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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, 2003
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............................................................................. 27
Item 4. Submission of Matters to a Vote of Security Holders........................................... 27
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters......................... 28
Item 6. Selected Financial Data....................................................................... 29
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations......... 32
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.................................... 52
Item 8. Financial Statements and Supplementary Data................................................... 52
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures......... 52
Item 9A. Controls and Procedures....................................................................... 52
PART III.
Item 10. Directors and Executive Officers of the Registrant............................................ 53
Item 11. Executive Compensation........................................................................ 53
Item 12. Security Ownership of Certain Beneficial Owners and Management................................ 53
Item 13. Certain Relationships and Related Transactions................................................ 53
Item 14. Principal Accountant Fees and Services........................................................ 53
PART IV.
Item 15. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K.......... 54
SIGNATURES ......................................................................................................... 58
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 85.6% ownership interest at December 31, 2003. 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 14.4% interest in the Operating
Partnership at December 31, 2003.
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, 2003, the Operating Partnership, the L.L.C.s and
First Industrial Development Services, Inc. (hereinafter defined as the
"Consolidated Operating Partnership") owned 729 in-service industrial
properties, containing an aggregate of approximately 48.5 million square feet of
gross leasable area ("GLA"). On a combined basis, as of December 31, 2003, the
Other Real Estate Partnerships owned 105 in-service industrial properties,
containing an aggregate of approximately 9.4 million square feet of GLA. Of the
105 industrial properties owned by the Other Real Estate Partnerships at
December 31, 2003, 15 are held by the Mortgage Partnership, 41 are held by the
Pennsylvania Partnership, 15 are held by the Securities Partnership, 19 are held
by the Financing Partnership, 10 are held by the Harrisburg Partnership, four
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 5,
2004, the Consolidated Operating Partnership had 329 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 with or furnished to the SEC. In addition, the Company's
Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit
Committee Charter, Compensation Committee Charter, Nominating/Corporate
Governance Committee Charter, along with supplemental financial and operating
information prepared by the Company, are all available without charge on the
Company's website or upon request to the Company. Amendments to, or waivers
from, the Company's Code of Business Conduct and Ethics that apply to the
Company's Executive Officers or directors shall be posted to the Company's
website at www.firstindustrial.com. Please direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
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 834
properties in the Consolidated Operating Partnership's and Other Real
Estate Partnerships' combined portfolios at December 31, 2003, 143
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 a portion of 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 5, 2004, the
Consolidated Operating Partnership had approximately $70.9 million
available in additional borrowings under its $300 million unsecured
line of credit.
4
- - 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 2003, the Consolidated Operating Partnership acquired or completed
development of 73 industrial properties and acquired several parcels of land for
a total investment of approximately $284.0 million. The Consolidated Operating
Partnership also sold 116 in-service industrial properties, five industrial
properties that were out of service and several parcels of land for a gross
sales price of approximately $357.5 million. At December 31, 2003, the
Consolidated Operating Partnership owned 729 in-service industrial properties
containing approximately 48.5 million square feet of GLA.
On May 1, 2003, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of
approximately $14.2 million which bears interest at a fixed rate of 8.25%,
provides for monthly principal and interest payments based on a 30-year
amortization schedule and matures on December 1, 2010. In conjunction with the
assumption of the loan, the Consolidated Operating Partnership recorded a
premium in the amount of $2.9 million which will be amortized over the remaining
life of the loan as an adjustment to interest expense.
On September 12, 2003, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the principal amount of
approximately $4.3 million which bears interest at a fixed rate of 7.61%,
provides for monthly principal and interest payments based on a 30-year
amortization schedule and matures on May 1, 2012. In conjunction with the
assumption of the loan, the Consolidated Operating Partnership recorded a
premium in the amount of $.6 million which will be amortized over the remaining
life of the loan as an adjustment to interest expense.
On September 12, 2003, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the principal amount of
approximately $2.3 million which bears interest at a fixed rate of 7.54%,
provides for monthly principal and interest payments based on a 30-year
amortization schedule and matures on January 1, 2012. In conjunction with the
assumption of the loan, the Consolidated Operating Partnership recorded a
premium in the amount of $.3 million which will be amortized over the remaining
life of the loan as an adjustment to interest expense.
In May 2003, the Consolidated Operating Partnership, through
wholly-owned limited liability companies of which the Operating Partnership is
the sole member, entered into a joint venture arrangement (the "May 2003 Joint
Venture") with an institutional investor to invest in industrial properties. As
of December 31, 2003, the May 2003 Joint Venture did not own any industrial
properties.
During the year ended December 31, 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 partner units from the
Company in the same amount.
During the period January 1, 2004 through March 5, 2004, the
Consolidated Operating Partnership acquired or completed development of nine
industrial properties for a total estimated investment of approximately $48.1
million.
On February 25, 2004, the Consolidated Operating Partnership declared a
first quarter 2004 distribution of $.6850 per Unit which is payable on April 19,
2004. The Consolidated Operating Partnership also declared first quarter 2004
preferred unit distributions of $53.906 per Unit on its 8 5/8% Series C
Cumulative Preferred Units, $49.688 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, 2004.
