Attached files
file | filename |
---|---|
EX-21 - EXHIBIT 21 - LIBERTY PROPERTY TRUST | c96894exv21.htm |
EX-12 - EXHIBIT 12 - LIBERTY PROPERTY TRUST | c96894exv12.htm |
EX-31.2 - EXHIBIT 31.2 - LIBERTY PROPERTY TRUST | c96894exv31w2.htm |
EX-31.4 - EXHIBIT 31.4 - LIBERTY PROPERTY TRUST | c96894exv31w4.htm |
EX-31.3 - EXHIBIT 31.3 - LIBERTY PROPERTY TRUST | c96894exv31w3.htm |
EX-32.1 - EXHIBIT 32.1 - LIBERTY PROPERTY TRUST | c96894exv32w1.htm |
EX-32.3 - EXHIBIT 32.3 - LIBERTY PROPERTY TRUST | c96894exv32w3.htm |
EX-23.2 - EXHIBIT 23.2 - LIBERTY PROPERTY TRUST | c96894exv23w2.htm |
EX-32.2 - EXHIBIT 32.2 - LIBERTY PROPERTY TRUST | c96894exv32w2.htm |
EX-31.1 - EXHIBIT 31.1 - LIBERTY PROPERTY TRUST | c96894exv31w1.htm |
EX-32.4 - EXHIBIT 32.4 - LIBERTY PROPERTY TRUST | c96894exv32w4.htm |
EX-3.1.24 - EXHIBIT 3.1.24 - LIBERTY PROPERTY TRUST | c96894exv3w1w24.htm |
EX-23.1 - EXHIBIT 23.1 - LIBERTY PROPERTY TRUST | c96894exv23w1.htm |
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file numbers: | 1-13130 (Liberty Property Trust) | |
1-13132 (Liberty Property Limited Partnership) |
MARYLAND (Liberty Property Trust) | 23-7768996 | |
PENNSYLVANIA (Liberty Property Limited Partnership) | 23-2766549 | |
(State or Other Jurisdiction | (I.R.S. Employer | |
of Incorporation or Organization) | Identification Number) |
500 Chesterfield Parkway | ||
Malvern, Pennsylvania | 19355 | |
(Address of Principal Executive Offices) | (Zip Code) |
TITLE OF EACH CLASS | NAME OF EACH EXCHANGE ON WHICH REGISTERED |
|
Common Shares of Beneficial Interest, | New York Stock Exchange | |
$0.001 par value | ||
(Liberty Property Trust) |
Large Accelerated Filer þ | Accelerated Filer o | Non-Accelerated Filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
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Exhibit 3.1.24 | ||||||||
Exhibit 12 | ||||||||
Exhibit 21 | ||||||||
Exhibit 23.1 | ||||||||
Exhibit 23.2 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 31.3 | ||||||||
Exhibit 31.4 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
Exhibit 32.3 | ||||||||
Exhibit 32.4 |
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Reportable Segments | Markets | |
Northeast
|
Southeastern PA; Lehigh/Central PA; New Jersey | |
Midwest
|
Minnesota; Milwaukee; Chicago | |
Mid-Atlantic
|
Maryland; Carolinas; Richmond; Virginia Beach | |
South
|
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona | |
Philadelphia/D.C.
|
Philadelphia; Northern Virginia/Washington, D.C. | |
United Kingdom
|
County of Kent; West Midlands |
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Square Feet | Percent Leased | Total | ||||||||||||||||||||||
Scheduled In-Service Date | Ind-Dist. | Ind-Flex | Office | Total | December 31, 2009 | Investment | ||||||||||||||||||
2nd Quarter 2010 |
| | 95 | 95 | 100.0 | % | $ | 24,842 | ||||||||||||||||
3rd Quarter 2010 |
| | 75 | 75 | 100.0 | % | 12,341 | |||||||||||||||||
4th Quarter 2010 |
| | 211 | 211 | 50.8 | % | 46,199 | |||||||||||||||||
Total |
| | 381 | 381 | 72.7 | % | $ | 83,382 | ||||||||||||||||
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31, 2009, the Company sold 29 operating properties, which contained 2.3 million square feet and 15 acres of land, for aggregate proceeds of $178.4 million.
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| lack of demand for space in the areas where our Properties are located |
| inability to retain existing tenants and attract new tenants |
| oversupply of or reduced demand for space and changes in market rental rates |
| defaults by our tenants or their failure to pay rent on a timely basis |
| the need to periodically renovate and repair our space |
| physical damage to our Properties |
| economic or physical decline of the areas where our Properties are located |
| potential risk of functional obsolescence of our Properties over time |
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| construction and leasing of a property may not be completed on schedule, which could
result in increased expenses and construction costs, and would result in reduced
profitability |
| construction costs may exceed our original estimates due to increases in interest rates
and increased materials, labor or other costs, possibly making the property unprofitable
because we may not be able to increase rents to compensate for the increase in construction
costs |
| some developments may fail to achieve expectations, possibly making them unprofitable |
| we may be unable to obtain, or may face delays in obtaining, required zoning, land-use,
building, occupancy, and other governmental permits and authorizations, which could result
in increased costs and could require us to abandon our activities entirely with respect to
a project |
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| we may abandon development opportunities after we begin to explore them and as a result,
we may fail to recover costs already incurred. If we alter or discontinue our development
efforts, past and future costs of
the investment may need to be expensed rather than capitalized and we may determine the
investment is impaired, resulting in a loss |
| we may expend funds on and devote managements time to projects that we do not complete |
| occupancy rates and rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions, and may result in lower than
projected rental rates with the result that our investment is not profitable |
| when we are able to locate a desirable property, competition from other real estate
investors may significantly increase the purchase price |
| acquired properties may fail to perform as expected |
| the actual costs of repositioning or redeveloping acquired properties may be higher than
our estimates |
| acquired properties may be located in new markets where we face risks associated with an
incomplete knowledge or understanding of the local market, a limited number of established
business relationships in the area and a relative unfamiliarity with local governmental and
permitting procedures |
| we may be unable to quickly and efficiently integrate new acquisitions, particularly
acquisitions of portfolios of properties and operating entities, into our existing
operations, and as a result, our results of operations and financial condition could be
adversely affected |
| general economic conditions affecting these markets |
| our own financial structure and performance |
| the markets opinion of REITs in general |
| the markets opinion of REITs that own properties similar to ours |
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Code), limit a REITs ability to sell properties in some situations when it may be economically advantageous to do so, thereby adversely affecting returns to shareholders and adversely impacting our ability to meet our obligations to the holders of other securities.
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| as owner or operator, we may have to pay for property damage and for investigation and
clean-up costs incurred in connection with the contamination |
| the law typically imposes clean-up responsibility and liability regardless of whether
the owner or operator knew of or caused the contamination |
| even if more than one person may be responsible for the contamination, each person who
shares legal liability under the environmental laws may be held responsible for all of the
clean-up costs |
| governmental entities and third parties may sue the owner or operator of a contaminated
site for damages and costs |
| the environmental assessments and updates will not identify all potential environmental
liabilities |
| a prior owner created a material environmental condition that is not known to us or the
independent consultants preparing the assessments |
| new environmental liabilities have developed since the environmental assessments were
conducted |
| future uses or conditions such as changes in applicable environmental laws and
regulations could result in environmental liability for us |
from indoor or outdoor sources, pollen, viruses and bacteria. Indoor exposure to chemical or biological contaminants above certain levels can be alleged to be connected to allergic reactions or other health effects and symptoms in susceptible individuals. If these conditions were to occur at one of our Properties, we may need to undertake a targeted remediation program, including without limitation, steps to increase indoor ventilation rates and eliminate sources of contaminants. Such remediation programs could be costly, necessitate the temporary relocation of some or all of the Propertys tenants or require rehabilitation of the affected Property.
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| when certain of our Properties are sold |
| when debt on those Properties is refinanced |
| if we are involved in a tender offer or merger |
Trustees. This limitation could prevent the acquisition of control of the Company by a third party without the consent from our Board of Trustees.
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since, upon this type of acquisition without approval of our Board of Trustees, all other common shareholders would have the right to purchase a specified amount of Common Shares at a substantial discount from market price.
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Type | Net Rent (1) | Square Feet | % Leased | |||||||||||||||
Northeast |
Industrial | -Distribution | $ | 61,380 | 15,812 | 87.0 | % | |||||||||||
-Flex | 32,468 | 3,761 | 92.6 | % | ||||||||||||||
Office | 119,873 | 8,641 | 91.9 | % | ||||||||||||||
Total | 213,721 | 28,214 | 89.3 | % | ||||||||||||||
Midwest |
Industrial | -Distribution | 4,516 | 1,073 | 100.0 | % | ||||||||||||
-Flex | 17,702 | 2,344 | 83.3 | % | ||||||||||||||
Office | 28,841 | 2,584 | 91.3 | % | ||||||||||||||
Total | 51,059 | 6,001 | 89.7 | % | ||||||||||||||
Mid-Atlantic |
Industrial | -Distribution | 32,387 | 8,582 | 91.9 | % | ||||||||||||
-Flex | 9,327 | 1,315 | 85.7 | % | ||||||||||||||
Office | 55,054 | 4,459 | 88.4 | % | ||||||||||||||
Total | 96,768 | 14,356 | 90.2 | % | ||||||||||||||
South |
Industrial | -Distribution | 24,812 | 5,758 | 87.5 | % | ||||||||||||
-Flex | 30,341 | 3,779 | 90.4 | % | ||||||||||||||
Office | 62,471 | 4,962 | 87.1 | % | ||||||||||||||
Total | 117,624 | 14,499 | 88.1 | % | ||||||||||||||
Philadelphia/D.C. |
Industrial | -Distribution | | 346 | 100.0 | % | ||||||||||||
-Flex | 1,780 | 101 | 100.0 | % | ||||||||||||||
Office | 11,259 | 733 | 99.5 | % | ||||||||||||||
Total | 13,039 | 1,180 | 99.7 | % | ||||||||||||||
United Kingdom |
Industrial | -Distribution | | | | |||||||||||||
-Flex | 1,272 | 44 | 100.0 | % | ||||||||||||||
Office | 2,788 | 90 | 96.8 | % | ||||||||||||||
Total | 4,060 | 134 | 97.8 | % | ||||||||||||||
TOTAL |
Industrial | -Distribution | 123,095 | 31,571 | 89.0 | % | ||||||||||||
-Flex | 92,890 | 11,344 | 89.2 | % | ||||||||||||||
Office | 280,286 | 21,469 | 90.3 | % | ||||||||||||||
Total | $ | 496,271 | 64,384 | 89.5 | % | |||||||||||||
Joint Ventures (2) |
Industrial | -Distribution | $ | 33,263 | 9,041 | 86.4 | % | |||||||||||
-Flex | 4,080 | 171 | 96.2 | % | ||||||||||||||
Office | 101,808 | 4,574 | 90.0 | % | ||||||||||||||
$ | 139,151 | 13,786 | 87.7 | % | ||||||||||||||
(1) | Net rent represents the contractual rent per square foot multiplied by the tenants
square feet leased at December 31, 2009 for tenants in occupancy. Net rent does not
include the tenants obligation to pay property operating expenses and real estate taxes. |
|
(2) | Joint Ventures represent the 96 properties owned by unconsolidated joint ventures in
which the Company has an interest. |
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Industrial- | ||||||||||||||||||||||||||||||||
Distribution | Industrial-Flex | Office | Total | |||||||||||||||||||||||||||||
Square | Annual | Square | Annual | Square | Annual | Square | Annual | |||||||||||||||||||||||||
Year | Feet | Rent | Feet | Rent | Feet | Rent | Feet | Rent | ||||||||||||||||||||||||
2010 |
3,283 | $ | 14,056 | 1,585 | $ | 14,236 | 2,297 | $ | 29,846 | 7,165 | $ | 58,138 | ||||||||||||||||||||
2011 |
3,063 | 13,736 | 1,308 | 12,201 | 2,027 | 29,022 | 6,398 | 54,959 | ||||||||||||||||||||||||
2012 |
4,839 | 22,457 | 1,599 | 15,175 | 2,278 | 38,289 | 8,716 | 75,921 | ||||||||||||||||||||||||
2013 |
2,395 | 11,954 | 1,510 | 15,019 | 2,524 | 41,630 | 6,429 | 68,603 | ||||||||||||||||||||||||
2014 |
2,666 | 13,728 | 999 | 10,509 | 2,804 | 43,520 | 6,469 | 67,757 | ||||||||||||||||||||||||
2015 |
3,075 | 15,029 | 955 | 9,973 | 2,196 | 32,202 | 6,226 | 57,204 | ||||||||||||||||||||||||
Thereafter |
8,779 | 55,365 | 2,167 | 26,332 | 5,258 | 101,128 | 16,204 | 182,825 | ||||||||||||||||||||||||
Total |
28,100 | $ | 146,325 | 10,123 | $ | 103,445 | 19,384 | $ | 315,637 | 57,607 | $ | 565,407 | ||||||||||||||||||||
Industrial- | ||||||||||||||||||||||||||||||||
Distribution | Industrial-Flex | Office | Total | |||||||||||||||||||||||||||||
Square | Annual | Square | Annual | Square | Annual | Square | Annual | |||||||||||||||||||||||||
Year | Feet | Rent | Feet | Rent | Feet | Rent | Feet | Rent | ||||||||||||||||||||||||
2010 |
474 | $ | 2,559 | 24 | $ | 746 | 381 | $ | 8,468 | 879 | $ | 11,773 | ||||||||||||||||||||
2011 |
1,060 | 4,011 | 11 | 304 | 452 | 11,546 | 1,523 | 15,861 | ||||||||||||||||||||||||
2012 |
401 | 1,904 | 63 | 1,727 | 174 | 4,374 | 638 | 8,005 | ||||||||||||||||||||||||
2013 |
896 | 3,466 | | | 153 | 3,761 | 1,049 | 7,227 | ||||||||||||||||||||||||
2014 |
1,124 | 5,194 | 25 | 729 | 398 | 10,642 | 1,547 | 16,565 | ||||||||||||||||||||||||
2015 |
956 | 4,459 | | | 194 | 4,657 | 1,150 | 9,116 | ||||||||||||||||||||||||
Thereafter |
2,899 | 15,493 | 41 | 1,161 | 2,363 | 77,261 | 5,303 | 93,915 | ||||||||||||||||||||||||
Total |
7,810 | $ | 37,086 | 164 | $ | 4,667 | 4,115 | $ | 120,709 | 12,089 | $ | 162,462 | ||||||||||||||||||||
Industrial- | ||||||||||||||||||||||||||||||||
Distribution | Industrial-Flex | Office | Total | |||||||||||||||||||||||||||||
Square | Annual | Square | Annual | Square | Annual | Square | Annual | |||||||||||||||||||||||||
Year | Feet | Rent | Feet | Rent | Feet | Rent | Feet | Rent | ||||||||||||||||||||||||
2010 |
3,757 | $ | 16,615 | 1,609 | $ | 14,982 | 2,678 | $ | 38,314 | 8,044 | $ | 69,911 | ||||||||||||||||||||
2011 |
4,123 | 17,747 | 1,319 | 12,505 | 2,479 | 40,568 | 7,921 | 70,820 | ||||||||||||||||||||||||
2012 |
5,240 | 24,361 | 1,662 | 16,902 | 2,452 | 42,663 | 9,354 | 83,926 | ||||||||||||||||||||||||
2013 |
3,291 | 15,420 | 1,510 | 15,019 | 2,677 | 45,391 | 7,478 | 75,830 | ||||||||||||||||||||||||
2014 |
3,790 | 18,922 | 1,024 | 11,238 | 3,202 | 54,162 | 8,016 | 84,322 | ||||||||||||||||||||||||
2015 |
4,031 | 19,488 | 955 | 9,973 | 2,390 | 36,859 | 7,376 | 66,320 | ||||||||||||||||||||||||
Thereafter |
11,678 | 70,858 | 2,208 | 27,493 | 7,621 | 178,389 | 21,507 | 276,740 | ||||||||||||||||||||||||
Total |
35,910 | $ | 183,411 | 10,287 | $ | 108,112 | 23,499 | $ | 436,346 | 69,696 | $ | 727,869 | ||||||||||||||||||||
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Percentage | Percentage | |||||||||
Top 10 Office Tenants | of Net Rent | Top 10 Industrial Tenants | of Net Rent | |||||||
The Vanguard Group, Inc. |
4.1 | % | Kellogg USA, Inc. | 1.3 | % | |||||
GlaxoSmithKline |
2.2 | % | Home Depot U.S.A., Inc. | 1.1 | % | |||||
United States of America |
1.4 | % | Wakefern Food Corp. | 1.0 | % | |||||
General Motors Acceptance Corporation |
1.4 | % | United Parcel Services, Inc. | 0.7 | % | |||||
Comcast Corporation |
1.3 | % | Ozburn Hessey Logistics, L.L.C. | 0.6 | % | |||||
Sanofi-Aventis U.S., Inc. |
1.1 | % | Amazon.com | 0.6 | % | |||||
PNC Bank, National Association |
1.0 | % | The Dial Corporation | 0.6 | % | |||||
WellCare Health Plans, Inc. |
1.0 | % | Uline, Inc. | 0.5 | % | |||||
United Healthcare Services, Inc. |
1.0 | % | Broder Bros., Inc. | 0.5 | % | |||||
Hartford Fire Insurance Company |
1.0 | % | Foxconn Corporation | 0.5 | % | |||||
15.5 | % | 7.4 | % | |||||||
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Dividends | ||||||||||||
Declared Per | ||||||||||||
High | Low | Common Share | ||||||||||
2009 |
||||||||||||
Fourth Quarter |
$ | 33.05 | $ | 28.36 | $ | 0.475 | ||||||
Third Quarter |
35.11 | 21.23 | 0.475 | |||||||||
Second Quarter |
25.61 | 18.93 | 0.475 | |||||||||
First Quarter |
23.32 | 16.90 | 0.475 | |||||||||
2008 |
||||||||||||
Fourth Quarter |
$ | 37.27 | $ | 12.93 | $ | 0.475 | ||||||
Third Quarter |
40.89 | 31.43 | 0.625 | |||||||||
Second Quarter |
37.11 | 32.60 | 0.625 | |||||||||
First Quarter |
33.24 | 25.85 | 0.625 |
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Operating Data | Year Ended December 31, | |||||||||||||||||||
(In thousands, except per share data) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Total operating revenue |
$ | 744,257 | $ | 731,352 | $ | 669,144 | $ | 590,001 | $ | 559,834 | ||||||||||
Income from continuing operations |
$ | 54,182 | $ | 149,560 | $ | 141,166 | $ | 153,455 | $ | 209,298 | ||||||||||
Net income |
$ | 78,992 | $ | 180,106 | $ | 190,310 | $ | 292,043 | $ | 272,316 | ||||||||||
Basic: |
||||||||||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.27 | $ | 1.50 | $ | 2.18 | ||||||||||
Income from discontinued operations |
$ | 0.22 | $ | 0.31 | $ | 0.54 | $ | 1.48 | $ | 0.69 | ||||||||||
Income per common share |
$ | 0.52 | $ | 1.62 | $ | 1.81 | $ | 2.98 | $ | 2.87 | ||||||||||
Diluted: |
||||||||||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.26 | $ | 1.48 | $ | 2.13 | ||||||||||
Income from discontinued operations |
$ | 0.22 | $ | 0.31 | $ | 0.54 | $ | 1.47 | $ | 0.69 | ||||||||||
Income per common share |
$ | 0.52 | $ | 1.62 | $ | 1.80 | $ | 2.95 | $ | 2.82 | ||||||||||
Distributions paid per common share |
$ | 1.900 | $ | 2.500 | $ | 2.485 | $ | 2.465 | $ | 2.445 | ||||||||||
Weighted average number of shares outstanding basic (1) |
107,550 | 93,615 | 91,197 | 89,361 | 87,215 | |||||||||||||||
Weighted average number of shares outstanding diluted (2) |
108,002 | 93,804 | 91,803 | 90,492 | 88,376 |
Balance Sheet Data | December 31, | |||||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Net real estate |
$ | 4,452,214 | $ | 4,485,095 | $ | 4,845,066 | $ | 4,258,265 | $ | 3,880,021 | ||||||||||
Total assets |
5,227,421 | 5,217,035 | 5,643,937 | 4,910,911 | 4,500,322 | |||||||||||||||
Total indebtedness |
2,456,875 | 2,590,167 | 3,021,129 | 2,387,938 | 2,249,178 | |||||||||||||||
Liberty Property Trust Shareholders equity |
2,122,295 | 1,958,779 | 1,837,025 | 1,870,855 | 1,722,237 |
Other Data | Year Ended December 31, | |||||||||||||||||||
(Dollars in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Cash provided by operating activities |
$ | 298,571 | $ | 265,949 | $ | 346,752 | $ | 324,573 | $ | 360,749 | ||||||||||
Cash (used in) provided by investing activities |
(5,702 | ) | 52,553 | (758,924 | ) | (334,942 | ) | (286,633 | ) | |||||||||||
Cash (used in) provided by financing activities |
(74,033 | ) | (331,314 | ) | 396,322 | (327 | ) | (39,470 | ) | |||||||||||
Funds from operations available to common shareholders (3) |
222,106 | 313,910 | 305,216 | 294,801 | 293,973 | |||||||||||||||
Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands) |
64,384 | 63,799 | 62,079 | 59,160 | 60,613 | |||||||||||||||
Total leasable square footage of JV Properties in Operation
at end of period (in thousands) |
13,786 | 13,069 | 11,462 | 6,172 | 3,758 | |||||||||||||||
Wholly Owned Properties in Operation at end of period |
639 | 654 | 649 | 672 | 675 | |||||||||||||||
JV Properties in Operation at end of period |
96 | 95 | 91 | 48 | 43 | |||||||||||||||
Wholly Owned Properties in Operation percentage leased at
end of period |
89 | % | 91 | % | 93 | % | 94 | % | 92 | % | ||||||||||
JV Properties in Operation percentage leased at end of period |
88 | % | 92 | % | 94 | % | 95 | % | 99 | % |
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Operating Data | Year Ended December 31, | |||||||||||||||||||
(In thousands, except per share data) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Total operating revenue |
$ | 744,257 | $ | 731,352 | $ | 669,144 | $ | 590,001 | $ | 559,834 | ||||||||||
Income from continuing operations |
$ | 54,182 | $ | 149,560 | $ | 141,166 | $ | 153,455 | $ | 209,298 | ||||||||||
Income available to common unitholders |
$ | 78,992 | $ | 180,106 | $ | 190,310 | $ | 292,043 | $ | 272,316 | ||||||||||
Basic: |
||||||||||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.27 | $ | 1.50 | $ | 2.18 | ||||||||||
Income from discontinued operations |
$ | 0.22 | $ | 0.31 | $ | 0.54 | $ | 1.48 | $ | 0.69 | ||||||||||
Income per common unit |
$ | 0.52 | $ | 1.62 | $ | 1.81 | $ | 2.98 | $ | 2.87 | ||||||||||
Diluted: |
||||||||||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.26 | $ | 1.48 | $ | 2.13 | ||||||||||
Income from discontinued operations |
$ | 0.22 | $ | 0.31 | $ | 0.54 | $ | 1.47 | $ | 0.69 | ||||||||||
Income per common unit |
$ | 0.52 | $ | 1.62 | $ | 1.80 | $ | 2.95 | $ | 2.82 | ||||||||||
Distributions paid per common unit |
$ | 1.900 | $ | 2.500 | $ | 2.485 | $ | 2.465 | $ | 2.445 | ||||||||||
Weighted average number of units outstanding basic (1) |
111,568 | 97,805 | 95,387 | 93,256 | 90,769 | |||||||||||||||
Weighted average number of units outstanding diluted (2) |
112,020 | 97,994 | 95,993 | 94,387 | 91,931 |
Balance Sheet Data | December 31, | |||||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Net real estate |
$ | 4,452,214 | $ | 4,485,095 | $ | 4,845,066 | $ | 4,258,265 | $ | 3,880,021 | ||||||||||
Total assets |
5,227,421 | 5,217,035 | 5,643,937 | 4,910,911 | 4,500,322 | |||||||||||||||
Total indebtedness |
2,456,875 | 2,590,167 | 3,021,129 | 2,387,938 | 2,249,178 | |||||||||||||||
Owners equity |
2,483,169 | 1,945,516 | 1,800,969 | 1,752,478 | 1,626,919 |
Other Data | Year Ended December 31, | |||||||||||||||||||
(Dollars in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Cash provided by operating activities |
$ | 298,571 | $ | 265,949 | $ | 346,752 | $ | 324,573 | $ | 360,749 | ||||||||||
Cash (used in) provided by investing activities |
(5,702 | ) | 52,553 | (758,924 | ) | (334,942 | ) | (286,633 | ) | |||||||||||
Cash (used in) provided by financing activities |
(74,033 | ) | (331,314 | ) | 396,322 | (327 | ) | (39,470 | ) | |||||||||||
Funds from operations available to common shareholders (3) |
222,106 | 313,910 | 305,216 | 294,801 | 293,973 | |||||||||||||||
Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands) |
64,384 | 63,799 | 62,079 | 59,160 | 60,613 | |||||||||||||||
Total leasable square footage of JV Properties in Operation
at end
of period (in thousands) |
13,786 | 13,069 | 11,462 | 6,172 | 3,758 | |||||||||||||||
Wholly Owned Properties in Operation at end of period |
639 | 654 | 649 | 672 | 675 | |||||||||||||||
JV Properties in Operation at end of period |
96 | 95 | 91 | 48 | 43 | |||||||||||||||
Wholly Owned Properties in Operation percentage leased at
end of period |
89 | % | 91 | % | 93 | % | 94 | % | 92 | % | ||||||||||
JV Properties in Operation percentage leased at end of period |
88 | % | 92 | % | 94 | % | 95 | % | 99 | % |
(1) | Basic weighted average number of shares includes vested Common Shares (Liberty Property
Trust)/Common Units (Liberty Property Limited Partnership) outstanding during the year. |
|
(2) | Diluted weighted average number of shares outstanding includes the vested and unvested Common
Shares (Liberty Property Trust)/Common Units (Liberty Property Limited Partnership)
outstanding during the year as well as the dilutive effect of outstanding options. |
|
(3) | The National Association of Real Estate Investment Trusts (NAREIT) has issued a standard
definition for Funds from operations (as defined below). The Securities and Exchange
Commission has agreed to the disclosure of this non-GAAP financial measure on a per share
basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial Measures. The
Company believes that the calculation of Funds from operations is helpful to investors and
management as it is a measure of the Companys operating performance that excludes
depreciation and amortization and gains and losses from property dispositions. As a result,
year over year comparison of Funds from operations reflects the impact on operations from
trends in occupancy rates, rental rates, operating costs, development activities, general and
administrative expenses, and interest costs, providing perspective not immediately apparent
from net income. In addition, management believes that Funds from operations provides useful
information to the investment community about the Companys financial performance when
compared to other REITs since Funds from operations is generally recognized as the standard
for reporting the operating performance of a REIT. Funds from operations available to common
shareholders is defined by NAREIT as net income (computed in accordance with generally
accepted accounting principles (GAAP)), excluding gains (or losses) from sales of property,
plus depreciation and amortization, and after adjustments for unconsolidated partnerships and
joint ventures. Funds from operations available to common shareholders does not represent net
income or cash flows from operations as defined by GAAP and does not necessarily indicate that
cash flows will be sufficient to fund cash needs. It should not be considered as an
alternative to net income as an indicator of the Companys operating performance or to cash
flows as a measure of liquidity. Funds from operations available to common shareholders also
does not represent cash flows generated from operating, investing or financing activities as defined by GAAP. A reconciliation of
Funds from operations to net income may be found
on page 39. |
25
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26
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27
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28
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29
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December 31, 2009 | ||||||||||||
Before Impairment | Impairment | After Impairment | ||||||||||
Liberty Venture I, LP |
$ | 11,238 | | $ | 11,238 | |||||||
Kings Hill Unit Trust |
3,198 | | 3,198 | |||||||||
Liberty Illinois, LP |
26,531 | 6,964 | 19,567 | |||||||||
Liberty AIPO LP |
13,302 | | 13,302 | |||||||||
Silversword Properties, Ltd. |
10,618 | 2,170 | 8,448 | |||||||||
Cambridge Medipark Ltd. |
6,618 | | 6,618 | |||||||||
Blythe Valley JV Sarl |
8,991 | 5,608 | 3,383 | |||||||||
Liberty Washington, LP |
137,429 | 64,060 | 73,369 | |||||||||
Liberty Commerz 1701 JFK Boulevard, LP |
36,461 | | 36,461 | |||||||||
Total |
$ | 254,386 | $ | 78,802 | $ | 175,584 | ||||||
30
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Year Ended December 31, | Percentage | |||||||||||
2009 | 2008 | Increase (Decrease) | ||||||||||
Northeast |
||||||||||||
Southeastern PA |
$ | 124,298 | $ | 119,243 | 4.2 | % | ||||||
Lehigh/Central PA |
73,372 | 70,793 | 3.6 | % | ||||||||
New Jersey |
18,365 | 19,640 | (6.5 | %)(1) | ||||||||
Midwest |
51,124 | 51,704 | (1.1 | %) | ||||||||
Mid-Atlantic |
96,434 | 98,164 | (1.8 | %) | ||||||||
South |
123,704 | 113,946 | 8.6 | %(2) | ||||||||
Philadelphia/D.C. |
16,848 | 21,635 | (22.1 | %)(3) | ||||||||
United Kingdom |
3,468 | 3,295 | 5.3 | % | ||||||||
Total property level operating income (4) |
$ | 507,613 | $ | 498,420 | 1.8 | % | ||||||
(1) | The decrease was primarily due to a decrease in occupancy and a decrease in rental rates.
This decrease was partially offset by an increase in average gross investment in operating
real estate in 2009. |
|
(2) | The increase was primarily due to an increase in average gross investment in operating real
estate, an increase in occupancy, and an increase in rental rates. |
|
(3) | The decrease was primarily due to the effect of changes in the Companys interest in Comcast
Center during the relevant periods. Comcast Center was a wholly owned 1.25 million square
foot development property which came into service incrementally from the third quarter of 2007
through the first quarter of 2008. The property was transferred to an unconsolidated joint
venture in which the Company holds in interest on March 31, 2008. |
|
(4) | See a reconciliation of property level operating income to net income in the Same Store
comparison below. |
31
Table of Contents
Year Ended December 31, | ||||||||
2009 | 2008 | |||||||
Same Store: |
||||||||
Rental revenue |
$ | 491,386 | $ | 488,334 | ||||
Operating expenses: |
||||||||
Rental property expense |
147,510 | 148,784 | ||||||
Real estate taxes |
79,454 | 80,407 | ||||||
Operating expense recovery |
(216,880 | ) | (219,487 | ) | ||||
Unrecovered operating expenses |
10,084 | 9,704 | ||||||
Property level operating income |
481,302 | 478,630 | ||||||
Less straight line rent |
12,438 | 11,530 | ||||||
Cash basis property level operating income |
$ | 468,864 | $ | 467,100 | ||||
Reconciliation of non-GAAP financial measure Same Store: |
||||||||
Cash basis property level operating income |
$ | 468,864 | $ | 467,100 | ||||
Straight line rent |
12,438 | 11,530 | ||||||
Same Store property level operating income |
481,302 | 478,630 | ||||||
Property level operating income properties purchased or developed
subsequent to January 1, 2008 |
21,852 | 16,017 | ||||||
Termination fees |
4,459 | 3,773 | ||||||
Property level operating income |
507,613 | 498,420 | ||||||
General and administrative expense |
(51,250 | ) | (54,467 | ) | ||||
Depreciation and amortization expense |
(170,764 | ) | (169,190 | ) | ||||
Other income (expense) |
(136,519 | ) | (136,935 | ) | ||||
Gain on property dispositions |
1,687 | 10,572 | ||||||
Income taxes |
(494 | ) | (1,645 | ) | ||||
Equity in earnings of unconsolidated joint ventures |
2,161 | 2,805 | ||||||
Impairment charges investment in unconsolidated joint ventures and other |
(82,552 | ) | | |||||
goodwill |
(15,700 | ) | | |||||
Discontinued operations |
24,810 | 30,546 | ||||||
Net income |
$ | 78,992 | $ | 180,106 | ||||
32
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33
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Year Ended December 31, | Percentage | |||||||||||
2008 | 2007 | Increase (Decrease) | ||||||||||
Northeast |
||||||||||||
Southeastern PA |
$ | 119,243 | $ | 114,090 | 4.5 | % | ||||||
Lehigh/Central PA |
70,793 | 66,896 | 5.8 | %(1) | ||||||||
New Jersey |
19,640 | 18,745 | 4.8 | % | ||||||||
Midwest |
51,704 | 50,929 | 1.5 | % | ||||||||
Mid-Atlantic |
98,164 | 87,197 | 12.6 | %(2) | ||||||||
South |
113,946 | 99,129 | 14.9 | %(1) | ||||||||
Philadelphia/D.C. |
21,635 | 18,326 | 18.1 | %(3) | ||||||||
United Kingdom |
3,295 | 2,680 | 22.9 | %(4) | ||||||||
Total property level operating income (5) |
$ | 498,420 | $ | 457,992 | 8.8 | % | ||||||
(1) | The increase was primarily due to an increase in average gross investment in operating real
estate and an increase in rental rates. This increase was partially offset by a decrease in
occupancy during 2008. |
|
(2) | The increase was primarily due to an increase in average gross investment in operating real
estate, an increase in occupancy and an increase in rental rates. |
|
(3) | The increase was due to the effect of Comcast Center operation during the relevant periods.
Comcast Center was a wholly owned 1.25 million square foot development property which came
into service incrementally from the third quarter of 2007 through the first quarter of 2008. |
|
(4) | The increase was primarily due to an increase in average gross investment in operating real
estate. This increase was partially offset by a decrease in occupancy and a decrease in
rental rates during 2008. |
|
(5) | See a reconciliation of property level operating income to net income in the Same Store
comparison below. |
34
Table of Contents
Year Ended December 31, | ||||||||
2008 | 2007 | |||||||
Prior Year Same Store: |
||||||||
Rental revenue |
$ | 447,731 | $ | 448,489 | ||||
Operating expenses: |
||||||||
Rental property expense |
144,362 | 142,332 | ||||||
Real estate taxes |
75,360 | 66,778 | ||||||
Operating expense recovery |
(210,151 | ) | (201,520 | ) | ||||
Unrecovered operating expenses |
9,571 | 7,590 | ||||||
Property level operating income |
438,160 | 440,899 | ||||||
Less straight line rent |
5,102 | 6,977 | ||||||
Cash basis property level operating income |
$ | 433,058 | $ | 433,922 | ||||
Reconciliation of non-GAAP financial measure Prior Year Same Store: |
||||||||
Cash basis property level operating income |
$ | 433,058 | $ | 433,922 | ||||
Straight line rent |
5,102 | 6,977 | ||||||
Same Store property level operating income |
438,160 | 440,899 | ||||||
Property level operating income properties purchased or developed subsequent to
January 1, 2007 |
69,776 | 27,644 | ||||||
Less: Property level operating income properties held for sale at December 31, 2008 |
(2,377 | ) | (2,084 | ) | ||||
Less: Property level operating income 2009 discontinued operations |
(10,912 | ) | (12,401 | ) | ||||
Termination fees |
3,773 | 3,934 | ||||||
Property level operating income |
498,420 | 457,992 | ||||||
General and administrative expense |
(54,467 | ) | (54,325 | ) | ||||
Depreciation and amortization expense |
(169,190 | ) | (151,908 | ) | ||||
Other income (expense) |
(136,935 | ) | (112,539 | ) | ||||
Gain on property dispositions |
10,572 | 1,633 | ||||||
Income taxes |
(1,645 | ) | 709 | |||||
Equity in earnings (loss) of unconsolidated joint ventures |
2,805 | (226 | ) | |||||
Impairment charges investment in unconsolidated joint ventures and other |
| (170 | ) | |||||
Discontinued operations at December 31, 2008 |
26,081 | 42,938 | ||||||
2009 discontinued operations |
4,465 | 6,206 | ||||||
Net income |
$ | 180,106 | $ | 190,310 | ||||
35
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36
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Payments Due By Period | ||||||||||||||||||||
Less than 1 | More than | |||||||||||||||||||
Contractual Obligations | Total | year | 1-3 years | 3-5 years | 5 years | |||||||||||||||
Long-term debt (1) |
$ | 3,118,969 | $ | 325,056 | $ | 1,048,222 | $ | 384,649 | $ | 1,361,042 | ||||||||||
Capital lease obligations |
5,048 | 432 | 376 | 376 | 3,864 | |||||||||||||||
Operating lease obligations |
18,519 | 1,209 | 1,753 | 1,215 | 14,342 | |||||||||||||||
Share of debt of unconsolidated joint
ventures (1) |
401,640 | 57,036 | 101,477 | 24,839 | 218,288 | |||||||||||||||
Property development commitments |
16,668 | 16,668 | | | | |||||||||||||||
Share of property development commitments of
unconsolidated joint ventures |
5,804 | 5,804 | | | | |||||||||||||||
Joint venture capital commitments |
4,235 | | 4,235 | | | |||||||||||||||
Tenant contractual obligations |
18,861 | 17,121 | 410 | 400 | 930 | |||||||||||||||
Share of tenant contractual obligations of
unconsolidated joint ventures |
1,825 | 1,796 | | 29 | | |||||||||||||||
Letter of credit |
1,497 | 1,497 | | | | |||||||||||||||
Share of letter of credit of unconsolidated
joint
ventures |
1,250 | 1,250 | | | | |||||||||||||||
Total |
$ | 3,594,316 | $ | 427,869 | $ | 1,156,473 | $ | 411,508 | $ | 1,598,466 | ||||||||||
(1) | Includes principal and interest payments. Interest payments assume $600 million Credit
Facility borrowings and interest rates remain at the December 31, 2009 level until maturity. |
37
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38
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Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Reconciliation of net income to FFO basic |
||||||||||||
Net income available to common shareholders (1) |
$ | 56,376 | $ | 151,942 | $ | 164,831 | ||||||
Basic income available to common shareholders |
56,376 | 151,942 | 164,831 | |||||||||
Basic income available to common shareholders per weighted
average share |
$ | 0.52 | $ | 1.62 | $ | 1.81 | ||||||
Adjustments: |
||||||||||||
Depreciation and amortization of unconsolidated joint ventures |
16,180 | 16,235 | 6,494 | |||||||||
Depreciation and amortization |
170,633 | 173,400 | 162,833 | |||||||||
Gain on property dispositions |
(23,197 | ) | (34,336 | ) | (36,498 | ) | ||||||
Noncontrolling interest share in addback for depreciation and amortization and
gain on property dispositions |
(5,801 | ) | (6,606 | ) | (5,820 | ) | ||||||
Funds from operations available to common shareholders basic |
$ | 214,191 | $ | 300,635 | $ | 291,840 | ||||||
Basic Funds from operations available to common shareholders per
weighted average share |
$ | 1.99 | $ | 3.21 | $ | 3.20 | ||||||
Reconciliation of net income to FFO diluted |
||||||||||||
Net income available to common shareholders (1) |
$ | 56,376 | $ | 151,942 | $ | 164,831 | ||||||
Diluted income available to common shareholders |
56,376 | 151,942 | 164,831 | |||||||||
Diluted income available to common shareholders per weighted
average share |
$ | 0.52 | $ | 1.62 | $ | 1.80 | ||||||
Adjustments: |
||||||||||||
Depreciation and amortization of unconsolidated joint ventures |
16,180 | 16,235 | 6,494 | |||||||||
Depreciation and amortization |
170,633 | 173,400 | 162,833 | |||||||||
Gain on property dispositions |
(23,197 | ) | (34,336 | ) | (36,498 | ) | ||||||
Noncontrolling interest less preferred share distributions and excess of preferred unit
redemption over carrying amount |
2,114 | 6,669 | 7,556 | |||||||||
Funds from operations available to common shareholders diluted |
$ | 222,106 | $ | 313,910 | $ | 305,216 | ||||||
Diluted Funds from operations available to common shareholders per
weighted average share |
$ | 1.98 | $ | 3.20 | $ | 3.18 | ||||||
Reconciliation of weighted average shares: |
||||||||||||
Weighted average Common Shares all basic calculations |
107,550 | 93,615 | 91,197 | |||||||||
Dilutive shares for long term compensation plans |
452 | 189 | 606 | |||||||||
Diluted shares for net income calculations |
108,002 | 93,804 | 91,803 | |||||||||
Weighted average common units |
4,018 | 4,190 | 4,190 | |||||||||
Diluted shares for Funds from operations calculations |
112,020 | 97,994 | 95,993 | |||||||||
(1) | Includes non-cash impairment charges of $94.5 million for the year ended December 31,
2009 relating to the other-than-temporary decline in the fair values below the carrying
values of certain of the Companys investments in unconsolidated joint ventures and
goodwill. |
39
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40
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41
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February 26, 2010
42
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February 26, 2010
43
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(IN THOUSANDS, EXCEPT SHARE AND UNIT AMOUNTS)
December 31, | ||||||||
2009 | 2008 | |||||||
ASSETS |
||||||||
Real estate: |
||||||||
Land and land improvements |
$ | 850,559 | $ | 801,763 | ||||
Building and improvements |
4,410,254 | 4,191,361 | ||||||
Less accumulated depreciation |
(1,093,946 | ) | (963,043 | ) | ||||
Operating real estate |
4,166,867 | 4,030,081 | ||||||
Development in progress |
66,714 | 245,463 | ||||||
Land held for development |
218,633 | 209,551 | ||||||
Net real estate |
4,452,214 | 4,485,095 | ||||||
Cash and cash equivalents |
237,446 | 15,794 | ||||||
Restricted cash |
42,232 | 39,726 | ||||||
Accounts receivable |
4,591 | 12,985 | ||||||
Deferred rent receivable |
95,527 | 83,033 | ||||||
Deferred financing and leasing costs, net |
134,309 | 132,627 | ||||||
Investments in and advances to unconsolidated joint ventures |
175,584 | 266,602 | ||||||
Assets held for sale |
| 98,706 | ||||||
Prepaid expenses and other assets |
85,518 | 82,467 | ||||||
Total assets |
$ | 5,227,421 | $ | 5,217,035 | ||||
LIABILITIES |
||||||||
Mortgage loans |
$ | 473,993 | $ | 198,560 | ||||
Unsecured notes |
1,842,882 | 2,131,607 | ||||||
Credit facility |
140,000 | 260,000 | ||||||
Accounts payable |
31,195 | 32,481 | ||||||
Accrued interest |
31,251 | 36,474 | ||||||
Dividend and distributions payable |
55,402 | 48,858 | ||||||
Other liabilities |
169,529 | 182,549 | ||||||
Total liabilities |
2,744,252 | 2,890,529 | ||||||
EQUITY |
||||||||
Liberty Property Trust shareholders equity |
||||||||
Common shares of beneficial interest, $.001 par value, 183,987,000 shares
authorized; 113,875,211 (includes 1,249,909 in treasury) and 100,034,404 (includes
1,249,909 in treasury) shares issued and outstanding as of December 31, 2009 and
2008, respectively |
114 | 101 | ||||||
Additional paid-in capital |
2,509,704 | 2,201,728 | ||||||
Accumulated other comprehensive income (loss) |
2,339 | (5,378 | ) | |||||
Distributions in excess of net income |
(337,911 | ) | (185,721 | ) | ||||
Common shares in treasury, at cost, 1,249,909 shares as of December 31, 2009 and 2008 |
(51,951 | ) | (51,951 | ) | ||||
Total Liberty Property Trust shareholders equity |
2,122,295 | 1,958,779 | ||||||
Noncontrolling interest operating partnership |
||||||||
4,011,354 and 4,074,967 common units outstanding as of December 31, 2009
and 2008, respectively
December 31, 2008, respectively |
72,294 | 78,638 | ||||||
9,740,000 preferred units outstanding as of December 31, 2009 and 2008 |
287,959 | 287,959 | ||||||
Noncontrolling interest consolidated joint ventures |
621 | 1,130 | ||||||
Total equity |
2,483,169 | 2,326,506 | ||||||
Total liabilities and equity |
$ | 5,227,421 | $ | 5,217,035 | ||||
44
Table of Contents
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
OPERATING REVENUE |
||||||||||||
Rental |
$ | 519,928 | $ | 507,698 | $ | 467,093 | ||||||
Operating expense reimbursement |
224,329 | 223,654 | 202,051 | |||||||||
Total operating revenue |
744,257 | 731,352 | 669,144 | |||||||||
OPERATING EXPENSE |
||||||||||||
Rental property |
149,968 | 149,170 | 140,350 | |||||||||
Real estate taxes |
86,676 | 83,762 | 70,802 | |||||||||
General and administrative |
51,250 | 54,467 | 54,325 | |||||||||
Depreciation and amortization |
170,764 | 169,190 | 151,908 | |||||||||
Total operating expenses |
458,658 | 456,589 | 417,385 | |||||||||
Operating income |
285,599 | 274,763 | 251,759 | |||||||||
OTHER INCOME (EXPENSE) |
||||||||||||
Interest and other income |
11,503 | 13,440 | 11,678 | |||||||||
Debt extinguishment gain |
1,547 | 2,521 | | |||||||||
Interest expense |
(149,569 | ) | (152,896 | ) | (124,217 | ) | ||||||
Total other income (expense) |
(136,519 | ) | (136,935 | ) | (112,539 | ) | ||||||
Income before property dispositions, income taxes, equity in earnings
(loss) of unconsolidated joint ventures and impairment charges |
149,080 | 137,828 | 139,220 | |||||||||
Gain on property dispositions |
1,687 | 10,572 | 1,633 | |||||||||
Income taxes |
(494 | ) | (1,645 | ) | 709 | |||||||
Equity in earnings (loss) of unconsolidated joint ventures |
2,161 | 2,805 | (226 | ) | ||||||||
Impairment charges investment in unconsolidated joint ventures and other |
(82,552 | ) | | (170 | ) | |||||||
goodwill |
(15,700 | ) | | | ||||||||
Income from continuing operations |
54,182 | 149,560 | 141,166 | |||||||||
Discontinued
operations (including net gain on property dispositions of $17,859, $23,519, and $33,611 for the years ended December 31, 2009,
2008 and 2007, respectively) |
24,810 | 30,546 | 49,144 | |||||||||
Net income |
78,992 | 180,106 | 190,310 | |||||||||
Noncontrolling interest-operating partnership |
(23,125 | ) | (27,681 | ) | (25,378 | ) | ||||||
Noncontrolling interest-consolidated joint ventures |
509 | (483 | ) | (101 | ) | |||||||
Net income available to common shareholders |
$ | 56,376 | $ | 151,942 | $ | 164,831 | ||||||
Earnings per share |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.27 | ||||||
Income from discontinued operations |
0.22 | 0.31 | 0.54 | |||||||||
Income per common share basic |
$ | 0.52 | $ | 1.62 | $ | 1.81 | ||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.26 | ||||||
Income from discontinued operations |
0.22 | 0.31 | 0.54 | |||||||||
Income per common share diluted |
$ | 0.52 | $ | 1.62 | $ | 1.80 | ||||||
Weighted average number of Common Shares outstanding |
||||||||||||
Basic |
107,550 | 93,615 | 91,197 | |||||||||
Diluted |
108,002 | 93,804 | 91,803 | |||||||||
Amounts attributable to common shareholders |
||||||||||||
Income from continuing operations |
$ | 32,444 | $ | 122,688 | $ | 117,840 | ||||||
Discontinued operations |
23,932 | 29,254 | 46,991 | |||||||||
Net income available to common shareholders |
$ | 56,376 | $ | 151,942 | $ | 164,831 | ||||||
45
Table of Contents
(IN THOUSANDS)
Accumulated | Total | Noncontroll- | Noncontroll- | Noncontroll- | ||||||||||||||||||||||||||||||||||||
Common | Other | Liberty | ing interest- | ing interest- | ing Interest- | |||||||||||||||||||||||||||||||||||
Shares of | Additional | Comprehensive | Distributions | Common | Property Trust | operating | operating | consolidated | ||||||||||||||||||||||||||||||||
Beneficial | Paid-In | Income | in Excess of | Shares Held | Shareholders | partnership- | partnership- | joint | ||||||||||||||||||||||||||||||||
Interest | Capital | (loss) | Net Income | in Treasury | Equity | Common | Preferred | ventures | Total Equity | |||||||||||||||||||||||||||||||
Balance at January 1, 2007 (see
note 8) |
$ | 91 | $ | 1,905,654 | $ | 20,323 | $ | (53,886 | ) | $ | (1,327 | ) | $ | 1,870,855 | $ | 87,097 | $ | 210,960 | $ | 419 | $ | 2,169,331 | ||||||||||||||||||
Net proceeds from the issuance of
Common Shares |
2 | 70,363 | | | | 70,365 | | | | 70,365 | ||||||||||||||||||||||||||||||
Net proceeds from the issuance
of noncontrolling interest-
preferred units |
| | | | | | | 99,964 | | 99,964 | ||||||||||||||||||||||||||||||
Net income |
| | | 164,831 | | 164,831 | 7,555 | 17,823 | 101 | 190,310 | ||||||||||||||||||||||||||||||
Distributions |
| | | (227,585 | ) | | (227,585 | ) | (10,512 | ) | (17,828 | ) | (3 | ) | (255,928 | ) | ||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (50,624 | ) | (50,624 | ) | | | | (50,624 | ) | |||||||||||||||||||||||||||
Noncash compensation |
| 8,128 | | | | 8,128 | | | | 8,128 | ||||||||||||||||||||||||||||||
Foreign currency translation
adjustment |
| | 1,055 | | | 1,055 | 1,055 | |||||||||||||||||||||||||||||||||
Redemption of noncontrolling
interest-preferred units |
| | | | | | | (22,959 | ) | | (22,959 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2007 (see
note 8) |
93 | 1,984,145 | 21,378 | (116,640 | ) | (51,951 | ) | 1,837,025 | 84,140 | 287,960 | 517 | 2,209,642 | ||||||||||||||||||||||||||||
Net proceeds from the issuance of
Common Shares |
8 | 206,215 | | | | 206,223 | | | | 206,223 | ||||||||||||||||||||||||||||||
Net income |
| | | 151,942 | | 151,942 | 6,669 | 21,012 | 483 | 180,106 | ||||||||||||||||||||||||||||||
Contributions |
| | | | | | 176 | | | 176 | ||||||||||||||||||||||||||||||
Distributions |
| | | (221,023 | ) | | (221,023 | ) | (10,131 | ) | (21,013 | ) | 130 | (252,037 | ) | |||||||||||||||||||||||||
Noncash compensation |
| 9,152 | | | | 9,152 | | | | 9,152 | ||||||||||||||||||||||||||||||
Foreign currency translation
adjustment |
| | (26,756 | ) | | | (26,756 | ) | | | | (26,756 | ) | |||||||||||||||||||||||||||
Redemption of noncontrolling
interests common units |
| 2,216 | | | | 2,216 | (2,216 | ) | | | | |||||||||||||||||||||||||||||
Balance at December 31, 2008 (see
note 8) |
101 | 2,201,728 | (5,378 | ) | (185,721 | ) | (51,951 | ) | 1,958,779 | 78,638 | 287,959 | 1,130 | 2,326,506 | |||||||||||||||||||||||||||
Net proceeds from the issuance of
Common Shares |
13 | 293,845 | | | | 293,858 | | | | 293,858 | ||||||||||||||||||||||||||||||
Net income |
| | | 56,376 | | 56,376 | 2,113 | 21,012 | (509 | ) | 78,992 | |||||||||||||||||||||||||||||
Distributions |
