<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 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 For the transition period from ________ to _______.
Commission File Number 1-13102
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND 36-3935116
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
(Address of principal executive offices) (Zip Code)
(312) 344-4300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
COMMON STOCK
(Title of class)
NEW YORK STOCK EXCHANGE
(Name of exchange on which registered)
9.500% SERIES A CUMULATIVE PREFERRED STOCK
DEPOSITARY SHARES EACH REPRESENTING 1/100 OF A SHARE OF 8.750%
SERIES B CUMULATIVE PREFERRED STOCK
DEPOSITARY SHARES EACH REPRESENTING 1/100 OF A SHARE OF 8.625%
SERIES C CUMULATIVE PREFERRED STOCK
DEPOSITARY SHARES EACH REPRESENTING 1/100 OF A SHARE OF 7.950%
SERIES D CUMULATIVE PREFERRED STOCK
DEPOSITARY SHARES EACH REPRESENTING 1/100 OF A SHARE OF 7.900%
SERIES E CUMULATIVE PREFERRED STOCK
(Title of class)
NEW YORK STOCK EXCHANGE
(Name of exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act:
NONE
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
of 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 and non-voting stock held by
non-affiliates of the Registrant was approximately $849.0 million based on the
closing price on the New York Stock Exchange for such stock on March 10, 2000.
At March 10, 2000, 38,557,701, shares of the Registrant's Common Stock, $.01 par
value, were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Registrant's
definitive proxy statement to be filed with respect to the Annual Meeting of
Stockholders to be held on May 17, 2000.
<PAGE> 2
FIRST INDUSTRIAL REALTY TRUST, INC.
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
PART I.
<S> <C>
Item 1. Business ........................................................................................ 3
Item 2. The Properties................................................................................... 7
Item 3. Legal Proceedings................................................................................ 26
Item 4. Submission of Matters to a Vote of Security Holders.............................................. 26
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters............................ 27
Item 6. Selected Financial Data.......................................................................... 27
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations............ 30
Item 7a. Quantitative and Qualitative Disclosures About Market Risk....................................... 39
Item 8. Financial Statements and Supplementary Data...................................................... 39
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures............ 39
PART III.
Item 10. Directors and Executive Officers of the Registrant............................................... 39
Item 11. Executive Compensation........................................................................... 39
Item 12. Security Ownership of Certain Beneficial Owners and Management................................... 39
Item 13. Certain Relationships and Related Transactions................................................... 39
PART IV.
Item 14. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K............. 40
SIGNATURES......................................................................................................... 45
</TABLE>
1
<PAGE> 3
This report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. First Industrial Realty
Trust, Inc. (the "Company") intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of complying with those safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe
future plans, strategies and expectations of the Company, are generally
identifiable by use of the words "believe", "expect", "intend", "anticipate",
"estimate", "project" or similar expressions. The Company's ability to predict
results or the actual effect of future plans or strategies is inherently
uncertain. Factors which could have a material adverse affect on the operations
and future prospects of the Company on a consolidated basis include, but are not
limited to, changes in: economic conditions generally and the real estate market
specifically, legislative/regulatory changes (including changes to laws
governing the taxation of real estate investment trusts), availability of
capital, interest rates, competition, supply and demand for industrial
properties in the Company's current and proposed market areas and general
accounting principles, policies and guidelines applicable to real estate
investment trusts. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not be placed on
such statements. Further information concerning the Company and its business,
including additional factors that could materially affect the Company's
financial results, is included herein and in the Company's other filings with
the Securities and Exchange Commission.
2
<PAGE> 4
PART I
ITEM 1. BUSINESS
THE COMPANY
GENERAL
First Industrial Realty Trust, Inc. is a Maryland corporation organized
on August 10, 1993, and is a real estate investment trust ("REIT") under
Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the
"Code"). First Industrial Realty Trust, Inc. and its consolidated partnerships
and limited liability companies (the "Company") is a self-administered and fully
integrated real estate company which owns, manages, acquires, sells and develops
industrial real estate. The Company completed its initial public offering in
June 1994 (the "Initial Offering"). Upon consummation of the Initial Offering,
the Company owned 226 industrial properties which contained an aggregate of 17.4
million square feet of gross leasable area ("GLA"). As of December 31, 1999, the
Company's portfolio consisted of 545 light industrial properties, 152 bulk
warehouse properties, 149 R&D/flex properties, 76 regional warehouse properties
and 45 manufacturing properties containing approximately 67.0 million square
feet of GLA located in 25 states.
The Company's interests in its properties and land parcels are held
through partnerships controlled by the Company, including First Industrial, L.P.
(the "Operating Partnership"), of which the Company is the sole general partner,
as well as, among others, First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P., First Industrial
Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial
Indianapolis, L.P., First Industrial Development Services, L.P. and TK-SV, LTD.,
of which the sole general partner of each is a wholly-owned subsidiary of the
Company, and the sole limited partner of each is the Operating Partnership, as
well as limited liability companies of which the Operating Partnership is the
sole member. The Company is also the majority economic stockholder of First
Industrial Enterprises of Michigan, Inc. and FR Development Services, Inc. The
Company, through separate wholly-owned limited liability companies of which the
Operating Partnership is the sole member, also owns 10% equity interests in, and
provides asset and property management services to, two joint ventures which
invest in industrial properties.
The Company utilizes an operating approach which combines the
effectiveness of decentralized, locally based property management, acquisition,
sales and development functions with the cost efficiencies of centralized
acquisition, sales and development support, capital markets expertise, asset
management and fiscal control systems. At March 10, 2000, the Company had 269
employees.
The Company has grown and will seek to continue to grow through the
development of industrial properties and acquisition of additional industrial
properties.
BUSINESS OBJECTIVES AND GROWTH PLANS
The Company's fundamental business objective is to maximize the total
return to its stockholders through increases in per share distributions and
increases in the value of the Company's properties and operations. The Company's
growth plan includes the following elements:
- - Internal Growth. The Company seeks to grow internally by (i) increasing
revenues by renewing or re-leasing spaces subject to expiring leases at
higher rental levels; (ii) increasing occupancy levels at properties
where vacancies exist and maintaining occupancy elsewhere; (iii)
controlling and minimizing property operating and general and
administrative expenses; (iv) renovating existing properties; and (v)
increasing ancillary revenues from non-real estate sources.
- - External Growth. The Company seeks to grow externally through (i) the
development of industrial properties; (ii) the acquisition of
portfolios of industrial properties, industrial property businesses or
individual properties which meet the Company's investment parameters;
and (iii) the expansion of its properties.
3
<PAGE> 5
BUSINESS STRATEGIES
The Company utilizes the following six strategies in connection with
the operation of its business:
- - Organization Strategy. The Company implements its decentralized
property operations strategy through the use of experienced regional
management teams and local property managers. Each operating region is
headed by a managing director, who is a senior executive officer of,
and has an equity interest in, the Company. The Company provides
acquisition, development and financing assistance, asset management
oversight and financial reporting functions from its headquarters in
Chicago, Illinois to support its regional operations. The Company
believes the size of its portfolio enables it to realize operating
efficiencies by spreading overhead over many properties and by
negotiating quantity purchasing discounts.
- - Market Strategy. The Company's market strategy is to concentrate on the
top 25 industrial real estate markets in the United States. These 25
markets were selected based upon (i) the strength of their industrial
real estate fundamentals, including increased industrial demand
expectations from e-commerce and supply chain management; (ii) their
history and future outlook for continued economic growth and diversity;
and (iii) a minimum market size of 100 million square feet of
industrial space. Due to this new market strategy, the Company plans on
exiting the markets of Cleveland, Columbus, Dayton, Des Moines, Grand
Rapids, Hartford, New Orleans/Baton Rouge, and Long Island. The net
proceeds from the sales of properties in these markets will be used to
bolster the Company's holdings in Atlanta, Baltimore/Washington,
Chicago, Cincinnati/Louisville, Dallas/Fort Worth, Denver, Detroit,
Harrisburg/Central Pennsylvania, Houston, Indianapolis, Los Angeles,
Milwaukee, Minneapolis, Nashville, Northern New Jersey, Philadelphia,
Phoenix, Portland, Salt Lake City, St. Louis and Tampa and to
potentially enter new markets which fit its market strategy.
- - Disposition Strategy. As mentioned in the Market Strategy section
above, the Company is planning to exit the markets of Cleveland,
Columbus, Dayton, Des Moines, Grand Rapids, Hartford, New Orleans/Baton
Rouge, and Long Island. The Company also continues to evaluate local
market conditions and property-related factors in its other markets
and will consider disposition of select assets.
- - Acquisition/Development Strategy. The Company's acquisition/development
strategy is to concentrate on the top 25 markets mentioned in the
Market Strategy section above. The Company will use its Integrated
Industrial Solutions TM capabilities to target these markets. Of the
967 properties in the Company's portfolio at December 31, 1999, 230
properties have been developed by either the Company or its former
management. The Company will continue to leverage the development
capabilities of its management, many of whom are leading developers in
their respective markets. In 1996, the Company formed First Industrial
Development Services, L.P. to focus on development activities.
- - Financing Strategy. The Company plans on utilizing net sales proceeds
from property sales as well as borrowings under its $300 million
unsecured line of credit to finance future acquisitions and
developments.
- - Leasing and Marketing Strategy. The Company has an operational
management strategy designed to enhance tenant satisfaction and
portfolio performance. The Company pursues an active leasing strategy,
which includes aggressively marketing available space, renewing
existing leases at higher rents per square foot and seeking leases
which provide for the pass-through of property-related expenses to the
tenant. The Company also has local and national marketing programs
which focus on the business and brokerage communities and national
tenants.
RECENT DEVELOPMENTS
In 1999, the Company acquired or completed development of 40
properties, developed one expansion and acquired several parcels of land for a
total investment of approximately $178.9 million. The Company also sold 56
in-service properties and several parcels of land for a gross sales price of
approximately $245.8 million. At December 31, 1999, the Company owned 967
in-service properties containing approximately 67.0 million square feet of GLA.
On September 2, 1999, the Company, through a wholly-owned limited
liability company in which the Operating Partnership is the sole member, entered
into a joint venture arrangement (the "September 1999 Joint Venture") with an
institutional investor to invest in industrial properties. The Company, through
wholly-owned limited liability companies in which the Operating Partnership is
the sole member, owns a 10% equity interest in the September 1999 Joint Venture
and provides property and asset management services to the September 1999 Joint
Venture. As of December 31, 1999, the September 1999 Joint Venture owned 39
industrial properties comprising approximately 1.2 million square feet of GLA.
4
<PAGE> 6
During the period January 1, 2000 through March 10, 2000, the Company
acquired or completed development of 11 industrial properties and acquired two
land parcels for a total estimated investment of approximately $33.5 million.
The Company also sold six industrial properties and two land parcels for
approximately $41.5 million of gross proceeds.
In March 2000, the Company declared a first quarter 2000 dividend of $.62
per share/unit on its common stock/units which is payable on April 17, 2000. The
Company also declared preferred stock dividends of $.59375 per share on its 9
1/2%, $.01 par value, Series A Cumulative Preferred Stock, $54.688 per share
(equivalent to $.54688 per Depositary Share) on its 8 3/4%, $.01 par value,
Series B Cumulative Preferred Stock, $53.906 per share (equivalent to $.53906
per Depositary Share) on its 8 5/8%, $.01 par value, Series C Cumulative
Preferred Stock, $49.687 per share (equivalent to $.49687 per Depositary Share)
on its 7.95%, $.01 par value, Series D Cumulative Preferred Stock and $49.375
per share (equivalent to $.49375 per Depositary Share) on its 7.90%, $.01 par
value, Series E Cumulative Preferred Stock, respectively, which is payable on
March 31, 2000.
In March 2000, the Company's Board of Directors approved the repurchase
of up to $100 million of the Company's common stock. The Company will make
purchases from time to time, if price levels warrant, in the open market or in
privately negotiated transactions. Stock repurchases will be funded from
internally generated funds.
FUTURE PROPERTY ACQUISITIONS, DEVELOPMENTS AND PROPERTY SALES
The Company has an active acquisition and development program through
which it is continually engaged in identifying, negotiating and consummating
portfolio and individual industrial property acquisitions and developments. As a
result, the Company is currently engaged in negotiations relating to the
possible acquisition and development of certain industrial properties located in
certain of the Company's top 25 markets.
The Company also has an active sales program. As a result, the Company
is currently engaged in negotiations relating to the possible sales of certain
industrial properties in the Company's current portfolio.
When evaluating potential industrial property acquisitions and
developments, as well as potential industrial property sales, the Company will
consider such factors as: (i) the geographic area and type of property; (ii) the
location, construction quality, condition and design of the property; (iii) the
potential for capital appreciation of the property; (iv) the ability of the
Company to improve the property's performance through renovation; (v) the terms
of tenant leases, including the potential for rent increases; (vi) the potential
for economic growth and the tax and regulatory environment of the area in which
the property is located; (vii) the potential for expansion of the physical
layout of the property and/or the number of sites; (viii) the occupancy and
demand by tenants for properties of a similar type in the vicinity; and (ix)
competition from existing properties and the potential for the construction of
new properties in the area.
5
<PAGE> 7
INDUSTRY
Industrial properties are typically used for the design, assembly,
packaging, storage and distribution of goods and/or the provision of services.
As a result, the demand for industrial space in the United States is related to
the level of economic output. Historically, occupancy rates for industrial
property in the United States have been higher than those for other types of
commercial property. The Company believes that the higher occupancy rate in the
industrial property sector is a result of the construction-on-demand nature of,
and the comparatively short development time required for, industrial property.
For the five years ended December 31, 1999, the occupancy rates for industrial
properties in the United States have ranged from 92.5%* to 92.8%*, with an
occupancy rate of 92.8%* at December 31, 1999.
* Source: Torto Wheaton Research
6
<PAGE> 8
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 1999, First Industrial owned 967 in-service properties
containing approximately 67.0 million square feet of GLA in 25 states, with a
diverse base of more than 2,900 tenants engaged in a wide variety of businesses,
including manufacturing, retailing, wholesale trade, distribution and
professional services. The properties are generally located in business parks
which have convenient access to interstate highways and rail and air
transportation. The weighted average age of the properties as of December 31,
1999 was approximately 15 years.
The Company classifies its properties into five industrial categories:
Light industrial, bulk warehouse, R&D/flex, regional warehouse and
manufacturing. While some properties may have characteristics which fall under
more than one property type, the Company uses what it feels is the most
dominating characteristic to categorize the property.
7
<PAGE> 9
Each of the properties is wholly owned by the Company. The following
tables summarize certain information as of December 31, 1999 with respect to the
Company's properties. Information in the tables excludes properties under
development at December 31, 1999.
PROPERTY SUMMARY
<TABLE>
<CAPTION>
Light Industrial Bulk Warehouse R&D/ Flex
---------------------- ----------------------- ---------------------
Number Number Number
Metropolitan of of of
Area GLA Properties GLA Properties GLA Properties
- ------------------- --------- ---------- ---------- ----------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
Atlanta, GA 458,841 8 3,911,369 14 153,508 4
Baltimore, MD 591,373 9 142,140 1 78,418 1
Baton Rouge, LA 116,347 3 108,800 1 -- --
Central 383,070 4 3,266,314 13 -- --
Pennsylvania
Chicago, IL 1,477,118 26 3,115,221 15 160,240 4
Cincinnati, OH 445,595 7 1,040,080 4 -- --
Cleveland, OH 201,116 6 -- -- 102,500 1
Columbus, OH 57,255 1 1,653,534 4 217,612 2
Dallas, TX 753,653 21 698,543 4 118,618 4
Dayton, OH 322,746 6 -- -- 20,000 1
Denver, CO 1,915,015 46 202,939 2 1,796,017 46
Des Moines, IA 129,072 4 879,043 5 -- --
Detroit, MI 2,901,481 105 1,260,116 10 626,579 22
Grand Rapids, MI 564,816 11 1,836,125 11 10,000 1
Hartford, CT 391,800 9 143,391 1 -- --
Houston, TX 467,615 7 1,939,227 12 95,073 1
Indianapolis, IN 727,980 16 3,016,306 11 62,200 5
Long Island, NY 1,957,814 37 1,357,093 8 425,694 3
Louisville, KY -- -- 744,900 2 -- --
Milwaukee, WI 290,790 6 -- -- 93,705 2
Minneapolis/St Paul, MN 1,325,081 24 1,622,724 8 661,878 10
Nashville, TN 334,061 7 1,165,909 7 -- --
N. New Jersey 1,072,454 34 158,242 1 236,464 8
New Orleans, LA 342,287 9 -- -- 169,801 5
Philadelphia, PA 273,775 12 110,000 1 117,873 3
Phoenix, AZ 38,560 1 174,854 1 99,418 1
Portland, OR 791,706 33 -- -- 53,021 2
Salt Lake City, UT 590,929 40 -- -- 91,152 5
S. New Jersey 949,654 23 323,750 2 -- --
St. Louis, MO 540,197 11 834,519 6 -- --
Tampa, FL 487,905 17 213,744 2 429,404 18
Other(a) 58,254 2 710,755 6 -- --
---------- ---- ---------- ---- --------- ----
Total 20,958,360 545 30,629,638 152 5,819,175 149
========== ==== ========== ==== ========= ====
<CAPTION>
Regional Warehouse Manufacturing
------------------- ---------------------
Number Number
Metropolitan of of
Area GLA Properties GLA Properties
- ------------------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Atlanta, GA 275,135 3 419,600 3
Baltimore, MD -- -- 171,000 1
Baton Rouge, LA -- -- -- --
Central 117,579 3 -- --
Pennsylvania
Chicago, IL 66,000 1 1,069,167 6
Cincinnati, OH -- -- -- --
Cleveland, OH 51,525 1 -- --
Columbus, OH -- -- 255,470 1
Dallas, TX 65,700 1 224,984 2
Dayton, OH -- -- -- --
Denver, CO 301,492 5 -- --
Des Moines, IA 88,000 1 -- --
Detroit, MI 899,381 20 17,240 1
Grand Rapids, MI -- -- 445,250 2
Hartford, CT -- -- 84,000 1
Houston, TX 439,185 6 -- --
Indianapolis, IN 295,310 8 54,000 1
Long Island, NY 157,995 3 62,898 1
Louisville, KY -- -- -- --
Milwaukee, WI 79,268 2 468,000 1
Minneapolis/St Paul, MN 537,034 5 1,395,184 15
Nashville, TN -- -- 109,058 1
N. New Jersey 192,153 3 -- --
New Orleans, LA 40,500 1 -- --
Philadelphia, PA 46,750 1 56,827 2
Phoenix, AZ 261,156 3 -- --
Portland, OR -- -- -- --
Salt Lake City, UT -- -- -- --
S. New Jersey 129,971 2 22,738 1
St. Louis, MO -- -- -- --
Tampa, FL 326,309 6 -- --
Other (a) 50,000 1 346,103 6
--------- ----- ---------- ----
Total 4,420,443 76 5,201,519 45
========= ===== ========== ====
</TABLE>
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas;
Austin, Texas; Wichita, Kansas; West Lebanon, New Hampshire; Green Bay,
Wisconsin; Shreveport, Louisiana and Clarion, Iowa.
8
<PAGE> 10
PROPERTY SUMMARY TOTALS
<TABLE>
<CAPTION>
TOTALS
-----------------------------------------------------------------
NUMBER OF OCCUPANCY AT GLA AS A % OF
METROPOLITAN AREA GLA PROPERTIES 12/31/99 TOTAL PORTFOLIO
- ----------------------------- ---------- ---------- ------------ ---------------
<S> <C> <C> <C> <C>
Atlanta, GA 5,218,453 32 96% 7.8%
Baltimore, MD 982,931 12 85% 1.5%
Baton Rouge, LA 225,147 4 98% 0.3%
Central Pennsylvania 3,766,963 20 100% 5.6%
Chicago, IL 5,887,746 52 97% 8.8%
Cincinnati, OH 1,485,675 11 99% 2.2%
Cleveland, OH 355,141 8 100% 0.5%
Columbus, OH 2,183,871 8 100% 3.3%
Dallas, TX 1,861,498 32 98% 2.8%
Dayton, OH 342,746 7 95% 0.5%
Denver, CO 4,215,463 99 97% 6.2%
Des Moines, IA 1,096,115 10 97% 1.6%
Detroit, MI 5,704,797 158 97% 8.5%
Grand Rapids, MI 2,856,191 25 96% 4.3%
Hartford, CT 619,191 11 92% 0.9%
Houston, TX 2,941,100 26 90% 4.4%
Indianapolis, IN 4,155,796 41 90% 6.2%
Long Island, NY 3,961,494 52 94% 5.9%
Louisville, KY 744,900 2 100% 1.1%
Milwaukee, WI 931,763 11 95% 1.4%
Minneapolis/St. Paul, MN 5,541,901 62 95% 8.3%
Nashville, TN 1,609,028 15 100% 2.4%
N. New Jersey 1,659,313 46 95% 2.5%
New Orleans, LA 552,588 15 93% 0.8%
Philadelphia, PA 605,225 19 96% 0.9%
Phoenix, AZ 573,988 6 100% 0.9%
Portland, OR 844,727 35 92% 1.3%
Salt Lake City, UT 682,081 45 89% 1.0%
S. New Jersey 1,426,113 28 96% 2.1%
St. Louis, MO 1,374,716 17 100% 2.1%
Tampa, FL 1,457,362 43 86% 2.2%
Other (a) 1,165,112 15 100% 1.7%
---------- --- --- -----
Total or Average 67,029,135 967 96% 100.0%
========== === === =====
</TABLE>
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas;
Austin, Texas; Wichita, Kansas; West Lebanon, New Hampshire; Green Bay,
Wisconsin; Shreveport, Louisiana and Clarion, Iowa.
9
<PAGE> 11
PROPERTY ACQUISITION ACTIVITY
During 1999, the Company completed 13 separate industrial property
acquisition transactions comprising 19 in-service industrial properties and two
industrial properties under redevelopment totaling approximately 2.0 million
square feet of GLA at a total purchase price of approximately $63.0 million, or
$32.15 per square foot. The Company also purchased numerous land parcels for an
aggregate purchase price of approximately $12.2 million. The 21 industrial
properties acquired have the following characteristics:
<TABLE>
<CAPTION>
NUMBER OF OCCUPANCY AT
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/99 ACQUISITION DATE
----------------- ---------- -------- -------------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Baltimore, MD (a) 1 150,000 Bulk Warehouse N/A January 25, 1999
Central Pennsylvania (a) 1 378,000 Bulk Warehouse N/A January 28, 1999
Houston, TX 1 50,000 Regional Warehouse 100% June 25, 1999
Phoenix, AZ (b) 1 85,245 Regional Warehouse N/A June, 29, 1999
Phoenix, AZ 1 38,560 Light Industrial 100% August 12, 1999
Baltimore, MD 1 142,140 Bulk Warehouse 100% September 17, 1999
Philadelphia, PA 1 19,965 Light Industrial 100% September 27, 1999
Tampa, FL 6 107,670 Light Industrial 87% October 5, 1999
Nashville, TN 1 100,000 Bulk Warehouse 100% October 14, 1999
Atlanta, GA 2 217,627 Bulk Warehouse/Regional 100% October 26, 1999
Warehouse
Atlanta, GA 1 123,457 Bulk Warehouse 100% November 3, 1999
Houston, TX 2 483,950 Bulk Warehouse/Regional 100% December 1, 1999
Warehouse
Houston, TX 2 63,811 Light Industrial 100% December 13, 1999
--- ---------
Total 21 1,960,425
=== =========
</TABLE>
(a) Property is a redevelopment.
(b) Property was sold on December 10, 1999.
PROPERTY DEVELOPMENT ACTIVITY
During 1999, the Company placed in-service 19 developments and one
expansion totaling approximately 3.1 million square feet of GLA at a total cost
of approximately $103.7 million, or $33.29 per square foot. The developed
properties have the following characteristics:
<TABLE>
<CAPTION>
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/99 COMPLETION DATE
- -------------------------------------------- ---------- --------------------------- ----------- ---------------
<S> <C> <C> <C> <C>
Detroit, MI 125,605 Bulk Warehouse 100% March 1, 1999
Louisville, KY 212,500 Bulk Warehouse 100% March 25,1999
Tampa, FL 23,778 R&D Flex 83% April 1, 1999
Chicago, IL (a) 146,728 Light Industrial N/A April 13, 1999
Minneapolis, MN 124,800 Bulk Warehouse 100% May 17, 1999
Cincinnati, OH 240,000 Bulk Warehouse 100% July 1, 1999
Dallas, TX 33,000 Light Industrial 100% August 1, 1999
Detroit, MI 55,535 Regional Warehouse 100% August 9, 1999
Minneapolis, MN 126,382 Bulk Warehouse 92% September 1, 1999
Denver, CO 52,183 Light Industrial 92% September 1, 1999
Atlanta, GA 800,000 Bulk Warehouse 100% October 1, 1999
Nashville, TN 122,000 Bulk Warehouse 100% October 15, 1999
Minneapolis, MN 143,066 Bulk Warehouse 100% November 1, 1999
Tampa, FL 82,469 Regional Warehouse 76% December 1, 1999
Tampa, FL 41,861 R&D Flex 100% December 1, 1999
Tampa, FL 30,019 Light Industrial 100% December 15, 1999
Tampa, FL 33,861 R&D Flex 100% December 22, 1999
Indianapolis, IN (b) 486,888 Bulk Warehouse N/A December 22, 1999
Minneapolis, MN 153,454 Bulk Warehouse 100% December 30, 1999
Minneapolis, MN (c) 79,160 Bulk Warehouse 87% December 31, 1999
---------
Total 3,113,289
=========
</TABLE>
(a) Property was sold on April 13, 1999.
(b) Property was sold on December 22, 1999.
(c) Expansion.
At December 31, 1999, the Company had 23 projects under development,
with an estimated completion GLA of approximately 3.3 million square feet and an
estimated completion cost of approximately $131.2 million.
10
<PAGE> 12
PROPERTY SALES
During 1999, the Company sold 56 in-service industrial properties
totaling approximately 6.2 million square feet of GLA and several land parcels.
Total gross sales proceeds approximated $245.8 million. The 56 in-service
properties sold have the following characteristics:
<TABLE>
<CAPTION>
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- --------------------------- ------------ -------------- ------------------------- -----------------------
<S> <C> <C> <C> <C>
Detroit, MI 1 32,470 Light Industrial January 27, 1999
Phoenix, AZ 2 87,462 Light Industrial January 29, 1999
Denver, CO 1 26,922 R&D Flex February 8, 1999
Chicago, IL 1 54,660 R&D Flex February 10, 1999
Chicago, IL 2 173,432 Light Industrial February 10, 1999
New Orleans, LA 1 50,000 Regional Warehouse February 19, 1999
Grand Rapids, MI 1 30,000 Light Industrial March 12, 1999
Northern New Jersey 1 106,184 Bulk Warehouse March 18, 1999
Chicago, IL 1 146,728 Light Industrial April 13, 1999
Long Island, NY 1 22,250 Light Industrial April 16, 1999
Detroit, MI 1 62,925 R&D Flex April 20, 1999
Denver, CO 1 25,026 Light Industrial April 30, 1999
Long Island, NY 1 50,296 Light Industrial May 26, 1999
Northern New Jersey 1 59,310 R&D Flex June 11, 1999
Chicago, IL 1 21,548 Regional Warehouse June 11,1999
Atlanta, GA 3 248,150 Manufacturing/Regional June 18, 1999
Warehouse
Long Island, NY 1 42,700 Light Industrial June 21, 1999
Chicago, IL 1 212,040 Bulk Warehouse June 24, 1999
Chicago, IL 1 310,752 Bulk Warehouse June 24, 1999
Chicago, IL 1 109,728 Bulk Warehouse June 24, 1999
Grand Rapids, MI 1 423,230 Bulk Warehouse June 30, 1999
Chicago, IL 1 323,425 Manufacturing August 19, 1999
Houston, TX 1 48,140 Light Industrial August 25, 1999
Denver, CO 1 33,573 R&D Flex August 26, 1999
Harrisburg, PA 9 417,138 R&D Flex/Light September 15, 1999
Industrial
Hartford, CT 1 50,000 Light Industrial September 23, 1999
Detroit, MI 5 1,199,262 Light Industrial/Bulk September 24, 1999
Warehouse
Minneapolis, MN 2 150,108 Manufacturing September 24, 1999
Detroit, MI 1 180,000 Bulk Warehouse September 24, 1999
Minneapolis, MN 2 143,899 R&D Flex September 24, 1999
Northern New Jersey 1 53,372 R&D Flex September 29, 1999
Portland, OR 1 18,000 Light Industrial September 30, 1999
Minneapolis, MN 1 30,335 Light Industrial October 7, 1999
Cincinnati, OH 1 570,000 Manufacturing November 19, 1999
Phoenix, AZ 1 85,245 Regional Warehouse December 10, 1999
Minneapolis, MN 1 75,939 Regional Warehouse December 10, 1999
Indianapolis, IN 1 486,888 Bulk Warehouse December 22, 1999
Houston, TX 1 33,034 Light Industrial December 29, 1999
-- ---------
56 6,194,171
== =========
</TABLE>
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2000 through March 10, 2000, the Company
acquired or completed development of 11 industrial properties and two land
parcels for a total estimated investment of approximately $33.5 million. The
Company also sold six industrial properties and two land parcels for
approximately $41.5 million of gross proceeds.
11
<PAGE> 13
DETAIL PROPERTY LISTING
The following table lists all of the Company's properties as of December
31, 1999, by geographic market area.
PROPERTY LISTING
<TABLE>
<CAPTION>
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ---------- ------------- -------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ATLANTA
- -------
4250 River Green Parkway Duluth, GA (b) 1988 R&D/Flex 2.14 28,942 88%
3400 Corporate Parkway Duluth, GA (b) 1987 Light Industrial 3.73 59,959 86%
3450 Corporate Parkway Duluth, GA (b) 1988 R&D/Flex 2.38 37,346 33%
3500 Corporate Parkway Duluth, GA (b) 1991 R&D/Flex 2.80 44,242 100%
3425 Corporate Parkway Duluth, GA (b) 1990 R&D/Flex 3.49 42,978 100%
1650 GA Highway 155 McDonough, GA 1991 Bulk Warehouse 12.80 228,400 100%
14101 Industrial Park Blvd. Covington, GA 1984 Light Industrial 9.25 92,160 100%
801-804 Blacklawn Road Conyers, GA 1982 Bulk Warehouse 6.67 111,090 87%
1665 Dogwood Drive Conyers, GA 1973 Manufacturing 9.46 198,000 100%
1715 Dogwood Drive Conyers, GA 1973 Manufacturing 4.61 100,000 100%
11235 Harland Drive Covington, GA 1988 Light Industrial 5.39 32,361 100%
700 Westlake Parkway Atlanta, GA 1990 Light Industrial 3.50 56,400 100%
800 Westlake Parkway Atlanta, GA 1991 Bulk Warehouse 7.40 132,400 100%
4050 Southmeadow Parkway Atlanta, GA 1991 Reg. Warehouse 6.60 87,328 100%
4051 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 11.20 171,671 100%
4071 Southmeadow Parkway Atlanta, GA 1991 Bulk Warehouse 17.80 209,918 100%
4081 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 12.83 254,172 100%
1875 Rockdale Industrial Blvd. Conyers, GA 1966 Manufacturing 5.70 121,600 100%
3312 N. Berkeley Lake Road Duluth, GA 1969 Bulk Warehouse 52.11 1,040,296 100%
370 Great Southwest Pkway(m) Atlanta, GA 1986 Light Industrial 8.06 150,536 63%
3495 Bankhead Highway (m) Atlanta, GA 1986 Bulk Warehouse 20.50 408,819 70%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 100%
6105 Boatrock Boulevard Atlanta, GA 1972 Light Industrial 1.79 32,000 100%
1640 Sands Place Marietta, GA 1977 Light Industrial 1.97 35,425 100%
7000 Highland Parkway Smyrna, GA 1998 Bulk Warehouse 10.00 123,808 100%
2084 Lake Industrial Court Conyers, GA 1998 Bulk Warehouse 13.74 180,000 100%
1005 Sigman Road Conyers, GA 1986 Bulk Warehouse 9.12 127,338 100%
2050 East Park Drive Conyers, GA 1998 Reg. Warehouse 5.46 90,289 100%
1003 Sigman Road Conyers, GA 1996 Bulk Warehouse 11.30 123,457 100%
201 Greenwood McDonough, GA 1999 Bulk Warehouse 39.00 800,000 100%
--------- -----
SUBTOTAL OR AVERAGE SUBTOTAL OR AVERAGE 5,218,453 96%
--------- -----
BALTIMORE
- ---------
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 100%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 100%
1811 Portal Baltimore, MD 1987 Light Industrial 3.32 60,000 10%
1831 Portal Baltimore, MD 1990 Light Industrial 3.18 46,522 100%
1821 Portal Baltimore, MD 1986 Light Industrial 4.63 86,234 19%
1820 Portal Baltimore, MD (i) 1982 Bulk Warehouse 6.55 171,000 100%
6615 Tributary Baltimore, MD 1987 Light Industrial 4.36 65,860 68%
7340 Executive Frederick, MD 1988 R&D/Flex 9.38 78,418 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,064 98%
8900 Yellow Brick Road Baltimore, MD 1982 Light Industrial 5.80 60,000 100%
7476 New Ridge Hanover, MD 1987 Light Industrial 18.00 71,866 100%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,140 100%
--------- -----
SUBTOTAL OR AVERAGE 982,931 85%
--------- -----
BATON ROUGE
- -----------
11200 Industriplex Blvd. Baton Rouge, LA 1986 Light Industrial 3.00 42,355 100%
11441 Industriplex Blvd. Baton Rouge, LA 1987 Light Industrial 2.40 35,596 90%
11301 Industriplex Blvd. Baton Rouge, LA 1985 Light Industrial 2.50 38,396 100%
6565 Exchequer Drive Baton Rouge, LA 1986 Bulk Warehouse 5.30 108,800 100%
--------- -----
SUBTOTAL OR AVERAGE 225,147 98%
--------- -----
CENTRAL PENNSYLVANIA
- --------------------
1214-B Freedom Road Cranberry, PA 1982 Reg. Warehouse 5.99 32,779 100%
401 Russell Drive Middletown, PA 1990 Reg. Warehouse 5.20 52,800 100%
2700 Commerce Drive Middletown, PA 1990 Reg. Warehouse 3.60 32,000 100%
2701 Commerce Drive Middletown, PA 1989 Light Industrial 6.40 48,000 100%
2780 Commerce Drive Middletown, PA 1989 Light Industrial 2.00 21,600 100%
7125 Grayson Road Harrisburg, PA 1991 Bulk Warehouse 17.17 300,000 100%
7253 Grayson Road Harrisburg, PA 1990 Bulk Warehouse 12.42 197,308 100%
5020 Louise Drive Mechanicsburg, PA (a) 1995 Light Industrial 5.06 49,350 100%
7195 Grayson Road Harrisburg, PA (a) 1994 Bulk Warehouse 6.02 100,000 100%
400 First Street Middletown, PA 1963/96 Bulk Warehouse 14.88 167,500 100%
401 First Street Middletown, PA 1963/96 Bulk Warehouse 43.55 490,140 100%
500 Industrial Lane Middletown, PA 1970/96 Bulk Warehouse 10.29 115,890 100%
600 Hunter Lane Middletown, PA 1996 Bulk Warehouse 14.77 216,387 100%
</TABLE>
12
<PAGE> 14
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ----------- ---------------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
CENTRAL PENNSYLVANIA (CONT.)
- ----------------------------
300 Hunter Lane Middletown, PA 1996 Bulk Warehouse 16.71 321,333 100%
Fruehauf Building #6 Middletown, PA 1998 Bulk Warehouse 0.00 242,824 100%
3380 Susquehanna Trail North York, PA 1990 Bulk Warehouse 10.00 112,500 100%
495 East Locust Lane York, PA 1993 Bulk Warehouse 15.00 200,000 100%
350 Old Silver Spring Road Mechanicsburg, PA 1968 Light Industrial 20.00 264,120 100%
4500 Westport Drive Mechanicsburg, PA 1996 Bulk Warehouse 11.20 178,600 100%
10 Weaver Road Denver, PA 1974 Bulk Warehouse 85.00 623,832 100%
--------- ----
SUBTOTAL OR AVERAGE 3,766,963 100%
--------- -----
CHICAGO
- -------
720-730 Landwehr Road Northbrook, IL (b) 1978 Light Industrial 4.29 66,912 100%
3170-3190 MacArthur Boulevard Northbrook, IL (b) 1978 Light Industrial 2.14 41,422 100%
20W201 101st Street Lemont, IL (b) 1988 Bulk Warehouse 8.72 160,201 100%
280-296 Palatine Road Wheeling, IL (b) 1978 Bulk Warehouse 4.67 90,833 90%
2300 Hammond Drive Schaumburg, IL 1970 Light Industrial 4.13 77,000 100%
6500 North Lincoln Avenue Lincolnwood, IL 1965/88 Light Industrial 2.52 63,050 79%
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 205,481 100%
917 North Shore Drive Lake Bluff, IL 1974 Light Industrial 4.27 84,575 100%
6750 South Sayre Avenue Bedford Park, IL 1975 Light Industrial 2.51 63,383 100%
585 Slawin Court Mount Prospect, IL 1992 R&D/Flex 3.71 38,150 100%
2300 Windsor Court Addison, IL 1986 Bulk Warehouse 6.80 105,100 100%
3505 Thayer Court Aurora, IL 1989 Light Industrial 4.60 64,220 100%
3600 Thayer Court Aurora, IL 1989 Light Industrial 6.80 66,958 100%
736-776 Industrial Drive Elmhurst, IL 1975 Light Industrial 3.79 80,520 100%
480 East 14th St. Chicago Heights, IL 1958 Bulk Warehouse 11.66 284,135 100%
305-311 Era Drive Northbrook, IL 1978 Light Industrial 1.82 27,549 100%
700-714 Landwehr Road Northbrook, IL 1978 Light Industrial 1.99 41,835 88%
4330 South Racine Avenue Chicago, IL 1978 Manufacturing 5.57 168,000 100%
13040 S. Crawford Avenue Alsip, IL 1976 Bulk Warehouse 15.12 400,076 100%
12241 Melrose Street Franklin Park, IL 1969 Light Industrial 2.47 77,301 100%
3150-3160 MacArthur Boulevard Northbrook, IL (a) 1978 Light Industrial 2.14 41,780 100%
365 North Avenue Carol Stream, IL (a) 1969 Bulk Warehouse 28.65 225,000 100%
2942 MacArthur Boulevard Northbrook, IL (a) 1979 R&D/Flex 3.12 49,730 100%
12301-12325 S. Laramie Avenue Alsip, IL 1975 Bulk Warehouse 8.83 204,586 100%
6300 Howard Niles, IL 1956/64 Manufacturing 19.50 364,000 100%
301 Hintz Wheeling, IL 1960 Manufacturing 2.51 43,636 100%
301 Alice Wheeling, IL 1965 Light Industrial 2.88 65,450 100%
410 West 169th Street South Holland, IL 1974 Bulk Warehouse 6.40 151,436 70%
1001 Commerce Court Buffalo Grove, IL 1989 Light Industrial 5.37 84,956 100%
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 99%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 100%
1010-50 Sesame Street Bensenville, IL (f) 1976 Manufacturing 8.00 252,000 100%
5555 West 70th Place Bedford Park, IL 1973 Manufacturing 2.50 41,531 100%
3200-3250 South St. Louis(m) Chicago, IL 1968 Light Industrial 8.66 74,685 100%
3110-3130 South St. Louis Chicago, IL 1968 Light Industrial 4.00 23,254 100%
7301 South Hamlin Chicago, IL 1975/86 Light Industrial 1.49 56,017 57%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 79%
3900 West 74th Street Chicago, IL 1975/86 Reg. Warehouse 2.13 66,000 100%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 159,728 100%
396 Fenton Lane West Chicago, IL 1987 R&D/Flex 2.74 36,480 80%
400 Wegner Drive West Chicago, IL 1988 Light Industrial 1.33 22,480 100%
450 Fenton Lane West Chicago, IL 1990 R&D/Flex 2.74 35,880 43%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 182,000 100%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
10435 Seymour Avenue Franklin Park, IL 1967 Light Industrial 1.85 53,500 57%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,787 100%
34-45 Lake Street Northlake, IL 1978 Bulk Warehouse 5.71 124,804 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,009 100%
4309 South Morgan Street Chicago, IL 1975 Manufacturing 6.91 200,000 100%
405-17 University Drive Arlington Hgts, IL 1977 Light Industrial 2.42 56,400 100%
--------- ----
SUBTOTAL OR AVERAGE 5,887,746 97%
--------- ----
CINCINNATI
- ----------
9900-9970 Princeton Cincinnati, OH (c) 1970 Bulk Warehouse 10.64 185,580 99%
2940 Highland Avenue Cincinnati, OH (c) 1969/74 Bulk Warehouse 17.08 502,000 100%
4700-4750 Creek Road Blue Ash, OH (c) 1960 Light Industrial 15.32 265,000 96%
4860 Duff Drive Cincinnati, OH 1979 Light Industrial 1.02 15,986 100%
4866 Duff Drive Cincinnati, OH 1979 Light Industrial 1.02 16,000 100%
4884 Duff Drive Cincinnati, OH 1979 Light Industrial 1.59 25,000 100%
4890 Duff Drive Cincinnati, OH 1979 Light Industrial 1.59 25,018 100%
9636-9643 Interocean Drive Cincinnati, OH 1983 Light Industrial 4.13 29,371 100%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 100%
</TABLE>
13
<PAGE> 15
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- --------------- ------------ ----------- ------------- ---------- --- --------
<S> <C> <C> <C> <C> <C> <C> <C>
CINCINNATI (CONT.)
- ------------------
901 Pleasant Valley Drive Springboro, OH 1984 Light Industrial 7.70 69,220 100%
4440 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 15.26 240,000 100%
--------- ---
SUBTOTAL OR AVERAGE 1,485,675 99%
--------- ---
CLEVELAND
- ---------
6675 Parkland Boulevard Solon, OH 1991 R&D/Flex 10.41 102,500 100%
21510-21600 Alexander Rd.(n) Oakwood, OH 1985 Light Industrial 5.70 106,721 100%
5405 & 5505 Valley Belt Rd.(m) Independence, OH 1983 Light Industrial 6.23 62,395 100%
10145 Philipp Parkway Streetsboro, OH 1994 Reg. Warehouse 4.00 51,525 100%
4410 Hamann Willoughby, OH 1975 Light Industrial 1.40 32,000 100%
--------- ---
SUBTOTAL OR AVERAGE 355,141 100%
--------- ---
COLUMBUS
- --------
6911 Americana Parkway Columbus, OH 1980 Light Industrial 4.05 57,255 100%
3800 Lockbourne Industrial Pky Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
3880 Groveport Road Obetz, OH 1986 Bulk Warehouse 43.41 705,600 100%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 100%
4300 Cemetery Road Hilliard, OH 1968 Manufacturing 62.71 255,470 100%
4115 Leap Road (m) Hilliard, OH 1977 R&D/Flex 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 100%
--------- ---
SUBTOTAL OR AVERAGE 2,183,871 100%
--------- ---
DALLAS/FORT WORTH
- -----------------
1275-1281 Roundtable Drive Dallas, TX 1966 Light Industrial 1.75 30,642 100%
2406-2416 Walnut Ridge Dallas, TX 1978 Light Industrial 1.76 44,000 100%
12750 Perimeter Drive Dallas, TX 1979 Bulk Warehouse 6.72 178,200 100%
1324-1343 Roundtable Drive Dallas, TX 1972 Light Industrial 2.09 47,000 100%
1405-1409 Avenue II East Grand Prairie, TX 1969 Light Industrial 1.79 36,000 100%
2651-2677 Manana Dallas, TX 1966 Light Industrial 2.55 82,229 100%
2401-2419 Walnut Ridge Dallas, TX 1978 Light Industrial 1.20 30,000 100%
4248-4252 Simonton Farmers Ranch, TX 1973 Bulk Warehouse 8.18 205,693 100%
900-906 Great Southwest Pkwy Arlington, TX 1972 Light Industrial 3.20 69,761 100%
2179 Shiloh Road Garland, TX 1982 Reg. Warehouse 3.63 65,700 100%
2159 Shiloh Road Garland, TX 1982 R&D/Flex 1.15 20,800 100%
2701 Shiloh Road Garland, TX 1981 Bulk Warehouse 8.20 214,650 100%
12784 Perimeter Drive(n) Dallas, TX 1981 Light Industrial 4.57 95,671 100%
3000 West Commerce Dallas, TX 1980 Manufacturing 11.23 128,478 100%
3030 Hansboro Dallas, TX 1971 Bulk Warehouse 3.71 100,000 100%
5222 Cockrell Hill Dallas, TX 1973 Manufacturing 4.79 96,506 100%
405-407 113th Arlington, TX 1969 Light Industrial 2.75 60,000 50%
816 111th Street Arlington, TX 1972 Light Industrial 2.89 65,000 100%
1017-25 Jacksboro Highway Fort Worth, TX 1970 Light Industrial 1.49 30.000 100%
7341 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.09 20,000 100%
7427 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.60 27,500 100%
7348-54 Tower Street Richland Hills, TX 1978 Light Industrial 1.09 20,000 100%
7370 Dogwood Park Richland Hills, TX 1987 Light Industrial 1.18 18,500 100%
7339-41 Tower Street Richland Hills, TX 1980 Light Industrial 0.95 17,600 100%
7437-45 Tower Street Richland Hills, TX 1977 Light Industrial 1.16 20,000 100%
7331-59 Airport Freeway Richland Hills, TX 1987 R&D/Flex 2.63 37,800 100%
7338-60 Dogwood Park Richland Hills, TX 1978 R&D/Flex 1.51 26,208 100%
7450-70 Dogwood Park Richland Hills, TX 1985 Light Industrial 0.88 18,000 80%
7423-49 Airport Freeway Richland Hills, TX 1985 R&D/Flex 2.39 33,810 71%
7400 Whitehall Street Richland Hills, TX 1994 Light Industrial 1.07 21,750 100%
--------- ---
SUBTOTAL OR AVERAGE 1,861,498 98%
--------- ---
DAYTON
- ------
6094-6104 Executive Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 100%
6202-6220 Executive Boulevard Huber Heights, OH 1996 Light Industrial 3.79 64,000 100%
6268-6294 Executive Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 95%
5749-5753 Executive Boulevard Huber Heights, OH 1975 Light Industrial 1.15 12,000 100%
6230-6266 Executive Boulevard Huber Heights, OH 1979 Light Industrial 5.30 84,000 85%
2200-2224 Sandridge Road Moraine, OH 1983 Light Industrial 2.96 58,746 100%
8119-8137 Uehling Lane Dayton, OH 1978 R&D/Flex 1.15 20,000 100%
--------- ---
SUBTOTAL OR AVERAGE 342,746 95%
--------- ---
DENVER
- ------
7100 North Broadway - Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,269 96%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 91%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 82%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 98%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 73%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 92%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,758 89%
15850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 83%
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 91%
5801 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 15,500 100%
5805 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,358 100%
5815 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,765 83%
</TABLE>
14
<PAGE> 16
<TABLE>
<CAPTION>
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ----------- ----------------- --------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
DENVER (CONT.)