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 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, 2003,
the occupancy rates for industrial properties in the United States have ranged
from 88.4%* to 93.4%*, with an occupancy rate of 88.4%* at December 31, 2003.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 2003, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 834 in-service properties (729 of which
were owned by the Consolidated Operating Partnership and 105 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
57.9 million square feet of GLA (48.5 million square feet of which comprised the
properties owned by the Consolidated Operating Partnership and 9.4 million
square feet of which comprised the properties owned by the Other Real Estate
Partnerships) in 22 states, with a diverse base of more than 2,400 tenants
engaged in a wide variety of businesses, including manufacturing, retail,
wholesale trade, distribution and professional services. The properties are
generally located in business parks that have convenient access to interstate
highways and/or rail and air transportation. The weighted average age of the
Consolidated Operating Partnership's and the Other Real Estate Partnerships'
properties on a combined basis as of December 31, 2003 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,
2003 with respect to the in-service properties owned by the Consolidated
Operating Partnership, each of which is wholly-owned.
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial R&D/Flex Bulk Warehouse Regional Warehouse Manufacturing
--------------------- -------------------- ---------------------- -------------------- --------------------
Metropolitan Number of Number of Number of Number of Number of
Area GLA Properties GLA Properties GLA Properties GLA Properties GLA Properties
- ------------------------ ---------- ---------- --------- ---------- ----------- ---------- -------- ---------- --------- ----------
Atlanta, GA 538,259 10 140,538 3 2,903,185 7 293,646 4 298,000 2
Baltimore, MD 821,863 14 - - 228,589 2 - - 171,000 1
Central Pennsylvania - - - - 487,000 1 - - - -
Chicago, IL 1,097,171 18 197,354 3 1,867,956 9 168,802 2 461,531 3
Cincinnati, OH 334,220 2 - - 1,348,880 6 - - - -
Columbus, OH 217,612 2 - - 947,934 3 - - 255,470 1
Dallas, TX 1,753,664 47 492,503 20 1,550,103 10 795,077 12 224,984 2
Dayton, OH 322,746 6 20,000 1 - - - - - -
Denver, CO 1,646,582 33 1,413,452 35 538,906 4 445,159 7 - -
Detroit, MI 2,017,202 82 402,720 14 498,608 5 740,513 17 - -
Grand Rapids, MI 61,250 1 - - - - - - 413,500 1
Houston, TX 592,911 8 221,363 4 2,130,764 13 365,960 5 - -
Indianapolis, IN 767,980 17 48,200 4 1,318,701 7 217,710 6 71,600 2
Los Angeles, CA 120,810 7 - - 1,092,597 5 276,284 6 - -
Louisville, KY - - - - 433,500 2 - - - -
Milwaukee, WI 146,061 3 - - 100,000 1 - - - -
Minneapolis/St. Paul, MN 1,001,020 16 661,214 10 1,216,332 5 540,846 5 542,186 8
Nashville, TN 301,865 6 - - 1,099,308 5 - - 109,058 1
N. New Jersey 1,053,377 20 564,074 13 1,122,401 6 58,585 1 - -
Philadelphia, PA - - - - - - 97,448 1 - -
Phoenix, AZ 112,288 5 - - - - 308,573 4 - -
Salt Lake City, UT 582,182 39 146,937 6 324,568 2 - - - -
San Diego, CA - - - - 397,760 2 179,541 5 - -
S. New Jersey 877,148 19 59,750 4 - - 209,300 3 22,738 1
St. Louis, MO 496,242 7 - - 584,519 4 - - - -
Tampa, FL 500,052 13 722,734 27 - - 41,377 1 - -
Other (a) - - - - 177,655 3 50,000 1 346,103 6
---------- ---------- --------- ---------- ----------- ---------- --------- ---------- --------- ----------
Total 15,362,505 375 5,090,839 144 20,369,266 102 4,788,821 80 2,916,170 28
========== ========== ========= ========== =========== ========== ========= ========== ========= ==========
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas and
Wichita, Kansas.
8
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY TOTALS
TOTALS
----------------------------------------------------------------------
AVERAGE GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/03 PORTFOLIO
- ------------------------ ---------- ---------- ------------ -------------
Atlanta, GA 4,173,628 26 94% 8.6%
Baltimore, MD 1,221,452 17 90% 2.5%
Central Pennsylvania 487,000 1 100% 1.0%
Chicago, IL 3,792,814 35 83% 7.8%
Cincinnati, OH 1,683,100 8 90% 3.5%
Columbus, OH 1,421,016 6 92% 2.9%
Dallas, TX 4,816,331 91 96% 9.9%
Dayton, OH 342,746 7 90% 0.7%
Denver, CO 4,044,099 79 90% 8.3%
Detroit, MI 3,659,043 118 91% 7.5%
Grand Rapids, MI 474,750 2 100% 1.0%
Houston, TX 3,310,998 30 85% 6.8%
Indianapolis, IN 2,424,191 36 89% 5.0%
Los Angeles, CA 1,489,691 18 98% 3.1%
Louis ville, KY 433,500 2 100% 0.9%
Milwaukee, WI 246,061 4 100% 0.5%
Minneapolis/St. Paul, MN 3,961,598 44 87% 8.2%
Nashville, TN 1,510,231 12 82% 3.1%
N. New Jersey 2,798,437 40 92% 5.8%
Philadelphia, PA 97,448 1 100% 0.2%
Phoenix, AZ 420,861 9 75% 0.9%
Salt Lake City, UT 1,053,687 47 90% 2.2%
San Diego, CA 577,301 7 90% 1.2%
S. New Jersey 1,168,936 27 92% 2.4%
St. Louis, MO 1,080,761 11 98% 2.2%
Tampa, FL 1,264,163 41 82% 2.6%
Other (a) 573,758 10 70% 1.2%
------------ ----- ----- -------
Total or Average 48,527,601 729 90% 100.0%
============ ===== ===== =======
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas and
Wichita, Kansas.
