Back to GetFilings.com
1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the transition period from --------------
to ---------------.
Commission File Number 333-21873
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-3924586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
(Address of principal executive offices) (Zip Code)
(312) 344-4300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No .
--- ---
2
FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
PAGE
----
PART I.
Item 1. Business...................................................................................... 3
Item 2. The Properties................................................................................ 6
Item 3. Legal Proceedings............................................................................. 29
Item 4. Submission of Matters to a Vote of Security Holders........................................... 29
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters......................... 30
Item 6. Selected Financial Data....................................................................... 31
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations......... 34
Item 7a. Quantitative and Qualitative Disclosures About Market Risk.................................... 44
Item 8. Financial Statements and Supplementary Data................................................... 44
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures......... 44
PART III.
Item 10. Directors and Executive Officers of the Registrant............................................ 44
Item 11. Executive Compensation........................................................................ 44
Item 12. Security Ownership of Certain Beneficial Owners and Management................................ 44
Item 13. Certain Relationships and Related Transactions................................................ 44
PART IV.
Item 14. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K.......... 45
SIGNATURES ................................................................................................. 49
1
3
This report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. First Industrial, L.P.
(the "Operating Partnership") intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of complying with those safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe
future plans, strategies and expectations of the Operating Partnership, are
generally identifiable by use of the words "believe", "expect", "intend",
"anticipate", "estimate", "project", or similar expressions. The Operating
Partnership's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
affect on the operations and future prospects of the Operating Partnership on a
consolidated basis include, but are not limited to, changes in: economic
conditions generally and the real estate market specifically,
legislative/regulatory changes (including changes to laws governing the taxation
of real estate investment trusts), availability of capital, interest rates,
competition, supply and demand for industrial properties in the Operating
Partnership's current and proposed market areas and general accounting
principles, policies and guidelines applicable to real estate investment trusts.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements. Further
information concerning the Operating Partnership and its business, including
additional factors that could materially affect the Operating Partnership's
financial results, is included herein and in the Operating Partnership's other
filings with the Securities and Exchange Commission.
2
4
PART I
ITEM 1. BUSINESS
THE COMPANY
GENERAL
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.3% ownership interest at December 31, 2000. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $350.0 million.
The Company is a real estate investment trust ("REIT") as defined in the
Internal Revenue Code. The Company's operations are conducted primarily through
the Operating Partnership. The limited partners of the Operating Partnership
own, in the aggregate, approximately a 15.7% interest in the Operating
Partnership at December 31, 2000.
The Operating Partnership is the sole member of several limited
liability companies (the "L.L.C.s") and the majority economic stockholder of FR
Development Services, Inc., and holds at least a 99% limited partnership
interest (subject in one case, as described below, to a preferred limited
partnership interest) in First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage
Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"),
First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV,
LTD., and First Industrial Development Services, L.P. (together, the "Other Real
Estate Partnerships"). The Operating Partnership, through separate wholly-owned
limited liability companies in which it is the sole member, also owns 10% equity
interests in, and provides asset and property management services to, two joint
ventures which invest in industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company. The general partner of the Securities Partnership,
First Industrial Securities Corporation, also owns a preferred limited
partnership interest in the Securities Partnership which entitles it to receive
a fixed quarterly distribution, and results in it being allocated income in the
same amount, equal to the fixed quarterly dividend the Company pays on its 9.5%,
$.01 par value, Series A Cumulative Preferred Stock.
As of December 31, 2000, the Operating Partnership, the L.L.C.s and FR
Development Services, Inc. (hereinafter defined as the "Consolidated Operating
Partnership") owned 865 in-service industrial properties, containing an
aggregate of approximately 55.6 million square feet of gross leasable area
("GLA"). On a combined basis, as of December 31, 2000, the Other Real Estate
Partnerships owned 104 in-service industrial properties, containing an aggregate
of approximately 12.6 million square feet of GLA. Of the 104 industrial
properties owned by the Other Real Estate Partnerships at December 31, 2000, 22
are held by the Mortgage Partnership, 24 are held by the Pennsylvania
Partnership, 22 are held by the Securities Partnership, 22 are held by the
Financing Partnership, six are held by the Harrisburg Partnership, six are held
by the Indianapolis Partnership, one is held by First Industrial Development
Services, L.P. and one is held by TK-SV, LTD.
The Consolidated Operating Partnership utilizes an operating approach
which combines the effectiveness of decentralized, locally based property
management, acquisition, sales and development functions with the cost
efficiencies of centralized acquisition, sales and development support, capital
markets expertise, asset management and fiscal control systems. At March 23,
2001, the Consolidated Operating Partnership had 283 employees.
The Consolidated Operating Partnership has grown and will seek to
continue to grow through the development of industrial properties and the
acquisition of additional industrial properties.
3
5
BUSINESS OBJECTIVES AND GROWTH PLANS
The Consolidated Operating Partnership's fundamental business objective
is to maximize the total return to its partners through increases in per unit
distributions and increases in the value of the Consolidated Operating
Partnership's properties and operations. The Consolidated Operating
Partnership's growth plan includes the following elements:
- - Internal Growth. The Consolidated Operating Partnership seeks to grow
internally by (i) increasing revenues by renewing or re-leasing spaces
subject to expiring leases at higher rental levels; (ii) increasing
occupancy levels at properties where vacancies exist and maintaining
occupancy elsewhere; (iii) controlling and minimizing property
operating and general and administrative expenses; (iv) renovating
existing properties; and (v) increasing ancillary revenues from
non-real estate sources.
- - External Growth. The Consolidated Operating Partnership seeks to grow
externally through (i) the development of industrial properties; (ii)
the acquisition of portfolios of industrial properties, industrial
property businesses or individual properties which meet the
Consolidated Operating Partnership's investment parameters and
geographic target markets; and (iii) the expansion of its properties.
BUSINESS STRATEGIES
The Consolidated Operating Partnership utilizes the following six
strategies in connection with the operation of its business:
- - Organization Strategy. The Consolidated Operating Partnership
implements its decentralized property operations strategy through the
use of experienced regional management teams and local property
managers. Each operating region is headed by a managing director, who
is a senior executive officer of, and has an equity interest in, the
Company. The Consolidated Operating Partnership provides acquisition,
development and financing assistance, asset management oversight and
financial reporting functions from its headquarters in Chicago,
Illinois to support its regional operations. The Consolidated Operating
Partnership believes the size of its portfolio enables it to realize
operating efficiencies by spreading overhead over many properties and
by negotiating quantity purchasing discounts.
- - Market Strategy. The Consolidated Operating Partnership's market
strategy is to concentrate on the top 25 industrial real estate markets
in the United States. These 25 markets were selected based upon (i) the
strength of their industrial real estate fundamentals, including
increased industrial demand expectations from e-commerce and supply
chain management; (ii) their history and future outlook for continued
economic growth and diversity; and (iii) a minimum market size of 100
million square feet of industrial space. Due to this market strategy,
the Consolidated Operating Partnership plans on exiting the markets of
Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Long Island and
New Orleans/Baton Rouge. The net proceeds from the sales of properties
in these markets will be used to bolster the Consolidated Operating
Partnership's holdings in Atlanta, Baltimore/Washington, Chicago,
Cincinnati/Louisville, Dallas/Fort Worth, Denver, Detroit,
Harrisburg/Central Pennsylvania, Houston, Indianapolis, Los Angeles,
Milwaukee, Minneapolis, Nashville, Northern New Jersey, Philadelphia,
Phoenix, Portland, Salt Lake City, St. Louis and Tampa and to
potentially enter new markets which fit its market strategy.
- - Disposition Strategy. As mentioned in the Market Strategy section
above, the Consolidated Operating Partnership is planning to exit the
markets of Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Long
Island and New Orleans/Baton Rouge. The Consolidated Operating
Partnership also continues to evaluate local market conditions and
property-related factors in its other markets and will consider
disposition of select assets.
- - Acquisition/Development Strategy. The Consolidated Operating
Partnership's acquisition/development strategy is to concentrate on the
top 25 markets mentioned in the Market Strategy section above. The
Consolidated Operating Partnership will use its Integrated Industrial
Solutions (TM) capabilities to target these markets. Of the 969
properties in the Consolidated Operating Partnership's and Other Real
Estate Partnerships' combined portfolios at December 31, 2000, 233
properties have been developed by either the Consolidated Operating
Partnership, the Other Real Estate Partnerships, or its former
management. The Consolidated Operating
4
6
Partnership will continue to leverage the development capabilities of
its management, many of whom are leading developers in their respective
markets.
- - Financing Strategy. The Consolidated Operating Partnership plans on
utilizing net sales proceeds from property sales as well as borrowings
under its $300 million unsecured line of credit to finance future
acquisitions and developments.
- - Leasing and Marketing Strategy. The Consolidated Operating Partnership
has an operational management strategy designed to enhance tenant
satisfaction and portfolio performance. The Consolidated Operating
Partnership pursues an active leasing strategy, which includes
aggressively marketing available space, renewing existing leases at
higher rents per square foot and seeking leases which provide for the
pass-through of property-related expenses to the tenant. The
Consolidated Operating Partnership also has local and national
marketing programs which focus on the business and brokerage
communities and national tenants.
RECENT DEVELOPMENTS
In 2000, the Consolidated Operating Partnership acquired or completed
development of 103 properties, redeveloped one property and acquired several
parcels of land for a total estimated investment of approximately $440.1
million. The Consolidated Operating Partnership also sold 104 in-service
properties, one property that was out of service and several parcels of land for
a gross sales price of approximately $404.0 million
During the period January 1, 2001 through March 23, 2001, the
Consolidated Operating Partnership acquired 13 industrial properties and several
land parcels for a total estimated investment of approximately $45.5 million.
The Consolidated Operating Partnership also sold eight industrial properties and
one land parcel for approximately $19.5 million of gross proceeds.
On March 9, 2001, the Operating Partnership declared a first quarter
distribution of $.6575 per unit which is payable on April 23, 2001. The
Operating Partnership also declared first quarter 2001 preferred unit
distributions of $54.688 per unit on its 8-3/4% Series B Cumulative Preferred
Units, $53.906 per unit on its 8 5/8% Series C Cumulative Preferred Units,
$49.687 per unit on its 7.95% Series D Cumulative Preferred Units and $49.375
per unit on its 7.90% Series E Cumulative Preferred Units. The preferred unit
distributions are payable on April 2, 2001.
On March 19, 2001, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200.0 million of unsecured notes in a private
offering at an offering price of 99.695%. The unsecured notes mature on March
15, 2011 and bear a coupon interest rate of 7.375%.
FUTURE PROPERTY ACQUISITIONS, DEVELOPMENTS AND PROPERTY SALES
The Consolidated Operating Partnership has an active acquisition and
development program through which it is continually engaged in identifying,
negotiating and consummating portfolio and individual industrial property
acquisitions and developments. As a result, the Consolidated Operating
Partnership is currently engaged in negotiations relating to the possible
acquisition and development of certain industrial properties located in certain
of the Consolidated Operating Partnership's top 25 markets.
The Consolidated Operating Partnership also has an active sales
program. As a result, the Consolidated Operating Partnership is currently
engaged in negotiations relating to the possible sales of certain industrial
properties in the Consolidated Operating Partnership's current portfolio.
When evaluating potential industrial property acquisitions and
developments, as well as potential industrial property sales, the Consolidated
Operating Partnership will consider such factors as: (i) the geographic area and
type of property; (ii) the location, construction quality, condition and design
of the property; (iii) the potential for capital appreciation of the property;
(iv) the ability of the Consolidated Operating Partnership to improve the
property's performance through renovation; (v) the terms of tenant leases,
including the potential for rent increases; (vi) the potential for economic
growth and the tax and regulatory environment of the area in which the property
is located; (vii) the potential for expansion of the physical layout of the
property and/or the number of sites; (viii) the occupancy and demand by tenants
for properties of a similar type in the vicinity; and (ix) competition from
existing properties and the potential for the construction of new properties in
the area.
5
7
INDUSTRY
Industrial properties are typically used for the design, assembly,
packaging, storage and distribution of goods and/or the provision of services.
As a result, the demand for industrial space in the United States is related to
the level of economic output. Historically, occupancy rates for industrial
property in the United States have been higher than those for other types of
commercial property. The Consolidated Operating Partnership believes that the
higher occupancy rate in the industrial property sector is a result of the
construction-on-demand nature of, and the comparatively short development time
required for, industrial property. For the five years ended December 31, 2000,
the occupancy rates for industrial properties in the United States have ranged
from 91.2%* to 93.3%*, with an occupancy rate of 93.3%* at December 31, 2000.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 2000, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 969 in-service properties (865 of which
were owned by the Consolidated Operating Partnership and 104 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
68.2 million square feet of GLA (55.6 million square feet of which comprised the
properties owned by the Consolidated Operating Partnership and 12.6 million
square feet of which comprised the properties owned by the Other Real Estate
Partnerships) in 25 states, with a diverse base of more than 2,800 tenants
engaged in a wide variety of businesses, including manufacturing, retail,
wholesale trade, distribution and professional services. The properties are
generally located in business parks which have convenient access to interstate
highways and rail and air transportation. The weighted average age of the
Consolidated Operating Partnership's and the Other Real Estate Partnerships'
properties on a combined basis as of December 31, 2000 was approximately 14.7
years.
The Consolidated Operating Partnership and the Other Real Estate
Partnerships classify their properties into five industrial categories: Light
industrial, bulk warehouse, R&D/flex, regional warehouse and manufacturing.
While some properties may have characteristics which fall under more than one
property type, the Consolidated Operating Partnership and the Other Real Estate
Partnerships have used what they believe is the most dominant characteristic to
categorize the property.
The following tables summarize certain information as of December 31,
2000 with respect to the properties owned by the Consolidated Operating
Partnership, each of which is wholly-owned. Information in the tables excludes
properties under development at December 31, 2000.
* SOURCE: TORTO WHEATON RESEARCH
6
8
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial Bulk Warehouse R&D Flex
----------------------- ------------------------- ----------------------
Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties
- --------------------- ---------- ---------- --------- ----------- --------- -----------
Atlanta, GA 366,882 6 3,079,307 11 -- --
Baltimore, MD 650,725 11 292,640 2 -- --
Baton Rouge, LA 116,347 3 108,800 1 -- --
Central
Pennsylvania -- -- -- -- -- --
Chicago, IL 1,757,174 33 2,653,426 12 188,185 3
Cincinnati, OH 334,220 2 1,348,880 6 -- --
Cleveland, OH -- -- -- -- 102,500 1
Columbus, OH -- -- 1,653,534 4 217,612 2
Dallas, TX 754,833 21 1,539,888 10 193,507 9
Dayton, OH 322,746 6 -- -- 20,000 1
Denver, CO 1,998,681 45 202,939 2 1,866,591 47
Des Moines, IA -- -- 879,040 5 -- --
Detroit, MI 2,516,870 95 1,079,130 9 593,246 20
Grand Rapids, MI 418,311 9 1,013,625 6 10,000 1
Houston, TX 507,090 8 2,191,077 13 200,112 3
Indianapolis, IN 727,980 16 1,709,625 8 48,200 4
Long Island, NY 433,984 15 -- -- -- --
Los Angeles, CA 99,749 5 -- -- -- --
Louisville, KY -- -- 443,500 2 -- --
Milwaukee, WI 290,826 6 100,000 1 -- --
Minneapolis/St
Paul, MN 1,195,385 22 1,626,149 8 661,748 10
Nashville, TN 334,061 7 1,344,298 9 -- --
N. New Jersey 1,361,379 37 895,798 4 510,072 14
New Orleans, LA 395,831 10 -- -- 169,801 5
Phoenix, AZ 96,845 2 -- -- -- --
Portland, OR 734,032 31 -- -- 53,021 2
Salt Lake City, UT 591,276 40 -- -- 146,937 6
S. New Jersey 919,654 22 323,750 2 -- --
St. Louis, MO 383,407 8 589,519 4 -- --
Tampa, FL 588,300 18 213,744 2 564,557 23
Other (a) -- -- 583,855 5 -- --
---------- --- ---------- --- --------- ---
Total 17,896,588 478 23,872,524 126 5,546,089 151
========== === ========== === ========= ===
Regional Warehouse Manufacturing
----------------------- --------------------------
Number of Number of
Metropolitan Area GLA Properties GLA Properties
- --------------------- -------- ----------- ---------- -----------
Atlanta, GA 184,846 2 419,600 3
Baltimore, MD -- -- 171,000 1
Baton Rouge, LA -- -- -- --
Central
Pennsylvania 70,000 1 -- --
Chicago, IL 234,802 3 1,069,167 6
Cincinnati, OH -- -- -- --
Cleveland, OH -- -- -- --
Columbus, OH -- -- 255,470 1
Dallas, TX 583,801 9 224,984 2
Dayton, OH -- -- -- --
Denver, CO 301,492 5 -- --
Des Moines, IA -- -- -- --
Detroit, MI 859,566 20 17,240 1
Grand Rapids, MI -- -- 413,500 1
Houston, TX 432,525 6 -- --
Indianapolis, IN 235,310 7 54,000 1
Long Island, NY 36,880 1 -- --
Los Angeles, CA -- -- -- --
Louisville, KY -- -- -- --
Milwaukee, WI 39,800 1 -- --
Minneapolis/St
Paul, MN 537,034 5 790,732 11
Nashville, TN -- -- 109,058 1
N. New Jersey 192,153 3 -- --
New Orleans, LA 40,500 1 -- --
Phoenix, AZ -- -- -- --
Portland, OR -- -- -- --
Salt Lake City, UT -- -- -- --
S. New Jersey 209,300 3 22,738 1
St. Louis, MO -- -- -- --
Tampa, FL 398,309 7 -- --
Other (a) 50,000 1 346,103 6
--------- -- --------- ----
Total 4,406,318 75 3,893,592 35
========= == ========= ====
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas; West Lebanon, New Hampshire and Shreveport,
Louisiana.
7
9
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY TOTALS
TOTALS
---------------------------------------------------------------------------
GLA AS A % OF
NUMBER OF OCCUPANCY AT TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/00 PORTFOLIO
- --------------------------- ---------- ---------- ------------ ---------
Atlanta, GA 4,050,635 22 98% 7.3%
Baltimore, MD 1,114,365 14 96% 2.0%
Baton Rouge, LA 225,147 4 97% 0.4%
Central Pennsylvania 70,000 1 100% 0.1%
Chicago, IL 5,902,754 57 93% 10.6%
Cincinnati, OH 1,683,100 8 92% 3.0%
Cleveland, OH 102,500 1 100% 0.2%
Columbus, OH 2,126,616 7 96% 3.8%
Dallas, TX 3,297,013 51 99% 5.9%
Dayton, OH 342,746 7 96% 0.6%
Denver, CO 4,369,703 99 95% 7.9%
Des Moines, IA 879,040 5 99% 1.6%
Detroit, MI 5,066,052 145 97% 9.1%
Grand Rapids, MI 1,855,436 17 100% 3.3%
Houston, TX 3,330,804 30 95% 6.0%
Indianapolis, IN 2,775,115 36 89% 5.0%
Long Island, NY 470,864 16 96% 0.8%
Los Angeles, CA 99,749 5 90% 0.2%
Louisville, KY 443,500 2 100% 0.8%
Milwaukee, WI 430,626 8 95% 0.8%
Minneapolis/St. Paul, MN 4,811,048 56 94% 8.7%
Nashville, TN 1,787,417 17 96% 3.2%
N. New Jersey 2,959,402 58 94% 5.3%
New Orleans, LA 606,132 16 96% 1.1%
Phoenix, AZ 96,845 2 87% 0.2%
Portland, OR 787,053 33 88% 1.4%
Salt Lake City, UT 738,213 46 82% 1.3%
S. New Jersey 1,475,442 28 90% 2.7%
St. Louis, MO 972,926 12 100% 1.7%
Tampa, FL 1,764,910 50 93% 3.2%
Other (a) 979,958 12 100% 1.8%
---------- --- --- -----
Total or Average 55,615,111 865 95% 100.0%
========== === === =====
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas; West Lebanon, New Hampshire and Shreveport,
Louisiana.
8
10
The following tables summarize certain information as of December 31,
2000 with respect to the properties owned by the Other Real Estate Partnerships,
each of which is wholly-owned.
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY
Light Industrial Bulk Warehouse R&D Flex
-------------------- ------------------------ --------------------
Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties
- ---------------------- ---------- ---------- ----------- ---------- -------- ----------
Atlanta, GA 59,959 1 1,037,338 3 153,508 4
Baltimore, MD 65,860 1 -- -- 78,418 1
Central
Pennsylvania 383,070 4 3,645,392 14 -- --
Chicago, IL 150,115 3 760,168 4 49,730 1
Des Moines, IA 75,072 3 -- -- -- --
Detroit, MI 380,254 8 -- -- 33,092 2
Grand Rapids, MI 80,000 1 822,500 5 -- --
Indianapolis, IN -- -- 1,796,341 5 -- --
Milwaukee, WI -- -- -- -- 93,705 2
Minneapolis/St
Paul, MN 130,647 2 -- -- -- --
Nashville, TN -- -- 160,661 1 -- --
Philadelphia, PA 273,775 12 324,320 2 36,802 2
St. Louis, MO -- -- 245,000 2 -- --
Tampa, FL -- -- -- -- 44,427 1
Other (a) 99,000 3 -- -- -- --
--------- -- --------- -- ------- --
Total 1,697,752 38 8,791,720 36 489,682 13
========= == ========= == ======= ==
Regional Warehouse Manufacturing
--------------------- ------------------------
Number of Number of
Metropolitan Area GLA Properties GLA Properties
- ---------------------- -------- ---------- ---------- ----------
Atlanta, GA 90,289 1 -- --
Baltimore, MD -- -- -- --
Central
Pennsylvania 117,579 3 -- --
Chicago, IL 50,000 1 -- --
Des Moines, IA 88,000 1 -- --
Detroit, MI 66,395 1 -- --
Grand Rapids, MI -- -- 31,750 1
Indianapolis, IN 60,000 1 -- --
Milwaukee, WI 39,468 1 468,000 1
Minneapolis/St
Paul, MN -- -- 533,390 3
Nashville, TN -- -- -- --
Philadelphia, PA 46,750 1 56,827 2
St. Louis, MO -- -- -- --
Tampa, FL -- -- -- --
Other (a) -- -- -- --
------- -- --------- ---
Total 558,481 10 1,089,967 7
======= == ========= ===
(a) Properties are located in Austin, Texas.
9
11
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
-----------------------------------------------------------------------
GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/00 PORTFOLIO
- -------------------------------- ----------- ----------- ------------ ----------
Atlanta, GA 1,341,094 9 94% 10.6%
Baltimore, MD 144,278 2 97% 1.1%
Central Pennsylvania 4,146,041 21 98% 32.8%
Chicago, IL 1,010,013 9 97% 8.0%
Des Moines, IA 163,072 4 78% 1.3%
Detroit, MI 479,741 11 99% 3.8%
Grand Rapids, MI 934,250 7 100% 7.4%
Indianapolis, IN 1,856,341 6 92% 14.7%
Milwaukee, WI 601,173 4 100% 4.8%
Minneapolis/St. Paul, MN 664,037 5 100% 5.3%
Nashville, TN 160,661 1 100% 1.3%
Philadelphia, PA 738,474 19 94% 5.8%
St. Louis, MO 245,000 2 100% 1.9%
Tampa, FL 44,427 1 100% 0.4%
Other (a) 99,000 3 100% 0.8%
---------- --- --- -----
Total or Average 12,627,602 104 97% 100.0%
========== === === =====
(a) Properties are located in Austin, Texas.
10
12
PROPERTY ACQUISITION ACTIVITY
During 2000, the Consolidated Operating Partnership completed 16
separate industrial property acquisition transactions comprising 82 in-service
industrial properties and one industrial property under redevelopment totaling
approximately 5.6 million square feet of GLA at a total purchase price of
approximately $257.3 million, or $45.82 per square foot. The Consolidated
Operating Partnership also purchased numerous land parcels for an aggregate
purchase price of approximately $57.0 million. The 83 industrial properties
acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/00 ACQUISITION DATE
------------------------ ---------- --------- ----------------------------- ------------ -----------------
Houston, TX 3 144,639 Light Industrial/R&D Flex 90% January 12, 2000
Southern New Jersey 1 79,329 Regional Warehouse 100% January 27, 2000
Nashville, TN 3 339,051 Bulk Warehouse 100% January 27, 2000
Dallas, TX 1 130,949 Bulk Warehouse 100% March 31, 2000
Harrisburg, PA (a) 1 38,668 Light Industrial N/A April 18, 2000
Houston, TX 1 251,850 Bulk Warehouse 100% April 25, 2000
Dallas, TX 18 1,303,317 R&D Flex/Bulk Whse/Reg Whse 100% June 30, 2000
Long Island, NY (b) 1 15,000 Light Industrial N/A August 15, 2000
Los Angeles, CA 3 69,592 Light Industrial 93% September 6, 2000
Los Angeles, CA 2 30,157 Light Industrial 86% September 20, 2000
Northern New Jersey 12 1,257,143 Lt. Industrial/R&D Flex/Bulk 94% September 28, 2000
Whse
Baltimore, MD 3 125,212 Light Industrial 96% December 5, 2000
Tampa, FL 6 179,494 R&D Flex 98% December 14, 2000
Chicago, IL (c) 18 1,208,074 Lt. Industrial/R&D Flex/Bulk 94% December 18, 2000
Whse/Reg. Whse
Denver, CO 4 234,683 Light Industrial/ R&D Flex 100% December 29, 2000
Detroit, MI 6 208,197 Light Industrial/Reg. Warehouse 93% December 29, 2000
------- ----------
Total 83 5,615,355
======= ==========
(a) Property was sold on June 27, 2000.
(b) Property was sold on August 16, 2000.
(c) Acquisition includes a 50,400 square foot light industrial
redevelopment property.
During 2000, the Other Real Estate Partnerships completed one
industrial property acquisition transaction comprising one in-service industrial
property totaling approximately .2 million square feet of GLA at a total
purchase price of approximately $6.3 million, or $29.62 per square foot. The
Other Real Estate Partnerships also purchased numerous land parcels for an
aggregate purchase price of approximately $2.9 million. The industrial property
acquired has the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/00 ACQUISITION DATE
- -------------------------- ----------- ---------- --------------- ----------- -------------------
Philadelphia, PA 1 214,320 Bulk Warehouse 100% February 25, 2000
------- -------
Total 1 214,320
======= =======
11
13
PROPERTY DEVELOPMENT ACTIVITY
During 2000, the Consolidated Operating Partnership placed in service
20 developments and one redevelopment totaling approximately 3.6 million square
feet of GLA at a total cost of approximately $125.8 million, or $35.27 per
square foot. The developed properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/00 COMPLETION DATE
- ----------------------- --------- --------------- ----------- -------------------
Louisville, KY 231,000 Bulk Warehouse 100% February 1, 2000
Denver, CO (a) 58,490 R&D Flex N/A March 1, 2000
Milwaukee, WI 100,000 Bulk Warehouse 80% March 1, 2000
Rochester, NY (b) 796,806 Bulk Warehouse N/A March 1, 2000
Denver, CO 16,500 Light Industrial 100% March 15, 2000
Cincinnati, OH 168,000 Bulk Warehouse 100% May 1, 2000
Cincinnati, OH 140,800 Bulk Warehouse 45% May 1, 2000
Northern New Jersey 45,700 R&D Flex 78% June 1, 2000
Atlanta, GA 504,000 Bulk Warehouse 100% June 1, 2000
Salt Lake City, UT 55,785 R&D Flex 100% June 1, 2000
Northern New Jersey 30,000 R&D Flex 67% September 1, 2000
Indianapolis, IN 389,660 Bulk Warehouse 100% September 30, 2000
Long Island, NY (c) 91,200 R&D Flex N/A September 30, 2000
Long Island, NY (c) (d) 134,991 R&D Flex N/A November 1, 2000
New Orleans, LA 53,544 Light Industrial 100% November 8, 2000
Philadelphia, PA 70,000 Reg. Warehouse 100% November 27, 2000
Minneapolis, MN 128,500 Bulk Warehouse 87% December 1, 2000
Chicago, IL (e) 319,506 Bulk Warehouse N/A December 29, 2000
Phoenix, AZ 58,285 Light Industrial 79% December 29, 2000
Tampa, FL 100,000 Light Industrial 80% December 29, 2000
Tampa, FL 72,000 Reg. Warehouse 65% December 29, 2000
---------
Total 3,564,767
=========
(a) Property was sold on September 26, 2000.
(b) Property was sold on February 18, 2000.
(c) Property was sold on November 30, 2000.
(d) Redevelopment.
(e) Property was sold on December 29, 2000.
During 2000, the Other Real Estate Partnerships placed in service six
developments and one redevelopment totaling approximately .5 million square feet
of GLA at a total cost of approximately $22.2 million, or $44.32 per square
foot. The developed properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/00 COMPLETION DATE
- --------------------------- -------- ----------------- ----------- --------------------
Austin, TX 33,000 Light Industrial 100% February 1, 2000
Denver, CO (a) 49,510 Bulk Warehouse N/A March 1, 2000
Austin, TX 33,000 Light Industrial 100% June 30, 2000
Chicago, IL 50,000 Reg. Warehouse 65% November 23, 2000
Minneapolis, MN (b) 123,485 Manufacturing 100% December 17, 2000
Indianapolis, IN 100,000 Bulk Warehouse 50% December 29, 2000
Atlanta, GA 110,000 Bulk Warehouse 55% December 29, 2000
-------
Total 498,995
=======
(a) Property was sold on September 26, 2000.
(b) Redevelopment
At December 31, 2000, the Consolidated Operating Partnership had 13
projects under development, with an estimated completion GLA of approximately
1.8 million square feet and an estimated completion cost of approximately $102.2
million.
At December 31, 2000, the Other Real Estate Partnerships had 8 projects
under development, with an estimated completion GLA of approximately 2.2 million
square feet and an estimated completion cost of approximately $75.5 million.
12
14
PROPERTY SALES
During 2000, the Consolidated Operating Partnership sold 104 in-service
industrial properties and one out of service property totaling approximately 8.9
million square feet of GLA and several land parcels. Total gross sales proceeds
approximated $404.0 million. The 104 in-service properties and one out of
service property sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- ----------------------------- ------------ ----------- ------------------------------ -----------------
Nashville, TN (a) 1 392,128 Bulk Warehouse January 4, 2000
Portland, OR 1 20,500 Light Industrial January 24, 2000
Cleveland, OH 1 32,000 Light Industrial January 27, 2000
Cleveland, OH 1 51,525 Regional Warehouse January 31, 2000
Rochester, NY 1 796,806 Bulk Warehouse February 18, 2000
Des Moines, IA 1 54,000 Light Industrial February 23, 2000
Southern New Jersey 1 30,000 Light Industrial March 13, 2000
Long Island, NY 1 99,600 Light Industrial March 17, 2000
Chicago, IL 3 94,840 Light Industrial/R&D Flex March 20, 2000
Atlanta, GA 2 408,819 Bulk Warehouse April 19, 2000
Atlanta, GA 1 32,000 Light Industrial May 10, 2000
Hartford, CT 11 619,191 Lt. Industrial/Bulk June 8, 2000
Whse/Manufacturing
Long Island, NY 1 325,000 Bulk Warehouse June 21, 2000
Harrisburg, PA 1 38,668 Light Industrial June 27, 2000
St. Louis, MO 1 46,481 Light Industrial June 29, 2000
Detroit, MI 2 58,650 Light Industrial June 29, 2000
Detroit, MI 1 47,700 Regional Warehouse June 29, 2000
St. Louis, MO 1 60,708 Light Industrial June 30, 2000
Phoenix, AZ 4 437,376 R&D Flex/Bulk Whse/Regional Whse August 4, 2000
Cincinnati, OH 5 111,375 Light Industrial August 10, 2000
Cleveland, OH 5 169,116 Light Industrial August 10, 2000
Long Island, NY 1 15,000 Light Industrial August 16, 2000
Columbus, OH 1 57,255 Light Industrial August 30, 2000
Denver, CO 1 59,970 R&D Flex September 26,
2000
Long Island, NY 1 25,401 Light Industrial October 10, 2000
Detroit, MI 1 180,986 Bulk Warehouse October 20, 2000
Detroit, MI 1 12,612 Light Industrial October 23, 2000
Denver, CO 5 97,861 Light Industrial/R&D Flex October 30, 2000
Chicago, IL 1 84,956 Light Industrial November 20, 2000
St. Louis, MO 1 49,600 Light Industrial November 20, 2000
Phoenix, AZ 1 98,052 Regional Warehouse November 21, 2000
Long Island, NY 32 3,266,434 Lt. Ind/R&D Flex/Bulk November 30, 2000
Whse/Regional Whse/Manuf.
Grand Rapids, MI 1 66,505 Light Industrial December 1, 2000
Detroit, MI 1 12,612 Light Industrial December 6, 2000
Detroit, MI 1 12,200 Light Industrial December 13, 2000
Long Island, NY 1 58,850 Regional Warehouse December 19, 2000
Minneapolis, MN 1 124,800 Bulk Warehouse December 20, 2000
Minneapolis, MN 2 194,040 Manufacturing December 20, 2000
Northern New Jersey 1 20,440 Light Industrial December 24, 2000
Clarion, IA 1 126,900 Bulk Warehouse December 28, 2000
Northern New Jersey 1 13,580 Light Industrial December 29, 2000
Green Bay, WI 1 25,254 Light Industrial December 29, 2000
Portland, OR 1 49,624 Light Industrial December 29, 2000
Chicago, IL 1 319,506 Bulk Warehouse December 29, 2000
--- ---------
Total 105 8,898,921
=== =========
(a) Property was out of service when sold.
During 2000, the Other Real Estate Partnerships sold four in-service
industrial properties totaling approximately .7 million square feet of GLA and
several land parcels. Total gross sales proceeds approximated $29.7 million. The
four in-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- ---------------------------- --------------- ----------- ---------------- ------------------
Philadelphia, PA 1 81,071 R&D Flex June 6, 2000
Louisville, KY 1 532,400 Bulk Warehouse June 26, 2000
Detroit, MI 1 42,360 Light Industrial June 29, 2000
Denver, CO 1 50,760 Bulk Warehouse September 26, 2000
------- -------
Total 4 706,591
======= =======
PR
13
15
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2001 through March 23, 2001, the
Consolidated Operating Partnership acquired 13 industrial properties and several
land parcels for a total estimated investment of approximately $45.5 million.
The Consolidated Operating Partnership also sold eight industrial properties and
one land parcel for approximately $19.5 million of gross proceeds.
During the period January 1, 2001 through March 23, 2001, the Other
Real Estate Partnerships acquired eight industrial properties for a total
estimated investment of approximately $27.9 million. The Other Real Estate
Partnerships also sold one industrial property and one land parcel for
approximately $1.8 million of gross proceeds.
14
16
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's properties as of December 31, 2000, by geographic market area.
PROPERTY LISTING
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
ATLANTA
1650 GA Highway 155 McDonough, GA 1991 Bulk Warehouse 12.80 228,400 100%
14101 Industrial Park Blvd. Covington, GA 1984 Light Industrial 9.25 92,160 100%
801-804 Blacklawn Road Conyers, GA 1982 Bulk Warehouse 6.67 111,185 100%
1665 Dogwood Drive Conyers, GA 1973 Manufacturing 9.46 198,000 100%
1715 Dogwood Drive Conyers, GA 1973 Manufacturing 4.61 100,000 100%
11235 Harland Drive Covington, GA 1988 Light Industrial 5.39 32,361 100%
700 Westlake Parkway Atlanta, GA 1990 Light Industrial 3.50 56,400 70%
800 Westlake Parkway Atlanta, GA 1991 Bulk Warehouse 7.40 132,400 100%
4050 Southmeadow Parkway Atlanta, GA 1991 Reg. Warehouse 6.60 87,328 100%
4051 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 11.20 171,671 100%
4071 Southmeadow Parkway Atlanta, GA 1991 Bulk Warehouse 17.80 209,918 100%
4081 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 12.83 254,172 100%
1875 Rockdale Industrial Blvd. Conyers, GA 1966 Manufacturing 5.70 121,600 100%
3312 N. Berkeley Lake Road Duluth, GA 1969 Bulk Warehouse 52.11 1,040,296 100%
370 Great Southwest Pkway (i) Atlanta, GA 1986 Light Industrial 8.06 150,536 66%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 100%
1640 Sands Place Marietta, GA 1977 Light Industrial 1.97 35,425 57%
7000 Highland Parkway Smyrna, GA 1998 Bulk Warehouse 10.00 123,808 100%
2084 Lake Industrial Court Conyers, GA 1998 Bulk Warehouse 13.74 180,000 100%
1003 Sigman Road Conyers, GA 1996 Bulk Warehouse 11.30 123,457 100%
220 Greenwood Court McDonough, GA 2000 Bulk Warehouse 26.69 504,000 100%
----------- ---------
SUBTOTAL OR AVERAGE SUBTOTAL OR AVERAGE 4,050,635 98%
----------- ---------
BALTIMORE
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 100%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 100%
1811 Portal Baltimore, MD 1987 Light Industrial 3.32 60,000 100%
1831 Portal Baltimore, MD 1990 Light Industrial 3.18 46,522 100%
1821 Portal Baltimore, MD 1986 Light Industrial 4.63 86,234 92%
1820 Portal Baltimore, MD (f) 1982 Bulk Warehouse 6.55 171,000 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,064 98%
8900 Yellow Brick Road Baltimore, MD 1982 Light Industrial 5.80 60,000 100%
7476 New Ridge Hanover, MD 1987 Light Industrial 18.00 71,866 93%
1328 Charwood Road Hanover, MD 1986 Bulk Warehouse 9.00 150,500 83%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,140 100%
1350 Blair Drive Odenton, MD 1991 Light Industrial 2.86 29,317 100%
1360 Blair Drive Odenton, MD 1991 Light Industrial 4.19 42,985 90%
1370 Blair Drive Odenton, MD 1991 Light Industrial 5.15 52,910 100%
----------- ---------
SUBTOTAL OR AVERAGE 1,114,365 96%
----------- ---------
BATON ROUGE
11200 Industriplex Blvd. Baton Rouge, LA 1986 Light Industrial 3.00 42,355 100%
11441 Industriplex Blvd. Baton Rouge, LA 1987 Light Industrial 2.40 35,596 100%
11301 Industriplex Blvd. Baton Rouge, LA 1985 Light Industrial 2.50 38,396 80%
6565 Exchequer Drive Baton Rouge, LA 1986 Bulk Warehouse 5.30 108,800 100%
----------- ---------
SUBTOTAL OR AVERAGE 225,147 97%
----------- ---------
CENTRAL PENNSYLVANIA
2252 125 East Kensinger Drive Cranberry Township,
PA 2000 Reg. Warehouse 13.00 70,000 100%
----------- ---------
SUBTOTAL OR AVERAGE 70,000 100%
----------- ---------
CHICAGO
2300 Hammond Drive Schaumburg, IL 1970 Light Industrial 4.13 77,000 100%
6500 North Lincoln Avenue Lincolnwood, IL 1965/88 Light Industrial 2.52 61,548 100%
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 204,679 87%
917 North Shore Drive Lake Bluff, IL 1974 Light Industrial 4.27 84,575 100%
6750 South Sayre Avenue Bedford Park, IL 1975 Light Industrial 2.51 63,383 100%
585 Slawin Court Mount Prospect, IL 1992 R&D/Flex 3.71 38,150 100%
2300 Windsor Court Addison, IL 1986 Bulk Warehouse 6.80 105,100 100%
3505 Thayer Court Aurora, IL 1989 Light Industrial 4.60 64,220 100%
3600 Thayer Court Aurora, IL 1989 Light Industrial 6.80 66,958 100%
736-776 Industrial Drive Elmhurst, IL 1975 Light Industrial 3.79 80,180 100%
305-311 Era Drive Northbrook, IL 1978 Light Industrial 1.82 27,549 100%
700-714 Landwehr Road Northbrook, IL 1978 Light Industrial 1.99 41,835 100%
4330 South Racine Avenue Chicago, IL 1978 Manufacturing 5.57 168,000 100%
13040 S. Crawford Avenue Alsip, IL 1976 Bulk Warehouse 15.12 400,076 100%
12241 Melrose Street Franklin Park, IL 1969 Light Industrial 2.47 77,301 100%
15
17
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
CHICAGO (CONT.)
12301-12325 S. Laramie Avenue Alsip, IL 1975 Bulk Warehouse 8.83 204,586 100%
6300 Howard Niles, IL 1956/64 Manufacturing 19.50 364,000 100%
301 Hintz Wheeling, IL 1960 Manufacturing 2.51 43,636 100%
301 Alice Wheeling, IL 1965 Light Industrial 2.88 65,450 100%
410 West 169th Street South Holland, IL 1974 Bulk Warehouse 6.40 151,436 70%
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 99%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 100%
1010-50 Sesame Street Bensenville, IL (c) 1976 Manufacturing 8.00 252,000 100%
5555 West 70th Place Bedford Park, IL 1973 Manufacturing 2.50 41,531 100%
3200-3250 South St. Louis (i) Chicago, IL 1968 Light Industrial 8.66 74,685 100%
3110-3130 South St. Louis Chicago, IL 1968 Light Industrial 4.00 23,254 100%
7301 South Hamlin Chicago, IL 1975/86 Light Industrial 1.49 56,017 43%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 79%
3900 West 74th Street Chicago, IL 1975/86 Reg. Warehouse 2.13 66,000 0%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 159,728 100%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 182,000 100%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
10435 Seymour Avenue Franklin Park, IL 1967 Light Industrial 1.85 53,500 43%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,574 100%
34-45 Lake Street Northlake, IL 1978 Bulk Warehouse 5.71 124,804 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,009 52%
4309 South Morgan Street Chicago, IL 1975 Manufacturing 6.91 200,000 49%
405-17 University Drive Arlington Hgts, IL 1977 Light Industrial 2.42 56,400 100%
3575 Stern Avenue St. Charles, IL 1979/1984 Reg. Warehouse 2.73 68,728 100%
3810 Stern Avenue St. Charles, IL 1985 Reg. Warehouse 4.67 100,074 100%
3645 Swenson Avenue St. Charles, IL 1981 Light Industrial 3.27 42,547 34%
315 Kirk Road St. Charles, IL 1969/93/95 Bulk Warehouse 12.42 299,176 100%
550 Business Center Drive Mount Prospect, IL 1984 Light Industrial 2.26 34,596 100%
700 Business Center Drive Mount Prospect, IL 1980 Light Industrial 3.12 34,800 100%
555 Business Center Drive Mount Prospect, IL 1981 Light Industrial 2.96 31,175 100%
800 Business Center Drive Mount Prospect, IL 1988/99 Light Industrial 5.40 81,610 100%
580 Slawin Court Mount Prospect, IL 1985 Light Industrial 2.08 30,225 100%
1150 Feehanville Drive Mount Prospect, IL 1983 Light Industrial 2.74 33,600 100%
850 Feehanville Drive Mount Prospect, IL 1983 Light Industrial 2.87 34,875 100%
1200 Business Center Drive Mount Prospect, IL 1988/2000 Light Industrial 6.68 106,000 76%
1331 Business Center Drive Mount Prospect, IL 1985 Light Industrial 3.12 30,380 100%
1601 Feehanville Drive Mount Prospect, IL 1986/2000 R&D/Flex 6.07 64,080 76%
3627 Stern Avenue St. Charles, IL 1979 Light Industrial 1.84 30,000 100%
902 Feehanville Avenue Mount Prospect, IL 1983 Light Industrial 3.61 49,853 100%
1661 Feehanville Avenue Mount Prospect, IL 1986 R&D/Flex 6.89 85,955 99%
----------- ---------
SUBTOTAL OR AVERAGE 5,902,754 93%
----------- ---------
CINCINNATI
9900-9970 Princeton Cincinnati, OH (a) 1970 Bulk Warehouse 10.64 185,580 82%
2940 Highland Avenue Cincinnati, OH (a) 1969/74 Bulk Warehouse 17.08 502,000 95%
4700-4750 Creek Road Blue Ash, OH (a) 1960 Light Industrial 15.32 265,000 97%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 100%
901 Pleasant Valley Drive Springboro, OH 1984 Light Industrial 7.70 69,220 100%
4440 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 15.26 240,000 100%
4434 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 25.00 140,800 45%
9449 Glades Drive Hamilton, OH 1999 Bulk Warehouse 7.40 168,000 100%
----------- ---------
SUBTOTAL OR AVERAGE 1,683,100 92%
----------- ---------
CLEVELAND
6675 Parkland Boulevard Solon, OH 1991 R&D/Flex 10.41 102,500 100%
----------- ---------
SUBTOTAL OR AVERAGE 102,500 100%
----------- ---------
COLUMBUS
3800 Lockbourne Industrial Pky Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
3880 Groveport Road Obetz, OH 1986 Bulk Warehouse 43.41 705,600 100%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 69%
4300 Cemetery Road Hilliard, OH 1968 Manufacturing 62.71 255,470 100%
4115 Leap Road (i) Hilliard, OH 1977 R&D/Flex 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 100%
----------- ---------
SUBTOTAL OR AVERAGE 2,126,616 96%
----------- ---------
DALLAS
1275-1281 Roundtable Drive Dallas, TX 1966 Light Industrial 1.75 30,642 100%
2406-2416 Walnut Ridge Dallas, TX 1978 Light Industrial 1.76 44,000 100%
12750 Perimeter Drive Dallas, TX 1979 Bulk Warehouse 6.72 178,200 100%
1324-1343 Roundtable Drive Dallas, TX 1972 Light Industrial 2.09 47,000 100%
1405-1409 Avenue II East Grand Prairie, TX 1969 Light Industrial 1.79 36,000 100%
2651-2677 Manana Dallas, TX 1966 Light Industrial 2.55 82,229 100%
2401-2419 Walnut Ridge Dallas, TX 1978 Light Industrial 1.20 30,000 100%
16
18
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DALLAS (CONT.)
4248-4252 Simonton Farmers Ranch, TX 1973 Bulk Warehouse 8.18 205,693 100%
900-906 Great Southwest Pkwy Arlington, TX 1972 Light Industrial 3.20 69,761 100%
2179 Shiloh Road Garland, TX 1982 Reg. Warehouse 3.63 65,700 100%
2159 Shiloh Road Garland, TX 1982 R&D/Flex 1.15 20,800 100%
2701 Shiloh Road Garland, TX 1981 Bulk Warehouse 8.20 214,650 100%
12784 Perimeter Drive (j) Dallas, TX 1981 Light Industrial 4.57 95,671 83%
3000 West Commerce Dallas, TX 1980 Manufacturing 11.23 128,478 100%
3030 Hansboro Dallas, TX 1971 Bulk Warehouse 3.71 100,000 100%
5222 Cockrell Hill Dallas, TX 1973 Manufacturing 4.79 96,506 100%
405-407 113th Arlington, TX 1969 Light Industrial 2.75 60,000 50%
816 111th Street Arlington, TX 1972 Light Industrial 2.89 65,000 100%
1017-25 Jacksboro Highway Fort Worth, TX 1970 Light Industrial 1.49 30,000 100%
7341 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.09 20,000 100%
7427 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.60 27,500 100%
7348-54 Tower Street Richland Hills, TX 1978 Light Industrial 1.09 20,063 50%
7370 Dogwood Park Richland Hills, TX 1987 Light Industrial 1.18 18,500 100%
7339-41 Tower Street Richland Hills, TX 1980 Light Industrial 0.95 17,600 100%
7437-45 Tower Street Richland Hills, TX 1977 Light Industrial 1.16 20,000 100%
7331-59 Airport Freeway Richland Hills, TX 1987 R&D/Flex 2.63 37,800 100%
7338-60 Dogwood Park Richland Hills, TX 1978 R&D/Flex 1.51 26,275 100%
7450-70 Dogwood Park Richland Hills, TX 1985 Light Industrial 0.88 18,000 100%
7423-49 Airport Freeway Richland Hills, TX 1985 R&D/Flex 2.39 33,812 80%
7400 Whitehall Street Richland Hills, TX 1994 Light Industrial 1.07 22,867 95%
1602-1654 Terre Colony Dallas, TX 1981 Bulk Warehouse 5.72 130,949 100%
3330 Duncanville Road Dallas, TX 1987 Reg. Warehouse 2.20 50,560 100%
2001 100th Street Grand Prairie, TX 1973/93 Reg. Warehouse 3.50 74,106 100%
6851-6909 Snowden Road Fort Worth, TX 1985/86 Bulk Warehouse 13.00 281,200 100%
2351-2355 Merritt Drive Garland, TX 1986 R&D/Flex 5.00 16,740 100%
10575 Vista Park Dallas, TX 1988 Reg. Warehouse 2.10 37,252 100%
701-735 North Plano Road Richardson, TX 1972/94 Bulk Warehouse 5.78 100,065 100%
2259 Merritt Drive Garland, TX 1986 R&D Flex 1.90 16,740 100%
2260 Merritt Drive Garland, TX 1986/99 Reg. Warehouse 3.70 62,847 100%
2220 Merritt Drive Garland, TX 1986/2000 Reg. Warehouse 3.90 70,936 100%
2010 Merritt Drive Garland, TX 1986 Reg. Warehouse 2.80 57,392 100%
2363 Merritt Drive Garland, TX 1986 R&D Flex 0.40 12,300 100%
2447 Merritt Drive Garland, TX 1986 R&D Flex 0.40 12,300 100%
2465-2475 Merritt Drive Garland, TX 1986 R&D Flex 0.50 16,740 100%
2485-2505 Merritt Drive Garland, TX 1986 Bulk Warehouse 5.70 108,550 100%
17919 Waterview Parkway Dallas, TX 1987 Reg. Warehouse 4.88 70,390 100%
4201 Highway 75 North Sherman, TX 1986 Bulk Warehouse 25.00 100,578 100%
2425 East Pioneer Drive Irving, TX 1987 Reg. Warehouse 6.60 94,618 100%
1350 Avenue South Grand Prairie, TX 1987 Bulk Warehouse 5.80 120,003 100%
----------- --------
SUBTOTAL OR AVERAGE 3,297,013 99%
----------- --------
DAYTON
6094-6104 Executive Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 70%
6202-6220 Executive Boulevard Huber Heights, OH 1996 Light Industrial 3.79 64,000 100%
6268-6294 Executive Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 100%
5749-5753 Executive Boulevard Huber Heights, OH 1975 Light Industrial 1.15 12,000 100%
6230-6266 Executive Boulevard Huber Heights, OH 1979 Light Industrial 5.30 84,000 100%
2200-2224 Sandridge Road Moraine, OH 1983 Light Industrial 2.96 58,746 100%
8119-8137 Uehling Lane Dayton, OH 1978 R&D/Flex 1.15 20,000 100%
----------- --------
SUBTOTAL OR AVERAGE 342,746 96%
----------- --------
DENVER
7100 North Broadway - Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,269 89%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 96%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 97%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 100%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 84%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 96%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,767 96%
15850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 88%
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 100%
525 East 70th Street Denver, CO 1985 Light Industrial 5.18 12,000 100%
565 East 70th Street Denver, CO 1985 Light Industrial 5.18 29,990 100%
605 East 70th Street Denver, CO 1985 Light Industrial 5.18 34,000 100%
625 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
665 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
700 West 48th Street Denver, CO 1984 Light Industrial 5.40 53,431 100%
702 West 48th Street Denver, CO 1984 Light Industrial 5.40 23,820 78%
800 East 73rd Denver, CO 1984 R&D/Flex 4.50 49,360 100%
850 East 73rd Denver, CO 1984 R&D/Flex 4.50 38,962 82%
17
19
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DENVER (CONT.)
