Back to GetFilings.com
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, 2002
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 ( ).
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). 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............................................................................ 28
Item 4. Submission of Matters to a Vote of Security Holders.......................................... 28
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters........................ 29
Item 6. Selected Financial Data...................................................................... 30
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations........ 33
Item 7a. Quantitative and Qualitative Disclosures About Market Risk................................... 46
Item 8. Financial Statements and Supplementary Data.................................................. 46
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures........ 46
PART III.
Item 10. Directors and Executive Officers of the Registrant........................................... 47
Item 11. Executive Compensation....................................................................... 47
Item 12. Security Ownership of Certain Beneficial Owners and Management............................... 47
Item 13. Certain Relationships and Related Transactions............................................... 47
Item 14. Controls and Procedures...................................................................... 47
PART IV.
Item 15. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K......... 48
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, potential environmental liabilities, slippage
in development or lease-up schedules, tenant credit risks, higher-than-expected
costs 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 85.0% ownership interest at December 31, 2002. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $250.0 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 15.0% interest in the Operating
Partnership at December 31, 2002.
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, 2002, the Operating Partnership, the L.L.C.s and
First Industrial Development Services, Inc. (hereinafter defined as the
"Consolidated Operating Partnership") owned 798 in-service industrial
properties, containing an aggregate of approximately 49.9 million square feet of
gross leasable area ("GLA"). On a combined basis, as of December 31, 2002, the
Other Real Estate Partnerships owned 110 in-service industrial properties,
containing an aggregate of approximately 10.1 million square feet of GLA. Of the
110 industrial properties owned by the Other Real Estate Partnerships at
December 31, 2002, 16 are held by the Mortgage Partnership, 45 are held by the
Pennsylvania Partnership, 16 are held by the Securities Partnership, 19 are held
by the Financing Partnership, eight are held by the Harrisburg Partnership, five
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 7,
2003, the Consolidated Operating Partnership had 322 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.
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 or furnished with the SEC. In addition, the Company has
prepared supplemental financial and operating information which is available
without charge on the Company's website or upon request to the Company. Please
direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
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 among many properties and
by negotiating quantity purchasing discounts.
- - Market Strategy. The Consolidated Operating Partnership's market
strategy is to concentrate on the top industrial real estate markets
in the United States. These top industrial real estate 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 from supply chain management;
(ii) the history and future outlook for continued economic growth and
diversity; and (iii) a minimum market size of 100 million square feet
of industrial space.
- - Disposition Strategy. The Consolidated Operating Partnership continues
to evaluate local market conditions and property-related factors in all
of its markets and will consider disposition of select assets.
- - Acquisition/Development Strategy. The Consolidated Operating
Partnership's acquisition/development strategy is to concentrate on the
top industrial real estate markets in the United States. Of the 908
properties in the Consolidated Operating Partnership's and Other Real
4
Estate Partnerships' combined portfolios at December 31, 2002, 168
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 7, 2003, the Consolidated
Operating Partnership had approximately $91.7 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, seeking to renew existing
leases at higher rents per square foot and seeking leases which provide
for the pass-through of property-related expenses to the tenant. The
Consolidated Operating Partnership also has local and national
marketing programs which focus on the business and real estate
brokerage communities and national tenants.
RECENT DEVELOPMENTS
In 2002, the Consolidated Operating Partnership acquired or completed
development of 84 properties and acquired several parcels of land for a total
estimated investment of approximately $298.4 million. The Consolidated Operating
Partnership also sold 92 in-service properties, four properties that were out of
service and several parcels of land for a gross sales price of approximately
$386.1 million.
On April 1, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of
approximately $5.8 million which bears interest at a fixed rate of 8.26%,
provides for monthly principal and interest payments based on a 22-year
amortization schedule and matures on December 1, 2019.
On April 1, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of
approximately $6.0 million which bears interest at a fixed rate of 8.26%,
provides for monthly principal and interest payments based on a 22-year
amortization schedule and matures on December 1, 2019.
On June 14, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, paid off and retired its $.7 million mortgage loan which
bore interest at 8.00%, provided for interest-only payments prior to maturity
and was to mature 180 days after the completion of a contingent event relating
to the environmental status of the property collateralizing the loan.
On July 2, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, paid off and retired its $1.0 million mortgage loan which
bore interest at 8.875%, provided for monthly principal and interest payments
based on a 20-year amortization schedule and was to mature November 1, 2006.
On October 1, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, paid off and retired its $36.8 million mortgage loan
which bore interest at 7.50%, provided for monthly principal and interest
payments based on a 25-year amortization schedule and was to mature on April 1,
2003.
On December 4, 2002, the Consolidated Operating Partnership, through
the Operating Partnership, paid off and retired its $3.6 million mortgage loan
which bore interest at 8.875%, provided for monthly principal and interest
payments based on a 20-year amortization schedule and was to mature on June 1,
2003.
On April 15, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200.0 million of senior unsecured debt which
matures on April 15, 2012 and bears a coupon interest rate of 6.875%.
5
On April 15, 2002, the Consolidated Operating Partnership, through the
Operating Partnership, issued $50.0 million of senior unsecured debt which
matures on April 15, 2032 and bears a coupon interest rate of 7.75%.
The Consolidated Operating Partnership received redemption notices from
holders representing approximately $84.9 million of the Company's $100.0 million
senior unsecured debt which was to mature on May 15, 2027 and bore a coupon
interest rate of 7.15% (the "2027 Notes"). On May 15, 2002, the Consolidated
Operating Partnership paid off and retired $84.9 million of the 2027 Notes.
On September 27, 2002, the Consolidated Operating Partnership, through
the Operating Partnership, amended and restated its $300.0 million unsecured
line of credit. The Consolidated Operating Partnership's unsecured line of
credit matures on September 30, 2005 and bears interest at a floating rate of
LIBOR plus .70%, or the Prime Rate, at the Consolidated Operating Partnership's
election.
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. The Operating Partnership repurchased general
partnership units from the Company in the same amount.