- --------------------
5825 West 6th Avenue Lakewood, CO 1980 R&D/Flex 1.03 20,748 92%
5835 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,490 95%
525 East 70th Street Denver, CO 1985 Light Industrial 5.18 12,000 100%
565 East 70th Street Denver, CO 1985 Light Industrial 5.18 29,990 100%
605 East 70th Street Denver, CO 1985 Light Industrial 5.18 34,000 100%
625 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
665 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
700 West 48th Street Denver, CO 1984 Light Industrial 5.40 53,431 100%
702 West 48th Street Denver, CO 1984 Light Industrial 5.40 23,820 100%
800 East 73rd Denver, CO 1984 R&D/Flex 4.50 49,360 96%
850 East 73rd Denver, CO 1984 R&D/Flex 4.50 38,962 91%
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 82,120 99%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,520 78%
3390 North Peoria Street Aurora, CO 1978 R&D/Flex 1.46 22,699 100%
3508-3538 North Peoria Street Aurora, CO 1978 R&D/Flex 2.61 40,653 100%
3568 North Peoria Street Aurora, CO 1978 R&D/Flex 2.24 34,775 100%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 95%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 100%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,788 100%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 55,027 100%
3871 Revere Street Denver, CO 1980 Reg. Warehouse 3.19 75,265 100%
5454 Havana Street Denver, CO 1980 R&D/Flex 2.68 42,504 100%
5500 Havana Street Denver, CO 1980 R&D/Flex 2.19 34,776 100%
4570 Ivy Street Denver, CO 1985 Light Industrial 1.77 31,355 100%
5855 Stapleton Drive North Denver, CO 1985 Light Industrial 2.33 41,268 100%
5885 Stapleton Drive North Denver, CO 1985 Light Industrial 3.05 53,893 100%
5200-5280 North Broadway Denver, CO 1977 Light Industrial 1.54 31,780 100%
5977-5995 North Broadway Denver, CO 1978 Light Industrial 4.96 50,280 100%
2952-5978 North Broadway Denver, CO 1978 Light Industrial 7.91 88,977 100%
6400 North Broadway Denver, CO 1982 Light Industrial 4.51 69,430 100%
875 Parfet Street Lakewood, CO 1975 Light Industrial 3.06 49,216 100%
4721 Ironton Street Denver, CO 1969 R&D/Flex 2.84 50,160 100%
833 Parfet Street Lakewood, CO 1974 R&D/Flex 2.57 24,800 100%
11005 West 8th Avenue Lakewood, CO 1974 Light Industrial 2.57 25,672 100%
7100 North Broadway - 7 Denver, CO 1985 R&D/Flex 2.30 24,822 97%
7100 North Broadway - 8 Denver, CO 1985 R&D/Flex 2.30 9,107 0%
6804 East 48th Avenue Denver, CO 1973 R&D/Flex 2.23 46,464 100%
445 Bryant Street Denver, CO 1960 Light Industrial 6.31 292,472 100%
East 47th Drive - A Denver, CO 1997 R&D/Flex 3.00 51,200 93%
7025 South Revere Parkway Denver, CO 1997 R&D/Flex 3.20 59,270 100%
9500 W. 49th Street - A Wheatridge, CO 1997 Light Industrial 1.74 19,217 100%
9500 W. 49th Street - B Wheatridge, CO 1997 Light Industrial 1.74 16,441 100%
9500 W. 49th Street - C Wheatridge, CO 1997 R&D/Flex 1.74 29,174 100%
9500 W. 49th Street - D Wheatridge, CO 1997 Light Industrial 1.74 41,615 100%
8100 South Park Way - A Littleton, CO 1997 R&D/Flex 3.33 52,581 95%
8100 South Park Way - B Littleton, CO 1984 R&D/Flex 0.78 12,204 100%
8100 South Park Way - C Littleton, CO 1984 Light Industrial 4.28 67,520 100%
451-591 East 124th Avenue Littleton, CO 1979 Light Industrial 4.96 59,711 100%
14100 East Jewell Aurora, CO 1980 R&D/Flex 3.67 58,553 88%
14190 East Jewell Aurora, CO 1980 R&D/Flex 1.84 29,442 100%
608 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 25,075 100%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 100%
1111 West Evans (A&C) Denver, CO 1986 Light Industrial 2.00 36,894 100%
1111 West Evans (B) Denver, CO 1986 Light Industrial 0.50 4,725 100%
15000 West 6th Avenue Golden, CO 1985 R&D/Flex 5.25 69,279 100%
14998 West 6th Avenue Building E Golden, CO 1995 R&D/Flex 2.29 42,832 100%
14998 West 6th Avenue Building F Englewood, CO 1995 R&D/Flex 2.29 20,424 100%
12503 East Euclid Drive Denver, CO 1986 R&D/Flex 10.90 97,871 92%
6547 South Racine Circle Englewood, CO 1996 Light Industrial 3.92 60,112 100%
7800 East Iliff Avenue Denver, CO 1983 R&D/Flex 3.06 22,296 100%
2369 South Trenton Way Denver, CO 1983 R&D/Flex 4.80 33,267 75%
2370 South Trenton Way Denver, CO 1983 R&D/Flex 3.27 22,735 100%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 100%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 100%
651 Topeka Way Denver, CO 1985 R&D/Flex 4.53 24,000 100%
680 Atchinson Way Denver, CO 1985 R&D/Flex 4.53 24,000 100%
8122 South Park Lane - A Littleton, CO 1986 R&D/Flex 5.09 43,987 100%
8122 South Park Lane - B Littleton, CO 1986 Light Industrial 2.28 20,389 100%
1600 South Abilene Aurora, CO 1986 R&D/Flex 3.53 47,930 100%
1620 South Abilene Aurora, CO 1986 Light Industrial 2.04 27,666 100%
1640 South Abilene Aurora, CO 1986 Light Industrial 2.80 37,948 100%
13900 East Florida Avenue Aurora, CO 1986 R&D/Flex 1.44 19,493 100%
4301 South Federal Boulevard Englewood, CO 1997 Reg. Warehouse 2.80 35,381 100%
</TABLE>
15
<PAGE> 17
<TABLE>
<CAPTION>
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ----------- ------------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
DENVER (CONT.)
- --------------
14401-14492 East 33rd Place Aurora, CO 1979 Bulk Warehouse 4.75 100,100 100%
11701 East 53rd Avenue Denver, CO 1985 Reg. Warehouse 4.19 81,981 100%
5401 Oswego Street Denver, CO 1985 Reg. Warehouse 2.80 53,838 100%
3811 Joliet Denver, CO 1977 R&D/Flex 14.24 124,290 100%
2630 West 2nd Avenue Denver, CO 1970 Light Industrial 0.50 8,260 100%
2650 West 2nd Avenue Denver, CO 1970 Light Industrial 2.80 36,081 83%
14818 West 6th Avenue Bldg. A Golden, CO 1985 R&D/Flex 2.54 39,776 76%
14828 West 6th Avenue Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 96%
12055 E. 49th Ave/4955 Peoria Denver, CO 1984 R&D/Flex 3.09 49,575 100%
4940-4950 Paris Denver, CO 1984 R&D/Flex 1.58 25,290 100%
4970 Paris Denver, CO 1984 R&D/Flex 0.98 15,767 100%
5010 Paris Denver, CO 1984 R&D/Flex 0.92 14,822 100%
7367 South Revere Parkway Englewood, CO 1997 Bulk Warehouse 8.50 102,839 100%
10311 W. Hampden Avenue Lakewood, CO 1999 Light Industrial 4.40 52,183 92%
---------- ----
SUBTOTAL OR AVERAGE 4,215,463 97%
---------- ----
DES MOINES
- ----------
1500 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 13.25 192,466 100%
1600 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 6.78 81,866 100%
4121 McDonald Avenue Des Moines, IA 1977 Bulk Warehouse 11.02 177,431 100%
4141 McDonald Avenue Des Moines, IA 1976 Bulk Warehouse 11.03 263,196 95%
4161 McDonald Avenue Des Moines, IA 1979 Bulk Warehouse 11.02 164,084 92%
5701 NE 17th Street Des Moines, IA 1968 Light Industrial 2.30 54,000 100%
3100 Justin Des Moines, IA 1970 Light Industrial 2.16 30,000 100%
3101 104th St. Des Moines, IA 1970 Light Industrial 2.16 30,072 73%
3051 104th St. Des Moines, IA 1993 Light Industrial 1.08 15,000 100%
2250 Delaware Ave. Des Moines, IA 1975 Reg. Warehouse 4.20 88,000 100%
---------- ----
SUBTOTAL OR AVERAGE 1,096,115 97%
---------- ----
DETROIT
- -------
2654 Elliott Troy, MI (b) 1986 R&D/Flex 0.75 9,700 100%
1731 Thorncroft Troy, MI (b) 1969 Light Industrial 2.26 38,000 100%
1653 E. Maple Troy, MI (b) 1990 R&D/Flex 1.38 23,392 100%
47461 Clipper Plymouth, MI (b) 1992 Light Industrial 1.10 11,600 100%
47522 Galleon Plymouth, MI (b) 1990 Light Industrial 0.90 13,507 100%
4150 Varsity Drive Ann Arbor, MI (b) 1986 Light Industrial 4.32 26,400 100%
1330 Crooks Road Clawson, MI (b) 1960 Light Industrial 5.55 42,360 100%
238 Executive Drive Troy, MI 1973 Light Industrial 1.32 13,740 100%
256 Executive Drive Troy, MI 1974 Light Industrial 1.12 11,273 100%
301 Executive Drive Troy, MI 1974 Light Industrial 1.27 20,411 100%
449 Executive Drive Troy, MI 1975 Reg. Warehouse 2.12 33,001 100%
501 Executive Drive Troy, MI 1984 Light Industrial 1.57 18,061 100%
451 Robbins Drive Troy, MI 1975 Light Industrial 1.88 28,401 100%
700 Stephenson Highway Troy, MI 1978 R&D/Flex 3.13 29,344 100%
800 Stephenson Highway Troy, MI 1979 R&D/Flex 4.39 48,200 100%
1150 Stephenson Highway Troy, MI 1982 R&D/Flex 1.70 18,107 100%
1200 Stephenson Highway Troy, MI 1980 R&D/Flex 2.65 25,025 100%
1035 Crooks Road Troy, MI 1980 Light Industrial 1.74 23,320 100%
1095 Crooks Road Troy, MI 1986 R&D/Flex 2.83 35,042 100%
1416 Meijer Drive Troy, MI 1980 Light Industrial 1.20 17,944 100%
1624 Meijer Drive Troy, MI 1984 Light Industrial 3.42 44,040 100%
1972 Meijer Drive Troy, MI 1985 Reg. Warehouse 2.36 37,075 100%
2112 Meijer Drive Troy, MI 1980 Reg. Warehouse 4.12 34,558 100%
1621 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.54 24,900 100%
1707 Northwood Drive Troy, MI 1983 Light Industrial 1.69 28,750 100%
1749 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.69 26,125 100%
1788 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1821 Northwood Drive Troy, MI 1977 Reg. Warehouse 2.07 35,050 100%
1826 Northwood Drive Troy, MI 1977 Light Industrial 1.22 12,480 100%
1864 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1921 Northwood Drive Troy, MI 1977 Light Industrial 2.33 42,000 100%
2230 Elliott Avenue Troy, MI 1974 Light Industrial 0.90 12,612 100%
2237 Elliott Avenue Troy, MI 1974 Light Industrial 0.96 12,612 100%
2277 Elliott Avenue Troy, MI 1975 Light Industrial 0.96 12,612 100%
2291 Elliott Avenue Troy, MI 1974 Light Industrial 1.06 12,200 100%
2451 Elliott Avenue Troy, MI 1974 Light Industrial 1.68 24,331 100%
2730 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 3.52 57,850 100%
2791 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 4.48 64,199 100%
2871 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 3.55 49,543 100%
2911 Research Drive Rochester Hills, MI 1992 Reg. Warehouse 5.72 80,078 100%
3011 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 2.55 32,637 100%
2870 Technology Drive Rochester Hills, MI 1988 Light Industrial 2.41 24,445 100%
2890 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.76 24,410 100%
2900 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 2.15 31,047 100%
2920 Technology Drive Rochester Hills, MI 1992 Light Industrial 1.48 19,011 100%
</TABLE>
16
<PAGE> 18
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- -------------------- ------------ ----------- ------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
DETROIT (CONT.)
- ---------------
2930 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.41 17,994 100%
2950 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.48 19,996 100%
2960 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 3.83 41,565 100%
23014 Commerce Drive Farmington Hills, MI 1983 R&D/Flex 0.65 7,200 100%
23028 Commerce Drive Farmington Hills, MI 1983 Light Industrial 1.26 20,265 100%
23035 Commerce Drive Farmington Hills, MI 1983 Light Industrial 1.23 15,200 100%
23042 Commerce Drive Farmington Hills, MI 1983 R&D/Flex 0.75 8,790 100%
23065 Commerce Drive Farmington Hills, MI 1983 Light Industrial 0.91 12,705 100%
23070 Commerce Drive Farmington Hills, MI 1983 R&D/Flex 1.43 16,765 100%
23079 Commerce Drive Farmington Hills, MI 1983 Light Industrial 0.85 10,830 100%
23093 Commerce Drive Farmington Hills, MI 1983 Reg. Warehouse 3.87 49,040 100%
23135 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.02 23,969 100%
23149 Commerce Drive Farmington Hills, MI 1985 Reg. Warehouse 6.32 47,700 100%
23163 Commerce Drive Farmington Hills, MI 1986 Light Industrial 1.51 19,020 100%
23177 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.29 32,127 100%
23206 Commerce Drive Farmington Hills, MI 1985 Light Industrial 1.30 19,822 100%
23290 Commerce Drive Farmington Hills, MI 1980 Reg. Warehouse 2.56 42,930 100%
23370 Commerce Drive Farmington Hills, MI 1980 Light Industrial 0.67 8,741 100%
24492 Indoplex Circle Farmington Hills, MI 1976 Light Industrial 1.63 24,000 100%
24528 Indoplex Circle Farmington Hills, MI 1976 Light Industrial 2.26 34,650 100%
21477 Bridge Street Southfield, MI 1986 Light Industrial 3.10 41,500 87%
2965 Technology Drive Rochester Hills, MI (a) 1995 Reg. Warehouse 4.92 66,395 100%
1451 East Lincoln Avenue Madison Heights, MI (a) 1967 Light Industrial 3.92 75,000 100%
4400 Purks Drive Auburn Hills, MI (a) 1987 Light Industrial 13.04 157,100 100%
4177A Varsity Drive Ann Arbor, MI (a) 1993 Light Industrial 2.48 11,050 100%
6515 Cobb Drive Sterling Heights, MI (a) 1984 Light Industrial 2.91 47,597 100%
32450 N. Avis Drive Madison Heights, MI 1974 Light Industrial 3.23 55,820 0%
32200 N. Avis Drive Madison Heights, MI 1973 Light Industrial 6.15 88,700 100%
11813 Hubbard Livonia, MI 1979 Light Industrial 1.95 33,300 100%
11866 Hubbard Livonia, MI 1979 Light Industrial 2.32 41,380 100%
12050-12300 Hubbard (m) Livonia, MI 1981 Light Industrial 6.10 85,086 78%
38200 Plymouth Livonia, MI 1997 Bulk Warehouse 11.43 140,365 100%
38220 Plymouth Livonia, MI 1988 Bulk Warehouse 13.14 145,232 100%
38300 Plymouth Livonia, MI 1997 Bulk Warehouse 6.95 127,800 100%
12707 Eckles Road Plymouth, MI 1990 Light Industrial 2.62 42,300 100%
9300-9328 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,286 100%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 100%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 100%
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 50%
28421-28449 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,285 75%
28451-28479 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,280 88%
28825-28909 Highland Rd Romulus, MI 1981 Light Industrial 2.53 29,284 100%
28933-29017 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
28824-28908 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
28932-29016 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
9710-9734 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,925 100%
9740-9772 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,548 100%
9840-9868 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,280 50%
9800-9824 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,620 0%
29265-29285 Airport Drive Romulus, MI 1983 Light Industrial 2.05 23,707 100%
29185-29225 Airport Drive Romulus, MI 1983 Light Industrial 3.17 36,658 100%
29149-29165 Airport Drive Romulus, MI 1984 Light Industrial 2.89 33,440 100%
29101-29115 Airport Drive Romulus, MI 1985 R&D/Flex 2.53 29,287 100%
29031-29045 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,280 100%
29050-29062 Airport Drive Romulus, MI 1986 Light Industrial 2.22 25,837 100%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 100%
29200-29214 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,282 100%
9301-9339 Middlebelt Road Romulus, MI 1983 R&D/Flex 1.29 15,414 94%
21405 Trolley Industrial Road Taylor, MI 1971 Bulk Warehouse 11.25 180,986 100%
26980 Trolley Industrial Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
28055 S. Wick Road Romulus, MI 1989 Light Industrial 6.79 42,060 100%
12050-12200 Farmington Road Livonia, MI 1973 Light Industrial 1.34 25,470 79%
33200 Capitol Avenue Livonia, MI 1977 Light Industrial 2.16 40,000 100%
32975 Capitol Avenue Livonia, MI 1978 R&D/Flex 0.99 18,465 100%
2725 S. Industrial Highway Ann Arbor, MI 1997 Light Industrial 2.63 37,875 100%
32920 Capitol Avenue Livonia, MI 1973 Reg. Warehouse 0.47 8,000 100%
32940 Capitol Avenue Livonia, MI 1971 Light Industrial 0.45 8,480 100%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 100%
11923 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.76 14,600 100%
11965 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.88 14,600 100%
34005 Schoolcraft Road Livonia, MI 1981 Light Industrial 1.70 26,100 100%
13405 Stark Road Livonia, MI 1980 Light Industrial 0.65 9,750 100%
1170 Chicago Road Troy, MI 1983 Light Industrial 1.73 21,500 100%
1200 Chicago Road Troy, MI 1984 Light Industrial 1.73 26,210 100%
</TABLE>
17
<PAGE> 19
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ----------------- ------------ ----------- ------------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
DETROIT (CONT.)
- ---------------
450 Robbins Drive Troy, MI 1976 Light Industrial 1.38 19,050 100%
556 Robbins Drive Troy, MI 1974 Light Industrial 0.63 8,760 100%
1230 Chicago Road Troy, MI 1996 Reg. Warehouse 2.10 30,120 100%
12886 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 100%
12898 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 100%
33025 Industrial Road Livonia, MI 1980 Light Industrial 1.02 6,250 100%
2002 Stephenson Highway Troy, MI 1986 R&D/Flex 1.42 21,850 100%
47711 Clipper Street Plymouth Twsp, MI 1996 Reg. Warehouse 2.27 36,926 100%
32975 Industrial Road Livonia, MI 1984 Light Industrial 1.19 21,000 100%
32985 Industrial Road Livonia, MI 1985 Light Industrial 0.85 12,040 100%
32995 Industrial Road Livonia, MI 1983 Light Industrial 1.11 14,280 100%
12874 Westmore Avenue Livonia, MI 1984 Light Industrial 1.01 16,000 100%
33067 Industrial Road Livonia, MI 1984 Light Industrial 1.11 18,640 100%
1775 Bellingham Troy, MI 1987 R&D/Flex 1.88 28,900 100%
1785 East Maple Troy, MI 1985 Light Industrial 0.80 10,200 100%
1807 East Maple Troy, MI 1984 R&D/Flex 2.15 28,100 100%
9800 Chicago Road Troy, MI 1985 Light Industrial 1.09 14,280 100%
1840 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 2.42 33,240 100%
1885 Enterprise Drive Rochester Hills, MI 1990 Light Industrial 1.47 19,604 100%
1935-55 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 4.54 53,400 100%
5500 Enterprise Court Warren, MI 1989 R&D/Flex 3.93 53,900 100%
5800 Enterprise Court Warren, MI 1987 Manufacturing 1.48 17,240 100%
750 Chicago Road Troy, MI 1986 Light Industrial 1.54 26,709 100%
800 Chicago Road Troy, MI 1985 Light Industrial 1.48 24,340 100%
850 Chicago Road Troy, MI 1984 Light Industrial 0.97 16,049 100%
2805 S. Industrial Highway Ann Arbor, MI 1990 R&D/Flex 1.70 24,458 100%
6833 Center Drive Sterling Heights, MI 1998 Reg. Warehouse 4.42 66,132 100%
22731 Newman Street Dearborn, MI 1985 R&D/Flex 2.31 48,000 100%
32201 North Avis Drive Madison Heights, MI 1974 R&D/Flex 4.19 50,000 100%
1100 East Mandoline Road Madison Heights, MI 1967 Bulk Warehouse 8.19 117,903 100%
30081 Stephenson Highway Madison Heights, MI 1967 Light Industrial 2.50 50,750 100%
1120 John A. Papalas Drive(n) Lincoln Park, MI 1985 Light Industrial 10.30 120,410 100%
36555 Ecorse Romulus, MI 1998 Bulk Warehouse 18.00 268,800 100%
6340 Middlebelt Romulus, MI 1998 Light Industrial 11.03 77,508 100%
4872 S. Lapeer Road Lake Orion Twsp, MI 1999 Bulk Warehouse 9.58 125,605 100%
775 James L. Hart Parkway Ypsilanti, MI 1999 Reg. Warehouse 7.65 55,535 100%
--------- ----
SUBTOTAL OR AVERA GE 5,704,797 97%
--------- ----
GRAND RAPIDS
- ------------
3232 Kraft Avenue Grand Rapids, MI (b) 1988 Bulk Warehouse 13.15 216,000 72%
8181 Logistics Drive Grand Rapids, MI (b) 1990 Bulk Warehouse 10.00 222,000 100%
5062 Kendrick Court Grand Rapids, MI (b) 1987 Manufacturing 2.06 31,750 100%
2 84th Street SW Byron Center, MI 1986 Light Industrial 3.01 30,000 100%
100 84th Street SW Byron Center, MI 1979 Light Industrial 4.20 81,000 100%
511 76th Street SW Grand Rapids, MI 1986 Bulk Warehouse 14.44 202,500 100%
553 76th Street SW Grand Rapids, MI 1985 R&D/Flex 1.16 10,000 100%
555 76th Street SW Grand Rapids, MI 1987 Bulk Warehouse 12.50 200,000 100%
2925 Remico Avenue SW Grandville, MI 1988 Light Industrial 3.40 66,505 100%
2935 Walkent Court NW Grand Rapids, MI 1991 Light Industrial 6.13 64,961 100%
3300 Kraft Avenue SE Grand Rapids, MI 1987 Bulk Warehouse 11.57 200,000 100%
3366 Kraft Avenue SE Grand Rapids, MI 1987 Bulk Warehouse 12.35 200,000 75%
5001 Kendrick Court SE Grand Rapids, MI 1983 Light Industrial 4.00 61,500 100%
5050 Kendrick Court SE Grand Rapids, MI 1988 Manufacturing 26.94 413,500 100%
5015 52nd Street SE Grand Rapids, MI 1987 Light Industrial 4.11 61,250 100%
5025 28th Street Grand Rapids, MI 1967 Light Industrial 3.97 14,400 100%
5079 33rd Street SE Grand Rapids, MI 1990 Bulk Warehouse 6.74 109,875 100%
5333 33rd Street SE Grand Rapids, MI 1991 Bulk Warehouse 8.09 101,250 100%
5130 Patterson Ave Grand Rapids, MI 1987 Light Industrial 6.57 30,000 100%
425 Gordon Industrial Court Grand Rapids, MI (a) 1990 Bulk Warehouse 8.77 173,875 100%
2851 Prairie Street Grandville, MI (a) 1989 Bulk Warehouse 5.45 117,251 100%
2945 Walkent Court Grand Rapids, MI (a) 1993 Bulk Warehouse 4.45 93,374 100%
537 76th Street Grand Rapids, MI (a) 1987 Light Industrial 5.26 80,000 100%
3395 Kraft Avenue Grand Rapids, MI 1985 Light Industrial 3.70 42,600 100%
3427 Kraft Avenue Grand Rapids, MI 1985 Light Industrial 2.40 32,600 100%
--------- ----
SUBTOTAL OR AVERAGE 2,856,191 96%
--------- ----
HARTFORD
- --------
20 Utopia Road Manchester, CT 1989 Light Industrial 3.96 36,000 100%
50 Utopia Road Manchester, CT 1987 Light Industrial 3.97 60,000 100%
135 Sheldon road Manchester, CT 1987 Light Industrial 6.17 60,000 100%
169 Progress Road Manchester, CT 1987 Manufacturing 11.25 84,000 100%
227 Progress Drive Manchester, CT 1986 Light Industrial 2.51 19,800 100%
249 Progress Drive Manchester, CT 1985 Light Industrial 3.73 30,000 100%
</TABLE>
18
<PAGE> 20
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ----------- ------------ ----------- ------------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
HARTFORD (CONT.)
- ----------------
428 Hayden Station Road Windsor, CT 1988 Light Industrial 5.47 36,000 100%
430 Hayden Station Road Windsor, CT 1987 Light Industrial 4.34 48,000 75%
436 Hayden Station Road Windsor, CT 1988 Light Industrial 10.96 60,000 100%
460 Hayden Station Road Windsor, CT 1985 Light Industrial 4.71 42,000 79%
345 MacCausland Court Cheshire, CT 1998 Bulk Warehouse 13.14 143,391 80%
--------- ----
SUBTOTAL OR AVERAGE 619,191 92%
--------- ----
HOUSTON
- -------
2102-2314 Edwards Street Houston, TX 1961 Bulk Warehouse 5.02 115,248 100%
4545 Eastpark Drive Houston, TX 1972 Reg. Warehouse 3.80 81,295 100%
3351 Rauch Street Houston, TX 1970 Reg. Warehouse 4.04 82,500 60%
3851 Yale Street Houston, TX 1971 Bulk Warehouse 5.77 132,554 100%
3337-3347 Rauch Street Houston, TX 1970 Reg. Warehouse 2.29 60,085 66%
8505 North Loop East Houston, TX 1981 Bulk Warehouse 4.99 107,769 100%
4749-4799 Eastpark Dr. Houston, TX 1979 Bulk Warehouse 7.75 182,563 100%
4851 Homestead Road Houston, TX 1973 Bulk Warehouse 3.63 142,250 100%
3365-3385 Rauch Street Houston, TX 1970 Reg. Warehouse 3.31 82,140 100%
5050 Campbell Road Houston, TX 1970 Bulk Warehouse 6.10 121,875 100%
4300 Pine Timbers Houston, TX 1980 Bulk Warehouse 4.76 113,400 58%
10600 Hampstead Houston, TX 1974 Light Industrial 1.26 19,063 100%
2300 Fairway Park Drive Houston, TX 1974 Light Industrial 1.25 19,008 100%
7901 Blankenship Houston, TX 1972 Light Industrial 2.17 48,000 100%
2500-2530 Fairway Park Houston, TX 1974 Bulk Warehouse 8.72 213,638 84%
6550 Longpointe Houston, TX 1980 Bulk Warehouse 4.13 97,700 66%
1815 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 6.34 139,630 100%
1819 Turning Basin Drive Houston, TX 1980 Light Industrial 2.85 65,494 100%
4545 Mossford Drive Houston, TX 1975 Reg. Warehouse 3.56 66,565 100%
1805 Turning Basin Drive Houston, TX 1980 Bulk Warehouse 7.60 155,250 100%
7000 Empire Drive Houston, TX (h) 1980 R&D/Flex 6.25 95,073 87%
9777 West Gulfbank Drive Houston, TX (h) 1980 Light Industrial 15.45 252,242 53%
9835 A Genard Road Houston, TX 1980 Bulk Warehouse 39.20 417,350 100%
9835 B Genard Road Houston, TX 1980 Reg. Warehouse 6.40 66,600 100%
16134 West Hardy Houston, TX 1984 Light Industrial 3.60 34,177 100%
16216 West Hardy Houston, TX 1984 Light Industrial 3.12 29,631 100%
--------- ---
SUBTOTAL OR AVERAGE 2,941,100 90%
--------- ---
INDIANAPOLIS
- ------------
2900 North Shadeland Indianapolis, IN (c) 1957/1992 Bulk Warehouse 60.00 959,459 68%
2400 North Shadeland Indianapolis, IN 1970 Reg. Warehouse 2.45 40,000 100%
2402 North Shadeland Indianapolis, IN 1970 Bulk Warehouse 7.55 121,539 100%
7901 West 21st Street Indianapolis, IN 1985 Bulk Warehouse 12.00 353,000 100%
1445 Brookville Way Indianapolis, IN (c) 1989 Bulk Warehouse 8.79 115,200 90%
1440 Brookville Way Indianapolis, IN (c) 1990 Bulk Warehouse 9.64 166,400 100%
1240 Brookville Way Indianapolis, IN (c) 1990 Light Industrial 3.50 63,000 90%
1220 Brookville Way Indianapolis, IN (c) 1990 R&D/Flex 2.10 10,000 100%
1345 Brookville Way Indianapolis, IN (d) 1992 Bulk Warehouse 5.50 132,000 86%
1350 Brookville Way Indianapolis, IN (c) 1994 Reg. Warehouse 2.87 38,460 100%
1315 Sadlier Circle East Drive Indianapolis, IN (d) 1970/1992 R&D/Flex 1.33 14,000 100%
1341 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 Light Industrial 2.03 32,400 100%
1322-1438 Sadlier Circle East Dr Indianapolis, IN (d) 1971/1992 Light Industrial 3.79 36,000 80%
1327-1441 Sadlier Circle East Dr Indianapolis, IN (d) 1992 Light Industrial 5.50 54,000 93%
1304 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 Reg. Warehouse 2.42 17,600 100%
1402 Sadlier Circle East Drive Indianapolis, IN (d) 1970/1992 Light Industrial 4.13 40,800 87%
1504 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 Manufacturing 4.14 54,000 100%
1311 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 R&D/Flex 1.78 13,200 100%
1365 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 Light Industrial 2.16 30,000 100%
1352-1354 Sadlier Circle E. Drive Indianapolis, IN (d) 1970/1992 Light Industrial 3.50 44,000 100%
1335 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 R&D/Flex 1.20 20,000 100%
1327 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 Reg. Warehouse 1.20 12,800 100%
1425 Sadlier Circle East Drive Indianapolis, IN (d) 1971/1992 R&D/Flex 2.49 5,000 100%
1230 Brookville Way Indianapolis, IN (c) 1995 Reg. Warehouse 1.96 15,000 100%
6951 East 30th Street Indianapolis, IN 1995 Light Industrial 3.81 44,000 35%
6701 East 30th Street Indianapolis, IN 1995 Light Industrial 3.00 7,820 100%
6737 East 30th Street Indianapolis, IN 1995 Reg. Warehouse 11.01 87,500 100%
1225 Brookville Way Indianapolis, IN 1997 Light Industrial 1.00 10,000 100%
6555 East 30th Street Indianapolis, IN 1969/1981 Bulk Warehouse 37.00 331,826 100%
2432-2436 Shadeland Indianapolis, IN 1968 Light Industrial 4.57 70,560 94%
8402-8440 East 33rd Street Indianapolis, IN 1977 Light Industrial 4.70 55,200 95%
8520-8630 East 33rd Street Indianapolis, IN 1976 Light Industrial 5.30 81,000 86%
8710-8768 East 33rd Street Indianapolis, IN 1979 Light Industrial 4.70 43,200 96%
3316-3346 North Pagosa Court Indianapolis, IN 1977 Light Industrial 5.10 81,000 100%
3331 Raton Court Indianapolis, IN 1979 Light Industrial 2.80 35,000 100%
</TABLE>
19
<PAGE> 21
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ----------- ------------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
INDIANAPOLIS (CONT.)
- ---------------------
4430 Airport Expressway Indianapolis, IN 1970 Bulk Warehouse 32.00 486,394 100%
6751 East 30th Street Indianapolis, IN 1997 Bulk Warehouse 6.34 100%
100,000
9200 East 146th Street Noblesville, IN 1961 Bulk Warehouse 21.65 150,488 83%
9210 East 146th Street Noblesville, IN 1978 Reg. Warehouse 11.91 23,950 100%
6575 East 30th Street Indianapolis, IN 1998 Bulk Warehouse 4.00 60,000 100%
6585 East 30th Street Indianapolis, IN 1998 Bulk Warehouse 0.00 100,000 100%
---------- ------
SUBTOTAL OR AVERAGE 4,155,796 90%
---------- ------
LONG ISLAND
- -----------
1140 Motor Parkway Hauppauge, NY 1978 Bulk Warehouse 8.00 153,500 100%
10 Edison Street Amityville, NY 1971 Light Industrial 1.40 34,400 100%
120 Secatogue Avenue Farmingdale, NY 1957 Reg. Warehouse 2.60 58,850 100%
100 Lauman Lane Hicksville, NY 1968 Reg. Warehouse 1.90 36,880 76%
200 Finn Court Farmingdale, NY 1965 Bulk Warehouse 5.00 105,573 100%
717 Broadway Avenue Holbrook, NY 1967 Bulk Warehouse 12.30 150,000 100%
725 Broadway Avenue Holbrook, NY 1967 Bulk Warehouse 8.00 122,160 100%
270 Duffy Avenue Hicksville, NY 1956 R&D/Flex 8.40 133,647 100%
280 Duffy Avenue Hicksville, NY 1956 Light Industrial 2.60 49,200 100%
575 Underhill Boulevard Syosset, NY 1967 R&D/Flex 16.60 234,427 100%
5 Sidney Court Lindenhurst, NY 1962 Light Industrial 1.70 29,300 100%
7 Sidney Court Lindenhurst, NY 1964 Light Industrial 5.10 34,000 100%
450 Commack Road Deer Park, NY 1964 Light Industrial 5.10 60,005 100%
99 Layfayette Drive Syosset, NY 1964 Bulk Warehouse 10.90 219,954 100%
65 East Bethpage Road Plainview, NY 1960 Light Industrial 1.40 25,401 100%
171 Milbar Boulevard Farmingdale, NY 1961 Reg. Warehouse 2.30 62,265 84%
95 Horseblock Road Yaphank, NY 1971 Bulk Warehouse 20.00 180,906 79%
151-171 East 2nd Street Huntington, NY 1968 Light Industrial 2.70 44,155 74%
171-175 East 2nd Street Huntington, NY 1969 Light Industrial 2.60 42,374 100%
35 Bloomingdale Road Hicksville, NY 1962 Light Industrial 1.40 31,950 100%
15-39 Tec Street Hicksville, NY 1965 Light Industrial 1.10 17,350 100%
100 Tec Street Hicksville, NY 1965 Light Industrial 1.20 25,000 100%
51-89 Tec Street Hicksville, NY 1965 Light Industrial 1.20 21,741 100%
502 Old Country Road Hicksville, NY 1965 Light Industrial 0.50 10,000 100%
80-98 Tec Street Hicksville, NY 1965 Light Industrial 0.75 13,025 100%
201-233 Park Avenue Hicksville, NY 1962 Light Industrial 1.70 36,892 82%
One Fairchild Court Plainview, NY 1959 R&D/Flex 5.75 57,620 100%
79 Express Street Plainview, NY 1972 Light Industrial 4.70 71,126 100%
92 Central Avenue Farmingdale, NY 1961 Light Industrial 4.70 70,231 100%
160 Engineers Drive Hicksville, NY 1966 Light Industrial 1.90 29,500 100%
260 Engineers Drive Hicksville, NY 1966 Light Industrial 2.80 52,580 100%
87-119 Engineers Drive (m) Hicksville, NY 1966 Light Industrial 1.70 36,400 100%
950-970 South Broadway Hicksville, NY 1966 Light Industrial 2.65 55,889 91%
290 Duffy Avenue Hicksville, NY (e) 1974 Light Industrial 3.00 55,050 100%
185 Price Parkway Farmingdale, NY 1969 Bulk Warehouse 6.40 100,000 100%
62 Alpha Plaza Hicksville, NY 1968 Light Industrial 2.64 34,600 100%
90 Alpha Plaza Hicksville, NY 1969 Light Industrial 1.36 34,175 100%
325 Duffy Avenue Hicksville, NY 1970 Light Industrial 6.64 100,000 0%
600 West John Street Hicksville, NY 1955 Light Industrial 9.00 210,841 84%
939 Motor Parkway Hauppauge, NY 1977 Light Industrial 1.50 21,900 100%
200 13th Avenue Ronkonkoma, NY 1979 Light Industrial 4.70 72,089 99%
100 13th Avenue Ronkonkoma, NY 1979 Manufacturing 4.14 62,898 100%
1 Comac Loop Ronkonkoma, NY 1980 Light Industrial 5.18 63,853 82%
80 13th Avenue Ronkonkoma, NY 1983 Light Industrial 6.22 87,102 100%
90 13th Avenue Ronkonkoma, NY 1982 Light Industrial 6.95 104,313 100%
33 Comac Loop Ronkonkoma, NY 1983 Light Industrial 5.37 71,904 90%
101-125 Comac Street Ronkonkoma, NY 1985 Light Industrial 8.42 99,539 95%
360 Smith Street Farmingdale, NY 1965 Light Industrial 3.00 60,000 100%
700 Dibblee Drive Garden City, NY 1965 Bulk Warehouse 12.24 325,000 100%
49 Mall Drive Hauppauge, NY 1986 Light Industrial 10.50 99,600 100%
275 Marcus Boulevard Hauppage, NY 1985 Light Industrial 5.00 52,329 71%
---------- ------
SUBTOTAL OR AVERAGE 3,961,494 94%
---------- ------
LOUISVILLE
- -----------
1251 Port Road Jeffersonville, IN 1998 Bulk Warehouse 33.00 532,400 100%
9001 Cane Run Road Louisville, KY 1998 Bulk Warehouse 39.60 212,500 100%
---------- ------
SUBTOTAL OR AVERAGE 744,900 100%
---------- ------
MILWAUKEE
- ---------
N25 W23050 Paul Road Pewaukee, WI (a) 1989 R&D/Flex 4.50 37,765 0%
N25 W23255 Paul Road Pewaukee, WI (a) 1987 R&D/Flex 4.80 55,940 100%
N27 W23293 Roundy Drive Pewaukee, WI (a) 1989 Reg. Warehouse 3.64 39,468 100%
6523 N. Sydney Place Glendale, WI 1978 Light Industrial 4.00 100%
43,440
8800 W. Bradley Milwaukee, WI 1982 Light Industrial 8.00 77,621 100%
1435 North 113th Street Wauwatosa, WI 1993 Light Industrial 4.69 51,950 100%
11217-43 W. Becher Street West Allis, WI 1979 Light Industrial 1.74 29,099 100%
2152 S. 114th Street West Allis, WI 1980 Light Industrial 3.30 63,680 84%
</TABLE>
20
<PAGE> 22
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ---------- ---------------- --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
MILWAUKEE
- ---------
4560 North 124th Street Wauwatosa, WI 1976 Light Industrial 1.31 25,000 100%
Science Drive Sturtevant, WI 1997 Manufacturing 35.00 468,000 100%
12221 West Feerick Street Wauwatosa, WI 1971 Reg. Warehouse 1.90 39,800 100%
--------- ---
SUBTOTAL OR AVERAGE 931,763 95%
--------- ----
MINNEAPOLIS/ST. PAUL
- --------------------
2700 Freeway Boulevard Brooklyn Center, MN (b) 1981 Light Industrial 7.76 78,741 77%
6507-6545 Cecilia Circle Bloomington, MN 1980 Manufacturing 9.65 74,118 95%
1275 Corporate Center Drive Eagan, MN 1990 Light Industrial 1.50 19,675 100%
1279 Corporate Center Drive Eagan, MN 1990 Light Industrial 1.50 19,792 100%
2815 Eagandale Boulevard Eagan, MN 1990 Light Industrial 2.20 29,106 100%
6201 West 111th Street Bloomington, MN 1987 Bulk Warehouse 37.00 424,866 100%
6403-6545 Cecilia Drive Bloomington, MN 1980 Light Industrial 9.65 87,322 84%
6925-6943 Washington Avenue Edina, MN 1972 Manufacturing 2.75 37,625 100%
6955-6973 Washington Avenue Edina, MN 1972 Manufacturing 2.25 31,189 91%
7251-7267 Washington Avenue Edina, MN 1972 Light Industrial 1.82 26,250 100%
7301-7325 Washington Avenue Edina, MN 1972 Light Industrial 1.92 27,297 100%
7101 Winnetka Avenue North Brooklyn Park, MN 1990 Bulk Warehouse 14.18 252,978 100%
7600 Golden Triangle Drive Eden Prairie, MN 1989 R&D/Flex 6.79 73,855 95%
7900 Main Street Northeast Fridley, MN 1973 Manufacturing 6.09 97,020 100%
7901 Beech Street Northeast Fridley, MN 1975 Manufacturing 6.07 97,020 100%
9901 West 74th Street Eden Prairie, MN 1983/88 Reg. Warehouse 8.86 150,000 100%
11201 Hampshire Avenue South Bloomington, MN 1986 Manufacturing 5.90 60,480 100%
12220-12222 Nicollet Avenue Burnsville, MN 1989/90 Light Industrial 1.80 17,116 6%
12250-12268 Nicollet Avenue Burnsville, MN 1989/90 Light Industrial 4.30 42,465 100%
12224-12226 Nicollet Avenue Burnsville, MN 1989/90 R&D/Flex 2.40 23,607 78%
305 2nd Street Northwest New Brighton, MN 1991 Light Industrial 5.43 62,293 99%
980 Lone Oak Road Eagan, MN 1992 Reg. Warehouse 11.40 154,950 71%
990 Lone Oak Road Eagan, MN 1989 Reg. Warehouse 11.41 153,608 93%
1030 Lone Oak Road Eagan, MN 1988 Light Industrial 6.30 83,076 100%
1060 Lone Oak Road Eagan, MN 1988 Light Industrial 6.50 82,728 79%
5400 Nathan Lane Plymouth, MN 1990 Light Industrial 5.70 72,089 100%
6464 Sycamore Court Maple Grove, MN 1990 Manufacturing 6.40 79,702 100%
10120 W. 76th Street Eden Prairie, MN 1987 Light Industrial 4.52 57,798 100%
7615 Golden Triangle Eden Prairie, MN 1987 Light Industrial 4.61 52,816 76%
7625 Golden Triangle Drive Eden Prairie, MN 1987 Light Industrial 4.61 73,125 96%
2605 Fernbrook Lane North Plymouth, MN 1987 R&D/Flex 6.37 80,769 100%
12155 Nicollet Avenue Burnsville, MN 1995 Reg. Warehouse 5.80 48,000 100%
900 Apollo Road Egan, MN (a) 1970 Manufacturing 39.00 312,265 100%
7316 Aspen Lane North Brooklyn Park, MN (a) 1978 Manufacturing 6.63 97,640 100%
953 Westgate Drive Brooklyn Center, MN (a) 1991 Light Industrial 3.17 51,906 100%
73rd Avenue North Brooklyn Park, MN 1995 R&D/Flex 4.46 59,782 100%
1905 W. Country Road C Roseville, MN 1993 R&D/Flex 4.60 47,735 100%
2720 Arthur Street Roseville, MN 1995 R&D/Flex 6.06 74,337 100%
10205 51st Avenue North Plymouth, MN 1990 Reg. Warehouse 2.00 30,476 100%
4100 Peavey Road Chaska, MN 1988 Manufacturing 8.27 78,029 100%
11300 Hampshire Ave. South Bloomington, MN 1983 Bulk Warehouse 9.94 145,210 72%
375 Rivertown Drive Woodbury, MN 1996 Bulk Warehouse 11.33 251,968 87%
5205 Highway 169 Plymouth, MN 1960 Light Industrial 7.92 97,770 95%
6451-6595 Citywest Parkway Eden Prairie, MN 1984 R&D/Flex 6.98 83,189 95%
7100-7190 Shady Oak Road(n) Eden Prairie, MN 1982 Light Industrial 14.44 187,777 100%
7500-7546 Washington Square Eden Prairie, MN 1975 Light Industrial 5.40 46,200 100%
7550-7558 Washington Square Eden Prairie, MN 1975 Light Industrial 2.70 29,739 100%
5240-5300 Valley Industrial Blvd Shakopee, MN 1973 Light Industrial 9.06 80,000 74%
1565 First Avenue NW New Brighton, MN 1978 Manufacturing 8.87 112,083 100%
7125 Northland Terrace Brooklyn Park, MN 1996 R&D/Flex 5.89 79,958 100%
6900 Shady Oak Road Eden Prairie, MN 1980 R&D/Flex 4.60 49,190 100%
6477-6525 City West Parkway Eden Prairie, MN 1984 R&D/Flex 7.00 89,456 95%
1157 Valley Park Drive Shakopee, MN 1997 Bulk Warehouse 9.97 126,382 92%
500-530 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 4.47 85,442 100%
770-786 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 3.16 56,388 100%
800 Kasota Avenue SE Minneapolis, MN 1976 Manufacturing 4.10 100,250 100%
2530-2570 Kasota Avenue St. Paul, MN 1976 Manufacturing 4.56 75,933 84%
504 Malcolm Ave. SE Minneapolis, MN 1999 Bulk Warehouse 7.50 143,066 100%
553 North Fairview Minneapolis, MN 1999 Bulk Warehouse 10.75 124,800 100%
1150 Gateway Drive Shakopee, MN 1999 Bulk Warehouse 9.75 153,454 100%
--------- ---
SUBTOTAL OR AVERAGE 5,541,901 95%
--------- ---
NASHVILLE
- ---------
1621 Heil Quaker Boulevard Nashville, TN (b) 1975 Bulk Warehouse 11.29 160,661 100%
417 Harding Industrial Drive Nashville, TN 1972 Bulk Warehouse 13.70 207,440 100%
3099 Barry Drive Portland, TN 1995 Manufacturing 6.20 109,058 100%
3150 Barry Drive Portland, TN 1993 Bulk Warehouse 26.32 268,253 100%
5599 Highway 31 West Portland, TN 1995 Bulk Warehouse 20.00 161,500 100%
1650 Elm Hill Pike Nashville, TN 1984 Light Industrial 3.46 41,228 98%
</TABLE>
21
<PAGE> 23
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ---------- ------------- ------- --- --------
<S> <C> <C> <C> <C> <C> <C> <C>
NASHVILLE (CONT.)
- -----------------
1821 Air Lane Drive Nashville, TN 1984 Light Industrial 2.54 25,300 100%
1102 Appleton Drive Nashville, TN 1984 Light Industrial 1.73 28,022 100%
1920 Air Lane Drive Nashville, TN 1985 Light Industrial 3.19 49,922 100%
1931 Air Lane Drive Nashville, TN 1984 Light Industrial 10.11 87,549 100%
470 Metroplex Drive (m) Nashville, TN 1986 Light Industrial 8.11 102,040 96%
1150 Antiock Pike Nashville, TN 1987 Bulk Warehouse 9.83 146,055 100%
1630 Corporate Place La Vergne, TN 1973 Bulk Warehouse 7.60 122,000 100%
4640 Cummings Park Nashville, TN 1986 Bulk Warehouse 14.69 100,000 100%
--------- ----
SUBTOTAL OR AVERAGE 1,609,028 100%
--------- ----
NORTHERN NEW JERSEY
- -------------------
60 Ethel Road West Piscataway, NJ 1982 Light Industrial 3.93 42,802 100%
70 Ethel Road West Piscataway, NJ 1979 Light Industrial 3.78 61,500 100%
105 Neptune Boulevard Neptune, NJ 1989 Light Industrial 10.00 20,440 97%
140 Hanover Avenue Hanover, NJ 1964/1988 R&D/Flex 2.95 24,905 100%
601-629 Montrose Avenue South Plainfield, NJ 1974 Light Industrial 5.83 75,000 100%
3 Marlen Hamilton, NJ 1981 Light Industrial 1.11 13,174 100%
5 Marlen Hamilton, NJ 1981 Light Industrial 1.56 21,000 63%
7 Marlen Hamilton, NJ 1982 Light Industrial 2.05 28,400 67%
8 Marlen Hamilton, NJ 1982 Reg. Warehouse 4.36 60,001 100%
15 Marlen Hamilton, NJ 1982 Light Industrial 1.19 13,562 100%
17 Marlen Hamilton, NJ 1981 Light Industrial 1.32 20,030 50%
1 South Gold Drive Hamilton, NJ 1973 Light Industrial 1.50 20,009 95%
5 South Gold Drive Hamilton, NJ 1974 Light Industrial 1.97 24,000 100%
6 South Gold Drive Hamilton, NJ 1975 Light Industrial 1.00 13,580 100%
7 South Gold Drive Hamilton, NJ 1976 Light Industrial 1.00 10,219 50%
8 South Gold Drive Hamilton, NJ 1977 Light Industrial 1.14 16,907 100%
9 South Gold Drive Hamilton, NJ 1980 Light Industrial 1.00 13,583 100%
11 South Gold Drive Hamilton, NJ 1979 Light Industrial 1.97 33,114 100%
12 South Gold Drive Hamilton, NJ 1980 Light Industrial 1.29 20,240 100%
9 Princess Road Lawrenceville, NJ 1985 R&D/Flex 2.36 24,375 100%
11 Princess Road Lawrenceville, NJ 1985 R&D/Flex 5.33 55,000 73%
15 Princess Road Lawrenceville, NJ 1986 R&D/Flex 2.00 20,625 100%
17 Princess Road Lawrenceville, NJ 1986 R&D/Flex 1.82 18,750 100%
220 Hanover Avenue Hanover, NJ 1987 Bulk Warehouse 29.27 158,242 100%
244 Shefield Street Mountainside, NJ 1965/1986 Light Industrial 2.20 23,000 54%
30 Troy Road Hanover, NJ 1972 Light Industrial 1.31 17,500 100%
15 Leslie Court Hanover, NJ 1971 Light Industrial 3.08 18,000 100%
20 Leslie Court Hanover, NJ 1974 Light Industrial 1.38 17,997 100%
25 Leslie Court Hanover, NJ 1975 Light Industrial 1.30 70,800 92%
130 Algonquin Parkway Hanover, NJ 1973 Light Industrial 5.50 29,008 100%
150 Algonquin Parkway Hanover, NJ 1973 Light Industrial 2.47 17,531 100%
55 Locust Avenue Roseland, NJ 1980 Reg. Warehouse 13.63 79,750 100%
31 West Forest Street (m) Englewood, NJ 1978 Light Industrial 6.00 110,000 93%
25 World's Fair Drive Franklin, NJ 1986 R&D/Flex 1.81 20,000 100%
14 World's Fair Drive Franklin, NJ 1980 R&D/Flex 4.53 60,000 92%
16 World's Fair Drive Franklin, NJ 1981 Light Industrial 3.62 43,400 100%
18 World's Fair Drive Franklin, NJ 1982 R&D/Flex 1.06 12,809 100%
23 World's Fair Drive Franklin, NJ 1982 Light Industrial 1.20 16,000 100%
12 World's Fair Drive Franklin, NJ 1981 Light Industrial 3.85 65,000 96%
49 Napoleon Court Franklin, NJ 1982 Light Industrial 2.06 32,500 100%
50 Napoleon Court Franklin, NJ 1982 Light Industrial 1.52 20,158 100%
22 World's Fair Drive Franklin, NJ 1983 Light Industrial 3.52 50,000 80%
26 World's Fair Drive Franklin, NJ 1984 Light Industrial 3.41 47,000 100%
24 World's Fair Drive Franklin, NJ 1984 Light Industrial 3.45 47,000 100%
12 Wright Way Oakland, NJ 1981 Reg. Warehouse 6.52 52,402 100%
--------- ---
SUBTOTAL OR AVERAGE 1,659,313 95%
--------- ---
NEW ORLEANS
- -----------
520-524 Elmwood Park Blvd.(m) Jefferson, LA 1986 Light Industrial 5.32 102,209 96%
125 Mallard St. St. Rose, LA (g) 1984 R&D/Flex 1.38 23,436 86%
107 Mallard St. Rose, LA (g) 1985 Light Industrial 1.48 23,436 100%
125 James Drive West St. Rose, LA (g) 1990 Light Industrial 3.30 38,692 100%
161 James Drive West St. Rose, LA 1986 Light Industrial 2.80 47,474 55%
150 James Drive East St. Rose, LA 1986 Light Industrial 3.60 49,275 87%
115 James Drive West St. Rose, LA (g) 1986 Light Industrial 2.07 21,408 100%
100 James Drive St. Rose, LA (g) 1980 R&D/Flex 6.66 43,055 100%
143 Mallard St. St. Rose, LA (g) 1982 Light Industrial 1.48 23,436 100%
160 James Drive East St. Rose, LA (g) 1981 R&D/Flex 3.66 25,772 100%
190 James Drive East St. Rose, LA (g) 1987 Light Industrial 4.47 36,357 100%
120 Mallard St. St. Rose, LA (g) 1981 R&D/Flex 3.41 53,520 94%
110 James Drive West St. Rose, LA (g) 1983 R&D/Flex 1.57 24,018 93%
150 Canvasback Drive St. Rose, LA 1986 Reg. Warehouse 2.80 40,500 100%
--------- -----
SUBTOTAL OR AVERAGE 552,588 93%
--------- -----
PHILADELPHIA
- ------------
212 Welsh Pool Road Exton, PA 1975 Light Industrial 6.56 25,361 100%
230-240 Welsh Pool Road Exton, PA 1975 Manufacturing 6.56 30,000 100%
</TABLE>
22
<PAGE> 24
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ---------- ------------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
PHILADELPHIA (CONT.)
