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
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Commission file number 0-20625
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DUKE-WEEKS REALTY LIMITED PARTNERSHIP
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(Exact name of registrant as specified in its charter)
Indiana 35-1898425
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(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer Identification No.)
8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
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(Address of principal executive offices) (Zip Code)
(317) 808-6000
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(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Title of each class: Name of each exchange on which registered:
None N/A
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SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
LIMITED PARTNER UNITS
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 Limited Partner Units held by
non-affiliates of Registrant is $275.6 million based on the last
reported sale price of the common shares of Duke-Weeks Realty
Corporation into which Limited Partner Units are exchangeable, on
March 8, 2000.
The number of Limited Partnership Units outstanding as of March
8, 2000 was 19,059,815.
<PAGE>
TABLE OF CONTENTS
FORM 10-K
Item No. Page(s)
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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
Equity and Related Security Holder
Matters 24
6. Selected Financial Data. 25
7. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 26 - 33
7a. Quantitative and Qualitative
Disclosure About Market Risks 33 - 34
8. Financial Statements and
Supplementary Data. 24
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 35
12. Security Ownership of Certain
Beneficial Owners and Management 36
13. Certain Relationships and Related
Transactions. 36
PART IV
14. Exhibits, Financial Statement
Schedules and Reports on Form 8-K 36 - 76
Signatures 77 - 78
Exhibits 79 - 82
<PAGE>
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
PARTNERSHIP 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 DUKE-WEEKS REALTY CORPORATION'S (FORMERLY DUKE REALTY INVESTMENTS,
INC.) 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 Limited Partnership (the "Partnership") was formed on
October 4, 1993, when Duke-Weeks Realty Corporation (the "Predecessor"
or the "General Partner") contributed all of its properties and related
assets and liabilities along with the net proceeds of $309.3 million
from the issuance of an additional 14,000,833 shares through an
offering (the "1993 Offering") to the Partnership. Simultaneously, the
Partnership completed the acquisition of Duke Associates, a full-
service commercial real estate firm operating in the Midwest. The
General Partner was formed in 1985 and qualifies as a Real Estate
Investment Trust ("REIT") under provisions of the Internal Revenue
Code. The General Partner is the sole general partner of the
Partnership currently owning 86.9% of the partnership interest
("General Partner Units"). The remaining 13.1% of the Partnership is
owned by limited partners ("Limited Partner Units" and, together with
the General Partner Units, the "Common Units").
As of December 31, 1999, the Partnership'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
Partnership also owns more than 4,300 acres of unencumbered land ready
for development.
The Partnership, 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 Partnership 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 Partnership has rental operations that are self-
administered. In addition, the Partnership conducts its service
operations through Duke Realty Services Limited Partnership and Duke
Construction Limited Partnership, in which the Partnership's controlled
subsidiary, Duke Services, Inc., is the sole general partner. All
references to the "Partnership" in this Form 10-K Report include the
Partnerhip and those entities owned or controlled by the Partnership,
unless the context indicates otherwise.
- 1 -
<PAGE>
The Partnership's headquarters and executive offices are located in
Indianapolis, Indiana. In addition, the Partnership has thirteen
regional offices located in Atlanta, Georgia; Cincinnati, Ohio;
Columbus, Ohio; Cleveland, Ohio; Chicago, Illinois; Dallas, Texas;
Jacksonville, Florida; Minneapolis, Minnesota; Orlando, Florida;
Nashville, Tennessee; Raleigh, North Carolina; St. Louis, Missouri and
Tampa, Florida. The Partnership had 1,460 employees as of December 31,
1999.
BUSINESS STRATEGY
The Partnership'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 Partnership'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 Partnership'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 Partnership'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 Partnership
believes that its in-house leasing, management, development and
construction services and the Partnership's significant base of
commercially zoned and unencumbered land in existing business parks
should give the Partnership a competitive advantage in its future
development activities.
The Partnership believes that the analysis of real estate opportunities
and risks can be done most effectively at regional or local levels. As
a result, the Partnership 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 Partnership 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 Partnership 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 Partnership'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
Partnership'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 Partnership can create and
control the business environment. These business parks and mixed-use
developments generally include restaurants and other amenities which
the Partnership believes will create an atmosphere that is particularly
efficient and desirable. The Partnership's retail development focuses
on community, power and neighborhood centers in its existing markets.
As a fully integrated real estate Partnership, the Partnership 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.
- 2 -
<PAGE>
All of the Partnership'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 Partnership's current markets. The supply and demand of similar
available rental properties may affect the rental rates the Partnership
will receive on its properties. Based upon the current occupancy rates
in Partnership and competitive properties, the Partnership believes
there will not be significant competitive pressure to lower rental
rates in the near future.
FINANCING STRATEGY
The Partnership 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 Partnership 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 General Partner and the Partnership have 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 Partnership 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
Partnership has developed a strategy to pursue favorable opportunities
to dispose of assets that no longer meet the Partnership'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 Partnership's debt to total
market capitalization ratio (total market capitalization is defined as
the total market value of all outstanding Common and Preferred Units
and units of limited partnership interest ("Units") in the Partnership
plus outstanding indebtedness) at December 31, 1999 was 38.17%. The
Partnership'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
1.77x, 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. 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. 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 the General
Partner, pursuant to which Weeks Realty L.P. ("Weeks Operating
Partnership") merged with and into the Partnership. This transaction is
hereafter referred to as the "Weeks Merger." In accordance with the
terms of the Weeks Merger, each outstanding Weeks Operating Partnership
common unit was converted into 1.38 common units of the Partnership and
each outstanding Weeks Operating Partnership Series A preferred unit
- 3 -
<PAGE>
was converted into one of the Partnership's Series F preferred units
(the "Series F Preferred Units"). As a result, 27.4 million common
units and 6,000,000 Series F Preferred Units were issued to Weeks
Operating Partnership unitholders in exchange for all of the
outstanding Weeks Operating Partnership common and preferred units. The
total purchase price of Weeks Operating Partnership aggregated
approximately $1.9 billion, which included the assumption of the
outstanding debt and liabilities of Weeks Operating Partnership of
approximately $775 million. The transaction was structured as a tax-
free merger and was accounted for under the purchase method.
OTHER
The Partnership's operations are not dependent on a single or few
customers as no single customer accounts for more than 1.5% of the
Partnership's total revenue. The Partnership's operations are not
subject to any significant seasonal fluctuations. The Partnership
believes it is in compliance with environmental regulations and does
not anticipate material effects of continued compliance.
For additional information regarding the Partnership'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 Partnership's business segments, see Item 8, "Financial Statements
and Supplementary Data."
ITEM 2. PROPERTIES
PRODUCT REVIEW
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As of December 31, 1999, the Partnership 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 Partnership 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 Partnership 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
Partnership owns 222 buildings totaling 13.5 million square feet of
such properties.
OFFICE PROPERTIES:
------------------
The Partnership 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 Partnership owns 215 suburban office
buildings totaling 21.6 million square feet.
CBD OFFICE - The Partnership owns four downtown office projects
totaling approximately 861,000 square feet.
RETAIL PROPERTIES:
------------------
The Partnership 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.