During the period January 1, 2003 through March 7, 2003, the
Consolidated Operating Partnership acquired or completed development of two
industrial properties for a total estimated investment of approximately $26.7
million. The Consolidated Operating Partnership also sold five industrial
properties and one land parcel for approximately $11.8 million of gross proceeds
during this period.
From January 1, 2003 to March 7, 2003, the Company repurchased 37,300
shares of its common stock at a weighted average price of approximately $26.73
per share. The Operating Partnership repurchased general partnership units from
the Company in the same amount.
On March 5, 2003, the Operating Partnership declared a first quarter
2003 distribution of $.685 per unit which is payable on April 21, 2003. The
Operating Partnership also declared first quarter 2003 preferred unit
distributions of $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, respectively,
totaling, in the aggregate, approximately $5.0 million, which is payable on
March 31, 2003.
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 the
United States.
The Consolidated Operating Partnership also sells properties based on
market conditions and property related factors. 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, 2002,
the occupancy rates for industrial properties in the United States have ranged
from 88.8%* to 93.4%*, with an occupancy rate of 88.8%* at December 31, 2002.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 2002, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 908 in-service properties (798 of which
were owned by the Consolidated Operating Partnership and 110 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
60.0 million square feet of GLA (49.9 million square feet of which comprised the
properties owned by the Consolidated Operating Partnership and 10.1 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 2,500 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
Consolidated Operating Partnership's and the Other Real Estate Partnerships'
properties on a combined basis as of December 31, 2002 was approximately 17
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,
2002 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, 2002.
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial R&D Flex Bulk Warehouse
------------------------ ---------------------- -------------------------
Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties
- ------------------ ---------- ---------- --------- ---------- ---------- ----------
Atlanta, GA 538,259 10 140,538 3 2,425,734 7
Baltimore, MD 700,193 12 -- -- 292,659 2
Central Pennsylvania -- -- -- -- -- --
Chicago, IL 1,579,631 28 197,354 3 2,177,556 10
Cincinnati, OH 334,220 2 -- -- 1,348,880 6
Columbus, OH 217,612 2 -- -- 947,934 3
Dallas, TX 1,866,246 50 492,540 20 1,442,188 9
Dayton, OH 322,746 6 20,000 1 -- --
Denver, CO 1,837,873 38 1,607,297 41 538,906 4
Detroit, MI 2,166,682 86 402,720 14 498,608 5
Grand Rapids, MI 61,250 1 -- -- -- --
Houston, TX 536,211 7 200,112 3 1,939,227 12
Indianapolis, IN 767,980 17 48,200 4 1,318,701 7
Los Angeles, CA 242,336 17 68,672 3 976,597 4
Louisville, KY -- -- -- -- 443,500 2
Milwaukee, WI 146,061 3 -- -- 100,000 1
Minneapolis/St. Paul, MN 917,831 17 661,405 10 1,472,695 7
Nashville, TN 301,865 6 -- -- 1,645,798 9
N. New Jersey 1,510,436 29 564,008 13 1,122,360 6
Phoenix, AZ 38,560 1 -- -- -- --
Portland, OR 635,825 24 -- -- -- --
Salt Lake City, UT 592,010 40 146,937 6 -- --
S. New Jersey 980,828 22 -- -- 323,750 2
St. Louis, MO 466,969 7 -- -- 410,719 3
Tampa, FL 607,592 19 692,589 26 -- --
Other (a) -- -- -- -- 333,855 4
---------- --- --------- --- ---------- ------
Total 17,369,216 444 5,242,372 147 19,759,667 103
========== === ========= === ========== ======
Regional Warehouse Manufacturing
---------------------- -----------------------
Number of Number of
Metropolitan Area GLA Properties GLA Properties
- ------------------ --------- ---------- --------- ----------
Atlanta, GA 293,646 4 298,000 2
Baltimore, MD -- -- 171,000 1
Central Pennsylvania -- -- 70,000 1
Chicago, IL 168,802 2 461,531 3
Cincinnati, OH -- -- -- --
Columbus, OH -- -- 255,470 1
Dallas, TX 795,077 12 224,984 2
Dayton, OH -- -- -- --
Denver, CO 480,549 8 -- --
Detroit, MI 783,443 18 -- --
Grand Rapids, MI -- -- 413,500 1
Houston, TX 365,960 5 -- --
Indianapolis, IN 217,710 6 71,600 2
Los Angeles, CA 276,284 6 -- --
Louisville, KY -- -- -- --
Milwaukee, WI -- -- -- --
Minneapolis/St. Paul, MN 550,846 5 678,649 10
Nashville, TN -- -- 109,058 1
N. New Jersey 58,585 1 -- --
Phoenix, AZ 82,288 1 -- --
Portland, OR -- -- -- --
Salt Lake City, UT -- -- -- --
S. New Jersey 209,300 3 22,738 1
St. Louis, MO -- -- -- --
Tampa, FL 41,377 1 -- --
Other (a) 50,000 1 346,103 6
--------- ------ --------- ------
Total 4,373,867 73 3,122,633 31
========= ====== ========= ======
(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 12/31/02 PORTFOLIO
- ------------------------ ------------ -------------- -------------------- --------------
Atlanta, GA 3,696,177 26 95% 7.4%
Baltimore, MD 1,163,852 15 90% 2.3%
Central Pennsylvania 70,000 1 100% 0.1%
