 | 2,137 | 1984 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | 4,581 | 1,112 | 4,067 | 438 | 1,112 | 4,505 | 5,617 | 951 | 1998 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
400 Berwyn Park | Berwyn | PA | — | 2,657 | 4,462 | 15,897 | 2,657 | 20,359 | 23,016 | 3,493 | 1999 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Dresher Road | Horsham | PA | — | 771 | 3,083 | 1,750 | 771 | 4,833 | 5,604 | 1,077 | 1987 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
7130 Ambassador Drive | Allentown | PA | — | 761 | 3,046 | 161 | 761 | 3,207 | 3,968 | 693 | 1991 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Brandywine Boulevard | Newtown | PA | — | 1,784 | 9,811 | 2,987 | 1,784 | 12,798 | 14,582 | 2,102 | 2002 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
1400 Howard Boulevard | Mt. Laurel | NJ | — | 443 | — | 13,238 | 1,447 | 12,233 | 13,681 | 77 | 2005 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
15 Campus Boulevard | Newtown Square | PA | 5,723 | 1,164 | 3,896 | 673 | 1,164 | 4,570 | 5,733 | 594 | 2002 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
1700 Paoli Pike | Malvern | PA | — | 458 | 559 | 3,582 | 488 | 4,111 | 4,599 | 861 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
2000 Lenox Drive | Lawrenceville | NJ | 13,538 | 2,291 | 12,221 | 2,803 | 2,291 | 15,024 | 17,315 | 4,450 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Welsh Road — Building II | Horsham | PA | 977 | 396 | 1,585 | 129 | 396 | 1,714 | 2,110 | 505 | 1980 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | — | 6,198 | 16,131 | 17,430 | 6,199 | 33,560 | 39,759 | 6,347 | 2001 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Allendale Road | King of Prussia | PA | — | 2,836 | 4,028 | 15,955 | 2,836 | 19,983 | 22,819 | 5,150 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
640 Allendale Road | King of Prussia | PA | — | 439 | 432 | 1,480 | 439 | 1,913 | 2,351 | 269 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
Bishops Gate Corporate Center | Mt. Laurel | NJ | — | 934 | 6,287 | — | 934 | 6,799 | 7,733 | 588 | 2005 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
Macaroni Grill | Plymouth Meeting | PA | — | 1,043 | 555 | — | 1,043 | 555 | 1,598 | 24 | N/A | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
10 Lake Center Drive | Marlton | NJ | — | 1,880 | 7,521 | 1,232 | 1,880 | 8,753 | 10,633 | 1,375 | 1989 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Arrandale Boulevard | Exton | PA | — | 970 | 3,878 | 1 | 970 | 3,880 | 4,849 | 559 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Lindenwood Drive | Malvern | PA | — | 473 | 1,892 | 377 | 473 | 2,269 | 2,742 | 507 | 1985 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
101 Lindenwood Drive | Malvern | PA | — | 4,152 | 16,606 | 1,575 | 4,152 | 18,182 | 22,333 | 2,916 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1100 Cassett Road | Berwyn | PA | — | 1,695 | 6,779 | 2 | 1,695 | 6,781 | 8,476 | 976 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
111 Arrandale Road | Exton | PA | — | 262 | 1,048 | 69 | 262 | 1,117 | 1,379 | 156 | 1996 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
111/113 Pencader Drive | Newark | DE | — | 1,092 | 4,366 | 68 | 1,092 | 4,434 | 5,526 | 641 | 1990 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1160 Swedesford Road | Berwyn | PA | — | 1,781 | 7,124 | 1,171 | 1,781 | 8,295 | 10,076 | 1,276 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1180 Swedesford Road | Berwyn | PA | — | 2,086 | 8,342 | 1,065 | 2,086 | 9,407 | 11,493 | 1,465 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
161 Gaither Drive | Mount Laurel | NJ | — | 1,016 | 4,064 | 434 | 1,016 | 4,498 | 5,514 | 844 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | — | 2,069 | 8,275 | 748 | 2,069 | 9,023 | 11,092 | 1,434 | 1989 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Lindenwood Drive | Malvern | PA | — | 324 | 1,295 | 242 | 324 | 1,537 | 1,861 | 304 | 1984 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | — | 1,645 | 6,579 | 546 | 1,645 | 7,125 | 8,770 | 1,136 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | — | 2,144 | 8,798 | 738 | 2,144 | 9,537 | 11,680 | 1,487 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
30 Lake Center Drive | Marlton | NJ | — | 1,043 | 4,171 | 130 | 1,043 | 4,301 | 5,344 | 686 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Lindenwood Drive | Malvern | PA | — | 848 | 3,394 | 104 | 849 | 3,498 | 4,346 | 510 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
301 Lindenwood Drive | Malvern | PA | — | 2,729 | 10,915 | 1,868 | 2,729 | 12,783 | 15,512 | 2,076 | 1984 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
412 Creamery Way | Exton | PA | — | 1,195 | 4,779 | 722 | 1,195 | 5,502 | 6,696 | 1,050 | 1999 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
429 Creamery Way | Exton | PA | — | 1,368 | 5,471 | 2 | 1,368 | 5,473 | 6,841 | 788 | 1996 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
436 Creamery Way | Exton | PA | — | 994 | 3,978 | 459 | 994 | 4,436 | 5,431 | 622 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
440 Creamery Way | Exton | PA | 2,905 | 982 | 3,927 | 1,004 | 982 | 4,931 | 5,913 | 707 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
442 Creamery Way | Exton | PA | 2,516 | 894 | 3,576 | 392 | 894 | 3,968 | 4,862 | 708 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
457 Creamery Way | Exton | PA | — | 777 | 3,107 | 272 | 777 | 3,379 | 4,156 | 537 | 1990 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
467 Creamery Way | Exton | PA | — | 906 | 3,623 | 444 | 906 | 4,067 | 4,973 | 626 | 1988 | 2001 | 40 |
F - 43
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
479 Thomas Jones Way | Exton | PA | — | 1,075 | 4,299 | 681 | 1,075 | 4,980 | 6,055 | 882 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
481 John Young Way | Exton | PA | 2,294 | 496 | 1,983 | 1 | 496 | 1,984 | 2,480 | 286 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
555 Croton Road | King of Prussia | PA | — | 4,486 | 17,943 | 503 | 4,486 | 18,446 | 22,932 | 2,887 | 1999 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
7360 Windsor Drive | Allentown | PA | — | 1,451 | 3,618 | 2,038 | 1,451 | 5,655 | 7,107 | 1,594 | 2001 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Righter Parkway | Wilmington | DE | — | 2,802 | 11,217 | 5 | 2,802 | 11,221 | 14,024 | 1,833 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Lenox Drive | Lawrenceville | NJ | — | 1,174 | 4,696 | 2,107 | 1,174 | 6,803 | 7,977 | 1,070 | 1982 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Commerce Drive | Newark | DE | 5,841 | 911 | 4,414 | 1,020 | 911 | 5,434 | 6,345 | 838 | 1998 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
400 Commerce Drive | Newark | DE | 11,797 | 2,528 | 9,220 | 4,483 | 2,528 | 13,703 | 16,231 | 5,593 | 1997 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | 11,687 | 3,652 | 15,288 | 649 | 3,652 | 15,937 | 19,589 | 2,079 | 1986 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | 11,315 | 3,651 | 14,514 | 1,331 | 3,651 | 15,844 | 19,496 | 2,303 | 1987 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | 11,453 | 3,572 | 14,435 | 1,641 | 3,572 | 16,076 | 19,648 | 2,401 | 1990 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | 11,297 | 3,558 | 14,743 | 1,269 | 3,558 | 16,012 | 19,570 | 2,361 | 1988 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
6802 Paragon Place | Richmond | VA | — | 2,917 | 11,454 | 2,082 | 2,917 | 13,536 | 16,453 | 2,061 | 1989 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
980 Harvest Drive | Blue Bell | PA | — | 2,079 | 7,821 | 1,215 | 2,079 | 9,036 | 11,115 | 1,292 | 1988 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
565 East Swedesford Road | Wayne | PA | — | 1,872 | 7,489 | 890 | 1,872 | 8,379 | 10,251 | 785 | 1984 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
575 East Swedesford Road | Wayne | PA | — | 2,178 | 8,712 | 459 | 2,178 | 9,171 | 11,349 | 783 | 1985 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
585 East Swedesford Road | Wayne | PA | — | 1,350 | 5,401 | 34 | 1,350 | 5,435 | 6,785 | 432 | 1998 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
595 East Swedesford Road | Wayne | PA | — | 2,729 | 10,917 | 374 | 2,729 | 11,291 | 14,020 | 891 | 1998 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
989 Lenox Drive | Lawrenceville | NJ | — | 3,701 | 14,802 | 860 | 3,700 | 15,662 | 19,363 | 1,196 | 1984 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
100 North 18th Street | Philadelphia | PA | 74,079 | 16,066 | 100,255 | 1,416 | 16,066 | 101,671 | 117,737 | 8,913 | 1988 | 2004 | 33 | |||||||||||||||||||||||||||||||||||||||
130 North 18th Street | Philadelphia | PA | — | 14,496 | 107,736 | 728 | 14,473 | 108,487 | 122,960 | 9,514 | 1998 | 2004 | 23 | |||||||||||||||||||||||||||||||||||||||
130 Radnor Chester Road | Radnor | PA | — | 2,573 | 8,338 | (23 | ) | 2,567 | 8,320 | 10,888 | 582 | 1983 | 2004 | 25 | ||||||||||||||||||||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | — | 11,925 | 36,986 | 8,223 | 11,897 | 45,237 | 57,134 | 4,146 | 1983 | 2004 | 29 | |||||||||||||||||||||||||||||||||||||||
170 Radnor Chester Road | Radnor | PA | — | 2,514 | 8,147 | 30 | 2,509 | 8,182 | 10,691 | 569 | 1983 | 2004 | 25 | |||||||||||||||||||||||||||||||||||||||
201 King of Prussia Road | Radnor | PA | — | 8,956 | 29,811 | 1,192 | 8,949 | 31,009 | 39,959 | 3,147 | 2001 | 2004 | 25 | |||||||||||||||||||||||||||||||||||||||
300 Delaware Avenue | Wilmington | DE | — | 6,368 | 13,739 | 1,089 | 6,369 | 14,827 | 21,196 | 1,721 | 1989 | 2004 | 23 | |||||||||||||||||||||||||||||||||||||||
525 Lincoln Drive West | Marlton | NJ | — | 3,727 | 17,620 | 1,770 | 3,727 | 19,390 | 23,117 | 2,267 | 1986 | 2004 | 40 | |||||||||||||||||||||||||||||||||||||||
555 Lancaster Avenue | Radnor | PA | — | 8,014 | 16,508 | 16,468 | 7,991 | 32,999 | 40,990 | 832 | 1973 | 2004 | 24 | |||||||||||||||||||||||||||||||||||||||
920 North King Street | Wilmington | DE | — | 6,141 | 21,140 | 528 | 6,141 | 21,668 | 27,809 | 2,016 | 1989 | 2004 | 30 | |||||||||||||||||||||||||||||||||||||||
Five Radnor Corporate Center | Radnor | PA | — | 6,506 | 25,525 | 1,977 | 6,578 | 27,430 | 34,008 | 2,162 | 1998 | 2004 | 38 | |||||||||||||||||||||||||||||||||||||||
Four Radnor Corporate Center | Radnor | PA | — | 5,406 | 21,390 | 7,648 | 5,705 | 28,739 | 34,444 | 2,609 | 1995 | 2004 | 30 | |||||||||||||||||||||||||||||||||||||||
Four Tower Bridge | Conshohocken | PA | 10,626 | 2,672 | 14,221 | (112 | ) | 2,672 | 14,109 | 16,781 | 5,192 | 1998 | 2004 | 40 | ||||||||||||||||||||||||||||||||||||||
One Radnor Corporate Center | Radnor | PA | — | 7,323 | 28,613 | (34 | ) | 7,323 | 28,579 | 35,902 | 2,683 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||||||||||
Six Tower Bridge | Conshohocken | PA | 14,744 | 2,827 | 15,525 | 20 | 2,827 | 15,545 | 18,372 | 4,731 | 1999 | 2004 | 40 | |||||||||||||||||||||||||||||||||||||||
Three Radnor Corporate Center | Radnor | PA | — | 4,773 | 17,961 | (100 | ) | 4,791 | 17,843 | 22,634 | 1,654 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||||||||||
Two Radnor Corporate Center | Radnor | PA | — | 3,937 | 15,484 | 82 | 3,942 | 15,560 | 19,503 | 1,501 | 1998 | 2004 | 29 | |||||||||||||||||||||||||||||||||||||||
1 West Elm Street | W. Conshohocken | PA | — | 3,557 | 14,249 | — | 3,557 | 14,254 | 17,811 | 446 | 1999 | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
101 West Elm Street | W. Conshohocken | PA | — | 6,251 | 25,209 | 647 | 6,251 | 25,856 | 32,107 | 942 | 1999 | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
Arcadia Land | Upper Macungie | PA | — | 5 | — | 0 | 5 | — | 5 | — | N/A | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
1 Kaiser Plaza | Oakland | CA | 50,088 | 15,034 | 107,422 | 1,130 | 15,291 | 108,294 | 123,585 | 3,653 | 1978 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
100 Lenox Drive | Lawrenceville | NJ | — | 2,035 | 8,158 | 36 | 2,035 | 8,194 | 10,229 | 188 | 1991 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
101-103 Juniper Street | Philadelphia | VA | — | 464 | 1,843 | 1 | 464 | 1,844 | 2,308 | 35 | N/A | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
11700 Beltsville Drive | Beltsville | MD | — | 2,808 | 12,081 | 46 | 2,858 | 12,077 | 14,935 | 313 | 1981 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
11710 Beltsville Drive | Beltsville | MD | — | 2,278 | 11,100 | (944 | ) | 2,317 | 10,117 | 12,434 | 324 | 1987 | 2006 | 46 | ||||||||||||||||||||||||||||||||||||||
11720 Beltsville Drive | Beltsville | MD | — | 3,831 | 16,661 | 414 | 3,897 | 17,009 | 20,906 | 536 | 1987 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
11740 Beltsville Drive | Bethesda | MD | — | 198 | 870 | 9 | 202 | 875 | 1,077 | 36 | 1987 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
1177 East Beltline Road | Coppell | TX | 20,337 | 1,516 | 14,895 | 13 | 1,517 | 14,908 | 16,425 | 597 | 1998 | 2006 | 42 | |||||||||||||||||||||||||||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,246 | 19,836 | 167 | 3,302 | 19,948 | 23,250 | 999 | 1982 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
1200 Concord Avenue | Concord | CA | 20,519 | 6,395 | 24,664 | 551 | 6,504 | 25,106 | 31,610 | 1,673 | 1984 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,770 | 22,895 | 184 | 3,835 | 23,014 | 26,849 | 1,011 | 1985 | 2006 | 42 | |||||||||||||||||||||||||||||||||||||||
1220 Concord Avenue | Concord | CA | 20,528 | 6,476 | 24,966 | 9 | 6,476 | 24,975 | 31,451 | 1,673 | 1984 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
1221 Mopac Expressway | Austin | TX | — | 3,290 | 31,548 | 459 | 3,361 | 31,935 | 35,296 | 1,045 | 2001 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1250 Capital of Texas Hwy South | Austin | TX | — | 5,152 | 37,928 | (51 | ) | 5,241 | 37,788 | 43,029 | 1,367 | 1984 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
