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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
/X/ Annual report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 (Fee Required) for the
fiscal year ended December 31, 1999
or
/ / Transition report pursuant to section 13 or 15(d) of
the Securities Exchange Act of 1934 (No Fee Required)
for the transition period from to
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Commission file number 0-20625
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DUKE-WEEKS REALTY LIMITED PARTNERSHIP
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(Exact name of registrant as specified in its charter)
Indiana 35-1898425
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(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer Identification No.)
8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
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(Address of principal executive offices) (Zip Code)
(317) 808-6000
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(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Title of each class: Name of each exchange on which registered:
None N/A
-------------------------- -----------------------------------------
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
LIMITED PARTNER UNITS
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 if disclosure of delinquent filers
pursuant to Item 405 Regulation S-K is not contained herein, and
will not be contained, to the best of Registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
The aggregate market value of the Limited Partner Units held by
non-affiliates of Registrant is $275.6 million based on the last
reported sale price of the common shares of Duke-Weeks Realty
Corporation into which Limited Partner Units are exchangeable, on
March 8, 2000.
The number of Limited Partnership Units outstanding as of March
8, 2000 was 19,059,815.
TABLE OF CONTENTS
FORM 10-K
Item No. Page(s)
-------- -------
PART I
1. Business 1 - 4
2. Properties 4 - 23
3. Legal Proceedings 24
4. Submission of Matters to a
Vote of Security Holders 24
PART II
5. Market for the Registrant's
Equity and Related Security Holder
Matters 24
6. Selected Financial Data. 25
7. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 26 - 33
7a. Quantitative and Qualitative
Disclosure About Market Risks 33 - 34
8. Financial Statements and
Supplementary Data. 24
9. Changes in and Disagreements with
Accountants on Accounting and
Financial Disclosure 34
PART III
10. Directors and Executive Officers
of the Registrant 34
11. Executive Compensation 35
12. Security Ownership of Certain
Beneficial Owners and Management 36
13. Certain Relationships and Related
Transactions. 36
PART IV
14. Exhibits, Financial Statement
Schedules and Reports on Form 8-K 36 - 76
Signatures 77 - 78
Exhibits 79 - 82
WHEN USED IN THIS FORM 10-K REPORT, THE WORDS "BELIEVES," "EXPECTS,"
"ESTIMATES" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-
LOOKING STATEMENTS. SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. IN
PARTICULAR, AMONG THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY ARE CONTINUED QUALIFICATION AS A REAL ESTATE INVESTMENT
TRUST, GENERAL BUSINESS AND ECONOMIC CONDITIONS, COMPETITION, INCREASES
IN REAL ESTATE CONSTRUCTION COSTS, INTEREST RATES, ACCESSIBILITY OF
DEBT AND EQUITY CAPITAL MARKETS AND OTHER RISKS INHERENT IN THE REAL
ESTATE BUSINESS INCLUDING TENANT DEFAULTS, POTENTIAL LIABILITY RELATING
TO ENVIRONMENTAL MATTERS AND ILLIQUIDITY OF REAL ESTATE INVESTMENTS.
READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-
LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE HEREOF. THE
PARTNERSHIP UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE THE RESULTS OF
ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS WHICH MAY BE MADE TO
REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE
OCCURRENCE OF UNANTICIPATED EVENTS. READERS ARE ALSO ADVISED TO REFER
TO DUKE-WEEKS REALTY CORPORATION'S (FORMERLY DUKE REALTY INVESTMENTS,
INC.) FORM 8-K REPORT AS FILED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION ON MARCH 28, 1996 FOR ADDITIONAL INFORMATION CONCERNING
THESE RISKS.
PART I
ITEM 1. BUSINESS
Duke-Weeks Realty Limited Partnership (the "Partnership") was formed on
October 4, 1993, when Duke-Weeks Realty Corporation (the "Predecessor"
or the "General Partner") contributed all of its properties and related
assets and liabilities along with the net proceeds of $309.3 million
from the issuance of an additional 14,000,833 shares through an
offering (the "1993 Offering") to the Partnership. Simultaneously, the
Partnership completed the acquisition of Duke Associates, a full-
service commercial real estate firm operating in the Midwest. The
General Partner was formed in 1985 and qualifies as a Real Estate
Investment Trust ("REIT") under provisions of the Internal Revenue
Code. The General Partner is the sole general partner of the
Partnership currently owning 86.9% of the partnership interest
("General Partner Units"). The remaining 13.1% of the Partnership is
owned by limited partners ("Limited Partner Units" and, together with
the General Partner Units, the "Common Units").
As of December 31, 1999, the Partnership's diversified portfolio of 925
rental properties (including 60 properties and three expansions
totaling 9.9 million square feet under development) encompass 102.4
million rentable square feet and are leased by a diverse and stable
base of nearly 5,000 tenants whose businesses include manufacturing,
retailing, wholesale trade, distribution and professional services. The
Partnership also owns more than 4,300 acres of unencumbered land ready
for development.
The Partnership, through its Service Operations, also provides, on a
fee basis, leasing, property and asset management, development,
construction, landscaping, build-to-suit, and other tenant-related
services for more than 700 tenants in over 7.1 million square feet of
space at properties owned by third-party clients. With 13 primary
operating platforms, the Partnership concentrates its activities in the
Midwest and Southeast United States (see discussion of Merger with
Weeks Corporation below). See Item 7, "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and Item 8,
"Financial Statements and Supplementary Data" for financial
information. The Partnership has rental operations that are self-
administered. In addition, the Partnership conducts its service
operations through Duke Realty Services Limited Partnership and Duke
Construction Limited Partnership, in which the Partnership's controlled
subsidiary, Duke Services, Inc., is the sole general partner. All
references to the "Partnership" in this Form 10-K Report include the
Partnerhip and those entities owned or controlled by the Partnership,
unless the context indicates otherwise.
- 1 -
The Partnership's headquarters and executive offices are located in
Indianapolis, Indiana. In addition, the Partnership has thirteen
regional offices located in Atlanta, Georgia; Cincinnati, Ohio;
Columbus, Ohio; Cleveland, Ohio; Chicago, Illinois; Dallas, Texas;
Jacksonville, Florida; Minneapolis, Minnesota; Orlando, Florida;
Nashville, Tennessee; Raleigh, North Carolina; St. Louis, Missouri and
Tampa, Florida. The Partnership had 1,460 employees as of December 31,
1999.
BUSINESS STRATEGY
The Partnership's business objective is to increase its Funds From
Operations ("FFO") by (i) maintaining and increasing property occupancy
and rental rates through the aggressive management of its portfolio of
existing properties; (ii) expanding existing properties; (iii)
developing and acquiring new properties; and (iv) providing a full line
of real estate services to the Partnership's tenants and to third-
parties. FFO is defined by the National Association of Real Estate
Investment Trusts as net income or loss, excluding gains or losses from
debt restructuring and sales of depreciated property, plus operating
property depreciation and amortization and adjustments for minority
interest and unconsolidated companies on the same basis. While
management believes that FFO is a relevant measure of the Partnership's
operating performance because it is widely used by industry analysts to
measure the operating performance of equity REITs, such amount does not
represent cash flow from operations as defined by generally accepted
accounting principles, should not be considered as an alternative to
net income as an indicator of the Partnership's operating performance,
and is not indicative of cash available to fund all cash flow needs. As
a fully integrated commercial real estate firm, the Partnership
believes that its in-house leasing, management, development and
construction services and the Partnership's significant base of
commercially zoned and unencumbered land in existing business parks
should give the Partnership a competitive advantage in its future
development activities.
The Partnership believes that the analysis of real estate opportunities
and risks can be done most effectively at regional or local levels. As
a result, the Partnership intends to continue its emphasis on
increasing its market share and effective rents in the Midwestern
markets where it owns properties and enter new markets with higher
growth potential (see discussion of Merger with Weeks Corporation
below). The Partnership also expects to utilize its more than 4,300
acres of unencumbered land and its many business relationships with
nearly 5,000 commercial tenants to expand its build-to-suit business
(development projects substantially pre-leased to a single tenant) and
to pursue other development and acquisition opportunities in its
primary markets and elsewhere. The Partnership believes that this
regional focus will allow it to assess market supply and demand for
real estate more effectively as well as to capitalize on its strong
relationships with its tenant base.
The Partnership's policy is to seek to develop and acquire Class A
commercial properties located in markets with high growth potential for
Fortune 500 companies and other quality regional and local firms. The
Partnership's industrial and suburban office development focuses on
business parks and mixed-use developments suitable for development of
multiple projects on a single site where the Partnership can create and
control the business environment. These business parks and mixed-use
developments generally include restaurants and other amenities which
the Partnership believes will create an atmosphere that is particularly
efficient and desirable. The Partnership's retail development focuses
on community, power and neighborhood centers in its existing markets.
As a fully integrated real estate Partnership, the Partnership is able
to arrange for or provide to its industrial, office and retail tenants
not only well located and well maintained facilities, but also
additional services such as build-to-suit construction, tenant finish
construction, expansion flexibility and advertising and marketing
services.
- 2 -
All of the Partnership's properties are located in areas that include
competitive properties. Such properties are generally owned by
institutional investors, other REITs or local real estate operators;
however, no single competitor or small group of competitors is dominant
in the Partnership's current markets. The supply and demand of similar
available rental properties may affect the rental rates the Partnership
will receive on its properties. Based upon the current occupancy rates
in Partnership and competitive properties, the Partnership believes
there will not be significant competitive pressure to lower rental
rates in the near future.
FINANCING STRATEGY
The Partnership seeks to maintain a well-balanced, conservative and
flexible capital structure by: (i) currently targeting a ratio of long-
term debt to total market capitalization in the range of 25% to 40%;
(ii) extending and sequencing the maturity dates of its debt; (iii)
borrowing primarily at fixed rates; (iv) generally pursuing current and
future long-term debt financings and refinancings on an unsecured
basis; and (v) maintaining conservative debt service and fixed charge
coverage ratios. Management believes that these strategies have enabled
and should continue to enable the Partnership to access the debt and
equity capital markets for their long-term requirements such as debt
refinancings and financing development and acquisitions of additional
rental properties. The General Partner and the Partnership have raised
approximately $1.7 billion through public debt and equity offerings
during the three years ended December 31, 1999. In addition, as
discussed under Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," the Partnership has
$750 million in unsecured lines of credit available for short-term
fundings of development and acquisition of additional rental
properties. In addition to debt and equity capital markets, the
Partnership has developed a strategy to pursue favorable opportunities
to dispose of assets that no longer meet the Partnership's long-term
investment criteria and re-deploy the proceeds into new investments
with excellent long-term growth prospects. See additional discussion
under Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations." The Partnership's debt to total
market capitalization ratio (total market capitalization is defined as
the total market value of all outstanding Common and Preferred Units
and units of limited partnership interest ("Units") in the Partnership
plus outstanding indebtedness) at December 31, 1999 was 38.17%. The
Partnership's ratio of earnings to debt service and ratio of earnings
to fixed charges for the year ended December 31, 1999 were 2.58x and
1.77x, respectively. In computing the ratio of earnings to debt
service, earnings have been calculated by adding debt service to income
before gains or losses on property sales. Debt service consists of
interest expense and recurring principal amortization (excluding
maturities) and excludes amortization of debt issuance costs. In
computing the ratio of earnings to fixed charges, earnings have been
calculated by adding fixed charges, excluding capitalized interest, to
income before gains or losses on property sales. Fixed charges consist
of interest costs, whether expensed or capitalized, the interest
component of rental expense, amortization of debt issuance costs and
preferred stock dividend requirements. Management believes these
measures to be consistent with its financing strategy.
MERGER WITH WEEKS CORPORATION
In July 1999, Weeks Corporation ("Weeks"), a self-administered, self-
managed geographically focused REIT which operated primarily in the
southeastern United States, was merged with and into the General
Partner, pursuant to which Weeks Realty L.P. ("Weeks Operating
Partnership") merged with and into the Partnership. This transaction is
hereafter referred to as the "Weeks Merger." In accordance with the
terms of the Weeks Merger, each outstanding Weeks Operating Partnership
common unit was converted into 1.38 common units of the Partnership and
each outstanding Weeks Operating Partnership Series A preferred unit
- 3 -
was converted into one of the Partnership's Series F preferred units
(the "Series F Preferred Units"). As a result, 27.4 million common
units and 6,000,000 Series F Preferred Units were issued to Weeks
Operating Partnership unitholders in exchange for all of the
outstanding Weeks Operating Partnership common and preferred units. The
total purchase price of Weeks Operating Partnership aggregated
approximately $1.9 billion, which included the assumption of the
outstanding debt and liabilities of Weeks Operating Partnership of
approximately $775 million. The transaction was structured as a tax-
free merger and was accounted for under the purchase method.
OTHER
The Partnership's operations are not dependent on a single or few
customers as no single customer accounts for more than 1.5% of the
Partnership's total revenue. The Partnership's operations are not
subject to any significant seasonal fluctuations. The Partnership
believes it is in compliance with environmental regulations and does
not anticipate material effects of continued compliance.
For additional information regarding the Partnership's investments and
operations, see Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and Item 8, "Financial
Statements and Supplementary Data." For additional information about
the Partnership's business segments, see Item 8, "Financial Statements
and Supplementary Data."
ITEM 2. PROPERTIES
PRODUCT REVIEW
--------------
As of December 31, 1999, the Partnership owns an interest in a
diversified portfolio of 925 commercial properties encompassing
approximately 102.4 million net rentable square feet (including 60
properties and three expansions comprising 9.9 million square feet
under development) located primarily in eight states and more than
4,300 acres of land for future development.
