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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended    March 31, 2004

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from                            to                           .

State of Incorporation:

IRS Employer Identification Number:

Indiana

35-1898425

600 East 96^th Street, Suite 100
Indianapolis, Indiana  46240

Telephone:  (317) 808-6000

(Address, including zip code and telephone number, including area code, of principal
executive offices)

Part I - Financial Information

Item 1.  Financial Statements

Condensed Consolidated Balance Sheets as of March 31, 2004 (Unaudited) and December 31, 2003

Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2004 and 2003

Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2004 and 2003

Condensed Consolidated Statement of Partners’ Equity (Unaudited) for the three months ended March 31, 2004

Notes to Condensed Consolidated Financial Statements (Unaudited)

Independent Accountants’ Review Report

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Item 4.  Controls and Procedures

Part II - Other Information

Item 1.

Legal Proceedings

Item 2.

Changes in Securities

Item 3.

Defaults Upon Senior Securities

Item 4.

Submission of Matters to a Vote of Security Holders

Item 5.

Other Information

Item 6.

Exhibits and Reports on Form 8-K

March 31,
2004

December 31,
2003

(Unaudited)

ASSETS

Real estate investments:

Land and improvements

$

652,791

$

641,544

Buildings and tenant improvements

4,534,277

4,452,624

Construction in progress

60,543

119,441

Investments in unconsolidated companies

292,962

295,837

Land held for development

301,905

314,446

5,842,478

5,823,892

Accumulated depreciation

(709,921

)

(677,357

)

Net real estate investments

5,132,557

5,146,535

Cash and cash equivalents

9,910

12,695

Accounts receivable, net of allowance of $1,881 and $2,430

16,431

16,215

Straight-line rent receivable, net of allowance of $1,240 and $1,240

75,969

71,049

Receivables on construction contracts, including retentions

42,922

44,905

Deferred financing costs, net of accumulated amortization of $8,693 and $10,703

16,250

13,358

Deferred leasing and other costs, net of accumulated amortization of $73,361 and $67,317

165,040

158,562

Escrow deposits and other assets

165,501

95,392

$

5,624,580

$

5,558,711

LIABILITIES AND PARTNERS’ EQUITY

Indebtedness:

Secured debt

$

206,849

$

208,649

Unsecured notes

1,965,821

1,775,887

Unsecured lines of credit

230,000

351,000

2,402,670

2,335,536

Construction payables and amounts due subcontractors, including retentions

55,854

60,789

Accounts payable

1,275

2,268

Accrued expenses:

Real estate taxes

59,882

52,955

Interest

24,670

33,259

Other

34,606

49,029

Other liabilities

102,862

107,321

Tenant security deposits and prepaid rents

43,849

37,975

Total liabilities

2,725,668

2,679,132

Minority interest

62

1,259

Partners’ equity:

General Partner

Common equity

2,268,472

2,153,844

Preferred equity (liquidation preference of $457,250)

423,474

511,785

2,691,946

2,665,629

Limited Partner’s common equity

207,022

212,691

Accumulated other comprehensive income

(118

)

—

Total Partners’ equity

2,898,850

2,878,320

$

5,624,580

$

5,558,711

Three Months Ended

2004

2003

RENTAL OPERATIONS

Revenues:

Rental income from continuing operations

$

186,824

$

176,346

Equity in earnings of unconsolidated companies

4,525

4,269

191,349

180,615

Operating expenses: