-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KWl9tbb6H5pq+pM4e9uWBpunOAcRC1j7QZdEsQLIl7NpJoq9omrKZgeSahqQDTsh uc5O+l2+VKIf4yu6ZNA53A== 0000783280-00-000004.txt : 20000331 0000783280-00-000004.hdr.sgml : 20000331 ACCESSION NUMBER: 0000783280-00-000004 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE WEEKS REALTY CORP CENTRAL INDEX KEY: 0000783280 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 351740409 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 001-09044 FILM NUMBER: 587726 BUSINESS ADDRESS: STREET 1: 8888 KEYSTONE CROSSING STREET 2: STE 1200 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 BUSINESS PHONE: 3178086000 MAIL ADDRESS: STREET 1: 8888 KEYSTONE CROSSING STREET 2: STE 1200 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 FORMER COMPANY: FORMER CONFORMED NAME: DUKE REALTY INVESTMENTS INC DATE OF NAME CHANGE: 19920703 10-K 1 1999 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) /X/ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 (Fee Required) for the fiscal year ended December 31, 1999 ---------------- or / / Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 (No Fee Required) for the transition period from to ----------- ----------- Commission file number 1-9044 --------- DUKE-WEEKS REALTY CORPORATION --------------------------------------------- (Exact name of registrant as specified in its charter) Indiana 35-1740409 ------------------------------- ------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 8888 Keystone Crossing, Suite 1200 Indianapolis, Indiana 46240 ----------------------------------- --------------- (Address of principal executive offices) (Zip Code) (317) 808-6000 ------------------------------------------ (Registrant's telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Common Stock ($.01 par value) New York Stock Exchange Preferred Share Purchase Rights New York Stock Exchange Depositary Shares, each representing a 1/10 interest in 9.10% Series A Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange Depositary Shares, each representing a 1/10 interest in 7.37% Series D Convertible Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange Depositary Shares, each representing a 1/10 interest in 8.25% Series E Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange Preference Shares, each representing a 1/1000 interest in 8.00% Series F Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange Preference Shares, each representing a 1/1000 interest in 8.625% Series H Cumulative Redeemable Preferred Shares ($.01 par value) New York Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Depositary Shares, each representing a 1/10 interest in 7.99% Series B Cumulative Redeemable Preferred Shares ($.01 par value) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ( ) The aggregate market value of the voting shares of the Registrant's outstanding common shares held by non-affiliates of the Registrant is $2.19 billion based on the last reported sale price on March 8, 2000. The number of Common Shares outstanding as of March 8, 2000 was 126,434,219 ($.01 par value). DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive proxy statement for the 1999 annual meeting of its shareholders are incorporated by reference in Part III of this report. TABLE OF CONTENTS Form 10-K Item No. Page(s) ------- PART I 1. Business 1 - 4 2. Properties 4 - 23 3. Legal Proceedings 24 4. Submission of Matters to a Vote of Security Holders 24 PART II 5. Market for the Registrant's Common Stock and Related Security Holder Matters 24 6. Selected Financial Data. 24 - 25 6. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 - 33 7a.Quantitative and Qualitative Disclosure about Market Risks 33 - 34 8. Financial Statements and Supplementary Data 34 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34 PART III 10.Directors and Executive Officers of the Registrant 34 11.Executive Compensation 34 12.Security Ownership of Certain Beneficial Owners and Management 34 13. Certain Relationships and Related Transactions. 34 PART IV 14.Exhibits, Financial Statement Schedules and Reports on Form 8-K.. 34 - 76 Signatures 77 - 78 Exhibits 79 - 84 WHEN USED IN THIS FORM 10-K REPORT, THE WORDS "BELIEVES," "EXPECTS," "ESTIMATES" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD- LOOKING STATEMENTS. SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. IN PARTICULAR, AMONG THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY ARE CONTINUED QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST, GENERAL BUSINESS AND ECONOMIC CONDITIONS, COMPETITION, INCREASES IN REAL ESTATE CONSTRUCTION COSTS, INTEREST RATES, ACCESSIBILITY OF DEBT AND EQUITY CAPITAL MARKETS AND OTHER RISKS INHERENT IN THE REAL ESTATE BUSINESS INCLUDING TENANT DEFAULTS, POTENTIAL LIABILITY RELATING TO ENVIRONMENTAL MATTERS AND ILLIQUIDITY OF REAL ESTATE INVESTMENTS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE THE RESULTS OF ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS WHICH MAY BE MADE TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS. READERS ARE ALSO ADVISED TO REFER TO THE COMPANY'S FORM 8-K REPORT AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 28, 1996 FOR ADDITIONAL INFORMATION CONCERNING THESE RISKS. PART I ITEM 1. BUSINESS Duke-Weeks Realty Corporation (the "Company") is a self-administered and self-managed real estate investment trust ("REIT"). The Company began operations upon completion of its initial public offering in February 1986. In October 1993, the Company completed an additional common stock offering and acquired the rental real estate and service businesses of Duke Associates, whose operations began in 1972. As of December 31, 1999, the Company's diversified portfolio of 925 rental properties (including 60 properties and three expansions totaling 9.9 million square feet under development) encompass 102.4 million rentable square feet and are leased by a diverse and stable base of nearly 5,000 tenants whose businesses include manufacturing, retailing, wholesale trade, distribution and professional services. The Company also owns more than 4,300 acres of unencumbered land ready for development. The Company, through its Service Operations, also provides, on a fee basis, leasing, property and asset management, development, construction, landscaping, build-to-suit, and other tenant-related services for more than 700 tenants in over 7.1 million square feet of space at properties owned by third-party clients. With 13 primary operating platforms, the Company concentrates its activities in the Midwest and Southeast United States (see discussion of Merger with Weeks Corporation below). See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8, "Financial Statements and Supplementary Data" for financial information. The Company's rental operations are conducted through Duke-Weeks Realty Limited Partnership ("DWRLP"). In addition, the Company conducts its service operations through Duke Realty Services Limited Partnership and Duke Construction Limited Partnership, in which the Company's wholly-owned subsidiary, Duke Services, Inc., is the sole general partner. All references to the "Company" in this Form 10-K Report include the Company and those entities owned or controlled by the Company, unless the context indicates otherwise. The Company's headquarters and executive offices are located in Indianapolis, Indiana. In addition, the Company has thirteen regional offices located in Atlanta, Georgia; Cincinnati, Ohio; Columbus, Ohio; Cleveland, Ohio; Chicago, Illinois; Dallas, Texas; Jacksonville, Florida; Minneapolis, Minnesota; Nashville, Tennessee; Orlando, Florida; Raleigh, North Carolina; St. Louis, Missouri and Tampa, Florida. The Company had 1,460 employees as of December 31, 1999. - 1 - BUSINESS STRATEGY The Company's business objective is to increase its Funds From Operations ("FFO") by (i) maintaining and increasing property occupancy and rental rates through the aggressive management of its portfolio of existing properties; (ii) expanding existing properties; (iii) developing and acquiring new properties; and (iv) providing a full line of real estate services to the Company's tenants and to third-parties. FFO is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. While management believes that FFO is a relevant measure of the Company's operating performance because it is widely used by industry analysts to measure the operating performance of equity REITs, such amount does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company's operating performance, and is not indicative of cash available to fund all cash flow needs. As a fully integrated commercial real estate firm, the Company believes that its in-house leasing, management, development and construction services and the Company's significant base of commercially zoned and unencumbered land in existing business parks should give the Company a competitive advantage in its future development activities. The Company believes that the analysis of real estate opportunities and risks can be done most effectively at regional or local levels. As a result, the Company intends to continue its emphasis on increasing its market share and effective rents in the Midwestern markets where it owns properties and enter new markets with higher growth potential (see discussion of Merger with Weeks Corporation below). The Company also expects to utilize its more than 4,300 acres of unencumbered land and its many business relationships with nearly 5,000 commercial tenants to expand its build-to-suit business (development projects substantially pre-leased to a single tenant) and to pursue other development and acquisition opportunities in its primary markets and elsewhere. The Company believes that this regional focus will allow it to assess market supply and demand for real estate more effectively as well as to capitalize on its strong relationships with its tenant base. The Company's policy is to seek to develop and acquire Class A commercial properties located in markets with high growth potential for Fortune 500 companies and other quality regional and local firms. The Company's industrial and suburban office development focuses on business parks and mixed-use developments suitable for development of multiple projects on a single site where the Company can create and control the business environment. These business parks and mixed-use developments generally include restaurants and other amenities which the Company believes will create an atmosphere that is particularly efficient and desirable. The Company's retail development focuses on community, power and neighborhood centers in its existing markets. As a fully integrated real estate company, the Company is able to arrange for or provide to its industrial, office and retail tenants not only well located and well maintained facilities, but also additional services such as build-to-suit construction, tenant finish construction, expansion flexibility and advertising and marketing services. All of the Company's properties are located in areas that include competitive properties. Such properties are generally owned by institutional investors, other REITs or local real estate operators; however, no single competitor or small group of competitors is dominant in the Company's current markets. The supply and demand of similar available rental properties may affect the rental rates the Company will receive on its properties. Based upon the current occupancy rates in Company and competitive properties, the Company believes there will not be significant competitive pressure to lower rental rates in the near future. - 2 - FINANCING STRATEGY The Company seeks to maintain a well-balanced, conservative and flexible capital structure by: (i) currently targeting a ratio of long-term debt to total market capitalization in the range of 25% to 40%; (ii) extending and sequencing the maturity dates of its debt; (iii) borrowing primarily at fixed rates; (iv) generally pursuing current and future long-term debt financings and refinancings on an unsecured basis; and (v) maintaining conservative debt service and fixed charge coverage ratios. Management believes that these strategies have enabled and should continue to enable the Company to access the debt and equity capital markets for their long-term requirements such as debt refinancings and financing development and acquisitions of additional rental properties. The Company has raised approximately $1.7 billion through public debt and equity offerings during the three years ended December 31, 1999. In addition, as discussed under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," the Company has $750 million in unsecured lines of credit available for short-term fundings of development and acquisition of additional rental properties. In addition to debt and equity capital markets, the Company has developed a strategy to pursue favorable opportunities to dispose of assets that no longer meet the Company's long-term investment criteria and re-deploy the proceeds into new investments with excellent long-term growth prospects. See additional discussion under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company's debt to total market capitalization ratio (total market capitalization is defined as the total market value of all outstanding Common and Preferred Shares and units of limited partnership interest ("Units") in DWRLP plus outstanding indebtedness) at December 31, 1999 was 38.17%. The Company's ratio of earnings to debt service and ratio of earnings to fixed charges for the year ended December 31, 1999 were 2.58x and 1.79x, respectively. In computing the ratio of earnings to debt service, earnings have been calculated by adding debt service to income before gains or losses on property sales and minority interest in earnings of DWRLP. Debt service consists of interest expense and recurring principal amortization (excluding maturities) and excludes amortization of debt issuance costs. In computing the ratio of earnings to fixed charges, earnings have been calculated by adding fixed charges, excluding capitalized interest, to income before gains or losses on property sales and minority interest in earnings of DWRLP. Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, amortization of debt issuance costs and preferred stock dividend requirements. Management believes these measures to be consistent with its financing strategy. MERGER WITH WEEKS CORPORATION In July 1999, Weeks Corporation ("Weeks"), a self-administered, self- managed geographically focused REIT which operated primarily in the southeastern United States, was merged with and into Duke Realty Investments, Inc. ("Duke"). This transaction is hereafter referred to as the "Weeks Merger." In accordance with the terms of the Weeks Merger, each outstanding Weeks common share was converted into 1.38 common shares of Duke and each outstanding Weeks Series A preferred share was converted into one comparable share of a new class of the Company's Series F cumulative redeemable preferred shares (the "Series F Preferred Shares"). As a result, 27.4 million common shares and 6,000,000 Series F Preferred Shares were issued to Weeks' shareholders in exchange for all of the outstanding Weeks common and preferred shares. The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million. The transaction was structured as a tax-free merger and was accounted for under the purchase method. - 3 - OTHER The Company's operations are not dependent on a single or few customers as no single customer accounts for more than 1.5% of the Company's total revenue. The Company's operations are not subject to any significant seasonal fluctuations. The Company believes it is in compliance with environmental regulations and does not anticipate material effects of continued compliance. For additional information regarding the Company's investments and operations, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 8, "Financial Statements and Supplementary Data." For additional information about the Company's business segments, see Item 8, "Financial Statements and Supplementary Data." ITEM 2. PROPERTIES PRODUCT REVIEW -------------- As of December 31, 1999, the Company owns an interest in a diversified portfolio of 925 commercial properties encompassing approximately 102.4 million net rentable square feet (including 60 properties and three expansions comprising 9.9 million square feet under development) located primarily in eight states and more than 4,300 acres of land for future development. INDUSTRIAL PROPERTIES: ---------------------- The Company owns interests in 674 industrial properties encompassing approximately 77.2 million square feet (75% of total square feet) more specifically described as follows: BULK WAREHOUSES - Industrial warehouse/distribution buildings with clear ceiling heights of 20 feet or more. The Company owns 452 buildings totaling 63.7 million square feet of such properties. SERVICE CENTERS - Also known as flex buildings or light industrial, this product type has 12-18 foot clear ceiling heights and a combination of drive-up and dock-height loading access. The Company owns 222 buildings totaling 13.5 million square feet of such properties. OFFICE PROPERTIES: ------------------ The Company owns interests in 219 office buildings totaling approximately 22.5 million square feet (22% of total square feet) more specifically described as follows: SUBURBAN OFFICE - The Company owns 215 suburban office buildings totaling 21.6 million square feet. CBD OFFICE - The Company owns four downtown office projects totaling approximately 861,000 square feet. RETAIL PROPERTIES: ------------------ The Company owns interests in 32 retail projects totaling approximately 2.7 million square feet (3% of total square feet). These properties encompass both power and neighborhood shopping centers. LAND: ----- The Company owns more than 4,300 acres of land located primarily in its existing business parks. The land is ready for immediate use and is unencumbered by debt. Over 62 million square feet of additional space can be developed on these sites and all of the land is zoned for either office, industrial or retail development. SERVICE OPERATIONS: ------------------- The Company provides property and asset management, development, leasing and construction services to third party owners in addition to its own properties. The Company's current property management base for third parties includes over 7.1 million square feet of properties serving more than 700 tenants. PROPERTY DESCRIPTIONS --------------------- The Company's properties are described on the following pages: - 4 -
OWNER- YEAR LAND NET RENT- % LEASED PROJECT NAME/ SHIP CO'S CONSTD/ AREA ABLE AREA 12-31- LOCATION INTEREST INTEREST EXP/RENOV.(ACRES) (SQ. FT.) 1999 - ------------- -------- -------- --------- -------- ---------- ---- IN-SERVICE INDUSTRIAL - ---------- CELEBRATION, FL 1130 Celebration Blvd Fee 100% 1997 5.78 62,876 100% 1120 Celebration Blvd. Fee 100% 1997 4.00 43,020 100% HOLLYWOOD, FL 2600 SW 39th St. Fee 100% 1999 30.14 191,280 100% Port 95 Fee 100% 1999 4.77 87,290 44% JACKSONVILLE, FL 13350 Int'l. Park Fee 100% 1998 5.14 90,000 100% 13340 Int'l. Pkwy. Fee 100% 1997 4.43 81,000 100% 1420 Vantage Way Fee 100% 1998 11.55 147,300 100% 1460 Vantage Way Fee 100% 1998 5.32 86,400 100% 1350 Tradeport Dr. Fee 100% 1989 7.64 99,750 97% 1371 Tradeport Dr. Fee 100% 1995 7.46 117,000 100% 13291 Vantage Way Fee 100% 1995 7.58 110,880 98% LAKE MARY, FL 100 Technology Pkwy. Fee 100% 1986 5.51 60,711 72% 525 Technology Pkwy. Fee 100% 1998 6.20 67,185 82% 255 Technology Pkwy. Fee 100% 1998 5.16 54,590 100% 200 Technology Pkwy. Fee 100% 1999 6.00 68,726 75% 250 Technology Park Fee 100% 1999 5.00 46,481 100% MIAMI, FL 1701 NW 84th Ave. Fee 100% 1992 5.37 114,682 100% 1601 NW 84th Ave. Fee 100% 1993 5.91 114,032 66% 1401 NW 84th Ave. Fee 100% 1995 4.58 86,677 100% 2000 NW 84th Ave. Fee 100% 1989 4.47 118,897 100% 1850 NW 84th Ave. Fee 100% 1989 4.23 97,830 100% 8401 NW 17th St. Fee 100% 1993 2.40 37,116 100% 8400 NW 17th St. Fee 100% 1991 3.55 75,430 100% 1600 NW 84th Ave. Fee 100% 1992 3.55 75,430 66% 1900 NW 84th Ave. Fee 100% 1990 2.35 35,226 83% 8491 NW 17th St. Fee 100% 1990 2.35 35,170 84% 1301 NW 84th Ave. Fee 100% 1999 4.63 90,000 80% 2101 NW 84th Ave. Fee 100% 1989 3.77 78,673 81% 2001 NW 84th Ave. Fee 100% 1992 4.42 104,188 100% 2250 NW 84th Ave. Fee 100% 1994 2.27 35,584 100% 8530 NW 23rd St. Fee 100% 1994 4.31 93,152 99% 2105 NW 86th Ave. Fee 100% 1993 4.27 91,406 100% 8501 NW 17th St. Fee 100% 1995 9.84 214,644 88% 8500 NW 17th St. Fee 100% 1995 3.80 78,671 36% 8550 NW 17th St. Fee 100% 1995 3.52 74,842 56% 8400 NW 25th St. Fee 100% 1997 10.24 178,619 91% 1701 NW 87th Ave. Fee 100% 1992 9.84 226,707 87% Beacon Sta. #22 Fee 50% [1] 1999 10.75 179,800 68% Beacon Sta. #23 Fee 50% [1] 1999 10.75 179,800 81% Beacon Sta. #24 Fee 50% [1] 1999 10.75 179,800 69% ORLANDO, FL 8500 Parkline Blvd Fee 100% 1986 7.93 102,400 53% 8501 Parkline Blvd. Fee 100% 1991 1.95 27,000 100% 8549 Parkline Blvd. Fee 100% 1992 1.72 27,007 87% 8351 Parkline Blvd. Fee 100% 1994 2.44 33,600 100% 8249 Parkline Blvd Fee 100% 1996 2.39 33,600 100% 1630 Prime Ct. Fee 100% 1996 3.65 52,579 82% 1629 Prime Ct. Fee 100% 1997 3.12 43,200 100% 7101 TPC Dr. Fee 100% 1998 7.26 84,650 81% 2500 Principal Row Fee 100% 1996 7.50 140,015 100% 2490 Principal Row Fee 100% 1997 5.58 101,800 100% 2491 Principal Row Fee 100% 1998 6.32 118,250 100% 9600 Parksouth Ct. Fee 100% 1997 7.05 126,818 100% 9550 Parksouth Ct. Fee 100% 1999 10.88 203,900 50% TAMPA, FL 8640 Elm Fair Blvd Fee 100% 1998 4.06 68,480 100% 4720 Oak Fair Blvd Fee 100% 1998 10.23 173,514 100% 4758 Oak Fair Blvd. Fee 100% 1999 4.45 92,200 100% Fairfield Dist. Ctr IV Fee 100% 1999 6.00 86,620 34% - 5 - ALPHARETTA, GA 11800 Wills Rd. Fee 100% 1987 3.79 42,691 65% 11810 Wills Rd. Fee 100% 1987 3.68 59,334 0% 11820 Wills Rd. Fee 100% 1987 6.06 103,222 100% 11415 Old Roswell Rd. Fee 100% 1991 8.08 80,000 100% 1350 Northmeadow Pkwy. Fee 100% 1994 6.40 64,500 100% 1320 Ridgeland Pkwy Fee 100% 1999 10.39 125,000 100% Ridgeland Bus.Dist I Fee 100% 1999 6.03 75,000 54% ATLANTA, GA 1670 Defoor Ave. Fee 100% 1960 2.34 48,007 96% 3171 McCall Dr. Fee 100% 1967 1.41 16,075 100% 4280 Northeast Expressway Fee 100% 1962 4.05 56,530 100% 100 Eagle Vista Pkwy Fee 100% 1999 29.66 481,300 100% DULUTH, GA 3270 Summit Ridge Pkwy. Fee 100% 1997 10.50 152,282 100% 3280 Summit Ridge Pkwy. Fee 100% 1997 10.20 173,360 100% 3290 Summit Ridge Pkwy. Fee 100% 1997 5.70 100,800 100% 2450 Meadowbrook Pkwy. Fee 100% 1989 4.26 68,400 100% 2475 Meadowbrook Pkwy. Fee 100% 1986 6.07 59,086 100% 2500 Meadowbrook Pkwy. Fee 100% 1987 4.50 68,800 100% 2505 Meadowbrook Pkwy. Fee 100% 1990 3.36 53,481 100% 4125 Buford Highway Fee 100% 1995 10.92 210,000 100% 2825 Breckinridge Blvd Fee 100% 1986 6.80 45,559 92% 2875 Breckinridge Blvd Fee 100% 1986 8.75 57,918 100% 2885 Breckinridge Blvd Fee 100% 1997 8.85 80,450 100% 2625 Pinemeadow Ct. Fee 100% 1994 9.57 139,540 100% 2660 Pinemeadow Ct. Fee 100% 1996 6.00 104,000 100% 3450 River Green Ct. Fee 100% 1989 4.20 33,600 100% 4800 River Green Pkwy. Fee 100% 1989 2.41 25,538 0% 2775 Premier Pkwy. Fee 100% 1997 6.20 79,110 100% 3079 Premier Pkwy. Fee 100% 1998 9.70 101,600 94% 6700 Sugarloaf Pkwy Fee 100% 1998 11.58 90,350 100% 2850 Premiere Pkwy. Fee 50% [1] 1997 7.50 86,000 100% 3039 Premiere Pkwy. Fee 50% [1] 1999 8.85 57,630 87% Sugarloaf Service Center III Fee 50% [1] 1999 5.39 56,795 40% 2855 Premier Pkwy. Fee 100% 1999 7.20 89,200 27% 6655 Sugarloaf Fee 100% 1998 18.40 250,000 100% KENNESAW, GA 240 Northpoint Pkwy. Fee 100% 1995/1997 4.85 222,900 100% 1950 Vaughn St. Fee 100% 1992 15.47 162,651 100% 3330 West Town Point Dr. Fee 100% 1994 5.80 88,000 100% 3350 West Town Point Dr. Fee 100% 1995 6.21 76,800 100% 3240 Town Point Dr. Fee 100% 1997 10.40 140,400 66% MARIETTA, GA 805 Franklin Ct. Fee 100% 1983 3.13 40,410 100% 810 Franklin Ct. Fee 100% 1983 2.42 27,386 71% 811 Livingston Ct. Fee 100% 1983 1.58 20,780 100% 825 Franklin Ct. Fee 100% 1983 3.58 55,259 100% 830 Franklin Ct. Fee 100% 1983 1.03 14,340 100% 835 Franklin Ct. Fee 100% 1983 3.93 60,772 100% 840 Franklin Ct. Fee 100% 1983 2.42 35,908 100% 821 Livingston Ct. Fee 100% 1983 1.59 15,558 100% 841 Livingston Ct. Fee 100% 1983 2.75 35,908 100% 1335 Capital Cir. Fee 100% 1985 3.97 56,747 100% 1337-41-51 Capital Cir. Fee 100% 1985 7.38 79,667 95% 2260 Northwest Pkwy. Fee 100% 1982 3.06 50,220 100% 2252 Northwest Pkwy. Fee 100% 1982 0.95 14,435 84% 2242 Northwest Pkwy. Fee 100% 1982 1.72 27,437 97% 2256 Northwest Pkwy. Fee 100% 1982 0.84 13,265 100% 2244 Northwest Pkwy. Fee 100% 1982 0.64 7,384 100% 2150 Northwest Pkwy. Fee 100% 1982 2.90 46,214 91% 2152 Northwest Pkwy. Fee 100% 1982 1.49 25,317 100% 2130 Northwest Pkwy. Fee 100% 1982 3.51 55,400 90% 2270 Northwest Pkwy. Fee 100% 1988 4.50 60,984 96% 2275 Northwest Pkwy. Fee 100% 1988 2.60 35,786 88% MCDONOUGH, GA 120 Declaration Dr. Fee 100% 1997 14.70 300,600 70% 130 Declaration Dr. Fee 100% 1998 10.80 210,000 0% - 6 - NORCROSS, GA 3045 Bus. Pk Dr. Fee 100% 1998 4.04 35,100 100% 1750 Beaver Ruin Fee 100% 1997 6.40 67,878 100% 4258 Communications Dr. Fee 100% 1981 3.00 57,000 100% 4261 Communications Dr. Fee 100% 1981 3.29 56,600 100% 4291 Communications Dr. Fee 100% 1981 1.76 31,500 100% 1826 Doan Way Fee 100% 1984 3.90 57,200 100% 1857 Doan Way Fee 100% 1970 5.00 16,000 100% 1650 Int'l. Blvd Fee 100% 1984 3.79 52,461 0% 4245 Int'l. Blvd Fee 100% 1985/1995 10.58 249,200 100% 4250 Int'l. Blvd Fee 100% 1986 5.03 47,030 61% 4295 Int'l. Blvd Fee 100% 1984 3.22 49,896 100% 4320 Int'l. Blvd Fee 100% 1984 2.44 32,000 100% 4350 Int'l. Blvd Fee 100% 1982 4.29 64,152 100% 4355 Int'l. Blvd Fee 100% 1983 4.54 60,760 67% 4405A Int'l. Blvd Fee 100% 1984 4.30 50,000 100% 4405B Int'l. Blvd Fee 100% 1984 4.30 61,176 84% 4405C Int'l. Blvd Fee 100% 1984 4.30 10,644 92% 1828 Meca Way Fee 100% 1975 3.90 63,000 100% 1858 Meca Way Fee 100% 1975 3.36 58,600 100% 4316 Park Dr. Fee 100% 1980 2.76 50,000 100% 4317 Park Dr. Fee 100% 1985 4.52 47,243 100% 4357 Park Dr. Fee 100% 1979 4.89 65,800 100% 4386 Park Dr. Fee 100% 1973 3.73 54,848 0% 4436 Park Dr. Fee 100% 1968 3.90 66,232 100% 4437 Park Dr. Fee 100% 1978 4.40 73,456 100% 4467 Park Dr. Fee 100% 1978 4.68 66,203 100% 4476 Park Dr. Fee 100% 1977 2.90 42,200 100% 4487 Park Dr. Fee 100% 1978 4.68 89,204 100% 4274 Shackleford Rd. Fee 100% 1974 6.18 80,822 100% 4344 Shackleford Rd. Fee 100% 1975 3.85 52,924 100% 4355 Shackleford Rd. Fee 100% 1972 8.12 137,100 100% 4364 Shackleford Rd. Fee 100% 1973 2.12 31,040 100% 4366 Shackleford Rd. Fee 100% 1981 3.30 56,709 55% 4388 Shackleford Rd. Fee 100% 1981 5.40 89,612 100% 4400 Shackleford Rd. Fee 100% 1981 2.30 39,004 100% 4444 Shackleford Rd. Fee 100% 1979 5.20 85,200 100% 1505 Pavilion Place Fee 100% 1988 5.11 78,400 100% 3883 Steve Reynolds Blvd. Fee 100% 1990 7.00 137,061 100% 3890 Steve Reynolds Blvd Fee 100% 1991 4.74 48,800 100% 3905 Steve Reynolds Blvd Fee 100% 1995 4.60 64,800 51% 3950 Steve Reynolds Blvd. Fee 100% 1992 5.73 80,000 100% 4020 Steve Reynolds Blvd Fee 100% 1997 3.05 44,260 100% 4025 Steve Reynolds Blvd Fee 100% 1994 4.54 70,400 100% 2915 Courtyards Dr. Fee 100% 1986 3.82 40,058 100% 2925 Courtyards Dr. Fee 100% 1986 4.76 71,763 100% 2975 Courtyards Dr. Fee 100% 1986 2.05 27,342 100% 2995 Courtyards Dr. Fee 100% 1986 1.56 18,542 100% 2725 Northwoods Pkwy Fee 100% 1984 4.40 76,686 0% 2755 Northwoods Pkwy Fee 100% 1986 2.49 48,270 100% 2775 Northwoods Pkwy Fee 100% 1986 3.22 32,192 100% 2850 Colonnades Ct. Fee 100% 1988 8.03 102,128 100% 3040 Northwoods Pkwy Fee 100% 1984 2.98 50,480 100% 3044 Northwoods Cir. Fee 100% 1984 2.38 24,367 100% 3055 Northwoods Pkwy Fee 100% 1985 2.13 31,946 100% 3075 Northwoods Pkwy Fee 100% 1985 3.74 41,420 80% 3100 Northwoods Pkwy Fee 100% 1985 3.93 39,728 100% 3155 Northwoods Pkwy Fee 100% 1985 3.31 40,530 100% 3175 Northwoods Pkwy Fee 100% 1985 2.50 33,405 100% 6525-27 Jimmy Carter Blvd Fee 100% 1983 5.62 92,735 100% 5765 Peachtree Indust. Blvd Fee 100% 1997 4.73 60,000 100% 5775 Peachtree Indust. Blvd Fee 100% 1997 4.73 60,000 100% 2450 Satellite Blvd Fee 100% 1994 6.18 102,862 100% 5401 Buford Highway Fee 100% 1987 4.19 74,360 100% 5403 Buford Highway Fee 100% 1987 5.98 108,140 100% 5405 Buford Highway Fee 100% 1989 3.15 61,982 100% 5409 Buford Highway Fee 100% 1989 5.18 111,873 100% 3170 Reps Miller Rd. Fee 100% 1998 4.48 51,400 100% 3180 Reps Miller Rd. Fee 100% 1998 4.48 51,400 100% 3190 Reps Miller Rd. Fee 100% 1998 4.48 59,200 74% - 7 - ROSEWELL, GA 11545 Wills Rd. Fee 100% 1998 8.70 71,140 100% 645 Hembree Pkwy. Fee 100% 1986 3.08 43,956 71% 655 Hembree Pkwy. Fee 100% 1986 3.09 43,956 100% 105 Hembree Park Dr. Fee 100% 1988 3.61 45,490 78% 150 Hembree Park Dr. Fee 100% 1985 5.03 44,343 100% 200 Hembree Park Dr. Fee 100% 1985 1.97 43,559 100% 250 Hembree Park Dr. Fee 100% 1996 8.07 94,500 100% 660 Hembree Park Dr. Fee 100% 1998 9.23 94,500 100% 993 Mansell Rd. Fee 100% 1987 1.69 21,600 100% 995 Mansell Rd. Fee 100% 1987 0.97 16,800 100% 997 Mansell Rd. Fee 100% 1987 0.86 14,400 100% 999 Mansell Rd. Fee 100% 1987 1.32 19,200 100% 1003 Mansell Rd. Fee 100% 1987 1.66 20,800 100% 1005 Mansell Rd. Fee 100% 1987 0.94 16,800 75% 1007 Mansell Rd. Fee 100% 1987 2.07 37,450 100% 1009 Mansell Rd. Fee 100% 1986 3.26 38,082 100% 1011 Mansell Rd. Fee 100% 1984 3.23 38,630 100% 1100 Northmeadow Pkwy. Fee 100% 1989 6.94 50,891 79% 1150 Northmeadow Pkwy. Fee 100% 1988 3.98 52,050 100% 1125 Northmeadow Pkwy. Fee 100% 1987 5.78 67,104 85% 1175 Northmeadow Pkwy. Fee 100% 1987 4.06 71,264 100% 1250 Northmeadow Pkwy. Fee 100% 1989 4.17 52,224 100% 1225 Northmeadow Pkwy. Fee 100% 1989 3.89 37,520 100% 1325 Northmeadow Pkwy. Fee 100% 1990 5.89 70,050 100% 1335 Northmeadow Pkwy. Fee 100% 1996 8.60 88,784 93% 11390 Old Roswell Rd. Fee 100% 1997 4.42 47,600 100% 1400 Hembree Rd. Fee 100% 1998 3.68 34,615 100% 245 Hembree Park Dr. Fee 100% 1999 7.50 103,500 69% Northmeadow BD IV Fee 100% 1999 6.68 93,363 100% Northmeadow Ser.Ctr V Fee 100% 1999 4.68 38,845 100% SUWANEE, GA 90 Horizon Dr. Fee 100% 1992 2.00 13,400 100% 225 Horizon Dr. Fee 100% 1990 5.08 96,000 100% 250 Horizon Dr. Fee 100% 1997 18.05 267,619 84% 70 Crestridge Dr. Fee 100% 1998 10.62 132,128 100% 2700 Crestridge Fee 100% 1998 32.20 374,045 100% 2775 Horizon Ridge Fee 100% 1996 12.20 223,219 100% 2780 Horizon Ridge Fee 100% 1997 12.70 222,643 100% 2800 Vista Ridge Dr. Fee 100% 1995 17.30 252,092 100% 410 Horizon Dr. Fee 100% 1999 15.39 247,300 50% 1000 Northbrook Pkwy. Fee 100% 1986 8.40 131,660 100% 675 Old Peachtree Rd. Fee 100% 1988 10.06 176,820 100% 7250 McGinnis Ferry Rd. Fee 100% 1996 6.22 70,600 100% AURORA, IL 535 Exchange Fee 100% 1984 4.63 25,943 100% 515-525 Enterprise Fee 100% 1984 3.39 66,017 100% 615 Enterprise Fee 100% 1984 4.63 83,818 100% 3615 Exchange Fee 100% 1986 4.06 64,755 100% 4000 Sussex Fee 100% 1990 4.13 75,203 100% 700 North Commerce Fee 100% 1989 6.87 119,155 0% 3737 E. Exchange Fee 100% 1985 5.92 104,928 100% 444 N. Commerce Fee 100% 1985 7.15 92,692 84% BOLINBROOK, IL Crossroads Bldg 1 Fee 100% 1998 11.34 289,920 44% CAROL STREAM, IL Center Ave. Bldg 1 Fee 100% 1998 8.76 187,850 100% DES PLAINES, IL Wolf Rd. Bldg. Fee 100% 1966/1969 2.70 60,922 100% 105 East Oakton Fee 100% 1974 6.50 180,000 100% LAKE FOREST, IL Ballard Dr. Bldg. Fee 100% 1985 3.33 54,274 100% Laurel Dr. Bldg. Fee 100% 1981 1.12 19,570 100% 13825 W. Laurel Dr. Fee 100% 1978/1985 3.51 60,125 100% MELROSE PARK, IL Janice Ave. Bldg. Fee 100% 1956 2.00 40,250 100% - 8 - NILES, IL Touhy Ave. Bldg. Fee 100% 1971 5.48 120,000 100% Jarvis Ave. Bldg. Fee 100% 1969 5.35 111,728 100% ROMEOVILLE, IL CrossRd.s Bldg. 2 Fee 100% 1999 23.50 460,800 50% ST. CHARLES, IL Kirk Rd. Bldg. Fee 100% 1990 3.50 62,400 100% WESTMONT, IL Oakmont Tech Ctr. Fee 100% 1989 6.30 111,659 100% WHEELING, IL Abbot Dr. Bldg. Fee 100% 1989 2.15 43,930 100% CARMEL, IN H.C. Bldg. 1 West Fee 100% 1989 4.70 51,741 100% FISHERS, IN Exit 5 Bldg I Fee/ 100% 1999 9.00 134,400 100% Ground Lease [3] GREENWOOD, IN South Park Bldg 2 Fee 100% 1990 7.10 86,806 100% INDIANAPOLIS, IN Palomar Fee 100% 1973 4.50 99,350 100% Franklin Rd. Bus. Ctr. Fee 100% 1962/1998 28.00 488,925 98% Georgetown Bldg. 1 Fee 100% 1987 5.85 111,883 100% Georgetown Rd. Bldg 2 Fee 100% 1987 5.81 72,120 100% Georgetown Rd. Bldg 3 Fee 100% 1987 5.10 45,896 79% Nampac Bldg. Fee 100% 1974 6.20 87,064 100% 6060 Guion Rd. Fee 100% 1968/1977 14.05 182,311 100% Hillsdale Bldg 1 Fee 50% [1] 1986 9.16 73,866 100% Hillsdale Bldg 2 Fee 50% [1] 1986 5.50 83,600 100% Hillsdale Bldg 3 Fee 50% [1] 1987 5.50 84,050 69% Hillsdale Bldg 4 Fee 100% 1987 7.85 73,874 100% Hillsdale Bldg 5 Fee 100% 1987 5.44 67,500 99% Hillsdale Bldg 6 Fee 100% 1987 4.25 64,000 100% Hunter Creek Bldg 1 Fee 10%-50% [2] 1989 5.97 86,500 100% Hunter Creek Bldg 2 Fee 10%-50% [2] 1989 8.86 202,560 81% 4750 Kentucky Ave. Fee 100% 1974 11.01 125,000 100% Thomson Consumer Elec. Fee 50% [1] 1996/1998 64.02 1,339,195 100% North Airport Park Bldg 2 Fee 100% 1997 22.50 377,280 100% Park 100 Bldg 48 Fee 50% [1] 1984 8.63 127,410 100% Park 100 Bldg 49 Fee 50% [1] 1982 4.55 89,600 90% Park 100 Bldg 50 Fee 50% [1] 1982 4.09 51,200 100% Park 100 Bldg 52 Fee 50% [1] 1983 2.70 34,800 100% Park 100 Bldg 53 Fee 50% [1] 1984 4.23 76,800 100% Park 100 Bldg 54 Fee 50% [1] 1984 4.42 76,800 83% Park 100 Bldg 55 Fee 50% [1] 1984 3.83 43,200 100% Park 100 Bldg 56 Fee 50% [1] 1984 15.94 300,000 50% Park 100 Bldg 57 Fee 50% [1] 1984 7.70 128,800 100% Park 100 Bldg 58 Fee 50% [1] 1984 8.03 128,800 100% Park 100 Bldg 59 Fee 50% [1] 1985 5.14 83,200 100% Park 100 Bldg 60 Fee 50% [1] 1985 4.78 83,200 62% Park 100 Bldg 62 Fee 50% [1] 1986 7.70 128,800 100% Park 100 Bldg 67 Fee 50% [1] 1987 4.23 72,350 100% Park 100 Bldg 68 Fee 50% [1] 1987 4.23 72,360 100% Park 100 Bldg 71 Fee 50% [1] 1987 9.06 193,400 47% Park 100 Bldg 74 Fee 10%-50% [2] 1988 12.41 257,400 100% Park 100 Bldg 76 Fee 10%-50% [2] 1988 5.10 81,695 100% Champion Fee 10%-50% [2] 1988 21.80 512,777 100% Park 100 Bldg 79 Fee 100% 1988 4.47 66,000 73% Park 100 Bldg 80 Fee 100% 1988 4.47 66,000 100% Park 100 Bldg 83 Fee 100% 1989 5.34 96,000 100% Park 100 Bldg 84 Fee 100% 1989 5.34 96,000 100% Park 100 Bldg 85 Fee 10%-50% [2] 1989 9.70 180,100 100% Becton Dickinson- Bldg 89 Fee 10%-50% [2] 1990 11.28 311,600 100% Park 100 Bldg 91 Fee 10%-50% [2] 1990/1996 7.53 196,800 100% Keebler Dist. Ctr. Fee 10%-50% [2] 1991 4.38 45,917 100% Caterpillar Fee 100% 1993 15.23 336,000 88% Silver Burdett Fee 100% 1994/1997 27.69 737,850 100% - 9 - INDIANAPOLIS, IN (CONT'D) Park 100 Bldg. 97 Fee 100% 1994 13.38 280,800 100% Park 100 Bldg 98 Fee 100% 1968/1995 37.34 508,300 91% Park 100 Bldg 99 Fee 50% [1] 1994 18.00 364,800 100% Park 100 Bldg 100 Fee 100% 1995 7.00 117,500 100% Park 100 Bldg 101 Fee 50% [1] 1983 4.37 45,000 96% Park 100 Bldg 105 Fee 50% [1] 1983 4.64 41,400 100% Park 100 Bldg 106 Fee 50% [1] 1978 4.64 41,400 100% Park 100 Bldg 107 Fee 100% 1984 3.56 58,783 97% Park 100 Bldg 108 Fee 50% [1] 1983 6.36 60,300 100% Park 100 Bldg 109 Fee 100% 1985 4.80 46,000 100% Park 100 Bldg 113 Fee 50% [1] 1987 6.20 72,000 93% Park 100 Bldg 114 Fee 50% [1] 1987 6.20 56,700 83% Park 100 Bldg 117 Fee 10%-50% [2] 1988 13.36 135,461 89% Park 100 Bldg 120 Fee 10%-50% [2] 1989 4.54 54,982 100% Park 100 Bldg 122 Fee 100% 1990 6.17 73,274 66% Day Dream Publishing Fee 100% 1994/1996 13.81 195,080 100% Park 100 Bldg 126 Fee 100% 1984 4.04 60,100 100% Park 100 Bldg 127 Fee 100% 1995 6.50 93,600 100% Park 100 Bldg 128 Fee 100% 1996 14.40 322,000 100% Park 100 Bldg 129 Fee 100% 1996 16.00 320,000 100% Park 100 Bldg 130 Fee 100% 1996 9.70 152,000 100% Vanstar Fee 100% 1997 21.00 415,680 100% Park 100 Bldg 133 Fee 100% 1997 1.30 20,530 100% Park 100 Bldg 134 Fee 100% 1998 8.70 110,487 100% Park 100 Bldg 136 Fee 100% 1998 10.50 