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 82,120 90%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,520 78%
3390 North Peoria Street Aurora, CO 1978 R&D/Flex 1.46 22,699 100%
3508-3538 North Peoria Street Aurora, CO 1978 R&D/Flex 2.61 40,653 100%
3568 North Peoria Street Aurora, CO 1978 R&D/Flex 2.24 34,937 91%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 87%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 100%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,788 96%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 55,027 100%
3871 Revere Street Denver, CO 1980 Reg. Warehouse 3.19 75,265 100%
5454 Havana Street Denver, CO 1980 R&D/Flex 2.68 42,504 100%
5500 Havana Street Denver, CO 1980 R&D/Flex 2.19 34,776 100%
4570 Ivy Street Denver, CO 1985 Light Industrial 1.77 31,355 57%
5855 Stapleton Drive North Denver, CO 1985 Light Industrial 2.33 41,268 100%
5885 Stapleton Drive North Denver, CO 1985 Light Industrial 3.05 53,893 100%
5200-5280 North Broadway Denver, CO 1977 Light Industrial 1.54 31,780 100%
5977-5995 North Broadway Denver, CO 1978 Light Industrial 4.96 50,280 100%
2952-5978 North Broadway Denver, CO 1978 Light Industrial 7.91 88,977 100%
6400 North Broadway Denver, CO 1982 Light Industrial 4.51 69,430 100%
875 Parfet Street Lakewood, CO 1975 Light Industrial 3.06 49,216 100%
4721 Ironton Street Denver, CO 1969 R&D/Flex 2.84 51,260 100%
833 Parfet Street Lakewood, CO 1974 R&D/Flex 2.57 24,800 77%
11005 West 8th Avenue Lakewood, CO 1974 Light Industrial 2.57 25,672 100%
7100 North Broadway - 7 Denver, CO 1985 R&D/Flex 2.30 24,822 89%
7100 North Broadway - 8 Denver, CO 1985 R&D/Flex 2.30 9,107 77%
6804 East 48th Avenue Denver, CO 1973 R&D/Flex 2.23 46,464 100%
445 Bryant Street Denver, CO 1960 Light Industrial 6.31 292,472 83%
East 47th Drive -A Denver, CO 1997 R&D/Flex 3.00 51,200 100%
7025 South Revere Parkway Denver, CO 1997 R&D/Flex 3.20 59,270 100%
9500 W. 49th Street - A Wheatridge, CO 1997 Light Industrial 1.74 19,217 100%
9500 W. 49th Street - B Wheatridge, CO 1997 Light Industrial 1.74 16,441 100%
9500 W. 49th Street - C Wheatridge, CO 1997 R&D/Flex 1.74 29,174 100%
9500 W. 49th Street - D Wheatridge, CO 1997 Light Industrial 1.74 41,615 46%
8100 South Park Way - A Littleton, CO 1997 R&D/Flex 3.33 52,581 100%
8100 South Park Way - B Littleton, CO 1984 R&D/Flex 0.78 12,204 100%
8100 South Park Way - C Littleton, CO 1984 Light Industrial 4.28 67,520 100%
451-591 East 124th Avenue Littleton, CO 1979 Light Industrial 4.96 59,711 100%
14100 East Jewell Aurora, CO 1980 R&D/Flex 3.67 58,553 95%
14190 East Jewell Aurora, CO 1980 R&D/Flex 1.84 29,442 100%
608 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 25,075 89%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 61%
1111 West Evans (A&C) Denver, CO 1986 Light Industrial 2.00 36,894 100%
1111 West Evans (B) Denver, CO 1986 Light Industrial 0.50 4,725 100%
15000 West 6th Avenue Golden, CO 1985 R&D/Flex 5.25 69,279 100%
14998 West 6th Avenue Building E Golden, CO 1995 R&D/Flex 2.29 42,832 100%
14998 West 6th Avenue Building F Englewood, CO 1995 R&D/Flex 2.29 20,424 100%
12503 East Euclid Drive Denver, CO 1986 R&D/Flex 10.90 97,871 77%
6547 South Racine Circle Englewood, CO 1996 Light Industrial 3.92 59,918 100%
7800 East Iliff Avenue Denver, CO 1983 R&D/Flex 3.06 22,296 100%
2369 South Trenton Way Denver, CO 1983 R&D/Flex 4.80 33,108 100%
2370 South Trenton Way Denver, CO 1983 R&D/Flex 3.27 22,735 100%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 100%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 100%
651 Topeka Way Denver, CO 1985 R&D/Flex 4.53 24,000 100%
680 Atchinson Way Denver, CO 1985 R&D/Flex 4.53 24,000 83%
8122 South Park Lane - A Littleton, CO 1986 R&D/Flex 5.09 43,987 94%
8122 South Park Lane - B Littleton, CO 1986 Light Industrial 2.28 20,389 100%
1600 South Abilene Aurora, CO 1986 R&D/Flex 3.53 47,930 100%
1620 South Abilene Aurora, CO 1986 Light Industrial 2.04 27,666 100%
1640 South Abilene Aurora, CO 1986 Light Industrial 2.80 37,948 100%
13900 East Florida Avenue Aurora, CO 1986 R&D/Flex 1.44 19,493 100%
4301 South Federal Boulevard Englewood, CO 1997 Reg. Warehouse 2.80 35,381 100%
14401-14492 East 33rd Place Aurora, CO 1979 Bulk Warehouse 4.75 100,100 100%
11701 East 53rd Avenue Denver, CO 1985 Reg. Warehouse 4.19 81,981 100%
5401 Oswego Street Denver, CO 1985 Reg. Warehouse 2.80 53,838 100%
3811 Joliet Denver, CO 1977 R&D/Flex 14.24 124,290 100%
2630 West 2nd Avenue Denver, CO 1970 Light Industrial 0.50 8,260 100%
2650 West 2nd Avenue Denver, CO 1970 Light Industrial 2.80 36,081 100%
14818 West 6th Avenue Bldg. A Golden, CO 1985 R&D/Flex 2.54 39,776 100%
18
20
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DENVER (CONT.)
14828 West 6th Avenue
Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 91%
12055 E. 49th Ave/
4955 Peoria Denver, CO 1984 R&D/Flex 3.09 49,575 100%
4940-4950 Paris Denver, CO 1984 R&D/Flex 1.58 25,290 100%
4970 Paris Denver, CO 1984 R&D/Flex 0.98 15,767 100%
5010 Paris Denver, CO 1984 R&D/Flex 0.92 14,822 100%
7367 South Revere Parkway Englewood, CO 1997 Bulk Warehouse 8.50 102,839 100%
10311 W. Hampden Avenue Lakewood, CO 1999 Light Industrial 4.40 52,183 57%
9195 6th Avenue Lakewood, CO 2000 Light Industrial 1.44 16,500 100%
8200 East Park
Meadows Drive (i) Lone Tree, CO 1984 R&D Flex 6.60 90,219 100%
3250 Quentin (i) Aurora, CO 1984/2000 Light Industrial 8.90 144,464 100%
---------- --------
SUBTOTAL OR AVERAGE 4,369,703 95%
---------- --------
DES MOINES
1500 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 13.25 192,466 100%
1600 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 6.78 81,866 100%
4121 McDonald Avenue Des Moines, IA 1977 Bulk Warehouse 11.02 177,431 100%
4141 McDonald Avenue Des Moines, IA 1976 Bulk Warehouse 11.03 263,196 96%
4161 McDonald Avenue Des Moines, IA 1979 Bulk Warehouse 11.02 164,081 100%
---------- --------
SUBTOTAL OR AVERAGE 879,040 99%
---------- --------
DETROIT
238 Executive Drive Troy, MI 1973 Light Industrial 1.32 13,740 100%
256 Executive Drive Troy, MI 1974 Light Industrial 1.12 11,273 100%
301 Executive Drive Troy, MI 1974 Light Industrial 1.27 20,411 100%
449 Executive Drive Troy, MI 1975 Reg. Warehouse 2.12 33,001 100%
501 Executive Drive Troy, MI 1984 Light Industrial 1.57 18,061 100%
451 Robbins Drive Troy, MI 1975 Light Industrial 1.88 28,401 100%
700 Stephenson Highway Troy, MI 1978 R&D/Flex 3.13 29,344 100%
800 Stephenson Highway Troy, MI 1979 R&D/Flex 4.39 48,200 100%
1150 Stephenson Highway Troy, MI 1982 R&D/Flex 1.70 18,107 100%
1200 Stephenson Highway Troy, MI 1980 R&D/Flex 2.65 25,025 100%
1035 Crooks Road Troy, MI 1980 Light Industrial 1.74 23,320 100%
1095 Crooks Road Troy, MI 1986 R&D/Flex 2.83 35,042 100%
1416 Meijer Drive Troy, MI 1980 Light Industrial 1.20 17,944 100%
1624 Meijer Drive Troy, MI 1984 Light Industrial 3.42 44,040 100%
1972 Meijer Drive Troy, MI 1985 Reg. Warehouse 2.36 37,075 100%
2112 Meijer Drive Troy, MI 1980 Reg. Warehouse 4.12 34,558 100%
1621 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.54 24,900 100%
1707 Northwood Drive Troy, MI 1983 Light Industrial 1.69 28,750 100%
1749 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.69 26,125 100%
1788 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1821 Northwood Drive Troy, MI 1977 Reg. Warehouse 2.07 35,050 100%
1826 Northwood Drive Troy, MI 1977 Light Industrial 1.22 12,480 100%
1864 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1921 Northwood Drive Troy, MI 1977 Light Industrial 2.33 42,000 100%
2277 Elliott Avenue Troy, MI 1975 Light Industrial 0.96 12,612 100%
2451 Elliott Avenue Troy, MI 1974 Light Industrial 1.68 24,331 100%
2730 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 3.52 57,850 100%
2791 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 4.48 64,199 100%
2871 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 3.55 49,543 100%
2911 Research Drive Rochester Hills, MI 1992 Reg. Warehouse 5.72 80,078 100%
3011 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 2.55 32,637 100%
2870 Technology Drive Rochester Hills, MI 1988 Light Industrial 2.41 24,445 100%
2890 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.76 24,410 100%
2900 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 2.15 31,047 100%
2920 Technology Drive Rochester Hills, MI 1992 Light Industrial 1.48 19,011 100%
2930 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.41 17,994 100%
2950 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.48 19,996 100%
2960 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 3.83 41,565 100%
23014 Commerce Drive Farmington Hills,MI 1983 R&D/Flex 0.65 7,200 100%
23028 Commerce Drive Farmington Hills,MI 1983 Light Industrial 1.26 20,265 100%
23035 Commerce Drive Farmington Hills,MI 1983 Light Industrial 1.23 15,200 100%
23042 Commerce Drive Farmington Hills,MI 1983 R&D/Flex 0.75 8,790 100%
23065 Commerce Drive Farmington Hill, MI 1983 Light Industrial 0.91 12,705 100%
23070 Commerce Drive Farmington Hills, MI 1983 R&D/Flex 1.43 16,765 100%
23079 Commerce Drive Farmington Hills, MI 1983 Light Industrial 0.85 10,830 100%
23093 Commerce Drive Farmington Hills, MI 1983 Reg. Warehouse 3.87 49,040 100%
23135 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.02 23,969 100%
23163 Commerce Drive Farmington Hills, MI 1986 Light Industrial 1.51 19,020 100%
23177 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.29 32,127 100%
23206 Commerce Drive Farmington Hills, MI 1985 Light Industrial 1.30 19,822 100%
23290 Commerce Drive Farmington Hills, MI 1980 Reg. Warehouse 2.56 42,930 100%
19
21
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- ------- --------
DETROIT (CONT.)
23370 Commerce Drive Farmington Hills, MI 1980 Light Industrial 0.67 8,741 100%
21477 Bridge Street Southfield, MI 1986 Light Industrial 3.10 41,500 80%
32450 N. Avis Drive Madison Heights, MI 1974 Light Industrial 3.23 55,820 100%
32200 N. Avis Drive Madison Heights, MI 1973 Light Industrial 6.15 88,700 100%
11813 Hubbard Livonia, MI 1979 Light Industrial 1.95 33,300 100%
11866 Hubbard Livonia, MI 1979 Light Industrial 2.32 41,380 100%
12050-12300 Hubbard (i) Livonia, MI 1981 Light Industrial 6.10 85,086 88%
38200 Plymouth Livonia, MI 1997 Bulk Warehouse 11.43 140,365 100%
38220 Plymouth Livonia, MI 1988 Bulk Warehouse 13.14 145,232 100%
38300 Plymouth Livonia, MI 1997 Bulk Warehouse 6.95 127,800 100%
12707 Eckles Road Plymouth, MI 1990 Light Industrial 2.62 42,300 100%
9300-9328 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,286 88%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 100%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 100%
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 100%
28421-28449 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,285 100%
28451-28479 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,280 63%
28825-28909 Highland Rd Romulus, MI 1981 Light Industrial 2.53 29,284 100%
28933-29017 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 63%
28824-28908 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
28932-29016 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
9710-9734 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,925 100%
9740-9772 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,548 100%
9840-9868 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,280 100%
9800-9824 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,620 100%
29265-29285 Airport Drive Romulus, MI 1983 Light Industrial 2.05 23,707 58%
29185-29225 Airport Drive Romulus, MI 1983 Light Industrial 3.17 36,658 100%
29149-29165 Airport Drive Romulus, MI 1984 Light Industrial 2.89 33,440 100%
29101-29115 Airport Drive Romulus, MI 1985 R&D/Flex 2.53 29,287 50%
29031-29045 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,280 100%
29050-29062 Airport Drive Romulus, MI 1986 Light Industrial 2.22 25,837 100%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 75%
29200-29214 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,282 100%
9301-9339 Middlebelt Road Romulus, MI 1983 R&D/Flex 1.29 15,173 100%
26980 Trolley
Industrial Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
28055 S. Wick Road Romulus, MI 1989 Light Industrial 6.79 42,060 100%
12050-12200 Farmington Road Livonia, MI 1973 Light Industrial 1.34 25,470 57%
33200 Capitol Avenue Livonia, MI 1977 Light Industrial 2.16 40,000 100%
32975 Capitol Avenue Livonia, MI 1978 R&D/Flex 0.99 18,465 100%
2725 S. Industrial Highway Ann Arbor, MI 1997 Light Industrial 2.63 37,875 100%
32920 Capitol Avenue Livonia, MI 1973 Reg. Warehouse 0.47 8,000 100%
32940 Capitol Avenue Livonia, MI 1971 Light Industrial 0.45 8,480 0%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 0%
11923 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.76 14,600 100%
11965 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.88 14,600 100%
34005 Schoolcraft Road Livonia, MI 1981 Light Industrial 1.70 26,100 100%
13405 Stark Road Livonia, MI 1980 Light Industrial 0.65 9,750 100%
1170 Chicago Road Troy, MI 1983 Light Industrial 1.73 21,500 100%
1200 Chicago Road Troy, MI 1984 Light Industrial 1.73 26,210 100%
450 Robbins Drive Troy, MI 1976 Light Industrial 1.38 19,050 100%
556 Robbins Drive Troy, MI 1974 Light Industrial 0.63 8,760 100%
1230 Chicago Road Troy, MI 1996 Reg. Warehouse 2.10 30,120 100%
12886 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 0%
12898 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 100%
33025 Industrial Road Livonia, MI 1980 Light Industrial 1.02 6,250 100%
2002 Stephenson Highway Troy, MI 1986 R&D/Flex 1.42 21,850 100%
47711 Clipper Street Plymouth Twsp, MI 1996 Reg. Warehouse 2.27 36,926 100%
32975 Industrial Road Livonia, MI 1984 Light Industrial 1.19 21,000 100%
32985 Industrial Road Livonia, MI 1985 Light Industrial 0.85 12,040 100%
32995 Industrial Road Livonia, MI 1983 Light Industrial 1.11 14,280 100%
12874 Westmore Avenue Livonia, MI 1984 Light Industrial 1.01 16,000 100%
33067 Industrial Road Livonia, MI 1984 Light Industrial 1.11 18,640 100%
1775 Bellingham Troy, MI 1987 R&D/Flex 1.88 28,900 100%
1785 East Maple Troy, MI 1985 Light Industrial 0.80 10,200 100%
1807 East Maple Troy, MI 1984 R&D/Flex 2.15 28,100 100%
9800 Chicago Road Troy, MI 1985 Light Industrial 1.09 14,280 100%
1840 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 2.42 33,240 100%
1885 Enterprise Drive Rochester Hills, MI 1990 Light Industrial 1.47 19,604 100%
1935-55 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 4.54 53,400 100%
5500 Enterprise Court Warren, MI 1989 R&D/Flex 3.93 53,900 100%
5800 Enterprise Court Warren, MI 1987 Manufacturing 1.48 17,240 100%
20
22
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DETROIT (CONT.)
750 Chicago Road Troy, MI 1986 Light Industrial 1.54 26,709 100%
800 Chicago Road Troy, MI 1985 Light Industrial 1.48 24,340 100%
850 Chicago Road Troy, MI 1984 Light Industrial 0.97 16,049 100%
2805 S. Industrial Highway Ann Arbor, MI 1990 R&D/Flex 1.70 24,458 100%
6833 Center Drive Sterling Heights, MI 1998 Reg. Warehouse 4.42 66,132 100%
22731 Newman Street Dearborn, MI 1985 R&D/Flex 2.31 48,000 100%
32201 North Avis Drive Madison Heights, MI 1974 R&D/Flex 4.19 50,000 100%
1100 East Mandoline Road Madison Heights, MI 1967 Bulk Warehouse 8.19 117,903 100%
30081 Stephenson Highway Madison Heights, MI 1967 Light Industrial 2.50 50,750 100%
1120 John A. Papalas
Drive (j) Lincoln Park, MI 1985 Light Industrial 10.30 120,410 100%
36555 Ecorse Romulus, MI 1998 Bulk Warehouse 18.00 268,800 100%
6340 Middlebelt Romulus, MI 1998 Light Industrial 11.03 77,508 100%
4872 S. Lapeer Road Lake Orion Twsp, MI 1999 Bulk Warehouse 9.58 125,605 100%
775 James L. Hart Parkway Ypsilanti, MI 1999 Reg. Warehouse 7.65 55,535 100%
1400 Allen Drive Troy, MI 1979 Reg. Warehouse 1.98 27,280 100%
1408 Allen Drive Troy, MI 1979 Light Industrial 1.44 19,704 100%
1305 Stephenson Hwy Troy, MI 1979 Reg. Warehouse 3.42 47,000 100%
32505 Industrial Drive Madison Heights, MI 1979 Light Industrial 3.07 47,013 100%
1799-1813 Northfield
Drive (i) Rochester Hills, MI 1980 Light Industrial 4.22 67,360 80%
-------- ---------
SUBTOTAL OR AVERAGE 5,066,052 97%
--------- ---------
GRAND RAPIDS
2 84th Street SW Byron Center, MI 1986 Light Industrial 3.01 30,000 100%
100 84th Street SW Byron Center, MI 1979 Light Industrial 4.20 81,000 100%
511 76th Street SW Grand Rapids, MI 1986 Bulk Warehouse 14.44 202,500 95%
553 76th Street SW Grand Rapids, MI 1985 R&D/Flex 1.16 10,000 100%
555 76th Street SW Grand Rapids, MI 1987 Bulk Warehouse 12.50 200,000 100%
2935 Walkent Court NW Grand Rapids, MI 1991 Light Industrial 6.13 64,961 100%
3300 Kraft Avenue SE Grand Rapids, MI 1987 Bulk Warehouse 11.57 200,000 100%
3366 Kraft Avenue SE Grand Rapids, MI 1987 Bulk Warehouse 12.35 200,000 100%
5001 Kendrick Court SE Grand Rapids, MI 1983 Light Industrial 4.00 61,500 100%
5050 Kendrick Court SE Grand Rapids, MI 1988 Manufacturing 26.94 413,500 100%
5015 52nd Street SE Grand Rapids, MI 1987 Light Industrial 4.11 61,250 100%
5025 28th Street Grand Rapids, MI 1967 Light Industrial 3.97 14,400 100%
5079 33rd Street SE Grand Rapids, MI 1990 Bulk Warehouse 6.74 109,875 100%
5333 33rd Street SE Grand Rapids, MI 1991 Bulk Warehouse 8.09 101,250 100%
5130 Patterson Ave Grand Rapids, MI 1987 Light Industrial 6.57 30,000 100%
3395 Kraft Avenue Grand Rapids, MI 1985 Light Industrial 3.70 42,600 100%
3427 Kraft Avenue Grand Rapids, MI 1985 Light Industrial 2.40 32,600 100%
----------- -------
SUBTOTAL OR AVERAGE 1,855,436 100%
----------- -------
HOUSTON
2102-2314 Edwards Street Houston, TX 1961 Bulk Warehouse 5.02 115,248 100%
4545 Eastpark Drive Houston, TX 1972 Reg. Warehouse 3.80 81,295 0%
3351 Rauch Street Houston, TX 1970 Reg. Warehouse 4.04 82,500 100%
3851 Yale Street Houston, TX 1971 Bulk Warehouse 5.77 132,554 100%
3337-3347 Rauch Street Houston, TX 1970 Reg. Warehouse 2.29 53,425 100%
8505 North Loop East Houston, TX 1981 Bulk Warehouse 4.99 107,769 100%
4749-4799 Eastpark Dr. Houston, TX 1979 Bulk Warehouse 7.75 182,563 93%
4851 Homestead Road Houston, TX 1973 Bulk Warehouse 3.63 142,250 100%
3365-3385 Rauch Street Houston, TX 1970 Reg. Warehouse 3.31 82,140 100%
5050 Campbell Road Houston, TX 1970 Bulk Warehouse 6.10 121,875 84%
4300 Pine Timbers Houston, TX 1980 Bulk Warehouse 4.76 113,400 100%
10600 Hampstead Houston, TX 1974 Light Industrial 1.26 19,063 100%
2300 Fairway Park Drive Houston, TX 1974 Light Industrial 1.25 19,008 100%
7901 Blankenship Houston, TX 1972 Light Industrial 2.17 48,000 100%
2500-2530 Fairway Park Houston, TX 1974 Bulk Warehouse 8.72 213,638 100%
6550 Longpointe Houston, TX 1980 Bulk Warehouse 4.13 97,700 100%
1815 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 6.34 139,630 100%
1819 Turning Basin Drive Houston, TX 1980 Light Industrial 2.85 65,494 100%
4545 Mossford Drive Houston, TX 1975 Reg. Warehouse 3.56 66,565 100%
1805 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 7.60 155,250 100%
7000 Empire Drive Houston, TX (e) 1980 R&D/Flex 6.25 95,073 96%
9777 West Gulfbank Drive Houston, TX (e) 1980 Light Industrial 15.45 252,242 82%
9835 A Genard Road Houston, TX 1980 Bulk Warehouse 39.20 417,350 100%
9835 B Genard Road Houston, TX 1980 Reg. Warehouse 6.40 66,600 100%
16134 West Hardy Houston, TX 1984 Light Industrial 3.60 34,177 92%
16216 West Hardy Houston, TX 1984 Light Industrial 3.12 29,631 100%
10161 Harwin Drive Houston, TX 1979/1981 R&D/Flex 5.27 73,052 100%
10165 Harwin Drive Houston, TX 1979/1981 R&D/Flex 2.31 31,987 100%
10175 Harwin Drive Houston, TX 1979/1981 Light Industrial 2.85 39,475 64%
100 Donwick The Woodlands, TX 1982 Bilk Warehouse 15.85 251,850 100%
----------- -------
SUBTOTAL OR AVERAGE 3,330,804 95%
----------- -------
21
23
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
INDIANAPOLIS
2400 North Shadeland Indianapolis, IN 1970 Reg. Warehouse 2.45 40,000 100%
2402 North Shadeland Indianapolis, IN 1970 Bulk Warehouse 7.55 121,539 94%
7901 West 21st Street Indianapolis, IN 1985 Bulk Warehouse 12.00 353,000 100%
1445 Brookville Way Indianapolis, IN (a) 1989 Bulk Warehouse 8.79 115,200 100%
1440 Brookville Way Indianapolis, IN (a) 1990 Bulk Warehouse 9.64 166,400 100%
1240 Brookville Way Indianapolis, IN (a) 1990 Light Industrial 3.50 63,000 100%
1220 Brookville Way Indianapolis, IN (a) 1990 R&D/Flex 2.10 10,000 100%
1345 Brookville Way Indianapolis, IN (b) 1992 Bulk Warehouse 5.50 132,000 100%
1350 Brookville Way Indianapolis, IN (a) 1994 Reg. Warehouse 2.87 38,460 100%
1341 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 Light Industrial 2.03 32,400 100%
1322-1438 Sadlier
Circle East Dr Indianapolis, IN (b) 1971/1992 Light Industrial 3.79 36,000 87%
1327-1441 Sadlier
Circle East Dr Indianapolis, IN (b) 1992 Light Industrial 5.50 54,000 80%
1304 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 Reg. Warehouse 2.42 17,600 100%
1402 Sadlier Circle
East Drive Indianapolis, IN (b) 1970/1992 Light Industrial 4.13 40,800 88%
1504 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 Manufacturing 4.14 54,000 100%
1311 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 R&D/Flex 1.78 13,200 100%
1365 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 Light Industrial 2.16 30,000 100%
1352-1354 Sadlier
Circle E. Drive Indianapolis, IN (b) 1970/1992 Light Industrial 3.50 44,000 100%
1335 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 R&D/Flex 1.20 20,000 100%
1327 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 Reg. Warehouse 1.20 12,800 100%
1425 Sadlier Circle
East Drive Indianapolis, IN (b) 1971/1992 R&D/Flex 2.49 5,000 100%
1230 Brookville Way Indianapolis, IN (a) 1995 Reg. Warehouse 1.96 15,000 100%
6951 East 30th Street Indianapolis, IN 1995 Light Industrial 3.81 44,000 100%
6701 East 30th Street Indianapolis, IN 1995 Light Industrial 3.00 7,820 100%
6737 East 30th Street Indianapolis, IN 1995 Reg. Warehouse 11.01 87,500 100%
1225 Brookville Way Indianapolis, IN 1997 Light Industrial 1.00 10,000 100%
6555 East 30th Street Indianapolis, IN 1969/1981 Bulk Warehouse 22.00 331,826 45%
2432-2436 Shadeland Indianapolis, IN 1968 Light Industrial 4.57 70,560 94%
8402-8440 East 33rd Street Indianapolis, IN 1977 Light Industrial 4.70 55,200 78%
8520-8630 East 33rd Street Indianapolis, IN 1976 Light Industrial 5.30 81,000 72%
8710-8768 East 33rd Street Indianapolis, IN 1979 Light Industrial 4.70 43,200 70%
3316-3346 North Pagosa Court Indianapolis, IN 1977 Light Industrial 5.10 81,000 72%
3331 Raton Court Indianapolis, IN 1979 Light Industrial 2.80 35,000 100%
6751 East 30th Street Indianapolis, IN 1997 Bulk Warehouse 6.34 100,000 100%
9210 East 146th Street Noblesville, IN 1978 Reg. Warehouse 11.91 23,950 0%
5902 Decatur Blvd Indianapolis, IN 2000 Bulk Warehouse 26.50 389,660 100%
------------ -------
SUBTOTAL OR AVERAGE 2,775,115 89%
------------ -------
LONG ISLAND
10 Edison Street Amityville, NY 1971 Light Industrial 1.40 34,400 100%
100 Lauman Lane Hicksville, NY 1968 Reg. Warehouse 1.90 36,880 100%
35 Bloomingdale Road Hicksville, NY 1962 Light Industrial 1.40 31,950 89%
15-39 Tec Street Hicksville, NY 1965 Light Industrial 1.10 17,350 100%
100 Tec Street Hicksville, NY 1965 Light Industrial 1.20 25,000 48%
51-89 Tec Street Hicksville, NY 1965 Light Industrial 1.20 21,741 100%
502 Old Country Road Hicksville, NY 1965 Light Industrial 0.50 10,000 100%
80-98 Tec Street Hicksville, NY 1965 Light Industrial 0.75 13,025 100%
201-233 Park Avenue Hicksville, NY 1962 Light Industrial 1.70 36,787 100%
160 Engineers Drive Hicksville, NY 1966 Light Industrial 1.90 29,500 100%
260 Engineers Drive Hicksville, NY 1966 Light Industrial 2.80 52,380 100%
87-119 Engineers Drive (i) Hicksville, NY 1966 Light Industrial 1.70 36,400 100%
950-970 South Broadway Hicksville, NY 1966 Light Industrial 2.65 55,889 93%
62 Alpha Plaza Hicksville, NY 1968 Light Industrial 2.64 34,600 100%
90 Alpha Plaza Hicksville, NY 1969 Light Industrial 1.36 34,962 100%
------------ -------
SUBTOTAL OR AVERAGE 470,864 96%
------------ -------
LOS ANGELES
5220 Fourth Street Irwindale, CA 2000 Light Industrial 1.28 28,800 89%
15705 Arrow Highway Irwindale, CA 1987 Light Industrial 0.75 16,792 87%
15709 Arrow Highway Irwindale, CA 1987 Light Industrial 1.10 24,000 100%
6407-6419 Alondra Blvd. Paramount, CA 1985 Light Industrial 0.90 16,392 100%
6423-6431 Alondra Blvd. Paramount, CA 1985 Light Industrial 0.76 13,765 68%
------------ -------
SUBTOTAL OR AVERAGE 99,749 90%
------------ -------
LOUISVILLE
9001 Cane Run Road Louisville, KY 1998 Bulk Warehouse 39.60 212,500 100%
9101 Cane Run Road Louisville, KY 2000 Bulk Warehouse 14.00 231,000 100%
------------ -------
SUBTOTAL OR AVERAGE 443,500 100%
------------ -------
MILWAUKEE
6523 N. Sydney Place Glendale, WI 1978 Light Industrial 4.00 43,440 100%
8800 W. Bradley Milwaukee, WI 1982 Light Industrial 8.00 77,621 100%
1435 North 113th Street Wauwatosa, WI 1993 Light Industrial 4.69 51,950 100%
11217-43 W. Becher Street West Allis, WI 1979 Light Industrial 1.74 29,099 100%
22
24
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
MILWAUKEE
2152 S. 114th Street West Allis, WI 1980 Light Industrial 3.30 63,716 100%
4560 North 124th Street Wauwatosa, WI 1976 Light Industrial 1.31 25,000 100%
12221 West Feerick Street Wauwatosa, WI 1971 Reg. Warehouse 1.90 39,800 100%
4410 80 North 132nd Street Butler, WI 1999 Bulk Warehouse 4.90 100,000 80%
------------ -------
SUBTOTAL OR AVERAGE 430,626 95%
------------ -------
MINNEAPOLIS/ST. PAUL
6507-6545 Cecilia Circle Bloomington, MN 1980 Manufacturing 9.65 74,118 100%
1275 Corporate Center Drive Eagan, MN 1990 Light Industrial 1.50 19,675 100%
1279 Corporate Center Drive Eagan, MN 1990 Light Industrial 1.50 19,792 100%
2815 Eagandale Boulevard Eagan, MN 1990 Light Industrial 2.20 29,106 100%
6201 West 111th Street Bloomington, MN 1987 Bulk Warehouse 37.00 424,866 100%
6403-6545 Cecilia Drive Bloomington, MN 1980 Light Industrial 9.65 87,198 100%
6925-6943 Washington Avenue Edina, MN 1972 Manufacturing 2.75 37,625 100%
6955-6973 Washington Avenue Edina, MN 1972 Manufacturing 2.25 31,189 100%
7251-7267 Washington Avenue Edina, MN 1972 Light Industrial 1.82 26,250 100%
7301-7325 Washington Avenue Edina, MN 1972 Light Industrial 1.92 27,297 100%
7101 Winnetka Avenue North Brooklyn Park, MN 1990 Bulk Warehouse 14.18 252,978 100%
7600 Golden Triangle Drive Eden Prairie, MN 1989 R&D/Flex 6.79 74,148 100%
9901 West 74th Street Eden Prairie, MN 1983/88 Reg. Warehouse 8.86 150,000 42%
11201 Hampshire Avenue South Bloomington, MN 1986 Manufacturing 5.90 60,480 100%
12220-12222 Nicollet Avenue Burnsville, MN 1989/90 Light Industrial 1.80 17,116 67%
12250-12268 Nicollet Avenue Burnsville, MN 1989/90 Light Industrial 4.30 42,465 91%
12224-12226 Nicollet Avenue Burnsville, MN 1989/90 R&D/Flex 2.40 23,607 78%
305 2nd Street Northwest New Brighton, MN 1991 Light Industrial 5.43 62,293 100%
980 Lone Oak Road Eagan, MN 1992 Reg. Warehouse 11.40 154,950 74%
990 Lone Oak Road Eagan, MN 1989 Reg. Warehouse 11.41 153,608 100%
1030 Lone Oak Road Eagan, MN 1988 Light Industrial 6.30 83,076 90%
1060 Lone Oak Road Eagan, MN 1988 Light Industrial 6.50 82,728 73%
5400 Nathan Lane Plymouth, MN 1990 Light Industrial 5.70 72,089 100%
6464 Sycamore Court Maple Grove, MN 1990 Manufacturing 6.40 79,702 100%
10120 W. 76th Street Eden Prairie, MN 1987 Light Industrial 4.52 57,798 100%
7615 Golden Triangle Eden Prairie, MN 1987 Light Industrial 4.61 52,816 99%
7625 Golden Triangle Drive Eden Prairie, MN 1987 Light Industrial 4.61 73,125 81%
2605 Fernbrook Lane North Plymouth, MN 1987 R&D/Flex 6.37 80,766 100%
12155 Nicollet Avenue Burnsville, MN 1995 Reg. Warehouse 5.80 48,000 100%
73rd Avenue North Brooklyn Park, MN 1995 R&D/Flex 4.46 59,782 100%
1905 W. Country Road C Roseville, MN 1993 R&D/Flex 4.60 47,735 100%
2720 Arthur Street Roseville, MN 1995 R&D/Flex 6.06 74,337 100%
10205 51st Avenue North Plymouth, MN 1990 Reg. Warehouse 2.00 30,476 100%
4100 Peavey Road Chaska, MN 1988 Manufacturing 8.27 78,029 71%
11300 Hampshire Ave. South Bloomington, MN 1983 Bulk Warehouse 9.94 145,210 100%
375 Rivertown Drive Woodbury, MN 1996 Bulk Warehouse 11.33 251,968 100%
5205 Highway 169 Plymouth, MN 1960 Light Industrial 7.92 98,844 85%
6451-6595 Citywest Parkway Eden Prairie, MN 1984 R&D/Flex 6.98 82,769 100%
7100-7190 Shady Oak Road (j) Eden Prairie, MN 1982 Light Industrial 14.44 187,777 100%
7500-7546 Washington Square Eden Prairie, MN 1975 Light Industrial 5.40 46,200 95%
7550-7558 Washington Square Eden Prairie, MN 1975 Light Industrial 2.70 29,739 100%
5240-5300 Valley Industrial
Blvd S Shakopee, MN 1973 Light Industrial 9.06 80,001 64%
1565 First Avenue NW New Brighton, MN 1978 Manufacturing 8.87 112,083 100%
7125 Northland Terrace Brooklyn Park, MN 1996 R&D/Flex 5.89 79,958 100%
6900 Shady Oak Road Eden Prairie, MN 1980 R&D/Flex 4.60 49,190 100%
6477-6525 City West Parkway Eden Prairie, MN 1984 R&D/Flex 7.00 89,456 100%
1157 Valley Park Drive Shakopee, MN 1997 Bulk Warehouse 9.97 126,014 100%
500-530 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 4.47 85,442 80%
770-786 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 3.16 56,388 100%
800 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 4.10 100,250 100%
2530-2570 Kasota Avenue St. Paul, MN 1976 Manufacturing 4.56 75,426 100%
504 Malcolm Ave. SE Minneapolis, MN 1999 Bulk Warehouse 7.50 143,066 100%
1150 Gateway Drive Shakopee, MN 1999 Bulk Warehouse 9.75 153,454 100%
5555 12th Avenue East Shakopee, MN 2000 Bulk Warehouse 7.81 128,593 87%
------------ -------
SUBTOTAL OR AVERAGE 4,811,048 94%
------------ -------
NASHVILLE
417 Harding Industrial Drive Nashville, TN 1972 Bulk Warehouse 13.70 207,440 100%
3099 Barry Drive Portland, TN 1995 Manufacturing 6.20 109,058 57%
3150 Barry Drive Portland, TN 1993 Bulk Warehouse 26.32 268,253 100%
5599 Highway 31 West Portland, TN 1995 Bulk Warehouse 20.00 161,500 100%
1650 Elm Hill Pike Nashville, TN 1984 Light Industrial 3.46 41,228 83%
1821 Air Lane Drive Nashville, TN 1984 Light Industrial 2.54 25,300 100%
1102 Appleton Drive Nashville, TN 1984 Light Industrial 1.73 28,022 100%
1920 Air Lane Drive Nashville, TN 1985 Light Industrial 3.19 49,922 100%
23
25
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
NASHVILLE (CONT.)
1931 Air Lane Drive Nashville, TN 1984 Light Industrial 10.11 87,549 92%
470 Metroplex Drive (i) Nashville, TN 1986 Light Industrial 8.11 102,040 84%
1150 Antiock Pike Nashville, TN 1987 Bulk Warehouse 9.83 146,055 100%
1630 Corporate Place La Vergne, TN 1973 Bulk Warehouse 7.60 122,000 100%
4640 Cummings Park Nashville, TN 1986 Bulk Warehouse 14.69 100,000 100%
211 Nesbitt North Nashville, TN 1983 Bulk Warehouse 6.12 135,625 100%
211 Nesbitt South Nashville, TN 1983 Bulk Warehouse 6.10 135,925 100%
211 Nesbitt West Nashville, TN 1985 Bulk Warehouse 3.05 67,500 100%
------------ ---------
SUBTOTAL OR AVERAGE 1,787,417 96%
------------ ---------
NEW ORLEANS
520-524 Elmwood
Park Blvd.(i) Jefferson, LA 1986 Light Industrial 5.32 102,209 92%
125 Mallard St. St. Rose, LA (d) 1984 R&D/Flex 1.38 23,436 100%
107 Mallard St. Rose, LA (d) 1985 Light Industrial 1.48 23,436 100%
125 James Drive West St. Rose, LA (d) 1990 Light Industrial 3.30 38,692 100%
161 James Drive West St. Rose, LA 1986 Light Industrial 2.80 47,474 100%
150 James Drive East St. Rose, LA 1986 Light Industrial 3.60 49,275 85%
115 James Drive West St. Rose, LA (d) 1986 Light Industrial 2.07 21,408 100%
100 James Drive St. Rose, LA (d) 1980 R&D/Flex 6.66 43,055 100%
143 Mallard St. St. Rose, LA (d) 1982 Light Industrial 1.48 23,436 100%
160 James Drive East St. Rose, LA (d) 1981 R&D/Flex 3.66 25,772 100%
190 James Drive East St. Rose, LA (d) 1987 Light Industrial 4.47 36,357 79%
120 Mallard St. St. Rose, LA (d) 1981 R&D/Flex 3.41 53,520 94%
110 James Drive West St. Rose, LA (d) 1983 R&D/Flex 1.57 24,018 100%
150 Canvasback Drive St. Rose, LA 1986 Reg. Warehouse 2.80 40,500 100%
150 Teal Street St. Rose, LA 1999 Light Industrial 3.33 53,544 100%
------------- ---------
SUBTOTAL OR AVERAGE 606,132 96%
------------- ---------
NORTHERN NEW JERSEY
60 Ethel Road West Piscataway, NJ 1982 Light Industrial 3.93 42,802 63%
70 Ethel Road West Piscataway, NJ 1979 Light Industrial 3.78 62,000 81%
140 Hanover Avenue Hanover, NJ 1964/1988 R&D/Flex 2.95 24,905 100%
601-629 Montrose Avenue South Plainfield, NJ 1974 Light Industrial 5.83 75,000 100%
3 Marlen Hamilton, NJ 1981 Light Industrial 1.11 13,174 100%
5 Marlen Hamilton, NJ 1981 Light Industrial 1.56 21,000 100%
7 Marlen Hamilton, NJ 1982 Light Industrial 2.05 28,400 100%
8 Marlen Hamilton, NJ 1982 Reg. Warehouse 4.36 60,001 100%
15 Marlen Hamilton, NJ 1982 Light Industrial 1.19 13,562 100%
17 Marlen Hamilton, NJ 1981 Light Industrial 1.32 20,065 100%
1 South Gold Drive Hamilton, NJ 1973 Light Industrial 1.50 20,009 95%
5 South Gold Drive Hamilton, NJ 1974 Light Industrial 1.97 24,000 100%
7 South Gold Drive Hamilton, NJ 1976 Light Industrial 1.00 10,220 100%
8 South Gold Drive Hamilton, NJ 1977 Light Industrial 1.14 16,907 100%
9 South Gold Drive Hamilton, NJ 1980 Light Industrial 1.00 13,583 100%
11 South Gold Drive Hamilton, NJ 1979 Light Industrial 1.97 33,114 100%
12 South Gold Drive Hamilton, NJ 1980 Light Industrial 1.29 20,240 100%
9 Princess Road Lawrenceville, NJ 1985 R&D/Flex 2.36 24,375 100%
11 Princess Road Lawrenceville, NJ 1985 R&D/Flex 5.33 55,000 100%
15 Princess Road Lawrenceville, NJ 1986 R&D/Flex 2.00 20,625 100%
17 Princess Road Lawrenceville, NJ 1986 R&D/Flex 1.82 18,750 100%
220 Hanover Avenue Hanover, NJ 1987 Bulk Warehouse 29.27 158,242 100%
244 Shefield Street Mountainside, NJ 1965/1986 Light Industrial 2.20 23,430 100%
30 Troy Road Hanover, NJ 1972 Light Industrial 1.31 17,500 100%
15 Leslie Court Hanover, NJ 1971 Light Industrial 3.08 18,000 100%
20 Leslie Court Hanover, NJ 1974 Light Industrial 1.38 17,997 100%
25 Leslie Court Hanover, NJ 1975 Light Industrial 1.30 70,800 100%
130 Algonquin Parkway Hanover, NJ 1973 Light Industrial 5.50 29,008 100%
150 Algonquin Parkway Hanover, NJ 1973 Light Industrial 2.47 17,531 100%
55 Locust Avenue Roseland, NJ 1980 Reg. Warehouse 13.63 79,750 100%
31 West Forest Street (i) Englewood, NJ 1978 Light Industrial 6.00 110,000 100%
25 World's Fair Drive Franklin, NJ 1986 R&D/Flex 1.81 20,000 0%
14 World's Fair Drive Franklin, NJ 1980 R&D/Flex 4.53 60,000 92%
16 World's Fair Drive Franklin, NJ 1981 Light Industrial 3.62 43,400 100%
18 World's Fair Drive Franklin, NJ 1982 R&D/Flex 1.06 12,809 100%
23 World's Fair Drive Franklin, NJ 1982 Light Industrial 1.20 16,000 100%
12 World's Fair Drive Franklin, NJ 1981 Light Industrial 3.85 65,000 96%
49 Napoleon Court Franklin, NJ 1982 Light Industrial 2.06 32,500 100%
50 Napoleon Court Franklin, NJ 1982 Light Industrial 1.52 20,158 100%
22 World's Fair Drive Franklin, NJ 1983 Light Industrial 3.52 50,000 100%
26 World's Fair Drive Franklin, NJ 1984 Light Industrial 3.41 47,000 100%
24 World's Fair Drive Franklin, NJ 1984 Light Industrial 3.45 47,000 100%
24
26
LOCATION ENCUM- YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- -----------
NORTHERN NEW JERSEY (CONT.)