Chicago, IL 4,584,874 46 88% 9.2%
Cincinnati, OH 1,683,100 8 88% 3.4%
Columbus, OH 1,421,016 6 93% 2.8%
Dallas, TX 4,821,035 93 90% 9.7%
Dayton, OH 342,746 7 91% 0.7%
Denver, CO 4,464,625 91 90% 8.9%
Detroit, MI 3,851,453 123 90% 7.7%
Grand Rapids, MI 474,750 2 100% 1.0%
Houston, TX 3,041,510 27 89% 6.1%
Indianapolis, IN 2,424,191 36 82% 4.9%
Los Angeles, CA 1,563,889 30 93% 3.1%
Louisville, KY 443,500 2 89% 0.9%
Milwaukee, WI 246,061 4 100% 0.5%
Minneapolis/St. Paul, MN 4,281,426 49 87% 8.6%
Nashville, TN 2,056,721 16 84% 4.1%
N. New Jersey 3,255,389 49 91% 6.5%
Phoenix, AZ 120,848 2 68% 0.2%
Portland, OR 635,825 24 95% 1.3%
Salt Lake City, UT 738,947 46 84% 1.5%
S. New Jersey 1,536,616 28 93% 3.1%
St. Louis, MO 877,688 10 88% 1.8%
Tampa, FL 1,341,558 46 85% 2.7%
Other (a) 729,958 11 83% 1.5%
----------- -------- ---------- --------
Total or Average 49,867,755 798 89% 100.0%
=========== ======== ========== ========
(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,
2002 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 Number Number Number Number
of of of of 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 1,089,486 6 -- -- 117,579 3 -- --
Chicago, IL 108,692 2 444,336 2 49,730 1 50,009 1 -- --
Des Moines, IA -- -- -- -- -- -- 88,000 1 -- --
Detroit, MI 353,854 7 160,035 1 33,092 2 -- -- -- --
Indianapolis, IN -- -- 1,862,321 5 -- -- 60,000 1 -- --
Los Angeles, CA 86,084 3 -- -- 18,921 4 -- -- -- --
Milwaukee, WI -- -- -- -- 93,705 2 39,468 1 -- --
Minneapolis/St
Paul, MN 130,647 2 -- -- -- -- -- -- 532,080 3
Nashville, TN -- -- 160,661 1 -- -- -- -- -- --
Philadelphia, PA 1,185,246 27 257,720 2 128,059 5 258,190 4 56,827 2
St. Louis, MO -- -- 245,000 2 -- -- -- -- -- --
Tampa, FL -- -- -- -- 44,427 1 -- -- -- --
Other (a) 99,000 3 490,500 1 -- -- -- -- -- --
--------- ------ --------- ------ ------- ------ ------- ------ ------- ------
Total 2,472,412 50 5,747,397 23 599,888 20 703,535 12 588,907 5
========= ====== ========= ====== ======= ====== ======= ====== ======= ======
(a) Properties are located in Austin, Texas and Sparks, Nevada.
10
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
-----------------------------------------------------------------------
GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/02 PORTFOLIO
- ------------------------ ---------------- --------------- ------------------ ------------
Atlanta, GA 1,341,122 9 98% 13.3%
Baltimore, MD 144,278 2 87% 1.4%
Central Pennsylvania 1,590,135 13 71% 15.7%
Chicago, IL 652,767 6 82% 6.5%
Des Moines, IA 88,000 1 90% 0.9%
Detroit, MI 546,981 10 100% 5.4%
Indianapolis, IN 1,922,321 6 99% 19.0%
Los Angeles, CA 105,005 7 92% 1.0%
Milwaukee, WI 133,173 3 72% 1.3%
Minneapolis/St. Paul, MN 662,727 5 92% 6.6%
Nashville, TN 160,661 1 100% 1.6%
Philadelphia, PA 1,886,042 40 94% 18.7%
St. Louis, MO 245,000 2 85% 2.4%
Tampa, FL 44,427 1 91% 0.4%
Other (a) 589,500 4 97% 5.8%
--------------- -------- ---------- --------
Total or Average 10,112,139 110 91% 100.0%
=============== ======== ========== ========
(a) Properties are located in Austin, Texas and Sparks, Nevada.
11
PROPERTY ACQUISITION ACTIVITY
During 2002, the Consolidated Operating Partnership acquired 67
in-service industrial properties totaling approximately 4.2 million square feet
of GLA at a total purchase price of approximately $179.6 million, or $42.81 per
square foot. The Consolidated Operating Partnership also purchased numerous land
parcels for an aggregate purchase price of approximately $2.0 million. The 67
industrial properties acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/02
- ---------------------------- ---------- --------- --------------------------------- ------------
Chicago, IL 1 50,050 Light Industrial 100%
Los Angeles, CA 2 464,800 Bulk Warehouse 100%
Northern New Jersey 3 281,926 Bulk Warehouse 87%
St. Louis, MO 4 332,630 Light Industrial 100%
Denver, CO (b) 1 81,564 Regional Warehouse N/A
Chicago, IL (a) 1 389,155 Bulk Warehouse N/A
Los Angeles, CA 1 396,095 Bulk Warehouse 100%
Houston, TX 3 131,000 Light Industrial 100%
Los Angeles, CA (d) 8 195,701 Reg. Warehouse/Light 88%
Industrial/R&D/Flex
Dallas, TX 6 422,026 Bulk Warehouse/Light Industrial 100%
Dallas, TX (b) 1 49,177 Light Industrial N/A
Atlanta, GA (b) 1 75,600 Regional Warehouse N/A
Dallas, TX (d) 18 450,360 Reg. Warehouse/Light 94%
Industrial/R&D/Flex
Northern New Jersey 8 409,240 Light Industrial 90%
Northern New Jersey (d) 1 45,770 Light Industrial 100%
Phoenix, AZ 1 82,288 Regional Warehouse 100%
Indianapolis, IN (c)(d) 2 121,600 Light Industrial N/A
Chicago, IL 2 158,791 R&D/Flex/Light Industrial 84%
Los Angeles, CA 3 103,008 Regional Warehouse 99%
----- ---------
67 4,240,781
===== =========
(a) Property was sold in 2002.
(b) Property was placed out of service.
(c) One property was sold in 2002.
(d) Purchased from one of the Consolidated Operating Partnership's joint
ventures in 2002.
During 2002, the Other Real Estate Partnerships acquired 23 in-service
industrial properties totaling approximately 1.4 million square feet of GLA at a
total purchase price of approximately $57.8 million, or $40.59 per square foot.