<PAGE> - 4 -
LAND:
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The Partnership 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 Partnership provides property and asset management, development,
leasing and construction services to third party owners in addition to
its own properties. The Partnership'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 Partnership's properties are described on the following pages:
<PAGE>
<TABLE>
<CAPTION>
%
OWNER- PARTNER- YEAR LAND NET LEASED
PROJECT NAME/ SHIP SHIP'S CONSTD/ AREA RENT. AREA 12-31,
LOCATION INTEREST INTEREST EXP./REN. (ACRES) (SQ. FT.) 1999
- ---------------------- --------- --------- --------- ------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
IN-SERVICE
- --------
INDUSTRIAL
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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%
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<PAGE>
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%
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 Expway 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%
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<PAGE>
MARIETTA, GA (CONT'D)
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%
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%
- 7 -
<PAGE>
NORCROSS, GA (CONT'D)
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%
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%
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<PAGE>
SUWANEE, GA (CONT'D)
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%
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
Crossroads 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%
- 9 -
<PAGE>
INDIANAPOLIS, IN (CONT'D)
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%
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%
- 10 -
<PAGE>
INDIANAPOLIS, IN (CONT'D)
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%
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.Ctr. 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 Ctr N Fee 100% 1979 9.26 159,200 100%
Hampshire Dist Ctr S 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%
- 11 -
<PAGE>
BURNSVILLE, MN (CONT'D)
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. Commerce
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 Ctr 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%
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%
- 12 -
<PAGE>
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%
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%
- 13 -
<PAGE>
MORRISVILLE, NC (CONT'D)
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%
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%
- 14 -
<PAGE>
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%
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%
- 15 -
<PAGE>
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%
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%
- 16 -
<PAGE>
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%
CARMEL, IN
Hamilton Crsg. Bldg 2 Fee 100% 1997 5.10 33,784 100%
Hamilton Crsg. 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 Corp Center II Fee 100% 1999 5.25 60,000 76%
- 17 -
<PAGE>
INDIANAPOLIS, IN (CONT'D)
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%
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%
- 18 -
<PAGE>
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 Ctr W. 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 Off.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%
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%
- 19 -
<PAGE>
DUBLIN, OH (CONT'D)
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 Crsg 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%
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%
- 20 -
<PAGE>
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%
-------- ----------
<PAGE>
NET %
OWNER- PARTNER- EXPECTED LAND RENTABLE LEASED
PROJECT NAME/ SHIP SHIP'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%
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%
- 21 -
<PAGE>
BOLINGBROOK, IL
Crossroads 3 Fee 100% 2000 10.64 187,000 0%
CARMEL, IN
H.C. Bldg 1 W. Exp. 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 Exp 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%
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 Off Bldg Fee 100% 2000 10.11 121,827 41%
LAWRENCEVILLE, GA
Huntcrest Office I Fee 50% [1] 2000 7.19 103,650 0%
- 22 -
<PAGE>
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 60% [7] 2000 4.40 85,250 74%
Woodland Corp Ctr 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 50% [1] 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% [6] 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%
======== ===========
</TABLE>
<PAGE>
[1] The Partnership retains the indicated effective ownership interest in
an entity which owns the building. The Partnership shares in the profit or
loss from such building in accordance with the Partnership's ownership
interest.
[2] These buildings are owned by a partnership in which the Partnership
is a partner. The Partnership 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 Partnership 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 Partnership 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 Partnership
effectively receives all income and economic value from the properties.
As a result, the properties are accounted for as owned properties.
[6] The Partnership has a leasehold interest in the building and the
underlying land with a lease term expiring June 2020. The Partnership 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 Partnership owns
a 60% interest. The Partnership 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 -
<PAGE>
ITEM 3. LEGAL PROCEEDINGS
The Partnership is not party to any claims or litigation that it
believes the results, individually or in the aggregate, will have a
material adverse affect on its business, financial position or results
of operations.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders of the General
Partner 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
There is no established public trading market for the Common Units.
The following table sets forth the cash distributions paid during each
quarter. Comparable cash distributions are expected in the future. As
of February 29, 2000, there were 10,382 record holders of Common Units.
On January 26, 2000, the Partnership declared a quarterly cash
distribution of $0.39 per Common Unit payable on February 29, 2000 to
Common Unitholders of record on February 11, 2000.
<TABLE>
<CAPTION>
1999 Distributions 1998 Distributions
------------------ ------------------
<S> <C> <C>
Quarter Ended
December 31 $.39 $.34
September 30 .39 .34
June 30 .34 .30
March 31 .34 .30
</TABLE>
- 24 -
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The following sets forth selected consolidated financial and
operating information on a historical basis for the Partnership 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 unit amounts):
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
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 Units $ 159,447 $ 103,112 $ 72,780 $ 58,713 $ 41,600
========= ========= ========= ========= =========
Per Unit Data (1):
Net Income per
Common Unit:
Basic $ 1.33 $ 1.13 $ .98 $ .92 $ .78
Diluted 1.32 1.12 .97 .91 .77
Dividends paid
per Common Unit 1.46 1.28 1.10 1.00 .96
Weighted Average
Common Units
Outstanding 119,467 91,576 74,142 63,960 53,582
Weighted Average
Common and
Dilutive Potential
Common Units 120,511 92,468 74,993 64,398 53,802
Balance Sheet Data (at December 31):
Total Assets $5,487,284 $2,854,062 $2,177,174 $1,362,399 $1,046,532
Total Debt 2,113,476 1,007,317 720,119 525,815 454,820
Total Preferred
Equity 690,340 348,366 218,906 72,856 -
Total Partners'
Equity 3,101,989 1,677,988 1,324,780 769,269 540,221
Total Common Units
Outstanding (1) 144,803 96,853 87,054 66,364 56,606
Other Data:
Funds From
Operations (2) $ 267,243 $ 174,829 $ 118,828 $ 87,434 $ 64,846
Cash Flow Provided by
(Used by):
Operating activities $ 343,331 $ 220,529 $ 158,776 $ 95,470 $ 78,637
Investing
activities (767,892) (703,575) (597,015) (277,009) (289,569)
Financing activities 436,449 479,300 443,265 181,203 176,187
</TABLE>
(1)Information for all five years reflects the General Partner's
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 comp
anies 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 Partnership's operating
performance, and is not indicative of cash available to fund all
cash flow needs.
- 25 -
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
--------
The Partnership's income from rental operations is substantially
influenced by the supply and demand for the Partnership'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 Partnership'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 Partnership 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 Partnership's occupancy rate of its in-service portfolio was 91.9%
at December 31, 1999. The Partnership 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 Partnership's results of
operations from its in-service properties. The Partnership's strategy
for continued growth includes developing and acquiring additional
rental properties in its primary markets and expanding into other
attractive markets.
The Partnership 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 Partnership, 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 Partnership's
in-service portfolio of rental properties as of December 31, 1999
(square feet in thousands):
<TABLE>
<CAPTION>
Total Percent of
Square Feet Total Square Feet Percent Occupied
----------------- ----------------- ----------------
Type 1999 1998 1999 1998 1999 1998
- ---- ----- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
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%
====== ====== ====== ======
</TABLE>
Management expects occupancy of the in-service property portfolio to
remain stable because (i) only 10.3% and 10.9% of the Partnership's
occupied square footage is subject to leases expiring in 2000 and 2001,
respectively, and (ii) the Partnership's renewal percentage averaged
72%, 69% and 81% in 1999, 1998 and 1997, respectively.
The following table reflects the Partnership's in-service lease
expiration schedule 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):
- 26 -
<PAGE>
<TABLE>
<CAPTION>
Indust. Portfolio Office Portfolio Retail Portfolio Total Portfolio
----------------- ---------------- ----------------- -----------------
Yr of Sq Sq Sq Sq
Exp Ft Rent Ft Rent Ft Rent Ft Rent
- ---- ------- -------- ------- -------- ------ ------ ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 sq
ft leased $ 4.68 $ 13.37 $10.11 $ 6.59
======= ======= ===== =======
</TABLE>
This stable occupancy, along with increasing rental rates in each of
the Partnership's markets, will allow the in-service portfolio to
continue to provide an increasing level of earnings from rental
operations. The Partnership 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 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):
<TABLE>
<CAPTION>
Anticipated Estimated Anticipated
In-Service Square Percent Project Stabilized
Date Feet Pre-Leased Costs Return
---------------- ------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
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%
===== =======
</TABLE>
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 the General
Partner, pursuant to which Weeks Realty L.P. ("Weeks Operating
Partnership"), was merged with and into the Partnership. This
transaction is hereafter referred to as the "Weeks Merger." In
accordance with the terms of the Weeks Merger, each outstanding Weeks
Operating Partnership common unit was converted into 1.38 common units
of the Partnership and each outstanding Weeks Operating Partnership
Series A preferred unit was converted into one of the Partnership's
Series F preferred units (the "Series F Preferred Units"). As a result,
27.4 million common units and 6,000,000 Series F Preferred Units were
issued to Weeks Operating Partnership unitholders in exchange for all
of the outstanding Weeks Operating Partnership common and preferred
units. The total purchase price of Weeks Operating Partnership
aggregated approximately $1.9 billion, which included the assumption of
the outstanding debt and liabilities of Weeks Operating Partnership of
approximately $775 million. The transaction was structured as a tax-
free merger and was accounted for under the purchase method.
- 27 -
<PAGE>
RESULTS OF OPERATIONS
A summary of the Partnership'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 unit amounts):
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
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 units 159,447 103,112 72,780
Weighted average common units
outstanding (1) 119,467 91,576 74,142
Weighted average common and dilutive
potential common units (1) 120,511 92,468 74,993
Basic income per common unit (1) $ 1.33 $ 1.13 $ .98
Diluted income per common unit (1) $ 1.32 $ 1.12 $ .97
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
</TABLE>
(1) As adjusted for the General Partner's two-for-one stock split effected in
August 1997.
COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR ENDED DECEMBER 31, 1998
--------------------------------------------------------------------------
Rental Operations
-----------------
The Partnership 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
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 Partnership 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 Partnership'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 Partnership'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
- 28 -
<PAGE>
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 Partnership; (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 Partnership 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 Partnership.