12 Wright Way Oakland, NJ 1981 Reg. Warehouse 6.52 52,402 100%
155 Pierce Street Sumerset, NJ 1999 R&D/Flex 4.84 46,000 78%
20 World's Fair Drive Lot 13 Sumerset, NJ 1999 R&D/Flex 4.25 30,000 67%
10 New Maple Road Pine Brook, NJ 1973/1999 Bulk Warehouse 18.13 265,376 100%
60 Chapin Road Pine Brook, NJ 1977/2000 Bulk Warehouse 13.61 258,240 100%
45 Route 46 Pine Brook, NJ 1974/1987 Light Industrial 6.54 83,830 81%
43 Route 46 Pine Brook, NJ 1974/1987 Light Industrial 2.48 35,629 87%
39 Route 46 Pine Brook, NJ 1970 R&D/Flex 1.64 22,014 80%
26 Chapin Road Pine Brook, NJ 1983 Light Industrial 5.15 75,623 83%
30 Chapin Road Pine Brook, NJ 1983 Light Industrial 5.15 75,633 89%
20 Hook Mountain Road Pine Brook, NJ 1972/1984 Bulk Warehouse 14.02 213,940 98%
30 Hook Mountain Road Pine Brook, NJ 1972/1987 Light Industrial 3.36 51,264 73%
55 Route 46 Pine Brook, NJ 1978/1994 R&D/Flex 2.13 24,051 100%
16 Chapin Road Pine Brook, NJ 1987 R&D/Flex 4.61 67,795 92%
20 Chapin Road Pine Brook, NJ 1987 R&D/Flex 5.69 83,748 100%
------------ ---------
SUBTOTAL OR AVERAGE 2,959,402 94%
------------ ---------
PHOENIX
4655 McDowell Phoenix, AZ 2000 Light Industrial 3.97 58,285 79%
1045 South Edward Drive Tempe, AZ 1976 Light Industrial 2.12 38,560 100%
------------ ---------
SUBTOTAL OR AVERAGE 96,845 87%
------------ ---------
PORTLAND
5687 International Way (k) Milwaukee, OR (h) 1974 Light Industrial 3.71 52,080 80%
5795 SW Jean Road (j) Lake Oswego, OR 1985 Light Industrial 3.02 37,352 100%
12130 NE Ainsworth Circle (i) Portland, OR 1986 R&D/Flex 4.39 53,021 77%
5509 NW 122nd Ave (i) Milwaukee, OR (g) 1995 Light Industrial 2.51 26,850 100%
6105-6113 NE 92nd Avenue (k) Portland, OR 1978 Light Industrial 7.42 145,250 100%
8727 NE Marx Drive (j) Portland, OR 1987 Light Industrial 6.59 111,000 59%
3388 SE 20th Street Portland, OR 1981 Light Industrial 0.25 11,810 100%
5962-5964 NE 87th Avenue Portland, OR 1979 Light Industrial 1.28 14,000 100%
116 SE Yamhill Portland, OR 1974 Light Industrial 0.23 7,500 100%
9106 NE Marx Drive Portland, OR 1969 Light Industrial 0.53 7,500 100%
11620 NE Ainsworth Circle Portland, OR 1992 Light Industrial 1.55 10,000 100%
11824 NE Ainsworth Circle Portland, OR 1992 Light Industrial 2.13 20,812 27%
12124 NE Ainsworth Circle Portland, OR 1984 Light Industrial 2.52 29,040 100%
2715 SE Raymond Portland, OR 1971 Light Industrial 1.28 35,000 100%
1645 NE 72nd Avenue Portland, OR 1972 Light Industrial 0.73 21,600 100%
1630 SE 8th Avenue Portland, OR 1968 Light Industrial 0.92 5,000 100%
9044 NE Marx Drive Portland, OR 1986 Light Industrial 0.35 19,500 100%
2443 SE 4th Avenue Portland, OR 1964 Light Industrial 0.76 27,128 100%
711 SE Stark Street Portland, OR 1972 Light Industrial 0.23 8,000 100%
11632 NE Ainsworth Circle Portland, OR 1990 Light Industrial 9.63 124,610 98%
14699 NE Airport Way Portland, OR 1998 Light Industrial 4.75 20,000 100%
------------ ---------
SUBTOTAL OR AVERAGE 787,053 88%
------------ ---------
SALT LAKE CITY
2255 South 300 West (n) Salt Lake City, UT 1980 Light Industrial 4.56 103,018 100%
512 Lawndale Drive (o) Salt Lake City, UT 1981 Light Industrial 35.00 395,638 79%
1270 West 2320 South West Valley, UT 1986 R&D/Flex 1.49 13,025 58%
1275 West 2240 South West Valley, UT 1986 R&D/Flex 2.06 38,227 100%
1288 West 2240 South West Valley, UT 1986 R&D/Flex 0.97 13,300 60%
2235 South 1300 West West Valley, UT 1986 Light Industrial 1.22 19,000 54%
1293 West 2200 South West Valley, UT 1986 R&D/Flex 0.86 13,300 45%
1279 West 2200 South West Valley, UT 1986 R&D/Flex 0.91 13,300 100%
1272 West 2240 South West Valley, UT 1986 Light Industrial 3.07 34,870 36%
1149 West 2240 South West Valley, UT 1986 Light Industrial 1.71 21,250 100%
1142 West 2320 South West Valley, UT 1987 Light Industrial 1.52 17,500 83%
1152 West 2240 South West Valley, UT 1999 R&D/Flex 13.56 55,785 100%
------------ ---------
SUBTOTAL OR AVERAGE 738,213 82%
------------ ---------
SOUTHERN NEW JERSEY
2-5 North Olnev Ave. Cherry Hill, NJ 1963 Light Industrial 2.10 58,139 100%
2 Springdale Road Cherry Hill, NJ 1968 Light Industrial 1.44 21,008 92%
4 Springdale Road (i) Cherry Hill, NJ 1963 Light Industrial 3.02 58,189 100%
6 Springdale Road Cherry Hill, NJ 1964 Light Industrial 1.44 23,037 100%
8 Springdale Road Cherry Hill, NJ 1966 Light Industrial 3.02 45,054 59%
12 Springdale Road Cherry Hill, NJ 1965 Light Industrial 3.40 49,259 75%
1 Esterbrook Lane Cherry Hill, NJ 1965 Light Industrial 1.71 8,610 100%
16 Springdale Road Cherry Hill, NJ 1967 Light Industrial 5.30 48,922 100%
5 Esterbrook Lane Cherry Hill, NJ 1966 Reg. Warehouse 5.45 39,167 100%
2 Pin Oak Lane Cherry Hill, NJ 1968 Light Industrial 4.45 51,230 100%
6 Esterbrook Lane Cherry Hill, NJ 1966 Light Industrial 3.96 32,914 100%
3 Computer Drive Cherry Hill, NJ 1966 Bulk Warehouse 11.40 181,000 67%
28 Springdale Road Cherry Hill, NJ 1967 Light Industrial 2.93 38,949 100%
25
27
LOCATION ENCUM- YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- ------------
SOUTHERN NEW JERSEY
3 Esterbrook Lane Cherry Hill, NJ 1968 Light Industrial 2.15 32,844 100%
4 Esterbrook Lane Cherry Hill, NJ 1969 Light Industrial 3.42 39,266 100%
26 Springdale Road Cherry Hill, NJ 1968 Light Industrial 3.25 31,652 93%
1 Keystone Ave. Cherry Hill, NJ 1969 Light Industrial 4.15 60,983 90%
1919 Springdale Road Cherry Hill, NJ 1970 Light Industrial 5.13 49,300 100%
21 Olnev Ave. Cherry Hill, NJ 1969 Manufacturing 1.75 22,738 100%
19 Olnev Ave. Cherry Hill, NJ 1971 Light Industrial 4.36 53,962 73%
2 Keystone Ave. Cherry Hill, NJ 1970 Light Industrial 3.47 50,922 91%
18 Olnev Ave. Cherry Hill, NJ 1974 Light Industrial 8.85 62,542 100%
22 Springdale Road Cherry Hill, NJ 1977 Light Industrial 6.24 88,872 75%
1998 Springdale Road Cherry Hill, NJ 1971 Light Industrial 0.95 14,000 100%
55 Carnegie Drive Cherry Hill, NJ 1988 Reg. Warehouse 15.20 90,804 100%
57 Carnegie Drive Cherry Hill, NJ 1987 Bulk Warehouse 13.70 142,750 100%
111 Whittendale Drive Morrestown, NJ 1991/1996 Reg. Warehouse 5.00 79,329 100%
------------ ---------
SUBTOTAL OR AVERAGE 1,475,442 90%
------------ ---------
ST. LOUIS
2121 Chapin Industrial
Drive Vinita Park, MO 1969/87 Bulk Warehouse 23.40 281,105 100%
1200 Andes Boulevard Olivette, MO 1967 Light Industrial 2.77 66,600 100%
2462-2470 Schuetz Road St. Louis, MO 1965 Light Industrial 2.28 43,868 100%
10431-10449 Midwest
Industrial Olivette, MO 1967 Light Industrial 2.40 55,125 100%
10751 Midwest Industrial
Blvd. Olivette, MO 1965 Light Industrial 1.70 44,100 100%
11652-11666 Fairgrove
Industrial St. Louis, MO 1966 Light Industrial 1.92 31,500 100%
11674-11688 Fairgrove
Industrial St. Louis, MO 1967 Light Industrial 1.53 31,500 100%
2337 Centerline Drive Maryland Heights, 1967 Light Industrial 3.46 75,600 100%
MO
6951 N. Hanley (i) Hazelwood, MO 1965 Bulk Warehouse 9.50 129,614 100%
4560 Anglum Road Hazelwood, MO 1970 Light Industrial 2.60 35,114 100%
2760 South 1st Street St. Louis, MO 1997 Bulk Warehouse 11.00 178,800 100%
------------ ---------
SUBTOTAL OR AVERAGE 972,926 100%
------------ ---------
TAMPA
6614 Adamo Drive Tampa, FL 1967 Reg. Warehouse 2.78 41,377 100%
202 Kelsey Tampa, FL 1989 Bulk Warehouse 6.30 112,000 100%
6202 Benjamin Road Tampa, FL 1981 R&D/Flex 2.04 29,845 100%
6204 Benjamin Road Tampa, FL 1982 Light Industrial 4.16 60,975 100%
6206 Benjamin Road Tampa, FL 1983 Light Industrial 3.94 57,708 100%
6302 Benjamin Road Tampa, FL 1983 R&D/Flex 2.03 29,747 91%
6304 Benjamin Road Tampa, FL 1984 R&D/Flex 2.04 29,845 100%
6306 Benjamin Road Tampa, FL 1984 Light Industrial 2.58 37,861 100%
6308 Benjamin Road Tampa, FL 1984 Light Industrial 3.22 47,256 80%
5313 Johns Road Tampa, FL 1991 R&D/Flex 1.36 25,690 100%
5602 Thompson Center Court Tampa, FL 1972 R&D/Flex 1.39 14,914 100%
5411 Johns Road Tampa, FL 1997 Light Industrial 1.98 30,204 100%
5525 Johns Road Tampa, FL 1993 R&D/Flex 1.46 24,139 100%
5607 Johns Road Tampa, FL 1991 R&D/Flex 1.34 13,500 100%
5709 Johns Road Tampa, FL 1990 Light Industrial 1.80 25,480 44%
5711 Johns Road Tampa, FL 1990 Light Industrial 1.80 25,455 100%
4410 East Adamo Drive Tampa, FL 1990 Bulk Warehouse 5.60 101,744 100%
4420 East Adamo Drive Tampa, FL 1990 Reg. Warehouse 1.40 26,650 100%
4430 East Adamo Drive Tampa, FL 1987 Reg. Warehouse 3.75 64,551 100%
4440 East Adamo Drive Tampa, FL 1988 Reg. Warehouse 3.75 64,800 100%
4450 East Adamo Drive Tampa, FL 1969 Reg. Warehouse 4.00 46,462 48%
5453 West Waters Avenue Tampa, FL 1987 R&D/Flex 0.66 7,200 100%
5455 West Waters Avenue Tampa, FL 1987 R&D/Flex 2.97 32,424 100%
5553 West Waters Avenue Tampa, FL 1987 Light Industrial 2.97 32,424 100%
5501 West Waters Avenue Tampa, FL 1990 R&D/Flex 1.53 15,870 100%
5503 West Waters Avenue Tampa, FL 1990 R&D/Flex 0.68 7,060 16%
5555 West Waters Avenue Tampa, FL 1990 R&D/Flex 2.31 23,947 100%
5557 West Waters Avenue Tampa, FL 1990 R&D/Flex 0.57 5,860 100%
5903 Johns Road Tampa, FL 1987 Light Industrial 1.20 11,600 100%
4107 North Himes Avenue Tampa, FL 1990 R&D/Flex 1.86 25,522 100%
5461 W. Waters Avenue Tampa, FL 1998 Light Industrial 1.84 21,778 100%
10040 18th Street North Tampa, FL 1998 Reg. Warehouse 5.15 82,469 76%
5471 W. Waters Avenue Tampa, FL 1999 R&D/Flex 2.00 23,778 100%
5505 Johns Road #7 Tampa, FL 1999 Light Industrial 2.12 30,019 100%
8110 Anderson Road Tampa, FL 1999 Light Industrial 7.40 100,000 80%
8130 Anderson Road Tampa, FL 1999 Reg. Warehouse 5.30 72,000 65%
5481 W. Waters Avenue Tampa, FL 1999 R&D/Flex 3.60 41,861 100%
5483 W. Waters Avenue Tampa, FL 1999 R&D/Flex 2.92 33,861 100%
6702-6712 Benjamin Road (m) Tampa, FL 1982 Light Industrial 9.20 107,540 93%
5905 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 1.67 18,720 100%
5907 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 0.53 5,980 100%
5909 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 1.60 18,000 100%
26
28
LOCATION ENCUM- YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- -----------
TAMPA (CONT.)
5911 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 2.70 30,397 100%
5910 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 4.77 53,591 95%
5912 Breckenridge Parkway Tampa, FL 1982 R&D/Flex 4.70 52,806 98%
------------ ---------
SUBTOTAL OR AVERAGE 1,764,910 93%
------------ ---------
OTHER
2800 Airport Road (l) Denton, TX 1968 Manufacturing 29.91 222,403 100%
3501 Maple Street Abilene, TX 1980 Manufacturing 34.42 123,700 100%
4200 West Harry Street (j) Wichita, KS 1972 Bulk Warehouse 21.45 177,655 100%
Industrial Park No. 2 West Lebanon, NH 1968 Bulk Warehouse 10.27 156,200 100%
2675 Valley View Drive Shreveport, LA 1997 Bulk Warehouse 12.00 250,000 100%
6601 S. 33rd Street McAllen, TX 1975 Reg. Warehouse 3.31 50,000 100%
------------ ---------
SUBTOTAL OR AVERAGE 979,958 100%
------------ ---------
TOTAL 55,615,111 95%
============ =========
(a) These properties collateralize a $34.0 million mortgage loan which
matures on April 1, 2003.
(b) These properties collateralize a $8.0 million mortgage loan which
matures on January 1, 2013.
(c) This property collateralizes a $3.3 million mortgage loan which matures
on August 1, 2008.
(d) These properties collateralize a $7.4 million mortgage loan which
matures on April 1, 2006.
(e) These properties collateralize a $3.2 million mortgage loan which
matures on June 1, 2003.
(f) This property collateralizes a $2.4 million mortgage loan which matures
on October 1, 2006.
(g) These properties collateralize a $.9 million mortgage loan which
matures on November 1, 2006.
(h) These properties collateralize a $1.3 million mortgage loan which
matures on March 15, 2002.
(i) Comprised of two properties.
(j) Comprised of three properties.
(k) Comprised of four properties.
(l) Comprised of five properties.
(m) Comprised of six properties.
(n) Comprised of seven properties.
(o) Comprised of 29 properties.
27
29
TENANT AND LEASE INFORMATION
The Consolidated Operating Partnership has a diverse base of more than
2,600 tenants engaged in a wide variety of businesses including manufacturing,
retail, wholesale trade, distribution and professional services. Most leases
have an initial term of between three and five years and provide for periodic
rental increases that are either fixed or based on changes in the Consumer Price
Index. Industrial tenants typically have net or semi-net leases and pay as
additional rent their percentage of the property's operating costs, including
the costs of common area maintenance, property taxes and insurance. As of
December 31, 2000, approximately 95% of the GLA of the Consolidated Operating
Partnership's properties was leased, and no single tenant or group of related
tenants accounted for more than 1.0% of the Consolidated Operating Partnership's
rent revenues, nor did any single tenant or group of related tenants occupy more
than 1.3% of the Consolidated Operating Partnership's total GLA as of December
31, 2000.
The following table shows scheduled lease expirations for all leases for
the Consolidated Operating Partnership's properties as of December 31, 2000.
ANNUAL BASE RENT
NUMBER OF PERCENTAGE OF UNDER EXPIRING PERCENTAGE OF TOTAL
YEAR OF LEASES GLA GLA LEASES ANNUAL BASE RENT
EXPIRATION (1) EXPIRING EXPIRING (2) EXPIRING (IN THOUSANDS) EXPIRING (2)
-------------- ---------- ------------- ------------- ----------------- --------------------
2001 766 11,893,217 22.5% $ 51,802 21.0%
2002 602 9,597,715 18.2% 46,271 18.8%
2003 571 9,078,566 17.2% 45,509 18.4%
2004 301 6,660,414 12.6% 30,382 12.3%
2005 296 6,451,237 12.2% 32,319 13.1%
2006 63 2,074,293 3.9% 9,285 3.8%
2007 45 3,185,368 6.0% 13,044 5.3%
2008 19 826,845 1.6% 3,720 1.5%
2009 26 1,086,854 2.1% 5,107 2.1%
2010 19 1,040,388 2.0% 4,469 1.8%
Thereafter 17 917,062 1.7% 4,845 1.9%
---------- ------------- ------------- ----------------- --------------------
Total 2,725 52,811,959 100.0% $246,753 100.0%
========== ============= ============= ================= ====================
(1) Lease expirations as of December 31, 2000 assuming tenants do not
exercise existing renewal, termination, or purchase options.
(2) Does not include existing vacancies of 2,803,152 aggregate square feet.
The Other Real Estate Partnerships have a diverse base of more than 200
tenants engaged in a wide variety of businesses including manufacturing, retail,
wholesale trade, distribution and professional services. Most leases have an
initial term of between three and five years and provide for periodic rental
increases that are either fixed or based on changes in the Consumer Price Index.
Industrial tenants typically have net or semi-net leases and pay as additional
rent their percentage of the property's operating costs, including the costs of
common area maintenance, property taxes and insurance. As of December 31, 2000,
approximately 97% of the GLA of the Other Real Estate Partnerships' properties
was leased, and no single tenant or group of related tenants accounted for more
than 7.2% of the Other Real Estate Partnerships' rent revenues, nor did any
single tenant or group of related tenants occupy more than 5.3% of the Other
Real Estate Partnerships' total GLA as of December 31, 2000.
28
30
The following table shows scheduled lease expirations for all leases
for the Other Real Estate Partnerships' properties as of December 31, 2000.
ANNUAL BASE RENT
NUMBER OF PERCENTAGE OF UNDER EXPIRING PERCENTAGE OF TOTAL
YEAR OF LEASES GLA GLA LEASES ANNUAL BASE RENT
EXPIRATION (1) EXPIRING EXPIRING (2) EXPIRING (IN THOUSANDS) EXPIRING (2)
-------------- ---------- ------------- ------------- ----------------- --------------------
2001 57 2,377,709 19.5% $ 8,413 17.2%
2002 33 1,189,285 9.7% 5,057 10.3%
2003 42 2,226,183 18.2% 9,038 18.4%
2004 35 1,888,907 15.5% 7,993 16.3%
2005 22 1,352,603 11.1% 5,910 12.1%
2006 9 441,236 3.6% 1,810 3.7%
2007 7 581,397 4.8% 1,572 3.2%
2008 4 591,786 4.8% 2,827 5.8%
2009 5 940,985 7.7% 3,277 6.7%
2010 4 148,003 1.2% 878 1.8%
Thereafter 4 468,000 3.9% 2,231 4.5%
---------- ------------- ------------- ----------------- --------------------
Total 222 12,206,094 100.0% $49,006 100.0%
========== ============= ============= ================= ====================
- --------------
(1) Lease expirations as of December 31, 2000 assuming tenants do not
exercise existing renewal, termination, or purchase options.
(2) Does not include existing vacancies of 421,508 aggregate square feet.
ITEM 3. LEGAL PROCEEDINGS
The Consolidated Operating Partnership is involved in legal proceedings
arising in the ordinary course of business. All such proceedings, taken
together, are not expected to have a material impact on the results of
operations, financial position or liquidity of the Consolidated Operating
Partnership.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
29
31
PART II
ITEM 5. MARKET FOR REGISTRANT'S PARTNERS' CAPITAL AND RELATED PARTNER MATTERS
There is no established public trading market for the general partner
and limited partner units and the Preferred Units. As of March 23, 2001, there
were 397 holders of record of general partner and limited partner units ("Unit")
and one holder of record (the Company) of Preferred Units.
Beginning with the third quarter of 1994, the Operating Partnership has
made consecutive quarterly distributions to its partners with respect to general
partner and limited partner units since the initial public offering of the
Company in June 1994. The Operating Partnership has made consecutive quarterly
distributions to the Company with respect to Preferred Units since the issuance
of each such Preferred Units. The current indicated annual distribution rate
with respect to general partner and limited partner units is $2.63 per unit
($.6575 per Unit per quarter). The annual distribution rate with respect to
Preferred Units is $218.75000 per Series B Preferred Unit ($54.68750 per Series
B Preferred Unit per quarter), $215.624000 per Series C Preferred Unit
($53.90600 per Series C Preferred Unit per quarter), $198.75000 per Series D
Preferred Unit ($49.68750 per Series D Preferred Unit per quarter) and
$197.50000 per Series E Preferred Unit ($49.375000 per Series E Preferred Unit
per quarter). The Operating Partnership's ability to make distributions depends
on a number of factors, including its net cash provided by operating activities,
capital commitments and debt repayment schedules. Holders of general partner and
limited partner units are entitled to receive distributions when, as and if
declared by the Board of Directors of the Company, its general partner, after
the priority distributions required under the Operating Partnership's
partnership agreement have been made with respect to Preferred Units, out of any
funds legally available for that purpose.
The following table sets forth the distributions per Unit paid or
declared by the Operating Partnership during the periods noted:
Distribution
Quarter Ended Declared
------------- -------------
December 31, 2000 ............ $ .6575
September 30, 2000 ........... .6200
June 30, 2000 ................ .6200
March 31, 2000 ............... .6200
December 31, 1999 ............ .6200
September 30, 1999 ........... .6000
June 30, 1999 ................ .6000
March 31, 1999 ............... .6000
In 1998, the Operating Partnership issued an aggregate of 1,515,983
Units having an aggregate value of $49.4 million in exchange for property. In
1999, the Operating Partnership issued an aggregate of 173,070 Units having an
aggregate value of $4.3 million in exchange for property. In 2000, the Operating
Partnership issued an aggregate of 114,715 Units having an aggregate value of
$3.5 million in exchange for property.
All of the above Units were issued in private placements in reliance on
Section 4 (2) of the Securities Act of 1933, as amended, including Regulation D
promulgated thereunder, to individuals or entities holding real property or
interests therein. No underwriters were used in connection with such issuances.
Subject to lock-up periods and certain adjustments, Units are
convertible into common stock, par value $.01, of the Company on a one-for-one
basis or cash at the option of the Company.
30
32
ITEM 6. SELECTED FINANCIAL DATA
The following sets forth selected financial and operating data for the
Consolidated Operating Partnership on a historical basis. The following data
should be read in conjunction with the financial statements and notes thereto
and Management's Discussion and Analysis of Financial Condition and Results of
Operations included elsewhere in this Form 10-K. The historical statements of
operations for the years ended December 31, 2000, 1999, 1998, 1997 and 1996
include the results of operations of the Consolidated Operating Partnership as
derived from the Consolidated Operating Partnership's audited financial
statements. The historical balance sheet data and other data as of December 31,
2000, 1999, 1998, 1997 and 1996 include the balances of the Consolidated
Operating Partnership as derived from the Consolidated Operating Partnership's
audited financial statements. In the opinion of management, the selected
financial data includes all adjustments necessary to present fairly the
information set forth therein.
31
33
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
12/31/00 12/31/99 12/31/98 12/31/97 12/31/96
------------- ------------ ------------ ------------ --------------
(IN THOUSANDS, EXCEPT PER UNIT, RATIO AND PROPERTY DATA)
STATEMENTS OF OPERATIONS DATA:
Total Revenues ................... $ 321,220 $ 314,365 $ 293,386 $ 98,566 $ 37,587
Property Expenses ................ (93,188) (85,326) (85,773) (29,183) (9,935)
General & Administrative Expense . (16,971) (12,961) (12,919) (5,820) (4,014)
Interest Expense ................. (80,885) (76,799) (68,862) (25,099) (4,685)
Amortization of Interest Rate
Protection Agreements and
Deferred Financing Costs....... (1,683) (1,295) (851) (369) (196)
Depreciation & Other Amortization. (55,558) (57,927) (54,209) (15,873) (6,310)
Valuation Provision on Real
Estate Held For Sale (a) .......... (2,169) -- -- -- --
Restructuring Charge (b) ......... -- -- (6,858) -- --
Equity in Income of Other Real
Estate Partnerships ........... 33,049 45,714 27,583 31,297 20,130
Equity in Income of Joint Ventures 571 302 45 -- --
Disposition of Interest Rate
Protection Agreements (c) ..... -- -- (8,475) 4,038 --
Gain on Sales of Real Estate ..... 25,430 11,904 2,931 728 4,344
------------ ------------ ------------ ------------ ------------
Income Before Extraordinary
Loss and Cumulative Effect of
Change in Accounting Principle 129,816 137,977 85,998 58,285 36,921
Extraordinary Loss (d)............
-- -- -- (4,666) (2,273)
Cumulative Effect of Change in
Accounting Principle (e) ....... -- -- (719) -- --
------------ ------------ ------------ ------------ ------------
Net Income ....................... 129,816 137,977 85,279 53,619 34,648
Preferred Unit Distributions ..... (28,924) (28,924) (26,691) (7,936) --
------------ ------------ ------------ ------------ ------------
Net Income Available to
Unitholders ..................... $ 100,892 $ 109,053 $ 58,588 $ 45,683 $ 34,648
============ ============ ============ ============ ============
Net Income Available to
Unitholders Before Extraordinary
Loss and Cumulative Effect of Change
in Accounting Principle Per
Unit:
Basic ................... $ 2.20 $ 2.41 $ 1.34 $ 1.41 $ 1.38
============ ============ ============ ============ ============
Diluted ................. $ 2.19 $ 2.40 $ 1.34 $ 1.40 $ 1.38
============ ============ ============ ============ ============
Net Income Available to Unitholders
Per Unit:
Basic ................... $ 2.20 $ 2.41 $ 1.33 $ 1.28 $ 1.29
============ ============ ============ ============ ============
Diluted ................. $ 2.19 $ 2.40 $ 1.32 $ 1.27 $ 1.29
============ ============ ============ ============ ============
Distributions Per Unit ........... $ 2.5175 $ 2.42 $ 2.19 $ 2.045 $ 1.9675
============ ============ ============ ============ ============
Weighted Average Number of
Units
Outstanding:
Basic .................. 45,928 45,271 44,100 35,682 26,763
============ ============ ============ ============ ============
Diluted ................ 46,184 45,373 44,283 35,987 26,849
============ ============ ============ ============ ============
BALANCE SHEET DATA (END OF
PERIOD):
Real Estate Before
Accumulated Depreciation ........ $ 2,020,552 $ 2,131,434 $ 2,133,465 $ 1,201,060 $ 353,781
Real Estate After
Accumulated Depreciation ........ 1,838,072 1,952,141 1,988,030 1,178,741 345,648
Real Estate Held
for Sale, Net .................. 190,379 -- -- -- --
Investment in and Advances to
Other Real Estate Partnerships . 381,231 380,774 368,364 643,621 258,411
Total Assets ..................... 2,539,407 2,443,987 2,470,661 1,870,183 622,122
Mortgage Loans Payable, Net,
Acquisition Facilities Payable
and Senior Unsecured Debt, Net. 1,180,023 1,105,747 1,149,460 839,592 59,897
Total Liabilities ................ 1,329,576 1,228,637 1,261,102 904,006 86,890
Partners' Capital ................ 1,209,831 1,215,350 1,209,559 966,177 535,232
OTHER DATA:
Cash Flows From Operating
Activities ....................... $ 151,889 $ 183,533 $ 147,902 $ 62,057 $ 18,871
Cash Flows From Investing
Activities ....................... (85,152) (15,798) (538,395) (1,084,002) (202,673)
Cash Flows From Financing
Activities ....................... (63,115) (181,659) 399,444 1,022,645 181,604
Total Properties (f) ............. 865 868 886 521 137
Total GLA in sq. ft (f) .......... 55,615,111 54,788,585 57,403,413 34,259,042 12,650,986
OCCUPANCY % (f) .................. 95% 96% 95% 94% 97%
32
34
(a) Represents a valuation provision on real estate held for sale on the
Consolidated Operating Partnership's exit portfolio in Grand Rapids,
MI.
(b) Represents a restructuring charge relating to severance costs, of which
approximately $1.2 million is non-cash relating to immediate vesting of
restricted units.
(c) On May 16, 1997, the Consolidated Operating Partnership, through the
Operating Partnership, sold interest rate protection agreements
relating to its $300.0 million mortgage loan resulting in a gain of
approximately $4.0 million. The $8.5 million loss on disposition of
interest rate protection agreements for the year ended December 31,
1998 represents the Consolidated Operating Partnership's, through the
Operating Partnership, settlement of its remaining interest rate
protection agreement that was scheduled to expire on January 4, 1999.
This agreement was entered into in December 1997 in anticipation of
1998 senior unsecured debt offerings. Due to the changing market
conditions and the Consolidated Operating Partnership's expectation
that it would not issue debt securities associated with the interest
rate protection agreement, the Consolidated Operating Partnership,
through the Operating Partnership, settled its position in the interest
rate protection agreement.
(d) In 1996, the Consolidated Operating Partnership, through the Operating
Partnership, terminated certain revolving credit facilities. The
Consolidated Operating Partnership recorded an extraordinary loss of
$2.3 million which is comprised of the write-off of unamortized
deferred financing fees, legal costs and other expenses. In 1997, the
Consolidated Operating Partnership, through the Operating Partnership,
terminated an unsecured loan and a revolving credit facility. The
Consolidated Operating Partnership recorded an extraordinary loss of
$4.7 million which is comprised of the write-off of unamortized
deferred financing fees, legal costs and other expenses.
(e) In April 1998, the Accounting Standards Executive Committee of the
American Institute of Certified Public Accountants issued Statement of
Position 98-5, "Reporting on the Costs of Start-Up Activities" ("SOP
98-5"). SOP 98-5 requires that the net unamortized balance of all
start-up costs and organizational costs be written off as a cumulative
effect of a change in accounting principle and all future start-up
costs and organizational costs be expensed. Consistent with SOP 98-5,
the Consolidated Operating Partnership has reported a cumulative effect
of a change in accounting principle in the amount of approximately $.7
million to reflect the write-off of the unamortized balance of
organizational costs on the Consolidated Operating Partnership's
balance sheet.
(f) As of end of period and excludes properties under development.
33
35
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with "Selected
Financial and Operating Data" and the Consolidated Financial Statements and
Notes thereto appearing elsewhere in this Form 10-K.
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.3% ownership interest at December 31, 2000. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $350.0 million.
The Company is a real estate investment trust ("REIT") as defined in the
Internal Revenue Code. The Company's operations are conducted primarily through
the Operating Partnership. The limited partners of the Operating Partnership
own, in the aggregate, approximately a 15.7% interest in the Operating
Partnership at December 31, 2000.
The Operating Partnership is the sole member of several limited
liability companies (the "L.L.C.s") and the majority economic shareholder of FR
Development Services, Inc., and holds at least a 99% limited partnership
interest (subject in one case as described below to a preferred limited
partnership interest) in First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage
Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"),
First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV,
LTD., and First Industrial Development Services, L.P. (together, the "Other Real
Estate Partnerships"). The Operating Partnership, through separate wholly-owned
limited liability companies in which it is the sole member, also owns 10% equity
interests in, and provides asset and property management services to, two joint
ventures which invest in industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company. The general partner of the Securities Partnership,
First Industrial Securities Corporation, also owns a preferred limited
partnership interest in the Securities Partnership which entitles it to receive
a fixed quarterly distribution, and results in it being allocated income in the
same amount, equal to the fixed quarterly dividend the Company pays on its 9.5%,
$.01 par value, Series A Cumulative Preferred Stock.
The financial statements of the Operating Partnership report the
L.L.C.s and FR Development Services, Inc. on a consolidated basis (hereinafter
defined as the "Consolidated Operating Partnership") and the Other Real Estate
Partnerships and two joint ventures are accounted for under the equity method of
accounting. The minority ownership interest in FR Development Services, Inc. is
not reflected in the consolidated financial statements due to its immateriality.
Profits, losses and distributions of the Operating Partnership, the L.L.C. and
the Other Real Estate Partnerships are allocated to the general partner and the
limited partners, or members, as applicable, in accordance with the provisions
contained within the partnership agreements or operating agreements, as
applicable, of the Operating Partnership, the L.L.C.s and the Other Real Estate
Partnerships.
As of December 31, 2000, the Consolidated Operating Partnership owned
865 in-service industrial properties, containing an aggregate of approximately
55.6 million square feet of gross leasable area ("GLA"). On a combined basis, as
of December 31, 2000, the Other Real Estate Partnerships owned 104 in-service
industrial properties, containing an aggregate of approximately 12.6 million
square feet of GLA. Of the 104 industrial properties owned by the Other Real
Estate Partnerships at December 31, 2000, 22 are held by the Financing
Partnership, 22 are held by the Securities Partnership, 22 are held by the
Mortgage Partnership, 24 are held by the Pennsylvania Partnership, six are held
by the Harrisburg Partnership, six are held by the Indianapolis Partnership, one
is held by First Industrial Development Services, L.P. and one is held by TK-SV,
LTD.
RESULTS OF OPERATIONS
COMPARISON OF YEAR ENDED DECEMBER 31, 2000 TO YEAR ENDED DECEMBER 31, 1999
At December 31, 2000, the Consolidated Operating Partnership owned 865
in-service properties with approximately 55.6 million square feet of GLA,
compared to 868 in-service properties with approximately 54.8 million
34
36
square feet of GLA at December 31, 1999. During 2000, the Consolidated Operating
Partnership acquired 82 in-service properties containing approximately 5.6
million square feet of GLA and one property under redevelopment, completed
development of 20 properties and redevelopment of one property totaling
approximately 3.6 million square feet of GLA and sold 104 in-service properties
totaling approximately 8.5 million square feet of GLA, one out of service
property and several land parcels. The Consolidated Operating Partnership also
took three properties out of service that are under redevelopment, comprising
approximately .1 million square feet of GLA and placed in service one property
comprising approximately .2 million square feet of GLA.
Rental income and tenant recoveries and other income increased by
approximately $6.9 million or 2.2%. The increase in rental income is primarily
due to same store growth. The increase in tenant recoveries and other income is
primarily due to an increase in property expenses as discussed below. Rental
income and tenant recoveries and other income from properties owned prior to
January 1, 1999 increased by approximately $8.2 million or 3.5% due primarily to
general rent increases and an increase in recoverable income due to an increase
in property expenses as discussed below.
Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
increased by approximately $7.9 million or 9.2% due primarily to increases in
all property expense categories. The increase in real estate tax expense is due
primarily to general increases in real estate taxes in many of the Consolidated
Operating Partnership's markets. The increase in repairs and maintenance
expenses. The expense is due primarily to an increase in landscaping and
maintenance expenses. The increase in property management expense is primarily
due to the opening of a regional office in California in the third quarter of
1999 as well as general pay increases. Insurance expense increased due
primarily to rate increases. Other expense increased due primarily to an
increase in master lease payments associated with certain properties during
the year ended December 31, 2000 compared to the year ended December 31, 1999.
Property expenses from properties owned prior to January 1, 1999 increased by
approximately $4.1 million or 6.3% due primarily to the explanations above.
General and administrative expense increased by approximately $4.0
million due primarily to general pay increases and additional employees.
Interest expense increased by approximately $4.1 million for the year
ended December 31, 2000 compared to the year ended December 31, 1999. The
increase is primarily due to an increase in the weighted average interest rate
for the year ended December 31, 2000 (7.32%) compared to the year ended December
31, 1999 (7.15%) and an increase in the average debt balance outstanding. The
average debt balance outstanding for the year ended December 31, 2000 and 1999
was approximately $1,182.3 million and $1,159.6 million, respectively.
Amortization of deferred financing costs increased by approximately $.4
million due primarily to amortization of additional deferred financing costs
relating to the Operating Partnership's $300.0 million unsecured line of credit
(the "1997 Unsecured Acquisition Facility") and the Company's 2000 Unsecured
Acquisition Facility (defined below), which amended and restated the 1997
Unsecured Acquisition Facility.
Depreciation and other amortization decreased by approximately $2.4
million due primarily to the Consolidated Operating Partnership ceasing
depreciation and amortization on properties it considers held for sale as well
as due to properties sold subsequent to December 31, 1998. This decrease is
offset by depreciation and amortization related to properties acquired or
developed subsequent to December 31, 1998.
The valuation provision on real estate held for sale of approximately
$2.2 million for the year ended December 31, 2000 represents a valuation
provision on the Consolidated Operating Partnership's exit market portfolio in
Grand Rapids, Michigan.
Equity in income of Other Real Estate Partnerships decreased by
approximately $12.7 million due primarily to a decrease in gain on sales of real
estate for the year ended December 31, 2000 as compared to the year ended
December 31, 1999, offset by an increase in average occupied GLA for the year
ended December 31, 2000 compared to
35
37
the year ended December 31, 1999. During the year ended December 31, 2000, the
Other Real Estate Partnerships sold four industrial properties and one land
parcel for a gain of approximately $3.9 million. During the year ended December
31, 1999, the Other Real Estate Partnerships sold 44 industrial properties, one
property under development and several land parcels for a gain of approximately
$17.9 million.
The $25.4 million gain on sale of real estate for the year ended
December 31, 2000 resulted from the sale of 105 industrial properties and
several land parcels. Gross proceeds from these sales were approximately $404.0
million.
The $11.9 million gain on sale of real estate for the year ended
December 31, 1999 resulted from the sale of 44 industrial properties, one
property under development and several land parcels. Gross proceeds from these
sales were approximately $178.3 million. Approximately $4.8 million and $23.3
million of the gross proceeds from the sales of these properties was received
from one of the Operating Partnership's industrial real estate joint ventures
and the Financing Partnership, respectively (the Consolidated Operating
Partnership sold two properties to one of the Operating Partnership's industrial
real estate joint ventures and two properties to the Financing Partnership, in
each case, at the Consolidated Operating Partnership's approximate net book
value).
COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR ENDED DECEMBER 31, 1998
At December 31, 1999, the Consolidated Operating Partnership owned 868
in-service properties with approximately 54.8 million square feet of GLA,
compared to 886 in-service properties with approximately 57.4 million square
feet of GLA at December 31, 1998. During 1999, the Consolidated Operating
Partnership acquired 16 in-service properties containing approximately 1.2
million square feet of GLA and one property under development, completed
development of 16 properties and expansion of one property totaling
approximately 2.4 million square feet of GLA and sold 44 in-service properties
totaling approximately 5.5 million square feet of GLA, one property under
development and several land parcels. The Consolidated Operating Partnership
also took two properties out of service that are under redevelopment, comprising
approximately .5 million square feet of GLA. In addition, during 1999, the
Operating Partnership contributed four industrial properties comprising .2
million square feet of GLA to the Securities Partnership.
Rental income and tenant recoveries and other income increased by
approximately $21.0 million or 7.2% due primarily to an increase in average GLA
for the year ended December 31, 1999 as compared to the year ended December 31,
1998 and an increase in same store revenue. Also, approximately $1.5 million of
this increase is due to additional acquisition, asset management and property
management fees received from the Operating Partnership's two industrial real
estate joint ventures in fiscal year 1999. Revenues from properties owned prior
to January 1, 1999, increased by approximately $6.4 million or 2.9% due
primarily to increased rental rates upon renewal or replacement of tenant
leases.
Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
decreased by approximately $.5 million or .5% due primarily to a decrease in
property management expense, offset by an increase in real estate taxes, repairs
and maintenance and other expense due to an increase in average GLA for the year
ended December 31, 1999 as compared to the year ended December 31, 1998. The
majority of the decrease in property management expense is due to a decrease in
the operational costs of the regional offices that manage the Consolidated
Operating Partnerships properties primarily due to a reduced employee headcount.
Expenses from properties owned prior to January 1, 1999 remained relatively
unchanged.
General and administrative expense remained relatively unchanged.
Interest expense increased by approximately $7.9 million for the year
ended December 31, 1999 compared to the year ended December 31, 1998 due
primarily to a higher average debt balance outstanding resulting from the
issuance of senior unsecured debt to fund the acquisition and development of
additional properties, slightly offset by an increase in capitalized interest
for the year ended December 31, 1999 due to an increase in development
activities. The average debt balances outstanding for the years ended December
31, 1999 and 1998 were approximately $1,159.6 million and $1,017.3 million,
respectively.
36
38
Amortization of deferred financing costs increased by approximately $.4
million due primarily to amortization of deferred financing costs relating to
the issuance of additional senior unsecured debt to fund the acquisition and
development of additional properties.
Depreciation and other amortization increased by approximately $3.7
million due primarily to the additional depreciation and amortization related to
the properties acquired or developed after December 31, 1997.
The $6.9 million restructuring charge for the year ended December 31,
1998 represents a charge in connection with the Consolidated Operating
Partnership's restructuring. The restructuring charge is comprised primarily of
severance costs, of which approximately $1.2 million is non-cash relating to
immediate vesting of restricted units.
Equity in income of Other Real Estate Partnerships increased by
approximately $18.1 million or 65.7% due primarily to an increase in gain on
sales of real estate for the year ended December 31, 1999 as compared to the
year ended December 31, 1998. Also, during the year ended December 31, 1998, the
Other Real Estate Partnerships recognized an expense of approximately $.9
million to write off the unamoritized balance of organizational costs due to the
adoption of Statement of Position 98-5 "Reporting on the Costs of Start-Up
Activities" (discussed below). During the year ended December 31, 1999, the
Other Real Estate Partnerships sold 13 industrial properties and several land
parcels for a gain of approximately $17.9 million. During the year ended
December 31, 1998, the Other Real Estate Partnerships sold five industrial
properties and several land parcels for a gain of approximately $2.4 million.
Equity in income of joint ventures increased by approximately $.3
million for the year ended December 31, 1999 compared to the year ended December
31, 1998. This increase is due to a full year of operations of one of the
Operating Partnership's industrial real estate joint ventures in 1999 as opposed
to a partial year of operations in 1998 and the start up of the Operating
Partnership's second industrial real estate joint venture in 1999.
The $8.5 million loss on disposition of interest rate protection
agreements for the year ended December 31, 1998 represents the Consolidated
Operating Partnership's, through the Operating Partnership, settlement of an
interest rate protection agreement which was scheduled to expire on January 4,
1999. This agreement was entered into in December 1997 in anticipation of 1998
senior unsecured debt offerings. Due to the changing market conditions and the
Consolidated Operating Partnership's expectation that it would not issue debt
securities associated with the interest rate protection agreement, the
Consolidated Operating Partnership, through the Operating Partnership, settled
its position in the interest rate protection agreement.
The $11.9 million gain on sale of real estate for the year ended
December 31, 1999 resulted from the sale of 44 industrial properties, one
property under development and several land parcels. Gross proceeds from these
sales were approximately $178.3 million. Approximately $4.8 million and $23.3
million of the gross proceeds from the sales of these properties was received
from one of the Operating Partnership's industrial real estate joint ventures
and the Financing Partnership, respectively (the Consolidated Operating
Partnership sold two properties to one of the Operating Partnership's industrial
real estate joint ventures and two properties to the Financing Partnership, in
each case, at the Consolidated Operating Partnership's approximate net book
value).
The $2.9 million gain on sale of real estate for the year ended
December 31, 1998 resulted from the sale of 36 industrial properties and several
parcels of land. Gross proceeds from these sales were approximately $77.7
million.
The $.7 million cumulative effect of change in accounting principle for
the year ended December 31, 1998 is the result of the write-off of the
unamoritized balance of organizational costs on the Consolidated Operating
Partnership's balance sheet due to the early adoption of Statement of Position
98-5 "Reporting on the Costs of Start-Up Activities" ("SOP 98-5"). SOP 98-5
requires that the net unamoritized balance of all start-up costs and
organizational costs be written off as a cumulative effect of a change in
accounting principle and all future start-up costs and organizational costs be
expensed.
37
39
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2000, the Consolidated Operating Partnership's cash and
cash equivalents was approximately $3.6 million and restricted cash totaled
approximately $23.0 million. Restricted cash was comprised of gross proceeds
from the sales of certain properties. These sales proceeds will be disbursed as
the Consolidated Operating Partnership exchanges into properties under Section
1031 of the Internal Revenue Code.
YEAR ENDED DECEMBER 31, 2000
Net cash provided by operating activities of approximately $151.9
million for the year ended December 31, 2000 was comprised primarily of net
income of approximately $129.8 million and adjustments for non-cash items of
approximately $36.9 million, offset by the net change in operating assets and
liabilities of approximately $14.8 million. The adjustments for the non-cash
items of approximately $36.9 million are primarily comprised of depreciation and
amortization of approximately $60.8 million, a valuation provision on real
estate held for sale on a portfolio of properties located in Grand Rapids,
Michigan of approximately $2.2 million and a provision for bad debts of
approximately $.1 million, offset by the gain on sale of real estate of
approximately $25.4 million and the effect of the straight-lining of rental
income of approximately $.8 million.
Net cash used in investing activities of approximately $85.2 million
for the year ended December 31, 2000 was comprised primarily of the acquisition
of real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate and an increase in restricted
cash from sales proceeds deposited with an intermediary for Section 1031
exchange purposes, offset by the net proceeds from the sale of real estate,
distributions from the Operating Partnership's two industrial real estate joint
ventures and the repayment of mortgage loans receivable.
Net cash used in financing activities of approximately $63.1
million for the year ended December 31, 2000 was comprised primarily of
general partnership and limited partnership units ("Unit") and preferred general
partnership unit distributions, the purchase of general partnership Units,
repayments on mortgage loans payable and debt issuance costs incurred in
conjunction with the 2000 Unsecured Acquisition Facility (defined below), offset
by the net borrowings under the Operating Partnership's lines of credit and Unit
contributions.
YEAR ENDED DECEMBER 31, 1999
Net cash provided by operating activities of approximately $183.5
million for the year ended December 31, 1999 was comprised primarily of net
income of approximately $138.0 million, adjustments for non-cash items of
approximately $43.9 million and the net change in operating assets and
liabilities of approximately $1.6 million. The adjustments for the non-cash
items of approximately $43.9 million are primarily comprised of depreciation and
amortization of approximately $59.3 million, offset by the gain on sale of real
estate of approximately $11.9 million and the effect of the straight-lining of
rental income of approximately $3.5 million.
Net cash used in investing activities of approximately $15.8 million
for the year ended December 31, 1999 was comprised primarily of the acquisition
of real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate, contributions to and
investments in the Other Real Estate Partnerships, contributions to and
investments in the Operating Partnership's two industrial real estate joint
ventures and the funding of mortgage loans receivable, offset by distributions
from Other Real Estate Partnerships, distributions from one of the Operating
Partnership's industrial real estate joint ventures, net proceeds from the sales
of real estate, the repayment of mortgage loans receivable and a decrease in
restricted cash due to the use of restricted cash to purchase properties to
effect Section 1031 exchanges.
Net cash used in financing activities of approximately $181.7 million
for the year ended December 31, 1999 was comprised primarily of Unit and
preferred general partnership unit distributions, repayments on mortgage loans
payable, debt issuance costs and net repayments under the 1997 Unsecured
Acquisition Facility, offset by Unit contributions.
38
40
YEAR ENDED DECEMBER 31, 1998
Net cash provided by operating activities of approximately $147.9
million for the year ended December 31, 1998 was comprised primarily of net
income of approximately $85.3 million and adjustments for non-cash items of
approximately $51.4 million and the net change in operating assets and
liabilities of approximately $11.3 million. The adjustments for the non-cash
items of approximately $51.4 million are primarily comprised of depreciation and
amortization of approximately $56.9 million, a provision for bad debts of
approximately $.6 million and the cumulative effect of a change in accounting
principle of approximately $.7 million due to the adoption of SOP 98-5, offset
by the gain on sale of real estate of approximately $2.9 million and the effect
of the straight-lining of rental income of approximately $3.9 million.
Net cash used in investing activities of approximately $538.4 million
for the year ended December 31, 1998 was comprised primarily of the acquisition
of real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate, contributions to and
investments in Other Real Estate Partnerships, investment in one of the
Operating Partnership's industrial real estate joint ventures and an increase in
restricted cash from sales proceeds deposited with an intermediary for Section
1031 exchange purposes, offset by distributions from investment in Other Real
Estate Partnerships, net proceeds from the sales of real estate and the
repayment of mortgage loans receivable.
Net cash provided by financing activities of approximately $399.4
million for the year ended December 31, 1998 was comprised primarily of Unit and
preferred general partnership unit contributions, net proceeds from the issuance
of senior unsecured debt, and net borrowings under the Operating Partnership's
1997 Unsecured Acquisition Facility, offset by Unit and preferred general
partnership unit distributions and repayments on mortgage loans payable.
SEGMENT REPORTING
Management views the Consolidated Operating Partnership as a single
segment.
INVESTMENT IN REAL ESTATE, DEVELOPMENT OF REAL ESTATE AND SALES OF REAL ESTATE
During the year ended December 31, 2000, the Consolidated Operating
Partnership purchased 82 in-service industrial properties and one industrial
property under redevelopment comprising approximately 5.6 million square feet of
GLA as well as several land parcels, for an aggregate purchase price of
approximately $314.3 million, excluding costs incurred in conjunction with the
acquisition of the properties and land parcels. The Consolidated Operating
Partnership also completed the development of 20 industrial properties and one
property under redevelopment comprising approximately 3.6 million square feet of
GLA at a cost of approximately $125.8 million.
During the year ended December 31, 2000, the Consolidated Operating
Partnership sold 104 in-service industrial properties and one out of service
property comprising approximately 8.9 million square feet of GLA as well as
several land parcels. Gross proceeds from these sales were approximately $404.0
million.
The Consolidated Operating Partnership has committed to the
construction of 13 development projects totaling approximately 1.8 million
square feet of GLA for an estimated investment of approximately $102.2 million.
Of this amount, approximately $56.0 million remains to be funded. These
developments are expected to be funded with cash flows from operations, proceeds
from the sales of select properties of the Consolidated Operating Partnership
and borrowings under the Operating Partnership's 2000 Unsecured Acquisition
Facility (defined below).
From January 1, 2001 to March 23, 2001, the Consolidated Operating
Partnership acquired thirteen industrial properties and several land parcels for
a total estimated investment of approximately $45.5 million. The Consolidated
Operating Partnership also sold eight industrial properties and one land parcel
for approximately $19.5 million of gross proceeds.
REAL ESTATE HELD FOR SALE
The Consolidated Operating Partnership plans on exiting the markets of
Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Long Island and New
Orleans/Baton Rouge as well as continually engages in identifying and
39
41
evaluating its other real estate markets for potential sales candidates. At
December 31, 2000, the Consolidated Operating Partnership had 74 industrial
properties comprising approximately 6.9 million square feet of GLA held for
sale. Income from operations of the 74 industrial properties held for sale for
the year ended December 31, 2000, 1999 and 1998 is approximately $19.6 million,
$16.1 million and $15.5 million, respectively. Net carrying value of the 74
industrial properties held for sale at December 31, 2000 is approximately $190.4
million. There can be no assurance that such properties held for sale will be
sold.
INVESTMENTS IN JOINT VENTURES
During the year ended December 31, 2000, the Consolidated Operating
Partnership, through wholly-owned limited liability companies in which the
Operating Partnership is the sole member, received, in the aggregate,
approximately $2.8 million in asset management and property management fees from
two industrial real estate joint ventures. The Operating Partnership, through
wholly-owned limited liability companies in which it is the sole member,
received distributions of approximately $.9 million from two industrial real
estate joint ventures. As of December 31, 2000, the two industrial real estate
joint ventures owned 177 industrial properties comprising approximately 8.3
million square feet of GLA. On or after October 2000, under certain
circumstances, the Consolidated Operating Partnership has the option of
purchasing all of the properties owned by one of the joint ventures at a price
to be determined in the future. The Consolidated Operating Partnership has not
exercised this option.
ACQUISITION FACILITY PAYABLE
In June 2000, the Operating Partnership amended and restated the 1997
Unsecured Acquisition Facility which gives the Operating Partnership the right,
subject to certain conditions, to increase the aggregate commitment up to $400.0
million as well as extended the maturity of the 1997 Unsecured Acquisition
Facility to June 30, 2003 (the "2000 Unsecured Acquisition Facility").
SENIOR UNSECURED DEBT
On March 19, 2001, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200.0 million of unsecured notes in a private
offering at an offering price of 99.695%. The unsecured notes mature on March
15, 2011 and bear a coupon interest rate of 7.375%.
MARKET RISK
The following discussion about the Consolidated Operating Partnership's
risk-management activities includes "forward-looking statements" that involve
risk and uncertainties. Actual results could differ materially from those
projected in the forward-looking statements.
This analysis presents the hypothetical gain or loss in earnings, cash
flows or fair value of the financial instruments and derivative instruments
which are held by the Consolidated Operating Partnership at December 31, 2000
that are sensitive to changes in the interest rates. While this analysis may
have some use as a benchmark, it should not be viewed as a forecast.
In the normal course of business, the Consolidated Operating
Partnership also faces risks that are either non-financial or non-quantifiable.
Such risks principally include credit risk and legal risk and are not
represented in the following analysis.
At December 31, 2000, $170.0 million (approximately 14% of total debt
at December 31, 2000) of the Consolidated Operating Partnership's debt was
variable rate debt (all of the variable rate debt relates to the Operating
Partnership's 2000 Unsecured Acquisition Facility) and $1,010.0 million
(approximately 86% of total debt at December 31, 2000) was fixed rate debt.
The Consolidated Operating Partnership also had outstanding a written put and a
written call option (collectively, the "Written Options") which were issued in
conjunction with the initial offering of two tranches of senior unsecured debt.
Currently, the Consolidated Operating Partnership does not enter into financial
instruments for trading or other speculative purposes.
For fixed rate debt, changes in interest rates generally affect the
fair value of the debt, but not earnings or cash flows of the Consolidated
Operating Partnership. Conversely, for variable rate debt, changes in the
interest rate generally do not impact the fair value of the debt, but would
affect the Consolidated Operating Partnership's future earnings and cash flows.
The interest rate risk and changes in fair market value of fixed rate debt
generally do not have a significant impact on the Consolidated Operating
Partnership until the Consolidated Operating Partnership is required to
refinance such debt. See Note 6 to the consolidated financial statements for a
discussion of the maturity dates of the Consolidated Operating Partnership's
various fixed rate debt.