| | | (208,566 | ) | | (208,566 | ) | (7,513 | ) | (21,012 | ) | | (237,091 | ) | |||||||||||||||||||||||||
Noncash compensation |
| 12,905 | | | | 12,905 | | | | 12,905 | ||||||||||||||||||||||||||||||
Foreign currency translation
Adjustment |
| | 7,717 | | | 7,717 | 282 | | | 7,999 | ||||||||||||||||||||||||||||||
Redemption of noncontrolling
interests common units |
| 1,226 | | | | 1,226 | (1,226 | ) | | | | |||||||||||||||||||||||||||||
Balance at December 31, 2009 |
$ | 114 | $ | 2,509,704 | $ | 2,339 | $ | (337,911 | ) | $ | (51,951 | ) | $ | 2,122,295 | $ | 72,294 | $ | 287,959 | $ | 621 | $ | 2,483,169 | ||||||||||||||||||
46
Table of Contents
(IN THOUSANDS)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
OPERATING ACTIVITIES |
||||||||||||
Net income |
$ | 78,992 | $ | 180,106 | $ | 190,310 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
172,575 | 175,236 | 163,665 | |||||||||
Amortization of deferred financing costs |
5,101 | 4,429 | 4,137 | |||||||||
Impairment charges investment in unconsolidated joint ventures and other |
104,156 | 3,076 | 170 | |||||||||
Debt extinguishment gain |
(1,547 | ) | (2,521 | ) | | |||||||
Equity in (earnings) loss of unconsolidated joint ventures |
(2,161 | ) | (2,805 | ) | 226 | |||||||
Distributions from unconsolidated joint ventures |
663 | 1,660 | 3,550 | |||||||||
Gain on property dispositions |
(25,450 | ) | (37,167 | ) | (35,244 | ) | ||||||
Noncash compensation |
12,905 | 9,152 | 8,128 | |||||||||
Changes in operating assets and liabilities: |
||||||||||||
Restricted cash |
(1,189 | ) | (10,903 | ) | 26,211 | |||||||
Accounts receivable |
8,238 | (4,277 | ) | 4,634 | ||||||||
Deferred rent receivable |
(13,414 | ) | (13,482 | ) | (13,455 | ) | ||||||
Prepaid expenses and other assets |
(19,539 | ) | (26,326 | ) | (14,145 | ) | ||||||
Accounts payable |
(1,099 | ) | (10,913 | ) | 3,974 | |||||||
Accrued interest |
(5,223 | ) | (3,251 | ) | 3,428 | |||||||
Other liabilities |
(14,437 | ) | 3,935 | 1,163 | ||||||||
Net cash provided by operating activities |
298,571 | 265,949 | 346,752 | |||||||||
INVESTING ACTIVITIES |
||||||||||||
Investment in properties |
(73,078 | ) | (60,078 | ) | (307,846 | ) | ||||||
Cash paid for business, net of cash acquired |
| | (626,007 | ) | ||||||||
Investments in and advances to unconsolidated joint ventures |
(5,132 | ) | (8,410 | ) | (227,975 | ) | ||||||
Distributions from unconsolidated joint ventures |
20,721 | 66,660 | 590 | |||||||||
Net proceeds from disposition of properties/land |
181,537 | 382,956 | 996,474 | |||||||||
Investment in development in progress |
(69,410 | ) | (247,393 | ) | (417,877 | ) | ||||||
Investment in land held for development |
(29,391 | ) | (47,857 | ) | (137,051 | ) | ||||||
Increase in deferred leasing costs |
(30,949 | ) | (33,325 | ) | (39,232 | ) | ||||||
Net cash (used in) provided by investing activities |
(5,702 | ) | 52,553 | (758,924 | ) | |||||||
FINANCING ACTIVITIES |
||||||||||||
Net proceeds from issuance of Common Shares |
293,814 | 206,349 | 70,355 | |||||||||
Purchase of treasury shares |
| | (50,624 | ) | ||||||||
Net proceeds from issuance of preferred units |
| | 99,958 | |||||||||
Redemption of preferred units |
| | (23,653 | ) | ||||||||
Net proceeds from issuance of notes payable |
| | 415,063 | |||||||||
Repayments of notes payable |
| | (415,063 | ) | ||||||||
Net proceeds from issuance of unsecured notes |
| | 446,205 | |||||||||
Repayments of unsecured notes |
(287,179 | ) | (20,872 | ) | (250,000 | ) | ||||||
Proceeds from mortgage loans |
330,250 | 2,667 | | |||||||||
Repayments of mortgage loans |
(54,864 | ) | (46,452 | ) | (16,365 | ) | ||||||
Proceeds from credit facility |
199,150 | 572,300 | 1,363,050 | |||||||||
Repayments on credit facility |
(319,150 | ) | (782,300 | ) | (987,050 | ) | ||||||
Increase in deferred financing costs |
(5,550 | ) | (33 | ) | (1,224 | ) | ||||||
Distributions paid on Common Shares |
(201,984 | ) | (231,325 | ) | (226,718 | ) | ||||||
Distributions paid on units |
(28,520 | ) | (31,648 | ) | (27,612 | ) | ||||||
Net cash (used in) provided by financing activities |
(74,033 | ) | (331,314 | ) | 396,322 | |||||||
Increase (decrease) in cash and cash equivalents |
218,836 | (12,812 | ) | (15,850 | ) | |||||||
Increase (decrease) in cash and cash equivalents related to foreign currency translation |
2,816 | (9,383 | ) | 102 | ||||||||
Cash and cash equivalents at beginning of year |
15,794 | 37,989 | 53,737 | |||||||||
Cash and cash equivalents at end of year |
$ | 237,446 | $ | 15,794 | $ | 37,989 | ||||||
47
Table of Contents
Building and improvements
|
40 years (blended) | |
Capital improvements
|
15 20 years | |
Equipment
|
5 10 years | |
Tenant improvements
|
Term of the related lease |
48
Table of Contents
Impairment | ||||
Segment | amount | |||
Midwest |
$ | 6,963 | ||
Philadelphia/D.C. |
64,060 | |||
United Kingdom |
7,779 | |||
Total |
$ | 78,802 | ||
49
Table of Contents
a) | the termination agreement is executed, |
||
b) | the termination fee is determinable, |
||
c) | all landlord services pursuant to the terminated lease have been rendered, and |
||
d) | collectability of the termination fee is assured. |
50
Table of Contents
2009 | 2008 | |||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | |||||||||||||||||||
(Numerator) | (Denominator) | Share | (Numerator) | (Denominator) | Share | |||||||||||||||||||
Basic income from continuing operations |
||||||||||||||||||||||||
Income from continuing operations net of
noncontrolling interest |
$ | 32,444 | 107,550 | $ | 0.30 | $ | 122,688 | 93,615 | $ | 1.31 | ||||||||||||||
Dilutive shares for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income from continuing operations |
||||||||||||||||||||||||
Income from continuing operations net of
noncontrolling interest and assumed conversions |
32,444 | 108,002 | $ | 0.30 | 122,688 | 93,804 | $ | 1.31 | ||||||||||||||||
Basic income from discontinued operations |
||||||||||||||||||||||||
Discontinued operations net of noncontrolling interest |
23,932 | 107,550 | $ | 0.22 | 29,254 | 93,615 | $ | 0.31 | ||||||||||||||||
Dilutive shares for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income from discontinued operations |
||||||||||||||||||||||||
Discontinued operations net of noncontrolling interest |
23,932 | 108,002 | $ | 0.22 | 29,254 | 93,804 | $ | 0.31 | ||||||||||||||||
Basic income per common share |
||||||||||||||||||||||||
Net income available to common shareholders |
56,376 | 107,550 | $ | 0.52 | 151,942 | 93,615 | $ | 1.62 | ||||||||||||||||
Dilutive shares for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income per common share |
||||||||||||||||||||||||
Net income available to common shareholders and
assumed conversions |
$ | 56,376 | 108,002 | $ | 0.52 | $ | 151,942 | 93,804 | $ | 1.62 | ||||||||||||||
51
Table of Contents
2007 | ||||||||||||
Weighted | ||||||||||||
Average | ||||||||||||
Income | Shares | Per | ||||||||||
(Numerator) | (Denominator) | Share | ||||||||||
Basic income from continuing operations |
||||||||||||
Income from continuing operations net of noncontrolling interest |
$ | 117,840 | 91,197 | $ | 1.27 | |||||||
Dilutive shares for long-term compensation plans |
| 606 | ||||||||||
Diluted income from continuing operations |
||||||||||||
Income from continuing operations net of noncontrolling interest and assumed conversions |
117,840 | 91,803 | $ | 1.26 | ||||||||
Basic income from discontinued operations |
||||||||||||
Discontinued operations net of noncontrolling interest |
46,991 | 91,197 | $ | 0.54 | ||||||||
Dilutive shares for long-term compensation plans |
| 606 | ||||||||||
Diluted income from discontinued operations |
||||||||||||
Discontinued operations net of noncontrolling interest |
46,991 | 91,803 | $ | 0.54 | ||||||||
Basic income per common share |
||||||||||||
Net income available to common shareholders |
164,831 | 91,197 | $ | 1.81 | ||||||||
Dilutive shares for long-term compensation plans |
| 606 | ||||||||||
Diluted income per common share |
||||||||||||
Net income available to common shareholders and assumed conversions |
$ | 164,831 | 91,803 | $ | 1.80 | |||||||
52
Table of Contents
Land | Buildings | |||||||||||||||
And Land | And | Accumulated | ||||||||||||||
Improvements | Improvements | Total | Depreciation | |||||||||||||
2009 |
||||||||||||||||
Industrial properties |
$ | 377,201 | $ | 1,902,838 | $ | 2,280,039 | $ | 475,180 | ||||||||
Office properties |
473,358 | 2,507,416 | 2,980,774 | 618,766 | ||||||||||||
2009 Total |
$ | 850,559 | $ | 4,410,254 | $ | 5,260,813 | $ | 1,093,946 | ||||||||
2008 |
||||||||||||||||
Industrial properties |
$ | 354,753 | $ | 1,795,335 | $ | 2,150,088 | $ | 423,415 | ||||||||
Office properties |
447,010 | 2,396,026 | 2,843,036 | 539,628 | ||||||||||||
2008 Total |
$ | 801,763 | $ | 4,191,361 | $ | 4,993,124 | $ | 963,043 | ||||||||
53
Table of Contents
2009 Sales | Number of | Leaseable | ||||||||||
Segment | Buildings | Square Feet | Gross Proceeds | |||||||||
(in thousands) | ||||||||||||
Northeast |
||||||||||||
Southeastern PA |
8 | 595,712 | $ | 43,920 | ||||||||
New Jersey |
5 | 379,529 | 37,564 | |||||||||
Midwest |
3 | 338,690 | 17,540 | |||||||||
Mid-Atlantic |
9 | 671,633 | 51,263 | |||||||||
Florida |
4 | 296,540 | 15,275 | |||||||||
Total |
29 | 2,282,104 | $ | 165,562 | ||||||||
2008 Sales | Number of | Leaseable | ||||||||||
Segment | Buildings | Square Feet | Gross Proceeds | |||||||||
(in thousands) | ||||||||||||
Northeast |
||||||||||||
Southeastern PA |
2 | 166,160 | $ | 33,557 | ||||||||
New Jersey |
5 | 159,989 | 15,100 | |||||||||
Midwest |
3 | 125,876 | 9,420 | |||||||||
Mid-Atlantic |
2 | 129,150 | 16,650 | |||||||||
Florida |
1 | 83,583 | 5,300 | |||||||||
Total |
13 | 664,758 | $ | 80,027 | ||||||||
54
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55
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56
Table of Contents
December 31, 2009 | ||||||||||||||||||||||||||||||||
Blythe | Liberty Commerz | |||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Liberty | 1701 JFK | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | Washington, LP | Boulevard, LP | Other | Total | |||||||||||||||||||||||||
Real estate assets |
$ | 132,016 | $ | 190,110 | $ | 229,149 | $ | 209,869 | $ | 777,491 | $ | 493,119 | $ | 72,954 | $ | 2,104,708 | ||||||||||||||||
Accumulated depreciation |
(19,689 | ) | (13,081 | ) | (18,409 | ) | (10,651 | ) | (50,090 | ) | (27,880 | ) | (2,204 | ) | (142,004 | ) | ||||||||||||||||
Real estate assets, net |
112,327 | 177,029 | 210,740 | 199,218 | 727,401 | 465,239 | 70,750 | 1,962,704 | ||||||||||||||||||||||||
Development in progress |
| | 21,800 | | 111,830 | | | 133,630 | ||||||||||||||||||||||||
Land held for development |
2,735 | | 42,723 | 48,013 | 2,000 | | 22,083 | 117,554 | ||||||||||||||||||||||||
Other assets |
11,755 | 9,855 | 11,993 | 12,667 | 52,722 | 46,821 | 34,698 | 180,511 | ||||||||||||||||||||||||
Total assets |
$ | 126,817 | $ | 186,884 | $ | 287,256 | $ | 259,898 | $ | 893,953 | $ | 512,060 | $ | 127,531 | $ | 2,394,399 | ||||||||||||||||
Debt |
$ | 76,765 | $ | 153,549 | $ | 151,270 | $ | 199,370 | $ | 347,046 | $ | 324,000 | $ | 54,935 | $ | 1,306,935 | ||||||||||||||||
Other liabilities |
2,104 | 41,826 | 6,786 | 51,262 | 31,706 | 10,478 | 17,149 | 161,311 | ||||||||||||||||||||||||
Equity |
47,948 | (8,491 | ) | 129,200 | 9,266 | 515,201 | 177,582 | 55,447 | 926,153 | |||||||||||||||||||||||
Total liabilities and equity |
$ | 126,817 | $ | 186,884 | $ | 287,256 | $ | 259,898 | $ | 893,953 | $ | 512,060 | $ | 127,531 | $ | 2,394,399 | ||||||||||||||||
Companys net investment in
unconsolidated joint
ventures (1) |
$ | 11,238 | $ | 3,198 | $ | 19,567 | $ | 3,383 | $ | 73,369 | $ | 36,461 | $ | 28,368 | $ | 175,584 | ||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Blythe | Liberty | Commerz 1701 | ||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Real estate assets |
$ | 119,523 | $ | 170,521 | $ | 227,318 | $ | 189,256 | $ | 804,587 | $ | 492,189 | $ | 57,933 | $ | 2,061,327 | ||||||||||||||||
Accumulated depreciation |
(16,285 | ) | (8,971 | ) | (12,436 | ) | (5,301 | ) | (28,515 | ) | (14,013 | ) | (790 | ) | (86,311 | ) | ||||||||||||||||
Real estate assets, net |
103,238 | 161,550 | 214,882 | 183,955 | 776,072 | 478,176 | 57,143 | 1,975,016 | ||||||||||||||||||||||||
Development in progress |
9,948 | | 16,252 | | 101,653 | | 7,524 | 135,377 | ||||||||||||||||||||||||
Land held for development |
2,733 | | 42,338 | 42,668 | 7,859 | | 14,435 | 110,033 | ||||||||||||||||||||||||
Other assets |
13,585 | 10,481 | 9,506 | 10,353 | 58,485 | 65,495 | 31,654 | 199,559 | ||||||||||||||||||||||||
Total assets |
$ | 129,504 | $ | 172,031 | $ | 282,978 | $ | 236,976 | $ | 944,069 | $ | 543,671 | $ | 110,756 | $ | 2,419,985 | ||||||||||||||||
Debt |
$ | 82,813 | $ | 138,634 | $ | 145,504 | $ | 180,004 | $ | 350,121 | $ | 324,000 | $ | 38,830 | $ | 1,259,906 | ||||||||||||||||
Other liabilities |
2,168 | 38,112 | 7,481 | 37,899 | 40,919 | 32,362 | 19,764 | 178,705 | ||||||||||||||||||||||||
Equity |
44,523 | (4,715 | ) | 129,993 | 19,073 | 553,029 | 187,309 | 52,162 | 981,374 | |||||||||||||||||||||||
Total liabilities and equity |
$ | 129,504 | $ | 172,031 | $ | 282,978 | $ | 236,976 | $ | 944,069 | $ | 543,671 | $ | 110,756 | $ | 2,419,985 | ||||||||||||||||
Companys net investment in
unconsolidated joint ventures (1) |
$ | 10,355 | $ | 3,415 | $ | 26,583 | $ | 9,129 | $ | 138,102 | $ | 50,899 | $ | 28,119 | $ | 266,602 | ||||||||||||||||
(1) | Differences between the Companys net investment in unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of impairments
related to the Companys investment in unconsolidated joint ventures, the deferral of gains
associated with the sales of properties to joint ventures in which the Company retains an
ownership interest and loans made to the joint ventures by the Company. Differences between
historical cost basis and the basis reflected at the joint venture level (other than loans) is
typically depreciated over the life of the related asset. |
57
Table of Contents
Year Ended December 31, 2009 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Blythe | Liberty | Commerz 1701 | ||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 18,407 | $ | 16,197 | $ | 22,191 | $ | 13,325 | $ | 74,850 | $ | 61,094 | $ | 4,928 | $ | 210,992 | ||||||||||||||||
Operating expense |
6,559 | 2,649 | 8,350 | 6,120 | 26,159 | 21,170 | 2,435 | 73,442 | ||||||||||||||||||||||||
11,848 | 13,548 | 13,841 | 7,205 | 48,691 | 39,924 | 2,493 | 137,550 | |||||||||||||||||||||||||
Interest |
(4,992 | ) | (7,674 | ) | (7,469 | ) | (13,084 | ) | (17,086 | ) | (20,455 | ) | (2,915 | ) | (73,675 | ) | ||||||||||||||||
Depreciation and amortization |
(4,255 | ) | (4,559 | ) | (7,117 | ) | (5,576 | ) | (30,727 | ) | (15,498 | ) | (1,594 | ) | (69,326 | ) | ||||||||||||||||
Other income/(expense) |
131 | (602 | ) | (50 | ) | (175 | ) | 280 | (378 | ) | 156 | (638 | ) | |||||||||||||||||||
Impairment charges |
| | | | (39,380 | ) | | | (39,380 | ) | ||||||||||||||||||||||
Net income (loss) |
$ | 2,732 | $ | 713 | $ | (795 | ) | $ | (11,630 | ) | $ | (38,222 | ) | $ | 3,593 | $ | (1,860 | ) | $ | (45,469 | ) | |||||||||||
Companys equity in earnings (loss)
of unconsolidated joint ventures |
$ | 905 | $ | 334 | $ | 181 | $ | (1,318 | ) | $ | 1,649 | $ | 1,241 | $ | (831 | ) | $ | 2,161 | ||||||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Blythe | Liberty | Commerz 1701 | ||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 19,075 | $ | 18,057 | $ | 22,811 | $ | 15,386 | $ | 76,552 | $ | 43,607 | $ | 3,056 | $ | 198,544 | ||||||||||||||||
Operating expense |
7,074 | 2,490 | 7,003 | 2,377 | 24,440 | 15,080 | 709 | 59,173 | ||||||||||||||||||||||||
12,001 | 15,567 | 15,808 | 13,009 | 52,112 | 28,527 | 2,347 | 139,371 | |||||||||||||||||||||||||
Interest |
(4,522 | ) | (9,900 | ) | (7,833 | ) | (14,253 | ) | (17,670 | ) | (15,454 | ) | (2,057 | ) | (71,689 | ) | ||||||||||||||||
Depreciation and amortization |
(4,162 | ) | (5,272 | ) | (7,378 | ) | (5,911 | ) | (34,951 | ) | (10,941 | ) | (862 | ) | (69,477 | ) | ||||||||||||||||
Other income/(expense) |
2,473 | (924 | ) | 195 | (467 | ) | 722 | 191 | (96 | ) | 2,094 | |||||||||||||||||||||
Gain on sale |
(3 | ) | | | | | | 102 | 99 | |||||||||||||||||||||||
Net income (loss) |
$ | 5,787 | $ | (529 | ) | $ | 792 | $ | (7,622 | ) | $ | 213 | $ | 2,323 | $ | (566 | ) | $ | 398 | |||||||||||||
Companys equity in earnings
(loss) of unconsolidated
joint ventures |
$ | 1,645 | $ | 167 | $ | 549 | $ | (1,370 | ) | $ | 1,288 | $ | 685 | $ | (159 | ) | $ | 2,805 | ||||||||||||||
58
Table of Contents
Year Ended December 31, 2007 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Blythe | Liberty | Commerz 1701 | ||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 18,457 | $ | 19,696 | $ | 17,360 | $ | 5,920 | $ | 18,203 | $ | | $ | 397 | $ | 80,033 | ||||||||||||||||
Operating expense |
5,807 | 2,374 | 4,433 | 5,265 | 4,273 | | 131 | 22,283 | ||||||||||||||||||||||||
12,650 | 17,322 | 12,927 | 655 | 13,930 | | 266 | 57,750 | |||||||||||||||||||||||||
Interest |
(4,240 | ) | (14,583 | ) | (6,297 | ) | (6,009 | ) | (4,299 | ) | | (253 | ) | (35,681 | ) | |||||||||||||||||
Depreciation and amortization |
(4,228 | ) | (7,058 | ) | (6,316 | ) | (2,201 | ) | (8,969 | ) | | (70 | ) | (28,842 | ) | |||||||||||||||||
Other income/(expense) |
(76 | ) | (645 | ) | (266 | ) | (220 | ) | (1,337 | ) | | 359 | (2,185 | ) | ||||||||||||||||||
Gain on sale |
524 | | | | | | 867 | 1,391 | ||||||||||||||||||||||||
Net income (loss) |
$ | 4,630 | $ | (4,964 | ) | $ | 48 | $ | (7,775 | ) | $ | (675 | ) | $ | | $ | 1,169 | $ | (7,567 | ) | ||||||||||||
Companys equity in earnings
(loss) of unconsolidated
joint ventures |
$ | 1,320 | $ | (732 | ) | $ | 399 | $ | (1,514 | ) | $ | (232 | ) | $ | | $ | 533 | $ | (226 | ) | ||||||||||||
December 31, | ||||||||
2009 | 2008 | |||||||
Deferred leasing costs |
$ | 188,043 | $ | 185,387 | ||||
Deferred financing costs |
40,952 | 39,972 | ||||||
In-place lease value and related intangible asset |
38,743 | 46,346 | ||||||
267,738 | 271,705 | |||||||
Accumulated amortization |
(133,429 | ) | (139,078 | ) | ||||
Total |
$ | 134,309 | $ | 132,627 | ||||
59
Table of Contents
| total debt to total assets may not exceed 0.60:1; |
||
| earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1; |
||
| unsecured debt to unencumbered asset value must equal or be less than 60%; and |
||
| unencumbered net operating income to unsecured interest expense must equal or exceed
200%. |
60
Table of Contents
Weighted | ||||||||||||||||||||||||
Mortgages | Average | |||||||||||||||||||||||
Principal | Principal | Unsecured | Credit | Interest | ||||||||||||||||||||
Amortization | Maturities | Notes | Facility | Total | Rate | |||||||||||||||||||
2010 |
$ | 6,416 | $ | 4,736 | $ | 169,739 | $ | | $ | 180,891 | 8.34 | % | ||||||||||||
2011 |
6,753 | 10,741 | 246,500 | 140,000 | 403,994 | 4.74 | % | |||||||||||||||||
2012 |
4,643 | 190,349 | (1) | 230,100 | | 425,092 | 6.65 | % | ||||||||||||||||
2013 |
3,858 | 4,511 | | | 8,369 | 5.79 | % | |||||||||||||||||
2014 |
4,352 | 2,684 | 200,000 | | 207,036 | 5.67 | % | |||||||||||||||||
2015 |
3,932 | 44,469 | 300,000 | | 348,401 | 5.25 | % | |||||||||||||||||
2016 |
2,461 | 182,318 | 300,000 | | 484,779 | 6.11 | % | |||||||||||||||||
2017 |
1,770 | | 296,543 | | 298,313 | 6.62 | % | |||||||||||||||||
2018 & thereafter |
| | 100,000 | | 100,000 | 7.50 | % | |||||||||||||||||
$ | 34,185 | $ | 439,808 | $ | 1,842,882 | $ | 140,000 | $ | 2,456,875 | 6.15 | % | |||||||||||||
(1) | There are two one-year extensions for $160,456 of mortgages. |
2010 |
$ | 478,755 | ||
2011 |
433,482 | |||
2012 |
378,623 | |||
2013 |
318,552 | |||
2014 |
251,582 | |||
Thereafter |
841,383 | |||
TOTAL |
$ | 2,702,377 | ||
2009 | 2008 | 2007 | ||||||||||
Ordinary dividend |
$ | 1.6772 | $ | 2.0186 | $ | 1.6771 | ||||||
Qualified dividend |
| 0.3422 | 0.0904 | |||||||||
Capital gain 15% |
0.0976 | 0.0664 | 0.3543 | |||||||||
IRC Sec 1250 recapture gain 25% |
0.1252 | 0.0728 | 0.3632 | |||||||||
Return of capital |
| | | |||||||||
Total |
$ | 1.9000 | $ | 2.5000 | $ | 2.4850 | ||||||
61
Table of Contents
Date of | Liquidation | Dividend | Redeemable | |||||||||||||||||||
Issue | Issue | Amount | Units | Preference | Rate | As of | Exchangeable after | |||||||||||||||
(in 000s) | ||||||||||||||||||||||
7/28/99 |
Series B | $ | 95,000 | 3,800 | $ | 25 | 7.45 | % | 8/31/09 | 8/31/13 into Series B Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
6/16/05 |
Series E | $ | 20,000 | 400 | $ | 50 | 7.00 | % | 6/16/10 | 6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
6/30/05 |
Series F | $ | 44,000 | 880 | $ | 50 | 6.65 | % | 6/30/10 | 12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
8/23/05 |
Series F | $ | 6,000 | 120 | $ | 50 | 6.65 | % | 6/30/10 | 12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
12/15/06 |
Series G | $ | 27,000 | 540 | $ | 50 | 6.70 | % | 12/15/11 | 12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
8/21/07 |
Series H | $ | 100,000 | 4,000 | $ | 25 | 7.40 | % | 8/21/12 | 8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust |
62
Table of Contents
2009 | 2008 | 2007 | ||||||||||
Distributions (in millions) |
$ | 21.0 | $ | 21.0 | $ | 17.1 | ||||||
Distribution per unit: |
||||||||||||
Series B |
$ | 1.86 | $ | 1.86 | $ | 1.86 | ||||||
Series D |
| | $ | 1.74 | ||||||||
Series E |
$ | 3.50 | $ | 3.50 | $ | 3.50 | ||||||
Series F |
$ | 3.33 | $ | 3.33 | $ | 3.33 | ||||||
Series G |
$ | 3.35 | $ | 3.35 | $ | 3.35 | ||||||
Series H |
$ | 1.85 | $ | 1.85 | $ | 0.67 |
63
Table of Contents
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Risk-free interest rate |
1.6 | % | 2.7 | % | 4.6 | % | ||||||
Dividend yield |
8.5 | % | 7.0 | % | 5.1 | % | ||||||
Volatility factor |
0.325 | 0.221 | 0.183 | |||||||||
Weighted-average expected life |
5 years | 5 years | 5 years |
Weighted | ||||||||
Average | ||||||||
Options | Exercise | |||||||
(000s) | Price | |||||||
Outstanding at January 1, 2009 |
2,892 | $ | 34.09 | |||||
Granted |
514 | 20.44 | ||||||
Exercised |
(187 | ) | 22.79 | |||||
Forfeited |
(35 | ) | 28.07 | |||||
Outstanding at December 31, 2009 |
3,184 | $ | 32.61 | |||||
Exercisable at December 31, 2009 |
1,950 | $ | 35.21 |
64
Table of Contents
Weighted Avg | ||||||||
Shares | Grant Date | |||||||
(000s) | Fair value | |||||||
Nonvested at January 1, 2009 |
358 | $ | 39.13 | |||||
Granted |
345 | 20.52 | ||||||
Vested |
(107 | ) | 41.48 | |||||
Nonvested at December 31, 2009 |
596 | $ | 27.94 | |||||
65
Table of Contents
Quarter Ended | ||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||||||||
2009 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||||||
Operating revenue |
$ | 187,577 | $ | 187,295 | $ | 183,967 | $ | 185,418 | $ | 184,767 | $ | 182,360 | $ | 178,412 | $ | 185,813 | ||||||||||||||||
Income from continuing operations |
(57,586 | ) | 39,958 | 38,728 | 33,082 | 47,958 | 33,831 | 33,823 | 33,948 | |||||||||||||||||||||||
Discontinued operations |
8,780 | 10,786 | 4,484 | 760 | 11,421 | 12,122 | 4,555 | 2,448 | ||||||||||||||||||||||||
Net Income |
(48,806 | ) | 50,744 | 43,212 | 33,842 | 59,379 | 45,953 | 38,378 | 36,396 | |||||||||||||||||||||||
Income per common share basic (1) |
(0.46 | ) | 0.39 | 0.35 | 0.28 | 0.53 | 0.41 | 0.34 | 0.33 | |||||||||||||||||||||||
Income per common share diluted
(1) |
(0.46 | ) | 0.39 | 0.35 | 0.28 | 0.53 | 0.41 | 0.34 | 0.33 | |||||||||||||||||||||||
(1) | The sum of quarterly financial data may vary from the annual data due to rounding. |
66
Table of Contents
Reportable Segments | Markets | |
Northeast |
Southeastern PA; Lehigh/Central PA; New Jersey | |
Midwest |
Minnesota; Milwaukee; Chicago | |
Mid-Atlantic |
Maryland; Carolinas; Richmond; Virginia Beach | |
South |
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona | |
Philadelphia/D.C. |
Philadelphia; Northern Virginia/Washington, D.C. | |
United Kingdom |
County of Kent; West Midlands |
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeastern | Central | New | phila- | united | ||||||||||||||||||||||||||||||||
PA | PA | Jersey | Midwest | mid-atlantic | South | delphia | kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 183,794 | $ | 100,746 | $ | 31,089 | $ | 82,817 | $ | 136,607 | $ | 182,740 | $ | 22,061 | $ | 4,403 | $ | 744,257 | ||||||||||||||||||
Rental property
expenses and real
estate taxes |
59,496 | 27,374 | 12,724 | 31,693 | 40,173 | 59,036 | 5,213 | 935 | 236,644 | |||||||||||||||||||||||||||
Property level
operating income |
$ | 124,298 | $ | 73,372 | $ | 18,365 | $ | 51,124 | $ | 96,434 | $ | 123,704 | $ | 16,848 | $ | 3,468 | $ | 507,613 | ||||||||||||||||||
Interest and other income |
11,503 | |||||||||||||||||||||||||||||||||||
Debt extinguishment gain |
1,547 | |||||||||||||||||||||||||||||||||||
Interest expense |
(149,569 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(51,250 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(170,764 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income
taxes, equity in earnings
of unconsolidated joint ventures and impairment charges |
149,080 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
1,687 | |||||||||||||||||||||||||||||||||||
Income taxes |
(494 | ) | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
2,161 | |||||||||||||||||||||||||||||||||||
Impairment charges investment in unconsolidated joint
ventures and other |
(82,552 | ) | ||||||||||||||||||||||||||||||||||
goodwill |
(15,700 | ) | ||||||||||||||||||||||||||||||||||
Discontinued operations |
24,810 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 78,992 | ||||||||||||||||||||||||||||||||||
67
Table of Contents
Northeast | ||||||||||||||||||||||||||||||||||||
Southeastern | Lehigh/ Central | New | mid- | phila- | united | |||||||||||||||||||||||||||||||
PA | PA | Jersey | Midwest | atlantic | South | delphia | kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 176,494 | $ | 97,066 | $ | 32,528 | $ | 81,715 | $ | 138,646 | $ | 171,138 | $ | 29,426 | $ | 4,339 | $ | 731,352 | ||||||||||||||||||
Rental property
expenses and real
estate taxes |
57,251 | 26,273 | 12,888 | 30,011 | 40,482 | 57,192 | 7,791 | 1,044 | 232,932 | |||||||||||||||||||||||||||
Property level
operating income |
$ | 119,243 | $ | 70,793 | $ | 19,640 | $ | 51,704 | $ | 98,164 | $ | 113,946 | $ | 21,635 | $ | 3,295 | $ | 498,420 | ||||||||||||||||||
Interest and other income |
13,440 | |||||||||||||||||||||||||||||||||||
Debt extinguishment gain |
2,521 | |||||||||||||||||||||||||||||||||||
Interest expense |
(152,896 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(54,467 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(169,190 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income taxes and
equity in earnings of unconsolidated
joint ventures |
137,828 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
10,572 | |||||||||||||||||||||||||||||||||||
Income taxes |
(1,645 | ) | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
2,805 | |||||||||||||||||||||||||||||||||||
Discontinued operations |
30,546 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 180,106 | ||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ Central | phila- | |||||||||||||||||||||||||||||||||||
Southeastern PA | PA | New Jersey | Midwest | mid-atlantic | South | delphia | united kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 170,507 | $ | 89,940 | $ | 30,684 | $ | 77,980 | $ | 124,539 | $ | 148,816 | $ | 23,963 | $ | 2,715 | $ | 669,144 | ||||||||||||||||||
Rental property
expenses and real
estate taxes |
56,417 | 23,044 | 11,939 | 27,051 | 37,342 | 49,687 | 5,637 | 35 | 211,152 | |||||||||||||||||||||||||||
Property level
operating income |
$ | 114,090 | $ | 66,896 | $ | 18,745 | $ | 50,929 | $ | 87,197 | $ | 99,129 | $ | 18,326 | $ | 2,680 | $ | 457,992 | ||||||||||||||||||
Interest and other income |
11,678 | |||||||||||||||||||||||||||||||||||
Interest expense |
(124,217 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(54,325 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(151,908 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income taxes, equity in loss of
of unconsolidated joint ventures and impairment charges |
139,220 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
1,633 | |||||||||||||||||||||||||||||||||||
Income taxes |
709 | |||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures |
(226 | ) | ||||||||||||||||||||||||||||||||||
Impairment charges investment in unconsolidated joint ventures and other |
(170 | ) | ||||||||||||||||||||||||||||||||||
Discontinued operations |
49,144 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 190,310 | ||||||||||||||||||||||||||||||||||
68
Table of Contents
Real Estate Related Revenues | ||||||||||||
Year Ended December 31, | ||||||||||||
Product Type Information | 2009 | 2008 | 2007 | |||||||||
Industrial |
$ | 301,781 | $ | 291,775 | $ | 265,279 | ||||||
Office |
442,476 | 439,577 | 403,865 | |||||||||
Total operating revenue |
$ | 744,257 | $ | 731,352 | $ | 669,144 | ||||||
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeaste | Central | Mid- | Phila- | United | ||||||||||||||||||||||||||||||||
rn PA | PA | New Jersey | Midwest | Atlantic | South | Delphia | Kingdom (1) | Total | ||||||||||||||||||||||||||||
January 1, 2009 |
$ | 1,112,233 | $ | 727,520 | $ | 189,010 | $ | 541,836 | $ | 983,588 | $ | 1,290,144 | $ | 110,380 | $ | 38,413 | $ | 4,993,124 | ||||||||||||||||||
Additions |
10,976 | 99,544 | 3,754 | 11,449 | 63,173 | 96,345 | 36,299 | 4,088 | 325,628 | |||||||||||||||||||||||||||
Dispositions |
(2,131 | ) | (4,855 | ) | (16,125 | ) | (7,353 | ) | (17,759 | ) | (9,716 | ) | | | (57,939 | ) | ||||||||||||||||||||
December 31, 2009 |
$ | 1,121,078 | $ | 822,209 | $ | 176,639 | $ | 545,932 | $ | 1,029,002 | $ | 1,376,773 | $ | 146,679 | $ | 42,501 | 5,260,813 | |||||||||||||||||||
Accumulated depreciation |
(1,093,946 | ) | ||||||||||||||||||||||||||||||||||
Development in progress |
66,714 | |||||||||||||||||||||||||||||||||||
Land held for development |
218,633 | |||||||||||||||||||||||||||||||||||
Other assets |
775,207 | |||||||||||||||||||||||||||||||||||
Total assets at December 31, 2009 |
$ | 5,227,421 | ||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeastern | Central | Phila- | United | |||||||||||||||||||||||||||||||||
PA | PA | New Jersey | Midwest | Mid-Atlantic | South | Delphia | Kingdom (1) | Total | ||||||||||||||||||||||||||||
January 1, 2008 |
$ | 1,095,369 | $ | 655,619 | $ | 177,218 | $ | 543,445 | $ | 948,115 | $ | 1,184,349 | $ | 470,548 | $ | 51,532 | $ | 5,126,195 | ||||||||||||||||||
Additions |
40,096 | 71,901 | 22,713 | 7,319 | 50,811 | 109,095 | 7,729 | (13,119 | ) | 296,545 | ||||||||||||||||||||||||||
Dispositions |
(23,232 | ) | | (10,921 | ) | (8,928 | ) | (15,338 | ) | (3,300 | ) | (367,897 | ) | | (429,616 | ) | ||||||||||||||||||||
December 31, 2008 |
$ | 1,112,233 | $ | 727,520 | $ | 189,010 | $ | 541,836 | $ | 983,588 | $ | 1,290,144 | $ | 110,380 | $ | 38,413 | 4,993,124 | |||||||||||||||||||
Accumulated depreciation |
(963,043 | ) | ||||||||||||||||||||||||||||||||||
Development in progress |
245,463 | |||||||||||||||||||||||||||||||||||
Land held for development |
209,551 | |||||||||||||||||||||||||||||||||||
Assets held for sale |
98,706 | |||||||||||||||||||||||||||||||||||
Other assets |
633,234 | |||||||||||||||||||||||||||||||||||
Total assets at December 31, 2008 |
$ | 5,217,035 |
(1) | United Kingdom additions are impacted by foreign currency translation gain or loss. |
69
Table of Contents
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Revenues |
$ | 15,491 | $ | 30,531 | $ | 61,067 | ||||||
Operating expenses |
(3,833 | ) | (11,462 | ) | (22,358 | ) | ||||||
Interest expense |
(2,195 | ) | (4,982 | ) | (9,798 | ) | ||||||
Depreciation and amortization |
(2,512 | ) | (7,060 | ) | (13,378 | ) | ||||||
Income before property
dispositions and impairment
charges |
$ | 6,951 | $ | 7,027 | $ | 15,533 | ||||||
Year Ended December 31, | ||||||||||||
Segment | 2009 | 2008 | 2007 | |||||||||
Northeast |
$ | 1,251 | $ | 957 | $ | 39 | ||||||
Midwest |
837 | 1,490 | 131 | |||||||||
Mid-Atlantic |
3,992 | 629 | | |||||||||
Florida |
292 | | | |||||||||
Philadelphia/D.C. |
3,137 | | | |||||||||
Total |
$ | 9,509 | $ | 3,076 | $ | 170 | ||||||
70
Table of Contents
2009 | 2008 | 2007 | ||||||||||
Write-off of fully depreciated property and deferred costs |
$ | 76,714 | $ | 31,421 | $ | 102,902 | ||||||
Acquisition of properties |
| | (73,556 | ) | ||||||||
Assumption of mortgage loans |
| | 73,556 | |||||||||
Increase in investment in unconsolidated joint ventures |
| (35,172 | ) | | ||||||||
Disposition of properties/development in progress |
| 173,624 | | |||||||||
Disposition of deferred leasing/financing costs |
| 12,526 | | |||||||||
Reduction of accounts receivable |
| 7,854 | | |||||||||
Reduction of deferred rent receivable |
| 6,580 | | |||||||||
Reduction of prepaid and other assets |
| 38,486 | | |||||||||
Reduction of Credit Facility |
| (152,960 | ) | | ||||||||
Reduction of other liabilities |
| (50,938 | ) | |
71
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
OPERATING PROPERTIES |
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1501 Perryman Road |
Aberdeen, MD | | 5,813,324 | 18,874,059 | 4,804,279 | 5,816,839 | 23,674,823 | 29,491,662 | 2,192,955 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
2196 Avenue C |
Allentown, PA | | 101,159 | | 1,377,970 | 107,307 | 1,371,822 | 1,479,129 | 864,539 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
2202 Hanger Place |
Allentown, PA | * | 137,439 | | 1,341,155 | 138,127 | 1,340,466 | 1,478,594 | 919,724 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
7437 Industrial Boulevard |
Allentown, PA | * | 717,488 | 5,022,413 | 3,000,614 | 726,651 | 8,013,864 | 8,740,515 | 3,362,998 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
7339 Industrial Boulevard |
Allentown, PA | * | 1,187,776 | | 7,309,880 | 1,197,447 | 7,300,209 | 8,497,656 | 2,749,783 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
400 Nestle Way |
Allentown, PA | 19,993,555 | 8,065,500 | | 27,420,765 | 8,184,096 | 27,302,169 | 35,486,265 | 9,791,909 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7248 Industrial Boulevard |
Allentown, PA | | 2,670,849 | 13,307,408 | 4,089,940 | 2,670,673 | 17,397,523 | 20,068,197 | 5,075,727 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
700 Nestle Way |
Allentown, PA | * | 3,473,120 | | 20,083,721 | 4,174,970 | 19,381,870 | 23,556,841 | 6,104,911 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7562 Penn Drive |
Allentown, PA | | 269,614 | 844,069 | 213,047 | 269,614 | 1,057,116 | 1,326,730 | 354,746 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
7277 Williams Avenue |
Allentown, PA | | 462,964 | 1,449,009 | 436,346 | 463,123 | 1,885,196 | 2,348,319 | 736,944 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
7355 Williams Avenue |
Allentown, PA | | 489,749 | 1,658,091 | 314,252 | 489,749 | 1,972,343 | 2,462,092 | 640,184 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
794 Roble Road |
Allentown, PA | | 1,147,541 | 6,088,041 | 1,183,790 | 1,147,541 | 7,271,832 | 8,419,373 | 2,526,061 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
6923 Schantz Spring Road |
Allentown, PA | * | 1,127,805 | 3,309,132 | 660,579 | 1,127,805 | 3,969,711 | 5,097,516 | 1,163,852 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
8014 Industrial Boulevard |
Allentown, PA | * | 4,019,258 | | 9,764,774 | 3,645,117 | 10,138,915 | 13,784,032 | 3,341,045 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
705 Boulder Drive |
Allentown, PA | * | 4,484,096 | | 15,194,668 | 4,486,836 | 15,191,928 | 19,678,764 | 3,524,004 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
651 Boulder Drive |
Allentown, PA | | 4,308,646 | | 18,056,549 | 4,308,646 | 18,056,549 | 22,365,194 | 3,827,258 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8150 Industrial Boulevard |
Allentown, PA | * | 2,564,167 | 8,911,345 | 2,571,466 | 8,904,047 | 11,475,513 | 2,171,847 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
8250 Industrial Boulevard |
Allentown, PA | * | 1,025,667 | 5,346,179 | 1,035,854 | 5,335,991 | 6,371,846 | 1,109,398 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
650 Boulder Drive |
Allentown, PA | * | 5,208,248 | 31,405,185 | 9,961,788 | 26,651,645 | 36,613,433 | 4,756,705 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7165 Ambassador Drive |
Allentown, PA | * | 792,999 | | 4,533,868 | 804,848 | 4,522,019 | 5,326,867 | 1,016,649 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
200 Boulder Drive |
Allentown, PA | * | 4,722,683 | 18,922,645 | 541,304 | 4,722,683 | 19,463,949 | 24,186,632 | 2,588,889 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
250 Boulder Drive |
Allentown, PA | * | 3,599,936 | 12,099,145 | 2,087,298 | 3,717,733 | 14,068,646 | 17,786,379 | 2,088,906 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8400 Industrial Boulevard |
Allentown, PA | | 6,725,948 | | 27,103,907 | 7,521,211 | 26,308,644 | 33,829,856 | 2,205,417 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
6560 Stonegate Drive |
Allentown, PA | | 458,281 | | 2,833,097 | 458,945 | 2,832,433 | 3,291,378 | 1,466,473 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6370 Hedgewood Drive |
Allentown, PA | | 540,795 | | 3,744,192 | 541,459 | 3,743,528 | 4,284,987 | 1,868,661 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6390 Hedgewood Drive |
Allentown, PA | | 707,203 | | 2,765,090 | 707,867 | 2,764,425 | 3,472,293 | 1,512,805 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6350 Hedgewood Drive |
Allentown, PA | * | 360,027 | | 3,885,003 | 560,691 | 3,684,339 | 4,245,030 | 1,677,570 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6330 Hedgewood Drive |
Allentown, PA | | 531,268 | | 4,920,859 | 532,047 | 4,920,080 | 5,452,127 | 2,774,933 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6580 Snowdrift Road |
Allentown, PA | | 388,328 | | 3,475,773 | 389,081 | 3,475,020 | 3,864,101 | 1,839,464 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6540 Stonegate Drive |
Allentown, PA | | 422,042 | | 3,893,307 | 422,730 | 3,892,620 | 4,315,349 | 2,134,789 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
974 Marcon Boulevard |
Allentown, PA | | 143,500 | | 2,556,174 | 144,248 | 2,555,426 | 2,699,674 | 1,496,730 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
964 Marcon Boulevard |
Allentown, PA | | 138,816 | | 2,126,673 | 139,480 | 2,126,009 | 2,265,489 | 1,330,273 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
764 Roble Road |
Allentown, PA | | 141,069 | | 876,165 | 141,746 | 875,488 | 1,017,234 | 514,307 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
3174 Airport Road |
Allentown, PA | | 98,986 | | 1,196,420 | 98,986 | 1,196,420 | 1,295,406 | 806,648 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
2201 Hanger Place |
Allentown, PA | | 128,454 | | 1,918,272 | 129,142 | 1,917,583 | 2,046,726 | 1,333,081 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
954 Marcon Boulevard |
Allentown, PA | | 103,665 | | 1,347,075 | 104,453 | 1,346,288 | 1,450,740 | 689,811 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
754 Roble Road |
Allentown, PA | | 162,115 | 1,731,885 | 502,487 | 163,735 | 2,232,752 | 2,396,487 | 961,223 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
744 Roble Road |
Allentown, PA | | 159,771 | 1,734,229 | 271,718 | 161,371 | 2,004,347 | 2,165,718 | 818,827 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
944 Marcon Boulevard |
Allentown, PA | | 118,521 | 1,435,479 | 610,844 | 119,711 | 2,045,133 | 2,164,844 | 829,879 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6520 Stonegate Drive |
Allentown, PA | | 453,315 | | 1,791,480 | 484,361 | 1,760,434 | 2,244,795 | 793,672 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
2041 Avenue C |
Allentown, PA | | 213,599 | 1,095,217 | 313,180 | 213,879 | 1,408,117 | 1,621,996 | 449,416 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7620 Cetronia Road |
Allentown, PA | | 1,091,806 | 3,851,456 | 369,187 | 1,093,724 | 4,218,725 | 5,312,449 | 1,670,086 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
180,190 Cochrane Drive |
Annapolis, MD | | 3,670,256 | | 23,630,722 | 3,752,293 | 23,548,685 | 27,300,978 | 11,414,778 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4606 Richlynn Drive |
Belcamp, MD | | 299,600 | 1,818,861 | 712,787 | 299,600 | 2,531,649 | 2,831,249 | 660,865 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1455 Valley Center Parkway |
Bethlehem, PA | | 670,290 | | 4,243,453 | 545,172 | 4,368,571 | 4,913,743 | 2,063,867 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1640 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 4,293,944 | 190,728 | 4,462,216 | 4,652,944 | 1,742,947 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
1650 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 2,224,548 | 188,896 | 2,394,651 | 2,583,548 | 1,088,139 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1660 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 2,557,966 | 188,721 | 2,728,245 | 2,916,966 | 973,259 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
83 South Commerce Way |
Bethlehem, PA | | 143,661 | 888,128 | 572,057 | 212,744 | 1,391,102 | 1,603,845 | 620,455 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
85 South Commerce Way |
Bethlehem, PA | | 236,708 | 987,949 | 208,645 | 237,078 | 1,196,225 | 1,433,303 | 413,134 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
87 South Commerce Way |
Bethlehem, PA | | 253,886 | 1,062,881 | 273,052 | 253,886 | 1,335,933 | 1,589,818 | 500,341 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
89 South Commerce Way |
Bethlehem, PA | | 320,000 | | 2,022,399 | 367,706 | 1,974,693 | 2,342,399 | 873,636 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
1525 Valley Center Parkway |
Bethlehem, PA | | 475,686 | | 7,944,965 | 804,104 | 7,616,547 | 8,420,651 | 2,560,117 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
74 West Broad Street |
Bethlehem, PA | | 1,096,127 | 13,874,303 | 1,099,079 | 13,871,351 | 14,970,430 | 4,026,880 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1605 Valley Center Parkway |
Bethlehem, PA | | 729,751 | 11,561,580 | 1,766,196 | 10,525,135 | 12,291,331 | 2,839,400 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
1495 Valley Center Parkway |
Bethlehem, PA | | 434,640 | | 4,922,712 | 435,303 | 4,922,049 | 5,357,352 | 2,343,238 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1550 Valley Center Parkway |
Bethlehem, PA | | 196,954 | | 4,267,425 | 197,700 | 4,266,679 | 4,464,379 | 1,916,177 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1560 Valley Center Parkway |
Bethlehem, PA | | 240,069 | | 4,635,199 | 240,732 | 4,634,536 | 4,875,268 | 2,496,299 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1510 Valley Center Parkway |
Bethlehem, PA | | 312,209 | | 3,833,455 | 312,873 | 3,832,791 | 4,145,664 | 2,071,654 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1530 Valley Center Parkway |
Bethlehem, PA | | 211,747 | | 3,029,231 | 212,492 | 3,028,486 | 3,240,978 | 1,568,618 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
57 South Commerce Way |
Bethlehem, PA | | 390,839 | 2,701,161 | 883,806 | 395,459 | 3,580,347 | 3,975,806 | 1,608,633 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6601-6625 W. 78th Street |
Bloomington, MN | | 2,263,060 | | 39,279,236 | 2,310,246 | 39,232,050 | 41,542,296 | 10,965,582 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
6161 Green Valley Drive |
Bloomington, MN | | 740,378 | 3,311,602 | 881,878 | 709,961 | 4,223,897 | 4,933,858 | 1,064,619 | 1992 | 40 yrs. | |||||||||||||||||||||||||||
10801 Nesbitt Avenue South |
Bloomington, MN | | 784,577 | 4,108,623 | 786,382 | 4,106,818 | 4,893,200 | 1,386,052 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
5775 West Old Shakopee Road |
Bloomington, MN | | 2,052,018 | 3,849,649 | 3,331,114 | 2,060,644 | 7,172,136 | 9,232,780 | 3,194,662 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5715 Old Shakopee Road West |
Bloomington, MN | | 1,263,226 | 2,360,782 | 2,387,584 | 1,264,758 | 4,746,834 | 6,011,592 | 1,422,994 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5735 Old Shakopee Road West |
Bloomington, MN | | 1,263,226 | 2,360,782 | 1,086,930 | 1,264,758 | 3,446,180 | 4,710,938 | 775,156 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5705 Old Shakopee Road |
Bloomington, MN | | 2,113,223 | | 5,520,730 | 2,148,571 | 5,485,383 | 7,633,953 | 546,531 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
1701 Clint Moore Boulevard |
Boca Raton, FL | | 1,430,884 | 3,043,553 | 1,317,936 | 1,430,937 | 4,361,436 | 5,792,373 | 1,299,605 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
951 Broken Sound Parkway |
Boca Raton, FL | | 1,426,251 | 6,098,952 | 2,333,187 | 1,426,251 | 8,432,138 | 9,858,389 | 2,931,424 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
777 Yamato Road |
Boca Raton, FL | | 4,101,247 | 16,077,347 | 6,471,449 | 4,501,247 | 22,148,796 | 26,650,043 | 7,122,323 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
1801 Clint Moore Road |
Boca Raton, FL | | 1,065,068 | 4,481,644 | 686,050 | 1,065,068 | 5,167,695 | 6,232,763 | 1,810,278 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
750 Park of Commerce
Boulevard |
Boca Raton, FL | | 2,430,000 | | 20,370,688 | 2,473,406 | 20,327,282 | 22,800,688 | 250,145 | 2007 | 40 yrs. |
72
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
400 Boulder Drive |
Breinigsville, PA | | | 13,408,721 | 2,865,575 | 10,543,146 | 13,408,721 | 1,421,657 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
860 Nestle Way |
Breinigsville, PA | | 8,118,881 | 18,885,486 | 6,680,031 | 8,118,881 | 25,565,517 | 33,684,398 | 2,698,563 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8201 Industrial Boulevard |
Breinigsville, PA | * | 2,089,719 | | 8,328,910 | 2,222,168 | 8,196,461 | 10,418,629 | 674,780 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8500 Industrial Bouldvard |
Breinigsville, PA | | 8,752,708 | | 37,189,227 | 11,511,499 | 34,430,436 | 45,941,935 | 850,293 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
602 Heron Drive |
Bridgeport, NJ | | 524,728 | 2,240,478 | 7,650 | 524,728 | 2,248,128 | 2,772,856 | 659,860 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
245 Executive Drive |
Brookfield, WI | | 577,067 | 5,197,903 | 4,083,791 | 577,067 | 9,281,694 | 9,858,761 | 2,873,511 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
15800 West Bluemound Road |
Brookfield, WI | | 1,289,204 | 8,128,035 | 1,539,600 | 1,306,811 | 9,650,028 | 10,956,839 | 2,384,910 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
20700 Swenson Drive |
Brookfield, WI | 5,102,070 | 830,008 | 12,276,445 | 679,246 | 830,999 | 12,954,700 | 13,785,698 | 1,657,012 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20800 Swenson Drive |
Brookfield, WI | 4,412,013 | 1,023,466 | 10,729,219 | 1,046,655 | 1,025,082 | 11,774,257 | 12,799,339 | 1,619,160 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20935 Swenson Drive |
Brookfield, WI | 3,848,454 | 571,389 | 10,238,547 | 765,002 | 572,158 | 11,002,779 | 11,574,937 | 1,443,181 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20975 Swenson Drive |
Brookfield, WI | 5,162,022 | 675,422 | 8,910,651 | 1,060,006 | 678,637 | 9,967,442 | 10,646,079 | 1,592,010 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20825 Swenson Drive |
