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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
OR
( ) 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 333-21873
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-3924586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) 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:
NONE
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 X No .
-------- --------
FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
PAGE
----
PART I.
Item 1. Business...................................................................................... 3
Item 2. The Properties................................................................................ 7
Item 3. Legal Proceedings............................................................................. 29
Item 4. Submission of Matters to a Vote of Security Holders........................................... 29
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters......................... 30
Item 6. Selected Financial Data....................................................................... 31
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations......... 34
Item 7a. Quantitative and Qualitative Disclosures About Market Risk.................................... 45
Item 8. Financial Statements and Supplementary Data................................................... 45
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures......... 45
PART III.
Item 10. Directors and Executive Officers of the Registrant............................................ 46
Item 11. Executive Compensation........................................................................ 46
Item 12. Security Ownership of Certain Beneficial Owners and Management................................ 46
Item 13. Certain Relationships and Related Transactions................................................ 46
PART IV.
Item 14. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K.......... 47
SIGNATURES ......................................................................................................... 51
1
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, L.P.
(the "Operating Partnership") 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 Operating Partnership, are
generally identifiable by use of the words "believe", "expect", "intend",
"anticipate", "estimate", "project", or similar expressions. The Operating
Partnership'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 Operating Partnership 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 capital, interest rates,
competition, supply and demand for industrial properties in the Operating
Partnership's current and proposed market areas and 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 Operating Partnership and its business, including
additional factors that could materially affect the Operating Partnership's
financial results, is included herein and in the Operating Partnership's other
filings with the Securities and Exchange Commission.
2
PART I
ITEM 1. BUSINESS
THE COMPANY
GENERAL
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.8% ownership interest at December 31, 2001. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $350.0 million.
The Company is a real estate investment trust ("REIT") as defined in the
Internal Revenue Code. The Company's operations are conducted primarily through
the Operating Partnership. The limited partners of the Operating Partnership
own, in the aggregate, approximately a 15.2% interest in the Operating
Partnership at December 31, 2001.
The Operating Partnership is the sole member of several limited
liability companies (the "L.L.C.s") and the sole stockholder of First Industrial
Development Services, Inc., and holds at least a 99% limited partnership
interest in First Industrial Financing Partnership, L.P. (the "Financing
Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"),
First Industrial Mortgage Partnership, L.P (the "Mortgage Partnership"), First
Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial
Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis,
L.P. (the "Indianapolis Partnership"), TK-SV, LTD., and FI Development Services
L.P. (together, the "Other Real Estate Partnerships"). The Operating
Partnership, through separate wholly-owned limited liability companies in which
it is the sole member, also owns minority equity interests in, and provides
asset and property management services to, three joint ventures which invest in
industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company.
As of December 31, 2001, the Operating Partnership, the L.L.C.s and
First Industrial Development Services, Inc. (hereinafter defined as the
"Consolidated Operating Partnership") owned 812 in-service industrial
properties, containing an aggregate of approximately 52.2 million square feet of
gross leasable area ("GLA"). On a combined basis, as of December 31, 2001, the
Other Real Estate Partnerships owned 106 in-service industrial properties,
containing an aggregate of approximately 11.8 million square feet of GLA. Of the
106 industrial properties owned by the Other Real Estate Partnerships at
December 31, 2001, 21 are held by the Mortgage Partnership, 31 are held by the
Pennsylvania Partnership, 21 are held by the Securities Partnership, 20 are held
by the Financing Partnership, six are held by the Harrisburg Partnership, six
are held by the Indianapolis Partnership and one is held by TK-SV, LTD.
The Consolidated Operating Partnership 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 1,
2002, the Consolidated Operating Partnership had 294 employees.
The Consolidated Operating Partnership has grown and will seek to
continue to grow through the development and the acquisition of additional
industrial properties and through its corporate services program.
3
BUSINESS OBJECTIVES AND GROWTH PLANS
The Consolidated Operating Partnership's fundamental business objective
is to maximize the total return to its partners through increases in per unit
distributions and increases in the value of the Consolidated Operating
Partnership's properties and operations. The Consolidated Operating
Partnership's growth plans include the following elements:
- - Internal Growth. The Consolidated Operating Partnership 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 vacancies exist and maintaining
occupancy elsewhere; (iii) controlling and minimizing property
operating and general and administrative expenses; (iv) renovating
existing properties; and (v) increasing ancillary revenues from
non-real estate sources.
- - External Growth. The Consolidated Operating Partnership 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
Consolidated Operating Partnership's investment parameters and
geographic target markets; and (iii) the expansion of its properties.
- - Corporate Services. Through its corporate services program, the
Consolidated Operating Partnership builds for, purchases from, and
leases and sells industrial properties to companies that need to
improve their industrial facility networks and supply chain. The
Consolidated Operating Partnership seeks to grow this business by
targeting both large and middle market public and private companies.
BUSINESS STRATEGIES
The Consolidated Operating Partnership utilizes the following six
strategies in connection with the operation of its business:
- - Organization Strategy. The Consolidated Operating Partnership
implements its decentralized property operations strategy through the
use 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 Consolidated Operating Partnership 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 Consolidated Operating
Partnership believes the size of its portfolio enables it to realize
operating efficiencies by spreading overhead over many properties and
by negotiating quantity purchasing discounts.
- - Market Strategy. The Consolidated Operating Partnership's market
strategy is to concentrate on the Consolidated Operating Partnership's
top 25 industrial real estate markets in the United States. These 25
markets were selected based upon (i) the strength of their industrial
real estate fundamentals, including increased industrial demand
expectations from supply chain management; (ii) their history and
future outlook for continued economic growth and diversity; and (iii) a
minimum market size of 100 million square feet of industrial space. Due
to this market strategy, the Consolidated Operating Partnership plans
on exiting the markets of Cleveland, Columbus, Dayton, Des Moines,
Grand Rapids and Long Island. The Consolidated Operating Partnership
plans on exiting these markets in the next one to three years and is
projected to incur closing costs between the range of 3% to 5% of gross
sales proceeds. There can be no assurance that these properties will be
sold in this time frame or the Consolidated Operating Partnership will
incur closing costs within the range stated above. The net proceeds
from the sales of properties in these markets will be used to bolster
the Consolidated Operating Partnership's holdings in Atlanta,
Baltimore/Washington, Chicago, Cincinnati/Louisville, Dallas/Fort
Worth, Denver, Detroit, Harrisburg/Central Pennsylvania, Houston,
Indianapolis, Los Angeles, Milwaukee, Minneapolis/St. Paul, Nashville,
Northern New Jersey, Philadelphia, Phoenix, Portland, Salt Lake City,
St. Louis and Tampa and to potentially enter new markets which fit its
market strategy.
4
- - Disposition Strategy. As mentioned in the Market Strategy section
above, the Consolidated Operating Partnership is planning to exit the
markets of Cleveland, Columbus, Dayton, Des Moines, Grand Rapids and
Long Island. The Consolidated Operating Partnership also continues to
evaluate local market conditions and property-related factors in its
other markets and will consider disposition of select assets.