INDUSTRIAL PROPERTIES:
----------------------
The Partnership owns interests in 674 industrial properties
encompassing approximately 77.2 million square feet (75% of total
square feet) more specifically described as follows:
BULK WAREHOUSES - Industrial warehouse/distribution buildings with
clear ceiling heights of 20 feet or more. The Partnership owns 452
buildings totaling 63.7 million square feet of such properties.
SERVICE CENTERS - Also known as flex buildings or light industrial,
this product type has 12-18 foot clear ceiling heights and a
combination of drive-up and dock-height loading access. The
Partnership owns 222 buildings totaling 13.5 million square feet of
such properties.
OFFICE PROPERTIES:
------------------
The Partnership owns interests in 219 office buildings totaling
approximately 22.5 million square feet (22% of total square feet)
more specifically described as follows:
SUBURBAN OFFICE - The Partnership owns 215 suburban office
buildings totaling 21.6 million square feet.
CBD OFFICE - The Partnership owns four downtown office projects
totaling approximately 861,000 square feet.
RETAIL PROPERTIES:
------------------
The Partnership owns interests in 32 retail projects totaling
approximately 2.7 million square feet (3% of total square feet).
These properties encompass both power and neighborhood shopping
centers.
- 4 -
LAND:
----
The Partnership owns more than 4,300 acres of land located primarily in
its existing business parks. The land is ready for immediate use and is
unencumbered by debt. Over 62 million square feet of additional space
can be developed on these sites and all of the land is zoned for either
office, industrial or retail development.
SERVICE OPERATIONS:
-------------------
The Partnership provides property and asset management, development,
leasing and construction services to third party owners in addition to
its own properties. The Partnership's current property management base
for third parties includes over 7.1 million square feet of properties
serving more than 700 tenants.
PROPERTY DESCRIPTIONS
---------------------
The Partnership's properties are described on the following pages:
%
OWNER- PARTNER- YEAR LAND NET LEASED
PROJECT NAME/ SHIP SHIP'S CONSTD/ AREA RENT. AREA 12-31,
LOCATION INTEREST INTEREST EXP./REN. (ACRES) (SQ. FT.) 1999
- ---------------------- --------- --------- --------- ------- ---------- ------
IN-SERVICE
- --------
INDUSTRIAL
- ----------
CELEBRATION, FL
1130 Celebration Blvd Fee 100% 1997 5.78 62,876 100%
1120 Celebration Blvd. Fee 100% 1997 4.00 43,020 100%
HOLLYWOOD, FL
2600 SW 39th St. Fee 100% 1999 30.14 191,280 100%
Port 95 Fee 100% 1999 4.77 87,290 44%
JACKSONVILLE, FL
13350 Int'l. Park Fee 100% 1998 5.14 90,000 100%
13340 Int'l. Pkwy. Fee 100% 1997 4.43 81,000 100%
1420 Vantage Way Fee 100% 1998 11.55 147,300 100%
1460 Vantage Way Fee 100% 1998 5.32 86,400 100%
1350 Tradeport Dr. Fee 100% 1989 7.64 99,750 97%
1371 Tradeport Dr. Fee 100% 1995 7.46 117,000 100%
13291 Vantage Way Fee 100% 1995 7.58 110,880 98%
LAKE MARY, FL
100 Technology Pkwy. Fee 100% 1986 5.51 60,711 72%
525 Technology Pkwy. Fee 100% 1998 6.20 67,185 82%
255 Technology Pkwy. Fee 100% 1998 5.16 54,590 100%
200 Technology Pkwy. Fee 100% 1999 6.00 68,726 75%
250 Technology Park Fee 100% 1999 5.00 46,481 100%
MIAMI, FL
1701 NW 84th Ave. Fee 100% 1992 5.37 114,682 100%
1601 NW 84th Ave. Fee 100% 1993 5.91 114,032 66%
1401 NW 84th Ave. Fee 100% 1995 4.58 86,677 100%
2000 NW 84th Ave. Fee 100% 1989 4.47 118,897 100%
1850 NW 84th Ave. Fee 100% 1989 4.23 97,830 100%
8401 NW 17th St. Fee 100% 1993 2.40 37,116 100%
8400 NW 17th St. Fee 100% 1991 3.55 75,430 100%
1600 NW 84th Ave. Fee 100% 1992 3.55 75,430 66%
1900 NW 84th Ave. Fee 100% 1990 2.35 35,226 83%
8491 NW 17th St. Fee 100% 1990 2.35 35,170 84%
1301 NW 84th Ave. Fee 100% 1999 4.63 90,000 80%
2101 NW 84th Ave. Fee 100% 1989 3.77 78,673 81%
2001 NW 84th Ave. Fee 100% 1992 4.42 104,188 100%
2250 NW 84th Ave. Fee 100% 1994 2.27 35,584 100%
8530 NW 23rd St. Fee 100% 1994 4.31 93,152 99%
2105 NW 86th Ave. Fee 100% 1993 4.27 91,406 100%
8501 NW 17th St. Fee 100% 1995 9.84 214,644 88%
8500 NW 17th St. Fee 100% 1995 3.80 78,671 36%
8550 NW 17th St. Fee 100% 1995 3.52 74,842 56%
8400 NW 25th St. Fee 100% 1997 10.24 178,619 91%
1701 NW 87th Ave. Fee 100% 1992 9.84 226,707 87%
Beacon Sta. #22 Fee 50% [1] 1999 10.75 179,800 68%
Beacon Sta. #23 Fee 50% [1] 1999 10.75 179,800 81%
Beacon Sta. #24 Fee 50% [1] 1999 10.75 179,800 69%
- 5 -
ORLANDO, FL
8500 Parkline Blvd Fee 100% 1986 7.93 102,400 53%
8501 Parkline Blvd. Fee 100% 1991 1.95 27,000 100%
8549 Parkline Blvd. Fee 100% 1992 1.72 27,007 87%
8351 Parkline Blvd. Fee 100% 1994 2.44 33,600 100%
8249 Parkline Blvd Fee 100% 1996 2.39 33,600 100%
1630 Prime Ct. Fee 100% 1996 3.65 52,579 82%
1629 Prime Ct. Fee 100% 1997 3.12 43,200 100%
7101 TPC Dr. Fee 100% 1998 7.26 84,650 81%
2500 Principal Row Fee 100% 1996 7.50 140,015 100%
2490 Principal Row Fee 100% 1997 5.58 101,800 100%
2491 Principal Row Fee 100% 1998 6.32 118,250 100%
9600 Parksouth Ct. Fee 100% 1997 7.05 126,818 100%
9550 Parksouth Ct. Fee 100% 1999 10.88 203,900 50%
TAMPA, FL
8640 Elm Fair Blvd Fee 100% 1998 4.06 68,480 100%
4720 Oak Fair Blvd Fee 100% 1998 10.23 173,514 100%
4758 Oak Fair Blvd. Fee 100% 1999 4.45 92,200 100%
Fairfield Dist. Ctr IV Fee 100% 1999 6.00 86,620 34%
ALPHARETTA, GA
11800 Wills Rd. Fee 100% 1987 3.79 42,691 65%
11810 Wills Rd. Fee 100% 1987 3.68 59,334 0%
11820 Wills Rd. Fee 100% 1987 6.06 103,222 100%
11415 Old Roswell Rd. Fee 100% 1991 8.08 80,000 100%
1350 Northmeadow Pkwy. Fee 100% 1994 6.40 64,500 100%
1320 Ridgeland Pkwy Fee 100% 1999 10.39 125,000 100%
Ridgeland Bus.Dist I Fee 100% 1999 6.03 75,000 54%
ATLANTA, GA
1670 Defoor Ave. Fee 100% 1960 2.34 48,007 96%
3171 McCall Dr. Fee 100% 1967 1.41 16,075 100%
4280 Northeast Expway Fee 100% 1962 4.05 56,530 100%
100 Eagle Vista Pkwy Fee 100% 1999 29.66 481,300 100%
DULUTH, GA
3270 Summit Ridge Pkwy. Fee 100% 1997 10.50 152,282 100%
3280 Summit Ridge Pkwy. Fee 100% 1997 10.20 173,360 100%
3290 Summit Ridge Pkwy. Fee 100% 1997 5.70 100,800 100%
2450 Meadowbrook Pkwy. Fee 100% 1989 4.26 68,400 100%
2475 Meadowbrook Pkwy. Fee 100% 1986 6.07 59,086 100%
2500 Meadowbrook Pkwy. Fee 100% 1987 4.50 68,800 100%
2505 Meadowbrook Pkwy. Fee 100% 1990 3.36 53,481 100%
4125 Buford Highway Fee 100% 1995 10.92 210,000 100%
2825 Breckinridge Blvd Fee 100% 1986 6.80 45,559 92%
2875 Breckinridge Blvd Fee 100% 1986 8.75 57,918 100%
2885 Breckinridge Blvd Fee 100% 1997 8.85 80,450 100%
2625 Pinemeadow Ct. Fee 100% 1994 9.57 139,540 100%
2660 Pinemeadow Ct. Fee 100% 1996 6.00 104,000 100%
3450 River Green Ct. Fee 100% 1989 4.20 33,600 100%
4800 River Green Pkwy. Fee 100% 1989 2.41 25,538 0%
2775 Premier Pkwy. Fee 100% 1997 6.20 79,110 100%
3079 Premier Pkwy. Fee 100% 1998 9.70 101,600 94%
6700 Sugarloaf Pkwy Fee 100% 1998 11.58 90,350 100%
2850 Premiere Pkwy. Fee 50% [1] 1997 7.50 86,000 100%
3039 Premiere Pkwy. Fee 50% [1] 1999 8.85 57,630 87%
Sugarloaf Service
Center III Fee 50% [1] 1999 5.39 56,795 40%
2855 Premier Pkwy. Fee 100% 1999 7.20 89,200 27%
6655 Sugarloaf Fee 100% 1998 18.40 250,000 100%
KENNESAW, GA
240 Northpoint Pkwy. Fee 100% 1995/1997 4.85 222,900 100%
1950 Vaughn St. Fee 100% 1992 15.47 162,651 100%
3330 West Town Point Dr. Fee 100% 1994 5.80 88,000 100%
3350 West Town Point Dr. Fee 100% 1995 6.21 76,800 100%
3240 Town Point Dr. Fee 100% 1997 10.40 140,400 66%
MARIETTA, GA
805 Franklin Ct. Fee 100% 1983 3.13 40,410 100%
810 Franklin Ct. Fee 100% 1983 2.42 27,386 71%
811 Livingston Ct. Fee 100% 1983 1.58 20,780 100%
- 6 -
MARIETTA, GA (CONT'D)
825 Franklin Ct. Fee 100% 1983 3.58 55,259 100%
830 Franklin Ct. Fee 100% 1983 1.03 14,340 100%
835 Franklin Ct. Fee 100% 1983 3.93 60,772 100%
840 Franklin Ct. Fee 100% 1983 2.42 35,908 100%
821 Livingston Ct. Fee 100% 1983 1.59 15,558 100%
841 Livingston Ct. Fee 100% 1983 2.75 35,908 100%
1335 Capital Cir. Fee 100% 1985 3.97 56,747 100%
1337-41-51 Capital Cir. Fee 100% 1985 7.38 79,667 95%
2260 Northwest Pkwy. Fee 100% 1982 3.06 50,220 100%
2252 Northwest Pkwy. Fee 100% 1982 0.95 14,435 84%
2242 Northwest Pkwy. Fee 100% 1982 1.72 27,437 97%
2256 Northwest Pkwy. Fee 100% 1982 0.84 13,265 100%
2244 Northwest Pkwy. Fee 100% 1982 0.64 7,384 100%
2150 Northwest Pkwy. Fee 100% 1982 2.90 46,214 91%
2152 Northwest Pkwy. Fee 100% 1982 1.49 25,317 100%
2130 Northwest Pkwy. Fee 100% 1982 3.51 55,400 90%
2270 Northwest Pkwy. Fee 100% 1988 4.50 60,984 96%
2275 Northwest Pkwy. Fee 100% 1988 2.60 35,786 88%
MCDONOUGH, GA
120 Declaration Dr. Fee 100% 1997 14.70 300,600 70%
130 Declaration Dr. Fee 100% 1998 10.80 210,000 0%