40
42
Based upon the amount of variable rate debt outstanding at December 31,
2000, a 10% increase or decrease in the interest rate on the Consolidated
Operating Partnership's variable rate debt would decrease or increase,
respectively, future net income and cash flows by approximately $1.3 million per
year. A 10% increase in interest rates would decrease the fair value of the
fixed rate debt at December 31, 2000 by approximately $45.4 million to $936.2
million. A 10% decrease in interest rates would increase the fair value of the
fixed rate debt at December 31, 2000 by approximately $50.4 million to $1,032.0
million. A 10% increase in interest rates would decrease the fair value of the
Written Options at December 31, 2000 by approximately $4.1 million to $8.0
million. A 10% decrease in interest rates would increase the fair value of the
Written Options at December 31, 2000 by approximately $5.5 million to $17.6
million.
ISSUANCE OF UNITS AND EMPLOYEE STOCK OPTIONS
During the year ended December 31, 2000, the Company awarded 355,139
shares of restricted common stock to certain employees and 3,663 shares of
restricted common stock to certain Directors. Other employees of the Company
converted certain in-the-money employee stock options to 14,903 shares of
restricted common stock. The Consolidated Operating Partnership, through the
Operating Partnership, issued Units to the Company in the same amount. These
shares of restricted common stock had a fair value of approximately $9.7 million
on the date of grant. The restricted common stock vests over periods from one to
ten years.
During the year ended December 31, 2000, the Operating Partnership
issued 937,250 non-qualified employee stock options to certain officers,
Directors and employees of the Company. These non-qualified employee stock
options vest over periods from one to three years, have a strike price of
$27.25-$30.00 per share and expire ten years from the date of grant.
For the year ended December 31, 2000, certain employees of the Company
exercised 518,550 non-qualified employee stock options. Gross proceeds to the
Company were $12.5 million. The Consolidated Operating, through the Operating
Partnership, issued 518,550 Units to the Company in the same amount.
REPURCHASE OF UNITS
In March 2000, the Company's Board of Directors approved the repurchase
of up to $100.0 million of the Company's common stock. The Company may make
purchases from time to time, if price levels warrant, in the open market or in
privately negotiated transactions. During the year ended December 31, 2000, the
Company repurchased 394,300 shares of its common stock at a weighted average
price per share of approximately $29.67. The Operating Partnership repurchased
general partnership Units from the Company in the same amount.
DISTRIBUTIONS
On January 24, 2000, the Operating Partnership paid a fourth quarter
1999 distribution of $.62 per Unit, totaling approximately $28.2 million. On
April 17, 2000, the Operating Partnership paid a first quarter 2000 distribution
of $.62 per Unit, totaling approximately $28.5 million. On July 17, 2000, the
Operating Partnership paid a second quarter 2000 distribution of $.62 per Unit,
totaling approximately $28.6 million. On October 23, 2000, the Operating
Partnership paid a third quarter 2000 distribution of $.62 per Unit, totaling
approximately $28.4 million. On January 22, 2001, the Operating Partnership paid
a fourth quarter 2000 distribution of $.6575 per Unit, totaling approximately
$30.3 million.
On March 31, 2000, June 30, 2000, October 2, 2000 and January 2,
2001, the Operating Partnership paid quarterly 2000 distributions of $54.688 per
unit on its 8 3/4% Series B Cumulative Preferred Units (the "Series B Preferred
Units"), $53.906 per unit on its 8 5/8% Series C Cumulative Preferred Units (the
"Series C Preferred Units"), $49.687 per unit on its 7.95% Series D Cumulative
Preferred Units (the "Series D Preferred Units") and $49.375 per
41
43
unit on its 7.90% Series E Cumulative Preferred Units (the "Series E Preferred
Units"). The preferred unit distributions paid on March 31, 2000, June 30, 2000,
October 2, 2000 and January 2, 2001 totaled, in the aggregate,
approximately $7.2 million per quarter.
On March 9, 2001, the Operating Partnership declared a first quarter
distribution of $.6575 per Unit which is payable on April 23, 2001. The
Operating Partnership also declared first quarter 2000 distributions of $54.688
per unit on its Series B Preferred Units, $53.906 per unit on its Series C
Preferred Units, $49.687 per unit on its Series D Preferred Units and $49.375
per unit on its Series E Preferred Units, respectively, which are payable on
April 2, 2001.
SHORT-TERM AND LONG-TERM LIQUIDITY NEEDS
The Consolidated Operating Partnership has considered its short-term
(one year or less) liquidity needs and the adequacy of its estimated cash flow
from operations and other expected liquidity sources to meet these needs. The
Consolidated Operating Partnership believes that its principal short-term
liquidity needs are to fund normal recurring expenses, debt service requirements
and the minimum distribution required by the Company to maintain the Company's
REIT qualification under the Internal Revenue Code. The Consolidated Operating
Partnership anticipates that these needs will be met with cash flows provided by
operating activities.
The Consolidated Operating Partnership expects to meet long-term
(greater than one year) liquidity requirements such as property acquisitions,
developments, scheduled debt maturities, major renovations, expansions and other
nonrecurring capital improvements through the disposition of select assets,
long-term secured and unsecured indebtedness and the issuance of additional
Units and preferred units. As of December 31, 2000 and March 23, 2001, $100.0
million of debt securities was registered and unissued under the Securities Act
of 1933, as amended. The Consolidated Operating Partnership may also finance the
development or acquisition of additional properties through borrowings under the
2000 Unsecured Acquisition Facility. At December 31, 2000, borrowings under the
2000 Unsecured Acquisition Facility bore interest at a weighted average interest
rate of 7.26%. As of March 23, 2001, the Consolidated Operating Partnership,
through the Operating Partnership, had approximately $228.0 million available in
additional borrowings under the 2000 Unsecured Acquisition Facility.
RELATED PARTY TRANSACTIONS
The Consolidated Operating Partnership periodically engages in
transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of
one of the Company's officers/Directors is an employee of CB Richard Ellis, Inc.
For the year ended December 31, 2000, this relative received approximately $.06
million in brokerage commissions paid by the Consolidated Operating Partnership.
The Consolidated Operating Partnership periodically utilizes consulting
services from the private consulting firm of one of the Company's Directors. For
the year ended December 31, 2000, the Consolidated Operating Partnership has
paid approximately $.005 million of fees to this entity.
On November 19, 1998, the Consolidated Operating Partnership, through
the Operating Partnership, sold two industrial properties to two limited
partnerships, Roosevelt Glen Corporate Center ("Roosevelt") and Hartford Center
Investment Company ("Hartford"), for a total consideration of approximately $8.3
million. An entity in which the sole shareholders are an officer and Director
and a former officer and Director ("TSIC") has a 11.638% general partner
interest and a former officer and Director has a 75.585% limited partner
interest in Roosevelt. TSIC has a 12.39% general partner interest and a former
officer and Director has a 80.454% limited partner interest in Hartford. On
December 4, 1998, the Operating Partnership sold one industrial property to
Eastgate Shopping Center Investment Co. ("Eastgate"), a limited partnership, for
a total consideration of approximately $2.4 million. TSIC has a 12.972% general
partner interest and a former officer and Director has a 79.536% limited partner
interest in Eastgate. In each case, the purchaser had the option of selling the
properties back to the Operating Partnership and the Operating Partnership had
the option of buying the properties back from the purchaser for a stipulated
period of time. In January 2000, the purchasers exercised their options to sell
the properties back to the Operating Partnership. The gain on sale was deferred
due to the existence of these options.
In January and February 2001, FR Development Services, Inc. ("FRDS")
purchased all of the voting and non-voting shares (a total of 25,790 shares) of
FRDS held by certain executive officers of the Company for approximately
42
44
$1.3 million, in connection with FRDS' election to become a wholly-owned taxable
REIT subsidiary of the Company. At the time of the transaction, these executive
officers had equity interests in FRDS totaling 2.76%.
ENVIRONMENTAL
The Consolidated Operating Partnership incurred environmental costs of
$.1 million and $.5 million in 2000 and 1999, respectively. The Consolidated
Operating Partnership estimates 2001 costs of approximately $.2 million. The
Consolidated Operating Partnership estimates that the aggregate cost which needs
to be expended in 2001 and beyond with regard to currently identified
environmental issues will not exceed approximately $.4 million, a substantial
amount of which will be the primary responsibility of the tenant, the seller to
the Consolidated Operating Partnership or another responsible party. This
estimate was determined by a third party evaluation.
INFLATION
For the last several years, inflation has not had a significant impact
on the Consolidated Operating Partnership because of the relatively low
inflation rates in the Consolidated Operating Partnership's markets of
operation. Most of the Consolidated Operating Partnership's leases require the
tenants to pay their share of operating expenses, including common area
maintenance, real estate taxes and insurance, thereby reducing the Consolidated
Operating Partnership's exposure to increases in costs and operating expenses
resulting from inflation. In addition, many of the outstanding leases expire
within five years which may enable the Consolidated Operating Partnership to
replace existing leases with new leases at higher base rentals if rents of
existing leases are below the then-existing market rate.
OTHER
The Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards No. 133 "Accounting for Derivative Instruments
and Hedging Activities" ("FAS 133") on June 1, 1998. Statement of Financial
Accounting Standards No.138 "Accounting for Derivative Instruments and Hedging
Activities - An Amendment of FAS Statement 133" was issued in June 2000. FAS
133, as amended, is effective for fiscal years beginning after June 15, 2000 as
provided by Statement of Financial Accounting Standards No. 137 issued in July
1999. FAS 133, as amended, requires fair value accounting for all derivatives
including recognizing all such instruments on the balance sheet with an
offsetting amount recorded in the income statement or as part of comprehensive
income. FAS 133, as amended, becomes effective for the Consolidated Operating
Partnership for the year ending December 31, 2001. FAS 133 did not have an
impact on the Consolidated Operating Partnership's consolidated financial
position, consolidated results of operations or consolidated cash flows.
In March 2000, the FASB issued Statement of Accounting Standards
Interpretation 44, Accounting for Certain Transactions Involving Stock
Compensation ("Interpretation 44"). Interpretation 44 is generally effective for
new stock option grants beginning July 1, 2000. However, the interpretive
definition of an employee and certain effective repricing provisions apply to
new awards granted after December 15, 1998. Further, the FASB determined that
any modifications to current accounting as a result of this guidance are to be
recorded prospectively, effective as of July 1, 2000. The Consolidated Operating
Partnership has applied the accounting mandated by Interpretation 44 as of July
1, 2000 and there has not been a material impact on the Consolidated Operating
Partnership's consolidated financial position, consolidated results of
operations or consolidated cash flows.
The REIT Modernization Act, which was passed in 1999 and will take
effect on January 1, 2001, modifies certain provisions of the Internal Revenue
Code of 1986, as amended, with respect to the taxation of REITs. Two key
provisions of this tax law change will impact future Consolidated Operating
Partnership operations: the availability of a taxable REIT subsidiary which may
be wholly-owned directly by a REIT and a reduction in the required level of
distributions by a REIT to 90% of ordinary taxable income. The Consolidated
Operating Partnership converted its preferred stock subsidiary to a wholly-owned
taxable REIT subsidiary in January 2001.
In December 1999, the Securities and Exchange Commission issued
Staff Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which
provides guidance on the recognition, presentation and disclosure of revenue in
financial statements. SAB 101 was required to be implemented in the fourth
fiscal quarter of 2000. The adoption of SAB 101 did not have an effect on the
Consolidated Operating Partnership's results of operations or its
43
45
financial position as the Consolidated Operating Partnership's revenue
recognition practices were compliant with the pronouncement.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Response to this item is included in Item 7. "Management's Discussion
and Analysis of Financial Condition and Results of Operations" above.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Index to Financial Statements and Financial Statement Schedule on
page F-1 of this Form 10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURES
None.
PART III
ITEM 10, 11, 12, 13. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT,
EXECUTIVE COMPENSATION, SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Operating Partnership has no directors or executive officers; instead
it is managed by its sole general partner, the Company. The information
with respect to the sole general partner of the Operating Partnership
required by Item 10, Item 11, Item 12 and Item 13 is incorporated herein
by reference to parts of the Company's definitive proxy statement in
connection with its 2001 Annual Meeting of Stockholders (which will be
filed no later than April 15, 2001) captioned "Information Regarding
Nominees and Directors", "Executive Officers and Other Senior Management",
"Director Compensation", "Executive Compensation", "Section 16 (a)
Beneficial Ownership Reporting Compliance", "Certain Relationships and
Transactions" and "Security Ownership of Management and Certain Beneficial
Owners". Information contained in the part of such proxy statement
captioned "Stock Performance Graph" is specifically not incorporated
herein by reference.
44
46
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND
REPORTS ON FORM 8-K
(a) FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND
EXHIBITS
(1 & 2) See Index to Financial Statements and Financial Statement
Schedule on page F-1 of this Form 10-K
(3) Exhibits:
Exhibit No. Description
3.1 Sixth Amended and Restated Limited Partnership Agreement of
First Industrial, L.P. dated March 18, 1998 (the "L.P.
Agreement")(incorporated by reference to Exhibit 10.1 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1997, File No. 1-13102)
3.2 First Amendment to the L.P. Agreement dated April 1, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.3 Second Amendment to the L.P. Agreement dated April 3, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.4 Third Amendment to the L.P. Agreement dated April 16, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 1998, File
No. 1-13102)
3.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 1998, File
No. 1-13102)
3.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998
(incorporated by reference to Exhibit 10.5 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.11 Tenth Amendment to the L.P. Agreement dated January 28, 2000
(incorporated by reference to Exhibit 10.11 of the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1999, File No. 1-13102)
3.12 Eleventh Amendment to the L.P. Agreement dated January 28, 2000
(incorporated by reference to Exhibit 10.12 of the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1999, File No. 1-13102)
3.13 Twelfth Amendment to the L.P. Agreement dated June 27, 2000
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 2000, File
No. 1-13102)
3.14 Thirteenth Amendment to the L.P. Agreement dated September 1,
2000 (incorporated by reference to Exhibit 10.1 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.15 Fourteenth Amendment to the L.P. Agreement dated October 13,
2000 (incorporated by reference to Exhibit 10.2 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
45
47
Exhibit No. Description
3.16 Fifteenth Amendment to the L.P. Agreement dated October 13,
2000 (incorporated by reference to Exhibit 10.3 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.17 Sixteenth Amendment to the L.P. Agreement dated October 27,
2000 (incorporated by reference to Exhibit 10.4 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.18 Seventeenth Amendment to the L.P. Agreement dated January 25,
2001(incorporated by reference to Exhibit 10.18 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2000, File No. 1-13102)
3.19 Eighteenth Amendment to the L.P. Agreement dated February 13,
2001(incorporated by reference to Exhibit 10.19 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2000, 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 $150 million of 7.60% Notes due 2007 and
$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 6.90% Medium-Term Note due 2005 in principal amount of $50
million issued by First Industrial, L.P. (incorporated by
reference to Exhibit 4.17 of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.6 7.00% Medium-Term Note due 2006 in principal amount of $150
million issued by First Industrial, L.P. (incorporated by
reference to Exhibit 4.18 of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.7 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 Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.8 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)
4.9 Amended and Restated Unsecured Revolving Credit Agreement,
dated as of June 30, 2000 among First Industrial, L.P., First
Industrial Realty Trust, Inc. and Bank One, N.A., UBS AG,
Stamford Branch, Bank of America, N.A. and certain other banks
(incorporated by reference to Exhibit 10.1 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 2000, File
No. 1-13102)
46
48
Exhibit No. Description
4.10 Supplemental Indenture No. 4, dated as of March 26, 1998,
between First Industrial, L.P. and First Trust National Trust
Association, as Trustee, relating to 6.50% Dealer remarketable
securities due April 5, 2011 (incorporated by reference to
Exhibit 4.1 of Form 8-K of First Industrial, L.P. dated April
7, 1998, File No. 333-21873)
4.11 6.50% Dealer remarketable securities due April 5, 2011 in
principal amount of $100 million issued by First Industrial,
L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K
of First Industrial, L.P. dated April 7, 1998, File No.
333-21873)
4.12 Remarketing Agreement, dated March 31, 1998, between First
Industrial, L.P. and J.P. Morgan Securities Inc. (incorporated
by reference to Exhibit 1.2 of Form 8-K of First Industrial,
L.P. dated April 7, 1998, File No. 333-21873)
4.13 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 First Industrial, L.P dated July 15,
1998, File No. 333-21873)
4.14 Supplemental Indenture No.5, dated as of July 14, 1998, between
First Industrial, L.P. and the U.S. Bank Trust National
Association, relating to First Industial, L.P.'s 7.60% Notes
due July 15, 2028 (incorporated by reference to Exhibit 4.1 of
the Form 8-K of First Industrial, L.P. dated July 15, 1998,
File No. 333-21873)
4.15* 7.375% Note due 2011 in principal amount of $200 million issued
by First Industrial, L.P.
4.16* Supplemental Indenture No.6, dated as of March 19, 2001,
between First Industrial, L.P. and the U.S. Bank Trust National
Association, relating to First Industial, L.P.'s 7.375% Notes
due March 15, 2011
4.17* 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
21.1 Subsidiaries of the Registrant (incorporated by reference to
Exhibit 21.1 of the Company's Annual Report on Form 10-K for
the year ended December 31, 2000, File No. 1-13102)
23* Consent of PricewaterhouseCoopers LLP
* Filed herewith.
(b) REPORTS ON FORM 8-K AND FORM 8-K/A
None.
47
49
The Company has prepared supplemental financial and operating
information which is available without charge upon request to the Company.
Please direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
48
50
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST INDUSTRIAL, L.P.
BY: FIRST INDUSTRIAL REALTY TRUST, INC.
AS GENERAL PARTNER
Date: March 27, 2001 By: /s/ Michael W. Brennan
------------------------------------------
Michael W. Brennan
President, Chief Executive Officer and Director
(Principal Executive Officer)
Date: March 27, 2001 By: /s/ Michael J. Havala
------------------------------------------
Michael J. Havala
Chief Financial Officer
(Principal Financial and Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.
Signature Title Date
- --------- ----- ----
/s/ Jay H. Shidler Chairman of the Board of Directors March 27, 2001
- ---------------------------------------
Jay H. Shidler
/s/ Michael W. Brennan President, Chief Executive Officer March 27, 2001
- --------------------------------------- and Director
Michael W. Brennan
/s/ Michael G. Damone Director of Strategic Planning March 27, 2001
- --------------------------------------- and Director
Michael G. Damone
Director March 27, 2001
- ---------------------------------------
John L. Lesher
/s/ Kevin W. Lynch Director March 27, 2001
- ---------------------------------------
Kevin W. Lynch
/s/ John E. Rau Director March 27, 2001
- ---------------------------------------
John E. Rau
/s/ Robert J. Slater Director March 27, 2001
- ---------------------------------------
Robert J. Slater
/s/ W. Edwin Tyler Director March 27, 2001
- ---------------------------------------
W. Edwin Tyler
/s/ J. Steven Wilson Director March 27, 2001
- ---------------------------------------
J. Steven Wilson
49
51
EXHIBIT INDEX
Exhibit No. Description
3.1 Sixth Amended and Restated Limited Partnership Agreement of
First Industrial, L.P. dated March 18, 1998 (the "L.P.
Agreement")(incorporated by reference to Exhibit 10.1 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1997, File No. 1-13102)
3.2 First Amendment to the L.P. Agreement dated April 1, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.3 Second Amendment to the L.P. Agreement dated April 3, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.4 Third Amendment to the L.P. Agreement dated April 16, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of
the Company for the fiscal quarter ended March 31, 1998, File
No. 1-13102)
3.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 1998, File
No. 1-13102)
3.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 1998, File
No. 1-13102)
3.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998
(incorporated by reference to Exhibit 10.5 of the Form 10-Q of
the Company for the fiscal quarter ended September 30, 1998,
File No. 1-13102)
3.11 Tenth Amendment to the L.P. Agreement dated January 28, 2000
(incorporated by reference to Exhibit 10.11 of the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1999, File No. 1-13102)
3.12 Eleventh Amendment to the L.P. Agreement dated January 28, 2000
(incorporated by reference to Exhibit 10.12 of the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1999, File No. 1-13102)
3.13 Twelfth Amendment to the L.P. Agreement dated June 27, 2000
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 2000, File
No. 1-13102)
3.14 Thirteenth Amendment to the L.P. Agreement dated September 1,
2000 (incorporated by reference to Exhibit 10.1 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.15 Fourteenth Amendment to the L.P. Agreement dated October 13,
2000 (incorporated by reference to Exhibit 10.2 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
50
52
Exhibit No. Description
3.16 Fifteenth Amendment to the L.P. Agreement dated October 13,
2000 (incorporated by reference to Exhibit 10.3 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.17 Sixteenth Amendment to the L.P. Agreement dated October 27,
2000 (incorporated by reference to Exhibit 10.4 of the Form
10-Q of the Company for the fiscal quarter ended September 30,
2000, File No. 1-13102)
3.18 Seventeenth Amendment to the L.P. Agreement dated January 25,
2001(incorporated by reference to Exhibit 10.18 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2000, File No. 1-13102)
3.19 Eighteenth Amendment to the L.P. Agreement dated February 13,
2001(incorporated by reference to Exhibit 10.19 of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2000, 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 $150 million of 7.60% Notes due 2007 and
$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 6.90% Medium-Term Note due 2005 in principal amount of $50
million issued by First Industrial, L.P. (incorporated by
reference to Exhibit 4.17 of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.6 7.00% Medium-Term Note due 2006 in principal amount of $150
million issued by First Industrial, L.P. (incorporated by
reference to Exhibit 4.18 of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.7 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 Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1997, File No.
1-13102)
4.8 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)
4.9 Amended and Restated Unsecured Revolving Credit Agreement,
dated as of June 30, 2000 among First Industrial, L.P., First
Industrial Realty Trust, Inc. and Bank One, N.A., UBS AG,
Stamford Branch, Bank of America, N.A. and certain other banks
(incorporated by reference to Exhibit 10.1 of the Form 10-Q of
the Company for the fiscal quarter ended June 30, 2000, File
No. 1-13102)
51
53
Exhibit No. Description
4.10 Supplemental Indenture No. 4, dated as of March 26, 1998,
between First Industrial, L.P. and First Trust National Trust
Association, as Trustee, relating to 6.50% Dealer remarketable
securities due April 5, 2011 (incorporated by reference to
Exhibit 4.1 of Form 8-K of First Industrial, L.P. dated April
7, 1998, File No. 333-21873)
4.11 6.50% Dealer remarketable securities due April 5, 2011 in
principal amount of $100 million issued by First Industrial,
L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K
of First Industrial, L.P. dated April 7, 1998, File No.
333-21873)
4.12 Remarketing Agreement, dated March 31, 1998, between First
Industrial, L.P. and J.P. Morgan Securities Inc. (incorporated
by reference to Exhibit 1.2 of Form 8-K of First Industrial,
L.P. dated April 7, 1998, File No. 333-21873)
4.13 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 First Industrial, L.P dated July 15,
1998, File No. 333-21873)
4.14 Supplemental Indenture No.5, dated as of July 14, 1998, between
First Industrial, L.P. and the 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 First Industrial, L.P. dated July 15, 1998,
File No. 333-21873)
4.15* 7.375% Note due 2011 in principal amount of $200 million issued
by First Industrial, L.P.
4.16* Supplemental Indenture No.6, dated as of March 19, 2001,
between First Industrial, L.P. and the U.S. Bank Trust National
Association, relating to First Industrial, L.P.'s 7.375% Notes
due March 15, 2011
4.17* 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
21.1 Subsidiaries of the Registrant (incorporated by reference to
Exhibit 21.1 of the Company's Annual Report on Form 10-K for
the year ended December 31, 2000, File No. 1-13102)
23* Consent of PricewaterhouseCoopers LLP
* Filed herewith.
52
54
FIRST INDUSTRIAL, L.P.
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
PAGE
----
FINANCIAL STATEMENTS
Report of Independent Accountants....................................................... F-2
Consolidated Balance Sheets of First Industrial, L.P. as of December 31, 2000
and 1999................................................................................ F-3
Consolidated Statements of Operations of First Industrial, L.P. for the Years Ended
December 31, 2000, 1999 and 1998........................................................ F-4
Consolidated Statements of Changes in Partners' Capital of First Industrial, L.P. for
the Years Ended December 31, 2000, 1999 and 1998........................................ F-5
Consolidated Statements of Cash Flows of First Industrial, L.P. for the Years Ended
December 31, 2000, 1999 and 1998........................................................ F-6
Notes to Consolidated Financial Statements.............................................. F-7
FINANCIAL STATEMENT SCHEDULE
Report of Independent Accountants....................................................... S-1
Schedule III: Real Estate and Accumulated Depreciation................................ S-2
F-1
55
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of
First Industrial, L.P.
In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of operations, of changes in partners' capital and of
cash flows present fairly, in all material respects, the financial position of
First Industrial, L.P. (the "Operating Partnership") at December 31, 2000 and
1999, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Operating Partnership's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 9, 2001
F-2
56
FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
December 31, December 31,
2000 1999
----------- -----------
ASSETS
Assets:
Investment in Real Estate:
Land .................................................... $ 341,746 $ 311,149
Buildings and Improvements .............................. 1,643,540 1,776,217
Furniture, Fixtures and Equipment ....................... 1,353 1,353
Construction in Progress ................................ 33,913 42,715
Less: Accumulated Depreciation .......................... (182,480) (179,293)
----------- -----------
Net Investment in Real Estate ................... 1,838,072 1,952,141
Real Estate Held for Sale, Net of Accumulated Depreciation
and Amortization of $21,974 .............................. 190,379 --
Investments in and Advances to Other Real Estate
Partnerships ............................................. 381,231 380,774
Cash and Cash Equivalents .................................. 3,644 22
Restricted Cash ............................................ 23,027 927
Tenant Accounts Receivable, Net ............................ 8,857 8,986
Investments in Joint Ventures .............................. 6,158 6,408
Deferred Rent Receivable ................................... 10,887 13,777
Deferred Financing Costs, Net .............................. 10,543 9,905
Prepaid Expenses and Other Assets, Net ..................... 66,609 71,047
----------- -----------
Total Assets .................................... $ 2,539,407 $ 2,443,987
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage Loans Payable, Net ................................ $ 61,242 $ 63,059
Senior Unsecured Debt, Net ................................. 948,781 948,688
Acquisition Facility Payable ............................... 170,000 94,000
Accounts Payable and Accrued Expenses ...................... 94,448 75,397
Rents Received in Advance and Security Deposits ............ 17,593 19,329
Distributions Payable ...................................... 37,512 28,164
----------- -----------
Total Liabilities ............................... 1,329,576 1,228,637
----------- -----------
Commitments and Contingencies ................................. -- --
Partners' Capital:
General Partner Preferred Units ........................... 336,990 336,990
General Partner Units ..................................... 697,864 694,899
Unamortized Value of General Partnership Restricted Units (8,812) (4,087)
Limited Partners' Units ................................... 183,406 187,548
Amortization of Stock Based Compensation .................. 383 --
----------- -----------
Total Partners' Capital ....................... 1,209,831 1,215,350
----------- -----------
Total Liabilities and Partners' Capital ....... $ 2,539,407 $ 2,443,987
=========== ===========
The accompanying notes are an integral part of the financial statements.
F-3
57
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
------------ ------------ ------------
2000 1999 1998
------------ ------------ ------------
Revenues:
Rental Income ................................................ $ 253,799 $ 249,719 $ 237,167
Tenant Recoveries and Other Income ........................... 67,421 64,646 56,219
--------- --------- ---------
Total Revenues ..................................... 321,220 314,365 293,386
--------- --------- ---------
Expenses:
Real Estate Taxes ............................................ 51,320 49,590 48,768
Repairs and Maintenance ...................................... 16,256 14,992 13,841
Property Management .......................................... 11,730 9,013 11,541
Utilities .................................................... 7,849 7,602 7,667
Insurance .................................................... 1,195 690 794
Other ........................................................ 4,838 3,439 3,162
General and Administrative ................................... 16,971 12,961 12,919
Interest ..................................................... 80,885 76,799 68,862
Amortization of Deferred Financing Costs ..................... 1,683 1,295 851
Depreciation and Other Amortization .......................... 55,558 57,927 54,209
Valuation Provision on Real Estate Held for Sale ............. 2,169 -- --
Restructuring Charge ......................................... -- -- 6,858
--------- --------- ---------
Total Expenses .................................... 250,454 234,308 229,472
--------- --------- ---------
Income from Operations Before Equity in Income of Other Real
Estate Partnerships, Equity in Income of Joint Ventures and
Disposition of Interest Rate Protection Agreements ........ 70,766 80,057 63,914
Equity in Income of Other Real Estate Partnerships .............. 33,049 45,714 27,583
Equity in Income of Joint Ventures .............................. 571 302 45
Disposition of Interest Rate Protection Agreements .............. -- -- (8,475)
--------- --------- ---------
Income from Operations .......................................... 104,386 126,073 83,067
Gain on Sale of Real Estate ..................................... 25,430 11,904 2,931
--------- --------- ---------
Income Before Cumulative Effect of Change in Accounting
Principle ................................................. 129,816 137,977 85,998
Cumulative Effect of Change in Accounting Principle ............. -- -- (719)
--------- --------- ---------
Net Income ...................................................... 129,816 137,977 85,279
Less: Preferred Unit Distributions ............................. (28,924) (28,924) (26,691)
--------- --------- ---------
Net Income Available to Unitholders ............................ $ 100,892 $ 109,053 $ 58,588
========= ========= =========
Net Income Available to Unitholders Before Cumulative Effect
Of Change in Accounting Principle Per Weighted
Average Unit Outstanding:
Basic ............................................... $ 2.20 $ 2.41 $ 1.34
========= ========= =========
Diluted ............................................. $ 2.19 $ 2.40 $ 1.34
========= ========= =========
Net Income Available to Unitholders Per Weighted Average
Unit Outstanding:
Basic ............................................... $ 2.20 $ 2.41 $ 1.33
========= ========= =========
Diluted ............................................. $ 2.19 $ 2.40 $ 1.32
========= ========= =========
The accompanying notes are an integral part of the financial statements.
F-4
58
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(DOLLARS IN THOUSANDS)
Unamortized
Value of
General General Amortization
Partner General Partner Limited Of
Preferred Partner Restricted Partners Stock Based
Total Units Units Units Units Compensation
----------- --------- --------- ------------- --------- ------------
Balance at December 31, 1997 ...... $ 966,177 $ 144,290 $ 677,608 $(3,417) $ 147,696 $ --
Contributions ................. 279,208 192,700 37,095 -- 49,413 --
Issuance of General Partner
Restricted Units ........ -- -- 2,345 (2,345) -- --
Amortization of General Partner
Restricted Units ........ 2,450 -- -- 2,450 -- --
Distributions ................. (123,555) (26,691) (82,316) -- (14,548) --
Unit Conversions .............. -- -- 5,150 -- (5,150) --
Net Income .................... 85,279 26,691 50,041 -- 8,547 --
----------- --------- --------- ------- --------- ----
Balance at December 31, 1998 ...... 1,209,559 336,990 689,923 (3,312) 185,958 --
Contributions ................. 5,115 -- 840 -- 4,275 --
Issuance of General Partner
Restricted Units ....... -- -- 2,008 (2,008) -- --
Amortization of General Partner
Restricted Units ....... 1,233 -- -- 1,233 -- --
Distributions ................. (138,534) (28,924) (92,151) -- (17,459) --
Unit Conversions .............. -- -- 2,618 -- (2,618) --
Net Income .................... 137,977 28,924 91,661 -- 17,392 --
----------- --------- --------- ------- --------- ----
Balance at December 31, 1999 ...... 1,215,350 336,990 694,899 (4,087) 187,548 --
Contributions ................. 16,156 -- 12,769 -- 3,387 --
Issuance of General Partner
Restricted Units ........ -- -- 9,689 (9,689) -- --
Purchase of General Partnership
Units ................... (11,699) -- (11,699) -- -- --
Repurchase and Retirement of
Restricted Units ........ (466) -- (466) -- -- --
Amortization of Stock Based
Compensation ............ 383 -- -- -- -- 383
Amortization of General Partner
Restricted Units ........ 4,964 -- -- 4,964 -- --
Distributions ................. (144,673) (28,924) (97,531) -- (18,218) --
Unit Conversions .............. -- -- 5,706 -- (5,706) --
Net Income .................... 129,816 28,924 84,497 -- 16,395 --
----------- --------- --------- ------- --------- ----
Balance at December 31, 2000 ...... $ 1,209,831 $ 336,990 $ 697,864 $(8,812) $ 183,406 $383
=========== ========= ========= ======= ========= ====
The accompanying notes are an integral part of the financial statements.
F-5
59
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
Year Ended Year Ended Year Ended
December 31, 2000 December 31, 1999 December 31, 1998
----------------- ----------------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ........................................... $ 129,816 $ 137,977 $ 85,279
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation ..................................... 49,496 52,494 48,889
Amortization of Deferred Financing Costs ......... 1,683 1,295 851
Other Amortization ............................... 9,650 5,504 7,155
Valuation Provision on Real Estate Held for Sale . 2,169 -- --
Provision for Bad Debts .......................... 50 8 649
Equity in Income of Joint Ventures ............... (571) (302) (45)
Distributions from Joint Ventures ................ 571 302 --
Gain on Sale of Real Estate ...................... (25,430) (11,904) (2,931)
Equity in Income of Other Real Estate
Partnerships ................................ (33,049) (45,714) (27,583)
Distributions from Investment in Other Real
Estate Partnerships ......................... 33,049 45,714 27,583
Cumulative Effect of Change in Accounting
Principle ................................... -- -- 719
Increase in Tenant Accounts Receivable and
Prepaid Expenses and Other Assets, Net ...... (20,865) (7,948) (19,039)
Increase in Deferred Rent Receivable ............. (830) (3,510) (3,977)
Increase in Accounts Payable and Accrued
Expenses and Rents Received in Advance
and Security Deposits ....................... 6,150 9,617 30,352
--------- --------- ---------
Net Cash Provided by Operating Activities .. 151,889 183,533 147,902
--------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and Additions to Investment in Real
Estate ........................................... (460,884) (177,613) (491,650)
Net Proceeds from Sales of
Investment in Real Estate ................... 379,849 171,133 76,632
Investments in and Advances to Other Real
Estate Partnerships ......................... (102,695) (138,404) (115,471)
Distributions from Other Real Estate
Partnerships ................................ 102,238 136,317 3,081
Contributions to and Investments in Joint
Ventures .................................... (37) (2,522) (4,413)
Distributions from Joint Ventures ................ 287 572 --
Funding of Mortgage Loans Receivable ............. -- (12,467) --
Repayment of Mortgage Loans Receivable ........... 18,190 433 1,106
(Increase) Decrease in Restricted Cash ........... (22,100) 6,753 (7,680)
--------- --------- ---------
Net Cash Used in Investing Activities ....... (85,152) (15,798) (538,395)
--------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Unit Contributions, Net ........................... 12,478 532 35,685
Unit Distributions ................................ (113,632) (108,527) (91,796)
Purchase of General Partnership Units ............. (11,699) -- --
Repurchase of Restricted Units .................... (466) -- --
Preferred Contributions ........................... -- -- 192,700
Preferred Unit Distributions ...................... (21,693) (28,924) (26,691)
Repayments on Mortgage Loans Payable .............. (1,780) (2,967) (1,523)
Proceeds from Acquisition Facilities Payable ...... 290,200 156,600 531,000
Repayments on Acquisition Facilities Payable ...... (214,200) (197,400) (525,600)
Proceeds from Senior Unsecured Debt ............... -- -- 299,517
Other Proceeds from Senior Unsecured Debt ......... -- -- 2,760
Other Costs of Senior Unsecured Debt .............. -- -- (11,890)
Cost of Debt Issuance ............................. (2,323) (973) (4,718)
--------- --------- ---------
Net Cash (Used in) Provided by Financing
Activities ............................. (63,115) (181,659) 399,444
--------- --------- ---------
Net Increase (Decrease) in Cash and Cash
Equivalents ................................ 3,622 (13,924) 8,951
Cash and Cash Equivalents, Beginning of Period .... 22 13,946 4,995
--------- --------- ---------
Cash and Cash Equivalents, End of Period .......... $ 3,644 $ 22 $ 13,946
========= ========= =========
The accompanying notes are an integral part of the financial statements.
F-6
60
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
1. ORGANIZATION AND FORMATION OF PARTNERSHIP
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.3% ownership interest at December 31, 2000. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $350,000. The
Company is a real estate investment trust ("REIT") as defined in the Internal
Revenue Code. The Company's operations are conducted primarily through the
Operating Partnership. The limited partners of the Operating Partnership own, in
the aggregate, approximately a 15.7% interest in the Operating Partnership at
December 31, 2000.
The Operating Partnership is the sole member of several limited
liability companies (the "L.L.C.s") and the majority economic stockholder of FR
Development Services, Inc., and holds at least a 99% limited partnership
interest (subject in one case as described below to a preferred limited
partnership interest) in First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage
Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"),
First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV,
LTD. and First Industrial Development Services, L.P. (together, the "Other Real
Estate Partnerships"). The Operating Partnership, through separate wholly-owned
limited liability companies in which it is the sole member, also owns 10% equity
interests in and provides asset and property management services to, two joint
ventures which invest in industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company. The general partner of the Securities Partnership,
First Industrial Securities Corporation, also owns a preferred limited
partnership interest in the Securities Partnership which entitles it to receive
a fixed quarterly distribution, and results in it being allocated income in the
same amount, equal to the fixed quarterly dividend the Company pays on its 9.5%,
$.01 par value, Series A Cumulative Preferred Stock.
As of December 31, 2000, the Operating Partnership, the L.L.C.s and FR
Development Services, Inc. (hereinafter defined as the "Consolidated Operating
Partnership") owned 865 in-service industrial properties, containing an
aggregate of approximately 55.6 million square feet (unaudited) of gross
leasable area ("GLA"). On a combined basis, as of December 31, 2000, the Other
Real Estate Partnerships owned 104 in-service industrial properties, containing
an aggregate of approximately 12.6 million square feet (unaudited) of GLA. Of
the 104 industrial properties owned by the Other Real Estate Partnerships at
December 31, 2000, 22 are held by the Mortgage Partnership, 24 are held by the
Pennsylvania Partnership, 22 are held by the Securities Partnership, 22 are held
by the Financing Partnership, six are held by the Harrisburg Partnership, six
are held by the Indianapolis Partnership, one is held by First Industrial
Development Services, L.P. and one is held by TK-SV, LTD.
Profits, losses and distributions of the Operating Partnership, the
L.L.C.s and Other Real Estate Partnerships are allocated to the general partner
and the limited partners, or the members, as applicable, in accordance with the
provisions contained within the partnership agreements or ownership agreements,
as applicable, of the Operating Partnership, the L.L.C.s and the Other Real
Estate Partnerships.
F-7
61
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
2. BASIS OF PRESENTATION
The consolidated financial statements of the Consolidated Operating
Partnership at December 31, 2000 and 1999 and for each of the three years ended
December 31, 2000 include the accounts and operating results of the Operating
Partnership, the L.L.C.s and FR Development Services, Inc. on a consolidated
basis. Such financial statements present the Operating Partnership's limited
partnership interests in each of the Other Real Estate Partnerships and the
Operating Partnership's 10% equity interests in the September 1998 Joint Venture
(hereinafter defined) and the September 1999 Joint Venture (hereinafter defined)
under the equity method of accounting. The minority ownership interest in FR
Development Services, Inc. is not reflected in the consolidated financial
statements due to its immateriality.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In order to conform with generally accepted accounting principles,
management, in preparation of the Consolidated Operating Partnership's financial
statements, is required to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities as of December 31, 2000 and 1999, and the reported amounts of
revenues and expenses for the years ended December 31, 2000, 1999 and 1998.
Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include all cash and liquid investments with
an initial maturity of three months or less. The carrying amount approximates
fair value due to the short maturity of these investments.
Investment in Real Estate and Depreciation
Purchase accounting has been applied when ownership interests in
properties were acquired for cash. The historical cost basis of properties has
been carried over when certain ownership interests were exchanged for limited
partnership units in the Operating Partnership on July 1, 1994 and purchase
accounting has been used for all other properties that were subsequently
exchanged for limited partnership units in the Operating Partnership.
Real estate assets are carried at cost. The Consolidated Operating
Partnership reviews its properties on a quarterly basis for impairment and
provides a provision if impairments are determined. First, to determine if
impairment may exist, the Consolidated Operating Partnership reviews its
properties and identifies those which have had either an event of change or
event of circumstances warranting further assessment of recoverability. Then,
the Consolidated Operating Partnership estimates the fair value of those
properties on an individual basis by capitalizing the expected net operating
income. Such amounts are then compared to the property's depreciated cost to
determine whether an impairment exists. For properties management considers held
for sale, the Consolidated Operating Partnership ceases depreciating the
properties and values the properties at the lower of depreciated cost or fair
value.
Interest expense, real estate taxes and other directly related expenses
incurred during construction periods are capitalized and depreciated commencing
with the date placed in service, on the same basis as the related assets.
Depreciation expense is computed using the straight-line method based on the
following useful lives:
Years
-----
Buildings and Improvements .................... 31.5 to 40
Land Improvements ............................. 15
Furniture, Fixtures and Equipment ............. 5 to 10
Construction expenditures for tenant improvements, leasehold
improvements and leasing commissions are capitalized and amortized over the
terms of each specific lease. Repairs and maintenance are charged to expense
when incurred. Expenditures for improvements are capitalized.
F-8
62
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain
long-term financing. These fees and costs are being amortized over the terms of
the respective loans. Accumulated amortization of deferred financing costs was
$4,042 and $2,359 at December 31, 2000 and 1999, respectively. Unamortized
deferred financing costs are written-off when debt is retired before the
maturity date.
Investment in and Advances to Other Real Estate Partnerships
Investment in Other Real Estate Partnerships represents the
Consolidated Operating Partnership's limited partnership interests in and
advances to, through the Operating Partnership, the Other Real Estate
Partnerships. The Operating Partnership accounts for its Investment in Other
Real Estate Partnerships under the equity method of accounting. Under the equity
method of accounting, the Operating Partnership's share of earnings or losses of
the Other Real Estate Partnerships is reflected in income as earned and
contributions or distributions increase or decrease, respectively, the Operating
Partnership's Investment in Other Real Estate Partnerships as paid or received,
respectively.
Investments in Joint Ventures
Investments in Joint Ventures represents the Operating Partnership's
10% equity interests in the September 1998 Joint Venture (hereinafter defined)
and the September 1999 Joint Venture (hereinafter defined). The Consolidated
Operating Partnership, through the Operating Partnership, accounts for its
Investments in Joint Ventures under the equity method of accounting. Under the
equity method of accounting, the Consolidated Operating Partnership's share of
earnings or losses of the September 1998 Joint Venture (hereinafter defined) and
the September 1999 Joint Venture (hereinafter defined) is reflected in income as
earned and contributions or distributions increase or decrease, respectively,
the Consolidated Operating Partnership's Investments in Joint Ventures as paid
or received, respectively.
Revenue Recognition
Rental income is recognized on a straight-line method under which
contractual rent increases are recognized evenly over the lease term. Tenant
recovery income includes payments from tenants for taxes, insurance and other
property operating expenses and is recognized as revenue in the same period the
related expenses are incurred by the Consolidated Operating Partnership.
The Consolidated Operating Partnership provides an allowance for
doubtful accounts against the portion of tenant accounts receivable which is
estimated to be uncollectible. Accounts receivable in the consolidated balance
sheets are shown net of an allowance for doubtful accounts of $1,707 and $1,657
as of December 31, 2000 and 1999, respectively.
Gain on Sale of Real Estate
Gain on sale of real estate is recognized using the full accrual
method. Gains relating to transactions which do not meet the full accrual method
of accounting are deferred and recognized when the full accrual method of
accounting criteria are met or by using the installment or deposit methods of
profit recognition, as appropriate in the circumstances. As the assets are sold,
their costs and related accumulated depreciation are removed from the accounts
with resulting gains or losses reflected in net income or loss. Estimated future
costs to be incurred by the Consolidated Operating Partnership after completion
of each sale are included in the determination of the gains on sales.
F-9
63
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Income Taxes
In accordance with partnership taxation, each of the partners are
responsible for reporting their shares of taxable income or loss. The
Consolidated Operating Partnership is subject to certain state and local income,
excise and franchise taxes. The provision for such state and local taxes has
been reflected in general and administrative expense in the statement of
operations and has not been separately stated due to its insignificance.
Earnings Per Unit ("EPU")
Net income per weighted average general partnership and limited
partnership unit (the "Units") - basic is based on the weighted average Units
outstanding. Net income per weighted average Unit - diluted is based on the
weighted average Units outstanding plus the effect of the Company's in-the-money
employee stock options that result in the issuance of general partnership units.
See Note 13 for further disclosures.
Fair Value of Financial Instruments
The Consolidated Operating Partnership's financial instruments include
short-term investments, tenant accounts receivable, net, mortgage notes
receivable, accounts payable, other accrued expenses, mortgage loans payable,
acquisition facility payable, senior unsecured debt and certain put and call
options issued in conjunction with two offerings of unsecured debt.
The fair values of the short-term investments, tenant accounts
receivable, net, mortgage notes receivable, accounts payable and other accrued
expenses were not materially different from their carrying or contract values
due to the short-term nature of these financial instruments. See Note 6 for the
fair values of the mortgage loans payable, acquisition facility payable, senior
unsecured debt and certain put and call options issued in conjunction with two
initial offerings of unsecured debt.
Derivative Financial Instruments
Historically, the Consolidated Operating Partnership, through the
Operating Partnership, has used interest rate protection agreements (the
"Agreements") to fix the interest rate on anticipated offerings of senior
unsecured debt, limit the interest rate on existing debt or convert floating
rate debt to fixed rate debt. Receipts or payments that result from the
settlement of Agreements used to fix the interest rate on anticipated offerings
of senior unsecured debt are amortized over the life of the senior unsecured
debt. Receipts or payments resulting from the Agreements that were used to limit
the interest rate on existing debt are recognized as a component of interest
expense. The cost basis of this type of instrument is amortized over the life of
the instrument and is recognized in net income as well. Receipts or payments
resulting from Agreements used to convert floating rate debt to fixed rate debt
are recognized as a component of interest expense. Any Agreements which no
longer qualify for hedge accounting are marked to market and any gain or loss is
recognized in net income immediately. The credit risks associated with the
Agreements are controlled through the evaluation and monitoring of the
creditworthiness of the counterparty. In the event that the counterparty fails
to meet the terms of the Agreements, the Consolidated Operating Partnership's
exposure is limited to the current value of the interest rate differential, not
the notional amount, and the Consolidated Operating Partnership's carrying value
of the Agreements on the balance sheet.
Segment Reporting
Management views the Consolidated Operating Partnership as a single
segment.
F-10
64
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Recent Accounting Pronouncements
The Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards No. 133 "Accounting for Derivative Instruments
and Hedging Activities" ("FAS 133") on June 1, 1998. Statement of Financial
Accounting Standards No.138 "Accounting for Derivative Instruments and Hedging
Activities - An Amendment of FAS Statement 133" was issued in June 2000. FAS
133, as amended, is effective for fiscal years beginning after June 15, 2000 as
provided by Statement of Financial Accounting Standards No. 137 issued in July
1999. FAS 133, as amended, requires fair value accounting for all derivatives
including recognizing all such instruments on the balance sheet with an
offsetting amount recorded in the income statement or as part of comprehensive
income. FAS 133, as amended, becomes effective for the Consolidated Operating
Partnership for the year ending December 31, 2001. FAS 133 did not have an
impact on the Consolidated Operating Partnership's consolidated financial
position, consolidated results of operations or consolidated cash flows.
In March 2000, the FASB issued Statement of Accounting Standards
Interpretation 44, Accounting for Certain Transactions Involving Stock
Compensation ("Interpretation 44"). Interpretation 44 is generally effective for
new stock option grants beginning July 1, 2000. However, the interpretive
definition of an employee and certain effective repricing provisions apply to
new awards granted after December 15, 1998. Further, the FASB determined that
any modifications to current accounting as a result of this guidance are to be
recorded prospectively, effective as of July 1, 2000. The Consolidated Operating
Partnership has applied the accounting mandated by Interpretation 44 as of July
1, 2000 and there has not been a material impact on the Consolidated Operating
Partnership's consolidated financial position, consolidated results of
operations or consolidated cash flows.
The REIT Modernization Act, which was passed in 1999 and will take
effect on January 1, 2001, modifies certain provisions of the Internal Revenue
Code of 1986, as amended, with respect to the taxation of REITs. Two key
provisions of this tax law change will impact future Consolidated Operating
Partnership operations: the availability of a taxable REIT subsidiary which may
be wholly-owned directly by a REIT and a reduction in the required level of
distributions by a REIT to 90% of ordinary taxable income. The Consolidated
Operating Partnership converted its preferred stock subsidiary to a wholly -
owned taxable REIT subsidiary in January 2001.
In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which provides
guidance on the recognition, presentation and disclosure of revenue in financial
statements. SAB 101 was required to be implemented in the fourth fiscal quarter
of 2000. The adoption of SAB 101 did not have an effect on the Consolidated
Operating Partnership's results of operations or its financial position as the
Consolidated Operating Partnership's revenue recognition practices were
compliant with the pronouncement.
4. INVESTMENTS IN AND ADVANCES TO OTHER REAL ESTATE PARTNERSHIPS
The investments in and advances to Other Real Estate Partnerships
reflects the Operating Partnership's limited partnership equity interests in the
entities referred to in Note 1 to these financial statements.
Summarized condensed financial information as derived from the
financial statements of the Other Real Estate Partnerships is presented below:
F-11
65
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
4. INVESTMENTS IN OTHER REAL ESTATE PARTNERSHIPS, CONTINUED
Condensed Combined Balance Sheets:
Year Ended
-----------------------------
December 31, December 31,
2000 1999
------------ ------------
ASSETS
Assets:
Investment in Real Estate, Net ................. $383,021 $433,970
Real Estate Held for Sale, Net ................. 46,043 --
Other Assets, Net .............................. 40,218 38,491
-------- --------
Total Assets ........................... $469,282 $472,461
======== ========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage Loans Payable ........................ $ 41,333 $ 41,891
Other Liabilities .............................. 40,714 35,620
-------- --------
Total Liabilities ..................... 82,047 77,511
-------- --------
Partners' Capital .............................. 387,235 394,950
-------- --------
Total Liabilities and Partners' Capital $469,282 $472,461
======== ========
Condensed Combined Statements of Operations:
Year Ended
-------------------------------------------------
December 31, December 31, December 31,
2000 1999 1998
------------ ------------ ------------
Total Revenues .................................... $ 64,431 $ 59,677 $ 56,221
Property Expenses ................................. (15,784) (13,685) (13,005)
General and Administrative ........................ -- (167) --
Interest Expense .................................. (3,040) (3,070) (2,971)
Amortization of Deferred Financing Costs .......... (67) (67) (65)
Depreciation and Other Amortization ............... (11,431) (10,485) (9,597)
Valuation Provision on Real Estate Held for Sale .. (731) -- --
Abandoned Pursuit Costs Charge .................... -- -- (360)
Gain on Sales of Real Estate ...................... 3,866 17,893 2,417
Cumulative Effect of Change in Accounting Principle -- -- (858)
-------- -------- --------
Net Income ........................................ $ 37,244 $ 50,096 $ 31,782
======== ======== ========
On January 2, 1998, the Financing Partnership distributed 173
industrial properties with a net book value of approximately $387,647 to the
Operating Partnership.
