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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   September 30, 2004

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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

35-1740409

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
September 30, 2004 (Unaudited) and December 31, 2003

Condensed Consolidated Statements of Operations (Unaudited)
for the three and nine months ended September 30, 2004 and 2003

Condensed Consolidated Statements of Cash Flows (Unaudited)
for the nine months ended September 30, 2004 and 2003

Condensed Consolidated Statement of Shareholders’ Equity
(Unaudited) for the nine months ended September 30, 2004

Notes to Condensed Consolidated Financial Statements
(Unaudited)

Report of Independent Registered Public Accounting Firm

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.

Unregistered Sales of Equity Securities and Use of Proceeds

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

September 30,
2004

December 31,
2003

(Unaudited)

ASSETS

Real estate investments:

Land and improvements

$

708,142

$

641,544

Buildings and tenant improvements

4,665,019

4,452,624

Construction in progress

98,690

119,441

Investments in unconsolidated companies

287,827

295,837

Land held for development

381,908

314,996

6,141,586

5,824,442

Accumulated depreciation

(764,745

)

(677,357

)

Net real estate investments

5,376,841

5,147,085

Cash and cash equivalents

—

12,632

Accounts receivable, net of allowance of $1,971 and $2,430

15,374

16,215

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

83,987

71,049

Receivables on construction contracts, including retentions

53,748

44,905

Deferred financing costs, net of accumulated amortization of $8,369 and $10,703

39,710

13,421

Deferred leasing and other costs, net of accumulated amortization of $83,326 and $67,317

202,346

158,562

Escrow deposits and other assets

110,074

97,380

$

5,882,080

$

5,561,249

LIABILITIES AND SHAREHOLDERS’ EQUITY

Indebtedness:

Secured debt

$

204,942

$

208,649

Unsecured notes

2,115,687

1,775,887

Unsecured lines of credit

339,000

351,000

2,659,629

2,335,536

Construction payables and amounts due subcontractors, including retentions

76,126

60,789

Accounts payable

6,904

2,268

Accrued expenses:

Real estate taxes

78,184

52,958

Interest

25,904

33,259

Other

41,139

51,808

Other liabilities

107,179

107,113

Tenant security deposits and prepaid rents

32,765

37,975

Total liabilities

3,027,830

2,681,706

Minority interest

200,023

212,794

Shareholders’ equity:

Preferred shares ($.01 par value); 5,000 shares authorized; 1,565 and 1,898 shares issued and outstanding

457,250

540,508

Common shares ($.01 par value); 250,000 shares authorized; 142,550 and 136,594 shares issued and outstanding

1,425

1,366

Additional paid-in capital

2,534,981

2,379,817

Accumulated other comprehensive income

132

—

Distributions in excess of net income

(339,561

)

(254,942

)

Total shareholders’ equity

2,654,227

2,666,749

$

5,882,080

$

5,561,249