Attached files
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EX-23 - EX-23 - FIRST INDUSTRIAL LP | c55885exv23.htm |
EX-31.2 - EX-31.2 - FIRST INDUSTRIAL LP | c55885exv31w2.htm |
EX-31.1 - EX-31.1 - FIRST INDUSTRIAL LP | c55885exv31w1.htm |
EX-32 - EX-32 - FIRST INDUSTRIAL LP | c55885exv32.htm |
Table of Contents
Washington, D.C. 20549
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2009 | ||
or
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to . |
Delaware
(State or other jurisdiction of incorporation or organization) |
36-3924586 (I.R.S. Employer Identification No.) |
|
311 S. Wacker Drive,
Suite 3900, Chicago, Illinois (Address of principal executive offices) |
60606 (Zip Code) |
(Registrants telephone number, including area code)
Large accelerated filer o
|
Accelerated filer þ |
Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company o |
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Item 1. | Business |
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311 S. Wacker, Suite 3900
Chicago, IL 60606
Attention: Investor Relations
| Internal Growth. We seek 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; and (iv) renovating existing properties. | |
| External Growth. We seek to grow externally through (i) additional joint venture investments; (ii) the development of industrial properties; (iii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet our investment parameters and target markets; and (iv) the expansion of our properties. |
| Organization Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. |
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| Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States and select industrial real estate markets in Canada. These markets have one or more of the following characteristics: (i) strong industrial real estate fundamentals, including increased industrial demand expectations; (ii) a history of and outlook for continued economic growth and industry diversity; and (iii) sufficient size to provide for ample transaction volume. | |
| Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly 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. We also have local and national marketing programs which focus on the business and real estate brokerage communities and national tenants. | |
| Acquisition/Development Strategy. Our acquisition/development strategy is to invest in properties and other assets with higher yield potential in the top industrial real estate markets in the United States and select industrial real estate markets in Canada. | |
| Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. | |
| Financing Strategy. To finance acquisitions and developments, as market conditions permit, we utilize a portion of proceeds from property sales, proceeds from mortgage financings, borrowings under our unsecured line of credit (the Unsecured Line of Credit) and proceeds from the issuance, when and as warranted, of additional debt and equity securities. We also continually evaluate joint venture arrangements as another source of capital. As of February 26, 2010, we had approximately $7.5 million available for additional borrowings under our Unsecured Line of Credit. | |
| Liquidity Strategy. We plan to enhance our liquidity, and reduce our indebtedness, through a combination of capital retention, mortgage and equity financings, asset sales and debt reduction: |
| Capital Retention We plan to retain capital by maintaining a distribution policy that makes per unit distributions equivalent to the per share distributions the Company is required to make to meet its minimum distribution requirements as a REIT. The Operating Partnership did not make distributions in 2009 and may not make distributions in 2010 depending on the Companys taxable income. If, to maintain its REIT status, the Company is required to pay common stock dividends with respect to 2010, the Company may elect to do so by distributing a combination of cash and common shares and the Operating Partnership would make corresponding distributions in cash and common units. Also, if the Company is not required to pay preferred stock dividends to maintain its REIT status, it may elect to suspend some or all preferred stock dividends for one or more fiscal quarters, which would aid compliance with the fixed charge coverage covenant under our Unsecured Line of Credit. If the Company did elect to suspend some or all preferred stock dividends for one or more fiscal quarters, the Operating Partnership would elect to suspend corresponding preferred stock unit distributions. | |
| Mortgage Financing During the year ended December 31, 2009, we originated $307.6 million in mortgage financings with maturities ranging from September 2012 to January 2020 and interest rates ranging from 6.42% to 7.87% (see Note 7 to the Consolidated Financial Statements). We believe these mortgage financings comply with all covenants contained in our Unsecured Line of Credit and our senior debt securities, including coverage ratios and total indebtedness, total unsecured indebtedness and total secured indebtedness limitations. We continue to engage various lenders regarding the origination of additional mortgage financings and the terms and conditions thereof. To the extent additional mortgage financing is originated, we expect to use proceeds received to pay down our other debt. No assurances can be made that additional mortgage financing will be obtained. | |
| Equity Financing During the year ended December 31, 2009, the Company sold 3,034,120 shares of its common stock, generating $15.9 million in net proceeds, under the direct stock purchase component of the Companys Dividend Reinvestment and Direct Stock Purchase Plan (DRIP). On |
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October 5, 2009, the Company sold in an underwritten public offering 13,635,700 shares of its common stock at a price to the public of $5.25 per share. Total proceeds to the Company, net of underwriters discount and total expenses, were $67.8 million (see Note 8 to the Consolidated Financial Statements). These proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. The Company may opportunistically access the equity markets again, subject to contractual restrictions, and may continue to issue shares under the direct stock purchase component of the DRIP. To the extent additional equity offerings occur, we expect the proceeds received will be used to reduce our indebtedness. |
| Asset Sales During the year ended December 31, 2009, we sold 12 industrial properties and several land parcels for gross proceeds of $90.3 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale throughout 2010. We expect to use sales proceeds to reduce our indebtedness . If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. | |
| Debt Reduction During the year ended December 31, 2009, we repurchased $271.5 million of our senior unsecured notes (including $19.3 million of our 2009 Notes prior to their repayment at maturity on June 15, 2009) (see Note 7 to the Consolidated Financial Statements). On February 8, 2010, we consummated a tender offer pursuant to which we purchased $72.7 million of our 2011 Notes, $66.2 million of our 2012 Notes and $21.1 million of our 2014 Notes. In connection with the tender offer, we will recognize approximately $0.4 million as gain on early retirement of debt. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, future tax liability and results of operations. |
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Item 1A. | Risk Factors |
| general economic conditions; | |
| local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties; | |
| local conditions such as oversupply or a reduction in demand in an area; | |
| the attractiveness of the properties to tenants; | |
| tenant defaults; | |
| zoning or other regulatory restrictions; | |
| competition from other available real estate; |
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| our ability to provide adequate maintenance and insurance; and | |
| increased operating costs, including insurance premiums and real estate taxes. |
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| we may not be able to obtain financing for development projects on favorable terms and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties and generating cash flow; | |
| we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; | |
| the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting our ability to sell or contribute such properties to third parties or to sell or contribute such properties to our Joint Ventures. |
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| $35.0 million aggregate principal amount of 7.750% Notes due 2032 (the 2032 Notes) | |
| $190.0 million aggregate principal amount of 7.600% Notes due 2028 (the 2028 Notes) | |
| Approximately $13.6 million aggregate principal amount of 7.150% Notes due 2027 (the 2027 Notes) | |
| Approximately $117.8 million aggregate principal amount of 5.950% Notes due 2017 (the 2017 II Notes) | |
| Approximately $87.3 million aggregate principal amount of 7.500% Notes due 2017 (the 2017 Notes) | |
| Approximately $160.2 million aggregate principal amount of 5.750% Notes due 2016 (the 2016 Notes) | |
| Approximately $91.9 million aggregate principal amount of 6.420% Notes due 2014 (the 2014 Notes); (see Note 21 to the Consolidated Financial Statements) | |
| Approximately $77.8 million aggregate principal amount of 6.875% Notes due 2012 (the 2012 Notes); (see Note 21 to the Consolidated Financial Statements) | |
| $146.9 million aggregate principal amount of 4.625% Notes due 2011 (the 2011 Exchangeable Notes) | |
| Approximately $70.8 million aggregate principal amount of 7.375% Notes due 2011 (the 2011 Notes); (see Note 21 to the Consolidated Financial Statements) | |
| $324.8 million in mortgage loans payable, in the aggregate, due between December 2010 and January 2020 on certain of our mortgage loans payable. |
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| a $500.0 million Unsecured Line of Credit under which we may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital. |
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| co-members or joint venturers may share certain approval rights over major decisions; | |
| co-members or joint venturers might fail to fund their share of any required capital commitments; | |
| co-members or joint venturers might have economic or other business interests or goals that are inconsistent with our business interests or goals that would affect our ability to operate the property; | |
| co-members or joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Companys qualification as a real estate investment trust; | |
| the joint venture agreements often restrict the transfer of a members or joint venturers interest or buy-sell or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms; | |
| disputes between us and our co-members or joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and | |
| we may in certain circumstances be liable for the actions of our co-members or joint venturers. |
| exposure to the economic fluctuations in the locations in which we invest; | |
| difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations; | |
| revisions in tax treaties or other laws and regulations, including those governing the taxation of our international revenues; |
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| obstacles to the repatriation of earnings and funds; | |
| currency exchange rate fluctuations between the United States dollar and foreign currencies; | |
| restrictions on the transfer of funds; and | |
| national, regional and local political uncertainty. |
Item 1B. | Unresolved SEC Comments |
Item 2. | Properties |
| Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 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 the area occupied by the building. | |
| Bulk warehouse buildings 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. |
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| R&D/flex buildings 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 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. |
Property Summary
Light Industrial | R&D/Flex | Bulk Warehouse | Regional Warehouse | Manufacturing | ||||||||||||||||||||||||||||||||||||
Number of |
Number of |
Number of |
Number of |
Number of |
||||||||||||||||||||||||||||||||||||
Metropolitan Area
|
GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | GLA | Properties | ||||||||||||||||||||||||||||||
Atlanta, GA
|
666,544 | 11 | 140,538 | 3 | 3,319,270 | 12 | 295,918 | 4 | 847,950 | 4 | ||||||||||||||||||||||||||||||
Baltimore, MD
|
695,752 | 12 | 115,985 | 4 | 683,135 | 4 | | | 171,000 | 1 | ||||||||||||||||||||||||||||||
Central PA
|
146,990 | 2 | | | 2,741,350 | 4 | | | | | ||||||||||||||||||||||||||||||
Chicago, IL
|
744,116 | 13 | 248,090 | 4 | 2,339,612 | 13 | 172,851 | 4 | 421,000 | 2 | ||||||||||||||||||||||||||||||
Cincinnati, OH
|
893,839 | 10 | | | 1,103,830 | 4 | 51,070 | 1 | | | ||||||||||||||||||||||||||||||
Cleveland, OH
|
| | | | 1,317,799 | 7 | | | | | ||||||||||||||||||||||||||||||
Columbus, OH
|
217,612 | 2 | | | 2,666,547 | 8 | | | | | ||||||||||||||||||||||||||||||
Dallas, TX
|
2,301,003 | 41 | 511,075 | 19 | 2,470,542 | 18 | 677,433 | 10 | 128,478 | 1 | ||||||||||||||||||||||||||||||
Denver, CO
|
1,276,308 | 23 | 1,053,097 | 24 | 290,098 | 2 | 343,516 | 5 | | | ||||||||||||||||||||||||||||||
Detroit, MI
|
2,119,538 | 81 | 464,026 | 15 | 470,745 | 5 | 759,851 | 18 | 116,250 | 1 | ||||||||||||||||||||||||||||||
Houston, TX
|
289,407 | 6 | 132,997 | 6 | 2,041,527 | 12 | 446,318 | 6 | | | ||||||||||||||||||||||||||||||
Indianapolis, IN
|
860,781 | 17 | 38,200 | 3 | 1,406,542 | 7 | 162,710 | 4 | 71,600 | 2 | ||||||||||||||||||||||||||||||
Inland Empire, CA
|
66,934 | 1 | | | 804,355 | 3 | | | | | ||||||||||||||||||||||||||||||
Los Angeles, CA
|
514,193 | 12 | 184,064 | 2 | 749,008 | 5 | 199,555 | 3 | | | ||||||||||||||||||||||||||||||
Miami, FL
|
88,820 | 1 | | | 142,804 | 1 | 281,626 | 6 | | | ||||||||||||||||||||||||||||||
Milwaukee, WI
|
431,508 | 9 | | | 1,626,409 | 6 | 90,089 | 1 | | | ||||||||||||||||||||||||||||||
Minneapolis/St. Paul, MN
|
1,220,776 | 13 | 172,862 | 2 | 2,095,407 | 11 | 323,805 | 4 | 231,202 | 3 | ||||||||||||||||||||||||||||||
N. New Jersey
|
659,849 | 11 | 289,967 | 6 | 329,593 | 2 | | | | | ||||||||||||||||||||||||||||||
Nashville, TN
|
205,205 | 3 | | | 1,555,112 | 5 | | | 109,058 | 1 | ||||||||||||||||||||||||||||||
Philadelphia, PA
|
| | | | 110,422 | 1 | 21,512 | 1 | | | ||||||||||||||||||||||||||||||
Phoenix, AZ
|
38,560 | 1 | | | 710,403 | 5 | 354,327 | 5 | | | ||||||||||||||||||||||||||||||
S. New Jersey
|
627,680 | 5 | | | 281,100 | 2 | 158,867 | 2 | | | ||||||||||||||||||||||||||||||
Salt Lake City, UT
|
583,301 | 34 | 146,937 | 6 | 279,179 | 1 | | | | | ||||||||||||||||||||||||||||||
San Diego, CA
|
213,538 | 8 | | | | | 108,701 | 3 | | | ||||||||||||||||||||||||||||||
Seattle, WA
|
| | | | 100,611 | 1 | 139,435 | 2 | | | ||||||||||||||||||||||||||||||
St. Louis, MO
|
823,655 | 11 | | | 1,483,295 | 5 | | | | | ||||||||||||||||||||||||||||||
Tampa, FL
|
234,679 | 7 | 543,742 | 24 | 209,500 | 1 | | | | | ||||||||||||||||||||||||||||||
Toronto, ON
|
57,540 | 1 | | | 559,773 | 2 | | | | | ||||||||||||||||||||||||||||||
Other(a)
|
597,547 | 5 | 40,000 | 1 | 1,651,456 | 9 | | | 425,017 | 2 | ||||||||||||||||||||||||||||||
Total
|
16,575,675 | 340 | 4,081,580 | 119 | 33,539,424 | 156 | 4,587,584 | 79 | 2,521,555 | 17 | ||||||||||||||||||||||||||||||
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(a) | Properties are located in Abilene, TX, Wichita, KS, Grand Rapids, MI, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY and Sumner, IA. |
In Service Property Summary Totals
Totals | ||||||||||||||||||||
Average |
GLA as a% |
Encumbrances |
||||||||||||||||||
Number of |
Occupancy at |
of Total |
at 12/31/09 |
|||||||||||||||||
Metropolitan Area
|
GLA | Properties | 12/31/08 | Portfolio | ($ in 000s)(b) | |||||||||||||||
Atlanta, GA
|
5,270,220 | 34 | 72 | % | 8.6 | % | $ | 29,295 | ||||||||||||
Baltimore, MD
|
1,665,872 | 21 | 78 | % | 2.7 | % | 7,950 | |||||||||||||
Central PA
|
2,888,340 | 6 | 73 | % | 4.7 | % | 13,538 | |||||||||||||
Chicago, IL
|
3,925,669 | 36 | 77 | % | 6.4 | % | 23,453 | |||||||||||||
Cincinnati, OH
|
2,048,739 | 15 | 81 | % | 3.4 | % | | |||||||||||||
Cleveland, OH
|
1,317,799 | 7 | 100 | % | 2.2 | % | | |||||||||||||
Columbus, OH
|
2,884,159 | 10 | 77 | % | 4.7 | % | | |||||||||||||
Dallas, TX
|
6,088,531 | 89 | 77 | % | 9.9 | % | 29,982 | |||||||||||||
Denver, CO
|
2,963,019 | 54 | 86 | % | 4.8 | % | 23,744 | |||||||||||||
Detroit, MI
|
3,930,410 | 120 | 86 | % | 6.4 | % | | |||||||||||||
Houston, TX
|
2,910,249 | 30 | 96 | % | 4.7 | % | 21,035 | |||||||||||||
Indianapolis, IN
|
2,539,833 | 33 | 89 | % | 4.2 | % | 8,531 | |||||||||||||
Inland Empire, CA
|
871,289 | 4 | 33 | % | 1.4 | % | | |||||||||||||
Los Angeles, CA
|
1,646,820 | 22 | 89 | % | 2.7 | % | 32,540 | |||||||||||||
Miami, FL
|
513,250 | 8 | 42 | % | 0.9 | % | | |||||||||||||
Milwaukee, WI
|
2,148,006 | 16 | 90 | % | 3.5 | % | 32,911 | |||||||||||||
Minneapolis/St. Paul, MN
|
4,044,052 | 33 | 79 | % | 6.6 | % | 42,280 | |||||||||||||
N. New Jersey
|
1,279,409 | 19 | 90 | % | 2.1 | % | 16,188 | |||||||||||||
Nashville, TN
|
1,869,375 | 9 | 86 | % | 3.0 | % | 6,107 | |||||||||||||
Philadelphia, PA
|
131,934 | 2 | 100 | % | 0.2 | % | 3,556 | |||||||||||||
Phoenix, AZ
|
1,103,290 | 11 | 69 | % | 1.8 | % | 4,199 | |||||||||||||
S. New Jersey
|
1,067,647 | 9 | 73 | % | 1.8 | % | 8,667 | |||||||||||||
Salt Lake City, UT
|
1,009,417 | 41 | 87 | % | 1.6 | % | 10,567 | |||||||||||||
San Diego, CA
|
322,239 | 11 | 91 | % | 0.5 | % | 2,237 | |||||||||||||
Seattle, WA
|
240,046 | 3 | 100 | % | 0.4 | % | 6,499 | |||||||||||||
St. Louis, MO
|
2,306,950 | 16 | 89 | % | 3.8 | % | 29,393 | |||||||||||||
Tampa, FL
|
987,921 | 32 | 77 | % | 1.6 | % | 9,859 | |||||||||||||
Toronto, ON
|
617,313 | 3 | 76 | % | 1.0 | % | | |||||||||||||
Other(a)
|
2,714,020 | 17 | 81 | % | 4.4 | % | 7,360 | |||||||||||||
Total or Average
|
61,305,818 | 711 | 81 | % | 100 | % | $ | 369,891 | ||||||||||||
(a) | Properties are located in Abilene, TX, Wichita, KS, Grand Rapids, MI, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY and Sumner, IA. | |
(b) | Certain properties are pledged as collateral under our secured financings at December 31, 2009 (see Note 7 to the Consolidated Financial Statements). For purposes of this table, the total principal balance of a |
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secured financing that is collateralized by a pool of properties is allocated among the properties in the pool based on each propertys investment balance. In addition to the amounts included in the table, we also have a $0.9 million encumbrance which is secured by a letter of credit. |
Occupancy |
||||||||||||
Metropolitan Area
|
GLA |
Property Type
|
at 12/31/09 | |||||||||
Baltimore, MD
|
300,000 | Bulk Warehouse | 21.0% | |||||||||
Central PA
|
300,000 | Bulk Warehouse | 0.0% | |||||||||
Central PA
|
1,279,530 | Bulk Warehouse | 63.4% | |||||||||
Dallas, TX
|
435,179 | Bulk Warehouse | 35.4% | |||||||||
Denver, CO
|
33,413 | Light Industrial | 66.7% | |||||||||
Denver, CO
|
39,434 | Light Industrial | 81.9% | |||||||||
Denver, CO
|
33,419 | Light Industrial | 77.9% | |||||||||
Denver, CO
|
37,043 | R&D/Flex | 100.0% | |||||||||
Indianapolis, IN
|
71,281 | Light Industrial | 50.0% | |||||||||
Los Angeles, CA
|
141,100 | Bulk Warehouse | 0.0% | |||||||||
Miami, FL
|
88,820 | Light Industrial | 18.9% | |||||||||
Milwaukee, WI
|
388,800 | Bulk Warehouse | 100.0% | |||||||||
Minneapolis/St. Paul, MN
|
133,166 | Bulk Warehouse | 78.2% | |||||||||
Nashville, TN
|
700,000 | Bulk Warehouse | 100% | |||||||||
Total
|
3,981,185 | |||||||||||
Number of |
||||||||||
Metropolitan Area
|
Properties | GLA |
Property Type
|
|||||||
Baltimore, MD
|
1 | 71,572 | Light Industrial | |||||||
Columbus, OH
|
1 | 307,200 | Bulk Warehouse | |||||||
Dallas, TX
|
1 | 20,045 | Light Industrial | |||||||
Denver, CO
|
1 | 126,384 | Manufacturing | |||||||
Indianapolis, IN
|
3 | 628,400 | Bulk Warehouse/Light Industrial | |||||||
Los Angeles, CA
|
1 | 100,000 | Bulk Warehouse | |||||||
Phoenix, AZ
|
1 | 82,288 | Regional Warehouse | |||||||
Salt Lake City, UT
|
1 | 81,000 | Light Industrial | |||||||
S. New Jersey
|
1 | 52,800 | Light Industrial | |||||||
Toronto, ON
|
1 | 342,830 | Bulk Warehouse | |||||||
Total
|
12 | 1,812,519 | ||||||||
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Number of |
Percentage of |
Annual Base Rent |
Percentage of Total |
|||||||||||||||||
Leases |
GLA |
GLA |
Under Expiring |
Annual Base Rent |
||||||||||||||||
Year of Expiration(1)
|
Expiring | Expiring(2) | Expiring(2) | Leases | Expiring | |||||||||||||||
(In thousands) | ||||||||||||||||||||
2010
|
557 | 10,451,865 | 21 | % | $ | 46,497 | 21 | % | ||||||||||||
2011
|
394 | 8,159,004 | 16 | % | 40,972 | 18 | % | |||||||||||||
2012
|
336 | 7,115,833 | 14 | % | 33,100 | 15 | % | |||||||||||||
2013
|
220 | 5,227,541 | 11 | % | 27,283 | 12 | % | |||||||||||||
2014
|
155 | 6,106,337 | 12 | % | 24,929 | 11 | % | |||||||||||||
2015
|
91 | 3,032,504 | 6 | % | 12,505 | 6 | % | |||||||||||||
2016
|
35 | 2,548,755 | 5 | % | 9,893 | 4 | % | |||||||||||||
2017
|
19 | 988,858 | 2 | % | 5,218 | 2 | % | |||||||||||||
2018
|
21 | 1,157,413 | 2 | % | 5,355 | 2 | % | |||||||||||||
2019
|
15 | 793,170 | 2 | % | 4,499 | 2 | % | |||||||||||||
Thereafter
|
19 | 3,894,574 | 9 | % | 13,822 | 7 | % | |||||||||||||
Total
|
1,862 | 49,475,854 | 100 | % | $ | 224,073 | 100 | % | ||||||||||||
(1) | Includes leases that expire on or after December 31, 2009 and assumes tenants do not exercise existing renewal, termination or purchase options. | |
(2) | Does not include existing vacancies of 11,829,964 aggregate square feet. | |
(3) | Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2009, multiplied by 12. If free rent is granted, then the first positive rent value is used. Leases denominated in foreign currencies are translated using the currency exchange rate at December 31, 2009. |
21
Table of Contents
Item 3. | Legal Proceedings |
Item 4. | Reserved |
Item 5. | Market for Registrants Partners Capital, Related Partner Matters and Issuer Purchases of Equity Securities |
Distribution |
||||
Quarter Ended
|
Declared | |||
December 31, 2009
|
$ | 0.00 | ||
September 30, 2009
|
$ | 0.00 | ||
June 30, 2009
|
$ | 0.00 | ||
March 31, 2009
|
$ | 0.00 | ||
December 31, 2008
|
$ | 0.25 | ||
September 30, 2008
|
$ | 0.72 | ||
June 30, 2008
|
$ | 0.72 | ||
March 31, 2008
|
$ | 0.72 |
Item 6. | Selected Financial Data |
22
Table of Contents
(As Adjusted) |
(As Adjusted) |
(As Adjusted) |
(As Adjusted) |
|||||||||||||||||
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/09 | 12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | ||||||||||||||||
(In thousands, except per unit and property data) | ||||||||||||||||||||
Statement of Operations Data:
|
||||||||||||||||||||
Total Revenues
|
$ | 369,729 | $ | 474,350 | $ | 332,967 | $ | 262,847 | $ | 214,212 | ||||||||||
Interest Income
|
3,100 | 3,471 | 1,790 | 947 | 1,075 | |||||||||||||||
Mark-to-Market
Gain (Loss) on Interest Rate Protection Agreements
|
3,667 | (3,073 | ) | | (3,112 | ) | 811 | |||||||||||||
Property Expenses
|
(112,210 | ) | (108,731 | ) | (96,901 | ) | (87,497 | ) | (70,522 | ) | ||||||||||
General and Administrative Expense
|
(37,567 | ) | (84,105 | ) | (92,005 | ) | (76,633 | ) | (54,846 | ) | ||||||||||
Restructuring Costs
|
(7,806 | ) | (26,711 | ) | | | | |||||||||||||
Impairment of Real Estate
|
(6,934 | ) | | | | | ||||||||||||||
Interest Expense
|
(114,786 | ) | (113,139 | ) | (120,894 | ) | (121,525 | ) | (108,164 | ) | ||||||||||
Amortization of Deferred Financing Costs
|
(3,006 | ) | (2,840 | ) | (3,171 | ) | (2,654 | ) | (2,122 | ) | ||||||||||
Depreciation and Other Amortization
|
(131,675 | ) | (139,920 | ) | (116,234 | ) | (97,986 | ) | (70,111 | ) | ||||||||||
Construction Expenses
|
(52,720 | ) | (139,539 | ) | (34,553 | ) | (10,263 | ) | (15,574 | ) | ||||||||||
Gain (Loss) from Early Retirement of Debt
|
34,562 | 2,749 | (393 | ) | | 82 | ||||||||||||||
Equity in Income of Other Real Estate Partnerships
|
18,516 | 49,759 | 26,249 | 33,531 | 48,212 | |||||||||||||||
Equity in (Loss) Income of Joint Ventures
|
(6,470 | ) | (33,178 | ) | 29,958 | 30,671 | 3,698 | |||||||||||||
Income Tax Benefit
|
25,155 | 12,958 | 11,208 | 10,094 | 14,334 | |||||||||||||||
Loss from Continuing Operations
|
(18,445 | ) | (107,949 | ) | (61,979 | ) | (61,580 | ) | (38,915 | ) | ||||||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $21,014, $136,384, $237,368, $196,622 and
$102,926 for the Years Ended December 31, 2009, 2008, 2007,
2006, and 2005, respectively)
|
24,418 | 148,095 | 268,193 | 234,401 | 144,211 | |||||||||||||||
Provision for Income Taxes Allocable to Discontinued Operations
(Including $1,462, $3,732, $36,032, $47,511 and $20,529
allocable to Gain on Sale of Real Estate for the Years ended
December 31, 2009, 2008, 2007, 2006, and 2005, respectively)
|
(1,816 | ) | (4,887 | ) | (38,673 | ) | (51,312 | ) | (23,895 | ) | ||||||||||
Gain on Sale of Real Estate
|
313 | 12,061 | 7,879 | 6,195 | 28,686 | |||||||||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real
Estate
|
(143 | ) | (3,782 | ) | (3,082 | ) | (2,119 | ) | (10,871 | ) | ||||||||||
Net Income
|
4,327 | 43,538 | 172,338 | 125,585 | 99,216 | |||||||||||||||
Preferred Unit Distributions
|
