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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-K

(Mark One)

  /X/ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 (Fee Required) for the fiscal year ended December 31, 2000
    or    
  /   / Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 (No Fee Required) for the transition period from ___________ to ____________
   Commission file number        1-9044     
DUKE-WEEKS REALTY CORPORATION

(Exact name of registrant as specified in its charter)
Indiana
35-1740409
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
600 East 96th Street, Suite 100
Indianapolis, Indiana

 
46260
(Address of principal executive offices) (Zip Code)
(317)  808-6000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:
Name of each exchange on which registered:
Common Stock ($.01 par value) New York Stock Exchange
Preferred Share Purchase Rights New York Stock Exchange
Depositary Shares, each representing a 1/10 interest in  9.10%  
  Series A Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange
Depositary Shares, each representing a 1/10 interest in  7.375%  
  Series D Convertible Cumulative Redeemable Preferred Shares  
  ($.01 par value) New York Stock Exchange
Depositary Shares, each representing a 1/10 interest in  8.25%  
  Series E Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange
Preference Shares, each representing a 1/1000 interest in 8.00%  
  Series F Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange
Preference Shares, each representing a 1/1000 interest in 8.625%  
  Series H Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

Depositary Shares, each representing a 1/10 interest in 7.99% Series B Cumulative Redeemable Preferred Shares ($.01 par value)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.             Yes X   No    

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

The aggregate market value of the voting shares of the Registrant’s outstanding common shares held by non-affiliates of the Registrant is $3.0 billion based on the last reported sale price on March 5, 2001.

The number of  Common Shares outstanding as of March 5 was 128,771,260 ($.01 par value).

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement for the 2000 annual meeting of its shareholders are incorporated by reference in Part III of this report.

TABLE OF CONTENTS

Form 10-K

 

Item No.  
 
PART I    
  1. Business
  2. Properties
  3. Legal Proceedings
  4. Submission of Matters to a Vote of Security Holders
PART II  
  5. Market for the Registrant’s Common Stock and Related Security Holder Matters
  6. Selected Financial Data
  7. Management’s Discussion and Analysis of Financial Condition And Results of Operations
  7a. Quantitative and Qualitative Disclosure about Market Risks
  8. Financial Statements and Supplementary Data.
  9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
PART III  
  10. Directors and Executive Officers of the Registrant.
  11. Executive Compensation
  12. Security Ownership of Certain Beneficial Owners and Management
  13. Certain Relationships and Related Transactions
PART IV  
  14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
Signatures
Exhibits

 

When used in this Form 10-K Report, the words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and illiquidity of real estate investments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also advised to refer to the Company's Form 8-K Report as filed with the U.S. Securities and Exchange Commission on March 28, 1996 for additional  information concerning these risks.

PART I

Item 1.  Business

Duke-Weeks Realty Corporation (the “Company”) is a self-administered and self-managed real estate investment trust (“REIT”). The Company began operations upon completion of its initial public offering in February 1986. In October 1993, the Company completed an additional common stock offering and acquired the rental real estate and service businesses of Duke Associates, whose operations began in 1972. As of December 31, 2000, the Company’s diversified portfolio of 958 rental properties (including 45 properties totaling 8.1 million square feet under development) encompass 109.0 million rentable square feet and are leased by a diverse and stable base of over 4,500 tenants whose businesses include manufacturing, retailing, wholesale trade, distribution and professional services. The Company also owns more than 4,100 acres of unencumbered land ready for development.

The Company, through its Service Operations, also provides, on a fee basis, leasing, property and asset management, development, construction, landscaping, build-to-suit, and other tenant-related services for approximately 500 tenants in over 6.3 million square feet of space at properties owned by third-party clients. With 13 primary operating platforms, the Company concentrates its activities in the Midwest and Southeast United States. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8, “Financial Statements and Supplementary Data” for financial information. The Company’s rental operations are conducted through Duke-Weeks Realty Limited Partnership (“DWRLP”). In addition, the Company conducts its service operations through Duke Realty Services Limited Partnership and Duke Construction Limited Partnership, in which the Company’s wholly-owned subsidiary, Duke Services, Inc., is the sole general partner. All references to the "Company" in this Form 10-K Report include the Company and those entities owned or controlled by the Company, unless the context indicates otherwise.

The Company’s headquarters and executive offices are located in Indianapolis, Indiana. In addition, the Company has thirteen regional offices located in Atlanta, Georgia; Cincinnati, Ohio; Columbus, Ohio; Cleveland, Ohio; Chicago, Illinois; Dallas, Texas; Jacksonville, Florida; Minneapolis, Minnesota; Nashville, Tennessee; Orlando, Florida; Raleigh, North Carolina; St. Louis, Missouri and Tampa, Florida. The Company had 1,411 employees as of December 31, 2000.

Business Strategy

The Company’s business objective is to increase its Funds From Operations (“FFO”) by (i) maintaining and increasing property occupancy and rental rates through the aggressive management of its portfolio of existing properties; (ii) expanding existing properties; (iii) developing and acquiring new properties; and (iv) providing a full line of real estate services to the Company’s tenants and to third-parties. FFO is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. While management believes that FFO is a relevant measure of the Company’s operating performance because it is widely used by industry analysts to measure the operating performance of equity REITs, such amount does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company’s operating performance, and is not indicative of cash available to fund all cash flow needs. As a fully integrated commercial real estate firm, the Company believes that its in-house leasing, management, development and construction services and the Company’s significant base of commercially zoned and unencumbered land in existing business parks should give the Company a competitive advantage in its future development activities.

The Company believes that the analysis of real estate opportunities and risks can be done most effectively at regional or local levels. As a result, the Company intends to continue its emphasis on increasing its market share and effective rents in its primary markets where it owns properties. The Company also expects to utilize its more than 4,100 acres of unencumbered land and its many business relationships with nearly 5,000 commercial tenants to expand its build-to-suit business (development projects substantially pre-leased to a single tenant) and to pursue other development and acquisition opportunities in its primary markets. The Company believes that this regional focus will allow it to assess market supply and demand for real estate more effectively as well as to capitalize on its strong relationships with its tenant base.

The Company’s policy is to seek to develop and acquire Class A commercial properties located in markets with high growth potential for Fortune 500 companies and other quality regional and local firms. The Company’s industrial and suburban office development focuses on business parks and mixed-use developments  suitable for development of multiple projects on a single site where the Company can create and control the business environment. These business parks and mixed-use developments generally include restaurants and other amenities which the Company believes will create an atmosphere that is particularly efficient and desirable. The Company’s retail development focuses on community, power and neighborhood centers in its existing markets. As a fully integrated real estate company, the Company is able to arrange for or provide to its industrial, office and retail tenants not only well located and well maintained facilities, but also additional services such as build-to-suit construction, tenant finish construction, expansion flexibility and advertising and marketing services.

All of the Company’s properties are located in areas that include competitive properties. Such properties are generally owned by institutional investors, other REITs or local real estate operators; however, no single competitor or small group of competitors is dominant in the Company’s current markets. The supply and demand of similar available rental properties may affect the rental rates the Company will receive on its properties. Based upon the current occupancy rates in Company and competitive properties, the Company believes there will not be significant competitive pressure to lower rental rates in the near future.

Financing Strategy

The Company seeks to maintain a well-balanced, conservative and flexible capital structure by: (i) currently targeting a ratio of long-term debt to total market capitalization in the range of 25% to 40%; (ii) extending and sequencing the maturity dates of its debt; (iii) borrowing primarily at fixed rates; (iv) generally pursuing current and future long-term debt financings and refinancings on an unsecured basis; and (v) maintaining conservative debt service and fixed charge coverage ratios. Management believes that these strategies have enabled and should continue to enable the Company to access the debt and equity capital markets for their long-term requirements such as debt refinancings and financing development and acquisitions of additional rental properties. In addition, as discussed under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the Company has $750 million in unsecured lines of credit and a $150 million secured line of credit available for short-term fundings of development and acquisition of additional rental properties. In addition to debt and equity capital markets, the Company has developed a strategy to pursue favorable opportunities to dispose of assets that no longer meet the Company’s long-term investment criteria and re-deploy the proceeds into new investments with excellent long-term growth prospects. See additional discussion under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The Company’s debt to total market capitalization ratio (total market capitalization is defined as the total market value of all outstanding Common and Preferred Shares and units of limited partnership interest (“Units”) in DWRLP plus outstanding indebtedness) at December 31, 2000 was 31.4%. The Company’s ratio of earnings to debt service and ratio of earnings to fixed charges for the year ended December 31, 2000 were 2.32x and 1.71x, respectively. In computing the ratio of earnings to debt service, earnings have been calculated by adding debt service to income before gains or losses on property sales and minority interest in earnings of DWRLP. Debt service consists of interest expense and recurring principal amortization (excluding maturities) and excludes amortization of debt issuance costs. In computing the ratio of earnings to fixed charges, earnings have been calculated by adding fixed charges, excluding capitalized interest, to income before gains or losses on property sales and minority interest in earnings of DWRLP. Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, amortization of debt issuance costs and preferred stock dividend requirements. Management believes these measures to be consistent with its financing strategy.

Merger With Weeks Corporation

In July 1999, Weeks Corporation (“Weeks”), a self-administered, self-managed geographically focused Real Estate Investment Trust (“REIT”) which operated primarily in the southeastern United States, was merged with and into Duke Realty Investments, Inc. (“Duke”). The combined company has continued under the name Duke-Weeks Realty Corporation (“the Company”). The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million. The transaction was structured as a tax-free merger and was accounted for under the purchase method.

The following summarized pro forma unaudited information represents the combined historical operating results of Weeks and Duke with the appropriate purchase accounting adjustments, assuming the merger had occurred on January 1, 1998. The pro forma financial information presented is not necessarily indicative of what the Company’s actual operating results would have been had Weeks and Duke constituted a single entity during such periods (in thousands, except per share amounts):

 

  Years  Ended
  December 31,
  2000

1999
1998
  (Actual) (Pro Forma) (Pro Forma)
       
Rental income $711,826

$626,803
$502,030
Net income available for common shareholders $212,958

$158,156
$116,675
Weighted average common shares outstanding:      
   Basic 126,836

118,565
107,277
   Diluted 147,441

139,373
128,761
Net income per common share:      
   Basic $1.68

$1.33
$1.09
   Diluted $1.66

$1.32
$1.07

Other

The Company’s operations are not dependent on a single or few customers as no single customer accounts for more than 1.7% of the Company’s total revenue. The Company’s operations are not subject to any significant seasonal fluctuations. The Company believes it is in compliance with environmental regulations and does not anticipate material effects of continued compliance.

For additional information regarding the Company’s investments and operations, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Item 8, “Financial Statements and Supplementary Data.” For additional information about the Company’s business segments, see Item 8, “Financial Statements and Supplementary Data.”

Item 2.  Properties

Product Review

As of December 31, 2000, the Company owns an interest in a diversified portfolio of 958 commercial  properties encompassing approximately 109.0 million net rentable square feet (including 45 properties  comprising 8.1 million square feet under development) located in ten states and more than 4,100 acres of land for future development.

Industrial Properties: The Company owns interests in 695 industrial properties encompassing approximately 82.3 million square feet (76% of total square feet) more specifically described as follows:

Bulk Warehouses – Industrial warehouse/distribution buildings with clear ceiling heights of 20 feet or more. The Company owns 469 buildings totaling 68.5 million square feet of such properties.
Service Centers – Also known as flex buildings or light industrial, this product type has 12-18 foot clear ceiling heights and a combination of drive-up and dock-height loading access. The Company owns 226 buildings totaling 13.8 million square feet of such properties.

Office Properties:  The Company owns interests in 233 office buildings totaling approximately 24.2 million square feet (22% of total square feet) more specifically described as follows:

Suburban Office – The Company owns 229 suburban office buildings totaling 23.3 million square feet.
CBD Office – The Company owns four downtown office projects totaling approximately 861,000 square feet.

Retail Properties:  The Company owns interests in 30 retail projects totaling approximately 2.5 million square feet (2% of total square feet). These properties encompass both power and neighborhood shopping centers.

Land:  The Company owns more than 4,100 acres of land located primarily in its existing business parks. The land is ready for immediate use and is unencumbered by debt. Over 61 million square feet of additional space can be developed on these sites and all of the land is zoned for either office, industrial or retail development.

Service Operations:  The Company provides property and asset management, development, leasing and construction services to third party owners in addition to its own properties. The Company’s current property management base for third parties includes over 6.3 million square feet of properties serving approximately 500 tenants.

Property Descriptions

The Company’s properties are described on the following pages:

   Project Name/
   Location

Ownership
Interest

Company's
Interest

  Year
Constructed/
Expanded

Land Area
(Acres)

Net Rentable
Area (Sq. Ft.)

Percent
Leased
12/31/00
In-Service

             
     Industrial

             
   Ft. Lauderdale, FL              
   Sawgrass - Building 1

Fee 95% [1] 1999 8.55 83,433 86%
   Hollywood, FL              
   2600 SW 39th Street Fee 100%   1999 30.14 191,280 100%
   Port 95 - Spec. Bldg.

Fee 100%   1999 4.77 84,006 100%
   Jacksonville, FL              
   13350 International Park Fee 100%   1998 5.14 90,000 85%
   13340 International Parkway Fee 100%   1997 4.43 81,000 100%
   1420 Vantage Way Fee 100%   1998 11.55 147,300 100%
   1460 Vantage Way Fee 100%   1998 5.32 86,400 100%
   1350 Tradeport Drive Fee 100%   1989 7.64 99,750 100%
   1371 Tradeport Drive Fee 100%   1995 7.46 117,000 100%
   13291 Vantage Way Fee 100%   1995 7.58 110,880 99%
   Tradeport Dist Ctr VII

Fee 100%   2000 7.92 117,000 100%
   Lake Mary, FL              
   100 Technology Parkway Fee 100%   1986 5.51 60,711 95%
   525 Technology Parkway Fee 100%   1998 6.20 67,185 89%
   255 Technology Parkway Fee 100%   1998 5.16 54,590 100%
   200 Technology Parkway Fee 100%   1999 6.00 68,726 100%
   250 Technology Park

Fee 100%   1999 5.00 46,481 100%
   Miami, FL              
   Beacon Station #22 Fee 50% [1] 1999 10.75 179,832 87%
   Beacon Station #23 Fee 50% [1] 1999 10.75 179,832 81%
   Beacon Station #24

Fee 50% [1] 1999 10.75 179,672 100%
   Orlando, FL              
   8500 Parkline Blvd Fee 100%   1986 7.93 102,400 100%
   8501 Parkline Blvd. Fee 100%   1991 1.95 27,000 89%
   8549 Parkline Blvd. Fee 100%   1992 1.72 27,007 100%
   8351 Parkline Blvd. Fee 100%   1994 2.44 33,600 100%
   8249 Parkline Blvd Fee 100%   1996 2.39 33,600 100%
   1630 Prime Court Fee 100%   1996 3.65 52,579 100%
   1629 Prime Court Fee 100%   1997 3.12 43,200 100%
   7101 TPC Drive Fee 100%   1998 7.26 84,650 100%
   7022 TPC Drive Fee 100%   1999 7.04 86,316 54%
   2500 Principal Row Fee 100%   1996 7.50 140,015 100%
   2490 Principal Row Fee 100%   1997 5.58 101,800 100%
   2491 Principal Row Fee 100%   1998 6.32 118,250 100%
   9600 Parksouth Court Fee 100%   1997 7.05 126,818 100%
   9550 Parksouth F Ct. Fee 100%   1999 10.88 203,900 88%
   Parksouth Dist. Ctr-Bldg H

Fee 100%   2000 6.79 134,600 29%
   Tampa, FL              
   8640 Elm Fair Blvd Fee 100%   1998 4.06 68,413 100%
   4720 Oak Fair Blvd Fee 100%   1998 10.23 173,514 100%
   4758 Oak Fair Blvd. Fee 100%   1999 4.45 92,200 100%
   Fairfield Distribution Ctr IV Fee 100%   1999 6.00 86,458 100%
   Fairfield Distribution Ctr V Fee 100%   2000 6.72 101,100 0%
               

 

   Alpharetta, GA              
   Founders Park SC 1 Fee 100%   1999 9.10 112,559 60%
   11800 Wills Road Fee 100%   1987 3.79 42,691 65%
   11810 Wills Road Fee 100%   1987 3.68 59,334 100%
   11820 Wills Road Fee 100%   1987 6.06 103,222 100%
   11415 Old Roswell Road Fee 100%   1991 8.08 80,000 100%
   1350 Northmeadow Parkway Fee 100%   1994 6.40 64,500 85%
   1320 Ridgeland Pkwy Fee 100%   1999 10.39 125,000 100%
   Ridgeland Business Dist I Fee 100%   1999 6.03 73,600 100%
   Ridgeland Business Dist. II

Fee 100%   1999 7.15 78,400 58%
   Atlanta, GA              
   1670 Defoor Avenue

Fee 100%   1960 2.34 48,007 96%
   Duluth, GA              
   2475 Meadowbrook Parkway Fee 100%   1986 6.07 59,086 100%
   2505 Meadowbrook Parkway Fee 100%   1990 3.36 53,481 100%
   2450 Meadowbrook Parkway Fee 50% [1] 1989 4.26 68,400 100%
   2500 Meadowbrook Parkway Fee 50% [1] 1987 4.50 68,800 100%
   2825 Breckinridge Blvd Fee 100%   1986 6.80 45,442 81%
   2875 Breckinridge Blvd Fee 100%   1986 8.75 57,918 100%
   2885 Breckinridge Blvd Fee 100%   1997 8.85 80,450 100%
   2625 Pinemeadow Court Fee 50% [1] 1994 9.57 139,540 100%
   2660 Pinemeadow Court Fee 50% [1] 1996 6.00 104,000 100%
   3450 River Green Court Fee 100%   1989 4.20 33,600 100%
   4800 River Green Parkway Fee 100%   1989 2.41 25,538 0%
   2775 Premier Parkway Fee 100%   1997 6.20 79,110 100%
   3079 Premier Parkway Fee 100%   1998 9.70 101,600 94%
   Sugarloaf Office I Fee 100%   1998 11.58 90,350 100%
   2850 Premiere Parkway Fee 50% [1] 1997 7.50 86,000 100%
   Sugarloaf Office II Fee 50% [1] 1999 8.85 56,251 100%
   Sugarloaf Office III Fee 50% [1] 1999 5.39 56,795 90%
   2855 Premier Parkway Fee 100%   1999 7.20 89,636 100%
   6655 Sugarloaf Fee 100%   1998 18.40 250,000 100%
   Sugarloaf Office IV

Fee 100%   2000 4.87 50,975 71%
   Kennesaw, GA              
   1950 Vaughn Street Fee 100%   1992 15.47 162,651 100%
   240 Northpoint Parkway Fee 50% [1] 1995/1997 4.85 222,900 100%
   3330 West Town Point Drive Fee 100%   1994 5.80 88,000 100%
   3350 West Town Point Drive Fee 100%   1995 6.21 76,800 100%
   3240 Town Point Drive Fee 100%   1997 10.40 140,400 100%
   3200 Town Point Drive

Fee 100%   1999 6.73 72,000 89%
   Marietta, GA              
   805 Franklin Court Fee 100%   1983 3.13 40,410 100%
   810 Franklin Court Fee 100%   1983 2.42 27,386 100%
   811 Livingston Court Fee 100%   1983 1.58 20,780 76%
   825 Franklin Court Fee 100%   1983 3.58 55,259 82%
   830 Franklin Court Fee 100%   1983 1.03 14,340 100%
   835 Franklin Court Fee 100%   1983 3.93 60,772 100%
   840 Franklin Court Fee 100%   1983 2.42 35,908 100%
   821 Livingston Court Fee 100%   1983 1.59 15,558 100%
   841 Livingston Court Fee 100%   1983 2.75 35,908 100%
   1335 Capital Circle Fee 100%   1985 3.97 56,616 100%
   1337-41-51 Capital Circle Fee 100%   1985 7.38 79,667 100%
   2260 Northwest Parkway Fee 100%   1982 3.06 50,220 89%
   2252 Northwest Parkway Fee 100%   1982 0.95 14,435 68%
   2242 Northwest Parkway Fee 100%   1982 1.72 26,614 92%
   2256 Northwest Parkway Fee 100%   1982 0.84 13,265 54%
   2244 Northwest Parkway Fee 100%   1982 0.64 7,384 51%
   2150 Northwest Parkway Fee 100%   1982 2.90 46,214 95%
   2152 Northwest Parkway Fee 100%   1982 1.49 25,317 100%
   2130 Northwest Parkway Fee 100%   1982 3.51 55,325 80%
   2270 Northwest Parkway Fee 100%   1988 4.50 60,985 89%
   2275 Northwest Parkway

Fee 100%   1988 2.60 35,786 100%
   McDonough, GA              
   120 Declaration Drive Fee 100%   1997 14.70 301,200 100%

 

   Norcross, GA              
   3045 Business Pk Dr Fee 100%   1998 4.04 35,100 100%
   1750 Beaver Ruin Fee 100%   1997 6.40 67,878 100%
   4258 Communications Drive Fee 100%   1981 3.00 57,000 100%
   4261 Communications Drive Fee 100%   1981 3.29 56,600 100%
   4291 Communications Drive Fee 100%   1981 1.76 31,500 100%
   1826 Doan Way Fee 100%   1984 3.90 57,200 100%
   1857 Doan Way Fee 100%   1970 5.00 16,000 100%
   1650 International Blvd Fee 100%   1984 3.79 52,461 0%
   4245 International Blvd Fee 100%   1985/1995 10.58 249,200 100%
   4250 International Blvd Fee 100%   1986 5.03 47,030 100%
   4295 International Blvd Fee 100%   1984 3.22 49,896 100%
   4320 International Blvd Fee 100%   1984 2.44 32,000 100%
   4350 International Blvd Fee 100%   1982 4.29 64,152 100%
   4355 International Blvd Fee 100%   1983 4.54 60,760 27%
   4405A International Blvd Fee 100%   1984 4.30 50,000 100%
   4405B International Blvd Fee 100%   1984 4.30 60,950 96%
   4405C International Blvd Fee 100%   1984 4.30 10,644 100%
   1828 Meca Way Fee 100%   1975 3.90 63,000 100%
   1858 Meca Way Fee 100%   1975 3.36 58,600 100%
   4316 Park Drive Fee 100%   1980 2.76 50,000 100%
   4317 Park Drive Fee 100%   1985 4.52 47,243 70%
   4357 Park Drive Fee 100%   1979 4.89 65,800 100%
   4386 Park Drive Fee 100%   1973 3.73 54,848 100%
   4436 Park Drive Fee 100%   1968 3.90 66,232 100%
   4437 Park Drive Fee 100%   1978 4.40 73,456 94%
   4467 Park Drive Fee 100%   1978 4.68 66,203 100%
   4476 Park Drive Fee 100%   1977 2.90 42,200 100%
   4487 Park Drive Fee 100%   1978 4.68 89,204 64%
   4274 Shackleford Road Fee 100%   1974 6.18 80,822 100%
   4344 Shackleford Road Fee 100%   1975 3.85 52,924 100%
   4355 Shackleford Road Fee 100%   1972 8.12 137,100 100%
   4364 Shackleford Road Fee 100%   1973 2.12 31,040 100%
   4366 Shackleford Road Fee 100%   1981 3.30 56,709 100%
   4388 Shackelford Road Fee 100%   1981 5.40 89,612 100%
   4400 Shackleford Road Fee 100%   1981 2.30 39,004 100%
   4444 Shackleford Road Fee 100%   1979 5.20 85,200 100%
   1505 Pavillion Place Fee 100%   1988 5.11 78,400 100%
   3883 Steve Reynolds Blvd. Fee 100%   1990 7.00 137,061 100%
   3890 Steve Reynolds Blvd Fee 100%   1991 4.74 48,800 100%
   3905 Steve Reynolds Blvd Fee 100%   1995 4.60 64,800 100%
   3950 Steve Reynolds Blvd. Fee 100%   1992 5.73 80,000 100%
   4020 Steve Reynolds Blvd Fee 100%   1997 3.05 44,260 100%
   4025 Steve Reynolds Blvd Fee 100%   1994 4.54 70,400 73%
   2915 Courtyards Drive Fee 100%   1986 3.82 40,058 100%
   2925 Courtyards Drive Fee 100%   1986 4.76 71,763 100%
   2975 Courtyards Drive Fee 100%   1986 2.05 27,342 100%
   2995 Courtyards Drive Fee 100%   1986 1.56 18,542 100%
   2725 Northwoods Pkwy Fee 100%   1984 4.40 76,686 100%
   2755 Northwoods Pkwy Fee 100%   1986 2.49 48,270 100%
   2775 Northwoods Pkwy Fee 100%   1986 3.22 32,192 100%
   2850 Colonnades Court Fee 100%   1988 8.03 102,128 100%
   3040 Northwoods Pkwy Fee 100%   1984 2.98 50,480 100%
   3044 Northwoods Circle Fee 100%   1984 2.38 24,367 100%
   3055 Northwoods Pkwy Fee 100%   1985 2.13 31,946 0%
   3075 Northwoods Pkwy Fee 100%   1985 3.74 41,400 100%
   3100 Northwoods Pkwy Fee 100%   1985 3.93 39,728 100%
   3155 Northwoods Pkwy Fee 100%   1985 3.31 40,530 100%
   3175 Northwoods Pkwy Fee 100%   1985 2.50 33,405 100%
   6525-27 Jimmy Carter Blvd Fee 100%   1983 5.62 92,735 55%
   5765 Peachtree Industrial Blvd Fee 100%   1997 4.73 60,000 100%
   5775 Peachtree Industrial Blvd Fee 100%   1997 4.73 60,000 100%
   2450 Satellite Blvd Fee 50% [1] 1994 6.18 102,862 100%
   5401 Buford Highway Fee 100%   1987 4.19 74,360 100%
   5403 Buford Highway Fee 100%   1987 5.98 108,140 100%
   5405 Buford Highway Fee 100%   1989 3.15 61,982 100%
   5409 Buford Highway Fee 100%   1989 5.18 111,873 58%
   3170 Reps Miller Road Fee 100%   1998 4.48 51,400 100%
   3180 Reps Miller Road Fee 100%   1998 4.48 51,400 100%
   3190 Reps Miller Road Fee 100%   1998 4.48 59,034 71%

 

   Roswell, GA              
   11545 Wills Road Fee 100%   1998 8.70 71,140 100%
   105 Hembree Park Drive Fee 100%   1988 3.61 45,490 82%
   150 Hembree Park Drive Fee 100%   1985 5.03 44,343 100%
   200 Hembree Park Drive Fee 100%   1985 1.97 43,559 100%
   645 Hembree Parkway Fee 100%   1986 3.08 45,037 82%
   655 Hembree Parkway Fee 100%   1986 3.09 43,956 100%
   250 Hembree Park Drive Fee 100%   1996 8.07 94,500 100%
   660 Hembree Park Drive Fee 100%   1998 9.23 94,500 100%
   993 Mansell Road Fee 100%   1987 1.69 21,600 100%
   995 Mansell Road Fee 100%   1987 0.97 16,800 100%
   997 Mansell Road Fee 100%   1987 0.86 14,400 100%
   999 Mansell Road Fee 100%   1987 1.32 19,200 50%
   1003 Mansell Road Fee 100%   1987 1.66 20,800 100%
   1005 Mansell Road Fee 100%   1987 0.94 16,800 92%
   1007 Mansell Road Fee 100%   1987 2.07 37,450 100%
   1009 Mansell Road Fee 100%   1986 3.26 38,082 81%
   1011 Mansell Road Fee 100%   1984 3.23 38,630 67%
   Northbrook Business Dist II Fee 100%   2000 4.84 64,000 0%
   1100 Northmeadow Parkway Fee 100%   1989 6.94 50,891 100%
   1150 Northmeadow Parkway Fee 100%   1988 3.98 52,050 100%
   1125 Northmeadow Parkway Fee 100%   1987 5.78 67,104 80%
   1175 Northmeadow Parkway Fee 100%   1987 4.06 71,264 100%
   1250 Northmeadow Parkway Fee 100%   1989 4.17 52,224 100%
   1225 Northmeadow Parkway Fee 100%   1989 3.89 37,520 56%
   1325 Northmeadow Parkway Fee 100%   1990 5.89 70,050 100%
   1335 Northmeadow Parkway Fee 100%   1996 8.60 88,784 93%
   11390 Old Roswell Road Fee 100%   1997 4.42 47,600 100%
   1400 Hembree Road Fee 100%   1998 3.68 34,615 100%
   245 Hembree Park Drive Fee 100%   1999 7.50 103,916 90%
   Northmeadow BD IV Fee 100%   1999 6.68 93,363 100%
   Northmeadow Service Ctr V Fee 100%   1999 4.68 38,845 100%
   Northmeadow BD VI

Fee 100%   1999 4.96 63,112 24%
   Suwanee, GA              
   90 Horizon Drive Fee 50% [1] 1992 2.00 13,400 100%
   225 Horizon Drive Fee 50% [1] 1990 5.08 96,000 100%
   250 Horizon Drive Fee 50% [1] 1997 18.05 267,600 100%
   70 Crestridge Drive Fee 50% [1] 1998 10.62 132,128 100%
   2775 Horizon Ridge Fee 50% [1] 1996 12.20 223,219 100%
   2780 Horizon Ridge Fee 50% [1] 1997 12.70 222,643 100%
   2800 Vista Ridge Drive Fee 50% [1] 1995 17.30 252,092 100%
   410 Horizon Dr. Fee 50% [1] 1999 15.39 247,500 50%
   100 Crestridge Drive Fee 50% [1] 1999 8.03 99,822 100%
   1000 Northbrook Parkway Fee 50% [1] 1986 8.40 131,660 100%
   675 Old Peachtree Rd Fee 50% [1] 1988 10.06 176,820 57%
   7250 McGinnis Ferry Road

Fee 100%   1996 6.22 70,600 100%
   Aurora, IL              
   535 Exchange Fee 100%   1984 4.63 25,943 100%
   515-525 Enterprise Fee 100%   1984 3.39 66,017 100%
   615 Enterprise Fee 100%   1984 4.63 83,818 50%
   3615 Exchange Fee 100%   1986 4.06 64,755 100%
   4000 Sussex Fee 100%   1990 4.13 75,203 100%
   700 North Commerce Fee 100%   1989 6.87 119,155 0%
   3737 E. Exchange Fee 100%   1985 5.92 104,928 100%
   444 N. Commerce Fee 100%   1985 7.15 92,692 100%
   Meridian I Fee 100%   2000 11.65 188,700 56%
   Bolinbrook, IL              
   Crossroads 1 Fee 50% [1] 1998 11.34 289,920 100%
   Bolingbrook, IL              
   Chapco Carton Company Fee 100%   2000 7.58 145,000 100%
   Crossroads 3 Fee 50% [1] 2000 10.64 187,000 50%
   Carol Stream, IL              
   Carol Stream Building 1 Fee 50% [1] 1998 8.76 187,850 100%
   Des Plaines, IL              
   Wolf Road Building Fee 100%   1966/1969 2.70 60,922 100%
   105 East Oakton Fee 100%   1974 6.50 180,000 99%
   Lake Forest, IL              
   Ballard Drive Building Fee 100%   1985 3.33 54,274 100%
   Laurel Drive Building Fee 100%   1981 1.12 19,570 100%
   13825 W. Laurel Dr. Fee 100%   1978/1985 3.51 60,125 21%

 

   Romeoville, IL                
   Crossroads 2

Fee   50% [1] 1999 23.50 460,800 100%
   Westmont, IL                
   Oakmont Tech Center

Fee   100%   1989 6.30 110,671 81%
   Carmel, IN                
   Hamilton Crossing Bldg 1

Fee   100%   1989 4.70 103,041 77%
   Fishers, IN                
   Exit 5 Bldg I Fee [3] 100%   1999 9.00 134,400 100%
   Exit 5 Bldg. II

Fee   100%   1999 8.60 124,000 45%
   Greenwood, IN                
   South Park Bldg 2