Earnings from Land and Depreciated Property Sales
-------------------------------------------------
During 1999, the Partnership developed a disposition strategy to pursue
favorable opportunities to dispose of real estate assets that no longer
meet long-term investment objectives of the Partnership, which resulted
in net sales proceeds of $76.4 million and a net gain of $10.0 million
in 1999.
As part of this ongoing real estate asset disposition strategy, the
Partnership 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 Partnership 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 Partnership 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 Units
-------------------------------------
Net income available for common units for the year ended December 31,
1999, was $159.4 million compared to $103.1 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 Partnership 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
Partnership.
The Partnership 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.
- 29 -
<PAGE>
The $19.9 million increase in interest expense is primarily
attributable to higher outstanding debt balances associated with the
financing of the Partnership's investment activities. The increased
balances include $250 million of unsecured debt issued in 1998 and
increased borrowings on the Partnership'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 Partnership
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.
General and Administrative Expense
----------------------------------
General and administrative expense increased from $7.3 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
Partnership.
Net Income Available for Common Units
-------------------------------------
Net income available for common units for the year ended 1998 was
$103.1 million compared to $72.8 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 Partnership has been
subject to the same capital market conditions as other real estate
companies, management believes the Partnership's financial and
liquidity position are relatively strong. Over the years, the
Partnership 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
Partnership's financial position. First, the Partnership believes that
its strong balance sheet and expected real estate asset disposition
proceeds will provide the Partnership with sufficient capital to fund
its investment activities during 2000 without the need to raise
additional common equity through the General Partner. Second, the
Partnership has only $65.0 million of final debt maturities in
- 30 -
<PAGE>
2000. Third, as of December 31, 1999, the Partnership 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 Partnership 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 $122.8
million in 1999 as compared to 1998 and by $61.8 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 Partnership invested cash of $767.9
million, $703.6 million and $597.0 million, respectively, in real
estate investments. The $767.9 million invested in real estate in 1999
was financed primarily from the borrowings under the Partnership'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
General Partner's sale of common shares in 1999, and $96.5 million of
net proceeds from the Genral Partner's sale of preferred shares in
1999. The $703.6 million invested in real estate during 1998 was
financed primarily from borrowings under the Partnership's line of
credit. These borrowings were partially 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 General Partner's sale of
common shares in 1998, and $129.5 million of net proceeds from the
General Partner's sale of preferred shares in 1998. The $597.0 million
invested in real estate during 1997 was financed primarily from
borrowings under the Partnership'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, $321.3 million in net
proceeds from the General Partner's sale of common shares in 1997, and
$146.1 million of net proceeds from the General Partner's sale of
preferred shares in 1997.
Other significant financing activity included the payment of $222.4
million, $137.0 million and $94.5 million in common and preferred unit
distributions in 1999, 1998 and 1997, respectively. The increases are
primarily attributable to (i) an increase in the overall number of
common units and Series F Preferred Units outstanding resulting from
the Weeks Merger in 1999; and (ii) annual increases in the cash
distributions paid per common unit.
The General Partner and the Partnership currently have 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 General
Partner and the Partnership intend to issue additional securities under
such Shelf Registrations to fund the development and acquisition of
additional rental properties. The General Partner also has a Shelf
Registration on file for at-the-market offerings of 1.5 million shares
of common stock, and the General Partner and the Partnership also plan
to file a $500.0 million Shelf Registration during the first quarter of
2000.
- 31 -
<PAGE>
The recurring capital needs of the Partnership are funded primarily
through the undistributed net cash provided by operating activities. A
summary of the Partnership's recurring capital expenditures is as
follows (in thousands):
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
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
====== ====== ======
</TABLE>
The Partnership has the following lines of credit available (in
thousands):
<TABLE>
<CAPTION>
Outstanding
Borrowing Maturity Interest at December
Description Capacity Date Rate 31, 1999
- ------------------------ --------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $258,000
Unsecured Line of Credit 300,000 April 2001 LIBOR + .90% -
</TABLE>
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 Partnership 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 Partnership 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.
Following is a summary of the scheduled future amortization and
maturities of the Partnership's indebtedness at December 31, 1999 (in
thousands):
<TABLE>
<CAPTION>
Repayments
-------------------------------------------- Weighted Average
Scheduled Interest Rate of
Year Amortization Maturities Total Future Repayments
- ---- ------------ ---------- ---------------- -----------------
<S> <C> <C> <C> <C>
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%
======= ========= =========
</TABLE>
UNITHOLDER DISTRIBUTION REQUIREMENTS
The Partnership intends to pay regular quarterly distributions from net
cash provided by operating activities. A quarterly distribution of $.39
per common unit was declared on January 26, 2000, which represents an
annualized distribution of $1.56 per share.
- 32 -
<PAGE>
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 Partnership's FFO for the
years ended December 31 (in thousands):
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Net income available for
common units $159,447 $103,112 $ 72,780
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)
------- ------- -------
FUNDS FROM OPERATIONS $267,243 $174,829 $118,828
======= ======= =======
CASH FLOW PROVIDED BY (USED BY):
Operating activities $343,331 $220,529 $158,776
Investing activities (767,892) (703,575) (597,015)
Financing activities 436,449 479,300 443,265
</TABLE>
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 Partnership'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 Partnership's
operating performance, and is not indicative of cash available to fund
all cash flow needs.
YEAR 2000
The Partnership 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 Partnership's Year 2000
project was to protect the tenant spaces, buildings and internal
operating systems. The rewards of the Partnership'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 Partnership'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 Partnership's internal information
systems (software and hardware) in preparation for the Year 2000. It is
expected that these upgrades and replacements will benefit the
Partnership's business operations for years to come. Non-reimbursable
costs to the Partnership in preparing for the Year 2000 were
approximately $125,000.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS
The Partnership 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
Partnership's real estate investment portfolio and operations. The
Partnership'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
- 33 -
<PAGE>
achieve its objectives the Partnership 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 Partnership does not
enter into derivative or interest rate transactions for speculative
purposes.
The Partnership'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
Partnership's debt instruments are calculated as the present value of
estimated future cash flows using a discount rate commensurate with the
risks involved.
<TABLE>
<CAPTION>
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
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
</TABLE>
The Partnership 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.
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 Partnership's ultimate
realized gain or loss with respect to interest rate fluctuations will
depend on the exposures that arise during the period, the Partnership'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. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership does not have any directors or officers. The
information required by Item 10 for Directors and Certain Executive
Officers will be contained in a definitive proxy statement of the
General Partner, which was filed on March 17, 2000, and herein is
incorporated by reference.
- 34 -
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION
The information required by Item 11 will be contained in a definitive
proxy statement for the General Partner which was filed on
March 17, 2000, and herein is incorporated by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The Partnership had 19,059,815 Limited Partner Units which were
outstanding as of the close of business on March 8, 2000.
The following table shows, as of March 8, 2000, the number and
percentage of Limited Partner Units held by each person known to the
Partnership who beneficially owned more than five percent of
outstanding Limited Partner Units. Except as otherwise noted, all
Limited Partner Units are held with sole power to vote and sole power
of disposition.
<TABLE>
<CAPTION>
Limited Partner Percentage of
Beneficial Owner Units Beneficial Ownership
-------------------------------- --------------- --------------------
<S> <C> <C>
John W. Nelley, Jr. 3,706,196 (1) 19.45%
A. Ray Weeks, Jr. 1,977,409 (2) 10.37%
Edward T. Baur 1,561,396 (3) 8.19%
Birch M. Mullins 1,497,845 (4) 7.86%
Robert L. and Mary Johnson 1,419,038 7.45%
James D. Eckhoff 1,166,918 (5) 6.12%
Lindbergh-Warson Properties, Inc. 1,104,847 5.80%
</TABLE>
(1) Includes 3,706,196 Units held by partnerships in which Mr.
Nelley is a general partner and a 22% owner.
(2) Includes 552,214 Units held by trusts of which Mr. Weeks is a
trustee and a 20% beneficiary and 352,760 Units owned by
corporations controlled by Mr. Weeks.
(3) Includes 1,104,847 Units owned by Lindbergh-Warson Properties,
Inc., a partnership in which Mr. Baur owns a 60.395% interest.
(4) Includes 1,104,847 Units owned by Lindbergh-Warson Properties,
Inc., a partnership in which Mr. Mullins owns a 34.094% interest.
(5) Includes 1,104,847 Units owned by Lindbergh-Warson Properties,
Inc., a partnership in which Mr. Eckhoff owns a 5.512% interest.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by Item 13 will be contained in a definitive
proxy statement for the General Partner which was filed on
March 17, 2000, and herein is incorporated by reference.