(19,516 | ) | (19,428 | ) | (21,320 | ) | (21,424 | ) | (10,688 | ) | ||||||||||
Redemption of Preferred Units
|
| | (2,017 | ) | (672 | ) | | |||||||||||||
Net (Loss) Income Available to Unitholders and Participating
Securities
|
$ | (15,189 | ) | $ | 24,110 | $ | 149,001 | $ | 103,489 | $ | 88,528 | |||||||||
Basic and Diluted Earnings Per Weighted Average Units
Outstanding:
|
||||||||||||||||||||
Loss from Continuing Operations Available to Unitholders
|
$ | (0.70 | ) | $ | (2.41 | ) | $ | (1.59 | ) | $ | (1.57 | ) | $ | (0.65 | ) | |||||
Net (Loss) Income Available to Unitholders
|
$ | (0.28 | ) | $ | 0.44 | $ | 2.89 | $ | 2.00 | $ | 1.77 | |||||||||
Distributions Per Unit
|
$ | 0.00 | $ | 2.410 | $ | 2.850 | $ | 2.810 | $ | 2.785 | ||||||||||
Basic and Diluted Weighted Average Number of Units Outstanding
|
54,261 | 49,456 | 50,597 | 50,703 | 48,968 | |||||||||||||||
Net Income
|
$ | 4,327 | $ | 43,538 | $ | 172,338 | $ | 125,585 | $ | 99,216 | ||||||||||
Other Comprehensive Income:
|
||||||||||||||||||||
Reclassification of Settlement of Interest Rate Protection
Agreements to Net Income
|
| | | | (159 | ) |
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(As Adjusted) |
(As Adjusted) |
(As Adjusted) |
(As Adjusted) |
|||||||||||||||||
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
12/31/09 | 12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | ||||||||||||||||
(In thousands, except per unit and property data) | ||||||||||||||||||||
Mark-to-Market
of Interest Rate Protection Agreements and Interest Rate Swap
Agreements, Net of Tax
|
(383 | ) | (8,676 | ) | 3,819 | (2,800 | ) | (1,414 | ) | |||||||||||
Amortization of Interest Rate Protection Agreements
|
796 | (792 | ) | (916 | ) | (912 | ) | (1,085 | ) | |||||||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
523 | 831 | | | | |||||||||||||||
Settlement of Interest Rate Protection Agreements
|
| | (4,261 | ) | (1,729 | ) | | |||||||||||||
Foreign Currency Translation Adjustment, Net of Tax
|
1,486 | (2,748 | ) | 2,134 | | | ||||||||||||||
Other Comprehensive Income
|
$ | 6,749 | $ | 32,153 | $ | 173,114 | $ | 120,144 | $ | 96,558 | ||||||||||
Balance Sheet Data (End of Period):
|
||||||||||||||||||||
Real Estate, Before Accumulated Depreciation
|
$ | 2,965,091 | $ | 3,014,530 | $ | 2,913,267 | $ | 2,826,588 | $ | 2,896,937 | ||||||||||
Real Estate, After Accumulated Depreciation
|
2,444,070 | 2,559,228 | 2,476,755 | 2,424,091 | 2,541,182 | |||||||||||||||
Real Estate Held for Sale, Net
|
29,154 | 21,117 | 37,875 | 115,961 | 16,840 | |||||||||||||||
Investment in and Advances to Other Real Estate Partnerships
|
307,806 | 344,800 | 408,849 | 371,390 | 378,864 | |||||||||||||||
Total Assets
|
3,200,410 | 3,240,800 | 3,300,998 | 3,235,182 | 3,230,465 | |||||||||||||||
Mortgage and Other Loans Payable, Net, Unsecured Lines of Credit
and Senior Unsecured Debt, Net
|
1,966,167 | 2,032,635 | 1,940,747 | 1,827,155 | 1,811,322 | |||||||||||||||
Total Liabilities
|
2,117,119 | 2,241,164 | 2,213,017 | 2,044,203 | 2,016,827 | |||||||||||||||
Partners Capital
|
1,083,291 | 999,636 | 1,087,981 | 1,190,979 | 1,213,638 | |||||||||||||||
Other Data:
|
||||||||||||||||||||
Cash Flow From Operating Activities
|
$ | 139,616 | $ | 63,424 | $ | 106,005 | $ | 66,898 | $ | 82,831 | ||||||||||
Cash Flow From Investing Activities
|
37,554 | 14,556 | 113,844 | 119,866 | (404,742 | ) | ||||||||||||||
Cash Flow From Financing Activities
|
1,257 | (79,754 | ) | (230,277 | ) | (178,451 | ) | 325,653 | ||||||||||||
Total In-Service Properties
|
711 | 658 | 711 | 764 | 786 | |||||||||||||||
Total In-Service GLA, in Square Feet
|
61,305,818 | 53,174,242 | 55,377,696 | 60,306,452 | 61,674,426 | |||||||||||||||
In-Service Occupancy Percentage
|
81 | % | 91 | %* | 95 | %* | 94 | %* | 92 | %* |
* | Percentage is calculated under the in-service definition in place as of the respective year end. |
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
24
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25
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26
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27
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| Capital Retention We plan to retain capital by maintaining a distribution policy that makes per unit distributions equivalent to the per share distributions the Company is required to make to meet its minimum distribution requirements as a REIT. The Operating Partnership did not make distributions in 2009 and may not make distributions in 2010 depending on the Companys taxable income. If, to maintain its REIT status, the Company is required to pay common stock dividends with respect to 2010, the Company may elect to do so by distributing a combination of cash and common shares and the Operating Partnership would make corresponding distributions in cash and common units. Also, if the Company is not required to pay preferred stock dividends to maintain its REIT status, it may elect to suspend some or all preferred stock dividends for one or more fiscal quarters, which would aid compliance with the fixed charge coverage covenant under our Unsecured Line of Credit. If the Company did elect to suspend some or all preferred stock dividends for one or more fiscal quarters, the Operating Partnership would elect to suspend corresponding preferred stock unit distributions. | |
| Mortgage Financing During the year ended December 31, 2009, we originated $307.6 million in mortgage financings with maturities ranging from September 2012 to January 2020 and interest rates ranging from 6.42% to 7.87% (see Note 7 to the Consolidated Financial Statements). We believe these mortgage financings comply with all covenants contained in our Unsecured Line of Credit and our senior debt securities, including coverage ratios and total indebtedness, total unsecured indebtedness and total secured indebtedness limitations. We continue to engage various lenders regarding the origination of additional mortgage financings and the terms and conditions thereof. To the extent additional mortgage financing is originated, we expect to use proceeds received to pay down other debt. No assurances can be made that additional mortgage financing will be obtained. | |
| Equity Financing During the year ended December 31, 2009, the Company sold 3,034,120 shares of its common stock, generating $15.9 million in net proceeds, under the direct stock purchase component of the DRIP. On October 5, 2009, the Company sold in an underwritten public offering 13,635,700 shares of its common stock at a price to the public of $5.25 per share. Total proceeds to the Company, net of underwriters discount and total expenses, were $67.8 million (see Note 8 to the Consolidated Financial Statements). These proceeds were contributed to us in exchange for an equivalent number of Units. We may opportunistically access the equity markets again, subject to contractual restrictions, and may continue to issue shares under the direct stock purchase component of the DRIP. To the extent additional equity offerings occur, we expect to use the proceeds received to reduce our indebtedness. | |
| Asset Sales During the year ended December 31, 2009, we sold 12 industrial properties and several land parcels for gross proceeds of $90.3 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale throughout 2010. We expect to use sales proceeds to pay down additional debt. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. | |
| Debt Reduction During the year ended December 31, 2009, we repurchased $271.5 million of our senior unsecured notes (including $19.3 million of our 2009 Notes prior to their repayment at maturity on June 15, 2009) (see Note 7 to the Consolidated Financial Statements). On February 8, 2010, we consummated a tender offer pursuant to which we purchased $72.7 million of our 2011 Notes, $66.2 million of our 2012 Notes and $21.1 million of our 2014 Notes. In connection with the tender offer, we will recognize approximately $0.4 million as gain on early retirement of debt. We may from |
28
Table of Contents
time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, future tax liability and results of operations. |
| We maintain an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of our tenants to satisfy outstanding billings with us. The allowance for doubtful accounts is an estimate based on our assessment of the creditworthiness of our tenants. | |
| Properties are classified as held for sale when all criteria within the Financial Accounting Standards Boards (the FASB) guidance relating to the disposal of long lived assets are met for such properties. When properties are classified as held for sale, we cease depreciating the properties and estimate the values of such properties and measure them at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. We estimate the value of such property and measure it at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Fair value is determined by deducting from the estimated sales price of the property the estimated costs to close the sale. | |
| We review our properties on a periodic basis for possible impairment and provide a provision if impairments are determined. We utilize the guidelines established under the FASBs guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist. We review the expected undiscounted cash flows of each property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is determined by discounting the future expected cash flows of the property. The preparation of the undiscounted cashflows and the calculation of the fair value involve subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to present value the cash flows for determining fair value is also subjective. | |
| We analyze our investments in Joint Ventures to determine whether the joint venture should be accounted for under the equity method of accounting or consolidated into our financial statements based on standards set forth under the FASBs guidance relating to the consolidation of variable interest entities. Based on the guidance set forth in these pronouncements, we do not consolidate any of our joint venture investments because either the joint venture has been determined to be a variable interest entity but we are not the primary beneficiary or the joint venture has been determined not to be a variable interest entity and we lack control of the joint venture. Our assessment of whether we are the primary beneficiary of a variable interest entity involves the consideration of various factors including the form of our ownership interest, our representation on the entitys governing body, the size of our investment and future cash flows of the entity. | |
| On a periodic basis, we assess whether there are any indicators that the value of our investments in Joint Ventures may be impaired. An investment is impaired only if our estimate of the value of the |
29
Table of Contents
investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties and the discount rate used to value the Joint Ventures debt. |
| We capitalize (direct and certain indirect) costs incurred in developing, renovating, acquiring and rehabilitating real estate assets as part of the investment basis. Costs incurred in making certain other improvements are also capitalized. During the land development and construction periods, we capitalize interest costs, real estate taxes and certain general and administrative costs of the personnel performing development, renovations or rehabilitation up to the time the property is substantially complete. The determination and calculation of certain costs requires estimates by us. Amounts included in capitalized costs are included in the investment basis of real estate assets. | |
| We are engaged in the acquisition of individual properties as well as multi-property portfolios. We are required to allocate purchase price between land, building, tenant improvements, leasing commissions, in-place leases, tenant relationships and above and below market leases. Above-market and below-market lease values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental income. In-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenants lease and our overall relationship with the respective tenant. The value allocated to in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationship is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. | |
| In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax liabilities, and the Companys compliance with REIT qualification requirements. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Companys inability to qualify as a REIT, and changes in tax laws. Adjustments required in any given period are included within the income tax provision. | |
| In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made. |
30
Table of Contents
2009 | 2008 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 257,319 | $ | 274,673 | $ | (17,354 | ) | (6.3 | )% | |||||||
Acquired Properties
|
23,587 | 13,635 | 9,952 | 73.0 | % | |||||||||||
Sold Properties
|
5,139 | 31,198 | (26,059 | ) | (83.5 | )% | ||||||||||
(Re)Developments and Land, Not Included Above
|
18,974 | 11,405 | 7,569 | 66.4 | % | |||||||||||
Other
|
17,557 | 28,875 | (11,318 | ) | (39.2 | )% | ||||||||||
$ | 322,576 | $ | 359,786 | $ | (37,210 | ) | (10.3 | )% | ||||||||
Discontinued Operations
|
(7,804 | ) | (32,735 | ) | 24,931 | (76.2 | )% | |||||||||
Subtotal Revenues
|
$ | 314,772 | $ | 327,051 | $ | (12,279 | ) | (3.8 | )% | |||||||
Construction Revenues
|
54,957 | 147,299 | (92,342 | ) | (62.7 | )% | ||||||||||
Total Revenues
|
$ | 369,729 | $ | 474,350 | $ | (104,621 | ) | (22.1 | )% | |||||||
31
Table of Contents
2009 | 2008 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY AND CONSTRUCTION EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 85,731 | $ | 90,652 | $ | (4,921 | ) | (5.4 | )% | |||||||
Acquired Properties
|
5,851 | 2,868 | 2,983 | 104.0 | % | |||||||||||
Sold Properties
|
1,438 | 10,032 | (8,594 | ) | (85.7 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
7,125 | 5,844 | 1,281 | 21.9 | % | |||||||||||
Other
|
14,229 | 10,421 | 3,808 | 36.5 | % | |||||||||||
$ | 114,374 | $ | 119,817 | $ | (5,443 | ) | (4.5 | )% | ||||||||
Discontinued Operations
|
(2,164 | ) | (11,086 | ) | 8,922 | (80.5 | )% | |||||||||
Property Expenses
|
$ | 112,210 | $ | 108,731 | $ | 3,479 | 3.2 | % | ||||||||
Construction Expenses
|
52,720 | 139,539 | (86,819 | ) | (62.2 | )% | ||||||||||
Total Property and Construction Expenses
|
$ | 164,930 | $ | 248,270 | $ | (83,340 | ) | (33.6 | )% | |||||||
32
Table of Contents
2009 | 2008 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 107,950 | $ | 121,292 | $ | (13,342 | ) | (11.0 | )% | |||||||
Acquired Properties
|
12,227 | 10,279 | 1,948 | 19.0 | % | |||||||||||
Sold Properties
|
1,926 | 9,586 | (7,660 | ) | (79.9 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
9,616 | 6,444 | 3,172 | 49.2 | % | |||||||||||
Corporate Furniture, Fixtures and Equipment
|
2,192 | 2,257 | (65 | ) | (2.9 | )% | ||||||||||
$ | 133,911 | $ | 149,858 | $ | (15,947 | ) | (10.6 | )% | ||||||||
Discontinued Operations
|
(2,236 | ) | (9,938 | ) | 7,702 | (77.5 | )% | |||||||||
Total Depreciation and Other Amortization
|
$ | 131,675 | $ | 139,920 | $ | (8,245 | ) | (5.9 | )% | |||||||
33
Table of Contents
2009 | 2008 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 7,804 | $ | 32,735 | ||||
Property Expenses
|
(2,164 | ) | (11,086 | ) | ||||
Depreciation and Amortization
|
(2,236 | ) | (9,938 | ) | ||||
Gain on Sale of Real Estate
|
21,014 | 136,384 | ||||||
Provision for Income Taxes
|
(1,816 | ) | (4,887 | ) | ||||
Income from Discontinued Operations
|
$ | 22,602 | $ | 143,208 | ||||
34
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35
Table of Contents
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
REVENUES
|
||||||||||||||||
Same Store Properties
|
$ | 255,694 | $ | 249,791 | $ | 5,903 | 2.4 | % | ||||||||
Acquired Properties
|
42,499 | 16,230 | 26,269 | 161.9 | % | |||||||||||
Sold Properties
|
21,069 | 78,989 | (57,920 | ) | (73.3 | )% | ||||||||||
(Re)Developments and Land, Not Included Above
|
11,647 | 4,980 | 6,667 | 133.9 | % | |||||||||||
Other
|
28,877 | 36,889 | (8,012 | ) | (21.7 | )% | ||||||||||
$ | 359,786 | $ | 386,879 | $ | (27,093 | ) | (7.0 | )% | ||||||||
Discontinued Operations
|
(32,735 | ) | (89,540 | ) | 56,805 | (63.4 | )% | |||||||||
Subtotal Revenues
|
$ | 327,051 | $ | 297,339 | $ | 29,712 | 10.0 | % | ||||||||
Construction Revenues
|
147,299 | 35,628 | 111,671 | 313.4 | % | |||||||||||
Total Revenues
|
$ | 474,350 | $ | 332,967 | $ | 141,383 | 42.5 | % | ||||||||
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
PROPERTY AND CONSTRUCTION EXPENSES
|
||||||||||||||||
Same Store Properties
|
$ | 82,379 | $ | 77,330 | $ | 5,049 | 6.5 | % | ||||||||
Acquired Properties
|
14,155 | 4,352 | 9,803 | 225.3 | % | |||||||||||
Sold Properties
|
7,358 | 24,921 | (17,563 | ) | (70.5 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
5,504 | 3,602 | 1,902 | 52.8 | % | |||||||||||
Other
|
10,421 | 16,603 | (6,182 | ) | (37.2 | )% | ||||||||||
$ | 119,817 | $ | 126,808 | $ | (6,991 | ) | (5.5 | )% | ||||||||
Discontinued Operations
|
(11,086 | ) | (29,907 | ) | 18,821 | (62.9 | )% | |||||||||
Property Expenses
|
$ | 108,731 | $ | 96,901 | $ | 11,830 | 12.2 | % | ||||||||
Construction Expenses
|
139,539 | 34,553 | 104,986 | 303.8 | % | |||||||||||
Total Property and Construction Expenses
|
$ | 248,270 | $ | 131,454 | $ | 116,816 | 88.9 | % | ||||||||
36
Table of Contents
2008 | 2007 | $ Change | % Change | |||||||||||||
($ in 000s) | ||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
||||||||||||||||
Same Store Properties
|
$ | 99,033 | $ | 103,436 | $ | (4,403 | ) | (4.3 | )% | |||||||
Acquired Properties
|
37,552 | 12,244 | 25,308 | 206.7 | % | |||||||||||
Sold Properties
|
4,763 | 24,679 | (19,916 | ) | (80.7 | )% | ||||||||||
(Re) Developments and Land, Not Included Above
|
6,253 | 2,846 | 3,407 | 119.7 | % | |||||||||||
Corporate Furniture, Fixtures and Equipment
|
2,257 | 1,837 | 420 | 22.9 | % | |||||||||||
$ | 149,858 | $ | 145,042 | $ | 4,816 | 3.3 | % | |||||||||
Discontinued Operations
|
(9,938 | ) | (28,808 | ) | 18,870 | (65.5 | )% | |||||||||
Total Depreciation and Other Amortization
|
$ | 139,920 | $ | 116,234 | $ | 23,686 | 20.4 | % | ||||||||
37
Table of Contents
2008 | 2007 | |||||||
($ in 000s) | ||||||||
Total Revenues
|
$ | 32,735 | $ | 89,540 | ||||
Property Expenses
|
(11,086 | ) | (29,907 | ) | ||||
Depreciation and Amortization
|
(9,938 | ) | (28,808 | ) | ||||
Gain on Sale of Real Estate
|
136,384 | 237,368 | ||||||
Provision for Income Taxes
|
(4,887 | ) | (38,673 | ) | ||||
Income from Discontinued Operations
|
$ | 143,208 | $ | 229,520 | ||||
38
Table of Contents
39
Table of Contents
40
Table of Contents
Payments Due by Period | ||||||||||||||||||||
Less Than |
||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | ||||||||||||||||
Operating and Ground Leases(1)
|
$ | 38,957 | $ | 3,001 | $ | 3,761 | $ | 2,869 | $ | 29,326 | ||||||||||
Long-term Debt
|
1,976,333 | 18,326 | 923,403 | 226,261 | 808,343 | |||||||||||||||
Interest Expense on Long Term Debt(1)(2)
|
746,419 | 102,544 | 165,909 | 135,771 | 342,195 | |||||||||||||||
Total
|
$ | 2,761,709 | $ | 123,871 | $ | 1,093,073 | $ | 364,901 | $ | 1,179,864 | ||||||||||
(1) | Not on balance sheet. | |
(2) | Does not include interest expense on our Unsecured Line of Credit. |
41
Table of Contents
42
Table of Contents
43
Table of Contents
Adjustments |
||||||||||||||||
Adjustments |
Related to |
|||||||||||||||
Balance Sheet as |
Related to |
Adoption of |
Balance Sheet |
|||||||||||||
Previously |
Adoption of |
Convertible |
As |
|||||||||||||
Filed - as of |
Business |
Debt |
Adjusted - as of |
|||||||||||||
December 31, |
Combination |
Instrument |
December 31, |
|||||||||||||
2008 | Guidance | Guidance | 2008 | |||||||||||||
Deferred Financing Costs, Net
|
$ | 12,197 | $ | | $ | (106 | ) | $ | 12,091 | |||||||
Prepaid Expenses and Other Assets, Net
|
$ | 167,889 | $ | (269 | ) | $ | | $ | 167,620 | |||||||
Senior Unsecured Debt, Net
|
$ | 1,516,298 | $ | | $ | (4,343 | ) | $ | 1,511,955 | |||||||
General Partner Units
|
$ | 629,856 | $ | (255 | ) | $ | 4,654 | $ | 634,255 | |||||||
Limited Partners Units
|
$ | 122,009 | $ | (14 | ) | $ | (417 | ) | $ | 121,578 | ||||||
Total Partners Capital
|
$ | 995,668 | $ | (269 | ) | $ | 4,237 | $ | 999,636 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
44
Table of Contents
Item 9B. | Other Information |
45
Table of Contents
Item 15. | Exhibits and Financial Statement Schedules |
Exhibit |
||
No.
|
Description
|
|
3.1
|
Eleventh Amended and Restated Partnership Agreement of First Industrial, L.P. dated August 21, 2006 (the LP Agreement) of the Company, filed August 22, 2006, File No. 1-13102) (incorporated by reference to Exhibit 10.2 of the Form 8-K | |
4.1
|
Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.2
|
Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.3
|
Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 73/8% Notes due 2011 (incorporated by reference to Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.4
|
Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | |
4.5
|
7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.6
|
Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.7
|
7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873) | |
4.8
|
Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873) | |
4.9
|
7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.10
|
Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.375% Notes due March 15, 2011(incorporated by reference to Exhibit 4.16 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) |
46
Table of Contents
Exhibit |
||
No.
|
Description
|
|
4.11
|
Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.12
|
Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873) | |
4.13
|
Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnerships Form 8-K dated April 4, 2002, File No. 333-21873) | |
4.14
|
Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873) | |
4.15
|
Supplemental Indenture No. 8, dated as of May 17, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated May 27, 2004, File No. 333-21873) | |
4.16
|
Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated June 17, 2004, File No. 333-21873) | |
4.17
|
Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) | |
4.18
|
Indenture dated as of September 25, 2006 among First Industrial, L.P., as issuer, the Company, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.19
|
Form of 4.625% Exchangeable Senior Note due 2011 (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.20
|
Registration Rights Agreement dated September 25, 2006 among the Company, First Industrial, L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.21
|
Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102) | |
10.1
|
Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873) | |
10.2
|
Fifth Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 28, 2007, among First Industrial, L.P., First Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed October 1, 2007, File No. 1-13102) |
47
Table of Contents
Exhibit |
||
No.
|
Description
|
|
10.3
|
First Amendment, dated as of August 18, 2008, to the Fifth Amended and Restated Unsecured Revolving Credit Agreement dated as of September 28, 2007 among the Operating Partnership, the Company, JPMorgan Chase Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 20, 2008, File No. 1-13102) | |
21
|
Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 of the Companys Annual Report on Form 10-K for the year ended December 31, 2009, File No. 1-13102) | |
23*
|
Consent of PricewaterhouseCoopers LLP | |
31.1*
|
Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., registrants sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | |
31.2*
|
Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., registrants sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | |
32**
|
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
* | Filed herewith. | |
** | Furnished herewith. |
48
Table of Contents
Exhibit |
||
No.
|
Description
|
|
3.1
|
Eleventh Amended and Restated Partnership Agreement of First Industrial, L.P. dated August 21, 2006 (the LP Agreement) (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company, filed August 22, 2006, File No. 1-13102) | |
4.1
|
Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.2
|
Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) | |
4.3
|
Supplemental Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7 3/8% Notes due 2011 (incorporated by reference to Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.4
|
Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873) | |
4.5
|
7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Companys Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102) | |
4.6
|
Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) | |
4.7
|
7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873) | |
4.8
|
Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873) | |
4.9
|
7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.10
|
Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.s 7.375% Notes due March 15, 2011(incorporated by reference to Exhibit 4.16 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.11
|
Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of the Operating Partnerships Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) | |
4.12
|
Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873) |
49
Table of Contents
Exhibit |
||
No.