1301 Mopac Expressway | Austin | TX | — | 4,188 | 41,229 | 262 | 4,245 | 41,434 | 45,679 | 1,113 | 2001 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1333 Broadway | Oakland | CA | 24,318 | 4,519 | 35,235 | 159 | 4,519 | 35,394 | 39,913 | 1,946 | 1972 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | — | 3,794 | 19,365 | 173 | 3,859 | 19,473 | 23,332 | 1,083 | 1989 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | — | 7,236 | 39,213 | 344 | 7,360 | 39,433 | 46,793 | 1,159 | 1997 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1501 South Mopac Expressway | Austin | TX | — | 3,698 | 34,912 | 984 | 3,761 | 35,832 | 39,594 | 1,656 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
1601 Mopac Expressway | Austin | TX | — | 3,538 | 34,346 | 692 | 3,599 | 34,978 | 38,577 | 1,063 | 2000 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
1676 International Drive | Mclean | VA | 63,064 | 18,437 | 97,538 | 882 | 18,753 | 98,105 | 116,858 | 2,275 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
16870 W Bernardo Drive | San Diego | CA | 10,700 | 2,979 | 15,896 | 6 | 2,979 | 15,902 | 18,881 | 953 | 2002 | 2006 | 56 | |||||||||||||||||||||||||||||||||||||||
1801 Mopac Expressway | Austin | TX | — | 1,227 | 10,959 | 42 | 1,248 | 10,980 | 12,228 | 287 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
1880 Campus Commons Drive | Reston | VA | — | 6,164 | 28,114 | 46 | 6,270 | 28,054 | 34,324 | 598 | 1985 | 2006 | 52 | |||||||||||||||||||||||||||||||||||||||
1900 Gallows Road | Vienna | VA | — | 7,797 | 47,817 | 556 | 7,930 | 48,239 | 56,170 | 1,591 | 1989 | 2006 | 52 | |||||||||||||||||||||||||||||||||||||||
1901 Harrison Street | Oakland | CA | 30,056 | 5,442 | 59,920 | 727 | 5,535 | 60,554 | 66,089 | 1,716 | 1985 | 2006 | 48 |
F - 44
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
196 Van Buren Street | Herndon | VA | 15,338 | 6,023 | 31,780 | 12 | 6,023 | 31,792 | 37,815 | 1,985 | 1991 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
198 Van Buren Street | Herndon | VA | 15,562 | 1,908 | 12,032 | 5 | 1,908 | 12,037 | 13,945 | 385 | 1996 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | 5,728 | 3,261 | 6,077 | 2 | 3,261 | 6,079 | 9,340 | 472 | 1991 | 2006 | 39 | |||||||||||||||||||||||||||||||||||||||
2101 Webster Street | Oakland | CA | — | 13,051 | 89,728 | 1,664 | 13,275 | 91,169 | 104,444 | 3,323 | 1985 | 2006 | 44 | |||||||||||||||||||||||||||||||||||||||
2121 Cooperative Way | Herndon | VA | — | 5,598 | 38,639 | 538 | 5,777 | 38,999 | 44,775 | 1,150 | 2000 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
2201 Cooperative Way | Herndon | VA | — | 4,809 | 34,093 | 121 | 4,809 | 34,215 | 39,024 | 1,476 | 1990 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
2251 Corporate Park Drive | Herndon | VA | — | 11,472 | 45,893 | 17 | 11,472 | 45,910 | 57,382 | 96 | 2000 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2273 Research Boulevard | Rockville | MD | 15,787 | 5,167 | 31,110 | 1,326 | 5,231 | 32,372 | 37,602 | 998 | 1999 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2275 Research Boulevard | Rockville | MD | 15,741 | 5,059 | 29,668 | 805 | 5,145 | 30,386 | 35,532 | 1,309 | 1990 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2277 Research Boulevard | Rockville | MD | 14,647 | 4,649 | 26,952 | 266 | 4,726 | 27,142 | 31,867 | 947 | 1986 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2291 Wood Oak Drive | Herndon | VA | 31,000 | 8,243 | 52,413 | 20 | 8,243 | 52,433 | 60,676 | 5,034 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | — | 16,345 | 65,379 | 185 | 16,345 | 65,565 | 81,909 | 547 | 1987 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | — | 10,365 | 43,876 | 17 | 10,365 | 43,893 | 54,258 | 599 | 1988 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | — | 7,279 | 46,340 | 406 | 7,404 | 46,621 | 54,026 | 1,674 | 1990 | 2006 | 50 | |||||||||||||||||||||||||||||||||||||||
2711 N Haskell Avenue | Dallas | TX | — | 8,597 | 97,681 | 647 | 8,753 | 98,171 | 106,924 | 5,858 | 1998 | 2006 | 37 | |||||||||||||||||||||||||||||||||||||||
3130 Fairview Park Drive | Falls Church | VA | — | 6,576 | 51,605 | 247 | 6,688 | 51,740 | 58,428 | 1,275 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 5,918 | 40,981 | 295 | 6,038 | 41,157 | 47,195 | 1,340 | 1988 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 733 | 4,939 | (4 | ) | 733 | 4,935 | 5,668 | 134 | 1988 | 2006 | 51 | ||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 297 | 1,964 | 1 | 297 | 1,965 | 2,262 | 40 | 1988 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | — | 1,569 | 11,982 | (47 | ) | 1,596 | 11,908 | 13,504 | 375 | 1988 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
5780 & 5790 Fleet Street | Carlsbad | CA | 14,500 | 7,073 | 22,907 | 8 | 7,072 | 22,916 | 29,988 | 1,836 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | 8,252 | 3,706 | 11,185 | 4 | 3,706 | 11,189 | 14,895 | 691 | 1988 | 2006 | 48 | |||||||||||||||||||||||||||||||||||||||
5963 La Place Court | Carlsbad | CA | 6,534 | 2,824 | 9,413 | 4 | 2,824 | 9,417 | 12,241 | 560 | 1987 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
5973 Avenida Encinas | Carlsbad | CA | 5,486 | 2,121 | 8,361 | 3 | 2,121 | 8,364 | 10,485 | 618 | 1986 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
6600 Rockledge Drive | Bethesda | MD | — | — | 37,421 | 36 | — | 37,457 | 37,457 | 733 | 1981 | 2006 | 50 | |||||||||||||||||||||||||||||||||||||||
6800 Paragon Place | Richmond | VA | — | 4,552 | 18,414 | 24 | 4,552 | 18,438 | 22,990 | 120 | 1986 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
7101 Wisconsin Avenue | Bethesda | MD | — | 9,634 | 48,402 | 2,215 | 9,799 | 50,452 | 60,251 | 1,626 | 1975 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
7735 Old Georgetown Road | Bethesda | MD | — | 4,370 | 23,192 | 261 | 4,445 | 23,379 | 27,824 | 903 | 1997 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
8260 Greensboro Drive | Mclean | VA | 33,958 | 7,952 | 33,964 | (50 | ) | 8,088 | 33,777 | 41,866 | 1,179 | 1980 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
8521 Leesburg Pike | Vienna | VA | — | 4,316 | 30,885 | 549 | 4,390 | 31,360 | 35,749 | 1,166 | 1984 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
Cityplace Conference Center | Dallas | TX | — | 505 | 5,071 | 2 | 505 | 5,073 | 5,578 | 137 | 1998 | 2006 | 37 | |||||||||||||||||||||||||||||||||||||||
2929 Arch Street | Philadelphia | PA | — | — | 208,570 | 79 | — | 208,649 | 208,649 | 5,659 | 2005 | N/A | 40 | |||||||||||||||||||||||||||||||||||||||
922 Swedesford Road | Berwyn | PA | — | 218 | — | — | 218 | — | 218 | — | N/A | N/A | 40 | |||||||||||||||||||||||||||||||||||||||
Subtotal: | $ | 878,969 | $ | 754,373 | $ | 3,887,653 | $ | 284,763 | $ | 756,383 | $ | 4,170,923 | $ | 4,927,305 | $ | 515,698 | ||||||||||||||||||||||||||||||||||||
Real Estate Classified as Held for Sale @ 12/31/06: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
160 - 180 West Germantown Pike | East Norriton | PA | 5,105 | 1,603 | 6,418 | 1,587 | 1,603 | 8,005 | 9,608 | 2,260 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1505/1507 LBJ Freeway | Farmers Branch | TX | — | 4,393 | 27,825 | (603 | ) | 4,165 | 27,450 | 31,614 | 1,263 | 1989 | 2006 | 41 | ||||||||||||||||||||||||||||||||||||||
1501/1503 LBJ Freeway | Farmers Branch | TX | — | 3,727 | 28,099 | (4,142 | ) | 3,210 | 24,474 | 27,683 | 1,217 | 1985 | 2006 | 37 | ||||||||||||||||||||||||||||||||||||||
1601 LBJ Freeway | Dallas | TX | — | 3,122 | 16,194 | (65 | ) | 3,099 | 16,152 | 19,250 | 681 | 1982 | 2006 | 34 | ||||||||||||||||||||||||||||||||||||||
1603 LBJ Freeway | Dallas | TX | — | 1,170 | 18,045 | 40 | 1,149 | 18,106 | 19,255 | 629 | 1985 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
Subtotal: | $ | 5,105 | $ | 14,015 | $ | 96,580 | $ | (3,183 | ) | $ | 13,225 | $ | 94,186 | $ | 107,411 | $ | 6,050 | |||||||||||||||||||||||||||||||||||
Total: | $ | 884,074 | $ | 768,388 | $ | 3,984,233 | $ | 281,579 | $ | 769,608 | $ | 4,265,108 | $ | 5,034,716 | $ | 521,748 | ||||||||||||||||||||||||||||||||||||
F - 45
Table of Contents
(a) | Reconciliation of Real Estate: | |
The following table reconciles the real estate investments from January 1, 2004 to December 31, 2006 (in thousands): |
2006 | 2005 | 2004 | ||||||||||
Balance at beginning of year | $ | 2,560,061 | $ | 2,483,134 | $ | 1,869,744 | ||||||
Additions: | ||||||||||||
Acquisitions | 2,370,241 | 71,783 | 578,197 | |||||||||
Consolidation of VIE’s (1) | — | — | 35,245 | |||||||||
Capital expenditures | 334,238 | 47,732 | 30,953 | |||||||||
Less: | ||||||||||||
Dispositions | (229,824 | ) | (42,588 | ) | (31,005 | ) | ||||||
Assets transferred to held-for-sale | (107,411 | ) | — | — | ||||||||
Balance at end of year | $ | 4,927,305 | $ | 2,560,061 | $ | 2,483,134 | ||||||
(b) | Reconciliation of Accumulated Depreciation: | |
The following table reconciles the accumulated depreciation on real estate investments from January 1, 2004 to December 31, 2006 (in thousands): |
2006 | 2005 | 2004 | ||||||||||
Balance at beginning of year | $ | 390,333 | $ | 325,802 | $ | 268,091 | ||||||
Additions: | ||||||||||||
Depreciation expense — continued operations | 162,503 | 78,465 | 60,179 | |||||||||
Depreciation expense — discontinued operations | 12,305 | 171 | 224 | |||||||||
Consolidation of VIE’s (1) | — | — | 7,741 | |||||||||
Acquisitions | 1,037 | — | — | |||||||||
Less: | ||||||||||||
Dispositions | (44,430 | ) | (14,105 | ) | (10,433 | ) | ||||||
Assets transferred to held-for-sale | (6,050 | ) | — | — | ||||||||
Balance at end of year | $ | 515,698 | $ | 390,333 | $ | 325,802 | ||||||
(1) | - Joint ventures which were consolidated at March 31, 2004 under Financial Interpretation 46-R (“FIN-46-R”), “Consolidation of Variable Interest Entities.” | |
(2) | - Schedule III excludes an asset owned that is subject to a deferred financing lease. |
F - 46
Table of Contents
F - 47
Table of Contents
Philadelphia, Pennsylvania
February 28, 2007
F - 48
Table of Contents
(in thousands, except share and per share information)
December 31, | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
Real estate investments: | ||||||||
Operating properties | $ | 4,927,305 | $ | 2,560,061 | ||||
Accumulated depreciation | (515,698 | ) | (390,333 | ) | ||||
Operating real estate investments, net | 4,411,607 | 2,169,728 | ||||||
Construction-in-progress | 217,886 | 273,240 | ||||||
Land held for development | 110,233 | 98,518 | ||||||
Total real estate investments, net | 4,739,726 | 2,541,486 | ||||||
Cash and cash equivalents | 25,379 | 7,174 | ||||||
Restricted cash | 22,557 | 18,498 | ||||||
Accounts receivable, net | 19,957 | 12,874 | ||||||
Accrued rent receivable, net | 71,589 | 47,034 | ||||||
Asset held for sale | 126,016 | — | ||||||
Investment in unconsolidated ventures | 74,574 | 13,331 | ||||||
Deferred costs, net | 73,708 | 37,602 | ||||||
Intangible assets, net | 281,251 | 78,097 | ||||||
Other assets | 73,506 | 49,649 | ||||||
Total assets | $ | 5,508,263 | $ | 2,805,745 | ||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||
Mortgage notes payable | $ | 883,920 | $ | 494,777 | ||||
Unsecured notes | 2,208,310 | 936,607 | ||||||
Unsecured credit facility | 60,000 | 90,000 | ||||||
Accounts payable and accrued expenses | 108,400 | 52,635 | ||||||
Distributions payable | 42,760 | 28,880 | ||||||
Tenant security deposits and deferred rents | 55,697 | 20,953 | ||||||
Acquired below market leases, net of accumulated amortization of $26,009 and $6,931 | 92,527 | 34,704 | ||||||
Other liabilities | 13,906 | 4,411 | ||||||
Mortgage notes payable and other liabilities held for sale | 20,826 | — | ||||||
Total liabilities | 3,486,346 | 1,662,967 | ||||||
Minority interest — partners’ share of consolidated real estate ventures | 34,436 | — | ||||||
Commitments and contingencies (Note 21) | ||||||||
Redeemable limited partnership units at redemption value; 3,961,235 and 1,945,267 issued and outstanding in 2006 and 2005, respectively | 131,711 | 54,300 | ||||||
Partners’ equity: | ||||||||
7.50% Series D Preferred Mirror Units; 2,000,000 issued and outstanding in 2006 and 2005 | 47,912 | 47,912 | ||||||
7.375% Series E Preferred Mirror Units; 2,300,000 issued and outstanding in 2006 and 2005 | 55,538 | 55,538 | ||||||
General Partnership Capital, 88,327,041 and 56,179,075 units issued and outstanding in 2006 and 2005, respectively | 1,750,745 | 988,197 | ||||||
Accumulated other comprehensive loss | 1,575 | (3,169 | ) | |||||
Total partners’ equity | 1,855,770 | 1,088,478 | ||||||
Total liabilities, minority interest, and partners’ equity | $ | 5,508,263 | $ | 2,805,745 | ||||
F - 49
Table of Contents
(in thousands, except unit and per unit information)
Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | 559,936 | $ | 318,218 | $ | 267,710 | ||||||
Tenant reimbursements | 80,470 | 48,562 | 36,849 | |||||||||
Other | 22,395 | 13,844 | 11,998 | |||||||||
Total revenue | 662,801 | 380,624 | 316,557 | |||||||||
Operating Expenses: | ||||||||||||
Property operating expenses | 188,001 | 111,192 | 86,358 | |||||||||
Real estate taxes | 65,584 | 38,180 | 29,895 | |||||||||
Depreciation and amortization | 248,132 | 109,118 | 77,521 | |||||||||
Administrative expenses | 29,644 | 17,982 | 15,100 | |||||||||
Total operating expenses | 531,361 | 276,472 | 208,874 | |||||||||
Operating income | 131,440 | 104,152 | 107,683 | |||||||||
Other Income (Expense): | ||||||||||||
Interest income | 9,513 | 1,370 | 841 | |||||||||
Interest expense | (171,177 | ) | (70,152 | ) | (52,642 | ) | ||||||
Interest expense — Deferred financing costs | (4,607 | ) | (3,766 | ) | (1,968 | ) | ||||||
Equity in income of real estate ventures | 2,165 | 3,172 | 2,023 | |||||||||
Net gain on sale of interests in real estate | 14,190 | 4,640 | 2,975 | |||||||||
Gain on termination of purchase contract | 3,147 | — | — | |||||||||
Income (loss) before minority interest | (15,329 | ) | 39,416 | 58,912 | ||||||||
Minority interest — partners’ share of consolidated real estate ventures | 270 | (154 | ) | 206 | ||||||||
Income (loss) from continuing operations | (15,059 | ) | 39,262 | 59,118 | ||||||||
Discontinued operations: | ||||||||||||
Income from discontinued operations | 7,681 | 2,555 | 827 | |||||||||
Net gain on disposition of discontinued operations | 20,243 | 2,196 | 3,136 | |||||||||
Minority interest — partners’ share of consolidated real estate ventures | (2,239 | ) | — | — | ||||||||