9
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY
The following tables summarize certain information as of December 31,
2003 with respect to the in-service properties owned by the Other Real Estate
Partnerships, each of which is wholly-owned.
Light Industrial Bulk Warehouse R&D/Flex Regional Warehouse Manufacturing
-------------------- -------------------- ------------------ ------------------ ------------------
Metropolitan Number of Number of Number of Number of Number of
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 4 889,486 5 - - 117,579 3 - -
Chicago, IL 108,692 2 160,201 1 49,730 1 50,009 1 - -
Des Moines, IA - - - - - - 88,000 1 - -
Detroit, MI 353,854 7 160,035 1 23,392 1 - - - -
Indianapolis, IN - - 1,579,927 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 78,740 1 - - - - - - 532,080 3
Nashville, TN - - 160,661 1 - - - - - -
N. New Jersey 144,450 2 - - - - - - - -
Philadelphia, PA 1,109,012 23 257,720 2 128,059 5 258,066 4 56,827 2
S. New Jersey 45,770 1 - - - - - - - -
St. Louis, MO - - 245,000 2 - - - - - -
Tampa, FL - - - - 44,427 1 - - - -
Other (a) 99,000 3 490,500 1 - - - - - -
--------- ---------- --------- ---------- ------- ---------- ------- ---------- ------- ----------
Total 2,534,491 48 4,980,868 21 590,188 19 703,411 12 588,907 5
========= ========== ========= ========== ======= ========== ======= ========== ======= ==========
(a) Properties are located in Austin, Texas and Sparks, Nevada.
10
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
-------------------------------------------------------------------------
AVERAGE GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/03 PORTFOLIO
- ------------------------ ------------ ---------- ------------ ----------
Atlanta, GA 1,341,122 9 83% 14.3%
Baltimore, MD 144,278 2 78% 1.5%
Central Pennsylvania 1,390,135 12 58% 14.8%
Chicago, IL 368,632 5 69% 3.9%
Des Moines, IA 88,000 1 32% 0.9%
Detroit, MI 537,281 9 100% 5.7%
Indianapolis, IN 1,639,927 6 65% 17.4%
Los Angeles, CA 105,005 7 85% 1.1%
Milwaukee, WI 133,173 3 72% 1.4%
Minneapolis/St. Paul, MN 610,820 4 99% 6.5%
Nashville, TN 160,661 1 100% 1.7%
N. New Jersey 144,450 2 100% 1.5%
Philadelphia, PA 1,809,684 36 91% 19.3%
S. New Jersey 45,770 1 100% 0.5%
St. Louis, MO 245,000 2 100% 2.6%
Tampa, FL 44,427 1 100% 0.5%
Other (a) 589,500 4 92% 6.3%
------------ ------ ------ ------
Total or Average 9,397,865 105 80% 100.0%
============ ====== ====== ======
(a) Properties are located in Austin, Texas and Sparks, Nevada.
11
PROPERTY ACQUISITION ACTIVITY
During 2003, the Consolidated Operating Partnership acquired 62
in-service industrial properties totaling approximately 6.3 million square feet
of GLA at a total purchase price of approximately $217.5 million, or
approximately $34.63 per square foot. The Consolidated Operating Partnership
also purchased several land parcels for an aggregate purchase price of
approximately $1.6 million. The 62 industrial properties acquired have the
following characteristics:
AVERAGE
NUMBER OCCUPANCY
METROPOLITAN AREA OF PROPERTIES GLA PROPERTY TYPE AT 12/31/03
- ------------------ ------------- ---------- ---------------------------------------- -----------
Baltimore, MD (b) 1 527,600 Bulk Warehouse N/A
San Diego, CA (e) 9 724,502 Regional Warehouse/Bulk Warehouse 90%
Baltimore, MD 1 487,000 Bulk Warehouse 100%
Baltimore, MD (a) 1 32,680 Regional Warehouse N/A
Chicago, IL (b) 1 407,012 Bulk Warehouse N/A
Atlanta, GA (b) 1 154,936 Bulk Warehouse N/A
Houston, TX 1 191,537 Bulk Warehouse 100%
Salt Lake City, UT 1 136,000 Bulk Warehouse 100%
Phoenix, AZ (e) 10 434,234 Regional Warehouse/Light Industrial 93%
Atlanta, GA 1 657,451 Bulk Warehouse 100%
Indianapolis, IN (b) 1 320,000 Bulk Warehouse N/A
St. Loius, MO 1 64,387 Light Industrial 94%
Cincinnati, OH (a) 3 92,282 R&D/Flex N/A
Cincinnati, OH (b) 2 100,000 Light Industrial N/A
Dallas, TX (b) 1 101,839 Bulk Warehouse N/A
Chicago, IL 1 137,678 Light Industrial 94%
Indianapolis, IN (b) 1 95,080 Light Industrial N/A
Indianapolis, IN (b) 1 69,600 Light Industrial N/A
Phoenix, AZ (b) 2 71,960 Light Industrial N/A
Philadelphia, PA 1 97,448 Regional Warehouse 100%
Salt Lake City, UT 1 188,568 Bulk Warehouse 100%
Indianapolis, IN (b) 2 120,048 Light Industrial N/A
S. New Jersey, NJ (d) 6 203,350 Light Industrial/R&D/Flex 100%
Los Angeles, CA 1 116,000 Bulk Warehouse 100%
Baltimore, MD (f) 7 442,024 Light Industrial/Bulk Warehouse 100%
Cincinnati, OH (b) 1 143,438 Bulk Warehouse N/A
Houston, TX (c) 3 164,387 Light Industrial/R&D/Flex/Bulk Warehouse 100%
------------- ----------
62 6,281,041
============= ==========
(a) Property was sold in 2003.
