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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2004 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Commission File Number 1-13102
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
Maryland | 36-3935116 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
311 S. Wacker Drive, Suite 4000, Chicago, Illinois | 60606 | |
(Address of principal executive offices) | (Zip Code) |
(312) 344-4300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock
(Title of class)
New York Stock Exchange
(Name of exchange on which registered)
Depositary Shares Each Representing 1/100 of a Share of 8.625% Series C Cumulative Preferred Stock
(Title of class)
New York Stock Exchange
(Name of exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes þ No o
The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant was approximately $1,475 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2004.
At March 23, 2005, 42,944,619 shares of the Registrant’s Common Stock, $.01 par value, were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Registrant’s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.
FIRST INDUSTRIAL REALTY TRUST, INC.
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This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. First Industrial Realty Trust, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company on a consolidated basis include, but are not limited to, changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company’s current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included herein and in the Company’s other filings with the Securities and Exchange Commission.
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PART I
THE COMPANY
Item 1. | Business |
General
First Industrial Realty Trust, Inc. is a Maryland corporation organized on August 10, 1993, and is a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). First Industrial Realty Trust, Inc., (together with its consolidated subsidiaries, the “Company”) is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, redevelops and develops industrial real estate. The Company completed its initial public offering in June 1994 (the “Initial Offering”). Upon consummation of the Initial Offering, the Company owned 226 industrial properties which contained an aggregate of 17.4 million square feet of gross leasable area (“GLA”). As of December 31, 2004, the Company’s in-service portfolio consisted of 403 light industrial properties, 151 R&D/ flex properties, 157 bulk warehouse properties, 91 regional warehouse properties and 25 manufacturing properties containing approximately 61.7 million square feet of GLA located in 22 states. The Company’s in-service portfolio includes all properties other than developed and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).
The Company’s interests in its properties and land parcels are held through (i) partnerships controlled by the Company, including First Industrial, L.P. (the “Operating Partnership”), of which the Company is the sole general partner, as well as, among others, First Industrial Financing Partnership, L.P., First Industrial Securities, L.P., First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial Indianapolis, L.P., FI Development Services, L.P. and TK-SV, LTD., each of which the sole general partner is a wholly-owned subsidiary of the Company and the sole limited partner is the Operating Partnership; (ii) limited liability companies, of which the Operating Partnership is the sole member; and (iii) First Industrial Development Services, Inc., of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein. The Company, through separate wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
The Company utilizes an operating approach which combines the effectiveness of decentralized, locally-based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At March 23, 2005, the Company had 353 employees.
The Company has grown and will seek to continue to grow through the development and acquisition of additional industrial properties and through its corporate services program.
The Company maintains a website at www.firstindustrial.com. Copies of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to such reports are available without charge on the Company’s website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. In addition, the Company’s Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee
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Charter, Nominating/ Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by the Company, are all available without charge on the Company’s website or upon request to the Company. Amendments to, or waivers from, the Company’s Code of Business Conduct and Ethics that apply to the Company’s executive officers or directors shall be posted to the Company’s website at www.firstindustrial.com. Please direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
Business Objectives and Growth Plans
The Company’s fundamental business objective is to maximize the total return to its stockholders through increases in per share distributions and increases in the value of the Company’s properties and operations. The Company’s growth plans include the following elements:
• | Internal Growth. The Company seeks to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancy exists and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; (iv) renovating existing properties; and (v) increasing ancillary revenues from non-real estate sources. | |
• | External Growth. The Company seeks to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet the Company’s investment parameters and target markets; and (iii) the expansion of its properties. | |
• | Corporate Services. Through its corporate services program, the Company builds for, purchases from, and leases and sells industrial properties to companies that need industrial facilities. The Company seeks to grow this business by targeting both large and middle-market public and private companies. |
Business Strategies
The Company utilizes the following six strategies in connection with the operation of its business:
• | Organization Strategy. The Company implements its decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. Each operating region is headed by a managing director, who is a senior executive officer of, and has an equity interest in, the Company. The Company provides acquisition, development and financing assistance, asset management oversight and financial reporting functions from its headquarters in Chicago, Illinois to support its regional operations. The Company believes the size of its portfolio enables it to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. | |
• | Market Strategy. The Company’s market strategy is to concentrate on the top industrial real estate markets in the United States. These top markets are based upon one or more of the following characteristics: (i) the strength of the market’s industrial real estate fundamentals, including increased industrial demand expectations; (ii) the history and outlook for continued economic growth and industry diversity; and (iii) a minimum market size of 100 million square feet of industrial space. | |
• | Leasing and Marketing Strategy. The Company has an operational management strategy designed to enhance tenant satisfaction and portfolio performance. The Company pursues an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property- |
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related expenses to the tenant. The Company also has local and national marketing programs which focus on the business and real estate brokerage communities and national tenants. | ||
• | Acquisition/ Development Strategy. The Company’s acquisition/development strategy is to invest in properties and other assets with higher yield potential in the top industrial real estate markets in the United States. Of the 827 industrial properties in the Company’s in-service portfolio at December 31, 2004, 137 properties have been developed by the Company or its former management. The Company will continue to leverage the development capabilities of its management, many of whom are leading industrial property developers in their respective markets. | |
• | Disposition Strategy. The Company continuously evaluates local market conditions and property-related factors in all of its markets for purposes of identifying assets suitable for disposition. | |
• | Financing Strategy. The Company plans on utilizing a portion of net sales proceeds from property sales, borrowings under its $300 million unsecured line of credit and proceeds from the issuance, when and as warranted, of additional equity securities to finance future acquisitions and developments. As of March 23, 2005, the Company had approximately $98.3 million available in additional borrowings under its $300 million unsecured line of credit. |
Recent Developments
In 2004, the Company acquired or placed in-service developments totaling 95 industrial properties and acquired several parcels of land for a total investment of approximately $517.7 million. The Company also sold 97 industrial properties and several parcels of land for a gross sales price of approximately $424.9 million. At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA.
On May 17, 2004, the Company, through the Operating Partnership, exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon interest rate of 6.42% (the “2014 Notes”) for $100.0 million aggregate principal amount of its 7.375% Notes due 2011 (the “2011 PATS”) and net cash in the amount of approximately $8.9 million. The issue price of the 2014 Notes was 99.123%.
On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”) and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or
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$50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $.3 million.
On June 7, 2004, the Company redeemed 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.95%, $.01 par value, Series D Cumulative Preferred Stock, at a redemption price of $25.00 per Depositary Share, and a paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9 million.
On June 7, 2004, the Company redeemed 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.90%, $.01 par value, Series E Cumulative Preferred Stock, at a redemption price of $25.00 per Depositary Share, and a paid prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1 million.
On June 11, 2004, the Company, through the Operating Partnership, amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election.
On June 14, 2004, the Company, through the Operating Partnership, issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6.7 million of proceeds, which is included in other comprehensive income.
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On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48.8 million.
On September 30, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of approximately $12.1 million which bears interest at a fixed rate of 5.6%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on November 10, 2012. In conjunction with the assumption of the loan, the Company recorded a premium in the amount of $.5 million which will be amortized over the remaining life of the loan as an adjustment to interest expense.
On December 3, 2004, the Company, through the Operating Partnership, paid off and retired its $4.3 million mortgage loan which bore interest at 7.61%, provided for monthly principal and interest payments based on a 30-year amortization schedule, and was to mature on May 1, 2012.
On December 21, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $6.2 million (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by several properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense.
From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties for approximately $136.0 million of gross proceeds during this period.
On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005.
Future Property Acquisitions, Developments and Property Sales
The Company has an active acquisition and development program through which it is continually engaged in identifying, negotiating and consummating portfolio and individual industrial property acquisitions and developments. As a result, the Company is currently engaged in negotiations relating to the possible acquisition and development of certain industrial properties located in the United States.
The Company also sells properties based on market conditions and property related factors. As a result, the Company is currently engaged in negotiations relating to the possible sale of certain industrial properties in the Company’s current portfolio.
When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, the Company will consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the potential for capital appreciation of the property; (iv) the ability of the Company to improve the property’s performance through renovation; (v) the terms of tenant leases, including the potential for rent increases; (vi) the
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potential for economic growth and the tax and regulatory environment of the area in which the property is located; (vii) the potential for expansion of the physical layout of the property and/or the number of sites; (viii) the occupancy and demand by tenants for properties of a similar type in the vicinity; and (ix) competition from existing properties and the potential for the construction of new properties in the area.
INDUSTRY
Industrial properties are typically used for the design, assembly, packaging, storage and distribution of goods and/or the provision of services. As a result, the demand for industrial space in the United States is related to the level of economic output. Historically, occupancy rates for industrial property in the United States have been higher than those for other types of commercial property. The Company believes that the higher occupancy rate in the industrial property sector is a result of the construction-on-demand nature of, and the comparatively short development time required for, industrial property. For the five years ended December 31, 2004, the occupancy rates for industrial properties in the United States have ranged from 88.4%* to 93.4%*, with an occupancy rate of 89.1%* at December 31, 2004.
Item 2. | Properties |
General
At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA in 22 states, with a diverse base of more than 2,400 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2004 was approximately 19 years. The Company maintains insurance on its properties that the Company believes is adequate.
The Company classifies its properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, the Company uses what it feels is the most dominating characteristic to categorize its property. The following describes, generally, the different industrial categories:
• | Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16 to 21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to that which is occupied by the building. | |
• | R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1. | |
• | Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. | |
• | Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. |
*Source: Torto Wheaton Research
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• | Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1. |
Each of the properties is wholly owned by the Company. The following tables summarize certain information as of December 31, 2004 with respect to the Company’s in-service properties.
Property Summary
Light Industrial | R&D/Flex | Bulk Warehouse | Regional Warehouse | Manufacturing | |||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Number of | Number of | |||||||||||||||||||||||||||||||||||||
Metropolitan Area | GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | |||||||||||||||||||||||||||||||
Atlanta, GA | 598,106 | 11 | 294,074 | 7 | 3,385,754 | 11 | 383,935 | 5 | 298,000 | 2 | |||||||||||||||||||||||||||||||
Baltimore, MD | 727,370 | 12 | — | — | 749,830 | 4 | — | — | 171,000 | 1 | |||||||||||||||||||||||||||||||
Central Pennsylvania | 383,070 | 4 | — | — | 1,963,886 | 9 | 117,579 | 3 | — | — | |||||||||||||||||||||||||||||||
Chicago, IL | 1,144,615 | 20 | 247,084 | 4 | 2,110,988 | 10 | 50,009 | 1 | 589,000 | 3 | |||||||||||||||||||||||||||||||
Cincinnati, OH | 384,220 | 3 | — | — | 1,693,880 | 7 | — | — | — | — | |||||||||||||||||||||||||||||||
Columbus, OH | 217,612 | 2 | — | — | 1,654,437 | 4 | — | — | — | — | |||||||||||||||||||||||||||||||
Dallas, TX | 1,713,803 | 45 | 492,503 | 20 | 2,369,671 | 18 | 831,941 | 13 | 224,984 | 2 | |||||||||||||||||||||||||||||||
Denver, CO | 1,550,521 | 30 | 1,289,162 | 34 | 1,202,317 | 7 | 526,723 | 8 | — | — | |||||||||||||||||||||||||||||||
Des Moines, IA | — | — | — | — | — | — | 88,000 | 1 | — | — | |||||||||||||||||||||||||||||||
Detroit, MI | 2,234,543 | 84 | 426,112 | 15 | 658,643 | 6 | 684,978 | 16 | — | — | |||||||||||||||||||||||||||||||
Grand Rapids, MI | 61,250 | 1 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Houston, TX | 536,211 | 7 | 201,363 | 3 | 2,130,764 | 13 | 365,960 | 5 | — | — | |||||||||||||||||||||||||||||||
Indianapolis, IN | 775,980 | 17 | 48,200 | 4 | 3,218,628 | 13 | 277,710 | 7 | 71,600 | 2 | |||||||||||||||||||||||||||||||
Los Angeles, CA | 272,594 | 11 | 18,921 | 4 | 961,706 | 5 | 345,258 | 7 | — | — | |||||||||||||||||||||||||||||||
Louisville, KY | — | — | — | — | 443,500 | 2 | — | — | — | — | |||||||||||||||||||||||||||||||
Miami, FL | — | — | — | — | 268,539 | 1 | — | — | — | — | |||||||||||||||||||||||||||||||
Milwaukee, WI | 146,061 | 3 | 93,705 | 2 | 524,894 | 4 | 39,468 | 1 | — | — | |||||||||||||||||||||||||||||||
Minneapolis/ St. Paul, MN | 1,118,955 | 18 | 695,165 | 10 | 1,433,082 | 6 | 201,813 | 2 | 1,057,040 | 11 | |||||||||||||||||||||||||||||||
Nashville, TN | 273,843 | 5 | — | — | 1,549,322 | 7 | — | — | 109,058 | 1 | |||||||||||||||||||||||||||||||
N. New Jersey | 1,167,489 | 21 | 425,996 | 8 | 1,380,965 | 8 | 238,485 | 3 | — | — | |||||||||||||||||||||||||||||||
Philadelphia, PA | 1,131,651 | 23 | 128,059 | 5 | 43,400 | 1 | 211,316 | 3 | 56,827 | 2 | |||||||||||||||||||||||||||||||
Phoenix, AZ | 234,851 | 8 | — | — | 407,205 | 3 | 469,923 | 6 | — | — | |||||||||||||||||||||||||||||||
Salt Lake City, UT | 499,164 | 33 | 146,937 | 6 | 324,568 | 2 | — | — | — | — | |||||||||||||||||||||||||||||||
San Diego, CA | — | — | — | — | 397,760 | 2 | 179,541 | 5 | — | — | |||||||||||||||||||||||||||||||
S. New Jersey | 921,604 | 20 | 37,450 | 2 | — | — | 118,496 | 2 | 22,738 | 1 | |||||||||||||||||||||||||||||||
St. Louis, MO | 688,165 | 9 | — | — | 1,533,507 | 10 | 96,392 | 1 | — | — | |||||||||||||||||||||||||||||||
Tampa, FL | 517,252 | 13 | 733,522 | 27 | — | — | 41,377 | 1 | — | — | |||||||||||||||||||||||||||||||
Other(a) | 99,000 | 3 | — | — | 668,155 | 4 | 50,000 | 1 | — | — | |||||||||||||||||||||||||||||||
Total | 17,397,930 | 403 | 5,278,253 | 151 | 31,075,401 | 157 | 5,318,904 | 91 | 2,600,247 | 25 | |||||||||||||||||||||||||||||||
(a) | Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV. |
9
Table of Contents
Property Summary Totals
Totals | |||||||||||||||||
Average | GLA as a % | ||||||||||||||||
Number of | Occupancy at | of Total | |||||||||||||||
Metropolitan Area | GLA | Properties | 12/31/04 | Portfolio | |||||||||||||
Atlanta, GA | 4,959,869 | 36 | 88% | 8.0% | |||||||||||||
Baltimore, MD | 1,648,200 | 17 | 92% | 2.7% | |||||||||||||
Central Pennsylvania | 2,464,535 | 16 | 89% | 4.0% | |||||||||||||
Chicago, IL | 4,141,696 | 38 | 84% | 6.7% | |||||||||||||
Cincinnati, OH | 2,078,100 | 10 | 88% | 3.4% | |||||||||||||
Columbus, OH | 1,872,049 | 6 | 98% | 3.0% | |||||||||||||
Dallas, TX | 5,632,902 | 98 | 92% | 9.1% | |||||||||||||
Denver, CO | 4,568,723 | 79 | 91% | 7.4% | |||||||||||||
Des Moines, IA | 88,000 | 1 | 46% | 0.1% | |||||||||||||
Detroit, MI | 4,004,276 | 121 | 93% | 6.5% | |||||||||||||
Grand Rapids, MI | 61,250 | 1 | 100% | 0.1% | |||||||||||||
Houston, TX | 3,234,298 | 28 | 91% | 5.2% | |||||||||||||
Indianapolis, IN | 4,392,118 | 43 | 81% | 7.1% | |||||||||||||
Los Angeles, CA | 1,598,479 | 27 | 100% | 2.6% | |||||||||||||
Louisville, KY | 443,500 | 2 | 100% | 0.7% | |||||||||||||
Miami, FL | 268,539 | 1 | 100% | 0.4% | |||||||||||||
Milwaukee, WI | 804,128 | 10 | 100% | 1.3% | |||||||||||||
Minneapolis/ St. Paul, MN | 4,506,055 | 47 | 87% | 7.3% | |||||||||||||
Nashville, TN | 1,932,223 | 13 | 90% | 3.1% | |||||||||||||
N. New Jersey | 3,212,935 | 40 | 87% | 5.2% | |||||||||||||
Philadelphia, PA | 1,571,253 | 34 | 91% | 2.5% | |||||||||||||
Phoenix, AZ | 1,111,979 | 17 | 92% | 1.8% | |||||||||||||
Salt Lake City, UT | 970,669 | 41 | 89% | 1.6% | |||||||||||||
San Diego, CA | 577,301 | 7 | 93% | 0.9% | |||||||||||||
S. New Jersey | 1,100,288 | 25 | 100% | 1.8% | |||||||||||||
St. Louis, MO | 2,318,064 | 20 | 95% | 3.8% | |||||||||||||
Tampa, FL | 1,292,151 | 41 | 87% | 2.1% | |||||||||||||
Other(a) | 817,155 | 8 | 100% | 1.3% | |||||||||||||
Total or Average | 61,670,735 | 827 | 90% | 100.0% | |||||||||||||
(a) | Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV. |
10
Table of Contents
Property Acquisition Activity
During 2004, the Company acquired 79 industrial properties totaling approximately 9.2 million square feet of GLA at a total purchase price of approximately $365.9 million, or approximately $39.62 per square foot. The Company also purchased several land parcels for an aggregate purchase price of approximately $36.5 million. The 79 industrial properties acquired have the following characteristics:
Average | ||||||||||||||
Number of | Occupancy at | |||||||||||||
Metropolitan Area | Properties | GLA | Property Type | 12/31/04(g) | ||||||||||
St. Louis, MO | 6 | 812,685 | Light Industrial/Regional & Bulk Warehouse | 99 | % | |||||||||
Nashville, TN(a) | 1 | 98,150 | Manufacturing | N/A | ||||||||||
Nashville, TN | 1 | 522,483 | Bulk Warehouse | 100 | % | |||||||||
Cincinnati, OH(a) | 1 | 482,772 | Bulk Warehouse | N/A | ||||||||||
Minneapolis, MN(b) | 1 | 81,927 | Light Industrial | N/A | ||||||||||
Salt Lake City, UT(c) | 4 | 93,600 | Light Industrial | 100 | % | |||||||||
Denver, CO | 3 | 663,411 | Bulk Warehouse | 100 | % | |||||||||
Atlanta, GA(a) | 1 | 151,743 | Bulk Warehouse | N/A | ||||||||||
Phoenix, AZ | 1 | 22,978 | Light Industrial | 100 | % | |||||||||
Chicago, IL | 1 | 76,430 | Light Industrial | 100 | % | |||||||||
Chicago, IL | 1 | 169,000 | Manufacturing | 100 | % | |||||||||
Minneapolis, MN | 1 | 216,700 | Bulk Warehouse | 100 | % | |||||||||
Milwaukee, WI | 1 | 103,024 | Bulk Warehouse | 100 | % | |||||||||
Los Angeles, CA | 2 | 73,000 | Light Industrial | 100 | % | |||||||||
Dallas, TX | 1 | 85,200 | Regional Warehouse | 100 | % | |||||||||
Milwaukee, WI(a) | 1 | 60,000 | Light Industrial | N/A | ||||||||||
Northern New Jersey | 1 | 92,400 | Regional Warehouse | 100 | % | |||||||||
Northern New Jersey | 1 | 194,258 | Bulk Warehouse | 100 | % | |||||||||
Milwaukee, WI | 2 | 321,870 | Bulk Warehouse | 100 | % | |||||||||
Minneapolis, MN | 1 | 71,905 | Light Industrial | 100 | % | |||||||||
Dallas, TX(d) | 12 | 853,857 | Light Industrial/Regional & Bulk Warehouse | 94 | % | |||||||||
Baltimore, MD | 1 | 300,000 | Bulk Warehouse | 100 | % | |||||||||
Northern New Jersey | 1 | 208,000 | Bulk Warehouse | 100 | % | |||||||||
Northern New Jersey | 1 | 115,536 | Bulk Warehouse | 100 | % | |||||||||
Phoenix, AZ | 3 | 407,205 | Bulk Warehouse | 100 | % | |||||||||
Baltimore, MD | 1 | 138,920 | Bulk Warehouse | 100 | % | |||||||||
Baltimore, MD | 1 | 148,215 | Bulk Warehouse | 100 | % | |||||||||
Baltimore, MD | 2 | 125,000 | Light Industrial | 59 | % | |||||||||
Philadelphia, PA | 1 | 48,000 | Light Industrial | 100 | % | |||||||||
Los Angeles, CA | 1 | 100,000 | Bulk Warehouse | 100 | % | |||||||||
Minneapolis, MN(e) | 2 | 162,408 | R&D/Flex | 100 | % | |||||||||
Miami, FL | 1 | 268,539 | Bulk Warehouse | 100 | % | |||||||||
Baltimore, MD | 1 | 376,295 | Bulk Warehouse | 100 | % | |||||||||
Tampa, FL(f) | 7 | 201,620 | R&D/Flex/Light Industrial | 100 | % | |||||||||
Atlanta, GA(b) | 1 | 239,435 | Manufacturing | N/A | ||||||||||
Dallas, TX | 1 | 261,102 | Bulk Warehouse | 100 | % |
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Table of Contents
Average | ||||||||||||||
Number of | Occupancy at | |||||||||||||
Metropolitan Area | Properties | GLA | Property Type | 12/31/04(g) | ||||||||||
Houston, TX(f) | 5 | 155,131 | Light Industrial | N/A | ||||||||||
Minneapolis, MN | 1 | 47,263 | Light Industrial | 100 | % | |||||||||
Cincinnati, OH | 1 | 345,000 | Bulk Warehouse | 100 | % | |||||||||
Nashville, TN | 1 | 194,113 | Bulk Warehouse | 100 | % | |||||||||
Los Angeles, CA | 1 | 68,446 | Regional Warehouse | 100 | % | |||||||||
Phoenix, AZ | 1 | 78,150 | Regional Warehouse | 100 | % | |||||||||
79 | 9,235,771 | |||||||||||||
(a) | Property was sold in 2004. |
(b) | Property was placed out of service in 2004. | |
(c) | Three properties were placed out of service in 2004. | |
(d) | Two properties were placed out of service in 2004. | |
(e) | One property was placed out of service in 2004. | |
(f) | Five properties were placed out of service in 2004. | |
(g) | Includes only in-service properties. |
Property Development Activity
During 2004, the Company placed in-service 16 developments totaling approximately 2.0 million square feet of GLA at a total cost of approximately $115.3 million, or approximately $57.43 per square foot. The placed in-service developments have the following characteristics:
Average | ||||||||||||
Occupancy | ||||||||||||
Metropolitan Area | GLA | Property Type | at 12/31/04 | |||||||||
Phoenix, AZ | 54,890 | Light Industrial | 100 | % | ||||||||
Harrisburg, PA | 103,200 | Bulk Warehouse | 100 | % | ||||||||
St. Louis, MO | 180,658 | Bulk Warehouse | 100 | % | ||||||||
Harrisburg, PA | 87,500 | Regional Warehouse | 100 | % | ||||||||
Atlanta, GA | 231,000 | Bulk Warehouse | 100 | % | ||||||||
Chicago, IL(a) | 236,213 | Bulk Warehouse | N/A | |||||||||
Phoenix, AZ(a) | 73,415 | Light Industrial | N/A | |||||||||
Harrisburg, PA | 252,000 | Bulk Warehouse | 100 | % | ||||||||
Phoenix, AZ | 44,545 | Light Industrial | 100 | % | ||||||||
Harrisburg, PA(a) | 314,591 | Bulk Warehouse | N/A | |||||||||
Phoenix, AZ(a) | 144,020 | Light Industrial | N/A | |||||||||
Harrisburg, PA | 110,000 | Bulk Warehouse | 100 | % | ||||||||
Denver, CO | 67,280 | Light Industrial | 90 | % | ||||||||
Phoenix, AZ(a) | 37,499 | Light Industrial | N/A | |||||||||
Phoenix, AZ(a) | 36,746 | Light Industrial | N/A | |||||||||
Dallas, TX(a) | 34,800 | Light Industrial | N/A | |||||||||
2,008,357 | ||||||||||||
12
Table of Contents
(a) | Property was sold in 2004. |
At December 31, 2004, the Company had 19 development projects not placed in service, totaling an estimated 2.7 million square feet and with an estimated completion cost of approximately $173.2 million. The Company estimates it will place in service 16 of the 19 projects in fiscal year 2005. There can be no assurance that the Company will place these projects in service in 2005 or that the actual completion cost will not exceed the estimated completion cost stated above.
Property Sales
During 2004, the Company sold 97 industrial properties totaling approximately 7.4 million square feet of GLA and several land parcels. Total gross sales proceeds approximated $424.9 million. The 97 industrial properties sold have the following characteristics:
Number | ||||||||||
of | ||||||||||
Metropolitan Area | Properties | GLA | Property Type | |||||||
Minneapolis, MN | 4 | 435,032 | Regional Warehouse/R&D/Flex/Light Industrial | |||||||
Nashville, TN | 1 | 423,500 | Bulk Warehouse | |||||||
Tampa, FL | 1 | 11,600 | Light Industrial | |||||||
Salt Lake City, UT | 1 | 10,500 | Light Industrial | |||||||
Nashville, TN | 1 | 28,022 | Light Industrial | |||||||
Dallas, TX | 2 | 41,000 | Light Industrial | |||||||
Detroit, MI | 2 | 85,086 | Light Industrial | |||||||
Philadelphia, PA | 1 | 46,750 | Regional Warehouse | |||||||
Chicago, IL | 1 | 68,728 | Regional Warehouse | |||||||
Chicago, IL | 1 | 407,012 | Bulk Warehouse | |||||||
Denver, CO | 1 | 52,227 | Light Industrial | |||||||
Denver, CO | 1 | 69,430 | Light Industrial | |||||||
Minneapolis, MN | 1 | 30,476 | Regional Warehouse | |||||||
Nashville, TN | 1 | 98,150 | Manufacturing | |||||||
Northern New Jersey | 1 | 259,230 | Bulk Warehouse | |||||||
Southern New Jersey | 1 | 90,804 | Regional Warehouse | |||||||
Tampa, FL | 1 | 23,778 | R&D/Flex | |||||||
Northern New Jersey | 1 | 32,500 | Light Industrial | |||||||
Chicago, IL | 1 | 41,531 | Manufacturing | |||||||
Baltimore, MD | 1 | 86,234 | Light Industrial | |||||||
Baltimore, MD | 3 | 125,421 | Light Industrial | |||||||
Dayton, OH | 7 | 342,746 | Light Industrial/R&D/Flex | |||||||
Southern New Jersey | 1 | 12,000 | R&D/Flex | |||||||
Southern New Jersey | 1 | 32,914 | Light Industrial | |||||||
Baltimore, MD | 1 | 57,600 | Light Industrial | |||||||
Northern New Jersey | 1 | 20,000 | R&D/Flex | |||||||
Northern New Jersey | 4 | 118,750 | R&D/Flex | |||||||
Houston, TX | 3 | 164,387 | R&D/Flex/Light Industrial/Bulk Warehouse | |||||||
Los Angeles, CA | 1 | 230,000 | Bulk Warehouse | |||||||
Baltimore, MD | 1 | 78,418 | R&D/Flex | |||||||
Central Pennsylvania | 1 | 178,600 | Bulk Warehouse | |||||||
Cincinnati, OH | 1 | 482,772 | Bulk Warehouse |
13
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Number | ||||||||||
of | ||||||||||
Metropolitan Area | Properties | GLA | Property Type | |||||||
Denver, CO | 2 | 41,619 | Light Industrial | |||||||
Phoenix, AZ | 1 | 26,680 | Light Industrial | |||||||
Dallas, TX | 1 | 70,936 | Regional Warehouse | |||||||
Detroit, MI | 1 | 55,535 | Regional Warehouse | |||||||
Phoenix, AZ | 1 | 144,020 | Light Industrial | |||||||
Baltimore, MD | 1 | 40,800 | Light Industrial | |||||||
Louisville, KY | 1 | 221,000 | Bulk Warehouse | |||||||
Phoenix, AZ | 2 | 73,246 | Light Industrial | |||||||
Salt Lake City, UT | 6 | 92,518 | Light Industrial | |||||||
Atlanta, GA | 1 | 151,743 | Bulk Warehouse | |||||||
Tampa, FL | 1 | 33,861 | R&D/Flex | |||||||
Chicago, IL | 1 | 147,400 | Bulk Warehouse | |||||||
Phoenix, AZ | 1 | 24,192 | Light Industrial | |||||||
Harrisburg, PA | 1 | 314,591 | Bulk Warehouse | |||||||
Detroit, MI | 1 | 13,507 | Light Industrial | |||||||
Milwaukee, WI | 1 | 60,000 | Light Industrial | |||||||
Chicago, IL | 1 | 100,074 | R&D/Flex | |||||||
Dallas, TX | 5 | 222,403 | Manufacturing | |||||||
Detroit, MI | 1 | 14,600 | Light Industrial | |||||||
Philadelphia, PA | 1 | 25,361 | Light Industrial | |||||||
Detroit, MI | 1 | 23,320 | Light Industrial | |||||||
Chicago, IL | 1 | 137,678 | Light Industrial | |||||||
Baltimore, MD | 1 | 142,189 | Bulk Warehouse | |||||||
Phoenix, AZ | 3 | 147,660 | Light Industrial | |||||||
Indianapolis, IN | 1 | 40,000 | Light Industrial | |||||||
Baltimore, MD | 1 | 49,259 | Light Industrial | |||||||
Los Angeles, CA | 1 | 7,300 | Light Industrial | |||||||
S. New Jersey | 1 | 10,300 | R&D/Flex | |||||||
Dallas, TX | 2 | 137,200 | Regional Warehouse & Light Industrial | |||||||
Chicago, IL | 1 | 236,213 | Bulk Warehouse | |||||||
Dallas, TX | 1 | 101,839 | Bulk Warehouse | |||||||
Philadelphia, PA | 1 | 214,320 | Bulk Warehouse | |||||||
Philadelphia, PA | 1 | 97,448 | Regional Warehouse | |||||||
97 | 7,404,010 | |||||||||
Property Acquisitions, Developments and Sales Subsequent to Year End
From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties and several land parcels for approximately $136.0 million of gross proceeds during this period.
14
Table of Contents
Detail Property Listing
The following table lists all of the Company’s in-service properties as of December 31, 2004, by geographic market area.
Property Listing
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||
4250 River Green Parkway | Duluth, GA | 1988 | R&D/Flex | 2.14 | 28,942 | 65 | % | |||||||||||||||||||
3400 Corporate Parkway | Duluth, GA | 1987 | Light Industrial | 3.73 | 59,959 | 100 | % | |||||||||||||||||||
3450 Corporate Parkway | Duluth, GA | 1988 | R&D/Flex | 2.38 | 37,346 | 75 | % | |||||||||||||||||||
3500 Corporate Parkway | Duluth, GA | 1991 | R&D/Flex | 2.80 | 44,242 | 100 | % | |||||||||||||||||||
3425 Corporate Parkway | Duluth, GA | 1990 | R&D/Flex | 3.49 | 43,006 | 100 | % | |||||||||||||||||||
1650 GA Highway 155 | McDonough, GA | 1991 | Bulk Warehouse | 12.80 | 228,400 | 100 | % | |||||||||||||||||||
14101 Industrial Park Blvd. | Covington, GA | 1984 | Light Industrial | 9.25 | 92,160 | 100 | % | |||||||||||||||||||
801-804 Blacklawn Road | Conyers, GA | 1982 | Bulk Warehouse | 6.67 | 111,540 | 70 | % | |||||||||||||||||||
1665 Dogwood Drive | Conyers, GA | 1973 | Manufacturing | 9.46 | 198,000 | 100 | % | |||||||||||||||||||
1715 Dogwood Drive | Conyers, GA | 1973 | Manufacturing | 4.61 | 100,000 | 100 | % | |||||||||||||||||||
11235 Harland Drive | Covington, GA | 1988 | Light Industrial | 5.39 | 32,361 | 100 | % | |||||||||||||||||||
4050 Southmeadow Parkway | Atlanta, GA | 1991 | Reg. Warehouse | 6.60 | 87,328 | 29 | % | |||||||||||||||||||
4051 Southmeadow Parkway | Atlanta, GA | 1989 | Bulk Warehouse | 11.20 | 151,935 | 100 | % | |||||||||||||||||||
4071 Southmeadow Parkway | Atlanta, GA | 1991 | Bulk Warehouse | 17.80 | 209,918 | 100 | % | |||||||||||||||||||
4081 Southmeadow Parkway | Atlanta, GA | 1989 | Bulk Warehouse | 12.83 | 254,172 | 0 | % | |||||||||||||||||||
370 Great Southwest Pkway(i) | Atlanta, GA | 1986 | Light Industrial | 8.06 | 150,536 | 95 | % | |||||||||||||||||||
955 Cobb Place | Kennesaw, GA | 1991 | Reg. Warehouse | 8.73 | 97,518 | 100 | % | |||||||||||||||||||
2039 Monier Blvd | Lithia Springs, GA | 1999 | Bulk Warehouse | 10.00 | 110,000 | 100 | % | |||||||||||||||||||
1005 Sigman Road | Conyers, GA | 1986 | Bulk Warehouse | 9.12 | 127,338 | 100 | % | |||||||||||||||||||
2050 East Park Drive | Conyers, GA | 1998 | Reg. Warehouse | 5.46 | 90,289 | 100 | % | |||||||||||||||||||
201 Greenwood | McDonough, GA | 1999 | Bulk Warehouse | 39.00 | 800,000 | 100 | % | |||||||||||||||||||
220 Greenwood | McDonough, GA | 2000 | Bulk Warehouse | 26.69 | 504,000 | 100 | % | |||||||||||||||||||
1255 Oakbrook Drive | Norcross, GA | 1984 | Light Industrial | 2.50 | 36,000 | 33 | % | |||||||||||||||||||
1256 Oakbrook Drive | Norcross, GA | 1984 | Light Industrial | 3.48 | 40,392 | 75 | % | |||||||||||||||||||
1265 Oakbrook Drive | Norcross, GA | 1984 | Light Industrial | 3.52 | 51,200 | 0 | % | |||||||||||||||||||
1266 Oakbrook Drive | Norcross, GA | 1984 | Light Industrial | 3.62 | 30,378 | 74 | % | |||||||||||||||||||
1275 Oakbrook Drive | Norcross, GA | 1986 | Reg. Warehouse | 4.36 | 62,400 | 78 | % | |||||||||||||||||||
1280 Oakbrook Drive | Norcross, GA | 1986 | Reg. Warehouse | 4.34 | 46,400 | 56 | % | |||||||||||||||||||
1300 Oakbrook Drive | Norcross, GA | 1986 | Light Industrial | 5.41 | 52,000 | 100 | % | |||||||||||||||||||
1325 Oakbrook Drive | Norcross, GA | 1986 | Light Industrial | 3.53 | 53,120 | 69 | % | |||||||||||||||||||
1351 Oakbrook Drive | Norcross, GA | 1984 | R&D/Flex | 3.93 | 36,600 | 54 | % | |||||||||||||||||||
1346 Oakbrook Drive | Norcross, GA | 1985 | R&D/Flex | 5.52 | 74,538 | 28 | % | |||||||||||||||||||
1412 Oakbrook Drive | Norcross, GA | 1985 | R&D/Flex | 2.89 | 29,400 | 56 | % | |||||||||||||||||||
Greenwood Industrial Park | McDonough, GA | 2003 | Bulk Warehouse | 31.70 | 231,000 | 100 | % |
15
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Atlanta — (Continued) | ||||||||||||||||||||||||||
3060 South Park Blvd | Ellenwood, GA | 1992 | Bulk Warehouse | 30.56 | 657,451 | 100 | % | |||||||||||||||||||
4,959,869 | 88 | % | ||||||||||||||||||||||||
Subtotal or Average | ||||||||||||||||||||||||||
Baltimore | Baltimore, MD | 1988 | Light Industrial | 3.48 | 60,227 | 100 | % | |||||||||||||||||||
3431 Benson | Baltimore, MD | 1987 | Light Industrial | 3.32 | 60,000 | 90 | % | |||||||||||||||||||
1811 Portal | Baltimore, MD | 1990 | Light Industrial | 3.18 | 46,522 | 100 | % | |||||||||||||||||||
1831 Portal | Baltimore, MD | (d | ) | 1982 | Bulk Warehouse | 6.55 | 171,000 | 100 | % | |||||||||||||||||
1820 Portal | Baltimore, MD | 1987 | Light Industrial | 4.36 | 65,860 | 93 | % | |||||||||||||||||||
6615 Tributary | Frederick, MD | 1988 | Light Industrial | 5.47 | 83,934 | 34 | % | |||||||||||||||||||
4845 Governors Way | Baltimore, MD | 1982 | Light Industrial | 5.80 | 60,000 | 100 | % | |||||||||||||||||||
8900 Yellow Brick Road | Hanover, MD | 1987 | Light Industrial | 18.00 | 71,866 | 100 | % | |||||||||||||||||||
7476 New Ridge | Lanhan, MD | 1980 | Light Industrial | 16.00 | 43,353 | 70 | % | |||||||||||||||||||
9700 Martin Luther King Hwy | Lanhan, MD | 1980 | Light Industrial | 5.56 | 30,608 | 100 | % | |||||||||||||||||||
9730 Martin Luther King Hwy | Lanhan, MD | 1980 | Bulk Warehouse | 5.89 | 86,400 | 100 | % | |||||||||||||||||||
4600 Boston Way | Dulles, VA | 1999 | Bulk Warehouse | 14.00 | 138,920 | 100 | % | |||||||||||||||||||
22520 Randolph Drive | Dulles, VA | 1998 | Bulk Warehouse | 10.31 | 148,215 | 100 | % | |||||||||||||||||||
22630 Dulles Summit Court | Lanhan, MD | 1978 | Light Industrial | 4.85 | 80,000 | 100 | % | |||||||||||||||||||
9800 Martin Luther King Hwy | Ashburn, VA | 1990 | Light Industrial | 0.00 | 49,200 | 100 | % | |||||||||||||||||||
21550 Beaumeade Circle | Ashburn, VA | 1990 | Light Industrial | 0.00 | 75,800 | 32 | % | |||||||||||||||||||
21580 Beaumeade Circle | Baltimore, MD | 1982/92 | Bulk Warehouse | 27.99 | 376,295 | 100 | % | |||||||||||||||||||
4501 Hollins Ferry Road | ||||||||||||||||||||||||||
1,648,200 | 92 | % | ||||||||||||||||||||||||
Subtotal or Average | ||||||||||||||||||||||||||
Central Pennsylvania | Cranberry, PA | 1982 | Reg. Warehouse | 5.99 | 32,779 | 100 | % | |||||||||||||||||||
1214-B Freedom Road | Middletown, PA | 1990 | Reg. Warehouse | 5.20 | 52,800 | 61 | % | |||||||||||||||||||
401 Russell Drive | Middletown, PA | 1990 | Reg. Warehouse | 3.60 | 32,000 | 100 | % | |||||||||||||||||||
2700 Commerce Drive | Middletown, PA | 1989 | Light Industrial | 6.40 | 48,000 | 100 | % | |||||||||||||||||||
2701 Commerce Drive | Middletown, PA | 1989 | Light Industrial | 2.00 | 21,600 | 29 | % | |||||||||||||||||||
2780 Commerce Drive | Harrisburg, PA | 1991 | Bulk Warehouse | 17.17 | 300,000 | 69 | % | |||||||||||||||||||
7125 Grayson Road | Harrisburg, PA | 1990 | Bulk Warehouse | 12.42 | 198,386 | 100 | % | |||||||||||||||||||
7253 Grayson Road | Mechanicsburg, PA | 1995 | Light Industrial | 5.06 | 49,350 | 80 | % | |||||||||||||||||||
5020 Louise Drive | Harrisburg, PA | 1994 | Bulk Warehouse | 6.02 | 100,000 | 80 | % | |||||||||||||||||||
7195 Grayson Road | York, PA | 1990 | Bulk Warehouse | 10.00 | 112,500 | 0 | % | |||||||||||||||||||
3380 Susquehanna Trail North | Mechanicsburg, PA | 1968/97 | Light Industrial | 20.00 | 264,120 | 100 | % | |||||||||||||||||||
350 Old Silver Spring Road | Hagerstown, MD | (f | ) | 2000 | Bulk Warehouse | 35.00 | 487,000 | 100 | % | |||||||||||||||||
16522 Hunters Green Parkway | Hagerstown, MD | 1992 | Bulk Warehouse | 22.73 | 300,000 | 100 | % | |||||||||||||||||||
18212 Shawley Drive | Mechanicsburg, PA | 2001 | Bulk Warehouse | 7.93 | 104,000 | 100 | % | |||||||||||||||||||
270 Old Silver Spring Road | Gouldsboro, PA | 2003 | Bulk Warehouse | 25.60 | 252,000 | 100 | % | |||||||||||||||||||
Covington (CAT) |
16
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Central Pennsylvania — (Continued) | ||||||||||||||||||||||||||
37 Valleyview Business Park | Jessup, PA | 2004 | Bulk Warehouse | 9.60 | 110,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 2,464,535 | 89 | % | |||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||
720-730 Landwehr Road | Northbrook, IL | 1978 | Light Industrial | 4.29 | 66,912 | 100 | % | |||||||||||||||||||
20W201 101st Street | Lemont, IL | 1988 | Bulk Warehouse | 8.72 | 160,201 | 100 | % | |||||||||||||||||||
3600 West Pratt Avenue | Lincolnwood, IL | 1953/88 | Bulk Warehouse | 6.35 | 204,679 | 80 | % | |||||||||||||||||||
6750 South Sayre Avenue | Bedford Park, IL | 1975 | Light Industrial | 2.51 | 63,383 | 59 | % | |||||||||||||||||||
585 Slawin Court | Mount Prospect, IL | 1992 | R&D/Flex | 3.71 | 38,150 | 0 | % | |||||||||||||||||||
2300 Windsor Court | Addison, IL | 1986 | Bulk Warehouse | 6.80 | 105,100 | 100 | % | |||||||||||||||||||
3505 Thayer Court | Aurora, IL | 1989 | Light Industrial | 4.60 | 64,220 | 100 | % | |||||||||||||||||||
305-311 Era Drive | Northbrook, IL | 1978 | Light Industrial | 1.82 | 27,549 | 100 | % | |||||||||||||||||||
4330 South Racine Avenue | Chicago, IL | 1978 | Manufacturing | 5.57 | 168,000 | 0 | % | |||||||||||||||||||
12241 Melrose Street | Franklin Park, IL | 1969 | Light Industrial | 2.47 | 77,301 | 100 | % | |||||||||||||||||||
3150-3160 MacArthur Boulevard | Northbrook, IL | 1978 | Light Industrial | 2.14 | 41,780 | 100 | % | |||||||||||||||||||
365 North Avenue | Carol Stream, IL | 1969 | Bulk Warehouse | 28.65 | 230,231 | 57 | % | |||||||||||||||||||
2942 MacArthur Boulevard | Northbrook, IL | 1979 | R&D/Flex | 3.12 | 49,730 | 0 | % | |||||||||||||||||||
305-307 East North Avenue | Carol Stream, IL | 1999 | Reg. Warehouse | 0.00 | 50,009 | 100 | % | |||||||||||||||||||
11939 South Central Avenue | Alsip, IL | 1972 | Bulk Warehouse | 12.60 | 320,171 | 100 | % | |||||||||||||||||||
405 East Shawmut | LaGrange, IL | 1965 | Light Industrial | 3.39 | 59,075 | 69 | % | |||||||||||||||||||
1010-50 Sesame Street | Bensenville, IL | 1976 | Manufacturing | 8.00 | 252,000 | 100 | % | |||||||||||||||||||
7401 South Pulaski | Chicago, IL | 1975/86 | Bulk Warehouse | 5.36 | 213,670 | 96 | % | |||||||||||||||||||
7501 South Pulaski | Chicago, IL | 1975/86 | Bulk Warehouse | 3.88 | 159,728 | 100 | % | |||||||||||||||||||
385 Fenton Lane | West Chicago, IL | 1990 | Bulk Warehouse | 6.79 | 180,417 | 100 | % | |||||||||||||||||||
335 Crossroad Parkway | Bolingbrook, IL | 1996 | Bulk Warehouse | 12.86 | 288,000 | 100 | % | |||||||||||||||||||
905 Paramount | Batavia, IL | 1977 | Light Industrial | 2.60 | 60,000 | 100 | % | |||||||||||||||||||
1005 Paramount | Batavia, IL | 1978 | Light Industrial | 2.50 | 64,574 | 50 | % | |||||||||||||||||||
2120-24 Roberts | Broadview, IL | 1960 | Light Industrial | 2.30 | 60,009 | 100 | % | |||||||||||||||||||
700 Business Center Drive | Mount Prospect, IL | 1980 | Light Industrial | 3.12 | 34,800 | 100 | % | |||||||||||||||||||
555 Business Center Drive | Mount Prospect, IL | 1981 | Light Industrial | 2.96 | 31,175 | 0 | % | |||||||||||||||||||
800 Business Center Drive | Mount Prospect, IL | 1988/99 | Light Industrial | 5.40 | 81,610 | 100 | % | |||||||||||||||||||
580 Slawin Court | Mount Prospect, IL | 1985 | Light Industrial | 2.08 | 30,225 | 100 | % | |||||||||||||||||||
1150 Feehanville | Mount Prospect, IL | 1983 | Light Industrial | 2.74 | 33,600 | 100 | % | |||||||||||||||||||
1200 Business Center Drive | Mount Prospect, IL | 1988/2000 | Light Industrial | 6.68 | 106,000 | 76 | % | |||||||||||||||||||
1331 Business Center Drive | Mount Prospect, IL | 1985 | Light Industrial | 3.12 | 30,380 | 100 | % | |||||||||||||||||||
19W661 101st Street | Lemont, IL | 1988 | Bulk Warehouse | 10.94 | 248,791 | 61 | % | |||||||||||||||||||
175 Wall Street | Glendale Heights, IL | 1990 | Light Industrial | 4.10 | 50,050 | 100 | % |
17
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Chicago — (Continued) | ||||||||||||||||||||||||||
800-820 Thorndale Avenue | Bensenville, IL | 1985 | R&D/Flex | 5.56 | 73,249 | 100 | % | |||||||||||||||||||
830-890 Supreme Drive | Bensenville, IL | 1981 | Light Industrial | 4.77 | 85,542 | 100 | % | |||||||||||||||||||
1661 Feehanville Drive | Mount Prospect, IL | 1986 | R&D/Flex | 6.89 | 85,955 | 81 | % | |||||||||||||||||||
2250 Arthur Avenue | Elk Grove Village, IL | 1973 | Light Industrial | 3.20 | 76,430 | 100 | % | |||||||||||||||||||
1850 Touhy & 1158-60 McCage | Elk Grove Village, IL | 1978 | Manufacturing | 6.88 | 169,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 4,141,696 | 84 | % | |||||||||||||||||||||||
Cincinnati | ||||||||||||||||||||||||||
9900-9970 Princeton | Cincinnati, OH | 1970 | Bulk Warehouse | 10.64 | 185,580 | 93 | % | |||||||||||||||||||
2940 Highland Avenue | Cincinnati, OH | 1969/74 | Bulk Warehouse | 17.08 | 502,000 | 83 | % | |||||||||||||||||||
4700-4750 Creek Road | Blue Ash, OH | 1960 | Light Industrial | 15.32 | 265,000 | 94 | % | |||||||||||||||||||
12072 Best Place | Springboro, OH | 1984 | Bulk Warehouse | 7.80 | 112,500 | 100 | % | |||||||||||||||||||
901 Pleasant Valley Drive | Springboro, OH | 1984/94 | Light Industrial | 7.70 | 69,220 | 100 | % | |||||||||||||||||||
4440 Mulhauser Road | Cincinnati, OH | 1999 | Bulk Warehouse | 15.26 | 240,000 | 100 | % | |||||||||||||||||||
4434 Mulhauser Road | Cincinnati, OH | 1999 | Bulk Warehouse | 25.00 | 140,800 | 77 | % | |||||||||||||||||||
9449 Glades Road | Hamilton, OH | 1999 | Bulk Warehouse | 7.40 | 168,000 | 40 | % | |||||||||||||||||||
422 Wards Corner Road | Loveland, OH | 1985 | Light Industrial | 3.74 | 50,000 | 91 | % | |||||||||||||||||||
7625 Empire Drive | Florence, KY | 1966/75 | Bulk Warehouse | 21.88 | 345,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 2,078,100 | 88 | % | |||||||||||||||||||||||
Columbus | ||||||||||||||||||||||||||
3800 Lockbourne Industrial Pky | Columbus, OH | 1986 | Bulk Warehouse | 22.12 | 404,734 | 100 | % | |||||||||||||||||||
3880 Groveport Road | Columbus, OH | 1986 | Bulk Warehouse | 43.41 | 705,600 | 100 | % | |||||||||||||||||||
1819 North Walcutt Road | Columbus, OH | 1973 | Bulk Warehouse | 11.33 | 243,000 | 83 | % | |||||||||||||||||||
4115 Leap Road(i) | Hilliard, OH | 1977 | Light Industrial | 18.66 | 217,612 | 100 | % | |||||||||||||||||||
3300 Lockbourne | Columbus, OH | 1964 | Bulk Warehouse | 17.00 | 301,103 | 100 | % | |||||||||||||||||||
Subtotal or Average | 1,872,049 | 98 | % | |||||||||||||||||||||||
Dallas/ Fort Worth | ||||||||||||||||||||||||||
1275-1281 Roundtable Drive | Dallas, TX | 1966 | Light Industrial | 1.75 | 30,642 | 100 | % | |||||||||||||||||||
2406-2416 Walnut Ridge | Dallas, TX | 1978 | Light Industrial | 1.76 | 44,000 | 100 | % | |||||||||||||||||||
12750 Perimeter Drive | Dallas, TX | 1979 | Bulk Warehouse | 6.72 | 178,200 | 100 | % | |||||||||||||||||||
1324-1343 Roundtable Drive | Dallas, TX | 1972 | Light Industrial | 2.09 | 47,000 | 100 | % | |||||||||||||||||||
2401-2419 Walnut Ridge | Dallas, TX | 1978 | Light Industrial | 1.20 | 30,000 | 100 | % | |||||||||||||||||||
4248-4252 Simonton | Farmers Ranch, TX | 1973 | Bulk Warehouse | 8.18 | 205,693 | 100 | % | |||||||||||||||||||
900-906 Great Southwest Pkwy | Arlington, TX | 1972 | Light Industrial | 3.20 | 69,761 | 55 | % | |||||||||||||||||||
2179 Shiloh Road | Garland, TX | 1982 | Reg. Warehouse | 3.63 | 65,700 | 100 | % | |||||||||||||||||||
2159 Shiloh Road | Garland, TX | 1982 | R&D/Flex | 1.15 | 20,800 | 100 | % | |||||||||||||||||||
2701 Shiloh Road | Garland, TX | 1981 | Bulk Warehouse | 8.20 | 214,650 | 100 | % | |||||||||||||||||||
12784 Perimeter Drive(j) | Dallas, TX | 1981 | Light Industrial | 4.57 | 95,671 | 100 | % | |||||||||||||||||||
3000 West Commerce | Dallas, TX | 1980 | Manufacturing | 11.23 | 128,478 | 100 | % |
18
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Dallas/ Fort Worth — (Continued) | ||||||||||||||||||||||||||
3030 Hansboro | Dallas, TX | 1971 | Bulk Warehouse | 3.71 | 100,000 | 100 | % | |||||||||||||||||||
5222 Cockrell Hill | Dallas, TX | 1973 | Manufacturing | 4.79 | 96,506 | 0 | % | |||||||||||||||||||
405-407 113th | Arlington, TX | 1969 | Light Industrial | 2.75 | 60,000 | 100 | % | |||||||||||||||||||
816 111th Street | Arlington, TX | 1972 | Light Industrial | 2.89 | 65,000 | 100 | % | |||||||||||||||||||
7341 Dogwood Park | Richland Hills, TX | 1973 | Light Industrial | 1.09 | 20,045 | 100 | % | |||||||||||||||||||
7427 Dogwood Park | Richland Hills, TX | 1973 | Light Industrial | 1.60 | 27,500 | 0 | % | |||||||||||||||||||
7348-54 Tower Street | Richland Hills, TX | 1978 | Light Industrial | 1.09 | 20,107 | 100 | % | |||||||||||||||||||
7370 Dogwood Park | Richland Hills, TX | 1987 | Light Industrial | 1.18 | 18,511 | 100 | % | |||||||||||||||||||
7339-41 Tower Street | Richland Hills, TX | 1980 | Light Industrial | 0.95 | 17,600 | 100 | % | |||||||||||||||||||
7437-45 Tower Street | Richland Hills, TX | 1977 | Light Industrial | 1.16 | 20,018 | 100 | % | |||||||||||||||||||
7331-59 Airport Freeway | Richland Hills, TX | 1987 | R&D/Flex | 2.63 | 37,487 | 74 | % | |||||||||||||||||||
7338-60 Dogwood Park | Richland Hills, TX | 1978 | R&D/Flex | 1.51 | 26,407 | 100 | % | |||||||||||||||||||
7450-70 Dogwood Park | Richland Hills, TX | 1985 | Light Industrial | 0.88 | 18,004 | 95 | % | |||||||||||||||||||
7423-49 Airport Freeway | Richland Hills, TX | 1985 | R&D/Flex | 2.39 | 33,388 | 90 | % | |||||||||||||||||||
7400 Whitehall Street | Richland Hills, TX | 1994 | Light Industrial | 1.07 | 22,867 | 100 | % | |||||||||||||||||||
1602-1654 Terre Colony | Dallas, TX | 1981 | Bulk Warehouse | 5.72 | 130,949 | 61 | % | |||||||||||||||||||
3330 Duncanville Road | Dallas, TX | 1987 | Reg. Warehouse | 2.20 | 50,560 | 100 | % | |||||||||||||||||||
6851-6909 Snowden Road | Fort Worth, TX | 1985/86 | Bulk Warehouse | 13.00 | 281,200 | 73 | % | |||||||||||||||||||
2351-2355 Merritt Drive | Garland, TX | 1986 | R&D/Flex | 5.00 | 16,740 | 100 | % | |||||||||||||||||||
10575 Vista Park | Dallas, TX | 1988 | Reg. Warehouse | 2.10 | 37,252 | 100 | % | |||||||||||||||||||
701-735 North Plano Road | Richardson, TX | 1972/94 | Bulk Warehouse | 5.78 | 100,065 | 100 | % | |||||||||||||||||||
2259 Merritt Drive | Garland, TX | 1986 | R&D/Flex | 1.90 | 16,740 | 0 | % | |||||||||||||||||||