Fee   100%   1990 7.10 86,806 100%
   Indianapolis, IN                
   3200 North Elizabeth Fee   50% [1] 1973 4.50 99,350 100%
   Franklin Road Bus. Ctr. Fee   100%   1962/1998 28.00 488,925 100%
   Georgetown Rd. Bldg 1 Fee   50% [1] 1987 5.85 111,883 83%
   Georgetown Rd. Bldg 2 Fee   50% [1] 1987 5.81 72,120 100%
   Georgetown Rd. Bldg 3 Fee   50% [1] 1987 5.10 45,896 100%
   6061 Guion Rd Fee   100%   1974 6.20 87,064 100%
   6060 Guion Rd Fee   100%   1968/1977 14.05 182,311 100%
   Hillsdale Bldg 1 Fee   50% [1] 1986 9.16 73,866 100%
   Hillsdale Bldg 2 Fee   50% [1] 1986 5.50 83,600 100%
   Hillsdale Bldg 3 Fee   50% [1] 1987 5.50 84,050 86%
   Hillsdale Bldg 4 Fee   100%   1987 7.85 73,874 100%
   Hillsdale Bldg 5 Fee   100%   1987 5.44 67,500 99%
   Hillsdale Bldg 6 Fee   100%   1987 4.25 64,000 0%
   Hunter Creek Bldg 1 Fee   10%-50% [2] 1989 5.97 86,500 100%
   Hunter Creek Bldg 2 Fee   10%-50% [2] 1989 8.86 202,561 100%
   4750 Kentucky Avenue Fee   100%   1974 11.01 125,000 100%
   North Airport Park Bldg 1 Fee   50% [1] 1996/1998 64.02 1,339,195 100%
   North Airport Park Bldg 2 Fee   50% [1] 1997 22.50 377,280 100%
   Park 100 Bldg 111 Fee   50% [1] 1987 7.91 83,545 100%
   Park 100 Bldg 112 Fee   50% [1] 1987 4.45 37,800 90%
   Park 100 Bldg 128 Fee   50% [1] 1996 14.40 322,000 100%
   Park 100 Bldg 129 Fee   50% [1] 1996 16.00 457,600 100%
   Vanstar Fee   50% [1] 1997 21.00 415,680 100%
   Park 100 Bldg 133 Fee   50% [1] 1997 1.30 20,530 100%
   Park 100 Bldg 48 Fee   50% [1] 1984 8.63 127,410 100%
   Park 100 Bldg 49 Fee   50% [1] 1982 4.55 89,600 100%
   Park 100 Bldg 50 Fee   50% [1] 1982 4.09 51,200 100%
   Park 100 Bldg 52 Fee   50% [1] 1983 2.70 34,800 100%
   Park 100 Bldg 53 Fee   50% [1] 1984 4.23 76,800 100%
   Park 100 Bldg 54 Fee   50% [1] 1984 4.42 76,800 100%
   Park 100 Bldg 55 Fee   50% [1] 1984 3.83 43,200 100%
   Park 100 Bldg 56 Fee   50% [1] 1984 15.94 300,000 100%
   Park 100 Bldg 57 Fee   50% [1] 1984 7.70 128,800 100%
   Park 100 Bldg 58 Fee   50% [1] 1984 8.03 128,800 100%
   Park 100 Bldg 59 Fee   50% [1] 1985 5.14 83,200 100%
   Park 100 Bldg 60 Fee   50% [1] 1985 4.78 83,200 92%
   Park 100 Bldg 62 Fee   50% [1] 1986 7.70 128,800 100%
   Park 100 Bldg 67 Fee   50% [1] 1987 4.23 72,350 100%
   Park 100 Bldg 68 Fee   50% [1] 1987 4.23 72,360 100%
   Park 100 Bldg 71 Fee   50% [1] 1987 9.06 193,400 27%
   Park 100 Bldg 74 Fee   10%-50% [2] 1988 12.41 257,400 100%
   Park 100 Bldg 76 Fee   10%-50% [2] 1988 5.10 81,695 100%
   Park 100 Bldg 78 Fee   10%-50% [2] 1988 21.80 512,777 100%
   Park 100 Bldg 85 Fee   10%-50% [2] 1989 9.70 180,100 100%
   Park 100 Bldg 89 Fee   10%-50% [2] 1990 11.28 311,600 100%
   Park 100 Bldg 91 Fee   10%-50% [2] 1990/1996 7.53 196,800 100%
   Park 100 Bldg 92 Fee   10%-50% [2] 1991 4.38 45,917 100%
   Park 100 Bldg 95 Fee   100%   1993 15.23 336,000 100%
   Silver Burdett Fee   100%   1994/1997 27.69 737,850 100%
   Park 100 Bldg 98 Fee   100%   1968/1995 37.34 508,300 97%
   Park 100 Bldg 99 Fee   50% [1] 1994 18.00 364,800 100%
   Park 100 Bldg 100 Fee   100%   1995 7.00 117,500 100%
   Park 100 Bldg 101 Fee   50% [1] 1983 4.37 45,000 88%
   Park 100 Bldg 105 Fee   50% [1] 1983 4.64 41,400 83%
   Park 100 Bldg 106 Fee   50% [1] 1978 4.64 41,400 61%
   Park 100 Bldg 107 Fee   100%   1984 3.56 58,783 100%

 

               
   Park 100 Bldg 108 Fee 50% [1] 1983 6.36 60,300 100%
   Park 100 Bldg 109 Fee 100%   1985 4.80 46,000 100%
   Park 100 Bldg 113 Fee 50% [1] 1987 6.20 72,166 100%
   Park 100 Bldg 114 Fee 50% [1] 1987 6.20 56,700 100%
   Park 100 Bldg 117 Fee 10%-50% [2] 1988 13.36 135,461 76%
   Park 100 Bldg 120 Fee 10%-50% [2] 1989 4.54 54,982 100%
   Park 100 Bldg 122 Fee 100%   1990 6.17 73,274 100%
   Park 100 Bldg 125 Fee 100%   1994/1996 13.81 195,080 100%
   Park 100 Bldg 126 Fee 100%   1984 4.04 60,100 100%
   Park 100 Bldg 127 Fee 100%   1995 6.50 93,600 100%
   Park 100 Bldg 130 Fee 100%   1996 9.70 152,000 100%
   Park 100 Bldg 134 Fee 100%   1998 8.70 110,487 100%
   Park 100 Bldg 136 Fee 100%   1998 10.50 152,864 100%
   Park 100 Bldg 39 Fee 50% [1] 1987 7.85 128,000 100%
   Park 100 Bldg 63 Fee 50% [1] 1987 4.85 83,200 100%
   Park 100 Bldg 64 Fee 50% [1] 1987 4.86 83,200 75%
   Park 100 Bldg 65 Fee 50% [1] 1987 12.20 257,600 100%
   Park 100 Bldg 66 Fee 50% [1] 1987 5.30 64,800 57%
   Park 100 Bldg 79 Fee 50% [1] 1988 4.47 66,000 77%
   Park 100 Bldg 80 Fee 50% [1] 1988 4.47 66,000 100%
   Park 100 Bldg 83 Fee 50% [1] 1989 5.34 96,000 75%
   Park 100 Bldg 84 Fee 50% [1] 1989 5.34 96,000 100%
   Park 100 Bldg 87 Fee 50% [1] 1989 14.20 462,000 100%
   Park 100 Building 97 Fee 50% [1] 1994 13.38 280,800 79%
   Park Fletcher Bldg 2 Fee 50% [1] 1970 1.31 20,160 100%
   Park Fletcher Bldg 4 Fee 50% [1] 1974 1.73 23,000 100%
   Park Fletcher Bldg 6 Fee 50% [1] 1971 3.13 36,180 92%
   Park Fletcher Bldg 7 Fee 50% [1] 1974 3.00 41,900 100%
   Park Fletcher Bldg 8 Fee 50% [1] 1974 2.11 18,000 100%
   Park Fletcher Bldg 14 Fee 100%   1978 1.39 19,480 100%
   Park Fletcher Bldg 15 Fee 50% [1] 1979 5.74 72,800 89%
   Park Fletcher Bldg 16 Fee 50% [1] 1979 3.17 35,200 70%
   Park Fletcher Bldg 18 Fee 50% [1] 1980 5.52 43,950 90%
   Park Fletcher Bldg 21 Fee 50% [1] 1983 2.95 37,224 100%
   Park Fletcher Bldg 22 Fee 50% [1] 1983 2.96 48,635 100%
   Park Fletcher Bldg 26 Fee 50% [1] 1983 2.91 28,340 100%
   Park Fletcher Bldg 27 Fee 25% [1] 1985 3.01 39,178 100%
   Park Fletcher Bldg 28 Fee 25% [1] 1985 7.22 93,880 83%
   Park Fletcher Bldg 29 Fee 50% [1] 1987 7.16 92,044 100%
   Park Fletcher Bldg 30 Fee 50% [1] 1989 5.93 78,568 92%
   Park Fletcher Bldg 31 Fee 50% [1] 1990 2.62 33,029 100%
   Park Fletcher Bldg 32 Fee 50% [1] 1990 5.43 67,297 100%
   Park Fletcher Bldg 33 Fee 50% [1] 1997 7.50 112,710 100%
   Park Fletcher Bldg 34 Fee 50% [1] 1997 13.00 230,400 100%
   Park Fletcher Bldg 35 Fee 50% [1] 1998 8.10 96,427 100%
   Park Fletcher Bldg 36 Fee 50% [1] 1998 3.90 52,800 91%
   Park Fletcher Bldg 37 Fee 50% [1] 1998 1.90 14,850 100%
   Park Fletcher Bldg 38 Fee 50% [1] 1999 13.70 253,866 100%
   Park Fletcher Bldg 39 Fee 50% [1] 1999 5.40 91,122 100%
   Park Fletcher Bldg 40 Fee 50% [1] 1999 5.40 89,508 86%
   4316 West Minnesota

Fee 100%   1970 10.40 121,250 100%
   Lebanon, IN              
   Lebanon Building 2 Fee 50% [1] 1996 31.60 500,455 100%
   Lebanon Building 4 Fee 100%   1997/2000 14.90 418,400 100%
   Lebanon Building 5 Fee 100%   1998 38.90 576,040 100%
   Lebanon Building 9 Fee 100%   1999 26.80 395,679 100%
   Lebanon Building 1 Fee 50% [1] 1996 10.40 153,600 100%
   Lebanon Building 6

Fee 50% [1] 1998 23.30 395,472 100%
   Plainfield, IN              
   Plainfield Building 1 Fee 100%   2000 21.25 450,000 100%
   Plainfield Building 2

Fee 100%   2000 26.70 481,874 100%
   Florence, KY              
   Empire Commerce Center Fee 50% [1] 1973/1980 11.62 148,445 100%
   7910 Kentucky Drive Fee 50% [1] 1980 3.78 38,329 100%
   7920 Kentucky Drive Fee 50% [1] 1974 9.33 93,945 94%

 

   Hebron, KY              
   Skyport Building 1 Fee 50% [1] 1997 15.10 316,800 100%
   Skyport Building 2 Fee 50% [1] 1998 20.00 453,300 100%
   Skyport Building 3 Fee 50% [1] 2000 28.80 473,000 100%
   Skyport Bldg 4 Fee 50% [1] 1999 6.76 72,600 16%
   Ky. Southpark Bldg 4 Fee 100%   1994 28.79 166,400 100%
   CR Services Fee 100%   1994 22.50 253,664 100%
   KY. Southpark Bldg 1 Fee 50% [1] 1990 7.90 96,000 100%
   Ky. Southpark Bldg 3

Fee 50% [1] 1991 10.79 192,000 100%
   Louisville, KY              
   Dayco

Fee 50% [1] 1995 30.00 282,539 100%
   Bloomington, MN              
   Alpha Business Ctr III&IV Fee 100%   1980 4.68 50,400 100%
   Alpha Business Ctr V Fee 100%   1980 13.57 80,640 100%
   Bloomington Industrial Center Fee 100%   1963 7.40 100,852 100%
   Lyndale Commons I Fee 100%   1981 2.60 43,770 98%
   Lyndale Commons II Fee 100%   1985 2.51 34,816 100%
   Hampshire Dist Center North Fee 100%   1979 9.26 159,200 100%
   Hampshire Dist Center South Fee 100%   1979 9.40 157,000 100%
   Hampshire Tech Center Fee 100%   1998 14.22 142,526 100%
   Penn Corporate Bldg

Fee 100%   1977 2.08 40,844 100%
   Brooklyn Park, MN              
   Crosstown North Bus. Ctr. 1 Fee 100%   1998 12.09 157,453 100%
   Crosstown North Bus. Ctr. 2 Fee 100%   1998 5.00 67,837 94%
   Crosstown North Bus. Ctr. 3 Fee 100%   1999 5.00 68,300 91%
   Crosstown North Bus. Ctr. 4 Fee 100%   1999 16.90 214,210 88%
   Crosstown North Bus Ctr 5 Fee 100%   1999 8.87 142,708 100%
   Crosstown North Bus Ctr 6 Fee 100%   2000 5.57 73,109 16%
   7300 Northland Drive

Fee 100%   1980/1999 10.98 185,500 100%
   Burnsville, MN              
   Professional Plaza IV Fee 100%   1980 2.79 37,528 100%
   Cliff Road Industrial Ctr Fee 100%   1972 3.31 49,857 99%
   Professional Plaza III Fee 100%   1985 2.24 35,987 76%
   Professional Plaza II Fee 100%   1984 2.41 35,619 100%
   Larc Industrial Park I Fee 100%   1977 4.59 67,200 98%
   Larc Industrial Park II Fee 100%   1976 3.70 54,180 100%
   Larc Industrial Park III Fee 100%   1980 2.38 30,800 100%
   Larc Industrial Park IV Fee 100%   1980 1.06 13,800 100%
   Larc Industrial Park V Fee 100%   1980 1.54 22,880 100%
   Larc Industrial Park VI Fee 100%   1975 3.91 63,600 69%
   Larc Industrial Park VII

Fee 100%   1973 2.65 41,088 100%
   Chanhassen, MN              
   Chanhassen Lakes I Fee 100%   1983 5.40 49,072 51%
   Chanhassen Lakes II

Fee 100%   1986 6.36 56,670 100%
   Crystal, MN              
   Crystal Industrial Center

Fee 100%   1974 3.23 72,000 99%
   Eagan, MN              
   Apollo Industrial Ctr I Fee 100%   1997 11.05 168,480 100%
   Apollo Industrial Ctr II Fee 100%   2000 4.30 70,089 23%
   Apollo Industrial Ctr III Fee 100%   2000 13.00 240,439 100%
   Eagandale Crossing Fee 100%   1998 6.60 80,104 100%
   Eagandale Tech Center Fee 100%   1998 7.61 76,520 100%
   Silverbell Commons Fee 100%   1999 16.62 235,120 100%
   Sibley Industrial Center I Fee 100%   1973 2.88 54,612 100%
   Sibley Industrial Center II Fee 100%   1972 2.58 37,800 100%
   Sibley Industrial Center III Fee 100%   1968 4.10 32,810 100%
   Trapp Road Commerce I Fee 100%   1996 6.50 96,800 100%
   Trapp Road Commerce II Fee 100%   1998 11.86 180,480 68%
   Yankee Place

Fee 100%   1986 19.03 221,075 92%
   Eden Prairie, MN              
   Edenvale Executive Center Fee 100%   1987 9.82 111,245 100%
   Golden Triangle Tech Ctr Fee 100%   1997 11.10 90,704 100%
   Valley Gate North

Fee 100%   1986 4.17 52,828 97%
   Edina, MN              
   Cahill Business Center Fee 100%   1980 3.90 60,082 100%
   Edina Interchange I Fee 100%   1995 4.73 73,809 97%
   Edina Interchange II Fee 100%   1980 3.46 55,006 100%
   Edina Interchange III Fee 100%   1981 6.39 62,784 100%

 

   Edina Interchange IV Fee 100%   1974 1.99 22,440 100%
   Edina Interchange V Fee 100%   1974 4.92 139,101 100%
   Edina Interchange VII Fee 100%   1970 2.36 30,655 100%
   Pakwa I Fee 100%   1979 1.67 38,196 100%
   Pakwa II Fee 100%   1979 1.67 21,254 100%
   Pakwa III Fee 100%   1979 1.67 19,978 84%
               
   Fridley, MN              
   River Road Business Ctr. S. Fee 100%   1986 8.91 119,860 99%
   University Center I&II Fee 100%   1983 4.70 51,893 96%
               
   Golden Valley, MN              
   Decatur Business Center Fee 100%   1982 3.96 44,279 100%
   Golden Hills 1 Fee 100%   1996 7.50 91,368 100%
   Golden Hills 2 Fee 100%   1999 7.50 79,294 100%
   Golden Hills 3 Fee 100%   1999 7.20 87,456 100%
   Sandburg Industrial Center Fee 100%   1973 5.68 94,612 100%
   801 Zane Avenue North Fee 100%   1989 4.93 84,219 100%
               
   Hopkins, MN              
   Cornerstone Business Center Fee 100%   1996 13.49 222,494 100%
   The Johnson Bldg Fee 100%   1974 2.09 62,718 97%
   Westside Business Park Fee 100%   1987 9.10 114,800 96%
               
   Mendota Heights, MN              
   Enterprise Industrial Center Fee 100%   1979 10.88 165,755 100%
               
   Minneapolis, MN              
   Broadway Business Ctr III Fee 100%   1983 2.77 21,600 100%
   Broadway Business Ctr IV Fee 100%   1983 2.77 29,920 100%
   Broadway Business Ctr V Fee 100%   1983 1.44 24,795 100%
   Broadway Business Ctr VI Fee 100%   1983 2.77 66,961 100%
   Broadway Business Ctr VII Fee 100%   1983 2.78 36,000 100%
               
   Minnetonka, MN              
   Encore Park Fee 100%   1977 14.50 126,858 91%
               
   New Hope, MN              
   Bass Lake Business Bldg Fee 100%   1981 5.33 47,368 100%
               
   Plymouth, MN              
   Medicine Lake Indus. Center Fee 100%   1970 16.37 222,893 100%
   Plymouth Office/Tech Center Fee 100%   1986 3.77 52,487 100%
   Plymouth Service Center Fee 100%   1978 6.00 74,042 100%
   Westpoint Bldg B&C Fee 100%   1978 4.92 65,539 97%
   Westpoint Bldg D&E Fee 100%   1978 6.34 81,030 98%
               
   St. Louis Park, MN              
   Cedar Lake Business Center Fee 100%   1976 3.05 50,400 100%
   Novartis Warehouse Fee 100%   1960 14.40 355,798 100%
   Oxford Industrial Bldg Fee 100%   1971 1.23 16,736 100%
               
   St. Paul, MN              
   University Crossing Fee 100%   1990 5.65 83,414 95%
               
   Bridgeton, MO              
   Dukeport 1 Fee 50% [1] 1996 21.24 403,200 71%
   Dukeport 2 Fee 50% [1] 1997 14.70 244,800 100%
   Dukeport V Fee 50% [1] 1998 6.00 95,280 100%
   Dukeport VI Fee 50% [1] 1999 16.64 320,000 100%
   Dukeport VII Fee 50% [1] 1999 8.34 123,480 100%
   Dukeport VIII Fee 50% [1] 1999 16.64 260,160 100%
               
   Earth City, MO              
   Corporate Center, Earth City Fee 100%   2000 6.93 73,200 41%
               
   Fenton, MO              
   Fenton Interstate Building C Fee 100%   1986 5.50 95,519 100%
   Fenton Interstate Building D Fee 100%   1987 5.85 105,651 100%
   Fenton Industrial Bldg A Fee 100%   1987 3.44 67,200 100%
   Fenton Industrial Bldg B Fee 100%   1986 5.20 101,366 100%
   Southport I Fee 100%   1977 1.36 20,810 100%
   Southport II Fee 100%   1978 1.53 22,400 100%
   Southport Commerce Ctr Fee 100%   1978 2.65 34,873 100%
               
   Maryland Heights, MO              
   Riverport Distribution A Fee 100%   1990 5.96 100,000 100%
   Express Scripts Service Center Fee 100%   1992 10.81 119,000 100%
   Riverport Distribution B Fee 100%   1989 3.36 45,200 100%

 

 

   Riverport 1 Fee 100%   1999 6.64 72,000 100%
   Riverport 2 Fee 100%   2000 9.51 104,800 100%
   Westport Center I Fee 100%   1998 11.90 177,600 100%
   Westport Center II Fee 100%   1998 5.25 51,053 100%
   Westport Center III Fee 100%   1999 8.70 91,000 100%
               
   Olivette, MO              
   1920 Beltway Fee 100%   1986 4.44 70,000 100%
   I-170 Center Fee 100%   1986 4.57 76,415 79%
   Warson Commerce Center Fee 100%   1987/1997 8.83 122,886 100%
               
   St. Charles, MO              
   Alfa-Laval Fee 100%   1996 12.76 129,500 100%
               
   St. Louis, MO              
   Craig Park Center Fee 100%   1984 3.19 42,210 100%
   St. Louis Business Center A Fee 100%   1987 2.49 47,876 71%
   St. Louis Business Center B Fee 100%   1986 3.14 58,236 95%
   St. Louis Business Center C Fee 100%   1986 2.10 38,628 100%
   St. Louis Business Center D Fee 100%   1987 1.81 33,953 100%
   Westport Center IV Fee 100%   2000 14.71 173,400 100%
   Westport Center V Fee 100%   1999 5.09 35,000 100%
               
   St. Peters, MO              
   Horizon Business Center Fee 100%   1985 5.31 75,746 100%
               
   Morrisville, NC              
   507 Airport Blvd Fee 100%   1993 7.15 106,862 94%
   5151 McCrimmon Pkwy Fee 100%   1995 7.67 104,806 100%
   2600 Perimeter Park Dr Fee 100%   1997 6.07 70,848 100%
   5150 McCrimmon Pkwy Fee 100%   1998 12.32 143,737 100%
   3000 Perimeter Park Dr Fee 100%   1989 5.76 75,000 100%
   2900 Perimeter Park Dr Fee 100%   1990 4.52 59,970 100%
   2800 Perimeter Park Dr Fee 100%   1992 8.22 136,370 100%
   100 Perimeter Park Drive Fee 100%   1987 5.30 55,666 100%
   200 Perimeter Park Drive Fee 100%   1987 6.30 55,664 100%
   300 Perimeter Park Drive Fee 100%   1986 6.30 55,664 100%
   400 Perimeter Park Drive Fee 100%   1983 5.40 74,088 100%
   500 Perimeter Park Drive Fee 100%   1985 5.80 74,107 100%
   800 Perimeter Park Drive Fee 100%   1984 4.50 55,637 100%
   900 Perimeter Park Drive Fee 100%   1982 4.00 47,799 79%
   1000 Perimeter Park Drive Fee 100%   1982 4.50 55,108 64%
   1100 Perimeter Park Drive Fee 100%   1990 9.50 83,755 98%
   409 Airport Blvd Bldg A Fee 100%   1983 3.07 42,712 100%
   409 Airport Blvd Bldg B Fee 100%   1986 1.89 26,215 100%
   409 Airport Blvd bldg C Fee 100%   1982 3.07 85,129 99%
   100 Innovation Avenue Fee 100%   1994 7.51 108,000 100%
   101 Innovation Ave Fee 100%   1997 7.94 97,500 100%
   200 Innovation Drive Fee 100%   1999 5.26 96,000 100%
   501 Innovation Ave. Fee 100%   1999 8.00 140,400 100%
               
   Raleigh, NC              
   3200 Spring Forest Road Fee 100%   1986 5.61 59,971 100%
   3100 Spring Forest Road Fee 100%   1992 9.16 50,306 100%
               
   Blue Ash, OH              
   Cornell Commerce Center Fee 100%   1989 9.91 167,695 100%
   Creek Road Bldg 1 Fee 100%   1971 2.05 38,715 100%
   Creek Road Bldg 2 Fee 100%   1971 2.63 53,210 100%
               
   Canal Winchester, OH              
   Nifco at Canal Winchester Fee 100%   2000 6.82 124,800 100%
               
   Cincinnati, OH              
   U.S. Post Office Fee 40% [1] 1992 2.60 57,886 100%
   Cincinnati Bell Supply Fee 100%   1999 9.00 80,100 100%
   World Park Bldg #30 Fee 50% [1] 1999 33.23 615,600 100%
   World Park Bldg 5 Fee 100%   1987 5.00 59,690 100%
   World Park Bldg 6 Fee 100%   1987 7.26 92,400 100%
   World Park Bldg 7 Fee 100%   1987 8.63 96,000 100%
   World Park Bldg 17 Fee 50% [1] 1994 15.10 304,000 100%
   World Park Bldg 8 Fee 50% [1] 1989 14.60 192,000 100%
   World Park Bldg 9 Fee 50% [1] 1989 4.47 58,800 80%
   World Park Bldg 11 Fee 50% [1] 1989 8.98 96,000 100%
   World Park Bldg 14 Fee 50% [1] 1989 8.91 166,400 100%
   World Park Bldg 15 Fee 50% [1] 1990 6.50 93,600 100%

 

 

   World Park Bldg 16 Fee 50% [1] 1989 7.00 93,600 100%
   World Park Bldg 18 Fee 50% [1] 1997 16.90 252,000 100%
   World Park Bldg 28 Fee 50% [1] 1998 11.60 220,160 100%
   World Park Bldg 29 Fee 50% [1] 1998 21.40 452,000 100%
   World Park Bldg 31 Fee 50% [1] 1998 7.10 122,120 100%
               
   Columbus, OH              
   2190-2200 Westbelt Drive Fee 100%   1986 6.12 95,516 100%
   Westbelt West #1 Fee 100%   1999 9.53 132,800 100%
   Westbelt West #2 Fee 100%   1999 11.24 184,000 23%
   3800 Zane Trace Drive Fee 100%   1978 3.98 83,167 100%
   3635 Zane Trace Drive Fee 100%   1980 5.24 98,880 100%
               
   Fairfield, OH              
   Fairfield Bus. Ctr. D Fee 100%   1990 3.23 40,223 100%
   Fairfield Bus. Ctr. E Fee 100%   1990 6.07 75,356 100%
   University Moving Fee 100%   1991 4.95 70,000 100%
               
   Glenwillow, OH              
   Mr. Coffee Fee 50% [1] 1997 35.00 458,000 100%
   Emerald Valley Bldg I Fee 100%   1999 11.50 200,928 100%
               
   Grove City, OH              
   South Pointe Bldg A Fee 50% [1] 1995 14.06 293,824 57%
   South Pointe Bldg B Fee 50% [1] 1996 13.16 307,200 100%
   South Pointe Bldg C Fee 50% [1] 1996 12.57 322,000 100%
   South Pointe Bldg D Fee 100%   1997 6.55 116,590 100%
   South Pointe Bldg E Fee 100%   1997 6.55 82,520 100%
               
   Groveport, OH              
   Groveport Comm Ctr #1 Fee 50% [1] 1998 17.78 354,814 100%
   Groveport Comm Ctr #2 Fee 100%   1999 21.80 437,000 100%
   Groveport Comm Ctr #3 Fee 100%   1999 10.60 168,000 81%
   Groveport Comm Ctr #4 Fee 100%   2000 22.95 427,432 100%
   Groveport Commerce Ctr. #345 Fee 100%   2000 20.47 345,000 0%
   6600 Port Road Fee 100%   1995/1998 45.42 1,019,312 100%
               
   Mason, OH              
   Governor's Pointe 4700 Fee 100%   1987 5.51 77,890 73%
   Governor's Pointe 4900 Fee 100%   1987 9.41 79,034 98%
   Governor's Pointe 4800 Fee 100%   1989 7.07 80,123 100%
               
   Milford, OH              
   Park 50 Bldg 20 Fee 100%   1987 8.37 96,714 100%
   Park 50 Bldg 25 Fee 100%   1989 12.20 78,328 84%
               
   Monroe, OH              
   Monroe Business Center Bldg. 1 Fee 100%   1992 24.50 399,600 100%
               
   Sharonville, OH              
   Enterprise Bldg 1 Fee 100%   1990 7.52 87,400 100%
   Enterprise Bldg 2 Fee 100%   1990 7.52 84,963 100%
   Enterprise Bldg A Fee 100%   1987 2.65 20,887 80%
   Enterprise Bldg B Fee 100%   1988 2.65 34,940 100%
   Enterprise Bldg D Fee 100%   1989 5.40 60,329 93%
   Mosteller Distribution Center Fee 100%   1957/1996 25.80 357,796 100%
   Mosteller Dist. Ctr II Fee 100%   1997 12.20 261,440 100%
   Perimeter Park Bldg A Fee 100%   1991 2.92 28,100 100%
   Perimeter Park Bldg B Fee 100%   1991 3.84 30,000 100%
               
   Solon, OH              
   Pioneer-Standard Electronics Fee 100%   1998 12.90 224,600 100%
   Fountain Parkway Bldg 1 Fee 100%   1998 6.50 108,700 100%
   6450 Davis-Ameritech Fee 100%   1999 5.77 40,372 100%
   30600 Carter Fee 100%   1971 11.30 190,188 100%
   6230 Cochran Fee 100%   1977 7.20 100,365 98%
   31900 Solon Fee 100%   1974 8.30 85,000 0%
   5821 Harper Fee 100%   1970 5.80 66,638 100%
   6161 Cochran Fee 100%   1978 6.10 62,400 100%
   5901 Harper Fee 100%   1970 4.10 55,263 100%
   29125 Solon Fee 100%   1980 5.90 47,329 0%
   6661 Cochran Fee 100%   1979 4.70 39,000 100%
   6521 Davis Fee 100%   1979 3.20 21,600 100%
   30301 Carter Street Fee 100%   1972 12.58 219,574 100%

 

   Strongsville, OH              
   Park 82 Bldg 2 Fee 100%   1998 7.10 105,600 100%
   Park 82 Bldg 1 Fee 100%   1998 4.50 67,540 100%
   Park 82 Bldg 3 Fee 100%   1999 6.37 85,912 100%
   Park 82 Bldg 4 Fee 100%   2000 8.24 170,550 77%
   Park 82 Bldg 5 Fee 100%   2000 8.05 161,984 65%
   Johnson Controls Fee 100%   1972 14.56 85,410 100%
   Mohawk Dr. Bldg. 1 Fee 100%   2000 9.50 77,500 100%
   Dyment Fee 100%   1988 12.00 246,140 100%
               
   Twinsburg, OH              
   Enterprise Parkway #1 Fee 100%   1974/1995 7.40 66,109 100%
   Enterprise Parkway Bldg 2 Fee 100%   2000 12.00 198,000 89%
               
   West Chester, OH              
   World Park at Union Ctr 12 Fee 100%   2000 4.70 55,000 32%
   World Park at Union Ctr 1 Fee 50% [1] 1998 4.00 59,400 100%
   World Park at Union Ctr 2 Fee 50% [1] 1999 3.82 64,800 81%
   World Park at Union Ctr 3 Fee 50% [1] 1998 15.00 321,200 100%
   World Park at Union Ctr 4 Fee 50% [1] 1999 4.46 48,400 100%
   World Park at Union Ctr 5 Fee 50% [1] 1999 6.43 86,400 100%
   World Park at Union Ctr 6 Fee 50% [1] 1999 16.25 321,464 100%
   World Park at Union Ctr 8 Fee 50% [1] 1999 15.47 340,560 100%
               
   Duncan, SC              
   170 Parkway West Fee 100%   1995 6.50 96,000 100%
   285 Parkway East Fee 100%   1994/1996 14.36 197,200 100%
   190 Parkway West Fee 100%   1996 8.61 92,400 100%
   265 Parkway East Fee 100%   1999 13.08 124,800 69%
               
   Antioch, TN              
   Keebler (Nashville) Fee 100%   1985 4.39 36,150 100%
               
   Brentwood, TN              
   7104 Crossroads Blvd Fee 100%   1987 7.00 103,200 79%
   7106 Crossroads Blvd Fee 100%   1987 6.70 103,880 96%
   7108 Crossroads Blvd Fee 100%   1989 6.60 99,000 61%
               
   Franklin, TN              
   277 Mallory Station Fee 100%   1996 8.69 127,318 77%
   320 Premier Court Fee 100%   1996 7.26 106,368 100%
   305 Seaboard Lane Fee 100%   1998 14.23 122,094 100%
   416 Mary Lindsay Polk Dr Fee 100%   1996 10.00 161,037 90%
   318 Seaboard Lane Bldg 200 Fee 100%   1999 4.07 30,112 91%
   318 Seaboard Lane Bldg 100 Fee 100%   1999 3.25 37,766 98%
   119 Seaboard Lane Fee 100%   1990 5.40 90,024 100%
   121 Seaboard Lane Fee 100%   1990 3.10 45,480 99%
   123 Seaboard Lane Fee 100%   1990 4.10 63,360 100%
               
   Nashville, TN              
   1420 Donelson Pike Fee 100%   1985 7.20 90,000 81%
   1410 Donelson Pike Fee 100%   1986 9.30 108,300 90%
   1400 Donelson Pike Fee 100%   1996 7.70 102,727 97%
   400 Airpark Center Fee 100%   1989 3.20 52,748 100%
   500 Airpark Center Dr. Fee 100%   1988 5.40 90,150 100%
   600 Airport Center Dr Fee 100%   1990 4.70 78,800 100%
   700 Airpark Center Dr. Fee 100%   1992 4.50 77,518 100%
   800 Airpark Center Dr. Fee 100%   1995 6.00 93,928 100%
   900 Airpark Center Dr Fee 100%   1995 6.00 84,307 100%
   1000 Airpark Center Dr. Fee 100%   1997 8.00 106,122 100%
   5270 Harding place Fee 100%   1996 4.01 51,960 100%
   1415 Donelson Pike Fee 100%   1996 12.40 156,933 100%
   1413 Donelson Pike Fee 100%   1996 5.15 66,737 100%
   5233 Harding Place Fee 100%   1998 4.01 47,938 100%
   431 Great Circle Road Fee 100%   1999 19.29 166,137 93%
   700 Melrose Avenue Fee 100%   1997 8.32 165,902 100%
   684 Melrose Ave Fee 100%   1998 10.75 137,479 100%
   758 Melrose Avenue Fee 100%   1997 8.10 103,600 79%
   784 Melrose Ave. Fee 100%   1999 2.89 32,863 100%
   Greenbriar Business Park Fee 100%   1986 10.73 134,759 91%
   Haywood Oaks Bldg 2 Fee 100%   1988 2.94 50,400 100%
   Haywood Oaks Bldg 3 Fee 100%   1988 2.94 52,800 90%
   Haywood Oaks Bldg 4 Fee 100%   1988 5.23 46,800 86%
   Haywood Oaks Bldg 5 Fee 100%   1988 5.23 61,172 93%

 

   Haywood Oaks Bldg 6 Fee 100%   1989 10.53 113,691 85%
   Haywood Oaks Bldg 7 Fee 100%   1995 8.24 66,873 100%
   Haywood Oaks Bldg 8 Fee 100%   1997 15.44 71,615 83%
   Haywood Oaks East Fee 100%   2000 13.00 120,657 41%
   Metro Airport Center Bldg 1 Fee 100%   1999 6.37 80,675 94%
   566 Mainstream Dr. Fee 100%   1982 6.92 95,644 100%
   621 Mainstream Dr. Fee 100%   1984 7.18 52,302 100%
   Riverview Business Center I Fee 100%   2000 8.26 42,013 68%
   3300 Briley Park Blvd Fee 100%   1997 18.27 195,379 100%
   2515 Perimeter Park Fee 100%   1990 4.46 71,031 100%
   500 Royal Parkway Fee 100%   1990 4.70 75,000 100%
               
   Carrollton, TX              
   Trinity Mills VI Fee 50% [1] 1986 4.61 241,477 100%
   Trinity Mills VII Fee 50% [1] 1986 4.61 106,472 100%
   Frankford Distribution I Fee 50% [1] 1994 4.22 153,200 100%
   Frankford Distribution II Fee 50% [1] 1995 4.22 123,200 100%
   Frankford III Fee 50% [1] 1996 4.22 221,400 100%
   Dickerson Service Center Fee 50% [1] 1995 4.22 42,225 100%
   Frankford Interchange Fee 50% [1] 1997 4.22 380,660 100%
   McDaniel Fee 50% [1] 1981 4.85 125,000 67%
   Hutton Drive Fee 50% [1] 1981 4.86 97,921 100%
               