Income from discontinued operations | 25,685 | 4,751 | 3,963 | |||||||||
Net income | 10,626 | 44,013 | 63,081 | |||||||||
Income allocated to Preferred Units | (7,992 | ) | (7,992 | ) | (10,555 | ) | ||||||
Preferred Unit redemption gain | — | — | 4,500 | |||||||||
Income allocated to Common Partnership Units | $ | 2,634 | $ | 36,021 | $ | 57,026 | ||||||
Basic earnings per Common Partnership Unit: | ||||||||||||
Continuing operations | $ | (0.25 | ) | $ | 0.54 | $ | 1.07 | |||||
Discontinued operations | 0.27 | 0.08 | 0.08 | |||||||||
$ | 0.03 | $ | 0.62 | $ | 1.15 | |||||||
Diluted earnings per Common Partnership Unit: | ||||||||||||
Continuing operations | $ | (0.24 | ) | $ | 0.54 | $ | 1.07 | |||||
Discontinued operations | 0.27 | 0.08 | 0.08 | |||||||||
$ | 0.03 | $ | 0.62 | $ | 1.14 | |||||||
Basic weighted average common partnership unit | 93,703,601 | 57,852,842 | 49,600,634 | |||||||||
Diluted weighted average common partnership unit | 94,222,125 | 58,111,162 | 49,837,549 |
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Years ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Net income | $ | 10,626 | $ | 44,013 | $ | 63,081 | ||||||
Unrealized gain (loss) on derivative financial instruments | 1,330 | (713 | ) | 309 | ||||||||
Less: minority interest — consolidated real estate venture partner’s share of unrealized gain (loss) on derivative financial instruments | (302 | ) | — | — | ||||||||
Settlement of treasury locks | — | — | (3,238 | ) | ||||||||
Settlement of forward starting swaps | 3,266 | 240 | — | |||||||||
Realized gain on derivative financial instruments | — | 450 | 2,809 | |||||||||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 122 | — | — | |||||||||
Unrealized gain (loss) on available-for-sale securities | 328 | (16 | ) | (852 | ) | |||||||
Total other comprehensive income (loss) | 4,744 | (39 | ) | (972 | ) | |||||||
Comprehensive income | $ | 15,370 | $ | 43,974 | $ | 62,109 | ||||||
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Series A Preferred Mirror | Series D Preferred Mirror | Series E Preferred Mirror | Accumulated Other | Total | ||||||||||||||||||||||||||||||||||||
Units | Units | Units | General Partner Capital | Comprehensive | Partner’s | |||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | Units | Amount | Income | Equity | |||||||||||||||||||||||||||||||
Balance, December 31, 2003 | 750,000 | 37,500 | 2,000,000 | 47,912 | — | — | 41,040,710 | 677,033 | (2,158 | ) | 760,287 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 63,081 | — | 63,081 | ||||||||||||||||||||||||||||||
Net income allocable to redeemable partnership units | — | — | — | — | — | — | — | (1,943 | ) | — | (1,943 | ) | ||||||||||||||||||||||||||||
Other comprehensive income: | — | — | — | — | — | — | — | — | (972 | ) | (972 | ) | ||||||||||||||||||||||||||||
Vesting of restricted units | — | — | — | — | — | — | 90,597 | 1,697 | — | 1,697 | ||||||||||||||||||||||||||||||
Issuance of preferred mirror units | — | — | — | — | 2,300,000 | 55,538 | — | — | — | 55,538 | ||||||||||||||||||||||||||||||
Conversion of preferred mirror units | (750,000 | ) | (37,500 | ) | — | — | — | — | 1,339,286 | 37,500 | — | — | ||||||||||||||||||||||||||||
Redemption of preferred units | — | — | — | — | — | — | — | 4,500 | — | 4,500 | ||||||||||||||||||||||||||||||
Issuance of general partnership units | — | — | — | — | — | — | 12,235,000 | 336,683 | — | 336,683 | ||||||||||||||||||||||||||||||
Exercise of warrants/options to purchase general partnership units | — | — | — | — | — | — | 587,159 | 14,545 | — | 14,545 | ||||||||||||||||||||||||||||||
Repayment of employee stock loans | — | — | — | — | — | — | — | 1,112 | — | 1,112 | ||||||||||||||||||||||||||||||
Amortization of stock options | — | — | — | — | — | — | — | 102 | — | 102 | ||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | — | — | (5,967 | ) | — | (5,967 | ) | ||||||||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | — | — | (9,720 | ) | — | (9,720 | ) | ||||||||||||||||||||||||||||
Distributions to Preferred Units | — | — | — | — | — | — | — | (835 | ) | — | (835 | ) | ||||||||||||||||||||||||||||
Distributions to general partnership unit holder | — | — | — | — | — | — | — | (88,644 | ) | — | (88,644 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2004 | — | — | 2,000,000 | 47,912 | 2,300,000 | 55,538 | 55,292,752 | 1,029,144 | (3,130 | ) | 1,129,464 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 44,013 | — | 44,013 | ||||||||||||||||||||||||||||||
Net income allocable to redeemable partnership units | — | — | — | — | — | — | — | (276 | ) | — | (276 | ) | ||||||||||||||||||||||||||||
Other comprehensive income: | — | — | — | — | — | — | — | — | (39 | ) | (39 | ) | ||||||||||||||||||||||||||||
Conversion of LP units to common shares | — | — | — | — | — | — | 107,692 | 2,584 | — | 2,584 | ||||||||||||||||||||||||||||||
Vesting of restricted units | — | — | — | — | — | — | 72,950 | 1,630 | — | 1,630 | ||||||||||||||||||||||||||||||
Exercise of warrants/options to purchase general partnership units | — | — | — | — | — | — | 705,681 | 18,999 | — | 18,999 | ||||||||||||||||||||||||||||||
Repayment of employee stock loans | — | — | — | — | — | — | — | 50 | — | 50 | ||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | — | — | 190 | — | 190 | ||||||||||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | — | — | (7,992 | ) | — | (7,992 | ) | ||||||||||||||||||||||||||||
Distributions to general partnership unit holder | — | — | — | — | — | — | — | (100,145 | ) | — | (100,145 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2005 | — | — | 2,000,000 | 47,912 | 2,300,000 | 55,538 | 56,179,075 | 988,197 | (3,169 | ) | 1,088,478 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 10,626 | — | 10,626 | ||||||||||||||||||||||||||||||
Repurchase of common partnership units | — | — | — | — | — | — | (3,009,200 | ) | (94,473 | ) | — | (94,473 | ) | |||||||||||||||||||||||||||
Other comprehensive income: | — | — | — | — | — | — | — | — | 4,744 | 4,744 | ||||||||||||||||||||||||||||||
Conversion of LP units to common shares | — | — | — | — | — | — | 14,700 | 488 | — | 488 | ||||||||||||||||||||||||||||||
Issuance of common partnership units | — | — | — | — | — | — | 34,542,151 | 1,022,173 | — | 1,022,173 | ||||||||||||||||||||||||||||||
Vesting of restricted units | — | — | — | — | — | — | 81,142 | 1,887 | — | 1,887 | ||||||||||||||||||||||||||||||
Issuance of trustee/bonus shares | — | — | — | — | — | — | 3,257 | 90 | — | 90 | ||||||||||||||||||||||||||||||
Exercise of warrants/options to purchase general partnership units | — | — | — | — | — | — | 515,916 | 11,413 | — | 11,413 | ||||||||||||||||||||||||||||||
Repayment of employee stock loans | — | — | — | — | — | — | — | 371 | — | 371 | ||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | — | — | (25,913 | ) | — | (25,913 | ) | ||||||||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | — | — | (7,992 | ) | — | (7,992 | ) | ||||||||||||||||||||||||||||
Distributions to general partnership unit holder | — | — | — | — | — | — | — | (156,122 | ) | — | (156,122 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2006 | — | $ | — | 2,000,000 | $ | 47,912 | 2,300,000 | $ | 55,538 | 88,327,041 | $ | 1,750,745 | $ | 1,575 | $ | 1,855,770 | ||||||||||||||||||||||||
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Years ended December 31, | ||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 10,626 | $ | 44,013 | $ | 63,081 | ||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||||
Depreciation | 186,454 | 84,561 | 64,175 | |||||||||||||
Amortization: | ||||||||||||||||
Deferred financing costs | 4,607 | 3,721 | 5,088 | |||||||||||||
Deferred leasing costs | 12,258 | 8,895 | 7,841 | |||||||||||||
Acquired above (below) market leases, net | (9,034 | ) | (1,542 | ) | (406 | ) | ||||||||||
Acquired lease intangibles | 66,317 | 18,573 | 8,112 | |||||||||||||
Deferred compensation costs | 3,447 | 2,764 | 2,114 | |||||||||||||
Straight-line rent | (31,326 | ) | (14,952 | ) | (6,023 | ) | ||||||||||
Provision for doubtful accounts | 3,510 | 792 | 467 | |||||||||||||
Real estate venture income in excess of distributions | (15 | ) | (769 | ) | (293 | ) | ||||||||||
Net gain on sale of interests in real estate | (34,433 | ) | (6,820 | ) | (6,111 | ) | ||||||||||
Gain on termination of purchase contract | (3,147 | ) | — | — | ||||||||||||
Minority interest | 1,969 | 154 | (205 | ) | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | 1,365 | (598 | ) | (1,769 | ) | |||||||||||
Other assets | (4,855 | ) | (11,810 | ) | 9,840 | |||||||||||
Accounts payable and accrued expenses | (1,154 | ) | (2,407 | ) | 3,199 | |||||||||||
Tenant security deposits and deferred rents | 29,209 | (40 | ) | 3,750 | ||||||||||||
Other liabilities | 5,768 | 612 | 30 | |||||||||||||
Net cash from operating activities | 241,566 | 125,147 | 152,890 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of Prentiss | (935,856 | ) | — | — | ||||||||||||
Acquisition of properties | (231,244 | ) | (92,674 | ) | (569,343 | ) | ||||||||||
Sales of properties, net | 347,652 | 29,428 | 22,283 | |||||||||||||
Proceeds from termination of purchase contract | 3,147 | — | — | |||||||||||||
Capital expenditures | (242,516 | ) | (177,035 | ) | (131,998 | ) | ||||||||||
Investment in marketable securities | 181,556 | 423 | — | |||||||||||||
Investment in unconsolidated Real Estate Ventures | (753 | ) | (269 | ) | (233 | ) | ||||||||||
Restrcited cash | (2,981 | ) | (518 | ) | (1,320 | ) | ||||||||||
Cash distributions from unconsolidated Real Estate Ventures in excess of equity in income | 3,762 | 462 | 1,402 | |||||||||||||
Increase in cash due to consolidation of variable interest entities | — | — | 426 | |||||||||||||
Proceeds from repayment of mortgage note receivable | — | — | 6,470 | |||||||||||||
Leasing costs | (38,561 | ) | (12,234 | ) | (10,339 | ) | ||||||||||
Net cash from investing activities | (915,794 | ) | (252,417 | ) | (682,652 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from Credit Facility borrowings | 726,000 | 372,142 | 570,000 | |||||||||||||
Repayments of Credit Facility borrowings | (756,000 | ) | (434,142 | ) | (723,000 | ) | ||||||||||
Proceeds from mortgage notes payable | 20,520 | — | — | |||||||||||||
Repayments of secured debt | (213,338 | ) | (23,457 | ) | (50,165 | ) | ||||||||||
Proceeds from term loan | 750,000 | — | 433,000 | |||||||||||||
Repayments of term loan | (750,000 | ) | — | (533,000 | ) | |||||||||||
Proceeds from unsecured notes | 1,193,217 | 299,976 | 636,398 | |||||||||||||
Proceeds from forward starting swap termination | 3,266 | — | — | |||||||||||||
Repayments on employee stock loans | 371 | 50 | 1,112 | |||||||||||||
Proceeds from issuance of units, net | — | — | 406,767 | |||||||||||||
Debt financing costs | (14,319 | ) | (4,026 | ) | (13,580 | ) | ||||||||||
Exercise of stock options | 11,414 | 18,999 | — | |||||||||||||
Repurchases of common partnership and minority interest units | (94,472 | ) | (239 | ) | (95,436 | ) | ||||||||||
Distributions paid to preferred and common partnership unitholders | (175,947 | ) | (106,608 | ) | (90,457 | ) | ||||||||||
Distributions to minority interest holders — consolidated real estate ventures | (8,279 | ) | (3,597 | ) | (5,083 | ) | ||||||||||
Net cash from financing activities | 692,433 | 119,098 | 536,556 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 18,205 | (8,172 | ) | 6,794 | ||||||||||||
Cash and cash equivalents at beginning of period | 7,174 | 15,346 | 8,552 | |||||||||||||
Cash and cash equivalents at end of period | $ | 25,379 | $ | 7,174 | $ | 15,346 | ||||||||||
Supplemental disclosure: | ||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 154,258 | $ | 53,450 | $ | 43,281 | ||||||||||
Supplemental disclosure of non-cash activity: | ||||||||||||||||
Common shares issued in the Prentiss acquisition | 1,022,173 | — | — | |||||||||||||
Operating Partnership units issued in Prentiss acquisitions | 64,103 | — | — | |||||||||||||
Operating Partnership units issued in property acquisitions | 13,819 | 10,000 | ||||||||||||||
Debt assumed in property acquisitions | 532,607 | 79,330 | ||||||||||||||
Debt, minority interest and other liabilities, net assumed in the Prentiss acquisition | 679,520 | — | — |
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December 31, | ||||||||||||
2006 | 2005 | |||||||||||
(amounts in thousands) | ||||||||||||
Land | $ | 756,400 | $ | 456,736 | ||||||||
Building and improvements | 3,807,040 | 1,951,252 | ||||||||||
Tenant improvements | 363,865 | 152,073 | ||||||||||
$ | 4,927,305 | $ | 2,560,061 | |||||||||
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At January 5, 2006 | ||||
Real estate investments | ||||
Land — operating | $ | 282,584 | ||
Building and improvements | 1,942,728 | |||
Tenant improvements | 120,610 | |||
Construction in progress and land inventory | 57,329 | |||
Total real estate investments acquired | 2,403,251 | |||
Rent receivables | 6,031 | |||
Other assets acquired: | ||||
Intangible assets: | ||||
In-place leases | 187,907 | |||
Relationship values | 98,382 | |||
Above-market leases | 26,352 | |||
Total intangible assets acquired | 312,641 | |||
Investment in real estate ventures | 66,921 | |||
Investment in marketable securities | 193,089 | |||
Other assets | 8,868 | |||
Total other assets | 581,519 | |||
Total assets acquired | 2,990,801 | |||
Liabilities assumed: | ||||
Mortgage notes payable | 532,607 | |||
Unsecured notes | 78,610 | |||
Secured note payable | 186,116 | |||
Security deposits and deferred rent | 6,475 | |||
Other liabilities: | ||||
Below-market leases | 78,911 | |||
Other liabilities | 43,995 | |||
Total other liabilities assumed | 122,906 | |||
Total liabilities assumed | 926,714 | |||
Minority interest | 104,658 | |||
Net assets acquired | $ | 1,959,429 | ||
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December 31, | ||||||||
2006 | 2005 | |||||||
(unaudited) | ||||||||
Pro forma revenue | $ | 666,205 | $ | 644,273 | ||||
Pro forma loss from continuing operations | (14,694 | ) | (19,163 | ) | ||||