2260 Merritt Drive | Garland, TX | 1986/99 | Reg. Warehouse | 3.70 | 62,847 | 100 | % | |||||||||||||||||||
2220 Merritt Drive | Garland, TX | 1986/2000 | Reg. Warehouse | 3.90 | 70,390 | 100 | % | |||||||||||||||||||
2010 Merritt Drive | Garland, TX | 1986 | Reg. Warehouse | 2.80 | 57,392 | 100 | % | |||||||||||||||||||
2363 Merritt Drive | Garland, TX | 1986 | R&D/Flex | 0.40 | 12,300 | 100 | % | |||||||||||||||||||
2447 Merritt Drive | Garland, TX | 1986 | R&D/Flex | 0.40 | 12,300 | 100 | % | |||||||||||||||||||
2465-2475 Merritt Drive | Garland, TX | 1986 | R&D/Flex | 0.50 | 16,740 | 100 | % | |||||||||||||||||||
2485-2505 Merritt Drive | Garland, TX | 1986 | Bulk Warehouse | 5.70 | 108,550 | 100 | % | |||||||||||||||||||
2081 Hutton Drive-Bldg 1(j) | Carrollton, TX | 1981 | R&D/Flex | 3.73 | 42,170 | 97 | % | |||||||||||||||||||
2150 Hutton Drive | Carrollton, TX | 1980 | Light Industrial | 2.50 | 48,325 | 100 | % | |||||||||||||||||||
2110 Hutton Drive | Carrollton, TX | 1985 | R&D/Flex | 5.83 | 59,528 | 100 | % | |||||||||||||||||||
2025 McKenzie Drive | Carrollton, TX | 1985 | Reg. Warehouse | 3.81 | 73,556 | 100 | % | |||||||||||||||||||
2019 McKenzie Drive | Carrollton, TX | 1985 | Reg. Warehouse | 3.93 | 80,780 | 55 | % | |||||||||||||||||||
1420 Valwood-Bldg 1(i) | Carrollton, TX | 1986 | R&D/Flex | 3.30 | 40,884 | 95 | % |
19
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Dallas/ Fort Worth — (Continued) | ||||||||||||||||||||||||||
1620 Valwood-Bldg 1(j) | Carrollton, TX | 1986 | Light Industrial | 6.59 | 103,475 | 100 | % | |||||||||||||||||||
1505 Luna Road — Bldg II | Carrollton, TX | 1988 | Light Industrial | 1.00 | 16,800 | 29 | % | |||||||||||||||||||
1625 West Crosby Road | Carrollton, TX | 1988 | Light Industrial | 4.72 | 87,687 | 100 | % | |||||||||||||||||||
2029-2035 McKenzie Drive | Carrollton, TX | 1985 | Reg. Warehouse | 3.30 | 81,924 | 96 | % | |||||||||||||||||||
1840 Hutton Drive(i) | Carrollton, TX | 1986 | R&D/Flex | 5.83 | 93,132 | 100 | % | |||||||||||||||||||
1420 Valwood-Bldg II | Carrollton, TX | 1986 | Light Industrial | 3.32 | 55,625 | 100 | % | |||||||||||||||||||
2015 McKenzie Drive | Carrollton, TX | 1986 | Light Industrial | 3.38 | 73,187 | 87 | % | |||||||||||||||||||
2105 McDaniel Drive | Carrollton, TX | 1986 | Bulk Warehouse | 4.59 | 107,915 | 100 | % | |||||||||||||||||||
2009 McKenzie Drive | Carrollton, TX | 1987 | Light Industrial | 3.03 | 66,112 | 100 | % | |||||||||||||||||||
1505 Luna Road — Bldg I | Carrollton, TX | 1988 | Light Industrial | 2.97 | 50,930 | 68 | % | |||||||||||||||||||
900-1100 Avenue S | Grand Prairie, TX | 1985 | Bulk Warehouse | 5.50 | 122,881 | 100 | % | |||||||||||||||||||
15001 Trinity Blvd | Fort Worth, TX | 1984 | Light Industrial | 4.70 | 83,473 | 100 | % | |||||||||||||||||||
Plano Crossing(k) | Plano, TX | 1998 | Light Industrial | 13.66 | 215,672 | 100 | % | |||||||||||||||||||
7413A-C Dogwood Park | Richland Hills, TX | 1990 | Light Industrial | 1.23 | 22,500 | 100 | % | |||||||||||||||||||
7450 Tower Street | Richland Hills, TX | 1977 | R&D/Flex | 0.68 | 10,000 | 100 | % | |||||||||||||||||||
7436 Tower Street | Richland Hills, TX | 1979 | Light Industrial | 0.89 | 15,000 | 100 | % | |||||||||||||||||||
7501 Airport Freeway | Richland Hills, TX | 1983 | Light Industrial | 2.04 | 15,000 | 100 | % | |||||||||||||||||||
7426 Tower Street | Richland Hills, TX | 1978 | Light Industrial | 1.06 | 19,780 | 100 | % | |||||||||||||||||||
7427-7429 Tower Street | Richland Hills, TX | 1981 | Light Industrial | 1.02 | 20,000 | 100 | % | |||||||||||||||||||
2840-2842 Handley Ederville Rd | Richland Hills, TX | 1977 | R&D/Flex | 1.25 | 20,260 | 80 | % | |||||||||||||||||||
7451-7477 Airport Freeway | Richland Hills, TX | 1984 | R&D/Flex | 2.30 | 33,627 | 82 | % | |||||||||||||||||||
7415 Whitehall Street | Richland Hills, TX | 1986 | Light Industrial | 3.95 | 61,260 | 83 | % | |||||||||||||||||||
7450 Whitehall Street | Richland Hills, TX | 1978 | Light Industrial | 1.17 | 25,000 | 100 | % | |||||||||||||||||||
7430 Whitehall Street | Richland Hills, TX | 1985 | Light Industrial | 1.06 | 24,600 | 100 | % | |||||||||||||||||||
7420 Whitehall Street | Richland Hills, TX | 1985 | Light Industrial | 1.06 | 20,300 | 100 | % | |||||||||||||||||||
300 Wesley Way | Richland Hills, TX | 1995 | Reg. Warehouse | 2.59 | 41,340 | 100 | % | |||||||||||||||||||
1172-84 113th Street(i) | Grand Prairie, TX | 1980 | Bulk Warehouse | 6.47 | 136,259 | 100 | % | |||||||||||||||||||
1200-16 Avenue H(i) | Arlington, TX | 1981/1982 | Reg. Warehouse | 5.65 | 125,000 | 100 | % | |||||||||||||||||||
1322-66 N. Carrier Parkway(j) | Grand Prairie, TX | 1979 | Bulk Warehouse | 9.56 | 206,237 | 80 | % | |||||||||||||||||||
2401-2407 Centennial Dr | Arlington, TX | 1977 | Bulk Warehouse | 4.40 | 112,470 | 100 | % | |||||||||||||||||||
3111 West Commerce St. | Dallas, TX | 1979 | Bulk Warehouse | 10.99 | 261,102 | 100 | % | |||||||||||||||||||
2104 Hutton Drive | Carrollton, TX | 1990 | Light Industrial | 1.70 | 24,800 | 100 | % | |||||||||||||||||||
7451 Dogwood Park | Richland Hills, TX | 1977 | Light Industrial | 1.85 | 39,674 | 100 | % | |||||||||||||||||||
2821 Cullen Street | Fort Worth, TX | 1961 | Light Industrial | 0.84 | 17,877 | 100 | % | |||||||||||||||||||
1500 Broad Street | Mansfield, TX | 1969/1992 | Reg. Warehouse | 4.61 | 85,200 | 100 | % |
20
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Dallas/ Fort Worth — (Continued) | ||||||||||||||||||||||||||
2301 Centennial Drive | Arlington, TX | 1970 | Bulk Warehouse | 4.42 | 103,500 | 100 | % | |||||||||||||||||||
Subtotal or Average | 5,632,902 | 92 | % | |||||||||||||||||||||||
Denver | ||||||||||||||||||||||||||
7100 North Broadway — Bldg. 1 | Denver, CO | 1978 | Light Industrial | 16.80 | 32,298 | 72 | % | |||||||||||||||||||
7100 North Broadway — Bldg. 2 | Denver, CO | 1978 | Light Industrial | 16.90 | 32,500 | 85 | % | |||||||||||||||||||
7100 North Broadway — Bldg. 3 | Denver, CO | 1978 | Light Industrial | 11.60 | 22,259 | 96 | % | |||||||||||||||||||
7100 North Broadway — Bldg. 5 | Denver, CO | 1978 | Light Industrial | 15.00 | 28,789 | 92 | % | |||||||||||||||||||
7100 North Broadway — Bldg. 6 | Denver, CO | 1978 | Light Industrial | 22.50 | 38,255 | 76 | % | |||||||||||||||||||
20100 East 32nd Avenue Parkway | Aurora, CO | 1997 | R&D/Flex | 4.10 | 51,522 | 100 | % | |||||||||||||||||||
5454 Washington | Denver, CO | 1985 | Light Industrial | 4.00 | 34,740 | 91 | % | |||||||||||||||||||
700 West 48th Street | Denver, CO | 1984 | Light Industrial | 5.40 | 53,431 | 62 | % | |||||||||||||||||||
702 West 48th Street | Denver, CO | 1984 | Light Industrial | 5.40 | 23,820 | 87 | % | |||||||||||||||||||
6425 North Washington | Denver, CO | 1983 | R&D/Flex | 4.05 | 81,120 | 87 | % | |||||||||||||||||||
3370 North Peoria Street | Aurora, CO | 1978 | R&D/Flex | 1.64 | 25,538 | 100 | % | |||||||||||||||||||
3390 North Peoria Street | Aurora, CO | 1978 | R&D/Flex | 1.46 | 22,699 | 72 | % | |||||||||||||||||||
3508-3538 North Peoria Street | Aurora, CO | 1978 | R&D/Flex | 2.61 | 40,653 | 100 | % | |||||||||||||||||||
3568 North Peoria Street | Aurora, CO | 1978 | R&D/Flex | 2.24 | 34,937 | 64 | % | |||||||||||||||||||
4785 Elati | Denver, CO | 1972 | Light Industrial | 3.34 | 34,777 | 85 | % | |||||||||||||||||||
4770 Fox Street | Denver, CO | 1972 | Light Industrial | 3.38 | 26,565 | 77 | % | |||||||||||||||||||
1550 West Evans | Denver, CO | 1975 | Light Industrial | 3.92 | 78,787 | 91 | % | |||||||||||||||||||
3751-71 Revere Street | Denver, CO | 1980 | Reg. Warehouse | 2.41 | 55,027 | 51 | % | |||||||||||||||||||
3871 Revere Street | Denver, CO | 1980 | Reg. Warehouse | 3.19 | 75,265 | 61 | % | |||||||||||||||||||
4570 Ivy Street | Denver, CO | 1985 | Light Industrial | 1.77 | 31,355 | 100 | % | |||||||||||||||||||
5855 Stapleton Drive North | Denver, CO | 1985 | Light Industrial | 2.33 | 41,268 | 90 | % | |||||||||||||||||||
5885 Stapleton Drive North | Denver, CO | 1985 | Light Industrial | 3.05 | 53,893 | 92 | % | |||||||||||||||||||
5977-5995 North Broadway | Denver, CO | 1978 | Light Industrial | 4.96 | 50,280 | 100 | % | |||||||||||||||||||
2952-5978 North Broadway | Denver, CO | 1978 | Light Industrial | 7.91 | 88,977 | 100 | % | |||||||||||||||||||
4721 Ironton Street | Denver, CO | 1969 | R&D/Flex | 2.84 | 51,260 | 100 | % | |||||||||||||||||||
7100 North Broadway — 7 | Denver, CO | 1985 | R&D/Flex | 2.30 | 24,822 | 89 | % | |||||||||||||||||||
7100 North Broadway — 8 | Denver, CO | 1985 | R&D/Flex | 2.30 | 9,107 | 100 | % | |||||||||||||||||||
6804 East 48th Avenue | Denver, CO | 1973 | R&D/Flex | 2.23 | 46,464 | 75 | % | |||||||||||||||||||
445 Bryant Street | Denver, CO | 1960 | Light Industrial | 6.31 | 292,471 | 100 | % | |||||||||||||||||||
East 47th Drive — A | Denver, CO | 1997 | R&D/Flex | 3.00 | 51,210 | 100 | % | |||||||||||||||||||
9500 W. 49th Street — A | Wheatridge, CO | 1997 | Light Industrial | 1.74 | 19,136 | 69 | % | |||||||||||||||||||
9500 W. 49th Street — B | Wheatridge, CO | 1997 | Light Industrial | 1.74 | 16,441 | 100 | % | |||||||||||||||||||
9500 W. 49th Street — C | Wheatridge, CO | 1997 | �� | R&D/Flex | 1.74 | 29,174 | 59 | % | ||||||||||||||||||
9500 W. 49th Street — D | Wheatridge, CO | 1997 | Light Industrial | 1.74 | 41,631 | 100 | % | |||||||||||||||||||
8100 South Park Way — A | Littleton, CO | 1997 | R&D/Flex | 3.33 | 52,581 | 79 | % | |||||||||||||||||||
8100 South Park Way — B | Littleton, CO | 1984 | R&D/Flex | 0.78 | 12,204 | 100 | % | |||||||||||||||||||
8100 South Park Way — C | Littleton, CO | 1984 | Light Industrial | 4.28 | 67,520 | 100 | % | |||||||||||||||||||
451-591 East 124th Avenue | Littleton, CO | 1979 | Light Industrial | 4.96 | 59,711 | 67 | % | |||||||||||||||||||
608 Garrison Street | Lakewood, CO | 1984 | R&D/Flex | 2.17 | 25,075 | 100 | % | |||||||||||||||||||
610 Garrison Street | Lakewood, CO | 1984 | R&D/Flex | 2.17 | 24,965 | 100 | % | |||||||||||||||||||
15000 West 6th Avenue | Golden, CO | 1985 | R&D/Flex | 5.25 | 69,279 | 62 | % | |||||||||||||||||||
14998 West 6th Avenue Building E | Golden, CO | 1995 | R&D/Flex | 2.29 | 42,832 | 100 | % | |||||||||||||||||||
14998 West 6th Avenue Building F | Englewood, CO | 1995 | R&D/Flex | 2.29 | 20,424 | 100 | % | |||||||||||||||||||
12503 East Euclid Drive | Denver, CO | 1986 | R&D/Flex | 10.90 | 97,871 | 37 | % | |||||||||||||||||||
6547 South Racine Circle | Englewood, CO | 1996 | Light Industrial | 3.92 | 59,918 | 89 | % | |||||||||||||||||||
7800 East Iliff Avenue | Denver, CO | 1983 | R&D/Flex | 3.06 | 22,296 | 100 | % | |||||||||||||||||||
2369 South Trenton Way | Denver, CO | 1983 | R&D/Flex | 4.80 | 33,108 | 86 | % | |||||||||||||||||||
2422 South Trenton Way | Denver, CO | 1983 | R&D/Flex | 3.94 | 27,413 | 49 | % |
21
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Denver — (Continued) | ||||||||||||||||||||||||||
2452 South Trenton Way | Denver, CO | 1983 | R&D/Flex | 6.78 | 47,931 | 73 | % | |||||||||||||||||||
1600 South Abilene | Aurora, CO | 1986 | R&D/Flex | 3.53 | 47,930 | 100 | % | |||||||||||||||||||
1620 South Abilene | Aurora, CO | 1986 | Light Industrial | 2.04 | 27,666 | 100 | % | |||||||||||||||||||
1640 South Abilene | Aurora, CO | 1986 | Light Industrial | 2.80 | 37,948 | 100 | % | |||||||||||||||||||
13900 East Florida Avenue | Aurora, CO | 1986 | R&D/Flex | 1.44 | 19,493 | 86 | % | |||||||||||||||||||
14401-14492 East 33rd Place | Aurora, CO | 1979 | Bulk Warehouse | 4.75 | 100,100 | 100 | % | |||||||||||||||||||
11701 East 53rd Avenue | Denver, CO | 1985 | Reg. Warehouse | 4.19 | 81,981 | 100 | % | |||||||||||||||||||
5401 Oswego Street | Denver, CO | 1985 | Reg. Warehouse | 2.80 | 54,738 | 100 | % | |||||||||||||||||||
2630 West 2nd Avenue | Denver, CO | 1970 | Light Industrial | 0.50 | 8,260 | 0 | % | |||||||||||||||||||
2650 West 2nd Avenue | Denver, CO | 1970 | Light Industrial | 2.80 | 36,081 | 87 | % | |||||||||||||||||||
14818 West 6th Avenue Bldg. A | Golden, CO | 1985 | R&D/Flex | 2.54 | 39,776 | 70 | % | |||||||||||||||||||
14828 West 6th Avenue Bldg. B | Golden, CO | 1985 | R&D/Flex | 2.54 | 41,805 | 87 | % | |||||||||||||||||||
12055 E. 49th Ave/4955 Peoria | Denver, CO | 1984 | R&D/Flex | 3.09 | 49,575 | 94 | % | |||||||||||||||||||
4940-4950 Paris | Denver, CO | 1984 | R&D/Flex | 1.58 | 25,290 | 100 | % | |||||||||||||||||||
4970 Paris | Denver, CO | 1984 | R&D/Flex | 0.98 | 15,767 | 100 | % | |||||||||||||||||||
5010 Paris | Denver, CO | 1984 | R&D/Flex | 0.92 | 14,822 | 100 | % | |||||||||||||||||||
7367 South Revere Parkway | Englewood, CO | 1997 | Bulk Warehouse | 8.50 | 102,839 | 86 | % | |||||||||||||||||||
8200 E. Park Meadows Drive(i) | Lone Tree, CO | 1984 | R&D Flex | 6.60 | 90,219 | 84 | % | |||||||||||||||||||
3250 Quentin(i) | Aurora, CO | 1984/2000 | Light Industrial | 8.90 | 144,464 | 100 | % | |||||||||||||||||||
11585 E. 53rd Ave.(i) | Denver, CO | 1984 | Bulk Warehouse | 15.10 | 335,967 | 100 | % | |||||||||||||||||||
10500 East 54th Ave.(j) | Denver, CO | 1986 | Reg. Warehouse | 9.12 | 178,148 | 91 | % | |||||||||||||||||||
8835 W. 116th Street | Broomfield, CO | 2002 | Light Industrial | 6.47 | 67,280 | 90 | % | |||||||||||||||||||
3101-3151 S. Platte River Drive | Englewood, CO | 1974 | Bulk Warehouse | 12.12 | 229,830 | 99 | % | |||||||||||||||||||
3155-3199 S. Platte River Drive | Englewood, CO | 1974 | Bulk Warehouse | 12.12 | 229,830 | 100 | % | |||||||||||||||||||
3201-3273 S. Platte River Drive | Englewood, CO | 1974 | Bulk Warehouse | 10.74 | 203,751 | 100 | % | |||||||||||||||||||
18150 E. 32nd Street | Aurora, CO | 2000 | Reg. Warehouse | 5.71 | 81,564 | 100 | % | |||||||||||||||||||
Subtotal or Average | 4,568,723 | 91 | % | |||||||||||||||||||||||
Des Moines | ||||||||||||||||||||||||||
2250 Delaware Ave | Des Moines, IA | 1975 | Reg. Warehouse | 4.20 | 88,000 | 46 | % | |||||||||||||||||||
Subtotal or Average | 88,000 | 46 | % | |||||||||||||||||||||||
Detroit | ||||||||||||||||||||||||||
1731 Thorncroft | Troy, MI | 1969 | Light Industrial | 2.26 | 38,000 | 100 | % | |||||||||||||||||||
1653 E. Maple | Troy, MI | 1990 | R&D/Flex | 1.38 | 23,392 | 100 | % | |||||||||||||||||||
47461 Clipper | Plymouth, MI | 1992 | Light Industrial | 1.10 | 11,600 | 0 | % | |||||||||||||||||||
238 Executive Drive | Troy, MI | 1973 | Light Industrial | 1.32 | 13,740 | 100 | % | |||||||||||||||||||
256 Executive Drive | Troy, MI | 1974 | Light Industrial | 1.12 | 11,273 | 100 | % | |||||||||||||||||||
301 Executive Drive | Troy, MI | 1974 | Light Industrial | 1.27 | 20,411 | 100 | % | |||||||||||||||||||
449 Executive Drive | Troy, MI | 1975 | Reg. Warehouse | 2.12 | 33,001 | 100 | % | |||||||||||||||||||
501 Executive Drive | Troy, MI | 1984 | Light Industrial | 1.57 | 18,061 | 100 | % | |||||||||||||||||||
451 Robbins Drive | Troy, MI | 1975 | Light Industrial | 1.88 | 28,401 | 100 | % | |||||||||||||||||||
1095 Crooks Road | Troy, MI | 1986 | R&D/Flex | 2.83 | 35,042 | 100 | % | |||||||||||||||||||
1416 Meijer Drive | Troy, MI | 1980 | Light Industrial | 1.20 | 17,944 | 100 | % | |||||||||||||||||||
1624 Meijer Drive | Troy, MI | 1984 | Light Industrial | 3.42 | 44,040 | 100 | % |
22
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||
1972 Meijer Drive | Troy, MI | 1985 | Reg. Warehouse | 2.36 | 37,075 | 100 | % | |||||||||||||||||||
1621 Northwood Drive | Troy, MI | 1977 | Bulk Warehouse | 1.54 | 24,900 | 100 | % | |||||||||||||||||||
1707 Northwood Drive | Troy, MI | 1983 | Light Industrial | 1.69 | 28,750 | 0 | % | |||||||||||||||||||
1788 Northwood Drive | Troy, MI | 1977 | Light Industrial | 1.55 | 12,480 | 100 | % | |||||||||||||||||||
1821 Northwood Drive | Troy, MI | 1977 | Reg. Warehouse | 2.07 | 35,050 | 100 | % | |||||||||||||||||||
1826 Northwood Drive | Troy, MI | 1977 | Light Industrial | 1.22 | 12,480 | 100 | % | |||||||||||||||||||
1864 Northwood Drive | Troy, MI | 1977 | Light Industrial | 1.55 | 12,480 | 100 | % | |||||||||||||||||||
2277 Elliott Avenue | Troy, MI | 1975 | Light Industrial | 0.96 | 12,612 | 100 | % | |||||||||||||||||||
2451 Elliott Avenue | Troy, MI | 1974 | Light Industrial | 1.68 | 24,331 | 100 | % | |||||||||||||||||||
2730 Research Drive | Rochester Hills, MI | 1988 | Reg. Warehouse | 3.52 | 57,850 | 100 | % | |||||||||||||||||||
2791 Research Drive | Rochester Hills, MI | 1991 | Reg. Warehouse | 4.48 | 64,199 | 100 | % | |||||||||||||||||||
2871 Research Drive | Rochester Hills, MI | 1991 | Reg. Warehouse | 3.55 | 49,543 | 100 | % | |||||||||||||||||||
2911 Research Drive | Rochester Hills, MI | 1992 | Reg. Warehouse | 5.72 | 80,078 | 100 | % | |||||||||||||||||||
3011 Research Drive | Rochester Hills, MI | 1988 | Reg. Warehouse | 2.55 | 32,637 | 100 | % | |||||||||||||||||||
2870 Technology Drive | Rochester Hills, MI | 1988 | Light Industrial | 2.41 | 24,445 | 100 | % | |||||||||||||||||||
2900 Technology Drive | Rochester Hills, MI | 1992 | Reg. Warehouse | 2.15 | 31,047 | 0 | % | |||||||||||||||||||
2920 Technology Drive | Rochester Hills, MI | 1992 | Light Industrial | 1.48 | 19,011 | 100 | % | |||||||||||||||||||
2930 Technology Drive | Rochester Hills, MI | 1991 | Light Industrial | 1.41 | 17,994 | 100 | % | |||||||||||||||||||
2950 Technology Drive | Rochester Hills, MI | 1991 | Light Industrial | 1.48 | 19,996 | 100 | % | |||||||||||||||||||
23014 Commerce Drive | Farmington Hills, MI | 1983 | R&D/Flex | 0.65 | 7,200 | 100 | % | |||||||||||||||||||
23028 Commerce Drive | Farmington Hills, MI | 1983 | Light Industrial | 1.26 | 20,265 | 100 | % | |||||||||||||||||||
23035 Commerce Drive | Farmington Hills, MI | 1983 | Light Industrial | 1.23 | 15,200 | 100 | % | |||||||||||||||||||
23042 Commerce Drive | Farmington Hills, MI | 1983 | R&D/Flex | 0.75 | 8,790 | 100 | % | |||||||||||||||||||
23065 Commerce Drive | Farmington Hills, MI | 1983 | Light Industrial | 0.91 | 12,705 | 100 | % | |||||||||||||||||||
23070 Commerce Drive | Farmington Hills, MI | 1983 | R&D/Flex | 1.43 | 16,765 | 100 | % | |||||||||||||||||||
23079 Commerce Drive | Farmington Hills, MI | 1983 | Light Industrial | 0.85 | 10,830 | 100 | % | |||||||||||||||||||
23093 Commerce Drive | Farmington Hills, MI | 1983 | Reg. Warehouse | 3.87 | 49,040 | 100 | % | |||||||||||||||||||
23135 Commerce Drive | Farmington Hills, MI | 1986 | Light Industrial | 2.02 | 23,969 | 100 | % | |||||||||||||||||||
23163 Commerce Drive | Farmington Hills, MI | 1986 | Light Industrial | 1.51 | 19,020 | 100 | % | |||||||||||||||||||
23177 Commerce Drive | Farmington Hills, MI | 1986 | Light Industrial | 2.29 | 32,127 | 100 | % | |||||||||||||||||||
23206 Commerce Drive | Farmington Hills, MI | 1985 | Light Industrial | 1.30 | 19,822 | 100 | % | |||||||||||||||||||
23370 Commerce Drive | Farmington Hills, MI | 1980 | Light Industrial | 0.67 | 8,741 | 100 | % |
23
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||
1451 East Lincoln Avenue | Madison Heights, MI | 1967 | Light Industrial | 3.92 | 75,000 | 100 | % | |||||||||||||||||||
4400 Purks Drive | Auburn Hills, MI | 1987 | Light Industrial | 13.04 | 157,100 | 100 | % | |||||||||||||||||||
4177A Varsity Drive | Ann Arbor, MI | 1993 | Light Industrial | 2.48 | 11,050 | 100 | % | |||||||||||||||||||
6515 Cobb Drive | Sterling Heights, MI | 1984 | Light Industrial | 2.91 | 47,597 | 100 | % | |||||||||||||||||||
32450 N. Avis Drive | Madison Heights, MI | 1974 | Light Industrial | 3.23 | 55,820 | 100 | % | |||||||||||||||||||
38300 Plymouth | Livonia, MI | 1997 | Bulk Warehouse | 6.95 | 127,800 | 100 | % | |||||||||||||||||||
12707 Eckles Road | Plymouth, MI | 1990 | Light Industrial | 2.62 | 42,300 | 100 | % | |||||||||||||||||||
9300-9328 Harrison Rd | Romulus, MI | 1978 | Light Industrial | 2.53 | 29,286 | 100 | % | |||||||||||||||||||
9330-9358 Harrison Rd | Romulus, MI | 1978 | Light Industrial | 2.53 | 29,280 | 88 | % | |||||||||||||||||||
28420-28448 Highland Rd | Romulus, MI | 1979 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
28450-28478 Highland Rd | Romulus, MI | 1979 | Light Industrial | 2.53 | 29,340 | 100 | % | |||||||||||||||||||
28421-28449 Highland Rd | Romulus, MI | 1980 | Light Industrial | 2.53 | 29,285 | 100 | % | |||||||||||||||||||
28451-28479 Highland Rd | Romulus, MI | 1980 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
28825-28909 Highland Rd | Romulus, MI | 1981 | Light Industrial | 2.53 | 29,284 | 100 | % | |||||||||||||||||||
28933-29017 Highland Rd | Romulus, MI | 1982 | Light Industrial | 2.53 | 29,280 | 88 | % | |||||||||||||||||||
28824-28908 Highland Rd | Romulus, MI | 1982 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
28932-29016 Highland Rd | Romulus, MI | 1982 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
9710-9734 Harrison Road | Romulus, MI | 1987 | Light Industrial | 2.22 | 25,925 | 100 | % | |||||||||||||||||||
9740-9772 Harrison Road | Romulus, MI | 1987 | Light Industrial | 2.53 | 29,548 | 100 | % | |||||||||||||||||||
9840-9868 Harrison Road | Romulus, MI | 1987 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
9800-9824 Harrison Road | Romulus, MI | 1987 | Light Industrial | 2.22 | 25,620 | 100 | % | |||||||||||||||||||
29265-29285 Airport Drive | Romulus, MI | 1983 | Light Industrial | 2.05 | 23,707 | 100 | % | |||||||||||||||||||
29185-29225 Airport Drive | Romulus, MI | 1983 | Light Industrial | 3.17 | 36,658 | 100 | % | |||||||||||||||||||
29149-29165 Airport Drive | Romulus, MI | 1984 | Light Industrial | 2.89 | 33,440 | 100 | % | |||||||||||||||||||
29101-29115 Airport Drive | Romulus, MI | 1985 | R&D/Flex | 2.53 | 29,287 | 100 | % | |||||||||||||||||||
29031-29045 Airport Drive | Romulus, MI | 1985 | Light Industrial | 2.53 | 29,280 | 100 | % | |||||||||||||||||||
29050-29062 Airport Drive | Romulus, MI | 1986 | Light Industrial | 2.22 | 25,837 | 100 | % | |||||||||||||||||||
29120-29134 Airport Drive | Romulus, MI | 1986 | Light Industrial | 2.53 | 29,282 | 100 | % | |||||||||||||||||||
29200-29214 Airport Drive | Romulus, MI | 1985 | Light Industrial | 2.53 | 29,282 | 100 | % | |||||||||||||||||||
9301-9339 Middlebelt Road | Romulus, MI | 1983 | R&D/Flex | 1.29 | 15,173 | 76 | % | |||||||||||||||||||
26980 Trolley Industrial Drive | Taylor, MI | 1997 | Bulk Warehouse | 5.43 | 102,400 | 100 | % | |||||||||||||||||||
32975 Capitol Avenue | Livonia, MI | 1978 | R&D/Flex | 0.99 | 18,465 | 100 | % | |||||||||||||||||||
2725 S. Industrial Highway | Ann Arbor, MI | 1997 | Light Industrial | 2.63 | 37,875 | 23 | % | |||||||||||||||||||
32920 Capitol Avenue | Livonia, MI | 1973 | Reg. Warehouse | 0.47 | 8,000 | 100 | % | |||||||||||||||||||
11923 Brookfield Avenue | Livonia, MI | 1973 | Light Industrial | 0.76 | 14,600 | 100 | % | |||||||||||||||||||
11965 Brookfield Avenue | Livonia, MI | 1973 | Light Industrial | 0.88 | 14,600 | 100 | % | |||||||||||||||||||
13405 Stark Road | Livonia, MI | 1980 | Light Industrial | 0.65 | 9,750 | 100 | % | |||||||||||||||||||
1170 Chicago Road | Troy, MI | 1983 | Light Industrial | 1.73 | 21,500 | 100 | % | |||||||||||||||||||
1200 Chicago Road | Troy, MI | 1984 | Light Industrial | 1.73 | 26,210 | 100 | % | |||||||||||||||||||
450 Robbins Drive | Troy, MI | 1976 | Light Industrial | 1.38 | 19,050 | 100 | % | |||||||||||||||||||
1230 Chicago Road | Troy, MI | 1996 | Reg. Warehouse | 2.10 | 30,120 | 100 | % | |||||||||||||||||||
12886 Westmore Avenue | Livonia, MI | 1981 | Light Industrial | 1.01 | 18,000 | 100 | % | |||||||||||||||||||
12898 Westmore Avenue | Livonia, MI | 1981 | Light Industrial | 1.01 | 18,000 | 0 | % | |||||||||||||||||||
33025 Industrial Road | Livonia, MI | 1980 | Light Industrial | 1.02 | 6,250 | 0 | % | |||||||||||||||||||
47711 Clipper Street | Plymouth Twsp, MI | 1996 | Reg. Warehouse | 2.27 | 36,926 | 100 | % | |||||||||||||||||||
32975 Industrial Road | Livonia, MI | 1984 | Light Industrial | 1.19 | 21,000 | 100 | % | |||||||||||||||||||
32985 Industrial Road | Livonia, MI | 1985 | Light Industrial | 0.85 | 12,040 | 100 | % |
24
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||
32995 Industrial Road | Livonia, MI | 1983 | Light Industrial | 1.11 | 14,280 | 100 | % | |||||||||||||||||||
12874 Westmore Avenue | Livonia, MI | 1984 | Light Industrial | 1.01 | 16,000 | 0 | % | |||||||||||||||||||
33067 Industrial Road | Livonia, MI | 1984 | Light Industrial | 1.11 | 18,640 | 100 | % | |||||||||||||||||||
1775 Bellingham | Troy, MI | 1987 | R&D/Flex | 1.88 | 28,900 | 100 | % | |||||||||||||||||||
1785 East Maple | Troy, MI | 1985 | Light Industrial | 0.80 | 10,200 | 100 | % | |||||||||||||||||||
1807 East Maple | Troy, MI | 1984 | R&D/Flex | 2.15 | 28,100 | 100 | % | |||||||||||||||||||
980 Chicago Road | Troy, MI | 1985 | Light Industrial | 1.09 | 14,280 | 100 | % | |||||||||||||||||||
1840 Enterprise Drive | Rochester Hills, MI | 1990 | R&D/Flex | 2.42 | 33,240 | 42 | % | |||||||||||||||||||
1885 Enterprise Drive | Rochester Hills, MI | 1990 | Light Industrial | 1.47 | 19,604 | 100 | % | |||||||||||||||||||
1935-55 Enterprise Drive | Rochester Hills, MI | 1990 | R&D/Flex | 4.54 | 53,400 | 100 | % | |||||||||||||||||||
5500 Enterprise Court | Warren, MI | 1989 | R&D/Flex | 3.93 | 53,900 | 100 | % | |||||||||||||||||||
750 Chicago Road | Troy, MI | 1986 | Light Industrial | 1.54 | 26,709 | 0 | % | |||||||||||||||||||
800 Chicago Road | Troy, MI | 1985 | Light Industrial | 1.48 | 24,340 | 100 | % | |||||||||||||||||||
850 Chicago Road | Troy, MI | 1984 | Light Industrial | 0.97 | 16,049 | 0 | % | |||||||||||||||||||
2805 S. Industrial Highway | Ann Arbor, MI | 1990 | R&D/Flex | 1.70 | 24,458 | 90 | % | |||||||||||||||||||
6833 Center Drive | Sterling Heights, MI | 1998 | Reg. Warehouse | 4.42 | 66,132 | 100 | % | |||||||||||||||||||
32201 North Avis Drive | Madison Heights, MI | 1974 | R&D/Flex | 4.19 | 50,000 | 100 | % | |||||||||||||||||||
1100 East Mandoline Road | Madison Heights, MI | 1967 | Bulk Warehouse | 8.19 | 117,903 | 100 | % | |||||||||||||||||||
30081 Stephenson Highway | Madison Heights, MI | 1967 | Light Industrial | 2.50 | 50,750 | 100 | % | |||||||||||||||||||
1120 John A. Papalas Drive(j) | Lincoln Park, MI | 1985 | Light Industrial | 10.30 | 120,410 | 75 | % | |||||||||||||||||||
4872 S. Lapeer Road | Lake Orion Twsp, MI | 1999 | Bulk Warehouse | 9.58 | 125,605 | 72 | % | |||||||||||||||||||
22701 Trolley Industrial | Taylor, MI | 1999 | Bulk Warehouse | 9.12 | 160,035 | 100 | % | |||||||||||||||||||
1400 Allen Drive | Troy, MI | 1979 | Reg. Warehouse | 1.98 | 27,280 | 100 | % | |||||||||||||||||||
1408 Allen Drive | Troy, MI | 1979 | Light Industrial | 1.44 | 19,704 | 100 | % | |||||||||||||||||||
1305 Stephenson Hwy | Troy, MI | 1979 | Reg. Warehouse | 3.42 | 47,000 | 100 | % | |||||||||||||||||||
32505 Industrial Drive | Madison Heights, MI | 1979 | Light Industrial | 3.07 | 47,013 | 100 | % | |||||||||||||||||||
1799-1813 Northfield Drive(i) | Rochester Hills, MI | 1980 | Light Industrial | 4.22 | 67,360 | 100 | % | |||||||||||||||||||
Subtotal or Average | 4,004,276 | 93 | % | |||||||||||||||||||||||
Grand Rapids | ||||||||||||||||||||||||||
5015 52nd Street SE | Grand Rapids, MI | 1987 | Light Industrial | 4.50 | 61,250 | 100 | % | |||||||||||||||||||
Subtotal or Average | 61,250 | 100 | % | |||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||
2102-2314 Edwards Street | Houston, TX | 1961 | Bulk Warehouse | 5.02 | 115,248 | 84 | % | |||||||||||||||||||
4545 Eastpark Drive | Houston, TX | 1972 | Reg. Warehouse | 3.80 | 81,295 | 100 | % | |||||||||||||||||||
3351 Rauch Street | Houston, TX | 1970 | Reg. Warehouse | 4.04 | 82,500 | 100 | % | |||||||||||||||||||
3851 Yale Street | Houston, TX | 1971 | Bulk Warehouse | 5.77 | 132,554 | 100 | % | |||||||||||||||||||
3337-3347 Rauch Street | Houston, TX | 1970 | Reg. Warehouse | 2.29 | 53,425 | 100 | % |
25
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Houston — (Continued) | ||||||||||||||||||||||||||
8505 North Loop East | Houston, TX | 1981 | Bulk Warehouse | 5.00 | 107,769 | 100 | % | |||||||||||||||||||
4749-4799 Eastpark Dr. | Houston, TX | 1979 | Bulk Warehouse | 7.75 | 182,563 | 100 | % | |||||||||||||||||||
4851 Homestead Road | Houston, TX | 1973 | Bulk Warehouse | 3.63 | 142,250 | 85 | % | |||||||||||||||||||
3365-3385 Rauch Street | Houston, TX | 1970 | Reg. Warehouse | 3.31 | 82,140 | 100 | % | |||||||||||||||||||
5050 Campbell Road | Houston, TX | 1970 | Bulk Warehouse | 6.10 | 121,875 | 100 | % | |||||||||||||||||||
4300 Pine Timbers | Houston, TX | 1980 | Bulk Warehouse | 4.76 | 113,400 | 73 | % | |||||||||||||||||||
7901 Blankenship | Houston, TX | 1972 | Light Industrial | 2.17 | 48,000 | 0 | % | |||||||||||||||||||
2500-2530 Fairway Park | Houston, TX | 1974 | Bulk Warehouse | 8.72 | 213,638 | 85 | % | |||||||||||||||||||
6550 Longpointe | Houston, TX | 1980 | Bulk Warehouse | 4.13 | 97,700 | 100 | % | |||||||||||||||||||
1815 Turning Basin Drive | Houston, TX | 1980 | Bulk Warehouse | 6.34 | 139,630 | 100 | % | |||||||||||||||||||
1819 Turning Basin Drive | Houston, TX | 1980 | Light Industrial | 2.85 | 65,494 | 0 | % | |||||||||||||||||||
1805 Turning Basin Drive | Houston, TX | 1980 | Bulk Warehouse | 7.60 | 155,250 | 100 | % | |||||||||||||||||||
7000 Empire Drive | Houston, TX | 1980 | R&D/Flex | 6.25 | 95,073 | 78 | % | |||||||||||||||||||
9777 West Gulfbank Drive | Houston, TX | 1980 | Light Industrial | 15.45 | 252,242 | 89 | % | |||||||||||||||||||
9835 A Genard Road | Houston, TX | 1980 | Bulk Warehouse | 39.20 | 417,350 | 99 | % | |||||||||||||||||||
9835 B Genard Road | Houston, TX | 1980 | Reg. Warehouse | 6.40 | 66,600 | 100 | % | |||||||||||||||||||
10161 Harwin Drive | Houston, TX | 1979/1981 | R & D/Flex | 5.27 | 73,052 | 90 | % | |||||||||||||||||||
10165 Harwin Drive | Houston, TX | 1979/1981 | R & D/Flex | 2.31 | 33,238 | 73 | % | |||||||||||||||||||
10175 Harwin Drive | Houston, TX | 1797/1981 | Light Industrial | 2.85 | 39,475 | 83 | % | |||||||||||||||||||
10325-10415 Landsbury Dr(j) | Houston, TX | 1982 | Light Industrial | 265.00 | 131,000 | 90 | % | |||||||||||||||||||
8705 City Park Loop | Houston, TX | 1982 | Bulk Warehouse | 7.06 | 191,537 | 100 | % | |||||||||||||||||||
Subtotal or Average | 3,234,298 | 91 | % | |||||||||||||||||||||||
Indianapolis | ||||||||||||||||||||||||||
2900 North Shadeland | Indianapolis, IN | 1957/1992 | Bulk Warehouse | 60.00 | 933,439 | 66 | % | |||||||||||||||||||
2400 North Shadeland | Indianapolis, IN | 1970 | Reg. Warehouse | 2.45 | 40,000 | 50 | % | |||||||||||||||||||
2402 North Shadeland | Indianapolis, IN | 1970 | Bulk Warehouse | 7.55 | 121,539 | 82 | % | |||||||||||||||||||
7901 West 21st Street | Indianapolis, IN | 1985 | Bulk Warehouse | 12.00 | 353,000 | 100 | % | |||||||||||||||||||
1445 Brookville Way | Indianapolis, IN | 1989 | Bulk Warehouse | 8.79 | 115,200 | 100 | % | |||||||||||||||||||
1440 Brookville Way | Indianapolis, IN | 1990 | Bulk Warehouse | 9.64 | 166,400 | 0 | % | |||||||||||||||||||
1240 Brookville Way | Indianapolis, IN | 1990 | Light Industrial | 3.50 | 63,000 | 100 | % | |||||||||||||||||||
1220 Brookville Way | Indianapolis, IN | 1990 | R&D/Flex | 2.10 | 10,000 | 0 | % | |||||||||||||||||||
1345 Brookville Way | Indianapolis, IN | (m | ) | 1992 | Bulk Warehouse | 5.50 | 130,736 | 90 | % | |||||||||||||||||
1350 Brookville Way | Indianapolis, IN | 1994 | Reg. Warehouse | 2.87 | 38,460 | 100 | % | |||||||||||||||||||
1341 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | Light Industrial | 2.03 | 32,400 | 100 | % | |||||||||||||||||
1322-1438 Sadlier Circle East Dr | Indianapolis, IN | (b | ) | 1971/1992 | Light Industrial | 3.79 | 36,000 | 93 | % | |||||||||||||||||
1327-1441 Sadlier Circle East Dr | Indianapolis, IN | (b | ) | 1992 | Light Industrial | 5.50 | 54,000 | 93 | % |
26
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Indianapolis — (Continued) | ||||||||||||||||||||||||||
1304 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | Reg. Warehouse | 2.42 | 17,600 | 100 | % | |||||||||||||||||
1402 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1970/1992 | Light Industrial | 4.13 | 40,800 | 97 | % | |||||||||||||||||
1504 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | Manufacturing | 4.14 | 54,000 | 100 | % | |||||||||||||||||
1311 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | R&D/Flex | 1.78 | 13,200 | 100 | % | |||||||||||||||||
1365 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | Light Industrial | 2.16 | 30,000 | 100 | % | |||||||||||||||||
1352-1354 Sadlier Circle E. Drive | Indianapolis, IN | (b | ) | 1970/1992 | Light Industrial | 3.50 | 44,000 | 100 | % | |||||||||||||||||
1335 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | R&D/Flex | 1.20 | 20,000 | 100 | % | |||||||||||||||||
1327 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | Reg. Warehouse | 1.20 | 12,800 | 100 | % | |||||||||||||||||
1425 Sadlier Circle East Drive | Indianapolis, IN | (b | ) | 1971/1992 | R&D/Flex | 2.49 | 5,000 | 100 | % | |||||||||||||||||
1230 Brookville Way | Indianapolis, IN | 1995 | Reg. Warehouse | 1.96 | 15,000 | 100 | % | |||||||||||||||||||
6951 East 30th Street | Indianapolis, IN | 1995 | Light Industrial | 3.81 | 44,000 | 100 | % | |||||||||||||||||||
6701 East 30th Street | Indianapolis, IN | 1995 | Light Industrial | 3.00 | 7,820 | 100 | % | |||||||||||||||||||
6737 East 30th Street | Indianapolis, IN | 1995 | Reg. Warehouse | 11.01 | 87,500 | 100 | % | |||||||||||||||||||
1225 Brookville Way | Indianapolis, IN | 1997 | Light Industrial | 1.00 | 10,000 | 100 | % | |||||||||||||||||||
6555 East 30th Street | Indianapolis, IN | 1969/1981 | Bulk Warehouse | 22.00 | 331,826 | 64 | % | |||||||||||||||||||
2432-2436 Shadeland | Indianapolis, IN | 1968 | Light Industrial | 4.57 | 70,560 | 88 | % | |||||||||||||||||||
8402-8440 East 33rd Street | Indianapolis, IN | 1977 | Light Industrial | 4.70 | 55,200 | 61 | % | |||||||||||||||||||
8520-8630 East 33rd Street | Indianapolis, IN | 1976 | Light Industrial | 5.30 | 81,000 | 61 | % | |||||||||||||||||||
8710-8768 East 33rd Street | Indianapolis, IN | 1979 | Light Industrial | 4.70 | 43,200 | 87 | % | |||||||||||||||||||
3316-3346 North Pagosa Court | Indianapolis, IN | 1977 | Light Industrial | 5.10 | 81,000 | 72 | % | |||||||||||||||||||
3331 Raton Court | Indianapolis, IN | 1979 | Light Industrial | 2.80 | 35,000 | 100 | % | |||||||||||||||||||
6751 East 30th Street | Indianapolis, IN | 1997 | Bulk Warehouse | 6.34 | 100,000 | 100 | % | |||||||||||||||||||
9200 East 146th Street | Noblesville, IN | 1961/1981 | Bulk Warehouse | 21.65 | 150,488 | 77 | % | |||||||||||||||||||
6575 East 30th Street | Indianapolis, IN | 1998 | Bulk Warehouse | 4.00 | 60,000 | 100 | % | |||||||||||||||||||
6585 East 30th Street | Indianapolis, IN | 1998 | Bulk Warehouse | 6.00 | 100,000 | 100 | % | |||||||||||||||||||
9910 North by Northeast Blvd. | Fishers, IN | 1994 | Bulk Warehouse | 8.40 | 192,000 | 92 | % | |||||||||||||||||||
8525 E. 33rd Street | Indianapolis, IN | 1978 | Bulk Warehouse | 21.87 | 320,000 | 100 | % | |||||||||||||||||||
8219 Northwest Blvd. | Indianapolis, IN | 1990 | Bulk Warehouse | 8.67 | 204,000 | 100 | % | |||||||||||||||||||
9332-9350 Castlegate Drive | Indianapolis, IN | 1983 | Light Industrial | 4.00 | 48,000 | 100 | % | |||||||||||||||||||
9210 E. 146th Street | Noblesville, IN | 1978 | Reg. Warehouse | 11.91 | 23,950 | 100 | % | |||||||||||||||||||
Subtotal or Average | 4,392,118 | 81 | % | |||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||
6407-6419 Alondra Blvd. | Paramount, CA | 1985 | Light Industrial | 0.90 | 16,392 | 100 | % | |||||||||||||||||||
6423-6431 Alondra Blvd. | Paramount., CA | 1985 | Light Industrial | 0.76 | 13,765 | 100 | % | |||||||||||||||||||
15101-15141 Figueroa St.(i) | Los Angeles, CA | 1982 | Reg. Warehouse | 4.70 | 129,600 | 100 | % | |||||||||||||||||||
21136 South Wilmington Ave | Carson, CA | 1989 | Bulk Warehouse | 6.02 | 115,702 | 100 | % | |||||||||||||||||||
19914 Via Baron Way | Rancho Dominguez CA | (a | ) | 1973 | Bulk Warehouse | 11.69 | 234,800 | 100 | % | |||||||||||||||||
14912 Shoemaker Ave | Santa Fe Springs, CA | 1967 | R&D/Flex | 0.25 | 5,121 | 100 | % | |||||||||||||||||||
14920 Shoemaker Ave | Santa Fe Springs, CA | 1967 | R&D/Flex | 0.23 | 4,600 | 100 | % |
27
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Los Angeles — (Continued) | ||||||||||||||||||||||||||
14928 Shoemaker Ave | Santa Fe Springs, CA | 1967 | R&D/Flex | 0.23 | 4,600 | 100 | % | |||||||||||||||||||
14938 Shoemaker Ave | Santa Fe Springs, CA | 1967 | R&D/Flex | 0.23 | 4,600 | 100 | % | |||||||||||||||||||
14944 Shoemaker Ave | Santa Fe Springs, CA | 1978 | Light Industrial | 1.99 | 40,015 | 100 | % | |||||||||||||||||||
14946 Shoemaker Ave | Santa Fe Springs, CA | 1978 | Light Industrial | 1.68 | 33,769 | 94 | % | |||||||||||||||||||
14948 Shoemaker Ave | Santa Fe Springs, CA | 1978 | Light Industrial | 0.61 | 12,300 | 100 | % | |||||||||||||||||||
14141 Alondra Blvd. | Santa Fe Springs, CA | 1969 | Bulk Warehouse | 23.90 | 395,204 | 100 | % | |||||||||||||||||||
12616 Yukon Ave | Hawthorne, CA | 1987 | Reg. Warehouse | 1.89 | 43,676 | 100 | % | |||||||||||||||||||
3355 El Segundo Blvd.(j) | Hawthorne, CA | 1959 | Light Industrial | 2.79 | 56,353 | 100 | % | |||||||||||||||||||
12621 Cerise | Hawthorne, CA | 1959 | Light Industrial | 1.11 | 27,000 | 100 | % | |||||||||||||||||||
333 Turnbull Canyon Road | City of Industry, CA | 1968/1985 | Bulk Warehouse | 6.61 | 116,000 | 100 | % | |||||||||||||||||||
350-390 Manville St. | Compton, CA | 1979 | Bulk Warehouse | 4.75 | 100,000 | 100 | % | |||||||||||||||||||
42374 Avenida Alvarado(j) | Temecula, CA | 1987 | Reg. Warehouse | 5.00 | 103,536 | 100 | % | |||||||||||||||||||
3131 E. Harcourt Street(i) | Rancho Dominguez, CA | 1970 | Light industrial | 3.04 | 73,000 | 100 | % | |||||||||||||||||||
200 West Artesia Blvd. | Compton, CA | 1985 | Reg. Warehouse | 4.21 | 68,446 | 100 | % | |||||||||||||||||||
Subtotal or Average | 1,598,479 | 100 | % | |||||||||||||||||||||||
Louisville | ||||||||||||||||||||||||||
9001 Cane Run Road | Louisville, KY | 1998 | Bulk Warehouse | 39.60 | 212,500 | 100 | % | |||||||||||||||||||
9101 Crane Run Road | Louisville, KY | 2000 | Bulk Warehouse | 14.00 | 231,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 443,500 | 100 | % | |||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||
9400 NW 104th Street | Medley, FL | 1995 | Bulk Warehouse | 11.11 | 268,539 | 100 | % | |||||||||||||||||||
Subtotal or Average | 268,539 | 100 | % | |||||||||||||||||||||||
Milwaukee | ||||||||||||||||||||||||||
N25 W23050 Paul Road | Pewaukee, WI | 1989 | R&D/Flex | 4.50 | 37,765 | 100 | % | |||||||||||||||||||
N25 W23255 Paul Road | Pewaukee, WI | 1987 | R&D/Flex | 4.80 | 55,940 | 100 | % | |||||||||||||||||||
N27 W23293 Roundy Drive | Pewaukee, WI | 1989 | Reg. Warehouse | 3.64 | 39,468 | 100 | % | |||||||||||||||||||
6523 N. Sydney Place | Glendale, WI | 1978 | Light Industrial | 4.00 | 43,440 | 100 | % | |||||||||||||||||||
8800 W. Bradley | Milwaukee, WI | 1982 | Light Industrial | 8.00 | 77,621 | 100 | % | |||||||||||||||||||
4560 North 124th Street | Wauwatosa, WI | 1976 | Light Industrial | 1.31 | 25,000 | 100 | % | |||||||||||||||||||
4410-80 North 132nd Street | Butler, WI | 1999 | Bulk Warehouse | 4.90 | 100,000 | 99 | % | |||||||||||||||||||
5355 South Westridge Drive | New Berlin, WI | 1997 | Bulk Warehouse | 21.38 | 217,680 | 100 | % | |||||||||||||||||||
N120W18485 Freistadt Road | Germantown, WI | 1996 | Bulk Warehouse | 13.14 | 103,024 | 100 | % | |||||||||||||||||||
140 N. 9000 Lilly Road | Menmonee, WI | 1990 | Bulk Warehouse | 10.04 | 104,190 | 100 | % | |||||||||||||||||||
Subtotal or Average | 804,128 | 100 | % | |||||||||||||||||||||||
28
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Minneapolis/ St. Paul | ||||||||||||||||||||||||||
6507-6545 Cecilia Circle | Bloomington, MN | 1980 | Manufacturing | 9.65 | 74,118 | 91 | % | |||||||||||||||||||
6201 West 111th Street | Bloomington, MN | (c | ) | 1987 | Bulk Warehouse | 37.00 | 424,866 | 100 | % | |||||||||||||||||
6403-6545 Cecilia Drive | Bloomington, MN | 1980 | Light Industrial | 9.65 | 87,560 | 86 | % | |||||||||||||||||||
6925-6943 Washington Avenue | Edina, MN | 1972 | Manufacturing | 2.75 | 31,867 | 73 | % | |||||||||||||||||||
6955-6973 Washington Avenue | Edina, MN | 1972 | Manufacturing | 2.25 | 31,180 | 97 | % | |||||||||||||||||||
7251-7267 Washington Avenue | Edina, MN | 1972 | Light Industrial | 1.82 | 26,265 | 70 | % | |||||||||||||||||||
7301-7325 Washington Avenue | Edina, MN | 1972 | Light Industrial | 1.92 | 27,297 | 63 | % | |||||||||||||||||||
7101 Winnetka Avenue North | Brooklyn Park, MN | 1990 | Bulk Warehouse | 14.18 | 268,168 | 88 | % | |||||||||||||||||||
7600 Golden Triangle Drive | Eden Prairie, MN | 1989 | R&D/Flex | 6.79 | 74,078 | 100 | % | |||||||||||||||||||
9901 West 74th Street | Eden Prairie, MN | 1983/88 | Reg. Warehouse | 8.86 | 153,813 | 100 | % | |||||||||||||||||||
12220-12222 Nicollet Avenue | Burnsville, MN | 1989/90 | Light Industrial | 1.80 | 17,116 | 100 | % | |||||||||||||||||||
12250-12268 Nicollet Avenue | Burnsville, MN | 1989/90 | Light Industrial | 4.30 | 42,365 | 100 | % | |||||||||||||||||||
12224-12226 Nicollet Avenue | Burnsville, MN | 1989/90 | R&D/Flex | 2.40 | 23,300 | 43 | % | |||||||||||||||||||
1030 Lone Oak Road | Eagan, MN | 1988 | Light Industrial | 6.30 | 83,164 | 100 | % | |||||||||||||||||||
1060 Lone Oak Road | Eagan, MN | 1988 | Light Industrial | 6.50 | 82,728 | 66 | % | |||||||||||||||||||
5400 Nathan Lane | Plymouth, MN | 1990 | Light Industrial | 5.70 | 72,089 | 100 | % | |||||||||||||||||||
10120 W. 76th Street | Eden Prairie, MN | 1987 | Light Industrial | 4.52 | 59,030 | 100 | % | |||||||||||||||||||
7615 Golden Triangle | Eden Prairie, MN | 1987 | Light Industrial | 4.61 | 52,816 | 100 | % | |||||||||||||||||||
7625 Golden Triangle Drive | Eden Prairie, MN | 1987 | Light Industrial | 4.61 | 73,168 | 89 | % | |||||||||||||||||||
2605 Fernbrook Lane North | Plymouth, MN | 1987 | R&D/Flex | 6.37 | 80,766 | 100 | % | |||||||||||||||||||
12155 Nicollet Avenue | Burnsville, MN | 1995 | Reg. Warehouse | 5.80 | 48,000 | 100 | % | |||||||||||||||||||
6655 Wedgewood Road | Maple Grove, MN | 1989 | Manufacturing | 17.88 | 123,815 | 96 | % | |||||||||||||||||||
900 Apollo Road | Egan, MN | 1970 | Manufacturing | 39.00 | 312,265 | 2 | % | |||||||||||||||||||
7316 Aspen Lane North | Brooklyn Park, MN | 1978 | Manufacturing | 6.63 | 96,000 | 100 | % | |||||||||||||||||||
73rd Avenue North | Brooklyn Park, MN | 1995 | R&D/Flex | 4.46 | 59,782 | 87 | % | |||||||||||||||||||
2720 Arthur Street | Roseville, MN | 1995 | R&D/Flex | 6.06 | 74,337 | 94 | % | |||||||||||||||||||
4100 Peavey Road | Chaska, MN | 1988 | Manufacturing | 8.27 | 78,029 | 77 | % | |||||||||||||||||||
11300 Hampshire Ave. South | Bloomington, MN | 1983 | Bulk Warehouse | 9.94 | 145,210 | 100 | % | |||||||||||||||||||
375 Rivertown Drive | Woodbury, MN | 1996 | Bulk Warehouse | 11.33 | 251,968 | 100 | % | |||||||||||||||||||
5205 Highway 169 | Plymouth, MN | 1960 | Light Industrial | 7.92 | 97,523 | 83 | % | |||||||||||||||||||
6451-6595 Citywest Parkway | Eden Prairie, MN | 1984 | R&D/Flex | 6.98 | 83,657 | 100 | % | |||||||||||||||||||
7100-7198 Shady Oak Road | Eden Prairie, MN | 1982/2002 | Light Industrial | 14.44 | 120,541 | 86 | % | |||||||||||||||||||
7500-7546 Washington Square | Eden Prairie, MN | 1975 | Light Industrial | 5.40 | 46,285 | 84 | % | |||||||||||||||||||
7550-7558 Washington Square | Eden Prairie, MN | 1975 | Light Industrial | 2.70 | 31,839 | 100 | % | |||||||||||||||||||
5240-5300 Valley Industrial Blvd S | Shakopee, MN | 1973 | Light Industrial | 9.06 | 80,001 | 73 | % | |||||||||||||||||||
7125 Northland Terrace | Brooklyn Park, MN | 1996 | R&D/Flex | 5.89 | 79,958 | 100 | % | |||||||||||||||||||
6900 Shady Oak Road | Eden Prairie, MN | 1980 | R&D/Flex | 4.60 | 49,190 | 100 | % | |||||||||||||||||||
6477-6525 City West Parkway | Eden Prairie, MN | 1984 | R&D/Flex | 7.00 | 89,235 | 100 | % | |||||||||||||||||||
1157 Valley Park Drive | Shakopee, MN | 1997 | Bulk Warehouse | 9.97 | 126,170 | 81 | % | |||||||||||||||||||
500-530 Kasota Avenue SE | Minneapolis, MN | 1976 | Manufacturing | 4.47 | 77,702 | 100 | % | |||||||||||||||||||
770-786 Kasota Avenue SE | Minneapolis, MN | 1976 | Manufacturing | 3.16 | 56,388 | 100 | % | |||||||||||||||||||
800 Kasota Avenue SE | Minneapolis, MN | 1976 | Manufacturing | 4.10 | 100,250 | 100 | % | |||||||||||||||||||
2530-2570 Kasota Avenue | St. Paul, MN | 1976 | Manufacturing | 4.56 | 75,426 | 86 | % | |||||||||||||||||||
1280 Energy Park Drive | St. Paul, MN | 1984 | Light Industrial | 4.27 | 71,905 | 100 | % | |||||||||||||||||||
9700 West 76th Street | Eden Prairie, MN | 1984/97 | R&D/Flex | 6.25 | 80,862 | 100 | % |
29
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Minneapolis/ St. Paul — (Continued) | ||||||||||||||||||||||||||
7600 69th Avenue | Greenfield, MN | 2004 | Bulk Warehouse | 17.00 | 216,700 | 100 | % | |||||||||||||||||||
2041 Wooddale Drive | Woodbury, MN | 1973 | Light Industrial | 5.20 | 47,263 | 100 | % | |||||||||||||||||||
Subtotal or Average | 4,506,055 | 87 | % | |||||||||||||||||||||||
Nashville | ||||||||||||||||||||||||||
1621 Heil Quaker Boulevard | Nashville, TN | 1975 | Bulk Warehouse | 11.29 | 160,661 | 100 | % | |||||||||||||||||||
3099 Barry Drive | Portland, TN | 1995 | Manufacturing | 6.20 | 109,058 | 0 | % | |||||||||||||||||||
3150 Barry Drive | Portland, TN | 1993 | Bulk Warehouse | 26.32 | 268,593 | 100 | % | |||||||||||||||||||
5599 Highway 31 West | Portland, TN | 1995 | Bulk Warehouse | 20.00 | 161,500 | 100 | % | |||||||||||||||||||
1650 Elm Hill Pike | Nashville, TN | 1984 | Light Industrial | 3.46 | 41,228 | 100 | % | |||||||||||||||||||
1931 Air Lane Drive | Nashville, TN | 1984 | Light Industrial | 10.11 | 87,549 | 100 | % | |||||||||||||||||||
470 Metroplex Drive(i) | Nashville, TN | 1986 | Light Industrial | 8.11 | 102,040 | 83 | % | |||||||||||||||||||
1150 Antiock Pike | Nashville, TN | 1987 | Bulk Warehouse | 9.83 | 146,055 | 68 | % | |||||||||||||||||||
4640 Cummings Park | Nashville, TN | 1986 | Bulk Warehouse | 14.69 | 100,000 | 81 | % | |||||||||||||||||||
556 Metroplex Drive | Nashville, TN | 1983 | Light Industrial | 3.66 | 43,026 | 100 | % | |||||||||||||||||||
1706 Heil Quaker Boulevard | Laverne, TN | 1986 | Bulk Warehouse | 25.75 | 518,400 | 100 | % | |||||||||||||||||||
375 Belvedere Drive | Gallatin, TN | 1979/85 | Bulk Warehouse | 31.75 | 194,113 | 100 | % | |||||||||||||||||||
Subtotal or Average | 1,932,223 | 90 | % | |||||||||||||||||||||||
Northern New Jersey | ||||||||||||||||||||||||||
220 Hanover Avenue | Hanover, NJ | 1987 | Bulk Warehouse | 29.27 | 158,242 | 100 | % | |||||||||||||||||||
14 World’s Fair Drive | Franklin, NJ | 1980 | R&D/Flex | 4.53 | 60,000 | 100 | % | |||||||||||||||||||
18 World’s Fair Drive | Franklin, NJ | 1982 | R&D/Flex | 1.06 | 13,000 | 100 | % | |||||||||||||||||||
23 World’s Fair Drive | Franklin, NJ | 1982 | Light Industrial | 1.20 | 16,000 | 100 | % | |||||||||||||||||||
12 World’s Fair Drive | Franklin, NJ | 1981 | Light Industrial | 3.85 | 65,000 | 73 | % | |||||||||||||||||||
22 World’s Fair Drive | Franklin, NJ | 1983 | Light Industrial | 3.52 | 50,000 | 90 | % | |||||||||||||||||||
26 World’s Fair Drive | Franklin, NJ | 1984 | Light Industrial | 3.41 | 47,000 | 100 | % | |||||||||||||||||||
24 World’s Fair Drive | Franklin, NJ | 1984 | Light Industrial | 3.45 | 47,000 | 79 | % | |||||||||||||||||||
20 Worlds Fair Drive Lot 13 | Sumerset, NJ | 1999 | R&D Flex | 4.25 | 30,000 | 83 | % | |||||||||||||||||||
10 New Maple Road | Pine Brook, NJ | 1973/1999 | Bulk Warehouse | 18.13 | 265,376 | 48 | % | |||||||||||||||||||
45 Route 46 | Pine Brook, NJ | 1974/1987 | Light Industrial | 6.54 | 84,284 | 79 | % | |||||||||||||||||||
43 Route 46 | Pine Brook, NJ | 1974/1987 | Light Industrial | 2.48 | 37,268 | 82 | % | |||||||||||||||||||
39 Route 46 | Pine Brook, NJ | 1970 | R&D Flex | 1.64 | 22,285 | 65 | % | |||||||||||||||||||
26 Chapin Road | Pine Brook, NJ | 1983 | Light Industrial | 5.15 | 76,497 | 100 | % | |||||||||||||||||||
30 Chapin Road | Pine Brook, NJ | 1983 | Light Industrial | 5.15 | 76,770 | 93 | % | |||||||||||||||||||
20 Mountain Hook Road | Pine Brook, NJ | 1972/1984 | Bulk Warehouse | 14.02 | 213,991 | 96 | % | |||||||||||||||||||
30 Mountain Hook Road | Pine Brook, NJ | 1972/1987 | Light Industrial | 3.36 | 51,570 | 100 | % | |||||||||||||||||||
55 Route 46 | Pine Brook, NJ | 1978/1994 | R&D Flex | 2.13 | 24,051 | 81 | % | |||||||||||||||||||
16 Chapin Road | Pine Brook, NJ | 1987 | R&D Flex | 4.61 | 69,030 | 100 | % | |||||||||||||||||||
20 Chapin Road | Pine Brook, NJ | 1987 | R&D Flex | 5.69 | 84,601 | 83 | % | |||||||||||||||||||
Sayreville Lot 3 | Sayreville, NJ | 2002 | Light Industrial | 7.43 | 62,400 | 83 | % | |||||||||||||||||||
Sayreville Lot 4 | Sayreville, NJ | 2001 | Light Industrial | 6.88 | 62,400 | 100 | % | |||||||||||||||||||
400 Raritan Center Parkway | Edison, NJ | 1983 | Light Industrial | 7.16 | 81,240 | 100 | % | |||||||||||||||||||
300 Columbus Circle | Edison, NJ | 1983 | R&D Flex | 9.38 | 123,029 | 89 | % | |||||||||||||||||||
400 Apgar | Franklin Twnship, NJ | 1987 | Bulk Warehouse | 14.34 | 111,824 | 92 | % |
30
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Northern New Jersey — (Continued) | ||||||||||||||||||||||||||
500 Apgar | Franklin Twnship, NJ | 1987 | Reg. Warehouse | 5.00 | 58,585 | 100 | % | |||||||||||||||||||
201 Circle Dr. North | Piscataway, NJ | 1987 | Bulk Warehouse | 5.24 | 113,738 | 74 | % | |||||||||||||||||||
1 Pearl Ct | Allendale, NJ | 1978 | Light Industrial | 3.00 | 46,400 | 0 | % | |||||||||||||||||||
2 Pearl Ct | Allendale, NJ | 1979 | Light Industrial | 3.00 | 39,170 | 100 | % | |||||||||||||||||||
3 Pearl Ct | Allendale, NJ | 1978 | Light Industrial | 3.00 | 41,470 | 100 | % | |||||||||||||||||||