|
Description
|
|
4.13
|
Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnerships Form 8-K dated April 4, 2002, File No. 333-21873) | |
4.14
|
Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873) | |
4.15
|
Supplemental Indenture No. 8, dated as of May 17, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated May 27, 2004, File No. 333-21873) | |
4.16
|
Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25% Senior Notes due 2009, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated June 17, 2004, File No. 333-21873) | |
4.17
|
Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) | |
4.18
|
Indenture dated as of September 25, 2006 among First Industrial, L.P., as issuer, the Company, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.19
|
Form of 4.625% Exchangeable Senior Note due 2011 (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.20
|
Registration Rights Agreement dated September 25, 2006 among the Company, First Industrial, L.P. and the Initial Purchasers named therein (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K of the Operating Partnership, dated September 25, 2006, File No. 333-21873) | |
4.21
|
Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102) | |
10.1
|
Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873) | |
10.2
|
Fifth Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 28, 2007, among First Industrial, L.P., First Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed October 1, 2007, File No. 1-13102) | |
10.3
|
First Amendment, dated as of August 18, 2008, to the Fifth Amended and Restated Unsecured Revolving Credit Agreement dated as of September 28, 2007 among the Operating Partnership, the Company, JPMorgan Chase Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed August 20, 2008, File No. 1-13102) | |
21
|
Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 of the Companys Annual Report on Form 10-K for the year ended December 31, 2009, File No. 1-13102) | |
23*
|
Consent of PricewaterhouseCoopers LLP | |
31.1*
|
Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., registrants sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | |
31.2*
|
Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., registrants sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended | |
32**
|
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
* | Filed herewith. | |
** | Furnished herewith. |
50
Table of Contents
Page | ||||
FINANCIAL STATEMENTS
|
||||
52 | ||||
53 | ||||
54 | ||||
55 | ||||
56 | ||||
57 | ||||
58 |
Page | ||||
FINANCIAL STATEMENT SCHEDULE
|
||||
S-1 |
51
Table of Contents
52
Table of Contents
(As Adjusted) |
||||||||
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
(Dollars in thousands except Unit data) | ||||||||
ASSETS
|
||||||||
Assets:
|
||||||||
Investment in Real Estate:
|
||||||||
Land
|
$ | 661,945 | $ | 684,712 | ||||
Buildings and Improvements
|
2,279,814 | 2,274,041 | ||||||
Construction in Progress
|
23,332 | 55,777 | ||||||
Less: Accumulated Depreciation
|
(521,021 | ) | (455,302 | ) | ||||
Net Investment in Real Estate
|
2,444,070 | 2,559,228 | ||||||
Real Estate and Other Assets Held for Sale, Net of Accumulated
Depreciation and Amortization of $1,752 and $2,251 at
December 31, 2009 and December 31, 2008, respectively
|
29,154 | 21,117 | ||||||
Investments in and Advances to Other Real Estate Partnerships
|
307,806 | 344,800 | ||||||
Cash and Cash Equivalents
|
181,147 | 2,644 | ||||||
Restricted Cash
|
90 | 97 | ||||||
Tenant Accounts Receivable, Net
|
1,818 | 9,049 | ||||||
Investments in Joint Ventures
|
8,788 | 16,299 | ||||||
Deferred Rent Receivable, Net
|
33,561 | 28,372 | ||||||
Deferred Financing Costs, Net
|
14,659 | 12,091 | ||||||
Deferred Leasing Intangibles, Net
|
51,796 | 79,483 | ||||||
Prepaid Expenses and Other Assets, Net
|
127,521 | 167,620 | ||||||
Total Assets
|
$ | 3,200,410 | $ | 3,240,800 | ||||
LIABILITIES AND PARTNERS CAPITAL | ||||||||
Liabilities:
|
||||||||
Mortgage and Other Loans Payable, Net
|
$ | 370,809 | $ | 77,396 | ||||
Senior Unsecured Debt, Net
|
1,140,114 | 1,511,955 | ||||||
Unsecured Line of Credit
|
455,244 | 443,284 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities, Net
|
105,676 | 144,070 | ||||||
Deferred Leasing Intangibles, Net
|
21,871 | 27,077 | ||||||
Rents Received in Advance and Security Deposits
|
22,953 | 22,995 | ||||||
Leasing Intangibles Held for Sale, Net of Accumulated
Amortization of $0 and $254 at December 31, 2009 and
December 31, 2008, respectively
|
| 541 | ||||||
Distributions Payable
|
452 | 13,846 | ||||||
Total Liabilities
|
2,117,119 | 2,241,164 | ||||||
Commitments and Contingencies
|
| | ||||||
Partners Capital:
|
||||||||
General Partner Preferred Units (1,550 units issued and
outstanding at December 31, 2009 and December 31,
2008, respectively), with a liquidation preference of $275,000,
respectively
|
266,211 | 266,211 | ||||||
General Partner Units (61,845,214 and 44,652,182 units
issued and outstanding at December 31, 2009 and
December 31, 2008, respectively)
|
724,852 | 634,255 | ||||||
Limited Partners Units (5,390,737 and 5,806,203 units
issued and outstanding at December 31, 2009 and
December 31, 2008, respectively)
|
112,214 | 121,578 | ||||||
Accumulated Other Comprehensive Loss
|
(19,986 | ) | (22,408 | ) | ||||
Total Partners Capital
|
1,083,291 | 999,636 | ||||||
Total Liabilities and Partners Capital
|
$ | 3,200,410 | $ | 3,240,800 | ||||
53
Table of Contents
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
(In thousands except per unit data) | ||||||||||||
Revenues:
|
||||||||||||
Rental Income
|
$ | 232,913 | $ | 231,231 | $ | 203,003 | ||||||
Tenant Recoveries and Other Income
|
81,859 | 95,820 | 94,336 | |||||||||
Construction Revenues
|
54,957 | 147,299 | 35,628 | |||||||||
Total Revenues
|
369,729 | 474,350 | 332,967 | |||||||||
Expenses:
|
||||||||||||
Property Expenses
|
112,210 | 108,731 | 96,901 | |||||||||
General and Administrative
|
37,567 | 84,105 | 92,005 | |||||||||
Restructuring Costs
|
7,806 | 26,711 | | |||||||||
Impairment of Real Estate
|
6,934 | | | |||||||||
Depreciation and Other Amortization
|
131,675 | 139,920 | 116,234 | |||||||||
Construction Expenses
|
52,720 | 139,539 | 34,553 | |||||||||
Total Expenses
|
348,912 | 499,006 | 339,693 | |||||||||
Other Income (Expense):
|
||||||||||||
Interest Income
|
3,100 | 3,471 | 1,790 | |||||||||
Interest Expense
|
(114,786 | ) | (113,139 | ) | (120,894 | ) | ||||||
Amortization of Deferred Financing Costs
|
(3,006 | ) | (2,840 | ) | (3,171 | ) | ||||||
Mark-to-Market
Gain (Loss) on Interest Rate Protection Agreements
|
3,667 | (3,073 | ) | | ||||||||
Gain (Loss) From Early Retirement of Debt
|
34,562 | 2,749 | (393 | ) | ||||||||
Total Other Income (Expense)
|
(76,463 | ) | (112,832 | ) | (122,668 | ) | ||||||
Loss from Continuing Operations Before Equity in Income of Other
Real Estate Partnerships, Equity in (Loss) Income of Joint
Ventures and Income Tax Benefit
|
(55,646 | ) | (137,488 | ) | (129,394 | ) | ||||||
Equity in Income of Other Real Estate Partnerships
|
18,516 | 49,759 | 26,249 | |||||||||
Equity in (Loss) Income of Joint Ventures
|
(6,470 | ) | (33,178 | ) | 29,958 | |||||||
Income Tax Benefit
|
25,155 | 12,958 | 11,208 | |||||||||
Loss from Continuing Operations
|
(18,445 | ) | (107,949 | ) | (61,979 | ) | ||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $21,014, $136,384, and $237,368 for the Years
Ended December 31, 2009, 2008 and 2007, respectively)
|
24,418 | 148,095 | 268,193 | |||||||||
Provision for Income Taxes Allocable to Discontinued Operations
(Including $1,462, $3,732, and $36,032 allocable to Gain on Sale
of Real Estate for the Year Ended December 31, 2009, 2008
and 2007, respectively)
|
(1,816 | ) | (4,887 | ) | (38,673 | ) | ||||||
Income Before Gain on Sale of Real Estate
|
4,157 | 35,259 | 167,541 | |||||||||
Gain on Sale of Real Estate
|
313 | 12,061 | 7,879 | |||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real
Estate
|
(143 | ) | (3,782 | ) | (3,082 | ) | ||||||
Net Income
|
4,327 | 43,538 | 172,338 | |||||||||
Less: Preferred Unit Distributions
|
(19,516 | ) | (19,428 | ) | (21,320 | ) | ||||||
Less: Redemption of Preferred Units
|
| | (2,017 | ) | ||||||||
Net (Loss) Income Available to Unitholders and Participating
Securities
|
$ | (15,189 | ) | $ | 24,110 | $ | 149,001 | |||||
Basic and Diluted Earnings Per Unit:
|
||||||||||||
Loss from Continuing Operations Available to Unitholders
|
$ | (0.70 | ) | $ | (2.41 | ) | $ | (1.59 | ) | |||
Income from Discontinued Operations Available to Unitholders
|
$ | 0.42 | $ | 2.84 | $ | 4.48 | ||||||
Net (Loss) Income Available to Unitholders
|
$ | (0.28 | ) | $ | 0.44 | $ | 2.89 | |||||
Weighted Average Units Outstanding
|
54,261 | 49,456 | 50,597 | |||||||||
Net (Loss) Income Available to Unitholders Attributable to:
|
||||||||||||
General Partners
|
$ | (13,642 | ) | $ | 21,120 | $ | 130,160 | |||||
Limited Partners
|
(1,547 | ) | 2,990 | 18,841 | ||||||||
Net (Loss) Income Available to Unitholders and Participating
Securities
|
$ | (15,189 | ) | $ | 24,110 | $ | 149,001 | |||||
54
Table of Contents
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net Income
|
$ | 4,327 | $ | 43,538 | $ | 172,338 | ||||||
Settlement of Interest Rate Protection Agreements
|
| | (4,261 | ) | ||||||||
Mark-to-Market
of Interest Rate Protection Agreements, Net of Income Tax
(Provision) Benefit of $(450), $610 and $254 for the years ended
December 31, 2009, 2008 and 2007, respectively
|
(383 | ) | (8,676 | ) | 3,819 | |||||||
Amortization of Interest Rate Protection Agreements
|
796 | (792 | ) | (916 | ) | |||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
523 | 831 | | |||||||||
Foreign Currency Translation Adjustment, Net of Tax (Provision)
Benefit of $(2,817), $3,498 and $(1,149) for the years ended
December 31, 2009, 2008 and 2007, respectively
|
1,486 | (2,748 | ) | 2,134 | ||||||||
Comprehensive Income
|
$ | 6,749 | $ | 32,153 | $ | 173,114 | ||||||
55
Table of Contents
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
(Dollars in thousands) | ||||||||||||
General Partner Preferred Units Beginning of Year
|
$ | 266,211 | $ | 266,211 | $ | 314,208 | ||||||
Distributions
|
(19,516 | ) | (19,428 | ) | (23,337 | ) | ||||||
Redemption of Preferred Units
|
| | (47,997 | ) | ||||||||
Net Income
|
19,516 | 19,428 | 23,337 | |||||||||
General Partner Preferred Units End of Year
|
$ | 266,211 | $ | 266,211 | $ | 266,211 | ||||||
General Partner Units Beginning of Year
|
$ | 634,255 | $ | 684,606 | $ | 737,861 | ||||||
Offering Costs
|
(909 | ) | (321 | ) | (46 | ) | ||||||
Contributions and Issuance of General Partner Units
|
84,704 | 174 | 613 | |||||||||
Purchase of General Partnership Units
|
| | (69,430 | ) | ||||||||
Repurchase and Retirement of Restricted Units
|
(739 | ) | (4,847 | ) | (3,939 | ) | ||||||
Distributions
|
| (106,864 | ) | (127,618 | ) | |||||||
Unit Conversions
|
7,817 | 14,581 | 2,855 | |||||||||
Amortization of General Partner Restricted Awards
|
13,399 | 25,806 | 14,150 | |||||||||
Repurchase of Equity Component of Exchangeable Notes
|
(33 | ) | | | ||||||||
Net (Loss) Income
|
(13,642 | ) | 21,120 | 130,160 | ||||||||
General Partner Units End of Year
|
$ | 724,852 | $ | 634,255 | $ | 684,606 | ||||||
Limited Partners Units Beginning of Year
|
$ | 121,578 | $ | 148,187 | $ | 150,709 | ||||||
Distributions
|
| (15,018 | ) | (18,508 | ) | |||||||
Unit Conversions
|
(7,817 | ) | (14,581 | ) | (2,855 | ) | ||||||
Net (Loss) Income
|
(1,547 | ) | 2,990 | 18,841 | ||||||||
Limited Partners Units End of Year
|
$ | 112,214 | $ | 121,578 | $ | 148,187 | ||||||
Accum. Other Comprehensive Loss Beginning of Year
|
$ | (22,408 | ) | $ | (11,023 | ) | $ | (11,799 | ) | |||
Settlement of Interest Rate Protection Agreements
|
| | (4,261 | ) | ||||||||
Mark-to-Market
of Interest Rate Protection Agreements, Net of Tax
|
(383 | ) | (8,676 | ) | 3,819 | |||||||
Amortization of Interest Rate Protection Agreements
|
796 | (792 | ) | (916 | ) | |||||||
Write-off of Unamortized Settlement Amounts of Interest Rate
Protection Agreements
|
523 | 831 | | |||||||||
Foreign Currency Translation Adjustment, Net of Tax
|
1,486 | (2,748 | ) | 2,134 | ||||||||
Accum. Other Comprehensive Loss End of Year
|
$ | (19,986 | ) | $ | (22,408 | ) | $ | (11,023 | ) | |||
Total Partners Capital at End of Year
|
$ | 1,083,291 | $ | 999,636 | $ | 1,087,981 | ||||||
56
Table of Contents
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
(Dollars in thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income
|
$ | 4,327 | $ | 43,538 | $ | 172,338 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
|
||||||||||||
Depreciation
|
100,145 | 101,671 | 105,628 | |||||||||
Amortization of Deferred Financing Costs
|
3,006 | 2,840 | 3,171 | |||||||||
Other Amortization
|
48,804 | 67,494 | 49,906 | |||||||||
Impairment of Real Estate
|
6,934 | | | |||||||||
Provision for Bad Debt
|
3,178 | 3,092 | 1,812 | |||||||||
Mark-to-Market
(Gain) Loss on Interest Rate Protection Agreements
|
(3,667 | ) | 3,073 | | ||||||||
Equity in Loss (Income) of Joint Ventures
|
6,470 | 33,178 | (29,958 | ) | ||||||||
Distributions from Joint Ventures
|
2,319 | 1,520 | 31,365 | |||||||||
Gain on Sale of Real Estate
|
(21,327 | ) | (148,445 | ) | (245,247 | ) | ||||||
(Gain) Loss on Early Retirement of Debt
|
(34,562 | ) | (2,749 | ) | 393 | |||||||
Equity in Income of Other Real Estate Partnerships
|
(18,516 | ) | (49,759 | ) | (26,249 | ) | ||||||
Distributions from Investment in Other Real Estate Partnerships
|
18,516 | 49,759 | 26,249 | |||||||||
Decrease in Developments for Sale Costs
|
812 | 1,527 | 1,209 | |||||||||
Decrease (Increase) in Tenant Accounts Receivable, Prepaid
Expenses and Other Assets, Net
|
51,559 | (14,717 | ) | (22,529 | ) | |||||||
Increase in Deferred Rent Receivable
|
(7,104 | ) | (6,606 | ) | (8,810 | ) | ||||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other
Liabilities, Rents Received in Advance and Security Deposits
|
(18,709 | ) | (25,296 | ) | 46,374 | |||||||
Repayments of Discount on Senior Unsecured Debt
|
(2,576 | ) | | | ||||||||
Decrease in Restricted Cash
|
7 | 90 | 6 | |||||||||
Cash Book Overdraft.
|
| 3,214 | 347 | |||||||||
Net Cash Provided by Operating Activities
|
139,616 | 63,424 | 106,005 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of and Additions to Investment in Real Estate and Lease
Costs
|
(68,855 | ) | (528,026 | ) | (613,696 | ) | ||||||
Net Proceeds from Sales of Investments in Real Estate
|
65,689 | 407,654 | 760,776 | |||||||||
Investments in and Advances to Other Real Estate Partnerships
|
(105,095 | ) | (40,928 | ) | (66,322 | ) | ||||||
Distributions from Other Real Estate Partnerships in Excess of
Equity in Income
|
140,073 | 104,977 | 28,858 | |||||||||
Contributions to and Investments in Joint Ventures
|
(3,742 | ) | (17,327 | ) | (27,696 | ) | ||||||
Distributions from Joint Ventures
|
6,333 | 20,985 | 22,863 | |||||||||
Funding of Notes Receivable
|
| (10,325 | ) | (8,385 | ) | |||||||
Repayment of Notes Receivable
|
3,151 | 52,842 | 26,350 | |||||||||
Decrease (Increase) in Restricted Cash
|
| 24,704 | (8,904 | ) | ||||||||
Net Cash Provided by Investing Activities
|
37,554 | 14,556 | 113,844 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Offering Costs
|
(764 | ) | (321 | ) | (46 | ) | ||||||
Unit Contributions
|
84,465 | 174 | 613 | |||||||||
Unit Distributions
|
(12,614 | ) | (145,347 | ) | (146,660 | ) | ||||||
Purchase of General Partner Units
|
| | (69,430 | ) | ||||||||
Repurchase and Retirement of Restricted Units
|
(739 | ) | (4,847 | ) | (3,939 | ) | ||||||
Redemption of Preferred Units
|
| | (50,014 | ) | ||||||||
Preferred Unit Distributions
|
(20,296 | ) | (19,428 | ) | (26,023 | ) | ||||||
Repayments on Mortgage Loans Payable
|
(13,462 | ) | (3,271 | ) | (41,475 | ) | ||||||
Proceeds from Origination of Mortgage Loans Payable
|
307,567 | | | |||||||||
Proceeds from Senior Unsecured Debt
|
| | 149,595 | |||||||||
Settlement of Interest Rate Protection Agreements
|
(7,491 | ) | | (4,261 | ) | |||||||
Payments on Interest Rate Swap Agreement
|
(320 | ) | | | ||||||||
Repayments on Senior Unsecured Debt
|
(336,196 | ) | (32,525 | ) | (150,000 | ) | ||||||
Proceeds from Unsecured Line of Credit
|
180,000 | 550,920 | 879,129 | |||||||||
Repayments on Unsecured Line of Credit
|
(172,000 | ) | (425,030 | ) | (764,000 | ) | ||||||
Repurchase of Equity Component Exchangeable Notes
|
(33 | ) | | | ||||||||
Debt Issuance Costs and Costs Incurred in Connection with the
Early Retirement of Debt
|
(6,860 | ) | (79 | ) | (3,766 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities
|
1,257 | (79,754 | ) | (230,277 | ) | |||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
76 | (278 | ) | | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
178,427 | (1,774 | ) | (10,428 | ) | |||||||
Cash and Cash Equivalents, Beginning of Period
|
2,644 | 4,696 | 15,124 | |||||||||
Cash and Cash Equivalents, End of Period
|
$ | 181,147 | $ | 2,644 | $ | 4,696 | ||||||
57
Table of Contents
1. | Organization and Formation of Partnership |
58
Table of Contents
2. | Current Business Risks and Uncertainties |
| Capital Retention We plan to retain capital by maintaining a distribution policy that makes per unit distributions equivalent to the per share distributions the Company is required to make to meet its minimum distribution requirements as a REIT. The Operating Partnership did not make distributions in 2009 and may not make distributions in 2010 depending on the Companys taxable income. If, to maintain its REIT status, the Company is required to pay common stock dividends with respect to 2010, the Company may elect to do so by distributing a combination of cash and common shares and the Operating Partnership would make corresponding distributions in cash and common units. Also, if the Company is not required to pay preferred stock dividends to maintain its REIT status, it may elect to suspend some or all preferred stock dividends for one or more fiscal quarters, which would aid compliance with the fixed charge coverage covenant under our Unsecured Line of Credit. If the Company did elect to suspend some or all preferred stock dividends for one or more fiscal quarters, the Operating Partnership would elect to suspend corresponding preferred stock unit distributions. |
59
Table of Contents
| Mortgage Financing During the year ended December 31, 2009, we originated $307,567 in mortgage financings with maturities ranging from September 2012 to January 2020 and interest rates ranging from 6.42% to 7.87% (see Note 7). We believe these mortgage financings comply with all covenants contained in our Unsecured Line of Credit and our senior debt securities, including coverage ratios and total indebtedness, total unsecured indebtedness and total secured indebtedness limitations. We continue to engage various lenders regarding the origination of additional mortgage financings and the terms and conditions thereof. To the extent additional mortgage financing is originated, we expect to use proceeds received to pay down other debt. No assurances can be made that additional mortgage financing will be obtained. | |
| Equity Financing During the year ended December 31, 2009, the Company sold 3,034,120 shares of its common stock, generating approximately $15,920 in net proceeds, under the direct stock purchase component of the Companys Dividend Reinvestment and Direct Stock Purchase Plan (DRIP). On October 5, 2009, the Company sold in an underwritten public offering 13,635,700 shares of its common stock at a price to the public of $5.25 per share. Total proceeds to the Company, net of underwriters discount and total expenses, were $67,780 (see Note 8). These proceeds were contributed to us in exchange for an equivalent number of Units. We may opportunistically access the equity markets again, subject to contractual restrictions, and may continue to issue shares under the direct stock purchase component of the DRIP. To the extent additional equity offerings occur, we expect to use the proceeds received to reduce our indebtedness. | |
| Asset Sales During the year ended December 31, 2009 we sold 12 industrial properties and several land parcels for gross proceeds of $90,334. We are in various stages of discussions with third parties for the sale of additional properties for the 2010 and plan to continue to selectively market other properties for sale throughout 2010. We expect to use sales proceeds to pay down additional debt. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants. | |
| Debt Reduction During the year ended December 31, 2009, we repurchased $271,474 of our senior unsecured notes (including $19,279 of our 2009 Notes prior to their repayment at maturity on June 15, 2009) (see Note 7). We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. On January 8, 2010 we offered to purchase up to $125,000 of our outstanding 2011 Notes, 2012 Notes and 2014 Notes. On January 25, 2010 we increased the offer from $125,000 to $160,000. On February 8, 2010, we accepted for purchase $72,702 of our 2011 Notes, $66,236 of our 2012 Notes and $21,062 million of our 2014 Notes. In connection with the tender offer, we will recognize approximately $0.4 million as gain on early retirement of debt. Future repayments may materially impact our liquidity, future tax liability and results of operations. |
3. | Basis of Presentation |
60
Table of Contents
4. | Summary of Significant Accounting Policies |
61
Table of Contents
Years | ||||
Buildings and Improvements
|
8 to 50 | |||
Land Improvements
|
3 to 20 | |||
Furniture, Fixtures and Equipment
|
5 to 10 |
62
Table of Contents
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
In-Place Leases
|
$ | 61,338 | $ | 75,282 | ||||
Less: Accumulated Amortization
|
(29,069 | ) | (27,426 | ) | ||||
$ | 32,269 | $ | 47,856 | |||||
Above Market Leases
|
$ | 4,999 | $ | 13,130 | ||||
Less: Accumulated Amortization
|
(1,546 | ) | (1,866 | ) | ||||
$ | 3,453 | $ | 11,264 | |||||
Tenant Relationships
|
$ | 23,197 | $ | 25,361 | ||||
Less: Accumulated Amortization
|
(7,123 | ) | (4,998 | ) | ||||
$ | 16,074 | $ | 20,363 | |||||
Total Deferred Leasing Intangibles, Net
|
$ | 51,796 | $ | 79,483 | ||||
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
Below Market Leases
|
$ | 34,090 | $ | 37,489 | ||||
Less: Accumulated Amortization
|
(12,219 | ) | (10,412 | ) | ||||
Total Deferred Leasing Intangibles, Net
|
$ | 21,871 | $ | 27,077 | ||||
Estimated Net Increase |
||||||||
Estimated Net Amortization |
to Rental Revenues |
|||||||
of In-Place Leases and |
Related to Above |
|||||||
Tenant Relationships | and Below Market Leases | |||||||
2010
|
$ | 10,245 | $ | 2,989 | ||||
2011
|
7,864 | 1,689 | ||||||
2012
|
6,492 | 1,161 | ||||||
2013
|
5,512 | 886 | ||||||
2014
|
4,322 | 779 |
63
Table of Contents
64
Table of Contents
65
Table of Contents
66
Table of Contents
67
Table of Contents
Adjustments |
||||||||||||||||
Adjustments |
Related to |
|||||||||||||||
Balance Sheet as |
Related to |
Adoption of |
Balance Sheet |
|||||||||||||
Previously |
Adoption of |
Convertible |
As |
|||||||||||||
Filed - as of |
Business |
Debt |
Adjusted - as of |
|||||||||||||
December 31, |
Combination |
Instrument |
December 31, |
|||||||||||||
2008 | Guidance | Guidance | 2008 | |||||||||||||
Deferred Financing Costs, Net
|
$ | 12,197 | $ | | $ | (106 | ) | $ | 12,091 | |||||||
Prepaid Expenses and Other Assets, Net
|
$ | 167,889 | $ | (269 | ) | $ | | $ | 167,620 | |||||||
Senior Unsecured Debt, Net
|
$ | 1,516,298 | $ | | $ | (4,343 | ) | $ | 1,511,955 | |||||||
General Partner Units
|
$ | 629,856 | $ | (255 | ) | $ | 4,654 | $ | 634,255 | |||||||
Limited Partners Units
|
$ | 122,009 | $ | (14 | ) | $ | (417 | ) | $ | 121,578 | ||||||
Total Partners Capital
|
$ | 995,668 | $ | (269 | ) | $ | 4,237 | $ | 999,636 |
68
Table of Contents
5. | Investments in and Advances to Other Real Estate Partnerships |
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
ASSETS
|
||||||||
Assets:
|
||||||||
Investment in Real Estate, Net
|
$ | 280,796 | $ | 303,262 | ||||
Note Receivable
|
264,740 | | ||||||
Other Assets, Net
|
78,100 | 56,505 | ||||||
Total Assets
|
$ | 623,636 | $ | 359,767 | ||||
LIABILITIES AND PARTNERS CAPITAL | ||||||||
Liabilities:
|
||||||||
Mortgage Loans Payable
|
$ | 32,165 | $ | | ||||
Other Liabilities
|
9,515 | 11,670 | ||||||
Partners Capital
|
581,956 | 348,097 | ||||||
Total Liabilities and Partners Capital
|
$ | 623,636 | $ | 359,767 | ||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Total Revenues (including Interest Income)
|
$ | 52,235 | $ | 40,173 | $ | 37,073 | ||||||
Property Expenses
|
(11,609 | ) | (13,004 | ) | (10,752 | ) | ||||||
General and Administrative
|
| | (16 | ) | ||||||||
Interest Expense
|
(635 | ) | | | ||||||||
Amortization of Deferred Financing Costs
|
(24 | ) | | | ||||||||
Depreciation and Other Amortization
|
(15,541 | ) | (16,150 | ) | (17,120 | ) | ||||||
Income Tax Provision
|
| | (9 | ) | ||||||||
Income from Continuing Operations
|
24,426 | 11,019 | 9,176 | |||||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $3,192, $35,783, and $7,594 for the years ended
December 31, 2009, 2008 and 2007
|
4,178 | 39,256 | 15,757 | |||||||||
Gain (Loss) on Sale of Real Estate
|
61 | (53 | ) | 1,546 | ||||||||
Net Income
|
$ | 28,665 | $ | 50,222 | $ | 26,479 | ||||||
69
Table of Contents
6. | Investments in Joint Ventures and Property Management Services |
70
Table of Contents
71
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Contributions
|
$ | 3,742 | $ | 16,623 | $ | 25,482 | ||||||
Distributions
|
$ | 8,652 | $ | 22,505 | $ | 54,228 | ||||||
Fees
|
$ | 11,174 | $ | 19,757 | $ | 25,116 |
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
Condensed Combined Balance Sheets
|
||||||||
Gross Real Estate Investment
|
$ | 1,785,713 | $ | 1,967,717 | ||||
Less: Accumulated Depreciation
|
(126,685 | ) | (93,215 | ) | ||||
Net Real Estate
|
1,659,028 | 1,874,502 | ||||||
Other Assets
|
159,659 | 186,881 | ||||||
Total Assets
|
$ | 1,818,687 | $ | 2,061,383 | ||||
Debt
|
$ | 1,452,339 | $ | 1,442,464 | ||||
Other Liabilities
|
70,544 | 130,407 | ||||||
Equity
|
295,804 | 488,512 | ||||||
Total Liabilities and Equity
|
$ | 1,818,687 | $ | 2,061,383 | ||||
Consolidated Operating Partnerships share of Equity
|
$ | 34,310 | $ | 56,066 | ||||
Basis Differentials(1)
|
(28,507 | ) | (39,767 | ) | ||||
Carrying Value of the Consolidated Operating Partnerships
investments in Joint Ventures
|
$ | 5,803 | $ | 16,299 | ||||
(1) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in Joint Ventures to fair value, a gain deferral related to a property we sold to the 2003 Net Lease Joint Venture, deferred fees and certain equity costs which are not reflected at the joint venture level. |
72
Table of Contents
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Condensed Combined Statements of Operations
|
||||||||||||
Total Revenues
|
$ | 94,143 | $ | 87,900 | $ | 80,917 | ||||||
Expenses:
|
||||||||||||
Operating and Other
|
42,968 | 37,331 | 27,070 | |||||||||
Interest
|
42,880 | 53,617 | 46,974 | |||||||||