Pro forma income (loss) allocated to common partnership units | 2,999 | (22,404 | ) | |||||
Earnings per common partnership units from continuing operations | ||||||||
Basic — as reported | $ | (0.25 | ) | $ | 0.54 | |||
Basic — as pro forma | $ | (0.24 | ) | $ | (0.30 | ) | ||
Diluted — as reported | $ | (0.24 | ) | $ | 0.54 | |||
Diluted — as pro forma | $ | (0.24 | ) | $ | (0.29 | ) | ||
Earnings per common partnership units | ||||||||
Basic — as reported | $ | 0.03 | $ | 0.63 | ||||
Basic — as pro forma | $ | 0.03 | $ | (0.24 | ) | |||
Diluted — as reported | $ | 0.03 | $ | 0.62 | ||||
Diluted — as pro forma | $ | 0.03 | $ | (0.24 | ) | |||
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At September 21, 2004 | ||||
Real estate investments | ||||
Land | $ | 105,302 | ||
Building and improvements | 434,795 | |||
Tenant improvements | 20,322 | |||
Total real estate investments acquired | 560,419 | |||
Rent receivables | 5,537 | |||
Other assets acquired: | ||||
Intangible assets: | ||||
In-Place leases | 49,455 | |||
Relationship values | 35,548 | |||
Above-market leases | 13,240 | |||
Total intangible assets acquired | 98,243 | |||
Other assets | 6,292 | |||
Total Other assets | 104,535 | |||
Total assets acquired | 670,491 | |||
Liabilities assumed: | ||||
Mortgage notes payable | 79,330 | |||
Security deposits and deferred rent | 618 | |||
Other liabilities: | ||||
Below-market leases | 39,204 | |||
Other liabilities | 943 | |||
Total other liabilities assumed | 40,147 | |||
Total liabilities assumed | 120,095 | |||
Net assets acquired | $ | 550,396 | ||
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Company’s Share | ||||||||||||||||||||||||
of Real Estate | Real Estate | Current | ||||||||||||||||||||||
Ownership | Carrying | Venture | Venture | Interest | Debt | |||||||||||||||||||
Percentage (1) | Amount | Income (Loss) | Debt at 100% | Rate | Maturity | |||||||||||||||||||
Two Tower Bridge Associates | 35 | % | $ | 2,290 | $ | (102 | ) | $ | 11,430 | 6.82 | % | May-08 | ||||||||||||
Five Tower Bridge Associates | 15 | % | 162 | 57 | 29,927 | 6.77 | % | Feb-09 | ||||||||||||||||
Eight Tower Bridge Associates | 5.5 | % | 1,184 | (175 | ) | 41,830 | 7.68 | % | Feb-12 | |||||||||||||||
1000 Chesterbrook Boulevard | 50 | % | 2,608 | 660 | 26,791 | 6.88 | % | Nov-11 | ||||||||||||||||
PJP Building Two, LC | 30 | % | 143 | 107 | 5,282 | 6.12 | % | Nov-23 | ||||||||||||||||
PJP Building Three, LC | 25 | % | 30 | 76 | — | N/A | N/A | |||||||||||||||||
PJP Building Five, LC | 25 | % | 169 | 59 | 6,503 | 6.47 | % | Aug-19 | ||||||||||||||||
PJP Building Six, LC | 25 | % | 75 | — | 4,597 | 7.08 | % | (3 | ) | |||||||||||||||
Macquarie BDN Christina LLC | 20 | % | 3,351 | 927 | 74,500 | 4.62 | % | Jan-09 | ||||||||||||||||
Broadmoor Austin Associates | 50 | % | 63,793 | 446 | 117,249 | 5.79 | % | Apr-11 | ||||||||||||||||
Residence Inn Tower Bridge | 50 | % | 769 | 110 | 14,480 | 5.63 | % | Jan-16 | ||||||||||||||||
Invesco, L.P. (2) | 35 | % | — | — | — | N/A | N/A | |||||||||||||||||
$ | 74,574 | $ | 2,165 | $ | 332,589 | |||||||||||||||||||
(1) | Ownership percentage represents the Partnership’s entitlement to residual distributions after payments of priority returns, where applicable. | |
(2) | The Partnership’s interest consists solely of a residual profits interest. | |
(3) | Property is under development as of December 31, 2006, with an expected completion date in the first quarter of 2007, at which time the outstanding balance is expected to be converted to permanent financing. |
December 31, | ||||||||
2006 | 2005 | |||||||
Net property | $ | 365,168 | $ | 286,601 | ||||
Other assets | 52,935 | 32,291 | ||||||
Other Liabilities | 28,764 | 24,855 | ||||||
Debt | 332,589 | 205,018 | ||||||
Equity | 56,888 | 88,995 | ||||||
Partnership’s share of equity (Partnership basis) | 74,574 | 13,331 |
2006 | 2005 | 2004 | ||||||||||
Revenue | $ | 70,381 | $ | 59,346 | $ | 46,906 | ||||||
Operating expenses | 26,878 | 29,387 | 19,395 | |||||||||
Interest expense, net | 21,711 | 12,324 | 11,843 | |||||||||
Depreciation and amortization | 10,808 | 9,359 | 9,514 | |||||||||
Net income | 12,711 | 8,276 | 6,154 | |||||||||
Partnership’s share of income (Partnership basis) | 2,165 | 3,172 | 2,023 |
2007 | $ | 28,166 | ||
2008 | 20,592 | |||
2009 | 38,109 | |||
2010 | 9,336 | |||
2011 | 110,440 | |||
Thereafter | 125,946 | |||
$ | 332,589 | |||
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December 31, 2006 | ||||||||||||
Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
Leasing Costs | $ | 83,629 | $ | (28,278 | ) | $ | 55,351 | |||||
Financing Costs | 24,648 | (6,291 | ) | 18,357 | ||||||||
Total | $ | 108,277 | $ | (34,569 | ) | $ | 73,708 | |||||
December 31, 2005 | ||||||||||||
Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
Leasing Costs | $ | 52,476 | $ | (23,116 | ) | $ | 29,360 | |||||
Financing Costs | 9,793 | (1,551 | ) | 8,242 | ||||||||
Total | $ | 62,269 | $ | (24,667 | ) | $ | 37,602 | |||||
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Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
In-place lease value | $ | 207,513 | $ | (52,293 | ) | $ | 155,220 | |||||
Tenant relationship value | 124,605 | (19,572 | ) | 105,033 | ||||||||
Above market leases acquired | 32,667 | (11,669 | ) | 20,998 | ||||||||
Total | $ | 364,785 | $ | (83,534 | ) | $ | 281,251 | |||||
Below market leases acquired | $ | 118,536 | $ | (26,009 | ) | $ | 92,527 | |||||
December 31, 2005 | ||||||||||||
Accumulated | Deferred Costs, | |||||||||||
Total Cost | Amortization | net | ||||||||||
In-place lease value | $ | 47,965 | $ | (12,575 | ) | $ | 35,390 | |||||
Tenant relationship value | 37,845 | (5,606 | ) | 32,239 | ||||||||
Above market leases acquired | 14,404 | (3,936 | ) | 10,468 | ||||||||
Total | $ | 100,214 | $ | (22,117 | ) | $ | 78,097 | |||||
Below market leases acquired | $ | 41,635 | $ | (6,931 | ) | $ | 34,704 | |||||
Assets | Liabilities | |||||||
2007 | $ | 56,795 | $ | 19,735 | ||||
2008 | 46,827 | 15,039 | ||||||
2009 | 41,312 | 13,013 | ||||||
2010 | 34,470 | 10,513 | ||||||
2011 | 27,584 | 8,725 | ||||||
Thereafter | 74,263 | 25,502 | ||||||
Total | $ | 281,251 | $ | 92,527 | ||||
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Effective | ||||||||||||||||||||
December 31, | December 31, | Interest Rate | Maturity | |||||||||||||||||
Property / Location | 2006 | 2005 | @ 12/31/06 | Date | ||||||||||||||||
111 Arrandale Blvd | $ | — | $ | 1,043 | — | Aug-06 | ||||||||||||||
429 Creamery Way | — | 2,927 | — | Sep-06 | ||||||||||||||||
Interstate Center | 552 | 766 | 6.19 | % | (b | ) | Mar-07 | |||||||||||||
440 & 442 Creamery Way | 5,421 | 5,581 | 8.55 | % | Jul-07 | |||||||||||||||
Norriton Office Center | — | 5,191 | 8.50 | % | Oct-07 | |||||||||||||||
481 John Young Way | 2,294 | 2,360 | 8.40 | % | Nov-07 | |||||||||||||||
400 Commerce Drive | 11,797 | 11,989 | 7.12 | % | Jun-08 | |||||||||||||||
Two Logan Square | 71,348 | 72,468 | 5.78 | % | (a | ) | Jul-09 | |||||||||||||
The Bluffs | 10,700 | — | 6.00 | % | (a | ) | Jul-09 | |||||||||||||
Pacific Ridge | 14,500 | — | 6.00 | % | (a | ) | Aug-09 | |||||||||||||
Pacific View/Camino | 26,000 | — | 6.00 | % | (a | ) | Aug-09 | |||||||||||||
Computer Associates Building | 31,000 | — | 6.00 | % | (a | ) | Aug-09 | |||||||||||||
200 Commerce Drive | 5,841 | 5,911 | 7.12 | % | (a | ) | Jan-10 | |||||||||||||
Presidents Plaza | 30,900 | — | 6.00 | % | (a | ) | May-10 | |||||||||||||
1333 Broadway | 24,418 | — | 5.18 | % | (a | ) | May-10 | |||||||||||||
The Ordway | 46,199 | — | 7.95 | % | (a | ) | Aug-10 | |||||||||||||
World Savings Center | 27,524 | — | 7.91 | % | (a | ) | Nov-10 | |||||||||||||
Plymouth Meeting Exec. | 44,103 | 44,687 | 7.00 | % | (a | ) | Dec-10 | |||||||||||||
Four Tower Bridge | 10,626 | 10,763 | 6.62 | % | Feb-11 | |||||||||||||||
Arboretum I, II, III & V | 22,750 | 23,238 | 7.59 | % | Jul-11 | |||||||||||||||
Midlantic Drive/Lenox Drive/DCC I | 62,678 | 63,803 | 8.05 | % | Oct-11 | |||||||||||||||
Research Office Center | 42,205 | — | 7.64 | % | (a | ) | Oct-11 | |||||||||||||
Concord Airport Plaza | 38,461 | — | 7.20 | % | (a | ) | Jan-12 | |||||||||||||
Six Tower Bridge | 14,744 | 15,083 | 7.79 | % | Aug-12 | |||||||||||||||
Newtown Square/Berwyn Park/Libertyview | 63,231 | 64,429 | 7.25 | % | May-13 | |||||||||||||||
Coppell Associates | 3,737 | — | 6.89 | % | Dec-13 | |||||||||||||||
Southpoint III | 4,948 | 5,431 | 7.75 | % | Apr-14 | |||||||||||||||
Tysons Corner | 100,000 | — | 4.84 | % | (a | ) | Aug-15 | |||||||||||||
Coppell Associates | 16,600 | — | 5.75 | % | Mar-16 | |||||||||||||||
Grande A | 59,512 | 61,092 | 7.48 | % | Jul-27 | |||||||||||||||
Grande A | — | 11,456 | — | Jul-27 | ||||||||||||||||
Grande A | — | 1,551 | — | Jul-27 | ||||||||||||||||
Grande B | 77,534 | 79,036 | 7.48 | % | Jul-27 | |||||||||||||||
Principal balance outstanding | 869,623 | 488,805 | ||||||||||||||||||
Plus: unamortized fixed-rate debt premiums | 14,294 | 5,972 | ||||||||||||||||||
Total mortgage indebtedness | $ | 883,917 | $ | 494,777 | ||||||||||||||||
(c) | Loans were assumed upon acquisition of the related property. Interest rates presented above reflect the market rate at the time of acquisition. | |
(d) | For loans that bear interest at a variable rate, the rates in effect at December 31, 2006 have been presented. |
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2007 | $ | 20,643 | ||
2008 | 25,228 | |||
2009 | 168,237 | |||
2010 | 192,601 | |||
2011 | 140,128 | |||
Thereafter | 337,083 | |||
Total mortgage indebtedness | $ | 883,920 | ||
December 31, | December 31, | Stated | Effective | |||||||||||||
Year of Maturity | 2006 | 2005 | Interest Rate | Interest Rate | ||||||||||||
2008 | 113,000 | 113,000 | 4.34 | % | 4.34 | %(a) | ||||||||||
2009 | 300,000 | — | Libor + 0.45% | 5.78 | %(a) | |||||||||||
2009 | 275,000 | 275,000 | 4.50 | % | 4.62 | %(a) | ||||||||||
2010 | 300,000 | 300,000 | 5.63 | % | 5.61 | %(a) | ||||||||||
2011 | 345,000 | — | 3.88 | % | 3.88 | % | ||||||||||
2012 | 300,000 | — | 5.75 | % | 5.77 | %(a) | ||||||||||
2014 | 250,000 | 250,000 | 5.40 | % | 5.53 | %(a) | ||||||||||
2016 | 250,000 | — | 6.00 | % | 5.95 | %(a) | ||||||||||
2035 | 27,062 | — | Libor + 1.25% | 6.58 | % | |||||||||||
2035 | 25,774 | — | Libor + 1.25% | 6.58 | % | |||||||||||
2035 | 25,774 | — | Libor + 1.25% | 6.58 | % | |||||||||||
Total face amount | $ | 2,211,610 | $ | 938,000 | ||||||||||||
Less: unamortized discounts | (3,300 | ) | (1,393 | ) | ||||||||||||
Total unsecured notes | $ | 2,208,310 | $ | 936,607 | ||||||||||||
(a) | Rates include the effect of amortization of discounts and costs related to settlement of treasury lock agreements. |
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December 31, 2006 | December 31, 2005 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage payable | $ | 88,470 | $ | 859,490 | $ | 481,006 | $ | 521,607 | ||||||||
Unsecured Notes payable | $ | 1,829,701 | $ | 1,826,357 | $ | 936,607 | $ | 920,470 |
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Real Estate Investments: | ||||
Operating Properties | $ | 110,709 | ||
Accumulated depreciation | (6,050 | ) | ||
104,659 | ||||
Other assets | 21,357 | |||
Total Assets Held for Sale | $ | 126,016 | ||
Mortgage note payable and other liabilities | $ | 20,826 | ||
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Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | 43,410 | $ | 10,060 | $ | 8,336 | ||||||
Tenant reimbursements | 5,314 | 1,010 | 1,120 | |||||||||
Other | 982 | 41 | 36 | |||||||||
Total revenue | 49,706 | 11,111 | 9,492 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 17,769 | 3,862 | 4,166 | |||||||||
Real estate taxes | 6,145 | 1,316 | 1,441 | |||||||||
Depreciation & amortization | 17,284 | 2,939 | 2,607 | |||||||||
Total operating expenses | 41,198 | 8,117 | 8,214 | |||||||||
Operating income | 8,508 | 2,994 | 1,278 | |||||||||
Interest income | 14 | 6 | — | |||||||||
Interest expense | (841 | ) | (445 | ) | (451 | ) | ||||||
Income from discontinued operations before gain on sale of interests in real estate and minority interest | 7,681 | 2,555 | 827 | |||||||||
Net gain on sale of interests in real estate | 18,486 | 2,196 | 3,136 | |||||||||
Minority interest — partners’ share of net gain on sale | 1,757 | — | — | |||||||||
Minority interest — partners’ share of consolidated real estate venture | (2,239 | ) | — | — | ||||||||
Minority interest attributable to discontinued operations — common partnership units | (1,172 | ) | (163 | ) | (144 | ) | ||||||
Income from discontinued operations | $ | 24,513 | $ | 4,588 | $ | 3,819 | ||||||
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For the years ended December 31, | ||||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Income from continuing operations | $ | (15,059 | ) | $ | (15,059 | ) | $ | 39,262 | $ | 39,262 | $ | 59,118 | $ | 59,118 | ||||||||||
Income from discontinued operations | 25,685 | 25,685 | 4,751 | 4,751 | 3,963 | 3,963 | ||||||||||||||||||
Income allocated to Preferred Units | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (10,555 | ) | (10,555 | ) | ||||||||||||
Preferred Unit redemption/conversion benefit (charge) | — | — | — | — | 4,500 | 4,500 | ||||||||||||||||||
$ | 2,634 | $ | 2,634 | $ | 36,021 | $ | 36,021 | $ | 57,026 | $ | 57,026 | |||||||||||||
Weighted-average common partnership units outstanding | 93,703,601 | 93,703,601 | 57,852,842 | 57,852,842 | 49,600,634 | 49,600,634 | ||||||||||||||||||
Options, warrants and unvested restricted stock | — | 518,524 | — | 258,320 | — | 236,915 | ||||||||||||||||||
Total weighted-average units outstanding | 93,703,601 | 94,222,125 | 57,852,842 | 58,111,162 | 49,600,634 | 49,837,549 | ||||||||||||||||||
Earnings per Common Partnership Unit | ||||||||||||||||||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.24 | ) | $ | 0.54 | $ | 0.54 | $ | 1.07 | $ | 1.07 | ||||||||||
Discontinued operations | 0.27 | 0.27 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||||||
Total | $ | 0.03 | $ | 0.03 | $ | 0.62 | $ | 0.62 | $ | 1.15 | $ | 1.15 | ||||||||||||