- - Acquisition/Development Strategy. The Consolidated Operating
Partnership's acquisition/development strategy is to concentrate on the
Consolidated Operating Partnership's top 25 markets mentioned in the
Market Strategy section above. Of the 918 properties in the
Consolidated Operating Partnership's and Other Real Estate
Partnerships' combined portfolios at December 31, 2001, 194 properties
have been developed by either the Consolidated Operating Partnership,
the Other Real Estate Partnerships, or its former management. The
Consolidated Operating Partnership will continue to leverage the
development capabilities of its management, many of whom are leading
developers in their respective markets.
- - Financing Strategy. The Consolidated Operating Partnership plans on
utilizing net sales proceeds from property sales as well as borrowings
under its $300 million unsecured line of credit to finance future
acquisitions and developments. As of March 1, 2002, the Consolidated
Operating Partnership had approximately $63.3 million available in
additional borrowings under its $300 million unsecured line of credit.
- - Leasing and Marketing Strategy. The Consolidated Operating Partnership
has an operational management strategy designed to enhance tenant
satisfaction and portfolio performance. The Consolidated Operating
Partnership pursues an active leasing strategy, which includes
aggressively marketing available space, renewing existing leases at
higher rents per square foot and seeking leases which provide for the
pass-through of property-related expenses to the tenant. The
Consolidated Operating Partnership also has local and national
marketing programs which focus on the business and brokerage
communities and national tenants.
RECENT DEVELOPMENTS
In 2001, the Consolidated Operating Partnership acquired or completed
development of 76 properties and acquired several parcels of land for a total
estimated investment of approximately $244.2 million. The Consolidated Operating
Partnership also sold 120 in-service properties, four properties that were out
of service and several parcels of land for a gross sales price of approximately
$317.6 million.
On March 19, 2001, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200.0 million of senior unsecured debt which
matures on March 15, 2011 and bears a coupon interest rate of 7.375%.
On April 5, 2001 the Consolidated Operating Partnership, through the
Operating Partnership, paid off and retired $100.0 million of its senior
unsecured debt, which was to mature on April 5, 2011 and bore a coupon interest
rate of 6.5%, for a payment of approximately $105.6 million.
On December 28, 2001, the Consolidated Operating Partnership, 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
Consolidated Operating Partnership, through a wholly-owned limited liability
company of the Operating Partnership, owns a minority equity interest in the
December 2001 Joint Venture and provides property management services to the
December 2001 Joint Venture. As of December 31, 2001, the December 2001 Joint
Venture had economic interests in seven industrial properties comprising
approximately 1.4 million square feet of GLA. These properties were purchased
from the Consolidated Operating Partnership. The Consolidated Operating
Partnership deferred 15% of the gain resulting from these sales which is equal
to the Consolidated Operating Partnership's economic interest in the December
2001 Joint Venture.
During the period January 1, 2002 through March 1, 2002, the
Consolidated Operating Partnership acquired one industrial property for a total
estimated investment of approximately $2.8 million. The Consolidated Operating
Partnership also sold three industrial properties for approximately $6.3 million
of gross proceeds.
On March 8, 2002, the Operating Partnership declared a first quarter
2002 distribution of $.68 per unit which is payable on April 22, 2002. The
Operating Partnership also declared first quarter 2002 preferred unit
distributions of $54.688 per unit on its 8 3/4% Series B Cumulative Preferred
Units, $53.906 per unit on its 8 5/8% Series C Cumulative Preferred Units,
$49.687 per unit on its 7.95% Series D Cumulative Preferred Units and $49.375
per unit on its 7.90% Series E Cumulative Preferred Units. The preferred unit
distributions are payable on April 1, 2002.
5
FUTURE PROPERTY ACQUISITIONS, DEVELOPMENTS AND PROPERTY SALES
The Consolidated Operating Partnership 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 Consolidated Operating
Partnership is currently engaged in negotiations relating to the possible
acquisition and development of certain industrial properties located in certain
of the Consolidated Operating Partnership's top 25 markets.
The Consolidated Operating Partnership makes investment decisions to
sell properties from time to time in the ordinary course of its business
activities and sell properties located in markets that the Consolidated
Operating Partnership has decided to exit. As a result, the Consolidated
Operating Partnership is currently engaged in negotiations relating to the
possible sales of certain industrial properties in the Consolidated Operating
Partnership's current portfolio.
When evaluating potential industrial property acquisitions and
developments, as well as potential industrial property sales, the Consolidated
Operating Partnership 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 Consolidated Operating Partnership to improve the
property's performance through renovation; (v) the terms of tenant leases,
including the potential for rent increases; (vi) the 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.
6
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 Consolidated Operating Partnership 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, 2001,
the occupancy rates for industrial properties in the United States have ranged
from 90.3%* to 93.3%*, with an occupancy rate of 90.3%* at December 31, 2001.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 2001, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 918 in-service properties (812 of which
were owned by the Consolidated Operating Partnership and 106 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
64.0 million square feet of GLA (52.2 million square feet of which comprised the
properties owned by the Consolidated Operating Partnership and 11.8 million
square feet of which comprised the properties owned by the Other Real Estate
Partnerships) in 24 states, with a diverse base of more than 2,600 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 rail and air transportation. The weighted average age of the
Consolidated Operating Partnership's and the Other Real Estate Partnerships'
properties on a combined basis as of December 31, 2001 was approximately 15.1
years. The Consolidated Operating Partnership and Other Real Estate Partnerships
maintain insurance on their respective properties that the Consolidated
Operating Partnership and Other Real Estate Partnerships believe is adequate.
The Consolidated Operating Partnership and the Other Real Estate
Partnerships classify their properties into five industrial categories: Light
industrial, bulk warehouse, R&D/flex, regional warehouse and manufacturing.
While some properties may have characteristics which fall under more than one
property type, the Consolidated Operating Partnership and the Other Real Estate
Partnerships have used what they believe is the most dominant characteristic to
categorize the property.
The following describes the different industrial categories:
- Light industrial properties generally 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.
- Bulk warehouse buildings generally 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.
- R&D/flex buildings generally 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.
- Regional warehouses generally are of less than 100,000 square
feet, have a ceiling height of at least 22 feet, are comprised of
5% - 15% of office space, contain less than 25% of manufacturing
space and have a land use ratio of 2:1.
- Manufacturing properties are a diverse category of buildings that
generally 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.
* SOURCE: TORTO WHEATON RESEARCH
7
The following tables summarize certain information as of December 31,
2001 with respect to the properties owned by the Consolidated Operating
Partnership, each of which is wholly-owned. Information in the tables excludes
properties under development at December 31, 2001.