152,000 74% Park Fletcher Bldg 2 Fee 50% [1] 1970 1.31 20,160 100% Park Fletcher Bldg 4 Fee 50% [1] 1974 1.73 23,000 100% Park Fletcher Bldg 6 Fee 50% [1] 1971 3.13 36,180 78% Park Fletcher Bldg 7 Fee 50% [1] 1974 3.00 41,900 100% Park Fletcher Bldg 8 Fee 50% [1] 1974 2.11 18,000 100% Park Fletcher Bldg 14 Fee 100% 1978 1.39 19,480 100% Park Fletcher Bldg 15 Fee 50% [1] 1979 5.74 72,800 100% Park Fletcher Bldg 16 Fee 50% [1] 1979 3.17 35,200 100% Park Fletcher Bldg 18 Fee 50% [1] 1980 5.52 43,950 90% Park Fletcher Bldg 21 Fee 50% [1] 1983 2.95 37,224 100% Park Fletcher Bldg 22 Fee 50% [1] 1983 2.96 48,635 94% Park Fletcher Bldg 26 Fee 50% [1] 1983 2.91 28,340 89% Park Fletcher Bldg 27 Fee 25% [1] 1985 3.01 39,178 100% Park Fletcher Bldg 28 Fee 25% [1] 1985 7.22 93,880 93% Park Fletcher Bldg 29 Fee 50% [1] 1987 7.16 92,044 100% Park Fletcher Bldg 30 Fee 50% [1] 1989 5.93 78,568 75% Park Fletcher Bldg 31 Fee 50% [1] 1990 2.62 33,029 100% Park Fletcher Bldg 32 Fee 50% [1] 1990 5.43 67,297 100% Park Fletcher Bldg 33 Fee 50% [1] 1997 7.50 112,710 100% Park Fletcher Bldg 34 Fee 50% [1] 1997 13.00 230,400 100% Park Fletcher Bldg 35 Fee 50% [1] 1998 8.10 96,427 100% Park Fletcher Bldg 36 Fee 50% [1] 1998 3.90 52,800 100% Park Fletcher Bldg 37 Fee 50% [1] 1998 1.90 14,850 100% Park Fletcher Bldg 38 Fee 50% [1] 1999 13.70 253,866 50% Park Fletcher Bldg 39 Fee 50% [1] 1999 5.40 91,122 58% Park Fletcher Bldg 40 Fee 50% [1] 1999 5.40 89,508 57% 4316 West Minnesota Fee 100% 1970 10.40 121,250 100% LEBANON, IN American Air Filter Fee 100% 1996 10.40 153,600 100% Little, Brown & Co. Fee 50% [1] 1996 31.60 500,455 100% Purity Wholesale Fee 100% 1997 32.60 556,248 100% Pamida Fee 100% 1997/2000 14.90 200,000 100% Prentice Hall Fee 100% 1998 38.90 576,040 100% Lebanon - General Cable Fee 100% 1998 23.30 395,472 73% Lebanon Bldg. 9 Fee 100% 1999 26.80 394,898 64% MINNEAPOLIS, MN BRd.way Bus.Ctr VII Fee 100% 1983 2.78 36,000 100% FLORENCE, KY Empire Commerce Ctr. Fee 100% 1973/1980 11.62 148,445 61% 7910 Kentucky Dr. Fee 100% 1980 3.78 38,329 100% 7920 Kentucky Dr. Fee 100% 1974 9.33 93,945 26% - 10 - HEBRON, KY Skyport Bldg. 1 Fee 100% 1997 15.10 316,800 100% Skyport Bldg. 2 Fee 100% 1998 20.00 453,300 100% Skyport Bldg. 4 Fee 100% 1999 6.76 72,600 0% KY. Southpark Bldg 1 Fee 100% 1990 7.90 96,000 100% Ky. Southpark Bldg 3 Fee 100% 1991 10.79 192,000 100% Ky. Southpark Bldg 4 Fee 100% 1994 28.79 166,400 100% CR Services Fee 100% 1994 22.50 253,664 100% LOUISVILLE, KY Dayco Fee 50% [1] 1995 30.00 282,539 100% BLOOMINGTON, MN Alpha Bus. Ctr III&IV Fee 100% 1980 4.68 50,400 92% Alpha Bus. Ctr V Fee 100% 1980 13.57 80,640 100% Bloomington Indust. Center Fee 100% 1963 7.40 100,852 100% Lyndale Commons I Fee 100% 1981 2.60 43,770 95% Lyndale Commons II Fee 100% 1985 2.51 34,816 99% Hampshire Dist Center North Fee 100% 1979 9.26 159,200 100% Hampshire Dist Center South Fee 100% 1979 9.40 157,000 100% Hampshire Tech Center Fee 100% 1998 14.22 142,526 100% Penn Corporate Bldg Fee 100% 1977 2.08 40,844 100% BROOKLYN PARK, MN Crosstown N. Bus. Ctr. 1 Fee 100% 1998 12.09 157,453 87% Crosstown N. Bus. Ctr. 2 Fee 100% 1998 5.00 67,837 81% Crosstown N. Bus. Ctr. 3 Fee 100% 1999 5.00 68,300 60% Crosstown N. Bus. Ctr. 4 Fee 100% 1999 16.90 212,800 52% 7300 Northland Dr. Fee 100% 1980/1999 10.98 185,500 100% BURNSVILLE, MN Professional Plaza IV Fee 100% 1980 2.79 37,528 100% Cliff Rd. Indust. Ctr Fee 100% 1972 3.31 50,019 95% Professional Plaza III Fee 100% 1985 2.24 36,483 92% Professional Plaza II Fee 100% 1984 2.41 35,619 99% Larc Indust. Park I Fee 100% 1977 4.59 67,200 100% Larc Indust. Park II Fee 100% 1976 3.70 54,000 80% Larc Indust. Park III Fee 100% 1980 2.38 30,800 100% Larc Indust. Park IV Fee 100% 1980 1.06 13,800 100% Larc Indust. Park V Fee 100% 1980 1.54 22,880 0% Larc Indust. Park VI Fee 100% 1975 3.91 63,600 35% Larc Indust. Park VII Fee 100% 1973 2.65 41,088 76% CHANHASSEN, MN Chanhassen Lakes I Fee 100% 1983 5.40 49,072 34% Chanhassen Lakes II Fee 100% 1986 6.36 56,670 100% CRYSTAL, MN Crystal Indust.Ctr. Fee 100% 1974 3.23 72,000 99% EAGAN, MN Apollo Indust. Ctr I Fee 100% 1997 11.05 168,480 100% Eagandale Crossing Fee 100% 1998 6.60 80,104 93% Eagandale Tech Ctr. Fee 100% 1998 7.61 76,520 100% Silverbell Commons Fee 100% 1999 16.62 235,120 100% Sibley Indust. Ctr. I Fee 100% 1973 2.88 54,612 100% Sibley Indust. Ctr. II Fee 100% 1972 2.58 37,800 100% Sibley Indust. Ctr. III Fee 100% 1968 4.10 32,810 100% Trapp Rd. Commerce I Fee 100% 1996 6.50 96,800 100% Trapp Rd. Comerce Bldg II Fee 100% 1998 11.86 180,480 100% Yankee Place Fee 100% 1986 19.03 221,075 85% EDEN PRAIRIE, MN Edenvale Executive Center Fee 100% 1987 9.82 111,245 96% Valley Gate North Fee 100% 1986 4.17 52,828 38% Golden Triangle Tech Ctr Fee 100% 1997 11.10 90,704 100% EDINA, MN Edina Interchange VI Fee 100% 1967 4.74 72,300 100% Cahill Bus. Center Fee 100% 1980 3.90 60,082 100% Edina Interchange I Fee 100% 1995 4.73 73,809 92% Edina Interchange II Fee 100% 1980 3.46 55,006 100% - 11 - Edina Interchange III Fee 100% 1981 6.39 62,784 100% Edina Interchange IV Fee 100% 1974 1.99 22,440 100% Edina Interchange V Fee 100% 1974 4.92 139,101 100% Edina Interchange VII Fee 100% 1970 2.36 30,654 100% Pakwa I Fee 100% 1979 1.67 38,196 100% Pakwa II Fee 100% 1979 1.67 21,254 100% Pakwa III Fee 100% 1979 1.67 19,978 77% FRIDLEY, MN River Rd. Bus.Ctr.S. Fee 100% 1986 8.91 119,860 98% University Center I&II Fee 100% 1983 4.70 51,893 87% GOLDEN VALLEY, MN Decatur Bus. Center Fee 100% 1982 3.96 44,279 94% Golden Hills 1 Fee 100% 1996 7.50 91,368 100% Golden Hills 2 Fee 100% 1999 7.50 79,294 100% Golden Hills 3 Fee 100% 1999 7.20 87,456 100% Sandburg Indust. Center Fee 100% 1973 5.68 94,612 100% 801 Zane Ave. N. Fee 100% 1989 4.93 84,219 100% HOPKINS, MN Cornerstone Bus. Center Fee 100% 1996 13.49 222,494 100% The Johnson Bldg Fee 100% 1974 2.09 62,718 100% Westside Bus. Park Fee 100% 1987 9.10 114,800 100% MENDOTA HEIGHTS, MN Enterprise Indust. Center Fee 100% 1979 10.88 165,755 100% MINNEAPOLIS, MN BRd.way Bus. Ctr III Fee 100% 1983 2.77 21,600 100% BRd.way Bus. Ctr IV Fee 100% 1983 2.77 29,920 100% BRd.way Bus. Ctr V Fee 100% 1983 1.44 24,795 100% BRd.way Bus. Ctr VI Fee 100% 1983 2.77 66,961 100% MINNETONKA, MN Encore Park Fee 100% 1977 14.50 126,858 100% NEW HOPE, MN Bass Lake Bus. Bldg Fee 100% 1981 5.33 47,368 100% PLYMOUTH, MN Medicine Lake Indus. Center Fee 100% 1970 16.37 222,893 100% Plymouth Office /Tech Center Fee 100% 1986 3.77 52,487 91% Plymouth Ser.Ctr. Fee 100% 1978 6.00 74,042 100% Westpoint Bldg B&C Fee 100% 1978 4.92 63,559 79% Westpoint Bldg D&E Fee 100% 1978 6.34 81,030 77% ST. LOUIS PARK, MN Cedar Lake Bus. Ctr. Fee 100% 1976 3.05 50,400 100% Novartis Warehouse Fee 100% 1960 14.40 355,798 100% Oxford Indust. Bldg Fee 100% 1971 1.23 16,736 100% ST. PAUL, MN University Crossing Fee 100% 1990 5.65 83,414 100% BRIDGETON, MO Dukeport 1 Fee 50% [1] 1996 21.24 403,200 100% Dukeport 2 Fee 50% [1] 1997 14.70 244,800 100% Dukeport V Fee 100% 1998 6.00 96,000 74% Dukeport VI Fee 100% 1999 16.64 320,000 100% Dukeport VII Fee 100% 1999 8.34 123,480 29% Dukeport VIII Fee 100% 1999 16.64 260,160 0% EARTH CITY, MO Dukeport 3 Fee 100% 1998 9.50 214,400 100% FENTON, MO Fenton Interstate Bldg. C Fee 100% 1986 5.50 95,519 100% Fenton Interstate Bldg. D Fee 100% 1987 5.85 105,651 100% Southport I Fee 100% 1977 1.36 20,810 100% Southport II Fee 100% 1978 1.53 22,400 100% Southport Commerce Ctr Fee 100% 1978 2.65 34,873 100% MARYLAND HEIGHTS, MO Riverport Dist. Fee 100% 1990 5.96 100,000 100% Scripts Bldg. Fee 100% 1992 10.81 119,000 100% Riverport Dist. B Fee 100% 1989 3.36 45,200 100% Riverport 1 Fee 100% 1999 6.64 72,000 100% Westport Center I Fee 100% 1998 11.90 177,600 100% Westport Center II Fee 100% 1998 5.25 51,053 100% Westport Center III Fee 100% 1999 8.70 91,000 100% - 12 - OLIVETTE, MO 1920 Beltway Fee 100% 1986 4.44 70,000 100% I-170 Center Fee 100% 1986 4.57 76,415 100% Warson Commerce Ctr. Fee 100% 1987/1997 8.83 122,886 97% ST. CHARLES, MO Alfa-Laval Fee 100% 1996 12.76 129,500 100% ST. LOUIS, MO Craig Park Ctr. Fee 100% 1984 3.19 42,210 100% St. Louis Bus. Ctr. A Fee 100% 1987 2.49 47,876 100% St. Louis Bus. Ctr. B Fee 100% 1986 3.14 58,236 78% St. Louis Bus. Ctr. C Fee 100% 1986 2.10 38,628 100% St. Louis Bus. Ctr. D Fee 100% 1987 1.81 33,953 100% ST. PETERS, MO Horizon Bus. Ctr. Fee 100% 1985 5.31 75,746 100% MORRISVILLE, NC 507 Airport Blvd Fee 100% 1993 7.15 106,862 100% 5151 McCrimmon Pkwy Fee 100% 1995 7.67 104,806 100% 2600 Perimeter Park Dr Fee 100% 1997 6.07 70,848 76% 5150 McCrimmon Pkwy Fee 100% 1998 12.32 143,737 100% 3000 Perimeter Park Dr. Fee 100% 1989 5.76 75,000 100% 2900 Perimeter Park Dr. Fee 100% 1990 4.52 59,970 100% 2800 Perimeter Park Dr. Fee 100% 1992 8.22 136,370 100% 100 Perimeter Park Dr. Fee 100% 1987 5.30 55,664 79% 200 Perimeter Park Dr. Fee 100% 1987 6.30 55,664 100% 300 Perimeter Park Dr. Fee 100% 1986 6.30 55,664 100% 400 Perimeter Park Dr. Fee 100% 1983 5.40 74,088 100% 500 Perimeter Park Dr. Fee 100% 1985 5.80 74,107 100% 800 Perimeter Park Dr. Fee 100% 1984 4.50 55,637 100% 900 Perimeter Park Dr. Fee 100% 1982 4.00 47,799 100% 1000 Perimeter Park Dr. Fee 100% 1982 4.50 55,108 87% 1100 Perimeter Park Dr. Fee 100% 1990 9.50 83,645 100% 409 Airport Blvd Bldg A Fee 100% 1983 3.07 53,212 0% 409 Airport Blvd Bldg B Fee 100% 1986 1.89 26,215 100% 409 Airport Blvd Bldg C Fee 100% 1982 3.07 85,129 99% 100 Innovation Ave. Fee 100% 1994 7.51 108,000 0% 101 Innovation Ave. Fee 100% 1997 7.94 97,500 100% 200 Innovation Dr. Fee 100% 1999 5.26 96,000 100% 501 Innovation Ave. Fee 100% 1999 8.00 140,400 100% RALEIGH, NC 3200 Spring Forest Rd. Fee 100% 1986 5.61 59,971 96% 3100 Spring Forest Rd. Fee 100% 1992 9.16 49,994 90% BLUE ASH, OH Cornell Commerce Center Fee 100% 1989 9.91 167,695 92% Creek Rd. Bldg 1 Fee 100% 1971 2.05 38,715 100% Creek Rd. Bldg 2 Fee 100% 1971 2.63 53,210 100% CINCINNATI, OH U.S. Post Office Fee 40% [1] 1992 2.60 57,886 100% World Park Bldg 5 Fee 100% 1987 5.00 59,690 94% World Park Bldg 6 Fee 100% 1987 7.26 92,400 44% World Park Bldg 7 Fee 100% 1987 8.63 96,000 100% World Park Bldg 8 Fee 100% 1989 14.60 192,000 100% World Park Bldg 9 Fee 100% 1989 4.47 58,800 95% World Park Bldg 11 Fee 100% 1989 8.98 96,000 100% World Park Bldg 14 Fee 100% 1989 8.91 166,400 100% World Park Bldg 15 Fee 100% 1990 6.50 93,600 100% World Park Bldg 16 Fee 100% 1989 7.00 93,600 100% World Park Bldg 17 Fee 50% [1] 1994 15.10 304,000 100% World Park Bldg 18 Fee 100% 1997 16.90 252,000 100% World Park Bldg 28 Fee 100% 1998 11.60 220,160 100% World Park Bldg 29 Fee 100% 1998 21.40 452,000 100% World Park Bldg 31 Fee 100% 1998 7.10 122,120 100% COLUMBUS, OH 2190-2200 Westbelt Dr. Fee 100% 1986 6.12 95,516 69% Westbelt West #1 Fee 100% 1999 9.53 132,800 0% 3800 Zane Trace Dr Fee 100% 1978 3.98 83,167 100% 3635 Zane Trace Dr. Fee 100% 1980 5.24 98,880 100% - 13 - FAIRFIELD, OH Fairfield Bus. Ctr. D Fee 100% 1990 3.23 40,223 100% Fairfield Bus. Ctr. E Fee 100% 1990 6.07 75,356 100% University Moving Fee 100% 1991 4.95 70,000 100% GAHANNA, OH Pet Foods Dist. Fee 100% 1993/1995 16.22 276,000 100% GLENWILLOW, OH Mr. Coffee Fee 50% [1] 1997 35.00 458,000 100% Emerald Valley Bldg 1 Fee 100% 1999 11.50 200,000 100% GROVE CITY, OH South Pointe Bldg A Fee 50% [1] 1995 14.06 293,824 100% South Pointe Bldg B Fee 50% [1] 1996 13.16 307,200 100% South Pointe Bldg C Fee 50% [1] 1996 12.57 322,000 100% South Pointe Bldg D Fee 100% 1997 6.55 116,590 100% South Pointe Bldg E Fee 100% 1997 6.55 82,520 100% GROVEPORT, OH Groveport Comm Ctr #1 Fee 50% [1] 1998 17.78 354,814 100% Groveport Comm Ctr #2 Fee 100% 1999 21.80 437,000 100% 6600 Port Rd. Fee 100% 1995/1998 45.42 1,019,312 100% MASON, OH Governor's Pointe 4700 Fee 100% 1987 5.51 77,890 100% Governor's Pointe 4900 Fee 100% 1987 9.41 79,034 98% Governor's Pointe 4800 Fee 100% 1989 7.07 80,123 100% MILFORD, OH Park 50 Bldg 20 Fee 100% 1987 8.37 96,000 94% Park 50 Bldg 25 Fee 100% 1989 12.20 78,328 94% MONROE, OH Monroe Bus. Center Bldg. 1 Fee 100% 1992 24.50 399,600 100% SHARONVILLE, OH Enterprise Bldg 1 Fee 100% 1990 7.52 87,400 94% Enterprise Bldg 2 Fee 100% 1990 7.52 84,940 86% Enterprise Bldg A Fee 100% 1987 2.65 20,886 100% Enterprise Bldg B Fee 100% 1988 2.65 34,940 94% Enterprise Bldg D Fee 100% 1989 5.40 60,329 100% Mosteller Dist. Center Fee 100% 1957/1996 25.80 357,796 100% Mosteller Dist. Ctr II Fee 100% 1997 12.20 261,440 72% Perimeter Park Bldg A Fee 100% 1991 2.92 28,100 100% Perimeter Park Bldg B Fee 100% 1991 3.84 30,000 100% SOLON, OH Pioneer-Standard Electronics Fee 100% 1998 12.90 224,600 100% Fountain Pkwy. Bldg 1 Fee 100% 1998 6.50 108,700 100% 6450 Davis-Ameritech Fee 100% 1999 5.77 40,372 100% 30600 Carter Fee 100% 1971 11.30 190,188 100% 6230 Cochran Fee 100% 1977 7.20 100,365 98% 31900 Solon - Front Fee 100% 1974 8.30 85,000 100% 5821 Harper Fee 100% 1970 5.80 66,638 100% 6161 Cochran Fee 100% 1978 6.10 62,400 100% 5901 Harper Fee 100% 1970 4.10 55,408 100% 29125 Solon Fee 100% 1980 5.90 47,329 100% 6661 Cochran Fee 100% 1979 4.70 39,000 100% 6521 Davis Fee 100% 1979 3.20 21,600 100% 30301 Carter St. Fee 100% 1972 12.58 219,574 100% STRONGSVILLE, OH Park 82 Bldg 2 Fee 100% 1998 7.10 105,600 100% Park 82 Bldg 1 Fee 100% 1998 4.50 67,540 100% Park 82 Bldg 3 Fee 100% 1999 6.37 85,150 47% Johnson Controls Fee 100% 1972 14.56 85,410 100% Dyment Fee 100% 1988 12.00 246,140 100% TWINSBURG, OH Enterprise Pkwy. #1 Fee 100% 1974/1995 7.40 65,810 42% - 14 - W. CHESTER, OH World Park at Union Ctr 1 Fee 100% 1998 4.00 59,400 94% World Park at Union Ctr 2 Fee 100% 1999 3.82 64,800 59% World Park at Union Ctr 3 Fee 100% 1998 15.00 321,200 100% World Park at Union Ctr 4 Fee 100% 1999 4.46 48,400 89% World Park at Union Ctr 5 Fee 100% 1999 6.43 86,400 43% World Park at Union Ctr 6 Fee 100% 1999 16.25 321,464 100% World Park at Union Ctr 8 Fee 100% 1999 15.47 340,560 61% DUNCAN, SC 170 Pkwy. West Fee 100% 1995 6.50 96,000 100% 285 Pkwy. East Fee 100% 1994/1996 14.36 197,200 100% 190 Pkwy. West Fee 100% 1996 8.61 92,400 100% 265 Pkwy. East Fee 100% 1999 13.08 124,800 0% ANTIOCH, TN Keebler (Nashville) Fee 100% 1985 4.39 36,150 100% BRENTWOOD, TN 7104 Crossroads Blvd Fee 100% 1987 7.00 103,200 100% 7106 Crossroads Blvd Fee 100% 1987 6.70 103,880 86% 7108 Crossroads Blvd Fee 100% 1989 6.60 99,000 100% FRANKLIN, TN 277 Mallory Sta. Fee 100% 1996 8.69 127,318 100% 320 Premier Ct. Fee 100% 1996 7.26 106,357 93% 305 Seaboard Lane Fee 100% 1998 14.23 122,312 63% 416 Mary Lindsay Polk Dr Fee 100% 1996 10.00 161,037 100% 318-II Seaboard Lane Fee 100% 1999 4.07 30,112 81% 318-1 Seaboard Lane Fee 100% 1999 3.25 37,766 43% 119 Seaboard Lane Fee 100% 1990 5.40 90,024 100% 121 Seaboard Lane Fee 100% 1990 3.10 45,480 99% 123 Seaboard Lane Fee 100% 1990 4.10 63,360 100% NASHVILLE, TN 1420 Donelson Pike Fee 100% 1985 7.20 90,000 96% 1410 Donelson Pike Fee 100% 1986 9.30 108,300 86% 1400 Donelson Pike Fee 100% 1996 7.70 102,727 100% 400 Airpark Ctr. Fee 100% 1989 3.20 52,748 100% 500 Airpark Ctr. Dr. Fee 100% 1988 5.40 90,150 79% 600 Airport Ctr. Dr. Fee 100% 1990 4.70 78,800 100% 700 Airpark Ctr. Dr. Fee 100% 1992 4.50 77,518 100% 800 Airpark Ctr. Dr. Fee 100% 1995 6.00 93,928 100% 900 Airpark Ctr. Dr Fee 100% 1995 6.00 84,307 100% 1000 Airpark Ctr. Dr. Fee 100% 1997 8.00 106,122 100% 5270 Harding Place Fee 100% 1996 4.01 51,960 100% 1415 Donelson Pike Fee 100% 1996 12.40 156,933 100% 1413 Donelson Pike Fee 100% 1996 5.15 66,737 100% 5233 Harding Place Fee 100% 1998 4.01 47,938 100% 431 Great Cir. Rd. Fee 100% 1999 19.29 166,137 93% 700 Melrose Ave. Fee 100% 1997 8.32 165,902 100% 684 Melrose Ave. Fee 100% 1998 10.75 137,479 100% 458 Melrose Ave. Fee 100% 1997 8.10 103,600 100% 784 Melrose Ave. Fee 100% 1999 2.89 32,863 100% Greenbriar Bus. Park Fee 100% 1986 10.73 134,759 74% Haywood Oaks Bldg 2 Fee 100% 1988 2.94 50,400 50% Haywood Oaks Bldg 3 Fee 100% 1988 2.94 52,800 79% Haywood Oaks Bldg 4 Fee 100% 1988 5.23 46,800 92% Haywood Oaks Bldg 5 Fee 100% 1988 5.23 61,171 100% Haywood Oaks Bldg 6 Fee 100% 1989 10.53 113,691 100% Haywood Oaks Bldg 7 Fee 100% 1995 8.24 66,873 100% Haywood Oaks Bldg 8 Fee 100% 1997 15.44 71,615 100% Metro Airport Center Bldg 1 Fee 100% 1999 6.37 80,675 94% 566 Mainstream Dr. Fee 100% 1982 6.92 95,644 100% 621 Mainstream Dr. Fee 100% 1984 7.18 52,302 100% 3300 Briley Park Blvd Fee 100% 1997 18.27 194,750 74% 2515 Perimeter Park Fee 100% 1990 4.46 71,031 92% 500 Royal Pkwy. Fee 100% 1990 4.70 75,000 100% COPPELL, TX Freeport II Fee 100% 1996 14.40 280,000 100% Freeport III Fee 100% 1996 15.59 297,903 100% Freeport IV Fee 100% 1996 12.26 125,069 100% - 15 - FORT WORTH, TX 14900 Trinity Blvd. Fee 100% 1984 14.30 310,000 100% GARLAND, TX Int'l. I Fee 100% 1996 12.70 151,200 100% Int'l. II Fee 100% 1996 12.70 283,600 100% IRVING, TX Texas Plaza I Fee 100% 1997 9.10 115,926 100% LEWISVILLE, TX 1550 Lakeway Dr. Fee 100% 1997 11.92 200,515 100% 501 E Corporate Dr. Fee 100% 1998 9.72 159,000 100% MILWAUKEE, WI San Francisco Music Box Fee 33.33% [1] 1993 8.90 153,600 100% OFFICE ------ FT. LAUDERDALE, FL Beacon Pointe at Weston Bldg 1 Fee 49.9% [1] 1999 6.88 97,178 60% JACKSONVILLE, FL 8380-8386 Baymeadows Rd Fee 100% 1983 7.01 72,205 87% 7011 A.C. Skinner Pkwy Fee 100% 1999 4.76 59,612 39% LAKE MARY, FL 1025 Greenwood Blvd. Fee 85% [1] 1998 8.49 109,021 95% MIAMI, FL 8600 NW 17th St. Fee 100% 1993 3.62 63,240 100% TAMPA, FL Highland Oaks I Fee 100% 1999 10.70 125,000 55% ALPHARETTA, GA 3925 Brookside Pkwy. Fee 100% 1998 9.98 106,631 100% 3625 Brookside Pkwy Fee 100% 1999 10.75 133,355 20% 2555 Northwinds Pkwy. Fee 100% 1997 15.27 64,981 100% 2550 Northwinds Pkwy. Fee 100% 1998 14.22 148,509 100% ATLANTA, GA 6 W. Druid Hills Dr. Fee 100% 1968 2.83 81,503 99% 2801 Buford Highway Fee 100% 1977 5.82 115,712 94% 1190 W. Druid Hills Dr. Fee 100% 1980 5.56 79,868 95% DULUTH, GA 3805 Crestwood Pkwy. Fee 100% 1997 7.20 104,947 100% 3885 Crestwood Pkwy. Fee 100% 1998 6.33 105,295 93% KENNESAW, GA 3391 Town Point Pkwy Fee 100% 1999 7.35 93,849 34% NORCROSS, GA 4366 Park Dr. Fee 100% 1981 1.00 9,481 100% 1835 Shackelfort Ct. Fee 100% 1990 3.29 56,576 97% 1854 Shackleford Rd. Fee 100% 1985/1995 6.30 93,190 73% 4275 Shackleford Ct. Fee 100% 1985 2.86 32,280 92% 3080 Northwoods Cir. Fee 100% 1952 2.33 30,768 75% 5755 Peachtree Indust. Blvd Fee 100% 1997 6.00 50,000 100% ROSWELL, GA 1357 Hembree Rd. Fee 100% 1999 5.62 50,944 98% 10745 Westside Pkwy. Fee 100% 1995 5.00 58,093 100% ARLINGTON HEIGHTS, IL Atrium II Fee 100% 1986 6.55 100,952 100% DOWNERS GROVE, IL Executive Towers I Fee 100% 1983 6.33 204,701 89% Executive Towers II Fee 100% 1984 6.33 224,206 100% Executive Towers III Fee 100% 1987 6.33 222,400 86% LAKE FOREST, IL One Conway Park Fee 100% 1989 8.97 102,579 94% LISLE, IL Central Park Of Lisle 1 Fee 50% [1] 1990 8.88 345,200 98% LOMBARD, IL Yorktown Office Center Fee 100% 1979/1981 7.52 98,619 96% WESTMONT, IL Oakmont Cir. Office Fee 100% 1990 6.90 115,737 100% - 16 - CARMEL, IN Hamilton Crossing Bldg 2 Fee 100% 1997 5.10 33,784 100% Hamilton Crossing Bldg 4 Fee 100% 1999 5.80 84,000 74% FISHERS, IN Delaware Park - -Banc One Fee 100% 1999 14.00 193,000 100% GREENWOOD, IN South Park Bldg 1 Fee 100% 1989 5.40 39,715 88% South Park Bldg 3 Fee 100% 1990 3.25 36,082 89% INDIANAPOLIS, IN 8465 Katc 2-story Fee 100% 1983 1.31 28,298 84% F.C. Tucker Fee/ 100% 1978 4.70 4,840 100% Ground Lease [3] 8555 Katc 4-story Fee/ 100% 1985 5.42 75,545 98% Ground Lease [3] 3520 Commerce Crsg. Ground/ 100% 1976 2.69 30,900 67% Bldg. Lease [4] One North Capital [5] 100% 1980 0.34 161,984 91% Park 100 Bldg 34 Fee 100% 1979 2.00 22,545 100% Park 100 Bldg 116 Fee 100% 1988 5.28 35,713 100% Park 100 Bldg 118 Fee 100% 1988 6.50 35,700 100% Park 100 Bldg 119 Fee 100% 1989 6.50 53,300 100% Park 100 Bldg 124 Fee 50% [1] 1992 3.88 48,000 100% Park 100 Bldg 132 Fee 100% 1997 4.40 27,600 100% Woodland Corp Centre I Fee 100% 1998 6.00 77,186 100% Woodland Corporate Center II Fee 100% 1999 5.25 60,000 76% One Parkwood Fee 100% 1989 5.93 108,216 100% Two Parkwood Fee 100% 1996 5.96 93,950 100% Three Parkwood Fee 100% 1997 6.24 122,712 98% Four Parkwood Fee 100% 1998 5.90 133,086 95% Five Parkwood Fee 100% 1999 3.37 133,758 80% Software Artistry Fee 100% 1998 6.90 108,273 100% 8440 Woodfield Fee 100% 1987 7.50 117,818 98% 8425 Woodfield Fee 100% 1989 13.30 259,777 99% BLOOMINGTON, MN Alpha Bus. Ctr I&II Fee 100% 1980 13.57 41,581 91% Norman Center 2 Fee 100% 1970 6.23 62,301 100% Norman Center 4 Fee 100% 1967 4.27 45,332 100% BURNSVILLE, MN Professional Plaza I Fee 100% 1986 2.80 38,652 73% Golden Valley, MN Edina Realty Fee 100% 1965 1.93 24,080 100% North Star Title Fee 100% 1965 3.41 42,479 100% Tyrol West Fee 100% 1968 2.98 37,098 51% MINNETONKA, MN 10801 Red Cir. Dr. Fee 100% 1977 4.00 60,078 100% PLYMOUTH, MN Medicine Lake Prof Bldg Fee 100% 1970 1.54 8,100 100% Westpoint Bus. Ctr Fee 100% 1978 1.28 16,413 77% ST. LOUIS PARK, MN 5219 Bldg. Fee 100% 1965 0.73 9,141 90% North Plaza Fee 100% 1966 2.26 28,693 96% South Plaza Fee 100% 1966 2.68 33,370 97% Travelers Express Towers Fee 100% 1987 5.40 237,643 99% CREVE COUER, MO Twin Oaks Fee 100% 1995 5.91 85,071 82% EARTH CITY, MO 3322 NGIC Fee 100% 1987 6.61 112,000 100% MCI Fee 100% 1998 11.90 96,495 100% MARYLAND HEIGHTS, MO Riverport Tower Fee 100% 1991 20.40 317,891 100% ST. LOUIS, MO 3300 Pointe 70 Fee 100% 1989 6.61 104,583 100% Laumeier I Fee 100% 1987 4.26 114,037 100% Laumeier II Fee 100% 1988 4.64 112,477 98% 500-510 Maryville Center Fee 100% 1984 9.27 165,544 91% 530 Maryville Center Fee 100% 1990 5.31 107,957 100% - 17 - ST. LOUIS, MO (CONT'D) 550 Maryville Ctr. Fee 100% 1988 4.55 97,109 96% 635-645 Maryville Ctr. Fee 100% 1987 8.78 148,307 100% 655 Maryville Ctr. Fee 100% 1994 6.26 90,499 100% 540 Maryville Ctr. Fee 100% 1990 5.23 107,970 93% 625 Maryville Ctr. Fee 49% [1] 1994 6.26 101,576 100% 520 Maryville Ctr. Fee 100% 1998 5.30 115,453 100% Express Scripts HQ Fee 100% 1999 11.40 141,774 100% Westmark Fee 100% 1987 6.95 123,889 71% Westview Place Fee 100% 1988 2.69 123,563 90% SUNSET HILLS, MO Laumeier IV Fee 100% 1987 2.24 62,842 100% CARY, NC 200 Regency Forest Dr. Fee 100% 1999 23.95 102,561 100% 100 Regency Forest Dr. Fee 100% 1997 12.30 103,597 94% 6501 Weston Pkwy. Fee 100% 1996 8.52 93,990 100% MORRISVILLE, NC 2400 Perimeter Park Dr. Fee 100% 1999 5.50 59,629 100% 1400 Perimeter Park Dr. Fee 100% 1991 3.33 44,916 50% 1500 Perimeter Park Dr. Fee 100% 1996 5.47 81,000 98% 1600 Perimeter Park Dr. Fee 100% 1994 5.70 94,897 100% 1800 Perimeter Park Dr. Fee 100% 1994 3.94 54,434 100% 2000 Perimeter Park Dr. Fee 100% 1997 4.25 55,906 100% 1700 Perimeter Center West Fee 100% 1997 5.08 77,239 100% 3900 N. Paramount Pkwy. Fee 100% 1998 5.88 100,987 100% 3900 S. Paramount Pkwy Fee 100% 2000 5.88 119,162 61% 5200 Paramount Pkwy. Fee 100% 1999 12.19 154,853 100% RALEIGH, NC 5520 Capital Ctr Dr Fee 100% 1993 3.67 37,630 100% 801 Jones Franklin Rd Fee 100% 1995 4.09 69,151 100% BEACHWOOD, OH One Corporate Exchange Fee 100% 1989 5.30 88,376 88% Corporate Place Fee 100% 1988 4.50 86,581 84% BLUE ASH, OH Huntington Bank Bldg. Fee 100% 1986 0.94 3,235 100% Lake Forest Place Fee 100% 1985 13.50 217,264 100% Westlake Center Fee 100% 1981 11.76 180,087 95% CINCINNATI, OH One Ashview Place Fee 100% 1989 6.88 120,924 98% Blue Ash Office Ctr VI Fee 100% 1989 2.96 36,138 85% Zussman Bldg - 311 Elm St. Ground/ 100% 1986 0.69 90,127 52% Bldg. Lease [6] 312 Elm Fee 100% 1992 1.10 378,786 99% Executive Plaza I Fee 100% 1980 5.83 88,398 92% Executive Plaza II Fee 100% 1981 5.02 88,885 100% Executive Plaza III Fee 100% 1998 5.60 90,073 97% Dun & Bradstreet Bldg Fee 100% 1972 8.34 38,000 100% 8790 Governor's Hill Fee 100% 1985 5.00 58,177 88% 8700 Governor's Hill Fee 100% 1985 4.98 58,617 100% 8800 Governor's Hill Fee 100% 1985 2.13 28,700 100% 8600 Governor's Hill Fee 100% 1986 10.79 202,106 100% Kenwood Exec. Center Fee 100% 1981 3.46 51,967 76% 8230 Kenwood Commons Fee 75% [1] 1986 2.09 46,145 56% 8280 Kenwood Commons Fee 75% [1] 1986 2.09 44,774 93% Kenwood MOB Fee 100% 1999 7.50 80,352 100% Ohio National Fee 100% 1996 9.00 214,272 96% Pfeiffer Woods Office Bldg Fee 100% 1998 11.30 116,364 100% 312 Plum Fee 100% 1987 0.69 230,489 98% Remington Park Bldg A Fee 100% 1982 3.20 38,473 100% Remington Park Bldg B Fee 100% 1982 3.20 38,099 100% Triangle Office Park Fee 100% 1965/1985 15.64 172,650 87% COLUMBUS, OH One Easton Oval Fee 100% 1998 7.69 127,080 66% Two Easton Oval Fee 100% 1996 7.66 128,707 100% 1000 Polaris Pkwy. Fee 100% 1992 8.42 72,588 100% Xerox Bldg-5555 Parkcenter Cir Fee 100% 1992 6.09 84,138 66% - 18 - DUBLIN, OH Metrocenter III Fee 100% 1983 5.91 75,342 100% Scioto Corporate Center Fee 100% 1987 7.58 57,251 72% LCI Int'l. Fee 100% 1990 13.00 164,639 100% Sterling 1 Fee 100% 1990 7.66 106,300 100% Indiana Insurance Fee 100% 1994 3.86 49,600 74% Sterling 2 Fee 100% 1995 3.33 57,660 100% John Alden Life Ins. Fee 100% 1995 6.51 104,016 100% Cardinal Health Fee 100% 1995 10.95 132,939 100% Sterling 3 Fee 100% 1996 3.56 64,500 100% Compmanagement Fee 100% 1997 5.60 68,700 100% Sterling 4 Fee 100% 1998 3.10 94,219 100% Parkwood Place Fee 100% 1997 9.08 156,000 100% Nationwide Fee 100% 1996 17.90 315,102 100% Emerald II Fee 100% 1998 3.21 45,716 100% Atrium II, Phase I Fee 100% 1998 11.04 145,716 97% Atrium II, Phase II Fee 100% 1999 10.42 145,512 100% Blazer I Fee 100% 1999 5.65 71,491 100% INDEPENDENCE, OH Corporate Plaza I Fee 100% 1989 6.10 114,028 97% Corporate Plaza II Fee 100% 1991 4.90 103,834 95% Freedom Square I Fee 100% 1980 2.59 40,548 97% Freedom Square II Fee 100% 1987 7.41 116,665 93% Freedom Square III Fee 100% 1997 2.00 71,025 100% 6111 Oak Tree Fee 100% 1979/1995 5.00 70,906 98% Park Center Bldg I Fee 100% 1998 6.68 133,550 95% Park Center Bldg 2 Fee 100% 1999 6.67 142,150 97% MASON, OH Deerfield Crossing Bldg 1 Fee 100% 1999 8.50 159,624 28% Governor's Pointe 4770 Fee 100% 1986 4.50 76,037 85% Governor's Pointe 4705 Fee 100% 1988 7.50 140,984 100% Governor's Pointe 4605 Fee 100% 1990 8.00 178,725 100% Governor's Pointe 8990 Fee 100% 1997 5.00 78,240 100% Governor's Pointe 4660 Fee 100% 1997 4.65 76,902 67% Governor's Pointe 4680 Fee 100% 1998 9.80 126,102 98% MAYFIELD HEIGHTS, OH Landerbrook Corp. Center I Fee 100% 1997 8.00 112,886 99% Landerbrook Corp. Center II Fee 100% 1998 5.74 103,300 97% MILFORD, OH Park 50 Bldg 17 Fee 100% 1985 8.19 70,644 87% Park 50 Bldg 26 Fee 100% 1991 13.00 221,215 100% NEW ALBANY, OH Express-Med Fee 50% [1] 1998 8.81 103,606 100% NORTH OLMSTEAD, OH Corporate Center I Fee 100% 1985 5.33 99,260 92% Corporate Center II Fee 100% 1987 5.32 104,402 93% NORTH OLMSTED, OH Corporate Center III Fee 100% 1999 1.80 68,000 91% PEPPER PIKE, OH Corporate Cir. Fee 100% 1983 6.65 122,943 82% SEVEN HILLS, OH Rock Run - North Fee 100% 1984 5.00 62,565 93% Rock Run - Center Fee 100% 1985 5.00 61,099 94% Rock Run - South Fee 100% 1986 5.00 62,989 90% WESTERVILLE, OH Liebert Fee 100% 1999 5.65 67,657 100% BRENTWOOD, TN Creekside Crossing One Fee 100% 1998 5.35 116,450 93% FRANKLIN, TN 341 Cool Springs Blvd Fee 100% 1999 18.18 87,790 0% NASHVILLE, TN Three Lakeview Fee 100% 1999 7.11 149,700 7% One Lakeview Place Fee 100% 1986 6.46 114,972 75% Two Lakeview Place Fee 100% 1988 6.45 114,586 98% 545 Mainstream Dr. Fee 100% 1983 8.91 86,676 100% - 19 - PLANO, TX Metasolv Bldg. Phase I Fee 100% 1997 5.40 52,000 100% Metasolv Bldg. Phase II Fee 100% 1999 5.40 100,000 100% RETAIL - ------ MIAMI, FL 8575 NW 13th Terr. Fee 100% 1993 17.43 87,005 100% 8323 NW 12th St. Fee 100% 1991 7.50 120,631 84% ALPHARETTA, GA 11835 Alpharetta Highway Fee 100% 1994 2.25 15,000 100% ATLANTA, GA 2071 N. Druid Hills Dr. Fee 100% 1968 0.59 4,115 100% 5300 Peachtree Indust. Blvd Fee 100% 1966 2.16 29,870 100% NORCROSS, GA 1480 Beaver Ruin Rd. Fee 100% 1989 2.08 14,992 74% BLOOMINGTON, IL Lakewood Plaza Fee 100% 1987 11.23 87,056 99% CHAMPAIGN, IL Market View Shopping Ctr. Fee 100% 1985 8.50 86,553 84% CARMEL, IN Hamilton Crossing Retail Bld 1 Fee 100% 1999 9.00 82,306 70% FORT WAYNE, IN Coldwater Crossing Fee 100% 1990 35.38 246,365 91% INDIANAPOLIS, IN Cub Center Fee 100% 1986 6.83 60,136 96% Michaels Plaza Fee 100% 1984 4.50 50,374 85% Greenwood Corner Shops Fee 100% 1986 7.45 50,840 100% First Indiana Branch Fee 100% 1988 1.00 2,400 100% Park 100 Retail Bldg 121 Fee 100% 1989 2.27 19,716 52% FLORENCE, KY Sofa Express - Florence Fee 100% 1997 1.78 20,250 100% CINCINNATI, OH Eastgate Square Fee 100% 1990/1996 11.60 94,182 100% Garden Ridge (Eastgate) Fee 100% 1998 13.94 141,500 100% Kohl's Department Store Fee 100% 1994 12.00 80,684 100% Sofa Express - Gov. Plaza Fee 100% 1995 1.13 15,000 100% Office Max Fee 100% 1995 2.25 23,484 100% Fountain Place Fee 14% [1] 1997 1.98 206,315 100% Governors Plaza Fee 100% 1990 20.75 181,014 100% King's Auto Mall I Fee 100% 1990 5.68 52,715 100% King's Mall Retail Ctr II Fee 100% 1988 8.90 67,284 100% Tri-county Mktpl. Fee 100% 1998 10.36 74,246 100% Western Hills Mktpl. Fee 100% 1998 10.50 148,650 85% DUBLIN, OH Tuttle Retail Center Fee 100% 1995/1996 13.44 185,718 100% LOVELAND, OH Montgomery Crossing Phase I Fee 100% 1993 1.90 21,008 100% Montgomery Crossing Phase II Fee 100% 1994 7.00 68,648 100% MASON, OH Bigg's Supercenter Fee 100% 1996 14.00 198,940 97% Lowes Fee 100% 1997/1999 17.90 161,397 100% Total In-Service 6,212.67 92,502,247 92% -------- ---------- NET PCT OWNER- EXPECTED LAND RENTABLE LEASED PROJECT NAME/ SHIP CO'S IN-SERVICE AREA AREA 12-31 LOCATION INTEREST INTEREST DATE (ACRES) (SQ. FT.) 1999 - ------------- --------- -------- ---------- -------- --------- ------ UNDER DEVELOPMENT INDUSTRIAL - ---------- FT. LAUDERDALE, FL Sawgrass - Bldg. 1 Fee 95% [1] 2000 8.55 84,069 24% ORLANDO, FL 7022 TPC Dr. Fee 100% 2000 7.04 86,316 0% - 20 - ALPHARETTA, GA Ridgeland Bus. Dist. II Fee 100% 2000 7.15 78,400 0% KENNESAW, GA 3200 Town Point Dr. Fee 100% 2000 6.73 72,000 69% ROSEWELL, GA Founders Park SC 1 Fee 100% 2000 9.10 110,000 0% SUWANEE, GA 100 Crestridge Dr. Fee 100% 2000 8.03 99,822 100% AURORA, IL Meridian I Fee 100% 2000 11.65 186,600 18% BOLINGBROOK, IL Crossroads 3 Fee 100% 2000 10.64 187,000 0% CARMEL, IN H.C. Bldg 1 West Expansion Fee 100% 2000 4.10 51,300 69% FISHERS, IN Exit 5 Bldg. II Fee 100% 2000 8.60 120,000 0% INDIANAPOLIS, IN Park 100 Bldg 129 Expansion Fee 100% 2000 7.80 137,600 100% LEBANON, IN Pamida Expansion Fee 100% 2000 11.66 218,400 100% PLAINFIELD, IN Plainfield Bldg. 1 Fee 100% 2000 21.25 450,000 100% Plainfield Bldg. 2 Fee 100% 2000 26.70 481,440 0% HEBRON, KY Skyport Bldg. 3 Fee 100% 2000 28.80 473,000 100% BROOKLYN PARK, MN Crosstown North Bus Ctr 5 Fee 100% 2000 8.87 142,708 46% Crosstown North Bus Ctr 6 Fee 100% 2000 5.57 73,109 0% EAGAN, MN Apollo Indust. Ctr II Fee 100% 2000 4.30 70,089 100% Apollo Indust. Ctr III Fee 100% 2000 13.00 240,000 0% MARYLAND HEIGHTS, MO Riverport 2 Fee 100% 2000 9.51 104,800 0% ST. LOUIS, MO Westport Center V Fee 100% 2000 5.09 35,000 0% WESTPORT, MO Westport Center IV Fee 100% 2000 14.71 173,500 0% CANAL WINCHESTER, OH Nifco at Canal Winchester Fee 100% 2000 6.82 76,800 100% CINCINNATI, OH Cincinnati Bell Supply @ IAMS Fee 100% 2000 9.00 80,100 100% World Park Bldg #30 Fee 100% 2000 33.23 615,600 100% COLUMBUS, OH Westbelt West #2 Fee 100% 2000 11.24 184,000 0% GROVEPORT, OH Groveport Comm Ctr #3 Fee 100% 2000 10.60 168,000 0% Groveport Comm Ctr #4 Fee 100% 2000 22.95 425,000 0% STRONGSVILLE, OH Park 82 Bldg 4 Fee 100% 2000 8.24 170,550 0% TWINSBURG, OH Enterprise Pkwy. Bldg 2 Fee 100% 2000 12.00 198,000 55% NASHVILLE, TN Haywood Oaks East Fee 100% 2000 13.00 120,657 0% Metrocenter Flex Bldg I Fee 100% 2000 8.26 42,013 0% GARLAND, TX Garland Bus. Center II Fee 100% 2000 15.15 143,520 0% IRVING, TX Texas Plaza II Fee 100% 2000 5.22 71,550 0% - 21 - OFFICE - ------ CELEBRATION, FL Celebration C-9 Fee 100% 2000 6.08 80,000 0% LAKE MARY, FL Northpoint Center II Fee 95% [1] 2000 8.76 108,499 0% TAMPA, FL Highland Oaks II Fee 100% 2000 10.70 124,997 0% DULUTH, GA Hampton Green Office Bldg Fee 100% 2000 10.11 121,827 41% LAWRENCEVILLE, GA Huntcrest Office I Fee 50% [1] 2000 7.19 103,650 0% AURORA, IL Hartford BTS Fee 100% 2000 12.02 140,000 93% LISLE, IL Central Park of Lisle 2 Fee 50% [1] 2000 8.36 303,246 23% INDIANAPOLIS, IN Hamilton Crossing Bldg 3 Fee 100% 2000 8.63 141,812 64% Six Parkwood Fee 100% 2000 6.10 197,542 40% Seven Parkwood Fee 50% [1] 2000 4.40 85,250 74% Woodland Corp Center III Fee 100% 2000 6.03 65,500 75% BLOOMINGTON, MN Norman Pointe I Fee 100% 2000 4.00 210,000 0% ST. LOUIS PARK, MN 1600 Tower Fee 100% 2000 3.00 244,541 1% ST. LOUIS, MO 700 Bldg. Fee 100% 2000 5.70 215,564 100% 533 Maryville Centre Fee 100% 2000 5.44 125,296 0% Westport Place Fee 100% 2000 6.03 95,000 0% CARY, NC Regency Forest III Fee 100% 2000 8.47 109,570 0% MORRISVILLE, NC 3500 Paramount Pkwy Fee 100% 2000 3.36 61,380 100% RALEIGH, NC Brook Forest I Fee 100% 2000 4.88 65,721 0% 1801 Varsity Dr. in DCLP Fee 100% 2000 3.10 120,000 100% CINCINNATI, OH Alliance Fee 60% [7] 2001 7.10 158,900 100% COLUMBUS, OH Easton Plaza One Fee 100% 2000 5.12 107,083 0% DUBLIN, OH Parkwood II Fee 100% 2000 8.98 156,428 0% Blazer II Fee 100% 2000 5.93 85,082 60% INDEPENDENCE, OH Park Center Bldg 3 Fee 100% 2000 6.67 133,958 0% NEW ALBANY, OH Novus Services, Inc. Fee 100% 2000 51.70 326,481 100% 6525 W. Campus Oval Fee 50% [1] 2000 4.40 66,000 56% BRENTWOOD, TN Creekside Crossing 2 Fee 100% 2000 5.35 116,390 25% RETAIL - ------ WOODLAWN, OH Glenwood Crossing Fee 100% 2000 14.06 34,900 22%
Total Under Development 636.23 9,875,560 41% ------ --------- Total In-Service and Under Development 6,848.90 102,377,807 87% ======== =========== - 22 - [1] The Company retains the indicated effective ownership interest in an entity which owns the building. The Company shares in the profit or loss from such building in accordance with the Company's ownership interest. [2] These buildings are owned by a partnership in which the Company is a partner. The Company owns a 10% capital interest in the partnership and receives a 50% interest in the residual cash flow after payment of a 9% preferred return to the other partner on its capital interest. [3] The Company owns the building and has a leasehold interest in the land underlying this building with a lease term expiring in 2048 or later. [4] The Company has a leasehold interest in this building with a lease term expiring May 2006. [5] These are properties for which there are loans to owners which fully encumber the properties. Under the terms of the loans, the Company effectively receives all income and economic value from the properties. As a result, the properties are accounted for as owned properties. [6] The Company has a leasehold interest in the building and the underlying land with a lease term expiring June 2020. The Company has an option to purchase the fee interest in the property throughout the term of the lease. [7] This building is owned by a partnership in which the Company owns a 60% interest. The Company receives an 11% cumulative preferred return on its equity, with any excess cash flow after debt service received in accordance with the ownership interest. - 23 - ITEM 3. LEGAL PROCEEDINGS The Company is not party to any claims or litigation that it believes the results, individually or in the aggregate, will have a material adverse effect on its business, financial position or results of operations. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters were submitted to a vote of security holders during the fourth quarter of the year ended December 31, 1999. PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS The Company's common shares are listed for trading on the New York Stock Exchange, symbol DRE. The following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period. Comparable cash dividends are expected in the future. As of February 29, 2000, there were 10,382 record holders of common shares.