Depreciation and Amortization
|
50,956 | 46,944 | 43,887 | |||||||||
Impairment Loss
|
150,804 | 9,951 | | |||||||||
Total Expenses
|
287,608 | 147,843 | 117,931 | |||||||||
Income from Discontinued Operations (Including Gain on Sale of
Real Estate of $1,177, $34,885 and $92,652 for the years ended
December 31, 2009, 2008 and 2007, respectively)
|
1,291 | 24,932 | 85,687 | |||||||||
Gain on Sale of Real Estate
|
8,603 | 17,093 | 15,523 | |||||||||
Net (Loss) Income
|
$ | (183,571 | ) | $ | (17,918 | ) | $ | 64,196 | ||||
Consolidated Operating Partnerships Share of Net (Loss)
Income
|
(1,276 | ) | 6,661 | 29,958 | ||||||||
Impairment on the Operating Partnerships Investments in
Joint Ventures
|
(5,194 | ) | (39,839 | ) | | |||||||
Equity in (Loss) Income of Joint Ventures
|
$ | (6,470 | ) | $ | (33,178 | ) | $ | 29,958 | ||||
73
Table of Contents
7. | Mortgage and Other Loans Payable, Net, Senior Unsecured Notes, Net and Unsecured Line of Credit |
Outstanding |
Effective |
|||||||||||||||||||
Balance at |
Interest |
Interest |
||||||||||||||||||
(As Adjusted) |
Rate At |
Rate at |
||||||||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||||||
2009 | 2008 | 2009 | 2009 | Maturity Date | ||||||||||||||||
Mortgage and Other Loans Payable, Net
|
$ | 370,809 | $ | 77,396 | 5.92% | - 9.25% | 4.93% | -9.25% |
December 2010 - September 2024 |
|||||||||||
Unamortized Premiums
|
(1,025 | ) | (1,717 | ) | ||||||||||||||||
Mortgage and Other Loans Payable, Gross
|
$ | 369,784 | $ | 75,679 | ||||||||||||||||
Senior Unsecured Notes, Net
|
||||||||||||||||||||
2016 Notes
|
$ | 159,843 | $ | 194,524 | 5.750% | 5.91% | 01/15/16 | |||||||||||||
2017 Notes
|
87,187 | 99,914 | 7.500% | 7.52% | 12/01/17 | |||||||||||||||
2027 Notes
|
13,559 | 15,056 | 7.150% | 7.11% | 05/15/27 | |||||||||||||||
2028 Notes
|
189,862 | 199,846 | 7.600% | 8.13% | 07/15/28 | |||||||||||||||
2011 Notes
|
143,447 | 199,868 | 7.375% | 7.39% | 03/15/11 | |||||||||||||||
2012 Notes
|
143,837 | 199,546 | 6.875% | 6.85% | 04/15/12 | |||||||||||||||
2032 Notes
|
34,651 | 49,480 | 7.750% | 7.87% | 04/15/32 | |||||||||||||||
2009 Notes
|
| 124,980 | 5.250% | 4.10% | 06/15/09 | |||||||||||||||
2014 Notes
|
105,253 | 114,921 | 6.420% | 6.54% | 06/01/14 | |||||||||||||||
2011 Exchangeable Notes*
|
144,870 | 195,657 | 4.625% | 4.63% | 09/15/11 | |||||||||||||||
2017 II Notes
|
117,605 | 118,163 | 5.950% | 6.37% | 05/15/17 | |||||||||||||||
Subtotal
|
$ | 1,140,114 | $ | 1,511,955 | ||||||||||||||||
Unamortized Discounts
|
11,191 | 16,545 | ||||||||||||||||||
Senior Unsecured Notes, Gross
|
$ | 1,151,305 | $ | 1,528,500 | ||||||||||||||||
Unsecured Line of Credit
|
$ | 455,244 | $ | 443,284 | 1.256% | 1.256% | 09/28/12 | |||||||||||||
* | The 2011 Exchangeable Notes have an initial exchange rate of 19.6356 shares of the Companys common stock per $1,000 principal amount, representing an exchange price of approximately $50.93 per common share which is an exchange premium of approximately 20% based on the last reported sale price of $42.44 per share of the Companys common stock on September 19, 2006. In connection with our offering of the 2011 Exchangeable Notes, we entered into capped call transactions (the capped call transactions) with affiliates of two of the initial purchasers of the 2011 Exchangeable Notes (the option counterparties) in order to increase the effective exchange price of the 2011 Exchangeable Notes to $59.42 per share of the Companys common stock, which represents an exchange premium of approximately 40% based on the last reported sale price of $42.44 per share of the the Companys common stock on September 19, 2006. The aggregate cost of the capped call transactions was approximately $6,835. The capped call transactions are expected to reduce the potential dilution with respect to the Companys common stock upon exchange of the 2011 Exchangeable Notes to the extent the then market value per share of the Companys common stock does not exceed the cap price of the capped call transaction during the observation period relating to an exchange. The cost of the capped call is accounted for as a hedge and included in Partners Capital because the derivative is indexed to the Companys own stock and meets the scope exception within the derivative guidance. |
74
Table of Contents
Number of |
Property |
|||||||||||||||||||||||||||||||
Industrial |
Carrying |
|||||||||||||||||||||||||||||||
Principal Balance |
Properties |
Value at |
||||||||||||||||||||||||||||||
Mortgage |
at December 31, |
Interest |
Origination |
Maturity |
Amortization |
Collateralizing |
December 31, |
|||||||||||||||||||||||||
Financing
|
2009 | Rate | Date | Date | Period | Mortgage | GLA | 2009 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
I
|
$ | 14,680 | 7.50 | % | May 7, 2009 | June 5, 2016 | 25-year | 1 | 0.6 | $ | 21,992 | |||||||||||||||||||||
II
|
$ | 62,500 | 7.75 | % | May 8, 2009 | June 1, 2016 | 25-year | 26 | 3.1 | $ | 92,982 | |||||||||||||||||||||
III
|
$ | 66,575 | 7.87 | % | June 3, 2009 | July 1, 2019 | 30-year | 24 | 2.1 | $ | 112,224 | |||||||||||||||||||||
IV
|
$ | 2,000 | 7.50 | % | August 27, 2009 | September 5, 2014 | 22-year | 1 | 0.1 | $ | 3,582 | |||||||||||||||||||||
$ | 5,850 | 7.60 | % | August 27, 2009 | September 5, 2016 | 25-year | 1 | 0.2 | $ | 9,862 | ||||||||||||||||||||||
$ | 5,000 | 7.60 | % | August 26, 2009 | September 5, 2016 | 25-year | 1 | 0.2 | $ | 6,562 | ||||||||||||||||||||||
V
|
$ | 7,350 | 6.95 | % | September 21, 2009 | October 15, 2014 | 25-year | 7 | 0.2 | $ | 8,271 | |||||||||||||||||||||
$ | 4,100 | 7.05 | % | September 21, 2009 | October 15, 2014 | 25-year | 1 | 0.1 | $ | 5,020 | ||||||||||||||||||||||
$ | 8,900 | 7.05 | % | September 21, 2009 | October 15, 2014 | 25-year | 5 | 0.5 | $ | 11,885 | ||||||||||||||||||||||
VI
|
$ | 8,689 | 6.42 | % | September 24, 2009 | November 1, 2014 | 25-year | 2 | 0.2 | $ | 11,461 | |||||||||||||||||||||
VII
|
$ | 27,780 | 7.50 | % | October 1, 2009 | October 1, 2014 | 30-year | 8 | 0.7 | $ | 34,505 | |||||||||||||||||||||
VIII
|
$ | 14,818 | 6.75 | % | October 1, 2009 | September 30, 2012 | * | 25-year | 5 | 0.8 | $ | 19,725 | ||||||||||||||||||||
IX
|
$ | 11,375 | 7.60 | % | October 15, 2009 | November 5, 2014 | 25-year | 1 | 0.4 | $ | 14,929 | |||||||||||||||||||||
X
|
$ | 26,600 | 7.50 | % | December 4, 2009 | January 1, 2020 | 30-year | 8 | 0.9 | $ | 40,571 | |||||||||||||||||||||
XI
|
$ | 26,220 | 6.70 | % | December 18, 2009 | January 1, 2015 | 25-year | 9 | 0.8 | $ | 32,574 | |||||||||||||||||||||
XII
|
$ | 15,130 | 7.50 | % | December 29, 2009 | December 29, 2014 | 30-year | 11 | 0.5 | $ | 22,447 | |||||||||||||||||||||
$ | 307,567 | $ | 448,592 | |||||||||||||||||||||||||||||
* | This mortgage loan has two one-year extension options. |
75
Table of Contents
Principal Amount Repurchased | Purchase Price | |||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
2009 Notes
|
$ | 19,279 | $ | | $ | 19,064 | $ | | ||||||||
2011 Notes
|
56,502 | | 52,465 | | ||||||||||||
2011 Exchangeable Notes
|
53,100 | | 48,938 | | ||||||||||||
2012 Notes
|
55,935 | | 48,519 | | ||||||||||||
2014 Notes
|
12,000 | | 8,810 | | ||||||||||||
2016 Notes
|
34,821 | 5,000 | 24,511 | 4,488 | ||||||||||||
2017 Notes
|
12,747 | | 10,399 | | ||||||||||||
2017 II Notes
|
590 | 31,570 | 439 | 28,037 | ||||||||||||
2027 Notes
|
1,500 | | 1,078 | | ||||||||||||
2028 Notes
|
10,000 | | 7,548 | | ||||||||||||
2032 Notes
|
15,000 | | 11,313 | | ||||||||||||
$ | 271,474 | $ | 36,570 | $ | 233,084 | $ | 32,525 | |||||||||
76
Table of Contents
Amount | ||||
2010
|
$ | 18,326 | ||
2011
|
301,329 | |||
2012
|
622,074 | |||
2013
|
6,494 | |||
2014
|
219,767 | |||
Thereafter
|
808,343 | |||
Total
|
$ | 1,976,333 | ||
December 31, 2009 | December 31, 2008 | |||||||||||||||
(As Adjusted) |
||||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage and Other Loans Payable
|
$ | 370,809 | $ | 375,284 | $ | 77,396 | $ | 75,817 | ||||||||
Senior Unsecured Debt
|
1,140,114 | 960,452 | 1,511,955 | 1,101,217 | ||||||||||||
Unsecured Line of Credit
|
455,244 | 422,561 | 443,284 | 400,849 | ||||||||||||
Total
|
$ | 1,966,167 | $ | 1,758,297 | $ | 2,032,635 | $ | 1,577,883 | ||||||||
8. | Partners Capital |
77
Table of Contents
78
Table of Contents
General Partnership and |
||||
Limited Partnership |
||||
Units Outstanding | ||||
Balance at December 31, 2006
|
51,569,072 | |||
Issuance of General Partner Units
|
19,600 | |||
Issuance of General Partner Restricted Units
|
459,147 | |||
Repurchase and Retirement of Restricted Units
|
(1,797,714 | ) | ||
Issuance of Limited Partner Units
|
(139,261 | ) | ||
Balance at December 31, 2007
|
50,110,844 | |||
Issuance of General Partner Units
|
6,438 | |||
Issuance of General Partner Restricted Units
|
605,816 | |||
Repurchase and Retirement of Restricted Units
|
(264,713 | ) | ||
Balance at December 31, 2008
|
50,458,385 | |||
Issuance of General Partner Units
|
16,874,884 | |||
Issuance of General Partner Restricted Units
|
35,145 | |||
Repurchase and Retirement of Restricted Units
|
(132,463 | ) | ||
Balance at December 31, 2009
|
67,235,951 | |||
79
Table of Contents
80
Table of Contents
81
Table of Contents
Year Ended 2009 | Year Ended 2008 | Year Ended 2007 | ||||||||||||||||||||||
Distribution |
Total |
Distribution |
Total |
Distribution |
Total |
|||||||||||||||||||
per Unit | Distribution | per Unit | Distribution | per Unit | Distribution | |||||||||||||||||||
General Partner/Limited Partner Units
|
$ | 0.0000 | $ | | $ | 2.4100 | $ | 121,882 | $ | 2.8500 | $ | 146,126 | ||||||||||||
Series C Preferred Units
|
$ | N/A | $ | N/A | $ | N/A | $ | N/A | $ | 94.6353 | $ | 1,893 | ||||||||||||
Series F Preferred Units
|
$ | 6,414.5700 | $ | 3,207 | $ | 6,236.0000 | $ | 3,118 | $ | 6,236.0000 | $ | 3,118 | ||||||||||||
Series G Preferred Units
|
$ | 7,236.0000 | $ | 1,809 | $ | 7,236.0000 | $ | 1,809 | $ | 7,236.0000 | $ | 1,809 | ||||||||||||
Series J Preferred Units
|
$ | 18,125.2000 | $ | 10,875 | $ | 18,125.2000 | $ | 10,875 | $ | 18,125.2000 | $ | 10,875 | ||||||||||||
Series K Preferred Units
|
$ | 18,125.2000 | $ | 3,625 | $ | 18,125.2000 | $ | 3,625 | $ | 18,125.2000 | $ | 3,625 |
9. | Acquisition and Development of Real Estate |
82
Table of Contents
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
In-Place Leases
|
$ | | $ | 18,422 | ||||
Above Market Leases
|
$ | | $ | 61 | ||||
Tenant Relationships
|
$ | | $ | 6,962 | ||||
Below Market Leases
|
$ | | $ | (7,012 | ) |
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2009 | 2008 | |||||||
In-Place Leases
|
N/A | 100 | ||||||
Above Market Leases
|
N/A | 43 | ||||||
Tenant Relationships
|
N/A | 100 | ||||||
Below Market Leases
|
N/A | 138 |
10. | Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations |
83
Table of Contents
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Total Revenues
|
$ | 7,804 | $ | 32,735 | $ | 89,540 | ||||||
Property Expenses
|
(2,164 | ) | (11,086 | ) | (29,907 | ) | ||||||
Depreciation and Amortization
|
(2,236 | ) | (9,938 | ) | (28,808 | ) | ||||||
Gain on Sale of Real Estate
|
21,014 | 136,384 | 237,368 | |||||||||
Provision for Income Taxes
|
(1,816 | ) | (4,887 | ) | (38,673 | ) | ||||||
Income from Discontinued Operations
|
$ | 22,602 | $ | 143,208 | $ | 229,520 | ||||||
84
Table of Contents
11. | Supplemental Information to Statements of Cash Flows |
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Interest paid, net of capitalized interest
|
$ | 115,451 | $ | 113,062 | $ | 118,909 | ||||||
Capitalized Interest
|
$ | 281 | $ | 7,775 | $ | 8,413 | ||||||
Income Taxes (Refunded) Paid
|
$ | (54,173 | ) | $ | 2,355 | $ | 42,169 | |||||
Supplemental schedule of noncash investing and financing
activities:
|
||||||||||||
Distribution payable on general and limited partner units
|
$ | | $ | 12,614 | $ | 36,079 | ||||||
Distribution payable on preferred units
|
$ | 452 | $ | 1,232 | $ | 1,232 | ||||||
Industrial property distribution from Other Real Estate
Partnerships:
|
||||||||||||
Investment in real estate and deferred leasing intangibles, net
|
$ | 1,811 | $ | | $ | | ||||||
Prepaid expenses and other assets, net
|
289 | | | |||||||||
Accounts payable, accrued expenses and other liabilities, net
|
(56 | ) | | | ||||||||
Total distribution
|
$ | 2,044 | $ | | $ | | ||||||
Exchange of Limited partnership units for General partnership
units:
|
||||||||||||
Limited partnership units
|
$ | (7,817 | ) | $ | (14,581 | ) | $ | (2,855 | ) | |||
General partnership units
|
7,817 | 14,581 | 2,855 | |||||||||
$ | | $ | | $ | | |||||||
In conjunction with property and land acquisitions, the
following liabilities were assumed:
|
||||||||||||
Accounts payable and accrued expenses
|
$ | | $ | (376 | ) | $ | (5,987 | ) | ||||
Mortgage debt
|
$ | | $ | (7,852 | ) | $ | (38,590 | ) | ||||
Write off of fully depreciated assets
|
$ | (50,423 | ) | $ | (64,185 | ) | $ | (39,804 | ) | |||
In conjunction with certain property sales, we provided seller
financing or assigned a mortgage loan payable:
|
||||||||||||
Notes receivable
|
$ | 20,645 | $ | 46,734 | $ | 48,282 | ||||||
Mortgage note payable
|
$ | | $ | | $ | 769 | ||||||
85
Table of Contents
12. | Earnings Per Unit (EPU) |
(As Adjusted) |
(As Adjusted) |
|||||||||||
Year Ended |
Year Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Numerator:
|
||||||||||||
Loss from Continuing Operations, Net of Income Tax
|
$ | (18,445 | ) | $ | (107,949 | ) | $ | (61,979 | ) | |||
Gain on Sale of Real Estate, Net of Income Tax
|
170 | 8,279 | 4,797 | |||||||||
Preferred Unit Distributions
|
(19,516 | ) | (19,428 | ) | (21,320 | ) | ||||||
Redemption of Preferred Units
|
| | (2,017 | ) | ||||||||
Loss from Continuing Operations Available to Unitholders
|
$ | (37,791 | ) | $ | (119,098 | ) | $ | (80,519 | ) | |||
Income from Discontinued Operations, Net of Income Tax
|
$ | 22,602 | $ | 143,208 | $ | 229,520 | ||||||
Discontinued Operations Allocable to Participating Securities
|
| (2,550 | ) | (2,593 | ) | |||||||
Income from Discontinued Operations Available to Unitholders
|
$ | 22,602 | $ | 140,658 | $ | 226,927 | ||||||
Net (Loss) Income Available to Unitholders
|
$ | (15,189 | ) | $ | 24,110 | $ | 149,001 | |||||
Net Income Allocable to Participating Securities
|
| (2,550 | ) | (2,593 | ) | |||||||
Net (Loss) Income Available to Unitholders
|
$ | (15,189 | ) | $ | 21,560 | $ | 146,408 | |||||
Denominator:
|
||||||||||||
Weighted Average Units Basic and Diluted
|
54,260,979 | 49,456,067 | 50,597,150 | |||||||||
Basic and Diluted EPU:
|
||||||||||||
Loss from Continuing Operations Available to Unitholders
|
$ | (0.70 | ) | $ | (2.41 | ) | $ | (1.59 | ) | |||
Income from Discontinued Operations Available to Unitholders
|
$ | 0.42 | $ | 2.84 | $ | 4.48 | ||||||
Net (Loss) Income Available to Unitholders
|
$ | (0.28 | ) | $ | 0.44 | $ | 2.89 | |||||
Allocation |
Allocation |
Allocation |
||||||||||||||||||||||
of Net |
of Net |
of Net |
||||||||||||||||||||||
Income |
Income |
Income |
||||||||||||||||||||||
Available to |
Available to |
Available to |
||||||||||||||||||||||
Unvested |
Participating |
Unvested |
Participating |
Unvested |
Participating |
|||||||||||||||||||
Awards |
Securities For the |
Awards |
Securities For the |
Awards |
Securities For the |
|||||||||||||||||||
Outstanding |
Year Ended |
Outstanding |
Year Ended |
Outstanding |
Year Ended |
|||||||||||||||||||
at December 31, |
December 31, |
at December 31, |
December 31, |
At December 31, |
December 31, |
|||||||||||||||||||
2009 | 2009 | 2008 | 2008 | 2007 | 2007 | |||||||||||||||||||
Participating Securities:
|
||||||||||||||||||||||||
Restricted Stock Awards
|
355,645 | 757,041 | 909,966 | |||||||||||||||||||||
Restricted Unit Awards
|
| 4,619 | | |||||||||||||||||||||
355,645 | $ | | 761,660 | $ | 2,550 | 909,966 | $ | 2,593 |
86
Table of Contents
Number of |
Number of |
Number of |
||||||||||
Awards |
Awards |
Awards |
||||||||||
Outstanding |
Outstanding At |
Outstanding At |
||||||||||
At December 31, |
December 31, |
December 31, |
||||||||||
2009 | 2008 | 2007 | ||||||||||
Non-Participating Securities:
|
||||||||||||
Restricted Unit Awards
|
1,218,800 | | | |||||||||
Options
|
139,700 | 278,601 | 355,901 |
13. | Income Taxes |
2009 | 2008 | 2007 | ||||||||||
Current:
|
||||||||||||
Federal
|
$ | 38,703 | $ | 5,114 | $ | (28,209 | ) | |||||
State
|
372 | 814 | (4,934 | ) | ||||||||
Foreign
|
(835 | ) | (649 | ) | | |||||||
Deferred:
|
||||||||||||
Federal
|
(15,816 | ) | (526 | ) | 3,977 | |||||||
State
|
(557 | ) | (107 | ) | 571 | |||||||
Foreign
|
9 | 671 | | |||||||||
$ | 21,876 | $ | 5,317 | $ | (28,595 | ) | ||||||
87
Table of Contents
2009 | 2008 | |||||||
Bad debt expense
|
$ | 1 | $ | 196 | ||||
Investment in Joint Ventures
|
1,679 | 19,621 | ||||||
Fixed assets
|
1,074 | 9,625 | ||||||
Prepaid rent
|
114 | 494 | ||||||
Capitalized general and administrative expense under 263A
|
| 3,711 | ||||||
Deferred losses/gains
|
| 71 | ||||||
Accrued contingency loss
|
| 377 | ||||||
Restricted stock
|
34 | 2,326 | ||||||
Accrual for Restructuring Costs
|
| 751 | ||||||
Abandoned Project Costs
|
| 1,150 | ||||||
Federal net operating loss carrying forward
|
345 | | ||||||
State net operating loss carrying forward
|
11 | 131 | ||||||
Foreign net operating loss carrying forward
|
77 | | ||||||
Valuation Allowance
|
(1,299 | ) | (19,501 | ) | ||||
Other
|
752 | 836 | ||||||
Total deferred tax assets
|
$ | 2,788 | $ | 19,788 | ||||
Straight-line rent
|
(507 | ) | (1,936 | ) | ||||
Fixed assets
|
(1,358 | ) | (53 | ) | ||||
Capitalized interest under 263A
|
| (362 | ) | |||||
Other
|
(3 | ) | (243 | ) | ||||
Total deferred tax liabilities
|
$ | (1,868 | ) | $ | (2,594 | ) | ||
Total net deferred tax asset
|
$ | 920 | $ | 17,194 | ||||
88
Table of Contents
2009 | 2008 | 2007 | ||||||||||
Tax expense associated with income from operations on sold
properties which is included in discontinued operations
|
$ | (354 | ) | $ | (1,155 | ) | $ | (2,641 | ) | |||
Tax expense associated with gains and losses on the sale of real
estate which is included in discontinued operations
|
(1,462 | ) | (3,732 | ) | (36,032 | ) | ||||||
Tax expense associated with gains and losses on the sale of real
estate
|
(143 | ) | (3,782 | ) | (3,082 | ) | ||||||
Income tax benefit
|
23,835 | 13,986 | 13,160 | |||||||||
Income tax benefit (expense)
|
$ | 21,876 | $ | 5,317 | $ | (28,595 | ) | |||||
2009 | 2008 | 2007 | ||||||||||
Tax benefit at federal rate related to continuing operations
|
$ | 8,343 | $ | 28,377 | $ | 8,659 | ||||||
State tax (expense) benefit, net of federal benefit
|
493 | 2,799 | 1,066 | |||||||||
Non-deductible permanent items
|
(1,652 | ) | (1,852 | ) | (121 | ) | ||||||
Prior year provision to return adjustments
|
| 7 | 436 | |||||||||
Change in valuation allowance
|
16,269 | (19,501 | ) | | ||||||||
Foreign taxes, net
|
345 | 344 | | |||||||||
Old TRS liquidation
|
70 | | | |||||||||
Other
|
(176 | ) | 30 | 38 | ||||||||
Net income tax benefit
|
$ | 23,692 | $ | 10,204 | $ | 10,078 | ||||||
89
Table of Contents
14. | Impairment Charges |
Fair Value Measurements at |
||||||||||||||||||||
December 31, 2009 Using: | ||||||||||||||||||||
Quoted Prices in |
||||||||||||||||||||
Active Markets for |
Significant Other |
Unobservable |
Total |
|||||||||||||||||
December 31, |
Identical Assets |
Observable Inputs |
Inputs |
Gains |
||||||||||||||||
Description
|
2009 | (Level 1) | (Level 2) | (Level 3) | (Losses) | |||||||||||||||
Inland Empire Property
|
$ | 3,830 | | | $ | 3,830 | $ | (6,934 | ) | |||||||||||
Unconsolidated Joint Venture investments
|
$ | 3,910 | | | $ | 3,910 | $ | (5,194 | ) |
Fair Value Measurements |
||||
Using Significant |
||||
Unobservable Inputs |
||||
(Level 3) |
||||
Impairment Charges | ||||
Beginning balance at December 31, 2008
|
$ | | ||
Total unrealized losses:
|
||||
Impairment on Real Estate
|
(12,128 | ) | ||
Ending balance at December 31, 2009
|
$ | (12,128 | ) | |
90
Table of Contents
15. | Restructuring Costs |
16. | Future Rental Revenues |
2010
|
$ | 208,406 | ||
2011
|
174,403 | |||
2012
|
139,814 | |||
2013
|
108,274 | |||
2014
|
78,596 | |||
Thereafter
|
347,225 | |||
Total
|
$ | 1,056,718 | ||
17. | Stock Based Compensation |
91
Table of Contents
Weighted |
||||||||||||||||
Average |
Exercise |
Aggregate |
||||||||||||||
Exercise |
Price |
Intrinsic |
||||||||||||||
Shares | Price | per Share | Value | |||||||||||||
Outstanding at December 31, 2007
|
355,901 | $ | 31.68 | $ | 25.13-$33.15 | $ | 3,669 | |||||||||
Exercised
|
(6,300 | ) | $ | 27.58 | $ | 25.13-$31.13 | $ | 24 | ||||||||
Expired or Terminated
|
(71,000 | ) | $ | 31.13 | $ | 31.13-$31.13 | ||||||||||
Outstanding at December 31, 2008
|
278,601 | $ | 31.92 | $ | 27.25-$33.15 | $ | | |||||||||
Expired or Terminated
|
(138,901 | ) | $ | 31.94 | $ | 27.69-$33.13 | ||||||||||
Outstanding at December 31, 2009
|
139,700 | $ | 31.89 | $ | 27.25-$33.15 | $ | | |||||||||
Number |
Weighted |
Weighted |
||||||||||
Outstanding |
Average |
Average |
||||||||||
and |
Remaining |
Exercise |
||||||||||
Range of Exercise Price
|
Exercisable | Contractual Life | Price | |||||||||
$27.25-$30.53
|
42,900 | 1.18 | $ | 30.07 | ||||||||
$31.05-$33.15
|
96,800 | 1.40 | $ | 32.70 |
92
Table of Contents
Weighted |
||||||||
Average |
||||||||
Grant Date |
||||||||
Shares | Fair Value | |||||||
Outstanding at December 31, 2007
|
909,966 | $ | 41.88 | |||||
Issued
|
610,573 | $ | 31.88 | |||||
Vested
|
(733,666 | ) | $ | 22.97 | ||||
Forfeited
|
(25,213 | ) | $ | 35.17 | ||||
Outstanding at December 31, 2008
|
761,660 | $ | 36.00 | |||||
Issued
|
1,508,745 | $ | 5.01 | |||||
Vested
|
(571,149 | ) | $ | 28.79 | ||||
Forfeited
|
(124,811 | ) | $ | 7.51 | ||||
Outstanding at December 31, 2009
|
1,574,445 | $ | 11.17 | |||||
93
Table of Contents
Performance Awards I | Performance Awards II | |||
Expected dividend yield
|
0.0% | 0.0% | ||
Expected stock volatility
|
57.18% to 119.55% | 76.29% to 162.92% | ||
Risk-free interest rate
|
0.40% to 1.84% | 0.43% to 2.38% | ||
Expected life (years)
|
1-4 | 1-4 | ||
Fair value
|
$4.49 | $2.94 |
18. | Derivatives |
94
Table of Contents
Fair Value As of |
Fair Value As of |
|||||||||||||||||||
Notional |
Fixed |
Trade |
Maturity |
December 31, |
December 31, |
|||||||||||||||
Hedge Product
|
Amount | Pay Rate | Date | Date | 2009 | 2008 | ||||||||||||||
Derivatives designated as hedging instruments:
|
||||||||||||||||||||
Forward-Starting Agreement 1
|
$ | 59,750 | 4.0725 | % | January 2008 | May 8, 2009 | $ | | $ | (3,429 | ) | |||||||||
Forward-Starting Agreement 2
|
59,750 | 4.0770 | % | January 2008 | June 3, 2009 | | (3,452 | ) | ||||||||||||
Interest Rate Swap Agreement
|
50,000 | 2.4150 | % | March 2008 | April 1, 2010 | (267 | ) | (858 | ) | |||||||||||
Total derivatives designated as hedging instruments:
|
$ | 169,500 | $ | (267 | ) | $ | (7,739 | ) | ||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||
Series F Agreement*
|
50,000 | 5.2175 | % | October 2008 | October 1, 2013 | 93 | (3,073 | ) | ||||||||||||
Total Derivatives
|
$ | 219,500 | Total | $ | (174 | ) | $ | (10,812 | ) | |||||||||||
* | Fair value excludes quarterly settlement payment due on Series F Agreement. As of December 31, 2009, the outstanding payable was $152. |
Year Ended | ||||||||||
December 31, |
December 31, |
|||||||||
Interest Rate Products
|
Location on Statement
|
2009 | 2008 | |||||||
Loss Recognized in OCI (Effective Portion)
|
Mark-to-Market on Interest Rate Protection Agreements (OCI) | $ | (993 | ) | $ | (7,739 | ) | |||
Amortization Reclassified from OCI into Income
|
Interest Expense | $ | (796 | ) | $ | 792 | ||||
Gain Recognized in Income (Unhedged Position)
|
Mark-to-Market Gain on Interest Rate Protection Agreements | $ | 974 | $ | |
95
Table of Contents
Fair Value Measurements at Reporting |
||||||||||||||||
Date Using: | ||||||||||||||||
Quoted Prices in |
||||||||||||||||
Active Markets for |
Significant Other |
Unobservable |
||||||||||||||
December 31, |
Identical Assets |
Observable Inputs |
Inputs |
|||||||||||||
Description
|
2009 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreement
|
$ | 267 | | $ | 267 | | ||||||||||
Series F Agreement
|
$ | 59 | | | $ | 59 |
96
Table of Contents
Fair Value Measurements |
||||
Using Significant |
||||
Unobservable Inputs |
||||
(Level 3) |
||||
Derivatives | ||||
Beginning liability balance at December 31, 2008
|
$ | (3,073 | ) | |
Total realized gains:
|
||||
Mark-to-Market
on Series F Agreement
|
3,014 | |||
Ending liability balance at December 31, 2009
|
$ | (59 | ) | |
19. | Related Party Transactions |
20. | Commitments and Contingencies |
97
Table of Contents
2010
|
$ | 3,001 | ||
2011
|
2,121 | |||
2012
|
1,640 | |||
2013
|
1,541 | |||
2014
|
1,328 | |||
Thereafter
|
29,326 | |||
Total
|
$ | 38,957 | ||
21. | Subsequent Events |
98
Table of Contents
22. | Quarterly Financial Information (unaudited) |
Year Ended December 31, 2009 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 99,715 | $ | 96,472 | $ | 93,813 | $ | 79,729 | ||||||||
Equity in Income (Loss) of Joint Ventures
|
29 | 1,551 | (5,889 | ) | (2,161 | ) | ||||||||||
Equity in Income of Other Real Estate Partnerships
|
4,528 | 3,718 | 6,455 | 3,815 | ||||||||||||
(Loss) Income from Continuing Operations, Net of Income Tax
|
(17,261 | ) | (8,311 | ) | (2,434 | ) | 9,561 | |||||||||
Income from Discontinued Operations, Net of Income Tax
|
4,342 | 4,530 | 5,134 | 8,596 | ||||||||||||
Gain (Loss) on Sale of Real Estate, Net of Income Tax
|
477 | | 101 | (408 | ) | |||||||||||
Net (Loss) Income
|
(12,442 | ) | (3,781 | ) | 2,801 | 17,749 | ||||||||||
Preferred Unit Distributions
|
(4,857 | ) | (4,824 | ) | (4,913 | ) | (4,922 | ) | ||||||||
Net (Loss) Income Available
|
$ | (17,299 | ) | $ | (8,605 | ) | $ | (2,112 | ) | $ | 12,827 | |||||
Income from Continuing Operations Allocable to Participating
Securities
|
| | | (23 | ) | |||||||||||
Discontinued Operations Allocable to Participating Securities
|
| | | (47 | ) | |||||||||||
Net (Loss) Income Available to Unitholders
|
$ | (17,299 | ) | $ | (8,605 | ) | $ | (2,112 | ) | $ | 12,757 | |||||
Basic and Diluted Earnings Per Unit:
|
||||||||||||||||
(Loss) Income From Continuing Operations Available to Unitholders
|
$ | (0.43 | ) | $ | (0.26 | ) | $ | (0.14 | ) | $ | 0.06 | |||||
Income From Discontinued Operations
|
$ | 0.09 | $ | 0.09 | $ | 0.10 | $ | 0.13 | ||||||||
Net (Loss) Income Available to Unitholders
|
$ | (0.35 | ) | $ | (0.17 | ) | $ | (0.04 | ) | $ | 0.19 | |||||
Weighted Average Units Outstanding - Basic and Diluted
|
49,919 | 49,975 | 50,874 | 66,135 | ||||||||||||
99
Table of Contents
(As Adjusted) |
||||||||||||||||
Year Ended December 31, 2008 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total Revenues
|
$ | 99,665 | $ | 116,953 | $ | 126,347 | $ | 131,385 | ||||||||
Equity in Income (Loss) of Joint Ventures
|
3,302 | 3,268 | 725 | (40,473 | ) | |||||||||||
Equity in Income Other Real Estate Partnerships
|
9,099 | 32,064 | 3,051 | 5,545 | ||||||||||||
(Loss) Income from Continuing Operations, Net of Income Tax
|
(17,815 | ) | 6,954 | (15,199 | ) | (81,889 | ) | |||||||||
Income from Discontinued Operations, Net of Income Tax