The 23 industrial properties acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/02
- -------------------------- ---------- --------- ------------------------------- -----------
Philadelphia, PA 14 765,489 R&D/Flex/Light Industrial 92%
Los Angeles, CA 7 105,005 R&D/Flex/Light Industrial 91%
Denver, CO 1 490,500 Bulk Warehouse 100%
Philadelphia, PA 1 64,402 Light Industrial 73%
------ ---------
23 1,425,396
====== =========
12
PROPERTY DEVELOPMENT ACTIVITY
During 2002, the Consolidated Operating Partnership placed in-service
17 developments totaling approximately 3.2 million square feet of GLA at a total
cost of approximately $116.8 million, or $36.77 per square foot. The developed
properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/02
- -------------------------------------- ---------- ------------------------- -------------
Phoenix, AZ (a) 73,802 Regional Warehouse N/A
Harrisburg, PA (a) (c) 181,990 Bulk Warehouse N/A
Atlanta, GA (a) (c) 527,000 Bulk Warehouse N/A
Dallas, TX 102,232 Regional Warehouse 85%
Phoenix, AZ (a) (c) 54,455 Light Industrial N/A
Harrisburg, PA (b) (c) 67,200 Regional Warehouse N/A
Chicago, IL (a) 53,330 N/A N/A
Dallas, TX (a) 472,200 Bulk Warehouse N/A
Baltimore, MD (a) 43,978 Light Industrial N/A
Dallas, TX (a) (c) 36,000 Light Industrial N/A
Tampa, FL (a) (c) 360,000 N/A N/A
Denver, CO (a) (c) 42,380 Light Industrial N/A
Atlanta, GA (a) (c) 455,000 Bulk Warehouse N/A
Nashville, TN 423,500 Bulk Warehouse 100%
Northern New Jersey 62,400 Light Industrial 92%
Phoenix, AZ (a) (c) 18,881 Light Industrial N/A
Atlanta, GA (a) (c) 202,400 Bulk Warehouse N/A
---------
3,176,748
=========
(a) Property was placed in-service and sold in 2002.
(b) Property was sold in 2002.
(c) Property was sold to one of the Consolidated Operating Partnership's joint
ventures in 2002.
At December 31, 2002, the Consolidated Operating Partnership had 31
projects under development, with an estimated completion GLA of approximately
2.8 million square feet and an estimated completion cost of approximately $155.9
million. The Consolidated Operating Partnership estimates it will place in
service all of the projects in fiscal year 2003. There can be no assurance that
the Consolidated Operating Partnership will place in-service these projects in
2003 or that the actual completion cost will not exceed the estimated completion
cost stated above.
13
PROPERTY SALES
During 2002, the Consolidated Operating Partnership sold 92 in-service
industrial properties and four out-of-service properties totaling approximately
9.0 million square feet of GLA and several land parcels. Total gross sales
proceeds approximated $386.1 million. The 92 in-service properties and four
out-of-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- --------------------------- ----------- -------------- --------------------------------
Long Island, NY 1 34,400 Light Industrial
Grand Rapids, MI 1 42,600 Light Industrial
Northern New Jersey 1 52,402 Regional Warehouse
Tampa, FL 1 26,716 R&D/Flex
Dallas, TX 1 82,229 Light Industrial
Dallas, TX 1 74,106 Regional Warehouse
St. Louis, MO 1 31,500 Light Industrial
St. Louis, MO 1 31,500 Light Industrial
Phoenix, AZ 2 132,261 Regional Warehouse/Light
Industrial
Portland, OR 1 21,600 Light Industrial
Harrisburg, PA (b) 1 181,990 Bulk Warehouse
Northern New Jersey (b) 1 46,000 R&D/Flex
Denver, CO (b) 1 59,270 R&D/Flex
Atlanta, GA (b) 1 527,000 Bulk Warehouse
Detroit, MI 1 48,000 R&D/Flex
Chicago, IL 1 34,875 Light Industrial
Indianapolis, IN 1 389,660 Bulk Warehouse
Los Angeles, CA 1 7,300 Light Industrial
Chicago, IL 1 56,017 Light Industrial
Grand Rapids, MI 1 109,875 Bulk Warehouse
Nashville, TN 1 49,922 Light Industrial
Chicago, IL (a) 1 66,000 Regional Warehouse
Grand Rapids, MI 1 64,961 Light Industrial/Bulk Warehouse
Long Island, NY 1 29,300 Light Industrial
Long Island, NY 5 174,169 Light Industrial
Atlanta, GA (b) 1 123,808 Bulk Warehouse
Atlanta, GA 1 123,457 Bulk Warehouse
Northern New Jersey 1 17,500 Light Industrial
Northern New Jersey 1 17,997 Light Industrial
Northern New Jersey 1 70,800 Light Industrial
Northern New Jersey 1 29,008 Light Industrial
Northern New Jersey 1 17,531 Light Industrial
Phoenix, AZ (b) 1 54,455 Light Industrial
Portland, OR 1 35,000 Light Industrial
Dallas, TX 1 36,000 Light Industrial
Chicago, IL (a) 1 200,000 Manufacturing
Chicago, IL (a) 1 34,596 Light Industrial
Chicago, IL 1 151,436 Bulk Warehouse
Detroit, MI 1 41,500 Light Industrial
Grand Rapids, MI 1 14,400 Light Industrial
Chicago, IL 1 53,330 N/A
Baltimore, MD 1 43,978 Light Industrial
Dallas, TX 1 472,200 Bulk Warehouse
Denver, CO 1 22,735 R&D/Flex
Dallas, TX (b) 1 36,000 Light Industrial
Denver, CO (b) 1 42,380 Light Industrial
Denver, CO (b) 1 32,741 Light Industrial
Harrisburg, PA (b) 1 67,200 Regional Warehouse
Tampa, FL (b) 1 360,000 N/A
Northern New Jersey 1 79,750 Regional Warehouse
Atlanta, GA (b) 1 455,000 Bulk Warehouse
Chicago, IL 1 389,155 Bulk Warehouse
Des Moines, IA 3 604,708 Bulk Warehouse
Detroit, MI (b) 1 145,232 Bulk Warehouse
Northern New Jersey 1 18,000 Light Industrial
14
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- --------------------------- ----------- -------------- ---------------------------------
Houston, TX 1 66,565 Regional Warehouse
Northern New Jersey 1 24,905 R&D/Flex
Detroit, MI 1 48,200 R&D/Flex
Portland, OR 1 27,128 Light Industrial
St. Louis, MO 1 178,800 Bulk Warehouse
Grand Rapids, MI 1 101,250 Bulk Warehouse
Los Angeles, CA 1 7,300 Light Industrial
Chicago, IL 1 124,804 Bulk Warehouse
Houston, TX (a) 1 251,850 Bulk Warehouse
Milwaukee, WI 1 38,230 Regional Warehouse
Portland, OR 1 20,000 Light Industrial
Phoenix, AZ (b) 1 18,881 Light Industrial
Atlanta, GA (b) 1 202,400 Bulk Warehouse
Tampa, FL 2 172,000 Light Industrial/Regional
Warehouse
Grand Rapids, MI 10 1,047,600 Light Industrial/Bulk
Warehouse/R&D Flex
Detroit, MI 1 21,850 R&D/Flex
Indianapolis, IN 1 81,600 Light Industrial
Denver, CO 1 20,389 Light Industrial
Cleveland, OH 1 102,500 R&D/Flex
Portland, OR 1 5,000 Light Industrial
Detroit, MI 1 25,470 Light Industrial
Chicago, IL 1 64,080 R&D/Flex
Atlanta, GA 1 121,600 Manufacturing
Detroit, MI 1 88,700 Light Industrial
----- -------------
96 9,024,652
===== =============
(a) Property was out-of-service when sold.