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Weighted | Weighted Average | |||||||||||||||
Average | Remaining Contractual | Aggregate Intrinsic | ||||||||||||||
Shares | Exercise Price | Term (in years) | Value (in 000’s) | |||||||||||||
Outstanding at January 1, 2006 | 1,276,722 | 26.82 | 2.15 | 1,888 | ||||||||||||
Prentiss options converted to Company options as part of the Prentiss acquisition (see Note 3) | 496,037 | 22.00 | 1.14 | 5,580 | ||||||||||||
Exercised | (486,684 | ) | 22.88 | 0.55 | 5,048 | |||||||||||
Forfeited | — | — | — | — | ||||||||||||
Outstanding at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 | |||||||||||
Vested at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 | |||||||||||
Exercisable at December 31, 2006 | 1,286,075 | $ | 26.45 | 1.50 | 8,739 |
Years ended December 31, | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Weighted | Remaining | Weighted | Remaining | |||||||||||||||||||||
Average | Contractual | Average | Contractual | |||||||||||||||||||||
Exercise | Term | Exercise | Term | |||||||||||||||||||||
Shares | Price | (in Years) | Shares | Price | (in Years) | |||||||||||||||||||
Outstanding at beginning of year | 2,008,022 | 26.89 | 2,372,627 | 26.70 | ||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||
Exercised | (705,678 | ) | 26.94 | (337,161 | ) | 25.39 | ||||||||||||||||||
Forfeite/Expired | (25,622 | ) | 28.80 | (27,444 | ) | 28.93 | ||||||||||||||||||
Outstanding at end of year | 1,276,722 | 26.82 | 1.97 | 2,008,022 | 26.89 | 2.88 | ||||||||||||||||||
Exercisable at end of year | 1,276,722 | 26.82 | 2,008,022 | 26.89 | ||||||||||||||||||||
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Weighted | ||||||||
Average Grant | ||||||||
Shares | Date Fair value | |||||||
Non-vested at January 1, 2006 | 316,134 | $ | 25.76 | |||||
Granted | 240,136 | 30.72 | ||||||
Vested | (160,972 | ) | 26.28 | |||||
Forfeited | (56,438 | ) | 28.24 | |||||
Non-vested at December 31, 2006 | 338,860 | $ | 28.23 | |||||
Years ended December 31, | ||||||||||||
2006 | 2005 (a) | 2004 | ||||||||||
Common Partnership Unit Distributions: | ||||||||||||
Total distributions per unit | $ | 1.76 | $ | 1.78 | $ | 1.76 | ||||||
Preferred Unit Distributions: | ||||||||||||
Total distributions declared | $ | 7,992,000 | $ | 7,992,000 | $ | 10,555,000 |
(a) | Includes a $0.02 special distribution declared in December 2005 for unitholders of record for the period January 1, 2006 through January 4, 2006 (pre-Prentiss merger period). |
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Unrealized Gains | Cash Flow | Accumulated Other | ||||||||||
(Losses) on Securities | Hedges | Comprehensive Loss | ||||||||||
Balance at January 1, 2004 | $ | 868 | $ | (3,026 | ) | $ | (2,158 | ) | ||||
Change during year | (696 | ) | 309 | (387 | ) | |||||||
Settlement of treasury locks | — | (3,238 | ) | (3,238 | ) | |||||||
Reclassification adjustments for losses reclassified into operations | (156 | ) | 2,809 | 2,653 | ||||||||
Balance at December 31, 2004 | $ | 16 | $ | (3,146 | ) | (3,130 | ) | |||||
Change during year | 241 | (713 | ) | (472 | ) | |||||||
Settlement of forward starting swaps | — | 240 | 240 | |||||||||
Reclassification adjustments for losses reclassified into operations | (257 | ) | 450 | 193 | ||||||||
Balance at December 31, 2005 | $ | — | $ | (3,169 | ) | $ | (3,169 | ) | ||||
Change during year | — | 1,330 | 1,330 | |||||||||
Minority interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | — | (302 | ) | (302 | ) | |||||||
Settlement of forward starting swaps | — | 3,266 | — | |||||||||
Reclassification adjustments for (gains) losses reclassified into operations | 328 | 122 | 3,716 | |||||||||
Balance at December 31, 2006 | $ | 328 | $ | 1,247 | $ | 1,575 | ||||||
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Pennsylvania – | Pennsylvania – | Richmond, | California - | California - | ||||||||||||||||||||||||||||||||
West | North | New Jersey | Urban | Virginia | North | South | Mid-Atlantic | Southwest | ||||||||||||||||||||||||||||
2006: | ||||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||
Operating properties | $ | 922,347 | $ | 530,436 | $ | 570,009 | $ | 568,008 | $ | 244,519 | $ | 396,927 | $ | 95,942 | $ | 1,255,940 | $ | 343,177 | ||||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land held for development | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 124,301 | $ | 74,391 | $ | 96,926 | $ | 85,995 | $ | 32,526 | $ | 58,203 | $ | 11,564 | $ | 112,344 | $ | 57,734 | ||||||||||||||||||
Property operating expenses and real estate taxes | 39,163 | 38,124 | 41,334 | 34,362 | 11,876 | 23,016 | 4,039 | 33,897 | 23,872 | |||||||||||||||||||||||||||
Net operating income | $ | 85,138 | $ | 36,267 | $ | 55,592 | $ | 51,633 | $ | 20,650 | $ | 35,187 | $ | 7,525 | $ | 78,447 | $ | 33,862 | ||||||||||||||||||
2005: | ||||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||
Operating properties | $ | 867,089 | $ | 558,803 | $ | 562,832 | $ | 351,407 | $ | 219,930 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land held for development | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 111,911 | $ | 72,154 | $ | 96,683 | $ | 65,643 | $ | 28,758 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Property operating expenses and real estate taxes | 39,116 | 32,517 | 39,152 | 27,183 | 11,612 | — | — | — | — | |||||||||||||||||||||||||||
Net operating income | $ | 72,795 | $ | 39,637 | $ | 57,531 | $ | 38,460 | $ | 17,146 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
2004: | ||||||||||||||||||||||||||||||||||||
Total revenue | $ | 87,535 | $ | 73,882 | $ | 94,096 | $ | 26,319 | $ | 27,099 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Property operating expenses and real estate taxes | 25,677 | 31,079 | 35,599 | 12,126 | 11,772 | — | — | — | — | |||||||||||||||||||||||||||
Net operating income | $ | 61,858 | $ | 42,803 | $ | 58,497 | $ | 14,193 | $ | 15,327 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
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Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(amounts in thousands) | ||||||||||||
Consolidated net operating income (loss) | $ | 409,216 | $ | 231,252 | $ | 200,304 | ||||||
Less: | ||||||||||||
Interest income | 9,513 | 1,370 | 841 | |||||||||
Interest expense | (171,177 | ) | (70,152 | ) | (52,642 | ) | ||||||
Deferred financing costs | (4,607 | ) | (3,766 | ) | (1,968 | ) | ||||||
Depreciation and amortization | (248,132 | ) | (109,118 | ) | (77,521 | ) | ||||||
Administrative expenses | (29,644 | ) | (17,982 | ) | (15,100 | ) | ||||||
Minority interest — partners’ share of consolidated real estate ventures | 270 | (154 | ) | 206 | ||||||||
Plus: | ||||||||||||
Equity in income of real estate ventures | 2,165 | 3,172 | 2,023 | |||||||||
Net gain on sales of interests in real estate | 14,190 | 4,640 | 2,975 | |||||||||
Gain on termination of purchase contract | 3,147 | — | — | |||||||||
Income (loss) from continuing operations | (15,059 | ) | 39,262 | 59,118 | ||||||||
Income (loss) from discontinued operations | 25,685 | 4,751 | 3,963 | |||||||||
Net income (loss) | $ | 10,626 | $ | 44,013 | $ | 63,081 | ||||||
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Year | Minimum Rent | |||
2007 | $ | 526,755 | ||
2008 | 488,853 | |||
2009 | 426,608 | |||
2010 | 49,210 | |||
2011 | 264,411 | |||
Thereafter | 879,490 |
2007 | $ | 1,736 | ||
2008 | 1,736 | |||
2009 | 1,736 | |||
2010 | 1,818 | |||
2011 | 1,818 | |||
Thereafter | 271,340 |
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1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2006: | ||||||||||||||||
Total revenue | $ | 153,582 | $ | 161,523 | $ | 172,962 | $ | 174,734 | ||||||||
Net income (loss) | (2,850 | ) | (12,171 | ) | 496 | 25,151 | ||||||||||
Income (loss) allocated to Common Partnership Units | (4,848 | ) | (14,169 | ) | (1,502 | ) | 23,153 | |||||||||
Basic earnings per Common Partnership Units | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.02 | ) | $ | 0.25 | |||||
Diluted earnings per Common Partnership Units | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.02 | ) | $ | 0.25 | |||||
2005: | ||||||||||||||||
Total revenue | $ | 96,690 | $ | 92,843 | $ | 93,431 | $ | 97,660 | ||||||||
Net income | 9,691 | 9,185 | 16,280 | 8,856 | ||||||||||||
Income allocated to Common Partnership Units | 7,693 | 7,187 | 14,282 | 6,858 | ||||||||||||
Basic earnings per Common Partnership Units | $ | 0.13 | $ | 0.12 | $ | 0.25 | $ | 0.12 | ||||||||
Diluted earnings per Common Partnership Units | $ | 0.13 | $ | 0.12 | $ | 0.25 | $ | 0.12 |
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Balance at | Balance | |||||||||||||||
Beginning | at End | |||||||||||||||
Description | of Period | Additions (1) | Deductions | of Period | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2006 | $ | 4,877 | $ | 4,434 | $ | — | $ | 9,311 | ||||||||
Year ended December 31, 2005 | $ | 4,085 | $ | 792 | $ | — | $ | 4,877 | ||||||||
Year ended December 31, 2004 | $ | 4,031 | $ | 467 | $ | 413 | $ | 4,085 | ||||||||
(1) | The 2006 additions includes $3.5 million of current year expense and $0.9 million of allowances against receivables assumed in the Prentiss acquisition. |
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(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
One Greentree Centre | Marlton | NJ | — | 345 | 4,440 | 804 | 345 | 5,244 | 5,589 | 3,031 | 1982 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
Three Greentree Centre | Marlton | NJ | — | 323 | 6,024 | 590 | 324 | 6,614 | 6,937 | 4,289 | 1984 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Greentree Centre | Marlton | NJ | — | 264 | 4,693 | 312 | 264 | 5,005 | 5,269 | 3,311 | 1983 | 1986 | 40 | |||||||||||||||||||||||||||||||||||||||
1155 Business Center Drive | Horsham | PA | 2,407 | 1,029 | 4,124 | 783 | 1,029 | 4,906 | 5,936 | 1,436 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | — | 685 | 2,773 | 1,092 | 685 | 3,865 | 4,550 | 1,525 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | — | 481 | 1,976 | 554 | 482 | 2,530 | 3,011 | 929 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
18 Campus Boulevard | Newtown Square | PA | 3,227 | 787 | 3,312 | 5 | 787 | 3,317 | 4,104 | 1,156 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
2240/2250 Butler Pike | Plymouth Meeting | PA | — | 1,104 | 4,627 | 331 | 1,104 | 4,959 | 6,062 | 1,939 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | — | 661 | 2,727 | 315 | 662 | 3,042 | 3,703 | 1,000 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3329 Street Road -Greenwood Square | Bensalem | PA | — | 350 | 1,401 | 590 | 350 | 1,991 | 2,341 | 896 | 1985 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3331 Street Road -Greenwood Square | Bensalem | PA | — | 1,126 | 4,511 | 1,295 | 1,126 | 5,806 | 6,932 | 2,002 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
3333 Street Road -Greenwood Square | Bensalem | PA | — | 851 | 3,407 | 966 | 851 | 4,374 | 5,224 | 1,654 | 1988 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
456 Creamery Way | Exton | PA | — | 635 | 2,548 | (47 | ) | 635 | 2,500 | 3,136 | 824 | 1987 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
457 Haddonfield Road | Cherry Hill | NJ | 10,689 | 2,142 | 9,120 | 490 | 2,142 | 9,610 | 11,752 | 3,340 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
468 Thomas Jones Way | Exton | PA | — | 526 | 2,112 | 163 | 527 | 2,275 | 2,801 | 747 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
486 Thomas Jones Way | Exton | PA | — | 806 | 3,256 | 159 | 806 | 3,415 | 4,221 | 1,206 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
500 Enterprise Drive | Horsham | PA | — | 1,303 | 5,188 | (253 | ) | 1,303 | 4,935 | 6,238 | 1,778 | 1990 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
500 North Gulph Road | King Of Prussia | PA | — | 1,303 | 5,201 | 1,255 | 1,303 | 6,456 | 7,759 | 2,246 | 1979 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
650 Dresher Road | Horsham | PA | 1,609 | 636 | 2,501 | 404 | 636 | 2,905 | 3,541 | 1,108 | 1984 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
6575 Snowdrift Road | Allentown | PA | — | 601 | 2,411 | 437 | 601 | 2,848 | 3,449 | 822 | 1988 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
700 Business Center Drive | Horsham | PA | 1,625 | 550 | 2,201 | 848 | 550 | 3,049 | 3,599 | 1,248 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
7248 Tilghman Street | Allentown | PA | — | 731 | 2,969 | (32 | ) | 731 | 2,937 | 3,668 | 980 | 1987 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
7310 Tilghman Street | Allentown | PA | — | 553 | 2,246 | 510 | 553 | 2,755 | 3,309 | 1,178 | 1985 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
800 Business Center Drive | Horsham | PA | 2,098 | 896 | 3,585 | 18 | 896 | 3,603 | 4,499 | 1,150 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
8000 Lincoln Drive | Marlton | NJ | — | 606 | 2,887 | 688 | 606 | 3,575 | 4,181 | 1,184 | 1997 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
One Progress Drive | Horsham | PA | — | 1,399 | 5,629 | 232 | 1,399 | 5,861 | 7,260 | 1,936 | 1986 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
One Righter Parkway | Wilmington | DE | 10,076 | 2,545 | 10,195 | 563 | 2,545 | 10,757 | 13,303 | 3,440 | 1989 | 1996 | 40 | |||||||||||||||||||||||||||||||||||||||
1 Foster Avenue | Gibbsboro | NJ | — | 93 | 364 | 42 | 93 | 406 | 499 | 116 | 1972 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | — | 244 | 971 | 233 | 244 | 1,203 | 1,448 | 356 | 1983 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Berwyn Park | Berwyn | PA | 6,884 | 1,180 | 7,290 | 1,560 | 1,180 | 8,850 | 10,030 | 2,685 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Commerce Drive | Newark | DE | — | 1,160 | 4,633 | 1,134 | 1,160 | 5,768 | 6,927 | 1,808 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Katchel Blvd | Reading | PA | — | 1,881 | 7,423 | 158 | 1,881 | 7,582 | 9,462 | 2,183 | 1970 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Atrium Way | Mt. Laurel | NJ | — | 2,061 | 8,180 | 1,065 | 2,061 | 9,245 | 11,306 | 2,599 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | — | 2,297 | 9,288 | 1,328 | 2,297 | 10,616 | 12,913 | 3,402 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | — | 3,206 | 12,857 | 1,100 | 3,206 | 13,957 | 17,163 | 4,347 | 1990 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