|
72,670 | 41,569 | 24,157 | 4,812 | ||||||||||||
Gain on Sale of Real Estate, Net of Income Tax
|
5,438 | 2,841 | | | ||||||||||||
Net Income (Loss)
|
60,293 | 51,364 | 8,958 | (77,077 | ) | |||||||||||
Preferred Unit Distributions
|
(4,857 | ) | (4,857 | ) | (4,857 | ) | (4,857 | ) | ||||||||
Net Income (Loss) Available
|
$ | 55,436 | $ | 46,507 | $ | 4,101 | $ | (81,934 | ) | |||||||
Income from Continuing Operations Allocable to Participating
Securities
|
| (115 | ) | | | |||||||||||
Discontinued Operations Allocable to Participating Securities
|
(1,017 | ) | (965 | ) | (841 | ) | | |||||||||
Net Income (Loss) Available to Unitholders
|
$ | 54,419 | $ | 45,427 | $ | 3,260 | $ | (81,934 | ) | |||||||
Basic and Diluted Earnings Per Unit:
|
||||||||||||||||
(Loss) Income From Continuing Operations Available to Unitholders
|
$ | (0.35 | ) | $ | 0.10 | $ | (0.41 | ) | $ | (1.75 | ) | |||||
Income From Discontinued Operations
|
$ | 1.45 | $ | 0.82 | $ | 0.47 | $ | 0.10 | ||||||||
Net Income (Loss) Available to Unitholders
|
$ | 1.10 | $ | 0.92 | $ | 0.07 | $ | (1.65 | ) | |||||||
Weighted Average Units Outstanding - Basic
|
49,407 | 49,416 | 49,431 | 49,569 | ||||||||||||
Weighted Average Units Outstanding - Diluted
|
49,407 | 49,418 | 49,431 | 49,569 | ||||||||||||
100
Table of Contents
23. | Pro Forma Financial Information (unaudited) |
(As Adjusted) |
(As Adjusted) |
|||||||
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Pro Forma Revenues
|
$ | 479,186 | $ | 349,516 | ||||
Pro Forma Loss from Continuing Operations Available to
Unitholders, Net of Income Taxes
|
$ | (116,898 | ) | $ | (64,157 | ) | ||
Pro Forma Net Income Available to Unitholders
|
$ | 26,310 | $ | 165,363 | ||||
Per Unit Data:
|
||||||||
Pro Forma Basic and Diluted Earnings Per Unit Data:
|
||||||||
Loss from Continuing Operations Available to Unitholders
|
$ | (2.36 | ) | $ | (1.27 | ) | ||
Net Income Available to Unitholders
|
$ | 0.48 | $ | 3.21 | ||||
101
Table of Contents
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2009
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Atlanta
|
||||||||||||||||||||||||||||||||||||||||||
1650 Highway 155
|
McDonough, GA | | 788 | 4,544 | 366 | 788 | 4,910 | 5,698 | 1,855 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1665 Dogwood Drive
|
Conyers, GA | | 635 | 3,662 | 314 | 635 | 3,976 | 4,611 | 1,491 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1715 Dogwood
|
Conyers, GA | | 288 | 1,675 | 1,287 | 288 | 2,962 | 3,250 | 766 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
11235 Harland Drive
|
Covington, GA | | 125 | 739 | 183 | 125 | 922 | 1,047 | 325 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
4051 Southmeadow Parkway
|
Atlanta, GA | | 726 | 4,130 | 875 | 726 | 5,005 | 5,731 | 1,765 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
4071 Southmeadow Parkway
|
Atlanta, GA | | 750 | 4,460 | 1,301 | 828 | 5,683 | 6,511 | 2,100 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
4081 Southmeadow Parkway
|
Atlanta, GA | | 1,012 | 5,918 | 1,652 | 1,157 | 7,425 | 8,582 | 2,691 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
5570 Tulane Dr(d)
|
Atlanta, GA | 2,112 | 527 | 2,984 | 699 | 546 | 3,664 | 4,210 | 1,241 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
955 Cobb Place
|
Kennesaw, GA | 2,952 | 780 | 4,420 | 684 | 804 | 5,080 | 5,884 | 1,666 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1256 Oakbrook Drive
|
Norcross, GA | 1,268 | 336 | 1,907 | 286 | 339 | 2,190 | 2,529 | 544 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1265 Oakbrook Drive
|
Norcross, GA | 1,348 | 307 | 1,742 | 637 | 309 | 2,377 | 2,686 | 661 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1280 Oakbrook Drive
|
Norcross, GA | 1,227 | 281 | 1,592 | 275 | 283 | 1,865 | 2,148 | 429 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1300 Oakbrook Drive
|
Norcross, GA | 1,738 | 420 | 2,381 | 241 | 423 | 2,619 | 3,042 | 539 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1325 Oakbrook Drive
|
Norcross, GA | 1,437 | 332 | 1,879 | 304 | 334 | 2,181 | 2,515 | 550 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1351 Oakbrook Drive
|
Norcross, GA | | 370 | 2,099 | 375 | 373 | 2,471 | 2,844 | 569 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1346 Oakbrook Drive
|
Norcross, GA | | 740 | 4,192 | 693 | 744 | 4,881 | 5,625 | 1,032 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1412 Oakbrook Drive
|
Norcross, GA | | 313 | 1,776 | 262 | 315 | 2,036 | 2,351 | 480 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
3060 South Park Blvd
|
Ellenwood, GA | | 1,600 | 12,464 | 1,743 | 1,603 | 14,204 | 15,807 | 2,560 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
Greenwood Industrial Park
|
McDonough, GA | 4,533 | 1,550 | | 7,485 | 1,550 | 7,485 | 9,035 | 1,007 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
46 Kent Drive
|
Cartersville GA | 1,761 | 794 | 2,252 | 6 | 798 | 2,254 | 3,052 | 387 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
100 Dorris Williams
|
Villa Rica GA | 2,235 | 401 | 3,754 | 42 | 406 | 3,791 | 4,197 | 993 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
605 Stonehill Drive
|
Atlanta, GA | 1,621 | 485 | 1,979 | (38 | ) | 490 | 1,936 | 2,426 | 792 | 2005 | (l | ) | |||||||||||||||||||||||||||||
6514 Warren Drive
|
Norcross, GA | | 510 | 1,250 | (66 | ) | 513 | 1,181 | 1,694 | 182 | 2005 | (l | ) | |||||||||||||||||||||||||||||
6544 Warren Drive
|
Norcross, GA | | 711 | 2,310 | (49 | ) | 715 | 2,257 | 2,972 | 374 | 2005 | (l | ) | |||||||||||||||||||||||||||||
720 Industrial Blvd
|
Dublin, GA | | 250 | 2,632 | 40 | 255 | 2,667 | 2,922 | 1,371 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
5356 E. Ponce De Leon
|
Stone Mountain, GA | 2,855 | 604 | 3,888 | 227 | 610 | 4,109 | 4,719 | 1,018 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
5390 E. Ponce De Leon
|
Stone Mountain, GA | | 397 | 1,791 | 31 | 402 | 1,817 | 2,219 | 392 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
195 & 197 Collins Boulevard
|
Athens, GA | | 1,410 | 5,344 | (553 | ) | 1,426 | 4,775 | 6,201 | 1,809 | 2005 | (l | ) | |||||||||||||||||||||||||||||
1755 Enterprise Drive
|
Buford, GA | 1,596 | 712 | 2,118 | 60 | 716 | 2,174 | 2,890 | 412 | 2006 | (l | ) |
S-1
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
4555 Atwater Court
|
Buford, GA | 2,612 | 881 | 3,550 | 591 | 885 | 4,137 | 5,022 | 768 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
80 Liberty Industrial Parkway
|
McDonough, GA | | 756 | 3,695 | 213 | 763 | 3,901 | 4,664 | 473 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
596 Bonnie Valentine
|
Pendergrass, GA | | 2,580 | 21,730 | 1,434 | 2,594 | 23,150 | 25,744 | 1,596 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
11415 Old Roswell Road
|
Alpharetta, GA | | 2,403 | 1,912 | 46 | 2,428 | 1,933 | 4,361 | 160 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Baltimore
|
||||||||||||||||||||||||||||||||||||||||||
1820 Portal
|
Baltimore, MD | | 884 | 4,891 | 454 | 899 | 5,330 | 6,229 | 1,551 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
9700 Martin Luther King Hwy
|
Lanham, MD | | 700 | 1,920 | 513 | 700 | 2,433 | 3,133 | 638 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
9730 Martin Luther King Hwy
|
Lanham, MD | | 500 | 955 | 498 | 500 | 1,453 | 1,953 | 431 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
4621 Boston Way
|
Lanham, MD | | 1,100 | 3,070 | 605 | 1,100 | 3,675 | 4,775 | 921 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
4720 Boston Way
|
Lanham, MD | | 1,200 | 2,174 | 575 | 1,200 | 2,749 | 3,949 | 784 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
9800 Martin Luther King Hwy
|
Lanham, MD | | 1,200 | 2,457 | 298 | 1,200 | 2,755 | 3,955 | 662 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
22520 Randolph Drive
|
Dulles, VA | 7,950 | 3,200 | 8,187 | (162 | ) | 3,208 | 8,017 | 11,225 | 1,314 | 2004 | (l | ) | |||||||||||||||||||||||||||||
22630 Dulles Summit Court
|
Dulles, VA | | 2,200 | 9,346 | 133 | 2,206 | 9,473 | 11,679 | 1,796 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
4201 Forbes Boulevard
|
Lanham, MD | | 356 | 1,823 | 323 | 375 | 2,127 | 2,502 | 365 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4370-4383
Lottsford Vista Rd
|
Lanham, MD | | 279 | 1,358 | 215 | 296 | 1,556 | 1,852 | 287 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4400 Lottsford Vista Rd
|
Lanham, MD | | 351 | 1,955 | 174 | 372 | 2,108 | 2,480 | 330 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4420 Lottsford Vista Road
|
Lanham, MD | | 539 | 2,196 | 327 | 568 | 2,494 | 3,062 | 491 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
11204 McCormick Road
|
Hunt Valley, MD | | 1,017 | 3,132 | 67 | 1,038 | 3,178 | 4,216 | 623 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
11110 Pepper Road
|
Hunt Valley, MD | | 918 | 2,529 | 258 | 938 | 2,767 | 3,705 | 567 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
11100-11120
Gilroy Road
|
Hunt Valley, MD | | 901 | 1,455 | 57 | 919 | 1,494 | 2,413 | 404 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
10709 Gilroy Road
|
Hunt Valley, MD | | 913 | 2,705 | 46 | 913 | 2,751 | 3,664 | 737 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7120-7132
Ambassador Road
|
Baltimore, MD | | 829 | 1,329 | 255 | 847 | 1,566 | 2,413 | 445 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7142 Ambassador Road
|
Hunt Valley, MD | | 924 | 2,876 | 444 | 942 | 3,302 | 4,244 | 464 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7144-7162
Ambassador Road
|
Baltimore, MD | | 979 | 1,672 | 188 | 1,000 | 1,839 | 2,839 | 480 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7200 Rutherford Road
|
Baltimore, MD | | 1,032 | 2,150 | 22 | 1,054 | 2,150 | 3,204 | 411 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2700 Lord Baltimore Road
|
Baltimore, MD | | 875 | 1,826 | 753 | 897 | 2,557 | 3,454 | 625 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1225 Bengies Road
|
Baltimore, MD | | 2,640 | 270 | 13,266 | 2,823 | 13,353 | 16,176 | 949 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Central Pennsylvania
|
||||||||||||||||||||||||||||||||||||||||||
16522 Hunters Green Parkway
|
Hagerstown, MD | 13,538 | 1,390 | 13,104 | 3,903 | 1,863 | 16,534 | 18,397 | 2,719 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
6951 Allentown Blvd
|
Harrisburg, PA | | 585 | 3,176 | 132 | 601 | 3,292 | 3,893 | 569 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
320 Museum Road
|
Washington, PA | | 201 | 1,819 | 57 | 208 | 1,869 | 2,077 | 457 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1490 Commerce Avenue
|
Carlisle, PA | | 1,500 | | 12,846 | 2,341 | 12,005 | 14,346 | 760 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
600 First Avenue
|
Gouldsboro, PA | | 7,022 | | 57,413 | 7,019 | 57,416 | 64,435 | 1,896 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
225 Cross Farm Lane
|
York, PA | | 4,718 | | 23,566 | 4,715 | 23,569 | 28,284 | 1,332 | 2008 | (l | ) |
S-2
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Chicago
|
||||||||||||||||||||||||||||||||||||||||||
3600 West Pratt Avenue
|
Lincolnwood, IL | | 1,050 | 5,767 | 1,200 | 1,050 | 6,967 | 8,017 | 2,649 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
6750 South Sayre Avenue
|
Bedford Park, IL | | 224 | 1,309 | 642 | 224 | 1,951 | 2,175 | 834 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
585 Slawin Court
|
Mount Prospect, IL | 3,299 | 611 | 3,505 | 2,065 | 615 | 5,566 | 6,181 | 1,922 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2300 Windsor Court
|
Addison, IL | | 688 | 3,943 | 1,012 | 696 | 4,947 | 5,643 | 1,716 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
3505 Thayer Court
|
Aurora, IL | | 430 | 2,472 | 91 | 430 | 2,563 | 2,993 | 980 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
305-311 Era
Drive
|
Northbrook, IL | | 200 | 1,154 | 935 | 205 | 2,084 | 2,289 | 527 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
12241 Melrose Street
|
Franklin Park, IL | | 332 | 1,931 | 1,307 | 469 | 3,101 | 3,570 | 1,084 | 1995 | (l | ) | ||||||||||||||||||||||||||||||
11939 S Central Avenue
|
Alsip, IL | | 1,208 | 6,843 | 2,191 | 1,305 | 8,937 | 10,242 | 2,577 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
405 East Shawmut
|
LaGrange, IL | | 368 | 2,083 | 602 | 388 | 2,665 | 3,053 | 760 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1010-50
Sesame Street
|
Bensenville, IL | | 979 | 5,546 | 2,833 | 1,048 | 8,310 | 9,358 | 2,190 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
7501 South Pulaski
|
Chicago, IL | | 318 | 2,038 | 1,516 | 318 | 3,554 | 3,872 | 952 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
2120-24
Roberts
|
Broadview, IL | | 220 | 1,248 | 479 | 231 | 1,716 | 1,947 | 707 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
800 Business Center Drive
|
Mount Prospect, IL | | 631 | 3,493 | 292 | 666 | 3,750 | 4,416 | 840 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
580 Slawin Court
|
Mount Prospect, IL | | 233 | 1,292 | 325 | 254 | 1,596 | 1,850 | 349 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1150 Feehanville Drive
|
Mount Prospect, IL | | 260 | 1,437 | 169 | 273 | 1,593 | 1,866 | 363 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
19W661 101st Street
|
Lemont, IL | 5,407 | 1,200 | 6,643 | 2,286 | 1,220 | 8,909 | 10,129 | 2,461 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
175 Wall Street
|
Glendale Heights, IL | 1,482 | 427 | 2,363 | 163 | 433 | 2,520 | 2,953 | 517 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
800-820
Thorndale Avenue
|
Bensenville, IL | 4,409 | 751 | 4,159 | 2,103 | 761 | 6,252 | 7,013 | 1,387 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
251 Airport Road
|
North Aurora, IL | | 983 | | 6,767 | 983 | 6,767 | 7,750 | 1,247 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
1661 Feehanville Drive
|
Mount Prospect, IL | | 985 | 5,455 | 2,053 | 1,044 | 7,449 | 8,493 | 1,980 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
1850 Touhy & 1158 McCage Ave
|
Elk Grove Village, IL | | 1,500 | 4,842 | (201 | ) | 1,514 | 4,627 | 6,141 | 846 | 2004 | (l | ) | |||||||||||||||||||||||||||||
1088-1130
Thorndale Avenue
|
Bensenville, IL | | 2,103 | 3,674 | 145 | 2,108 | 3,814 | 5,922 | 926 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
855-891
Busse Rd
|
Bensenville, IL | | 1,597 | 2,767 | (217 | ) | 1,601 | 2,546 | 4,147 | 538 | 2005 | (l | ) | |||||||||||||||||||||||||||||
1060-1074 W. Thorndale
Ave
|
Bensenville, IL | | 1,704 | 2,108 | 183 | 1,709 | 2,286 | 3,995 | 639 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
400 Crossroads Pkwy
|
Bolingbrook, IL | 5,824 | 1,178 | 9,453 | 1,252 | 1,181 | 10,702 | 11,883 | 2,159 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7609 W. Industrial Drive
|
Forest Park, IL | | 1,207 | 2,343 | 300 | 1,213 | 2,637 | 3,850 | 640 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7801 W. Industrial Drive
|
Forest Park, IL | | 1,215 | 3,020 | 20 | 1,220 | 3,035 | 4,255 | 776 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
725 Kimberly Drive
|
Carol Stream, IL | | 793 | 1,395 | 249 | 801 | 1,636 | 2,437 | 318 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
17001 S. Vincennes
|
Thornton, IL | | 497 | 504 | 103 | 513 | 591 | 1,104 | 233 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1111 Davis Road
|
Elgin, IL | | 998 | 1,859 | 833 | 1,046 | 2,644 | 3,690 | 977 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2900 W. 166th Street
|
Markham, IL | | 1,132 | 4,293 | 746 | 1,134 | 5,037 | 6,171 | 822 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
555 W. Algonquin Rd
|
Arlington Heights, IL | 1,988 | 574 | 741 | 2,053 | 579 | 2,789 | 3,368 | 286 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
7000 W. 60th Street
|
Chicago, IL | 1,044 | 609 | 932 | 106 | 667 | 980 | 1,647 | 298 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9501 Nevada
|
Franklin Park, IL | | 2,721 | 5,630 | 502 | 2,737 | 6,116 | 8,853 | 673 | 2008 | (l | ) |
S-3
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1501 Oakton Street
|
Elk Grove Village, IL | | 3,369 | 6,121 | 139 | 3,482 | 6,147 | 9,629 | 586 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
16500 W. 103rd Street
|
Woodridge, IL | | 744 | 2,458 | 140 | 760 | 2,583 | 3,343 | 231 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Cincinnati
|
||||||||||||||||||||||||||||||||||||||||||
9900-9970
Princeton
|
Cincinnati, OH | | 545 | 3,088 | 1,836 | 566 | 4,903 | 5,469 | 1,862 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
2940 Highland Avenue
|
Cincinnati, OH | | 1,717 | 9,730 | 2,263 | 1,772 | 11,938 | 13,710 | 3,922 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
4700-4750
Creek Road
|
Blue Ash, OH | | 1,080 | 6,118 | 998 | 1,109 | 7,087 | 8,196 | 2,332 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
901 Pleasant Valley Drive
|
Springboro, OH | | 304 | 1,721 | 333 | 316 | 2,042 | 2,358 | 630 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
4436 Mulhauser Road
|
Hamilton, OH | | 630 | | 5,046 | 630 | 5,046 | 5,676 | 982 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
4438 Mulhauser Road
|
Hamilton, OH | | 779 | | 6,792 | 779 | 6,792 | 7,571 | 1,504 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
420 Wards Corner Road
|
Loveland, OH | | 600 | 1,083 | 932 | 606 | 2,009 | 2,615 | 662 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
422 Wards Corner Road
|
Loveland, OH | | 600 | 1,811 | 155 | 605 | 1,961 | 2,566 | 647 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
4663 Dues Drive
|
Westchester, OH | | 858 | 2,273 | 1,265 | 875 | 3,521 | 4,396 | 1,605 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
9525 Glades Drive
|
Westchester, OH | | 347 | 1,323 | 87 | 355 | 1,402 | 1,757 | 237 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9776-9876
Windisch Road
|
Westchester, OH | | 392 | 1,744 | 24 | 394 | 1,766 | 2,160 | 208 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9810-9822
Windisch Road
|
Westchester, OH | | 395 | 2,541 | 6 | 397 | 2,545 | 2,942 | 212 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9842-9862
Windisch Road
|
Westchester, OH | | 506 | 3,148 | 31 | 508 | 3,177 | 3,685 | 309 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9872-9898
Windisch Road
|
Westchester, OH | | 546 | 3,039 | 65 | 548 | 3,102 | 3,650 | 296 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9902-9922
Windisch Road
|
Westchester, OH | | 623 | 4,003 | 173 | 627 | 4,172 | 4,799 | 496 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Cleveland
|
||||||||||||||||||||||||||||||||||||||||||
30311 Emerald Valley Pkwy
|
Glenwillow, OH | | 681 | 11,838 | 1,055 | 691 | 12,883 | 13,574 | 1,767 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
30333 Emerald Valley Pkwy
|
Glenwillow, OH | | 466 | 5,447 | 103 | 475 | 5,541 | 6,016 | 840 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
7800 Cochran Road
|
Glenwillow, OH | | 972 | 7,033 | 146 | 991 | 7,160 | 8,151 | 1,077 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
7900 Cochran Road
|
Glenwillow, OH | | 775 | 6,244 | 136 | 792 | 6,363 | 7,155 | 909 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
7905 Cochran Road
|
Glenwillow, OH | | 920 | 6,174 | 103 | 945 | 6,252 | 7,197 | 873 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
30600 Carter Street
|
Solon, OH | | 989 | 3,042 | 805 | 1,022 | 3,814 | 4,836 | 1,346 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
8181 Darrow Road
|
Twinsburg, OH | | 2,478 | 6,791 | 604 | 2,496 | 7,378 | 9,874 | 640 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Columbus
|
||||||||||||||||||||||||||||||||||||||||||
3800 Lockbourne Industrial Pkwy
|
Columbus, OH | | 1,045 | 6,421 | 647 | 1,045 | 7,068 | 8,113 | 2,260 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
3880 Groveport Road
|
Columbus, OH | | 1,955 | 12,154 | 311 | 1,955 | 12,465 | 14,420 | 4,062 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1819 North Walcutt Road
|
Columbus, OH | | 637 | 4,590 | 474 | 634 | 5,067 | 5,701 | 1,540 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4115 Leap Road(d)
|
Hillard, OH | | 756 | 4,297 | 1,413 | 756 | 5,710 | 6,466 | 1,622 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
3300 Lockbourne
|
Columbus, OH | | 708 | 3,920 | 1,234 | 710 | 5,152 | 5,862 | 1,392 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1076 Pittsburgh Drive
|
Delaware, OH | | 2,265 | 4,733 | (234 | ) | 2,273 | 4,491 | 6,764 | 1,053 | 2005 | (l | ) | |||||||||||||||||||||||||||||
6150 Huntly Road
|
Columbus, OH | | 920 | 4,810 | 8 | 925 | 4,813 | 5,738 | 724 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4311 Janitrol Road
|
Columbus, OH | | 681 | 5,941 | (221 | ) | 670 | 5,731 | 6,401 | 723 | 2006 | (l | ) |
S-4
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
4600 S. Hamilton Road
|
Groveport, OH | | 662 | 4,332 | 1,114 | 675 | 5,433 | 6,108 | 819 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Dallas/Fort Worth
|
||||||||||||||||||||||||||||||||||||||||||
2406-2416
Walnut Ridge
|
Dallas, TX | | 178 | 1,006 | 558 | 172 | 1,570 | 1,742 | 367 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
2401-2419
Walnut Ridge
|
Dallas, TX | | 148 | 839 | 278 | 142 | 1,123 | 1,265 | 314 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
900-906
Great Southwest Pkwy
|
Arlington, TX | | 237 | 1,342 | 575 | 270 | 1,884 | 2,154 | 651 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3000 West Commerce
|
Dallas, TX | | 456 | 2,584 | 723 | 469 | 3,294 | 3,763 | 915 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3030 Hansboro
|
Dallas, TX | | 266 | 1,510 | 535 | 276 | 2,035 | 2,311 | 561 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
405-407 113th
|
Arlington, TX | | 181 | 1,026 | 475 | 185 | 1,497 | 1,682 | 383 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
816 111th Street
|
Arlington, TX | 873 | 251 | 1,421 | 128 | 258 | 1,542 | 1,800 | 466 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
7427 Dogwood Park
|
Richland Hills, TX | | 96 | 532 | 572 | 102 | 1,098 | 1,200 | 387 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7348-54
Tower Street
|
Richland Hills, TX | | 88 | 489 | 225 | 94 | 708 | 802 | 188 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7339-41
Tower Street
|
Richland Hills, TX | | 98 | 541 | 175 | 104 | 710 | 814 | 189 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7437-45
Tower Street
|
Richland Hills, TX | | 102 | 563 | 113 | 108 | 670 | 778 | 178 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7331-59
Airport Freeway
|
Richland Hills, TX | | 354 | 1,958 | 381 | 372 | 2,321 | 2,693 | 683 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7338-60
Dogwood Park
|
Richland Hills, TX | | 106 | 587 | 128 | 112 | 709 | 821 | 194 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7450-70
Dogwood Park
|
Richland Hills, TX | | 106 | 584 | 157 | 112 | 735 | 847 | 197 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7423-49
Airport Freeway
|
Richland Hills, TX | | 293 | 1,621 | 387 | 308 | 1,993 | 2,301 | 572 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7400 Whitehall Street
|
Richland Hills, TX | | 109 | 603 | 61 | 115 | 658 | 773 | 182 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1602-1654
Terre Colony
|
Dallas, TX | 1,870 | 458 | 2,596 | 801 | 468 | 3,387 | 3,855 | 739 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
3330 Duncanville Road
|
Dallas, TX | | 197 | 1,114 | 69 | 199 | 1,181 | 1,380 | 280 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2351-2355
Merritt Drive
|
Garland, TX | | 101 | 574 | 129 | 103 | 701 | 804 | 158 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
701-735
North Plano Road
|
Richardson, TX | | 696 | 3,944 | 530 | 705 | 4,465 | 5,170 | 1,023 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2220 Merritt Drive
|
Garland, TX | | 352 | 1,993 | 1,069 | 356 | 3,058 | 3,414 | 790 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2010 Merritt Drive
|
Garland, TX | | 350 | 1,981 | 559 | 357 | 2,533 | 2,890 | 692 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2363 Merritt Drive
|
Garland, TX | | 73 | 412 | 191 | 74 | 602 | 676 | 129 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2447 Merritt Drive
|
Garland, TX | | 70 | 395 | 77 | 71 | 471 | 542 | 109 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2465-2475
Merritt Drive
|
Garland, TX | | 91 | 514 | 145 | 92 | 658 | 750 | 143 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2485-2505
Merritt Drive
|
Garland, TX | | 431 | 2,440 | 547 | 436 | 2,982 | 3,418 | 677 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
2081 Hutton Drive Bldg 1(e)
|
Carrolton, TX | 1,875 | 448 | 2,540 | 460 | 453 | 2,995 | 3,448 | 654 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2110 Hutton Drive
|
Carrolton, TX | | 374 | 2,117 | 436 | 377 | 2,550 | 2,927 | 698 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2025 McKenzie Drive
|
Carrolton, TX | 1,583 | 437 | 2,478 | 348 | 442 | 2,821 | 3,263 | 666 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2019 McKenzie Drive
|
Carrolton, TX | 1,891 | 502 | 2,843 | 553 | 507 | 3,391 | 3,898 | 780 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1420 Valwood Parkway Bldg 1(d)
|
Carrolton, TX | | 460 | 2,608 | 751 | 466 | 3,353 | 3,819 | 732 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1620 Valwood Parkway(e)
|
Carrolton, TX | | 1,089 | 6,173 | 1,354 | 1,100 | 7,516 | 8,616 | 1,633 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1505 Luna Road Bldg II
|
Carrolton, TX | | 167 | 948 | 68 | 169 | 1,014 | 1,183 | 230 | 2001 | (l | ) |
S-5
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1625 West Crosby Road
|
Carrolton, TX | | 617 | 3,498 | 584 | 631 | 4,068 | 4,699 | 951 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2029-2035
McKenzie Drive
|
Carrolton, TX | | 306 | 1,870 | 698 | 306 | 2,568 | 2,874 | 919 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1840 Hutton Drive(d)
|
Carrolton, TX | | 811 | 4,597 | 849 | 819 | 5,438 | 6,257 | 1,228 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1420 Valwood Pkwy Bldg II
|
Carrolton, TX | | 373 | 2,116 | 348 | 377 | 2,460 | 2,837 | 582 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2015 McKenzie Drive
|
Carrolton, TX | 2,086 | 510 | 2,891 | 434 | 516 | 3,319 | 3,835 | 772 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2009 McKenzie Drive
|
Carrolton, TX | | 476 | 2,699 | 431 | 481 | 3,125 | 3,606 | 749 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
1505 Luna Road Bldg I
|
Carrolton, TX | | 521 | 2,953 | 505 | 529 | 3,450 | 3,979 | 896 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
2104 Hutton Drive
|
Carrolton, TX | | 246 | 1,393 | 184 | 249 | 1,574 | 1,823 | 340 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
900-1100
Avenue S
|
Grand Prairie, TX | 2,668 | 623 | 3,528 | 1,349 | 629 | 4,871 | 5,500 | 853 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
Plano Crossing(f)
|
Plano, TX | 7,474 | 1,961 | 11,112 | 672 | 1,981 | 11,764 | 13,745 | 2,294 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7413A-C Dogwood Park
|
Richland Hills, TX | | 110 | 623 | 150 | 111 | 772 | 883 | 140 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7450 Tower Street