Brookfield, WI | | 644,563 | 3,640,734 | 223,470 | 646,518 | 3,862,251 | 4,508,768 | 518,526 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1485 W. Commerce Avenue |
Carlisle, PA | | 4,249,868 | 13,886,039 | 2,241,825 | 4,095,262 | 16,282,471 | 20,377,733 | 2,053,822 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
3773 Corporate Parkway |
Center Valley, PA | | 738,108 | 7,671,741 | 794,874 | 7,614,974 | 8,409,848 | 2,256,384 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
95 Kriner Road |
Chambersburg, PA | | 8,695,501 | | 28,492,075 | 9,407,871 | 27,779,705 | 37,187,576 | 861,982 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1309 Executive Boulevard |
Cheaspeake, VA | | 926,125 | 5,090,506 | 955,374 | 5,061,257 | 6,016,631 | 1,120,006 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
1305 Executive Boulevard |
Chesapeake, VA | | 861,020 | 4,929,744 | 1,129,850 | 4,660,913 | 5,790,763 | 1,086,271 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1313 Executive Boulevard |
Chesapeake, VA | | 1,180,036 | 4,629,615 | 1,708,050 | 4,101,602 | 5,809,652 | 887,713 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
500 Independence Parkway |
Chesapeake, VA | | 864,150 | 4,427,285 | 114,510 | 866,609 | 4,539,337 | 5,405,945 | 734,360 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
700 Independence Parkway |
Chesapeake, VA | 6,374,921 | 1,950,375 | 7,236,994 | 651,092 | 1,951,135 | 7,887,326 | 9,838,461 | 1,491,629 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
501 Independence Parkway |
Chesapeake, VA | | 1,202,556 | 5,975,538 | 1,239,033 | 1,292,273 | 7,124,854 | 8,417,127 | 905,439 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
505 Independence Parkway |
Chesapeake, VA | 4,823,203 | 1,292,062 | 6,456,515 | 1,326,852 | 1,292,254 | 7,783,173 | 9,075,428 | 1,103,228 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
510 Independence Parkway |
Chesapeake, VA | | 2,012,149 | 7,546,882 | 969,751 | 2,014,689 | 8,514,094 | 10,528,783 | 1,135,223 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1301 Executive Boulevard |
Chesapeake, VA | | | | 6,176,380 | 997,570 | 5,178,810 | 6,176,380 | 564,740 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
676 Independence Parkway |
Chesapeake, VA | | 1,527,303 | | 9,591,486 | 1,562,903 | 9,555,887 | 11,118,790 | 111,001 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6230 Old Dobbin Lane |
Colombia, MD | | 3,004,075 | | 7,926,845 | 2,746,455 | 8,184,465 | 10,930,920 | 1,220,442 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9101,9111,9115 Guilford Road |
Columbia, MD | | 758,951 | | 4,775,935 | 765,952 | 4,768,933 | 5,534,886 | 2,520,185 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
9125,9135,9145 Guilford Road |
Columbia, MD | | 900,154 | | 6,544,198 | 920,439 | 6,523,913 | 7,444,352 | 4,134,716 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
7178-80 Columbia Gateway |
Columbia, MD | | 1,569,237 | 4,786,887 | 2,222,793 | 1,571,105 | 7,007,812 | 8,578,917 | 3,367,771 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
9770 Patuxent Woods Drive |
Columbia, MD | | 341,663 | 3,033,309 | 1,335,308 | 341,663 | 4,368,617 | 4,710,280 | 1,505,696 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9780 Patuxent Woods Drive |
Columbia, MD | | 218,542 | 1,940,636 | 425,260 | 218,542 | 2,365,896 | 2,584,438 | 757,810 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9790 Patuxent Woods Drive |
Columbia, MD | | 243,791 | 2,164,094 | 332,248 | 243,791 | 2,496,342 | 2,740,132 | 906,547 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9810 Patuxent Woods Drive |
Columbia, MD | | 266,684 | 2,366,901 | 1,069,980 | 266,684 | 3,436,881 | 3,703,565 | 1,175,589 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9800 Patuxent Woods Drive |
Columbia, MD | | 299,099 | 2,654,069 | 535,532 | 299,099 | 3,189,601 | 3,488,700 | 1,102,330 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
9820 Patuxent Woods Drive |
Columbia, MD | | 237,779 | 2,110,835 | 789,527 | 237,779 | 2,900,362 | 3,138,141 | 1,017,589 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
9830 Patuxent Woods Drive |
Columbia, MD | | 296,262 | 2,628,933 | 644,838 | 296,262 | 3,273,771 | 3,570,033 | 1,024,134 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
8945-8975 Guilford Road |
Columbia, MD | | 2,428,795 | 7,493,740 | 1,892,483 | 2,427,065 | 9,387,953 | 11,815,018 | 2,939,518 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6250 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,788,070 | 1,295,000 | 3,451,175 | 4,746,175 | 948,964 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6200 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,746,375 | 1,295,000 | 3,409,480 | 4,704,480 | 842,908 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6210 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,931,442 | 1,307,300 | 3,582,247 | 4,889,547 | 988,688 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6250 Old Dobbin Lane |
Columbia, MD | | 958,105 | 4,256,633 | 1,599,259 | 3,615,480 | 5,214,738 | 700,113 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
9755 Patuxent Woods Drive |
Columbia, MD | | 3,917,094 | 16,219,721 | 1,458,302 | 3,922,382 | 17,672,735 | 21,595,117 | 2,957,545 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6220 Old Dobbin Lane |
Columbis, MD | | 3,865,848 | | 7,741,067 | 3,166,951 | 8,439,964 | 11,606,915 | 605,197 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1250 Hall Court |
Deer Park, TX | 2,936,922 | 829,570 | 4,778,327 | 47,398 | 831,611 | 4,823,685 | 5,655,296 | 405,300 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
170 Parkway West |
Duncan, SC | | 598,348 | 3,643,756 | 126,879 | 598,918 | 3,770,065 | 4,368,983 | 438,211 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
190 Parkway West |
Duncan, SC | | 551,663 | 3,463,858 | 135,431 | 552,211 | 3,598,741 | 4,150,952 | 448,138 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
265 Parkway East |
Duncan, SC | | 901,444 | 5,751,389 | 18,391 | 902,374 | 5,768,850 | 6,671,224 | 770,932 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
285 Parkway East |
Duncan, SC | | 975,433 | 6,149,465 | 34,259 | 976,393 | 6,182,764 | 7,159,157 | 871,435 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3255 Neil Armstrong
Boulevard |
Eagan, MN | | 1,131,017 | | 3,366,266 | 1,103,860 | 3,393,423 | 4,497,283 | 933,699 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
6321-6325 Bury Drive |
Eden Prairie, MN | | 462,876 | 4,151,790 | 930,856 | 462,876 | 5,082,646 | 5,545,522 | 1,617,278 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
7660-7716 Golden Triangle
Drive |
Eden Prairie, MN | | 568,706 | 5,115,177 | 3,303,240 | 1,289,215 | 7,697,908 | 8,987,123 | 3,292,622 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
7400 Flying Cloud Drive |
Eden Prairie, MN | | 195,982 | 1,762,027 | 1,062,477 | 767,703 | 2,252,783 | 3,020,486 | 606,970 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
10301-10305 West 70th Street |
Eden Prairie, MN | | 120,622 | 1,085,226 | 380,382 | 118,300 | 1,467,930 | 1,586,230 | 439,102 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10321 West 70th Street |
Eden Prairie, MN | | 145,198 | 1,305,700 | 379,731 | 142,399 | 1,688,230 | 1,830,628 | 719,514 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10333 West 70th Street |
Eden Prairie, MN | | 110,746 | 995,868 | 128,275 | 108,610 | 1,126,279 | 1,234,889 | 387,242 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10349-10357 West 70th Street |
Eden Prairie, MN | | 275,903 | 2,481,666 | 449,591 | 270,584 | 2,936,576 | 3,207,160 | 1,022,110 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10365-10375 West 70th Street |
Eden Prairie, MN | | 291,077 | 2,618,194 | 364,782 | 285,464 | 2,988,589 | 3,274,053 | 1,046,895 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10393-10394 West 70th Street |
Eden Prairie, MN | | 269,618 | 2,423,318 | 794,424 | 264,419 | 3,222,941 | 3,487,360 | 1,075,402 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7078 Shady Oak Road |
Eden Prairie, MN | | 343,093 | 3,085,795 | 1,616,449 | 336,481 | 4,708,856 | 5,045,337 | 1,824,139 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10400 Viking Drive |
Eden Prairie, MN | | 2,912,391 | | 23,586,267 | 2,938,372 | 23,560,286 | 26,498,658 | 8,105,637 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
7625 Smetana Lane |
Eden Prairie, MN | | 4,500,641 | | 2,987,320 | 1,916,609 | 5,571,353 | 7,487,962 | 514,302 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7695-7699 Anagram Drive |
Eden Prairie, MN | | 760,525 | 3,254,758 | 625,146 | 760,525 | 3,879,903 | 4,640,429 | 1,332,387 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7800 Equitable Drive |
Eden Prairie, MN | | 2,188,525 | 3,788,762 | 243,378 | 2,188,525 | 4,032,139 | 6,220,664 | 1,264,551 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
7905 Fuller Road |
Eden Prairie, MN | | 1,229,862 | 4,075,167 | 2,051,136 | 1,230,965 | 6,125,200 | 7,356,165 | 1,695,683 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
9023 Columbine Road |
Eden Prairie, MN | | 1,956,273 | | 4,873,578 | 1,956,273 | 4,873,578 | 6,829,851 | 1,496,859 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8967 Columbine Road |
Eden Prairie, MN | | 1,450,000 | | 3,575,107 | 1,450,000 | 3,575,107 | 5,025,107 | 1,021,055 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7777 Golden Triangle Drive |
Eden Prairie, MN | | 993,101 | 2,136,862 | 1,176,757 | 993,101 | 3,313,619 | 4,306,720 | 931,410 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8937 Columbine Road |
Eden Prairie, MN | | 1,325,829 | 4,287,274 | 1,739,966 | 3,873,137 | 5,613,103 | 971,715 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
7615 Smetana Lane |
Eden Prairie, MN | | 1,011,517 | 8,665,025 | 3,000,555 | 6,675,988 | 9,676,542 | 1,941,114 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
8995 Columbine Road |
Eden Prairie, MN | | 1,087,594 | 3,664,053 | 2,055,296 | 2,696,352 | 4,751,648 | 678,387 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
8911 Columbine Road (B2) |
Eden Prairie, MN | | 916,687 | 3,634,580 | 1,718,407 | 2,832,859 | 4,551,267 | 613,925 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
8855 Columbine Road |
Eden Prairie, MN | | 1,400,925 | 5,226,016 | 1,599,757 | 5,027,185 | 6,626,941 | 709,335 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
7075 Flying Cloud Drive |
Eden Prairie, MN | | 10,232,831 | 10,855,851 | 53,337 | 10,243,977 | 10,898,042 | 21,142,019 | 773,205 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
7351 Coca Cola Drive |
Elkridge, MD | | 1,897,044 | | 7,054,722 | 3,023,417 | 5,928,349 | 8,951,766 | 440,333 | 2006 | 40 yrs. |
73
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
180 Sheree Boulevard |
Exton, PA | 5,039,159 | 2,647,861 | 11,334,403 | 2,299,569 | 2,649,426 | 13,632,407 | 16,281,833 | 1,695,864 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
7028 Snowdrift Road |
Fogelville, PA | | 520,473 | 959,279 | 292,813 | 524,390 | 1,248,175 | 1,772,565 | 408,740 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
420 Delaware Drive |
Fort Washington, PA | | 2,766,931 | | 8,290,952 | 2,826,994 | 8,230,889 | 11,057,884 | 813,116 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
414 Commerce Drive |
Fort Washington, PA | | 1,267,194 | 2,217,460 | 325,875 | 1,267,937 | 2,542,591 | 3,810,529 | 321,768 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
275 Commerce Drive |
Fort Washington, PA | | 1,775,894 | 2,160,855 | 7,428,042 | 1,790,041 | 9,574,750 | 11,364,791 | 490,833 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1250 Virginia Drive |
Fort Washington, PA | | 1,639,166 | 1,928,574 | 468,379 | 1,650,703 | 2,385,416 | 4,036,119 | 306,886 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1100 Virginia Drive |
Fort Washington, PA | | 22,612,437 | | 55,809,125 | 23,339,943 | 55,081,619 | 78,421,562 | 2,161,520 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1100 Virginia Drive |
Fort Washington, PA | | 13,007,509 | 11,480,744 | 65,283 | 13,035,013 | 11,518,523 | 24,553,536 | 2,967,041 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
106 Southchase Boulevard |
Fountain Inn, SC | | 201,944 | | 5,133,389 | 684,003 | 4,651,330 | 5,335,333 | 474,871 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
9601 Cosner Drive |
Fredericksburg, VA | | 475,262 | 3,917,234 | 214,221 | 475,262 | 4,131,454 | 4,606,716 | 1,502,466 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
200 W Cypress Creek Road |
Ft Lauderdale, FL | | 3,414,989 | 2,399,738 | 10,558,425 | 3,414,989 | 12,958,163 | 16,373,152 | 2,740,091 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
5410 - 5430 Northwest 33rd
Avenue |
Ft. Lauderdale, FL | | 603,776 | 4,176,238 | 1,292,009 | 625,111 | 5,446,912 | 6,072,023 | 1,853,206 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
6500 NW 12th Avenue |
Ft. Lauderdale, FL | | 7,099 | 3,046,309 | 460,723 | | 3,514,130 | 3,514,130 | 1,265,024 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6600 NW 12th Avenue |
Ft. Lauderdale, FL | | 7,102 | 3,047,462 | 790,582 | | 3,845,146 | 3,845,146 | 1,261,376 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4880 Cox Road |
Glen Allen, VA | | 743,898 | 4,499,807 | 3,058,575 | 743,898 | 7,558,382 | 8,302,280 | 2,177,079 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
5000 Cox Road |
Glen Allen, VA | | 770,214 | 3,685,248 | 315,963 | 771,029 | 4,000,396 | 4,771,425 | 1,437,068 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5500 Cox Road |
Glen Allen, VA | | 443,485 | | 3,546,671 | 483,263 | 3,506,893 | 3,990,156 | 1,507,055 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4801 Cox Road |
Glen Allen, VA | | 1,072,896 | | 10,384,753 | 1,075,620 | 10,382,029 | 11,457,649 | 3,732,026 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4198 Cox Road |
Glen Allen, VA | | 670,292 | 3,839,245 | 1,387,745 | 670,292 | 5,226,990 | 5,897,282 | 1,816,101 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
4510 Cox Road |
Glen Allen, VA | | 1,010,024 | 7,151,729 | 2,030,095 | 1,010,044 | 9,181,804 | 10,191,848 | 3,379,930 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4121 Cox Road |
Glen Allen, VA | | 1,083,006 | 6,035,653 | 974,853 | 1,083,006 | 7,010,507 | 8,093,513 | 1,219,324 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
200 Southchase Boulevard |
Greenville, SC | | 512,911 | 6,273,615 | 515,542 | 6,270,984 | 6,786,525 | 948,767 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
45 Brookfield Oaks Drive |
Greenville, SC | | 818,114 | | 3,548,088 | 825,529 | 3,540,673 | 4,366,202 | 206,081 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
116 Pleasant Ridge Road |
Greenville, SC | | 1,547,811 | | 13,304,806 | 3,712,683 | 11,139,934 | 14,852,617 | 414,238 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7 Research Drive |
Greenville, SC | | | 17,091,882 | 4,405 | | 17,096,287 | 17,096,287 | 1,236,986 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
1487 South Highway 101 |
Greer, SC | | 464,237 | | 5,173,211 | 1,301,738 | 4,335,710 | 5,637,447 | 121,276 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
11841 Newgate Boulevard |
Hagerstown, MD | * | 3,356,207 | | 30,313,897 | 9,741,685 | 23,928,419 | 33,670,104 | 196,321 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
1 Enterprise Parkway |
Hampton, VA | | 974,675 | 5,579,869 | 1,455,957 | 974,675 | 7,035,826 | 8,010,501 | 2,519,411 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
22 Enterprise Parkway |
Hampton, VA | | 1,097,368 | 6,760,778 | 1,350,708 | 1,097,368 | 8,111,486 | 9,208,854 | 2,687,716 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5 Manhattan Square |
Hampton, VA | | 207,368 | | 1,663,695 | 212,694 | 1,658,368 | 1,871,063 | 579,741 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
1317 Executive Boulevard |
Hampton, VA | | 1,650,423 | | 7,816,239 | 1,128,829 | 8,337,834 | 9,466,663 | 770,441 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
21 Enterprise Parkway |
Hampton, VA | | 263,668 | 8,167,118 | 449,586 | 265,719 | 8,614,653 | 8,880,372 | 2,061,870 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
521 Butler Farm Road |
Hampton, VA | | 750,769 | 2,911,149 | 259,460 | 710,486 | 3,210,892 | 3,921,378 | 570,931 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7317 Parkway Drive |
Hanover, MD | | 1,104,359 | 1,959,671 | 96,894 | 1,104,359 | 2,056,565 | 3,160,924 | 620,218 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
7361 Coca Cola Drive |
Hanover, MD | | 2,245,187 | | 9,441,500 | 3,822,710 | 7,863,977 | 11,686,687 | 134,941 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
600 Industrial Drive |
Harrisburg, PA | * | 7,743,800 | | 28,472,202 | 9,368,557 | 26,847,444 | 36,216,001 | 2,552,297 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
500 McCarthy Drive |
Harrisburg, PA | * | 5,194,872 | 19,991,436 | 4,234,765 | 5,687,013 | 23,734,060 | 29,421,073 | 3,921,491 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4170 Mendenhall Oaks Parkway |
High Point , NC | | 143,699 | | 2,210,943 | 373,502 | 1,981,140 | 2,354,642 | 711,419 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4180 Mendenhall Oaks Parkway |
High Point , NC | | 121,329 | | 1,835,505 | 315,614 | 1,641,220 | 1,956,834 | 621,236 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4050 Piedmont Parkway |
High Point , NC | | 801,902 | | 20,713,945 | 2,042,159 | 19,473,688 | 21,515,847 | 6,178,788 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4523 Green Point Drive |
High Point, NC | | 234,564 | | 3,122,737 | 235,698 | 3,121,604 | 3,357,301 | 1,414,355 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4501 Green Point Drive |
High Point, NC | | 319,289 | | 2,686,364 | 320,450 | 2,685,203 | 3,005,653 | 1,386,394 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4500 Green Point Drive |
High Point, NC | | 230,622 | | 2,355,911 | 231,692 | 2,354,841 | 2,586,533 | 1,254,192 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2427 Penny Road |
High Point, NC | | 1,165,664 | | 3,476,301 | 655,240 | 3,986,724 | 4,641,965 | 1,891,247 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4524 Green Point Drive |
High Point, NC | | 182,810 | | 2,445,555 | 183,888 | 2,444,476 | 2,628,365 | 1,270,718 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4328, 4336 Federal Drive |
High Point, NC | 3,658,438 | 521,122 | | 7,325,519 | 825,092 | 7,021,548 | 7,846,641 | 4,189,175 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4344 Federal Drive |
High Point, NC | | 484,001 | | 2,790,986 | 173,623 | 3,101,365 | 3,274,988 | 1,314,647 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4000 Piedmont Parkway |
High Point, NC | | 592,885 | 4,825,615 | 969,656 | 597,368 | 5,790,788 | 6,388,156 | 2,324,634 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4380 Federal Drive |
High Point, NC | | 282,996 | | 2,214,882 | 283,368 | 2,214,510 | 2,497,878 | 921,865 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4388 Federal Drive |
High Point, NC | | 143,661 | | 1,210,692 | 132,655 | 1,221,699 | 1,354,353 | 518,446 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4160 Mendenhall Oaks Parkway |
High Point, NC | | 285,882 | | 3,361,383 | 545,627 | 3,101,638 | 3,647,265 | 1,133,220 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4194 Mendenhall Oaks Parkway |
High Point, NC | | 102,372 | | 2,610,977 | 265,991 | 2,447,358 | 2,713,349 | 918,202 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4196 Mendenhall Oaks Parkway |
High Point, NC | | 66,731 | | 2,505,844 | 173,889 | 2,398,686 | 2,572,575 | 1,000,575 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4300 Federal Drive |
High Point, NC | | 264,038 | | 2,168,281 | 276,038 | 2,156,281 | 2,432,318 | 537,397 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4135 Mendenall Oaks Parkway |
High Point, NC | | 499,500 | | 3,498,674 | 500,980 | 3,497,193 | 3,998,174 | 1,032,962 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
1498 Eagle Hill Drive |
High Point, NC | | 94,274 | | 5,905,625 | 791,880 | 5,208,019 | 5,999,899 | 361,496 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4183 Eagle Hill Drive |
High Point, NC | | 122,203 | 3,982,978 | 526,266 | 3,578,915 | 4,105,181 | 1,575,427 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4189 Eagle Hill Drive |
High Point, NC | | 100,106 | 3,430,006 | 431,106 | 3,099,006 | 3,530,112 | 966,013 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4020 Meeting Way |
High Point, NC | | 94,232 | 1,682,549 | 378,101 | 1,398,680 | 1,776,781 | 409,736 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
1400 Mendenhall Oaks Parkway |
High Point, NC | | 172,320 | 7,251,365 | 984,672 | 6,439,013 | 7,423,685 | 1,628,906 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4191 Mendenhall Oaks Parkway |
High Point, NC | | 217,943 | 3,114,814 | 611,166 | 2,721,590 | 3,332,756 | 661,029 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4015 Meeting Way |
High Point, NC | | 510,000 | | 2,787,760 | 511,869 | 2,785,890 | 3,297,759 | 370,527 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
4195 Eagle Hill Drive |
High Point, NC | | 107,586 | | 3,394,903 | 505,700 | 2,996,790 | 3,502,490 | 401,761 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
400 Mendenhall Oaks Parkway |
High Point, NC | | | | 1,909,540 | 665,239 | 1,244,301 | 1,909,540 | 113,838 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
4475 Premier Drive |
High Point, NC | | 748,693 | | 6,775,441 | 1,525,421 | 5,998,713 | 7,524,134 | 224,143 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
100 Witmer Road |
Horsham, PA | | 3,102,784 | | 20,117,703 | 3,764,784 | 19,455,704 | 23,220,487 | 4,115,212 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
132 Welsh Road |
Horsham, PA | | 1,333,642 | | 4,692,880 | 1,408,041 | 4,618,480 | 6,026,521 | 1,870,853 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road - Building 3 |
Horsham, PA | | 180,459 | 1,441,473 | 375,923 | 180,459 | 1,817,396 | 1,997,855 | 709,249 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road - Building 4 |
Horsham, PA | | 282,493 | 2,256,508 | 2,017,673 | 282,493 | 4,274,180 | 4,556,674 | 1,477,035 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
2 Walnut Grove Drive |
Horsham, PA | | 1,281,870 | 7,767,374 | 1,961,590 | 1,265,363 | 9,745,470 | 11,010,834 | 3,753,210 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5 Walnut Grove Drive |
Horsham, PA | | 1,065,951 | | 10,193,519 | 1,939,712 | 9,319,758 | 11,259,470 | 2,570,870 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
200 Gibraltar Road |
Horsham, PA | | 638,513 | 5,811,323 | 1,946,390 | 638,513 | 7,757,713 | 8,396,226 | 3,101,363 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
220 Gibraltar Road |
Horsham, PA | | 629,944 | 5,733,228 | 1,455,917 | 629,944 | 7,189,145 | 7,819,089 | 2,833,488 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
240 Gibraltar Road |
Horsham, PA | | 629,944 | 5,733,234 | 1,916,405 | 629,944 | 7,649,639 | 8,279,583 | 3,173,063 | 1990 | 40 yrs. |
74
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
1 Walnut Grove Drive |
Horsham, PA | | 1,058,901 | 5,343,606 | 1,041,557 | 1,058,901 | 6,385,163 | 7,444,064 | 2,488,780 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
181-187 Gibraltar Road |
Horsham, PA | | 360,549 | 3,259,984 | 787,154 | 360,549 | 4,047,138 | 4,407,687 | 1,439,135 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
104 Rock Road |
Horsham, PA | | 330,111 | 2,981,669 | 594,916 | 330,111 | 3,576,586 | 3,906,696 | 1,088,841 | 1974 | 40 yrs. | |||||||||||||||||||||||||||
123-135 Rock Road |
Horsham, PA | | 292,360 | 2,411,677 | 2,398,815 | 393,019 | 4,709,833 | 5,102,852 | 1,353,048 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
111-159 Gibraltar Road |
Horsham, PA | | 489,032 | 4,126,151 | 1,369,615 | 489,032 | 5,495,766 | 5,984,798 | 1,933,325 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
161-175 Gibraltar Road |
Horsham, PA | | 294,673 | 2,663,722 | 987,299 | 294,673 | 3,651,020 | 3,945,694 | 1,227,806 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
103-109 Gibraltar Road |
Horsham, PA | | 270,906 | 2,448,500 | 824,142 | 270,906 | 3,272,641 | 3,543,547 | 1,363,221 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
261-283 Gibraltar Road |
Horsham, PA | | 464,871 | 3,951,972 | 1,804,841 | 464,871 | 5,756,812 | 6,221,683 | 1,457,282 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
210-223 Witmer Road |
Horsham, PA | | 270,282 | 2,441,276 | 1,935,505 | 270,282 | 4,376,781 | 4,647,063 | 1,454,128 | 1972 | 40 yrs. | |||||||||||||||||||||||||||
231-237 Gibraltar Road |
Horsham, PA | | 436,952 | 3,948,963 | 1,147,911 | 436,952 | 5,096,874 | 5,533,826 | 1,709,544 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
100 Gibraltar Road |
Horsham, PA | | 38,729 | 349,811 | 9,589 | 38,729 | 359,400 | 398,129 | 108,399 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
101 Gibraltar Road |
Horsham, PA | | 651,990 | 5,888,989 | 1,561,785 | 732,552 | 7,370,212 | 8,102,764 | 2,550,394 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
506 Prudential Road |
Horsham, PA | | 208,140 | 895,470 | 894,621 | 208,140 | 1,790,091 | 1,998,231 | 496,271 | 1973 | 40 yrs. | |||||||||||||||||||||||||||
113-123 Rock Road |
Horsham, PA | | 351,072 | 3,171,001 | 808,823 | 451,731 | 3,879,164 | 4,330,896 | 1,131,114 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
101-111 Rock Road |
Horsham, PA | | 350,561 | 3,166,389 | 1,135,637 | 452,251 | 4,200,336 | 4,652,587 | 1,401,775 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
120 Gibraltar Road |
Horsham, PA | | 533,142 | 4,830,515 | 2,423,031 | 558,142 | 7,228,546 | 7,786,688 | 2,194,203 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
110 Gibraltar Road |
Horsham, PA | | 673,041 | 5,776,369 | 2,608,934 | 673,041 | 8,385,303 | 9,058,344 | 2,845,532 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
100-107 Lakeside Drive |
Horsham, PA | | 239,528 | 2,163,498 | 712,712 | 255,528 | 2,860,210 | 3,115,738 | 1,042,640 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
200-264 Lakeside Drive |
Horsham, PA | | 502,705 | 4,540,597 | 2,418,467 | 502,705 | 6,959,064 | 7,461,769 | 1,999,639 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
300-309 Lakeside Drive |
Horsham, PA | | 369,475 | 3,338,761 | 1,872,188 | 376,475 | 5,203,948 | 5,580,424 | 2,151,857 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
400-445 Lakeside Drive |
Horsham, PA | | 543,628 | 4,910,226 | 2,760,384 | 583,628 | 7,630,610 | 8,214,238 | 2,685,264 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
104 Witmer Road |
Horsham, PA | | 1,248,148 | | 1,133,749 | 189,793 | 2,192,104 | 2,381,897 | 1,009,111 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
201 Gibraltar Road |
Horsham, PA | | 380,127 | 3,433,433 | 2,058,038 | 380,802 | 5,490,796 | 5,871,598 | 1,787,473 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
719 Dresher Road |
Horsham, PA | | 493,426 | 2,812,067 | 251,335 | 495,112 | 3,061,716 | 3,556,828 | 939,815 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4 Walnut Grove |
Horsham, PA | | 2,515,115 | | 10,812,179 | 2,515,115 | 10,812,179 | 13,327,294 | 2,400,131 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road |
Horsham, PA | | 696,061 | 3,339,991 | 570,429 | 696,061 | 3,910,420 | 4,606,480 | 1,239,300 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
700 Dresher Road |
Horsham, PA | | 2,551,777 | 3,020,638 | 4,696,950 | 2,565,140 | 7,704,225 | 10,269,365 | 4,060,756 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
680 Blair Mill Road |
Horsham, PA | | 3,527,151 | 18,677,374 | 4,138,577 | 18,065,948 | 22,204,525 | 3,757,078 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
102 Rock Road |
Horsham, PA | | 1,110,209 | 2,301,302 | 1,133,191 | 1,114,985 | 3,429,717 | 4,544,702 | 756,703 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
335 Commerce Drive |
Horsham, PA | | | | 8,752,074 | 182,400 | 8,569,674 | 8,752,074 | 1,361,879 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
255 Business Center Drive |
Horsham, PA | | 1,154,289 | 2,007,214 | 606,764 | 1,140,597 | 2,627,669 | 3,768,266 | 487,540 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
355 Business Center Drive |
Horsham, PA | | 483,045 | 898,798 | 435,914 | 471,171 | 1,346,586 | 1,817,757 | 328,082 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
455 Business Center Drive |
Horsham, PA | | 1,351,011 | 2,503,449 | 1,927,940 | 1,322,317 | 4,460,083 | 5,782,400 | 1,309,097 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
555 Business Center Drive |
Horsham, PA | | 727,420 | 1,353,650 | 481,187 | 709,967 | 1,852,291 | 2,562,258 | 383,140 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7 Walnut Grove Drive |
Horsham, PA | | 2,631,696 | | 18,587,720 | 2,631,956 | 18,587,460 | 21,219,416 | 1,100,184 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
747 Dresher Road |
Horsham, PA | | 1,607,238 | | 5,309,144 | 1,607,977 | 5,308,405 | 6,916,382 | 2,907,306 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
507 Prudential Road |
Horsham, PA | | 644,900 | 5,804,100 | 8,818,780 | 1,131,380 | 14,136,400 | 15,267,780 | 5,036,818 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
767 Electronic Drive |
Horsham, PA | | 1,229,685 | | 3,430,171 | 1,241,970 | 3,417,886 | 4,659,856 | 1,857,945 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
16445 Air Center Boulevard |
Houston, TX | * | 363,339 | 2,509,186 | 683,016 | 363,339 | 3,192,202 | 3,555,541 | 1,303,915 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
16405 Air Center Boulevard |
Houston, TX | * | 438,853 | 3,030,396 | 438,371 | 438,853 | 3,468,766 | 3,907,619 | 1,167,865 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
16580 Air Center Boulevard |
Houston, TX | * | 289,000 | 3,559,857 | 393,346 | 289,000 | 3,953,204 | 4,242,204 | 1,157,287 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1755 Trans Central Drive |
Houston, TX | * | 293,534 | 3,036,269 | 201,651 | 306,147 | 3,225,306 | 3,531,453 | 836,323 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
16680 Central Green
Boulevard |
Houston, TX | * | 311,952 | | 3,938,479 | 492,869 | 3,757,561 | 4,250,431 | 207,229 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
16605 Air Center Boulevard |
Houston, TX | * | 298,999 | 3,770,315 | 496,186 | 3,573,128 | 4,069,314 | 1,061,169 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
10739 West Little York Road |
Houston, TX | * | 797,931 | 5,950,894 | 323,654 | 799,560 | 6,272,919 | 7,072,479 | 1,323,723 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
10735 West Little York Road |
Houston, TX | * | 1,110,988 | 6,351,946 | 1,726,247 | 1,135,483 | 8,053,699 | 9,189,181 | 1,378,273 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8801-19 & 8821-49 Fallbrook
Drive |
Houston, TX | * | 2,290,001 | 15,297,141 | 1,590,836 | 2,290,002 | 16,887,976 | 19,177,978 | 2,877,924 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
16685 Air Center Boulevard |
Houston, TX | * | | | 2,966,702 | 414,691 | 2,552,011 | 2,966,702 | 429,005 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8825-8839 N Sam Houston Pkwy |
Houston, TX | * | 638,453 | 3,258,815 | 582,362 | 638,477 | 3,841,152 | 4,479,629 | 699,465 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8850-8872 Fallbrook Drive |
Houston, TX | * | 504,317 | 2,878,351 | 1,014,679 | 504,341 | 3,893,006 | 4,397,347 | 730,415 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8802-8824 Fallbrook Drive |
Houston, TX | * | 2,774,995 | 6,364,767 | 1,142,324 | 2,775,021 | 7,507,064 | 10,282,085 | 1,230,012 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
16602 Central Green
Boulevard |
Houston, TX | * | 284,403 | | 4,495,522 | 503,779 | 4,276,146 | 4,779,925 | 460,256 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1646 Rankin Road |
Houston, TX | * | 329,961 | | 4,895,132 | 592,234 | 4,632,859 | 5,225,093 | 585,133 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
8301 Fallbrook Drive |
Houston, TX | * | 4,515,862 | | 23,926,947 | 5,877,884 | 22,564,925 | 28,442,809 | 977,364 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
5200 N. Sam Houston Parkway |
Houston, TX | * | 1,519,458 | 7,135,548 | 3,481,858 | 1,520,074 | 10,616,789 | 12,136,864 | 696,249 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
5250 N. Sam Houston Parkway |
Houston, TX | * | 2,173,287 | 8,868,256 | 2,128,750 | 2,173,942 | 10,996,351 | 13,170,293 | 651,494 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
11201 Greens Crossing
Boulevard |
Houston, TX | * | 1,006,194 | 5,412,584 | 2,705,249 | 1,008,542 | 8,115,484 | 9,124,026 | 567,219 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
850 Greens Parkway |
Houston, TX | * | 2,893,405 | 11,593,197 | 2,680,294 | 2,899,861 | 14,267,034 | 17,166,895 | 731,389 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
860 Greens Parkway |
Houston, TX | * | 1,399,365 | 6,344,650 | 1,524,550 | 1,374,012 | 7,894,553 | 9,268,565 | 418,052 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
20 Wright Avenue |
Hunt Valley, MD | | 1,205,946 | | 9,655,473 | 1,861,025 | 9,000,393 | 10,861,418 | 2,380,099 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
4 North Park Drive |
Hunt Valley, MD | | 3,269,948 | 13,551,370 | 1,883,314 | 3,269,948 | 15,434,685 | 18,704,632 | 2,663,009 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
6 North Park Drive |
Hunt Valley, MD | | 2,077,949 | 8,770,566 | 1,225,169 | 2,077,949 | 9,995,736 | 12,073,685 | 1,993,397 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10 North Park Drive |
Hunt Valley, MD | | 2,211,969 | 7,816,042 | 1,280,519 | 2,211,969 | 9,096,561 | 11,308,530 | 1,285,453 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
307 International Circle |
Hunt Valley, MD | * | 3,538,319 | 14,190,832 | 13,368,168 | 3,542,881 | 27,554,438 | 31,097,319 | 3,743,213 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
309 International Circle |
Hunt Valley, MD | * | 613,667 | 2,458,204 | 679,691 | 615,096 | 3,136,465 | 3,751,561 | 402,044 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
311 International Circle |
Hunt Valley, MD | * | 313,365 | 1,281,093 | 76,921 | 314,572 | 1,356,807 | 1,671,380 | 145,187 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8775 Baypine Road |
Jacksonville, FL | | 906,804 | | 10,034,270 | 913,013 | 10,028,061 | 10,941,074 | 2,909,435 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
8665,8667,8669 Baypine Road |
Jacksonville, FL | | 966,552 | | 6,075,311 | 974,959 | 6,066,904 | 7,041,863 | 3,294,103 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
7077 Bonneval Road |
Jacksonville, FL | | 768,000 | 5,789,000 | 3,567,137 | 774,020 | 9,350,117 | 10,124,137 | 4,638,843 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4190 Belfort Road |
Jacksonville, FL | | 821,000 | 5,866,000 | 3,680,061 | 827,420 | 9,539,641 | 10,367,061 | 4,765,479 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
7020 AC Skinner Parkway |
Jacksonville, FL | | 398,257 | | 2,777,554 | 749,811 | 2,426,001 | 3,175,811 | 1,214,889 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
7022 AC Skinner Parkway |
Jacksonville, FL | | 706,934 | | 3,572,340 | 853,981 | 3,425,294 | 4,279,274 | 1,605,490 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
11777 Central Highway |
Jacksonville, FL | | 92,207 | 429,997 | 1,275,050 | 140,426 | 1,656,828 | 1,797,254 | 1,156,658 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4345 Southpoint Parkway |
Jacksonville, FL | | | | 8,791,159 | 418,093 | 8,373,065 | 8,791,159 | 2,969,981 | 1998 | 40 yrs. |
75
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
7016 AC Skinner Parkway |
Jacksonville, FL | | 597,181 | | 2,373,250 | 602,633 | 2,367,799 | 2,970,431 | 1,189,647 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
7018 AC Skinner Parkway |
Jacksonville, FL | | 840,996 | | 4,696,827 | 846,461 | 4,691,362 | 5,537,823 | 2,333,168 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7014 AC Skinner Parkway |
Jacksonville, FL | | 574,198 | | 3,602,358 | 780,486 | 3,396,071 | 4,176,556 | 1,476,284 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
6600 Southpoint Parkway |
Jacksonville, FL | | 998,432 | 4,055,727 | 1,153,152 | 1,002,704 | 5,204,607 | 6,207,311 | 1,915,020 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6700 Southpoint Parkway |
Jacksonville, FL | | 620,719 | 2,989,746 | 791,829 | 624,215 | 3,778,080 | 4,402,294 | 1,661,369 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4801 Executive Park Court -
100 |
Jacksonville, FL | | 554,993 | 2,993,277 | 1,358,664 | 554,542 | 4,352,392 | 4,906,935 | 1,825,339 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4801 Executive Park Court -
200 |
Jacksonville, FL | | 370,017 | 1,995,518 | 367,780 | 370,039 | 2,363,276 | 2,733,315 | 839,828 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4810 Executive Park Court |
Jacksonville, FL | | 369,694 | 3,045,639 | 1,007,513 | 370,039 | 4,052,807 | 4,422,846 | 1,456,749 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6602 Executive Park Court -
100 |
Jacksonville, FL | | 388,519 | 2,095,293 | 299,475 | 388,541 | 2,394,745 | 2,783,287 | 873,392 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
6602 Executive Park Court -
200 |
Jacksonville, FL | | 296,014 | 1,596,347 | 487,719 | 296,032 | 2,084,049 | 2,380,080 | 707,731 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
6631 Executive Park Court -
100 |
Jacksonville, FL | | 251,613 | 1,356,849 | 525,120 | 251,627 | 1,881,955 | 2,133,582 | 875,382 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
6631 Executive Park Court -
200 |
Jacksonville, FL | | 406,561 | 2,195,070 | 274,915 | 407,043 | 2,469,503 | 2,876,546 | 884,847 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
4815 Executive Park Court -
100 |
Jacksonville, FL | | 366,317 | 1,975,393 | 409,677 | 366,339 | 2,385,048 | 2,751,387 | 957,180 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4815 Executive Park Court -
200 |
Jacksonville, FL | | 462,522 | 2,494,397 | 517,998 | 462,549 | 3,012,368 | 3,474,917 | 1,129,349 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4825 Executive Park Court |
Jacksonville, FL | | 601,278 | 3,242,491 | 293,842 | 601,401 | 3,536,210 | 4,137,611 | 1,251,803 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4820 Executive Park Court |
Jacksonville, FL | | 555,173 | 2,693,130 | 820,156 | 555,213 | 3,513,246 | 4,068,459 | 1,205,275 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
6601 Executive Park Circle
North |
Jacksonville, FL | | 551,250 | 3,128,361 | 141,559 | 551,250 | 3,269,920 | 3,821,170 | 971,950 | 1992 | 40 yrs. | |||||||||||||||||||||||||||
4901 Belfort Road |
Jacksonville, FL | | 877,964 | 2,360,742 | 2,855,528 | 877,964 | 5,216,270 | 6,094,234 | 2,318,349 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
4875 Belfort Road |
Jacksonville, FL | | 2,089,347 | | 13,024,417 | 2,287,152 | 12,826,612 | 15,113,764 | 458,489 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4899 Belfort Road |
Jacksonville, FL | | 1,299,201 | | 8,309,407 | 1,168,062 | 8,440,546 | 9,608,608 | 2,594,666 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4905 Belfort Street |
Jacksonville, FL | | 638,154 | | 3,591,758 | 641,272 | 3,588,640 | 4,229,912 | 1,171,589 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7251 Salisbury Road |
Jacksonville, FL | | | | 3,692,889 | 662,559 | 3,030,330 | 3,692,889 | 951,180 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
10245 Centurion Parkway
North |
Jacksonville, FL | | 852,644 | 3,510,889 | 1,033,033 | 853,704 | 4,542,862 | 5,396,566 | 1,409,981 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4887 Belfort Road |
Jacksonville, FL | | 1,299,202 | 8,574,178 | 1,665,915 | 8,207,465 | 9,873,380 | 2,286,512 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7255 Salisbury Road |
Jacksonville, FL | | 392,060 | 2,975,836 | 680,766 | 2,687,129 | 3,367,896 | 860,736 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
5201 Gate Parkway |
Jacksonville, FL | | 3,836,532 | | 21,433,694 | 4,269,346 | 21,000,880 | 25,270,226 | 2,819,774 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
3200 Horizon Drive |
King of Prussia, PA | | 928,637 | | 7,128,297 | 1,210,137 | 6,846,797 | 8,056,934 | 3,078,888 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
440 East Swedesford Road |
King of Prussia, PA | | 717,001 | 4,816,121 | 3,277,517 | 717,001 | 8,093,638 | 8,810,639 | 3,465,059 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
460 East Swedesford Road |
King of Prussia, PA | | 705,317 | 4,737,487 | 4,352,234 | 705,317 | 9,089,721 | 9,795,038 | 2,834,850 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
151 South Warner Road |
King of Prussia, PA | | 1,218,086 | 6,937,866 | 7,249,070 | 1,187,900 | 14,217,122 | 15,405,022 | 698,402 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
3604 Horizon Drive |
King of Prussia, PA | | 397,178 | | 1,681,788 | 350,874 | 1,728,092 | 2,078,966 | 782,634 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
3606 Horizon Drive |
King of Prussia, PA | | 789,409 | | 2,123,681 | 815,855 | 2,097,235 | 2,913,090 | 918,405 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
650 Swedesford Road |
King of Prussia, PA | | 952,911 | 6,722,830 | 9,576,831 | 952,911 | 16,299,660 | 17,252,571 | 7,525,322 | 1971 | 40 yrs. | |||||||||||||||||||||||||||
680 Swedesford Road |
King of Prussia, PA | | 952,361 | 6,722,830 | 8,410,333 | 952,361 | 15,133,163 | 16,085,524 | 6,945,099 | 1971 | 40 yrs. | |||||||||||||||||||||||||||
3600 Horizon Drive |
King of Prussia, PA | | 236,432 | 1,856,252 | 784,645 | 236,432 | 2,640,897 | 2,877,328 | 896,665 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
3602 Horizon Drive |
King of Prussia, PA | | 217,734 | 1,759,489 | 338,288 | 217,809 | 2,097,701 | 2,315,510 | 743,156 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2700 Horizon Drive |
King of Prussia, PA | | 764,370 | | 4,242,712 | 867,815 | 4,139,267 | 5,007,082 | 1,547,359 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2900 Horizon Drive |
King of Prussia, PA | | 679,440 | | 3,503,074 | 774,096 | 3,408,418 | 4,182,514 | 1,189,870 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2500 Renaissance Boulevard |
King of Prussia, PA | | 509,580 | | 2,866,474 | 592,886 | 2,783,167 | 3,376,054 | 1,185,302 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2300 Renaissance Boulevard |
King of Prussia, PA | | 509,580 | | 3,042,297 | 574,152 | 2,977,725 | 3,551,877 | 1,055,823 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2100 Renaissance Boulevard |
King of Prussia, PA | | 1,110,111 | | 9,339,057 | 1,132,519 | 9,316,649 | 10,449,169 | 3,220,016 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
3400 Horizon Drive |
King of Prussia, PA | | 776,496 | 3,139,068 | 1,276,655 | 776,496 | 4,415,723 | 5,192,219 | 1,461,489 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
2301 Renaissance Boulevard |
King of Prussia, PA | | 1,645,246 | | 30,063,879 | 4,581,649 | 27,127,475 | 31,709,124 | 6,992,308 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
2520 Renaissance Boulevard |
King of Prussia, PA | | 1,020,000 | | 5,642,845 | 978,402 | 5,684,443 | 6,662,845 | 2,310,526 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2201 Renaissance Boulevard |
King of Prussia, PA | | | | 18,897,792 | 2,413,514 | 16,484,278 | 18,897,792 | 4,481,326 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
2560 Renaissance Boulevard |
King of Prussia, PA | | | | 3,729,254 | 649,792 | 3,079,462 | 3,729,254 | 1,058,801 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
170 South Warner Road |
King of Prussia, PA | | 547,800 | 3,137,400 | 3,987,694 | 458,232 | 7,214,662 | 7,672,894 | 3,838,961 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
190 South Warner Road |
King of Prussia, PA | | 552,200 | 3,162,600 | 1,647,906 | 461,909 | 4,900,797 | 5,362,706 | 2,574,166 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
3100 Horizon Drive |
King of Prussia, PA | | 601,956 | | 2,068,047 | 611,436 | 2,058,568 | 2,670,003 | 888,193 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
3500 Horizon Drive |
King of Prussia, PA | | 1,204,839 | | 2,830,229 | 1,223,875 | 2,811,193 | 4,035,068 | 894,706 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
3000 Horizon Drive |
King of Prussia, PA | | 1,191,449 | | 2,309,358 | 946,703 | 2,554,103 | 3,500,806 | 752,190 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
11425 State Highway 225 |
LaPorte, TX | * | 975,974 | 3,409,036 | 8,956 | 977,542 | 3,416,424 | 4,393,966 | 377,496 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
11503 State Highway 225 |
LaPorte, TX | * | 2,561,931 | 9,779,023 | 58,113 | 2,566,047 | 9,833,020 | 12,399,067 | 892,645 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7528 Walker Way |
Lehigh Valley, PA | | 893,441 | | 5,510,455 | 779,330 | 5,624,567 | 6,403,897 | 793,173 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8500 Willard Drive |
Lehigh, PA | * | 6,398,815 | | 21,793,887 | 7,627,526 | 20,565,176 | 28,192,702 | 798,189 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8301 Industrial Boulevard |
Lehigh, PA | * | 11,249,550 | | 44,324,333 | 11,254,716 | 44,319,167 | 55,573,883 | 4,658,718 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
31700 Research Park Drive |
Madison Heights, MI | | 373,202 | 1,824,721 | (649,436 | ) | 373,203 | 1,175,284 | 1,548,487 | 554,044 | 1988 | 40 yrs. | ||||||||||||||||||||||||||
1201 East Whitcomb Avenue |
Madison Heights, MI | | 302,567 | 1,213,232 | (157,899 | ) | 302,567 | 1,055,333 | 1,357,900 | 368,889 | 1980 | 40 yrs. | ||||||||||||||||||||||||||
1901 Summit Tower Boulevard |
Maitland, FL | | 6,078,791 | 12,348,567 | 2,096,608 | 6,083,206 | 14,440,761 | 20,523,967 | 4,237,197 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
45-67 Great Valley Parkway |
Malvern, PA | | 795,143 | | 4,199,957 | 795,831 | 4,199,269 | 4,995,100 | 2,526,279 | 1974 | 40 yrs. | |||||||||||||||||||||||||||
11,15 Great Valley Parkway |
Malvern, PA | | 1,837,050 | | 15,005,064 | 1,837,878 | 15,004,237 | 16,842,114 | 10,652,315 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
27-43 Great Valley Parkway |
Malvern, PA | | 448,775 | | 2,545,542 | 449,447 | 2,544,870 | 2,994,317 | 1,751,421 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
1 Country View Road |
Malvern, PA | | 400,000 | 3,600,000 | 1,004,647 | 406,421 | 4,598,226 | 5,004,647 | 2,016,903 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
200 Chesterfield Parkway |
Malvern, PA | | 495,893 | 2,739,093 | 649,407 | 588,384 | 3,296,009 | 3,884,393 | 2,224,454 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
50 Morehall Road |
Malvern, PA | | 849,576 | | 13,051,932 | 1,337,076 | 12,564,432 | 13,901,508 | 5,518,067 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1 Great Valley Parkway |
Malvern, PA | | 419,460 | 3,792,570 | 387,643 | 419,460 | 4,180,212 | 4,599,673 | 1,380,874 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
5 Great Valley Parkway |
Malvern, PA | | 684,200 | 6,181,661 | 1,790,158 | 684,200 | 7,971,819 | 8,656,019 | 2,635,603 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
1001 Cedar Hollow Road |
Malvern, PA | | 1,436,814 | | 16,081,159 | 1,676,470 | 15,841,503 | 17,517,973 | 6,378,790 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
3 Country View Road |
Malvern, PA | | 814,278 | | 4,946,433 | 1,128,881 | 4,631,830 | 5,760,711 | 1,348,720 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
425 Technology Drive |