- --------------------
264 Welsh Pool Road Exton, PA 1975 R&D/Flex 2.84 11,256 100%
254 Welsh Pool Road Exton, PA 1975 Light Industrial 2.84 28,180 100%
256 Welsh Pool Road Exton, PA 1975 Light Industrial 2.84 12,038 18%
213 Welsh Pool Road Exton, PA 1975 Light Industrial 3.01 22,095 100%
251 Welsh Pool Road Exton, PA 1975 R&D/Flex 4.10 25,546 100%
253-255 Welsh Pool Road Exton, PA 1975 Light Industrial 4.10 20,800 100%
151-161 Philips Road Exton, PA 1975 Light Industrial 3.82 30,065 100%
210 Philips Road Exton, PA 1975 Manufacturing 6.56 26,827 100%
215 Welsh Pool Road Exton, PA 1975 Light Industrial 2.12 14,041 100%
102 Pickering Way Exton, PA 1980 R&D/Flex 8.87 81,071 100%
217 Welsh Pool Road Exton, PA 1975 Light Industrial 2.12 11,293 100%
216 Philips Road Exton, PA 1985 Light Industrial 2.99 39,037 100%
202 Philips Road Exton, PA 1972 Reg. Warehouse 2.94 46,750 100%
110 Thousand Oaks Blvd Morgantown, PA 1987 Bulk Warehouse 7.89 110,000 100%
20 McDonald Blvd Aston, PA 1988 Light Industrial 2.22 28,900 100%
30 McDonald Blvd Aston, PA 1988 Light Industrial 1.68 22,000 45%
219 Welsh Pool Road Exton, PA 1980 Light Industrial 3.00 19,965 100%
--------- ------
SUBTOTAL OR AVERAGE 605,225 96%
--------- ------
PHOENIX
- -------
7340 South Kyrene Road Tempe, AZ 1996 Reg. Warehouse 7.20 63,720 100%
7350 South Kyrene Road Tempe, AZ 1996 Reg. Warehouse 5.36 99,384 100%
7360 South Kyrene Road Tempe, AZ 1996 R&D/Flex 5.42 99,418 100%
7343 South Hardy Drive Tempe, AZ 1997 Bulk Warehouse 7.84 174,854 100%
7333 South Hardy Drive Tempe, AZ 1997 Reg. Warehouse 7.90 98,052 100%
1045 South Edward Drive Tempe, AZ 1976 Light Industrial 2.12 38,560 100%
---------- -----
SUBTOTAL OR AVERAGE 573,988 100%
--------- -----
PORTLAND
- --------
5687 International Way (o) Milwaukee, OR (l) 1974 Light Industrial 3.71 52,080 68%
5795 SW Jean Road (n) Lake Oswego, OR 1985 Light Industrial 3.02 37,352 97%
12130 NE Ainsworth Circle (m) Portland, OR 1986 R&D/Flex 4.39 53,021 77%
5509 NW 122nd Ave (m) Milwaukee, OR (k) 1995 Light Industrial 2.51 26,850 100%
6105-6113 NE 92nd Avenue (o) Portland, OR 1978 Light Industrial 7.42 132,800 100%
8727 NE Marx Drive (n) Portland, OR 1987 Light Industrial 6.59 111,000 68%
3910 SW 170th Avenue Portland, OR 1987 Light Industrial 1.28 20,500 100%
3388 SE 20th Street Portland, OR 1981 Light Industrial 0.25 11,810 100%
5962-5964 NE 87th Avenue Portland, OR 1979 Light Industrial 1.28 14,000 100%
116 SE Yamhill Portland, OR 1974 Light Industrial 0.28 7,500 100%
9106 NE Marx Drive Portland, OR 1969 Light Industrial 0.53 7,500 100%
11620 NE Ainsworth Circle Portland, OR 1992 Light Industrial 1.55 10,000 100%
11824 NE Ainsworth Circle Portland, OR 1992 Light Industrial 2.13 20,812 100%
12124 NE Ainsworth Circle Portland, OR 1984 Light Industrial 2.52 29,040 100%
2715 SE Raymond Portland, OR 1971 Light Industrial 1.28 35,000 100%
1645 NE 72nd Avenue Portland, OR 1972 Light Industrial 0.73 21,600 100%
1630 SE 8th Avenue Portland, OR 1968 Light Industrial 0.92 5,000 100%
9044 NE Marx Drive Portland, OR 1986 Light Industrial 0.35 19,500 100%
2443 SE 4th Avenue Portland, OR 1964 Light Industrial 0.76 27,128 100%
711 SE Stark Street Portland, OR 1972 Light Industrial 0.23 8,000 100%
11632 NE Ainsworth Circle Portland, OR 1990 Light Industrial 9.63 124,610 98%
NE 138th & Airport Way Portland, OR 1990 Light Industrial 12.91 49,624 100%
14699 NE Airport Way Portland, OR 1998 Light Industrial 4.75 20,000 100%
---------- -----
SUBTOTAL OR AVERAGE 844,727 92%
---------- -----
SALT LAKE CITY
- --------------
2255 South 300 West (r) Salt Lake City, UT 1980 Light Industrial 4.56 103,018 100%
512 Lawndale Drive (s) Salt Lake City, UT 1981 Light Industrial 35.00 395,291 88%
1270 West 2320 South West Valley, UT 1986 R&D/Flex 1.49 13,025 77%
1275 West 2240 South West Valley, UT 1986 R&D/Flex 2.06 38,227 100%
1288 West 2240 South West Valley, UT 1986 R&D/Flex 0.97 13,300 76%
2235 South 1300 West West Valley, UT 1986 Light Industrial 1.22 19,000 54%
1293 West 2200 South West Valley, UT 1986 R&D/Flex 0.86 13,300 45%
1279 West 2200 South West Valley, UT 1986 R&D/Flex 0.91 13,300 100%
1272 West 2240 South West Valley, UT 1986 Light Industrial 3.07 34,870 100%
1149 West 2240 South West Valley, UT 1986 Light Industrial 1.71 21,250 100%
1142 West 2320 South West Valley, UT 1987 Light Industrial 1.52 17,500 55%
---------- -----
SUBTOTAL OR AVERAGE 682,081 89%
---------- -----
SOUTHERN NEW JERSEY
- -------------------
2-5 North Olnev Ave. Cherry Hill, NJ 1963 Light Industrial 2.10 58,139 100%
2 Springdale Road Cherry Hill, NJ 1968 Light Industrial 1.44 21,008 92%
4 Springdale Road (m) Cherry Hill, NJ 1963 Light Industrial 3.02 58,189 66%
6 Springdale Road Cherry Hill, NJ 1964 Light Industrial 1.44 23,037 100%
8 Springdale Road Cherry Hill, NJ 1966 Light Industrial 3.02 45,054 100%
12 Springdale Road Cherry Hill, NJ 1965 Light Industrial 3.40 49,259 100%
1 Esterbrook Lane Cherry Hill, NJ 1965 Light Industrial 1.71 8,610 100%
</TABLE>
23
<PAGE> 25
<TABLE>
<CAPTION>
LOCATION YEAR BUILT- LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ --------- ------------- ------- --- --------
<S> <C> <C> <C> <C> <C> <C>
SOUTHERN NEW JERSEY (CONT.)
- ---------------------------
16 Springdale Road Cherry Hill, NJ 1967 Light Industrial 5.30 48,922 91%
5 Esterbrook Lane Cherry Hill, NJ 1966 Reg. Warehouse 5.45 39,167 100%
2 Pin Oak Lane Cherry Hill, NJ 1968 Light Industrial 4.45 51,230 100%
6 Esterbrook Lane Cherry Hill, NJ 1966 Light Industrial 3.96 32,914 100%
3 Computer Drive Cherry Hill, NJ 1966 Bulk Warehouse 11.40 181,000 100%
19 Perina Blvd. Cherry Hill, NJ 1966 Light Industrial 4.00 30,000 100%
28 Springdale Road Cherry Hill, NJ 1967 Light Industrial 2.93 38,949 100%
3 Esterbrook Lane Cherry Hill, NJ 1968 Light Industrial 2.15 32,844 100%
4 Esterbrook Lane Cherry Hill, NJ 1969 Light Industrial 3.42 39,266 100%
26 Springdale Road Cherry Hill, NJ 1968 Light Industrial 3.25 31,652 100%
1 Keystone Ave. Cherry Hill, NJ 1969 Light Industrial 4.15 60,983 90%
1919 Springdale Road Cherry Hill, NJ 1970 Light Industrial 5.13 49,300 100%
21 Olnev Ave. Cherry Hill, NJ 1969 Manufacturing 1.75 22,738 100%
19 Olnev Ave. Cherry Hill, NJ 1971 Light Industrial 4.36 53,962 55%
2 Keystone Ave. Cherry Hill, NJ 1970 Light Industrial 3.47 50,922 100%
18 Olnev Ave. Cherry Hill, NJ 1974 Light Industrial 8.85 62,542 100%
22 Springdale Road Cherry Hill, NJ 1977 Light Industrial 6.24 88,872 100%
1998 Springdale Road Cherry Hill, NJ 1971 Light Industrial 0.95 14,000 100%
55 Carnegie Drive Cherry Hill, NJ 1988 Reg. Warehouse 15.20 90,804 100%
57 Carnegie Drive Cherry Hill, NJ 1987 Bulk Warehouse 13.70 142,750 100%
--------- ----
SUBTOTAL OR AVERAGE 1,426,113 96%
--------- ----
ST. LOUIS
- ---------
8921-8971 Frost Avenue Hazelwood, MO (b) 1971 Bulk Warehouse 2.00 100,000 100%
9043-9083 Frost Avenue Hazelwood, MO (b) 1970 Bulk Warehouse 2.69 145,000 100%
2121 Chapin Industrial Drive Vinita Park, MO 1969/87 Bulk Warehouse 23.40 281,105 100%
1200 Andes Boulevard Olivette, MO 1967 Light Industrial 2.77 66,601 100%
1248 Andes Boulevard Olivette, MO 1967 Light Industrial 3.15 60,708 100%
1208-1226 Ambassador Blvd. Olivette, MO 1966 Light Industrial 2.11 49,600 100%
1503-1525 Fairview Industrial Olivette, MO 1967 Light Industrial 2.18 46,481 100%
2462-2470 Schuetz Road St. Louis, MO 1965 Light Industrial 2.28 43,868 100%
10431-10449 Midwest Industrial Olivette, MO 1967 Light Industrial 2.40 55,125 99%
10751 Midwest Industrial Blvd. Olivette, MO 1965 Light Industrial 1.70 44,100 100%
11652-11666 Fairgrove Industrial St. Louis, MO 1966 Light Industrial 1.92 31,500 100%
11674-11688 Fairgrove Industrial St. Louis, MO 1967 Light Industrial 1.53 31,500 100%
2337 Centerline Drive Maryland Heights, MO 1967 Light Industrial 3.46 75,600 100%
6951 N. Hanley (m) Hazelwood, MO 1965 Bulk Warehouse 9.50 129,614 100%
4560 Anglum Road Hazelwood, MO 1970 Light Industrial 2.60 35,114 100%
2760 South 1st Street St. Louis, MO 1997 Bulk Warehouse 11.00 178,800 100%
--------- ----
SUBTOTAL OR AVERAGE 1,374,716 100%
--------- ----
TAMPA
- -----
6614 Adamo Drive Tampa, FL 1967 Reg. Warehouse 2.78 41,377 100%
202 Kelsey Tampa, FL 1989 Bulk Warehouse 6.30 112,000 0%
6202 Benjamin Road Tampa, FL 1981 R&D/Flex 2.04 29,845 100%
6204 Benjamin Road Tampa, FL 1982 Light Industrial 4.16 60,975 100%
6206 Benjamin Road Tampa, FL 1983 Light Industrial 3.94 57,708 100%
6302 Benjamin Road Tampa, FL 1983 R&D/Flex 2.03 29,747 87%
6304 Benjamin Road Tampa, FL 1984 R&D/Flex 2.04 29,845 100%
6306 Benjamin Road Tampa, FL 1984 Light Industrial 2.58 37,336 86%
6308 Benjamin Road Tampa, FL 1984 Light Industrial 3.22 47,256 100%
5313 Johns Road Tampa, FL 1991 R&D/Flex 1.36 25,690 100%
5602 Thompson Center Court Tampa, FL 1972 R&D/Flex 1.39 14,914 100%
5411 Johns Road Tampa, FL 1997 Light Industrial 1.98 30,204 70%
5525 Johns Road Tampa, FL 1993 R&D/Flex 1.46 24,139 100%
5607 Johns Road Tampa, FL 1991 R&D/Flex 1.34 13,500 100%
5709 Johns Road Tampa, FL 1990 Light Industrial 1.80 25,480 100%
5711 Johns Road Tampa, FL 1990 Light Industrial 1.80 25,455 100%
4410 East Adamo Drive Tampa, FL 1990 Bulk Warehouse 5.60 101,744 74%
4420 East Adamo Drive Tampa, FL 1990 Reg. Warehouse 1.40 26,650 100%
4430 East Adamo Drive Tampa, FL 1987 Reg. Warehouse 3.75 64,551 100%
4440 East Adamo Drive Tampa, FL 1988 Reg. Warehouse 3.75 64,800 100%
4450 East Adamo Drive Tampa, FL 1969 Reg. Warehouse 4.00 46,462 100%
5453 West Waters Avenue Tampa, FL 1987 R&D/Flex 0.66 7,200 100%
5455 West Waters Avenue Tampa, FL 1987 R&D/Flex 2.97 32,424 100%
5553 West Waters Avenue Tampa, FL 1987 Light Industrial 2.97 32,424 100%
5501 West Waters Avenue Tampa, FL 1990 R&D/Flex 1.53 15,870 100%
5503 West Waters Avenue Tampa, FL 1990 R&D/Flex 0.68 7,060 100%
5555 West Waters Avenue Tampa, FL 1990 R&D/Flex 2.31 23,947 100%
5557 West Waters Avenue Tampa, FL 1990 R&D/Flex 0.57 5,860 100%
5463 W. Waters Avenue Tampa, FL (j) 1996 R&D/Flex 3.50 44,427 100%
5903 Johns Road Tampa, FL 1987 Light Industrial 1.20 11,600 88%
4107 North Himes Avenue Tampa, FL 1990 R&D/Flex 1.86 25,436 96%
5461 W. Waters Avenue Tampa, FL 1998 Light Industrial 1.84 21,778 100%
10040 18th Street North Tampa, FL 1998 Reg. Warehouse 5.15 82,469 76%
5471 W. Waters Avenue Tampa, FL 1999 R&D/Flex 2.00 23,778 83%
5505 Johns Road #7 Tampa, FL 1999 Light Industrial 2.12 30,019 100%
5481 W. Waters Avenue Tampa, FL 1999 R&D/Flex 3.60 41,861 100%
5483 W. Waters Avenue Tampa, FL 1999 R&D/Flex 2.92 33,861 100%
</TABLE>
24
<PAGE> 26
<TABLE>
<CAPTION>
OCCUPANCY
LOCATION YEAR BUILT- LAND AREA AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/99
---------------- ---------- ------------ ----------- ------------- ------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
TAMPA, (CONT.)
- --------------
6702-6712 Benjamin Road (q) Tampa, FL 1982 Light Industrial 9.20 107,670 87%
---------- ---
SUBTOTAL OR AVERAGE 1,457,362 86%
---------- ---
OTHER
- -----
2800 Airport Road (p) Denton, TX 1968 Manufacturing 29.91 222,403 100%
3501 Maple Street Abilene, TX 1980 Manufacturing 34.42 123,700 100%
4200 West Harry Street (n) Wichita, KS 1972 Bulk Warehouse 21.45 177,655 100%
Industrial Park No. 2 West Lebanon, NH 1968 Bulk Warehouse 10.27 156,200 100%
931 Discovery Road Green Bay, WI 1997 Light Industrial 4.22 25,254 100%
2675 Valley View Drive Shreveport, LA 1997 Bulk Warehouse 12.00 250,000 100%
300 10th Street NW Clarion, IA 1997 Bulk Warehouse 8.63 126,900 100%
6601 S. 33rd Street McAllen, TX 1975 Reg. Warehouse 3.31 50,000 100%
9601 A Dessau Road Austin, TX 1999 Light Industrial 3.28 33,000 100%
---------- ---
SUBTOTAL OR AVERAGE 1,165,112 100%
---------- ---
TOTAL 67,029,135 96%
========== ===
</TABLE>
(a) These properties are owned by the Securities Partnership. The Securities
Partnership guarantees the payment of dividends and amounts upon
redemption, liquidation, dissolution or winding-up of the Series A
Cumulative Preferred Stock.
(b) These properties collateralize a $39.1 million mortgage loan which matures
on January 11, 2026.
(c) These properties collateralize a $34.6 million mortgage loan which matures
on April 1, 2003.
(d) These properties collateralize a $8.3 million mortgage loan which matures on
January 1, 2013.
(e) This property collateralizes a $.7 million mortgage loan which maturity is
based upon a contingent event related to the environmental status of the
property.
(f) This property collateralizes a $3.6 million mortgage loan which matures on
August 1, 2008.
(g) These properties collateralize a $7.6 million mortgage loan which matures on
April 1, 2006.
(h) These properties collateralize a $3.4 million mortgage loan which matures
on June 1, 2003.
(i) This property collateralizes a $2.4 million mortgage loan which matures on
October 1, 2006.
(j) This property collateralizes a $2.5 million mortgage loan which matures
on September 1, 2006.
(k) These properties collateralize a $.9 million mortgage loan which matures
on November 1, 2006.
(l) These properties collateralize a $1.3 million mortgage loan which matures
on March 15, 2002.
(m) Comprised of two properties.
(n) Comprised of three properties.
(o) Comprised of four properties.
(p) Comprised of five properties.
(q) Comprised of six properties.
(r) Comprised of seven properties.
(s) Comprised of 29 properties.
25
<PAGE> 27
TENANT AND LEASE INFORMATION
The Company has a diverse base of more than 2,900 tenants engaged in a
wide variety of businesses including manufacturing, retail, wholesale trade,
distribution and professional services. Most leases have an initial term of
between three and five years and provide for periodic rental increases that are
either fixed or based on changes in the Consumer Price Index. Industrial tenants
typically have net or semi-net leases and pay as additional rent their
percentage of the property's operating costs, including the costs of common area
maintenance, property taxes and insurance. As of December 31, 1999,
approximately 96% of the GLA of the properties was leased, and no single tenant
or group of related tenants accounted for more than 1.1% of the Company's rent
revenues, nor did any single tenant or group of related tenants occupy more than
1.4% of the Company's total GLA as of December 31, 1999.
The following table shows scheduled lease expirations for all leases for
the Company's properties as of December 31, 1999.
<TABLE>
<CAPTION>
ANNUAL BASE RENT
NUMBER OF PERCENTAGE OF UNDER EXPIRING PERCENTAGE OF TOTAL
YEAR OF LEASES GLA GLA LEASES ANNUAL BASE RENT
EXPIRATION (1) EXPIRING EXPIRING (2) EXPIRING (IN THOUSANDS) EXPIRING (2)
-------------- ------------ --------------- ---------------- -------------------- ---------------------
<S> <C> <C> <C> <C> <C>
2000 841 13,315,075 20.8% $ 56,803 19.8%
2001 635 11,499,193 18.0% 51,148 17.8%
2002 602 10,543,827 16.5% 46,946 16.3%
2003 376 7,328,238 11.4% 36,669 12.8%
2004 305 7,995,632 12.5% 34,328 12.0%
2005 83 2,883,248 4.5% 15,054 5.2%
2006 58 2,208,272 3.4% 10,454 3.6%
2007 35 2,523,676 3.9% 10,150 3.5%
2008 31 2,174,406 3.4% 9,442 3.3%
2009 29 1,977,580 3.1% 8,175 2.9%
Thereafter 26 1,588,104 2.5% 8,023 2.8%
----------- -------------- ----- ------------ -----
Total 3,021 64,037,251 100.0% $ 287,192 100.0%
=========== ============== ===== ============ =====
</TABLE>
- --------------
(1) Lease expirations as of December 31, 1999 assume tenants do not exercise
existing renewal, termination, or purchase options.
(2) Does not include existing vacancies of 2,991,884 aggregate square feet.
ITEM 3. LEGAL PROCEEDINGS
The Company is involved in legal proceedings arising in the ordinary
course of business. All such proceedings, taken together, are not expected to
have a material impact on the results of operations, financial position or
liquidity of the Company.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
26
<PAGE> 28
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
MARKET INFORMATION
The following table sets forth for the periods indicated the high and
low closing prices per share and distributions declared per share for the
Company's common stock which trades on the New York Stock Exchange under the
trading symbol "FR".
<TABLE>
<CAPTION>
DISTRIBUTION
QUARTER ENDED HIGH LOW DECLARED
------------- ----------- --------- -------------
<S> <C> <C> <C>
December 31, 1999 $ 28 5/16 $ 23 9/16 $ .6200
September 30, 1999 27 11/16 24 1/8 .6000
June 30, 1999 28 3/16 22 11/16 .6000
March 31, 1999 27 1/8 23 3/8 .6000
December 31, 1998 27 1/8 23 5/16 .6000
September 30, 1998 32 3/4 22 3/4 .5300
June 30, 1998 35 1/2 29 5/8 .5300
March 31, 1998 37 11/16 33 7/8 .5300
</TABLE>
The Company had 533 common stockholders of record as of March 10, 2000.
The Company has determined that, for federal income tax purposes,
approximately 88.3% of the total $2.42 in distributions per share paid with
respect to 1999 represents ordinary dividend income to its stockholders and the
remaining 11.7% represents a return of capital. In order to maintain its status
as a REIT, the Company is required to meet certain tests, including distributing
at least 95% of its REIT taxable income, or approximately $1.86 per share for
1999. The Company's dividend policy is to meet the minimum distribution required
to maintain the Company's REIT qualification under the Internal Revenue Code.
ITEM 6. SELECTED FINANCIAL DATA
The following sets forth selected financial and operating data for the
Company on a historical consolidated basis. The following data should be read in
conjunction with the financial statements and notes thereto and Management's
Discussion and Analysis of Financial Condition and Results of Operations
included elsewhere in this Form 10-K. The historical statements of operations
for the years ended December 31, 1999, 1998, 1997, 1996 and 1995 include the
results of operations of the Company as derived from the Company's audited
financial statements. The historical balance sheet data and other data as of
December 31, 1999, 1998, 1997, 1996 and 1995 include the balances of the Company
as derived from the Company's audited financial statements. In the opinion of
management, the selected financial data includes all adjustments necessary to
present fairly the information set forth therein.
27
<PAGE> 29
<TABLE>
<CAPTION>
====================================================================================================================================
-----------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
----------- ------------ ----------- ------------ ------------
(In thousands, except per share, ratio and property data)
<S> <C> <C> <C> <C> <C>
STATEMENTS OF OPERATIONS DATA:
Total Revenues .......................................... $ 374,155 $ 349,702 $ 223,203 $ 140,055 $ 106,486
Property Expenses ....................................... (98,995) (99,484) (59,762) (39,224) (28,302)
General and Administrative Expense ...................... (13,259) (12,983) (6,248) (4,018) (3,135)
Interest Expense ........................................ (79,869) (71,833) (49,859) (28,954) (28,591)
Amortization of Interest Rate Protection Agreements
and Deferred Financing Costs ......................... (1,362) (917) (2,812) (3,286) (4,438)
Depreciation and Other Amortization ..................... (68,412) (63,805) (39,573) (28,049) (22,264)
Equity in Income of Joint Ventures ...................... 302 45 -- -- --
Income Allocated to Minority Interest ................... (17,609) (7,961) (5,312) (2,931) (997)
Disposition of Interest Rate Protection Agreements (a) .. -- (8,475) 1,430 -- (6,410)
Restructuring and Abandoned Pursuit Costs Charge (b) .... -- (11,941) -- -- --
Gain on Sales of Properties ............................. 29,797 5,349 5,003 4,344 --
----------- ----------- ----------- ----------- -----------
Income Before Extraordinary Loss and Cumulative
Effect of Change in Accounting Principle ............. 124,748 77,697 66,070 37,937 12,349
Extraordinary Loss (c) .................................. -- -- (14,124) (2,273) --
Cumulative Effect of Change in Accounting
Principle (d) ........................................ -- (1,976) -- -- --
----------- ----------- ----------- ----------- -----------
Net Income .............................................. 124,748 75,721 51,946 35,664 12,349
Preferred Stock Dividends ............................... (32,844) (30,610) (11,856) (3,919) (468)
----------- ----------- ----------- ----------- -----------
Net Income Available to Common Stockholders ............. $ 91,904 $ 45,111 $ 40,090 $ 31,745 $ 11,881
=========== =========== =========== =========== ===========
Net Income Available to Common Stockholders
Before Extraordinary Loss and Cumulative Effect
Effect of Change in Accounting Principle Per
Weighted Average Common Share Outstanding:
Basic ............................................. $ 2.42 $ 1.26 $ 1.72 $ 1.37 $ .63
=========== =========== =========== =========== ===========
Diluted ........................................... $ 2.41 $ 1.25 $ 1.70 $ 1.37 $ .63
=========== =========== =========== =========== ===========
Net Income Available to Common Stockholders Per
Weighted Average Common Share Outstanding:
Basic ............................................. $ 2.42 $ 1.20 $ 1.27 $ 1.28 $ .63
=========== =========== =========== =========== ===========
Diluted ........................................... $ 2.41 $ 1.20 $ 1.26 $ 1.28 $ .63
=========== =========== =========== =========== ===========
Distributions Per Share ................................. $ 2.420 $ 2.190 $ 2.045 $ 1.9675 $ 1.905
=========== =========== =========== =========== ===========
Weighted Average Number of Common Shares
Outstanding:
Basic ............................................. 38,042 37,445 31,508 24,756 18,889
=========== =========== =========== =========== ===========
Diluted ........................................... 38,144 37,627 31,814 24,842 18,889
=========== =========== =========== =========== ===========
BALANCE SHEET DATA (END OF PERIOD):
Real Estate, Before Accumulated Depreciation ............ $ 2,597,592 $ 2,583,033 $ 1,994,346 $ 1,050,779 $ 757,516
Real Estate, After Accumulated Depreciation ............. 2,386,136 2,407,147 1,873,316 959,322 688,767
Total Assets ............................................ 2,526,963 2,554,462 2,272,163 1,022,600 753,904
Mortgage Loans, Net, Acquisition Facilities Payable,
Senior Unsecured Debt, Net, Construction Loans and
Promissory Notes Payable ............................. 1,147,639 1,191,882 879,592 406,401 399,958
Defeased Mortgage Loan Payable .......................... -- -- 300,000 -- --
Total Liabilities ....................................... 1,276,763 1,310,518 1,266,079 447,178 426,972
Stockholders' Equity .................................... 1,059,226 1,054,776 854,590 532,561 306,023
OTHER DATA:
Cash Flows From Operating Activities .................... $ 176,897 $ 149,096 102,635 $ 62,621 $ 38,541
Cash Flows From Investing Activities .................... (10,040) (535,554) (805,505) (240,571) (84,159)
Cash Flows From Financing Activities .................... (186,071) 395,059 708,446 176,677 45,420
Funds From Operations ("FFO") (e) ....................... 151,026 133,148 92,361 60,546 41,428
Ratio of Earnings to Fixed Charges and Preferred Stock
Dividends (f) ....................................... 1.62x 1.62x 1.79x 1.88x 1.56x
Total Properties (g) .................................... 967 987 769 379 271
Total GLA, in Square Feet (g) ........................... 67,029,135 69,253,383 56,567,706 32,700,069 22,562,755
Occupancy Percentage (g) ................................ 96% 95% 96% 97% 97%
====================================================================================================================================
</TABLE>
28
<PAGE> 30
(a) In conjunction with obtaining a $300.0 million mortgage loan on June 30,
1994 (the "1994 Mortgage Loan"), the Company, through the Financing
Partnership, purchased an interest rate protection agreement (the "1994
Interest Rate Protection Agreement"), which effectively limited the
interest rate during the initial five-year term of the 1994 Mortgage Loan
to 7.20% per annum. Effective July 1, 1995, the Company replaced the 1994
Interest Rate Protection Agreement with new interest rate protection
agreements and entered into interest rate swap agreements (together, the
"1995 Interest Rate Protection Agreements") which effectively fixed the
annual interest rate on the 1994 Mortgage Loan at 6.97% for six years
through June 30, 2001. As a result of the replacement of the interest rate
protection agreement, the Company incurred a one-time loss of approximately
$6.4 million. On May 16, 1997, the Company sold the 1995 Interest Rate
Protection Agreements, resulting in a gain of approximately $1.4 million.
The $8.5 million loss on disposition of interest rate protection agreements
for the year ended December 31, 1998 represents the Company's settlement,
through the Operating Partnership, of an interest rate protection agreement
that was scheduled to expire on January 4, 1999. This agreement was entered
into in December 1997 in anticipation of 1998 senior unsecured debt
offerings. Due to the changing market conditions and the Company's
expectation that it would not issue debt securities associated with the
interest rate protection agreement, the Company settled its position in the
interest rate protection agreement.
(b) Represents a restructuring charge of $6.9 million relating to severance
costs (of which $1.2 million is noncash relating to immediate vesting of
restricted stock) and $5.0 million in costs relating to abandoned
acquisitions.
(c) In 1996, the Company terminated certain revolving credit facilities. The
Company recorded an extraordinary loss of $2.3 million which is comprised
of a prepayment fee, the write-off of unamortized deferred financing fees,
legal costs and other expenses. In 1997, the Company terminated certain
mortgage loans, an unsecured loan and a revolving credit facility and
obtained a commitment to pay off and retire another mortgage loan. The
Company recorded an extraordinary loss of $14.1 million which is comprised
of prepayment fees, the write-off of unamortized deferred financing fees,
legal costs and other expenses.
(d) In April 1998, the Accounting Standards Executive Committee of the American
Institute of Certified Public Accountants issued Statement of Position
98-5, "Reporting on the Costs of Start-Up Activities" ("SOP 98-5"). SOP
98-5 requires that the net unamortized balance of all start-up costs and
organizational costs be written off as a cumulative effect of a change in
accounting principle and all future start-up costs and organizational costs
be expensed. Consistent with SOP 98-5, in the second quarter of 1998, the
Company has reported a cumulative effect of a change in accounting
principle in the amount of approximately $2.0 million to reflect the
write-off of the unamortized balance of organizational costs on the
Company's balance sheet.
(e) Management considers funds from operations ("FFO") to be one financial
measure of the operating performance of an equity REIT that provides a
relevant basis for comparison among REITs and it is presented to assist
investors in analyzing the performance of the Company. The Company
calculates FFO to be equal to net income, excluding gains (or losses) from
debt restructuring and sales of depreciated property (the Company includes
in FFO the gain from sales of land and sale of undepreciated property
related to the Company's Integrated Industrial Solutions(TM) activities),
plus depreciation and amortization, excluding amortization of deferred
financing costs and interest rate protection agreements, and after
adjustments for unconsolidated partnerships and joint ventures. FFO does
not represent cash generated from operating activities in accordance with
generally accepted accounting principles and is not necessarily indicative
of cash available to fund cash needs, including the payment of dividends
and distributions. FFO should not be considered as a substitute for net
income as a measure of results of operations or for cash flow from
operating activities calculated in accordance with generally accepted
accounting principles as a measure of liquidity. FFO as calculated by the
Company may not be comparable to similarly titled but differently
calculated measures of other REITs. The following is a reconciliation of
net income to FFO:
<TABLE>
<CAPTION>
---------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net Income Available to Common
Stockholders ........................... $ 91,904 $ 45,111 $ 40,090 $ 31,745 $ 11,881
Adjustments:
Depreciation and Other
Amortization ......................... 67,382 62,935 39,268 27,941 22,140
Equity in Depreciation and
Other Amortization of Joint ......... 755 98 -- -- --
Venture
Cumulative Effect of Change
in Accounting Principle ............. -- 1,976 -- -- --
Restructuring and Abandoned
Pursuit Costs Charge ................ -- 11,941 -- -- --
Disposition of Interest Rate
Protection Agreement ................ -- 8,475 (1,430) -- 6,410
Gain on Sales of Properties ............ (29,797) (5,349) (5,003) (4,344) --
Gain from Sales of Land and Sale of
Undepreciated Property .............. 3,173 -- -- -- --
Extraordinary Items .................... -- -- 14,124 2,273 --
Minority Interest ...................... 17,609 7,961 5,312 2,931 997
--------- --------- --------- --------- ---------
FFO ....................................... $ 151,026 $ 133,148 $ 92,361 $ 60,546 $ 41,428
========= ========= ========= ========= =========
</TABLE>
(f) For purposes of computing the ratios of earnings to fixed charges and
preferred stock dividends, earnings have been calculated by adding fixed
charges (excluding capitalized interest) to income before extraordinary
loss, cumulative effect of change in accounting principle, gain on sales of
properties, restructuring and abandoned pursuit costs charge, disposition
of interest rate protection agreement and income allocated to minority
interest. Fixed charges consist of interest costs, whether expensed or
capitalized, and amortization of interest rate protection agreement(s) and
deferred financing costs.
(g) As of end of period and excludes properties under development.
29
<PAGE> 31
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion should be read in conjunction with "Selected
Financial and Operating Data" and the historical Consolidated Financial
Statements and Notes thereto appearing elsewhere in this Form 10-K.
First Industrial Realty Trust, Inc. was organized in the state of Maryland
on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate
investment trust ("REIT"), as defined in the Internal Revenue Code. The First
Industrial Realty Trust, Inc. and its subsidiaries (the "Company") began
operations on July 1, 1994. The Company's operations are conducted primarily
through First Industrial, L.P. (the "Operating Partnership") of which the
Company is the sole general partner. The Company is the sole stockholder of
First Industrial Finance Corporation, First Industrial Pennsylvania Corporation,
First Industrial Harrisburg Corporation, First Industrial Securities
Corporation, First Industrial Mortgage Corporation, First Industrial
Indianapolis Corporation, FI Development Services Corporation and First
Industrial Florida Finance Corporation, which are the sole general partners of
First Industrial Financing Partnership, L.P. (the "Financing Partnership"),
First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First
Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial
Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage
Partnership, L.P. (the "Mortgage Partnership"), First Industrial Indianapolis,
L.P. (the "Indianapolis Partnership"), First Industrial Development Services,
L.P. and TK-SV, LTD., respectively. The Operating Partnership is the sole
limited partner of the Financing Partnership, the Pennsylvania Partnership, the
Harrisburg Partnership, the Securities Partnership, the Mortgage Partnership,
the Indianapolis Partnership, First Industrial Development Services, L.P and
TK-SV, LTD. The Operating Partnership is also the sole member of limited
liability companies, and the majority economic stockholder of First Industrial
Enterprises of Michigan, Inc. and FR Development Services, Inc. The Company,
through separate wholly owned limited liability companies in which the Operating
Partnership is the sole member, also owns 10% equity interests in, and provides
asset and property management services to, two joint ventures which invest in
industrial properties.
RESULTS OF OPERATIONS
COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR ENDED DECEMBER 31, 1998
At December 31, 1999, the Company owned 967 in-service properties with
approximately 67.0 million square feet of gross leasable area ("GLA"), compared
to 988 in-service properties with approximately 69.4 million square feet of GLA
at December 31, 1998. During 1999, the Company acquired 19 in-service properties
containing approximately 1.4 million square feet of GLA and two properties under
development, completed development of 19 properties and expansion of one
property totaling approximately 3.1 million square feet of GLA and sold 56
properties totaling approximately 6.2 million square feet of GLA and several
land parcels. The Company also took three properties out of service that are
under redevelopment, comprising approximately .7 million square feet of GLA.
Rental income and tenant recoveries and other income increased by
approximately $24.5 million or 7.0% due primarily to an increase in average GLA
for the year ended December 31, 1999 as compared to the year ended December 31,
1998 and an increase in same store revenue. Also, approximately $1.5 million of
this increase is due to additional acquisition, asset management and property
management fees received from a joint venture entered into in September 1998
with an institutional investor (the "September 1998 Joint Venture") and the
September 1999 Joint Venture (hereinafter defined) in fiscal year 1999. Rental
income and tenant recoveries and other income from properties owned prior to
January 1, 1998, increased by approximately $7.7 million or 3.1% due primarily
to rental rate increases and an increase in tenant recovery income charges
related to the increase in operating expenses as discussed below.
Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
decreased by approximately $.5 million or .5% due primarily to a decrease in
property management expense and a decrease in other expenses, offset by an
increase in real estate taxes, repairs and maintenance and utilities expense due
to an increase in average GLA for the year ended December 31, 1999 as compared
to the year ended December 31, 1998. The majority of the decrease in property
management expense is due to a decrease in the operational costs of the regional
offices that manage the Company's properties primarily due to a reduced employee
headcount. The majority of the decrease in other expense is due to a decrease in
the provision for bad debts. Expenses from properties owned prior to January 1,
1998, increased by approximately $.6 million or .9% due primarily to an increase
in snow removal and related expenses incurred during the year ended December 31,
1999 as compared to the year ended December 31, 1998 for properties located in
certain of the Company's metropolitan areas.
General and administrative expense increased by approximately $.3 million
due primarily to the adoption of Emerging Issues Task Force Issue No. 97-11,
"Accounting for Internal Costs Relating to Real Estate Acquisitions" ("EITF
97-11"). EITF 97-11, effective March 19, 1998, required that internal costs of
preacquisition activities incurred in connection with the acquisition of an
operating property be expensed as incurred. Prior to March 19, 1998, the Company
capitalized internal costs of preacquisition activities incurred in connection
with the acquisition of operating properties.
30
<PAGE> 32
Interest expense increased by approximately $8.0 million for the year ended
December 31, 1999 compared to the year ended December 31, 1998 due primarily to
a higher average debt balance outstanding resulting from the issuance of
unsecured debt to fund the acquisition and development of additional properties,
slightly offset by an increase in capitalized interest for the year ended
December 31, 1999 due to an increase in development activities. The average debt
balances outstanding for the years ended December 31, 1999 and 1998 were
approximately $1.2 billion and $1.1 billion, respectively.
Amortization of deferred financing costs increased by approximately $.5
million due primarily to amortization of deferred financing costs relating to
the issuance of additional senior unsecured debt to fund the acquisition and
development of additional properties.
Depreciation and other amortization increased by approximately $4.6 million
due primarily to the additional depreciation and amortization related to the
properties acquired or developed after December 31, 1997.
The $11.9 million restructuring and abandoned pursuit costs charge for the
year ended December 31, 1998 represents a charge in connection with the
Company's restructuring, including approximately $6.9 million in severance costs
(of which approximately $1.2 million is non-cash relating to immediate vesting
of restricted stock) and approximately $5.0 million in costs related to
abandoned acquisitions.
Equity in income of joint ventures increased by approximately $.3 million
for the year ended December 31, 1999 compared to the year ended December 31,
1998. This increase is due to a full year of operations of the September 1998
Joint Venture in 1999 as opposed to a partial year of operations in 1998 and
the start up of the September 1999 Joint Venture (hereinafter defined).
The $8.5 million loss on disposition of interest rate protection agreements
for the year ended December 31, 1998 represents the Company's settlement,
through the Operating Partnership, of an interest rate protection agreement
which was scheduled to expire on January 4, 1999. This agreement was entered
into in December 1997 in anticipation of 1998 senior unsecured debt offerings.
Due to the changing market conditions and the Company's expectation that it
would not issue debt securities associated with the interest rate protection
agreement, the Company settled its position in the interest rate protection
agreement.
The $29.8 million gain on sales of properties for the year ended December
31, 1999 resulted from the sale of 56 industrial properties and several land
parcels. Gross proceeds from these sales were approximately $245.8 million.
The $5.3 million gain on sales of properties for the year ended December
31, 1998 resulted from the sale of 41 industrial properties and several land
parcels. Gross proceeds from these sales were approximately $99.9 million.
The $2.0 million cumulative effect of change in accounting principle for
the year ended December 31, 1998 is the result of the write-off of the
unamortized balance of organizational costs on the Company's balance sheet due
to the early adoption of Statement of Position 98-5, "Reporting on the Costs of
Start-Up Activities" (SOP 98-5). SOP 98-5 requires that the net unamortized
balance of all start-up costs and organizational costs be written off as a
cumulative effect of a change in accounting principle and all future start-up
costs and organizational costs be expensed.
COMPARISON OF YEAR ENDED DECEMBER 31, 1998 TO YEAR ENDED DECEMBER 31, 1997
At December 31, 1998, the Company owned 988 in-service properties
containing approximately 69.4 million square feet of GLA, compared to 770
in-service properties with approximately 56.5 million square feet of GLA at
December 31, 1997. During 1998, the Company acquired 247 properties containing
approximately 12.3 million square feet of GLA, completed development of 12
properties and expansions of two properties totaling approximately 2.6 million
square feet of GLA and sold 41 in-service properties totaling approximately 2.0
million square feet of GLA and several land parcels.
Rental income and tenant recoveries and other income increased by
approximately $139.3 million or 66.2% due primarily to the properties acquired
or developed after December 31, 1996 (between January 1, 1997 and December 31,
1998, the Company acquired approximately $1.4 billion of industrial properties).
Revenues from properties owned prior to January 1, 1997 increased in 1998 over
1997 by approximately $2.2 million or 1.5% due primarily to increased rental
rates upon renewal or replacement of tenant leases offset by a decrease in
tenant recovery income charges related to the decrease in operating expenses as
discussed below.
Interest income-defeasance in 1997 represents interest income earned on
U.S. Government securities and cash proceeds from such securities upon maturity
that were pledged as collateral to legally defease the Company's $300.0 million
mortgage loan (the "1994 Defeased Mortgage Loan").
31
<PAGE> 33
Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
increased by approximately $39.7 million or 66.5% due primarily to the
properties acquired or developed after December 31, 1996 (between January 1,
1997 and December 31, 1998, the Company acquired approximately $1.4 billion of
industrial properties). Expenses from properties owned prior to January 1, 1997,
decreased by approximately $.5 million or 1.1% due primarily to a decrease in
snow removal and related expenses incurred for properties located in certain of
the Company's metropolitan areas during the year ended December 31, 1998 as
compared to the year ended December 31, 1997.
General and administrative expense increased by approximately $6.7 million,
of which, approximately $4.0 million is due primarily to the additional expenses
associated with managing the Company's growing operations including additional
professional fees relating to additional properties owned and additional
personnel to manage and expand the Company's business. Approximately $2.7
million of the increase is the result of the adoption of EITF 97-11, which
required that internal costs of preacquisition activities incurred in connection
with the acquisition of an operating property be expensed as incurred. Prior to
March 19, 1998, the Company capitalized internal costs of preacquisition
activities incurred in connection with the acquisition of operating properties.
Interest expense increased by approximately $22.0 million for the year
ended December 31, 1998 compared to the year ended December 31, 1997 due
primarily to a higher average debt balance outstanding resulting from the
issuance of unsecured debt to fund the acquisition and development of additional
properties (between January 1, 1997 and December 31, 1998, the Company acquired
approximately $1.4 billion of industrial properties). The average debt balances
outstanding for the years ended December 31, 1998 and 1997 were approximately
$1.1 billion and $.8 billion, respectively.
Amortization of interest rate protection agreements and deferred financing
costs decreased by approximately $1.9 million due primarily to the full
amortization of the deferred financing costs relating to the Company's 1994
Defeased Mortgage Loan which was paid off and retired on January 2, 1998, offset
by additional amortization of deferred financing costs relating to the issuance
of senior unsecured debt.
Depreciation and other amortization increased by approximately $24.2
million due primarily to the additional depreciation and amortization related to
the properties acquired or developed after December 31, 1996 (between January 1,
1997 and December 31, 1998, the Company acquired approximately $1.4 billion of
industrial properties).
The $11.9 million restructuring and abandoned pursuit costs charge for the
year ended December 31, 1998 represents a charge in connection with the
Company's restructuring, including approximately $6.9 million in severance costs
(of which approximately $1.2 million is non-cash relating to immediate vesting
of restricted stock) and approximately $5.0 million in costs related to
abandoned acquisitions.
Equity in Income of Joint Venture of approximately $.05 million for the
year ended December 31, 1998 represents the Company's 10% equity interest in the
income of the September 1998 Joint Venture.
The $8.5 million loss on disposition of interest rate protection agreements
for the year ended December 31, 1998 represents the Company's settlement,
through the Operating Partnership, of an interest rate protection agreement
which was scheduled to expire on January 4, 1999. This agreement was entered
into in December 1997 in anticipation of 1998 senior unsecured debt offerings.
Due to the changing market conditions and the Company's expectation that it
would not issue debt securities associated with the interest rate protection
agreement, the Company settled its position in the interest rate protection
agreement.
The $1.4 million gain on disposition of interest rate protection agreements
for the year ended December 31, 1997 represents the sale of the Company's
interest rate protection agreements in April 1997. These agreements were entered
into in July 1995 and effectively fixed the annual interest rate on the 1994
Defeased Mortgage Loan at 6.97% for six years through June 30, 2001.
The $5.3 million gain on sales of properties for the year ended December
31, 1998 resulted from the sale of 41 properties and several parcels of land.
Gross proceeds for these property sales totaled approximately $99.9 million.
The $5.0 million gain on sales of properties for the year ended December
31, 1997 resulted from the sale of ten in-service properties, one property held
for redevelopment and several parcels of land. Gross proceeds for these property
sales totaled approximately $33.7 million.
The $14.1 million extraordinary loss for the year ended December 31, 1997
represents the write-off of unamortized deferred financing costs, prepayment
fees, legal fees and other costs incurred to terminate various mortgage loans,
an unsecured loan and a revolving line of credit and the commitment to retire
the 1994 Defeased Mortgage Loan.
32
<PAGE> 34
The $2.0 million cumulative effect of change in accounting principle for
the year ended December 31, 1998 is the result of the write-off of the
unamortized balance of organizational costs on the Company's balance sheet due
to the early adoption of SOP 98-5.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 1999, the Company's cash and cash equivalents was
approximately $2.6 million and restricted cash was approximately $2.4 million.
Included in restricted cash are approximately $1.4 million of cash reserves
required to be set aside under the Company's $40.0 million mortgage loan (the
"1995 Mortgage Loan") for payments of security deposit refunds, tenant
improvements, capital expenditures, interest, real estate taxes, and insurance.
The portion of the cash reserve relating to payments for capital expenditures,
interest, real estate taxes, and insurance for properties collateralizing the
1995 Mortgage Loan is established monthly, distributed to the Company as such
expenditures are made and is replenished to a level adequate to make the next
periodic payment of such expenditures. The portion of the cash reserve relating
to security deposit refunds for the tenants occupying the properties
collateralizing the 1995 Mortgage Loan is adjusted as tenants turn over. Also
included in restricted cash is approximately $1.0 million of gross proceeds from
the sales of certain properties. These sales proceeds will be disbursed as the
Company exchanges into properties under Section 1031 of the Internal Revenue
Code.