   Coppell, TX              
   Freeport II Fee 50% [1] 1996 14.40 280,000 100%
   Freeport III Fee 50% [1] 1996 15.59 297,903 100%
   Freeport IV Fee 50% [1] 1996 12.26 125,103 100%
   Freeport V Fee 50% [1] 2000 9.55 115,950 0%
   Freeport VI Fee 50% [1] 2000 12.09 228,210 100%
               
   Farmers Branch, TX              
   One Valwood Park Fee 50% [1] 1991 12.20 113,000 100%
               
   Fort Worth, TX              
   14900 Trinity Blvd. Fee 50% [1] 1984 14.30 310,000 100%
               
   Framers Branch, TX              
   Two Valwood Park Fee 50% [1] 1996 5.27 126,800 100%
               
   Garland, TX              
   Garland Business Center II Fee 50% [1] 1999 15.15 143,598 88%
   International I Fee 50% [1] 1996 12.70 151,200 100%
   International II Fee 50% [1] 1996 12.70 283,600 100%
               
   Grand Prairie, TX              
   1252 Avenue T Fee 50% [1] 1983 5.86 50,000 100%
   1302 Avenue T Fee 50% [1] 1983 5.81 70,000 100%
   Carrier Fee 50% [1] 1980 5.11 110,880 100%
   Regency Fee 50% [1] 1980 7.85 132,521 100%
               
   Irving, TX              
   Texas Plaza I Fee 50% [1] 1997 9.10 115,926 100%
   Texas Plaza II Fee 50% [1] 1999 5.22 71,550 100%
               
   Lewisville, TX              
   1550 Lakeway Drive Fee 50% [1] 1997 11.92 200,515 100%
   501 E Corporate Dr Fee 50% [1] 1998 9.72 159,000 100%
               
   Milwaukee, WI              
   San Francisco Music Box Fee 33.33% [1] 1993 8.90 153,600 100%
               
Office
             
   Brandon, FL              
   Regency I  Fee 100%   2000 5.72 58,210 17%
   Celebration, FL              
   1130 Celebration Blvd Fee 100%   1997 5.78 62,876 92%
   1120 Celebration Blvd. Fee 100%   1997 4.00 43,020 100%
   Celebration C-9 Phase I  Fee 100%   2000 6.08 80,736 77%
   Ft. Lauderdale, FL              
   Beacon Pointe at Weston Bldg 1  Fee 50% [1] 1999 6.88 97,579 79%
   Jacksonville, FL              
   7011 A.C. Skinner Pkwy  Fee 100%   1999 4.76 59,448 100%
   Lake Mary, FL              
   1025 Greenwood Blvd. Fee 85% [1] 1998 8.49 109,021 83%
   Northpoint Center II Fee 94.75% [1] 1999 8.76 108,499 92%

 

                 
   Tampa, FL                
   Highland Oaks I Fee   100%   1999 10.70 124,597 99%
   Highland Oaks II Fee   100%   1999 10.70 124,997 52%
                 
   Alpharetta, GA                
   3925 Brookside Parkway Fee   100%   1998 9.98 106,631 100%
   3625 Brookside Parkway Fee   100%   1999 10.75 133,355 85%
   Radiant Systems Phase II Fee   100%   2000 5.60 80,314 100%
   2550 Northwinds Parkway Fee   100%   1998 14.22 148,509 100%
                 
   Atlanta, GA                
   6 W. Druid Hills Drive Fee   100%   1968 2.83 80,757 100%
   2801 Buford Highway Fee   100%   1977 5.82 115,712 92%
   1190 W. Druid Hills Drive Fee   100%   1980 5.56 79,384 100%
                 
   Duluth, GA                
   3805 Crestwood Parkway Fee   100%   1997 7.20 104,947 100%
   3885 Crestwood Parkway Fee   100%   1998 6.33 103,598 98%
   Hampton Green Office Bldg Fee   100%   2000 10.11 122,807 49%
                 
   Kennesaw, GA                
   3391 Town Point Drive Fee   100%   1999 7.35 93,849 49%
                 
   Lawrenceville, GA                
   Huntcrest Office I Fee   50% [1] 2000 7.19 103,650 100%
                 
   Norcross, GA                
   4366 Park Drive Fee   100%   1981 1.00 9,481 100%
   1835 Shackelford Court Fee   100%   1990 3.29 56,576 83%
   1854 Shackleford Road Fee   100%   1985/1995 6.30 94,677 83%
   4275 Shackleford Court Fee   100%   1985 2.86 32,280 98%
   5755 Peachtree Industrial Blvd Fee   100%   1997 6.00 50,000 100%
                 
   Roswell, GA                
   1357 Hembree Road Fee   100%   1999 5.62 51,189 97%
   10745 Westside Parkway Fee   100%   1995 5.00 58,093 100%
                 
   Arlington Heights, IL                
   Atrium II Fee   100%   1986 6.55 100,952 100%
                 
   Downers Grove, IL                
   Executive Towers I Fee   100%   1983 6.33 204,701 92%
   Executive Towers II Fee   100%   1984 6.33 224,206 84%
   Executive Towers III Fee   100%   1987 6.33 222,400 95%
                 
   Lake Forest, IL                
   One Conway Park Fee   100%   1989 8.97 102,579 96%
                 
   Lisle, IL                
   Central Park of Lisle 1 Fee   50% [1] 1990 8.88 345,200 96%
   Central Park of Lisle 2 Fee   50% [1] 1999 8.36 303,246 94%
                 
   Westmont, IL                
   Oakmont Circle Office Fee   100%   1990 6.90 115,737 100%
                 
   Carmel, IN                
   Hamilton Crossing Bldg 2 Fee   100%   1997 5.10 33,784 100%
   Hamilton Crossing Bldg 4 Fee   100%   1999 5.80 84,374 100%
                 
   Greenwood, IN                
   South Park Bldg 1 Fee   100%   1989 5.40 39,715 63%
   South Park Bldg 3 Fee   100%   1990 3.25 36,082 92%
                 
   Indianapolis, IN                
   Hamilton Crossing Bldg 3 Fee   100%   2000 8.63 141,812 73%
   8465 Katc 2-story Fee   100%   1983 1.31 28,532 100%
   F.C. Tucker Fee [3] 100%   1978 4.70 4,840 100%
   8555 Katc 4-story Fee [3] 100%   1985 5.42 75,545 100%
   3520 Commerce Crossing Fee   100%   1976 2.69 30,900 100%
   Park 100 Bldg 110 Fee   50% [1] 1987 4.70 35,700 7%
   One North Capitol Fee [4] 100%   1980 0.34 161,984 98%
   Park 100 Bldg 34 Fee   100%   1979 2.00 22,481 95%
   Park 100 Bldg 116 Fee   100%   1988 5.28 35,713 100%
   Park 100 Bldg 118 Fee   100%   1988 6.50 35,700 66%
   Park 100 Bldg 119 Fee   100%   1989 6.50 53,300 100%
   Park 100 Bldg 124 Fee   50% [1] 1992 3.88 48,000 100%
   Park 100 Bldg 132 Fee   100%   1997 4.40 27,600 100%
   Woodland Corp Centre I Fee   100%   1998 6.00 77,186 100%
   Woodland Corporate Center II Fee   100%   1999 5.25 60,000 95%
   One Parkwood Fee   100%   1989 5.93 109,069 100%

 

 

   Two Parkwood Fee 100%   1996 5.96 94,177 100%
   Three Parkwood Fee 100%   1997 6.24 122,839 100%
   Four Parkwood Fee 100%   1998 5.90 133,086 100%
   Five Parkwood Fee 100%   1999 3.37 133,758 99%
   Six Parkwood Fee 100%   2000 6.10 199,284 90%
   Seven Parkwood Fee 50% [1] 2000 4.40 87,318 100%
   Software Artistry Fee 100%   1998 6.90 108,273 100%
   Woodland Corp Center III Fee 100%   1999 6.03 65,500 94%
   Woodland Corp Ctr IV Fee 100%   2000 6.40 90,000 83%
   8440 Woodfield Fee 100%   1987 7.50 117,818 99%
   8425 Woodfield Fee 100%   1989 13.30 259,777 93%
               
   Bloomington, MN              
   Alpha Business Ctr I&II Fee 100%   1980 13.57 41,581 90%
   Norman Center 2 Fee 100%   1970 6.23 62,301 100%
   Norman Center 4 Fee 100%   1967 4.27 45,332 100%
   Norman Pointe I Fee 100%   2000 4.00 210,000 22%
               
   Burnsville, MN              
   Professional Plaza I Fee 100%   1986 2.80 38,033 72%
               
   Golden Valley, MN              
   Edina Realty Fee 100%   1965 1.93 24,080 100%
   North Star Title Fee 100%   1965 3.41 42,479 49%
   Tyrol West Fee 100%   1968 2.98 37,098 66%
               
   Minnetonka, MN              
   10801 Red Circle Dr. Fee 100%   1977 4.00 60,078 100%
               
   Plymouth, MN              
   Westpoint Business Ctr Fee 100%   1978 1.28 16,708 100%
               
   St. Louis Park, MN              
   5219 Building Fee 100%   1965 0.73 9,141 87%
   North Plaza Fee 100%   1966 2.26 28,693 96%
   1600 Tower Fee 100%   2000 3.00 248,541 39%
   South Plaza Fee 100%   1966 2.68 33,370 73%
   Travelers Express Tower Fee 100%   1987 5.40 237,643 87%
               
   Creve Couer, MO              
   Twin Oaks Fee 100%   1995 5.91 85,071 92%
               
   Earth City, MO              
   3322 NGIC Fee 100%   1987 6.61 112,000 100%
               
   Maryland Heights, MO              
   Riverport Tower Fee 100%   1991 20.40 317,891 100%
               
   St. Louis, MO              
   3300 Pointe 70 Fee 100%   1989 6.61 104,583 100%
   Laumeier I Fee 100%   1987 4.26 114,037 100%
   Laumeier II Fee 100%   1988 4.64 113,308 99%
   Laumeier IV Fee 100%   1987 2.24 62,842 100%
   500-510 Maryville Centre Fee 100%   1984 9.27 165,544 89%
   530 Maryville Centre Fee 100%   1990 5.31 107,957 91%
   550 Maryville Centre Fee 100%   1988 4.55 97,109 95%
   635-645 Maryville Centre Fee 100%   1987 8.78 148,307 100%
   655 Maryville Centre Fee 100%   1994 6.26 90,499 100%
   540 Maryville Centre Fee 100%   1990 5.23 107,970 95%
   625 Maryville Centre Fee 49% [1] 1994 6.26 101,576 51%
   520 Maryville Centre Fee 100%   1998 5.30 115,453 100%
   700 Maryville Centre Fee 100%   1999 5.70 215,564 100%
   533 Maryville Centre Fee 100%   2000 5.44 125,296 100%
   Express Scripts HQ Fee 100%   1999 11.40 141,774 100%
   Westmark Fee 100%   1987 6.95 132,736 100%
   Westport Place Fee 100%   1999 6.03 95,007 100%
   Westview Place Fee 100%   1988 2.69 124,381 99%
               
   Cary, NC              
   200 Regency Forest Dr. Fee 100%   1999 23.95 102,561 100%
   100 Regency Forest Dr. Fee 100%   1997 12.30 103,597 99%
   6501 Weston Parkway Fee 100%   1996 8.52 93,990 100%
               
   Morrisville, NC              
   2400 Perimeter Park Dr. Fee 100%   1999 5.50 59,629 100%
   1400 Perimeter Park Drive Fee 100%   1991 3.33 44,916 100%
   1500 Perimeter Park Drive Fee 100%   1996 5.47 79,745 100%
   1600 Perimeter Park Drive Fee 100%   1994 5.70 94,897 100%

 

 

   1800 Perimeter Park Drive Fee   100%   1994 3.94 54,434 100%
   2000 Perimeter Park Drive Fee   100%   1997 4.25 55,906 100%
   1700 Perimeter Center West Fee   100%   1997 5.08 77,239 100%
   3900 N. Paramount Parkway Fee   100%   1998 5.88 100,987 100%
   3900 S.Paramount Pkwy Fee   100%   2000 5.88 119,170 100%
   5200 Paramount Pkwy. Fee   100%   1999 12.19 154,853 100%
   3500 Paramount Pkwy Fee   100%   1999 3.36 61,603 100%
                 
   Raleigh, NC                
   5520 Capital Ctr Dr Fee   100%   1993 3.67 37,630 100%
   801 Jones Franklin Rd Fee   100%   1995 4.09 69,217 100%
   Brook Forest I Fee   100%   2000 4.88 65,721 0%
                 
   Beachwood, OH                
   One Corporate Exchange Fee   100%   1989 5.30 88,376 99%
   Corporate Place Fee   100%   1988 4.50 85,845 88%
                 
   Blue Ash, OH                
   Huntington Bank Building Fee   100%   1986 0.94 3,235 100%
   Lake Forest Place Fee   100%   1985 13.50 217,264 98%
   Westlake Center Fee   100%   1981 11.76 180,087 88%
                 
   Cincinnati, OH                
   One Ashview Place Fee   100%   1989 6.88 120,924 100%
   Blue Ash Office Ctr VI Fee   100%   1989 2.96 36,138 73%
   Zussman Bldg Fee [5] 100%   1986 0.69 90,127 86%
   312 Elm Fee   100%   1992 1.10 378,786 99%
   Executive Plaza I Fee   100%   1980 5.83 88,481 100%
   Executive Plaza II Fee   100%   1981 5.02 88,885 100%
   Executive Plaza III Fee   100%   1998 5.60 89,341 99%
   Dun & Bradstreet Bldg Fee   100%   1972 8.34 38,000 100%
   8790 Governor's Hill Fee   100%   1985 5.00 58,177 86%
   8700 Governor's Hill Fee   100%   1985 4.98 58,617 100%
   8800 Governor's Hill Fee   100%   1985 2.13 28,705 100%
   8600 Governor's Hill Fee   100%   1986 10.79 202,106 99%
   Kenwood Executive Center Fee   100%   1981 3.46 54,119 98%
   8230 Kenwood Commons Fee   75% [1] 1986 2.09 45,017 100%
   8280 Kenwood Commons Fee   75% [1] 1986 2.09 44,774 99%
   Kenwood MOB-Jewish Fee   100%   1999 7.50 80,074 100%
   Ohio National Fee   100%   1996 9.00 214,272 99%
   Pfeiffer Woods Fee   100%   1998 11.30 116,364 100%
   312 Plum Fee   100%   1987 0.69 230,489 90%
   Remington Park Bldg A Fee   100%   1982 3.20 38,473 86%
   Remington Park Bldg B Fee   100%   1982 3.20 38,244 100%
   Triangle Office Park Fee   100%   1965/1985 15.64 172,650 79%
                 
   Columbus, OH                
   One Easton Oval Fee   100%   1998 7.69 125,031 100%
   Two Easton Oval Fee   100%   1996 7.66 128,690 100%
   Easton Plaza One Fee   100%   2000 5.12 107,083 47%
   1000 Polaris Parkway Fee   100%   1992 8.42 72,588 100%
   Xerox Bldg-5555 Parkcenter Cir Fee   100%   1992 6.09 84,167 100%
                 
   Dublin, OH                
   Metrocenter III Fee   100%   1983 5.91 75,342 100%
   Scioto Corporate Center Fee   100%   1987 7.58 57,242 75%
   Qwest (LCI) Fee   100%   1990 13.00 164,639 100%
   Sterling 1 Fee   100%   1990 7.66 106,300 100%
   4700 Lakehurst Ct Fee   100%   1994 3.86 49,809 93%
   Sterling 2 Fee   100%   1995 3.33 57,660 100%
   John Alden Life Ins. Fee   100%   1995 6.51 104,016 100%
   5555 Glendon Court Fee   100%   1995 10.95 132,939 100%
   Sterling 3 Fee   100%   1996 3.56 64,500 100%
   Compmanagement Fee   100%   1997 5.60 68,700 100%
   Sterling 4 Fee   100%   1998 3.10 94,219 100%
   Parkwood Place Fee   100%   1997 9.08 156,000 100%
   Nationwide Fee   100%   1996 17.90 315,102 100%
   Emerald II Fee   100%   1998 3.21 45,716 100%
   Atrium II, Phase I Fee   100%   1998 11.04 145,064 100%
   Atrium II, Phase II Fee   100%   1999 10.42 145,512 100%
   Blazer I Fee   100%   1999 5.65 71,491 100%
   Parkwood II Fee   100%   1999 8.98 164,900 100%
   Blazer II Fee   100%   2000 5.93 85,082 86%


               
                 
Independence, OH                
   Corporate Plaza I Fee   100%   1989 6.10 114,028 91%
   Corporate Plaza II Fee   100%   1991 4.90 103,834 95%
   Freedom Square I Fee   100%   1980 2.59 40,710 91%
   Freedom Square II Fee   100%   1987 7.41 116,665 94%
   Freedom Square III Fee   100%   1997 2.00 71,025 98%
   6111 Oak Tree Fee   100%   1979/1995 5.00 70,906 98%
   Park Center Bldg I Fee   100%   1998 6.68 135,542 100%
   Park Center Bldg 2 Fee   100%   1999 6.67 142,150 97%
   Park Center Bldg 3  Fee   100%   2000 6.67 133,958 34%
   Mason, OH                
   Deerfield Crossing Bldg 1 Fee   100%   1999 8.50 159,624 92%
   Governor's Pointe 4770 Fee   100%   1986 4.50 76,037 84%
   Governor's Pointe 4705 Fee   100%   1988 7.50 140,984 100%
   Governor's Pointe 4605 Fee   100%   1990 8.00 178,725 100%
   Governor's Pointe 8990 Fee   100%   1997 5.00 78,240 100%
   Governor's Pointe 4660 Fee   100%   1997 4.65 76,902 89%
   Governor's Pointe 4680  Fee   100%   1998 9.80 128,355 100%
   Mayfield Heights, OH                
   Landerbrook Corp. Center I Fee   100%   1997 8.00 112,886 98%
   Landerbrook Corp. Center II  Fee   100%   1998 5.74 103,300 97%
   Milford, OH                
   Park 50 Bldg 17  Fee   100%   1985 8.19 70,644 91%
   New Albany, OH                
   Express Med  Fee   50% [1] 1998 8.81 103,606 100%
   Novus Services, Inc. Fee   100%   1998 51.70 326,481 100%
   6525 W. Campus Oval  Fee   50% [1] 1999 4.40 66,000 88%
   North Olmsted, OH                
   Corporate Center I Fee   100%   1985 5.33 99,260 99%
   Corporate Center II Fee   100%   1987 5.32 104,402 94%
   Corporate Center III  Fee   100%   1999 1.80 68,000 93%
   Pepper Pike, OH                
   Corporate Circle  Fee   100%   1983 6.65 120,475 76%
   Seven Hills, OH                
   Rock Run - North Fee   100%   1984 5.00 62,565 99%
   Rock Run - Center Fee   100%   1985 5.00 62,223 100%
   Rock Run - South  Fee   100%   1986 5.00 62,989 92%
   Westerville, OH                
   Liebert  Fee   100%   1999 5.65 67,657 100%
   Brentwood, TN                
   Creekside Crossing One Fee   100%   1998 5.35 117,382 100%
   Creekside Crossing Two  Fee   100%   1999 5.35 116,390 65%
   Franklin, TN                
   341 Cool Springs Blvd  Fee   100%   1999 18.18 87,790 71%
   Nashville, TN                
   Three Lakeview  Fee   100%   1999 7.11 149,700 51%
   One Lakeview Place Fee   100%   1986 6.46 114,972 54%
   Two Lakeview Place Fee   100%   1988 6.45 114,586 62%
   545 Mainstream Dr  Fee   100%   1983 8.91 86,676 97%
   Plano, TX                
   Metasolv Building Phase I Fee   100%   1997 5.40 52,000 100%
   Metasolv Building Phase II  Fee   100%   1999 5.40 100,000 100%
Retail
               
   Alpharetta, GA                
   11835 Alpharetta Highway  Fee   100%   1994 2.25 15,000 100%
   Atlanta, GA                
   2071 N. Druid Hills Drive  Fee   100%   1968 0.59 4,115 100%
   Norcross, GA                
1480 Beaver Ruin Road  Fee   100%   1989 2.08 14,992 100%
   Bloomington, IL                
   Lakewood Plaza  Fee   100%   1987 11.23 87,056 92%
   Champaign, IL                
   Market View Shopping Ctr. Fee   100%   1985 8.50 86,553 84%

 

 

   Carmel, IN                
   Hamilton Crossing Retail Bld 1  Fee   100%   1999 9.00 82,394 95%
   Fort Wayne, IN                
   Coldwater Crossing  Fee   100%   1990 35.38 246,365 97%
   Indianapolis, IN                
   Cub Center Fee   100%   1986 6.83 60,136 95%
   Castleton Marketplace Fee   100%   1984 4.50 50,374 80%
   First Indiana Branch Fee   100%   1988 1.00 2,400 100%
   Park 100 Bldg 121, Retail  Fee   100%   1989 2.27 19,716 70%
   Florence, KY                
   Sofa Express – Florence  Fee   100%   1997 1.78 20,250 100%
   Cincinnati, OH                
   Eastgate Square Fee   100%   1990/1996 11.60 94,182 94%
   Garden Ridge Fee   100%   1998 13.94 141,500 100%
   Kohl's Department Store Fee   100%   1994 12.00 80,684 100%
   Sofa Express - Gov. Plaza Fee   100%   1995 1.13 15,000 100%
   Office Max Fee   100%   1995 2.25 23,484 100%
   Linens n Things-Gov Plaza Fee   100%   2000 3.03 34,180 100%
   Fountain Place Fee   14% [1] 1997 1.98 206,315 100%
   Governors Plaza Fee   100%   1990 20.75 185,570 100%
   King's Auto Mall I Fee   100%   1990 5.68 52,715 100%
   King's Mall Retail Ctr II Fee   100%   1988 8.90 67,284 100%
   Tri-county Marketplace Fee   100%   1998 10.36 74,246 100%
   Western Hills Marketplace  Fee   100%   1998 10.50 148,650 100%
   Dublin, OH                
   Tuttle Retail Center  Fee   100%   1995/1996 13.44 185,718 100%
   Loveland, OH                
   Montgomery Crossing Phase I Fee   100%   1993 1.90 21,008 100%
   Montgomery Crossing Phase II  Fee   100%   1994 7.00 68,648 100%
   Mason, OH                
   Bigg's Supercenter Fee   100%   1996 14.00 198,940 100%
   Lowes  Fee   100%   1997/1999 17.90 161,397 100%
   Woodlawn, OH                
   Glenwood Crossing Fee   100%   1999 14.06
34,900
100%
  Total In-Service         6,680.08
100,961,603
94%

 

Under Development
             
   Industrial
             
   Hollywood, FL              
   4140 at Port 95  Fee 100%   N/A 8.58 134,980 0%
   Lakeland, FL              
   Lakeland Interstate Park I  Fee 100%   N/A 9.95 166,800 0%
   Orlando, FL              
   Lee Vista Service Center I Fee 100%   N/A 5.30 52,800 0%
   Chase BTS-Orlando  Fee 100%   N/A 5.60 61,413 100%
   Tampa, FL              
   Fairfield Distribution Ctr VI Fee 100%   N/A 7.80 156,500 0%
   Fairfield Distribution Ctr VII  Fee 100%   N/A 4.81 90,640 0%
   Alpharetta, GA              
   Northmeadow SC II  Fee 100%   N/A 7.96 89,618 0%
   Braselton, GA              
   Braselton Quad I  Fee 100%   N/A 27.50 506,200 100%
   Duluth, GA              
Sugarloaf Office V  Fee 100%   N/A 5.82 61,440 0%
   McDonough, GA              
   Liberty III Fee 100%   N/A 31.28 506,700 0%

 

   Indianapolis, IN              
   Park 100 Bldg 139 Fee 100%   N/A 6.30 60,224 100%
   Park 100 Bldg 138 Fee 100%   N/A 15.98 286,960 100%
   Park 100 Bldg 140  Fee 100%   N/A 23.45 414,036 100%
   Lebanon, IN              
   Lebanon Building 10  Fee 100%   N/A 12.86 226,756 100%
   Eagan, MN              
   Eagan Pointe Business Center I  Fee 100%   N/A 6.32 128,000 100%
   Bridgeton, MO              
   Dukeport IX  Fee 100%   N/A 24.75 448,975 0%
   Lewis Center, OH              
   Orange Point #73 Fee 100%   N/A 6.22 74,237 10%
   Orange Point 144  Fee 100%   N/A 9.94 145,712 45%
   Middletown, OH              
   Monroe Business Center 2  Fee 100%   N/A 25.89 525,000 100%
   West Chester, OH              
   World Park at Union Ctr 9  Fee 100%   N/A 15.85 316,800 0%
   Falls Township, PA              
   GM-Philadelphia BTS  Fee 100%   N/A 43.54 394,450 100%
   Nashville, TN              
   Riverview Business Center II  Fee 100%   N/A 4.84 59,398 0%
   Roanoke, TX              
   General Motors at Alliance  Fee 100%   N/A 26.00 394,450 100%
   Office
             
   Lake Mary, FL              
   Northpoint III  Fee 100%   N/A 8.79 108,500 0%
   Sunrise, FL              
   Sawgrass Commerce Ctr Phase II  Fee 94.7% [1] N/A 7.73 69,872 86%
   Weston, FL              
   Beacon Pointe at Weston Ph II  Fee 50% [1] N/A 5.82 97,178 64%
   Alpharetta, GA              
   Brookside Phase II  Fee 100%   N/A 10.80 133,390 0%
   Lawrenceville, GA              
   Huntcrest Phase II  Fee 50% [1] N/A 6.18 103,712 52%
   Duluth, MN              
   United Health Care  Fee 100%   N/A 20.00 154,865 100%
   St. Louis, MO              
   555 Maryville Centre Fee 100%   N/A 5.43 126,152 34%
   Unigraphics  Fee 100%   N/A 8.74 122,646 100%
   Cary, NC              
   One Gateway Centre Fee [6]   N/A 5.85 75,528 0%
   Two Gateway Centre Fee [6]   N/A 5.90 70,340 0%
   Regency Forest III  Fee 100%   N/A 8.47 109,570 100%
   Chapel Hill, NC              
   Governors Village - Office Fee 100%   N/A 3.88 54,400 36%
   Governors Village Banking Ctr  Fee 100%   N/A 0.82 3,009 100%
   Morrisville, NC              
   Tekelec II  Fee 100%   N/A 12.36 155,037 100%
   Raleigh, NC              
   Crabtree Overlook  Fee 100%   N/A 8.70 154,475 35%
   Cincinnati, OH              
   Alliance Woods Fee 60% [7] N/A 7.10 190,733 100%
   Pfeiffer Place  Fee 100%   N/A 8.05 157,566 0%
   Dublin, OH              
   Emerald III Fee 100%   N/A 8.17 128,280 0%
   Nationwide Bldg A Fee 100%   N/A 22.65 401,500 100%
   Emerald IV  Fee 100%   N/A 5.30 73,750 0%
   Mason, OH              
   Deerfield Crossing Bldg 2 Fee 100%   N/A 7.50 159,624 0%

 

 

 

   Mayfield Heights, OH            
   Landerbrook Corp. Center III Fee 100% N/A 6.17
103,311
0%
  Total Under Development   520.95
8,055,527
56%
  Total In-Service and Under Development   7,201.03
109,017,130
91%

 

   
[1] The Company retains the indicated effective ownership interest in an entity which owns the building. The Company shares in the profit or loss from such building in accordance with the Company’s ownership
   
[2] These buildings are owned by a partnership in which the Company is a partner. The Company owns a 10% capital interest in  the partnership and receives a 50% interest in the residual cash flow after payment of a 9%  preferred return to the other partner on its capital interest
   
[3] The Company owns the building and has a leasehold interest in  the land underlying this building with a lease term expiring in 2048 or later.
   
[4] These are properties for which there are loans to owners which fully encumber the properties. Under the terms of the loans, the Company effectively receives all income and economic value from the properties.  As a result, the properties are accounted for as owned properties.
   
[5] The Company has a leasehold interest in the building and the underlying land with a lease term expiring June 2020.  The Company has an option to purchase the fee interest in the property throughout the term of the lease.
   
[6] This building is owned by a partnership in which the Company's ownership percentage will be determined upon the completion of the construction of the building.
   
[7] This building is owned by a partnership in which the Company owns a 60% interest.  The Company receives an 11% cumulative preferred return on its equity, with any excess cash flow after debt service received in accordance with the ownership interest.
   

Item 3.  Legal Proceedings

The Company is not party to any claims or litigation that it believes the results, individually or in the aggregate, will have a material adverse affect on its business, financial position or results of operations.

Item 4.  Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during the fourth quarter of the year ended December 31, 2000.



PART II

Item 5.  Market for the Registrant’s Common Equity and Related Stockholder Matters

The Company’s common shares are listed for trading on the New York Stock Exchange, symbol DRE. The following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period.  Comparable cash dividends are expected in the future. As of March 5, 2001, there were 9,946 record holders of common shares.

    2000
  1999
Quarter Ended
  High
  Low
  Dividend
  High
  Low
  Dividend
December 31   $25.56   $22.00   $.43   $20.00   $16.63   $.39
September 30   25.75   22.63   .43   22.94   18.25   .39
June 30   23.88   18.63   .39   24.25   20.13   .34
March 31   20.75   17.75   .39   23.69   20.50   .34

On January 31, 2001, the Company declared a quarterly cash dividend of $.43 per share payable on February 28, 2001, to common shareholders of record on February 12, 2001. Following is a summary of the taxable nature of the Company’s dividends for the three years ended December 31:

  2000
1999
1998
       
   Total dividends paid per share $1.64
$1.46
$1.28
   Percent taxable as ordinary income 85.59% 94.88% 96.33%
   Percent taxable as long-term capital gains 3.52% 1.30% -
   Percent non-taxable as return of capital 10.89%
3.82%
3.67%
       100.00%
100.00%
100.00%

Dividends per common share of $1.26, $1.23 and $1.09 were required for the Company to maintain its REIT status in 2000, 1999, and 1998, respectively.

See “Item 10-Directors and Executive Officers of the Registrant” for a description of certain shares of common stock issued to non-employee directors in non-registered transactions pursuant to Section 4(2) under the Securities Act of 1933, as amended.

Item 6.  Selected Consolidated Financial Data

The following sets forth selected consolidated financial and operating information on a historical basis for the Company for each of the years in the five-year period ended December 31, 2000. The following information should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8, “Financial Statements and Supplementary Data” included in this Form 10-K (in thousands, except per share amounts):

 

  2000
1999
1998
1997
1996
Results of Operations:          
   Revenues:          
     Rental Operations $711,826 $535,563 $348,625 $229,702 $162,160
     Service Operations 82,799
54,031
24,716
22,378
19,929
Total Revenues $794,625
$589,594
$373,341
$252,080
$182,089
           
Net Income Available for Common Shares $212,958
$139,636
$90,871
$65,999
$50,872

           
Per Share Data (1):          
   Net Income per Common Share:          
     Basic $1.68 $1.33 $1.13 $.99 $.91
     Diluted 1.66 1.32 1.12 .98 .90
   Dividends paid per Common Share 1.64 1.46 1.28 1.10 1.00
   Weighted Average Common Shares Outstanding 126,836 104,884 80,704 66,427 56,134
           
   Weighted Average Common and Dilutive Outstanding Potential Common Shares 147,441 120,511 92,468 74,993 64,398
Balance Sheet Data (at December 31):          
           
   Total Assets $5,460,036 $5,486,238 $2,853,653 $2,176,214 $1,361,142
   Total Debt 1,973,215 2,113,476 1,007,317 720,119 525,815
   Total Preferred Equity 608,874 609,998 360,000 225,000 75,000
   Total Shareholders’ Equity 2,712,890 2,668,596 1,570,112 1,234,681 754,932
   Total Common Shares Outstanding (1) 127,932 125,823 86,053 76,065 58,972
Other Data:          
   Funds From Operations  (2) $317,360 $234,273 $154,074 $107,256 $76,079
   Cash Flow Provided by (Used by):          
      Operating activities $449,130 $315,635 $221,188 $159,195 $95,135
      Investing activities (97,752) (740,269) (703,814) (597,324) (276,748)
      Financing activities (330,952) 436,449 479,223 443,148 181,220

 

(1) Information for all five years reflects the two-for-one stock split effected in August 1997.
   
(2) Funds From Operations is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. Funds From Operations does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company’s operating performance, and is not indicative of cash available to fund all cash flow needs.
       

 

 

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of  Operations

Overview

The Company’s income from rental operations is substantially influenced by the supply and demand for the Company’s rental space in its primary markets, its ability to maintain occupancy rates and increase rental rates on its in-service portfolio and to continue development and acquisition of additional rental properties.

The Company’s primary markets have continued to offer strong and stable local economies and have provided attractive new development opportunities because of their central location, established manufacturing base, skilled work force and moderate labor costs. The Company’s occupancy rate of its in-service portfolio was 93.6% at December 31, 2000. The Company expects to continue to maintain its overall occupancy levels and also expects to be able to increase rental rates as leases are renewed or new leases are executed. This combination should improve the Company’s results of operations from its in-service properties. The Company’s strategy for continued growth includes developing and acquiring additional rental properties in its primary markets.

The Company tracks same property performance which compares those properties that were in-service for all of a two-year period. In 2000, net operating income from the same property portfolio increased 4.2% over 1999, compared to 3.2% growth in 1999 over 1998.