Malvern, PA | | 191,114 | | 2,112,927 | 321,473 | 1,982,568 | 2,304,041 | 975,001 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
375 Technology Drive |
Malvern, PA | | 191,114 | | 2,018,620 | 234,922 | 1,974,811 | 2,209,734 | 861,726 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
45 Liberty Boulevard |
Malvern, PA | | 4,380,221 | | 15,316,168 | 4,749,748 | 14,946,641 | 19,696,389 | 6,029,564 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
100 Chesterfield Parkway |
Malvern, PA | | 1,320,625 | | 6,709,379 | 1,451,139 | 6,578,865 | 8,030,004 | 2,835,554 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
600 Chesterfield Parkway |
Malvern, PA | | 2,013,750 | | 8,255,848 | 2,171,080 | 8,098,519 | 10,269,598 | 3,284,977 | 1999 | 40 yrs. |
76
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
700 Chesterfield Parkway |
Malvern, PA | | 2,013,750 | | 8,216,674 | 2,158,337 | 8,072,087 | 10,230,424 | 3,257,665 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
18 Great Valley Parkway |
Malvern, PA | | 394,036 | 3,976,221 | 99,539 | 397,293 | 4,072,504 | 4,469,796 | 1,130,011 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
11 Great Valley Parkway |
Malvern, PA | | 496,297 | | 3,226,924 | 708,331 | 3,014,890 | 3,723,221 | 878,827 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
40 Liberty Boulevard |
Malvern, PA | | 4,241,137 | 17,737,090 | 2,182,842 | 4,241,167 | 19,919,901 | 24,161,068 | 6,618,672 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2 West Liberty Boulevard |
Malvern, PA | | 5,405,041 | | 11,635,939 | 5,405,042 | 11,635,938 | 17,040,980 | 1,634,494 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10 Great Valley Parkway |
Malvern, PA | | 823,540 | 1,341,376 | 314,007 | 832,244 | 1,646,678 | 2,478,922 | 310,042 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10, 20 Liberty Boulevard |
Malvern, PA | | 724,058 | | 5,760,414 | 724,846 | 5,759,626 | 6,484,472 | 2,977,810 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
420 Lapp Road |
Malvern, PA | | 1,054,418 | | 7,344,363 | 1,055,243 | 7,343,538 | 8,398,781 | 3,826,144 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
14 Lee Boulevard |
Malvern, PA | | 664,282 | | 6,022,257 | 643,892 | 6,042,647 | 6,686,539 | 3,324,222 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
500 Chesterfield Parkway |
Malvern, PA | | 472,364 | | 3,323,124 | 519,742 | 3,275,746 | 3,795,488 | 1,874,387 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
300-400 Chesterfield Parkway |
Malvern, PA | | 937,212 | | 5,742,350 | 1,012,843 | 5,666,719 | 6,679,562 | 3,163,440 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
40 Valley Stream Parkway |
Malvern, PA | | 322,918 | | 3,188,934 | 325,775 | 3,186,076 | 3,511,852 | 1,831,167 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
50 Valley Stream Parkway |
Malvern, PA | | 323,971 | | 3,160,049 | 323,792 | 3,160,228 | 3,484,020 | 1,605,754 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
20 Valley Stream Parkway |
Malvern, PA | | 465,539 | | 5,707,476 | 466,413 | 5,706,602 | 6,173,015 | 3,536,207 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
257-275 Great Valley Parkway |
Malvern, PA | | 504,611 | | 5,316,828 | 505,458 | 5,315,981 | 5,821,439 | 3,490,013 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
300 Technology Drive |
Malvern, PA | | 368,626 | | 1,345,599 | 374,497 | 1,339,728 | 1,714,225 | 801,016 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
277-293 Great Valley Parkway |
Malvern, PA | | 530,729 | | 2,705,538 | 531,534 | 2,704,733 | 3,236,267 | 1,616,903 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
311 Technology Drive |
Malvern, PA | | 397,131 | | 2,911,205 | 397,948 | 2,910,388 | 3,308,336 | 1,701,491 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
7 Great Valley Parkway |
Malvern, PA | | 176,435 | | 5,165,883 | 177,317 | 5,165,002 | 5,342,318 | 3,316,078 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
55 Valley Stream Parkway |
Malvern, PA | | 215,005 | | 4,393,160 | 215,818 | 4,392,348 | 4,608,165 | 2,499,992 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
65 Valley Stream Parkway |
Malvern, PA | | 381,544 | | 7,203,727 | 382,361 | 7,202,910 | 7,585,271 | 4,639,975 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
508 Lapp Road |
Malvern, PA | | 331,392 | | 2,036,104 | 332,216 | 2,035,280 | 2,367,496 | 1,385,015 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10 Valley Stream Parkway |
Malvern, PA | | 509,075 | | 3,142,498 | 509,899 | 3,141,674 | 3,651,573 | 1,955,051 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
333 Phoenixville Pike |
Malvern, PA | | 523,530 | | 3,725,062 | 524,230 | 3,724,362 | 4,248,592 | 1,837,667 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
30 Great Valley Parkway |
Malvern, PA | | 128,126 | | 385,634 | 128,783 | 384,977 | 513,760 | 338,175 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
75 Great Valley Parkway |
Malvern, PA | 183,574 | 143,074 | | 888,076 | 143,811 | 887,338 | 1,031,150 | 675,263 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
77-123 Great Valley Parkway |
Malvern, PA | | 887,664 | | 6,012,716 | 888,359 | 6,012,021 | 6,900,380 | 4,025,390 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
205 Great Valley Parkway |
Malvern, PA | | 1,368,259 | | 11,239,206 | 1,369,003 | 11,238,462 | 12,607,465 | 7,641,055 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
12,14,16 Great Valley
Parkway |
Malvern, PA | | 130,689 | | 1,560,924 | 128,767 | 1,562,846 | 1,691,613 | 1,056,108 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
155 Great Valley Parkway |
Malvern, PA | | 625,147 | | 2,627,280 | 626,068 | 2,626,359 | 3,252,427 | 1,748,600 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
510 Lapp Road |
Malvern, PA | | 356,950 | | 926,587 | 357,751 | 925,786 | 1,283,537 | 637,559 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
60 Morehall Road |
Malvern, PA | | 865,424 | 9,285,000 | 5,058,435 | 884,974 | 14,323,885 | 15,208,859 | 7,930,300 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5 Country View Road |
Malvern, PA | | 785,168 | 4,678,632 | 1,056,753 | 786,235 | 5,734,318 | 6,520,553 | 2,424,679 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7550 Meridian Circle |
Maple Grove, MN | | 513,250 | 2,901,906 | 546,956 | 513,250 | 3,448,862 | 3,962,112 | 1,042,222 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
701A Route 73 South |
Marlton, NJ | | 264,387 | 3,772,000 | 4,173,767 | 271,743 | 7,938,411 | 8,210,154 | 4,179,780 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
701C Route 73 South |
Marlton, NJ | | 84,949 | 1,328,000 | 941,834 | 96,161 | 2,258,622 | 2,354,783 | 863,263 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
400 Lippincott Drive |
Marlton, NJ | | 69,402 | 3,782,573 | 317,799 | 3,534,176 | 3,851,975 | 1,284,245 | 1999 | 40 yrs. | ||||||||||||||||||||||||||||
406 Lippincott Drive |
Marlton, NJ | | 321,455 | 1,539,871 | 1,303,270 | 327,554 | 2,837,042 | 3,164,596 | 1,336,940 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
301 Lippincott Drive |
Marlton, NJ | | 1,069,837 | 4,780,163 | 1,780,269 | 1,069,838 | 6,560,431 | 7,630,269 | 2,766,097 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
303 Lippincott Drive |
Marlton, NJ | | 1,069,837 | 4,780,163 | 3,065,675 | 1,069,838 | 7,845,838 | 8,915,675 | 3,514,502 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
901 Route 73 |
Marlton, NJ | | 334,411 | 2,733,314 | 946,618 | 334,411 | 3,679,932 | 4,014,343 | 1,416,756 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
75 Brookfield Oaks Drive |
Mauldin, SC | | 419,731 | | 2,510,660 | 430,909 | 2,499,482 | 2,930,392 | 434,124 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
65 Brookfield Oaks Drive |
Mauldin, SC | | 557,174 | | 2,905,475 | 506,318 | 2,956,332 | 3,462,650 | 373,054 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
7800 N. 113th Street |
Milwaukee, WI | | 1,711,964 | 6,847,857 | 600,888 | 1,711,964 | 7,448,745 | 9,160,709 | 2,328,304 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
11950 W. Lake Park Drive |
Milwaukee, WI | | 391,813 | 2,340,118 | 595,440 | 394,938 | 2,932,434 | 3,327,371 | 1,051,342 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
11400 W. Lake Park Drive |
Milwaukee, WI | | 439,595 | 2,357,904 | 348,421 | 443,101 | 2,702,819 | 3,145,919 | 773,558 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
11425 W. Lake Park Drive |
Milwaukee, WI | | 382,256 | 2,350,619 | 979,214 | 385,305 | 3,326,784 | 3,712,089 | 1,431,200 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11301 W. Lake Park Drive |
Milwaukee, WI | | 614,477 | 2,626,456 | 123,888 | 619,465 | 2,745,357 | 3,364,821 | 748,549 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11900 W. Lake Park Drive |
Milwaukee, WI | | 347,853 | 2,396,887 | 1,884,459 | 350,628 | 4,278,572 | 4,629,199 | 1,525,087 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11414 West Park Place |
Milwaukee, WI | | 234,443 | 10,713,613 | 491,531 | 10,456,526 | 10,948,057 | 3,477,102 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
11520 West Calumet Road |
Milwaukee, WI | | 341,698 | 1,527,548 | 78,494 | 341,698 | 1,606,042 | 1,947,740 | 417,634 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
12100 West Park Place |
Milwaukee, WI | | 534,470 | 3,239,389 | 572,084 | 532,370 | 3,813,573 | 4,345,943 | 1,274,986 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
11100 West Liberty Drive |
Milwaukee, WI | | 1,800,000 | 7,542,950 | 1,801,024 | 7,541,926 | 9,342,950 | 1,630,363 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
11050 West Liberty Drive |
Milwaukee, WI | | | | 3,816,745 | 914,760 | 2,901,985 | 3,816,745 | 248,548 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4700 Nathan Lane North |
Minneapolis, MN | | 1,501,308 | 8,446,083 | 225,056 | 1,501,308 | 8,671,139 | 10,172,447 | 2,262,534 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4600 Nathan Lane |
Minneapolis, MN | | 1,063,558 | 6,683,083 | 1,038,197 | 6,708,444 | 7,746,641 | 2,547,169 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4700 Nathan Lane N -
Expansion |
Minneapolis, MN | | | | 12,944,766 | | 12,944,766 | 12,944,766 | 34,909 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
12501 & 12701 Whitewater
Drive |
Minnegonka, MN | | 2,175,209 | 3,948,085 | 7,485,094 | 2,177,953 | 11,430,435 | 13,608,388 | 1,898,424 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
5600 & 5610 Rowland Road |
Minnetonka, MN | | 828,650 | 7,399,409 | 2,196,059 | 829,263 | 9,594,854 | 10,424,117 | 3,766,702 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
5400-5500 Feltl Road |
Minnetonka, MN | | 883,895 | 7,983,345 | 2,285,978 | 883,895 | 10,269,323 | 11,153,218 | 3,604,910 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
3400 Lakeside Drive |
Miramar, FL | | 2,022,153 | 11,345,881 | 1,674,282 | 2,022,153 | 13,020,162 | 15,042,316 | 4,222,510 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
3450 Lakeside Drive |
Miramar, FL | | 2,022,152 | 11,357,143 | 2,688,791 | 2,022,152 | 14,045,934 | 16,068,086 | 4,862,162 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
3350 SW 148th Avenue |
Miramar, FL | | 2,960,511 | | 20,110,108 | 2,980,689 | 20,089,929 | 23,070,619 | 6,752,891 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
3100 SW 145th Avenue |
Miramar, FL | | 6,204,407 | | 15,426,913 | 6,265,000 | 15,366,320 | 21,631,320 | 102,255 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
324 Park Knoll Drive |
Morrisville, NC | * | 1,449,092 | 4,424,932 | 329,062 | 1,449,450 | 4,753,636 | 6,203,086 | 391,881 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
619 Distribution Drive |
Morrisville, NC | * | 1,031,430 | 5,655,167 | 397,507 | 1,031,685 | 6,052,419 | 7,084,104 | 467,841 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
627 Distribution Drive |
Morrisville, NC | * | 1,061,370 | 5,152,110 | 239,352 | 1,061,632 | 5,391,200 | 6,452,832 | 416,302 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
701 Distribution Drive |
Morrisville, NC | * | 1,300,889 | 5,313,226 | 217,183 | 1,301,211 | 5,530,088 | 6,831,298 | 418,018 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
330 Fellowship Road |
Mount Laurel, NJ | | 3,730,570 | | 16,547,531 | 3,758,270 | 16,519,832 | 20,278,101 | 592,707 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
300 Fellowship Road |
Mt Laurel, NJ | | | | 7,350,519 | 1,098,904 | 6,251,616 | 7,350,519 | 1,048,038 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
302 Fellowship Road |
Mt Laurel, NJ | | 1,512,120 | | 2,933,420 | 539,060 | 3,906,480 | 4,445,540 | 512,893 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
3001 Leadenhall Road |
Mt Laurel, NJ | | 1,925,719 | 191,390 | 10,965,396 | 1,936,489 | 11,146,016 | 13,082,505 | 2,157,858 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
350 Fellowship Road |
Mt Laurel, NJ | | 2,960,159 | 1,449,611 | 4,586,406 | 2,970,687 | 6,025,489 | 8,996,176 | 607,547 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3000 Atrium Way |
Mt. Laurel, NJ | | 500,000 | 4,500,000 | 5,277,156 | 512,018 | 9,765,138 | 10,277,156 | 4,781,541 | 1987 | 40 yrs. |
77
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
11000, 15000 Commerce
Parkway |
Mt. Laurel, NJ | | 310,585 | 4,394,900 | 1,244,385 | 311,950 | 5,637,920 | 5,949,870 | 2,639,001 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
12000, 14000 Commerce
Parkway |
Mt. Laurel, NJ | | 361,800 | 3,285,817 | 1,026,601 | 362,855 | 4,311,362 | 4,674,218 | 1,911,583 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
16000, 18000 Commerce
Parkway |
Mt. Laurel, NJ | | 289,700 | 2,512,683 | 1,334,707 | 290,545 | 3,846,545 | 4,137,090 | 1,535,623 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1300 Route 73 North |
Mt. Laurel, NJ | | 449,400 | 3,074,850 | 2,372,243 | 450,558 | 5,445,935 | 5,896,493 | 2,208,055 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6000 Commerce Parkway |
Mt. Laurel, NJ | | 234,151 | 2,022,683 | 914,135 | 234,151 | 2,936,818 | 3,170,969 | 1,247,404 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
8000 Commerce Parkway |
Mt. Laurel, NJ | | 234,814 | 1,995,098 | 530,452 | 234,814 | 2,525,550 | 2,760,364 | 786,791 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
9000 Commerce Parkway |
Mt. Laurel, NJ | | 286,587 | 2,474,820 | 1,252,945 | 286,587 | 3,727,765 | 4,014,352 | 1,365,052 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
1000 Briggs Road |
Mt. Laurel, NJ | | 288,577 | 2,546,537 | 1,526,570 | 288,577 | 4,073,106 | 4,361,684 | 1,902,450 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1025 Briggs Road |
Mt. Laurel, NJ | | 430,990 | 3,714,828 | 1,255,822 | 430,990 | 4,970,650 | 5,401,640 | 1,959,916 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
1020 Briggs Road |
Mt. Laurel, NJ | | 494,334 | | 3,167,284 | 569,184 | 3,092,435 | 3,661,618 | 1,120,929 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2000 Crawford Place |
Mt. Laurel, NJ | | 310,831 | 2,797,744 | 2,922,589 | 310,831 | 5,720,333 | 6,031,164 | 2,767,570 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
5000 Dearborn Court |
Mt. Laurel, NJ | | 1,057,763 | 4,191,827 | 1,670,366 | 1,057,763 | 5,862,194 | 6,919,956 | 1,888,600 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1001 Briggs Road |
Mt. Laurel, NJ | | 701,705 | 3,505,652 | 2,474,270 | 701,705 | 5,979,922 | 6,681,628 | 2,675,653 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1015 Briggs Road |
Mt. Laurel, NJ | | 356,987 | | 3,673,872 | 470,659 | 3,560,200 | 4,030,859 | 1,216,636 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
17000 Commerce Parkway |
Mt. Laurel, NJ | | 144,515 | 3,458,166 | 144,515 | 3,458,166 | 3,602,681 | 1,111,054 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
6 Terry Drive |
Newtown, PA | | 622,029 | 2,228,851 | 1,030,179 | 622,205 | 3,258,853 | 3,881,058 | 1,306,838 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
27th Street |
Oak Creek, WI | | 348,280 | | 4,290,480 | 696,690 | 3,942,070 | 4,638,760 | 48,139 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
Corporate Preserve Drive |
Oak Creek, WI | | 516,016 | | 3,935,631 | 654,271 | 3,797,376 | 4,451,647 | 46,477 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
550-590 Hale Avenue |
Oakdale, MN | | 765,535 | 3,488,754 | 623,102 | 766,390 | 4,111,000 | 4,877,390 | 1,261,323 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
1879 Lamont Avenue |
Odenton, MD | * | 1,976,000 | 8,099,579 | 2,469,160 | 2,011,030 | 10,533,709 | 12,544,739 | 1,440,507 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
350 Winmeyer Avenue |
Odenton, MD | * | 1,778,400 | 7,289,165 | 1,867,935 | 1,809,927 | 9,125,573 | 10,935,500 | 1,211,671 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9600 Satellite Boulevard |
Orlando, FL | * | 252,850 | 1,297,923 | 62,116 | 252,850 | 1,360,039 | 1,612,889 | 443,433 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
9700 Satellite Boulevard |
Orlando, FL | * | 405,362 | 1,146,546 | 350,999 | 405,362 | 1,497,545 | 1,902,907 | 515,113 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
1902 Cypress Lake Drive |
Orlando, FL | * | 523,512 | 3,191,790 | 1,010,913 | 538,512 | 4,187,703 | 4,726,215 | 1,461,540 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
9550 Satellite Boulevard |
Orlando, FL | | 574,831 | | 2,408,974 | 587,319 | 2,396,486 | 2,983,805 | 785,602 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
10511 & 10611 Satellite
Boulevard |
Orlando, FL | | 517,554 | 2,568,186 | 517,132 | 522,991 | 3,079,881 | 3,602,872 | 1,099,581 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1400-1440 Central Florida
Parkway |
Orlando, FL | * | 518,043 | 2,561,938 | 862,155 | 518,043 | 3,424,093 | 3,942,136 | 1,129,366 | 1962 | 40 yrs. | |||||||||||||||||||||||||||
2216 Directors Row |
Orlando, FL | | 453,918 | 2,572,202 | 127,019 | 453,918 | 2,699,221 | 3,153,139 | 751,320 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2400 South Lake Orange Drive |
Orlando, FL | | 385,964 | | 2,409,852 | 642,427 | 2,153,389 | 2,795,816 | 567,875 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
6923 Lee Vista Boulevard |
Orlando, FL | | 903,701 | | 3,790,427 | 830,953 | 3,863,175 | 4,694,128 | 349,074 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6501 Lee Vista Boulevard |
Orlando, FL | | 903,701 | 5,660,761 | 925,671 | 5,638,790 | 6,564,462 | 1,164,127 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
2416 Lake Orange Drive |
Orlando, FL | | 535,964 | 3,175,219 | 704,800 | 3,006,382 | 3,711,182 | 1,033,173 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
10771 Palm Bay Drive |
Orlando, FL | * | 664,605 | 2,362,814 | 685,383 | 2,342,035 | 3,027,419 | 475,231 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
10003 Satellite Boulevard |
Orlando, FL | | 680,312 | 2,120,754 | 1,242,546 | 680,312 | 3,363,300 | 4,043,612 | 754,032 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
1090 Gills Drive |
Orlando, FL | * | 878,320 | 2,558,833 | 1,371,034 | 878,320 | 3,929,867 | 4,808,187 | 632,945 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
2202 Taft-Vineland Road |
Orlando, FL | | | | 6,631,110 | 1,283,713 | 5,347,397 | 6,631,110 | 1,326,244 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
South Center Land-Phase II |
Orlando, FL | | 838,853 | | 4,084,539 | 767,953 | 4,155,440 | 4,923,392 | 429,594 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7315 Kingspointe Parkway |
Orlando, FL | * | 1,931,697 | 6,388,203 | 2,135,046 | 1,932,004 | 8,522,943 | 10,454,946 | 1,613,819 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
2351 Investors Row |
Orlando, FL | * | 2,261,924 | 7,496,249 | 411,516 | 2,263,211 | 7,906,478 | 10,169,689 | 1,000,901 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
2256 Taft-Vineland Road |
Orlando, FL | | 467,296 | | 2,494,666 | 825,673 | 2,136,290 | 2,961,963 | 305,135 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1950 Summit Park Drive |
Orlando, FL | | 2,573,700 | 17,478,646 | 1,365,023 | 2,583,667 | 18,833,702 | 21,417,369 | 2,373,789 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1958 Summit Park Drive |
Orlando, FL | | 2,573,961 | 11,206,937 | 8,841,420 | 2,583,216 | 20,039,102 | 22,622,318 | 2,584,385 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
6200 Lee Vista Boulevard |
Orlando, FL | | 1,423,584 | 6,399,510 | 65,322 | 1,435,301 | 6,453,115 | 7,888,416 | 765,838 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7022 TPC Drive |
Orlando, FL | | 1,443,510 | 6,845,559 | 560,522 | 1,457,286 | 7,392,306 | 8,849,592 | 841,748 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7100 TPC Drive |
Orlando, FL | | 1,431,489 | 7,948,341 | 472,409 | 1,445,807 | 8,406,432 | 9,852,239 | 851,913 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7101 TPC Drive |
Orlando, FL | | 1,553,537 | 5,301,499 | 859,475 | 1,570,863 | 6,143,648 | 7,714,511 | 610,819 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
851 Gills Drive |
Orlando, FL | | 332,992 | | 2,645,422 | 373,500 | 2,604,914 | 2,978,414 | 102,303 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
950 Gills Drive |
Orlando, FL | | 443,989 | | 2,650,065 | 464,800 | 2,629,255 | 3,094,055 | 95,209 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1000 Gills Drive |
Orlando, FL | | 415,906 | | 2,713,451 | 435,400 | 2,693,957 | 3,129,357 | 115,315 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8801 Tinicum Boulevard |
Philadelphia, PA | | 2,474,031 | | 43,598,952 | 125,087 | 45,947,896 | 46,072,983 | 16,727,545 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
3 Franklin Plaza |
Philadelphia, PA | | 2,483,144 | | 32,150,134 | 2,514,519 | 32,118,759 | 34,633,278 | 8,645,955 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4751 League Island Boulevard |
Philadelphia, PA | | 992,965 | 331,924 | 6,753,197 | 1,022,081 | 7,056,006 | 8,078,087 | 1,197,497 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
1 Crescent Drive |
Philadelphia, PA | | 567,280 | | 14,677,869 | 347,892 | 14,897,257 | 15,245,149 | 1,401,391 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
4775 League Island Boulevard |
Philadelphia, PA | | 891,892 | | 5,757,514 | 366,982 | 6,282,425 | 6,649,406 | 343,670 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
4300 South 26th Street |
Philadelphia, PA | | 402,673 | | 35,597,396 | 412,454 | 35,587,615 | 36,000,069 | 250,499 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
4410 E. Cotton Center
Boulevard |
Phoenix, AZ | | 4,758,484 | 10,559,563 | 5,587,577 | 4,765,172 | 16,140,451 | 20,905,624 | 796,915 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4750 S. 44th Place |
Phoenix, AZ | | 3,756,307 | 8,336,400 | 3,625,155 | 3,761,587 | 11,956,275 | 15,717,862 | 551,205 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4435 E. Cotton Center
Boulevard |
Phoenix, AZ | | 1,910,584 | 1,954,020 | 2,166,648 | 1,911,045 | 4,120,208 | 6,031,253 | 309,862 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4207 E. Cotton Center
Boulevard |
Phoenix, AZ | | 1,409,908 | 4,680,808 | 1,096,836 | 1,410,248 | 5,777,305 | 7,187,552 | 655,667 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4217 E. Cotton Center
Boulevard |
Phoenix, AZ | | 7,922,480 | 10,045,599 | 2,743,402 | 6,690,321 | 14,021,160 | 20,711,481 | 1,032,405 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4425 E. Cotton Center
Boulvard |
Phoenix, AZ | * | 7,318,457 | 24,549,401 | 28,556 | 7,318,457 | 24,577,957 | 31,896,413 | 2,033,420 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4415 E. Cotton Center
Boulevard |
Phoenix, AZ | * | 1,749,957 | 3,767,213 | 7,595 | 1,749,957 | 3,774,808 | 5,524,765 | 426,738 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4405 E. Cotton Center
Boulevard |
Phoenix, AZ | * | 2,646,318 | 9,697,439 | 103,051 | 2,646,318 | 9,800,490 | 12,446,808 | 741,776 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4313 E. Cotton Center
Boulevard |
Phoenix, AZ | * | 3,895,539 | 16,724,283 | 1,400,711 | 3,895,539 | 18,124,995 | 22,020,533 | 1,565,576 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4303 E. Cotton Center
Boulvard |
Phoenix, AZ | * | 2,619,964 | 9,675,711 | 11,076 | 2,619,964 | 9,686,787 | 12,306,751 | 814,561 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4610 South 44th Street |
Phoenix, AZ | | 6,539,310 | | 5,704,330 | 6,827,288 | 5,416,351 | 12,243,639 | 56,986 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4550 South 44th Street |
Phoenix, AZ | | 5,380,972 | | 4,233,556 | 5,617,939 | 3,996,590 | 9,614,529 | 46,491 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
9801 80th Avenue |
Pleasant Prairie, WI | | 1,692,077 | 7,934,794 | 250,974 | 1,689,726 | 8,188,119 | 9,877,845 | 2,255,399 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
2250 Hickory Road |
Plymouth Meeting, PA | | 1,015,851 | 9,175,555 | 3,113,293 | 1,032,507 | 12,272,192 | 13,304,699 | 4,202,704 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2905 Northwest Boulevard |
Plymouth, MN | | 516,920 | 4,646,342 | 1,995,401 | 516,920 | 6,641,743 | 7,158,663 | 2,797,012 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
2800 Campus Drive |
Plymouth, MN | | 395,366 | 3,554,512 | 1,166,443 | 395,366 | 4,720,955 | 5,116,321 | 1,856,676 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2955 Xenium Lane |
Plymouth, MN | | 151,238 | 1,370,140 | 508,272 | 151,238 | 1,878,412 | 2,029,650 | 805,046 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2920 Northwest Boulevard |
Plymouth, MN | | 392,026 | 3,433,678 | 708,249 | 384,235 | 4,149,718 | 4,533,953 | 1,436,468 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
14630-14650 28th Avenue
North |
Plymouth, MN | | 198,205 | 1,793,422 | 782,928 | 198,205 | 2,576,350 | 2,774,555 | 991,926 | 1978 | 40 yrs. |
78
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
9600 54th Avenue |
Plymouth, MN | | 332,317 | 3,077,820 | 1,020,792 | 332,317 | 4,098,612 | 4,430,929 | 1,667,000 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
1500 SW 5th Court |
Pompano Beach, FL | | 972,232 | 3,892,085 | 465,078 | 972,232 | 4,357,163 | 5,329,395 | 1,366,685 | 1957 | 40 yrs. | |||||||||||||||||||||||||||
1651 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 129,136 | 203,247 | 940,230 | 1,143,477 | 361,523 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1601 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 402,780 | 203,247 | 1,213,873 | 1,417,120 | 490,850 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1501 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 402,183 | 203,247 | 1,213,276 | 1,416,523 | 268,889 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1400 SW 6th Court |
Pompano Beach, FL | | 1,157,049 | 4,620,956 | 422,912 | 1,157,049 | 5,043,868 | 6,200,917 | 1,582,490 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1405 SW 6th Court |
Pompano Beach, FL | | 392,138 | 1,565,787 | 198,906 | 392,138 | 1,764,694 | 2,156,832 | 582,973 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
595 SW 13th Terrace |
Pompano Beach, FL | | 359,933 | 1,437,116 | 442,709 | 359,933 | 1,879,825 | 2,239,758 | 524,379 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
601 SW 13th Terrace |
Pompano Beach, FL | | 164,413 | 655,933 | 173,030 | 164,413 | 828,963 | 993,375 | 304,796 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
605 SW 16th Terrace |
Pompano Beach, FL | | 310,778 | 1,238,324 | 257,273 | 310,178 | 1,496,197 | 1,806,375 | 499,137 | 1965 | 40 yrs. | |||||||||||||||||||||||||||
301 Hill Carter Parkway |
Richmond, VA | | 659,456 | 4,836,010 | 185,894 | 659,456 | 5,021,904 | 5,681,360 | 1,803,441 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5600-5626 Eastport Boulevard |
Richmond, VA | | 489,941 | 3,592,900 | 335,923 | 489,941 | 3,928,823 | 4,418,764 | 1,546,138 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5650-5674 Eastport Boulevard |
Richmond, VA | | 644,384 | 4,025,480 | 248,946 | 644,384 | 4,274,426 | 4,918,810 | 1,731,605 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5700 Eastport Boulevard |
Richmond, VA | | 408,729 | 2,697,348 | 820,296 | 408,729 | 3,517,644 | 3,926,373 | 1,420,090 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4101-4127 Carolina Avenue |
Richmond, VA | | 310,854 | 2,279,597 | 878,915 | 310,854 | 3,158,512 | 3,469,366 | 1,072,790 | 1973 | 40 yrs. | |||||||||||||||||||||||||||
4201-4261 Carolina Avenue |
Richmond, VA | | 693,203 | 5,083,493 | 1,740,857 | 693,203 | 6,824,350 | 7,517,553 | 2,502,871 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
4263-4299 Carolina Avenue |
Richmond, VA | | 256,203 | 2,549,649 | 2,130,737 | 256,203 | 4,680,386 | 4,936,589 | 1,628,219 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
4301-4335 Carolina Avenue |
Richmond, VA | | 223,696 | 1,640,435 | 2,688,102 | 223,696 | 4,328,537 | 4,552,233 | 1,138,083 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
4337-4379 Carolina Avenue |
Richmond, VA | | 325,303 | 2,385,557 | 1,682,650 | 325,303 | 4,068,207 | 4,393,510 | 1,705,697 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
4501-4549 Carolina Avenue |
Richmond, VA | | 486,166 | 3,565,211 | 493,767 | 486,166 | 4,058,978 | 4,545,144 | 1,505,148 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
4551-4593 Carolina Avenue |
Richmond, VA | | 474,360 | 3,478,646 | 835,568 | 474,360 | 4,314,214 | 4,788,574 | 1,526,168 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
4601-4643 Carolina Avenue |
Richmond, VA | | 652,455 | 4,784,675 | 622,565 | 652,455 | 5,407,240 | 6,059,695 | 2,233,976 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4645-4683 Carolina Avenue |
Richmond, VA | | 404,616 | 2,967,187 | 1,252,655 | 404,616 | 4,219,842 | 4,624,458 | 2,036,874 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4447-4491 Carolina Avenue |
Richmond, VA | | 454,056 | 2,729,742 | 503,034 | 454,056 | 3,232,776 | 3,686,832 | 1,232,056 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4401-4445 Carolina Avenue |
Richmond, VA | | 615,038 | 4,510,272 | 476,720 | 615,038 | 4,986,992 | 5,602,030 | 1,859,918 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
2300 East Parham Road |
Richmond, VA | | 221,947 | 1,011,088 | 2,443 | 221,947 | 1,013,531 | 1,235,478 | 427,900 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
5601-5659 Eastport Boulevard |
Richmond, VA | | 705,660 | | 4,904,209 | 720,100 | 4,889,769 | 5,609,870 | 2,070,111 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
5900 Eastport Boulevard |
Richmond, VA | | 676,661 | | 4,822,772 | 687,898 | 4,811,535 | 5,499,433 | 1,662,704 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4717-4729 Eubank Road |
Richmond, VA | | 449,447 | 3,294,697 | 756,131 | 452,263 | 4,048,011 | 4,500,274 | 1,772,055 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
4263F-N. Carolina Avenue |
Richmond, VA | | 91,476 | | 1,656,984 | 91,599 | 1,656,861 | 1,748,460 | 576,593 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
510 Eastpark Court |
Richmond, VA | | 261,961 | 2,110,874 | 608,236 | 262,210 | 2,718,861 | 2,981,071 | 1,025,493 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
520 Eastpark Court |
Richmond, VA | | 486,118 | 4,083,582 | 397,629 | 486,598 | 4,480,731 | 4,967,329 | 1,596,479 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5701-5799 Eastport Boulevard |
Richmond, VA | | 694,644 | | 5,851,949 | 700,503 | 5,846,090 | 6,546,593 | 2,115,132 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
530 Eastpark Court |
Richmond, VA | | 266,883 | | 3,129,801 | 334,772 | 3,061,912 | 3,396,684 | 1,376,494 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
6000 Eastport Blvd |
Richmond, VA | | 872,901 | | 7,486,258 | 901,666 | 7,457,493 | 8,359,159 | 322,546 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
3829-3855 Gaskins Road |
Richmond, VA | | 364,165 | 3,264,114 | 39,764 | 364,165 | 3,303,879 | 3,668,044 | 979,890 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
10800 Nuckols Boulevard |
Richmond, VA | | 1,432,462 | | 14,420,839 | 1,794,162 | 14,059,139 | 15,853,301 | 3,483,362 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
100 Westgate Parkway |
Richmond, VA | | 1,140,648 | 101,824 | 10,062,785 | 1,456,084 | 9,849,173 | 11,305,257 | 1,988,948 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
200 Westgate Parkway |
Richmond, VA | | 1,623,612 | 6,035,700 | 1,072,797 | 6,586,515 | 7,659,312 | 1,594,917 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
3901 Westerre Parkway |
Richmond, VA | | 634,231 | | 11,848,089 | 1,508,459 | 10,973,862 | 12,482,320 | 182,397 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
3900 Westerre Parkway |
Richmond, VA | | 392,184 | | 11,786,392 | 1,100,000 | 11,078,576 | 12,178,576 | 1,188,362 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1001 Boulders Parkway |
Richmond, VA | | 2,073,739 | 5,634,796 | 1,613,952 | 2,079,643 | 7,242,844 | 9,322,487 | 1,053,088 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
7400 Beaufont Springs Drive |
Richmond, VA | | 808,581 | 7,273,850 | 1,171,471 | 810,743 | 8,443,158 | 9,253,901 | 1,147,415 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1100 Boulders Parkway |
Richmond, VA | | 1,276,936 | 12,052,192 | 1,527,052 | 1,280,662 | 13,575,518 | 14,856,181 | 1,611,392 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
540 Eastpark Court |
Richmond, VA | | 742,300 | | 5,447,660 | 1,066,839 | 5,123,121 | 6,189,960 | 71,537 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
2020 US Highway 301 South |
Riverview, FL | | 1,233,639 | 13,608,485 | 109,898 | 1,233,800 | 13,718,223 | 14,952,022 | 1,316,539 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6532 Judge Adams Road |
Rock Creek, NC | | 354,903 | | 4,169,001 | 399,988 | 4,123,916 | 4,523,904 | 1,285,673 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
6530 Judge Adams Road |
Rock Creek, NC | | 305,821 | | 4,805,262 | 335,061 | 4,776,022 | 5,111,083 | 1,277,812 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8501 East Raintree Drive |
Scottsdale, AZ | | 4,076,412 | | 27,621,159 | 4,115,137 | 27,582,434 | 31,697,571 | 3,278,438 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
Renaissance Blvd & Hwy 20 |
Sturtevant, WI | | 2,484,450 | | 21,894,843 | 2,487,293 | 21,891,999 | 24,379,292 | 1,518,200 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6950 Harbor View Blvd |
Suffolk, VA | | 929,844 | | 6,209,197 | 794,848 | 6,344,194 | 7,139,041 | 750,153 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
6900 Harbor View Boulevard |
Suffolk, VA | | 904,052 | | 8,372,404 | 807,006 | 8,469,451 | 9,276,456 | 559,808 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
13650 NW 8th Street |
Sunrise, FL | | 558,223 | 2,171,930 | 57,522 | 558,251 | 2,229,424 | 2,787,675 | 741,928 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
13630 NW 8th Street |
Sunrise, FL | | 659,797 | 2,596,275 | 773,154 | 659,825 | 3,369,400 | 4,029,226 | 1,403,936 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
1301 International Parkway |
Sunrise, FL | | 5,100,162 | 24,219,956 | 7,763,083 | 5,100,791 | 31,982,409 | 37,083,200 | 2,392,517 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
13621 NW 12th Street |
Sunrise, FL | | 5,570,820 | 9,454,900 | 1,506,186 | 5,570,820 | 10,961,086 | 16,531,906 | 1,389,397 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
5501-5519 Pioneer Park
Boulevard |
Tampa, FL | | 162,000 | 1,613,000 | 1,010,318 | 262,416 | 2,522,902 | 2,785,318 | 866,780 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
5690-5694 Crenshaw Street |
Tampa, FL | | 181,923 | 1,812,496 | 256,771 | 181,923 | 2,069,268 | 2,251,191 | 748,165 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
3102,3104,3110 Cherry Palm
Drive |
Tampa, FL | | 503,767 | 2,787,585 | 1,689,682 | 503,767 | 4,477,267 | 4,981,034 | 2,021,569 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
8401-8408 Benjamin Road |
Tampa, FL | | 789,651 | 4,454,648 | 2,545,846 | 769,789 | 7,020,356 | 7,790,145 | 3,007,157 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
111 Kelsey Lane |
Tampa, FL | | 359,540 | 1,461,850 | 660,118 | 359,540 | 2,121,968 | 2,481,508 | 903,625 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7930, 8010-20 Woodland
Center Boulevard |
Tampa, FL | | 1,408,478 | 5,247,246 | 1,250,781 | 1,408,478 | 6,498,027 | 7,906,505 | 2,318,928 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7920 Woodland Center
Boulevard |
Tampa, FL | | 1,082,648 | 2,445,444 | 23,564 | 1,082,648 | 2,469,008 | 3,551,656 | 783,286 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
8154-8198 Woodland Center
Boulevard |
Tampa, FL | | 399,088 | 2,868,834 | 514,344 | 399,088 | 3,383,177 | 3,782,266 | 1,294,160 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
8112-42 Woodland Center
Boulevard |
Tampa, FL | | 513,263 | 3,230,239 | 658,168 | 513,263 | 3,888,408 | 4,401,670 | 1,276,041 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
8212 Woodland Center
Boulevard |
Tampa, FL | | 820,882 | 2,322,720 | 14,210 | 820,882 | 2,336,931 | 3,157,813 | 739,066 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
131 Kelsey Lane |
Tampa, FL | | 511,463 | | 4,455,291 | 559,527 | 4,407,227 | 4,966,754 | 2,248,230 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7724 Woodland Center
Boulevard |
Tampa, FL | | 235,893 | | 2,344,228 | 235,894 | 2,344,227 | 2,580,121 | 879,707 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7802-50 Woodland Center
Boulevard |
Tampa, FL | | 357,364 | | 2,820,324 | 506,949 | 2,670,740 | 3,177,688 | 1,253,438 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
7852-98 Woodland Center
Boulevard |
Tampa, FL | | 357,364 | | 2,835,448 | 506,949 | 2,685,864 | 3,192,812 | 1,239,791 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8921 Brittany Way |
Tampa, FL | | 224,369 | 1,063,882 | 972,276 | 254,493 | 2,006,034 | 2,260,527 | 623,628 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
5250 Eagle Trail Drive |
Tampa, FL | | 952,860 | | 3,671,277 | 952,860 | 3,671,277 | 4,624,137 | 1,128,640 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7725 Woodland Center
Boulevard |
Tampa, FL | | 553,335 | | 3,337,965 | 771,501 | 3,119,798 | 3,891,300 | 815,715 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8001 Woodland Center
Boulevard |
Tampa, FL | | 350,406 | | 2,483,850 | 438,061 | 2,396,196 | 2,834,256 | 798,804 | 1999 | 40 yrs. |
79
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
4630 Woodland Corporate
Boulevard |
Tampa, FL | | 943,169 | | 12,806,438 | 1,560,099 | 12,189,508 | 13,749,607 | 3,139,434 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
701-725 South US Hwy 301 |
Tampa, FL | | 419,683 | | 3,840,421 | 661,680 | 3,598,424 | 4,260,104 | 1,477,773 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4502 Woodland Corporate
Boulevard |
Tampa, FL | | | | 4,966,722 | 1,071,535 | 3,895,187 | 4,966,722 | 778,257 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
9001-9015 Brittany Way |
Tampa, FL | | 209,841 | | 1,877,914 | 364,514 | 1,723,242 | 2,087,756 | 508,409 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4508 Woodland Corporate
Boulevard |
Tampa, FL | | 498,598 | | 3,258,452 | 556,887 | 3,200,163 | 3,757,050 | 857,291 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7622 Bald Cypress Place |
Tampa, FL | | | | 1,305,584 | 300,000 | 1,005,584 | 1,305,584 | 251,906 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
901-933 US Highway 301 South |
Tampa, FL | | 500,391 | 4,041,019 | 840,314 | 3,701,097 | 4,541,411 | 1,299,162 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4503 Woodland Corporate
Boulevard |
Tampa, FL | | | 3,519,280 | 619,913 | 2,899,367 | 3,519,280 | 664,756 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4505 Woodland Corporate
Boulevard |
Tampa, FL | | | 3,361,805 | 716,594 | 2,645,211 | 3,361,805 | 916,534 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4511 Woodland Corporate
Boulevard |
Tampa, FL | | | 2,840,466 | 686,594 | 2,153,872 | 2,840,466 | 581,398 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7621 Bald Cypress Place
(Bldg N) |
Tampa, FL | | | | 1,482,613 | 447,498 | 1,035,115 | 1,482,613 | 215,590 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
4520 Seedling Circle |
Tampa, FL | | 854,797 | 42,131 | 2,721,233 | 854,797 | 2,763,364 | 3,618,161 | 393,181 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
501 US Highway 301 South |
Tampa, FL | | 898,884 | | 3,498,107 | 900,508 | 3,496,483 | 4,396,991 | 770,694 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9002-9036 Brittany Way |
Tampa, FL | | 492,320 | | 4,101,564 | 899,284 | 3,694,600 | 4,593,884 | 1,031,820 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8900-34 Brittany Was |
Tampa, FL | | 537,194 | | 4,268,278 | 978,019 | 3,827,454 | 4,805,472 | 914,892 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
200-34 Kelsey Lane |
Tampa, FL | | 330,097 | | 3,670,597 | 933,362 | 3,067,332 | 4,000,694 | 619,636 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
910-926 Chad Lane |
Tampa, FL | | 201,771 | | 3,214,583 | 628,237 | 2,788,117 | 3,416,354 | 409,542 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
150-182 Kelsey Lane |
Tampa, FL | | 403,541 | | 5,545,710 | 1,181,609 | 4,767,643 | 5,949,251 | 904,127 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8725 Henderson Road |
Tampa, FL | | 3,167,787 | 19,126,318 | 129,785 | 3,167,958 | 19,255,933 | 22,423,890 | 2,543,652 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8735 Henderson Road |
Tampa, FL | | 3,166,130 | 18,735,573 | 1,046,247 | 3,166,300 | 19,781,650 | 22,947,951 | 2,599,511 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8705 Henderson Road |
Tampa, FL | | 4,303,870 | 23,688,409 | 728,531 | 4,304,102 | 24,416,708 | 28,720,810 | 3,728,450 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8715 Henderson Road |
Tampa, FL | | 3,343,910 | 18,325,599 | 249,567 | 3,344,090 | 18,574,986 | 21,919,076 | 2,112,058 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8745 Henderson Road |
Tampa, FL | | 2,050,439 | 11,173,008 | 418,415 | 2,050,548 | 11,591,314 | 13,641,862 | 1,480,855 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
4631 Woodland Corporate Blvd |
Tampa, FL | | 1,453,367 | | 13,298,956 | 1,908,792 | 12,843,530 | 14,752,323 | 329,310 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7851-7861 Woodland Center
Blvd |
Tampa, FL | | 548,905 | 2,241,627 | 144,326 | 548,905 | 2,385,953 | 2,934,858 | 253,078 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
9306-24 East Broadway Avenue |
Tampa, FL | | 450,440 | | 3,303,369 | 486,004 | 3,267,805 | 3,753,809 | 135,961 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
8313 West Pierce Street |
Tolleson, AZ | | 2,295,090 | 9,079,811 | 3,075,248 | 2,295,090 | 12,155,059 | 14,450,150 | 793,993 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
3701 Corporate Parkway |
Upper Saucon, PA | | 1,078,674 | | 10,685,588 | 901,968 | 10,862,294 | 11,764,262 | 1,054,794 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
2809 South Lynnhaven Road |
Virginia Beach, VA | | 953,590 | 6,142,742 | 1,502,624 | 953,590 | 7,645,366 | 8,598,956 | 2,534,815 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
200 Golden Oak Court |
Virginia Beach, VA | | 1,116,693 | 6,770,480 | 1,543,539 | 1,116,693 | 8,314,019 | 9,430,712 | 2,798,538 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
208 Golden Oak Court |
Virginia Beach, VA | | 965,177 | 6,728,717 | 1,507,936 | 965,177 | 8,236,653 | 9,201,830 | 2,853,671 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
484 Viking Drive |
Virginia Beach, VA | | 891,753 | 3,607,890 | 709,459 | 891,753 | 4,317,349 | 5,209,101 | 1,422,791 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
629 Phoenix Drive |
Virginia Beach, VA | | 371,694 | 2,108,097 | 305,932 | 371,694 | 2,414,029 | 2,785,723 | 826,635 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
5700 Cleveland Street |
Virginia Beach, VA | | 700,112 | 9,592,721 | 2,232,972 | 700,564 | 11,825,241 | 12,525,805 | 4,189,385 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
1457 Miller Store Road |
Virginia Beach, VA | | 473,689 | 2,663,045 | 824,754 | 474,746 | 3,486,743 | 3,961,488 | 781,667 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
11020 West Plank Court |
Wauwatosa, WI | | 464,246 | 2,681,255 | 122,541 | 464,246 | 2,803,796 | 3,268,042 | 757,608 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
825 Duportail Road |
Wayne, PA | | 5,536,619 | 16,179,213 | 4,495,234 | 5,539,281 | 20,671,785 | 26,211,066 | 4,607,661 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
1500 Liberty Ridge |
Wayne, PA | | 8,287,555 | 31,726,499 | 11,636,499 | 28,377,555 | 40,014,054 | 7,289,598 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1200 Liberty Ridge Drive |
Wayne, PA | | 6,215,667 | 8,788,935 | 5,223,660 | 9,780,941 | 15,004,601 | 3,423,161 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
11300-90 West Theodore
Trecker Way |
West Allis, WI | | 500,565 | 1,591,678 | 648,475 | 505,972 | 2,234,745 | 2,740,718 | 379,319 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
11548 West Theodore Trecker
Way |
West Allis, WI | | 660,068 | 4,640,578 | 87,815 | 663,766 | 4,724,696 | 5,388,462 | 538,292 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
11420 West Theodore Trecker
Way |
West Allis, WI | | 348,146 | 2,057,483 | 104,569 | 350,008 | 2,160,190 | 2,510,198 | 244,432 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
400-500 Brandywine Parkway |
West Chester, PA | | 845,846 | 6,809,025 | 613,213 | 845,846 | 7,422,238 | 8,268,084 | 2,281,278 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
600 Brandywine Parkway |
West Chester, PA | | 664,899 | 5,352,410 | 869,926 | 664,899 | 6,222,336 | 6,887,235 | 2,096,894 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
42 Kings Hill Avenue |
West Malling, UK | | | | 18,481,816 | 4,390,722 | 14,091,094 | 18,481,816 | 959,157 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
Liberty Square Retail Blocks |
West Malling, UK | | 559,590 | 5,113,902 | 3,777,484 | 1,163,073 | 8,287,903 | 9,450,976 | 941,450 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1 Kings Hill Aveune |
West Malling, UK | | | | 14,518,282 | 4,044,407 | 10,473,876 | 14,518,282 | 809,712 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
Liberty Square |
West Malling, UK | | | | 50,399 | | 50,399 | 50,399 | (177 | ) | 2006 | 40 yrs. | ||||||||||||||||||||||||||
Liberty Property Trust UK |
West Malling, UK | | | | 0 | 0 | | 0 | | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3612 La Grange Parkway |
Williamsburg, VA | | | | 5,722,994 | 887,234 | 4,835,761 | 5,722,994 | 654,585 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7805 Hudson Road |
Woodbury, MN | | 1,279,834 | 10,283,324 | 1,385,739 | 10,177,420 | 11,563,158 | 3,236,361 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
Subtotal Operating Real
Estate |
$ | 61,534,331 | $ | 766,325,397 | $ | 1,745,242,823 | $ | 2,749,244,547 | $ | 850,559,356 | $ | 4,410,253,412 | $ | 5,260,812,768 | $ | 1,093,945,545 | ||||||||||||||||||||||
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
DEVELOPMENT PROPERTIES |
||||||||||||||||||||||||||||||||||||||
180 South Warner Drive |
King of Prussia, PA | | | | 8,312,848 | | 8,312,848 | 8,312,848 | | 2009 | N/A | |||||||||||||||||||||||||||
201 Summit Park Drive |
Orlando, FL | | 4,435,921 | | 34,090,113 | | 38,526,034 | 38,526,034 | | 2008 | N/A | |||||||||||||||||||||||||||
3 Crescent Drive |
Philadelphia, PA | | 214,726 | | 19,660,622 | | 19,875,348 | 19,875,348 | | 2008 | N/A | |||||||||||||||||||||||||||
Subtotal Development in Progress |