In March 2000, the Company's Board of Directors approved the repurchase of
up to $100 million of the Company's common stock. The Company will make
purchases from time to time, if price levels warrant, in the open market or in
privately negotiated transactions. Stock repurchases will be funded from
internally generated funds.
YEAR ENDED DECEMBER 31, 1999
Net cash provided by operating activities of approximately $176.9 million
for the year ended December 31, 1999 was comprised primarily of net income
before minority interest of approximately $142.4 million and adjustments for
non-cash items of approximately $36.0 million, offset by the net change in
operating assets and liabilities of approximately $1.5 million. The adjustments
for the non-cash items of approximately $36.0 million are primarily comprised of
depreciation and amortization of $69.8 million, offset by the gain on sales of
properties of $29.8 million and the effect of the straight-lining of rental
income of $4.0 million.
Net cash used in investing activities of approximately $10.0 million for
the year ended December 31, 1999 was comprised primarily of the acquisition of
real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate, investment in the September
1998 Joint Venture and the September 1999 Joint Venture (hereinafter defined)
and the funding of mortgage loans receivable, offset by the net proceeds from
the sales of real estate, distributions from the September 1998 Joint Venture, a
decrease in restricted cash due to a reimbursement from one of the Company's
escrows with a lender established for deferred maintenance, a decrease in
restricted cash due to the use of restricted cash to purchase properties to
effect Section 1031 exchanges and the repayment of mortgage loans receivable.
Net cash used in financing activities of approximately $186.1 million for
the year ended December 31, 1999 was comprised primarily of repayments on
mortgage loans payable, common and preferred stock dividends and unit
distributions and the net repayments under the Company's $300 million unsecured
revolving credit facility (the "1997 Unsecured Acquisition Facility"), offset by
proceeds from the exercise of employee stock options.
YEAR ENDED DECEMBER 31, 1998
Net cash provided by operating activities of approximately $149.1 million
for the year ended December 31, 1998 was comprised primarily of net income
before minority interest of approximately $83.7 million and adjustments for
non-cash items of approximately $59.0 million and the net change in operating
assets and liabilities of approximately $6.4 million. The adjustments for the
non-cash items of approximately $59.0 million are primarily comprised of
depreciation and amortization of $66.5 million, a provision for bad debts of $.6
million and the cumulative effect of a change in accounting principle of $2.0
million due to the adoption of SOP 98-5, offset by the gain on sales of
properties of $5.4 million and the effect of the straight-lining of rental
income of $4.7 million.
Net cash used in investing activities of approximately $535.6 million for
the year ended December 31, 1998 was comprised primarily of the acquisition of
real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate, investment in the September
1998 Joint Venture and an increase in restricted cash from sales proceeds
deposited with an intermediary for Section 1031 exchange purposes, offset by the
net proceeds from the sales of real estate and the repayment of mortgage loans
receivable.
33
<PAGE> 35
Net cash provided by financing activities of approximately $395.1 million
for the year ended December 31, 1998 was comprised primarily of the net proceeds
from the issuance of common stock, preferred stock and senior unsecured debt,
proceeds from the exercise of employee stock options, net borrowings under the
1997 Unsecured Acquisition Facility and a decrease in restricted cash which was
used to pay down and retire the 1994 Defeased Mortgage Loan, offset by
repayments of mortgage loans and common and preferred stock dividends and unit
distributions.
YEAR ENDED DECEMBER 31, 1997
Net cash provided by operating activities of approximately $102.6 million
for the year ended December 31, 1997 was comprised primarily of net income
before minority interest of approximately $57.3 million and adjustments for
non-cash items of approximately $48.9 million, offset by the net change in
operating assets and liabilities of approximately $3.6 million. The adjustments
for the non-cash items of approximately $48.9 million are primarily comprised of
depreciation and amortization of $42.4 million, extraordinary loss of $14.1
million and a provision for bad debts of $.9 million, offset by the gain on
disposition of interest rate protection agreements of $1.4 million, the gain on
sales of properties of $5.0 million and the effect of the straight-lining of
rental income of $2.1 million.
Net cash used in investing activities of approximately $805.5 million for
the year ended December 31, 1997 was comprised primarily of the acquisition of
real estate, development of real estate, capital expenditures related to the
expansion and improvement of existing real estate and the funding of mortgage
loans receivable, offset by the net proceeds from the sales of real estate, a
decrease in restricted cash due to the use of restricted cash to purchase
properties to effect Section 1031 exchanges and repayment of mortgage loans
receivable.
Net cash provided by financing activities of approximately $708.4 million
for the year ended December 31, 1997 was comprised primarily of the net proceeds
from the issuance of common stock, preferred stock and senior unsecured debt,
proceeds from the exercise of employee stock options, net borrowings under the
Company's unsecured revolving credit facilities and proceeds from the sale of
interest rate protection agreements, offset by repayments of unsecured debt,
promissory notes payable and mortgage loans payable, the purchase of U.S.
Government securities to defease the 1994 Defeased Mortgage Loan and common and
preferred stock dividends and distributions.
FUNDS FROM OPERATIONS AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
Funds from operations increased by approximately $17.9 million or 13.4% in
1999 compared to 1998 and increased by approximately $40.8 million or 44.2% in
1998 compared to 1997 as a result of the factors discussed in the analysis of
operating results above. Management considers funds from operations to be one
financial measure of the operating performance of an equity REIT that provides a
relevant basis for comparison among REITs and it is presented to assist
investors in analyzing the performance of the Company. The Company calculates
funds from operations to be equal to net income, excluding gains (or losses)
from debt restructuring and sales of depreciated property (the Company includes
in funds from operations the gain from sales of land and sale of undepreciated
property related to the Company's Integrated Industrial Solutions(TM)
activities), plus depreciation and amortization, excluding amortization of
deferred financing costs and interest rate protection agreements, and after
adjustments for unconsolidated partnerships and joint ventures. Funds from
operations does not represent cash generated from operating activities in
accordance with generally accepted accounting principles and is not necessarily
indicative of cash available to fund cash needs, including the payment of
dividends and distributions. Funds from operations should not be considered as a
substitute for net income as a measure of results of operations or for cash flow
from operating activities (calculated in accordance with generally accepted
accounting principles) as a measure of liquidity. Funds from operations as
calculated by the Company may not be comparable to similarly titled but
differently calculated measures of other REITs.
The ratio of earnings to fixed charges and preferred stock dividends was
1.62 for the years ended December 31, 1999 and December 31, 1998 and 1.79 for
the year ended December 31, 1997. The decrease in the earnings to fixed charges
and preferred stock dividends between fiscal years 1998 and 1997 is primarily
due to additional interest expense and preferred stock dividends incurred in
fiscal year 1998 from additional debt and preferred stock issued to fund
property acquisitions and developments, which is partially offset by higher net
operating income from the property acquisitions as discussed in "Results of
Operations" above.
34
<PAGE> 36
SEGMENT REPORTING
In June 1997, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standards No. 131, "Disclosures about Segments
of an Enterprise and Related Information". This statement requires that a public
business enterprise report financial and descriptive information about its
reportable operating segments. Generally, financial information is required to
be reported on the basis that it is used internally for evaluating segment
performance and deciding how to allocate resources to segments. Management views
the Company as a single segment.
MARKET RISK
The following discussion about the Company's risk-management activities
includes "forward-looking statements" that involve risk and uncertainties.
Actual results could differ materially from those projected in the
forward-looking statements.
This analysis presents the hypothetical gain or loss in earnings, cash
flows or fair value of the financial instruments and derivative instruments
which are held by the Company at December 31, 1999 that are sensitive to changes
in the interest rates. While this analysis may have some use as a benchmark, it
should not be viewed as a forecast.
In the normal course of business, the Company also faces risks that are
either non-financial or non-quantifiable. Such risks principally include credit
risk and legal risk and are not represented in the following analysis.
At December 31, 1999, $94.0 million (approximately 8.2% of total debt at
December 31, 1999) of the Company's debt was variable rate debt (all of the
variable rate debt relates to the Company's 1997 Unsecured Acquisition Facility)
and $1,053.6 million (approximately 91.8% of total debt at December 31, 1999)
was fixed rate debt. The Company also had outstanding a written put and a
written call option (collectively, the "Written Options") which were issued in
conjunction with the initial offering of two tranches of unsecured debt. The
Company's past practice has been to lock into fixed interest rates at issuance
or fix the rate of variable rate debt through the use of interest rate
protection agreements when interest rate market conditions dictate it is
advantageous to do so. Currently, the Company does not enter into financial
instruments for trading or other speculative purposes.
For fixed rate debt, changes in interest rates generally affect the fair
value of the debt, but not earnings or cash flows of the Company. Conversely,
for variable rate debt, changes in the interest rate generally do not impact the
fair value of the debt, but would affect the Company's future earnings and cash
flows. The interest rate risk and changes in fair market value of fixed rate
debt generally do not have a significant impact on the Company until the Company
is required to refinance such debt. See Note 6 to the consolidated financial
statements for a discussion of the maturity dates of the Company's various fixed
rate debt.
Based upon the amount of variable rate debt outstanding at December 31,
1999, a 10% increase or decrease in the interest rate on the Company's variable
rate debt would decrease or increase, respectively, future net income and cash
flows by approximately $.7 million per year. A 10% increase in interest rates
would decrease the fair value of the fixed rate debt at December 31, 1999 by
approximately $50.3 million to $910.6 million. A 10% decrease in interest rates
would increase the fair value of the fixed rate debt at December 31, 1999 by
approximately $56.1 million to $1,017.0 million. A 10% increase in interest
rates would decrease the fair value of the Written Options at December 31, 1999
by approximately $1.6 million to $2.4 million. A 10% decrease in interest rates
would increase the fair value of the Written Options at December 31, 1999 by
approximately $2.6 million to $6.6 million.
INVESTMENT IN REAL ESTATE, DEVELOPMENT OF REAL ESTATE AND SALES OF REAL ESTATE
During the year ended December 31, 1999, the Company purchased 19
in-service industrial properties, two industrial properties under redevelopment
and several land parcels, for an aggregate purchase price of approximately $75.2
million, excluding costs incurred in conjunction with the acquisition of the
properties and land parcels.
During the year ended December 31, 1999, the Company sold 56 industrial
properties and several land parcels. The aggregate gross sales price of these
sales was approximately $245.8 million. Approximately $4.8 million of the gross
proceeds from the sales of these properties was received from the September 1998
Joint Venture, (the Company sold two properties to the September 1998 Joint
Venture at the Company's net book value).
35
<PAGE> 37
The Company has committed to the construction of 23 development projects
totaling approximately 3.3 million square feet of GLA for an estimated
investment of approximately $131.2 million. Of this amount, approximately $48.5
million remains to be funded. These developments are expected to be funded with
cash flow from operations, borrowings under the Company's 1997 Unsecured
Acquisition Facility and proceeds from the sale of select properties of the
Company.
From January 1, 2000 to March 10, 2000, the Company acquired or completed
development of 11 industrial properties and acquired two land parcels for a
total estimated investment of approximately $33.5 million. The Company also sold
six industrial properties and two land parcels for approximately $41.5 million
of gross proceeds.
REAL ESTATE MARKET STRATEGY
The Company's market strategy is to concentrate on the top 25 industrial
real estate markets in the United States. These 25 markets were selected based
upon (i) the strength of their industrial real estate fundamentals, including
increased industrial demand expectations from e-commerce and supply chain
management; (ii) their history and future outlook for continued economic growth
and diversity; and (iii) a minimum market size of 100 million square feet of
industrial space. Due to this new market strategy, the Company plans on exiting
the markets of Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Hartford,
New Orleans/Baton Rouge, and Long Island. The net proceeds from the sales of
properties in these markets will be used to bolster the Company's holdings in
Atlanta, Baltimore/Washington, Chicago, Cincinnati/Louisville, Dallas/Fort
Worth, Denver, Detroit, Harrisburg/Central Pennsylvania, Houston, Indianapolis,
Los Angeles, Milwaukee, Minneapolis, Nashville, Northern New Jersey,
Philadelphia, Phoenix, Portland, Salt Lake City, St. Louis and Tampa and to
potentially enter new markets which fit its market strategy.
REAL ESTATE HELD FOR SALE
At December 31, 1999, the Company had five industrial properties comprising
approximately .8 million square feet of GLA held for sale. Net income (defined
as total property revenues, less property expenses (which include real estate
taxes, repairs and maintenance, property management, utilities, insurance and
other expense) and depreciation and amortization) of the five industrial
properties held for sale for the year ended December 31, 1999, 1998 and 1997 is
approximately $1.8 million, $1.8 million and $.7 million, respectively. Net
carrying value of the five industrial properties held for sale at December 31,
1999 is approximately $25.3 million. The five industrial properties were
identified as held for sale during the three months ended December 31, 1999.
There can be no assurance that such properties held for sale will be sold.
INVESTMENT IN JOINT VENTURE
On September 2, 1999, the Company, through a wholly-owned limited liability
company in which the Operating Partnership is the sole member, entered into a
new joint venture arrangement (the "September 1999 Joint Venture") with an
institutional investor to invest in industrial properties. The Company, through
wholly-owned limited liability companies of the Operating Partnership, owns a
10% equity interest in the September 1999 Joint Venture and provides property
and asset management services to the September 1999 Joint Venture. On or after
September 2001, under certain circumstances, the Company has the option of
purchasing all of the properties owned by the September 1999 Joint Venture at a
price to be determined in the future. The Company received approximately $1.0
million (net of the intercompany elimination) in acquisition, asset management
and property management fees in 1999 from the September 1999 Joint Venture. The
Company, through a wholly-owned limited liability company in which the Operating
Partnership is the sole member, also invested approximately $1.8 million in the
September 1999 Joint Venture. The Company accounts for the September 1999 Joint
Venture under the equity method of accounting. As of December 31, 1999, the
September 1999 Joint Venture owned 39 industrial properties comprising
approximately 1.2 million square feet of GLA.
MORTGAGE LOANS
On November 5, 1998, the Company, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $1.3 million (the
"Acquisition Mortgage Loan VIII"). The Acquisition Mortgage Loan VIII was
collateralized by three properties in Richland Hills, Texas, bore interest at a
fixed rate of 8.45% and provided for monthly principal and interest payments
based on a 143-month amortization schedule. On August 2, 1999, the Company paid
off and retired the Acquisition Mortgage Loan VIII.
ISSUANCE OF RESTRICTED STOCK AND EMPLOYEE STOCK OPTIONS
During the year ended December 31, 1999, the Company awarded 72,300 shares
of restricted common stock to certain employees and 3,504 shares of restricted
common stock to certain Directors. Other employees of the Company converted
certain in-the-money employee stock options to 5,224 shares of restricted common
stock. These shares of restricted common stock had a
36
<PAGE> 38
fair value of approximately $2.1 million on the date of grant. The restricted
common stock vests over periods from five to ten years.
During the year ended December 31, 1999, the Company issued 1,041,567
non-qualified employee stock options to certain officers, Directors and
employees of the Company. These non-qualified employee stock options vest over
one year and have a strike price of $25.13 - $27.69 per share and expire ten
years from the date of grant.
DIVIDENDS/DISTRIBUTIONS
On January 18, 1999, the Company and the Operating Partnership paid a
fourth quarter 1998 distribution of $.60 per common share/unit, totaling
approximately $27.1 million. On April 19, 1999, the Company and the Operating
Partnership paid a first quarter 1999 distribution of $.60 per common
share/unit, totaling approximately $27.2 million. On July 19, 1999, the Company
and the Operating Partnership paid a second quarter 1999 distribution of $.60
per common share/unit, totaling approximately $27.2 million. On October 18,
1999, the Company and the Operating Partnership paid a third quarter 1999
distribution of $.60 per common share/unit, totaling approximately $27.2
million. On January 24, 2000, the Company and the Operating Partnership paid a
fourth quarter 1999 distribution of $.62 per common share/unit, totaling
approximately $28.2 million.
On March 31, 1999, June 30, 1999, September 30, 1999 and December 31, 1999,
the Company paid quarterly preferred stock dividends of $.59375 per share on its
9 1/2%, $.01 par value, Series A Cumulative Preferred Stock (the "Series A
Preferred Stock"), $54.688 per share (equivalent to $.54688 per Depositary
Share) on its 8 3/4%, $.01 par value, Series B Cumulative Preferred Stock (the
"Series B Preferred Stock"), $53.906 per share (equivalent to $.53906 per
Depositary Share) on its 8 5/8%, $.01 par value, Series C Cumulative Preferred
Stock (the "Series C Preferred Stock"), $49.687 per share (equivalent to $.49687
per Depositary Share) on its 7.95%, $.01 par value, Series D Cumulative
Preferred Stock (the "Series D Preferred Stock") and $49.375 per share
(equivalent to $.49375 per Depositary Share) on its 7.90%, $.01 par value,
Series E Cumulative Preferred Stock (the "Series E Preferred Stock"). The
preferred stock dividends paid on March 31, 1999, June 30, 1999, September 30,
1999 and December 31, 1999, totaled, in the aggregate, approximately $8.2
million per quarter.
In March 2000, the Company declared a first quarter dividend of $.62 per
common share/unit on its common stock/units which is payable on April 17, 2000.
The Company also declared a first quarter dividend of $.59375 per share, $54.688
per share ($.54688 per depositary share), $53.906 per share ($.53906 per
depositary share), $49.687 per share ($.49687 per depositary share) and $49.375
per share ($.49375 per depositary share) on its Series A Preferred Stock, Series
B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series
E Preferred Stock, respectively, which is payable on March 31, 2000.
SHORT-TERM AND LONG-TERM LIQUIDITY NEEDS
The Company has considered its short-term (one year or less) liquidity
needs and the adequacy of its estimated cash flow from operations and other
expected liquidity sources to meet these needs. The Company believes that its
principal short-term liquidity needs are to fund normal recurring expenses, debt
service requirements and the minimum distribution required to maintain the
37
<PAGE> 39
Company's REIT qualification under the Internal Revenue Code. The Company
anticipates that these needs will be met with cash flows provided by operating
activities.
The Company expects to meet long-term (greater than one year) liquidity
requirements such as property acquisitions, developments, scheduled debt
maturities, major renovations, expansions and other nonrecurring capital
improvements through the disposition of select assets, long-term secured and
unsecured indebtedness and the issuance of additional equity securities. As of
December 31, 1999 and March 10, 2000, $589.2 million of common stock, preferred
stock and depositary shares and $100.0 million of debt securities were
registered and unissued under the Securities Act of 1933, as amended. The
Company also may finance the development or acquisition of additional properties
through borrowings under the 1997 Unsecured Acquisition Facility. At December
31, 1999, borrowings under the 1997 Unsecured Acquisition Facility bore interest
at a weighted average interest rate of 7.09%. As of March 10, 2000, the Company
had approximately $186.4 million available in additional borrowings under the
1997 Unsecured Acquisition Facility.
RELATED PARTY TRANSACTIONS
The Company often obtains title insurance coverage for its properties from
an entity for which an independent Director of the Company became the President,
Chief Executive Officer and a Director in 1996.
From time to time, the Company utilizes real estate brokerage services from
CB Richard Ellis, Inc. for which a relative of one of the Company's
officers/Directors is an employee.
On November 19, 1998, the Company sold two industrial properties to two
limited partnerships, Roosevelt Glen Corporate Center ("Roosevelt") and Hartford
Center Investment Company ("Hartford"), for a total consideration of
approximately $8.3 million. An entity in which the sole shareholders are an
officer and Director and a former officer and Director ("TSIC") has a 11.638%
general partner interest and a former officer and Director has a 75.585% limited
partner interest in Roosevelt. TSIC has a 12.39% general partner interest and a
former officer and Director has a 80.454% limited partner interest in Hartford.
On December 4, 1998, the Company sold one industrial property to Eastgate
Shopping Center Investment Co. ("Eastgate"), a limited partnership, for a total
consideration of approximately $2.4 million. TSIC has a 12.972% general partner
interest and a former officer and Director has a 79.536% limited partner
interest in Eastgate. In each case, the purchaser had the option of selling the
properties back to the Company and the Company had the option of buying the
properties back from the purchaser for a stipulated period of time. In January
2000, the purchasers exercised their options to sell the properties back to the
Company. The gain on sale was deferred due to the existence of these options.
From time to time, the Company utilizes consulting services from the
private consulting firm of one of the Company's Directors. For the year ended
December 31, 1999, the Company has paid approximately $.02 million of fees to
this entity.
On September 2, 1999, the September 1999 Joint Venture purchased a
1,159,121 square foot industrial property portfolio located in Los Angeles,
California for approximately $63.9 million. An officer of the Company held
ownership interests ranging between .004% and .13% in various entities that sold
certain properties to the September 1999 Joint Venture.
On September 15, 1999, the Company sold nine industrial properties to an
entity whose Chairman of the Board of Directors is also Chairman of the Board of
Directors of the Company. The gross proceeds from the sales of these nine
industrial properties approximated $39.5 million and the gain of sales
approximated $14.6 million.
ENVIRONMENTAL
The Company incurred environmental costs of $.6 million and $.3 million in
1999 and 1998, respectively. The Company estimates 2000 costs of approximately
$1.0 million. The Company estimates that the aggregate cost which needs to be
expended in 2000 and beyond with regard to currently identified environmental
issues will not exceed approximately $1.7 million, a substantial amount of which
will be the primary responsibility of the tenant, the seller to the Company or
another responsible party. This estimate was determined by a third party
evaluation.
INFLATION
For the last several years, inflation has not had a significant impact on
the Company because of the relatively low inflation rates in the Company's
markets of operation. Most of the Company's leases require the tenants to pay
their share of operating expenses, including common area maintenance, real
estate taxes and insurance, thereby reducing the Company's exposure to increases
in costs and operating expenses resulting from inflation. In addition, many of
the outstanding leases expire within five years which may enable the Company to
replace existing leases with new leases at higher base rentals if rents of
existing leases are below the then-existing market rate.
38
<PAGE> 40
OTHER
In June 1998, the FASB issued Statement of Financial Accounting Standards
No. 133, "Accounting for Derivative Instruments and Hedging Activities". This
statement, effective for fiscal years beginning after June 15, 2000, establishes
accounting and reporting standards requiring that every derivative instrument,
including certain derivative instruments imbedded in other contracts, be
recorded in the balance sheet as either an asset or liability measured at its
fair value. The statement also requires that the changes in the derivative's
fair value be recognized in earnings unless specific hedge accounting criteria
are met. The Company is currently assessing the impact of this new statement on
its consolidated financial position, liquidity, and results of operations.
ITEM 7a. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Response to this item is included in Item 7. "Management's Discussion and
Analysis of Financial Condition and Results of Operations" above.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Index to Financial Statements and Financial Statement Schedule on page
F-1 of this Form 10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURES
None.
PART III
ITEM 10, 11, 12, 13. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT,
EXECUTIVE COMPENSATION, SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by Item 10, Item 11, Item 12 and Item 13 will be
contained in a definitive proxy statement that the Registrant anticipates
will be filed no later than April 15, 2000, and thus is incorporated herein
by reference in accordance with General Instruction G(3) to Form 10-K.
39
<PAGE> 41
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND
REPORTS ON FORM 8-K
(a) FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND EXHIBITS
(1 & 2) See Index to Financial Statements and Financial Statement
Schedule on page F-1 of this Form 10-K
(3) Exhibits:
Exhibits Description
- -------- -----------
3.1 Amended and Restated Articles of Incorporation of the Company
(incorporated by reference to Exhibit 3.1 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1996, File No.
1-13102)
3.2 Amended and Restated Bylaws of the Company, dated September 4, 1997
(incorporated by reference to Exhibit 1 of the Company's Form 8-K,
dated September 4, 1997, as filed on September 29, 1997, File No.
1-13102)
3.3 Articles of Amendment to the Company's Articles of Incorporation,
dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the
Form 10-Q of the Company for the fiscal quarter ended June 30, 1996,
File No. 1-13102)
3.4 Articles Supplementary relating to the Company's 9 1/2% Series A
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.4 of the Form 10-Q of the Company for the
fiscal quarter ended June 30, 1996, File No. 1-13102)
3.5 Articles of Amendment to the Company's Articles of Incorporation,
dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the
Form 10-Q of the Company for the fiscal quarter ended June 30, 1996,
File No. 1-13102)
3.6 Articles Supplementary relating to the Company's 8 3/4% Series B
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.1 of the Form 10-Q of the Company for the
fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1
of the Company filed May 30, 1997, File No. 1-13102)
3.7 Articles Supplementary relating to the Company's 8 5/8% Series C
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Company dated June
6, 1997, File No. 1-13102)
3.8 Articles Supplementary relating to the Company's 7.95% Series D
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Company dated
February 6, 1998, File No. 1-13102)
3.9 Articles Supplementary relating to the Company's 7.90% Series E
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.9 of the Company's Annual Report on Form 10-K
for the year ended December 31, 1997, File No. 1-13102)
3.10 Articles Supplementary relating to the Company's Junior
Participating Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.10 of Form S-3 of the Company and First
Industrial, L.P. dated September 24, 1997, Registration No.
333-29879)
4.1 Form of Amended and Restated Articles of Incorporation of First
Industrial Securities Corporation (incorporated by reference to
Exhibit 4.5 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.2 Form of Articles Supplementary of First Industrial Securities
Corporation (incorporated by reference to Exhibit 4.6 of the
Company's Registration Statement on Form S-3, File No. 33-97014)
40
<PAGE> 42
Exhibits Description
- -------- -----------
4.3 Form of Guarantee and Payment Agreement between First Industrial
Securities, L.P. and First Industrial Securities Corporation for the
benefit of American National Bank and Trust Company of Chicago
(incorporated by reference to Exhibit 4.8 of the Company's
Registration Statement on Form S-3, File No. 33-97014)
4.4 Form of Agency and Advance Agreement among First Industrial Realty
Trust, Inc., First Industrial Securities, L.P. and American National
Bank and Trust Company of Chicago (incorporated by reference to
Exhibit 4.9 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.5 Form of Guarantee Agency Agreement among First Industrial Realty
Trust, Inc., First Industrial Securities, L.P. and American National
Bank and Trust Company of Chicago (incorporated by reference to
Exhibit 4.10 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.6 Form of Limited Partnership Agreement of First Industrial
Securities, L.P. (incorporated by reference to Exhibit 4.3 of the
Company's Registration Statement on Form S-3, File No. 33-97014)
4.7 Deposit Agreement, dated May 14, 1997, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.3 of the Form 10-Q of the Company for the fiscal quarter ended
March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed
May 30, 1997, File No. 1-13102)
4.8 Deposit Agreement, dated June 6, 1997, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.2 of the Form 8-K of the Company, dated June 6, 1997, File No.
1-13102)
4.9 Deposit Agreement, dated February 6, 1998, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.2 of the Form 8-K of the Company, dated February 6, 1998, File No.
1-13102)
4.10 Deposit Agreement, dated March 18, 1998, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.12 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1997, File No. 1-13102)
4.11 Indenture, dated as of May 13, 1997, between First Industrial, L.P.
and First Trust National Association, as Trustee (incorporated by
reference to Exhibit 4.1 of the Form 10-Q of the Company for the
fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1
of the Company filed May 30, 1997, File No. 1-13102)
4.12 Supplemental Indenture No. 1, dated as of May 13, 1997, between
First Industrial, L.P. and First Trust National Association as
Trustee relating to $150 million of 7.60% Notes due 2007 and $100
million of 7.15% Notes due 2027 (incorporated by reference to
Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter
ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company
filed May 30, 1997, File No. 1-13102)
4.13 Supplemental Indenture No. 2, dated as of May 22, 1997, between
First Industrial, L.P. and First Trust National Association as
Trustee relating to $100 million of 7 3/8% Notes due
2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of
First Industrial, L.P. for the fiscal quarter ended March 31, 1997,
File No. 333-21873)
4.14 Supplemental Indenture No. 3 dated October 28, 1997 between First
Industrial, L.P. and First Trust National Association providing for
the issuance of Medium-Term Notes due Nine Months or more from Date
of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of
First Industrial, L.P., dated November 3, 1997, as filed November 3,
1997, File No. 333-21873)
41
<PAGE> 43
Exhibits Description
- -------- -----------
4.15 6.90% Medium-Term Note due 2005 in principal amount of $50 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.17 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.16 7.00% Medium-Term Note due 2006 in principal amount of $150 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.18 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.17 7.50% Medium-Term Note due 2017 in principal amount of $100 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.19 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.18 Trust Agreement, dated as of May 16, 1997, between First Industrial,
L.P. and First Bank National Association, as Trustee (incorporated
by reference to Exhibit 4.5 of the Form 10-Q of First Industrial,
L.P. for the fiscal quarter ended March 31, 1997, File No.
333-21873)
4.19 Rights Agreement, dated as of September 16, 1997, between the
Company and First Chicago Trust Company of New York, as Rights Agent
(incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed
on September 24, 1997, File No. 1-13102)
4.20 Unsecured Revolving Credit Agreement (the "Unsecured Revolving
Credit Agreement"), dated as of December 15, 1997, by and among
First Industrial, L.P., First Industrial Realty Trust, Inc. and The
First National Bank of Chicago, Union Bank of Switzerland, New York
Branch and certain other banks (incorporated by reference to Exhibit
4.22 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1997, File No. 1-13102)
4.21 6.50% dealer remarketable security due April 5, 2011 in principal
amount of $100 million issued by First Industrial, L.P.
(incorporated by reference to Exhibit 4.2 of the Form 8-K of First
Industrial, L.P. dated April 7, 1998, File No. 333-21873)
4.22 Supplemental Indenture No. 4, dated as of March 26, 1998, between
First Industrial, L.P. and First Trust National Trust Association,
as Trustee, relating to 6.50% Dealer remarketable securities due
April 5, 2011 (incorporated by reference to Exhibit 4.1 of Form 8-K
of First Industrial, L.P. dated April 7, 1998, File No. 333-21873)
4.23 Remarketing Agreement, dated March 31, 1998, between First
Industrial, L.P. and J.P. Morgan Securities Inc. (incorporated by
reference to Exhibit 1.2 of Form 8-K of First Industrial, L.P. dated
April 7, 1998, File No.333-21873)
4.25 7.60% Notes due 2028 in principal amount of $200 million issued by
First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of
the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No.
333-21873)
4.26 Supplemental Indenture No.5, dated as of July 14, 1998, between
First Industrial, L.P. and the U.S. Bank Trust National Association,
relating to First Industial, L.P.'s 7.60% Notes due July 15, 2008
(incorporated by reference to Exhibit 4.1 of the Form 8-K of First
Industrial, L.P. dated July 15, 1998, File No. 333-21873)
10.1 Sixth Amended and Restated Limited Partnership Agreement of First
Industrial, L.P. (the "LP Agreement"), dated March 18, 1998
(incorporated by reference to Exhibit 10.1 of the Company's Annual
Report on Form 10-K for the year ended December 31, 1997, File No.
1-13102)
10.2 First Amendment to the L.P. Agreement dated April 1, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
42
<PAGE> 44
Exhibits Description
- -------- -----------
10.3 Second Amendment to the L.P. Agreement dated April 3, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
10.4 Third Amendment to the L.P. Agreement dated April 16, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
10.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1998, File No.
1-13102)
10.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1998, File No.
1-13102)
10.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998
(incorporated by reference to Exhibit 10.5 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.11* Tenth Amendment to the L.P. Agreement dated January 28, 2000
10.12* Eleventh Amendment to the L.P. Agreement dated January 28, 2000
10.13 Registration Rights Agreement, dated April 29, 1998, relating to the
Company's Common Stock, par value $.01 per share, between the
Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner
& Smith Incorporated (incorporated by reference to Exhibit 4.1 of
the Form 8-K of the Company dated May 1, 1998, File No. 1-13102)
10.14 Non-Competition Agreement between Jay H. Shidler and First
Industrial Realty Trust, Inc. (incorporated by reference to Exhibit
10.16 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1994, File No. 1-13102)
10.15 Form of Non-Competition Agreement between each of Michael T. Tomasz,
Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G.
Damone, Duane H. Lund, and Johannson L. Yap and First Industrial
Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to
the Company's Registration Statement on Form S-11, File No.
33-77804)
10.16+ 1994 Stock Incentive Plan (incorporated by reference to Exhibit
10.37 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1994, File No. 1-13102)
10.17+ First Industrial Realty Trust, Inc. Deferred Income Plan
(incorporated by reference to Exhibit 10 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1996, File No.
1-13102)
10.18 Contribution Agreement, dated March 19, 1996, among FR Acquisitions,
Inc. and the parties listed on the signature pages thereto
(incorporated by reference to Exhibit 10.1 of the Form 8-K of the
Company, dated April 3, 1996, File No. 1-13102)
43
<PAGE> 45
Exhibits Description
- -------- -----------
10.19 Contribution Agreement, dated January 31, 1997, among FR
Acquisitions, Inc. and the parties listed on the signature pages
thereto (incorporated by reference to Exhibit 10.58 of the Company's
Annual Report on Form 10-K for the year ended December 31, 1996,
File No. 1-13102)
10.20+ Employment Agreement, dated December 4, 1996, between the Company
and Michael T. Tomasz (incorporated by reference to Exhibit 10.59 of
the Company's Annual Report on Form 10-K for the year ended December
31, 1996, File No. 1-13102)
10.21+ Employment Agreement, dated February 1, 1997, between the Company
and Michael W. Brennan (incorporated by reference to Exhibit 10.60
of the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, File No. 1-13102)
10.22+ 1997 Stock Incentive Plan (incorporated by reference to Exhibit
10.62 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, File No. 1-13102)
10.23+ Separation Agreement dated November 11, 1998 by and between the
Company and Michael T. Tomasz (incorporated by reference to Exhibit
10.25 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1998, File No.1-13102)
12.1* Computation of ratios of earnings to fixed charges and preferred
stock dividends of the Company
21.1* Subsidiaries of the Registrant
23* Consent of PricewaterhouseCoopers LLP
27* Financial Data Schedule
* Filed herewith.
+ Indicates a compensatory plan or arrangement contemplated by Item
14 a (3) of Form 10-K.
(b) REPORTS ON FORM 8-K AND FORM 8-K/A
None
================================================================================
The Company has prepared supplemental financial and operating
information which is available without charge upon request to the Company.
Please direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
44
<PAGE> 46
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.
FIRST INDUSTRIAL REALTY TRUST, INC.
Date: March 10, 2000 By: /s/ Michael W. Brennan
---------------------------------
Michael W. Brennan
President, Chief Executive Officer
and Director (Principal Executive
Officer)
Date: March 10, 2000 By: /s/ Michael J. Havala
--------------------------------
Michael J. Havala
Chief Financial Officer (Principal
Financial and 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.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
/s/ Jay H. Shidler Chairman of the Board of Directors March 10, 2000
- ----------------------------------
Jay H. Shidler
/s/ Michael W. Brennan President, Chief Executive Officer March 10, 2000
- ---------------------------------- and Director
Michael W. Brennan
/s/ Michael G. Damone Director of Strategic Planning March 10, 2000
- ---------------------------------- and Director
Michael G. Damone
Director March 10, 2000
- ----------------------------------
John L. Lesher
/s/ Kevin W. Lynch Director March 10, 2000
- ----------------------------------
Kevin W. Lynch
Director March 10, 2000
- ----------------------------------
John E. Rau
/s/ Robert J. Slater Director March 10, 2000
- ----------------------------------
Robert J. Slater
/s/ W. Edwin Tyler Director March 10, 2000
- ----------------------------------
W. Edwin Tyler
/s/ J. Steven Wilson Director March 10, 2000
- ----------------------------------
J. Steven Wilson
</TABLE>
45
<PAGE> 47
EXHIBIT INDEX
Exhibits Description
- -------- -----------
3.1 Amended and Restated Articles of Incorporation of the Company
(incorporated by reference to Exhibit 3.1 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1996, File No.
1-13102)
3.2 Amended and Restated Bylaws of the Company, dated September 4, 1997
(incorporated by reference to Exhibit 1 of the Company's Form 8-K,
dated September 4, 1997, as filed on September 29, 1997, File No.
1-13102)
3.3 Articles of Amendment to the Company's Articles of Incorporation,
dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the
Form 10-Q of the Company for the fiscal quarter ended June 30, 1996,
File No. 1-13102)
3.4 Articles Supplementary relating to the Company's 9 1/2% Series A
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.4 of the Form 10-Q of the Company for the
fiscal quarter ended June 30, 1996, File No. 1-13102)
3.5 Articles of Amendment to the Company's Articles of Incorporation,
dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the
Form 10-Q of the Company for the fiscal quarter ended June 30, 1996,
File No. 1-13102)
3.6 Articles Supplementary relating to the Company's 8 3/4% Series B
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.1 of the Form 10-Q of the Company for the
fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1
of the Company filed May 30, 1997, File No. 1-13102)
3.7 Articles Supplementary relating to the Company's 8 5/8% Series C
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Company dated June
6, 1997, File No. 1-13102)
3.8 Articles Supplementary relating to the Company's 7.95% Series D
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Company dated
February 6, 1998, File No. 1-13102)
3.9 Articles Supplementary relating to the Company's 7.90% Series E
Cumulative Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 3.9 of the Company's Annual Report on Form 10-K
for the year ended December 31, 1997, File No. 1-13102)
3.10 Articles Supplementary relating to the Company's Junior
Participating Preferred Stock, $.01 par value (incorporated by
reference to Exhibit 4.10 of Form S-3 of the Company and First
Industrial, L.P. dated September 24, 1997, Registration No.
333-29879)
4.1 Form of Amended and Restated Articles of Incorporation of First
Industrial Securities Corporation (incorporated by reference to
Exhibit 4.5 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.2 Form of Articles Supplementary of First Industrial Securities
Corporation (incorporated by reference to Exhibit 4.6 of the
Company's Registration Statement on Form S-3, File No. 33-97014)
46
<PAGE> 48
Exhibits Description
- -------- -----------
4.3 Form of Guarantee and Payment Agreement between First Industrial
Securities, L.P. and First Industrial Securities Corporation for the
benefit of American National Bank and Trust Company of Chicago
(incorporated by reference to Exhibit 4.8 of the Company's
Registration Statement on Form S-3, File No. 33-97014)
4.4 Form of Agency and Advance Agreement among First Industrial Realty
Trust, Inc., First Industrial Securities, L.P. and American National
Bank and Trust Company of Chicago (incorporated by reference to
Exhibit 4.9 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.5 Form of Guarantee Agency Agreement among First Industrial Realty
Trust, Inc., First Industrial Securities, L.P. and American National
Bank and Trust Company of Chicago (incorporated by reference to
Exhibit 4.10 of the Company's Registration Statement on Form S-3,
File No. 33-97014)
4.6 Form of Limited Partnership Agreement of First Industrial
Securities, L.P. (incorporated by reference to Exhibit 4.3 of the
Company's Registration Statement on Form S-3, File No. 33-97014)
4.7 Deposit Agreement, dated May 14, 1997, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.3 of the Form 10-Q of the Company for the fiscal quarter ended
March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed
May 30, 1997, File No. 1-13102)
4.8 Deposit Agreement, dated June 6, 1997, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.2 of the Form 8-K of the Company, dated June 6, 1997, File No.
1-13102)
4.9 Deposit Agreement, dated February 6, 1998, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.2 of the Form 8-K of the Company, dated February 6, 1998, File No.
1-13102)
4.10 Deposit Agreement, dated March 18, 1998, by and among the Company,
First Chicago Trust Company of New York and holders from time to
time of Depositary Receipts (incorporated by reference to Exhibit
4.12 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1997, File No. 1-13102)
4.11 Indenture, dated as of May 13, 1997, between First Industrial, L.P.
and First Trust National Association, as Trustee (incorporated by
reference to Exhibit 4.1 of the Form 10-Q of the Company for the
fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1
of the Company filed May 30, 1997, File No. 1-13102)
4.12 Supplemental Indenture No. 1, dated as of May 13, 1997, between
First Industrial, L.P. and First Trust National Association as
Trustee relating to $150 million of 7.60% Notes due 2007 and $100
million of 7.15% Notes due 2027 (incorporated by reference to
Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter
ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company
filed May 30, 1997, File No. 1-13102)
4.13 Supplemental Indenture No. 2, dated as of May 22, 1997, between
First Industrial, L.P. and First Trust National Association as
Trustee relating to $100 million of 7 3/8% Notes due
2011(incorporated by reference to Exhibit 4.4 of the Form 10-Q of
First Industrial, L.P. for the fiscal quarter ended March 31, 1997,
File No. 333-21873)
4.14 Supplemental Indenture No. 3 dated October 28, 1997 between First
Industrial, L.P. and First Trust National Association providing for
the issuance of Medium-Term Notes due Nine Months or more from Date
of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of
First Industrial, L.P., dated November 3, 1997, as filed November 3,
1997, File No. 333-21873)
47
<PAGE> 49
Exhibits Description
- -------- -----------
4.15 6.90% Medium-Term Note due 2005 in principal amount of $50 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.17 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.16 7.00% Medium-Term Note due 2006 in principal amount of $150 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.18 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.17 7.50% Medium-Term Note due 2017 in principal amount of $100 million
issued by First Industrial, L.P. (incorporated by reference to
Exhibit 4.19 of the Company's Annual Report on Form 10-K for the
year ended December 31, 1997, File No. 1-13102)
4.18 Trust Agreement, dated as of May 16, 1997, between First Industrial,
L.P. and First Bank National Association, as Trustee (incorporated
by reference to Exhibit 4.5 of the Form 10-Q of First Industrial,
L.P. for the fiscal quarter ended March 31, 1997, File No.
333-21873)
4.19 Rights Agreement, dated as of September 16, 1997, between the
Company and First Chicago Trust Company of New York, as Rights Agent
(incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed
on September 24, 1997, File No. 1-13102)
4.20 Unsecured Revolving Credit Agreement (the "Unsecured Revolving
Credit Agreement"), dated as of December 15, 1997, by and among
First Industrial, L.P., First Industrial Realty Trust, Inc. and The
First National Bank of Chicago, Union Bank of Switzerland, New York
Branch and certain other banks (incorporated by reference to Exhibit
4.22 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1997, File No. 1-13102)
4.21 6.50% dealer remarketable security due April 5, 2011 in principal
amount of $100 million issued by First Industrial, L.P.
(incorporated by reference to Exhibit 4.2 of the Form 8-K of First
Industrial, L.P. dated April 7, 1998, File No. 333-21873)
4.22 Supplemental Indenture No. 4, dated as of March 26, 1998, between
First Industrial, L.P. and First Trust National Trust Association,
as Trustee, relating to 6.50% Dealer remarketable securities due
April 5, 2011 (incorporated by reference to Exhibit 4.1 of Form 8-K
of First Industrial, L.P. dated April 7, 1998, File No. 333-21873)
4.23 Remarketing Agreement, dated March 31, 1998, between First
Industrial, L.P. and J.P. Morgan Securities Inc. (incorporated by
reference to Exhibit 1.2 of Form 8-K of First Industrial, L.P. dated
April 7, 1998, File No.333-21873)
4.25 7.60% Notes due 2028 in principal amount of $200 million issued by
First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of
the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No.
333-21873)
4.26 Supplemental Indenture No.5, dated as of July 14, 1998, between
First Industrial, L.P. and the U.S. Bank Trust National Association,
relating to First Industial, L.P.'s 7.60% Notes due July 15, 2008
(incorporated by reference to Exhibit 4.1 of the Form 8-K of First
Industrial, L.P. dated July 15, 1998, File No. 333-21873)
10.1 Sixth Amended and Restated Limited Partnership Agreement of First
Industrial, L.P. (the "LP Agreement"), dated March 18, 1998
(incorporated by reference to Exhibit 10.1 of the Company's Annual
Report on Form 10-K for the year ended December 31, 1997, File No.
1-13102)
10.2 First Amendment to the L.P. Agreement dated April 1, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
48
<PAGE> 50
Exhibits Description
- -------- -----------
10.3 Second Amendment to the L.P. Agreement dated April 3, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
10.4 Third Amendment to the L.P. Agreement dated April 16, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1998, File No.
1-13102)
10.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1998, File No.
1-13102)
10.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended June 30, 1998, File No.
1-13102)
10.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998
(incorporated by reference to Exhibit 10.2 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998
(incorporated by reference to Exhibit 10.3 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998
(incorporated by reference to Exhibit 10.4 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998
(incorporated by reference to Exhibit 10.5 of the Form 10-Q of the
Company for the fiscal quarter ended September 30, 1998, File No.
1-13102)
10.11* Tenth Amendment to the L.P. Agreement dated January 28, 2000
10.12* Eleventh Amendment to the L.P. Agreement dated January 28, 2000
10.13 Registration Rights Agreement, dated April 29, 1998, relating to the
Company's Common Stock, par value $.01 per share, between the
Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner
& Smith Incorporated (incorporated by reference to Exhibit 4.1 of
the Form 8-K of the Company dated May 1, 1998, File No. 1-13102)
10.14 Non-Competition Agreement between Jay H. Shidler and First
Industrial Realty Trust, Inc. (incorporated by reference to Exhibit
10.16 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1994, File No. 1-13102)
10.15 Form of Non-Competition Agreement between each of Michael T. Tomasz,
Paul T. Lambert, Michael J. Havala, Michael W. Brennan, Michael G.
Damone, Duane H. Lund, and Johannson L. Yap and First Industrial
Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to
the Company's Registration Statement on Form S-11, File No.
33-77804)
10.16+ 1994 Stock Incentive Plan (incorporated by reference to Exhibit
10.37 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1994, File No. 1-13102)
10.17+ First Industrial Realty Trust, Inc. Deferred Income Plan
(incorporated by reference to Exhibit 10 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1996, File No.
1-13102)
10.18 Contribution Agreement, dated March 19, 1996, among FR Acquisitions,
Inc. and the parties listed on the signature pages thereto
(incorporated by reference to Exhibit 10.1 of the Form 8-K of the
Company, dated April 3, 1996, File No. 1-13102)
49
<PAGE> 51
Exhibits Description
- -------- -----------
10.19 Contribution Agreement, dated January 31, 1997, among FR
Acquisitions, Inc. and the parties listed on the signature pages
thereto (incorporated by reference to Exhibit 10.58 of the Company's
Annual Report on Form 10-K for the year ended December 31, 1996,
File No. 1-13102)
10.20+ Employment Agreement, dated December 4, 1996, between the Company
and Michael T. Tomasz (incorporated by reference to Exhibit 10.59 of
the Company's Annual Report on Form 10-K for the year ended December
31, 1996, File No. 1-13102)
10.21+ Employment Agreement, dated February 1, 1997, between the Company
and Michael W. Brennan (incorporated by reference to Exhibit 10.60
of the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, File No. 1-13102)
10.22+ 1997 Stock Incentive Plan (incorporated by reference to Exhibit
10.62 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, File No. 1-13102)
10.23+ Separation Agreement dated November 11, 1998 by and between the
Company and Michael T. Tomasz (incorporated by reference to Exhibit
10.25 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1998, File No.1-13102)
12.1* Computation of ratios of earnings to fixed charges and preferred
stock dividends of the Company
21.1* Subsidiaries of the Registrant
23* Consent of PricewaterhouseCoopers LLP
27* Financial Data Schedule
* Filed herewith.
+ Indicates a compensatory plan or arrangement contemplated by Item
14 a (3) of Form 10-K.
50
<PAGE> 52
FIRST INDUSTRIAL REALTY TRUST, INC.
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
PAGE
----
FINANCIAL STATEMENTS
Report of Independent Accountants ................................... F-2
Consolidated Balance Sheets of First Industrial Realty Trust, Inc.
(the "Company") as of December 31, 1999 and 1998..................... F-3
Consolidated Statements of Operations of the Company for the Years
Ended December 31, 1999, 1998 and 1997 .............................. F-4
Consolidated Statements of Changes in Stockholders' Equity of the
Company for the Years Ended December 31, 1999, 1998 and 1997 ........ F-5
Consolidated Statements of Cash Flows of the Company for the Years
Ended December 31, 1999, 1998 and 1997 .............................. F-6
Notes to Consolidated Financial Statements .......................... F-7
FINANCIAL STATEMENT SCHEDULE
Report of Independent Accountants ................................... S-1
Schedule III: Real Estate and Accumulated Depreciation .............. S-2
F-1
<PAGE> 53
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders of
First Industrial Realty Trust, Inc.