(b) Property was placed out of service in 2003.
(c) One property was placed out of service in 2003.
(d) Two properties were placed out of service in 2003.
(e) Three properties were placed out of service in 2003.
(f) Four properties were placed out of service in 2003.
12
During 2003, the Other Real Estate Partnerships acquired two in-service
industrial properties totaling approximately .3 million square feet of GLA at a
total purchase price of approximately $11.3 million, or $32.93 per square foot.
The two industrial properties acquired have the following characteristics:
NUMBER OCCUPANCY
METROPOLITAN AREA OF PROPERTIES GLA PROPERTY TYPE AT 12/31/03
- ----------------- ------------- -------- ------------------- -----------
Indianapolis, IN (a) 2 343,200 Bulk Warehouse 100%
------------- --------
2 343,200
============= ========
(a) One property was placed out of service in 2003.
PROPERTY DEVELOPMENT ACTIVITY
During 2003, the Consolidated Operating Partnership placed in-service
11 developments totaling approximately 1.3 million square feet of GLA at a total
cost of approximately $64.9 million, or $48.42 per square foot. The developed
properties have the following characteristics:
AVERAGE
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/03
- ---------------------------- --------- ------------------ -----------
Louisville, KY 221,000 Bulk Warehouse 100%
Northern New Jersey 62,400 Light Industrial 92%
Greensboro, NC (a) 252,000 Bulk Warehouse N/A
Dallas, TX (b) 318,924 Bulk Warehouse N/A
Tampa, FL (a) 63,080 R&D/Flex N/A
Denver, CO (b) 50,470 Light Industrial N/A
Tampa, FL (a) 71,180 R&D/Flex N/A
St. Louis, MO 173,800 Bulk Warehouse 100%
Dallas, TX (a) 55,200 Regional Warehouse N/A
Phoenix, AZ (a) 19,960 Light Industrial N/A
Tampa, FL (b) 52,280 R&D/Flex N/A
---------
1,340,294
=========
(a) Property was sold to one of the Company's industrial real estate joint
ventures in 2003.
At December 31, 2003, the Consolidated Operating Partnership had 26
projects under development, with an estimated completion GLA of approximately
2.6 million square feet and an estimated completion cost of approximately $156.1
million. The Consolidated Operating Partnership estimates it will place in
service 22 of the 26 projects in fiscal year 2004. There can be no assurance
that the Consolidated Operating Partnership will place these projects in-service
in 2004 or that the actual completion cost will not exceed the estimated
completion cost stated above.
13
PROPERTY SALES
During 2003, the Consolidated Operating Partnership sold 116 in-service
industrial properties and five out-of-service properties totaling approximately
6.3 million square feet of GLA and several land parcels. Total gross sales
proceeds approximated $357.5 million. The 116 in-service properties and five
out-of-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- ---------------------- ---------- --------- -------------------------
Minneapolis, MN 1 79,702 Manufacturing
Minneapolis, MN 1 60,480 Manufacturing
Sourthern New Jersey 1 23,037 Light Industrial
Portland, OR 1 11,810 Light Industrial
Chicago, IL 1 65,450 Light Industrial
Northern New Jersey 1 23,430 Light Industrial
Minneapolis, MN 1 19,675 Light Industrial
Minneapolis, MN 1 19,792 Light Industrial
Chicago, IL 1 50,400 Light Industrial
Atlanta, GA 1 180,000 Bulk Warehouse
Chicago, IL 1 80,180 Light Industrial
Salt Lake City, UT 1 9,828 Light Industrial
Minneapolis, MN (a) 1 128,872 Bulk Warehouse
Los Angeles, CA 3 20,700 Light Industrial
Northern New Jersey 2 104,820 Light Industrial
Northern New Jersey 1 75,000 Light Industrial
Northern New Jersey 2 110,000 Light Industrial
Central Pennsylvania 1 70,000 Manufacturing
St. Louis, MO 1 35,114 Light Industrial
Chicago, IL 1 77,000 Light Industrial
Sourthern New Jersey 1 142,750 Bulk Warehouse
Portland, OR 1 20,812 Light Industrial
Portland, OR 1 10,000 Light Industrial
Detroit, MI 1 42,000 Light Industrial
Northern New Jersey 1 43,400 Light Industrial
Los Angeles, CA 1 7,800 Light Industrial
Los Angeles, CA 1 8,086 Light Industrial
Los Angeles, CA 1 7,300 Light Industrial
Los Angeles, CA 1 8,048 Light Industrial
Dallas, TX 1 49,330 Light Industrial
Denver, CO 3 99,688 Light Industrial/R&D/Flex
Chicago, IL 1 66,958 Light Industrial
Baltimore, MD 1 150,500 Bulk Warehouse
Dallas, TX 1 22,615 Light Industrial
Greensboro, NC (a) 1 252,000 Bulk Warehouse
Baltimore, MD (a) 1 32,680 Regional Warehouse
Chicago, IL 1 92,527 Light Industrial
Atlanta, GA 1 75,600 Regional Warehouse
Northern New Jersey 1 20,158 Light Industrial
Tampa, FL 1 112,000 Bulk Warehouse
Dallas, TX 1 318,924 Bulk Warehouse
Detroit, MI 1 41,380 Light Industrial
Detroit, MI 1 40,000 Light Industrial
Portland, OR 20 564,163 Light Industrial
Dallas, TX 1 30,000 Light Industrial
Denver, CO 1 50,470 Light Industrial
Tampa, FL 6 107,540 Light Industrial
14
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- ---------------------- ---------- --------- --------------------------------------------
Denver, CO 1 43,987 R&D/Flex
Denver, CO 6 229,086 Light Industrial/R&D/Flex/Regional Warehouse
Dallas, TX 1 58,989 Light Industrial
Cincinnati, OH 3 92,422 R&D/Flex
Nashville, TN 1 207,440 Bulk Warehouse
Chicago, IL 1 309,600 Bulk Warehouse
Los Angeles, CA 3 68,672 R&D/Flex
Tampa, FL (a) 1 71,180 R&D/Flex
Tampa, FL (a) 1 63,080 R&D/Flex
Southern New Jersey 1 49,300 Light Industrial
Chicago, IL 1 53,684 Light Industrial
Chicago, IL 1 30,000 Light Industrial
Nashville, TN 3 339,050 Bulk Warehouse