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial Bulk Warehouse R&D Flex 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 538,259 10 2,521,064 8 140,538 3 293,646 4 419,600 3
Baltimore, MD 700,193 12 292,640 2 -- -- -- -- 171,000 1
Central
Pennsylvania -- -- -- -- -- -- -- -- 70,000 1
Chicago, IL 1,569,343 29 2,455,379 12 188,185 3 168,802 2 661,531 4
Cincinnati, OH 334,220 2 1,348,880 6 -- -- -- -- -- --
Cleveland, OH -- -- -- -- 102,500 1 -- -- -- --
Columbus, OH 217,612 2 1,653,534 4 -- -- -- -- 255,470 1
Dallas, TX 1,340,757 33 1,427,222 9 428,917 17 725,443 11 224,984 2
Dayton, OH 322,746 6 -- -- 20,000 1 -- -- -- --
Denver, CO 2,069,065 43 538,906 4 1,690,284 43 302,392 5 -- --
Des Moines, IA -- -- 604,708 3 -- -- -- -- -- --
Detroit, MI 2,322,352 89 643,840 6 520,770 17 783,443 18 -- --
Grand Rapids, MI 418,311 9 1,013,625 6 10,000 1 -- -- 413,500 1
Houston, TX 405,211 4 2,191,077 13 200,112 3 432,525 6 -- --
Indianapolis, IN 727,980 16 1,708,361 8 48,200 4 217,710 6 71,600 2
Long Island, NY 237,869 7 -- -- -- -- -- -- -- --
Los Angeles, CA 173,583 15 115,702 1 -- -- 129,600 2 -- --
Louisville, KY -- -- 443,500 2 -- -- -- -- -- --
Milwaukee, WI 146,061 3 100,000 1 -- -- 39,800 1 -- --
Minneapolis/St
Paul, MN 917,384 17 1,472,695 7 661,748 10 540,847 5 678,649 10
Nashville, TN 351,787 7 1,222,298 8 -- -- -- -- 109,058 1
N. New Jersey 1,208,265 26 896,788 4 633,388 15 132,152 2 -- --
Phoenix, AZ 96,845 2 -- -- -- -- -- -- -- --
Portland, OR 744,553 29 -- -- -- -- -- -- -- --
Salt Lake City, UT 592,010 40 -- -- 146,937 6 -- -- -- --
S. New Jersey 883,998 20 323,750 2 -- -- 209,300 3 22,738 1
St. Louis, MO 197,339 5 589,519 4 -- -- -- -- -- --
Tampa, FL 707,592 20 -- -- 719,305 27 113,377 2 -- --
Other (a) -- -- 333,855 4 -- -- 50,000 1 346,103 6
---------- ------- ---------- ------- ---------- ------ ---------- ------ ---------- -----
Total 17,223,335 446 21,897,343 114 5,510,884 151 4,139,037 68 3,444,233 33
========== ======= ========== ======= ========== ====== ========== ====== ========== =====
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas and West Lebanon, New Hampshire.
8
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY TOTALS
TOTALS
---------------------------------------------------------------------------
GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/01 PORTFOLIO
----------------- ---------- ---------- -------- ---------
Atlanta, GA 3,913,107 28 96% 7.5%
Baltimore, MD 1,163,833 15 92% 2.2%
Central Pennsylvania 70,000 1 100% 0.1%
Chicago, IL 5,043,240 50 91% 9.7%
Cincinnati, OH 1,683,100 8 77% 3.2%
Cleveland, OH 102,500 1 100% 0.2%
Columbus, OH 2,126,616 7 74% 4.1%
Dallas, TX 4,147,323 72 92% 7.9%
Dayton, OH 342,746 7 94% 0.7%
Denver, CO 4,600,647 95 93% 8.8%
Des Moines, IA 604,708 3 98% 1.2%
Detroit, MI 4,270,405 130 93% 8.2%
Grand Rapids, MI 1,855,436 17 89% 3.6%
Houston, TX 3,228,925 26 94% 6.2%
Indianapolis, IN 2,773,851 36 79% 5.3%
Long Island, NY 237,869 7 98% 0.5%
Los Angeles, CA 418,885 18 93% 0.8%
Louisville, KY 443,500 2 100% 0.8%
Milwaukee, WI 285,861 5 95% 0.5%
Minneapolis/St. Paul, MN 4,271,323 49 95% 8.2%
Nashville, TN 1,683,143 16 82% 3.2%
N. New Jersey 2,870,593 47 93% 5.5%
Phoenix, AZ 96,845 2 94% 0.2%
Portland, OR 744,553 29 94% 1.4%
Salt Lake City, UT 738,947 46 87% 1.4%
S. New Jersey 1,439,786 26 99% 2.8%
St. Louis, MO 786,858 9 100% 1.5%
Tampa, FL 1,540,274 49 86% 2.9%
Other (a) 729,958 11 100% 1.4%
----------- --------- ---------- ----------
Total or Average 52,214,832 812 91% 100%
=========== ========= ========== ==========
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas and West Lebanon, New Hampshire.
9
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY
The following tables summarize certain information as of December 31,
2001 with respect to the properties owned by the Other Real Estate Partnerships,
each of which is wholly-owned.
Light Industrial Bulk Warehouse R&D Flex 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 59,959 1 1,037,338 3 153,536 4 90,289 1 -- --
Baltimore, MD 65,860 1 -- -- 78,418 1 -- -- -- --
Central
Pennsylvania 383,070 4 2,643,560 12 -- -- 117,579 3 -- --
Chicago, IL 150,115 3 760,168 4 49,730 1 50,009 1 -- --
Des Moines, IA -- -- -- -- -- -- 88,000 1 -- --
Detroit, MI 353,854 7 160,035 1 33,092 2 -- -- -- --
Grand Rapids, MI 80,000 1 822,500 5 -- -- -- -- 31,750 1
Indianapolis, IN -- -- 1,988,341 6 -- -- 60,000 1 -- --
Milwaukee, WI -- -- -- -- 93,705 2 39,468 1 -- --
Minneapolis/St
Paul, MN 130,647 2 -- -- -- -- -- -- 531,750 3
Nashville, TN -- -- 160,661 1 -- -- -- -- -- --
Philadelphia, PA 466,577 16 367,720 3 36,802 2 258,190 4 56,827 2
St. Louis, MO -- -- 245,000 2 -- -- -- -- -- --
Tampa, FL -- -- -- -- 44,427 1 -- -- -- --
Other (a) 99,000 3 -- -- -- -- -- -- -- --
--------- -------- --------- -------- --------- -------- --------- -------- --------- ------
Total 1,789,082 38 8,185,323 37 489,710 13 703,535 12 620,327 6
========= ======== ========= ======== ========= ======== ========= ======== ========= ======
(a) Properties are located in Austin, Texas.