1999 1998 ------------------------ ------------------------- Quarter Ended High Low Dividend High Low Dividend ------------- ---- --- -------- ---- --- -------- December 31 $20.00 $16.63 $.39 $24.38 $21.50 $.34 September 30 22.94 18.25 .39 24.31 19.50 .34 June 30 24.25 20.13 .34 25.00 21.81 .30 March 31 23.69 20.50 .34 25.00 22.31 .30
On January 26, 2000, the Company declared a quarterly cash dividend of $.39 per share payable on February 29, 2000 to common shareholders of record on February 11, 2000. Following is a summary of the taxable nature of the Company's dividends for the three years ended December 31:
1999 1998 1997 ---- ---- ---- Total dividends paid per share $1.46 $1.28 $1.10 ==== ==== ==== Percent taxable as ordinary income 94.88% 96.33% 100.00% Percent taxable as long-term capital gains 1.30% - - Percent non-taxable as return of capital 3.82% 3.67% - ------- ------- ------- 100.00% 100.00% 100.00% ======= ======= =======
Dividends per common share of $1.27, $1.09 and $.97 were required for the Company to maintain its REIT status in 1999, 1998, and 1997, respectively. See "Item 10-Directors and Executive Officers of the Registrant" for a description of certain shares of common stock issued to non- employee directors in non-registered transactions pursuant to Section 4(2) under the Securities Act of 1933, as amended. ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA The following sets forth selected consolidated financial and operating information on a historical basis for the Company for each of the years in the five-year period ended December 31, 1999. The following information should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8, "Financial Statements and Supplementary Data" included in this Form 10-K (in thousands, except per share amounts): - 24 -
1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- Results of Operations: Revenues: Rental Operations $ 535,563 $ 348,625 $ 229,702 $ 162,160 $ 113,641 Service Operations 54,031 24,716 22,378 19,929 17,777 --------- ---------- -------- --------- --------- Total Revenues $ 589,594 $ 373,341 $ 252,080 $ 182,089 $ 131,418 ========= ========= ========= ========= ========= Net Income Available for Common Shares $ 139,636 $ 90,871 $ 65,999 $ 50,872 $ 35,019 ========= ========= ========= ========= ========= Per Share Data (1): Net Income per Common Share: Basic $ 1.33 $ 1.13 $ .99 $ .91 $ .77 Diluted 1.32 1.12 .98 .90 .77 Dividends paid per Common Share 1.46 1.28 1.10 1.00 .96 Weighted Average Common Shares Outstanding 104,884 80,704 66,427 56,134 45,358 Weighted Average Common and Dilutive Potential Common Shares 120,511 92,468 74,993 64,398 53,802 BALANCE SHEET DATA (AT DECEMBER 31): Total Assets $5,486,238 $2,853,653 $2,176,214 $1,361,142 $1,045,588 Total Debt 2,113,476 1,007,317 720,119 525,815 454,820 Total Preferred Equity 609,998 360,000 225,000 75,000 - Total Shareholders' Equity 2,668,596 1,570,112 1,234,681 754,932 534,789 Total Common Shares Outstanding (1) 125,823 86,053 76,065 58,972 48,304 OTHER DATA: Funds From Operations (2) $ 234,273 $ 154,074 $ 107,256 $ 76,079 $ 54,746 Cash Flow Provided by (Used by): Operating activities $ 342,680 $ 221,188 $ 159,195 $ 95,135 $ 78,620 Investing activities (767,314) (703,814) (597,324) (276,748) (289,569) Financing activities 436,449 479,223 443,148 181,220 176,243
(1)Information for all five years reflects the two-for-one stock split effected in August 1997. (2)Funds From Operations, is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. Funds From Operations does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company's operating performance, and is not indicative of cash available to fund all cash flow needs. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW -------- The Company's income from rental operations is substantially influenced by the supply and demand for the Company's rental space in its primary markets, its ability to maintain occupancy rates and increase rental rates on its in-service portfolio and to continue development and acquisition of additional rental properties. The Company's primary markets in the Midwest have continued to offer strong and stable local economies and have provided attractive new development opportunities because of their central location, established manufacturing base, skilled work force and moderate labor costs. Additionally, through the Weeks Merger (see discussion below under Merger with Weeks Corporation), the Company has expanded and diversified its geographic base into southeastern markets that have similar demographics to the Midwest and are located in fast growing southeast cities expected to provide additional growth opportunities. The Company's occupancy rate of its in-service portfolio was 91.9% at December 31, 1999. The Company expects to maintain its overall occupancy at comparable levels and to increase rental rates as leases are renewed or new leases are executed. This stable occupancy and increasing rental rates should improve the Company's results of operations from its in-service properties. The Company's strategy for continued growth includes developing and acquiring additional rental properties in its primary markets and expanding into other attractive markets. - 25 - The Company tracks Same Property performance which compares those properties that were in-service for all of a two-year period. As a result of the rapid growth of the Company, this population of properties only represented 62.4% and 47.7% of the in-service portfolio at December 31, 1999 and December 31, 1998, respectively. In 1999, net operating income from the same property portfolio increased 3.2% over 1998, while for 1998, net operating income from the same property portfolio increased 5.4% over 1997. The following table sets forth information regarding the Company's in- service portfolio of rental properties as of December 31, 1999 (square feet in thousands):
Total Percent of Square Feet Total Square Feet Percent Occupied ---------------- ----------------- ------------------- Type 1999 1998 1999 1998 1999 1998 - ---- ---- ---- ---- ---- ---- ---- INDUSTRIAL Service Centers 12,762 6,123 13.8% 11.7% 93.5% 93.4% Bulk 58,428 29,745 63.2% 57.2% 91.4% 95.4% OFFICE Suburban 17,767 13,015 19.2% 25.0% 91.5% 95.0% CBD 861 861 .9% 1.7% 92.4% 96.3% RETAIL 2,684 2,284 2.9% 4.4% 95.1% 95.8% ------ ------ ----- ----- Total 92,502 52,028 100.0% 100.0% 91.9% 95.1% ====== ====== ===== =====
Management expects occupancy of the in-service property portfolio to remain stable because (i) only 10.3% and 10.9% of the Company's occupied square footage is subject to leases expiring in 2000 and 2001, respectively, and (ii) the Company's renewal percentage averaged 72%, 69% and 81% in 1999, 1998 and 1997, respectively. The following tables reflects the Company's in-service lease expiration schedules as of December 31, 1999, by product type indicating square footage and annualized net effective rents under expiring leases (in thousands, except per square foot amounts):
Industrial Portfolio Office Portfolio Retail Portfolio Total Portfolio -------------------- ---------------- ---------------- --------------- Yr of Sq Sq Sq Sq Exp. Ft Rent Ft Rent Ft Rent Ft Rent - ----- --- ---- --- ---- --- ---- -- ---- 2000 6,966 $ 32,834 1,643 $ 20,247 150 $ 1,375 8,759 $ 54,456 2001 7,342 32,051 1,867 23,115 84 1,010 9,293 56,176 2002 8,964 42,053 2,228 26,647 113 1,505 11,305 70,205 2003 7,600 37,830 1,942 25,566 168 2,895 9,710 66,291 2004 7,659 40,128 2,470 34,307 128 1,200 10,257 75,635 2005 5,706 25,440 1,416 19,879 259 2,334 7,381 47,653 2006 4,128 19,243 980 14,193 8 108 5,116 33,544 2007 3,828 17,114 680 9,494 64 584 4,572 27,192 2008 4,368 18,949 975 13,835 46 614 5,389 33,398 2009 5,135 23,609 1,382 19,693 131 1,638 6,648 44,940 There- after 3,668 16,829 1,472 20,994 1,402 12,538 6,542 50,361 ------ ------- ------ ------- ----- ------ ------ ------- Total 65,364 $306,080 17,055 $227,970 2,553 $25,801 84,972 $559,851 ====== ======= ====== ======= ===== ====== ====== ======= Total Port- folio 71,190 18,628 2,684 92,502 ====== ====== ===== ====== Annualized net effective rent per square foot leased $ 4.68 $ 13.37 $10.11 $ 6.59 ======= ======= ===== =======
This stable occupancy, along with increasing rental rates in each of the Company's markets, will allow the in-service portfolio to continue to provide an increasing level of earnings from rental operations. The Company also expects to realize growth in earnings from rental operations through (i) the development and acquisition of additional rental properties in its primary markets; (ii) the expansion into other attractive markets; (iii) re-deployment of capital proceeds from the disposal of non-performing and low - 26 - growth assets into additional rental properties with excellent long- term growth prospects; and (iv) the completion of the 9.9 million square feet of properties under development at December 31, 1999, over the next four quarters and thereafter. These properties under development are expected to be placed in service as follows (in thousands, except percentages):
Anticipated Estimated Anticipated In-Service Square Percent Project Stabilized Date Feet Pre-Leased Costs Return ---------------- ------ ---------- ---------- ----------- 1st Quarter 2000 3,354 39% $238,469 11.0% 2nd Quarter 2000 3,694 38% 183,436 11.2% 3rd Quarter 2000 1,861 56% 140,867 11.9% Thereafter 967 32% 115,092 11.2% ----- ------- 9,876 41% $677,864 11.3% ===== =======
MERGER WITH WEEKS CORPORATION In July 1999, Weeks Corporation ("Weeks"), a self-administered, self- managed geographically focused REIT which operated primarily in the southeastern United States, was merged with and into Duke Realty Investments, Inc. ("Duke"). This transaction is hereafter referred to as the "Weeks Merger." In accordance with the terms of the Weeks Merger, each outstanding Weeks common share was converted into 1.38 common shares of Duke and each outstanding Weeks Series A preferred share was converted into one comparable share of a new class of the Company's Series F cumulative redeemable preferred shares (the "Series F Preferred Shares"). As a result, 27.4 million common shares and 6,000,000 Series F Preferred Shares were issued to Weeks' shareholders in exchange for all of the outstanding Weeks common and preferred shares. The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million. The transaction was structured as a tax-free merger and was accounted for under the purchase method. RESULTS OF OPERATIONS --------------------- A summary of the Company's operating results and property statistics for each of the years in the three-year period ended December 31, 1999, is as follows (in thousands, except number of properties and per share amounts):
1999 1998 1997 ---- ---- ---- Rental Operations revenues $535,563 $348,625 $229,702 Service Operations revenues 54,031 24,716 22,378 Earnings from Rental Operations 195,393 125,967 83,740 Earnings from Service Operations 17,872 7,195 7,153 Operating income 196,709 121,589 84,363 Net income available for common shares 139,636 90,871 65,999 Weighted average common shares outstanding (1) 104,884 80,704 66,427 Weighted average common and dilutive potential common shares (1) 120,511 92,468 74,993 Basic income per common share (1) $ 1.33 $ 1.13 $ .99 Diluted income per common share (1) $ 1.32 $ 1.12 $ .98 Number of in-service properties at end of year 865 453 355 In-service square footage at end of year 92,502 52,028 40,668 Under development square footage at end of year 9,876 7,241 5,243
(1) As adjusted for the two-for-one stock split effected in August 1997. - 27 - COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR ENDED DECEMBER 31, 1998 ----------------------------------------------------------------------- Rental Operations ----------------- The Company increased its in-service portfolio of rental properties from 453 properties comprising 52.0 million square feet at December 31, 1998 to 865 properties comprising 92.5 million square feet at December 31, 1999 through the acquisition of 366 properties totaling 31.4 million square feet and the placement in service of 67 properties and one four building expansions totaling 10.4 million square. Of these additional acquisition properties, 335 properties totaling 28.6 million square feet relate to the Weeks Merger. The Company also disposed of 21 properties totaling 1.3 million square feet. These 412 net additional rental properties primarily account for the $186.9 million increase in revenues from Rental Operations from 1998 to 1999. The increase from 1998 to 1999 in rental expenses, real estate taxes and depreciation and amortization expense is also a result of the additional 412 in-service rental properties. The $26.5 million increase in interest expense is primarily attributed to higher outstanding debt balances associated with the financing of the Company's investment activities. The increased balances include $450 million of unsecured debt issued in 1999, the assumption of $185 million of secured debt and $287 million of unsecured debt in the Weeks Merger, and increased borrowings on the Company's unsecured lines of credit. These higher borrowing costs were partially offset by the capitalization of interest on increased property development activities which increased in 1999 compared to 1998. As a result of the above mentioned items, earnings from Rental Operations increased $69.4 million from $126.0 million for 1998 to $195.4 million for 1999. Service Operations ------------------ Service Operations revenues increased from $24.7 million to $54.0 million for the year ended 1999 as compared to 1998 primarily as a result of increases in construction management fee revenue because of an increase in third-party construction volume. Service Operations expenses increased from $17.5 million to $36.1 million for the year ended 1999 as compared to 1998 as a result of (i) payroll increasing from $12.5 million in 1998 to $17.2 million in 1999 due to the Weeks Merger and additional personnel added to existing regional offices due to the overall growth of the Company; (ii) income tax expenses increasing by $5.2 million as a result of increased activity in properties constructed for sale; and (iii) maintenance expenses increasing from $2.5 million in 1998 to $9.7 million 1999 through the addition of substantial landscape operations in the Weeks Merger and the growth of the Company in Midwest markets. As a result of the above-mentioned items, earnings from Service Operations increased $10.7 million from $7.2 million in 1998 to $17.9 million for the year ended 1999. General and Administrative Expense ---------------------------------- General and administrative expense increased from $11.6 million for the year ended 1998 to $16.6 million for 1999 primarily due to an overall increase in corporate expenses associated with the Weeks Merger and the overall growth of the Company. Earnings from Land and Depreciated Property Sales ------------------------------------------------- During 1999, the Company developed a disposition strategy to pursue favorable opportunities to dispose of real estate assets that no longer meet long-term investment objectives of the Company, which resulted in net sales proceeds of $76.4 million and a net gain of $10.0 million in 1999. - 28 - As part of this ongoing real estate asset disposition strategy, the Company was committed to the sale of 13 real estate assets with a net book value of $153.6 million as of December 31, 1999. Subject to normal closing risks, the Company expects to complete these and other dispositions during 2000 and use the proceeds to fund future investments in real estate assets. As part of management's long-term strategy, the Company will continue to pursue favorable opportunities to dispose of assets that do not meet its long-term investment objectives and use proceeds for the funding of real estate development and acquisition opportunities. Net Income Available for Common Shares -------------------------------------- Net income available for common shares for the year ended December 31, 1999, was $139.6 million compared to $90.9 million for 1998. This increase results primarily from the increases in the operating results of rental and service operations explained above. COMPARISON OF YEAR ENDED DECEMBER 31, 1998 TO YEAR ENDED DECEMBER 31, 1997 ----------------------------------------------------------------------- Rental Operations ----------------- The Company increased its in-service portfolio of rental properties from 355 properties comprising 40.7 million square feet at December 31, 1997 to 453 properties comprising 52.0 million square feet at December 31, 1998 through the acquisition of 66 properties totaling 5.0 million square feet and the placement in service of 34 properties and seven building expansions totaling 6.3 million square feet developed by the Company. The Company also disposed of two properties totaling 21,000 square feet. These 98 net additional rental properties primarily account for the $118.9 million increase in revenues from Rental Operations from 1997 to 1998. The increase from 1997 to 1998 in rental expenses, real estate taxes and depreciation and amortization expense is also a result of the additional 98 in-service rental properties. The $19.9 million increase in interest expense is primarily attributable to higher outstanding debt balances associated with the financing of the Company's investment activities. The increased balances include $250 million of unsecured debt issued in 1998 and increased borrowings on the Company's unsecured line of credit. These higher borrowing costs were partially offset by the capitalization of interest in property development activities which increased in 1998 compared to 1997. As a result of the above mentioned items, earnings from Rental Operations increased $42.3 million from $83.7 million for the year ended 1997 to $126.0 million for 1998. Service Operations ------------------ Service Operations revenues increased from $22.4 million to $24.7 million for the year ended 1998 as compared to 1997 primarily as a result of increases in construction management fee revenue because of an increase in third-party construction volume. Service Operations expenses increased from $15.2 million to $17.5 million for the year ended 1998 as compared to 1997 primarily as a result of an increase in payroll expenses resulting from the overall growth of the Company and the additional regional offices opened in 1997. As a result of the above-mentioned items, earnings from Service Operations remained constant at $7.2 million for the years ended 1998 and 1997. - 29 - General and Administrative Expense ---------------------------------- General and administrative expense increased from $6.5 million for the year ended 1997 to $11.6 million for 1998 as a result of internal acquisition costs which are no longer permitted to be capitalized being charged to general and administrative expense as well as an increase in state and local income taxes resulting from the overall growth of the Company. Net Income Available for Common Shares -------------------------------------- Net income available for common shares for the year ended 1998 was $90.9 million compared to $66.0 million for 1997. This increase results primarily from the increases in the operating results of rental and service operations explained above. LIQUIDITY AND CAPITAL RESOURCES Financial Flexibility --------------------- During the latter half of 1998 and continuing into 1999, the real estate industry experienced a reduced supply of favorably priced equity and debt capital, which generally decreased the level of new investment activity by real estate companies. While the Company has been subject to the same capital market conditions as other real estate companies, management believes the Company's financial and liquidity position are relatively strong. Over the years, the Company has carefully managed its balance sheet in an effort to avoid liquidity issues in any given quarter or year. In management's view, this should provide a competitive advantage in the current capital constrained market over many of its competitors. Following are three key indicators that demonstrate the overall strength of the Company's financial position. First, the Company believes that its strong balance sheet and expected real estate asset disposition proceeds will provide the Company with sufficient capital to fund its investment activities during 2000 without the need to raise additional common equity. Second, the Company has only $65.0 million of final debt maturities in 2000. Third, as of December 31, 1999, the Company has a total of $492.0 million of undrawn capacity on its existing lines of credit to meet its short-term obligations. Although it is not clear how long the current market conditions will prevail, management believes that these key factors will provide the Company with substantial financial flexibility to capitalize on investment opportunities which may not be available to other real estate companies with more limited financial resources. Operating Activities -------------------- Net cash flow provided by operating activities increased by $121.5 million in 1999 as compared to 1998 and by $62.0 million in 1998 as compared to 1997. These increases are due primarily to the Weeks Merger in July 1999, the development and acquisition of additional rental properties, and cash flow from existing real estate assets. Investing and Financing Activities ---------------------------------- During 1999, 1998 and 1997, the Company invested cash of $767.3 million, $703.8 million and $597.3 million, respectively, in real estate investments. The $767.3 million invested in real estate in 1999 was financed primarily from the borrowings under the Company's unsecured lines of credit. These unsecured lines of credit were partially repaid with proceeds from the issuance of $450.0 million of long-term unsecured debt, $214.8 million in net proceeds from the sale of common shares in 1999, and $96.5 million of net proceeds from the sale of preferred shares in 1999. The $703.8 million invested in real estate during 1998 was financed primarily from borrowings under the Company's line of credit. These borrowings were partially - 30 - repaid during 1998 with proceeds from the issuance of $250.0 million of long-term unsecured debt, $211.5 million in net proceeds from the sale of common shares in 1998, and $129.5 million of net proceeds from the sale of preferred shares in 1998. The $597.3 million invested in real estate during 1997 was financed primarily from borrowings under the Company's line of credit. These borrowings were partially repaid during 1997 with proceeds from the issuance of $100.0 million of long-term unsecured debt, $321.2 million in net proceeds from the sale of common shares in 1997, and $146.1 million of net proceeds from the sale of preferred shares in 1997. Other significant financing activity included the payment of $196.7 million, $123.1 million and $85.7 million in common and preferred share distributions in 1999, 1998 and 1997, respectively. The increases are primarily attributable to (i) an increase in the overall number of common shares and Series F Preferred Shares outstanding resulting from the Weeks Merger in 1999; and (ii) annual increases in the cash distributions paid per common share. The Company currently has on file three Form S-3 Registration Statements (the "Shelf Registrations") with the Securities and Exchange Commission which have remaining availability as of December 31, 1999 of $292.9 million to issue additional common stock, preferred stock and unsecured debt securities. The Company intends to issue additional securities under such Shelf Registrations to fund the development and acquisition of additional rental properties. The Company also has a Shelf Registration on file for at-the-market offerings of 1.5 million shares of common stock. The Company also plans to file a $500.0 million Shelf Registration during the first quarter of 2000. The recurring capital needs of the Company are funded primarily through the undistributed net cash provided by operating activities. A summary of the Company's recurring capital expenditures is as follows (in thousands):
1999 1998 1997 ---- ---- ---- Tenant improvements $21,144 $10,785 $ 7,985 Leasing costs 12,326 6,655 5,057 Building improvements 3,751 2,206 1,211 ------ ------ ------ Total $37,221 $19,646 $14,253 ====== ====== ======
The Company has the following lines of credit available (in thousands):
Outstanding Borrowing Maturity Interest at December Description Capacity Date Rate 31, 1999 ----------------------- --------- -------- -------- ----------- Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $258,000 Unsecured Line of Credit 300,000 April 2001 LIBOR + .90% -
Both lines of credit are used to fund development and acquisition of additional rental properties and to provide working capital. Effective July 2, 1999, the interest rate on the $450 million line of credit was adjusted from LIBOR + .80% to LIBOR + .70%. Additionally, the $450 million line of credit allows the Company an option to obtain borrowings from the financial institutions that participate in the line of credit at rates lower than the stated interest rate, subject to certain restrictions. Amounts outstanding on the line of credit at December 31, 1999 are at LIBOR + .70%. The $300 million line of credit was obtained July 2, 1999, in connection with the Weeks Merger. The debt outstanding at December 31, 1999 totals $2.1 billion with a weighted average interest rate of 7.22% maturing at various dates through 2028. The Company has $1.6 billion of unsecured debt and $528.7 million of secured debt outstanding at December 31, 1999. Scheduled principal amortization of such debt totaled $10.2 million for the year ended December 31, 1999. - 31 - Following is a summary of the scheduled future amortization and maturities of the Company's indebtedness at December 31, 1999 (in thousands):
Repayments ------------------------------------------ Weighted Average Scheduled Interest Rate of Year Amortization Maturities Total Future Repayments ------ ------------ ------------- ------------ ----------------- 2000 $ 13,243 $ 64,957 $ 78,200 7.11% 2001 13,733 437,384 451,117 6.98% 2002 14,130 55,037 69,167 7.36% 2003 13,983 281,307 295,290 7.62% 2004 12,590 176,146 188,736 7.41% 2005 11,559 213,662 225,221 7.25% 2006 10,856 146,178 157,034 7.13% 2007 9,179 116,569 125,748 7.14% 2008 8,368 100,000 108,368 6.80% Thereafter 41,483 373,112 414,595 7.02% ------- --------- --------- Total $149,124 $1,964,352 $2,113,476 7.22% ======= ========= =========
SHAREHOLDER DIVIDEND/DISTRIBUTION REQUIREMENTS The Company intends to pay regular quarterly dividends from net cash provided by operating activities. A quarterly dividend of $.39 per common share was declared on January 26, 2000, which represents an annualized dividend of $1.56 per share. FUNDS FROM OPERATIONS Management believes that Funds From Operations ("FFO"), which is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis, is the industry standard for reporting the operations of real estate investment trusts. The following reflects the calculation of the Company's FFO for the years ended December 31 (in thousands):
1999 1998 1997 ---- ---- ---- Net income available for common shares $139,636 $ 90,871 $ 65,999 Add back (deduct): Depreciation and amortization 110,764 68,766 44,806 Share of adjustments for unconsolidated companies 5,268 4,302 3,017 Earnings from depreciated property sales (8,236) (1,351) (1,775) Minority interest share of add-backs (13,159) (8,514) (4,791) ------- ------- ------- FUNDS FROM OPERATIONS $234,273 $154,074 $107,256 ======= ======= ======= CASH FLOW PROVIDED BY (USED BY): Operating activities $342,680 $ 221,188 $159,195 Investing activities (767,314) (703,814) (597,324) Financing activities 436,449 479,223 443,148
The increase in FFO during the three-year period results primarily from the increased in-service rental property portfolio as discussed above under "Results of Operations," and, for the year ended 1999, the Weeks Merger. While management believes that FFO is the most relevant and widely used measure of the Company's operating performance, such amount does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company's operating performance, and is not indicative of cash available to fund all cash flow needs. - 32 - YEAR 2000 The Company did not experience any Year 2000 related disruptions or failures to its internal operations or the critical building systems of its properties. The primary focus of the Company's Year 2000 project was to protect the tenant spaces, buildings and internal operating systems. The rewards of the Company's Year 2000 planning efforts can be found in the detailed emergency contingency plans that are now in place for all buildings in all markets. With these plans in place, in the event of major unforeseen events such as loss of electricity, utilities or other vital services, the Company's property/asset managers are better equipped to efficiently and effectively respond to such emergencies. In addition to the foregoing, enhancements were made to the Company's internal information systems (software and hardware) in preparation for the Year 2000. It is expected that these upgrades and replacements will benefit the Company's business operations for years to come. Non-reimbursable costs to the company in preparing for the Year 2000 were approximately $125,000. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS The Company is exposed to interest rate changes primarily as a result of its line of credit and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company's real estate investment portfolio and operations. The Company's interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve its objectives the Company borrows primarily at fixed rates and may enter into derivative financial instruments such as interest rate swaps, caps and treasury locks in order to mitigate its interest rate risk on a related financial instrument. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company's interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts (in thousands) of the expected annual maturities, weighted average interest rates for the average debt outstanding in the specified period, fair values and other terms required to evaluate the expected cash flows and sensitivity to interest rate changes. The fair values of the Company's debt instruments are calculated as the present value of estimated future cash flows using a discount rate commensurate with the risks involved.
2000 2001 2002 2003 2004 ---- ---- ---- ---- ---- Fixed rate secured debt $ 17,195 $107,077 $17,986 $80,210 $ 37,761 Weighted average interest rate 7.77% 8.62% 7.60% 8.34% 7.99% Variable rate LIBOR based secured debt $ 20,286 $ 285 $ 286 $ 39,143 $ - Weighted average interest rate 6.27% 7.16% 7.16% 7.16% N/A Variable rate Treasury based secured debt $ 516 $ 536 $ 661 $ 686 $ 711 Weighted average interest rate 4.75% 4.78% 4.58% 4.63% 4.67% Unsecured notes $ 40,203 $ 85,218 $50,234 $175,251 $150,264 Weighted average interest rate 7.28% 6.50% 7.31% 7.30% 7.28% Unsecured line of credit $258,000 $ - $ - $ - $ - Weighted average interest rate 6.47% N/A N/A N/A N/A Thereafter Total Fair Value ---------- ----- ---------- Fixed rate secured debt $ 190,851 $ 451,080 $ 445,095 Weighted average interest rate 7.62% Variable rate LIBOR based secured debt $ - $ 60,000 $ 59,877 Weighted average interest rate N/A Variable rate Treasury based secured debt $ 14,475 $ 17,585 $ 11,806 Weighted average interest rate 4.69% Unsecured notes $ 825,641 $1,326,811 $ 1,264,382 Weighted average interest rate 6.99% Unsecured line of credit $ - $ 258,000 $ 258,000 Weighted average interest rate N/A
The Company has three interest rate swap agreements outstanding which have an aggregate fair market value of $2.65 million at December 31, 1999. The swap agreements mature on December 31, 2001. - 33 - As the table incorporates only those exposures that exist as of December 31, 1999, it does not consider those exposures or positions which could arise after that date. Moreover, because firm commitments are not presented in the table above, the information presented therein has limited predictive value. As a result, the Company's ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the Company's hedging strategies at that time, and interest rates. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The financial statements and supplementary data are included under Item 14 of this Report. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS AND ON ACCOUNTING FINANCIAL DISCLOSURE None. PART III ITEM 10. TRUSTEES AND EXECUTIVE OFFICERS OF THE REGISTRANT Information regarding the Company's executive officers and other information required by this Item 10 is incorporated herein by reference to the Company's 1999 Proxy Statement. ITEM 11. EXECUTIVE COMPENSATION Incorporated herein by reference to the Company's 1999 Proxy Statement. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Incorporated by reference to the Company's 1999 Proxy Statement. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Incorporated by reference to the Company's 1999 Proxy Statement. PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K (A) DOCUMENTS FILED AS PART OF THIS REPORT 1. CONSOLIDATED FINANCIAL STATEMENTS The following Consolidated Financial Statements of the Company, together with the Independent Auditors' Report, are listed below: Independent Auditors' Report Consolidated Balance Sheets, December 31, 1999 and 1998 Consolidated Statements of Operations, Years Ended December 31, 1999, 1998 and 1997 Consolidated Statements of Cash Flows, Years Ended December 31, 1999, 1998 and 1997 Consolidated Statements of Shareholders' Equity, Years Ended December 31, 1999, 1998 And 1997 Notes to Consolidated Financial Statements - 34 - 2. CONSOLIDATED FINANCIAL STATEMENT SCHEDULES Schedule III - Real Estate and Accumulated Depreciation 3. EXHIBITS See Index to Exhibits on page 73 of this report. - 35 - INDEPENDENT AUDITORS' REPORT The Shareholders and Directors of Duke-Weeks Realty Corporation: We have audited the consolidated financial statements of Duke- Weeks Realty Corporation and Subsidiaries as listed in the accompanying index. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule as listed in the accompanying index. These consolidated financial statements and the financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on the consolidated financial statements and the financial statement schedule based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Duke-Weeks Realty Corporation and Subsidiaries as of December 31, 1999 and 1998, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 1999, in conformity with generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. KPMG LLP Indianapolis, Indiana January 25, 2000 - 36 -
DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 1999 1998 -------- -------- ASSETS ------ Real estate investments: Land and improvements $ 602,789 $ 312,022 Buildings and tenant improvements 4,124,117 2,091,757 Construction in progress 327,944 185,950 Investments in unconsolidated companies 145,587 125,746 Land held for development 246,533 146,911 --------- --------- 5,446,970 2,862,386 Accumulated depreciation (254,574) (179,887) --------- --------- Net real estate investments 5,192,396 2,682,499 Cash and cash equivalents 18,765 6,950 Accounts receivable, net of allowance of $1,775 and $896 26,844 9,641 Straight-line rent receivable, net of allowance of $841 29,770 20,332 Receivables on construction contracts 29,537 29,162 Deferred financing costs, net of accumulated amortization of $9,082 and $11,754 16,651 11,382 Deferred leasing and other costs, net of accumulated amortization of $21,287 and $16,838 83,153 53,281 Escrow deposits and other assets 89,122 40,406 --------- --------- $5,486,238 $2,853,653 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Indebtedness: Secured debt $ 528,665 $ 326,317 Unsecured notes 1,326,811 590,000 Unsecured line of credit 258,000 91,000 --------- --------- 2,113,476 1,007,317 Construction payables and amounts due subcontractors 89,985 55,012 Accounts payable 3,179 4,836 Accrued expenses: Real estate taxes 47,604 36,075 Interest 20,658 10,329 Other 42,295 22,781 Other liabilities 30,544 21,928 Tenant security deposits and prepaid rents 36,156 18,534 --------- --------- Total liabilities 2,383,897 1,176,812 --------- --------- Minority interest 433,745 106,729 --------- --------- Shareholders' equity: Preferred shares ($.01 par value); 5,000 shares authorized 609,998 360,000 Common shares ($.01 par value); 150,000 shares authorized; 125,823 and 86,053 shares issued and outstanding 1,258 861 Additional paid-in capital 2,139,772 1,277,250 Distributions in excess of net income (82,432) (67,999) --------- --------- Total shareholders' equity 2,668,596 1,570,112 --------- --------- $5,486,238 $2,853,653 ========= =========
See accompanying Notes to Consolidated Financial Statements. - 37 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1999 1998 1997 --------- -------- ------- RENTAL OPERATIONS: Revenues: Rental income $523,950 $337,768 $220,970 Equity in earnings of unconsolidated companies 11,613 10,857 8,732 ------- ------- ------- 535,563 348,625 229,702 ------- ------- ------- Operating expenses: Rental expenses 88,403 59,769 40,375 Real estate taxes 54,246 33,906 20,485 Interest expense 86,757 60,217 40,296 Depreciation and amortization 110,764 68,766 44,806 ------- ------- ------- 340,170 222,658 145,962 ------- ------- ------- Earnings from rental operations 195,393 125,967 83,740 ------- ------- ------- SERVICE OPERATIONS: Revenues: Property management, maintenance and leasing fees 21,941 13,189 12,799 Construction management and development fees 30,928 10,417 8,646 Other income 1,162 1,110 933 ------- ------- ------- 54,031 24,716 22,378 Operating expenses 36,159 17,521 15,225 ------- ------- ------- Earnings from service operations 17,872 7,195 7,153 ------- ------- ------- General and administrative expense (16,556) (11,573) (6,530) ------ ------- ------- Operating income 196,709 121,589 84,363 OTHER INCOME (EXPENSE): Interest income 2,674 1,562 2,174 Earnings from land and depreciated property sales 10,013 1,351 1,775 Other expense (1,091) (305) (1,083) Minority interest in earnings of common unitholders (19,811) (12,241) (7,574) Minority interest in earnings of preferred unitholders (4,204) - - Other minority interest in earnings of subsidiaries (2,050) (1,252) (1,171) ------- ------- ------- Net income 182,240 110,704 78,484 Dividends on preferred shares (42,604) (19,833) (12,485) ------- ------- ------- Net income available for common shares $139,636 $ 90,871 $ 65,999 ======= ======= ======= Net income per common share: Basic $ 1.33 $ 1.13 $ .99 ======= ======= ======= Diluted $ 1.32 $ 1.12 $ .98 ======= ======= ======= Weighted average number of common shares outstanding 104,884 80,704 66,427 ======= ======= ======= Weighted average number of common and dilutive potential common shares outstanding 120,511 92,468 74,993 ======= ======= =======
See accompanying Notes to Consolidated Financial Statements. - 38 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows For the Years Ended December 31 (in thousands)
1999 1998 1997 -------- -------- -------- Cash flows from operating activities: Net income $182,240 $ 110,704 $ 78,484 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of buildings and tenant improvements 100,063 61,414 39,771 Amortization of deferred leasing and other costs 10,701 7,352 5,035 Amortization of deferred financing costs 1,879 1,362 1,368 Minority interest in earnings 26,065 13,493 8,745 Straight-line rent adjustment (10,676) (5,794) (4,469) Earnings from land and depreciated property sales (10,013) (1,351) (1,775) Construction contracts, net 29,297 7,764 7,778 Other accrued revenues and expenses, net 13,312 31,765 29,793 Equity in earnings in excess of operating distributions received from unconsolidated companies (188) (5,521) (5,535) ------- ------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 342,680 221,188 159,195 ------- ------- ------- Cash flows from investing activities: Development of real estate investments (506,687) (279,391) (195,088) Acquisition of real estate investments (159,917) (301,151) (324,203) Acquisition of land held for development and infrastructure costs (72,877) (53,736) (101,220) Recurring tenant improvements (21,144) (10,785) (7,985) Recurring leasing costs (12,326) (6,655) (5,057) Recurring building improvements (3,751) (2,206) (1,211) Other deferred leasing costs (31,360) (19,180) (14,000) Other deferred costs and other assets (19,412) (11,047) (8,894) Proceeds from land and depreciated property sales, net 76,401 9,071 32,560 Distributions from unconsolidated companies 16,802 - 60,000 Net investment in unconsolidated companies (33,043) (28,734) (32,226) ------- ------- ------- NET CASH USED BY INVESTING ACTIVITIES (767,314) (703,814) (597,324) ------- ------- ------- Cash flows from financing activities: Proceeds from issuance of common shares, net 214,778 211,478 321,239 Proceeds from issuance of preferred shares, net 96,519 129,460 146,050 Proceeds from indebtedness 450,000 250,000 100,000 Payments on indebtedness including principal amortization (259,891) (49,997) (9,999) Borrowings (repayments) on lines of credit, net 167,000 78,000 (14,000) Distributions to common shareholders (154,069) (103,223) (73,183) Distributions to preferred shareholders (42,604) (19,833) (12,485) Distributions to preferred unitholders (4,204) - - Distributions to minority interest (23,457) (15,018) (10,184) Deferred financing costs (7,623) (1,644) (4,290) ------- ------- ------- NET CASH PROVIDED BY FINANCING ACTIVITIES 436,449 479,223 443,148 ------- ------- ------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,815 (3,403) 5,019 Cash and cash equivalents at beginning of year 6,950 10,353 5,334 ------- ------- ------- Cash and cash equivalents at end of year $ 18,765 $ 6,950 $ 10,353 ======= ======= ======= Other non-cash items: Assumption of debt for real estate acquisitions $ 26,186 $ 9,195 $118,303 ======= ======= ======= Contributions of property to unconsolidated companies $ - $ 1,040 $ 49,381 ======= ======= ======= Conversion of Limited Partner Units to shares $ 49,472 $ 6,598 $ 19,446 ======= ======= ======= Issuance of Limited Partner Units for real estate acquisitions $ 3,146 $ 2,038 $ 95,720 ======= ======= ======= See Note (3) for other non-cash items
See accompanying Notes to Consolidated Financial Statements. - 39 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Consolidated Statements of Shareholders' Equity (in thousands, except per share data)
Additional Distributions Preferred Common Paid-in in Excess of Stock Stock Capital Net Income Total --------- ------- ---------- ------------- ----- BALANCE AT DECEMBER 31, 1996 $ 75,000 $ 590 $ 727,805 $(48,463) $ 754,932 Issuance of common shares, net of under- writing discounts and related csots of $16,920 - 161 321,276 - 321,437 Issuance of preferred shares, underwriting discounts and related costs 150,000 - (3,950) - 146,050 Acquisition of minority interest - 10 19,436 - 19,446 Net income - - - 78,484 78,484 Distributions to preferred shareholders - - - (12,485) (12,485) Distributions to common shareholders ($1.10 per share) - - - (73,183) (73,183) ------- ----- --------- ------- --------- BALANCE AT DECEMBER 31, 1997 225,000 761 1,064,567 (55,647) 1,234,681 Issuance of common shares, net of under- writing discounts and related costs of $8,325 - 97 211,628 - 211,725 Issuance of preferred shares, underwriting discounts and related costs 135,000 - (5,540) - 129,460 Acquisition of minority interest - 3 6,595 - 6,598 Net income - - - 110,704 110,704 Distributions to preferred shareholders - - - (19,833) (19,833) Distributions to common shareholders ($1.28 per share) - - - (103,223) (103,223) ------- ----- --------- ------- --------- BALANCE AT DECEMBER 31, 1998 360,000 861 1,277,250 (67,999) 1,570,112 Issuance of common shares, net of under- writing discounts and related costs of $100 - 102 215,573 - 215,675 Issuance of preferred shares, underwriting discounts and related costs 100,000 - (3,481) - 96,519 Acquisition of minority interest - 21 49,451 - 49,472 Merger with Weeks Corporation 150,000 274 600,979 - 751,253 Repurchase of Preferred D Series shares (2) - - - (2) Net income - - - 182,240 182,240 Distributions to preferred shareholders - - - (42,604) (42,604) Distributions to common shareholders ($1.46 per share) - - - (154,069) (154,069) ------- ----- --------- ------- --------- BALANCE AT DECEMBER 31, 1999 $609,998 $1,258 $2,139,772 $(82,432) $2,668,596 ======= ===== ========= ======= =========
See accompanying Notes to Consolidated Financial Statements. - 40 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (1) THE COMPANY ----------- In July 1999, Weeks Corporation ("Weeks") was merged with and into Duke Realty Investments, Inc. ("Duke"). This transaction is hereafter referred to as the "Weeks Merger." Upon consummation of the Weeks Merger, the name of the company was changed to Duke-Weeks Realty Corporation ("the Company"). Financial information and references throughout this document are labeled "the Company" for both pre-merger and post-merger periods as a result of this name change. The Company's financial statements and related footnotes as of and for the period from the merger date (July 1999) to December 31, 1999, give effect to the Weeks Merger which was accounted for under the purchase method. See Note 3 for a more complete discussion of the Weeks Merger. The Company owns and operates a portfolio of industrial, office and retail properties in the midwestern and southeastern United States. The Company qualifies as a real estate investment trust ("REIT") under the provisions of the Internal Revenue Code. The Company's rental operations are conducted through Duke-Weeks Realty Limited Partnership ("DWRLP"), of which the Company owns 86.9% of the common units at December 31, 1999. The remaining interests in DWRLP ("Limited Partner Units") are exchangeable by the unitholders for shares of the Company's common stock on a one-for- one basis. The Company conducts its service operations through Duke Realty Services Limited Partnership and Duke Construction Limited Partnership, in which the Company's wholly-owned subsidiary, Duke Services, Inc., is the sole general partner. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ------------------------------------------ PRINCIPLES OF CONSOLIDATION --------------------------- The consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries. The equity interests in these majority-owned or controlled subsidiaries not owned by the Company are reflected as minority interests in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. RECLASSIFICATIONS ----------------- Certain 1997 and 1998 balances have been reclassified to conform to 1999 presentation. REAL ESTATE INVESTMENTS ----------------------- Real estate investments to be held and used are stated at the lower of cost less accumulated depreciation or fair value if impairment is identified. Real estate investments to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. Buildings and land improvements are depreciated on the straight-line method over their estimated life not to exceed 40 and 15 years, respectively, and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. All direct and indirect costs, including interest and real estate taxes clearly associated with the development, construction or expansion of real estate investments are capitalized as a cost of the property. All external costs associated with the acquisition of real estate investments are capitalized as a cost of the property. - 41 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements The Company evaluates its real estate investments to be held and used upon occurrence of significant changes in the operations, but not less than annually, to assess whether any impairment indications are present, including recurring operating losses and significant adverse changes in legal factors or business climate that affect the recovery of the recorded value. If any real estate investment is considered impaired, a loss is provided to reduce the carrying value of the property to its estimated fair value. The acquisitions of minority interests for the Company's common shares are recorded under the purchase method with assets acquired reflected at the fair market value of the Company's common stock on the date of acquisition, net of the retirement of any minority interest liabilities. The acquisition amounts are allocated to rental property based on their estimated fair values. The Company has equity interests in unconsolidated partnerships and joint ventures which own and operate rental properties and hold land for development. The equity method of accounting is used for these investments in which the Company has the ability to exercise significant influence over operating and financial policies. Any difference between the carrying amount of these investments and the underlying equity in net assets is amortized to equity in earnings of unconsolidated companies over the depreciable life of the property, generally 40 years. CASH EQUIVALENTS ---------------- Highly liquid investments with a maturity of three months or less when purchased are classified as cash equivalents. DEFERRED COSTS -------------- Costs incurred in connection with obtaining financing are amortized to interest expense on the straight-line method over the term of the related loan. All direct and indirect costs associated with the rental of real estate investments owned by the Company are amortized over the term of the related lease. Unamortized costs are charged to expense upon the early termination of the lease or upon early payment of the financing. REVENUES -------- Rental Operations ----------------- Rental income from leases with scheduled rental increases during their terms is recognized on a straight-line basis. Service Operations ------------------ Management fees are based on a percentage of rental receipts of properties managed and are recognized as the rental receipts are collected. Maintenance fees are based upon established hourly rates and are recognized as the services are performed. Construction management and development fees are generally based on a percentage of costs and are recognized as incurred. - 42 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Duke Construction Limited Partnership ("DCLP") provides construction contract services to third parties including the development and construction of properties intended for resale. Duke Realty Services Limited Partnership ("DRSLP") is the sole general partner of DCLP and the operations of DCLP are included in the consolidated financial statements of the Company. The sole limited partner of DCLP is Duke Realty Construction, Inc. ("DRCI"), of which DWRLP owns 100% of the preferred stock and realizes substantially all economic benefits of its activities. DRCI is not a qualified REIT subsidiary of the Company. Accordingly, provisions for federal income taxes are recognized as appropriate. NET INCOME PER COMMON SHARE --------------------------- Basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders, by the sum of the weighted average number of common shares and dilutive potential common shares outstanding for the period. The following table reconciles the components of basic and diluted net income per share:
1999 1998 1997 ----- ----- ----- Basic net income available for common shares $139,636 $ 90,871 $65,999 Minority interest in earnings of common unitholders 19,811 12,241 7,574 ------- ------- ------ Diluted net income available for common shares and dilutive potential common shares $159,447 $103,112 $73,573 ======= ======= ====== Weighted average number of common shares outstanding 104,884 80,704 66,427 Weighted average partnership common units outstanding 14,583 10,872 7,715 Dilutive shares for long-term compensation plans 1,044 892 851 ------- ------- ------ Weighted average number of common shares and dilutive potential common shares 120,511 92,468 74,993 ======= ======= ======
The Preferred D Series Convertible stock was anti-dilutive in 1999 and 1998; therefore, no conversion to common shares is assumed in weighted shares outstanding at December 31, 1999 and 1998, respectively. Additionally, the Series G Preferred Units (see Note 3) were anti-dilutive in 1999; therefore, no conversion to common shares is included in weighted shares outstanding at December 31, 1999. All shares and per share amounts have been adjusted to reflect the Company's two-for-one stock split in August 1997. FEDERAL INCOME TAXES As a REIT, the Company is allowed to reduce taxable income by all or a portion of its distributions to shareholders. As deductible distributions have exceeded taxable income, no provision for federal income taxes has been made in the accompanying consolidated financial statements. Earnings and profits, which determine the taxability of dividends to shareholders, differ from reported net income primarily because of different depreciable lives and bases of rental properties and differences in the timing of recognition of earnings upon disposition of properties. - 43 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements A summary of the taxable nature of the Company's dividends for the three years ended December 31 is as follows:
1999 1998 1997 ---- ---- ---- Total dividends paid per share $1.46 $1.28 $1.10 Percent taxable as ordinary income 94.88% 96.33% 100.00% Percent taxable as long-term capital gains 1.30% - - Percent non-taxable as return of capital 3.82% 3.67% - ------- ------- ------- 100.00% 100.00% 100.00% ======= ======= =======
Dividends per share of $1.27, $1.09 and $.97 were required for the Company to maintain its REIT status in 1999, 1998 and 1997, respectively. FAIR VALUE OF FINANCIAL INSTRUMENTS ----------------------------------- The fair values of the Company's financial instruments are generally calculated as the present value of estimated future cash flows using a discount rate commensurate with the risks involved and approximate their carrying or contract values. DERIVATIVE FINANCIAL INSTRUMENTS -------------------------------- The Company may enter into derivative financial instruments such as interest rate swaps and treasury locks in order to mitigate its interest rate risk on a related financial instrument. These derivative financial instruments are designated as hedges and deferral accounting is applied as the derivative financial instrument reduces exposure to interest rate risk. Gains and losses on derivative financial instruments are amortized to interest expense over the term of the hedged instrument. Amounts paid or received on interest rate swaps are included in interest expense. USE OF ESTIMATES ---------------- The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. (3)MERGER WITH WEEKS CORPORATION In July 1999, Weeks, a self-administered, self-managed geographically focused REIT which operated primarily in the southeastern United States, was merged with and into Duke. In accordance with the terms of the Weeks Merger, each outstanding Weeks common share was converted into 1.38 common shares of Duke and each outstanding Weeks Series A preferred share was converted into one comparable share of a new class of the Company's Series F cumulative redeemable preferred shares (the "Series F Preferred Shares"). As a result, 27.4 million common shares and 6,000,000 Series F Preferred Shares were issued to Weeks' shareholders in exchange for all of the outstanding Weeks common and preferred shares. - 44 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements In accordance with the terms of the Weeks Merger, DWRLP converted 1,400,000 Weeks 8% Series C cumulative redeemable preferred limited partnership interests into 1,400,000 8% Series G cumulative redeemable preferred limited partnership interests (the "Series G Preferred Units"). The Series G Preferred Units were recorded at a value of $35,000,000 based upon the estimated fair market value at the date of the merger announcement and are recorded in minority interest. The Series G Preferred Units have a liquidation preference of $25.00 per preferred unit and are redeemable by DWRLP on or after November 6, 2003, at a redemption price of $25.00 per preferred unit. In combination with the issuance of the Series G Preferred Units, the Company issued a warrant that entitles its holder to purchase either 1,444,486 shares of company common stock at a price of $24.23 per share, or 1,400,000 shares of preferred stock at a price of $25.00 per share. The Series G Preferred Units are automatically redeemed upon the exercise of the warrant. The warrant has a perpetual term unless the Series G Preferred Units are redeemed by DWRLP, in which case the warrant expires within 30 days of redemption. DWRLP also converted 2,600,000 Weeks 8.625% Series D cumulative redeemable preferred limited partnership interest into 2,600,000 8.625% Series H cumulative redeemable preferred limited partnership interests (the "Series H Preferred Units"). The Series H Preferred Units were recorded at a value of $67,955,000 based upon the estimated fair market value at the date of the merger announcement and are recorded in minority interest. The Series H Preferred Units have a liquidation preference of $25.00 per preferred unit and are redeemable at the option of DWRLP on or after November 12, 2003, at a redemption price of $25.00 per preferred unit. DWRLP issued 10,144,424 common units to Weeks limited partnership unitholders at a rate of 1.38 DWRLP common units for each Weeks limited partnership unit outstanding. These common units were recorded as minority interest at a value of $220.6 million based upon the estimated fair market value at the date of the merger announcement. The total purchase price of Weeks aggregated approximately $1.9 billion, which included the assumption of the outstanding debt and liabilities of Weeks of approximately $775 million based upon the estimated fair market value at the date of the merger. The transaction was structured as a tax-free merger and was accounted for under the purchase method. The following summarized pro forma unaudited information represents the combined historical operating results of Weeks and Duke with the appropriate purchase accounting adjustments, assuming the Weeks Merger had occurred on January 1, 1998. The pro forma financial information presented is not necessarily indicative of what the Company's actual operating results would have been had Weeks and Duke constituted a single entity during such periods (in thousands, except per share amounts): - 45 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements
Year Ended December 31, ------------------------ 1999 1998 ---- ---- (Pro Forma) (Pro Forma) Rental Income $626,803 $502,030 ======== ======= Net earnings attributable to common shares $158,156 $116,675 ======= ======= Weighted average common shares outstanding: Basic 118,565 107,277 ======= ======= Diluted 139,373 128,761 ======= ======= Net income per common share: Basic $ 1.33 $ 1.09 ======= ======= Diluted $ 1.32 $ 1.07 ======= =======
(4) RELATED PARTY TRANSACTIONS -------------------------- The Company provides management, leasing, construction and other tenant related services to partnerships in which certain executive officers have continuing ownership interests. The Company was paid fees totaling $2.4 million, $2.3 million and $3.3 million for such services in 1999, 1998 and 1997, respectively. Management believes the terms for such services are equivalent to those available in the market. The Company has an option to purchase the executive officers' interest in each of these properties which expires October 2003. The option price of each property was established at the date the options were granted. At December 31, 1999, other assets included outstanding loan advances totaling $3.45 million due from a related party, under a $5.7 million demand loan agreement. The loan bears interest at LIBOR plus 2.10% and is secured by real estate assets held by the related entity, for which the Company has arrangements to acquire in future periods. Interest earned under the agreement and included in the accompanying consolidated statements of operations totaled $120,852 in the year ended December 31, 1999. (5) INVESTMENTS IN UNCONSOLIDATED COMPANIES ---------------------------------------- Combined summarized financial information of the companies which are accounted for by the equity method as of December 31, 1999 and 1998 and for the years ended December 31, 1999, 1998, and 1997 are as follows (in thousands):
1999 1998 1997 ---- ---- ---- Land, buildings and tenant improvements, net $393,853 $377,152 Land held for development 29,150 15,136 Other assets 66,127 35,615 ------- ------- $489,130 $427,903 ======= ======= Property indebtedness $128,794 $111,165 Other liabilities 29,682 34,221 ------- ------- 158,476 145,386 Owners' equity 330,654 282,517 ------- ------- $489,130 $427,903 ======= ======= Rental income $ 54,662 $ 52,703 $29,709 ======= ======= ====== Net income $ 20,515 $ 19,753 $12,481 ======= ======= ======
- 46 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (6) REAL ESTATE HELD FOR SALE ------------------------- The Company has an active sales program through which it is continually pursuing favorable opportunities to dispose of real estate assets that no longer meet long-term investment objectives of the Company in order to redeploy capital. At December 31, 1999, the Company had seven office and six industrial properties comprising approximately 3.5 million square feet held for sale. Of these properties, five build-to-suit office and two build-to-suit industrial properties were under development at December 31, 1999. Net operating income (defined as total property revenues, less property expenses, which include real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses) of the properties held for sale for the years ended December 31, 1999, 1998 and 1997 is approximately $7.5 million, $5.7 million, and $4.0 million, respectively. Net book value of the properties held for sale at December 31, 1999 is approximately $153.6 million. There can be no assurance that such properties held for sale will be sold. (7) INDEBTEDNESS ------------ Indebtedness at December 31 consists of the following (in thousands):
1999 1998 ---- ---- Fixed rate secured debt, weighted average interest rate of 7.98% at December 31, 1999, and 8.09% at December 31, 1998, maturity dates ranging from 2000 to 2017 $ 451,080 $ 285,892 Variable rate secured debt, weighted average interest rate of 6.32% at December 31, 1999, and 5.58% at December 31, 1998, maturity dates ranging from 2000 to 2025 77,585 40,425 Unsecured notes, weighted average interest rate of 7.16% at December 31, 1999, and 7.19% at December 31, 1998, maturity dates ranging from 2000 to 2028 1,326,811 590,000 Unsecured line of credit, interest rate of 6.47% at December 31, 1999, and 6.43% at December 31, 1998, maturity date of 2001 258,000 91,000 --------- --------- $2,113,476 $1,007,317 ========= =========
As of December 31, 1999, the $528.7 million of secured debt is collateralized by rental properties with a net carrying value of $835.3 million.