Los Angeles, CA 3 69,592 Light Industrial
Detroit, MI 1 26,100 Light Industrial
Chicago, IL 1 56,400 Light Industrial
San Diego, CA 1 111,644 Bulk Warehouse
Chicago, IL 3 57,905 Light Industrial
Portland, OR 1 29,040 Light Industrial
Minneapolis, MN 1 143,066 Bulk Warehouse
Chicago, IL 1 156,200 Bulk Warehouse
Dallas, TX (a) 1 55,200 Regional Warehouse
Detroit, MI (a) 1 42,930 Regional Warehouse
Phoenix, AZ (a) 1 19,960 Light Industrial
Southern New Jersey 1 181,000 Bulk Warehouse
Southern New Jersey 1 8,610 Light Industrial
Tampa, FL 1 52,280 R&D/Flex
Denver, CO 2 48,000 R&D/Flex
---------- ---------
121 6,336,436
---------- ---------
(a) Property was sold to one of the Company's Joint Ventures.
During 2003, the Other Real Estate Partnerships sold nine in-service
industrial properties totaling approximately 1.1 million square feet of GLA.
Total gross sales proceeds approximated $36.9 million. The nine in-service
properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE
- --------------------- ---------- --------- -----------------
Minneapolis, MN 1 51,906 Light Industrial
Central Pennsylvania (a) 1 200,000 Bulk Warehouse
Detroit, MI 1 9,700 R&D/Flex
Philadelphia, PA 1 14,041 Light Industrial
Philadelphia, PA 1 11,293 Light Industrial
Chicago, IL 1 284,135 Bulk Warehouse
Philadelphia, PA 2 50,900 Light Industrial
Indianapolis, IN (a) 1 486,394 Bulk Warehouse
---------- ---------
9 1,108,369
========== =========
(a) Property was sold to one of the Company's Joint Ventures.
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2004 through March 5, 2004, the
Consolidated Operating Partnership acquired or completed development of nine
industrial properties for a total estimated investment of approximately $48.1
million.
During the period January 1, 2004 through March 5, 2004, the Other Real
Estate Partnerships sold one land parcel for approximately $.2 million of gross
proceeds.
15
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's in-service properties as of December 31, 2003, by geographic
market area.
PROPERTY LISTING
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
- ----------------------------- ----------------- ------------ ----------- ------------------- --------- --------- ------------
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 22%
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 0%
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 (g) Atlanta, GA 1986 Light Industrial 8.06 150,536 95%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 100%
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 33%
1256 Oakbrook Drive Norcross, GA 1984 Light Industrial 3.48 40,504 88%
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 56%
1300 Oakbrook Drive Norcross, GA 1986 Light Industrial 5.41 52,000 100%
1325 Oakbrook Drive Norcross, GA 1986 Light Industrial 3.53 53,120 81%
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 56%
3060 South Park Blvd Ellenwood, GA 1992 Bulk Warehouse 30.56 657,451 100%
--------- -------
SUBTOTAL OR AVERAGE 4,173,628 94%
--------- -------
BALTIMORE
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 76%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 100%
1811 Portal Baltimore, MD 1987 Light Industrial 3.32 60,000 90%
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 Manufacturing 6.55 171,000 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,934 19%
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%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,189 100%
1350 Blair Drive Odenton, MD 1991 Light Industrial 2.86 29,317 43%
1360 Blair Drive Odenton, MD 1991 Light Industrial 4.19 43,194 100%
1370 Blair Drive Odenton, MD 1991 Light Industrial 5.15 52,910 62%
9020 Mendenhall Court Columbia, MD 1981 Light Industrial 3.70 49,259 100%
4600 Boston Way Lanham, MD 1980 Bulk Warehouse 5.89 86,400 100%
4700 Boston Way Lanham, MD 1979 Light Industrial 3.20 40,800 100%
9800 Martin Luther King Hwy Lanham, MD 1978 Light Industrial 4.85 80,000 100%
--------- -------
SUBTOTAL OR AVERAGE 1,221,452 90%
--------- -------
CENTRAL PENNSYLVANIA
16522 Hunters Green Parkway Hagerstown, MD (e) 2000 Bulk Warehouse 35.00 487,000 100%
--------- -------
SUBTOTAL OR AVERAGE 487,000 100%
--------- -------
CHICAGO
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 204,679 68%
6750 South Sayre Avenue Bedford Park, IL 1975 Light Industrial 2.51 63,383 59%
585 Slawin Court Mount Prospect, IL 1992 R&D/Flex 3.71 38,150 0%
2300 Windsor Court Addison, IL 1986 Bulk Warehouse 6.80 105,100 100%
3505 Thayer Court Aurora, IL 1989 Light Industrial 4.60 64,220 100%
305-311 Era Drive Northbrook, IL 1978 Light Industrial 1.82 27,549 100%
4330 South Racine Avenue Chicago, IL 1978 Manufacturing 5.57 168,000 100%
12241 Melrose Street Franklin Park, IL 1969 Light Industrial 2.47 77,301 100%
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 100%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 69%
1010-50 Sesame Street Bensenville, IL 1976 Manufacturing 8.00 252,000 100%
5555 West 70th Place Bedford Park, IL 1973 Manufacturing 2.50 41,531 100%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 96%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 159,728 100%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 180,417 100%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
16
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
- ------------------------------ ---------------------- ------------ ----------- -------------------- --------- --------- ------------
CHICAGO (CONT.)