In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of operations, of changes in stockholders' equity and of
cash flows present fairly, in all material respects, the financial position of
First Industrial Realty Trust, Inc. (the "Company") at December 31, 1999 and
1998, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 1999, in conformity with accounting
principles generally accepted in the United States. These financial statements
are the responsibility of the Company's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States, which 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,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 14, 2000
F-2
<PAGE> 54
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
December 31, December 31,
1999 1998
------------ -------------
<S> <C> <C>
ASSETS
Assets:
Investment in Real Estate:
Land........................................................... $ 383,938 $ 406,465
Buildings and Improvements..................................... 2,131,807 2,137,499
Furniture, Fixtures and Equipment.............................. 1,437 1,437
Construction in Progress....................................... 80,410 37,632
Less: Accumulated Depreciation................................. (211,456) (175,886)
---------- ----------
Net Investment in Real Estate.............................. 2,386,136 2,407,147
Cash and Cash Equivalents......................................... 2,609 21,823
Restricted Cash................................................... 2,352 10,965
Tenant Accounts Receivable, Net................................... 9,924 9,982
Investments in Joint Ventures..................................... 6,408 4,458
Deferred Rent Receivable.......................................... 17,137 14,519
Deferred Financing Costs, Net..................................... 11,581 12,206
Prepaid Expenses and Other Assets, Net............................ 90,816 73,362
---------- ----------
Total Assets............................................... $2,526,963 $2,554,462
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage Loans Payable............................................ $ 104,951 $ 108,487
Senior Unsecured Debt, Net........................................ 948,688 948,595
Acquisition Facility Payable...................................... 94,000 134,800
Accounts Payable and Accrued Expenses............................. 78,946 72,963
Rents Received in Advance and Security Deposits................... 22,014 18,592
Dividends/Distributions Payable................................... 28,164 27,081
---------- ----------
Total Liabilities.......................................... 1,276,763 1,310,518
---------- ----------
Minority Interest.................................................... 190,974 189,168
Commitments and Contingencies........................................ --- ---
Stockholders' Equity:
Preferred Stock ($.01 par value, 10,000,000 shares authorized,
1,650,000, 40,000, 20,000, 50,000 and 30,000 shares of Series
A, B, C, D and E Cumulative Preferred Stock, respectively,
issued and outstanding at December 31, 1999 and December 31,
1998, having a liquidation preference of $25 per share
($41,250), $2,500 per share ($100,000), $2,500 per share
($50,000), $2,500 per share ($125,000) and $2,500 per share
($75,000), respectively ......................................... 18 18
Common Stock ($.01 par value, 100,000,000 shares authorized,
38,152,811 and 37,932,015 shares issued and outstanding
at December 31, 1999 and 1998, respectively)..................... 382 379
Additional Paid-in-Capital........................................... 1,177,364 1,171,896
Distributions in Excess of Accumulated Earnings...................... (114,451) (114,205)
Unearned Value of Restricted Stock Grants............................ (4,087) (3,312)
---------- ----------
Total Stockholders' Equity................................. 1,059,226 1,054,776
---------- ----------
Total Liabilities and Stockholders' Equity................. $2,526,963 $2,554,462
========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-3
<PAGE> 55
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
--------------- ---------------- -----------------
<S> <C> <C> <C>
Revenues:
Rental Income.................................... $ 295,938 $ 281,660 $ 164,389
Tenant Recoveries and Other Income............... 78,217 68,042 46,028
Interest Income- Defeasance...................... --- --- 12,786
--------- --------- ---------
Total Revenues............................... 374,155 349,702 223,203
--------- --------- ---------
Expenses:
Real Estate Taxes................................ 56,573 55,544 34,653
Repairs and Maintenance.......................... 16,827 15,303 8,278
Property Management.............................. 10,875 13,643 7,850
Utilities........................................ 9,933 9,475 5,801
Insurance........................................ 832 934 568
Other............................................ 3,955 4,585 2,612
General and Administrative....................... 13,259 12,983 6,248
Interest Expense................................. 79,869 71,833 49,859
Amortization of Interest Rate Protection
Agreements and Deferred Financing Costs........ 1,362 917 2,812
Depreciation and Other Amortization.............. 68,412 63,805 39,573
Restructuring and Abandoned Pursuit Costs
Charge ........................................ --- 11,941 ---
--------- --------- ---------
Total Expenses.............................. 261,897 260,963 158,254
--------- --------- ---------
Income from Operations Before Equity in Income
of Joint Ventures, Income Allocated to
Minority Interest and Disposition of Interest
Rate Protection Agreements....................... 112,258 88,739 64,949
Equity in Income of Joint Ventures................. 302 45 ---
Income Allocated to Minority Interest.............. (17,609) (7,961) (5,312)
Disposition of Interest Rate Protection
Agreements....................................... --- (8,475) 1,430
--------- --------- ---------
Income from Operations............................. 94,951 72,348 61,067
Gain on Sales of Properties........................ 29,797 5,349 5,003
--------- --------- ---------
Income Before Extraordinary Loss and Cumulative
Effect of Change in Accounting Principle......... 124,748 77,697 66,070
Extraordinary Loss............................ --- --- (14,124)
Cumulative Effect of Change in Accounting Principle --- (1,976) ---
--------- --------- ---------
Net Income......................................... 124,748 75,721 51,946
Preferred Stock Dividends.......................... (32,844) (30,610) (11,856)
--------- --------- ---------
Net Income Available to Common Stockholders........ $ 91,904 $ 45,111 $ 40,090
========= ========= =========
Net Income Available to Common Stockholders
Before Extraordinary Loss and Cumulative Effect
of Change in Accounting Principle Per Weighted
Average Common Share Outstanding:
Basic......................................... $ 2.42 $ 1.26 $ 1.72
========= ========= =========
Diluted....................................... $ 2.41 $ 1.25 $ 1.70
========= ========= =========
Net Income Available to Common Stockholders Per
Weighted Average Common Share Outstanding:
Basic......................................... $ 2.42 $ 1.20 $ 1.27
========= ========= =========
Diluted....................................... $ 2.41 $ 1.20 $ 1.26
========= ========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-4
<PAGE> 56
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Additional Distributions Unearned
Preferred Common Paid-In Retained In Excess of Value of Rest.
Total Stock Stock Capital Earnings Accum. Earnings Stock Grants
---------- --------- ------- ---------- -------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1996.... $ 532,561 $ 17 $ 299 $ 584,009 $ --- $ (51,764) $ ---
Net Proceeds from Issuance of
Preferred Stock.............. 144,289 --- --- 144,289 --- --- ---
Net Proceeds from Issuance of
Common Stock................. 199,339 --- 62 199,277 --- --- ---
Issuance of Restricted Stock.... --- --- 1 3,654 --- --- (3,655)
Amortization of Restricted
Stock Grants................... 238 --- --- --- --- --- 238
Preferred Stock Dividends
($2.375 per Series A Share,
$137.326 per Series B
Share and $122.029 per
Series C Share................ (11,856) --- --- --- (11,856) --- ---
Distributions
($2.045 per Share/Unit)...... (73,836) --- --- --- (45,402) (28,434) ---
Net Income Before Minority
Interest....................... 57,258 --- --- --- 57,258 --- ---
Minority Interest:
Allocation of Income.......... (5,312) --- --- --- --- (5,312) ---
Distributions ($2.045 per
Unit).......................... 8,514 --- --- --- --- 8,514 ---
Conversion of Units to Common
Stock...................... 3,395 --- 2 3,393 --- --- ---
---------- --------- ------- ---------- -------- --------------- --------------
Balance at December 31, 1997..... 854,590 17 364 934,622 --- (76,996) (3,417)
Net Proceeds from Issuance of
Preferred Stock.............. 192,700 1 --- 192,699 --- --- ---
Net Proceeds from Issuance of
Common Stock................. 37,095 --- 12 37,083 --- --- ---
Issuance of Restricted Stock..... --- --- 1 2,344 --- --- (2,345)
Amortization of Restricted
Stock Grants................... 2,450 --- --- --- --- --- 2,450
Preferred Stock Dividends
($2.375 per Series A Share,
$218.750 per Series B Share,
$215.624 per Series C Share,
$179.426 per Series D Share
and $155.257 per Series E
Share)....................... (30,610) --- --- --- (30,610) --- ---
Distributions
($2.19 per Share/Unit)....... (96,868) --- --- --- (53,072) (43,796) ---
Net Income Before Minority
Interest....................... 83,682 --- --- --- 83,682 --- ---
Minority Interest:
Allocation of Income.......... (7,961) --- --- --- --- (7,961) ---
Distributions ($2.19 per
Unit)......................... 14,548 --- --- --- --- 14,548 ---
Conversion of Units to Common
Stock...................... 5,150 --- 2 5,148 --- --- ---
---------- --------- ------- ---------- -------- --------------- --------------
Balance at December 31, 1998..... 1,054,776 18 379 1,171,896 --- (114,205) (3,312)
Net Proceeds from the Issuance
of Common Stock................ 845 --- --- 845 --- --- ---
Issuance of Restricted Stock.... --- --- 1 2,007 --- --- (2,008)
Amortization of Restricted
Stock Grants..................... 1,233 --- --- --- --- --- 1,233
Preferred Stock Dividends
($2.375 per Series A Share,
$218.750 per Series B Share,
$215.624 per Series C Share,
$198.748 per Series D Share
and $197.500 per Series E
Share)....................... (32,844) --- --- --- (32,844) --- ---
Distributions
($2.42 per Share/Unit)....... (109,608) --- --- --- (109,513) (95) ---
Net Income Before Minority
Interest....................... 142,357 --- --- --- 142,357 --- ---
Minority Interest:
Allocation of Income.......... (17,609) --- --- --- --- (17,609) ---
Distributions ($2.42 per
Unit)........................ 17,458 --- --- --- --- 17,458 ---
Conversion of Units to Common
Stock...................... 2,618 --- 2 2,616 --- --- ---
---------- --------- ------- ---------- -------- --------------- --------------
Balance at December 31, 1999..... $1,059,226 $ 18 $ 382 $1,177,364 --- (114,451) (4,087)
========== ========= ======= ========== ======== =============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-5
<PAGE> 57
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ -------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income..................................................... $ 124,748 $ 75,721 $ 51,946
Income Allocated to Minority Interest.......................... 17,609 7,961 5,312
--------- --------- ---------
Income Before Minority Interest................................ 142,357 83,682 57,258
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation................................................... 62,208 57,565 35,286
Amortization of Interest Rate Protection Agreement and
Deferred Financing Costs...................................... 1,362 917 2,812
Other Amortization............................................. 6,272 8,074 4,353
Provision for Bad Debts........................................ --- 550 850
Equity in Income of Joint Ventures............................. (302) (45) ---
Distributions from Joint Ventures.............................. 302 --- ---
Gain on Sales of Properties.................................... (29,797) (5,349) (5,003)
Gain from Disposition of Interest Rate Protection Agreements... --- --- (1,430)
Extraordinary Loss............................................. --- --- 14,124
Cumulative Effect of Change in Accounting Principle............ --- 1,976 ---
Increase in Tenant Accounts Receivable, Prepaid Expenses
and Other Assets............................................. (7,959) (26,595) (23,034)
Increase in Deferred Rent Receivable........................... (4,062) (4,657) (2,075)
Increase in Accounts Payable and Accrued Expenses and Rents
Received in Advance and Security Deposits.................... 5,001 29,867 17,644
Increase in Organization Costs................................. --- (396) (185)
Decrease in Restricted Cash.................................... 1,515 3,507 2,035
--------- --------- ---------
Net Cash Provided by Operating Activities.................... 176,897 149,096 102,635
--------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and Additions to Investment in Real Estate......... (233,434) (623,955) (826,087)
Net Proceeds from Sales of Investment in Real Estate........... 217,853 98,832 31,874
Contributions to and Investments in Joint Venture.............. (2,522) (4,413) ---
Distributions from Joint Ventures.............................. 572 --- ---
Funding of Mortgage Loans Receivable........................... (739) --- (18,785)
Repayment of Mortgage Loans Receivable......................... 1,132 1,394 4,751
Decrease (Increase) in Restricted Cash......................... 7,098 (7,412) 2,742
--------- --------- ---------
Net Cash Used in Investing Activities........................ (10,040) (535,554) (805,505)
--------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Sale of Common Stock............................. --- 36,300 200,360
Common Stock Underwriting Discounts/Offering Costs............. (200) (3,159) (5,221)
Proceeds from Exercise of Employee Stock Options............... 732 2,544 3,883
Proceeds from Sale of Preferred Stock.......................... --- 200,000 150,000
Preferred Stock Underwriting Discounts/Offering Costs.......... --- (7,300) (5,710)
Proceeds from Sale of Interest Rate Protection Agreements ..... --- --- 9,950
Purchase of Interest Rate Protection Agreements................ --- --- (150)
Purchase of U.S. Government Securities......................... --- --- (300,000)
Proceeds from Maturity of U.S. Government Securities........... --- --- 300,000
Decrease (Increase) in Restricted Cash-Defeasance.............. --- 306,000 (306,000)
Proceeds from Senior Unsecured Debt............................ --- 299,517 983,757
Repayment of Senior Unsecured Debt............................. --- --- (334,800)
Other Proceeds from Senior Unsecured Debt...................... --- 2,760 2,377
Other Costs of Senior Unsecured Debt........................... --- (11,890) (2,294)
Dividends/Distributions........................................ (108,527) (91,796) (68,107)
Preferred Stock Dividends...................................... (32,844) (30,610) (11,856)
Repayments on Mortgage Loans Payable........................... (3,459) (301,947) (11,156)
Proceeds from Acquisition Facilities Payable................... 156,600 531,000 540,100
Repayments on Acquisition Facilities Payable................... (197,400) (525,600) (415,100)
Repayment of Promissory Notes Payable.......................... --- --- (9,919)
Cost of Debt Issuance and Retirement of Debt................... (973) (10,760) (11,668)
--------- --------- ---------
Net Cash (Used in) Provided by Financing Activities ......... (186,071) 395,059 708,446
--------- --------- ---------
Net (Decrease) Increase in Cash and Cash Equivalents........... (19,214) 8,601 5,576
Cash and Cash Equivalents, Beginning of Period................. 21,823 13,222 7,646
--------- --------- ---------
Cash and Cash Equivalents, End of Period....................... $ 2,609 $ 21,823 $ 13,222
========= ========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-6
<PAGE> 58
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
1. ORGANIZATION AND FORMATION OF COMPANY
First Industrial Realty Trust, Inc. was organized in the state of Maryland
on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate
investment trust ("REIT") as defined in the Internal Revenue Code of 1986, as
amended (the "Code").
First Industrial Realty Trust, Inc. and its subsidiaries (the "Company")
began operations on July 1, 1994. The Company's operations are conducted
primarily through First Industrial, L.P. (the "Operating Partnership") of which
the Company is the sole general partner. The Company is the sole stockholder of
First Industrial Finance Corporation, First Industrial Pennsylvania Corporation,
First Industrial Harrisburg Corporation, First Industrial Securities
Corporation, First Industrial Mortgage Corporation, First Industrial
Indianapolis Corporation, FI Development Services Corporation and First
Industrial Florida Finance Corporation, which are the sole general partners of
First Industrial Financing Partnership, L.P. (the "Financing Partnership"),
First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First
Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial
Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage
Partnership, L.P. (the "Mortgage Partnership"), First Industrial Indianapolis,
L.P. (the "Indianapolis Partnership"), First Industrial Development Services,
L.P. and TK-SV, LTD., respectively. The Operating Partnership is the sole
limited partner of the Financing Partnership, the Pennsylvania Partnership, the
Harrisburg Partnership, the Securities Partnership, the Mortgage Partnership,
the Indianapolis Partnership, First Industrial Development Services, L.P and
TK-SV, LTD. The Operating Partnership is also the sole member of limited
liability companies, and the majority economic stockholder of First Industrial
Enterprises of Michigan, Inc. and FR Development Services, Inc. The Company,
through separate wholly-owned limited liability companies of which the Operating
Partnership is the sole member, also owns 10% equity interests in, and provides
asset and property management services to, two joint ventures which invest in
industrial properties.
As of December 31, 1999, the Company owned 967 in-service properties
located in 25 states, containing an aggregate of approximately 67.0 million
square feet (unaudited) of gross leasable area ("GLA"). Of the 967 properties
owned by the Company, 815 are held by the Operating Partnership, 19 are held by
the Financing Partnership, 20 are held by the Securities Partnership, 23 are
held by the Mortgage Partnership, 23 are held by the Pennsylvania Partnership,
six are held by the Harrisburg Partnership, six are held by the Indianapolis
Partnership, one is held by TK-SV, LTD., 53 are held by limited liability
companies of which the Operating Partnership is the sole member, and one is held
by First Industrial Development Services, L.P.
2. BASIS OF PRESENTATION
First Industrial Realty Trust, Inc. is the sole general partner of the
Operating Partnership, with an approximate 83.9% ownership interest at December
31, 1999. Minority interest at December 31, 1999, represents the approximate
16.1% aggregate partnership interest in the Operating Partnership held by the
limited partners thereof.
The consolidated financial statements of the Company at December 31, 1999
and 1998 and for each of the three years ended December 31, 1999 include the
accounts and operating results of the Company and its subsidiaries. Such
financial statements present the Company's 10% equity interests in the September
1998 Joint Venture (hereinafter defined) and the September 1999 Joint Venture
(hereinafter defined) under the equity method of accounting. All significant
intercompany transactions have been eliminated in consolidation.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In order to conform with generally accepted accounting principles,
management, in preparation of the Company's financial statements, is required to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of December
31, 1999 and 1998, and the reported amounts of revenues and expenses for the
years ended December 31, 1999, 1998 and 1997. Actual results could differ from
those estimates.
F-7
<PAGE> 59
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Cash and Cash Equivalents
Cash and cash equivalents include all cash and liquid investments with an
initial maturity of three months or less. The carrying amount approximates fair
value due to the short maturity of these investments.
Investment in Real Estate and Depreciation
Purchase accounting has been applied when ownership interests in
properties were acquired for cash. The historical cost basis of properties has
been carried over when certain ownership interests were exchanged for Operating
Partnership units on July 1, 1994 and purchase accounting has been used for all
other properties that were subsequently acquired in exchange for Operating
Partnership units.
Real estate assets are carried at cost. The Company reviews its properties
on a quarterly basis for impairment and provides a provision if impairments are
determined. First, to determine if impairment may exist, the Company reviews its
properties and identifies those which have had either an event of change or
event of circumstances warranting further assessment of recoverability. Then,
the Company estimates the fair value of those properties on an individual basis
by capitalizing the expected net operating income. Such amounts are then
compared to the property's depreciated cost to determine whether an impairment
exists. For properties management considers held for sale, the Company ceases
depreciating the properties and values the properties at the lower of
depreciated cost or fair value.
Interest expense, real estate taxes and other directly related expenses
incurred during construction periods are capitalized and depreciated commencing
with the date placed in service, on the same basis as the related assets.
Depreciation expense is computed using the straight-line method based on the
following useful lives:
Years
-----
Buildings and Improvements...................... 31.5 to 40
Land Improvements............................... 15
Furniture, Fixtures and Equipment............... 5 to 10
Construction expenditures for tenant improvements, leasehold improvements
and leasing commissions are capitalized and amortized over the terms of each
specific lease. Repairs and maintenance are charged to expense when incurred.
Expenditures for improvements are capitalized.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain
long-term financing. These fees and costs are being amortized over the terms of
the respective loans. Accumulated amortization of deferred financing costs was
$2,608 and $1,246 at December 31, 1999 and 1998, respectively. Unamortized
deferred financing fees are written-off when debt is retired before the maturity
date (see Note 12).
Investments in Joint Ventures
Investments in Joint Ventures represents the Company's 10% equity
interests in the September 1998 Joint Venture (hereinafter defined) and the
September 1999 Joint Venture (hereinafter defined). The Company accounts for its
Investments in Joint Ventures under the equity method of accounting. Under the
equity method of accounting, the Company's share of earnings or losses of the
September 1998 Joint Venture and the September 1999 Joint Venture is reflected
in income as earned and contributions or distributions increase or decrease,
respectively, the Company's Investments in Joint Ventures as paid or received,
respectively.
F-8
<PAGE> 60
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Revenue Recognition
Rental income is recognized on a straight-line method under which
contractual rent increases are recognized evenly over the lease term. Tenant
recovery income includes payments from tenants for taxes, insurance and other
property operating expenses and is recognized as revenue in the same period the
related expenses are incurred by the Company.
The Company provides an allowance for doubtful accounts against the
portion of tenant accounts receivable which is estimated to be uncollectible.
Accounts receivable in the consolidated balance sheets are shown net of an
allowance for doubtful accounts of $2,000 as of December 31, 1999 and December
31, 1998.
GAIN ON SALES OF PROPERTIES
Gains on sales of properties are recognized using the full accrual method
provided that various criteria relating to the terms of the transactions and
any subsequent involvement by the Company with the properties sold are met.
Gains relating to transactions which do not meet the established criteria are
deferred and recognized when the criteria are met or by using the installment
or deposit methods of profit recognition, as appropriate in the circumstances.
As the assets are sold, their costs and related accumulated depreciation are
removed from the accounts with resulting gains or losses reflected in net
income or loss. Estimated future costs to be incurred by the Company after
completion of each sale are included in the determination of the gains on sales.
Income Taxes
The Company has elected to be taxed as a REIT under Sections 856 through
860 of the Code. As a result, the Company generally is not subject to federal
income taxation at the corporate level to the extent it distributes annually at
least 95% of its REIT taxable income, as defined in the Code, to its
stockholders and satisfies certain other requirements. Accordingly, no provision
has been made for federal income taxes in the accompanying consolidated
financial statements.
The Company and certain of its subsidiaries are subject to certain state
and local income, excise and franchise taxes. The provision for such state and
local taxes has been reflected in general and administrative expense in the
consolidated statements of operations and has not been separately stated due to
its insignificance.
For federal income tax purposes, the cash distributions paid to
stockholders may be characterized as ordinary income, return of capital
(generally non-taxable) or capital gains. Distributions paid for the year ended
December 31, 1999, totaling $92,150, are characterized 88.3% ($2.14 per share)
as ordinary income and 11.7% ($.28 per share) as return of capital.
Distributions paid for the year ended December 31, 1998, totaling $82,320, are
characterized 63.9% ($1.40 per share) as ordinary income, 34.6% ($.76 per share)
as return of capital and 1.5% ($.03 per share) as long-term capital gain.
Distributions paid for the year ended December 31, 1997 totaling $65,322 are
characterized 62.30% ($1.274 per share) as ordinary income, 35.60% ($.728 per
share) as return of capital and 2.10% ($.043 per share) as long-term capital
gain.
Earnings Per Common Share
Net income per weighted average share - basic is based on the weighted
average common shares outstanding. Net income per weighted average share -
diluted is based on the weighted average common shares outstanding plus the
effect of in-the-money employee stock options. See Note 13 for further
disclosures.
Fair Value of Financial Instruments
The Company's financial instruments include short-term investments, tenant
accounts receivable, mortgage notes receivable, accounts payable, other accrued
expenses, mortgage loans payable, acquisition facility payable, senior unsecured
debt and certain put and call options issued in conjunction with two offerings
of unsecured debt. The fair value of the short-term investments, tenant accounts
receivable, mortgage notes receivable, accounts payable and other accrued
expenses was not materially different from their carrying or contract values.
See Note 6 for the fair values of the mortgage loans payable, acquisition
facility payable, senior unsecured debt and certain put and call options issued
in conjunction with initial offerings of unsecured debt.
F-9
<PAGE> 61
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Derivative Financial Instruments
The Company's interest rate protection agreements (the "Agreements") were
used to limit the interest rate on the Company's $300,000 mortgage loan and fix
the interest rate on anticipated offerings of senior unsecured debt (see Note
9). Receipts or payments resulting from the Agreements that were used to limit
the interest rate on the Company's $300,000 mortgage loan were recognized as
adjustments to interest expense. Upon termination of these Agreements, the
Company recognized a gain (loss) from the disposition of the Agreements equal to
the amount of cash received or paid at termination less the carrying value of
the Agreements on the Company's balance sheet. Receipts or payments that
resulted from the settlement of Agreements used to fix the interest rate on
anticipated offerings of senior unsecured debt are being amortized over the life
of the senior unsecured debt that the Agreements were used to hedge as an
adjustment to interest expense using the effective interest method (or the
straight line method if this method is not materially different from the
effective interest method). Any Agreements which no longer qualify for hedge
accounting are marked to market and any gain or loss is recognized immediately.
The credit risks associated with the Agreements were controlled through the
evaluation and monitoring of the creditworthiness of the counterparty. In the
event that the counterparty failed to meet the terms of the Agreements, the
Company's exposure was limited to the current value of the interest rate
differential, not the notional amount, and the Company's carrying value of the
Agreements on the balance sheet. The Agreements were executed with creditworthy
financial institutions.
Segment Reporting
In June 1997, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 131, "Disclosures about Segments
of an Enterprise and Related Information". This statement requires that a public
business enterprise report financial and descriptive information about its
reportable operating segments. Generally, financial information is required to
be reported on the basis that it is used internally for evaluating segment
performance and deciding how to allocate resources to segments. Management views
the Company as a single segment.
Recent Accounting Pronouncements
In June 1998, the FASB issued Statement of Financial Accounting Standards
No. 133, "Accounting for Derivative Instruments and Hedging Activities". This
statement, effective for fiscal years beginning after June 15, 2000, establishes
accounting and reporting standards requiring that every derivative instrument,
including certain derivative instruments imbedded in other contracts, be
recorded in the balance sheet as either an asset or liability measured at its
fair value. The statement also requires that the changes in the derivative's
fair value be recognized in earnings unless specific hedge accounting criteria
are met. The Company is currently assessing the impact of this new statement on
its consolidated financial position, liquidity, and results of operations.
Reclassification
Certain 1998 and 1997 items have been reclassified to conform to the 1999
presentation.
4. INVESTMENTS IN JOINT VENTURES
On September 28, 1998, the Company, through a wholly-owned limited
liability company in which the Operating Partnership is the sole member, entered
into a joint venture arrangement (the "September 1998 Joint Venture") with an
institutional investor to invest in industrial properties. The Company, through
wholly-owned limited liability companies of the Operating Partnership, owns a
10% equity interest in the September 1998 Joint Venture and provides property
and asset management services to the September 1998 Joint Venture. On or after
October 2000, under certain circumstances, the Company has the option of
purchasing all of the properties owned by the September 1998 Joint Venture at a
price to be determined in the future. The Company received approximately $2,315
and $2,348 (net of the intercompany elimination) in acquisition, asset
management and property management fees in 1999 and 1998, respectively, from the
September 1998 Joint Venture. For the twelve months ended December 31, 1999, the
Company, through a wholly-owned limited liability company in which the Operating
Partnership is the sole member,
F-10
<PAGE> 62
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
4. INVESTMENTS IN JOINT VENTURES, CONTINUED
invested approximately $767 and received distributions of approximately $874
from the September 1998 Joint Venture. For the twelve months ended December 31,
1998, the Company, through a wholly-owned limited liability company in which the
Operating Partnership is the sole member, invested approximately $4,413 in the
September 1998 Joint Venture. The Company accounts for the September 1998 Joint
Venture under the equity method of accounting. As of December 31, 1999 the
September 1998 Joint Venture owned 146 industrial properties comprising
approximately 7.5 million square feet (unaudited) of GLA.
On September 2, 1999, the Company, through a wholly-owned limited
liability company in which the Operating Partnership is the sole member, entered
into a new joint venture arrangement (the "September 1999 Joint Venture") with
an institutional investor to invest in industrial properties. The Company,
through wholly-owned limited liability companies of the Operating Partnership,
owns a 10% equity interest in the September 1999 Joint Venture and provides
property and asset management services to the September 1999 Joint Venture. On
or after September 2001, under certain circumstances, the Company has the option
of purchasing all of the properties owned by the September 1999 Joint Venture at
a price to be determined in the future. The Company received approximately $993
(net of the intercompany elimination) in acquisition, asset management and
property management fees in 1999 from the September 1999 Joint Venture. The
Company, through a wholly-owned limited liability company in which the Operating
Partnership is the sole member, also invested approximately $1,755 in the
September 1999 Joint Venture. The Company accounts for the September 1999 Joint
Venture under the equity method of accounting. As of December 31, 1999 the
September 1999 Joint Venture owned 39 industrial properties comprising
approximately 1.2 million square feet (unaudited) of GLA.
5. REAL ESTATE HELD FOR SALE
The Company has an active sales program through which it is continually
engaged in identifying and evaluating its current portfolio for potential sales
candidates in order to redeploy capital. At December 31, 1999, the Company had
five industrial properties comprising approximately .8 million square feet
(unaudited) of GLA held for sale. The five industrial properties were identified
as held for sale during the three months ended December 31, 1999. There can be
no assurance that such properties held for sale will be sold.
The following table discloses certain information regarding the five
industrial properties held for sale by the Company.
YEAR ENDED
---------------------------------
1999 1998 1997
---------- --------- --------
Total Revenues $ 3,459 $ 3,043 $ 955
Operating Expenses (1,138) (811) (159)
Depreciation and Amortization (516) (420) (128)
--------- --------- -------
Income from Operations $ 1,805 $ 1,812 $ 668
========= ========= =======
Net Carrying Value $ 25,337
=========
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS
Mortgage Loans, Net
On June 30, 1994, the Company, through the Financing Partnership,
entered into a $300,000 mortgage loan (the "1994 Mortgage Loan"). On April 4,
1997, the Company purchased U.S. Government securities as substitute collateral
to execute a legal defeasance of the $300,000 mortgage loan (the "1994 Defeased
Mortgage Loan") (See Note 12). Upon the execution of the legal defeasance, 180
of the 195 properties collateralizing the 1994 Defeased Mortgage Loan were
released leaving 15 properties and the U.S. Government securities as collateral.
On January 2, 1998, the Company used the gross proceeds from the maturity of the
U.S. Government securities to pay off and retire the 1994 Defeased Mortgage
Loan. Due to the retirement of the 1994 Defeased Mortgage Loan, the remaining 15
properties were released on January 2, 1998. The 1994 Defeased Mortgage Loan
provided for interest only payments at a floating interest rate of LIBOR plus
1.40% which such interest rate had been limited to 7.2% from June 30, 1994
through June 30, 1995 through the use of the 1994 Interest Rate Protection
Agreement (hereinafter defined). From July 1, 1995 through May 15, 1997, the
1994 Defeased Mortgage Loan's interest rate had been effectively fixed at the
rate of 6.97% through the use of the 1995 Interest Rate Protection Agreements
(hereinafter defined).
F-11
<PAGE> 63
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
From May 16, 1997 through December 31, 1997, the 1994 Defeased Mortgage Loan's
interest rate had been limited to 7.2% through the use of the 1997 Interest Rate
Protection Agreement (hereinafter defined).
On December 29, 1995, the Company, through the Mortgage Partnership,
entered into a $40,200 mortgage loan (the"1995 Mortgage Loan"). In the first
quarter of 1996, the Company made a one time paydown of $200 on the 1995
Mortgage Loan which decreased the outstanding balance to $40,000. The 1995
Mortgage Loan matures on January 11, 2026 and provides for interest only
payments through January 11, 1998, after which monthly principal and interest
payments are required based on a 28-year amortization schedule. The interest
rate under the 1995 Mortgage Loan is fixed at 7.22% per annum through January
11, 2003. After January 11, 2003, the interest rate adjusts through a
predetermined formula based on the applicable Treasury rate. The 1995 Mortgage
Loan is collateralized by 23 properties held by the Mortgage Partnership. The
1995 Mortgage Loan may be prepaid after January 2003.
Under the terms of the 1995 Mortgage Loan, certain cash reserves are
required to be and have been set aside for refunds of security deposits and
payments of capital expenditures, interest, real estate taxes and insurance. The
amount of cash reserves segregated for security deposits is adjusted as tenants
turn over. The amounts included in the cash reserves relating to payments of
capital expenditures, interest, real estate taxes and insurance were determined
by the lender and approximate the next periodic payment of such items. At
December 31, 1999 and 1998, these reserves totaled $1,425 and $3,286,
respectively, and are included in Restricted Cash. Such cash reserves were
invested in a money market fund at December 31, 1999. The maturity of these
investments is one day; accordingly, cost approximates fair value.
On December 14, 1995, the Company, through the Harrisburg Partnership,
entered into a $6,650 mortgage loan (the "Harrisburg Mortgage Loan") that was
collateralized by first mortgage liens on three properties in Harrisburg,
Pennsylvania. The Harrisburg Mortgage Loan bore interest at a rate based on
LIBOR plus 1.5% or prime plus 2.25%, at the Company's option, and provided for
interest only payments through May 31, 1996, with monthly principal and interest
payments required subsequently based on a 26.5-year amortization schedule. On
December 15, 1997, the Company paid off and retired the Harrisburg Mortgage Loan
(see Note 12).
On March 20, 1996, the Company, through the Operating Partnership and the
Indianapolis Partnership, entered into a $36,750 mortgage loan (the "CIGNA
Loan") that is collateralized by seven properties in Indianapolis, Indiana and
three properties in Cincinnati, Ohio. The CIGNA Loan bears interest at a fixed
interest rate of 7.50% and provides for monthly principal and interest payments
based on a 25-year amortization schedule. The CIGNA Loan matures on April 1,
2003. The CIGNA Loan may be prepaid only after April 1999 in exchange for the
greater of a 1% prepayment fee or a yield maintenance premium.
On March 20, 1996, the Company, through the Operating Partnership, assumed
a $6,424 mortgage loan and a $2,993 mortgage loan (together, the "Assumed
Loans") that are collateralized by 13 properties in Indianapolis, Indiana and
one property in Indianapolis, Indiana, respectively. The Assumed Loans bear
interest at a fixed rate of 9.25% and provide for monthly principal and interest
payments based on a 16.75-year amortization schedule. The Assumed Loans mature
on January 1, 2013. The Assumed Loans may be prepaid only after December 1999 in
exchange for the greater of a 1% prepayment fee or a yield maintenance premium.
In conjunction with an acquisition of a portfolio of properties on January
31, 1997, the Company, through the Operating Partnership, assumed two mortgage
loans in the amount of $3,800 (the "LB Mortgage Loan I") and $705 (the "LB
Mortgage Loan II"). The LB Mortgage Loan I, which was collateralized by a
property located in Long Island, New York and provided for interest only
payments prior to its maturity date of July 11, 1998, was paid off and retired
by the Company on December 19, 1997 (see Note 12). The LB Mortgage Loan II,
which is collateralized by a property located in Long Island, New York, is
interest free until February, 1998, at which time the LB Mortgage Loan II bears
interest at 8.00% and provides for interest only payments prior to maturity. The
LB Mortgage Loan II matures 180 days after the completion of a contingent event
relating to the environmental status of the property collateralizing the loan.
F-12
<PAGE> 64
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
In conjunction with the acquisition of a portfolio of properties on
October 23, 1997, the Company, through the Operating Partnership, assumed a
mortgage loan in the amount of $4,153 (the "Acquisition Mortgage Loan I"). The
Acquisition Mortgage Loan I is collateralized by a property in Bensenville,
Illinois, bears interest at a fixed rate of 8.50% and provides for monthly
principal and interest payments based on a 15-year amortization schedule. The
Acquisition Mortgage Loan I matures on August 1, 2008. The Acquisition Mortgage
Loan I may be prepaid after July 1998 in exchange for a prepayment fee.
In conjunction with the acquisition of a portfolio of properties on
December 9, 1997, the Company, through the Operating Partnership, assumed a
mortgage loan in the amount of $7,997 (the "Acquisition Mortgage Loan II"). The
Acquisition Mortgage Loan II is collateralized by ten properties in St. Charles,
Louisiana, bears interest at a fixed rate of 7.75% and provides for monthly
principal and interest payments based on a 22-year amortization schedule. The
Acquisition Mortgage Loan II matures on April 1, 2006. The Acquisition Mortgage
Loan II may be prepaid only after April 1999 in exchange for the greater of a 1%
prepayment fee or a yield maintenance premium.
In conjunction with the acquisition of a portfolio of properties on
December 23, 1997, the Company, through the Operating Partnership, assumed a
mortgage loan in the amount of $3,598 (the "Acquisition Mortgage Loan III"). The
Acquisition Mortgage Loan III is collateralized by two properties in Houston,
Texas, bears interest at a fixed interest rate of 8.875% and provides for
monthly principal and interest payments based on a 20-year amortization
schedule. The Acquisition Mortgage Loan III matures on June 1, 2003. The
Acquisition Mortgage Loan III may be prepaid only after June 1998 in exchange
for the greater of a 2% prepayment fee or a yield maintenance premium.
On April 16, 1998, the Company, through the Operating Partnership, assumed
a mortgage loan in the principal amount of $2,525 (the "Acquisition Mortgage
Loan IV"). The Acquisition Mortgage Loan IV is collateralized by one property in
Baltimore, Maryland, bears interest at a fixed rate of 8.95% and provides for
monthly principal and interest payments based on a 20-year amortization
schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The
Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange
for the greater of a 1% prepayment fee or a yield maintenance premium.
On July 16, 1998, the Company, through the Operating Partnership, assumed
a mortgage loan in the principal amount of $2,566 (the "Acquisition Mortgage
Loan V"). The Acquisition Mortgage Loan V is collateralized by one property in
Tampa, Florida, bears interest at a fixed rate of 9.01% and provides for monthly
principal and interest payments based on a 30-year amortization schedule. The
Acquisition Mortgage Loan V matures on September 1, 2006. The Acquisition
Mortgage Loan V may be prepaid only after August 2002 in exchange for the
greater of a 1% prepayment fee or a yield maintenance premium.
On August 31, 1998, the Company, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $965 (the "Acquisition
Mortgage Loan VI"). The Acquisition Mortgage Loan VI is collateralized by one
property in Portland, Oregon, bears interest at a fixed rate of 8.875% and
provides for monthly principal and interest payments based on a 20-year
amortization schedule. The Acquisition Mortgage Loan VI matures on November 1,
2006. The Acquisition Mortgage Loan VI may be prepaid only after September 2001
in exchange for a 3% prepayment fee.
On August 31, 1998, the Company, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $1,367 (the "Acquisition
Mortgage Loan VII"). The Acquisition Mortgage Loan VII is collateralized by one
property in Milwaukee, Oregon, bears interest at a fixed rate of 9.75% and
provides for monthly principal and interest payments based on a 25-year
amortization schedule. The Acquisition Mortgage Loan VII matures on March 15,
2002. The Acquisition Mortgage Loan VII may be prepaid only after December 2001.
F-13
<PAGE> 65
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
On November 5, 1998, the Company, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $1,348 (the "Acquisition
Mortgage Loan VIII"). The Acquisition Mortgage Loan VIII was collateralized by
three properties in Richland Hills, Texas, bore interest at a fixed rate of
8.45% and provided for monthly principal and interest payments based on a
143-month amortization schedule. On August 2, 1999, the Company paid off and
retired the Acquisition Mortgage Loan VIII.
Senior Unsecured Debt, Net
On April 4, 1997, the Company, through the Operating Partnership, entered
into a $309,800 unsecured loan (the "Defeasance Loan"). The Defeasance Loan bore
interest at LIBOR plus 1% and had a scheduled maturity of July 1, 1999. The
gross proceeds from the Defeasance Loan were used to purchase U.S. Government
Securities as substitute collateral to execute a legal defeasance of the 1994
Defeased Mortgage Loan. The Defeasance Loan was paid off and retired in May,
1997 (see Note 12).
On May 13, 1997, the Company, through the Operating Partnership, issued
$150,000 of senior unsecured debt which matures on May 15, 2007 and bears a
coupon interest rate of 7.60% (the "2007 Notes"). The issue price of the 2007
Notes was 99.965%. Interest is paid semi-annually in arrears on May 15 and
November 15. The Company also entered into an interest rate protection agreement
which was used to fix the interest rate on the 2007 Notes prior to issuance. The
debt issue discount and the settlement amount of the interest rate protection
agreement are being amortized over the life of the 2007 Notes as an adjustment
to the interest expense. The 2007 Notes contain certain covenants including
limitation on incurrence of debt and debt service coverage.
On May 13, 1997, the Company, through the Operating Partnership, issued
$100,000 of senior unsecured debt which matures on May 15, 2027, and bears a
coupon interest rate of 7.15% (the "2027 Notes"). The issue price of the 2027
Notes was 99.854%. The 2027 Notes are redeemable, at the option of the holders
thereof, on May 15, 2002. Interest is paid semi-annually in arrears on May 15
and November 15. The Company also entered into an interest rate protection
agreement which was used to fix the interest rate on the 2027 Notes prior to
issuance. The debt issue discount and the settlement amount of the interest rate
protection agreement are being amortized over the life of the 2027 Notes as an
adjustment to interest expense. The 2027 Notes contain certain covenants
including limitation on incurrence of debt and debt service coverage.
On May 22, 1997, the Company, through the Operating Partnership, issued
$100,000 of senior unsecured debt which matures on May 15, 2011 and bears a
coupon interest rate of 7.375% (the "2011 Notes"). The issue price of the 2011
Notes was 99.348%. Interest is paid semi-annually in arrears on May 15 and
November 15. The 2011 Notes are redeemable, at the option of the holder thereof,
on May 15, 2004 (the "Put Option"). The Company received approximately $1,781 of
proceeds from the holder of the 2011 Notes as consideration for the Put Option.
The Company amortizes the Put Option amount over the life of the Put Option as
an adjustment to interest expense. The Company also entered into an interest
rate protection agreement which was used to fix the interest rate on the 2011
Notes prior to issuance. The debt issue discount and the settlement amount of
the interest rate protection agreement are being amortized over the life of the
2011 Notes as an adjustment to interest expense. The 2011 Notes contain certain
covenants including limitation on incurrence of debt and debt service coverage.
On November 20, 1997, the Company, through the Operating Partnership,
issued $50,000 of senior unsecured debt which matures on November 21, 2005 and
bears a coupon interest rate of 6.90% (the "2005 Notes"). The issue price of the
2005 Notes was 100%. Interest is paid semi-annually in arrears on May 21 and
November 21. The 2005 Notes contain certain covenants including limitation on
incurrence of debt and debt service coverage.
On November 24, 1997, the Company, through the Operating Partnership,
entered into a $25,000 unsecured loan (the "November 1997 Unsecured Loan"). The
November 1997 Unsecured Loan bore interest at LIBOR plus .80% and had a
scheduled maturity date of December 31, 1997. The November 1997 Unsecured Loan
was paid off and retired on December 5, 1997 (see Note 12).
F-14
<PAGE> 66
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
On December 8, 1997, the Company, through the Operating Partnership,
issued $150,000 of senior unsecured debt which matures on December 1, 2006 and
bears a coupon interest rate of 7.00% (the "2006 Notes"). The issue price of the
2006 Notes was 100%. Interest is paid semi-annually in arrears on June 1 and
December 1. The Company also entered into an interest rate protection agreement
which was used to fix the interest rate on the 2006 Notes prior to issuance. The
settlement amount of the interest rate protection agreement is being amortized
over the life of the 2006 Notes as an adjustment to interest expense. The 2006
Notes contain certain covenants including limitation on incurrence of debt and
debt service coverage.
On December 8, 1997, the Company, through the Operating Partnership,
issued $100,000 of unsecured debt which matures on December 1, 2017 and bears a
coupon interest rate of 7.50% (the "2017 Notes"). The issue price of the 2017
Notes was 99.808%. Interest is paid semi-annually in arrears on June 1 and
December 1. The Operating Partnership is amortizing the debt issue discount over
the life of the 2017 Notes as an adjustment to interest expense. The 2017 Notes
may be redeemed at any time at the option of the Company, in whole or in part,
at a redemption price equal to the sum of the principal amount of the 2017 Notes
being redeemed plus accrued interest thereon to the redemption date and any
make-whole amount, as defined in the Prospectus Supplement relating to the 2017
Notes.
On March 31, 1998, the Company, through the Operating Partnership, issued
$100,000 of Dealer remarketable securities which mature on April 5, 2011 and
bear a coupon interest rate of 6.50% (the "2011 Drs."). The issue price of the
2011 Drs. was 99.753%. Interest is paid semi-annually in arrears on April 5 and
October 5. The 2011 Drs. are callable (the "Call Option"), at the option of J.P.
Morgan Securities, Inc., as Remarketing Dealer (the "Remarketing Dealer"), on
April 5, 2001 (the "Remarketing Date"). The Company received approximately
$2,760 of proceeds from the Remarketing Dealer as consideration for the Call
Option. The Company is amortizing these proceeds over the life of the Call
Option as an adjustment to interest expense. If the holder of the Call Option
calls the 2011 Drs. and elects to remarket the 2011 Drs., then after the
Remarketing Date, the interest rate on the 2011 Drs. will be reset at a fixed
rate until April 5, 2011 based upon a predetermined formula as disclosed in the
related Prospectus Supplement. If the Remarketing Dealer elects not to remarket
the 2011 Drs., then the Operating Partnership will be required to repurchase, on
the Remarketing Date, any 2011 Drs. that have not been purchased by the
Remarketing Dealer at 100% of the principal amount thereof, plus accrued and
unpaid interest, if any. The Company also settled an interest rate protection
agreement, in the notional amount of $100,000, which was used to fix the
interest rate on the 2011 Drs. prior to issuance. The debt issue discount and
the settlement amount of the interest rate protection agreement are being
amortized over the life of the 2011 Drs. as an adjustment to interest expense.
The 2011 Drs. contain certain covenants including limitations on incurrence of
debt and debt service coverage.
On July 14, 1998, the Company, through the Operating Partnership, issued
$200,000 of senior unsecured debt which matures on July 15, 2028 and bears a
coupon interest rate of 7.60% (the "2028 Notes"). The issue price of the 2028
Notes was 99.882%. Interest is paid semi-annually in arrears on January 15 and
July 15. The Company also settled interest rate protection agreements, in the
notional amount of $150,000, which were used to fix the interest rate on the
2028 Notes prior to issuance. The debt issue discount and the settlement amount
of the interest rate protection agreements are being amortized over the life of
the 2028 Notes as an adjustment to the interest expense. The 2028 Notes contain
certain covenants including limitation on incurrence of debt and debt service
coverage. Approximately $50,000 of the 2028 Notes was purchased, through a
broker/dealer, by an entity in which a Director of the Company owns greater than
a ten percent interest.
F-15
<PAGE> 67
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
Acquisition Facilities
In December 1996, the Company terminated its $150,000 secured revolving
credit facility and entered into a $200,000 unsecured revolving credit facility
(the "1996 Unsecured Acquisition Facility") which initially bore interest at
LIBOR plus 1.10% or a "Corporate Base Rate" plus .25% and provided for interest
only payments until the maturity date. In December 1997, the Company terminated
the 1996 Unsecured Acquisition Facility (see Note 12) and entered into a
$300,000 unsecured revolving credit facility (the "1997 Unsecured Acquisition
Facility") which initially bears interest at LIBOR plus .80% or a "Corporate
Base Rate" at the Company's election, and provides for interest only payments
until maturity. The Company may borrow under the facility to finance the
acquisition of additional properties and for other corporate purposes, including
to obtain additional working capital. The 1997 Unsecured Acquisition Facility
contains certain financial covenants relating to debt service coverage, market
value net worth, dividend payout ratio and total funded indebtedness.
F-16
<PAGE> 68
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
The following table discloses certain information regarding the
Company's mortgage loans, senior unsecured debt and acquisition facility
payable:
<TABLE>
<CAPTION>
OUTSTANDING BALANCE AT ACCRUED INTEREST PAYABLE AT INTEREST RATE AT
----------------------------- ----------------------------- ----------------
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, MATURITY
1999 1998 1999 1998 1999 DATE
------------ ------------- ------------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C>
MORTGAGE LOANS PAYABLE, NET
- ---------------------------
1995 Mortgage Loan.............. $ 39,099 $ 39,567 $ 165 $ 167 7.220% 1/11/26
CIGNA Loan...................... 34,636 35,220 216 --- 7.500% 4/01/03
Assumed Loans................... 8,343 8,661 --- --- 9.250% 1/01/13
LB Mortgage Loan II............ 705 705 --- --- 8.000% (1)
Acquisition Mortgage Loan I..... 3,591 3,864 --- --- 8.500% 8/01/08
Acquisition Mortgage Loan II.... 7,630 7,828 --- 51 7.750% 4/01/06
Acquisition Mortgage Loan III... 3,350 3,485 --- 26 8.875% 6/01/03
Acquisition Mortgage Loan IV.... 2,423 2,488 --- 19 8.950% 10/01/06
Acquisition Mortgage Loan V..... 2,793 (2) 2,855 (2) --- 19 9.010% 9/01/06
Acquisition Mortgage Loan VI.... 991 (2) 1,024 (2) --- 7 8.875% 11/01/06
Acquisition Mortgage Loan VII... 1,390 (2) 1,450 (2) --- 11 9.750% 3/15/02
Acquisition Mortgage Loan VIII.. --- (3) 1,340 --- 9 (3) (3)
-------- -------- ------- -------
Total........................... $104,951 $108,487 $ 381 $ 309
======== ======== ======= =======
SENIOR UNSECURED DEBT, NET
- --------------------------
2005 Notes...................... $ 50,000 $ 50,000 $ 383 $ 383 6.900% 11/21/05
2006 Notes...................... 150,000 150,000 875 875 7.000% 12/01/06
2007 Notes...................... 149,961 (4) 149,956 (4) 1,457 1,457 7.600% 5/15/07
2011 Notes...................... 99,470 (4) 99,424 (4) 942 942 7.375% 5/15/11 (5)
2017 Notes...................... 99,828 (4) 99,818 (4) 625 625 7.500% 12/01/17
2027 Notes...................... 99,867 (4) 99,862 (4) 914 914 7.150% 5/15/27 (6)
2028 Notes...................... 199,776 (4) 199,768 (4) 7,009 7,051 7.600% 7/15/28
2011 Drs........................ 99,786 (4) 99,767 (4) 1,553 1,553 6.500% (8) 4/05/11 (7)
-------- -------- ------- -------
Total........................... $948,688 $948,595 $13,758 $13,800
======== ======== ======= =======
ACQUISITION FACILITY PAYABLE
- ----------------------------
1997 Unsecured Acquisition
Facility..................... $ 94,000 $134,800 $ 663 $ 690 7.09% 4/30/01
======== ======== ======= =======
</TABLE>
(1) The maturity date of the LB Mortgage Loan II is based on a contingent event
relating to the environmental status of the property collateralizing the
loan.