During 1999, the Operating Partnership contributed four industrial
properties to the Securities Partnership. The four properties contributed by the
Operating Partnership to the Securities Partnership had an aggregate net book
value of approximately $10,387.
F-12
66
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
5. INVESTMENTS IN JOINT VENTURES
On September 28, 1998, the Consolidated Operating Partnership, through
a wholly-owned limited liability company in which the Operating Partnership is
its sole member, entered into a joint venture arrangement (the "September 1998
Joint Venture") with an institutional investor to invest in industrial
properties. The Consolidated Operating Partnership, through wholly-owned limited
liability companies in which the Operating Partnership is the sole member, owns
a 10% equity interest in the September 1998 Joint Venture and provides property
and asset management services to the September 1998 Joint Venture. On or after
October 2000, under certain circumstances, the Operating Partnership has the
option of purchasing all of the properties owned by the September 1998 Joint
Venture at a price to be determined in the future. The Consolidated Operating
Partnership has not exercised this option. The Consolidated Operating
Partnership received approximately $2,199 and $2,315 (net of the intercompany
elimination) in acquisition, asset management and property management fees in
2000 and 1999 respectively, from the September 1998 Joint Venture. For the year
ended December 31, 2000, the Operating Partnership, through a wholly-owned
limited liability company of which it is the sole member, invested approximately
$4 and received distributions of approximately $796 from the September 1998
Joint Venture. For the year ended December 31, 1999, the Operating Partnership,
through a wholly-owned limited liability company of which it is the sole member,
invested approximately $767 and received distributions of approximately $874
from the September 1998 Joint Venture. The Consolidated Operating Partnership
accounts for the September 1998 Joint Venture under the equity method of
accounting. As of December 31, 2000, the September 1998 Joint Venture owned 138
industrial properties comprising approximately 7.1 million square feet
(unaudited) of GLA.
On September 2, 1999, the Consolidated Operating Partnership, through a
wholly-owned limited liability company in which the Operating Partnership is its
sole member, entered into another joint venture arrangement (the "September 1999
Joint Venture") with an institutional investor to invest in industrial
properties. The Consolidated Operating Partnership, through wholly-owned limited
liability companies in which the Operating Partnership is the sole member, owns
a 10% equity interest in the September 1999 Joint Venture and provides property
and asset management services to the September 1999 Joint Venture. On or after
September 2001, under certain circumstances, the Consolidated Operating
Partnership has the option of purchasing all the properties owned by the
September 1999 Joint Venture at a price to be determined in the future. The
Consolidated Operating Partnership received approximately $557 and $993 (net of
the intercompany elimination) in acquisition, asset management and property
management fees in 2000 and 1999 respectively, from the September 1999 Joint
Venture. For the year ended December 31, 2000, the Operating Partnership,
through a wholly-owned limited liability company in which it is the sole member,
also invested approximately $33 and received distributions of approximately $62
from the September 1999 Joint Venture. For the year ended December 31, 1999, the
Operating Partnership, through a wholly-owned limited liability company in which
it is the sole member, also invested approximately $1,755 in the September 1999
Joint Venture. The Consolidated Operating Partnership accounts for the September
1999 Joint Venture under the equity method of accounting. As of December 31,
2000, the September 1999 Joint Venture owned 39 industrial properties comprising
approximately 1.2 million square feet (unaudited) of GLA.
F-13
67
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE
Mortgage Loans Payable, Net
On March 20, 1996, the Consolidated Operating Partnership, through the
Operating Partnership, entered into a $36,750 mortgage loan (the "CIGNA Loan")
that is collateralized by seven properties in Indianapolis, Indiana and three
properties in Cincinnati, Ohio. The CIGNA Loan bears interest at a fixed
interest rate of 7.50% and provides for monthly principal and interest payments
based on a 25-year amortization schedule. The CIGNA Loan matures on April 1,
2003. The CIGNA Loan may be prepaid only after April 1999 in exchange for the
greater of a 1% prepayment fee or a yield maintenance premium.
On March 20, 1996, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a $6,424 mortgage loan and a $2,993 mortgage loan
(together, the "Assumed Loans") that are collateralized by 13 properties in
Indianapolis, Indiana and one property in Indianapolis, Indiana, respectively.
The Assumed Loans bear interest at a fixed rate of 9.25% and provide for monthly
principal and interest payments based on a 16.75-year amortization schedule. The
Assumed Loans mature on January 1, 2013. The Assumed Loans may be prepaid only
after December 1999 in exchange for the greater of a 1% prepayment fee or a
yield maintenance premium.
On January 31, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the amount of $705 (the
"LB Mortgage Loan II"). The LB Mortgage Loan II, which is collateralized by a
property located in Long Island, New York, is interest free until February,
1998, at which time the LB Mortgage Loan II bears interest at 8.00% and provides
for interest only payments prior to maturity. The LB Mortgage Loan II matures
180 days after the completion of a contingent event relating to the
environmental status of the property collateralizing the loan.
On October 23, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the amount of $4,153 (the
"Acquisition Mortgage Loan I"). The Acquisition Mortgage Loan I is
collateralized by a property in Bensenville, Illinois, bears interest at a fixed
rate of 8.50% and provides for monthly principal and interest payments based on
a 15-year amortization schedule. The Acquisition Mortgage Loan I matures on
August 1, 2008. The Acquisition Mortgage Loan I may be prepaid after July 1998
in exchange for a prepayment fee.
On December 9, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the amount of $7,997 (the
"Acquisition Mortgage Loan II"). The Acquisition Mortgage Loan II is
collateralized by ten properties in St. Charles, Louisiana, bears interest at a
fixed rate of 7.75% and provides for monthly principal and interest payments
based on a 22-year amortization schedule. The Acquisition Mortgage Loan II
matures on April 1, 2006. The Acquisition Mortgage Loan II may be prepaid only
after April 1999 in exchange for the greater of a 1% prepayment fee or a yield
maintenance premium.
On December 23, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the amount of $3,598 (the
"Acquisition Mortgage Loan III"). The Acquisition Mortgage Loan III is
collateralized by two properties in Houston, Texas, bears interest at a fixed
interest rate of 8.875% and provides for monthly principal and interest payments
based on a 20-year amortization schedule. The Acquisition Mortgage Loan III
matures on June 1, 2003. The Acquisition Mortgage Loan III may be prepaid only
after June 1998 in exchange for the greater of a 2% prepayment fee or a yield
maintenance premium.
F-14
68
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE, CONTINUED
On April 16, 1998, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of $2,525
(the "Acquisition Mortgage Loan IV"). The Acquisition Mortgage Loan IV is
collateralized by one property in Baltimore, Maryland, bears interest at a fixed
rate of 8.95% and provides for monthly principal and interest payments based on
a 20-year amortization schedule. The Acquisition Mortgage Loan IV matures on
October 1, 2006. The Acquisition Mortgage Loan IV may be prepaid only after
October 2001 in exchange for the greater of a 1% prepayment fee or a yield
maintenance premium.
On August 31, 1998, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of $965
(the "Acquisition Mortgage Loan VI"). The Acquisition Mortgage Loan VI is
collateralized by one property in Portland, Oregon, bears interest at a fixed
rate of 8.875% and provides for monthly principal and interest payments based on
a 20-year amortization schedule. The Acquisition Mortgage Loan VI matures on
November 1, 2006. The Acquisition Mortgage Loan VI may be prepaid only after
September 2001 in exchange for a 3% prepayment fee.
On August 31, 1998, the Consolidated Operating Partnership, through the
Operating Partnership, assumed a mortgage loan in the principal amount of $1,367
(the "Acquisition Mortgage Loan VII"). The Acquisition Mortgage Loan VII is
collateralized by one property in Milwaukee, Oregon, bears interest at a fixed
rate of 9.75% and provides for monthly principal and interest payments based on
a 25-year amortization schedule. The Acquisition Mortgage Loan VII matures on
March 15, 2002. The Acquisition Mortgage Loan VII may be prepaid only after
December 2001.
On November 5, 1998, the Consolidated Operating Partnership, through
the Operating Partnership, assumed a mortgage loan in the principal amount of
$1,348 (the "Acquisition Mortgage Loan VIII"). The Acquisition Mortgage Loan
VIII was collateralized by three properties in Richland Hills, Texas, bore
interest at a fixed rate of 8.45% and provided for monthly principal and
interest payments based on a 143-month amortization schedule. On August 2, 1999,
the Consolidated Operating Partnership paid off and retired the Acquisition
Mortgage Loan VIII.
Senior Unsecured Debt, Net
On May 13, 1997, the Consolidated Operating Partnership, through the
Operating Partnership, issued $150,000 of senior unsecured debt which matures on
May 15, 2007 and bears a coupon interest rate of 7.60% (the "2007 Notes"). The
issue price of the 2007 Notes was 99.965%. Interest is paid semi-annually in
arrears on May 15 and November 15. The Consolidated Operating Partnership,
through the Operating Partnership, also entered into an interest rate protection
agreement which was used to fix the interest rate on the 2007 Notes prior to
issuance. The debt issue discount and the settlement amount of the interest rate
protection agreement are being amortized over the life of the 2007 Notes as an
adjustment to the interest expense. The 2007 Notes contain certain covenants
including limitation on incurrence of debt and debt service coverage.
On May 13, 1997, the Consolidated Operating Partnership, through the
Operating Partnership, issued $100,000 of senior unsecured debt which matures on
May 15, 2027, and bears a coupon interest rate of 7.15% (the "2027 Notes"). The
issue price of the 2027 Notes was 99.854%. The 2027 Notes are redeemable, at the
option of the holders thereof, on May 15, 2002. Interest is paid semi-annually
in arrears on May 15 and November 15. The Consolidated Operating Partnership,
through the Operating Partnership, also entered into an interest rate protection
agreement which was used to fix the interest rate on the 2027 Notes prior to
issuance. The debt issue discount and the settlement amount of the interest rate
protection agreement are being amortized over the life of the 2027 Notes as an
adjustment to interest expense. The 2027 Notes contain certain covenants
including limitation on incurrence of debt and debt service coverage.
F-15
69
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE, CONTINUED
On May 22, 1997, the Consolidated Operating Partnership, through the
Operating Partnership, issued $100,000 of senior unsecured debt which matures on
May 15, 2011 and bears a coupon interest rate of 7.375% (the "2011 Notes"). The
issue price of the 2011 Notes was 99.348%. Interest is paid semi-annually in
arrears on May 15 and November 15. The 2011 Notes are redeemable, at the option
of the holder thereof, on May 15, 2004 (the "Put Option"). The Consolidated
Operating Partnership received approximately $1,781 of proceeds from the holder
of the 2011 Notes as consideration for the Put Option. The Consolidated
Operating Partnership amortizes the Put Option amount over the life of the Put
Option as an adjustment to interest expense. The Consolidated Operating
Partnership, through the Operating Partnership, also entered into an interest
rate protection agreement which was used to fix the interest rate on the 2011
Notes prior to issuance. The debt issue discount and the settlement amount of
the interest rate protection agreement are being amortized over the life of the
2011 Notes as an adjustment to interest expense. The 2011 Notes contain certain
covenants including limitation on incurrence of debt and debt service coverage.
On November 20, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, issued $50,000 of senior unsecured debt which matures
on November 21, 2005 and bears a coupon interest rate of 6.90% (the "2005
Notes"). The issue price of the 2005 Notes was 100%. Interest is paid
semi-annually in arrears on May 21 and November 21. The 2005 Notes contain
certain covenants including limitation on incurrence of debt and debt service
coverage.
On December 8, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, issued $150,000 of senior unsecured debt which
matures on December 1, 2006 and bears a coupon interest rate of 7.00% (the "2006
Notes"). The issue price of the 2006 Notes was 100%. Interest is paid
semi-annually in arrears on June 1 and December 1. The Consolidated Operating
Partnership, through the Operating Partnership, also entered into an interest
rate protection agreement which was used to fix the interest rate on the 2006
Notes prior to issuance. The settlement amount of the interest rate protection
agreement is being amortized over the life of the 2006 Notes as an adjustment to
interest expense. The 2006 Notes contain certain covenants including limitation
on incurrence of debt and debt service coverage.
On December 8, 1997, the Consolidated Operating Partnership, through
the Operating Partnership, issued $100,000 of senior unsecured debt which
matures on December 1, 2017 and bears a coupon interest rate of 7.50% (the "2017
Notes"). The issue price of the 2017 Notes was 99.808%. Interest is paid
semi-annually in arrears on June 1 and December 1. The Consolidated Operating
Partnership is amortizing the debt issue discount over the life of the 2017
Notes as an adjustment to interest expense. The 2017 Notes may be redeemed at
any time at the option of the Consolidated Operating Partnership, in whole or in
part, at a redemption price equal to the sum of the principal amount of the 2017
Notes being redeemed plus accrued interest thereon to the redemption date and
any make-whole amount, as defined in the Prospectus Supplement Relating to the
2017 Notes. The 2017 Notes contain certain covenants including limitation on
incurrence of debt and debt service coverage.
On March 31, 1998, the Consolidated Operating Partnership, through the
Operating Partnership, issued $100,000 of Dealer remarketable securities which
mature on April 5, 2011 and bear a coupon interest rate of 6.50% (the "2011
Drs."). The issue price of the 2011 Drs. was 99.753%. Interest is paid
semi-annually in arrears on April 5 and October 5. The 2011 Drs. are callable
(the "Call Option"), at the option of J.P. Morgan Securities, Inc., as
Remarketing Dealer (the "Remarketing Dealer"), on April 5, 2001 (the
"Remarketing Date"). The Consolidated Operating Partnership received
approximately $2,760 of proceeds from the Remarketing Dealer as consideration
for the Call Option. The Consolidated Operating Partnership is amortizing the
proceeds over the life of the Call Option as an adjustment to interest expense.
If the holder of the Call Option calls the 2011 Drs. and elects to remarket the
2011 Drs., then after the Remarketing Date, the interest rate on the 2011 Drs.
will be reset at a fixed rate until April 5, 2011 based upon a predetermined
formula as disclosed in the related Prospectus Supplement. If the Remarketing
Dealer elects not to remarket the 2011 Drs., then the Consolidated Operating
Partnership will be required to repurchase, on the Remarketing Date, any 2011
Drs. that have not been purchased by the Remarketing Dealer at 100% of the
principal amount thereof, plus accrued and unpaid interest, if any. The
Consolidated Operating Partnership also settled an interest rate protection
agreement, in the notional amount of $100,000, which
F-16
70
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE, CONTINUED
was used to fix the interest rate on the 2011 Drs. prior to issuance. The debt
issue discount and the settlement amount of the interest rate protection
agreement are being amortized over the life of the 2011 Drs. as an adjustment to
interest expense. The 2011 Drs. contain certain covenants including limitations
on incurrence of debt and debt service coverage.
On July 14, 1998, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200,000 of senior unsecured debt which matures on
July 15, 2028 and bears a coupon interest rate of 7.60% (the "2028 Notes"). The
issue price of the 2028 Notes was 99.882%. Interest is paid semi-annually in
arrears on January 15 and July 15. The Consolidated Operating Partnership,
through the Operating Partnership, also settled interest rate protection
agreements, in the notional amount of $150,000, which were used to fix the
interest rate on the 2028 Notes prior to issuance. The debt issue discount and
the settlement amount of the interest rate protection agreements are being
amortized over the life of the 2028 Notes as an adjustment to the interest
expense. The 2028 Notes contain certain covenants including limitation on
incurrence of debt and debt service coverage. Approximately $50,000 of the 2028
Notes was purchased, through a broker/dealer, by an entity in which a Director
of the Company owns greater than a ten percent interest.
Acquisition Facilities
In December 1997, the Operating Partnership terminated its $200,000
unsecured revolving credit facility and entered into a $300,000 unsecured
revolving credit facility (the "1997 Unsecured Acquisition Facility") which bore
interest at LIBOR plus .80% or a "Corporate Base Rate", at the Operating
Partnership's election, and provided for interest only payments until maturity.
In June 2000, the Operating Partnership amended the 1997 Unsecured Acquisition
Facility which extended the maturity date to June 30, 2003 and includes the
right, subject to certain conditions, to increase the aggregate commitment up to
$400,000 (the "2000 Unsecured Acquisition Facility"). The Operating Partnership
may borrow under the 2000 Unsecured Acquisition Facility to finance the
acquisition and development of additional properties and for other corporate
purposes, including to obtain additional working capital. The 2000 Unsecured
Acquisition Facility contains certain financial covenants relating to debt
service coverage, market value net worth, dividend payout ratio and total funded
indebtedness.
F-17
71
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE, CONTINUED
The following table discloses certain information regarding the
Consolidated Operating Partnership's mortgage loans, senior unsecured debt and
acquisition facility payable:
OUTSTANDING BALANCE AT ACCRUED INTEREST PAYABLE AT INTEREST RATE AT
----------------------------- --------------------------- ----------------
DECEMBER 31, DECEMBER 31, December 31, December 31, December 31, Maturity
2000 1999 2000 1999 2000 Date
------------ ------------ ------------ ------------ ------------ --------
MORTGAGE LOANS PAYABLE, NET
CIGNA Loan ..................... $ 33,952 $ 34,636 $ 212 $ 216 7.500% 4/01/03
Assumed Loans .................. 7,995 8,343 --- --- 9.250% 1/01/13
LB Mortgage Loan II ............ 705 705 5 --- 8.000% (1)
Acquisition Mortgage Loan I .... 3,294 3,591 --- --- 8.500% 8/01/08
Acquisition Mortgage Loan II ... 7,432 7,630 --- --- 7.750% 4/01/06
Acquisition Mortgage Loan III .. 3,214 3,350 --- --- 8.875% 6/01/03
Acquisition Mortgage Loan IV ... 2,364 2,423 17 --- 8.950% 10/01/06
Acquisition Mortgage Loan VI ... 957 (2) 991 (2) --- --- 8.875% 11/01/06
Acquisition Mortgage Loan VII .. 1,329 (2) 1,390 (2) --- --- 9.750% 3/15/02
--------- ---------- --------- ---------
Total .......................... $ 61,242 $ 63,059 $ 234 $ 216
======== ========= ======= =======
SENIOR UNSECURED DEBT, NET
2005 Notes ..................... $ 50,000 $ 50,000 $383 $383 6.900% 11/21/05
2006 Notes ..................... 150,000 150,000 875 875 7.000% 12/01/06
2007 Notes ..................... 149,966 (3) 149,961 (3) 1,457 1,457 7.600% 5/15/07
2011 Notes ..................... 99,517 (3) 99,470 (3) 942 942 7.375% 5/15/11 (4)
2017 Notes ..................... 99,838 (3) 99,828 (3) 625 625 7.500% 12/01/17
2027 Notes ..................... 99,872 (3) 99,867 (3) 914 914 7.150% 5/15/27 (5)
2028 Notes ..................... 199,783 (3) 199,776 (3) 7,009 7,009 7.600% 7/15/28
2011 Drs ....................... 99,805 (3) 99,786 (3) 1,553 1,553 6.500% (7) 4/05/11 (6)
--------- ---------- --------- ---------
Total .......................... $948,781 $948,688 $13,758 $13,758
======== ========= ======= =======
ACQUISITION FACILITY PAYABLE
1997 Unsecured Acquisition
Facility .................... $ -- $ 94,000 $ -- $ 663 (8) (8)
======== ========= ======= =======
2000 Unsecured Acquisition
Facility .................... $170,000 $ -- $ 1,359 $ -- 7.26% 6/30/03
======== ========= ======= =======
(1) The maturity date of the LB Mortgage Loan II is based on a contingent
event relating to the environmental status of the property
collateralizing the loan.
(2) At December 31, 2000, the Acquisition Mortgage Loan VI and the
Acquisition Mortgage Loan VII are net of unamortized premiums of $49
and $35, respectively. At December 31, 1999, the Acquisition Mortgage
Loan VI and the Acquisition Mortgage Loan VII are net of unamortized
premiums of $57 and $64, respectively.
(3) At December 31, 2000, the 2007 Notes, 2011 Notes, 2017 Notes, 2027
Notes, 2028 Notes and the 2011 Drs. are net of unamortized discounts of
$33, $483, $162, $128, $217 and $195, respectively. At December 31,
1999, the 2007 Notes, 2011 Notes, 2017 Notes, 2027 Notes, 2028 Notes
and the 2011 Drs. are net of unamortized discounts of $39, $530, $172,
$133, $224 and $214, respectively.
(4) The 2011 Notes are redeemable at the option of the holder thereof, on
May 15, 2004.
(5) The 2027 Notes are redeemable at the option of the holders thereof, on
May 15, 2002.
(6) The 2011 Drs. are required to be redeemed by the Operating Partnership
on April 5, 2001 if the Remarketing Dealer elects not to remarket the
2011 Drs.
(7) The 2011 Drs. bear interest at an annual rate of 6.50% to the
Remarketing Date. If the holder of the Call Option calls the 2011 Drs.
and elects to remarket the 2011 Drs., then after the Remarketing Date,
the interest rate on the 2011 Drs. will be reset at a fixed rate until
April 5, 2011 based on a predetermined formula as disclosed in the
related Prospectus Supplement.
(8) The 1997 Unsecured Acquisition Facility was ammended and restated in
June 2000.
F-18
72
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND ACQUISITION
FACILITIES PAYABLE, CONTINUED
Fair Value
At December 31, 2000 and 1999, the fair value of the Consolidated
Operating Partnership's mortgage loans payable, senior unsecured debt,
acquisition facility payable, Put Option and Call Option were as follows:
December 31, 2000 December 31, 1999
------------------------------ ------------------------------
Carrying Fair Carrying Fair
Amount Value Amount Value
---------- ---------- ---------- ----------
Mortgage Loans Payable ..... $ 61,242 $ 62,715 $ 63,059 $ 61,445
Senior Unsecured Debt ...... 948,781 918,865 948,688 859,455
Acquisition Facility Payable 170,000 170,000 94,000 94,000
Put Option and Call Option . 1,089 12,150 2,263 3,950
---------- ---------- ---------- ----------
Total ...................... $1,181,112 $1,163,730 $1,108,010 $1,018,850
========== ========== ========== ==========
The fair value of the Consolidated Operating Partnership's mortgage
loans payable and Put and Call Option were determined by discounting the future
cash flows using the current rates at which similar loans would be made to
borrowers with similar credit ratings and for the same remaining maturities. The
fair value of the acquisition facility payable was not materially different than
its carrying value due to the variable interest rate nature of the loan. The
fair value of the senior unsecured debt was determined by quoted market prices.
The following is a schedule of the stated maturities and scheduled
principal payments of the mortgage loans, senior unsecured debt and acquisition
facility payable for the next five years ending December 31, and thereafter:
Amount
----------
2001 ..................... $ 1,946
2002 ..................... 3,325
2003 ..................... 206,532
2004 ..................... 1,319
2005 ..................... 51,438
Thereafter ............... 915,893
----------
Total .................... $1,180,453
==========
The maturity date of the LB Mortgage Loan II is based on a contingent
event. As a result, the LB Mortgage Loan II is not included in the preceding
table.
F-19
73
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
7. PARTNERS' CAPITAL
The Operating Partnership has issued general partnership units and
limited partnership units (together, the "Units") and preferred general
partnership units. The general partnership units resulted from capital
contributions from the Company. The limited partnership units are issued in
conjunction with the acquisition of certain properties (See discussion below).
Subject to lock-up periods and certain adjustments, limited partnership units
are convertible into common stock, par value $.01, of the Company on a
one-for-one basis or cash at the option of the Company. The preferred general
partnership units result from preferred capital contributions from the Company.
The Operating Partnership will be required to make all required distributions on
the preferred general partnership units prior to any distribution of cash or
assets to the holders of the general and limited partnership units except for
distributions required to enable the Company to maintain its qualification as a
REIT.
Unit Contributions:
On April 23, 1998, the Company issued, in a private placement,
1,112,644 shares of $.01 par value Common Stock (the "April 1998 Equity
Offering"). The net proceeds of approximately $33,141 received from the April
1998 Equity Offering were contributed to the Operating Partnership in exchange
for 1,112,644 Units in the Operating Partnership and are reflected in the
Consolidated Operating Partnership's financial statements as a general partner
contribution.
For the year ended December 31, 1998, the Operating Partnership issued
1,515,983 Units valued, in the aggregate, at $49,413 in exchange for interests
in certain properties. These contributions are reflected in the Consolidated
Operating Partnership's financial statements as limited partner contributions.
For the year ended December 31, 1999, the Operating Partnership issued
173,070 Units valued, in the aggregate, at $4,273, in exchange for interests in
certain properties. These contributions are reflected in the Consolidated
Operating Partnership's financial statements as limited partner contributions.
For the year ended December 31, 2000, the Operating Partnership issued
114,715 Units valued, in the aggregate, at $3,475, in exchange for interests in
certain properties. These contributions are reflected in the Consolidated
Operating Partnership's financial statements as limited partner contributions.
For the year ended December 31, 1998, certain employees of the Company
exercised 108,500 non-qualified employee stock options. Gross proceeds to the
Company approximated $2,544. The gross proceeds from the option exercises were
contributed to the Operating Partnership in exchange for Units and are reflected
in the Consolidated Operating Partnership's financial statements as a general
partner contribution.
For the year ended December 31, 1999, certain employees of the Company
exercised 33,000 non-qualified employee stock options. Gross proceeds to the
Company approximated $732. The gross proceeds from the option exercises were
contributed to the Operating Partnership in exchange for Units and are reflected
in the Consolidated Operating Partnership's financial statements as a general
partner contribution.
For the year ended December 31, 2000, certain employees of the Company
exercised 518,550 non-qualified employee stock options. Gross proceeds to the
Company approximated $12,478. The gross proceeds from the option exercises were
contributed to the Operating Partnership in exchange for Units and are reflected
in the Consolidated Operating Partnership's financial statements as a general
partner contribution.
Preferred Contributions:
On May 14, 1997, the Company issued 4,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 8 3/4%, $.01 par value, Series
B Cumulative Preferred Stock (the "Series B Preferred Stock"), at an initial
offering price of $25 per Depositary Share. The net proceeds of $96,292 received
from the Series B Preferred Stock were contributed to the Operating Partnership
in exchange for 8 3/4% Series B Cumulative Preferred Units (the "Series B
Preferred Units") and are reflected in the Consolidated Operating Partnership's
financial statements as a general partner preferred unit contribution.
On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 8 5/8%, $.01 par value, Series
C Cumulative Preferred Stock (the "Series C Preferred Stock"), at an initial
offering price of $25 per Depositary Share. The net proceeds of $47,997 received
from the Series C Preferred Stock were contributed to the Operating Partnership
in exchange for 8 5/8% Series C Cumulative Preferred Units (the "Series C
Preferred Units") and are reflected in the Consolidated Operating Partnership's
financial statements as a general partner preferred unit contribution.
F-20
74
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
7. PARTNERS' CAPITAL, CONTINUED
On February 4, 1998, the Company issued 5,000,000 Depositary Shares,
each representing 1/100th of a share of the Company's 7.95%, $.01 par value,
Series D Cumulative Preferred Stock (the "Series D Preferred Stock"), at an
initial offering price of $25 per Depositary Share. The net proceeds of $120,562
received from the Series D Preferred Stock were contributed to the Operating
Partnership in exchange for 7.95% Series D Cumulative Preferred Units (the
"Series D Preferred Units") and are reflected in the Consolidated Operating
Partnership's financial statements as a general partner preferred unit
contribution.
On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 7.90%, $.01 par value, Series E
Cumulative Preferred Stock (the "Series E Preferred Stock"), at an initial
offering price of $25 per Depositary Share. The net proceeds of $72,138 received
from the Series E Preferred Stock were contributed to the Operating Partnership
in exchange for 7.90% Series E Cumulative Preferred Units (the "Series E
Preferred Units") and are reflected in the Consolidated Operating Partnership's
financial statements as a general partner preferred unit contribution.
Distributions:
On January 24, 2000, the Operating Partnership paid a fourth quarter
1999 distribution of $.62 per Unit, totaling approximately $28,164. On April 17,
2000, the Operating Partnership paid a first quarter 2000 distribution of $.62
per Unit, totaling approximately $28,462. On July 17, 2000, the Operating
Partnership paid a second quarter 2000 distribution of $.62 per Unit, totaling
approximately $28,601. On October 23, 2000, the Operating Partnership paid a
third quarter 2000 distribution of $.62 per Unit, totaling approximately
$28,409. On January 22, 2001, the Operating Partnership paid a fourth quarter
2000 distribution of $.6575 per Unit, totaling approximately $30,275.
On March 31, 2000, June 30, 2000, October 2, 2000 and January 2,
2001, the Operating Partnership paid quarterly 2000 distributions of $54.688 per
unit on its Series B Preferred Units, $53.906 per unit on its Series C Preferred
Units, $49.687 per unit on its Series D Preferred Units and $49.375 per unit on
its Series E Preferred Units. The preferred unit distributions paid on March 31,
2000, June 30, 2000, October 2, 2000 and January 2, 2001 totaled, in the
aggregate, approximately $7,231 per quarter.
Repurchase of Units:
In March 2000, the Company's Board of Directors approved the repurchase
of up to $100,000 of the Company's common stock. The Company may make purchases
from time to time, if price levels warrant, in the open market or in privately
negotiated transactions. During the year ended December 31, 2000, the Company
repurchased 394,300 shares of its common stock at a weighted average price per
share of approximately $29.67. The Operating Partnership repurchased general
partnership Units from the Company in the same amount.
8. ACQUISITION AND DEVELOPMENT OF REAL ESTATE
In 1998, the Consolidated Operating Partnership acquired 221 industrial
properties comprising approximately 11.0 million square feet (unaudited) of GLA
and several land parcels for a total purchase price of approximately $454,778
and completed the development of seven properties comprising approximately 1.0
million square feet (unaudited) of GLA at a cost of approximately $37,194.
In 1999, the Consolidated Operating Partnership acquired 16 in-service
industrial properties and one industrial property under redevelopment
comprising, in the aggregate, approximately 1.3 million square feet (unaudited)
of GLA and several land parcels for a total purchase price of approximately
$47,516 and completed the development of 16 properties and one expansion
comprising approximately 2.4 million square feet (unaudited) of GLA at a cost of
approximately $81,925.
In 2000, the Consolidated Operating Partnership acquired 82 in-service
industrial properties and one industrial property under redevelopment
comprising, in the aggregate, approximately 5.6 million square feet (unaudited)
of GLA and several land parcels for a total purchase price of approximately
$314,307 and completed the development of 20 properties and one redevelopment
comprising approximately 3.6 million square feet (unaudited) of GLA at a cost of
approximately $125,794.
F-21
75
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
9. SALES OF REAL ESTATE AND REAL ESTATE HELD FOR SALE
In 1998, the Consolidated Operating Partnership, through the Operating
Partnership, sold 36 in-service properties and several land parcels. The
aggregate gross sales price of these sales totaled approximately $77,657. The
gain on sales totaled approximately $2,931.
In 1999, the Consolidated Operating Partnership, through the Operating
Partnership, sold 44 in-service industrial properties, one property under
development and several land parcels. The aggregate gross sales price totaled
approximately $178,304. Approximately $4,835 and $23,308 of the gross proceeds
from the sales of these properties was received from the September 1998 Joint
Venture and Financing Partnership, respectively (the Consolidated Operating
Partnership sold two properties to the September 1998 Joint Venture and two
properties to the Financing Partnership, in each case, at the Consolidated
Operating Partnership's approximate net book value). The gain on sales totaled
approximately $11,904.
In 2000, the Consolidated Operating Partnership, through the Operating
Partnership, sold 105 industrial properties and several land parcels. The
aggregate gross sales price of these sales totaled approximately $404,046. The
gain on sales totaled approximately $25,430.
The Consolidated Operating Partnership has an active sales program
through which it is continually engaged in identifying and evaluating its
current portfolio for potential sales candidates in order to redeploy capital.
At December 31, 2000, the Consolidated Operating Partnership had 74 industrial
properties comprising approximately 6.9 million square feet (unaudited) of GLA
held for sale. There can be no assurance that such properties held for sale will
be sold.
The following table discloses certain information regarding the 74
industrial properties held for sale by the Consolidated Operating Partnership.
YEAR ENDED
----------------------------------------------
2000 1999 1998
-------- -------- --------
Total Revenues .............. $ 31,120 $ 29,504 $ 27,539
Operating Expenses .......... (8,363) (7,940) (7,070)
Depreciation and Amortization (3,157) (5,437) (5,001)
-------- -------- --------
Income from Operations ...... $ 19,600 $ 16,127 $ 15,468
======== ======== ========
In 2000, the Consolidated Operating Partnership recognized a valuation
provision on real estate held for sale of $2,169 relating to the Consolidated
Operating Partnership's exit market portfolio of properties in Grand Rapids,
Michigan. The fair value was determined by a quoted market price less
transaction costs.
10. DISPOSITION OF INTEREST RATE PROTECTION AGREEMENTS
In November 1998, the Consolidated Operating Partnership, through the
Operating Partnership, settled its remaining interest rate protection agreement
which was scheduled to expire on January 4, 1999. This agreement was entered
into in December 1997 in anticipation of 1998 senior unsecured debt offerings.
Due to the changing market conditions and the Consolidated Operating
Partnership's expectation that it would not issue debt securities associated
with the interest rate protection agreement, the Consolidated Operating
Partnership settled its position. As a result, the Consolidated Operating
Partnership recognized an expense of approximately $8,475 associated with the
termination of the interest rate protection agreement in the fourth quarter of
1998.
11. RESTRUCTURING CHARGE
In connection with management's plan to improve operating efficiencies
and reduce costs, the Consolidated Operating Partnership recorded a
restructuring charge of approximately $6,858 in 1998. The restructuring charge
is comprised of severance costs, of which approximately $1,206 is non-cash
relating to immediate vesting of restricted Units. The cash portion of the
severance costs was paid in fiscal year 1999.
F-22
76
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
12. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS
Supplemental disclosure of cash flow information:
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2000 1999 1998
------------ ------------ ------------
Interest paid, net of capitalized
interest ................................ $ 80,171 $ 76,775 $ 59,510
======== ======== ========
Interest capitalized .................... $ 5,203 $ 5,568 $ 3,643
======== ======== ========
Supplemental Schedule of Noncash Investing and
Financing Activities:
Distribution payable on Units ........... $ 30,281 $ 28,164 $ 27,081
======== ======== ========
Distribution payable on Preferred Units . $ 7,231 $ -- $ --
======== ======== ========
Exchange of Limited Partnership Units
for General Partnership Units
Limited Partnership Units ......... $ (5,706) $ (2,618) $ (5,150)
General Partnership Units ......... 5,706 2,618 5,150
-------- -------- --------
$ -- $ -- $ --
======== ======== ========
In conjunction with the property and land acquisitions, the following assets
and liabilities were assumed:
Purchase of real estate ........................ $ 314,307 $ 47,516 $ 454,778
Mortgage loans ................................. -- -- (6,222)
Operating partnership units .................... -- -- (49,413)
Accounts payable and
Accrued expenses ........................... (3,820) (274) (4,171)
--------- --------- ---------
$ 310,487 $ 47,242 $ 394,972
========= ========= =========
In conjunction with certain property sales, the Operating Partnership provided
seller financing on behalf of certain buyers:
Notes receivable .............................. $ 7,749 $ 12,060 $ --
========= ======== =======
In conjunction with the distribution of 173 properties from the Financing
Partnership to the Operating Partnership on January 2, 1998, the following
assets and liabilities were assumed:
Investment in real estate ............................................................ $ 382,190
Tenant accounts receivable ........................................................... 3,017
Deferred rent receivable ............................................................. 4,689
Other assets ......................................................................... 6,209
Accounts payable and accrued expenses ................................................ (5,920)
Rents received in advance and security deposits ...................................... (2,538)
---------
Investments in other real estate partnerships ........................................ $ 387,647
=========
In conjunction with the contribution of four properties from the Operating
Partnership to the Securities Partnership during 1999, the following assets and
liabilities were contributed:
Investment in real estate, net ....................................................... $ 10,387
Tenant accounts receivable ........................................................... (21)
Deferred rent receivable ............................................................. 40
Other assets, net .................................................................... 17
Accounts payable and accrued expenses ................................................ (100)
---------
Investment in other real estate partnerships ......................................... $ 10,323
=========
F-23
77
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
13. EARNINGS PER UNIT
The computation of basic and diluted EPU is presented below:
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2000 1999 1998
------------ ------------ ------------
Numerator:
Income Before Cumulative Effect of Change in
Accounting Principle .............................. $ 129,816 $ 137,977 $ 85,998
Less: Preferred Distributions ..................... (28,924) (28,924) (26,691)
----------- ----------- ------------
Net Income Available to Unitholders Before
Cumulative Effect of Change in Accounting
Principle - For Basic and Diluted EPU ............. 100,892 109,053 59,307
Cumulative Effect of Change in Accounting
Principle ......................................... -- -- (719)
----------- ----------- ------------
Net Income Available to Unitholders
- For Basic and Diluted EPU ....................... $ 100,892 $ 109,053 $ 58,588
=========== =========== ============
Denominator:
Weighted Average Units - Basic ....................... 45,928,359 45,270,821 44,099,879
Effect of Dilutive Securities:
Employee and Director Common Stock Options
of the Company that result in the issuance
of general partnership units ...................... 256,069 101,801 182,515
----------- ----------- ------------
Weighted Average Units Outstanding - Diluted ......... 46,184,428 45,372,622 44,282,394
=========== =========== ============
Basic EPU:
Net Income Available to Unitholders Before
Cumulative Effect of Change in Accounting Principle $ 2.20 $ 2.41 $ 1.34
=========== =========== ============
Cumulative Effect of Change in Accounting Principle .. $ -- $ -- (.02)
=========== =========== ============
Net Income Available to Unitholders .................. $ 2.20 $ 2.41 $ 1.33
=========== =========== ============
Diluted EPU:
Net Income Available to Unitholders Before
Cumulative Effect of Change in Accounting
Principle ......................................... $ 2.19 $ 2.40 $ 1.34
=========== =========== ============
Cumulative Effect of Change in Accounting
Principle ......................................... $ -- $ -- $ (.02)
=========== =========== ============
Net Income Available to Unitholders .................. $ 2.19 $ 2.40 $ 1.32
=========== =========== ============
14. FUTURE RENTAL REVENUES
The Consolidated Operating Partnership's properties are leased to
tenants under net and semi-net operating leases. Minimum lease payments
receivable, excluding tenant reimbursements of expenses, under noncancelable
operating leases in effect as of December 31, 2000 are approximately as follows:
2001............... $225,505
2002............... 185,449
2003............... 140,927
2004............... 104,701
2005............... 69,699
Thereafter......... 165,032
--------
Total........ $891,313
========
F-24
78
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
15. EMPLOYEE BENEFIT PLANS
The Company maintains two stock incentive plans, (the "Stock Incentive
Plans"), which are administered by the Compensation Committee of the Board of
Directors of the Company. There are approximately 7.7 million shares reserved
under the Stock Incentive Plans. Only officers and employees of the Company and
its affiliates generally are eligible to participate in the Stock Incentive
Plans. However, independent Directors of the Company receive automatic annual
grants of options to purchase 10,000 shares at a per share exercise price equal
to the fair market value of a share on the date of grant.
The Stock Incentive Plans authorize (i) the grant of stock options that
qualify as incentive stock options under Section 422 of the Code, (ii) the grant
of stock options that do not so qualify, (iii) restricted stock awards, (iv)
performance share awards and (v) dividend equivalent rights. The exercise price
of stock options will be determined by the Compensation Committee. Special
provisions apply to awards granted under the Stock Incentive Plans in the event
of a change in control in the Company. As of December 31, 2000, stock options
covering 3.0 million shares were outstanding and stock options covering 3.5
million shares were available under the Stock Incentive Plans. The outstanding
stock options generally vest over one to three year periods and have lives of
ten years. Stock option transactions are summarized as follows:
Weighted Average
Exercise Price Exercise Price per
Share per Share Share
----------- ----------------- ------------------
Outstanding at December 31, 1997 ............... 1,331,500 $25.67 $18.25-$30.375
Granted ..................................... 5,248,200 $34.92 $24.00-$35.81
Exercised or Converted....................... (165,500) $23.14 $20.25-$30.38
Expired or Terminated ....................... (1,417,200) $35.42 $22.75-$35.81
----------
Outstanding at December 31, 1998 ............... 4,997,000 $32.70 $18.25-$35.81
Granted ..................................... 1,041,567 $25.35 $25.13-$27.69
Exercised or Converted....................... (68,000) $22.79 $20.25-$25.13
Expired or Terminated ....................... (3,194,300) $35.31 $22.75-$35.81
----------
Outstanding at December 31, 1999 ............... 2,776,267 $27.04 $18.25-$31.13
Granted ..................................... 937,250 $27.34 $25.13-$30.00
Exercised or Converted....................... (605,550) $24.58 $18.25-$31.13
Expired or Terminated ....................... (84,500) $28.63 $25.13-$31.13
----------
Outstanding at December 31, 2000 ............... 3,023,467 $27.61 $18.25-$31.13
==========
The following table summarizes currently outstanding and exercisable
options as of December 31, 2000:
Options Outstanding Options Exercisable
------------------------------------------------ -----------------------------
Weighted
Average Weighted Weighted
Remaining Average Average
Number Contractual Exercise Number Exercise
Range of Exercise Price Outstanding Life Price Exercisable Price
- ----------------------- ----------- -------------------- --------- ----------- --------
$18.25-$25.13 911,900 6.7 $23.99 911,900 $ 23.99
$26.44-$31.13 2,111,567 8.2 $29.17 1,195,417 $30.48
The Consolidated Operating Partnership applies Accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25"), in
accounting for its Stock Incentive Plans. Under APB 25, compensation expense is
not recognized for options issued in which the strike price is equal to the fair
value of the Company's stock on the date of grant. Certain options issued in
2000 were issued with a strike price less than the fair value of the Company's
stock on the date of grant. Compensation expense is being recognized for the
intrinsic value of these options determined at the date of grant over the
vesting period.
F-25
79
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
15. EMPLOYEE BENEFIT PLANS, CONTINUED
Had compensation expense for the Company's Stock Incentive Plans been
determined based upon the fair value at the grant date for awards under the
Stock Incentive Plans consistent with the methodology prescribed under Statement
of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation", net income and earnings per share would have been the pro forma
amounts indicated in the table below:
For the Year Ended
--------------------------------------------
2000 1999 1998
-------- -------- -------
Net Income Available to Unitholders - as reported..................... $100,892 $109,053 $58,588
Net Income Available to Unitholders - pro forma....................... $ 99,947 $107,185 $56,801
Net Income Available to Unitholders per Unit - as reported- Basic..... $ 2.20 $ 2.41 $ 1.33
Net Income Available to Unitholders per Unit - pro forma- Basic....... $ 2.18 $ 2.37 $ 1.29
Net Income Available to Unitholders per Unit - as reported - Diluted.. $ 2.19 $ 2.40 $ 1.32
Net Income Available to Unitholders per Unit - pro forma - Diluted... $ 2.16 $ 2.36 $ 1.28
The fair value of each option grant is estimated on the date of grant
using the Black-Scholes option pricing model with the following weighted
average assumptions:
Expected dividend yield ........................................... 8.33% 8.88% 8.01%
Expected stock price volatility ................................... 20.30% 20.55% 20.56%
Risk-free interest rate ........................................... 6.18% 5.30% 5.64%
Expected life of options .......................................... 3.05 2.73 3.74
The weighted average fair value of options granted during 2000, 1999 and 1998 is
$2.91, $1.79 and $2.95 per option, respectively.
In September 1994, the Board of Directors approved and the Company
adopted a 401(k)/Profit Sharing Plan. Under the Company's 401(k)/Profit Sharing
Plan, all eligible employees may participate by making voluntary contributions.
The Company may make, but is not required to make, matching contributions. For
the years ended December 31, 2000, 1999 and 1998, the Company, through the
Operating Partnership, made matching contributions of approximately $211, $208
and $198, respectively. In March 1996, the Board of Directors approved and the
Company adopted a Deferred Income Plan (the "Plan"). At December 31, 2000,
765,159 units were outstanding. The expense related to these deferred income
benefits is included in general and administrative expenses in the consolidated
statements of operations.
During 1998, the Company awarded 51,850 shares of restricted Common
Stock to certain employees and 2,769 shares of restricted Common Stock to
certain Directors. Other employees of the Company converted certain in-the-money
employee stock options to 13,602 shares of restricted Common Stock. The
Operating Partnership issued Units to the Company in the same amount. These
restricted shares of Common Stock had a fair value of $2,345 on the date of
grant. The restricted Common Stock vests over a period from five to ten years.
Compensation expense will be charged to earnings in the Operating Partnership's
consolidated statements of operations over the vesting period.
During 1999, the Company awarded 72,300 shares of restricted Common
Stock to certain employees and 3,504 shares of restricted Common Stock to
certain Directors. Other employees of the Company converted certain in-the-money
employee stock options to 5,224 shares of restricted Common Stock. The Operating
Partnership issued Units to the Company in the same amount. These restricted
shares of Common Stock had a fair value of $2,121 on the date of grant. The
restricted Common Stock vests over a period from five to ten years. Compensation
expense will be charged to earnings in the Operating Partnership's consolidated
statements of operations over the vesting period.
F-26
80
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
15. EMPLOYEE BENEFIT PLANS, CONTINUED
During 2000, the Company awarded 355,139 shares of restricted Common
Stock to certain employees and 3,663 shares of restricted Common Stock to
certain Directors. Other employees of the Company converted certain in-the-money
employee stock options to 14,903 shares of restricted Common Stock. The
Operating Partnership issued Units to the Company in the same amount. These
restricted shares of Common Stock had a fair value of $9,689 on the date of
grant. The restricted Common Stock vests over a period from three to ten years.
Compensation expense will be charged to earnings in the Operating Partnership's
consolidated statements of operations over the vesting period.
16. RELATED PARTY TRANSACTIONS
On November 19, 1998, the Consolidated Operating Partnership, through
the Operating Partnership, sold two industrial properties to two limited
partnerships, Roosevelt Glen Corporate Center ("Roosevelt") and Hartford Center
Investment Company ("Hartford"), for a total consideration of approximately
$8,341. An entity in which the sole shareholders are an officer and Director and
a former officer and Director ("TSIC") has a 11.638% general partner interest
and a former officer and Director has a 75.585% limited partner interest in
Roosevelt. TSIC has a 12.39% general partner interest and a former officer and
Director has a 80.454% limited partner interest in Hartford. On December 4,
1998, the Consolidated Operating Partnership, through the Operating Partnership,
sold one industrial property to Eastgate Shopping Center Investment Co.
("Eastgate"), a limited partnership, for a total consideration of approximately
$2,360. TSIC has a 12.972% general partner interest and a former officer and
Director has a 79.536% limited partner interest in Eastgate. In each case, the
purchaser had the option of selling the properties back to the Operating
Partnership and the Operating Partnership had the option of buying the
properties back from the purchaser for a stipulated period of time. In January
2000, the purchasers exercised their options to sell the properties back to the
Operating Partnership. The gain on sale was deferred due to the existence of
these options.
On September 2, 1999, the September 1999 Joint Venture purchased a
1,159,121 square foot (unaudited) industrial property portfolio located in Los
Angeles, California for approximately $63,901. An officer of the Company held
ownership interests ranging between .004% and .13% in various entities that sold
certain properties to the September 1999 Joint Venture.
The Consolidated Operating Partnership periodically engages in
transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of
one of the Company's officers/Directors is an employee of CB Richard Ellis, Inc.
For the years ended December 31, 2000, 1999 and 1998, this relative received
brokerage commissions in the amount of $60, $18 and $130, respectively, from the
Consolidated Operating Partnership.
The Consolidated Operating Partnership periodically utilizes consulting
services from the private consulting firm of one of the Company's Directors. For
the year ended December 31, 2000, 1999 and 1998 the Consolidated Operating
Partnership has paid approximately $5, $15 and $36 of fees, respectively, to
this entity.
In January and February 2001, FR Development Services, Inc. ("FRDS")
purchased all of the voting and non-voting shares (a total of 25,790 shares) of
FRDS held by certain executive officers of the Company for approximately $1.3
million, in connection with FRDS' election to become a wholly-owned taxable REIT
subsidiary of the Company. At the time of the transaction, these executive
officers had equity interests in FRDS totaling 2.76%.
17. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Consolidated Operating
Partnership is involved in legal actions arising from the ownership of its
properties. In management's opinion, the liabilities, if any, that may
ultimately result from such legal actions are not expected to have a materially
adverse effect on the consolidated financial position, operations or liquidity
of the Consolidated Operating Partnership.
F-27
81
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER UNIT DATA)
17. COMMITMENTS AND CONTINGENCIES, CONTINUED
Twenty six properties have leases granting the tenants options to
purchase the property. Such options are exercisable at various times and at
appraised fair market value or at a fixed purchase price generally in excess of
the Consolidated Operating Partnership's depreciated cost of the asset. The
Consolidated Operating Partnership has no notice of any exercise of any tenant
purchase option.
The Consolidated Operating Partnership has committed to the
construction of 13 development projects totaling approximately 1.8 million
square feet (unaudited) of GLA for an estimated investment of approximately
$102.2 million (unaudited). These developments are expected to be funded with
cash flow from operations, proceeds from the sales of select properties of the
Consolidated Operating Partnership and borrowings under the Operating
Partnership's 2000 Unsecured Acquisition Facility.