Outstanding Borrowing Maturity Interest at December Description Capacity Date Rate 31, 1999 ------------------------ --------- ---------- --------- ----------- Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $258,000 Unsecured Line of Credit 300,000 April 2001 LIBOR + .90% -
Both lines of credit are used to fund development and acquisition of additional rental properties and to provide working capital. Effective July 2, 1999, the interest rate on the $450 million line of credit was adjusted from LIBOR + .80% to LIBOR + .70%. Additionally, the $450 million line of credit allows the Company an option to obtain borrowings from the financial institutions that participate in the line of credit at rates lower than the stated interest rate, subject to certain restrictions. Amounts outstanding on the line of credit at December 31, 1999 are at LIBOR +.70%. The $300 million line of credit was obtained July 2, 1999, in connection with the Weeks Merger (see Note 3). - 47 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements In July 1999 in conjunction with the Weeks Merger, the Company assumed an $85 million unsecured syndicated bank term loan (the "Term Loan"). Interest accrues on the Term Loan at LIBOR + 1.10% and the Term Loan matures on December 31, 2001. The Company also assumed three interest rate swap agreements with three commercial banks that effectively changes the interest costs on the entire $85 million Term Loan from its variable rate to a fixed rate. The interest rate swap agreements, with notational principal amounts of $35 million, $25 million and $25 million, mature on December 31, 2001, and effectively convert interest costs on the Term Loan to a fixed rate of approximately 6.1% through maturity. The estimated fair market value of the swap agreements was $2.65 million at December 31, 1999. At December 31, 1999, scheduled amortization and maturities of all indebtedness for the next five years and thereafter are as follows (in thousands):
Year Amount 2000 $ 78,200 2001 451,117 2002 69,167 2003 295,290 2004 188,736 Thereafter 1,030,966 --------- $2,113,476 =========
Cash paid for interest in 1999, 1998, and 1997 was $100.3 million, $63.6 million and $41.9 million, respectively. Total interest capitalized in 1999, 1998 and 1997 was $26.0 million, $8.5 million and $6.0 million, respectively. (8)SEGMENT REPORTING ----------------- The Company is engaged in four operating segments, the ownership and rental of office, industrial, and retail real estate investments and the providing of various real estate services such as property management, maintenance, landscaping, leasing, and construction management to third-party property owners ("Service Operations). The Company's reportable segments offer different products or services and are managed separately because each requires different operating strategies and management expertise. There are no material intersegment sales or transfers. Non-segment revenue to reconcile to total revenue consists mainly of equity in earnings of joint ventures. Non- segment assets to reconcile to total assets consists of corporate assets including cash, deferred financing costs and investments in unconsolidated subsidiaries. The accounting policies of the segments are the same as those described in Note 1. The Company assesses and measures segment operating results based on a performance measure referred to as Funds From Operations ("FFO"). The National Association of Real Estate Investment Trusts defines FFO as net income or loss, excluding gains or losses from debt restructurings and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. FFO is not a measure of operating results or cash flows from operating activities as measured by generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Interest expense and other non-property specific revenues and expenses are not allocated to individual segments in determining the Company's performance measure. - 48 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements The revenues, FFO and assets for each of the reportable segments are summarized as follows for the years ended December 31, 1999, 1998, and 1997:
1999 1998 1997 ----------- ---------- ---------- Revenues Rental Operations: Office $ 272,009 $211,638 $141,331 Industrial 220,295 104,658 60,209 Retail 26,467 21,102 18,345 Service Operations 54,031 24,716 22,378 --------- ------- ------- Total Segment Revenues 572,802 362,114 242,263 Non-Segment Revenue 16,792 11,227 9,817 --------- ------- ------- Consolidated Revenue $ 589,594 $373,341 $252,080 ========= ======= ======= Funds From Operations --------------------- Rental Operations: Office $ 187,541 $146,545 $ 96,970 Industrial 172,629 82,327 49,212 Retail 21,506 17,414 14,826 Services Operations 17,872 7,195 7,153 --------- ------- ------- Total Segment FFO 399,548 253,481 168,161 Non-Segment FFO: Interest expense (86,757) (60,217) (40,296) Interest income 2,674 1,562 2,174 General and administrative expense (16,556) (11,573) (6,530) Gain on land sales 1,777 - - Other expenses (1,540) (2,498) (1,981) Minority interest in earnings of common unitholders (19,811) (12,241) (7,574) Minority interest in earnings of preferred unitholders (4,204) - - Other minority interest in earnings of subsidiaries (2,050) (1,252) (1,171) Minority interest share of FFO adjustments (13,159) (8,514) (4,791) Joint Venture FFO 16,955 15,159 11,749 Dividends on preferred shares (42,604) (19,833) (12,485) --------- ------- ------- Consolidated FFO 234,273 154,074 107,256 Depreciation and amortization (110,764) (68,766) (44,806) Share of joint venture adjustments (5,268) (4,302) (3,017) Earnings from depreciated property sales 8,236 1,351 1,775 Minority interest share of adjustments 13,159 8,514 4,791 --------- ------- ------- Net income available for common shareholders $ 139,636 $ 90,871 $ 65,999 ========= ======= ====== Assets Rental Operations Office $2,252,795 $1,485,268 Industrial 2,707,028 979,058 Retail 205,993 166,157 Service Operations 62,335 55,268 --------- --------- Total Segment Assets 5,228,151 2,658,751 Non-Segment Assets 258,087 167,902 --------- --------- Consolidated Assets $5,486,238 $2,853,653 ========= =========
(9) Leasing Activity --------------- Future minimum rents due to the Company under non-cancelable operating leases at December 31, 1999 are as follows (in thousands):
Year Amount ---- ------- 2000 $ 553,812 2001 520,939 2002 457,339 2003 388,863 2004 317,017 Thereafter 1,136,019 --------- $3,373,989 =========
- 49 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements In addition to minimum rents, certain leases require reimbursements of specified operating expenses which amounted to $85.1 million, $56.5 million, and $33.8 million for the years ended December 31, 1999, 1998 and 1997, respectively. (10) EMPLOYEE BENEFIT PLANS ---------------------- The Company maintains a 401(k) plan for the benefit of its full-time employees. The Company matches the employees' contributions up to three percent of the employees' salary and may also make annual discretionary contributions. Total expense recognized by the Company was $2.3 million, $1.5 million and $882,000 for the years ended 1999, 1998 and 1997, respectively. The Company makes contributions to a contributory health and welfare plan as necessary to fund claims not covered by employee contributions. Total expense recognized by the Company related to this plan was $2.7 million, $2.2 million and $1.2 million for 1999, 1998 and 1997, respectively. Included in total expense is an estimate based on historical experience of the effect of claims incurred but not reported as of year-end. (11) SHAREHOLDERS' EQUITY ------------------- The Company periodically accesses the public equity markets to fund the development and acquisition of additional rental properties. The proceeds of these offerings are contributed to DWRLP in exchange for additional interest in the partnership. The following series of preferred stock is outstanding as of December 31, 1999 (in thousands, except percentages):
Shares Dividend Redemption Liquidation Description Outstanding Rate Date Preference Convertible - ------------------ ----------- -------- ---------- ------------ ----------- Preferred A Series 300 9.100% August 31, 2001 $ 75,000 No Preferred B Series 300 7.990% September 30, 2007 150,000 No Preferred D Series 540 7.375% December 31, 2003 134,998 Yes Preferred E Series 400 8.250% January 20, 2004 100,000 No Preferred F Series 600 8.000% October 10, 2002 150,000 No
All series of preferred shares require cumulative distributions, have no stated maturity date, and the redemption price of each series may only be paid from the proceeds of other capital shares of the Company, which may include other classes or series of preferred shares. The Preferred Series D shares are convertible at a conversion rate of 9.3677 common shares for each preferred share outstanding. The dividend rate on the Preferred B Series shares increases to 9.99% after September 12, 2012. Under a shareholder rights plan ("Rights Agreement"), each common shareholder has one right for each share of common stock prior to the occurrence of certain triggering events which would in effect execute the Rights Agreement. Upon the occurrence of such events, each right entitles the registered holder to purchase from the Company one one- thousandth of a share of Series C Junior Preferred Stock which has substantially the same economic attributes and carries substantially the same voting rights as one share of common stock. As of December 31, 1999, no events have triggered execution of the Rights Agreement. - 50 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements In August 1998, members of management and unaffiliated members of the Company's Board of Directors purchased approximately $37 million of common stock of the Company. In November 1999, an additional $32 million of common stock was purchased by management and members of the Board of Directors in 1999. Both purchases were financed by five-year personal loans at market interest rates from a financial institution. Participants are personally responsible for repaying the interest, principal balance, and other obligations as defined in the Executive and Senior Officer Stock Purchase Plan. As a condition of the financing agreement with the financial institution, the Company has guaranteed repayment of principal, interest and other obligations for each participant, but is fully indemnified by the participants. In the opinion of management, it is not probable that the Company will be required to satisfy this guarantee. (12) STOCK BASED COMPENSATION ------------------------ The Company has eight stock based compensation plans, including fixed stock option plans and performance based stock plans. The Company is authorized to issue up to 10,042,000 shares of common stock under these plans. The Company applies APB Opinion No. 25 and related interpretations in accounting for its plans. Accordingly, no compensation cost has been recognized for its fixed stock option plans as the exercise price of each option equals the market price of the Company's stock on the date of grant. The Company charges compensation costs against its income for its performance based stock plans. If compensation cost for the Company's fixed stock option plans had been determined consistent with FASB Statement No. 123, the Company's net income and net income per share for the years ended December 31 would have been reduced to the pro forma amounts indicated below:
1999 1998 1997 ---- ---- ---- Net income As reported $139,636 $90,871 $65,999 Pro forma 139,121 90,564 65,825 Basic net income As reported 1.33 1.13 .99 per share Pro forma 1.33 1.12 .99 Diluted net income As reported 1.32 1.12 .98 per share Pro forma 1.32 1.11 .98
The effects of applying FASB Statement No. 123 in this pro forma disclosure are not indicative of future amounts. The Statement does not apply to awards prior to 1995, and additional awards in future years are anticipated. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Dividend yield of 7.0%, 6.0% and 5.8% for 1999, 1998 and 1997, respectively; expected volatility of 20.1%, 19.9% and 19.1% for 1999, 1998 and 1997, respectively; weighted average risk-free interest rates of 4.9%, 5.7%, and 6.4%,for 1999, 1998 and 1997 grants, respectively; and weighted average expected lives of 6.5 years for all grants. Fixed Stock Option Plans ------------------------ The Company had two fixed stock option plans as of December 31, 1998. In 1999, the Company adopted the 1999 Directors' Stock Option and Dividend Increase Unit Plan and the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan. In addition, upon the merger of Weeks into the Company, the Company assumed all obligations under two Weeks stock incentive plans. - 51 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements A summary of the status of the Company's six fixed stock option plans as of December 31, 1999, 1998 and 1997, and changes during the years ended on those dates is as follows:
1999 1998 1997 ---- ---- ---- Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price ---------- ---------- ------- --------- ---------------- Outstanding, beginning of year 2,047,972 $16.70 1,927,380 $14.26 1,947,642 $12.89 Granted 615,003 22.96 1,681,611 22.32 346,008 20.09 Weeks Corporation options 2,617,076 20.01 - - - - Exercised (56,371) 14.11 (1,543,026) 19.72 (319,169) 11.98 Forfeited (179,715) 22.79 (17,993) 21.50 (47,101) 15.74 --------- --------- --------- Outstanding, end of year 5,043,965 19.00 2,047,972 16.70 1,927,380 14.26 ========= ========= ========= Options exercisable, end of year 2,596,660 1,067,753 927,312 ========= ========= ========= Weighted-average fair value of options granted during the year $2.20 $.836 $2.81 ==== ==== ====
The options outstanding at December 31, 1999, under the fixed stock option plans have a range of exercise prices from $11.87 to $24.44 with a weighted average exercise price of $19.00 and a weighted average remaining contractual life of 7.05 years. The options exercisable at December 31, 1999, have a weighted average exercise price of $16.64. Each option's maximum term is ten years. Excluding the Weeks plans and with other limited exceptions, options vest at 20% per year, or, if earlier, upon the death, retirement or disability of the optionee or a change in control of the Company. The vesting period of the Weeks plans was generally 33 1/3% per year. Performance Based Stock Plans ----------------------------- The Company has two types of performance based equity compensation plans: Dividend Increase Unit Plans ("DIU Plans") and a Shareholder Value Plan. Under the DIU Plans, Dividend Increase Units ("DIUs") are granted to key employees and directors. The value of DIUs exercised by participants is payable in Company stock. The maximum term of all DIUs granted is ten years. The value of each DIU when exercised is equal to the increase in the Company's annualized dividend per share from the date of grant to the date of exercise, divided by the "dividend yield." Dividend yield is the annualized dividend per share divided by the market price per share of the Company's common stock at the date of grant. DIUs are generally subject to a 20% per year vesting schedule. Under the 1995 Shareholder Value Plan (the "SV Plan"), the Company may grant awards in specified dollar amounts to key employees. The award is payable to the employee on the third anniversary of the date of grant. One-half of the award is payable in common stock of the Company, and one-half is payable in cash. The initial dollar amount of each award granted under the SV Plan is adjusted upward or downward based on a comparison of the Company's cumulative total shareholder return for the three-year period as compared to the cumulative total return of the S&P 500 and the NAREIT Equity REIT Total Return indices. The award is not payable upon the employee's termination of employment for any reason other than retirement, death, disability or a change in control of the Company. - 52 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements The Company believes that it is not possible to reasonably estimate the fair value of the common stock to be issued under the performance based stock compensation plans and, therefore, computes compensation cost for these plans based on the intrinsic value of the awards as if they were exercised at the end of each applicable reporting period. The compensation cost that has been charged against income for these plans was $5.9 million , $4.1 million , and $2.5 million for 1999, 1998, and 1997, respectively. (13) COMMITMENTS AND CONTINGENCIES ----------------------------- The Company has guaranteed $93 million of mortgage loans of unconsolidated companies of which the Company is a 50% partner. The mortgage loans are collateralized by rental properties of joint ventures which have a net carrying value substantially in excess of the mortgage loans. The Company does not anticipate that it will be required to satisfy these guarantees. The Company has entered into agreements, subject to the completion of due diligence requirements, resolution of certain contingencies and completion of customary closing conditions, for the future acquisition of land totaling $34.9 million. The acquisitions are scheduled to close periodically through 2002 and will be paid for through a combination of cash and DWRLP Limited Partner Unit issuance. - 53 - DUKE-WEEKS REALTY CORPORATION REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 (IN THOUSANDS)
BUILDING ENCUM- LOCATION/DEVELOPMENT BUILDING TYPE BRANCES - -------------------- -------- --------- ------- ALPHARETTA, GA - -------------- Brookside Off. Pk 3925 Brookside Pkwy Office - Brookside Off. Pk 3625 Brookside Pkwy Office - Hembree Crest 11800 Wills Rd. Indust - Hembree Crest 11810 Wills Rd. Indust - Hembree Crest 11820 Wills Rd. Indust - Hembree Crest 11415 Old Roswell Rd. Indust - Northmeadow 1350 Northmeadow Pkwy Indust - Northmeadow 11835 Alpharetta Hwy. Retail - Northwinds Pte. 2555 Northwinds Pkwy Office - Northwinds Pte. 2550 Northwinds Pkwy Office - Ridgeland 1320 Ridgeland Pkwy Indust - Ridgeland Ridgeland Bus. Dist I Indust - ANTIOCH, TN - ----------- Keebler Keebler Indust - ARLINGTON HEIGHTS, IL - --------------------- Atrium II Atrium II Office - ATLANTA, GA - ----------- 1670 Defoor Ave. 1670 Defoor Ave. Indust. - Druid Chase 6 W. Druid Hills Dr. Office - Druid Chase 2801 Buford Hwy. Office - Druid Chase 1190 W. Druid Hills Dr. Office - Druid Chase 2071 N. Druid Hills Dr. Retail - NE I85 3171 McCall Dr. Indust. - NE I85 5300 Peachtree Indust.Blvd Retail - NE I85 4280 NE Expwy. Indust. - Westgate 100 Eagle Vista Pkwy Indust. - AURORA, IL - ---------- Meridian Bus. Campus 535 Exch. Indust. - Meridian Bus. Campus 515-525 Enterprise Indust. - Meridian Bus. Campus 615 Enterprise Indust. - Meridian Bus. Campus 3615 Exch. Indust. - Meridian Bus. Campus 4000 Sussex Indust. - Meridian Bus. Campus 700 N. Comm. Indust. - Meridian Bus. Campus 3737 E. Exch. Indust. - Meridian Bus. Campus 444 N. Comm. Indust. - Meridian Corridor Meridian I Indust. - Meridian Bus. Campus Michael Jordan Golf Ctr Grounds - BEECHWOOD, OH - ------------- Corp. Exch. One Corp. Exch. Office 4,850 Corp. Place Corp. Place Office - BLOOMINGTON, IL - --------------- Lakewood Plaza Lakewood Plaza Retail - BLOOMINGTON, MN - --------------- Alpha Bldgs Alpha Bus. Ctr I&II Office - Alpha Bldgs Alpha Bus. Ctr III&IV Indust. - Alpha Bldgs Alpha Bus. Ctr V Indust. - - 54 - Bloomington Indus. Ctr Bloomington Indust. Ctr. Indust. 1,865 Lyndale Coms. Lyndale Coms. I Indust. - Lyndale Coms. Lyndale Coms. II Indust. - Hampshire Dist. Ctr. Hampshire Dist Ctr. N. Indust. 2,734 Hampshire Dist. Ctr. Hampshire Dist Ctr. S. Indust. 3,134 Hampshire Tech Ctr. Hampshire Tech Ctr. Indust. - Norman Ctr. Norman Ctr. 2 Office - Norman Ctr. Norman Ctr. 4 Office - Penn Corp. Bldg Penn Corp. Bldg Indust. - BLUE ASH, OH - ------------ Cornell Comm. Ctr. Cornell Comm. Ctr. Indust. - Creek Rd. Creek Rd. Bldg 1 Indust. - Creek Rd. Creek Rd. Bldg 2 Indust. - Huntington Bank Bldg Huntington Bank Bldg. Office - Lake Forest/Westlake Lake Forest Place Office - Lake Forest/Westlake Westlake Ctr. Office - BOLINBROOK, IL - -------------- Crossroads Bus. Pk Crossroads Bldg 1 Indust. - BRENTWOOD, TN - ------------- Brentwood S. Bus. Ctr. 7104 Crossroads Blvd Indust. - Brentwood S. Bus. Ctr. 7106 Crossroads Blvd Indust. - Brentwood S. Bus. Ctr. 7108 Crossroads Blvd Indust. - Creekside Crsg. Creekside Crsg. One Office - BRIDGETON, MO - ------------- Dukeport Dukeport V Indust. - Dukeport Dukeport VI Indust. - Earth City Dukeport VII Indust. - Corp. Exch. Dukeport VIII Indust. - BROOKLYN PK, MN - --------------- Crosstown NW Crosstown N. Bus. Ctr. 1 Indust. - Crosstown NW Crosstown N. Bus. Ctr. 2 Indust. - Crosstown NW Crosstown N. Bus. Ctr. 3 Indust. - Crosstown NW Crosstown N. Bus. Ctr. 4 Indust. - 7300 Northland Dr. 7300 Northland Dr. Indust. - Crosstown NW Crosstown NW 1 Land Grounds - Crosstown NW Crosstown NW 2 Land Grounds - Crosstown NW Crosstown N. Land #1 Grounds - BURNSVILLE, MN - -------------- Professional Plaza Professional Plaza I Office - Professional Plaza Professional Plaza IV Indust - 1420 East Cliff Rd. Cliff Rd. Indust. Ctr Indust - Professional Plaza Professional Plaza III Indust - Professional Plaza Professional Plaza II Indust - Larc Indus. Pk Larc Indust. Pk I Indust - Larc Indus. Pk Larc Indust. Pk II Indust - Larc Indus. Pk Larc Indust. Pk III Indust - Larc Indus. Pk Larc Indust. Pk IV Indust - Larc Indus. Pk Larc Indust. Pk V Indust - Larc Indus. Pk Larc Indust. Pk VI Indust - Larc Indus. Pk Larc Indust. Pk VII Indust - - 55 - CARMEL, IN - ---------- Hamilton Crsg. H.C. Bldg. 1 West Indust. - Hamilton Crsg. Hamilton Crsg. Bldg 2 Office - Hamilton Crsg. Hamilton Crsg. Bldg 4 Office - Hamilton Crsg. Retail Hamilton Crsg. Retail Bld 1 Retail - Hamilton Crsg. Hampton Inn Land Lease Grounds - Hamilton Crsg. Max & Ermas Grounds - CAROL STREAM, IL - ---------------- Ctr. Ave. Ctr. Ave. Bldg 1 Indust. - CARY, NC - -------- Regency Forest 200 Regency Forest Dr. Office - Regency Forest 100 Regency Forest Dr. Office - Weston Pkway 6501 Weston Pkwy Office 8,135 CELEBRATION, FL - --------------- Celebration Ctr. 1130 Celebration Blvd. Indust. - Celebration Ctr. 1120 Celebration Blvd. Indust. - CHAMPAIGN, IL - ------------- Market View Shp Ctr Market View Shopping Ctr. Retail - CHANHASSEN, MN - -------------- Chanhassen Lakes Chanhassen Lakes I Indust. - Chanhassen Lakes Chanhassen Lakes II Indust. - CINCINNATI, OH - -------------- One Ashview Place One Ashview Place Office - Blue Ash Off. Ctr. Blue Ash Off. Ctr VI Office - Zussman Bldg Zussman Bldg Office - 312 Elm 312 Elm Office 40,000 Eastgate Square Eastgate Square Retail - Garden Ridge Garden Ridge Retail - Executive Plaza Executive Plaza I Office - Executive Plaza Executive Plaza II Office - Executive Plaza Executive Plaza III Office - Kohl's Dept. Store Kohl's Dept Store Retail - Sofa Express-Gov Pl Sofa Express - Gov. Pl Retail - Off. Max Off. Max Retail - Dun & Bradstreet Bldg Dun & Bradstreet Bldg Office 1,570 Governors Hill 8790 Governor's Hill Office - Governors Hill 8700 Governor's Hill Office - Governors Hill 8800 Governor's Hill Office 1,195 Governors Hill 8600 Governor's Hill Office - Governors Plaza Governors Plaza Retail - King's Auto Mall I King's Auto Mall I Retail 2,756 King's Mall Ret.Ctr II King's Mall Retail Ctr II Retail - Kenwood Exec Ctr. Kenwood Executive Ctr. Office - Kenwood Coms. 8230 Kenwood Coms. Office 5,048 Kenwood Coms. 8280 Kenwood Coms. Office 2,652 Kenwood MOB Kenwood MOB Office - OH National Ohio National Office 18,186 Pfeiffer Woods Pfeiffer Woods Off. Bldg Off. Bldg Office - 312 Plum 312 Plum Office - - 56 - Remington Off. Pk Remington Pk Bldg A Office - Remington Off. Pk Remington Pk Bldg B Office - Tri-County Mktpl. Tri-county Mktpl. Retail - Triangle Off. Pk Triangle Off. Pk Office 4,465 Western Hills Mktpl Western Hills Mktpl. Retail - World Pk World Pk Bldg 5 Indust 1,905 World Pk World Pk Bldg 6 Indust 1,907 World Pk World Pk Bldg 7 Indust 2,420 World Pk World Pk Bldg 8 Indust - World Pk World Pk Bldg 9 Indust - World Pk World Pk Bldg 11 Indust - World Pk World Pk Bldg 14 Indust - World Pk World Pk Bldg 15 Indust - World Pk World Pk Bldg 16 Indust - World Pk World Pk Bldg 18 Indust - World Pk World Pk Bldg 28 Indust. - World Pk World Pk Bldg 29 Indust. - World Pk World Pk Bldg 31 Indust. - COLUMBUS, OH - ------------ Easton Oval One Easton Oval Office - Easton Oval Two Easton Oval Office - Polaris 1000 Polaris Pkwy Office 5,562 Tuttle Crsg. Xerox Bldg-5555 PkCtr. Cir Office - Westbelt Dr. 2190-2200 Westbelt Dr. Indust. - Westbelt West Westbelt West #1 Indust. - Zane Trace 3800 Zane Trace Dr. Indust. - Zane Trace 3635 Zane Trace Dr. Indust. - King's Mall Applebee's Grnd Lse Grounds - Tuttle Crsg. Lazarus Grnd Lse Grounds - Tuttle Crsg. Uno's Grnd Lse Grounds - Tuttle Crsg. BMW Pking Exp. Grounds - Tuttle Crsg. Qwest Pking Exp. Grounds - COPPELL, TX - ----------- Freeport N. Freeport II Indust. - Freeport N. Freeport III Indust. - Freeport N. Freeport IV Indust. - CREVE COUER, MO - --------------- Twin Oaks Off. Ctr Twin Oaks Office - CRYSTAL, MN - ----------- Crystal Indus. Ctr Crystal Indust. Ctr. Indust. - DECATUR, IL - ----------- Pk 101 Illinois Power Grnd Lse Grounds - DES PLAINES, IL - --------------- Deckbrand Bldg Wolf Rd. Bldg. Indust. - 105 East Oakton 105 East Oakton Indust. - DOWNERS GROVE, IL - ----------------- Executive Towers Executive Towers I Office - Executive Towers Executive Towers II Office - Executive Towers Executive Towers III Office - - 57 - DUBLIN, OH - ---------- MetroCtr. III MetroCtr. III Office - Scioto Corp. Ctr. Scioto Corp. Ctr. Office - Tuttle Retail Ctr. Tuttle Retail Ctr. Retail - Tuttle Crsg. LCI Intl. Office - Tuttle Crsg. Sterling 1 Office - Tuttle Crsg. Indiana Insurance Office - Tuttle Crsg. Sterling 2 Office - Tuttle Crsg. John Alden Life Ins. Office - Tuttle Crsg. Cardinal Health Office - Tuttle Crsg. Sterling 3 Office - Tuttle Crsg. Compmanagement Office - Tuttle Crsg. Sterling 4 Office - Tuttle Crsg. Pkwood Place Office - Tuttle Crsg. Nationwide Office - Tuttle Crsg. Emerald II Office - Tuttle Crsg. Atrium II, Phase I Office - Tuttle Crsg. Atrium II, Phase II Office - Tuttle Crsg. Blazer I Office - DULUTH, GA - ---------- Berkeley Lake 3270 Summit Ridge Pkwy Dist. Ctr. Indust. - Berkeley Lake 3280 Summit Ridge Pkwy Dist. Ctr. Indust. - Berkeley Lake 3290 Summit Ridge Pkwy Dist. Ctr. Indust. - Crestwood Pte. 3805 Crestwood Pkwy Office - Crestwood Pte. 3885 Crestwood Pkwy Office - Meadowbrook 2450 Meadowbrook Pkwy Indust. - Meadowbrook 2475 Meadowbrook Pkwy Indust. - Meadowbrook 2500 Meadowbrook Pkwy Indust. - Meadowbrook 2505 Meadowbrook Pkwy Indust. - NE I85 4125 Buford Hwy. Indust. - Pk Creek 2825 Breckinridge Blvd Indust. - Pk Creek 2875 Breckinridge Blvd Indust. - Pk Creek 2885 Breckinridge Blvd Indust. - Pinebrook 2625 Pinemeadow Ct. Indust. - Pinebrook 2660 Pinemeadow Ct. Indust. - River Green 3450 River Green Ct. Indust. - River Green 4800 River Green Pkwy Indust. - Bus. Pk at Sugarloaf 2775 Premier Pkwy Indust. - Bus. Pk at Sugarloaf 3079 Premier Pkwy Indust. - Bus. Pk at Sugarloaf 6700 Sugarloaf Pkwy Indust. - Bus. Pk at Sugarloaf 2855 Premier Pkwy Indust. - Bus. Pk at Sugarloaf 6655 Sugarloaf Indust. - DUNCAN, SC - ---------- Hillside 170 Pkwy West Indust. - Hillside 285 Pkwy East Indust. - Hillside 190 Pkwy West Indust. - Hillside 265 Pkwy East Indust. - EAGAN, MN - --------- Apollo Dist. Ctr. Apollo Indust. Ctr I Indust. - Apollo Dist. Ctr. Apollo Indust. Ctr II Indust. - Eagandale Crsg. Eagandale Crsg. Indust. - Eagandale Tech Ctr. Eagandale Tech Ctr. Indust. - Silverbell Coms. Silverbell Coms. Indust. - Sibley Indus. Ctr. Sibley Indust. Ctr. I Indust. - Sibley Indus. Ctr. Sibley Indust. Ctr. II Indust. - - 58 - Sibley Indus. Ctr. Sibley Indust. Ctr. III Indust. - Trapp Rd. Trapp Rd. Comm. I Indust. - Trapp Rd. Trapp Rd. Comm. Bldg II Indust. - Yankee Place Yankee Place Indust. - Apollo Dist. Ctr. Apollo Land Grounds - EARTH CITY, MO - -------------- Dukeport Dukeport 3 Indust. - NGIC/Pte. 70 3322 NGIC Office 6,726 MCI MCI Office - EDEN PRAIRIE, MN - ---------------- Edenvale Exec Ctr. Edenvale Executive Ctr. Indust. - Golden Tri. Tech Ctr. Golden Tri. Tech Ctr. Indust. - Valley Gate N. Valley Gate N. Indust. - EDINA, MN - ---------- Bush Lake Rd. Edina Interchange VI Indust. - Cahill Bus. Ctr Cahill Bus. Ctr. Indust. - Edina Interchange Edina Interchange I Indust. 1,937 Edina Interchange Edina Interchange II Indust. 1,323 Edina Interchange Edina Interchange III Indust. 1,486 Edina Interchange Edina Interchange IV Indust. - Edina Interchange Edina Interchange V Indust. - Bush Lake Rd. Edina Interchange VII Indust. - Pakwa Pakwa I Indust. - Pakwa Pakwa II Indust. - Pakwa Pakwa III Indust. - FAIRFIELD, OH - ------------- Faifield Bus. Ctr. Fairfield Bus. Ctr. D Indust. - Faifield Bus. Ctr. Fairfield Bus. Ctr. E Indust. - University Moving University Moving Indust. - FENTON, MO - ---------- Fenton Interstate Fenton Interstate Bldg. C Bldgs Indust. - Fenton Interstate Fenton Interstate Bldg. D Bldgs Indust. - Southport Southport I Indust. - Southport Southport II Indust. - Southport Southport Comm. Ctr. Indust. - FISHERS, IN - ----------- Delaware Pk Delaware Pk-Banc One Office - Exit 5 Exit 5 Bldg I Indust. - FLORENCE, KY - ------------ Empire Comm. Ctr Empire Comm. Ctr. Indust. - Sofa Express-Florence Sofa Express - Florence Retail - KY Dr. 7910 Kentucky Dr. Indust. - KY Dr. 7920 Kentucky Dr. Indust. - FT. WAYNE, IN - ------------- Coldwater Crsg. Coldwater Crsg. Retail 12,359 FORT WORTH, TX - -------------- - 59 - Centreport Dist. Ctr. 14900 Trinity Blvd. Indust. - FRANKLIN, TN - ------------ Aspen Grove Bus. Ctr. 277 Mallory Sta. Indust. - Aspen Grove Bus. Ctr. 320 Premier Ct. Indust. - Aspen Grove Bus. Ctr. 305 Seaboard Lane Indust. - Aspen Grove Bus. Ctr. 416 Mary Lindsay Polk Dr Indust. - Aspen Grove Bus. Ctr. 318-II Seaboard Lane Indust. - Aspen Grove Bus. Ctr. 341 Cool Springs Blvd Office - Aspen Grove Bus. Ctr. 318-1 Seaboard Lane Indust. - Brentwood S. Bus. Ctr. 119 Seaboard Lane Indust. - Brentwood S. Bus. Ctr. 121 Seaboard Lane Indust. - Brentwood S. Bus. Ctr. 123 Seaboard Lane Indust. - FRIDLEY, MN - ----------- River Rd. River Rd. Bus. Ctr. S. Indust. 3,765 University Ctr. University Ctr. I&II Indust. - GAHANNA, OH - ----------- Pet Foods Dist. Pet Foods Dist. Indust. 3,140 GARLAND, TX - ----------- Northgate Intl. Intl. I Indust. - Northgate Intl. Intl. II Indust. - GLENWILLOW, OH - -------------- Emerald Valley Emerald Valley Bldg 1 Indust. - GOLDEN VALLEY, MN - ----------------- Decatur Bus. Ctr Decatur Bus. Ctr. Indust. - Edina Realty Edina Realty Office - Golden Hills Golden Hills 1 Indust. - Golden Hills Golden Hills 2 Indust. - Golden Hills Golden Hills 3 Indust. - Minneapolis-West N. Star Title Office - Silver-Burdett Ginn Sandburg Indust. Ctr. Indust. - Minneapolis-West Tyrol West Office - 801 Zane Ave. N. 801 Zane Ave. N. Indust. - GREENWOOD, IN - -------------- South Pk South Pk Bldg 1 Office - South Pk South Pk Bldg 2 Indust. - South Pk South Pk Bldg 3 Office 1,090 South Pk Brylane Pking Lot Grounds - GROVE CITY, OH - -------------- South Pte. South Pte. Bldg D Indust. - South Pte. South Pte. Bldg E Indust. - GROVEPORT, OH - ------------- Groveport Comm Ctr Groveport Comm Ctr #2 Indust. - Sun TV 6600 Port Rd. Indust. - - 60 - HEBRON, KY - ---------- Skyport Skyport Bldg. 1 Indust. - Skyport Skyport Bldg. 2 Indust. - Skyport Skyport Bldg. 4 Indust. - KY, SouthPk KY. SouthPk Bldg 1 Indust. - KY, SouthPk Ky. SouthPk Bldg 3 Indust. - KY, SouthPk (Redken) Ky. SouthPk Bldg 4 Indust. 2,563 KY, SouthPk CR Services Indust. 3,969 HOLLYWOOD, FL - ------------ Port 95 2600 SW 39th St. Indust. - Port 95 Port 95 - Spec. Bldg. Indust. - HOPKINS, MN - ----------- Cornerstone Bus. Ctr. Cornerstone Bus. Ctr. Indust. 6,531 The Johnson Bldg The Johnson Bldg Indust. - Westside Bus. Pk Westside Bus. Pk Indust. - INDEPENDENCE, OH - ---------------- Corp. Plaza Corp. Plaza I Office 7,798 Corp. Plaza Corp. Plaza II Office 6,827 Freedom Square Freedom Square I Office - Freedom Square Freedom Square II Office 6,570 Freedom Square Freedom Square III Office - 6111 Oak Tree 6111 Oak Tree Office - Pk Ctr. Pk Ctr. Bldg I Office - Pk Ctr. Pk Ctr. Bldg 2 Office - INDIANAPOLIS, IN - ---------------- Cub Ctr. Cub Ctr. Retail - Michael's Plaza Michaels Plaza Retail - Palomar Palomar Indust. - Franklin Rd. Bus. Ctr Franklin Rd. Bus. Ctr. Indust. - Pk 100 Georgetown Bldg. One Indust. - Pk 100 Georgetown Rd. Bldg 2 Indust. - Pk 100 Georgetown Rd. Bldg 3 Indust. - Nampac Bldg Nampac Bldg. Indust. - Pk 100 6060 Guion Rd Indust. - Greenwood Corner Shops Greenwood Corner Shops Retail - First IN Branch First Indiana Branch Retail 246 Hillsdale Hillsdale Bldg 4 Indust. - Hillsdale Hillsdale Bldg 5 Indust. - Hillsdale Hillsdale Bldg 6 Indust. - KATC - S. 8465 KATC 2-story Office - F.C. Tucker F.C. Tucker Office - KATC - N. 8555 KATC 4-story Office - KATC - N. 3520 Comm. Crsg. Office - 4750 KY Ave. 4750 Kentucky Ave. Indust. - N. Airport Pk N. Airport Pk Bldg 2 Indust. - One N. Capital One N. Capital Office - Pk 100 Pk 100 Bldg 34 Office - Pk 100 Pk 100 Bldg 79 Indust. - Pk 100 Pk 100 Bldg 80 Indust. - Pk 100 Pk 100 Bldg 83 Indust. - Pk 100 Pk 100 Bldg 84 Indust. - Pk 100 Pk 100 Bldg 95 Indust. 3,766 Pk 100 Pk 100 Bldg 96 Indust. 9,363 Pk 100 Pk 100 Bldg 97 Indust. - - 61 - Pk 100 Pk 100 Bldg 98 Indust. - Pk 100 Pk 100 Bldg 100 Indust. 1,459 Pk 100 Pk 100 Bldg 107 Indust. 1,560 Pk 100 Pk 100 Bldg 109 Indust. 989 Pk 100 Pk 100 Bldg 116 Office - Pk 100 Pk 100 Bldg 118 Office - Pk 100 Pk 100 Bldg 119 Office - Pk 100 Pk 100 Retail Bldg 121 Retail - Pk 100 Pk 100 Bldg 122 Indust. - Pk 100 Pk 100 Bldg 125 Indust. 4,132 Pk 100 Pk 100 Bldg 126 Indust. - Pk 100 Pk 100 Bldg 127 Indust. - Pk 100 Pk 100 Bldg 128 Indust. - Pk 100 Pk 100 Bldg 129 Indust. - Pk 100 Pk 100 Bldg 130 Indust. - Pk 100 Pk 100 Bldg 131 Indust. - Pk 100 Pk 100 Bldg 132 Office - Pk 100 Pk 100 Bldg 133 Indust. - Pk 100 Pk 100 Bldg 134 Indust. - Woodland Corp. Ctr. Woodland Corp Centre I Office - Pk 100 Pk 100 Bldg 136 Indust. - Woodland Corp. Ctr. Woodland Corp. Ctr. II Office - Pk Fletcher Pk Fletcher Bldg 14 Indust. - Pkwood Crsg. One Pkwood Office - Pkwood Crsg. Two Pkwood Office - Pkwood Crsg. Three Pkwood Office - Pkwood Crsg. Four Pkwood Office - Pkwood Crsg. Five Pkwood Office - Software Artistry Software Artistry Office - Woodfield 8440 Woodfield Office 5,161 Woodfield 8425 Woodfield Office - 4316 West Minnesota 4316 West Minnesota Indust. - Pk 100 Norco Windows Pking Lot Grounds - Pk 100 Ups Pking Grounds - Pk 100 Norgate Grnd Lse Grounds - Pk 100 Zollman Grnd Lse Grounds - Southpark Southpark Grounds Grounds - IRVING, TX - ---------- Texas Plaza Texas Plaza I Indust. - JACKSONVILLE, FL - ---------------- Centurion Square 8380-8386 Baymeadows Rd Office - Jacksonville Intl. Tradeport 13350 Intl Park Indust. - Jacksonville Intl. Tradeport 13340 Intl Parkway Indust. - Jacksonville Intl. Tradeport 1420 Vantage Way Indust. - Jacksonville Intl. Tradeport 1460 Vantage Way Indust. - Jacksonville Intl. Tradeport 1350 Tradeport Ln. Indust - Jacksonville Intl. Tradeport 1371 Tradeport Ln Indust. - Jacksonville Intl. Tradeport 13291 Vantage Way Indust. - South Pte. 7011 A.C. Skinner Pkwy Indust. - KENNESAW, GA - ------------ NW I-75 240 Northpoint Pkwy Indust. - Town Point 3330 W. Town Point Dr. Indust - Town Point 3350 W. Town Point Dr. Indust. - Town Point 3240 Town Point Dr. Indust - Town Point 3391 Town Point Pkwy Indust. - LAKE FOREST, IL - --------------- - 62 - Ballard Bldg Ballard Dr. Bldg. Indust. - Kraft Bldg Laurel Dr. Bldg. Indust. - 13825 W. Laurel Dr. 13825 W. Laurel Dr. Indust. - One Conway Pk One Conway Pk Office - LAKE MARY, FL - ------------- Northpoint 1025 Greenwood Blvd. Office - Technology Pk 100 Technology Pkwy Indust. - Technology Pk 525 Technology Pkwy Indust. - Technology Pk 255 Technology Pkwy Indust. - Technology Pk 200 Technology Pkwy Indust. - Technology Pk 250 Technology Pkwy Indust. - LEBANON, IN - ----------- Lebanon Bus. Pk American Air Filter Indust. - Lebanon Bus. Pk Purity Wholesale Indust. - Lebanon Bus. Pk Pamida Indust. - Lebanon Bus. Pk Prentice Hall Indust. - Lebanon Bus. Pk Lebanon - General Cable Indust. - Lebanon Bus. Pk Lebanon Bldg. 9 Indust. - LEWISVILLE, TX - -------------- Water's Ridge 1550 Lakeway Dr. Indust. - Water's Ridge 501 E Corp. Dr. Indust. - LOMBARD, IL - ------------ Yorktown Off. Ctr. Yorktown Off. Ctr. Office - LOVELAND, OH - ------------ Sun TV & Appliances Montgomery Crsg. Ph I Retail - Sports Unlimited Montgomery Crsg. Ph II Retail 2,950 MARIETTA, GA - ------------ Franklin Forest 805 Franklin Ct. Indust. - Franklin Forest 810 Franklin Ct. Indust. - Franklin Forest 811 Livingston Ct. Indust. - Franklin Forest 825 Franklin Ct. Indust. - Franklin Forest 830 Franklin Ct. Indust. - Franklin Forest 835 Franklin Ct. Indust. - Franklin Forest 840 Franklin Ct. Indust. - Franklin Forest 821 Livingston Ct. Indust. - Franklin Forest 841 Livingston Ct. Indust. - NW Bus. Ctr. 1335 Capital Cir. Indust. - NW Bus. Ctr. 1337-41-51 Capital Cir. Indust. - NW Bus. Ctr. 2260 NW Pkwy Indust. - NW Bus. Ctr. 2252 NW Pkwy Indust. - NW Bus. Ctr. 2242 NW Pkwy Indust. - NW Bus. Ctr. 2256 NW Pkwy Indust. - NW Bus. Ctr. 2244 NW Pkwy Indust. - NW Bus. Ctr. 2150 NW Pkwy Indust. - NW Bus. Ctr. 2152 NW Pkwy Indust. - NW Bus. Ctr. 2130 NW Pkwy Indust. - NW Bus. Ctr. 2270 NW Pkwy Indust. 1,951 NW Bus. Ctr. 2275 NW Pkwy Indust. 1,325 MARYLAND HEIGHTS, MO - -------------------- - 63- Riverport Tower Riverport Tower Office - Riverport Dist. Riverport Dist. Indust. - Riverport Dist. Scripts Bldg. Indust. - Riverport Dist. Riverport Dist. B Indust. - Riverport Dist. Riverport 1 Indust. - West Port Westport Ctr. I Indust. - West Port Westport Ctr. II Indust. - West Port Westport Ctr. III Indust. - MASON, OH - --------- Deerfield Crsg. Deerfield Crsg. Bldg 1 Office - Governor's Pte. Governor's Pte. 4770 Office 4,060 Governor's Pte. Governor's Pte. 4700 Indust. 3,026 Governor's Pte. Governor's Pte. 4900 Indust. 2,618 Governor's Pte. Governor's Pte. 4705 Office - Governor's Pte. Governor's Pte. 4800 Indust. - Governor's Pte. Governor's Pte. 4605 Office 11,902 Bigg's SuperCtr. Bigg's SuperCtr. Retail - Lowes Lowes Retail - Anthem Prescription Governor's Pte. 8990 Mgmt. Office - Governor's Pte. Governor's Pte. 4660 Office - Governor's Pte. Governor's Pte. 4680 Office - MAYFIELD HEIGHTS, OH - -------------------- Landerbrook Corp.Ctr.Landerbrook Corp. Ctr. I Office - Landerbrook Corp.Ctr.Landerbrook Corp. Ctr. II Office - MCDONOUGH, GA - ------------- Liberty Dist. Ctr. 120 Declaration Dr. Indust. - Liberty Dist. Ctr. 130 Declaration Dr. Indust. - MELROSE Pk, IL - -------------- Aviand Bldg Janice Ave. Bldg. Indust. - MENDOTA HEIGHTS, MN - ------------------- Enterprise Indus. Enterprise Indust. Ctr. Ctr. Indust. 2,551 MIAMI, FL - --------- Beacon Ctr. 1701 NW 84th Ave. Indust. 4,402 Beacon Ctr. 1601 NW 84th Ave. Indust. 4,234 Beacon Ctr. 1401 NW 84th Ave. Indust. 3,544 Beacon Ctr. 2000 NW 84th Ave. Indust. 5,334 Beacon Ctr. 1850 NW 84th Ave. Indust. 4,104 Beacon Ctr. 8401 NW 17th St. Indust. 2,587 Beacon Ctr. 8400 NW 17th St. Indust. 2,681 Beacon Ctr. 1600 NW 84th Ave. Indust. 3,423 Beacon Ctr. 1900 NW 84th Ave. Indust. 2,558 Beacon Ctr. 8491 NW 17th St. Indust. 2,237 Beacon Ctr. 1301 NW 84th Ave. Indust. - Beacon Ctr. 2101 NW 84th Ave. Indust. 2,870 Beacon Ctr. 2001 NW 84th Ave. Indust. 4,040 Beacon Ctr. 2250 NW 84th Ave. Indust. 2,378 Beacon Ctr. 8530 NW 23rd St. Indust. 3,031 Beacon Ctr. 2105 NW 86th Ave. Indust. 3,519 Beacon Ctr. 8501 NW 17th St. Indust. 8,742 Beacon Ctr. 8500 NW 17th St. Indust. - - 64 - Beacon Ctr. 8550 NW 17th St. Indust. - Beacon Ctr. 8400 NW 25th St. Indust. - Beacon Ctr. 1701 NW 87th Ave. Indust. 