$ | | $ | 4,650,646 | $ | | $ | 62,063,583 | $ | | $ | 66,714,230 | $ | 66,714,230 | $ | | ||||||||||||||||||||||
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
Perryman Road Land |
Aberdeen, MD | | 12,052,635 | | 277,800 | 12,330,435 | | 12,330,435 | | 2005 | N/A | |||||||||||||||||||||||||||
2 Womack Drive Land |
Annapolis, MD | | 5,796,667 | | 12,516 | 5,809,183 | | 5,809,183 | | 2007 | N/A | |||||||||||||||||||||||||||
Boca Colannade Yamato Road |
Boca Raton, FL | | 2,039,735 | | 566,124 | 2,605,859 | | 2,605,859 | | 1998 | N/A | |||||||||||||||||||||||||||
Flying Cloud Drive Land |
Eden Pairie, MN | | 2,051,631 | | 23,215 | 2,074,846 | | 2,074,846 | | 2007 | N/A | |||||||||||||||||||||||||||
Camelback 303 Business Center Land |
Goodyear, AZ | | 16,857,556 | | 3,563,560 | 20,421,116 | | 20,421,116 | | 2007 | N/A | |||||||||||||||||||||||||||
Pleasant Ridge Road Land |
Greensboro, NC | | 564,535 | | 2,896,157 | 3,460,692 | | 3,460,692 | | 2006 | N/A | |||||||||||||||||||||||||||
Southchase Business Park Land |
Greenville, SC | | 1,308,325 | | 709,134 | 2,017,459 | | 2,017,459 | | 1998 | N/A | |||||||||||||||||||||||||||
Caliber Ridge Ind. Park Land |
Greer, SC | | 2,297,492 | | 3,562,592 | 5,860,084 | | 5,860,084 | | 2007 | N/A | |||||||||||||||||||||||||||
Hunters Green Land |
Hagerstown, MD | | 5,489,586 | | 8,349,958 | 13,839,544 | | 13,839,544 | | 2006 | N/A | |||||||||||||||||||||||||||
Lakefront Plaza II Land |
Hampton, VA | 229,953 | 138,101 | | 100,882 | 238,983 | | 238,983 | | 2001 | N/A | |||||||||||||||||||||||||||
Ridge Road Land |
Hanover, MD | | 3,371,183 | | 452,209 | 3,823,392 | | 3,823,392 | | 2008 | N/A | |||||||||||||||||||||||||||
Mendenhall Land |
High Point, NC | | 1,757,675 | | 1,647,250 | 3,404,925 | | 3,404,925 | | 1995 | N/A | |||||||||||||||||||||||||||
Piedmond Centre Land |
High Point, NC | | 913,276 | | 908,071 | 1,821,347 | | 1,821,347 | | 2006 | N/A | |||||||||||||||||||||||||||
Commonwealth Corporate Center Land |
Horsham, PA | | 3,043,938 | | 25,160 | 3,069,098 | | 3,069,098 | | 2005 | N/A | |||||||||||||||||||||||||||
Beltway 8 @Bammel Bus Park Land |
Houston, TX | | 1,072,634 | | 13,656 | 1,086,290 | | 1,086,290 | | 2007 | N/A | |||||||||||||||||||||||||||
Central Green Land - Tract 5 |
Houston, TX | | 4,169,183 | | 583,728 | 4,752,911 | | 4,752,911 | | 2007 | N/A | |||||||||||||||||||||||||||
Greens Crossing Land |
Houston, TX | | 2,476,892 | | 14,369 | 2,491,261 | | 2,491,261 | | 2007 | N/A | |||||||||||||||||||||||||||
Rankin Road Land |
Houston, TX | | 5,756,865 | | 102,762 | 5,859,627 | | 5,859,627 | | 2007 | N/A | |||||||||||||||||||||||||||
Hollister Beltway 8 Land |
Houston, TX | | 6,282,232 | | 174,962 | 6,457,193 | | 6,457,193 | | 2008 | N/A | |||||||||||||||||||||||||||
Noxell Land |
Hunt Valley, MD | | 2,040,690 | | 1,173 | 2,041,863 | | 2,041,863 | | 2001 | N/A | |||||||||||||||||||||||||||
Liberty Business Park Land |
Jacksonville, FL | | 456,269 | | 82,545 | 538,814 | | 538,814 | | 1995 | N/A | |||||||||||||||||||||||||||
7024 AC Skinner Parkway |
Jacksonville, FL | | 751,448 | | 73,504 | 824,952 | | 824,952 | | 1995 | N/A | |||||||||||||||||||||||||||
Belfort Road |
Jacksonville, FL | | 492,908 | | 87,504 | 580,412 | | 580,412 | | 1998 | N/A | |||||||||||||||||||||||||||
Salisbury Road Land |
Jacksonville, FL | | 1,402,337 | | 205,780 | 1,608,117 | | 1,608,117 | | 2000 | N/A | |||||||||||||||||||||||||||
Skinner Land Parcel B |
Jacksonville, FL | | 2,295,790 | | 1,230,716 | 3,526,506 | | 3,526,506 | | 2005 | N/A | |||||||||||||||||||||||||||
Imeson Road Land |
Jacksonville, FL | | 4,153,948 | | 363,592 | 4,517,540 | | 4,517,540 | | 2008 | N/A | |||||||||||||||||||||||||||
Kent County, UK |
Kent County, UK | | | | 14,158,901 | 14,158,901 | | 14,158,901 | ||||||||||||||||||||||||||||||
Commodore Business Park |
Logan, NJ | | 792,118 | | 723,124 | 1,515,242 | | 1,515,242 | | 1995 | N/A | |||||||||||||||||||||||||||
Quarry Ridge Land |
Malvern, PA | | 4,774,994 | | 4,961,007 | 9,736,001 | | 9,736,001 | | 2001 | N/A | |||||||||||||||||||||||||||
Park Place South Land |
Milwaukee, WI | | 1,290,032 | | 2,230,261 | 3,520,293 | | 3,520,293 | | 1999 | N/A | |||||||||||||||||||||||||||
Monarch Towne Center Land |
Mirarar, FL | | 6,085,337 | | 413,926 | 6,499,264 | | 6,499,264 | | 2006 | N/A | |||||||||||||||||||||||||||
South 27th Street Land |
Oak Creek, WI | | 2,169,232 | | 2,811,893 | 4,981,125 | | 4,981,125 | | 2006 | N/A | |||||||||||||||||||||||||||
Beachline Industrial Park Land |
Orlando, FL | | 365,230 | | | 365,230 | | 365,230 | | 2006 | N/A | |||||||||||||||||||||||||||
26th Street North Land |
Philadelphia, PA | | 235,168 | | 1,840,467 | 2,075,635 | | 2,075,635 | | 2009 | N/A | |||||||||||||||||||||||||||
Cotton Center Land |
Phoenix, AZ | | 1,359,134 | | 18,970,703 | 20,329,837 | | 20,329,837 | | 2007 | N/A | |||||||||||||||||||||||||||
Eastport VIII |
Richmond, VA | | 382,698 | | 3,325 | 386,023 | | 386,023 | | 1997 | N/A | |||||||||||||||||||||||||||
Eastport IX |
Richmond, VA | | 211,627 | | 3,325 | 214,952 | | 214,952 | | 1997 | N/A | |||||||||||||||||||||||||||
Woodlands Center Land |
Sandston, VA | | 148,314 | | 21,717 | 170,031 | | 170,031 | | 1996 | N/A | |||||||||||||||||||||||||||
Northsight Land (LPLP) |
Scottsdale, AZ | | 6,176,464 | | 2,204,597 | 8,381,061 | | 8,381,061 | | 2005 | N/A | |||||||||||||||||||||||||||
Old Scotland Road Land |
Shippensburg, PA | | 8,322,686 | | 2,934,248 | 11,256,935 | | 11,256,935 | | 2007 | N/A | |||||||||||||||||||||||||||
Bridgeway II Land |
Suffolk, VA | | 603,391 | | 2,025,374 | 2,628,766 | | 2,628,766 | | 2005 | N/A | |||||||||||||||||||||||||||
Suffolk Land |
Suffolk, VA | | 2,715,714 | | 675,954 | 3,391,668 | | 3,391,668 | | 2006 | N/A | |||||||||||||||||||||||||||
6119 W. Linebaugh Avenue |
Tampa, FL | | 180,136 | | 30,500 | 210,635 | | 210,635 | | 2000 | N/A | |||||||||||||||||||||||||||
Tampa Triangle Land |
Tampa, FL | | 10,358,826 | | 1,174,753 | 11,533,579 | | 11,533,579 | | 2006 | N/A | |||||||||||||||||||||||||||
Renaissance Park Land |
Tampa, FL | | 1,995,375 | | 219,098 | 2,214,473 | | 2,214,473 | | 2007 | N/A | |||||||||||||||||||||||||||
Subtotal Land Held for Development |
$ | 229,953 | $ | 137,200,008 | $ | | $ | 81,432,094 | $ | 218,632,101 | $ | | $ | 218,632,100 | $ | | ||||||||||||||||||||||
Total All Properties |
$ | 61,764,284 | $ | 908,176,051 | $ | 1,745,242,823 | $ | 2,892,740,224 | $ | 1,069,191,456 | $ | 4,476,967,642 | $ | 5,546,159,097 | $ | 1,093,945,545 | ||||||||||||||||||||||
* | Denotes property is collateralized under mortgages with USG Annuity and Life, Metropolitan
Life, LaSalle Bank, Allianz, John Hancock, Jackson National, Mutual of Omaha, and Capmark
totaling $412.3 million. |
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REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
REAL ESTATE: |
||||||||||||
Balance at beginning of year |
$ | 5,448,138 | $ | 5,686,713 | $ | 5,025,944 | ||||||
Additions |
163,005 | 328,673 | 935,962 | |||||||||
Disposition of property |
(64,983 | ) | (567,248 | ) | (275,193 | ) | ||||||
Balance at end of year |
$ | 5,546,160 | $ | 5,448,138 | $ | 5,686,713 | ||||||
ACCUMULATED DEPRECIATION: |
||||||||||||
Balance at beginning of year |
$ | 963,043 | $ | 841,647 | $ | 767,679 | ||||||
Depreciation expense |
144,694 | 138,878 | 124,899 | |||||||||
Disposition of property |
(13,791 | ) | (17,482 | ) | (50,931 | ) | ||||||
Balance at end of year |
$ | 1,093,946 | $ | 963,043 | $ | 841,647 | ||||||
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84
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February 26, 2010
85
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February 26, 2010
86
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LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS EXCEPT UNIT AMOUNTS)
December 31, | ||||||||
2009 | 2008 | |||||||
ASSETS |
||||||||
Real estate: |
||||||||
Land and land improvements |
$ | 850,559 | $ | 801,763 | ||||
Buildings and improvements |
4,410,254 | 4,191,361 | ||||||
Less accumulated depreciation |
(1,093,946 | ) | (963,043 | ) | ||||
Operating real estate |
4,166,867 | 4,030,081 | ||||||
Development in progress |
66,714 | 245,463 | ||||||
Land held for development |
218,633 | 209,551 | ||||||
Net real estate |
4,452,214 | 4,485,095 | ||||||
Cash and cash equivalents |
237,446 | 15,794 | ||||||
Restricted cash |
42,232 | 39,726 | ||||||
Accounts receivable, net |
4,591 | 12,985 | ||||||
Deferred rent receivable |
95,527 | 83,033 | ||||||
Deferred financing and leasing costs, net |
134,309 | 132,627 | ||||||
Investments in and advances to unconsolidated joint ventures |
175,584 | 266,602 | ||||||
Assets held for sale |
| 98,706 | ||||||
Prepaid expenses and other assets |
85,518 | 82,467 | ||||||
Total assets |
$ | 5,227,421 | $ | 5,217,035 | ||||
LIABILITIES |
||||||||
Mortgage loans |
$ | 473,993 | $ | 198,560 | ||||
Unsecured notes |
1,842,882 | 2,131,607 | ||||||
Credit facility |
140,000 | 260,000 | ||||||
Accounts payable |
31,195 | 32,481 | ||||||
Accrued interest |
31,251 | 36,474 | ||||||
Distributions payable |
55,402 | 48,858 | ||||||
Other liabilities |
169,529 | 182,549 | ||||||
Total liabilities |
2,744,252 | 2,890,529 | ||||||
Limited partners equity 4,074,967 common units outstanding |
| 93,031 | ||||||
9,740,000 preferred units outstanding |
| 287,959 | ||||||
OWNERS EQUITY |
||||||||
General partners equity common units, 113,875,211 and
100,034,404 units outstanding as of December 31, 2009 and 2008,
respectively |
2,122,295 | 1,944,386 | ||||||
Limited partners equity 4,011,354 common units outstanding |
72,294 | | ||||||
9,740,000 preferred units outstanding |
287,959 | | ||||||
Noncontrolling interest consolidated joint ventures |
621 | 1,130 | ||||||
Total owners equity |
2,483,169 | 1,945,516 | ||||||
Total liabilities and owners equity |
$ | 5,227,421 | $ | 5,217,035 | ||||
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LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
OPERATING REVENUE |
||||||||||||
Rental |
$ | 519,928 | $ | 507,698 | $ | 467,093 | ||||||
Operating expense reimbursement |
224,329 | 223,654 | 202,051 | |||||||||
Total operating revenue |
744,257 | 731,352 | 669,144 | |||||||||
OPERATING EXPENSES |
||||||||||||
Rental property |
149,968 | 149,170 | 140,350 | |||||||||
Real estate taxes |
86,676 | 83,762 | 70,802 | |||||||||
General and administrative |
51,250 | 54,467 | 54,325 | |||||||||
Depreciation and amortization |
170,764 | 169,190 | 151,908 | |||||||||
Total operating expenses |
458,658 | 456,589 | 417,385 | |||||||||
Operating income |
285,599 | 274,763 | 251,759 | |||||||||
OTHER INCOME (EXPENSE) |
||||||||||||
Interest and other income |
11,503 | 13,440 | 11,678 | |||||||||
Debt extinguishment gain |
1,547 | 2,521 | | |||||||||
Interest expense |
(149,569 | ) | (152,896 | ) | (124,217 | ) | ||||||
Total other income(expense) |
(136,519 | ) | (136,935 | ) | (112,539 | ) | ||||||
Income before property dispositions, income taxes, equity in earnings
(loss) of unconsolidated joint ventures and impairment charges |
149,080 | 137,828 | 139,220 | |||||||||
Gain on property dispositions |
1,687 | 10,572 | 1,633 | |||||||||
Income taxes |
(494 | ) | (1,645 | ) | 709 | |||||||
Equity in earnings (loss) of unconsolidated joint ventures |
2,161 | 2,805 | (226 | ) | ||||||||
Impairment charges investment in unconsolidated joint ventures and other |
(82,552 | ) | | (170 | ) | |||||||
goodwill |
(15,700 | ) | | | ||||||||
Income from continuing operations |
54,182 | 149,560 | 141,166 | |||||||||
Discontinued operations (including net gain on property dispositions of
$17,859, $23,519 and $33,611 for the years ended December 31, 2009, 2008
and 2007, respectively) |
24,810 | 30,546 | 49,144 | |||||||||
Net income |
78,992 | 180,106 | 190,310 | |||||||||
Noncontrolling interest-consolidated joint venture |
509 | (483 | ) | (101 | ) | |||||||
Preferred unit distributions |
(21,012 | ) | (21,012 | ) | (17,126 | ) | ||||||
Excess of preferred unit redemption over carrying amount |
| | (696 | ) | ||||||||
Income available to common unitholders |
$ | 58,489 | $ | 158,611 | $ | 172,387 | ||||||
Earnings per common unit |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.27 | ||||||
Income from discontinued operations |
0.22 | 0.31 | 0.54 | |||||||||
Income per common unit basic |
$ | 0.52 | $ | 1.62 | $ | 1.81 | ||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 0.30 | $ | 1.31 | $ | 1.26 | ||||||
Income from discontinued operations |
0.22 | 0.31 | 0.54 | |||||||||
Income per common unit diluted |
$ | 0.52 | $ | 1.62 | $ | 1.80 | ||||||
Weighted average number of common units outstanding |
||||||||||||
Basic |
111,568 | 97,805 | 95,387 | |||||||||
Diluted |
112,020 | 97,994 | 95,993 | |||||||||
Net income allocated to general partners |
$ | 56,376 | $ | 151,942 | $ | 164,831 | ||||||
Net income allocated to limited partners |
23,125 | 27,681 | 25,378 |
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LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
Limited | Limited | |||||||||||||||||||
Partners | Partners | Noncontrolling | ||||||||||||||||||
General | Equity | Equity | Interest | |||||||||||||||||
Partners | Common | Preferred | Consolidated | |||||||||||||||||
Equity | Units | Units | Joint Ventures | Total Equity | ||||||||||||||||
Balance at January 1, 2007 |
$ | 1,752,059 | $ | | $ | | $ | 419 | $ | 1,752,478 | ||||||||||
Contributions from partners |
78,493 | | | | 78,493 | |||||||||||||||
Distributions to partners |
(278,209 | ) | | | (3 | ) | (278,212 | ) | ||||||||||||
Foreign currency translation adjustment |
1,055 | | | | 1,055 | |||||||||||||||
Net income (does not include $25,378 related to limited partners equity) |
164,831 | | | 101 | 164,932 | |||||||||||||||
Redemption of limited partners common units for common shares |
82,223 | | | | 82,223 | |||||||||||||||
Balance at December 31, 2007 (see note 8) |
1,800,452 | | | 517 | 1,800,969 | |||||||||||||||
Contributions from partners |
215,375 | | | | 215,375 | |||||||||||||||
Distributions to partners |
(221,023 | ) | | | 130 | (220,893 | ) | |||||||||||||
Foreign currency translation adjustment |
(26,756 | ) | | | | (26,756 | ) | |||||||||||||
Net income (does not include $27,681 related to limited partners equity) |
151,942 | | | 483 | 152,425 | |||||||||||||||
Redemption of limited partners common units for common shares |
24,396 | | | | 24,396 | |||||||||||||||
Balance at December 31, 2008 (see note 8) |
1,944,386 | | | 1,130 | 1,945.516 | |||||||||||||||
Transfer of noncontrolling interests to permanent equity |
| 93,031 | 287,959 | | 380,990 | |||||||||||||||
Contributions from partners |
306,763 | | | | 306,763 | |||||||||||||||
Distributions to partners |
(208,566 | ) | (7,513 | ) | (21,012 | ) | | (237,091 | ) | |||||||||||
Foreign currency translation adjustment |
7,717 | 282 | | | 7,999 | |||||||||||||||
Net income |
56,376 | 2,113 | 21,012 | (509 | ) | 78,992 | ||||||||||||||
Redemption of limited partners common units for common shares |
15,619 | (15,619 | ) | | | | ||||||||||||||
Balance at December 31, 2009 |
$ | 2,122,295 | $ | 72,294 | $ | 287,959 | $ | 621 | $ | 2,483,169 | ||||||||||
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LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
OPERATING ACTIVITIES |
||||||||||||
Net income |
$ | 78,992 | $ | 180,106 | $ | 190,310 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
172,575 | 175,236 | 163,665 | |||||||||
Amortization of deferred financing costs |
5,101 | 4,429 | 4,137 | |||||||||
Impairment charges investment in unconsolidated joint ventures and other |
104,156 | 3,076 | 170 | |||||||||
Debt extinguishment gain |
(1,547 | ) | (2,521 | ) | | |||||||
Equity in (earnings) loss of unconsolidated joint ventures |
(2,161 | ) | (2,805 | ) | 226 | |||||||
Distributions from unconsolidated joint ventures |
663 | 1,660 | 3,550 | |||||||||
Gain on property dispositions |
(25,450 | ) | (37,167 | ) | (35,244 | ) | ||||||
Noncash compensation |
12,905 | 9,152 | 8,128 | |||||||||
Changes in operating assets and liabilities: |
||||||||||||
Restricted cash |
(1,189 | ) | (10,903 | ) | 26,211 | |||||||
Accounts receivable |
8,238 | (4,277 | ) | 4,634 | ||||||||
Deferred rent receivable |
(13,414 | ) | (13,482 | ) | (13,455 | ) | ||||||
Prepaid expenses and other assets |
(19,539 | ) | (26,326 | ) | (14,145 | ) | ||||||
Accounts payable |
(1,099 | ) | (10,913 | ) | 3,974 | |||||||
Accrued interest |
(5,223 | ) | (3,251 | ) | 3,428 | |||||||
Other liabilities |
(14,437 | ) | 3,935 | 1,163 | ||||||||
Net cash provided by operating activities |
298,571 | 265,949 | 346,752 | |||||||||
INVESTING ACTIVITIES |
||||||||||||
Investment in properties |
(73,078 | ) | (60,078 | ) | (307,846 | ) | ||||||
Cash paid for business, net of cash acquired |
| | (626,007 | ) | ||||||||
Investments in and advances to unconsolidated joint ventures |
(5,132 | ) | (8,410 | ) | (227,975 | ) | ||||||
Distributions from unconsolidated joint ventures |
20,721 | 66,660 | 590 | |||||||||
Net proceeds from disposition of properties/land |
181,537 | 382,956 | 996,474 | |||||||||
Investment in development in progress |
(69,410 | ) | (247,393 | ) | (417,877 | ) | ||||||
Increase in land held for development |
(29,391 | ) | (47,857 | ) | (137,051 | ) | ||||||
Increase in deferred leasing costs |
(30,949 | ) | (33,325 | ) | (39,232 | ) | ||||||
Net cash (used in) provided by investing activities |
(5,702 | ) | 52,553 | (758,924 | ) | |||||||
FINANCING ACTIVITIES |
||||||||||||
Net proceeds from issuance of notes payable |
| | 415,063 | |||||||||
Redemption of notes payable |
| | (415,063 | ) | ||||||||
Net proceeds from issuance of unsecured notes |
| | 446,205 | |||||||||
Repayment of unsecured notes |
(287,179 | ) | (20,872 | ) | (250,000 | ) | ||||||
Proceeds from mortgage loans |
330,250 | 2,667 | | |||||||||
Repayments of mortgage loans |
(54,864 | ) | (46,452 | ) | (16,365 | ) | ||||||
Proceeds from credit facility |
199,150 | 572,300 | 1,363,050 | |||||||||
Repayments on credit facility |
(319,150 | ) | (782,300 | ) | (987,050 | ) | ||||||
Increase in deferred financing costs |
(5,550 | ) | (33 | ) | (1,224 | ) | ||||||
Capital contributions |
293,814 | 206,349 | 170,313 | |||||||||
Distributions to partners |
(230,504 | ) | (262,973 | ) | (328,607 | ) | ||||||
Net cash (used in) provided by financing activities |
(74,033 | ) | (331,314 | ) | 396,322 | |||||||
Increase (decrease) in cash and cash equivalents |
218,836 | (12,812 | ) | (15,850 | ) | |||||||
Increase (decrease) in cash and cash equivalents related to foreign currency translation |
2,816 | (9,383 | ) | 102 | ||||||||
Cash and cash equivalents at beginning of year |
15,794 | 37,989 | 53,737 | |||||||||
Cash and cash equivalents at end of year |
$ | 237,446 | $ | 15,794 | $ | 37,989 | ||||||
90
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LIBERTY PROPERTY LIMITED PARTNERSHIP
Building and Improvements |
40 years (blended) | |
Capital improvements |
15 20 years | |
Equipment |
5 10 years | |
Tenant improvements |
Term of the related lease |
91
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Impairment | ||||
Segment | amount | |||
Midwest |
$ | 6,963 | ||
Philadelphia/D.C. |
64,060 | |||
United Kingdom |
7,779 | |||
Total |
$ | 78,802 | ||
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a) | the termination agreement is executed, |
||
b) | the termination fee is determinable, |
||
c) | all landlord services pursuant to the terminated lease have been rendered, and |
||
d) | collectability of the termination fee is assured. |
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2009 | 2008 | |||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Income | Units | Per | Income | Units | Per | |||||||||||||||||||
(Numerator) | (Denominator) | Unit | (Numerator) | (Denominator) | Unit | |||||||||||||||||||
Income from continuing operations net of |
$ | 54,691 | $ | 149,077 | ||||||||||||||||||||
noncontrolling interest |
||||||||||||||||||||||||
Less: Preferred unit distributions |
(21,012 | ) | (21,012 | ) | ||||||||||||||||||||
Basic income from continuing operations |
||||||||||||||||||||||||
Income from continuing operations available to
common unitholders |
33,679 | 111,568 | $ | 0.30 | 128,065 | 97,805 | $ | 1.31 | ||||||||||||||||
Dilutive units for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income from continuing operations |
||||||||||||||||||||||||
Income from continuing operations available
to common unitholders and assumed conversions |
33,679 | 112,020 | $ | 0.30 | 128,065 | 97,994 | $ | 1.31 | ||||||||||||||||
Basic income from discontinued operations |
||||||||||||||||||||||||
Discontinued operations |
24,810 | 111,568 | $ | 0.22 | 30,546 | 97,805 | $ | 0.31 | ||||||||||||||||
Dilutive units for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income from discontinued operations |
||||||||||||||||||||||||
Discontinued operations |
24,810 | 112,020 | $ | 0.22 | 30,546 | 97,994 | $ | 0.31 | ||||||||||||||||
Basic income per common unit |
||||||||||||||||||||||||
Income available to common unitholders |
58,489 | 111,568 | $ | 0.52 | 158,611 | 97,805 | $ | 1.62 | ||||||||||||||||
Dilutive units for long-term compensation plans |
| 452 | | 189 | ||||||||||||||||||||
Diluted income per common unit |
||||||||||||||||||||||||
Income available to common unitholders and assumed
conversions |
$ | 58,489 | 112,020 | $ | 0.52 | $ | 158,611 | 97,994 | $ | 1.62 | ||||||||||||||
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2007 | ||||||||||||
Weighted | ||||||||||||
Average | ||||||||||||
Income | Units | Per | ||||||||||
(Numerator) | (Denominator) | Unit | ||||||||||
Income from continuing operations net of noncontrolling
interest |
$ | 141,065 | ||||||||||
Less: Preferred unit distributions |
(17,126 | ) | ||||||||||
Less: Excess of preferred unit redemption over carrying amount |
(696 | ) | ||||||||||
Basic income from continuing operations |
||||||||||||
Income from continuing operations available to
common unitholders |
123,243 | 95,387 | $ | 1.27 | ||||||||
Dilutive units for long-term compensation plans |
| 606 | ||||||||||
Diluted income from continuing operations |
||||||||||||
Income from continuing operations available to
common unitholders and assumed conversions |
123,243 | 95,993 | $ | 1.26 | ||||||||
Basic income from discontinued operations |
||||||||||||
Discontinued operations |
49,144 | 95,387 | $ | 0.54 | ||||||||
Dilutive units for long-term compensation plans |
| 606 | ||||||||||
Diluted income from discontinued operations |
||||||||||||
Discontinued operations |
49,144 | 95,993 | $ | 0.54 | ||||||||
Basic income per common unit |
||||||||||||
Income available to common unitholders |
172,387 | 95,387 | $ | 1.81 | ||||||||
Dilutive units for long-term compensation plans |
| 606 | ||||||||||
Diluted income per common unit |
||||||||||||
Income available to common unitholders and assumed
Conversions |
$ | 172,387 | 95,993 | $ | 1.80 | |||||||
95
Table of Contents
Land | Buildings | |||||||||||||||
And Land | And | Accumulated | ||||||||||||||
Improvements | Improvements | Total | Depreciation | |||||||||||||
2009 |
||||||||||||||||
Industrial properties |
$ | 377,201 | $ | 1,902,838 | $ | 2,280,039 | $ | 475,180 | ||||||||
Office properties |
473,358 | 2,507,416 | 2,980,774 | 618,766 | ||||||||||||
2009 Total |
$ | 850,559 | $ | 4,410,254 | $ | 5,260,813 | $ | 1,093,946 | ||||||||
2008 |
||||||||||||||||
Industrial properties |
$ | 354,753 | $ | 1,795,335 | $ | 2,150,088 | $ | 423,415 | ||||||||
Office properties |
447,010 | 2,396,026 | 2,843,036 | 539,628 | ||||||||||||
2008 Total |
$ | 801,763 | $ | 4,191,361 | $ | 4,993,124 | $ | 963,043 | ||||||||
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Table of Contents
Number of | Leaseable | |||||||||||
Segment | Buildings | Square Feet | Gross Proceeds | |||||||||
(in thousands) | ||||||||||||
Northeast |
||||||||||||
Southeastern PA |
8 | 595,712 | $ | 43,920 | ||||||||
New Jersey |
5 | 379,529 | 37,564 | |||||||||
Midwest |
3 | 338,690 | 17,540 | |||||||||
Mid-Atlantic |
9 | 671,633 | 51,263 | |||||||||
Florida |
4 | 296,540 | 15,275 | |||||||||
Total |
29 | 2,282,104 | $ | 165,562 | ||||||||
Number of | Leaseable | |||||||||||
Segment | Buildings | Square Feet | Gross Proceeds | |||||||||
(in thousands) | ||||||||||||
Northeast |
||||||||||||
Southeastern PA |
2 | 166,160 | $ | 33,557 | ||||||||
New Jersey |
5 | 159,989 | 15,100 | |||||||||
Midwest |
3 | 125,876 | 9,420 | |||||||||
Mid-Atlantic |
2 | 129,150 | 16,650 | |||||||||
Florida |
1 | 83,583 | 5,300 | |||||||||
Total |
13 | 664,758 | $ | 80,027 | ||||||||
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98
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99
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December 31, 2009 | ||||||||||||||||||||||||||||||||
Liberty | Blythe | Liberty Commerz | ||||||||||||||||||||||||||||||
Venture I, | Kings Hill | Liberty | Valley JV | Liberty | 1701 JFK | |||||||||||||||||||||||||||
LP | Unit Trust | Illinois, LP | Sarl | Washington, LP | Boulevard, LP | Other | Total | |||||||||||||||||||||||||
Real estate assets |
$ | 132,016 | $ | 190,110 | $ | 229,149 | $ | 209,869 | $ | 777,491 | $ | 493,119 | $ | 72,954 | $ | 2,104,708 | ||||||||||||||||
Accumulated depreciation |
(19,689 | ) | (13,081 | ) | (18,409 | ) | (10,651 | ) | (50,090 | ) | (27,880 | ) | (2,204 | ) | (142,004 | ) | ||||||||||||||||
Real estate assets, net |
112,327 | 177,029 | 210,740 | 199,218 | 727,401 | 465,239 | 70,750 | 1,962,704 | ||||||||||||||||||||||||
Development in progress |
| | 21,800 | | 111,830 | | | 133,630 | ||||||||||||||||||||||||
Land held for development |
2,735 | | 42,723 | 48,013 | 2,000 | | 22,083 | 117,554 | ||||||||||||||||||||||||
Other assets |
11,755 | 9,855 | 11,993 | 12,667 | 52,722 | 46,821 | 34,698 | 180,511 | ||||||||||||||||||||||||
Total assets |
$ | 126,817 | $ | 186,884 | $ | 287,256 | $ | 259,898 | $ | 893,953 | $ | 512,060 | $ | 127,531 | $ | 2,394,399 | ||||||||||||||||
Debt |
$ | 76,765 | $ | 153,549 | $ | 151,270 | $ | 199,370 | $ | 347,046 | $ | 324,000 | $ | 54,935 | $ | 1,306,935 | ||||||||||||||||
Other liabilities |
2,104 | 41,826 | 6,786 | 51,262 | 31,706 | 10,478 | 17,149 | 161,311 | ||||||||||||||||||||||||
Equity |
47,948 | (8,491 | ) | 129,200 | 9,266 | 515,201 | 177,582 | 55,447 | 926,153 | |||||||||||||||||||||||
Total liabilities and equity |
$ | 126,817 | $ | 186,884 | $ | 287,256 | $ | 259,898 | $ | 893,953 | $ | 512,060 | $ | 127,531 | $ | 2,394,399 | ||||||||||||||||
Companys net investment in
unconsolidated joint
ventures (1) |
$ | 11,238 | $ | 3,198 | $ | 19,567 | $ | 3,383 | $ | 73,369 | $ | 36,461 | $ | 28,368 | $ | 175,584 | ||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Blythe | Liberty | Commerz 1701 | ||||||||||||||||||||||||||||||
Liberty | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
Venture I, LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Real estate assets |
$ | 119,523 | $ | 170,521 | $ | 227,318 | $ | 189,256 | $ | 804,587 | $ | 492,189 | $ | 57,933 | $ | 2,061,327 | ||||||||||||||||
Accumulated depreciation |
(16,285 | ) | (8,971 | ) | (12,436 | ) | (5,301 | ) | (28,515 | ) | (14,013 | ) | (790 | ) | (86,311 | ) | ||||||||||||||||
Real estate assets, net |
103,238 | 161,550 | 214,882 | 183,955 | 776,072 | 478,176 | 57,143 | 1,975,016 | ||||||||||||||||||||||||
Development in progress |
9,948 | | 16,252 | | 101,653 | | 7,524 | 135,377 | ||||||||||||||||||||||||
Land held for development |
2,733 | | 42,338 | 42,668 | 7,859 | | 14,435 | 110,033 | ||||||||||||||||||||||||
Other assets |
13,585 | 10,481 | 9,506 | 10,353 | 58,485 | 65,495 | 31,654 | 199,559 | ||||||||||||||||||||||||
Total assets |
$ | 129,504 | $ | 172,031 | $ | 282,978 | $ | 236,976 | $ | 944,069 | $ | 543,671 | $ | 110,756 | $ | 2,419,985 | ||||||||||||||||
Debt |
$ | 82,813 | $ | 138,634 | $ | 145,504 | $ | 180,004 | $ | 350,121 | $ | 324,000 | $ | 38,830 | $ | 1,259,906 | ||||||||||||||||
Other liabilities |
2,168 | 38,112 | 7,481 | 37,899 | 40,919 | 32,362 | 19,764 | 178,705 | ||||||||||||||||||||||||
Equity |
44,523 | (4,715 | ) | 129,993 | 19,073 | 553,029 | 187,309 | 52,162 | 981,374 | |||||||||||||||||||||||
Total liabilities and equity |
$ | 129,504 | $ | 172,031 | $ | 282,978 | $ | 236,976 | $ | 944,069 | $ | 543,671 | $ | 110,756 | $ | 2,419,985 | ||||||||||||||||
Companys net investment in
unconsolidated joint ventures (1) |
$ | 10,355 | $ | 3,415 | $ | 26,583 | $ | 9,129 | $ | 138,102 | $ | 50,899 | $ | 28,119 | $ | 266,602 | ||||||||||||||||
(1) | Differences between the Companys net investment in unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of impairments
related to the Companys investment in unconsolidated joint ventures, the deferral of gains
associated with the sales of properties to joint ventures in which the Company retains an
ownership interest and loans made to the joint ventures by the Company. Differences between
historical cost basis and the basis reflected at the joint venture level (other than loans) is
typically depreciated over the life of the related asset. |
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Year Ended December 31, 2009 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Liberty | Blythe | Liberty | Commerz 1701 | |||||||||||||||||||||||||||||
Venture I, | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 18,407 | $ | 16,197 | $ | 22,191 | $ | 13,325 | $ | 74,850 | $ | 61,094 | $ | 4,928 | $ | 210,992 | ||||||||||||||||
Operating expense |
6,559 | 2,649 | 8,350 | 6,120 | 26,159 | 21,170 | 2,435 | 73,442 | ||||||||||||||||||||||||
11,848 | 13,548 | 13,841 | 7,205 | 48,691 | 39,924 | 2,493 | 137,550 | |||||||||||||||||||||||||
Interest |
(4,992 | ) | (7,674 | ) | (7,469 | ) | (13,084 | ) | (17,086 | ) | (20,455 | ) | (2,915 | ) | (73,675 | ) | ||||||||||||||||
Depreciation and amortization |
(4,255 | ) | (4,559 | ) | (7,117 | ) | (5,576 | ) | (30,727 | ) | (15,498 | ) | (1,594 | ) | (69,326 | ) | ||||||||||||||||
Other income/(expense) |
131 | (602 | ) | (50 | ) | (175 | ) | 280 | (378 | ) | 156 | (638 | ) | |||||||||||||||||||
Impairment charges |
| | | | (39,380 | ) | | | (39,380 | ) | ||||||||||||||||||||||
Net income (loss) |
$ | 2,732 | $ | 713 | $ | (795 | ) | $ | (11,630 | ) | $ | (38,222 | ) | $ | 3,593 | $ | (1,860 | ) | $ | (45,469 | ) | |||||||||||
Companys equity in earnings (loss)
of unconsolidated joint ventures |
$ | 905 | $ | 334 | $ | 181 | $ | (1,318 | ) | $ | 1,649 | $ | 1,241 | $ | (831 | ) | $ | 2,161 | ||||||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Liberty | Blythe | Liberty | Commerz 1701 | |||||||||||||||||||||||||||||
Venture I, | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 19,075 | $ | 18,057 | $ | 22,811 | $ | 15,386 | $ | 76,552 | $ | 43,607 | $ | 3,056 | $ | 198,544 | ||||||||||||||||
Operating expense |
7,074 | 2,490 | 7,003 | 2,377 | 24,440 | 15,080 | 709 | 59,173 | ||||||||||||||||||||||||
12,001 | 15,567 | 15,808 | 13,009 | 52,112 | 28,527 | 2,347 | 139,371 | |||||||||||||||||||||||||
Interest |
(4,522 | ) | (9,900 | ) | (7,833 | ) | (14,253 | ) | (17,670 | ) | (15,454 | ) | (2,057 | ) | (71,689 | ) | ||||||||||||||||
Depreciation and amortization |
(4,162 | ) | (5,272 | ) | (7,378 | ) | (5,911 | ) | (34,951 | ) | (10,941 | ) | (862 | ) | (69,477 | ) | ||||||||||||||||
Other income/(expense) |
2,473 | (924 | ) | 195 | (467 | ) | 722 | 191 | (96 | ) | 2,094 | |||||||||||||||||||||
Gain on sale |
(3 | ) | | | | | | 102 | 99 | |||||||||||||||||||||||
Net income (loss) |
$ | 5,787 | $ | (529 | ) | $ | 792 | $ | (7,622 | ) | $ | 213 | $ | 2,323 | $ | (566 | ) | $ | 398 | |||||||||||||
Companys equity in earnings
(loss) of unconsolidated
joint ventures |
$ | 1,645 | $ | 167 | $ | 549 | $ | (1,370 | ) | $ | 1,288 | $ | 685 | $ | (159 | ) | $ | 2,805 | ||||||||||||||
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Year Ended December 31, 2007 | ||||||||||||||||||||||||||||||||
Liberty | ||||||||||||||||||||||||||||||||
Liberty | Blythe | Liberty | Commerz 1701 | |||||||||||||||||||||||||||||
Venture I, | Kings Hill | Liberty | Valley JV | Washington, | JFK Boulevard, | |||||||||||||||||||||||||||
LP | Unit Trust | Illinois, LP | Sarl | LP | LP | Other | Total | |||||||||||||||||||||||||
Total revenue |
$ | 18,457 | $ | 19,696 | $ | 17,360 | $ | 5,920 | $ | 18,203 | $ | | $ | 397 | $ | 80,033 | ||||||||||||||||
Operating expense |
5,807 | 2,374 | 4,433 | 5,265 | 4,273 | | 131 | 22,283 | ||||||||||||||||||||||||
12,650 | 17,322 | 12,927 | 655 | 13,930 | | 266 | 57,750 | |||||||||||||||||||||||||
Interest |
(4,240 | ) | (14,583 | ) | (6,297 | ) | (6,009 | ) | (4,299 | ) | | (253 | ) | (35,681 | ) | |||||||||||||||||
Depreciation and amortization |
(4,228 | ) | (7,058 | ) | (6,316 | ) | (2,201 | ) | (8,969 | ) | | (70 | ) | (28,842 | ) | |||||||||||||||||
Other income/(expense) |
(76 | ) | (645 | ) | (266 | ) | (220 | ) | (1,337 | ) | | 359 | (2,185 | ) | ||||||||||||||||||
Gain on sale |
524 | | | | | | 867 | 1,391 | ||||||||||||||||||||||||
Net income (loss) |
$ | 4,630 | $ | (4,964 | ) | $ | 48 | $ | (7,775 | ) | $ | (675 | ) | $ | | $ | 1,169 | $ | (7,567 | ) | ||||||||||||
Companys equity in earnings
(loss) of unconsolidated
joint ventures |
$ | 1,320 | $ | (732 | ) | $ | 399 | $ | (1,514 | ) | $ | (232 | ) | $ | | $ | 533 | $ | (226 | ) | ||||||||||||
December 31, | ||||||||
2009 | 2008 | |||||||
Deferred leasing costs |
$ | 188,043 | $ | 185,387 | ||||
Deferred financing costs |
40,952 | 39,972 | ||||||
In-place lease value and related intangible asset |
38,743 | 46,346 | ||||||
267,738 | 271,705 | |||||||
Accumulated amortization |
(133,429 | ) | (139,078 | ) | ||||
Total |
$ | 134,309 | $ | 132,627 | ||||
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| total debt to total assets may not exceed 0.60:1; |
||
| earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1; |
||
| unsecured debt to unencumbered asset value must equal or be less than 60%; and |
||
| unencumbered net operating income to unsecured interest expense must equal or exceed
200%. |
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Weighted | ||||||||||||||||||||||||
Mortgages | Average | |||||||||||||||||||||||
Principal | Principal | Unsecured | Credit | Interest | ||||||||||||||||||||
Amortization | Maturities | Notes | Facility | Total | Rate | |||||||||||||||||||
2010 |
$ | 6,416 | $ | 4,736 | $ | 169,739 | $ | | $ | 180,891 | 8.34 | % | ||||||||||||
2011 |
6,753 | 10,741 | 246,500 | 140,000 | 403,994 | 4.74 | % | |||||||||||||||||
2012 |
4,643 | 190,349 | (1) | 230,100 | | 425,092 | 6.65 | % | ||||||||||||||||
2013 |
3,858 | 4,511 | | | 8,369 | 5.79 | % | |||||||||||||||||
2014 |
4,352 | 2,684 | 200,000 | | 207,036 | 5.67 | % | |||||||||||||||||
2015 |
3,932 | 44,469 | 300,000 | | 348,401 | 5.25 | % | |||||||||||||||||
2016 |
2,461 | 182,318 | 300,000 | | 484,779 | 6.11 | % | |||||||||||||||||
2017 |
1,770 | | 296,543 | | 298,313 | 6.62 | % | |||||||||||||||||
2018 & thereafter |
| | 100,000 | | 100,000 | 7.50 | % | |||||||||||||||||
$ | 34,185 | $ | 439,808 | $ | 1,842,882 | $ | 140,000 | $ | 2,456,875 | 6.15 | % | |||||||||||||
(1) | There are two one-year extensions for $160,456 of mortgages. |
2010 |
$ | 478,755 | ||
2011 |
433,482 | |||
2012 |
378,623 | |||
2013 |
318,552 | |||
2014 |
251,582 | |||
Thereafter |
841,383 | |||
TOTAL |
$ | 2,702,377 | ||
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Date of | Liquidation | Dividend | Redeemable | |||||||||||||||||||
Issue | Issue | Amount | Units | Preference | Rate | As of | Exchangeable After | |||||||||||||||
(in 000s) | ||||||||||||||||||||||
7/28/99 |
Series B | $ | 95,000 | 3,800 | $ | 25 | 7.45 | % | 8/31/09 | 8/31/13 into Series B Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
6/16/05 |
Series E | $ | 20,000 | 400 | $ | 50 | 7.00 | % | 6/16/10 | 6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
6/30/05 |
Series F | $ | 44,000 | 880 | $ | 50 | 6.65 | % | 6/30/10 | 12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
8/23/05 |
Series F | $ | 6,000 | 120 | $ | 50 | 6.65 | % | 6/30/10 | 12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
12/15/06 |
Series G | $ | 27,000 | 540 | $ | 50 | 6.70 | % | 12/15/11 | 12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust | ||||||||||||
8/21/07 |
Series H | $ | 100,000 | 4,000 | $ | 25 | 7.40 | % | 8/21/12 | 8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust |
2009 | 2008 | 2007 | ||||||||||
Distributions (in millions) |
$ | 21.0 | $ | 21.0 | $ | 17.1 | ||||||
Distribution per unit: |
||||||||||||
Series B |
$ | 1.86 | $ | 1.86 | $ | 1.86 | ||||||
Series D |
| | $ | 1.74 | ||||||||
Series E |
$ | 3.50 | $ | 3.50 | $ | 3.50 | ||||||
Series F |
$ | 3.33 | $ | 3.33 | $ | 3.33 | ||||||
Series G |
$ | 3.35 | $ | 3.35 | $ | 3.35 | ||||||
Series H |
$ | 1.85 | $ | 1.85 | $ | 0.67 |
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Limited partners | Limited partners | |||||||
equity | equity | |||||||
common units | preferred units | |||||||
Balance at January 1, 2007 |
$ | 205,893 | $ | 210,960 | ||||
Distributions to partners |
(10,512 | ) | (17,828 | ) | ||||
Issuance of preferred units |
| 99,964 | ||||||
Redemption of preferred units |
| (22,959 | ) | |||||
Net income |
7,555 | 17,823 | ||||||
Redemption of limited partners common units
for common shares |
(82,223 | ) | | |||||
Balance at December 31, 2007 |
120,713 | 287,960 | ||||||
Contributions from partners |
176 | | ||||||
Distributions to partners |
(10,131 | ) | (21,013 | ) | ||||
Issuance of operating partnership units |
| | ||||||
Net income |
6,669 | 21,012 | ||||||
Redemption of limited partners common units
for common shares |
(24,396 | ) | | |||||
Balance at December 31, 2008 |
$ | 93,031 | $ | 287,959 | ||||
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Quarter Ended | ||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||||||||
2009 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||||||
Operating revenue |
$ | 187,577 | $ | 187,295 | $ | 183,967 | $ | 185,418 | $ | 184,767 | $ | 182,360 | $ | 178,412 | $ | 185,813 | ||||||||||||||||
Income from continuing operations |
(57,586 | ) | 39,958 | 38,728 | 33,082 | 47,958 | 33,831 | 33,823 | 33,948 | |||||||||||||||||||||||
Discontinued operations |
8,780 | 10,786 | 4,484 | 760 | 11,421 | 12,122 | 4,555 | 2,448 | ||||||||||||||||||||||||
Income available to common
unitholders |
(48,806 | ) | 50,744 | 43,212 | 33,842 | 59,379 | 45,953 | 38,378 | 36,396 | |||||||||||||||||||||||
Income per common unit basic (1) |
(0.46 | ) | 0.39 | 0.35 | 0.28 | 0.53 | 0.41 | 0.34 | 0.33 | |||||||||||||||||||||||
Income per common unit diluted (1) |
(0.46 | ) | 0.39 | 0.35 | 0.28 | 0.53 | 0.41 | 0.34 | 0.33 | |||||||||||||||||||||||
(1) | The sum of quarterly financial data may vary from the annual data due to rounding. |
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Reportable Segments | Markets | |
Northeast |
Southeastern PA; Lehigh/Central PA; New Jersey | |
Midwest |
Minnesota; Milwaukee; Chicago | |
Mid-Atlantic |
Maryland; Carolinas; Richmond; Virginia Beach | |
South |
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona | |
Philadelphia/D.C. |
Philadelphia; Northern Virginia/Washington, D.C. | |
United Kingdom |
County of Kent; West Midlands |
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeastern | Central | New | mid- | phila- | united | |||||||||||||||||||||||||||||||
PA | PA | Jersey | Midwest | atlantic | South | delphia | kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 183,794 | $ | 100,746 | $ | 31,089 | $ | 82,817 | $ | 136,607 | $ | 182,740 | $ | 22,061 | $ | 4,403 | $ | 744,257 | ||||||||||||||||||
Rental property expenses and real estate taxes |
59,496 | 27,374 | 12,724 | 31,693 | 40,173 | 59,036 | 5,213 | 935 | 236,644 | |||||||||||||||||||||||||||
Property level operating income |
$ | 124,298 | 73,372 | 18,365 | $ | 51,124 | $ | 96,434 | 123,704 | 16,848 | $ | 3,468 | 507,613 | |||||||||||||||||||||||
Interest and other income |
11,503 | |||||||||||||||||||||||||||||||||||
Debt extinguishment gain |
1,547 | |||||||||||||||||||||||||||||||||||
Interest expense |
(149,569 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(51,250 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(170,764 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income taxes, equity in earnings
of unconsolidated joint ventures and impairment charges |
149,080 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
1,687 | |||||||||||||||||||||||||||||||||||
Income taxes |
(494 | ) | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
2,161 | |||||||||||||||||||||||||||||||||||
Impairment charges investment in unconsolidated joint ventures and other |
(82,552 | ) | ||||||||||||||||||||||||||||||||||
goodwill |
(15,700 | ) | ||||||||||||||||||||||||||||||||||
Discontinued operations |
24,810 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 78,992 | ||||||||||||||||||||||||||||||||||
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Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeastern | Central | New | mid- | phila- | united | |||||||||||||||||||||||||||||||
PA | PA | Jersey | Midwest | atlantic | South | delphia | kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 176,494 | $ | 97,066 | $ | 32,528 | $ | 81,715 | $ | 138,646 | $ | 171,138 | 29,426 | $ | 4,339 | $ | 731,352 | |||||||||||||||||||
Rental property expenses and real estate taxes |
57,251 | 26,273 | 12,888 | 30,011 | 40,482 | 57,192 | 7,791 | 1,044 | 232,932 | |||||||||||||||||||||||||||
Property level operating income |
$ | 119,243 | $ | 70,793 | $ | 19,640 | $ | 51,704 | $ | 98,164 | $ | 113,946 | $ | 21,635 | $ | 3,295 | $ | 498,420 | ||||||||||||||||||
Interest and other income |
13,440 | |||||||||||||||||||||||||||||||||||
Debt extinguishment gain |
2,521 | |||||||||||||||||||||||||||||||||||
Interest expense |
(152,896 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(54,467 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(169,190 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income taxes and equity in earnings of
unconsolidated joint ventures |
137,828 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
10,572 | |||||||||||||||||||||||||||||||||||
Income taxes |
(1,645 | ) | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures |
2,805 | |||||||||||||||||||||||||||||||||||
Discontinued operations |
30,546 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 180,106 | ||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | ||||||||||||||||||||||||||||||||||||
Southeastern | Central | New | mid- | phila- | united | |||||||||||||||||||||||||||||||
PA | PA | Jersey | Midwest | atlantic | South | delphia | kingdom | total | ||||||||||||||||||||||||||||
Operating revenue |
$ | 170,507 | $ | 89,940 | $ | 30,684 | $ | 77,980 | $ | 124,539 | $ | 148,816 | $ | 23,963 | $ | 2,715 | $ | 669,144 | ||||||||||||||||||
Rental property expenses and real estate taxes |
56,417 | 23,044 | 11,939 | 27,051 | 37,342 | 49,687 | 5,637 | 35 | 211,152 | |||||||||||||||||||||||||||
Property level operating income |
$ | 114,090 | $ | 66,896 | $ | 18,745 | $ | 50,929 | $ | 87,197 | 99,129 | $ | 18,326 | $ | 2,680 | $ | 457,992 | |||||||||||||||||||
Interest and other income |
11,678 | |||||||||||||||||||||||||||||||||||
Interest expense |
(124,217 | ) | ||||||||||||||||||||||||||||||||||
General and administrative |
(54,325 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
(151,908 | ) | ||||||||||||||||||||||||||||||||||
Income before property dispositions, income taxes, equity in loss
of unconsolidated joint ventures and impairment charges |
139,220 | |||||||||||||||||||||||||||||||||||
Gain on property dispositions |
1,633 | |||||||||||||||||||||||||||||||||||
Income taxes |
709 | |||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures |
(226 | ) | ||||||||||||||||||||||||||||||||||
Impairment charges investment in unconsolidated joint ventures and other |
(170 | ) | ||||||||||||||||||||||||||||||||||
Discontinued operations |
49,144 | |||||||||||||||||||||||||||||||||||
Net income |
$ | 190,310 | ||||||||||||||||||||||||||||||||||
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Table of Contents
Real Estate Related Revenues | ||||||||||||
Year Ended December 31, | ||||||||||||
Product Type Information | 2009 | 2008 | 2007 | |||||||||
Industrial |
$ | 301,781 | $ | 291,775 | $ | 265,279 | ||||||
Office |
442,476 | 439,577 | 403,865 | |||||||||
Total operating revenue |
$ | 744,257 | $ | 731,352 | $ | 669,144 | ||||||
Northeast | United | |||||||||||||||||||||||||||||||||||
Southeastern | Lehigh/ | Mid- | Phila- | Kingdom | ||||||||||||||||||||||||||||||||
PA | Central PA | New Jersey | Midwest | Atlantic | South | Delphia | (1) | Total | ||||||||||||||||||||||||||||
January 1, 2009 |
$ | 1,112,233 | $ | 727,520 | $ | 189,010 | $ | 541,836 | $ | 983,588 | $ | 1,290,144 | $ | 110,380 | $ | 38,413 | $ | 4,993,124 | ||||||||||||||||||
Additions |
10,976 | 99,544 | 3,754 | 11,449 | 63,173 | 96,345 | 36,299 | 4,088 | 325,628 | |||||||||||||||||||||||||||
Dispositions |
(2,131 | ) | (4,855 | ) | (16,125 | ) | (7,353 | ) | (17,759 | ) | (9,716 | ) | | | (57,939 | ) | ||||||||||||||||||||
December 31, 2009 |
$ | 1,121,078 | $ | 822,209 | $ | 176,639 | $ | 545,932 | $ | 1,029,002 | $ | 1,376,773 | $ | 146,679 | $ | 42,501 | 5,260,813 | |||||||||||||||||||
Accumulated depreciation |
(1,093,946 | ) | ||||||||||||||||||||||||||||||||||
Development in progress |
66,714 | |||||||||||||||||||||||||||||||||||
Land held for development |
218,633 | |||||||||||||||||||||||||||||||||||
Other assets |
775,207 | |||||||||||||||||||||||||||||||||||
Total assets at December 31, 2009 |
$ | 5,227,421 | ||||||||||||||||||||||||||||||||||
Northeast | ||||||||||||||||||||||||||||||||||||
Lehigh/ | United | |||||||||||||||||||||||||||||||||||
Southeastern | Central | Mid- | Phila- | Kingdom | ||||||||||||||||||||||||||||||||
PA | PA | New Jersey | Midwest | Atlantic | South | Delphia | (1) | Total | ||||||||||||||||||||||||||||
January 1, 2008 |
$ | 1,095,369 | $ | 655,619 | $ | 177,218 | $ | 543,445 | $ | 948,115 | $ | 1,184,349 | $ | 470,548 | $ | 51,532 | $ | 5,126,195 | ||||||||||||||||||
Additions |
40,096 | 71,901 | 22,713 | 7,319 | 50,811 | 109,095 | 7,729 | (13,119 | ) | 296,545 | ||||||||||||||||||||||||||
Dispositions |
(23,232 | ) | | (10,921 | ) | (8,928 | ) | (15,338 | ) | (3,300 | ) | (367,897 | ) | | (429,616 | ) | ||||||||||||||||||||
December 31, 2008 |
$ | 1,112,233 | $ | 727,520 | $ | 189,010 | $ | 541,836 | $ | 983,588 | $ | 1,290,144 | $ | 110,380 | $ | 38,413 | 4,993,124 | |||||||||||||||||||
Accumulated depreciation |
(963,043 | ) | ||||||||||||||||||||||||||||||||||
Development in progress |
245,463 | |||||||||||||||||||||||||||||||||||
Land held for development |
209,551 | |||||||||||||||||||||||||||||||||||
Assets held for sale |
98,706 | |||||||||||||||||||||||||||||||||||
Other assets |
633,234 | |||||||||||||||||||||||||||||||||||
Total assets at December 31, 2008 |
$ | 5,217,035 | ||||||||||||||||||||||||||||||||||
(1) | United Kingdom additions are impacted by foreign currency translation gain or loss. |
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The operating results and gain/(loss) on disposition of real estate for properties sold and held for sale are reflected in the consolidated statements of operations as discontinued operations. Prior year financial statements have been adjusted for discontinued operations. The proceeds from dispositions of operating properties with no continuing involvement were $165.6 million, $80.0 million and $369.5 million for the years ended December 31, 2009, 2008 and 2007, respectively.