100-300 Gundy Drive | Reading | PA | — | 6,495 | 25,180 | 7,583 | 6,495 | 32,763 | 39,258 | 9,563 | 1970 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1007 Laurel Oak Road | Voorhees | NJ | — | 1,563 | 6,241 | 16 | 1,564 | 6,256 | 7,820 | 1,754 | 1996 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1120 Executive Boulevard | Marlton | NJ | — | 2,074 | 8,415 | 541 | 2,074 | 8,956 | 11,030 | 2,864 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
1336 Enterprise Drive | West Goshen | PA | — | 731 | 2,946 | 52 | 731 | 2,998 | 3,729 | 926 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | — | 3,061 | 12,254 | 165 | 3,061 | 12,419 | 15,480 | 3,710 | 1991 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
17 Campus Boulevard | Newtown Square | PA | 5,002 | 1,108 | 5,155 | 48 | 1,108 | 5,203 | 6,311 | 1,357 | 2001 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
2 Foster Avenue | Gibbsboro | NJ | — | 185 | 730 | 42 | 185 | 772 | 957 | 225 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | — | 769 | 3,055 | 496 | 769 | 3,552 | 4,320 | 1,072 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Berwyn Park | Berwyn | PA | 9,415 | 1,533 | 9,460 | 2,071 | 1,533 | 11,531 | 13,064 | 3,386 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | 9,160 | 2,202 | 8,823 | 780 | 2,203 | 9,602 | 11,805 | 3,083 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
220 Commerce Drive | Fort Washington | PA | — | 1,086 | 4,338 | 945 | 1,010 | 5,359 | 6,369 | 1,537 | 1985 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Berwyn Park | Berwyn | PA | 12,594 | 2,206 | 13,422 | 2,618 | 2,206 | 16,041 | 18,246 | 4,878 | 1989 | 1997 | �� | 40 | ||||||||||||||||||||||||||||||||||||||
300 Welsh Road — Building I | Horsham | PA | 2,370 | 894 | 3,572 | 978 | 894 | 4,550 | 5,444 | 1,352 | 1980 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
321 Norristown Road | Lower Gwyned | PA | — | 1,290 | 5,176 | 1,580 | 1,221 | 6,825 | 8,046 | 2,268 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
323 Norristown Road | Lower Gwyned | PA | — | 1,685 | 6,751 | 4,263 | 1,601 | 11,098 | 12,699 | 3,471 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
4 Foster Avenue | Gibbsboro | NJ | — | 183 | 726 | 93 | 183 | 820 | 1,002 | 255 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | 2,980 | 714 | 5,085 | (1,939 | ) | 714 | 3,146 | 3,860 | 951 | 1998 | 1997 | 40 | ||||||||||||||||||||||||||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | — | 9 | 32 | 26 | 9 | 58 | 67 | 14 | 1968 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
5 U.S. Avenue | Gibbsboro | NJ | — | 21 | 81 | 3 | 21 | 84 | 105 | 23 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
50 East Clementon Road | Gibbsboro | NJ | — | 114 | 964 | 3 | 114 | 967 | 1,081 | 271 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
500 Office Center Drive | Fort Washington | PA | — | 1,617 | 6,480 | 1,517 | 1,617 | 7,997 | 9,614 | 2,141 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
501 Office Center Drive | Fort Washington | PA | — | 1,796 | 7,192 | 13,223 | 1,796 | 20,415 | 22,211 | 4,538 | 1974 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
6 East Clementon Road | Gibbsboro | NJ | — | 1,345 | 5,366 | 664 | 1,345 | 6,030 | 7,375 | 1,813 | 1980 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
655 Business Center Drive | Horsham | PA | 1,698 | 544 | 2,529 | 696 | 544 | 3,225 | 3,769 | 1,282 | 1997 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
7 Foster Avenue | Gibbsboro | NJ | — | 231 | 921 | 140 | 231 | 1,061 | 1,292 | 321 | 1983 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
748 Springdale Drive | Exton | PA | — | 236 | 931 | 216 | 236 | 1,146 | 1,383 | 327 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
855 Springdale Drive | Exton | PA | — | 838 | 3,370 | 2,679 | 838 | 6,049 | 6,887 | 1,117 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | 5,789 | 1,472 | 5,895 | 111 | 1,472 | 6,007 | 7,478 | 1,809 | 1989 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Five Eves Drive | Marlton | NJ | — | 703 | 2,819 | 772 | 703 | 3,592 | 4,294 | 1,090 | 1986 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Four A Eves Drive | Marlton | NJ | — | 539 | 2,168 | 243 | 539 | 2,411 | 2,950 | 764 | 1987 | 1997 | 40 |
F - 87
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
Four B Eves Drive | Marlton | NJ | — | 588 | 2,369 | 327 | 588 | 2,696 | 3,284 | 814 | 1987 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Piazza | Voorhees | NJ | — | 696 | 2,802 | 262 | 696 | 3,064 | 3,760 | 1,007 | 1990 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Plaza 1000 | Voorhees | NJ | — | 2,732 | 10,942 | 3,627 | 2,732 | 14,569 | 17,301 | 4,886 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Main Street — Promenade | Voorhees | NJ | — | 531 | 2,052 | 191 | 532 | 2,242 | 2,774 | 745 | 1988 | 1997 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Eves Drive | Marlton | NJ | — | 818 | 3,461 | (31 | ) | 818 | 3,429 | 4,248 | 1,087 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | — | 391 | 5,410 | 125 | 391 | 5,535 | 5,926 | 674 | 2001 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 First Avenue | King Of Prussia | PA | 3,054 | 2,772 | 10,936 | 703 | 2,772 | 11,639 | 14,411 | 2,869 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1009 Lenox Drive | Lawrenceville | NJ | — | 4,876 | 19,284 | 3,139 | 4,876 | 22,422 | 27,299 | 7,008 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1020 First Avenue | King Of Prussia | PA | 2,441 | 2,168 | 8,576 | 433 | 2,168 | 9,008 | 11,177 | 2,287 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1040 First Avenue | King Of Prussia | PA | 3,277 | 2,860 | 11,282 | 1,036 | 2,860 | 12,318 | 15,178 | 3,084 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1060 First Avenue | King Of Prussia | PA | 2,985 | 2,712 | 10,953 | 1,883 | 2,712 | 12,836 | 15,548 | 2,913 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
14 Campus Boulevard | Newtown Square | PA | 5,117 | 2,244 | 4,217 | (22 | ) | 2,244 | 4,196 | 6,439 | 1,659 | 1998 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
150 Corporate Center Drive | Camp Hill | PA | — | 964 | 3,871 | 239 | 964 | 4,109 | 5,074 | 1,146 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1957 Westmoreland Street | Richmond | VA | 2,604 | 1,061 | 4,241 | 235 | 1,061 | 4,476 | 5,537 | 1,158 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Corporate Center Drive | Camp Hill | PA | — | 1,647 | 6,606 | 164 | 1,647 | 6,771 | 8,417 | 1,817 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | 552 | 2,482 | 8,846 | 2,300 | 2,482 | 11,146 | 13,628 | 2,847 | 1976 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2130-2146 Tomlynn Street | Richmond | VA | 985 | 353 | 1,416 | 289 | 353 | 1,705 | 2,058 | 499 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2161-2179 Tomlynn Street | Richmond | VA | 1,040 | 423 | 1,695 | 222 | 423 | 1,917 | 2,340 | 497 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2201-2245 Tomlynn Street | Richmond | VA | 2,576 | 1,020 | 4,067 | 283 | 1,020 | 4,351 | 5,370 | 1,172 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2212-2224 Tomlynn Street | Richmond | VA | 1,211 | 502 | 2,014 | 72 | 502 | 2,085 | 2,588 | 536 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2221-2245 Dabney Road | Richmond | VA | 1,250 | 530 | 2,123 | 203 | 530 | 2,326 | 2,856 | 595 | 1994 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2240 Dabney Road | Richmond | VA | 617 | 264 | 1,059 | 10 | 264 | 1,069 | 1,333 | 267 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2244 Dabney Road | Richmond | VA | 1,291 | 550 | 2,203 | 38 | 550 | 2,241 | 2,791 | 563 | 1993 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2246 Dabney Road | Richmond | VA | 1,062 | 455 | 1,822 | 32 | 455 | 1,855 | 2,309 | 473 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2248 Dabney Road | Richmond | VA | 1,337 | 512 | 2,049 | 200 | 512 | 2,249 | 2,761 | 601 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2251 Dabney Road | Richmond | VA | 972 | 387 | 1,552 | 111 | 387 | 1,663 | 2,050 | 449 | 1983 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2256 Dabney Road | Richmond | VA | 847 | 356 | 1,427 | 275 | 356 | 1,702 | 2,058 | 409 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2277 Dabney Road | Richmond | VA | 1,185 | 507 | 2,034 | 16 | 507 | 2,050 | 2,557 | 514 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2401 Park Drive | Harrisburg | PA | — | 182 | 728 | 187 | 182 | 916 | 1,097 | 293 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2404 Park Drive | Harrisburg | PA | — | 167 | 668 | 249 | 167 | 918 | 1,084 | 269 | 1983 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2490 Boulevard of the Generals | King Of Prussia | PA | — | 348 | 1,394 | 53 | 348 | 1,447 | 1,795 | 409 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2511 Brittons Hill Road | Richmond | VA | 2,820 | 1,202 | 4,820 | 1,849 | 1,202 | 6,669 | 7,871 | 1,482 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
2812 Emerywood Parkway | Henrico | VA | 3,156 | 1,069 | 4,281 | 1,783 | 1,069 | 6,064 | 7,133 | 1,934 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Arboretum Place | Richmond | VA | 13,832 | 5,450 | 21,892 | 1,827 | 5,450 | 23,719 | 29,169 | 6,429 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Corporate Center Drive | Camp Hill | PA | — | 4,823 | 19,301 | 1,145 | 4,823 | 20,446 | 25,269 | 5,437 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | 1,789 | 1,493 | 6,055 | 584 | 1,494 | 6,638 | 8,132 | 1,696 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
304 Harper Drive | Moorestown | NJ | 777 | 657 | 2,674 | 379 | 657 | 3,052 | 3,710 | 769 | 1975 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | 1,617 | 1,421 | 5,768 | 1,146 | 1,421 | 6,913 | 8,335 | 1,618 | 1980 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
305 Harper Drive | Moorestown | NJ | 248 | 223 | 913 | 0 | 223 | 914 | 1,136 | 227 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | 1,761 | 1,565 | 6,342 | 382 | 1,565 | 6,725 | 8,289 | 1,660 | 1981 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
308 Harper Drive | Moorestown | NJ | — | 1,643 | 6,663 | 499 | 1,644 | 7,161 | 8,805 | 1,991 | 1976 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | 1,878 | 1,518 | 6,154 | 1,205 | 1,518 | 7,359 | 8,877 | 2,260 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
33 West State Street | Trenton | NJ | — | 6,016 | 24,091 | (21 | ) | 6,016 | 24,070 | 30,086 | 6,451 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
426 Lancaster Avenue | Devon | PA | — | 1,689 | 6,756 | 361 | 1,689 | 7,118 | 8,806 | 1,922 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
4364 South Alston Avenue | Durham | NC | 1,915 | 1,622 | 6,419 | 728 | 1,581 | 7,188 | 8,769 | 1,952 | 1985 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | 3,960 | 1,640 | 6,567 | 266 | 1,640 | 6,832 | 8,473 | 1,764 | 1996 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
50 East State Street | Trenton | NJ | — | 8,926 | 35,735 | 773 | 8,926 | 36,508 | 45,434 | 9,946 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
50 Swedesford Square | East Whiteland Twp. | PA | 4,263 | 3,902 | 15,254 | (15,254 | ) | 3,902 | — | 3,902 | — | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
500 Nationwide Drive | Harrisburg | PA | — | 173 | 850 | 790 | 173 | 1,640 | 1,813 | 550 | 1977 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | 4,661 | 4,241 | 16,579 | 878 | 4,241 | 17,457 | 21,698 | 4,540 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
520 Virginia Drive | Fort Washington | PA | — | 845 | 3,455 | 39 | 845 | 3,494 | 4,339 | 1,016 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 Corporate Circle Drive | Harrisburg | PA | — | 363 | 1,452 | 107 | 363 | 1,559 | 1,922 | 426 | 1978 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 East Main Street | Richmond | VA | 11,206 | 9,808 | 38,255 | 5,668 | 9,808 | 43,923 | 53,731 | 11,744 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
600 Park Avenue | King Of Prussia | PA | — | 1,012 | 4,048 | 2 | 1,012 | 4,050 | 5,062 | 1,097 | 1964 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
610 Freedom Business Center | King Of Prussia | PA | 5,014 | 2,017 | 8,070 | 674 | 2,017 | 8,745 | 10,761 | �� | 2,702 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
620 Allendale Road | King Of Prussia | PA | — | 1,020 | 3,839 | 998 | 1,020 | 4,837 | 5,857 | 1,774 | 1961 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
620 Freedom Business Center | King Of Prussia | PA | 6,750 | 2,770 | 11,014 | 3,193 | 2,770 | 14,207 | 16,977 | 3,577 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Clark Avenue | King Of Prussia | PA | — | 547 | 2,190 | 1 | 547 | 2,191 | 2,738 | 593 | 1960 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Freedom Business Center | King Of Prussia | PA | 6,655 | 2,773 | 11,144 | 668 | 2,773 | 11,812 | 14,585 | 3,337 | 1989 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
640 Freedom Business Center | King Of Prussia | PA | 10,539 | 4,222 | 16,891 | 1,318 | 4,222 | 18,209 | 22,431 | 5,412 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
650 Park Avenue | King Of Prussia | PA | — | 1,916 | 4,378 | 2,491 | 1,916 | 6,869 | 8,785 | 1,845 | 1968 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
660 Allendale Road | King of Prussia | PA | — | 396 | 3,343 | (1,636 | ) | 396 | 1,706 | 2,103 | 708 | 1962 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
680 Allendale Road | King Of Prussia | PA | — | 689 | 2,756 | 679 | 689 | 3,435 | 4,124 | 1,149 | 1962 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
6990 Snowdrift Road | Allentown | PA | — | — | 1,962 | 3,696 | — | 5,658 | 5,658 | 764 | 2003 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
6990 Snowdrift Road Bldg B | Allentown | PA | — | — | 2,581 | 958 | — | 3,539 | 3,539 | 272 | 2004 | 1998 | 40 |
F - 88