11,879 Beacon Ctr. 8600 NW 17th St. Office - Beacon Ctr. 8575 NW 13th Terrace Retail - Beacon Ctr. 8323 NW 12th St. Retail 7,644 Beacon Ctr. 1695 NW 87th Ave. Grounds - Beacon Ctr. 8695 NW 12th St. Grounds - Beacon Ctr. 8696 NW 13th Terrace Grounds - Beacon Ctr. 8695 NW 13th Terrace Grounds - MILFORD, OH - ----------- Pk 50 Pk 50 Bldg 17 Office - Pk 50 Pk 50 Bldg 20 Indust. 3,596 Pk 50 Pk 50 Bldg 25 Indust. - Pk 50 Pk 50 Bldg 26 Office - MINNEAPOLIS, MN - --------------- Broadway Bus. Ctr. Broadway Bus. Ctr III Indust. - Broadway Bus. Ctr. Broadway Bus. Ctr IV Indust. - Broadway Bus. Ctr. Broadway Bus. Ctr V Indust. - Broadway Bus. Ctr. Broadway Bus. Ctr VI Indust. - Broadway Bus. Ctr. Broadway Bus. Ctr VII Indust. - Encore Pk Encore Pk Indust. - 10801 Red Cir. Dr. 10801 Red Cir. Dr. Office - Chilies Grnd Lse Chilies Grnd Lse Grounds - Knox Land Lease Knox Land Lease Grounds - Olive Garden Grnd Olive Garden Grnd Lse Lease Grounds - University Land University Land Lease Lease Grounds - MONROE, OH - ----------- Monroe Bus. Ctr. Monroe Bus. Ctr. Bldg. 1 Indust. - MORRISVILLE, NC - --------------- Enterprise Ctr. 507 Airport Blvd. Indust. 5,780 Enterprise Ctr. 5151 McCrimmon Pkwy Indust. - Enterprise Ctr. 2600 Perimeter Pk Dr. Indust. - Enterprise Ctr. 5150 McCrimmon Pkwy Indust. - Enterprise Ctr. 2400 Perimeter Pk Dr. Office - MetroCtr. 3000 Perimeter Pk Dr. Indust. 2,054 MetroCtr. 2900 Perimeter Pk Dr. Indust. 1,438 MetroCtr. 2800 Perimeter Pk Dr. Indust. 3,202 Perimeter Pk 100 Perimeter Pk Dr. Indust. - Perimeter Pk 200 Perimeter Pk Dr. Indust. - Perimeter Pk 300 Perimeter Pk Dr. Indust. - Perimeter Pk 400 Perimeter Pk Dr. Indust. 2,077 Perimeter Pk 500 Perimeter Pk Dr. Indust. - Perimeter Pk 800 Perimeter Pk Dr. Indust. 3,077 Perimeter Pk 900 Perimeter Pk Dr. Indust. - Perimeter Pk 1000 Perimeter Pk Dr. Indust. - Perimeter Pk W. 1100 Perimeter Pk Dr. Indust. - Perimeter Pk W. 1400 Perimeter Pk Dr. Office - Perimeter Pk W. 1500 Perimeter Pk Dr. Office - Perimeter Pk W. 1600 Perimeter Pk Dr. Office 6,962 Perimeter Pk W. 1800 Perimeter Pk Dr. Office 3,837 Perimeter Pk W. 2000 Perimeter Pk Dr. Office - Perimeter Pk W. 1700 Perimeter Ctr. W. Office - Perimeter Pk W. 3900 N. Paramount Pkwy Office - - 65 - Perimeter Pk W. 3900 S. Paramount Pkwy Office - Perimeter Pk W. 5200 Paramount Pkwy Office - Research Triangle 409 Airport Blvd Bldg A Indust. 680 Indust. Ctr. Research Triangle 409 Airport Blvd Bldg B Indust. 389 Indust. Ctr. Research Triangle 409 Airport Blvd Bldg C Indust. 1,015 Indust. Ctr. Woodlake Ctr. 100 Innovation Ave. Indust. 2,202 Woodlake Ctr. 101 Innovation Ave. Indust. 3,587 Woodlake Ctr. 200 Innovation Dr. Indust. - Woodlake Ctr. 501 Innovation Ave. Indust. - NASHVILLE, TN - ------------- AirPk Bus. Ctr. 1420 Donelson Pike Indust. 2,616 AirPk Bus. Ctr. 1410 Donelson Pike Indust. 3,170 AirPk Bus. Ctr. 1400 Donelson Pike Indust. 2,446 AirPk Bus. Ctr. 400 AirPk Ctr. Indust. 983 AirPk Bus. Ctr. 500 AirPk Ctr. Dr. Indust. 1,582 AirPk Bus. Ctr. 600 Airport Ctr. Dr. Indust. 1,547 AirPk Bus. Ctr. 700 AirPk Ctr. Dr. Indust. 1,488 AirPk Bus. Ctr. 800 AirPk Ctr. Dr. Indust. 4,809 AirPk Bus. Ctr. 900 AirPk Ctr. Dr. Indust. 3,942 AirPk Bus. Ctr. 1000 AirPk Ctr. Dr. Indust. - AirPk Bus. Ctr. 5270 Harding Place Indust. 3,290 AirPk Bus. Ctr. 1415 Donelson Pike Indust. - AirPk Bus. Ctr. 1413 Donelson Pike Indust. 3,574 AirPk Bus. Ctr. 5233 Harding Place Indust. - Cumberland Bus.Ctr. 431 Great Cir. Rd. Indust. - Four-Four Bus. Ctr. 700 Melrose Ave. Indust. - Four-Four Bus. Ctr. 684 Melrose Ave. Indust. - Four-Four Bus. Ctr. 458 Melrose Ave. Indust. - Four-Four Bus. Ctr. 784 Melrose Ave. Indust. - Greenbriar Bus. Pk Greenbriar Bus. Pk Indust. - Haywood Oaks Haywood Oaks Bldg 2 Indust. - Haywood Oaks Haywood Oaks Bldg 3 Indust. - Haywood Oaks Haywood Oaks Bldg 4 Indust. - Haywood Oaks Haywood Oaks Bldg 5 Indust. - Haywood Oaks Haywood Oaks Bldg 6 Indust. - Haywood Oaks Haywood Oaks Bldg 7 Indust. - Haywood Oaks Haywood Oaks Bldg 8 Indust. - Lakeview Place Three Lakeview Office - Lakeview Place One Lakeview Place Office - Lakeview Place Two Lakeview Place Office - Metro Airport Ctr. Metro Airport Ctr. Bldg 1 Indust. - MetroCtr. 545 Mainstream Dr. Office 2,895 MetroCtr. 566 Mainstream Dr. Indust. - MetroCtr. 621 Mainstream Dr. Indust. - Metro Ctr. MetroCtr. Flex Bldg I Indust. - Nashville Bus. Ctr. 3300 Briley Pk Blvd. Indust. - Royal Pkway Ctr. 2515 Perimeter Pk Indust. - Royal Pkway Ctr. 500 Royal Pkwy Indust. - Lakeview Place Lakeview Grounds Grounds - NEW HOPE, MN - ------------ Bass Lake Bus. Bldg Bass Lake Bus. Bldg Indust. 1,030 NILES, IL - --------- U.S. Industries Touhy Ave. Bldg. Indust. - Tam Ctr. Jarvis Ave. Bldg. Indust. - NORCROSS, GA - ------------ 3045 Bus. Pk Dr. 3045 Bus. Pk Dr. Indust. - - 66 - Gwinnett Pk 1750 Beaver Ruin Indust. - Gwinnett Pk 4258 Communications Dr. Indust. - Gwinnett Pk 4261 Communications Dr. Indust. - Gwinnett Pk 4291 Communications Dr. Indust. - Gwinnett Pk 1826 Doan Way Indust. - Gwinnett Pk 1857 Doan Way Indust. - Gwinnett Pk 1650 Intl. Blvd. Indust. - Gwinnett Pk 4245 Intl. Blvd. Indust. - Gwinnett Pk 4250 Intl. Blvd. Indust. - Gwinnett Pk 4295 Intl. Blvd. Indust. - Gwinnett Pk 4320 Intl. Blvd. Indust. - Gwinnett Pk 4350 Intl. Blvd. Indust. - Gwinnett Pk 4355 Intl. Blvd. Indust. - Gwinnett Pk 4405A Intl. Blvd. Indust. - Gwinnett Pk 4405B Intl. Blvd. Indust. - Gwinnett Pk 4405C Intl. Blvd. Indust. - Gwinnett Pk 1828 Meca Way Indust. - Gwinnett Pk 1858 Meca Way Indust. - Gwinnett Pk 4316 Pk Dr. Indust. - Gwinnett Pk 4317 Pk Dr. Indust. - Gwinnett Pk 4357 Pk Dr. Indust. - Gwinnett Pk 4366 Pk Dr. Office - Gwinnett Pk 4386 Pk Dr. Indust. - Gwinnett Pk 4436 Pk Dr. Indust. - Gwinnett Pk 4437 Pk Dr. Indust. - Gwinnett Pk 4467 Pk Dr. Indust. - Gwinnett Pk 4476 Pk Dr. Indust. - Gwinnett Pk 4487 Pk Dr. Indust. - Gwinnett Pk 1835 Shackelfort Ct. Office - Gwinnett Pk 1854 Shackleford Rd. Office - Gwinnett Pk 4274 Shackleford Rd. Indust. - Gwinnett Pk 4275 Shackleford Ct. Office 565 Gwinnett Pk 4344 Shackleford Rd. Indust. - Gwinnett Pk 4355 Shackleford Rd. Indust. - Gwinnett Pk 4364 Shackleford Rd. Indust. - Gwinnett Pk 4366 Shackleford Rd. Indust. - Gwinnett Pk 4388 Shackleford Rd. Indust. - Gwinnett Pk 4400 Shackleford Rd. Indust. - Gwinnett Pk 4444 Shackleford Rd. Indust. - Gwinnett Pavillion 1480 Beaver Ruin Rd. Retail - Gwinnett Pavillion 1505 Pavilion Place Indust. - Gwinnett Pavillion 3883 Steve Reynolds Blvd. Indust. - Gwinnett Pavillion 3890 Steve Reynolds Blvd. Indust. - Gwinnett Pavillion 3905 Steve Reynolds Blvd. Indust. - Gwinnett Pavillion 3950 Steve Reynolds Blvd. Indust. - Gwinnett Pavillion 4020 Steve Reynolds Blvd. Indust. - Gwinnett Pavillion 4025 Steve Reynolds Blvd. Indust. - Northwoods 2915 Ct.yards Dr. Indust. - Northwoods 2925 Ct.yards Dr. Indust. - Northwoods 2975 Ct.yards Dr. Indust. - Northwoods 2995 Ct.yards Dr. Indust. - Northwoods 2725 Northwoods Pkwy Indust. - Northwoods 2755 Northwoods Pkwy Indust. - Northwoods 2775 Northwoods Pkwy Indust. - Northwoods 2850 Colonnades Ct. Indust - Northwoods 3040 Northwoods Pkwy Indust. - Northwoods 3044 Northwoods Cir. Indust - Northwoods 3055 Northwoods Pkwy Indust - Northwoods 3075 Northwoods Pkwy Indust. - Northwoods 3080 Northwoods Cir. Office - Northwoods 3100 Northwoods Pkwy Indust. - Northwoods 3155 Northwoods Pkwy Indust. - Northwoods 3175 Northwoods Pkwy Indust. - - 67 - NE I85 6525-27 Jimmy Carter Blvd. Indust. - NE I85 5755 Peachtree Indust. Blvd Indust. - NE I85 5765 Peachtree Indust. Blvd Indust - NE I85 5775 Peachtree Indust. Blvd Indust - Pinebrook 2450 Satellite Blvd. Indust. - Peachtree Corns. 5401 Buford Hwy. Indust. - Bus. Ctr. Peachtree Corns. 5403 Buford Hwy. Indust. - Bus. Ctr. Peachtree Corns. 5405 Buford Hwy. Indust. - Bus. Ctr. Peachtree Corns. 5409 Buford Hwy. Indust. - Bus. Ctr. Peachtree Corns. 3170 Reps Miller Rd. Indust. - Tech. Ctr. Peachtree Corns. 3180 Reps Miller Rd. Indust. - Tech. Ctr. Peachtree Corns. 3190 Reps Miller Rd. Indust. - Tech. Ctr. N. OLMSTEAD, OH - --------------- Corp. Ctr. Corp. Ctr. I Office - Corp. Ctr. Corp. Ctr. II Office - Corp. Ctr. Corp. Ctr. III Office - OLIVETTE, MO - ------------ 1920 Beltway 1920 Beltway Indust. - I-170 Ctr. I-170 Ctr. Indust. - Warson Comm. Ctr. Warson Comm. Ctr. Indust. - ORLANDO, FL - ----------- Airport Comm. Ctr. 8500 Parkline Blvd Indust. 2,594 Airport Comm. Ctr. 8501 Parkline Blvd. Indust. 843 Airport Comm. Ctr. 8549 Parkline Blvd. Indust. 654 Airport Comm. Ctr. 8351 Parkline Blvd. Indust. 1,246 Airport Comm. Ctr. 8249 Parkline Blvd Indust. - Airport Comm. Ctr. 1630 Prime Ct. Indust. - Airport Comm. Ctr. 1629 Prime Ct. Indust. - Bus.Ctr.at Lee Vista 7101 TPC Dr. Indust. - Parksouth Dist. Ctr. 2500 Principal Row Indust. - Parksouth Dist. Ctr. 2490 Principal Row Indust. - Parksouth Dist. Ctr. 2491 Principal Row Indust. - Parksouth Dist. Ctr. 9600 Parksouth Ct. Indust. - Parksouth Dist. Ctr. 9550 Parksouth Ct. Indust. - PEPPER PIKE, OH - --------------- Corp. Cir. Corp. Cir. Office - PLANO, TX - --------- Legacy Bus. Pk Metasolv Bldg. Phase I Office - Legacy Bus. Pk Metasolv Bldg. Phase II Office - PLYMOUTH, MN - ------------ Medicine Lake Medicine Lake Indus. Ctr. Indust. 4,355 Medicine Lake Medicine Lake Prof Bldg Office - Plymouth Off. Plymouth Off./Tech Ctr. Indust. - Plymouth Ser.Ctr. Plymouth Service Ctr. Indust. - Westpoint Bldgs Westpoint Bus. Ctr Office - Westpoint Bldgs Westpoint Bldg B&C Indust. - Minneapolis Westpoint Bldg D&E Indust. - RALEIGH, NC - ----------- Interchange Plaza 5520 Capital Ctr. Dr. Office 2,962 - 68 - Interchange Plaza 801 Jones Franklin Rd. Office 5,612 Spring Forest 3200 Spring Forest Rd. Indust. - Bus. Ctr. Spring Forest 3100 Spring Forest Rd. Indust. - Bus. Ctr. ROMEOVILLE, IL - -------------- Crossroads Bus. Pk Crossroads Bldg. 2 Indust. - ROSWELL, GA - ----------- Hembree Crest 11545 Wills Rd. Indust. - Hembree Pk 105 Hembree Pk Dr. Indust. - Hembree Pk 150 Hembree Pk Dr. Indust. - Hembree Pk 200 Hembree Pk Dr. Indust. - Hembree Pk 645 Hembree Pkwy Indust. - Hembree Pk 655 Hembree Pkwy Indust. - Hembree Pk 250 Hembree Pk Dr. Indust. - Hembree Pk 660 Hembree Pk Dr. Indust. - Mansell Coms. 993 Mansell Rd. Indust. - Mansell Coms. 995 Mansell Rd. Indust. - Mansell Coms. 997 Mansell Rd. Indust. - Mansell Coms. 999 Mansell Rd. Indust. - Mansell Coms. 1003 Mansell Rd. Indust. - Mansell Coms. 1005 Mansell Rd. Indust. - Mansell Coms. 1007 Mansell Rd. Indust. - Mansell Coms. 1009 Mansell Rd. Indust. - Mansell Coms. 1011 Mansell Rd. Indust. - Northmeadow 1100 Northmeadow Pkwy Indust. - Northmeadow 1150 Northmeadow Pkwy Indust. - Northmeadow 1125 Northmeadow Pkwy Indust. - Northmeadow 1175 Northmeadow Pkwy Indust. - Northmeadow 1250 Northmeadow Pkwy Indust. - Northmeadow 1225 Northmeadow Pkwy Indust. - Northmeadow 1325 Northmeadow Pkwy Indust. - Northmeadow 1335 Northmeadow Pkwy Indust. - Northmeadow 11390 Old Roswell Rd. Indust. - Northmeadow 1400 Hembree Rd. Indust. - Northmeadow 245 Hembree Pk Dr. Indust. - Northmeadow 1357 Hembree Rd. Office - Northmeadow Northmeadow BD IV Indust. - Northmeadow Northmeadow Service Ctr V Indust. - North Central 10745 Westside Pkwy Office - SEVEN HILLS, OH - --------------- Rock Run Rock Run - N. Office 3,136 Rock Run Rock Run - Ctr. Office 4,175 Rock Run Rock Run - S. Office 3,317 SHARONVILLE, OH - --------------- Enterprise Pk Enterprise Bldg 1 Indust. 4,614 Enterprise Pk Enterprise Bldg 2 Indust. 3,265 Enterprise Pk Enterprise Bldg A Indust. 373 Enterprise Pk Enterprise Bldg B Indust. 613 Enterprise Pk Enterprise Bldg D Indust. 1,188 Mosteller Dist. Ctr. Mosteller Dist. Ctr. Indust. - Mosteller Dist. Ctr. Mosteller Dist. Ctr. II Indust. - Perimeter Pk Perimeter Pk Bldg A Indust. - Perimeter Pk Perimeter Pk Bldg B Indust. - SOLON, OH - --------- - 69 - Fountain Pkway Pioneer-Standard Elect. Indust. - Fountain Pkway Fountain Pkwy Bldg 1 Indust. - 6450 Davis 6450 Davis Indust. - Solon 30600 Carter Indust. - Solon 6230 Cochran Indust. - Solon 31900 Solon - Front Indust. - Solon 5821 Harper Indust. - Solon 6161 Cochran Indust. - Solon 5901 Harper Indust. - Solon 29125 Solon Indust. - Solon 6661 Cochran Indust. - Solon 6521 Davis Indust. - Solon 30301 Carter St. Indust. - ST. CHARLES, IL - --------------- Kirk Rd. Bldg Kirk Rd. Bldg. Indust. - ST. CHARLES, MO - --------------- Alfa-Laval Alfa-Laval Indust. - ST. LOUIS PARK, MN - ---------------- Cedar Lake Bus.Ctr. Cedar Lake Bus. Ctr. Indust. - 5219 Bldgs 5219 Bldg. Office - Minneapolis-West Novartis Warehouse Indust. - Minneapolis-West N. Plaza Office - 7320 Oxford St. Oxford Indust. Bldg Indust. - Minneapolis-West S. Plaza Office - Minneapolis-West Travelers Express Towers Office 16,243 ST. LOUIS, MO - ------------- Craig Pk Ctr. Craig Pk Ctr. Indust. - NGIC/Pte. 70 3300 Pte. 70 Office 4,331 Laumeier Off. Pk Laumeier I Office - Laumeier Off. Pk Laumeier II Office - Maryville Ctr. 500-510 Maryville Ctr. Office 14,916 Maryville Ctr. 530 Maryville Ctr. Office 8,035 Maryville Ctr. 550 Maryville Ctr. Office 10,333 Maryville Ctr. 635-645 Maryville Ctr. Office 12,280 Maryville Ctr. 655 Maryville Ctr. Office 8,912 Maryville Ctr. 540 Maryville Ctr. Office 20,000 Maryville Ctr. 520 Maryville Ctr. Office - Riverport Express Scripts HQ Office - St.Louis Bus. Ctr. St. Louis Bus. Ctr. A Indust. - St.Louis Bus. Ctr. St. Louis Bus. Ctr. B Indust. - St.Louis Bus. Ctr. St. Louis Bus. Ctr. C Indust. - St.Louis Bus. Ctr. St. Louis Bus. Ctr. D Indust. - Westmark Westmark Office - Westview Place Westview Place Office - ST. PAUL, MN - ------------ University Crsg. University Crsg. Indust. - ST. PETERS, MO - -------------- Horizon Bus. Ctr. Horizon Bus. Ctr. Indust. 1,259 STRONGSVILLE, OH - ---------------- - 70 - Park 82 Park 82 Bldg 2 Indust. - Park 82 Park 82 Bldg 1 Indust. - Park 82 Park 82 Bldg 3 Indust. - Johnson Controls Johnson Controls Indust. - Dyment Dyment Indust. - SUNSET HILLS, MO - ---------------- Laumeier Off. Pk Laumeier IV Office - SUWANEE, GA - ----------- Horizon 90 Horizon Dr. Indust. - Horizon 225 Horizon Dr. Indust. - Horizon 250 Horizon Dr. Indust. - Horizon 70 Crestridge Dr. Indust. - Horizon 2700 Crestridge Indust. - Horizon 2775 Horizon Ridge Indust. - Horizon 2780 Horizon Ridge Indust. - Horizon 2800 Vista Ridge Dr. Indust. - Horizon Bus. Ctr 410 Horizon Dr. Indust. - N.brook 1000 N.brook Pkwy Indust. - N.brook 675 Old Peachtree Rd. Indust. - North Central 7250 McGinnis Ferry Rd. Indust. - TAMPA, FL - --------- Faifield Bus.Ctr. 8640 Elm Fair Blvd. Indust. - Faifield Bus.Ctr. 4720 Oak Fair Blvd. Indust. - Fairfield Dist.Ctr. 4758 Oak Fair Blvd. Indust. - Fairfield Dist.Ctr. Fairfield Dist. Ctr IV Indust. - Highland Oaks Highland Oaks I Office - TWINSBURG, OH - ------------- Enterprise Pkway Enterprise Pkwy #1 Indust. - WEST CHESTER, OH - ---------------- World Pk World Pk at Union Ctr 1 Indust. - World Pk World Pk at Union Ctr 2 Indust. - World Pk World Pk at Union Ctr 3 Indust. - World Pk World Pk at Union Ctr 4 Indust. - World Pk World Pk at Union Ctr 5 Indust. - World Pk World Pk at Union Ctr 6 Indust. - World Pk World Pk at Union Ctr 8 Indust. - WESTERVILLE, OH - --------------- Polaris Liebert Office - WESTMONT, IL - ------------ Oakmont Tech Ctr. Oakmont Tech Ctr. Indust. - Oakmont Cir. Off. Oakmont Cir. Off. Office - WHEELING, IL - ------------ Abbott Bldg Abbot Dr. Bldg. Indust. - Eliminations Eliminations N/A Secured debt on non-bldgs. 8,842 ------- 528,665 =======
- 71 - DUKE-WEEKS REALTY CORPORATION REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 (IN THOUSANDS)
INITIAL COST TO COMPANY COSTS ------------------ CAPITALIZED BLDGS & SUBSEQ. TO LOCATION/DEVELOPMENT BUILDING LAND IMPROVES ACQUIS (1) - -------------------- ---------------- ---- -------- ---------- ALPHARETTA, GA - --------------- Brookside Off. Pk 3925 Brookside Pkwy 1,269 13,332 - Brookside Off. Pk 3625 Brookside Pkwy 1,625 10,460 - Hembree Crest 11800 Wills Rd. 304 2,102 4 Hembree Crest 11810 Wills Rd. 296 2,208 4 Hembree Crest 11820 Wills Rd. 488 3,042 - Hembree Crest 11415 Old Roswell Rd. 648 3,302 11 N.meadow 1350 N.meadow Pkwy 672 3,570 - N.meadow 11835 Alpharetta Hwy. 524 2,800 - N.winds Pte. 2555 N.winds Pkwy 1,813 7,688 - N.winds Pte. 2550 N.winds Pkwy 2,271 19,616 - Ridgeland 1320 Ridgeland Pkwy 998 5,578 - Ridgeland Ridgeland Bus. Dist I 488 2,207 - ANTIOCH, TN - ----------- Keebler Keebler 307 1,297 - ARLINGTON HEIGHTS, IL - ---------------------- Atrium II Atrium II 776 7,727 - ATLANTA, GA - ----------- 1670 Defoor Ave. 1670 Defoor Ave. 82 1,573 - Druid Chase 6 W. Druid Hills Dr. 473 6,660 - Druid Chase 2801 Buford Hwy. 794 9,710 2 Druid Chase 1190 W. Druid Hills Dr. 689 6,510 - Druid Chase 2071 N. Druid Hills Dr. 98 314 - NE I85 3171 McCall Dr. 112 503 - NE I85 5300 Peachtree Indust. Blvd 434 2,105 - NE I85 4280 NE Expwy. 534 2,010 - Westgate 100 Eagle Vista Pkwy 782 12,421 - AURORA, IL - ---------- Meridian Bus. Campus 535 Exch. 301 917 153 Meridian Bus. Campus 515-525 Enterprise 231 1,664 200 Meridian Bus. Campus 615 Enterprise 315 2,818 182 Meridian Bus. Campus 3615 Exch. 276 1,599 175 Meridian Bus. Campus 4000 Sussex 281 1,925 139 Meridian Bus. Campus 700 N. Comm. 467 3,800 238 Meridian Bus. Campus 3737 E. Exch. 403 2,523 203 Meridian Bus. Campus 444 N. Comm. 486 5,353 301 Meridian Corridor Meridian I - 116 - Meridian Bus. Campus Michael Jordan Golf Ctr 1,412 - 111 BEACHWOOD, OH - ------------- Corp. Exch. One Corp. Exch. 1,287 8,226 824 Corp. Place Corp. Place 1,161 7,425 637 BLOOMINGTON, IL - --------------- Lakewood Plaza Lakewood Plaza 766 7,199 1,161 BLOOMINGTON, MN - --------------- Alpha Bldgs Alpha Bus. Ctr I&II 280 1,593 25 Alpha Bldgs Alpha Bus. Ctr III&IV 341 1,943 41 Alpha Bldgs Alpha Bus. Ctr V 537 3,059 20 - 54 - Bloomington Indus. Bloomington Indust. Ctr. 628 3,508 977 Lyndale Coms. Lyndale Coms. I 248 1,388 264 Lyndale Coms. Lyndale Coms. II 181 1,014 124 Hampshire Dist. Ctr. Hampshire Dist Ctr. N. 782 4,370 331 Hampshire Dist. Ctr. Hampshire Dist Ctr. S. 910 5,085 291 Hampshire Tech Ctr. Hampshire Tech Ctr. 2,124 11,166 2,516 Norman Ctr. Norman Ctr. 2 782 4,433 147 Norman Ctr. Norman Ctr. 4 563 3,183 174 Penn Corp. Bldg Penn Corp. Bldg 315 1,762 54 BLUE ASH, OH - ------------ Cornell Comm. Ctr. Cornell Comm. Ctr. 495 4,501 644 Creek Rd. Creek Rd. Bldg 1 103 792 77 Creek Rd. Creek Rd. Bldg 2 132 1,093 97 Huntington Bank Huntington Bank Bldg. 175 220 21 Lake Forest/ Lake Forest Place 1,953 19,164 2,225 Westlake Lake Forest/ Westlake Ctr. 2,459 15,972 1,999 Westlake BOLINBROOK, IL - -------------- Crossrds Bus. Pk Crossrds Bldg 1 917 8,251 1,317 BRENTWOOD, TN - ------------- Brentwood S. 7104 Crossroads Blvd 1,065 5,868 80 Bus. Ctr. Brentwood S. 7106 Crossroads Blvd 1,065 3,498 80 Bus. Ctr. Brentwood S. 7108 Crossroads Blvd 848 4,051 - Bus. Ctr. Creekside Crsg. Creekside Crsg. One 1,900 9,343 - BRIDGETON, MO - ------------- Dukeport Dukeport V 636 2,354 1,054 Dukeport Dukeport VI 1,663 6,462 1,381 Earth City Dukeport VII 527 2,796 352 Corp. Exch. Dukeport VIII 1,679 4,875 201 BROOKLYN PARK, MN - ----------------- Crosstown NW Crosstown N. Bus. Ctr. 1 835 5,431 588 Crosstown NW Crosstown N. Bus. Ctr. 2 449 2,939 38 Crosstown NW Crosstown N. Bus. Ctr. 3 655 1,687 387 Crosstown NW Crosstown N. Bus. Ctr. 4 2,106 6,102 1,175 7300 Northland Dr. 7300 Northland Dr. 700 3,576 3,040 Crosstown NW Crosstown NW 1 Land 84 - - Crosstown NW Crosstown NW 2 Land 20 - - Crosstown NW Crosstown N. Land #1 201 - - BURNSVILLE, MN - -------------- Profess'l Plaza Professional Plaza I 471 2,635 180 Profess'l Plaza Professional Plaza IV 248 1,387 105 1420 E. Cliff Rd. Cliff Rd. Indust. Ctr 258 1,442 124 Profess'l Plaza Professional Plaza III 237 1,323 211 Profess'l Plaza Professional Plaza II 218 1,220 290 Larc Indus. Pk Larc Indust. Pk I 283 1,580 126 Larc Indus. Pk Larc Indust. Pk II 227 1,268 69 Larc Indus. Pk Larc Indust. Pk III 137 765 27 Larc Indus. Pk Larc Indust. Pk IV 91 510 27 Larc Indus. Pk Larc Indust. Pk V 97 541 42 Larc Indus. Pk Larc Indust. Pk VI 377 2,107 91 Larc Indus. Pk Larc Indust. Pk VII 244 1,365 205 - 55 - CARMEL, IN - ---------- Hamilton Crsg. H.C. Bldg. 1 West 526 2,424 626 Hamilton Crsg. Hamilton Crsg. Bldg 2 313 1,315 783 Hamilton Crsg. Hamilton Crsg. Bldg 4 515 4,765 1,185 Hamilton Crsg. Ret Hamilton Crsg. Retail Bld 1 728 5,706 258 Hamilton Crsg. Hampton Inn Land Lease 137 - 72 Hamilton Crsg. Max & Ermas 167 - - CAROL STREAM, IL - ---------------- Ctr. Ave. Ctr. Ave. Bldg 1 983 4,934 1 CARY, NC - -------- Regency Forest 200 Regency Forest Dr. 1,230 13,414 - Regency Forest 100 Regency Forest Dr. 1,538 13,797 - Weston Pkway 6501 Weston Pkwy 1,775 10,444 - CELEBRATION, FL - --------------- Celebration Ctr. 1130 Celebration Blvd. 1,102 2,584 - Celebration Ctr. 1120 Celebration Blvd. 755 3,874 - CHAMPAIGN, IL - ------------- Market View Shopping Ctr Market View Shopping Ctr. 740 6,605 - CHANHASSEN, MN - -------------- Chanhassen Lakes Chanhassen Lakes I 357 2,023 215 Chanhassen Lakes Chanhassen Lakes II 438 2,483 187 CINCINNATI, OH - -------------- One Ashview Place One Ashview Place 1,204 12,328 643 Blue Ash Off. Ctr. Blue Ash Off. Ctr VI 518 2,775 235 Zussman Bldg Zussman Bldg 339 6,226 1,026 312 Elm 312 Elm 4,750 43,823 8,822 - 56 - Eastgate Square Eastgate Square 2,030 4,079 1,282 Garden Ridge Garden Ridge 626 8,535 - Executive Plaza Executive Plaza I 729 5,249 246 Executive Plaza Executive Plaza II 729 5,332 348 Executive Plaza Executive Plaza III 509 4,010 2,124 Kohl's Dept. Store Kohl's Department Store 1,345 3,575 380 Sofa Express Sofa Express - Gov. Plaza 145 771 70 Off. Max Off. Max 651 1,223 145 Dun & Bradst. Bldg Dun & Bradst. Bldg 270 2,510 566 Governors Hill 8790 Governor's Hill 400 4,581 553 Governors Hill 8700 Governor's Hill 459 5,705 361 Governors Hill 8800 Governor's Hill 225 2,305 17 Governors Hill 8600 Governor's Hill 1,220 17,689 2,291 Governors Plaza Governors Plaza 2,012 8,452 1,101 King's Auto Mal I King's Auto Mall I 1,085 3,859 929 King's Mall Retail Ctr II King's Mall Retail Ctr II 1,928 3,636 1,398 Kenwood Exec Ctr. Kenwood Executive Ctr. 606 3,886 283 Kenwood Coms. 8230 Kenwood Coms. - 3,199 2,620 Kenwood Coms. 8280 Kenwood Coms. - 2,867 189 Kenwood MOB Kenwood MOB - 10,799 - OH National Ohio National 2,463 24,408 648 Pfeiffer Woods Off. Bldg Pfeiffer Woods Off. Bldg 1,450 12,224 41 312 Plum 312 Plum 2,539 24,312 3,204 Remington Off. Pk Remington Pk Bldg A 560 1,442 117 Remington Off. Pk Remington Pk Bldg B 560 1,442 120 Tri-County Marketplace Tri-county Marketplace 5,368 4,065 428 Tri. Off. Pk Tri. Off. Pk 1,000 10,440 1,095 Western Hills Mktpl. Western Hills Mktpl. 3,583 7,511 407 World Pk World Pk Bldg 5 270 3,260 530 World Pk World Pk Bldg 6 378 3,686 - World Pk World Pk Bldg 7 525 4,150 483 World Pk World Pk Bldg 8 561 5,309 596 World Pk World Pk Bldg 9 317 2,993 405 World Pk World Pk Bldg 11 460 4,701 386 World Pk World Pk Bldg 14 380 3,592 347 World Pk World Pk Bldg 15 373 2,274 424 World Pk World Pk Bldg 16 321 3,033 300 World Pk World Pk Bldg 18 834 5,425 182 World Pk World Pk Bldg 28 738 3,549 943 World Pk World Pk Bldg 29 1,379 9,361 622 World Pk World Pk Bldg 31 458 3,058 233 COLUMBUS, OH - ------------ Easton Oval One Easton Oval 2,789 8,696 1,876 Easton Oval Two Easton Oval 2,489 16,360 549 Polaris 1000 Polaris Pkwy 1,200 6,601 727 Tuttle Crsg. Xerox Bldg-5555 ParkCtr. Cir 1,580 8,630 836 Westbelt Dr. 2190-2200 Westbelt Dr. 300 1,900 58 Westbelt West Westbelt West #1 432 2,983 - Zane Trace 3800 Zane Trace Dr 170 1,916 536 Zane Trace 3635 Zane Trace Dr. 236 1,749 364 King's Mall Applebee's Grnd Lse 309 - 29 Tuttle Crsg. Lazarus Grnd Lse 852 - - Tuttle Crsg. Uno's Grnd Lse - - 587 Tuttle Crsg. BMW Pking Exp. 351 - - Tuttle Crsg. Qwest Pking Exp. 201 - 13 COPPELL, TX - ----------- Freeport N. Freeport II 1,644 8,931 - Freeport N. Freeport III 1,459 5,784 - Freeport N. Freeport IV 1,028 10,467 - CREVE COUER, MO - --------------- Twin Oaks Off.Ctr Twin Oaks 566 8,072 539 CRYSTAL, MN - ----------- Crystal Indus.Ctr Crystal Indust. Ctr. 456 2,549 380 DECATUR, IL - ----------- Park 101 Illinois Power Grnd Lse 212 - - DES PLAINES, IL - --------------- Deckbrand Bldg Wolf Rd. Bldg. 179 1,593 305 105 East Oakton 105 East Oakton 758 4,244 379 DOWNERS GROVE, IL - ----------------- Executive Towers Executive Towers I 2,652 23,705 2,196 Executive Towers Executive Towers II 3,386 30,965 1,579 Executive Towers Executive Towers III 3,512 32,126 2,105 - 57 - DUBLIN, OH - ---------- MetroCtr. III MetroCtr. III 887 2,727 1,212 Scioto Corp. Ctr. Scioto Corp. Ctr. 1,137 3,147 448 Tuttle Retail Ctr. Tuttle Retail Ctr. 2,625 6,598 3,519 Tuttle Crsg. LCI Intl. 2,618 17,428 2,056 Tuttle Crsg. Sterling 1 1,494 11,856 1,275 Tuttle Crsg. Indiana Insurance 717 2,081 1,036 Tuttle Crsg. Sterling 2 605 5,300 580 Tuttle Crsg. John Alden Life Ins. 1,066 6,856 833 Tuttle Crsg. Cardinal Health 1,600 9,556 2,631 Tuttle Crsg. Sterling 3 1,601 8,207 508 Tuttle Crsg. Compmanagement 867 2,860 2,030 Tuttle Crsg. Sterling 4 483 9,011 1,147 Tuttle Crsg. Pkwood Place 1,690 12,202 - Tuttle Crsg. Nationwide 4,815 18,380 550 Tuttle Crsg. Emerald II 495 2,225 1,250 Tuttle Crsg. Atrium II, Phase I 1,649 7,640 3,598 Tuttle Crsg. Atrium II, Phase II 1,597 8,215 2,022 Tuttle Crsg. Blazer I 904 4,128 1,621 DULUTH, GA - ---------- Berkeley Lake Dist. Ctr. 3270 Summit Ridge Pkwy 499 4,701 - Berkeley Lake Dist. Ctr. 3280 Summit Ridge Pkwy 485 4,934 - Berkeley Lake Dist. Ctr. 3290 Summit Ridge Pkwy 257 2,983 - Crestwood Pte. 3805 Crestwood Pkwy 877 14,870 - Crestwood Pte. 3885 Crestwood Pkwy 881 15,133 - Meadowbrook 2450 Meadowbrook Pkwy 716 3,113 - Meadowbrook 2475 Meadowbrook Pkwy 529 3,498 - Meadowbrook 2500 Meadowbrook Pkwy 411 2,462 - Meadowbrook 2505 Meadowbrook Pkwy 606 2,346 - NE I85 4125 Buford Hwy. 778 5,209 - Pk Creek 2825 Breckinridge Blvd 317 3,556 - Pk Creek 2875 Breckinridge Blvd 476 4,702 - Pk Creek 2885 Breckinridge Blvd 487 6,754 6 Pinebrook 2625 Pinemeadow Ct. 813 4,057 13 Pinebrook 2660 Pinemeadow Ct. 450 3,332 - River Green 3450 River Green Ct. 194 2,148 - River Green 4800 River Green Pkwy 152 1,941 - Bus. Pk at Sugarloaf 2775 Premier Pkwy 560 4,604 - Bus. Pk at Sugarloaf 3079 Premier Pkwy 776 6,846 - Bus. Pk at Sugarloaf 6700 Sugarloaf Pkwy 1,042 8,511 - Bus. Pk at Sugarloaf 2855 Premier Pkwy 765 3,194 - Bus. Pk at Sugarloaf 6655 Sugarloaf 1,651 6,877 - DUNCAN, SC - ---------- Hillside 170 Pkwy West 223 3,438 - Hillside 285 Pkwy East 619 5,578 - Hillside 190 Pkwy West 276 3,098 - Hillside 265 Pkwy East 329 4,441 - EAGAN, MN - --------- Apollo Dist. Ctr. Apollo Indust. Ctr I 866 4,842 787 Apollo Dist. Ctr. Apollo Indust. Ctr II 1 - - Eagandale Crsg. Eagandale Crsg. 974 4,320 373 Eagandale Tech Ctr.Eagandale Tech Ctr. 987 5,554 811 Silverbell Coms. Silverbell Coms. 245 8,562 - Sibley Indus. Ctr. Sibley Indust. Ctr. I 356 2,012 265 Sibley Indus. Ctr. Sibley Indust. Ctr. II 234 1,311 106 - 58 - Sibley Indus. Ctr. Sibley Indust. Ctr. III 213 1,191 260 Trapp Rd. Trapp Rd. Comm. I 671 3,800 429 Trapp Rd. Trapp Rd. Comm. Bldg II 1,250 6,872 618 Yankee Place Yankee Place 2,822 15,777 1,029 Apollo Dist. Ctr. Apollo Land - - 2 EARTH CITY, MO - -------------- Dukeport Dukeport 3 741 3,768 1,142 NGIC/Pte. 70 3322 NGIC 2,615 10,461 835 MCI MCI 1,151 6,844 569 EDEN PRAIRIE, MN - ---------------- Edenvale Executive Ctr. Edenvale Executive Ctr. 1,184 6,695 - Golden Tri. Tech Ctr. Golden Tri. Tech Ctr. 1,446 8,080 423 Valley Gate N. Valley Gate N. 548 3,131 - EDINA, MN - ---------- Bush Lake Rd. Edina Interchange VI 477 2,669 110 Cahill Bus. Ctr Cahill Bus. Ctr. 513 2,868 367 Edina Interchange Edina Interchange I 637 3,560 158 Edina Interchange Edina Interchange II 437 2,444 93 Edina Interchange Edina Interchange III 493 2,754 92 Edina Interchange Edina Interchange IV 230 1,286 364 Edina Interchange Edina Interchange V 982 5,489 487 Bush Lake Rd. Edina Interchange VII 180 1,028 205 Pakwa Pakwa I 351 1,962 367 Pakwa Pakwa II 217 1,212 118 Pakwa Pakwa III 251 1,403 108 FAIRFIELD, OH - ------------- Faifield Bus. Ctr. Fairfield Bus. Ctr. D 135 1,639 174 Faifield Bus. Ctr. Fairfield Bus. Ctr. E 398 2,461 212 University Moving University Moving 248 1,612 147 FENTON, MO - ---------- Fenton Interstate Bldgs Fenton Interstate Bldg. C 433 1,897 134 Fenton Interstate Bldgs Fenton Interstate Bldg. D 1,125 4,878 222 Southport Southport I 192 808 65 Southport Southport II 151 636 74 Southport Southport Comm. Ctr. 233 979 181 FISHERS, IN - ----------- Delaware Pk Delaware Pk-Banc One 994 1,906 - Exit 5 Exit 5 Bldg I 593 2,978 - FLORENCE, KY - ------------ Empire Comm. Ctr Empire Comm. Ctr. 581 2,784 397 Sofa Express- Florence Sofa Express - Florence 145 718 980 KY Dr. 7910 Kentucky Dr. 285 673 103 KY Dr. 7920 Kentucky Dr. 698 1,235 143 FT. WAYNE, IN - ------------- Coldwater Crsg. Coldwater Crsg. 2,310 15,827 1,866 FORT WORTH, TX - -------------- - 59 - Centreport Dist. Ctr. 14900 Trinity Blvd. 1,395 8,604 - FRANKLIN, TN - ------------ Aspen Grove Bus. Ctr. 277 Mallory Station 936 6,392 - Aspen Grove Bus. Ctr. 320 Premier Ct. 1,151 6,639 - Aspen Grove Bus. Ctr. 305 Seaboard Lane 970 7,295 - Aspen Grove Bus. Ctr. 416 Mary Lindsay Polk Dr 943 4,676 - Aspen Grove Bus. Ctr. 318-II Seaboard Lane 240 1,768 - Aspen Grove Bus. Ctr. 341 Cool Springs Blvd 950 6,806 - Aspen Grove Bus. Ctr. 318-1 Seaboard Lane 301 1,962 - Brentwood S. Bus. Ctr. 119 Seaboard Lane 569 2,381 - Brentwood S. Bus. Ctr. 121 Seaboard Lane 445 1,899 - Brentwood S. Bus. Ctr. 123 Seaboard Lane (BS 6) 489 1,613 - FRIDLEY, MN - ----------- River Rd. River Rd. Bus. Ctr. S. 1,083 6,332 240 University Ctr. University Ctr. I&II 220 1,253 79 GAHANNA, OH - ----------- Pet Foods Dist. Pet Foods Dist. 268 4,932 1,492 GARLAND, TX - ----------- Northgate Intl. Intl. I 790 4,644 - Northgate Intl. Intl. II 1,401 7,890 - GLENWILLOW, OH - -------------- Emerald Valley Emerald Valley Bldg 1 390 6,345 165 GOLDEN VALLEY, MN - ----------------- Decatur Bus. Ctr Decatur Bus. Ctr. 436 2,436 260 Edina Realty Edina Realty 330 1,817 226 Golden Hills Golden Hills 1 1,081 6,120 308 Golden Hills Golden Hills 2 1,741 2,617 1,666 Golden Hills Golden Hills 3 1,813 2,998 1,809 Minneapolis-West N. Star Title 506 2,869 308 Silver-Burdett Ginn Sandburg Indust. Ctr. 456 2,551 89 Minneapolis-West Tyrol West 350 1,985 261 801 Zane Ave. N. 801 Zane Ave. N. 369 2,064 139 GREENWOOD, IN - ------------- South Pk South Pk Bldg 1 287 2,328 446 South Pk South Pk Bldg 2 334 3,081 1,155 South Pk South Pk Bldg 3 208 2,150 703 South Pk Brylane Pking Lot 54 - 3 GROVE CITY, OH - -------------- South Pte. South Pte. Bldg D 276 2,485 1,294 South Pte. South Pte. Bldg E 279 2,046 905 GROVEPORT, OH - ------------- Groveport Comm Ctr Groveport Comm Ctr #2 1,049 7,553 162 Sun TV 6600 Port Rd. 2,005 17,468 6,553 - 60 - HEBRON, KY - ---------- Skyport Skyport Bldg. 1 611 5,661 1,461 Skyport Skyport Bldg. 2 251 7,964 1,424 Skyport Skyport Bldg. 4 - 2,846 - KY, SouthPk KY. SouthPk Bldg 1 682 3,725 539 KY, SouthPk Ky. SouthPk Bldg 3 841 3,382 1,119 KY, SouthPk Ky. SouthPk Bldg 4 779 3,095 275 KY, SouthPk CR Services 1,085 4,060 1,279 HOLLYWOOD, FL - ------------- Port 95 2600 SW 39th St. 5,758 12,147 1,316 Port 95 Port 95 - Spec. Bldg. 833 2,563 541 HOPKINS, MN - ----------- Cornerstone Bus. Ctr. Cornerstone Bus. Ctr. 1,469 8,212 388 The Johnson Bldg The Johnson Bldg 558 3,121 190 Westside Bus. Pk Westside Bus. Pk 1,189 6,646 253 INDEPENDENCE, OH Corp. Plaza Corp. Plaza I 2,116 13,528 977 Corp. Plaza Corp. Plaza II 1,841 11,768 942 Freedom Square Freedom Square I 595 3,796 441 Freedom Square Freedom Square II 1,746 11,141 1,115 Freedom Square Freedom Square III 701 5,027 1,871 6111 Oak Tree 6111 Oak Tree 703 4,492 554 Pk Ctr. Pk Ctr. Bldg I 1,997 9,647 4,170 Pk Ctr. Pk Ctr. Bldg 2 1,833 10,178 3,328 INDIANAPOLIS, IN - ---------------- Cub Ctr. Cub Ctr. 540 4,850 477 Michael's Plaza Michaels Plaza 749 3,400 724 Palomar Palomar 158 1,148 440 Franklin Rd. Bus. Ctr Franklin Rd. Bus. Ctr. 594 11,083 - Pk 100 Georgetown Bldg. One 362 2,437 97 Pk 100 Georgetown Rd. Bldg 2 374 2,588 866 Pk 100 Georgetown Rd. Bldg 3 421 1,960 115 Nampac Bldg Nampac Bldg. 274 1,622 568 Pk 100 6060 Guion Rd 411 2,656 920 Greenwood Corner Shops Greenwood Corner Shops 390 3,435 277 First IN Branch First Indiana Branch 46 254 20 Hillsdale Hillsdale Bldg 4 366 4,711 614 Hillsdale Hillsdale Bldg 5 251 3,235 409 Hillsdale Hillsdale Bldg 6 315 4,054 309 KATC - S. 8465 KATC 2-story 89 1,302 145 F.C. Tucker F.C. Tucker - 264 26 KATC - N. 8555 KATC 4-story - 5,857 648 KATC - N. 3520 Comm. Crsg. - 579 384 4750 KY Ave. 4750 Kentucky Ave. 246 2,260 327 N. Airport Pk N. Airport Pk Bldg 2 550 5,470 2,465 One N. Capitol One N. Capitol 1,439 8,156 581 Pk 100 Pk 100 Bldg 34 131 1,455 227 Pk 100 Pk 100 Bldg 79 184 1,764 472 Pk 100 Pk 100 Bldg 80 251 2,412 375 Pk 100 Pk 100 Bldg 83 247 2,572 450 Pk 100 Pk 100 Bldg 84 347 2,604 329 Pk 100 Pk 100 Bldg 95 642 4,756 697 Pk 100 Pk 100 Bldg 96 1,414 8,734 5,006 Pk 100 Pk 100 Bldg 97 676 4,294 1,496 - 61 - Pk 100 Pk 100 Bldg 98 473 6,022 2,206 Pk 100 Pk 100 Bldg 100 103 2,179 827 Pk 100 Pk 100 Bldg 107 99 1,575 202 Pk 100 Pk 100 Bldg 109 240 1,807 62 Pk 100 Pk 100 Bldg 116 341 3,144 202 Pk 100 Pk 100 Bldg 118 226 2,229 428 Pk 100 Pk 100 Bldg 119 388 3,386 408 Pk 100 Pk 100 Retail Bldg 121 592 960 164 Pk 100 Pk 100 Bldg 122 284 3,359 624 Pk 100 Pk 100 Bldg 125 674 5,712 301 Pk 100 Pk 100 Bldg 126 165 1,362 243 Pk 100 Pk 100 Bldg 127 96 1,726 484 Pk 100 Pk 100 Bldg 128 904 8,429 514 Pk 100 Pk 100 Bldg 129 865 5,468 1,081 Pk 100 Pk 100 Bldg 130 514 4,027 156 Pk 100 Pk 100 Bldg 131 1,006 7,015 1,459 Pk 100 Pk 100 Bldg 132 446 1,165 503 Pk 100 Pk 100 Bldg 133 69 889 38 Pk 100 Pk 100 Bldg 134 465 3,043 1,016 Woodland Corp.Ctr. Woodland Corp Centre I 290 3,355 1,772 Pk 100 Pk 100 Bldg 136 542 3,461 760 Woodland Corp.Ctr. Woodland Corp. Ctr. II 271 3,570 452 Pk Fletcher Pk Fletcher Bldg 14 76 722 111 Pkwood Crsg. One Pkwood 1,018 9,578 813 Pkwood Crsg. Two Pkwood 861 7,499 412 Pkwood Crsg. Three Pkwood 1,377 8,089 1,945 Pkwood Crsg. Four Pkwood 1,489 11,288 1,063 Pkwood Crsg. Five Pkwood 1,485 10,098 921 Software Artistry Software Artistry 856 7,381 373 Woodfield 8440 Woodfield 719 9,106 1,175 Woodfield 8425 Woodfield 3,767 19,817 3,162 4316 W. Minnesota 4316 West Minnesota 287 2,163 384 Pk 100 Norco Windows Pking Lot 37 - - Pk 100 Ups Pking - - 270 Pk 100 Norgate Grnd Lse 51 - - Pk 100 Zollman Grnd Lse 115 - - Southpark South Pk Grounds 21 - - IRVING, TX - ---------- TX Plaza Texas Plaza I 1,165 5,656 - JACKSONVILLE, FL - ---------------- Centurion Square 8380-8386 Baymeadows Rd 1,037 6,132 19 Jacksonville Intl Tradeport 13350 Intl. Pk - 2,833 - Jacksonville Intl. Tradeport 13340 Intl. Pkwy 289 3,800 - Jacksonville Intl. Tradeport 1420 Vantage Way 698 4,868 - Jacksonville Intl. Tradeport 1460 Vantage Way 573 5,972 - Jacksonville Intl. Tradeport 1350 Tradeport Dr 538 4,144 - Jacksonville Intl. Tradeport 1371 Tradeport Dr 544 3,277 - Jacksonville Intl. Tradeport 13291 Vantage Way 499 5,081 - South Pte. 7011 A.C. Skinner Pkwy 1,007 3,251 - KENNESAW, GA - ------------ NW I-75 240 Northpoint Pkwy 822 6,008 - Town Point 3330 W. Town Point Dr. 551 2,222 - Town Point 3350 W. Town Point Dr. 434 2,289 - Town Point 3240 Town Point Dr. 1,092 6,331 - Town Point 3391 Town Point Pkwy 797 7,630 - LAKE FOREST, IL - --------------- - 62 - Ballard Bldg Ballard Dr. Bldg. 186 1,693 114 Kraft Bldg Laurel Dr. Bldg. 98 895 76 13825 W.Laurel Dr. 13825 W. Laurel Dr. 503 1,855 350 One Conway Pk One Conway Pk 1,901 17,391 920 LAKE MARY, FL - ------------- Northpoint 1025 Greenwood Blvd. 1,087 11,759 3 Technology Pk 100 Technology Pkwy 641 3,444 - Technology Pk 525 Technology Pkwy 835 4,393 - Technology Pk 255 Technology Pkwy 477 3,782 - Technology Pk 200 Technology Pkwy - 3,104 - Technology Pk 250 Technology Pkwy 547 2,838 - LEBANON, IN - ----------- Lebanon Bus. Pk American Air Filter 177 3,053 157 Lebanon Bus. Pk Purity Wholesale 7,848 689 689 Lebanon Bus. Pk Pamida 177 3,625 777 Lebanon Bus. Pk Prentice Hall 510 11,659 1,107 Lebanon Bus. Pk Lebanon - General Cable 443 6,732 833 Lebanon Bus. Pk Lebanon Bldg. 9 340 6,821 224 LEWISVILLE, TX - -------------- Water's Ridge 1550 Lakeway Dr. 1,324 7,775 - Water's Ridge 501 E Corp. Dr. 965 5,245 - LOMBARD, IL - ----------- Yorktown Off. Ctr. Yorktown Off. Ctr. 872 7,861 720 LOVELAND, OH - ------------ Sun TV & Appliances Montgomery Crsg. Phase I 260 852 169 Sports Unlimited Montgomery Crsg. Phase II 778 3,687 309 MARIETTA, GA - ------------ Franklin Forest 805 Franklin Ct. 313 1,901 12 Franklin Forest 810 Franklin Ct. 255 1,619 - Franklin Forest 811 Livingston Ct. 193 1,383 - Franklin Forest 825 Franklin Ct. 358 1,448 - Franklin Forest 830 Franklin Ct. 133 764 16 Franklin Forest 835 Franklin Ct. 393 1,590 - Franklin Forest 840 Franklin Ct. 242 870 - Franklin Forest 821 Livingston Ct. 145 966 - Franklin Forest 841 Livingston Ct. 275 2,669 - NW Bus. Ctr. 1335 Capital Cir. 416 2,067 8 NW Bus. Ctr. 1337-41-51 Capital Cir. 558 5,319 15 NW Bus. Ctr. 2260 NW Pkwy 320 2,010 8 NW Bus. Ctr. 2252 NW Pkwy 92 954 8 NW Bus. Ctr. 2242 NW Pkwy 175 1,449 2 NW Bus. Ctr. 2256 NW Pkwy 85 897 2 NW Bus. Ctr. 2244 NW Pkwy 47 476 2 NW Bus. Ctr. 2150 NW Pkwy 294 3,036 2 NW Bus. Ctr. 2152 NW Pkwy 161 1,606 2 NW Bus. Ctr. 2130 NW Pkwy 353 2,861 2 NW Bus. Ctr. 2270 NW Pkwy 483 3,808 - NW Bus. Ctr. 2275 NW Pkwy 327 2,588 - MARYLAND HEIGHTS, MO - -------------------- - 63 - Riverport Tower Riverport Tower 3,250 29,251 1,930 Riverport Dist. Riverport Dist. 242 2,175 115 Riverport Dist. Scripts Bldg. 942 8,482 643 Riverport Dist. Riverport Dist. B 216 1,944 121 Riverport Dist. Riverport 1 551 2,733 2,149 West Port Westport Ctr. I 1,666 4,161 2,482 West Port Westport Ctr. II 714 1,968 1,333 West Port Westport Ctr. III 931 2,951 642 MASON, OH - --------- Deerfield Crsg. Deerfield Crsg. Bldg 11,225 10,810 1,276 Governor's Pte. Governor's Pte. 4770 586 7,609 458 Governor's Pte. Governor's Pte. 4700 584 5,465 400 Governor's Pte. Governor's Pte. 4900 654 4,017 909 Governor's Pte. Governor's Pte. 4705 719 6,910 2,531 Governor's Pte. Governor's Pte. 4800 978 4,742 711 Governor's Pte. Governor's Pte. 4605 630 16,236 2,347 Bigg's SuperCtr. Bigg's Super Ctr. 2,107 4,545 5,391 Lowes Lowes 1,241 4,214 4,733 Anthem Prescription Mgmt Governor's Pte. 8990 594 4,100 2,406 Governor's Pte. Governor's Pte. 4660 385 3,662 1,403 Governor's Pte. Governor's Pte. 4680 1,115 6,413 2,921 MAYFIELD HEIGHTS, OH - -------------------- Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. I 1,807 7,445 3,852 Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. II 1,382 7,453 2,948 MCDONOUGH, GA - ------------- Liberty Dist. Ctr. 120 Declaration Dr. 615 8,402 - Liberty Dist. Ctr. 130 Declaration Dr. 502 3,678 - MELROSE Pk, IL - -------------- Aviand Bldg Janice Ave. Bldg. 94 855 28 MENDOTA HEIGHTS, MN - ------------------- Enterprise Indus. Ctr. Enterprise Indust. Ctr. 874 4,884 833 MIAMI, FL - --------- Beacon Ctr. 1701 NW 84th Ave. 1,072 5,545 - Beacon Ctr. 1601 NW 84th Ave. 1,180 5,185 - Beacon Ctr. 1401 NW 84th Ave. 914 4,413 - Beacon Ctr. 2000 NW 84th Ave. 893 7,125 - Beacon Ctr. 1850 NW 84th Ave. 845 5,325 - Beacon Ctr. 8401 NW 17th St. 479 3,410 - Beacon Ctr. 8400 NW 17th St. 709 3,322 - Beacon Ctr. 1600 NW 84th Ave. 709 4,437 - Beacon Ctr. 1900 NW 84th Ave. 469 3,367 10 Beacon Ctr. 8491 NW 17th St. 469 2,893 - Beacon Ctr. 1301 NW 84th Ave. 1,200 3,405 4 Beacon Ctr. 2101 NW 84th Ave. 753 3,561 - Beacon Ctr. 2001 NW 84th Ave. 883 5,191 - Beacon Ctr. 2250 NW 84th Ave. 453 3,117 5 Beacon Ctr. 8530 NW 23rd St. 861 3,686 8 Beacon Ctr. 2105 NW 86th Ave. 853 4,435 1 Beacon Ctr. 8501 NW 17th St. 1,965 11,169 6 Beacon Ctr. 8500 NW 17th St. 759 3,564 4 - 64 - Beacon Ctr. 8550 NW 17th St. 703 3,865 - Beacon Ctr. 8400 NW 25th St. 2,045 10,826 6 Beacon Ctr. 1701 NW 87th Ave. 1,965 15,884 7 Beacon Ctr. 8600 NW 17th St. 723 9,789 10 Beacon Ctr. 8575 NW 13th Terrace 3,480 6,401 - Beacon Ctr. 8323 NW 12th St. 1,498 9,948 45 Beacon Ctr. 1695 NW 87th Ave. 300 - - Beacon Ctr. 8695 NW 12th St. 202 - - Beacon Ctr. 8696 NW 13th Terrace 256 - - Beacon Ctr. 8695 NW 13th Terrace 196 - - MILFORD, OH - ----------- Pk 50 Pk 50 Bldg 17 500 5,506 - Pk 50 Pk 50 Bldg 20 461 7,202 - Pk 50 Pk 50 Bldg 25 1,161 3,758 1,233 Pk 50 Pk 50 Bldg 26 911 9,004 1,929 MINNEAPOLIS, MN - --------------- Broadway Bus. Ctr. Broadway Bus. Ctr III 140 791 67 Broadway Bus. Ctr. Broadway Bus. Ctr IV 194 1,098 221 Broadway Bus. Ctr. Broadway Bus. Ctr V 160 908 63 Broadway Bus. Ctr. Broadway Bus. Ctr VI 433 2,451 271 Broadway Bus. Ctr. Broadway Bus. Ctr VII 233 1,318 189 Encore Pk Encore Pk 984 5,503 390 10801 Red Cir. Dr. 10801 Red Cir. Dr. 533 2,981 1,184 Chilies Grnd Lse Chilies Grnd Lse 921 - 69 Knox Land Lease Knox Land Lease 1,066 - 1 Olive Garden Grnd Lse Olive Garden Grnd Lse 850 - 71 University Land Lease University Land Lease 296 - - MONROE, OH - ---------- Monroe Bus. Ctr. Monroe Bus. Ctr. Bldg. 1 229 5,390 441 MORRISVILLE, NC - --------------- Enterprise Ctr. 507 Airport Blvd. 1,327 8,304 - Enterprise Ctr. 5151 McCrimmon Pkwy 1,318 8,048 - Enterprise Ctr. 2600 Perimeter Pk Dr. 975 5,402 - Enterprise Ctr. 5150 McCrimmon Pkwy 1,739 12,023 - Enterprise Ctr. 2400 Perimeter Pk Dr. 760 6,968 - MetroCtr. 