- 35 -
PART IV
<PAGE>
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 Partnership,
together with the Independent Auditor's 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 Partners' Equity, Years Ended
December 31, 1999, 1998 and 1997
Notes to Consolidated Financial Statements
2. CONSOLIDATED FINANCIAL STATEMENT SCHEDULES
Schedule III - Real Estate and Accumulated Depreciation
3. EXHIBITS
See Index to Exhibits on page 74 of this report.
- 36 -
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Partners of
Duke-Weeks Realty Limited Partnership:
We have audited the consolidated financial statements of Duke-Weeks
Realty Limited Partnership 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 Partnership'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 Limited Partnership 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
- 37 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
<TABLE>
<CAPTION>
1999 1998
---- ----
ASSETS
------
<S> <C> <C>
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 18,514 6,626
Accounts receivable, net of allowance
of $1,775 and $896 26,844 9,641
Accrued 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 $11,064 16,571 11,316
Deferred leasing and other costs, net
of accumulated amortization of $21,287
and $16,838 83,153 53,281
Escrow deposits and other assets 90,499 41,205
--------- ---------
$5,487,284 $2,854,062
========= =========
LIABILITIES AND PARTNERS' 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:
Accrued real estate taxes 47,604 36,075
Accrued interest 20,658 10,329
Other accrued expenses 41,836 21,676
Other liabilities 30,541 21,928
Tenant security deposits and
prepaid rents 36,156 18,534
--------- ---------
Total liabilities 2,383,435 1,175,707
--------- ---------
Minority interest 1,860 367
--------- ---------
Partners' equity:
General partner
Common equity 2,082,720 1,223,260
Preferred equity (liquidation
preference of $609,998) 587,385 348,366
--------- ---------
2,670,105 1,571,626
Limited partners' common equity 328,929 106,362
Limited partners' preferred equity 102,955 -
--------- ---------
Total partners' equity 3,101,989 1,677,988
--------- ---------
$5,487,284 $2,854,062
========= =========
See accompanying Notes to Consolidated Financial Statements.
- 38 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
</TABLE>
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
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
expenses (16,556) (11,573) (7,318)
------- ------- -------
Operating income 196,709 121,589 83,575
OTHER INCOME (EXPENSE):
Interest income 2,674 1,562 2,169
Other expense (1,091) (305) (1,083)
Earnings from land and
depreciated property sales 10,013 1,351 1,775
Minority interest in earnings
of subsidiaries (2,050) (1,252) (1,171)
------- ------- -------
Net income 206,255 122,945 85,265
Dividends on preferred units (46,808) (19,833) (12,485)
------- ------- -------
Net income available for
common units $159,447 $103,112 $ 72,780
======= ======= =======
Net income per common unit:
Basic $ 1.33 $ 1.13 $ .98
======= ======= =======
Diluted $ 1.32 $ 1.12 $ .97
======= ======= =======
Weighted average number of common
units outstanding 119,467 91,576 74,142
======= ======= =======
Weighted average number of common
and dilutive potential
common units 120,511 92,468 74,993
======= ======= =======
</TABLE>
See accompanying Notes to Consolidated Financial Statements.
- 39 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31
(IN THOUSANDS)
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Cash flows from operating activities:
Net income $206,255 $122,945 $ 85,265
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 2,050 1,252 1,170
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 13,963 31,106 30,168
Equity in earnings in excess of
distributions received from
unconsolidated companies (188) (5,521) (5,535)
------- ------- -------
Net cash provided by operating
activities 343,331 220,529 158,776
------- ------- -------
Cash flows from investing activities:
Rental property development costs (506,687) (279,391) (195,088)
Acquisition of real estate
investments (159,917) (301,151) (324,203)
Acquisition of undeveloped land 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 (19,990) (10,808) (8,585)
Proceeds from land and depreciated
property sales, net 76,401 9,071 32,560
Distributions received from
unconsolidated companies 16,802 - 60,000
Net investment in and advances to
unconsolidated companies (33,043) (28,734) (32,226)
------- ------- -------
NET CASH USED BY
INVESTING ACTIVITIES (767,892) (703,575) (597,015)
------- ------- -------
Cash flows from financing activities:
Contributions from general partner 311,297 340,938 467,406
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 partners (175,568) (117,134) (82,039)
Distributions to preferred
unitholders (46,808) (19,833) (12,485)
Distributions to minority interest (1,958) (1,107) (1,328)
Deferred financing costs (7,623) (1,567) (4,290)
------- ------- -------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 436,449 479,300 443,265
------- ------- -------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 11,888 (3,746) 5,026
Cash and cash equivalents
at beginning of year 6,626 10,372 5,346
------- ------- -------
Cash and cash equivalents
at end of year $ 18,514 $ 6,626 $ 10,372
======= ======= =======
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 $ 49,955 $ 5,450 $ 19,446
======= ======= =======
Issuance of Limited Partner Units
for real estate acquisitions $ 3,146 $ 2,038 $ 95,720
======= ======= =======
</TABLE>
See Note (3) for other non-cash items
See accompanying Notes to Consolidated Financial Statements.
- 40 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY
(IN THOUSANDS, EXCEPT FOR PER UNIT AMOUNTS)
<TABLE>
<CAPTION>
General Partner Limited Limited
----------------------- Partners' Partners'
Common Preferred Common Preferred
Equity Equity Equity Equity Total
----------- ---------- -------- --------- ---------
<S> <C> <C> <C> <C> <C>
BALANCE AT DECEMBER
31, 1996 $ 683,710 $ 72,856 $ 12,703 $ - $ 769,269
Net income 65,206 12,485 7,574 - 85,265
Capital contribution
from General Partner 321,554 146,050 - - 467,604
Acquisition of
partnership interest
for common stock of
General Partner 19,446 - - - 19,446
Acquisition of property
in exchange for
Limited Partner Units - - 95,720 - 95,720
Distributions to
preferred unitholders - (12,485) - - (12,485)
Distributions to
partners ($1.10
per Common Unit) (73,183) - (8,856) - (82,039)
--------- ------- ------- ------- ---------
BALANCE AT DECEMBER
31, 1997 1,016,733 218,906 107,141 - 1,342,780
Net income 92,018 19,833 11,094 - 122,945
Capital contribution
from General Partner 212,282 129,460 - - 341,742
Acquisition of
partnership interest
for common stock of
General Partner 5,450 - - - 5,450
Acquisition of property
in exchange for Limited
Partner Units - - 2,038 - 2,038
Distributions to
preferred unitholders - (19,833) - - (19,833)
Distributions to
partners ($1.28 per
Common Unit) (103,223) - (13,911) - (117,134)
--------- ------- ------- ------- ---------
BALANCE AT DECEMBER
31, 1998 1,223,260 348,366 106,362 - 1,677,988
Net income 139,168 42,604 20,279 4,204 206,255
Capital contribution
from General Partner 215,657 96,519 - - 312,176
Acquisition of
partnership interest
for common stock of
General Partner 49,955 - - - 49,955
Acquisition of property
in exchange for
Limited Partner Units - - 3,146 - 3,146
Merger with Weeks
Corporation 608,749 142,500 220,641 102,955 1,074,845
Distributions to
preferred unitholders - (42,604) - (4,204) (46,808)
Distributions to
partners ($1.46 per
Common Unit) (154,069) - (21,499) - (175,568)
--------- ------- ------- ------- ---------
BALANCE AT DECEMBER
31, 1999 $2,082,720 $587,385 $328,929 $102,955 $3,101,989
========= ======= ======= ======= =========
Common Units
outstanding at
December 31, 1999 125,823 18,980 144,803
========= ======= ==========
Common Units outstanding at
December 31, 1998 86,053 10,800 96,853
========= ======= ==========
Common Units outstanding at
December 31, 1997 76,065 10,989 87,054
========= ======= ==========
</TABLE>
See accompanying Notes to Consolidated Financial Statements.
- 41 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
(1) THE PARTNERSHIP
----------------
Duke-Weeks Realty Limited Partnership (the "Partnership") was formed
on October 4, 1993, when Duke-Weeks Realty Corporation (the
"Predecessor" or the "General Partner") contributed all of its
properties and related assets and liabilities along with the net
proceeds of $309.2 million from the issuance of an additional
14,000,833 shares through an offering (the "1993 Offering") to the
Partnership. Simultaneously, the Partnership completed the
acquisition of Duke Associates, a full-service commercial real
estate firm operating in the Midwest. The General Partner was
formed in 1985 and qualifies as a real estate investment trust under
provisions of the Internal Revenue Code. In connection with the
1993 Offering, the formation of the Partnership and the acquisition
of Duke Associates, the General Partner effected a 1 for 4.2 reverse
stock split of its existing common shares. The General Partner is
the sole general partner of the Partnership and received 16,046,144
units of partnership interest ("General Partner Units") in exchange
for its original contribution which represented a 78.36% interest
in the Partnership. As part of the acquisition, Duke Associates
received 4,432,109 units of limited partnership interest ("Limited
Partner Units") (together with the General Partner Units, the
("Common Units")) which represented a 21.64% interest in the
Partnership. The Limited Partner Units are exchangeable for shares
of the General Partner's common stock on a one-for-one basis subject
generally to a one-year holding period.