(2) At December 31, 1999, the Acquisition Mortgage Loan V, the Acquisition
Mortgage Loan VI and the Acquisition Mortgage Loan VII are net of
unamortized premiums of $258, $57 and $64, respectively. At December 31,
1998, the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan VI and
the Acquisition Mortgage Loan VII are net of unamortized premiums of $297,
$66 and $93, respectively.
(3) The Acquisition Mortgage Loan VIII was paid off and retired on
August 2, 1999.
(4) At December 31, 1999, the 2007 Notes, 2011 Notes, 2017 Notes, 2027 Notes,
2028 Notes and the 2011 Drs. are net of unamortized discounts of $39, $530,
$172, $133, $224 and $214, respectively. At December 31, 1998, the 2007
Notes, 2011 Notes, 2017 Notes, 2027 Notes, 2028 Notes and the 2011 Drs. are
net of unamortized discounts of $44, $576, $182, $138, $232 and $233,
respectively
(5) The 2011 Notes are redeemable at the option of the holder thereof, on
May 15, 2004.
(6) The 2027 Notes are redeemable at the option of the holders thereof, on
May 15, 2002.
(7) The 2011 Drs. are required to be redeemed by the Operating Partnership on
April 5, 2001 if the Remarketing Dealer elects not to remarket the 2011 Drs.
(8) The 2011 Drs. bear interest at an annual rate of 6.50% to the
Remarketing Date. If the holder of the Call Option calls the 2011 Drs. and
elects to remarket the 2011 Drs., then after the Remarketing Date, the
interest rate on the 2011 Drs. will be reset at a fixed rate until
April 5, 2011 based on a predetermined formula as disclosed in the related
Prospectus Supplement.
F-17
<PAGE> 69
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
6. MORTGAGE LOANS, NET, SENIOR UNSECURED DEBT, NET, ACQUISITION FACILITIES
PAYABLE AND INTEREST RATE PROTECTION AGREEMENTS, CONTINUED
Fair Value
At December 31, 1999 and 1998, the fair value of the Company's mortgage
loans payable, senior unsecured debt, acquisition facility payable and Put and
Call Options were as follows:
<TABLE>
<CAPTION>
December 31, 1999 December 31, 1998
------------------------- -------------------------
Carrying Fair Carrying Fair
Amount Value Amount Value
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Mortgage Loans Payable.......... $ 104,951 $ 101,445 $ 108,487 $ 111,305
Senior Unsecured Debt........... 948,688 859,455 948,595 925,320
Acquisition Facility Payable.... 94,000 94,000 134,800 134,800
Put Option and Call Option...... 2,263 3,950 3,438 13,200
---------- ---------- ---------- ----------
Total........................... $1,149,902 $1,058,850 $1,195,320 $1,184,625
========== ========== ========== ==========
</TABLE>
The following is a schedule of maturities of the mortgage loans, senior
unsecured debt and acquisition facility payable for the next five years ending
December 31, and thereafter:
Amount
-----------
2000 $ 2,305
2001 96,507
2002 3,935
2003 37,189
2004 2,019
Thereafter 1,005,912
-----------
Total $ 1,147,867
===========
The maturity date of the LB Mortgage Loan II is based on a contingent
event. As a result, the LB Mortgage Loan II is not included in the preceding
table.
Interest Rate Protection Agreements
In conjunction with obtaining the 1994 Mortgage Loan, the Company, through
the Financing Partnership, purchased an interest rate protection agreement (the
"1994 Interest Rate Protection Agreement") which effectively limited the
interest rate during the initial five-year term of the 1994 Mortgage Loan to
7.20% per annum. Prior to the subsequent replacement of the 1994 Interest Rate
Protection Agreement, its cost of $18,450 had been capitalized and was being
amortized over the five-year term of the agreement. Effective July 1, 1995, the
Company replaced the 1994 Interest Rate Protection Agreement with new interest
rate protection agreements and entered into interest rate swap agreements
(together, the "1995 Interest Rate Protection Agreements") with a notional value
of $300,000, which together effectively fixed the annual interest rate on the
1994 Mortgage Loan at 6.97% for six years through June 30, 2001. As a result of
the replacement of the interest rate protection agreement, the Company incurred
a loss of $6,400. The costs of the 1995 Interest Rate Protection Agreements had
been capitalized and were being amortized over the respective terms of the 1995
Interest Rate Protection Agreements. On May 16, 1997, the Company sold the 1995
Interest Rate Protection Agreements and entered into a new interest rate
protection agreement (the "1997 Interest Rate Protection Agreement") at a cost
of $150 with a notional value of $300,000 which expired at the end of 1997. The
1997 Interest Rate Protection Agreement effectively limited the interest rate on
the 1994 Defeased Mortgage Loan to 7.20% until December 31, 1997. The cost of
the 1997 Interest Rate Protection Agreement had been capitalized and was being
amortized on a straight-line basis over the remaining life of the 1997 Interest
Rate Protection Agreement. As of December 31, 1997 the interest rate protection
agreements were fully amortized and written off.
F-18
<PAGE> 70
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
7. STOCKHOLDERS' EQUITY
Preferred Stock
In 1995, the Company issued 1,650,000 shares of 9.5%, $.01 par value,
Series A Cumulative Preferred Stock (the "Series A Preferred Stock") at an
initial offering price of $25 per share. Dividends on the Series A Preferred
Stock are cumulative from the date of initial issuance and are payable quarterly
in arrears. The payment of dividends and amounts upon liquidation, dissolution
or winding up ranks senior to the payments on the Company's $.01 par value
common stock ("Common Stock"). The Series A Preferred Stock is not redeemable
prior to November 17, 2000. On or after November 17, 2000, the Series A
Preferred Stock is redeemable for cash at the option of the Company, in whole or
in part, at $25.00 per share, or $41,250 in the aggregate, plus dividends
accrued and unpaid to the redemption date. The Series A Preferred Stock has no
stated maturity and is not convertible into any other securities of the Company.
The payment of dividends on, and payments on liquidation or redemption of,
the Series A Preferred Stock is guaranteed by the Securities Partnership (the
"Guarantor") pursuant to a Guarantee and Payment Agreement (the "Guarantee
Agreement"). The Series A Preferred Stock is the only class of securities of the
Company which has the benefit of such guarantee. To the extent the Company fails
to make any payment of dividend or pay any portion of the liquidation preference
on or the redemption price of any shares of Series A Preferred Stock, the
Guarantor will be obligated to pay an amount to each holder of Series A
Preferred Stock equal to any such shortfall.
On May 14, 1997, the Company issued 4,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 8 3/4%, $.01 par value, Series
B Cumulative Preferred Stock (the "Series B Preferred Stock"), at an initial
offering price of $25 per Depositary Share. Dividends on the Series B Preferred
Stock, represented by the Depositary Shares, are cumulative from the date of
initial issuance and are payable quarterly in arrears. With respect to the
payment of dividends and amounts upon liquidation, dissolution or winding up,
the Series B Preferred Stock ranks senior to payments on the Company's Common
Stock and pari passu with the Company's Series A Preferred Stock, Series C
Preferred Stock (hereinafter defined), Series D Preferred Stock (hereinafter
defined) and Series E Preferred Stock (hereinafter defined); however, the Series
A Preferred Stock has the benefit of a guarantee by the Securities Partnership.
The Series B Preferred Stock is not redeemable prior to May 14, 2002. On or
after May 14, 2002, the Series B Preferred Stock is redeemable for cash at the
option of the Company, in whole or in part, at a redemption price equivalent to
$25 per Depositary Share, or $100,000 in the aggregate, plus dividends accrued
and unpaid to the redemption date. The Series B Preferred Stock has no stated
maturity and is not convertible into any other securities of the Company.
On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 8 5/8%, $.01 par value, Series
C Cumulative Preferred Stock (the "Series C Preferred Stock"), at an initial
offering price of $25 per Depositary Share. Dividends on the Series C Preferred
Stock, represented by the Depositary Shares, are cumulative from the date of
initial issuance and are payable quarterly in arrears. With respect to the
payment of dividends and amounts upon liquidation, dissolution or winding up,
the Series C Preferred Stock ranks senior to payments on the Company's Common
Stock and pari passu with the Company's Series A Preferred Stock, Series B
Preferred Stock, Series D Preferred Stock (hereinafter defined) and Series E
Preferred Stock (hereinafter defined); however, the Series A Preferred Stock has
the benefit of a guarantee by the Securities Partnership. The Series C Preferred
Stock is not redeemable prior to June 6, 2007. On or after June 6, 2007, the
Series C Preferred Stock is redeemable for cash at the option of the Company, in
whole or in part, at a redemption price equivalent to $25 per Depositary Share,
or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption
date. The Series C Preferred Stock has no stated maturity and is not convertible
into any other securities of the Company.
F-19
<PAGE> 71
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
7. STOCKHOLDERS' EQUITY, CONTINUED
On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 7.95%, $.01 par value, Series D
Cumulative Preferred Stock (the "Series D Preferred Stock"), at an initial
offering price of $25 per Depositary Share. Dividends on the Series D Preferred
Stock represented by the Depositary Shares are cumulative from the date of
initial issuance and are payable quarterly in arrears. With respect to the
dividends and amounts upon liquidation, dissolution or winding up, the Series D
Preferred Stock ranks senior to payments on the Company's Common Stock and pari
passu with the Company's Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock and Series E Preferred Stock (hereinafter defined);
however, the Series A Preferred Stock has the benefit of a guarantee by the
Securities Partnership. The Series D Preferred Stock is not redeemable prior to
February 4, 2003. On and after February 4, 2003, the Series D Preferred Stock is
redeemable for cash at the option of the Company, in whole or in part, at a
redemption price equivalent to $25 per Depositary Share, or $125,000 in the
aggregate, plus dividends accrued and unpaid to the redemption date. The Series
D Preferred Stock has no stated maturity and is not convertible into any other
securities of the Company.
On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each
representing 1/100th of a share of the Company's 7.90%, $.01 par value, Series E
Cumulative Preferred Stock (the "Series E Preferred Stock"), at an initial
offering price of $25 per Depositary Share. Dividends on the Series E Preferred
Stock represented by the Depositary Shares are cumulative from the date of
initial issuance and are payable quarterly in arrears. With respect to the
payment of dividends and amounts upon liquidation, dissolution or winding up,
the Series E Preferred Stock ranks senior to payments on the Company's Common
Stock and pari passu with the Company's Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock and Series D Preferred Stock; however,
the Series A Preferred Stock has the benefit of a guarantee by the Securities
Partnership. The Series E Preferred Stock is not redeemable prior to March 18,
2003. On and after March 18, 2003, the Series E Preferred Stock is redeemable
for cash at the option of the Company, in whole or in part, at a redemption
price equivalent to $25 per Depositary Share, or $75,000 in the aggregate, plus
dividends accrued and unpaid to the redemption date. The Series E Preferred
Stock has no stated maturity and is not convertible into any other securities of
the Company.
The following table summarizes certain information regarding the Company's
preferred stock:
<TABLE>
<CAPTION>
Stated Value at
------------------------------
Initial Optional
December 31, December 31, Dividend Redemption
1999 1998 Rate Date
------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C>
Series A Preferred Stock $ 41,250 $ 41,250 $ 9.500% 11/17/00
Series B Preferred Stock 100,000 100,000 8.750% 5/14/02
Series C Preferred Stock 50,000 50,000 8.625% 6/06/07
Series D Preferred Stock 125,000 125,000 7.950% 2/04/03
Series E Preferred Stock 75,000 75,000 7.900% 3/18/03
----------- ---------
Total $ 391,250 $ 391,250
=========== =========
</TABLE>
F-20
<PAGE> 72
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
7. STOCKHOLDERS' EQUITY, CONTINUED
On September 16, 1997, the Company issued 637,440 shares of $.01 par value
common stock (the "September 1997 Equity Offering"). The price per share in the
September 1997 Equity Offering was $31.38, resulting in gross offering proceeds
of $20,000. Proceeds to the Company, net of underwriters' discount and total
offering expenses, were approximately $18,900.
On October 15, 1997, the Company issued 5,400,000 shares of $.01 par value
common stock (the "October 1997 Equity Offering"). The price per share was
$33.40 resulting in gross offering proceeds of $180,360. Proceeds to the
Company, net of underwriters' discount and the total offering expenses, were
approximately $176,556.
On April 23, 1998, the Company issued, in a private placement, 1,112,644
shares of $.01 par value common stock (the "April 1998 Equity Offering"). The
price per share in the April 1998 Equity Offering was $32.625, resulting in
gross offering proceeds of $36,300. Proceeds to the Company, net of purchaser's
discount and total offering expenses, were approximately $33,141.
Shareholders' Rights Plan
On September 4, 1997, the Board of Directors of the Company declared a
dividend distribution of one Preferred Share Purchase Right ("Right") for each
outstanding share of Common Stock. The dividend distribution was made on October
20, 1997 to stockholders of record as of the close of business on October 19,
1997. In addition, a Right will attach to each share of Common Stock issued in
the future. Each Right entitles the registered holder to purchase from the
Company one one-hundredth of a share of Junior Participating Preferred Stock
(the "Junior Preferred Stock"), at a price of $125 per one one-hundredth of a
share (the "Purchase Price"), subject to adjustment. The Rights become
exercisable only if a person or group of affiliated or associated persons (an
"Acquiring Person") acquires, or obtains the right to acquire, beneficial
ownership of Common Stock or other voting securities ("Voting Stock") that have
15% or more of the voting power of the outstanding shares of Voting Stock, or if
an Acquiring Person commences or makes an announcement of an intention to
commence a tender offer or exchange offer to acquire beneficial ownership of
Voting Stock that have 15% or more of the voting power of the outstanding shares
of Voting Stock. The Rights will expire on October 19, 2007, unless redeemed
earlier by the Company at $.001 per Right, or exchanged by the Company at an
exchange ratio of one share of Common Stock per Right.
In the event that a person becomes an Acquiring Person, each holder of a
Right, other than the Acquiring Person, is entitled to receive, upon exercise,
(1) Common Stock having a value equal to two times the Purchase Price of the
Right or (2) common stock of the acquiring company having a value equal to two
times the Purchase Price of the Right.
The Junior Preferred Stock ranks junior to all other series of the
Company's preferred stock with respect to payment of dividends and as to
distributions of assets in liquidation. Each share of Junior Preferred Stock has
a quarterly dividend rate per share equal to the greater of $1.00 or 100 times
the per share amount of any dividend (other than a dividend payable in shares of
Common Stock or a subdivision of the Common Stock) declared on the Common Stock,
subject to certain adjustments. In the event of liquidation, the holder of the
Junior Preferred Stock is entitled to receive a preferred liquidation payment
per share of $1.00 (plus accrued and unpaid dividends) or, if greater, an amount
equal to 100 times the payment to be made per share of Common Stock, subject to
certain adjustments.
F-21
<PAGE> 73
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
7. STOCKHOLDERS' EQUITY, CONTINUED
Dividends/Distributions
The following table summarizes dividends/distributions for the past two
years:
<TABLE>
<CAPTION>
Common Stock/Operating Partnership Units
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 31, 1998 April 20, 1998 $ .53000 $ 22,497
Second Quarter 1998 June 30, 1998 July 20, 1998 $ .53000 $ 23,555
Third Quarter 1998 September 30, 1998 October 19, 1998 $ .53000 $ 23,735
Fourth Quarter 1998 December 31, 1998 January 18, 1999 $ .60000 $ 27,081
First Quarter 1999 March 31, 1999 April 19, 1999 $ .60000 $ 27,157
Second Quarter 1999 June 30, 1999 July 19, 1999 $ .60000 $ 27,157
Third Quarter 1999 September 30, 1999 October 18, 1999 $ .60000 $ 27,157
Fourth Quarter 1999 December 31, 1999 January 24, 2000 $ .62000 $ 28,164
<CAPTION>
Series A Preferred Stock
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 13, 1998 March 31, 1998 $ .59375 $ 980
Second Quarter 1998 June 15, 1998 June 30, 1998 $ .59375 $ 980
Third Quarter 1998 September 15, 1998 September 30, 1998 $ .59375 $ 980
Fourth Quarter 1998 December 15, 1998 December 31, 1998 $ .59375 $ 980
First Quarter 1999 March 15, 1999 March 31, 1999 $ .59375 $ 980
Second Quarter 1999 June 15, 1999 June 30, 1999 $ .59375 $ 980
Third Quarter 1999 September 15, 1998 September 30, 1999 $ .59375 $ 980
Fourth Quarter 1999 December 15, 1998 December 31, 1999 $ .59375 $ 980
<CAPTION>
Series B Preferred Stock
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 13, 1998 March 31, 1998 $ 54.68750 $ 2,188
Second Quarter 1998 June 15, 1998 June 30, 1998 $ 54.68750 $ 2,188
Third Quarter 1998 September 15, 1998 September 30, 1998 $ 54.68750 $ 2,188
Fourth Quarter 1998 December 15, 1998 December 31, 1998 $ 54.68750 $ 2,188
First Quarter 1999 March 15, 1999 March 31, 1999 $ 54.68750 $ 2,188
Second Quarter 1999 June 15, 1999 June 30, 1999 $ 54.68750 $ 2,188
Third Quarter 1999 September 15, 1999 September 30, 1999 $ 54.68750 $ 2,188
Fourth Quarter 1999 December 15, 1999 December 31, 1999 $ 54.68750 $ 2,188
</TABLE>
F-22
<PAGE> 74
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
7. STOCKHOLDERS' EQUITY, CONTINUED
<TABLE>
<CAPTION>
Series C Preferred Stock
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 13, 1998 March 31, 1998 $ 53.90600 $ 1,078
Second Quarter 1998 June 15, 1998 June 30, 1998 $ 53.90600 $ 1,078
Third Quarter 1998 September 15, 1998 September 30, 1998 $ 53.90600 $ 1,078
Fourth Quarter 1998 December 15, 1998 December 31, 1998 $ 53.90600 $ 1,078
First Quarter 1999 March 15, 1999 March 31, 1999 $ 53.90600 $ 1,078
Second Quarter 1999 June 15, 1999 June 30, 1999 $ 53.90600 $ 1,078
Third Quarter 1999 September 15, 1999 September 30, 1999 $ 53.90600 $ 1,078
Fourth Quarter 1999 December 15, 1999 December 31, 1999 $ 53.90600 $ 1,078
<CAPTION>
Series D Preferred Stock
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 13, 1998 March 31, 1998 $ 30.36500 $ 1,518
Second Quarter 1998 June 15, 1998 June 30, 1998 $ 49.68700 $ 2,484
Third Quarter 1998 September 15, 1998 September 30, 1998 $ 49.68700 $ 2,484
Fourth Quarter 1998 December 15, 1998 December 31, 1998 $ 49.68700 $ 2,484
First Quarter 1999 March 15, 1999 March 31, 1999 $ 49.68700 $ 2,484
Second Quarter 1999 June 15, 1999 June 30, 1999 $ 49.68700 $ 2,484
Third Quarter 1999 September 15, 1999 September 30, 1999 $ 49.68700 $ 2,484
Fourth Quarter 1999 December 15, 1999 December 31, 1999 $ 49.68700 $ 2,484
<CAPTION>
Series E Preferred Stock
Dividend/
Distribution Total
per Share/ Dividend/
Record Date Payable Date Unit Distribution
-------------------- ----------------------- ------------- ---------------
<S> <C> <C> <C> <C>
First Quarter 1998 March 15, 1998 March 30, 1998 $ 7.13194 $ 214
Second Quarter 1998 June 15, 1998 June 30, 1998 $ 49.37500 $ 1,480
Third Quarter 1998 September 15, 1998 September 31, 1998 $ 49.37500 $ 1,480
Fourth Quarter 1998 December 15, 1998 December 31, 1998 $ 49.37500 $ 1,480
First Quarter 1999 March 15, 1999 March 30, 1999 $ 49.37500 $ 1,480
Second Quarter 1999 June 15, 1999 June 30, 1999 $ 49.37500 $ 1,480
Third Quarter 1999 September 15, 1999 September 31, 1999 $ 49.37500 $ 1,480
Fourth Quarter 1999 December 15, 1999 December 31, 1999 $ 49.37500 $ 1,480
</TABLE>
F-23
<PAGE> 75
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
8. ACQUISITION AND DEVELOPMENT OF REAL ESTATE
In 1999, the Company acquired 19 in-service industrial properties and two
industrial properties under redevelopment comprising, in the aggregate,
approximately 2.0 million square feet (unaudited) of GLA and several land
parcels for a total purchase price of approximately $75,226 and completed the
development of 19 properties and one expansion comprising approximately 3.1
million square feet (unaudited) of GLA at a cost of approximately $103,651.
In 1998, the Company acquired 247 industrial properties comprising
approximately 12.3 million square feet (unaudited) of GLA and several land
parcels for a total purchase price of approximately $537,837 and completed the
development of 12 properties and two expansions comprising approximately 2.6
million square feet (unaudited) of GLA at a cost of approximately $85,870.
In 1997, the Company acquired 389 industrial properties comprising
approximately 22.9 million square feet (unaudited) of GLA and several land
parcels for a total purchase price of approximately $873,004 and completed the
development of ten properties and two expansions comprising approximately 1.7
million square feet (unaudited) of GLA at a cost of approximately $50,246.
9. DISPOSITION OF INTEREST RATE PROTECTION AGREEMENTS
In November 1998, the Company, through the Operating Partnership, settled
its remaining interest rate protection agreement which was scheduled to expire
on January 4, 1999. This agreement was entered into in December 1997 in
anticipation of 1998 senior unsecured debt offerings. Due to the changing market
conditions and the Company's expectation that it would not issue debt securities
associated with the interest rate protection agreement, the Company settled its
position. As a result, the Company has recognized an expense of approximately
$8,475 associated with the termination of the interest rate protection agreement
in the fourth quarter of 1998.
In May 1997, the Company sold the 1995 Interest Rate Protection Agreements
for approximately $9,950. The gain on disposition of the 1995 Interest Rate
Protection Agreement totaled approximately $1,430.
10. RESTRUCTURING AND ABANDONED PURSUIT COSTS CHARGE
In connection with management's plan to improve operating efficiencies and
reduce costs, the Company recorded a restructuring and abandoned pursuit costs
charge of approximately $11,941 in the fourth quarter of 1998. The restructuring
charge includes approximately $6,858 in severance costs, of which approximately
$1,206 is non-cash relating to immediate vesting of restricted stock. The cash
portion of the severance costs were paid in fiscal year 1999. Approximately
$5,083 of the charge relates to abandoned acquisitions.
11. SALES OF REAL ESTATE
In 1999, the Company sold 56 industrial properties and several land
parcels. The aggregate gross sales price of these sales totaled approximately
$245,813. Approximately $4,835 of the gross proceeds from the sales
of these properties was received from the September 1998 Joint Venture (the
Company sold two properties to the September 1998 Joint Venture at the Company's
net book value). The gain on sales totaled approximately $29,797.
In 1998, the Company sold 41 in-service properties and several parcels of
land. Gross proceeds from these sales totaled approximately $99,904.
Approximately $56,300 of the gross proceeds were received from the September
1998 Joint Venture (the Company sold 21 of the 41 properties to the September
1998 Joint Venture at the Company's net book value). The gain on sales totaled
approximately $5,349.
In 1997, the Company sold ten in-service properties, one property held for
redevelopment and several parcels of land. Gross proceeds from these sales
totaled approximately $33,658. The gain on sales totaled approximately $5,003.
F-24
<PAGE> 76
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
12. EXTRAORDINARY ITEMS
In 1997, the Company terminated the Harrisburg Mortgage Loan, the LB
Mortgage Loan I, the Defeasance Loan, the November 1997 Unsecured Loan and the
1996 Unsecured Acquisition Facility before their contractual maturity date.
Also, the Company entered into a commitment to pay down and retire the 1994
Defeased Mortgage Loan on January 2, 1998. As a result of the early retirements
and the commitment for early retirement of the 1994 Defeased Mortgage Loan, the
Company recorded an extraordinary loss of $14,124 comprised of prepayment fees,
the write off of unamortized deferred financing fees, legal costs and other
expenses.
13. EARNINGS PER SHARE
The computation of basic and diluted EPS is presented below. The
outstanding Operating Partnership units have been excluded from the diluted
earnings per share (EPS) calculation as there would be no effect on the amounts
since the minority interests' share of income would also be added back to net
income.
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
------------------- ----------------- -----------------
<S> <C> <C> <C>
Numerator:
Income Before Extraordinary Loss and
Cumulative Effect of Change in Accounting
Principle........................................ $ 124,748 $ 77,697 $ 66,070
Less: Preferred Stock Dividends.................. (32,844) (30,610) (11,856)
--------------- ------------- ----------------
Net Income Available to Common Stockholders Before
Extraordinary Loss and Cumulative Effect of
Change in Accounting Principle- For Basic and
Diluted EPS...................................... 91,904 47,087 54,214
Extraordinary Loss................................ --- --- (14,124)
Cumulative Effect of Change in Accounting
Principle........................................ --- (1,976) ---
--------------- ------------- ----------------
Net Income Available to Common Stockholders-
For Basic and Diluted EPS........................ $ 91,904 $ 45,111 $ 40,090
=============== ============= ================
Denominator:
Weighted Average Common Shares Outstanding at
December 31, 1999, 1998 and 1997,
respectively- Basic............................. 38,042,214 37,444,961 31,508,240
Effect of Dilutive Securities:
Employee Common Stock Options .................. 101,801 182,515 305,686
--------------- ------------- ----------------
Weighted Average Common Shares Outstanding at
December 31, 1999, 1998 and 1997,
respectively- Diluted........................... 38,144,015 37,627,476 31,813,926
=============== ============= ================
Basic EPS:
Net Income Available to Common Stockholders
Before Extraordinary Loss and Cumulative Effect
of Change in Accounting Principle............... $ 2.42 $ 1.26 1.72
=============== ============= ================
Extraordinary Loss................................ $ --- $ --- $ (.45)
=============== ============= ================
Cumulative Effect of Change in Accounting
Principle....................................... $ --- $ (.05) $ ---
=============== ============= ================
Net Income Available to Common Stockholders....... $ 2.42 $ 1.20 $ 1.27
=============== ============= ================
Diluted EPS:
Net Income Available to Common Stockholders
Before Extraordinary Loss and Cumulative Effect
of Change in Accounting Principle.............. $ 2.41 $ 1.25 $ 1.70
=============== ============= ================
Extraordinary Loss................................ $ --- $ --- $ (.44)
=============== ============= ================
Cumulative Effect of Change in Accounting
Principle..................................... $ --- $ (.05) $ ---
=============== ============= ================
Net Income Available to Common
Stockholders.................................. $ 2.41 $ 1.20 $ 1.26
=============== ============= ================
</TABLE>
F-25
<PAGE> 77
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
14. FUTURE RENTAL REVENUES
The Company's properties are leased to tenants under net and semi-net
operating leases. Minimum lease payments receivable, excluding tenant
reimbursements of expenses, under noncancelable operating leases in effect as of
December 31, 1999 are approximately as follows:
2000 $ 308,090
2001 258,772
2002 210,109
2003 165,399
2004 123,394
Thereafter 308,145
--------------
Total $ 1,373,909
==============
15. EMPLOYEE BENEFIT PLANS
The Company maintains two stock incentive plans (the "Stock Incentive
Plans") which are administered by the Compensation Committee of the Board of
Directors. There are approximately 7.7 million shares reserved under the Stock
Incentive Plans. Only officers and other employees of the Company and its
affiliates generally are eligible to participate in the Stock Incentive Plans.
However, Independent Directors of the Company receive automatic annual grants of
options to purchase 10,000 shares at a per share exercise price equal to the
fair market value of a share on the date of grant.
The Stock Incentive Plans authorize (i) the grant of stock options that
qualify as incentive stock options under Section 422 of the Code, (ii) the grant
of stock options that do not so qualify, (iii) restricted stock awards, (iv)
performance share awards and (v) dividend equivalent rights. The exercise price
of stock options will be determined by the Compensation Committee, but may not
be less than 100% of the fair market value of the shares on the date of grant.
Special provisions apply to awards granted under the Stock Incentive Plans in
the event of a change in control in the Company. As of December 31, 1999, stock
options covering 2.8 million shares were outstanding and stock options covering
4.4 million shares were available under the Stock Incentive Plans. The
outstanding stock options generally vest over one to ten year periods and have
lives of ten years. Stock option transactions are summarized as follows:
<TABLE>
<CAPTION>
Weighted Average
Exercise Price Exercise
Shares Per Share Price Per Share
--------- ---------------- ---------------
<S> <C> <C> <C>
Outstanding at December 31, 1996........ 1,093,500 $22.49 $18.25-$25.63
Granted............................... 538,000 $30.32 $28.50-$30.375
Exercised or Converted................ (300,000) $22.50 $18.25-$23.50
-----------
Outstanding at December 31, 1997........ 1,331,500 $25.67 $18.25-$30.375
Granted............................... 5,248,200 $34.92 $24.00-$35.81
Exercised or Converted................ (165,500) $23.14 $20.25-$30.38
Expired or Terminated................. (1,417,200) $35.42 $22.75-$35.81
-----------
Outstanding at December 31, 1998........ 4,997,000 $32.70 $18.25-$35.81
Granted............................... 1,041,567 $25.35 $25.13-$27.69
Exercised or Converted................ (68,000) $22.79 $20.25-$25.13
Expired or Terminated................. (3,194,300) $35.31 $22.75-$35.81
-----------
Outstanding at December 31, 1999........ 2,776,267 $27.04 $18.25-$31.13
===========
</TABLE>
F-26
<PAGE> 78
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
15. EMPLOYEE BENEFIT PLANS, CONTINUED
The following table summarizes currently outstanding and exercisable
options as of December 31, 1999:
<TABLE>
<CAPTION>
Options Outstanding Options Exercisable
---------------------------------------------------- --------------------------------
Weighted
Average Weighted Weighted
Remaining Average Average
Number Contractual Exercise Number Exercise
Range of Exercise Price Outstanding Life Price Exercisable Price
- --------------------------- -------------- ---------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
$18.25-$25.13 1,498,200 7.68 $24.08 1,056,350 $23.64
$28.50-$31.13 1,278,067 8.11 $30.51 1,194,734 $30.73
</TABLE>
The Company applies Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees", in accounting for its Stock
Incentive Plans. Accordingly, no compensation expense has been recognized in the
consolidated statements of operations. Had compensation expense for the
Company's Stock Incentive Plans been determined based upon the fair value at the
grant date for awards under the Stock Incentive Plans consistent with the
methodology prescribed under Statement of Financial Accounting Standards No.
123, "Accounting for Stock-Based Compensation", net income and earnings per
share would have been the pro forma amounts indicated in the table below:
<TABLE>
<CAPTION>
For the Year Ended
----------------------------------------------
1999 1998 1997
------------- -------------- ------------
<S> <C> <C> <C>
Net Income Available to Common Stockholders- as reported............... $ 91,904 $ 45,111 $ 40,090
Net Income Available to Common Stockholders- pro forma................. $ 90,036 $ 43,324 $ 38,810
Net Income Available to Common Stockholders per Share- as reported-
Basic............................................................... $ 2.42 $ 1.20 $ 1.27
Net Income Available to Common Stockholders per Share- pro forma-
Basic............................................................... $ 2.37 $ 1.16 $ 1.23
Net Income Available to Common Stockholders per Share- as reported-
Diluted............................................................. $ 2.41 $ 1.20 $ 1.26
Net Income Available to Common Stockholders per Share- pro forma-
Diluted................................................................ $ 2.36 $ 1.15 $ 1.22
The fair value of each option grant is estimated on the date of grant
using the Black-Scholes option pricing model with the following weighted
average assumptions:
Expected dividend yield............................................. 8.88% 8.01% 8.15%
Expected stock price volatility..................................... 20.55% 20.56% 20.01%
Risk-free interest rate............................................. 5.30% 5.64% 6.48%
Expected life of options............................................ 2.73 3.74 3.78
</TABLE>
The weighted average fair value of options granted during 1999, 1998 and
1997 is $1.79, $2.95 and $2.72 per option, respectively.
In September 1994, the Board of Directors approved and the Company adopted
a 401(k)/Profit Sharing Plan. Under the Company's 401(k)/Profit Sharing Plan,
all eligible employees may participate by making voluntary contributions. The
Company may make, but is not required to make, matching contributions. For the
years ended December 31, 1999, 1998 and 1997, the Company made matching
contributions of approximately $208, $198 and $108, respectively. In March 1996,
the Board of Directors approved and the Company adopted a Deferred Income Plan
(the "Plan"). At December 31, 1999, 596,498 units were outstanding. The expense
related to these deferred income benefits is included in general and
administrative expenses in the consolidated statements of operations.
During 1999, the Company awarded 72,300 shares of restricted Common Stock
to certain employees and 3,504 shares of restricted Common Stock to certain
Directors. Other employees of the Company converted certain in-the-money
employee stock options to 5,224 shares of restricted Common Stock. These
restricted shares of Common Stock had a fair value of $2,121 on the date of
grant. The restricted Common Stock vests over a period from five to ten years.
Compensation expense will be charged to earnings over the vesting period.
During 1998, the Company awarded 51,850 shares of restricted Common Stock
to certain employees and 2,769 shares of restricted Common Stock to certain
Directors. Other employees of the Company converted certain in-the-money
employee stock options to 13,602 shares of restricted Common Stock. These
restricted shares of Common Stock had a fair value of $2,345 on the date of
grant. The restricted Common Stock vests over a period from five to ten years.
Compensation expense will be charged to earnings over the vesting period.
F-27
<PAGE> 79
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
15. EMPLOYEE BENEFIT PLANS, CONTINUED
During 1997, the Company awarded 59,946 shares of restricted Common Stock
to certain employees and 1,274 shares of restricted Common Stock to certain
Directors. Other employees of the Company converted certain in-the-money
employee stock options to 54,936 shares of restricted Common Stock. These
restricted shares of Common Stock had a fair value of $3,655 on the date of
grant. The restricted Common Stock vests over a period from two to ten years.
Compensation expense will be charged to earnings over the vesting period.
16. RELATED PARTY TRANSACTIONS
The Company often obtains title insurance coverage for its properties from
an entity for which an independent Director of the Company became the President,
Chief Executive Officer and a Director in 1996.
From time to time, the Company utilizes real estate brokerage services
from CB Richard Ellis, Inc. for which a relative of one of the Company's
officers/Directors is an employee.
On November 19, 1997, the Company exercised an option that was granted on
March 19, 1996 to purchase a 100,000 square foot (unaudited) bulk warehouse
property located in Indianapolis, Indiana for approximately $3,338. The property
was purchased from a partnership in which one of the Company's former officers
owned a 33.0% interest.
On July 16, 1998, the Company, through the Operating Partnership,
completed an acquisition of a real estate firm of which an officer of the
Company owned a 25% interest. Gross proceeds to the real estate firm totaled
approximately $2,349. In conjunction with the acquisition of the real estate
firm, the Company also acquired an industrial property from this same entity for
a purchase price of approximately $3,248, excluding costs incurred in connection
with the acquisition of the property.
On June 23, 1998, the Company, through the Operating Partnership,
purchased a 292,471 square foot (unaudited) light industrial property located in
Denver, Colorado for approximately $12,206. The property was purchased from a
company in which one of the Company's officers owned a 12.08% interest.
Of the 247 industrial properties purchased by the Company during the year
ended December 31, 1998, four industrial properties were purchased from Western
Suburban Industrial Investments Limited Partnership ("Western") in which the
sole general partner, having a 5% interest, was Tomasz/Shidler Investment
Corporation, the sole shareholders of which were a Director of the Company and a
former Director/officer of the Company who also had a 53% and 32% limited
partnership interest in Western, respectively. Further, an additional
Director/officer of the Company was a limited partner in Western having an
interest of 2%. The aggregate purchase price for this acquisition totaled
approximately $7,900, excluding costs incurred in conjunction with the
acquisition of the properties.
On November 19, 1998, the Company sold two industrial properties to two
limited partnerships, Roosevelt Glen Corporate Center ("Roosevelt") and Hartford
Center Investment Company ("Hartford"), for a total consideration of
approximately $8,341. An entity in which the sole shareholders are a officer and
Director and a former officer and Director ("TSIC") has a 11.638% general
partner interest and a former officer and Director has a 75.585% limited partner
interest in Roosevelt. TSIC has a 12.39% general partner interest and a former
officer and Director has a 80.454% limited partner interest in Hartford. On
December 4, 1998, the Company sold one industrial property to Eastgate Shopping
Center Investment Co. ("Eastgate"), a limited partnership, for a total
consideration of approximately $2,360. TSIC has a 12.972% general partner
interest and a former officer and Director has a 79.536% limited partner
interest in Eastgate. In each case, the purchaser had the option of selling the
properties back to the Company and the Company had the option of buying the
properties back from the purchaser for a stipulated period of time. In January
2000, the purchasers exercised their options to sell the properties back to the
Company. The gain on sale was deferred due to the existence of these options.
From time to time, the Company utilizes consulting services from the
private consulting firm of one of the Company's Directors. For the year ended
December 31, 1999, the Company has paid approximately $15 of fees to this
entity.
On September 2, 1999, the September 1999 Joint Venture purchased a
1,159,121 square foot (unaudited) industrial property portfolio located in Los
Angeles, California for approximately $63,901. An officer of the Company held
ownership interests ranging between .004% and .13% in various entities that sold
certain properties to the September 1999 Joint Venture.
F-28
<PAGE> 80
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
16. RELATED PARTY TRANSACTIONS, CONTINUED
On September 15, 1999, the Company sold nine industrial properties to an
entity whose Chairman of the Board of Directors is also Chairman of the Board of
Directors of the Company. The gross proceeds from the sales of these nine
industrial properties approximated $39,475 and the gain of sales approximated
$14,552.
17. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS
Supplemental disclosure of cash flow information:
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
-------------- --------------- ---------------
<S> <C> <C> <C>
Interest paid, net of
capitalized interest........ $ 79,866 $ 64,294 $ 44,627
========== =========== ============
Interest capitalized........... $ 5,568 $ 3,643 $ 1,151
========== =========== ============
Supplemental schedule of noncash investing and financing activities:
Distribution payable on
common stock/units......... $ 28,164 $ 27,081 $ 22,010
========== =========== ============
Exchange of units for common shares:
Minority interest.............. $ (2,618) $ (5,150) $ (3,395)
Common stock................... 2 2 2
Additional paid in capital..... 2,616 5,148 3,393
---------- ----------- ------------
$ --- $ --- $ ---
========== =========== ============
In conjunction with the property acquisitions, the following assets and
liabilities were assumed:
Purchase of real estate........ $ 75,188 $ 537,838 $ 862,350
Mortgage loans................. --- (8,771) (20,272)
Operating partnership units.... --- (49,413) (115,230)
Accounts payable and
accrued expenses........... (342) (5,001) (11,414)
---------- ----------- ------------
Acquisition of real estate..... $ 74,846 $ 474,653 $ 715,434
========== =========== ============
</TABLE>
18. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is involved in legal actions
arising from the ownership of its properties. In management's opinion, the
liabilities, if any, that may ultimately result from such legal actions are not
expected to have a materially adverse effect on the consolidated financial
position, operations or liquidity of the Company.
Thirty-eight properties have leases granting the tenants options to
purchase the property. Such options are exercisable at various times at
appraised fair market value or at a fixed purchase price generally in excess of
the Company's depreciated cost of the asset. The Company has no notice of any
exercise of any tenant purchase option.
The Company has committed to the construction of 23 industrial properties
totaling approximately 3.3 million square feet (unaudited) of GLA. The estimated
total construction costs are approximately $131,194 (unaudited). These
developments are expected to be funded with cash flow from operations as well as
borrowings under the 1997 Unsecured Acquisition Facility.
At December 31, 1999, the Company had four letters of credit outstanding
in the aggregate amount of $1,146. A $980 letter of credit was required under
the original issuance of the Series A Preferred Stock to guarantee the payment
of one quarter's dividend on the Series A Preferred Stock. The Guarantee Agent
of the Series A Preferred Stock is the beneficiary of this letter of credit
which expires on December 31, 2000. The remaining $166 of outstanding letters of
credit were required by municipalities for development purposes. They expire
between February 28, 2000 and January 31, 2001.
F-29
<PAGE> 81
FIRST INDUSTRIAL REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
19. SUBSEQUENT EVENTS (UNAUDITED)
During the period January 1, 2000 through March 10, 2000, the Company
acquired or completed development of 11 industrial properties and two land
parcels for a total estimated investment of approximately $33,511. The Company
also sold six industrial properties and two land parcels for approximately
$41,544 of gross proceeds.
In March 2000, the Company declared a first quarter dividend of $.62 per
share/unit on its common stock which is payable on April 17, 2000. The Company
also declared a first quarter dividend of $.59375 per share, $54.688 per share
($.54688 per depositary share), $53.906 per share ($.53906 per depositary
share), $49.687 per share ($.49687 per depositary share) and $49.375 per share
($.49375 per depositary share) on its Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E
Preferred Stock, respectively, which is payable on March 31, 2000.
In March 2000, the Company's Board of Directors approved the repurchase
of up to $100,000 of the Company's common stock. The Company will make
purchases from time to time, if price levels warrant, in the open market or in
privately negotiated transactions. Stock repurchases will be funded from
internally generated funds.
20. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------
FIRST SECOND THIRD FOURTH
QUARTER QUARTER QUARTER QUARTER
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Total Revenues...................................... $ 95,428 $ 93,993 $ 94,131 $ 90,603
Equity In Income (Loss) of Joint Ventures.......... 126 120 126 (70)
Income Allocated to Minority Interest............... (3,443) (4,252) (6,106) (3,808)
Income from Operations.............................. 24,090 23,470 23,664 23,727
Gain on Sales of Properties......................... 1,545 6,797 16,999 4,456
Net Income.......................................... 25,635 30,267 40,663 28,183
Preferred Stock Dividends........................... (8,211) (8,211) (8,211) (8,211)
-------------- -------------- -------------- --------------
Net Income Available to Common Stockholders......... $ 17,424 $ 22,056 $ 32,452 $ 19,972
============== ============== ============== ==============
Earnings Per Share:
Net Income Available to Common Stockholders per
Weighted Average Common Share Outstanding:
$ .46 $ .58 $ .85 $ .52
Basic............................................... ============== ============== ============== ==============
Diluted............................................. $ .46 $ .58 $ .85 $ .52
============== ============== ============== ==============
<CAPTION>
YEAR ENDED DECEMBER 31, 1998
--------------------------------------------------------------------
FIRST SECOND THIRD FOURTH
QUARTER QUARTER QUARTER QUARTER
-------------- -------------- -------------- --------------
Total Revenues...................................... $ 76,214 $ 87,305 $ 92,339 $ 93,844
Equity In Income of Joint Venture................... --- --- --- 45
Income Allocated to Minority Interest............... (2,657) (2,186) (2,813) (305)
Disposition of Interest Rate Protection Agreement... --- --- --- (8,475)
Income from Operations.............................. 20,171 22,265 23,015 6,897
Gain on Sales of Properties......................... 2,360 16 693 2,280
Income Before Extraordinary Loss and Cumulative
Effect of Change in Accounting Principle............ 22,531 22,281 23,708 9,177
Cumulative Effect of Change in Accounting
Principle....................................... --- (1,976) --- ---
Net Income.......................................... 22,531 20,305 23,708 9,177
Preferred Stock Dividends........................... (5,978) (8,210) (8,211) (8,211)
-------------- -------------- -------------- --------------
Net Income Available to Common Stockholders......... $ 16,553 $ 12,095 $ 15,497 $ 966
============== ============== ============== ==============
Earnings Per Share:
Net Income Available to Common Stockholders
Before Extraordinary Loss and Cumulative
Effect of Change in Accounting Principle per
Weighted Average Common Share Outstanding:
Basic....................................... $ .45 $ .38 $ .41 $ .03
============== ============== ============== ==============
Diluted..................................... $ .45 $ .37 $ .41 $ .03
============== ============== ============== ==============
Net Income Available to Common Stockholders per
Weighted Average Common Share Outstanding:
Basic...................................... $ .45 $ .32 $ .41 $ .03
============== ============== ============== ==============
Diluted.................................... $ .45 $ .32 $ .41 $ .03
============== ============== ============== ==============
</TABLE>
F-30
<PAGE> 82
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders of
First Industrial Realty Trust, Inc.