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%
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%
700 Business Center Drive Mount Prospect, IL 1980 Light Industrial 3.12 34,800 100%
555 Business Center Drive Mount Prospect, IL 1981 Light Industrial 2.96 31,175 0%
800 Business Center Drive Mount Prospect, IL 1988/99 Light Industrial 5.40 81,610 100%
580 Slawin Court Mount Prospect, IL 1985 Light Industrial 2.08 30,225 100%
1150 Feehanville 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 77%
1331 Business Center Drive Mount Prospect, IL 1985 Light Industrial 3.12 30,380 100%
19W661 101st Street Lemont, IL 1988 Bulk Warehouse 10.94 248,791 0%
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 85,542 100%
1661 Feehanville Avenue Mount Prospect, IL 1986 R&D/Flex 6.89 85,955 69%
1400-1436 Brook Drive Downers Grove, IL (f) 1972 Light Industrial 7.55 137,678 94%
--------- -------
SUBTOTAL OR AVERAGE 3,792,814 83%
--------- -------
CINCINNATI
9900-9970 Princeton Cincinnati, OH 1970 Bulk Warehouse 10.64 185,580 91%
2940 Highland Avenue Cincinnati, OH 1969/74 Bulk Warehouse 17.08 502,000 90%
4700-4750 Creek Road Blue Ash, OH 1960 Light Industrial 15.32 265,000 97%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 72%
901 Pleasant Valley Drive Springboro, OH 1984/94 Light Industrial 7.70 69,220 100%
4440 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 15.26 240,000 100%
4434 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 25.00 140,800 77%
9449 Glades Drive Hamilton, OH 1999 Bulk Warehouse 7.40 168,000 84%
--------- -------
SUBTOTAL OR AVERAGE 1,683,100 90%
--------- -------
COLUMBUS
3800 Lockbourne Industrial Pky Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 96%
4300 Cemetery Road Hilliard, OH 1968/83 Manufacturing 62.71 255,470 100%
4115 Leap Road (g) Hilliard, OH 1977 Light Industrial 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 66%
--------- -------
SUBTOTAL OR AVERAGE 1,421,016 92%
--------- -------
DALLAS/FORT WORTH
1275-1281 Roundtable Drive Dallas, TX 1966 Light Industrial 1.75 30,642 100%
2406-2416 Walnut Ridge Dallas, TX 1978 Light Industrial 1.76 44,000 100%
12750 Perimeter Drive Dallas, TX 1979 Bulk Warehouse 6.72 178,200 100%
1324-1343 Roundtable Drive Dallas, TX 1972 Light Industrial 2.09 47,000 100%
2401-2419 Walnut Ridge Dallas, TX 1978 Light Industrial 1.20 30,000 100%
4248-4252 Simonton Farmers Ranch, TX 1973 Bulk Warehouse 8.18 205,693 100%
900-906 Great Southwest Pkwy Arlington, TX 1972 Light Industrial 3.20 69,761 100%
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%
12784 Perimeter Drive (h) Dallas, TX 1981 Light Industrial 4.57 95,671 86%
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%
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 18,511 100%
7339-41 Tower Street Richland Hills, TX 1980 Light Industrial 0.95 17,600 100%
7437-45 Tower Street Richland Hills, TX 1977 Light Industrial 1.16 20,018 100%
7331-59 Airport Freeway Richland Hills, TX 1987 R&D/Flex 2.63 37,487 100%
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 61%
3330 Duncanville Road Dallas, TX 1987 Reg. Warehouse 2.20 50,560 100%
6851-6909 Snowden Road Fort Worth, TX 1985/86 Bulk Warehouse 13.00 281,200 100%
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%
17
LOCATION YEAR BUILT - LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
---------------- ---------- ------------ ----------------- ---------------- --------- --- ------------
DALLAS/FORT WORTH (CONT.)