The following table sets forth information regarding the Company’s in-service portfolio of rental properties as of December 31, 2000 (square feet in thousands):

                 
  Total Square Feet
  Percent  of
Total Square Feet

  Percent Occupied
   Type
2000
1999
  2000
1999
  2000
1999
Industrial                
      Service Centers 13,519 12,762   13.4% 13.8%   92.3% 93.5%
      Bulk 63,454 58,428   62.8% 63.2%   94.6% 91.4%
   Office                
      Suburban 20,644 17,767   20.4% 19.2%   91.1% 91.5%
      CBD 861 861   .9% .9%   95.2% 92.4%
   Retail 2,484
2,684
  2.5%
2.9%
  97.8% 95.1%
      Total 100,962
92,502
  100.0%
100.0%
  93.6% 91.9%

 

  The following table reflects the Company’s in-service lease expiration schedule as of December 31, 2000, by product type indicating square footage and annualized net effective rents under expiring leases (in thousands, except per square foot amounts):

  Total
Industrial
Office
Retail
Year of  
 Expiration

Square
Feet

Rent
Square
Feet

Rent
Square
Feet

Rent
Square
Feet

Rent
   2001 9,857 $60,459 7,736 $34,965 2,018 $24,339 103 $1,155
   2002 9,917 61,757 7,999 38,268 1,846 22,474 72 1,015
   2003 10,844 71,011 8,684 42,909 2,041 26,659 119 1,443
   2004 10,531 71,259 8,203 39,552 2,239 30,471 89 1,236
   2005 14,143 99,360 10,723 51,804 3,085 44,233 335 3,323
   2006 8,570 53,264 7,022 31,350 1,517 21,523 31 391
   2007 6,250 40,410 5,286 26,458 915 13,362 49 590
   2008 5,590 34,918 4,489 20,016 1,044 14,269 57 633
   2009 6,418 40,276 5,243 23,206 1,092 15,859 83 1,211
   2010 5,859 47,653 3,923 19,250 1,649 25,939 287 2,464
Thereafter 6,551
59,837
3,170
16,112
2,178
32,265
1,203
11,460
Total 94,530
$640,204
72,478
$343,890
19,624
$271,393
2,428
$24,921
                 
Total Portfolio
Square feet

100,962
  76,973
  21,505
  2,484
 
                 
Annualized net
effective rent
per square foot

  $6.77
  $4.74
  $13.83
  $10.26

The Company also expects to realize growth in earnings from rental operations through the development and acquisition of additional rental properties in its primary markets and the completion of the 8.1 million square feet of properties under development by the Company at December 31, 2000, over the next three quarters and thereafter. These properties under development should provide future earnings through Service Operations income upon sale or from rental operations growth as they are placed in service as follows (in thousands, except percent leased and stabilized returns):

         
Anticipated
In-Service  
Date


Square
Feet


Percent
Leased


Project
Costs


Stabilized
Return

Held for Rental:        
1st Quarter 2001 1,659 52% $93,159 11.4%
2nd Quarter 2001 1,421 6% 98,334 11.9%
3rd Quarter 2001 1,021 6% 44,518 11.6%
Thereafter 109
0% 12,781
11.4%
     4,210
24% $248,792
11.6%
Build-to-Suit for Sale:        
1st Quarter 2001 799 83% $37,275  
2nd Quarter 2001 973 76% 49,546  
3rd Quarter 2001 1,150 100% 84,901  
Thereafter 924
100% 68,044
 
     3,846
90% $239,766
 
Total 8,056
56% $488,558
 

 

Merger With Weeks Corporation

In July 1999, Weeks Corporation (“Weeks”), a self-administered, self-managed geographically focused Real Estate Investment Trust (“REIT”) which operated primarily in the southeastern United States, was merged with and into Duke Realty Investments, Inc. (“Duke”). The combined company has continued under the name Duke-Weeks Realty Corporation (“the Company”). The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million. The transaction was structured as a tax-free merger and was accounted for under the purchase method.

The following summarized pro forma unaudited information represents the combined historical operating results of Weeks and Duke with the appropriate purchase accounting adjustments, assuming the merger had occurred on January 1, 1998. The pro forma financial information presented is not necessarily indicative of what the Company’s actual operating results would have been had Weeks and Duke constituted a single entity during such periods (in thousands, except per share amounts):

  Years  Ended December 31,
  2000

1999

1998

  (Actual) (Pro Forma) (Pro Forma)
   Rental income $711,826

$626,803
$502,030
   Net income available for common shareholders $212,958

$158,156
$116,675
   Weighted average common shares outstanding:      
         Basic 126,836

118,565
107,277
         Diluted 147,441

139,373
128,761
   Net income per common share:      
         Basic $1.68

$1.33
$1.09
         Diluted $1.66

$1.32
$1.07

Results of OperationsA summary of the Company’s operating results and property statistics for each of the years in the three-year period ended December 31, 2000, is as follows (in thousands, except number of properties and per share amounts):

       
  2000
1999
1998
   Rental Operations revenues $711,826 $535,563 $348,625
   Service Operations revenues 82,799 54,031 24,716
   Earnings from Rental Operations 228,987 197,474 125,967
   Earnings from Service Operations 32,760 17,872 7,195
   Operating income 240,603 198,790 121,589
   Net income available for common shares 212,958 139,636 90,871
       
   Weighted average common shares outstanding 126,836 104,884 80,704
   Weighted average common and dilutive potential common shares 147,441 120,511 92,468
   Basic net income per common share $1.68 $1.33 $1.13
   Diluted net income per common share $1.66 $1.32 $1.12
       
   Number of in-service properties at end of year 913 865 453
   In-service square footage at end of year 100,962 92,502 52,028
   Under development square footage at end of year 8,056 9,876 7,241

 

Comparison of Year Ended December 31, 2000 to Year Ended December 31, 1999

Rental Operations

Rental Operations revenue increased to $711.8 million from $535.6 million for the year ended December 31, 2000, compared to the same period in 1999.  This increase is primarily due to the increase in the number of in-service properties during the respective periods.  As of December 31, 2000, the Company had 913 properties in service compared to 865 properties at December 31, 1999.  The following is a summary of the Company's acquisition and development activity since January 1, 1999:

  Buildings
Square Feet
(in thousands)

   Properties owned as of:    
     
   January 1, 1999 453 52,028
      Weeks merger 335 28,569
      Acquisitions 30 2,867
      Developments placed in service 68 10,928
      Dispositions (21)
(1,890)
     
   December 31, 1999 865 92,502
      Acquisitions 2 169
      Developments placed in service 75 11,546
      Dispositions (53) (6,586)
      Contributions from joint venture partners 24
3,331
     
   December 31, 2000 913
100,962

Rental property, real estate tax and depreciation and amortization expenses increased for the year ended December 31, 2000, compared to the same period in 1999, due to the increase in the number of in-service properties during the respective periods.

The $47.2 million increase in interest expense is primarily attributable to higher outstanding debt balances associated with the financing of the Company's investment activities. The increased balances include $450 million of unsecured debt issued in 1999, the assumption of $185 million of secured debt and $287 million of unsecured debt in the merger with Weeks Corporation in July 1999, and increased borrowings on the Company's lines of credit.  These higher borrowing costs were partially offset by the capitalization of interest on increased property development activities.

As a result of the above-mentioned items, earnings from Rental Operations increased $31.5 million from $197.5 million for the year ended December 31, 1999, to $229.0 million for the year ended December 31, 2000.

Service Operations

Service Operations revenues increased by $28.8 million from $54.0 million for the year ended December 31, 1999, to $82.8 million for the year ended December 31, 2000, primarily as a result of increases in construction and development income from increased third-party construction and revenues from the development and sale profits of build-to-suit properties.

Service Operations operating expenses increased from $36.2 million in 1999 to $50.0 million for the year ended December 31, 2000, due to the overall growth of the Company and the increased portfolio of buildings associated with this growth, and the significant increase in construction and development activity in 2000.

As a result, earnings from Service Operations increased from $17.9 million for the year ended December 31, 1999, to $32.8 million for the year ended December 31, 2000.

General and Administrative Expense

General and Administrative Expense increased from $16.6 million in 1999 to $21.1 million for the year ended December 31, 2000, due to an increase in corporate expenses associated with overall growth of the Company and effects of a full year's operations resulting from the merger with Weeks Corporation in July 1999.

Other Income and Expenses

Interest income increased from $2.7 million for the year ended December 31, 1999, to $6.9 million for the same period in 2000 primarily through earnings on funds deposited in tax deferred exchange escrows of $3.6 million.

The Company has a disposition strategy to pursue favorable opportunities to dispose of real estate assets that no longer meet long-term investment objectives of the Company, which resulted in net sales proceeds of $413.8 million and a net gain of $58.1 million for the year ended December 31, 2000.

In conjunction with this disposition strategy, included in net real estate investments are 28 buildings with a net book value of $112.0 million which were classified as held for sale by the Company at December 31, 2000. The Company expects to complete these and other dispositions and use the proceeds to fund future investments in real estate assets.

Net Income Available for Common Shareholders

Net income available for common shareholders for the year ended December 31, 2000 was $213.0 million compared to $139.6 million for the year ended December 31, 1999. This increase results primarily from the operating result fluctuations in rental and service operations and earnings from sales of real estate assets explained above.

 

Comparison of Year Ended December 31, 1999 to Year Ended December 31, 1998

Rental Operations

The Company increased its in-service portfolio of rental properties from 453 properties comprising 52.0 million square feet at December 31, 1998 to 865 properties comprising 92.5 million square feet at December 31, 1999 through the acquisition of 365 properties totaling 31.4 million square feet and the placement in service of 68 properties and four building expansions totaling 10.9 million square feet. Of these additional acquisition properties, 335 properties totaling 28.6 million square feet relate to the Weeks Merger.

The Company also disposed of 21 properties totaling 1.9 million square feet. These 412 net additional rental properties primarily account for the $186.9 million increase in revenues from Rental Operations from 1998 to 1999. The increase from 1998 to 1999 in rental expenses, real estate taxes and depreciation and amortization expense is also a result of the additional 412 in-service rental properties.

The $26.5 million increase in interest expense is primarily attributed to higher outstanding debt balances associated with the financing of the Company’s investment activities. The increased balances include $450 million of unsecured debt issued in 1999, the assumption of $185 million of secured debt and $287 million of unsecured debt in the Weeks Merger, and increased borrowings on the Company’s unsecured lines of credit. These higher borrowing costs were partially offset by the capitalization of interest on increased property development activities which increased in 1999 compared to 1998.

As a result of the above-mentioned items, earnings from Rental Operations increased $71.5 million from $126.0 million for 1998 to $197.5 million for 1999.

Service Operations

Service Operations revenues increased from $24.7 million to $54.0 million for the year ended 1999 as compared to 1998 primarily as a result of increases in construction management fee revenue because of an increase in third-party construction volume. Service Operations expenses increased from $17.5 million to $36.1 million for the year ended 1999, as compared to 1998, as a result of (i) payroll increasing from $12.5 million in 1998 to $17.2 million in 1999 due to the Weeks Merger and additional personnel added to existing regional offices due to the overall growth of the Company; (ii) income tax expenses increasing by $5.2 million as a result of increased activity in properties constructed for sale; and (iii) maintenance expenses increasing from $2.5 million in 1998 to $9.7 million in 1999 through the addition of substantial landscape operations in the Weeks Merger and the growth of the Company in Midwest markets.

As a result of the above-mentioned items, earnings from Service Operations increased $10.7 million from $7.2 million in 1998 to $17.9 million for the year ended 1999.

General and Administrative Expense

General and administrative expense increased from $11.6 million for the year ended 1998 to $16.6 million for 1999 primarily due to an overall increase in corporate expenses associated with the Weeks Merger and the overall growth of the Company.

 

Other Income and Expenses

During 1999, the Company developed a disposition strategy to pursue favorable opportunities to dispose of real estate assets that no longer meet long-term investment objectives of the Company, which resulted in net sales proceeds of $76.4 million and a net gain of $10.0 million in 1999.

Net Income Available for Common Shareholders

Net income available for common shareholders for the year ended December 31, 1999, was $139.6 million compared to $90.9 million for 1998.  This increase results primarily from the increases in the operating results of rental and service operations explained above.

Liquidity and Capital Resources

Financial Flexibility

During 1999 and continuing into 2000, the real estate industry experienced a reduced supply of favorably priced equity and debt capital, which generally decreased the level of new investment activity by real estate companies. While the Company has been subject to the same capital market conditions as other real estate companies, management believes the Company’s financial and liquidity position are relatively strong. Over the years, the Company has carefully managed its balance sheet in an effort to avoid liquidity issues in any given quarter or year. In management’s view, this should provide a competitive advantage in the current capital constrained market over many of its competitors. Following are three key indicators that demonstrate the overall strength of the Company’s financial position. First, the Company believes that its strong balance sheet and expected real estate asset disposition proceeds will provide the Company with sufficient capital to fund its investment activities. Second, the Company has maintained a conservative balance sheet with a debt-to-market capitalization of 31.4% at December 31, 2000. Third, as of December 31, 2000, the Company has a total of $627.3 million of undrawn capacity on its existing lines of credit to meet its short-term obligations.

Management believes that these key factors will provide the Company with substantial financial flexibility to capitalize on investment opportunities which may not be available to other real estate companies with more limited financial resources.

Operating Activities

Net cash flow provided by operating activities increased by $133.5 million in 2000 as compared to 1999 and by $94.4 million in 1999 as compared to 1998. These increases are due primarily to the Weeks Merger in July 1999, the development and acquisition of additional rental properties, and cash flow from existing real estate assets.

Investing and Financing Activities

During 2000, 1999 and 1998, the Company invested net cash of $97.8 million, $740.3 million, and $703.8 million, respectively, into real estate investing activities. In 2000, the Company used the proceeds received from the disposal of real estate assets identified as result of its capital disposition strategy to fund its future development.  During 2000, the Company received approximately $413.8 million of proceeds from land and depreciated property sales and a $158.4 million capital distribution from an unconsolidated company which were used to fund development activities and reduce amounts outstanding on the Company's line of credit.

The $740.3 million invested in real estate in 1999 was financed primarily from the borrowings under the Company’s unsecured lines of credit. These unsecured lines of credit were partially repaid with proceeds from the issuance of $450.0 million of long-term unsecured debt, $214.8 million in net proceeds from the sale of common shares, and $96.5 million of net proceeds from the sale of preferred shares. The $703.8 million invested in real estate during 1998 was financed primarily from borrowings under the Company’s line of credit. These borrowings were partially repaid with proceeds from the issuance of $250.0 million of long-term unsecured debt, $211.5 million in net proceeds from the sale of common shares, and $129.5 million of net proceeds from the sale of preferred shares.

Other significant financing activity included the payment of $256.9 million, $196.7 million, and $123.1 million in common and preferred share distributions in 2000, 1999 and 1998, respectively. The increases are primarily attributable to (i) an increase in the overall number of common shares and Series F Preferred Shares outstanding resulting from the Weeks Merger in 1999; and (ii) annual increases in the cash distributions paid per common share.

The Company currently has on file a Form S-3 Registration Statement (the “Shelf Registration”) with the Securities and Exchange Commission which has remaining availability as of December 31, 2000, of $792.9 million to issue additional common stock, preferred stock and unsecured debt securities. The Company intends to issue additional securities under this Shelf Registration to fund the development and acquisition of additional rental properties. The Company also has a Shelf Registration on file for at-the-market offerings of 1.5 million shares of common stock.  The Company completed a $75.0 million preferred stock offering in February 2001.

The recurring capital needs of the Company are funded primarily through the undistributed net cash provided by operating activities. A summary of the Company’s recurring capital expenditures is as follows (in thousands):

  2000
1999
1998
   Tenant improvements $31,955 $21,144 $10,785
   Leasing costs 17,530 12,326 6,655
   Building improvements

6,804
3,751
2,206
   Total $56,289
$37,221
$19,646
       

The Company has the following lines of credit available (in thousands):

           
Description
Borrowing
Capacity

Maturity
Date

Interest
Rate

Outstanding
at December
31, 2000

Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $220,000
Unsecured Line of Credit $300,000 June 2001 LIBOR + .775% $-
Secured Line of Credit $150,000 January 2003 LIBOR + 1.05% $52,657

The lines of credit are used to fund development and acquisition of additional rental properties and to provide working capital.

The $450 million line of credit allows the Company an option to obtain borrowings from the financial institutions that participate in the line of credit at rates lower than the stated interest rate, subject to certain restrictions. Amounts outstanding on the line of credit at December 31, 2000 are at LIBOR + .55% to .70%. In February 2001, the Company renewed the $450 million line of credit. The borrowing capacity was increased to $500 million, the interest rate was lowered to LIBOR + .65% and the maturity date was extended to March 1, 2004.

The debt outstanding at December 31, 2000 totals $2.0 billion with a weighted average interest rate of 7.32% maturing at various dates through 2028. The Company has $1.5 billion of unsecured debt and $466.6 million of secured debt outstanding at December 31, 2000. Scheduled principal amortization of such debt totaled $10.7 million for the year ended December 31, 2000.

Following is a summary of the scheduled future amortization and maturities of the Company’s indebtedness at December 31, 2000 (in thousands):

 

  Repayments
 
Year
Scheduled
Amortization

Maturities
Total
Weighted Average
Interest Rate of
Future Repayments

   2001 $11,584 $399,431 $411,015 7.33%
   2002 11,810 55,037 66,847 7.36%
   2003 11,612 333,869 345,481 7.72%
   2004 9,947 176,186 186,133 7.41%
   2005 8,636 213,662 222,298 7.25%
   2006 7,705 146,178 153,883 7.12%
   2007 5,967 116,555 122,522 7.13%
   2008 4,749 100,000 104,749 6.77%
   2009 5,093 150,000 155,093 7.73%
   Thereafter 30,194
175,000
205,194
6.88%
   Total $107,297
$1,865,918
$1,973,215
7.32%


Shareholder Dividend/Distribution Requirements

The Company intends to pay regular quarterly dividends from net cash provided by operating activities. A quarterly dividend of $.43 per common share was declared on January 31, 2001, which represents an annualized dividend of $1.72 per share.

Funds From Operations

Management believes that Funds From Operations (“FFO”), which is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis, is the industry standard for reporting the operations of real estate investment trusts.

The following reflects the calculation of the Company’s FFO for the years ended December 31 (in thousands):     

  2000
1999
1998
Net income available for common shares $212,958 $139,636 $90,871
Add back (deduct):      
   Depreciation and amortization 159,888 108,683 68,766
   Share of adjustments for unconsolidated companies 9,104 5,268 4,302
   Earnings from depreciated property sales (48,892) (6,155) (1,351)
   Minority interest share of add-backs

(15,698)
(13,159)
(8,514)
Funds From Operations $317,360
$234,273
$154,074
       
Cash flow provided by (used by):      
   Operating activities $449,130 $315,635 $221,188
   Investing activities (97,752) (740,269) (703,814)
   Financing activities (330,952) 436,449 479,223

The increase in FFO during the three-year period results primarily from the increased in-service rental property portfolio as discussed above under “Results of Operations.”

While management believes that FFO is the most relevant and widely used measure of the Company’s operating performance, such amount does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company’s operating performance, and is not indicative of cash available to fund all cash flow needs.

 

Accounting Changes

In June 1998, the Financial Accounting Standards Board issued Statement No. 133, "Accounting for Derivative Instruments and for Hedging Activities," as amended by Statement No. 138, effective for fiscal years beginning after June 15, 2000. These statements will require the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative is a hedge, then depending on the nature of the hedge, changes in the fair value will either be offset through earnings, against the change in fair value of hedged assets, liabilities or firm commitments or recognized in other comprehensive income until the hedged item is recognized in income. The ineffective portion of a hedge's change in fair value will be immediately recognized in income. The adoption of these statements will not have a material impact on the Company's financial statements.

Item 7a.  Quantitative and Qualitative Disclosure About Market Risks

The Company is exposed to interest rate changes primarily as a result of its line of credit and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations. The Company’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve its objectives the Company borrows primarily at fixed rates and may enter into derivative financial instruments such as interest rate swaps, caps and treasury locks in order to mitigate its interest rate risk on a related financial instrument. The Company does not enter into derivative or interest rate transactions for speculative purposes.

The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts (in thousands) of the expected annual maturities, weighted average interest rates for the average debt outstanding in the specified period, fair values and other terms required to evaluate the expected cash flows and sensitivity to interest rate changes. The fair values of the Company’s debt instruments are calculated as the present value of estimated future cash flows using a discount rate commensurate with the risks involved.

                 
 
 2001


2002


2003


2004


2005


Thereafter


Total

Fair
Value

Fixed rate secured debt $104,953 $15,626 $77,838 $35,158 $21,326 $102,298 $357,199 $363,355
Weighted average interest rate 8.34% 7.64% 8.38% 8.03% 7.42% 7.79%    
                 
Variable rate LIBOR based secured debt $325 $325 $91,706 $- $- $- $92,356 $93,075
                  
Weighted average interest rate 8.41% 8.41% 7.99% N/A N/A N/A    
                 
Variable rate Treasury based secured debt $536 $661 $686 $711 $741 $13,734 $17,069 $12,678
                 
Weighted average interest rate 4.24% 4.09% 4.11% 4.12% 4.13% 3.95%    
                 
Unsecured notes $85,201 $50,235 $175,251 $150,264 $200,231 $625,409 $1,286,591 $1,297,573
Weighted average interest rate 6.14% 7.31% 7.30% 7.28% 7.24% 7.10%    
                 
Unsecured lines of credit $220,000 $- $- $- $- $- $220,000 $220,000
Weighted average interest rate 7.35% N/A N/A N/A N/A N/A    

The Company has four interest rate swap agreements outstanding which have an aggregate fair market value of $397,761 at December 31, 2000. Three of the swap agreements mature on December 31, 2001, in conjunction with the maturity of an $85 million unsecured syndicated bank term loan. The fourth swap agreement is in conjunction with a $40 million mortgage loan which matures January 2003, along with the swap agreement.

As the table incorporates only those exposures that exist as of December 31, 2000, it does not consider those exposures or positions which could arise after that date. As a result, the Company’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the Company’s hedging strategies at that time, and interest rates.

Item 8.  Financial Statements and Supplementary Data

The financial statements and supplementary data are included under Item 14 of this Report.

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Part III

Item 10.  Trustees and Executive Officers of the Registrant

Information regarding the Company’s executive officers and other information required by this Item 10 is incorporated herein by reference to the Company’s 2000 Proxy Statement.

Item 11.  Executive Compensation

Incorporated herein by reference to the Company’s 2000 Proxy Statement.

 Item 12. Security Ownership of Certain Beneficial Owners and Management

Incorporated by reference to the Company’s 2000 Proxy Statement.

Item 13.  Certain Relationships and Related Transactions

Incorporated by reference to the  Company’s 2000 Proxy Statement.

Part IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

(A)        Documents Filed as Part of This Report

1.          Consolidated Financial Statements

The following Consolidated Financial Statements of the Company, together with the Independent Auditors’ Report, are listed below:

 

Independent Auditors’ Report
Consolidated Balance Sheets, December 31, 2000 and 1999
Consolidated Statements of Operations, Years Ended December 31, 2000, 1999 and 1998
Consolidated Statements of Cash Flows, Years Ended December 31, 2000, 1999 and 1998
Consolidated Statements of Shareholders’ Equity, Years Ended December 31, 2000, 1999
  and 1998
Notes to Consolidated Financial Statements

2.          Consolidated Financial Statement Schedules

             Schedule III – Real Estate and Accumulated Depreciation

3.          Exhibits

             See Index to Exhibits on page 71 of this report.

 

 

Independent Auditors’ Report

The Shareholders and Directors of
Duke-Weeks Realty Corporation:

We have audited the consolidated financial statements of Duke-Weeks Realty Corporation and Subsidiaries as listed in the accompanying index. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule as listed in the accompanying index. These consolidated financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements and the financial statement schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Duke-Weeks Realty Corporation and Subsidiaries as of December 31, 2000 and 1999, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2000, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

KPMG LLP
Indianapolis, Indiana
January 31, 2001

DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
As of December 31
(in thousands, except per share amounts)

ASSETS 2000
1999
Real estate investments:    
   Land and improvements $581,530 $602,789
   Buildings and tenant improvements 3,989,033 4,124,117
   Construction in progress 216,938 327,944
   Investments in unconsolidated companies 367,581 145,587
   Land held for development 257,779
246,533
     5,412,861 5,446,970
   Accumulated depreciation (338,426)
(254,574)
     
        Net real estate investments 5,074,435 5,192,396
     
Cash and cash equivalents 39,191 18,765
Accounts receivable, net of allowance of $1,540 and $1,775 19,454 26,844
Straight-line rent receivable, net of allowance of $1,460 and $841 34,512 29,770
Receivables on construction contracts 45,394 29,537
Deferred financing costs, net of accumulated amortization of $13,288 and $9,082 12,540 16,651
Deferred leasing and other costs, net of accumulated amortization of $31,522 and $21,287 102,413 83,153
Escrow deposits and other assets 132,097
89,122
    $5,460,036

$5,486,238
LIABILITIES AND SHAREHOLDERS' EQUITY    
Indebtedness:    
   Secured debt $466,624 $528,665
   Unsecured notes 1,286,591 1,326,811
   Unsecured lines of credit 220,000
258,000
     1,973,215 2,113,476
     
Construction payables and amounts due subcontractors 70,105 89,985
Accounts payable 4,312 3,179
Accrued expenses:    
  Real estate taxes 51,328 47,604
  Interest 28,780 20,658
  Other 61,341 42,295
Other liabilities 88,540 30,544
Tenant security deposits and prepaid rents 34,208

36,156
    Total liabilities 2,311,829

2,383,897
     
Minority interest 435,317

433,745
     
Shareholders’ equity:    
   Preferred shares ($.01 par value); 5,000 shares authorized 608,874 609,998
   Common shares ($.01 par value); 250,000 shares authorized; 127,932 and 125,823 shares issued and outstanding 1,279 1,258
   Additional paid-in capital 2,180,120 2,139,772
   Distributions in excess of net income (77,383)

(82,432)
        Total shareholders' equity 2,712,890

2,668,596
     $5,460,036

$5,486,238

See accompanying Notes to Consolidated Financial Statements.

 

DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
For the Years Ended December 31
(in thousands, except per share amounts)

 

  2000
1999
1998
RENTAL OPERATIONS:      
   Revenues:      
      Rental income $697,270 $523,950 $337,768
      Equity in earnings of unconsolidated companies 14,556
11,613
10,857
              711,826
535,563
348,625
   Operating expenses:      
      Rental expenses 118,040 88,403 59,769
      Real estate taxes 70,963 54,246 33,906
      Interest expense 133,948 86,757 60,217
      Depreciation and amortization 159,888
108,683
68,766
              482,839
338,089
222,658
         Earnings from rental operations 228,987
197,474
125,967
SERVICE OPERATIONS:      
   Revenues:      
      Property management, maintenance and leasing fees 25,477 21,941 13,189
      Construction and development activity income 55,863 30,928 10,417
      Other income 1,459
1,162
1,110
    82,799 54,031 24,716
      Operating expenses 50,039
36,159
17,521
       
         Earnings from service operations 32,760
17,872
7,195
       
General and administrative expense (21,144)
(16,556)
(11,573)
       
           Operating income 240,603 198,790 121,589
       
OTHER INCOME (EXPENSE):      
   Interest income 6,866 2,674 1,562
   Earnings from sales of land and depreciable property dispositions 58,057 7,932 1,351
   Other expense (963) (1,091) (305)
   Other minority interest in earnings of subsidiaries (2,145) (2,050) (1,252)
   Minority interest in earnings of common unitholders (32,071) (19,811) (12,241)
   Minority interest in earnings of preferred unitholders (8,408)
(4,204)
-
              Net income 261,939 182,240 110,704
   Dividends on preferred shares (48,981)
(42,604)
(19,833)
       
   Net income available for common shares $212,958
$139,636
$90,871
       
   Net income per common share:      
      Basic $1.68
$1.33
$1.13
       
      Diluted $1.66
$1.32
$1.12
       
   Weighted average number of common shares outstanding 126,836
104,884
80,704
   Weighted average number of common and dilutive potential common shares 147,441
120,511
92,468
            

See accompanying Notes to Consolidated Financial Statements.


DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Years Ended December 31
(in thousands)

  2000
1999
1998
Cash flows from operating activities:      
   Net income $261,939 $182,240 $110,704
    Adjustments to reconcile net income  to net cash provided by operating activities:      
        Depreciation of buildings and tenant improvements 141,989 97,982 61,414
        Amortization of deferred leasing and other costs 17,899 10,701 7,352
        Amortization of deferred financing costs 3,527 1,879 1,362
        Minority interest in earnings 42,624 26,065 13,493
        Straight-line rent adjustment (14,519) (10,676) (5,794)
        Earnings from land and depreciated property sales (58,057) (7,932) (1,351)
        Construction contracts, net 3,252 2,252 7,764
        Other accrued revenues and expenses, net 52,987 13,312 31,765
         Equity in earnings in excess of operating distributions received from unconsolidated companies (2,511)
(188)
(5,521)
            Net cash provided by operating activities 449,130
315,635
221,188
       
Cash flows from investing activities:      
   Development of real estate investments (392,127) (479,642) (279,391)
   Acquisition of real estate investments (5,932) (159,917) (301,151)
   Acquisition of land held for development and infrastructure costs (99,470) (72,877) (53,736)
   Recurring tenant improvements (31,955) (21,144) (10,785)
   Recurring leasing costs (17,530) (12,326) (6,655)
   Recurring building improvements (6,804) (3,751) (2,206)
  Other deferred leasing costs (39,018) (31,360) (19,180)
  Other deferred costs and other assets (12,042) (19,412) (11,047)
   Tax deferred exchange escrow, net (16,207) - -
   Proceeds from land and depreciated property sales, net 413,752 76,401 9,071
   Capital distributions from unconsolidated companies 158,351 16,802 -
   Net investment in and advances to unconsolidated companies (48,770)
(33,043)
(28,734)
     Net cash used by investing activities (97,752)
(740,269)
(703,814)
       
Cash flows from financing activities:      
  Proceeds from issuance of common shares, net 31,090 214,778 211,478
  Proceeds (payments)  from issuance (repurchase) of preferred shares, net (1,124) 96,519 129,460
  Proceeds from indebtedness - 450,000 250,000
  Payments on indebtedness including principal amortization (75,689) (259,891) (49,997)
  Borrowings on lines of credit, net 14,658 167,000 78,000
  Distributions to common shareholders (207,909) (154,069) (103,223)
  Distributions to preferred shareholders (48,981) (42,604) (19,833)
  Distributions to preferred unitholders (8,408) (4,204) -
  Distributions to minority interest (33,229) (23,457) (15,018)
  Deferred financing costs (1,360)
(7,623)
(1,644)
     Net cash provided by (used for)  financing activities (330,952)
436,449
479,223
       
      Net increase (decrease) in cash and cash equivalents 20,426 11,815 (3,403)
Cash and cash equivalents at beginning of year 18,765
6,950
10,353
       
Cash and cash equivalents at end of year $39,191
$18,765
$6,950
       
Other non-cash items:      
 Assumption of debt for real estate acquisitions $-
$26,186
$9,195
 Contributions of property to unconsolidated companies $245,502
$-
$1,040
 Conversion of Limited Partner Units to shares $8,347
$49,472
$6,598
 Issuance of Limited Partner Units for real estate acquisitions $7,615
$3,146
$2,038
 Transfer  of  mortgage debt in sale of depreciated property $72,650
$-
$-

See accompanying Notes to Consolidated Financial Statements.

-
DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Shareholders' Equity
(in thousands, except per share data)

 
Preferred
Stock

Common
Stock

Additional
Paid-in
Capital

Distributions
in Excess of
Net Income

Total
Balance at December 31, 1997 $225,000 $761 $1,064,567 $(55,647) $1,234,681
   Issuance of common shares, net of underwriting discounts and related costs of $8,325 - 97 211,628 - 211,725
           
   Issuance of preferred shares, underwriting discounts and related costs 135,000 - (5,540) - 129,460
              
   Acquisition of minority interest - 3 6,595 - 6,598
   Net income - - - 110,704 110,704
   Distributions to preferred shareholders - - - (19,833) (19,833)
   Distributions to common shareholders ($1.28 per share) -
-
-
(103,223)
(103,223)
Balance at December 31, 1998 360,000 861 1,277,250 (67,999) 1,570,112
   Issuance of common shares, net of underwriting discounts and related costs of $100 - 102 215,573 - 215,675
   Issuance of preferred shares, underwriting discounts and related costs 100,000 - (3,481) - 96,519
   Acquisition of minority interest - 21 49,451 - 49,472
   Merger with Weeks Corporation 150,000 274 600,979 - 751,253
   Repurchase of Preferred D Series shares (2) - - - (2)
   Net income - - - 182,240 182,240
   Distributions to preferred shareholders - - - (42,604) (42,604)
   Distributions to common shareholders ($1.46 per share) -
-
-
(154,069)
(154,069)
Balance at December 31, 1999 609,998 1,258 2,139,772 (82,432) 2,668,596
   Issuance of common shares - 17 32,005 - 32,022
           
   Acquisition of minority interest - 4 8,343 - 8,347
   Repurchase of Preferred D Series shares (1,124) - - - (1,124)
   Net income - - - 261,939 261,939
   Distributions to preferred shareholders - - - (48,981) (48,981)
   Distributions to common shareholders ($1.64 per share) -
-
-
(207,909)
(207,909)
Balance at December 31, 2000 $608,874
$1,279
$2,180,120
$(77,383)
$2,712,890

See accompanying Notes to Consolidated Financial Statements.

 

DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(1)        The Company

The Company’s rental operations are conducted through Duke-Weeks Realty Limited Partnership (“DWRLP”), of which the Company owns 86.9% at December 31, 2000. The remaining interests in DWRLP are exchangeable for shares of the Company's common stock on a one-for-one basis. The Company conducts service operations through Duke Realty Services Limited Partnership and Duke Construction Limited Partnership, in which the Company’s wholly-owned subsidiary, Duke Services, Inc., is the sole general partner. The consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries. The equity interests in these majority-owned or controlled subsidiaries not owned by the Company are reflected as minority interests in the consolidated financial statements.