10
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
-----------------------------------------------------------------------------
GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/01 PORTFOLIO
- ------------------------------- ---------------- ----------------- ------------------- -------------
Atlanta, GA 1,341,122 9 96% 11.4%
Baltimore, MD 144,278 2 100% 1.2%
Central Pennsylvania 3,144,209 19 94% 26.7%
Chicago, IL 1,010,022 9 90% 8.6%
Des Moines, IA 88,000 1 90% 0.7%
Detroit, MI 546,981 10 99% 4.6%
Grand Rapids, MI 934,250 7 95% 7.9%
Indianapolis, IN 2,048,341 7 89% 17.4%
Milwaukee, WI 133,173 3 72% 1.1%
Minneapolis/St. Paul, MN 662,397 5 95% 5.6%
Nashville, TN 160,661 1 100% 1.4%
Philadelphia, PA 1,186,116 27 99% 10.1%
St. Louis, MO 245,000 2 100% 2.1%
Tampa, FL 44,427 1 100% 0.4%
Other (a) 99,000 3 82% 0.8%
---------- ---------- ---------- -------
Total or Average 11,787,977 106 94% 100.0%
========== ========== ========== =======
(a) Properties are located in Austin, Texas.
11
PROPERTY ACQUISITION ACTIVITY
During 2001, the Consolidated Operating Partnership completed 14
separate industrial property acquisition transactions comprising 70 in-service
industrial properties totaling approximately 3.8 million square feet of GLA at a
total purchase price of approximately $188.9 million, or $50.40 per square foot.
The Consolidated Operating Partnership also purchased numerous land parcels for
an aggregate purchase price of approximately $15.7 million. The 70 industrial
properties acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/01 ACQUISITION DATE
---------------------------- ------------ ---------- --------------------------------- ----------- -------------------
Dallas, TX (a) 25 1,255,366 Lt. Industrial/R&D Flex/Bulk 78% January 26, 2001
Whse./Reg. Whse.
Los Angeles, CA 2 129,600 Regional Warehouse 100% February 6, 2001
Los Angeles, CA (b) 11 81,134 Light Industrial 100% April 3, 2001
Chicago, IL 1 92,527 Light Industrial 81% June 15, 2001
Nashville, TN 1 43,026 Light Industrial 100% June 28, 2001
Tampa, FL 1 64,742 Light Industrial 100% June 28, 2001
Southern New Jersey 1 52,800 Light Industrial 100% June 28, 2001
Tampa, FL 6 237,949 Light Industrial/R&D Flex 79% July 2, 2001
Los Angeles, CA 1 115,702 Bulk Warehouse 77% August 8, 2001
Atlanta, GA 11 512,540 Lt. Industrial/R&D Flex/Bulk 98% August 31, 2001
Whse./Reg. Whse.
Denver, CO 5 514,102 Bulk Warehouse/ Light Industrial 93% October 1, 2001
Chicago, IL 2 396,191 Bulk Warehouse 100% October 11, 2001
Baltimore, MD 1 49,259 Light Industrial 100% November 8, 2001
N. New Jersey 2 203,252 Light Industrial/R&D Flex 57% December 31, 2001
--------- ---------
70 3,748,190
========= =========
(a) One property was sold on June 28, 2001
(b) One property was sold on September 5, 2001
During 2001, the Other Real Estate Partnerships completed two
industrial property acquisition transactions comprising nine in-service
industrial properties totaling approximately .6 million square feet of GLA at a
total purchase price of approximately $22.9 million, or $35.80 per square foot.
The nine industrial properties acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/01 ACQUISITION DATE
---------------------------- ------------ ---------- ----------------------------------- ----------- -------------------
Philadelphia, PA 8 447,642 Lt. Industrial/Bulk Whse./Reg. Whse. 100% April 18, 2001
Indianapolis, IN 1 192,000 Bulk Warehouse 100% May 8, 2001
-------- ---------
9 639,642
======== =========
12
PROPERTY DEVELOPMENT ACTIVITY
During 2001, the Consolidated Operating Partnership placed in-service
six developments totaling approximately .9 million square feet of GLA at a total
cost of approximately $39.6 million, or $42.50 per square foot. The developed
properties have the following characteristics:
OCCUPANCY PLACED IN-SERVICE
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/01 DATE
- -------------------------------------------- ---------- --------------------------- -------------- ------------------
Tampa, FL (a) 42,000 Light Industrial N/A March 30, 2001
Nashville, TN(b) 403,750 Bulk Warehouse N/A June 1, 2001
Baton Rouge, LA (c) 90,662 Light Industrial N/A June 27, 2001
New Orleans, LA (c) 253,681 Bulk Warehouse N/A June 27, 2001
Denver, CO 32,741 Bulk Warehouse 81% August 1, 2001
Phoenix, AZ (d) 109,730 Bulk Warehouse N/A October 1, 2001
---------
932,564
=========
(a) Property was sold on March 30, 2001.
(b) Property was sold on July 2, 2001.
(c) Property was sold on June 27, 2001.
(d) Property was sold on December 28, 2001.
During 2001, the Other Real Estate Partnerships placed in-service one
development totaling approximately .2 million square feet of GLA at a total cost
of approximately $8.4 million, or $52.20 per square foot. The developed property
has the following characteristics:
OCCUPANCY PLACED IN-SERVICE
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/01 DATE
- ------------------------------------------ ---------- --------------------------- -------------- ------------------
Detroit, MI 160,000 Bulk Warehouse 100% March 1, 2001
---------
160,000
=========
At December 31, 2001, the Consolidated Operating Partnership had 43
projects under development, with an estimated completion GLA of approximately
4.4 million square feet and an estimated completion cost of approximately $215.7
million. The Consolidated Operating Partnership estimates it will place in
service all of the projects in fiscal year 2002. There can be no assurance that
the Consolidated Operating Partnership will place in service these projects in
2002 or that the actual completion cost will not exceed the estimated completion
cost stated above.
At December 31, 2001, the Other Real Estate Partnerships had two
projects under development, with an estimated completion GLA of approximately .7
million square feet and an estimated completion cost of approximately $16.9
million. The Other Real Estate Partnerships estimate it will place in service
all of the projects in fiscal year 2002. There can be no assurance that the
Other Real Estate Partnerships will place in service these projects in 2002 or
that the actual completion cost will not exceed the estimated completion cost
stated above.
13
PROPERTY SALES
During 2001, the Consolidated Operating Partnership sold 120 in-service
industrial properties and four out-of-service properties totaling approximately
7.4 million square feet of GLA and several land parcels. Total gross sales
proceeds approximated $317.6 million. The 120 in-service properties and four
out-of-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- --------------------------- ----------- -------------- --------------------------------- ---------------------
Detroit, MI 1 8,760 Light Industrial January 12, 2001
Detroit, MI 1 42,060 Light Industrial February 2, 2001
Indianapolis, IN (a) 1 14,000 Light Industrial February 21, 2001
Nashville, TN 1 25,300 Light Industrial March 21, 2001
Detroit, MI 1 18,107 R&D Flex March 22, 2001
Detroit, MI 1 24,410 Light Industrial March 23, 2001
Dallas, TX 3 315,199 Bulk Warehouse/Reg. Warehouse March 23, 2001
Detroit, MI 3 335,390 R&D Flex/Bulk Whse./Reg. Whse. March 26, 2001
Houston, TX 2 38,071 Light Industrial March 26, 2001
Houston, TX 2 63,808 Light Industrial March 28, 2001
Portland, OR 3 35,000 Light Industrial March 30, 2001
St. Louis, MO 1 43,868 Light Industrial March 30, 2001
Tampa, FL 2 124,469 Light Industrial/Regional March 30, 2001
Warehouse
Milwaukee, WI 1 51,950 Light Industrial May 11, 2001
St. Louis, MO 1 75,600 Light Industrial June 5, 2001
Chicago, IL 1 49,853 Light Industrial June 13, 2001
Minneapolis, MN 1 112,083 Manufacturing June 18, 2001
Southern New Jersey 1 14,000 Light Industrial June 20, 2001
Detroit, MI 1 26,125 Bulk Warehouse June 20, 2001
Detroit, MI 1 33,300 Light Industrial June 25, 2001
Atlanta, GA 1 35,425 Light Industrial June 27, 2001
Chicago, IL 2 127,122 Light Industrial June 27, 2001
Detroit, MI 2 63,902 R&D Flex/Regional Warehouse June 27, 2001
Louisiana 23 1,425,622 Lt. Industrial/R&D Flex/Bulk June 27, 2001
Whse./Reg. Whse.