NORCROSS, GA
3045 Bus. Pk Dr Fee 100% 1998 4.04 35,100 100%
1750 Beaver Ruin Fee 100% 1997 6.40 67,878 100%
4258 Communications Dr. Fee 100% 1981 3.00 57,000 100%
4261 Communications Dr. Fee 100% 1981 3.29 56,600 100%
4291 Communications Dr. Fee 100% 1981 1.76 31,500 100%
1826 Doan Way Fee 100% 1984 3.90 57,200 100%
1857 Doan Way Fee 100% 1970 5.00 16,000 100%
1650 Int'l. Blvd Fee 100% 1984 3.79 52,461 0%
4245 Int'l. Blvd Fee 100% 1985/1995 10.58 249,200 100%
4250 Int'l. Blvd Fee 100% 1986 5.03 47,030 61%
4295 Int'l. Blvd Fee 100% 1984 3.22 49,896 100%
4320 Int'l. Blvd Fee 100% 1984 2.44 32,000 100%
4350 Int'l. Blvd Fee 100% 1982 4.29 64,152 100%
4355 Int'l. Blvd Fee 100% 1983 4.54 60,760 67%
4405A Int'l. Blvd Fee 100% 1984 4.30 50,000 100%
4405B Int'l. Blvd Fee 100% 1984 4.30 61,176 84%
4405C Int'l. Blvd Fee 100% 1984 4.30 10,644 92%
1828 Meca Way Fee 100% 1975 3.90 63,000 100%
1858 Meca Way Fee 100% 1975 3.36 58,600 100%
4316 Park Dr. Fee 100% 1980 2.76 50,000 100%
4317 Park Dr. Fee 100% 1985 4.52 47,243 100%
4357 Park Dr. Fee 100% 1979 4.89 65,800 100%
4386 Park Dr. Fee 100% 1973 3.73 54,848 0%
4436 Park Dr. Fee 100% 1968 3.90 66,232 100%
4437 Park Dr. Fee 100% 1978 4.40 73,456 100%
4467 Park Dr. Fee 100% 1978 4.68 66,203 100%
4476 Park Dr. Fee 100% 1977 2.90 42,200 100%
4487 Park Dr. Fee 100% 1978 4.68 89,204 100%
4274 Shackleford Rd. Fee 100% 1974 6.18 80,822 100%
4344 Shackleford Rd. Fee 100% 1975 3.85 52,924 100%
4355 Shackleford Rd. Fee 100% 1972 8.12 137,100 100%
4364 Shackleford Rd. Fee 100% 1973 2.12 31,040 100%
4366 Shackleford Rd. Fee 100% 1981 3.30 56,709 55%
4388 Shackleford Rd. Fee 100% 1981 5.40 89,612 100%
4400 Shackleford Rd. Fee 100% 1981 2.30 39,004 100%
4444 Shackleford Rd. Fee 100% 1979 5.20 85,200 100%
1505 Pavilion Place Fee 100% 1988 5.11 78,400 100%
3883 Steve Reynolds
Blvd. Fee 100% 1990 7.00 137,061 100%
3890 Steve Reynolds
Blvd Fee 100% 1991 4.74 48,800 100%
3905 Steve Reynolds
Blvd Fee 100% 1995 4.60 64,800 51%
3950 Steve Reynolds
Blvd. Fee 100% 1992 5.73 80,000 100%
4020 Steve Reynolds
Blvd Fee 100% 1997 3.05 44,260 100%
4025 Steve Reynolds
Blvd Fee 100% 1994 4.54 70,400 100%
- 7 -
NORCROSS, GA (CONT'D)
2915 Courtyards Dr. Fee 100% 1986 3.82 40,058 100%
2925 Courtyards Dr. Fee 100% 1986 4.76 71,763 100%
2975 Courtyards Dr. Fee 100% 1986 2.05 27,342 100%
2995 Courtyards Dr. Fee 100% 1986 1.56 18,542 100%
2725 Northwoods Pkwy Fee 100% 1984 4.40 76,686 0%
2755 Northwoods Pkwy Fee 100% 1986 2.49 48,270 100%
2775 Northwoods Pkwy Fee 100% 1986 3.22 32,192 100%
2850 Colonnades Ct. Fee 100% 1988 8.03 102,128 100%
3040 Northwoods Pkwy Fee 100% 1984 2.98 50,480 100%
3044 Northwoods Cir. Fee 100% 1984 2.38 24,367 100%
3055 Northwoods Pkwy Fee 100% 1985 2.13 31,946 100%
3075 Northwoods Pkwy Fee 100% 1985 3.74 41,420 80%
3100 Northwoods Pkwy Fee 100% 1985 3.93 39,728 100%
3155 Northwoods Pkwy Fee 100% 1985 3.31 40,530 100%
3175 Northwoods Pkwy Fee 100% 1985 2.50 33,405 100%
6525-27 Jimmy
Carter Blvd Fee 100% 1983 5.62 92,735 100%
5765 Peachtree
Indust. Blvd Fee 100% 1997 4.73 60,000 100%
5775 Peachtree
Indust. Blvd Fee 100% 1997 4.73 60,000 100%
2450 Satellite Blvd Fee 100% 1994 6.18 102,862 100%
5401 Buford Highway Fee 100% 1987 4.19 74,360 100%
5403 Buford Highway Fee 100% 1987 5.98 108,140 100%
5405 Buford Highway Fee 100% 1989 3.15 61,982 100%
5409 Buford Highway Fee 100% 1989 5.18 111,873 100%
3170 Reps Miller Rd. Fee 100% 1998 4.48 51,400 100%
3180 Reps Miller Rd. Fee 100% 1998 4.48 51,400 100%
3190 Reps Miller Rd. Fee 100% 1998 4.48 59,200 74%
ROSEWELL, GA
11545 Wills Rd. Fee 100% 1998 8.70 71,140 100%
645 Hembree Pkwy. Fee 100% 1986 3.08 43,956 71%
655 Hembree Pkwy. Fee 100% 1986 3.09 43,956 100%
105 Hembree Park Dr. Fee 100% 1988 3.61 45,490 78%
150 Hembree Park Dr. Fee 100% 1985 5.03 44,343 100%
200 Hembree Park Dr. Fee 100% 1985 1.97 43,559 100%
250 Hembree Park Dr. Fee 100% 1996 8.07 94,500 100%
660 Hembree Park Dr. Fee 100% 1998 9.23 94,500 100%
993 Mansell Rd. Fee 100% 1987 1.69 21,600 100%
995 Mansell Rd. Fee 100% 1987 0.97 16,800 100%
997 Mansell Rd. Fee 100% 1987 0.86 14,400 100%
999 Mansell Rd. Fee 100% 1987 1.32 19,200 100%
1003 Mansell Rd. Fee 100% 1987 1.66 20,800 100%
1005 Mansell Rd. Fee 100% 1987 0.94 16,800 75%
1007 Mansell Rd. Fee 100% 1987 2.07 37,450 100%
1009 Mansell Rd. Fee 100% 1986 3.26 38,082 100%
1011 Mansell Rd. Fee 100% 1984 3.23 38,630 100%
1100 Northmeadow Pkwy. Fee 100% 1989 6.94 50,891 79%
1150 Northmeadow Pkwy. Fee 100% 1988 3.98 52,050 100%
1125 Northmeadow Pkwy. Fee 100% 1987 5.78 67,104 85%
1175 Northmeadow Pkwy. Fee 100% 1987 4.06 71,264 100%
1250 Northmeadow Pkwy. Fee 100% 1989 4.17 52,224 100%
1225 Northmeadow Pkwy. Fee 100% 1989 3.89 37,520 100%
1325 Northmeadow Pkwy. Fee 100% 1990 5.89 70,050 100%
1335 Northmeadow Pkwy. Fee 100% 1996 8.60 88,784 93%
11390 Old Roswell Rd. Fee 100% 1997 4.42 47,600 100%
1400 Hembree Rd. Fee 100% 1998 3.68 34,615 100%
245 Hembree Park Dr. Fee 100% 1999 7.50 103,500 69%
Northmeadow BD IV Fee 100% 1999 6.68 93,363 100%
Northmeadow Ser.Ctr V Fee 100% 1999 4.68 38,845 100%
SUWANEE, GA
90 Horizon Dr. Fee 100% 1992 2.00 13,400 100%
225 Horizon Dr. Fee 100% 1990 5.08 96,000 100%
250 Horizon Dr. Fee 100% 1997 18.05 267,619 84%
70 Crestridge Dr. Fee 100% 1998 10.62 132,128 100%
2700 Crestridge Fee 100% 1998 32.20 374,045 100%
2775 Horizon Ridge Fee 100% 1996 12.20 223,219 100%
2780 Horizon Ridge Fee 100% 1997 12.70 222,643 100%
- 8 -
SUWANEE, GA (CONT'D)
2800 Vista Ridge Dr. Fee 100% 1995 17.30 252,092 100%
410 Horizon Dr. Fee 100% 1999 15.39 247,300 50%
1000 Northbrook Pkwy. Fee 100% 1986 8.40 131,660 100%
675 Old Peachtree Rd. Fee 100% 1988 10.06 176,820 100%
7250 McGinnis Ferry Rd. Fee 100% 1996 6.22 70,600 100%
AURORA, IL
535 Exchange Fee 100% 1984 4.63 25,943 100%
515-525 Enterprise Fee 100% 1984 3.39 66,017 100%
615 Enterprise Fee 100% 1984 4.63 83,818 100%
3615 Exchange Fee 100% 1986 4.06 64,755 100%
4000 Sussex Fee 100% 1990 4.13 75,203 100%
700 North Commerce Fee 100% 1989 6.87 119,155 0%
3737 E. Exchange Fee 100% 1985 5.92 104,928 100%
444 N. Commerce Fee 100% 1985 7.15 92,692 84%
BOLINBROOK, IL
Crossroads Bldg 1 Fee 100% 1998 11.34 289,920 44%
CAROL STREAM, IL
Center Ave. Bldg 1 Fee 100% 1998 8.76 187,850 100%
DES PLAINES, IL
Wolf Rd. Bldg. Fee 100% 1966/1969 2.70 60,922 100%
105 East Oakton Fee 100% 1974 6.50 180,000 100%
LAKE FOREST, IL
Ballard Dr. Bldg. Fee 100% 1985 3.33 54,274 100%
Laurel Dr. Bldg. Fee 100% 1981 1.12 19,570 100%
13825 W. Laurel Dr. Fee 100% 1978/1985 3.51 60,125 100%
MELROSE PARK, IL
Janice Ave. Bldg. Fee 100% 1956 2.00 40,250 100%
NILES, IL
Touhy Ave. Bldg. Fee 100% 1971 5.48 120,000 100%
Jarvis Ave. Bldg. Fee 100% 1969 5.35 111,728 100%
ROMEOVILLE, IL
Crossroads Bldg. 2 Fee 100% 1999 23.50 460,800 50%
ST. CHARLES, IL
Kirk Rd. Bldg. Fee 100% 1990 3.50 62,400 100%
WESTMONT, IL
Oakmont Tech Ctr. Fee 100% 1989 6.30 111,659 100%
WHEELING, IL
Abbot Dr. Bldg. Fee 100% 1989 2.15 43,930 100%
CARMEL, IN
H.C. Bldg. 1 West Fee 100% 1989 4.70 51,741 100%
FISHERS, IN
Exit 5 Bldg I Fee/ 100% 1999 9.00 134,400 100%
Ground Lease [3]
GREENWOOD, IN
South Park Bldg 2 Fee 100% 1990 7.10 86,806 100%
INDIANAPOLIS, IN
Palomar Fee 100% 1973 4.50 99,350 100%
Franklin Rd. Bus. Ctr. Fee 100% 1962/1998 28.00 488,925 98%
Georgetown Bldg. 1 Fee 100% 1987 5.85 111,883 100%
Georgetown Rd. Bldg 2 Fee 100% 1987 5.81 72,120 100%
Georgetown Rd. Bldg 3 Fee 100% 1987 5.10 45,896 79%
Nampac Bldg. Fee 100% 1974 6.20 87,064 100%
6060 Guion Rd Fee 100% 1968/1977 14.05 182,311 100%
Hillsdale Bldg 1 Fee 50% [1] 1986 9.16 73,866 100%
Hillsdale Bldg 2 Fee 50% [1] 1986 5.50 83,600 100%
Hillsdale Bldg 3 Fee 50% [1] 1987 5.50 84,050 69%
Hillsdale Bldg 4 Fee 100% 1987 7.85 73,874 100%
Hillsdale Bldg 5 Fee 100% 1987 5.44 67,500 99%
Hillsdale Bldg 6 Fee 100% 1987 4.25 64,000 100%
Hunter Creek Bldg 1 Fee 10%-50% [2] 1989 5.97 86,500 100%
Hunter Creek Bldg 2 Fee 10%-50% [2] 1989 8.86 202,560 81%
4750 Kentucky Ave. Fee 100% 1974 11.01 125,000 100%
- 9 -
INDIANAPOLIS, IN (CONT'D)
Thomson Consumer Elec. Fee 50% [1] 1996/1998 64.02 1,339,195 100%
North Airport
Park Bldg 2 Fee 100% 1997 22.50 377,280 100%
Park 100 Bldg 48 Fee 50% [1] 1984 8.63 127,410 100%
Park 100 Bldg 49 Fee 50% [1] 1982 4.55 89,600 90%
Park 100 Bldg 50 Fee 50% [1] 1982 4.09 51,200 100%
Park 100 Bldg 52 Fee 50% [1] 1983 2.70 34,800 100%
Park 100 Bldg 53 Fee 50% [1] 1984 4.23 76,800 100%
Park 100 Bldg 54 Fee 50% [1] 1984 4.42 76,800 83%
Park 100 Bldg 55 Fee 50% [1] 1984 3.83 43,200 100%
Park 100 Bldg 56 Fee 50% [1] 1984 15.94 300,000 50%
Park 100 Bldg 57 Fee 50% [1] 1984 7.70 128,800 100%
Park 100 Bldg 58 Fee 50% [1] 1984 8.03 128,800 100%
Park 100 Bldg 59 Fee 50% [1] 1985 5.14 83,200 100%