(b) Property was sold to one of the Consolidated Operating Partnership's joint
ventures in 2002.
During 2002, the Other Real Estate Partnerships sold 18 in-service
industrial properties totaling approximately 2.9 million square feet of GLA.
Total gross sales proceeds approximated $87.4 million. The 18 in-service
properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- --------------------------- ----------- ------------ ---------------------------------
Grand Rapids, MI 1 31,750 Manufacturing
Harrisburg, PA 4 1,016,354 Bulk Warehouse
Grand Rapids, MI 1 93,374 Light Industrial/Bulk Warehouse
Indianapolis, IN (a) 1 100,000 Bulk Warehouse
Harrisburg, PA 2 537,720 Bulk Warehouse
Chicago, IL 1 90,833 Bulk Warehouse
Philadelphia, PA 1 19,965 Light Industrial
Philadelphia, PA 1 110,000 Bulk Warehouse
Chicago, IL 1 41,423 Light Industrial
Grand Rapids, MI 5 809,126 Light Industrial/Bulk
Warehouse/R&D Flex
------ -----------
18 2,850,545
====== ===========
(a) Property was sold to one of the Company's joint ventures in 2002.
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2003 through March 7, 2003, the
Consolidated Operating Partnership acquired or completed development of two
industrial properties for a total estimated investment of approximately $26.7
million. The Consolidated Operating Partnership also sold five industrial
properties and one land parcel for approximately $11.8 million of gross proceeds
during this period.
During the period January 1, 2003 through March 7, 2003, the Other Real
Estate Partnerships sold one industrial property and one land parcel for
approximately $3.9 million of gross proceeds during this period.
15
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's properties as of December 31, 2002, by geographic market area.
PROPERTY LISTING
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/02
- --------------------------- ------------------ ------------ ----------- ------------------- --------- --------- ------------
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 61%
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%
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%
3312 N. Berkeley Lake Road Duluth, GA 1969 Bulk Warehouse 52.11 1,040,296 100%
370 Great Southwest Pkway (e) Atlanta, GA 1986 Light Industrial 8.06 150,536 85%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 18%
2084 Lake Industrial Court Conyers, GA 1998 Bulk Warehouse 13.74 180,000 100%
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 0%
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 84%
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 85%
--------- ----
SUBTOTAL OR AVERAGE 3,696,177 95%
--------- ----
BALTIMORE
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 100%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 83%
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 86,234 100%
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 13%
8900 Yellow Brick Road Baltimore, MD 1982 Light Industrial 5.80 60,000 100%
7476 New Ridge Hanover, MD 1987 Light Industrial 18.00 71,866 100%
1328 Charwood Road Hanover, MD 1986 Bulk Warehouse 9.00 150,500 100%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,159 100%
1350 Blair Drive Odenton, MD 1991 Light Industrial 2.86 29,317 95%
1360 Blair Drive Odenton, MD 1991 Light Industrial 4.19 43,194 83%
1370 Blair Drive Odenton, MD 1991 Light Industrial 5.15 52,910 49%
9020 Mendenhall Court Columbia, MD 1981 Light Industrial 3.70 49,259 100%
--------- -----
SUBTOTAL OR AVERAGE 1,163,852 90%
--------- -----
CENTRAL PENNSYLVANIA
125 East Kensinger Drive Cranberry 2000 Manufacturing 13.00 70,000 100%
Township, PA
-------- -----
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 99%
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 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%
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 82%
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 49%
301 Alice Wheeling, IL 1965 Light Industrial 2.88 65,450 100%
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 100%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 100%
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 (e) Chicago, IL 1968 Light Industrial 8.66 74,685 54%
16
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/02
- ---------------------------- ------------------ ------------ ----------- ------------------- --------- --------- ------------
CHICAGO (CONT.)