|
Richland Hills, TX | | 36 | 204 | 191 | 36 | 395 | 431 | 134 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7436 Tower Street
|
Richland Hills, TX | | 57 | 324 | 162 | 58 | 485 | 543 | 147 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7426 Tower Street
|
Richland Hills, TX | | 76 | 429 | 59 | 76 | 488 | 564 | 84 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7427-7429
Tower Street
|
Richland Hills, TX | | 75 | 427 | 130 | 76 | 556 | 632 | 86 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
2840-2842
Handley Ederville Rd
|
Richland Hills, TX | | 112 | 635 | 59 | 113 | 693 | 806 | 134 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7451-7477
Airport Freeway
|
Richland Hills, TX | | 256 | 1,453 | 235 | 259 | 1,685 | 1,944 | 342 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7415 Whitehall Street
|
Richland Hills, TX | | 372 | 2,107 | 425 | 375 | 2,529 | 2,904 | 505 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7450 Whitehall Street
|
Richland Hills, TX | | 104 | 591 | 110 | 105 | 700 | 805 | 122 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
300 Wesley Way
|
Richland Hills, TX | 916 | 208 | 1,181 | 18 | 211 | 1,196 | 1,407 | 217 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
7451 Dogwood Park
|
Richland Hills, TX | | 133 | 753 | 43 | 134 | 795 | 929 | 155 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
825-827
Avenue H(d)
|
Arlington, TX | | 600 | 3,006 | 229 | 604 | 3,231 | 3,835 | 808 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
1013-31
Avenue M
|
Grand Prairie, TX | | 300 | 1,504 | 89 | 302 | 1,591 | 1,893 | 418 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
1172-84
113th Street(d)
|
Grand Prairie, TX | 2,321 | 700 | 3,509 | 156 | 704 | 3,661 | 4,365 | 827 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
1200-16
Avenue H(d)
|
Arlington, TX | 1,885 | 600 | 2,846 | 136 | 604 | 2,978 | 3,582 | 731 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
1322-66 N. Carrier
Parkway(e)
|
Grand Prairie, TX | | 1,000 | 5,012 | 223 | 1,006 | 5,229 | 6,235 | 1,164 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
2401-2407
Centennial Dr
|
Arlington, TX | 1,951 | 600 | 2,534 | 217 | 604 | 2,747 | 3,351 | 713 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
3111 West Commerce Street
|
Dallas, TX | | 1,000 | 3,364 | 63 | 1,011 | 3,416 | 4,427 | 872 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
9150 West Royal Lane
|
Irving, TX | | 818 | 3,767 | 351 | 820 | 4,116 | 4,936 | 828 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
13800 Senlac Drive
|
Farmers Ranch, TX | | 823 | 4,042 | 12 | 825 | 4,052 | 4,877 | 1,084 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
801-831 S
Great Southwest Pkwy(g)
|
Grand Prairie, TX | | 2,581 | 16,556 | (1,307 | ) | 2,586 | 15,244 | 17,830 | 3,659 | 2005 | (l | ) | |||||||||||||||||||||||||||||
801-842
Heinz Way
|
Grand Prairie, TX | | 599 | 3,327 | 293 | 601 | 3,618 | 4,219 | 814 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
901-937
Heinz Way
|
Grand Prairie, TX | | 493 | 2,758 | (14 | ) | 481 | 2,756 | 3,237 | 694 | 2005 | (l | ) | |||||||||||||||||||||||||||||
2900 Avenue E
|
Arlington, TX | | 296 | | 2,139 | 296 | 2,139 | 2,435 | 325 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
3730 Wheeler Avenue
|
Fort Smith, AR | | 720 | 2,800 | 28 | 726 | 2,822 | 3,548 | 356 | 2006 | (l | ) |
S-6
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
3301 Century Circle
|
Irving, TX | 2,589 | 760 | 3,856 | 204 | 771 | 4,049 | 4,820 | 336 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
First Garland Dist Ctr
|
Garland, TX | | 1,912 | | 14,612 | 1,947 | 14,577 | 16,524 | 847 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
202-210 N. Great
Southwesst Pkwy
|
Grand Prairie, TX | | 870 | 2,754 | 75 | 892 | 2,807 | 3,699 | 659 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Denver
|
||||||||||||||||||||||||||||||||||||||||||
4785 Elati
|
Denver, CO | | 173 | 981 | 109 | 175 | 1,088 | 1,263 | 344 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4770 Fox Street
|
Denver, CO | | 132 | 750 | 72 | 134 | 820 | 954 | 245 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3871 Revere
|
Denver, CO | 1,465 | 361 | 2,047 | 612 | 368 | 2,652 | 3,020 | 932 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4570 Ivy Street
|
Denver, CO | 1,045 | 219 | 1,239 | 145 | 220 | 1,383 | 1,603 | 434 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5855 Stapleton Drive North
|
Denver, CO | 1,421 | 288 | 1,630 | 262 | 290 | 1,890 | 2,180 | 611 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5885 Stapleton Drive North
|
Denver, CO | 1,885 | 376 | 2,129 | 388 | 380 | 2,513 | 2,893 | 768 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5977-5995
North Broadway
|
Denver, CO | | 268 | 1,518 | 350 | 271 | 1,865 | 2,136 | 568 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
2952-5978
North Broadway
|
Denver, CO | | 414 | 2,346 | 795 | 422 | 3,133 | 3,555 | 925 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4721 Ironton Street
|
Denver, CO | | 232 | 1,313 | 7 | 236 | 1,316 | 1,552 | 458 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
East 47th Drive A
|
Denver, CO | | 441 | 2,689 | (34 | ) | 441 | 2,655 | 3,096 | 850 | 1997 | (l | ) | |||||||||||||||||||||||||||||
9500 West 49th Street A
|
Wheatridge, CO | | 283 | 1,625 | 8 | 287 | 1,629 | 1,916 | 539 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9500 West 49th Street B
|
Wheatridge, CO | | 225 | 1,272 | 108 | 227 | 1,378 | 1,605 | 438 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9500 West 49th Street C
|
Wheatridge, CO | | 600 | 3,409 | 93 | 601 | 3,501 | 4,102 | 1,116 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9500 West 49th Street D
|
Wheatridge, CO | | 246 | 1,537 | 294 | 247 | 1,830 | 2,077 | 565 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
451-591 East
124th Avenue
|
Littleton, CO | | 383 | 2,145 | 518 | 383 | 2,663 | 3,046 | 990 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
608 Garrison Street
|
Lakewood, CO | | 265 | 1,501 | 355 | 269 | 1,852 | 2,121 | 573 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
610 Garrison Street
|
Lakewood, CO | | 264 | 1,494 | 341 | 268 | 1,831 | 2,099 | 561 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
15000 West 6th Avenue
|
Golden, CO | | 913 | 5,174 | 859 | 918 | 6,028 | 6,946 | 1,919 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg E
|
Golden, CO | | 565 | 3,199 | 173 | 570 | 3,367 | 3,937 | 1,029 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
14998 West 6th Avenue Bldg F
|
Englewood, CO | | 269 | 1,525 | 31 | 273 | 1,552 | 1,825 | 475 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
12503 East Euclid Drive
|
Denver, CO | | 1,208 | 6,905 | 1,165 | 1,208 | 8,070 | 9,278 | 2,529 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
6547 South Racine Circle
|
Englewood, CO | 2,996 | 739 | 4,241 | 400 | 739 | 4,641 | 5,380 | 1,495 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1600 South Abilene
|
Aurora, CO | | 465 | 2,633 | 72 | 467 | 2,703 | 3,170 | 832 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1620 South Abilene
|
Aurora, CO | | 268 | 1,520 | 64 | 270 | 1,582 | 1,852 | 486 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1640 South Abilene
|
Aurora, CO | | 368 | 2,085 | 108 | 382 | 2,179 | 2,561 | 669 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
13900 East Florida Ave
|
Aurora, CO | | 189 | 1,071 | 113 | 190 | 1,183 | 1,373 | 381 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
11701 East 53rd Avenue
|
Denver, CO | | 416 | 2,355 | 193 | 422 | 2,542 | 2,964 | 836 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5401 Oswego Street
|
Denver, CO | | 273 | 1,547 | 222 | 278 | 1,764 | 2,042 | 569 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
14818 West 6th Avenue Bldg A
|
Golden, CO | | 468 | 2,799 | 372 | 468 | 3,171 | 3,639 | 1,023 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
14828 West 6th Avenue Bldg B
|
Golden, CO | | 503 | 2,942 | 375 | 503 | 3,317 | 3,820 | 1,120 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
445 Bryant Street
|
Denver, CO | 6,856 | 1,829 | 10,219 | 2,083 | 1,829 | 12,302 | 14,131 | 3,615 | 1998 | (l | ) |
S-7
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
3811 Joliet
|
Denver, CO | | 735 | 4,166 | 448 | 752 | 4,597 | 5,349 | 1,330 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
12055 E 49th Ave/4955 Peoria
|
Denver, CO | | 298 | 1,688 | 446 | 305 | 2,127 | 2,432 | 638 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
4940-4950
Paris
|
Denver, CO | | 152 | 861 | 184 | 156 | 1,041 | 1,197 | 313 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
4970 Paris
|
Denver, CO | | 95 | 537 | 121 | 97 | 656 | 753 | 188 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
7367 South Revere Parkway
|
Englewood, CO | 3,299 | 926 | 5,124 | 750 | 934 | 5,866 | 6,800 | 1,765 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
8200 East Park Meadows Drive(d)
|
Lone Tree, CO | | 1,297 | 7,348 | 861 | 1,304 | 8,202 | 9,506 | 2,019 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
3250 Quentin(d)
|
Aurora, CO | | 1,220 | 6,911 | 669 | 1,230 | 7,570 | 8,800 | 1,797 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
Highpoint Bus Ctr B
|
Littleton, CO | | 739 | | 3,566 | 781 | 3,524 | 4,305 | 871 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1130 W. 124th Ave
|
Westminster, CO | | 441 | | 4,489 | 441 | 4,489 | 4,930 | 1,697 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1070 W. 124th Ave
|
Westminster, CO | | 374 | | 3,042 | 374 | 3,042 | 3,416 | 650 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1020 W. 124th Ave
|
Westminster, CO | | 374 | | 2,924 | 374 | 2,924 | 3,298 | 747 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
Jeffco Bus Ctr Phase I
|
Broomfield, CO | | 312 | | 1,403 | 370 | 1,345 | 1,715 | 289 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
960 W. 124th Ave
|
Westminster, CO | | 441 | | 3,753 | 441 | 3,753 | 4,194 | 1,075 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
8820 W. 116th Street
|
Broomfield, CO | | 338 | 1,918 | 282 | 372 | 2,166 | 2,538 | 386 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
8835 W. 116th Street
|
Broomfield, CO | | 1,151 | 6,523 | 1,106 | 1,304 | 7,476 | 8,780 | 1,361 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
18150 E. 32nd Street
|
Aurora, CO | 2,217 | 563 | 3,188 | 819 | 572 | 3,998 | 4,570 | 1,183 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
7005 E. 46th Avenue Drive
|
Denver, CO | 1,513 | 512 | 2,025 | 60 | 517 | 2,080 | 2,597 | 331 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4001 Salazar Way
|
Frederick, CO | | 1,271 | 6,508 | 26 | 1,276 | 6,529 | 7,805 | 1,006 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
1690 S. Abilene
|
Aurora, CO | | 406 | 2,814 | 47 | 411 | 2,856 | 3,267 | 467 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
5909-5915 N. Broadway
|
Denver, CO | 1,047 | 495 | 1,268 | 176 | 500 | 1,439 | 1,939 | 317 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
555 Corporate Circle
|
Golden, CO | | 499 | 2,673 | 63 | 559 | 2,676 | 3,235 | 392 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
Detroit
|
||||||||||||||||||||||||||||||||||||||||||
238 Executive Drive
|
Troy, MI | | 52 | 173 | 514 | 100 | 639 | 739 | 546 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
301 Executive Drive
|
Troy, MI | | 71 | 293 | 657 | 133 | 888 | 1,021 | 823 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
449 Executive Drive
|
Troy, MI | | 125 | 425 | 944 | 218 | 1,276 | 1,494 | 1,169 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
501 Executive Drive
|
Troy, MI | | 71 | 236 | 616 | 129 | 794 | 923 | 546 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
451 Robbins Drive
|
Troy, MI | | 96 | 448 | 861 | 192 | 1,213 | 1,405 | 1,082 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1095 Crooks Road
|
Troy, MI | | 331 | 1,017 | 2,238 | 360 | 3,226 | 3,586 | 1,706 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1416 Meijer Drive
|
Troy, MI | | 94 | 394 | 520 | 121 | 887 | 1,008 | 684 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1624 Meijer Drive
|
Troy, MI | | 236 | 1,406 | 940 | 373 | 2,209 | 2,582 | 1,660 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1972 Meijer Drive
|
Troy, MI | | 315 | 1,301 | 738 | 372 | 1,982 | 2,354 | 1,400 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1621 Northwood Drive
|
Troy, MI | | 85 | 351 | 1,014 | 215 | 1,235 | 1,450 | 1,134 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1707 Northwood Drive
|
Troy, MI | | 95 | 262 | 1,383 | 239 | 1,501 | 1,740 | 1,117 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1788 Northwood Drive
|
Troy, MI | | 50 | 196 | 507 | 103 | 650 | 753 | 574 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1821 Northwood Drive
|
Troy, MI | | 132 | 523 | 744 | 220 | 1,179 | 1,399 | 1,149 | 1994 | (l | ) |
S-8
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1826 Northwood Drive
|
Troy, MI | | 55 | 208 | 472 | 103 | 632 | 735 | 541 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1864 Northwood Drive
|
Troy, MI | | 57 | 190 | 489 | 107 | 629 | 736 | 560 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2277 Elliott Avenue
|
Troy, MI | | 48 | 188 | 536 | 104 | 668 | 772 | 567 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2451 Elliott Avenue
|
Troy, MI | | 78 | 319 | 766 | 164 | 999 | 1,163 | 912 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2730 Research Drive
|
Rochester Hills, MI | | 903 | 4,215 | 1,402 | 903 | 5,617 | 6,520 | 3,446 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2791 Research Drive
|
Rochester Hills, MI | | 557 | 2,731 | 719 | 560 | 3,447 | 4,007 | 2,106 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2871 Research Drive
|
Rochester Hills, MI | | 324 | 1,487 | 824 | 327 | 2,308 | 2,635 | 1,344 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
3011 Research Drive
|
Rochester Hills, MI | | 457 | 2,104 | 376 | 457 | 2,480 | 2,937 | 1,671 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2870 Technology Drive
|
Rochester Hills, MI | | 275 | 1,262 | 280 | 279 | 1,538 | 1,817 | 1,028 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2900 Technology Drive
|
Rochester Hills, MI | | 214 | 977 | 536 | 219 | 1,508 | 1,727 | 935 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2930 Technology Drive
|
Rochester Hills, MI | | 131 | 594 | 379 | 138 | 966 | 1,104 | 545 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
2950 Technology Drive
|
Rochester Hills, MI | | 178 | 819 | 374 | 185 | 1,186 | 1,371 | 706 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23014 Commerce Drive
|
Farmington Hills, MI | | 39 | 203 | 216 | 56 | 402 | 458 | 260 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23028 Commerce Drive
|
Farmington Hills, MI | | 98 | 507 | 278 | 125 | 758 | 883 | 550 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23035 Commerce Drive
|
Farmington Hills, MI | | 71 | 355 | 247 | 93 | 580 | 673 | 419 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23042 Commerce Drive
|
Farmintgon Hills, MI | | 67 | 277 | 273 | 89 | 528 | 617 | 397 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23065 Commerce Drive
|
Farmington Hills, MI | | 71 | 408 | 207 | 93 | 593 | 686 | 425 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23070 Commerce Drive
|
Farmington Hills, MI | | 112 | 442 | 346 | 125 | 775 | 900 | 573 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23079 Commerce Drive
|
Farmington Hills, MI | | 68 | 301 | 289 | 79 | 579 | 658 | 373 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23093 Commerce Drive
|
Farmington Hills, MI | | 211 | 1,024 | 844 | 295 | 1,784 | 2,079 | 1,375 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23135 Commerce Drive
|
Farmington Hills, MI | | 146 | 701 | 377 | 158 | 1,066 | 1,224 | 653 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23163 Commerce Drive
|
Farmington Hills, MI | | 111 | 513 | 341 | 138 | 827 | 965 | 547 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23177 Commerce Drive
|
Farmington Hills, MI | | 175 | 1,007 | 593 | 254 | 1,521 | 1,775 | 1,034 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23206 Commerce Drive
|
Farmington Hills, MI | | 125 | 531 | 307 | 137 | 826 | 963 | 572 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
23370 Commerce Drive
|
Farmington Hills, MI | | 59 | 233 | 175 | 66 | 401 | 467 | 333 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
32450 N Avis Drive
|
Madison Heights, MI | | 281 | 1,590 | 193 | 286 | 1,778 | 2,064 | 604 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
12707 Eckles Road
|
Plymouth Township, MI | | 255 | 1,445 | 237 | 267 | 1,670 | 1,937 | 529 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9300-9328
Harrison Rd
|
Romulus, MI | | 147 | 834 | 395 | 154 | 1,222 | 1,376 | 358 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9330-9358
Harrison Rd
|
Romulus, MI | | 81 | 456 | 280 | 85 | 732 | 817 | 246 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28420-28448
Highland Rd
|
Romulus, MI | | 143 | 809 | 113 | 149 | 916 | 1,065 | 292 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28450-28478
Highland Rd
|
Romulus, MI | | 81 | 461 | 500 | 85 | 957 | 1,042 | 233 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28421-28449
Highland Rd
|
Romulus, MI | | 109 | 617 | 385 | 114 | 997 | 1,111 | 305 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28451-28479
Highland Rd
|
Romulus, MI | | 107 | 608 | 335 | 112 | 938 | 1,050 | 314 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28825-28909
Highland Rd
|
Romulus, MI | | 70 | 395 | 306 | 73 | 698 | 771 | 235 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28933-29017
Highland Rd
|
Romulus, MI | | 112 | 634 | 286 | 117 | 915 | 1,032 | 298 | 1996 | (l | ) |
S-9
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
28824-28908
Highland Rd
|
Romulus, MI | | 134 | 760 | 220 | 140 | 974 | 1,114 | 321 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
28932-29016
Highland Rd
|
Romulus, MI | | 123 | 694 | 315 | 128 | 1,004 | 1,132 | 341 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9710-9734
Harrison Rd
|
Romulus, MI | | 125 | 706 | 172 | 130 | 873 | 1,003 | 260 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9740-9772
Harrison Rd
|
Romulus, MI | | 132 | 749 | 219 | 138 | 962 | 1,100 | 288 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9840-9868
Harrison Rd
|
Romulus, MI | | 144 | 815 | 169 | 151 | 977 | 1,128 | 337 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9800-9824
Harrison Rd
|
Romulus, MI | | 117 | 664 | 165 | 123 | 823 | 946 | 281 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29265-29285
Airport Dr
|
Romulus, MI | | 140 | 794 | 226 | 147 | 1,013 | 1,160 | 333 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29185-29225
Airport Dr
|
Romulus, MI | | 140 | 792 | 323 | 146 | 1,109 | 1,255 | 366 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29149-29165
Airport Dr
|
Romulus, MI | | 216 | 1,225 | 265 | 226 | 1,480 | 1,706 | 500 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29101-29115
Airport Dr
|
Romulus, MI | | 130 | 738 | 272 | 136 | 1,004 | 1,140 | 341 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29031-29045
Airport Dr
|
Romulus, MI | | 124 | 704 | 166 | 130 | 864 | 994 | 301 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29050-29062
Airport Dr
|
Romulus, MI | | 127 | 718 | 153 | 133 | 865 | 998 | 287 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29120-29134
Airport Dr
|
Romulus, MI | | 161 | 912 | 296 | 169 | 1,200 | 1,369 | 410 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
29200-29214
Airport Dr
|
Romulus, MI | | 170 | 963 | 297 | 178 | 1,252 | 1,430 | 426 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
9301-9339
Middlebelt Rd
|
Romulus, MI | | 124 | 703 | 239 | 130 | 936 | 1,066 | 327 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
26980 Trolley Industrial Drive
|
Taylor, MI | | 450 | 2,550 | 926 | 463 | 3,463 | 3,926 | 1,155 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
32975 Capitol Avenue
|
Livonia, MI | | 135 | 748 | 332 | 144 | 1,071 | 1,215 | 382 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
2725 S. Industrial Highway
|
Ann Arbor, MI | | 660 | 3,654 | 497 | 704 | 4,107 | 4,811 | 1,212 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
32920 Capitol Avenue
|
Livonia, MI | | 76 | 422 | 103 | 82 | 519 | 601 | 148 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
11923 Brookfield Avenue
|
Livonia, MI | | 120 | 665 | 278 | 128 | 935 | 1,063 | 326 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
11965 Brookfield Avenue
|
Livonia, MI | | 120 | 665 | 67 | 128 | 724 | 852 | 210 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
13405 Stark Road
|
Livonia, MI | | 46 | 254 | 85 | 49 | 336 | 385 | 89 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1170 Chicago Road
|
Troy, MI | | 249 | 1,380 | 255 | 266 | 1,618 | 1,884 | 464 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1200 Chicago Road
|
Troy, MI | | 268 | 1,483 | 284 | 286 | 1,749 | 2,035 | 494 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
450 Robbins Drive
|
Troy, MI | | 166 | 920 | 260 | 178 | 1,168 | 1,346 | 340 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1230 Chicago Road
|
Troy, MI | | 271 | 1,498 | 156 | 289 | 1,636 | 1,925 | 474 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
12886 Westmore Avenue
|
Livonia, MI | | 190 | 1,050 | 194 | 202 | 1,232 | 1,434 | 355 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
12898 Westmore Avenue
|
Livonia, MI | | 190 | 1,050 | 244 | 202 | 1,282 | 1,484 | 348 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
33025 Industrial Road
|
Livonia, MI | | 80 | 442 | 108 | 85 | 545 | 630 | 153 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
47711 Clipper Street
|
Plymouth Township, MI | | 539 | 2,983 | 265 | 575 | 3,212 | 3,787 | 932 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
32975 Industrial Road
|
Livonia, MI | | 160 | 887 | 196 | 171 | 1,072 | 1,243 | 311 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
32985 Industrial Road
|
Livonia, MI | | 137 | 761 | 154 | 147 | 905 | 1,052 | 271 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
32995 Industrial Road
|
Livonia, MI | | 160 | 887 | 187 | 171 | 1,063 | 1,234 | 302 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
12874 Westmore Avenue
|
Livonia, MI | | 137 | 761 | 206 | 147 | 957 | 1,104 | 314 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
33067 Industrial Road
|
Livonia, MI | | 160 | 887 | 324 | 171 | 1,200 | 1,371 | 395 | 1998 | (l | ) |
S-10
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1775 Bellingham
|
Troy, MI | | 344 | 1,902 | 365 | 367 | 2,244 | 2,611 | 618 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1785 East Maple
|
Troy, MI | | 92 | 507 | 162 | 98 | 663 | 761 | 172 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1807 East Maple
|
Troy, MI | | 321 | 1,775 | 375 | 342 | 2,129 | 2,471 | 593 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
980 Chicago
|
Troy, MI | | 206 | 1,141 | 176 | 220 | 1,303 | 1,523 | 363 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1840 Enterprise Drive
|
Rochester Hills, MI | | 573 | 3,170 | 323 | 611 | 3,455 | 4,066 | 994 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1885 Enterprise Drive
|
Rochester Hills, MI | | 209 | 1,158 | 146 | 223 | 1,290 | 1,513 | 375 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1935-55
Enterprise Drive
|
Rochester Hills, MI | | 1,285 | 7,144 | 664 | 1,371 | 7,722 | 9,093 | 2,253 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
5500 Enterprise Court
|
Warren, MI | | 675 | 3,737 | 636 | 721 | 4,327 | 5,048 | 1,308 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
750 Chicago Road
|
Troy, MI | | 323 | 1,790 | 483 | 345 | 2,251 | 2,596 | 651 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
800 Chicago Road
|
Troy, MI | | 283 | 1,567 | 351 | 302 | 1,899 | 2,201 | 530 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
850 Chicago Road
|
Troy, MI | | 183 | 1,016 | 261 | 196 | 1,264 | 1,460 | 367 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
2805 S. Industrial Highway
|
Ann Arbor, MI | | 318 | 1,762 | 689 | 340 | 2,429 | 2,769 | 720 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
6833 Center Drive
|
Sterling Heights, MI | | 467 | 2,583 | 218 | 493 | 2,775 | 3,268 | 826 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
32201 North Avis Drive
|
Madison Heights, MI | | 345 | 1,911 | 232 | 349 | 2,139 | 2,488 | 629 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1100 East Mandoline Road
|
Madison Heights, MI | | 888 | 4,915 | 1,686 | 897 | 6,592 | 7,489 | 1,753 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
30081 Stephenson Highway
|
Madison Heights, MI | | 271 | 1,499 | 353 | 274 | 1,849 | 2,123 | 544 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1120 John A. Papalas Drive(e)
|
Lincoln Park, MI | | 366 | 3,241 | 1,351 | 469 | 4,489 | 4,958 | 1,296 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
4872 S. Lapeer Road
|
Lake Orion Twsp, MI | | 1,342 | 5,441 | 792 | 1,412 | 6,163 | 7,575 | 1,882 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
1400 Allen Drive
|
Troy, MI | | 209 | 1,154 | 338 | 212 | 1,489 | 1,701 | 399 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1408 Allen Drive
|
Troy, MI | | 151 | 834 | 133 | 153 | 965 | 1,118 | 226 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1305 Stephenson Hwy
|
Troy, MI | | 345 | 1,907 | 255 | 350 | 2,157 | 2,507 | 471 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
32505 Industrial Drive
|
Madison Heights, MI | | 345 | 1,910 | 695 | 351 | 2,599 | 2,950 | 817 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
1799-1813
Northfield Drive(d)
|
Rochester Hills, MI | | 481 | 2,665 | 282 | 490 | 2,938 | 3,428 | 672 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
28435 Automation Blvd
|
Wixom, MI | | 621 | | 3,810 | 628 | 3,803 | 4,431 | 577 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
32200 N Avis Drive
|
Madison Heights, MI | | 503 | 3,367 | 1,370 | 503 | 4,737 | 5,240 | 563 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
100 Kay Industrial Drive
|
Rion Township, MI | | 677 | 2,018 | 404 | 685 | 2,414 | 3,099 | 840 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1849 West Maple Road
|
Troy, MI | | 1,688 | 2,790 | (99 | ) | 1,700 | 2,679 | 4,379 | 402 | 2005 | (l | ) | |||||||||||||||||||||||||||||
35000 Capitol Avenue
|
Livonia, MI | | 258 | 1,032 | 324 | 260 | 1,354 | 1,614 | 134 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
32650 Capitol Avenue
|
Livonia, MI | | 282 | 1,128 | 55 | 284 | 1,181 | 1,465 | 148 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
11800 Sears Drive
|
Livonia, MI | | 693 | 1,507 | 2,053 | 703 | 3,550 | 4,253 | 755 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1099 Chicago Road
|
Troy, MI | | 1,277 | 1,332 | 183 | 1,316 | 1,476 | 2,792 | 530 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
42555 Merrill Road
|