Chicago, IL 3 646,497 Light Industrial/Bulk Warehouse June 28, 2001
Milwaukee, WI 1 29,099 Light Industrial June 28, 2001
Dallas, TX 1 90,274 Regional Warehouse June 28, 2001
Nashville, TN 1 403,750 Bulk Warehouse July 2, 2001
Nashville, TN 1 122,000 Bulk Warehouse July 3, 2001
Tampa, FL 5 304,207 Bulk Warehouse/Regional July 19, 2001
Warehouse
Northern New Jersey 13 294,535 Light Industrial/Regional July 24, 2001
Warehouse
Des Moines, IA 2 274,332 Bulk Warehouse August 10, 2001
Minneapolis, MN 1 62,293 Light Industrial August 10, 2001
Milwaukee, WI 1 63,716 Light Industrial August 10, 2001
Portland, OR 1 7,500 Light Industrial August 27, 2001
Detroit, MI 1 8,480 Light Industrial August 28, 2001
Los Angeles, CA 1 7,300 Light Industrial September 5, 2001
Denver, CO 7 212,312 Light Industrial September 25, 2001
Chicago, IL 1 364,000 Manufacturing September 26, 2001
Denver, CO 2 87,995 R&D Flex September 28, 2001
Chicago, IL 1 61,548 Light Industrial October 18, 2001
Long Island, NY (a) 1 34,000 Light Industrial October 19, 2001
Long Island, NY 3 105,617 Light Industrial/Regional October 29, 2001
Warehouse
Detroit, MI 1 17,240 Manufacturing November 2, 2001
Chicago, IL 1 43,636 Manufacturing November 28, 2001
St. Louis, MO 1 66,600 Light Industrial December 14, 2001
Minneapolis, MN 2 182,560 Light Industrial/Bulk Warehouse December 20, 2001
Atlanta, GA 2 188,800 Light Industrial/Bulk Warehouse December 28, 2001
Denver, CO 1 16,444 Light Industrial December 28, 2001
Phoenix, AZ 1 109,730 Bulk Warehouse December 28, 2001
Detroit, MI 2 217,873 Light Industrial/Bulk Warehouse December 28, 2001
Minneapolis, MN (a) 2 67,255 Light Industrial December 28, 2001
Long Island, NY 7 156,078 Light Industrial December 31, 2001
-------- -------------
124 7,349,095
======== =============
(a) Properties were out-of-service when sold.
14
During 2001, the Other Real Estate Partnerships sold eight in-service
industrial properties totaling approximately 1.6 million square feet of GLA and
several land parcels. Total gross sales proceeds approximated $69.3 million. The
eight in-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- --------------------------- ----------- -------------- --------------------------------- ---------------------
Detroit, MI 1 26,400 Light Industrial March 19, 2001
Detroit, MI 1 66,395 Regional Warehouse March 29, 2001
Central Pennsylvania 1 623,832 Bulk Warehouse April 16, 2001
Des Moines, IA 3 75,072 Light Industrial May 17,2001
Milwaukee, WI 1 468,000 Manufacturing June 4, 2001
Central Pennsylvania 1 378,000 Bulk Warehouse September 27, 2001
-------- -------------
8 1,637,699
======== =============
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2002 through March 1, 2002, the
Consolidated Operating Partnership acquired one industrial property for a total
estimated investment of approximately $2.8 million. The Consolidated Operating
Partnership also sold three industrial properties for approximately $6.3 million
of gross proceeds.
During the period January 1, 2002 through March 1, 2002, the Other Real
Estate Partnerships acquired 15 industrial properties for a total estimated
investment of approximately $38.7 million. The Other Real Estate Partnerships
also sold one industrial property for approximately $.9 million of gross
proceeds.
15
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's properties as of December 31, 2001, by geographic market area.
PROPERTY LISTING
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
ATLANTA
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 6.67 111,185 74%
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 87,328 100%
4071 Southmeadow Parkway Atlanta, GA 1991 Bulk Warehouse 17.80 209,918 100%
1875 Rockdale Industrial Blvd. Conyers, GA 1966 Manufacturing 5.70 121,600 100%
3312 N. Berkeley Lake Road Duluth, GA 1969 Bulk Warehouse 52.11 1,040,296 100%
370 Great Southwest Pkway (f) Atlanta, GA 1986 Light Industrial 8.06 150,536 80%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 0%
7000 Highland Parkway Smyrna, GA 1998 Bulk Warehouse 10.00 123,808 100%
2084 Lake Industrial Court Conyers, GA 1998 Bulk Warehouse 13.74 180,000 100%
1003 Sigman Road Conyers, GA 1996 Bulk Warehouse 11.30 123,457 100%
220 Greenwood Court McDonough, GA 2000 Bulk Warehouse 26.69 504,000 100%
1255 Oakbrook Drive Norcross, GA 1984 Light Industrial 2.50 36,000 100%
1256 Oakbrook Drive Norcross, GA 1984 Light Industrial 3.48 40,504 100%
1265 Oakbrook Drive Norcross, GA 1984 Light Industrial 3.52 51,200 100%
1266 Oakbrook Drive Norcross, GA 1984 Light Industrial 3.62 30,378 100%
1275 Oakbrook Drive Norcross, GA 1986 Reg. Warehouse 4.36 62,400 100%
1280 Oakbrook Drive Norcross, GA 1986 Reg. Warehouse 4.34 46,400 100%
1300 Oakbrook Drive Norcross, GA 1986 Light Industrial 5.41 52,000 100%
1325 Oakbrook Drive Norcross, GA 1986 Light Industrial 3.53 53,120 100%
1351 Oakbrook Drive Norcross, GA 1984 R&D/Flex 3.93 36,600 69%
1346 Oakbrook Drive Norcross, GA 1985 R&D/Flex 5.52 74,538 100%
1412 Oakbrook Drive Norcross, GA 1985 R&D/Flex 2.89 29,400 100%
--------- -----
SUBTOTAL OR AVERAGE 3,913,107 96%
--------- -----
BALTIMORE
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 100%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 100%
1811 Portal Baltimore, MD 1987 Light Industrial 3.32 60,000 100%
1831 Portal Baltimore, MD 1990 Light Industrial 3.18 46,522 100%
1821 Portal Baltimore, MD 1986 Light Industrial 4.63 86,234 92%
1820 Portal Baltimore, MD (d) 1982 Bulk Warehouse 6.55 171,000 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,064 0%
8900 Yellow Brick Road Baltimore, MD 1982 Light Industrial 5.80 60,000 100%
7476 New Ridge Hanover, MD 1987 Light Industrial 18.00 71,866 86%