Our report on the consolidated financial statements of First Industrial Realty
Trust, Inc. is included on page F-2 of this Form 10-K. In connection with our
audits of such financial statements, we have also audited the related financial
statement schedule listed in the Index to Financial Statements and Financial
Statement Schedule on page F-1 of this Form 10-K. In our opinion, the financial
statement schedule referred to above, when considered in relation to the basic
financial statements taken as a whole, presents fairly, in all material
respects, the information required to be included therein.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 14, 2000
S-1
<PAGE> 83
FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As Of December 31, 1999
(Dollars in thousands)
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) -------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
ATLANTA
4250 River Green Parkway Duluth, GA (d) $ 264 $ 1,522 $ 42
3400 Corporate Parkway Duluth, GA (d) 281 1,621 222
3450 Corporate Parkway Duluth, GA (d) 506 2,904 98
3500 Corporate Parkway Duluth, GA (d) 260 1,500 91
3425 Corporate Parkway Duluth, GA (d) 385 2,212 172
1650 GA Highway 155 Atlanta, GA 788 4,544 243
14101 Industrial Park Boulevard Atlanta, GA 285 1,658 525
801-804 Blacklawn Road Atlanta, GA 361 2,095 209
1665 Dogwood Drive Atlanta, GA 635 3,662 32
1715 Dogwood Drive Atlanta, GA 288 1,675 102
11235 Harland Drive Atlanta, GA 125 739 39
700 Westlake Parkway Atlanta, GA 213 1,551 610
800 Westlake Parkway Atlanta, GA 450 2,645 495
4050 Southmeadow Parkway Atlanta, GA 401 2,813 165
4051 Southmeadow Parkway Atlanta, GA 697 3,486 852
4071 Southmeadow Parkway Atlanta, GA 750 4,460 724
4081 Southmeadow Parkway Atlanta, GA 1,012 5,450 624
1875 Rockdale Industrial Blvd. Atlanta, GA 386 2,264 202
3312 N. Berkeley Lake Road Duluth, GA 2,937 16,644 1,222
370 Great Southwest Parkway (o) Atlanta, GA 527 2,984 357
3495 Bankhead Highway (o) Atlanta, GA 983 5,568 468
955 Cobb Place Kennesaw, GA 780 4,420 170
6105 Boatrock Blvd Atlanta, GA 89 504 30
1640 Sands Place Marietta, GA 162 920 39
7000 Highland Parkway Smyrna, GA 761 4,213 59
2084 Lake Industrial Court Conyers, GA 662 - 4,601
1005 Sigman Road Conyers, GA 566 3,134 96
2050 East Park Drive Conyers, GA 452 2,504 77
1003 Sigman Road Conyers, GA 499 2,761 91
201 Greenwood McDonough, GA 2,066 304 17,200
BALTIMORE
3431 Benson Baltimore, MD 553 3,062 98
1801 Portal Baltimore, MD 251 1,387 150
1811 Portal Baltimore, MD 327 1,811 195
1831 Portal Baltimore, MD 268 1,486 395
1821 Portal Baltimore, MD 430 2,380 680
1820 Portal Baltimore, MD (k) 884 4,891 152
6615 Tributary Baltimore, MD 420 2,327 105
7340 Executive Frederick, MD 936 5,182 161
4845 Governers Way Frederick, MD 810 4,487 113
8900 Yellow Brick Road Baltimore, MD 447 2,473 228
7476 New Ridge Hanover, MD 394 2,182 104
8779 Greenwood Place Savage, MD 704 3,896 166
BATON ROUGE
11200 Industriplex Blvd. Baton Rouge, LA 463 2,624 88
11441 Industriplex Blvd. Baton Rouge, LA 331 1,874 222
11301 Industriplex Blvd. Baton Rouge, LA 265 1,499 70
6565 Exchequer Drive Baton Rouge, LA 461 2,614 101
CENTRAL PENNSYLVANIA
1214-B+B102 Freedom Road Cranberry Township, PA 31 994 617
401 Russell Drive Middletown, PA 262 857 1,499
2700 Commerce Drive Harrisburg, PA 196 997 670
2701 Commerce Drive Harrisburg, PA 141 859 1,172
2780 Commerce Drive Harrisburg, PA 113 743 1,033
7125 Grayson Road Harrisburg, PA 1,514 8,779 6
7253 Grayson Road Harrisburg, PA 894 5,168 57
5020 Louise Drive Mechanicsburg, PA (c) 707 - 2,782
7195 Grayson Harrisburg, PA (c) 478 2,771 80
400 First Street Middletown, PA 280 1,839 802
401 First Street Middletown, PA 819 5,381 1,898
500 Industrial Lane Middletown, PA 194 1,272 284
600 Hunter Lane Middletown, PA 191 - 4,393
300 Hunter Lane Middletown, PA 216 - 6,169
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C>
4250 River Green Parkway $ 264 $ 1,564 $ 1,828 $ 214 1988 (v)
3400 Corporate Parkway 281 1,843 2,124 326 1987 (v)
3450 Corporate Parkway 506 3,002 3,508 402 1988 (v)
3500 Corporate Parkway 260 1,591 1,851 212 1991 (v)
3425 Corporate Parkway 385 2,384 2,769 387 1990 (v)
1650 GA Highway 155 788 4,787 5,575 758 1991 (v)
14101 Industrial Park Boulevard 285 2,183 2,468 251 1984 (v)
801-804 Blacklawn Road 361 2,304 2,665 435 1982 (v)
1665 Dogwood Drive 635 3,694 4,329 511 1973 (v)
1715 Dogwood Drive 288 1,777 2,065 310 1973 (v)
11235 Harland Drive 125 778 903 117 1988 (v)
700 Westlake Parkway 223 2,151 2,374 365 1990 (v)
800 Westlake Parkway 479 3,111 3,590 481 1991 (v)
4050 Southmeadow Parkway 425 2,954 3,379 425 1991 (v)
4051 Southmeadow Parkway 726 4,309 5,035 656 1989 (v)
4071 Southmeadow Parkway 828 5,106 5,934 735 1991 (v)
4081 Southmeadow Parkway 1,157 5,929 7,086 850 1989 (v)
1875 Rockdale Industrial Blvd. 386 2,466 2,852 317 1966 (v)
3312 N. Berkeley Lake Road 3,053 17,750 20,803 1,699 1969 (v)
370 Great Southwest Parkway (o) 546 3,322 3,868 321 1996 (v)
3495 Bankhead Highway (o) 1,021 5,998 7,019 464 1986 (v)
955 Cobb Place 804 4,566 5,370 266 1991 (v)
6105 Boatrock Blvd 91 532 623 27 1972 (v)
1640 Sands Place 166 955 1,121 54 1977 (v)
7000 Highland Parkway 691 4,342 5,033 209 1998 (v)
2084 Lake Industrial Court 803 4,460 5,263 - 1998 (v)
1005 Sigman Road 574 3,222 3,796 20 1986 (v)
2050 East Park Drive 459 2,574 3,033 16 1998 (v)
1003 Sigman Road 506 2,845 3,351 12 1996 (v)
201 Greenwood 2,205 17,365 19,570 36 1999 (v)
BALTIMORE
3431 Benson 562 3,151 3,713 137 1988 (v)
1801 Portal 271 1,517 1,788 66 1987 (v)
1811 Portal 354 1,979 2,333 86 1987 (v)
1831 Portal 290 1,859 2,149 73 1990 (v)
1821 Portal 467 3,023 3,490 145 1986 (v)
1820 Portal 899 5,028 5,927 220 1982 (v)
6615 Tributary 432 2,420 2,852 106 1987 (v)
7340 Executive 957 5,322 6,279 233 1988 (v)
4845 Governers Way 824 4,586 5,410 200 1988 (v)
8900 Yellow Brick Road 475 2,673 3,148 118 1982 (v)
7476 New Ridge 401 2,279 2,680 98 1987 (v)
8779 Greenwood Place 727 4,039 4,766 34 1978 (v)
BATON ROUGE
11200 Industriplex Blvd. 475 2,700 3,175 136 1986 (v)
11441 Industriplex Blvd. 340 2,087 2,427 152 1987 (v)
11301 Industriplex Blvd. 273 1,561 1,834 82 1985 (v)
6565 Exchequer Drive 473 2,703 3,176 140 1986 (v)
CENTRAL PENNSYLVANIA
1214-B+B102 Freedom Road 205 1,437 1,642 554 1982 (v)
401 Russell Drive 287 2,331 2,618 775 1990 (v)
2700 Commerce Drive 206 1,657 1,863 484 1990 (v)
2701 Commerce Drive 164 2,008 2,172 477 1989 (v)
2780 Commerce Drive 209 1,680 1,889 491 1989 (v)
7125 Grayson Road 1,514 8,785 10,299 1,255 1991 (v)
7253 Grayson Road 894 5,225 6,119 751 1990 (v)
5020 Louise Drive 716 2,773 3,489 396 1995 (v)
7195 Grayson 479 2,850 3,329 361 1994 (v)
400 First Street 192 2,729 2,921 267 1963-1965 (v)
401 First Street 563 7,535 8,098 771 1963-1965 (v)
500 Industrial Lane 133 1,617 1,750 169 1963-1965 (v)
600 Hunter Lane 191 4,393 4,584 293 (m) (v)
300 Hunter Lane 216 6,169 6,385 381 (m) (v)
</TABLE>
S-2
<PAGE> 84
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
Fruehauf Building #6 Middletown, PA - - 6,426
3380 Susquehanna Trail North York, PA 450 2,550 137
495 East Locust Lane York, PA 810 4,590 237
350 Old Silver Spring Road Mechanicsburg, PA 510 2,890 4,226
4500 Westport Drive Mechanicsburg, PA 690 3,910 257
41 Weaver Road Denver, PA 501 14,171 5,527
CHICAGO
720-730 Landwehr Road Northbrook, IL (d) 521 2,982 1
3170-3190 MacArthur Boulevard Northbrook, IL (d) 370 2,126 278
20W201 101st Street Lemont, IL (d) 967 5,554 763
280-296 Palatine Road Wheeling, IL (d) 305 1,735 555
2300 Hammond Drive Schaumburg, IL 442 1,241 1,036
6500 North Lincoln Avenue Lincolnwood, IL 613 1,336 1,826
3600 West Pratt Avenue Lincolnwood, IL 1,050 5,767 482
917 North Shore Drive Lake Bluff, IL 556 3,212 45
6750 South Sayre Avenue Bedford Park, IL 224 1,309 76
585 Slawin Court Mount Prospect, IL 611 3,505 1
2300 Windsor Court Addison, IL 688 3,943 385
3505 Thayer Court Aurora, IL 430 2,472 17
3600 Thayer Court Aurora, IL 636 3,645 178
736-776 Industrial Drive Elmhurst, IL 349 1,994 848
480 East 14th St. Chicago Heights, IL 620 3,430 151
305-311 Era Drive Northbrook, IL 200 1,154 146
700-714 Landwehr Road Northbrook, IL 357 2,052 244
4330 South Racine Avenue Chicago, IL 448 1,893 231
13040 S. Crawford Ave. Alsip, IL 1,073 6,193 24
12241 Melrose Street Franklin Park, IL 332 1,931 1,085
3150-3160 MacArthur Boulevard Northbrook, IL (c) 439 2,518 111
365 North Avenue Carol Stream, IL (c) 1,208 6,961 81
2942 MacArthur Boulevard Northbrook, IL (c) 315 1,803 255
12301-12325 S Laramie Ave Alsip, IL 650 3,692 387
301 Hintz Wheeling, IL 160 905 71
301 Alice Wheeling, IL 218 1,236 58
410 W 169th Street South Holland, IL 462 2,618 163
1001 Commerce Court Buffalo Grove, IL 615 3,485 146
11939 S Central Avenue Alsip, IL 1,208 6,843 177
405 East Shawmut La Grange, IL 368 2,083 104
1010-50 Sesame Street Bensenville, IL (h) 979 5,546 240
5555 West 70th Place Bedford Park, IL 146 829 89
3200-3250 South St. Louis (o) Chicago, IL 110 625 1,007
3110-3130 South St. Louis Chicago, IL 115 650 71
7301 South Hamlin Chicago, IL 149 846 340
7401 South Pulaski Chicago, IL 664 3,763 704
3900 West 74th Street Chicago, IL 137 778 306
7501 S. Pulaski Chicago, IL 360 2,038 299
396 Fenton Lane West Chicago, IL 202 1,143 70
400 Wegner Drive West Chicago, IL 65 367 57
450 Fenton Lane West Chicago, IL 195 1,106 64
385 Fenton Lane West Chicago, IL 868 4,918 106
335 Crossroad Parkway Bolingbrook, IL 1,560 8,840 759
10435 Seymour Avenue Franklin Park, IL 181 1,024 83
905 Paramount Batavia, IL 243 1,375 308
1005 Paramount Batavia, IL 282 1,600 303
34-45 Lake Street Northlake, IL 440 2,491 216
2120-24 Roberts Broadview, IL 220 1,248 159
4309 South Morgan Street Chicago, IL 750 4,150 222
405-17 University Drive Arlington Hgts, IL 265 1,468 110
6300 W. Howard Niles, IL 743 4,208 329
CINCINNATI
9900-9970 Princeton Cincinnati, OH (e) 545 3,088 982
2940 Highland Avenue Cincinnati, OH (e) 1,717 9,730 966
4700-4750 Creek Road Cincinnati, OH (e) 1,080 6,118 390
4860 Duff Drive Cincinnati, OH 67 378 37
4866 Duff Drive Cincinnati, OH 67 379 14
4884 Duff Drive Cincinnati, OH 104 591 70
4890 Duff Drive Cincinnati, OH 104 592 27
9636-9643 Interocean Drive Cincinnati, OH 123 695 108
12072 Best Place Springboro, OH 426 - 3,320
901 Pleasant Valley Drive Springboro, OH 304 1,721 284
4440 Mulhauser Road Cincinnati, OH 1,067 39 9,118
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Fruehauf Building #6 - 6,426 6,426 217 1998 (v)
3380 Susquehanna Trail North 467 2,670 3,137 189 1990 (v)
495 East Locust Lane 838 4,799 5,637 339 1993 (v)
350 Old Silver Spring Road 542 7,084 7,626 335 1968 (v)
4500 Westport Drive 727 4,130 4,857 266 1996 (v)
41 Weaver Road 2,532 17,667 20,199 875 1974 (v)
CHICAGO
720-730 Landwehr Road 521 2,983 3,504 411 1978 (v)
3170-3190 MacArthur Boulevard 370 2,404 2,774 359 1978 (v)
20W201 101st Street 968 6,316 7,284 1,051 1988 (v)
280-296 Palatine Road 310 2,285 2,595 276 1978 (v)
2300 Hammond Drive 444 2,275 2,719 1,335 1970 (v)
6500 North Lincoln Avenue 625 3,150 3,775 1,324 1965/88 (v)
3600 West Pratt Avenue 1,050 6,249 7,299 916 1953/88 (v)
917 North Shore Drive 556 3,257 3,813 470 1974 (v)
6750 South Sayre Avenue 224 1,385 1,609 199 1975 (v)
585 Slawin Court 611 3,506 4,117 482 1992 (v)
2300 Windsor Court 696 4,320 5,016 792 1986 (v)
3505 Thayer Court 430 2,489 2,919 350 1989 (v)
3600 Thayer Court 636 3,823 4,459 583 1989 (v)
736-776 Industrial Drive 349 2,842 3,191 463 1975 (v)
480 East 14th St. 620 3,581 4,201 161 1958 (v)
305-311 Era Drive 205 1,295 1,500 200 1978 (v)
700-714 Landwehr Road 357 2,296 2,653 333 1978 (v)
4330 South Racine Avenue 468 2,104 2,572 1,346 1978 (v)
13040 S. Crawford Ave. 1,073 6,217 7,290 828 1976 (v)
12241 Melrose Street 469 2,879 3,348 398 1969 (v)
3150-3160 MacArthur Boulevard 429 2,639 3,068 368 1978 (v)
365 North Avenue 1,208 7,042 8,250 924 1969 (v)
2942 MacArthur Boulevard 311 2,062 2,373 309 1979 (v)
12301-12325 S Laramie Ave 659 4,070 4,729 413 1975 (v)
301 Hintz 167 969 1,136 96 1960 (v)
301 Alice 225 1,287 1,512 128 1965 (v)
410 W 169th Street 476 2,767 3,243 264 1974 (v)
1001 Commerce Court 629 3,617 4,246 262 1989 (v)
11939 S Central Avenue 1,229 6,999 8,228 471 1972 (v)
405 East Shawmut 379 2,176 2,555 140 1965 (v)
1010-50 Sesame Street 1,003 5,762 6,765 322 1976 (v)
5555 West 70th Place 157 907 1,064 50 1973 (v)
3200-3250 South St. Louis (o) 116 1,626 1,742 175 1968 (v)
3110-3130 South St. Louis 120 716 836 40 1968 (v)
7301 South Hamlin 154 1,181 1,335 64 1975 (v)
7401 South Pulaski 685 4,446 5,131 259 1975 (v)
3900 West 74th Street 142 1,079 1,221 72 1975 (v)
7501 S. Pulaski 326 2,371 2,697 132 1975 (v)
396 Fenton Lane 205 1,210 1,415 62 1987 (v)
400 Wegner Drive 67 422 489 25 1988 (v)
450 Fenton Lane 198 1,167 1,365 58 1990 (v)
385 Fenton Lane 878 5,014 5,892 250 1990 (v)
335 Crossroad Parkway 1,587 9,572 11,159 467 1996 (v)
10435 Seymour Avenue 189 1,099 1,288 54 1967 (v)
905 Paramount 250 1,676 1,926 76 1977 (v)
1005 Paramount 291 1,894 2,185 88 1978 (v)
34-45 Lake Street 452 2,695 3,147 129 1978 (v)
2120-24 Roberts 227 1,400 1,627 72 1960 (v)
4309 South Morgan Street 778 4,344 5,122 198 1975 (v)
405-17 University Drive 266 1,577 1,843 63 1977 (v)
6300 W. Howard 789 4,491 5,280 399 1956/1964 (v)
CINCINNATI
9900-9970 Princeton 566 4,049 4,615 402 1970 (v)
2940 Highland Avenue 1,772 10,641 12,413 1,095 1969/1974 (v)
4700-4750 Creek Road 1,109 6,479 7,588 613 1960 (v)
4860 Duff Drive 68 414 482 31 1979 (v)
4866 Duff Drive 68 392 460 30 1979 (v)
4884 Duff Drive 107 658 765 50 1979 (v)
4890 Duff Drive 107 616 723 50 1979 (v)
9636-9643 Interocean Drive 125 801 926 80 1983 (v)
12072 Best Place 443 3,303 3,746 175 1984 (v)
901 Pleasant Valley Drive 313 1,996 2,309 103 1984 (v)
4440 Mulhauser Road 1,113 9,111 10,224 100 1999 (v)
</TABLE>
S-3
<PAGE> 85
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
CLEVELAND
6675 Parkland Blvd Cleveland, OH 548 3,103 173
21510-21600 Alexander Road (p) Oakwood, OH 509 2,883 171
5405 & 5505 Valley Belt Road (o) Independence, OH 371 2,101 201
10145 Philipp Parkway Streetsboro, OH 334 1,891 59
4410 Hamann Willoughby, OH 138 782 82
COLUMBUS
6911 Americana Parkway Columbus, OH 314 1,777 144
3800 Lockbourne Industrial Parkway Columbus, OH 1,087 6,162 220
3880 Groveport Road Columbus, OH 2,145 12,154 460
1819 North Walcutt Road Columbus, OH 810 4,590 226
4300 Cemetery Road Hilliard, OH 1,103 6,248 215
4115 Leap Road (o) Hilliard, OH 758 4,297 104
3300 Lockbourne Columbus, OH 708 3,920 87
DALLAS
1275-1281 Roundtable Drive Dallas, TX 148 839 (111)
2406-2416 Walnut Ridge Dallas, TX 178 1,006 44
12750 Perimiter Drive Dallas, TX 638 3,618 185
1324-1343 Roundtable Drive Dallas, TX 178 1,006 271
1405-1409 Avenue II East Grand Prairie, TX 118 671 (51)
2651-2677 Manana Dallas, TX 266 1,510 75
2401-2419 Walnut Ridge Dallas, TX 148 839 38
4248-4252 Simonton Farmers Ranch, TX 888 5,032 323
900-906 Great Southwest Pkwy Arlington, TX 237 1,342 229
2179 Shiloh Road Garland, TX 251 1,424 47
2159 Shiloh Road Garland, TX 108 610 27
2701 Shiloh Road Garland, TX 818 4,636 768
12784 Perimeter Drive (p) Dallas, TX 350 1,986 341
3000 West Commerce Dallas, TX 456 2,584 126
3030 Hansboro Dallas, TX 266 1,510 146
5222 Cockrell Hill Dallas, TX 296 1,677 79
405-407 113th Arlington, TX 181 1,026 33
816 111th Street Arlington, TX 251 1,421 62
1017-25 Jacksboro Highway Fort Worth, TX 97 537 75
7341 Dogwwod Park Richland Hills, TX 79 435 40
7427 Dogwwod Park Richland Hills, TX 96 532 50
7348-54 Tower Street Richland Hills, TX 88 489 45
7370 Dogwwod Park Richland Hills, TX 91 503 44
7339-41 Tower Street Richland Hills, TX 98 541 46
7437-45 Tower Street Richland Hills, TX 102 563 48
7331-59 Airport Freeway Richland Hills, TX 354 1,958 151
7338-60 Dogwwod Park Richland Hills, TX 106 587 53
7450-70 Dogwwod Park Richland Hills, TX 106 584 51
7423-49 Airport Freeway Richland Hills, TX 293 1,621 161
7400 Whitehall Street Richland Hills, TX 109 603 51
DAYTON
6094-6104 Executive Blvd Dayton, OH 181 1,025 62
6202-6220 Executive Blvd Dayton, OH 268 1,521 116
6268-6294 Executive Blvd Dayton, OH 255 1,444 127
5749-5753 Executive Blvd Dayton, OH 50 282 85
6230-6266 Executive Blvd Dayton, OH 271 1,534 178
2200-2224 Sandridge Road Moriane, OH 218 1,233 113
8119-8137 Uehling Lane Dayton, OH 103 572 23
DENVER
7100 North Broadway - 1 Denver, CO 201 1,141 223
7100 North Broadway - 2 Denver, CO 203 1,150 196
7100 North Broadway - 3 Denver, CO 139 787 66
7100 North Broadway - 5 Denver, CO 180 1,018 71
7100 North Broadway - 6 Denver, CO 269 1,526 110
20100 East 32nd Avenue Parkway Aurora, CO 333 1,888 304
15700-15820 West 6th Avenue Golden, Co 333 1,887 59
15850-15884 West 6th Avenue Golden, Co 201 1,139 30
5454 Washington Denver, CO 154 873 60
5801 West 6th Avenue Lakewood, CO 72 409 8
5805 West 6th Avenue Lakewood, CO 97 549 53
5815 West 6th Avenue Lakewood, CO 99 560 10
5825 West 6th Avenue Lakewood, CO 99 559 39
5835 West 6th Avenue Lakewood, CO 97 552 11
525 East 70th Street Denver, CO 68 384 8
565 East 70th Street Denver, CO 169 960 46
605 East 70th Street Denver, CO 192 1,089 64
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
--------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CLEVELAND
6675 Parkland Blvd 571 3,253 3,824 264 1991 (v)
21510-21600 Alexander Road (p) 526 3,037 3,563 178 1985 (v)
5405 & 5505 Valley Belt Road (o) 385 2,288 2,673 143 1983 (v)
10145 Philipp Parkway 342 1,942 2,284 109 1994 (v)
4410 Hamann 154 848 1,002 47 1975 (v)
COLUMBUS
6911 Americana Parkway 321 1,914 2,235 192 1980 (v)
3800 Lockbourne Industrial Parkway 1,109 6,360 7,469 544 1986 (v)
3880 Groveport Road 2,165 12,594 14,759 1,119 1986 (v)
1819 North Walcutt Road 831 4,795 5,626 329 1973 (v)
4300 Cemetery Road 1,160 6,406 7,566 332 1968 (v)
4115 Leap Road (o) 772 4,387 5,159 192 1977 (v)
3300 Lockbourne 709 4,006 4,715 174 1964 (v)
DALLAS
1275-1281 Roundtable Drive 117 759 876 45 1966 (v)
2406-2416 Walnut Ridge 183 1,045 1,228 54 1978 (v)
12750 Perimiter Drive 660 3,781 4,441 202 1979 (v)
1324-1343 Roundtable Drive 184 1,271 1,455 65 1972 (v)
1405-1409 Avenue II East 98 640 738 38 1969 (v)
2651-2677 Manana 275 1,576 1,851 83 1966 (v)
2401-2419 Walnut Ridge 153 872 1,025 45 1978 (v)
4248-4252 Simonton 920 5,323 6,243 273 1973 (v)
900-906 Great Southwest Pkwy 270 1,538 1,808 73 1972 (v)
2179 Shiloh Road 256 1,466 1,722 76 1982 (v)
2159 Shiloh Road 110 635 745 33 1982 (v)
2701 Shiloh Road 923 5,299 6,222 280 1981 (v)
12784 Perimeter Drive (p) 396 2,281 2,677 112 1981 (v)
3000 West Commerce 469 2,697 3,166 140 1980 (v)
3030 Hansboro 276 1,646 1,922 84 1971 (v)
5222 Cockrell Hill 306 1,746 2,052 91 1973 (v)
405-407 113th 185 1,055 1,240 55 1969 (v)
816 111th Street 258 1,476 1,734 77 1972 (v)
1017-25 Jacksboro Highway 103 606 709 17 1970 (v)
7341 Dogwwod Park 84 470 554 13 1973 (v)
7427 Dogwwod Park 102 576 678 17 1973 (v)
7348-54 Tower Street 94 528 622 15 1978 (v)
7370 Dogwwod Park 96 542 638 16 1987 (v)
7339-41 Tower Street 104 581 685 17 1980 (v)
7437-45 Tower Street 108 605 713 17 1977 (v)
7331-59 Airport Freeway 372 2,091 2,463 61 1987 (v)
7338-60 Dogwwod Park 112 634 746 18 1978 (v)
7450-70 Dogwwod Park 112 629 741 19 1985 (v)
7423-49 Airport Freeway 308 1,767 2,075 50 1985 (v)
7400 Whitehall Street 115 648 763 19 1994 (v)
DAYTON
6094-6104 Executive Blvd 187 1,081 1,268 97 1975 (v)
6202-6220 Executive Blvd 275 1,630 1,905 146 1976 (v)
6268-6294 Executive Blvd 262 1,564 1,826 145 1989 (v)
5749-5753 Executive Blvd 53 364 417 47 1975 (v)
6230-6266 Executive Blvd 281 1,702 1,983 150 1979 (v)
2200-2224 Sandridge Road 226 1,338 1,564 96 1983 (v)
8119-8137 Uehling Lane 105 593 698 18 1978 (v)
DENVER
7100 North Broadway - 1 215 1,350 1,565 93 1978 (v)
7100 North Broadway - 2 204 1,345 1,549 81 1978 (v)
7100 North Broadway - 3 140 852 992 57 1978 (v)
7100 North Broadway - 5 178 1,091 1,269 91 1978 (v)
7100 North Broadway - 6 271 1,634 1,905 112 1978 (v)
20100 East 32nd Avenue Parkway 336 2,189 2,525 236 1997 (v)
15700-15820 West 6th Avenue 337 1,942 2,279 112 1978 (v)
15850-15884 West 6th Avenue 206 1,164 1,370 67 1978 (v)
5454 Washington 156 931 1,087 62 1985 (v)
5801 West 6th Avenue 72 417 489 25 1980 (v)
5805 West 6th Avenue 99 600 699 39 1980 (v)
5815 West 6th Avenue 99 570 669 32 1980 (v)
5825 West 6th Avenue 99 598 697 35 1980 (v)
5835 West 6th Avenue 98 562 660 32 1980 (v)
525 East 70th Street 69 391 460 22 1985 (v)
565 East 70th Street 171 1,004 1,175 60 1985 (v)
605 East 70th Street 194 1,151 1,345 69 1985 (v)
</TABLE>
S-4
<PAGE> 86
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
625 East 70th Street Denver, CO 136 768 31
665 East 70th Street Denver, CO 136 768 35
700 West 48th Street Denver, CO 302 1,711 83
702 West 48th Street Denver, CO 135 763 101
800 East 73rd Denver, CO 225 1,273 61
850 East 73rd Denver, CO 177 1,005 50
6425 North Washington Denver, CO 374 2,118 98
3370 North Peoria Street Aurora, CO 163 924 152
3390 North Peoria Street Aurora, CO 145 822 37
3508-3538 North Peoria Street Aurora, CO 260 1,472 63
3568 North Peoria Street Aurora, CO 222 1,260 66
4785 Elati Denver, CO 173 981 86
4770 Fox Street Denver, CO 132 750 36
1550 W. Evans Denver, CO 388 2,200 115
3751-71 Revere Street Denver, CO 262 1,486 72
3871 Revere Denver, CO 361 2,047 58
5454 Havana Street Denver, CO 204 1,156 25
5500 Havana Street Denver, CO 167 946 20
4570 Ivy Street Denver, CO 219 1,239 122
5855 Stapleton Drive North Denver, CO 288 1,630 37
5885 Stapleton Drive North Denver, CO 376 2,129 57
5200-5280 North Broadway Denver, CO 169 960 97
5977-5995 North Broadway Denver, CO 268 1,518 40
2952-5978 North Broadway Denver, CO 414 2,346 79
6400 North Broadway Denver, CO 318 1,804 73
875 Parfer Street Lakewood, CO 288 1,633 82
4721 Ironton Street Denver, CO 232 1,313 37
833 Parfer Street Lakewood, CO 196 1,112 39
11005 West 8th Avenue Lakewood, CO 102 580 23
7100 North Broadway - 7 Denver, CO 215 1,221 108
7100 North Broadway - 8 Denver, CO 79 448 55
6804 East 48th Avenue Denver, CO 253 1,435 64
445 Bryant Street Denver, CO 1,831 10,219 200
East 47th Drive - A Denver, CO 474 2,689 83
7025 South Revere Parkway Denver, CO 558 3,177 169
9500 West 49th Street - A Wheatridge, CO 283 1,625 20
9500 West 49th Street - B Wheatridge, CO 225 1,272 16
9500 West 49th Street - C Wheatridge, CO 602 3,409 17
9500 West 49th Street - D Wheatridge, CO 271 1,537 115
8100 South Park Way - A Littleton, CO 442 2,507 238
8100 South Park Way - B Littleton, CO 103 582 138
8100 South Park Way - C Littleton, CO 568 3,219 62
451-591 East 124th Avenue Littleton, CO 386 2,188 41
14100 East Jewell Aurora, CO 395 2,240 135
14190 East Jewell Aurora, CO 199 1,126 125
608 Garrison Street Lakewood, CO 265 1,501 206
610 Garrison Street Lakewood, CO 264 1,494 220
1111 West Evans (A&C) Denver, CO 233 1,321 34
1111 West Evans (B) Denver, CO 30 169 3
15000 West 6th Avenue Golden, Co 913 5,174 155
14998 West 6th Avenue Bldg E Golden, Co 565 3,199 81
14998 West 6th Avenue Bldg F Englewood, CO 269 1,525 150
12503 East Euclid Drive Denver, CO 1,219 6,905 264
6547 South Racine Circle Denver, CO 748 4,241 286
7800 East Iliff Avenue Denver, CO 196 1,110 29
2369 South Trenton Way Denver, CO 292 1,656 78
2370 South Trenton Way Denver, CO 200 1,132 103
2422 S. Trenton Way Denver, CO 241 1,364 83
2452 South Trenton Way Denver, CO 421 2,386 64
651 Topeka Way Denver, CO 194 1,099 24
680 Atchinson Way Denver, CO 194 1,099 30
8122 South Park Lane - A Littleton, CO 394 2,232 168
8122 South Park Lane - B Littleton, CO 186 1,054 43
1600 South Abilene Aurora, CO 465 2,633 75
1620 South Abilene Aurora, CO 268 1,520 108
1640 South Abilene Aurora, CO 368 2,085 76
13900 East Florida Ave Aurora, CO 189 1,071 36
4301 South Federal Boulevard Englewood, CO 237 1,341 67
14401-14492 East 33rd Place Aurora, CO 445 2,519 246
11701 East 53rd Avenue Denver, CO 416 2,355 56
5401 Oswego Street Denver, CO 273 1,547 101
3811 Joliet Denver, CO 735 4,166 92
2630 West 2nd Avenue Denver, CO 53 299 4
2650 West 2nd Avenue Denver, CO 221 1,252 26
14818 West 6th Avenue Bldg A Golden, Co 494 2,799 259
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
--------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
625 East 70th Street 137 798 935 47 1985 (v)
665 East 70th Street 137 802 939 48 1985 (v)
700 West 48th Street 307 1,789 2,096 105 1984 (v)
702 West 48th Street 139 860 999 72 1984 (v)
800 East 73rd 223 1,336 1,559 77 1984 (v)
850 East 73rd 177 1,055 1,232 59 1984 (v)
6425 North Washington 383 2,207 2,590 112 1983 (v)
3370 North Peoria Street 163 1,076 1,239 85 1978 (v)
3390 North Peoria Street 147 857 1,004 51 1978 (v)
3508-3538 North Peoria Street 264 1,531 1,795 95 1978 (v)
3568 North Peoria Street 225 1,323 1,548 91 1978 (v)
4785 Elati 175 1,065 1,240 60 1972 (v)
4770 Fox Street 134 784 918 44 1972 (v)
1550 W. Evans 393 2,310 2,703 130 1975 (v)
3751-71 Revere Street 267 1,553 1,820 89 1980 (v)
3871 Revere 368 2,098 2,466 118 1980 (v)
5454 Havana Street 207 1,178 1,385 66 1980 (v)
5500 Havana Street 169 964 1,133 54 1980 (v)
4570 Ivy Street 221 1,359 1,580 76 1985 (v)
5855 Stapleton Drive North 290 1,665 1,955 96 1985 (v)
5885 Stapleton Drive North 381 2,181 2,562 122 1985 (v)
5200-5280 North Broadway 171 1,055 1,226 64 1977 (v)
5977-5995 North Broadway 271 1,555 1,826 90 1978 (v)
2952-5978 North Broadway 422 2,417 2,839 136 1978 (v)
6400 North Broadway 325 1,870 2,195 104 1982 (v)
875 Parfer Street 293 1,710 2,003 94 1975 (v)
4721 Ironton Street 236 1,346 1,582 75 1969 (v)
833 Parfer Street 199 1,148 1,347 64 1974 (v)
11005 West 8th Avenue 104 601 705 33 1974 (v)
7100 North Broadway - 7 217 1,327 1,544 84 1985 (v)
7100 North Broadway - 8 80 502 582 27 1985 (v)
6804 East 48th Avenue 256 1,496 1,752 83 1973 (v)
445 Bryant Street 1,829 10,421 12,250 436 1960 (v)
East 47th Drive - A 441 2,805 3,246 201 1997 (v)
7025 South Revere Parkway 565 3,339 3,904 268 1997 (v)
9500 West 49th Street - A 286 1,642 1,928 132 1997 (v)
9500 West 49th Street - B 226 1,287 1,513 76 1997 (v)
9500 West 49th Street - C 600 3,428 4,028 206 1997 (v)
9500 West 49th Street - D 246 1,677 1,923 98 1997 (v)
8100 South Park Way - A 422 2,765 3,187 230 1997 (v)
8100 South Park Way - B 104 719 823 88 1984 (v)
8100 South Park Way - C 575 3,274 3,849 184 1984 (v)
451-591 East 124th Avenue 391 2,224 2,615 125 1979 (v)
14100 East Jewell 401 2,369 2,770 132 1980 (v)
14190 East Jewell 201 1,249 1,450 68 1980 (v)
608 Garrison Street 267 1,705 1,972 97 1984 (v)
610 Garrison Street 265 1,713 1,978 92 1984 (v)
1111 West Evans (A&C) 236 1,352 1,588 77 1986 (v)
1111 West Evans (B) 30 172 202 10 1986 (v)
15000 West 6th Avenue 917 5,325 6,242 311 1985 (v)
14998 West 6th Avenue Bldg E 568 3,277 3,845 192 1995 (v)
14998 West 6th Avenue Bldg F 271 1,673 1,944 107 1995 (v)
12503 East Euclid Drive 1,229 7,159 8,388 401 1986 (v)
6547 South Racine Circle 753 4,522 5,275 296 1996 (v)
7800 East Iliff Avenue 198 1,137 1,335 67 1983 (v)
2369 South Trenton Way 294 1,732 2,026 96 1983 (v)
2370 South Trenton Way 201 1,234 1,435 78 1983 (v)
2422 S. Trenton Way 243 1,445 1,688 81 1983 (v)
2452 South Trenton Way 426 2,445 2,871 142 1983 (v)
651 Topeka Way 197 1,120 1,317 56 1985 (v)
680 Atchinson Way 197 1,126 1,323 55 1985 (v)
8122 South Park Lane - A 398 2,396 2,794 142 1986 (v)
8122 South Park Lane - B 188 1,095 1,283 62 1986 (v)
1600 South Abilene 470 2,703 3,173 153 1986 (v)
1620 South Abilene 270 1,626 1,896 97 1986 (v)
1640 South Abilene 371 2,158 2,529 121 1986 (v)
13900 East Florida Ave 190 1,106 1,296 62 1986 (v)
4301 South Federal Boulevard 239 1,406 1,645 88 1997 (v)
14401-14492 East 33rd Place 452 2,758 3,210 152 1979 (v)
11701 East 53rd Avenue 422 2,405 2,827 135 1985 (v)
5401 Oswego Street 278 1,643 1,921 100 1985 (v)
3811 Joliet 746 4,247 4,993 107 1977 (v)
2630 West 2nd Avenue 53 303 356 17 1970 (v)
2650 West 2nd Avenue 223 1,276 1,499 74 1970 (v)
14818 West 6th Avenue Bldg A 490 3,062 3,552 192 1985 (v)
</TABLE>
S-5
<PAGE> 87
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
14828 West 6th Avenue Bldg B Golden, Co 519 2,942 170
12055 E. 49th Ave/4955 Peoria Denver, CO 298 1,688 186
4940-4950 Paris Denver, CO 152 861 33
4970 Paris Denver, CO 95 537 12
5010 Paril Denver, CO 89 505 13
7367 South Revere Parkway Englewood, CO 926 5,124 158
10311 W. Hampden Ave Lakewood, CO 577 2,984 75
DES MOINES
1500 East Washington Avenue Des Moines, IA 610 4,251 778
1600 East Washington Avenue Des Moines, IA 209 1,557 171
4121 McDonald Avenue Des Moines, IA 390 2,931 301
4141 McDonald Avenue Des Moines, IA 706 5,518 644
4161 McDonald Avenue Des Moines, IA 389 3,046 864
5701 NE 17th Street Des Moines, IA 162 918 130
3100 Justin Des Moines, IA 139 772 38
3101 104th St. Des Moines, IA 142 788 35
3051 104th St. Des Moines, IA 70 388 55
2250 Delaware Ave. Des Moines, IA 291 1,609 151
DETROIT
2654 Elliott Troy, MI (d) 57 334 82
1731 Thorncroft Troy, MI (d) 331 1,904 25
1653 E. Maple Troy, MI (d) 192 1,104 102
47461 Clipper Plymouth, MI (d) 122 723 106
47522 Galleon Plymouth, MI (d) 85 496 11
4150 Varsity Drive Ann Arbor, MI (d) 168 969 12
1330 Crooks Road Clawson, MI (d) 234 1,348 15
238 Executive Drive Troy, MI 52 173 427
256 Executive Drive Troy, MI 44 146 442
301 Executive Drive Troy, MI 71 293 614
449 Executive Drive Troy, MI 125 425 834
501 Executive Drive Troy, MI 71 236 641
451 Robbins Drive Troy, MI 96 448 980
700 Stephenson Highway Troy, MI 250 854 1,382
800 Stephenson Highway Troy, MI 558 2,341 2,203
1150 Stephenson Highway Troy, MI 178 966 313
1200 Stephenson Highway Troy, MI 246 1,115 633
1035 Crooks Road Troy, MI 114 414 543
1095 Crooks Road Troy, MI 331 1,017 943
1416 Meijer Drive Troy, MI 94 394 390
1624 Meijer Drive Troy, MI 236 1,406 796
1972 Meijer Drive Troy, MI 315 1,301 721
2112 Meijer Drive Troy, MI 141 714 657
1621 Northwood Drive Troy, MI 85 351 1,039
1707 Northwood Drive Troy, MI 95 262 1,154
1749 Northwood Drive Troy, MI 107 477 464
1788 Northwood Drive Troy, MI 50 196 461
1821 Northwood Drive Troy, MI 132 523 743
1826 Northwood Drive Troy, MI 55 208 394
1864 Northwood Drive Troy, MI 57 190 441
1921 Northwood Drive Troy, MI 135 589 1,161
2230 Elliott Avenue Troy, MI 46 174 418
2237 Elliott Avenue Troy, MI 48 159 418
2277 Elliott Avenue Troy, MI 48 188 438
2291 Elliott Avenue Troy, MI 52 209 353
2451 Elliott Avenue Troy, MI 78 319 839
2730 Research Drive Rochester Hills, MI 915 4,215 717
2791 Research Drive Rochester Hills, MI 557 2,731 288
2871 Research Drive Rochester Hills, MI 324 1,487 266
2911 Research Drive Rochester Hills, MI 505 2,136 397
3011 Research Drive Rochester Hills, MI 457 2,104 349
2870 Technology Drive Rochester Hills, MI 275 1,262 231
2890 Technology Drive Rochester Hills, MI 199 902 205
2900 Technology Drive Rochester Hills, MI 214 977 492
2920 Technology Drive Rochester Hills, MI 149 671 154
2930 Technology Drive Rochester Hills, MI 131 594 381
2950 Technology Drive Rochester Hills, MI 178 819 255
2960 Technology Drive Rochester Hills, MI 281 1,277 239
23014 Commerce Drive Farmington Hills, MI 39 203 193
23028 Commerce Drive Farmington Hills, MI 98 507 365
23035 Commerce Drive Farmington Hills, MI 71 355 178
23042 Commerce Drive Farmintgon Hills, MI 67 277 331
23065 Commerce Drive Farmington Hills, MI 71 408 193
23070 Commerce Drive Farmington Hills, MI 112 442 659
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
14828 West 6th Avenue Bldg B 523 3,108 3,631 198 1985 (v)
12055 E. 49th Ave/4955 Peoria 302 1,870 2,172 102 1984 (v)
4940-4950 Paris 154 892 1,046 44 1984 (v)
4970 Paris 96 548 644 27 1984 (v)
5010 Paril 91 516 607 26 1984 (v)
7367 South Revere Parkway 934 5,274 6,208 253 1997 (v)
10311 W. Hampden Ave 578 3,058 3,636 30 1999 (v)
DES MOINES
1500 East Washington Avenue 623 5,016 5,639 866 1987 (v)
1600 East Washington Avenue 221 1,716 1,937 248 1987 (v)
4121 McDonald Avenue 416 3,206 3,622 462 1977 (v)
4141 McDonald Avenue 787 6,081 6,868 879 1976 (v)
4161 McDonald Avenue 499 3,800 4,299 610 1979 (v)
5701 NE 17th Street 175 1,035 1,210 66 1968 (v)
3100 Justin 140 809 949 35 1970 (v)
3101 104th St. 143 822 965 35 1970 (v)
3051 104th St. 70 443 513 23 1993 (v)
2250 Delaware Ave. 293 1,758 2,051 67 1975 (v)
DETROIT
2654 Elliott 57 416 473 70 1986 (v)
1731 Thorncroft 331 1,929 2,260 259 1969 (v)
1653 E. Maple 192 1,206 1,398 237 1990 (v)
47461 Clipper 122 829 951 187 1992 (v)
47522 Galleon 85 507 592 67 1990 (v)
4150 Varsity Drive 168 981 1,149 131 1986 (v)
1330 Crooks Road 234 1,363 1,597 183 1960 (v)
238 Executive Drive 100 552 652 301 1973 (v)
256 Executive Drive 85 547 632 244 1974 (v)
301 Executive Drive 133 845 978 388 1974 (v)
449 Executive Drive 218 1,166 1,384 595 1975 (v)
501 Executive Drive 129 819 948 272 1984 (v)
451 Robbins Drive 192 1,332 1,524 604 1975 (v)
700 Stephenson Highway 386 2,100 2,486 948 1978 (v)
800 Stephenson Highway 654 4,448 5,102 1,844 1979 (v)
1150 Stephenson Highway 200 1,257 1,457 520 1982 (v)
1200 Stephenson Highway 284 1,710 1,994 762 1980 (v)
1035 Crooks Road 143 928 1,071 423 1980 (v)
1095 Crooks Road 360 1,931 2,291 775 1986 (v)
1416 Meijer Drive 121 757 878 319 1980 (v)
1624 Meijer Drive 373 2,065 2,438 876 1984 (v)
1972 Meijer Drive 372 1,965 2,337 764 1985 (v)
2112 Meijer Drive 229 1,283 1,512 572 1980 (v)
1621 Northwood Drive 215 1,260 1,475 686 1977 (v)
1707 Northwood Drive 239 1,272 1,511 534 1983 (v)
1749 Northwood Drive 164 884 1,048 447 1977 (v)
1788 Northwood Drive 103 604 707 307 1977 (v)
1821 Northwood Drive 220 1,178 1,398 594 1977 (v)
1826 Northwood Drive 103 554 657 276 1977 (v)
1864 Northwood Drive 107 581 688 291 1977 (v)
1921 Northwood Drive 291 1,594 1,885 839 1977 (v)
2230 Elliott Avenue 95 543 638 293 1974 (v)
2237 Elliott Avenue 90 535 625 266 1974 (v)
2277 Elliott Avenue 104 570 674 284 1975 (v)
2291 Elliott Avenue 86 528 614 276 1974 (v)
2451 Elliott Avenue 164 1,072 1,236 508 1974 (v)
2730 Research Drive 903 4,944 5,847 1,826 1988 (v)
2791 Research Drive 560 3,016 3,576 1,089 1991 (v)
2871 Research Drive 327 1,750 2,077 631 1991 (v)
2911 Research Drive 504 2,534 3,038 932 1992 (v)
3011 Research Drive 457 2,453 2,910 930 1988 (v)
2870 Technology Drive 279 1,489 1,768 564 1988 (v)
2890 Technology Drive 206 1,100 1,306 394 1991 (v)
2900 Technology Drive 219 1,464 1,683 592 1992 (v)
2920 Technology Drive 153 821 974 286 1992 (v)
2930 Technology Drive 138 968 1,106 334 1991 (v)
2950 Technology Drive 185 1,067 1,252 403 1991 (v)
2960 Technology Drive 283 1,514 1,797 546 1992 (v)
23014 Commerce Drive 56 379 435 126 1983 (v)
23028 Commerce Drive 125 845 970 367 1983 (v)
23035 Commerce Drive 93 511 604 208 1983 (v)
23042 Commerce Drive 89 586 675 249 1983 (v)
23065 Commerce Drive 93 579 672 214 1983 (v)
23070 Commerce Drive 125 1,088 1,213 412 1983 (v)
</TABLE>
S-6
<PAGE> 88
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
23079 Commerce Drive Farmington Hills, MI 68 301 216
23093 Commerce Drive Farmington Hills, MI 211 1,024 787
23135 Commerce Drive Farmington Hills, MI 146 701 227
23149 Commerce Drive Farmington Hills, MI 266 1,005 461
23163 Commerce Drive Farmington Hills, MI 111 513 315
23177 Commerce Drive Farmington Hills, MI 175 1,007 652
23206 Commerce Drive Farmington Hills, MI 125 531 625
23290 Commerce Drive Farmington Hills, MI 124 707 640
23370 Commerce Drive Farmington Hills, MI 59 233 164
24492 Indoplex Circle Farmington Hills, MI 67 370 950
24528 Indoplex Circle Farmington Hills, MI 91 536 1,091
21477 Bridge Street Southfield, MI 244 1,386 264
2965 Technology Drive Rochester Hills, MI (c) 964 2,277 111
1451 Lincoln Avenue Madison, MI (c) 299 1,703 440
4400 Purks Drive Auburn Hills, MI (c) 602 3,410 2,687
4177A Varsity Drive Ann Arbor, MI (c) 90 536 80
6515 Cobb Drive Sterling Heights, MI (c) 305 1,753 177
32450 N Avis Drive Madison Heights, MI 281 1,590 169
32200 N Avis Drive Madison Heights, MI 408 2,311 156
11813 Hubbard Livonia, MI 177 1,001 42
11866 Hubbard Livonia, MI 189 1,073 29
12050-12300 Hubbard (o) Livonia, MI 425 2,410 332
38200 Plymouth Road Livonia, MI 1,215 - 4,753
38220 Plymouth Road Livonia, MI 756 - 5,385
38300 Plymouth Road Livonia, MI 729 - 4,803
12707 Eckles Road Plymouth Township, MI 255 1,445 110
9300-9328 Harrison Rd Romulus, MI 147 834 133
9330-9358 Harrison Rd Romulus, MI 81 456 230
28420-28448 Highland Rd Romulus, MI 143 809 132
28450-28478 Highland Rd Romulus, MI 81 461 239
28421-28449 Highland Rd Romulus, MI 109 617 242
28451-28479 Highland Rd Romulus, MI 107 608 124
28825-28909 Highland Rd Romulus, MI 70 395 118
28933-29017 Highland Rd Romulus, MI 112 634 179
28824-28908 Highland Rd Romulus, MI 134 760 195
28932-29016 Highland Rd Romulus, MI 123 694 229
9710-9734 Harrison Rd Romulus, MI 125 706 138
9740-9772 Harrison Rd Romulus, MI 132 749 186
9840-9868 Harrison Rd Romulus, MI 144 815 129
9800-9824 Harrison Rd Romulus, MI 117 664 93
29265-29285 Airport Dr Romulus, MI 140 794 169
29185-29225 Airport Dr Romulus, MI 140 792 319
29149-29165 Airport Dr Romulus, MI 216 1,225 260
29101-29115 Airport Dr Romulus, MI 130 738 234
29031-29045 Airport Dr Romulus, MI 124 704 102
29050-29062 Airport Dr Romulus, MI 127 718 135
29120-29134 Airport Dr Romulus, MI 161 912 159