Park 100 Bldg 60 Fee 50% [1] 1985 4.78 83,200 62%
Park 100 Bldg 62 Fee 50% [1] 1986 7.70 128,800 100%
Park 100 Bldg 67 Fee 50% [1] 1987 4.23 72,350 100%
Park 100 Bldg 68 Fee 50% [1] 1987 4.23 72,360 100%
Park 100 Bldg 71 Fee 50% [1] 1987 9.06 193,400 47%
Park 100 Bldg 74 Fee 10%-50% [2] 1988 12.41 257,400 100%
Park 100 Bldg 76 Fee 10%-50% [2] 1988 5.10 81,695 100%
Champion Fee 10%-50% [2] 1988 21.80 512,777 100%
Park 100 Bldg 79 Fee 100% 1988 4.47 66,000 73%
Park 100 Bldg 80 Fee 100% 1988 4.47 66,000 100%
Park 100 Bldg 83 Fee 100% 1989 5.34 96,000 100%
Park 100 Bldg 84 Fee 100% 1989 5.34 96,000 100%
Park 100 Bldg 85 Fee 10%-50% [2] 1989 9.70 180,100 100%
Becton Dickinson-Bldg 89 Fee 10%-50% [2] 1990 11.28 311,600 100%
Park 100 Bldg 91 Fee 10%-50% [2] 1990/1996 7.53 196,800 100%
Keebler Dist. Ctr. Fee 10%-50% [2] 1991 4.38 45,917 100%
Caterpillar Fee 100% 1993 15.23 336,000 88%
Silver Burdett Fee 100% 1994/1997 27.69 737,850 100%
Park 100 Bldg. 97 Fee 100% 1994 13.38 280,800 100%
Park 100 Bldg 98 Fee 100% 1968/1995 37.34 508,300 91%
Park 100 Bldg 99 Fee 50% [1] 1994 18.00 364,800 100%
Park 100 Bldg 100 Fee 100% 1995 7.00 117,500 100%
Park 100 Bldg 101 Fee 50% [1] 1983 4.37 45,000 96%
Park 100 Bldg 105 Fee 50% [1] 1983 4.64 41,400 100%
Park 100 Bldg 106 Fee 50% [1] 1978 4.64 41,400 100%
Park 100 Bldg 107 Fee 100% 1984 3.56 58,783 97%
Park 100 Bldg 108 Fee 50% [1] 1983 6.36 60,300 100%
Park 100 Bldg 109 Fee 100% 1985 4.80 46,000 100%
Park 100 Bldg 113 Fee 50% [1] 1987 6.20 72,000 93%
Park 100 Bldg 114 Fee 50% [1] 1987 6.20 56,700 83%
Park 100 Bldg 117 Fee 10%-50% [2] 1988 13.36 135,461 89%
Park 100 Bldg 120 Fee 10%-50% [2] 1989 4.54 54,982 100%
Park 100 Bldg 122 Fee 100% 1990 6.17 73,274 66%
Day Dream Publishing Fee 100% 1994/1996 13.81 195,080 100%
Park 100 Bldg 126 Fee 100% 1984 4.04 60,100 100%
Park 100 Bldg 127 Fee 100% 1995 6.50 93,600 100%
Park 100 Bldg 128 Fee 100% 1996 14.40 322,000 100%
Park 100 Bldg 129 Fee 100% 1996 16.00 320,000 100%
Park 100 Bldg 130 Fee 100% 1996 9.70 152,000 100%
Vanstar Fee 100% 1997 21.00 415,680 100%
Park 100 Bldg 133 Fee 100% 1997 1.30 20,530 100%
Park 100 Bldg 134 Fee 100% 1998 8.70 110,487 100%
Park 100 Bldg 136 Fee 100% 1998 10.50 152,000 74%
Park Fletcher Bldg 2 Fee 50% [1] 1970 1.31 20,160 100%
Park Fletcher Bldg 4 Fee 50% [1] 1974 1.73 23,000 100%
Park Fletcher Bldg 6 Fee 50% [1] 1971 3.13 36,180 78%
Park Fletcher Bldg 7 Fee 50% [1] 1974 3.00 41,900 100%
Park Fletcher Bldg 8 Fee 50% [1] 1974 2.11 18,000 100%
Park Fletcher Bldg 14 Fee 100% 1978 1.39 19,480 100%
Park Fletcher Bldg 15 Fee 50% [1] 1979 5.74 72,800 100%
Park Fletcher Bldg 16 Fee 50% [1] 1979 3.17 35,200 100%
Park Fletcher Bldg 18 Fee 50% [1] 1980 5.52 43,950 90%
Park Fletcher Bldg 21 Fee 50% [1] 1983 2.95 37,224 100%
Park Fletcher Bldg 22 Fee 50% [1] 1983 2.96 48,635 94%
Park Fletcher Bldg 26 Fee 50% [1] 1983 2.91 28,340 89%
- 10 -
INDIANAPOLIS, IN (CONT'D)
Park Fletcher Bldg 27 Fee 25% [1] 1985 3.01 39,178 100%
Park Fletcher Bldg 28 Fee 25% [1] 1985 7.22 93,880 93%
Park Fletcher Bldg 29 Fee 50% [1] 1987 7.16 92,044 100%
Park Fletcher Bldg 30 Fee 50% [1] 1989 5.93 78,568 75%
Park Fletcher Bldg 31 Fee 50% [1] 1990 2.62 33,029 100%
Park Fletcher Bldg 32 Fee 50% [1] 1990 5.43 67,297 100%
Park Fletcher Bldg 33 Fee 50% [1] 1997 7.50 112,710 100%
Park Fletcher Bldg 34 Fee 50% [1] 1997 13.00 230,400 100%
Park Fletcher Bldg 35 Fee 50% [1] 1998 8.10 96,427 100%
Park Fletcher Bldg 36 Fee 50% [1] 1998 3.90 52,800 100%
Park Fletcher Bldg 37 Fee 50% [1] 1998 1.90 14,850 100%
Park Fletcher Bldg 38 Fee 50% [1] 1999 13.70 253,866 50%
Park Fletcher Bldg 39 Fee 50% [1] 1999 5.40 91,122 58%
Park Fletcher Bldg 40 Fee 50% [1] 1999 5.40 89,508 57%
4316 West Minnesota Fee 100% 1970 10.40 121,250 100%
LEBANON, IN
American Air Filter Fee 100% 1996 10.40 153,600 100%
Little, Brown & Co. Fee 50% [1] 1996 31.60 500,455 100%
Purity Wholesale Fee 100% 1997 32.60 556,248 100%
Pamida Fee 100% 1997/2000 14.90 200,000 100%
Prentice Hall Fee 100% 1998 38.90 576,040 100%
Lebanon - General Cable Fee 100% 1998 23.30 395,472 73%
Lebanon Bldg. 9 Fee 100% 1999 26.80 394,898 64%
MINNEAPOLIS, MN
BRd.way Bus.Ctr VII Fee 100% 1983 2.78 36,000 100%
FLORENCE, KY
Empire Commerce Ctr. Fee 100% 1973/1980 11.62 148,445 61%
7910 Kentucky Dr. Fee 100% 1980 3.78 38,329 100%
7920 Kentucky Dr. Fee 100% 1974 9.33 93,945 26%
HEBRON, KY
Skyport Bldg. 1 Fee 100% 1997 15.10 316,800 100%
Skyport Bldg. 2 Fee 100% 1998 20.00 453,300 100%
Skyport Bldg. 4 Fee 100% 1999 6.76 72,600 0%
KY. Southpark Bldg 1 Fee 100% 1990 7.90 96,000 100%
Ky. Southpark Bldg 3 Fee 100% 1991 10.79 192,000 100%
Ky. Southpark Bldg 4 Fee 100% 1994 28.79 166,400 100%
CR Services Fee 100% 1994 22.50 253,664 100%
LOUISVILLE, KY
Dayco Fee 50% [1] 1995 30.00 282,539 100%
BLOOMINGTON, MN
Alpha Bus. Ctr III&IV Fee 100% 1980 4.68 50,400 92%
Alpha Bus. Ctr V Fee 100% 1980 13.57 80,640 100%
Bloomington Indust.Ctr. Fee 100% 1963 7.40 100,852 100%
Lyndale Commons I Fee 100% 1981 2.60 43,770 95%
Lyndale Commons II Fee 100% 1985 2.51 34,816 99%
Hampshire Dist Ctr N Fee 100% 1979 9.26 159,200 100%
Hampshire Dist Ctr S Fee 100% 1979 9.40 157,000 100%
Hampshire Tech Center Fee 100% 1998 14.22 142,526 100%
Penn Corporate Bldg Fee 100% 1977 2.08 40,844 100%
BROOKLYN PARK, MN
Crosstown N.Bus.Ctr. 1 Fee 100% 1998 12.09 157,453 87%
Crosstown N.Bus.Ctr. 2 Fee 100% 1998 5.00 67,837 81%
Crosstown N.Bus.Ctr. 3 Fee 100% 1999 5.00 68,300 60%
Crosstown N.Bus.Ctr. 4 Fee 100% 1999 16.90 212,800 52%
7300 Northland Dr. Fee 100% 1980/1999 10.98 185,500 100%
BURNSVILLE, MN
Professional Plaza IV Fee 100% 1980 2.79 37,528 100%
Cliff Rd. Indust.Ctr Fee 100% 1972 3.31 50,019 95%
Professional Plaza III Fee 100% 1985 2.24 36,483 92%
Professional Plaza II Fee 100% 1984 2.41 35,619 99%
Larc Indust. Park I Fee 100% 1977 4.59 67,200 100%
Larc Indust. Park II Fee 100% 1976 3.70 54,000 80%
Larc Indust. Park III Fee 100% 1980 2.38 30,800 100%
- 11 -
BURNSVILLE, MN (CONT'D)
Larc Indust. Park IV Fee 100% 1980 1.06 13,800 100%
Larc Indust. Park V Fee 100% 1980 1.54 22,880 0%
Larc Indust. Park VI Fee 100% 1975 3.91 63,600 35%
Larc Indust. Park VII Fee 100% 1973 2.65 41,088 76%
CHANHASSEN, MN
Chanhassen Lakes I Fee 100% 1983 5.40 49,072 34%
Chanhassen Lakes II Fee 100% 1986 6.36 56,670 100%
CRYSTAL, MN
Crystal Indust.Ctr. Fee 100% 1974 3.23 72,000 99%
EAGAN, MN
Apollo Indust. Ctr I Fee 100% 1997 11.05 168,480 100%
Eagandale Crossing Fee 100% 1998 6.60 80,104 93%
Eagandale Tech Ctr. Fee 100% 1998 7.61 76,520 100%
Silverbell Commons Fee 100% 1999 16.62 235,120 100%
Sibley Indust. Ctr. I Fee 100% 1973 2.88 54,612 100%
Sibley Indust.Ctr. II Fee 100% 1972 2.58 37,800 100%
Sibley Indust. Ctr. III Fee 100% 1968 4.10 32,810 100%
Trapp Rd. Commerce I Fee 100% 1996 6.50 96,800 100%
Trapp Rd. Commerce
Bldg II Fee 100% 1998 11.86 180,480 100%
Yankee Place Fee 100% 1986 19.03 221,075 85%
EDEN PRAIRIE, MN
Edenvale Executive Ctr Fee 100% 1987 9.82 111,245 96%
Valley Gate North Fee 100% 1986 4.17 52,828 38%
Golden Triangle Tech Ctr Fee 100% 1997 11.10 90,704 100%
EDINA, MN
Edina Interchange VI Fee 100% 1967 4.74 72,300 100%
Cahill Bus. Center Fee 100% 1980 3.90 60,082 100%
Edina Interchange I Fee 100% 1995 4.73 73,809 92%
Edina Interchange II Fee 100% 1980 3.46 55,006 100%
Edina Interchange III Fee 100% 1981 6.39 62,784 100%
Edina Interchange IV Fee 100% 1974 1.99 22,440 100%
Edina Interchange V Fee 100% 1974 4.92 139,101 100%
Edina Interchange VII Fee 100% 1970 2.36 30,654 100%
Pakwa I Fee 100% 1979 1.67 38,196 100%
Pakwa II Fee 100% 1979 1.67 21,254 100%
Pakwa III Fee 100% 1979 1.67 19,978 77%
FRIDLEY, MN
River Rd. Bus.Ctr.S. Fee 100% 1986 8.91 119,860 98%
University Center I&II Fee 100% 1983 4.70 51,893 87%
GOLDEN VALLEY, MN
Decatur Bus. Center Fee 100% 1982 3.96 44,279 94%
Golden Hills 1 Fee 100% 1996 7.50 91,368 100%
Golden Hills 2 Fee 100% 1999 7.50 79,294 100%
Golden Hills 3 Fee 100% 1999 7.20 87,456 100%
Sandburg Indust. Center Fee 100% 1973 5.68 94,612 100%
801 Zane Ave. N. Fee 100% 1989 4.93 84,219 100%
HOPKINS, MN
Cornerstone Bus.
Center Fee 100% 1996 13.49 222,494 100%
The Johnson Bldg Fee 100% 1974 2.09 62,718 100%
Westside Bus. Park Fee 100% 1987 9.10 114,800 100%
MENDOTA HEIGHTS, MN
Enterprise Indust.
Center Fee 100% 1979 10.88 165,755 100%
MINNEAPOLIS, MN
BRd.way Bus. Ctr III Fee 100% 1983 2.77 21,600 100%
BRd.way Bus. Ctr IV Fee 100% 1983 2.77 29,920 100%
BRd.way Bus. Ctr V Fee 100% 1983 1.44 24,795 100%
BRd.way Bus. Ctr VI Fee 100% 1983 2.77 66,961 100%
MINNETONKA, MN
Encore Park Fee 100% 1977 14.50 126,858 100%
NEW HOPE, MN
Bass Lake Bus. Bldg Fee 100% 1981 5.33 47,368 100%
- 12 -
PLYMOUTH, MN
Medicine Lake Indus.