4 Pearl Ct | Allendale, NJ | 1979 | Light Industrial | 3.00 | 41,227 | 50 | % | |||||||||||||||||||
5 Pearl Ct | Allendale, NJ | 1977 | Light Industrial | 3.00 | 37,343 | 100 | % | |||||||||||||||||||
6 Pearl Ct | Allendale, NJ | 1980 | Light Industrial | 10.40 | 99,700 | 58 | % | |||||||||||||||||||
7 Pearl Ct | Allendale, NJ | 1979 | Light Industrial | 6.50 | 44,750 | 100 | % | |||||||||||||||||||
59 Route 17 | Allendale, NJ | 1979 | Light Industrial | 5.90 | 60,000 | 100 | % | |||||||||||||||||||
309-319 Pierce Street | Somerset, NJ | 1986 | Bulk Warehouse | 8.63 | 115,536 | 100 | % | |||||||||||||||||||
160 Pierce Street | Somerset, NJ | 2004 | Reg. Warehouse | 9.16 | 87,500 | 100 | % | |||||||||||||||||||
12 Thornton Road | Oakland, NJ | 1981 | Reg. Warehouse | 6.00 | 92,400 | 100 | % | |||||||||||||||||||
147 Clinton Road | West Caldwell, NJ | 1967/1983 | Bulk Warehouse | 14.96 | 194,258 | 100 | % | |||||||||||||||||||
200 Maltese Drive | Totowa, NJ | 1965/1975 | Bulk Warehouse | 9.00 | 208,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 3,212,935 | 87 | % | |||||||||||||||||||||||
Philadelphia | ||||||||||||||||||||||||||
230-240 Welsh Pool Road | Exton, PA | 1975/1997 | Manufacturing | 6.56 | 30,000 | 100 | % | |||||||||||||||||||
264 Welsh Pool Road | Exton, PA | 1975/1996 | R&D/Flex | 2.84 | 11,256 | 0 | % | |||||||||||||||||||
254 Welsh Pool Road | Exton, PA | 1975/1998 | Light Industrial | 2.84 | 28,180 | 100 | % | |||||||||||||||||||
256 Welsh Pool Road | Exton, PA | 1975/1999 | Light Industrial | 2.84 | 12,038 | 100 | % | |||||||||||||||||||
213 Welsh Pool Road | Exton, PA | 1975/1998 | Light Industrial | 3.01 | 22,095 | 100 | % | |||||||||||||||||||
251 Welsh Pool Road | Exton, PA | 1975/1991 | R&D/Flex | 4.10 | 25,546 | 100 | % | |||||||||||||||||||
253-255 Welsh Pool Road | Exton, PA | 1975/1980 | Light Industrial | 4.10 | 20,800 | 100 | % | |||||||||||||||||||
151-161 Philips Road | Exton, PA | 1975/1990 | Light Industrial | 3.82 | 30,065 | 100 | % | |||||||||||||||||||
210 Philips Road | Exton, PA | 1975/1998 | Manufacturing | 6.56 | 26,827 | 100 | % | |||||||||||||||||||
216 Philips Road | Exton, PA | 1985 | Light Industrial | 2.99 | 39,037 | 100 | % | |||||||||||||||||||
964 Postal Road | Lehigh, PA | 1986 | Light Industrial | 0.00 | 44,800 | 100 | % | |||||||||||||||||||
966 Postal Road | Lehigh, PA | 1987 | Light Industrial | 0.00 | 43,245 | 100 | % | |||||||||||||||||||
999 Postal Road | Lehigh, PA | 1988 | Light Industrial | 5.60 | 43,600 | 65 | % | |||||||||||||||||||
7331 William Avenue | Lehigh, PA | 1989 | Bulk Warehouse | 3.90 | 43,400 | 100 | % | |||||||||||||||||||
7346 Penn Drive | Lehigh, PA | 1988 | Reg. Warehouse | 7.30 | 72,000 | 83 | % | |||||||||||||||||||
7350 William Drive | Lehigh, PA | 1989 | Reg. Warehouse | 8.70 | 96,000 | 100 | % | |||||||||||||||||||
7377 William Drive | Lehigh, PA | 1989 | Reg. Warehouse | 4.50 | 43,316 | 100 | % | |||||||||||||||||||
7072 Snow Drift | Lehigh, PA | 1975 | Light Industrial | 4.50 | 61,157 | 100 | % | |||||||||||||||||||
2000 Cabot Boulevard West | Langhorne, PA | 1984 | R&D/Flex | 3.06 | 39,969 | 63 | % | |||||||||||||||||||
2005 Cabot Boulevard West | Langhorne, PA | 1984 | R&D/Flex | 3.00 | 22,000 | 100 | % | |||||||||||||||||||
2010 Cabot Boulevard West | Langhorne, PA | 1984 | Light Industrial | 4.00 | 52,831 | 89 | % | |||||||||||||||||||
2200 Cabot Boulevard West | Langhorne, PA | 1979 | Light Industrial | 3.98 | 61,543 | 100 | % | |||||||||||||||||||
2260-2270 Cabot Boulevard West | Langhorne, PA | 1980 | R&D/Flex | 2.12 | 29,288 | 82 | % | |||||||||||||||||||
3000 Cabot Boulevard West | Langhorne, PA | 1986 | Light Industrial | 4.14 | 34,693 | 79 | % | |||||||||||||||||||
180 Wheeler Court | Langhorne, PA | 1974 | Light Industrial | 6.45 | 78,213 | 100 | % | |||||||||||||||||||
2512 Metropolitan Drive | Trevose, PA | 1981 | Light Industrial | 3.54 | 37,000 | 100 | % | |||||||||||||||||||
2510 Metropolitan Drive | Trevose, PA | 1981 | Light Industrial | 2.26 | 40,000 | 0 | % |
31
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Philadelphia — (Continued) | ||||||||||||||||||||||||||
2515 Metropolitan Drive | Trevose, PA | 1974 | Light Industrial | 2.50 | 42,000 | 100 | % | |||||||||||||||||||
2555 Metropolitan Drive | Trevose, PA | 1981 | Light Industrial | 4.40 | 60,000 | 100 | % | |||||||||||||||||||
2450 Metropolitan Drive | Trevose, PA | 1983 | Light Industrial | 6.98 | 69,952 | 81 | % | |||||||||||||||||||
2495 Metropolitan Drive | Trevose, PA | 1981 | Light Industrial | 8.59 | 80,000 | 100 | % | |||||||||||||||||||
4667 Somerton Road | Trevose, PA | 1974 | Light Industrial | 7.66 | 118,000 | 100 | % | |||||||||||||||||||
835 Wheeler Way | Langhorne, PA | 1974 | Light Industrial | 5.68 | 64,402 | 77 | % | |||||||||||||||||||
14 McFadden Road | Palmer, PA | 1994/2000 | Light Industrial | 7.30 | 48,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 1,571,253 | 91 | % | |||||||||||||||||||||||
1045 South Edward Drive | Tempe, AZ | 1976 | Light Industrial | 2.12 | 38,560 | 100 | % | |||||||||||||||||||
46 N. 49th Ave | Phoenix, AZ | 1986 | Reg. Warehouse | 5.16 | 82,288 | 100 | % | |||||||||||||||||||
240 N. 48th Avenue | Phoenix, AZ | 1977 | Reg. Warehouse | 4.46 | 83,200 | 50 | % | |||||||||||||||||||
220 N. 48th Avenue | Phoenix, AZ | 1977 | Reg. Warehouse | 4.46 | 83,200 | 100 | % | |||||||||||||||||||
54 N. 48th Avenue | Phoenix, AZ | 1977 | Light Industrial | 1.11 | 20,736 | 100 | % | |||||||||||||||||||
64 N. 48th Avenue | Phoenix, AZ | 1977 | Light Industrial | 1.43 | 17,280 | 100 | % | |||||||||||||||||||
236 N. 48th Avenue | Phoenix, AZ | 1977 | Light Industrial | 0.93 | 11,520 | 100 | % | |||||||||||||||||||
10 S. 48th Avenue | Phoenix, AZ | 1977 | Reg. Warehouse | 4.64 | 86,400 | 50 | % | |||||||||||||||||||
115 E. Watkins St. | Phoenix, AZ | 1979 | Light Industrial | 1.32 | 24,341 | 100 | % | |||||||||||||||||||
135 E. Watkins Street | Phoenix, AZ | 1977 | Reg. Warehouse | 3.08 | 56,685 | 100 | % | |||||||||||||||||||
10220 S 51st Street | Phoenix, AZ | 1985 | Light Industrial | 1.54 | 22,978 | 100 | % | |||||||||||||||||||
50 South 56th Street | Chandler, AZ | 1991/97 | Reg. Warehouse | 4.19 | 78,150 | 100 | % | |||||||||||||||||||
4625 W McDowell Road | Phoenix, AZ | 2001 | Light Industrial | 3.39 | 44,546 | 100 | % | |||||||||||||||||||
4635 W McDowell Road | Phoenix, AZ | 2001 | Light Industrial | 3.79 | 54,890 | 100 | % | |||||||||||||||||||
405 North 75th Avenue, Bldg 1 | Phoenix, AZ | (g | ) | 2001 | Bulk Warehouse | 7.35 | 118,908 | 100 | % | |||||||||||||||||
405 North 75th Avenue, Bldg 2 | Phoenix, AZ | (g | ) | 2001 | Bulk Warehouse | 7.71 | 135,735 | 100 | % | |||||||||||||||||
405 North 75th Avenue, Bldg 3 | Phoenix, AZ | (g | ) | 2001 | Bulk Warehouse | 9.30 | 152,562 | 100 | % | |||||||||||||||||
Subtotal or Average | 1,111,979 | 92 | % | |||||||||||||||||||||||
Salt Lake City | ||||||||||||||||||||||||||
512 Lawndale Drive(l) | Salt Lake City, UT | 1981 | Light Industrial | 35.00 | 386,544 | 83 | % | |||||||||||||||||||
1270 West 2320 South | West Valley, UT | 1986/1992 | R&D/Flex | 1.49 | 13,025 | 81 | % | |||||||||||||||||||
1275 West 2240 South | West Valley, UT | 1986/1992 | R&D/Flex | 2.06 | 38,227 | 100 | % | |||||||||||||||||||
1288 West 2240 South | West Valley, UT | 1986/1992 | R&D/Flex | 0.97 | 13,300 | 53 | % | |||||||||||||||||||
2235 South 1300 West | West Valley, UT | 1986/1992 | Light Industrial | 1.22 | 19,000 | 71 | % | |||||||||||||||||||
1293 West 2200 South | West Valley, UT | 1986/1992 | R&D/Flex | 0.86 | 13,300 | 67 | % | |||||||||||||||||||
1279 West 2200 South | West Valley, UT | 1986/1992 | R&D/Flex | 0.91 | 13,300 | 92 | % | |||||||||||||||||||
1272 West 2240 South | West Valley, UT | 1986/1992 | Light Industrial | 3.07 | 34,870 | 100 | % | |||||||||||||||||||
1149 West 2240 South | West Valley, UT | 1986/1992 | Light Industrial | 1.71 | 21,250 | 100 | % | |||||||||||||||||||
1142 West 2320 South | West Valley, UT | 1997 | Light Industrial | 1.52 | 17,500 | 100 | % | |||||||||||||||||||
1152 West 2240 South | West Valley, UT | 1999 | R&D Flex | 13.56 | 55,785 | 75 | % | |||||||||||||||||||
369 Orange Street | Salt Lake City, UT | 1980 | Bulk Warehouse | 6.29 | 136,000 | 91 | % | |||||||||||||||||||
1330 W. 3300 South Avenue | Ogden, UT | 1982 | Bulk Warehouse | 30.75 | 188,568 | 100 | % | |||||||||||||||||||
12577 South 265 West Bldg C | Draper, UT | 1996 | Light Industrial | 6.00 | 20,000 | 100 | % | |||||||||||||||||||
Subtotal or Average | 970,669 | 89 | % | |||||||||||||||||||||||
32
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
San Diego | ||||||||||||||||||||||||||
9163 Siempre Viva Road | San Diego, CA | 1989 | Reg. Warehouse | 1.72 | 34,116 | 100 | % | |||||||||||||||||||
9295 Siempre Viva Road | San Diego, CA | 1989 | Reg. Warehouse | 1.79 | 35,557 | 100 | % | |||||||||||||||||||
9255 Customhouse Plaza | San Diego, CA | 1989 | Bulk Warehouse | 14.85 | 295,240 | 92 | % | |||||||||||||||||||
9375 Customhouse Plaza | San Diego, CA | 1989 | Reg. Warehouse | 1.46 | 30,944 | 71 | % | |||||||||||||||||||
9465 Customhouse Plaza | San Diego, CA | 1989 | Reg. Warehouse | 1.46 | 30,944 | 76 | % | |||||||||||||||||||
9485 Customhouse Plaza | San Diego, CA | 1989 | Bulk Warehouse | 4.85 | 102,520 | 96 | % | |||||||||||||||||||
2675 Customhouse Court | San Diego, CA | 1989 | Reg. Warehouse | 2.24 | 47,980 | 100 | % | |||||||||||||||||||
Subtotal or Average | 577,301 | 93 | % | |||||||||||||||||||||||
Southern New Jersey | ||||||||||||||||||||||||||
2-5 North Olnev Ave | Cherry Hill, NJ | 1963/85 | Light Industrial | 2.10 | 58,139 | 100 | % | |||||||||||||||||||
2 Springdale Road | Cherry Hill, NJ | 1968 | Light Industrial | 1.44 | 21,008 | 96 | % | |||||||||||||||||||
4 Springdale Road(i) | Cherry Hill, NJ | 1963/85 | Light Industrial | 3.02 | 58,189 | 100 | % | |||||||||||||||||||
8 Springdale Road | Cherry Hill, NJ | 1966 | Light Industrial | 3.02 | 45,054 | 100 | % | |||||||||||||||||||
2050 Springdale Road | Cherry Hill, NJ | 1965 | Light Industrial | 3.40 | 51,060 | 100 | % | |||||||||||||||||||
16 Springdale Road | Cherry Hill, NJ | 1967 | Light Industrial | 5.30 | 48,922 | 100 | % | |||||||||||||||||||
5 Esterbrook Lane | Cherry Hill, NJ | 1966/88 | Reg. Warehouse | 5.45 | 39,167 | 100 | % | |||||||||||||||||||
2 Pin Oak Lane | Cherry Hill, NJ | 1968 | Light Industrial | 4.45 | 51,230 | 100 | % | |||||||||||||||||||
28 Springdale, Rd | Cherry Hill, NJ | 1967 | Light Industrial | 2.93 | 38,949 | 100 | % | |||||||||||||||||||
3 Esterbrook Lane | Cherry Hill, NJ | 1968 | Light Industrial | 2.15 | 32,844 | 100 | % | |||||||||||||||||||
4 Esterbrook Lane | Cherry Hill, NJ | 1969 | Light Industrial | 3.42 | 39,266 | 100 | % | |||||||||||||||||||
26 Springdale Road | Cherry Hill, NJ | 1968 | Light Industrial | 3.25 | 29,492 | 100 | % | |||||||||||||||||||
1 Keystone Ave | Cherry Hill, NJ | 1969 | Light Industrial | 4.15 | 60,983 | 100 | % | |||||||||||||||||||
21 Olnev Ave | Cherry Hill, NJ | 1969 | Manufacturing | 1.75 | 22,738 | 100 | % | |||||||||||||||||||
19 Olnev Ave | Cherry Hill, NJ | 1971 | Light Industrial | 4.36 | 53,962 | 100 | % | |||||||||||||||||||
2 Keystone Ave | Cherry Hill, NJ | 1970 | Light Industrial | 3.47 | 50,922 | 100 | % | |||||||||||||||||||
18 Olnev Ave | Cherry Hill, NJ | 1974 | Light Industrial | 8.85 | 62,542 | 100 | % | |||||||||||||||||||
2030 Springdale Road | Cherry Hill, NJ | 1977 | Light Industrial | 6.24 | 88,872 | 100 | % | |||||||||||||||||||
111 Whittendale Drive | Morristown, NJ | 1991/96 | Reg. Warehouse | 5.00 | 79,329 | 100 | % | |||||||||||||||||||
9 Whittendale Drive | Morristown, NJ | 2000 | Light Industrial | 5.51 | 52,800 | 100 | % | |||||||||||||||||||
1931 Olney Road | Cherry Hill, NJ | 1969 | Light Industrial | 2.90 | 45,770 | 100 | % | |||||||||||||||||||
7851 Airport Highway | Pennsauken, NJ | 1966 | Light Industrial | 1.95 | 31,600 | 100 | % | |||||||||||||||||||
7860-7870 Airport | Pennsauken, NJ | 1968 | R&D/Flex | 1.51 | 23,050 | 100 | % | |||||||||||||||||||
7110-7112 Airport | Pennsauken, NJ | 1963 | R&D/Flex | 1.17 | 14,400 | 100 | % | |||||||||||||||||||
Subtotal or Average | 1,100,288 | 100 | % | |||||||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||
8921-8971 Frost Avenue | Hazelwood, MO | 1971 | Bulk Warehouse | 2.00 | 100,000 | 100 | % | |||||||||||||||||||
9043-9083 Frost Avenue | Hazelwood, MO | 1970/77 | Bulk Warehouse | 2.69 | 145,000 | 100 | % | |||||||||||||||||||
2121 Chapin Industrial Drive | Vinita Park, MO | 1969/94 | Bulk Warehouse | 23.40 | 281,105 | 97 | % | |||||||||||||||||||
10431-10449 Midwest Industrial | Olivette, MO | 1967 | Light Industrial | 2.40 | 55,125 | 100 | % | |||||||||||||||||||
10751 Midwest Industrial Blvd. | Olivette, MO | 1965 | Light Industrial | 1.70 | 44,100 | 100 | % |
33
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
St. Louis — (Continued) | ||||||||||||||||||||||||||
6951 N. Hanley(i) | Hazelwood, MO | 1965 | Bulk Warehouse | 9.50 | 129,614 | 100 | % | |||||||||||||||||||
1037 Warson — Bldg A | St. Louis, MO | 1968 | Light Industrial | 4.00 | 64,143 | 100 | % | |||||||||||||||||||
1037 Warson — Bldg B | St. Louis, MO | 1968 | Light Industrial | 4.00 | 97,154 | 100 | % | |||||||||||||||||||
1037 Warson — Bldg C | St. Louis, MO | 1968 | Light Industrial | 4.00 | 79,252 | 100 | % | |||||||||||||||||||
1037 Warson — Bldg D | St. Louis, MO | 1968 | Light Industrial | 4.00 | 92,081 | 100 | % | |||||||||||||||||||
6821-6857 Hazelwood Avenue | Berkley, MO | 2001 | Bulk Warehouse | 8.93 | 180,658 | 100 | % | |||||||||||||||||||
13701 Rider Trail North | Earth City, MO | 1985 | Light Industrial | 5.34 | 64,387 | 100 | % | |||||||||||||||||||
1908-2000 Innerbelt(i) | Overland, MO | 1987 | Light Industrial | 0.00 | 191,923 | 95 | % | |||||||||||||||||||
8449-95 Mid County Industrial | Vinta Park, MO | 1988 | Reg. Warehouse | 3.97 | 96,392 | 100 | % | |||||||||||||||||||
84104-76 Mid County Industrial | Vinta Park, MO | 1989 | Bulk Warehouse | 4.13 | 103,058 | 100 | % | |||||||||||||||||||
2001 Innerbelt Business Center | Overland, MO | 1987 | Bulk Warehouse | 7.84 | 171,637 | 100 | % | |||||||||||||||||||
4774 Park 36 Boulevard | St. Louis, MO | 2001 | Bulk Warehouse | 9.00 | 173,800 | 47 | % | |||||||||||||||||||
1010 Turner Boulevard | St. Louis, MO | 1989 | Bulk Warehouse | 26.95 | 248.635 | 100 | % | |||||||||||||||||||
Subtotal or Average | 2,318,064 | 95 | % | |||||||||||||||||||||||
Tampa | ||||||||||||||||||||||||||
6614 Adamo Drive | Tampa, FL | 1967 | Reg. Warehouse | 2.78 | 41,377 | 100 | % | |||||||||||||||||||
6202 Benjamin Road | Tampa, FL | 1981 | R&D/Flex | 2.04 | 30,145 | 0 | % | |||||||||||||||||||
6204 Benjamin Road | Tampa, FL | 1982 | Light Industrial | 4.16 | 60,975 | 100 | % | |||||||||||||||||||
6206 Benjamin Road | Tampa, FL | 1983 | Light Industrial | 3.94 | 57,708 | 100 | % | |||||||||||||||||||
6302 Benjamin Road | Tampa, FL | 1983 | R&D/Flex | 2.03 | 29,747 | 100 | % | |||||||||||||||||||
6304 Benjamin Road | Tampa, FL | 1984 | R&D/Flex | 2.04 | 29,845 | 100 | % | |||||||||||||||||||
6306 Benjamin Road | Tampa, FL | 1984 | Light Industrial | 2.58 | 37,861 | 67 | % | |||||||||||||||||||
6308 Benjamin Road | Tampa, FL | 1984 | Light Industrial | 3.22 | 47,256 | 71 | % | |||||||||||||||||||
5313 Johns Road | Tampa, FL | 1991 | R&D/Flex | 1.36 | 25,690 | 100 | % | |||||||||||||||||||
5602 Thompson Center Court | Tampa, FL | 1972 | R&D/Flex | 1.39 | 14,914 | 100 | % | |||||||||||||||||||
5411 Johns Road | Tampa, FL | 1997 | Light Industrial | 1.98 | 30,204 | 100 | % | |||||||||||||||||||
5525 Johns Road | Tampa, FL | 1993 | R&D/Flex | 1.46 | 24,139 | 100 | % | |||||||||||||||||||
5607 Johns Road | Tampa, FL | 1991 | R&D/Flex | 1.34 | 13,500 | 56 | % | |||||||||||||||||||
5709 Johns Road | Tampa, FL | 1990 | Light Industrial | 1.80 | 25,480 | 100 | % | |||||||||||||||||||
5711 Johns Road | Tampa, FL | 1990 | Light Industrial | 1.80 | 25,455 | 100 | % | |||||||||||||||||||
5453 West Waters Avenue | Tampa, FL | 1987 | R&D/Flex | 0.66 | 7,200 | 100 | % | |||||||||||||||||||
5455 West Waters Avenue | Tampa, FL | 1987 | R&D/Flex | 2.97 | 32,424 | 24 | % | |||||||||||||||||||
5553 West Waters Avenue | Tampa, FL | 1987 | Light Industrial | 2.97 | 32,424 | 100 | % | |||||||||||||||||||
5501 West Waters Avenue | Tampa, FL | 1990 | R&D/Flex | 1.53 | 15,870 | 100 | % | |||||||||||||||||||
5503 West Waters Avenue | Tampa, FL | 1990 | R&D/Flex | 0.68 | 7,060 | 27 | % | |||||||||||||||||||
5555 West Waters Avenue | Tampa, FL | 1990 | R&D/Flex | 2.31 | 23,947 | 90 | % | |||||||||||||||||||
5557 West Waters Avenue | Tampa, FL | 1990 | R&D/Flex | 0.57 | 5,860 | 100 | % | |||||||||||||||||||
5463 W. Waters Avenue | Tampa, FL | (e | ) | 1996 | R&D/Flex | 3.50 | 44,427 | 100 | % | |||||||||||||||||
5461 W. Waters Avenue | Tampa, FL | 1998 | Light Industrial | 1.84 | 21,778 | 100 | % | |||||||||||||||||||
5505 Johns Road #7 | Tampa, FL | 1999 | Light Industrial | 2.12 | 30,019 | 100 | % | |||||||||||||||||||
5481 W. Waters Avenue | Tampa, FL | 1999 | R&D/Flex | 3.60 | 41,861 | 100 | % | |||||||||||||||||||
5905 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 1.67 | 18,720 | 100 | % | |||||||||||||||||||
5907 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 0.53 | 5,980 | 100 | % | |||||||||||||||||||
5909 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 1.60 | 18,000 | 100 | % | |||||||||||||||||||
5911 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 2.70 | 30,397 | 56 | % | |||||||||||||||||||
5910 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 4.77 | 53,591 | 72 | % | |||||||||||||||||||
5912 Breckenridge Parkway | Tampa, FL | 1982 | R&D/Flex | 4.70 | 52,806 | 64 | % |
34
Table of Contents
Year | Land | |||||||||||||||||||||||||
Location | Built — | Area | Occupancy at | |||||||||||||||||||||||
Building Address | City/State | Encumbrances | Renovated | Building Type | (Acres) | GLA | 12/31/04 | |||||||||||||||||||
Tampa — (Continued) | ||||||||||||||||||||||||||
4515-4519 George Road | Tampa, FL | 1985 | Light Industrial | 5.00 | 64,742 | 93 | % | |||||||||||||||||||
6301 Benjamin Road | Tampa, FL | 1986 | R&D/Flex | 1.91 | 27,249 | 100 | % | |||||||||||||||||||
5723 Benjamin Road | Tampa, FL | 1986 | R&D/Flex | 2.97 | 42,270 | 100 | % | |||||||||||||||||||
6313 Benjamin Road | Tampa, FL | 1986 | R&D/Flex | 1.90 | 27,066 | 100 | % | |||||||||||||||||||
5801 Benjamin Road | Tampa, FL | 1986 | Light Industrial | 3.83 | 54,550 | 82 | % | |||||||||||||||||||
5802 Benjamin Road | Tampa, FL | 1986 | R&D/Flex | 4.06 | 57,705 | 87 | % | |||||||||||||||||||
5925 Benjamin Road | Tampa, FL | 1986 | R&D/Flex | 2.05 | 29,109 | 69 | % | |||||||||||||||||||
6089 Johns Road | Tampa, FL | (h | ) | 1985 | R&D/Flex | 1.38 | 24,000 | 100 | % | |||||||||||||||||
6103 Johns Road | Tampa, FL | (h | ) | 1986 | Light Industrial | 1.66 | 28,800 | 100 | % | |||||||||||||||||
Subtotal or Average | 1,292,151 | 87 | % | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
4200 West Harry Street(j) | Wichita, KS | 1972 | Bulk Warehouse | 21.45 | 177,655 | 100 | % | |||||||||||||||||||
6601 S. 33rd Street | McAllen, TX | 1975 | Reg. Warehouse | 3.31 | 50,000 | 100 | % | |||||||||||||||||||
9601 A Dessau Road | Austin, TX | 1999 | Light Industrial | 3.28 | 33,000 | 100 | % | |||||||||||||||||||
9601 B Dessau Road | Austin, TX | 1999 | Light Industrial | 3.28 | 33,000 | 100 | % | |||||||||||||||||||
9601 C Dessau Road | Austin, TX | 1999 | Light Industrial | 3.28 | 33,000 | 100 | % | |||||||||||||||||||
555 Vista Blvd. | Sparks, NV | 1980 | Bulk Warehouse | 40.30 | 490,500 | 100 | % | |||||||||||||||||||
Subtotal or Average | 817,155 | 100 | % | |||||||||||||||||||||||
TOTAL | 61,670,735 | 90 | % | |||||||||||||||||||||||
(a) | This property collateralizes a $5.5 million mortgage loan which matures on December 1, 2019. | |
(b) | These properties collateralize a $2.9 million mortgage loan which matures on September 1, 2009. | |
(c) | This property collateralizes a $5.7 million mortgage loan which matures on December 1, 2019. | |
(d) | This property collateralizes a $2.0 million mortgage loan which matures on October 1, 2006. | |
(e) | This property collateralizes a $2.5 million mortgage loan which matures on September 1, 2006. | |
(f) | This property collateralizes a $16.3 million mortgage loan which matures on December 1, 2010. | |
(g) | These properties collateralize a $13.9 million mortgage loan which matures on November 10, 2012. | |
(h) | These properties collateralize a $6.7 million mortgage loan which matures on July 1, 2009. | |
(i) | Comprised of two properties. | |
(j) | Comprised of three properties. | |
(k) | Comprised of four properties. | |
(l) | Comprised of 28 properties. | |
(m) | This property collateralizes a $2.0 million mortgage loan which matures on January 1, 2013. |
Tenant and Lease Information
The Company has a diverse base of more than 2,400 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and professional services. Most leases have an initial term of between three and six years and provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property’s operating costs, including the costs of common area maintenance, property taxes and insurance. As of December 31, 2004, approximately 90% of the GLA of the industrial properties was leased, and no single tenant or group of related tenants accounted for more than 1.3% of the Company’s rent revenues, nor did any single tenant or group of related tenants occupy more than 1.3% of the Company’s total GLA as of December 31, 2004.
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The following table shows scheduled lease expirations for all leases for the Company’s in-service properties as of December 31, 2004.
Number of | Percentage of | Annual Base Rent | Percentage of Total | ||||||||||||||||||
Year of | Leases | GLA | GLA | Under Expiring | Annual Base Rent | ||||||||||||||||
Expiration(1) | Expiring | Expiring(2) | Expiring | Leases | Expiring(2) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
2005 | 803 | 14,514,570 | 26.1 | % | 59,652 | 25.5% | |||||||||||||||
2006 | 517 | 10,347,877 | 18.6 | % | 45,937 | 19.6% | |||||||||||||||
2007 | 453 | 8,826,005 | 15.9 | % | 38,373 | 16.4% | |||||||||||||||
2008 | 299 | 7,101,496 | 12.8 | % | 28,774 | 12.3% | |||||||||||||||
2009 | 271 | 5,392,740 | 9.7 | % | 25,972 | 11.1% | |||||||||||||||
2010 | 106 | 2,769,205 | 5.0 | % | 11,821 | 5.0% | |||||||||||||||
2011 | 36 | 1,562,204 | 2.8 | % | 6,176 | 2.6% | |||||||||||||||
2012 | 17 | 561,740 | 1.0 | % | 1,954 | 0.8% | |||||||||||||||
2013 | 16 | 1,771,111 | 3.2 | % | 4,780 | 2.0% | |||||||||||||||
2014 | 16 | 1,034,456 | 1.9 | % | 4,949 | 2.1% | |||||||||||||||
Thereafter | 17 | 1,672,514 | 3.0 | % | 5,796 | 2.5% | |||||||||||||||
Total | 2,551 | 55,553,918 | 100.0 | % | $ | 234,184 | 100.0% | ||||||||||||||
(1) | Lease expirations as of December 31, 2004 assume tenants do not exercise existing renewal, termination, or purchase options. |
(2) | Does not include existing vacancies of 6,116,817 aggregate square feet. |
Item 3. | Legal Proceedings |
The Company is involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on the results of operations, financial position or liquidity of the Company.
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Item 4. | Submission of Matters to a Vote of Security Holders |
None.
PART II
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Market Information
The following table sets forth for the periods indicated the high and low closing prices per share and distributions declared per share for the Company’s common stock, which trades on the New York Stock Exchange under the trading symbol “FR”.
Distribution | ||||||||||||
Quarter Ended | High | Low | Declared | |||||||||
December 31, 2004 | $ | 42.11 | $ | 37.26 | $ | 0.6950 | ||||||
September 30, 2004 | $ | 40.39 | $ | 35.81 | $ | 0.6850 | ||||||
June 30, 2004 | $ | 39.50 | $ | 32.69 | $ | 0.6850 | ||||||
March 31, 2004 | $ | 39.62 | $ | 33.00 | $ | 0.6850 | ||||||
December 31, 2003 | $ | 34.76 | $ | 32.20 | $ | 0.6850 | ||||||
September 30, 2003 | $ | 32.65 | $ | 29.33 | $ | 0.6850 | ||||||
June 30, 2003 | $ | 32.51 | $ | 27.96 | $ | 0.6850 | ||||||
March 31, 2003 | $ | 29.50 | $ | 26.57 | $ | 0.6850 |
The Company had 666 common stockholders of record registered with its transfer agent as of March 23, 2005.
The Company has determined that, for federal income tax purposes, approximately 13.17% of the total $114.6 million in distributions paid with respect to 2004 represents ordinary dividend income to its stockholders, 9.10% qualify as 25 percent rate capital gain, 1.54% qualify as short-term capital gain, 31.47% qualify as a 15 percent rate capital gain and the remaining 44.72% represent a return of capital.
Additionally, for tax purposes, 23.81% of the Company’s 2004 preferred stock dividends qualify as ordinary income, 16.47% qualify as 25 percent rate capital gain, 2.78% qualify as short-term capital gain and 56.94% qualify as 15 percent rate capital gain.
In order to maintain its status as a REIT, the Company is required to meet certain tests, including distributing at least 90% of its REIT taxable income, or approximately $1.83 per share for 2004. The Company’s dividend policy is to meet the minimum distribution required to maintain the Company’s REIT qualification under the Internal Revenue Code.
On March 4, 2005, the Operating Partnership issued 37,587 Units having an aggregate market value of approximately $1.5 million in exchange for property.
All of the above Units were issued in private placements in reliance on Section 4(2) of the Securities Act of 1933, as amended, including Regulation D promulgated thereunder, to individuals or entities holding real property or interests therein. No underwriters were used in connection with such issuances.
Subject to lock-up periods and certain adjustments, Units are convertible into common stock, par value $.01, of the Company on a one-for-one basis or cash at the option of the Company.
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Item 6. | Selected Financial Data |
The following sets forth selected financial and operating data for the Company on a historical consolidated basis. The following data should be read in conjunction with the financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. The historical statements of operations and cash flows for the years ended December 31, 2003 and 2002, and the selected data below for 2001 and 2000 have been restated to correct the classification of income taxes. The historical statements of operations for the years ended December 31, 2004, 2003 and 2002 include the results of operations of the Company as derived from the Company’s audited financial statements. The historical statements of operations for the years ended December 31, 2001 and 2000 include the results of operations of the Company as derived from the Company’s audited financial statements except that management has made adjustments to correct the classification of income taxes. Also, the results of operations of properties sold are presented in discontinued operations if they met both of the following criteria: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposition and (b) the Company will not have any significant involvement in the operations of the property after the disposal transaction. The adjustments made by management and the resulting adjusted balances were not audited. The historical balance sheet data and other data as of December 31, 2004, 2003, 2002, 2001 and 2000 include the balances of the Company as derived from the Company’s audited financial statements.
Restated | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | 12/31/00 | |||||||||||||||||
(In thousands, except per share and property data) | |||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||
Total Revenues | $ | 319,732 | $ | 307,815 | $ | 285,870 | $ | 295,404 | $ | 304,965 | |||||||||||
Interest Income | 3,632 | 2,416 | 2,378 | 2,790 | 5,489 | ||||||||||||||||
Gain on Settlement of Interest Rate Protection Agreements | 1,583 | — | — | — | — | ||||||||||||||||
Property Expenses | (108,336 | ) | (99,544 | ) | (90,468 | ) | (90,104 | ) | (91,217 | ) | |||||||||||
General and Administrative Expense | (39,569 | ) | (26,953 | ) | (19,610 | ) | (18,609 | ) | (17,129 | ) | |||||||||||
Interest Expense | (99,245 | ) | (95,456 | ) | (90,387 | ) | (82,580 | ) | (83,925 | ) | |||||||||||
Amortization of Deferred Financing Costs | (1,931 | ) | (1,764 | ) | (1,925 | ) | (1,809 | ) | (1,750 | ) | |||||||||||
Depreciation and Other Amortization | (95,138 | ) | (75,140 | ) | (62,658 | ) | (58,037 | ) | (54,452 | ) | |||||||||||
Loss from Early Retirement from Debt(c) | (515 | ) | (1,466 | ) | (888 | ) | (10,309 | ) | — | ||||||||||||
Valuation Provision on Real Estate(a) | — | — | — | (9,500 | ) | (2,900 | ) | ||||||||||||||
Benefit (Provision) for Income Tax | 7,859 | 4,950 | 2,188 | 197 | (341 | ) | |||||||||||||||
Equity in Income (Loss) of Joint Ventures | 36,451 | 539 | 463 | (791 | ) | 571 | |||||||||||||||
Minority Interest Allocable to Continuing Operations | (293 | ) | 562 | 352 | 520 | (4,524 | ) | ||||||||||||||
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Restated | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | 12/31/00 | ||||||||||||||||||
(In thousands, except per share and property data) | ||||||||||||||||||||||
Income from Continuing Operations | 24,230 | 15,959 | 25,315 | 27,172 | 54,787 | |||||||||||||||||
Income from Discontinued Operations (Including Gain on Sale of Real Estate, Net of Income Taxes, of $79,811, $77,636 and $56,810 for the Year Ended December 31, 2004, 2003 and 2002, respectively), Net of Income Taxes(b) | 88,680 | 101,266 | 98,530 | 48,123 | 45,652 | |||||||||||||||||
Minority Interest Allocable to Discontinued Operations | (12,167 | ) | (14,916 | ) | (14,760 | ) | (7,377 | ) | (7,222 | ) | ||||||||||||
Gain on Sale of Real Estate, Net of Income Taxes | 11,431 | 13,445 | 13,082 | 64,304 | 29,296 | |||||||||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate | (1,568 | ) | (1,981 | ) | (1,959 | ) | (9,858 | ) | (4,635 | ) | ||||||||||||
Net Income | 110,606 | 113,773 | 120,208 | 122,364 | 117,878 | |||||||||||||||||
Redemption of Preferred Stock | (7,959 | ) | — | (3,707 | ) | (4,577 | ) | — | ||||||||||||||
Preferred Stock Dividends | (14,488 | ) | (20,176 | ) | (23,432 | ) | (30,001 | ) | (32,844 | ) | ||||||||||||
Net Income Available to Common Stockholders | $ | 88,159 | $ | 93,597 | $ | 93,069 | $ | 87,786 | $ | 85,034 | ||||||||||||
Income from Continuing Operations Available to Common Stockholders Per Weighted Average Common Share Outstanding: | ||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.19 | $ | 0.24 | $ | 1.21 | $ | 1.22 | ||||||||||||
Diluted | $ | 0.28 | $ | 0.19 | $ | 0.24 | $ | 1.20 | $ | 1.21 | ||||||||||||
Net Income Available to Common Stockholders Per Weighted Average Common Share Outstanding: | ||||||||||||||||||||||
Basic | $ | 2.17 | $ | 2.43 | $ | 2.39 | $ | 2.26 | $ | 2.23 | ||||||||||||
Diluted | $ | 2.16 | $ | 2.42 | $ | 2.38 | $ | 2.24 | $ | 2.21 | ||||||||||||
Distributions Per Share | $ | 2.7500 | $ | 2.7400 | $ | 2.7250 | $ | 2.6525 | $ | 2.5175 | ||||||||||||
Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||||||||
Basic | 40,557 | 38,542 | 38,927 | 38,841 | 38,154 | |||||||||||||||||
Diluted | 40,888 | 38,663 | 39,165 | 39,150 | 38,446 | |||||||||||||||||
Net Income | $ | 110,606 | $ | 113,773 | $ | 120,208 | $ | 122,364 | $ | 117,878 | ||||||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||||
Cumulative Transition Adjustment | — | — | — | (14,920 | ) | — |
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Restated | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 | 12/31/00 | ||||||||||||||||||
(In thousands, except per share and property data) | ||||||||||||||||||||||
Settlement of Interest Rate Protection Agreements | 6,816 | — | 1,772 | (191 | ) | — | ||||||||||||||||
Mark-to-Market of Interest Rate Protection Agreements and Interest Rate Swap Agreements | 106 | 251 | (126 | ) | (231 | ) | — | |||||||||||||||
Write-off of Unamortized Interest Rate Protection Agreements Due to Early Retirement of Debt | — | — | — | 2,156 | — | |||||||||||||||||
Amortization of Interest Rate Protection Agreements | (512 | ) | 198 | 176 | 805 | — | ||||||||||||||||
Comprehensive Income | $ | 117,016 | $ | 114,222 | $ | 122,030 | $ | 109,983 | $ | 117,878 | ||||||||||||
Balance Sheet Data (End of Period): | ||||||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 2,856,474 | $ | 2,738,034 | $ | 2,697,269 | $ | 2,714,927 | $ | 2,440,810 | ||||||||||||
Real Estate, After Accumulated Depreciation | 2,478,091 | 2,388,782 | 2,388,781 | 2,438,107 | 2,221,109 | |||||||||||||||||
Real Estate Held for Sale, Net | 52,790 | — | 7,040 | 30,750 | 236,422 | |||||||||||||||||
Total Assets | 2,713,193 | 2,648,023 | 2,629,973 | 2,621,400 | 2,618,493 | |||||||||||||||||
Mortgage Loans Payable, Net, Unsecured Lines of Credit and Senior Unsecured Debt, Net | 1,574,929 | 1,453,798 | 1,442,149 | 1,318,450 | 1,221,356 | |||||||||||||||||
Total Liabilities | 1,710,766 | 1,591,732 | 1,575,586 | 1,447,361 | 1,373,288 | |||||||||||||||||
Stockholders’ Equity | 845,494 | 889,173 | 882,326 | 995,597 | 1,058,372 | |||||||||||||||||
Other Data: | ||||||||||||||||||||||
Cash Flow From Operating Activities | $ | 77,657 | $ | 103,156 | $ | 132,838 | $ | 147,134 | $ | 160,241 | ||||||||||||
Cash Flow From Investing Activities | 9,992 | 29,037 | 33,350 | (38,804 | ) | (87,300 | ) | |||||||||||||||
Cash Flow From Financing Activities | (83,546 | ) | (131,372 | ) | (166,188 | ) | (116,061 | ) | (67,819 | ) | ||||||||||||
Total In-Service Properties | 827 | 834 | 908 | 918 | 969 | |||||||||||||||||
Total In-Service GLA, in Square Feet | 61,670,735 | 57,925,466 | 59,979,894 | 64,002,809 | 68,242,713 | |||||||||||||||||
In-Service Occupancy Percentage | 90 | % | 88 | % | 90 | % | 91 | % | 95 | % |
(a) | Represents a valuation provision on real estate relating to certain properties located in Columbus, Ohio, Des Moines, Iowa, Grand Rapids, Michigan and Indianapolis, Indiana. | |
(b) | On January 1, 2002, the Company adopted the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (b) the Company will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also |
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requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations. | ||
(c) | In 2004, the Company paid off and retired a certain mortgage loan. The Company recorded a loss from the early retirement of debt in 2004 of approximately $.5 million, which is comprised of the write-off of unamortized deferred financing costs and prepayment penalties. In 2003, the Company paid off and retired a certain mortgage loan. The Company recorded a loss from the early retirement of debt in 2003 of approximately $1.5 million, which is comprised of the write-off of unamortized deferred financing costs. In 2002, the Company paid off and retired certain senior unsecured debt. The Company recorded a loss from the early retirement of debt of approximately $.9 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs. In 2001, the Company paid off and retired certain mortgage loans and certain senior unsecured debt. The Company recorded a loss from the early retirement of debt of approximately $10.3 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of unamortized deferred financing costs, the write-off of the unamortized portion of an interest rate protection agreement which was used to fix the interest rate on the senior unsecured debt prior to issuance, the settlement of an interest rate protection agreement used to fix the retirement price of the senior unsecured debt, prepayment fees, legal costs and other expenses. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion should be read in conjunction with “Selected Financial Data” and the historical Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.
In addition, the following discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company on a consolidated basis include, but are not limited to, changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company’s current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included herein and in the Company’s other filings with the Securities and Exchange Commission.
First Industrial Realty Trust, Inc. was organized in the state of Maryland on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate investment trust (“REIT”), as defined in the Internal Revenue Code (the “Code”). First Industrial Realty Trust, Inc. (together with its consolidated subsidiaries, the “Company”) began operations on July 1, 1994. The Company’s interests in its properties and land parcels are held through (i) partnerships controlled by the Company, including First Industrial, L.P. (the “Operating Partnership”), of which the Company is the sole general partner, as well as, among others, First Industrial Financing Partnership, L.P., First Industrial Securities, L.P., First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial Indianapolis, L.P., FI Development Services, L.P. and TK-SV, LTD., each of which the sole general partner is a wholly-owned subsidiary of the Company and the sole limited partner is the Operating Partnership; (ii) limited liability companies, of which the Operating
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Partnership is the sole member; and (iii) First Industrial Development Services, Inc., of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein. The Company, through separate, wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
Management believes the Company’s financial condition and results of operations are, primarily, a function of the Company’s performance in four key areas: leasing of industrial properties, acquisition and development of additional industrial properties, redeployment of internal capital and access to external capital.
The Company generates revenue primarily from rental income and tenant recoveries from the lease of industrial properties under long-term (generally three to six years) operating leases. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. The Company’s revenue growth is dependent, in part, on its ability to (i) increase rental income, through increasing either or both occupancy rates and rental rates at the Company’s properties, (ii) maximize tenant recoveries and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains/losses on the sale of the Company’s properties (as discussed below), for the Company’s distributions. The leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The leasing of property also entails various risks, including the risk of tenant default. If the Company were unable to maintain or increase occupancy rates and rental rates at the Company’s properties or to maintain tenant recoveries and operating and certain other expenses consistent with historical levels and proportions, the Company’s revenue growth would be limited. Further, if a significant number of the Company’s tenants were unable to pay rent (including tenant recoveries) or if the Company were unable to rent its properties on favorable terms, the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.
The Company’s revenue growth is also dependent, in part, on its ability to acquire existing, and acquire and develop new, additional industrial properties on favorable terms. The Company continually seeks to acquire existing industrial properties on favorable terms, and, when conditions permit, also seeks to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they lease-up, generate revenue from rental income and tenant recoveries, income from which, as discussed above, is a source of funds for the Company’s distributions. The acquisition and development of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The acquisition and development of properties also entails various risks, including the risk that the Company’s investments may not perform as expected. For example, acquired existing and acquired and developed new properties may not sustain and/or achieve anticipated occupancy and rental rate levels. With respect to acquired and developed new properties, the Company may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties. Also, the Company faces significant competition for attractive acquisition and development opportunities from other well-capitalized real estate investors, including both
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publicly-traded real estate investment trusts and private investors. Further, as discussed below, the Company may not be able to finance the acquisition and development opportunities it identifies. If the Company were unable to acquire and develop sufficient additional properties on favorable terms, or if such investments did not perform as expected, the Company’s revenue growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.
The Company also generates income from the sale of properties (including existing buildings, buildings which the Company has developed or re-developed on a merchant basis, and land). The Company is continually engaged in, and its income growth is dependent in part on, systematically redeploying its capital from properties and other assets with lower yield potential into properties and other assets with higher yield potential. As part of that process, the Company sells, on an ongoing basis, select stabilized properties or properties offering lower potential returns relative to their market value. The gain/loss on the sale of such properties is included in the Company’s income and is a significant source of funds, in addition to revenues generated from rental income and tenant recoveries, for the Company’s distributions. Also, a significant portion of the proceeds from such sales is used to fund the acquisition of existing, and the acquisition and development of new, industrial properties. The sale of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of the Company’s properties. Further, the Company’s ability to sell properties is limited by safe harbor rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If the Company were unable to sell properties on favorable terms, the Company’s income growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.
Currently, the Company utilizes a portion of the net sales proceeds from property sales, borrowings under its $300 million unsecured line of credit (the “Unsecured Line of Credit”) and proceeds from the issuance, when and as warranted, of additional equity securities to finance acquisitions and developments. Access to external capital on favorable terms plays a key role in the Company’s financial condition and results of operations, as it impacts the Company’s cost of capital and its ability and cost to refinance existing indebtedness as it matures and to fund acquisitions and developments through the issuance, when and as warranted, of additional equity securities. The Company’s ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on the Company’s capital stock and debt, the market’s perception of the Company’s growth potential, the Company’s current and potential future earnings and cash distributions and the market price of the Company’s capital stock. If the Company were unable to access external capital on favorable terms, the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.
In the consolidated statements of operations for the years ended December 31, 2003 and 2002 presented in its Form 8-K filed July 30, 2004, the Company allocated its entire tax provision /benefit to income from discontinued operations. The Company has determined that its tax provision /benefit should be allocated between income from continuing operations, income from discontinued operations and gain on sale of real estate. The Company has restated its consolidated statements of operations and cash flows for the years ended December 31, 2003 and 2002 to reflect this new allocation in this Form 10-K.
CRITICAL ACCOUNTING POLICIES
The Company’s significant accounting policies are described in more detail in Note 3 to the Consolidated Financial Statements. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.
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• | The Company maintains an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of the Company’s tenants to satisfy outstanding billings with the Company. The allowance for doubtful accounts is an estimate based on the Company’s assessment of the creditworthiness of its tenants. | |
• | Properties are classified as held for sale when the Company has entered into a binding contract to sell such properties. When properties are classified as held for sale, the Company ceases depreciating the properties and estimates the values of such properties and measures them at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. The Company estimates the value of such property and measures it at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Fair value is determined by deducting from the contract price of the property the estimated costs to close the sale. | |
• | The Company reviews its properties on a quarterly basis for possible impairment and provides a provision if impairments are determined. The Company utilizes the guidelines established under Financial Accounting Standards Board’s (“FASB”) Statement of Financial Accounting Standards (“FAS”) No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”) to determine if impairment conditions exist. The Company reviews the expected undiscounted cash flows of each property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, the Company will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is determined by discounting the future expected cash flows of the property. The calculation of the fair value involves subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and the discount rate used to present value the cash flows. | |
• | The Company is engaged in the acquisition of individual properties as well as multi-property portfolios. In accordance with FASB Statement of Financial Accounting Standards No. 141, “Business Combinations” (“FAS 141”), the Company is required to allocate purchase price between land, building, tenant improvements, leasing commissions, intangible assets and above and below market leases. Above-market and below-market lease values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rents for each corresponding in-place lease. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental income. The Company also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on the Company’s assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. |
RESULTS OF OPERATIONS
Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003
The Company’s net income available to common stockholders was $88.2 million and $93.6 million for the years ended December 31, 2004 and 2003, respectively. Basic and diluted net income available to common stockholders were $2.17 and $2.16 per share, respectively, for the year ended December 31, 2004, and $2.43 and $2.42 per share, respectively, for the year ended December 31, 2003.
The tables below summarize the Company’s revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2004 and December 31, 2003. Same
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store properties are in-service properties owned prior to January 1, 2003. Acquired properties are properties that were acquired subsequent to December 31, 2002. Sold properties are properties that were sold subsequent to December 31, 2002. Properties that are not in service are properties that are under construction that have not reached stabilized occupancy or were placed in service after December 31, 2002 or acquisitions acquired prior to January 1, 2003 that were not placed in service as of December 31, 2002. These properties are placed in service as they reach stabilized occupancy (generally defined as properties that are 90% leased). Other revenues are derived from the operations of the Company’s maintenance company, fees earned from the Company’s joint ventures, fees earned for developing properties for third parties and other miscellaneous revenues. Other expenses are derived from the operations of the Company’s maintenance company and other miscellaneous regional expenses.
The Company’s future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. The Company’s future revenues and expenses may vary materially from historical rates.
At December 31, 2004 and 2003, the occupancy rates of the Company’s same store properties were 88.6% and 87.8%, respectively.
2004 | 2003 | $ Change | % Change | ||||||||||||||
($ in 000’s) | |||||||||||||||||
REVENUES | |||||||||||||||||
Same Store Properties | $ | 253,710 | $ | 268,270 | $ | (14,560 | ) | (5.4 | )% | ||||||||
Acquired Properties | 43,864 | 10,178 | 33,686 | 331.0 | % | ||||||||||||
Sold Properties | 20,512 | 57,588 | (37,076 | ) | (64.4 | )% | |||||||||||
Properties Not In-service | 16,178 | 16,375 | (197 | ) | (1.2 | )% | |||||||||||
Other | 8,849 | 9,148 | (299 | ) | (3.3 | )% | |||||||||||
343,113 | 361,559 | (18,446 | ) | (5.1 | )% | ||||||||||||
Discontinued Operations | (23,381 | ) | (53,744 | ) | 30,363 | (56.5 | )% | ||||||||||
Total Revenues | $ | 319,732 | $ | 307,815 | $ | 11,917 | 3.9 | % | |||||||||
Revenues from same store properties decreased $14.6 million due primarily to a $10.7 million lease termination fee the Company received in the first quarter 2003. Revenues from acquired properties increased $33.7 million due to the 143 industrial properties totaling approximately 15.9 million square feet of GLA acquired subsequent to December 31, 2002. Revenues from sold properties decreased $37.1 million due to the 227 industrial properties totaling approximately 14.8 million square feet of GLA sold subsequent to December 31, 2002.