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 (h) Carrolton, TX 1981 R&D Flex 3.73 42,170 100%
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 80,780 100%
1420 Valwood Parkway-Bldg I(g) Carrolton, TX 1986 R&D Flex 3.30 40,884 86%
1620 Valwood Parkway (h) Carrolton, TX 1986 Light Industrial 6.59 103,475 100%
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 87%
1840 Hutton Drive (g) 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%
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 70%
900-1100 Avenue S Grand Prairie, TX 1985 Bulk Warehouse 5.5 122,881 80%
15001 Trinity Blvd Ft. Worth, TX 1984 Light Industrial 4.70 83,473 100%
Plano Crossing (i) 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 33,627 82%
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 21,000 95%
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%
2821 Cullen Street Fort Worth, TX 1961 Light Industrial 0.84 17,877 100%
2105 McDaniel Drive Carrolton, TX 1986 Bulk Warehouse 4.59 107,915 100%
--------- ---
SUBTOTAL OR
AVERAGE 4,816,331 96%
--------- ---
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 64,000 100%
6268-6294 Executive Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 79%
5749-5753 Executive Boulevard Huber Heights, OH 1975 Light Industrial 1.15 12,000 50%
6230-6266 Executive Boulevard Huber Heights, OH 1979 Light Industrial 5.30 84,000 82%
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 20,000 100%
--------- ---
SUBTOTAL OR
AVERAGE 342,746 90%
--------- ---
DENVER
7100 North Broadway - Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,298 81%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 82%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 96%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 69%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 78%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,522 95%
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 85%
702 West 48th Street Denver, CO 1984 Light Industrial 5.40 23,820 87%
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 81,120 81%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,538 78%
3390 North Peoria Street Aurora, CO 1978 R&D/Flex 1.46 22,699 72%
3508-3538 North Peoria Street Aurora, CO 1978 R&D/Flex 2.61 40,653 81%
3568 North Peoria Street Aurora, CO 1978 R&D/Flex 2.24 34,937 56%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 90%
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%
4570 Ivy Street Denver, CO 1985 Light Industrial 1.77 31,355 100%
5855 Stapleton Drive North Denver, CO 1985 Light Industrial 2.33 41,268 100%
5885 Stapleton Drive North Denver, CO 1985 Light Industrial 3.05 53,893 100%
5977-5995 North Broadway Denver, CO 1978 Light Industrial 4.96 50,280 80%
18
LOCATION YEAR BUILT - LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
---------------- ---------- ------------ ----------------- ---------------- --------- --- ------------
DENVER (CONT.)
2952-5978 North Broadway Denver, CO 1978 Light Industrial 7.91 88,977 88%
6400 North Broadway Denver, CO 1982 Light Industrial 4.51 69,430 100%
4721 Ironton Street Denver, CO 1969 R&D/Flex 2.84 51,260 100%
7100 North Broadway - 7 Denver, CO 1985 R&D/Flex 2.30 24,822 81%
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 94%
East 47th Drive -A Denver, CO 1997 R&D/Flex 3.00 51,210 87%
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 41,615 100%
8100 South Park Way - A Littleton, CO 1997 R&D/Flex 3.33 52,581 72%
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 81%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 86%
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 71%
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 56%
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 39%
2369 South Trenton Way Denver, CO 1983 R&D/Flex 4.80 33,108 100%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 49%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 75%
1600 South Abilene Aurora, CO 1986 R&D/Flex 3.53 47,930 40%
1620 South Abilene Aurora, CO 1986 Light Industrial 2.04 27,666 100%
1640 South Abilene Aurora, CO 1986 Light Industrial 2.80 37,948 100%
13900 East Florida Avenue Aurora, CO 1986 R&D/Flex 1.44 19,493 100%
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%
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 76%
14828 West 6th Avenue Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 89%
12055 E. 49th Ave/4955 Peoria Denver, CO 1984 R&D/Flex 3.09 49,575 88%
4940-4950 Paris Denver, CO 1984 R&D/Flex 1.58 25,290 100%
4970 Paris Denver, CO 1984 R&D/Flex 0.98 15,767 100%
5010 Paris Denver, CO 1984 R&D/Flex 0.92 14,822 100%
7367 South Revere Parkway Englewood, CO 1997 Bulk Warehouse 8.50 102,839 86%
10311 W. Hampden Avenue Lakewood, CO 1999 Light Industrial 4.40 52,227 82%
8200 East Park Meadows
Drive (g) Lone Tree, CO 1984 R&D Flex 6.60 90,219 77%
3250 Quentin (g) Aurora, CO 1984/2000 Light Industrial 8.90 144,464 95%
11585 E. 53rd Ave. (g) Denver, CO 1984 Bulk Warehouse 15.10 335,967 100%
10500 East 54th Ave. (h) Denver, CO 1986 Reg. Warehouse 9.12 178,148 98%
--------- ---
SUBTOTAL OR
AVERAGE 4,044,099 90%
--------- ---
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%
1035 Crooks Road Troy, MI 1980 Light Industrial 1.74 23,320 100%
1095 Crooks Road Troy, MI 1986 R&D/Flex 2.83 35,042 100%
1416 Meijer Drive Troy, MI 1980 Light Industrial 1.20 17,944 100%
1624 Meijer Drive Troy, MI 1984 Light Industrial 3.42 44,040 100%
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%
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%
19
LOCATION YEAR BUILT - LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
---------------- ---------- ------------ ----------------- ---------------- --------- --- ------------
DETROIT (CONT.)