In July 1999, Weeks Corporation ("Weeks") was merged with and into
the General Partner, pursuant to which Weeks Realty L.P. ("Weeks
Operating Partnership") was merged with and into the Partnership.
This transaction is hereafter referred to as the "Weeks Merger."
Upon consummation of the Weeks Merger, the name of the operating
partnership was changed to Duke-Weeks Realty Limited Partnership.
Financial information and references throughout this document are
labeled "the Partnership" for both pre-merger and post-merger
periods as a result of this name change. The Partnership'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 Partnership owns and operates a portfolio of industrial, office
and retail properties in the midwestern and southeastern United
States and provides real estate services to third-party owners. The
service operations are conducted through Duke Realty Services
Limited Partnership and Duke Construction Limited Partnership, in
which the Partnership has an 89% profits interest (after certain
preferred returns on partners' capital accounts) and effective
control of their operations.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
PRINCIPLES OF CONSOLIDATION
---------------------------
The consolidated financial statements include the accounts of the
Partnership and its majority-owned or controlled subsidiaries. The
equity interests in these majority-owned or controlled subsidiaries
not owned by the Partnership are reflected as minority interests in
the consolidated financial statements. All significant intercompany
balances and transactions have been eliminated in the consolidated
financial statements.
- 42 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to 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.
The Partnership 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 Partnership interests are recorded under the
purchase method with assets acquired reflected at the fair market
value of the General Partner'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 Partnership 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 Partnership 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.
- 43 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
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 Partnership 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.
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 Partnership. The sole limited partner of
DCLP is Duke Realty Construction, Inc. ("DRCI"), of which the
Partnership owns 100% of the preferred stock and realizes
substantially all economic benefits of its activities. DRCI is not a
qualified REIT subsidiary of the Partnership. Accordingly,
provisions for federal income taxes are recognized as appropriate.
Net Income Per Common Unit
--------------------------
Basic net income per common unit is computed by dividing net income
available for common units by the weighted average number of common
units outstanding for the period. Diluted net income per unit is
computed by dividing net income available for common units by the sum
of the weighted average number of common units and dilutive
potential common units outstanding for the period.
The following table reconciles the components of basic and diluted
net income per unit:
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Net income available for
common units $159,447 $103,112 $72,780
======= ======= ======
Weighted average partnership common
units outstanding 119,467 91,576 74,142
Dilutive units for long-term
compensation plans 1,044 892 851
------- ------- ------
Weighted average number of common
units and dilutive potential common
units 120,511 92,468 74,993
======= ======= ======
</TABLE>
- 44 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
The Preferred D Series Convertible equity was anti-dilutive in 1999
and 1998; therefore, no conversion to common units is assumed in
weighted units 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
units is included in weighted units outstanding at December 31,
1999.
All units and per unit amounts have been adjusted to reflect the
General Partner's two-for-one stock split in August 1997.
FEDERAL INCOME TAXES
--------------------
As a partnership, the allocated share of income and loss for the
year is included in the income tax returns of the partners;
accordingly, no accounting for income taxes is required in the
accompanying consolidated financial statements.
FAIR VALUE OF FINANCIAL INSTRUMENTS
-----------------------------------
The fair values of the Partnership'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 Partnership 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, and Weeks Operating Partnership, were
merged with and into the General Partner and the Partnership. In
accordance with the terms of the Weeks Merger, each outstanding
Weeks Operating Partnership common unit was converted into 1.38
common units of the
- 45 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
Partnership and each outstanding Weeks Operating Partnership
Series A preferred unit was converted into one of the Partnership's
Series F preferred units (the "Series F Preferred Units"). As a
result, 27.4 million common units and 6,000,000 Series F Preferred
Units were issued to Weeks Operating Partnership unitholders in
exchange for all of the outstanding Weeks Operating Partnership
common and preferred units.
In accordance with the terms of the Weeks Merger, the Partnership
converted 1,400,000 Weeks Operating Partnership 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 partners' equity. The Series G
Preferred Units have a liquidation preference of $25.00 per
preferred unit and are redeemable by the Partnership 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 Partnership issued a warrant that entitles its holder to
purchase either 1,444,486 shares of General Partner common stock at
a price of $24.23 per share, or 1,400,000 shares of General Partner
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 the Partnership, in which case the
warrant expires within 30 days of redemption.
The Partnership also converted 2,600,000 Weeks Operating Partnership
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 partners' equity. The
Series H Preferred Units have a liquidation preference of $25.00 per
preferred unit and are redeemable at the option of the Partnership
on or after November 12, 2003, at a redemption price of $25.00 per
preferred unit.
The Partnership issued 10,144,424 common units to Weeks Operating
Partnership limited partnership unitholders at a rate of 1.38
Partnership common units for each Weeks Operating Partnership
limited partnership unit outstanding. These common units were
recorded as partners' equity at a value of $220.6 million based upon
the estimated fair market value of the General Partner's common
stock at the date of the merger announcement.
The total purchase price of Weeks Operating Partnership
aggregated approximately $1.9 billion, which included the
assumption of the outstanding debt and liabilities of Weeks
Operating Partnership 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
Operating Partnership and Duke Realty Limited Partnership 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 Partnership's actual operating results would have been
had Weeks Operating Partnership and Duke Realty Limited
Partnership constituted a single entity during such periods (in
thousands, except per unit amounts):
- 46 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
<TABLE>
<CAPTION>
Year Ended
December 31,
-------------
1999 1998
---- ----
(Pro Forma) (Pro Forma)
<S> <C> <C>
Rental Income $626,803 $502,030
======= =======
Net earnings attributable to common units $158,156 $116,675
======= =======
Weighted average common units outstanding:
Basic 118,565 107,277
======= =======
Diluted 139,373 128,761
======= =======
Net income per common unit:
Basic $ 1.33 $ 1.09
======= =======
Diluted $ 1.32 $ 1.07
======= =======
</TABLE>
(4) RELATED PARTY TRANSACTIONS
--------------------------
The Partnership provides management, leasing, construction and other
tenant related services to partnerships in which certain executive
officers have continuing ownership interests. The Partnership 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 Partnership 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 Partnership 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):
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
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
======= ======= ======
</TABLE>
- 47 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
(6) REAL ESTATE HELD FOR SALE
-------------------------
The Partnership 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
Partnership in order to redeploy capital. At December 31, 1999, the
Partnership 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):
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
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
========= =========
</TABLE>
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.
<TABLE>
<CAPTION>
Outstanding
Borrowing Maturity Interest at December
Description Capacity Date Rate 31, 1999
- ------------------------ --------- ---------- --------- -----------
<S> <C> <C> <C> <C>
Unsecured Line of Credit $450,000 April 2001 LIBOR + .70% $258,000
Unsecured Line of Credit 300,000 April 2001 LIBOR + .90% -
</TABLE>
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 Partnership 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).
- 48 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
In July 1999 in conjunction with the Weeks Merger, the Partnership
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 Partnership 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 Partnership 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
Partnership'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 Partnership 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 Partnership's performance measure.
- 49 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
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:
<TABLE>
<CAPTION>
1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
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 2,169
General and administrative
expense (16,556) (11,573) (7,318)
Gain on land sales 1,777 - -
Other expenses (1,540) (2,498) (1,981)
Other minority interest
in earnings of subsidiaries (2,050) (1,252) (1,171)
Joint Venture FFO 16,955 15,159 11,749
Dividends on preferred units (46,808) (19,833) (12,485)
--------- ------- -------
Consolidated FFO 267,243 174,829 118,828
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
--------- ------- -------
Net income available for
common unitholders $ 159,447 $103,112 $ 72,780
========= ======= =======
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 2,685,751
Non-Segment Assets 259,133 168,311
--------- ---------
Consolidated Assets $5,487,284 $2,854,062
========= =========
</TABLE>
(9) Leasing Activity
-------------------
Future minimum rents due to the Partnership 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
=========
- 50 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
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 Partnership maintains a 401(k) plan for the benefit of its full-
time employees. The Partnership matches the employees' contributions
up to three percent of the employees' salary and may also make annual
discretionary contributions. Total expense recognized by the
Partnership was $2.3 million, $1.5 million and $882,000 for the years
ended 1999, 1998 and 1997, respectively.