2004 | 2003 | $ Change | % Change | ||||||||||||||
($ in 000’s) | |||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||
Same Store Properties | $ | 82,008 | $ | 85,141 | $ | (3,133 | ) | (3.7 | )% | ||||||||
Acquired Properties | 13,036 | 3,083 | 9,953 | 322.8 | % | ||||||||||||
Sold Properties | 6,612 | 18,256 | (11,644 | ) | (63.8 | )% | |||||||||||
Properties Not In-service | 7,584 | 5,956 | 1,628 | 27.3 | % | ||||||||||||
Other | 6,510 | 4,427 | 2,083 | 47.1 | % | ||||||||||||
115,750 | 116,863 | (1,113 | ) | (1.0 | )% | ||||||||||||
Discontinued Operations | (7,414 | ) | (17,319 | ) | 9,905 | (57.2 | )% | ||||||||||
Total Property Expenses | $ | 108,336 | $ | 99,544 | $ | 8,792 | 8.8 | % | |||||||||
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties decreased by approximately $3.1 million due primarily to a decrease in bad debt expense. Property expenses from
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acquired properties increased by $10.0 million due to properties acquired subsequent to December 31, 2002. Property expenses from sold properties decreased by $11.6 million due to properties sold subsequent to December 31, 2002. Property expenses from properties not in-service increased $1.6 million due primarily to an increase in bad debt expense. Other expense increased $2.1 million due primarily to increases in compensation.
General and administrative expense increased by approximately $12.6 million, or 46.8%, due primarily to increases in employee incentive compensation and an increase in outside professional services fees.
Amortization of deferred financing costs remained relatively unchanged.
2004 | 2003 | $ Change | % Change | |||||||||||||
($ in 000’s) | ||||||||||||||||
DEPRECIATION and OTHER AMORTIZATION | ||||||||||||||||
Same Store Properties | $ | 70,484 | $ | 65,433 | $ | 5,051 | 7.7 | % | ||||||||
Acquired Properties | 16,398 | 3,839 | 12,559 | 327.1 | % | |||||||||||
Sold Properties | 4,523 | 11,886 | (7,363 | ) | (61.9 | )% | ||||||||||
Properties Not In-service and Other | 7,861 | 4,187 | 3,674 | 87.7 | % | |||||||||||
Corporate Furniture, Fixtures and Equipment | 1,280 | 1,236 | 44 | 3.6 | % | |||||||||||
100,546 | 86,581 | 13,965 | 16.1 | % | ||||||||||||
Discontinued Operations | (5,408 | ) | (11,441 | ) | 6,033 | (52.7 | )% | |||||||||
Total Depreciation and Other Amortization | $ | 95,138 | $ | 75,140 | $ | 19,998 | 26.6 | % | ||||||||
The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and, building and tenant improvements paid in 2004 and 2003. Depreciation and other amortization from acquired properties increased by $12.6 million due to properties acquired subsequent to December 31, 2002. Depreciation and other amortization from sold properties decreased by $7.4 million due to properties sold subsequent to December 31, 2002. Depreciation and other amortization for properties not in-service and other increased by $3.7 million due primarily to depreciation expense being recognized in 2004 for developments that were substantially completed.
Interest income increased by approximately $1.2 million due primarily to an increase in the average mortgage loans receivable outstanding during the year ended December 31, 2004, as compared to the year ended December 31, 2003, as well as an increase in the average restricted cash balance for the year ended December 31, 2004, as compared to the year ended December 31, 2003.
In March 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73.5 million, was effective from August 15, 2004 through August 15, 2009, and fixed the LIBOR rate at 3.326%. In May 2004, the Company reduced the projected amount of the future debt offering and settled $24.5 million of this interest rate protection agreement for proceeds in the amount of $1.5 million which is recognized in net income for the year ended December 31, 2004.
In November 2004, the Company settled an interest rate protection agreement for $.3 million that had been designated as a cash flow hedge of $50.0 million of a forecasted debt issuance. Hedge ineffectiveness in the amount of $.1 million, due to a mismatch in dates, was recognized in net income. The remaining $.2 million is included in other comprehensive income and will be amortized over the term of the forecasted debt issuance. In the event that the issuance of $50.0 million of debt is not issued by December 10, 2005, the balance in other comprehensive income will be reclassified into net income.
Interest expense increased by approximately $3.8 million due primarily to an increase in the weighted average debt balance outstanding for the year ended December 31, 2004 ($1,522.9 million) as compared to the year ended December 31, 2003 ($1,455.8 million). This was partially offset by a decrease in the weighted average interest rate for the year ended December 31, 2004 (6.60%) as compared to the year
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ended December 31, 2003 (6.61%), and an increase in capitalized interest for the year ended December 31, 2004 due to an increase in development activities.
The loss on early retirement of debt of approximately $.5 million for the year ended December 31, 2004 is comprised of the write-off of unamortized deferred financing costs and a prepayment penalty related to the early pay off and retirement of the Acquisition Mortgage Loan XI (defined hereafter). The loss on early retirement of debt of approximately $1.5 million for the year ended December 31, 2003 is comprised of the write-off of unamortized deferred financing costs related to the early pay off and retirement of the 1995 Mortgage Loan (defined hereafter).
Income tax benefit increased by $2.9 million due primarily to an increase in general and administrative expense (“G&A”) due to additional G&A costs incurred in 2004 compared to 2003 associated with additional investment activity in the Company’s taxable REIT subsidiary.
Equity in income of joint ventures increased by approximately $35.9 million due primarily to the Company’s allocation of gain from the sale of all of the properties in the December 2001 Joint Venture and the Company’s recognition of the deferred gain on it’s initial sale of 30 of the 36 properties to the December 2001 Joint Venture.
The $11.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2004 resulted from the sale of five industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. The $13.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2003 resulted from the sale of 10 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations.
The following table summarizes certain information regarding the industrial properties included in discontinued operations by the Company for the year ended December 31, 2004 and December 31, 2003.
Year Ended | ||||||||
December 31, | ||||||||
Restated | ||||||||
2004 | 2003 | |||||||
($ in 000’s) | ||||||||
Total Revenues | $ | 23,381 | $ | 53,744 | ||||
Operating Expenses | (7,414 | ) | (17,319 | ) | ||||
Depreciation and Amortization | (5,408 | ) | (11,441 | ) | ||||
Provision for Income Taxes | (1,690 | ) | (1,354 | ) | ||||
Gain on Sale of Real Estate, Net of Income Taxes | 79,811 | 77,636 | ||||||
Income from Discontinued Operations | $ | 88,680 | $ | 101,266 | ||||
Income from discontinued operations (net of income taxes) for the year ended December 31, 2004 reflects the results of operations and gain on sale of real estate of $79.8 million relating to 92 industrial properties that were sold during the year ended December 31, 2004 and the results of operations of nine properties that were identified as held for sale at December 31, 2004.
Income from discontinued operations (net of income taxes) for the year ended December 31, 2003 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties that were identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003, as well as the gain on sale of real estate of $77.6 million from the 120 industrial properties which were sold during the year ended December 31, 2003.
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Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002
The Company’s net income available to common stockholders was $93.6 million and $93.1 million for the years ended December 31, 2003 and 2002, respectively. Basic and diluted net income available to common stockholders were $2.43 and $2.42 per share, respectively, for the year ended December 31, 2003, and $2.39 and $2.38 per share, respectively, for the year ended December 31, 2002.
The tables below summarize the Company’s revenues, property expenses and depreciation and other amortization by various categories. Same store properties are in-service properties owned prior to January 1, 2002. Acquired properties are properties that were acquired subsequent to December 31, 2001. Sold properties are properties that were sold subsequent to December 31, 2001. Properties that are not in service are properties that are under construction that have not reached stabilized occupancy or were placed in service after December 31, 2001 or acquisitions acquired prior to January 1, 2002 that were not placed in service as of December 31, 2001. These properties are placed in service as they reach stabilized occupancy (generally defined as properties that are 90% leased). Other revenues are derived from the operations of the Company’s maintenance company, fees earned from the Company’s joint ventures, fees earned for developing properties for third parties and other miscellaneous revenues. Other expenses are derived from the operations of the Company’s maintenance company and other miscellaneous regional expenses.
The Company’s future financial condition and results of operations, including rental revenues, may be impacted by the acquisition and sale of properties. The Company’s future revenues and expenses may vary materially from historical rates.
At December 31, 2003 and 2002, the occupancy rates of the Company’s same store properties were 87.0% and 88.6%, respectively.
2003 | 2002 | $ Change | % Change | ||||||||||||||
($ in 000’s) | |||||||||||||||||
REVENUES | |||||||||||||||||
Same Store Properties | $ | 269,246 | $ | 272,991 | $ | (3,745 | ) | (1.4 | )% | ||||||||
Acquired Properties | 44,119 | 15,627 | 28,492 | 182.3 | % | ||||||||||||
Sold Properties | 24,480 | 64,741 | (40,261 | ) | (62.2 | )% | |||||||||||
Properties Not In-service | 14,045 | 7,697 | 6,348 | 82.5 | % | ||||||||||||
Other | 9,669 | 8,167 | 1,502 | 18.4 | % | ||||||||||||
361,559 | 369,223 | (7,664 | ) | (2.1 | )% | ||||||||||||
Discontinued Operations | (53,744 | ) | (83,353 | ) | 29,609 | (35.5 | )% | ||||||||||
Total Revenues | $ | 307,815 | $ | 285,870 | $ | 21,945 | 7.7 | % | |||||||||
Revenues from same store properties decreased $3.7 million due primarily to a decrease in occupancy and rental rates on new leases. Revenues from acquired properties increased $28.5 million due to the 154 industrial properties totaling approximately 12.3 million square feet of GLA acquired during 2003 and 2002. Revenues from sold properties decreased $40.3 million due to the 244 industrial properties totaling approximately 19.3 million square feet of GLA sold during 2003 and 2002. Revenues for properties not in service increased $6.3 million due to an increase in occupancy on developments that were substantially
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completed in 2003 and 2002. Revenues from other properties increased $1.5 million due to an increase in assignment fees.
2003 | 2002 | $ Change | % Change | ||||||||||||||
($ in 000’s) | |||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||
Same Store Properties | $ | 85,585 | $ | 83,673 | $ | 1,912 | 2.3 | % | |||||||||
Acquired Properties | 12,469 | 3,782 | 8,687 | 229.7 | % | ||||||||||||
Sold Properties | 8,226 | 20,318 | (12,092 | ) | (59.5 | )% | |||||||||||
Properties Not In-service | 5,577 | 3,404 | 2,173 | 63.8 | % | ||||||||||||
Other | 5,006 | 3,858 | 1,148 | 29.8 | % | ||||||||||||
116,863 | 115,035 | 1,828 | 1.6 | % | |||||||||||||
Discontinued Operations | (17,319 | ) | (24,567 | ) | 7,248 | (29.5 | )% | ||||||||||
Total Property Expenses | $ | 99,544 | $ | 90,468 | $ | 9,076 | 10.0 | % | |||||||||
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. The increase in property expenses from same store properties is due primarily to an increase in repairs and maintenance expense, utilities expense and insurance expense, partially offset by a decrease in real estate tax expense. Due to a harsh winter in many of the Company’s markets in 2003, the Company experienced an increase in repairs and maintenance due primarily to an increase in snow removal, as well as an increase in utilities expense due to an increase in utility usage and utility rates. The increase in insurance expense is due primarily to an increase in insurance premiums. The decrease in real estate tax expense is due to a decrease in real estate taxes in certain of the Company’s markets. Property expenses from acquired properties increased by $8.7 million due to properties acquired subsequent to December 31, 2001. Property expenses from sold properties decreased by $12.1 million due to properties sold subsequent to December 31, 2001. Property expenses from properties not in service increased $2.2 million due to an increase in real estate taxes. Property expenses from other properties increased $1.1 million due to an increase in maintenance expenses.
General and administrative expense increased by approximately $7.3 million due primarily to increases in employee compensation and additional employees in 2003, as well as an increase in the Company’s state tax provision, marketing and promotional expense and costs related to unsuccessful acquisitions and dispositions.
Amortization of deferred financing costs remained relatively unchanged.
2003 | 2002 | $ Change | % Change | |||||||||||||
($ in 000’s) | ||||||||||||||||
DEPRECIATION and OTHER AMORTIZATION | ||||||||||||||||
Same Store Properties | $ | 66,822 | $ | 61,550 | $ | 5,272 | 8.6 | % | ||||||||
Acquired Properties | 8,271 | 2,510 | 5,761 | 229.5 | % | |||||||||||
Sold Properties | 4,700 | 11,882 | (7,182 | ) | (60.4 | )% | ||||||||||
Properties Not In-service and Other | 5,550 | 1,454 | 4,096 | 281.7 | % | |||||||||||
Corporate Furniture, Fixtures and Equipment | 1,238 | 1,381 | (143 | ) | (10.4 | )% | ||||||||||
86,581 | 78,777 | 7,804 | 9.9 | % | ||||||||||||
Discontinued Operations | (11,441 | ) | (16,119 | ) | 4,678 | (29.0 | )% | |||||||||
Total Depreciation and Other Amortization | $ | 75,140 | $ | 62,658 | $ | 12,482 | 19.9 | % | ||||||||
The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and tenant improvements paid in 2003 and 2002. Depreciation and other amortization from acquired properties increased by $5.8 million due to properties acquired
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subsequent to December 31, 2001. Depreciation and other amortization from sold properties decreased by $7.2 million due to properties sold subsequent to December 31, 2001. Depreciation and other amortization from properties not in service and other increased by $4.1 million due to primarily to depreciation expense being recognized in 2003 for developments that were substantially completed.
Interest income remained relatively unchanged.
Interest expense increased by approximately $5.1 million due primarily to an increase in the weighted average debt balance outstanding for the year ended December 31, 2003 ($1,455.8 million) as compared to the year ended December 31, 2002 ($1,433.0 million) and a decrease in capitalized interest for the year ended December 31, 2003 due to a decrease in development activities. This was partially offset by a decrease in the weighted average interest rate for the year ended December 31, 2003 (6.61%) as compared to the year ended December 31, 2002 (6.85%).
The loss on early retirement of debt of approximately $1.5 million for the year ended December 31, 2003 is comprised of the write-off of unamortized deferred financing costs related to the early pay off and retirement of a certain mortgage loan. The approximate $.9 million loss on early retirement of debt for the year ended December 31, 2002 is due to the early retirement of senior unsecured debt. The loss is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs.
Income tax benefit increased by $2.8 million due primarily to an increase in interest expense in 2003 compared to 2002 due to a decrease in capitalized interest in 2003 compared to 2002 due to a decrease in development activities.
Equity in income of joint ventures remained relatively unchanged.
The $13.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2003 resulted from the sale of 10 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. The $13.1 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2002 resulted from the sale of 28 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations.
Year Ended | ||||||||
December 31, | ||||||||
Restated | ||||||||
2003 | 2002 | |||||||
($ in 000’s) | ||||||||
Total Revenues | $ | 53,744 | $ | 83,353 | ||||
Operating Expenses | (17,319 | ) | (24,567 | ) | ||||
Depreciation and Amortization | (11,441 | ) | (16,119 | ) | ||||
Provision for Income Taxes | (1,354 | ) | (947 | ) | ||||
Gain on Sale of Real Estate, Net of Income Taxes | 77,636 | 56,810 | ||||||
Income from Discontinued Operations | $ | 101,266 | $ | 98,530 | ||||
Income from discontinued operations (net of income taxes) for the year ended December 31, 2003 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003, as well as the gain on sale of real estate of $77.6 million from the 120 industrial properties which were sold during the year ended December 31, 2003.
Income from discontinued operations (net of income taxes) for the year ended December 31, 2002 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003 and industrial properties that were sold during the year ended
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December 31, 2002, as well as the gain on sale of real estate of $56.8 million from the 86 industrial properties which were sold during the year ended December 31, 2002.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2004, the Company’s cash and cash equivalents, as well as restricted cash, was approximately $5.0 million. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as the Company exchanges industrial properties under Section 1031 of the Internal Revenue Code.
The Company has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flow from operations and other expected liquidity sources to meet these needs. The Company’s 6.9% Notes due in 2005, in the aggregate principal amount of $50 million are due on November 21, 2005 (the “2005 Notes”). The Company expects to satisfy the maturity of the 2005 Notes with the issuance of additional debt. With the exception of the 2005 Notes, the Company believes that its principal short-term liquidity needs are to fund normal recurring expenses, debt service requirements and the minimum distribution required to maintain the Company’s REIT qualification under the Internal Revenue Code. The Company anticipates that these needs will be met with cash flows provided by operating activities.
The Company expects to meet long-term (greater than one year) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, the issuance of long-term unsecured indebtedness and the issuance of additional equity securities. As of December 31, 2004 and March 23, 2005, $464.7 million of common stock, preferred stock and depositary shares and approximately $500.0 million of debt securities were registered and unissued under the Securities Act of 1933, as amended. The Company also may finance the development or acquisition of additional properties through borrowings under the Unsecured Line of Credit. At December 31, 2004, borrowings under the Unsecured Line of Credit bore interest at a weighted average interest rate of 3.518%. The Unsecured Line of Credit bears interest at a floating rate of LIBOR plus .70% or the Prime Rate, at the Company’s election. As of March 23, 2005, the Company had approximately $98.3 million available in additional borrowings under the Unsecured Line of Credit. The Unsecured Line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness. The Company’s access to borrowings may be limited if it fails to meet any of these covenants. Also, the Company’s borrowing rate on its Unsecured Line of Credit may increase in the event of a downgrade on the Company’s unsecured notes by the rating agencies.
The Company currently has credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BBB/ Baa2/ BBB, respectively. The Company’s goal is to maintain its existing credit ratings. In the event of a downgrade, management believes the Company would continue to have access to sufficient capital; however, the Company’s cost of borrowing would increase and its ability to access certain financial markets may be limited.
Year Ended December 31, 2004
Net cash provided by operating activities of approximately $77.7 million for the year ended December 31, 2004 was comprised primarily of net income before minority interest of approximately $124.6 million and by adjustments for non-cash items of approximately $8.3 million, offset by the net change in operating assets and liabilities of approximately $55.2 million. The adjustments for the non-cash items of approximately $8.3 million are primarily comprised of depreciation and amortization of approximately $107.2 million and a loss on the early retirement of debt of approximately $.5 million, offset by the gain on sale of real estate of approximately $91.2 million, the effect of the straight-lining of rental income of approximately $6.8 million and a decrease of the bad debt provision of approximately $1.4 million.
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Net cash provided by investing activities of approximately $10.0 million for the year ended December 31, 2004 was comprised primarily of the net proceeds from the sale of real estate, the repayment, including the sale, of mortgage loans receivable, a decrease in restricted cash that is held by an intermediary for Section 1031 exchange purposes, and distributions from two of the Company’s industrial real estate joint ventures, partially offset by the acquisition of real estate, development of real estate, capital expenditures related to the expansion and improvement of existing real estate and contributions to, and investments in, one of the Company’s industrial real estate joint ventures.
During the year ended December 31, 2004, the Company acquired 79 industrial properties comprising approximately 9.2 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $402.4 million, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The Company also substantially completed the development of 11 industrial properties comprising approximately 2.3 million square feet of GLA at an estimated cost of approximately $80.2 million.
The Company, through wholly-owned limited liability companies in which the Operating Partnership is the sole member, contributed approximately $3.7 million to, and received distributions of approximately $50.5 million from, the Company’s industrial real estate joint ventures. As of December 31, 2004, the Company’s industrial real estate joint ventures owned 46 industrial properties comprising approximately 3.5 million square feet of GLA.
During the year ended December 31, 2004, the Company sold 97 industrial properties comprising approximately 7.4 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 97 industrial properties and several land parcels were approximately $424.9 million.
Net cash used in financing activities of approximately $83.5 million for the year ended December 31, 2004 was comprised primarily by the redemption of preferred stock, common and preferred stock dividends and unit distributions, net repayments under the Company’s Unsecured Line of Credit, preferred stock offering costs, debt issuance costs incurred in conjunction with the issuance of senior unsecured debt, the repurchase of restricted stock from employees of the Company to pay for withholding taxes on the vesting of restricted stock and repayments on mortgage loans payable, partially offset by the proceeds from the sale of preferred stock, proceeds from the issuance of senior unsecured debt and mortgage loan payable, the net proceeds from the exercise of stock options and the issuance of common stock and the settlement of interest rate protection agreements in connection with the issuance of senior unsecured debt.
On December 21, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $6.2 million (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by several properties in Tampa, Florida, bears interest at a fixed rate of 6.94%, and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense.
On September 30, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $12.1 million and borrowed an additional $1.4 million (collectively referred to as the “Acquisition Mortgage Loan XIII”). The Acquisition Mortgage Loan XIII is collateralized by several properties in Phoenix, Arizona, bears interest at a fixed rate of 5.6% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Company recorded a premium in the amount of $.5 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense.
During the year ended December 31, 2004, the Company paid off and retired a mortgage loan in the amount of $4.3 million (the “Acquisition Mortgage Loan XI”). The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore interest at a fixed rate of 7.61% and
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provided for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December 3, 2004, the Company paid off and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition Mortgage Loan XI, the Company wrote off unamortized deferred financing costs and paid a prepayment penalty in the amount of approximately $.5 million.
On June 11, 2004, the Company, through the Operating Partnership, amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election.
On May 17, 2004, the Company, through the Operating Partnership, exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon interest rate of 6.42% (the “2014 Notes”) for $100.0 million aggregate principal amount of its 7.375% Notes due 2011 (the “2011 PATS”) and net cash in the amount of approximately $8.9 million. The issue price of the 2014 Notes was 99.123%.
On June 14, 2004, the Company, through the Operating Partnership, issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6.7 million of proceeds, which is included in other comprehensive income.
The Company redeemed the Series D Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9 million.
The Company redeemed the Series E Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1 million.
On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
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On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $.3 million.
For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482 non-qualified employee stock options. Net proceeds to the Company were approximately $37.3 million.
During the year ended December 31, 2004, the Company awarded 206,117 shares of restricted common stock to certain employees and 10,500 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8.4 million on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting periods.
On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48.8 million.
On March 31, 2004, the Company paid first quarter 2004 dividends of $53.906 per share (equivalent to $.53906 per Depositary Share) on its 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), $49.688 per share (equivalent to $.49688 per Depositary Share) on its 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the “Series D Preferred Stock”) and $49.375 per share (equivalent to $.49375 per Depositary Share) on its 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), totaling, in the aggregate, approximately $5.0 million. On June 30, 2004, the Company paid a second quarter 2004 dividend of $53.906 per share (equivalent to
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$.53906 per Depositary Share) on its Series C Preferred Stock, totaling approximately $1.1 million. On September 30, 2004, the Company paid a third quarter 2004 dividend of $53.906 per share (equivalent to $.53906 per Depositary Share) on its Series C Preferred Stock, a prorated semi-annual dividend of $2,165.28 per share (equivalent to $21.6528 per Depositary Share) on its Series F Preferred Stock (hereinafter defined) and a prorated semi-annual dividend of $2,512.50 per share (equivalent to $25.1250 per Depositary Share) on its Series G Preferred Stock (hereinafter defined), totaling, in the aggregate, approximately $2.8 million. On December 31, 2004, the Company paid a fourth quarter 2004 dividend of $53.906 per share (equivalent to $.53906 per Depositary Share) on its Series C Preferred Stock, totaling approximately $1.1 million.
On January 19, 2004, the Company and the Operating Partnership paid a fourth quarter 2003 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $31.9 million. On April 19, 2004, the Company and the Operating Partnership paid a first quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.7 million. On July 19, 2004, the Company and the Operating Partnership paid a second quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.7 million. On October 18, 2004, the Company and the Operating Partnership paid a third quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.9 million.
Contractual Obligations and Commitments
The following table lists our contractual obligations and commitments as of December 31, 2004 (In thousands):
Payments Due by Period | ||||||||||||||||||||
Less than | ||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | ||||||||||||||||
Operating and Ground Leases* | $ | 40,907 | $ | 1,718 | $ | 2,863 | $ | 1,740 | $ | 34,586 | ||||||||||
Real Estate Development* | 59,051 | 59,051 | — | — | — | |||||||||||||||
Long-term Debt | 1,588,849 | 51,876 | 475,579 | 134,042 | 927,352 | |||||||||||||||
Interest Expense on Long-Term Debt* | 958,627 | 99,931 | 174,281 | 144,344 | 540,071 | |||||||||||||||
Total | $ | 2,647,434 | $ | 212,576 | $ | 652,723 | $ | 280,126 | $ | 1,502,009 | ||||||||||
* | Not on balance sheet. |
Off-Balance Sheet Arrangements
Letters of credit are issued in most cases as pledges to governmental entities for development purposes or to support purchase obligations. At December 31, 2004 the Company has $15.7 million in outstanding letters of credit, none of which are reflected as liabilities on the Company’s balance sheet. The Company has no other off-balance sheet arrangements other than those disclosed on the previous Contractual Obligations and Commitments table.
Environmental
The Company incurred environmental costs of approximately $.5 million and approximately $.1 million in 2004 and 2003, respectively. The Company estimates 2005 costs of approximately $.8 million. The Company estimates that the aggregate cost which needs to be expended in 2005 and beyond with regard to currently identified environmental issues will not exceed approximately $1.4 million, a substantial amount of which will be the primary responsibility of the tenant, the seller to the Company or another responsible party. This estimate was determined by a third party evaluation.
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Inflation
For the last several years, inflation has not had a significant impact on the Company because of the relatively low inflation rates in the Company’s markets of operation. Most of the Company’s leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing the Company’s exposure to increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases expire within six years which may enable the Company to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
The ratio of earnings to fixed charges and preferred stock dividends was 1.10, 1.07 and 1.02 for the years ended December 31, 2004, 2003 and 2002, respectively. The ratio of earnings to fixed charges and preferred stock dividends between fiscal years 2004, 2003 and 2002 remained relatively unchanged.
Market Risk
The following discussion about the Company’s risk-management activities includes “forward-looking statements” that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements.
This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by the Company at December 31, 2004 that are sensitive to changes in the interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.
In the normal course of business, the Company also faces risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.
At December 31, 2004, $1,407.4 million (approximately 89.4% of total debt at December 31, 2004) of the Company’s debt was fixed rate debt and $167.5 million (approximately 10.6% of total debt at December 31, 2004) was variable rate debt. Currently, the Company does not enter into financial instruments for trading or other speculative purposes.
For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not earnings or cash flows of the Company. Conversely, for variable rate debt, changes in the interest rate generally do not impact the fair value of the debt, but would affect the Company’s future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on the Company until the Company is required to refinance such debt. See Note 5 to the consolidated financial statements for a discussion of the maturity dates of the Company’s various fixed rate debt.
Based upon the amount of variable rate debt outstanding at December 31, 2004, a 10% increase or decrease in the interest rate on the Company’s variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $.6 million per year. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at December 31, 2004 by approximately $50.6 million to $1,515.3 million. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at December 31, 2004 by approximately $54.4 million to $1,620.3 million.
Subsequent Events
On January 24, 2005, the Company and the Operating Partnership paid a fourth quarter 2004 distribution of $.6950 per share, totaling approximately $34.3 million.
On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first
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quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005.
From January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common stock to certain employees and 1,012 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8.0 million on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting period.
From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold thirteen industrial properties and several land parcels for approximately $136.0 million of gross proceeds during this period.
On March 21, 2005, the Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, entered into a joint venture arrangement with an institutional investor to invest in industrial properties (the “March 2005 Joint Venture”). The Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, owns a ten percent equity interest in and provides property management, leasing, development, disposition and portfolio management services to the March 2005 Joint Venture.
On January 13, 2005, the Company, through First Industrial Development Services, Inc., entered into an interest rate protection agreement which hedged the change in value of a build to suit development project the Company is in the process of constructing. This interest rate protection agreement has a notional value of $50.0 million, is based on the five year treasury, has a strike rate of 3.936% and settles on October 4, 2005. Per Statement of Financial Accounting Standard No. 133, “Accounting for Derivative Instruments and Hedging Activities”, fair value and cash flow hedge accounting for hedges of nonfinancial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a nonfinancial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement doesn’t qualify for hedge accounting and the change in value of the interest rate protection agreement will be recognized immediately in net income as opposed to other comprehensive income.
Related Party Transactions
The Company periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of Michael W. Brennan, the President and Chief Executive Officer and a director of the Company, is an employee of CB Richard Ellis, Inc. For the year ended December 31, 2004, this relative received approximately $.03 million in brokerage commissions paid by the Company.
Other
In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised 2004), “Share-Based Payment” (“FAS 123(R)”). FAS 123(R) is a revision of FAS 123, and also supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost to be measured at the fair value of the stock option at the date of grant, eliminates the alternative to use the intrinsic value method of accounting prescribed in APB 25, and clarifies and expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of the first interim or annual
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reporting period that begins after June 15, 2005. FAS 123(R) applies to all awards granted, modified, repurchased, or cancelled after the effective date and the cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required effective date. The Company will adopt FAS 123(R) commencing as of July 1, 2005 using the modified prospective application method. The Company does not expect the requirements of FAS 123(R) to have a material impact on its results of operations, financial position or liquidity.
The Emerging Issues Task Force released Issue 03-13, “Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations” (“Issue 03-13”). Issue 03-13 establishes an approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes of classifying the results of operations of a component of an entity that either has been disposed of or is classified as held for sale as discontinued operations. The effective date for components classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004. The Company will adopt Issue 03-13 beginning January 1, 2005; Issue 03-13 will have no impact to net income.
Risk Factors
The Company’s operations involve various risks that could adversely affect its financial condition, results of operations, cash flow, ability to pay distributions on its common stock and the market price of its common stock. These risks, among others contained in the Company’s other filings with the SEC, include:
Real estate investments’ value fluctuates depending on conditions in the general economy and the real estate business. These conditions may limit the Company’s revenues and available cash. |
The factors that affect the value of the Company’s real estate and the revenues the Company derives from its properties include, among other things:
• | general economic conditions; | |
• | local conditions such as oversupply or a reduction in demand in an area; | |
• | the attractiveness of the properties to tenants; | |
• | tenant defaults; | |
• | zoning or other regulatory restrictions; | |
• | competition from other available real estate; | |
• | our ability to provide adequate maintenance and insurance; and | |
• | increased operating costs, including insurance premiums and real estate taxes. |
Many real estate costs are fixed, even if income from properties decreases. |
The Company’s financial results depend on leasing space in the Company’s real estate to tenants on terms favorable to the Company. The Company’s income and funds available for distribution to its stockholders will decrease if a significant number of the Company’s tenants cannot pay their rent or the Company is unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, the Company may not be able to enforce its rights as landlord without delays and the Company may incur substantial legal costs. Costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment. For the year ended December 31, 2004, approximately 75.8% of the Company’s gross revenues from continuing operations came from rentals of real property.
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The Company may be unable to sell properties when appropriate because real estate investments are not as liquid as certain other types of assets. |
Real estate investments generally cannot be sold quickly and, therefore, will tend to limit the Company’s ability to adjust its property portfolio promptly in response to changes in economic or other conditions. The inability to respond promptly to changes in the performance of the Company’s property portfolio could adversely affect the Company’s financial condition and ability to service debt and make distributions to its stockholders. In addition, like other companies qualifying as REITs under the Internal Revenue Code, the Company must comply with the safe harbor rules relating to the number of properties disposed of in a year, their tax basis and the cost of improvements made to the properties, or meet other tests which enable a REIT to avoid punitive taxation on the sale of assets. Thus, the Company’s ability at any time to sell assets may be restricted.
The Company may be unable to sell properties on advantageous terms. |
The Company has sold to third parties a significant number of properties in recent years and, as part of its business, the Company intends to continue to sell properties to third parties. The Company’s ability to sell properties on advantageous terms depends on factors beyond the Company’s control, including competition from other sellers and the availability of attractive financing for potential buyers of the Company’s properties. If the Company is unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with the Company’s business strategy, then the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.
The Company has also sold to its joint ventures a significant number of properties in recent years and, as part of its business, the Company intends to continue to sell properties to its joint ventures as opportunities arise. If the Company does not have sufficient properties available that meet the investment criteria of current or future joint ventures, or if the joint ventures have reduced or no access to capital on favorable terms, then such sales could be delayed or prevented, adversely affecting the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock.
For the year ended December 31, 2004, gains on sales of properties accounted for approximately 73.2% of the Company’s net income.
The Company may be unable to acquire properties on advantageous terms or acquisitions may not perform as the Company expects. |
The Company acquires and intends to continue to acquire primarily industrial properties. The acquisition of properties entails various risks, including the risks that the Company’s investments may not perform as expected and that the Company’s cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, the Company faces significant competition for attractive investment opportunities from other well-capitalized real estate investors, including both publicly-traded real estate investment trusts and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, the Company may be unable to acquire additional properties as it desires or the purchase price may be elevated. In addition, the Company expects to finance future acquisitions through a combination of borrowings under the Company’s Unsecured Line of Credit, proceeds from equity or debt offerings by the Company and proceeds from property sales, which may not be available and which could adversely affect the Company’s cash flow. Any of the above risks could adversely affect the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market value of, the Company’s common stock.
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The Company may be unable to complete development and re-development projects on advantageous terms. |
As part of its business, the Company develops new and re-develops existing properties. In addition, the Company has sold to third parties or sold to the Company’s joint ventures a significant number of development and re-development properties in recent years and the Company intends to continue to sell such properties to third parties or to sell such properties to the Company’s joint ventures as opportunities arise. The real estate development and re-development business involves significant risks that could adversely affect the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of the Company’s common stock, which include:
• | the Company may not be able to obtain financing for development projects on favorable terms and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties and generating cash flow; | |
• | the Company may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; | |
• | the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting the Company’s ability to sell such properties to third parties or to sell such properties to the Company’s joint ventures. |
The Company may be unable to renew leases or find other lessees. |
The Company is subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than expiring lease terms. If the Company were unable to promptly renew a significant number of expiring leases or to promptly relet the space covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the then current rates, the Company’s cash, funds from operations, and ability to make expected distributions to stockholders might be adversely affected. As of December 31, 2004, leases with respect to approximately 14.5 million, 10.3 million and 8.8 million square feet of GLA, representing 26.1%, 18.6% and 15.9%, of GLA expire in the remainder of 2005, 2006 and 2007, respectively.
The Company might fail to qualify or remain qualified as a REIT. |
First Industrial Realty Trust, Inc. intends to operate so as to qualify as a REIT under the Internal Revenue Code of 1986 (the “Code”). Although First Industrial Realty Trust, Inc. believes that it is organized and will operate in a manner so as to qualify as a REIT, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions of which there are only limited judicial or administrative interpretations and involve the determination of various factual matters and circumstances not entirely within First Industrial Realty Trust, Inc.’s control.
First Industrial Realty Trust, Inc. (through one of its subsidiary partnerships) entered into certain development agreements in 2000 through 2003, the performance of which has been completed. Under these agreements, First Industrial Realty Trust, Inc. provided services to unrelated third parties and certain payments were made by the unrelated third parties for services provided by certain contractors hired by First Industrial Realty Trust, Inc. First Industrial Realty Trust, Inc. believes that these payments were properly characterized by it as reimbursements for costs incurred by it on behalf of the third parties and do not constitute gross income and did not prevent First Industrial Realty Trust, Inc. from satisfying the gross income requirements of the REIT provisions (the “gross income tests”). First Industrial Realty Trust, Inc. has brought this matter to the attention of the Internal Revenue Service, or IRS. The IRS has not challenged or expressed any interest in challenging First Industrial Realty Trust Inc.’s view on this matter. If the IRS were to challenge such position and were successful, First Industrial Realty Trust, Inc. might be found not to have satisfied the gross income tests in one or more of its taxable years. If First Industrial Realty Trust, Inc. were found not to have satisfied the gross income tests, it could be subject to a penalty tax. However, such noncompliance should not adversely affect First Industrial Realty Trust,
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Inc.’s status as a REIT as long as such noncompliance was due to reasonable cause and not to willful neglect, and certain other requirements are met. Although this cannot be assured, First Industrial Realty Trust, Inc. believes that the risk of losing its REIT status as a result of these development agreements is remote.
If First Industrial Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to federal income tax, including any applicable alternative minimum tax, on its taxable income at corporate rates. This could result in a discontinuation or substantial reduction in dividends to stockholders and in cash to pay interest and principal on debt securities that First Industrial Realty Trust, Inc. issues. Unless entitled to relief under certain statutory provisions, First Industrial Realty Trust, Inc. also would be disqualified from electing treatment as a REIT for the four taxable years following the year during which it failed to qualify as a REIT.
Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction. |
As part of its business, the Company sells properties to third parties or sells properties to the Company’s joint ventures as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the gain resulting from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The Internal Revenue Service could contend that certain sales of properties by the Company are prohibited transactions. While the Company’s management does not believe that the Internal Revenue Service would prevail in such a dispute, if the matter was successfully argued by the Internal Revenue Service, the 100% penalty tax could be assessed against the profits from these transactions. In addition, any income from a prohibited transaction may adversely affect the Company’s ability to satisfy the income tests for qualification as a REIT.
The REIT distribution requirements may require the Company to turn to external financing sources. |
First Industrial Realty Trust, Inc. could, in certain instances, have taxable income without sufficient cash to enable First Industrial Realty Trust, Inc. to meet the distribution requirements of the REIT provisions of the Code. In that situation, the Company could be required to borrow funds or sell properties on adverse terms in order to meet those distribution requirements. In addition, because First Industrial Realty Trust, Inc. must distribute to its stockholders at least 90% of the Company’s REIT taxable income each year, the Company’s ability to accumulate capital may be limited. Thus, in connection with future acquisitions, First Industrial Realty Trust, Inc. may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase the Company’s leverage and additional equity offerings may result in substantial dilution of stockholders’ interests.
Debt financing, the degree of leverage and rising interest rates could reduce the Company’s cash flow. |
Where possible, the Company intends to continue to use leverage to increase the rate of return on the Company’s investments and to allow the Company to make more investments than it otherwise could. The Company’s use of leverage presents an additional element of risk in the event that the cash flow from the Company’s properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce the Company’s cash flow by increasing the amount of interest due on its floating rate debt and on its fixed rate debt as it matures and is refinanced.
Cross-collateralization of mortgage loans could result in foreclosure on substantially all of the Company’s properties if the Company is unable to service its indebtedness. |
If the Operating Partnership decides to obtain additional debt financing in the future, it may do so through mortgages on some or all of its properties. These mortgages may be issued on a recourse, non-recourse or cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the Company’s debt. Holders of indebtedness that is so secured will have a
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claim against these properties. To the extent indebtedness is cross-collateralized, lenders may seek to foreclose upon properties that are not the primary collateral for their loan, which may, in turn, result in acceleration of other indebtedness secured by properties. Foreclosure of properties would result in a loss of income and asset value to the Company, making it difficult for it to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. As of December 31, 2004, none of the Company’s current indebtedness was cross-collateralized.
The Company may have to make lump-sum payments on its existing indebtedness. |
The Company is required to make the following lump-sum or “balloon” payments under the terms of some of its indebtedness, including the Operating Partnership’s:
• | $50 million aggregate principal amount of 7.75% Notes due 2032 (the “2032 Notes”) | |
• | $200 million aggregate principal amount of 7.60% Notes due 2028 (the “2028 Notes”) | |
• | approximately $15 million aggregate principal amount of 7.15% Notes due 2027 (the “2027 Notes”) | |
• | $100 million aggregate principal amount of 7.50% Notes due 2017 (the “2017 Notes”) | |
• | $125 million aggregate principal amount of 6.42% Notes due 2014 (the “2014 Notes”) | |
• | $200 million aggregate principal amount of 6.875% Notes due 2012 (the “2012 Notes”) | |
• | $200 million aggregate principal amount of 7.375% Notes due 2011(the “2011 Notes”) | |
• | $125 million aggregate principal amount of 5.25% Notes due 2009 (the “2009 Notes”) | |
• | $150 million aggregate principal amount of 7.60% Notes due 2007 (the “2007 Notes”) | |
• | $150 million aggregate principal amount of 7.00% Notes due 2006 (the “2006 Notes”) | |
• | $50 million aggregate principal amount of 6.90% Notes due 2005 (the “2005 Notes”) | |
• | a $300 million unsecured revolving credit facility (the “Unsecured Line of Credit”) under which First Industrial Realty Trust, Inc., through the Operating Partnership, may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital. |
The Unsecured Line of Credit provides for the repayment of principal in a lump-sum or “balloon” payment at maturity in 2007. Under the Unsecured Line of Credit, the Operating Partnership has the right, subject to certain conditions, to increase the aggregate commitment under the Unsecured Line of Credit by up to $100 million. As of December 31, 2004, $167.5 million was outstanding under the Unsecured Line of Credit at a weighted average interest rate of 3.518%.
The Company’s ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on its ability either to refinance the applicable indebtedness or to sell properties. The Company has no commitments to refinance the 2005 Notes, the 2006 Notes, the 2007 Notes, the 2009 Notes, the 2011 Notes, the 2012 Notes, the 2014 Notes, the 2017 Notes, the 2027 Notes, the 2028 Notes, the 2032 Notes or the Unsecured Line of Credit. Some of the existing debt obligations, other than those discussed above, of the Company, through the Operating Partnership, are secured by the Company’s properties, and therefore such obligations will permit the lender to foreclose on those properties in the event of a default.
There is no limitation on debt in the Company’s organizational documents. |
The organizational documents of First Industrial Realty Trust, Inc. do not contain any limitation on the amount or percentage of indebtedness the Company may incur. Accordingly, the Company could become more highly leveraged, resulting in an increase in debt service that could adversely affect the Company’s ability to make expected distributions to stockholders and in an increased risk of default on the Company’s obligations. As of December 31, 2004, the Company’s ratio of debt to its total market capitalization was 42.5%. The Company computes that percentage by calculating its total consolidated debt as a percentage of the aggregate market value of all outstanding shares of the Company’s common stock, assuming the exchange of all limited partnership units of the Operating Partnership for common stock, plus the aggregate stated value of all outstanding shares of preferred stock and total consolidated debt.
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Rising interest rates on the Company’s Unsecured Line of Credit could decrease the Company’s available cash. |
The Company’s Unsecured Line of Credit bears interest at a floating rate. As of December 31, 2004, the Company’s Unsecured Line of Credit had an outstanding balance of $167.5 million at a weighted average interest rate of 3.518%. Currently, the Company’s Unsecured Line of Credit bears interest at the Prime Rate or at the London Interbank Offered Rate plus .70%. Based on an outstanding balance on the Company’s Unsecured Line of Credit as of December 31, 2004, a 10% increase in interest rates would increase interest expense by $.6 million on an annual basis. Increases in the interest rate payable on balances outstanding under the Unsecured Line of Credit would decrease the Company’s cash available for distribution to stockholders.
Earnings and cash dividends, asset value and market interest rates affect the price of the Company’s common stock. |
As a real estate investment trust, the market value of the Company’s common stock, in general, is based primarily upon the market’s perception of the Company’s growth potential and its current and potential future earnings and cash dividends. The market value of the Company’s common stock is based secondarily upon the market value of the Company’s underlying real estate assets. For this reason, shares of the Company’s common stock may trade at prices that are higher or lower than the Company’s net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company’s underlying assets, may not correspondingly increase the market price of the Company’s common stock. The Company’s failure to meet the market’s expectations with regard to future earnings and cash dividends likely would adversely affect the market price of the Company’s common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the price of the Company’s common stock. An increase in market interest rates might lead prospective purchasers of the Company’s common stock to expect a higher distribution yield, which would adversely affect the market price of the Company’s common stock. Additionally, if the market price of the Company’s common stock declines significantly, then the Company might breach certain covenants with respect to its debt obligations, which could adversely affect the Company’s liquidity and ability to make future acquisitions and the Company’s ability to pay dividends to its stockholders.
The Company may incur unanticipated costs and liabilities due to environmental problems. |
Under various federal, state and local laws, ordinances and regulations, an owner or operator of real estate may be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property, and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect the ability to rent or sell the property or to borrow using a property as collateral. Persons who dispose of or arrange for the disposal or treatment of hazardous or toxic materials may also be liable for the costs of clean-up of such materials, or for related natural resource damages, at or from an off-site disposal or treatment facility, whether or not the facility is owned or operated by those persons. No assurance can be given that existing environmental assessments with respect to any of the Company’s properties reveal all environmental liabilities, that any prior owner or operator of a property did not create any material environmental condition not known to the Company or that a material environmental condition does not otherwise exist as to any of the Company’s properties.
The Company’s insurance coverage does not include all potential losses. |
The Company currently carries comprehensive insurance coverage including property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended coverage and rental loss as appropriate for the markets where each of the Company’s properties and their business operations are located. The insurance coverage contains policy specifications and insured limits customarily carried for similar
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properties and business activities. The Company believes its properties are adequately insured. However, there are certain losses, including losses from earthquakes, hurricanes, floods, pollution, acts of war, acts of terrorism or riots, that are not generally insured against or that are not generally fully insured against because it is not deemed to be economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more of the Company’s properties, the Company could experience a significant loss of capital invested and potential revenues in these properties, and could potentially remain obligated under any recourse debt associated with the property.
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Response to this item is included in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.
Item 8. | Financial Statements and Supplementary Data |
See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
None.
Item 9A. | Controls and Procedures |
Evaluation of Disclosure Controls and Procedures |
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s periodic reports pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.
The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were not effective as of the end of the period covered by this report, because of the material weakness discussed below. To address the material weakness described below, the Company performed additional analysis and other procedures after the end of the period covered by this report to ensure the Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles. Accordingly, management believes that the financial statements included in this report fairly present in all material respects the Company’s financial condition, results of operations and cash flows for the periods presented.
Management’s Report on Internal Control Over Financial Reporting |
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Management of the Company has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004. In making its assessment of internal control over financial reporting, management used the criteria described in the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “Internal Control-Integrated Framework”).
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A material weakness is a significant deficiency, or combination of significant deficiencies, that results in a more than remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.
Management of the Company has concluded that, as of December 31, 2004, the Company had a material weakness in its internal control over financial reporting designed to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations and gain on sale of real estate. This control deficiency resulted in the restatement of the Company’s consolidated financial statements for the years ended 2003 and 2002, the restatement of the quarterly financial information for the four quarters in the year ended 2003, the restatement of the quarterly financial information for the first three quarters in the year ended 2004 and an adjustment to the 2004 annual financial statements which are included in this Form 10-K. Additionally, management of the Company concluded this control deficiency could have resulted in a misstatement of the allocation of income tax provision (benefit) that would result in a material misstatement to annual or interim financial statements that would not be prevented or detected. Accordingly, management determined that this control deficiency constitutes a material weakness in the Company’s internal controls over financial reporting. Because of this material weakness, management of the Company concluded that it did not maintain effective internal control over financial reporting as of December 31, 2004, based on criteria in the Internal Control-Integrated Framework.
Management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein. See Report of Independent Registered Public Accounting Firm on page F-2 of this Form 10-K.
Remediation of Material Weakness |
As discussed in “Management’s Report on Internal Control Over Financial Reporting”, as of December 31, 2004, there was a material weakness in the Company’s internal control over financial reporting. In the first quarter of 2005, the Company implemented improved monitoring controls to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations, and gain on sale of real estate.
Changes in Internal Control Over Financial Reporting |
There has been no change in the Company’s internal control over financial reporting that occurred during the fourth quarter of 2004 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. As discussed above, in the first quarter of 2005, the Company implemented improved monitoring controls to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations, and gain on sale of real estate.
Item 9B. | Other Information |
None.
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PART III
Item 10, 11, 12, 13 and 14. |
Principal Accountant Fees and Services
The information required by Item 10, Item 11, Item 12 (other than information required by Item 201(d) of Regulation S-K which is set forth below), Item 13 and Item 14 will be contained in the Company’s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year, and thus is incorporated herein by reference in accordance with General Instruction G(3) to Form 10-K. Information contained in the parts of such proxy statement captioned “Stock Performance Graph”, “Report of the Compensation Committee”, “Report of the Audit Committee” and in statements with respect to the independence of the Audit Committee (except as such statements specifically relate to the independence of such committee’s financial expert) and regarding the Audit Committee Charter are specifically not incorporated herein by reference.
The following information is required by section 201(d) of regulation S-K:
Number of Securities | Weighted-Average | Number of Securities | |||||||||||
to be Issued Upon | Exercise Price of | Remaining Available | |||||||||||
Exercise of | Outstanding | for Further Issuance | |||||||||||
Outstanding Options, | Options, Warrants | Under Equity | |||||||||||
Plan Category | Warrants and Rights | and Rights | Compensation Plans | ||||||||||
Equity Compensation Plans Approved by Security Holders | 31,000 | $ | 20.94 | 2,356,500 | |||||||||
Equity Compensation Plans Not Approved by Security Holders(1) | 792,421 | $ | 31.12 | 424,840 | |||||||||
Total | 823,421 | $ | 30.74 | 2,781,340 | |||||||||
(1) | See Notes 3 and 12 of the Notes to Consolidated Financial Statements contained herein for a description of the plan. |
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PART IV
Item 15. | Exhibits and Financial Statement Schedules |
(a) Financial Statements, Financial Statement Schedule and Exhibits
(1 & 2) See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K | |
(3) Exhibits: |
Exhibits | Description | |
3.1 | Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.2 | Amended and Restated Bylaws of the Company, dated September 4, 1997 (incorporated by reference to Exhibit 1 of the Company’s Form 8-K, dated September 4, 1997, as filed on September 29, 1997, File No. 1-13102) | |
3.3 | Articles of Amendment to the Company’s Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.4 | Articles of Amendment to the Company’s Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.5 | Articles Supplementary relating to the Company’s 85/8% Series C Cumulative Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102) | |
3.6 | Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
3.7 | Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
3.8 | Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) | |
4.1 | Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, File No. 1-13102) | |
4.2 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
4.3 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
4.4 | Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102). |
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Exhibits | Description | |
4.5 | Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102). | |
4.6 | Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.7 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.8 | Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 73/8% Notes due 2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.9 | Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of First Industrial, L.P., dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | |
4.10 | 6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.11 | 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.12 | 7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.13 | Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.14 | Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102) | |
4.15 | 7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | |
4.16 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2008 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | |
4.17 | 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.18 | Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.375% Notes due March 15, 2011 (incorporated by reference to Exhibit 4.16 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) |
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Exhibits | Description | |
4.19 | Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.20 | Third Amended and Restated Unsecured Revolving Credit Agreement, dated as of June 11, 2004, among First Industrial, L.P., First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
4.21 | Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) | |
4.22 | Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | |
4.23 | Form of 7.75% Notes due 2032 in the principal amount of $50.0 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | |
4.24 | Supplemental Indenture No. 8, dated as of May 17, 2004, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873) | |
4.25 | Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated June 17, 2004, File No. 333-21873) | |
4.26 | Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) | |
10.1 | Eighth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. (the “LP Agreement”), dated June 2, 2004 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.2 | Sales Agreement by and among the Company and First Industrial, L.P., and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102). | |
10.3 | Registration Rights Agreement, dated April 29, 1998, relating to the Company’s Common Stock, par value $.01 per share, between the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated May 1, 1998, File No. 1-13102) | |
10.4 | Non-Competition Agreement between Jay H. Shidler and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | |
10.5 | Form of Non-Competition Agreement between each of Michael T. Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to the Company’s Registration Statement on Form S-11, File No. 33-77804) | |
10.6† | 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) |
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Exhibits | Description | |
10.7† | First Industrial Realty Trust, Inc. Deferred Income Plan (incorporated by reference to Exhibit 10 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1996, File No. 1-13102) | |
10.8 | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | |
10.9 | Contribution Agreement, dated January 31, 1997, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.58 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | |
10.10† | Employment Agreement, dated February 1, 1997, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.60 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | |
10.11† | 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | |
10.12† | 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.34 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2001, File No. 1-13102) | |
10.13† | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Michael J. Havala (incorporated by reference to Exhibit 10.1 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.14† | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.2 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.15† | Employment Agreement, dated March 25, 2002, between First Industrial Realty Trust, Inc. and David P. Draft (incorporated by reference to Exhibit 10.3 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.16† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.17† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.18† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.19† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.6 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.20* | Amendment No. 1 dated March 4, 2005 to the LP Agreement. | |
12.1* | Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company | |
21.1* | Subsidiaries of the Registrant | |
23* | Consent of PricewaterhouseCoopers LLP | |
31.1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2* | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |
32** | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes — Oxley Act of 2002. |
* | Filed herewith. |
** | Furnished herewith. |
† | Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FIRST INDUSTRIAL REALTY TRUST, INC. |
Date: March 28, 2005
By: | /s/ Michael W. Brennan |
Michael W. Brennan | |
President, Chief Executive Officer and Director (Principal Executive Officer) |
Date: March 28, 2005
By: | /s/ Michael J. Havala |
Michael J. Havala | |
Chief Financial Officer | |
(Principal Financial Officer) |
Date: March 28, 2005
By: | /s/ Scott A. Musil |
Scott A. Musil | |
Senior Vice President, Controller, Treasurer and Assistant Secretary (Principal Accounting Officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signature | Title | Date | ||||
/s/ Jay H. Shidler | Chairman of the Board of Directors | March 28, 2005 | ||||
/s/ Michael W. Brennan | President, Chief Executive Officer and Director | March 28, 2005 | ||||
/s/ Michael G. Damone | Director of Strategic Planning and Director | March 28, 2005 | ||||
/s/ Kevin W. Lynch | Director | March 28, 2005 | ||||
/s/ John E. Rau | Director | March 28, 2005 | ||||
/s/ Robert J. Slater | Director | March 28, 2005 |
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Signature | Title | Date | ||||
/s/ W. Edwin Tyler | Director | March 28, 2005 | ||||
/s/ J. Steven Wilson | Director | March 28, 2005 |
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EXHIBIT INDEX
Exhibits | Description | |
3.1 | Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.2 | Amended and Restated Bylaws of the Company, dated September 4, 1997 (incorporated by reference to Exhibit 1 of the Company’s Form 8-K, dated September 4, 1997, as filed on September 29, 1997, File No. 1-13102) | |
3.3 | Articles of Amendment to the Company’s Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.4 | Articles of Amendment to the Company’s Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) | |
3.5 | Articles Supplementary relating to the Company’s 85/8% Series C Cumulative Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102) | |
3.6 | Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
3.7 | Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
3.8 | Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) | |
4.1 | Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, File No. 1-13102) | |
4.2 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
4.3 | Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
4.4 | Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102). | |
4.5 | Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102). | |
4.6 | Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) |
Table of Contents
Exhibits | Description | |
4.7 | Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.8 | Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 73/8% Notes due 2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.9 | Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of First Industrial, L.P., dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | |
4.10 | 6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.11 | 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.12 | 7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.13 | Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.14 | Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102) | |
4.15 | 7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | |
4.16 | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2008 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | |
4.17 | 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.18 | Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.375% Notes due March 15, 2011 (incorporated by reference to Exhibit 4.16 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.19 | Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.20 | Third Amended and Restated Unsecured Revolving Credit Agreement, dated as of June 11, 2004, among First Industrial, L.P., First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) |
Table of Contents
Exhibits | Description | |
4.21 | Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) | |
4.22 | Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | |
4.23 | Form of 7.75% Notes due 2032 in the principal amount of $50.0 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873) | |
4.24 | Supplemental Indenture No. 8, dated as of May 17, 2004, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873) | |
4.25 | Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P., dated June 17, 2004, File No. 333-21873) | |
4.26 | Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) | |
10.1 | Eighth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. (the “LP Agreement”), dated June 2, 2004 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.2 | Sales Agreement by and among the Company and First Industrial, L.P., and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102). | |
10.3 | Registration Rights Agreement, dated April 29, 1998, relating to the Company’s Common Stock, par value $.01 per share, between the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated May 1, 1998, File No. 1-13102) | |
10.4 | Non-Competition Agreement between Jay H. Shidler and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | |
10.5 | Form of Non-Competition Agreement between each of Michael T. Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to the Company’s Registration Statement on Form S-11, File No. 33-77804) | |
10.6† | 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102) | |
10.7† | First Industrial Realty Trust, Inc. Deferred Income Plan (incorporated by reference to Exhibit 10 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1996, File No. 1-13102) | |
10.8 | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | |
10.9 | Contribution Agreement, dated January 31, 1997, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.58 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) |
Table of Contents
Exhibits | Description | |
10.10† | Employment Agreement, dated February 1, 1997, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.60 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | |
10.11† | 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102) | |
10.12† | 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.34 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2001, File No. 1-13102) | |
10.13† | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Michael J. Havala (incorporated by reference to Exhibit 10.1 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.14† | Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.2 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.15† | Employment Agreement, dated March 25, 2002, between First Industrial Realty Trust, Inc. and David P. Draft (incorporated by reference to Exhibit 10.3 of the Form 10-Q of First Industrial Realty Trust, Inc. for the fiscal quarter ended March 31, 2002, File No. 1-13102) | |
10.16† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.17† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.18† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.19† | Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.6 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) | |
10.20* | Amendment No. 1 dated March 4, 2005 to the LP Agreement | |
12.1* | Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company | |
21.1* | Subsidiaries of the Registrant | |
23* | Consent of PricewaterhouseCoopers LLP | |
31.1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2* | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | |
32** | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes — Oxley Act of 2002. |
* | Filed herewith. |
** | Furnished herewith. |
† | Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
FIRST INDUSTRIAL REALTY TRUST, INC.