3000 Perimeter Pk Dr. 482 3,108 9 MetroCtr. 2900 Perimeter Pk Dr. 235 2,278 6 MetroCtr. 2800 Perimeter Pk Dr. 777 4,824 9 Perimeter Pk 100 Perimeter Pk Dr. 477 3,699 - Perimeter Pk 200 Perimeter Pk Dr. 567 3,608 - Perimeter Pk 300 Perimeter Pk Dr. 567 3,608 - Perimeter Pk 400 Perimeter Pk Dr. 486 5,071 - Perimeter Pk 500 Perimeter Pk Dr. 522 5,036 - Perimeter Pk 800 Perimeter Pk Dr. 405 3,768 - Perimeter Pk 900 Perimeter Pk Dr. 630 2,943 8 Perimeter Pk 1000 Perimeter Pk Dr. 405 3,729 - Perimeter Pk W. 1100 Perimeter Pk Dr. 777 5,914 21 Perimeter Pk W. 1400 Perimeter Pk Dr. 666 4,499 - Perimeter Pk W. 1500 Perimeter Pk Dr. 1,148 10,346 3 Perimeter Pk W. 1600 Perimeter Pk Dr. 1,463 9,925 23 Perimeter Pk W. 1800 Perimeter Pk Dr. 907 5,626 - Perimeter Pk W. 2000 Perimeter Pk Dr. 788 8,050 - Perimeter Pk W. 1700 Perimeter Ctr. W. 540 11,252 - Perimeter Pk W. 3900 N. Paramount Pkwy 540 13,093 - Perimeter Pk W. 3900 S. Paramount Pkwy 1,100 11,338 - - 65 - Perimeter Pk W. 5200 Paramount Pkwy 1,748 15,848 - Research Tri. Indus. Ctr. 409 Airport Blvd Bldg A 296 1,199 13 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg B 175 753 - Research Tri. Indus. Ctr. 409 Airport Blvd Bldg C 185 2,856 3 Woodlake Ctr. 100 Innovation Ave. 633 3,920 6 Woodlake Ctr. 101 Innovation Ave. 615 4,010 - Woodlake Ctr. 200 Innovation Dr. 357 4,392 - Woodlake Ctr. 501 Innovation Ave. 640 6,722 - NASHVILLE, TN - ------------- AirPk Bus. Ctr. 1420 Donelson Pike 1,331 5,412 - AirPk Bus. Ctr. 1410 Donelson Pike 1,411 6,761 - AirPk Bus. Ctr. 1400 Donelson Pike 1,276 5,028 - AirPk Bus. Ctr. 400 AirPk Ctr. 419 2,114 - AirPk Bus. Ctr. 500 AirPk Ctr. Dr. 923 3,155 - AirPk Bus. Ctr. 600 Airport Ctr. Dr. 729 3,258 - AirPk Bus. Ctr. 700 AirPk Ctr. Dr. 801 3,036 - AirPk Bus. Ctr. 800 AirPk Ctr. Dr. 924 4,117 - AirPk Bus. Ctr. 900 AirPk Ctr. Dr. 798 3,334 - AirPk Bus. Ctr. 1000 AirPk Ctr. Dr. 1,300 9,424 - AirPk Bus. Ctr. 5270 Harding Place 535 2,439 - AirPk Bus. Ctr. 1415 Donelson Pike 1,308 8,609 - AirPk Bus. Ctr. 1413 Donelson Pike 549 2,683 - AirPk Bus. Ctr. 5233 Harding Place - 4,043 - Cumberland Bus. Center 431 Great Cir. Rd. 1,461 7,665 - Four-Four Bus.Ctr. 700 Melrose Ave. 938 6,272 - Four-Four Bus.Ctr. 684 Melrose Ave. 1,812 7,611 2 Four-Four Bus.Ctr. 458 Melrose Ave. 1,522 5,617 2 Four-Four Bus.Ctr. 784 Melrose Ave. - 4,071 2 Greenbriar Bus. Pk Greenbriar Bus. Pk 1,445 4,490 979 Haywood Oaks Haywood Oaks Bldg 2 395 1,767 253 Haywood Oaks Haywood Oaks Bldg 3 346 1,575 341 Haywood Oaks Haywood Oaks Bldg 4 435 1,948 387 Haywood Oaks Haywood Oaks Bldg 5 629 2,816 607 Haywood Oaks Haywood Oaks Bldg 6 924 5,730 1,036 Haywood Oaks Haywood Oaks Bldg 7 456 1,642 756 Haywood Oaks Haywood Oaks Bldg 8 617 2,225 1,980 Lakeview Place Three Lakeview 2,126 11,172 252 Lakeview Place One Lakeview Place 2,046 11,591 486 Lakeview Place Two Lakeview Place 2,046 11,591 462 Metro Airport Ctr. Metro Airport Ctr. Bldg 11,180 3,286 1,215 MetroCtr. 545 Mainstream Dr. 847 6,199 - MetroCtr. 566 Mainstream Dr. 454 3,885 - MetroCtr. 621 Mainstream Dr. 428 2,801 - Metro Ctr. MetroCtr. Flex Bldg I 497 - - Nashville Bus.Ctr. 3300 Briley Pk Blvd. 936 7,696 - Royal Pkway Ctr. 2515 Perimeter Pk 731 4,820 23 Royal Pkway Ctr. 500 Royal Pkwy 599 4,518 23 Lakeview Place Lakeview Grounds - - - NEW HOPE, MN - ------------ Bass Lake Bus.Bldg Bass Lake Bus. Bldg 298 1,668 85 NILES, IL - --------- U.S. Industries Touhy Ave. Bldg. 310 2,823 583 Tam Ctr. Jarvis Ave. Bldg. 462 4,205 309 NORCROSS, GA - ------------ 3045 Bus. Pk Dr. 3045 Bus. Pk Dr. 446 1,996 - - 66 - Gwinnett Pk 1750 Beaver Ruin 640 6,659 - Gwinnett Pk 4258 Communications Dr. 8 2,360 6 Gwinnett Pk 4261 Communications Dr. 254 1,878 - Gwinnett Pk 4291 Communications Dr. 4 1,440 - Gwinnett Pk 1826 Doan Way 185 3,016 - Gwinnett Pk 1857 Doan Way 23 390 11 Gwinnett Pk 1650 Intl. Blvd. 69 2,172 - Gwinnett Pk 4245 Intl. Blvd. 192 10,650 - Gwinnett Pk 4250 Intl. Blvd. 193 3,008 - Gwinnett Pk 4295 Intl. Blvd. 58 2,309 - Gwinnett Pk 4320 Intl. Blvd. 44 2,020 - Gwinnett Pk 4350 Intl. Blvd. 78 3,005 9 Gwinnett Pk 4355 Intl. Blvd. 233 2,926 28 Gwinnett Pk 4405A Intl. Blvd. 97 2,630 - Gwinnett Pk 4405B Intl. Blvd. 118 3,861 - Gwinnett Pk 4405C Intl. Blvd. 21 753 - Gwinnett Pk 1828 Meca Way 16 2,640 - Gwinnett Pk 1858 Meca Way 20 1,802 - Gwinnett Pk 4316 Pk Dr. 262 1,522 - Gwinnett Pk 4317 Pk Dr. 678 1,806 - Gwinnett Pk 4357 Pk Dr. 12 2,221 - Gwinnett Pk 4366 Pk Dr. 6 482 - Gwinnett Pk 4386 Pk Dr. 17 934 - Gwinnett Pk 4436 Pk Dr. 18 2,238 - Gwinnett Pk 4437 Pk Dr. 21 2,597 - Gwinnett Pk 4467 Pk Dr. 6 1,600 - Gwinnett Pk 4476 Pk Dr. 14 1,638 93 Gwinnett Pk 4487 Pk Dr. 6 3,614 163 Gwinnett Pk 1835 Shackelfort Ct. 29 6,212 - Gwinnett Pk 1854 Shackleford Rd. 52 10,203 - Gwinnett Pk 4274 Shackleford Rd. 27 3,560 - Gwinnett Pk 4275 Shackleford Ct. 8 2,090 66 Gwinnett Pk 4344 Shackleford Rd. 286 2,195 - Gwinnett Pk 4355 Shackleford Rd. 7 6,721 - Gwinnett Pk 4364 Shackleford Rd. 9 953 12 Gwinnett Pk 4366 Shackleford Rd. 20 2,544 - Gwinnett Pk 4388 Shackleford Rd. 33 3,939 65 Gwinnett Pk 4400 Shackleford Rd. 14 1,536 - Gwinnett Pk 4444 Shackleford Rd. 31 3,233 - Gwinnett Pavillion 1480 Beaver Ruin Rd. 248 1,057 - Gwinnett Pavillion 1505 Pavilion Place 448 6,493 - Gwinnett Pavillion 3883 Steve Reynolds Blvd. 612 4,828 - Gwinnett Pavillion 3890 Steve Reynolds Blvd. 519 2,962 - Gwinnett Pavillion 3905 Steve Reynolds Blvd. 697 2,072 - Gwinnett Pavillion 3950 Steve Reynolds Blvd. 684 2,756 - Gwinnett Pavillion 4020 Steve Reynolds Blvd. 417 2,107 - Gwinnett Pavillion 4025 Steve Reynolds Blvd. 461 3,124 - Northwoods 2915 Ct.yards Dr. 268 1,942 11 Northwoods 2925 Ct.yards Dr. 333 3,159 - Northwoods 2975 Ct.yards Dr. 144 1,262 - Northwoods 2995 Ct.yards Dr. 109 874 - Northwoods 2725 Northwoods Pkwy 440 2,514 - Northwoods 2755 Northwoods Pkwy 249 2,811 - Northwoods 2775 Northwoods Pkwy 322 2,366 - Northwoods 2850 Colonnades Ct. 562 5,175 - Northwoods 3040 Northwoods Pkwy 298 1,763 - Northwoods 3044 Northwoods Cir. 167 735 - Northwoods 3055 Northwoods Pkwy 213 1,525 - Northwoods 3075 Northwoods Pkwy 374 2,806 - Northwoods 3080 Northwoods Cir. 387 2,767 - Northwoods 3100 Northwoods Pkwy 393 2,478 13 Northwoods 3155 Northwoods Pkwy 331 2,449 - Northwoods 3175 Northwoods Pkwy 250 2,029 - - 67 - NE I85 6525-27 Jimmy Carter Blvd. 509 4,148 - NE I85 5755 Peachtree Indust. Blvd. 800 3,792 - NE I85 5765 Peachtree Indust. Blvd. 521 4,580 - NE I85 5775 Peachtree Indust. Blvd. 521 4,600 - Pinebrook Blvd 2450 Satellite 821 3,729 - Peachtree Corners Bus. Ctr. 5401 Buford Hwy. 294 1,604 4 Peachtree Corners Bus. Ctr. 5403 Buford Hwy. 420 2,763 - Peachtree Corners Bus. Ctr. 5405 Buford Hwy. 217 1,701 54 Peachtree Corners Bus. Ctr. 5409 Buford Hwy. 364 3,324 - Peachtree Corners Tech Ctr. 3170 Reps Miller Rd. 500 3,603 - Peachtree Corners Tech Ctr. 3180 Reps Miller Rd. 500 2,881 - Peachtree Corners Tech Ctr. 3190 Reps Miller Rd. 525 3,076 - NORTH OLMSTEAD, OH - ------------------ Corp. Ctr. Corp. Ctr. I 1,048 6,695 808 Corp. Ctr. Corp. Ctr. II 1,048 6,712 1,524 Corp. Ctr. Corp. Ctr. III 604 4,809 1,494 OLIVETTE, MO - ------------ 1920 Beltway 1920 Beltway 605 1,462 95 I-170 Ctr. I-170 Ctr. 950 3,915 678 Warson Comm. Ctr. Warson Comm. Ctr. 749 5,240 238 ORLANDO, FL - ----------- Airport Comm. Ctr. 8500 Parkline Blvd 691 4,087 - Airport Comm. Ctr. 8501 Parkline Blvd. 169 1,384 - Airport Comm. Ctr. 8549 Parkline Blvd. 149 1,336 - Airport Comm. Ctr. 8351 Parkline Blvd. 212 2,085 - Airport Comm. Ctr. 8249 Parkline Blvd 214 1,765 - Airport Comm. Ctr. 1630 Prime Ct. 323 1,853 - Airport Comm. Ctr. 1629 Prime Ct. 281 2,311 - Bus. Centre at Lee Vista 7101 TPC Dr. 753 6,072 - Parksouth Dist.Ctr. 2500 Principal Row 565 4,795 - Parksouth Dist.Ctr. 2490 Principal Row 493 4,572 - Parksouth Dist.Ctr. 2491 Principal Row 593 4,311 - Parksouth Dist.Ctr. 9600 Parksouth Ct. 649 4,920 - Parksouth Dist.Ctr. 9550 Parksouth Ct. 1,030 6,934 - PEPPER PIKE, OH - --------------- Corp. Cir. Corp. Cir. 1,696 10,846 1,703 PLANO, TX - --------- Legacy Bus. Pk Metasolv Bldg. Phase I 1,527 6,316 - Legacy Bus. Pk Metasolv Bldg. Phase II 1,181 11,021 - PLYMOUTH, MN - ------------ Medicine Lake Medicine Lake Indus. Ctr. 1,158 6,472 259 Medicine Lake Medicine Lake Prof Bldg 77 430 73 Plymouth Off./ Tech Ctr. Plymouth Off./Tech Ctr. 428 2,424 272 Plymouth Ser. Ctr. Plymouth Service Ctr. 345 1,964 103 Westpoint Bldgs Westpoint Bus. Ctr 98 558 29 Westpoint Bldgs Westpoint Bldg B&C 370 2,109 19 Minneapolis Westpoint Bldg D&E 362 2,065 14 RALEIGH, NC - ----------- Interchange Plaza 5520 Capital Ctr. Dr. 842 4,238 - - 68 - Interchange Plaza 801 Jones Franklin Rd. 1,351 7,639 - Spring Forest Bus. Ctr. 3200 Spring Forest Rd. 561 5,167 22 Spring Forest Bus. Ctr. 3100 Spring Forest Rd. 616 4,283 3 ROMEOVILLE, IL - -------------- Crossroads Bus. Pk Crossroads Bldg. 2 2,565 10,205 587 ROSWELL, GA - ----------- Hembree Crest 11545 Wills Rd. 1,225 6,323 - Hembree Pk 105 Hembree Pk Dr. 288 1,956 11 Hembree Pk 150 Hembree Pk Dr. 641 3,852 45 Hembree Pk 200 Hembree Pk Dr. 160 2,083 3 Hembree Pk 645 Hembree Pkwy 248 2,569 - Hembree Pk 655 Hembree Pkwy 248 2,696 - Hembree Pk 250 Hembree Pk Dr. 686 5,180 - Hembree Pk 660 Hembree Pk Dr. 785 4,957 - Mansell Coms. 993 Mansell Rd. 136 1,250 - Mansell Coms. 995 Mansell Rd. 80 897 - Mansell Coms. 997 Mansell Rd. 72 651 - Mansell Coms. 999 Mansell Rd. 104 930 - Mansell Coms. 1003 Mansell Rd. 136 1,324 - Mansell Coms. 1005 Mansell Rd. 72 908 - Mansell Coms. 1007 Mansell Rd. 168 2,126 - Mansell Coms. 1009 Mansell Rd. 264 2,489 2 Mansell Coms. 1011 Mansell Rd. 256 2,580 5 Northmeadow 1100 Northmeadow Pkwy 552 3,917 - Northmeadow 1150 Northmeadow Pkwy 464 3,154 - Northmeadow 1125 Northmeadow Pkwy 320 3,656 - Northmeadow 1175 Northmeadow Pkwy 328 3,394 - Northmeadow 1250 Northmeadow Pkwy 312 4,275 - Northmeadow 1225 Northmeadow Pkwy 336 3,469 - Northmeadow 1325 Northmeadow Pkwy 472 6,307 - Northmeadow 1335 Northmeadow Pkwy 946 8,010 - Northmeadow 11390 Old Roswell Rd. 530 3,563 - Northmeadow 1400 Hembree Rd. 545 3,303 - Northmeadow 245 Hembree Pk Dr. 616 4,409 - Northmeadow 1357 Hembree Rd. 471 4,434 - Northmeadow Northmeadow BD IV 694 5,720 - Northmeadow Northmeadow Service Ctr V 705 3,351 - North Central 10745 Westside Pkwy 925 7,002 - SEVEN HILLS, OH - --------------- Rock Run Rock Run - N. 837 5,351 495 Rock Run Rock Run - Ctr. 1,046 6,686 1,166 Rock Run Rock Run - S. 877 5,604 588 SHARONVILLE, OH - --------------- Enterprise Pk Enterprise Bldg 1 1,030 5,482 956 Enterprise Pk Enterprise Bldg 2 733 3,443 1,109 Enterprise Pk Enterprise Bldg A 119 685 63 Enterprise Pk Enterprise Bldg B 119 1,117 188 Enterprise Pk Enterprise Bldg D 243 1,802 713 Mosteller Dist.Ctr. Mosteller Dist. Ctr. 1,220 4,209 3,210 Mosteller Dist.Ctr. Mosteller Dist. Ctr. II 408 4,550 1,635 Perimeter Pk Perimeter Pk Bldg A 229 1,274 122 Perimeter Pk Perimeter Pk Bldg B 244 1,001 170 SOLON, OH - --------- - 69 - Fountain Pkway Pioneer-Standard Elect. 438 9,360 - Fountain Pkway Fountain Pkwy Bldg 1 81 3,369 - 6450 Davis 6450 Davis 697 2,059 - Solon 30600 Carter 819 3,286 524 Solon 6230 Cochran 600 2,408 702 Solon 31900 Solon - Front 473 1,897 92 Solon 5821 Harper 554 2,222 311 Solon 6161 Cochran 395 1,583 199 Solon 5901 Harper 349 1,399 184 Solon 29125 Solon 504 2,023 103 Solon 6661 Cochran 244 981 126 Solon 6521 Davis 128 514 57 Solon 30301 Carter St. 650 5,205 - ST. CHARLES, IL - --------------- Kirk Rd. Bldg Kirk Rd. Bldg. 203 1,852 141 ST. CHARLES, MO - --------------- Alfa-Laval Alfa-Laval 1,158 4,944 599 ST. LOUIS PARK, MN - ---------------- Cedar Lake Bus.Ctr Cedar Lake Bus. Ctr. 334 1,868 112 5219 Bldgs 5219 Bldg. 99 562 36 Minneapolis-West Novartis Warehouse 1,885 10,682 726 Minneapolis-West N. Plaza 288 1,629 254 7320 Oxford St. Oxford Indust. Bldg 103 576 26 Minneapolis-West S. Plaza 377 2,136 200 Minneapolis-West Travelers Express Towers 3,039 35,899 269 ST. LOUIS, MO - ------------- Craig Pk Ctr. Craig Pk Ctr. 254 2,285 58 NGIC/Pte. 70 3300 Pte. 70 1,186 7,287 484 Laumeier Off. Pk Laumeier I 1,220 9,091 1,507 Laumeier Off. Pk Laumeier II 1,258 9,054 1,542 Maryville Ctr. 500-510 Maryville Ctr. 3,402 24,101 892 Maryville Ctr. 530 Maryville Ctr. 2,219 15,042 472 Maryville Ctr. 550 Maryville Ctr. 2,219 11,922 351 Maryville Ctr. 635-645 Maryville Ctr. 1,996 18,865 766 Maryville Ctr. 655 Maryville Ctr. 3,048 11,626 426 Maryville Ctr. 540 Maryville Ctr. 1,860 14,240 549 Maryville Ctr. 520 Maryville Ctr. 2,336 13,797 1,743 Riverport Express Scripts HQ 2,285 12,345 - St. Louis Bus. Ctr. St. Louis Bus. Ctr. A 194 1,743 42 St. Louis Bus. Ctr. St. Louis Bus. Ctr. B 250 2,249 284 St. Louis Bus. Ctr. St. Louis Bus. Ctr. C 166 1,492 349 St. Louis Bus. Ctr. St. Louis Bus. Ctr. D 168 1,513 184 Westmark Westmark 1,200 9,759 1,153 Westview Place Westview Place 673 8,389 1,665 ST. PAUL, MN - ------------ University Crsg. University Crsg. 874 4,886 318 ST. PETERS, MO - -------------- Horizon Bus. Ctr. Horizon Bus. Ctr. 344 2,411 150 STRONGSVILLE, OH - ---------------- - 70 - Pk 82 Pk 82 Bldg 2 322 2,065 1,313 Pk 82 Pk 82 Bldg 1 243 1,902 362 Pk 82 Pk 82 Bldg 3 215 2,644 137 Johnson Controls Johnson Controls 364 2,330 133 Dyment Dyment 817 5,203 159 SUNSET HILLS, MO - ---------------- Laumeier Off. Pk Laumeier IV 1,029 7,200 165 SUWANEE, GA - ----------- Horizon 90 Horizon Dr. 120 1,018 - Horizon 225 Horizon Dr. 121 3,349 19 Horizon 250 Horizon Dr. 1,047 6,807 - Horizon 70 Crestridge Dr. 575 6,179 - Horizon 2700 Crestridge 1,839 8,762 - Horizon 2775 Horizon Ridge 732 8,465 - Horizon 2780 Horizon Ridge 826 6,578 - Horizon 2800 Vista Ridge Dr. 443 6,336 - Horizon Bus. Ctr 410 Horizon Dr. 1,220 7,812 - N.brook 1000 N.brook Pkwy 363 4,578 - N.brook 675 Old Peachtree Rd. 478 4,724 - North Central 7250 McGinnis Ferry Rd. 498 4,692 - TAMPA, FL - --------- Faifield Bus. Ctr. 8640 Elm Fair Blvd. 483 2,696 - Faifield Bus. Ctr. 4720 Oak Fair Blvd. 530 4,918 - Fairfield Dist.Ctr. 4758 Oak Fair Blvd. - 2,895 - Fairfield Dist.Ctr. Fairfield Dist. Ctr IV 600 2,221 - Highland Oaks Highland Oaks I 1,525 14,500 - TWINSBURG, OH - ------------- Enterprise Pkway Enterprise Pkwy #1 198 1,525 168 WEST CHESTER, OH - ---------------- World Pk World Pk at Union Ctr 1 324 1,760 1,805 World Pk World Pk at Union Ctr 2 171 1,761 357 World Pk World Pk at Union Ctr 3 571 6,127 1,841 World Pk World Pk at Union Ctr 4 203 1,513 603 World Pk World Pk at Union Ctr 5 - 2,582 297 World Pk World Pk at Union Ctr 6 608 5,800 759 World Pk World Pk at Union Ctr 8 673 5,567 603 WESTERVILLE, OH - --------------- Polaris Liebert 755 4,463 322 WESTMONT, IL - ------------ Oakmont Tech Ctr. Oakmont Tech Ctr. 1,501 8,450 220 Oakmont Cir. Off. Oakmont Cir. Off. 2,538 13,777 401 WHEELING, IL - ------------ Abbott Bldg Abbot Dr. Bldg. 88 830 53 Eliminations Eliminations - 1,900 (2,430) Secured debt on non-bldgs ------- --------- ------- Totals 570,168 3,842,907 313,831 ======= ========= =======
- 71 - DUKE-WEEKS REALTY CORPORATION REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 (IN THOUSANDS)
GROSS BOOK VALUE AT DECEMBER 31, 1999 ------------------------------------- LAND & BLDGS & LOCATION/DEVELOPMENT BUILDING IMPROVE. IMPROVE. TOTAL - --------------------- ---------------- ---------- -------- -------- ALPHARETTA, GA - -------------- Brookside Off. Pk 3925 Brookside Pkwy 1,269 13,332 14,601 Brookside Off. Pk 3625 Brookside Pkwy 1,625 10,460 12,085 Hembree Crest 11800 Wills Rd. 304 2,106 2,410 Hembree Crest 11810 Wills Rd. 296 2,212 2,508 Hembree Crest 11820 Wills Rd. 488 3,042 3,530 Hembree Crest 11415 Old Roswell Rd. 648 3,313 3,961 N.meadow 1350 N.meadow Pkwy 672 3,570 4,242 N.meadow 11835 Alpharetta Hwy. 524 2,800 3,324 N.winds Pte. 2555 N.winds Pkwy 1,813 7,688 9,501 N.winds Pte. 2550 N.winds Pkwy 2,271 19,616 21,887 Ridgeland 1320 Ridgeland Pkwy 998 5,578 6,576 Ridgeland Ridgeland Bus. Dist I 488 2,207 2,695 ANTIOCH, TN - ----------- Keebler Keebler 307 1,297 1,604 ARLINGTON HEIGHTS, IL - --------------------- Atrium II Atrium II 776 7,727 8,503 ATLANTA, GA - ----------- 1670 Defoor Ave. 1670 Defoor Ave. 82 1,573 1,655 Druid Chase 6 W. Druid Hills Dr. 473 6,660 7,133 Druid Chase 2801 Buford Hwy. 794 9,713 10,506 Druid Chase 1190 W. Druid Hills Dr. 689 6,510 7,199 Druid Chase 2071 N. Druid Hills Dr. 98 314 412 NE I85 3171 McCall Dr. 112 503 615 NE I85 5300 Peachtree Indust. Blvd 434 2,105 2,539 NE I85 4280 NE Expwy. 534 2,010 2,544 Westgate 100 Eagle Vista Pkwy 782 12,421 13,203 AURORA, IL - ---------- Meridian Bus. Campus 535 Exch. 452 919 1,371 Meridian Bus. Campus 515-525 Enterprise 342 1,753 2,095 Meridian Bus. Campus 615 Enterprise 468 2,847 3,315 Meridian Bus. Campus 3615 Exch. 410 1,640 2,050 Meridian Bus. Campus 4000 Sussex 417 1,928 2,345 Meridian Bus. Campus 700 N. Comm. 694 3,811 4,505 Meridian Bus. Campus 3737 E. Exch. 598 2,531 3,129 Meridian Bus. Campus 444 N. Comm. 722 5,417 6,140 Meridian Corridor Meridian I - 116 116 Meridian Bus. Campus Michael Jordan Golf Ctr 1,523 - 1,523 BEACHWOOD, OH - ------------- Corp. Exch. One Corp. Exch. 1,287 9,050 10,337 Corp. Place Corp. Place 1,163 8,059 9,223 BLOOMINGTON, IL - --------------- Lakewood Plaza Lakewood Plaza 786 8,340 9,126 BLOOMINGTON, MN - --------------- Alpha Bldgs Alpha Bus. Ctr I&II 280 1,618 1,898 Alpha Bldgs Alpha Bus. Ctr III&IV 341 1,984 2,325 Alpha Bldgs Alpha Bus. Ctr V 538 3,078 3,616 - 54 - Bloomington Indus. Ctr Bloomington Indust. Ctr. 621 4,492 5,113 Lyndale Coms. Lyndale Coms. I 247 1,653 1,900 Lyndale Coms. Lyndale Coms. II 183 1,136 1,319 Hampshire Dist. Ctr. Hampshire Dist Ctr. N. 779 4,704 5,483 Hampshire Dist. Ctr. Hampshire Dist Ctr. S. 901 5,385 6,286 Hampshire Tech Ctr. Hampshire Tech Ctr. 2,223 13,583 15,806 Norman Ctr. Norman Ctr. 2 807 4,555 5,362 Norman Ctr. Norman Ctr. 4 580 3,340 3,920 Penn Corp. Bldg Penn Corp. Bldg 312 1,820 2,131 BLUE ASH, OH - ------------ Cornell Comm. Ctr. Cornell Comm. Ctr. 495 5,145 5,640 Creek Rd. Creek Rd. Bldg 1 103 869 972 Creek Rd. Creek Rd. Bldg 2 132 1,190 1,322 Huntington Bank Bldg Huntington Bank Bldg. 175 241 416 Lake Forest/Westlake Lake Forest Place 1,953 21,389 23,342 Lake Forest/Westlake Westlake Ctr. 2,459 17,971 20,430 BOLINBROOK, IL - -------------- Crossrds Bus. Pk Crossrds Bldg 1 979 9,506 10,485 BRENTWOOD, TN - ------------- Brentwood S.Bus.Ctr. 7104 Crossroads Blvd 1,065 5,947 7,013 Brentwood S.Bus.Ctr. 7106 Crossroads Blvd 1,065 3,578 4,643 Brentwood S.Bus.Ctr. 7108 Crossroads Blvd 848 4,051 4,899 Creekside Crsg. Creekside Crsg. One 1,901 9,342 11,243 BRIDGETON, MO - ------------- Dukeport Dukeport V 637 3,408 4,044 Dukeport Dukeport VI 1,862 7,645 9,506 Earth City Dukeport VII 700 2,975 3,675 Corp. Exch. Dukeport VIII 1,881 4,875 6,755 BROOKLYN PARK, MN - ----------------- Crosstown NW Crosstown N. Bus. Ctr. 1 1,000 5,854 6,854 Crosstown NW Crosstown N. Bus. Ctr. 2 483 2,943 3,426 Crosstown NW Crosstown N. Bus. Ctr. 3 758 1,971 2,729 Crosstown NW Crosstown N. Bus. Ctr. 4 2,128 7,256 9,383 7300 Northland Dr. 7300 Northland Dr. 703 6,613 7,316 Crosstown NW Crosstown NW 1 Land 84 - 84 Crosstown NW Crosstown NW 2 Land 20 - 20 Crosstown NW Crosstown N. Land #1 201 - 201 BURNSVILLE, MN - -------------- Professional Plaza Professional Plaza I 467 2,819 3,286 Professional Plaza Professional Plaza IV 248 1,492 1,740 1420 East Cliff Rd. Cliff Rd. Indust. Ctr 256 1,568 1,824 Professional Plaza Professional Plaza III 241 1,530 1,771 Professional Plaza Professional Plaza II 216 1,512 1,728 Larc Indus. Pk Larc Indust. Pk I 280 1,709 1,989 Larc Indus. Pk Larc Indust. Pk II 224 1,340 1,564 Larc Indus. Pk Larc Indust. Pk III 135 793 929 Larc Indus. Pk Larc Indust. Pk IV 90 538 628 Larc Indus. Pk Larc Indust. Pk V 96 585 680 Larc Indus. Pk Larc Indust. Pk VI 373 2,203 2,575 Larc Indus. Pk Larc Indust. Pk VII 242 1,572 1,814 - 55 - CARMEL, IN Hamilton Crsg. H.C. Bldg. 1 West 538 3,038 3,576 Hamilton Crsg. Hamilton Crsg. Bldg 2 384 2,027 2,411 Hamilton Crsg. Hamilton Crsg. Bldg 4 598 5,867 6,465 Hamilton Crsg. Ret. Hamilton Crsg. Retail Bld 1 898 5,795 6,692 Hamilton Crsg. Hampton Inn Land Lease 209 - 209 Hamilton Crsg. Max & Ermas 167 - 167 CAROL STREAM, IL - ---------------- Ctr. Ave. Ctr. Ave. Bldg 1 983 4,934 5,918 CARY, NC - -------- Regency Forest 200 Regency Forest Dr. 1,230 13,414 14,644 Regency Forest 100 Regency Forest Dr. 1,538 13,797 15,335 Weston Pkway 6501 Weston Pkwy 1,775 10,444 12,219 CELEBRATION, FL - --------------- Celebration Ctr. 1130 Celebration Blvd. 1,102 2,584 3,686 Celebration Ctr. 1120 Celebration Blvd. 755 3,874 4,629 CHAMPAIGN, IL - ------------- Market View Shopping Ctr Market View Shopping Ctr. 755 6,590 7,345 CHANHASSEN, MN - -------------- Chanhassen Lakes Chanhassen Lakes I 370 2,225 2,595 Chanhassen Lakes Chanhassen Lakes II 453 2,655 3,108 CINCINNATI, OH - -------------- One Ashview Place One Ashview Place 1,204 12,971 14,175 Blue Ash Off. Ctr. Blue Ash Off. Ctr VI 518 3,010 3,528 Zussman Bldg Zussman Bldg 346 7,245 7,591 312 Elm 312 Elm 5,428 51,966 57,395 Eastgate Square Eastgate Square 2,030 5,361 7,391 Garden Ridge Garden Ridge 4,592 4,569 9,161 Executive Plaza Executive Plaza I 728 5,497 6,224 Executive Plaza Executive Plaza II 728 5,682 6,409 Executive Plaza Executive Plaza III 509 6,134 6,643 Kohl's Dept. Store Kohl's Department Store 1,345 3,955 5,300 Sofa Express Sofa Express - Gov. Plaza 164 822 986 Off. Max Off. Max 651 1,368 2,019 Dun & Bradst. Bldg Dun & Bradst. Bldg 466 2,880 3,346 Governors Hill 8790 Governor's Hill 408 5,126 5,534 Governors Hill 8700 Governor's Hill 468 6,057 6,525 Governors Hill 8800 Governor's Hill 231 2,316 2,547 Governors Hill 8600 Governor's Hill 1,245 19,955 21,200 Governors Plaza Governors Plaza 2,053 9,512 11,565 King's Auto Mall I King's Auto Mall I 1,124 4,749 5,873 King's Mall Retail Ctr II King's Mall Retail Ctr II 1,952 5,010 6,962 Kenwood Executive Ctr. Kenwood Executive Ctr. 606 4,170 4,775 Kenwood Coms. 8230 Kenwood Coms. - 5,819 5,819 Kenwood Coms. 8280 Kenwood Coms. - 3,056 3,056 Kenwood MOB Kenwood MOB - 10,799 10,799 OH National Ohio National 2,463 25,057 27,519 Pfeiffer Woods Off. Bldg Pfeiffer Woods Off. Bldg 1,450 12,265 13,715 312 Plum 312 Plum 2,590 27,465 30,055 - 56 - Remington Off. Pk Remington Pk Bldg A 560 1,559 2,119 Remington Off. Pk Remington Pk Bldg B 560 1,562 2,122 Tri-County Mktpl. Tri-county Marketplace 5,466 4,395 9,861 Tri. Off. Pk Tri. Off. Pk 1,018 11,517 12,535 Western Hills Mktpl. Western Hills Mktpl. 3,583 7,918 11,501 World Pk World Pk Bldg 5 276 3,785 4,060 World Pk World Pk Bldg 6 385 3,679 4,064 World Pk World Pk Bldg 7 537 4,622 5,158 World Pk World Pk Bldg 8 561 5,904 6,466 World Pk World Pk Bldg 9 317 3,398 3,715 World Pk World Pk Bldg 11 460 5,087 5,547 World Pk World Pk Bldg 14 380 3,939 4,319 World Pk World Pk Bldg 15 381 2,690 3,071 World Pk World Pk Bldg 16 321 3,333 3,654 World Pk World Pk Bldg 18 997 5,444 6,441 World Pk World Pk Bldg 28 738 4,493 5,230 World Pk World Pk Bldg 29 1,379 9,983 11,362 World Pk World Pk Bldg 31 457 3,292 3,749 COLUMBUS, OH - ------------ Easton Oval One Easton Oval 2,789 10,572 13,361 Easton Oval Two Easton Oval 2,489 16,909 19,398 Polaris 1000 Polaris Pkwy 1,200 7,328 8,528 Tuttle Crsg. Xerox Bldg-5555 PkCtr. Cir 1,580 9,466 11,046 Westbelt Dr. 2190-2200 Westbelt Dr. 300 1,958 2,258 Westbelt West Westbelt West #1 432 2,983 3,415 Zane Trace 3800 Zane Trace Dr 170 2,452 2,622 Zane Trace 3635 Zane Trace Dr. 236 2,113 2,349 King's Mall Applebee's Grnd Lse 338 - 338 Tuttle Crsg. Lazarus Grnd Lse 852 - 852 Tuttle Crsg. Uno's Grnd Lse 587 - 587 Tuttle Crsg. BMW Pking Exp. 351 - 351 Tuttle Crsg. Qwest Pking Exp. 214 - 214 COPPELL, TX - ----------- Freeport N. Freeport II 1,644 8,931 10,575 Freeport N. Freeport III 1,459 5,784 7,243 Freeport N. Freeport IV 1,028 10,467 11,495 CREVE COUER, MO - --------------- Twin Oaks Off. Ctr Twin Oaks 566 8,611 9,177 CRYSTAL, MN - ----------- Crystal Indus. Ctr Crystal Indust. Ctr. 480 2,905 3,385 DECATUR, IL - ----------- Pk 101 Illinois Power Grnd Lse 212 - 212 DES PLAINES, IL - --------------- Deckbrand Bldg Wolf Rd. Bldg. 179 1,898 2,077 105 East Oakton 105 East Oakton 1,132 4,249 5,381 DOWNERS GROVE, IL - ----------------- Executive Towers Executive Towers I 2,652 25,901 28,553 Executive Towers Executive Towers II 3,386 32,544 35,930 Executive Towers Executive Towers III 3,512 34,231 37,743 - 57 - DUBLIN, OH - ---------- MetroCtr. III MetroCtr. III 887 3,940 4,826 Scioto Corp. Ctr. Scioto Corp. Ctr. 1,100 3,632 4,732 Tuttle Retail Ctr. Tuttle Retail Ctr. 4,314 8,428 12,742 Tuttle Crsg. LCI Intl. 2,670 19,432 22,102 Tuttle Crsg. Sterling 1 1,524 13,101 14,625 Tuttle Crsg. Indiana Insurance 717 3,117 3,834 Tuttle Crsg. Sterling 2 605 5,880 6,485 Tuttle Crsg. John Alden Life Ins. 1,066 7,689 8,755 Tuttle Crsg. Cardinal Health 2,200 11,588 13,787 Tuttle Crsg. Sterling 3 1,601 8,716 10,316 Tuttle Crsg. Compmanagement 867 4,890 5,757 Tuttle Crsg. Sterling 4 483 10,158 10,641 Tuttle Crsg. Pkwood Place 1,690 12,202 13,891 Tuttle Crsg. Nationwide 4,815 18,929 23,745 Tuttle Crsg. Emerald II 495 3,474 3,970 Tuttle Crsg. Atrium II, Phase I 1,649 11,238 12,887 Tuttle Crsg. Atrium II, Phase II 1,597 10,237 11,834 Tuttle Crsg. Blazer I 904 5,749 6,653 DULUTH, GA - ---------- Berkeley Lake Dist. Ctr. 3270 Summit Ridge Pkwy 499 4,701 5,200 Berkeley Lake Dist. Ctr. 3280 Summit Ridge Pkwy 485 4,935 5,419 Berkeley Lake Dist. Ctr. 3290 Summit Ridge Pkwy 257 2,984 3,240 Crestwood Pte. 3805 Crestwood Pkwy 877 14,870 15,747 Crestwood Pte. 3885 Crestwood Pkwy 881 15,133 16,014 Meadowbrook 2450 Meadowbrook Pkwy 716 3,113 3,829 Meadowbrook 2475 Meadowbrook Pkwy 529 3,498 4,027 Meadowbrook 2500 Meadowbrook Pkwy 411 2,462 2,873 Meadowbrook 2505 Meadowbrook Pkwy 606 2,346 2,952 NE I85 4125 Buford Hwy. 778 5,209 5,987 Pk Creek 2825 Breckinridge Blvd 317 3,556 3,873 Pk Creek 2875 Breckinridge Blvd 476 4,702 5,178 Pk Creek 2885 Breckinridge Blvd 487 6,760 7,247 Pinebrook 2625 Pinemeadow Ct. 813 4,069 4,883 Pinebrook 2660 Pinemeadow Ct. 450 3,332 3,782 River Green 3450 River Green Ct. 194 2,148 2,342 River Green 4800 River Green Pkwy 152 1,941 2,093 Bus. Pk at Sugarloaf 2775 Premier Pkwy 560 4,604 5,164 Bus. Pk at Sugarloaf 3079 Premier Pkwy 776 6,846 7,622 Bus. Pk at Sugarloaf 6700 Sugarloaf Pkwy 1,042 8,511 9,553 Bus. Pk at Sugarloaf 2855 Premier Pkwy 765 3,194 3,959 Bus. Pk at Sugarloaf 6655 Sugarloaf 1,651 6,877 8,528 DUNCAN, SC - ---------- Hillside 170 Pkwy West 223 3,438 3,661 Hillside 285 Pkwy East 619 5,578 6,197 Hillside 190 Pkwy West 276 3,098 3,374 Hillside 265 Pkwy East 329 4,441 4,770 EAGAN, MN - --------- Apollo Dist. Ctr. Apollo Indust. Ctr I 882 5,613 6,495 Apollo Dist. Ctr. Apollo Indust. Ctr II - 1 1 Eagandale Crsg. Eagandale Crsg. 987 4,680 5,667 Eagandale Tech Ctr. Eagandale Tech Ctr. 987 6,365 7,352 Silverbell Coms. Silverbell Coms. 1,751 7,056 8,807 Sibley Indus. Ctr. Sibley Indust. Ctr. I 380 2,253 2,633 Sibley Indus. Ctr. Sibley Indust. Ctr. II 225 1,426 1,651 - 58 - Sibley Indus. Ctr. Sibley Indust. Ctr. III 217 1,446 1,664 Trapp Rd. Trapp Rd. Comm. I 691 4,209 4,900 Trapp Rd. Trapp Rd. Comm. Bldg II 1,250 7,490 8,740 Yankee Place Yankee Place 2,797 16,830 19,628 Apollo Dist. Ctr. Apollo Land 2 - 2 EARTH CITY, MO - -------------- Dukeport Dukeport 3 965 4,685 5,651 NGIC/Pte. 70 3322 NGIC 2,615 11,296 13,911 MCI MCI 1,281 7,282 8,564 EDEN PRAIRIE, MN - ---------------- Edenvale Executive Ctr. Edenvale Executive Ctr. 1,184 6,695 7,879 Golden Tri. Tech Ctr. Golden Tri. Tech Ctr. 1,458 8,491 9,949 Valley Gate N. Valley Gate N. 548 3,131 3,679 EDINA, MN - --------- Bush Lake Rd. Edina Interchange VI 472 2,783 3,256 Cahill Bus. Ctr Cahill Bus. Ctr. 507 3,241 3,748 Edina Interchange Edina Interchange I 630 3,725 4,355 Edina Interchange Edina Interchange II 432 2,542 2,974 Edina Interchange Edina Interchange III 487 2,852 3,339 Edina Interchange Edina Interchange IV 228 1,653 1,880 Edina Interchange Edina Interchange V 971 5,987 6,958 Bush Lake Rd. Edina Interchange VII 180 1,233 1,413 Pakwa Pakwa I 347 2,333 2,680 Pakwa Pakwa II 215 1,332 1,547 Pakwa Pakwa III 248 1,514 1,762 FAIRFIELD, OH - ------------- Faifield Bus. Ctr. Fairfield Bus. Ctr. D 135 1,814 1,948 Faifield Bus. Ctr. Fairfield Bus. Ctr. E 398 2,673 3,071 University Moving University Moving 248 1,759 2,007 FENTON, MO - ---------- Fenton Interstate Bldgs Fenton Interstate Bldg. C 519 1,945 2,464 Fenton Interstate Bldgs Fenton Interstate Bldg. D 1,286 4,940 6,225 Southport Southport I 192 873 1,065 Southport Southport II 151 710 861 Southport Southport Comm. Ctr. 233 1,160 1,393 FISHERS, IN - ----------- Delaware Pk Delaware Pk-Banc One 1,994 11,906 13,900 Exit 5 Exit 5 Bldg I 833 2,738 3,571 FLORENCE, KY - ------------ Empire Comm. Ctr Empire Comm. Ctr. 581 3,181 3,762 Sofa Express -Florence Sofa Express - Florence 735 1,108 1,843 KY Dr. 7910 Kentucky Dr. 285 776 1,061 KY Dr. 7920 Kentucky Dr. 698 1,378 2,076 FT. WAYNE, IN - ------------- Coldwater Crsg. Coldwater Crsg. 2,310 17,693 20,003 FORT WORTH, TX - -------------- - 59 - Centreport Dist. Ctr. 14900 Trinity Blvd. 1,395 8,604 9,999 FRANKLIN, TN - ------------ Aspen Grove Bus.Ctr. 277 Mallory Station 936 6,392 7,328 Aspen Grove Bus.Ctr. 320 Premier Ct. 1,151 6,639 7,790 Aspen Grove Bus.Ctr. 305 Seaboard Lane 970 7,295 8,265 Aspen Grove Bus.Ctr. 416 Mary Lindsay Polk Dr 943 4,676 5,619 Aspen Grove Bus.Ctr. 318-II Seaboard Lane 240 1,768 2,008 Aspen Grove Bus.Ctr. 341 Cool Springs Blvd 950 6,806 7,756 Aspen Grove Bus.Ctr. 318-1 Seaboard Lane 301 1,962 2,263 Brentwood S.Bus.Ctr. 119 Seaboard Lane 569 2,381 2,950 Brentwood S.Bus.Ctr. 121 Seaboard Lane 445 1,899 2,344 Brentwood S.Bus.Ctr. 123 Seaboard Lane 489 1,613 2,102 FRIDLEY, MN - ----------- River Rd. River Rd. Bus. Ctr. S. 1,112 6,543 7,655 University Ctr. University Ctr. I&II 226 1,326 1,552 GAHANNA, OH - ----------- Pet Foods Dist. Pet Foods Dist. 1,031 5,660 6,692 GARLAND, TX - ----------- Northgate Intl. Intl. I 790 4,644 5,434 Northgate Intl. Intl. II 1,401 7,890 9,291 GLENWILLOW, OH - -------------- Emerald Valley Emerald Valley Bldg 1 555 6,345 6,900 GOLDEN VALLEY, MN - ----------------- Decatur Bus. Ctr Decatur Bus. Ctr. 431 2,701 3,132 Edina Realty Edina Realty 349 2,023 2,373 Golden Hills Golden Hills 1 1,105 6,404 7,509 Golden Hills Golden Hills 2 1,741 4,282 6,024 Golden Hills Golden Hills 3 1,814 4,806 6,620 Minneapolis-West N. Star Title 539 3,144 3,683 Silver-Burdett Ginn Sandburg Indust. Ctr. 451 2,645 3,096 Minneapolis-West Tyrol West 380 2,236 2,616 801 Zane Ave. N. 801 Zane Ave. N. 365 2,207 2,572 GREENWOOD, IN - ------------- South Pk South Pk Bldg 1 292 2,769 3,061 South Pk South Pk Bldg 2 341 4,229 4,570 South Pk South Pk Bldg 3 212 2,849 3,061 South Pk Brylane Pking Lot 57 - 57 GROVE CITY, OH - -------------- South Pte. South Pte. Bldg D 276 3,780 4,055 South Pte. South Pte. Bldg E 279 2,951 3,230 GROVEPORT, OH - ------------- Groveport Comm Ctr Groveport Comm Ctr #2 1,049 7,715 8,764 Sun TV 6600 Port Rd. 2,725 23,300 26,026 - 60 - HEBRON, KY Skyport Skyport Bldg. 1 906 6,827 7,733 Skyport Skyport Bldg. 2 1,200 8,439 9,639 Skyport Skyport Bldg. 4 - 2,846 2,846 KY, SouthPk KY. SouthPk Bldg 1 696 4,250 4,946 KY, SouthPk Ky. SouthPk Bldg 3 858 4,483 5,342 KY, SouthPk Ky. SouthPk Bldg 4 779 3,370 4,149 KY, SouthPk CR Services 1,085 5,339 6,424 HOLLYWOOD, FL - ------------- Port 95 2600 SW 39th St. 5,758 13,463 19,221 Port 95 Port 95 - Spec. Bldg. 833 3,104 3,937 HOPKINS, MN - ----------- Cornerstone Bus. Ctr. Cornerstone Bus. Ctr. 1,543 8,526 10,069 The Johnson Bldg The Johnson Bldg 552 3,317 3,869 Westside Bus. Pk Westside Bus. Pk 1,176 6,913 8,088 INDEPENDENCE, OH - ---------------- Corp. Plaza Corp. Plaza I 2,116 14,505 16,621 Corp. Plaza Corp. Plaza II 1,841 12,710 14,551 Freedom Square Freedom Square I 595 4,237 4,832 Freedom Square Freedom Square II 1,746 12,256 14,002 Freedom Square Freedom Square III 701 6,898 7,599 6111 Oak Tree 6111 Oak Tree 703 5,046 5,749 Pk Ctr. Pk Ctr. Bldg I 2,193 13,621 15,814 Pk Ctr. Pk Ctr. Bldg 2 2,190 13,149 15,339 INDIANAPOLIS, IN - ---------------- Cub Ctr. Cub Ctr. 550 5,316 5,867 Michael's Plaza Michaels Plaza 764 4,109 4,873 Palomar Palomar 158 1,588 1,746 Franklin Rd.Bus.Ctr Franklin Rd. Bus. Ctr. 594 11,083 11,677 Pk 100 Georgetown Bldg. One 362 2,534 2,896 Pk 100 Georgetown Rd. Bldg 2 374 3,454 3,828 Pk 100 Georgetown Rd. Bldg 3 421 2,075 2,496 Nampac Bldg Nampac Bldg. 274 2,190 2,464 Pk 100 6060 Guion Rd 511 3,476 3,987 Greenwood Corner Shops Greenwood Corner Shops 420 3,682 4,102 First IN Branch First Indiana Branch 47 272 320 Hillsdale Hillsdale Bldg 4 366 5,326 5,691 Hillsdale Hillsdale Bldg 5 251 3,643 3,895 Hillsdale Hillsdale Bldg 6 315 4,363 4,678 KATC - S. 8465 KATC 2-story 89 1,447 1,536 F.C. Tucker F.C. Tucker - 290 290 KATC - N. 8555 KATC 4-story - 6,541 6,541 KATC - N. 3520 Comm. Crsg. - 963 963 4750 KY Ave. 4750 Kentucky Ave. 246 2,587 2,833 N. Airport Pk N. Airport Pk Bldg 2 777 7,708 8,485 One N. Capitol One N. Capital 1,439 8,736 10,176 Pk 100 Pk 100 Bldg 34 133 1,680 1,813 Pk 100 Pk 100 Bldg 79 187 2,233 2,420 Pk 100 Pk 100 Bldg 80 256 2,782 3,038 Pk 100 Pk 100 Bldg 83 252 3,017 3,269 Pk 100 Pk 100 Bldg 84 354 2,926 3,280 Pk 100 Pk 100 Bldg 95 642 5,452 6,095 Pk 100 Pk 100 Bldg 96 1,436 13,717 15,154 Pk 100 Pk 100 Bldg 97 676 5,790 6,466 - 61 - Pk 100 Pk 100 Bldg 98 273 8,428 8,701 Pk 100 Pk 100 Bldg 100 103 3,005 3,109 Pk 100 Pk 100 Bldg 107 99 1,777 1,876 Pk 100 Pk 100 Bldg 109 246 1,863 2,109 Pk 100 Pk 100 Bldg 116 348 3,339 3,687 Pk 100 Pk 100 Bldg 118 230 2,653 2,883 Pk 100 Pk 100 Bldg 119 395 3,787 4,182 Pk 100 Pk 100 Retail Bldg 121 604 1,113 1,716 Pk 100 Pk 100 Bldg 122 290 3,977 4,267 Pk 100 Pk 100 Bldg 125 674 6,013 6,687 Pk 100 Pk 100 Bldg 126 165 1,605 1,770 Pk 100 Pk 100 Bldg 127 96 2,210 2,306 Pk 100 Pk 100 Bldg 128 904 8,944 9,847 Pk 100 Pk 100 Bldg 129 865 6,549 7,414 Pk 100 Pk 100 Bldg 130 513 4,184 4,697 Pk 100 Pk 100 Bldg 131 1,111 8,370 9,480 Pk 100 Pk 100 Bldg 132 446 1,668 2,114 Pk 100 Pk 100 Bldg 133 69 927 996 Pk 100 Pk 100 Bldg 134 464 4,059 4,524 Woodland Corp. Ctr. Woodland Corp Centre I 320 5,097 5,417 Pk 100 Pk 100 Bldg 136 594 4,169 4,763 Woodland Corp. Ctr. Woodland Corp. Ctr. II 297 3,996 4,293 Pk Fletcher Pk Fletcher Bldg 14 76 833 909 Pkwood Crsg. One Pkwood 1,018 10,391 11,409 Pkwood Crsg. Two Pkwood 861 7,911 8,772 Pkwood Crsg. Three Pkwood 1,377 10,034 11,411 Pkwood Crsg. Four Pkwood 1,490 12,351 13,840 Pkwood Crsg. Five Pkwood 1,518 10,986 12,504 Software Artistry Software Artistry 856 7,754 8,610 Woodfield 8440 Woodfield 733 10,267 11,000 Woodfield 8425 Woodfield 3,843 22,903 26,746 4316 W Minnesota 4316 West Minnesota 287 2,547 2,834 Pk 100 Norco Windows Pking Lot 37 - 37 Pk 100 Ups Pking 270 - 270 Pk 100 Norgate Grnd Lse 51 - 51 Pk 100 Zollman Grnd Lse 115 - 115 S. Pk S. Pk Grounds 21 - 21 IRVING, TX - ---------- TX Plaza Texas Plaza I 1,165 5,656 6,821 JACKSONVILLE, FL - ---------------- Centurion Square 8380-8386 Baymeadows Rd 1,037 6,151 7,188 Jacksonville Intl. Tradeport 13350 Intl. Pk - 2,833 2,833 Jacksonville Intl. Tradeport 13340 Intl. Pkwy 289 3,800 4,089 Jacksonville Intl. Tradeport 1420 Vantage Way 698 4,868 5,566 Jacksonville Intl. Tradeport 1460 Vantage Way 573 5,972 6,545 Jacksonville Intl. Tradeport 1350 Tradeport Dr. 538 4,144 4,682 Jacksonville Intl. Tradeport 1371 Tradeport Dr. 544 3,277 3,821 Jacksonville Intl. Tradeport 13291 Vantage Way 499 5,081 5,580 South Pte. 7011 A.C. Skinner Pkwy 1,007 3,251 4,258 KENNESAW, GA - ------------ NW I-75 240 Northpoint Pkwy 822 6,008 6,830 Town Point 3330 W. Town Point Dr. 551 2,222 2,773 Town Point 3350 W. Town Point Dr. 434 2,289 2,723 Town Point 3240 Town Point Dr. 1,092 6,331 7,423 Town Point 3391 Town Point Pkwy 797 7,630 8,427 LAKE FOREST, IL - --------------- - 62 - Ballard Bldg Ballard Dr. Bldg. 186 1,807 1,993 Kraft Bldg Laurel Dr. Bldg. 98 970 1,069 13825 W. Laurel Dr. 13825 W. Laurel Dr. 750 1,958 2,708 One Conway Pk One Conway Pk 1,901 18,311 20,212 LAKE MARY, FL - ------------- Northpoint 1025 Greenwood Blvd. 1,087 11,762 12,849 Technology Pk 100 Technology Pkwy 641 3,444 4,085 Technology Pk 525 Technology Pkwy 835 4,393 5,228 Technology Pk 255 Technology Pkwy 477 3,782 4,259 Technology Pk 200 Technology Pkwy - 3,104 3,104 Technology Pk 250 Technology Pkwy 547 2,838 3,385 LEBANON, IN - ----------- Lebanon Bus. Pk American Air Filter 177 3,211 3,387 Lebanon Bus. Pk Purity Wholesale 610 8,537 9,147 Lebanon Bus. Pk Pamida 305 4,274 4,579 Lebanon Bus. Pk Prentice Hall 740 12,536 13,276 Lebanon Bus. Pk Lebanon - General Cable 443 7,565 8,008 Lebanon Bus. Pk Lebanon Bldg. 9 554 6,831 7,385 LEWISVILLE, TX - -------------- Water's Ridge 1550 Lakeway Dr. 1,324 7,775 9,099 Water's Ridge 501 E Corp. Dr. 965 5,245 6,210 LOMBARD, IL - ----------- Yorktown Off. Ctr. Yorktown Off. Ctr. 872 8,582 9,453 LOVELAND, OH - ------------ Sun TV & Appliances Montgomery Crsg. Phase I 260 1,021 1,281 Sports Unlimited Montgomery Crsg. Phase II 778 3,995 4,774 MARIETTA, GA - ------------ Franklin Forest 805 Franklin Ct. 313 1,913 2,226 Franklin Forest 810 Franklin Ct. 255 1,619 1,874 Franklin Forest 811 Livingston Ct. 193 1,383 1,576 Franklin Forest 825 Franklin Ct. 358 1,448 1,806 Franklin Forest 830 Franklin Ct. 133 780 913 Franklin Forest 835 Franklin Ct. 393 1,590 1,983 Franklin Forest 840 Franklin Ct. 242 870 1,112 Franklin Forest 821 Livingston Ct. 145 966 1,111 Franklin Forest 841 Livingston Ct. 275 2,669 2,944 NW Bus. Ctr. 1335 Capital Cir. 416 2,075 2,491 NW Bus. Ctr. 1337-41-51 Capital Cir. 558 5,334 5,892 NW Bus. Ctr. 2260 NW Pkwy 320 2,018 2,338 NW Bus. Ctr. 2252 NW Pkwy 92 962 1,054 NW Bus. Ctr. 2242 NW Pkwy 175 1,451 1,626 NW Bus. Ctr. 2256 NW Pkwy 85 899 984 NW Bus. Ctr. 2244 NW Pkwy 47 478 525 NW Bus. Ctr. 2150 NW Pkwy 294 3,037 3,332 NW Bus. Ctr. 2152 NW Pkwy 161 1,608 1,769 NW Bus. Ctr. 2130 NW Pkwy 353 2,863 3,216 NW Bus. Ctr. 2270 NW Pkwy 483 3,808 4,291 NW Bus. Ctr. 2275 NW Pkwy 327 2,588 2,915 MARYLAND HEIGHTS, MO - -------------------- - 63 - Riverport Tower Riverport Tower 3,549 30,883 34,431 Riverport Dist. Riverport Dist. 242 2,290 2,532 Riverport Dist. Scripts Bldg. 1,197 8,870 10,067 Riverport Dist. Riverport Dist. B 216 2,065 2,281 Riverport Dist. Riverport 1 900 4,533 5,433 West Port Westport Ctr. I 1,714 6,595 8,309 West Port Westport Ctr. II 921 3,094 4,015 West Port Westport Ctr. III 1,214 3,310 4,524 MASON, OH - --------- Deerfield Crsg. Deerfield Crsg. Bldg 11,493 11,818 13,311 Governor's Pte. Governor's Pte. 4770 596 8,057 8,653 Governor's Pte. Governor's Pte. 4700 595 5,855 6,449 Governor's Pte. Governor's Pte. 4900 673 4,907 5,580 Governor's Pte. Governor's Pte. 4705 792 9,368 10,160 Governor's Pte. Governor's Pte. 4800 998 5,433 6,431 Governor's Pte. Governor's Pte. 4605 715 18,549 19,263 Bigg's SuperCtr. Bigg's SuperCtr. 