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | 4,102 | 3,569 | 14,436 | 1,540 | 3,569 | 15,977 | 19,545 | 4,064 | 1984 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | 2,048 | 1,736 | 6,877 | 842 | 1,736 | 7,719 | 9,455 | 2,186 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7010 Snowdrift Road | Allentown | PA | 919 | 818 | 3,324 | 464 | �� | 818 | 3,789 | 4,606 | 886 | 1991 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
7150 Windsor Drive | Allentown | PA | 1,188 | 1,035 | 4,219 | 147 | 1,035 | 4,366 | 5,401 | 1,100 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7350 Tilghman Street | Allentown | PA | — | 3,414 | 13,716 | 1,273 | 3,414 | 14,988 | 18,403 | 4,433 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
741 First Avenue | King Of Prussia | PA | — | 1,287 | 5,151 | 221 | 1,287 | 5,371 | 6,659 | 1,517 | 1966 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7450 Tilghman Street | Allentown | PA | 3,482 | 2,867 | 11,631 | 1,574 | 2,867 | 13,205 | 16,072 | 3,737 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | — | 1,097 | 4,391 | 32 | 1,097 | 4,423 | 5,520 | 1,197 | 1967 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
7535 Windsor Drive | Allentown | PA | 4,514 | 3,376 | 13,400 | 5,528 | 3,376 | 18,928 | 22,304 | 4,808 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
755 Business Center Drive | Horsham | PA | 2,024 | 1,362 | 2,334 | 2,940 | 1,362 | 5,274 | 6,636 | 1,581 | 1998 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
800 Corporate Circle Drive | Harrisburg | PA | — | 414 | 1,653 | 105 | 414 | 1,758 | 2,172 | 492 | 1979 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | 703 | 636 | 2,584 | 375 | 636 | 2,959 | 3,595 | 709 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | 697 | 611 | 2,426 | 153 | 611 | 2,579 | 3,190 | 633 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
875 First Avenue | King Of Prussia | PA | — | 618 | 2,473 | 3,258 | 618 | 5,731 | 6,349 | 1,455 | 1966 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9011 Arboretum Parkway | Richmond | VA | 4,622 | 1,857 | 7,702 | 528 | 1,857 | 8,231 | 10,087 | 2,063 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9100 Arboretum Parkway | Richmond | VA | 3,506 | 1,362 | 5,489 | 556 | 1,362 | 6,045 | 7,407 | 1,726 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
920 Harvest Drive | Blue Bell | PA | — | 2,433 | 9,738 | 649 | 2,433 | 10,387 | 12,820 | 2,708 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9200 Arboretum Parkway | Richmond | VA | 2,506 | 985 | 3,973 | 133 | 985 | 4,107 | 5,091 | 1,040 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9210 Arboretum Parkway | Richmond | VA | 2,906 | 1,110 | 4,474 | 583 | 1,110 | 5,057 | 6,167 | 1,363 | 1988 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
9211 Arboretum Parkway | Richmond | VA | 1,458 | 582 | 2,433 | 286 | 582 | 2,719 | 3,301 | 704 | 1991 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
925 Harvest Drive | Blue Bell | PA | — | 1,671 | 6,606 | 807 | 1,671 | 7,413 | 9,084 | 1,905 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
993 Lenox Drive | Lawrenceville | NJ | 11,638 | 2,811 | 17,996 | (5,342 | ) | 2,811 | 12,654 | 15,465 | 3,670 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||||||||||
997 Lenox Drive | Lawrenceville | NJ | 9,496 | 2,410 | 9,700 | 161 | 2,410 | 9,861 | 12,271 | 2,635 | 1987 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
Dabney III | Richmond | VA | 777 | 281 | 1,125 | 309 | 281 | 1,435 | 1,715 | 416 | 1986 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
Philadelphia Marine Center | Philadelphia | PA | — | 532 | 2,196 | 2,285 | 628 | 4,385 | 5,013 | 1,035 | Various | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1050 Westlakes Drive | Berwyn | PA | — | 2,611 | 10,445 | 75 | — | 13,131 | 13,131 | 2,137 | 1984 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | 4,581 | 1,112 | 4,067 | 438 | 1,112 | 4,505 | 5,617 | 951 | 1998 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
400 Berwyn Park | Berwyn | PA | — | 2,657 | 4,462 | 15,897 | 2,657 | 20,359 | 23,016 | 3,493 | 1999 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Dresher Road | Horsham | PA | — | 771 | 3,083 | 1,750 | 771 | 4,833 | 5,604 | 1,077 | 1987 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
7130 Ambassador Drive | Allentown | PA | — | 761 | 3,046 | 161 | 761 | 3,207 | 3,968 | 693 | 1991 | 1999 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Brandywine Boulevard | Newtown | PA | — | 1,784 | 9,811 | 2,987 | 1,784 | 12,798 | 14,582 | 2,102 | 2002 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
1400 Howard Boulevard | Mt. Laurel | NJ | — | 443 | — | 13,238 | 1,447 | 12,233 | 13,681 | 77 | 2005 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
15 Campus Boulevard | Newtown Square | PA | 5,723 | 1,164 | 3,896 | 673 | 1,164 | 4,570 | 5,733 | 594 | 2002 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
1700 Paoli Pike | Malvern | PA | — | 458 | 559 | 3,582 | 488 | 4,111 | 4,599 | 861 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
2000 Lenox Drive | Lawrenceville | NJ | 13,538 | 2,291 | 12,221 | 2,803 | 2,291 | 15,024 | 17,315 | 4,450 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Welsh Road — Building II | Horsham | PA | 977 | 396 | 1,585 | 129 | 396 | 1,714 | 2,110 | 505 | 1980 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | — | 6,198 | 16,131 | 17,430 | 6,199 | 33,560 | 39,759 | 6,347 | 2001 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
630 Allendale Road | King of Prussia | PA | — | 2,836 | 4,028 | 15,955 | 2,836 | 19,983 | 22,819 | 5,150 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
640 Allendale Road | King of Prussia | PA | — | 439 | 432 | 1,480 | 439 | 1,913 | 2,351 | 269 | 2000 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
Bishops Gate Corporate Center | Mt. Laurel | NJ | — | 934 | 6,287 | — | 934 | 6,799 | 7,733 | 588 | 2005 | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
Macaroni Grill | Plymouth Meeting | PA | — | 1,043 | 555 | — | 1,043 | 555 | 1,598 | 24 | N/A | 2000 | 40 | |||||||||||||||||||||||||||||||||||||||
10 Lake Center Drive | Marlton | NJ | — | 1,880 | 7,521 | 1,232 | 1,880 | 8,753 | 10,633 | 1,375 | 1989 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Arrandale Boulevard | Exton | PA | — | 970 | 3,878 | 1 | 970 | 3,880 | 4,849 | 559 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
100 Lindenwood Drive | Malvern | PA | — | 473 | 1,892 | 377 | 473 | 2,269 | 2,742 | 507 | 1985 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
101 Lindenwood Drive | Malvern | PA | — | 4,152 | 16,606 | 1,575 | 4,152 | 18,182 | 22,333 | 2,916 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1100 Cassett Road | Berwyn | PA | — | 1,695 | 6,779 | 2 | 1,695 | 6,781 | 8,476 | 976 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
111 Arrandale Road | Exton | PA | — | 262 | 1,048 | 69 | 262 | 1,117 | 1,379 | 156 | 1996 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
111/113 Pencader Drive | Newark | DE | — | 1,092 | 4,366 | 68 | 1,092 | 4,434 | 5,526 | 641 | 1990 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1160 Swedesford Road | Berwyn | PA | — | 1,781 | 7,124 | 1,171 | 1,781 | 8,295 | 10,076 | 1,276 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1180 Swedesford Road | Berwyn | PA | — | 2,086 | 8,342 | 1,065 | 2,086 | 9,407 | 11,493 | 1,465 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
161 Gaither Drive | Mount Laurel | NJ | — | 1,016 | 4,064 | 434 | 1,016 | 4,498 | 5,514 | 844 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | — | 2,069 | 8,275 | 748 | 2,069 | 9,023 | 11,092 | 1,434 | 1989 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Lindenwood Drive | Malvern | PA | — | 324 | 1,295 | 242 | 324 | 1,537 | 1,861 | 304 | 1984 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | — | 1,645 | 6,579 | 546 | 1,645 | 7,125 | 8,770 | 1,136 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | — | 2,144 | 8,798 | 738 | 2,144 | 9,537 | 11,680 | 1,487 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
30 Lake Center Drive | Marlton | NJ | — | 1,043 | 4,171 | 130 | 1,043 | 4,301 | 5,344 | 686 | 1986 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
300 Lindenwood Drive | Malvern | PA | — | 848 | 3,394 | 104 | 849 | 3,498 | 4,346 | 510 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
301 Lindenwood Drive | Malvern | PA | — | 2,729 | 10,915 | 1,868 | 2,729 | 12,783 | 15,512 | 2,076 | 1984 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
412 Creamery Way | Exton | PA | — | 1,195 | 4,779 | 722 | 1,195 | 5,502 | 6,696 | 1,050 | 1999 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
429 Creamery Way | Exton | PA | — | 1,368 | 5,471 | 2 | 1,368 | 5,473 | 6,841 | 788 | 1996 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
436 Creamery Way | Exton | PA | — | 994 | 3,978 | 459 | 994 | 4,436 | 5,431 | 622 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
440 Creamery Way | Exton | PA | 2,905 | 982 | 3,927 | 1,004 | 982 | 4,931 | 5,913 | 707 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
442 Creamery Way | Exton | PA | 2,516 | 894 | 3,576 | 392 | 894 | 3,968 | 4,862 | 708 | 1991 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
457 Creamery Way | Exton | PA | — | 777 | 3,107 | 272 | 777 | 3,379 | 4,156 | 537 | 1990 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
467 Creamery Way | Exton | PA | — | 906 | 3,623 | 444 | 906 | 4,067 | 4,973 | 626 | 1988 | 2001 | 40 |
F - 89
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
479 Thomas Jones Way | Exton | PA | — | 1,075 | 4,299 | 681 | 1,075 | 4,980 | 6,055 | 882 | 1988 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
481 John Young Way | Exton | PA | 2,294 | 496 | 1,983 | 1 | 496 | 1,984 | 2,480 | 286 | 1997 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
555 Croton Road | King of Prussia | PA | — | 4,486 | 17,943 | 503 | 4,486 | 18,446 | 22,932 | 2,887 | 1999 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
7360 Windsor Drive | Allentown | PA | — | 1,451 | 3,618 | 2,038 | 1,451 | 5,655 | 7,107 | 1,594 | 2001 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
Two Righter Parkway | Wilmington | DE | — | 2,802 | 11,217 | 5 | 2,802 | 11,221 | 14,024 | 1,833 | 1987 | 2001 | 40 | |||||||||||||||||||||||||||||||||||||||
1000 Lenox Drive | Lawrenceville | NJ | — | 1,174 | 4,696 | 2,107 | 1,174 | 6,803 | 7,977 | 1,070 | 1982 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
200 Commerce Drive | Newark | DE | 5,841 | 911 | 4,414 | 1,020 | 911 | 5,434 | 6,345 | 838 | 1998 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
400 Commerce Drive | Newark | DE | 11,797 | 2,528 | 9,220 | 4,483 | 2,528 | 13,703 | 16,231 | 5,593 | 1997 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | 11,687 | 3,652 | 15,288 | 649 | 3,652 | 15,937 | 19,589 | 2,079 | 1986 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | 11,315 | 3,651 | 14,514 | 1,331 | 3,651 | 15,844 | 19,496 | 2,303 | 1987 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | 11,453 | 3,572 | 14,435 | 1,641 | 3,572 | 16,076 | 19,648 | 2,401 | 1990 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | 11,297 | 3,558 | 14,743 | 1,269 | 3,558 | 16,012 | 19,570 | 2,361 | 1988 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
6802 Paragon Place | Richmond | VA | — | 2,917 | 11,454 | 2,082 | 2,917 | 13,536 | 16,453 | 2,061 | 1989 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
980 Harvest Drive | Blue Bell | PA | — | 2,079 | 7,821 | 1,215 | 2,079 | 9,036 | 11,115 | 1,292 | 1988 | 2002 | 40 | |||||||||||||||||||||||||||||||||||||||
565 East Swedesford Road | Wayne | PA | — | 1,872 | 7,489 | 890 | 1,872 | 8,379 | 10,251 | 785 | 1984 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
575 East Swedesford Road | Wayne | PA | — | 2,178 | 8,712 | 459 | 2,178 | 9,171 | 11,349 | 783 | 1985 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
585 East Swedesford Road | Wayne | PA | — | 1,350 | 5,401 | 34 | 1,350 | 5,435 | 6,785 | 432 | 1998 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
595 East Swedesford Road | Wayne | PA | — | 2,729 | 10,917 | 374 | 2,729 | 11,291 | 14,020 | 891 | 1998 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
989 Lenox Drive | Lawrenceville | NJ | — | 3,701 | 14,802 | 860 | 3,700 | 15,662 | 19,363 | 1,196 | 1984 | 2003 | 40 | |||||||||||||||||||||||||||||||||||||||
100 North 18th Street | Philadelphia | PA | 74,079 | 16,066 | 100,255 | 1,416 | 16,066 | 101,671 | 117,737 | 8,913 | 1988 | 2004 | 33 | |||||||||||||||||||||||||||||||||||||||
130 North 18th Street | Philadelphia | PA | — | 14,496 | 107,736 | 728 | 14,473 | 108,487 | 122,960 | 9,514 | 1998 | 2004 | 23 | |||||||||||||||||||||||||||||||||||||||
130 Radnor Chester Road | Radnor | PA | — | 2,573 | 8,338 | (23 | ) | 2,567 | 8,320 | 10,888 | 582 | 1983 | 2004 | 25 | ||||||||||||||||||||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | — | 11,925 | 36,986 | 8,223 | 11,897 | 45,237 | 57,134 | 4,146 | 1983 | 2004 | 29 | |||||||||||||||||||||||||||||||||||||||
170 Radnor Chester Road | Radnor | PA | — | 2,514 | 8,147 | 30 | 2,509 | 8,182 | 10,691 | 569 | 1983 | 2004 | 25 | |||||||||||||||||||||||||||||||||||||||
201 King of Prussia Road | Radnor | PA | — | 8,956 | 29,811 | 1,192 | 8,949 | 31,009 | 39,959 | 3,147 | 2001 | 2004 | 25 | |||||||||||||||||||||||||||||||||||||||
300 Delaware Avenue | Wilmington | DE | — | 6,368 | 13,739 | 1,089 | 6,369 | 14,827 | 21,196 | 1,721 | 1989 | 2004 | 23 | |||||||||||||||||||||||||||||||||||||||
525 Lincoln Drive West | Marlton | NJ | — | 3,727 | 17,620 | 1,770 | 3,727 | 19,390 | 23,117 | 2,267 | 1986 | 2004 | 40 | |||||||||||||||||||||||||||||||||||||||
555 Lancaster Avenue | Radnor | PA | — | 8,014 | 16,508 | 16,468 | 7,991 | 32,999 | 40,990 | 832 | 1973 | 2004 | 24 | |||||||||||||||||||||||||||||||||||||||
920 North King Street | Wilmington | DE | — | 6,141 | 21,140 | 528 | 6,141 | 21,668 | 27,809 | 2,016 | 1989 | 2004 | 30 | |||||||||||||||||||||||||||||||||||||||
Five Radnor Corporate Center | Radnor | PA | — | 6,506 | 25,525 | 1,977 | 6,578 | 27,430 | 34,008 | 2,162 | 1998 | 2004 | 38 | |||||||||||||||||||||||||||||||||||||||