Sterling Heights, MI | | 1,080 | 2,300 | 3,702 | 1,090 | 5,992 | 7,082 | 1,032 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2441 N. Opdyke Road
|
Auburn Hills, MI | | 530 | 737 | 16 | 538 | 745 | 1,283 | 212 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
200 Northpointe Drive
|
Orion Township, MI | | 723 | 2,063 | 36 | 734 | 2,088 | 2,822 | 348 | 2006 | (l | ) |
S-11
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Houston
|
||||||||||||||||||||||||||||||||||||||||||
2102-2314
Edwards Street
|
Houston, TX | | 348 | 1,973 | 1,547 | 382 | 3,486 | 3,868 | 1,017 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3351 Rauch St
|
Houston, TX | | 272 | 1,541 | 267 | 278 | 1,802 | 2,080 | 523 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3851 Yale St
|
Houston, TX | | 413 | 2,343 | 584 | 425 | 2,915 | 3,340 | 1,003 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3337-3347
Rauch Street
|
Houston, TX | 943 | 227 | 1,287 | 220 | 233 | 1,501 | 1,734 | 443 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
8505 N Loop East
|
Houston, TX | 1,724 | 439 | 2,489 | 626 | 449 | 3,105 | 3,554 | 885 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4749-4799
Eastpark Dr
|
Houston, TX | 2,459 | 594 | 3,368 | 1,107 | 611 | 4,458 | 5,069 | 1,295 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4851 Homestead Road
|
Houston, TX | | 491 | 2,782 | 899 | 504 | 3,668 | 4,172 | 1,083 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
3365-3385
Rauch Street
|
Houston, TX | | 284 | 1,611 | 398 | 290 | 2,003 | 2,293 | 596 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5050 Campbell Road
|
Houston, TX | 1,685 | 461 | 2,610 | 401 | 470 | 3,002 | 3,472 | 899 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4300 Pine Timbers
|
Houston, TX | | 489 | 2,769 | 666 | 499 | 3,425 | 3,924 | 1,031 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
2500-2530
Fairway Park Drive
|
Houston, TX | 3,174 | 766 | 4,342 | 1,434 | 792 | 5,750 | 6,542 | 1,595 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
6550 Longpointe
|
Houston, TX | 1,393 | 362 | 2,050 | 458 | 370 | 2,500 | 2,870 | 731 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1815 Turning Basin Dr
|
Houston, TX | 1,885 | 487 | 2,761 | 637 | 531 | 3,354 | 3,885 | 988 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1819 Turning Basin Dr
|
Houston, TX | | 231 | 1,308 | 489 | 251 | 1,777 | 2,028 | 585 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1805 Turning Basin Drive
|
Houston, TX | 2,201 | 564 | 3,197 | 775 | 616 | 3,920 | 4,536 | 1,160 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9835A Genard Road
|
Houston, TX | | 1,505 | 8,333 | 3,100 | 1,581 | 11,357 | 12,938 | 2,548 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
9835B Genard Road
|
Houston, TX | | 245 | 1,357 | 646 | 256 | 1,992 | 2,248 | 485 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
11505 State Highway 225
|
LaPorte City, TX | 4,769 | 940 | 4,675 | 615 | 940 | 5,290 | 6,230 | 910 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1500 E. Main Street
|
Houston, TX | | 201 | 1,328 | 24 | 204 | 1,349 | 1,553 | 432 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
700 Industrial Blvd
|
Sugar Land, TX | | 608 | 3,679 | 341 | 617 | 4,011 | 4,628 | 444 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
7230-7238
Wynnwood
|
Houston, TX | | 254 | 764 | 79 | 259 | 838 | 1,097 | 159 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
7240-7248
Wynnwood
|
Houston, TX | | 271 | 726 | 77 | 276 | 798 | 1,074 | 150 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
7250-7260
Wynnwood
|
Houston, TX | | 200 | 481 | 35 | 203 | 513 | 716 | 86 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
6400 Long Point
|
Houston, TX | 802 | 188 | 898 | (6 | ) | 188 | 892 | 1,080 | 159 | 2007 | (l | ) | |||||||||||||||||||||||||||||
12705 S. Kirkwood, Ste
100-150
|
Stafford, TX | | 154 | 626 | 20 | 155 | 645 | 800 | 103 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
12705 S. Kirkwood, Ste
200-220
|
Stafford, TX | | 404 | 1,698 | 109 | 413 | 1,798 | 2,211 | 288 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
8850 Jameel
|
Houston, TX | | 171 | 826 | 70 | 171 | 896 | 1,067 | 164 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
8800 Jameel
|
Houston, TX | | 163 | 798 | | 163 | 798 | 961 | 113 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
8700 Jameel
|
Houston, TX | | 170 | 1,020 | 190 | 170 | 1,210 | 1,380 | 161 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
8600 Jameel
|
Houston, TX | | 163 | 818 | (30 | ) | 163 | 788 | 951 | 105 | 2007 | (l | ) | |||||||||||||||||||||||||||||
Indianapolis
|
||||||||||||||||||||||||||||||||||||||||||
1445 Brookville Way
|
Indianapolis, IN | | 459 | 2,603 | 693 | 476 | 3,279 | 3,755 | 1,101 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1440 Brookville Way
|
Indianapolis, IN | | 665 | 3,770 | 1,091 | 685 | 4,841 | 5,526 | 1,898 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1240 Brookville Way
|
Indianapolis, IN | | 247 | 1,402 | 346 | 258 | 1,737 | 1,995 | 616 | 1996 | (l | ) |
S-12
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1345 Brookville Way
|
Indianapolis, IN | | 586 | 3,321 | 808 | 601 | 4,114 | 4,715 | 1,443 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1350 Brookville Way
|
Indianapolis, IN | | 205 | 1,161 | 308 | 212 | 1,462 | 1,674 | 482 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1341 Sadlier Circle E Dr
|
Indianapolis, IN | | 131 | 743 | 197 | 136 | 935 | 1,071 | 313 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1322-1438
Sadlier Circle E Dr
|
Indianapolis, IN | | 145 | 822 | 188 | 152 | 1,003 | 1,155 | 328 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1327-1441
Sadlier Circle E Dr
|
Indianapolis, IN | | 218 | 1,234 | 383 | 225 | 1,610 | 1,835 | 595 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1304 Sadlier Circle E Dr
|
Indianapolis, IN | | 71 | 405 | 181 | 75 | 582 | 657 | 169 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1402 Sadlier Circle E Dr
|
Indianapolis, IN | | 165 | 934 | 349 | 171 | 1,277 | 1,448 | 485 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1504 Sadlier Circle E Dr
|
Indianapolis, IN | | 219 | 1,238 | 391 | 226 | 1,622 | 1,848 | 519 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1311 Sadlier Circle E Dr
|
Indianapolis, IN | | 54 | 304 | 109 | 57 | 410 | 467 | 151 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1365 Sadlier Circle E Dr
|
Indianapolis, IN | | 121 | 688 | 295 | 126 | 978 | 1,104 | 357 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1352-1354
Sadlier Circle E Dr
|
Indianapolis, IN | | 178 | 1,008 | 348 | 184 | 1,350 | 1,534 | 488 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1335 Sadlier Circle E Dr
|
Indianapolis, IN | | 81 | 460 | 326 | 85 | 782 | 867 | 295 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1327 Sadlier Circle E Dr
|
Indianapolis, IN | | 52 | 295 | 51 | 55 | 343 | 398 | 116 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1425 Sadlier Circle E Dr
|
Indianapolis, IN | | 21 | 117 | 39 | 23 | 154 | 177 | 53 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
6951 E 30th St
|
Indianapolis, IN | | 256 | 1,449 | 222 | 265 | 1,662 | 1,927 | 574 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
6701 E 30th St
|
Indianapolis, IN | | 78 | 443 | 59 | 82 | 498 | 580 | 167 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
6737 E 30th St
|
Indianapolis, IN | | 385 | 2,181 | 307 | 398 | 2,475 | 2,873 | 921 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
6555 E 30th St
|
Indianapolis, IN | 3,611 | 484 | 4,760 | 1,521 | 484 | 6,281 | 6,765 | 2,286 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
8402-8440 E
33rd St
|
Indianapolis, IN | | 222 | 1,260 | 542 | 230 | 1,794 | 2,024 | 595 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
8520-8630 E
33rd St
|
Indianapolis, IN | | 326 | 1,848 | 595 | 336 | 2,433 | 2,769 | 832 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
8710-8768 E
33rd St
|
Indianapolis, IN | | 175 | 993 | 506 | 187 | 1,487 | 1,674 | 471 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
3316-3346 N. Pagosa
Court
|
Indianapolis, IN | 1,430 | 325 | 1,842 | 512 | 335 | 2,344 | 2,679 | 924 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
7901 West 21st St.
|
Indianapolis, IN | | 1,048 | 6,027 | 248 | 1,048 | 6,275 | 7,323 | 1,959 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1225 Brookville Way
|
Indianapolis, IN | | 60 | | 461 | 68 | 453 | 521 | 153 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
6751 E 30th St
|
Indianapolis, IN | | 728 | 2,837 | 271 | 741 | 3,095 | 3,836 | 934 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
9210 E. 146th Street
|
Noblesville, IN | | 66 | 684 | 818 | 66 | 1,502 | 1,568 | 751 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
5705-97 Park
Plaza Ct
|
Indianapolis, IN | 2,236 | 600 | 2,194 | 409 | 609 | 2,594 | 3,203 | 554 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
9319-9341
Castlegate Drive
|
Indianapolis, IN | | 530 | 1,235 | 1,083 | 544 | 2,304 | 2,848 | 698 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
1133 Northwest L Street
|
Richmond, IN | 1,254 | 201 | 1,358 | (90 | ) | 208 | 1,261 | 1,469 | 432 | 2006 | (l | ) | |||||||||||||||||||||||||||||
14425 Bergen Blvd
|
Noblesville, IN | | 647 | | 3,861 | 743 | 3,765 | 4,508 | 310 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Inland Empire
|
||||||||||||||||||||||||||||||||||||||||||
3411 N. Perris Boulevard
|
Riverside, CA | | 8,125 | 7,150 | 99 | 8,560 | 6,814 | 15,374 | 1,423 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
100 West Sinclair
|
Riverside, CA | | 6,042 | 4,298 | (5,789 | ) | 2,245 | 2,306 | 4,551 | 754 | 2007 | (l | ) | |||||||||||||||||||||||||||||
14050 Day Street
|
Moreno Valley, CA | | 2,538 | 2,538 | 288 | 2,565 | 2,798 | 5,363 | 222 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
12925 Marlay Avenue
|
Fontana, CA | | 6,072 | 7,891 | (28 | ) | 6,090 | 7,845 | 13,935 | 771 | 2008 | (l | ) |
S-13
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Los Angeles
|
||||||||||||||||||||||||||||||||||||||||||
1944 Vista Bella Way
|
Rancho Domingue, CA | 3,444 | 1,746 | 3,148 | 584 | 1,822 | 3,656 | 5,478 | 729 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2000 Vista Bella Way
|
Rancho Domingue, CA | 1,397 | 817 | 1,673 | 295 | 853 | 1,932 | 2,785 | 382 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2835 East Ana Street
|
Rancho Domingue, CA | 3,015 | 1,682 | 2,750 | 141 | 1,772 | 2,801 | 4,573 | 708 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
665 N. Baldwin Park Blvd.
|
City of Industry, CA | 4,575 | 2,124 | 5,219 | 1,662 | 2,143 | 6,862 | 9,005 | 873 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
27801 Avenue Scott
|
Santa Clarita, CA | | 2,890 | 7,020 | 580 | 2,902 | 7,588 | 10,490 | 927 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2610&2660 Columbia St
|
Torrance, CA | 4,749 | 3,008 | 5,826 | 344 | 3,031 | 6,147 | 9,178 | 717 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
433 Alaska Avenue
|
Torrance, CA | | 681 | 168 | 5 | 684 | 170 | 854 | 78 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
4020 S. Compton Ave
|
Los Angeles, CA | | 3,800 | 7,330 | 71 | 3,825 | 7,376 | 11,201 | 760 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
21730-21748
Marilla St.
|
Chatsworth, CA | 3,129 | 2,585 | 3,210 | 149 | 2,608 | 3,336 | 5,944 | 415 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
8015 Paramount
|
Pico Rivera, CA | | 3,616 | 3,902 | 61 | 3,657 | 3,922 | 7,579 | 495 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
3365 E. Slauson
|
Vernon, CA | | 2,367 | 3,243 | 40 | 2,396 | 3,254 | 5,650 | 433 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
3015 East Ana
|
Rancho Domingue, CA | | 19,678 | 9,321 | 7,451 | 20,144 | 16,306 | 36,450 | 1,522 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
19067 Reyes Ave
|
Rancho Domingue, CA | | 9,281 | 3,920 | 119 | 9,381 | 3,939 | 13,320 | 602 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1250 Rancho Conejo Blvd.
|
Thousand Oaks, CA | | 1,435 | 779 | 36 | 1,441 | 809 | 2,250 | 111 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1260 Rancho Conejo Blvd.
|
Thousand Oaks, CA | | 1,353 | 722 | 227 | 1,359 | 943 | 2,302 | 102 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1270 Rancho Conejo Blvd.
|
Thousand Oaks, CA | | 1,224 | 716 | 21 | 1,229 | 732 | 1,961 | 116 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1280 Rancho Conejo Blvd.
|
Thousand Oaks, CA | 3,213 | 2,043 | 3,408 | 40 | 2,051 | 3,440 | 5,491 | 397 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1290 Rancho Conejo Blvd
|
Thousand Oaks, CA | 2,769 | 1,754 | 2,949 | 35 | 1,761 | 2,977 | 4,738 | 346 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
18201-18291
Santa Fe
|
Rancho Domingue, CA | | 6,720 | | 8,946 | 6,897 | 8,769 | 15,666 | 451 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
1011 Rancho Conejo
|
Thousand Oaks, CA | 6,249 | 7,717 | 2,518 | 46 | 7,752 | 2,528 | 10,280 | 447 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
2300 Corporate Center Drive
|
Thousand Oaks, CA | | 6,506 | 4,885 | 51 | 6,541 | 4,901 | 11,442 | 624 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
19021 S. Reyes Ave
|
Rancho Domingue, CA | | 8,183 | 7,501 | 549 | 8,545 | 7,688 | 16,233 | 310 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Miami
|
||||||||||||||||||||||||||||||||||||||||||
4700 NW 15th Ave
|
Ft. Lauderdale, FL | | 908 | 1,883 | 155 | 912 | 2,034 | 2,946 | 234 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
4710 NW 15th Ave
|
Ft. Lauderdale, FL | | 830 | 2,722 | 194 | 834 | 2,912 | 3,746 | 296 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
4720 NW 15th Ave
|
Ft. Lauderdale, FL | | 937 | 2,455 | 105 | 942 | 2,555 | 3,497 | 262 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
4740 NW 15th Ave
|
Ft. Lauderdale, FL | | 1,107 | 3,111 | 209 | 1,112 | 3,315 | 4,427 | 328 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
4750 NW 15th Ave
|
Ft. Lauderdale, FL | | 947 | 3,079 | 521 | 951 | 3,596 | 4,547 | 346 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
4800 NW 15th Ave
|
Ft. Lauderdale, FL | | 1,092 | 3,308 | 367 | 1,097 | 3,670 | 4,767 | 542 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Medley Industrial Center
|
Medley, FL | | 857 | 3,428 | 2,826 | 864 | 6,247 | 7,111 | 383 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Pan American Business Park
|
Medley, FL | | 2,521 | | 7,105 | 2,588 | 7,038 | 9,626 | | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Milwaukee
|
||||||||||||||||||||||||||||||||||||||||||
6523 N Sydney Place
|
Glendale, WI | | 172 | 976 | 356 | 176 | 1,328 | 1,504 | 482 | 1995 | (l | ) | ||||||||||||||||||||||||||||||
5355 South Westridge Drive
|
New Berlin, WI | 5,674 | 1,630 | 7,058 | 46 | 1,646 | 7,088 | 8,734 | 1,197 | 2004 | (l | ) |
S-14
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
320-334 W. Vogel
Avenue
|
Milwaukee, WI | | 506 | 3,199 | 46 | 508 | 3,243 | 3,751 | 938 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4950 South 6th Avenue
|
Milwaukee, WI | | 299 | 1,565 | 47 | 301 | 1,610 | 1,911 | 556 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1711 Paramount Court
|
Waukesha, WI | 1,327 | 308 | 1,762 | 41 | 311 | 1,800 | 2,111 | 317 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
W140 N9059 Lilly Road
|
Menomonee Falls, WI | | 343 | 1,153 | 248 | 366 | 1,378 | 1,744 | 383 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
200 W. Vogel Avenue-Bldg B
|
Milwaukee, WI | | 301 | 2,150 | | 302 | 2,149 | 2,451 | 537 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
4921 S. 2nd Street
|
Milwaukee, WI | | 101 | 713 | 15 | 101 | 728 | 829 | 182 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1500 Peebles Drive
|
Richland Center, WI | | 1,577 | 1,018 | (211 | ) | 1,603 | 781 | 2,384 | 620 | 2005 | (l | ) | |||||||||||||||||||||||||||||
16600 West Glendale Ave
|
New Berlin, WI | | 704 | 1,923 | 436 | 715 | 2,348 | 3,063 | 658 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2905 S. 160th Street
|
New Berlin, WI | | 261 | 672 | 153 | 265 | 821 | 1,086 | 157 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
2855 S. 160th Street
|
New Berlin, WI | | 221 | 628 | 128 | 225 | 752 | 977 | 163 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
2485 Commerce Drive
|
New Berlin, WI | | 483 | 1,516 | 216 | 491 | 1,724 | 2,215 | 267 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
14518 Whittaker Way
|
Menomonee Falls, WI | | 437 | 1,082 | 83 | 445 | 1,157 | 1,602 | 254 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Rust-Oleum BTS
|
Kenosha, WI | 14,561 | 4,100 | | 18,448 | 3,212 | 19,336 | 22,548 | 556 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Menomonee Falls-Barry Land
|
Menomonee Falls, WI | 11,349 | 1,188 | | 14,076 | 1,204 | 14,060 | 15,264 | 335 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Minneapolis/St. Paul
|
||||||||||||||||||||||||||||||||||||||||||
6201 West 111th Street
|
Bloomington, MN | 4,700 | 1,358 | 8,622 | 5,013 | 1,499 | 13,494 | 14,993 | 7,867 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
7251-7267
Washington Avenue
|
Edina, MN | | 129 | 382 | 624 | 182 | 953 | 1,135 | 736 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
7301-7325
Washington Avenue
|
Edina, MN | | 174 | 391 | (55 | ) | 193 | 317 | 510 | 79 | 1994 | (l | ) | |||||||||||||||||||||||||||||
7101 Winnetka Avenue North
|
Brooklyn Park, MN | 5,955 | 2,195 | 6,084 | 3,996 | 2,228 | 10,047 | 12,275 | 5,913 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
9901 West 74th Street
|
Eden Prairie, MN | 3,484 | 621 | 3,289 | 3,271 | 639 | 6,542 | 7,181 | 4,371 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1030 Lone Oak Road
|
Eagan, MN | 2,326 | 456 | 2,703 | 541 | 456 | 3,244 | 3,700 | 1,168 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
1060 Lone Oak Road
|
Eagan, MN | 3,118 | 624 | 3,700 | 635 | 624 | 4,335 | 4,959 | 1,747 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
5400 Nathan Lane
|
Plymouth, MN | 2,981 | 749 | 4,461 | 935 | 757 | 5,388 | 6,145 | 1,983 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
10120 W 76th Street
|
Eden Prairie, MN | | 315 | 1,804 | 1,404 | 315 | 3,208 | 3,523 | 845 | 1995 | (l | ) | ||||||||||||||||||||||||||||||
12155 Nicollet Ave
|
Burnsville, MN | | 286 | | 1,731 | 288 | 1,729 | 2,017 | 619 | 1995 | (l | ) | ||||||||||||||||||||||||||||||
4100 Peavey Road
|
Chaska, MN | | 277 | 2,261 | 843 | 277 | 3,104 | 3,381 | 1,047 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
5205 Highway 169
|
Plymouth, MN | | 446 | 2,525 | 988 | 740 | 3,219 | 3,959 | 1,059 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
7100-7198
Shady Oak Road
|
Eden Prairie, MN | | 715 | 4,054 | 1,209 | 736 | 5,242 | 5,978 | 1,628 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
7500-7546
Washington Square
|
Eden Prairie, MN | | 229 | 1,300 | 830 | 235 | 2,124 | 2,359 | 613 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
7550-7558
Washington Square
|
Eden Prairie, MN | | 153 | 867 | 203 | 157 | 1,066 | 1,223 | 325 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
5240-5300
Valley Industrial Blvd S
|
Shakopee, MN | | 362 | 2,049 | 801 | 371 | 2,841 | 3,212 | 1,015 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
500-530
Kasota Avenue SE
|
Minneapolis, MN | | 415 | 2,354 | 775 | 434 | 3,110 | 3,544 | 935 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
2530-2570
Kasota Avenue
|
St. Paul, MN | | 407 | 2,308 | 972 | 467 | 3,220 | 3,687 | 975 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
5775 12th Avenue
|
Shakopee, MN | 4,034 | 590 | | 5,827 | 590 | 5,827 | 6,417 | 1,389 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1157 Valley Park Drive
|
Shakopee, MN | 4,487 | 760 | | 6,377 | 888 | 6,249 | 7,137 | 1,627 | 1999 | (l | ) |
S-15
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
9600 West 76th Street
|
Eden Prairie, MN | | 1,000 | 2,450 | 48 | 1,034 | 2,464 | 3,498 | 464 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
9700 West 76th Street
|
Eden Prairie, MN | | 1,000 | 2,709 | 170 | 1,038 | 2,841 | 3,879 | 532 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
7600 69th Avenue
|
Greenfield, MN | | 1,500 | 8,328 | 1,808 | 1,510 | 10,126 | 11,636 | 2,041 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
5017 Boone Avenue North
|
New Hope, MN | 1,676 | 1,000 | 1,599 | (57 | ) | 1,009 | 1,533 | 2,542 | 400 | 2005 | (l | ) | |||||||||||||||||||||||||||||
2300 West Highway 13
|
Burnsville, MN | | 2,517 | 6,069 | (499 | ) | 2,524 | 5,563 | 8,087 | 1,936 | 2005 | (l | ) | |||||||||||||||||||||||||||||
1087 Park Place
|
Shakopee, MN | | 1,195 | 4,891 | (114 | ) | 1,198 | 4,774 | 5,972 | 968 | 2005 | (l | ) | |||||||||||||||||||||||||||||
5391 12th Avenue SE
|
Shakopee, MN | 4,995 | 1,392 | 8,149 | (10 | ) | 1,395 | 8,136 | 9,531 | 1,405 | 2005 | (l | ) | |||||||||||||||||||||||||||||
4701 Valley Industrial Blvd S
|
Shakopee, MN | | 1,296 | 7,157 | (99 | ) | 1,299 | 7,055 | 8,354 | 1,598 | 2005 | (l | ) | |||||||||||||||||||||||||||||
316 Lake Hazeltine Drive
|
Chaska, MN | | 714 | 944 | 84 | 729 | 1,013 | 1,742 | 317 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
1225 Highway 169 North
|
Plymouth, MN | | 1,190 | 1,979 | 391 | 1,207 | 2,353 | 3,560 | 508 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
7102 Winnetka Avene North
|
Brooklyn Park, MN | 4,524 | 1,275 | | 6,849 | 1,343 | 6,781 | 8,124 | 628 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
9200 10th Avenue
|
Golden Valley, MN | | 892 | 2,306 | 102 | 902 | 2,398 | 3,300 | 467 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
139 Eva Street
|
St. Paul, MN | | 2,132 | 3,105 | 90 | 2,175 | 3,152 | 5,327 | 201 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Nashville
|
||||||||||||||||||||||||||||||||||||||||||
3099 Barry Drive
|
Portland, TN | | 418 | 2,368 | 162 | 421 | 2,527 | 2,948 | 836 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
3150 Barry Drive
|
Portland, TN | | 941 | 5,333 | 5,954 | 981 | 11,247 | 12,228 | 2,096 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
5599 Highway 31 West
|
Portland, TN | | 564 | 3,196 | 288 | 571 | 3,477 | 4,048 | 1,104 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1650 Elm Hill Pike
|
Nashville, TN | | 329 | 1,867 | 349 | 332 | 2,213 | 2,545 | 698 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1931 Air Lane Drive
|
Nashville, TN | | 489 | 2,785 | 276 | 493 | 3,057 | 3,550 | 940 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
4640 Cummings Park
|
Nashville, TN | | 360 | 2,040 | 375 | 365 | 2,410 | 2,775 | 587 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
1740 River Hills Drive
|
Nashville, TN | 3,223 | 848 | 4,383 | 1,161 | 888 | 5,504 | 6,392 | 1,812 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
211 Ellery Court
|
Nashville, TN | 2,884 | 606 | 3,192 | 488 | 616 | 3,670 | 4,286 | 586 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Rockdale BTS
|
Gallatin, TN | | 1,778 | | 24,216 | 1,778 | 24,216 | 25,994 | 584 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Northern New Jersey
|
||||||||||||||||||||||||||||||||||||||||||
14 Worlds Fair Drive
|
Franklin, NJ | | 483 | 2,735 | 574 | 503 | 3,289 | 3,792 | 1,091 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
12 Worlds Fair Drive
|
Franklin, NJ | | 572 | 3,240 | 554 | 593 | 3,773 | 4,366 | 1,153 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
22 Worlds Fair Drive
|
Franklin, NJ | | 364 | 2,064 | 614 | 375 | 2,667 | 3,042 | 855 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
26 Worlds Fair Drive
|
Franklin, NJ | | 361 | 2,048 | 423 | 377 | 2,455 | 2,832 | 778 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
24 Worlds Fair Drive
|
Franklin, NJ | | 347 | 1,968 | 519 | 362 | 2,472 | 2,834 | 873 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
20 Worlds Fair Drive Lot 13
|
Sumerset, NJ | | 9 | | 2,544 | 691 | 1,862 | 2,553 | 446 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
45 Route 46
|
Pine Brook, NJ | | 969 | 5,491 | 948 | 978 | 6,430 | 7,408 | 1,619 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
43 Route 46
|
Pine Brook, NJ | | 474 | 2,686 | 273 | 479 | 2,954 | 3,433 | 662 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
39 Route 46
|
Pine Brook, NJ | | 260 | 1,471 | 198 | 262 | 1,667 | 1,929 | 394 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
26 Chapin Road
|
Pine Brook, NJ | | 956 | 5,415 | 759 | 965 | 6,165 | 7,130 | 1,467 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
30 Chapin Road
|
Pine Brook, NJ | | 960 | 5,440 | 778 | 969 | 6,209 | 7,178 | 1,605 | 2000 | (l | ) |
S-16
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
20 Hook Mountain Road
|
Pine Brook, NJ | | 1,507 | 8,542 | 2,892 | 1,534 | 11,407 | 12,941 | 2,597 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
30 Hook Mountain Road
|
Pine Brook, NJ | | 389 | 2,206 | 377 | 396 | 2,576 | 2,972 | 654 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
55 Route 46
|
Pine Brook, NJ | | 396 | 2,244 | 157 | 403 | 2,394 | 2,797 | 575 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
16 Chapin Rod
|
Pine Brook, NJ | 3,804 | 885 | 5,015 | 412 | 901 | 5,411 | 6,312 | 1,229 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
20 Chapin Road
|
Pine Brook, NJ | 4,861 | 1,134 | 6,426 | 506 | 1,154 | 6,912 | 8,066 | 1,688 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
Sayreville Lot 4
|
Sayreville, NJ | 3,632 | 944 | | 4,630 | 944 | 4,630 | 5,574 | 867 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
Sayreville Lot 3
|
Sayreville, NJ | | 996 | | 5,337 | 996 | 5,337 | 6,333 | 741 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
309-319
Pierce Street
|
Somerset, NJ | 3,891 | 1,300 | 4,628 | 1,069 | 1,309 | 5,688 | 6,997 | 1,160 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
Philadelphia
|
||||||||||||||||||||||||||||||||||||||||||
3240 S. 78th Street
|
Philadelphia, PA | | 515 | 1,245 | 71 | 540 | 1,291 | 1,831 | 260 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
2455 Boulevard of Generals
|
Norristown, PA | 3,556 | 1,200 | 4,800 | 1,088 | 1,226 | 5,862 | 7,088 | 571 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Phoenix
|
||||||||||||||||||||||||||||||||||||||||||
1045 South Edward Drive
|
Tempe, AZ | | 390 | 2,160 | 164 | 396 | 2,318 | 2,714 | 586 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
50 South 56th Street
|
Chandler, AZ | | 1,206 | 3,218 | 98 | 1,207 | 3,315 | 4,522 | 590 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
4701 W. Jefferson
|
Phoenix, AZ | | 926 | 2,195 | 443 | 929 | 2,635 | 3,564 | 685 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7102 W. Roosevelt
|
Phoenix, AZ | | 1,613 | 6,451 | 1,028 | 1,620 | 7,472 | 9,092 | 1,229 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
4137 West Adams Street
|
Phoenix, AZ | | 990 | 2,661 | 146 | 1,033 | 2,764 | 3,797 | 385 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
245 W. Lodge
|
Tempe, AZ | | 898 | 3,066 | 78 | 914 | 3,128 | 4,042 | 281 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1590 E Riverview Dr.