At December 31, 2000, the Consolidated Operating Partnership, through
the Operating Partnership had four letters of credit outstanding in the
aggregate amount of $1.8 million. These letters of credit expire between August
2001 and March 2003.
18. SUBSEQUENT EVENTS (UNAUDITED)
During the period January 1, 2001 through March 23, 2001, the
Consolidated Operating Partnership acquired 13 industrial properties and
several land parcels for a total estimated investment of approximately $45,546.
The Consolidated Operating Partnership also sold eight industrial properties and
one land parcel for approximately $19,451 of gross proceeds.
On March 9, 2001, the Operating Partnership declared a first quarter
distribution of $.6575 per unit which is payable on April 23, 2001. The
Operating Partnership also declared a first quarter distribution of $54.688 per
unit, $53.906 per unit, $49.687 per unit and $49.375 per unit on its Series B
Preferred Units, Series C Preferred Units, Series D Preferred Units and Series E
Preferred Units, respectively, which is payable on April 2, 2001.
On March 19, 2001, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200,000 of unsecured notes in a private offering
at an offering price of 99.695%. The unsecured notes mature on March 15, 2011
and bear a coupon interest rate of 7.375%.
F-28
82
FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
YEAR ENDED DECEMBER 31, 2000
--------------------------------------------------------
FIRST SECOND THIRD FOURTH
QUARTER QUARTER QUARTER QUARTER
-------- -------- -------- --------
Total Revenues ............................................ $ 79,767 $ 78,322 $ 80,114 $ 83,017
Equity In Income of Other Real Estate Partnerships ........ 6,808 11,323 7,819 7,099
Equity In Income of Joint Ventures ........................ 31 88 70 382
Income from Operations .................................... 25,218 28,246 26,800 24,122
Gain on Sale of Real Estate ............................... 5,888 6,257 6,144 7,141
Net Income ................................................ 31,106 34,503 32,944 31,263
Preferred Unit Distributions .............................. (7,231) (7,231) (7,231) (7,231)
-------- -------- -------- --------
Net Income Available to Unitholders ....................... $ 23,875 $ 27,272 $ 25,713 $ 24,032
======== ======== ======== ========
Earnings Per Unit:
Net Income Available to Unitholders per Weighted Average
Unit Outstanding:
Basic ................................ $ .52 $ .59 $ .56 $ .52
======== ======== ======== ========
Diluted .............................. $ .52 $ .59 $ .56 $ .52
======== ======== ======== ========
YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------
FIRST SECOND THIRD FOURTH
QUARTER QUARTER QUARTER QUARTER
-------- -------- -------- --------
Total Revenues ............................................ $ 80,958 $ 79,089 $ 78,863 $ 75,455
Equity In Income of Other Real Estate Partnerships ........ 6,408 6,521 22,748 10,037
Equity In Income (Loss) of Joint Ventures ................. 126 120 126 (70)
Income from Operations .................................... 26,458 26,586 44,073 28,956
Gain on Sale of Real Estate ............................... 1,545 6,850 1,509 2,000
Net Income ................................................ 28,003 33,436 45,582 30,956
Preferred Unit Distributions .............................. (7,231) (7,231) (7,231) (7,231)
-------- -------- -------- --------
Net Income Available to Unitholders ....................... $ 20,772 $ 26,205 $ 38,351 $ 23,725
======== ======== ======== ========
Earnings Per Unit:
Net Income Available to Unitholders per Weighted Average
Unit Outstanding:
Basic ................................ $ .46 $ .58 $ .85 $ .52
======== ======== ======== ========
Diluted .............................. $ .46 $ .58 $ .85 $ .52
======== ======== ======== ========
F-29
83
OTHER REAL ESTATE PARTNERSHIPS
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
PAGE
----
FINANCIAL STATEMENTS
Report of Independent Accountants....................................................... F-31
Combined Balance Sheets of the Other Real Estate Partnerships as of December 31,
2000 and 1999........................................................................... F-32
Combined Statements of Operations of the Other Real Estate Partnerships for the
Years Ended December 31, 2000, 1999, and 1998........................................... F-33
Combined Statements of Changes in Partners' Capital of the Other Real Estate
Partnerships for the Years Ended December 31, 2000, 1999, and 1998...................... F-34
Combined Statements of Cash Flows of the Other Real Estate Partnerships for the
Years Ended December 31, 2000, 1999, and 1998........................................... F-35
Notes to Combined Financial Statements.................................................. F-36
F-30
84
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of
the Other Real Estate Partnerships
In our opinion, the accompanying combined balance sheets and the related
combined statements of operations, of changes in partners' capital and of cash
flows present fairly, in all material respects, the financial position of the
Other Real Estate Partnerships at December 31, 2000 and 1999, and the results of
their operations and their cash flows for each of the three years in the period
ended December 31, 2000, in conformity with accounting principles generally
accepted in the United States of America. These financial statements are the
responsibility of the Other Real Estate Partnerships' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 9, 2001
F-31
85
OTHER REAL ESTATE PARTNERSHIPS
COMBINED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
December 31, December 31,
2000 1999
------------ ------------
ASSETS
Assets:
Investment in Real Estate:
Land .................................................. $ 55,878 $ 72,789
Buildings and Improvements ............................ 345,478 355,565
Furniture, Fixtures and Equipment ..................... 84 84
Construction in Progress .............................. 18,802 37,695
Less: Accumulated Depreciation ........................ (37,221) (32,163)
--------- ---------
Net Investment in Real Estate ................. 383,021 433,970
Real Estate Held for Sale, Net of Accumulated Depreciation
and Amortization of $4,344 ............................. 46,043 --
Cash and Cash Equivalents ................................ 2,819 2,528
Restricted Cash .......................................... 1,188 1,425
Tenant Accounts Receivable, Net .......................... 936 938
Deferred Rent Receivable ................................. 3,903 3,360
Deferred Financing Costs, Net ............................ 1,611 1,676
Prepaid Expenses and Other Assets, Net ................... 29,761 28,564
--------- ---------
Total Assets .................................. $ 469,282 $ 472,461
========= =========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage Loans Payable, Net .............................. $ 41,333 $ 41,891
Accounts Payable and Accrued Expenses .................... 38,203 32,935
Rents Received in Advance and Security Deposits .......... 2,511 2,685
--------- ---------
Total Liabilities ............................. 82,047 77,511
--------- ---------
Commitments and Contingencies ............................... -- --
Partners' Capital ........................................... 387,235 394,950
--------- ---------
Total Liabilities and Partners' Capital ..... $ 469,282 $ 472,461
========= =========
The accompanying notes are an integral part of the financial statements.
F-32
86
OTHER REAL ESTATE PARTNERSHIPS
COMBINED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS)
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2000 1999 1998
------------ ------------ ------------
Revenues:
Rental Income ...................................... $49,538 $46,219 $ 44,499
Tenant Recoveries and Other Income ................. 14,893 13,458 11,722
------- ------- --------
Total Revenues ........................... 64,431 59,677 56,221
------- ------- --------
Expenses:
Real Estate Taxes .................................. 8,126 6,983 6,779
Repairs and Maintenance ............................ 1,871 1,835 1,460
Property Management ................................ 2,008 1,862 2,095
Utilities .......................................... 2,140 2,331 1,810
Insurance .......................................... 242 142 140
Other .............................................. 1,397 532 721
General and Administrative ......................... -- 167 --
Interest ........................................... 3,040 3,070 2,971
Amortization of Deferred Financing Costs ........... 67 67 65
Depreciation and Other Amortization ................ 11,431 10,485 9,597
Valuation Provision on Real Estate Held for Sale ... 731 -- --
Abandoned Pursuit Costs Charge ..................... -- -- 360
------- ------- --------
Total Expenses .......................... 31,053 27,474 25,998
------- ------- --------
Income from Operations ................................ 33,378 32,203 30,223
Gain on Sale of Real Estate ........................... 3,866 17,893 2,417
------- ------- --------
Income Before Cumulative Effect of Change in Accounting
Principle .......................................... 37,244 50,096 32,640
Cumulative Effect of Change in Accounting Principle ... -- -- (858)
------- ------- --------
Net Income ............................................ $37,244 $50,096 $ 31,782
======= ======= ========
The accompanying notes are an integral part of the financial statements.
F-33
87
OTHER REAL ESTATE PARTNERSHIPS
COMBINED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(DOLLARS IN THOUSANDS)
Total
---------
Balance at December 31, 1997 .......................... $ 687,335
Contributions ..................................... 115,781
Distributions ..................................... (422,906)
Net Income ........................................ 31,782
---------
Balance at December 31, 1998 .......................... 411,992
---------
Contributions ..................................... 120,679
Distributions ..................................... (187,817)
Net Income ........................................ 50,096
---------
Balance at December 31, 1999 .......................... 394,950
---------
Contributions ..................................... 95,425
Distributions ..................................... (140,384)
Net Income ........................................ 37,244
---------
Balance at December 31, 2000 .......................... $ 387,235
=========
The accompanying notes are an integral part of the financial statements.
F-34
88
OTHER REAL ESTATE PARTNERSHIPS
COMBINED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
Year Ended Year Ended Year Ended
December 31, 2000 December 31, 1999 December 31, 1998
----------------- ----------------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income .................................................. $ 37,244 $ 50,096 $ 31,782
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation ............................................. 10,344 9,714 8,676
Amortization of Deferred Financing Costs ................. 67 67 65
Other Amortization ...................................... 1,053 768 919
Valuation Provision on Real Estate Held for Sale ........ 731 -- --
Gain on Sale of Real Estate ............................. (3,866) (17,893) (2,417)
Cumulative Effect of Change in Accounting Principle ..... -- -- 858
Recovery of Provision for Bad Debts ..................... -- (8) (99)
(Increase) Decrease in Tenant Accounts Receivable and
Prepaid Expenses and Other Assets, Net ............. (4,299) 870 (8,372)
Increase in Deferred Rent Receivable .................... (644) (552) (680)
Increase (Decrease) in Accounts Payable and
Accrued Expenses and Rents Received in Advance
and Security Deposits .............................. 8,583 25,856 (2,440)
Organization Costs ..................................... -- -- (3)
Decrease in Restricted Cash ............................ 406 1,515 3,507
--------- --------- ---------
Net Cash Provided by Operating Activities ......... 49,619 70,433 31,796
--------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and Additions to Investment in Real Estate .. (33,200) (79,104) (132,229)
Net Proceeds from Sales of Investment in Real Estate .... 28,000 82,088 22,200
Funding of Mortgage Loans Receivable .................... -- (332) --
Repayment of Mortgage Loans Receivable .................. 2,764 699 288
(Increase) Decrease in Restricted Cash .................. (169) 346 268
--------- --------- ---------
Net Cash (Used in) Provided by Investing Activities (2,605) 3,697 (109,473)
--------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions ............................................ 95,425 110,356 115,781
Distributions ............................................ (140,384) (187,817) (35,259)
Repayments on Mortgage Loans Payable ..................... (520) (492) (300,424)
Decrease (Increase) in Restricted Cash ................... -- -- 306,000
Purchase of U.S. Government Securities ................... (1,244) -- --
Cost of Debt Issuance .................................... -- -- (6,042)
--------- --------- ---------
Net Cash (Used in) Provided by Financing Activities (46,723) (77,953) 80,056
--------- --------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents ..... 291 (3,823) 2,379
Cash and Cash Equivalents, Beginning of Period ........... 2,528 6,351 3,972
--------- --------- ---------
Cash and Cash Equivalents, End of Period ................. $ 2,819 $ 2,528 $ 6,351
========= ========= =========
The accompanying notes are an integral part of the financial statements.
F-35
89
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
1. ORGANIZATION AND FORMATION OF PARTNERSHIPS
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.3% ownership interest at December 31, 2000. The Company is a real
estate investment trust ("REIT") as defined in the Internal Revenue Code. The
Company's operations are conducted primarily through the Operating Partnership.
The limited partners of the Operating Partnership own, in the aggregate,
approximately a 15.7% interest in the Operating Partnership at December 31,
2000.
The Operating Partnership owns at least a 99% limited partnership
interest (subject in one case as described below to a preferred limited
partnership interest) in First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage
Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"),
First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV,
LTD. and First Industrial Development Services, L.P. (together, the "Other Real
Estate Partnerships").
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company. The general partner of the Securities Partnership,
First Industrial Securities Corporation, also owns a preferred limited
partnership interest in the Securities Partnership which entitles it to receive
a fixed quarterly distribution, and results in it being allocated income in the
same amount, equal to the fixed quarterly dividend the Company pays on its 9.5%
$.01 par value Series A Cumulative Preferred Stock.
On a combined basis, as of December 31, 2000, the Other Real Estate
partnerships owned 104 in-service industrial properties, containing an aggregate
of approximately 12.6 million square feet (unaudited) of GLA. Of the 104
industrial properties owned by the Other Real Estate Partnerships at December
31, 2000, 22 are held by the Mortgage Partnership, 24 are held by the
Pennsylvania Partnership, 22 are held by the Securities Partnership, 22 are held
by the Financing Partnership, six are held by the Harrisburg Partnership, six
are held by the Indianapolis Partnership, one is held by First Industrial
Development Services, L.P. and one is held by TK-SV, LTD.
Profits, losses and distributions of the Other Real Estate Partnerships
are allocated to the general partner and the limited partners in accordance with
the provisions contained within its restated and amended partnership agreement.
F-36
90
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
2. BASIS OF PRESENTATION
The combined financial statements of the Other Real Estate Partnerships
at December 31, 2000 and 1999 and for each of the three years ended December 31,
2000 include the accounts and operating results of the Other Real Estate
Partnerships on a combined basis.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In order to conform with generally accepted accounting principles,
management, in preparation of the Other Real Estate Partnerships' financial
statements, is required to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities as of December 31, 2000 and 1999, and the reported amounts of
revenues and expenses for the years ended December 31, 2000, 1999 and 1998.
Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include all cash and liquid investments with
an initial maturity of three months or less. The carrying amount approximates
fair value due to the short maturity of these investments.
Investment in Real Estate and Depreciation
Purchase accounting has been applied when ownership interests in
properties were acquired for cash. The historical cost basis of properties has
been carried over when certain ownership interests were exchanged for Operating
Partnership units on July 1, 1994, and purchase accounting has been used for all
other properties that were subsequently acquired for Operating Partnership
units.
Real estate assets are carried at cost. The Other Real Estate
Partnerships reviews its properties on a quarterly basis for impairment and
provides a provision if impairments are determined. First, to determine if
impairment may exist, the Other Real Estate Partnerships reviews its properties
and identifies those which have had either an event of change or event of
circumstances warranting further assessment of recoverability. Then, the Other
Real Estate Partnerships estimates the fair value of those properties on an
individual basis by capitalizing the expected net operating income. Such amounts
are then compared to the property's depreciated cost to determine whether an
impairment exists. For properties management considers held for sale, the Other
Real Estate Partnerships ceases to depreciate the properties and values the
properties at the lower of depreciated cost or fair value.
Interest expense, real estate taxes and other directly related expenses
incurred during construction periods are capitalized and depreciated commencing
with the date placed in service, on the same basis as the related assets.
Depreciation expense is computed using the straight-line method based on the
following useful lives:
Years
-----
Buildings and Improvements..................... 31.5 to 40
Land Improvements.............................. 15
Furniture, Fixtures and Equipment.............. 5 to 10
F-37
91
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Construction expenditures for tenant improvements, leasehold
improvements and leasing commissions are capitalized and amortized over the
terms of each specific lease. Repairs and maintenance are charged to expense
when incurred. Expenditures for improvements are capitalized.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain
long-term financing. These fees and costs are being amortized over the terms of
the respective loans. Accumulated amortization of deferred financing costs was
$316 and $249 at December 31, 2000 and 1999, respectively. Unamortized deferred
financing costs are written-off when debt is retired before the maturity date.
Revenue Recognition
Rental income is recognized on a straight-line method under which
contractual rent increases are recognized evenly over the lease term. Tenant
recovery income includes payments from tenants for taxes, insurance and other
property operating expenses and is recognized as revenues in the same period the
related expenses are incurred by the Other Real Estate Partnerships.
The Other Real Estate Partnerships provide an allowance for doubtful
accounts against the portion of tenant accounts receivable which is estimated to
be uncollectible. Accounts receivable in the combined balance sheets are shown
net of an allowance for doubtful accounts of $343 as of December 31, 2000 and
December 31, 1999, respectively.
Gain on Sale of Real Estate
Gain on sale of real estate is recognized using the full accrual
method. Gains relating to transactions which do not meet the full accrual method
of accounting are deferred and recognized when the full accrual accounting
criteria are met or by using the installment or deposit methods of profit
recognition, as appropriate in the circumstances. As the assets are sold, their
costs and related accumulated depreciation are removed from the accounts with
resulting gains or losses reflected in net income or loss. Estimated future
costs to be incurred by the Other Real Estate Partnerships after completion of
each sale are included in the determination of the gains on sales.
Income Taxes
In accordance with partnership taxation, each of the partners are
responsible for reporting their share of taxable income or loss. The Other Real
Estate Partnerships are subject to certain state and local income, excise and
franchise taxes. The provision for such state and local taxes has been reflected
in general and administrative expense in the statement of operations and has not
been separately stated due to its insignificance.
Fair Value of Financial Instruments
The Other Real Estate Partnerships' financial instruments include
short-term investments, tenant accounts receivable, net, mortgage notes
receivable, accounts payable, other accrued expenses and mortgage loans payable.
The fair values of the short-term investments, tenant accounts receivable, net,
mortgage notes receivable, accounts payable and other accrued expenses were not
materially different from their carrying or contract values due to the
short-term nature of these financial instruments. See Note 4 for the fair values
of the mortgage loans payable.
F-38
92
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Derivative Financial Instruments
Historically, the Other Real Estate Partnerships has used interest
rate protection agreements (the "Agreements") to limit the interest rate on
existing debt or convert floating rate debt to fixed rate debt. Receipts or
payments resulting from the Agreements that were used to limit the interest rate
on existing debt are recognized as a component of interest expense. The cost
basis of this type of instrument is amortized over the life of the instrument
and is recognized in net income as well. Receipts or payments resulting from
Agreements used to convert floating rate debt to fixed rate debt are recognized
as a component of interest expense. Any Agreements which no longer qualify for
hedge accounting are marked to market and any gain or loss is recognized in net
income immediately. The credit risks associated with the Agreements are
controlled through the evaluation and monitoring of the creditworthiness of the
counterparty. In the event that the counterparty fails to meet the terms of the
Agreements, the Other Real Estate Partnerships' exposure is limited to the
current value of the interest rate differential, not the notional amount, and
the Other Real Estate Partnerships' carrying value of the Agreements on the
balance sheet.
Segment Reporting
Management views the Other Real Estate Partnerships as a single
segment.
Recent Accounting Pronouncements
The Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards No. 133 "Accounting for Derivative Instruments
and Hedging Activities" ("FAS 133") on June 1, 1998. Statement of Financial
Accounting Standards No.138 "Accounting for Derivative Instruments and Hedging
Activities - An Amendment of FAS Statement 133" was issued in June 2000. FAS
133, as amended, is effective for fiscal years beginning after June 15, 2000 as
provided by Statement of Financial Accounting Standards No. 137 issued in July
1999. FAS 133, as amended, requires fair value accounting for all derivatives
including recognizing all such instruments on the balance sheet with an
offsetting amount recorded in the income statement or as part of comprehensive
income. FAS 133, as amended, becomes effective for the Other Real Estate
Partnerships for the year ending December 31, 2001. FAS 133 did not have an
impact on the Other Real Estate Partnerships' consolidated financial position,
consolidated results of operations or consolidated cash flows.
In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which provides
guidance on the recognition, presentation and disclosure of revenue in financial
statements. SAB 101 was required to be implemented in the fourth fiscal quarter
of 2000. The adoption of SAB 101 did not have an effect on the Other Real Estate
Partnerships' results of operations or its financial position as the Other Real
Estate Partnerships' revenue recognition practices were compliant with the
pronouncement.
F-39
93
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
4. MORTGAGE LOANS PAYABLE, NET
On June 30, 1994, the Other Real Estate Partnerships, through the
Financing Partnership, entered into a $300,000 mortgage loan. On April 4, 1997,
the Other Real Estate Partnerships purchased U.S. Government securities as
substitute collateral to execute a legal defeasance of the $300,000 mortgage
loan (the "1994 Defeased Mortgage Loan"). On January 2, 1998, the Other Real
Estate Partnerships used the gross proceeds from the maturity of the U.S.
Government securities to pay off and retire the 1994 Defeased Mortgage Loan.
On December 29, 1995 the Other Real Estate Partnerships, through the
Mortgage Partnership, borrowed $40,200 under a mortgage loan (the "1995 Mortgage
Loan"). In June 2000, the Other Real Estate Partnerships purchased approximately
$1.2 million of U.S. Government securities as substitute collateral to execute a
legal defeasance of approximately $1.2 million of the 1995 Mortgage Loan. The
terms of the legal defeasance require the Mortgage Partnership to use the gross
proceeds from the maturities of the U.S. Government securities to paydown and
subsequently retire the defeased portion of the 1995 Mortgage Loan in January
2003. The remaining portion of the 1995 Mortgage Loan matures on January 11,
2026. Upon the execution of the legal defeasance, one of the 23 properties
collateralizing the 1995 Mortgage Loan was released and subsequently sold. The
1995 Mortgage Loan provides for monthly principal and interest payments based on
a 28-year amortization schedule. The interest rate under the 1995 Mortgage Loan
is fixed at 7.22% per annum through January 11, 2003. After January 11, 2003,
the interest rate adjusts through a predetermined formula based on the
applicable Treasury rate. The 1995 Mortgage Loan is collateralized by 22
properties held by the Mortgage Partnership. The 1995 Mortgage Loan may be
prepaid on or after January 2003.
Under the terms of the 1995 Mortgage Loan, certain cash reserves are
required to be and have been set aside for refunds of security deposits and
payment of capital expenditures, interest, real estate taxes and insurance. The
amount of cash reserves segregated for security deposits is adjusted as tenants
turn over. The amounts included in the cash reserves relating to payments of
capital expenditures, interest, real estate taxes and insurance were determined
by the lender and approximate the next periodic payment of such items. At
December 31, 2000 and 1999, these reserves totaled $1,188 and $1,425,
respectively, and are included in Restricted Cash. Such cash reserves were
invested in a money market fund at December 31, 2000. The maturity of these
investments is one day; accordingly, cost approximates fair market value.
On July 16, 1998, the Other Real Estate Partnerships, through TK-SV,
LTD., assumed a mortgage loan in the principal amount of $2,566 (the
"Acquisition Mortgage Loan V"). The Acquisition Mortgage Loan V is
collateralized by one property in Tampa, Florida, bears interest at a fixed rate
of 9.01% and provides for monthly principal and interest payments based on a
30-year amortization schedule. The Acquisition Mortgage Loan V matures on
September 1, 2006. The Acquisition Mortgage Loan V may be prepaid only after
August 2002 in exchange for the greater of a 1% prepayment fee or a yield
maintenance premium.
The following table discloses certain information regarding the Other
Real Estate Partnerships' mortgage loans:
OUTSTANDING BALANCE AT ACCRUED INTEREST PAYABLE AT INTEREST RATE AT
----------------------------- ----------------------------- -----------------------
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, MATURITY
2000 1999 2000 1999 2000 DATE
------------ ------------ ------------ ------------ ------------ --------
MORTGAGE LOANS PAYABLE
1995 Mortgage Loan ........... $38,604 (1) $ 39,099 (1) $163 $165 7.22% 1/11/26
Acquisition Mortgage Loan V .. 2,729 (2) 2,793 (2) -- -- 9.01% 9/01/06
------- -------- ---- ----
Total ........................ $41,333 $41,892 $163 $165
======= ======== ==== ====
(1) Approximately $1.2 million of this loan has been defeased and will be
paid in full in January 2003.
(2) At December 31, 2000 and 1999, the Acquisition Mortgage Loan V is net
of unamortized premiums of $219 and $258, respectively.
F-40
94
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
4. MORTGAGE LOANS PAYABLE, NET, CONTINUED
Fair Value:
At December 31, 2000 and 1999, the fair value of the Other Real Estate
Partnerships' mortgage loans payable were as follows:
December 31, 2000 December 31, 1999
-------------------------- --------------------------
Carrying Fair Carrying Fair
Amount Value Amount Value
-------- ------- -------- -------
Mortgage Loans Payable ........ $41,333 $41,373 $41,892 $40,000
------- ------- ------- -------
Total ......................... $41,333 $41,373 $41,892 $40,000
======= ======= ======= =======
The fair value of the Other Real Estate Partnerships' mortgage loans
payable were determined by discounting the future cash flows using the current
rates at which similar loans would be made to borrowers with similar credit
ratings and for the same remaining maturities.
The following is a schedule of maturities of the mortgage loans for the
next five years ending December 31, and thereafter:
Amount
-------
2001 $ 568
2002 610
2003 1,802
2004 679
2005 739
Thereafter 36,716
-------
Total $41,114
=======
5. STOCKHOLDERS' EQUITY
Preferred Stock
In 1995, the Company issued 1,650,000 shares of 9.5%, $.01 par value,
Series A Cumulative Preferred Stock (the "Series A Preferred Stock") at an
initial offering price of $25 per share. Dividends on the Series A Preferred
Stock are cumulative from the date of initial issuance and are payable quarterly
in arrears. The payment of dividends and amounts upon liquidation, dissolution
or winding up ranks senior to the payments on the Company's $.01 par value
common stock ("Common Stock"). The Series A Preferred Stock is not redeemable
prior to November 17, 2000. On or after November 17, 2000, the Series A
Preferred Stock is redeemable for cash at the option of the Other Real Estate
Partnerships, in whole or in part, at $25.00 per share, or $41,250 in the
aggregate, plus dividends accrued and unpaid to the redemption date (See Note
13). The Series A Preferred Stock has no stated maturity and is not convertible
into any other securities of the Company. The Company contributed $41,250 to
First Industrial Securities Corporation, which contributed $41,250 to the
Securities Partnership for a preferred limited partnership interest.
The payment of dividends on, and payments on liquidation or redemption
of, the Series A Preferred Stock is guaranteed by the Securities Partnership
(the "Guarantor") pursuant to a Guarantee and Payment Agreement (the "Guarantee
Agreement"). To the extent the Company fails to make any payment of dividend or
pay any portion of the liquidation preference on or the redemption price of any
shares of Series A Preferred Stock, the Guarantor will be obligated to pay an
amount to each holder of Series A Preferred Stock equal to any such shortfall.
F-41
95
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
6. ACQUISITION AND DEVELOPMENT OF REAL ESTATE
In 1998, the Other Real Estate Partnerships acquired 27 properties
comprising approximately 1.4 million square feet (unaudited) of GLA and several
land parcels for a total purchase price of approximately $83,059 and completed
the development of five properties and two expansions comprising approximately
1.6 million square feet (unaudited) of GLA at a cost of approximately $48,676.
In 1999, the Other Real Estate Partnerships acquired four in-service
industrial properties and two industrial properties under redevelopment
comprising, in the aggregate, approximately 1.5 million square feet (unaudited)
of GLA and several land parcels for a total purchase price of approximately
$51,018 and completed the development of three properties comprising
approximately .7 million square feet (unaudited) of GLA at a cost of
approximately $21,726.
In 2000, the Other Real Estate Partnerships acquired one in-service
industrial property comprising approximately .2 million square feet (unaudited)
of GLA and several land parcels for a total purchase price of approximately
$9,222 and completed the development of six properties and one redevelopment
comprising approximately .5 million square feet (unaudited) of GLA at a cost of
approximately $22,160.
7. SALES OF REAL ESTATE AND REAL ESTATE HELD FOR SALE
In 1998, the Other Real Estate Partnerships sold five in-service
properties and several parcels of land. The aggregate gross sales price of these
sales totaled approximately $22,247. The gain on sales totaled approximately
$2,417.
In 1999, the Other Real Estate Partnerships sold 13 in-service
properties and several parcels of land. The aggregate gross sales price of these
sales totaled approximately $90,818. The gain on sales totaled approximately
$17,893.
In 2000, the Other Real Estate Partnerships sold four in-service
properties and several parcels of land. Gross proceeds from these sales totaled
approximately $29,667. The gain on sales totaled approximately $3,866.
The Other Real Estate Partnerships has an active sales program through
which they continually engage in identifying and evaluating its current
portfolio for potential sales candidates in order to redeploy capital. At
December 31, 2000, the Other Real Estate Partnerships had 11 industrial
properties comprising approximately 1.1 million square feet (unaudited) of GLA
held for sale. There can be no assurance that such properties held for sale will
be sold.
The following table discloses certain information regarding the 11
industrial properties held for sale by the Other Real Estate Partnerships.
YEAR ENDED
-----------------------------------------
2000 1999 1998
------- ------- -------
Total Revenues .............. $ 4,286 $ 4,208 $ 3,674
Operating Expenses .......... (1,044) (1,004) (832)
Depreciation and Amortization (458) (877) (753)
------- ------- -------
Income from Operations ...... $ 2,784 $ 2,327 $ 2,089
======= ======= =======
In 2000, the Other Real Estate Partnerships recognized a valuation
provision on real estate held for sale of $731 relating to the Other Real Estate
Partnerships' exit market portfolio of properties in Grand Rapids, Michigan. The
fair value was determined by a quoted market price less transaction costs.
8. ABANDONED PURSUIT COSTS CHARGE
The Other Real Estate Partnerships recorded an abandoned pursuit costs
charge of approximately $360 in 1998 related to abandoned acquisitions.
F-42
96
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
9. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS
Supplemental disclosure of cash flow information:
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2000 1999 1998
------------ ------------ ------------
Interest paid ................... $ 3,042 $3,091 $ 4,784
======= ====== =======
In conjunction with the property and land acquisitions, the following
assets and liabilities were assumed:
Purchase of real estate .... $ 9,222 $ 27,709 $ 74,697
Accounts payable and accrued
Expenses ................ -- (68) (830)
Mortgage loans ............. -- -- (2,378)
------- -------- --------
$ 9,222 $ 27,641 $ 71,489
======= ======== ========
In conjunction with the contribution of 173 properties from the Financing
Partnership to the Operating Partnership on January 2, 1998, the following
assets and liabilities were contributed:
Investment in real estate ..................... $ 382,190
Tenant accounts receivable .................... 3,017
Deferred rent receivable ...................... 4,689
Other assets .................................. 6,209
Accounts payable and accrued expenses ......... (5,920)
Rents received in advance and security deposits (2,538)
---------
Investments in other real estate partnerships . $ 387,647
=========
In conjunction with the distribution of four properties from the
Operating Partnership to the Securities Partnership during 1999, the following
assets and liabilities were assumed:
Investment in real estate, net $ 10,387
Tenant accounts receivable (21)
Deferred rent receivable 40
Other assets, net 17
Accounts payable and accrued expenses (100)
--------
Investment in other real estate partnerships $ 10,323
========
10. FUTURE RENTAL REVENUES
The Other Real Estate Partnerships' properties are leased to tenants
under net and semi-net operating leases. Minimum lease payments receivable,
excluding tenant reimbursements of expenses, under noncancelable operating
leases in effect as of December 31, 2000 are approximately as follows:
2001 ...... $ 45,947
2002 ...... 39,365
2003 ...... 31,995
2004 ...... 23,799
2005 ...... 16,240
Thereafter 70,103
--------
Total $227,449
========
11. RELATED PARTY TRANSACTIONS
Periodically, the Other Real Estate Partnerships utilizes real estate
brokerage services from CB Richard Ellis, Inc., for which a relative of one of
the Company's officers/Directors is an employee.
On September 15, 1999, the Other Real Estate Partnerships sold nine
industrial properties to an entity whose Chairman of the Board of Directors is
also Chairman of the Board of Directors of the Company. The gross proceeds from
the sales of these nine industrial properties approximated $39,475 and the gain
on sales approximated $14,552.
F-43
97
OTHER REAL ESTATE PARTNERSHIPS
NOTES TO COMBINED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS)
12. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Other Real Estate Partnerships
are involved in legal actions arising from the ownership of its properties. In
management's opinion, the liabilities, if any, that may ultimately result from
such legal actions are not expected to have a materially adverse effect on the
combined financial position, operations or liquidity of the Other Real Estate
Partnerships.
Five properties have leases granting the tenants options to purchase
the property. Such options are exercisable at various times and at appraised
fair market value or at a fixed purchase price generally in excess of the Other
Real Estate Partnerships' depreciated cost of the asset. The Other Real Estate
Partnerships have no notice of any exercise of any tenant purchase option.
The Other Real Estate Partnerships have committed to the construction
of eight development projects totaling approximately 2.2 million square feet
(unaudited) of GLA. The estimated total construction costs are approximately
$75.5 million (unaudited). These developments are expected to be funded with
capital contributions from the Operating Partnership.
13. SUBSEQUENT EVENTS (UNAUDITED)
During the period January 1, 2001 through March 23, 2001, the Other
Real Estate Partnerships acquired eight industrial properties for a total
estimated investment of approximately $27,880. The Other Real Estate
Partnerships also sold one industrial property and one land parcel for
approximately $1,780 of gross proceeds.
On March 9, 2001, the Company called the redemption of all its
outstanding Series A Preferred Stock at the price of $25.00 per share, plus
accrued and unpaid dividends. The redemption date will be April 9, 2001. Such
redemption will result in a corresponding redemption of First Industrial
Securities Corporation's preferred limited partnership interest in the
Securities Partnership.
F-44
98
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of
First Industrial, L.P.
Our audits of the consolidated financial statements referred to in our report
dated February 9, 2001 of First Industrial, L.P. which report and consolidated
financial statements are included in this Annual Report on Form 10-K also
included an audit of the financial statement schedule listed in the Index to
Financial Statements and Financial Statement Schedule on page F-1 of this Form
10-K. In our opinion, this financial statement schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction
with the related consolidated financial statements.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 9, 2001
S-1
99
CONSOLIDATED OPERATING PARTNERSHIP
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As Of December 31, 2000
(Dollars in thousands)
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
ATLANTA
- -------
1650 GA Highway 155 Atlanta, GA 788 4,544 335
14101 Industrial Park Boulevard Atlanta, GA 285 1,658 532
801-804 Blacklawn Road Atlanta, GA 361 2,095 227
1665 Dogwood Drive Atlanta, GA 635 3,662 222
1715 Dogwood Drive Atlanta, GA 288 1,675 216
11235 Harland Drive Atlanta, GA 125 739 52
700 Westlake Parkway Atlanta, GA 213 1,551 626
800 Westlake Parkway Atlanta, GA 450 2,645 531
4050 Southmeadow Parkway Atlanta, GA 401 2,813 166
4051 Southmeadow Parkway Atlanta, GA 697 3,486 865
4071 Southmeadow Parkway Atlanta, GA 750 4,460 772
4081 Southmeadow Parkway Atlanta, GA 1,012 5,450 687
1875 Rockdale Industrial Blvd. Atlanta, GA 386 2,264 209
3312 N. Berkeley Lake Road Duluth, GA 2,937 16,644 1,585
370 Great Southwest Parkway (k) Atlanta, GA 527 2,984 489
955 Cobb Place Kennesaw, GA 780 4,420 170
1640 Sands Place Marietta, GA 162 920 179
7000 Highland Parkway Smyrna, GA 761 4,213 107
2084 Lake Industrial Court Conyers, GA 662 -- 4,717
1003 Sigman Road Conyers, GA 499 2,761 95
220 Greenwood McDonough, GA 2,015 -- 9,102
BALTIMORE
- ---------
3431 Benson Baltimore, MD 553 3,062 108