1328 Charwood Road Hanover, MD 1986 Bulk Warehouse 9.00 150,500 100%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,140 100%
1350 Blair Drive Odenton, MD 1991 Light Industrial 2.86 29,317 93%
1360 Blair Drive Odenton, MD 1991 Light Industrial 4.19 43,194 92%
1370 Blair Drive Odenton, MD 1991 Light Industrial 5.15 52,910 100%
9020 Mendenhall Court Columbia, MD 1981 Light Industrial 3.70 49,259 100%
--------- -----
SUBTOTAL OR AVERAGE 1,163,833 92%
--------- -----
CENTRAL PENNSYLVANIA
125 East Kensinger Drive Cranberry Township, PA 2000 Manufacturing 13.00 70,000 100%
--------- -----
SUBTOTAL OR AVERAGE 70,000 100%
--------- -----
CHICAGO
2300 Hammond Drive Schaumburg, IL 1970 Light Industrial 4.13 77,000 50%
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 204,679 84%
6750 South Sayre Avenue Bedford Park, IL 1975 Light Industrial 2.51 63,383 100%
585 Slawin Court Mount Prospect, IL 1992 R&D/Flex 3.71 38,150 100%
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%
3600 Thayer Court Aurora, IL 1989 Light Industrial 6.80 66,958 73%
736-776 Industrial Drive Elmhurst, IL 1975 Light Industrial 3.79 80,180 100%
305-311 Era Drive Northbrook, IL 1978 Light Industrial 1.82 27,549 100%
4330 South Racine Avenue Chicago, IL 1978 Manufacturing 5.57 168,000 100%
12241 Melrose Street Franklin Park, IL 1969 Light Industrial 2.47 77,301 0%
301 Alice Wheeling, IL 1965 Light Industrial 2.88 65,450 100%
410 West 169th Street South Holland, IL 1974 Bulk Warehouse 6.40 151,436 100%
16
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
CHICAGO (CONT.)
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 100%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 100%
1010-50 Sesame Street Bensenville, IL 1976 Manufacturing 8.00 252,000 100%
5555 West 70th Place Bedford Park, IL 1973 Manufacturing 2.50 41,531 100%
3200-3250 South St. Louis (f) Chicago, IL 1968 Light Industrial 8.66 74,685 100%
3110-3130 South St. Louis Chicago, IL 1968 Light Industrial 4.00 23,254 100%
7301 South Hamlin Chicago, IL 1975/86 Light Industrial 1.49 56,017 100%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 90%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 159,728 100%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 182,000 87%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
10435 Seymour Avenue Franklin Park, IL 1967 Light Industrial 1.85 53,500 43%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,574 50%
34-45 Lake Street Northlake, IL 1978 Bulk Warehouse 5.71 124,804 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,009 52%
4309 South Morgan Street Chicago, IL 1975 Manufacturing 6.91 200,000 49%
405-17 University Drive Arlington Hgts, IL 1977 Light Industrial 2.42 56,400 100%
3575 Stern Avenue St. Charles, IL 1979/1984 Reg. Warehouse 2.73 68,728 100%
3810 Stern Avenue St. Charles, IL 1985 Reg. Warehouse 4.67 100,074 100%
315 Kirk Road St. Charles, IL 1969/93/95 Bulk Warehouse 12.42 309,600 100%
550 Business Center Drive Mount Prospect, IL 1984 Light Industrial 2.26 34,596 0%
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 31,175 100%
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 Drive Mount Prospect, IL 1983 Light Industrial 2.74 33,600 100%
851 Feehanville Drive Mount Prospect, IL 1983 Light Industrial 2.87 34,875 100%
1200 Business Center Drive Mount Prospect, IL 1988/2000 Light Industrial 6.68 106,000 100%
1331 Business Center Drive Mount Prospect, IL 1985 Light Industrial 3.12 30,380 100%
1601 Feehanville Drive Mount Prospect, IL 1986/2000 R&D/Flex 6.07 64,080 100%
3627 Stern Avenue St. Charles, IL 1979 Light Industrial 1.84 30,000 100%
301-329 Airport Blvd. North Aurora, IL 1997 Light Industrial 8.05 92,527 81%
19W661 101st Street Lemont, IL 1988 Bulk Warehouse 10.94 248,791 100%
19W751 101st Street Lemont, IL 1991 Bulk Warehouse 7.13 147,400 100%
1661 Feehanville Avenue Mount Prospect, IL 1986 R&D/Flex 6.89 85,955 100%
--------- -----
SUBTOTAL OR AVERAGE 5,043,240 91%
--------- -----
CINCINNATI
9900-9970 Princeton Cincinnati, OH (a) 1970 Bulk Warehouse 10.64 185,580 63%
2940 Highland Avenue Cincinnati, OH (a) 1969/74 Bulk Warehouse 17.08 502,000 54%
4700-4750 Creek Road Blue Ash, OH (a) 1960 Light Industrial 15.32 265,000 89%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 77%
901 Pleasant Valley Drive Springboro, OH 1984 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 82%
9449 Glades Drive Hamilton, OH 1999 Bulk Warehouse 7.40 168,000 100%
--------- -----
SUBTOTAL OR AVERAGE 1,683,100 77%
--------- -----
CLEVELAND
6675 Parkland Boulevard Solon, OH 1991 R&D/Flex 10.41 102,500 100%
--------- -----
SUBTOTAL OR AVERAGE 102,500 100%
--------- -----
COLUMBUS
3800 Lockbourne Industrial Pky Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
3880 Groveport Road Obetz, OH 1986 Bulk Warehouse 43.41 705,600 74%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 51%
4300 Cemetery Road Hilliard, OH 1968 Manufacturing 62.71 255,470 100%
4115 Leap Road (f) Hilliard, OH 1977 R&D/Flex 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 17%
--------- -----
SUBTOTAL OR AVERAGE 2,126,616 74%
--------- -----
DALLAS
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 0%
12750 Perimeter Drive Dallas, TX 1979 Bulk Warehouse 6.72 178,200 72%
1324-1343 Roundtable Drive Dallas, TX 1972 Light Industrial 2.09 47,000 100%
1405-1409 Avenue II East Grand Prairie, TX 1969 Light Industrial 1.79 36,000 100%
2651-2677 Manana Dallas, TX 1966 Light Industrial 2.55 82,229 100%
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 69,761 100%
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%
17
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
DALLAS (CONT.)