Four Radnor Corporate Center | Radnor | PA | — | 5,406 | 21,390 | 7,648 | 5,705 | 28,739 | 34,444 | 2,609 | 1995 | 2004 | 30 | |||||||||||||||||||||||||||||||||||||||
Four Tower Bridge | Conshohocken | PA | 10,626 | 2,672 | 14,221 | (112 | ) | 2,672 | 14,109 | 16,781 | 5,192 | 1998 | 2004 | 40 | ||||||||||||||||||||||||||||||||||||||
One Radnor Corporate Center | Radnor | PA | — | 7,323 | 28,613 | (34 | ) | 7,323 | 28,579 | 35,902 | 2,683 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||||||||||
Six Tower Bridge | Conshohocken | PA | 14,744 | 2,827 | 15,525 | 20 | 2,827 | 15,545 | 18,372 | 4,731 | 1999 | 2004 | 40 | |||||||||||||||||||||||||||||||||||||||
Three Radnor Corporate Center | Radnor | PA | — | 4,773 | 17,961 | (100 | ) | 4,791 | 17,843 | 22,634 | 1,654 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||||||||||
Two Radnor Corporate Center | Radnor | PA | — | 3,937 | 15,484 | 82 | 3,942 | 15,560 | 19,503 | 1,501 | 1998 | 2004 | 29 | |||||||||||||||||||||||||||||||||||||||
1 West Elm Street | W. Conshohocken | PA | — | 3,557 | 14,249 | — | 3,557 | 14,254 | 17,811 | 446 | 1999 | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
101 West Elm Street | W. Conshohocken | PA | — | 6,251 | 25,209 | 647 | 6,251 | 25,856 | 32,107 | 942 | 1999 | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
Arcadia Land | Upper Macungie | PA | — | 5 | — | 0 | 5 | — | 5 | — | N/A | 2005 | 40 | |||||||||||||||||||||||||||||||||||||||
1 Kaiser Plaza | Oakland | CA | 50,088 | 15,034 | 107,422 | 1,130 | 15,291 | 108,294 | 123,585 | 3,653 | 1978 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
100 Lenox Drive | Lawrenceville | NJ | — | 2,035 | 8,158 | 36 | 2,035 | 8,194 | 10,229 | 188 | 1991 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
101-103 Juniper Street | Philadelphia | VA | — | 464 | 1,843 | 1 | 464 | 1,844 | 2,308 | 35 | N/A | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
11700 Beltsville Drive | Beltsville | MD | — | 2,808 | 12,081 | 46 | 2,858 | 12,077 | 14,935 | 313 | 1981 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
11710 Beltsville Drive | Beltsville | MD | — | 2,278 | 11,100 | (944 | ) | 2,317 | 10,117 | 12,434 | 324 | 1987 | 2006 | 46 | ||||||||||||||||||||||||||||||||||||||
11720 Beltsville Drive | Beltsville | MD | — | 3,831 | 16,661 | 414 | 3,897 | 17,009 | 20,906 | 536 | 1987 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
11740 Beltsville Drive | Bethesda | MD | — | 198 | 870 | 9 | 202 | 875 | 1,077 | 36 | 1987 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
1177 East Beltline Road | Coppell | TX | 20,337 | 1,516 | 14,895 | 13 | 1,517 | 14,908 | 16,425 | 597 | 1998 | 2006 | 42 | |||||||||||||||||||||||||||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,246 | 19,836 | 167 | 3,302 | 19,948 | 23,250 | 999 | 1982 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
1200 Concord Avenue | Concord | CA | 20,519 | 6,395 | 24,664 | 551 | 6,504 | 25,106 | 31,610 | 1,673 | 1984 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,770 | 22,895 | 184 | 3,835 | 23,014 | 26,849 | 1,011 | 1985 | 2006 | 42 | |||||||||||||||||||||||||||||||||||||||
1220 Concord Avenue | Concord | CA | 20,528 | 6,476 | 24,966 | 9 | 6,476 | 24,975 | 31,451 | 1,673 | 1984 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
1221 Mopac Expressway | Austin | TX | — | 3,290 | 31,548 | 459 | 3,361 | 31,935 | 35,296 | 1,045 | 2001 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1250 Capital of Texas Hwy South | Austin | TX | — | 5,152 | 37,928 | (51 | ) | 5,241 | 37,788 | 43,029 | 1,367 | 1984 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
1301 Mopac Expressway | Austin | TX | — | 4,188 | 41,229 | 262 | 4,245 | 41,434 | 45,679 | 1,113 | 2001 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1333 Broadway | Oakland | CA | 24,318 | 4,519 | 35,235 | 159 | 4,519 | 35,394 | 39,913 | 1,946 | 1972 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | — | 3,794 | 19,365 | 173 | 3,859 | 19,473 | 23,332 | 1,083 | 1989 | 2006 | 46 | |||||||||||||||||||||||||||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | — | 7,236 | 39,213 | 344 | 7,360 | 39,433 | 46,793 | 1,159 | 1997 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
1501 South Mopac Expressway | Austin | TX | — | 3,698 | 34,912 | 984 | 3,761 | 35,832 | 39,594 | 1,656 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
1601 Mopac Expressway | Austin | TX | — | 3,538 | 34,346 | 692 | 3,599 | 34,978 | 38,577 | 1,063 | 2000 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
1676 International Drive | Mclean | VA | 63,064 | 18,437 | 97,538 | 882 | 18,753 | 98,105 | 116,858 | 2,275 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
16870 W Bernardo Drive | San Diego | CA | 10,700 | 2,979 | 15,896 | 6 | 2,979 | 15,902 | 18,881 | 953 | 2002 | 2006 | 56 | |||||||||||||||||||||||||||||||||||||||
1801 Mopac Expressway | Austin | TX | — | 1,227 | 10,959 | 42 | 1,248 | 10,980 | 12,228 | 287 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
1880 Campus Commons Drive | Reston | VA | — | 6,164 | 28,114 | 46 | 6,270 | 28,054 | 34,324 | 598 | 1985 | 2006 | 52 | |||||||||||||||||||||||||||||||||||||||
1900 Gallows Road | Vienna | VA | — | 7,797 | 47,817 | 556 | 7,930 | 48,239 | 56,170 | 1,591 | 1989 | 2006 | 52 | |||||||||||||||||||||||||||||||||||||||
1901 Harrison Street | Oakland | CA | 30,056 | 5,442 | 59,920 | 727 | 5,535 | 60,554 | 66,089 | 1,716 | 1985 | 2006 | 48 |
F - 90
Table of Contents
Real Estate and Accumulated Depreciation — December 31, 2006
(in thousands)
Gross Amount at Which Carried | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Retirements) | Depreciation at | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encumberances at | Building and | Since | Building and | December 31, | Year of | Year | Depreciable | |||||||||||||||||||||||||||||||||||||||||||||
City | State | December 31, 2006 | Land | Improvements | Acquisition | Land | Improvements | Total (a) | 2006 (b) | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||||||
196 Van Buren Street | Herndon | VA | 15,338 | 6,023 | 31,780 | 12 | 6,023 | 31,792 | 37,815 | 1,985 | 1991 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
198 Van Buren Street | Herndon | VA | 15,562 | 1,908 | 12,032 | 5 | 1,908 | 12,037 | 13,945 | 385 | 1996 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | 5,728 | 3,261 | 6,077 | 2 | 3,261 | 6,079 | 9,340 | 472 | 1991 | 2006 | 39 | |||||||||||||||||||||||||||||||||||||||
2101 Webster Street | Oakland | CA | — | 13,051 | 89,728 | 1,664 | 13,275 | 91,169 | 104,444 | 3,323 | 1985 | 2006 | 44 | |||||||||||||||||||||||||||||||||||||||
2121 Cooperative Way | Herndon | VA | — | 5,598 | 38,639 | 538 | 5,777 | 38,999 | 44,775 | 1,150 | 2000 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
2201 Cooperative Way | Herndon | VA | — | 4,809 | 34,093 | 121 | 4,809 | 34,215 | 39,024 | 1,476 | 1990 | 2006 | 54 | |||||||||||||||||||||||||||||||||||||||
2251 Corporate Park Drive | Herndon | VA | — | 11,472 | 45,893 | 17 | 11,472 | 45,910 | 57,382 | 96 | 2000 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2273 Research Boulevard | Rockville | MD | 15,787 | 5,167 | 31,110 | 1,326 | 5,231 | 32,372 | 37,602 | 998 | 1999 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2275 Research Boulevard | Rockville | MD | 15,741 | 5,059 | 29,668 | 805 | 5,145 | 30,386 | 35,532 | 1,309 | 1990 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2277 Research Boulevard | Rockville | MD | 14,647 | 4,649 | 26,952 | 266 | 4,726 | 27,142 | 31,867 | 947 | 1986 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
2291 Wood Oak Drive | Herndon | VA | 31,000 | 8,243 | 52,413 | 20 | 8,243 | 52,433 | 60,676 | 5,034 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | — | 16,345 | 65,379 | 185 | 16,345 | 65,565 | 81,909 | 547 | 1987 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | — | 10,365 | 43,876 | 17 | 10,365 | 43,893 | 54,258 | 599 | 1988 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | — | 7,279 | 46,340 | 406 | 7,404 | 46,621 | 54,026 | 1,674 | 1990 | 2006 | 50 | |||||||||||||||||||||||||||||||||||||||
2711 N Haskell Avenue | Dallas | TX | — | 8,597 | 97,681 | 647 | 8,753 | 98,171 | 106,924 | 5,858 | 1998 | 2006 | 37 | |||||||||||||||||||||||||||||||||||||||
3130 Fairview Park Drive | Falls Church | VA | — | 6,576 | 51,605 | 247 | 6,688 | 51,740 | 58,428 | 1,275 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 5,918 | 40,981 | 295 | 6,038 | 41,157 | 47,195 | 1,340 | 1988 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 733 | 4,939 | (4 | ) | 733 | 4,935 | 5,668 | 134 | 1988 | 2006 | 51 | ||||||||||||||||||||||||||||||||||||||
3141 Fairview Park Drive | Falls Church | VA | — | 297 | 1,964 | 1 | 297 | 1,965 | 2,262 | 40 | 1988 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | — | 1,569 | 11,982 | (47 | ) | 1,596 | 11,908 | 13,504 | 375 | 1988 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
5780 & 5790 Fleet Street | Carlsbad | CA | 14,500 | 7,073 | 22,907 | 8 | 7,072 | 22,916 | 29,988 | 1,836 | 1999 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | 8,252 | 3,706 | 11,185 | 4 | 3,706 | 11,189 | 14,895 | 691 | 1988 | 2006 | 48 | |||||||||||||||||||||||||||||||||||||||
5963 La Place Court | Carlsbad | CA | 6,534 | 2,824 | 9,413 | 4 | 2,824 | 9,417 | 12,241 | 560 | 1987 | 2006 | 55 | |||||||||||||||||||||||||||||||||||||||
5973 Avenida Encinas | Carlsbad | CA | 5,486 | 2,121 | 8,361 | 3 | 2,121 | 8,364 | 10,485 | 618 | 1986 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
6600 Rockledge Drive | Bethesda | MD | — | — | 37,421 | 36 | — | 37,457 | 37,457 | 733 | 1981 | 2006 | 50 | |||||||||||||||||||||||||||||||||||||||
6800 Paragon Place | Richmond | VA | — | 4,552 | 18,414 | 24 | 4,552 | 18,438 | 22,990 | 120 | 1986 | 2006 | 40 | |||||||||||||||||||||||||||||||||||||||
7101 Wisconsin Avenue | Bethesda | MD | — | 9,634 | 48,402 | 2,215 | 9,799 | 50,452 | 60,251 | 1,626 | 1975 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
7735 Old Georgetown Road | Bethesda | MD | — | 4,370 | 23,192 | 261 | 4,445 | 23,379 | 27,824 | 903 | 1997 | 2006 | 45 | |||||||||||||||||||||||||||||||||||||||
8260 Greensboro Drive | Mclean | VA | 33,958 | 7,952 | 33,964 | (50 | ) | 8,088 | 33,777 | 41,866 | 1,179 | 1980 | 2006 | 52 | ||||||||||||||||||||||||||||||||||||||
8521 Leesburg Pike | Vienna | VA | — | 4,316 | 30,885 | 549 | 4,390 | 31,360 | 35,749 | 1,166 | 1984 | 2006 | 51 | |||||||||||||||||||||||||||||||||||||||
Cityplace Conference Center | Dallas | TX | — | 505 | 5,071 | 2 | 505 | 5,073 | 5,578 | 137 | 1998 | 2006 | 37 | |||||||||||||||||||||||||||||||||||||||
2929 Arch Street | Philadelphia | PA | — | — | 208,570 | 79 | — | 208,649 | 208,649 | 5,659 | 2005 | N/A | 40 | |||||||||||||||||||||||||||||||||||||||
922 Swedesford Road | Berwyn | PA | — | 218 | — | — | 218 | — | 218 | — | N/A | N/A | 40 | |||||||||||||||||||||||||||||||||||||||
Subtotal: | $ | 878,969 | $ | 754,373 | $ | 3,887,653 | $ | 284,763 | $ | 756,383 | $ | 4,170,923 | $ | 4,927,305 | $ | 515,698 | ||||||||||||||||||||||||||||||||||||
Real Estate Classified as Held for Sale @ 12/31/06: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
160 - 180 West Germantown Pike | East Norriton | PA | 5,105 | 1,603 | 6,418 | 1,587 | 1,603 | 8,005 | 9,608 | 2,260 | 1982 | 1998 | 40 | |||||||||||||||||||||||||||||||||||||||
1505/1507 LBJ Freeway | Farmers Branch | TX | — | 4,393 | 27,825 | (603 | ) | 4,165 | 27,450 | 31,614 | 1,263 | 1989 | 2006 | 41 | ||||||||||||||||||||||||||||||||||||||
1501/1503 LBJ Freeway | Farmers Branch | TX | — | 3,727 | 28,099 | (4,142 | ) | 3,210 | 24,474 | 27,683 | 1,217 | 1985 | 2006 | 37 | ||||||||||||||||||||||||||||||||||||||
1601 LBJ Freeway | Dallas | TX | — | 3,122 | 16,194 | (65 | ) | 3,099 | 16,152 | 19,250 | 681 | 1982 | 2006 | 34 | ||||||||||||||||||||||||||||||||||||||
1603 LBJ Freeway | Dallas | TX | — | 1,170 | 18,045 | 40 | 1,149 | 18,106 | 19,255 | 629 | 1985 | 2006 | 34 | |||||||||||||||||||||||||||||||||||||||
Subtotal: | $ | 5,105 | $ | 14,015 | $ | 96,580 | $ | (3,183 | ) | $ | 13,225 | $ | 94,186 | $ | 107,411 | $ | 6,050 | |||||||||||||||||||||||||||||||||||
Total: | $ | 884,074 | $ | 768,388 | $ | 3,984,233 | $ | 281,579 | $ | 769,608 | $ | 4,265,108 | $ | 5,034,716 | $ | 521,748 | ||||||||||||||||||||||||||||||||||||
F - 91
Table of Contents
(a) | Reconciliation of Real Estate: | |
The following table reconciles the real estate investments from January 1, 2004 to December 31, 2006 (in thousands): |
2006 | 2005 | 2004 | ||||||||||
Balance at beginning of year | $ | 2,560,061 | $ | 2,483,134 | $ | 1,869,744 | ||||||
Additions: | ||||||||||||
Acquisitions | 2,370,241 | 71,783 | 578,197 | |||||||||
Consolidation of VIE’s (1) | — | — | 35,245 | |||||||||
Capital expenditures | 334,238 | 47,732 | 30,953 | |||||||||
Less: | ||||||||||||
Dispositions | (229,824 | ) | (42,588 | ) | (31,005 | ) | ||||||
Assets transferred to held-for-sale | (107,411 | ) | — | — | ||||||||
Balance at end of year | $ | 4,927,305 | $ | 2,560,061 | $ | 2,483,134 | ||||||
(b) | Reconciliation of Accumulated Depreciation: | |
The following table reconciles the accumulated depreciation on real estate investments from January 1, 2004 to December 31, 2006 (in thousands): |
2006 | 2005 | 2004 | ||||||||||
Balance at beginning of year | $ | 390,333 | $ | 325,802 | $ | 268,091 | ||||||
Additions: | ||||||||||||
Depreciation expense — continued operations | 162,503 | 78,465 | 60,179 | |||||||||
Depreciation expense — discontinued operations | 12,305 | 171 | 224 | |||||||||
Consolidation of VIE’s (1) | — | — | 7,741 | |||||||||
Acquisitions | 1,037 | — | — | |||||||||
Less: | ||||||||||||
Dispositions | (44,430 | ) | (14,105 | ) | (10,433 | ) | ||||||
Assets transferred to held-for-sale | (6,050 | ) | — | — | ||||||||
Balance at end of year | $ | 515,698 | $ | 390,333 | $ | 325,802 | ||||||
(1) | - Joint ventures which were consolidated at March 31, 2004 under Financial Interpretation 46-R (“FIN-46-R”), “Consolidation of Variable Interest Entities.” | |
(2) | - Schedule III excludes an asset owned that is subject to a deferred financing lease. |
F - 91