4,227 7,815 12,043 Lowes Lowes 3,750 6,438 10,188 Anthem Prescription Mgmt Governor's Pte. 8990 594 6,506 7,100 Governor's Pte. Governor's Pte. 4660 529 4,920 5,450 Governor's Pte. Governor's Pte. 4680 1,115 9,334 10,449 MAYFIELD HEIGHTS, OH - -------------------- Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. I 1,808 11,296 13,104 Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. II 1,382 10,401 11,783 MCDONOUGH, GA - ------------- Liberty Dist. Ctr. 120 Declaration Dr. 615 8,402 9,017 Liberty Dist. Ctr. 130 Declaration Dr. 502 3,678 4,180 MELROSE PARK, IL - -------------- Aviand Bldg Janice Ave. Bldg. 94 883 977 MENDOTA HEIGHTS, MN - ------------------- Enterprise Indus. Ctr. Enterprise Indust. Ctr. 864 5,727 6,591 MIAMI, FL - --------- Beacon Ctr. 1701 NW 84th Ave. 1,072 5,545 6,617 Beacon Ctr. 1601 NW 84th Ave. 1,180 5,185 6,365 Beacon Ctr. 1401 NW 84th Ave. 914 4,413 5,327 Beacon Ctr. 2000 NW 84th Ave. 893 7,125 8,018 Beacon Ctr. 1850 NW 84th Ave. 845 5,325 6,170 Beacon Ctr. 8401 NW 17th St. 479 3,410 3,889 Beacon Ctr. 8400 NW 17th St. 709 3,322 4,031 Beacon Ctr. 1600 NW 84th Ave. 709 4,437 5,146 Beacon Ctr. 1900 NW 84th Ave. 469 3,376 3,846 Beacon Ctr. 8491 NW 17th St. 469 2,893 3,362 Beacon Ctr. 1301 NW 84th Ave. 1,200 3,409 4,609 Beacon Ctr. 2101 NW 84th Ave. 753 3,561 4,314 Beacon Ctr. 2001 NW 84th Ave. 883 5,191 6,074 Beacon Ctr. 2250 NW 84th Ave. 453 3,122 3,575 Beacon Ctr. 8530 NW 23rd St. 861 3,694 4,555 Beacon Ctr. 2105 NW 86th Ave 853 4,437 5,289 Beacon Ctr. 8501 NW 17th St. 1,965 11,175 13,140 Beacon Ctr. 8500 NW 17th St. 759 3,568 4,327 - 64 - Beacon Ctr. 8550 NW 17th St. 703 3,865 4,568 Beacon Ctr. 8400 NW 25th St. 2,045 10,832 12,877 Beacon Ctr. 1701 NW 87th Ave. 1,965 15,892 17,856 Beacon Ctr. 8600 NW 17th St. 723 9 10,522 Beacon Ctr. 8575 NW 13th Terrace 3,480 1 9,881 Beacon Ctr. 8323 NW 12th St. 1,498 3 11,491 Beacon Ctr. 1695 NW 87th Ave. 300 - 300 Beacon Ctr. 8695 NW 12th St. 202 - 202 Beacon Ctr. 8696 NW 13th Terrace 256 - 256 Beacon Ctr. 8695 NW 13th Terrace 196 - 196 MILFORD, OH - ----------- Pk 50 Pk 50 Bldg 17 510 5,496 6,006 Pk 50 Pk 50 Bldg 20 469 7,194 7,663 Pk 50 Pk 50 Bldg 25 1,184 4,968 6,152 Pk 50 Pk 50 Bldg 26 929 20,915 21,844 MINNEAPOLIS, MN - --------------- Broadway Bus. Ctr. Broadway Bus. Ctr III 144 854 998 Broadway Bus. Ctr. Broadway Bus. Ctr IV 200 1,312 1,513 Broadway Bus. Ctr. Broadway Bus. Ctr V 166 965 1,131 Broadway Bus. Ctr. Broadway Bus. Ctr VI 447 2,707 3,155 Broadway Bus. Ctr. Broadway Bus. Ctr VII 241 1,499 1,740 Encore Pk Encore Pk 974 5,903 6,877 10801 Red Cir. Dr. 10801 Red Cir. Dr. 527 4,171 4,698 Chilies Grnd Lse Chilies Grnd Lse 990 - 990 Knox Land Lease Knox Land Lease 1,067 - 1,067 Olive Garden Olive Garden Grnd Lse 921 - 921 University Land Lse University Land Lease 296 - 296 MONROE, OH - ---------- Monroe Bus. Ctr. Monroe Bus. Ctr. Bldg. 1 660 5,401 6,060 MORRISVILLE, NC - --------------- Enterprise Ctr. 507 Airport Blvd. 1,327 8,304 9,631 Enterprise Ctr. 5151 McCrimmon Pkwy 1,318 8,048 9,366 Enterprise Ctr. 2600 Perimeter Pk Dr. 975 5,402 6,377 Enterprise Ctr. 5150 McCrimmon Pkwy 1,739 12,023 13,762 Enterprise Ctr. 2400 Perimeter Pk Dr. 760 6,968 7,728 MetroCtr. 3000 Perimeter Pk Dr. 482 3,117 3,599 MetroCtr. 2900 Perimeter Pk Dr. 235 2,285 2,519 MetroCtr. 2800 Perimeter Pk Dr. 777 4,833 5,610 Perimeter Pk 100 Perimeter Pk Dr. 477 3,699 4,176 Perimeter Pk 200 Perimeter Pk Dr. 567 3,608 4,175 Perimeter Pk 300 Perimeter Pk Dr. 567 3,608 4,175 Perimeter Pk 400 Perimeter Pk Dr. 486 5,071 5,557 Perimeter Pk 500 Perimeter Pk Dr. 522 5,036 5,558 Perimeter Pk 800 Perimeter Pk Dr. 405 3,768 4,173 Perimeter Pk 900 Perimeter Pk Dr. 629 2,951 3,581 Perimeter Pk 1000 Perimeter Pk Dr. 405 3,729 4,134 Perimeter Pk W. 1100 Perimeter Pk Dr. 777 5,935 6,712 Perimeter Pk W. 1400 Perimeter Pk Dr. 666 4,499 5,165 Perimeter Pk W. 1500 Perimeter Pk Dr. 1,148 10,348 11,497 Perimeter Pk W. 1600 Perimeter Pk Dr. 1,463 9,948 11,411 Perimeter Pk W. 1800 Perimeter Pk Dr. 907 5,626 6,533 Perimeter Pk W. 2000 Perimeter Pk Dr. 788 8,050 8,838 Perimeter Pk W. 1700 Perimeter Ctr. W. 540 11,252 11,792 Perimeter Pk W. 3900 N. Paramount Pkwy 540 13,093 13,633 Perimeter Pk W. 3900 S. Paramount Pkwy 1,100 11,338 12,438 - 65 - Perimeter Pk W. 5200 Paramount Pkwy 1,748 15,848 17,596 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg A 296 1,212 1,508 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg B 175 753 928 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg C 185 2,859 3,044 Woodlake Ctr. 100 Innovation Ave. 633 3,925 4,559 Woodlake Ctr. 101 Innovation Ave. 615 4,010 4,625 Woodlake Ctr. 200 Innovation Dr. 357 4,392 4,749 Woodlake Ctr. 501 Innovation Ave. 640 6,722 7,362 NASHVILLE, TN - ------------- AirPk Bus. Ctr. 1420 Donelson Pike 1,331 5,412 6,743 AirPk Bus. Ctr. 1410 Donelson Pike 1,411 6,761 8,172 AirPk Bus. Ctr. 1400 Donelson Pike 1,276 5,028 6,304 AirPk Bus. Ctr. 400 AirPk Ctr. 419 2,114 2,533 AirPk Bus. Ctr. 500 AirPk Ctr. Dr. 923 3,155 4,078 AirPk Bus. Ctr. 600 Airport Ctr. Dr. 729 3,258 3,987 AirPk Bus. Ctr. 700 AirPk Ctr. Dr. 801 3,036 3,837 AirPk Bus. Ctr. 800 AirPk Ctr. Dr. 924 4,117 5,041 AirPk Bus. Ctr. 900 AirPk Ctr. Dr. 798 3,334 4,132 AirPk Bus. Ctr. 1000 AirPk Ctr. Dr. 1,300 9,424 10,724 AirPk Bus. Ctr. 5270 Harding Place 535 2,439 2,974 AirPk Bus. Ctr. 1415 Donelson Pike 1,308 8,609 9,917 AirPk Bus. Ctr. 1413 Donelson Pike 549 2,683 3,232 AirPk Bus. Ctr. 5233 Harding Place - 4,043 4,043 Cumberland Bus. Ctr. 431 Great Cir. Rd. 1,461 7,665 9,126 Four-Four Bus. Ctr. 700 Melrose Ave. 938 6,272 7,210 Four-Four Bus. Ctr. 684 Melrose Ave. 1,812 7,613 9,425 Four-Four Bus. Ctr. 458 Melrose Ave. 1,522 5,619 7,141 Four-Four Bus. Ctr. 784 Melrose Ave. - 4,073 4,073 Greenbriar Bus. Pk Greenbriar Bus. Pk 1,445 5,469 6,914 Haywood Oaks Haywood Oaks Bldg 2 395 2,020 2,415 Haywood Oaks Haywood Oaks Bldg 3 346 1,916 2,262 Haywood Oaks Haywood Oaks Bldg 4 435 2,335 2,770 Haywood Oaks Haywood Oaks Bldg 5 629 3,423 4,052 Haywood Oaks Haywood Oaks Bldg 6 946 6,744 7,690 Haywood Oaks Haywood Oaks Bldg 7 456 2,398 2,854 Haywood Oaks Haywood Oaks Bldg 8 751 4,071 4,822 Lakeview Place Three Lakeview 2,126 11,424 13,550 Lakeview Place One Lakeview Place 2,046 12,078 14,123 Lakeview Place Two Lakeview Place 2,046 12,053 14,099 Metropolitan Airport Ctr. Metro Airport Ctr. Bldg 11,190 4,491 15,681 MetroCtr. 545 Mainstream Dr. 847 6,199 7,046 MetroCtr. 566 Mainstream Dr. 454 3,885 4,339 MetroCtr. 621 Mainstream Dr. 428 2,801 3,229 Metro Ctr. MetroCtr. Flex Bldg I 497 - 497 Nashville Bus. Ctr. 3300 Briley Pk Blvd. 936 7,696 8,632 Royal Pkway Ctr. 2515 Perimeter Pk 734 4,840 5,574 Royal Pkway Ctr. 500 Royal Pkwy 603 4,537 5,140 Lakeview Place Lakeview Grounds - - - NEW HOPE, MN - ------------ Bass Lake Bus. Bldg Bass Lake Bus. Bldg 298 1,753 2,051 NILES, IL - --------- U.S. Industries Touhy Ave. Bldg. 310 3,406 3,716 Tam Ctr. Jarvis Ave. Bldg. 462 4,514 4,976 NORCROSS, GA - ------------ 3045 Bus. Pk Dr. 3045 Bus. Pk Dr. 446 1,996 2,442 - 66 - Gwinnett Pk 1750 Beaver Ruin 640 6,659 7,299 Gwinnett Pk 4258 Communications Dr. 29 2,345 2,374 Gwinnett Pk 4261 Communications Dr. 254 1,878 2,132 Gwinnett Pk 4291 Communications Dr. 16 1,428 1,444 Gwinnett Pk 1826 Doan Way 185 3,016 3,201 Gwinnett Pk 1857 Doan Way 23 401 424 Gwinnett Pk 1650 Intl. Blvd. 69 2,172 2,241 Gwinnett Pk 4245 Intl. Blvd. 192 10,650 10,842 Gwinnett Pk 4250 Intl. Blvd. 216 2,985 3,201 Gwinnett Pk 4295 Intl. Blvd. 58 2,309 2,367 Gwinnett Pk 4320 Intl. Blvd. 44 2,020 2,064 Gwinnett Pk 4350 Intl. Blvd. 78 3,015 3,092 Gwinnett Pk 4355 Intl. Blvd. 233 2,953 3,187 Gwinnett Pk 4405A Intl. Blvd. 97 2,630 2,727 Gwinnett Pk 4405B Intl. Blvd. 118 3,861 3,979 Gwinnett Pk 4405C Intl. Blvd. 21 753 774 Gwinnett Pk 1828 Meca Way 16 2,640 2,656 Gwinnett Pk 1858 Meca Way 27 1,795 1,822 Gwinnett Pk 4316 Pk Dr. 262 1,522 1,784 Gwinnett Pk 4317 Pk Dr. 671 1,813 2,484 Gwinnett Pk 4357 Pk Dr. 12 2,221 2,233 Gwinnett Pk 4366 Pk Dr. 22 466 488 Gwinnett Pk 4386 Pk Dr. 17 934 951 Gwinnett Pk 4436 Pk Dr. 18 2,238 2,256 Gwinnett Pk 4437 Pk Dr. 21 2,597 2,618 Gwinnett Pk 4467 Pk Dr. 6 1,600 1,606 Gwinnett Pk 4476 Pk Dr. 14 1,731 1,745 Gwinnett Pk 4487 Pk Dr. 6 3,777 3,783 Gwinnett Pk 1835 Shackelfort Ct. 29 6,212 6,241 Gwinnett Pk 1854 Shackleford Rd. 52 10,203 10,255 Gwinnett Pk 4274 Shackleford Rd. 27 3,560 3,587 Gwinnett Pk 4275 Shackleford Ct. 12 2,152 2,164 Gwinnett Pk 4344 Shackleford Rd. 286 2,195 2,481 Gwinnett Pk 4355 Shackleford Rd. 7 6,721 6,728 Gwinnett Pk 4364 Shackleford Rd. 9 964 974 Gwinnett Pk 4366 Shackleford Rd. 26 2,538 2,564 Gwinnett Pk 4388 Shackleford Rd. 43 3,994 4,037 Gwinnett Pk 4400 Shackleford Rd. 18 1,532 1,550 Gwinnett Pk 4444 Shackleford Rd. 31 3,233 3,264 Gwinnett Pavillion 1480 Beaver Ruin Rd. 248 1,057 1,305 Gwinnett Pavillion 1505 Pavilion Place 448 6,493 6,941 Gwinnett Pavillion 3883 Steve Reynolds Blvd. 612 4,828 5,440 Gwinnett Pavillion 3890 Steve Reynolds Blvd. 519 2,962 3,481 Gwinnett Pavillion 3905 Steve Reynolds Blvd. 697 2,072 2,769 Gwinnett Pavillion 3950 Steve Reynolds Blvd. 684 2,756 3,440 Gwinnett Pavillion 4020 Steve Reynolds Blvd. 417 2,107 2,524 Gwinnett Pavillion 4025 Steve Reynolds Blvd. 461 3,124 3,585 Northwoods 2915 Ct.yards Dr. 268 1,954 2,221 Northwoods 2925 Ct.yards Dr. 333 3,159 3,492 Northwoods 2975 Ct.yards Dr. 144 1,262 1,406 Northwoods 2995 Ct.yards Dr. 109 874 983 Northwoods 2725 Northwoods Pkwy 440 2,514 2,954 Northwoods 2755 Northwoods Pkwy 249 2,811 3,060 Northwoods 2775 Northwoods Pkwy 322 2,366 2,688 Northwoods 2850 Colonnades Ct. 562 5,175 5,737 Northwoods 3040 Northwoods Pkwy 298 1,763 2,061 Northwoods 3044 Northwoods Cir. 167 735 902 Northwoods 3055 Northwoods Pkwy 213 1,525 1,738 Northwoods 3075 Northwoods Pkwy 374 2,806 3,180 Northwoods 3080 Northwoods Cir. 387 2,767 3,154 Northwoods 3100 Northwoods Pkwy 393 2,491 2,884 Northwoods 3155 Northwoods Pkwy 331 2,449 2,780 Northwoods 3175 Northwoods Pkwy 250 2,029 2,279 - 67 - NE I85 6525-27 Jimmy Carter Blvd. 509 4,148 4,657 NE I85 5755 Peachtree Indust. Blvd. 800 3,792 4,592 NE I85 5765 Peachtree Indust. Blvd. 521 4,580 5,101 NE I85 5775 Peachtree Indust. Blvd. 521 4,600 5,121 Pinebrook 2450 Satellite Blvd. 821 3,729 4,550 Peachtree Corns. Bus. Ctr. 5401 Buford Hwy. 294 1,608 1,902 Peachtree Corns. Bus. Ctr. 5403 Buford Hwy. 420 2,763 3,183 Peachtree Corns. Bus. Ctr. 5405 Buford Hwy. 217 1,755 1,972 Peachtree Corns. Bus. Ctr. 5409 Buford Hwy. 364 3,324 3,688 Peachtree Corns. Tech Ctr. 3170 Reps Miller Rd. 500 3,603 4,103 Peachtree Corns. Tech Ctr. 3180 Reps Miller Rd. 500 2,881 3,381 Peachtree Corns. Tech Ctr. 3190 Reps Miller Rd. 525 3,076 3,601 NORTH OLMSTEAD, OH - ------------------ Corp. Ctr. Corp. Ctr. I 1,040 7,511 8,551 Corp. Ctr. Corp. Ctr. II 1,048 8,236 9,284 Corp. Ctr. Corp. Ctr. III 604 6,304 6,907 OLIVETTE, MO - ------------ 1920 Beltway 1920 Beltway 614 1,547 2,162 I-170 Ctr. I-170 Ctr. 1,018 4,524 5,543 Warson Comm. Ctr. Warson Comm. Ctr. 749 5,479 6,228 ORLANDO, FL - ----------- Airport Comm. Ctr. 8500 Parkline Blvd 691 4,087 4,778 Airport Comm. Ctr. 8501 Parkline Blvd. 169 1,384 1,553 Airport Comm. Ctr. 8549 Parkline Blvd. 149 1,336 1,485 Airport Comm. Ctr. 8351 Parkline Blvd. 212 2,085 2,297 Airport Comm. Ctr. 8249 Parkline Blvd 214 1,765 1,979 Airport Comm. Ctr. 1630 Prime Ct. 323 1,853 2,176 Airport Comm. Ctr. 1629 Prime Ct. 281 2,311 2,592 Bus. Centre at Lee Vista 7101 TPC Dr. 753 6,072 6,825 Parksouth Dist. Ctr. 2500 Principal Row 565 4,795 5,360 Parksouth Dist. Ctr. 2490 Principal Row 493 4,572 5,065 Parksouth Dist. Ctr. 2491 Principal Row 593 4,311 4,904 Parksouth Dist. Ctr. 9600 Parksouth Ct. 649 4,920 5,569 Parksouth Dist. Ctr. 9550 Parksouth Ct. 1,030 6,934 7,964 PEPPER PIKE, OH - --------------- Corp. Cir. Corp. Cir. 1,698 12,547 14,245 PLANO, TX - --------- Legacy Bus. Pk Metasolv Bldg. Phase I 1,527 6,316 7,843 Legacy Bus. Pk Metasolv Bldg. Phase II 1,181 11,021 12,202 PLYMOUTH, MN - ------------ Medicine Lake Medicine Lake Indus. Ctr. 1,145 6,744 7,889 Medicine Lake Medicine Lake Prof Bldg 76 504 580 Plymouth Off. /Tech Ctr. Plymouth Off./Tech Ctr. 431 2,693 3,124 Plymouth Ser. Ctr. Plymouth Service Ctr. 351 2,061 2,412 Westpoint Bldgs Westpoint Bus. Ctr 114 570 685 Westpoint Bldgs Westpoint Bldg B&C 370 2,128 2,498 Minneapolis Westpoint Bldg D&E 362 2,078 2,441 RALEIGH, NC - ----------- Interchange Plaza 5520 Capital Ctr. Dr. 842 4,238 5,080 Interchange Plaza 801 Jones Franklin Rd. 1,351 7,639 8,990 - 68 - Spring Forest Bus. Ctr. 3200 Spring Forest Rd. 561 5,189 5,750 Spring Forest Bus. Ctr. 3100 Spring Forest Rd. 616 4,286 4,902 ROMEOVILLE, IL - -------------- Crossroads Bus. Pk Crossroads Bldg. 2 2,723 10,634 13,357 ROSWELL, GA - ----------- Hembree Crest 11545 Wills Rd. 1,225 6,323 7,548 Hembree Pk 105 Hembree Pk Dr. 288 1,967 2,255 Hembree Pk 150 Hembree Pk Dr. 824 3,714 4,538 Hembree Pk 200 Hembree Pk Dr. 160 2,086 2,246 Hembree Pk 645 Hembree Pkwy 248 2,569 2,817 Hembree Pk 655 Hembree Pkwy 248 2,696 2,944 Hembree Pk 250 Hembree Pk Dr. 686 5,180 5,866 Hembree Pk 660 Hembree Pk Dr. 785 4,957 5,742 Mansell Coms. 993 Mansell Rd. 136 1,250 1,386 Mansell Coms. 995 Mansell Rd. 80 897 977 Mansell Coms. 997 Mansell Rd. 72 651 723 Mansell Coms. 999 Mansell Rd. 104 930 1,034 Mansell Coms. 1003 Mansell Rd. 136 1,324 1,460 Mansell Coms. 1005 Mansell Rd. 72 908 980 Mansell Coms. 1007 Mansell Rd. 168 2,126 2,294 Mansell Coms. 1009 Mansell Rd. 264 2,491 2,755 Mansell Coms. 1011 Mansell Rd. 256 2,585 2,841 Northmeadow 1100 Northmeadow Pkwy 552 3,917 4,469 Northmeadow 1150 Northmeadow Pkwy 464 3,154 3,618 Northmeadow 1125 Northmeadow Pkwy 320 3,656 3,976 Northmeadow 1175 Northmeadow Pkwy 328 3,394 3,722 Northmeadow 1250 Northmeadow Pkwy 312 4,275 4,587 Northmeadow 1225 Northmeadow Pkwy 336 3,469 3,805 Northmeadow 1325 Northmeadow Pkwy 472 6,307 6,779 Northmeadow 1335 Northmeadow Pkwy 946 8,010 8,956 Northmeadow 11390 Old Roswell Rd. 530 3,563 4,093 Northmeadow 1400 Hembree Rd. 545 3,303 3,848 Northmeadow 245 Hembree Pk Dr. 616 4,409 5,025 Northmeadow 1357 Hembree Rd. 471 4,434 4,905 Northmeadow Northmeadow BD IV 694 5,720 6,414 Northmeadow Northmeadow Service Ctr V 705 3,351 4,056 North Central 10745 Westside Pkwy 925 7,002 7,927 SEVEN HILLS, OH - --------------- Rock Run Rock Run - N. 837 5,846 6,683 Rock Run Rock Run - Ctr. 1,046 7,853 8,898 Rock Run Rock Run - S. 877 6,192 7,069 SHARONVILLE, OH - --------------- Enterprise Pk Enterprise Bldg 1 1,051 6,417 7,468 Enterprise Pk Enterprise Bldg 2 747 4,538 5,285 Enterprise Pk Enterprise Bldg A 119 747 867 Enterprise Pk Enterprise Bldg B 119 1,305 1,424 Enterprise Pk Enterprise Bldg D 243 2,515 2,758 Mosteller Dist. Ctr. Mosteller Dist. Ctr. 1,327 7,312 8,639 Mosteller Dist. Ctr. Mosteller Dist. Ctr. II 828 5,765 6,593 Perimeter Pk Perimeter Pk Bldg A 229 1,396 1,625 Perimeter Pk Perimeter Pk Bldg B 244 1,171 1,415 SOLON, OH - --------- - 69 - Fountain Pkway Pioneer-Standard Elect. 1,138 8,660 9,798 Fountain Pkway Fountain Pkwy Bldg 1 527 2,923 3,450 6450 Davis 6450 Davis 697 2,059 2,756 Solon 30600 Carter 821 3,808 4,629 Solon 6230 Cochran 602 3,108 3,710 Solon 31900 Solon - Front 474 1,988 2,462 Solon 5821 Harper 555 2,532 3,087 Solon 6161 Cochran 396 1,782 2,177 Solon 5901 Harper 350 1,583 1,932 Solon 29125 Solon 505 2,124 2,630 Solon 6661 Cochran 245 1,106 1,351 Solon 6521 Davis 128 570 699 Solon 30301 Carter St. 650 5,205 5,855 ST. CHARLES, IL - --------------- Kirk Rd. Bldg Kirk Rd. Bldg. 203 1,993 2,196 ST. CHARLES, MO - --------------- Alfa-Laval Alfa-Laval 1,158 5,542 6,701 ST. LOUIS PARK, MN - ---------------- Cedar Lake Bus.Ctr Cedar Lake Bus. Ctr. 332 1,982 2,314 5219 Bldgs 5219 Bldg. 102 595 697 Minneapolis-West Novartis Warehouse 2,005 11,288 13,293 Minneapolis-West N. Plaza 374 1,797 2,171 7320 Oxford St. Oxford Indust. Bldg 102 603 705 Minneapolis-West S. Plaza 397 2,316 2,713 Minneapolis-West Travelers Express Towers 3,102 36,105 39,207 ST. LOUIS, MO - ------------- Craig Pk Ctr. Craig Pk Ctr. 254 2,343 2,597 NGIC/Pte. 70 3300 Pte. 70 1,186 7,770 8,957 Laumeier Off. Pk Laumeier I 1,384 10,434 11,818 Laumeier Off. Pk Laumeier II 1,421 10,433 11,854 Maryville Ctr. 500-510 Maryville Ctr. 3,402 24,993 28,395 Maryville Ctr. 530 Maryville Ctr. 2,219 15,514 17,733 Maryville Ctr. 550 Maryville Ctr. 1,996 12,497 14,492 Maryville Ctr. 635-645 Maryville Ctr. 3,048 18,579 21,627 Maryville Ctr. 655 Maryville Ctr. 1,860 13,240 15,100 Maryville Ctr. 540 Maryville Ctr. 2,219 14,430 16,649 Maryville Ctr. 520 Maryville Ctr. 2,399 15,477 17,876 Riverport Express Scripts HQ 2,285 12,345 14,630 St. Louis Bus. Ctr. St. Louis Bus. Ctr. A 194 1,785 1,979 St. Louis Bus. Ctr. St. Louis Bus. Ctr. B 250 2,533 2,783 St. Louis Bus. Ctr. St. Louis Bus. Ctr. C 166 1,841 2,007 St. Louis Bus. Ctr. St. Louis Bus. Ctr. D 168 1,697 1,865 Westmark Westmark 1,163 10,950 12,112 Westview Place Westview Place 669 10,058 10,727 ST. PAUL, MN - ------------ University Crsg. University Crsg. 911 5,167 6,078 ST. PETERS, MO - -------------- Horizon Bus. Ctr. Horizon Bus. Ctr. 344 2,561 2,905 STRONGSVILLE, OH - ---------------- - 70 - Pk 82 Pk 82 Bldg 2 322 3,378 3,700 Pk 82 Pk 82 Bldg 1 243 2,264 2,507 Pk 82 Pk 82 Bldg 3 298 2,697 2,996 Johnson Controls Johnson Controls 364 2,463 2,827 Dyment Dyment 816 5,363 6,179 SUNSET HILLS, MO - ---------------- Laumeier Off. Pk Laumeier IV 1,029 7,365 8,394 SUWANEE, GA - ----------- Horizon 90 Horizon Dr. 120 1,018 1,138 Horizon 225 Horizon Dr. 121 3,368 3,489 Horizon 250 Horizon Dr. 1,047 6,807 7,854 Horizon 70 Crestridge Dr. 575 6,179 6,754 Horizon 2700 Crestridge 1,839 18,762 20,601 Horizon 2775 Horizon Ridge 732 8,465 9,197 Horizon 2780 Horizon Ridge 826 6,578 7,404 Horizon 2800 Vista Ridge Dr. 443 6,336 6,779 Horizon Bus. Ctr 410 Horizon Dr. 1,220 7,812 9,032 Northbrook 1000 Northbrook Pkwy 363 4,578 4,941 Northbrook 675 Old Peachtree Rd. 478 4,724 5,202 North Central 7250 McGinnis Ferry Rd. 498 4,692 5,190 TAMPA, FL - --------- Faifield Bus. Ctr. 8640 Elm Fair Blvd. 483 2,696 3,179 Faifield Bus. Ctr. 4720 Oak Fair Blvd. 530 4,918 5,448 Fairfield Dist. Ctr. 4758 Oak Fair Blvd. - 2,895 2,895 Fairfield Dist. Ctr. Fairfield Dist. Ctr IV 600 2,221 2,821 Highland Oaks Highland Oaks I 1,525 14,500 16,025 TWINSBURG, OH - ------------- Enterprise Pkway Enterprise Pkwy #1 198 1,692 1,891 WEST CHESTER, OH - ---------------- World Pk World Pk at Union Ctr 1 324 3,565 3,889 World Pk World Pk at Union Ctr 2 271 2,018 2,289 World Pk World Pk at Union Ctr 3 936 7,603 8,539 World Pk World Pk at Union Ctr 4 391 1,928 2,319 World Pk World Pk at Union Ctr 5 - 2,879 2,879 World Pk World Pk at Union Ctr 6 882 6,285 7,167 World Pk World Pk at Union Ctr 8 1,276 5,567 6,843 WESTERVILLE, OH - --------------- Polaris Liebert 743 4,797 5,540 WESTMONT, IL - ------------ Oakmont Tech Ctr. Oakmont Tech Ctr. 1,501 8,669 10,171 Oakmont Cir. Off. Oakmont Cir. Off. 2,438 14,277 16,716 WHEELING, IL - ------------ Abbott Bldg Abbot Dr. Bldg. 92 879 971 Eliminations Eliminations - (530) (530) Secured debt on non-bldgs ------- --------- --------- Totals 602,789 4,124,117 4,726,906 ======= ========= =========
- 71 - DUKE-WEEKS REALTY CORPORATION REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 (IN THOUSANDS)
ACCUM. DATE OF DATE OF LOCATION/DEVELOPMENT BUILDING DEPR. (2) CONST. ACQUISITION - ---------------------- -------------------- ---------- -------- ----------- ALPHARETTA, GA - -------------- Brookside Off. Pk 3925 Brookside Pkwy 212 1998 1999 Brookside Off. Pk 3625 Brookside Pkwy - (3) 1999 1999 Hembree Crest 11800 Wills Rd. 26 1987 1999 Hembree Crest 11810 Wills Rd. 28 1987 1999 Hembree Crest 11820 Wills Rd. 38 1987 1999 Hembree Crest 11415 Old Roswell Rd. 36 1991 1999 Northmeadow 1350 Northmeadow Pkwy 45 1994 1999 Northmeadow 11835 Alpharetta Hwy. 35 1994 1999 Northwinds Pte. 2555 Northwinds Pkwy 106 1997 1999 Northwinds Pte. 2550 Northwinds Pkwy 256 1998 1999 Ridgeland 1320 Ridgeland Pkwy 69 1999 1999 Ridgeland Ridgeland Bus. Dist I 18 1999 1999 ANTIOCH, TN - ----------- Keebler Keebler 150 1985 1995 ARLINGTON HEIGHTS, IL - --------------------- Atrium II Atrium II 314 1986 1998 ATLANTA, GA - ----------- 1670 Defoor Ave. 1670 Defoor Ave. 20 1960 1999 Druid Chase 6 W. Druid Hills Dr. 74 1968 1999 Druid Chase 2801 Buford Hwy. 121 1977 1999 Druid Chase 1190 W. Druid Hills Dr. 69 1980 1999 Druid Chase 2071 N. Druid Hills Dr. 5 1968 1999 NE I85 3171 McCall Dr. 6 1967 1999 NE I85 5300 Peachtree Indust. Blvd 22 1966 1999 NE I85 4280 NE Expwy. 28 1962 1999 Westgate 100 Eagle Vista Pkwy 66 1999 1999 AURORA, IL - ---------- Meridian Bus. Campus 535 Exch. 19 1984 1999 Meridian Bus. Campus 515-525 Enterprise 45 1984 1999 Meridian Bus. Campus 615 Enterprise 67 1984 1999 Meridian Bus. Campus 3615 Exch. 42 1986 1999 Meridian Bus. Campus 4000 Sussex 48 1990 1999 Meridian Bus. Campus 700 N. Comm. 93 1989 1999 Meridian Bus. Campus 3737 E. Exch. 56 1985 1999 Meridian Bus. Campus 444 N. Comm. 112 1985 1999 Meridian Corridor Meridian I 1 2000 2000 Meridian Bus. Campus Michael Jordan Golf Ctr - (4) N/A 1999 BEACHWOOD, OH - ------------- Corp. Exch. One Corp. Exch. 927 1989 1996 Corp. Place Corp. Place 639 1988 1996 BLOOMINGTON, IL - --------------- Lakewood Plaza Lakewood Plaza 1,303 1987 1988 BLOOMINGTON, MN - --------------- Alpha Bldgs Alpha Bus. Ctr I&II 23 1980 1999 Alpha Bldgs Alpha Bus. Ctr III&IV 27 1980 1999 Alpha Bldgs Alpha Bus. Ctr V 41 1980 1999 - 54 - Bloomington Indus. Ctr Bloomington Indust. Ctr. 244 1963 1997 Lyndale Coms. Lyndale Coms. I 80 1981 1998 Lyndale Coms. Lyndale Coms. II 56 1985 1998 Hampshire Dist. Ctr. Hampshire Dist Ctr. N. 250 1979 1997 Hampshire Dist. Ctr. Hampshire Dist Ctr. S. 289 1979 1997 Hampshire Tech Ctr. Hampshire Tech Ctr. 549 1998 1998 Norman Ctr. Norman Ctr. 2 181 1970 1998 Norman Ctr. Norman Ctr. 4 130 1967 1998 Penn Corp. Bldg Penn Corp. Bldg 97 1977 1997 BLUE ASH, OH - ------------ Cornell Comm. Ctr. Cornell Comm. Ctr. 592 1989 1996 Creek Rd. Creek Rd. Bldg 1 67 1971 1996 Creek Rd. Creek Rd. Bldg 2 90 1971 1996 Huntington Bank Bldg Huntington Bank Bldg. 19 1986 1996 Lake Forest/Westlake Lake Forest Place 1,934 1985 1996 Lake Forest/Westlake Westlake Ctr. 2,798 1981 1996 BOLINBROOK, IL - -------------- Crossroads Bus. Pk Crossroads Bldg 1 505 1998 1998 BRENTWOOD, TN - ------------- Brentwood S. Bus. Ctr. 7104 Crossroads Blvd 74 1987 1999 Brentwood S. Bus. Ctr. 7106 Crossroads Blvd 45 1987 1999 Brentwood S. Bus. Ctr. 7108 Crossroads Blvd 51 1989 1999 Creekside Crsg. Creekside Crsg. One 838 1998 1998 BRIDGETON, MO - ------------- Dukeport Dukeport V 153 1998 1998 Dukeport Dukeport VI 258 1999 1999 Earth City Dukeport VII 15 1999 1999 Corp. Exch. Dukeport VIII 21 1999 1999 BROOKLYN PARK, MN - ----------------- Crosstown NW Crosstown N. Bus. Ctr. 1 138 1998 1999 Crosstown NW Crosstown N. Bus. Ctr. 2 66 1998 1999 Crosstown NW Crosstown N. Bus. Ctr. 3 40 1999 1999 Crosstown NW Crosstown N. Bus. Ctr. 4 110 1999 1999 7300 Northland Dr. 7300 Northland Dr. 234 1999 1998 Crosstown NW Crosstown NW 1 Land - (4) N/A 1998 Crosstown NW Crosstown NW 2 Land - (4) N/A 1998 Crosstown NW Crosstown N. Land #1 - (4) N/A 1999 BURNSVILLE, MN - -------------- Professional Plaza Professional Plaza I 134 1986 1998 Professional Plaza Professional Plaza IV 76 1980 1998 1420 East Cliff Rd. Cliff Rd. Indust. Ctr 93 1972 1998 Professional Plaza Professional Plaza III 68 1985 1998 Professional Plaza Professional Plaza II 95 1984 1998 Larc Indus. Pk Larc Indust. Pk I 104 1977 1997 Larc Indus. Pk Larc Indust. Pk II 69 1976 1997 Larc Indus. Pk Larc Indust. Pk III 42 1980 1997 Larc Indus. Pk Larc Indust. Pk IV 31 1980 1997 Larc Indus. Pk Larc Indust. Pk V 42 1980 1997 Larc Indus. Pk Larc Indust. Pk VI 124 1975 1997 Larc Indus. Pk Larc Indust. Pk VII 95 1973 1997 - 55 - CARMEL, IN - ---------- Hamilton Crsg. H.C. Bldg. 1 West 607 1989 1993 Hamilton Crsg. Hamilton Crsg. Bldg 2 197 1997 1997 Hamilton Crsg. Hamilton Crsg. Bldg 4 183 1999 1999 Hamilton Crsg. Retail Hamilton Crsg. Retail Bld 1 94 1999 1999 Hamilton Crsg. Hampton Inn Land Lease 5 N/A 1999 Hamilton Crsg. Max & Ermas - (4) N/A 2000 CAROL STREAM, IL - ---------------- Ctr. Ave. Ctr. Ave. Bldg 1 - (3) 1998 1999 CARY, NC - -------- Regency Forest 200 Regency Forest Dr. 166 1999 1999 Regency Forest 100 Regency Forest Dr. 187 1997 1999 Weston Pkway 6501 Weston Pkwy 146 1996 1999 CELEBRATION, FL - --------------- Celebration Ctr. 1130 Celebration Blvd. 59 1997 1999 Celebration Ctr. 1120 Celebration Blvd. 17 1997 1999 CHAMPAIGN, IL - ------------- Market View Shpg Ctr Market View Shopping Ctr. 2,307 1985 1986 CHANHASSEN, MN - -------------- Chanhassen Lakes Chanhassen Lakes I 83 1983 1998 Chanhassen Lakes Chanhassen Lakes II 101 1986 1998 CINCINNATI, OH - -------------- One Ashview Place One Ashview Place 752 1989 1997 Blue Ash Off. Ctr. Blue Ash Off. Ctr VI 188 1989 1997 Zussman Bldg Zussman Bldg 1,172 1986 1993 312 Elm 312 Elm 8,696 1992 1993 Eastgate Square Eastgate Square 618 1996 1995 Garden Ridge Garden Ridge 121 1998 1999 Executive Plaza Executive Plaza I 426 1980 1996 Executive Plaza Executive Plaza II 388 1981 1996 Executive Plaza Executive Plaza III 314 1998 1998 Kohl's Dept. Store Kohl's Department Store 479 1994 1994 Sofa Express Sofa Express - Gov. Plaza 86 1995 1995 Off. Max Off. Max 141 1995 1995 Dun & Bradstreet Bldg Dun & Bradstreet Bldg 945 1972 1986 Governors Hill 8790 Governor's Hill 820 1985 1993 Governors Hill 8700 Governor's Hill 895 1985 1993 Governors Hill 8800 Governor's Hill 768 1985 1986 Governors Hill 8600 Governor's Hill 3,332 1986 1993 Governors Plaza Governors Plaza 1,404 1990 1993 King's Auto Mall I King's Auto Mall I 1,275 1990 1989 King's Mall Ret Ctr II King's Mall Retail Ctr II 712 1988 1993 Kenwood Executive Ctr. Kenwood Executive Ctr. 200 1981 1997 Kenwood Coms. 8230 Kenwood Coms. 1,969 1986 1986 Kenwood Coms. 8280 Kenwood Coms. 1,102 1986 1986 Kenwood MOB Kenwood MOB - 1999 1999 OH National Ohio National 2,937 1996 1996 Pfeiffer Woods Off. Bldg Pfeiffer Woods Off. Bldg 123 1998 1999 312 Plum 312 Plum 4,773 1987 1993 - 56 - Remington Off. Pk Remington Pk Bldg A 84 1982 1997 Remington Off. Pk Remington Pk Bldg B 85 1982 1997 Tri-County Mktpl. Tri-county Mktpl. 275 1998 1998 Tri. Off. Pk Tri. Off. Pk 4,031 1985 1986 Western Hills Mktpl. Western Hills Mktpl. 266 1998 1997 World Pk World Pk Bldg 5 1,137 1987 1988 World Pk World Pk Bldg 6 945 1987 1988 World Pk World Pk Bldg 7 1,206 1987 1988 World Pk World Pk Bldg 8 912 1989 1993 World Pk World Pk Bldg 9 639 1989 1993 World Pk World Pk Bldg 11 750 1989 1993 World Pk World Pk Bldg 14 581 1989 1993 World Pk World Pk Bldg 15 514 1990 1993 World Pk World Pk Bldg 16 540 1989 1993 World Pk World Pk Bldg 18 323 1997 1997 World Pk World Pk Bldg 28 403 1998 1998 World Pk World Pk Bldg 29 515 1998 1998 World Pk World Pk Bldg 31 94 1998 1998 COLUMBUS, OH - ------------ Easton Oval One Easton Oval 275 1998 1999 Easton Oval Two Easton Oval 665 1996 1998 Polaris 1000 Polaris Pkwy 133 1992 1999 Tuttle Crsg. Xerox Bldg-5555 PkCtr. Cir 1,305 1992 1994 Westbelt Dr. 2190-2200 Westbelt Dr. 59 1986 1998 Westbelt West Westbelt West #1 - (3) 1999 1999 Zane Trace 3800 Zane Trace Dr 306 1978 1994 Zane Trace 3635 Zane Trace Dr. 122 1980 1998 King's Mall Applebee's Grnd Lse 36 N/A 1997 Tuttle Crsg. Lazarus Grnd Lse - (4) N/A 1996 Tuttle Crsg. Uno's Grnd Lse 73 N/A 1997 Tuttle Crsg. BMW Pking Exp. 21 N/A 1997 Tuttle Crsg. Qwest Pking Exp. 15 N/A 1998 COPPELL, TX - ----------- Freeport N. Freeport II 112 1996 1999 Freeport N. Freeport III 72 1996 1999 Freeport N. Freeport IV 153 1996 1999 CREVE COUER, MO - --------------- Twin Oaks Off. Ctr Twin Oaks 565 1995 1997 CRYSTAL, MN - ----------- Crystal Indus. Ctr Crystal Indust. Ctr. 219 1974 1997 DECATUR, IL - ----------- Pk 101 Illinois Power Grnd Lse - (4) N/A 1994 DES PLAINES, IL - --------------- Deckbrand Bldg Wolf Rd. Bldg. 92 1969 1998 105 East Oakton 105 East Oakton 98 1974 1999 DOWNERS GROVE, IL - ----------------- Executive Towers Executive Towers I 1,585 1983 1997 Executive Towers Executive Towers II 1,911 1984 1997 Executive Towers Executive Towers III 2,094 1987 1997 - 57 - DUBLIN, OH - ---------- MetroCtr. III MetroCtr. III 673 1983 1996 Scioto Corp. Ctr. Scioto Corp. Ctr. 288 1987 1996 Tuttle Retail Ctr. Tuttle Retail Ctr. 984 1996 1995 Tuttle Crsg. LCI Intl. 2,945 1990 1993 Tuttle Crsg. Sterling 1 1,969 1990 1993 Tuttle Crsg. Indiana Insurance 809 1994 1994 Tuttle Crsg. Sterling 2 662 1995 1995 Tuttle Crsg. John Alden Life Ins. 902 1995 1995 Tuttle Crsg. Cardinal Health 2,305 1995 1995 Tuttle Crsg. Sterling 3 1,103 1996 1996 Tuttle Crsg. Compmanagement 344 1997 1997 Tuttle Crsg. Sterling 4 577 1998 1998 Tuttle Crsg. Pkwood Place 1,059 1997 1997 Tuttle Crsg. Nationwide 2,523 1996 1996 Tuttle Crsg. Emerald II 236 1998 1998 Tuttle Crsg. Atrium II, Phase I 1,082 1998 1998 Tuttle Crsg. Atrium II, Phase II 540 1999 1999 Tuttle Crsg. Blazer I 117 1999 1999 DULUTH, GA - ---------- Berkeley Lake Dist. Ctr. 3270 Summit Ridge Pkwy 62 1997 1999 Berkeley Lake Dist. Ctr. 3280 Summit Ridge Pkwy 66 1997 1999 Berkeley Lake Dist. Ctr. 3290 Summit Ridge Pkwy 39 1997 1999 Crestwood Pte. 3805 Crestwood Pkwy 197 1997 1999 Crestwood Pte. 3885 Crestwood Pkwy 172 1998 1999 Meadowbrook 2450 Meadowbrook Pkwy 39 1989 1999 Meadowbrook 2475 Meadowbrook Pkwy 43 1986 1999 Meadowbrook 2500 Meadowbrook Pkwy 31 1987 1999 Meadowbrook 2505 Meadowbrook Pkwy 29 1990 1999 NE I85 4125 Buford Hwy. 67 1995 1999 Pk Creek 2825 Breckinridge Blvd 37 1986 1999 Pk Creek 2875 Breckinridge Blvd 59 1986 1999 Pk Creek 2885 Breckinridge Blvd 84 1997 1999 Pinebrook 2625 Pinemeadow Ct. 51 1994 1999 Pinebrook 2660 Pinemeadow Ct. 42 1996 1999 River Green 3450 River Green Ct. 27 1989 1999 River Green 4800 River Green Pkwy 24 1989 1999 Bus. Pk at Sugarloaf 2775 Premier Pkwy 58 1997 1999 Bus. Pk at Sugarloaf 3079 Premier Pkwy 89 1998 1999 Bus. Pk at Sugarloaf 6700 Sugarloaf Pkwy 113 1998 1999 Bus. Pk at Sugarloaf 2855 Premier Pkwy 17 1999 1999 Bus. Pk at Sugarloaf 6655 Sugarloaf 47 1998 1999 DUNCAN, SC - ---------- Hillside 170 Pkwy West 43 1995 1999 Hillside 285 Pkwy East 70 1996 1999 Hillside 190 Pkwy West 39 1996 1999 Hillside 265 Pkwy East 55 1999 1999 EAGAN, MN - --------- Apollo Dist. Ctr. Apollo Indust. Ctr I 388 1997 1997 Apollo Dist. Ctr. Apollo Indust. Ctr II - 2000 2000 Eagandale Crsg. Eagandale Crsg. 330 1998 1998 Eagandale Tech Ctr. Eagandale Tech Ctr. 291 1998 1998 Silverbell Coms. Silverbell Coms. 190 1999 1999 Sibley Indus. Ctr. Sibley Indust. Ctr. I 115 1973 1997 Sibley Indus. Ctr. Sibley Indust. Ctr. II 75 1972 1997 - 58 - Sibley Indus. Ctr. Sibley Indust. Ctr. III 76 1968 1997 Trapp Rd. Trapp Rd. Comm. I 198 1996 1998 Trapp Rd. Trapp Rd. Comm. Bldg II 319 1998 1998 Yankee Place Yankee Place 994 1986 1997 Apollo Dist. Ctr. Apollo Land - N/A 1999 EARTH CITY, MO - -------------- Dukeport Dukeport 3 366 1998 1998 NGIC/Pte. 70 3322 NGIC 736 1987 1997 MCI MCI 536 1998 1998 EDEN PRAIRIE, MN - ---------------- Edenvale Executive Ctr. Edenvale Executive Ctr. 34 1987 1999 Golden Tri. Tech Ctr. Golden Tri. Tech Ctr. 332 1997 1998 Valley Gate N. Valley Gate N. 13 1986 1999 EDINA, MN - --------- Bush Lake Rd. Edina Interchange VI 150 1967 1997 Cahill Bus. Ctr Cahill Bus. Ctr. 187 1980 1997 Edina Interchange Edina Interchange I 214 1995 1997 Edina Interchange Edina Interchange II 135 1980 1997 Edina Interchange Edina Interchange III 152 1981 1997 Edina Interchange Edina Interchange IV 131 1974 1997 Edina Interchange Edina Interchange V 313 1974 1997 Bush Lake Rd. Edina Interchange VII 53 1970 1998 Pakwa Pakwa I 164 1979 1997 Pakwa Pakwa II 75 1979 1997 Pakwa Pakwa III 93 1979 1997 FAIRFIELD, OH - ------------- Faifield Bus. Ctr. Fairfield Bus. Ctr. D 194 1990 1995 Faifield Bus. Ctr. Fairfield Bus. Ctr. E 294 1990 1995 University Moving University Moving 200 1991 1995 FENTON, MO - ---------- Fenton Interstate Bldgs Fenton Interstate Bldg. C 23 1986 1999 Fenton Interstate Bldgs Fenton Interstate Bldg. D 56 1987 1999 Southport Southport I 49 1977 1997 Southport Southport II 45 1978 1997 Southport Southport Comm. Ctr. 80 1978 1997 FISHERS, IN - ----------- Delaware Pk Delaware Pk-Banc One - (5) 1999 1999 Exit 5 Exit 5 Bldg I 46 1999 1999 FLORENCE, KY - ------------ Empire Comm. Ctr Empire Comm. Ctr. 262 1980 1996 Sofa Express-Florence Sofa Express - Florence 64 1997 1997 KY Dr. 7910 Kentucky Dr. 67 1980 1997 KY Dr. 7920 Kentucky Dr. 75 1974 1997 FT. WAYNE, IN - ------------- Coldwater Crsg. Coldwater Crsg. 2,536 1990 1994 FORT WORTH, TX - --------------- - 59 - Centreport Dist. Ctr. 14900 Trinity Blvd. 104 1984 1999 FRANKLIN, TN - ------------ Aspen Grove Bus. Ctr. 277 Mallory Station 80 1996 1999 Aspen Grove Bus. Ctr. 320 Premier Ct. 83 1996 1999 Aspen Grove Bus. Ctr. 305 Seaboard Lane 98 1998 1999 Aspen Grove Bus. Ctr. 416 Mary Lindsay Polk Dr 75 1996 1999 Aspen Grove Bus. Ctr. 318-II Seaboard Lane 15 1999 1999 Aspen Grove Bus. Ctr. 341 Cool Springs Blvd - (3) 1999 1999 Aspen Grove Bus. Ctr. 318-1 Seaboard Lane 15 1999 1999 Brentwood S. Bus. Ctr. 119 Seaboard Lane (BS 4) 30 1990 1999 Brentwood S. Bus. Ctr. 121 Seaboard Lane (BS 5) 26 1990 1999 Brentwood S. Bus. Ctr. 123 Seaboard Lane (BS 6) 21 1990 1999 FRIDLEY, MN - ----------- River Rd. River Rd. Bus. Ctr. S. 152 1986 1999 University Ctr. University Ctr. I&II 22 1983 1999 GAHANNA, OH - ------------- Pet Foods Dist. Pet Foods Dist. 701 1995 1995 GARLAND, TX - ----------- Northgate Intl. Intl. I 58 1996 1999 Northgate Intl. Intl. II 99 1996 1999 GLENWILLOW, OH - -------------- Emerald Valley Emerald Valley Bldg 1 - (3) 1999 1999 GOLDEN VALLEY, MN - ----------------- Decatur Bus. Ctr Decatur Bus. Ctr. 144 1982 1997 Edina Realty Edina Realty 79 1965 1998 Golden Hills Golden Hills 1 250 1996 1998 Golden Hills Golden Hills 2 69 1999 1999 Golden Hills Golden Hills 3 76 1999 1999 Minneapolis-West N. Star Title 122 1965 1998 Silver-Burdett Ginn Sandburg Indust. Ctr. 141 1973 1997 Minneapolis-West Tyrol West 89 1968 1998 801 Zane Ave. N. 801 Zane Ave. N. 115 1989 1997 GREENWOOD, IN - ------------- South Pk South Pk Bldg 1 550 1989 1993 South Pk South Pk Bldg 2 836 1990 1993 South Pk South Pk Bldg 3 672 1990 1993 South Pk Brylane Pking Lot 24 N/A 1994 GROVE CITY, OH - -------------- South Pte. South Pte. Bldg D 348 1997 1997 South Pte. South Pte. Bldg E 214 1997 1997 GROVEPORT, OH - ------------- Groveport Comm Ctr Groveport Comm Ctr #2 56 1999 1999 Sun TV 6600 Port Rd. 1,411 1998 1997 - 60 - HEBRON, KY - ---------- Skyport Skyport Bldg. 1 695 1997 1997 Skyport Skyport Bldg. 2 279 1998 1999 Skyport Skyport Bldg. 4 - 1999 1999 KY, SouthPk KY. SouthPk Bldg 1 675 1990 1993 KY, SouthPk Ky. SouthPk Bldg 3 707 1991 1993 KY, SouthPk Ky. SouthPk Bldg 4 441 1994 1994 KY, SouthPk CR Services 692 1994 1994 HOLLYWOOD, FL - ------------- Port 95 2600 SW 39th St. 168 1999 1999 Port 95 Port 95 - Spec. Bldg. 42 1999 1999 HOPKINS, MN - ----------- Cornerstone Bus. Ctr. Cornerstone Bus. Ctr. 454 1996 1997 The Johnson Bldg The Johnson Bldg 186 1974 1997 Westside Bus. Pk Westside Bus. Pk 384 1987 1997 INDEPENDENCE, OH - ---------------- Corp. Plaza Corp. Plaza I 1,507 1989 1996 Corp. Plaza Corp. Plaza II 1,301 1991 1996 Freedom Square Freedom Square I 414 1980 1996 Freedom Square Freedom Square II 1,241 1987 1996 Freedom Square Freedom Square III 849 1997 1997 6111 Oak Tree 6111 Oak Tree 331 1995 1997 Pk Ctr. Pk Ctr. Bldg I 673 1998 1998 Pk Ctr. Pk Ctr. Bldg 2 139 1999 1999 INDIANAPOLIS, IN - ---------------- Cub Ctr. Cub Ctr. 1,856 1986 1986 Michael's Plaza Michaels Plaza 599 1984 1993 Palomar Palomar 191 1973 1995 Franklin Rd. Bus. Ctr Franklin Rd. Bus. Ctr. 1,471 1998 1995 Pk 100 Georgetown Bldg. One 204 1987 1996 Pk 100 Georgetown Rd. Bldg 2 272 1987 1996 Pk 100 Georgetown Rd. Bldg 3 176 1987 1996 Nampac Bldg Nampac Bldg. 501 1974 1995 Pk 100 6060 Guion Rd 344 1977 1996 Greenwood Corner Shops Greenwood Corner Shops 1,185 1986 1986 First IN Branch First Indiana Branch 41 1988 1993 Hillsdale Hillsdale Bldg 4 838 1987 1993 Hillsdale Hillsdale Bldg 5 682 1987 1993 Hillsdale Hillsdale Bldg 6 658 1987 1993 KATC - S. 8465 KATC 2-story 166 1983 1995 F.C. Tucker F.C. Tucker 43 1978 1993 KATC - N. 8555 KATC 4-story 541 1985 1997 KATC - N. 3520 Comm. Crsg. 371 1976 1993 4750 KY Ave. 4750 Kentucky Ave. 206 1974 1996 N. Airport Pk N. Airport Pk Bldg 21,055 1997 1997 One N. Capitol One N. Capital 241 1980 1998 Pk 100 Pk 100 Bldg 34 593 1979 1986 Pk 100 Pk 100 Bldg 79 364 1988 1993 Pk 100 Pk 100 Bldg 80 461 1988 1993 Pk 100 Pk 100 Bldg 83 454 1989 1993 Pk 100 Pk 100 Bldg 84 437 1989 1993 Pk 100 Pk 100 Bldg 95 763 1993 1994 Pk 100 Pk 100 Bldg 96 1,916 1997 1995 Pk 100 Pk 100 Bldg 97 1,438 1994 1995 - 61 - Pk 100 Pk 100 Bldg 98 1,532 1995 1994 Pk 100 Pk 100 Bldg 100 570 1995 1995 Pk 100 Pk 100 Bldg 107 283 1984 1995 Pk 100 Pk 100 Bldg 109 617 1985 1986 Pk 100 Pk 100 Bldg 116 966 1988 1988 Pk 100 Pk 100 Bldg 118 416 1988 1993 Pk 100 Pk 100 Bldg 119 564 1989 1993 Pk 100 Pk 100 Retail Bldg 121 164 1989 1993 Pk 100 Pk 100 Bldg 122 615 1990 1993 Pk 100 Pk 100 Bldg 125 1,160 1996 1994 Pk 100 Pk 100 Bldg 126 256 1984 1994 Pk 100 Pk 100 Bldg 127 313 1995 1995 Pk 100 Pk 100 Bldg 128 1,681 1996 1996 Pk 100 Pk 100 Bldg 129 714 1996 1996 Pk 100 Pk 100 Bldg 130 634 1996 1996 Pk 100 Pk 100 Bldg 131 812 1997 1997 Pk 100 Pk 100 Bldg 132 204 1997 1997 Pk 100 Pk 100 Bldg 133 49 1997 1997 Pk 100 Pk 100 Bldg 134 239 1998 1998 Woodland Corp. Ctr. Woodland Corp Centre I 390 1998 1998 Pk 100 Pk 100 Bldg 136 164 1998 1999 Woodland Corp. Ctr. Woodland Corp. Ctr. II 76 1999 1999 Pk Fletcher Pk Fletcher Bldg 14 172 1978 1996 Pkwood Crsg. One Pkwood 1,144 1989 1995 Pkwood Crsg. Two Pkwood 1,467 1996 1996 Pkwood Crsg. Three Pkwood 1,153 1997 1997 Pkwood Crsg. Four Pkwood 796 1998 1998 Pkwood Crsg. Five Pkwood 112 1999 1999 Software Artistry Software Artistry 541 1998 1998 Woodfield 8440 Woodfield 1,802 1987 1993 Woodfield 8425 Woodfield 4,019 1989 1993 4316 West Minnesota 4316 West Minnesota 204 1970 1996 Pk 100 Norco Windows Pking Lot 12 N/A 1999 Pk 100 Ups Pking 27 N/A 1997 Pk 100 Norgate Grnd Lse - (4) N/A 1995 Pk 100 Zollman Grnd Lse - (4) N/A 1994 S. Pk S. Pk Grounds 1 N/A 1996 IRVING, TX - ---------- TX Plaza Texas Plaza I 75 1997 1999 JACKSONVILLE, FL - ---------------- Centurion Square 8380-8386 Baymeadows Rd 79 1983 1999 Jacksonville Intl. Tradeport 13350 Intl. Pk 35 1998 1999 Jacksonville Intl. Tradeport 13340 Intl. Pkwy 47 1997 1999 Jacksonville Intl. Tradeport 1420 Vantage Way 60 1998 1999 Jacksonville Intl. Tradeport 1460 Vantage Way 75 1998 1999 Jacksonville Intl. Tradeport 1350 Tradeport Dr. 52 1989 1999 Jacksonville Intl. Tradeport 1371 Tradeport Dr. 41 1995 1999 Jacksonville Intl. Tradeport 13291 Vantage Way 64 1995 1999 South Pte. 7011 A.C. Skinner Pkwy - (3) 1999 1999 KENNESAW, GA - ------------- NW I-75 240 Northpoint Pkwy 75 1997 1999 Town Point 3330 W. Town Point Dr. 28 1994 1999 Town Point 3350 W. Town Point Dr. 29 1995 1999 Town Point 3240 Town Point Dr. 79 1997 1999 Town Point 3391 Town Point Pkwy 43 1999 1999 LAKE FOREST, IL - --------------- - 62 - Ballard Bldg Ballard Dr. Bldg. 85 1985 1998 Kraft Bldg Laurel Dr. Bldg. 46 1981 1998 13825 W. Laurel Dr. 13825 W. Laurel Dr. 36 1985 1999 One Conway Pk One Conway Pk 727 1989 1998 LAKE MARY, FL - ------------- Northpoint 1025 Greenwood Blvd. 126 1998 1999 Technology Pk 100 Technology Pkwy 52 1986 1999 Technology Pk 525 Technology Pkwy 58 1998 1999 Technology Pk 255 Technology Pkwy 41 1998 1999 Technology Pk 200 Technology Pkwy - (3) 1999 1999 Technology Pk 250 Technology Pkwy - (3) 1999 1999 LEBANON, IN - ----------- Lebanon Bus. Pk American Air Filter 301 1996 1996 Lebanon Bus. Pk Purity Wholesale 673 1997 1997 Lebanon Bus. Pk Pamida 433 1997 1997 Lebanon Bus. Pk Prentice Hall 999 1998 1998 Lebanon Bus. Pk Lebanon - General Cable 434 1998 1998 Lebanon Bus. Pk Lebanon Bldg. 9 74 1999 1999 LEWISVILLE, TX - -------------- Water's Ridge 1550 Lakeway Dr. 137 1997 1999 Water's Ridge 501 E Corp. Dr. 66 1998 1999 LOMBARD, IL - ----------- Yorktown Off. Ctr. Yorktown Off. Ctr. 350 1981 1998 LOVELAND, OH - ------------ Sun TV & Appliances Montgomery Crsg. Phase I 122 1993 1994 Sports Unlimited Montgomery Crsg. Phase II 509 1994 1994 MARIETTA, GA - ------------ Franklin Forest 805 Franklin Ct. 24 1983 1999 Franklin Forest 810 Franklin Ct. 20 1983 1999 Franklin Forest 811 Livingston Ct. 17 1983 1999 Franklin Forest 825 Franklin Ct. 17 1983 1999 Franklin Forest 830 Franklin Ct. 9 1983 1999 Franklin Forest 835 Franklin Ct. 19 1983 1999 Franklin Forest 840 Franklin Ct. 11 1983 1999 Franklin Forest 821 Livingston Ct. 13 1983 1999 Franklin Forest 841 Livingston Ct. 33 1983 1999 NW Bus. Ctr. 1335 Capital Cir. 26 1985 1999 NW Bus. Ctr. 1337-41-51 Capital Cir. 67 1985 1999 NW Bus. Ctr. 2260 NW Pkwy 25 1982 1999 NW Bus. Ctr. 2252 NW Pkwy 12 1982 1999 NW Bus. Ctr. 2242 NW Pkwy 20 1982 1999 NW Bus. Ctr. 2256 NW Pkwy 11 1982 1999 NW Bus. Ctr. 2244 NW Pkwy 6 1982 1999 NW Bus. Ctr. 2150 NW Pkwy 39 1982 1999 NW Bus. Ctr. 2152 NW Pkwy 21 1982 1999 NW Bus. Ctr. 2130 NW Pkwy 35 1982 1999 NW Bus. Ctr. 2270 NW Pkwy 48 1988 1999 NW Bus. Ctr. 2275 NW Pkwy 32 1988 1999 MARYLAND HEIGHTS, MO - -------------------- - 63 - Riverport Tower Riverport Tower 1,806 1991 1997 Riverport Dist. Riverport Dist. 126 1990 1997 Riverport Dist. Scripts Bldg. 507 1992 1997 Riverport Dist. Riverport Dist. B 113 1989 1997 Riverport Dist. Riverport 1 111 1999 1999 West Port Westport Ctr. I 592 1998 1998 West Port Westport Ctr. II 277 1998 1998 West Port Westport Ctr. III 132 1999 1999 MASON, OH - --------- Deerfield Crsg. Deerfield Crsg. Bldg 1 141 1999 1999 Governor's Pte. Governor's Pte. 4770 2,233 1986 1988 Governor's Pte. Governor's Pte. 4700 1,597 1987 1988 Governor's Pte. Governor's Pte. 4900 1,635 1987 1989 Governor's Pte. Governor's Pte. 4705 1,909 1988 1993 Governor's Pte. Governor's Pte. 4800 846 1989 1993 Governor's Pte. Governor's Pte. 4605 2,946 1990 1993 Bigg's SuperCtr. Bigg's SuperCtr. 