12784 Perimeter Drive (g) Dallas, TX 1981 Light Industrial 4.57 95,671 82%
3000 West Commerce Dallas, TX 1980 Manufacturing 11.23 128,478 100%
3030 Hansboro Dallas, TX 1971 Bulk Warehouse 3.71 100,000 100%
5222 Cockrell Hill Dallas, TX 1973 Manufacturing 4.79 96,506 100%
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%
1017-25 Jacksboro Highway Fort Worth, TX 1970 Light Industrial 1.49 30,000 100%
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 27,500 100%
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 18,500 100%
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 20,400 100%
7331-59 Airport Freeway Richland Hills, TX 1987 R&D/Flex 2.63 37,604 92%
7338-60 Dogwood Park Richland Hills, TX 1978 R&D/Flex 1.51 26,523 100%
7450-70 Dogwood Park Richland Hills, TX 1985 Light Industrial 0.88 18,004 100%
7423-49 Airport Freeway Richland Hills, TX 1985 R&D/Flex 2.39 33,812 100%
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 83%
3330 Duncanville Road Dallas, TX 1987 Reg. Warehouse 2.20 50,560 100%
2001 100th Street Grand Prairie, TX 1973/93 Reg. Warehouse 3.50 74,106 100%
6851-6909 Snowden Road Fort Worth, TX 1985/86 Bulk Warehouse 13.00 281,200 100%
2351-2355 Merritt Drive Garland, TX 1986 R&D/Flex 5.00 16,740 43%
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 16,740 100%
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%
17919 Waterview Parkway Dallas, TX 1987 Reg. Warehouse 4.88 70,936 100%
2081 Hutton Drive (g) Carrolton, TX 1981 R&D Flex 3.73 42,170 78%
2150 Hutton Drive Carrolton, TX 1980 Light Industrial 2.50 48,325 100%
2110 Hutton Drive Carrolton, TX 1985 R&D Flex 5.83 59,528 71%
2025 McKenzie Drive Carrolton, TX 1985 Reg. Warehouse 3.81 73,556 100%
2019 McKenzie Drive Carrolton, TX 1985 Reg. Warehouse 3.93 80,780 100%
1420 Valwood Parkway-Bldg I (f) Carrolton, TX 1986 R&D Flex 3.30 40,528 81%
1620 Valwood Parkway (g) Carrolton, TX 1986 Light Industrial 6.59 103,475 69%
1505 Luna Road - Bldg II Carrolton, TX 1988 Light Industrial 1.00 16,800 100%
1625 West Crosby Road Carrolton, TX 1988 Light Industrial 4.72 87,687 100%
2029-2035 McKenzie Drive Carrolton, TX 1985 Reg. Warehouse 3.30 81,924 100%
1840 Hutton Drive (f) Carrolton, TX 1986 R&D Flex 5.83 93,132 100%
1420 Valwood Pkwy - Bldg II Carrolton, TX 1986 Light Industrial 3.32 55,625 100%
2015 McKenzie Drive Carrolton, TX 1986 Light Industrial 3.38 73,187 62%
2105 McDaniel Drive Carrolton, TX 1986 Bulk Warehouse 4.59 107,915 0%
2009 McKenzie Drive Carrolton, TX 1987 Light Industrial 3.03 66,752 100%
1505 Luna Road - Bldg I Carrolton, TX 1988 Light Industrial 2.97 49,791 96%
1505 Luna Road - Bldg III Carrolton, TX 1988 Light Industrial 3.64 58,989 100%
2104 Hutton Drive Carrolton, TX 1990 Light Industrial 1.70 24,800 100%
--------- -----
SUBTOTAL OR AVERAGE 4,147,323 92%
--------- -----
DAYTON
6094-6104 Executive Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 93%
6202-6220 Executive Boulevard Huber Heights, OH 1996 Light Industrial 3.79 64,000 100%
6268-6294 Executive Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 82%
5749-5753 Executive Boulevard Huber Heights, OH 1975 Light Industrial 1.15 12,000 100%
6230-6266 Executive Boulevard Huber Heights, OH 1979 Light Industrial 5.30 84,000 100%
2200-2224 Sandridge Road Moraine, OH 1983 Light Industrial 2.96 58,746 100%
8119-8137 Uehling Lane Dayton, OH 1978 R&D/Flex 1.15 20,000 70%
--------- -----
SUBTOTAL OR AVERAGE 342,746 94%
--------- -----
DENVER
7100 North Broadway - Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,269 76%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 91%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 82%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 93%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 81%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 65%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,767 96%
15850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 100%
18
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
DENVER (CONT.)
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 100%
700 West 48th Street Denver, CO 1984 Light Industrial 5.40 53,431 50%
702 West 48th Street Denver, CO 1984 Light Industrial 5.40 23,820 93%
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 82,120 81%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,520 87%
3390 North Peoria Street Aurora, CO 1978 R&D/Flex 1.46 22,699 100%
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 75%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 91%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 93%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,787 92%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 55,027 100%
3871 Revere Street Denver, CO 1980 Reg. Warehouse 3.19 75,265 100%
5454 Havana Street Denver, CO 1980 R&D/Flex 2.68 42,504 100%
5500 Havana Street Denver, CO 1980 R&D/Flex 2.19 34,776 42%
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 76%
5885 Stapleton Drive North Denver, CO 1985 Light Industrial 3.05 53,893 100%
5200-5280 North Broadway Denver, CO 1977 Light Industrial 1.54 31,780 100%
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%
6400 North Broadway Denver, CO 1982 Light Industrial 4.51 69,430 100%
875 Parfet Street Lakewood, CO 1975 Light Industrial 3.06 49,216 100%
4721 Ironton Street Denver, CO 1969 R&D/Flex 2.84 51,260 100%
833 Parfet Street Lakewood, CO 1974 R&D/Flex 2.57 24,800 100%
11005 West 8th Avenue Lakewood, CO 1974 Light Industrial 2.57 25,672 100%
7100 North Broadway - 7 Denver, CO 1985 R&D/Flex 2.30 24,822 82%
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 88%
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%
7025 South Revere Parkway Denver, CO 1997 R&D/Flex 3.20 59,270 100%
9500 W. 49th Street - A Wheatridge, CO 1997 Light Industrial 1.74 19,217 100%
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 29,174 100%
9500 W. 49th Street - D Wheatridge, CO 1997 Light Industrial 1.74 41,615 65%
8100 South Park Way - A Littleton, CO 1997 R&D/Flex 3.33 52,581 100%
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 59,711 100%
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 69%
1111 West Evans (A&C) Denver, CO 1986 Light Industrial 2.00 36,894 100%
1111 West Evans (B) Denver, CO 1986 Light Industrial 0.50 4,725 100%
15000 West 6th Avenue Golden, CO 1985 R&D/Flex 5.25 69,279 81%
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 78%
6547 South Racine Circle Englewood, CO 1996 Light Industrial 3.92 59,918 97%
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 91%
2370 South Trenton Way Denver, CO 1983 R&D/Flex 3.27 22,735 100%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 100%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 96%
651 Topeka Way Denver, CO 1985 R&D/Flex 4.53 24,000 88%
680 Atchinson Way Denver, CO 1985 R&D/Flex 4.53 24,000 100%
8122 South Park Lane - A Littleton, CO 1986 R&D/Flex 5.09 43,987 98%
8122 South Park Lane - B Littleton, CO 1986 Light Industrial 2.28 20,389 100%
1600 South Abilene Aurora, CO 1986 R&D/Flex 3.53 47,930 60%
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 54%
13900 East Florida Avenue Aurora, CO 1986 R&D/Flex 1.44 19,493 71%
4301 South Federal Boulevard Englewood, CO 1997 Reg. Warehouse 2.80 35,381 95%
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%
3811 Joliet Denver, CO 1977 R&D/Flex 14.24 124,290 100%
2630 West 2nd Avenue Denver, CO 1970 Light Industrial 0.50 8,260 100%
19
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
DENVER (CONT.)