(2)        Summary of Significant Accounting Policies

             Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries. The equity interests in these majority-owned or controlled subsidiaries not owned by the Company are reflected as minority interests in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Reclassifications

Certain 1998 and 1999 balances have been reclassified to conform to 2000 presentation.

Real Estate Investments

Real estate investments to be held and used are stated at the lower of cost less accumulated depreciation or fair value if impairment is identified. Real estate investments to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. Buildings and land improvements are depreciated on the straight-line method over their estimated life not to exceed 40 and 15 years, respectively, and tenant improvement costs are depreciated on the straight-line method over the term of the related lease.

All direct and indirect costs, including interest and real estate taxes clearly associated with the development, construction or expansion of real estate investments are capitalized as a cost of the property.  All external costs associated with the acquisition of real estate investments are capitalized as a cost of the property.

The Company evaluates its real estate investments to be held and used upon occurrence of significant changes in the operations, but not less than annually, to assess whether any impairment indications are present, including recurring operating losses and significant adverse changes in legal factors or business climate that affect the recovery of the recorded value. If any real estate investment is considered impaired, a loss is provided to reduce the carrying value of the property to its estimated fair value.

The acquisitions of minority interests for the Company’s common shares are recorded under the purchase method with assets acquired reflected at the fair market value of the Company’s common stock on the date of acquisition, net of the retirement of any minority interest liabilities. The acquisition amounts are allocated to rental property based on their estimated fair values.

The Company has equity interests in unconsolidated partnerships and joint ventures which own and operate rental properties and hold land for development. The equity method of accounting is used for these investments in which the Company has the ability to exercise significant influence over operating and financial policies. Any difference between the carrying amount of these investments and the underlying equity in net assets is amortized to equity in earnings of unconsolidated companies over the depreciable life of the property, generally 40 years.

Cash Equivalents

Highly liquid investments with a maturity of three months or less when purchased are classified as cash equivalents.

Deferred Costs

Costs incurred in connection with obtaining financing are amortized to interest expense on the straight-line method over the term of the related loan. All direct and indirect costs associated with the rental of real estate investments owned by the Company are amortized over the term of the related lease. Unamortized costs are charged to expense upon the early termination of the lease or upon early payment of the financing.

Revenues

Rental Operations

Rental income from leases with scheduled rental increases during their terms is recognized on a straightline basis.

Service Operations

Management fees are based on a percentage of rental receipts of properties managed and are recognized as the rental receipts are collected. Maintenance fees are based upon established hourly rates and are recognized as the services are performed. Construction management and development fees for third party contracts are generally based on a percentage of costs and are recognized based upon percentage of completion.

Duke Construction Limited Partnership (“DCLP”) provides traditional construction services to third parties and develops and constructs properties intended for resale with profits recognized as additional service operation income at time of sale. Duke Realty Services Limited Partnership (“DRSLP”) is the sole general partner of DCLP and the operations of DCLP are included in the consolidated financial statements of the Company. The sole limited partner of DCLP is Duke Realty Construction, Inc. (“DRCI”), of which DWRLP owns 100% of the preferred stock and realizes substantially all economic benefits of its activities.

DRCI is not a qualified Real Estate Investment Trust ("REIT") subsidiary of the Company. Accordingly, provisions for federal income taxes are recognized as appropriate.

Net Income Per Common Share

Basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders, by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period.

 

The following table reconciles the components of basic and diluted net income per share:

  2000
1999
1998
   Basic net income available for common shares $212,958 $139,636 $90,871
   Minority interest in earnings of common  unitholders 32,071
19,811
12,241
   Diluted net income available for  common shares and dilutive potential common shares $245,029
$159,447
$103,112
         
   Weighted average number of common shares outstanding 126,836 104,884 80,704
   Weighted average partnership common units outstanding 19,070 14,583 10,872
   Dilutive shares for long-term compensation plans 1,535
1,044
892
   Weighted average number of common shares and dilutive potential  common shares 147,441
120,511
92,468

All convertible preferred stock, convertible preferred limited partner units and put options (see Footnote 5)  were anti-dilutive in 2000 and 1999; therefore, no conversion to common shares is assumed in weighted dilutive potential common shares at December 31, 2000 and 1999, respectively.

Federal Income Taxes

As a REIT, the Company is allowed to reduce taxable income by all or a portion of its distributions to shareholders. As deductible distributions have exceeded taxable income, no provision for federal income taxes has been made in the accompanying consolidated financial statements.

Earnings and profits, which determine the taxability of dividends to shareholders, differ from reported net income primarily because of different depreciable lives and bases of rental properties and differences in the timing of recognition of earnings upon disposition of properties.

A summary of the taxable nature of the Company’s dividends for the three years ended December 31 is as follows:

  2000
1999
1998
   Total dividends paid per share $1.64
$1.46
$1.28
   Percent taxable as ordinary income 85.59% 94.88% 96.33%
   Percent taxable as long-term capital gains 3.52% 1.30% -
   Percent non-taxable as return of capital 10.89%
3.82%
3.67%
  100.00%
100.00%
100.00%


Dividends per share of $1.26, $1.23 and $1.09 were required for the Company to maintain its REIT status in 2000, 1999 and 1998, respectively.

Federal income tax expense of $8.0 million, $5.4 million and $170,000 was recorded in 2000, 1999 and 1998, respectively, related to DRCI. There were no significant deferred income tax items.

 

Fair Value Of Financial Instruments

The fair values of the Company’s financial instruments are generally calculated as the present value of estimated future cash flows using a discount rate commensurate with the risks involved and approximate their carrying or contract values.

Derivative Financial Instruments

The Company may enter into derivative financial instruments such as interest rate swaps and treasury locks in order to mitigate its interest rate risk on a related financial instrument. These derivative financial instruments are designated as hedges and deferral accounting is applied as the derivative financial instrument reduces exposure to interest rate risk. Gains and losses on derivative financial instruments are amortized to interest expense over the term of the hedged instrument.  Amounts paid or received on interest rate swaps are included in interest expense.

Use Of Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

(3)        Merger With Weeks Corporation

In July 1999, Weeks Corporation (“Weeks”), a self-administered, self-managed geographically focused Real Estate Investment Trust (“REIT”) which operated primarily in the southeastern United States, was merged with and into Duke Realty Investments, Inc. (“Duke”). The combined company has continued under the name Duke-Weeks Realty Corporation (“the Company”). The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million. The transaction was structured as a tax-free merger and was accounted for under the purchase method.

The following summarized pro forma unaudited information represents the combined historical operating results of Weeks and Duke with the appropriate purchase accounting adjustments, assuming the merger had occurred on January 1, 1998. The pro forma financial information presented is not necessarily indicative of what the Company’s actual operating results would have been had Weeks and Duke constituted a single entity during such periods (in thousands, except per share amounts):



Years  Ended
December 31,

  2000

(Actual)
1999

(Pro Forma)
1998

(Pro Forma)
            
   Rental income $711,826

$626,803
$502,030
   Net income available for common shareholders $212,958

$158,156
$116,675
   Weighted average common shares outstanding:      
         Basic 126,836

118,565
107,277
         Diluted 147,441

139,373
128,761
   Net income per common share:      
         Basic $1.68

$1.33
$1.09
         Diluted $1.66

$1.32
$1.07

 

(4)        Related Party Transactions

The Company provides management, leasing, construction and other tenant related services to partnerships in which certain executive officers have continuing ownership interests. The Company was paid fees totaling $1.9 million, $2.4 million and $2.3 million for such services in 2000, 1999 and 1998, respectively. Management believes the terms for such services are equivalent to those available in the market. The Company has an option to purchase the executive officers’ interest in each of these properties which expires October 2003. The option price of each property was established at the date the options were granted.

At December 31, 2000, other assets included outstanding loan advances totaling $2.4 million due from a related party, under a $5.7 million demand loan agreement. The loan bears interest at LIBOR plus 2.10% and is secured by real estate assets held by the related entity, for which the Company has arrangements to acquire in future periods. Interest earned under the agreement and included in the accompanying consolidated statements of operations totaled $226,853 in the year ended December 31, 2000.

(5)        Investments in Unconsolidated Companies

In October 2000, the Company sold or contributed $469 million of industrial properties and $18 million of undeveloped land to a joint venture (Dugan Realty LLC) in which the Company has a 50% interest. This transaction expands an existing joint venture with an institutional real estate investor. Upon completion of the transaction, the joint venture owns 129 buildings totaling more than 21 million square feet with a value of approximately $800 million at December 31, 2000. The venture properties are secured by $383 million of first mortgage debt. The Company received $363.9 million of proceeds and recorded a net gain of $35.2 million as a result of the transaction. In connection with this transaction, the joint venture partners were given an option to put up to $50 million interest in the joint venture to the Company in exchange for common stock of the Company or cash, subject to timing and other restrictions. As a result of this put option, the Company deferred $10.2 million of gain on sale of property to the joint venture and recorded a $50 million liability. The Company provides real estate related services to the venture through its Service Operations.

In December 2000, the Company contributed 14 industrial properties, including five under development, totaling approximately three million square feet to a joint venture (Dugan Texas LLC) in which the Company has a 50% interest. The Company also contributed 145 acres of undeveloped land. Following the Company's contribution and that of the other joint venture partner, the joint venture owns 29 buildings totaling 4.6 million square feet and approximately 165 acres of undeveloped land. The Company received $33.1 million of proceeds and recorded a net gain of $686,000 as a result of the transaction. The Company provides real estate related services to the venture through its Service Operations.

 

Combined summarized financial information of the companies which are accounted for by the equity method as of December 31, 2000 and 1999, and for the years ended December 31, 2000, 1999, and 1998, are as follows (in thousands):

  2000
1999
1998
Land, buildings and tenant improvements, net $1,159,198 $393,853  
Land held for development 54,951 29,150  
Other assets 83,534
66,127
 
     $1,297,683
$489,130
 
Property indebtedness $436,914 $128,794  
Other liabilities 65,554
29,682
 
     502,468 158,476  
Owners' equity 795,215
330,654
 
     $1,297,683
$489,130
 
Rental income $80,686
$54,662
$52,703
       
Net income $28,299
$20,515
$19,753

(6)        Real Estate Held for Sale

The Company has a capital recycling program through which it is continually pursuing favorable opportunities to dispose of real estate assets that no longer meet long-term investment objectives of the Company in order to redeploy capital. At December 31, 2000, the Company had 15 office, 12 industrial and one retail property comprising approximately 3.3 million square feet held for sale. Of these properties, four build-to-suit office, seven build-to-suit industrial and one build-to-suit retail property were under development at December 31, 2000. Net operating income (defined as total property revenues, less property expenses, which include real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses) of the properties held for sale for the years ended December 31, 2000, 1999 and 1998 is approximately $5.8 million, $5.5 million, and $5.3 million, respectively. Net book value of the properties held for sale at December 31, 2000 is approximately $112.0 million. There can be no assurance that such properties held for sale will be sold.

(7)        Indebtedness

         Indebtedness at December 31 consists of the following (in thousands):

  2000
1999
   Fixed rate secured debt, weighted average interest rate of 8.02% at December 31, 2000, and 7.98 % at December 31, 1999, maturity dates ranging from 2001 to 2017 $357,199 $451,080
          
   Variable rate secured debt, weighted average interest rate of 7.36% at December 31, 2000, and 6.32% at December 31, 1999,  maturity dates ranging from 2003 to 2025 109,425 77,585
     
   Unsecured notes, weighted average interest rate of 7.13% at December 31, 2000, and 7.16% at December 31, 1999,  maturity dates ranging from 2001 to 2028 1,286,591 1,326,811
     
   Unsecured line of credit, interest rate of 7.35% at December 31, 2000, and 6.47% at December 31, 1999, maturity date of 2001 220,000
258,000
          
    $1,973,215
$2,113,476


As of December 31, 2000, the $466.6 million of secured debt is collateralized by rental properties with a net carrying value of $782.0 million.


The Company has the following lines of credit available (in thousands):

 



Description


Borrowing
Capacity


Maturity
Date


Interest
Rate

Outstanding
at December
31, 2000

Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $220,000
Unsecured Line of Credit $300,000 June 2001 LIBOR + .775% $-
Secured Line of Credit $150,000 January 2003 LIBOR + 1.05% $52,657

 

The lines of credit are used to fund development and acquisition of additional rental properties and to provide working capital.

The $450 million line of credit allows the Company an option to obtain borrowings from the financial institutions that participate in the line of credit at rates lower than the stated interest rate, subject to certain restrictions. Amounts outstanding on the line of credit at December 31, 2000 are at LIBOR +.55% to.70%.

In July 1999 in conjunction with the Weeks Merger, the Company assumed an $85 million unsecured syndicated bank term loan (the “Term Loan”). Interest accrues on the Term Loan at LIBOR + 1.10% and the Term Loan matures on December 31, 2001. The Company also assumed three interest rate swap agreements with three commercial banks that effectively changes the interest costs on the entire $85 million Term Loan from its variable rate to a fixed rate. The interest rate swap agreements, with notational principal amounts of $35 million, $25 million and $25 million, mature on December 31, 2001, and effectively convert interest costs on the Term Loan to a fixed rate of approximately 6.1% through maturity. The estimated fair market value of the swap agreements was $780,904 at December 31, 2000.

The Company has an interest rate swap agreement (the "Agreement") on $40.0 million of the Company's outstanding mortgage debt to effectively fix the interest rate. Under the Agreement, the Company pays or receives the difference between a fixed rate of 5.99% and a floating rate of 30-day LIBOR plus 1.75% based on the notational principal amount of $40.0 million. The amount paid or received under the Agreement is included in interest expense on a monthly basis. The Agreement matures along with the related mortgage loan in January 2003. The Agreement will stay in place until maturity unless the 30-day LIBOR rate on the date of monthly repricing exceeds 6.51% which will cause a termination of the Agreement until such time the monthly repricing is lower than 6.51%. The 30-day LIBOR rate at December 31, 2000, was 6.56%. The estimated fair value of the Agreement at December 31, 2000, was ($383,143). The Company also has an interest rate cap on the same $40 million of mortgage debt which limits the Company's floating interest rate expense to no more than 10.16% for the term of the loan.

At December 31, 2000, scheduled amortization and maturities of all indebtedness for the next five years and thereafter are as follows  (in thousands):

Year
Amount
2001 411,015
2002 66,847
2003 345,481
2004 186,133
2005 222,298
Thereafter 741,441
     $1,973,215

Cash paid for interest in 2000, 1999, and 1998 was $156.5 million, $100.3 million and $63.6 million, respectively. Total interest capitalized in 2000, 1999 and 1998 was $33.0 million, $26.0 million and $8.5 million, respectively.

 

(8)        Segment Reporting

The Company is engaged in four operating segments, the ownership and rental of office, industrial, and retail real estate investments and the providing of various real estate services such as property management, maintenance, landscaping, leasing, and construction management to third-party property owners (“Service Operations). The Company’s reportable segments offer different products or services and are managed separately because each requires different operating strategies and management expertise. There are no material intersegment sales or transfers.

Non-segment revenue to reconcile to total revenue consists mainly of equity in earnings of joint ventures. Non-segment assets to reconcile to total assets consists of corporate assets including cash, deferred financing costs and investments in unconsolidated subsidiaries.

The accounting policies of the segments are the same as those described in Note 2.

The Company assesses and measures segment operating results based on a performance measure referred to as Funds From Operations (“FFO”). The National Association of Real Estate Investment Trusts defines FFO as net income or loss, excluding gains or losses from debt restructurings and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. FFO is not a measure of operating results or cash flows from operating activities as measured by generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Interest expense and other non-property specific revenues and expenses are not allocated to individual segments in determining the Company’s performance measure.

The revenues and FFO for each of the reportable segments are summarized as follows for the years ended December 31, 2000, 1999, and 1998, and the assets of each reportable segment as of December 31, 2000 and 1999 (in thousands):

  2000
1999
1998
Revenues   
   Rental Operations:
     
   Office $336,271 $272,009 $211,638
   Industrial 328,302 220,295 104,658
   Retail 28,935 26,467 21,102
   Service Operations 82,799
54,031
24,716
          Total Segment Revenues 776,307 572,802 362,114
   Non-Segment Revenue 18,318
16,792
11,227
          Consolidated Revenue $794,625
$589,594
$373,341
Funds From Operations      
   Rental Operations:      
      Office $229,427 $187,541 $146,545
      Industrial 256,813 172,629 82,327
      Retail 23,368 21,506 17,414
   Services Operations 32,760
17,872
7,195
        Total Segment FFO 542,368 399,548 253,481
       
   Non-Segment FFO:      
      Interest expense (133,948) (86,757) (60,217)
      Interest income 6,866 2,674 1,562
      General and administrative expense (21,144) (16,556) (11,573)
      Gain on land sales 9,165 1,777 -
      Other expenses (2,826) (1,540) (2,498)
      Minority interest in earnings of common unitholders (32,071) (19,811) (12,241)
      Minority interest in earnings of preferred unitholders (8,408) (4,204) -
      Other minority interest in earnings of subsidiaries (2,145) (2,050) (1,252)
      Minority interest share of FFO adjustments (15,698) (13,159) (8,514)
      Joint Venture FFO 24,182 16,955 15,159
      Dividends on preferred shares (48,981)
(42,604)
(19,833)
         Consolidated FFO 317,360 234,273 154,074
       
   Depreciation and amortization (159,888) (108,863) (68,766)
   Share of joint venture adjustments (9,104) (5,268) (4,302)
   Earnings from depreciated  property sales 48,892 6,155 1,351
   Minority interest share of adjustments 15,698
13,159
8,514
       
      Net income available for common shareholders $212,958
$139,636
$90,871
       
Assets      
   Rental Operations      
      Office $2,473,191 $2,252,795 $1,485,268
      Industrial 2,265,237 2,707,028 979,058
      Retail 186,389 205,993 166,157
   Service Operations 128,249
62,335
55,268
             Total Segment Assets 5,053,066 5,228,151 2,658,751
   Non-Segment Assets 406,970
258,087
167,902
             Consolidated Assets $5,460,036
$5,486,238
$2,853,653

 

(9)        Leasing Activity

Future minimum rents due to the Company under non-cancelable operating leases at December 31, 2000 are as follows (in thousands):

Year
Amount
   2001 $538,366
   2002 490,194
   2003 434,868
   2004 363,205
   2005 286,733
   Thereafter 921,455
     $3,034,821

In addition to minimum rents, certain leases require reimbursements of specified operating expenses which amounted to $114.2 million, $85.1 million, and $56.5 million for the years ended December 31, 2000, 1999 and 1998, respectively.

 

(10)      Employee Benefit Plans

The Company maintains a 401(k) plan for the benefit of its full-time employees. The Company matches the employees' contributions up to three percent of the employees' salary and may also make annual discretionary contributions. Total expense recognized by the Company was $3.2 million, $2.3 million and $1.5 million for the years ended 2000, 1999 and 1998, respectively.

The Company makes contributions to a contributory health and welfare plan as necessary to fund claims not covered by employee contributions. Total expense recognized by the Company related to this plan was $6.0 million, $2.7 million and $2.2 million for 2000, 1999 and 1998, respectively. Included in total expense is an estimate based on historical experience of the effect of claims incurred but not reported as of year-end.

(11)      Shareholders' Equity

The Company periodically accesses the public equity markets to fund the development and acquisition of additional rental properties. The proceeds of these offerings are contributed to DWRLP in exchange for additional interest in the partnership.

The following series of preferred stock are outstanding as of December 31, 2000 (in thousands, except percentages):

 

           

Description

Shares
Outstanding

Dividend
Rate

Redemption
Date

Liquidation
Preference


Convertible

Preferred A Series 300 9.100% August 31, 2001 $75,000 No
Preferred B Series 300 7.990% September 30, 2007 150,000 No
Preferred D Series 535 7.375% December 31, 2003 133,874 Yes
Preferred E Series 400 8.250% January 20, 2004 100,000 No
Preferred F Series 600 8.000% October 10, 2002 150,000 No

All series of preferred shares require cumulative distributions, have no stated maturity date, and the redemption price of each series may only be paid from the proceeds of other capital shares of the Company, which may include other classes or series of preferred shares.

The Preferred Series D shares are convertible at a conversion rate of 9.3677 common shares for each preferred share outstanding.

The dividend rate on the Preferred B Series shares increases to 9.99% after September 12, 2012.

Under a shareholder rights plan (“Rights Agreement”), each common shareholder has one right for each share of common stock prior to the occurrence of certain triggering events which would in effect execute the Rights Agreement. Upon the occurrence of such events, each right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Junior Preferred Stock which has substantially the same economic attributes and carries substantially the same voting rights as one share of common stock. As of December 31, 2000, no events have triggered execution of the Rights Agreement.

In August 1998, members of management and unaffiliated members of the Company’s Board of Directors purchased approximately $37 million of common stock of the Company. In November 1999, an additional $32 million of common stock was purchased by management and members of the Board of Directors. Both purchases were financed by five-year personal loans at market interest rates from a financial institution. Participants are personally responsible for repaying the interest, principal balance, and other obligations as defined in the Executive and Senior Officer Stock Purchase Plan. As a condition of the financing agreement with the financial institution, the Company has guaranteed repayment of principal, interest and other obligations for each participant, but is fully indemnified by the participants. In the opinion of management, it is not probable that the Company will be required to satisfy this guarantee.

(12)      Stock Based Compensation

The Company has eight stock based compensation plans, including fixed stock option plans and performance based stock plans, which are described below. The Company is authorized to issue up to 12,084,000 shares of Company stock under these plans.  The Company applies APB Opinion No. 25 and related interpretations in accounting for its plans. Accordingly, no compensation cost has been recognized for its fixed stock option plans as the exercise price of each option equals the market price of the Company’s stock on the date of grant. The Company charges compensation costs against its income for its performance based stock plans. If compensation cost for the Company’s fixed stock option plans had been determined consistent with SFAS Statement No. 123, the Company’s net income and net income per share for the years ended December 31 would have been reduced to the pro forma amounts indicated below (in thousands, except earnings per share amounts):

    2000
1999
1998
   Net income As reported $212,958 $139,636 $90,871
    Pro forma $212,365 $139,121 $90,564
         
   Basic net income per share As reported $1.68 $1.33 $1.13
  Pro forma $1.67 $1.33 $1.12
         
   Diluted net income per share As reported $1.66 $1.32 $1.12
  Pro forma $1.65 $1.32 $1.11

Because the Statement does not apply to awards prior to 1995, and the options have up to a 5-year vesting period, the pro forma effect was not fully reflected until 2000.

The fair values of the options were determined using the Black-Scholes option-pricing model with the following assumptions:

  2000
1999
1998
   Dividend yield 7.0% 7.0% 7.0%
   Volatility 20.2% 20.1% 19.9%
   Risk-free interest rate 5.8% 4.9% 5.7%
   Expected life 6 years 6.5 years 6.5 years

Fixed Stock Option Plans

The Company had options outstanding under six fixed stock option plans as of December 31, 2000. Additional grants may be made under three of those plans.  In 1999, upon the merger of Weeks Corporation into the Company, the Company assumed all obligations under two Weeks Corporation stock incentive plans.

 

A summary of the status of the Company’s fixed stock option plans as of December 31, 2000, 1999 and 1998 and changes during the years ended on those dates follows:

               
  2000
1999
1998
 



Shares

Weighted
Average
Exercise
Price

Shares
Weighted
Average
Exercise
Price

Shares
Weighted
Average
Exercise
Price

             
Outstanding,  beginning of year 5,043,965 $19.00 2,047,972 $16.70 1,927,380 $14.26
Granted 958,786 20.04 615,003 22.96 1,681,611 22.32
Weeks Corporation options 0 0 2,617,076 20.01 0 0
Exercised (440,924) 13.66 (56,371) 14.11 (1,543,026) 19.72
Forfeited (326,363)
20.95 (179,715)
22.79 (17,993)
21.50
Outstanding, end of year

5,235,464
$19.52 5,043,965
$19.00 2,047,972
$16.70
Options exercisable,  end of year 3,112,706
  2,596,660
  1,067,753
 
             
Weighted-average fair value of options granted during the year $2.18
  $2.20
  $.836
 
              

The options outstanding at December 31, 2000, under the fixed stock option plans have a range of exercise prices from $11.87 to $24.44 with a weighted average exercise price of $19.52 and a weighted average remaining contractual life of 6.72 years. The options exercisable at December 31, 2000 have a weighted average exercise price of $18.39.

Each option’s maximum term is ten years.  Excluding the Weeks Corporation plans and with other limited exceptions, options vest at 20% per year, or, if earlier, upon the death, retirement or disability of the optionee or a change in control of the Company.  The vesting period of the Weeks Corporation plans was generally 33 1/3% per year.

Performance Based Stock Plans

The Company has three types of performance based equity compensation plans: Dividend Increase Unit Plans (“DIU Plans”), a Shareholder Value Plan and a Performance Share Plan. Under the Company’s DIU Plans, Dividend Increase Units (“DIUs”) are granted to key employees and directors. The value of DIUs exercised by participants is payable in Company stock.  The maximum term of all DIUs granted is ten years.

The value of each DIU when exercised is equal to the increase in the Company’s annualized dividend per share from the date of grant to the date of exercise, divided by the “dividend yield.” Dividend yield is the annualized dividend per share divided by the market price per share of the Company’s common stock at the date of grant. DIUs are generally subject to a 20% per year vesting schedule.

Under the 1995 Shareholder Value Plan (the “SV Plan”), the Company may grant awards in specified dollar amounts to key employees. The award is payable to the employee on the third anniversary of the date of grant. One-half of the award is payable in common stock of the Company, and one-half is payable in cash. The initial dollar amount of each award granted under the SV Plan is adjusted upward or downward based on a comparison of the Company’s cumulative total shareholder return for the three year period as compared to the cumulative total return of the S&P 500 and the NAREIT Equity REIT Total Return indices. The award is not payable upon the employee’s termination of employment for any reason other than retirement, death, disability or a change in control of the Company.

 

Awards made under the 2000 Performance Share Plan vest 20% per year if the Company attains a certain predefined levels of earnings growth for such vesting period. The payments are made in the form of “performance shares”, with each performance share economically equivalent to one share of Company common stock.  Performance shares will ultimately be paid to the participants in the form of cash or Company common stock upon the retirement or termination of employment of the participant.  At December 31, 2000, plan participants had the right to receive up to 90,571 performance shares, contingent upon earnings achievement.

The Company believes that it is not possible to reasonably estimate the fair value of the awards to be paid under these performance compensation plans and, therefore, computes compensation cost for these plans based on the intrinsic value of the awards as if they were exercised at the end of each applicable reporting period. The compensation cost that has been charged against income for these plans was $7.7 million, $5.9 million and $4.1 million for 2000, 1999 and 1998, respectively.

(13)      Commitments and Contingencies

The Company has guaranteed $382.4 million of mortgage loans of unconsolidated companies of which the Company is a 50% partner. The mortgage loans are collateralized by rental properties of joint ventures which have a net carrying value substantially in excess of the mortgage loans. The Company does not anticipate that it will be required to satisfy these guarantees.

The Company has entered into agreements, subject to the completion of due diligence requirements, resolution of certain contingencies and completion of customary closing conditions, for the future acquisition of land totaling $40.3 million. The acquisitions are scheduled to close periodically through 2008 and will be paid for through a combination of cash and DWRLP Limited Partner Unit issuance.

 

DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES

DUKE-WEEKS REALTY CORPORATION
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2000
(IN THOUSANDS)       INITIAL COST TO COMPANY
 
  GROSS BOOK VALUE AT DECEMBER 31, 2000
 
     
LOCATION/DEVELOPMENT
 
BUILDING
 
BUILDING TYPE
 
ENCUMBERANCES
 
LAND
 
BUILDINGS & IMPROVEMENTS
 
COSTS CAPITALIZEDSUBSEQUENT TO ACQUISITION
 
LAND & IMPROVEMENTS
 
BUILDINGS & IMPROVEMENTS
 
 TOTAL
 
ACCUMULATED DEPRECIATION
 
DATE OF CONSTRUCTION
 
DATE OF ACQUISITION
 
                         
                         
ALPHARETTA, GEORGIA
 
                       
                         
Brookside Office Park 3925 Brookside Parkway Office - 1,269 14,719 - 1,269 14,718 15,987 559 1998 1999
Brookside Office Park 3625 Brookside Pkwy Office - 1,625 10,919 2,231 1,625 13,150 14,775 449 1999 1999
Hembree Crest 11800 Wills Road Industrial - 304 2,146 41 304 2,187 2,491 80 1987 1999
Hembree Crest 11810 Wills Road Industrial - 296 2,254 217 296 2,471 2,767 102 1987 1999
Hembree Crest 11820 Wills Road Industrial - 488 2,277 835 488 3,111 3,599 115 1987 1999
Hembree Crest 11415 Old Roswell Road Industrial - 648 2,454 463 648 2,917 3,565 151 1991 1999
Northmeadow 1350 Northmeadow Parkway Industrial - 672 3,648 134 672 3,783 4,455 154 1994 1999
Northmeadow 11835 Alpharetta Highway Retail - 524 2,861 - 524 2,861 3,385 106 1994 1999
Northwinds Pointe 2550 Northwinds Parkway Office - 2,271 20,017 18 2,271 20,034 22,306 751 1998 1999
Ridgeland 1320 Ridgeland Pkwy Industrial - 998 5,874 37 998 5,912 6,910 212 1999 1999
Ridgeland Ridgeland Business Dist I Industrial - 488 2,910 1,269 488 4,179 4,667 255 1999 1999
Brookside Office Park Radiant Systems Phase II Office - 831 6,210 - 831 6,210 7,041 - 2000 2000
Founders Park Founders Park SC 1 Industrial 2,593 1,936 6,505 - 1,936 6,504 8,441 74 1999 1999
Ridgeland Ridgeland Business Dist. II Industrial - 579 2,310 - 579 2,310 2,890 57 1999 1999
                         
ANTIOCH, TENNESSEE
 
                       
                         
Keebler Keebler Industrial - 307 1,299 - 307 1,298 1,606 183 1985 1995
                         
ARLINGTON HEIGHTS, ILLINOIS
 
                       
                         
Atrium II Atrium II Office - 776 7,170 814 776 7,984 8,760 578 1986 1998
                         
ATLANTA, GEORGIA
 
                       
                         
1670 Defoor Avenue 1670 Defoor Avenue Industrial - 82 1,553 117 82 1,670 1,752 63 1960 1999
Druid Chase 6 W. Druid Hills Drive Office - 473 6,758 292 473 7,050 7,523 258 1968 1999
Druid Chase 2801 Buford Highway Office - 794 9,905 647 794 10,552 11,346 388 1977 1999
Druid Chase 1190 W. Druid Hills Drive Office - 689 6,631 314 689 6,945 7,634 246 1980 1999
Druid Chase 2071 N. Druid Hills Drive Retail - 98 321 - 98 321 419 12 1968 1999
                         
AURORA, ILLINOIS
 
                       
                         
Meridian Business Campus 535 Exchange Industrial - 452 920 - 452 920 1,372 52 1984 1999
Meridian Business Campus 515-525 Enterprise Industrial - 342 1,668 86 342 1,754 2,097 105 1984 1999
Meridian Business Campus 615 Enterprise Industrial - 468 2,824 93 468 2,917 3,385 151 1984 1999
Meridian Business Campus 3615 Exchange Industrial - 410 1,603 38 410 1,641 2,051 92 1986 1999
Meridian Business Campus 4000 Sussex Industrial - 417 1,929 - 417 1,929 2,346 106 1990 1999
Meridian Business Campus 700 North Commerce Industrial - 694 3,272 - 694 3,272 3,966 176 1989 1999
Meridian Business Campus 3737 E. Exchange Industrial - 598 2,531 - 598 2,531 3,129 132 1985 1999
Meridian Business Campus 444 N. Commerce Industrial - 722 5,367 345 722 5,712 6,434 276 1985 1999
Meridian Corridor Meridian I Industrial - 1,523 5,871 - 1,147 6,247 7,394 237 2000 2000
Meridian Business Campus Michael Jordan Golf Center Grounds - 1,412 - 111 1,523 - 1,523 - N/A 1999
Meridian Business Campus Meridian Outlot Grounds - 894 - - 894 - 894 - N/A 2000
                         
BEACHWOOD, OHIO
 
                       
                         
Corporate Exchange One Corporate Exchange Office 5,248 1,287 8,674 1,092 1,287 9,766 11,053 1,296 1989 1996
Corporate Place Corporate Place Office - 1,161 7,792 531 1,163 8,321 9,484 865 1988 1996
                         
BLOOMINGTON, ILLINOIS
 
                       
                         
Lakewood Plaza Lakewood Plaza Retail - 766 7,576 758 786 8,314 9,100 2,479 1987 1988
                         
BLOOMINGTON, MINNESOTA
 
                       
                         
Alpha Buildings Alpha Business Ctr I&II Office - 280 1,598 89 280 1,687 1,967 76 1980 1999
Alpha Buildings Alpha Business Ctr III&IV Industrial - 341 1,948 118 341 2,067 2,408 95 1980 1999
Alpha Buildings Alpha Business Ctr V Industrial - 537 3,065 51 538 3,115 3,652 120 1980 1999
Bloomington Industrial Ctr Bloomington Industrial Center Industrial 1,761 621 3,626 780 621 4,407 5,027 462 1963 1997
Lyndale Commons Lyndale Commons I Industrial - 247 1,431 285 247 1,716 1,963 178 1981 1998
Lyndale Commons Lyndale Commons II Industrial - 181 1,048 96 183 1,142 1,325 103 1985 1998
Hampshire Dist. Center Hampshire Dist Center North Industrial 2,574 779 4,483 56 779 4,539 5,318 355 1979 1997
Hampshire Dist. Center Hampshire Dist Center South Industrial 3,010 901 5,215 102 901 5,316 6,218 430 1979 1997
Hampshire Tech Center Hampshire Tech Center Industrial - 2,124 13,066 622 2,223 13,588 15,812 1,012 1998 1998
Norman Center Norman Center 2 Office - 782 4,442 139 807 4,556 5,363 294 1970 1998
Norman Center Norman Center 4 Office - 562 3,251 291 579 3,525 4,103 239 1967 1998
Norman Center Plaza Norman Pointe I Office - 3,630 22,229 - 3,630 22,229 25,858 18 2000 2000
Penn Corporate Building Penn Corporate Bldg Industrial - 312 1,801 22 312 1,823 2,134 143 1977 1997
                         