908 1996 1996 Lowes Lowes 534 1999 1997 Anthem Prescription Mgmt Governor's Pte. 8990 688 1997 1997 Governor's Pte. Governor's Pte. 4660 537 1997 1997 Governor's Pte. Governor's Pte. 4680 619 1998 1998 MAYFIELD HEIGHTS, OH - -------------------- Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. I 1,180 1997 1997 Landerbrook Corp. Ctr. Landerbrook Corp. Ctr. II 372 1998 1998 MCDONOUGH, GA - ------------- Liberty Dist. Ctr. 120 Declaration Dr. 105 1997 1999 Liberty Dist. Ctr. 130 Declaration Dr. 72 1998 1999 MELROSE PARK, IL - --------------- Aviand Bldg Janice Ave. Bldg. 40 1956 1998 MENDOTA HEIGHTS, MN - ------------------- Enterprise Indus.Ctr. Enterprise Indust. Ctr. 379 1979 1997 MIAMI, FL - --------- Beacon Ctr. 1701 NW 84th Ave. 69 1992 1999 Beacon Ctr. 1601 NW 84th Ave. 66 1993 1999 Beacon Ctr. 1401 NW 84th Ave. 56 1995 1999 Beacon Ctr. 2000 NW 84th Ave. 89 1989 1999 Beacon Ctr. 1850 NW 84th Ave. 67 1989 1999 Beacon Ctr. 8401 NW 17th St. 43 1993 1999 Beacon Ctr. 8400 NW 17th St. 41 1991 1999 Beacon Ctr. 1600 NW 84th Ave. 62 1992 1999 Beacon Ctr. 1900 NW 84th Ave. 42 1990 1999 Beacon Ctr. 8491 NW 17th St. 30 1990 1999 Beacon Ctr. 1301 NW 84th Ave. 43 1999 1999 Beacon Ctr. 2101 NW 84th Ave. 45 1989 1999 Beacon Ctr. 2001 NW 84th Ave. 65 1992 1999 Beacon Ctr. 2250 NW 84th Ave. 39 1994 1999 Beacon Ctr. 8530 NW 23rd St. 52 1994 1999 Beacon Ctr. 2105 NW 86th Ave. 55 1993 1999 Beacon Ctr. 8501 NW 17th St. 140 1995 1999 Beacon Ctr. 8500 NW 17th St. 45 1995 1999 - 64 - Beacon Ctr. 8550 NW 17th St. 49 1995 1999 Beacon Ctr. 8400 NW 25th St. 135 1997 1999 Beacon Ctr. 1701 NW 87th Ave. 202 1992 1999 Beacon Ctr. 8600 NW 17th St. 122 1993 1999 Beacon Ctr. 8575 NW 13th Terrace 83 1993 1999 Beacon Ctr. 8323 NW 12th St. 123 1991 1999 Beacon Ctr. 1695 NW 87th Ave. - (4) N/A 1999 Beacon Ctr. 8695 NW 12th St. - (4) N/A 1999 Beacon Ctr. 8696 NW 13th Terrace - (4) N/A 1999 Beacon Ctr. 8695 NW 13th Terrace - (4) N/A 1999 MILFORD, OH - ----------- Pk 50 Pk 50 Bldg 17 1,861 1985 1986 Pk 50 Pk 50 Bldg 20 2,439 1987 1988 Pk 50 Pk 50 Bldg 25 891 1989 1993 Pk 50 Pk 50 Bldg 26 3,076 1991 1993 MINNEAPOLIS, MN - --------------- Broadway Bus. Ctr. Broadway Bus. Ctr III 31 1983 1998 Broadway Bus. Ctr. Broadway Bus. Ctr IV 48 1983 1998 Broadway Bus. Ctr. Broadway Bus. Ctr V 36 1983 1998 Broadway Bus. Ctr. Broadway Bus. Ctr VI 110 1983 1998 Broadway Bus. Ctr. Broadway Bus. Ctr VII 128 1983 1998 Encore Pk Encore Pk 331 1977 1997 10801 Red Cir. Dr. 10801 Red Cir. Dr. 225 1977 1997 Chilies Grnd Lse Chilies Grnd Lse - (4) N/A 1998 Knox Land Lease Knox Land Lease - (4) N/A 1997 Olive Garden Grnd Lse Olive Garden Grnd Lse - (4) N/A 1998 University Land Lease University Land Lease - (4) N/A 1997 MONROE, OH - ---------- Monroe Bus. Ctr. Monroe Bus. Ctr. Bldg. 1 118 1992 1999 MORRISVILLE, NC - --------------- Enterprise Ctr. 507 Airport Blvd. 98 1993 1999 Enterprise Ctr. 5151 McCrimmon Pkwy 98 1995 1999 Enterprise Ctr. 2600 Perimeter Pk Dr. 70 1997 1999 Enterprise Ctr. 5150 McCrimmon Pkwy 132 1998 1999 Enterprise Ctr. 2400 Perimeter Pk Dr. 93 1999 1999 MetroCtr. 3000 Perimeter Pk Dr. 39 1989 1999 MetroCtr. 2900 Perimeter Pk Dr. 28 1990 1999 MetroCtr. 2800 Perimeter Pk Dr. 60 1992 1999 Perimeter Pk 100 Perimeter Pk Dr. 51 1987 1999 Perimeter Pk 200 Perimeter Pk Dr. 52 1987 1999 Perimeter Pk 300 Perimeter Pk Dr. 50 1986 1999 Perimeter Pk 400 Perimeter Pk Dr. 70 1983 1999 Perimeter Pk 500 Perimeter Pk Dr. 76 1985 1999 Perimeter Pk 800 Perimeter Pk Dr. 57 1984 1999 Perimeter Pk 900 Perimeter Pk Dr. 44 1982 1999 Perimeter Pk 1000 Perimeter Pk Dr. 46 1982 1999 Perimeter Pk W. 1100 Perimeter Pk Dr. 90 1990 1999 Perimeter Pk W. 1400 Perimeter Pk Dr. 51 1991 1999 Perimeter Pk W. 1500 Perimeter Pk Dr. 128 1996 1999 Perimeter Pk W. 1600 Perimeter Pk Dr. 120 1994 1999 Perimeter Pk W. 1800 Perimeter Pk Dr. 65 1994 1999 Perimeter Pk W. 2000 Perimeter Pk Dr. 101 1997 1999 Perimeter Pk W. 1700 Perimeter Ctr. W. 141 1997 1999 Perimeter Pk W. 3900 N. Paramount Pkwy 165 1998 1999 Perimeter Pk W. 3900 S. Paramount Pkwy 87 2000 1999 - 65 - Perimeter Pk W. 5200 Paramount Pkwy - (3) 1999 1999 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg A 21 1983 1999 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg B 12 1986 1999 Research Tri. Indus. Ctr. 409 Airport Blvd Bldg C 34 1982 1999 Woodlake Ctr. 100 Innovation Ave. 49 1994 1999 Woodlake Ctr. 101 Innovation Ave. 50 1997 1999 Woodlake Ctr. 200 Innovation Dr. 58 1999 1999 Woodlake Ctr. 501 Innovation Ave. - (3) 1999 1999 NASHVILLE, TN - ------------- AirPk Bus. Ctr. 1420 Donelson Pike 68 1985 1999 AirPk Bus. Ctr. 1410 Donelson Pike 86 1986 1999 AirPk Bus. Ctr. 1400 Donelson Pike 66 1996 1999 AirPk Bus. Ctr. 400 AirPk Ctr. 26 1989 1999 AirPk Bus. Ctr. 500 AirPk Ctr. Dr. 44 1988 1999 AirPk Bus. Ctr. 600 Airport Ctr. Dr. 41 1990 1999 AirPk Bus. Ctr. 700 AirPk Ctr. Dr. 39 1992 1999 AirPk Bus. Ctr. 800 AirPk Ctr. Dr. 52 1995 1999 AirPk Bus. Ctr. 900 AirPk Ctr. Dr. 42 1995 1999 AirPk Bus. Ctr. 1000 AirPk Ctr. Dr. 118 1997 1999 AirPk Bus. Ctr. 5270 Harding Place 30 1996 1999 AirPk Bus. Ctr. 1415 Donelson Pike 106 1996 1999 AirPk Bus. Ctr. 1413 Donelson Pike 34 1996 1999 AirPk Bus. Ctr. 5233 Harding Place 49 1998 1999 Cumberland Bus. Ctr. 431 Great Cir. Rd. 111 1999 1999 Four-Four Bus. Ctr. 700 Melrose Ave. 78 1997 1999 Four-Four Bus. Ctr. 684 Melrose Ave. 100 1998 1999 Four-Four Bus. Ctr. 458 Melrose Ave. 70 1997 1999 Four-Four Bus. Ctr. 784 Melrose Ave. 51 1999 1999 Greenbriar Bus. Pk Greenbriar Bus. Pk 873 1986 1994 Haywood Oaks Haywood Oaks Bldg 2 342 1988 1993 Haywood Oaks Haywood Oaks Bldg 3 456 1988 1993 Haywood Oaks Haywood Oaks Bldg 4 366 1988 1993 Haywood Oaks Haywood Oaks Bldg 5 764 1988 1993 Haywood Oaks Haywood Oaks Bldg 6 1,126 1989 1993 Haywood Oaks Haywood Oaks Bldg 7 595 1995 1995 Haywood Oaks Haywood Oaks Bldg 8 625 1997 1997 Lakeview Place Three Lakeview 7 1999 1999 Lakeview Place One Lakeview Place 329 1986 1998 Lakeview Place Two Lakeview Place 328 1988 1998 Metropolitan Airport Ctr. Metro Airport Ctr. Bldg 1 79 1999 1999 MetroCtr. 545 Mainstream Dr. 78 1983 1999 MetroCtr. 566 Mainstream Dr. 53 1982 1999 MetroCtr. 621 Mainstream Dr. 35 1984 1999 Metro Ctr. MetroCtr. Flex Bldg I - 2000 2000 Nashville Bus. Ctr. 3300 Briley Pk Blvd. 131 1997 1999 Royal Pkway Ctr. 2515 Perimeter Pk 60 1990 1999 Royal Pkway Ctr. 500 Royal Pkwy 57 1990 1999 Lakeview Place Lakeview Grounds - N/A 1999 NEW HOPE, MN - ------------ Bass Lake Bus. Bldg Bass Lake Bus. Bldg 96 1981 1997 NILES, IL - --------- U.S. Industries Touhy Ave. Bldg. 149 1971 1998 Tam Ctr. Jarvis Ave. Bldg. 204 1969 1998 NORCROSS, GA - ------------ 3045 Bus. Pk Dr. 3045 Bus. Pk Dr. 25 1998 1999 - 66 - Gwinnett Pk 1750 Beaver Ruin 83 1997 1999 Gwinnett Pk 4258 Communications Dr. 30 1981 1999 Gwinnett Pk 4261 Communications Dr. 23 1981 1999 Gwinnett Pk 4291 Communications Dr. 18 1981 1999 Gwinnett Pk 1826 Doan Way 39 1984 1999 Gwinnett Pk 1857 Doan Way 5 1970 1999 Gwinnett Pk 1650 Intl. Blvd. 27 1984 1999 Gwinnett Pk 4245 Intl. Blvd. 133 1995 1999 Gwinnett Pk 4250 Intl. Blvd. 38 1986 1999 Gwinnett Pk 4295 Intl. Blvd. 29 1984 1999 Gwinnett Pk 4320 Intl. Blvd. 25 1984 1999 Gwinnett Pk 4350 Intl. Blvd. 38 1982 1999 Gwinnett Pk 4355 Intl. Blvd. 37 1983 1999 Gwinnett Pk 4405A Intl. Blvd. 33 1984 1999 Gwinnett Pk 4405B Intl. Blvd. 48 1984 1999 Gwinnett Pk 4405C Intl. Blvd. 9 1984 1999 Gwinnett Pk 1828 Meca Way 32 1975 1999 Gwinnett Pk 1858 Meca Way 23 1975 1999 Gwinnett Pk 4316 Pk Dr. 19 1980 1999 Gwinnett Pk 4317 Pk Dr. 22 1985 1999 Gwinnett Pk 4357 Pk Dr. 28 1979 1999 Gwinnett Pk 4366 Pk Dr. 6 1981 1999 Gwinnett Pk 4386 Pk Dr. 35 1973 1999 Gwinnett Pk 4436 Pk Dr. 28 1968 1999 Gwinnett Pk 4437 Pk Dr. 32 1978 1999 Gwinnett Pk 4467 Pk Dr. 20 1978 1999 Gwinnett Pk 4476 Pk Dr. 21 1977 1999 Gwinnett Pk 4487 Pk Dr. 47 1978 1999 Gwinnett Pk 1835 Shackelfort Ct. 88 1990 1999 Gwinnett Pk 1854 Shackleford Rd. 103 1995 1999 Gwinnett Pk 4274 Shackleford Rd. 45 1974 1999 Gwinnett Pk 4275 Shackleford Ct. 21 1985 1999 Gwinnett Pk 4344 Shackleford Rd. 28 1975 1999 Gwinnett Pk 4355 Shackleford Rd. 84 1972 1999 Gwinnett Pk 4364 Shackleford Rd. 12 1973 1999 Gwinnett Pk 4366 Shackleford Rd. 32 1981 1999 Gwinnett Pk 4388 Shackleford Rd. 49 1981 1999 Gwinnett Pk 4400 Shackleford Rd. 19 1981 1999 Gwinnett Pk 4444 Shackleford Rd. 37 1979 1999 Gwinnett Pavillion 1480 Beaver Ruin Rd. 13 1989 1999 Gwinnett Pavillion 1505 Pavilion Place 81 1988 1999 Gwinnett Pavillion 3883 Steve Reynolds Blvd. 60 1990 1999 Gwinnett Pavillion 3890 Steve Reynolds Blvd. 37 1991 1999 Gwinnett Pavillion 3905 Steve Reynolds Blvd. 26 1995 1999 Gwinnett Pavillion 3950 Steve Reynolds Blvd. 37 1992 1999 Gwinnett Pavillion 4020 Steve Reynolds Blvd. 26 1997 1999 Gwinnett Pavillion 4025 Steve Reynolds Blvd. 39 1994 1999 Northwoods 2915 Ct.yards Dr. 25 1986 1999 Northwoods 2925 Ct.yards Dr. 39 1986 1999 Northwoods 2975 Ct.yards Dr. 15 1986 1999 Northwoods 2995 Ct.yards Dr. 11 1986 1999 Northwoods 2725 Northwoods Pkwy 31 1984 1999 Northwoods 2755 Northwoods Pkwy 35 1986 1999 Northwoods 2775 Northwoods Pkwy 30 1986 1999 Northwoods 2850 Colonnades Ct. 65 1988 1999 Northwoods 3040 Northwoods Pkwy 22 1984 1999 Northwoods 3044 Northwoods Cir. 9 1984 1999 Northwoods 3055 Northwoods Pkwy 19 1985 1999 Northwoods 3075 Northwoods Pkwy 35 1985 1999 Northwoods 3080 Northwoods Cir. 35 1952 1999 Northwoods 3100 Northwoods Pkwy 31 1985 1999 Northwoods 3155 Northwoods Pkwy 31 1985 1999 Northwoods 3175 Northwoods Pkwy 25 1985 1999 - 67 - NE I85 6525-27 Jimmy Carter Blvd. 52 1983 1999 NE I85 5755 Peachtree Indust. Blvd. 47 1997 1999 NE I85 5765 Peachtree Indust. Blvd. 57 1997 1999 NE I85 5775 Peachtree Indust. Blvd. 58 1997 1999 Pinebrook 2450 Satellite Blvd. 47 1994 1999 Peachtree Corns. Bus. Ctr. 5401 Buford Hwy. 20 1987 1999 Peachtree Corns. Bus. Ctr. 5403 Buford Hwy. 34 1987 1999 Peachtree Corns. Bus. Ctr. 5405 Buford Hwy. 22 1989 1999 Peachtree Corns. Bus. Ctr. 5409 Buford Hwy. 42 1989 1999 Peachtree Corns. Tech Ctr. 3170 Reps Miller Rd. 45 1998 1999 Peachtree Corns. Tech Ctr. 3180 Reps Miller Rd. 36 1998 1999 Peachtree Corns. Tech Ctr. 3190 Reps Miller Rd. 39 1998 1999 NORTH OLMSTEAD, OH - ------------------ Corp. Ctr. Corp. Ctr. I 737 1985 1996 Corp. Ctr. Corp. Ctr. II 887 1987 1996 Corp. Ctr. Corp. Ctr. III 162 1999 1999 OLIVETTE, MO - ------------ 1920 Beltway 1920 Beltway 130 1986 1996 I-170 Ctr. I-170 Ctr. 443 1986 1996 Warson Comm. Ctr. Warson Comm. Ctr. 245 1997 1998 ORLANDO, FL - ----------- Airport Comm. Ctr. 8500 Parkline Blvd 51 1986 1999 Airport Comm. Ctr. 8501 Parkline Blvd. 17 1991 1999 Airport Comm. Ctr. 8549 Parkline Blvd. 13 1992 1999 Airport Comm. Ctr. 8351 Parkline Blvd. 26 1994 1999 Airport Comm. Ctr. 8249 Parkline Blvd 22 1996 1999 Airport Comm. Ctr. 1630 Prime Ct. 23 1996 1999 Airport Comm. Ctr. 1629 Prime Ct. 34 1997 1999 Bus. Centre at Lee Vista 7101 TPC Dr. 80 1998 1999 Parksouth Dist. Ctr. 2500 Principal Row 60 1996 1999 Parksouth Dist. Ctr. 2490 Principal Row 57 1997 1999 Parksouth Dist. Ctr. 2491 Principal Row 54 1998 1999 Parksouth Dist. Ctr. 9600 Parksouth Ct. 61 1997 1999 Parksouth Dist. Ctr. 9550 Parksouth Ct. 93 1999 1999 PEPPER PIKE, OH - --------------- Corp. Cir. Corp. Cir. 993 1983 1996 PLANO, TX - --------- Legacy Bus. Pk Metasolv Bldg. Phase I 78 1997 1999 Legacy Bus. Pk Metasolv Bldg. Phase II - (3) 1999 1999 PLYMOUTH, MN - ------------ Medicine Lake Indus. Ctr Medicine Lake Indus. Ctr. 361 1970 1997 Medicine Lake Pro Bldg Medicine Lake Prof Bldg 24 1970 1997 Plymouth Off./Tech Ctr.Plymouth Off./Tech Ctr. 72 1986 1998 Plymouth Service Ctr. Plymouth Service Ctr. 24 1978 1999 Westpoint Bldgs Westpoint Bus. Ctr 7 1978 1999 Westpoint Bldgs Westpoint Bldg B&C 27 1978 1999 Minneapolis Westpoint Bldg D&E 26 1978 1999 RALEIGH, NC - ----------- Interchange Plaza 5520 Capital Ctr. Dr. 77 1993 1999 - 68 - Interchange Plaza 801 Jones Franklin Rd. 102 1995 1999 Spring Forest Bus. Ctr. 3200 Spring Forest Rd. 62 1986 1999 Spring Forest Bus. Ctr. 3100 Spring Forest Rd. 55 1992 1999 ROMEOVILLE, IL - -------------- Crossroads Bus. Pk Crossroads Bldg. 2 169 1999 1999 ROSWELL, GA - ----------- Hembree Crest 11545 Wills Rd. 79 1998 1999 Hembree Pk 105 Hembree Pk Dr. 24 1988 1999 Hembree Pk 150 Hembree Pk Dr. 52 1985 1999 Hembree Pk 200 Hembree Pk Dr. 26 1985 1999 Hembree Pk 645 Hembree Pkwy 32 1986 1999 Hembree Pk 655 Hembree Pkwy 34 1986 1999 Hembree Pk 250 Hembree Pk Dr. 65 1996 1999 Hembree Pk 660 Hembree Pk Dr. 62 1998 1999 Mansell Coms. 993 Mansell Rd. 16 1987 1999 Mansell Coms. 995 Mansell Rd. 11 1987 1999 Mansell Coms. 997 Mansell Rd. 8 1987 1999 Mansell Coms. 999 Mansell Rd. 12 1987 1999 Mansell Coms. 1003 Mansell Rd. 17 1987 1999 Mansell Coms. 1005 Mansell Rd. 11 1987 1999 Mansell Coms. 1007 Mansell Rd. 34 1987 1999 Mansell Coms. 1009 Mansell Rd. 31 1986 1999 Mansell Coms. 1011 Mansell Rd. 32 1984 1999 Northmeadow 1100 Northmeadow Pkwy 56 1989 1999 Northmeadow 1150 Northmeadow Pkwy 39 1988 1999 Northmeadow 1125 Northmeadow Pkwy 45 1987 1999 Northmeadow 1175 Northmeadow Pkwy 45 1987 1999 Northmeadow 1250 Northmeadow Pkwy 53 1989 1999 Northmeadow 1225 Northmeadow Pkwy 43 1989 1999 Northmeadow 1325 Northmeadow Pkwy 79 1990 1999 Northmeadow 1335 Northmeadow Pkwy 100 1996 1999 Northmeadow 11390 Old Roswell Rd. 45 1997 1999 Northmeadow 1400 Hembree Rd. 41 1998 1999 Northmeadow 245 Hembree Pk Dr. 31 1999 1999 Northmeadow 1357 Hembree Rd. - (3) 1999 1999 Northmeadow Northmeadow BD IV 36 1999 1999 Northmeadow Northmeadow Service Ctr V 40 1999 1999 Other NC Props 10745 Westside Pkwy 88 1995 1999 SEVEN HILLS, OH - --------------- Rock Run Rock Run - N. 610 1984 1996 Rock Run Rock Run - Ctr. 825 1985 1996 Rock Run Rock Run - S. 767 1986 1996 SHARONVILLE, OH - --------------- Enterprise Pk Enterprise Bldg 1 1,080 1990 1993 Enterprise Pk Enterprise Bldg 2 898 1990 1993 Enterprise Pk Enterprise Bldg A 83 1987 1995 Enterprise Pk Enterprise Bldg B 154 1988 1995 Enterprise Pk Enterprise Bldg D 502 1989 1995 Mosteller Dist. Ctr. Mosteller Dist. Ctr. 1,253 1996 1996 Mosteller Dist. Ctr. Mosteller Dist. Ctr. II 506 1997 1997 Perimeter Pk Perimeter Pk Bldg A 106 1991 1996 Perimeter Pk Perimeter Pk Bldg B 101 1991 1996 SOLON, OH - --------- - 69 - Fountain Pkway Pioneer-Standard Elect. 234 1998 1999 Fountain Pkway Fountain Pkwy Bldg 1 142 1998 1998 6450 Davis 6450 Davis - (5) 1999 1999 Solon 30600 Carter 316 1971 1997 Solon 6230 Cochran 157 1977 1997 Solon 31900 Solon - Front 106 1974 1997 Solon 5821 Harper 147 1970 1997 Solon 6161 Cochran 95 1978 1997 Solon 5901 Harper 88 1970 1997 Solon 29125 Solon 113 1980 1997 Solon 6661 Cochran 64 1979 1997 Solon 6521 Davis 29 1979 1997 Solon 30301 Carter St. 138 1972 1999 ST. CHARLES, IL - --------------- Kirk Rd. Bldg Kirk Rd. Bldg. 89 1990 1998 ST. CHARLES, MO - --------------- Alfa-Laval Alfa-Laval 428 1996 1996 ST. LOUIS PARK, MN - ------------------ Cedar Lake Bus. Ctr Cedar Lake Bus. Ctr. 113 1976 1997 5219 Bldgs 5219 Bldg. 24 1965 1998 Minneapolis-West Novartis Warehouse 441 1960 1998 Minneapolis-West N. Plaza 89 1966 1998 7320 Oxford St. Oxford Indust. Bldg 32 1971 1997 Minneapolis-West S. Plaza 102 1966 1998 Minneapolis-West Travelers Express Towers 549 1987 1999 ST. LOUIS, MO - ------------- Craig Pk Ctr. Craig Pk Ctr. 66 1984 1998 NGIC/Pte. 70 3300 Pte. 70 535 1989 1997 Laumeier Off. Pk Laumeier I 1,443 1987 1995 Laumeier Off. Pk Laumeier II 1,313 1988 1995 Maryville Ctr. 500-510 Maryville Ctr. 1,401 1984 1997 Maryville Ctr. 530 Maryville Ctr. 858 1990 1997 Maryville Ctr. 550 Maryville Ctr. 692 1988 1997 Maryville Ctr. 635-645 Maryville Ctr. 1,332 1987 1997 Maryville Ctr. 655 Maryville Ctr. 733 1994 1997 Maryville Ctr. 540 Maryville Ctr. 861 1990 1997 Maryville Ctr. 520 Maryville Ctr. 536 1998 1999 Riverport Express Scripts HQ 463 1999 1999 St. Louis Bus. Ctr. St. Louis Bus. Ctr. A 44 1987 1998 St. Louis Bus. Ctr. St. Louis Bus. Ctr. B 75 1986 1998 St. Louis Bus. Ctr. St. Louis Bus. Ctr. C 65 1986 1998 St. Louis Bus. Ctr. St. Louis Bus. Ctr. D 53 1987 1998 Westmark Westmark 1,094 1987 1995 Westview Place Westview Place 1,341 1988 1995 ST. PAUL, MN - ------------ University Crsg. University Crsg. 213 1990 1998 ST. PETERS, MO - -------------- Horizon Bus. Ctr. Horizon Bus. Ctr. 114 1985 1998 STRONGSVILLE, OH - ---------------- - 70 - Pk 82 Pk 82 Bldg 2 152 1998 1998 Pk 82 Pk 82 Bldg 1 126 1998 1998 Pk 82 Pk 82 Bldg 3 23 1999 1999 Johnson Controls Johnson Controls 161 1972 1997 Dyment Dyment 351 1988 1997 SUNSET HILLS, MO - ---------------- Laumeier Off. Pk Laumeier IV 317 1987 1998 SUWANEE, GA - ----------- Horizon 90 Horizon Dr. 13 1992 1999 Horizon 225 Horizon Dr. 42 1990 1999 Horizon 250 Horizon Dr. 85 1997 1999 Horizon 70 Crestridge Dr. 77 1998 1999 Horizon 2700 Crestridge 238 1998 1999 Horizon 2775 Horizon Ridge 106 1996 1999 Horizon 2780 Horizon Ridge 83 1997 1999 Horizon 2800 Vista Ridge Dr. 79 1995 1999 Horizon Bus. Ctr 410 Horizon Dr. 103 1999 1999 N.brook 1000 N.brook Pkwy 57 1986 1999 N.brook 675 Old Peachtree Rd. 59 1988 1999 North Central 7250 McGinnis Ferry Rd. 59 1996 1999 TAMPA, FL - --------- Fairfield Bus. Ctr. 8640 Elm Fair Blvd. 34 1998 1999 Fairfield Bus. Ctr. 4720 Oak Fair Blvd. 61 1998 1999 Fairfield Dist. Ctr. 4758 Oak Fair Blvd. 26 1999 1999 Fairfield Dist. Ctr. Fairfield Dist. Ctr IV - (3) 1999 1999 Highland Oaks Highland Oaks I 229 1999 1999 TWINSBURG, OH - ------------- Enterprise Pkway Enterprise Pkwy #1 60 1995 1998 WEST CHESTER, OH - ---------------- World Pk World Pk at Union Ctr 1 173 1998 1998 World Pk World Pk at Union Ctr 2 71 1999 1999 World Pk World Pk at Union Ctr 3 268 1998 1999 World Pk World Pk at Union Ctr 4 29 1999 1999 World Pk World Pk at Union Ctr 5 4 1999 1999 World Pk World Pk at Union Ctr 6 126 1999 1999 World Pk World Pk at Union Ctr 843 1999 1999 WESTERVILLE, OH - --------------- Polaris Liebert 119 1999 1999 WESTMONT, IL - ------------ Oakmont Tech Ctr. Oakmont Tech Ctr. 254 1989 1998 Oakmont Cir. Off. Oakmont Cir. Off. 413 1990 1998 WHEELING, IL - ------------ Abbott Bldg Abbot Dr. Bldg. 39 1989 1998 Eliminations Eliminations - N/A N/A Secured debt on non-bldgs ------- Totals 254,574 =======
- 71 - DUKE-WEEKS REALTY CORPORATION REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 1999 (IN THOUSANDS) (1) Costs capitalized subsequent to acquisition include decreases for purchase price reduction payments received and land sales or takedowns. (2) Depreciation of real estate is computed using the straight-line method over 40 years for buildings, 15 years for land improvements and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements. (3) Building was placed in service in December 1999. (4) Land leases not depreciated. (5) Building is not being depreciated as it is designated as held for sale by the Company.
Real Estate Assets Accumulated Depreciation ----------------------------- --------------------------- 1999 1998 1997 1999 1998 1997 ---- ---- ---- ---- ---- ---- Balance at beginning of year $2,403,779 $1,823,218 $1,181,431 $179,887 $116,264 $ 82,207 Acquisitions 162,876 324,043 525,751 - - - Merger with Weeks Corporation 1,659,578 Construction costs and tenant improvements 537,865 251,899 156,745 - - - Depreciation expense - - - 100,063 61,414 39,768 Acquisition of minority interest 49,472 5,450 19,446 - - - --------- --------- --------- ------- ------- ------- 4,813,570 2,404,610 1,883,373 279,950 177,678 121,975 Deductions during year: Cost of real estate sold (86,664) (1,329) (32,333) (24,851) (337) (4,224) Contribution to Joint Venture 0 (27,873) - 0 (950) Other - 498 51 (525) 2,546 (537) --------- ----------- --------- -------- ------- ------- Balance at end of year $4,726,906 $2,403,779 $1,823,218 $254,574 $179,887 $116,264 ========= ========= ========= ======= ======= =======
- 72 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES 3. EXHIBITS --------- Certain exhibits required by Item 601 of Regulation S-K have been filed with previous reports by the Company and are herein incorporated by reference thereto. NUMBER DESCRIPTION - ------ ----------- 2.1 Agreement and Plan of Merger, dated as of February 28, 1999, by and between Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) and Weeks Corporation incorporated by reference to exhibit 10.1 of Duke Realty Investments, Inc.'s Form 8-K, dated February 28, 1999. 2.2 Agreement and Plan of Merger, dated as of February 28, 1999, by and between Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) and Weeks Realty, L.P. incorporated by reference to exhibit 10.2 of Duke Realty Investments, Inc.'s Form 8-K, dated February 28, 1999. 3.1 Second Amended and Restated Articles of Incorporation of Duke-Weeks Realty Corporation, incorporated by reference from Exhibit 3.1 to the Current Report of Duke-Weeks Realty Corporation on Form 8-K filed July 16, 1999. 3.2 Second Amended and Restated Bylaws of Duke-Weeks Realty Corporation, incorporated by reference from Exhibit 3.2 to the Current Report of Duke- Weeks Realty Corporation on Form 8-K filed July 16, 1999. 4.1 Indenture between Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) and The First National Bank of Chicago, Trustee, incorporated by reference to Exhibit 4.1 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Current Report on Form 8-K dated September 22, 1995. 4.2 First Supplement to Indenture, incorporated by reference to Exhibit 4.2 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Current Report on Form 8-K filed September 22, 1995. 4.3 Second Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed July 12, 1996. 4.4 Third Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed May 20, 1997. 4.5 Fourth Supplement to Indenture, incorporated by reference to Exhibit 4.8 to the Duke-Weeks Realty Corporation (f/k/a Duke Realty Investments, Inc.) Form S-4 dated May 4, 1999 (Merger Registration Statement). 4.6 Fifth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed June 1, 1998. - 73 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES 4.7 Sixth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed February 12, 1999. 4.8 Seventh Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed June 29, 1999. 4.9 Eighth Supplement to Indenture, incorporated by reference to Exhibit 4 to the Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty Limited Partnership) Current Report on Form 8-K filed November 15, 1999. 4.10 Indenture between Weeks Realty, L.P. and State Street Bank and Trust Company, incorporated by reference to the Weeks Realty, L.P. Form 8-A, filed on August 3, 1998. 4.11 First Supplement to Indenture, incorporated by reference to the Weeks Realty, L.P. Form 8-A, filed on August 2, 1998. 10.1 Second amended and Restated Agreement of Limited Partnership of Duke-Weeks Realty Limited Partnership, incorporated by reference from Exhibit 4.1 to the Current Report of Duke-Weeks Realty Limited Partnership on Form 8-K filed July 16, 1999. 10.2 Second Amended and Restated Agreement of Limited Partnership of Duke Realty Services Limited Partnership (the "Services Partnership") is incorporated herein by reference to Exhibit 10.3 to the Annual Report on Form 10-K for the year ended December 31, 1995. 10.3 Promissory Note of the Services Partnership is incorporated herein by reference to Exhibit 10.3 to the 1993 Registration Statement. 10.4 Duke Realty Services Limited Partnership 1993 Stock Option Plan is incorporated herein by reference to Exhibit 10.4 to the 1993 Registration Statement.* 10.5 Acquisition Option Agreement relating to certain properties not contributed to the Operating Partnership by Duke Associates (the "Excluded Properties") is incorporated herein by reference to Exhibit 10.5 to the 1993 Registration Statement. 10.6 Management Agreement relating to the Excluded Properties is incorporated herein by reference to Exhibit 10.6 to the 1993 Registration Statement. 10.7 Indemnification Agreement is incorporated herein by reference to Exhibit 10.11 to the 1993 Registration Statement. 10.8 1995 Key Employee Stock Option Plan is incorporated herein by reference to Exhibit 10.13 to the Annual Report on Form 10-K for the year ended December 31, 1995.* 10.9 1995 Dividend Increase Unit Plan is incorporated herein by reference to Exhibit 10.14 to the Annual Report on Form 10-K for the year ended December 31, 1995.* - 74 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES 10.10 1995 Shareholder Value Plan is incorporated herein by reference to Exhibit 10.15 to the Annual Report on Form 10-K for the year ended December 31, 1995.* 10.11 1998 Shareholder Rights Agreement is incorporated herein by reference to Exhibit 7.1 to the Form 8-K dated July 31, 1998. 10.12 1998 Duke Realty Severance Pay Plan is incorporated herein by reference to Exhibit 10.18 to the Annual Report Form 10-I dated March 31, 1999. * 10.13 1999 Directors Stock Option and Dividend Increase Unit Plan is incorporated by reference to Annex F to the Prospectus in the Merger Registration Statement. * 10.14 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan is incorporated by reference to Annex G to the Prospectus in the Merger Registration Statement.* 10.15 Revolving Credit Agreement dated July 2, 1999, by and among Duke-Weeks Realty Limited Partnership as borrower, Duke-Weeks Realty Corporation as General Partner and guarantor, Banc One Capital Markets, Inc. and Wachovia Securities, Inc. ("Wachovia") as lead arrangers and joint book runners, Wells Fargo Bank, National Association ("Wells Fargo"), as co-arranger, the First National Bank of Chicago as lender and administrative agent, Wells Fargo and Wachovia as co-syndication agents, First Union National Bank and PNC Bank as co-agents and lenders, is hereby incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 17, 2000. 10.16 Second Amended and Restated Revolving Credit Agreement by and among Duke-Weeks Realty Limited Partnership(the "Borrower"), Duke-Weeks Realty Corporation (the "General Partner" and the "Guarantor"), First Chicago Capital Markets, Inc. ("FCCM") and Wells Fargo Bank, National Association ("Wells Fargo") (collectively, the "Arrangers"), The First National Bank of Chicago ("First Chicago") as a Lender and not individually, but as "Administrative Agent", Wells Fargo as Syndication Agent, PNC Bank, National Association ("PNC"), as Documentation Agent, Commerzbank A.G. Chicago Branch ("Commerzbank") and Bank of America National Trust and Savings Association ("Bank of America") as Co-Agents, is hereby incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 17, 2000. 11.1 Statement of Computation of Ratios Earnings to Fixed Charges. 11.2 Statement of Computation of Ratios Earnings to Debt Service. 21. List of Subsidiaries of Registrant. 23. Consent of KPMG LLP. 24. Executed powers of attorney of certain directors. 27. Financial Data Schedule 99.1 Selected Quarterly Financial Information - 75 - DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES * Represents management contract or compensatory plan or arrangement. The Company will furnish to any security holder, upon written request, copies of any exhibit incorporated by reference, for a fee of 15 cents per page, to cover the costs of furnishing the exhibits. Written request should include a representation that the person making the request was the beneficial owner of securities entitled to vote at the Annual Meeting of Shareholders. (B) REPORTS ON FORM 8-K None - 76 - SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DUKE-WEEKS REALTY CORPORATION March 31, 2000 By: /s/ Thomas L. Hefner ------------------------ ---------------------------- Thomas L. Hefner Chairman of the Board, President and Chief Executive Officer By: /s/ Darell E. Zink, Jr. ------------------------------ Darell E. Zink, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) By: /s/ Dennis D. Oklak ------------------------------ Dennis D. Oklak Executive Vice President and Chief Administrative Officer (Principal Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Date Title --------- ---- ----- /s/ Thomas L. Hefner * 3/31/00 Chairman of the Board, ---------------------- ------- Thomas L. Hefner President and Chief Executive Officer and Director /s/ Darell E. Zink, Jr.* 3/31/00 Executive Vice President and Chief ----------------------- ------- Darell E. Zink, Jr. Financial Officer and Director /s/ Dennis D. Oklak * 3/31/00 Executive Vice President and ----------------------- ------- Dennis D. Oklak Chief Administrative Officer - 77 - /s/ Barrington H. Branch* 3/31/00 Director ------------------------- ------- Barrington H. Branch /s/ Geoffrey Button * 3/31/00 Director ------------------------- ------- Geoffrey Button /s/ William Cavanaugh, III* 3/31/00 Director --------------------------- ------- William Cavanaugh, III /s/ Ngaire E. Cuneo * 3/31/00 Director ---------------------- ------- Ngaire E. Cuneo /s/ Charles R. Eitel* 3/31/00 Director ---------------------- ------- Charles R. Eitel /s/ Howard L. Feinsand * 3/31/00 Director ----------------------- ------- Howard L. Feinsand /s/ L. Ben Lytle * 3/31/00 Director ------------------------ -------- L. Ben Lytle /s/ William O. McCoy * 3/31/00 Director ------------------------ ------- William O. McCoy /s/ John W. Nelley, Jr. * 3/31/00 Director ------------------------ ------- John W. Nelley, Jr. /s/ James E. Rogers * 3/31/00 Director ------------------------ ------- James E. Rogers /s/ Thomas D. Senkbeil * 3/31/00 Director ------------------------ ------- Thomas D. Senkbeil /s/ Jay J. Strauss * 3/31/00 Director ------------------------- ------- Jay J. Strauss /s/ A. Ray Weeks, Jr. * 3/31/00 Director ------------------------- ------- A. Ray Weeks, Jr. * By Dennis D. Oklak, Attorney-in-Fact /s/ Dennis D. Oklak --------------------- - 78 - EX-11.1 2 COMPUTATION OF RATIOS EARNINGS TO FIXED CHARGES EXHIBIT 11.1 DUKE-WEEKS REALTY CORPORATION EARNINGS TO FIXED CHARGES CALCULATION (in thousands)
DECEMBER 31, 1999 ------------ CONSOLIDATED NET INCOME AVAILABLE FOR COMMON SHARES $139,636 DIVIDENDS ON PREFERRED SHARES 42,604 EARNINGS FROM LAND AND DEPRECIATED PROPERTY SALES (10,013) MINORITY INTEREST IN EARNINGS OF COMMON UNITHOLDERS 19,811 INTEREST EXPENSE 86,757 ------- EARNINGS BEFORE FIXED CHARGES $278,795 ======= INTEREST EXPENSE $ 86,757 DIVIDENDS ON PREFERRED SHARES 42,604 INTEREST COSTS CAPITALIZED 26,017 ------- TOTAL FIXED CHARGES $155,378 ======= FIXED CHARGE RATIO 1.79 =======
EX-11.2 3 COMPUTATION OF RATIOS EARNINGS TO DEBT SERVICE EXHIBIT 11.2 DUKE-WEEKS REALTY CORPORATION EARNINGS TO DEBT SERVICE CALCULATIONS (in thousands)
DECEMBER 31, 1999 ------------ CONSOLIDATED NET INCOME AVAILABLE FOR COMMON SHARES $139,636 EARNINGS FROM LAND AND DEPRECIATED PROPERTY SALES (10,013) RECURRING PRINCIPAL AMORTIZATION 10,182 MINORITY INTEREST IN EARNINGS OF COMMON UNITHOLDERS 19,811 INTEREST EXPENSE (EXCLUDES AMORTIZATION OF DEFERRED FINANCING FEES) 84,580 ------- EARNINGS BEFORE DEBT SERVICE $244,196 ======= INTEREST EXPENSE (EXCLUDES AMORTIZATION OF DEFERRED FINANCING FEES) $ 84,580 RECURRING PRINCIPAL AMORTIZATION 10,182 ------- TOTAL DEBT SERVICE $ 94,762 ======= DEBT SERVICE RATIO 2.58 =======
EX-21 4 SUBSIDIARIES OF REGISTRANT EXHIBIT 21
NAME UNDER WHICH STATE OF SUBSIDIARY CONDUCTS SUBSIDIARY OR ORGANIZATION INCORPORATION BUSINESS - ------------------------------ ------------- ------------------------------ THE FINANCIAL STATEMENTS OF THE FOLLOWING ENTITIES WERE CONSOLIDATED INTO THE FINANCIAL STATEMENTS OF THE REGISTRANT AT DECEMBER 31, 1999: Duke Construction Limited Indiana Duke Construction Limited Partnership Partnership Duke Realty Construction, Inc. Indiana Duke Realty Construction, Inc. Duke Realty Services Limited Indiana Duke Realty Services Limited Partnership Partnership Duke Services, Inc. Indiana Duke Services, Inc. Duke-Weeks Realty Limited Indiana Duke-Weeks Realty Limited Partnership Partnership Kenwood Office Associates Ohio Kenwood Office Associates New World Partners Joint Florida New World Partners Joint Venture Venture New World Partners Joint Florida New World Partners Joint Venture No. 2 Venture No. 2 North Point Limited Florida North Point Limited Partnership No. 1 Partnership No. 1 North Point Limited Florida North Point Limited Partnership No. 3 Partnership No. 3 P-95/Fed Limited Partnership Georgia P-95/Fed Limited Partnership P-95/Global Limited Georgia P-95/Global Limited Partnership Partnership P-95/Three Limited Partnership Georgia P-95/Three Limited Partnership PCG/Duke, LLC Ohio PCG/Duke, LLC Sawgrass Limited Florida Sawgrass Limited Partnership No. 1 Partnership No. 1 Sawgrass Limited Florida Sawgrass Limited Partnership No. 2 Partnership No. 2 Shadeland Station Office Indiana Shadeland Station Office Associates II L.P. Associated II L.P. Weeks Construction Georgia Weeks Construction Services, Inc. Services, Inc. Weeks Development Partnership Georgia Weeks Development Partnership Weeks P-95 LLC Georgia Weeks P-95 LLC Weeks Realty Services, Inc. Georgia Weeks Realty Services, Inc. Weeks Skyland Limited Florida Weeks Skyland Limited Partnership Partnership Weeks Tradeport Florida Weeks Tradeport THE REGISTRANT ACCOUNTED FOR THE FOLLOWING ENTITIES ON THE EQUITY METHOD AT DECEMBER 31, 1999: 625 Building, LLC Missouri 625 Building, LLC B/D Limited Partnership Indiana B/D Limited Partnership Beacon Station #22-#24 Florida Beacon Station #22-#24 Limited Partnership Limited Partnership Campus Development, LLC Ohio Campus Development, LLC Cincinnati Development Ohio Cincinnati Development Group LLC Group LLC Codina Group, Inc. Florida Codina Group, Inc. CWT Associates Florida CWT Associates Dugan Office, LLC Indiana Dugan Office, LLC Dugan Realty, LLC Indiana Dugan Realty, LLC Dugan SSP, LLC Indiana Dugan SSP, LLC Duke A&M, LLC Ohio Duke A&M, LLC Duke Tees Joint Venture Indiana Duke Tees Joint Venture Eckes Weeks Venture LP Georgia Eckes Weeks Venture LP Hawksmoor, LLC Indiana Hawksmoor, LLC Hillside Partnership One Georgia Hillside Partnership One Horizon Associates Limited Georgia Horizon Associates Limited Partnership Partnership Huntcrest I, LLC Georgia Huntcrest I, LLC Lamida Partners Limited Ohio Lamida Partners Limited Partnership Partnership Park Fletcher Limited Indiana Park Fletcher Limited Partnership 2728 Partnership 2728 Parkrite Limited Partnership Indiana Parkrite Limited Partnership Post Road Limited Partnership Indiana Post Road Limited Partnership Sugarloaf Holdings One, LLC Georgia Sugarloaf Holdings One, LLC Sugarloaf Holdings Three, LLC Georgia Sugarloaf Holdings Three, LLC Sugarloaf Holdings Two, LLC Georgia Sugarloaf Holdings Two, LLC Town Point Limited Partnership Georgia Town Point Limited Partnership WBP One Limited Partnership Florida WBP One Limited Partnership THE REGISTRANT ACCOUNTED FOR THE FOLLOWING ENTITIES ON THE COST METHOD AT DECEMBER 31, 1999: Park Creek Venture Indiana Park Creek Venture Pinnacle Media, LLC Indiana Pinnacle Media, LLC
EX-23 5 CONSENT OF AUDITORS The Board of Directors DUKE-WEEKS REALTY CORPORATION: We consent to incorporation by reference in the registration statements No. 33-64567, No. 333-62381, No. 333-57755, No. 33-64659, No. 333-26845, No. 333-24289, No. 333-66919, No. 333-49911, No. 333-50081, No. 333-26833, and No. 333-04695 on Form S-3 and No. 33-55727, No. 333-39965 and No. 333- 42513 on Form S-8 of Duke-Weeks Realty Corporation of our report dated January 25, 2000, relating to the consolidated balance sheets of Duke-Weeks Realty Corporation and Subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the years in the three- year period ended December 31, 1999, and the related schedule, which report appears in the December 31, 1999 annual report on Form 10-K of Duke-Weeks Realty Corporation. KPMG LLP Indianapolis, Indiana March 27, 2000 EX-27 6 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DUKE-WEEKS REALTY CORPORATION AND SUBSIDIARIES DECEMBER 31, 1999, CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 12-MOS DEC-31-1999 DEC-31-1999 18,695 0 88,767 (2,616) 0 164,268 5,446,970 (254,574) 5,468,238 270,421 2,113,476 0 609,998 2,058,598 0 5,486,238 0 602,281 0 307,219 68,669 0 86,757 139,636 0 139,636 0 0 0 139,636 $1.33 $1.32
EX-99.1 7 SELECTED QUARTERLY INFORMATION Exhibit 99.1 SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected quarterly information for the years ended December 31, 1999 and 1998 is as follows (in thousands, except per share amounts):
Quarter Ended ---------------------------------------------------- 1999 December 31 September 30 June 30 March 31 - -------------------------- ----------- ------------ ------- --------- Revenues from Rental Operations $166,155 $160,273 $107,148 $101,987 Revenues from Service Operations 17,469 15,402 8,893 12,267 Net income available for common shares 41,184 41,462 29,596 27,394 Basic income per common share 0.33 0.35 0.33 0.32 Diluted income per common share 0.32 0.35 0.33 0.32 Weighted average common shares 125,412 118,820 88,353 86,370 Weighted average common and dilutive potential common shares 145,457 138,923 98,855 98,094 Funds From Operations (1) $ 72,017 $ 68,772 $ 48,624 $ 44,860 Cash flow provided by (used by): Operating activities $ 84,961 $175,233 $ 50,160 $ 32,326 Investing activities (197,131) (251,822) (150,741) (167,620) Financing activities 85,653 (50,873) 238,329 163,340 1998 - -------------------------- Revenues from Rental Operations $ 95,522 $ 90,348 $ 83,079 $ 79,676 Revenues from Service Operations 5,510 7,284 7,022 4,900 Net income available for common shares 23,302 23,449 21,858 22,262 Basic income per common share 0.28 0.29 0.27 0.29 Diluted income per common share 0.27 0.29 0.27 0.29 Weighted average common shares 84,394 81,594 80,080 76,655 Weighted average common and dilutive potential common shares 96,074 93,279 91,830 88,596 Funds From Operations (1) $ 42,990 $ 39,421 $ 36,933 $ 34,730 Cash flow provided by (used by): Operating activities $ 72,079 $ 48,798 $ 61,260 $ 39,051 Investing activities (233,013) (119,313) (242,439) (109,049) Financing activities 145,851 70,169 174,389 88,814 (1) Funds From Operations is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from debt restructuring and sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. Funds From Operations does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company's operating performance, and is not indicative of cash available to fund all cash flow needs.
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