Center Fee 100% 1970 16.37 222,893 100%
Plymouth Office
/Tech Center Fee 100% 1986 3.77 52,487 91%
Plymouth Ser.Ctr. Fee 100% 1978 6.00 74,042 100%
Westpoint Bldg B&C Fee 100% 1978 4.92 63,559 79%
Westpoint Bldg D&E Fee 100% 1978 6.34 81,030 77%
ST. LOUIS PARK, MN
Cedar Lake Bus. Ctr. Fee 100% 1976 3.05 50,400 100%
Novartis Warehouse Fee 100% 1960 14.40 355,798 100%
Oxford Indust. Bldg Fee 100% 1971 1.23 16,736 100%
ST. PAUL, MN
University Crossing Fee 100% 1990 5.65 83,414 100%
BRIDGETON, MO
Dukeport 1 Fee 50% [1] 1996 21.24 403,200 100%
Dukeport 2 Fee 50% [1] 1997 14.70 244,800 100%
Dukeport V Fee 100% 1998 6.00 96,000 74%
Dukeport VI Fee 100% 1999 16.64 320,000 100%
Dukeport VII Fee 100% 1999 8.34 123,480 29%
Dukeport VIII Fee 100% 1999 16.64 260,160 0%
EARTH CITY, MO
Dukeport 3 Fee 100% 1998 9.50 214,400 100%
FENTON, MO
Fenton Interstate
Bldg. C Fee 100% 1986 5.50 95,519 100%
Fenton Interstate
Bldg. D Fee 100% 1987 5.85 105,651 100%
Southport I Fee 100% 1977 1.36 20,810 100%
Southport II Fee 100% 1978 1.53 22,400 100%
Southport Commerce Ctr Fee 100% 1978 2.65 34,873 100%
MARYLAND HEIGHTS, MO
Riverport Dist. Fee 100% 1990 5.96 100,000 100%
Scripts Bldg. Fee 100% 1992 10.81 119,000 100%
Riverport Dist. B Fee 100% 1989 3.36 45,200 100%
Riverport 1 Fee 100% 1999 6.64 72,000 100%
Westport Center I Fee 100% 1998 11.90 177,600 100%
Westport Center II Fee 100% 1998 5.25 51,053 100%
Westport Center III Fee 100% 1999 8.70 91,000 100%
OLIVETTE, MO
1920 Beltway Fee 100% 1986 4.44 70,000 100%
I-170 Center Fee 100% 1986 4.57 76,415 100%
Warson Commerce Ctr. Fee 100% 1987/1997 8.83 122,886 97%
ST. CHARLES, MO
Alfa-Laval Fee 100% 1996 12.76 129,500 100%
ST. LOUIS, MO
Craig Park Ctr. Fee 100% 1984 3.19 42,210 100%
St. Louis Bus. Ctr. A Fee 100% 1987 2.49 47,876 100%
St. Louis Bus. Ctr. B Fee 100% 1986 3.14 58,236 78%
St. Louis Bus. Ctr. C Fee 100% 1986 2.10 38,628 100%
St. Louis Bus. Ctr. D Fee 100% 1987 1.81 33,953 100%
ST. PETERS, MO
Horizon Bus. Ctr. Fee 100% 1985 5.31 75,746 100%
MORRISVILLE, NC
507 Airport Blvd Fee 100% 1993 7.15 106,862 100%
5151 McCrimmon Pkwy Fee 100% 1995 7.67 104,806 100%
2600 Perimeter Park Dr Fee 100% 1997 6.07 70,848 76%
5150 McCrimmon Pkwy Fee 100% 1998 12.32 143,737 100%
3000 Perimeter Park Dr Fee 100% 1989 5.76 75,000 100%
2900 Perimeter Park Dr Fee 100% 1990 4.52 59,970 100%
2800 Perimeter Park Dr Fee 100% 1992 8.22 136,370 100%
100 Perimeter Park Dr. Fee 100% 1987 5.30 55,664 79%
200 Perimeter Park Dr. Fee 100% 1987 6.30 55,664 100%
300 Perimeter Park Dr. Fee 100% 1986 6.30 55,664 100%
400 Perimeter Park Dr. Fee 100% 1983 5.40 74,088 100%
500 Perimeter Park Dr. Fee 100% 1985 5.80 74,107 100%
- 13 -
MORRISVILLE, NC (CONT'D)
800 Perimeter Park Dr. Fee 100% 1984 4.50 55,637 100%
900 Perimeter Park Dr. Fee 100% 1982 4.00 47,799 100%
1000 Perimeter Park Dr. Fee 100% 1982 4.50 55,108 87%
1100 Perimeter Park Dr. Fee 100% 1990 9.50 83,645 100%
409 Airport Blvd
Bldg A Fee 100% 1983 3.07 53,212 0%
409 Airport Blvd
Bldg B Fee 100% 1986 1.89 26,215 100%
409 Airport Blvd
Bldg C Fee 100% 1982 3.07 85,129 99%
100 Innovation Ave. Fee 100% 1994 7.51 108,000 0%
101 Innovation Ave Fee 100% 1997 7.94 97,500 100%
200 Innovation Dr. Fee 100% 1999 5.26 96,000 100%
501 Innovation Ave. Fee 100% 1999 8.00 140,400 100%
RALEIGH, NC
3200 Spring Forest Rd. Fee 100% 1986 5.61 59,971 96%
3100 Spring Forest Rd. Fee 100% 1992 9.16 49,994 90%
BLUE ASH, OH
Cornell Commerce Center Fee 100% 1989 9.91 167,695 92%
Creek Rd. Bldg 1 Fee 100% 1971 2.05 38,715 100%
Creek Rd. Bldg 2 Fee 100% 1971 2.63 53,210 100%
CINCINNATI, OH
U.S. Post Office Fee 40% [1] 1992 2.60 57,886 100%
World Park Bldg 5 Fee 100% 1987 5.00 59,690 94%
World Park Bldg 6 Fee 100% 1987 7.26 92,400 44%
World Park Bldg 7 Fee 100% 1987 8.63 96,000 100%
World Park Bldg 8 Fee 100% 1989 14.60 192,000 100%
World Park Bldg 9 Fee 100% 1989 4.47 58,800 95%
World Park Bldg 11 Fee 100% 1989 8.98 96,000 100%
World Park Bldg 14 Fee 100% 1989 8.91 166,400 100%
World Park Bldg 15 Fee 100% 1990 6.50 93,600 100%
World Park Bldg 16 Fee 100% 1989 7.00 93,600 100%
World Park Bldg 17 Fee 50% [1] 1994 15.10 304,000 100%
World Park Bldg 18 Fee 100% 1997 16.90 252,000 100%
World Park Bldg 28 Fee 100% 1998 11.60 220,160 100%
World Park Bldg 29 Fee 100% 1998 21.40 452,000 100%
World Park Bldg 31 Fee 100% 1998 7.10 122,120 100%
COLUMBUS, OH
2190-2200 Westbelt Dr. Fee 100% 1986 6.12 95,516 69%
Westbelt West #1 Fee 100% 1999 9.53 132,800 0%
3800 Zane Trace Dr Fee 100% 1978 3.98 83,167 100%
3635 Zane Trace Dr. Fee 100% 1980 5.24 98,880 100%
FAIRFIELD, OH
Fairfield Bus. Ctr. D Fee 100% 1990 3.23 40,223 100%
Fairfield Bus. Ctr. E Fee 100% 1990 6.07 75,356 100%
University Moving Fee 100% 1991 4.95 70,000 100%
GAHANNA, OH
Pet Foods Dist. Fee 100% 1993/1995 16.22 276,000 100%
GLENWILLOW, OH
Mr. Coffee Fee 50% [1] 1997 35.00 458,000 100%
Emerald Valley
Bldg 1 Fee 100% 1999 11.50 200,000 100%
GROVE CITY, OH
South Pointe Bldg A Fee 50% [1] 1995 14.06 293,824 100%
South Pointe Bldg B Fee 50% [1] 1996 13.16 307,200 100%
South Pointe Bldg C Fee 50% [1] 1996 12.57 322,000 100%
South Pointe Bldg D Fee 100% 1997 6.55 116,590 100%
South Pointe Bldg E Fee 100% 1997 6.55 82,520 100%
GROVEPORT, OH
Groveport Comm Ctr #1 Fee 50% [1] 1998 17.78 354,814 100%
Groveport Comm Ctr #2 Fee 100% 1999 21.80 437,000 100%
6600 Port Rd. Fee 100% 1995/1998 45.42 1,019,312 100%
MASON, OH
Governor's Pointe 4700 Fee 100% 1987 5.51 77,890 100%
Governor's Pointe 4900 Fee 100% 1987 9.41 79,034 98%
Governor's Pointe 4800 Fee 100% 1989 7.07 80,123 100%
MILFORD, OH
Park 50 Bldg 20 Fee 100% 1987 8.37 96,000 94%
Park 50 Bldg 25 Fee 100% 1989 12.20 78,328 94%
- 14 -
MONROE, OH
Monroe Bus.
Center Bldg. 1 Fee 100% 1992 24.50 399,600 100%
SHARONVILLE, OH
Enterprise Bldg 1 Fee 100% 1990 7.52 87,400 94%
Enterprise Bldg 2 Fee 100% 1990 7.52 84,940 86%
Enterprise Bldg A Fee 100% 1987 2.65 20,886 100%
Enterprise Bldg B Fee 100% 1988 2.65 34,940 94%
Enterprise Bldg D Fee 100% 1989 5.40 60,329 100%
Mosteller Dist. Center Fee 100% 1957/1996 25.80 357,796 100%
Mosteller Dist. Ctr II Fee 100% 1997 12.20 261,440 72%
Perimeter Park Bldg A Fee 100% 1991 2.92 28,100 100%
Perimeter Park Bldg B Fee 100% 1991 3.84 30,000 100%
SOLON, OH
Pioneer-Standard
Electronics Fee 100% 1998 12.90 224,600 100%
Fountain Pkwy. Bldg 1 Fee 100% 1998 6.50 108,700 100%
6450 Davis-Ameritech Fee 100% 1999 5.77 40,372 100%
30600 Carter Fee 100% 1971 11.30 190,188 100%
6230 Cochran Fee 100% 1977 7.20 100,365 98%
31900 Solon-Front Fee 100% 1974 8.30 85,000 100%
5821 Harper Fee 100% 1970 5.80 66,638 100%
6161 Cochran Fee 100% 1978 6.10 62,400 100%
5901 Harper Fee 100% 1970 4.10 55,408 100%
29125 Solon Fee 100% 1980 5.90 47,329 100%
6661 Cochran Fee 100% 1979 4.70 39,000 100%
6521 Davis Fee 100% 1979 3.20 21,600 100%
30301 Carter St. Fee 100% 1972 12.58 219,574 100%
STRONGSVILLE, OH
Park 82 Bldg 2 Fee 100% 1998 7.10 105,600 100%
Park 82 Bldg 1 Fee 100% 1998 4.50 67,540 100%
Park 82 Bldg 3 Fee 100% 1999 6.37 85,150 47%
Johnson Controls Fee 100% 1972 14.56 85,410 100%
Dyment Fee 100% 1988 12.00 246,140 100%
TWINSBURG, OH
Enterprise Pkwy. #1 Fee 100% 1974/1995 7.40 65,810 42%
W. CHESTER, OH
World Park at
Union Ctr 1 Fee 100% 1998 4.00 59,400 94%
World Park at
Union Ctr 2 Fee 100% 1999 3.82 64,800 59%
World Park at
Union Ctr 3 Fee 100% 1998 15.00 321,200 100%
World Park at
Union Ctr 4 Fee 100% 1999 4.46 48,400 89%
World Park at
Union Ctr 5 Fee 100% 1999 6.43 86,400 43%
World Park at
Union Ctr 6 Fee 100% 1999 16.25 321,464 100%
World Park at
Union Ctr 8 Fee 100% 1999 15.47 340,560 61%
DUNCAN, SC
170 Pkwy. West Fee 100% 1995 6.50 96,000 100%
285 Pkwy. East Fee 100% 1994/1996 14.36 197,200 100%
190 Pkwy. West Fee 100% 1996 8.61 92,400 100%
265 Pkwy. East Fee 100% 1999 13.08 124,800 0%
ANTIOCH, TN
Keebler (Nashville) Fee 100% 1985 4.39 36,150 100%
BRENTWOOD, TN
7104 Crossroads Blvd Fee 100% 1987 7.00 103,200 100%
7106 Crossroads Blvd Fee 100% 1987 6.70 103,880 86%
7108 Crossroads Blvd Fee 100% 1989 6.60 99,000 100%
FRANKLIN, TN
277 Mallory Sta. Fee 100% 1996 8.69 127,318 100%
320 Premier Ct. Fee 100% 1996 7.26 106,357 93%
305 Seaboard Lane Fee 100% 1998 14.23 122,312 63%
416 Mary Lindsay
Polk Dr. Fee 100% 1996 10.00 161,037 100%
318-II Seaboard Lane Fee 100% 1999 4.07 30,112 81%
318-1 Seaboard Lane Fee 100% 1999 3.25 37,766 43%
119 Seaboard Lane Fee 100% 1990 5.40 90,024 100%
121 Seaboard Lane Fee 100% 1990 3.10 45,480 99%
123 Seaboard Lane Fee 100% 1990 4.10 63,360 100%
- 15 -
NASHVILLE, TN
1420 Donelson Pike Fee 100% 1985 7.20 90,000 96%
1410 Donelson Pike Fee 100% 1986 9.30 108,300 86%
1400 Donelson Pike Fee 100% 1996 7.70 102,727 100%
400 Airpark Ctr. Fee 100% 1989 3.20 52,748 100%
500 Airpark Ctr. Dr. Fee 100% 1988 5.40 90,150 79%
600 Airport Ctr. Dr Fee 100% 1990 4.70 78,800 100%
700 Airpark Ctr. Dr. Fee 100% 1992 4.50 77,518 100%
800 Airpark Ctr. Dr. Fee 100% 1995 6.00 93,928 100%
900 Airpark Ctr. Dr. Fee 100% 1995 6.00 84,307 100%
1000 Airpark Ctr. Dr. Fee 100% 1997 8.00 106,122 100%
5270 Harding Place Fee 100% 1996 4.01 51,960 100%
1415 Donelson Pike Fee 100% 1996 12.40 156,933 100%
1413 Donelson Pike Fee 100% 1996 5.15 66,737 100%
5233 Harding Place Fee 100% 1998 4.01 47,938 100%
431 Great Cir. Rd. Fee 100% 1999 19.29 166,137 93%