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 Hill,
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 0%
23093 Commerce Drive Farmington Hills,
MI 1983 Reg. Warehouse 3.87 49,040 100%
23135 Commerce Drive Farmington Hills,
MI 1986 Light Industrial 2.02 23,969 100%
23163 Commerce Drive Farmington Hills,
MI 1986 Light Industrial 1.51 19,020 100%
23177 Commerce Drive Farmington Hills,
MI 1986 Light Industrial 2.29 32,127 100%
23206 Commerce Drive Farmington Hills,
MI 1985 Light Industrial 1.30 19,822 100%
23370 Commerce Drive Farmington Hills,
MI 1980 Light Industrial 0.67 8,741 100%
32450 N. Avis Drive Madison Heights,
MI 1974 Light Industrial 3.23 55,820 100%
12050-12300 Hubbard (g) Livonia, MI 1981 Light Industrial 6.10 85,086 91%
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 75%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 75%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 100%
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 100%
28421-28449 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,285 100%
28451-28479 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,280 75%
28825-28909 Highland Rd Romulus, MI 1981 Light Industrial 2.53 29,284 56%
28933-29017 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 88%
28824-28908 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
28932-29016 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
9710-9734 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,925 0%
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 83%
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 86%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 100%
29200-29214 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,282 100%
9301-9339 Middlebelt Road Romulus, MI 1983 R&D/Flex 1.29 15,173 75%
26980 Trolley Industrial
Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
32975 Capitol Avenue Livonia, MI 1978 R&D/Flex 0.99 18,465 100%
2725 S. Industrial Highway Ann Arbor, MI 1997 Light Industrial 2.63 37,875 23%
32920 Capitol Avenue Livonia, MI 1973 Reg. Warehouse 0.47 8,000 100%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 100%
11923 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.76 14,600 100%
11965 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.88 14,600 100%
13405 Stark Road Livonia, MI 1980 Light Industrial 0.65 9,750 0%
1170 Chicago Road Troy, MI 1983 Light Industrial 1.73 21,500 100%
1200 Chicago Road Troy, MI 1984 Light Industrial 1.73 26,210 100%
450 Robbins Drive Troy, MI 1976 Light Industrial 1.38 19,050 100%
1230 Chicago Road Troy, MI 1996 Reg. Warehouse 2.10 30,120 100%
12886 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 100%
12898 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 0%
33025 Industrial Road Livonia, MI 1980 Light Industrial 1.02 6,250 100%
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 0%
1775 Bellingham Troy, MI 1987 R&D/Flex 1.88 28,900 100%
1785 East Maple Troy, MI 1985 Light Industrial 0.80 10,200 100%
1807 East Maple Troy, MI 1984 R&D/Flex 2.15 28,100 100%
980 Chicago Road Troy, MI 1985 Light Industrial 1.09 14,280 100%
1840 Enterprise Drive Rochester Hills,
MI 1990 R&D/Flex 2.42 33,240 42%
1885 Enterprise Drive Rochester Hills,
MI 1990 Light Industrial 1.47 19,604 100%
1935-55 Enterprise Drive Rochester Hills,
MI 1990 R&D/Flex 4.54 53,400 100%
5500 Enterprise Court Warren, MI 1989 R&D/Flex 3.93 53,900 100%
750 Chicago Road Troy, MI 1986 Light Industrial 1.54 26,709 0%
800 Chicago Road Troy, MI 1985 Light Industrial 1.48 24,340 100%
20
LOCATION YEAR BUILT - LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/03
---------------- ---------- ------------ ----------------- ---------------- --------- --- ------------
DETROIT (CONT.)
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 90%
6833 Center Drive Sterling Heights,
MI 1998 Reg. Warehouse 4.42 66,132 100%
32201 North Avis Drive Madison Heights,
MI 1974 R&D/Flex 4.19 50,000 100%
1100 East Mandoline Road Madison Heights,
MI 1967 Bulk Warehouse 8.19 117,903 65%
30081 Stephenson Highway Madison Heights,
MI 1967 Light Industrial 2.50 50,750 100%
1120 John A. Papalas Drive (h) 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 0%
1799-1813 Northfield Drive (g) Rochester Hills,
MI 1980 Light Industrial 4.22 67,360 69%
--------- ---
SUBTOTAL OR
AVERAGE 3,659,043 91%
--------- ---
GRAND RAPIDS
5050 Kendrick Court SE Grand Rapids, MI 1988 Manufacturing 26.94 413,500 100%
5015 52nd Street SE Grand Rapids, MI 1987 Light Industrial 4.50 61,250 100%
--------- ---
SUBTOTAL OR
AVERAGE 474,750 100%
--------- ---
HOUSTON
2102-2314 Edwards Street Houston, TX 1961 Bulk Warehouse 5.02 115,248 100%
4545 Eastpark Drive Houston, TX 1972 Reg. Warehouse 3.80 81,295 100%
3351 Rauch Street Houston, TX 1970 Reg. Warehouse 4.04 82,500 100%
3851 Yale Street Houston, TX 1971 Bulk Warehouse 5.77 132,554 67%
3337-3347 Rauch Street Houston, TX 1970 Reg. Warehouse 2.29 53,425 100%
8505 North Loop East Houston, TX 1981 Bulk Warehouse 4.99 107,769 100%
4749-4799 Eastpark Dr. Houston, TX 1979 Bulk Warehouse 7.75 182,563 79%
4851 Homestead Road Houston, TX 1973 Bulk Warehouse 3.63 142,250 85%
3365-3385 Rauch Street Houston, TX 1970 Reg. Warehouse 3.31 82,140 83%
5050 Campbell Road Houston, TX 1970 Bulk Warehouse 6.10 121,875 66%
4300 Pine Timbers Houston, TX 1980 Bulk Warehouse 4.76 113,400 58%
7901 Blankenship Houston, TX 1972 Light Industrial 2.17 48,000 0%
2500-2530 Fairway Park Houston, TX 1974 Bulk Warehouse 8.72 213,638 100%
6550 Longpointe Houston, TX 1980 Bulk Warehouse 4.13 97,700 76%
1815 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 6.34 139,630 100%
1819 Turning Basin Drive Houston, TX 1980 Light Industrial 2.85 65,494 100%
1805 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 7.60 155,250 100%
7000 Empire Drive Houston, TX 1980 R&D/Flex 6.25 95,073 85%
9777 West Gulfbank Drive Houston, TX 1980 Light Industrial 15.45 252,242 90%
9835 A Genard Road Houston, TX 1980 Bulk Warehouse 39.20 417,350 72%
9835 B Genard Road Houston, TX 1980 Reg. Warehouse 6.40 66,600 100%
10161 Harwin Drive