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Revenues |
$ | 15,491 | $ | 30,531 | $ | 61,067 | ||||||
Operating expenses |
(3,833 | ) | (11,462 | ) | (22,358 | ) | ||||||
Interest expense |
(2,195 | ) | (4,982 | ) | (9,798 | ) | ||||||
Depreciation and amortization |
(2,512 | ) | (7,060 | ) | (13,378 | ) | ||||||
Income before property
dispositions and impairment
charges |
$ | 6,951 | $ | 7,027 | $ | 15,533 | ||||||
Year Ended December 31, | ||||||||||||
Segment | 2009 | 2008 | 2007 | |||||||||
Northeast |
$ | 1,251 | $ | 957 | $ | 39 | ||||||
Midwest |
837 | 1,490 | 131 | |||||||||
Mid-Atlantic |
3,992 | 629 | | |||||||||
Florida |
292 | | | |||||||||
Philadelphia/D.C. |
3,137 | | | |||||||||
Total |
$ | 9,509 | $ | 3,076 | $ | 170 | ||||||
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2009 | 2008 | 2007 | ||||||||||
Write-off of fully depreciated property and deferred costs |
$ | 76,714 | $ | 31,421 | $ | 102,902 | ||||||
Acquisition of properties |
| | (73,556 | ) | ||||||||
Assumption of mortgage loans |
| | 73,556 | |||||||||
Increase in investment in unconsolidated joint ventures |
| (35,172 | ) | | ||||||||
Disposition of properties/development in progress |
| 173,624 | | |||||||||
Disposition of deferred leasing/financing costs |
| 12,526 | | |||||||||
Reduction of accounts receivable |
| 7,854 | | |||||||||
Reduction of deferred rent receivable |
| 6,580 | | |||||||||
Reduction of prepaid and other assets |
| 38,486 | | |||||||||
Reduction of Credit Facility |
| (152,960 | ) | | ||||||||
Reduction of other liabilities |
| (50,938 | ) | |
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
OPERATING PROPERTIES |
||||||||||||||||||||||||||||||||||||||
1501 Perryman Road |
Aberdeen, MD | | 5,813,324 | 18,874,059 | 4,804,279 | 5,816,839 | 23,674,823 | 29,491,662 | 2,192,955 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
2196 Avenue C |
Allentown, PA | | 101,159 | | 1,377,970 | 107,307 | 1,371,822 | 1,479,129 | 864,539 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
2202 Hanger Place |
Allentown, PA | * | 137,439 | | 1,341,155 | 138,127 | 1,340,466 | 1,478,594 | 919,724 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
7437 Industrial Boulevard |
Allentown, PA | * | 717,488 | 5,022,413 | 3,000,614 | 726,651 | 8,013,864 | 8,740,515 | 3,362,998 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
7339 Industrial Boulevard |
Allentown, PA | * | 1,187,776 | | 7,309,880 | 1,197,447 | 7,300,209 | 8,497,656 | 2,749,783 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
400 Nestle Way |
Allentown, PA | 19,993,555 | 8,065,500 | | 27,420,765 | 8,184,096 | 27,302,169 | 35,486,265 | 9,791,909 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7248 Industrial Boulevard |
Allentown, PA | | 2,670,849 | 13,307,408 | 4,089,940 | 2,670,673 | 17,397,523 | 20,068,197 | 5,075,727 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
700 Nestle Way |
Allentown, PA | * | 3,473,120 | | 20,083,721 | 4,174,970 | 19,381,870 | 23,556,841 | 6,104,911 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7562 Penn Drive |
Allentown, PA | | 269,614 | 844,069 | 213,047 | 269,614 | 1,057,116 | 1,326,730 | 354,746 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
7277 Williams Avenue |
Allentown, PA | | 462,964 | 1,449,009 | 436,346 | 463,123 | 1,885,196 | 2,348,319 | 736,944 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
7355 Williams Avenue |
Allentown, PA | | 489,749 | 1,658,091 | 314,252 | 489,749 | 1,972,343 | 2,462,092 | 640,184 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
794 Roble Road |
Allentown, PA | | 1,147,541 | 6,088,041 | 1,183,790 | 1,147,541 | 7,271,832 | 8,419,373 | 2,526,061 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
6923 Schantz Spring Road |
Allentown, PA | * | 1,127,805 | 3,309,132 | 660,579 | 1,127,805 | 3,969,711 | 5,097,516 | 1,163,852 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
8014 Industrial Boulevard |
Allentown, PA | * | 4,019,258 | | 9,764,774 | 3,645,117 | 10,138,915 | 13,784,032 | 3,341,045 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
705 Boulder Drive |
Allentown, PA | * | 4,484,096 | | 15,194,668 | 4,486,836 | 15,191,928 | 19,678,764 | 3,524,004 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
651 Boulder Drive |
Allentown, PA | | 4,308,646 | | 18,056,549 | 4,308,646 | 18,056,549 | 22,365,194 | 3,827,258 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8150 Industrial Boulevard |
Allentown, PA | * | 2,564,167 | 8,911,345 | 2,571,466 | 8,904,047 | 11,475,513 | 2,171,847 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
8250 Industrial Boulevard |
Allentown, PA | * | 1,025,667 | 5,346,179 | 1,035,854 | 5,335,991 | 6,371,846 | 1,109,398 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
650 Boulder Drive |
Allentown, PA | * | 5,208,248 | 31,405,185 | 9,961,788 | 26,651,645 | 36,613,433 | 4,756,705 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7165 Ambassador Drive |
Allentown, PA | * | 792,999 | | 4,533,868 | 804,848 | 4,522,019 | 5,326,867 | 1,016,649 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
200 Boulder Drive |
Allentown, PA | * | 4,722,683 | 18,922,645 | 541,304 | 4,722,683 | 19,463,949 | 24,186,632 | 2,588,889 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
250 Boulder Drive |
Allentown, PA | * | 3,599,936 | 12,099,145 | 2,087,298 | 3,717,733 | 14,068,646 | 17,786,379 | 2,088,906 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8400 Industrial Boulevard |
Allentown, PA | | 6,725,948 | | 27,103,907 | 7,521,211 | 26,308,644 | 33,829,856 | 2,205,417 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
6560 Stonegate Drive |
Allentown, PA | | 458,281 | | 2,833,097 | 458,945 | 2,832,433 | 3,291,378 | 1,466,473 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6370 Hedgewood Drive |
Allentown, PA | | 540,795 | | 3,744,192 | 541,459 | 3,743,528 | 4,284,987 | 1,868,661 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6390 Hedgewood Drive |
Allentown, PA | | 707,203 | | 2,765,090 | 707,867 | 2,764,425 | 3,472,293 | 1,512,805 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6350 Hedgewood Drive |
Allentown, PA | * | 360,027 | | 3,885,003 | 560,691 | 3,684,339 | 4,245,030 | 1,677,570 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6330 Hedgewood Drive |
Allentown, PA | | 531,268 | | 4,920,859 | 532,047 | 4,920,080 | 5,452,127 | 2,774,933 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6580 Snowdrift Road |
Allentown, PA | | 388,328 | | 3,475,773 | 389,081 | 3,475,020 | 3,864,101 | 1,839,464 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6540 Stonegate Drive |
Allentown, PA | | 422,042 | | 3,893,307 | 422,730 | 3,892,620 | 4,315,349 | 2,134,789 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
974 Marcon Boulevard |
Allentown, PA | | 143,500 | | 2,556,174 | 144,248 | 2,555,426 | 2,699,674 | 1,496,730 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
964 Marcon Boulevard |
Allentown, PA | | 138,816 | | 2,126,673 | 139,480 | 2,126,009 | 2,265,489 | 1,330,273 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
764 Roble Road |
Allentown, PA | | 141,069 | | 876,165 | 141,746 | 875,488 | 1,017,234 | 514,307 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
3174 Airport Road |
Allentown, PA | | 98,986 | | 1,196,420 | 98,986 | 1,196,420 | 1,295,406 | 806,648 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
2201 Hanger Place |
Allentown, PA | | 128,454 | | 1,918,272 | 129,142 | 1,917,583 | 2,046,726 | 1,333,081 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
954 Marcon Boulevard |
Allentown, PA | | 103,665 | | 1,347,075 | 104,453 | 1,346,288 | 1,450,740 | 689,811 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
754 Roble Road |
Allentown, PA | | 162,115 | 1,731,885 | 502,487 | 163,735 | 2,232,752 | 2,396,487 | 961,223 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
744 Roble Road |
Allentown, PA | | 159,771 | 1,734,229 | 271,718 | 161,371 | 2,004,347 | 2,165,718 | 818,827 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
944 Marcon Boulevard |
Allentown, PA | | 118,521 | 1,435,479 | 610,844 | 119,711 | 2,045,133 | 2,164,844 | 829,879 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6520 Stonegate Drive |
Allentown, PA | | 453,315 | | 1,791,480 | 484,361 | 1,760,434 | 2,244,795 | 793,672 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
2041 Avenue C |
Allentown, PA | | 213,599 | 1,095,217 | 313,180 | 213,879 | 1,408,117 | 1,621,996 | 449,416 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7620 Cetronia Road |
Allentown, PA | | 1,091,806 | 3,851,456 | 369,187 | 1,093,724 | 4,218,725 | 5,312,449 | 1,670,086 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
180,190 Cochrane Drive |
Annapolis, MD | | 3,670,256 | | 23,630,722 | 3,752,293 | 23,548,685 | 27,300,978 | 11,414,778 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4606 Richlynn Drive |
Belcamp, MD | | 299,600 | 1,818,861 | 712,787 | 299,600 | 2,531,649 | 2,831,249 | 660,865 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1455 Valley Center Parkway |
Bethlehem, PA | | 670,290 | | 4,243,453 | 545,172 | 4,368,571 | 4,913,743 | 2,063,867 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1640 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 4,293,944 | 190,728 | 4,462,216 | 4,652,944 | 1,742,947 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
1650 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 2,224,548 | 188,896 | 2,394,651 | 2,583,548 | 1,088,139 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1660 Valley Center Parkway |
Bethlehem, PA | | 359,000 | | 2,557,966 | 188,721 | 2,728,245 | 2,916,966 | 973,259 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
83 South Commerce Way |
Bethlehem, PA | | 143,661 | 888,128 | 572,057 | 212,744 | 1,391,102 | 1,603,845 | 620,455 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
85 South Commerce Way |
Bethlehem, PA | | 236,708 | 987,949 | 208,645 | 237,078 | 1,196,225 | 1,433,303 | 413,134 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
87 South Commerce Way |
Bethlehem, PA | | 253,886 | 1,062,881 | 273,052 | 253,886 | 1,335,933 | 1,589,818 | 500,341 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
89 South Commerce Way |
Bethlehem, PA | | 320,000 | | 2,022,399 | 367,706 | 1,974,693 | 2,342,399 | 873,636 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
1525 Valley Center Parkway |
Bethlehem, PA | | 475,686 | | 7,944,965 | 804,104 | 7,616,547 | 8,420,651 | 2,560,117 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
74 West Broad Street |
Bethlehem, PA | | 1,096,127 | 13,874,303 | 1,099,079 | 13,871,351 | 14,970,430 | 4,026,880 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1605 Valley Center Parkway |
Bethlehem, PA | | 729,751 | 11,561,580 | 1,766,196 | 10,525,135 | 12,291,331 | 2,839,400 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
1495 Valley Center Parkway |
Bethlehem, PA | | 434,640 | | 4,922,712 | 435,303 | 4,922,049 | 5,357,352 | 2,343,238 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1550 Valley Center Parkway |
Bethlehem, PA | | 196,954 | | 4,267,425 | 197,700 | 4,266,679 | 4,464,379 | 1,916,177 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1560 Valley Center Parkway |
Bethlehem, PA | | 240,069 | | 4,635,199 | 240,732 | 4,634,536 | 4,875,268 | 2,496,299 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1510 Valley Center Parkway |
Bethlehem, PA | | 312,209 | | 3,833,455 | 312,873 | 3,832,791 | 4,145,664 | 2,071,654 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1530 Valley Center Parkway |
Bethlehem, PA | | 211,747 | | 3,029,231 | 212,492 | 3,028,486 | 3,240,978 | 1,568,618 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
57 South Commerce Way |
Bethlehem, PA | | 390,839 | 2,701,161 | 883,806 | 395,459 | 3,580,347 | 3,975,806 | 1,608,633 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6601-6625 W. 78th Street |
Bloomington, MN | | 2,263,060 | | 39,279,236 | 2,310,246 | 39,232,050 | 41,542,296 | 10,965,582 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
6161 Green Valley Drive |
Bloomington, MN | | 740,378 | 3,311,602 | 881,878 | 709,961 | 4,223,897 | 4,933,858 | 1,064,619 | 1992 | 40 yrs. | |||||||||||||||||||||||||||
10801 Nesbitt Avenue South |
Bloomington, MN | | 784,577 | 4,108,623 | 786,382 | 4,106,818 | 4,893,200 | 1,386,052 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
5775 West Old Shakopee Road |
Bloomington, MN | | 2,052,018 | 3,849,649 | 3,331,114 | 2,060,644 | 7,172,136 | 9,232,780 | 3,194,662 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5715 Old Shakopee Road West |
Bloomington, MN | | 1,263,226 | 2,360,782 | 2,387,584 | 1,264,758 | 4,746,834 | 6,011,592 | 1,422,994 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5735 Old Shakopee Road West |
Bloomington, MN | | 1,263,226 | 2,360,782 | 1,086,930 | 1,264,758 | 3,446,180 | 4,710,938 | 775,156 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
5705 Old Shakopee Road |
Bloomington, MN | | 2,113,223 | | 5,520,730 | 2,148,571 | 5,485,383 | 7,633,953 | 546,531 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
1701 Clint Moore Boulevard |
Boca Raton, FL | | 1,430,884 | 3,043,553 | 1,317,936 | 1,430,937 | 4,361,436 | 5,792,373 | 1,299,605 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
951 Broken Sound Parkway |
Boca Raton, FL | | 1,426,251 | 6,098,952 | 2,333,187 | 1,426,251 | 8,432,138 | 9,858,389 | 2,931,424 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
777 Yamato Road |
Boca Raton, FL | | 4,101,247 | 16,077,347 | 6,471,449 | 4,501,247 | 22,148,796 | 26,650,043 | 7,122,323 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
1801 Clint Moore Road |
Boca Raton, FL | | 1,065,068 | 4,481,644 | 686,050 | 1,065,068 | 5,167,695 | 6,232,763 | 1,810,278 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
750 Park of Commerce Boulevard |
Boca Raton, FL | | 2,430,000 | | 20,370,688 | 2,473,406 | 20,327,282 | 22,800,688 | 250,145 | 2007 | 40 yrs. |
114
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
400 Boulder Drive |
Breinigsville, PA | | | 13,408,721 | 2,865,575 | 10,543,146 | 13,408,721 | 1,421,657 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
860 Nestle Way |
Breinigsville, PA | | 8,118,881 | 18,885,486 | 6,680,031 | 8,118,881 | 25,565,517 | 33,684,398 | 2,698,563 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8201 Industrial Boulevard |
Breinigsville, PA | * | 2,089,719 | | 8,328,910 | 2,222,168 | 8,196,461 | 10,418,629 | 674,780 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8500 Industrial Bouldvard |
Breinigsville, PA | | 8,752,708 | | 37,189,227 | 11,511,499 | 34,430,436 | 45,941,935 | 850,293 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
602 Heron Drive |
Bridgeport, NJ | | 524,728 | 2,240,478 | 7,650 | 524,728 | 2,248,128 | 2,772,856 | 659,860 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
245 Executive Drive |
Brookfield, WI | | 577,067 | 5,197,903 | 4,083,791 | 577,067 | 9,281,694 | 9,858,761 | 2,873,511 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
15800 West Bluemound Road |
Brookfield, WI | | 1,289,204 | 8,128,035 | 1,539,600 | 1,306,811 | 9,650,028 | 10,956,839 | 2,384,910 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
20700 Swenson Drive |
Brookfield, WI | 5,102,070 | 830,008 | 12,276,445 | 679,246 | 830,999 | 12,954,700 | 13,785,698 | 1,657,012 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20800 Swenson Drive |
Brookfield, WI | 4,412,013 | 1,023,466 | 10,729,219 | 1,046,655 | 1,025,082 | 11,774,257 | 12,799,339 | 1,619,160 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20935 Swenson Drive |
Brookfield, WI | 3,848,454 | 571,389 | 10,238,547 | 765,002 | 572,158 | 11,002,779 | 11,574,937 | 1,443,181 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20975 Swenson Drive |
Brookfield, WI | 5,162,022 | 675,422 | 8,910,651 | 1,060,006 | 678,637 | 9,967,442 | 10,646,079 | 1,592,010 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
20825 Swenson Drive |
Brookfield, WI | | 644,563 | 3,640,734 | 223,470 | 646,518 | 3,862,251 | 4,508,768 | 518,526 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1485 W. Commerce Avenue |
Carlisle, PA | | 4,249,868 | 13,886,039 | 2,241,825 | 4,095,262 | 16,282,471 | 20,377,733 | 2,053,822 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
3773 Corporate Parkway |
Center Valley, PA | | 738,108 | 7,671,741 | 794,874 | 7,614,974 | 8,409,848 | 2,256,384 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
95 Kriner Road |
Chambersburg, PA | | 8,695,501 | | 28,492,075 | 9,407,871 | 27,779,705 | 37,187,576 | 861,982 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1309 Executive Boulevard |
Cheaspeake, VA | | 926,125 | 5,090,506 | 955,374 | 5,061,257 | 6,016,631 | 1,120,006 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
1305 Executive Boulevard |
Chesapeake, VA | | 861,020 | 4,929,744 | 1,129,850 | 4,660,913 | 5,790,763 | 1,086,271 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1313 Executive Boulevard |
Chesapeake, VA | | 1,180,036 | 4,629,615 | 1,708,050 | 4,101,602 | 5,809,652 | 887,713 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
500 Independence Parkway |
Chesapeake, VA | | 864,150 | 4,427,285 | 114,510 | 866,609 | 4,539,337 | 5,405,945 | 734,360 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
700 Independence Parkway |
Chesapeake, VA | 6,374,921 | 1,950,375 | 7,236,994 | 651,092 | 1,951,135 | 7,887,326 | 9,838,461 | 1,491,629 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
501 Independence Parkway |
Chesapeake, VA | | 1,202,556 | 5,975,538 | 1,239,033 | 1,292,273 | 7,124,854 | 8,417,127 | 905,439 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
505 Independence Parkway |
Chesapeake, VA | 4,823,203 | 1,292,062 | 6,456,515 | 1,326,852 | 1,292,254 | 7,783,173 | 9,075,428 | 1,103,228 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
510 Independence Parkway |
Chesapeake, VA | | 2,012,149 | 7,546,882 | 969,751 | 2,014,689 | 8,514,094 | 10,528,783 | 1,135,223 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1301 Executive Boulevard |
Chesapeake, VA | | | | 6,176,380 | 997,570 | 5,178,810 | 6,176,380 | 564,740 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
676 Independence Parkway |
Chesapeake, VA | | 1,527,303 | | 9,591,486 | 1,562,903 | 9,555,887 | 11,118,790 | 111,001 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6230 Old Dobbin Lane |
Colombia, MD | | 3,004,075 | | 7,926,845 | 2,746,455 | 8,184,465 | 10,930,920 | 1,220,442 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9101,9111,9115 Guilford Road |
Columbia, MD | | 758,951 | | 4,775,935 | 765,952 | 4,768,933 | 5,534,886 | 2,520,185 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
9125,9135,9145 Guilford Road |
Columbia, MD | | 900,154 | | 6,544,198 | 920,439 | 6,523,913 | 7,444,352 | 4,134,716 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
7178-80 Columbia Gateway |
Columbia, MD | | 1,569,237 | 4,786,887 | 2,222,793 | 1,571,105 | 7,007,812 | 8,578,917 | 3,367,771 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
9770 Patuxent Woods Drive |
Columbia, MD | | 341,663 | 3,033,309 | 1,335,308 | 341,663 | 4,368,617 | 4,710,280 | 1,505,696 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9780 Patuxent Woods Drive |
Columbia, MD | | 218,542 | 1,940,636 | 425,260 | 218,542 | 2,365,896 | 2,584,438 | 757,810 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9790 Patuxent Woods Drive |
Columbia, MD | | 243,791 | 2,164,094 | 332,248 | 243,791 | 2,496,342 | 2,740,132 | 906,547 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9810 Patuxent Woods Drive |
Columbia, MD | | 266,684 | 2,366,901 | 1,069,980 | 266,684 | 3,436,881 | 3,703,565 | 1,175,589 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
9800 Patuxent Woods Drive |
Columbia, MD | | 299,099 | 2,654,069 | 535,532 | 299,099 | 3,189,601 | 3,488,700 | 1,102,330 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
9820 Patuxent Woods Drive |
Columbia, MD | | 237,779 | 2,110,835 | 789,527 | 237,779 | 2,900,362 | 3,138,141 | 1,017,589 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
9830 Patuxent Woods Drive |
Columbia, MD | | 296,262 | 2,628,933 | 644,838 | 296,262 | 3,273,771 | 3,570,033 | 1,024,134 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
8945-8975 Guilford Road |
Columbia, MD | | 2,428,795 | 7,493,740 | 1,892,483 | 2,427,065 | 9,387,953 | 11,815,018 | 2,939,518 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6250 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,788,070 | 1,295,000 | 3,451,175 | 4,746,175 | 948,964 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6200 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,746,375 | 1,295,000 | 3,409,480 | 4,704,480 | 842,908 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6210 Old Dobbin Lane |
Columbia, MD | | 958,105 | 3,931,442 | 1,307,300 | 3,582,247 | 4,889,547 | 988,688 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
6250 Old Dobbin Lane |
Columbia, MD | | 958,105 | 4,256,633 | 1,599,259 | 3,615,480 | 5,214,738 | 700,113 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
9755 Patuxent Woods Drive |
Columbia, MD | | 3,917,094 | 16,219,721 | 1,458,302 | 3,922,382 | 17,672,735 | 21,595,117 | 2,957,545 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6220 Old Dobbin Lane |
Columbis, MD | | 3,865,848 | | 7,741,067 | 3,166,951 | 8,439,964 | 11,606,915 | 605,197 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1250 Hall Court |
Deer Park, TX | 2,936,922 | 829,570 | 4,778,327 | 47,398 | 831,611 | 4,823,685 | 5,655,296 | 405,300 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
170 Parkway West |
Duncan, SC | | 598,348 | 3,643,756 | 126,879 | 598,918 | 3,770,065 | 4,368,983 | 438,211 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
190 Parkway West |
Duncan, SC | | 551,663 | 3,463,858 | 135,431 | 552,211 | 3,598,741 | 4,150,952 | 448,138 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
265 Parkway East |
Duncan, SC | | 901,444 | 5,751,389 | 18,391 | 902,374 | 5,768,850 | 6,671,224 | 770,932 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
285 Parkway East |
Duncan, SC | | 975,433 | 6,149,465 | 34,259 | 976,393 | 6,182,764 | 7,159,157 | 871,435 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3255 Neil Armstrong Boulevard |
Eagan, MN | | 1,131,017 | | 3,366,266 | 1,103,860 | 3,393,423 | 4,497,283 | 933,699 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
6321-6325 Bury Drive |
Eden Prairie, MN | | 462,876 | 4,151,790 | 930,856 | 462,876 | 5,082,646 | 5,545,522 | 1,617,278 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
7660-7716 Golden Triangle Drive |
Eden Prairie, MN | | 568,706 | 5,115,177 | 3,303,240 | 1,289,215 | 7,697,908 | 8,987,123 | 3,292,622 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
7400 Flying Cloud Drive |
Eden Prairie, MN | | 195,982 | 1,762,027 | 1,062,477 | 767,703 | 2,252,783 | 3,020,486 | 606,970 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
10301-10305 West 70th Street |
Eden Prairie, MN | | 120,622 | 1,085,226 | 380,382 | 118,300 | 1,467,930 | 1,586,230 | 439,102 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10321 West 70th Street |
Eden Prairie, MN | | 145,198 | 1,305,700 | 379,731 | 142,399 | 1,688,230 | 1,830,628 | 719,514 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10333 West 70th Street |
Eden Prairie, MN | | 110,746 | 995,868 | 128,275 | 108,610 | 1,126,279 | 1,234,889 | 387,242 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10349-10357 West 70th Street |
Eden Prairie, MN | | 275,903 | 2,481,666 | 449,591 | 270,584 | 2,936,576 | 3,207,160 | 1,022,110 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10365-10375 West 70th Street |
Eden Prairie, MN | | 291,077 | 2,618,194 | 364,782 | 285,464 | 2,988,589 | 3,274,053 | 1,046,895 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10393-10394 West 70th Street |
Eden Prairie, MN | | 269,618 | 2,423,318 | 794,424 | 264,419 | 3,222,941 | 3,487,360 | 1,075,402 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7078 Shady Oak Road |
Eden Prairie, MN | | 343,093 | 3,085,795 | 1,616,449 | 336,481 | 4,708,856 | 5,045,337 | 1,824,139 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
10400 Viking Drive |
Eden Prairie, MN | | 2,912,391 | | 23,586,267 | 2,938,372 | 23,560,286 | 26,498,658 | 8,105,637 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
7625 Smetana Lane |
Eden Prairie, MN | | 4,500,641 | | 2,987,320 | 1,916,609 | 5,571,353 | 7,487,962 | 514,302 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7695-7699 Anagram Drive |
Eden Prairie, MN | | 760,525 | 3,254,758 | 625,146 | 760,525 | 3,879,903 | 4,640,429 | 1,332,387 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7800 Equitable Drive |
Eden Prairie, MN | | 2,188,525 | 3,788,762 | 243,378 | 2,188,525 | 4,032,139 | 6,220,664 | 1,264,551 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
7905 Fuller Road |
Eden Prairie, MN | | 1,229,862 | 4,075,167 | 2,051,136 | 1,230,965 | 6,125,200 | 7,356,165 | 1,695,683 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
9023 Columbine Road |
Eden Prairie, MN | | 1,956,273 | | 4,873,578 | 1,956,273 | 4,873,578 | 6,829,851 | 1,496,859 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8967 Columbine Road |
Eden Prairie, MN | | 1,450,000 | | 3,575,107 | 1,450,000 | 3,575,107 | 5,025,107 | 1,021,055 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7777 Golden Triangle Drive |
Eden Prairie, MN | | 993,101 | 2,136,862 | 1,176,757 | 993,101 | 3,313,619 | 4,306,720 | 931,410 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8937 Columbine Road |
Eden Prairie, MN | | 1,325,829 | 4,287,274 | 1,739,966 | 3,873,137 | 5,613,103 | 971,715 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
7615 Smetana Lane |
Eden Prairie, MN | | 1,011,517 | 8,665,025 | 3,000,555 | 6,675,988 | 9,676,542 | 1,941,114 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
8995 Columbine Road |
Eden Prairie, MN | | 1,087,594 | 3,664,053 | 2,055,296 | 2,696,352 | 4,751,648 | 678,387 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
8911 Columbine Road (B2) |
Eden Prairie, MN | | 916,687 | 3,634,580 | 1,718,407 | 2,832,859 | 4,551,267 | 613,925 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
8855 Columbine Road |
Eden Prairie, MN | | 1,400,925 | 5,226,016 | 1,599,757 | 5,027,185 | 6,626,941 | 709,335 | 2000 | 40 yrs. | ||||||||||||||||||||||||||||
7075 Flying Cloud Drive |
Eden Prairie, MN | | 10,232,831 | 10,855,851 | 53,337 | 10,243,977 | 10,898,042 | 21,142,019 | 773,205 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
7351 Coca Cola Drive |
Elkridge, MD | | 1,897,044 | | 7,054,722 | 3,023,417 | 5,928,349 | 8,951,766 | 440,333 | 2006 | 40 yrs. |
115
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
180 Sheree Boulevard |
Exton, PA | 5,039,159 | 2,647,861 | 11,334,403 | 2,299,569 | 2,649,426 | 13,632,407 | 16,281,833 | 1,695,864 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
7028 Snowdrift Road |
Fogelville, PA | | 520,473 | 959,279 | 292,813 | 524,390 | 1,248,175 | 1,772,565 | 408,740 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
420 Delaware Drive |
Fort Washington, PA | | 2,766,931 | | 8,290,952 | 2,826,994 | 8,230,889 | 11,057,884 | 813,116 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
414 Commerce Drive |
Fort Washington, PA | | 1,267,194 | 2,217,460 | 325,875 | 1,267,937 | 2,542,591 | 3,810,529 | 321,768 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
275 Commerce Drive |
Fort Washington, PA | | 1,775,894 | 2,160,855 | 7,428,042 | 1,790,041 | 9,574,750 | 11,364,791 | 490,833 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1250 Virginia Drive |
Fort Washington, PA | | 1,639,166 | 1,928,574 | 468,379 | 1,650,703 | 2,385,416 | 4,036,119 | 306,886 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1100 Virginia Drive |
Fort Washington, PA | | 22,612,437 | | 55,809,125 | 23,339,943 | 55,081,619 | 78,421,562 | 2,161,520 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1100 Virginia Drive |
Fort Washington, PA | | 13,007,509 | 11,480,744 | 65,283 | 13,035,013 | 11,518,523 | 24,553,536 | 2,967,041 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
106 Southchase Boulevard |
Fountain Inn, SC | | 201,944 | | 5,133,389 | 684,003 | 4,651,330 | 5,335,333 | 474,871 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
9601 Cosner Drive |
Fredericksburg, VA | | 475,262 | 3,917,234 | 214,221 | 475,262 | 4,131,454 | 4,606,716 | 1,502,466 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
200 W Cypress Creek Road |
Ft Lauderdale, FL | | 3,414,989 | 2,399,738 | 10,558,425 | 3,414,989 | 12,958,163 | 16,373,152 | 2,740,091 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
5410 - 5430 Northwest 33rd Avenue |
Ft. Lauderdale, FL | | 603,776 | 4,176,238 | 1,292,009 | 625,111 | 5,446,912 | 6,072,023 | 1,853,206 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
6500 NW 12th Avenue |
Ft. Lauderdale, FL | | 7,099 | 3,046,309 | 460,723 | | 3,514,130 | 3,514,130 | 1,265,024 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
6600 NW 12th Avenue |
Ft. Lauderdale, FL | | 7,102 | 3,047,462 | 790,582 | | 3,845,146 | 3,845,146 | 1,261,376 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4880 Cox Road |
Glen Allen, VA | | 743,898 | 4,499,807 | 3,058,575 | 743,898 | 7,558,382 | 8,302,280 | 2,177,079 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
5000 Cox Road |
Glen Allen, VA | | 770,214 | 3,685,248 | 315,963 | 771,029 | 4,000,396 | 4,771,425 | 1,437,068 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5500 Cox Road |
Glen Allen, VA | | 443,485 | | 3,546,671 | 483,263 | 3,506,893 | 3,990,156 | 1,507,055 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4801 Cox Road |
Glen Allen, VA | | 1,072,896 | | 10,384,753 | 1,075,620 | 10,382,029 | 11,457,649 | 3,732,026 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4198 Cox Road |
Glen Allen, VA | | 670,292 | 3,839,245 | 1,387,745 | 670,292 | 5,226,990 | 5,897,282 | 1,816,101 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
4510 Cox Road |
Glen Allen, VA | | 1,010,024 | 7,151,729 | 2,030,095 | 1,010,044 | 9,181,804 | 10,191,848 | 3,379,930 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4121 Cox Road |
Glen Allen, VA | | 1,083,006 | 6,035,653 | 974,853 | 1,083,006 | 7,010,507 | 8,093,513 | 1,219,324 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
200 Southchase Boulevard |
Greenville, SC | | 512,911 | 6,273,615 | 515,542 | 6,270,984 | 6,786,525 | 948,767 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
45 Brookfield Oaks Drive |
Greenville, SC | | 818,114 | | 3,548,088 | 825,529 | 3,540,673 | 4,366,202 | 206,081 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
116 Pleasant Ridge Road |
Greenville, SC | | 1,547,811 | | 13,304,806 | 3,712,683 | 11,139,934 | 14,852,617 | 414,238 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7 Research Drive |
Greenville, SC | | | 17,091,882 | 4,405 | | 17,096,287 | 17,096,287 | 1,236,986 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
1487 South Highway 101 |
Greer, SC | | 464,237 | | 5,173,211 | 1,301,738 | 4,335,710 | 5,637,447 | 121,276 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
11841 Newgate Boulevard |
Hagerstown, MD | * | 3,356,207 | | 30,313,897 | 9,741,685 | 23,928,419 | 33,670,104 | 196,321 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
1 Enterprise Parkway |
Hampton, VA | | 974,675 | 5,579,869 | 1,455,957 | 974,675 | 7,035,826 | 8,010,501 | 2,519,411 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
22 Enterprise Parkway |
Hampton, VA | | 1,097,368 | 6,760,778 | 1,350,708 | 1,097,368 | 8,111,486 | 9,208,854 | 2,687,716 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5 Manhattan Square |
Hampton, VA | | 207,368 | | 1,663,695 | 212,694 | 1,658,368 | 1,871,063 | 579,741 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
1317 Executive Boulevard |
Hampton, VA | | 1,650,423 | | 7,816,239 | 1,128,829 | 8,337,834 | 9,466,663 | 770,441 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
21 Enterprise Parkway |
Hampton, VA | | 263,668 | 8,167,118 | 449,586 | 265,719 | 8,614,653 | 8,880,372 | 2,061,870 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
521 Butler Farm Road |
Hampton, VA | | 750,769 | 2,911,149 | 259,460 | 710,486 | 3,210,892 | 3,921,378 | 570,931 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7317 Parkway Drive |
Hanover, MD | | 1,104,359 | 1,959,671 | 96,894 | 1,104,359 | 2,056,565 | 3,160,924 | 620,218 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
7361 Coca Cola Drive |
Hanover, MD | | 2,245,187 | | 9,441,500 | 3,822,710 | 7,863,977 | 11,686,687 | 134,941 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
600 Industrial Drive |
Harrisburg, PA | * | 7,743,800 | | 28,472,202 | 9,368,557 | 26,847,444 | 36,216,001 | 2,552,297 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
500 McCarthy Drive |
Harrisburg, PA | * | 5,194,872 | 19,991,436 | 4,234,765 | 5,687,013 | 23,734,060 | 29,421,073 | 3,921,491 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4170 Mendenhall Oaks Parkway |
High Point , NC | | 143,699 | | 2,210,943 | 373,502 | 1,981,140 | 2,354,642 | 711,419 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4180 Mendenhall Oaks Parkway |
High Point , NC | | 121,329 | | 1,835,505 | 315,614 | 1,641,220 | 1,956,834 | 621,236 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4050 Piedmont Parkway |
High Point , NC | | 801,902 | | 20,713,945 | 2,042,159 | 19,473,688 | 21,515,847 | 6,178,788 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4523 Green Point Drive |
High Point, NC | | 234,564 | | 3,122,737 | 235,698 | 3,121,604 | 3,357,301 | 1,414,355 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4501 Green Point Drive |
High Point, NC | | 319,289 | | 2,686,364 | 320,450 | 2,685,203 | 3,005,653 | 1,386,394 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4500 Green Point Drive |
High Point, NC | | 230,622 | | 2,355,911 | 231,692 | 2,354,841 | 2,586,533 | 1,254,192 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2427 Penny Road |
High Point, NC | | 1,165,664 | | 3,476,301 | 655,240 | 3,986,724 | 4,641,965 | 1,891,247 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4524 Green Point Drive |
High Point, NC | | 182,810 | | 2,445,555 | 183,888 | 2,444,476 | 2,628,365 | 1,270,718 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4328, 4336 Federal Drive |
High Point, NC | 3,658,438 | 521,122 | | 7,325,519 | 825,092 | 7,021,548 | 7,846,641 | 4,189,175 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4344 Federal Drive |
High Point, NC | | 484,001 | | 2,790,986 | 173,623 | 3,101,365 | 3,274,988 | 1,314,647 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4000 Piedmont Parkway |
High Point, NC | | 592,885 | 4,825,615 | 969,656 | 597,368 | 5,790,788 | 6,388,156 | 2,324,634 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
4380 Federal Drive |
High Point, NC | | 282,996 | | 2,214,882 | 283,368 | 2,214,510 | 2,497,878 | 921,865 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4388 Federal Drive |
High Point, NC | | 143,661 | | 1,210,692 | 132,655 | 1,221,699 | 1,354,353 | 518,446 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4160 Mendenhall Oaks Parkway |
High Point, NC | | 285,882 | | 3,361,383 | 545,627 | 3,101,638 | 3,647,265 | 1,133,220 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4194 Mendenhall Oaks Parkway |
High Point, NC | | 102,372 | | 2,610,977 | 265,991 | 2,447,358 | 2,713,349 | 918,202 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4196 Mendenhall Oaks Parkway |
High Point, NC | | 66,731 | | 2,505,844 | 173,889 | 2,398,686 | 2,572,575 | 1,000,575 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4300 Federal Drive |
High Point, NC | | 264,038 | | 2,168,281 | 276,038 | 2,156,281 | 2,432,318 | 537,397 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4135 Mendenall Oaks Parkway |
High Point, NC | | 499,500 | | 3,498,674 | 500,980 | 3,497,193 | 3,998,174 | 1,032,962 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
1498 Eagle Hill Drive |
High Point, NC | | 94,274 | | 5,905,625 | 791,880 | 5,208,019 | 5,999,899 | 361,496 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4183 Eagle Hill Drive |
High Point, NC | | 122,203 | 3,982,978 | 526,266 | 3,578,915 | 4,105,181 | 1,575,427 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4189 Eagle Hill Drive |
High Point, NC | | 100,106 | 3,430,006 | 431,106 | 3,099,006 | 3,530,112 | 966,013 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4020 Meeting Way |
High Point, NC | | 94,232 | 1,682,549 | 378,101 | 1,398,680 | 1,776,781 | 409,736 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
1400 Mendenhall Oaks Parkway |
High Point, NC | | 172,320 | 7,251,365 | 984,672 | 6,439,013 | 7,423,685 | 1,628,906 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4191 Mendenhall Oaks Parkway |
High Point, NC | | 217,943 | 3,114,814 | 611,166 | 2,721,590 | 3,332,756 | 661,029 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4015 Meeting Way |
High Point, NC | | 510,000 | | 2,787,760 | 511,869 | 2,785,890 | 3,297,759 | 370,527 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
4195 Eagle Hill Drive |
High Point, NC | | 107,586 | | 3,394,903 | 505,700 | 2,996,790 | 3,502,490 | 401,761 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
400 Mendenhall Oaks Parkway |
High Point, NC | | | | 1,909,540 | 665,239 | 1,244,301 | 1,909,540 | 113,838 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
4475 Premier Drive |
High Point, NC | | 748,693 | | 6,775,441 | 1,525,421 | 5,998,713 | 7,524,134 | 224,143 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
100 Witmer Road |
Horsham, PA | | 3,102,784 | | 20,117,703 | 3,764,784 | 19,455,704 | 23,220,487 | 4,115,212 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
132 Welsh Road |
Horsham, PA | | 1,333,642 | | 4,692,880 | 1,408,041 | 4,618,480 | 6,026,521 | 1,870,853 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road - Building 3 |
Horsham, PA | | 180,459 | 1,441,473 | 375,923 | 180,459 | 1,817,396 | 1,997,855 | 709,249 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road - Building 4 |
Horsham, PA | | 282,493 | 2,256,508 | 2,017,673 | 282,493 | 4,274,180 | 4,556,674 | 1,477,035 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
2 Walnut Grove Drive |
Horsham, PA | | 1,281,870 | 7,767,374 | 1,961,590 | 1,265,363 | 9,745,470 | 11,010,834 | 3,753,210 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5 Walnut Grove Drive |
Horsham, PA | | 1,065,951 | | 10,193,519 | 1,939,712 | 9,319,758 | 11,259,470 | 2,570,870 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
200 Gibraltar Road |
Horsham, PA | | 638,513 | 5,811,323 | 1,946,390 | 638,513 | 7,757,713 | 8,396,226 | 3,101,363 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
220 Gibraltar Road |
Horsham, PA | | 629,944 | 5,733,228 | 1,455,917 | 629,944 | 7,189,145 | 7,819,089 | 2,833,488 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
240 Gibraltar Road |
Horsham, PA | | 629,944 | 5,733,234 | 1,916,405 | 629,944 | 7,649,639 | 8,279,583 | 3,173,063 | 1990 | 40 yrs. |
116
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AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
1 Walnut Grove Drive |
Horsham, PA | | 1,058,901 | 5,343,606 | 1,041,557 | 1,058,901 | 6,385,163 | 7,444,064 | 2,488,780 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
181-187 Gibraltar Road |
Horsham, PA | | 360,549 | 3,259,984 | 787,154 | 360,549 | 4,047,138 | 4,407,687 | 1,439,135 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
104 Rock Road |
Horsham, PA | | 330,111 | 2,981,669 | 594,916 | 330,111 | 3,576,586 | 3,906,696 | 1,088,841 | 1974 | 40 yrs. | |||||||||||||||||||||||||||
123-135 Rock Road |
Horsham, PA | | 292,360 | 2,411,677 | 2,398,815 | 393,019 | 4,709,833 | 5,102,852 | 1,353,048 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
111-159 Gibraltar Road |
Horsham, PA | | 489,032 | 4,126,151 | 1,369,615 | 489,032 | 5,495,766 | 5,984,798 | 1,933,325 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
161-175 Gibraltar Road |
Horsham, PA | | 294,673 | 2,663,722 | 987,299 | 294,673 | 3,651,020 | 3,945,694 | 1,227,806 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
103-109 Gibraltar Road |
Horsham, PA | | 270,906 | 2,448,500 | 824,142 | 270,906 | 3,272,641 | 3,543,547 | 1,363,221 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
261-283 Gibraltar Road |
Horsham, PA | | 464,871 | 3,951,972 | 1,804,841 | 464,871 | 5,756,812 | 6,221,683 | 1,457,282 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
210-223 Witmer Road |
Horsham, PA | | 270,282 | 2,441,276 | 1,935,505 | 270,282 | 4,376,781 | 4,647,063 | 1,454,128 | 1972 | 40 yrs. | |||||||||||||||||||||||||||
231-237 Gibraltar Road |
Horsham, PA | | 436,952 | 3,948,963 | 1,147,911 | 436,952 | 5,096,874 | 5,533,826 | 1,709,544 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
100 Gibraltar Road |
Horsham, PA | | 38,729 | 349,811 | 9,589 | 38,729 | 359,400 | 398,129 | 108,399 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
101 Gibraltar Road |
Horsham, PA | | 651,990 | 5,888,989 | 1,561,785 | 732,552 | 7,370,212 | 8,102,764 | 2,550,394 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
506 Prudential Road |
Horsham, PA | | 208,140 | 895,470 | 894,621 | 208,140 | 1,790,091 | 1,998,231 | 496,271 | 1973 | 40 yrs. | |||||||||||||||||||||||||||
113-123 Rock Road |
Horsham, PA | | 351,072 | 3,171,001 | 808,823 | 451,731 | 3,879,164 | 4,330,896 | 1,131,114 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
101-111 Rock Road |
Horsham, PA | | 350,561 | 3,166,389 | 1,135,637 | 452,251 | 4,200,336 | 4,652,587 | 1,401,775 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
120 Gibraltar Road |
Horsham, PA | | 533,142 | 4,830,515 | 2,423,031 | 558,142 | 7,228,546 | 7,786,688 | 2,194,203 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
110 Gibraltar Road |
Horsham, PA | | 673,041 | 5,776,369 | 2,608,934 | 673,041 | 8,385,303 | 9,058,344 | 2,845,532 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
100-107 Lakeside Drive |
Horsham, PA | | 239,528 | 2,163,498 | 712,712 | 255,528 | 2,860,210 | 3,115,738 | 1,042,640 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
200-264 Lakeside Drive |
Horsham, PA | | 502,705 | 4,540,597 | 2,418,467 | 502,705 | 6,959,064 | 7,461,769 | 1,999,639 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
300-309 Lakeside Drive |
Horsham, PA | | 369,475 | 3,338,761 | 1,872,188 | 376,475 | 5,203,948 | 5,580,424 | 2,151,857 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
400-445 Lakeside Drive |
Horsham, PA | | 543,628 | 4,910,226 | 2,760,384 | 583,628 | 7,630,610 | 8,214,238 | 2,685,264 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
104 Witmer Road |
Horsham, PA | | 1,248,148 | | 1,133,749 | 189,793 | 2,192,104 | 2,381,897 | 1,009,111 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
201 Gibraltar Road |
Horsham, PA | | 380,127 | 3,433,433 | 2,058,038 | 380,802 | 5,490,796 | 5,871,598 | 1,787,473 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
719 Dresher Road |
Horsham, PA | | 493,426 | 2,812,067 | 251,335 | 495,112 | 3,061,716 | 3,556,828 | 939,815 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4 Walnut Grove |
Horsham, PA | | 2,515,115 | | 10,812,179 | 2,515,115 | 10,812,179 | 13,327,294 | 2,400,131 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
300 Welsh Road |
Horsham, PA | | 696,061 | 3,339,991 | 570,429 | 696,061 | 3,910,420 | 4,606,480 | 1,239,300 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
700 Dresher Road |
Horsham, PA | | 2,551,777 | 3,020,638 | 4,696,950 | 2,565,140 | 7,704,225 | 10,269,365 | 4,060,756 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
680 Blair Mill Road |
Horsham, PA | | 3,527,151 | 18,677,374 | 4,138,577 | 18,065,948 | 22,204,525 | 3,757,078 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
102 Rock Road |
Horsham, PA | | 1,110,209 | 2,301,302 | 1,133,191 | 1,114,985 | 3,429,717 | 4,544,702 | 756,703 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
335 Commerce Drive |
Horsham, PA | | | | 8,752,074 | 182,400 | 8,569,674 | 8,752,074 | 1,361,879 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
255 Business Center Drive |
Horsham, PA | | 1,154,289 | 2,007,214 | 606,764 | 1,140,597 | 2,627,669 | 3,768,266 | 487,540 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
355 Business Center Drive |
Horsham, PA | | 483,045 | 898,798 | 435,914 | 471,171 | 1,346,586 | 1,817,757 | 328,082 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
455 Business Center Drive |
Horsham, PA | | 1,351,011 | 2,503,449 | 1,927,940 | 1,322,317 | 4,460,083 | 5,782,400 | 1,309,097 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
555 Business Center Drive |
Horsham, PA | | 727,420 | 1,353,650 | 481,187 | 709,967 | 1,852,291 | 2,562,258 | 383,140 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7 Walnut Grove Drive |
Horsham, PA | | 2,631,696 | | 18,587,720 | 2,631,956 | 18,587,460 | 21,219,416 | 1,100,184 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
747 Dresher Road |
Horsham, PA | | 1,607,238 | | 5,309,144 | 1,607,977 | 5,308,405 | 6,916,382 | 2,907,306 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
507 Prudential Road |
Horsham, PA | | 644,900 | 5,804,100 | 8,818,780 | 1,131,380 | 14,136,400 | 15,267,780 | 5,036,818 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
767 Electronic Drive |
Horsham, PA | | 1,229,685 | | 3,430,171 | 1,241,970 | 3,417,886 | 4,659,856 | 1,857,945 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
16445 Air Center Boulevard |
Houston, TX | * | 363,339 | 2,509,186 | 683,016 | 363,339 | 3,192,202 | 3,555,541 | 1,303,915 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
16405 Air Center Boulevard |
Houston, TX | * | 438,853 | 3,030,396 | 438,371 | 438,853 | 3,468,766 | 3,907,619 | 1,167,865 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
16580 Air Center Boulevard |
Houston, TX | * | 289,000 | 3,559,857 | 393,346 | 289,000 | 3,953,204 | 4,242,204 | 1,157,287 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1755 Trans Central Drive |
Houston, TX | * | 293,534 | 3,036,269 | 201,651 | 306,147 | 3,225,306 | 3,531,453 | 836,323 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
16680 Central Green Boulevard |
Houston, TX | * | 311,952 | | 3,938,479 | 492,869 | 3,757,561 | 4,250,431 | 207,229 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
16605 Air Center Boulevard |
Houston, TX | * | 298,999 | 3,770,315 | 496,186 | 3,573,128 | 4,069,314 | 1,061,169 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
10739 West Little York Road |
Houston, TX | * | 797,931 | 5,950,894 | 323,654 | 799,560 | 6,272,919 | 7,072,479 | 1,323,723 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
10735 West Little York Road |
Houston, TX | * | 1,110,988 | 6,351,946 | 1,726,247 | 1,135,483 | 8,053,699 | 9,189,181 | 1,378,273 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
8801-19 & 8821-49 Fallbrook Drive |
Houston, TX | * | 2,290,001 | 15,297,141 | 1,590,836 | 2,290,002 | 16,887,976 | 19,177,978 | 2,877,924 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
16685 Air Center Boulevard |