1801 Portal Baltimore, MD 251 1,387 168
1811 Portal Baltimore, MD 327 1,811 347
1831 Portal Baltimore, MD 268 1,486 453
1821 Portal Baltimore, MD 430 2,380 1,401
1820 Portal Baltimore, MD (h) 884 4,891 455
4845 Governers Way Frederick, MD 810 4,487 131
8900 Yellow Brick Road Baltimore, MD 447 2,473 238
7476 New Ridge Hanover, MD 394 2,182 155
1328 Charwood Road Hanover, MD 717 3,968 765
8779 Greenwood Place Savage, MD 704 3,896 168
1350 Blair Drive Odenton, MD 301 1,706 52
1360 Blair Drive Odenton, MD 321 1,820 54
1370 Blair Drive Odenton, MD 381 2,161 65
BALTIMORE
- ---------
11200 Industriplex Blvd. Baton Rouge, LA 463 2,624 994
11441 Industriplex Blvd. Baton Rouge, LA 331 1,874 568
11301 Industriplex Blvd. Baton Rouge, LA 265 1,499 304
6565 Exchequer Drive Baton Rouge, LA 409 2,319 182
CENTRAL PENNSYLVANIA
- --------------------
125 East Kensinger Drive Cranberry Township, PA 585 -- 3,286
CHICAGO
- -------
2300 Hammond Drive Schaumburg, IL 442 1,241 1,085
6500 North Lincoln Avenue Lincolnwood, IL 613 1,336 1,967
3600 West Pratt Avenue Lincolnwood, IL 1,050 5,767 498
917 North Shore Drive Lake Bluff, IL 556 3,212 47
6750 South Sayre Avenue Bedford Park, IL 224 1,309 102
585 Slawin Court Mount Prospect, IL 611 3,505 10
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
----------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES(YEARS)
- ---------------- ---- ------------ ----- -------- ----------- ------------
ATLANTA
- -------
1650 GA Highway 155 788 4,879 5,667 888 1991 (r)
14101 Industrial Park Boulevard 285 2,190 2,475 307 1984 (r)
801-804 Blacklawn Road 361 2,322 2,683 515 1982 (r)
1665 Dogwood Drive 635 3,884 4,519 609 1973 (r)
1715 Dogwood Drive 288 1,891 2,179 367 1973 (r)
11235 Harland Drive 125 791 916 137 1988 (r)
700 Westlake Parkway 224 2,166 2,390 421 1990 (r)
800 Westlake Parkway 479 3,147 3,626 590 1991 (r)
4050 Southmeadow Parkway 425 2,955 3,380 499 1991 (r)
4051 Southmeadow Parkway 726 4,322 5,048 795 1989 (r)
4071 Southmeadow Parkway 828 5,154 5,982 862 1991 (r)
4081 Southmeadow Parkway 1,157 5,992 7,149 999 1989 (r)
1875 Rockdale Industrial Blvd. 387 2,472 2,859 378 1966 (r)
3312 N. Berkeley Lake Road 3,052 18,114 21,166 2,185 1969 (r)
370 Great Southwest Parkway (k) 546 3,454 4,000 461 1996 (r)
955 Cobb Place 804 4,566 5,370 380 1991 (r)
1640 Sands Place 166 1,095 1,261 82 1977 (r)
7000 Highland Parkway 696 4,385 5,081 334 1998 (r)
2084 Lake Industrial Court 804 4,575 5,379 28 1998 (r)
1003 Sigman Road 506 2,849 3,355 83 1996 (r)
220 Greenwood 2,015 9,102 11,117 -- 2000 (r)
BALTIMORE
- ---------
3431 Benson 562 3,161 3,723 216 1988 (r)
1801 Portal 271 1,535 1,806 105 1987 (r)
1811 Portal 354 2,131 2,485 178 1987 (r)
1831 Portal 290 1,917 2,207 142 1990 (r)
1821 Portal 467 3,744 4,211 283 1986 (r)
1820 Portal 899 5,331 6,230 351 1982 (r)
4845 Governers Way 824 4,604 5,428 315 1988 (r)
8900 Yellow Brick Road 475 2,683 3,158 187 1982 (r)
7476 New Ridge 401 2,330 2,731 157 1987 (r)
1328 Charwood Road 715 4,735 5,450 230 1986 (r)
8779 Greenwood Place 727 4,041 4,768 135 1978 (r)
1350 Blair Drive 313 1,746 2,059 4 1991 (r)
1360 Blair Drive 329 1,866 2,195 4 1991 (r)
1370 Blair Drive 391 2,216 2,607 4 1991 (r)
BATON ROUGE
- -----------
11200 Industriplex Blvd. 610 3,471 4,081 170 1986 (r)
11441 Industriplex Blvd. 384 2,389 2,773 193 1987 (r)
11301 Industriplex Blvd. 305 1,763 2,068 103 1985 (r)
6565 Exchequer Drive 421 2,489 2,910 174 1986 (r)
CENTRAL PENNSYLVANIA
- --------------------
125 East Kensinger Drive 1,341 2,530 3,871 -- 2000 (r)
CHICAGO
- -------
2300 Hammond Drive 445 2,323 2,768 1,529 1970 (r)
6500 North Lincoln Avenue 625 3,291 3,916 1,490 1965/88 (r)
3600 West Pratt Avenue 1,050 6,265 7,315 1,079 1953/88 (r)
917 North Shore Drive 556 3,259 3,815 551 1974 (r)
6750 South Sayre Avenue 224 1,411 1,635 237 1975 (r)
585 Slawin Court 611 3,515 4,126 526 1992 (r)
S-2
100
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
2300 Windsor Court Addison, IL 688 3,943 635
3505 Thayer Court Aurora, IL 430 2,472 23
3600 Thayer Court Aurora, IL 636 3,645 178
736-776 Industrial Drive Elmhurst, IL 349 1,994 918
305-311 Era Drive Northbrook, IL 200 1,154 146
700-714 Landwehr Road Northbrook, IL 357 2,052 250
4330 South Racine Avenue Chicago, IL 448 1,893 231
13040 S. Crawford Ave. Alsip, IL 1,073 6,193 24
12241 Melrose Street Franklin Park, IL 332 1,931 1,085
12301-12325 S Laramie Ave Alsip, IL 650 3,692 413
6300 W. Howard Niles, IL 743 4,208 459
301 Hintz Wheeling, IL 160 905 71
301 Alice Wheeling, IL 218 1,236 76
410 W 169th Street South Holland, IL 462 2,618 211
11939 S Central Avenue Alsip, IL 1,208 6,843 199
405 East Shawmut La Grange, IL 368 2,083 35
1010-50 Sesame Street Bensenville, IL (e) 979 5,546 265
5555 West 70th Place Bedford Park, IL 146 829 89
3200-3250 South St. Louis (k) Chicago, IL 110 625 988
3110-3130 South St. Louis Chicago, IL 115 650 51
7301 South Hamlin Chicago, IL 149 846 336
7401 South Pulaski Chicago, IL 664 3,763 636
3900 West 74th Street Chicago, IL 137 778 284
7501 S. Pulaski Chicago, IL 360 2,038 609
385 Fenton Lane West Chicago, IL 868 4,918 149
335 Crossroad Parkway Bolingbrook, IL 1,560 8,840 988
10435 Seymour Avenue Franklin Park, IL 181 1,024 384
905 Paramount Batavia, IL 243 1,375 333
1005 Paramount Batavia, IL 282 1,600 324
34-45 Lake Street Northlake, IL 440 2,491 288
2120-24 Roberts Broadview, IL 220 1,248 173
4309 South Morgan Street Chicago, IL 750 4,150 260
405-17 University Drive Arlington Hgts, IL 265 1,468 113
3575 Stern Avenue St. Charles, IL 431 2,386 31
3810 Stern Avenue St. Charles, IL 589 3,262 42
3645 Swenson Avenue St. Charles, IL 263 1,456 19
315 Kirk road St. Charles, IL 1,404 7,774 98
550 Business Center Drive Mount Prospect, IL 266 1,473 18
700 Business Center Drive Mount Prospect, IL 270 1,492 18
555 Business Center Drive Mount Prospect, IL 241 1,336 18
800 Business Center Drive Mount Prospect, IL 631 3,493 45
580 Slawin Court Mount Prospect, IL 233 1,292 17
1150 Feehanville Drive Mount Prospect, IL 260 1,437 18
851 Feehanville Drive Mount Prospect, IL 269 1,487 19
1200 Business Center Drive Mount Prospect, IL 765 4,237 54
1331 Business Center Drive Mount Prospect, IL 235 1,303 17
1601 Feehanville Drive Mount Prospect, IL 434 2,402 29
3627 Stern Avenue St. Charles, IL 187 1,034 13
902 Feehanville Drive Mount Prospect, IL 316 1,750 24
1661 Feehanville Drive Mount Prospect, IL 985 5,455 75
CINCINNATI
- ----------
9900-9970 Princeton Cincinnati, OH (c) 545 3,088 1,031
2940 Highland Avenue Cincinnati, OH (c) 1,717 9,730 1,096
4700-4750 Creek Road Cincinnati, OH (c) 1,080 6,118 533
12072 Best Place Springboro, OH 426 -- 3,320
901 Pleasant Valley Drive Springboro, OH 304 1,721 301
4440 Mulhauser Road Cincinnati, OH 1,067 39 5,114
4434 Mulhauser Road Cincinnati, OH 444 16 4,264
9449 Glades Drive Hamilton, OH 464 -- 411
CLEVELAND
- ---------
6675 Parkland Blvd Cleveland, OH 548 3,103 173
COLUMBUS
- --------
3800 Lockbourne Industrial Columbus, OH 1,133 6,421 445
Parkway
3880 Groveport Road Columbus, OH 2,145 12,154 565
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
----------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- --------- -------------
2300 Windsor Court 696 4,570 5,266 933 1986 (r)
3505 Thayer Court 430 2,495 2,925 415 1989 (r)
3600 Thayer Court 636 3,823 4,459 714 1989 (r)
736-776 Industrial Drive 349 2,912 3,261 575 1975 (r)
305-311 Era Drive 205 1,295 1,500 235 1978 (r)
700-714 Landwehr Road 357 2,302 2,659 402 1978 (r)
4330 South Racine Avenue 468 2,104 2,572 1,417 1978 (r)
13040 S. Crawford Ave. 1,073 6,217 7,290 984 1976 (r)
12241 Melrose Street 469 2,879 3,348 473 1969 (r)
12301-12325 S Laramie Ave 659 4,096 4,755 519 1975 (r)
6300 W. Howard 789 4,621 5,410 399 1956/1964 (r)
301 Hintz 167 969 1,136 120 1960 (r)
301 Alice 225 1,305 1,530 161 1965 (r)
410 W 169th Street 476 2,815 3,291 336 1974 (r)
11939 S Central Avenue 1,229 7,021 8,250 649 1972 (r)
405 East Shawmut 369 2,117 2,486 194 1965 (r)
1010-50 Sesame Street 1,003 5,787 6,790 466 1976 (r)
5555 West 70th Place 157 907 1,064 73 1973 (r)
3200-3250 South St. Louis (k) 113 1,610 1,723 299 1968 (r)
3110-3130 South St. Louis 117 699 816 58 1968 (r)
7301 South Hamlin 151 1,180 1,331 94 1975/1986 (r)
7401 South Pulaski 669 4,394 5,063 375 1975/1986 (r)
3900 West 74th Street 139 1,060 1,199 98 1975/1986 (r)
7501 S. Pulaski 318 2,689 3,007 216 1975/1986 (r)
385 Fenton Lane 884 5,051 5,935 376 1990 (r)
335 Crossroad Parkway 1,599 9,789 11,388 736 1996 (r)
10435 Seymour Avenue 190 1,399 1,589 110 1967/1974 (r)
905 Paramount 252 1,699 1,951 120 1977 (r)
1005 Paramount 293 1,913 2,206 137 1978 (r)
34-45 Lake Street 455 2,764 3,219 196 1978 (r)
2120-24 Roberts 229 1,412 1,641 115 1960 (r)
4309 South Morgan Street 784 4,376 5,160 308 1975 (r)
405-17 University Drive 266 1,580 1,846 103 1977/1978 (r)
3575 Stern Avenue 436 2,412 2,848 5 1979/1984 (r)
3810 Stern Avenue 596 3,297 3,893 7 1985 (r)
3645 Swenson Avenue 266 1,472 1,738 3 1981 (r)
315 Kirk road 1,419 7,857 9,276 16 1969/1995 (r)
550 Business Center Drive 269 1,488 1,757 3 1984 (r)
700 Business Center Drive 272 1,508 1,780 3 1980 (r)
555 Business Center Drive 244 1,351 1,595 3 1981 (r)
800 Business Center Drive 638 3,531 4,169 7 1988/1999 (r)
580 Slawin Court 236 1,306 1,542 3 1985 (r)
1150 Feehanville Drive 262 1,453 1,715 3 1983 (r)
851 Feehanville Drive 272 1,503 1,775 3 1983 (r)
1200 Business Center Drive 774 4,282 5,056 9 1988/2000 (r)
1331 Business Center Drive 238 1,317 1,555 3 1985 (r)
1601 Feehanville Drive 438 2,427 2,865 5 1986/2000 (r)
3627 Stern Avenue 189 1,045 1,234 2 1979 (r)
902 Feehanville Drive 320 1,770 2,090 4 1983 (r)
1661 Feehanville Drive 997 5,518 6,515 11 1986 (r)
CINCINNATI
- ----------
9900-9970 Princeton 566 4,098 4,664 533 1970 (r)
2940 Highland Avenue 1,772 10,771 12,543 1,401 1969/1974 (r)
4700-4750 Creek Road 1,109 6,622 7,731 803 1960 (r)
12072 Best Place 443 3,303 3,746 340 1984 (r)
901 Pleasant Valley Drive 316 2,010 2,326 171 1984 (r)
4440 Mulhauser Road 655 5,565 6,220 324 1999 (r)
4434 Mulhauser Road 463 4,261 4,724 34 1999 (r)
9449 Glades Drive 477 398 875 -- 1999 (r)
CLEVELAND
- ---------
6675 Parkland Blvd 571 3,253 3,824 345 1991 (r)
COLUMBUS
- --------
3800 Lockbourne Industrial 1,116 6,883 7,999 627 1986 (r)
Parkway
3880 Groveport Road 2,165 12,699 14,864 1,322 1986 (r)
S-3
101
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
1819 North Walcutt Road Columbus, OH 810 4,590 236
4300 Cemetery Road Hilliard, OH 1,103 6,248 215
4115 Leap Road (k) Hilliard, OH 758 4,297 142
3300 Lockbourne Columbus, OH 708 3,920 123
DALLAS
- ------
1275-1281 Roundtable Drive Dallas, TX 148 839 (111)
2406-2416 Walnut Ridge Dallas, TX 178 1,006 44
12750 Perimiter Drive Dallas, TX 638 3,618 190
1324-1343 Roundtable Drive Dallas, TX 178 1,006 271
1405-1409 Avenue II East Grand Prairie, TX 118 671 (51)
2651-2677 Manana Dallas, TX 266 1,510 77
2401-2419 Walnut Ridge Dallas, TX 148 839 38
4248-4252 Simonton Farmers Ranch, TX 888 5,032 369
900-906 Great Southwest Pkwy Arlington, TX 237 1,342 229
2179 Shiloh Road Garland, TX 251 1,424 47
2159 Shiloh Road Garland, TX 108 610 28
2701 Shiloh Road Garland, TX 818 4,636 768
12784 Perimeter Drive (l) Dallas, TX 350 1,986 384
3000 West Commerce Dallas, TX 456 2,584 147
3030 Hansboro Dallas, TX 266 1,510 156
5222 Cockrell Hill Dallas, TX 296 1,677 90
405-407 113th Arlington, TX 181 1,026 101
816 111th Street Arlington, TX 251 1,421 62
1017-25 Jacksboro Highway Fort Worth, TX 97 537 68
7341 Dogwwod Park Richland Hills, TX 79 435 36
7427 Dogwwod Park Richland Hills, TX 96 532 54
7348-54 Tower Street Richland Hills, TX 88 489 42
7370 Dogwwod Park Richland Hills, TX 91 503 54
7339-41 Tower Street Richland Hills, TX 98 541 46
7437-45 Tower Street Richland Hills, TX 102 563 44
7331-59 Airport Freeway Richland Hills, TX 354 1,958 157
7338-60 Dogwwod Park Richland Hills, TX 106 587 65
7450-70 Dogwwod Park Richland Hills, TX 106 584 78
7423-49 Airport Freeway Richland Hills, TX 293 1,621 190
7400 Whitehall Street Richland Hills, TX 109 603 46
1602-1654 Terre Colony Dallas, TX 458 2,596 118
3330 Duncanville Road Dallas, TX 197 1,114 17
2001 110th Street Grand Prairie, TX 287 1,624 25
6851-6909 Snowden Road Fort Worth, TX 1,025 5,810 228
2351-2355 Merritt Drive Garland, TX 101 574 10
10575 Vista Park Dallas, TX 366 2,074 32
701-735 North Plano Road Richardson, TX 696 3,944 60
2259 Merritt Drive Garland, TX 96 544 9
2260 Merritt Drive Garland, TX 319 1,806 29
2220 Merritt Drive Garland, TX 352 1,993 32
2010 Merritt Drive Garland, TX 350 1,981 30
2363 Merritt Drive Garland, TX 73 412 7
2447 Merritt Drive Garland, TX 70 395 7
2465-2475 Merritt Drive Garland, TX 91 514 8
2485-2505 Merritt Drive Garland, TX 431 2,440 39
17919 Waterview Parkway Dallas, TX 833 4,718 71
4201 Highway 75 North Sherman, TX 300 1,700 29
2425 East Pioneer Drive Irving 263 1,488 288
1350 Avenue South Grand Prairie, TX 803 4,548 71
DAYTON
- ------
6094-6104 Executive Blvd Dayton, OH 181 1,025 134
6202-6220 Executive Blvd Dayton, OH 268 1,521 113
6268-6294 Executive Blvd Dayton, OH 255 1,444 160
5749-5753 Executive Blvd Dayton, OH 50 282 87
6230-6266 Executive Blvd Dayton, OH 271 1,534 351
2200-2224 Sandridge Road Moriane, OH 218 1,233 96
8119-8137 Uehling Lane Dayton, OH 103 572 14
DENVER
- ------
7100 North Broadway - 1 Denver, CO 201 1,141 235
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
------------------------------ ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- ----------- --------- ------------
1819 North Walcutt Road 831 4,805 5,636 393 1973 (r)
4300 Cemetery Road 1,160 6,406 7,566 453 1968 (r)
4115 Leap Road (k) 777 4,420 5,197 269 1977 (r)
3300 Lockbourne 710 4,041 4,751 227 1964 (r)
DALLAS
- ------
1275-1281 Roundtable Drive 117 759 876 66 1966 (r)
2406-2416 Walnut Ridge 183 1,045 1,228 80 1978 (r)
12750 Perimiter Drive 660 3,786 4,446 302 1979 (r)
1324-1343 Roundtable Drive 184 1,271 1,455 110 1972 (r)
1405-1409 Avenue II East 98 640 738 56 1969 (r)
2651-2677 Manana 275 1,578 1,853 123 1966 (r)
2401-2419 Walnut Ridge 153 872 1,025 67 1978 (r)
4248-4252 Simonton 920 5,369 6,289 416 1973 (r)
900-906 Great Southwest 270 1,538 1,808 112 1972 (r)
2179 Shiloh Road 256 1,466 1,722 112 1982 (r)
2159 Shiloh Road 110 636 746 49 1982 (r)
2701 Shiloh Road 923 5,299 6,222 417 1981 (r)
12784 Perimeter Drive 396 2,324 2,720 174 1981 (r)
3000 West Commerce 469 2,718 3,187 207 1980 (r)
3030 Hansboro 276 1,656 1,932 145 1971 (r)
5222 Cockrell Hill 306 1,757 2,063 135 1973 (r)
405-407 113th 185 1,123 1,308 98 1969 (r)
816 111th Street 258 1,476 1,734 116 1972 (r)
1017-25 Jacksboro Highway 103 599 702 32 1970 (r)
7341 Dogwwod Park 84 466 550 25 1973 (r)
7427 Dogwwod Park 102 580 682 31 1973 (r)
7348-54 Tower Street 94 525 619 28 1978 (r)
7370 Dogwwod Park 96 552 648 29 1987 (r)
7339-41 Tower Street 104 581 685 31 1980 (r)
7437-45 Tower Street 108 601 709 32 1977 (r)
7331-59 Airport Freeway 372 2,097 2,469 122 1987 (r)
7338-60 Dogwwod Park 112 646 758 36 1978 (r)
7450-70 Dogwwod Park 112 656 768 45 1985 (r)
7423-49 Airport Freeway 308 1,796 2,104 102 1985 (r)
7400 Whitehall Street 115 643 758 35 1981 (r)
1602-1654 Terre Colony 468 2,704 3,172 56 1987 (r)
3330 Duncanville Road 199 1,129 1,328 7 1973/93 (r)
2001 110th Street 290 1,646 1,936 10 1985/86 (r)
6851-6909 Snowden Road S 1,038 6,025 7,063 44 1986 (r)
2351-2355 Merritt Drive 103 582 685 4 1988 (r)
10575 Vista Park 371 2,101 2,472 13 1972/94 (r)
701-735 North Plano Road 705 3,995 4,700 25 1986 (r)
2259 Merritt Drive 97 552 649 4 1986/99 (r)
2260 Merritt Drive 323 1,831 2,154 11 1986/2000 (r)
2220 Merritt Drive 356 2,021 2,377 13 1986 (r)
2010 Merritt Drive 354 2,007 2,361 13 1986 (r)
2363 Merritt Drive 74 418 492 3 1986 (r)
2447 Merritt Drive 71 401 472 3 1986 (r)
2465-2475 Merritt Drive 92 521 613 3 1986 (r)
2485-2505 Merritt Drive 436 2,474 2,910 15 1987 (r)
17919 Waterview Parkway 843 4,779 5,622 30 1986 (r)
4201 Highway 75 North 304 1,725 2,029 25 1987 (r)
2425 East Pioneer Drive 266 1,773 2,039 25 1987 (r)
1350 Avenue South 813 4,609 5,422 67 1994 (r)
DAYTON
- ------
6094-6104 Executive Blvd 184 1,156 1,340 113 1975 (r)
6202-6220 Executive Blvd 275 1,627 1,902 168 1976 (r)
6268-6294 Executive Blvd 262 1,597 1,859 172 1989 (r)
5749-5753 Executive Blvd 53 366 419 59 1975 (r)
6230-6266 Executive Blvd 280 1,876 2,156 190 1979 (r)
2200-2224 Sandridge Road 223 1,324 1,547 112 1983 (r)
8119-8137 Uehling Lane 103 586 689 25 1978 (r)
DENVER
- ------
7100 North Broadway - 1 215 1,362 1,577 143 1978 (r)
S-4
102
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ----- ----------- ---------
7100 North Broadway - 2 Denver, CO 203 1,150 233
7100 North Broadway - 3 Denver, CO 139 787 73
7100 North Broadway - 5 Denver, CO 180 1,018 86
7100 North Broadway - 6 Denver, CO 269 1,526 119
20100 East 32nd Avenue Parkway Aurora, CO 333 1,888 231
15700-15820 West 6th Avenue Golden, Co 333 1,887 43
15850-15884 West 6th Avenue Golden, Co 201 1,139 45
5454 Washington Denver, CO 154 873 78
525 East 70th Street Denver, CO 68 384 8
565 East 70th Street Denver, CO 169 960 56
605 East 70th Street Denver, CO 192 1,089 70
625 East 70th Street Denver, CO 136 769 55
665 East 70th Street Denver, CO 136 768 38
700 West 48th Street Denver, CO 302 1,711 83
702 West 48th Street Denver, CO 135 763 131
800 East 73rd Denver, CO 225 1,273 101
850 East 73rd Denver, CO 177 1,005 97
6425 North Washington Denver, CO 374 2,118 153
3370 North Peoria Street Aurora, CO 163 924 169
3390 North Peoria Street Aurora, CO 145 822 37
3508-3538 North Peoria Street Aurora, CO 260 1,472 71
3568 North Peoria Street Aurora, CO 222 1,260 78
4785 Elati Denver, CO 173 981 86
4770 Fox Street Denver, CO 132 750 50
1550 W. Evans Denver, CO 388 2,200 83
3751-71 Revere Street Denver, CO 262 1,486 72
3871 Revere Denver, CO 361 2,047 58
5454 Havana Street Denver, CO 204 1,156 25
5500 Havana Street Denver, CO 167 946 20
4570 Ivy Street Denver, CO 219 1,239 132
5855 Stapleton Drive North Denver, CO 288 1,630 35
5885 Stapleton Drive North Denver, CO 376 2,129 124
5200-5280 North Broadway Denver, CO 169 960 113
5977-5995 North Broadway Denver, CO 268 1,518 40
2952-5978 North Broadway Denver, CO 414 2,346 295
6400 North Broadway Denver, CO 318 1,804 73
875 Parfer Street Lakewood, CO 288 1,633 82
4721 Ironton Street Denver, CO 232 1,313 172
833 Parfer Street Lakewood, CO 196 1,112 41
11005 West 8th Avenue Lakewood, CO 102 580 57
7100 North Broadway - 7 Denver, CO 215 1,221 181
7100 North Broadway - 8 Denver, CO 79 448 191
6804 East 48th Avenue Denver, CO 253 1,435 64
445 Bryant Street Denver, CO 1,831 10,219 517
East 47th Drive - A Denver, CO 474 2,689 120
7025 South Revere Parkway Denver, CO 558 3,177 169
9500 West 49th Street - A Wheatridge, CO 283 1,625 20
9500 West 49th Street - B Wheatridge, CO 225 1,272 16
9500 West 49th Street - C Wheatridge, CO 602 3,409 17
9500 West 49th Street - D Wheatridge, CO 271 1,537 131
8100 South Park Way - A Littleton, CO 442 2,507 314
8100 South Park Way - B Littleton, CO 103 582 155
8100 South Park Way - C Littleton, CO 568 3,219 159
451-591 East 124th Avenue Littleton, CO 383 2,145 36
14100 East Jewell Aurora, CO 395 2,240 216
14190 East Jewell Aurora, CO 199 1,126 125
608 Garrison Street Lakewood, CO 265 1,501 238
610 Garrison Street Lakewood, CO 264 1,494 252
1111 West Evans (A&C) Denver, CO 233 1,321 34
1111 West Evans (B) Denver, CO 30 169 5
15000 West 6th Avenue Golden, Co 913 5,174 314
14998 West 6th Avenue Bldg E Golden, Co 565 3,199 81
14998 West 6th Avenue Bldg F Englewood, CO 269 1,525 150
12503 East Euclid Drive Denver, CO 1,219 6,905 385
6547 South Racine Circle Denver, CO 748 4,241 288
7800 East Iliff Avenue Denver, CO 188 1,067 29
2369 South Trenton Way Denver, CO 292 1,656 147
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
-------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- --------- -------------
7100 North Broadway - 2 204 1,382 1,586 134 1978 (r)
7100 North Broadway - 3 140 859 999 90 1978 (r)
7100 North Broadway - 5 178 1,106 1,284 139 1978 (r)
7100 North Broadway - 6 271 1,643 1,914 171 1978 (r)
20100 East 32nd Avenue Parkway 314 2,138 2,452 361 1997 (r)
15700-15820 West 6th Avenue 318 1,945 2,263 167 1978 (r)
15850-15884 West 6th Avenue 206 1,179 1,385 97 1978 (r)
5454 Washington 156 949 1,105 96 1985 (r)
525 East 70th Street 69 391 460 32 1985 (r)
565 East 70th Street 172 1,013 1,185 94 1985 (r)
605 East 70th Street 194 1,157 1,351 104 1985 (r)
625 East 70th Street 137 822 959 73 1985 (r)
665 East 70th Street 137 805 942 73 1985 (r)
700 West 48th Street 307 1,789 2,096 155 1984 (r)
702 West 48th Street 139 890 1,029 99 1984 (r)
800 East 73rd 222 1,377 1,599 129 1984 (r)
850 East 73rd 179 1,100 1,279 99 1984 (r)
6425 North Washington 385 2,260 2,645 177 1983 (r)
3370 North Peoria Street 163 1,093 1,256 141 1978 (r)
3390 North Peoria Street 147 857 1,004 76 1978 (r)
3508-3538 North Peoria Street 264 1,539 1,803 139 1978 (r)
3568 North Peoria Street 225 1,335 1,560 137 1978 (r)
4785 Elati 175 1,065 1,240 95 1972 (r)
4770 Fox Street 134 798 932 67 1972 (r)
1550 W. Evans 385 2,286 2,671 190 1975 (r)
3751-71 Revere Street 267 1,553 1,820 132 1980 (r)
3871 Revere 368 2,098 2,466 170 1980 (r)
5454 Havana Street 207 1,178 1,385 96 1980 (r)
5500 Havana Street 169 964 1,133 78 1980 (r)
4570 Ivy Street 220 1,370 1,590 120 1985 (r)
5855 Stapleton Drive North 290 1,663 1,953 141 1985 (r)
5885 Stapleton Drive North 380 2,249 2,629 181 1985 (r)
5200-5280 North Broadway 171 1,071 1,242 94 1977 (r)
5977-5995 North Broadway 271 1,555 1,826 131 1978 (r)
2952-5978 North Broadway 422 2,633 3,055 207 1978 (r)
6400 North Broadway 325 1,870 2,195 151 1982 (r)
875 Parfer Street 293 1,710 2,003 137 1975 (r)
4721 Ironton Street 236 1,481 1,717 109 1969 (r)
833 Parfer Street 199 1,150 1,349 93 1974 (r)
11005 West 8th Avenue 104 635 739 50 1974 (r)
7100 North Broadway - 7 217 1,400 1,617 129 1985 (r)
7100 North Broadway - 8 80 638 718 48 1985 (r)
6804 East 48th Avenue 256 1,496 1,752 120 1973 (r)
445 Bryant Street 1,829 10,738 12,567 731 1960 (r)
East 47th Drive - A 441 2,842 3,283 309 1997 (r)
7025 South Revere Parkway 565 3,339 3,904 377 1997 (r)
9500 West 49th Street - A 286 1,642 1,928 169 1997 (r)
9500 West 49th Street - B 226 1,287 1,513 110 1997 (r)
9500 West 49th Street - C 600 3,428 4,028 296 1997 (r)
9500 West 49th Street - D 246 1,693 1,939 181 1997 (r)
8100 South Park Way - A 423 2,840 3,263 364 1997 (r)
8100 South Park Way - B 104 736 840 129 1984 (r)
8100 South Park Way - C 575 3,371 3,946 267 1984 (r)
451-591 East 124th Avenue 383 2,181 2,564 181 1979 (r)
14100 East Jewell 400 2,451 2,851 200 1980 (r)
14190 East Jewell 201 1,249 1,450 104 1980 (r)
608 Garrison Street 267 1,737 2,004 147 1984 (r)
610 Garrison Street 266 1,744 2,010 144 1984 (r)
1111 West Evans (A&C) 236 1,352 1,588 113 1986 (r)
1111 West Evans (B) 30 174 204 14 1986 (r)
15000 West 6th Avenue 916 5,485 6,401 458 1985 (r)
14998 West 6th Avenue Bldg E 568 3,277 3,845 282 1995 (r)
14998 West 6th Avenue Bldg F 271 1,673 1,944 172 1995 (r)
12503 East Euclid Drive 1,208 7,301 8,509 613 1986 (r)
6547 South Racine Circle 739 4,538 5,277 455 1996 (r)
7800 East Iliff Avenue 190 1,094 1,284 97 1983 (r)
2369 South Trenton Way 294 1,801 2,095 154 1983 (r)
S-5
103
COSTS
CAPITALIZED
SUBSEQUENT TO GROSS AMOUNT CARRIED
(b) ACQUISITION OR AT CLOSE OF PERIOD 12/31/00
INITIAL COST COMPLETION ---------------------------
LOCATION (a) ---------------- AND VALUATION BUILDING AND
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION LAND IMPROVEMENTS TOTAL
- ---------------- ------------ ------------ ----- --------- --------- ---- ------------ -----
2370 South Trenton Way Denver, CO 200 1,132 103 201 1,234 1,435
2422 S. Trenton Way Denver, CO 241 1,364 83 243 1,445 1,688
2452 South Trenton Way Denver, CO 421 2,386 64 426 2,445 2,871
651 Topeka Way Denver, CO 194 1,099 58 198 1,153 1,351
680 Atchinson Way Denver, CO 194 1,099 42 198 1,137 1,335
8122 South Park Lane - A Littleton, CO 394 2,232 168 398 2,396 2,794
8122 South Park Lane - B Littleton, CO 186 1,054 43 188 1,095 1,283
1600 South Abilene Aurora, CO 465 2,633 56 467 2,687 3,154
1620 South Abilene Aurora, CO 268 1,520 108 270 1,626 1,896
1640 South Abilene Aurora, CO 368 2,085 76 382 2,147 2,529
13900 East Florida Ave Aurora, CO 189 1,071 70 190 1,140 1,330
4301 South Federal Boulevard Englewood, CO 237 1,341 89 239 1,428 1,667
14401-14492 East 33rd Place Aurora, CO 445 2,519 175 440 2,699 3,139
11701 East 53rd Avenue Denver, CO 416 2,355 57 422 2,406 2,828
5401 Oswego Street Denver, CO 273 1,547 101 278 1,643 1,921
3811 Joliet Denver, CO 735 4,166 131 752 4,280 5,032
2630 West 2nd Avenue Denver, CO 53 299 (10) 51 291 342
2650 West 2nd Avenue Denver, CO 221 1,252 27 223 1,277 1,500
14818 West 6th Avenue Bldg A Golden, Co 494 2,799 242 486 3,049 3,535
14828 West 6th Avenue Bldg B Golden, Co 519 2,942 182 523 3,120 3,643
12055 E. 49th Ave/4955 Peoria Denver, CO 298 1,688 221 305 1,902 2,207
4940-4950 Paris Denver, CO 152 861 41 156 898 1,054
4970 Paris Denver, CO 95 537 22 97 557 654
5010 Paris Denver, CO 89 505 17 91 520 611
7367 South Revere Parkway Englewood, CO 926 5,124 158 934 5,274 6,208
10311 W. Hampden Ave Lakewood, CO 577 2,984 85 578 3,068 3,646
9195 6th Avenue Lakewood, CO 705 8 3,572 705 3,580 4,285
8200 East Park Meadows Drive (k) Lone Tree, CO 1,297 7,348 61 1,306 7,400 8,706
3250 Quentin (k) Aurora, CO 1,220 6,911 55 1,228 6,958 8,186
DES MOINES
- ----------
1500 East Washington Avenue Des Moines, IA 610 4,251 778 623 5,016 5,639
1600 East Washington Avenue Des Moines, IA 209 1,557 171 221 1,716 1,937
4121 McDonald Avenue Des Moines, IA 390 2,931 302 417 3,206 3,623
4141 McDonald Avenue Des Moines, IA 706 5,518 759 787 6,196 6,983
4161 McDonald Avenue Des Moines, IA 389 3,046 1,007 499 3,943 4,442
DETROIT
- -------
238 Executive Drive Troy, MI 52 173 479 100 604 704
256 Executive Drive Troy, MI 44 146 442 85 547 632
301 Executive Drive Troy, MI 71 293 614 133 845 978
449 Executive Drive Troy, MI 125 425 959 218 1,291 1,509
501 Executive Drive Troy, MI 71 236 644 129 822 951
451 Robbins Drive Troy, MI 96 448 990 192 1,342 1,534
700 Stephenson Highway Troy, MI 250 854 1,392 386 2,110 2,496
800 Stephenson Highway Troy, MI 558 2,341 2,203 654 4,448 5,102
1150 Stephenson Highway Troy, MI 178 966 307 200 1,251 1,451
1200 Stephenson Highway Troy, MI 246 1,115 633 284 1,710 1,994
1035 Crooks Road Troy, MI 114 414 543 143 928 1,071
1095 Crooks Road Troy, MI 331 1,017 1,018 360 2,006 2,366
1416 Meijer Drive Troy, MI 94 394 390 121 757 878
1624 Meijer Drive Troy, MI 236 1,406 796 373 2,065 2,438
1972 Meijer Drive Troy, MI 315 1,301 721 372 1,965 2,337
2112 Meijer Drive Troy, MI 141 714 733 229 1,359 1,588
1621 Northwood Drive Troy, MI 85 351 1,039 215 1,260 1,475
1707 Northwood Drive Troy, MI 95 262 1,154 239 1,272 1,511
1749 Northwood Drive Troy, MI 107 477 480 164 900 1,064
1788 Northwood Drive Troy, MI 50 196 461 103 604 707
1821 Northwood Drive Troy, MI 132 523 743 220 1,178 1,398
1826 Northwood Drive Troy, MI 55 208 394 103 554 657
1864 Northwood Drive Troy, MI 57 190 469 107 609 716
1921 Northwood Drive Troy, MI 135 589 1,299 291 1,732 2,023
2277 Elliott Avenue Troy, MI 48 188 496 104 628 732
2451 Elliott Avenue Troy, MI 78 319 839 164 1,072 1,236
2730 Research Drive Rochester Hills, MI 915 4,215 717 903 4,944 5,847
2791 Research Drive Rochester Hills, MI 557 2,731 288 560 3,016 3,576
2871 Research Drive Rochester Hills, MI 324 1,487 266 327 1,750 2,077
ACCUMULATED
DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ------------ --------- ------------
2370 South Trenton Way 119 1983 (r)
2422 S. Trenton Way 120 1983 (r)
2452 South Trenton Way 209 1983 (r)
651 Topeka Way 85 1985 (r)
680 Atchinson Way 84 1985 (r)
8122 South Park Lane - A 212 1986 (r)
8122 South Park Lane - B 91 1986 (r)
1600 South Abilene 222 1986 (r)
1620 South Abilene 148 1986 (r)
1640 South Abilene 175 1986 (r)
13900 East Florida Ave 91 1986 (r)
4301 South Federal Boulevard 133 1997 (r)
14401-14492 East 33rd Place 225 1979 (r)
11701 East 53rd Avenue 195 1985 (r)
5401 Oswego Street 148 1985 (r)
3811 Joliet 213 1977 (r)
2630 West 2nd Avenue 25 1970 (r)
2650 West 2nd Avenue 108 1970 (r)
14818 West 6th Avenue Bldg A 297 1985 (r)
14828 West 6th Avenue Bldg B 298 1985 (r)
12055 E. 49th Ave/4955 Peoria 166 1984 (r)
4940-4950 Paris 66 1984 (r)
4970 Paris 41 1984 (r)
5010 Paris 39 1984 (r)
7367 South Revere Parkway 399 1997 (r)
10311 W. Hampden Ave 124 1999 (r)
9195 6th Avenue 42 2000 (r)
8200 East Park Meadows Drive (k) 15 1984 (r)
3250 Quentin (k) 14 1984/2000 (r)
DES MOINES
- ----------
1500 East Washington Avenue 931 1987 (r)
1600 East Washington Avenue 270 1987 (r)
4121 McDonald Avenue 502 1977 (r)
4141 McDonald Avenue 961 1976 (r)
4161 McDonald Avenue 660 1979 (r)
DETROIT
- -------
238 Executive Drive 339 1973 (r)
256 Executive Drive 279 1974 (r)
301 Executive Drive 442 1974 (r)
449 Executive Drive 661 1975 (r)
501 Executive Drive 310 1984 (r)
451 Robbins Drive 693 1975 (r)
700 Stephenson Highway 1,042 1978 (r)
800 Stephenson Highway 2,174 1979 (r)
1150 Stephenson Highway 572 1982 (r)
1200 Stephenson Highway 839 1980 (r)
1035 Crooks Road 461 1980 (r)
1095 Crooks Road 844 1986 (r)
1416 Meijer Drive 356 1980 (r)
1624 Meijer Drive 961 1984 (r)
1972 Meijer Drive 828 1985 (r)
2112 Meijer Drive 640 1980 (r)
1621 Northwood Drive 765 1977 (r)
1707 Northwood Drive 583 1983 (r)
1749 Northwood Drive 498 1977 (r)
1788 Northwood Drive 345 1977 (r)
1821 Northwood Drive 658 1977 (r)
1826 Northwood Drive 307 1977 (r)
1864 Northwood Drive 328 1977 (r)
1921 Northwood Drive 927 1977 (r)
2277 Elliott Avenue 317 1975 (r)
2451 Elliott Avenue 594 1974 (r)
2730 Research Drive 1,985 1988 (r)
2791 Research Drive 1,173 1991 (r)
2871 Research Drive 681 1991 (r)
S-6
104
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
2911 Research Drive Rochester Hills, MI 505 2,136 397
3011 Research Drive Rochester Hills, MI 457 2,104 349
2870 Technology Drive Rochester Hills, MI 275 1,262 237
2890 Technology Drive Rochester Hills, MI 199 902 205
2900 Technology Drive Rochester Hills, MI 214 977 492
2920 Technology Drive Rochester Hills, MI 149 671 154
2930 Technology Drive Rochester Hills, MI 131 594 385
2950 Technology Drive Rochester Hills, MI 178 819 303
2960 Technology Drive Rochester Hills, MI 281 1,277 239
23014 Commerce Drive Farmington Hills, MI 39 203 193
23028 Commerce Drive Farmington Hills, MI 98 507 423
23035 Commerce Drive Farmington Hills, MI 71 355 215
23042 Commerce Drive Farmintgon Hills, MI 67 277 331
23065 Commerce Drive Farmington Hills, MI 71 408 193
23070 Commerce Drive Farmington Hills, MI 112 442 668
23079 Commerce Drive Farmington Hills, MI 68 301 217
23093 Commerce Drive Farmington Hills, MI 211 1,024 787
23135 Commerce Drive Farmington Hills, MI 146 701 283
23163 Commerce Drive Farmington Hills, MI 111 513 315
23177 Commerce Drive Farmington Hills, MI 175 1,007 654
23206 Commerce Drive Farmington Hills, MI 125 531 625
23290 Commerce Drive Farmington Hills, MI 124 707 640
23370 Commerce Drive Farmington Hills, MI 59 233 164
21477 Bridge Street Southfield, MI 244 1,386 273
32450 N Avis Drive Madison Heights, MI 281 1,590 420
32200 N Avis Drive Madison Heights, MI 408 2,311 156
11813 Hubbard Livonia, MI 177 1,001 42
11866 Hubbard Livonia, MI 189 1,073 29
12050-12300 Hubbard (k) Livonia, MI 425 2,410 457
38200 Plymouth Road Livonia, MI 1,215 -- 4,753
38220 Plymouth Road Livonia, MI 756 -- 5,386
38300 Plymouth Road Livonia, MI 729 -- 4,803
12707 Eckles Road Plymouth Township, MI 255 1,445 110
9300-9328 Harrison Rd Romulus, MI 147 834 133
9330-9358 Harrison Rd Romulus, MI 81 456 234
28420-28448 Highland Rd Romulus, MI 143 809 168
28450-28478 Highland Rd Romulus, MI 81 461 297
28421-28449 Highland Rd Romulus, MI 109 617 261
28451-28479 Highland Rd Romulus, MI 107 608 125
28825-28909 Highland Rd Romulus, MI 70 395 136
28933-29017 Highland Rd Romulus, MI 112 634 189
28824-28908 Highland Rd Romulus, MI 134 760 396
28932-29016 Highland Rd Romulus, MI 123 694 229
9710-9734 Harrison Rd Romulus, MI 125 706 141
9740-9772 Harrison Rd Romulus, MI 132 749 186
9840-9868 Harrison Rd Romulus, MI 144 815 158
9800-9824 Harrison Rd Romulus, MI 117 664 191
29265-29285 Airport Dr Romulus, MI 140 794 221
29185-29225 Airport Dr Romulus, MI 140 792 324
29149-29165 Airport Dr Romulus, MI 216 1,225 260
29101-29115 Airport Dr Romulus, MI 130 738 238
29031-29045 Airport Dr Romulus, MI 124 704 102
29050-29062 Airport Dr Romulus, MI 127 718 141
29120-29134 Airport Dr Romulus, MI 161 912 409
29200-29214 Airport Dr Romulus, MI 170 963 256
9301-9339 Middlebelt Rd Romulus, MI 124 703 146
26980 Trolley Industrial Drive Taylor, MI 450 2,550 424
28055 S. Wick Road Romulus, MI 195 1,080 339
12050-12200 Farmington Road Livonia, MI 201 1,115 152
33200 Capitol Avenue Livonia, MI 236 1,309 186
32975 Capitol Avenue Livonia, MI 135 748 93
2725 S. Industrial Highway Ann Arbor, MI 660 3,654 543
32920 Capitol Avenue Livonia, MI 76 422 86
32940 Capitol Avenue Livonia, MI 57 314 35
11862 Brookfield Avenue Livonia, MI 85 471 111
11923 Brookfield Avenue Livonia, MI 120 665 459
11965 Brookfield Avenue Livonia, MI 120 665 77
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
----------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- ----------- -------------
2911 Research Drive 504 2,534 3,038 999 1992 (r)
3011 Research Drive 457 2,453 2,910 1,006 1988 (r)
2870 Technology Drive 279 1,495 1,774 612 1988 (r)
2890 Technology Drive 206 1,100 1,306 425 1991 (r)
2900 Technology Drive 219 1,464 1,683 652 1992 (r)
2920 Technology Drive 153 821 974 309 1992 (r)
2930 Technology Drive 138 972 1,110 367 1991 (r)
2950 Technology Drive 185 1,115 1,300 449 1991 (r)
2960 Technology Drive 283 1,514 1,797 587 1992 (r)
23014 Commerce Drive 56 379 435 148 1983 (r)
23028 Commerce Drive 125 903 1,028 445 1983 (r)
23035 Commerce Drive 93 548 641 230 1983 (r)
23042 Commerce Drive 89 586 675 283 1983 (r)
23065 Commerce Drive 93 579 672 241 1983 (r)
23070 Commerce Drive 125 1,097 1,222 470 1983 (r)
23079 Commerce Drive 79 507 586 222 1983 (r)
23093 Commerce Drive 295 1,727 2,022 757 1983 (r)
23135 Commerce Drive 158 972 1,130 399 1986 (r)
23163 Commerce Drive 138 801 939 319 1986 (r)
23177 Commerce Drive 254 1,582 1,836 688 1986 (r)
23206 Commerce Drive 137 1,144 1,281 518 1985 (r)
23290 Commerce Drive 210 1,261 1,471 600 1980 (r)
23370 Commerce Drive 66 390 456 190 1980 (r)
21477 Bridge Street 253 1,650 1,903 277 1986 (r)
32450 N Avis Drive 286 2,005 2,291 273 1974 (r)
32200 N Avis Drive 411 2,464 2,875 324 1973 (r)
11813 Hubbard 180 1,040 1,220 131 1979 (r)
11866 Hubbard 191 1,100 1,291 135 1979 (r)
12050-12300 Hubbard (k) 428 2,864 3,292 492 1981 (r)
38200 Plymouth Road 1,231 4,737 5,968 451 1997 (r)
38220 Plymouth Road 706 5,436 6,142 379 1988 (r)
38300 Plymouth Road 835 4,697 5,532 332 1997 (r)
12707 Eckles Road 267 1,543 1,810 170 1990 (r)
9300-9328 Harrison Rd 154 960 1,114 108 1978 (r)
9330-9358 Harrison Rd 85 686 771 98 1978 (r)
28420-28448 Highland Rd 149 971 1,120 108 1979 (r)
28450-28478 Highland Rd 85 754 839 86 1979 (r)
28421-28449 Highland Rd 114 873 987 125 1980 (r)
28451-28479 Highland Rd 112 728 840 79 1980 (r)
28825-28909 Highland Rd 73 528 601 81 1981 (r)
28933-29017 Highland Rd 117 818 935 119 1982 (r)
28824-28908 Highland Rd 140 1,150 1,290 106 1982 (r)
28932-29016 Highland Rd 128 918 1,046 146 1982 (r)
9710-9734 Harrison Rd 130 842 972 127 1987 (r)
9740-9772 Harrison Rd 138 929 1,067 166 1987 (r)
9840-9868 Harrison Rd 151 966 1,117 117 1987 (r)
9800-9824 Harrison Rd 123 849 972 85 1987 (r)
29265-29285 Airport Dr 147 1,008 1,155 102 1983 (r)
29185-29225 Airport Dr 146 1,110 1,256 126 1983 (r)
29149-29165 Airport Dr 226 1,475 1,701 156 1984 (r)
29101-29115 Airport Dr 136 970 1,106 120 1985 (r)
29031-29045 Airport Dr 130 800 930 82 1985 (r)
29050-29062 Airport Dr 133 853 986 94 1986 (r)
29120-29134 Airport Dr 169 1,313 1,482 125 1986 (r)
29200-29214 Airport Dr 178 1,211 1,389 127 1985 (r)
9301-9339 Middlebelt Rd 130 843 973 89 1983 (r)
26980 Trolley Industrial Drive 463 2,961 3,424 232 1997 (r)
28055 S. Wick Road 195 1,419 1,614 133 1989 (r)
12050-12200 Farmington Road 215 1,253 1,468 84 1973 (r)
33200 Capitol Avenue 252 1,479 1,731 94 1977 (r)
32975 Capitol Avenue 144 832 976 54 1978 (r)
2725 S. Industrial Highway 704 4,153 4,857 353 1997 (r)
32920 Capitol Avenue 82 502 584 35 1973 (r)
32940 Capitol Avenue 61 345 406 22 1971 (r)
11862 Brookfield Avenue 91 576 667 34 1972 (r)
11923 Brookfield Avenue 128 1,116 1,244 121 1973 (r)
11965 Brookfield Avenue 128 734 862 53 1973 (r)
S-7
105
COSTS
CAPITALIZED
SUBSEQUENT TO GROSS AMOUNT CARRIED AT CLOSE
(b) ACQUISITION OR OF PERIOD 12/31/00
INITIAL COST COMPLETION ------------------------------
LOCATION (a) ------------------ AND VALUATION BUILDING AND
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION LAND IMPROVEMENTS TOTAL
- ---------------- ------------ ------------ ---- --------- ------------- ---- --------------- ------
34005 Schoolcraft Road Livonia, MI 107 592 86 114 671 785
13405 Stark Road Livonia, MI 46 254 34 49 285 334
1170 Chicago Road Troy, MI 249 1,380 137 266 1,500 1,766
1200 Chicago Road Troy, MI 268 1,483 141 286 1,606 1,892
450 Robbins Drive Troy, MI 166 920 92 178 1,000 1,178
556 Robbins Drive Troy, MI 59 329 38 64 362 426
1230 Chicago Road Troy, MI 271 1,498 142 289 1,622 1,911
12886 Westmore Avenue Livonia, MI 190 1,050 115 202 1,153 1,355
12898 Westmore Avenue Livonia, MI 190 1,050 110 202 1,148 1,350
33025 Industrial Road Livonia, MI 80 442 57 85 494 579
2002 Stephenson Highway Troy, MI 179 994 189 192 1,170 1,362
47711 Clipper Street Plymouth Twsp, MI 539 2,983 266 575 3,213 3,788
32975 Industrial Road Livonia, MI 160 887 115 171 991 1,162
32985 Industrial Road Livonia, MI 137 761 87 147 838 985
32995 Industrial Road Livonia, MI 160 887 90 171 966 1,137
12874 Westmore Avenue Livonia, MI 137 761 77 147 828 975
33067 Industrial Road Livonia, MI 160 887 112 171 988 1,159
1775 Bellingham Troy, MI 344 1,902 271 367 2,150 2,517
1785 East Maple Troy, MI 92 507 83 98 584 682
1807 East Maple Troy, MI 321 1,775 162 342 1,916 2,258
9800 Chicago Road Troy, MI 206 1,141 103 220 1,230 1,450
1840 Enterprise Drive Rochester Hills, MI 573 3,170 277 611 3,409 4,020
1885 Enterprise Drive Rochester Hills, MI 209 1,158 110 223 1,254 1,477
1935-55 Enterprise Drive (l) Rochester Hills, MI 1,285 7,144 823 1,371 7,881 9,252
5500 Enterprise Court Warren, MI 675 3,737 447 721 4,138 4,859
5800 Enterprise Court Warren, MI 202 1,117 142 215 1,246 1,461
750 Chicago Road Troy, MI 323 1,790 273 345 2,041 2,386
800 Chicago Road Troy, MI 283 1,567 168 302 1,716 2,018
850 Chicago Road Troy, MI 183 1,016 94 196 1,097 1,293
2805 S. Industrial Highway Ann Arbor, MI 318 1,762 178 340 1,918 2,258
6833 Center Drive Sterling Heights, MI 467 2,583 204 493 2,761 3,254
22731 Newman Street Dearborn, MI 542 3,001 166 547 3,162 3,709
32201 North Avis Drive Madison Heights, MI 345 1,911 102 349 2,009 2,358
1100 East Mandoline Road Madison Heights, MI 888 4,915 830 897 5,736 6,633
30081 Stephenson Highway Madison Heights, MI 271 1,499 348 274 1,844 2,118
1120 John A. Papalas Drive Lincoln Park, MI 586 3,241 415 593 3,649 4,242
36555 Ecorse Romulus, MI 600 - 9,469 685 9,384 10,069
6340 Middlebelt Romulus, MI 673 - 3,593 833 3,433 4,266
4872 S. Lapeer Road Lake Orion Twsp, MI 1,342 5,441 1,035 1,412 6,406 7,818
775 James L. Hart Parkway Ypsilanti, MI 348 1,536 871 604 2,151 2,755
1400 Allen Drive Troy, MI 209 1,154 23 212 1,174 1,386
1408 Allen Drive Troy, MI 151 834 17 153 849 1,002
1305 Stephenson Hwy Troy, MI 345 1,907 38 350 1,940 2,290
32505 Industrial Drive Madison Heights, MI 345 1,910 39 351 1,943 2,294
1799-1813 Northfield Drive (k) Rochester Hills, MI 481 2,665 55 490 2,711 3,201
GRAND RAPIDS
- ------------
2 84th Street SW (u) Grand Rapids, MI 117 685 241 107 936 1,043
100 84th Street SW(u) Grand Rapids, MI 255 1,477 (124) 212 1,396 1,608
511 76th Street SW(u) Grand Rapids, MI 758 4,355 (220) 671 4,222 4,893
553 76th Street SW(u) Grand Rapids, MI 32 191 164 20 367 387
555 76th Street SW(u) Grand Rapids, MI 776 4,458 (274) 723 4,237 4,960
2935 Walkent Court NW (u) Grand Rapids, MI 285 1,663 196 264 1,880 2,144
3300 Kraft Avenue SE Grand Rapids, MI 838 4,810 221 838 5,031 5,869
3366 Kraft Avenue SE Grand Rapids, MI 833 4,780 685 833 5,465 6,298
5001 Kendrick Court SE (u) Grand Rapids, MI 210 1,221 82 192 1,321 1,513
5050 Kendrick Court SE Grand Rapids, MI 1,721 11,433 4,580 1,721 16,013 17,734
5015 52nd Street SE Grand Rapids, MI 234 1,321 65 234 1,386 1,620
5025 28th Street Grand Rapids, MI 77 488 17 77 505 582
5079 33rd Street SE (u) Grand Rapids, MI 525 3,018 (59) 493 2,991 3,484
5333 33rd Street SE (u) Grand Rapids, MI 480 2,761 (88) 447 2,706 3,153
5130 Patterson Avenue SE (u) Grand Rapids, MI 137 793 (26) 127 777 904
3395 Kraft Avenue (u) Grand Rapids, MI 214 1,212 (27) 204 1,195 1,399
3427 Kraft Avenue (u) Grand Rapids, MI 157 892 (11) 152 886 1,038
HOUSTON
- -------
2102-2314 Edwards Street Houston, TX 348 1,973 875 381 2,815 3,196
ACCUMULATED
DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ------------- ---------- ------------
34005 Schoolcraft Road 44 1981 (r)
13405 Stark Road 19 1980 (r)
1170 Chicago Road 98 1983 (r)
1200 Chicago Road 105 1984 (r)
450 Robbins Drive 66 1976 (r)
556 Robbins Drive 23 1974 (r)
1230 Chicago Road 105 1996 (r)
12886 Westmore Avenue 80 1981 (r)
12898 Westmore Avenue 80 1981 (r)
33025 Industrial Road 32 1980 (r)
2002 Stephenson Highway 72 1986 (r)
47711 Clipper Street 209 1996 (r)
32975 Industrial Road 80 1984 (r)
32985 Industrial Road 54 1985 (r)
32995 Industrial Road 63 1983 (r)
12874 Westmore Avenue 54 1984 (r)
33067 Industrial Road 66 1984 (r)
1775 Bellingham 152 1987 (r)
1785 East Maple 37 1985 (r)
1807 East Maple 125 1984 (r)
9800 Chicago Road 80 1985 (r)
1840 Enterprise Drive 222 1990 (r)
1885 Enterprise Drive 82 1990 (r)
1935-55 Enterprise Drive 537 1990 (r)
5500 Enterprise Court 266 1989 (r)
5800 Enterprise Court 80 1987 (r)
750 Chicago Road 141 1986 (r)
800 Chicago Road 111 1985 (r)
850 Chicago Road 71 1984 (r)
2805 S. Industrial Highway 126 1990 (r)
6833 Center Drive 194 1998 (r)
22731 Newman Street 220 1985 (r)
32201 North Avis Drive 141 1974 (r)
1100 East Mandoline Road 379 1967 (r)
30081 Stephenson Highway 125 1967 (r)
1120 John A. Papalas Drive 271 1985 (r)
36555 Ecorse 578 1998 (r)
6340 Middlebelt 213 1998 (r)
4872 S. Lapeer Road 139 1999 (r)
775 James L. Hart Parkway 71 1999 (r)
1400 Allen Drive 2 1979 (r)
1408 Allen Drive 2 1979 (r)
1305 Stephenson Hwy 4 1979 (r)