3110-3130 South St. Louis Chicago, IL 1968 Light Industrial 4.00 23,254 0%
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 66%
10435 Seymour Avenue Franklin Park, IL 1967/74 Light Industrial 1.85 53,684 43%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,574 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,009 100%
405-17 University Drive Arlington Hgts, IL 1977/78 Light Industrial 2.42 56,400 75%
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%
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%
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%
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 92,527 100%
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 0%
175 Wall Street Glendale Heights, IL 1990 Light Industrial 4.10 50,050 100%
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 72%
1661 Feehanville Avenue Mount Prospect, IL 1986 R&D/Flex 6.89 85,955 69%
--------- -----
SUBTOTAL OR AVERAGE 4,584,874 88%
--------- -----
CINCINNATI
9900-9970 Princeton Cincinnati, OH 1970 Bulk Warehouse 10.64 185,580 79%
2940 Highland Avenue Cincinnati, OH 1969/74 Bulk Warehouse 17.08 502,000 87%
4700-4750 Creek Road Blue Ash, OH 1960 Light Industrial 15.32 265,000 90%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 55%
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 82%
9449 Glades Drive Hamilton, OH 1999 Bulk Warehouse 7.40 168,000 100%
--------- -----
SUBTOTAL OR AVERAGE 1,683,100 88%
--------- -----
COLUMBUS
3800 Lockbourne Industrial Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
Pky
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 61%
4300 Cemetery Road Hilliard, OH 1968/83 Manufacturing 62.71 255,470 100%
4115 Leap Road (e) Hilliard, OH 1977 R&D/Flex 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 100%
--------- ---
SUBTOTAL OR AVERAGE 1,421,016 93%
--------- ---
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 72%
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 69,761 100%
2179 Shiloh Road Garland, TX 1982 Reg. Warehouse 3.63 65,700 34%
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 55%
12784 Perimeter Drive (f) 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%
17
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/02
- --------------------------- ------------------ ------------ ----------- ------------------- --------- --------- ------------
DALLAS/FORT WORTH (CONT.)
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 18,004 100%
7423-49 Airport Freeway Richland Hills, TX 1985 R&D/Flex 2.39 33,388 100%
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%
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 16,740 100%
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 16,740 100%
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 (f) Carrolton, TX 1981 R&D Flex 3.73 42,170 89%
2150 Hutton Drive Carrolton, TX 1980 Light Industrial 2.50 48,325 100%
2110 Hutton Drive Carrolton, TX 1985 R&D Flex 5.83 59,528 100%
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 30%
1420 Valwood Parkway-Bldg I(e) Carrolton, TX 1986 R&D Flex 3.30 40,884 82%
1620 Valwood Parkway (f) Carrolton, TX 1986 Light Industrial 6.59 103,475 84%
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 54%
2029-2035 McKenzie Drive Carrolton, TX 1985 Reg. Warehouse 3.30 81,924 73%
1840 Hutton Drive (e) Carrolton, TX 1986 R&D Flex 5.83 93,132 90%
1420 Valwood Pkwy - Bldg II Carrolton, TX 1986 Light Industrial 3.32 55,625 84%
2015 McKenzie Drive Carrolton, TX 1986 Light Industrial 3.38 73,187 62%
2009 McKenzie Drive Carrolton, TX 1987 Light Industrial 3.03 66,112 74%
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%
900-1100 Avenue S Grand Prairie, TX 1985 Bulk Warehouse 5.5 122,881 100%
15001 Trinity Blvd Ft. Worth, TX 1984 Light Industrial 4.70 83,473 100%
Plano Crossing (g) 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 20,260 100%
7451-7477 Airport Freeway Richland Hills, TX 1984 R&D/Flex 2.30 33,547 100%
7415 Whitehall Street Richland Hills, TX 1986 Light Industrial 3.95 61,260 100%
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%
2104 Hutton Drive Carrolton, TX 1990 Light Industrial 1.70 24,800 100%
Addison Tech Ctr - Bldg B Addison, TX 2001 Reg. Warehouse 8.17 102,400 85%
7337 Dogwood Park Richland Hills, TX 1975 Light Industrial 1.14 20,000 100%
7334 Tower Street Richland Hills, TX 1975 Light Industrial 0.97 20,000 100%
7451 Dogwood Park Richland Hills, TX 1977 Light Industrial 1.85 39,674 100%
7440 Whitehall Street Richland Hills, TX 1983 Light Industrial 1.40 24,222 0%
2821 Cullen Street Fort Worth, TX 1961 Light Industrial 0.84 17,877 100%
--------- ----
SUBTOTAL OR AVERAGE 4,821,035 90%
--------- ----
DAYTON
6094-6104 Executive
Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 97%
6202-6220 Executive
Boulevard Huber Heights, OH 1996 Light Industrial 3.79 64,000 70%
6268-6294 Executive
Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 95%
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 5.30 100%
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 60%
---------- ----
SUBTOTAL OR AVERAGE 342,746 91%
---------- ----
DENVER
7100 North Broadway
- Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,298 81%
18
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/02
- ------------------------------- ---------------- ------------ ----------- ------------------- --------- -------- ------------
DENVER (CONT.)
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 86%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 94%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 87%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 54%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 39%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,767 84%
15850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 83%
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 82%
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 80%
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 81,120 91%
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 82%
3508-3538 North Peoria Street Aurora, CO 1978 R&D/Flex 2.61 40,653 81%
3568 North Peoria Street Aurora, CO 1978 R&D/Flex 2.24 34,937 61%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 45%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 100%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,787 91%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 55,027 100%
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 34,776 100%
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 75%
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 62%
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 97%
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 84%
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 59%
9500 W. 49th Street - D Wheatridge, CO 1997 Light Industrial 1.74 41,615 89%
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 85%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 79%
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 75%
14998 West 6th Avenue
Building E Golden, CO 1995 R&D/Flex 2.29 42,832 79%
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 81%
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 85%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 34%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 79%
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%
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 83%
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 19,493 100%
4301 South Federal Boulevard Englewood, CO 1997 Reg. Warehouse 2.80 35,403 83%
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%
19
LOCATION YEAR BUILT-
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED
---------------- ---------- ------------ -----------
DENVER (CONT.)