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
Page | |||||
FINANCIAL STATEMENTS | |||||
F-2 | |||||
F-4 | |||||
F-5 | |||||
F-6 | |||||
F-7 | |||||
F-8 | |||||
FINANCIAL STATEMENT SCHEDULE | |||||
S-1 | |||||
S-2 |
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
First Industrial Realty Trust, Inc.:
We have completed an integrated audit of First Industrial Realty Trust, Inc.’s 2004 consolidated financial statements and of its internal control over financial reporting as of December 31, 2004 and audits of its 2003 and 2002 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are presented below.
Consolidated financial statements
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and comprehensive income, of changes in stockholders’ equity and of cash flows present fairly, in all material respects, the financial position of First Industrial Realty Trust, Inc. and its subsidiaries (“the Company”) at December 31, 2004 and 2003, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 11 to the consolidated financial statements, the Company has restated its previously issued financial statements for the years ended December 31, 2003 and 2002.
Internal control over financial reporting
Also, we have audited management’s assessment, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A, that First Industrial Realty Trust, Inc. did not maintain effective internal control over financial reporting as of December 31, 2004, because the Company did not maintain effective controls to ensure the proper allocation of its income tax provision (benefit) between income from continuing operations, income from discontinued operations and gain on sale of real estate, based on criteria established inInternal Control — Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express opinions on management’s assessment and on the effectiveness of the Company’s internal control over financial reporting based on our audit.
We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions.
F-2
Table of Contents
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. The following material weakness has been identified and included in management’s assessment. As of December 31, 2004, the Company had a material weakness in its internal control over financial reporting designed to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations and gain on sale of real estate. This control deficiency resulted in the restatement of the Company’s consolidated financial statements for the years ended 2003 and 2002, the restatement of the quarterly financial information for the four quarters in the year ended 2003, the restatement of the quarterly financial information for the first three quarters in 2004, and an adjustment to the 2004 annual financial statements. Additionally, management of the Company concluded this control deficiency could have resulted in a misstatement of the allocation of income tax provision (benefit) that would result in a material misstatement to annual or interim financial statements that would not be prevented or detected. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2004 consolidated financial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidated financial statements.
In our opinion, management’s assessment that First Industrial Realty Trust, Inc. did not maintain effective internal control over financial reporting as of December 31, 2004, is fairly stated, in all material respects, based on criteria established inInternal Control-Integrated Frameworkissued by the COSO. Also, in our opinion, because of the effect of the material weakness described above on the achievement of the objectives of the control criteria, First Industrial Realty Trust, Inc. has not maintained effective internal control over financial reporting as of December 31, 2004, based on criteria established inInternal Control-Integrated Frameworkissued by the COSO.
PricewaterhouseCoopers LLP
Chicago, IL
March 30, 2005
F-3
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
December 31, | December 31, | ||||||||||
2004 | 2003 | ||||||||||
(Dollars in thousands, except | |||||||||||
share and per share data) | |||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Investment in Real Estate: | |||||||||||
Land | $ | 472,126 | $ | 441,283 | |||||||
Buildings and Improvements | 2,361,256 | 2,265,921 | |||||||||
Furniture, Fixtures and Equipment | — | 885 | |||||||||
Construction in Progress | 23,092 | 29,945 | |||||||||
Less: Accumulated Depreciation | (378,383 | ) | (349,252 | ) | |||||||
Net Investment in Real Estate | 2,478,091 | 2,388,782 | |||||||||
Real Estate Held for Sale, Net of Accumulated Depreciation and Amortization of $3,374 at December 31, 2004 | 52,790 | — | |||||||||
Cash and Cash Equivalents | 4,924 | 821 | |||||||||
Restricted Cash | 25 | 82,006 | |||||||||
Tenant Accounts Receivable, Net | 6,986 | 8,994 | |||||||||
Investments in Joint Ventures | 5,489 | 13,186 | |||||||||
Deferred Rent Receivable | 18,314 | 13,912 | |||||||||
Deferred Financing Costs, Net | 11,574 | 9,818 | |||||||||
Prepaid Expenses and Other Assets, Net | 135,000 | 130,504 | |||||||||
Total Assets | $ | 2,713,193 | $ | 2,648,023 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgage Loans Payable, Net | $ | 59,905 | $ | 45,746 | |||||||
Senior Unsecured Debt, Net | 1,347,524 | 1,212,152 | |||||||||
Unsecured Line of Credit | 167,500 | 195,900 | |||||||||
Accounts Payable and Accrued Expenses | 69,729 | 77,156 | |||||||||
Rents Received in Advance and Security Deposits | 30,621 | 28,889 | |||||||||
Dividends Payable | 35,487 | 31,889 | |||||||||
Total Liabilities | 1,710,766 | 1,591,732 | |||||||||
Commitments and Contingencies | — | — | |||||||||
Minority Interest | 156,933 | 167,118 | |||||||||
Stockholders’ Equity: | |||||||||||
Preferred Stock ($.01 par value, 10,000,000 shares authorized, 20,000, 500 and 250 shares of Series C, F and G Cumulative Preferred Stock, respectively, issued and outstanding at December 31, 2004, having a liquidation preference of $2,500 per share ($50,000), $100,000 per share ($50,000) and $100,000 per share ($25,000), respectively. At December 31, 2003, 10,000,000 shares authorized, 20,000, 50,000 and 30,000 shares of Series C, D and E Cumulative Preferred Stock, respectively, was issued and outstanding, having a liquidation preference of $2,500 per share ($50,000), $2,500 per share ($125,000) and $2,500 per share ($75,000), respectively) | — | 1 | |||||||||
Common Stock ($.01 par value, 100,000,000 shares authorized, 45,360,491 and 42,376,770 shares issued and 42,834,091 and 39,850,370 shares outstanding at December 31, 2004 and December 31, 2003, respectively) | 454 | 424 | |||||||||
Additional Paid-in-Capital | 1,142,356 | 1,161,373 | |||||||||
Distributions in Excess of Accumulated Earnings | (203,417 | ) | (172,892 | ) | |||||||
Unearned Value of Restricted Stock Grants | (19,611 | ) | (19,035 | ) | |||||||
Accumulated Other Comprehensive Loss | (3,700 | ) | (10,110 | ) | |||||||
Treasury Shares at Cost (2,526,400 shares at December 31, 2004 and December 31, 2003) | (70,588 | ) | (70,588 | ) | |||||||
Total Stockholders’ Equity | 845,494 | 889,173 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,713,193 | $ | 2,648,023 | |||||||
The accompanying notes are an integral part of the financial statements.
F-4
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Restated | Restated | |||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||||
2004 | 2003 | 2002 | ||||||||||||
(In thousands, except per share data) | ||||||||||||||
Revenues: | ||||||||||||||
Rental Income | $ | 242,307 | $ | 235,364 | $ | 219,445 | ||||||||
Tenant Recoveries and Other Income | 77,425 | 72,451 | 66,425 | |||||||||||
Total Revenues | 319,732 | 307,815 | 285,870 | |||||||||||
Expenses: | ||||||||||||||
Real Estate Taxes | 48,963 | 45,701 | 42,733 | |||||||||||
Repairs and Maintenance | 24,858 | 22,935 | 18,853 | |||||||||||
Property Management | 13,799 | 11,025 | 10,426 | |||||||||||
Utilities | 11,205 | 9,567 | 7,757 | |||||||||||
Insurance | 3,552 | 3,019 | 2,324 | |||||||||||
Other | 5,959 | 7,297 | 8,375 | |||||||||||
General and Administrative | 39,569 | 26,953 | 19,610 | |||||||||||
Amortization of Deferred Financing Costs | 1,931 | 1,764 | 1,925 | |||||||||||
Depreciation and Other Amortization | 95,138 | 75,140 | 62,658 | |||||||||||
Total Expenses | 244,974 | 203,401 | 174,661 | |||||||||||
Other Income/ Expense: | ||||||||||||||
Interest Income | 3,632 | 2,416 | 2,378 | |||||||||||
Gain on Settlement of Interest Rate Protection Agreements | 1,583 | — | — | |||||||||||
Interest Expense | (99,245 | ) | (95,456 | ) | (90,387 | ) | ||||||||
Loss From Early Retirement of Debt | (515 | ) | (1,466 | ) | (888 | ) | ||||||||
Total Other Income/ Expense | (94,545 | ) | (94,506 | ) | (88,897 | ) | ||||||||
(Loss) Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest | (19,787 | ) | 9,908 | 22,312 | ||||||||||
Income Tax Benefit | 7,859 | 4,950 | 2,188 | |||||||||||
Equity in Income of Joint Ventures, Net of Income Taxes | 36,451 | 539 | 463 | |||||||||||
Minority Interest Allocable to Continuing Operations | (293 | ) | 562 | 352 | ||||||||||
Income from Continuing Operations | 24,230 | 15,959 | 25,315 | |||||||||||
Income from Discontinued Operations (Including Gain on Sale of Real Estate, Net of Income Taxes, of $79,811, $77,636 and $56,810 for the Year Ended December 31, 2004, 2003 and 2002, respectively), Net of Income Taxes | 88,680 | 101,266 | 98,530 | |||||||||||
Minority Interest Allocable to Discontinued Operations | (12,167 | ) | (14,916 | ) | (14,760 | ) | ||||||||
Income Before Gain on Sale of Real Estate | 100,743 | 102,309 | 109,085 | |||||||||||
Gain on Sale of Real Estate, Net of Income Taxes | 11,431 | 13,445 | 13,082 | |||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate | (1,568 | ) | (1,981 | ) | (1,959 | ) | ||||||||
Net Income | 110,606 | 113,773 | 120,208 | |||||||||||
Less: Preferred Stock Dividends | (14,488 | ) | (20,176 | ) | (23,432 | ) | ||||||||
Less: Redemption of Preferred Stock | (7,959 | ) | — | (3,707 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 88,159 | $ | 93,597 | $ | 93,069 | ||||||||
Basic Earnings Per Share: | ||||||||||||||
Income from Continuing Operations | $ | 0.29 | $ | 0.19 | $ | 0.24 | ||||||||
Income from Discontinued Operations | $ | 1.89 | $ | 2.24 | $ | 2.15 | ||||||||
Net Income Available to Common Stockholders | $ | 2.17 | $ | 2.43 | $ | 2.39 | ||||||||
Weighted Average Shares Outstanding | 40,557 | 38,542 | 38,927 | |||||||||||
Diluted Earnings Per Share: | ||||||||||||||
Income from Continuing Operations | $ | 0.28 | $ | 0.19 | $ | 0.24 | ||||||||
Income from Discontinued Operations | $ | 1.87 | $ | 2.23 | $ | 2.14 | ||||||||
Net Income Available to Common Stockholders | $ | 2.16 | $ | 2.42 | $ | 2.38 | ||||||||
Weighted Average Shares Outstanding | 40,888 | 38,663 | 39,165 | |||||||||||
Net Income | $ | 110,606 | $ | 113,773 | $ | 120,208 | ||||||||
Other Comprehensive Income: | ||||||||||||||
Settlement of Interest Rate Protection Agreements | 6,816 | — | 1,772 | |||||||||||
Mark-to-Market of Interest Rate Protection Agreements and Interest Rate Swap Agreements | 106 | 251 | (126 | ) | ||||||||||
Amortization of Interest Rate Protection Agreements | (512 | ) | 198 | 176 | ||||||||||
Comprehensive Income | $ | 117,016 | $ | 114,222 | $ | 122,030 | ||||||||
The accompanying notes are an integral part of the financial statements.
F-5
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Year Ended | Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||||
2004 | 2003 | 2002 | ||||||||||||
(Dollars in thousands, except for | ||||||||||||||
per share data) | ||||||||||||||
Preferred Stock — Beginning of Year | $ | 1 | $ | 1 | $ | 1 | ||||||||
Issuance of Preferred Stock | $ | — | $ | — | $ | — | ||||||||
Redemption of Preferred Stock | (1 | ) | — | — | ||||||||||
Preferred Stock — End of Year | $ | — | $ | 1 | $ | 1 | ||||||||
Common Stock — Beginning of Year | $ | 424 | $ | 411 | $ | 403 | ||||||||
Net Proceeds from the Issuance of Common Stock | 30 | 6 | 6 | |||||||||||
Issuance of Restricted Stock | 2 | 7 | 1 | |||||||||||
Repurchase and Retirement of Restricted Stock/Common Stock | (5 | ) | (1 | ) | (1 | ) | ||||||||
Conversion of Units to Common Stock | 3 | 1 | 2 | |||||||||||
Common Stock — End of Year | $ | 454 | $ | 424 | $ | 411 | ||||||||
Additional Paid-In-Capital — Beginning of Year | $ | 1,161,373 | $ | 1,124,622 | $ | 1,197,877 | ||||||||
Net Proceeds from the Issuance of Common Stock | 99,250 | 15,111 | 16,241 | |||||||||||
Issuance of Restricted Stock | 8,377 | 20,634 | 3,231 | |||||||||||
Repurchase and Retirement of Restricted Stock/Common Stock | (13,723 | ) | (1,797 | ) | (1,694 | ) | ||||||||
Amortization of Stock Based Compensation | — | 54 | 646 | |||||||||||
Issuance of Preferred Stock | 194,424 | — | — | |||||||||||
Redemption of Preferred Stock | (313,537 | ) | — | (96,293 | ) | |||||||||
Conversion of Units to Common Stock | 6,192 | 2,749 | 4,614 | |||||||||||
Additional Paid-In-Capital — End of Year | $ | 1,142,356 | $ | 1,161,373 | $ | 1,124,622 | ||||||||
Dist. In Excess of Accum. Earnings — Beginning of Year | $ | (172,892 | ) | $ | (158,251 | ) | $ | (143,958 | ) | |||||
Preferred Stock Dividends ($215.624 per Series C Preferred Share, $86.678 per Series D Preferred Share, $86.132 per Series E Preferred Share, $3,724.280 per Series F Preferred Share, $4,321.500 per Series G Preferred Share and $629.555 per Series H Preferred Share at December 31, 2004, $215.624 per Series C Preferred Share, $198.748 per Series D Preferred Share and $197.500 per Series E Preferred Share at December 31, 2003 and 2002, $81.424 Series B Preferred Share at December 31, 2002, respectively) | (14,488 | ) | (20,176 | ) | (23,432 | ) | ||||||||
Distributions ($2.7500, $2.7400 and $2.7250 per Share/ Unit at December 31, 2004, 2003 and 2002, respectively) | (132,585 | ) | (126,699 | ) | (125,785 | ) | ||||||||
Redemption of Preferred Stock | (7,959 | ) | — | (3,148 | ) | |||||||||
Repurchase and Retirement of Restricted Stock/Common Stock | (4,116 | ) | (67 | ) | (342 | ) | ||||||||
Net Income Before Minority Interest | 124,634 | 130,108 | 136,575 | |||||||||||
Minority Interest: | ||||||||||||||
Allocation of Income | (14,028 | ) | (16,335 | ) | (16,926 | ) | ||||||||
Distributions ($2.7500, $2.7400 and $2.7250 per Share/ Unit at December 31, 2004, 2003 and 2002, respectively) | 18,017 | 18,528 | 18,765 | |||||||||||
Dist. In Excess of Accum. Earnings — End of Year | $ | (203,417 | ) | $ | (172,892 | ) | $ | (158,251 | ) | |||||
Unearned Value of Rest. Stock Grants — Beginning of Year | $ | (19,035 | ) | $ | (4,307 | ) | $ | (6,247 | ) | |||||
Issuance of Restricted Stock | (8,379 | ) | (20,641 | ) | (3,232 | ) | ||||||||
Amortization of Restricted Stock Grants | 7,803 | 5,913 | 5,172 | |||||||||||
Unearned Value of Rest. Stock Grants — End of Year | $ | (19,611 | ) | $ | (19,035 | ) | $ | (4,307 | ) | |||||
Treasury Shares, at cost — Beginning of Year | $ | (70,588 | ) | $ | (69,591 | ) | $ | (40,098 | ) | |||||
Purchase of Treasury Shares | — | (997 | ) | (29,493 | ) | |||||||||
Treasury Shares, at cost — End of Year | $ | (70,588 | ) | $ | (70,588 | ) | $ | (69,591 | ) | |||||
Accum. Other Comprehensive Loss — Beginning of Year | $ | (10,110 | ) | $ | (10,559 | ) | $ | (12,381 | ) | |||||
Settlement of Interest Rate Protection Agreements | 6,816 | — | 1,772 | |||||||||||
Mark-to-Market of Interest Rate Protection Agreements | 106 | 251 | (126 | ) | ||||||||||
Amortization of Interest Rate Protection Agreements | (512 | ) | 198 | 176 | ||||||||||
Accum. Other Comprehensive Loss — End of Year | $ | (3,700 | ) | $ | (10,110 | ) | $ | (10,559 | ) | |||||
Total Stockholders’ Equity at End of Year | $ | 845,494 | $ | 889,173 | $ | 882,326 | ||||||||
The accompanying notes are an integral part of the financial statements.
F-6
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Restated | Restated | ||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||||
2004 | 2003 | 2002 | |||||||||||||
(Dollars in thousands) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net Income | $ | 110,606 | $ | 113,773 | $ | 120,208 | |||||||||
Income Allocated to Minority Interest | 14,028 | 16,335 | 16,367 | ||||||||||||
Net Income Before Minority Interest | 124,634 | 130,108 | 136,575 | ||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||||
Depreciation | 82,757 | 73,902 | 67,525 | ||||||||||||
Amortization of Deferred Financing Costs | 1,931 | 1,764 | 1,925 | ||||||||||||
Other Amortization | 22,547 | 17,846 | 15,295 | ||||||||||||
Provision for Bad Debt | (1,474 | ) | (160 | ) | — | ||||||||||
Loss From Early Retirement of Debt | 515 | 1,466 | 888 | ||||||||||||
Equity in Income of Joint Ventures, Net of Income Taxes | (36,451 | ) | (539 | ) | (463 | ) | |||||||||
Distributions from Joint Ventures | 36,451 | 539 | 463 | ||||||||||||
Gain on Sale of Real Estate, Net of Income Taxes | (91,242 | ) | (91,081 | ) | (69,892 | ) | |||||||||
Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net | (46,030 | ) | (24,380 | ) | (13,701 | ) | |||||||||
Increase in Deferred Rent Receivable | (6,771 | ) | (2,597 | ) | (1,947 | ) | |||||||||
Decrease in Accounts Payable and Accrued Expenses and Rents Received in Advance and Security Deposits | (9,210 | ) | (6,454 | ) | (3,728 | ) | |||||||||
Decrease (Increase) in Restricted Cash | — | 2,742 | (102 | ) | |||||||||||
Net Cash Provided by Operating Activities | 77,657 | 103,156 | 132,838 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Purchases of and Additions to Investment in Real Estate | (485,393 | ) | (312,356 | ) | (337,399 | ) | |||||||||
Net Proceeds from Sales of Investments in Real Estate | 293,703 | 321,989 | 364,446 | ||||||||||||
Contributions to and Investments in Joint Ventures | (5,422 | ) | (5,711 | ) | (8,207 | ) | |||||||||
Distributions from Joint Ventures | 14,074 | 2,859 | 2,260 | ||||||||||||
Repayment and Sale of Mortgage Loans Receivable | 111,049 | 75,886 | 20,502 | ||||||||||||
Decrease (Increase) in Restricted Cash | 81,981 | (53,630 | ) | (8,252 | ) | ||||||||||
Net Cash Provided by Investing Activities | 9,992 | 29,037 | 33,350 | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Net Proceeds from the Issuance of Common Stock | 86,121 | 14,799 | 15,895 | ||||||||||||
Proceeds from the Issuance of Preferred Stock | 200,000 | — | — | ||||||||||||
Preferred Stock Offering Costs | (5,576 | ) | — | — | |||||||||||
Redemption of Preferred Stock | (321,438 | ) | — | (100,000 | ) | ||||||||||
Repurchase of Restricted Stock | (3,747 | ) | (1,865 | ) | (2,037 | ) | |||||||||
Purchase of Treasury Shares | — | (997 | ) | (29,493 | ) | ||||||||||
Purchase of U.S. Government Securities | — | — | (13,669 | ) | |||||||||||
Proceeds from Maturity of U.S. Government Securities | — | 15,832 | — | ||||||||||||
Proceeds from Senior Unsecured Debt | 134,496 | — | 247,950 | ||||||||||||
Other Proceeds from Senior Unsecured Debt | 6,816 | — | 1,772 | ||||||||||||
Repayments of Senior Unsecured Debt | — | — | (84,930 | ) | |||||||||||
Dividends/ Distributions | (130,220 | ) | (125,916 | ) | (125,875 | ) | |||||||||
Preferred Stock Dividends | (13,256 | ) | (20,176 | ) | (23,432 | ) | |||||||||
Proceeds on Mortgage Loans Payable | 1,400 | — | — | ||||||||||||
Repayments on Mortgage Loans Payable | (5,965 | ) | (38,529 | ) | (39,234 | ) | |||||||||
Proceeds from Unsecured Lines of Credit | 581,000 | 264,300 | 500,100 | ||||||||||||
Repayments on Unsecured Lines of Credit | (609,400 | ) | (238,700 | ) | (512,300 | ) | |||||||||
Book Overdraft | — | — | 2,885 | ||||||||||||
Cost of Debt Issuance and Prepayment Fees | (3,777 | ) | (120 | ) | (3,820 | ) | |||||||||
Net Cash Used in Financing Activities | (83,546 | ) | (131,372 | ) | (166,188 | ) | |||||||||
Net Increase in Cash and Cash Equivalents | 4,103 | 821 | — | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | 821 | — | — | ||||||||||||
Cash and Cash Equivalents, End of Period | $ | 4,924 | $ | 821 | $ | — | |||||||||
The accompanying notes are an integral part of the financial statements.
F-7
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
1. | Organization and Formation of Company |
First Industrial Realty Trust, Inc. was organized in the state of Maryland on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”).
First Industrial Realty Trust, Inc. and its subsidiaries (the “Company”) began operations on July 1, 1994. The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner. The Company is the sole stockholder of First Industrial Finance Corporation, First Industrial Pennsylvania Corporation, First Industrial Harrisburg Corporation, First Industrial Securities Corporation, First Industrial Mortgage Corporation, First Industrial Indianapolis Corporation, FI Development Services Corporation and First Industrial Florida Finance Corporation, which are the sole general partners of First Industrial Financing Partnership, L.P. (the “Financing Partnership”), First Industrial Pennsylvania, L.P. (the “Pennsylvania Partnership”), First Industrial Harrisburg, L.P. (the “Harrisburg Partnership”), First Industrial Securities, L.P. (the “Securities Partnership”), First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Indianapolis, L.P. (the “Indianapolis Partnership”), FI Development Services, L.P. and TK-SV, LTD., respectively, and the Operating Partnership is the sole limited partner. The Operating Partnership is also the sole member of limited liability companies and the sole stockholder of First Industrial Development Services, Inc. The operating data of the foregoing subsidiaries of the Company is consolidated with that of the Company as presented herein. The Company, through separate, wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
As of December 31, 2004, the Company owned 881 industrial properties (inclusive of developments in progress) located in 23 states, containing an aggregate of approximately 69.3 million square feet (unaudited) of gross leasable area (“GLA”).
2. | Basis of Presentation |
First Industrial Realty Trust, Inc. is the sole general partner of the Operating Partnership, with an approximate 86.9% and 85.6% ownership interest at December 31, 2004 and 2003, respectively. Minority interest at December 31, 2004 and 2003, represents the approximate 13.1% and 14.4%, respectively, aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
The consolidated financial statements of the Company at December 31, 2004 and 2003 and for each of the years ended December 31, 2004, 2003 and 2002 include the accounts and operating results of the Company and its subsidiaries. Such financial statements present the Company’s minority equity interests in the Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.
F-8
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
3. | Summary of Significant Accounting Policies |
In order to conform with generally accepted accounting principles, management, in preparation of the Company’s financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2004 and 2003, and the reported amounts of revenues and expenses for each of the years ended December 31, 2004, 2003 and 2002. Actual results could differ from those estimates.
Cash and Cash Equivalents |
Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.
Restricted Cash |
At December 31, 2004 and 2003, restricted cash includes gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Company exchanges into properties under Section 1031 of the Internal Revenue Code. The carrying amount approximates fair value due to the short term maturity of these investments.
Investment in Real Estate and Depreciation |
Investment in Real Estate is carried at cost. The Company reviews its properties on a quarterly basis for impairment and provides a provision if impairments are found. To determine if an impairment may exist, the Company reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy). If further assessment of recoverability is needed, the Company estimates the future net cash flows expected to result from the use of the property and its eventual disposition, on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, the Company will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Company ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company determines fair value of properties that are held for use by discounting the future expected cash flows of the properties. To calculate the fair value of properties held for sale, the Company deducts from the contract price of the property the estimated costs to close the sale. The Company classifies properties as held for sale when the Company has an executed contract to sell.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, the Company reclassifies construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point the Company is undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held available for occupancy. Depreciation expense is computed using the straight-line method based on the following useful lives:
Years | ||||
Buildings and Improvements | 20 to 50 | |||
Land Improvements | 15 | |||
Furniture, Fixtures and Equipment | 5 to 10 |
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.
The Company accounts for all acquisitions entered into subsequent to June 30, 2001 in accordance with Financial Accounting Standards Board’s (“FASB”) Statement of Financial Accounting Standard No. 141, “Business Combinations” (“FAS 141”). Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases and above market and below market leases. The Company allocates the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates over the remaining lease term.
The purchase price is further allocated to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental revenue on the Company’s consolidated statements of operations and comprehensive income. The value of in-place lease intangibles, which is included as a component of Other Assets, is amortized to expense over the remaining lease term and expected renewal periods of the respective lease. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases and the in-place lease value is immediately charged to expense.
Deferred Financing Costs |
Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $10,873 and $8,948 at December 31, 2004 and 2003, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Investments in Joint Ventures |
Investments in Joint Ventures represents the Company’s minority equity interests in the Joint Ventures. The Company accounts for its investments in Joint Ventures under the equity method of accounting, as the Company does not have operational control or a majority voting interest. Under the equity method of accounting, the Company’s share of earnings or losses of the Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease, respectively, the Company’s Investments in Joint Ventures as paid or received, respectively. Differences between the Company’s carrying value of its investments in joint ventures and the Company’s underlying equity of such joint ventures are amortized over the respective lives of the underlying assets, as applicable.
Employee Benefit Plans |
At December 31, 2004, the Company has three stock incentive employee compensation plans, which are described more fully in Note 13. Prior to January 1, 2003, the Company accounted for its stock incentive plans under the recognition and measurement principles of Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” (“APB 25”). Under APB 25, compensation expense is not recognized for options issued in which the strike price is equal to the fair value of the Company’s stock on the date of grant. Certain options issued in 2000 were issued with a strike price less than the fair value of the Company’s stock on the date of grant. Compensation expense is being recognized for the intrinsic value of these options determined at the date of grant over the vesting period. On January 1, 2003, the Company adopted the fair value recognition provisions of the FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock Based Compensation” (“FAS 123”), as amended by FASB Statement of Financial Accounting Standards No. 148, “Accounting for Stock-Based Compensation-Transition and Disclosure”. Beginning on January 1, 2003, the Company is applying the fair value recognition provisions of FAS 123 prospectively to all employee option awards granted after December 31, 2002. The Company has not awarded options to employees or directors of the Company during the years ended December 31,2004 and 2003, and therefore no stock-based employee compensation expense, except for expense related to restricted stock, is included in net income available to common stockholders related to the fair value recognition provisions of FAS 123.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In thousands except per share data)
Had compensation expense for the Company’s Stock Incentive Plans been determined based upon the fair value at the grant date for awards under the Stock Incentive Plans consistent with the methodology prescribed under FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock-Based Compensation”, as amended by FAS 148, net income and earnings per share would have been the pro forma amounts indicated in the table below:
For the Year Ended | |||||||||||||
2004 | 2003 | 2002 | |||||||||||
Net Income Available to Common Stockholders — as reported | $ | 88,159 | $ | 93,597 | $ | 93,069 | |||||||
Add: Stock-Based Employee Compensation Expense Included in Net Income Available to Common Stockholders, Net of Minority Interest — as reported | — | 46 | 201 | ||||||||||
Less: Total Stock-Based Employee Compensation Expense, Net of Minority Interest — Determined Under the Fair Value Method | (362 | ) | (1,149 | ) | (980 | ) | |||||||
Net Income Available to Common Stockholders — pro forma | $ | 87,797 | $ | 92,494 | $ | 92,290 | |||||||
Net Income Available to Common Stockholders per Share — as reported — Basic | $ | 2.17 | $ | 2.43 | $ | 2.39 | |||||||
Net Income Available to Common Stockholders per Share — pro forma — Basic | $ | 2.16 | $ | 2.40 | $ | 2.37 | |||||||
Net Income Available to Common Stockholders per Share — as reported — Diluted | $ | 2.16 | $ | 2.42 | $ | 2.38 | |||||||
Net Income Available to Common Stockholders per Share — pro forma — Diluted | $ | 2.15 | $ | 2.39 | $ | 2.36 | |||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||||||
Expected dividend yield | N/A | N/A | 8.28 | % | |||||||||
Expected stock price volatility | N/A | N/A | 20.94 | % | |||||||||
Risk-free interest rate | N/A | N/A | 3.58 | % | |||||||||
Expected life of options | N/A | N/A | 3.00 |
The weighted average fair value of options granted during 2002 is $1.97 per option. The Company did not issue any options in 2004 and 2003.
Revenue Recognition |
Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by the Company.
Revenue is recognized on payments received from tenants for early lease terminations after the Company determines that all the necessary criteria have been met in accordance with FASB Statement of Financial Accounting Standards No. 13, “Accounting for Leases” (“FAS 13”).
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Interest income on mortgage loans receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.
The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $416 and $1,890 as of December 31, 2004 and December 31, 2003, respectively. For accounts receivable the Company deems uncollectible, the Company uses the direct write-off method.
Gain on Sale of Real Estate |
Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are removed from the accounts with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Company after completion of each sale are included in the determination of the gains on sales.
Income Taxes |
The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a result, the Company generally is not subject to federal income taxation to the extent of the income which it distributes if it satisfies the requirements set forth in Section 856 of the Code (pertaining to its organization and types of income and assets) necessary to maintain its status as a REIT, it distributes annually at least 90% of its REIT taxable income, as defined in the Code, to its stockholders and it satisfies certain other requirements. Accordingly, no provision has been made for state or federal income taxes in the accompanying consolidated financial statements except for activities conducted in its taxable REIT subsidiary, First Industrial Development Services, Inc. which has been accounted for under FASB Statement of Financial Standards No. 109, “Accounting for Income Taxes”(“FAS 109”). In accordance with FAS 109, the total benefit/expense has been separately allocated to income from continuing operations, income from discontinued operations and gain on sale of real estate.
The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. The provision for such state and local taxes has been reflected in general and administrative expense in the consolidated statements of operations and comprehensive income and has not been separately stated due to its insignificance.
Earnings Per Common Share |
Net income per weighted average share — basic is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested). Net income per weighted average share — diluted is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested) plus the dilutive effect of in-the-money employee stock options and restricted stock. See Note 10 for further disclosure about earnings per share.
Fair Value of Financial Instruments |
The Company’s financial instruments include short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt.
The fair values of the short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable and other accrued expenses were not materially different from their carrying or contract values. See Note 5 for the fair values of the mortgage loans payable, unsecured line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt.
Derivative Financial Instruments |
Historically, the Company has used interest rate protection agreements (the “Agreements”) to fix the interest rate on anticipated offerings of senior unsecured debt or convert floating rate debt to fixed rate debt. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured debt are amortized over the life of the senior unsecured debt. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss is recognized in other comprehensive income (shareholders’ equity). Any agreements which no longer qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income immediately. The credit risks associated with the Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of the Agreements, the Company’s exposure is limited to the current value of the interest rate differential, not the notional amount, and the Company’s carrying value of the Agreements on the balance sheet. See Note 5 for more information on the Agreements.
Discontinued Operations |
On January 1, 2002, the Company adopted the FASB Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (b) the Company will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations.
Segment Reporting |
Management views the Company as a single segment based on its method of internal reporting.
Reclassification |
Certain 2003 and 2002 items have been reclassified to conform to the 2004 presentation.
Recent Accounting Pronouncements |
In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised 2004), “Share-Based Payment” (“FAS 123(R)”). FAS 123(R) is a revision of FAS 123, and also supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost to be measured at the fair value of the stock option at the date of grant, eliminates the alternative to use the
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
intrinsic value method of accounting prescribed in APB 25, and clarifies and expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of the first interim or annual reporting period that begins after June 15, 2005. FAS 123(R) applies to all awards granted, modified, repurchased, or cancelled after the effective date and the cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required effective date. The Company will adopt FAS 123(R) commencing as of July 1, 2005 using the modified prospective application method. The Company does not expect the requirements of FAS 123(R) to have a material impact on its results of operations, financial position or liquidity.
The Emerging Issues Task Force released Issue 03-13, “Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations” (“Issue 03-13”). Issue 03-13 establishes an approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes of classifying the results of operations of a component of an entity that either has been disposed of or is classified as held for sale as discontinued operations. The effective date for components classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004. The Company will adopt Issue 03-13 beginning January 1, 2005; Issue 03-13 will have no impact to net income.
4. | Investments in Joint Ventures |
On September 28, 1998, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “September 1998 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owns a ten percent equity interest in the September 1998 Joint Venture and provides property and asset management services to the September 1998 Joint Venture. On or after October 2000, under certain circumstances, the Company has the right to purchase all of the properties owned by the September 1998 Joint Venture at a price to be determined in the future. The Company has not exercised this right.
On September 2, 1999, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “September 1999 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owned a ten percent equity interest in the September 1999 Joint Venture and provided property and asset management services to the September 1999 Joint Venture. During September 2003, the September 1999 Joint Venture sold its remaining property. In conjunction with this final property sale, the final distribution was made to the partners.
On December 28, 2001, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “December 2001 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owned a 15% equity interest in the December 2001 Joint Venture and provided property management services to the December 2001 Joint Venture. On August 27, 2004, the December 2001 Joint Venture sold all 36 industrial properties, containing approximately 6.2 million square feet (unaudited) of GLA, to a third party for gross proceeds of approximately $349,750. Due to certain provisions in the operating agreement, the Company received distributions in excess of it’s 15% equity interest in the December 2001 Joint Venture. Due to the sale of all 36 industrial properties, the Company recognized, in aggregate, approximately $34,767 due to the Company’s 15% share of gain from the sale of the December 2001 Joint Venture’s properties and
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
distributions received from the December 2001 Joint Venture in excess of the Company’s 15% equity interest. This amount is included in Equity in Income of Joint Ventures.
As a result of the sale on August 27, 2004 to a third party, the Company recognized the unamortized portion of the previously deferred gain, net of tax, from the original sales to the December 2001 Joint Venture, of approximately $4,986. These deferred gains are included in Equity in Income of Joint Ventures.
As of December 31, 2004, the September 1998 Joint Venture owned 41 industrial properties comprising approximately 1.3 million square feet (unaudited) of GLA and the May 2003 Joint Venture owned five industrial properties comprising approximately 2.1 million square feet (unaudited) of GLA. During the year ended December 31, 2004, the Company acquired one industrial property comprising approximately ..1 million square feet of GLA from the September 1998 Joint Venture. The purchase price of the acquisition totaled approximately $525, excluding costs incurred in conjunction with the acquisition of the industrial property. Also, during the year ended December 31, 2004, the Company sold one property to the May 2003 Joint Venture comprising approximately ..2 million square feet (unaudited) of GLA for a purchase price of $15,486 and earned acquisition fees on the other four properties acquired from third parties by the May 2003 Joint Venture.
The Company deferred 15% of the gain from the sale and acquisition fees, which is equal to the Company’s economic interest in the May 2003 Joint Venture. The 15% deferral reduced the Company’s investment in the joint venture and is amortized into income over the life of the properties, generally 40 to 45 years. If the May 2003 Joint Venture sells any of the five properties to a third party, the Company will recognize the unamortized portion of the deferred gain and fees as gain on sale of real estate or other income. If the Company repurchases any of the five properties, the 15% deferral will be netted against the basis of the property purchased (which reduces the basis of the property). At December 31, 2004 and 2003, the Company has a receivable from the Joint Ventures of $1,261 and $2,140, respectively, which mainly relate to borrowings made, as allowed by the partnership agreement, by the September 1998 Joint Venture from the Company.
During the years ended December 2004, 2003 and 2002, the Company invested the following amounts in its Joint Ventures as well as received distributions and recognized fees from acquisition, disposition, property management and asset management services in the following amounts:
Year Ended | Year Ended | Year Ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||||
Contributions | $ | 3,676 | $ | 5,558 | $ | 8,207 | ||||||
Distributions | $ | 50,525 | $ | 3,398 | $ | 2,723 | ||||||
Fees | $ | 2,689 | $ | 2,173 | $ | 1,863 |
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
The combined summarized financial information of the investments in joint ventures is as follows:
December 31, | December 31, | ||||||||
2004 | 2003 | ||||||||
Condensed Combined Balance Sheets | |||||||||
Gross Real Estate Investment | $ | 120,633 | $ | 305,029 | |||||
Less: Accumulated Depreciation | (9,308 | ) | (19,565 | ) | |||||
Net Real Estate | 111,325 | 285,464 | |||||||
Other Assets | 16,637 | 51,622 | |||||||
Total Assets | $ | 127,962 | $ | 337,086 | |||||
Long Term Debt | $ | 88,398 | $ | 217,413 | |||||
Other Liabilities | 5,711 | 6,527 | |||||||
Equity | 33,853 | 113,146 | |||||||
Total Liabilities and Equity | $ | 127,962 | $ | 337,086 | |||||
Company’s share of Equity | $ | 4,580 | $ | 18,205 | |||||
Basis Differentials(1) | 909 | (5,019 | ) | ||||||
Carrying Value of the Company’s investments in joint ventures | $ | 5,489 | $ | 13,186 | |||||
(1) | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals related to properties the Company sold to the Joint Ventures and certain acquisition costs which are not reflected at the joint venture level. |
Year Ended December 31, | |||||||||||||
2004 | 2003 | 2002 | |||||||||||
Condensed Combined Statements of Operations | |||||||||||||
Total Revenues | 32,353 | 35,603 | 34,635 | ||||||||||
Expenses Operating and Other | 11,593 | 9,725 | 14,482 | ||||||||||
Interest | 7,712 | 7,353 | 10,554 | ||||||||||
Depreciation and Amortization | 12,540 | 17,585 | 10,343 | ||||||||||
Total Expenses | 31,845 | 34,663 | 35,379 | ||||||||||
Gain (Loss) on Sale of Real Estate | 81,431 | (2,069 | ) | 8,231 | |||||||||
Net Income (Loss) | 81,939 | (1,129 | ) | 7,487 | |||||||||
Company’s share of Net Income | 36,451 | 539 | 463 | ||||||||||
5. | Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit |
Mortgage Loans Payable, Net |
On December 29, 1995, the Company, through an entity in which the Operating Partnership is the sole limited partner and a wholly-owned subsidiary of the Company is the general partner (the “Mortgage Partnership”), entered into a $40,200 mortgage loan (the “1995 Mortgage Loan”). On January 13, 2003,
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
the Company, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan. As this pay off and retirement was prior to the stated maturity date of the 1995 Mortgage Loan, the Company wrote off unamortized deferred financing costs in the amount of approximately $1,466.
On March 20, 1996, the Company, through the Operating Partnership, assumed a $6,424 mortgage loan (the “Assumed Loan I”) that is collateralized by 12 properties in Indianapolis, Indiana. The Assumed Loan I bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a 16.75-year amortization schedule. The Assumed Loan I matures on September 1, 2009. The Assumed Loan I may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.
On March 20, 1996, the Company, through the Operating Partnership, assumed a $2,993 mortgage loan (the “Assumed Loan II”) that is collateralized by one property in Indianapolis, Indiana. The Assumed Loan II bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a 16.75-year amortization schedule. The Assumed Loan II matures on January 1, 2013. The Assumed Loan may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.
On April 16, 1998, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $2,525 (the “Acquisition Mortgage Loan IV”). The Acquisition Mortgage Loan IV is collateralized by one property in Baltimore, Maryland, bears interest at a fixed rate of 8.95% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.
On July 16, 1998, the Company, through TK-SV, LTD., assumed a mortgage loan in the principal amount of $2,566 (the “Acquisition Mortgage Loan V”). The Acquisition Mortgage Loan V is collateralized by one property in Tampa, Florida, bears interest at a fixed rate of 9.01% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan V matures on September 1, 2006. In conjunction with the assumption of the Acquisition Mortgage Loan V, the Company recorded a premium in the amount of $315 which will be amortized over the remaining life of the Acquisition Mortgage Loan V as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan V is 6.96%. The Acquisition Mortgage Loan V may be prepaid only after August 2002 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.
On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $5,814 (the “Acquisition Mortgage Loan VIII”). The Acquisition Mortgage Loan VIII is collateralized by one property in Rancho Dominguez, California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan VIII matures on December 1, 2019. The Acquisition Mortgage Loan VIII may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.
On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $6,030 (the “Acquisition Mortgage Loan IX”). The Acquisition Mortgage Loan IX is collateralized by one property in Bloomington, Minnesota, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan IX matures on December 1, 2019. The Acquisition Mortgage Loan IX may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
On May 1, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $14,157 (the “Acquisition Mortgage Loan X”). The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan X matures on December 1, 2010. In conjunction with the assumption of the Acquisition Mortgage Loan X, the Company recorded a premium in the amount of $2,927 which will be amortized over the remaining life of the Acquisition Mortgage Loan X as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan X is 5.00%. The Acquisition Mortgage Loan X may be prepaid only after November 2004 in exchange for the greater of a 3% prepayment fee or yield maintenance premium.
On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $4,269 (the “Acquisition Mortgage Loan XI”). The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore interest at a fixed rate of 7.61% and provided for monthly principal and interest payments based on a 30-year amortization schedule. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Company recorded a premium in the amount of $621 which was being amortized over the remaining life of the Acquisition Mortgage Loan XI as an adjustment to interest expense. The Acquisition Mortgage Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December 3, 2004, the Company paid off and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition Mortgage Loan XI, the Company wrote off unamortized deferred financing costs and paid a prepayment penalty in the aggregate amount of approximately $515.
On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $2,325 (the “Acquisition Mortgage Loan XII”). The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XII, the Company recorded a premium in the amount of $317 which will be amortized over the remaining life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XII is 5.51%. The Acquisition Mortgage Loan XII may be prepaid only after February 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.
On September 30, 2004, the Company assumed a mortgage loan in the amount of $12,057 and borrowed an additional $1,400 (collectively referred to as the “Acquisition Mortgage Loan XIII”). The Acquisition Mortgage Loan XIII is collateralized by three properties in Phoenix, Arizona, bears interest at a fixed rate of 5.60% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Company recorded a premium in the amount of $467 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XIII is 5.02%. The Acquisition Mortgage Loan XIII may be prepaid in exchange for the yield maintenance premium.
On December 21, 2004, the Company assumed a mortgage loan in the amount of $6,187 (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by six properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $553 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XIV is 4.58%. The Acquisition Mortgage Loan XIV may be prepaid in exchange for the greater of a 1% prepayment fee or yield maintenance premium.
Senior Unsecured Debt, Net |
On May 13, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on May 15, 2007 and bears a coupon interest rate of 7.60% (the “2007 Notes”). The issue price of the 2007 Notes was 99.965%. Interest is paid semi-annually in arrears on May 15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2007 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $41, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2007 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2007 Notes is 7.61%. The 2007 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.
On May 13, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on May 15, 2027, and bears a coupon interest rate of 7.15% (the “2027 Notes”). The issue price of the 2027 Notes was 99.854%. The 2027 Notes were redeemable, at the option of the holders thereof, on May 15, 2002. The Company received redemption notices from holders representing $84,930 of the 2027 Notes outstanding. On May 15, 2002, the Company, through the Operating Partnership, paid off and retired $84,930 of the 2027 Notes. Due to the partial payoff of the 2027 Notes, the Company has recorded a loss from the early retirement of debt in 2002 of approximately $888 comprised of the amount paid above the carrying amount of the 2027 notes, the write-off of the pro rata unamortized deferred financing costs and legal costs. Interest is paid semi-annually in arrears on May��15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2027 Notes prior to issuance. The Company settled the interest rate protection agreement for approximately $597 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2027 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2027 Notes is 7.11%. The 2027 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.
On May 22, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matured on May 15, 2011 and bore a coupon interest rate of 7.375% (the “2011 PATS”). The issue price of the 2011 PATS was 99.348%. The Company received approximately $1,781 from the holder of the 2011 PATS as consideration for the put option. The Company amortized the put option proceeds over the life of the put option as an adjustment to interest expense. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 PATS. The Company amortized the settlement amount of the interest rate protection agreement over the life of the 2011 PATS. Including the impact of the offering discount, the proceeds from the put option and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2011 PATS was 7.26%. On May 17, 2004, the Company exchanged the 2014 Notes (hereinafter
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
defined) for the 2011 PATS (hereinafter defined) and net cash in the amount of $8,877. The Company retired the 2011 PATS.
On November 20, 1997, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on November 21, 2005 and bears a coupon interest rate of 6.90%, which is the effective interest rate (the “2005 Notes”). The issue price of the 2005 Notes was 100%. Interest is paid semi-annually in arrears on May 21 and November 21. The 2005 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.
On December 8, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on December 1, 2006 and bears a coupon interest rate of 7.00% (the “2006 Notes”). The issue price of the 2006 Notes was 100%. Interest is paid semi-annually in arrears on June 1 and December 1. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2006 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $2,162, which is included in other comprehensive income. The settlement amount of the interest rate protection agreement is being amortized over the life of the 2006 Notes as an adjustment to interest expense. Including the impact of the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2006 Notes is 7.22%. The 2006 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.
On December 8, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on December 1, 2017 and bears a coupon interest rate of 7.50% (the “2017 Notes”). The issue price of the 2017 Notes was 99.808%. Interest is paid semi-annually in arrears on June 1 and December 1. The Operating Partnership is amortizing the debt issue discount over the life of the 2017 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2017 Notes is 7.52%. The 2017 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.
On July 14, 1998, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on July 15, 2028 and bears a coupon interest rate of 7.60% (the “2028 Notes”). The issue price of the 2028 Notes was 99.882%. Interest is paid semi-annually in arrears on January 15 and July 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2028 Notes prior to issuance. The Company settled the interest rate protection agreements for a payment of approximately $11,504, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2028 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2028 Notes is 8.13%. The 2028 Notes contain certain covenants, including limitation on incurrence of debt and debt service coverage. Approximately $50,000 of the 2028 Notes was purchased, through a broker/ dealer, by an entity in which a Director of the Company owns less than a two percent interest.
On March 19, 2001, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on March 15, 2011 and bears a coupon interest rate of 7.375% (the “2011 Notes”). The issue price of the 2011 Notes was 99.695%. Interest is paid semi-annually in arrears on September 15 and March 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 Notes prior to issuance, which it designated as a cash flow hedge. The Company settled the interest rate protection agreement for approximately $371 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2011 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
the interest rate protection agreement, the Company’s effective interest rate on the 2011 Notes is 7.39%. The 2011 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.
On April 15, 2002, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on April 15, 2012 and bears a coupon interest rate of 6.875% (the “2012 Notes”). The issue price of the 2012 Notes was 99.310%. Interest is paid semi-annually in arrears on April 15 and October 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2012 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $1,772 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2012 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2012 Notes is 6.85%. The 2012 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.
On April 15, 2002, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on April 15, 2032 and bears a coupon interest rate of 7.75% (the “2032 Notes”). The issue price of the 2032 Notes was 98.660%. Interest is paid semi-annually in arrears on April 15 and October 15. The debt issue discount is being amortized over the life of the 2032 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2032 Notes is 7.87%. The 2032 Notes contain certain covenants including limitations on incurrence of debt and debt service coverage.
On May 17, 2004, the Company, through the Operating Partnership, exchanged $125,000 of senior unsecured debt which matures on June 1, 2014, and bears a coupon interest rate of 6.42% (the “2014 Notes”) for the 2011 PATS and net cash in the amount of $8,877. The issue price of the 2014 Notes was 99.123%. Interest is paid semi-annually in arrears on June 1 and December 1. The debt issue discount of the 2014 Notes is being amortized over the life of the 2014 Notes as an adjustment to interest expense. This exchange is being accounted for under EITF 96-19, “Debtor’s Accounting for a Modification or Exchange of Debt Instruments” (“EITF 96-19”). Under EITF 96-19, if the 2011 PATS and the 2014 Notes are not substantially different, the difference between the fair value of the 2011 PATS and the carrying value of the 2011 PATS, as well as the unamortized deferred financing costs of the 2011 PATS on the date of the exchange, is deferred and amortized over the life of the 2014 Notes. The Company is amortizing this amount over the life of the 2014 Notes. Including the impact of the offering discount, the Company’s effective interest rate on the 2014 Notes is 6.54%. The 2014 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.
On June 14, 2004, the Company, through the Operating Partnership, issued $125,000 of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. Interest is paid semi-annually in arrears on June 15 and December 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6,657 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2009 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2009 Notes is 4.10%. The 2009 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Unsecured Lines of Credit |
In December 1997, the Company entered into a $300,000 unsecured revolving credit facility (the “1997 Unsecured Line of Credit”) which bore interest at LIBOR plus .80% or a “Corporate Base Rate” at the Company’s election, and provided for interest only payments until maturity. In June 2000, the Company amended the 1997 Unsecured Line of Credit which extended the maturity date to June 30, 2003 and included the right, subject to certain conditions, to increase the aggregate commitment up to $400,000 (the “2000 Unsecured Line of Credit”). On September 27, 2002, the Company amended and restated the 2000 Unsecured Line of Credit (the “2002 Unsecured Line of Credit”). On June 11, 2004, the Company, through the Operating Partnership, amended and restated the 2002 Unsecured Line of Credit (the “Unsecured Line of Credit”). The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election. The net unamortized deferred financing costs related to the 2000 Unsecured Line of Credit and any additional deferred financing costs incurred amending the 2002 Unsecured Line of Credit are being amortized over the life of the Unsecured Line of Credit in accordance with Emerging Issues Task Force Issue 98-14, “Debtor’s Accounting for Changes in Line-of-Credit or Revolving-Debt Arrangements”. The Unsecured Line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
The following table discloses certain information regarding the Company’s mortgage loans, senior unsecured debt and unsecured line of credit:
Outstanding Balance at | Accrued Interest Payable at | |||||||||||||||||||||||
Interest Rate at | ||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | Maturity | |||||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2004 | Date | |||||||||||||||||||
Mortgage Loans Payable, Net | ||||||||||||||||||||||||
Assumed Loan I | 2,874 | 3,301 | 22 | — | 9.250% | 09/01/09 | ||||||||||||||||||
Assumed Loan II | 1,995 | 2,141 | 15 | — | 9.250% | 01/01/13 | ||||||||||||||||||
Acquisition Mortgage Loan IV | 2,037 | 2,130 | 15 | 16 | 8.950% | 10/01/06 | ||||||||||||||||||
Acquisition Mortgage Loan V | 2,456 | (1) | 2,529 | (1) | 18 | 18 | 9.010% | 09/01/06 | ||||||||||||||||
Acquisition Mortgage Loan VIII | 5,461 | 5,603 | 38 | 39 | 8.260% | 12/01/19 | ||||||||||||||||||
Acquisition Mortgage Loan IX | 5,664 | 5,811 | 39 | 40 | 8.260% | 12/01/19 | ||||||||||||||||||
Acquisition Mortgage Loan X | 16,251 | (1) | 16,754 | (1) | 99 | 100 | 8.250% | 12/01/10 | ||||||||||||||||
Acquisition Mortgage Loan XI | — | 4,854 | (1) | — | — | — | — | (4) | ||||||||||||||||
Acquisition Mortgage Loan XII | 2,565 | (1) | 2,623 | (1) | 15 | — | 7.540% | 01/01/12 | ||||||||||||||||
Acquisition Mortgage Loan XIII | 13,862 | (1) | — | 42 | — | 5.600% | 11/10/12 | |||||||||||||||||
Acquisition Mortgage Loan XIV | 6,740 | (1) | — | 13 | — | 6.940% | 07/01/09 | |||||||||||||||||
Total | $ | 59,905 | $ | 45,746 | $ | 316 | $ | 213 | ||||||||||||||||
Senior Unsecured Debt, Net | ||||||||||||||||||||||||
2005 Notes | $ | 50,000 | $ | 50,000 | $ | 383 | $ | 383 | 6.900% | 11/21/05 | ||||||||||||||
2006 Notes | 150,000 | 150,000 | 875 | 875 | 7.000% | 12/01/06 | ||||||||||||||||||
2007 Notes | 149,988 | (2) | 149,982 | (2) | 1,456 | 1,457 | 7.600% | 05/15/07 | ||||||||||||||||
2011 PATS | — | 99,657 | (2) | — | 942 | — | — | (3) | ||||||||||||||||
2017 Notes | 99,876 | (2) | 99,866 | (2) | 625 | 625 | 7.500% | 12/01/17 | ||||||||||||||||
2027 Notes | 15,053 | (2) | 15,053 | (2) | 138 | 138 | 7.150% | 05/15/27 | ||||||||||||||||
2028 Notes | 199,815 | (2) | 199,807 | (2) | 7,009 | 7,009 | 7.600% | 07/15/28 | ||||||||||||||||
2011 Notes | 199,624 | (2) | 199,563 | (2) | 4,343 | 4,343 | 7.375% | 03/15/11 | ||||||||||||||||
2012 Notes | 198,994 | (2) | 198,856 | (2) | 2,903 | 2,903 | 6.875% | 04/15/12 | ||||||||||||||||
2032 Notes | 49,390 | (2) | 49,368 | (2) | 818 | 818 | 7.750% | 04/15/32 | ||||||||||||||||
2009 Notes | 124,806 | (2) | — | 292 | — | 5.250% | 06/15/09 | |||||||||||||||||
2014 Notes | 109,978 | (2) | — | 669 | — | 6.420% | 06/01/14 | (3) | ||||||||||||||||
Total | $ | 1,347,524 | $ | 1,212,152 | $ | 19,511 | $ | 19,493 | ||||||||||||||||
Unsecured Line of Credit | ||||||||||||||||||||||||
Unsecured Line of Credit | $ | 167,500 | $ | 195,900 | $ | 549 | $ | 336 | 3.518% | 09/28/07 | ||||||||||||||
(1) | At December 31, 2004, the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan XIII and the Acquisition Mortgage Loan XIV includes unamortized premiums of $63, $2,291, $267, $453 and $553, respectively. At December 31, 2003 the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XI and the Acquisition Mortgage Loan XII include unamortized premiums of $102, $2,673, $597 and $305 respectively. |
(2) | At December 31, 2004, the 2007 Notes, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and the 2014 Notes are net of unamortized discounts of $13, $124, $16, $185, $376, $1,006, $610, $194 and $15,023 respectively. At December 31, 2003, the 2007 Notes, |
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
2011 PATS, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes and the 2032 Notes are net of unamortized discounts of $18, $343, $134, $17, $193, $437, $1,144 and $632, respectively. | |
(3) | The 2014 Notes were exchanged on May 17, 2004 for the 2011 PATS and net cash in the amount of $8,877. The Company retired the 2011 PATS. |
(4) | The Acquisition Mortgage Loan XI was paid off and retired in December 2004. |
The following is a schedule of the stated maturities and scheduled principal payments of the mortgage loans, senior unsecured debt and unsecured line of credit, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:
Amount | ||||
2005 | 51,876 | |||
2006 | 156,107 | |||
2007 | 319,472 | |||
2008 | 2,133 | |||
2009 | 131,909 | |||
Thereafter | 927,352 | |||
Total | $ | 1,588,849 | ||
Fair Value |
At December 31, 2004 and 2003, the fair value of the Company’s mortgage loans payable, senior unsecured debt, unsecured line of credit and Put Option were as follows:
December 31, 2004 | December 31, 2003 | |||||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Mortgage Loans Payable | $ | 59,905 | $ | 62,876 | $ | 45,746 | $ | 48,939 | ||||||||
Senior Unsecured Debt | 1,347,524 | 1,503,012 | 1,212,152 | 1,332,958 | ||||||||||||
Unsecured Line of Credit (Variable Rate) | 167,500 | 167,500 | 195,900 | 195,900 | ||||||||||||
Put Option | — | — | 95 | 16,320 | ||||||||||||
Total | $ | 1,574,929 | $ | 1,733,388 | $ | 1,453,893 | $ | 1,594,117 | ||||||||
The fair value of the senior unsecured debt was determined by quoted market prices, if available. The fair values of the Company’s senior unsecured debt not valued by quoted market prices, mortgage loans payable and Put Option were determined by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of the variable rate portion of the Unsecured Line of Credit was equal to its carrying value due to the variable interest rate nature of the loan.
Other Comprehensive Income |
In conjunction with the prior issuances of senior unsecured debt, the Company entered into interest rate protection agreements to fix the interest rate on anticipated offerings of senior unsecured debt (the “Interest Rate Protection Agreements”). In the next 12 months, the Company will amortize approximately $1,085 of the Interest Rate Protection Agreements into net income as a decrease to interest expense.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
In March 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from July 1, 2004 through July 1, 2009 and fixed the LIBOR rate at 3.354%. In conjunction with the offering of the 2009 Notes, the Company settled this interest rate protection agreement and received proceeds in the amount of $3,817, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.
In March 2004, the Company, through the Operating Partnership, entered into another interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from August 15, 2004 through August 15, 2009 and fixed the LIBOR rate at 3.326%. In May 2004, the Company reduced the projected amount of the future debt offering and settled $24,500 of this interest rate protection agreement for proceeds in the amount of $1,450 which is recognized in net income. In conjunction with the offering of the 2009 Notes, the Company settled the remaining $49,000 of this interest rate protection agreement and received proceeds in the amount of $2,840, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.
In October 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $48,980, was effective from January 5, 2005 through January 5, 2010 and fixed the LIBOR rate at 3.909%. In November 2004, the Company settled the interest rate protection agreement for $310 due to a delay in the forecasted debt issuance date. Hedge ineffectiveness in the amount of $133, due to a mismatch in dates, was recognized in net income. The remaining $159 is included in other comprehensive income and will be amortized over the term of the forecasted debt issuance. In the event that $50,000 of debt is not issued by December 10, 2005, the balance in other comprehensive income will be reclassified into net income immediately.