The Partnership makes contributions to a contributory health and
welfare plan as necessary to fund claims not covered by employee
contributions. Total expense recognized by the Partnership 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) PARTNERS' EQUITY
----------------
The General Partner periodically accesses the public equity markets
and contributes the net proceeds to the Partnership to fund the
development and acquisition of additional rental properties. The
proceeds of these offerings are contributed by the Partnership in
exchange for additional common or preferred units.
The following series of preferred equity is outstanding as of December
31, 1999 (in thousands, except percentages):
<TABLE>
<CAPTION>
Units
Out- Dividend Redemption Liquidation Conver-
Description standing Rate Date Preference tible
- ------------------ -------- -------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
All series of preferred equity 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 General
Partner, which may include other classes or series of preferred
equity.
The Preferred Series D equity is convertible at a conversion rate of
9.3677 common units for each preferred unit outstanding.
The dividend rate on the Preferred B Series equity increases to 9.99%
after September 12, 2012.
Under a shareholder rights plan ("Rights Agreement") of the General
Partner, each common unitholder has one right for each share of the
General Partner's 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 General Partner, one one-thousandth
- 51 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
of a share of Series C Junior Preferred Stock of the General Partner
which has substantially the same economic attributes and carries
substantially the same voting rights as one share of General Partner
common stock. As of December 31, 1999, no events have triggered
execution of the Rights Agreement.
In August 1998, members of management and unaffiliated members of the
General Partner's Board of Directors purchased approximately $37
million of common stock of the General Partner. In November 1999, an
additional $32 million of common stock was purchased by management and
members of the Board of Directors. Both purchases were
financed by five-year personal loans at market interest rates from a
financial institution. Participants are personally responsible for
repaying the interest, principal balance, and other obligations as
defined in the Executive and Senior Officer Stock Purchase Plan. As a
condition of the financing agreement with the financial institution,
the General Partner and the Partnership have guaranteed repayment of
principal, interest and other obligations for each participant, but are
fully indemnified by the participants. In the opinion of management,
it is not probable that the General Partner or the Partnership will be
required to satisfy this guarantee.
(12) STOCK BASED COMPENSATION
------------------------
The Partnership has eight stock based compensation plans, including
fixed stock option plans and performance based stock plans. The
Partnership is authorized to issue up to 10,042,000 shares of the
General Partner's common stock under these plans. The Partnership
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 General Partner's common stock on the
date of grant. The Partnership charges compensation costs against its
income for its performance based stock plans. If compensation cost for
the Partnership's fixed stock option plans had been determined
consistent with FASB Statement No. 123, the Partnership's net income
and net income per unit for the years ended December 31 would have
been reduced to the pro forma amounts indicated below:
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Net income As reported $159,447 $103,112 $72,780
Pro forma 158,932 102,805 72,606
Basic net income As reported 1.33 1.13 .98
per unit Pro forma 1.33 1.12 .98
Diluted net income As reported 1.32 1.12 .97
per unit Pro forma 1.32 1.11 .97
</TABLE>
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.
- 52 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
Fixed Stock Option Plans
-------------------------
The Partnership had two fixed stock option plans as of December 31,
1998. In 1999, the Partnership 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 Weeks Merger, the Partnership assumed all
obligations under two Weeks Operating Partnership stock incentive
plans.
A summary of the status of the Partnership'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:
<TABLE>
<CAPTION>
1999 1998 1997
---- ---- ----
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
------ -------- ------ -------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
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
==== ==== ====
</TABLE>
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
Operating Partnership 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 Partnership.
The vesting period of the Weeks Operating Partnership plans was
generally 33 1/3% per year.
Performance Based Stock Plans
-----------------------------
The Partnership 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 General Partner common 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
General Partner'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 General Partner's common stock at the date of grant.
DIUs are generally subject to a 20% per year vesting schedule.
- 53 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
Under the 1995 Shareholder Value Plan (the "SV Plan"), the Partnership
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
General Partner, 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 General Partner'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 General Partner.
The Partnership believes that it is not possible to reasonably
estimate the fair value of the General Partner's 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 General Partner and the Partnership have guaranteed $93 million of
mortgage loans of unconsolidated companies of which the Partnership 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 Partnership does
not anticipate that it will be required to satisfy these guarantees.
The Partnership 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 Limited Partner Unit issuance.
- 54 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
BUILDING ENCUM-
LOCATION/DEVELOPMENT BUILDING TYPE BRANCES
- -------------------- -------- --------- -------
<S> <C> <C> <C>
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. -
- 55 -
<PAGE>
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 -
- 56 -
<PAGE>
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 Shopping 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 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 Retail Ctr II King's Mall Retail Ctr II Retail -
Kenwood Executive 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 Off. Bldg Pfeiffer Woods Off. Bldg Office -
312 Plum 312 Plum Office -
- 57 -
<PAGE>
Remington Off. Pk Remington Pk Bldg A Office -
Remington Off. Pk Remington Pk Bldg B Office -
Tri-County Mktpl. Tri-county Mktpl. Retail -
Tri. Off. Pk Tri. 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
Pk Ctr. 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 -
- 58 -
<PAGE>
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 Dist.Ctr. 3270 Summit Ridge Pkwy Indust. -
Berkeley Lake Dist.Ctr. 3280 Summit Ridge Pkwy Indust. -
Berkeley Lake Dist.Ctr. 3290 Summit Ridge Pkwy 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. -
- 59 -
<PAGE>
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 Executive 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 Bldgs Fenton Interstate Bldg. C Indust. -
Fenton Interstate Bldgs Fenton Interstate Bldg. D 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
- --------------
- 60 -
<PAGE>
Centreport Dist. Ctr. 14900 Trinity Blvd. Indust. -
FRANKLIN, TN
- ------------
Aspen Grove Bus. Ctr. 277 Mallory Station 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. -
- 61 -
<PAGE>
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 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. Capitol One N. Capitol 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. -
- 62 -
<PAGE>
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 W 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
- ---------------
- 63 -
<PAGE>
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. Phase I Retail -
Sports Unlimited Montgomery Crsg. Phase 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
- --------------------
- 64 -
<PAGE>
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
Mgmt Governor's Pte. 8990 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. Ctr. Enterprise Indust. 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. -
- 65 -
<PAGE>
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 Lse Olive Garden Grnd Lse Grounds -
University Land Lease University Land 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 -
- 66 -
<PAGE>
Perimeter Pk W. 3900 S. Paramount Pkwy Office -
Perimeter Pk W. 5200 Paramount Pkwy Office -
Research Tri.Indus.Ctr.409 Airport Blvd Bldg A Indust. 680
Research Tri.Indus.Ctr.409 Airport Blvd Bldg B Indust. 389
Research Tri.Indus.Ctr.409 Airport Blvd Bldg C Indust. 1,015
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 -
Metropolitan 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. -
- 67 -
<PAGE>
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. -
- 68 -
<PAGE>
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.
Bus. Ctr. 5401 Buford Hwy. Indust. -
Peachtree Corns.
Bus. Ctr. 5403 Buford Hwy. Indust. -
Peachtree Corns.
Bus. Ctr. 5405 Buford Hwy. Indust. -
Peachtree Corns.
Bus. Ctr. 5409 Buford Hwy. Indust. -
Peachtree Corns.
Tech Ctr. 3170 Reps Miller Rd. Indust. -
Peachtree Corns.
Tech Ctr. 3180 Reps Miller Rd. Indust. -
Peachtree Corns.