2630 West 2nd Avenue Denver, CO 1970
2650 West 2nd Avenue Denver, CO 1970
14818 West 6th Avenue Bldg. A Golden, CO 1985
14828 West 6th Avenue Bldg. B Golden, CO 1985
12055 E. 49th Ave/4955 Peoria Denver, CO 1984
4940-4950 Paris Denver, CO 1984
4970 Paris Denver, CO 1984
5010 Paris Denver, CO 1984
7367 South Revere Parkway Englewood, CO 1997
10311 W. Hampden Avenue Lakewood, CO 1999
8200 East Park Meadows Drive (e) Lone Tree, CO 1984
3250 Quentin (e) Aurora, CO 1984/2000
11585 E. 53rd Ave. (e) Denver, CO 1984
10500 East 54th Ave. (f) Denver, CO 1986
DETROIT
238 Executive Drive Troy, MI 1973
256 Executive Drive Troy, MI 1974
301 Executive Drive Troy, MI 1974
449 Executive Drive Troy, MI 1975
501 Executive Drive Troy, MI 1984
451 Robbins Drive Troy, MI 1975
1035 Crooks Road Troy, MI 1980
1095 Crooks Road Troy, MI 1986
1416 Meijer Drive Troy, MI 1980
1624 Meijer Drive Troy, MI 1984
1972 Meijer Drive Troy, MI 1985
1621 Northwood Drive Troy, MI 1977
1707 Northwood Drive Troy, MI 1983
1788 Northwood Drive Troy, MI 1977
1821 Northwood Drive Troy, MI 1977
1826 Northwood Drive Troy, MI 1977
1864 Northwood Drive Troy, MI 1977
1921 Northwood Drive Troy, MI 1977
2277 Elliott Avenue Troy, MI 1975
2451 Elliott Avenue Troy, MI 1974
2730 Research Drive Rochester Hills, MI 1988
2791 Research Drive Rochester Hills, MI 1991
2871 Research Drive Rochester Hills, MI 1991
2911 Research Drive Rochester Hills, MI 1992
3011 Research Drive Rochester Hills, MI 1988
2870 Technology Drive Rochester Hills, MI 1988
2900 Technology Drive Rochester Hills, MI 1992
2920 Technology Drive Rochester Hills, MI 1992
2930 Technology Drive Rochester Hills, MI 1991
2950 Technology Drive Rochester Hills, MI 1991
23014 Commerce Drive Farmington Hills, MI 1983
23028 Commerce Drive Farmington Hills, MI 1983
23035 Commerce Drive Farmington Hills, MI 1983
23042 Commerce Drive Farmington Hills, MI 1983
23065 Commerce Drive Farmington Hills, MI 1983
23070 Commerce Drive Farmington Hills, MI 1983
23079 Commerce Drive Farmington Hills, MI 1983
23093 Commerce Drive Farmington Hills, MI 1983
23135 Commerce Drive Farmington Hills, MI 1986
23163 Commerce Drive Farmington Hills, MI 1986
23177 Commerce Drive Farmington Hills, MI 1986
23206 Commerce Drive Farmington Hills, MI 1985
23290 Commerce Drive Farmington Hills, MI 1980
23370 Commerce Drive Farmington Hills, MI 1980
32450 N. Avis Drive Madison Heights, MI 1974
11866 Hubbard Livonia, MI 1979
12050-12300 Hubbard (e) Livonia, MI 1981
38300 Plymouth Livonia, MI 1997
12707 Eckles Road Plymouth, MI 1990
9300-9328 Harrison Rd. Romulus, MI 1978
9330-9358 Harrison Rd. Romulus, MI 1978
28420-28448 Highland Rd Romulus, MI 1979
28450-28478 Highland Rd Romulus, MI 1979
28421-28449 Highland Rd Romulus, MI 1980
28451-28479 Highland Rd Romulus, MI 1980
LAND AREA OCCUPANCY AT
BUILDING ADDRESS BUILDING TYPE (ACRES) GLA 12/31/02
---------------- ------------- --------- --- ---------
DENVER (CONT.)
2630 West 2nd Avenue Light Industrial 0.50 8,260 100%
2650 West 2nd Avenue Light Industrial 2.80 36,081 100%
14818 West 6th Avenue Bldg. A R&D/Flex 2.54 39,776 83%
14828 West 6th Avenue Bldg. B R&D/Flex 2.54 41,805 70%
12055 E. 49th Ave/4955 Peoria R&D/Flex 3.09 49,575 94%
4940-4950 Paris R&D/Flex 1.58 25,290 50%
4970 Paris R&D/Flex 0.98 15,767 100%
5010 Paris R&D/Flex 0.92 14,822 100%
7367 South Revere Parkway Bulk Warehouse 8.50 102,839 86%
10311 W. Hampden Avenue Light Industrial 4.40 52,227 100%
8200 East Park Meadows Drive (e) R&D Flex 6.60 90,219 81%
3250 Quentin (e) Light Industrial 8.90 144,464 91%
11585 E. 53rd Ave. (e) Bulk Warehouse 15.10 335,967 100%
10500 East 54th Ave. (f) Light Industrial 9.12 178,135 84%
SUBTOTAL OR AVERAGE --------- ------
4,464,625 90%
--------- ------
DETROIT
238 Executive Drive Light Industrial 1.32 13,740 100%
256 Executive Drive Light Industrial 1.12 11,273 100%
301 Executive Drive Light Industrial 1.27 20,411 100%
449 Executive Drive Reg. Warehouse 2.12 33,001 100%
501 Executive Drive Light Industrial 1.57 18,061 100%
451 Robbins Drive Light Industrial 1.88 28,401 100%
1035 Crooks Road Light Industrial 1.74 23,320 100%
1095 Crooks Road R&D/Flex 2.83 35,042 100%
1416 Meijer Drive Light Industrial 1.20 17,944 100%
1624 Meijer Drive Light Industrial 3.42 44,040 100%
1972 Meijer Drive Reg. Warehouse 2.36 37,075 100%
1621 Northwood Drive Bulk Warehouse 1.54 24,900 100%
1707 Northwood Drive Light Industrial 1.69 28,750 100%
1788 Northwood Drive Light Industrial 1.55 12,480 0%