BLUE ASH, OHIO
 
                       
                         
Cornell Commerce Center Cornell Commerce Center Industrial - 495 4,755 313 495 5,068 5,563 771 1989 1996
Creek Road Creek Road Bldg 1 Industrial - 103 833 36 103 870 972 91 1971 1996
Creek Road Creek Road Bldg 2 Industrial - 132 1,149 42 132 1,191 1,322 124 1971 1996
Huntington Bank Building Huntington Bank Building Office - 175 241 - 175 241 416 25 1986 1996
Lake Forest/Westlake Lake Forest Place Office - 1,953 20,098 1,523 1,953 21,621 23,574 2,725 1985 1996
Lake Forest/Westlake Westlake Center Office - 2,459 16,790 1,368 2,459 18,158 20,617 2,517 1981 1996
                         
BOLINGBROOK, ILLINOIS
 
                       
                         
Crossroads Business Park Chapco Carton Company Industrial - 914 4,334 - 914 4,334 5,247 - 2000 2000
                         
BRANDON, FLORIDA
 
                       
                         
Regency Park North Regency I Office - 1,048 2,434 - 1,048 2,434 3,481 0 2000 2000
                         
BRENTWOOD, TENNESSEE
 
                       
                         
Brentwood South Bus. Center 7104 Crossroads Blvd Industrial - 1,065 5,994 109 1,065 6,103 7,168 227 1987 1999
Brentwood South Bus. Center 7106 Crossroads Blvd Industrial - 1,065 2,836 839 1,065 3,674 4,740 136 1987 1999
Brentwood South Bus. Center 7108 Crossroads Blvd Industrial - 848 4,141 35 848 4,175 5,023 155 1989 1999
Creekside Crossing Creekside Crossing One Office - 1,900 8,377 1,406 1,901 9,782 11,683 1,510 1998 1998
Creekside Crossing Creekside Crossing Two Office - 2,087 8,612 - 2,087 8,612 10,698 298 1999 1999
                         
BROOKLYN PARK, MINNESOTA
 
                       
                         
Crosstown NW Crosstown North Bus. Ctr. 1 Industrial - 835 5,443 715 1,000 5,993 6,993 340 1998 1999
Crosstown NW Crosstown North Bus. Ctr. 2 Industrial - 449 2,946 222 483 3,133 3,616 172 1998 1999
Crosstown NW Crosstown North Bus. Ctr. 3 Industrial - 758 2,826 - 758 2,825 3,583 218 1999 1999
Crosstown NW Crosstown North Bus. Ctr. 4 Industrial - 2,079 8,098 - 2,079 8,098 10,177 418 1999 1999
7300 Northland Drive 7300 Northland Drive Industrial - 700 6,598 - 703 6,595 7,298 528 1999 1998
Crosstown Nw Crosstown North Bus Ctr 5 Industrial - 1,131 5,387 20 1,131 5,407 6,538 190 1999 1999
Crosstown Nw Crosstown North Bus Ctr 6 Industrial - 826 3,291 - 826 3,291 4,116 66 2000 2000
                         
                         
BURNSVILLE, MINNESOTA
 
                       
                         
Professional Plaza Professional Plaza I Office - 467 2,716 189 467 2,905 3,372 235 1986 1998
Professional Plaza Professional Plaza IV Industrial - 248 1,425 81 248 1,506 1,754 137 1980 1998
1420 East Cliff Road Cliff Road Industrial Ctr Industrial - 256 1,481 100 256 1,581 1,838 158 1972 1998
Professional Plaza Professional Plaza III Industrial - 237 1,359 249 241 1,604 1,845 140 1985 1998
Professional Plaza Professional Plaza II Industrial - 216 1,261 221 216 1,483 1,699 135 1984 1998
Larc Industrial Park Larc Industrial Park I Industrial - 280 1,631 99 280 1,730 2,009 169 1977 1997
Larc Industrial Park Larc Industrial Park II Industrial - 224 1,315 86 224 1,401 1,625 100 1976 1997
Larc Industrial Park Larc Industrial Park III Industrial - 135 800 - 135 800 935 67 1980 1997
Larc Industrial Park Larc Industrial Park IV Industrial - 90 539 - 90 539 629 46 1980 1997
Larc Industrial Park Larc Industrial Park V Industrial - 96 555 174 96 729 825 56 1980 1997
Larc Industrial Park Larc Industrial Park VI Industrial - 373 2,149 72 373 2,221 2,594 182 1975 1997
Larc Industrial Park Larc Industrial Park VII Industrial - 242 1,394 228 242 1,622 1,864 175 1973 1997
                         
CANAL WINCHESTER, OH
 
                       
                         
Canal Winchester Nifco at Canal Winchester Industrial - 400 3,272 - 400 3,272 3,672 30 2000 2000
                         
CARMEL, INDIANA
 
                       
                         
Hamilton Crossing H.C. Building 1 West Industrial - 835 4,839 1,186 847 6,013 6,860 735 1989 1993
Hamilton Crossing Hamilton Crossing Bldg 2 Office - 313 1,393 832 384 2,154 2,538 303 1997 1997
Hamilton Crossing Hamilton Crossing Bldg 4 Office - 515 6,439 - 598 6,356 6,954 543 1999 1999
Hamilton Crossing Retail Hamilton Crossing Retail Bld 1 Retail - 728 6,708 - 898 6,538 7,436 301 1999 1999
Hamilton Crossing Hampton Inn Land Lease Grounds - 137 - 72 209 - 209 8 N/A 1999
Hamilton Crossing Max & Ermas Grounds - 167 - - 167 - 167 - N/A 2000
                         
CARY, NORTH CAROLINA
 
                       
                         
Regency Forrest 200 Regency Forest Drive Office - 1,230 13,501 181 1,230 13,682 14,912 559 1999 1999
Regency Forrest 100 Regency Forest Drive Office - 1,538 10,756 1,658 1,618 12,334 13,952 696 1997 1999
Weston Parkway 6501 Weston Parkway Office 7,877 1,775 10,668 - 1,775 10,668 12,443 409 1996 1999
                         
CELEBRATION, FLORIDA
 
                       
                         
Celebration Center 1130 Celebration Blvd. Industrial - 1,102 4,843 651 1,102 5,494 6,596 244 1997 1999
Celebration Center 1120 Celebration Blvd. Industrial - 755 3,643 79 755 3,723 4,477 122 1997 1999
Celebration Center Celebration C-9 Phase I Office - 999 5,990 - 999 5,990 6,989 47 2000 2000
                         
CHAMPAIGN, ILLINOIS
 
                       
                         
Market View Shopping Ctr Market View Shopping Ctr. Retail - 740 6,556 - 755 6,541 7,296 2,386 1985 1986
                         
CHANHASSEN, MINNESOTA
 
                       
                         
Chanhassen Lakes Chanhassen Lakes I Industrial - 357 2,067 266 370 2,320 2,690 168 1983 1998
Chanhassen Lakes Chanhassen Lakes II Industrial - 438 2,542 130 453 2,657 3,110 183 1986 1998
                         
CINCINNATI, OHIO
 
                       
                         
One Ashview Place One Ashview Place Office - 1,204 12,630 427 1,204 13,057 14,261 1,122 1989 1997
Blue Ash Office Center Blue Ash Office Ctr VI Office - 518 2,852 228 518 3,079 3,597 304 1989 1997
Zussman Building Zussman Bldg Office - 339 6,834 812 346 7,639 7,986 1,523 1986 1993
312 Elm 312 Elm Office 39,700 4,750 47,125 5,558 5,428 52,005 57,433 10,909 1992 1993
Eastgate Square Eastgate Square Retail - 2,030 4,615 732 2,030 5,347 7,377 776 1996 1995
Garden Ridge Garden Ridge (Eastgate) Retail - 4,592 4,584 - 4,592 4,583 9,175 295 1998 1999
Expiration Executive Plaza I Office - 728 5,504 - 728 5,504 6,232 609 1980 1996
Expiration Executive Plaza II Office - 728 5,613 84 728 5,697 6,425 588 1981 1996
Expiration Executive Plaza III Office - 509 4,945 1,391 509 6,336 6,845 736 1998 1998
Kohl's Dept. Store Kohl's Department Store Retail - 1,345 3,948 9 1,345 3,958 5,303 596 1994 1994
Sofa Express-Governors Pl Sofa Express - Gov. Plaza Retail - 145 842 - 164 823 987 111 1995 1995
Office Max Office Max Retail - 651 1,366 3 651 1,369 2,020 181 1995 1995
Dun & Bradstreet Bldg Dun & Bradstreet Bldg Office 1,589 270 2,701 376 466 2,882 3,347 1,054 1972 1986
Governors Hill 8790 Governor's Hill Office - 400 4,774 354 408 5,120 5,528 982 1985 1993
Governors Hill 8700 Governor's Hill Office - 459 5,918 151 468 6,060 6,528 1,083 1985 1993
Governors Hill 8800 Governor's Hill Office - 225 2,375 - 231 2,369 2,601 876 1985 1986
Governors Hill 8600 Governor's Hill Office - 1,220 18,967 638 1,245 19,579 20,824 3,561 1986 1993
Governors Plaza Governors Plaza Retail - 2,012 9,217 343 2,053 9,519 11,572 1,731 1990 1993
King's Auto Mal I King's Auto Mall I Retail 2,773 1,085 4,209 546 1,124 4,717 5,840 1,447 1990 1989
King's Mall Retail Ctr II King's Mall Retail Ctr II Retail - 1,928 4,095 942 1,952 5,013 6,966 910 1988 1993
Kenwood Executive Center Kenwood Executive Center Office - 606 4,006 356 606 4,363 4,968 351 1981 1997
Kenwood Commons 8230 Kenwood Commons Office 4,739 638 3,281 723 638 4,004 4,641 1,805 1986 1986
Kenwood Commons 8280 Kenwood Commons Office 2,761 638 2,066 - 638 2,066 2,704 1,128 1986 1986
Kenwood MOB-Jewish Kenwood MOB-Jewish Office - - 7,331 - - 7,331 7,331 210 1999 1999
Ohio National Ohio National Office 17,715 2,463 25,152 - 2,463 25,152 27,615 3,987 1996 1996
Pfeiffer Woods Office Building Pfeiffer Woods Office Bldg Office 6,568 1,450 12,253 130 1,450 12,383 13,833 440 1998 1999
312 Plum 312 Plum Office - 2,539 24,730 2,552 2,590 27,230 29,820 5,734 1987 1993
Remington Office Park Remington Park Bldg A Office - 560 1,469 139 560 1,608 2,168 124 1982 1997
Remington Office Park Remington Park Bldg B Office - 560 1,523 53 560 1,576 2,136 118 1982 1997
Tri-County Marketplace Tri-county Marketplace Retail - 5,368 4,285 213 5,466 4,400 9,866 502 1998 1998
Triangle Office Park Triangle Office Park Office 4,374 1,000 10,824 731 1,018 11,537 12,555 4,507 1985 1986
Western Hills Marketplace Western Hills Marketplace Retail - 3,583 7,778 146 3,583 7,924 11,508 476 1998 1997
World Park World Park Bldg 5 Industrial 1,879 270 3,506 183 276 3,683 3,958 1,264 1987 1988
World Park World Park Bldg 6 Industrial 2,057 378 3,825 129 385 3,948 4,332 1,097 1987 1988
World Park World Park Bldg 7 Industrial 2,450 525 4,500 136 537 4,624 5,161 1,369 1987 1988
Governors Plaza Linens n Things-Gov Plaza Retail - 1,075 2,280 - 1,075 2,280 3,355 22 2000 2000
Iams Industrial Park Cincinnati Bell Supply @ IAMS Industrial - 606 3,115 - 606 3,115 3,721 71 1999 1999
Not Applicable McDonalds Ground Lease Grounds - 480 - - 480 - 480 - N/A 2000
                         
COLUMBUS, OHIO
 
                       
                         
Easton Oval One Easton Oval Office - 2,789 12,017 - 2,789 12,018 14,806 950 1998 1999
Easton Oval Two Easton Oval Office - 2,489 16,753 213 2,489 16,967 19,455 1,124 1996 1998
Polaris 1000 Polaris Parkway Office 5,055 1,200 6,618 716 1,200 7,334 8,534 320 1992 1999
Tuttle Crossing Xerox Bldg-5555 Parkcenter Cir Office - 1,580 9,333 392 1,580 9,726 11,306 1,608 1992 1994
Westbelt Drive 2190-2200 Westbelt Drive Industrial - 300 1,951 65 300 2,015 2,315 110 1986 1998
Westbelt West Westbelt West #1 Industrial - 432 4,133 765 432 4,898 5,330 204 1999 1999
Zane Trace 3800 Zane Trace Dr (MBM) Industrial - 170 2,086 367 170 2,453 2,623 394 1978 1994
Zane Trace 3635 Zane Trace Drive Industrial - 236 1,800 321 236 2,121 2,357 220 1980 1998
King's Mall Applebee's Ground Lease Grounds - 309 29 - 338 - 338 29 N/A 1997
Tuttle Crossing Lazarus Ground Lease Grounds - 852 - - 852 - 852 - N/A 1996
Tuttle Crossing Uno's Ground Lease Grounds - 587 - - 587 - 587 60 N/A 1997
Tuttle Crossing Qwest Parking Expansion Grounds - 201 13 - 214 - 214 30 N/A 1998
Easton Easton Plaza One Office - 1,874 8,380 - 1,874 8,380 10,254 129 2000 2000
Westbelt West Westbelt West #2 Industrial - 509 4,790 - 509 4,790 5,299 104 1999 1999
                         
CREVE COUER, MISSOURI
 
                       
                         
Twin Oaks Office Ctr Twin Oaks Office - 566 8,269 515 566 8,784 9,351 850 1995 1997
                         
CRYSTAL, MINNESOTA
 
                       
                         
Crystal Industrial Ctr Crystal Industrial Center Industrial - 456 2,621 550 480 3,148 3,628 363 1974 1997
                         
DES PLAINES, ILLINOIS
 
                       
                         
Deckbrand Building Wolf Road Building Industrial - 179 1,632 268 179 1,900 2,080 151 1969 1998
105 East Oakton 105 East Oakton Industrial - 1,132 4,253 195 1,132 4,448 5,580 236 1974 1999
                         
DOWNERS GROVE, ILLINOIS
 
                       
                         
Executive Towers Executive Towers I Office - 2,652 24,356 2,227 2,652 26,583 29,234 2,380 1983 1997
Executive Towers Executive Towers II Office - 3,386 31,791 3,694 3,386 35,485 38,871 3,022 1984 1997
Executive Towers Executive Towers III Office - 3,512 32,955 1,680 3,512 34,635 38,147 3,131 1987 1997
                         
DUBLIN, OHIO
 
                       
                         
Metrocenter III Metrocenter III Office - 887 2,965 971 887 3,937 4,823 884 1983 1996
Scioto Corporate Center Scioto Corporate Center Office - 1,100 3,336 507 1,100 3,843 4,943 395 1987 1996
Tuttle Retail Center Tuttle Retail Center Retail - 4,314 7,384 2,430 4,314 9,814 14,128 1,351 1996 1995
Tuttle Crossing LCI International Office - 2,618 18,877 1,016 2,670 19,842 22,512 3,553 1990 1993
Tuttle Crossing Sterling 1 Office - 1,494 12,799 354 1,524 13,122 14,646 2,371 1990 1993
Tuttle Crossing Indiana Insurance Office - 717 2,442 394 717 2,837 3,554 603 1994 1994
Tuttle Crossing Sterling 2 Office - 605 5,836 48 605 5,883 6,488 829 1995 1995
Tuttle Crossing John Alden Life Ins. Office - 1,066 7,668 - 1,066 7,668 8,734 1,154 1995 1995
Tuttle Crossing Cardinal Health Office - 1,600 10,760 1,051 1,773 11,638 13,411 3,007 1995 1995
Tuttle Crossing Sterling 3 Office - 1,601 8,668 52 1,601 8,721 10,321 1,501 1996 1996
Tuttle Crossing Compmanagement Office - 867 4,366 522 867 4,888 5,755 520 1997 1997
Tuttle Crossing Sterling 4 Office - 483 9,284 876 483 10,160 10,643 950 1998 1998
Tuttle Crossing Parkwood Place Office - 1,690 11,477 531 1,690 12,008 13,698 1,515 1997 1997
Tuttle Crossing Nationwide Office - 4,815 19,030 - 4,815 19,029 23,844 3,355 1996 1996
Tuttle Crossing Emerald II Office - 495 3,493 - 495 3,492 3,988 467 1998 1998
Tuttle Crossing Atrium II, Phase I Office - 1,649 11,574 - 1,649 11,574 13,223 1,763 1998 1998
Tuttle Crossing Atrium II, Phase II Office - 1,597 10,212 597 1,597 10,810 12,406 1,212 1999 1999
Tuttle Crossing Blazer I Office - 904 5,688 424 904 6,113 7,016 546 1999 1999
Tuttle Crossing Parkwood II Office - 1,848 13,699 - 1,848 13,699 15,546 110 1999 1999
Tuttle Crossing Blazer II Office - 1,016 6,423 - 1,016 6,423 7,439 121 2000 2000
                         
DULUTH, GEORGIA
 
                       
                         
Crestwood Pointe 3805 Crestwood Parkway Office - 877 15,158 18 877 15,177 16,053 575 1997 1999
Crestwood Pointe 3885 Crestwood Parkway Office - 878 14,153 911 878 15,063 15,941 707 1998 1999
Meadowbrook 2475 Meadowbrook Parkway Industrial - 529 3,477 93 529 3,570 4,099 162 1986 1999
Meadowbrook 2505 Meadowbrook Parkway Industrial - 606 2,395 - 606 2,395 3,001 89 1990 1999
Park Creek 2825 Breckinridge Blvd Industrial - 317 3,626 117 317 3,743 4,060 131 1986 1999
Park Creek 2875 Breckinridge Blvd Industrial - 476 4,797 - 476 4,797 5,273 177 1986 1999
Park Creek 2885 Breckinridge Blvd Industrial - 487 6,893 - 487 6,893 7,380 255 1997 1999
River Green 3450 River Green Court Industrial - 194 2,191 - 194 2,191 2,385 81 1989 1999
River Green 4800 River Green Parkway Industrial - 152 1,978 - 152 1,979 2,131 73 1989 1999
Business Park at Sugarloaf 2775 Premier Parkway Industrial - 560 4,697 24 560 4,721 5,281 176 1997 1999
Business Park at Sugarloaf 3079 Premier Parkway Industrial - 776 6,520 294 776 6,815 7,590 265 1998 1999
Business Park at Sugarloaf 6700 Sugarloaf Parkway Industrial - 1,042 8,685 25 1,042 8,710 9,752 327 1998 1999
Business Park at Sugarloaf 2855 Premier Parkway Industrial - 765 3,941 - 765 3,941 4,706 122 1999 1999
Business Park at Sugarloaf 6655 Sugarloaf Industrial - 1,651 6,377 493 1,651 6,870 8,521 712 1998 1999
Hampton Green Hampton Green Office Bldg Office - 1,388 9,513 - 1,388 9,513 10,900 33 2000 2000
Business Park At Sugarloaf Sugarloaf Office IV (2750) Industrial - 623 3,693 - 623 3,694 4,317 66 2000 2000
                         
DUNCAN, SOUTH CAROLINA
 
                       
                         
Hillside 170 Parkway West Industrial - 223 2,734 - 223 2,734 2,957 122 1995 1999
Hillside 285 Parkway East Industrial - 619 4,523 - 619 4,523 5,142 199 1996 1999
Hillside 190 Parkway West Industrial - 276 2,511 - 276 2,512 2,788 110 1996 1999
Hillside 265 Parkway East Industrial - 329 3,374 788 329 4,162 4,491 170 1999 1999
                         
EAGAN, MINNESOTA
 
                       
                         
Apollo Distribution Center Apollo Industrial Ctr I Industrial - 866 4,956 675 882 5,615 6,497 597 1997 1997
Apollo Distribution Center Apollo Industrial Ctr II Industrial - 474 2,950 - 474 2,950 3,424 134 2000 2000
Eagandale Crossing Eagandale Crossing Industrial - 974 4,780 - 987 4,767 5,754 724 1998 1998
Eagandale Tech Center Eagandale Tech Center Industrial - 987 5,681 689 987 6,370 7,357 564 1998 1998
Silverbell Commons Silverbell Commons Industrial - 1,807 7,103 - 1,807 7,103 8,910 535 1999 1999
Sibley Industrial Center Sibley Industrial Center I Industrial - 356 2,050 234 380 2,260 2,639 226 1973 1997
Sibley Industrial Center Sibley Industrial Center II Industrial - 225 1,343 93 225 1,436 1,661 159 1972 1997
Sibley Industrial Center Sibley Industrial Center III Industrial - 213 1,223 247 217 1,465 1,682 139 1968 1997
Trapp Road Trapp Road Commerce I Industrial - 671 3,879 336 691 4,195 4,886 334 1996 1998
Trapp Road Trapp Road Commerce Bldg II Industrial - 1,250 7,022 480 1,250 7,502 8,752 578 1998 1998
Yankee Place Yankee Place Industrial - 2,797 16,056 893 2,797 16,948 19,745 1,563 1986 1997
Apollo Distribution Center Apollo Industrial Ctr II Industrial - 1,432 6,365 - 1,432 6,365 7,796 88 2000 2000
                         
EARTH CITY, MISSOURI
 
                       
                         
NGIC/Pointe 70 3322 NGIC Office 6,558 2,615 10,809 513 2,615 11,322 13,938 1,040 1987 1997
Earth City Corporate Center, Earth City Industrial - 783 126 - 783 126 909 0 2000 2000
                         
EDEN PRAIRIE, MINNESOTA
 
                       
                         
Edenvale Executive Center Edenvale Executive Center Industrial - 1,184 6,699 181 1,185 6,880 8,064 231 1987 1999
Golden Triangle Tech Ctr. Golden Triangle Tech Ctr. Industrial - 1,446 8,258 249 1,458 8,495 9,953 544 1997 1998
Valley Gate North Valley Gate North Industrial - 548 3,133 500 556 3,625 4,181 164 1986 1999
                         
EDINA, MINNESOTA
 
                       
                         
Cahill Business Ctr Cahill Business Center Industrial - 507 2,945 305 507 3,250 3,758 316 1980 1997
Edina Interchange Edina Interchange I Industrial 1,881 630 3,646 287 630 3,933 4,563 331 1995 1997
Edina Interchange Edina Interchange II Industrial 1,220 432 2,501 28 432 2,529 2,961 198 1980 1997
Edina Interchange Edina Interchange III Industrial 1,386 487 2,821 54 487 2,876 3,363 227 1981 1997
Edina Interchange Edina Interchange IV Industrial - 228 1,322 332 228 1,655 1,883 202 1974 1997
Edina Interchange Edina Interchange V Industrial - 971 5,637 315 971 5,951 6,922 522 1974 1997
Bush Lake Road Edina Interchange VII Industrial - 180 1,060 199 180 1,258 1,438 122 1970 1998
Pakwa Pakwa I Industrial - 347 2,018 322 347 2,340 2,687 263 1979 1997
Pakwa Pakwa II Industrial - 215 1,241 102 215 1,343 1,558 116 1979 1997
Pakwa Pakwa III Industrial - 248 1,433 109 248 1,541 1,789 137 1979 1997
                         
FAIRFIELD, OHIO
 
                       
                         
Faifield Business Center Fairfield Bus. Ctr. D Industrial - 135 1,732 81 135 1,814 1,948 243 1990 1995
Faifield Business Center Fairfield Bus. Ctr. E Industrial - 398 2,583 91 398 2,674 3,072 365 1990 1995
University Moving University Moving Industrial - 248 1,760 - 248 1,760 2,008 252 1991 1995
                         
FENTON, MISSOURI
 
                       
                         
Fenton Interstate Buildings Fenton Interstate Building C Industrial - 519 1,967 - 519 1,967 2,486 83 1986 1999
Fenton Interstate Buildings Fenton Interstate Building D Industrial - 1,286 5,144 - 1,286 5,144 6,430 214 1987 1999
Southport Southport I Industrial - 192 834 43 192 877 1,069 73 1977 1997
Southport Southport II Industrial - 151 659 52 151 711 862 67 1978 1997
Southport Southport Commerce Ctr. Industrial - 233 1,016 151 233 1,167 1,400 122 1978 1997
Fenton Interstate Buildings Fenton Industrial Bldg A Industrial - 603 2,584 - 603 2,583 3,186 52 1987 2000
Fenton Interstate Buildings Fenton Industrial Bldg B Industrial - 702 2,268 - 702 2,268 2,971 36 1986 2000
                         
FISHERS, INDIANA
 
                       
                         
Exit 5 Exit 5 Bldg I (Deflecto) Industrial - 833 2,680 82 833 2,762 3,595 138 1999 1999
Exit 5 Exit 5 Bldg. II Industrial - 760 3,306 - 760 3,306 4,066 111 1999 1999
                         
FLORENCE, KENTUCKY
 
                       
                         
Sofa Express-Florence Sofa Express - Florence Retail - 735 771 339 735 1,109 1,844 95 1997 1997
                         
FT. LAUDERDALE, FLORIDA
 
                       
                         
Sawgrass Sawgrass - Building 1 Industrial - 1,211 6,503 - 1,211 6,503 7,713 189 1999 1999
                         
FT. WAYNE, INDIANA
 
                       
                         
Coldwater Crossing Coldwater Crossing Retail 12,168 2,310 17,154 408 2,310 17,562 19,872 2,781 1990 1994
                         
FRANKLIN, TENNESSEE
 
                       
                         
Aspen Grove Business Center 277 Mallory Station (AG 1) Industrial - 936 6,539 - 936 6,538 7,475 242 1996 1999
Aspen Grove Business Center 320 Premier Court (AR II) Industrial - 1,151 6,521 275 1,151 6,797 7,947 251 1996 1999
Aspen Grove Business Center 305 Seaboard Lane (AGIII) Industrial - 970 6,318 538 970 6,856 7,826 422 1998 1999
Aspen Grove Business Center 416 Mary Lindsay Polk Dr (AGV) Industrial - 943 5,288 638 943 5,926 6,868 237 1996 1999
Aspen Grove Business Center 318-II Seaboard Lane Industrial - 240 1,385 476 240 1,861 2,101 114 1999 1999
Aspen Grove Business Center 341 Cool Springs Blvd Office - 950 7,429 878 950 8,307 9,257 222 1999 1999
Aspen Grove Business Center 318-1 Seaboard Land Industrial - 301 1,684 741 301 2,425 2,726 122 1999 1999
Brentwood South Bus. Center 119 Seaboard Lane (BS 4) Industrial - 569 2,435 22 569 2,457 3,027 90 1990 1999
Brentwood South Bus. Center 121 Seaboard Lane (BS 5) Industrial - 445 1,932 - 445 1,932 2,377 77 1990 1999
Brentwood South Bus. Center 123 Seaboard Lane (BS 6) Industrial - 489 1,243 407 489 1,651 2,139 66 1990 1999
                         
FRIDLEY, MINNESOTA
 
                       
                         
River Road River Road Business Ctr. S. Industrial 3,685 1,083 6,346 404 1,112 6,721 7,833 378 1986 1999
University Center University Center I&II Industrial - 220 1,258 362 226 1,613 1,840 113 1983 1999
                         
GLENWILLOW, OHIO
 
                       
                         
Emerald Valley  Emerald Valley Bldg 1 Industrial - 555 6,350 41 555 6,391 6,946 185 1999 1999
                         
GOLDEN VALLEY, MINNESOTA
 
                       
                         
Decatur Business Ctr Decatur Business Center Industrial - 431 2,504 229 431 2,733 3,164 206 1982 1997
Edina Realty Edina Realty Office - 330 1,862 180 349 2,022 2,371 129 1965 1998
Golden Hills Golden Hills 1 Industrial - 1,081 6,257 232 1,105 6,464 7,569 419 1996 1998
Golden Hills Golden Hills 2 Industrial - 1,741 4,282 303 1,742 4,584 6,326 398 1999 1999
Golden Hills Golden Hills 3 Industrial - 1,813 4,805 207 1,815 5,010 6,825 381 1999 1999
Minneapolis-West North Star Title Office - 506 2,911 318 539 3,195 3,735 209 1965 1998
Silver-Burdett Ginn Sandburg Industrial Center Industrial - 451 2,616 46 451 2,662 3,114 221 1973 1997
Minneapolis-West Tyrol West Office 9,284 350 2,016 372 380 2,358 2,738 179 1968 1998
801 Zane Avenue North 801 Zane Avenue North Industrial - 365 2,174 129 365 2,303 2,668 199 1989 1997
                         
GREENWOOD, INDIANA
 
                       
                         
South Park-Indiana South Park Bldg 1 Office - 287 2,556 86 292 2,637 2,929 455 1989 1993
South Park-Indiana South Park Bldg 2 Industrial - 334 3,395 737 341 4,125 4,466 896 1990 1993
South Park-Indiana South Park Bldg 3 Office 991 208 2,360 277 212 2,634 2,846 511 1990 1993
South Park Brylane Parking Lot Grounds - 54 - 3 57 - 57 10 N/A 1994
                         
GROVE CITY, OHIO
 
                       
                         
South Pointe South Pointe Bldg D Industrial - 276 3,154 622 276 3,776 4,052 566 1997 1997
South Pointe South Pointe Bldg E Industrial - 279 2,427 679 279 3,106 3,385 416 1997 1997
                         
GROVEPORT, OHIO
 
                       
                         
Groveport Commerce Ctr Groveport Comm Ctr #2 Industrial - 1,049 7,559 559 1,049 8,117 9,167 217 1999 1999
Sun TV 6600 Port Road Industrial - 2,725 23,424 - 2,725 23,424 26,149 2,135 1998 1997
Groveport Commerce Ctr Groveport Comm Ctr #3 Industrial - 510 3,815 - 510 3,815 4,325 111 1999 1999
Groveport Commerce Ctr Groveport Comm Ctr #4 Industrial - 1,114 8,597 - 1,114 8,597 9,711 138 2000 2000
Groveport Commerce Ctr Groveport Commerce Ctr. #345 Industrial - 1,045 6,358 - 1,045 6,358 7,403 7 2000 2000
                         
HEBRON, KENTUCKY
 
                       
                         
KY, Southpark Ky. Southpark Bldg 4 (Redken) Industrial 2,585 779 3,360 83 779 3,443 4,222 552 1994 1994
KY, Southpark CR Services Industrial 3,935 1,085 4,189 1,153 1,085 5,342 6,427 853 1994 1994
                         
HOLLYWOOD, FLORIDA
 
                       
                         
Port 95 2600 SW 39th Street Industrial - 5,758 13,815 51 5,758 13,866 19,624 509 1999 1999
Port 95 Port 95 - Spec. Bldg. Industrial - 833 2,876 524 833 3,399 4,232 138 1999 1999
                         
HOPKINS, MINNESOTA
 
                       
                         
Cornerstone Business Center Cornerstone Business Center Industrial 6,363 1,469 8,422 171 1,543 8,519 10,062 675 1996 1997
The Johnson Bldg The Johnson Bldg Industrial - 552 3,178 167 552 3,345 3,897 300 1974 1997
Westside Business Park Westside Business Park Industrial - 1,176 6,810 405 1,176 7,215 8,391 562 1987 1997
                         
INDEPENDENCE, OHIO
 
                       
                         
Corporate Plaza Corporate Plaza I Office 7,927 2,116 14,182 397 2,116 14,579 16,695 1,921 1989 1996
Corporate Plaza Corporate Plaza II Office 7,094 1,841 12,322 778 1,841 13,101 14,941 1,739 1991 1996
Freedom Square Freedom Square I Office - 595 3,975 319 595 4,295 4,889 572 1980 1996
Freedom Square Freedom Square II Office 6,685 1,746 11,702 633 1,746 12,334 14,080 1,638 1987 1996
Freedom Square Freedom Square III Office - 701 6,497 404 701 6,900 7,602 1,226 1997 1997
6111 Oak Tree 6111 Oak Tree Office - 703 4,637 419 703 5,056 5,759 502 1995 1997
Park Center Park Center Bldg I Office - 2,193 13,901 - 2,193 13,901 16,094 1,492 1998 1998
Park Center Park Center Bldg 2 Office - 2,190 13,619 - 2,190 13,619 15,810 875 1999 1999
Park Center Park Center Bldg 3 Office - 2,190 11,492 - 2,190 11,492 13,682 140 2000 2000
                         
INDIANAPOLIS, INDIANA
 
                       
                         