|
Phoenix, AZ | | 1,293 | 5,950 | 69 | 1,292 | 6,020 | 7,312 | 392 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
14131 N. Rio Vista Dr.
|
Peoria, AZ | | 2,563 | 9,388 | 676 | 2,563 | 10,064 | 12,627 | 722 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
8716 W. Ludlow Drive
|
Peoria, AZ | | 2,709 | 10,970 | 160 | 2,709 | 11,130 | 13,839 | 654 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
3815 W. Washington St.
|
Phoenix, AZ | 4,199 | 1,675 | 4,514 | 146 | 1,719 | 4,616 | 6,335 | 231 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
690 91st Avenue
|
Tolleson, AZ | | 1,904 | 6,805 | 2,101 | 1,923 | 8,887 | 10,810 | 549 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Salt Lake City
|
||||||||||||||||||||||||||||||||||||||||||
512 Lawndale Drive(i)
|
Salt Lake City, UT | | 2,705 | 15,749 | 2,746 | 2,705 | 18,495 | 21,200 | 5,610 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
1270 West 2320 South
|
West Valley, UT | | 138 | 784 | 142 | 143 | 921 | 1,064 | 308 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1275 West 2240 South
|
West Valley, UT | | 395 | 2,241 | 474 | 408 | 2,702 | 3,110 | 878 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1288 West 2240 South
|
West Valley, UT | | 119 | 672 | 111 | 123 | 779 | 902 | 236 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
2235 South 1300 West
|
West Valley, UT | | 198 | 1,120 | 270 | 204 | 1,384 | 1,588 | 530 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1293 West 2200 South
|
West Valley, UT | | 158 | 896 | 99 | 163 | 990 | 1,153 | 299 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1279 West 2200 South
|
West Valley, UT | | 198 | 1,120 | 156 | 204 | 1,270 | 1,474 | 355 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1272 West 2240 South
|
West Valley, UT | | 336 | 1,905 | 258 | 347 | 2,152 | 2,499 | 609 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1149 West 2240 South
|
West Valley, UT | | 217 | 1,232 | 100 | 225 | 1,324 | 1,549 | 405 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1142 West 2320 South
|
West Valley, UT | | 217 | 1,232 | 77 | 225 | 1,301 | 1,526 | 401 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
1152 West 2240 South
|
West Valley, UT | | 2,067 | | 2,517 | 1,083 | 3,501 | 4,584 | 884 | 2000 | (l | ) |
S-17
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1815-1957
South 4650 West
|
Salt Lake City, UT | 7,240 | 1,707 | 10,873 | 116 | 1,713 | 10,983 | 12,696 | 1,259 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2100 Alexander Street
|
West Valley, UT | 1,225 | 376 | 1,670 | | 376 | 1,670 | 2,046 | 170 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1815-1957
South 4650 West
|
West Valley, UT | 2,102 | 864 | 2,771 | 82 | 869 | 2,848 | 3,717 | 308 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
San Diego
|
||||||||||||||||||||||||||||||||||||||||||
16275 Technology Drive
|
San Diego, CA | | 2,848 | 8,641 | 42 | 2,859 | 8,672 | 11,531 | 1,376 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
6305 El Camino Real
|
Carlsbad, CA | | 1,590 | 6,360 | 7,497 | 1,590 | 13,857 | 15,447 | 1,187 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2325 Camino Vida Roble
|
Carlsbad, CA | | 1,441 | 1,239 | 651 | 1,446 | 1,885 | 3,331 | 230 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2335 Camino Vida Roble
|
Carlsbad, CA | | 817 | 762 | 97 | 821 | 855 | 1,676 | 162 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2345 Camino Vida Roble
|
Carlsbad, CA | | 562 | 456 | 58 | 565 | 511 | 1,076 | 104 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2355 Camino Vida Roble
|
Carlsbad, CA | | 481 | 365 | 70 | 483 | 433 | 916 | 100 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
2365 Camino Vida Roble
|
Carlsbad, CA | | 1,098 | 630 | (16 | ) | 1,102 | 610 | 1,712 | 123 | 2006 | (l | ) | |||||||||||||||||||||||||||||
2375 Camino Vida Roble
|
Carlsbad, CA | | 1,210 | 874 | 149 | 1,214 | 1,019 | 2,233 | 213 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
6451 El Camino Real
|
Carlsbad, CA | | 2,885 | 1,931 | 344 | 2,895 | 2,265 | 5,160 | 378 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
8572 Spectrum Lane
|
San Diego, CA | 2,237 | 806 | 3,225 | 429 | 807 | 3,653 | 4,460 | 323 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
13100 Gregg Street
|
Poway, CA | | 1,040 | 4,160 | 474 | 1,073 | 4,601 | 5,674 | 531 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Seattle
|
||||||||||||||||||||||||||||||||||||||||||
1901 Raymond Ave SW
|
Renton, WA | 2,228 | 4,458 | 2,659 | 197 | 4,594 | 2,720 | 7,314 | 215 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
19014 64th Avenue South
|
Kent, WA | 3,382 | 1,990 | 3,979 | 177 | 2,042 | 4,105 | 6,147 | 309 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
18640 68th Ave. South
|
Kent, WA | 889 | 1,218 | 1,950 | 84 | 1,258 | 1,994 | 3,252 | 164 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Southern New Jersey
|
||||||||||||||||||||||||||||||||||||||||||
8 Springdale Road
|
Cherry Hill, NJ | | 258 | 1,436 | 771 | 258 | 2,207 | 2,465 | 647 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
111 Whittendale Drive
|
Morrestown, NJ | 1,781 | 522 | 2,916 | 112 | 522 | 3,028 | 3,550 | 787 | 2000 | (l | ) | ||||||||||||||||||||||||||||||
7851 Airport Highway
|
Pennsauken, NJ | | 160 | 508 | 368 | 163 | 873 | 1,036 | 268 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
103 Central
|
Mt. Laurel, NJ | | 610 | 1,847 | 1,143 | 619 | 2,981 | 3,600 | 772 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
999 Grand Avenue
|
Hammonton, NJ | 5,555 | 969 | 8,793 | 1,018 | 979 | 9,801 | 10,780 | 2,151 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
7890 Airport Hwy/7015 Central
|
Pennsauken, NJ | 1,331 | 300 | 989 | 511 | 425 | 1,375 | 1,800 | 401 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
600 Creek Road
|
Delanco, NJ | | 2,125 | 6,504 | (5 | ) | 2,127 | 6,497 | 8,624 | 1,259 | 2007 | (l | ) | |||||||||||||||||||||||||||||
1070 Thomas Busch Mem Hwy
|
Pennsauken, NJ | | 1,054 | 2,278 | 318 | 1,084 | 2,566 | 3,650 | 449 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
1601 Schlumberger Drive
|
Moorestown, NJ | | 560 | 2,240 | 733 | 608 | 2,925 | 3,533 | 335 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
St. Louis
|
||||||||||||||||||||||||||||||||||||||||||
10431-10449
Midwest Industrial Blvd
|
Olivette, MO | | 237 | 1,360 | 373 | 237 | 1,733 | 1,970 | 616 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
10751 Midwest Industrial Boulevard
|
Olivette, MO | | 193 | 1,119 | 570 | 194 | 1,688 | 1,882 | 735 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
6951 N Hanley(d)
|
Hazelwood, MO | | 405 | 2,295 | 1,480 | 419 | 3,761 | 4,180 | 1,139 | 1996 | (l | ) | ||||||||||||||||||||||||||||||
1067 Warson-Bldg A
|
St. Louis, MO | | 246 | 1,359 | 696 | 251 | 2,050 | 2,301 | 453 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
1067 Warson-Bldg B
|
St. Louis, MO | | 380 | 2,103 | 1,975 | 388 | 4,070 | 4,458 | 809 | 2002 | (l | ) |
S-18
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
1067 Warson-Bldg C
|
St. Louis, MO | | 303 | 1,680 | 1,256 | 310 | 2,929 | 3,239 | 691 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
1067 Warson-Bldg D
|
St. Louis, MO | | 353 | 1,952 | 949 | 360 | 2,894 | 3,254 | 605 | 2002 | (l | ) | ||||||||||||||||||||||||||||||
6821-6857
Hazelwood Avenue
|
Berkeley, MO | 4,977 | 985 | 6,205 | 917 | 985 | 7,122 | 8,107 | 1,545 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
13701 Rider Trail North
|
Earth City, MO | | 800 | 2,099 | 700 | 804 | 2,795 | 3,599 | 732 | 2003 | (l | ) | ||||||||||||||||||||||||||||||
1908-2000
Innerbelt(d)
|
Overland, MO | | 1,590 | 9,026 | 984 | 1,591 | 10,009 | 11,600 | 2,719 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
9060 Latty Avenue
|
Berkeley, MO | | 687 | 1,947 | 30 | 694 | 1,970 | 2,664 | 938 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
21-25
Gateway Commerce Center
|
Edwardsville, IL | 24,416 | 1,874 | 31,958 | 191 | 1,928 | 32,095 | 34,023 | 3,052 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
601 Cannonball Lane
|
OFallon, MO | | 584 | 2,336 | 522 | 595 | 2,847 | 3,442 | 208 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
6647 Romiss Court
|
St. Louis, MO | | 230 | 681 | 72 | 241 | 742 | 983 | 97 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Tampa
|
||||||||||||||||||||||||||||||||||||||||||
5313 Johns Road
|
Tampa, FL | | 204 | 1,159 | 231 | 257 | 1,337 | 1,594 | 431 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5525 Johns Road
|
Tampa, FL | | 192 | 1,086 | 355 | 200 | 1,433 | 1,633 | 478 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5709 Johns Road
|
Tampa, FL | | 192 | 1,086 | 165 | 200 | 1,243 | 1,443 | 377 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5711 Johns Road
|
Tampa, FL | | 243 | 1,376 | 172 | 255 | 1,536 | 1,791 | 470 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5453 W Waters Avenue
|
Tampa, FL | | 71 | 402 | 135 | 82 | 526 | 608 | 153 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5455 W Waters Avenue
|
Tampa, FL | | 307 | 1,742 | 390 | 326 | 2,113 | 2,439 | 643 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5553 W Waters Avenue
|
Tampa, FL | | 307 | 1,742 | 423 | 326 | 2,146 | 2,472 | 659 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5501 W Waters Avenue
|
Tampa, FL | | 215 | 871 | 446 | 242 | 1,290 | 1,532 | 380 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5503 W Waters Avenue
|
Tampa, FL | | 98 | 402 | 162 | 110 | 552 | 662 | 159 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5555 W Waters Avenue
|
Tampa, FL | | 213 | 1,206 | 215 | 221 | 1,413 | 1,634 | 416 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5557 W Waters Avenue
|
Tampa, FL | | 59 | 335 | 44 | 62 | 376 | 438 | 111 | 1997 | (l | ) | ||||||||||||||||||||||||||||||
5461 W Waters
|
Tampa, FL | | 261 | | 1,438 | 265 | 1,434 | 1,699 | 436 | 1998 | (l | ) | ||||||||||||||||||||||||||||||
5481 W. Waters Avenue
|
Tampa, FL | | 558 | | 2,496 | 561 | 2,493 | 3,054 | 596 | 1999 | (l | ) | ||||||||||||||||||||||||||||||
4515-4519
George Road
|
Tampa, FL | 2,528 | 633 | 3,587 | 820 | 640 | 4,400 | 5,040 | 995 | 2001 | (l | ) | ||||||||||||||||||||||||||||||
6089 Johns Road
|
Tampa, FL | 898 | 180 | 987 | 77 | 186 | 1,058 | 1,244 | 217 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6091 Johns Road
|
Tampa, FL | 715 | 140 | 730 | 134 | 144 | 860 | 1,004 | 187 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6103 Johns Road
|
Tampa, FL | 1,133 | 220 | 1,160 | 148 | 226 | 1,302 | 1,528 | 253 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6201 Johns Road
|
Tampa, FL | 1,028 | 200 | 1,107 | 124 | 205 | 1,226 | 1,431 | 278 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6203 Johns Road
|
Tampa, FL | 1,314 | 300 | 1,460 | 118 | 311 | 1,567 | 1,878 | 446 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6205 Johns Road
|
Tampa, FL | 1,342 | 270 | 1,363 | 75 | 278 | 1,430 | 1,708 | 213 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6101 Johns Road
|
Tampa, FL | 901 | 210 | 833 | 107 | 216 | 934 | 1,150 | 238 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
4908 Tampa West Blvd
|
Tampa, FL | | 2,622 | 8,643 | (337 | ) | 2,635 | 8,293 | 10,928 | 1,592 | 2005 | (l | ) | |||||||||||||||||||||||||||||
11701 Belcher Road South
|
Largo, FL | | 1,657 | 2,768 | 628 | 1,669 | 3,384 | 5,053 | 551 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
4900-4914
Creekside Drive(h)
|
Clearwater, FL | | 3,702 | 7,338 | 645 | 3,730 | 7,955 | 11,685 | 1,276 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
12345 Starkey Road
|
Largo, FL | | 898 | 2,078 | 395 | 905 | 2,466 | 3,371 | 374 | 2006 | (l | ) |
S-19
Table of Contents
(c) |
||||||||||||||||||||||||||||||||||||||||||
Costs |
||||||||||||||||||||||||||||||||||||||||||
Capitalized |
||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
||||||||||||||||||||||||||||||||||||||||||
Acquisition or |
Gross Amount Carried |
|||||||||||||||||||||||||||||||||||||||||
(b) |
Completion |
At Close of Period 12/31/09 |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
Location |
(a) |
Initial Cost |
and Valuation |
Building and |
Depreciation |
Year Acquired/ |
Depreciable |
|||||||||||||||||||||||||||||||||||
Building Address
|
(City/State)
|
Encumbrances | Land | Buildings | Provision | Land | Improvements | Total | 12/31/2009 | Constructed | Lives (Years) | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Toronto
|
||||||||||||||||||||||||||||||||||||||||||
135 Dundas Street
|
Cambridge, ON | | 3,128 | 4,958 | (700 | ) | 3,179 | 4,207 | 7,386 | 1,420 | 2005 | (l | ) | |||||||||||||||||||||||||||||
678 Erie Street
|
Stratford, ON | | 786 | 557 | (236 | ) | 829 | 278 | 1,107 | 205 | 2005 | (l | ) | |||||||||||||||||||||||||||||
114 Packham Rd
|
Stratford, ON | | 1,000 | 3,526 | 525 | 1,012 | 4,039 | 5,051 | 1,275 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||||
3501 Maple Street
|
Abilene, TX | | 67 | 1,057 | 1,478 | 266 | 2,336 | 2,602 | 1,269 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
4200 West Harry Street(e)
|
Wichita, KS | | 193 | 2,224 | 1,777 | 532 | 3,662 | 4,194 | 2,407 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
5050 Kendrick Court
|
Grand Rapids, MI | | 1,721 | 11,433 | 7,579 | 1,721 | 19,012 | 20,733 | 7,310 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
5015 52nd Street SE
|
Grand Rapids, MI | | 234 | 1,321 | 70 | 234 | 1,391 | 1,625 | 547 | 1994 | (l | ) | ||||||||||||||||||||||||||||||
6266 Hurt Road
|
Horn Lake, MS | | 427 | | 3,537 | 427 | 3,537 | 3,964 | 361 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6266 Hurt Road Building B
|
Horn Lake, MS | | | | 868 | 99 | 769 | 868 | 180 | 2004 | (l | ) | ||||||||||||||||||||||||||||||
6301 Hazeltine National Drive
|
Orlando, FL | 4,090 | 909 | 4,613 | 262 | 920 | 4,864 | 5,784 | 921 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
12626 Silicon Drive
|
San Antonio, TX | 3,270 | 768 | 3,448 | 266 | 779 | 3,703 | 4,482 | 798 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
3100 Pinson Valley Parkway
|
Birmingham, AL | | 303 | 742 | 22 | 310 | 757 | 1,067 | 161 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
1021 W. First Street, Hwy 93
|
Sumner, IA | | 99 | 2,540 | (96 | ) | 101 | 2,442 | 2,543 | 538 | 2005 | (l | ) | |||||||||||||||||||||||||||||
1245 N. Hearne Avenue
|
Shreveport, LA | | 99 | 1,263 | 34 | 102 | 1,294 | 1,396 | 326 | 2005 | (l | ) | ||||||||||||||||||||||||||||||
10330 I Street
|
Omaha, NE | | 1,808 | 8,340 | 15 | 1,809 | 8,354 | 10,163 | 2,450 | 2006 | (l | ) | ||||||||||||||||||||||||||||||
3200 Pond Station
|
Jefferson County, KY | | 2,074 | | 9,679 | 2,119 | 9,634 | 11,753 | 654 | 2007 | (l | ) | ||||||||||||||||||||||||||||||
Pure Fishing BTS
|
Kansas City, MO | | 4,152 | | 13,602 | 4,228 | 13,526 | 17,754 | 411 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
600 Greene Drive
|
Greenville, KY | | 294 | 8,570 | 3 | 296 | 8,571 | 8,867 | 1,462 | 2008 | (l | ) | ||||||||||||||||||||||||||||||
Redevelopments /Developments / Developable Land(j)
|
| 147,075 | 620 | 7,254 | (m) | 149,983 | 4,975 | 154,958 | 194 | |||||||||||||||||||||||||||||||||
Total
|
$ | 369,891 | $ | 665,613 | $ | 1,672,405 | $ | 626,591 | $ | 677,095 | (k) | $ | 2,287,523 | (k) | $ | 2,964,618 | $ | 522,229 | (k) | |||||||||||||||||||||||
S-20
Table of Contents
(a) | See description of encumbrances in Note 7 to Notes to Consolidated Financial Statements. |
(b) | Initial cost for each respective property is tangible purchase price allocated in accordance with FASBs guidance on business combinations. | |
(c) | Improvements are net of write-off of fully depreciated assets. | |
(d) | Comprised of two properties. | |
(e) | Comprised of three properties. | |
(f) | Comprised of four properties. | |
(g) | Comprised of five properties. | |
(h) | Comprised of eight properties. | |
(i) | Comprised of 28 properties. | |
(j) | These properties represent developable land and redevelopments that have not been placed in service. | |
(k) |
Gross Amount |
||||||||||||
Amounts |
Carried At |
|||||||||||
Included |
Amounts Within |
Close of Period |
||||||||||
in Real Estate |
Net Investment |
December 31, |
||||||||||
Held for Sale | in Real Estate* | 2009* | ||||||||||
Land
|
$ | 15,150 | $ | 661,945 | $ | 677,095 | ||||||
Buildings & Improvements
|
7,709 | 2,279,814 | 2,287,523 | |||||||||
Accumulated Depreciation
|
(1,208 | ) | (521,021 | ) | (522,229 | ) | ||||||
Subtotal
|
21,651 | 2,420,738 | 2,442,389 | |||||||||
Construction in Progress
|
| 23,332 | 23,332 | |||||||||
Net Investment in Real Estate
|
21,651 | 2,444,070 | 2,465,721 | |||||||||
Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
Deferred Rent Receivable, Net
|
7,503 | |||||||||||
Balance Sheet at December 31, 2009
|
$ | 29,154 | ||||||||||
* | Amounts exclude $51,796 of above market leases and other deferred leasing intangibles, net. | |
(l) | Depreciation is computed based upon the following estimated lives: |
Buildings and Improvements
|
8 to 50 years | |
Tenant Improvements, Leasehold Improvements
|
Life of lease |
(m) | Includes foreign currency translation adjustments. |
S-21
Table of Contents
2009 | 2008 | 2007 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance, Beginning of Year
|
$ | 3,035,662 | $ | 2,952,499 | $ | 2,938,242 | ||||||
Acquisition of Real Estate Assets
|
208 | 279,542 | 405,633 | |||||||||
Construction Costs and Improvements
|
44,828 | 176,506 | 220,571 | |||||||||
Disposition of Real Estate Assets
|
(65,428 | ) | (340,802 | ) | (590,271 | ) | ||||||
Write-off of Fully Depreciated Assets
|
(27,320 | ) | (32,083 | ) | (21,676 | ) | ||||||
Balance, End of Year
|
$ | 2,987,950 | $ | 3,035,662 | $ | 2,952,499 | ||||||
2009 | 2008 | 2007 | ||||||||||
Balance, Beginning of Year
|
$ | 457,059 | $ | 439,312 | $ | 410,962 | ||||||
Depreciation for Year
|
100,145 | 101,541 | 105,758 | |||||||||
Disposition of Assets
|
(7,655 | ) | (51,711 | ) | (55,732 | ) | ||||||
Write-off of Fully Depreciated Assets
|
(27,320 | ) | (32,083 | ) | (21,676 | ) | ||||||
Balance, End of Year
|
$ | 522,229 | $ | 457,059 | $ | 439,312 | ||||||
S-22
Table of Contents
By: |
FIRST INDUSTRIAL REALTY TRUST, INC. as general partner |
|
By: |
/s/ Bruce
W. Duncan
|
By: |
/s/ Scott
A. Musil
|
Signature
|
Title
|
Date
|
||||
/s/ W.
Edwin Tyler W. Edwin Tyler |
Chairman of the Board of Directors | March 1, 2010 | ||||
/s/ Bruce
W. Duncan Bruce W. Duncan |
President, Chief Executive Officer and Director | March 1, 2010 | ||||
/s/ Michael
G. Damone Michael G. Damone |
Director of Strategic Planning and Director | March 1, 2010 | ||||
/s/ H.
Patrick Hackett, Jr. H. Patrick Hackett, Jr. |
Director | March 1, 2010 | ||||
/s/ Kevin
W. Lynch Kevin W. Lynch |
Director | March 1, 2010 | ||||
/s/ John
E. Rau John E. Rau |
Director | March 1, 2010 |
S-23
Table of Contents
Signature
|
Title
|
Date
|
||||
/s/ Jay
H. Shidler Jay H. Shidler |
Director | March 1, 2010 | ||||
/s/ Robert
J. Slater Robert J. Slater |
Director | March 1, 2010 | ||||
/s/ J.
Steven Wilson J. Steven Wilson |
Director | March 1, 2010 |
S-24