2650 West 2nd Avenue Denver, CO 1970 Light Industrial 2.80 36,081 100%
14818 West 6th Avenue Bldg. A Golden, CO 1985 R&D/Flex 2.54 39,776 100%
14828 West 6th Avenue Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 57%
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 8.50 102,839 100%
10311 W. Hampden Avenue Lakewood, CO 1999 Light Industrial 4.40 52,183 93%
9197 6th Avenue Lakewood, CO 2000 Light Industrial 2.86 32,741 81%
8200 East Park Meadows Drive (f) Lone Tree, CO 1984 R&D Flex 6.60 90,219 91%
3250 Quentin (f) Aurora, CO 1984/2000 Light Industrial 8.90 144,464 100%
11585 E. 53rd Ave. (f) Denver, CO 1984 Bulk Warehouse 15.10 335,967 100%
10500 East 54th Ave. (g) Denver, CO 1986 Light Industrial 9.12 178,135 81%
--------- -----
SUBTOTAL OR AVERAGE 4,600,647 93%
--------- -----
DES MOINES
4121 McDonald Avenue Des Moines, IA 1977 Bulk Warehouse 11.02 177,431 100%
4141 McDonald Avenue Des Moines, IA 1976 Bulk Warehouse 11.03 263,196 96%
4161 McDonald Avenue Des Moines, IA 1979 Bulk Warehouse 11.02 164,081 100%
--------- -----
SUBTOTAL OR AVERAGE 604,708 98%
--------- -----
DETROIT
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%
800 Stephenson Highway Troy, MI 1979 R&D/Flex 4.39 48,200 100%
1035 Crooks Road Troy, MI 1980 Light Industrial 1.74 23,320 0%
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%
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 28,750 100%
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%
1921 Northwood Drive Troy, MI 1977 Light Industrial 2.33 42,000 100%
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 31,047 100%
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%
23290 Commerce Drive Farmington Hills, MI 1980 Reg. Warehouse 2.56 42,930 100%
23370 Commerce Drive Farmington Hills, MI 1980 Light Industrial 0.67 8,741 100%
21477 Bridge Street Southfield, MI 1986 Light Industrial 3.10 41,500 93%
32450 N. Avis Drive Madison Heights, MI 1974 Light Industrial 3.23 55,820 100%
20
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
DETROIT (CONT.)
32200 N. Avis Drive Madison Heights, MI 1973 Light Industrial 6.15 88,700 100%
11866 Hubbard Livonia, MI 1979 Light Industrial 2.32 41,380 100%
12050-12300 Hubbard (f) Livonia, MI 1981 Light Industrial 6.10 85,086 100%
38220 Plymouth Livonia, MI 1988 Bulk Warehouse 13.14 145,232 100%
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 38%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 100%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 50%
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 88%
28421-28449 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,285 75%
28451-28479 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,280 88%
28825-28909 Highland Rd Romulus, MI 1981 Light Industrial 2.53 29,284 84%
28933-29017 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
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 44%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 75%
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 95%
26980 Trolley Industrial Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
12050-12200 Farmington Road Livonia, MI 1973 Light Industrial 1.34 25,470 80%
33200 Capitol Avenue Livonia, MI 1977 Light Industrial 2.16 40,000 100%
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 37,875 100%
32920 Capitol Avenue Livonia, MI 1973 Reg. Warehouse 0.47 8,000 100%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 0%
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%
34005 Schoolcraft Road Livonia, MI 1981 Light Industrial 1.70 26,100 100%
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 18,000 100%
33025 Industrial Road Livonia, MI 1980 Light Industrial 1.02 6,250 100%
2002 Stephenson Highway Troy, MI 1986 R&D/Flex 1.42 21,850 100%
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%
32995 Industrial Road Livonia, MI 1983 Light Industrial 1.11 14,280 100%
12874 Westmore Avenue Livonia, MI 1984 Light Industrial 1.01 16,000 100%
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%
9800 Chicago Road Troy, MI 1985 Light Industrial 1.09 14,280 100%
1840 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 2.42 33,240 100%
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 26,709 100%
800 Chicago Road Troy, MI 1985 Light Industrial 1.48 24,340 0%
850 Chicago Road Troy, MI 1984 Light Industrial 0.97 16,049 100%
2805 S. Industrial Highway Ann Arbor, MI 1990 R&D/Flex 1.70 24,458 58%
6833 Center Drive Sterling Heights, MI 1998 Reg. Warehouse 4.42 66,132 0%
22731 Newman Street Dearborn, MI 1985 R&D/Flex 2.31 48,000 54%
32201 North Avis Drive Madison Heights, MI 1974 R&D/Flex 4.19 50,000 0%
21
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/01
---------------- ---------- ------------ --------- ------------- ------- --- --------
DETROIT (CONT.)
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 (g) Lincoln Park, MI 1985 Light Industrial 10.30 120,410 100%
4872 S. Lapeer Road Lake Orion Twsp, MI 1999 Bulk Warehouse 9.58 125,605 100%
775 James L. Hart Parkway Ypsilanti, MI 1999 Reg. Warehouse 7.65 55,535 100%
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 (f) Rochester Hills, MI 1980 Light Industrial 4.22 67,360 100%
--------- -----
SUBTOTAL OR AVERAGE 4,270,405 93%
--------- -----
GRAND RAPIDS
284th Street SW Byron Center, MI 1986 Light Industrial 3.01 30,000 67%
100 84th Street SW Byron Center, MI 1979 Light Industrial 4.20 81,000 57%
511 76th Street SW Grand Rapids, MI 1986 Bulk Warehouse 14.44 202,500 94%
553 76th Street SW Grand Rapids, MI 1985 R&D/Flex 1.16 10,000 100%
555 76th Street SW Grand Rapids, MI 1987 Bulk Warehouse 12.50 200,000 100%
2935 Walkent Court NW Grand Rapids, MI 1991 Light Industrial 4.00 64,961 100%
3300 Kraft Avenue SE Grand Rapids, MI 1987 Bulk Warehouse 14.00 200,000 100%
3366 Kraft Avenue SE Grand Rapids, MI