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