1821 Northwood Drive Reg. Warehouse 2.07 35,050 100%
1826 Northwood Drive Light Industrial 1.22 12,480 100%
1864 Northwood Drive Light Industrial 1.55 12,480 100%
1921 Northwood Drive Light Industrial 2.33 42,000 100%
2277 Elliott Avenue Light Industrial 0.96 12,612 100%
2451 Elliott Avenue Light Industrial 1.68 24,331 100%
2730 Research Drive Reg. Warehouse 3.52 57,850 100%
2791 Research Drive Reg. Warehouse 4.48 64,199 100%
2871 Research Drive Reg. Warehouse 3.55 49,543 100%
2911 Research Drive Reg. Warehouse 5.72 80,078 100%
3011 Research Drive Reg. Warehouse 2.55 32,637 100%
2870 Technology Drive Light Industrial 2.41 24,445 100%
2900 Technology Drive Reg. Warehouse 2.15 31,047 100%
2920 Technology Drive Light Industrial 1.48 19,011 100%
2930 Technology Drive Light Industrial 1.41 17,994 100%
2950 Technology Drive Light Industrial 1.48 19,996 100%
23014 Commerce Drive R&D/Flex 0.65 7,200 100%
23028 Commerce Drive Light Industrial 1.26 20,265 100%
23035 Commerce Drive Light Industrial 1.23 15,200 100%
23042 Commerce Drive R&D/Flex 0.75 8,790 100%
23065 Commerce Drive Light Industrial 0.91 12,705 100%
23070 Commerce Drive R&D/Flex 1.43 16,765 100%
23079 Commerce Drive Light Industrial 0.85 10,830 100%
23093 Commerce Drive Reg. Warehouse 3.87 49,040 100%
23135 Commerce Drive Light Industrial 2.02 23,969 100%
23163 Commerce Drive Light Industrial 1.51 19,020 100%
23177 Commerce Drive Light Industrial 2.29 32,127 100%
23206 Commerce Drive Light Industrial 1.30 19,822 100%
23290 Commerce Drive Reg. Warehouse 2.56 42,930 100%
23370 Commerce Drive Light Industrial 0.67 8,741 100%
32450 N. Avis Drive Light Industrial 3.23 55,820 100%
11866 Hubbard Light Industrial 2.32 41,380 0%
12050-12300 Hubbard (e) Light Industrial 6.10 85,086 77%
38300 Plymouth Bulk Warehouse 6.95 127,800 100%
12707 Eckles Road Light Industrial 2.62 42,300 100%
9300-9328 Harrison Rd. Light Industrial 2.53 29,286 38%
9330-9358 Harrison Rd. Light Industrial 2.53 29,280 63%
28420-28448 Highland Rd Light Industrial 2.53 29,280 0%
28450-28478 Highland Rd Light Industrial 2.53 29,340 100%
28421-28449 Highland Rd Light Industrial 2.53 29,285 63%
28451-28479 Highland Rd Light Industrial 2.53 29,280 50%
20
LOCATION YEAR BUILT-
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED
---------------- ---------- ------------ -----------
DETROIT (CONT.)
28825-28909 Highland Rd Romulus, MI 1981
28933-29017 Highland Rd Romulus, MI 1982
28824-28908 Highland Rd Romulus, MI 1982
28932-29016 Highland Rd Romulus, MI 1982
9710-9734 Harrison Road Romulus, MI 1987
9740-9772 Harrison Road Romulus, MI 1987
9840-9868 Harrison Road Romulus, MI 1987
9800-9824 Harrison Road Romulus, MI 1987
29265-29285 Airport Drive Romulus, MI 1983
29185-29225 Airport Drive Romulus, MI 1983
29149-29165 Airport Drive Romulus, MI 1984
29101-29115 Airport Drive Romulus, MI 1985
29031-29045 Airport Drive Romulus, MI 1985
29050-29062 Airport Drive Romulus, MI 1986
29120-29134 Airport Drive Romulus, MI 1986
29200-29214 Airport Drive Romulus, MI 1985
9301-9339 Middlebelt Road Romulus, MI 1983
26980 Trolley Industrial Drive Taylor, MI 1997
33200 Capitol Avenue Livonia, MI 1977
32975 Capitol Avenue Livonia, MI 1978
2725 S. Industrial Highway Ann Arbor, MI 1997
32920 Capitol Avenue Livonia, MI 1973
11862 Brookfield Avenue Livonia, MI 1972
11923 Brookfield Avenue Livonia, MI 1973
11965 Brookfield Avenue Livonia, MI 1973
34005 Schoolcraft Road Livonia, MI 1981
13405 Stark Road Livonia, MI 1980
1170 Chicago Road Troy, MI 1983
1200 Chicago Road Troy, MI 1984
450 Robbins Drive Troy, MI 1976
1230 Chicago Road Troy, MI 1996
12886 Westmore Avenue Livonia, MI 1981
12898 Westmore Avenue Livonia, MI 1981
33025 Industrial Road Livonia, MI 1980
47711 Clipper Street Plymouth Twsp, MI 1996
32975 Industrial Road Livonia, MI 1984
32985 Industrial Road Livonia, MI 1985
32995 Industrial Road Livonia, MI 1983
12874 Westmore Avenue Livonia, MI 1984
33067 Industrial Road Livonia, MI 1984
1775 Bellingham Troy, MI 1987
1785 East Maple Troy, MI 1985
1807 East Maple Troy, MI 1984
9800 Chicago Road Troy, MI 1985
1840 Enterprise Drive Rochester Hills, MI 1990
1885 Enterprise Drive Rochester Hills, MI 1990
1935-55 Enterprise Drive Rochester Hills, MI 1990
5500 Enterprise Court Warren, MI 1989
750 Chicago Road Troy, MI 1986
800 Chicago Road Troy, MI 1985
850 Chicago Road Troy, MI 1984
2805 S. Industrial Highway Ann Arbor, MI 1990
6833 Center Drive Sterling Heights, MI