700 Melrose Ave. Fee 100% 1997 8.32 165,902 100%
684 Melrose Ave. Fee 100% 1998 10.75 137,479 100%
458 Melrose Ave. Fee 100% 1997 8.10 103,600 100%
784 Melrose Ave. Fee 100% 1999 2.89 32,863 100%
Greenbriar Bus. Park Fee 100% 1986 10.73 134,759 74%
Haywood Oaks Bldg 2 Fee 100% 1988 2.94 50,400 50%
Haywood Oaks Bldg 3 Fee 100% 1988 2.94 52,800 79%
Haywood Oaks Bldg 4 Fee 100% 1988 5.23 46,800 92%
Haywood Oaks Bldg 5 Fee 100% 1988 5.23 61,171 100%
Haywood Oaks Bldg 6 Fee 100% 1989 10.53 113,691 100%
Haywood Oaks Bldg 7 Fee 100% 1995 8.24 66,873 100%
Haywood Oaks Bldg 8 Fee 100% 1997 15.44 71,615 100%
Metro Airport
Center Bldg 1 Fee 100% 1999 6.37 80,675 94%
566 Mainstream Dr. Fee 100% 1982 6.92 95,644 100%
621 Mainstream Dr. Fee 100% 1984 7.18 52,302 100%
3300 Briley Park Blvd Fee 100% 1997 18.27 194,750 74%
2515 Perimeter Park Fee 100% 1990 4.46 71,031 92%
500 Royal Pkwy. Fee 100% 1990 4.70 75,000 100%
COPPELL, TX
Freeport II Fee 100% 1996 14.40 280,000 100%
Freeport III Fee 100% 1996 15.59 297,903 100%
Freeport IV Fee 100% 1996 12.26 125,069 100%
FORT WORTH, TX
14900 Trinity Blvd. Fee 100% 1984 14.30 310,000 100%
GARLAND, TX
Int'l. I Fee 100% 1996 12.70 151,200 100%
Int'l. II Fee 100% 1996 12.70 283,600 100%
IRVING, TX
Texas Plaza I Fee 100% 1997 9.10 115,926 100%
LEWISVILLE, TX
1550 Lakeway Dr. Fee 100% 1997 11.92 200,515 100%
501 E Corporate Dr Fee 100% 1998 9.72 159,000 100%
MILWAUKEE, WI
San Francisco Music Box Fee 33.33% [1] 1993 8.90 153,600 100%
OFFICE
------
FT. LAUDERDALE, FL
Beacon Pointe
at Weston Bldg 1 Fee 49.9% [1] 1999 6.88 97,178 60%
JACKSONVILLE, FL
8380-8386 Baymeadows Rd Fee 100% 1983 7.01 72,205 87%
7011 A.C. Skinner Pkwy Fee 100% 1999 4.76 59,612 39%
LAKE MARY, FL
1025 Greenwood Blvd. Fee 85% [1] 1998 8.49 109,021 95%
MIAMI, FL
8600 NW 17th St. Fee 100% 1993 3.62 63,240 100%
TAMPA, FL
Highland Oaks I Fee 100% 1999 10.70 125,000 55%
- 16 -
ALPHARETTA, GA
3925 Brookside Pkwy. Fee 100% 1998 9.98 106,631 100%
3625 Brookside Pkwy Fee 100% 1999 10.75 133,355 20%
2555 Northwinds Pkwy. Fee 100% 1997 15.27 64,981 100%
2550 Northwinds Pkwy. Fee 100% 1998 14.22 148,509 100%
ATLANTA, GA
6 W. Druid Hills Dr. Fee 100% 1968 2.83 81,503 99%
2801 Buford Highway Fee 100% 1977 5.82 115,712 94%
1190 W. Druid Hills Dr. Fee 100% 1980 5.56 79,868 95%
DULUTH, GA
3805 Crestwood Pkwy. Fee 100% 1997 7.20 104,947 100%
3885 Crestwood Pkwy. Fee 100% 1998 6.33 105,295 93%
KENNESAW, GA
3391 Town Point Pkwy Fee 100% 1999 7.35 93,849 34%
NORCROSS, GA
4366 Park Dr. Fee 100% 1981 1.00 9,481 100%
1835 Shackelfort Ct. Fee 100% 1990 3.29 56,576 97%
1854 Shackleford Rd. Fee 100% 1985/1995 6.30 93,190 73%
4275 Shackleford Ct. Fee 100% 1985 2.86 32,280 92%
3080 Northwoods Cir. Fee 100% 1952 2.33 30,768 75%
5755 Peachtree
Indust. Blvd Fee 100% 1997 6.00 50,000 100%
ROSWELL, GA
1357 Hembree Rd. Fee 100% 1999 5.62 50,944 98%
10745 Westside Pkwy. Fee 100% 1995 5.00 58,093 100%
ARLINGTON HEIGHTS, IL
Atrium II Fee 100% 1986 6.55 100,952 100%
DOWNERS GROVE, IL
Executive Towers I Fee 100% 1983 6.33 204,701 89%
Executive Towers II Fee 100% 1984 6.33 224,206 100%
Executive Towers III Fee 100% 1987 6.33 222,400 86%
LAKE FOREST, IL
One Conway Park Fee 100% 1989 8.97 102,579 94%
LISLE, IL
Central Park Of Lisle 1 Fee 50% [1] 1990 8.88 345,200 98%
LOMBARD, IL
Yorktown Office Center Fee 100% 1979/1981 7.52 98,619 96%
WESTMONT, IL
Oakmont Cir. Office Fee 100% 1990 6.90 115,737 100%
CARMEL, IN
Hamilton Crsg. Bldg 2 Fee 100% 1997 5.10 33,784 100%
Hamilton Crsg. Bldg 4 Fee 100% 1999 5.80 84,000 74%
FISHERS, IN
Delaware Park-Banc One Fee 100% 1999 14.00 193,000 100%
GREENWOOD, IN
South Park Bldg 1 Fee 100% 1989 5.40 39,715 88%
South Park Bldg 3 Fee 100% 1990 3.25 36,082 89%
INDIANAPOLIS, IN
8465 Katc 2-story Fee 100% 1983 1.31 28,298 84%
F.C. Tucker Fee/ 100% 1978 4.70 4,840 100%
Ground Lease [3]
8555 Katc 4-story Fee/ 100% 1985 5.42 75,545 98%
Ground Lease [3]
3520 Commerce Crsg. Ground/ 100% 1976 2.69 30,900 67%
Bldg. Lease [4]
One North Capital [5] 100% 1980 0.34 161,984 91%
Park 100 Bldg 34 Fee 100% 1979 2.00 22,545 100%
Park 100 Bldg 116 Fee 100% 1988 5.28 35,713 100%
Park 100 Bldg 118 Fee 100% 1988 6.50 35,700 100%
Park 100 Bldg 119 Fee 100% 1989 6.50 53,300 100%
Park 100 Bldg 124 Fee 50% [1] 1992 3.88 48,000 100%
Park 100 Bldg 132 Fee 100% 1997 4.40 27,600 100%
Woodland Corp Centre I Fee 100% 1998 6.00 77,186 100%
Woodland Corp Center II Fee 100% 1999 5.25 60,000 76%
- 17 -
INDIANAPOLIS, IN (CONT'D)
One Parkwood Fee 100% 1989 5.93 108,216 100%
Two Parkwood Fee 100% 1996 5.96 93,950 100%
Three Parkwood Fee 100% 1997 6.24 122,712 98%
Four Parkwood Fee 100% 1998 5.90 133,086 95%
Five Parkwood Fee 100% 1999 3.37 133,758 80%
Software Artistry Fee 100% 1998 6.90 108,273 100%
8440 Woodfield Fee 100% 1987 7.50 117,818 98%
8425 Woodfield Fee 100% 1989 13.30 259,777 99%
BLOOMINGTON, MN
Alpha Bus. Ctr I&II Fee 100% 1980 13.57 41,581 91%
Norman Center 2 Fee 100% 1970 6.23 62,301 100%
Norman Center 4 Fee 100% 1967 4.27 45,332 100%
BURNSVILLE, MN
Professional Plaza I Fee 100% 1986 2.80 38,652 73%
GOLDEN VALLEY, MN
Edina Realty Fee 100% 1965 1.93 24,080 100%
North Star Title Fee 100% 1965 3.41 42,479 100%
Tyrol West Fee 100% 1968 2.98 37,098 51%
MINNETONKA, MN
10801 Red Cir. Dr. Fee 100% 1977 4.00 60,078 100%
PLYMOUTH, MN
Medicine Lake Prof Bldg Fee 100% 1970 1.54 8,100 100%
Westpoint Bus. Ctr Fee 100% 1978 1.28 16,413 77%
ST. LOUIS PARK, MN
5219 Bldg. Fee 100% 1965 0.73 9,141 90%
North Plaza Fee 100% 1966 2.26 28,693 96%
South Plaza Fee 100% 1966 2.68 33,370 97%
Travelers Express Towers Fee 100% 1987 5.40 237,643 99%
CREVE COUER, MO
Twin Oaks Fee 100% 1995 5.91 85,071 82%
EARTH CITY, MO
3322 NGIC Fee 100% 1987 6.61 112,000 100%
MCI Fee 100% 1998 11.90 96,495 100%
MARYLAND HEIGHTS, MO
Riverport Tower Fee 100% 1991 20.40 317,891 100%
ST. LOUIS, MO
3300 Pointe 70 Fee 100% 1989 6.61 104,583 100%
Laumeier I Fee 100% 1987 4.26 114,037 100%
Laumeier II Fee 100% 1988 4.64 112,477 98%
500-510 Maryville Center Fee 100% 1984 9.27 165,544 91%
530 Maryville Center Fee 100% 1990 5.31 107,957 100%
ST. LOUIS, MO (CONT'D)
550 Maryville Ctr. Fee 100% 1988 4.55 97,109 96%
635-645 Maryville Ctr. Fee 100% 1987 8.78 148,307 100%
655 Maryville Ctr. Fee 100% 1994 6.26 90,499 100%
540 Maryville Ctr. Fee 100% 1990 5.23 107,970 93%
625 Maryville Ctr. Fee 49% [1] 1994 6.26 101,576 100%
520 Maryville Ctr. Fee 100% 1998 5.30 115,453 100%
Express Scripts HQ Fee 100% 1999 11.40 141,774 100%
Westmark Fee 100% 1987 6.95 123,889 71%
Westview Place Fee 100% 1988 2.69 123,563 90%
SUNSET HILLS, MO
Laumeier IV Fee 100% 1987 2.24 62,842 100%
CARY, NC
200 Regency Forest Dr. Fee 100% 1999 23.95 102,561 100%
100 Regency Forest Dr. Fee 100% 1997 12.30 103,597 94%
6501 Weston Pkwy. Fee 100% 1996 8.52 93,990 100%
- 18 -
MORRISVILLE, NC
2400 Perimeter Park Dr. Fee 100% 1999 5.50 59,629 100%
1400 Perimeter Park Dr. Fee 100% 1991 3.33 44,916 50%
1500 Perimeter Park Dr. Fee 100% 1996 5.47 81,000 98%
1600 Perimeter Park Dr. Fee 100% 1994 5.70 94,897 100%
1800 Perimeter Park Dr. Fee 100% 1994 3.94 54,434 100%
2000 Perimeter Park Dr. Fee 100% 1997 4.25 55,906 100%
1700 Perimeter Ctr W. Fee 100% 1997 5.08 77,239 100%
3900 N. Paramount Pkwy. Fee 100% 1998 5.88 100,987 100%
3900 S. Paramount Pkwy Fee 100% 2000 5.88 119,162 61%
5200 Paramount Pkwy. Fee 100% 1999 12.19 154,853 100%
RALEIGH, NC
5520 Capital Ctr Dr Fee 100% 1993 3.67 37,630 100%
801 Jones Franklin Rd Fee 100% 1995 4.09 69,151 100%
BEACHWOOD, OH
One Corporate Exchange Fee 100% 1989 5.30 88,376 88%
Corporate Place Fee 100% 1988 4.50 86,581 84%
BLUE ASH, OH
Huntington Bank Bldg. Fee 100% 1986 0.94 3,235 100%
Lake Forest Place Fee 100% 1985 13.50 217,264 100%
Westlake Center Fee 100% 1981 11.76 180,087 95%
CINCINNATI, OH
One Ashview Place Fee 100% 1989 6.88 120,924 98%
Blue Ash Office Ctr VI Fee 100% 1989 2.96 36,138 85%
Zussman Bldg-
311 Elm St. Ground/ 100% 1986 0.69 90,127 52%
Bldg. Lease [6]
312 Elm Fee 100% 1992 1.10 378,786 99%
Executive Plaza I Fee 100% 1980 5.83 88,398 92%
Executive Plaza II Fee 100% 1981 5.02 88,885 100%
Executive Plaza III Fee 100% 1998 5.60 90,073 97%
Dun & Bradstreet Bldg Fee 100% 1972 8.34 38,000 100%
8790 Governor's Hill Fee 100% 1985 5.00 58,177 88%
8700 Governor's Hill Fee 100% 1985 4.98 58,617 100%
8800 Governor's Hill Fee 100% 1985 2.13 28,700 100%
8600 Governor's Hill Fee 100% 1986 10.79 202,106 100%
Kenwood Exec. Center Fee 100% 1981 3.46 51,967 76%
8230 Kenwood Commons Fee 75% [1] 1986 2.09 46,145 56%
8280 Kenwood Commons Fee 75% [1] 1986 2.09 44,774 93%
Kenwood MOB Fee 100% 1999 7.50 80,352 100%
Ohio National Fee 100% 1996 9.00 214,272 96%
Pfeiffer Woods Off.Bldg. Fee 100% 1998 11.30 116,364 100%
312 Plum Fee 100% 1987 0.69 230,489 98%
Remington Park Bldg A Fee 100% 1982 3.20 38,473 100%
Remington Park Bldg B Fee 100% 1982 3.20 38,099 100%
Triangle Office Park Fee 100% 1965/1985 15.64 172,650 87%
COLUMBUS, OH
One Easton Oval Fee 100% 1998 7.69 127,080 66%
Two Easton Oval Fee 100% 1996 7.66 128,707 100%
1000 Polaris Pkwy. Fee 100% 1992 8.42 72,588 100%
Xerox Bldg-5555
Parkcenter Cir Fee 100% 1992 6.09 84,138 66%
DUBLIN, OH
Metrocenter III Fee 100% 1983 5.91 75,342 100%
Scioto Corporate Center Fee 100% 1987 7.58 57,251 72%