6. | Stockholders’ Equity |
Preferred Stock |
On May 14, 1997, the Company issued 4,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 83/4%, $.01 par value, Series B Cumulative Preferred Stock (the “Series B Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after May 14, 2002, the Series B Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $100,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On April 12, 2002, the Company called for the redemption of all of its outstanding Series B Preferred Stock at the price of $25 per Depositary Share, plus accrued and unpaid dividends. The Company redeemed the Series B Preferred Stock on May 14, 2002 and paid a prorated second quarter dividend of $.26736 per Depositary Share, totaling approximately $1,069. In accordance with the Securities and Exchange Commission’s July 31, 2003 clarification on Emerging Issues Task Force Abstract, Topic No. D-42, “The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock” (“EITF D-42”), due to the redemption of the Series B Preferred Stock, the initial offering costs associated with the issuance of the Series B Preferred Stock of $3,707 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2002.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 85/8%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), at an initial offering price of $25 per Depositary Share. Dividends on the Series C Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series C Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock (hereinafter defined) and Series G Preferred Stock (hereinafter defined). The Series C Preferred Stock is not redeemable prior to June 6, 2007. On or after June 6, 2007, the Series C Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series C Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the “Series D Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after February 4, 2003, the Series D Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $125,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series D Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1,850. In accordance with EITF D-42, due to the redemption of the Series D Preferred Stock, the initial offering costs associated with the issuance of the Series D Preferred Stock of $4,467 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.
On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after March 18, 2003, the Series E Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $75,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series E Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1,103. In accordance with EITF D-42, due to the redemption of the Series E Preferred Stock, the initial offering costs associated with the issuance of the Series E Preferred Stock of $2,892 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.
On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $315. In accordance with EITF D-42, due to the redemption of the Series H Preferred Stock, the initial offering costs associated with the issuance of the Series H Preferred Stock of $600 is reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
The following table summarizes certain information regarding the Company’s preferred stock:
Stated Value at | ||||||||||||||||
Initial | Optional | |||||||||||||||
December 31, | December 31, | Dividend | Redemption | |||||||||||||
2004 | 2003 | Rate | Date | |||||||||||||
Series C Preferred Stock | $ | 50,000 | $ | 50,000 | 8.625 | % | 6/6/07 | |||||||||
Series D Preferred Stock | — | 125,000 | 7.950 | % | (1 | ) | ||||||||||
Series E Preferred Stock | — | 75,000 | 7.900 | % | (2 | ) | ||||||||||
Series F Preferred Stock | 50,000 | — | 6.236 | % | 3/31/09 | |||||||||||
Series G Preferred Stock | 25,000 | — | 7.236 | % | 3/31/14 | |||||||||||
Total | $ | 125,000 | $ | 250,000 | ||||||||||||
(1) The Series D Preferred Stock was redeemed on June 7, 2004.
(2) The Series E Preferred Stock was redeemed on June 7, 2004.
Shares of Common Stock |
On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48,820.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
The following table is a roll-forward of the Company’s shares of common stock outstanding for the three years ended December 31, 2004:
Shares of | ||||
Common Stock | ||||
Outstanding | ||||
Balance at December 31, 2001 | 38,904,687 | |||
Issuance of Common Stock and Stock Option Exercises | 572,677 | |||
Issuance of Restricted Stock Shares | 93,980 | |||
Repurchase and Retirement of Restricted Stock Shares | (60,419 | ) | ||
Purchase of Treasury Shares | (1,091,500 | ) | ||
Conversion of Operating Partnership Units | 178,896 | |||
Balance at December 31, 2002 | 38,598,321 | |||
Issuance of Common Stock and Stock Option Exercises | 542,744 | |||
Issuance of Restricted Stock Shares | 704,844 | |||
Repurchase and Retirement of Restricted Stock Shares | (66,183 | ) | ||
Purchase of Treasury Shares | (37,300 | ) | ||
Conversion of Operating Partnership Units | 107,944 | |||
Balance at December 31, 2003 | 39,850,370 | |||
Issuance of Common Stock and Stock Option Exercises | 2,621,082 | |||
Issuance of Restricted Stock Shares | 216,617 | |||
Repurchase and Retirement of Restricted Stock Shares | (102,076 | ) | ||
Conversion of Operating Partnership Units | 248,098 | |||
Balance at December 31, 2004 | 42,834,091 | |||
Non-Qualified Employee Stock Options |
For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482 non-qualified employee stock options. Net proceeds to the Company were approximately $37,301.
For the year ended December 31, 2003, certain employees of the Company exercised 531,473 non-qualified employee stock options. Net proceeds to the Company were approximately $14,799.
For the year ended December 31, 2002, certain employees of the Company exercised 561,418 non-qualified employee stock options. Net proceeds to the Company were approximately $15,895.
Restricted Stock |
During the years ended December 31, 2004, 2003, and 2002 the Company awarded 216,617, 704,844 and 93,980 restricted shares of common stock, respectively, to certain employees and certain directors of the Company. See Note 13.
Treasury Stock: |
In March 2000, the Company’s Board of Directors approved the repurchase of up to $100,000 of the Company’s common stock. The Company may make purchases from time to time, if price levels warrant, in the open market or in privately negotiated transactions. During the year ended December 31, 2003, the
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share. During the year ended December 31, 2002, the Company repurchased 1,091,500 shares of its common stock at a weighted average price of approximately $27.02 per share.
Shareholders’ Rights Plan |
On September 4, 1997, the Board of Directors of the Company declared a dividend distribution of one Preferred Share Purchase Right (“Right”) for each outstanding share of Common Stock. The dividend distribution was made on October 20, 1997 to stockholders of record as of the close of business on October 19, 1997. In addition, a Right will attach to each share of Common Stock issued in the future. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Junior Participating Preferred Stock (the “Junior Preferred Stock”), at a price of $125 per one one-hundredth of a share (the “Purchase Price”), subject to adjustment. The Rights become exercisable only if a person or group of affiliated or associated persons (an “Acquiring Person”) acquires, or obtains the right to acquire, beneficial ownership of Common Stock or other voting securities (“Voting Stock”) that have 15% or more of the voting power of the outstanding shares of Voting Stock, or if an Acquiring Person commences or makes an announcement of an intention to commence a tender offer or exchange offer to acquire beneficial ownership of Voting Stock that have 15% or more of the voting power of the outstanding shares of Voting Stock. The Rights will expire on October 19, 2007, unless redeemed earlier by the Company at $.001 per Right, or exchanged by the Company at an exchange ratio of one share of Common Stock per Right.
In the event that a person becomes an Acquiring Person, each holder of a Right, other than the Acquiring Person, is entitled to receive, upon exercise, (1) Common Stock having a value equal to two times the Purchase Price of the Right or (2) common stock of the acquiring company having a value equal to two times the Purchase Price of the Right.
The Junior Preferred Stock ranks junior to all other series of the Company’s preferred stock with respect to payment of dividends and as to distributions of assets in liquidation. Each share of Junior Preferred Stock has a quarterly dividend rate per share equal to the greater of $1.00 or 100 times the per share amount of any dividend (other than a dividend payable in shares of Common Stock or a subdivision of the Common Stock) declared on the Common Stock, subject to certain adjustments. In the event of liquidation, the holder of the Junior Preferred Stock is entitled to receive a preferred liquidation payment per share of $1.00 (plus accrued and unpaid dividends) or, if greater, an amount equal to 100 times the payment to be made per share of Common Stock, subject to certain adjustments.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Dividends/ Distributions |
The following table summarizes dividends/distributions accrued for the past three years:
Year Ended 2004 | Year Ended 2003 | Year Ended 2002 | ||||||||||||||||||||||
Dividend/ | Dividend/ | Dividend/ | ||||||||||||||||||||||
Distribution | Total | Distribution | Total | Distribution | Total | |||||||||||||||||||
per Share/ | Dividend/ | per Share/ | Dividend/ | per Share/ | Dividend/ | |||||||||||||||||||
Unit | Distribution | Unit | Distribution | Unit | Distribution | |||||||||||||||||||
Common Stock/ Operating Partnership Units | $ | 2.7500 | $ | 132,585 | $ | 2.7400 | $ | 126,699 | $ | 2.7250 | $ | 125,785 | ||||||||||||
Series B Preferred Stock | $ | — | $ | — | $ | — | $ | — | $ | 81.4240 | $ | 3,256 | ||||||||||||
Series C Preferred Stock | $ | 215.6240 | $ | 4,313 | $ | 215.6240 | $ | 4,313 | $ | 215.6240 | $ | 4,313 | ||||||||||||
Series D Preferred Stock | $ | 86.6780 | $ | 4,334 | $ | 198.7480 | $ | 9,937 | $ | 198.7480 | $ | 9,937 | ||||||||||||
Series E Preferred Stock | $ | 86.1320 | $ | 2,585 | $ | 197.5000 | $ | 5,926 | $ | 197.5000 | $ | 5,926 | ||||||||||||
Series F Preferred Stock | $ | 3,724.2800 | $ | 1,861 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Series G Preferred Stock | $ | 4,321.5000 | $ | 1,080 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Series H Preferred Stock | $ | 629.5550 | $ | 315 | $ | — | $ | — | $ | — | $ | — |
7. | Acquisition and Development of Real Estate |
In 2004, the Company acquired 79 industrial properties comprising, in the aggregate, approximately 9.2 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $402,388, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 11 properties comprising approximately 2.3 million square feet (unaudited) of GLA at a cost of approximately $80,241. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.
In 2003, the Company acquired 64 industrial properties comprising, in the aggregate, approximately 6.6 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $230,391, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 33 properties comprising approximately 3.2 million square feet (unaudited) of GLA at a cost of approximately $156,268. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.
8. | Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations |
In 2004, the Company sold 97 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Gross proceeds from the sales of the 97 industrial properties and several land parcels were approximately $424,878. The gain on sale of real estate, net of income taxes was approximately $91,242, of which $79,811 is shown in discontinued operations. Ninety-two of the 97 sold industrial properties meet the criteria established by FAS 144 to be included in discontinued operations. Therefore, in accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 92 sold industrial properties that meet the criteria established by FAS 144 are included in discontinued operations. The results of operations and gain on sale of real estate, net of income taxes for the five industrial properties and several land parcels that do not meet the criteria established by FAS 144 are included in continuing operations.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
At December 31, 2004, the Company had nine industrial properties comprising approximately 1.7 million square feet (unaudited) of GLA held for sale. In accordance with FAS 144, the results of operations of the nine industrial properties held for sale at December 31, 2004 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.
In 2003, the Company sold 130 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Ten of the 130 sold properties comprising approximately 1.4 million square feet (unaudited) of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the 130 industrial properties and several land parcels were approximately $394,382. The gain on sale of real estate, net of income taxes was approximately $91,081, of which $77,636 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 120 of the 130 sold properties are included in discontinued operations.
In 2002, the Company sold 86 industrial properties comprising approximately 8.5 million square feet (unaudited) of GLA that were not classified as held for sale at December 31, 2001, 12 industrial properties comprising approximately .9 million square feet (unaudited) of GLA that were classified as held for sale at December 31, 2001, 16 industrial properties comprising approximately 2.5 million square feet (unaudited) of GLA that were sold to the December 2001 Joint Venture, and several land parcels, and assigned to third parties the right to purchase certain properties. Gross proceeds from these sales were approximately $473,511. The gain on sale of real estate, net of income taxes was approximately $69,892, of which $56,810 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 86 of the 114 sold industrial properties that were not identified as held for sale at December 31, 2001 and the gain associated with the assignment to third parties of the right to purchase certain properties are included in discontinued operations.
The following table discloses certain information regarding the industrial properties included in discontinued operations by the Company for the years ended December 31, 2004, 2003 and 2002.
Year Ended December 31, | ||||||||||||
Restated | ||||||||||||
2004 | 2003 | 2002 | ||||||||||
Total Revenues | $ | 23,381 | $ | 53,744 | $ | 83,353 | ||||||
Operating Expenses | (7,414 | ) | (17,319 | ) | (24,567 | ) | ||||||
Depreciation and Amortization | (5,408 | ) | (11,441 | ) | (16,119 | ) | ||||||
Provision for Income Taxes | (1,690 | ) | (1,354 | ) | (947 | ) | ||||||
Gain on Sale of Real Estate, Net of Income Taxes | 79,811 | 77,636 | 56,810 | |||||||||
Income from Discontinued Operations | $ | 88,680 | $ | 101,266 | $ | 98,530 | ||||||
In conjunction with certain property sales, the Company provided seller financing. At December 31, 2004, 2003 and 2002, the Company had mortgage notes receivable and accrued interest outstanding of approximately $36,075, $52,920 and $84,675, respectively, which is included as a component of prepaid expenses and other assets. Also, in December 2004, the Company sold $18,419 of its notes receivable to a third party for par.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
9. | Supplemental Information to Statements of Cash Flows |
Supplemental disclosure of cash flow information:
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2004 | 2003 | 2002 | |||||||||||
Interest paid, net of capitalized interest | $ | 98,910 | $ | 95,595 | $ | 87,723 | |||||||
Interest capitalized | $ | 1,304 | $ | 761 | $ | 7,792 | |||||||
Income Taxes Paid | $ | 7,936 | $ | 1,367 | $ | 3,905 | |||||||
Supplemental schedule of noncash investing and financing activities: | |||||||||||||
Distribution payable on common stock/units | $ | 34,255 | $ | 31,889 | $ | 31,106 | |||||||
Distribution payable on preferred stock | $ | 1,232 | $ | — | $ | — | |||||||
Exchange of units for common shares: | |||||||||||||
Minority interest | $ | (6,195 | ) | $ | (2,750 | ) | $ | (4,616 | ) | ||||
Common stock | 3 | 1 | 2 | ||||||||||
Additional paid-in-capital | 6,192 | 2,749 | 4,614 | ||||||||||
$ | — | $ | — | $ | — | ||||||||
In conjunction with the property and land acquisitions, the following assets and liabilities were assumed: | |||||||||||||
Purchase of real estate | $ | 402,388 | $ | 230,391 | $ | 239,408 | |||||||
Operating partnership units | — | — | (633 | ) | |||||||||
Deferred purchase price | — | (10,425 | ) | — | |||||||||
Accounts payable and accrued expenses | (3,231 | ) | (2,193 | ) | (2,504 | ) | |||||||
Mortgage debt | (18,244 | ) | (20,751 | ) | (11,844 | ) | |||||||
Acquisition of real estate | $ | 380,913 | $ | 197,022 | $ | 224,427 | |||||||
In conjunction with certain property sales, the Company provided seller financing: | |||||||||||||
Notes receivable | $ | 92,146 | $ | 46,372 | $ | 78,227 | |||||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands except per share data)
10. | Earnings Per Share (“EPS”) |
The computation of basic and diluted EPS is presented below.
Restated | Restated | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2004 | 2003 | 2002 | |||||||||||
Numerator: | |||||||||||||
Income from Continuing Operations | $ | 24,230 | $ | 15,959 | $ | 25,315 | |||||||
Gain on Sale of Real Estate, Net of Minority Interest and Income Tax | 9,863 | 11,464 | 11,123 | ||||||||||
Less: Preferred Stock Dividends | (14,488 | ) | (20,176 | ) | (23,432 | ) | |||||||
Less: Redemption of Preferred Stock | (7,959 | ) | — | (3,707 | ) | ||||||||
Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest — For Basic and Diluted EPS | 11,646 | 7,247 | 9,299 | ||||||||||
Discontinued Operations, Net of Minority Interest and Income Tax | 76,513 | 86,350 | 83,770 | ||||||||||
Net Income Available to Common Stockholders — For Basic and Diluted EPS | $ | 88,159 | $ | 93,597 | $ | 93,069 | |||||||
Denominator: | |||||||||||||
Weighted Average Shares — Basic | 40,557,053 | 38,541,571 | 38,927,282 | ||||||||||
Effect of Dilutive Securities: | |||||||||||||
Employee and Director Common Stock Options | 227,423 | 91,599 | 201,868 | ||||||||||
Employee and Director Shares of Restricted Stock | 103,551 | 29,561 | 36,327 | ||||||||||
Weighted Average Shares — Diluted | 40,888,027 | 38,662,731 | 39,165,477 | ||||||||||
Basic EPS: | |||||||||||||
Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest | $ | 0.29 | $ | 0.19 | $ | 0.24 | |||||||
Discontinued Operations, Net of Minority Interest and Income Tax | $ | 1.89 | $ | 2.24 | $ | 2.15 | |||||||
Net Income Available to Common Stockholders | $ | 2.17 | $ | 2.43 | $ | 2.39 | |||||||
Diluted EPS: | |||||||||||||
Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest | $ | 0.28 | $ | 0.19 | $ | 0.24 | |||||||
Discontinued Operations, Net of Minority Interest and Income Tax | $ | 1.87 | $ | 2.23 | $ | 2.14 | |||||||
Net Income Available to Common Stockholders | $ | 2.16 | $ | 2.42 | $ | 2.38 | |||||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands except per share data)
11. | Income Taxes |
For income tax purposes, distributions paid to common shareholders are classified as ordinary income, capital gain or return of capital. For the three years ended December 31, 2004, 2003 and 2002, the distributions per common share were classified as follows:
As a Percentage | As a Percentage | As a Percentage | ||||||||||||||||||||||
2004 | of Distributions | 2003 | of Distributions | 2002 | of Distributions | |||||||||||||||||||
Ordinary income | $ | .3622 | 13.17 | % | $ | 1.1516 | 42.03 | % | $ | 1.1489 | 42.16 | % | ||||||||||||
Short-term capital gains | .0423 | 1.54 | % | — | — | .1218 | 4.47 | % | ||||||||||||||||
Long-term capital gains | .8654 | 31.47 | % | .6173 | 22.53 | % | .3845 | 14.11 | % | |||||||||||||||
Unrecaptured Section 1250 gain | .2503 | 9.10 | % | .2666 | 9.73 | % | .2515 | 9.23 | % | |||||||||||||||
Return of capital | 1.2298 | 44.72 | % | .7045 | 25.71 | % | .8183 | 30.03 | % | |||||||||||||||
$ | 2.7500 | 100.00 | % | $ | 2.7400 | 100.00 | % | $ | 2.7250 | 100.00 | % | |||||||||||||
For income tax purposes, distributions paid to preferred shareholders are classified as ordinary income, capital gain and return of capital. For the three years ended December 31, 2004, 2003 and 2002, the preferred distributions per share were classified as follows:
As a Percentage | As a Percentage | As a Percentage | ||||||||||||||||||||||
2004 | of Distributions | 2003 | of Distributions | 2002 | of Distributions | |||||||||||||||||||
Ordinary income | $ | .9249 | 23.81 | % | $ | 3.4614 | 56.57 | % | $ | 6.9335 | 100.00 | % | ||||||||||||
Short-term capital gains | .1080 | 2.78 | % | — | — | — | — | |||||||||||||||||
Long-term capital gains | 2.2119 | 56.94 | % | 1.8558 | 30.33 | % | — | — | ||||||||||||||||
Unrecaptured Section 1250 gain | .6398 | 16.47 | % | .8016 | 13.10 | % | — | — | ||||||||||||||||
$ | 3.8846 | 100.00 | % | $ | 6.1188 | 100.00 | % | $ | 6.9335 | 100.00 | % | |||||||||||||
The components of income tax (expense) benefit for the Company’s taxable REIT subsidiary for the years ended December 31, 2004, 2003 and 2002 are comprised of the following:
2004 | 2003 | 2002 | |||||||||||
Current: | |||||||||||||
Federal | $ | (8,074 | ) | $ | (873 | ) | $ | (3,304 | ) | ||||
State | (1,654 | ) | (218 | ) | (932 | ) | |||||||
Deferred: | |||||||||||||
Federal | 1,070 | 391 | 445 | ||||||||||
State | 219 | 98 | 125 | ||||||||||
$ | (8,439 | ) | $ | (602 | ) | $ | (3,666 | ) | |||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2004, 2003 and 2002:
2004 | 2003 | 2002 | |||||||||||
Fixed assets | $ | 2,012 | $ | 310 | $ | 41 | |||||||
Prepaid rent | 323 | 149 | 112 | ||||||||||
Capitalized general and administrative expense under 263(A) | 818 | 576 | 847 | ||||||||||
Deferred losses/gains | 334 | 1,054 | 590 | ||||||||||
Capitalized interest under 263(A) | — | 117 | — | ||||||||||
Total deferred tax assets | $ | 3,487 | $ | 2,206 | $ | 1,590 | |||||||
Straight-line rent | (430 | ) | (438 | ) | (311 | ) | |||||||
Total deferred tax liabilities | $ | (430 | ) | $ | (438 | ) | $ | (311 | ) | ||||
Total net deferred tax asset | $ | 3,057 | $ | 1,768 | $ | 1,279 | |||||||
The Company does not have any net operating loss carryforwards or tax credit carryforwards.
The Company’s components of income tax (expense) benefit for the years ended December 31, 2004, 2003 and 2002 are as follows:
Restated | |||||||||||||
2004 | 2003 | 2002 | |||||||||||
Tax expense associated with income from operations on sold properties which is included in discontinued operations | $ | (1,690 | ) | $ | (1,354 | ) | $ | (947 | ) | ||||
Tax expense associated with gains and losses on the sale of real estate which is included in discontinued operations | (8,434 | ) | (1,850 | ) | (1,513 | ) | |||||||
Tax expense associated with gains and losses on the sale of real estate | (5,324 | ) | (2,348 | ) | (3,394 | ) | |||||||
Income tax benefit ($850 provision for income tax included in Equity in Income from Joint Ventures for 2004) | 7,009 | 4,950 | 2,188 | ||||||||||
Income tax expense | $ | (8,439 | ) | $ | (602 | ) | $ | (3,666 | ) | ||||
The income tax benefit (expense) pertaining to income from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows:
2004 | 2003 | 2002 | |||||||||||
Tax benefit (expense) at Federal rate related to continuing operations | 1,499 | 2,026 | (1,057 | ) | |||||||||
State Tax benefit (expense), net of Federal benefit (expense) | 186 | 337 | (173 | ) | |||||||||
Meals and Entertainment | (16 | ) | (12 | ) | (16 | ) | |||||||
Prior year provision to return adjustments | 10 | 205 | — | ||||||||||
Other | 6 | 46 | 40 | ||||||||||
Income tax benefit (expense) | 1,685 | 2,602 | (1,206 | ) | |||||||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
In the consolidated statements of operations for the years ended December 31, 2003 and 2002 most recently presented on the Company’s Form 8-K filed July 30, 2004, the Company classified its entire tax provision to income from discontinued operations. Based on a review of its presentation of income taxes under FAS 109, the Company has reconsidered such presentation and determined that the Company’s income tax provision should be allocated between income from continuing operations, income from discontinued operations and gain on sale of real estate. The columns titled “Restatement of Benefit (Expense) for Income Tax” reflect the FAS 109 adjustments to restate the consolidated statements of operations for the years ended December 31, 2003 and 2002 reflected in the Form 8-K filed on July 30, 2004. The columns titled “Adjustment for Discontinued Operations” reflect the adjustments to reconcile the restated consolidated statements of operations to the consolidated statements of operations in the 2004 Form 10-K. These adjustments reflect the reclassification of operations and gain on sale of real estate to discontinued operations for properties sold in 2004 that meet the criteria of FAS 144 as well as adjustments to properly allocate the income tax provision/benefit between income from continuing operations, income from discontinued operations and gain on sale of real estate due to the FAS 144 reclassifications.
Restatements of Consolidated Statements of Operations
For the Year Ended December 31, 2003 | |||||||||||||||||||||
As Previously | Restatement of | ||||||||||||||||||||
Reported on | Benefit | Adjustment for | As Reported | ||||||||||||||||||
Form 8-K Filed | (Expense) for | Restated | Discontinued | on 2004 | |||||||||||||||||
July 30, 2004 | Income Tax | Amounts | Operations | Form 10-K | |||||||||||||||||
Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest | 19,801 | 19,801 | (9,893 | ) | 9,908 | ||||||||||||||||
Income Tax Benefit | — | 4,322 | 4,322 | 628 | 4,950 | ||||||||||||||||
Equity in Income of Joint Ventures, Net of Income Taxes | 539 | 539 | 539 | ||||||||||||||||||
Minority Interest Allocable to Continuing Operations | (166 | ) | (634 | ) | (800 | ) | 1,362 | 562 | |||||||||||||
Income from Continuing Operations | 20,174 | 3,688 | 23,862 | (7,903 | ) | 15,959 | |||||||||||||||
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $77,636, Net of Income Taxes), Net of Income Taxes | 94,163 | (1,983 | ) | 92,180 | 9,086 | 101,266 | |||||||||||||||
Minority Interest Allocable to Discontinued Operations | (13,870 | ) | 289 | (13,581 | ) | (1,335 | ) | (14,916 | ) | ||||||||||||
Income Before Gain on Sale of Real Estate | 100,467 | 1,994 | 102,461 | (152 | ) | 102,309 | |||||||||||||||
Gain on Sale of Real Estate, Net of Income Taxes | 15,605 | (2,339 | ) | 13,266 | 179 | 13,445 | |||||||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate | (2,299 | ) | 345 | (1,954 | ) | (27 | ) | (1,981 | ) | ||||||||||||
Net Income | 113,773 | — | 113,773 | — | 113,773 | ||||||||||||||||
Less: Preferred Stock Dividends | (20,176 | ) | — | (20,176 | ) | — | (20,176 | ) | |||||||||||||
Net Income Available to Common Stockholders | $ | 93,597 | $ | — | $ | 93,597 | $ | — | $ | 93,597 | |||||||||||
Basic Earnings Per Share: | |||||||||||||||||||||
Income from Continuing Operations | $ | 0.35 | $ | 0.04 | $ | 0.39 | $ | (0.20 | ) | $ | 0.19 | ||||||||||
Income from Discontinued Operations | $ | 2.08 | $ | (0.04 | ) | $ | 2.04 | $ | 0.20 | $ | 2.24 | ||||||||||
Net Income Available to Common Stockholders | $ | 2.43 | $ | — | $ | 2.43 | $ | — | $ | 2.43 | |||||||||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
For the Year Ended December 31, 2003 | |||||||||||||||||||||
As Previously | Restatement of | ||||||||||||||||||||
Reported on | Benefit | Adjustment for | As Reported | ||||||||||||||||||
Form 8-K Filed | (Expense) for | Restated | Discontinued | on 2004 | |||||||||||||||||
July 30, 2004 | Income Tax | Amounts | Operations | Form 10-K | |||||||||||||||||
Weighted Average Shares Outstanding | 38,542 | 38,542 | 38,542 | ||||||||||||||||||
Diluted Earnings Per Share: | |||||||||||||||||||||
Income from Continuing Operations | $ | 0.34 | $ | 0.04 | $ | 0.39 | $ | (0.20 | ) | $ | 0.19 | ||||||||||
Income from Discontinued Operations | $ | 2.08 | $ | (0.04 | ) | $ | 2.03 | $ | 0.20 | $ | 2.23 | ||||||||||
Net Income Available to Common Stockholders | $ | 2.42 | $ | — | $ | 2.42 | $ | — | $ | 2.42 | |||||||||||
Weighted Average Shares Outstanding | 38,663 | 38,663 | 38,663 | ||||||||||||||||||
For the Year Ended December 31, 2002 | |||||||||||||||||||||
As Previously | Restatement of | ||||||||||||||||||||
Reported on | Benefit | Adjustment for | As Reported | ||||||||||||||||||
Form 8-K Filed | (Expense) for | Restated | Discontinued | on 2004 | |||||||||||||||||
July 30, 2004 | Income Tax | Amounts | Operations | Form 10-K | |||||||||||||||||
Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest | 31,920 | 31,920 | (9,608 | ) | 22,312 | ||||||||||||||||
Income Tax Benefit | — | 1,815 | 1,815 | 373 | 2,188 | ||||||||||||||||
Equity in Income of Joint Ventures, Net of Income Taxes | 463 | 463 | 463 | ||||||||||||||||||
Minority Interest Allocable to Continuing Operations | (758 | ) | (273 | ) | (1,031 | ) | 1,383 | 352 | |||||||||||||
Income from Continuing Operations | 31,625 | 1,542 | 33,167 | (7,852 | ) | 25,315 | |||||||||||||||
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $56,810, Net of Income Taxes), Net of Income Taxes | 87,716 | 1,579 | 89,295 | 9,235 | 98,530 | ||||||||||||||||
Minority Interest Allocable to Discontinued Operations | (13,141 | ) | (236 | ) | (13,377 | ) | (1,383 | ) | (14,760 | ) | |||||||||||
Income Before Gain on Sale of Real Estate | 106,200 | 2,885 | 109,085 | — | 109,085 | ||||||||||||||||
Gain on Sale of Real Estate, Net of Income Taxes | 16,476 | (3,394 | ) | 13,082 | 13,082 | ||||||||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate | (2,468 | ) | 509 | (1,959 | ) | — | (1,959 | ) | |||||||||||||
Net Income | 120,208 | — | 120,208 | — | 120,208 | ||||||||||||||||
Less: Preferred Stock Dividends | (23,432 | ) | — | (23,432 | ) | — | (23,432 | ) | |||||||||||||
Less: Redemption of Preferred Stock | (3,707 | ) | — | (3,707 | ) | — | (3,707 | ) | |||||||||||||
Net Income Available to Common Stockholders | $ | 93,069 | $ | — | $ | 93,069 | $ | — | $ | 93,069 | |||||||||||
Basic Earnings Per Share: | |||||||||||||||||||||
Income from Continuing Operations | $ | 0.48 | $ | (0.03 | ) | $ | 0.44 | $ | (0.20 | ) | $ | 0.24 | |||||||||
Income from Discontinued Operations | $ | 1.92 | $ | 0.03 | $ | 1.95 | $ | 0.20 | $ | 2.15 | |||||||||||
Net Income Available to Common Stockholders | $ | 2.39 | $ | — | $ | 2.39 | $ | — | $ | 2.39 | |||||||||||
Weighted Average Shares Outstanding | 38,927 | 38,927 | 38,927 | ||||||||||||||||||
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
For the Year Ended December 31, 2002 | |||||||||||||||||||||
As Previously | Restatement of | ||||||||||||||||||||
Reported on | Benefit | Adjustment for | As Reported | ||||||||||||||||||
Form 8-K Filed | (Expense) for | Restated | Discontinued | on 2004 | |||||||||||||||||
July 30, 2004 | Income Tax | Amounts | Operations | Form 10-K | |||||||||||||||||
Diluted Earnings Per Share: | |||||||||||||||||||||
Income from Continuing Operations | $ | 0.47 | $ | (0.03 | ) | $ | 0.44 | $ | (0.20 | ) | $ | 0.24 | |||||||||
Income from Discontinued Operations | $ | 1.90 | $ | 0.03 | $ | 1.94 | $ | 0.20 | $ | 2.14 | |||||||||||
Net Income Available to Common Stockholders | $ | 2.38 | $ | — | $ | 2.38 | $ | — | $ | 2.38 | |||||||||||
Weighted Average Shares Outstanding | 39,165 | 39,165 | 39,165 | ||||||||||||||||||
12. | Future Rental Revenues |
The Company’s properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2004 are approximately as follows:
2005 | 224,859 | |||
2006 | 179,898 | |||
2007 | 137,536 | |||
2008 | 101,308 | |||
2009 | 70,592 | |||
Thereafter | 255,538 | |||
Total | $ | 969,731 | ||
13. | Employee Benefit Plans |
The Company maintains three stock incentive plans (the “Stock Incentive Plans”) which are administered by the Compensation Committee of the Board of Directors. There are approximately 10.0 million shares reserved under the Stock Incentive Plans. Only officers and other employees of the Company and its affiliates generally are eligible to participate in the Stock Incentive Plans. However, Independent Directors of the Company have received automatic annual grants of options to purchase 10,000 shares at a per share exercise price equal to the fair market value of a share on the date of grant.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In thousands except per share data)
The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code, (ii) the grant of stock options that do not so qualify, (iii) restricted stock awards, (iv) performance share awards and (v) dividend equivalent rights. The exercise price of the stock options is determined by the Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Company. As of December 31, 2004, stock options and restricted stock covering 1.9 million shares were outstanding and 2.8 million shares were available under the Stock Incentive Plans. The outstanding stock options generally vest over one to three year periods and have lives of ten years. Stock option transactions are summarized as follows:
Weighted | |||||||||||||
Average | Exercise Price | ||||||||||||
Shares | Exercise Price | Per Share | |||||||||||
Outstanding at December 31, 2001 | 2,949,445 | $ | 29.55 | $ | 18.25-$33.125 | ||||||||
Granted | 945,600 | $ | 30.72 | $ | 30.53-$33.15 | ||||||||
Exercised | (561,418 | ) | $ | 28.32 | $ | 22.75-$33.125 | |||||||
Expired or Terminated | (190,992 | ) | $ | 30.52 | $ | 25.125-$33.125 | |||||||
Outstanding at December 31, 2002 | 3,142,635 | $ | 30.06 | $ | 18.25-$33.15 | ||||||||
Exercised | (531,473 | ) | $ | 27.99 | $ | 20.25-$33.13 | |||||||
Expired or Terminated | (107,149 | ) | $ | 31.34 | $ | 25.13-$33.13 | |||||||
Outstanding at December 31, 2003 | 2,504,013 | $ | 30.45 | $ | 18.25-$33.15 | ||||||||
Exercised | (1,663,652 | ) | $ | 30.33 | $ | 18.25-$33.15 | |||||||
Expired or Terminated | (16,940 | ) | $ | 30.17 | $ | 22.75-$33.13 | |||||||
Outstanding at December 31, 2004 | 823,421 | $ | 30.74 | $ | 18.25-$33.15 | ||||||||
The following table summarizes currently outstanding and exercisable options as of December 31, 2004:
Weighted | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | ||||||||||||||||||
Number | Remaining | Exercise | Number | Exercise | ||||||||||||||||
Range of Exercise Price | Outstanding | Contractual Life | Price | Exercisable | Price | |||||||||||||||
$18.25-$27.69 | 87,170 | 2.6 | $ | 24.83 | 87,170 | $ | 24.83 | |||||||||||||
$30.00-$33.15 | 736,251 | 6.0 | $ | 31.43 | 622,356 | $ | 31.54 |
In September 1994, the Board of Directors approved and the Company adopted a 401(k)/ Profit Sharing Plan. Under the Company’s 401(k)/ Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions. For the years ended December 31, 2004, 2003 and 2002, the Company made matching contributions of approximately $269, $109, and $99, respectively.
During 2004, the Company awarded 206,117 shares of restricted Common Stock to certain employees and 10,500 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $8,379 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.
During 2003, the Company awarded 692,888 shares of restricted Common Stock to certain employees and 11,956 shares of restricted Common Stock to certain Directors. These restricted shares of Common
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Stock had a fair value of approximately $20,640 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.
During 2002, the Company awarded 90,260 shares of restricted Common Stock to certain employees and 3,720 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $3,232 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.
14. | Related Party Transactions |
The Company periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of one of the Company’s officers/ Directors is an employee of CB Richard Ellis, Inc. For the years ended December 31, 2004, 2003 and 2002, this relative received brokerage commissions in the amount of $29, $116 and $74, respectively, from the Company.
15. | Commitments and Contingencies |
In the normal course of business, the Company is involved in legal actions arising from the ownership of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of the Company.
Ten properties have leases granting the tenants options to purchase the property. Such options are exercisable at various times at appraised fair market value or at a fixed purchase price in excess of the Company’s depreciated cost of the asset. At December 31, 2004, the Company has received notice from one tenant who intends to exercise its option to purchase a building from the Company. This building is included in real estate held for sale at December 31, 2004.
The Company has committed to the construction of certain industrial properties totaling approximately .6 million square feet (unaudited) of GLA. The estimated total construction costs are approximately $71.5 million (unaudited). Of this amount, approximately $59.1 million (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.
At December 31, 2004, the Company had 20 other letters of credit outstanding in the aggregate amount of $15,710. These letters of credit expire between March 2005 and April 2007.
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Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
Ground and Operating Lease Agreements |
Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which the Company is the lessee, as of December 31, 2004, are as follows:
2005 | 1,718 | |||
2006 | 1,745 | |||
2007 | 1,118 | |||
2008 | 920 | |||
2009 | 820 | |||
Thereafter | 34,586 | |||
Total | $ | 40,907 | ||
16. | Subsequent Events |
On January 24, 2005, the Company and the Operating Partnership paid a fourth quarter 2004 distribution of $.6950 per common share/unit, totaling approximately $34,255.
On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1,078, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1,559, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $904, which is payable on March 31, 2005.
From January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common stock to certain employees and 1,012 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8,014 on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting period.
From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47,624 (approximately $1,507 of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold thirteen industrial properties and several land parcels for approximately $136,044 of gross proceeds during this period.
On March 21, 2005, the Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, entered into a joint venture arrangement with an institutional investor to invest in industrial properties (the “March 2005 Joint Venture”). The Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, owns a ten percent equity interest in and provides property management, leasing, development, disposition and portfolio management services to the March 2005 Joint Venture.
On January 13, 2005, the Company, through First Industrial Development Services, Inc., entered into an interest rate protection agreement which hedged the change in value of a build to suit development project the Company is in the process of constructing. This interest rate protection agreement has a
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands)
notional value of $50,000, is based on the five year treasury, has a strike rate of 3.936% and settles on October 4, 2005. Per Statement of Financial Accounting Standard No. 133, “Accounting for Derivative Instruments and Hedging Activities” (“FAS 133”), fair value and cash flow hedge accounting for hedges of nonfinancial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a nonfinancial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement doesn’t qualify for hedge accounting and the change in value of the interest rate protection agreement will be recognized immediately in net income as opposed to other comprehensive income.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share data)
17. | Quarterly Financial Information (unaudited) |
The following table summarizes quarterly financial information of the Company. The first, second and third fiscal quarters of 2004 and all fiscal quarters in 2003 have been restated in accordance with FAS 144. Additionally, due to the adjustments to the allocation of the income tax (provision) benefit to different line items (See Note 11), the consolidated statements of operations for the quarters ended March 31, 2004 and 2003, June 30, 2004 and 2003, September 30, 2004 and 2003 and December 2003 have been restated. As a result, income from continuing operations, income from discontinued operations and gain on sale of real estate in this table will not agree to the income from continuing operations, income from discontinued operations and gain on sale of real estate presented in prior financial statements filed with the Securities and Exchange Commission.
The impact on income from continuing operations, net of minority interest from amounts previously reported ($3,112, $(686), and $25,423 for the quarters ended March 31, June 30 and September 30, 2004, respectively) is to increase income from continuing operations, net of minority interest by $465, $782, and $1,863 for the quarters ended March 31, June 30, and September 30, 2004, respectively. The impact on gain on sale, net of minority interest from amounts previously reported ($2,782, $2,878 and $2,514 for the quarters March 31, June 30 and September 30, 2004, respectively) is to decrease gain on sale, net of minority interest by $(626), $(612) and $(832) for the quarters March 31, June 30 and September 30, 2004, respectively. The total impact on income (loss) from continuing operations, net of minority interest (including gain on sale of real estate, net of minority interest) was to increase basic and diluted EPS by $0.00, $0.00 and $0.03 for the quarters ended March 31, June 30, and September 30, 2004, respectively. The impact on income from discontinued operations, net of minority interest from amounts previously reported ($22,146, $24,047, and $8,547 for the quarters ended March 31, June 30, September 30, 2004, respectively) is to increase (decrease) income from discontinued operations, net of minority interest by $161, $(170), and $(1,031), respectively and decrease basic and diluted EPS by $0.00, $0.00, $(0.03) for the quarters March 31, June 30, and September 30, 2004, respectively.
The impact on income from continuing operations, net of minority interest from amounts previously reported ($9,832, $2,599, $3,640 and $1,912 for the quarters ended March 31, June 30, September 30, and December 31, 2003 respectively) is to increase income from continuing operations, net of minority interest by $854, $1,115, $840, and $1,018 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on gain on sale from amounts previously reported ($1,104, $2,840, $3,929 and $5,428 for the quarters ended March 31, June 30, September 30 and December 31, 2003, respectively) is to decrease gain on sale, net of minority interest by $(22), $(298), $(1,532) and $(215) for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The total impact on income from continuing operations, net of minority interest (including gain on sale of real estate, net of minority interest) was to increase (decrease) basic and diluted EPS by $0.02, $0.02, $(0.02) and $0.02 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on income from discontinued operations, net of minority interest from amounts previously reported ($19,614, $18,034, $23,125 and $21,716 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively) is to increase (decrease) income from discontinued operations, net of minority interest by $(832), $(817), $692 and $(803), respectively and increase (decrease) basic and diluted EPS by $(0.02), $(0.02), $0.02 and $(0.02) for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively.
Net income available to common stockholders and basic and diluted EPS from net income available to common stockholders has not been affected.
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FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands, except share and per share data)
Year Ended December 31, 2004 | |||||||||||||||||
Restated | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total Revenues | $ | 78,407 | $ | 76,059 | $ | 78,386 | $ | 86,880 | |||||||||
Equity in Income (Loss) of Joint Ventures | 245 | 301 | 35,913 | (8 | ) | ||||||||||||
Income (Loss) from Continuing Operations, Net of Income Tax and Minority Interest | 1,450 | (1,171 | ) | 26,283 | (2,332 | ) | |||||||||||
Income from Discontinued Operations, Net of Income Tax | 28,504 | 29,154 | 9,841 | 21,181 | |||||||||||||
Minority Interest Allocable to Discontinued Operations | (4,070 | ) | (4,010 | ) | (1,299 | ) | (2,788 | ) | |||||||||
Gain on Sale of Real Estate, Net of Income Tax | 2,516 | 2,627 | 1,949 | 4,339 | |||||||||||||
Minority Interest Allocable to Gain on Sale of Real Estate | (360 | ) | (361 | ) | (290 | ) | (557 | ) | |||||||||
Net Income | 28,040 | 26,239 | 36,484 | 19,843 | |||||||||||||
Preferred Stock Dividends | (5,044 | ) | (4,790 | ) | (2,344 | ) | (2,310 | ) | |||||||||
Redemption of Preferred Stock | — | (7,359 | ) | (600 | ) | — | |||||||||||
Net Income Available to Common Stockholders | $ | 22,996 | $ | 14,090 | $ | 33,540 | $ | 17,533 | |||||||||
Basic Earnings Per Share: | |||||||||||||||||
(Loss) Income From Continuing Operations | $ | (0.04 | ) | $ | (0.27 | ) | $ | 0.62 | $ | (0.02 | ) | ||||||
Income From Discontinued Operations | $ | 0.62 | $ | 0.62 | $ | 0.21 | $ | 0.44 | |||||||||
Net Income Available to Common Stockholders | $ | 0.58 | $ | 0.35 | $ | 0.83 | $ | 0.42 | |||||||||
Weighted Average Shares Outstanding | 39,530 | 40,336 | 40,450 | 41,899 | |||||||||||||
Diluted Earnings Per Share: | |||||||||||||||||
(Loss) Income From Continuing Operations | $ | (0.04 | ) | $ | (0.27 | ) | $ | 0.61 | $ | (0.02 | ) | ||||||
Income From Discontinued Operations | $ | 0.61 | $ | 0.62 | $ | 0.21 | $ | 0.44 | |||||||||
Net Income Available to Common Stockholders | $ | 0.57 | $ | 0.35 | $ | 0.82 | $ | 0.42 | |||||||||
Weighted Average Shares Outstanding | 39,995 | 40,584 | 40,764 | 42,216 | |||||||||||||
F-46
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands, except share and per share data)
Year Ended December 31, 2003 | |||||||||||||||||
Restated | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total Revenues | $ | 81,814 | $ | 73,134 | $ | 76,051 | $ | 76,816 | |||||||||
Equity in Income (Loss) of Joint Ventures | 174 | 269 | 262 | (166 | ) | ||||||||||||
Income from Continuing Operations, Net of Income Tax and Minority Interest | 8,679 | 2,575 | 3,816 | 889 | |||||||||||||
Income from Discontinued Operations, Net of Income Tax | 24,407 | 21,527 | 28,764 | 26,568 | |||||||||||||
Minority Interest Allocable to Discontinued Operations | (3,595 | ) | (3,171 | ) | (4,288 | ) | (3,862 | ) | |||||||||
Gain on Sale of Real Estate, Net of Income Tax | 1,253 | 2,986 | 2,809 | 6,397 | |||||||||||||
Minority Interest Allocable to Gain Sale of Real Estate | (194 | ) | (444 | ) | (407 | ) | (936 | ) | |||||||||
Net Income | 30,550 | 23,473 | 30,694 | 29,056 | |||||||||||||
Preferred Stock Dividends | (5,044 | ) | (5,044 | ) | (5,044 | ) | (5,044 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 25,506 | $ | 18,429 | $ | 25,650 | $ | 24,012 | |||||||||
Basic Earnings Per Share: | |||||||||||||||||
Income (loss) From Continuing Operations | $ | 0.12 | $ | 0.00 | $ | 0.03 | $ | 0.03 | |||||||||
Income from Discontinued Operations | $ | 0.54 | $ | 0.48 | $ | 0.63 | $ | 0.59 | |||||||||
Net Income Available to Common Stockholders | $ | 0.66 | $ | 0.48 | $ | 0.67 | $ | 0.62 | |||||||||
Weighted Average Shares Outstanding | 38,386 | 38,446 | 38,563 | 38,767 | |||||||||||||
Diluted Earnings Per Share: | |||||||||||||||||
Income (loss) From Continuing Operations | $ | 0.12 | $ | 0.00 | $ | 0.03 | $ | 0.03 | |||||||||
Income from Discontinued Operations | $ | 0.54 | $ | 0.48 | $ | 0.63 | $ | 0.58 | |||||||||
Net Income Available to Common Stockholders | $ | 0.66 | $ | 0.48 | $ | 0.66 | $ | 0.61 | |||||||||
Weighted Average Shares Outstanding | 38,446 | 38,573 | 38,701 | 39,096 | |||||||||||||
F-47
Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Dollars in thousands, except share and per share data)
18. | Pro Forma Financial Information (unaudited) |
The following Pro Forma Condensed Statements of Operations for the years ended December 31, 2004 and 2003 (the “Pro Forma Statements”) are presented as if the acquisition of 66 operating industrial properties between January 1, 2004 and December 31, 2004 had been acquired on January 1, 2003. The Pro Forma Condensed Statements of Operations include all necessary adjustments to reflect the occurrence of purchases and sales of properties during 2004 as of January 1, 2003.
The Pro Forma Statements are not necessarily indicative of what the Company’s results of operations would have been for the years ended December 31, 2004 and 2003, nor do they purport to present the future results of operations of the Company.