Cub Center Cub Center Retail - 540 5,188 271 550 5,449 6,000 1,792 1986 1986
Michael's Plaza Michaels Plaza Retail - 749 3,727 368 764 4,080 4,844 675 1984 1993
Franklin Road Bus. Ctr Franklin Road Bus. Ctr. Industrial - 594 11,089 - 594 11,089 11,683 1,870 1998 1995
Nampac Building Nampac Building Industrial - 274 1,782 119 274 1,901 2,175 269 1974 1995
Park 100 6060 Guion Rd (Vanstar) Industrial - 411 2,837 745 511 3,482 3,993 473 1977 1996
First Indiana Branch First Indiana Branch Retail - 46 274 - 47 273 320 47 1988 1993
Hillsdale Hillsdale Bldg 4 Industrial - 366 5,087 285 366 5,373 5,739 1,040 1987 1993
Hillsdale Hillsdale Bldg 5 Industrial - 251 3,235 539 251 3,774 4,025 718 1987 1993
Hillsdale Hillsdale Bldg 6 Industrial - 315 4,320 77 315 4,397 4,712 769 1987 1993
KATC - South 8465 KATC 2-story Office - 89 1,369 160 89 1,529 1,618 220 1983 1995
F.C. Tucker F.C. Tucker Office - - 290 - - 290 290 51 1978 1993
KATC - North 8555 KATC 4-story Office - - 5,999 624 - 6,623 6,623 800 1985 1997
KATC - North 3520 Commerce Crossing Office - 950 2,089 - 950 2,089 3,039 256 1976 1993
4750 Kentucky Avenue 4750 Kentucky Avenue Industrial - 246 2,372 216 246 2,589 2,835 271 1974 1996
One North Capital One North Capital Office - 1,439 8,177 1,015 1,439 9,192 10,631 483 1980 1998
Park 100 Park 100 Bldg 34 Office - 131 1,547 156 133 1,700 1,833 599 1979 1986
Park 100 Park 100 Bldg 95 Industrial 3,796 642 5,239 318 642 5,557 6,199 948 1993 1994
Park 100 Park 100 Bldg 96 Industrial - 1,414 13,748 - 1,436 13,726 15,162 2,371 1997 1995
Park 100 Park 100 Bldg 98 Industrial - 273 8,236 - 273 8,235 8,509 1,485 1995 1994
Park 100 Park 100 Bldg 100 Industrial 1,515 103 2,447 642 103 3,088 3,191 710 1995 1995
Park 100 Park 100 Bldg 107 Industrial 1,560 99 1,688 19 99 1,707 1,806 257 1984 1995
Park 100 Park 100 Bldg 109 Industrial 1,012 240 1,890 - 246 1,885 2,131 626 1985 1986
Park 100 Park 100 Bldg 116 Office - 341 3,221 - 348 3,214 3,562 953 1988 1988
Park 100 Park 100 Bldg 118 Office - 226 2,412 236 230 2,644 2,874 486 1988 1993
Park 100 Park 100 Bldg 119 Office - 388 3,698 1,199 395 4,890 5,285 662 1989 1993
Park 100 Park 100 Retail Bldg 121 Retail - 592 1,074 73 604 1,135 1,739 193 1989 1993
Park 100 Park 100 Bldg 122 Industrial - 284 3,733 329 290 4,056 4,346 729 1990 1993
Park 100 Park 100 Bldg 125 Industrial 4,100 674 6,022 - 674 6,022 6,696 1,444 1996 1994
Park 100 Park 100 Bldg 126 Industrial - 165 1,489 106 165 1,595 1,760 283 1984 1994
Park 100 Park 100 Bldg 127 Industrial - 96 1,920 292 96 2,211 2,308 388 1995 1995
Park 100 Park 100 Bldg 130 Industrial - 513 4,045 - 513 4,045 4,558 710 1996 1996
Park 100 Park 100 Bldg 132 Office - 446 1,217 452 446 1,669 2,115 301 1997 1997
Park 100 Park 100 Bldg 134 Industrial - 464 3,159 903 464 4,062 4,526 399 1998 1998
Woodland Corporate Center Woodland Corp Centre I Office - 290 4,550 586 320 5,106 5,426 606 1998 1998
Park 100 Park 100 Bldg 136 Industrial - 542 4,161 551 594 4,659 5,253 395 1998 1999
Woodland Corporate Center Woodland Corporate Center II Office - 271 3,582 676 297 4,231 4,528 219 1999 1999
Park Fletcher Park Fletcher Bldg 14 Industrial - 76 740 - 76 740 816 98 1978 1996
Parkwood Crossing One Parkwood Office - 1,018 10,153 312 1,028 10,454 11,482 1,426 1989 1995
Parkwood Crossing Two Parkwood Office - 861 7,696 - 871 7,686 8,557 1,609 1996 1996
Parkwood Crossing Three Parkwood Office - 1,377 10,200 - 1,387 10,190 11,576 1,740 1997 1997
Parkwood Crossing Four Parkwood Office - 1,489 11,627 779 1,499 12,396 13,895 1,555 1998 1998
Parkwood Crossing Five Parkwood Office - 1,485 13,548 - 1,528 13,505 15,033 794 1999 1999
Software Artistry Software Artistry Office - 856 7,661 96 856 7,757 8,613 815 1998 1998
Woodfield 8440 Woodfield Office - 719 9,431 863 733 10,280 11,013 1,957 1987 1993
Woodfield 8425 Woodfield Office - 3,767 21,142 1,946 3,843 23,013 26,856 4,306 1989 1993
4316 West Minnesota 4316 West Minnesota Industrial - 287 2,272 291 287 2,563 2,850 268 1970 1996
Park 100 Norco Windows Parking Lot Grounds - 37 - - 37 - 37 7 N/A 2999
Park 100 Ups Parking Grounds - 270 - - 270 - 270 20 N/A 1997
Park 100 Norgate Ground Lease Grounds - 51 - - 51 - 51 - N/A 1995
Park 100 Zollman Ground Lease Grounds - 115 - - 115 - 115 - N/A 1994
Hamilton Crossing Hamilton Crossing Bldg 3 Office - 890 8,869 - 890 8,869 9,759 55 2000 2000
Parkwood Crossing Six Parkwood Office - 1,960 14,543 - 1,960 14,543 16,503 264 2000 2000
Woodland Corporate Center Woodland Corp Center III Office - 1,227 4,240 - 1,227 4,240 5,466 120 1999 1999
Woodland Corporate Center Woodland Corp Ctr IV Office - 715 6,297 - 715 6,297 7,013 - 2000 2000
                         
JACKSONVILLE, FLORIDA
 
                       
                         
Jacksonville International Tradeport 13350 International Park Industrial - 371 2,052 - 371 2,052 2,423 96 1998 1999
Jacksonville International Tradeport 13340 International Parkway Industrial - 289 3,250 - 289 3,250 3,539 138 1997 1999
Jacksonville International Tradeport 1420 Vantage Way Industrial - 698 4,078 - 698 4,078 4,776 173 1998 1999
Jacksonville International Tradeport 1460 Vantage Way Industrial - 573 5,361 - 573 5,361 5,934 219 1998 1999
Jacksonville International Tradeport 1350 Tradeport Drive Industrial - 538 3,597 - 538 3,597 4,135 151 1989 1999
Jacksonville International Tradeport 1371 Tradeport Drive Industrial - 544 2,455 395 544 2,850 3,394 119 1995 1999
Jacksonville International Tradeport 13291 Vantage Way Industrial - 499 4,598 - 499 4,598 5,097 187 1995 1999
South Pointe 7011 A.C. Skinner Pkwy Office - 1,007 4,171 - 1,007 4,171 5,178 235 1999 1999
Jacksonville Intl. Tradeport Tradeport Dist Ctr VII Industrial - 418 3,199 - 418 3,199 3,617 19 2000 2000
                         
KENNESAW, GEORGIA
 
                       
                         
Town Point 3330 West Town Point Drive Industrial - 551 2,273 208 551 2,481 3,032 113 1994 1999
Town Point 3350 West Town Point Drive Industrial - 434 2,324 18 434 2,342 2,776 86 1995 1999
Town Point 3240 Town Point Drive Industrial - 1,092 6,433 83 1,092 6,515 7,607 246 1997 1999
Town Point 3391 Town Point Pkwy Office - 797 8,379 - 797 8,380 9,177 391 1999 1999
Other Northwest I75 Properties 1950 Vaughn Street Industrial 3,220 - 4,593 - - 4,593 4,593 97 1999 1999
Town Point 3200 Town Point Drive(SC I) Industrial - 734 4,885 - 734 4,885 5,620 154 1999 1999
                         
LAKE FOREST, ILLINOIS
 
                       
                         
Ballard Building Ballard Drive Building Industrial - 186 1,738 84 186 1,823 2,009 135 1985 1998
Kraft Building Laurel Drive Building Industrial - 98 913 59 98 971 1,069 72 1981 1998
13825 W. Laurel Drive 13825 W. Laurel Drive Industrial - 750 1,859 232 750 2,091 2,841 103 1985 1999
One Conway Park One Conway Park Office - 1,901 18,311 740 1,901 19,050 20,951 1,350 1989 1998
                         
LAKE MARY, FLORIDA
 
                       
                         
Northpoint 1025 Greenwood Blvd. Office - 1,087 11,550 - 1,087 11,550 12,637 633 1998 1999
Technology Park 100 Technology Parkway Industrial - 641 3,519 45 641 3,564 4,205 147 1986 1999
Technology Park 525 Technology Parkway Industrial - 835 4,306 213 835 4,518 5,353 171 1998 1999
Technology Park 255 Technology Parkway Industrial - 477 3,859 13 477 3,872 4,349 137 1998 1999
Technology Park 200 Technology Parkway Industrial - 669 2,885 - 669 2,884 3,554 88 1999 1999
Technology Park 250 Technology Parkway Industrial - 547 2,861 236 547 3,097 3,644 97 1999 1999
Northpoint Northpoint Center II Office - 1,202 8,359 - 1,202 8,359 9,561 15 1999 1999
                         
LEBANON, INDIANA
 
                       
                         
Lebanon Bus. Park Pamida Industrial - 305 9,612 - 305 9,612 9,917 671 1997 1997
Lebanon Bus. Park Prentice Hall Industrial - 740 12,000 440 740 12,440 13,180 1,504 1998 1998
Lebanon Bus. Park Lebanon Building 9 Industrial - 554 6,837 401 554 7,238 7,792 280 1999 1999
                         
LOVELAND, OHIO
 
                       
                         
Sun TV & Appliances Montgomery Crossing Phase I Retail - 260 943 79 260 1,021 1,281 152 1993 1994
Sports Unlimited Montgomery Crossing Phase II Retail 3,080 778 3,986 266 778 4,252 5,031 636 1994 1994
                         
MARIETTA, GEORGIA
 
                       
                         
Franklin Forest 805 Franklin Court Industrial - 313 1,932 54 313 1,985 2,299 79 1983 1999
Franklin Forest 810 Franklin Court Industrial - 255 1,653 41 255 1,695 1,949 70 1983 1999
Franklin Forest 811 Livingston Court Industrial - 193 1,424 - 193 1,423 1,616 53 1983 1999
Franklin Forest 825 Franklin Court Industrial - 358 558 941 358 1,500 1,857 73 1983 1999
Franklin Forest 830 Franklin Court Industrial - 133 757 63 133 820 953 38 1983 1999
Franklin Forest 835 Franklin Court Industrial - 393 633 997 393 1,630 2,023 78 1983 1999
Franklin Forest 840 Franklin Court Industrial - 242 890 - 242 891 1,132 33 1983 1999
Franklin Forest 821 Livingston Court Industrial - 145 973 18 145 990 1,135 40 1983 1999
Franklin Forest 841 Livingston Court Industrial - 275 2,729 - 275 2,729 3,004 101 1983 1999
Northwest Business Center 1335 Capital Circle Industrial - 416 2,112 80 416 2,192 2,608 80 1985 1999
Northwest Business Center 1337-41-51 Capital Circle Industrial - 558 5,364 118 558 5,483 6,041 229 1985 1999
Northwest Business Center 2260 Northwest Parkway Industrial - 320 1,826 270 320 2,096 2,416 77 1982 1999
Northwest Business Center 2252 Northwest Parkway Industrial - 92 982 - 92 981 1,073 36 1982 1999
Northwest Business Center 2242 Northwest Parkway Industrial - 175 1,444 63 175 1,507 1,681 62 1982 1999
Northwest Business Center 2256 Northwest Parkway Industrial - 85 916 53 85 969 1,054 35 1982 1999
Northwest Business Center 2244 Northwest Parkway Industrial - 47 492 - 47 492 539 18 1982 1999
Northwest Business Center 2150 Northwest Parkway Industrial - 294 3,087 77 294 3,164 3,458 120 1982 1999
Northwest Business Center 2152 Northwest Parkway Industrial - 161 1,637 51 161 1,687 1,849 65 1982 1999
Northwest Business Center 2130 Northwest Parkway Industrial - 353 2,885 138 353 3,023 3,376 122 1982 1999
Northwest Business Center 2270 Northwest Parkway Industrial 1,882 483 3,887 36 483 3,923 4,406 150 1988 1999
Northwest Business Center 2275 Northwest Parkway Industrial 1,282 327 2,641 32 327 2,673 3,000 107 1988 1999
                         
MARYLAND HEIGHTS, MISSOURI
 
                       
                         
Riverport Tower Riverport Tower Office - 3,549 30,083 788 3,549 30,872 34,420 2,645 1991 1997
Riverport Distribution Riverport Distribution Industrial - 242 2,223 86 242 2,309 2,551 188 1990 1997
Riverport Distribution Scripts Building Industrial - 1,197 8,716 159 1,197 8,875 10,072 765 1992 1997
Riverport Distribution Riverport Distribution B Industrial - 216 1,984 84 216 2,069 2,285 165 1989 1997
Riverport Distribution Riverport 1 Industrial - 900 4,362 - 900 4,362 5,261 547 1999 1999
West Port Westport Center I Industrial - 1,707 6,196 517 1,707 6,713 8,421 1,037 1998 1998
West Port Westport Center II Industrial - 915 2,854 240 915 3,095 4,010 473 1998 1998
West Port Westport Center III Industrial - 1,207 2,963 360 1,207 3,323 4,530 267 1999 1999
Riverport Riverport 2 Industrial - 1,238 6,731 - 1,238 6,731 7,969 205 2000 2000
                         
MASON, OHIO
 
                       
                         
Deerfield Crossing Deerfield Crossing Bldg 1 Office - 1,493 14,260 - 1,493 14,260 15,753 818 1999 1999
Governor's Pointe Governor's Pointe 4770 Office 4,086 586 8,019 - 596 8,009 8,605 2,466 1986 1988
Governor's Pointe Governor's Pointe 4700 Industrial 3,060 584 5,810 50 595 5,850 6,444 1,838 1987 1988
Governor's Pointe Governor's Pointe 4900 Industrial 2,356 654 4,308 - 673 4,289 4,962 1,186 1987 1989
Governor's Pointe Governor's Pointe 4705 Office - 719 7,793 1,558 792 9,278 10,070 2,106 1988 1993
Governor's Pointe Governor's Pointe 4800 Industrial - 978 5,192 265 998 5,437 6,435 1,043 1989 1993
Governor's Pointe Governor's Pointe 4605 Office 11,708 630 17,566 925 715 18,407 19,122 3,455 1990 1993
Bigg's Supercenter Bigg's Supercenter Retail - 2,107 9,942 - 4,227 7,822 12,050 1,258 1996 1996
Lowes Lowes Retail - 3,750 6,477 - 3,750 6,478 10,228 859 1999 1997
Anthem Prescription Mgmt Governor's Pointe 8990 Office - 594 6,096 414 594 6,510 7,104 1,036 1997 1997
Governor's Pointe Governor's Pointe 4660 Office - 385 4,782 350 529 4,987 5,516 825 1997 1997
Governor's Pointe Governor's Pointe 4680 Office - 1,115 8,550 802 1,115 9,352 10,467 1,233 1998 1998
                         
MAYFIELD HEIGHTS, OHIO
 
                       
                         
Landerbrook Corporate Ctr. Landerbrook Corp. Center I Office - 1,807 10,775 449 1,808 11,223 13,031 1,682 1997 1997
Landerbrook Corporate Ctr. Landerbrook Corp. Center II Office - 1,382 10,063 992 1,382 11,055 12,437 847 1998 1998
                         
MCDONOUGH, GEORGIA
 
                       
                         
Liberty Distribution Center 120 Declaration Drive Industrial - 615 8,582 - 615 8,582 9,197 317 1997 1999
                         
MENDOTA HEIGHTS, MINNESOTA
 
                       
                         
Enterprise Industrial Center Enterprise Industrial Center Industrial 2,428 864 5,016 631 864 5,647 6,511 545 1979 1997
                         
MILFORD, OHIO
 
                       
                         
Park 50 Park 50 Bldg 17 Office - 500 5,473 - 510 5,463 5,974 2,053 1985 1986
Park 50 Park 50 Bldg 20 Industrial 3,644 461 7,214 - 469 7,205 7,674 2,733 1987 1988
Park 50 Park 50 Bldg 25 Industrial - 1,161 4,128 867 1,184 4,972 6,156 1,157 1989 1993
                         
MINNEAPOLIS, MINNESOTA
 
                       
                         
Broadway Business Center Broadway Business Ctr III Industrial - 140 813 51 144 859 1,003 58 1983 1998
Broadway Business Center Broadway Business Ctr IV Industrial - 194 1,142 189 200 1,325 1,525 101 1983 1998
Broadway Business Center Broadway Business Ctr V Industrial - 160 933 39 166 966 1,131 60 1983 1998
Broadway Business Center Broadway Business Ctr VI Industrial - 433 2,504 239 447 2,729 3,177 201 1983 1998
Broadway Business Center Broadway Business Ctr VII Industrial - 233 1,355 163 241 1,511 1,751 173 1983 1998
Encore Park Encore Park Industrial - 947 5,649 275 974 5,898 6,872 524 1977 1997
10801 Red Circle Dr. 10801 Red Circle Dr. Office - 527 3,448 741 527 4,188 4,716 568 1977 1997
Chilies Ground Lease Chilies Ground Lease Grounds - 921 - 69 990 - 990 1 N/A 1998
Knox Land Lease Knox Land Lease Grounds - 1,067 - - 1,067 - 1,067 - N/A 1997
Olive Garden Ground Lease Olive Garden Ground Lease Grounds - 921 - - 921 - 921 - N/A 1998
Unversity Land Lease Unversity Land Lease Grounds - 296 - - 296 - 296 - N/A 1997
                         
MONROE, OHIO
 
                       
                         
Monroe Business Center Monroe Business Center Bldg. 1 Industrial - 660 5,403 119 660 5,523 6,183 289 1992 1999
                         
MORRISVILLE, NORTH CAROLINA
 
                       
                         
Enterprise Center 507 Airport Blvd. Industrial 5,712 1,327 8,442 335 1,327 8,777 10,104 327 1993 1999
Enterprise Center 5151 McCrimmon Parkway Industrial - 1,318 8,219 373 1,318 8,592 9,910 315 1995 1999
Enterprise Center 2600 Perimeter Park Drive Industrial - 975 5,392 127 975 5,519 6,494 206 1997 1999
Enterprise Center 5150 McCrimmon Parkway Industrial - 1,739 12,249 103 1,739 12,352 14,091 441 1998 1999
Enterprise Center 2400 Perimeter Park Drive Office - 760 6,305 191 760 6,495 7,255 264 1999 1999
Metrocenter 3000 Perimeter Park Drive Industrial 2,041 482 3,156 224 482 3,381 3,863 127 1989 1999
Metrocenter 2900 Perimeter Park Drive Industrial 1,361 235 2,340 - 235 2,341 2,575 97 1990 1999
Metrocenter 2800 Perimeter Park Drive Industrial 3,061 777 4,927 88 777 5,015 5,791 186 1992 1999
Perimeter Park 100 Perimeter Park Drive Industrial - 477 3,239 44 477 3,283 3,760 120 1987 1999
Perimeter Park 200 Perimeter Park Drive Industrial - 567 3,149 30 567 3,179 3,746 118 1987 1999
Perimeter Park 300 Perimeter Park Drive Industrial - 567 3,148 40 567 3,188 3,755 116 1986 1999
Perimeter Park 400 Perimeter Park Drive Industrial 4,067 486 4,455 40 486 4,496 4,982 163 1983 1999
Perimeter Park 500 Perimeter Park Drive Industrial - 522 4,421 65 522 4,487 5,009 168 1985 1999
Perimeter Park 800 Perimeter Park Drive Industrial 1,281 405 3,309 52 405 3,361 3,766 126 1984 1999
Perimeter Park 900 Perimeter Park Drive Industrial - 629 1,908 651 629 2,559 3,188 98 1982 1999
Perimeter Park 1000 Perimeter Park Drive Industrial - 405 3,259 115 405 3,374 3,779 121 1982 1999
Perimeter Park West 1100 Perimeter Park Drive Industrial - 777 6,037 86 777 6,123 6,900 248 1990 1999
Perimeter Park West 1400 Perimeter Park Drive Office - 666 4,603 - 666 4,603 5,269 165 1991 1999
Perimeter Park West 1500 Perimeter Park Drive Office - 1,148 10,397 226 1,148 10,623 11,771 447 1996 1999
Perimeter Park West 1600 Perimeter Park Drive Office 6,598 1,463 10,134 75 1,463 10,209 11,672 373 1994 1999
Perimeter Park West 1800 Perimeter Park Drive Office 3,764 907 5,751 - 907 5,751 6,658 207 1994 1999
Perimeter Park West 2000 Perimeter Park Drive Office - 788 8,210 - 788 8,210 8,997 304 1997 1999
Perimeter Park West 1700 Perimeter Center West Office - 1,230 10,780 - 1,230 10,780 12,010 413 1997 1999
Perimeter Park West 3900 N. Paramount Parkway Office - 540 13,296 49 540 13,345 13,885 499 1998 1999
Perimeter Park West 3900 S. Paramount Parkway Office - 1,575 12,398 467 1,575 12,865 14,440 529 2000 1999
Perimeter Park West 5200 Paramount Parkway Office - 1,748 17,667 93 1,748 17,761 19,508 718 1999 1999
Research Triangle Industrial Center 409 Airport Blvd Bldg A Industrial 953 296 1,318 - 296 1,317 1,613 55 1983 1999
Research Triangle Industrial Center 409 Airport Blvd Bldg B Industrial 558 175 769 - 175 769 944 31 1986 1999
Research Triangle Industrial Center 409 Airport Blvd Bldg C Industrial 1,899 185 2,849 180 185 3,029 3,214 124 1982 1999
Woodlake Center 100 Innovation Avenue Industrial 2,030 633 4,003 261 633 4,263 4,896 170 1994 1999
Woodlake Center 101 Innovation Avenue Industrial - 615 4,095 98 615 4,193 4,808 154 1997 1999
Woodlake Center 200 Innovation Drive Industrial - 357 4,545 - 357 4,546 4,902 277 1999 1999
Woodlake Center 501 Innovation Avenue Industrial - 640 7,029 7 640 7,036 7,676 410 1999 1999
Perimeter Park West 3500 Paramount Pkwy Office - 722 12,886 - 722 12,886 13,609 307 1999 1999
                         
NASHVILLE, TENNESSEE
 
                       
                         
Airpark Business Center 1420 Donelson Pike Industrial 590 1,331 5,401 193 1,357 5,568 6,925 205 1985 1999
Airpark Business Center 1410 Donelson Pike Industrial 718 1,411 6,898 120 1,411 7,018 8,429 274 1986 1999
Airpark Business Center 1400 Donelson Pike Industrial 552 1,276 5,042 164 1,276 5,206 6,482 209 1996 1999
Airpark Business Center 400 Airpark Center Industrial 2,027 419 2,182 - 419 2,182 2,601 80 1989 1999
Airpark Business Center 500 Airpark Center Drive Industrial 3,276 923 2,456 824 923 3,281 4,203 148 1988 1999
Airpark Business Center 600 Airport Center Drive Industrial 3,164 729 3,331 - 729 3,331 4,060 123 1990 1999
Airpark Business Center 700 Airpark Center Drive Industrial 3,045 801 2,840 266 801 3,106 3,907 117 1992 1999
Airpark Business Center 800 Airpark Center Drive Industrial 2,620 924 4,010 206 924 4,216 5,139 173 1995 1999
Airpark Business Center 900 Airpark Center Drive Industrial 2,147 798 3,414 - 798 3,415 4,212 126 1995 1999
Airpark Business Center 1000 Airpark Center Drive Industrial - 1,300 9,624 - 1,300 9,624 10,925 358 1997 1999
Airpark Business Center 5270 Harding Place Industrial 1,236 535 2,494 - 535 2,494 3,029 92 1996 1999
Airpark Business Center 1415 Donelson Pike Industrial 4,125 1,308 8,799 - 1,308 8,799 10,107 314 1996 1999
Airpark Business Center 1413 Donelson Pike Industrial 1,343 549 2,743 - 549 2,743 3,291 101 1996 1999
Airpark Business Center 5233 Harding Place Industrial - 628 3,108 - 628 3,108 3,736 159 1998 1999
Owned By CBL 431 Great Circle Road Industrial - 1,461 6,938 - 1,461 6,938 8,399 410 1999 1999
Four-Four Business Center 700 Melrose Avenue Industrial 3,774 938 6,464 - 938 6,464 7,403 237 1997 1999
Four-Four Business Center 684 Melrose Avenue Industrial - 1,812 7,583 199 1,812 7,783 9,595 328 1998 1999
Four-Four Business Center 458 Melrose Avenue Industrial - 1,522 5,750 - 1,522 5,750 7,271 212 1997 1999
Four-Four Business Center 784 Melrose Avenue Industrial - 471 3,321 257 471 3,578 4,049 149 1999 1999
Greenbriar Business Park Greenbriar Business Park Industrial - 1,445 5,085 512 1,445 5,597 7,042 937 1986 1994
Haywood Oaks Haywood Oaks Bldg 2 Industrial - 395 1,928 97 395 2,026 2,420 385 1988 1993
Haywood Oaks Haywood Oaks Bldg 3 Industrial - 346 1,741 92 346 1,833 2,180 314 1988 1993
Haywood Oaks Haywood Oaks Bldg 4 Industrial - 435 2,083 266 435 2,350 2,785 465 1988 1993
Haywood Oaks Haywood Oaks Bldg 5 Industrial - 629 3,041 220 629 3,261 3,890 658 1988 1993
Haywood Oaks Haywood Oaks Bldg 6 Industrial - 924 6,323 441 946 6,742 7,688 1,190 1989 1993
Haywood Oaks Haywood Oaks Bldg 7 Industrial - 456 1,844 190 456 2,033 2,490 306 1995 1995
Haywood Oaks Haywood Oaks Bldg 8 Industrial - 617 3,481 727 751 4,075 4,825 925 1997 1997
Lakeview Place Three Lakeview Office - 2,126 13,853 - 2,126 13,853 15,979 458 1999 1999
Lakeview Place One Lakeview Place Office - 2,046 11,807 493 2,063 12,283 14,346 704 1986 1998
Lakeview Place Two Lakeview Place Office - 2,046 11,838 293 2,046 12,132 14,177 661 1988 1998
Metropolitan Airport Center Metro Airport Center Bldg 1 Industrial - 1,180 4,776 - 1,190 4,766 5,956 351 1999 1999
Metrocenter 545 Mainstream Drive Office 2,799 847 6,310 89 847 6,399 7,246 254 1983 1999
Metrocenter 566 Mainstream Drive Industrial - 454 3,927 192 454 4,120 4,574 164 1982 1999
Metrocenter 621 Mainstream Drive Industrial - 428 2,860 - 428 2,861 3,288 106 1984 1999
Metro Center Metrocenter Flex Bldg I Industrial - 497 2,551 - 497 2,551 3,048 24 2000 2000
Nashville Business Center 3300 Briley Park Blvd. Industrial - 936 7,138 - 936 7,137 8,073 491 1997 1999
Royal Parkway Center 2515 Perimeter Park Industrial - 731 4,753 192 734 4,942 5,676 183 1990 1999
Royal Parkway Center 500 Royal Parkway Industrial - 599 4,636 - 603 4,632 5,235 171 1990 1999
Haywood Lane Haywood Oaks East Industrial - 969 5,417 - 969 5,417 6,386 124 2000 2000
                         
NEW ALBANY, OHIO
 
                       
                         
New Albany Novus Services, Inc. Office - 4,531 45,312 - 4,531 45,312 49,843 598 1998 1998
                         
NEW HOPE, MINNESOTA
 
                       
                         
Bass Lake Business Bldg Bass Lake Business Bldg Industrial 985 298 1,715 51 298 1,765 2,063 151 1981 1997
                         
NORCROSS, GEORGIA
 
                       
                         
3045 Business Park Dr. 3045 Business Pk Drive Industrial - 446 2,046 - 446 2,046 2,492 75 1998 1999
Gwinnett Park 1750 Beaver Ruin Industrial - 640 6,793 - 640 6,793 7,433 251 1997 1999
Gwinnett Park 4258 Communications Drive Industrial - 29 2,388 - 29 2,388 2,417 91 1981 1999
Gwinnett Park 4261 Communications Drive Industrial - 254 1,916 99 254 2,015 2,269 71 1981 1999
Gwinnett Park 4291 Communications Drive Industrial - 4 1,467 - 16 1,455 1,470 55 1981 1999
Gwinnett Park 1826 Doan Way Industrial - 51 3,065 80 51 3,145 3,196 125 1984 1999
Gwinnett Park 1857 Doan Way Industrial - 23 397 45 56 408 464 18 1970 1999
Gwinnett Park 1650 International Blvd. Industrial - 69 2,211 29 69 2,240 2,309 83 1984 1999
Gwinnett Park 4245 International Blvd. Industrial - 192 10,848 - 192 10,849 11,041 402 1995 1999
Gwinnett Park 4250 International Blvd. Industrial - 193 3,042 24 216 3,044 3,260 115 1986 1999
Gwinnett Park 4295 International Blvd. Industrial - 58 2,330 29 58 2,359 2,418 92 1984 1999
Gwinnett Park 4320 International Blvd. Industrial - 44 2,058 23 44 2,081 2,125 76 1984 1999
Gwinnett Park 4350 International Blvd. Industrial - 78 3,061 81 78 3,143 3,221 116 1982 1999
Gwinnett Park 4355 International Blvd. Industrial - 233 2,969 120 233 3,090 3,323 118 1983 1999
Gwinnett Park 4405A International Blvd. Industrial - 97 2,680 41 97 2,721 2,818 105 1984 1999
Gwinnett Park 4405B International Blvd. Industrial - 118 3,900 136 118 4,037 4,155 169 1984 1999
Gwinnett Park 4405C International Blvd. Industrial - 21 800 23 21 824 844 29 1984 1999
Gwinnett Park 1828 Meca Way Industrial - 16 2,621 109 16 2,730 2,746 130 1975 1999
Gwinnett Park 1858 Meca Way Industrial - 20 1,828 171 27 1,991 2,019 75 1975 1999
Gwinnett Park 4316 Park Drive Industrial - 262 1,420 102 262 1,522 1,784 57 1980 1999
Gwinnett Park 4317 Park Drive Industrial - 678 1,852 - 678 1,852 2,530 68 1985 1999
Gwinnett Park 4357 Park Drive Industrial - 12 2,251 192 12 2,444 2,456 103 1979 1999
Gwinnett Park 4366 Park Drive Office - 6 205 299 22 488 510 23 1981 1999
Gwinnett Park 4386 Park Drive Industrial - 17 986 313 17 1,299 1,316 67 1973 1999
Gwinnett Park 4436 Park Drive Industrial - 18 2,279 - 18 2,279 2,297 84 1968 1999
Gwinnett Park 4437 Park Drive Industrial - 21 2,644 38 21 2,683 2,704 100 1978 1999
Gwinnett Park 4467 Park Drive Industrial - 6 1,630 80 6 1,710 1,716 63 1978 1999
Gwinnett Park 4476 Park Drive Industrial - 14 1,669 93 14 1,762 1,776 65 1977 1999
Gwinnett Park 4487 Park Drive Industrial - 6 3,407 211 6 3,619 3,625 142 1978 1999
Gwinnett Park 1835 Shackelfort Court Office - 29 6,309 111 29 6,421 6,449 266 1990 1999
Gwinnett Park 1854 Shackleford Road Office - 52 10,387 479 52 10,866 10,918 411 1995 1999
Gwinnett Park 4274 Shackleford Road Industrial - 27 3,626 62 27 3,688 3,715 136 1974 1999
Gwinnett Park 4275 Shackleford Court Office 519 8 2,125 157 12 2,278 2,290 85 1985 1999
Gwinnett Park 4344 Shackleford Road Industrial - 286 2,221 165 286 2,386 2,672 94 1975 1999
Gwinnett Park 4355 Shackleford Road Industrial - 7 6,856 - 7 6,856 6,863 254 1972 1999
Gwinnett Park 4364 Shackleford Road Industrial - 9 983 - 9 982 991 36 1973 1999
Gwinnett Park 4366 Shackleford Road Industrial - 20 2,567 305 26 2,865 2,892 111 1981 1999
Gwinnett Park 4388 Shackleford Road Industrial - 33 4,002 183 43 4,176 4,219 153 1981 1999
Gwinnett Park 4400 Shackleford Road Industrial - 14 1,568 - 18 1,563 1,582 59 1981 1999
Gwinnett Park 4444 Shackleford Road Industrial - 31 2,632 324 31 2,955 2,986 142 1979 1999
Gwinnett Pavillion 1480 Beaver Ruin Road Retail - 248 654 436 248 1,090 1,338 40 1989 1999
Gwinnett Pavillion 1505 Pavilion Place Industrial - 448 3,996 - 448 3,996 4,444 248 1988 1999
Gwinnett Pavillion 3883 Steve Reynolds Blvd. Industrial - 612 4,928 - 612 4,928 5,540 182 1990 1999
Gwinnett Pavillion 3890 Steve Reynolds Blvd. Industrial - 519 3,029 - 519 3,028 3,548 113 1991 1999
Gwinnett Pavillion 3905 Steve Reynolds Blvd. Industrial - 697 2,076 64 697 2,141 2,838 82 1995 1999
Gwinnett Pavillion 3950 Steve Reynolds Blvd. Industrial - 684 2,825 - 684 2,825 3,509 108 1992 1999
Gwinnett Pavillion 4020 Steve Reynolds Blvd. Industrial - 417 2,153 - 417 2,153 2,570 80 1997 1999
Gwinnett Pavillion 4025 Steve Reynolds Blvd. Industrial - 461 3,190 - 461 3,190 3,651 118 1994 1999
Northwoods 2915 Courtyards Drive Industrial - 268 1,961 43 268 2,005 2,272 84 1986 1999
Northwoods 2925 Courtyards Drive Industrial - 333 3,235 - 333 3,235 3,568 119 1986 1999
Northwoods 2975 Courtyards Drive Industrial - 144 1,264 23 144 1,288 1,431 51 1986 1999
Northwoods 2995 Courtyards Drive Industrial - 109 892 - 109 892 1,001 33 1986 1999
Northwoods 2725 Northwoods Parkway Industrial - 440 2,568 380 440 2,948 3,388 103 1984 1999
Northwoods 2755 Northwoods Parkway Industrial - 249 2,880 - 249 2,879 3,128 106 1986 1999
Northwoods 2775 Northwoods Parkway Industrial - 322 2,425 - 322 2,425 2,747 89 1986 1999
Northwoods 2850 Colonnades Court Industrial - 562 5,280 - 562 5,280 5,842 195 1988 1999
Northwoods 3040 Northwoods Parkway Industrial - 298 1,801 144 298 1,945 2,242 69 1984 1999
Northwoods 3044 Northwoods Circle Industrial - 167 718 34 167 752 919 28 1984 1999
Northwoods 3055 Northwoods Parkway Industrial - 213 1,556 - 213 1,557 1,770 58 1985 1999
Northwoods 3075 Northwoods Parkway Industrial - 374 2,865 169 374 3,034 3,407 115 1985 1999
Northwoods 3100 Northwoods Parkway Industrial - 393 2,543 - 393 2,544 2,937 94 1985 1999
Northwoods 3155 Northwoods Parkway Industrial - 331 2,504 - 331 2,504 2,835 92 1985 1999
Northwoods 3175 Northwoods Parkway Industrial - 250 2,071 - 250 2,071 2,321 77 1985 1999
Other Northeast I85 Properties 6525-27 Jimmy Carter Blvd. Industrial - 509 4,233 167 509 4,400 4,909 167 1983 1999
Other Northeast I85 Properties 5755 Peachtree Industrial Blvd. Office - 800 3,652 224 800 3,876 4,676 143 1997 1999
Other Northeast I85 Properties 5765 Peachtree Industrial Blvd. Industrial - 521 4,674 - 521 4,674 5,195 173 1997 1999
Other Northeast I85 Properties 5775 Peachtree Industrial Blvd. Industrial - 521 4,695 29 521 4,723 5,245 176 1997 1999
Peachtree Corners Business Center 5401 Buford Highway Industrial - 294 1,236 407 294 1,643 1,937 61 1987 1999
Peachtree Corners Business Center 5403 Buford Highway Industrial - 420 2,790 214 420 3,004 3,424 121 1987 1999
Peachtree Corners Business Center 5405 Buford Highway Industrial - 217 1,736 75 217 1,811 2,028 68 1989 1999
Peachtree Corners Business Center 5409 Buford Highway Industrial - 364 3,392 61 364 3,453 3,817 125 1989 1999
Peachtree Corners Tech Center 3170 Reps Miller Road Industrial - 500 3,662 - 500 3,661 4,161 136 1998 1999
Peachtree Corners Tech Center 3180 Reps Miller Road Industrial - 500 2,943 155 500 3,098 3,598 111 1998 1999
Peachtree Corners Tech Center 3190 Reps Miller Road Industrial - 525 2,363 213 525 2,576 3,101 111 1998 1999
                         