LCI Int'l. Fee 100% 1990 13.00 164,639 100%
Sterling 1 Fee 100% 1990 7.66 106,300 100%
Indiana Insurance Fee 100% 1994 3.86 49,600 74%
Sterling 2 Fee 100% 1995 3.33 57,660 100%
John Alden Life Ins. Fee 100% 1995 6.51 104,016 100%
Cardinal Health Fee 100% 1995 10.95 132,939 100%
Sterling 3 Fee 100% 1996 3.56 64,500 100%
Compmanagement Fee 100% 1997 5.60 68,700 100%
Sterling 4 Fee 100% 1998 3.10 94,219 100%
Parkwood Place Fee 100% 1997 9.08 156,000 100%
- 19 -
DUBLIN, OH (CONT'D)
Nationwide Fee 100% 1996 17.90 315,102 100%
Emerald II Fee 100% 1998 3.21 45,716 100%
Atrium II, Phase I Fee 100% 1998 11.04 145,716 97%
Atrium II, Phase II Fee 100% 1999 10.42 145,512 100%
Blazer I Fee 100% 1999 5.65 71,491 100%
INDEPENDENCE, OH
Corporate Plaza I Fee 100% 1989 6.10 114,028 97%
Corporate Plaza II Fee 100% 1991 4.90 103,834 95%
Freedom Square I Fee 100% 1980 2.59 40,548 97%
Freedom Square II Fee 100% 1987 7.41 116,665 93%
Freedom Square III Fee 100% 1997 2.00 71,025 100%
6111 Oak Tree Fee 100% 1979/1995 5.00 70,906 98%
Park Center Bldg I Fee 100% 1998 6.68 133,550 95%
Park Center Bldg 2 Fee 100% 1999 6.67 142,150 97%
MASON, OH
Deerfield Crsg Bldg 1 Fee 100% 1999 8.50 159,624 28%
Governor's Pointe 4770 Fee 100% 1986 4.50 76,037 85%
Governor's Pointe 4705 Fee 100% 1988 7.50 140,984 100%
Governor's Pointe 4605 Fee 100% 1990 8.00 178,725 100%
Governor's Pointe 8990 Fee 100% 1997 5.00 78,240 100%
Governor's Pointe 4660 Fee 100% 1997 4.65 76,902 67%
Governor's Pointe 4680 Fee 100% 1998 9.80 126,102 98%
MAYFIELD HEIGHTS, OH
Landerbrook Corp.
Center I Fee 100% 1997 8.00 112,886 99%
Landerbrook Corp.
Center II Fee 100% 1998 5.74 103,300 97%
MILFORD, OH
Park 50 Bldg 17 Fee 100% 1985 8.19 70,644 87%
Park 50 Bldg 26 Fee 100% 1991 13.00 221,215 100%
NEW ALBANY, OH
Express-Med Fee 50% [1] 1998 8.81 103,606 100%
NORTH OLMSTEAD, OH
Corporate Center I Fee 100% 1985 5.33 99,260 92%
Corporate Center II Fee 100% 1987 5.32 104,402 93%
NORTH OLMSTED, OH
Corporate Center III Fee 100% 1999 1.80 68,000 91%
PEPPER PIKE, OH
Corporate Cir. Fee 100% 1983 6.65 122,943 82%
SEVEN HILLS, OH
Rock Run - North Fee 100% 1984 5.00 62,565 93%
Rock Run - Center Fee 100% 1985 5.00 61,099 94%
Rock Run - South Fee 100% 1986 5.00 62,989 90%
WESTERVILLE, OH
Liebert Fee 100% 1999 5.65 67,657 100%
BRENTWOOD, TN
Creekside Crossing One Fee 100% 1998 5.35 116,450 93%
FRANKLIN, TN
341 Cool Springs Blvd Fee 100% 1999 18.18 87,790 0%
NASHVILLE, TN
Three Lakeview Fee 100% 1999 7.11 149,700 7%
One Lakeview Place Fee 100% 1986 6.46 114,972 75%
Two Lakeview Place Fee 100% 1988 6.45 114,586 98%
545 Mainstream Dr. Fee 100% 1983 8.91 86,676 100%
PLANO, TX
Metasolv Bldg. Phase I Fee 100% 1997 5.40 52,000 100%
Metasolv Bldg. Phase II Fee 100% 1999 5.40 100,000 100%
RETAIL
- ------
MIAMI, FL
8575 NW 13th Terr. Fee 100% 1993 17.43 87,005 100%
8323 NW 12th St. Fee 100% 1991 7.50 120,631 84%
ALPHARETTA, GA
11835 Alpharetta
Highway Fee 100% 1994 2.25 15,000 100%
ATLANTA, GA
2071 N. Druid
Hills Dr. Fee 100% 1968 0.59 4,115 100%
5300 Peachtree
Indust. Blvd Fee 100% 1966 2.16 29,870 100%
- 20 -
NORCROSS, GA
1480 Beaver Ruin Rd. Fee 100% 1989 2.08 14,992 74%
BLOOMINGTON, IL
Lakewood Plaza Fee 100% 1987 11.23 87,056 99%
CHAMPAIGN, IL
Market View
Shopping Ctr. Fee 100% 1985 8.50 86,553 84%
CARMEL, IN
Hamilton Crossing
Retail Bld 1 Fee 100% 1999 9.00 82,306 70%
FORT WAYNE, IN
Coldwater Crossing Fee 100% 1990 35.38 246,365 91%
INDIANAPOLIS, IN
Cub Center Fee 100% 1986 6.83 60,136 96%
Michaels Plaza Fee 100% 1984 4.50 50,374 85%
Greenwood Corner Shops Fee 100% 1986 7.45 50,840 100%
First Indiana Branch Fee 100% 1988 1.00 2,400 100%
Park 100 Retail Bldg 121 Fee 100% 1989 2.27 19,716 52%
FLORENCE, KY
Sofa Express - Florence Fee 100% 1997 1.78 20,250 100%
CINCINNATI, OH
Eastgate Square Fee 100% 1990/1996 11.60 94,182 100%
Garden Ridge (Eastgate) Fee 100% 1998 13.94 141,500 100%
Kohl's Department Store Fee 100% 1994 12.00 80,684 100%
Sofa Express-Gov. Plaza Fee 100% 1995 1.13 15,000 100%
Office Max Fee 100% 1995 2.25 23,484 100%
Fountain Place Fee 14% [1] 1997 1.98 206,315 100%
Governors Plaza Fee 100% 1990 20.75 181,014 100%
King's Auto Mall I Fee 100% 1990 5.68 52,715 100%
King's Mall Retail
Ctr II Fee 100% 1988 8.90 67,284 100%
Tri-county Mktpl. Fee 100% 1998 10.36 74,246 100%
Western Hills Mktpl. Fee 100% 1998 10.50 148,650 85%
DUBLIN, OH
Tuttle Retail Center Fee 100% 1995/1996 13.44 185,718 100%
LOVELAND, OH
Montgomery Crossing
Phase I Fee 100% 1993 1.90 21,008 100%
Montgomery Crossing
Phase II Fee 100% 1994 7.00 68,648 100%
MASON, OH
Bigg's Supercenter Fee 100% 1996 14.00 198,940 97%
Lowes Fee 100% 1997/1999 17.90 161,397 100%
Total In-Service 6,212.67 92,502,247 92%
-------- ----------
NET %
OWNER- PARTNER- EXPECTED LAND RENTABLE LEASED
PROJECT NAME/ SHIP SHIP'S IN-SERVICE AREA AREA 12/31,
LOCATION INTEREST INTEREST DATE (ACRES) (SQ. FT.) 1999
- ---------------------- --------- --------- ---------- ------- --------- ------
UNDER DEVELOPMENT
- ----------------
INDUSTRIAL
- ----------
FT. LAUDERDALE, FL
Sawgrass - Bldg. 1 Fee 95% [1] 2000 8.55 84,069 24%
ORLANDO, FL
7022 TPC Dr. Fee 100% 2000 7.04 86,316 0%
ALPHARETTA, GA
Ridgeland Bus. Dist. II Fee 100% 2000 7.15 78,400 0%
KENNESAW, GA
3200 Town Point Dr Fee 100% 2000 6.73 72,000 69%
ROSEWELL, GA
Founders Park SC 1 Fee 100% 2000 9.10 110,000 0%
SUWANEE, GA
100 Crestridge Dr. Fee 100% 2000 8.03 99,822 100%
AURORA, IL
Meridian I Fee 100% 2000 11.65 186,600 18%
- 21 -
BOLINGBROOK, IL
Crossroads 3 Fee 100% 2000 10.64 187,000 0%
CARMEL, IN
H.C. Bldg 1 W. Exp. Fee 100% 2000 4.10 51,300 69%
FISHERS, IN
Exit 5 Bldg. II Fee 100% 2000 8.60 120,000 0%
INDIANAPOLIS, IN
Park 100 Bldg 129 Exp Fee 100% 2000 7.80 137,600 100%
LEBANON, IN
Pamida Expansion Fee 100% 2000 11.66 218,400 100%
PLAINFIELD, IN
Plainfield Bldg. 1 Fee 100% 2000 21.25 450,000 100%
Plainfield Bldg. 2 Fee 100% 2000 26.70 481,440 0%
HEBRON, KY
Skyport Bldg. 3 Fee 100% 2000 28.80 473,000 100%
BROOKLYN PARK, MN
Crosstown North
Bus Ctr 5 Fee 100% 2000 8.87 142,708 46%
Crosstown North
Bus Ctr 6 Fee 100% 2000 5.57 73,109 0%
EAGAN, MN
Apollo Indust. Ctr II Fee 100% 2000 4.30 70,089 100%
Apollo Indust. Ctr III Fee 100% 2000 13.00 240,000 0%
MARYLAND HEIGHTS, MO
Riverport 2 Fee 100% 2000 9.51 104,800 0%
ST. LOUIS, MO
Westport Center V Fee 100% 2000 5.09 35,000 0%
WESTPORT, MO
Westport Center IV Fee 100% 2000 14.71 173,500 0%
CANAL WINCHESTER, OH
Nifco at Canal
Winchester Fee 100% 2000 6.82 76,800 100%
CINCINNATI, OH
Cincinnati Bell
Supply @ IAMS Fee 100% 2000 9.00 80,100 100%
World Park Bldg #30 Fee 100% 2000 33.23 615,600 100%
COLUMBUS, OH
Westbelt West #2 Fee 100% 2000 11.24 184,000 0%
GROVEPORT, OH
Groveport Comm Ctr #3 Fee 100% 2000 10.60 168,000 0%
Groveport Comm Ctr #4 Fee 100% 2000 22.95 425,000 0%
STRONGSVILLE, OH
Park 82 Bldg 4 Fee 100% 2000 8.24 170,550 0%
TWINSBURG, OH
Enterprise Pkwy. Bldg 2 Fee 100% 2000 12.00 198,000 55%
NASHVILLE, TN
Haywood Oaks East Fee 100% 2000 13.00 120,657 0%
Metrocenter Flex Bldg I Fee 100% 2000 8.26 42,013 0%
GARLAND, TX
Garland Bus. Center II Fee 100% 2000 15.15 143,520 0%
IRVING, TX
Texas Plaza II Fee 100% 2000 5.22 71,550 0%
OFFICE
- ------
CELEBRATION, FL
Celebration C-9 Fee 100% 2000 6.08 80,000 0%
LAKE MARY, FL
Northpoint Center II Fee 95% [1] 2000 8.76 108,499 0%
TAMPA, FL
Highland Oaks II Fee 100% 2000 10.70 124,997 0%
DULUTH, GA
Hampton Green Off Bldg Fee 100% 2000 10.11 121,827 41%
LAWRENCEVILLE, GA
Huntcrest Office I Fee 50% [1] 2000 7.19 103,650 0%
- 22 -
AURORA, IL
Hartford BTS Fee 100% 2000 12.02 140,000 93%
LISLE, IL
Central Park of Lisle 2 Fee 50% [1] 2000 8.36 303,246 23%
INDIANAPOLIS, IN
Hamilton Crossing Bldg 3 Fee 100% 2000 8.63 141,812 64%
Six Parkwood Fee 100% 2000 6.10 197,542 40%
Seven Parkwood Fee 60% [7] 2000 4.40 85,250 74%
Woodland Corp Ctr III Fee 100% 2000 6.03 65,500 75%
BLOOMINGTON, MN
Norman Pointe I Fee 100% 2000 4.00 210,000 0%
ST. LOUIS PARK, MN
1600 Tower Fee 100% 2000 3.00 244,541 1%
ST. LOUIS, MO
700 Bldg. Fee 100% 2000 5.70 215,564 100%
533 Maryville Centre Fee 100% 2000 5.44 125,296 0%
Westport Place Fee 100% 2000 6.03 95,000 0%
CARY, NC
Regency Forest III Fee 100% 2000 8.47 109,570 0%
MORRISVILLE, NC
3500 Paramount Pkwy Fee 100% 2000 3.36 61,380 100%
RALEIGH, NC
Brook Forest I Fee 100% 2000 4.88 65,721 0%
1801 Varsity Dr. in DCLP Fee 100% 2000 3.10 120,000 100%
CINCINNATI, OH
Alliance Fee 50% [1] 2001 7.10 158,900 100%
COLUMBUS, OH
Easton Plaza One Fee 100% 2000 5.12 107,083 0%
DUBLIN, OH
Parkwood II Fee 100% 2000 8.98 156,428 0%
Blazer II Fee 100% 2000 5.93 85,082 60%
INDEPENDENCE, OH
Park Center Bldg 3 Fee 100% 2000 6.67 133,958 0%
NEW ALBANY, OH
Novus Services, Inc. Fee 100% 2000 51.70 326,481 100%
6525 W. Campus Oval Fee 50% [6] 2000 4.40 66,000 56%
BRENTWOOD, TN
Creekside Crossing 2 Fee 100% 2000 5.35 116,390 25%
RETAIL
- ------
WOODLAWN, OH
Glenwood Crossing Fee 100% 2000 14.06 34,900 22%
Total Under Development 636.23 9,875,560 41%
------ -----------
Total In-Service and Under Development 6,848.90 102,377,807 87%
======== ===========
[1] The Partnership retains the indicated effective ownership interest in
an entity which owns the building. The Partnership shares in the profit or
loss from such building in accordance with the Partnership's ownership
interest.