Pro Forma Condensed Statements of Operations
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2004 | 2003 | |||||||
Total Revenues | $ | 336,625 | $ | 334,048 | ||||
Property Expenses | (113,175 | ) | (107,279 | ) | ||||
General and Administrative Expense | (39,569 | ) | (26,953 | ) | ||||
Amortization of Deferred Financing Costs | (1,931 | ) | (1,764 | ) | ||||
Depreciation and Other Amortization | (102,256 | ) | (87,428 | ) | ||||
Total Other Income/ Expense | (92,150 | ) | (88,799 | ) | ||||
(Loss) Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Allocated to Minority Interest | (12,456 | ) | 21,825 | |||||
Income Tax Benefit | 6,746 | 3,205 | ||||||
Equity in Income of Joint Ventures, Net | 36,451 | 539 | ||||||
Minority Interest Allocable to Continuing Operations | (1,138 | ) | (794 | ) | ||||
Income from Continuing Operations | $ | 29,603 | $ | 24,775 | ||||
Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest Per Weighted Average Common Share Outstanding: | ||||||||
Basic | $ | .42 | $ | .42 | ||||
Diluted | $ | .42 | $ | .42 | ||||
F-48
Table of Contents
Report of Independent Registered Public Accounting Firm on
Financial Statement Schedule
To the Board of Directors and Stockholders
of First Industrial Realty Trust, Inc.:
Our audits of the consolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated March 30, 2005 of First Industrial Realty Trust, Inc. and its subsidiaries which report consolidated financial statements, and assessments are included in this Annual Report on Form 10-K also included an audit of the financial statement schedule listed in the Index to Financial Statements and Financial Statement Schedule on Page F-1 of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
PricewaterhouseCoopers LLP
Chicago, Illinois
March 30, 2005
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FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As Of December 31, 2004
(Dollars in thousands)
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||||||||||||
4250 River Green Parkway | Duluth, GA | $ | 264 | 1,522 | $ | 237 | $ | 264 | $ | 1,759 | $ | 2,023 | $ | 467 | 1988 | (o) | ||||||||||||||||||||||||||||
3400 Corporate Parkway | Duluth, GA | 281 | 1,621 | 337 | 281 | 1,958 | 2,239 | 576 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
3450 Corporate Parkway | Duluth, GA | 506 | 2,904 | 358 | 506 | 3,262 | 3,768 | 841 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
3500 Corporate Parkway | Duluth, GA | 260 | 1,500 | 176 | 260 | 1,676 | 1,936 | 471 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
3425 Corporate Parkway | Duluth, GA | 385 | 2,212 | 257 | 385 | 2,469 | 2,854 | 681 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1650 GA Highway 155 | McDonough, GA | 788 | 4,544 | 345 | 788 | 4,889 | 5,677 | 1,432 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
14101 Industrial Park Boulevard | Covington, GA | 285 | 1,658 | 710 | 285 | 2,368 | 2,653 | 529 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
801-804 Blacklawn Road | Conyers, GA | 361 | 2,095 | 831 | 361 | 2,926 | 3,287 | 696 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
1665 Dogwood Drive | Conyers, GA | 635 | 3,662 | 249 | 635 | 3,911 | 4,546 | 1,058 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
1715 Dogwood Drive | Conyers, GA | 288 | 1,675 | 251 | 288 | 1,926 | 2,214 | 579 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
11235 Harland Drive | Covington, GA | 125 | 739 | 93 | 125 | 832 | 957 | 220 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
4050 Southmeadow Parkway | Atlanta, GA | 401 | 2,813 | 302 | 425 | 3,091 | 3,516 | 804 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
4051 Southmeadow Parkway | Atlanta, GA | 726 | 4,130 | 1,078 | 726 | 5,208 | 5,934 | 1,391 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
4071 Southmeadow Parkway | Atlanta, GA | 750 | 4,460 | 1,084 | 828 | 5,466 | 6,294 | 1,471 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
4081 Southmeadow Parkway | Atlanta, GA | 1,012 | 5,918 | 881 | 1,157 | 6,654 | 7,811 | 1,648 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
3312 N. Berkeley Lake Road(r) | Duluth, GA | 2,937 | 5,450 | 13,169 | 3,052 | 18,504 | 21,556 | 4,209 | 1969/90 | (o) | ||||||||||||||||||||||||||||||||||
370 Great Southwest Parkway(k) | Atlanta, GA | 527 | 2,984 | 556 | 546 | 3,521 | 4,067 | 766 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
955 Cobb Place | Kennesaw, GA | 780 | 4,420 | 535 | 804 | 4,931 | 5,735 | 894 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
2039 Monier Blvd | Lithia Springs, GA | 651 | 2,770 | (3 | ) | 501 | 2,917 | 3,418 | 357 | 1999 | (o) | |||||||||||||||||||||||||||||||||
1005 Sigman Road | Conyers, GA | 566 | 3,134 | 153 | 574 | 3,279 | 3,853 | 434 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2050 East Park Drive | Conyers, GA | 452 | 2,504 | 194 | 459 | 2,691 | 3,150 | 440 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
201 Greenwood | McDonough, GA | 2,066 | 304 | 21,114 | 2,521 | 20,963 | 23,484 | 2,648 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
220 Greenwood Court | McDonough, GA | 2,015 | — | 8,819 | 1,700 | 9,134 | 10,834 | 704 | 2000 | (o) | ||||||||||||||||||||||||||||||||||
1255 Oakbrook Drive | Norcross, GA | 195 | 1,107 | 78 | 197 | 1,183 | 1,380 | 103 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1256 Oakbrook Drive | Norcross, GA | 336 | 1,907 | 318 | 339 | 2,222 | 2,561 | 210 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1265 Oakbrook Drive | Norcross, GA | 307 | 1,742 | 179 | 309 | 1,919 | 2,228 | 159 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1266 Oakbrook Drive | Norcross, GA | 234 | 1,326 | 52 | 235 | 1,377 | 1,612 | 116 | 1984 | (o) |
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(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Atlanta — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
1275 Oakbrook Drive | Norcross, GA | 400 | 2,269 | 96 | 403 | 2,362 | 2,765 | 199 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1280 Oakbrook Drive | Norcross, GA | 281 | 1,592 | 236 | 283 | 1,826 | 2,109 | 165 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1300 Oakbrook Drive | Norcross, GA | 420 | 2,381 | 63 | 423 | 2,441 | 2,864 | 208 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1325 Oakbrook Drive | Norcross, GA | 332 | 1,879 | 200 | 334 | 2,077 | 2,411 | 173 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1351 Oakbrook Drive | Norcross, GA | 370 | 2,099 | 115 | 373 | 2,211 | 2,584 | 201 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1346 Oakbrook Drive | Norcross, GA | 740 | 4,192 | 121 | 744 | 4,309 | 5,053 | 367 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1412 Oakbrook Drive | Norcross, GA | 313 | 1,776 | 148 | 315 | 1,922 | 2,237 | 159 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
7800 The Bluffs(r) | Austell, GA | 490 | 2,415 | 397 | 496 | 2,806 | 3,302 | 150 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
Greenwood Industrial Park | McDonough, GA | 1,550 | — | 7,490 | 1,550 | 7,490 | 9,040 | 64 | 2003 | (o) | ||||||||||||||||||||||||||||||||||
3060 South Park Blvd | Ellenwood, GA | 1,600 | 12,464 | 961 | 1,603 | 13,422 | 15,025 | 687 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
1122 Milledge Street(r) | East Point, GA | 210 | 1,190 | 49 | 233 | 1,216 | 1,449 | 3 | 1956/1999 | (o) | ||||||||||||||||||||||||||||||||||
Baltimore | ||||||||||||||||||||||||||||||||||||||||||||
3431 Benson | Baltimore, MD | 553 | 3,062 | 250 | 562 | 3,303 | 3,865 | 551 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
1811 Portal | Baltimore, MD | 327 | 1,811 | 344 | 354 | 2,128 | 2,482 | 468 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
1831 Portal | Baltimore, MD | 268 | 1,486 | 452 | 290 | 1,916 | 2,206 | 421 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1820 Portal | Baltimore, MD | (f) | 884 | 4,891 | 454 | 899 | 5,330 | 6,229 | 885 | 1982 | (o) | |||||||||||||||||||||||||||||||||
6615 Tributary | Baltimore, MD | 420 | 2,327 | 148 | 432 | 2,463 | 2,895 | 424 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
4845 Governors Way | Frederick, MD | 810 | 4,487 | 412 | 824 | 4,885 | 5,709 | 798 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
8900 Yellow Brick Road | Baltimore, MD | 447 | 2,473 | 372 | 475 | 2,817 | 3,292 | 477 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
7476 New Ridge | Hanover, MD | 394 | 2,182 | 208 | 401 | 2,383 | 2,784 | 419 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
504 Advantage Way(r) | Aberdeen, MD | 2,799 | 15,864 | 574 | 2,802 | 16,435 | 19,237 | 699 | 1987/92 | (o) | ||||||||||||||||||||||||||||||||||
9700 Martin Luther King Hwy | Lanham, MD | 700 | 1,920 | 487 | 700 | 2,407 | 3,107 | 137 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
9730 Martin Luther King Hwy | Lanham, MD | 500 | 955 | 634 | 500 | 1,589 | 2,089 | 98 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
4600 Boston Way | Lanham, MD | 1,400 | 2,482 | 248 | 1,400 | 2,730 | 4,130 | 133 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
4621 Boston Way(r) | Lanham, MD | 1,100 | 3,070 | 245 | 1,100 | 3,315 | 4,415 | 145 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
4720 Boston Way(r) | Lanham, MD | 1,200 | 2,174 | 853 | 1,200 | 3,027 | 4,227 | 146 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
2250 Randolph Drive | Dulles, VA | 3,200 | 8,187 | 26 | 3,208 | 8,205 | 11,413 | 73 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
22630 Dulles Summit Court | Dulles, VA | 2,200 | 9,346 | 29 | 2,206 | 9,369 | 11,575 | 126 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
9800 Martin Luther King Hwy | Lanham, MD | 1,200 | 2,457 | 543 | 1,200 | 3,000 | 4,200 | 132 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
21550 Beaumeade Circle | Ashburn, VA | 1,100 | 2,758 | 10 | 1,103 | 2,765 | 3,868 | 34 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
21580 Beaumeade Circle | Ashburn, VA | 1,600 | 3,772 | 15 | 1,605 | 3,782 | 5,387 | 42 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
4501 Hollins Ferry Road | Baltimore, MD | 3,000 | 10,108 | 222 | 3,058 | 10,272 | 13,330 | 58 | 1982/92 | (o) |
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�� | ||||||||||||||||||||||||||||||||||||||||||||
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Central Pennsylvania | ||||||||||||||||||||||||||||||||||||||||||||
1214-B Freedom Road | Cranberry Township, PA | 31 | 994 | 613 | 200 | 1,438 | 1,638 | 705 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
401 Russell Drive | Middletown, PA | 262 | 857 | 1,863 | 287 | 2,695 | 2,982 | 1,206 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
2700 Commerce Drive | Middletown, PA | 196 | 997 | 710 | 206 | 1,697 | 1,903 | 763 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
2701 Commerce Drive | Middletown, PA | 141 | 859 | 1,172 | 164 | 2,008 | 2,172 | 787 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
2780 Commerce Drive | Middletown, PA | 113 | 743 | 1,051 | 209 | 1,698 | 1,907 | 790 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
7125 Grayson Road | Harrisburg, PA | 1,514 | 8,779 | 143 | 1,514 | 8,922 | 10,436 | 2,369 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
7253 Grayson Road | Harrisburg, PA | 894 | 5,168 | 215 | 894 | 5,383 | 6,277 | 1,562 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5020 Louise Drive | Mechanicsburg, PA | 707 | — | 2,800 | 716 | 2,791 | 3,507 | 635 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
7195 Grayson | Harrisburg, PA | 478 | 2,771 | 190 | 479 | 2,960 | 3,439 | 732 | 1994 | (o) | ||||||||||||||||||||||||||||||||||
3380 Susquehanna Trail North | York, PA | 450 | 2,550 | 152 | 467 | 2,685 | 3,152 | 522 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
350 Old Silver Springs Road | Mechanicsburg, PA | 510 | 2,890 | 4,480 | 541 | 7,339 | 7,880 | 1,267 | 1968/97 | (o) | ||||||||||||||||||||||||||||||||||
16522 Hunters Green Parkway | Hagerstown, MD | (h) | 1,390 | 13,104 | 3,945 | 1,863 | 16,576 | 18,439 | 715 | 2000 | (o) | |||||||||||||||||||||||||||||||||
18212 Shawley Drive | Hagerstown, MD | 1,000 | 5,847 | 106 | 1,016 | 5,937 | 6,953 | 69 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
270 Old Silver Spring Road | Mechanicsburg, PA | 350 | — | 3,649 | 350 | 3,649 | 3,999 | 231 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Covington (CAT) | Gouldsboro, PA | 135 | — | 9,557 | 1,040 | 8,652 | 9,692 | 74 | 2003 | (o) | ||||||||||||||||||||||||||||||||||
37 Valleyview Business Park | Jessup, PA | 576 | — | 2,490 | 542 | 2,524 | 3,066 | 5 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||||||||||||||||||
720-730 Landwehr Road | Northbrook, IL | 521 | 2,982 | 1,305 | 521 | 4,287 | 4,808 | 988 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
20W201 101st Street | Lemont, IL | 967 | 5,554 | 882 | 968 | 6,435 | 7,403 | 1,697 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
3600 West Pratt Avenue | Lincolnwood, IL | 1,050 | 5,767 | 1,346 | 1,050 | 7,113 | 8,163 | 1,788 | 1953/88 | (o) | ||||||||||||||||||||||||||||||||||
6750 South Sayre Avenue | Bedford Park, IL | 224 | 1,309 | 443 | 224 | 1,752 | 1,976 | 449 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
585 Slawin Court | Mount Prospect, IL | 611 | 3,505 | 183 | 611 | 3,688 | 4,299 | 928 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
2300 Windsor Court | Addison, IL | 688 | 3,943 | 552 | 696 | 4,487 | 5,183 | 1,272 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
3505 Thayer Court | Aurora, IL | 430 | 2,472 | 45 | 430 | 2,517 | 2,947 | 671 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
305-311 Era Drive | Northbrook, IL | 200 | 1,154 | 192 | 205 | 1,341 | 1,546 | 371 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
4330 South Racine Avenue | Chicago, IL | 448 | 1,893 | 549 | 468 | 2,422 | 2,890 | 1,787 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
12241 Melrose Street | Franklin Park, IL | 332 | 1,931 | 1,940 | 469 | 3,734 | 4,203 | 972 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
3150-3160 MacArthur Boulevard | Northbrook, IL | 439 | 2,518 | 112 | 429 | 2,640 | 3,069 | 771 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
365 North Avenue | Carol Stream, IL | 1,081 | 6,882 | 2,659 | 1,111 | 9,511 | 10,622 | 2,231 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
2942 MacArthur Boulevard | Northbrook, IL | 315 | 1,803 | 313 | 311 | 2,120 | 2,431 | 721 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
305-307 East North Ave | Carol Stream, IL | 126 | — | 2,737 | 128 | 2,735 | 2,863 | 302 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
11939 S Central Avenue | Alsip, IL | 1,208 | 6,843 | 2,165 | 1,305 | 8,911 | 10,216 | 1,578 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
405 East Shawmut | LaGrange, IL | 368 | 2,083 | 171 | 387 | 2,235 | 2,622 | 411 | 1965 | (o) | ||||||||||||||||||||||||||||||||||
1010-50 Sesame Street | Bensenville, IL | 979 | 5,546 | 2,073 | 1,048 | 7,550 | 8,598 | 1,111 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
7401 South Pulaski | Chicago, IL | 664 | 3,763 | 1,304 | 669 | 5,062 | 5,731 | 934 | 1975/86 | (o) |
S-4
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Chicago — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
7501 S. Pulaski | Chicago, IL | 360 | 2,038 | 963 | 318 | 3,043 | 3,361 | 675 | 1975/86 | (o) | ||||||||||||||||||||||||||||||||||
385 Fenton Lane | West Chicago, IL | 868 | 4,918 | 567 | 884 | 5,469 | 6,353 | 1,063 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
335 Crossroad Parkway | Bolingbrook, IL | 1,560 | 8,840 | 863 | 1,585 | 9,678 | 11,263 | 1,763 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
905 Paramount | Batavia, IL | 243 | 1,375 | 390 | 252 | 1,756 | 2,008 | 309 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
1005 Paramount | Batavia, IL | 282 | 1,600 | 377 | 293 | 1,966 | 2,259 | 346 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
2120-24 Roberts | Broadview, IL | 220 | 1,248 | 430 | 231 | 1,667 | 1,898 | 381 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
700 Business Center Drive | Mount Prospect, IL | 270 | 1,492 | 120 | 288 | 1,594 | 1,882 | 162 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
555 Business Center Drive | Mount Prospect, IL | 241 | 1,336 | 97 | 252 | 1,422 | 1,674 | 147 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
800 Business Center Drive | Mount Prospect, IL | 631 | 3,493 | 233 | 666 | 3,691 | 4,357 | 376 | 1988/99 | (o) | ||||||||||||||||||||||||||||||||||
580 Slawin Court | Mount Prospect, IL | 233 | 1,292 | 140 | 254 | 1,411 | 1,665 | 144 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1150 Feehanville Drive | Mount Prospect, IL | 260 | 1,437 | 139 | 273 | 1,563 | 1,836 | 171 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
1200 Business Center D rive | Mount Prospect, IL | 765 | 4,237 | 387 | 814 | 4,575 | 5,389 | 517 | 1988/2000 | (o) | ||||||||||||||||||||||||||||||||||
1331 Business Center Drive | Mount Prospect, IL | 235 | 1,303 | 136 | 255 | 1,419 | 1,674 | 145 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
19W661 101st Street | Lemont, IL | 1,200 | 6,643 | 356 | 1,220 | 6,979 | 8,199 | 554 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
175 Wall Street | Glendale Heights, IL | 427 | 2,363 | 61 | 433 | 2,418 | 2,851 | 175 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
800-820 Thorndale Avenue | Bensenville, IL | 751 | 4,159 | 70 | 761 | 4,219 | 4,980 | 220 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
830-890 Supreme Drive | Bensenville, IL | 671 | 3,714 | 247 | 679 | 3,953 | 4,632 | 257 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
1661 Feehanville Drive | Mount Prospect, IL | 985 | 5,455 | 644 | 1,044 | 6,040 | 7,084 | 612 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2250 Arthur Avenue | Elk Grove Village, IL | 800 | 1,543 | 43 | 809 | 1,577 | 2,386 | 77 | 1973/86 | (o) | ||||||||||||||||||||||||||||||||||
1850 Toughy & 1158-60 McCage Ave | Elk Grove Village, IL | 1,500 | 4,842 | 57 | 1,514 | 4,885 | 6,399 | 130 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
501 Airport Road(r) | Aurora, IL | 698 | — | 4,616 | 694 | 4,620 | 5,314 | 230 | 2002 | (o) | ||||||||||||||||||||||||||||||||||
251 Airport Road(r) | Aurora, IL | 990 | — | 6,246 | 983 | 6,253 | 7,236 | 353 | 2002 | (o) | ||||||||||||||||||||||||||||||||||
Cincinnati | ||||||||||||||||||||||||||||||||||||||||||||
9900-9970 Princeton | Cincinnati, OH | 545 | 3,088 | 1,688 | 566 | 4,755 | 5,321 | 1,222 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
2940 Highland Avenue | Cincinnati, OH | 1,717 | 9,730 | 2,194 | 1,772 | 11,869 | 13,641 | 2,788 | 1969/74 | (o) | ||||||||||||||||||||||||||||||||||
4700-4750 Creek Road | Blue Ash, OH | 1,080 | 6,118 | 802 | 1,109 | 6,891 | 8,000 | 1,573 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
12072 Best Place | Springboro, OH | 426 | — | 3,182 | 443 | 3,165 | 3,608 | 542 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
901 Pleasant Valley Drive | Springboro, OH | 304 | 1,721 | 301 | 316 | 2,010 | 2,326 | 447 | 1984/94 | (o) | ||||||||||||||||||||||||||||||||||
4440 Mulhauser Road | Cincinnati, OH | 1,067 | 39 | 5,329 | 655 | 5,780 | 6,435 | 1,008 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
4434 Mulhauser Road | Cincinnati, OH | 444 | 16 | 4,712 | 463 | 4,709 | 5,172 | 759 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
9449 Glades Drive | Hamilton, OH | 465 | — | 3,987 | 2 | 4,450 | 4,452 | 383 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
420 Wars Corner Road(r) | Loveland, OH | 600 | 1,083 | 928 | 606 | 2,005 | 2,611 | 182 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
422 Wards Corner Road | Loveland, OH | 600 | 1,811 | 330 | 605 | 2,136 | 2,741 | 224 | 1985 | (o) |
S-5
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Cincinnati — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
7625 Empire Drive | Florence, KY | 961 | 5,444 | 237 | 996 | 5,646 | 6,642 | 12 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
4436 Muhlhauser Road(r) | Hamilton, OH | 630 | — | 5,377 | 630 | 5,377 | 6,007 | 358 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
4438 Muhlhauser Road(r) | Hamilton, OH | 779 | — | 6,958 | 779 | 6,958 | 7,737 | 439 | 2000 | (o) | ||||||||||||||||||||||||||||||||||
10901 Kenwood(r) | Blue Ash, OH | 750 | 1,650 | 194 | 1,080 | 1,514 | 2,594 | 103 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
Columbus | ||||||||||||||||||||||||||||||||||||||||||||
3800 Lockbourne Industrial Pkwy | Columbus, OH | 1,133 | 6,421 | (112 | ) | 1,045 | 6,397 | 7,442 | 1,383 | 1986 | (o) | |||||||||||||||||||||||||||||||||
3880 Groveport Road | Columbus, OH | 2,145 | 12,154 | 322 | 1,955 | 12,666 | 14,621 | 2,671 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1819 North Walcutt Road | Columbus, OH | 810 | 4,590 | (453 | ) | 637 | 4,310 | 4,947 | 995 | 1973 | (o) | |||||||||||||||||||||||||||||||||
4300 Cemetery Road(r) | Hillard, OH | 1,103 | 6,248 | (1,764 | ) | 764 | 4,823 | 5,587 | 1,009 | 1968/74 | (o) | |||||||||||||||||||||||||||||||||
4115 Leap Road(k) | Hillard, OH | 758 | 4,297 | 482 | 756 | 4,781 | 5,537 | 765 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
3300 Lockbourne | Columbus, OH | 708 | 3,920 | 1,226 | 710 | 5,144 | 5,854 | 933 | 1964 | (o) | ||||||||||||||||||||||||||||||||||
Dallas/ Fort Worth | ||||||||||||||||||||||||||||||||||||||||||||
1275-1281 Roundtable Drive | Dallas, TX | 148 | 839 | 53 | 117 | 923 | 1,040 | 189 | 1966 | (o) | ||||||||||||||||||||||||||||||||||
2406-2416 Walnut Ridge | Dallas, TX | 178 | 1,006 | 289 | 183 | 1,290 | 1,473 | 234 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
12750 Perimeter Drive | Dallas, TX | 638 | 3,618 | 352 | 660 | 3,948 | 4,608 | 700 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
1324-1343 Roundtable Drive | Dallas, TX | 178 | 1,006 | 294 | 184 | 1,294 | 1,478 | 284 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
2401-2419 Walnut Ridge | Dallas, TX | 148 | 839 | 119 | 153 | 953 | 1,106 | 169 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
4248-4252 Simonton | Farmers Ranch, TX | 888 | 5,032 | 408 | 920 | 5,408 | 6,328 | 1,011 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
900-906 Great Southwest Pkwy | Arlington, TX | 237 | 1,342 | 566 | 270 | 1,875 | 2,145 | 292 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
2179 Shiloh Road | Garland, TX | 251 | 1,424 | 115 | 256 | 1,534 | 1,790 | 299 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
2159 Shiloh Road | Garland, TX | 108 | 610 | 55 | 110 | 663 | 773 | 127 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
2701 Shiloh Road | Garland, TX | 818 | 4,636 | 1,293 | 923 | 5,824 | 6,747 | 1,074 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
12784 Perimeter Drive(l) | Dallas, TX | 350 | 1,986 | 509 | 396 | 2,449 | 2,845 | 469 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
3000 West Commerce | Dallas, TX | 456 | 2,584 | 530 | 469 | 3,101 | 3,570 | 518 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
3030 Hansboro | Dallas, TX | 266 | 1,510 | 481 | 276 | 1,981 | 2,257 | 387 | 1971 | (o) | ||||||||||||||||||||||||||||||||||
5222 Cockrell Hill | Dallas, TX | 296 | 1,677 | 389 | 306 | 2,056 | 2,362 | 339 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
405-407 113th | Arlington, TX | 181 | 1,026 | 257 | 185 | 1,279 | 1,464 | 288 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
816 111th Street | Arlington, TX | 251 | 1,421 | 62 | 258 | 1,476 | 1,734 | 266 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
7341 Dogwood Park | Richland Hills, TX | 79 | 435 | 251 | 84 | 681 | 765 | 113 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
7427 Dogwood Park | Richland Hills, TX | 96 | 532 | 89 | 102 | 615 | 717 | 92 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
7348-54 Tower Street | Richland Hills, TX | 88 | 489 | 199 | 94 | 682 | 776 | 95 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7370 Dogwood Park | Richland Hills, TX | 91 | 503 | 100 | 96 | 598 | 694 | 103 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
7339-41 Tower Street | Richland Hills, TX | 98 | 541 | 78 | 104 | 613 | 717 | 100 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
7437-45 Tower Street | Richland Hills, TX | 102 | 563 | 78 | 108 | 635 | 743 | 103 | 1977 | (o) |
S-6
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Dallas/ Fort Worth — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
7331-59 Airport Freeway | Richland Hills, TX | 354 | 1,958 | 422 | 372 | 2,362 | 2,734 | 420 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
7338-60 Dogwood Park | Richland Hills, TX | 106 | 587 | 107 | 112 | 688 | 800 | 130 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7450-70 Dogwood Park | Richland Hills, TX | 106 | 584 | 175 | 112 | 753 | 865 | 164 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
7423-49 Airport Freeway | Richland Hills, TX | 293 | 1,621 | 546 | 308 | 2,152 | 2,460 | 504 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
7400 Whitehall Street | Richland Hills, TX | 109 | 603 | 81 | 115 | 678 | 793 | 104 | 1994 | (o) | ||||||||||||||||||||||||||||||||||
1602-1654 Terre Colony | Dallas, TX | 458 | 2,596 | 239 | 468 | 2,825 | 3,293 | 378 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
3330 Duncanville Road | Dallas, TX | 197 | 1,114 | 27 | 199 | 1,139 | 1,338 | 130 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
6851-6909 Snowden Road | Fort Worth, TX | 1,025 | 5,810 | 434 | 1,038 | 6,231 | 7,269 | 832 | 1985/86 | (o) | ||||||||||||||||||||||||||||||||||
2351-2355 Merritt Drive | Garland, TX | 101 | 574 | 128 | 103 | 700 | 803 | 93 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
10575 Vista Park | Dallas, TX | 366 | 2,074 | 111 | 371 | 2,180 | 2,551 | 245 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
701-735 North Plano Road | Richardson, TX | 696 | 3,944 | 111 | 705 | 4,046 | 4,751 | 470 | 1972/94 | (o) | ||||||||||||||||||||||||||||||||||
2259 Merritt Drive | Garland, TX | 96 | 544 | 67 | 97 | 610 | 707 | 100 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2260 Merritt Drive | Garland, TX | 319 | 1,806 | 54 | 323 | 1,856 | 2,179 | 212 | 1986/99 | (o) | ||||||||||||||||||||||||||||||||||
2220 Merritt Drive | Garland, TX | 352 | 1,993 | 266 | 356 | 2,255 | 2,611 | 243 | 1986/2000 | (o) | ||||||||||||||||||||||||||||||||||
2010 Merritt Drive | Garland, TX | 350 | 1,981 | 227 | 354 | 2,204 | 2,558 | 364 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2363 Merritt Drive | Garland, TX | 73 | 412 | 61 | 74 | 472 | 546 | 51 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2447 Merritt Drive | Garland, TX | 70 | 395 | 12 | 71 | 406 | 477 | 46 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2465-2475 Merritt Drive | Garland, TX | 91 | 514 | 14 | 92 | 527 | 619 | 60 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2485-2505 Merritt Drive | Garland, TX | 431 | 2,440 | 408 | 436 | 2,843 | 3,279 | 284 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2081 Hutton Drive — Bldg 1(l) | Carrollton, TX | 448 | 2,540 | 451 | 453 | 2,986 | 3,439 | 370 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2150 Hutton Drive | Carrollton, TX | 192 | 1,089 | 292 | 194 | 1,379 | 1,573 | 176 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
2110 Hutton Drive | Carrollton, TX | 374 | 2,117 | 187 | 377 | 2,301 | 2,678 | 260 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
2025 McKenzie Drive | Carrollton, TX | 437 | 2,478 | 431 | 442 | 2,904 | 3,346 | 338 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
2019 McKenzie Drive | Carrollton, TX | 502 | 2,843 | 206 | 507 | 3,044 | 3,551 | 348 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1420 Valwood Parkway — Bldg 1(k) | Carrollton, TX | 460 | 2,608 | 558 | 466 | 3,160 | 3,626 | 354 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1620 Valwood Parkway(l) | Carrollton, TX | 1,089 | 6,173 | 1,133 | 1,100 | 7,295 | 8,395 | 847 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1505 Luna Road — Bldg II | Carrollton, TX | 167 | 948 | 60 | 169 | 1,006 | 1,175 | 111 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
1625 West Crosby Road | Carrollton, TX | 617 | 3,498 | 784 | 631 | 4,268 | 4,899 | 683 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
2029-2035 McKenzie Drive | Carrollton, TX | 330 | 1,870 | 991 | 306 | 2,885 | 3,191 | 425 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1840 Hutton Drive(k) | Carrollton, TX | 811 | 4,597 | 539 | 819 | 5,128 | 5,947 | 521 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1420 Valwood Pkwy — Bldg II | Carrollton, TX | 373 | 2,116 | 358 | 377 | 2,470 | 2,847 | 273 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2015 McKenzie Drive | Carrollton, TX | 510 | 2,891 | 459 | 516 | 3,344 | 3,860 | 375 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2105 McDaniel Drive | Carrollton, TX | 502 | 2,844 | 734 | 507 | 3,573 | 4,080 | 342 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
2009 McKenzie Drive | Carrollton, TX | 476 | 2,699 | 350 | 481 | 3,044 | 3,525 | 337 | 1987 | (o) |
S-7
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Dallas/ Fort Worth — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
1505 Luna Road — Bldg I | Carrollton, TX | 521 | 2,953 | 211 | 529 | 3,156 | 3,685 | 278 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
900-1100 Avenue S | Grand Prairie, TX | 623 | 3,528 | 337 | 629 | 3,859 | 4,488 | 295 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
15001 Trinity Blvd | Ft. Worth, TX | 529 | 2,998 | 44 | 534 | 3,037 | 3,571 | 177 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
Plano Crossing(m) | Plano, TX | 1,961 | 11,112 | 134 | 1,981 | 11,226 | 13,207 | 655 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
7413A-C Dogwood Park | Richland Hills, TX | 110 | 623 | 102 | 111 | 724 | 835 | 39 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
7450 Tower Street | Richland Hills, TX | 36 | 204 | 4 | 36 | 208 | 244 | 13 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
7436 Tower Street | Richland Hills, TX | 57 | 324 | 61 | 58 | 384 | 442 | 25 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
7501 Airport Freeway | Richland Hills, TX | 113 | 638 | 50 | 115 | 686 | 801 | 44 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
7426 Tower Street | Richland Hills, TX | 76 | 429 | 6 | 76 | 435 | 511 | 25 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7427-7429 Tower Street | Richland Hills, TX | 75 | 427 | 15 | 76 | 441 | 517 | 25 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2840-2842 Handley Ederville Rd | Richland Hills, TX | 112 | 635 | 15 | 113 | 649 | 762 | 38 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
7451-7477 Airport Freeway | Richland Hills, TX | 256 | 1,453 | 150 | 259 | 1,600 | 1,859 | 116 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
7415 Whitehall Street | Richland Hills, TX | 372 | 2,107 | 88 | 375 | 2,192 | 2,567 | 139 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
7450 Whitehall Street | Richland Hills, TX | 104 | 591 | 10 | 105 | 600 | 705 | 34 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7430 Whitehall Street | Richland Hills, TX | 143 | 809 | 14 | 144 | 822 | 966 | 47 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
7420 Whitehall Street | Richland Hills, TX | 110 | 621 | 23 | 111 | 643 | 754 | 41 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
300 Wesley Way | Richland Hills, TX | 208 | 1,181 | 18 | 211 | 1,196 | 1,407 | 68 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
825-827 Avenue H(k),(r) | Arlington, TX | 600 | 3,006 | 95 | 604 | 3,097 | 3,701 | 53 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
1013-31 Avenue M(r) | Grand Prairie, TX | 300 | 1,504 | 17 | 302 | 1,519 | 1,821 | 26 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
1172-84 113th Street(k) | Grand Prairie, TX | 700 | 3,509 | 34 | 705 | 3,538 | 4,243 | 52 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1200-16 Avenue H(k) | Arlington, TX | 600 | 2,846 | 42 | 604 | 2,884 | 3,488 | 47 | 1981/82 | (o) | ||||||||||||||||||||||||||||||||||
1322-66 N. Carrier Parkway(l) | Grand Prairie, TX | 1,000 | 5,012 | 52 | 1,006 | 5,058 | 6,064 | 74 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
2401-2407 Centennial Dr. | Arlington, TX | 600 | 2,534 | 64 | 604 | 2,594 | 3,198 | 45 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
3111 West Commerce Street | Dallas, TX | 1,000 | 3,364 | 43 | 1,011 | 3,396 | 4,407 | 17 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
2104 Hutton Drive | Carrollton, TX | 246 | 1,393 | 59 | 249 | 1,449 | 1,698 | 157 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
7451 Dogwood Park | Richland Hills, TX | 133 | 753 | 195 | 134 | 947 | 1,081 | 103 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
2821 Cullen Street | Fort Worth, TX | 71 | 404 | 6 | 72 | 409 | 481 | 23 | 1961 | (o) | ||||||||||||||||||||||||||||||||||
1500 Broad Street | Mansfield, TX | 250 | 1,617 | 288 | 301 | 1,854 | 2,155 | 57 | 1969/92 | (o) | ||||||||||||||||||||||||||||||||||
2301 Centennial Dr. | Arlington, TX | 600 | 2,377 | 19 | 603 | 2,393 | 2,996 | 38 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||||||||||||||||
7100 North Broadway — 1 | Denver, CO | 201 | 1,141 | 418 | 215 | 1,545 | 1,760 | 372 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7100 North Broadway — 2 | Denver, CO | 203 | 1,150 | 353 | 204 | 1,502 | 1,706 | 397 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7100 North Broadway — 3 | Denver, CO | 139 | 787 | 239 | 140 | 1,025 | 1,165 | 279 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
7100 North Broadway — 5 | Denver, CO | 180 | 1,018 | 219 | 178 | 1,239 | 1,417 | 310 | 1978 | (o) |
S-8
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Denver — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
7100 North Broadway — 6 | Denver, CO | 269 | 1,526 | 475 | 271 | 1,999 | 2,270 | 503 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
20100 East 32nd Avenue Parkway | Aurora, CO | 333 | 1,888 | 250 | 314 | 2,157 | 2,471 | 556 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
5454 Washington | Denver, CO | 154 | 873 | 252 | 156 | 1,123 | 1,279 | 256 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
700 West 48th Street | Denver, CO | 302 | 1,711 | 309 | 307 | 2,015 | 2,322 | 407 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
702 West 48th Street | Denver, CO | 135 | 763 | 214 | 139 | 973 | 1,112 | 268 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
6425 North Washington | Denver, CO | 374 | 2,118 | 377 | 385 | 2,484 | 2,869 | 536 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
3370 North Peoria Street | Aurora, CO | 163 | 924 | 201 | 163 | 1,125 | 1,288 | 343 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
3390 North Peoria Street | Aurora, CO | 145 | 822 | 100 | 147 | 920 | 1,067 | 191 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
3508-3538 North Peoria Street | Aurora, CO | 260 | 1,472 | 448 | 264 | 1,916 | 2,180 | 405 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
3568 North Peoria Street | Aurora, CO | 222 | 1,260 | 288 | 225 | 1,545 | 1,770 | 365 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
4785 Elati | Denver, CO | 173 | 981 | 249 | 175 | 1,228 | 1,403 | 308 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
4770 Fox Street | Denver, CO | 132 | 750 | 60 | 134 | 808 | 942 | 170 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
1550 W. Evans | Denver, CO | 388 | 2,200 | 434 | 385 | 2,637 | 3,022 | 503 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
3751-71 Revere Street | Denver, CO | 262 | 1,486 | 234 | 267 | 1,715 | 1,982 | 330 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
3871 Revere | Denver, CO | 361 | 2,047 | 422 | 368 | 2,462 | 2,830 | 407 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
4570 Ivy Street | Denver, CO | 219 | 1,239 | 288 | 220 | 1,526 | 1,746 | 390 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
5855 Stapleton Drive North | Denver, CO | 288 | 1,630 | 247 | 290 | 1,875 | 2,165 | 364 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
5885 Stapleton Drive North | Denver, CO | 376 | 2,129 | 246 | 380 | 2,371 | 2,751 | 461 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
5977-5995 North Broadway | Denver, CO | 268 | 1,518 | 241 | 271 | 1,756 | 2,027 | 325 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
2952-5978 North Broadway | Denver, CO | 414 | 2,346 | 733 | 422 | 3,071 | 3,493 | 644 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
4721 Ironton Street | Denver, CO | 232 | 1,313 | 1,518 | 236 | 2,827 | 3,063 | 739 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
7100 North Broadway — 7 | Denver, CO | 215 | 1,221 | 266 | 217 | 1,485 | 1,702 | 362 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
7100 North Broadway — 8 | Denver, CO | 79 | 448 | 211 | 80 | 658 | 738 | 223 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
6804 East 48th Avenue | Denver, CO | 253 | 1,435 | 266 | 256 | 1,698 | 1,954 | 313 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
445 Bryant Street | Denver, CO | 1,831 | 10,219 | 1,670 | 1,829 | 11,891 | 13,720 | 2,064 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
East 47th Drive — A | Denver, CO | 474 | 2,689 | 112 | 441 | 2,834 | 3,275 | 643 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9500 West 49th Street — A | Wheatridge, CO | 283 | 1,625 | 279 | 286 | 1,901 | 2,187 | 364 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9500 West 49th Street — B | Wheatridge, CO | 225 | 1,272 | 33 | 226 | 1,304 | 1,530 | 242 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9500 West 49th Street — C | Wheatridge, CO | 602 | 3,409 | 98 | 600 | 3,509 | 4,109 | 658 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9500 West 49th Street — D | Wheatridge, CO | 271 | 1,537 | 181 | 246 | 1,743 | 1,989 | 495 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
8100 South Park Way — A | Littleton, CO | 442 | 2,507 | 71 | 423 | 2,597 | 3,020 | 490 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
8100 South Park Way — B | Littleton, CO | 103 | 582 | 291 | 104 | 872 | 976 | 272 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
8100 South Park Way — C | Littleton, CO | 568 | 3,219 | 223 | 575 | 3,435 | 4,010 | 610 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
451-591 East 124th Avenue | Littleton, CO | 383 | 2,145 | 685 | 383 | 2,830 | 3,213 | 501 | 1979 | (o) |
S-9
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Denver — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
608 Garrison Street | Lakewood, CO | 265 | 1,501 | 404 | 267 | 1,903 | 2,170 | 364 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
610 Garrison Street | Lakewood, CO | 264 | 1,494 | 404 | 266 | 1,896 | 2,162 | 387 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
15000 West 6th Avenue | Golden, CO | 913 | 5,174 | 876 | 916 | 6,047 | 6,963 | 1,242 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg E | Golden, CO | 565 | 3,199 | 272 | 568 | 3,468 | 4,036 | 691 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg F | Englewood, CO | 269 | 1,525 | 222 | 271 | 1,745 | 2,016 | 440 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
12503 East Euclid Drive | Denver, CO | 1,219 | 6,905 | 676 | 1,208 | 7,592 | 8,800 | 1,529 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
6547 South Racine Circle | Denver, CO | 748 | 4,241 | 313 | 739 | 4,563 | 5,302 | 1,095 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
7800 East Iliff Avenue | Denver, CO | 188 | 1,067 | 96 | 190 | 1,161 | 1,351 | 225 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
2369 South Trenton Way | Denver, CO | 292 | 1,656 | 247 | 294 | 1,901 | 2,195 | 446 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
2422 S. Trenton Way | Denver, CO | 241 | 1,364 | 209 | 243 | 1,571 | 1,814 | 301 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
2452 South Trenton Way | Denver, CO | 421 | 2,386 | 151 | 426 | 2,532 | 2,958 | 486 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
1600 South Abilene | Aurora, CO | 465 | 2,633 | 89 | 467 | 2,720 | 3,187 | 511 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1620 South Abilene | Aurora, CO | 268 | 1,520 | 123 | 270 | 1,641 | 1,911 | 347 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1640 South Abilene | Aurora, CO | 368 | 2,085 | 142 | 382 | 2,213 | 2,595 | 424 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
13900 East Florida Ave | Aurora, CO | 189 | 1,071 | 89 | 190 | 1,159 | 1,349 | 229 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
14401-14492 East 33rd Place | Aurora, CO | 445 | 2,519 | 241 | 440 | 2,765 | 3,205 | 552 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
11701 East 53rd Avenue | Denver, CO | 416 | 2,355 | 118 | 422 | 2,467 | 2,889 | 447 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
5401 Oswego Street | Denver, CO | 273 | 1,547 | 397 | 278 | 1,939 | 2,217 | 452 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
3811 Joilet(r) | Denver, CO | 735 | 4,166 | 238 | 752 | 4,387 | 5,139 | 793 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
2630 West 2nd Avenue | Denver, CO | 51 | 286 | 81 | 51 | 367 | 418 | 58 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
2650 West 2nd Avenue | Denver, CO | 221 | 1,252 | 90 | 223 | 1,340 | 1,563 | 260 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
14818 West 6th Avenue Bldg A | Golden, CO | 494 | 2,799 | 327 | 468 | 3,152 | 3,620 | 740 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
14828 West 6th Avenue Bldg B | Golden, CO | 519 | 2,942 | 510 | 503 | 3,468 | 3,971 | 683 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
12055 E 49th Ave/4955 Peoria | Denver, CO | 298 | 1,688 | 559 | 305 | 2,240 | 2,545 | 501 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
4940-4950 Paris | Denver, CO | 152 | 861 | 73 | 156 | 930 | 1,086 | 167 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
4970 Paris | Denver, CO | 95 | 537 | 88 | 97 | 623 | 720 | 116 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
5010 Paris | Denver, CO | 89 | 505 | 224 | 91 | 727 | 818 | 122 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
7367 South Revere Parkway | Englewood, CO | 926 | 5,124 | 208 | 934 | 5,324 | 6,258 | 963 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
8200 East Park Meadows Drive(k) | Lone Tree, CO | 1,297 | 7,348 | 898 | 1,304 | 8,239 | 9,543 | 990 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
3250 Quentin(k) | Aurora, CO | 1,220 | 6,911 | 469 | 1,230 | 7,370 | 8,600 | 856 | 1984/2000 | (o) | ||||||||||||||||||||||||||||||||||
11585 E. 53rd Ave.(k) | Denver, CO | 1,770 | 10,030 | 501 | 1,780 | 10,521 | 12,301 | 884 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
10500 East 54th Ave.(l) | Denver, CO | 1,253 | 7,098 | 544 | 1,260 | 7,635 | 8,895 | 680 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
8835 W. 116th Street | Broomfield, CO | 1,151 | 6,523 | 691 | 1,304 | 7,061 | 8,365 | 332 | 2002 | (o) | ||||||||||||||||||||||||||||||||||
3101-3151 S. Platte River Dr. | Englewood, CO | 2,500 | 8,549 | 89 | 2,504 | 8,634 | 11,138 | 202 | 1974 | (o) |
S-10
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Denver — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
3155-3199 S. Platte River Dr. | Englewood, CO | 1,700 | 7,787 | 13 | 1,702 | 7,798 | 9,500 | 188 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
3201-3273 S. Platte River Dr. | Englewood, CO | 1,600 | 6,592 | 11 | 1,602 | 6,601 | 8,203 | 172 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
18150 E. 32nd Street | Aurora, CO | 563 | 3,188 | 994 | 572 | 4,173 | 4,745 | 445 | 2000 | (o) | ||||||||||||||||||||||||||||||||||
8820 W. 116th Street(r) | Broomfield, CO | 338 | 1,918 | 62 | 372 | 1,946 | 2,318 | 88 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Hilltop Business Center I — Bldg. B(r) | Littleton, CO | 751 | — | 3,634 | 739 | 3,646 | 4,385 | 220 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Jeffco Business Center A(r) | Broomfield, CO | 312 | — | 1,687 | 370 | 1,629 | 1,999 | 135 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Park Centre A(r) | Westminister, CO | 441 | — | 3,999 | 441 | 3,999 | 4,440 | 298 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Park Centre B(r) | Westminister, CO | 374 | — | 3,108 | 374 | 3,108 | 3,482 | 271 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Park Centre C(r) | Westminister, CO | 374 | — | 3,022 | 374 | 3,022 | 3,396 | 237 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Park Centre D(r) | Westminister, CO | 441 | — | 3,757 | 441 | 3,757 | 4,198 | 281 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Des Moines | ||||||||||||||||||||||||||||||||||||||||||||
2250 Delaware Ave | Des Moines, IA | 291 | 1,609 | 349 | 277 | 1,972 | 2,249 | 366 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
720 Alexander Way(r) | North Liberty, IA | 1,300 | — | 16,930 | 1,300 | 18,320 | 1,300 | 35 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
Detroit | ||||||||||||||||||||||||||||||||||||||||||||
1731 Thorncroft | Troy, MI | 331 | 1,904 | 83 | 331 | 1,987 | 2,318 | 521 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
1653 E. Maple | Troy, MI | 192 | 1,104 | 103 | 192 | 1,207 | 1,399 | 382 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
47461 Clipper | Plymouth Township, MI | 122 | 723 | 135 | 122 | 858 | 980 | 298 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
238 Executive Drive | Troy, MI | 52 | 173 | 562 | 100 | 687 | 787 | 513 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
256 Executive Drive | Troy, MI | 44 | 146 | 442 | 85 | 547 | 632 | 414 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
301 Executive Drive | Troy, MI | 71 | 293 | 762 | 133 | 993 | 1,126 | 693 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
449 Executive Drive | Troy, MI | 125 | 425 | 1,037 | 218 | 1,369 | 1,587 | 937 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
501 Executive Drive | Troy, MI | 71 | 236 | 713 | 129 | 891 | 1,020 | 449 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
451 Robbins Drive | Troy, MI | 96 | 448 | 1,001 | 192 | 1,353 | 1,545 | 969 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
1095 Crooks Road | Troy, MI | 331 | 1,017 | 1,033 | 360 | 2,021 | 2,381 | 1,114 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
1416 Meijer Drive | Troy, MI | 94 | 394 | 391 | 121 | 758 | 879 | 504 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1624 Meijer Drive | Troy, MI | 236 | 1,406 | 995 | 373 | 2,264 | 2,637 | 1,363 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1972 Meijer Drive | Troy, MI | 315 | 1,301 | 721 | 372 | 1,965 | 2,337 | 1,082 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1621 Northwood Drive | Troy, MI | 85 | 351 | 1,040 | 215 | 1,261 | 1,476 | 1,012 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
1707 Northwood Drive | Troy, MI | 95 | 262 | 1,221 | 239 | 1,339 | 1,578 | 781 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
1788 Northwood Drive | Troy, MI | 50 | 196 | 599 | 103 | 742 | 845 | 497 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
1821 Northwood Drive | Troy, MI | 132 | 523 | 743 | 220 | 1,178 | 1,398 | 915 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
1826 Northwood Drive | Troy, MI | 55 | 208 | 395 | 103 | 555 | 658 | 431 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
1864 Northwood Drive | Troy, MI | 57 | 190 | 470 | 107 | 610 | 717 | 482 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
2277 Elliott Avenue | Troy, MI | 48 | 188 | 533 | 104 | 665 | 769 | 475 | 1975 | (o) |
S-11
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
2451 Elliott Avenue | Troy, MI | 78 | 319 | 839 | 164 | 1,072 | 1,236 | 834 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
2730 Research Drive | Rochester Hills, MI | 915 | 4,215 | 747 | 903 | 4,974 | 5,877 | 2,754 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
2791 Research Drive | Rochester Hills, MI | 557 | 2,731 | 443 | 560 | 3,171 | 3,731 | 1,503 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
2871 Research Drive | Rochester Hills, MI | 324 | 1,487 | 378 | 327 | 1,862 | 2,189 | 887 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
2911 Research Drive | Rochester Hills, MI | 505 | 2,136 | 539 | 504 | 2,676 | 3,180 | 1,271 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
3011 Research Drive | Rochester Hills, MI | 457 | 2,104 | 349 | 457 | 2,453 | 2,910 | 1,318 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
2870 Technology Drive | Rochester Hills, MI | 275 | 1,262 | 237 | 279 | 1,495 | 1,774 | 804 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
2900 Technology Drive | Rochester Hills, MI | 214 | 977 | 438 | 219 | 1,410 | 1,629 | 710 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
2920 Technology Drive | Rochester Hills, MI | 159 | 671 | 144 | 153 | 821 | 974 | 398 | 1992 | (o) | ||||||||||||||||||||||||||||||||||
2930 Technology Drive | Rochester Hills, MI | 131 | 594 | 441 | 138 | 1,028 | 1,166 | 474 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
2950 Technology Drive | Rochester Hills, MI | 178 | 819 | 303 | 185 | 1,115 | 1,300 | 575 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
23014 Commerce Drive | Farmington Hills, MI | 39 | 203 | 211 | 56 | 397 | 453 | 234 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23028 Commerce Drive | Farmington Hills, MI | 98 | 507 | 439 | 125 | 919 | 1,044 | 601 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23035 Commerce Drive | Farmington Hills, MI | 71 | 355 | 270 | 93 | 603 | 696 | 321 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23042 Commerce Drive | Farmington Hills, MI | 67 | 277 | 375 | 89 | 630 | 719 | 371 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23065 Commerce Drive | Farmington Hills, MI | 71 | 408 | 217 | 93 | 603 | 696 | 358 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23070 Commerce Drive | Farmington Hills, MI | 112 | 442 | 735 | 125 | 1,164 | 1,289 | 713 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23079 Commerce Drive | Farmington Hills, MI | 68 | 301 | 290 | 79 | 580 | 659 | 303 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23093 Commerce Drive | Farmington Hills, MI | 211 | 1,024 | 788 | 295 | 1,728 | 2,023 | 1,017 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
23135 Commerce Drive | Farmington Hills, MI | 146 | 701 | 283 | 158 | 972 | 1,130 | 526 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
23163 Commerce Drive | Farmington Hills, MI | 111 | 513 | 327 | 138 | 813 | 951 | 440 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
23177 Commerce Drive | Farmington Hills, MI | 175 | 1,007 | 603 | 254 | 1,531 | 1,785 | 788 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
23206 Commerce Drive | Farmington Hills, MI | 125 | 531 | 364 | 137 | 883 | 1,020 | 482 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
23370 Commerce Drive | Farmington Hills, MI | 59 | 233 | 334 | 66 | 560 | 626 | 286 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1451 East Lincoln Avenue | Madison Heights, MI | 299 | 1,703 | 488 | 306 | 2,184 | 2,490 | 725 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
4400 Purks Drive | Auburn Hills, MI | 602 | 3,410 | 3,392 | 612 | 6,792 | 7,404 | 1,560 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
4177A Varsity Drive | Ann Arbor, MI | 90 | 536 | 95 | 90 | 631 | 721 | 210 | 1993 | (o) | ||||||||||||||||||||||||||||||||||
6515 Cobb Drive | Sterling Heights, MI | 305 | 1,753 | 263 | 305 | 2,016 | 2,321 | 533 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
32450 N Avis Drive | Madison Heights, MI | 281 | 1,590 | 458 | 286 | 2,043 | 2,329 | 641 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
38300 Plymouth Road | Livonia, MI | 729 | — | 4,846 | 878 | 4,697 | 5,575 | 801 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
12707 Eckles Road | Plymouth Township, MI | 255 | 1,445 | 110 | 267 | 1,543 | 1,810 | 325 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
9300-9328 Harrison Rd | Romulus, MI | 147 | 834 | 378 | 154 | 1,205 | 1,359 | 275 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
9330-9358 Harrison Rd | Romulus, MI | 81 | 456 | 430 | 85 | 882 | 967 | 283 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
28420-28448 Highland Rd | Romulus, MI | 143 | 809 | 277 | 149 | 1,080 | 1,229 | 289 | 1979 | (o) |
S-12
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
28450-28478 Highland Rd | Romulus, MI | 81 | 461 | 391 | 85 | 848 | 933 | 282 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
28421-28449 Highland Rd | Romulus, MI | 109 | 617 | 374 | 114 | 986 | 1,100 | 298 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
28451-28479 Highland Rd | Romulus, MI | 107 | 608 | 224 | 112 | 827 | 939 | 225 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
28825-28909 Highland Rd | Romulus, MI | 70 | 395 | 280 | 73 | 672 | 745 | 176 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
28933-29017 Highland Rd | Romulus, MI | 112 | 634 | 256 | 117 | 885 | 1,002 | 274 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
28824-28908 Highland Rd | Romulus, MI | 134 | 760 | 428 | 140 | 1,182 | 1,322 | 375 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
28932-29016 Highland Rd | Romulus, MI | 123 | 694 | 447 | 128 | 1,136 | 1,264 | 309 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
9710-9734 Harrison Rd | Romulus, MI | 125 | 706 | 196 | 130 | 897 | 1,027 | 218 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
9740-9772 Harrison Rd | Romulus, MI | 132 | 749 | 243 | 138 | 986 | 1,124 | 283 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
9840-9868 Harrison Rd | Romulus, MI | 144 | 815 | 202 | 151 | 1,010 | 1,161 | 256 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
9800-9824 Harrison Rd | Romulus, MI | 117 | 664 | 200 | 123 | 858 | 981 | 255 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
29265-29285 Airport Dr | Romulus, MI | 140 | 794 | 294 | 147 | 1,081 | 1,228 | 299 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
29185-29225 Airport Dr | Romulus, MI | 140 | 792 | 349 | 146 | 1,135 | 1,281 | 303 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
29149-29165 Airport Dr | Romulus, MI | 216 | 1,225 | 340 | 226 | 1,555 | 1,781 | 405 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
29101-29115 Airport Dr | Romulus, MI | 130 | 738 | 291 | 136 | 1,023 | 1,159 | 258 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
29031-29045 Airport Dr | Romulus, MI | 124 | 704 | 162 | 130 | 860 | 990 | 208 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
29050-29062 Airport Dr | Romulus, MI | 127 | 718 | 218 | 133 | 930 | 1,063 | 260 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
29120-29134 Airport Dr | Romulus, MI | 161 | 912 | 500 | 169 | 1,404 | 1,573 | 465 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
29200-29214 Airport Dr | Romulus, MI | 170 | 963 | 348 | 178 | 1,303 | 1,481 | 310 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
9301-9339 Middlebelt Rd | Romulus, MI | 124 | 703 | 213 | 130 | 910 | 1,040 | 205 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
26980 Trolley Industrial Drive | Taylor, MI | 450 | 2,550 | 1,015 | 463 | 3,552 | 4,015 | 670 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
32975 Capitol Avenue | Livonia, MI | 135 | 748 | 344 | 144 | 1,083 | 1,227 | 176 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
2725 S. Industrial Highway | Ann Arbor, MI | 660 | 3,654 | 543 | 704 | 4,153 | 4,857 | 872 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
32920 Capitol Avenue | Livonia, MI | 76 | 422 | 86 | 82 | 502 | 584 | 89 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
11923 Brookfield Avenue | Livonia, MI | 120 | 665 | 459 | 128 | 1,116 | 1,244 | 327 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
11965 Brookfield Avenue | Livonia, MI | 120 | 665 | 78 | 128 | 735 | 863 | 130 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
13405 Stark Road | Livonia, MI | 46 | 254 | 136 | 49 | 387 | 436 | 53 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1170 Chicago Road | Troy, MI | 249 | 1,380 | 160 | 266 | 1,523 | 1,789 | 252 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
1200 Chicago Road | Troy, MI | 268 | 1,483 | 142 | 286 | 1,607 | 1,893 | 265 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
450 Robbins Drive | Troy, MI | 166 | 920 | 139 | 178 | 1,047 | 1,225 | 200 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
1230 Chicago Road | Troy, MI | 271 | 1,498 | 142 | 289 | 1,622 | 1,911 | 267 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
12886 Westmore Avenue | Livonia, MI | 190 | 1,050 | 199 | 202 | 1,237 | 1,439 | 209 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
12898 Westmore Avenue | Livonia, MI | 190 | 1,050 | 227 | 202 | 1,265 | 1,467 | 216 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
33025 Industrial Road | Livonia, MI | 80 | 442 | 92 | 85 | 529 | 614 | 84 | 1980 | (o) |
S-13
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Detroit — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
47711 Clipper Street | Plymouth Township, MI | 539 | 2,983 | 265 | 575 | 3,212 | 3,787 | 531 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
32975 Industrial Road | Livonia, MI | 160 | 887 | 357 | 171 | 1,233 | 1,404 | 201 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
32985 Industrial Road | Livonia, MI | 137 | 761 | 149 | 147 | 900 | 1,047 | 141 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
32995 Industrial Road | Livonia, MI | 160 | 887 | 180 | 171 | 1,056 | 1,227 | 179 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
12874 Westmore Avenue | Livonia, MI | 137 | 761 | 158 | 147 | 909 | 1,056 | 145 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
33067 Industrial Road | Livonia, MI | 160 | 887 | 250 | 171 | 1,126 | 1,297 | 174 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1775 Bellingham | Troy, MI | 344 | 1,902 | 315 | 367 | 2,194 | 2,561 | 429 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
1785 East Maple | Troy, MI | 92 | 507 | 88 | 98 | 589 | 687 | 97 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1807 East Maple | Troy, MI | 321 | 1,775 | 199 | 342 | 1,953 | 2,295 | 325 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
980 Chicago | Troy, MI | 206 | 1,141 | 103 | 220 | 1,230 | 1,450 | 203 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1840 Enterprise Drive | Rochester Hills, MI | 573 | 3,170 | 283 | 611 | 3,415 | 4,026 | 564 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1885 Enterprise Drive | Rochester Hills, MI | 209 | 1,158 | 110 | 223 | 1,254 | 1,477 | 207 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1935-55 Enterprise Drive | Rochester Hills, MI | 1,285 | 7,144 | 874 | 1,371 | 7,932 | 9,303 | 1,454 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5500 Enterprise Court | Warren, MI | 675 | 3,737 | 447 | 721 | 4,138 | 4,859 | 680 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
750 Chicago Road | Troy, MI | 323 | 1,790 | 278 | 345 | 2,046 | 2,391 | 366 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
800 Chicago Road | Troy, MI | 283 | 1,567 | 525 | 302 | 2,073 | 2,375 | 404 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
850 Chicago Road | Troy, MI | 183 | 1,016 | 174 | 196 | 1,177 | 1,373 | 187 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
2805 S. Industrial Highway | Ann Arbor, MI | 318 | 1,762 | 267 | 340 | 2,007 | 2,347 | 362 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
6833 Center Drive | Sterling Heights, MI | 467 | 2,583 | 220 | 493 | 2,777 | 3,270 | 478 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
32201 North Avis Drive | Madison Heights, MI | 345 | 1,911 | 447 | 349 | 2,354 | 2,703 | 483 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
1100 East Mandoline Road | Madison Heights, MI | 888 | 4,915 | 1,670 | 897 | 6,576 | 7,473 | 1,148 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
30081 Stephenson Highway | Madison Heights, MI | 271 | 1,499 | 365 | 274 | 1,861 | 2,135 | 312 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
1120 John A. Papalas Drive(l) | Lincoln Park, MI | 586 | 3,241 | 755 | 593 | 3,989 | 4,582 | 782 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
4872 S. Lapeer Road | Lake Orion Twsp, MI | 1,342 | 5,441 | 1,905 | 1,412 | 7,276 | 8,688 | 1,149 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