Tech Ctr. 3190 Reps Miller Rd. Indust. -
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. 351 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. Centre 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 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
- 69 -
<PAGE>
Interchange Plaza 801 Jones Franklin Rd. Office 5,612
Spring Forest
Bus. Ctr. 3200 Spring Forest Rd. Indust. -
Spring Forest
Bus. Ctr. 3100 Spring Forest Rd. Indust. -
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
- ---------
- 70 -
<PAGE>
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
- ----------------
<PAGE> - 71 -
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
=======
</TABLE>
- 72 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
INITIAL COST
TO COMPANY COSTS
-------------------- CAPITALIZED
BLDGS & SUBSEQ. TO
LOCATION/DEVELOPMENT BUILDING LAND IMPROVES ACQUIS (1)
- -------------------- ------------------- --------- -------- -----------
ALPHARETTA, GA
<S> <C> <C> <C> <C>
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
- 55 -
<PAGE>
Bloomington Indus.Ctr 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 Bldg Huntington Bank Bldg. 175 220 21
Lake Forest/Westlake Lake Forest Place 1,953 19,164 2,225
Lake Forest/Westlake Westlake Ctr. 2,459 15,972 1,999
BOLINBROOK, IL
- --------------
Crossroads Bus. Pk Crossroads Bldg 1 917 8,251 1,317
BRENTWOOD, TN
- -------------
Brentwood S.Bus.Ctr. 7104 Crossroads Blvd 1,065 5,868 80
Brentwood S.Bus.Ctr. 7106 Crossroads Blvd 1,065 3,498 80
Brentwood S.Bus.Ctr. 7108 Crossroads Blvd 848 4,051 -
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
- --------------
Professional Plaza Professional Plaza I 471 2,635 180
Professional Plaza Professional Plaza IV 248 1,387 105
1420 East Cliff Rd. Cliff Rd. Indust. Ctr 258 1,442 124
Professional Plaza Professional Plaza III 237 1,323 211
Professional 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
- 56 -
<PAGE>
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. Retail 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 Shp 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
- 57 -
<PAGE>
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 & Bradstreet Bldg Dun & Bradstreet. 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 Mall I King's Auto Mall I 1,085 3,859 929
King's Mall Ret. King's Mall Retail
Ctr II 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 -
Ohio National Ohio National 2,463 24,408 648
Pfeiffer Woods 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 Mktpl 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
- 58 -
<PAGE>
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 6,744
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 -
Other NE I85 Props 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
- 59 -
<PAGE>
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 Exec 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
- -------------
Fairfield 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
- --------------
- 60 -
<PAGE>
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 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
- 61 -
<PAGE>
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 95 833 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 Crnr 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. Capital 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
- 62 -
<PAGE>
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 West 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
- ---------------
- 63 -
<PAGE>
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
- -------------
N.point 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
- --------------------
- 64 -
<PAGE>
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 1 1,225 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 SuperCtr. 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
- 65 -
<PAGE>
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 -
- 66 -
<PAGE>
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.Ctr. 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
Metropolitan Airport 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 -
- 67 -
<PAGE>
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 2,834 -
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 -
- 68 -
<PAGE>
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 2450 Satellite Blvd. 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 -
N. 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 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 Plymouth Off./Tech Ctr. 428 2,424 272
Plymouth 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 -
- 69 -
<PAGE>
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
- ---------
- 70 -
<PAGE>
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 Exp 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
- ----------------
- 71 -
<PAGE>
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
======= ========= =======
</TABLE>
- 72 -
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
GROSS BOOK VALUE AT DECEMBER 31, 1999
-------------------------------------
LAND & BLDGS &
LOCATION/DEVELOPMENT BUILDING IMPROVE. IMPROVE. TOTAL
- --------------------- -------------- ---------- -------- --------
<S> <C> <C> <C> <C>
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
- 55 -
<PAGE>
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
- --------------
Crossroads Bus. Pk Crossroads 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
- 56 -
<PAGE>
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. Retail 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 Shp 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 & Bradstreet Bldg Dun & Bradstreet 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 King's Mall Retail
Ctr II Ctr II 1,952 5,010 6,962
Kenwood Exec 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
Ohio National Ohio National 2,463 25,057 27,519
Pfeiffer Woods Pfeiffer Woods
Off. Bldg Off. Bldg 1,450 12,265 13,715
312 Plum 312 Plum 2,590 27,465 30,055
- 57 -
<PAGE>
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-Beiersdorf 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 - Phoenix 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 (MBM) 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
- 58 -
<PAGE>
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
- 59 -
<PAGE>
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 Exec 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
- --------------
- 60 -
<PAGE>
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-IN South Pk Bldg 1 292 2,769 3,061
South Pk-IN South Pk Bldg 2 341 4,229 4,570
South Pk-IN 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
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<PAGE>
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. Capitol 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
- 62 -
<PAGE>
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 West 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
- ------------
Other NW I-75 Props 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
- ---------------
- 63 -
<PAGE>
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
- --------------------
- 64 -
<PAGE>
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
- 65 -
<PAGE>
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 0,915 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 Grnd Lse Olive Garden Grnd Lse 921 - 921
University Land Lease 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
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<PAGE>
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 5,681
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
- 67 -
<PAGE>
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 2,834 2,851
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
- 68 -
<PAGE>
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 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 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
- 69 -
<PAGE>
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
- ---------
- 70 -
<PAGE>
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
- ----------------
- 71 -
<PAGE>
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 Abbott Dr. Bldg. 92 879 971
Eliminations Eliminations - (530) (530)
Secured debt on non-bldgs
------- --------- ---------
Totals 602,789 4,124,117 4,726,906
======= ========= =========
</TABLE>
- 72 -
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
ACCUM. DATE OF DATE OF
LOCATION/DEVELOPMENT BUILDING DEPR. (2) CONST. ACQUIS.
- ---------------------- -------------------- --------- ------- -------
<S> <C> <C> <C> <C>
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
- 55 -
<PAGE>
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
- 56 -
<PAGE>
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. Ret 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 Shopping Ctr Market View Shpg 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 Retail Ctr II King's Mall Ret.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
Ohio 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
- 57 -
<PAGE>
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. 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
- 58 -
<PAGE>
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
Other NE I85 Props 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
- 59 -
<PAGE>
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 2999
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
- ---------------
- 60 -
<PAGE>
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 30 1990 1999
Brentwood S. Bus. Ctr. 121 Seaboard Lane 26 1990 1999
Brentwood S. Bus. Ctr. 123 Seaboard Lane 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
- 61 -
<PAGE>
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. Capitol 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
- 62 -
<PAGE>
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
- -------------
Other NW I-75 Prpos 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
- ---------------
- 63 -
<PAGE>
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
- --------------------
- 64 -
<PAGE>
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
- 65 -
<PAGE>
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
- 66 -
<PAGE>
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
- 67 -
<PAGE>
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
- 68 -
<PAGE>
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 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
- 69 -
<PAGE>
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
North Central 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
- ---------
- 70 -
<PAGE>
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
- ----------------
- 71 -
<PAGE>
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
- ---------
Faifield Bus. Ctr. 8640 Elm Fair Blvd. 34 1998 1999
Faifield 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 Abbott Dr. Bldg. 39 1989 1998
Eliminations Eliminations - N/A N/A
Secured debt on non-bldgs
-------
Totals 254,574
=======
</TABLE>
- 72 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
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) 1999 Building was placed in service in December 1999.
(4) 1999 Land leases not depreciated.
(5) Building is not being depreciated as it is designated as held for
sale by the Partnership.
<TABLE>
<CAPTION>
Real Estate Assets Accumulated Depreciation
-------------------------------- -----------------------------
1999 1998 1997 1999 1998 1997
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
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
========= ========= ========= ======= ======= =======
</TABLE>
- 73 -
<PAGE>
3. EXHIBITS
Certain exhibits required by Item 601 of Regulation S-K have been
filed with previous reports by the Partnership and the General Partner
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 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.
4.1 Second Amended and Restated Agreement of Limited Partnership
of Duke-Weeks Realty Limited Partnership (f/k/a Duke Realty
Limited Partnership) is incorporated herein by reference to
Exhibit 4.1 of the Partnership's Form 8-K filed on July 16,
1999.
4.2 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.
4.3 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.
4.4 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.
4.5 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.
4.6 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).
4.7 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.
- 74 -
<PAGE>
4.8 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.
4.9 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.
4.10 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.
4.11 Indenture between Weeks Realty, L.P. and State Street Bank and Trust
Company, incorporated by reference to the Weeks Realty, L.P. Form 8-A,
filed on August 3, 1998.
4.12 First Supplement to Indenture, incorporated by reference to the Weeks
Realty, L.P. Form 8-A, filed on August 2, 1998.
10.1 Second Amended and Restated Agreement of Limited Partnership
of Duke Realty Services Limited Partnership (the "Services
Partnership") are incorporated herein by reference to
Exhibit 10.4 of the DRE 10-K.
10.2 Promissory Note of the Services Partnership is incorporated
herein by reference to Exhibit 10.3 to the 1993 Registration
Statement.
10.3 Duke Realty Services Limited Partnership 1993 Stock Option
Plan is incorporated herein by reference to Exhibit 10.4 to
the 1993 Registration Statement. *
10.4 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.
10.5 Management Agreement relating to the Excluded Properties is
incorporated herein by reference to Exhibit 10.6 to the 1993
Registration Statement.
10.6 Contribution Agreement for certain properties and land
contributed by Duke Associates and Registrant to the Partnership is
incorporated herein by reference to Exhibit 10.7 to the 1993
Registration Statement.
10.7 Contribution Agreement for certain assets and contracts
contributed by Duke Associates to the Service Partnership is
incorporated herein by reference to Exhibit 10.8 to the 1993
Registration Statement.