[2] These buildings are owned by a partnership in which the Partnership
is a partner. The Partnership owns a 10% capital interest in the
partnership and receives a 50% interest in the residual cash flow after
payment of a 9% preferred return to the other partner on its capital
interest.
[3] The Partnership owns the building and has a leasehold interest in the
land underlying this building with a lease term expiring in 2048 or later.
[4] The Partnership has a leasehold interest in this
building with a lease term expiring May 2006.
[5] These are properties for which there are loans to owners which fully
encumber the properties. Under the terms of the loans, the Partnership
effectively receives all income and economic value from the properties.
As a result, the properties are accounted for as owned properties.
[6] The Partnership has a leasehold interest in the building and the
underlying land with a lease term expiring June 2020. The Partnership has
an option to purchase the fee interest in the property throughout the term
of the lease.
[7] This building is owned by a partnership in which the Partnership owns
a 60% interest. The Partnership receives an 11% cumulative preferred
return on its equity, with any excess cash flow after debt service
received in accordance with the ownership interest.
- 23 -
ITEM 3. LEGAL PROCEEDINGS
The Partnership is not party to any claims or litigation that it
believes the results, individually or in the aggregate, will have a
material adverse affect on its business, financial position or results
of operations.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders of the General
Partner during the fourth quarter of the year ended December 31, 1999.
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
There is no established public trading market for the Common Units.
The following table sets forth the cash distributions paid during each
quarter. Comparable cash distributions are expected in the future. As
of February 29, 2000, there were 10,382 record holders of Common Units.
On January 26, 2000, the Partnership declared a quarterly cash
distribution of $0.39 per Common Unit payable on February 29, 2000 to
Common Unitholders of record on February 11, 2000.
1999 Distributions 1998 Distributions
------------------ ------------------
Quarter Ended
December 31 $.39 $.34
September 30 .39 .34
June 30 .34 .30
March 31 .34 .30
- 24 -
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The following sets forth selected consolidated financial and
operating information on a historical basis for the Partnership for
each of the years in the five-year period ended December 31, 1999.
The following information should be read in conjunction with Item 7,
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and Item 8, "Financial Statements and
Supplementary Data" included in this Form 10-K (in thousands, except
per unit amounts):
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
Results of Operations:
Revenues:
Rental Operations $ 535,563 $ 348,625 $ 229,702 $ 162,160 $ 113,641
Service Operations 54,031 24,716 22,378 19,929 17,777
--------- --------- --------- --------- ---------
Total Revenues $ 589,594 $ 373,341 $ 252,080 $ 182,089 $ 131,418
========= ========= ========= ========= =========
Net Income
Available for
Common Units $ 159,447 $ 103,112 $ 72,780 $ 58,713 $ 41,600
========= ========= ========= ========= =========
Per Unit Data (1):
Net Income per
Common Unit:
Basic $ 1.33 $ 1.13 $ .98 $ .92 $ .78
Diluted 1.32 1.12 .97 .91 .77
Dividends paid
per Common Unit 1.46 1.28 1.10 1.00 .96
Weighted Average
Common Units
Outstanding 119,467 91,576 74,142 63,960 53,582
Weighted Average
Common and
Dilutive Potential
Common Units 120,511 92,468 74,993 64,398 53,802
Balance Sheet Data (at December 31):
Total Assets $5,487,284 $2,854,062 $2,177,174 $1,362,399 $1,046,532
Total Debt 2,113,476 1,007,317 720,119 525,815 454,820
Total Preferred
Equity 690,340 348,366 218,906 72,856 -
Total Partners'
Equity 3,101,989 1,677,988 1,324,780 769,269 540,221
Total Common Units
Outstanding (1) 144,803 96,853 87,054 66,364 56,606
Other Data:
Funds From
Operations (2) $ 267,243 $ 174,829 $ 118,828 $ 87,434 $ 64,846
Cash Flow Provided by
(Used by):
Operating activities $ 343,331 $ 220,529 $ 158,776 $ 95,470 $ 78,637
Investing
activities (767,892) (703,575) (597,015) (277,009) (289,569)
Financing activities 436,449 479,300 443,265 181,203 176,187
(1)Information for all five years reflects the General Partner's
two-for-one stock split effected in August 1997.
(2)Funds From Operations is defined by the National Association of
Real Estate Investment Trusts as net income or loss excluding
gains or losses from debt restructuring and sales of depreciated
property plus operating property depreciation and amortization,
and adjustments for minority interest and unconsolidated comp
anies on the same basis. Funds From Operations does not represent
cash flow from operations as defined by generally accepted
accounting principles, should not be considered as an alternative
to net income as an indicator of the Partnership's operating
performance, and is not indicative of cash available to fund all
cash flow needs.
- 25 -
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
--------
The Partnership's income from rental operations is substantially
influenced by the supply and demand for the Partnership's rental space
in its primary markets, its ability to maintain occupancy rates and
increase rental rates on its in-service portfolio and to continue
development and acquisition of additional rental properties.
The Partnership's primary markets in the Midwest have continued to
offer strong and stable local economies and have provided attractive
new development opportunities because of their central location,
established manufacturing base, skilled work force and moderate labor
costs. Additionally, through the Weeks Merger (see discussion below
under Merger with Weeks Corporation), the Partnership has expanded and
diversified its geographic base into southeastern markets that have
similar demographics to the Midwest and are located in fast growing
southeast cities expected to provide additional growth opportunities.
The Partnership's occupancy rate of its in-service portfolio was 91.9%
at December 31, 1999. The Partnership expects to maintain its overall
occupancy at comparable levels and to increase rental rates as leases
are renewed or new leases are executed. This stable occupancy and
increasing rental rates should improve the Partnership's results of
operations from its in-service properties. The Partnership's strategy
for continued growth includes developing and acquiring additional
rental properties in its primary markets and expanding into other
attractive markets.
The Partnership tracks Same Property performance which compares those
properties that were in-service for all of a two-year period. As a
result of the rapid growth of the Partnership, this population of
properties only represented 62.4% and 47.7% of the in-service portfolio
at December 31, 1999 and December 31, 1998, respectively. In 1999, net
operating income from the same property portfolio increased 3.2% over 1998,
while for 1998, net operating income from the same property portfolio
increased 5.4% over 1997.
The following table sets forth information regarding the Partnership's
in-service portfolio of rental properties as of December 31, 1999
(square feet in thousands):
Total Percent of
Square Feet Total Square Feet Percent Occupied
----------------- ----------------- ----------------
Type 1999 1998 1999 1998 1999 1998
- ---- ----- ---- ---- ---- ---- ----
INDUSTRIAL
Service Centers 12,762 6,123 13.8% 11.7% 93.5% 93.4%
Bulk 58,428 29,745 63.2% 57.2% 91.4% 95.4%
OFFICE
Suburban 17,767 13,015 19.2% 25.0% 91.5% 95.0%
CBD 861 861 .9% 1.7% 92.4% 96.3%
RETAIL 2,684 2,284 2.9% 4.4% 95.1% 95.8%
------ ------ ------ ------
Total 92,502 52,028 100.0% 100.0% 91.9% 95.1%
====== ====== ====== ======
Management expects occupancy of the in-service property portfolio to
remain stable because (i) only 10.3% and 10.9% of the Partnership's
occupied square footage is subject to leases expiring in 2000 and 2001,
respectively, and (ii) the Partnership's renewal percentage averaged
72%, 69% and 81% in 1999, 1998 and 1997, respectively.
The following table reflects the Partnership's in-service lease
expiration schedule as of December 31, 1999, by product type indicating
square footage and annualized net effective rents under expiring leases
(in thousands, except per square foot amounts):
- 26 -
Indust. Portfolio Office Portfolio Retail Portfolio Total Portfolio
----------------- ---------------- ----------------- -----------------
Yr of Sq Sq Sq Sq
Exp Ft Rent Ft Rent Ft Rent Ft Rent
- ---- ------- -------- ------- -------- ------ ------ ------ --------
2000 6,966 $ 32,834 1,643 $ 20,247 150 $ 1,375 8,759 $ 54,456
2001 7,342 32,051 1,867 23,115 84 1,010 9,293 56,176
2002 8,964 42,053 2,228 26,647 113 1,505 11,305 70,205
2003 7,600 37,830 1,942 25,566 168 2,895 9,710 66,291
2004 7,659 40,128 2,470 34,307 128 1,200 10,257 75,635
2005 5,706 25,440 1,416 19,879 259 2,334 7,381 47,653
2006 4,128 19,243 980 14,193 8 108 5,116 33,544
2007 3,828 17,114 680 9,494 64 584 4,572 27,192
2008 4,368 18,949 975 13,835 46 614 5,389 33,398
2009 5,135 23,609 1,382 19,693 131 1,638 6,648 44,940
There-
after 3,668 16,829 1,472 20,994 1,402 12,538 6,542 50,361
------ ------- ------ ------- ----- ------ ------ -------
Total 65,364 $306,080 17,055 $227,970 2,553 $25,801 84,972 $559,851
====== ======== ====== ======== ===== ====== ====== =======
Total
Port-
folio 71,190 18,628 2,684 92,502
====== ====== ===== ======
Annualized
Net
effective
rent per sq
ft leased $ 4.68 $ 13.37 $10.11 $ 6.59
======= ======= ===== =======
This stable occupancy, along with increasing rental rates in each of
the Partnership's markets, will allow the in-service portfolio to
continue to provide an increasing level of earnings from rental
operations. The Partnership also expects to realize growth in earnings
from rental operations through (i) the development and acquisition of
additional rental properties in its primary markets; (ii) the expansion
into other attractive markets; (iii) re-deployment of capital proceeds
from the disposal of non-performing and low growth assets into
additional rental properties with excellent long-term growth prospects;
and (iv) the completion of the 9.9 million square feet of properties
under development at December 31, 1999, over the next four quarters and
thereafter. These properties under development are expected to be
placed in service as follows (in thousands, except percentages):
Anticipated Estimated Anticipated
In-Service Square Percent Project Stabilized
Date Feet Pre-Leased Costs Return
---------------- ------- ----------- ---------- ------------
1st Quarter 2000 3,354 39% $238,469 11.0%
2nd Quarter 2000 3,694 38% 183,436 11.2%
3rd Quarter 2000 1,861 56% 140,867 11.9%
Thereafter 967 32% 115,092 11.2%
----- -------
9,876 41% $677,864 11.3%
===== =======
MERGER WITH WEEKS CORPORATION
In July 1999, Weeks Corporation ("Weeks"), a self-administered, self-
managed geographically focused REIT which operated primarily in the
southeastern United S