Houston, TX | * | | | 2,966,702 | 414,691 | 2,552,011 | 2,966,702 | 429,005 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8825-8839 N Sam Houston Pkwy |
Houston, TX | * | 638,453 | 3,258,815 | 582,362 | 638,477 | 3,841,152 | 4,479,629 | 699,465 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8850-8872 Fallbrook Drive |
Houston, TX | * | 504,317 | 2,878,351 | 1,014,679 | 504,341 | 3,893,006 | 4,397,347 | 730,415 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8802-8824 Fallbrook Drive |
Houston, TX | * | 2,774,995 | 6,364,767 | 1,142,324 | 2,775,021 | 7,507,064 | 10,282,085 | 1,230,012 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
16602 Central Green Boulevard |
Houston, TX | * | 284,403 | | 4,495,522 | 503,779 | 4,276,146 | 4,779,925 | 460,256 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1646 Rankin Road |
Houston, TX | * | 329,961 | | 4,895,132 | 592,234 | 4,632,859 | 5,225,093 | 585,133 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
8301 Fallbrook Drive |
Houston, TX | * | 4,515,862 | | 23,926,947 | 5,877,884 | 22,564,925 | 28,442,809 | 977,364 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
5200 N. Sam Houston Parkway |
Houston, TX | * | 1,519,458 | 7,135,548 | 3,481,858 | 1,520,074 | 10,616,789 | 12,136,864 | 696,249 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
5250 N. Sam Houston Parkway |
Houston, TX | * | 2,173,287 | 8,868,256 | 2,128,750 | 2,173,942 | 10,996,351 | 13,170,293 | 651,494 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
11201 Greens Crossing Boulevard |
Houston, TX | * | 1,006,194 | 5,412,584 | 2,705,249 | 1,008,542 | 8,115,484 | 9,124,026 | 567,219 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
850 Greens Parkway |
Houston, TX | * | 2,893,405 | 11,593,197 | 2,680,294 | 2,899,861 | 14,267,034 | 17,166,895 | 731,389 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
860 Greens Parkway |
Houston, TX | * | 1,399,365 | 6,344,650 | 1,524,550 | 1,374,012 | 7,894,553 | 9,268,565 | 418,052 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
20 Wright Avenue |
Hunt Valley, MD | | 1,205,946 | | 9,655,473 | 1,861,025 | 9,000,393 | 10,861,418 | 2,380,099 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
4 North Park Drive |
Hunt Valley, MD | | 3,269,948 | 13,551,370 | 1,883,314 | 3,269,948 | 15,434,685 | 18,704,632 | 2,663,009 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
6 North Park Drive |
Hunt Valley, MD | | 2,077,949 | 8,770,566 | 1,225,169 | 2,077,949 | 9,995,736 | 12,073,685 | 1,993,397 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10 North Park Drive |
Hunt Valley, MD | | 2,211,969 | 7,816,042 | 1,280,519 | 2,211,969 | 9,096,561 | 11,308,530 | 1,285,453 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
307 International Circle |
Hunt Valley, MD | * | 3,538,319 | 14,190,832 | 13,368,168 | 3,542,881 | 27,554,438 | 31,097,319 | 3,743,213 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
309 International Circle |
Hunt Valley, MD | * | 613,667 | 2,458,204 | 679,691 | 615,096 | 3,136,465 | 3,751,561 | 402,044 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
311 International Circle |
Hunt Valley, MD | * | 313,365 | 1,281,093 | 76,921 | 314,572 | 1,356,807 | 1,671,380 | 145,187 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8775 Baypine Road |
Jacksonville, FL | | 906,804 | | 10,034,270 | 913,013 | 10,028,061 | 10,941,074 | 2,909,435 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
8665,8667,8669 Baypine Road |
Jacksonville, FL | | 966,552 | | 6,075,311 | 974,959 | 6,066,904 | 7,041,863 | 3,294,103 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
7077 Bonneval Road |
Jacksonville, FL | | 768,000 | 5,789,000 | 3,567,137 | 774,020 | 9,350,117 | 10,124,137 | 4,638,843 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
4190 Belfort Road |
Jacksonville, FL | | 821,000 | 5,866,000 | 3,680,061 | 827,420 | 9,539,641 | 10,367,061 | 4,765,479 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
7020 AC Skinner Parkway |
Jacksonville, FL | | 398,257 | | 2,777,554 | 749,811 | 2,426,001 | 3,175,811 | 1,214,889 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
7022 AC Skinner Parkway |
Jacksonville, FL | | 706,934 | | 3,572,340 | 853,981 | 3,425,294 | 4,279,274 | 1,605,490 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
11777 Central Highway |
Jacksonville, FL | | 92,207 | 429,997 | 1,275,050 | 140,426 | 1,656,828 | 1,797,254 | 1,156,658 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4345 Southpoint Parkway |
Jacksonville, FL | | | | 8,791,159 | 418,093 | 8,373,065 | 8,791,159 | 2,969,981 | 1998 | 40 yrs. |
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AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
7016 AC Skinner Parkway |
Jacksonville, FL | | 597,181 | | 2,373,250 | 602,633 | 2,367,799 | 2,970,431 | 1,189,647 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
7018 AC Skinner Parkway |
Jacksonville, FL | | 840,996 | | 4,696,827 | 846,461 | 4,691,362 | 5,537,823 | 2,333,168 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
7014 AC Skinner Parkway |
Jacksonville, FL | | 574,198 | | 3,602,358 | 780,486 | 3,396,071 | 4,176,556 | 1,476,284 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
6600 Southpoint Parkway |
Jacksonville, FL | | 998,432 | 4,055,727 | 1,153,152 | 1,002,704 | 5,204,607 | 6,207,311 | 1,915,020 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
6700 Southpoint Parkway |
Jacksonville, FL | | 620,719 | 2,989,746 | 791,829 | 624,215 | 3,778,080 | 4,402,294 | 1,661,369 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4801 Executive Park Court - 100 |
Jacksonville, FL | | 554,993 | 2,993,277 | 1,358,664 | 554,542 | 4,352,392 | 4,906,935 | 1,825,339 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4801 Executive Park Court - 200 |
Jacksonville, FL | | 370,017 | 1,995,518 | 367,780 | 370,039 | 2,363,276 | 2,733,315 | 839,828 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4810 Executive Park Court |
Jacksonville, FL | | 369,694 | 3,045,639 | 1,007,513 | 370,039 | 4,052,807 | 4,422,846 | 1,456,749 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
6602 Executive Park Court - 100 |
Jacksonville, FL | | 388,519 | 2,095,293 | 299,475 | 388,541 | 2,394,745 | 2,783,287 | 873,392 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
6602 Executive Park Court - 200 |
Jacksonville, FL | | 296,014 | 1,596,347 | 487,719 | 296,032 | 2,084,049 | 2,380,080 | 707,731 | 1993 | 40 yrs. | |||||||||||||||||||||||||||
6631 Executive Park Court - 100 |
Jacksonville, FL | | 251,613 | 1,356,849 | 525,120 | 251,627 | 1,881,955 | 2,133,582 | 875,382 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
6631 Executive Park Court - 200 |
Jacksonville, FL | | 406,561 | 2,195,070 | 274,915 | 407,043 | 2,469,503 | 2,876,546 | 884,847 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
4815 Executive Park Court - 100 |
Jacksonville, FL | | 366,317 | 1,975,393 | 409,677 | 366,339 | 2,385,048 | 2,751,387 | 957,180 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4815 Executive Park Court - 200 |
Jacksonville, FL | | 462,522 | 2,494,397 | 517,998 | 462,549 | 3,012,368 | 3,474,917 | 1,129,349 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
4825 Executive Park Court |
Jacksonville, FL | | 601,278 | 3,242,491 | 293,842 | 601,401 | 3,536,210 | 4,137,611 | 1,251,803 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4820 Executive Park Court |
Jacksonville, FL | | 555,173 | 2,693,130 | 820,156 | 555,213 | 3,513,246 | 4,068,459 | 1,205,275 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
6601 Executive Park Circle North |
Jacksonville, FL | | 551,250 | 3,128,361 | 141,559 | 551,250 | 3,269,920 | 3,821,170 | 971,950 | 1992 | 40 yrs. | |||||||||||||||||||||||||||
4901 Belfort Road |
Jacksonville, FL | | 877,964 | 2,360,742 | 2,855,528 | 877,964 | 5,216,270 | 6,094,234 | 2,318,349 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
4875 Belfort Road |
Jacksonville, FL | | 2,089,347 | | 13,024,417 | 2,287,152 | 12,826,612 | 15,113,764 | 458,489 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
4899 Belfort Road |
Jacksonville, FL | | 1,299,201 | | 8,309,407 | 1,168,062 | 8,440,546 | 9,608,608 | 2,594,666 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4905 Belfort Street |
Jacksonville, FL | | 638,154 | | 3,591,758 | 641,272 | 3,588,640 | 4,229,912 | 1,171,589 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7251 Salisbury Road |
Jacksonville, FL | | | | 3,692,889 | 662,559 | 3,030,330 | 3,692,889 | 951,180 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
10245 Centurion Parkway North |
Jacksonville, FL | | 852,644 | 3,510,889 | 1,033,033 | 853,704 | 4,542,862 | 5,396,566 | 1,409,981 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4887 Belfort Road |
Jacksonville, FL | | 1,299,202 | 8,574,178 | 1,665,915 | 8,207,465 | 9,873,380 | 2,286,512 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7255 Salisbury Road |
Jacksonville, FL | | 392,060 | 2,975,836 | 680,766 | 2,687,129 | 3,367,896 | 860,736 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
5201 Gate Parkway |
Jacksonville, FL | | 3,836,532 | | 21,433,694 | 4,269,346 | 21,000,880 | 25,270,226 | 2,819,774 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
3200 Horizon Drive |
King of Prussia, PA | | 928,637 | | 7,128,297 | 1,210,137 | 6,846,797 | 8,056,934 | 3,078,888 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
440 East Swedesford Road |
King of Prussia, PA | | 717,001 | 4,816,121 | 3,277,517 | 717,001 | 8,093,638 | 8,810,639 | 3,465,059 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
460 East Swedesford Road |
King of Prussia, PA | | 705,317 | 4,737,487 | 4,352,234 | 705,317 | 9,089,721 | 9,795,038 | 2,834,850 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
151 South Warner Road |
King of Prussia, PA | | 1,218,086 | 6,937,866 | 7,249,070 | 1,187,900 | 14,217,122 | 15,405,022 | 698,402 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
3604 Horizon Drive |
King of Prussia, PA | | 397,178 | | 1,681,788 | 350,874 | 1,728,092 | 2,078,966 | 782,634 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
3606 Horizon Drive |
King of Prussia, PA | | 789,409 | | 2,123,681 | 815,855 | 2,097,235 | 2,913,090 | 918,405 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
650 Swedesford Road |
King of Prussia, PA | | 952,911 | 6,722,830 | 9,576,831 | 952,911 | 16,299,660 | 17,252,571 | 7,525,322 | 1971 | 40 yrs. | |||||||||||||||||||||||||||
680 Swedesford Road |
King of Prussia, PA | | 952,361 | 6,722,830 | 8,410,333 | 952,361 | 15,133,163 | 16,085,524 | 6,945,099 | 1971 | 40 yrs. | |||||||||||||||||||||||||||
3600 Horizon Drive |
King of Prussia, PA | | 236,432 | 1,856,252 | 784,645 | 236,432 | 2,640,897 | 2,877,328 | 896,665 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
3602 Horizon Drive |
King of Prussia, PA | | 217,734 | 1,759,489 | 338,288 | 217,809 | 2,097,701 | 2,315,510 | 743,156 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2700 Horizon Drive |
King of Prussia, PA | | 764,370 | | 4,242,712 | 867,815 | 4,139,267 | 5,007,082 | 1,547,359 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2900 Horizon Drive |
King of Prussia, PA | | 679,440 | | 3,503,074 | 774,096 | 3,408,418 | 4,182,514 | 1,189,870 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2500 Renaissance Boulevard |
King of Prussia, PA | | 509,580 | | 2,866,474 | 592,886 | 2,783,167 | 3,376,054 | 1,185,302 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2300 Renaissance Boulevard |
King of Prussia, PA | | 509,580 | | 3,042,297 | 574,152 | 2,977,725 | 3,551,877 | 1,055,823 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2100 Renaissance Boulevard |
King of Prussia, PA | | 1,110,111 | | 9,339,057 | 1,132,519 | 9,316,649 | 10,449,169 | 3,220,016 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
3400 Horizon Drive |
King of Prussia, PA | | 776,496 | 3,139,068 | 1,276,655 | 776,496 | 4,415,723 | 5,192,219 | 1,461,489 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
2301 Renaissance Boulevard |
King of Prussia, PA | | 1,645,246 | | 30,063,879 | 4,581,649 | 27,127,475 | 31,709,124 | 6,992,308 | 2002 | 40 yrs. | |||||||||||||||||||||||||||
2520 Renaissance Boulevard |
King of Prussia, PA | | 1,020,000 | | 5,642,845 | 978,402 | 5,684,443 | 6,662,845 | 2,310,526 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2201 Renaissance Boulevard |
King of Prussia, PA | | | | 18,897,792 | 2,413,514 | 16,484,278 | 18,897,792 | 4,481,326 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
2560 Renaissance Boulevard |
King of Prussia, PA | | | | 3,729,254 | 649,792 | 3,079,462 | 3,729,254 | 1,058,801 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
170 South Warner Road |
King of Prussia, PA | | 547,800 | 3,137,400 | 3,987,694 | 458,232 | 7,214,662 | 7,672,894 | 3,838,961 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
190 South Warner Road |
King of Prussia, PA | | 552,200 | 3,162,600 | 1,647,906 | 461,909 | 4,900,797 | 5,362,706 | 2,574,166 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
3100 Horizon Drive |
King of Prussia, PA | | 601,956 | | 2,068,047 | 611,436 | 2,058,568 | 2,670,003 | 888,193 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
3500 Horizon Drive |
King of Prussia, PA | | 1,204,839 | | 2,830,229 | 1,223,875 | 2,811,193 | 4,035,068 | 894,706 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
3000 Horizon Drive |
King of Prussia, PA | | 1,191,449 | | 2,309,358 | 946,703 | 2,554,103 | 3,500,806 | 752,190 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
11425 State Highway 225 |
LaPorte, TX | * | 975,974 | 3,409,036 | 8,956 | 977,542 | 3,416,424 | 4,393,966 | 377,496 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
11503 State Highway 225 |
LaPorte, TX | * | 2,561,931 | 9,779,023 | 58,113 | 2,566,047 | 9,833,020 | 12,399,067 | 892,645 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7528 Walker Way |
Lehigh Valley, PA | | 893,441 | | 5,510,455 | 779,330 | 5,624,567 | 6,403,897 | 793,173 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8500 Willard Drive |
Lehigh, PA | * | 6,398,815 | | 21,793,887 | 7,627,526 | 20,565,176 | 28,192,702 | 798,189 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8301 Industrial Boulevard |
Lehigh, PA | * | 11,249,550 | | 44,324,333 | 11,254,716 | 44,319,167 | 55,573,883 | 4,658,718 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
31700 Research Park Drive |
Madison Heights, MI | | 373,202 | 1,824,721 | (649,436 | ) | 373,203 | 1,175,284 | 1,548,487 | 554,044 | 1988 | 40 yrs. | ||||||||||||||||||||||||||
1201 East Whitcomb Avenue |
Madison Heights, MI | | 302,567 | 1,213,232 | (157,899 | ) | 302,567 | 1,055,333 | 1,357,900 | 368,889 | 1980 | 40 yrs. | ||||||||||||||||||||||||||
1901 Summit Tower Boulevard |
Maitland, FL | | 6,078,791 | 12,348,567 | 2,096,608 | 6,083,206 | 14,440,761 | 20,523,967 | 4,237,197 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
45-67 Great Valley Parkway |
Malvern, PA | | 795,143 | | 4,199,957 | 795,831 | 4,199,269 | 4,995,100 | 2,526,279 | 1974 | 40 yrs. | |||||||||||||||||||||||||||
11,15 Great Valley Parkway |
Malvern, PA | | 1,837,050 | | 15,005,064 | 1,837,878 | 15,004,237 | 16,842,114 | 10,652,315 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
27-43 Great Valley Parkway |
Malvern, PA | | 448,775 | | 2,545,542 | 449,447 | 2,544,870 | 2,994,317 | 1,751,421 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
1 Country View Road |
Malvern, PA | | 400,000 | 3,600,000 | 1,004,647 | 406,421 | 4,598,226 | 5,004,647 | 2,016,903 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
200 Chesterfield Parkway |
Malvern, PA | | 495,893 | 2,739,093 | 649,407 | 588,384 | 3,296,009 | 3,884,393 | 2,224,454 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
50 Morehall Road |
Malvern, PA | | 849,576 | | 13,051,932 | 1,337,076 | 12,564,432 | 13,901,508 | 5,518,067 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
1 Great Valley Parkway |
Malvern, PA | | 419,460 | 3,792,570 | 387,643 | 419,460 | 4,180,212 | 4,599,673 | 1,380,874 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
5 Great Valley Parkway |
Malvern, PA | | 684,200 | 6,181,661 | 1,790,158 | 684,200 | 7,971,819 | 8,656,019 | 2,635,603 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
1001 Cedar Hollow Road |
Malvern, PA | | 1,436,814 | | 16,081,159 | 1,676,470 | 15,841,503 | 17,517,973 | 6,378,790 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
3 Country View Road |
Malvern, PA | | 814,278 | | 4,946,433 | 1,128,881 | 4,631,830 | 5,760,711 | 1,348,720 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
425 Technology Drive |
Malvern, PA | | 191,114 | | 2,112,927 | 321,473 | 1,982,568 | 2,304,041 | 975,001 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
375 Technology Drive |
Malvern, PA | | 191,114 | | 2,018,620 | 234,922 | 1,974,811 | 2,209,734 | 861,726 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
45 Liberty Boulevard |
Malvern, PA | | 4,380,221 | | 15,316,168 | 4,749,748 | 14,946,641 | 19,696,389 | 6,029,564 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
100 Chesterfield Parkway |
Malvern, PA | | 1,320,625 | | 6,709,379 | 1,451,139 | 6,578,865 | 8,030,004 | 2,835,554 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
600 Chesterfield Parkway |
Malvern, PA | | 2,013,750 | | 8,255,848 | 2,171,080 | 8,098,519 | 10,269,598 | 3,284,977 | 1999 | 40 yrs. |
118
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
700 Chesterfield Parkway |
Malvern, PA | | 2,013,750 | | 8,216,674 | 2,158,337 | 8,072,087 | 10,230,424 | 3,257,665 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
18 Great Valley Parkway |
Malvern, PA | | 394,036 | 3,976,221 | 99,539 | 397,293 | 4,072,504 | 4,469,796 | 1,130,011 | 1980 | 40 yrs. | |||||||||||||||||||||||||||
11 Great Valley Parkway |
Malvern, PA | | 496,297 | | 3,226,924 | 708,331 | 3,014,890 | 3,723,221 | 878,827 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
40 Liberty Boulevard |
Malvern, PA | | 4,241,137 | 17,737,090 | 2,182,842 | 4,241,167 | 19,919,901 | 24,161,068 | 6,618,672 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
2 West Liberty Boulevard |
Malvern, PA | | 5,405,041 | | 11,635,939 | 5,405,042 | 11,635,938 | 17,040,980 | 1,634,494 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10 Great Valley Parkway |
Malvern, PA | | 823,540 | 1,341,376 | 314,007 | 832,244 | 1,646,678 | 2,478,922 | 310,042 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
10, 20 Liberty Boulevard |
Malvern, PA | | 724,058 | | 5,760,414 | 724,846 | 5,759,626 | 6,484,472 | 2,977,810 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
420 Lapp Road |
Malvern, PA | | 1,054,418 | | 7,344,363 | 1,055,243 | 7,343,538 | 8,398,781 | 3,826,144 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
14 Lee Boulevard |
Malvern, PA | | 664,282 | | 6,022,257 | 643,892 | 6,042,647 | 6,686,539 | 3,324,222 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
500 Chesterfield Parkway |
Malvern, PA | | 472,364 | | 3,323,124 | 519,742 | 3,275,746 | 3,795,488 | 1,874,387 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
300-400 Chesterfield Parkway |
Malvern, PA | | 937,212 | | 5,742,350 | 1,012,843 | 5,666,719 | 6,679,562 | 3,163,440 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
40 Valley Stream Parkway |
Malvern, PA | | 322,918 | | 3,188,934 | 325,775 | 3,186,076 | 3,511,852 | 1,831,167 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
50 Valley Stream Parkway |
Malvern, PA | | 323,971 | | 3,160,049 | 323,792 | 3,160,228 | 3,484,020 | 1,605,754 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
20 Valley Stream Parkway |
Malvern, PA | | 465,539 | | 5,707,476 | 466,413 | 5,706,602 | 6,173,015 | 3,536,207 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
257-275 Great Valley Parkway |
Malvern, PA | | 504,611 | | 5,316,828 | 505,458 | 5,315,981 | 5,821,439 | 3,490,013 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
300 Technology Drive |
Malvern, PA | | 368,626 | | 1,345,599 | 374,497 | 1,339,728 | 1,714,225 | 801,016 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
277-293 Great Valley Parkway |
Malvern, PA | | 530,729 | | 2,705,538 | 531,534 | 2,704,733 | 3,236,267 | 1,616,903 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
311 Technology Drive |
Malvern, PA | | 397,131 | | 2,911,205 | 397,948 | 2,910,388 | 3,308,336 | 1,701,491 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
7 Great Valley Parkway |
Malvern, PA | | 176,435 | | 5,165,883 | 177,317 | 5,165,002 | 5,342,318 | 3,316,078 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
55 Valley Stream Parkway |
Malvern, PA | | 215,005 | | 4,393,160 | 215,818 | 4,392,348 | 4,608,165 | 2,499,992 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
65 Valley Stream Parkway |
Malvern, PA | | 381,544 | | 7,203,727 | 382,361 | 7,202,910 | 7,585,271 | 4,639,975 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
508 Lapp Road |
Malvern, PA | | 331,392 | | 2,036,104 | 332,216 | 2,035,280 | 2,367,496 | 1,385,015 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
10 Valley Stream Parkway |
Malvern, PA | | 509,075 | | 3,142,498 | 509,899 | 3,141,674 | 3,651,573 | 1,955,051 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
333 Phoenixville Pike |
Malvern, PA | | 523,530 | | 3,725,062 | 524,230 | 3,724,362 | 4,248,592 | 1,837,667 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
30 Great Valley Parkway |
Malvern, PA | | 128,126 | | 385,634 | 128,783 | 384,977 | 513,760 | 338,175 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
75 Great Valley Parkway |
Malvern, PA | 183,574 | 143,074 | | 888,076 | 143,811 | 887,338 | 1,031,150 | 675,263 | 1977 | 40 yrs. | |||||||||||||||||||||||||||
77-123 Great Valley Parkway |
Malvern, PA | | 887,664 | | 6,012,716 | 888,359 | 6,012,021 | 6,900,380 | 4,025,390 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
205 Great Valley Parkway |
Malvern, PA | | 1,368,259 | | 11,239,206 | 1,369,003 | 11,238,462 | 12,607,465 | 7,641,055 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
12,14,16 Great Valley Parkway |
Malvern, PA | | 130,689 | | 1,560,924 | 128,767 | 1,562,846 | 1,691,613 | 1,056,108 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
155 Great Valley Parkway |
Malvern, PA | | 625,147 | | 2,627,280 | 626,068 | 2,626,359 | 3,252,427 | 1,748,600 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
510 Lapp Road |
Malvern, PA | | 356,950 | | 926,587 | 357,751 | 925,786 | 1,283,537 | 637,559 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
60 Morehall Road |
Malvern, PA | | 865,424 | 9,285,000 | 5,058,435 | 884,974 | 14,323,885 | 15,208,859 | 7,930,300 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5 Country View Road |
Malvern, PA | | 785,168 | 4,678,632 | 1,056,753 | 786,235 | 5,734,318 | 6,520,553 | 2,424,679 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7550 Meridian Circle |
Maple Grove, MN | | 513,250 | 2,901,906 | 546,956 | 513,250 | 3,448,862 | 3,962,112 | 1,042,222 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
701A Route 73 South |
Marlton, NJ | | 264,387 | 3,772,000 | 4,173,767 | 271,743 | 7,938,411 | 8,210,154 | 4,179,780 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
701C Route 73 South |
Marlton, NJ | | 84,949 | 1,328,000 | 941,834 | 96,161 | 2,258,622 | 2,354,783 | 863,263 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
400 Lippincott Drive |
Marlton, NJ | | 69,402 | 3,782,573 | 317,799 | 3,534,176 | 3,851,975 | 1,284,245 | 1999 | 40 yrs. | ||||||||||||||||||||||||||||
406 Lippincott Drive |
Marlton, NJ | | 321,455 | 1,539,871 | 1,303,270 | 327,554 | 2,837,042 | 3,164,596 | 1,336,940 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
301 Lippincott Drive |
Marlton, NJ | | 1,069,837 | 4,780,163 | 1,780,269 | 1,069,838 | 6,560,431 | 7,630,269 | 2,766,097 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
303 Lippincott Drive |
Marlton, NJ | | 1,069,837 | 4,780,163 | 3,065,675 | 1,069,838 | 7,845,838 | 8,915,675 | 3,514,502 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
901 Route 73 |
Marlton, NJ | | 334,411 | 2,733,314 | 946,618 | 334,411 | 3,679,932 | 4,014,343 | 1,416,756 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
75 Brookfield Oaks Drive |
Mauldin, SC | | 419,731 | | 2,510,660 | 430,909 | 2,499,482 | 2,930,392 | 434,124 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
65 Brookfield Oaks Drive |
Mauldin, SC | | 557,174 | | 2,905,475 | 506,318 | 2,956,332 | 3,462,650 | 373,054 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
7800 N. 113th Street |
Milwaukee, WI | | 1,711,964 | 6,847,857 | 600,888 | 1,711,964 | 7,448,745 | 9,160,709 | 2,328,304 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
11950 W. Lake Park Drive |
Milwaukee, WI | | 391,813 | 2,340,118 | 595,440 | 394,938 | 2,932,434 | 3,327,371 | 1,051,342 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
11400 W. Lake Park Drive |
Milwaukee, WI | | 439,595 | 2,357,904 | 348,421 | 443,101 | 2,702,819 | 3,145,919 | 773,558 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
11425 W. Lake Park Drive |
Milwaukee, WI | | 382,256 | 2,350,619 | 979,214 | 385,305 | 3,326,784 | 3,712,089 | 1,431,200 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11301 W. Lake Park Drive |
Milwaukee, WI | | 614,477 | 2,626,456 | 123,888 | 619,465 | 2,745,357 | 3,364,821 | 748,549 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11900 W. Lake Park Drive |
Milwaukee, WI | | 347,853 | 2,396,887 | 1,884,459 | 350,628 | 4,278,572 | 4,629,199 | 1,525,087 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
11414 West Park Place |
Milwaukee, WI | | 234,443 | 10,713,613 | 491,531 | 10,456,526 | 10,948,057 | 3,477,102 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
11520 West Calumet Road |
Milwaukee, WI | | 341,698 | 1,527,548 | 78,494 | 341,698 | 1,606,042 | 1,947,740 | 417,634 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
12100 West Park Place |
Milwaukee, WI | | 534,470 | 3,239,389 | 572,084 | 532,370 | 3,813,573 | 4,345,943 | 1,274,986 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
11100 West Liberty Drive |
Milwaukee, WI | | 1,800,000 | 7,542,950 | 1,801,024 | 7,541,926 | 9,342,950 | 1,630,363 | 2003 | 40 yrs. | ||||||||||||||||||||||||||||
11050 West Liberty Drive |
Milwaukee, WI | | | | 3,816,745 | 914,760 | 2,901,985 | 3,816,745 | 248,548 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
4700 Nathan Lane North |
Minneapolis, MN | | 1,501,308 | 8,446,083 | 225,056 | 1,501,308 | 8,671,139 | 10,172,447 | 2,262,534 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
4600 Nathan Lane |
Minneapolis, MN | | 1,063,558 | 6,683,083 | 1,038,197 | 6,708,444 | 7,746,641 | 2,547,169 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4700 Nathan Lane N Expansion |
Minneapolis, MN | | | | 12,944,766 | | 12,944,766 | 12,944,766 | 34,909 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
12501 & 12701 Whitewater Drive |
Minnegonka, MN | | 2,175,209 | 3,948,085 | 7,485,094 | 2,177,953 | 11,430,435 | 13,608,388 | 1,898,424 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
5600 & 5610 Rowland Road |
Minnetonka, MN | | 828,650 | 7,399,409 | 2,196,059 | 829,263 | 9,594,854 | 10,424,117 | 3,766,702 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
5400-5500 Feltl Road |
Minnetonka, MN | | 883,895 | 7,983,345 | 2,285,978 | 883,895 | 10,269,323 | 11,153,218 | 3,604,910 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
3400 Lakeside Drive |
Miramar, FL | | 2,022,153 | 11,345,881 | 1,674,282 | 2,022,153 | 13,020,162 | 15,042,316 | 4,222,510 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
3450 Lakeside Drive |
Miramar, FL | | 2,022,152 | 11,357,143 | 2,688,791 | 2,022,152 | 14,045,934 | 16,068,086 | 4,862,162 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
3350 SW 148th Avenue |
Miramar, FL | | 2,960,511 | | 20,110,108 | 2,980,689 | 20,089,929 | 23,070,619 | 6,752,891 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
3100 SW 145th Avenue |
Miramar, FL | | 6,204,407 | | 15,426,913 | 6,265,000 | 15,366,320 | 21,631,320 | 102,255 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
324 Park Knoll Drive |
Morrisville, NC | * | 1,449,092 | 4,424,932 | 329,062 | 1,449,450 | 4,753,636 | 6,203,086 | 391,881 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
619 Distribution Drive |
Morrisville, NC | * | 1,031,430 | 5,655,167 | 397,507 | 1,031,685 | 6,052,419 | 7,084,104 | 467,841 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
627 Distribution Drive |
Morrisville, NC | * | 1,061,370 | 5,152,110 | 239,352 | 1,061,632 | 5,391,200 | 6,452,832 | 416,302 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
701 Distribution Drive |
Morrisville, NC | * | 1,300,889 | 5,313,226 | 217,183 | 1,301,211 | 5,530,088 | 6,831,298 | 418,018 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
330 Fellowship Road |
Mount Laurel, NJ | | 3,730,570 | | 16,547,531 | 3,758,270 | 16,519,832 | 20,278,101 | 592,707 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
300 Fellowship Road |
Mt Laurel, NJ | | | | 7,350,519 | 1,098,904 | 6,251,616 | 7,350,519 | 1,048,038 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
302 Fellowship Road |
Mt Laurel, NJ | | 1,512,120 | | 2,933,420 | 539,060 | 3,906,480 | 4,445,540 | 512,893 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
3001 Leadenhall Road |
Mt Laurel, NJ | | 1,925,719 | 191,390 | 10,965,396 | 1,936,489 | 11,146,016 | 13,082,505 | 2,157,858 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
350 Fellowship Road |
Mt Laurel, NJ | | 2,960,159 | 1,449,611 | 4,586,406 | 2,970,687 | 6,025,489 | 8,996,176 | 607,547 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3000 Atrium Way |
Mt. Laurel, NJ | | 500,000 | 4,500,000 | 5,277,156 | 512,018 | 9,765,138 | 10,277,156 | 4,781,541 | 1987 | 40 yrs. |
119
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AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
11000, 15000 Commerce Parkway |
Mt. Laurel, NJ | | 310,585 | 4,394,900 | 1,244,385 | 311,950 | 5,637,920 | 5,949,870 | 2,639,001 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
12000, 14000 Commerce Parkway |
Mt. Laurel, NJ | | 361,800 | 3,285,817 | 1,026,601 | 362,855 | 4,311,362 | 4,674,218 | 1,911,583 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
16000, 18000 Commerce Parkway |
Mt. Laurel, NJ | | 289,700 | 2,512,683 | 1,334,707 | 290,545 | 3,846,545 | 4,137,090 | 1,535,623 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1300 Route 73 North |
Mt. Laurel, NJ | | 449,400 | 3,074,850 | 2,372,243 | 450,558 | 5,445,935 | 5,896,493 | 2,208,055 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
6000 Commerce Parkway |
Mt. Laurel, NJ | | 234,151 | 2,022,683 | 914,135 | 234,151 | 2,936,818 | 3,170,969 | 1,247,404 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
8000 Commerce Parkway |
Mt. Laurel, NJ | | 234,814 | 1,995,098 | 530,452 | 234,814 | 2,525,550 | 2,760,364 | 786,791 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
9000 Commerce Parkway |
Mt. Laurel, NJ | | 286,587 | 2,474,820 | 1,252,945 | 286,587 | 3,727,765 | 4,014,352 | 1,365,052 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
1000 Briggs Road |
Mt. Laurel, NJ | | 288,577 | 2,546,537 | 1,526,570 | 288,577 | 4,073,106 | 4,361,684 | 1,902,450 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1025 Briggs Road |
Mt. Laurel, NJ | | 430,990 | 3,714,828 | 1,255,822 | 430,990 | 4,970,650 | 5,401,640 | 1,959,916 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
1020 Briggs Road |
Mt. Laurel, NJ | | 494,334 | | 3,167,284 | 569,184 | 3,092,435 | 3,661,618 | 1,120,929 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
2000 Crawford Place |
Mt. Laurel, NJ | | 310,831 | 2,797,744 | 2,922,589 | 310,831 | 5,720,333 | 6,031,164 | 2,767,570 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
5000 Dearborn Court |
Mt. Laurel, NJ | | 1,057,763 | 4,191,827 | 1,670,366 | 1,057,763 | 5,862,194 | 6,919,956 | 1,888,600 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
1001 Briggs Road |
Mt. Laurel, NJ | | 701,705 | 3,505,652 | 2,474,270 | 701,705 | 5,979,922 | 6,681,628 | 2,675,653 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1015 Briggs Road |
Mt. Laurel, NJ | | 356,987 | | 3,673,872 | 470,659 | 3,560,200 | 4,030,859 | 1,216,636 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
17000 Commerce Parkway |
Mt. Laurel, NJ | | 144,515 | 3,458,166 | 144,515 | 3,458,166 | 3,602,681 | 1,111,054 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
6 Terry Drive |
Newtown, PA | | 622,029 | 2,228,851 | 1,030,179 | 622,205 | 3,258,853 | 3,881,058 | 1,306,838 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
27th Street |
Oak Creek, WI | | 348,280 | | 4,290,480 | 696,690 | 3,942,070 | 4,638,760 | 48,139 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
Corporate Preserve Drive |
Oak Creek, WI | | 516,016 | | 3,935,631 | 654,271 | 3,797,376 | 4,451,647 | 46,477 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
550-590 Hale Avenue |
Oakdale, MN | | 765,535 | 3,488,754 | 623,102 | 766,390 | 4,111,000 | 4,877,390 | 1,261,323 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
1879 Lamont Avenue |
Odenton, MD | * | 1,976,000 | 8,099,579 | 2,469,160 | 2,011,030 | 10,533,709 | 12,544,739 | 1,440,507 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
350 Winmeyer Avenue |
Odenton, MD | * | 1,778,400 | 7,289,165 | 1,867,935 | 1,809,927 | 9,125,573 | 10,935,500 | 1,211,671 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9600 Satellite Boulevard |
Orlando, FL | * | 252,850 | 1,297,923 | 62,116 | 252,850 | 1,360,039 | 1,612,889 | 443,433 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
9700 Satellite Boulevard |
Orlando, FL | * | 405,362 | 1,146,546 | 350,999 | 405,362 | 1,497,545 | 1,902,907 | 515,113 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
1902 Cypress Lake Drive |
Orlando, FL | * | 523,512 | 3,191,790 | 1,010,913 | 538,512 | 4,187,703 | 4,726,215 | 1,461,540 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
9550 Satellite Boulevard |
Orlando, FL | | 574,831 | | 2,408,974 | 587,319 | 2,396,486 | 2,983,805 | 785,602 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
10511 & 10611 Satellite Boulevard |
Orlando, FL | | 517,554 | 2,568,186 | 517,132 | 522,991 | 3,079,881 | 3,602,872 | 1,099,581 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
1400-1440 Central Florida Parkway |
Orlando, FL | * | 518,043 | 2,561,938 | 862,155 | 518,043 | 3,424,093 | 3,942,136 | 1,129,366 | 1962 | 40 yrs. | |||||||||||||||||||||||||||
2216 Directors Row |
Orlando, FL | | 453,918 | 2,572,202 | 127,019 | 453,918 | 2,699,221 | 3,153,139 | 751,320 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
2400 South Lake Orange Drive |
Orlando, FL | | 385,964 | | 2,409,852 | 642,427 | 2,153,389 | 2,795,816 | 567,875 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
6923 Lee Vista Boulevard |
Orlando, FL | | 903,701 | | 3,790,427 | 830,953 | 3,863,175 | 4,694,128 | 349,074 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6501 Lee Vista Boulevard |
Orlando, FL | | 903,701 | 5,660,761 | 925,671 | 5,638,790 | 6,564,462 | 1,164,127 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
2416 Lake Orange Drive |
Orlando, FL | | 535,964 | 3,175,219 | 704,800 | 3,006,382 | 3,711,182 | 1,033,173 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
10771 Palm Bay Drive |
Orlando, FL | * | 664,605 | 2,362,814 | 685,383 | 2,342,035 | 3,027,419 | 475,231 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
10003 Satellite Boulevard |
Orlando, FL | | 680,312 | 2,120,754 | 1,242,546 | 680,312 | 3,363,300 | 4,043,612 | 754,032 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
1090 Gills Drive |
Orlando, FL | * | 878,320 | 2,558,833 | 1,371,034 | 878,320 | 3,929,867 | 4,808,187 | 632,945 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
2202 Taft-Vineland Road |
Orlando, FL | | | | 6,631,110 | 1,283,713 | 5,347,397 | 6,631,110 | 1,326,244 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
South Center Land-Phase II |
Orlando, FL | | 838,853 | | 4,084,539 | 767,953 | 4,155,440 | 4,923,392 | 429,594 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7315 Kingspointe Parkway |
Orlando, FL | * | 1,931,697 | 6,388,203 | 2,135,046 | 1,932,004 | 8,522,943 | 10,454,946 | 1,613,819 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
2351 Investors Row |
Orlando, FL | * | 2,261,924 | 7,496,249 | 411,516 | 2,263,211 | 7,906,478 | 10,169,689 | 1,000,901 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
2256 Taft-Vineland Road |
Orlando, FL | | 467,296 | | 2,494,666 | 825,673 | 2,136,290 | 2,961,963 | 305,135 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1950 Summit Park Drive |
Orlando, FL | | 2,573,700 | 17,478,646 | 1,365,023 | 2,583,667 | 18,833,702 | 21,417,369 | 2,373,789 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1958 Summit Park Drive |
Orlando, FL | | 2,573,961 | 11,206,937 | 8,841,420 | 2,583,216 | 20,039,102 | 22,622,318 | 2,584,385 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
6200 Lee Vista Boulevard |
Orlando, FL | | 1,423,584 | 6,399,510 | 65,322 | 1,435,301 | 6,453,115 | 7,888,416 | 765,838 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7022 TPC Drive |
Orlando, FL | | 1,443,510 | 6,845,559 | 560,522 | 1,457,286 | 7,392,306 | 8,849,592 | 841,748 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7100 TPC Drive |
Orlando, FL | | 1,431,489 | 7,948,341 | 472,409 | 1,445,807 | 8,406,432 | 9,852,239 | 851,913 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7101 TPC Drive |
Orlando, FL | | 1,553,537 | 5,301,499 | 859,475 | 1,570,863 | 6,143,648 | 7,714,511 | 610,819 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
851 Gills Drive |
Orlando, FL | | 332,992 | | 2,645,422 | 373,500 | 2,604,914 | 2,978,414 | 102,303 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
950 Gills Drive |
Orlando, FL | | 443,989 | | 2,650,065 | 464,800 | 2,629,255 | 3,094,055 | 95,209 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1000 Gills Drive |
Orlando, FL | | 415,906 | | 2,713,451 | 435,400 | 2,693,957 | 3,129,357 | 115,315 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8801 Tinicum Boulevard |
Philadelphia, PA | | 2,474,031 | | 43,598,952 | 125,087 | 45,947,896 | 46,072,983 | 16,727,545 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
3 Franklin Plaza |
Philadelphia, PA | | 2,483,144 | | 32,150,134 | 2,514,519 | 32,118,759 | 34,633,278 | 8,645,955 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
4751 League Island Boulevard |
Philadelphia, PA | | 992,965 | 331,924 | 6,753,197 | 1,022,081 | 7,056,006 | 8,078,087 | 1,197,497 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
1 Crescent Drive |
Philadelphia, PA | | 567,280 | | 14,677,869 | 347,892 | 14,897,257 | 15,245,149 | 1,401,391 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
4775 League Island Boulevard |
Philadelphia, PA | | 891,892 | | 5,757,514 | 366,982 | 6,282,425 | 6,649,406 | 343,670 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
4300 South 26th Street |
Philadelphia, PA | | 402,673 | | 35,597,396 | 412,454 | 35,587,615 | 36,000,069 | 250,499 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
4410 E. Cotton Center Boulevard |
Phoenix, AZ | | 4,758,484 | 10,559,563 | 5,587,577 | 4,765,172 | 16,140,451 | 20,905,624 | 796,915 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4750 S. 44th Place |
Phoenix, AZ | | 3,756,307 | 8,336,400 | 3,625,155 | 3,761,587 | 11,956,275 | 15,717,862 | 551,205 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4435 E. Cotton Center Boulevard |
Phoenix, AZ | | 1,910,584 | 1,954,020 | 2,166,648 | 1,911,045 | 4,120,208 | 6,031,253 | 309,862 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4207 E. Cotton Center Boulevard |
Phoenix, AZ | | 1,409,908 | 4,680,808 | 1,096,836 | 1,410,248 | 5,777,305 | 7,187,552 | 655,667 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4217 E. Cotton Center Boulevard |
Phoenix, AZ | | 7,922,480 | 10,045,599 | 2,743,402 | 6,690,321 | 14,021,160 | 20,711,481 | 1,032,405 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4425 E. Cotton Center Boulvard |
Phoenix, AZ | * | 7,318,457 | 24,549,401 | 28,556 | 7,318,457 | 24,577,957 | 31,896,413 | 2,033,420 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4415 E. Cotton Center Boulevard |
Phoenix, AZ | * | 1,749,957 | 3,767,213 | 7,595 | 1,749,957 | 3,774,808 | 5,524,765 | 426,738 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4405 E. Cotton Center Boulevard |
Phoenix, AZ | * | 2,646,318 | 9,697,439 | 103,051 | 2,646,318 | 9,800,490 | 12,446,808 | 741,776 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4313 E. Cotton Center Boulevard |
Phoenix, AZ | * | 3,895,539 | 16,724,283 | 1,400,711 | 3,895,539 | 18,124,995 | 22,020,533 | 1,565,576 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4303 E. Cotton Center Boulvard |
Phoenix, AZ | * | 2,619,964 | 9,675,711 | 11,076 | 2,619,964 | 9,686,787 | 12,306,751 | 814,561 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4610 South 44th Street |
Phoenix, AZ | | 6,539,310 | | 5,704,330 | 6,827,288 | 5,416,351 | 12,243,639 | 56,986 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
4550 South 44th Street |
Phoenix, AZ | | 5,380,972 | | 4,233,556 | 5,617,939 | 3,996,590 | 9,614,529 | 46,491 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
9801 80th Avenue |
Pleasant Prairie, WI | | 1,692,077 | 7,934,794 | 250,974 | 1,689,726 | 8,188,119 | 9,877,845 | 2,255,399 | 1994 | 40 yrs. | |||||||||||||||||||||||||||
2250 Hickory Road |
Plymouth Meeting, PA | | 1,015,851 | 9,175,555 | 3,113,293 | 1,032,507 | 12,272,192 | 13,304,699 | 4,202,704 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2905 Northwest Boulevard |
Plymouth, MN | | 516,920 | 4,646,342 | 1,995,401 | 516,920 | 6,641,743 | 7,158,663 | 2,797,012 | 1983 | 40 yrs. | |||||||||||||||||||||||||||
2800 Campus Drive |
Plymouth, MN | | 395,366 | 3,554,512 | 1,166,443 | 395,366 | 4,720,955 | 5,116,321 | 1,856,676 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2955 Xenium Lane |
Plymouth, MN | | 151,238 | 1,370,140 | 508,272 | 151,238 | 1,878,412 | 2,029,650 | 805,046 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
2920 Northwest Boulevard |
Plymouth, MN | | 392,026 | 3,433,678 | 708,249 | 384,235 | 4,149,718 | 4,533,953 | 1,436,468 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
14630-14650 28th Avenue North |
Plymouth, MN | | 198,205 | 1,793,422 | 782,928 | 198,205 | 2,576,350 | 2,774,555 | 991,926 | 1978 | 40 yrs. |
120
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
9600 54th Avenue |
Plymouth, MN | | 332,317 | 3,077,820 | 1,020,792 | 332,317 | 4,098,612 | 4,430,929 | 1,667,000 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
1500 SW 5th Court |
Pompano Beach, FL | | 972,232 | 3,892,085 | 465,078 | 972,232 | 4,357,163 | 5,329,395 | 1,366,685 | 1957 | 40 yrs. | |||||||||||||||||||||||||||
1651 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 129,136 | 203,247 | 940,230 | 1,143,477 | 361,523 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1601 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 402,780 | 203,247 | 1,213,873 | 1,417,120 | 490,850 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1501 SW 5th Court |
Pompano Beach, FL | | 203,247 | 811,093 | 402,183 | 203,247 | 1,213,276 | 1,416,523 | 268,889 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
1400 SW 6th Court |
Pompano Beach, FL | | 1,157,049 | 4,620,956 | 422,912 | 1,157,049 | 5,043,868 | 6,200,917 | 1,582,490 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
1405 SW 6th Court |
Pompano Beach, FL | | 392,138 | 1,565,787 | 198,906 | 392,138 | 1,764,694 | 2,156,832 | 582,973 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
595 SW 13th Terrace |
Pompano Beach, FL | | 359,933 | 1,437,116 | 442,709 | 359,933 | 1,879,825 | 2,239,758 | 524,379 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
601 SW 13th Terrace |
Pompano Beach, FL | | 164,413 | 655,933 | 173,030 | 164,413 | 828,963 | 993,375 | 304,796 | 1984 | 40 yrs. | |||||||||||||||||||||||||||
605 SW 16th Terrace |
Pompano Beach, FL | | 310,778 | 1,238,324 | 257,273 | 310,178 | 1,496,197 | 1,806,375 | 499,137 | 1965 | 40 yrs. | |||||||||||||||||||||||||||
301 Hill Carter Parkway |
Richmond, VA | | 659,456 | 4,836,010 | 185,894 | 659,456 | 5,021,904 | 5,681,360 | 1,803,441 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5600-5626 Eastport Boulevard |
Richmond, VA | | 489,941 | 3,592,900 | 335,923 | 489,941 | 3,928,823 | 4,418,764 | 1,546,138 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5650-5674 Eastport Boulevard |
Richmond, VA | | 644,384 | 4,025,480 | 248,946 | 644,384 | 4,274,426 | 4,918,810 | 1,731,605 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
5700 Eastport Boulevard |
Richmond, VA | | 408,729 | 2,697,348 | 820,296 | 408,729 | 3,517,644 | 3,926,373 | 1,420,090 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
4101-4127 Carolina Avenue |
Richmond, VA | | 310,854 | 2,279,597 | 878,915 | 310,854 | 3,158,512 | 3,469,366 | 1,072,790 | 1973 | 40 yrs. | |||||||||||||||||||||||||||
4201-4261 Carolina Avenue |
Richmond, VA | | 693,203 | 5,083,493 | 1,740,857 | 693,203 | 6,824,350 | 7,517,553 | 2,502,871 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
4263-4299 Carolina Avenue |
Richmond, VA | | 256,203 | 2,549,649 | 2,130,737 | 256,203 | 4,680,386 | 4,936,589 | 1,628,219 | 1976 | 40 yrs. | |||||||||||||||||||||||||||
4301-4335 Carolina Avenue |
Richmond, VA | | 223,696 | 1,640,435 | 2,688,102 | 223,696 | 4,328,537 | 4,552,233 | 1,138,083 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
4337-4379 Carolina Avenue |
Richmond, VA | | 325,303 | 2,385,557 | 1,682,650 | 325,303 | 4,068,207 | 4,393,510 | 1,705,697 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
4501-4549 Carolina Avenue |
Richmond, VA | | 486,166 | 3,565,211 | 493,767 | 486,166 | 4,058,978 | 4,545,144 | 1,505,148 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
4551-4593 Carolina Avenue |
Richmond, VA | | 474,360 | 3,478,646 | 835,568 | 474,360 | 4,314,214 | 4,788,574 | 1,526,168 | 1982 | 40 yrs. | |||||||||||||||||||||||||||
4601-4643 Carolina Avenue |
Richmond, VA | | 652,455 | 4,784,675 | 622,565 | 652,455 | 5,407,240 | 6,059,695 | 2,233,976 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4645-4683 Carolina Avenue |
Richmond, VA | | 404,616 | 2,967,187 | 1,252,655 | 404,616 | 4,219,842 | 4,624,458 | 2,036,874 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
4447-4491 Carolina Avenue |
Richmond, VA | | 454,056 | 2,729,742 | 503,034 | 454,056 | 3,232,776 | 3,686,832 | 1,232,056 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
4401-4445 Carolina Avenue |
Richmond, VA | | 615,038 | 4,510,272 | 476,720 | 615,038 | 4,986,992 | 5,602,030 | 1,859,918 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
2300 East Parham Road |
Richmond, VA | | 221,947 | 1,011,088 | 2,443 | 221,947 | 1,013,531 | 1,235,478 | 427,900 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
5601-5659 Eastport Boulevard |
Richmond, VA | | 705,660 | | 4,904,209 | 720,100 | 4,889,769 | 5,609,870 | 2,070,111 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
5900 Eastport Boulevard |