32505 Industrial Drive 4 1979 (r)
1799-1813 Northfield Drive 6 1980 (r)
GRAND RAPIDS
- ------------
2 84th Street SW (u) 185 1986 (r)
100 84th Street SW(u) 291 1979 (r)
511 76th Street SW(u) 784 1986 (r)
553 76th Street SW(u) 142 1985 (r)
555 76th Street SW(u) 706 1987 (r)
2935 Walkent Court NW (u) 301 1991 (r)
3300 Kraft Avenue SE 855 1987 (r)
3366 Kraft Avenue SE 1,142 1987 (r)
5001 Kendrick Court SE (u) 211 1983 (r)
5050 Kendrick Court SE 2,409 1988 (r)
5015 52nd Street SE 214 1987 (r)
5025 28th Street 118 1967 (r)
5079 33rd Street SE (u) 488 1990 (r)
5333 33rd Street SE (u) 499 1991 (r)
5130 Patterson Avenue SE (u) 130 1987 (r)
3395 Kraft Avenue (u) 74 1985 (r)
3427 Kraft Avenue (u) 55 1985 (r)
HOUSTON
- -------
2102-2314 Edwards Street 263 1961 (r)
S-8
106
COSTS
CAPITALIZED
SUBSEQUENT TO GROSS AMOUNT CARRIED AT CLOSE
(b) ACQUISITION OR OF PERIOD 12/31/00
INITIAL COST COMPLETION ------------------------------
LOCATION (a) ------------------ AND VALUATION BUILDING AND
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION LAND IMPROVEMENTS TOTAL
- ---------------- ------------ ------------ ---- --------- ------------- ---- --------------- ------
4545 Eastpark Drive Houston, TX 235 1,331 163 240 1,489 1,729
3351 Ranch St Houston, TX 272 1,541 125 278 1,660 1,938
3851 Yale St Houston, TX 413 2,343 259 425 2,590 3,015
3337-3347 Ranch Street Houston, TX 227 1,287 259 233 1,540 1,773
8505 N Loop East Houston, TX 439 2,489 125 449 2,604 3,053
4749-4799 Eastpark Dr Houston, TX 594 3,368 251 611 3,602 4,213
4851 Homestead Road Houston, TX 491 2,782 441 504 3,210 3,714
3365-3385 Ranch Street Houston, TX 284 1,611 103 290 1,708 1,998
5050 Campbell Road Houston, TX 461 2,610 244 470 2,845 3,315
4300 Pine Timbers Houston, TX 489 2,769 468 499 3,227 3,726
10600 Hampstead Houston, TX 105 597 110 109 703 812
2300 Fairway Park Dr Houston, TX 86 488 118 89 603 692
7901 Blankenship Houston, TX 136 772 316 140 1,084 1,224
2500-2530 Fairway Park Drive Houston, TX 766 4,342 487 792 4,803 5,595
6550 Longpointe Houston, TX 362 2,050 420 370 2,462 2,832
1815 Turning Basin Dr Houston, TX 487 2,761 415 531 3,132 3,663
1819 Turning Basin Dr Houston, TX 231 1,308 376 251 1,664 1,915
4545 Mossford Dr Houston, TX 237 1,342 73 245 1,407 1,652
1805 Turning Basin Drive Houston, TX 564 3,197 507 616 3,652 4,268
7000 Empire Drive Houston, TX (g) 450 2,552 685 452 3,235 3,687
9777 West Gulfbank Drive Houston, TX (g) 1,217 6,899 691 1,216 7,591 8,807
9835A Genard Road Houston, TX 1,505 8,333 586 1,580 8,844 10,424
9835B Genard Road Houston, TX 245 1,357 153 256 1,499 1,755
16134 West Hardy Houston, TX 147 812 70 149 880 1,029
16216 West Hardy Houston, TX 125 692 14 127 704 831
10161 Harwin Drive Houston, TX 505 2,861 69 511 2,924 3,435
10165 Harwin Drive Houston, TX 218 1,234 174 220 1,406 1,626
10175 Harwin Drive Houston, TX 267 1,515 262 270 1,774 2,044
100 Donwick Drive The Woodlands, TX 825 4,675 129 843 4,786 5,629
INDIANAPOLIS
- ------------
2400 North Shadeland Indianapolis, IN 142 802 53 149 848 997
2402 North Shadeland Indianapolis, IN 466 2,640 293 489 2,910 3,399
7901 West 21st Street Indianapolis, IN 1,063 6,027 42 1,048 6,084 7,132
1445 Brookville Way Indianapolis, IN (c) 459 2,603 367 476 2,953 3,429
1440 Brookville Way Indianapolis, IN (c) 665 3,770 350 685 4,100 4,785
1240 Brookville Way Indianapolis, IN (c) 247 1,402 236 258 1,627 1,885
1220 Brookville Way Indianapolis, IN (c) 223 40 33 226 70 296
1345 Brookville Way Indianapolis, IN (d) 586 3,321 458 601 3,764 4,365
1350 Brookville Way Indianapolis, IN (c) 205 1,161 125 212 1,279 1,491
1341 Sadlier Circle E Dr Indianapolis, IN (d) 131 743 144 136 882 1,018
1322-1438 Sadlier Circle E Dr Indianapolis, IN (d) 145 822 177 152 992 1,144
1327-1441 Sadlier Circle E Dr Indianapolis, IN (d) 218 1,234 219 225 1,446 1,671
1304 Sadlier Circle E Dr Indianapolis, IN (d) 71 405 94 75 495 570
1402 Sadlier Circle E Dr Indianapolis, IN (d) 165 934 189 171 1,117 1,288
1504 Sadlier Circle E Dr Indianapolis, IN (d) 219 1,238 120 226 1,351 1,577
1311 Sadlier Circle E Dr Indianapolis, IN (d) 54 304 106 57 407 464
1365 Sadlier Circle E Dr Indianapolis, IN (d) 121 688 153 126 836 962
1352-1354 Sadlier Circle E Dr Indianapolis, IN (d) 178 1,008 204 184 1,206 1,390
1335 Sadlier Circle E Dr Indianapolis, IN (d) 81 460 67 85 523 608
1327 Sadlier Circle E Dr Indianapolis, IN (d) 52 295 37 55 329 384
1425 Sadlier Circle E Dr Indianapolis, IN (d) 21 117 28 23 143 166
1230 Brookville Way Indianapolis, IN (c) 103 586 49 109 629 738
6951 E 30th St Indianapolis, IN 256 1,449 288 265 1,728 1,993
6701 E 30th St Indianapolis, IN 78 443 40 82 479 561
6737 E 30th St Indianapolis, IN 385 2,181 269 398 2,437 2,835
1225 Brookville Way Indianapolis, IN 60 - 397 68 389 457
6555 E 30th St Indianapolis, IN 840 4,760 1,008 484 6,124 6,608
2432-2436 Shadeland Indianapolis, IN 212 1,199 267 230 1,448 1,678
8402-8440 E 33rd St Indianapolis, IN 222 1,260 220 230 1,472 1,702
8520-8630 E 33rd St Indianapolis, IN 326 1,848 379 336 2,217 2,553
8710-8768 E 33rd St Indianapolis, IN 175 993 260 187 1,241 1,428
3316-3346 N. Pagosa Court Indianapolis, IN 325 1,842 293 335 2,125 2,460
3331 Raton Court Indianapolis, IN 138 802 20 138 822 960
6751 E 30th St Indianapolis, IN 728 2,837 144 741 2,968 3,709
9210 East 146th Street Noblesville, IN 466 684 70 472 748 1,220
5902 Decatur Blvd Indianapolis, IN 2,517 - 16,948 2,549 16,916 19,465
ACCUMULATED
DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ------------- ---------- ------------
4545 Eastpark Drive 111 1972 (r)
3351 Ranch St 126 1970 (r)
3851 Yale St 193 1971 (r)
3337-3347 Ranch Street 116 1970 (r)
8505 N Loop East 190 1981 (r)
4749-4799 Eastpark Dr 270 1979 (r)
4851 Homestead Road 245 1973 (r)
3365-3385 Ranch Street 135 1970 (r)
5050 Campbell Road 213 1970 (r)
4300 Pine Timbers 235 1980 (r)
10600 Hampstead 49 1974 (r)
2300 Fairway Park Dr 41 1974 (r)
7901 Blankenship 91 1972 (r)
2500-2530 Fairway Park Drive 381 1974 (r)
6550 Longpointe 189 1980 (r)
1815 Turning Basin Dr 237 1980 (r)
1819 Turning Basin Dr 113 1980 (r)
4545 Mossford Dr 108 1975 (r)
1805 Turning Basin Drive 280 1980 (r)
7000 Empire Drive 311 1980 (r)
9777 West Gulfbank Drive 666 1980 (r)
9835A Genard Road 238 1980 (r)
9835B Genard Road 39 1980 (r)
16134 West Hardy 24 1984 (r)
16216 West Hardy 21 1984 (r)
10161 Harwin Drive 73 1979/81 (r)
10165 Harwin Drive 37 1979/81 (r)
10175 Harwin Drive 47 1979/81 (r)
100 Donwick Drive 90 1982 (r)
INDIANAPOLIS
- ------------
2400 North Shadeland 74 1970 (r)
2402 North Shadeland 268 1970 (r)
7901 West 21st Street 537 1985 (r)
1445 Brookville Way 393 1989 (r)
1440 Brookville Way 488 1990 (r)
1240 Brookville Way 254 1990 (r)
1220 Brookville Way 8 1990 (r)
1345 Brookville Way 475 1992 (r)
1350 Brookville Way 159 1994 (r)
1341 Sadlier Circle E Dr 101 1971/1992 (r)
1322-1438 Sadlier Circle E Dr 142 1971/1992 (r)
1327-1441 Sadlier Circle E Dr 187 1992 (r)
1304 Sadlier Circle E Dr 68 1971/1992 (r)
1402 Sadlier Circle E Dr 128 1970/1992 (r)
1504 Sadlier Circle E Dr 165 1971/1992 (r)
1311 Sadlier Circle E Dr 84 1971/1992 (r)
1365 Sadlier Circle E Dr 97 1971/1992 (r)
1352-1354 Sadlier Circle E Dr 165 1970/1992 (r)
1335 Sadlier Circle E Dr 62 1971/1992 (r)
1327 Sadlier Circle E Dr 38 1971/1992 (r)
1425 Sadlier Circle E Dr 17 1971/1992 (r)
1230 Brookville Way 76 1995 (r)
6951 E 30th St 218 1995 (r)
6701 E 30th St 58 1992 (r)
6737 E 30th St 300 1995 (r)
1225 Brookville Way 34 1997 (r)
6555 E 30th St 972 1969/1981 (r)
2432-2436 Shadeland 158 1968 (r)
8402-8440 E 33rd St 176 1977 (r)
8520-8630 E 33rd St 251 1976 (r)
8710-8768 E 33rd St 134 1979 (r)
3316-3346 N. Pagosa Court 261 1977 (r)
3331 Raton Court 94 1979 (r)
6751 E 30th St 242 1997 (r)
9210 East 146th Street 37 1978 (r)
5902 Decatur Blvd - 2000 (r)
S-9
107
COSTS
CAPITALIZED
SUBSEQUENT TO GROSS AMOUNT CARRIED AT CLOSE
(b) ACQUISITION OR OF PERIOD 12/31/00
INITIAL COST COMPLETION BUILDING AND
LOCATION (a) ------------------ AND VALUATION ------------------------------
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION LAND IMPROVEMENTS TOTAL
- ---------------- ------------ ------------ ---- --------- ------------- ---- --------------- ------
LONG ISLAND
- -----------
10 Edison Street Amityville, NY 183 1,036 58 183 1,094 1,277
100 Lauman Lane Hicksville, NY 159 901 379 159 1,280 1,439
35 Bloomingdale Road Hicksville, NY 190 1,076 144 190 1,220 1,410
15-39 Tec Street Hicksville, NY 164 930 134 177 1,051 1,228
100 Tec Street Hicksville, NY 237 1,340 273 268 1,582 1,850
51-89 Tec Street Hicksville, NY 184 1,043 43 185 1,085 1,270
502 Old Country Road Hicksville, NY 95 536 364 146 849 995
80-98 Tec Street Hicksville, NY 106 600 33 107 632 739
201-233 Park Avenue Hicksville, NY 295 1,673 187 295 1,860 2,155
160 Engineer Drive Hicksville, NY 84 479 77 85 555 640
260 Engineers Drive Hicksville, NY 264 1,494 381 274 1,865 2,139
87-119 Engineers Dr(l) Hicksville, NY 181 1,023 431 233 1,402 1,635
950-970 South Broadway Hicksville, NY 250 1,418 271 250 1,689 1,939
62 Alpha Plaza Hicksville, NY 155 877 53 159 926 1,085
90 Alpha Plaza Hicksville, NY 127 717 113 130 827 957
LOS ANGELES
- -----------
5220 Fourth Street Irwindale, CA 270 1,529 28 273 1,554 1,827
15705 Arrow Highway Irwindale, CA 157 892 19 159 909 1,068
15709 Arrow Highway Irwindale, CA 225 1,275 18 227 1,291 1,518
6407-6419 Alondra Blvd. Paramount, CA 137 774 26 140 797 937
6423-6431 Alondra Blvd. Paramount, CA 115 650 20 117 668 785
LOUISVILLE
- ----------
9001 Cane Run Road Louisville, KY 524 - 5,577 560 5,541 6,101
9101 Cane Road Louisville, KY 973 - 6,037 1,057 5,953 7,010
MILWAUKEE
- ---------
6523 N. Sydney Place Milwaukee, WI 172 976 152 176 1,124 1,300
8800 W Bradley Milwaukee, WI 375 2,125 134 388 2,246 2,634
1435 North 113th St Wauwatosa, WI 300 1,699 366 310 2,055 2,365
11217-43 W. Becher St West Allis, WI 148 841 122 155 956 1,111
2152 S 114th Street West Allis, WI 326 1,846 622 425 2,369 2,794
4560 N. 124th Street Wauwatosa, WI 118 667 84 129 740 869
12221 W. Feerick Street Wauwatosa, WI 210 1,190 172 221 1,351 1,572
4410-80 North 132nd Street Butler, WI 355 - 1,811 359 1,807 2,166
MINNEAPOLIS
- -----------
6507-6545 Cecilia Circle Bloomington, MN 357 1,320 755 386 2,046 2,432
1275 Corporate Center Drive Eagan, MN 80 357 70 93 414 507
1279 Corporate Center Drive Eagan, MN 105 357 98 109 451 560
2815 Eagandale Boulevard Eagan, MN 80 357 182 97 522 619
6201 West 111th Street Bloomington, MN 1,358 8,622 3,756 1,499 12,237 13,736
6403-6545 Cecilia Drive Bloomington, MN 366 1,363 657 395 1,991 2,386
6925-6943 Washington Avenue Edina, MN 117 504 886 237 1,270 1,507
6955-6973 Washington Avenue Edina, MN 117 486 518 207 914 1,121
7251-7279 Washington Avenue Edina, MN 129 382 445 182 774 956
7301-7329 Washington Avenue Edina, MN 174 391 508 193 880 1,073
7101 Winnetka Avenue North Brooklyn Park, MN 2,195 6,084 2,104 2,228 8,155 10,383
7600 Golden Triangle Drive Eden Prairie, MN 566 1,394 1,561 615 2,906 3,521
9901 West 74th Street Eden Prairie, MN 621 3,289 2,461 639 5,732 6,371
11201 Hampshire Avenue South Bloomington, MN 495 1,035 859 502 1,887 2,389
12220-12222 Nicollet Avenue Burnsville, MN 105 425 217 114 633 747
12250-12268 Nicollet Avenue Burnsville, MN 260 1,054 193 296 1,211 1,507
12224-12226 Nicollet Avenue Burnsville, MN 190 770 155 207 908 1,115
305 2nd Street Northwest Minneapolis, MN 460 2,744 63 460 2,807 3,267
980 Lone Oak Road Minneapolis, MN 683 4,103 546 683 4,649 5,332
990 Lone Oak Road Minneapolis, MN 883 5,575 409 873 5,994 6,867
1030 Lone Oak Road Minneapolis, MN 456 2,703 105 456 2,808 3,264
1060 Lone Oak Road Minneapolis, MN 624 3,700 466 624 4,166 4,790
5400 Nathan Lane Minneapolis, MN 749 4,461 46 749 4,507 5,256
6464 Sycamore Court Minneapolis, MN 457 2,730 105 457 2,835 3,292
10120 W 76th Street Eden Prairie, MN 315 1,804 173 315 1,977 2,292
7615 Golden Triangle Eden Prairie, MN 268 1,532 948 268 2,480 2,748
7625 Golden Triangle Eden Prairie, MN 415 2,375 547 415 2,922 3,337
ACCUMULATED
DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ------------- ---------- ------------
LONG ISLAND
- -----------
10 Edison Street 96 1971 (r)
100 Lauman Lane 127 1968 (r)
35 Bloomingdale Road 128 1962 (r)
15-39 Tec Street 120 1965 (r)
100 Tec Street 152 1965 (r)
51-89 Tec Street 137 1965 (r)
502 Old Country Road 62 1965 (r)
80-98 Tec Street 75 1965 (r)
201-233 Park Avenue 208 1962 (r)
160 Engineer Drive 75 1966 (r)
260 Engineers Drive 171 1966 (r)
87-119 Engineers Dr(l) 116 1966 (r)
950-970 South Broadway 204 1966 (r)
62 Alpha Plaza 75 1968 (r)
90 Alpha Plaza 68 1969 (r)
LOS ANGELES
- -----------
5220 Fourth Street 10 2000 (r)
15705 Arrow Highway 6 1987 (r)
15709 Arrow Highway 8 1987 (r)
6407-6419 Alondra Blvd. 5 1985 (r)
6423-6431 Alondra Blvd. 4 1985 (r)
LOUISVILLE
- ----------
9001 Cane Run Road 286 1998 (r)
9101 Cane Road 10 2000 (r)
MILWAUKEE
- ---------
6523 N. Sydney Place 145 1978 (r)
8800 W Bradley 256 1982 (r)
1435 North 113th St 316 1993 (r)
11217-43 W. Becher St 104 1979 (r)
2152 S 114th Street 193 1980 (r)
4560 N. 124th Street 66 1976 (r)
12221 W. Feerick Street 114 1971 (r)
4410-80 North 132nd Street 18 1999 (r)
MINNEAPOLIS
- -----------
6507-6545 Cecilia Circle 947 1981 (r)
1275 Corporate Center Drive 164 1990 (r)
1279 Corporate Center Drive 187 1990 (r)
2815 Eagandale Boulevard 212 1990 (r)
6201 West 111th Street 3,315 1987 (r)
6403-6545 Cecilia Drive 975 1980 (r)
6925-6943 Washington Avenue 751 1972 (r)
6955-6973 Washington Avenue 656 1972 (r)
7251-7279 Washington Avenue 574 1972 (r)
7301-7329 Washington Avenue 862 1972 (r)
7101 Winnetka Avenue North 3,512 1990 (r)
7600 Golden Triangle Drive 1,336 1989 (r)
9901 West 74th Street 1,681 1983/88 (r)
11201 Hampshire Avenue South 909 1986 (r)
12220-12222 Nicollet Avenue 217 1989/90 (r)
12250-12268 Nicollet Avenue 505 1989/90 (r)
12224-12226 Nicollet Avenue 375 1989/90 (r)
305 2nd Street Northwest 481 1991 (r)
980 Lone Oak Road 1,012 1992 (r)
990 Lone Oak Road 1,329 1989 (r)
1030 Lone Oak Road 486 1988 (r)
1060 Lone Oak Road 780 1988 (r)
5400 Nathan Lane 754 1990 (r)
6464 Sycamore Court 537 1990 (r)
10120 W 76th Street 311 1987 (r)
7615 Golden Triangle 512 1987 (r)
7625 Golden Triangle 474 1987 (r)
S-10
108
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
---------------- ------------ ------------ ----- ----------- ---------
2605 Fernbrook Lane North Plymouth, MN 443 2,533 372
12155 Nicollet Ave. Burnsville, MN 286 - 1,886
73rd Avenue North Brooklyn Park, MN 504 2,856 76
1905 W Country Road C Roseville, MN 402 2,278 67
2720 Arthur Street Roseville, MN 824 4,671 78
10205 51st Avenue North Plymouth, MN 180 1,020 70
4100 Peavey Road Chaska, MN 399 2,261 632
11300 Hamshire Ave South Bloomington, MN 527 2,985 562
375 Rivertown Drive Woodbury, MN 1,083 6,135 2,741
5205 Highway 169 Plymouth, MN 446 2,525 917
6451-6595 Citywest Parkway Eden Prairie, MN 525 2,975 759
7100-7190 Shady Oak Rd (l) Eden Prairie, MN 1,118 6,333 485
7500-7546 Washington Square Eden Prairie, MN 229 1,300 73
7550-7558 Washington Square Eden Prairie, MN 153 867 42
5240-5300 Valley Industrial Blvd S Eden Prairie, MN 362 2,049 744
1565 First Avenue NW New Brighton, MN 485 2,750 468
7125 Northland Terrace Brooklyn Park, MN 660 3,740 724
6900 Shady Oak Road Eden Prairie, MN 310 1,756 436
6477-6525 City West Parkway Eden Prairie, MN 810 4,590 221
1157 Valley Park Drive Shakopee, MN 760 - 4,540
500-530 Kasota Avenue SE Minneapolis, MN 415 2,354 425
770-786 Kasota Avenue SE Minneapolis, MN 333 1,888 153
800 Kasota Avenue SE Minneapolis, MN 524 2,971 610
2530-2570 Kasota Avenue St. Paul, MN 407 2,308 689
504 Malcolm Ave SE Minneapolis, MN 757 - 432
1150 Gateway Drive Shakopee, MN 697 - 5,126
5555 12th Avenue East Shakopee, MN 1,157 - 3,612
NASHVILLE
---------
417 Harding Industrial Drive Nashville, TN 653 4,583 1,575
3099 Barry Drive Portland, TN 418 2,368 53
3150 Barry Drive Portland, TN 941 5,333 289
5599 Highway 31 West Portland, TN 564 3,196 65
1650 Elm Hill Pike Nashville, TN 329 1,867 101
1821 Air Lane Drive Nashville, TN 151 858 78
1102 Appleton Drive Nashville, TN 154 873 16
1920 Air Lane Drive Nashville, TN 250 1,415 32
1931 Air Lane Drive Nashville, TN 491 2,785 206
470 Metroplex Drive (k) Nashville, TN 619 3,507 1,188
1150 Antiock Pike Nashville, TN 667 3,748 49
1630 Corporate Place La Vergne, TN 230 1,271 930
4640 Cummings Park Nashville, TN 360 2,040 45
211 Nesbitt North Nashville, TN 399 2,261 32
211 Nesbitt South Nashville, TN 400 2,266 106
211 Nesbitt West Nashville, TN 217 1,232 18
NORTHERN NEW JERSEY
-------------------
60 Ethel Road West Piscataway, NJ 252 1,426 246
70 Ethel Road West Piscataway, NJ 431 2,443 333
140 Hanover Avenue Hanover, NJ 457 2,588 368
601-629 Montrose Avenue South Plainfield, NJ 487 2,762 525
3 Marlen Hamilton, NJ 71 404 100
5 Marlen Hamilton, NJ 116 655 41
7 Marlen Hamilton, NJ 128 728 118
8 Marlen Hamilton, NJ 230 1,302 50
15 Marlen Hamilton, NJ 53 302 40
17 Marlen Hamilton, NJ 104 588 72
1 South Gold Drive Hamilton, NJ 106 599 44
5 South Gold Drive Hamilton, NJ 106 602 57
7 South Gold Drive Hamilton, NJ 32 182 43
8 South Gold Drive Hamilton, NJ 103 584 82
9 South Gold Drive Hamilton, NJ 60 342 47
11 South Gold Drive Hamilton, NJ 183 1,039 67
12 South Gold Drive Hamilton, NJ 84 475 88
9 Princess Road Lawrenceville, NJ 221 1,254 105
11 Princess Road Lawrenceville, NJ 491 2,780 264
15 Princess Road Lawrenceville, NJ 234 1,328 287
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
----------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- --------- -------------
2605 Fernbrook Lane North 445 2,903 3,348 583 1987 (r)
12155 Nicollet Ave. 288 1,884 2,172 234 1995 (r)
73rd Avenue North 512 2,924 3,436 347 1995 (r)
1905 W Country Road C 410 2,337 2,747 277 1993 (r)
2720 Arthur Street 832 4,741 5,573 563 1995 (r)
10205 51st Avenue North 187 1,083 1,270 135 1990 (r)
4100 Peavey Road 415 2,877 3,292 379 1988 (r)
11300 Hamshire Ave South 541 3,533 4,074 601 1983 (r)
375 Rivertown Drive 1,503 8,456 9,959 714 1996 (r)
5205 Highway 169 739 3,149 3,888 422 1960 (r)
6451-6595 Citywest Parkway 538 3,721 4,259 581 1984 (r)
7100-7190 Shady Oak Rd (l) 1,149 6,787 7,936 713 1982 (r)
7500-7546 Washington Square 235 1,367 1,602 140 1975 (r)
7550-7558 Washington Square 157 905 1,062 92 1973 (r)
5240-5300 Valley Industrial Blvd S 371 2,784 3,155 272 1975 (r)
1565 First Avenue NW 496 3,207 3,703 291 1978 (r)
7125 Northland Terrace 767 4,357 5,124 404 1996 (r)
6900 Shady Oak Road 340 2,162 2,502 182 1980 (r)
6477-6525 City West Parkway 819 4,802 5,621 405 1984 (r)
1157 Valley Park Drive 888 4,412 5,300 218 1997 (r)
500-530 Kasota Avenue SE 432 2,762 3,194 189 1976 (r)
770-786 Kasota Avenue SE 347 2,027 2,374 150 1976 (r)
800 Kasota Avenue SE 597 3,508 4,105 254 1976 (r)
2530-2570 Kasota Avenue 465 2,939 3,404 276 1976 (r)
504 Malcolm Ave SE 936 253 1,189 58 1976 (r)
1150 Gateway Drive 708 5,115 5,823 5 1999 (r)
5555 12th Avenue East 1,182 3,587 4,769 17 2000 (r)
NASHVILLE
- ---------
417 Harding Industrial Drive 763 6,048 6,811 1,491 1972 (r)
3099 Barry Drive 421 2,418 2,839 258 1995 (r)
3150 Barry Drive 980 5,583 6,563 596 1993 (r)
5599 Highway 31 West 571 3,254 3,825 346 1995 (r)
1650 Elm Hill Pike 332 1,965 2,297 173 1984 (r)
1821 Air Lane Drive 151 936 1,087 75 1984 (r)
1102 Appleton Drive 154 889 1,043 73 1984 (r)
1920 Air Lane Drive 251 1,446 1,697 140 1985 (r)
1931 Air Lane Drive 496 2,986 3,482 313 1984 (r)
470 Metroplex Drive (k) 626 4,688 5,314 402 1986 (r)
1150 Antiock Pike 669 3,795 4,464 313 1987 (r)
1630 Corporate Place 233 2,198 2,431 96 1999 (r)
4640 Cummings Park 365 2,080 2,445 65 1986 (r)
211 Nesbitt North 404 2,288 2,692 57 1983 (r)
211 Nesbitt South 405 2,367 2,772 69 1983 (r)
211 Nesbitt West 220 1,247 1,467 31 1985 (r)
NORTHERN NEW JERSEY
- -------------------
60 Ethel Road West 264 1,660 1,924 153 1982 (r)
70 Ethel Road West 451 2,756 3,207 228 1979 (r)
140 Hanover Avenue 469 2,944 3,413 396 1964/1988 (r)
601-629 Montrose Avenue N 512 3,262 3,774 290 1974 (r)
3 Marlen 74 501 575 59 1981 (r)
5 Marlen 121 691 812 60 1981 (r)
7 Marlen 136 838 974 76 1982 (r)
8 Marlen 235 1,347 1,582 104 1982 (r)
15 Marlen 58 337 395 29 1982 (r)
17 Marlen 110 654 764 59 1981 (r)
1 South Gold Drive 112 637 749 55 1973 (r)
5 South Gold Drive 113 652 765 62 1974 (r)
7 South Gold Drive 36 221 257 23 1976 (r)
8 South Gold Drive 109 660 769 56 1977 (r)
9 South Gold Drive 65 384 449 39 1980 (r)
11 South Gold Drive 192 1,097 1,289 96 1979 (r)
12 South Gold Drive 89 558 647 47 1980 (r)
9 Princess Road 234 1,346 1,580 125 1985 (r)
11 Princess Road 516 3,019 3,535 278 1985 (r)
15 Princess Road 247 1,602 1,849 253 1986 (r)
S-11
109
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) --------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
17 Princess Road Lawrenceville, NJ 342 1,936 69
220 Hanover Avenue Hanover, NJ 1,361 7,715 601
244 Shefield Street Mountainside, NJ 201 1,141 291
30 Troy Road Hanover, NJ 128 727 112
15 Leslie Court Hanover, NJ 126 716 42
20 Leslie Court Hanover, NJ 84 474 32
25 Leslie Court Hanover, NJ 512 2,899 222
130 Algonquin Parkway Hanover, NJ 157 888 75
150 Algonquin Parkway Hanover, NJ 85 479 131
55 Locust Avenue Roseland, NJ 535 3,034 182
31 West Forest Street (k) Englewood, NJ 941 5,333 848
25 World's Fair Drive Franklin, NJ 285 1,616 83
14 World's Fair Drive Franklin, NJ 483 2,735 428
16 World's Fair Drive Franklin, NJ 174 988 191
18 World's Fair Drive Franklin, NJ 123 699 44
23 World's Fair Drive Franklin, NJ 134 758 108
12 World's Fair Drive Franklin, NJ 572 3,240 325
49 Napoleon Court Franklin, NJ 230 1,306 69
50 Napoleon Court Franklin, NJ 149 842 41
22 World's Fair Drive Franklin, NJ 364 2,064 280
26 World's Fair Drive Franklin, NJ 361 2,048 168
24 World's Fair Drive Franklin, NJ 347 1,968 267
12 Wright Way Oakland, NJ 410 2,321 110
155 Pierce Street Sumerset, NJ 3 -- 2,903
20 World's Fair Drive Lot 13 Sumerset, NJ 9 -- 1,816
10 New Maple Road Pine Brook, NJ 2,250 12,750 153
60 Chapin Road Pine Brook, NJ 2,123 12,028 159
45 Route 46 Pine Brook, NJ 969 5,491 127
43 Route 46 Pine Brook, NJ 474 2,686 32
39 Route 46 Pine Brook, NJ 260 1,471 16
26 Chapin Road Pine Brook, NJ 956 5,415 75
30 Chapin Road Pine Brook, NJ 960 5,440 75
20 Hook Mountain Road Pine Brook, NJ 1,507 8,542 161
30 Hook Mountain Road Pine Brook, NJ 389 2,206 42
55 Route 46 Pine Brook, NJ 396 2,244 67
16 Chapin Rod Pine Brook, NJ 885 5,015 96
20 Chapin Road Pine Brook, NJ 1,134 6,426 123
NEW ORLEANS
- -----------
520-524 Elmwood Park Blvd (k) Jefferson, LA 926 5,248 714
125 Mallard St St. Rose, LA (f) 103 586 509
107 Mallard St. Rose, LA (f) 142 805 119
125 James Drive West St. Rose, LA (f) 246 1,392 354
161 James Drive West St. Rose, LA 129 730 281
150 James Drive East St. Rose, LA 334 1,890 259
115 James Drive West St. Rose, LA (f) 163 922 124
100 James Drive St. Rose, LA (f) 292 1,653 153
143 Mallard St St. Rose, LA (f) 143 812 182
160 James Drive East St. Rose, LA (f) 102 580 503
190 James Drive East St. Rose, LA (f) 205 1,160 331
120 Mallard St St. Rose, LA (f) 348 1,971 480
110 James Drive West St. Rose, LA (f) 143 812 316
150 Canvasback Dr St. Rose, LA 165 937 80
150 Teal Street St. Rose, LA 387 -- 2,100
PHOENIX
- -------
4655 McDowell Phoenix, AZ 800 -- 297
1045 South Edward Drive Tempe, AZ 390 2,160 47
PORTLAND
- --------
5687 International Way (m) Milwaukee, OR (j) 430 2,385 188
5795 SW Jean Road (l) Lake Oswego, OR 427 2,362 159
12130 NE Ainsworth Circle (k) Portland, OR 523 2,898 167
5509 NW 122nd Ave (k) Milwaukee, OR (i) 244 1,351 62
6105-6113 NE 92nd Avenue (m) Portland, OR 884 4,891 613
8727 NE Marx Drive (l) Portland, OR 580 3,210 430
3388 SE 20th St. Portland, OR 73 405 43
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
----------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- --------- ------------
17 Princess Road 345 2,002 2,347 198 1986 (r)
220 Hanover Avenue 1,420 8,257 9,677 726 1987 (r)
244 Shefield Street 210 1,423 1,633 142 1965/1986 (r)
30 Troy Road 134 833 967 74 1972 (r)
15 Leslie Court 132 752 884 66 1971 (r)
20 Leslie Court 88 502 590 44 1974 (r)
25 Leslie Court 526 3,107 3,633 269 1975 (r)
130 Algonquin Parkway 163 957 1,120 81 1973 (r)
150 Algonquin Parkway 89 606 695 46 1973 (r)
55 Locust Avenue 560 3,191 3,751 279 1980 (r)
31 West Forest Street 975 6,147 7,122 559 1978 (r)
25 World's Fair Drive 297 1,687 1,984 147 1986 (r)
14 World's Fair Drive 503 3,143 3,646 305 1980 (r)
16 World's Fair Drive 183 1,170 1,353 93 1981 (r)
18 World's Fair Drive 129 737 866 64 1982 (r)
23 World's Fair Drive 140 860 1,000 76 1982 (r)
12 World's Fair Drive 593 3,544 4,137 298 1981 (r)
49 Napoleon Court 238 1,367 1,605 106 1982 (r)
50 Napoleon Court 154 878 1,032 68 1982 (r)
22 World's Fair Drive 375 2,333 2,708 217 1983 (r)
26 World's Fair Drive 377 2,200 2,577 200 1984 (r)
24 World's Fair Drive 362 2,220 2,582 194 1984 (r)
12 Wright Way 424 2,417 2,841 211 1981 (r)
155 Pierce Street 436 2,470 2,906 (26) 1999 (r)
20 World's Fair Drive Lot 274 1,551 1,825 2 1999 (r)
10 New Maple Road 2,271 12,882 15,153 80 1973/1999 (r)
60 Chapin Road 2,142 12,168 14,310 76 1977/2000 (r)
45 Route 46 978 5,609 6,587 35 1974/1987 (r)
43 Route 46 478 2,714 3,192 17 1974/1987 (r)
39 Route 46 262 1,485 1,747 9 1970 (r)
26 Chapin Road 964 5,482 6,446 34 1983 (r)
30 Chapin Road 969 5,506 6,475 34 1983 (r)
20 Hook Mountain Road 1,534 8,676 10,210 54 1972/1984 (r)
30 Hook Mountain Road 396 2,241 2,637 14 1972/1987 (r)
55 Route 46 403 2,304 2,707 14 1978/1994 (r)
16 Chapin Rod 901 5,095 5,996 32 1987 (r)
20 Chapin Road 1,154 6,529 7,683 41 1987 (r)
NEW ORLEANS
- -----------
520-524 Elmwood Park Blvd 1,017 5,871 6,888 381 1986 (r)
125 Mallard St 134 1,064 1,198 135 1984 (r)
107 Mallard 150 916 1,066 64 1985 (r)
125 James Drive West 289 1,703 1,992 97 1990 (r)
161 James Drive West 135 1,005 1,140 176 1986 (r)
150 James Drive East 344 2,139 2,483 162 1986 (r)
115 James Drive West 172 1,037 1,209 63 1986 (r)
100 James Drive 312 1,786 2,098 168 1980 (r)
143 Mallard St 156 981 1,137 59 1982 (r)
160 James Drive East 146 1,039 1,185 102 1981 (r)
190 James Drive East 243 1,453 1,696 85 1987 (r)
120 Mallard St 384 2,415 2,799 169 1981 (r)
110 James Drive West 161 1,110 1,271 92 1983 (r)
150 Canvasback Dr 176 1,006 1,182 62 1986 (r)
150 Teal Street 387 2,100 2,487 8 1999 (r)
PHOENIX
- -------
4655 McDowell 840 257 1,097 5 2000 (r)
1045 South Edward Drive 394 2,203 2,597 83 1976
PORTLAND
- --------
5687 International Way (m) 440 2,563 3,003 168 1974 (r)
5795 SW Jean Road (l) 435 2,513 2,948 159 1985 (r)
12130 NE Ainsworth Circle (k) 533 3,055 3,588 186 1986 (r)
5509 NW 122nd Ave (k) 249 1,408 1,657 86 1995 (r)
6105-6113 NE 92nd Avenue (m) 957 5,431 6,388 309 1978 (r)
8727 NE Marx Drive (l) 603 3,617 4,220 209 1987 (r)
3388 SE 20th St. 76 445 521 27 1981 (r)
S-12
110
COSTS
CAPITALIZED
SUBSEQUENT TO
(b) ACQUISITION OR
INITIAL COST COMPLETION
LOCATION (a) ------------------- AND VALUATION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION
- ---------------- ------------ ------------ ---- --------- ---------
5962-5964 NE 87th Ave Portland, OR 72 398 31
116 SE Yamhill Portland, OR 38 208 22
9106 NE Marx Drive Portland, OR 40 223 72
11620 NE Ainsworth Circle Portland, OR 152 839 36
11824 NE Ainsworth Circle Portland, OR 166 916 52
12124 NE Ainsworth Circle Portland, OR 207 1,148 54
2715 SE Raymond Portland, OR 159 880 53
1645 NE 72nd Ave Portland, OR 116 641 41
1630 SE 8th Ave. Portland, OR 140 775 29
9044 NE Marx Drive Portland, OR 83 459 36
2443 SE 4th Ave. Portland, OR 157 870 47
711 SE Stark St. Portland, OR 42 233 24
11632 NE Ainsworth Circle Portland, OR 799 4,422 945
14699 NE Airport Way Portland, OR 242 1,340 51
SALT LAKE
- ---------
2255 South 300 West (p) Salt Lake City, UT 618 3,504 112
512 Lawndale Drive (q) Salt Lake City, UT 2,779 15,749 1,660
1270 West 2320 South West Valley, UT 138 784 97
1275 West 2240 South West Valley, UT 395 2,241 94
1288 West 2240 South West Valley, UT 119 672 71
2235 South 1300 West West Valley, UT 198 1,120 187
1293 West 2200 South West Valley, UT 158 896 117
1279 West 2200 South West Valley, UT 198 1,120 55
1272 West 2240 South West Valley, UT 336 1,905 90
1149 West 2240 South West Valley, UT 217 1,232 58
1142 West 2320 South West Valley, UT 217 1,232 173
1152 West 2240 South West Valley, UT 2,067 -- 3,957
SOUTHERN NEW JERSEY
- ---------------------
2-5 North Olnev Ave. Cherry Hill, NJ 284 1,524 48
2 Springdale Road Cherry Hill, NJ 127 701 19
4 Springdale Road (k) Cherry Hill, NJ 335 1,853 484
6 Springdale Road Cherry Hill, NJ 99 547 23
8 Springdale Road Cherry Hill, NJ 259 1,436 68
12 Springdale Road Cherry Hill, NJ 279 1,545 375
1 Esterbrook Lane Cherry Hill, NJ 43 238 8
16 Springdale Road Cherry Hill, NJ 241 1,336 60
5 Esterbrook Lane Cherry Hill, NJ 241 1,336 206
2 Pin Oak Lane Cherry Hill, NJ 317 1,757 79
6 Esterbrook Lane Cherry Hill, NJ 165 914 26
3 Computer Drive Cherry Hill, NJ 500 2,768 258
28 Springdale Road Cherry Hill, NJ 192 1,060 35
3 Esterbrook Lane Cherry Hill, NJ 199 1,102 261
4 Esterbrook Lane Cherry Hill, NJ 234 1,294 30
26 Springdale Road Cherry Hill, NJ 227 1,257 78
1 Keystone Ave. Cherry Hill, NJ 227 1,223 381
1919 Springdale Road Cherry Hill, NJ 232 1,286 66
21 Olnev Ave. Cherry Hill, NJ 69 380 20
19 Olnev Ave. Cherry Hill, NJ 202 1,119 581
2 Keystone Ave. Cherry Hill, NJ 216 1,194 273
18 Olnev Ave. Cherry Hill, NJ 250 1,382 53
22 Springdale Road Cherry Hill, NJ 526 2,914 536
1998 Springdale Road Cherry Hill, NJ 17 96 39
55 Carnegie Drive Cherry Hill, NJ 550 3,047 72
57 Carnegie Drive Cherry Hill, NJ 739 4,109 107
111 Whittendale Drive Morristown, NJ 515 2,916 55
ST. LOUIS
- ---------
2121 Chapin Industrial Drive Vinita Park, MO 606 4,384 1,254
1200 Andes Boulevard Olivette, MO 246 1,412 128
2462-2470 Schuetz Road St. Louis, MO 174 1,004 --
10431-10449 Midwest
Industrial Blvd. Olivette, MO 237 1,360 246
10751 Midwest
Industrial Blvd. Olivette, MO 193 1,119 63
11652-11666 Fairgrove
Industrial Blvd. St. Louis, MO 103 599 141
11674-11688 Fairgrove
Industrial Blvd. St. Louse, MO 118 689 39
2337 Centerline Drive Maryland Heights ,MO 216 1,242 343
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/00
--------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ---- ------------ ----- -------- --------- ------------
5962-5964 NE 87th Ave
116 SE Yamhill 75 426 501 25 1979 (r)
9106 NE Marx Drive 40 228 268 13 1974 (r)
11620 NE Ainsworth Circle 43 292 335 16 1969 (r)
11824 NE Ainsworth Circle 156 871 1,027 52 1992 (r)
12124 NE Ainsworth Circle 170 964 1,134 57 1992 (r)
2715 SE Raymond 212 1,197 1,409 72 1984 (r)
1645 NE 72nd Ave 163 929 1,092 55 1971 (r)
1630 SE 8th Ave. 120 678 798 40 1972 (r)
9044 NE Marx Drive 144 800 944 48 1968 (r)
2443 SE 4th Ave. 86 492 578 29 1986 (r)
711 SE Stark St. 161 913 1,074 54 1964 (r)
11632 NE Ainsworth Circle 45 254 299 15 1972 (r)
14699 NE Airport Way 928 5,238 6,166 282 1990 (r)
248 1,385 1,633 83 1998 (r)
SALT LAKE
- ---------
2255 South 300 West (p)
512 Lawndale Drive (q) 612 3,622 4,234 287 1980 (r)
1270 West 2320 South 2,774 17,414 20,188 1,419 1981 (r)
1275 West 2240 South 143 876 1,019 66 1986 (r)
1288 West 2240 South 408 2,322 2,730 172 1986 (r)
2235 South 1300 West 123 739 862 57 1986 (r)
1293 West 2200 South 204 1,301 1,505 93 1986 (r)
1279 West 2200 South 163 1,008 1,171 73 1986 (r)
1272 West 2240 South 204 1,169 1,373 86 1986 (r)
1149 West 2240 South 347 1,984 2,331 154 1986 (r)
1142 West 2320 South 225 1,282 1,507 95 1986 (r)
1152 West 2240 South 225 1,397 1,622 115 1987 (r)
2,114 3,910 6,024 68 1999 (r)
SOUTHERN NEW JERSEY
- ---------------------
2-5 North Olnev Ave.
2 Springdale Road 285 1,571 1,856 108 1963 (r)
4 Springdale Road (k) 127 720 847 49 1968 (r)
6 Springdale Road 336 2,336 2,672 145 1963 (r)
8 Springdale Road 99 570 669 39 1964 (r)
12 Springdale Road 260 1,503 1,763 102 1966 (r)
1 Esterbrook Lane 280 1,919 2,199 136 1965 (r)
16 Springdale Road 43 246 289 17 1965 (r)
5 Esterbrook Lane 242 1,395 1,637 95 1967 (r)
2 Pin Oak Lane 242 1,541 1,783 94 1966 (r)
6 Esterbrook Lane 318 1,835 2,153 133 1968 (r)
3 Computer Drive 166 939 1,105 64 1966 (r)
28 Springdale Road 501 3,025 3,526 200 1966 (r)
3 Esterbrook Lane 192 1,095 1,287 75 1967 (r)
4 Esterbrook Lane 200 1,362 1,562 93 1968 (r)
26 Springdale Road 234 1,324 1,558 91 1969 (r)
1 Keystone Ave. 228 1,334 1,562 89 1968 (r)
1919 Springdale Road 222 1,609 1,831 91 1969 (r)
21 Olnev Ave. 233 1,351 1,584 91 1970 (r)
19 Olnev Ave. 69 400 469 27 1969 (r)
2 Keystone Ave. 203 1,699 1,902 84 1971 (r)
18 Olnev Ave. 216 1,467 1,683 90 1966 (r)
22 Springdale Road 250 1,435 1,685 98 1974 (r)
1998 Springdale Road 527 3,449 3,976 284 1977 (r)
55 Carnegie Drive 18 134 152 34 1971 (r)
57 Carnegie Drive 552 3,117 3,669 214 1988 (r)
111 Whittendale Drive 741 4,214 4,955 291 1987 (r)
522 2,964 3,486 74 1991/96 (r)
ST. LOUIS
- ---------
2121 Chapin Industrial Drive
1200 Andes Boulevard 614 5,630 6,244 5,573 1969/87 (r)
2462-2470 Schuetz Road 319 1,467 1,786 235 1967 (r)
10431-10449 Midwest 174 1,004 1,178 163 1965 (r)
Industrial Blvd.
10751 Midwest 237 1,606 1,843 265 1967 (r)
Industrial Blvd.
11652-11666 Fairgrove 194 1,181 1,375 187 1965 (r)
Industrial Blvd.
11674-11688 Fairgrove 103 740 843 125 1966 (r)
Industrial Blvd.
2337 Centerline Drive 119 727 846 128 1967 (r)
216 1,585 1,801 232 1967 (r)
S-13
111
COSTS
CAPITALIZED
SUBSEQUENT TO GROSS AMOUNT CARRIED AT CLOSE
(b) ACQUISITION OR OF PERIOD 12/31/00
INITIAL COST COMPLETION --------------------------------
LOCATION (a) ------------------ AND VALUATION BUILDING AND
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION LAND IMPROVEMENTS TOTAL
- ---------------- ------------ ------------ ---- --------- ------------- ---- ------------ --------
6951 N Hanley(k) Hazelwood, MO 405 2,295 1,722 419 4,003 4,422
4560 Anglum Road Hazelwood, MO 150 849 205 161 1,043 1,204
2760 South 1st Street St. Louis, MO 800 - 4,720 822 4,698 5,520
TAMPA
- -----
6614 Adamo Drive Tampa, FL 177 1,005 54 181 1,055 1,236
202 Kelsey Tampa, FL 602 3,409 249 619 3,641 4,260
6202 Benjamin Road Tampa, FL 203 1,151 147 211 1,290 1,501
6204 Benjamin Road Tampa, FL 432 2,445 233 454 2,656 3,110
6206 Benjamin Road Tampa, FL 397 2,251 187 416 2,419 2,835
6302 Benjamin Road Tampa, FL 214 1,212 127 224 1,329 1,553
6304 Benjamin Road Tampa, FL 201 1,138 154 209 1,284 1,493
6306 Benjamin Road Tampa, FL 257 1,457 373 269 1,818 2,087
6308 Benjamin Road Tampa, FL 345 1,958 167 362 2,108 2,470
5313 Johns Road Tampa, FL 204 1,159 75 213 1,225 1,438
5602 Thompson Center Court Tampa, FL 115 652 111 120 758 878
5411 Johns Road Tampa, FL 230 1,304 162 241 1,455 1,696
5525 Johns Road Tampa, FL 192 1,086 65 200 1,143 1,343
5607 Johns Road Tampa, FL 102 579 56 110 627 737
5709 Johns Road Tampa, FL 192 1,086 67 200 1,145 1,345
5711 Johns Road Tampa, FL 243 1,376 161 255 1,525 1,780
4410 E Adamo Drive Tampa, FL 523 2,962 254 550 3,189 3,739
4420 E Adamo Drive Tampa, FL 127 718 95 134 806 940
4430 E Adamo Drive Tampa, FL 333 1,885 407 346 2,279 2,625
4440 E Adamo Drive Tampa, FL 348 1,975 133 362 2,094 2,456
4450 E Adamo Drive Tampa, FL 253 1,436 116 266 1,539 1,805
5453 W Waters Avenue Tampa, FL 71 402 80 82 471 553
5455 W Waters Avenue Tampa, FL 307 1,742 170 326 1,893 2,219
5553 W Waters Avenue Tampa, FL 307 1,742 188 326 1,911 2,237
5501 W Waters Avenue Tampa, FL 154 871 77 162 940 1,102
5503 W Waters Avenue Tampa, FL 71 402 32 75 430 505
5555 W Waters Avenue Tampa, FL 213 1,206 74 221 1,272 1,493
5557 W Waters Avenue Tampa, FL 59 335 27 62 359 421
5903 Johns Road Tampa, FL 88 497 69 93 561 654
4107 N Himes Avenue Tampa, FL 568 3,220 189 590 3,387 3,977
5461 W. Waters Ave Tampa, FL 261 - 1,154 265 1,150 1,415
10040 18th Street North Tampa, FL 653 - 2,742 700 2,695 3,395
5471 W. Waters Tampa, FL 572 798 89 574 885 1,459
5505 Johns Road #7 Tampa, FL 228 - 1,359 228 1,359 1,587
8110 Anderson Road Tampa, FL 644 - 3,439 684 3,399 4,083
8130 Anderson Road Tampa, FL 466 - 2,431 495 2,402 2,897
5481 W. Waters Avenue Tampa, FL 558 - 2,431 561 2,428 2,989
5483 W. Waters Avenue Tampa, FL 457 - 2,048 459 2,046 2,505
6702-6712 Benjamin Road(o) Tampa, FL 639 3,536 331 649 3,857 4,506
5905 Breckenridge Parkway Tampa, FL 189 1,070 15 191 1,083 1,274
5907 Breckenridge Parkway Tampa, FL 61 345 3 61 348 409
5909 Breckenridge Parkway Tampa, FL 173 980 9 174 988 1,162
5911 Breckenridge Parkway Tampa, FL 308 1,747 17 311 1,761 2,072
5910 Breckenridge Parkway Tampa, FL 436 2,472 24 440 2,492 2,932
5912 Breckenridge Parkway Tampa, FL 460 2,607 25 464 2,628 3,092
OTHER
- -----
2800 Airport Road(n) Denton, TX 369 1,935 1,572 490 3,386 3,876
3501 Maple Street Abilene, TX 67 1,057 941 260 1,805 2,065
4200 West Harry Street(l) Wichita, KS 193 2,224 1,751 528 3,640 4,168
Industrial Park No. 2 West Lebanon, NH 723 5,208 175 776 5,330 6,106
2675 Valley View Drive Shreveport, LA 144 - 5,210 259 5,095 5,354
6601 S. 33rd Street McAllen, TX 231 1,276 30 233 1,304 1,537
DEVELOPMENTS/REDEVELOPMENTS/VACANT LAND 64,974 3,452 7,644 63,063 13,007 76,070
-------- ---------- -------- -------- ---------- ----------
$357,497 $1,483,040 $352,691 $369,135 $1,824,093 $2,193,228(t)
======== ========== ======== ======== ========== ==========
ACCUMULATED
DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS 12/31/00 RENOVATED LIVES (YEARS)
- ---------------- ------------- ---------- ------------
6951 N Hanley(k) 609 1965 (r)
4560 Anglum Road 143 1970 (r)
2760 South 1st Street 257 1997 (r)
TAMPA
- -----
6614 Adamo Drive 83 1967 (r)
202 Kelsey 275 1989 (r)
6202 Benjamin Road 100 1981 (r)
6204 Benjamin Road 217 1982 (r)
6206 Benjamin Road 189 1983 (r)
6302 Benjamin Road 117 1983 (r)
6304 Benjamin Road 132 1984 (r)
6306 Benjamin Road 153 1984 (r)
6308 Benjamin Road 165 1984 (r)
5313 Johns Road 94 1991 (r)
5602 Thompson Center Court 55 1972 (r)
5411 Johns Road 110 1997 (r)
5525 Johns Road 88 1993 (r)
5607 Johns Road 49 1991 (r)
5709 Johns Road 88 1990 (r)
5711 Johns Road 147 1990 (r)
4410 E Adamo Drive 245 1990 (r)
4420 E Adamo Drive 66 1990 (r)
4430 E Adamo Drive 204 1987 (r)
4440 E Adamo Drive 161 1988 (r)
4450 E Adamo Drive 137 1969 (r)
5453 W Waters Avenue 36 1987 (r)
5455 W Waters Avenue 156 1987 (r)
5553 W Waters Avenue 150 1987 (r)
5501 W Waters Avenue 74 1990 (r)
5503 W Waters Avenue 34 1990 (r)
5555 W Waters Avenue 99 1990 (r)
5557 W Waters Avenue 28 1990 (r)
5903 Johns Road 44 1987 (r)
4107 N Himes Avenue 265 1990 (r)
5461 W. Waters Ave 57 1998 (r)
10040 18th Street North 67 1999 (r)
5471 W. Waters 7 1999 (r)
5505 Johns Road #7 48 1999 (r)
8110 Anderson Road 1 1999 (r)
8130 Anderson Road - 1999 (r)
5481 W. Waters Avenue 45 1999 (r)
5483 W. Waters Avenue 45 1999 (r)
6702-6712 Benjamin Road(o) 112 1982 (r)
5905 Breckenridge Parkway 2 1982 (r)
5907 Breckenridge Parkway 1 1982 (r)
5909 Breckenridge Parkway 2 1982 (r)
5911 Breckenridge Parkway 4 1982 (r)
5910 Breckenridge Parkway 5 1982 (r)
5912 Breckenridge Parkway 5 1982 (r)
OTHER
- -----
2800 Airport Road(n) 1,423 1965 (r)
3501 Maple Street 752 1980 (r)
4200 West Harry Street(l) 1,520 1972 (r)
Industrial Park No. 2 2,225 1968 (r)
2675 Valley View Drive 221 1997 (r)
6601 S. 33rd Street 49 1975 (r)
DEVELOPMENTS/REDEVELOPMENTS/VACANT LAND 373 (s)
----------
$ 202,786
==========
S-14
112
NOTES:
(a) See description of encumbrances in Note 6 to Notes to Consolidated
Financial statements.
(b) Initial cost for each respective property is total acquisition costs
associated with its purchase.
(c) These properties collateralize the CIGNA Loan.
(d) These properties collateralize the Assumed Loans.
(e) This property collateralizes the Acquisition Mortgage Loan I.
(f) These properties collateralize the Acquisition Mortgage Loan II.
(g) These properties collateralize the Acquisition Mortgage Loan III.
(h) This property collateralizes the Acquisition Mortgage Loan IV.
(i) This property collateralizes the Acquisition Mortgage Loan VI.
(j) This property collateralizes the Acquisition Mortgage Loan VII.
(k) Comprised of two properties.
(l) Comprised of three properties.
(m) Comprised of four properties.
(n) Comprised of five properties.
(o) Comprised of six properties.
(p) Comprised of seven properties.
(q) Comprised of 29 properties.
(r) Depreciation is computed based upon the following estimated lives:
Buildings, Improvements 31.5 to 40 years
Tenant Improvements, Leasehold Improvements Life of lease
Furniture, Fixtures and Equipment 5 to 10 years
(s) These properties represent vacant land, developments and redevelopments
that have not been placed in service.
(t) Excludes $33,913 of Construction in Progress and $1,353 of Furniture,
Fixtures and Equipment.
(u) During 2000, the Consolidated Operating Partnership recognized a valuation
provision of $2,169 on these properties.
At December 31, 2000, the aggregate cost of land and buildings and
equipment for federal income tax purpose was approximately $1.9 billion
excluding construction in progress.
S-15
113
CONSOLIDATED OPERATING PARTNERSHIP
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)
AS OF DECEMBER 31, 2000
(DOLLARS IN THOUSANDS)
The changes in total real estate assets for the three years ended
December 31, 2000 are as follows:
2000 1999 1998
-------- -------- --------
Balance, Beginning of Year........................................ $2,131,434 $2,133,465 $1,201,060
Transfer of Assets Between the Operating Partnership and the
Other Real Estate Partnerships................................... -- (11,690) 457,528
Acquisitions, Construction Costs and Improvements................. 473,090 160,588 548,796
Disposition of Assets............................................. (373,861) (150,929) (73,919)
Valuation Provision............................................... (2,169) -- --
----------- ----------- -----------
Balance, End of Year.............................................. $2,228,494 $2,131,434 $2,133,465
=========== =========== ===========
The changes in accumulated depreciation for the three years ended
December 31, 2000 are as follows:
2000 1999 1998
-------- -------- --------
Balance, Beginning of Year....................................... $ 179,293 $ 145,435 $ 22,319
Transfer of Assets Between the Operating Partnership and the
Other Real Estate Partnerships.................................. -- (1,303) $ 75,338
Depreciation for Year............................................ 49,496 52,494 48,889
Disposition of Assets............................................ (26,003) (17,333) (1,111)
----------- ----------- -----------
Balance, End of Year............................................. $ 202,786 $ 179,293 $ 145,435
=========== =========== ===========
S-16