NORTH OLMSTEAD, OHIO
 
                       
                         
Corporate Center Corporate Center I Office - 1,048 7,088 447 1,040 7,543 8,583 927 1985 1996
Corporate Center Corporate Center II Office - 1,048 7,169 1,084 1,048 8,253 9,301 1,222 1987 1996
Corporate Center Corporate Center III Office - 604 5,642 750 604 6,393 6,996 516 1999 1999
                         
OLIVETTE, MISSOURI
 
                       
                         
1920 Beltway 1920 Beltway Industrial - 605 1,507 57 614 1,555 2,169 170 1986 1996
I-170 Center I-170 Center Industrial - 950 4,151 456 1,018 4,539 5,558 599 1986 1996
Warson Commerce Center Warson Commerce Center Industrial - 749 5,372 200 749 5,572 6,321 402 1997 1998
                         
ORLANDO, FLORIDA
 
                       
                         
Airport Commerce Center 8500 Parkline Blvd Industrial 2,498 691 4,419 294 691 4,713 5,404 188 1986 1999
Airport Commerce Center 8501 Parkline Blvd. Industrial 811 169 1,497 88 169 1,584 1,754 53 1991 1999
Airport Commerce Center 8549 Parkline Blvd. Industrial 774 149 1,344 181 149 1,524 1,674 57 1992 1999
Airport Commerce Center 8351 Parkline Blvd. Industrial 1,151 212 2,251 27 212 2,278 2,490 84 1994 1999
Airport Commerce Center 8249 Parkline Blvd Industrial - 214 1,911 - 214 1,912 2,126 67 1996 1999
Airport Commerce Center 1630 Prime Court Industrial - 323 2,020 426 323 2,446 2,769 86 1996 1999
Airport Commerce Center 1629 Prime Court Industrial - 281 2,434 68 281 2,502 2,784 93 1997 1999
Business Centre at Lee Vista 7101 TPC Drive Industrial - 819 4,545 448 819 4,993 5,812 427 1998 1999
Parksouth Distribution Center 2500 Principal Row Industrial - 565 4,893 - 565 4,893 5,458 181 1996 1999
Parksouth Distribution Center 2490 Principal Row Industrial - 493 4,665 - 493 4,665 5,158 172 1997 1999
Parksouth Distribution Center 2491 Principal Row Industrial - 593 4,401 - 593 4,401 4,994 163 1998 1999
Parksouth Distribution Center 9600 Parksouth Court Industrial - 649 5,022 - 649 5,022 5,671 186 1997 1999
Parksouth Distribution Center 9550 Parksouth Ct. Industrial - 1,030 5,525 402 1,030 5,927 6,957 271 1999 1999
Business Centre At Lee Vista 7022 TPC Drive (Lee Vista II) Industrial - 740 2,958 - 740 2,958 3,698 58 1999 1999
Parksouth Dist. Center Parksouth Dist. Ctr-Bldg H Industrial - 725 3,002 - 725 3,002 3,727 19 2000 2000
                         
PEPPER PIKE, OHIO
 
                       
                         
Corporate Circle Corporate Circle Office - 1,696 11,368 1,319 1,698 12,685 14,383 1,344 1983 1996
                         
PLAINFIELD, INDIANA
 
                       
                         
Plainfield Business Park Plainfield Building 1 Industrial - 1,104 10,756 - 1,104 10,756 11,860 213 2000 2000
Plainfield Plainfield Building 2 Industrial - 1,387 9,003 - 1,387 9,003 10,391 118 2000 2000
                         
PLANO, TEXAS
 
                       
                         
Legacy Business Park Metasolv Building Phase I Office - 1,527 5,831 412 1,527 6,243 7,770 243 1997 1999
Legacy Business Park Metasolv Building Phase II Office - 1,181 9,882 - 1,181 9,882 11,063 358 1999 1999
                         
PLYMOUTH, MINNESOTA
 
                       
                         
Medicine Lake Industrial Ctr Medicine Lake Indus. Center Industrial 4,147 1,158 6,645 131 1,145 6,789 7,934 550 1970 1997
Plymouth Office/Tech Center Plymouth Office/Tech Center Industrial - 428 2,430 279 431 2,706 3,137 176 1986 1998
Plymouth Service Center Plymouth Service Center Industrial - 345 1,971 664 351 2,629 2,980 137 1978 1999
Westpoint Buildings Westpoint Business Ctr Office - 98 569 219 114 772 886 55 1978 1999
Westpoint Buildings Westpoint Bldg B&C Industrial - 370 2,115 286 370 2,401 2,771 95 1978 1999
Minneapolis Westpoint Bldg D&E Industrial - 362 2,071 529 362 2,600 2,962 130 1978 1999
                         
RALEIGH, NORTH CAROLINA
 
                       
                         
Interchange Plaza 5520 Capital Center Drive Office 2,863 842 3,796 546 842 4,343 5,184 185 1993 1999
Interchange Plaza 801 Jones Franklin Road Office 5,467 1,351 7,778 33 1,351 7,811 9,162 296 1995 1999
Spring Forest Business Center 3200 Spring Forest Road Industrial - 561 5,240 110 561 5,351 5,912 202 1986 1999
Spring Forest Business Center 3100 Spring Forest Road Industrial - 616 4,220 64 616 4,284 4,900 166 1992 1999
Millbrook/Brook Forest Brook Forest I Office - 935 4,716 - 935 4,716 5,651 66 2000 2000
                         
ROSWELL, GEORGIA
 
                       
                         
Hembree Crest 11545 Wills Road Industrial - 1,225 6,461 - 1,225 6,462 7,687 239 1998 1999
Hembree Park 105 Hembree Park Drive Industrial - 288 1,791 221 288 2,012 2,300 74 1988 1999
Hembree Park 150 Hembree Park Drive Industrial - 824 3,751 57 824 3,808 4,632 160 1985 1999
Hembree Park 200 Hembree Park Drive Industrial - 160 2,059 71 160 2,130 2,290 79 1985 1999
Hembree Park 645 Hembree Parkway Industrial - 248 2,620 116 248 2,736 2,984 104 1986 1999
Hembree Park 655 Hembree Parkway Industrial - 248 2,755 - 248 2,755 3,003 103 1986 1999
Hembree Park 250 Hembree Park Drive Industrial - 686 5,288 - 686 5,288 5,974 195 1996 1999
Hembree Park 660 Hembree Park Drive Industrial - 785 5,070 - 785 5,071 5,855 190 1998 1999
Mansell Commons 993 Mansell Road Industrial - 136 1,285 - 136 1,285 1,421 47 1987 1999
Mansell Commons 995 Mansell Road Industrial - 80 915 39 80 954 1,034 48 1987 1999
Mansell Commons 997 Mansell Road Industrial - 72 664 58 72 722 794 33 1987 1999
Mansell Commons 999 Mansell Road Industrial - 104 960 - 104 960 1,064 37 1987 1999
Mansell Commons 1003 Mansell Road Industrial - 136 1,362 - 136 1,361 1,497 50 1987 1999
Mansell Commons 1005 Mansell Road Industrial - 72 946 - 72 947 1,019 37 1987 1999
Mansell Commons 1007 Mansell Road Industrial - 168 2,129 155 168 2,284 2,452 119 1987 1999
Mansell Commons 1009 Mansell Road Industrial - 264 2,539 35 264 2,574 2,838 95 1986 1999
Mansell Commons 1011 Mansell Road Industrial - 256 2,655 - 256 2,655 2,911 98 1984 1999
Northmeadow 1100 Northmeadow Parkway Industrial - 552 3,955 238 552 4,193 4,745 187 1989 1999
Northmeadow 1150 Northmeadow Parkway Industrial - 464 3,230 - 464 3,230 3,694 119 1988 1999
Northmeadow 1125 Northmeadow Parkway Industrial - 320 3,638 308 320 3,946 4,266 185 1987 1999
Northmeadow 1175 Northmeadow Parkway Industrial - 328 3,409 331 328 3,741 4,069 164 1987 1999
Northmeadow 1250 Northmeadow Parkway Industrial - 312 4,359 247 312 4,605 4,917 196 1989 1999
Northmeadow 1225 Northmeadow Parkway Industrial - 336 3,518 64 336 3,582 3,918 136 1989 1999
Northmeadow 1325 Northmeadow Parkway Industrial - 472 6,432 303 472 6,735 7,207 280 1990 1999
Northmeadow 1335 Northmeadow Parkway Industrial - 946 8,174 - 946 8,174 9,120 302 1996 1999
Northmeadow 11390 Old Roswell Road Industrial - 530 3,643 - 530 3,642 4,173 135 1997 1999
Northmeadow 1400 Hembree Road Industrial - 545 3,374 - 545 3,373 3,918 125 1998 1999
Northmeadow 245 Hembree Park Drive Industrial - 616 6,375 545 616 6,920 7,536 245 1999 1999
Northmeadow 1357 Hembree Road Office - 471 4,534 373 471 4,907 5,378 453 1999 1999
Northmeadow Northmeadow BD IV Industrial - 694 5,727 - 694 5,727 6,421 182 1999 1999
Northmeadow Northmeadow Service Ctr V Industrial - 705 3,351 - 705 3,351 4,056 124 1999 1999
Other North Central Properties 10745 Westside Parkway Office - 925 7,177 - 925 7,178 8,103 264 1995 1999
Northbrook Northbrook Business Dist II Industrial - 260 2,060 - 260 2,060 2,320 17 2000 2000
Northmeadow Northmeadow BD VI Industrial - 423 2,206 - 423 2,206 2,630 19 1999 1999
                         
SEVEN HILLS, OHIO
 
                       
                         
Rock Run Rock Run - North Office 3,196 837 5,609 286 837 5,895 6,732 800 1984 1996
Rock Run Rock Run - Center Office 4,261 1,046 6,967 962 1,046 7,929 8,975 1,136 1985 1996
Rock Run Rock Run - South Office 3,307 877 5,888 200 877 6,088 6,965 762 1986 1996
                         
SHARONVILLE, OHIO
 
                       
                         
Enterprise Park Enterprise Bldg 1 Industrial 4,520 1,030 5,997 354 1,051 6,330 7,381 1,199 1990 1993
Enterprise Park Enterprise Bldg 2 Industrial 3,217 733 3,864 657 747 4,507 5,254 998 1990 1993
Enterprise Park Enterprise Bldg A Industrial 313 119 728 73 119 802 921 111 1987 1995
Enterprise Park Enterprise Bldg B Industrial 483 119 1,227 74 119 1,300 1,419 194 1988 1995
Enterprise Park Enterprise Bldg D Industrial 930 243 1,967 525 243 2,492 2,735 647 1989 1995
Mosteller Dist. Center Mosteller Distribution Center Industrial - 1,327 6,280 1,044 1,327 7,324 8,651 1,721 1996 1996
Mosteller Dist. Center Mosteller Distribution Center II Industrial - 828 4,726 1,035 828 5,761 6,590 780 1997 1997
Perimeter Park Perimeter Park Bldg A Industrial - 229 1,343 103 229 1,446 1,675 148 1991 1996
Perimeter Park Perimeter Park Bldg B Industrial - 244 1,063 113 244 1,176 1,420 146 1991 1996
                         
SOLON, OHIO
 
                       
                         
Fountain Parkway Pioneer-Standard Electronics Industrial - 1,138 8,661 17 1,138 8,679 9,816 470 1998 1999
Fountain Parkway Fountain Parkway Bldg 1 Industrial - 527 2,889 34 527 2,923 3,450 221 1998 1998
6450 Davis-Ameritech 6450 Davis-Ameritech Industrial - 697 2,065 79 697 2,144 2,841 - 1999 1999
Solon 30600 Carter Industrial - 819 3,388 291 821 3,677 4,498 304 1971 1997
Solon 6230 Cochran Industrial - 600 2,482 556 602 3,037 3,638 320 1977 1997
Solon 31900 Solon - Front Industrial - 473 1,945 108 474 2,052 2,526 157 1974 1997
Solon 5821 Harper Industrial - 554 2,285 259 555 2,543 3,098 246 1970 1997
Solon 6161 Cochran Industrial - 395 1,624 185 396 1,808 2,204 159 1978 1997
Solon 5901 Harper Industrial - 349 1,441 157 350 1,597 1,947 133 1970 1997
Solon 29125 Solon Industrial - 504 2,072 63 505 2,134 2,640 166 1980 1997
Solon 6661 Cochran Industrial - 244 1,012 100 245 1,111 1,356 102 1979 1997
Solon 6521 Davis Industrial - 128 529 42 128 571 699 45 1979 1997
Solon 30301 Carter Street Industrial - 650 5,205 147 650 5,352 6,002 436 1972 1999
                         
ST. CHARLES, MISSOURI
 
                       
                         
Alfa-Laval Alfa-Laval Industrial - 1,158 5,239 308 1,158 5,546 6,704 566 1996 1996
                         
ST. LOUIS PARK, MINNESOTA
 
                       
                         
Cedar Lake Business Ctr Cedar Lake Business Center Industrial - 332 1,920 87 332 2,007 2,339 172 1976 1997
5219 Buildings 5219 Building Office - 99 574 31 102 603 705 38 1965 1998
Minneapolis-West Novartis Warehouse Industrial - 2,005 10,914 432 2,005 11,346 13,351 767 1960 1998
Minneapolis-West North Plaza Office - 374 1,662 152 374 1,815 2,189 144 1966 1998
7320 Oxford Street Oxford Industrial Bldg Industrial - 102 591 15 102 606 708 49 1971 1997
Minneapolis-West South Plaza Office - 397 2,306 - 397 2,306 2,703 149 1966 1998
Minneapolis-West Travelers Express Towers Office 16,000 3,039 35,964 192 3,091 36,104 39,195 1,439 1987 1999
Minneapolis-West 1600 Tower Office - 2,321 29,561 - 2,321 29,561 31,882 351 2000 2000
                         
ST. LOUIS, MISSOURI
 
                       
                         
Craig Park Center Craig Park Center Industrial - 254 2,291 185 254 2,475 2,729 144 1984 1998
NGIC/Pointe 70 3300 Pointe 70 Office 4,324 1,186 7,526 477 1,186 8,003 9,189 838 1989 1997
Laumeier Office Park Laumeier I Office - 1,384 9,992 450 1,384 10,442 11,826 1,791 1987 1995
Laumeier Office Park Laumeier II Office - 1,421 9,971 543 1,421 10,513 11,934 1,672 1988 1995
Maryville Center 500-510 Maryville Center Office 14,675 3,402 24,719 296 3,402 25,014 28,416 2,077 1984 1997
Maryville Center 530 Maryville Center Office 7,786 2,219 15,683 622 2,219 16,305 18,524 1,340 1990 1997
Maryville Center 550 Maryville Center Office 10,114 1,996 12,501 - 1,996 12,501 14,497 1,011 1988 1997
Maryville Center 635-645 Maryville Center Office 11,948 3,048 18,371 - 3,048 18,371 21,419 1,682 1987 1997
Maryville Center 655 Maryville Center Office 8,550 1,860 13,213 - 1,860 13,213 15,073 1,061 1994 1997
Maryville Center 540 Maryville Center Office - 2,219 14,885 - 2,219 14,885 17,104 1,350 1990 1997
Maryville Center 520 Maryville Center Office - 2,404 15,923 - 2,404 15,923 18,328 1,229 1998 1999
Riverport Express Scripts HQ Office - 2,285 12,358 - 2,285 12,357 14,642 1,152 1999 1999
St. Louis Business Center St. Louis Business Center A Industrial - 194 1,749 185 194 1,934 2,127 107 1987 1998
St. Louis Business Center St. Louis Business Center B Industrial - 250 2,255 792 250 3,047 3,297 197 1986 1998
St. Louis Business Center St. Louis Business Center C Industrial - 166 1,498 449 166 1,946 2,112 222 1986 1998
St. Louis Business Center St. Louis Business Center D Industrial - 168 1,518 288 168 1,805 1,973 123 1987 1998
Westmark Westmark Office - 1,497 10,777 1,666 1,497 12,444 13,941 1,562 1987 1995
Westview Place Westview Place Office - 669 9,276 1,068 669 10,344 11,013 1,610 1988 1995
Maryville Center 700 Maryville Centre Office - 4,549 27,737 - 4,556 27,730 32,285 802 1999 1999
Maryville Center 533 Maryville Centre Office - 3,230 16,707 - 3,230 16,707 19,937 0 2000 2000
West Port Westport Center IV Industrial - 1,440 5,375 - 1,440 5,375 6,816 155 2000 2000
West Port Westport Center V Industrial - 494 1,535 - 494 1,535 2,029 53 1999 1999
West Port Westport Place Office - 1,979 6,987 - 1,979 6,987 8,967 332 1999 1999
                         
ST. PAUL, MINNESOTA
 
                       
                         
University Crossing University Crossing Industrial - 874 5,013 404 911 5,379 6,290 365 1990 1998
                         
ST. PETERS, MISSOURI
 
                       
                         
Horizon Business Center Horizon Business Center Industrial 1,173 344 2,470 93 344 2,563 2,907 182 1985 1998
                         
STRONGSVILLE, OHIO
 
                       
                         
Park 82 Park 82 Bldg 2 Industrial - 322 2,873 719 322 3,592 3,914 317 1998 1998
Park 82 Park 82 Bldg 1 Industrial - 243 1,955 357 243 2,313 2,556 200 1998 1998
Park 82 Park 82 Bldg 3 Industrial - 298 2,650 375 298 3,025 3,323 127 1999 1999
Johnson Controls Johnson Controls Industrial - 364 2,389 75 364 2,464 2,828 223 1972 1997
Dyment Dyment Industrial - 816 5,337 28 816 5,366 6,182 486 1988 1997
Park 82 Park 82 Bldg 4 Industrial - 386 5,225 - 386 5,225 5,611 66 2000 2000
Park 82 Park 82 Bldg 5 Industrial - 377 3,832 - 377 3,832 4,209 - 2000 2000
Srague Rd. Industrial Mohawk Dr. Bldg. 1 Industrial - 567 4,300 - 567 4,300 4,867 1 2000 2000
                         
SUNSET HILLS, MISSOURI
 
                       
                         
Laumeier Office Park Laumeier IV Office - 1,029 7,368 - 1,029 7,369 8,398 501 1987 1998
                         
SUWANEE, GEORGIA
 
                       
                         
Other North Central Properties 7250 McGinnis Ferry Road Industrial - 498 4,795 - 498 4,795 5,293 177 1996 1999
                         
TAMPA, FLORIDA
 
                       
                         
Faifield Business Center 8640 Elm Fair Blvd. Industrial - 483 2,671 - 483 2,671 3,154 104 1998 1999
Faifield Business Center 4720 Oak Fair Blvd. Industrial - 530 4,990 - 530 4,990 5,520 188 1998 1999
Fairfield Distribution Center 4758 Oak Fair Blvd. Industrial - 334 2,771 39 334 2,810 3,144 99 1999 1999
Fairfield Distribution Center Fairfield Distribution Ctr IV Industrial - 600 2,521 831 600 3,356 3,956 131 1999 1999
Highland Oaks Highland Oaks I Office - 1,525 14,176 - 1,525 14,176 15,701 802 1999 1999
Fairfield Distribution Center Fairfield Distribution Ctr V Industrial - 484 2,657 - 484 2,657 3,141 22 2000 2000
Highland Oaks Highland Oaks II Office - 1,605 9,377 - 1,605 9,378 10,983 163 1999 1999
                         
TWINSBURG, OHIO
 
                       
                         
Enterprise Parkway Enterprise Parkway #1 Industrial - 198 1,573 211 198 1,784 1,983 115 1995 1998
Enterprise Parkway Enterprise Parkway Bldg 2 Industrial - 610 7,113 - 610 7,113 7,723 137 2000 2000
                         
WEST CHESTER, OHIO
 
                       
                         
World Park World Park at Union Ctr 12 Industrial - 306 2,191 - 306 2,191 2,496 12 2000 2000
                         
WESTERVILLE, OHIO
 
                       
                         
Polaris Liebert Office - 755 4,475 800 755 5,275 6,030 463 1999 1999
                         
WESTMONT, ILLINOIS
 
                       
                         
Oakmont Tech Center Oakmont Tech Center Industrial - 1,501 8,650 6 1,501 8,656 10,157 466 1989 1998
Oakmont Circle Office Oakmont Circle Office Office - 2,438 14,124 458 2,438 14,581 17,020 824 1990 1998
                         
WOODLAWN, OHIO
 
                       
                         
Glenwood Crossing Glenwood Crossing Retail - 3,650 1,092 115 3,650 1,206 4,856 47 1999 1999
                         
                         
Eliminations Eliminations N/A - - - (19,197) (5,762) (13,434) (19,196) (5,074) N/A N/A
       Secured debt on non-buildings   52,657
 

 

 

 

 

 

 

 
   
       Totals   466,624
 
581,071
 
3,832,952
 
156,540
 
581,530
 
3,989,033
 
4,570,563
 
338,426
 
   

 

DUKE-WEEKS REALTY CORPORATION
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER  31, 2000
(IN THOUSANDS)

(1) Costs capitalized subsequent to acquisition include decreases for purchase price reduction payments received and land sales or takedowns.
(2) Depreciation of real estate is computed using the straight-line method over 40 years for buildings, 15 years for land improvements and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements
(3) Building was placed in service in December 2000.
(4) Land leases not depreciated
(5) Building is designated as held for sale by the Company as of December 31, 2000, therefore, no depreciation expense is recognized.

 

  Real Estate Assets
 
Accumulated Depreciation
 
  2000
 
1999
 
1998
 
2000
 
1999
 
1998
 
Balance at beginning of year $4,726,906 $2,403,779 $1,823,218 $254,574 $179,887 $116,264
      Acquisitions 6,104 162,876 324,043 - - -
      Merger with Weeks Corporation - 1,659,578        
      Construction costs and tenant improvements 575,492 537,865 251,899 - - -
      Depreciation expense - - - 141,989 100,063 61,414
      Acquisition of minority interest 7,615
 
49,472
 
5,450
 
-
 
-
 
-
 
   5,316,117 4,813,570 2,404,610 396,563 279,950 177,678
 Deductions during year:            
      Cost of real estate sold or contributed (745,554) (86,664) (1,329) (58,137) (24,851) (337)
      Other -
 
-
 
498
 

 
(525)
 
2,546
 
Balance at end of year $4,570,563
 
$4,726,906
 
$2,403,779
 
$338,426
 
$254,574
 
$179,887
 

 


3.             Exhibits

Certain exhibits required by Item 601 of Regulation S-K have been filed with previous reports by the Company and are herein incorporated by reference thereto.

               

Number
 
Description
 
3.1 Second Amended and Restated Articles of Incorporation of Duke-Weeks Realty Corporation, incorporated by reference from Exhibit 3.1 to the Current Report of Duke-Weeks Realty Corporation on Form 8-K filed July 16, 1999. 
3.2 Amendment to the Second Amended and Restated Articles of Incorporation of Duke-Weeks Realty Corporation, incorporated by reference from Exhibit 3 of Duke-Weeks Realty Corporation Form 8-K filed January 31, 2001. 
3.3 Second Amended and Restated Bylaws of Duke-Weeks Realty Corporation, incorporated by reference from Exhibit 3.2 to the Current Report of Duke-Weeks Realty Corporation on Form 8-K filed July 16, 1999. 
4.1 Indenture between Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) and The First National Bank of Chicago, Trustee, incorporated by reference to Exhibit 4.1 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Current Report on Form 8-K dated September 22, 1995. 
4.2 First Supplement to Indenture, incorporated by reference to Exhibit 4.2 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Current Report on Form 8-K filed September 22, 1995. 
4.3 Second Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed July 12, 1996 .
4.4 Third Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed May 20, 1997. 
4.5 Fourth Supplement to Indenture, incorporated by reference to Exhibit 4.8 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Form S-4 dated May 4, 1999 (Merger Registration Statement). 
4.6 Fifth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed June 1, 1998. 
4.7 Sixth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed February 12, 1999.
   
4.8 Seventh Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed June 29, 1999.  
4.9 Eighth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed November 15, 1999. 
4.10 Ninth supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership Current Report on Form 8-K filed March 2, 2001. 
4.11 Indenture between Weeks Realty, L.P. and State Street Bank and Trust Company, incorporated by reference to the Weeks Realty, L.P. Form 8-A, filed on August 3, 1998. 
4.12 First Supplement to Indenture, incorporated by reference to the Weeks Realty, L.P. Form 8-A, filed on August 2, 1998. 
10.1 Second Amended and Restated Agreement of Limited Partnership of Duke-Weeks Realty Limited Partnership, incorporated by reference from Exhibit 4.1 to the Current Report of Duke-Weeks Realty Limited Partnership on Form 8-K filed July 16, 1999. 
10.2 First Amendment to Second Amended and Restated Agreement of Limited Partnership of Duke-Weeks Realty Limited Partnership. 
10.3 Second Amended and Restated Agreement of Limited Partnership of Duke Realty Services Limited Partnership (the “Services Partnership”) is incorporated herein by reference to Exhibit 10.3 to the Annual Report on Form 10-K for the year ended December 31, 1995. 
10.4 Promissory Note of the Services Partnership is incorporated herein by reference to Exhibit 10.3 to the 1993 Registration Statement. 
10.5 Duke Realty Services Limited Partnership 1993 Stock Option Plan is incorporated herein by reference to Exhibit 10.4 to the 1993 Registration Statement.* 
10.6 Acquisition Option Agreement relating to certain properties not contributed to the Operating Partnership by Duke Associates (the “Excluded Properties”) is incorporated herein by reference to Exhibit 10.5 to the 1993 Registration Statement. 
10.7 Management Agreement relating to the Excluded Properties is incorporated herein by reference to Exhibit 10.6 to the 1993 Registration Statement. 
10.8 Indemnification Agreement is incorporated herein by reference to Exhibit 10.11 to the 1993 Registration Statement. 
10.9 1995 Key Employee Stock Option Plan is incorporated herein by reference to Exhibit 10.13 to the Annual Report on Form 10-K for the year ended December 31, 1995.* 
10.10 1995 Dividend Increase Unit Plan is incorporated herein by reference to Exhibit 10.14 to the Annual Report on Form 10-K for the year ended December 31, 1995.*
10.11 1995 Shareholder Value Plan is incorporated herein by reference to Exhibit 10.15 to the Annual Report on Form 10-K for the year ended December 31, 1995.*
   
10.12 1998 Shareholder Rights Agreement is incorporated herein by reference to Exhibit 7.1 to the Form  8-K dated July 31, 1998.
   
10.13 1998 Duke Realty Severance Pay Plan is incorporated herein by reference to Exhibit 10.18 to the Annual Report Form 10-K dated March 31, 1999.*.
   
10.14 1999 Directors’ Stock Option and Dividend Increase Unit Plan is incorporated by reference to Annex F to the Prospectus in the Merger Registration Statement.*
   
10.15 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan is incorporated by reference to Annex G to the Prospectus in the Merger Registration Statement.*
   
10.16 Revolving Credit Agreement dated July 2, 1999, by and among Duke-Weeks Realty Limited Partnership as borrower, Duke-Weeks Realty Corporation as General Partner and guarantor, Banc One Capital Markets, Inc. and Wachovia Securities, Inc. (“Wachovia”) as lead arrangers and joint book runners, Wells Fargo Bank, National Association (“Wells Fargo”), as co-arranger, the First National Bank of Chicago as lender and administrative agent, Wells Fargo and Wachovia as co-syndication agents, First Union National Bank and PNC Bank as co-agents and lenders, is hereby incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 17, 2000.
   
10.17 Second Amended and Restated Revolving Credit Agreement by and  among Duke-Weeks Realty Limited Partnership(the “Borrower”), Duke-Weeks Realty Corporation (the “General Partner” and the “Guarantor”), First Chicago Capital Markets, Inc. (“FCCM”) and Wells Fargo Bank, National Association (“Wells Fargo”) (collectively, the “Arrangers”), The First National Bank of Chicago (“First Chicago”) as a Lender and not individually, but as “Administrative Agent”, Wells Fargo as Syndication Agent, PNC Bank, National Association (“PNC”), as Documentation Agent, Commerzbank A.G. Chicago Branch (“Commerzbank”) and Bank of America National Trust and Savings Association (“Bank of America”) as Co-Agents, is hereby incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 17, 2000.
   
11.1 Statement of Computation of Ratios of Earnings to Fixed Charges.
   
11.2 Statement of Computation of Ratios of Earnings to Debt Service.
   
21. List of Subsidiaries of Registrant.
   
23. Consent of KPMG LLP.
   
24. Executed powers of attorney of certain directors.
   
99.1 Selected Quarterly Financial Information

* Represents management contract or compensatory plan or arrangement.

The Company will furnish to any security holder, upon written request, copies of any exhibit incorporated by reference, for a fee of 15 cents per page, to cover the costs of furnishing the exhibits. Written request should include a representation that the person making the request was the beneficial owner of securities entitled to vote at the Annual Meeting of Shareholders.

 

(B)          Reports on Form 8-K

         None

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

                                                                                                                 

    DUKE-WEEKS REALTY CORPORATION
         
  March  26,       2001   By: /s/  Thomas L. Hefner
 
        Thomas L. Hefner
Chairman of the Board,
President and Chief Executive Officer
 
      By: /s/ Darell E. Zink, Jr
 
        Darell E. Zink, Jr.
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
 
      By: /s/ Dennis D. Oklak
 
        Dennis D. Oklak
Executive Vice President and
Chief Administrative Officer
(Principal 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
 
  Date
 
  Title
 
         
/s/ Thomas L. Hefner *
Thomas L. Hefner
  3/26/01
 
  Chairman of the Board, President and Chief Executive Officer and Director
         
/s/ Darell E. Zink, Jr. *
Darell E. Zink, Jr.
  3/26/01
 
  Executive Vice President and Chief Financial Officer and Director
         
/s/ Dennis D. Oklak *
Dennis D. Oklak
  3/26/01
 
  Executive Vice President and Chief Administrative Officer
         
         
/s/ Barrington H. Branch*
Barrington H. Branch

  3/26/01
 
  Director
         
 /s/ Geoffrey Button *
Geoffrey Button

  3/26/01
 
  Director
         
/s/ William Cavanaugh, III*
William Cavanaugh, III
  3/26/01
 
  Director
         
/s/ Ngaire E. Cuneo *
Ngaire E. Cuneo
  3/26/01
 
  Director
         
/s/ Charles R. Eitel*
Charles R. Eitel
  3/26/01
 
  Director
         
/s/ Howard L. Feinsand*
Howard L. Feinsand
  3/26/01
 
  Director
         
 /s/ L. Ben Lytle *
L. Ben Lytle
  3/26/01
 
  Director
         
/s/ William O. McCoy *
William O. McCoy
  3/26/01
 
  Director
         
/s/ John W. Nelley, Jr. *
John W. Nelley, Jr.
  3/26/01
 
  Director
         
/s/ James E. Rogers *
James E. Rogers
  3/26/01
 
  Director
         
/s/ Jay J. Strauss  *
 Jay J. Strauss  *
  3/26/01
 
  Director
         
/s/ A. Ray Weeks, Jr. *
A. Ray Weeks, Jr. *
  3/26/01
 
  Director
         

* By Dennis D. Oklak, Attorney-in-Fact             /s/  Dennis D. Oklak____________