10.8 Contribution Agreement for certain contracts contributed by
Duke Associates to the Partnership is incorporated herein by reference
to Exhibit 10.9 to the 1993 Registration Statement.
- 75 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
10.9 Stock Purchase Agreement is incorporated herein by reference to Exhibit
10.10 to the 1993 Registration Statement.
10.10 Indemnification Agreement is incorporated herein by
reference to Exhibit to 10.11 to the 1993 Registration
Statement.
10.11 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.*
10.12 1995 Dividend Increase Unit Plan is incorporated herein
by reference to Exhibit 10.14 to the Annual Report on Form
10-K for the year ended December 31, 1995. *
10.13 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. *
10.14 1998 Duke Realty Severance Pay Plan is incorporated herein by
reference to Exhibit 10.15 to the Partnership's Form 10-K filed March
31, 1999. *
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 Changes
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
- 76 -
<PAGE>
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
* Represents Management contract or compensatory plan or arrangement.
The Partnership 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 1999 Annual Meeting of the General Partner shareholders.
(B) Reports on Form 8-K
The Partnership filed Form 8-K on November 15, 1999 to file exhibits
in connection with the issuance of 7.75% Series Notes due 2009.
- 77 -
<PAGE>
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 LIMITED
PARTNERSHIP
By: Duke-Weeks Realty Corporation
Its General Partner
March 31, 2000 By: /s/ Thomas L. Hefner
-----------------------
Thomas L. Hefner
President and Chief Executive Officer
By: /s/ Darell E. Zink, Jr.
-----------------------
Darell E. Zink, Jr.
Executive Vice President and
Chief Financial Officer
By: /s/ Dennis D. Oklak
-----------------------
Dennis D. Oklak
Executive Vice President and
Chief Administrative 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, President
---------------------- -------
Thomas L. Hefner 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
- 78 -
<PAGE>
/s/ Barrington Branch * 3/31/00 Director
---------------------- --------
Barrington 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
--------------------
- 79 -
EXHIBIT 11.1
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands)
<TABLE>
<CAPTION>
DECEMBER 31,
1999
---------------
<S> <C>
CONSOLIDATED NET INCOME
AVAILABLE FOR COMMON UNITS $159,447
DIVIDENDS ON PREFERRED UNITS 46,808
EARNINGS FROM LAND AND DEPRECIATED
PROPERTY SALES (10,013)
INTEREST EXPENSE 86,757
-------
EARNINGS BEFORE FIXED CHARGES $282,999
=======
INTEREST EXPENSE $ 86,757
DIVIDENDS ON PREFERRED UNITS 46,808
INTEREST COSTS CAPITALIZED 26,017
-------
TOTAL FIXED CHARGES $159,582
=======
FIXED CHARGE RATIO 1.77
====
</TABLE>
EXHIBIT 11.2
DUKE-WEEKS REALTY LIMITED PARTNERSHIP
EARNINGS TO DEBT SERVICE CALCULATIONS
(in thousands)
<TABLE>
<CAPTION>
DECEMBER 31,
1999
-------------
<S> <C>
CONSOLIDATED NET INCOME AVAILABLE
FOR COMMON UNITS $159,447
EARNINGS FROM LAND AND DEPRECIATED
PROPERTY SALES (10,013)
RECURRING PRINCIPAL AMORTIZATION 10,182
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
====
</TABLE>
EXHIBIT 21
<TABLE>
<CAPTION>
STATE OF NAME UNDER WHICH
INCORPORATION SUBSIDIARY CONDUCTS
SUBSIDIARY OR ORGANIZATION BUSINESS
- ------------------------------------- ---------------- ---------------------
THE FINANCIAL STATEMENTS OF THE FOLLOWING ENTITIES WERE CONSOLIDATED INTO THE
FINANCIAL STATEMENTS OF THE REGISTRANT AT DECEMBER 31, 1999:
<S> <C> <C>
Duke Construction Limited Partnership Indiana Duke Construction Limited
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.
Kenwood Office Associates Ohio Kenwood Office Associates
New World Partners Joint Venture Florida New World Partners Joint
Venture
New World Partners Joint Venture Florida New World Partners Joint
Venture No. 2 Venture No. 2
North Point Limited Partnership No. 1 Florida North Point Limited
Partnership No. 1
North Point Limited Partnership No. 3 Florida North Point Limited
Partnership No. 3
P-95/Fed Limited Partnership Georgia P-95/Fed Limited Partnership
P-95/Global Limited Partnership Georgia P-95/Global Limited
Partnership
P-95/Three Limited Partnership Georgia P-95/Three Limited Partnership
PCG/Duke, LLC Ohio PCG/Duke, LLC
Sawgrass Limited Partnership No. 1 Florida Sawgrass Limited Partnership
No. 1
Sawgrass Limited Partnership No. 2 Florida Sawgrass Limited Partnership
No. 2
Shadeland Station Office Indiana Shadeland Station Office
Associates II L.P. Associates II L.P.
Weeks Construction Services, Inc. Georgia Weeks Construction
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 Partnership Florida Weeks Skyland Limited
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 Group LLC Ohio Cincinnati Development 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
</TABLE>
The Partners
DUKE-WEEKS REALTY LIMITED PARTNERSHIP:
We consent to incorporation by reference in the registration
statements No. 333-26845-01, No. 333-49911-01, and No. 333-
04695-01 on Form S-3 of Duke-Weeks Realty Corporation and
Duke-Weeks Realty Limited Partnership of our report dated
January 25, 2000, relating to the consolidated balance sheets
of Duke-Weeks Realty Limited Partnership and Subsidiaries as
of December 31, 1999 and 1998, and the related consolidated
statements of operations, partners' 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 Limited Partnership.
KPMG LLP
Indianapolis, Indiana
March 27, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
DUKE-WEEKS REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES' DECEMBER 31, 1999
CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<CASH> 18,514
<SECURITIES> 0
<RECEIVABLES> 88,767
<ALLOWANCES> (2,616)
<INVENTORY> 0
<CURRENT-ASSETS> 165,394
<PP&E> 5,466,970
<DEPRECIATION> (254,574)
<TOTAL-ASSETS> 5,487,284
<CURRENT-LIABILITIES> 269,959
<BONDS> 2,113,476
0
0
<COMMON> 0
<OTHER-SE> 3,101,989
<TOTAL-LIABILITY-AND-EQUITY> 5,487,284
<SALES> 0
<TOTAL-REVENUES> 602,281
<CGS> 0
<TOTAL-COSTS> 307,219
<OTHER-EXPENSES> 48,858
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 86,757
<INCOME-PRETAX> 159,447
<INCOME-TAX> 0
<INCOME-CONTINUING> 159,447
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 159,447
<EPS-BASIC> $1.33
<EPS-DILUTED> $1.32
</TABLE>
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
unit amounts):
<TABLE>
<CAPTION>
Quarter Ended
------------------------------------------------------
DECEMBER 31 SEPTEMBER 30 JUNE 30 MARCH 31
----------- ------------ ------- --------
1999
- ----------------------
<S> <C> <C> <C> <C>
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 units 47,811 48,005 32,702 30,929
Basic income per
common unit $ 0.33 $ 0.35 $ 0.33 $ 0.32
Diluted income per
common unit $ 0.32 $ 0.35 $ 0.33 $ 0.32
Weighted average
common units 119,467 137,721 97,894 97,198
Weighted average
common and dilutive
potential common
units 120,511 138,923 98,855 98,094
Funds From
Operations (1) $ 83,258 $ 79,607 $ 53,794 $ 50,584
Cash flow provided by
(used by):
Operating activities $ 84,572 $176,189 $ 50,502 $ 32,068
Investing activities (196,428) (248,488) (155,907) (167,069)
Financing activities 85,558 (50,985) 238,520 163,356
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 units 26,279 26,565 24,826 25,442
Basic income per
common unit $ 0. 28 $ 0.29 $ 0. 27 $ 0.29
Diluted income per
common unit $ 0. 27 $ 0.29 $ 0. 27 $ 0.29
Weighted average
common units 95,199 92,434 90,930 87,650
Weighted average
common and dilutive
potential common
units 96,074 93,279 91,830 88,596
Funds From
Operations (1) $ 48,515 $ 44,665 $ 41,951 $ 39,698
Cash flow provided by
(used by):
Operating activities $ 72,721 $ 47,928 $ 61,260 $ 38,620
Investing activities (233,157) (118,517) (242,850) (109,051)
Financing activities 145,478 70,169 174,830 88,823
</TABLE>
(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,
after 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 Partnership's
operating performance, and is not indicative of cash available to
fund all cash flow needs.