Richmond, VA | | 676,661 | | 4,822,772 | 687,898 | 4,811,535 | 5,499,433 | 1,662,704 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
4717-4729 Eubank Road |
Richmond, VA | | 449,447 | 3,294,697 | 756,131 | 452,263 | 4,048,011 | 4,500,274 | 1,772,055 | 1978 | 40 yrs. | |||||||||||||||||||||||||||
4263F-N. Carolina Avenue |
Richmond, VA | | 91,476 | | 1,656,984 | 91,599 | 1,656,861 | 1,748,460 | 576,593 | 1975 | 40 yrs. | |||||||||||||||||||||||||||
510 Eastpark Court |
Richmond, VA | | 261,961 | 2,110,874 | 608,236 | 262,210 | 2,718,861 | 2,981,071 | 1,025,493 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
520 Eastpark Court |
Richmond, VA | | 486,118 | 4,083,582 | 397,629 | 486,598 | 4,480,731 | 4,967,329 | 1,596,479 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
5701-5799 Eastport Boulevard |
Richmond, VA | | 694,644 | | 5,851,949 | 700,503 | 5,846,090 | 6,546,593 | 2,115,132 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
530 Eastpark Court |
Richmond, VA | | 266,883 | | 3,129,801 | 334,772 | 3,061,912 | 3,396,684 | 1,376,494 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
6000 Eastport Blvd |
Richmond, VA | | 872,901 | | 7,486,258 | 901,666 | 7,457,493 | 8,359,159 | 322,546 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
3829-3855 Gaskins Road |
Richmond, VA | | 364,165 | 3,264,114 | 39,764 | 364,165 | 3,303,879 | 3,668,044 | 979,890 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
10800 Nuckols Boulevard |
Richmond, VA | | 1,432,462 | | 14,420,839 | 1,794,162 | 14,059,139 | 15,853,301 | 3,483,362 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
100 Westgate Parkway |
Richmond, VA | | 1,140,648 | 101,824 | 10,062,785 | 1,456,084 | 9,849,173 | 11,305,257 | 1,988,948 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
200 Westgate Parkway |
Richmond, VA | | 1,623,612 | 6,035,700 | 1,072,797 | 6,586,515 | 7,659,312 | 1,594,917 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
3901 Westerre Parkway |
Richmond, VA | | 634,231 | | 11,848,089 | 1,508,459 | 10,973,862 | 12,482,320 | 182,397 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
3900 Westerre Parkway |
Richmond, VA | | 392,184 | | 11,786,392 | 1,100,000 | 11,078,576 | 12,178,576 | 1,188,362 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1001 Boulders Parkway |
Richmond, VA | | 2,073,739 | 5,634,796 | 1,613,952 | 2,079,643 | 7,242,844 | 9,322,487 | 1,053,088 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
7400 Beaufont Springs Drive |
Richmond, VA | | 808,581 | 7,273,850 | 1,171,471 | 810,743 | 8,443,158 | 9,253,901 | 1,147,415 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
1100 Boulders Parkway |
Richmond, VA | | 1,276,936 | 12,052,192 | 1,527,052 | 1,280,662 | 13,575,518 | 14,856,181 | 1,611,392 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
540 Eastpark Court |
Richmond, VA | | 742,300 | | 5,447,660 | 1,066,839 | 5,123,121 | 6,189,960 | 71,537 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
2020 US Highway 301 South |
Riverview, FL | | 1,233,639 | 13,608,485 | 109,898 | 1,233,800 | 13,718,223 | 14,952,022 | 1,316,539 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6532 Judge Adams Road |
Rock Creek, NC | | 354,903 | | 4,169,001 | 399,988 | 4,123,916 | 4,523,904 | 1,285,673 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
6530 Judge Adams Road |
Rock Creek, NC | | 305,821 | | 4,805,262 | 335,061 | 4,776,022 | 5,111,083 | 1,277,812 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8501 East Raintree Drive |
Scottsdale, AZ | | 4,076,412 | | 27,621,159 | 4,115,137 | 27,582,434 | 31,697,571 | 3,278,438 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
Renaissance Blvd & Hwy 20 |
Sturtevant, WI | | 2,484,450 | | 21,894,843 | 2,487,293 | 21,891,999 | 24,379,292 | 1,518,200 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
6950 Harbor View Blvd |
Suffolk, VA | | 929,844 | | 6,209,197 | 794,848 | 6,344,194 | 7,139,041 | 750,153 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
6900 Harbor View Boulevard |
Suffolk, VA | | 904,052 | | 8,372,404 | 807,006 | 8,469,451 | 9,276,456 | 559,808 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
13650 NW 8th Street |
Sunrise, FL | | 558,223 | 2,171,930 | 57,522 | 558,251 | 2,229,424 | 2,787,675 | 741,928 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
13630 NW 8th Street |
Sunrise, FL | | 659,797 | 2,596,275 | 773,154 | 659,825 | 3,369,400 | 4,029,226 | 1,403,936 | 1991 | 40 yrs. | |||||||||||||||||||||||||||
1301 International Parkway |
Sunrise, FL | | 5,100,162 | 24,219,956 | 7,763,083 | 5,100,791 | 31,982,409 | 37,083,200 | 2,392,517 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
13621 NW 12th Street |
Sunrise, FL | | 5,570,820 | 9,454,900 | 1,506,186 | 5,570,820 | 10,961,086 | 16,531,906 | 1,389,397 | 2008 | 40 yrs. | |||||||||||||||||||||||||||
5501-5519 Pioneer Park Boulevard |
Tampa, FL | | 162,000 | 1,613,000 | 1,010,318 | 262,416 | 2,522,902 | 2,785,318 | 866,780 | 1981 | 40 yrs. | |||||||||||||||||||||||||||
5690-5694 Crenshaw Street |
Tampa, FL | | 181,923 | 1,812,496 | 256,771 | 181,923 | 2,069,268 | 2,251,191 | 748,165 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
3102,3104,3110 Cherry Palm Drive |
Tampa, FL | | 503,767 | 2,787,585 | 1,689,682 | 503,767 | 4,477,267 | 4,981,034 | 2,021,569 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
8401-8408 Benjamin Road |
Tampa, FL | | 789,651 | 4,454,648 | 2,545,846 | 769,789 | 7,020,356 | 7,790,145 | 3,007,157 | 1986 | 40 yrs. | |||||||||||||||||||||||||||
111 Kelsey Lane |
Tampa, FL | | 359,540 | 1,461,850 | 660,118 | 359,540 | 2,121,968 | 2,481,508 | 903,625 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7930, 8010-20 Woodland Center Boulevard |
Tampa, FL | | 1,408,478 | 5,247,246 | 1,250,781 | 1,408,478 | 6,498,027 | 7,906,505 | 2,318,928 | 1990 | 40 yrs. | |||||||||||||||||||||||||||
7920 Woodland Center Boulevard |
Tampa, FL | | 1,082,648 | 2,445,444 | 23,564 | 1,082,648 | 2,469,008 | 3,551,656 | 783,286 | 1997 | 40 yrs. | |||||||||||||||||||||||||||
8154-8198 Woodland Center Boulevard |
Tampa, FL | | 399,088 | 2,868,834 | 514,344 | 399,088 | 3,383,177 | 3,782,266 | 1,294,160 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
8112-42 Woodland Center Boulevard |
Tampa, FL | | 513,263 | 3,230,239 | 658,168 | 513,263 | 3,888,408 | 4,401,670 | 1,276,041 | 1995 | 40 yrs. | |||||||||||||||||||||||||||
8212 Woodland Center Boulevard |
Tampa, FL | | 820,882 | 2,322,720 | 14,210 | 820,882 | 2,336,931 | 3,157,813 | 739,066 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
131 Kelsey Lane |
Tampa, FL | | 511,463 | | 4,455,291 | 559,527 | 4,407,227 | 4,966,754 | 2,248,230 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
7724 Woodland Center Boulevard |
Tampa, FL | | 235,893 | | 2,344,228 | 235,894 | 2,344,227 | 2,580,121 | 879,707 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7802-50 Woodland Center Boulevard |
Tampa, FL | | 357,364 | | 2,820,324 | 506,949 | 2,670,740 | 3,177,688 | 1,253,438 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
7852-98 Woodland Center Boulevard |
Tampa, FL | | 357,364 | | 2,835,448 | 506,949 | 2,685,864 | 3,192,812 | 1,239,791 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8921 Brittany Way |
Tampa, FL | | 224,369 | 1,063,882 | 972,276 | 254,493 | 2,006,034 | 2,260,527 | 623,628 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
5250 Eagle Trail Drive |
Tampa, FL | | 952,860 | | 3,671,277 | 952,860 | 3,671,277 | 4,624,137 | 1,128,640 | 1998 | 40 yrs. | |||||||||||||||||||||||||||
7725 Woodland Center Boulevard |
Tampa, FL | | 553,335 | | 3,337,965 | 771,501 | 3,119,798 | 3,891,300 | 815,715 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
8001 Woodland Center Boulevard |
Tampa, FL | | 350,406 | | 2,483,850 | 438,061 | 2,396,196 | 2,834,256 | 798,804 | 1999 | 40 yrs. |
121
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
4630 Woodland Corporate Boulevard |
Tampa, FL | | 943,169 | | 12,806,438 | 1,560,099 | 12,189,508 | 13,749,607 | 3,139,434 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
701-725 South US Hwy 301 |
Tampa, FL | | 419,683 | | 3,840,421 | 661,680 | 3,598,424 | 4,260,104 | 1,477,773 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4502 Woodland Corporate Boulevard |
Tampa, FL | | | | 4,966,722 | 1,071,535 | 3,895,187 | 4,966,722 | 778,257 | 1999 | 40 yrs. | |||||||||||||||||||||||||||
9001-9015 Brittany Way |
Tampa, FL | | 209,841 | | 1,877,914 | 364,514 | 1,723,242 | 2,087,756 | 508,409 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
4508 Woodland Corporate Boulevard |
Tampa, FL | | 498,598 | | 3,258,452 | 556,887 | 3,200,163 | 3,757,050 | 857,291 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
7622 Bald Cypress Place |
Tampa, FL | | | | 1,305,584 | 300,000 | 1,005,584 | 1,305,584 | 251,906 | 2000 | 40 yrs. | |||||||||||||||||||||||||||
901-933 US Highway 301 South |
Tampa, FL | | 500,391 | 4,041,019 | 840,314 | 3,701,097 | 4,541,411 | 1,299,162 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
4503 Woodland Corporate Boulevard |
Tampa, FL | | | 3,519,280 | 619,913 | 2,899,367 | 3,519,280 | 664,756 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4505 Woodland Corporate Boulevard |
Tampa, FL | | | 3,361,805 | 716,594 | 2,645,211 | 3,361,805 | 916,534 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
4511 Woodland Corporate Boulevard |
Tampa, FL | | | 2,840,466 | 686,594 | 2,153,872 | 2,840,466 | 581,398 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
7621 Bald Cypress Place (Bldg N) |
Tampa, FL | | | | 1,482,613 | 447,498 | 1,035,115 | 1,482,613 | 215,590 | 2001 | 40 yrs. | |||||||||||||||||||||||||||
4520 Seedling Circle |
Tampa, FL | | 854,797 | 42,131 | 2,721,233 | 854,797 | 2,763,364 | 3,618,161 | 393,181 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
501 US Highway 301 South |
Tampa, FL | | 898,884 | | 3,498,107 | 900,508 | 3,496,483 | 4,396,991 | 770,694 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
9002-9036 Brittany Way |
Tampa, FL | | 492,320 | | 4,101,564 | 899,284 | 3,694,600 | 4,593,884 | 1,031,820 | 2004 | 40 yrs. | |||||||||||||||||||||||||||
8900-34 Brittany Was |
Tampa, FL | | 537,194 | | 4,268,278 | 978,019 | 3,827,454 | 4,805,472 | 914,892 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
200-34 Kelsey Lane |
Tampa, FL | | 330,097 | | 3,670,597 | 933,362 | 3,067,332 | 4,000,694 | 619,636 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
910-926 Chad Lane |
Tampa, FL | | 201,771 | | 3,214,583 | 628,237 | 2,788,117 | 3,416,354 | 409,542 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
150-182 Kelsey Lane |
Tampa, FL | | 403,541 | | 5,545,710 | 1,181,609 | 4,767,643 | 5,949,251 | 904,127 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8725 Henderson Road |
Tampa, FL | | 3,167,787 | 19,126,318 | 129,785 | 3,167,958 | 19,255,933 | 22,423,890 | 2,543,652 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8735 Henderson Road |
Tampa, FL | | 3,166,130 | 18,735,573 | 1,046,247 | 3,166,300 | 19,781,650 | 22,947,951 | 2,599,511 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8705 Henderson Road |
Tampa, FL | | 4,303,870 | 23,688,409 | 728,531 | 4,304,102 | 24,416,708 | 28,720,810 | 3,728,450 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8715 Henderson Road |
Tampa, FL | | 3,343,910 | 18,325,599 | 249,567 | 3,344,090 | 18,574,986 | 21,919,076 | 2,112,058 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
8745 Henderson Road |
Tampa, FL | | 2,050,439 | 11,173,008 | 418,415 | 2,050,548 | 11,591,314 | 13,641,862 | 1,480,855 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
4631 Woodland Corporate Blvd |
Tampa, FL | | 1,453,367 | | 13,298,956 | 1,908,792 | 12,843,530 | 14,752,323 | 329,310 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
7851-7861 Woodland Center Blvd |
Tampa, FL | | 548,905 | 2,241,627 | 144,326 | 548,905 | 2,385,953 | 2,934,858 | 253,078 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
9306-24 East Broadway Avenue |
Tampa, FL | | 450,440 | | 3,303,369 | 486,004 | 3,267,805 | 3,753,809 | 135,961 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
8313 West Pierce Street |
Tolleson, AZ | | 2,295,090 | 9,079,811 | 3,075,248 | 2,295,090 | 12,155,059 | 14,450,150 | 793,993 | 2007 | 40 yrs. | |||||||||||||||||||||||||||
3701 Corporate Parkway |
Upper Saucon, PA | | 1,078,674 | | 10,685,588 | 901,968 | 10,862,294 | 11,764,262 | 1,054,794 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
2809 South Lynnhaven Road |
Virginia Beach, VA | | 953,590 | 6,142,742 | 1,502,624 | 953,590 | 7,645,366 | 8,598,956 | 2,534,815 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
200 Golden Oak Court |
Virginia Beach, VA | | 1,116,693 | 6,770,480 | 1,543,539 | 1,116,693 | 8,314,019 | 9,430,712 | 2,798,538 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
208 Golden Oak Court |
Virginia Beach, VA | | 965,177 | 6,728,717 | 1,507,936 | 965,177 | 8,236,653 | 9,201,830 | 2,853,671 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
484 Viking Drive |
Virginia Beach, VA | | 891,753 | 3,607,890 | 709,459 | 891,753 | 4,317,349 | 5,209,101 | 1,422,791 | 1987 | 40 yrs. | |||||||||||||||||||||||||||
629 Phoenix Drive |
Virginia Beach, VA | | 371,694 | 2,108,097 | 305,932 | 371,694 | 2,414,029 | 2,785,723 | 826,635 | 1996 | 40 yrs. | |||||||||||||||||||||||||||
5700 Cleveland Street |
Virginia Beach, VA | | 700,112 | 9,592,721 | 2,232,972 | 700,564 | 11,825,241 | 12,525,805 | 4,189,385 | 1989 | 40 yrs. | |||||||||||||||||||||||||||
1457 Miller Store Road |
Virginia Beach, VA | | 473,689 | 2,663,045 | 824,754 | 474,746 | 3,486,743 | 3,961,488 | 781,667 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
11020 West Plank Court |
Wauwatosa, WI | | 464,246 | 2,681,255 | 122,541 | 464,246 | 2,803,796 | 3,268,042 | 757,608 | 1985 | 40 yrs. | |||||||||||||||||||||||||||
825 Duportail Road |
Wayne, PA | | 5,536,619 | 16,179,213 | 4,495,234 | 5,539,281 | 20,671,785 | 26,211,066 | 4,607,661 | 1979 | 40 yrs. | |||||||||||||||||||||||||||
1500 Liberty Ridge |
Wayne, PA | | 8,287,555 | 31,726,499 | 11,636,499 | 28,377,555 | 40,014,054 | 7,289,598 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
1200 Liberty Ridge Drive |
Wayne, PA | | 6,215,667 | 8,788,935 | 5,223,660 | 9,780,941 | 15,004,601 | 3,423,161 | 2001 | 40 yrs. | ||||||||||||||||||||||||||||
11300-90 West Theodore Trecker Way |
West Allis, WI | | 500,565 | 1,591,678 | 648,475 | 505,972 | 2,234,745 | 2,740,718 | 379,319 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
11548 West Theodore Trecker Way |
West Allis, WI | | 660,068 | 4,640,578 | 87,815 | 663,766 | 4,724,696 | 5,388,462 | 538,292 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
11420 West Theodore Trecker Way |
West Allis, WI | | 348,146 | 2,057,483 | 104,569 | 350,008 | 2,160,190 | 2,510,198 | 244,432 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
400-500 Brandywine Parkway |
West Chester, PA | | 845,846 | 6,809,025 | 613,213 | 845,846 | 7,422,238 | 8,268,084 | 2,281,278 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
600 Brandywine Parkway |
West Chester, PA | | 664,899 | 5,352,410 | 869,926 | 664,899 | 6,222,336 | 6,887,235 | 2,096,894 | 1988 | 40 yrs. | |||||||||||||||||||||||||||
42 Kings Hill Avenue |
West Malling, UK | | | | 18,481,816 | 4,390,722 | 14,091,094 | 18,481,816 | 959,157 | 2005 | 40 yrs. | |||||||||||||||||||||||||||
Liberty Square Retail Blocks |
West Malling, UK | | 559,590 | 5,113,902 | 3,777,484 | 1,163,073 | 8,287,903 | 9,450,976 | 941,450 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
1 Kings Hill Aveune |
West Malling, UK | | | | 14,518,282 | 4,044,407 | 10,473,876 | 14,518,282 | 809,712 | 2006 | 40 yrs. | |||||||||||||||||||||||||||
Liberty Square |
West Malling, UK | | | | 50,399 | | 50,399 | 50,399 | (177 | ) | 2006 | 40 yrs. | ||||||||||||||||||||||||||
Liberty Property Trust UK |
West Malling, UK | | | | 0 | 0 | | 0 | | 2006 | 40 yrs. | |||||||||||||||||||||||||||
3612 La Grange Parkway |
Williamsburg, VA | | | | 5,722,994 | 887,234 | 4,835,761 | 5,722,994 | 654,585 | 2003 | 40 yrs. | |||||||||||||||||||||||||||
7805 Hudson Road |
Woodbury, MN | | 1,279,834 | 10,283,324 | 1,385,739 | 10,177,420 | 11,563,158 | 3,236,361 | 2002 | 40 yrs. | ||||||||||||||||||||||||||||
Subtotal Operating Real Estate |
$ | 61,534,331 | $ | 766,325,397 | $ | 1,745,242,823 | $ | 2,749,244,547 | $ | 850,559,356 | $ | 4,410,253,412 | $ | 5,260,812,768 | $ | 1,093,945,545 | ||||||||||||||||||||||
122
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
DEVELOPMENT PROPERTIES |
||||||||||||||||||||||||||||||||||||||
180 South Warner Drive |
King of Prussia, PA | | | | 8,312,848 | | 8,312,848 | 8,312,848 | | 2009 | N/A | |||||||||||||||||||||||||||
201 Summit Park Drive |
Orlando, FL | | 4,435,921 | | 34,090,113 | | 38,526,034 | 38,526,034 | | 2008 | N/A | |||||||||||||||||||||||||||
3 Crescent Drive |
Philadelphia, PA | | 214,726 | | 19,660,622 | | 19,875,348 | 19,875,348 | | 2008 | N/A | |||||||||||||||||||||||||||
Subtotal Development in Progress |
$ | | $ | 4,650,646 | $ | | $ | 62,063,583 | $ | | $ | 66,714,230 | $ | 66,714,230 | $ | | ||||||||||||||||||||||
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REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2009
Costs | ||||||||||||||||||||||||||||||||||||||
Capitalized | Date of | |||||||||||||||||||||||||||||||||||||
Subsequent | Gross Amount Carried at End of Period | Accumulated | Construction | Depreciable | ||||||||||||||||||||||||||||||||||
Initial Cost | to | Land and | Building and | Total | Depreciation | or | life | |||||||||||||||||||||||||||||||
Project | Location | Encumbrances | Land | Building | Acquisition | Improvements | Improvements | 12/31/2009 | 12/31/09 | Acquisition | (years) | |||||||||||||||||||||||||||
Perryman Road Land |
Aberdeen, MD | | 12,052,635 | | 277,800 | 12,330,435 | | 12,330,435 | | 2005 | N/A | |||||||||||||||||||||||||||
2 Womack Drive Land |
Annapolis, MD | | 5,796,667 | | 12,516 | 5,809,183 | | 5,809,183 | | 2007 | N/A | |||||||||||||||||||||||||||
Boca Colannade Yamato Road |
Boca Raton, FL | | 2,039,735 | | 566,124 | 2,605,859 | | 2,605,859 | | 1998 | N/A | |||||||||||||||||||||||||||
Flying Cloud Drive Land |
Eden Pairie, MN | | 2,051,631 | | 23,215 | 2,074,846 | | 2,074,846 | | 2007 | N/A | |||||||||||||||||||||||||||
Camelback 303 Business Center Land |
Goodyear, AZ | | 16,857,556 | | 3,563,560 | 20,421,116 | | 20,421,116 | | 2007 | N/A | |||||||||||||||||||||||||||
Pleasant Ridge Road Land |
Greensboro, NC | | 564,535 | | 2,896,157 | 3,460,692 | | 3,460,692 | | 2006 | N/A | |||||||||||||||||||||||||||
Southchase Business Park Land |
Greenville, SC | | 1,308,325 | | 709,134 | 2,017,459 | | 2,017,459 | | 1998 | N/A | |||||||||||||||||||||||||||
Caliber Ridge Ind. Park Land |
Greer, SC | | 2,297,492 | | 3,562,592 | 5,860,084 | | 5,860,084 | | 2007 | N/A | |||||||||||||||||||||||||||
Hunters Green Land |
Hagerstown, MD | | 5,489,586 | | 8,349,958 | 13,839,544 | | 13,839,544 | | 2006 | N/A | |||||||||||||||||||||||||||
Lakefront Plaza II Land |
Hampton, VA | 229,953 | 138,101 | | 100,882 | 238,983 | | 238,983 | | 2001 | N/A | |||||||||||||||||||||||||||
Ridge Road Land |
Hanover, MD | | 3,371,183 | | 452,209 | 3,823,392 | | 3,823,392 | | 2008 | N/A | |||||||||||||||||||||||||||
Mendenhall Land |
High Point, NC | | 1,757,675 | | 1,647,250 | 3,404,925 | | 3,404,925 | | 1995 | N/A | |||||||||||||||||||||||||||
Piedmond Centre Land |
High Point, NC | | 913,276 | | 908,071 | 1,821,347 | | 1,821,347 | | 2006 | N/A | |||||||||||||||||||||||||||
Commonwealth Corporate Center Land |
Horsham, PA | | 3,043,938 | | 25,160 | 3,069,098 | | 3,069,098 | | 2005 | N/A | |||||||||||||||||||||||||||
Beltway 8 @Bammel Bus Park Land |
Houston, TX | | 1,072,634 | | 13,656 | 1,086,290 | | 1,086,290 | | 2007 | N/A | |||||||||||||||||||||||||||
Central Green Land - Tract 5 |
Houston, TX | | 4,169,183 | | 583,728 | 4,752,911 | | 4,752,911 | | 2007 | N/A | |||||||||||||||||||||||||||
Greens Crossing Land |
Houston, TX | | 2,476,892 | | 14,369 | 2,491,261 | | 2,491,261 | | 2007 | N/A | |||||||||||||||||||||||||||
Rankin Road Land |
Houston, TX | | 5,756,865 | | 102,762 | 5,859,627 | | 5,859,627 | | 2007 | N/A | |||||||||||||||||||||||||||
Hollister Beltway 8 Land |
Houston, TX | | 6,282,232 | | 174,962 | 6,457,193 | | 6,457,193 | | 2008 | N/A | |||||||||||||||||||||||||||
Noxell Land |
Hunt Valley, MD | | 2,040,690 | | 1,173 | 2,041,863 | | 2,041,863 | | 2001 | N/A | |||||||||||||||||||||||||||
Liberty Business Park Land |
Jacksonville, FL | | 456,269 | | 82,545 | 538,814 | | 538,814 | | 1995 | N/A | |||||||||||||||||||||||||||
7024 AC Skinner Parkway |
Jacksonville, FL | | 751,448 | | 73,504 | 824,952 | | 824,952 | | 1995 | N/A | |||||||||||||||||||||||||||
Belfort Road |
Jacksonville, FL | | 492,908 | | 87,504 | 580,412 | | 580,412 | | 1998 | N/A | |||||||||||||||||||||||||||
Salisbury Road Land |
Jacksonville, FL | | 1,402,337 | | 205,780 | 1,608,117 | | 1,608,117 | | 2000 | N/A | |||||||||||||||||||||||||||
Skinner Land Parcel B |
Jacksonville, FL | | 2,295,790 | | 1,230,716 | 3,526,506 | | 3,526,506 | | 2005 | N/A | |||||||||||||||||||||||||||
Imeson Road Land |
Jacksonville, FL | | 4,153,948 | | 363,592 | 4,517,540 | | 4,517,540 | | 2008 | N/A | |||||||||||||||||||||||||||
Kent County, UK |
Kent County, UK | | | | 14,158,901 | 14,158,901 | | 14,158,901 | ||||||||||||||||||||||||||||||
Commodore Business Park |
Logan, NJ | | 792,118 | | 723,124 | 1,515,242 | | 1,515,242 | | 1995 | N/A | |||||||||||||||||||||||||||
Quarry Ridge Land |
Malvern, PA | | 4,774,994 | | 4,961,007 | 9,736,001 | | 9,736,001 | | 2001 | N/A | |||||||||||||||||||||||||||
Park Place South Land |
Milwaukee, WI | | 1,290,032 | | 2,230,261 | 3,520,293 | | 3,520,293 | | 1999 | N/A | |||||||||||||||||||||||||||
Monarch Towne Center Land |
Mirarar, FL | | 6,085,337 | | 413,926 | 6,499,264 | | 6,499,264 | | 2006 | N/A | |||||||||||||||||||||||||||
South 27th Street Land |
Oak Creek, WI | | 2,169,232 | | 2,811,893 | 4,981,125 | | 4,981,125 | | 2006 | N/A | |||||||||||||||||||||||||||
Beachline Industrial Park Land |
Orlando, FL | | 365,230 | | | 365,230 | | 365,230 | | 2006 | N/A | |||||||||||||||||||||||||||
26th Street North Land |
Philadelphia, PA | | 235,168 | | 1,840,467 | 2,075,635 | | 2,075,635 | | 2009 | N/A | |||||||||||||||||||||||||||
Cotton Center Land |
Phoenix, AZ | | 1,359,134 | | 18,970,703 | 20,329,837 | | 20,329,837 | | 2007 | N/A | |||||||||||||||||||||||||||
Eastport VIII |
Richmond, VA | | 382,698 | | 3,325 | 386,023 | | 386,023 | | 1997 | N/A | |||||||||||||||||||||||||||
Eastport IX |
Richmond, VA | | 211,627 | | 3,325 | 214,952 | | 214,952 | | 1997 | N/A | |||||||||||||||||||||||||||
Woodlands Center Land |
Sandston, VA | | 148,314 | | 21,717 | 170,031 | | 170,031 | | 1996 | N/A | |||||||||||||||||||||||||||
Northsight Land (LPLP) |
Scottsdale, AZ | | 6,176,464 | | 2,204,597 | 8,381,061 | | 8,381,061 | | 2005 | N/A | |||||||||||||||||||||||||||
Old Scotland Road Land |
Shippensburg, PA | | 8,322,686 | | 2,934,248 | 11,256,935 | | 11,256,935 | | 2007 | N/A | |||||||||||||||||||||||||||
Bridgeway II Land |
Suffolk, VA | | 603,391 | | 2,025,374 | 2,628,766 | | 2,628,766 | | 2005 | N/A | |||||||||||||||||||||||||||
Suffolk Land |
Suffolk, VA | | 2,715,714 | | 675,954 | 3,391,668 | | 3,391,668 | | 2006 | N/A | |||||||||||||||||||||||||||
6119 W. Linebaugh Avenue |
Tampa, FL | | 180,136 | | 30,500 | 210,635 | | 210,635 | | 2000 | N/A | |||||||||||||||||||||||||||
Tampa Triangle Land |
Tampa, FL | | 10,358,826 | | 1,174,753 | 11,533,579 | | 11,533,579 | | 2006 | N/A | |||||||||||||||||||||||||||
Renaissance Park Land |
Tampa, FL | | 1,995,375 | | 219,098 | 2,214,473 | | 2,214,473 | | 2007 | N/A | |||||||||||||||||||||||||||
Subtotal Land Held for Development |
$ | 229,953 | $ | 137,200,008 | $ | | $ | 81,432,094 | $ | 218,632,101 | $ | | $ | 218,632,101 | $ | | ||||||||||||||||||||||
Total All Properties |
$ | 61,764,284 | $ | 908,176,051 | $ | 1,745,242,823 | $ | 2,892,740,224 | $ | 1,069,191,456 | $ | 4,476,967,642 | $ | 5,546,159,098 | $ | 1,093,945,545 | ||||||||||||||||||||||
* | Denotes property is collateralized under mortgages with USG Annuity and Life, Metropolitan
Life, LaSalle Bank, Allianz, John Hancock, Jackson National, Mutual of Omaha, and Capmark
totaling $412.3 million. |
124
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REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
REAL ESTATE: |
||||||||||||
Balance at beginning of year |
$ | 5,448,138 | $ | 5,686,713 | $ | 5,025,944 | ||||||
Additions |
163,005 | 328,673 | 935,962 | |||||||||
Disposition of property |
(64,983 | ) | (567,248 | ) | (275,193 | ) | ||||||
Balance at end of year |
$ | 5,546,160 | $ | 5,448,138 | $ | 5,686,713 | ||||||
ACCUMULATED DEPRECIATION: |
||||||||||||
Balance at beginning of year |
$ | 963,043 | $ | 841,647 | $ | 767,679 | ||||||
Depreciation expense |
144,694 | 138,878 | 124,899 | |||||||||
Disposition of property |
(13,791 | ) | (17,482 | ) | (50,931 | ) | ||||||
Balance at end of year |
$ | 1,093,946 | $ | 963,043 | $ | 841,647 | ||||||
125
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126
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127
Table of Contents
Liberty Property Trust Consolidated as of December 31, 2009 and 2008
Liberty Property Trust Consolidated for the years ended December 31, 2009, 2008, and 2007
Liberty Property Trust Consolidated for the years ended December 31, 2009, 2008, and 2007
Liberty Property Trust Consolidated for the years ended December 31, 2009, 2008, and 2007
128
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EXHIBIT NO. | DESCRIPTION | |||
2.1 | Agreement and Plan Merger, dated as of July 23, 2007, by and among Liberty Property Trust,
Liberty Property Limited Partnership, Liberty Acquisition LLC, Republic Property Trust and
Republic Property Limited Partnership. (Incorporated by reference to Exhibit 2.1 to the
Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange
Commission on July 24, 2007). |
|||
3.1.1 | Amended and Restated Declaration of Trust of the Trust (Incorporated by reference to Exhibit
3.1.1 filed with the Registrants Current Report on Form 8-K filed with the Commission on
June 25, 1997 (the June 1997 Form 8-K)). |
|||
3.1.2 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
Relating to Designation, Preferences, and Rights of Series A Junior Participating Preferred
Shares of the Trust (Incorporated by reference to Exhibit 3.1.3 filed with the Registrants
Annual Report on Form 10-K for the fiscal year ended December 3l, 1997). |
|||
3.1.3 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 9.25% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3.1.2 filed with the Registrants Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 1999 (the Second Quarter 1999 Form 10-Q)). |
|||
3.1.4 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.625% Series D Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3.1.1 filed with the Registrants Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2002 (the Second Quarter 2002
Form 10-Q)). |
|||
3.1.5 | Articles of Amendment to the Amended and Restated Declaration of Trust of the Trust, filed
with the State Department of Assessments and Taxation of Maryland on June 21, 2004
(Incorporated by reference to Exhibit 3.1 with Registrants Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2004 (the Second Quarter 2004 Form 10-Q)). |
|||
3.1.6 | Restatement of the Amended Restated Declaration of Trust of the Trust, filed with the State
Department of Assessments and Taxation of Maryland on June 21, 2004 (Incorporated by
reference to Exhibit 3.2 to the Second Quarter 2004 Form 10-Q). |
|||
3.1.7 | Articles Supplementary, as filed with the State Department of Assessments and Taxation of
Maryland on September 1, 2004 (Incorporated by reference to Exhibit 3(i) to the Current
Report on Form 8-K of the Registrants, filed with the Commission on September 2, 2004 (the
September 2, 2004 Form 8-K)). |
|||
3.1.8 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.00% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on June 17, 2005 (the June 17, 2005 Form 8-K)). |
|||
3.1.9 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on June 30, 2005 (the June 30, 2005 Form 8-K)). |
|||
3.1.10 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on August 24, 2005). |
129
Table of Contents
EXHIBIT NO. | DESCRIPTION | |||
3.1.11 | Articles Supplementary to the amended and Restated Declaration of Trust of the Trust
relating to the 6.70% Series G Cumulative Redeemable Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on December 18, 2006 (the December 18, 2006
Form 8-K)). |
|||
3.1.12 | Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.40% Series H Cumulative Redeemable Preferred Partnership Interests
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on August 23, 2007 (the August 23, 2007 Form 8-K)). |
|||
3.1.13 | Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership,
dated as of October 22, 1997 (Incorporated by reference to Exhibit 3.1.1 filed with the
Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1997
(the Third Quarter 1997 Form 10-Q)). |
|||
3.1.14 | First Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.1 to the Second Quarter 1999
Form 10-Q). |
|||
3.1.15 | Second Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.2 to the First Quarter 2000
Form 10-Q). |
|||
3.1.16 | Third Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.2 to the Second Quarter Form
2002 10-Q). |
|||
3.1.17 | Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 10 to the September 2, 2004 Form
8-K). |
|||
3.1.18 | Fifth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the
June 17, 2005 8-K). |
|||
3.1.19 | Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the
June 30, 2005 8-K). |
|||
3.1.20 | Amendment No. 1 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Commission
on August 24, 2005). |
|||
3.1.21 | Amendment No. 2 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Commission
on December 23, 2005). |
|||
3.1.22 | Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the
December 18, 2006 Form 8-K). |
|||
3.1.23 | Eighth Amendment to the Second Amendment and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the August
23, 2007 Form 8-K). |
|||
3.1.24 | * | Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership. |
130
Table of Contents
EXHIBIT NO. | DESCRIPTION | |||
3.1.25 | Liberty Property Trust First Amended and Restated By-Laws of the Trust, as Amended on
December 6, 2007 (Incorporated by reference to Exhibit 3.1 filed with the Current Report on
Form 8-K filed with the Commission on December 12, 2007). |
|||
4.1 | Indenture (the First Indenture), dated as of August 14, 1997, between the Operating
Partnership, as Obligor, and The First National Bank of Chicago (First Chicago), as
Trustee (Incorporated by reference to Exhibit 10.1 filed with the Third Quarter 1997
Form 10-Q). |
|||
4.2 | First Supplemental Indenture, dated as of August 14, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the First Indenture and
relating to $100,000,000 principal amount of the 7.10% Senior Notes due 2004 and
$100,000,000 principal amount of the 7.25% Senior Notes due 2007 of the Operating
Partnership (Incorporated by reference to Exhibit 10.2 filed with the Third Quarter 1997
Form 10-Q). |
|||
4.3 | Senior Indenture (the Second Indenture), dated as of October 24, 1997, between the
Operating Partnership, as Obligor, and First Chicago, as Trustee (Incorporated by reference
to Exhibit 10.3 filed with the Third Quarter 1997 Form 10-Q). |
|||
4.4 | First Supplemental Indenture, dated as of October 24, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture
and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or More
from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 10.4
filed with the Third Quarter 1997 Form 10-Q). |
|||
4.5 | Second Supplemental Indenture, dated as of January 12, 1998, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture,
and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or more
from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 4.1
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 1998 (the First Quarter 1998 Form 10-Q)). |
|||
4.6 | Third Supplemental Indenture, dated as of April 20, 1999, between the Operating Partnership,
as Issuer, and the First National Bank of Chicago, as Trustee, supplementing the Second
Indenture and relating to the $250,000,000 principal amount of 7.75% Senior Notes, due 2009
of the Operating Partnership (Incorporated by reference to Exhibit 4 filed with the
Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1999 (the
First Quarter 1999 Form 10-Q)). |
|||
4.7 | Fourth Supplemental Indenture, dated as of July 26, 2000, between the Operating Partnership,
as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture,
dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One
Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $200,000,000 principal amount of 8.5% Senior Notes due 2010 of the Operating
Partnership (Incorporated by reference to Exhibit 4 to the Second Quarter 2000 Form 10-Q). |
|||
4.8 | Fifth Supplemental Indenture, dated as of March 14, 2001, between the Operating Partnership,
as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the Senior Indenture,
dated as of October 24, 1997, between the Operating Partnership, as Obligor, and Bank One
Trust Company, N.A. (as successor to the First National Bank of Chicago), as Trustee, and
relating to $250,000,000 principal amount of 7.25% Senior Notes due 2011 of the Operating
Partnership (Incorporated by reference to Exhibit 4.10 filed with the Registrants Annual
Report on Form 10-K for the fiscal year ended December 31, 2000). |
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EXHIBIT NO. | DESCRIPTION | |||
4.9 | Sixth Supplemental Indenture, dated as of August 22, 2002, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the
Senior Indenture, dated as of October 24, 1997, between Liberty Property Limited
Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First
National Bank of Chicago), as Trustee, and relating to $150,000,000 principal amount of
6.375% Senior Notes due 2012 of Liberty Property Limited Partnership (Incorporated by
reference to Exhibit 3.1.1 filed with the Registrants Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30, 2002 (the Third Quarter 2002 Form 10-Q)). |
|||
4.10 | Seventh Supplemental Indenture, dated as of August 10, 2004, between Liberty Property
Limited Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing
the Senior Indenture, dated as of October 24, 1997, between Liberty Property Limited
Partnership, as Obligor, and Bank One Trust Company, National Association. (as successor to
the First National Bank of Chicago), as Trustee, and relating to $200,000,000 principal
amount of 5.65% Senior Notes due 2012 of Liberty Property Limited Partnership (Incorporated
by reference to Exhibit 4.1.2 filed with the Registrants Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2004 (the Third Quarter 2004 Form 10-Q)). |
|||
4.11 | Eighth Supplemental Indenture, dated as of March 1, 2005, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, as Trustee, supplementing the Senior
Indenture, dated as of October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, National Association (as successor to the First
National Bank of Chicago), as Trustee, and relating to $300,000,000 principal amount of
5.125% Senior Notes due 2015 of Liberty Property Limited Partnership (Incorporated by
reference to Exhibit 4.2 filed with the Registrants Current Report on Form 8-K/A filed with
the Commission on March 1, 2005 (the March 2005 Form 8-K)). |
|||
4.12 | Ninth Supplemental Indenture, dated as of December 18, 2006, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as successor
to J.P. Morgan Trust Company, National Association and the First National Bank of Chicago),
as Trustee, and relating to $300,000,000 principal amount of 5.50% Senior Notes due 2016 of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.13 to the
Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2006). |
|||
4.13 | Tenth Supplemental Indenture, dated as of September 25, 2007, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as successor
to J.P. Morgan Trust Company, National Association and the First National Bank of Chicago),
as Trustee, and relating to $300,000,000 principal amount of 6.625% Senior Notes due 2017 of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.1 to the
Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2007). |
|||
4.14 | Note, Relating to the Issuance by the Operating Partnership, on January 22, 1998, of $75
Million Principal Amount of its 6.375% Medium-Term Notes due 2013, Putable/Callable 2003
(Incorporated by reference to Exhibit 4.2 filed with the First Quarter 1998 Form 10-Q). |
|||
4.15 | Note, Relating to the Issuance by the Operating Partnership, on January 23, 1998, of $100
Million Principal Amount of its 7.50% Medium-Term Notes due 2018 (Incorporated by reference
to Exhibit 4.3 filed with the First Quarter 1998 Form 10-Q). |
|||
4.16 | Note, Relating to the Issuance by the Operating Partnership, on June 5, 1998, of $100
Million Principal Amount of its 6.60% Medium-Term Notes due 2002 (Incorporated by reference
to Exhibit 4 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 1998 (the Second Quarter 1998 Form 10-Q)). |
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EXHIBIT NO. | DESCRIPTION | |||
4.17 | Note, Relating to the Issuance by the Operating Partnership on November 24, 1998, of $20
Million Principal Amount of its 8.125% Medium-Term Notes due January 15, 2009 (Incorporated
by reference to Exhibit 4.11 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 1998). |
|||
10.1 | @ | Liberty Property Trust Amended and Restated Share Incentive Plan as amended effective
May 21, 2009 (Incorporated by reference to Appendix A to the Registrants Definitive Proxy
Statement for the Annual Meeting of Shareholders held on May 21, 2009, filed with the
Commission on April 17, 2009). |
||
10.2 | Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11). |
|||
10.3 | Amended and Restated Limited Partnership Agreements of Pre-existing Pennsylvania
Partnerships (Incorporated by reference to Exhibit 10.6 filed with the Form S-11). |
|||
10.4 | Agreement of Sale for the Acquisition Properties (Incorporated by reference to Exhibit 10.7
filed with the Form S-11). |
|||
10.5 | Option Agreement and Right of First Offer (Incorporated by reference to Exhibit 10.8 filed
with the Form S-11). |
|||
10.6 | Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9 filed with the Form
S-11). |
|||
10.7 | Contribution Agreement among the Trust, the Operating Partnership and the Contributing
Owners described therein, related to the Lingerfelt Properties (Incorporated by reference to
Exhibit 10.1 filed with the Registrants Current Report on Form 8-K filed with the
Commission on March 3, 1995). |
|||
10.8 | Amended and Restated Credit Agreement, dated as of December 22, 2005, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, with Bank of America,
N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Wachovia
Bank, National Association, SunTrust Bank and Citizens Bank of Pennsylvania, as
Documentation Agents, PNC Bank, National Association and Wells Fargo Bank, National
Association, as Managing Agents, Banc of America Securities LLC and J.P. Morgan Securities
Inc., as Joint Lead Arrangers and Joint Bookrunners, and the lenders a party thereto
(Incorporated by reference to Exhibit 10.8 filed with Registrants Annual Report on
Form 10-K for the year ended December 31, 2006). |
|||
10.9 | @ | Liberty Property Trust Amended Management Severance Plan (Incorporated by reference to
Exhibit 10.9 to the Registrants Annual Report on Form 10-K for the fiscal year ended
December 31, 2008). |
||
10.10 | @ | Liberty Property Trust Employee Stock Purchase Plan (Incorporated by reference to
Exhibit 10.14 filed with the Registrants Annual Report on Form 10-K for the year ended
December 31, 2000). |
||
10.11 | @ | Liberty Property Trust 2008 Long-Term Incentive Plan (Incorporated by reference to Exhibit
10.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2008 (the First Quarter 2008 Form 10-Q)). |
||
10.12 | @ | Form of Restricted Share Grant under the Liberty Property Trust Amended and Restated Share
Incentive Plan. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form
8-K of the Registrants filed with the Commission on February 24, 2005 (the February 24,
2005 8-K)). |
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Table of Contents
EXHIBIT NO. | DESCRIPTION | |||
10.13 | @ | Form of Option Grant Agreement under the Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to Exhibit 10.2 filed with the First Quarter 2008
Form 10-Q). |
||
10.14 | @ | Form of 2009 Long Term Incentive Plan Target Unit Award Agreement (Incorporated by reference
to Exhibit 10.2 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2009). |
||
10.15 | Amended and Restated Limited Partnership of Liberty/Commerz 1701 JFK Boulevard Limited
Partnership, dated as of April 11, 2006, by and among Liberty Property Philadelphia
Corporation IV East, as general partner, and the Operating Partnership and 1701 JFK
Boulevard Philadelphia, L.P. as limited partners (Incorporated by reference to Exhibit 10.3
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2006 (the Second Quarter 2006 Form 10-Q)). |
|||
10.16 | NOI Support Agreement, dated as of April 11, 2006, by Liberty Property Limited Partnership
in favor of Liberty/Commerz 1701 JFK Boulevard, L.P. and 1701 JFK Boulevard Philadelphia,
L.P. (Incorporated by reference to Exhibit 10.4 filed with the Registrants Second Quarter
2006 Form 10-Q). |
|||
10.17 | Completion and Payment Agreement and Guaranty, dated as of April 11, 2006, by the Operating
Partnership for the benefit of 1701 JFK Boulevard Philadelphia, L.P. and Liberty/Commerz
1701 JFK Boulevard L.P. (Incorporated by reference to Exhibit 10.5 filed with the
Registrants Second Quarter 2006 Form 10-Q). |
|||
10.18 | + | Agreement of Limited Partnership of Liberty Washington, L.P. by and between Liberty
Washington Venture, LLC and New York State Common Retirement Fund dated as of October 4,
2007 (Incorporated by reference to Exhibit 10.18 filed with the Registrants Annual Report
on Form 10-K for the fiscal year ended December 31, 2007). |
||
10.19 | + | Contribution Agreement among New York State Common Retirement Fund and Liberty Property
Limited Partnership and Liberty Washington, L.P. dated October 4, 2007 (Incorporated by
reference to Exhibit 10.19 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 2007). |
||
10.20 | Equity Distribution Agreement, dated December 18, 2008, by and among Liberty Property Trust,
Liberty Property Limited Partnership and Citigroup Global Markets Inc. (Incorporated by
reference to Exhibit 1.1 filed with the Registrants Current Report on Form 8-K filed with
the Commission on December 18, 2008). |
|||
12 | * | Statement re: Computation of Ratios. |
||
21 | * | Subsidiaries. |
||
23.1 | * | Consent of Ernst & Young LLP relating to the Trust. |
||
23.2 | * | Consent of Ernst & Young LLP relating to the Operating Partnership. |
||
31.1 | * | Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934. |
||
31.2 | * | Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934. |
||
31.3 | * | Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a)
under the Securities Exchange Act of 1934. |
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Table of Contents
EXHIBIT NO. | DESCRIPTION | |||
31.4* | Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a)
under the Securities Exchange Act of 1934. |
|||
32.1* | Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
|||
32.2* | Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
|||
32.3* | Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.) |
|||
32.4* | Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.) |
* | Filed herewith |
|
+ | Confidential treatment has been granted by the Securities and Exchange
Commission with respect to portions of this exhibit pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
|
@ | Compensatory plan or arrangement. |
135
Table of Contents
LIBERTY PROPERTY TRUST |
||||
Date: February 26, 2010 | By: | /s/ WILLIAM P. HANKOWSKY | ||
WILLIAM P. HANKOWSKY | ||||
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER | ||||
/s/ WILLIAM P. HANKOWSKY
|
Chairman of the Board of Trustees, President and
Chief Executive Officer (Principal Executive
Officer
|
February 26, 2010 | ||
/s/ GEORGE J. ALBURGER, JR.
|
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
February 26, 2010 | ||
/s/ M. LEANNE LACHMAN
|
Trustee
|
February 26, 2010 | ||
/s/ FREDERICK F. BUCHHOLZ
|
Trustee
|
February 26, 2010 | ||
/s/ J. ANTHONY HAYDEN
|
Trustee
|
February 26, 2010 | ||
/s/ DAVID L. LINGERFELT
|
Trustee
|
February 26, 2010 | ||
/s/ STEPHEN B. SIEGEL
|
Trustee
|
February 26, 2010 | ||
/s/ THOMAS C. DELOACH, JR.
|
Trustee
|
February 26, 2010 | ||
/s/ DANIEL P. GARTON
|
Trustee
|
February 26, 2010 | ||
/s/ STEPHEN D. STEINOUR
|
Trustee
|
February 26, 2010 |
136
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP BY: Liberty Property Trust General Partner |
||||
Date: February 26, 2010 | By: | /s/ WILLIAM P. HANKOWSKY | ||
WILLIAM P. HANKOWSKY | ||||
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER | ||||
/s/ WILLIAM P. HANKOWSKY
|
Chairman of the Board of Trustees, President and
Chief Executive Officer (Trustee of the General
Partner)
|
February 26, 2010 | ||
/s/ GEORGE J. ALBURGER, JR.
|
Executive Vice President and Chief Financial Officer (Trustee of the General Partner) |
February 26, 2010 | ||
/s/ M. LEANNE LACHMAN
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ FREDERICK F. BUCHHOLZ
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ J. ANTHONY HAYDEN
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ DAVID L. LINGERFELT
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ STEPHEN B. SIEGEL
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ THOMAS C. DELOACH, JR.
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ DANIEL P. GARTON
|
Trustee of the General Partner
|
February 26, 2010 | ||
/s/ STEPHEN D. STEINOUR
|
Trustee of the General Partner
|
February 26, 2010 |
137
Table of Contents
Exhibit No. | Description | |||
3.1.24 | Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership. |
|||
12 | Statement re: Computation of Ratios. |
|||
21 | Subsidiaries. |
|||
23.1 | Consent of Ernst & Young LLP relating to the Trust. |
|||
23.2 | Consent of Ernst & Young LLP relating to the Operating Partnership. |
|||
31.1 | Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934. |
|||
31.2 | Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934. |
|||
31.3 | Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934. |
|||
31.4 | Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934. |
|||
32.1 | Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.) |
|||
32.2 | Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.) |
|||
32.3 | Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.) |
|||
32.4 | Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended. |
138