22701 Trolley Industrial | Taylor, MI | 795 | — | 7,492 | 849 | 7,438 | 8,287 | 1,117 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
1400 Allen Drive | Troy, MI | 209 | 1,154 | 120 | 212 | 1,271 | 1,483 | 128 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
1408 Allen Drive | Troy, MI | 151 | 834 | 171 | 153 | 1,003 | 1,156 | 137 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
1305 Stephenson Hwy | Troy, MI | 345 | 1,907 | 78 | 350 | 1,980 | 2,330 | 201 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
32505 Industrial Drive | Madison Heights, MI | 345 | 1,910 | 419 | 351 | 2,323 | 2,674 | 227 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
1799-1813 Northfield Drive(k) | Rochester Hills, MI | 481 | 2,665 | 139 | 490 | 2,795 | 3,285 | 304 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
28435 Automation Blvd.(r) | Wixom, MI | 621 | — | 3,569 | 621 | 3,569 | 4,190 | 7 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
Grand Rapids | ||||||||||||||||||||||||||||||||||||||||||||
5050 Kendrick Court(r) | Grand Rapids, MI | 1,721 | 11,433 | 4,581 | 1,721 | 16,014 | 17,735 | 4,116 | 1988/94 | (o) | ||||||||||||||||||||||||||||||||||
5015 52nd Street SE | Grand Rapids, MI | 234 | 1,321 | 144 | 234 | 1,465 | 1,699 | 381 | 1987 | (o) |
S-14
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||||||||||||
2102-2314 Edwards Street | Houston, TX | 348 | 1,973 | 978 | 382 | 2,917 | 3,299 | 716 | 1961 | (o) | ||||||||||||||||||||||||||||||||||
4545 Eastpark Drive | Houston, TX | 235 | 1,331 | 700 | 240 | 2,026 | 2,266 | 349 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
3351 Rauch St | Houston, TX | 272 | 1,541 | 251 | 278 | 1,786 | 2,064 | 371 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
3851 Yale St | Houston, TX | 413 | 2,343 | 686 | 425 | 3,017 | 3,442 | 542 | 1971 | (o) | ||||||||||||||||||||||||||||||||||
3337-3347 Rauch Street | Houston, TX | 227 | 1,287 | 316 | 233 | 1,597 | 1,830 | 375 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
8505 N Loop East | Houston, TX | 439 | 2,489 | 506 | 449 | 2,985 | 3,434 | 523 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
4749-4799 Eastpark Dr | Houston, TX | 594 | 3,368 | 1,061 | 611 | 4,412 | 5,023 | 782 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
4851 Homestead Road | Houston, TX | 491 | 2,782 | 989 | 504 | 3,758 | 4,262 | 727 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
3365-3385 Rauch Street | Houston, TX | 284 | 1,611 | 195 | 290 | 1,800 | 2,090 | 383 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
5050 Campbell Road | Houston, TX | 461 | 2,610 | 355 | 470 | 2,956 | 3,426 | 539 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
4300 Pine Timbers | Houston, TX | 489 | 2,769 | 595 | 499 | 3,354 | 3,853 | 613 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
7901 Blankenship | Houston, TX | 136 | 772 | 420 | 140 | 1,188 | 1,328 | 297 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
2500-2530 Fairway Park Drive | Houston, TX | 766 | 4,342 | 633 | 792 | 4,949 | 5,741 | 906 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
6550 Longpointe | Houston, TX | 362 | 2,050 | 491 | 370 | 2,533 | 2,903 | 493 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1815 Turning Basin Dr | Houston, TX | 487 | 2,761 | 505 | 531 | 3,222 | 3,753 | 558 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1819 Turning Basin Dr | Houston, TX | 231 | 1,308 | 522 | 251 | 1,810 | 2,061 | 290 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1805 Turning Basin Drive | Houston, TX | 564 | 3,197 | 674 | 616 | 3,819 | 4,435 | 678 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
7000 Empire Drive | Houston, TX | 450 | 2,552 | 1,147 | 452 | 3,697 | 4,149 | 893 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
9777 West Gulfbank Drive | Houston, TX | 1,217 | 6,899 | 1,525 | 1,216 | 8,425 | 9,641 | 1,726 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
9835A Genard Road | Houston, TX | 1,505 | 8,333 | 3,307 | 1,581 | 11,564 | 13,145 | 1,438 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
9835B Genard Road | Houston, TX | 245 | 1,357 | 488 | 256 | 1,834 | 2,090 | 237 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
10161 Harwin Drive | Houston, TX | 505 | 2,861 | 749 | 511 | 3,604 | 4,115 | 482 | 1979/1981 | (o) | ||||||||||||||||||||||||||||||||||
10165 Harwin Drive | Houston, TX | 218 | 1,234 | 785 | 220 | 2,017 | 2,237 | 321 | 1979/1981 | (o) | ||||||||||||||||||||||||||||||||||
10175 Harwin Drive | Houston, TX | 267 | 1,515 | 404 | 270 | 1,916 | 2,186 | 399 | 1979/1981 | (o) | ||||||||||||||||||||||||||||||||||
10325-10415 Landsbury Drive(l) | Houston, TX | 696 | 3,854 | 312 | 704 | 4,158 | 4,862 | 264 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
8705 City Park Loop | Houston, TX | 710 | 2,983 | 199 | 714 | 3,178 | 3,892 | 200 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
600 Kenrick(r) | Houston, TX | 900 | 1,791 | 32 | 913 | 1,810 | 2,723 | 15 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
Indianapolis | ||||||||||||||||||||||||||||||||||||||||||||
2900 N Shadeland Avenue | Indianapolis, IN | 2,394 | 13,565 | 2,501 | 2,057 | 16,403 | 18,460 | 3,780 | 1957/1992 | (o) | ||||||||||||||||||||||||||||||||||
2400 North Shadeland | Indianapolis, IN | 142 | 802 | 139 | 149 | 934 | 1,083 | 177 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
2402 North Shadeland | Indianapolis, IN | 466 | 2,640 | 664 | 489 | 3,281 | 3,770 | 659 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
7901 West 21st St. | Indianapolis, IN | 1,063 | 6,027 | 365 | 1,048 | 6,407 | 7,455 | 1,230 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1445 Brookville Way | Indianapolis, IN | 459 | 2,603 | 766 | 476 | 3,352 | 3,828 | 798 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
1440 Brookville Way | Indianapolis, IN | 665 | 3,770 | 521 | 685 | 4,271 | 4,956 | 925 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1240 Brookville Way | Indianapolis, IN | 247 | 1,402 | 347 | 258 | 1,738 | 1,996 | 455 | 1990 | (o) |
S-15
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Indianapolis — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
1220 Brookville Way | Indianapolis, IN | 223 | 40 | 61 | 226 | 98 | 324 | 16 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
1345 Brookville Way | Indianapolis, IN | (t) | 586 | 3,321 | 878 | 601 | 4,184 | 4,785 | 994 | 1992 | (o) | |||||||||||||||||||||||||||||||||
1350 Brookville Way | Indianapolis, IN | 205 | 1,161 | 204 | 212 | 1,358 | 1,570 | 324 | 1994 | (o) | ||||||||||||||||||||||||||||||||||
1341 Sadlier Circle E Dr | Indianapolis, IN | (c) | 131 | 743 | 449 | 136 | 1,187 | 1,323 | 290 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1322-1438 Sadlier Circle E Dr | Indianapolis, IN | (c) | 145 | 822 | 356 | 152 | 1,171 | 1,323 | 363 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1327-1441 Sadlier Circle E Dr | Indianapolis, IN | (c) | 218 | 1,234 | 402 | 225 | 1,629 | 1,854 | 436 | 1992 | (o) | |||||||||||||||||||||||||||||||||
1304 Sadlier Circle E Dr | Indianapolis, IN | (c) | 71 | 405 | 178 | 75 | 579 | 654 | 153 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1402 Sadlier Circle E Dr | Indianapolis, IN | (c) | 165 | 934 | 472 | 171 | 1,400 | 1,571 | 333 | 1970/1992 | (o) | |||||||||||||||||||||||||||||||||
1504 Sadlier Circle E Dr | Indianapolis, IN | (c) | 219 | 1,238 | 267 | 226 | 1,498 | 1,724 | 313 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1311 Sadlier Circle E Dr | Indianapolis, IN | (c) | 54 | 304 | 159 | 57 | 460 | 517 | 142 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1365 Sadlier Circle E Dr | Indianapolis, IN | (c) | 121 | 688 | 240 | 126 | 923 | 1,049 | 236 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1352-1354 Sadlier Circle E Dr | Indianapolis, IN | (c) | 178 | 1,008 | 442 | 184 | 1,444 | 1,628 | 332 | 1970/1992 | (o) | |||||||||||||||||||||||||||||||||
1335 Sadlier Circle E Dr | Indianapolis, IN | (c) | 81 | 460 | 131 | 85 | 587 | 672 | 145 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1327 Sadlier Circle E Dr | Indianapolis, IN | (c) | 52 | 295 | 72 | 55 | 364 | 419 | 89 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1425 Sadlier Circle E Dr | Indianapolis, IN | (c) | 21 | 117 | 35 | 23 | 150 | 173 | 32 | 1971/1992 | (o) | |||||||||||||||||||||||||||||||||
1230 Brookville Way | Indianapolis, IN | 103 | 586 | 54 | 109 | 634 | 743 | 141 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
6951 E 30th St | Indianapolis, IN | 256 | 1,449 | 292 | 265 | 1,732 | 1,997 | 466 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
6701 E 30th St | Indianapolis, IN | 78 | 443 | 43 | 82 | 482 | 564 | 107 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
6737 E 30th St | Indianapolis, IN | 385 | 2,181 | 417 | 398 | 2,585 | 2,983 | 660 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
1225 Brookville Way | Indianapolis, IN | 60 | — | 418 | 68 | 410 | 478 | 84 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
6555 E 30th St | Indianapolis, IN | 840 | 4,760 | 1,377 | 484 | 6,493 | 6,977 | 1,726 | 1969/1981 | (o) | ||||||||||||||||||||||||||||||||||
2432-2436 Shadeland | Indianapolis, IN | 212 | 1,199 | 438 | 230 | 1,619 | 1,849 | 413 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
8402-8440 E 33rd St | Indianapolis, IN | 222 | 1,260 | 790 | 230 | 2,042 | 2,272 | 511 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
8520-8630 E 33rd St | Indianapolis, IN | 326 | 1,848 | 646 | 336 | 2,484 | 2,820 | 587 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
8710-8768 E 33rd St | Indianapolis, IN | 175 | 993 | 466 | 187 | 1,447 | 1,634 | 351 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
3316-3346 N. Pagosa Court | Indianapolis, IN | 325 | 1,842 | 594 | 335 | 2,426 | 2,761 | 561 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
3331 Raton Court | Indianapolis, IN | 138 | 802 | 222 | 138 | 1,024 | 1,162 | 247 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
6751 E 30th St | Indianapolis, IN | 728 | 2,837 | 272 | 741 | 3,096 | 3,837 | 572 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9200 East 146th Street | Noblesville, IN | 205 | 1,221 | 1,176 | 181 | 2,421 | 2,602 | 606 | 1961/1981 | (o) | ||||||||||||||||||||||||||||||||||
6575 East 30th Street | Indianapolis, IN | 118 | — | 2,123 | 128 | 2,113 | 2,241 | 415 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
6585 East 30th Street | Indianapolis, IN | 196 | — | 3,201 | 196 | 3,201 | 3,397 | 519 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
9910 North by Northeast Blvd | Fishers, IN | 661 | 3,744 | 206 | 669 | 3,942 | 4,611 | 382 | 1994 | (o) | ||||||||||||||||||||||||||||||||||
8525 E. 33rd Street | Indianapolis, IN | 1,300 | 2,091 | 878 | 1,308 | 2,961 | 4,269 | 379 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
5705-97 Park Plaza Ct.(r) | Indianapolis, IN | (u) | 600 | 2,194 | 851 | 609 | 3,036 | 3,645 | 351 | 1977 | (o) |
S-16
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Indianapolis — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
8219 Northwest Blvd. | Indianapolis, IN | 900 | 3,081 | 358 | 902 | 3,437 | 4,339 | 206 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
8227 Northwest Blvd.(r) | Indianapolis, IN | 600 | 5,502 | 508 | 602 | 6,008 | 6,610 | 301 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
9319-9341 Castlegate Drive(r) | Indianapolis, IN | 530 | 1,235 | 821 | 544 | 2,042 | 2,586 | 162 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
9332-9350 Castlegate Drive | Indianapolis, IN | 420 | 646 | 680 | 429 | 1,317 | 1,746 | 95 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
9210 East 146th Street | Noblesville, IN | 552 | 684 | 282 | 66 | 1,452 | 1,518 | 367 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
6101-6119 Guion Road(r) | Indianapolis, IN | 400 | 661 | 325 | 405 | 981 | 1,386 | 90 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||||||||||||||||||||
6407-6419 Alondra Blvd. | Paramount, CA | 137 | 774 | 100 | 140 | 871 | 1,011 | 91 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
6423-6431 Alondra Blvd. | Paramount, CA | 115 | 650 | 53 | 118 | 700 | 818 | 83 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
15101-15141 S. Figueroa St.(k) | Los Angeles, CA | 1,163 | 6,588 | 459 | 1,175 | 7,035 | 8,210 | 762 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
21136 South Wilmington Ave | Carson, CA | 1,234 | 6,994 | 261 | 1,246 | 7,243 | 8,489 | 670 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
19914 Via Baron Way | Rancho Dominguez, CA | (d) | 1,590 | 9,010 | 226 | 1,616 | 9,210 | 10,826 | 584 | 1973 | (o) | |||||||||||||||||||||||||||||||||
14912 Shoemaker Ave | Santa Fe Springs, CA | 42 | 236 | 10 | 46 | 242 | 288 | 16 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
14920 Shoemaker Ave | Santa Fe Springs, CA | 37 | 212 | 28 | 42 | 235 | 277 | 15 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
14928 Shoemaker Ave | Santa Fe Springs, CA | 37 | 212 | 13 | 42 | 220 | 262 | 16 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
14938 Shoemaker Ave | Santa Fe Springs, CA | 37 | 212 | 10 | 42 | 217 | 259 | 14 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
14944 Shoemaker Ave | Santa Fe Springs, CA | 326 | 1,848 | 66 | 336 | 1,904 | 2,240 | 131 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
14946 Shoemaker Ave | Santa Fe Springs, CA | 275 | 1,559 | 74 | 284 | 1,624 | 1,908 | 123 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
14948 Shoemaker Ave | Santa Fe Springs, CA | 100 | 568 | 24 | 106 | 586 | 692 | 41 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
14141 Alondra Blvd. | Santa Fe Springs, CA | 2,570 | 14,565 | 3,102 | 2,598 | 17,639 | 20,237 | 962 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
12616 Yukon Ave | Hawthorne, CA | 685 | 3,884 | 94 | 696 | 3,967 | 4,663 | 246 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
3355 El Segundo Blvd(l) | Hawthorne, CA | 267 | 1,510 | 1,177 | 418 | 2,536 | 2,954 | 173 | 1959 | (o) | ||||||||||||||||||||||||||||||||||
12621 Cerise | Hawthorne, CA | 413 | 2,344 | (920 | ) | 265 | 1,572 | 1,837 | �� | 111 | 1959 | (o) | ||||||||||||||||||||||||||||||||
333 Turnbull Canyon Road | City of Industry, CA | 2,700 | 1,824 | 316 | 2,700 | 2,140 | 4,840 | 131 | 1968/1985 | (o) | ||||||||||||||||||||||||||||||||||
350-390 Manville St. | Compton, CA | 2,300 | 3,768 | 36 | 2,314 | 3,790 | 6,104 | 15 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
42374 Avenida Alvarado(l) | Temecula, CA | 797 | 4,514 | 308 | 812 | 4,807 | 5,619 | 247 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
3131 E. Harcourt Street(k) | Rancho Dominguez, CA | 1,200 | 2,780 | 56 | 1,212 | 2,824 | 4,036 | 52 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
200 West Artesia Blvd. | Compton, CA | 2,200 | 2,018 | 110 | 2,213 | 2,115 | 4,328 | 8 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
Louisville | ||||||||||||||||||||||||||||||||||||||||||||
9001 Cane Run Road | Louisville, KY | 524 | — | 5,577 | 560 | 5,541 | 6,101 | 1,201 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
9101 Cane Run Road | Louisville, KY | 973 | — | 5,753 | 608 | 6,118 | 6,726 | 586 | 2000 | (o) | ||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||
9400 NW 104th Street | Medley, FL | 3,900 | 8,472 | 56 | 3,918 | 8,510 | 12,428 | 23 | 1995 | (o) |
S-17
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Milwaukee | ||||||||||||||||||||||||||||||||||||||||||||
N25 W23050 Paul Road | Pewaukee, WI | 474 | 2,723 | 919 | 485 | 3,631 | 4,116 | 849 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
N25 W23255 Paul Road | Pewaukee, WI | 571 | 3,270 | (4 | ) | 569 | 3,268 | 3,837 | 864 | 1987 | (o) | |||||||||||||||||||||||||||||||||
N27 W23293 Roundy Drive | Pewaukee, WI | 412 | 2,837 | 56 | 420 | 2,885 | 3,305 | 746 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
6523 N Sydney Place | Glendale, WI | 172 | 976 | 210 | 176 | 1,182 | 1,358 | 274 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
8800 W Bradley | Milwaukee, WI | 375 | 2,125 | 206 | 388 | 2,318 | 2,706 | 482 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
4560 N 124th Street | Wauwatosa, WI | 118 | 667 | 85 | 129 | 741 | 870 | 140 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
4410-80 North 132nd Street | Butler, WI | 355 | — | 4,023 | 359 | 4,019 | 4,378 | 458 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
5355 South Westridge Drive | New Berlin, WI | 1,630 | 7,058 | 96 | 1,649 | 7,135 | 8,784 | 98 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
N120W18485 Freistadt Road | Germantown, WI | 700 | 3,183 | 49 | 704 | 3,228 | 3,932 | 82 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
140 N. 9000 Lilly Road | Menmonee, WI | 700 | 2,445 | 44 | 712 | 2,477 | 3,189 | 59 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
Minneapolis/ St. Paul | ||||||||||||||||||||||||||||||||||||||||||||
6507-6545 Cecilia Circle | Bloomington, MN | 357 | 1,320 | 1,146 | 386 | 2,437 | 2,823 | 1,325 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
6201 West 111th Street | Bloomington, MN | (e) | 1,358 | 8,622 | 3,756 | 1,499 | 12,237 | 13,736 | 5,265 | 1987 | (o) | |||||||||||||||||||||||||||||||||
6403-6545 Cecilia Drive | Bloomington, MN | 366 | 1,363 | 1,009 | 395 | 2,343 | 2,738 | 1,310 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
6925-6943 Washington Avenue | Edina, MN | 117 | 504 | 992 | 237 | 1,376 | 1,613 | 1,081 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
6955-6973 Washington Avenue | Edina, MN | 117 | 486 | 619 | 207 | 1,015 | 1,222 | 902 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
7251-7267 Washington Avenue | Edina, MN | 129 | 382 | 686 | 182 | 1,015 | 1,197 | 766 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
7301-7325 Washington Avenue | Edina, MN | 174 | 391 | 35 | 193 | 407 | 600 | 35 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
7101 Winnetka Avenue North | Brooklyn Park, MN | 2,195 | 6,084 | 2,928 | 2,228 | 8,979 | 11,207 | 4,637 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
7600 Golden Triangle Drive | Eden Prairie, MN | 566 | 1,394 | 1,157 | 615 | 2,502 | 3,117 | 1,335 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9901 West 74th Street | Eden Prairie, MN | 621 | 3,289 | 2,832 | 639 | 6,103 | 6,742 | 2,813 | 1983/88 | (o) | ||||||||||||||||||||||||||||||||||
12220-12222 Nicollet Avenue | Burnsville, MN | 105 | 425 | 381 | 114 | 797 | 911 | 414 | 1989/90 | (o) | ||||||||||||||||||||||||||||||||||
12250-12268 Nicollet Avenue | Burnsville, MN | 260 | 1,054 | 517 | 296 | 1,535 | 1,831 | 677 | 1989/90 | (o) | ||||||||||||||||||||||||||||||||||
12224-12226 Nicollet Avenue | Burnsville, MN | 190 | 770 | 367 | 207 | 1,120 | 1,327 | 499 | 1989/90 | (o) | ||||||||||||||||||||||||||||||||||
1030 Lone Oak Road | Eagan, MN | 456 | 2,703 | 678 | 456 | 3,381 | 3,837 | 865 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
1060 Lone Oak Road | Eagan, MN | 624 | 3,700 | 775 | 624 | 4,475 | 5,099 | 1,311 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
5400 Nathan Lane | Plymouth, MN | 749 | 4,461 | 771 | 757 | 5,224 | 5,981 | 1,519 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
10120 W 76th Street | Eden Prairie, MN | 315 | 1,804 | 1,353 | 315 | 3,157 | 3,472 | 1,054 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
7615 Golden Triangle | Eden Prairie, MN | 268 | 1,532 | 541 | 268 | 2,073 | 2,341 | 464 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
7625 Golden Triangle | Eden Prairie, MN | 415 | 2,375 | 1,060 | 415 | 3,435 | 3,850 | 813 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
2605 Fernbrook Lane North | Plymouth, MN | 443 | 2,533 | 616 | 445 | 3,147 | 3,592 | 694 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
12155 Nicollet Ave | Burnsville, MN | 286 | — | 1,902 | 288 | 1,900 | 2,188 | 555 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
6655 Wedgewood Road | Maple Grove, MN | 1,466 | 8,342 | 3,241 | 1,466 | 11,583 | 13,049 | 2,511 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
900 Apollo Road | Eagan, MN | 1,029 | 5,855 | 1,117 | 1,030 | 6,971 | 8,001 | 1,627 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
7316 Aspen Lane North | Brooklyn Park, MN | 368 | 2,156 | 726 | 377 | 2,873 | 3,250 | 659 | 1978 | (o) |
S-18
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Minneapolis/ St. Paul — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
73rd Avenue North | Brooklyn Park, MN | 504 | 2,856 | 465 | 512 | 3,313 | 3,825 | 710 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
2720 Arthur Street | Roseville, MN | 824 | 4,671 | 500 | 832 | 5,163 | 5,995 | 1,114 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
4100 Peavey Road | Chaska, MN | 399 | 2,261 | 913 | 415 | 3,158 | 3,573 | 746 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
11300 Hamshire Ave South | Bloomington, MN | 527 | 2,985 | 1,620 | 541 | 4,591 | 5,132 | 868 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
375 Rivertown Drive | Woodbury, MN | 1,083 | 6,135 | 2,689 | 1,503 | 8,404 | 9,907 | 1,560 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
5205 Highway 169 | Plymouth, MN | 446 | 2,525 | 1,129 | 740 | 3,360 | 4,100 | 884 | 1960 | (o) | ||||||||||||||||||||||||||||||||||
6451-6595 Citywest Parkway | Eden Prairie, MN | 525 | 2,975 | 1,259 | 538 | 4,221 | 4,759 | 919 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
7100-7198 Shady Oak Road | Eden Prairie, MN | 715 | 4,054 | 1,130 | 736 | 5,163 | 5,899 | 1,269 | 1982/2002 | (o) | ||||||||||||||||||||||||||||||||||
7500-7546 Washington Square | Eden Prairie, MN | 229 | 1,300 | 730 | 235 | 2,024 | 2,259 | 343 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
7550-7558 Washington Square | Eden Prairie, MN | 153 | 867 | 180 | 157 | 1,043 | 1,200 | 198 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
5240-5300 Valley Industrial Blvd S | Shakopee, MN | 362 | 2,049 | 902 | 371 | 2,942 | 3,313 | 634 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
7125 Northland Terrace | Brooklyn Park, MN | 660 | 3,740 | 896 | 767 | 4,529 | 5,296 | 889 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
6900 Shady Oak Road | Eden Prairie, MN | 310 | 1,756 | 438 | 340 | 2,164 | 2,504 | 402 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
6477-6525 City West Parkway | Eden Prairie, MN | 810 | 4,590 | 959 | 819 | 5,540 | 6,359 | 1,009 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1157 Valley Park Drive | Shakopee, MN | 760 | — | 6,143 | 888 | 6,015 | 6,903 | 810 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
500-530 Kasota Avenue SE | Minneapolis, MN | 415 | 2,354 | 1,003 | 432 | 3,340 | 3,772 | 640 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
770-786 Kasota Avenue SE | Minneapolis, MN | 333 | 1,888 | 535 | 347 | 2,409 | 2,756 | 418 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
800 Kasota Avenue SE | Minneapolis, MN | 524 | 2,971 | 736 | 597 | 3,634 | 4,231 | 650 | 1976 | �� | (o) | |||||||||||||||||||||||||||||||||
2530-2570 Kasota Avenue | St. Paul, MN | 407 | 2,308 | 817 | 465 | 3,067 | 3,532 | 720 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
1280 Energy Park Drive | St. Paul, MN | 700 | 2,779 | 23 | 705 | 2,797 | 3,502 | 39 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
9600 West 76th Street(r) | Eden Prairie, MN | 1,000 | 2,450 | 101 | 1,034 | 2,517 | 3,551 | 16 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
9700 West 76th Street | Eden Prairie, MN | 1,000 | 2,709 | 124 | 1,038 | 2,795 | 3,833 | 10 | 1984/97 | (o) | ||||||||||||||||||||||||||||||||||
7600 69th Avenue | Greenfield, MN | 1,500 | 8,328 | 1,808 | 1,510 | 10,126 | 11,636 | 214 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
2041 Wooddale Drive | Woodbury, MN | 800 | 1,142 | 70 | 832 | 1,180 | 2,012 | 7 | 1973 | (o) | ||||||||||||||||||||||||||||||||||
14755 27th Avenue North(r) | Plymouth, MN | 1,300 | 1,408 | 312 | 1,335 | 1,685 | 3,020 | 86 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
Park 2000 III(r) | Shakopee, MN | 590 | — | 4,602 | 590 | 4,602 | 5,192 | 278 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Nashville | ||||||||||||||||||||||||||||||||||||||||||||
1621 Heil Quaker Boulevard | Nashville, TN | 413 | 2,383 | 1,470 | 430 | 3,836 | 4,266 | 800 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
3099 Barry Drive | Portland, TN | 418 | 2,368 | 89 | 421 | 2,454 | 2,875 | 513 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
3150 Barry Drive | Portland, TN | 941 | 5,333 | 309 | 981 | 5,602 | 6,583 | 1,156 | 1993 | (o) | ||||||||||||||||||||||||||||||||||
5599 Highway 31 West | Portland, TN | 564 | 3,196 | 211 | 571 | 3,400 | 3,971 | 707 | 1995 | (o) | ||||||||||||||||||||||||||||||||||
1650 Elm Hill Pike | Nashville, TN | 329 | 1,867 | 172 | 332 | 2,036 | 2,368 | 428 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
1931 Air Lane Drive | Nashville, TN | 489 | 2,785 | 311 | 493 | 3,092 | 3,585 | 656 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
470 Metroplex Drive(k) | Nashville, TN | 619 | 3,507 | 1,181 | 626 | 4,681 | 5,307 | 1,046 | 1986 | (o) |
S-19
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Nashville — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
1150 Antiock Pike | Nashville, TN | 661 | 3,748 | 347 | 669 | 4,087 | 4,756 | 768 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
4640 Cummings Park | Nashville, TN | 360 | 2,040 | 239 | 365 | 2,274 | 2,639 | 344 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
556 Metroplex Drive | Nashville, TN | 227 | 1,285 | 285 | 231 | 1,566 | 1,797 | 219 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
1706 Heil Quaker Boulevard | Laverne, TN | 1,120 | 9,674 | 15 | 1,120 | 9,689 | 10,809 | 581 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
375 Belvedere Drive | Gallatin, TN | 320 | 3,179 | 24 | 323 | 3,200 | 3,523 | 18 | 1979/85 | (o) | ||||||||||||||||||||||||||||||||||
Northern New Jersey | ||||||||||||||||||||||||||||||||||||||||||||
220 Hanover Avenue | Hanover, NJ | 1,361 | 7,715 | 590 | 1,420 | 8,246 | 9,666 | 1,603 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
14 World’s Fair Drive | Franklin, NJ | 483 | 2,735 | 551 | 503 | 3,266 | 3,769 | 701 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
18 World’s Fair Drive | Franklin, NJ | 123 | 699 | 83 | 129 | 776 | 905 | 141 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
23 World’s Fair Drive | Franklin, NJ | 134 | 758 | 113 | 140 | 865 | 1,005 | 185 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
12 World’s Fair Drive | Franklin, NJ | 572 | 3,240 | 413 | 593 | 3,632 | 4,225 | 683 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
22 World’s Fair Drive | Franklin, NJ | 364 | 2,064 | 469 | 375 | 2,522 | 2,897 | 592 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
26 World’s Fair Drive | Franklin, NJ | 361 | 2,048 | 232 | 377 | 2,264 | 2,641 | 450 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
24 World’s Fair Drive | Franklin, NJ | 347 | 1,968 | 430 | 362 | 2,383 | 2,745 | 498 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
20 World’s Fair Drive Lot 13 | Sumerset, NJ | 9 | — | 2,818 | 691 | 2,136 | 2,827 | 467 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
10 New Maple Road | Pine Brook, NJ | 2,250 | 12,750 | 396 | 2,272 | 13,124 | 15,396 | 1,417 | 1973/1999 | (o) | ||||||||||||||||||||||||||||||||||
45 Route 46 | Pine Brook, NJ | 969 | 5,491 | 437 | 978 | 5,919 | 6,897 | 765 | 1974/1987 | (o) | ||||||||||||||||||||||||||||||||||
43 Route 46 | Pine Brook, NJ | 474 | 2,686 | 426 | 479 | 3,107 | 3,586 | 380 | 1974/1987 | (o) | ||||||||||||||||||||||||||||||||||
39 Route 46 | Pine Brook, NJ | 260 | 1,471 | 160 | 262 | 1,629 | 1,891 | 189 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
26 Chapin Road | Pine Brook, NJ | 956 | 5,415 | 301 | 965 | 5,707 | 6,672 | 631 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
30 Chapin Road | Pine Brook, NJ | 960 | 5,440 | 244 | 969 | 5,675 | 6,644 | 632 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
20 Hook Mountain Road | Pine Brook, NJ | 1,507 | 8,542 | 1,000 | 1,534 | 9,515 | 11,049 | 972 | 1972/1984 | (o) | ||||||||||||||||||||||||||||||||||
30 Hook Mountain Road | Pine Brook, NJ | 389 | 2,206 | 313 | 396 | 2,512 | 2,908 | 276 | 1972/1987 | (o) | ||||||||||||||||||||||||||||||||||
55 Route 46 | Pine Brook, NJ | 396 | 2,244 | 116 | 403 | 2,353 | 2,756 | 260 | 1978/1994 | (o) | ||||||||||||||||||||||||||||||||||
16 Chapin Rod | Pine Brook, NJ | 885 | 5,015 | 300 | 901 | 5,299 | 6,200 | 556 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
20 Chapin Road | Pine Brook, NJ | 1,134 | 6,426 | 333 | 1,154 | 6,739 | 7,893 | 742 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
Sayreville Lot 3 | Sayreville, NJ | 996 | — | 5,295 | 996 | 5,295 | 6,291 | 46 | 2002 | (o) | ||||||||||||||||||||||||||||||||||
Sayreville Lot 4 | Sayreville, NJ | 944 | — | 4,623 | 944 | 4,623 | 5,567 | 212 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
400 Raritan Center Parkway | Edison, NJ | 829 | 4,722 | 367 | 836 | 5,082 | 5,918 | 415 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
300 Columbus Circle | Edison, NJ | 1,257 | 7,122 | 504 | 1,269 | 7,614 | 8,883 | 631 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
400 Apgar | Franklin Township, NJ | 780 | 4,420 | 433 | 796 | 4,837 | 5,633 | 337 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
500 Apgar | Franklin Township, NJ | 361 | 2,044 | 257 | 368 | 2,294 | 2,662 | 206 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
201 Circle Dr. North | Piscataway, NJ | 840 | 4,760 | 440 | 857 | 5,183 | 6,040 | 358 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
1 Pearl Ct | Allendale, NJ | 623 | 3,528 | 253 | 649 | 3,755 | 4,404 | 211 | 1978 | (o) |
S-20
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Northern New Jersey — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
2 Pearl Ct | Allendale, NJ | 255 | 1,445 | 1,178 | 403 | 2,475 | 2,878 | 129 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
3 Pearl Ct | Allendale, NJ | 440 | 2,491 | 200 | 458 | 2,673 | 3,131 | 168 | 1978 | (o) | ||||||||||||||||||||||||||||||||||
4 Pearl Ct | Allendale, NJ | 450 | 2,550 | 499 | 469 | 3,030 | 3,499 | 188 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
5 Pearl Ct | Allendale, NJ | 505 | 2,860 | 348 | 526 | 3,187 | 3,713 | 217 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
6 Pearl Ct | Allendale, NJ | 1,160 | 6,575 | 273 | 1,177 | 6,831 | 8,008 | 383 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
7 Pearl Ct | Allendale, NJ | 513 | 2,907 | 76 | 520 | 2,976 | 3,496 | 174 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
59 Route 17 | Allendale, NJ | 518 | 2,933 | 1,016 | 539 | 3,928 | 4,467 | 205 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
309-319 Pierce Street | Somerset, NJ | 1,300 | 4,628 | 40 | 1,309 | 4,659 | 5,968 | 66 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
160 Pierce Street | Somerset, NJ | 1,510 | — | 6,011 | 1,526 | 5,995 | 7,521 | 51 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
12 Thornton Road | Oakland, NJ | 1,300 | 3,652 | 54 | 1,316 | 3,690 | 5,006 | 61 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
147 Clinton Road | West Caldwell, NJ | 2,900 | 8,726 | 83 | 2,922 | 8,787 | 11,709 | 213 | 1967/83 | (o) | ||||||||||||||||||||||||||||||||||
200 Maltese Drive | Totowa, NJ | 1,800 | 11,830 | 92 | 1,813 | 11,909 | 13,722 | 178 | 1965/75 | (o) | ||||||||||||||||||||||||||||||||||
Philadelphia | ||||||||||||||||||||||||||||||||||||||||||||
230-240 Welsh Pool Road | Exton, PA | 154 | 851 | 150 | 170 | 985 | 1,155 | 183 | 1975/1997 | (o) | ||||||||||||||||||||||||||||||||||
264 Welsh Pool Road | Exton, PA | 147 | 811 | 171 | 162 | 967 | 1,129 | 211 | 1975/1996 | (o) | ||||||||||||||||||||||||||||||||||
254 Welsh Pool Road | Exton, PA | 152 | 842 | 630 | 184 | 1,440 | 1,624 | 383 | 1975/1998 | (o) | ||||||||||||||||||||||||||||||||||
256 Welsh Pool Road | Exton, PA | 82 | 452 | 461 | 94 | 901 | 995 | 137 | 1975/1999 | (o) | ||||||||||||||||||||||||||||||||||
213 Welsh Pool Road | Exton, PA | 149 | 827 | 259 | 173 | 1,062 | 1,235 | 233 | 1975/1998 | (o) | ||||||||||||||||||||||||||||||||||
251 Welsh Pool Road | Exton, PA | 144 | 796 | 233 | 159 | 1,014 | 1,173 | 154 | 1975/1991 | (o) | ||||||||||||||||||||||||||||||||||
253-255 Welsh Pool Road | Exton, PA | 113 | 626 | 165 | 125 | 779 | 904 | 135 | 1975/1980 | (o) | ||||||||||||||||||||||||||||||||||
151-161 Philips Road | Exton, PA | 191 | 1,059 | 307 | 229 | 1,328 | 1,557 | 257 | 1975/1990 | (o) | ||||||||||||||||||||||||||||||||||
210 Philips Road | Exton, PA | 182 | 1,005 | 231 | 198 | 1,220 | 1,418 | 293 | 1975/1998 | (o) | ||||||||||||||||||||||||||||||||||
216 Philips Road | Exton, PA | 199 | 1,100 | 268 | 220 | 1,347 | 1,567 | 260 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
964 Postal Road | Lehigh, PA | 215 | 1,216 | 102 | 224 | 1,309 | 1,533 | 122 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
966 Postal Road | Lehigh, PA | 268 | 1,517 | 86 | 279 | 1,592 | 1,871 | 149 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
999 Postal Road | Lehigh, PA | 439 | 2,486 | 234 | 458 | 2,701 | 3,159 | 249 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
7331 William Avenue | Lehigh, PA | 311 | 1,764 | 122 | 325 | 1,872 | 2,197 | 174 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
7346 Penn Drive | Lehigh, PA | 413 | 2,338 | 144 | 430 | 2,465 | 2,895 | 231 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
7350 William Ave | Lehigh, PA | 552 | 3,128 | 670 | 576 | 3,774 | 4,350 | 445 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
7377 William Ave | Lehigh, PA | 290 | 1,645 | 219 | 303 | 1,851 | 2,154 | 185 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
7072 Snow Drift | Lehigh, PA | 288 | 1,632 | 334 | 300 | 1,954 | 2,254 | 179 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
2000 Cabot Boulevard West | Langhorne, PA | 414 | 2,346 | 353 | 424 | 2,689 | 3,113 | 204 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
2005 Cabot Boulevard West | Langhorne, PA | 315 | 1,785 | 175 | 322 | 1,953 | 2,275 | 144 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
2010 Cabot Boulevard West | Langhorne, PA | 513 | 2,907 | 491 | 525 | 3,386 | 3,911 | 278 | 1984 | (o) |
S-21
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Philadelphia — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
2200 Cabot Boulevard West | Langhorne, PA | 428 | 2,427 | 337 | 438 | 2,754 | 3,192 | 211 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
2260-2270 Cabot Boulevard West | Langhorne, PA | 361 | 2,044 | 393 | 369 | 2,429 | 2,798 | 198 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
3000 Cabot Boulevard West | Langhorne, PA | 509 | 2,886 | 613 | 521 | 3,487 | 4,008 | 279 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
180 Wheeler Court | Langhorne, PA | 447 | 2,533 | 132 | 458 | 2,654 | 3,112 | 197 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
2512 Metropolitan Drive | Trevose, PA | 242 | 1,369 | 200 | 248 | 1,563 | 1,811 | 111 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2510 Metropolitan Drive | Trevose, PA | 244 | 1,381 | 184 | 249 | 1,560 | 1,809 | 113 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2515 Metropolitan Drive | Trevose, PA | 259 | 1,466 | 94 | 265 | 1,554 | 1,819 | 127 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
2555 Metropolitan Drive | Trevose, PA | 347 | 1,968 | 98 | 355 | 2,058 | 2,413 | 148 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2450 Metropolitan Drive | Trevose, PA | 571 | 3,234 | 694 | 586 | 3,913 | 4,499 | 335 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
2495 Metropolitan Drive | Trevose, PA | 551 | 3,124 | 105 | 566 | 3,214 | 3,780 | 234 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
4667 Somerton Road | Trevose, PA | 637 | 3,608 | 715 | 652 | 4,308 | 4,960 | 388 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
835 Wheeler Way | Langhorne, PA | 293 | 1,658 | 472 | 319 | 2,104 | 2,423 | 190 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
14 McFadden Road | Palmer, PA | 600 | 1,349 | 63 | 625 | 1,387 | 2,012 | 14 | 1994/2000 | (o) | ||||||||||||||||||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||||||||||||||||||
1045 South Edward Drive | Tempe, AZ | 390 | 2,160 | 86 | 394 | 2,242 | 2,636 | 309 | 1976 | (o) | ||||||||||||||||||||||||||||||||||
46 N. 49th Ave | Phoenix, AZ | 301 | 1,704 | 696 | 283 | 2,418 | 2,701 | 226 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
240 N. 48th Ave | Phoenix, AZ | 510 | 1,913 | 272 | 481 | 2,214 | 2,695 | 150 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
220 N. 48th Ave | Phoenix, AZ | 530 | 1,726 | 131 | 530 | 1,857 | 2,387 | 114 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
54 N. 48th Ave | Phoenix, AZ | 130 | 625 | 40 | 131 | 664 | 795 | 40 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
64 N. 48th Ave | Phoenix, AZ | 180 | 458 | 53 | 180 | 511 | 691 | 35 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
236 N. 48th Ave | Phoenix, AZ | 120 | 322 | 33 | 120 | 355 | 475 | 23 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
10 S. 48th Ave | Phoenix, AZ | 510 | 1,687 | 168 | 512 | 1,853 | 2,365 | 118 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
115 E. Watkins St. | Phoenix, AZ | 170 | 816 | 81 | 171 | 896 | 1,067 | 55 | 1979 | (o) | ||||||||||||||||||||||||||||||||||
135 E. Watkins St. | Phoenix, AZ | 380 | 1,962 | 127 | 382 | 2,087 | 2,469 | 124 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
10220 S. 51st Street | Phoenix, AZ | 400 | 1,493 | 27 | 406 | 1,514 | 1,920 | 42 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
50 South 56th Street | Chandler, AZ | 1,200 | 3,333 | (105 | ) | 1,207 | 3,221 | 4,428 | 10 | 1991/97 | (o) | |||||||||||||||||||||||||||||||||
4625 W. McDowell Road | Phoenix, AZ | 250 | — | 2,786 | 273 | 2,763 | 3,036 | 133 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
4635 W. McDowell Road | Phoenix, AZ | 309 | — | 3,139 | 336 | 3,112 | 3,448 | 156 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
405 North 75th Avenue, Bldg. 1 | Phoenix, AZ | (i) | 700 | 5,038 | (8 | ) | 704 | 5,026 | 5,730 | 56 | 2001 | (o) | ||||||||||||||||||||||||||||||||
405 North 75th Avenue, Bldg. 2 | Phoenix, AZ | (i) | 800 | 5,285 | 30 | 804 | 5,311 | 6,115 | 61 | 2001 | (o) | |||||||||||||||||||||||||||||||||
405 North 75th Avenue, Bldg. 3 | Phoenix, AZ | (i) | 1,100 | 5,581 | 58 | 1,106 | 5,633 | 6,739 | 61 | 2001 | (o) |
S-22
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Salt Lake City | ||||||||||||||||||||||||||||||||||||||||||||
512 Lawndale Drive(n) | Salt Lake City, UT | 2,779 | 15,749 | 2,654 | 2,705 | 18,477 | 21,182 | 3,767 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
1270 West 2320 South | West Valley, UT | 138 | 784 | 178 | 143 | 957 | 1,100 | 187 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1275 West 2240 South | West Valley, UT | 395 | 2,241 | 411 | 408 | 2,639 | 3,047 | 446 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1288 West 2240 South | West Valley, UT | 119 | 672 | 157 | 123 | 825 | 948 | 169 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
2235 South 1300 West | West Valley, UT | 198 | 1,120 | 271 | 204 | 1,385 | 1,589 | 300 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1293 West 2200 South | West Valley, UT | 158 | 896 | 210 | 163 | 1,101 | 1,264 | 279 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1279 West 2200 South | West Valley, UT | 198 | 1,120 | 68 | 204 | 1,182 | 1,386 | 214 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1272 West 2240 South | West Valley, UT | 336 | 1,905 | 436 | 347 | 2,330 | 2,677 | 525 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1149 West 2240 South | West Valley, UT | 217 | 1,232 | 58 | 225 | 1,282 | 1,507 | 223 | 1986/92 | (o) | ||||||||||||||||||||||||||||||||||
1142 West 2320 South | West Valley, UT | 217 | 1,232 | 305 | 225 | 1,529 | 1,754 | 401 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
1152 West 2240 South | West Valley, UT | 2,067 | — | 3,905 | 2,114 | 3,858 | 5,972 | 965 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
369 Orange Street | Salt Lake City, UT | 600 | 2,855 | 146 | 602 | 2,999 | 3,601 | 163 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
1330 W. 3300 South Avenue | Ogden, UT | 1,100 | 2,353 | 419 | 1,100 | 2,772 | 3,872 | 228 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
12577 South 265 West Bldg. A(r) | Draper, UT | 167 | 535 | 5 | 166 | 541 | 707 | 18 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
12577 South 265 West Bldg. B(r) | Draper, UT | 470 | 1,520 | 13 | 471 | 1,532 | 2,003 | 50 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
12577 South 265 West Bldg. C | Draper, UT | 226 | 716 | 8 | 228 | 722 | 950 | 23 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
12577 South 265 West Bldg. D(r) | Draper, UT | 237 | 752 | 10 | 239 | 760 | 999 | 22 | 1996 | (o) | ||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||||||||||
9051 Siempre Viva Rd.(r) | San Diego, CA | 540 | 1,598 | 201 | 541 | 1,798 | 2,339 | 117 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9163 Siempre Viva Rd | San Diego, CA | 430 | 1,621 | 115 | 431 | 1,735 | 2,166 | 98 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9295 Siempre Viva Rd | San Diego, CA | 540 | 1,569 | 151 | 541 | 1,719 | 2,260 | 108 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9255 Customhouse Plaza | San Diego, CA | 3,230 | 11,030 | 870 | 3,234 | 11,896 | 15,130 | 754 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9375 Customhouse Plaza | San Diego, CA | 430 | 1,384 | 176 | 431 | 1,559 | 1,990 | 111 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9465 Customhouse Plaza | San Diego, CA | 430 | 1,437 | 149 | 431 | 1,585 | 2,016 | 115 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
9485 Customhouse Plaza | San Diego, CA | 1,200 | 2,792 | 245 | 1,201 | 3,036 | 4,237 | 176 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
2675 Customhouse Court | San Diego, CA | 590 | 2,082 | 138 | 591 | 2,219 | 2,810 | 131 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
Southern New Jersey | ||||||||||||||||||||||||||||||||||||||||||||
2-5 North Olnev Ave | Cherry Hill, NJ | 284 | 1,524 | 148 | 282 | 1,674 | 1,956 | 271 | 1963/85 | (o) | ||||||||||||||||||||||||||||||||||
2 Springdale Road | Cherry Hill, NJ | 127 | 701 | 111 | 126 | 813 | 939 | 132 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
4 Springdale Road(k) | Cherry Hill, NJ | 335 | 1,853 | 752 | 332 | 2,608 | 2,940 | 382 | 1963/85 | (o) | ||||||||||||||||||||||||||||||||||
8 Springdale Road | Cherry Hill, NJ | 259 | 1,436 | 691 | 258 | 2,128 | 2,386 | 330 | 1966 | (o) | ||||||||||||||||||||||||||||||||||
2050 Springdale Road | Cherry Hill, NJ | 279 | 1,545 | 1,194 | 277 | 2,741 | 3,018 | 496 | 1965 | (o) | ||||||||||||||||||||||||||||||||||
16 Springdale Road | Cherry Hill, NJ | 241 | 1,336 | 129 | 240 | 1,466 | 1,706 | 240 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
5 Esterbrook Lane | Cherry Hill, NJ | 241 | 1,336 | 235 | 240 | 1,572 | 1,812 | 250 | 1966/88 | (o) | ||||||||||||||||||||||||||||||||||
2 Pin Oak Lane | Cherry Hill, NJ | 317 | 1,757 | 715 | 314 | 2,475 | 2,789 | 397 | 1968 | (o) |
S-23
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Southern New Jersey — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
28 Springdale Road | Cherry Hill, NJ | 192 | 1,060 | 207 | 190 | 1,269 | 1,459 | 201 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
3 Esterbrook Lane | Cherry Hill, NJ | 199 | 1,102 | 464 | 198 | 1,567 | 1,765 | 248 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
4 Esterbrook Lane | Cherry Hill, NJ | 234 | 1,294 | 35 | 232 | 1,331 | 1,563 | 223 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
26 Springdale Road | Cherry Hill, NJ | 227 | 1,257 | 408 | 226 | 1,666 | 1,892 | 259 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
1 Keystone Ave | Cherry Hill, NJ | 227 | 1,223 | 978 | 218 | 2,210 | 2,428 | 385 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
21 Olnev Ave | Cherry Hill, NJ | 69 | 380 | 64 | 68 | 445 | 513 | 71 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
19 Olnev Ave | Cherry Hill, NJ | 202 | 1,119 | 1,143 | 200 | 2,264 | 2,464 | 402 | 1971 | (o) | ||||||||||||||||||||||||||||||||||
2 Keystone Ave | Cherry Hill, NJ | 216 | 1,194 | 577 | 214 | 1,773 | 1,987 | 305 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
18 Olnev Ave | Cherry Hill, NJ | 250 | 1,382 | 97 | 247 | 1,482 | 1,729 | 244 | 1974 | (o) | ||||||||||||||||||||||||||||||||||
2030 Springdale Rod | Cherry Hill, NJ | 526 | 2,914 | 1,485 | 523 | 4,402 | 4,925 | 757 | 1977 | (o) | ||||||||||||||||||||||||||||||||||
111 Whittendale Drive | Morrestown, NJ | 515 | 2,916 | 116 | 522 | 3,025 | 3,547 | 370 | 1991/96 | (o) | ||||||||||||||||||||||||||||||||||
9 Whittendale | Morrestown, NJ | 337 | 1,911 | 68 | 343 | 1,973 | 2,316 | 175 | 2000 | (o) | ||||||||||||||||||||||||||||||||||
1931 Olney Road | Cherry Hill, NJ | 262 | 1,486 | 132 | 267 | 1,613 | 1,880 | 122 | 1969 | (o) | ||||||||||||||||||||||||||||||||||
7851 Airport | Pennsauken, NJ | 160 | 508 | 388 | 163 | 893 | 1,056 | 58 | 1966 | (o) | ||||||||||||||||||||||||||||||||||
103 Central(r) | Mt. Laurel, NJ | 610 | 1,847 | 347 | 619 | 2,185 | 2,804 | 130 | 1970 | (o) | ||||||||||||||||||||||||||||||||||
7860-7870 Airport | Pennsauken, NJ | 120 | 366 | 271 | 122 | 635 | 757 | 42 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
7110-7112 Airport | Pennsauken, NJ | 110 | 178 | 193 | 112 | 369 | 481 | 29 | 1963 | (o) | ||||||||||||||||||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||||||||||||||||||||
8921-8971 Fost Avenue | Hazelwood, MO | 431 | 2,479 | 119 | 431 | 2,598 | 3,029 | 700 | 1971 | (o) | ||||||||||||||||||||||||||||||||||
9043-9083 Frost Avenue | Hazelwood, MO | 319 | 1,838 | 996 | 319 | 2,834 | 3,153 | 833 | 1970/77 | (o) | ||||||||||||||||||||||||||||||||||
2121 Chapin Industrial Drive | Vinita Park, MO | 606 | 4,384 | (3,914 | ) | 614 | 462 | 1,076 | 277 | 1969/94 | (o) | |||||||||||||||||||||||||||||||||
10431-10449 Midwest Industrial Blvd | Olivette, MO | 237 | 1,360 | 612 | 237 | 1,972 | 2,209 | 618 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
10751 Midwest Industrial Boulevard | Olivette, MO | 193 | 1,119 | 397 | 194 | 1,515 | 1,709 | 416 | 1965 | (o) | ||||||||||||||||||||||||||||||||||
6951 N Hanley(k) | Hazelwood, MO | 405 | 2,295 | 1,337 | 419 | 3,618 | 4,037 | 790 | 1965 | (o) | ||||||||||||||||||||||||||||||||||
1037 Warson — Bldg A | St. Louis, MO | 246 | 1,359 | 95 | 251 | 1,449 | 1,700 | 96 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
1037 Warson — Bldg B | St. Louis, MO | 380 | 2,103 | 102 | 388 | 2,197 | 2,585 | 145 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
1037 Warson — Bldg C | St. Louis, MO | 303 | 1,680 | 144 | 310 | 1,817 | 2,127 | 120 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
1037 Warson — Bldg D | St. Louis, MO | 353 | 1,952 | 96 | 360 | 2,041 | 2,401 | 138 | 1968 | (o) | ||||||||||||||||||||||||||||||||||
6821-6857 Hazelwood Ave | Berkeley, MO | 1,095 | 6,205 | 585 | 985 | 6,900 | 7,885 | 469 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
13701 Rider Trail North | Earth City, MO | 800 | 2,099 | 544 | 804 | 2,639 | 3,443 | 260 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
1908-2000 Innerbelt(k) | Overland, MO | 1,590 | 9,026 | 502 | 1,591 | 9,527 | 11,118 | 510 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
8449-95 Mid-County Industrial | Vinita Park, MO | 520 | 1,590 | 68 | 520 | 1,658 | 2,178 | 104 | 1988 | (o) | ||||||||||||||||||||||||||||||||||
84104-76 Mid County Industrial | Vinita Park, MO | 540 | 2,109 | 11 | 540 | 2,120 | 2,660 | 134 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
2001 Innerbelt Business Center | Overland, MO | 1,050 | 4,451 | 329 | 1,050 | 4,780 | 5,830 | 293 | 1987 | (o) |
S-24
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
St. Louis — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
4774 Park 36 Boulevard | St. Louis, MO | 1,074 | — | 6,065 | 1,075 | 6,064 | 7,139 | 169 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
1010 Turner Boulevard | St. Peters, MO | 2,520 | 3,152 | 15 | 2,520 | 3,167 | 5,687 | 194 | 1989 | (o) | ||||||||||||||||||||||||||||||||||
1600 Park 370 Place(r) | Hazelwood, MO | 892 | — | 5,699 | 892 | 5,699 | 6,591 | 344 | 2001 | (o) | ||||||||||||||||||||||||||||||||||
Tampa | ||||||||||||||||||||||||||||||||||||||||||||
6614 Adamo Drive | Tampa, FL | 177 | 1,005 | 193 | 181 | 1,194 | 1,375 | 201 | 1967 | (o) | ||||||||||||||||||||||||||||||||||
6202 Benjamin Road | Tampa, FL | 203 | 1,151 | 335 | 211 | 1,478 | 1,689 | 333 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
6204 Benjamin Road | Tampa, FL | 432 | 2,445 | 364 | 454 | 2,787 | 3,241 | 535 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
6206 Benjamin Road | Tampa, FL | 397 | 2,251 | 306 | 416 | 2,538 | 2,954 | 502 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
6302 Benjamin Road | Tampa, FL | 214 | 1,212 | 216 | 224 | 1,418 | 1,642 | 285 | 1983 | (o) | ||||||||||||||||||||||||||||||||||
6304 Benjamin Road | Tampa, FL | 201 | 1,138 | 244 | 209 | 1,374 | 1,583 | 309 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
6306 Benjamin Road | Tampa, FL | 257 | 1,457 | 206 | 269 | 1,651 | 1,920 | 320 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
6308 Benjamin Road | Tampa, FL | 345 | 1,958 | 293 | 362 | 2,234 | 2,596 | 422 | 1984 | (o) | ||||||||||||||||||||||||||||||||||
5313 Johns Road | Tampa, FL | 204 | 1,159 | 152 | 257 | 1,258 | 1,515 | 237 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
5602 Thompson Center Court | Tampa, FL | 115 | 652 | 204 | 120 | 851 | 971 | 198 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
5411 Johns Road | Tampa, FL | 230 | 1,304 | 168 | 241 | 1,461 | 1,702 | 271 | 1997 | (o) | ||||||||||||||||||||||||||||||||||
5525 Johns Road | Tampa, FL | 192 | 1,086 | 77 | 200 | 1,155 | 1,355 | 203 | 1993 | (o) | ||||||||||||||||||||||||||||||||||
5607 Johns Road | Tampa, FL | 102 | 579 | 84 | 110 | 655 | 765 | 117 | 1991 | (o) | ||||||||||||||||||||||||||||||||||
5709 Johns Road | Tampa, FL | 192 | 1,086 | 165 | 200 | 1,243 | 1,443 | 244 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5711 Johns Road | Tampa, FL | 243 | 1,376 | 185 | 255 | 1,549 | 1,804 | 329 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5453 W Waters Avenue | Tampa, FL | 71 | 402 | 107 | 82 | 498 | 580 | 95 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
5455 W Waters Avenue | Tampa, FL | 307 | 1,742 | 230 | 326 | 1,953 | 2,279 | 373 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
5553 W Waters Avenue | Tampa, FL | 307 | 1,742 | 226 | 326 | 1,949 | 2,275 | 380 | 1987 | (o) | ||||||||||||||||||||||||||||||||||
5501 W Waters Avenue | Tampa, FL | 154 | 871 | 161 | 162 | 1,024 | 1,186 | 185 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5503 W Waters Avenue | Tampa, FL | 71 | 402 | 67 | 75 | 465 | 540 | 98 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5555 W Waters Avenue | Tampa, FL | 213 | 1,206 | 126 | 221 | 1,324 | 1,545 | 243 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5557 W Waters Avenue | Tampa, FL | 59 | 335 | 39 | 62 | 371 | 433 | 68 | 1990 | (o) | ||||||||||||||||||||||||||||||||||
5463 W Waters Avenue | Tampa, FL | (g) | 497 | 2,751 | 494 | 560 | 3,182 | 3,742 | 519 | 1996 | (o) | |||||||||||||||||||||||||||||||||
5461 W Waters | Tampa, FL | 261 | — | 1,197 | 265 | 1,193 | 1,458 | 179 | 1998 | (o) | ||||||||||||||||||||||||||||||||||
5505 Johns Road #7 | Tampa, FL | 228 | — | 1,452 | 228 | 1,452 | 1,680 | 234 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
5481 W. Waters Avenue | Tampa, FL | 558 | — | 2,302 | 561 | 2,299 | 2,860 | 334 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
5905 Breckenridge Parkway | Tampa, FL | 189 | 1,070 | 133 | 191 | 1,201 | 1,392 | 118 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
5907 Breckenridge Parkway | Tampa, FL | 61 | 345 | 11 | 61 | 356 | 417 | 36 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
5909 Breckenridge Parkway | Tampa, FL | 173 | 980 | 70 | 174 | 1,049 | 1,223 | 119 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
5911 Breckenridge Parkway | Tampa, FL | 308 | 1,747 | 69 | 311 | 1,813 | 2,124 | 193 | 1982 | (o) |
S-25
Table of Contents
(s) | ||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Gross Amount Carried | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | at Close of Period 12/31/04 | |||||||||||||||||||||||||||||||||||||||||||
(b) | Acquisition or | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Completion | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Location | (a) | and Valuation | Building and | Depreciation | Year Built/ | Depreciable | ||||||||||||||||||||||||||||||||||||||
Building Address | (City/State) | Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/04 | Renovated | Lives (Years) | |||||||||||||||||||||||||||||||||
Tampa — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
5910 Breckenridge Parkway | Tampa, FL | 436 | 2,472 | 150 | 440 | 2,618 | 3,058 | 299 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
5912 Breckenridge Parkway | Tampa, FL | 460 | 2,607 | 58 | 464 | 2,661 | 3,125 | 276 | 1982 | (o) | ||||||||||||||||||||||||||||||||||
4515-4519 George Road | Tampa, FL | 633 | 3,587 | 457 | 640 | 4,037 | 4,677 | 368 | 1985 | (o) | ||||||||||||||||||||||||||||||||||
6301 Benjamin Road | Tampa, FL | 292 | 1,657 | 74 | 295 | 1,728 | 2,023 | 158 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
5723 Benjamin Road | Tampa, FL | 406 | 2,301 | 54 | 409 | 2,352 | 2,761 | 205 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
6313 Benjamin Road | Tampa, FL | 229 | 1,296 | 129 | 231 | 1,423 | 1,654 | 140 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
5801 Benjamin Road | Tampa, FL | 564 | 3,197 | 75 | 569 | 3,267 | 3,836 | 287 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
5802 Benjamin Road | Tampa, FL | 686 | 3,889 | 443 | 692 | 4,326 | 5,018 | 377 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
5925 Benjamin Road | Tampa, FL | 328 | 1,859 | 76 | 331 | 1,932 | 2,263 | 178 | 1986 | (o) | ||||||||||||||||||||||||||||||||||
6089 Johns Road | Tampa, FL | (j) | 180 | 987 | 15 | 186 | 996 | 1,182 | 4 | 1985 | (o) | |||||||||||||||||||||||||||||||||
6091 Johns Road(r) | Tampa, FL | (j) | 140 | 730 | 10 | 144 | 736 | 880 | 3 | 1986 | (o) | |||||||||||||||||||||||||||||||||
6103 Johns Road | Tampa, FL | (j) | 220 | 1,160 | 19 | 226 | 1,173 | 1,399 | 5 | 1986 | (o) | |||||||||||||||||||||||||||||||||
6201 Johns Road(r) | Tampa, FL | (j) | 200 | 1,107 | 15 | 205 | 1,117 | 1,322 | 5 | 1981 | (o) | |||||||||||||||||||||||||||||||||
6203 Johns Road(r) | Tampa, FL | (j) | 300 | 1,460 | 24 | 311 | 1,473 | 1,784 | 8 | 1987 | (o) | |||||||||||||||||||||||||||||||||
6205 Johns Road(r) | Tampa, FL | (j) | 270 | 1,363 | 22 | 278 | 1,377 | 1,655 | 5 | 2000 | (o) | |||||||||||||||||||||||||||||||||
6101 Johns Road(r) | Tampa, FL | 210 | 833 | 15 | 216 | 842 | 1,058 | 4 | 1981 | (o) | ||||||||||||||||||||||||||||||||||
2904 Falkenburg Rd.(r) | Brandon, FL | 372 | — | 1,639 | 404 | 1,607 | 2,011 | 9 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
3002 S. Falkenburg(r) | Brandon, FL | 452 | — | 841 | 325 | 968 | 1,293 | 6 | 2004 | (o) | ||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
4200 West Harry Street(l) | Wichita, KS | 193 | 2,224 | 1,777 | 532 | 3,662 | 4,194 | 1,795 | 1972 | (o) | ||||||||||||||||||||||||||||||||||
6601 S. 33rd Street | McAllen, TX | 231 | 1,276 | 244 | 233 | 1,518 | 1,751 | 321 | 1975 | (o) | ||||||||||||||||||||||||||||||||||
9601A Dessau Road | Austin, TX | 255 | — | 2,231 | 366 | 2,120 | 2,486 | 303 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
9601B Dessau Road | Austin, TX | 248 | — | 1,966 | 355 | 1,859 | 2,214 | 451 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
9601C Dessau Road | Austin, TX | 248 | — | 2,141 | 355 | 2,034 | 2,389 | 673 | 1999 | (o) | ||||||||||||||||||||||||||||||||||
555 Vista Blvd | Sparks, NV | 1,693 | 9,592 | (398 | ) | 1,093 | 9,794 | 10,887 | 629 | 1980 | (o) | |||||||||||||||||||||||||||||||||
3501 Maple Street(r) | Abilene, TX | 67 | 1,057 | 1,126 | 266 | 1,984 | 2,250 | 898 | 1980 | (o) | ||||||||||||||||||||||||||||||||||
6266 Hurt Road(r) | Horn Lake, MS | 1,825 | — | 688 | 367 | 2,126 | 2,493 | 101 | 1963 | (o) | ||||||||||||||||||||||||||||||||||
6266 Hurt Road, Building B(r) | Horn Lake, MS | — | — | 7 | — | 7 | 7 | — | 1963 | (o) | ||||||||||||||||||||||||||||||||||
6266 Hurt Road, Building C(r) | Horn Lake, MS | — | — | 14 | — | 14 | 14 | — | 1963 | (o) | ||||||||||||||||||||||||||||||||||
Redevelopments/ Developments/ Developable Land | 47,587 | 3,093 | 18,442 | 65,469 | 3,653 | 69,122 | 138 | (p) | ||||||||||||||||||||||||||||||||||||
$ | 454,261 | $ | 1,847,242 | $ | 585,873 | $ | 480,579 | $ | 2,406,797 | $ | 2,887,376 | $ | 381,297 | (q) | ||||||||||||||||||||||||||||||
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Table of Contents
NOTES:
(a) | See description of encumbrances in Note 5 to Notes to Consolidated Financial Statements. | |
(b) | Initial cost for each respective property is tangible purchase price allocated in accordance with SFAS No. 141. | |
(c) | These properties collateralize the Assumed Loan I. | |
(d) | This property collateralizes the Acquisition Mortgage Loan VIII. | |
(e) | This property collateralizes the Acquisition Mortgage Loan IX. | |
(f) | This property collateralizes the Acquisition Mortgage Loan IV. | |
(g) | This property collateralizes the Acquisition Mortgage Loan V. | |
(h) | This property collateralizes the Acquisition Mortgage Loan X. | |
(i) | These properties collateralize the Acquisition Mortgage Loan XIII. | |
(j) | These properties collateralize the Acquisition Mortgage Loan XIV. | |
(k) | Comprised of two properties. | |
(l) | Comprised of three properties. | |
(m) | Comprised of four properties. | |
(n) | Comprised of 28 properties. | |
(o) | Depreciation is computed based upon the following estimated lives: |
Buildings, Improvements | 20 to 50 years | |||
Tenant Improvements, Leasehold Improvements | Life of lease | |||
Furniture, Fixtures and Equipment | 5 to 10 years |
(p) | These properties represent developable land and redevelopments that have not been placed in service. | |
(q) | Excludes $23,092 of Construction in Progress, and includes real estate held for sale of $8,453 (Land), $45,541 (Buildings and Improvements), and $2,914 (Accumulated Depreciation). | |
(r) | Property is not in-service as of 12/31/04. | |
(s) | Improvements are net of write-off of fully depreciated assets. | |
(t) | This property collateralizes the Assumed Loan II. | |
(u) | This property collateralizes the Acquisition Mortgage Loan XII. |
At December 31, 2004, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.6 billion (excluding construction in progress.)
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Table of Contents
FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
As of December 31, 2004
The changes in total real estate assets for the three years ended December 31, 2004 are as follows:
2004 | 2003 | 2002 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance, Beginning of Year | $ | 2,738,034 | $ | 2,706,125 | $ | 2,748,835 | ||||||
Acquisition, Construction Costs and Improvements | 508,572 | 334,836 | 357,704 | |||||||||
Disposition of Assets | (313,940 | ) | (302,927 | ) | (400,414 | ) | ||||||
Write-off of Fully Depreciated Assets | (22,198 | ) | — | — | ||||||||
Balance, End of Year | $ | 2,910,468 | $ | 2,738,034 | $ | 2,706,125 | ||||||
The changes in accumulated depreciation for the three years ended December 31, 2004 are as follows:
2004 | 2003 | 2002 | ||||||||||
Balance, Beginning of Year | $ | 349,252 | $ | 310,517 | $ | 280,518 | ||||||
Depreciation for Year | 82,757 | 73,902 | 67,525 | |||||||||
Disposition of Assets | (28,514 | ) | (35,167 | ) | (37,526 | ) | ||||||
Write-off of Fully Depreciated Assets | (22,198 | ) | — | — | ||||||||
Balance, End of Year | $ | 381,297 | $ | 349,252 | $ | 310,517 | ||||||
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