29200-29214 Airport Dr Romulus, MI 170 963 256
9301-9339 Middlebelt Rd Romulus, MI 124 703 140
21405 Trolley Industrial Drive Taylor, MI 758 4,293 284
26980 Trolley Industrial Drive Taylor, MI 450 2,550 416
28055 S. Wick Road Romulus, MI 195 1,080 339
12050-12200 Farmington Road Livonia, MI 201 1,115 125
33200 Capitol Avenue Livonia, MI 236 1,309 185
32975 Capitol Avenue Livonia, MI 135 748 81
2725 S. Industrial Highway Ann Arbor, MI 660 3,654 542
32920 Capitol Avenue Livonia, MI 76 422 78
32940 Capitol Avenue Livonia, MI 57 314 35
11862 Brookfield Avenue Livonia, MI 85 471 52
11923 Brookfield Avenue Livonia, MI 120 665 459
11965 Brookfield Avenue Livonia, MI 120 665 77
34005 Schoolcraft Road Livonia, MI 107 592 85
13405 Stark Road Livonia, MI 46 254 34
1170 Chicago Road Troy, MI 249 1,380 137
1200 Chicago Road Troy, MI 268 1,483 141
450 Robbins Drive Troy, MI 166 920 89
556 Robbins Drive Troy, MI 59 329 38
1230 Chicago Road Troy, MI 271 1,498 142
12886 Westmore Avenue Livonia, MI 190 1,050 115
12898 Westmore Avenue Livonia, MI 190 1,050 110
33025 Industrial Road Livonia, MI 80 442 57
2002 Stephenson Highway Troy, MI 179 994 185
47711 Clipper Street Plymouth Twsp, MI 539 2,983 265
32975 Industrial Road Livonia, MI 160 887 115
32985 Industrial Road Livonia, MI 137 761 86
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
23079 Commerce Drive 79 506 585 203 1983 (v)
23093 Commerce Drive 295 1,727 2,022 677 1983 (v)
23135 Commerce Drive 158 916 1,074 363 1986 (v)
23149 Commerce Drive 274 1,458 1,732 592 1985 (v)
23163 Commerce Drive 138 801 939 287 1986 (v)
23177 Commerce Drive 254 1,580 1,834 621 1986 (v)
23206 Commerce Drive 137 1,144 1,281 422 1985 (v)
23290 Commerce Drive 210 1,261 1,471 546 1980 (v)
23370 Commerce Drive 66 390 456 168 1980 (v)
24492 Indoplex Circle 175 1,212 1,387 511 1976 (v)
24528 Indoplex Circle 263 1,455 1,718 788 1976 (v)
21477 Bridge Street 253 1,641 1,894 223 1986 (v)
2965 Technology Drive 964 2,388 3,352 291 1995 (v)
1451 Lincoln Avenue 306 2,136 2,442 313 1967 (v)
4400 Purks Drive 612 6,087 6,699 504 1987 (v)
4177A Varsity Drive 90 616 706 130 1993 (v)
6515 Cobb Drive 305 1,930 2,235 242 1984 (v)
32450 N Avis Drive 286 1,754 2,040 167 1974 (v)
32200 N Avis Drive 411 2,464 2,875 253 1973 (v)
11813 Hubbard 180 1,040 1,220 104 1979 (v)
11866 Hubbard 191 1,100 1,291 108 1979 (v)
12050-12300 Hubbard (o) 428 2,739 3,167 365 1981 (v)
38200 Plymouth Road 1,231 4,737 5,968 331 1997 (v)
38220 Plymouth Road 706 5,435 6,141 243 1988 (v)
38300 Plymouth Road 835 4,697 5,532 214 1997 (v)
12707 Eckles Road 267 1,543 1,810 131 1990 (v)
9300-9328 Harrison Rd 154 960 1,114 80 1978 (v)
9330-9358 Harrison Rd 85 682 767 60 1978 (v)
28420-28448 Highland Rd 149 935 1,084 79 1979 (v)
28450-28478 Highland Rd 85 696 781 55 1979 (v)
28421-28449 Highland Rd 114 854 968 89 1980 (v)
28451-28479 Highland Rd 112 727 839 57 1980 (v)
28825-28909 Highland Rd 73 510 583 59 1981 (v)
28933-29017 Highland Rd 117 808 925 82 1982 (v)
28824-28908 Highland Rd 140 949 1,089 72 1982 (v)
28932-29016 Highland Rd 128 918 1,046 101 1982 (v)
9710-9734 Harrison Rd 130 839 969 95 1987 (v)
9740-9772 Harrison Rd 138 929 1,067 118 1987 (v)
9840-9868 Harrison Rd 150 938 1,088 77 1987 (v)
9800-9824 Harrison Rd 123 751 874 58 1987 (v)
29265-29285 Airport Dr 147 956 1,103 74 1983 (v)
29185-29225 Airport Dr 146 1,105 1,251 84 1983 (v)
29149-29165 Airport Dr 226 1,475 1,701 116 1984 (v)
29101-29115 Airport Dr 136 966 1,102 90 1985 (v)
29031-29045 Airport Dr 130 800 930 62 1985 (v)
29050-29062 Airport Dr 133 847 980 64 1986 (v)
29120-29134 Airport Dr 168 1,064 1,232 86 1986 (v)
29200-29214 Airport Dr 178 1,211 1,389 94 1985 (v)
9301-9339 Middlebelt Rd 130 837 967 65 1983 (v)
21405 Trolley Industrial Drive 778 4,557 5,335 322 1971 (v)
26980 Trolley Industrial Drive 463 2,953 3,416 158 1997 (v)
28055 S. Wick Road 195 1,419 1,614 51 1989 (v)
12050-12200 Farmington Road 215 1,226 1,441 50 1973 (v)
33200 Capitol Avenue 252 1,478 1,730 59 1977 (v)
32975 Capitol Avenue 144 820 964 34 1978 (v)
2725 S. Industrial Highway 704 4,152 4,856 211 1997 (v)
32920 Capitol Avenue 82 494 576 19 1973 (v)
32940 Capitol Avenue 61 345 406 14 1971 (v)
11862 Brookfield Avenue 91 517 608 21 1972 (v)
11923 Brookfield Avenue 128 1,116 1,244 71 1973 (v)
11965 Brookfield Avenue 128 734 862 32 1973 (v)
34005 Schoolcraft Road 114 670 784 27 1981 (v)
13405 Stark Road 49 285 334 12 1980 (v)
1170 Chicago Road 266 1,500 1,766 61 1983 (v)
1200 Chicago Road 286 1,606 1,892 66 1984 (v)
450 Robbins Drive 178 997 1,175 41 1976 (v)
556 Robbins Drive 64 362 426 15 1974 (v)
1230 Chicago Road 289 1,622 1,911 66 1996 (v)
12886 Westmore Avenue 202 1,153 1,355 50 1981 (v)
12898 Westmore Avenue 202 1,148 1,350 49 1981 (v)
33025 Industrial Road 85 494 579 20 1980 (v)
2002 Stephenson Highway 192 1,166 1,358 44 1986 (v)
47711 Clipper Street 575 3,212 3,787 132 1996 (v)
32975 Industrial Road 171 991 1,162 48 1984 (v)
32985 Industrial Road 147 837 984 34 1985 (v)
</TABLE>
S-7
<PAGE> 89
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
32995 Industrial Road Livonia, MI 160 887 90
12874 Westmore Avenue Livonia, MI 137 761 76
33067 Industrial Road Livonia, MI 160 887 104
1775 Bellingham Troy, MI 344 1,902 215
1785 East Maple Troy, MI 92 507 52
1807 East Maple Troy, MI 321 1,775 162
9800 Chicago Road Troy, MI 206 1,141 103
1840 Enterprise Drive Rochester Hills, MI 573 3,170 277
1885 Enterprise Drive Rochester Hills, MI 209 1,158 110
1935-55 Enterprise Drive Rochester Hills, MI 1,285 7,144 788
5500 Enterprise Court Warren, MI 675 3,737 447
5800 Enterprise Court Warren, MI 202 1,117 142
750 Chicago Road Troy, MI 323 1,790 272
800 Chicago Road Troy, MI 283 1,567 167
850 Chicago Road Troy, MI 183 1,016 94
2805 S. Industrial Highway Ann Arbor, MI 318 1,762 162
6833 Center Drive Sterling Heights, MI 467 2,583 179
22731 Newman Street Dearborn, MI 542 3,001 95
32201 North Avis Drive Madison Heights, MI 345 1,911 85
1100 East Mandoline Road Madison Heights, MI 888 4,915 777
30081 Stephenson Highway Madison Heights, MI 271 1,499 333
1120 John A. Papalas Drive (p) Lincoln Park, MI 586 3,241 200
36555 Ecorse Romulus, MI 600 - 9,357
6340 Middlebelt Romulus, MI 673 - 3,649
4872 S. Lapeer Road Lake Orion Twsp, MI 1,342 5,441 107
775 James L. Hart Parkway Ypsilanti, MI 348 1,536 267
GRAND RAPIDS
3232 Kraft Avenue Grand Rapids, MI (d) 810 4,792 1,444
8181 Logistics Drive Grand Rapids, MI (d) 803 5,263 721
5062 Kendrick Court SE Grand Rapids, MI (d) 142 815 13
2 84th Street SW Grand Rapids, MI 117 685 309
100 84th Street SW Grand Rapids, MI 255 1,477 159
511 76th Street SW Grand Rapids, MI 758 4,355 206
553 76th Street SW Grand Rapids, MI 32 191 242
555 76th Street SW Grand Rapids, MI 776 4,458 97
2925 Remico Avenue SW Grand Rapids, MI 281 1,617 21
2935 Walkent Court NW Grand Rapids, MI 285 1,663 204
3300 Kraft Avenue SE Grand Rapids, MI 838 4,810 222
3366 Kraft Avenue SE Grand Rapids, MI 833 4,780 636
5001 Kendrick Court SE Grand Rapids, MI 210 1,221 164
5050 Kendrick Court SE Grand Rapids, MI 1,721 11,433 4,569
5015 52nd Street SE Grand Rapids, MI 234 1,321 65
5025 28th Street Grand Rapids, MI 77 488 17
5079 33rd Street SE Grand Rapids, MI 525 3,018 154
5333 33rd Street SE Grand Rapids, MI 480 2,761 134
5130 Patterson Avenue SE Grand Rapids, MI 137 793 43
425 Gordon Industrial Court Grand Rapids, MI (c) 611 3,747 1,331
2851 Prairie Street Grand Rapids, MI (c) 377 2,778 241
2945 Walkent Court Grand Rapids, MI (c) 310 2,074 296
537 76th Street Grand Rapids, MI (c) 255 1,456 330
3395 Kraft Avenue Grand Rapids, MI 214 1,212 73
3427 Kraft Avenue Grand Rapids, MI 157 892 56
HARTFORD
20 Utopia Road Manchester, CT 113 703 119
50 Utopia Road Manchester, CT 190 1,170 14
135 Sheldon road Manchester, CT 247 1,488 104
169 Progress Road Manchester, CT 334 2,030 21
227 Progress Drive Manchester, CT 80 486 7
249 Progress Drive Manchester, CT 89 562 1
428 Hayden Station Road Windsor, CT 167 1,003 46
430 Hayden Station Road Windsor, CT 238 1,415 8
436 Hayden Station Road Windsor, CT 282 1,681 15
460 Hayden Station Road Windsor, CT 207 1,236 12
345 MacCausland Court Cheshire, CT 866 - 5,258
HOUSTON
2102-2314 Edwards Street Houston, TX 348 1,973 830
4545 Eastpark Drive Houston, TX 235 1,331 62
3351 Ranch St Houston, TX 272 1,541 96
3851 Yale St Houston, TX 413 2,343 177
3337-3347 Ranch Street Houston, TX 227 1,287 97
8505 N Loop East Houston, TX 439 2,489 124
4749-4799 Eastpark Dr Houston, TX 594 3,368 185
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
32995 Industrial Road 171 966 1,137 39 1983 (v)
12874 Westmore Avenue 147 827 974 34 1984 (v)
33067 Industrial Road 171 980 1,151 40 1984 (v)
1775 Bellingham 367 2,094 2,461 86 1987 (v)
1785 East Maple 98 553 651 23 1985 (v)
1807 East Maple 342 1,916 2,258 79 1984 (v)
9800 Chicago Road 220 1,230 1,450 50 1985 (v)
1840 Enterprise Drive 611 3,409 4,020 140 1990 (v)
1885 Enterprise Drive 223 1,254 1,477 51 1990 (v)
1935-55 Enterprise Drive 1,371 7,846 9,217 316 1990 (v)
5500 Enterprise Court 721 4,138 4,859 165 1989 (v)
5800 Enterprise Court 215 1,246 1,461 49 1987 (v)
750 Chicago Road 345 2,040 2,385 81 1986 (v)
800 Chicago Road 302 1,715 2,017 69 1985 (v)
850 Chicago Road 196 1,097 1,293 45 1984 (v)
2805 S. Industrial Highway 340 1,902 2,242 78 1990 (v)
6833 Center Drive 489 2,740 3,229 125 1998 (v)
22731 Newman Street 543 3,095 3,638 141 1985 (v)
32201 North Avis Drive 347 1,994 2,341 91 1974 (v)
1100 East Mandoline Road 891 5,689 6,580 236 1967 (v)
30081 Stephenson Highway 272 1,831 2,103 79 1967 (v)
1120 John A. Papalas Drive (p) 588 3,439 4,027 156 1985 (v)
36555 Ecorse 685 9,272 9,957 325 1998 (v)
6340 Middlebelt 833 3,489 4,322 125 1998 (v)
4872 S. Lapeer Road 1,393 5,497 6,890 73 1999 (v)
775 James L. Hart Parkway 604 1,547 2,151 27 1999 (v)
GRAND RAPIDS
3232 Kraft Avenue 874 6,172 7,046 926 1988 (v)
8181 Logistics Drive 864 5,923 6,787 875 1990 (v)
5062 Kendrick Court SE 142 828 970 119 1987 (v)
2 84th Street SW 117 994 1,111 168 1986 (v)
100 84th Street SW 255 1,636 1,891 260 1979 (v)
511 76th Street SW 758 4,561 5,319 717 1986 (v)
553 76th Street SW 32 433 465 114 1985 (v)
555 76th Street SW 776 4,555 5,331 648 1987 (v)
2925 Remico Avenue SW 281 1,638 1,919 229 1988 (v)
2935 Walkent Court NW 285 1,867 2,152 268 1991 (v)
3300 Kraft Avenue SE 838 5,032 5,870 792 1987 (v)
3366 Kraft Avenue SE 833 5,416 6,249 1,033 1987 (v)
5001 Kendrick Court SE 210 1,385 1,595 192 1983 (v)
5050 Kendrick Court SE 1,721 16,002 17,723 2,110 1988 (v)
5015 52nd Street SE 234 1,386 1,620 187 1987 (v)
5025 28th Street 77 505 582 115 1967 (v)
5079 33rd Street SE 525 3,172 3,697 442 1990 (v)
5333 33rd Street SE 480 2,895 3,375 447 1991 (v)
5130 Patterson Avenue SE 137 836 973 120 1987 (v)
425 Gordon Industrial Court 644 5,045 5,689 682 1990 (v)
2851 Prairie Street 445 2,951 3,396 425 1989 (v)
2945 Walkent Court 352 2,328 2,680 335 1993 (v)
537 76th Street 258 1,783 2,041 240 1987 (v)
3395 Kraft Avenue 220 1,279 1,499 58 1985 (v)
3427 Kraft Avenue 162 943 1,105 43 1985 (v)
HARTFORD
20 Utopia Road 112 823 935 34 1989 (v)
50 Utopia Road 191 1,183 1,374 52 1987 (v)
135 Sheldon road 245 1,594 1,839 94 1987 (v)
169 Progress Road 337 2,048 2,385 91 1987 (v)
227 Progress Drive 81 492 573 22 1986 (v)
249 Progress Drive 88 564 652 25 1985 (v)
428 Hayden Station Road 166 1,050 1,216 56 1988 (v)
430 Hayden Station Road 236 1,425 1,661 62 1987 (v)
436 Hayden Station Road 283 1,695 1,978 75 1988 (v)
460 Hayden Station Road 209 1,246 1,455 56 1985 (v)
345 MacCausland Court 1,087 5,037 6,124 172 1998 (v)
HOUSTON
2102-2314 Edwards Street 359 2,792 3,151 159 1961 (v)
4545 Eastpark Drive 240 1,388 1,628 75 1972 (v)
3351 Ranch St 278 1,631 1,909 84 1970 (v)
3851 Yale St 425 2,508 2,933 129 1971 (v)
3337-3347 Ranch Street 233 1,378 1,611 71 1970 (v)
8505 N Loop East 449 2,603 3,052 135 1981 (v)
4749-4799 Eastpark Dr 611 3,536 4,147 181 1979 (v)
</TABLE>
S-8
<PAGE> 90
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
4851 Homestead Road Houston, TX 491 2,782 209
3365-3385 Ranch Street Houston, TX 284 1,611 74
5050 Campbell Road Houston, TX 461 2,610 136
4300 Pine Timbers Houston, TX 489 2,769 141
10600 Hampstead Houston, TX 105 597 51
2300 Fairway Park Dr Houston, TX 86 488 46
7901 Blankenship Houston, TX 136 772 178
2500-2530 Fairway Park Drive Houston, TX 766 4,342 262
6550 Longpointe Houston, TX 362 2,050 123
1815 Turning Basin Dr Houston, TX 487 2,761 380
1819 Turning Basin Dr Houston, TX 231 1,308 181
4545 Mossford Dr Houston, TX 237 1,342 72
1805 Turning Basin Drive Houston, TX 564 3,197 461
7000 Empire Drive Houston, TX (j) 450 2,552 521
9777 West Gulfbank Drive Houston, TX (j) 1,217 6,899 319
9835A Genard Road Houston, TX 1,505 8,333 430
9835B Genard Road Houston, TX 245 1,357 70
16134 West Hardy Houston, TX 147 812 13
16216 West Hardy Houston, TX 125 692 13
INDIANAPOLIS
2900 N Shadeland Avenue Indianapolis, IN (e) 2,394 13,565 2,211
2400 North Shadeland Indianapolis, IN 142 802 52
2402 North Shadeland Indianapolis, IN 466 2,640 297
7901 West 21st Street Indianapolis, IN 1,063 6,027 242
1445 Brookville Way Indianapolis, IN (e) 459 2,603 325
1440 Brookville Way Indianapolis, IN (e) 665 3,770 313
1240 Brookville Way Indianapolis, IN (e) 247 1,402 233
1220 Brookville Way Indianapolis, IN (e) 223 40 32
1345 Brookville Way Indianapolis, IN (f) 586 3,321 413
1350 Brookville Way Indianapolis, IN (e) 205 1,161 109
1315 Sadlier Circle E Dr Indianapolis, IN (f) 57 322 48
1341 Sadlier Circle E Dr Indianapolis, IN (f) 131 743 135
1322-1438 Sadlier Circle E Dr Indianapolis, IN (f) 145 822 151
1327-1441 Sadlier Circle E Dr Indianapolis, IN (f) 218 1,234 125
1304 Sadlier Circle E Dr Indianapolis, IN (f) 71 405 81
1402 Sadlier Circle E Dr Indianapolis, IN (f) 165 934 91
1504 Sadlier Circle E Dr Indianapolis, IN (f) 219 1,238 101
1311 Sadlier Circle E Dr Indianapolis, IN (f) 54 304 106
1365 Sadlier Circle E Dr Indianapolis, IN (f) 121 688 141
1352-1354 Sadlier Circle E Dr Indianapolis, IN (f) 178 1,008 136
1335 Sadlier Circle E Dr Indianapolis, IN (f) 81 460 57
1327 Sadlier Circle E Dr Indianapolis, IN (f) 52 295 25
1425 Sadlier Circle E Dr Indianapolis, IN (f) 21 117 28
1230 Brookville Way Indianapolis, IN (e) 103 586 56
6951 E 30th St Indianapolis, IN 256 1,449 103
6701 E 30th St Indianapolis, IN 78 443 40
6737 E 30th St Indianapolis, IN 385 2,181 147
1225 Brookville Way Indianapolis, IN 60 - 397
6555 E 30th St Indianapolis, IN 840 4,760 946
2432-2436 Shadeland Indianapolis, IN 212 1,199 231
8402-8440 E 33rd St Indianapolis, IN 222 1,260 190
8520-8630 E 33rd St Indianapolis, IN 326 1,848 350
8710-8768 E 33rd St Indianapolis, IN 175 993 176
3316-3346 N. Pagosa Court Indianapolis, IN 325 1,842 251
3331 Raton Court Indianapolis, IN 138 802 44
4430 Airport Expressway Indianapolis, IN 1,068 6,789 983
6751 E 30th St Indianapolis, IN 728 2,837 121
9200 East 146th Street Noblesville, IN 215 1,221 1,043
9210 East 146th Street Noblesville, IN 466 684 60
6575 East 30th Street Indianapolis, IN 118 - 1,975
6585 East 30th Street Indianapolis, IN 196 - 3,321
LONG ISLAND
1140 Motor Parkway Hauppauge, NY 1,034 5,861 97
10 Edison Street Amityville, NY 183 1,036 48
120 Secatogue Ave Farmingdale, NY 375 2,123 83
100 Lauman Lane Hicksville, NY 216 1,226 255
200 Finn Court Farmingdale, NY 619 3,506 87
717 Broadway Avenue Holbrook, NY 790 4,474 18
725 Broadway Holbrook, NY 643 3,644 322
270 Duffy Avenue Hicksville, NY 1,305 7,393 179
280 Duffy Avenue Hicksville, NY 478 2,707 9
575 Underhill Boulevard Syosset, NY 2,714 15,382 602
5 Sidney Court Lindenhurst, NY 148 840 40
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
4851 Homestead Road 504 2,978 3,482 156 1973 (v)
3365-3385 Ranch Street 290 1,679 1,969 86 1970 (v)
5050 Campbell Road 470 2,737 3,207 141 1970 (v)
4300 Pine Timbers 499 2,900 3,399 155 1980 (v)
10600 Hampstead 109 644 753 33 1974 (v)
2300 Fairway Park Dr 89 531 620 27 1974 (v)
7901 Blankenship 140 946 1,086 45 1972 (v)
2500-2530 Fairway Park Drive 792 4,578 5,370 248 1974 (v)
6550 Longpointe 370 2,165 2,535 115 1980 (v)
1815 Turning Basin Dr 531 3,097 3,628 159 1980 (v)
1819 Turning Basin Dr 251 1,469 1,720 75 1980 (v)
4545 Mossford Dr 245 1,406 1,651 73 1975 (v)
1805 Turning Basin Drive 616 3,606 4,222 187 1980 (v)
7000 Empire Drive 452 3,071 3,523 183 1980 (v)
9777 West Gulfbank Drive 1,219 7,216 8,435 435 1980 (v)
9835A Genard Road 1,571 8,697 10,268 18 1980 (v)
9835B Genard Road 256 1,416 1,672 3 1980 (v)
16134 West Hardy 149 823 972 2 1984 (v)
16216 West Hardy 127 703 830 1 1984 (v)
INDIANAPOLIS
2900 N Shadeland Avenue 2,492 15,678 18,170 1,715 1957/1992 (v)
2400 North Shadeland 149 847 996 53 1970 (v)
2402 North Shadeland 490 2,913 3,403 190 1970 (v)
7901 West 21st Street 1,079 6,253 7,332 371 1985 (v)
1445 Brookville Way 476 2,911 3,387 305 1989 (v)
1440 Brookville Way 685 4,063 4,748 384 1990 (v)
1240 Brookville Way 258 1,624 1,882 210 1990 (v)
1220 Brookville Way 226 69 295 6 1990 (v)
1345 Brookville Way 601 3,719 4,320 359 1992 (v)
1350 Brookville Way 211 1,264 1,475 119 1994 (v)
1315 Sadlier Circle E Dr 61 366 427 35 1970/1992 (v)
1341 Sadlier Circle E Dr 136 873 1,009 76 1971/1992 (v)
1322-1438 Sadlier Circle E Dr 152 966 1,118 106 1971/1992 (v)
1327-1441 Sadlier Circle E Dr 225 1,352 1,577 140 1992 (v)
1304 Sadlier Circle E Dr 75 482 557 51 1971/1992 (v)
1402 Sadlier Circle E Dr 171 1,019 1,190 98 1970/1992 (v)
1504 Sadlier Circle E Dr 226 1,332 1,558 128 1971/1992 (v)
1311 Sadlier Circle E Dr 57 407 464 64 1971/1992 (v)
1365 Sadlier Circle E Dr 126 824 950 73 1971/1992 (v)
1352-1354 Sadlier Circle E Dr 184 1,138 1,322 123 1970/1992 (v)
1335 Sadlier Circle E Dr 85 513 598 49 1971/1992 (v)
1327 Sadlier Circle E Dr 55 317 372 30 1971/1992 (v)
1425 Sadlier Circle E Dr 23 143 166 13 1971/1992 (v)
1230 Brookville Way 109 636 745 60 1995 (v)
6951 E 30th St 265 1,543 1,808 148 1995 (v)
6701 E 30th St 82 479 561 46 1992 (v)
6737 E 30th St 398 2,315 2,713 232 1995 (v)
1225 Brookville Way 68 389 457 24 1997 (v)
6555 E 30th St 484 6,062 6,546 700 1969/1981 (v)
2432-2436 Shadeland 230 1,412 1,642 119 1968 (v)
8402-8440 E 33rd St 230 1,442 1,672 124 1977 (v)
8520-8630 E 33rd St 336 2,188 2,524 187 1976 (v)
8710-8768 E 33rd St 187 1,157 1,344 97 1979 (v)
3316-3346 N. Pagosa Court 335 2,083 2,418 189 1977 (v)
3331 Raton Court 144 840 984 71 1979 (v)
4430 Airport Expressway 1,238 7,602 8,840 687 1970 (v)
6751 E 30th St 741 2,945 3,686 165 1997 (v)
9200 East 146th Street 224 2,255 2,479 81 1961 (v)
9210 East 146th Street 472 738 1,210 19 1978 (v)
6575 East 30th Street 128 1,965 2,093 64 1998 (v)
6585 East 30th Street 196 3,321 3,517 161 1998 (v)
LONG ISLAND
1140 Motor Parkway 1,032 5,960 6,992 451 1978 (v)
10 Edison Street 183 1,084 1,267 82 1971 (v)
120 Secatogue Ave 374 2,207 2,581 170 1957 (v)
100 Lauman Lane 216 1,481 1,697 108 1968 (v)
200 Finn Court 617 3,595 4,212 273 1965 (v)
717 Broadway Avenue 787 4,495 5,282 342 1967 (v)
725 Broadway 641 3,968 4,609 320 1967 (v)
270 Duffy Avenue 1,302 7,575 8,877 601 1956 (v)
280 Duffy Avenue 477 2,717 3,194 205 1956 (v)
575 Underhill Boulevard 2,712 15,986 18,698 1,214 1967 (v)
5 Sidney Court 149 879 1,028 66 1962 (v)
</TABLE>
S-9
<PAGE> 91
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
7 Sidney Court Lindenhurst, NY 172 975 21
450 Commack Road Deer Park, NY 304 1,720 56
99 Layfayette Drive Syosset, NY 1,607 9,106 147
65 East Bethpage Road Plainview, NY 198 1,122 46
171 Milbar Boulevard Farmingdale, NY 454 2,574 217
95 Horseblock Road Yaphank, NY 1,313 7,439 333
151-171 East 2nd Street Huntington, NY 497 2,815 120
171-175 East 2nd Street Huntington, NY 493 2,792 88
35 Bloomingdale Road Hicksville, NY 190 1,076 125
15-39 Tec Street Hicksville, NY 164 930 51
100 Tec Street Hicksville, NY 237 1,340 63
51-89 Tec Street Hicksville, NY 207 1,171 41
502 Old Country Road Hicksville, NY 95 536 25
80-98 Tec Street Hicksville, NY 123 700 33
201-233 Park Avenue Hicksville, NY 349 1,979 99
One Fairchild Court Plainview, NY 315 1,786 186
79 Express Street Plainview, NY 417 2,363 325
92 Central Avenue Farmingdale, NY 837 4,745 173
160 Engineer Drive Hicksville, NY 148 836 33
260 Engineers Drive Hicksville, NY 264 1,494 283
87-119 Engineers Dr (o) Hicksville, NY 181 1,023 56
950-970 South Broadway Hicksville, NY 250 1,418 178
290 Duffy Avenue Hicksville, NY (g) 383 2,171 245
185 Price Parkway Farmingdale, NY 611 3,464 26
62 Alpha Plaza Hicksville, NY 155 877 53
90 Alpha Plaza Hicksville, NY 127 717 103
325 Duffy Avenue Hicksville, NY 480 2,720 101
600 West John Street Hicksville, NY 488 2,763 4,917
939 Motor Parkway Hauppauge, NY 105 596 93
200 13th Avenue Ronkonkoma, NY 313 1,776 337
100 13th Avenue Ronkonkoma, NY 348 1,973 322
1 Comac Loop Ronkonkoma, NY 348 1,973 382
80 13th Avenue Ronkonkoma, NY 418 2,368 460
90 13th Avenue Ronkonkoma, NY 383 2,171 431
33 Comac Loop Ronkonkoma, NY 383 2,171 427
101-125 Comac Streer Ronkonkoma, NY 905 5,131 857
360 Smith Street Farmingdale, NY 334 1,851 652
700 Dibblee Drive Garden City, NY 2,219 12,282 136
49 Mall Drive Hauppauge, NY 343 5,220 957
275 Marcus Blvd Hauppauge, NY 349 1,934 345
LOUISVILLE
1251 Port Road Jeffersonville, IN 858 - 12,508
9001 Cane Run Road Louisville, KY 524 - 5,569
MILWAUKEE
N25 W23050 Paul Road Pewaukee, WI 474 2,723 18
N25 W23255 Paul Road Waukesha County, WI 571 3,270 8
N27 W23293 Roundy Drive Waukesha County, WI 412 2,837 1
6523 N. Sydney Place Milwaukee, WI 172 976 152
8800 W Bradley Milwaukee, WI 375 2,125 134
1435 North 113th St Wauwatosa, WI 300 1,699 366
11217-43 W. Becher St West Allis, WI 148 841 122
2152 S 114th Street West Allis, WI 326 1,846 101
4560 N. 124th Street Wauwatosa, WI 118 667 84
Science Drive Sturtevant, WI 1,255 - 18,792
12221 W. Feerick Street Wauwatosa, WI 210 1,190 169
MINNEAPOLIS
2700 Freeway Boulevard Brooklyn Center, MN (d) 392 2,318 486
6507-6545 Cecilia Circle Bloomington, MN 357 1,320 691
1275 Corporate Center Drive Eagan, MN 80 357 69
1279 Corporate Center Drive Eagan, MN 105 357 98
2815 Eagandale Boulevard Eagan, MN 80 357 182
6201 West 111th Street Bloomington, MN 1,358 8,622 3,754
6403-6545 Cecilia Drive Bloomington, MN 366 1,363 583
6925-6943 Washington Avenue Edina, MN 117 504 874
6955-6973 Washington Avenue Edina, MN 117 486 481
7251-7279 Washington Avenue Edina, MN 129 382 444
7301-7329 Washington Avenue Edina, MN 174 391 501
7101 Winnetka Avenue North Brooklyn Park, MN 2,195 6,084 2,104
7600 Golden Triangle Drive Eden Prairie, MN 566 1,394 1,299
7900 Main Street Northeast Fridley, MN 480 1,604 637
7901 Beech Street Northeast Fridley, MN 405 1,554 684
9901 West 74th Street Eden Prairie, MN 621 3,289 2,019
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
7 Sidney Court 172 996 1,168 75 1964 (v)
450 Commack Road 303 1,777 2,080 134 1964 (v)
99 Layfayette Drive 1,601 9,259 10,860 729 1964 (v)
65 East Bethpage Road 198 1,168 1,366 97 1960 (v)
171 Milbar Boulevard 454 2,791 3,245 211 1961 (v)
95 Horseblock Road 1,309 7,776 9,085 591 1971 (v)
151-171 East 2nd Street 497 2,935 3,432 220 1968 (v)
171-175 East 2nd Street 493 2,880 3,373 219 1969 (v)
35 Bloomingdale Road 190 1,201 1,391 105 1962 (v)
15-39 Tec Street 165 980 1,145 88 1965 (v)
100 Tec Street 237 1,403 1,640 110 1965 (v)
51-89 Tec Street 207 1,212 1,419 103 1965 (v)
502 Old Country Road 95 561 656 41 1965 (v)
80-98 Tec Street 124 732 856 56 1965 (v)
201-233 Park Avenue 349 2,078 2,427 168 1962 (v)
One Fairchild Court 315 1,972 2,287 149 1959 (v)
79 Express Street 416 2,689 3,105 210 1972 (v)
92 Central Avenue 837 4,918 5,755 368 1961 (v)
160 Engineer Drive 148 869 1,017 65 1966 (v)
260 Engineers Drive 263 1,778 2,041 145 1966 (v)
87-119 Engineers Dr (o) 181 1,079 1,260 92 1966 (v)
950-970 South Broadway 250 1,596 1,846 174 1966 (v)
290 Duffy Avenue 383 2,416 2,799 208 1974 (v)
185 Price Parkway 610 3,491 4,101 264 1969 (v)
62 Alpha Plaza 159 926 1,085 52 1968 (v)
90 Alpha Plaza 130 817 947 44 1969 (v)
325 Duffy Avenue 491 2,810 3,301 145 1970 (v)
600 West John Street 498 7,670 8,168 295 1955 (v)
939 Motor Parkway 112 682 794 35 1977 (v)
200 13th Avenue 358 2,068 2,426 105 1979 (v)
100 13th Avenue 396 2,247 2,643 109 1979 (v)
1 Comac Loop 396 2,307 2,703 112 1980 (v)
80 13th Avenue 475 2,771 3,246 136 1983 (v)
90 13th Avenue 438 2,547 2,985 129 1982 (v)
33 Comac Loop 438 2,543 2,981 123 1983 (v)
101-125 Comac Streer 1,028 5,865 6,893 284 1985 (v)
360 Smith Street 342 2,495 2,837 132 1965 (v)
700 Dibblee Drive 2,227 12,410 14,637 542 1965 (v)
49 Mall Drive 990 5,530 6,520 242 1986 (v)
275 Marcus Blvd 365 2,263 2,628 77 1985 (v)
LOUISVILLE
1251 Port Road 930 12,436 13,366 344 1998 (v)
9001 Cane Run Road 560 5,533 6,093 119 1998 (v)
MILWAUKEE
N25 W23050 Paul Road 474 2,741 3,215 376 1989 (v)
N25 W23255 Paul Road 571 3,278 3,849 450 1987 (v)
N27 W23293 Roundy Drive 412 2,838 3,250 389 1989 (v)
6523 N. Sydney Place 176 1,124 1,300 115 1978 (v)
8800 W Bradley 388 2,246 2,634 200 1982 (v)
1435 North 113th St 310 2,055 2,365 214 1993 (v)
11217-43 W. Becher St 155 956 1,111 73 1979 (v)
2152 S 114th Street 339 1,934 2,273 125 1980 (v)
4560 N. 124th Street 129 740 869 48 1976 (v)
Science Drive 1,422 18,625 20,047 847 1997 (v)
12221 W. Feerick Street 221 1,348 1,569 80 1971 (v)
MINNEAPOLIS
2700 Freeway Boulevard 415 2,781 3,196 453 1981 (v)
6507-6545 Cecilia Circle 386 1,982 2,368 839 1981 (v)
1275 Corporate Center Drive 93 413 506 151 1990 (v)
1279 Corporate Center Drive 109 451 560 174 1990 (v)
2815 Eagandale Boulevard 97 522 619 190 1990 (v)
6201 West 111th Street 1,499 12,235 13,734 2,813 1987 (v)
6403-6545 Cecilia Drive 395 1,917 2,312 878 1980 (v)
6925-6943 Washington Avenue 237 1,258 1,495 653 1972 (v)
6955-6973 Washington Avenue 207 877 1,084 574 1972 (v)
7251-7279 Washington Avenue 182 773 955 517 1972 (v)
7301-7329 Washington Avenue 193 873 1,066 799 1972 (v)
7101 Winnetka Avenue North 2,228 8,155 10,383 3,301 1990 (v)
7600 Golden Triangle Drive 615 2,644 3,259 1,201 1989 (v)
7900 Main Street Northeast 497 2,224 2,721 1,347 1973 (v)
7901 Beech Street Northeast 428 2,215 2,643 1,071 1975 (v)
9901 West 74th Street 639 5,290 5,929 1,421 1983/88 (v)
</TABLE>
S-10
<PAGE> 92
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
11201 Hampshire Avenue South Bloomington, MN 495 1,035 858
12220-12222 Nicollet Avenue Burnsville, MN 105 425 46
12250-12268 Nicollet Avenue Burnsville, MN 260 1,054 182
12224-12226 Nicollet Avenue Burnsville, MN 190 770 125
305 2nd Street Northwest Minneapolis, MN 460 2,744 41
980 Lone Oak Road Minneapolis, MN 683 4,103 391
990 Lone Oak Road Minneapolis, MN 883 5,575 233
1030 Lone Oak Road Minneapolis, MN 456 2,703 64
1060 Lone Oak Road Minneapolis, MN 624 3,700 294
5400 Nathan Lane Minneapolis, MN 749 4,461 44
6464 Sycamore Court Minneapolis, MN 457 2,730 103
10120 W 76th Street Eden Prairie, MN 315 1,804 172
7615 Golden Triangle Eden Prairie, MN 268 1,532 356
7625 Golden Triangle Eden Prairie, MN 415 2,375 267
2605 Fernbrook Lane North Plymouth, MN 443 2,533 372
12155 Nicollet Ave. Burnsville, MN 286 - 1,702
900 Apollo Road Eagan, MN (c) 1,029 5,855 1,126
7316 Aspen Lane North Brooklyn, MN (c) 368 2,156 400
953 Westgate Drive Minneapolis, MN 193 1,178 3
73rd Avenue North Brooklyn Park, MN 504 2,856 73
1905 W Country Road C Roseville, MN 402 2,278 65
2720 Arthur Street Roseville, MN 824 4,671 78
10205 51st Avenue North Plymouth, MN 180 1,020 70
4100 Peavey Road Chaska, MN 399 2,261 631
11300 Hamshire Ave South Bloomington, MN 527 2,985 422
375 Rivertown Drive Woodbury, MN 1,083 6,135 2,700
5205 Highway 169 Plymouth, MN 446 2,525 785
6451-6595 Citywest Parkway Eden Prairie, MN 525 2,975 696
7100-7190 Shady Oak Rd (p) Eden Prairie, MN 1,118 6,333 485
7500-7546 Washington Square Eden Prairie, MN 229 1,300 76
7550-7588 Washington Square Eden Prairie, MN 153 867 39
5240-5300 Valley Industrial Blvd S Eden Prairie, MN 362 2,049 214
1565 First Avenue NW New Brighton, MN 485 2,750 302
7125 Northland Terrace Brooklyn Park, MN 660 3,740 724
6900 Shady Oak Road Eden Prairie, MN 310 1,756 219
6477-6525 City West Parkway Eden Prairie, MN 810 4,590 178
1157 Valley Park Drive Shakopee, MN 760 - 4,539
500-530 Kasota Avenue SE Minneapolis, MN 415 2,354 204
770-786 Kasota Avenue SE Minneapolis, MN 333 1,888 101
800 Kasota Avenue SE Minneapolis, MN 524 2,971 580
2530-2570 Kasota Avenue St. Paul, MN 407 2,308 635
504 Malcolm Ave SE Minneapolis, MN 757 - 421
553 North Fairview Minneapolis, MN 585 3,575 423
1150 Gateway Drive Shakopee, MN - - -
NASHVILLE
1621 Heil Quaker Boulevard Nashville, TN (d) 413 2,348 468
417 Harding Industrial Drive Nashville, TN 653 4,583 1,338
3099 Barry Drive Portland, TN 418 2,368 63
3150 Barry Drive Portland, TN 941 5,333 337
5599 Highway 31 West Portland, TN 564 3,196 65
1650 Elm Hill Pike Nashville, TN 329 1,867 69
1821 Air Lane Drive Nashville, TN 149 846 13
1102 Appleton Drive Nashville, TN 154 873 1
1920 Air Lane Drive Nashville, TN 250 1,415 30
1931 Air Lane Drive Nashville, TN 491 2,785 117
470 Metroplex Drive (o) Nashville, TN 619 3,507 1,176
1150 Antiock Pike Nashville, TN 667 3,748 44
1630 Corporate Place La Vergne, TN 230 1,271 326
4640 Cummings Park Nashville, TN 360 2,040 51
NORTHERN NEW JERSEY
60 Ethel Road West Piscataway, NJ 252 1,426 139
70 Ethel Road West Piscataway, NJ 431 2,443 147
105 Neptune Boulevard Neptune, NJ 245 1,386 218
140 Hanover Avenue Hanover, NJ 457 2,588 368
601-629 Montrose Avenue South Plainfield, NJ 487 2,762 226
3 Marlen Hamilton, NJ 71 404 100
5 Marlen Hamilton, NJ 116 655 41
7 Marlen Hamilton, NJ 128 728 61
8 Marlen Hamilton, NJ 230 1,302 46
15 Marlen Hamilton, NJ 53 302 34
17 Marlen Hamilton, NJ 104 588 60
1 South Gold Drive Hamilton, NJ 106 599 44
5 South Gold Drive Hamilton, NJ 106 602 57
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
11201 Hampshire Avenue South 501 1,887 2,388 852 1986 (v)
12220-12222 Nicollet Avenue 114 462 576 184 1989/90 (v)
12250-12268 Nicollet Avenue 296 1,200 1,496 474 1989/90 (v)
12224-12226 Nicollet Avenue 207 878 1,085 350 1989/90 (v)
305 2nd Street Northwest 460 2,785 3,245 411 1991 (v)
980 Lone Oak Road 683 4,494 5,177 848 1992 (v)
990 Lone Oak Road 873 5,818 6,691 1,155 1989 (v)
1030 Lone Oak Road 456 2,767 3,223 411 1988 (v)
1060 Lone Oak Road 624 3,994 4,618 625 1988 (v)
5400 Nathan Lane 749 4,505 5,254 637 1990 (v)
6464 Sycamore Court 457 2,833 3,290 448 1990 (v)
10120 W 76th Street 315 1,976 2,291 252 1987 (v)
7615 Golden Triangle 268 1,888 2,156 458 1987 (v)
7625 Golden Triangle 415 2,642 3,057 388 1987 (v)
2605 Fernbrook Lane North 445 2,903 3,348 478 1987 (v)
12155 Nicollet Ave. 288 1,700 1,988 173 1995 (v)
900 Apollo Road 1,030 6,980 8,010 749 1970 (v)
7316 Aspen Lane North 377 2,547 2,924 291 1978 (v)
953 Westgate Drive 193 1,181 1,374 165 1991 (v)
73rd Avenue North 512 2,921 3,433 274 1995 (v)
1905 W Country Road C 409 2,336 2,745 219 1993 (v)
2720 Arthur Street 832 4,741 5,573 444 1995 (v)
10205 51st Avenue North 187 1,083 1,270 107 1990 (v)
4100 Peavey Road 415 2,876 3,291 268 1988 (v)
11300 Hamshire Ave South 541 3,393 3,934 485 1983 (v)
375 Rivertown Drive 1,503 8,415 9,918 528 1996 (v)
5205 Highway 169 739 3,017 3,756 320 1960 (v)
6451-6595 Citywest Parkway 538 3,658 4,196 419 1984 (v)
7100-7190 Shady Oak Rd (p) 1,149 6,787 7,936 543 1982 (v)
7500-7546 Washington Square 235 1,370 1,605 104 1975 (v)
7550-7588 Washington Square 157 902 1,059 69 1973 (v)
5240-5300 Valley Industrial Blvd S 371 2,254 2,625 182 1975 (v)
1565 First Avenue NW 496 3,041 3,537 210 1978 (v)
7125 Northland Terrace 767 4,357 5,124 295 1996 (v)
6900 Shady Oak Road 340 1,945 2,285 133 1980 (v)
6477-6525 City West Parkway 819 4,759 5,578 273 1984 (v)
1157 Valley Park Drive 888 4,411 5,299 101 1997 (v)
500-530 Kasota Avenue SE 429 2,544 2,973 123 1976 (v)
770-786 Kasota Avenue SE 344 1,978 2,322 98 1976 (v)
800 Kasota Avenue SE 592 3,483 4,075 165 1976 (v)
2530-2570 Kasota Avenue 462 2,888 3,350 146 1976 (v)
504 Malcolm Ave SE 936 242 1,178 19 1976 (v)
553 North Fairview 827 3,756 4,583 45 1999 (v)
1150 Gateway Drive - - - - 1999 (v)
NASHVILLE
1621 Heil Quaker Boulevard 430 2,799 3,229 385 1975 (v)
417 Harding Industrial Drive 763 5,811 6,574 1,283 1972 (v)
3099 Barry Drive 424 2,425 2,849 196 1995 (v)
3150 Barry Drive 987 5,624 6,611 456 1993 (v)
5599 Highway 31 West 571 3,254 3,825 264 1995 (v)
1650 Elm Hill Pike 331 1,934 2,265 116 1984 (v)
1821 Air Lane Drive 151 857 1,008 50 1984 (v)
1102 Appleton Drive 154 874 1,028 50 1984 (v)
1920 Air Lane Drive 251 1,444 1,695 103 1985 (v)
1931 Air Lane Drive 495 2,898 3,393 209 1984 (v)
470 Metroplex Drive (o) 624 4,678 5,302 226 1986 (v)
1150 Antiock Pike 668 3,791 4,459 218 1987 (v)
1630 Corporate Place 233 1,594 1,827 47 1999 (v)
4640 Cummings Park 365 2,086 2,451 13 1986 (v)
NORTHERN NEW JERSEY
60 Ethel Road West 264 1,553 1,817 107 1982 (v)
70 Ethel Road West 451 2,570 3,021 160 1979 (v)
105 Neptune Boulevard 255 1,594 1,849 139 1989 (v)
140 Hanover Avenue 469 2,944 3,413 270 1964/1988 (v)
601-629 Montrose Avenue 512 2,963 3,475 192 1974 (v)
3 Marlen 74 501 575 33 1981 (v)
5 Marlen 121 691 812 43 1981 (v)
7 Marlen 136 781 917 48 1982 (v)
8 Marlen 235 1,343 1,578 70 1982 (v)
15 Marlen 58 331 389 20 1982 (v)
17 Marlen 110 642 752 40 1981 (v)
1 South Gold Drive 112 637 749 40 1973 (v)
5 South Gold Drive 113 652 765 44 1974 (v)
</TABLE>
S-11
<PAGE> 93
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
6 South Gold Drive Hamilton, NJ 58 332 33
7 South Gold Drive Hamilton, NJ 32 182 29
8 South Gold Drive Hamilton, NJ 103 584 43
9 South Gold Drive Hamilton, NJ 60 342 47
11 South Gold Drive Hamilton, NJ 183 1,039 67
12 South Gold Drive Hamilton, NJ 84 475 70
9 Princess Road Lawrenceville, NJ 221 1,254 90
11 Princess Road Lawrenceville, NJ 491 2,780 166
15 Princess Road Lawrenceville, NJ 234 1,328 273
17 Princess Road Lawrenceville, NJ 342 1,936 55
220 Hanover Avenue Hanover, NJ 1,361 7,715 509
244 Shefield Street Mountainside, NJ 201 1,141 137
30 Troy Road Hanover, NJ 128 727 60
15 Leslie Court Hanover, NJ 126 716 42
20 Leslie Court Hanover, NJ 84 474 32
25 Leslie Court Hanover, NJ 512 2,899 142
130 Algonquin Parkway Hanover, NJ 157 888 75
150 Algonquin Parkway Hanover, NJ 85 479 34
55 Locust Avenue Roseland, NJ 535 3,034 182
31 West Forest Street (o) Englewood, NJ 941 5,333 442
25 World's Fair Drive Franklin, NJ 285 1,616 83
14 World's Fair Drive Franklin, NJ 483 2,735 259
16 World's Fair Drive Franklin, NJ 174 988 77
18 World's Fair Drive Franklin, NJ 123 699 44
23 World's Fair Drive Franklin, NJ 134 758 71
12 World's Fair Drive Franklin, NJ 572 3,240 166
49 Napoleon Court Franklin, NJ 230 1,306 69
50 Napoleon Court Franklin, NJ 149 842 41
22 World's Fair Drive Franklin, NJ 364 2,064 195
26 World's Fair Drive Franklin, NJ 361 2,048 148
24 World's Fair Drive Franklin, NJ 347 1,968 150
12 Wright Way Oakland, NJ 410 2,321 110
NEW ORLEANS
520-524 Elmwood Park Blvd (o) Jefferson, LA 926 5,248 251
125 Mallard St St. Rose, LA (i) 103 586 223
107 Mallard St. Rose, LA (i) 164 928 65
125 James Drive West St. Rose, LA (i) 246 1,392 138
161 James Drive West St. Rose, LA 298 1,687 260
150 James Drive East St. Rose, LA 399 2,258 141
115 James Drive West St. Rose, LA (i) 163 922 60
100 James Drive St. Rose, LA (i) 430 2,435 144
143 Mallard St St. Rose, LA (i) 143 812 107
160 James Drive East St. Rose, LA (i) 102 580 210
190 James Drive East St. Rose, LA (i) 205 1,160 114
120 Mallard St St. Rose, LA (i) 348 1,971 289
110 James Drive West St. Rose, LA (i) 143 812 160
150 Canvasback Dr St. Rose, LA 165 937 35
PHILADELPHIA
212 Welsh Pool Road Exton, PA 160 886 108
230-240 Welsh Pool Road Exton, PA 154 851 134
264 Welsh Pool Road Exton, PA 147 811 71
254 Welsh Pool Road Exton, PA 152 842 325
256 Welsh Pool Road Exton, PA 82 452 183
213 Welsh Pool Road Exton, PA 149 827 239
251 Welsh Pool Road Exton, PA 144 796 100
253-255 Welsh Pool Road Exton, PA 113 626 94
151-161 Philips Road Exton, PA 191 1,059 160
210 Philips Road Exton, PA 182 1,005 217
215 Welsh Pool Road Exton, PA 67 372 166
102 Pickering Way Exton, PA 765 4,235 417
217 Welsh Pool Road Exton, PA 64 357 44
216 Philips Road Exton, PA 199 1,100 186
202 Philips Road Exton, PA 174 966 130
110 Thousand Oaks Blvd Morgantown, PA 416 2,300 1,185
20 McDonald Blvd Aston, PA 184 1,016 50
30 McDonald Blvd Aston, PA 135 748 90
219 Welsh Pool Road Exton, PA 122 678 38
PHOENIX
7340 South Kyrene Rd Tempe, AZ 1,495 8,469 47
7350 S Kyrene Road Tempe, AZ 818 4,634 394
7360 South Kyrene Rd Tempe, AZ 508 2,876 47
7343 South Hardy Drive Tempe, AZ 1,119 6,341 83
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
6 South Gold Drive 63 360 423 22 1975 (v)
7 South Gold Drive 36 207 243 13 1976 (v)
8 South Gold Drive 109 621 730 39 1977 (v)
9 South Gold Drive 65 384 449 26 1980 (v)
11 South Gold Drive 192 1,097 1,289 68 1979 (v)
12 South Gold Drive 89 540 629 33 1980 (v)
9 Princess Road 231 1,334 1,565 86 1985 (v)
11 Princess Road 511 2,926 3,437 187 1985 (v)
15 Princess Road 245 1,590 1,835 176 1986 (v)
17 Princess Road 343 1,990 2,333 140 1986 (v)
220 Hanover Avenue 1,420 8,165 9,585 506 1987 (v)
244 Shefield Street 210 1,269 1,479 88 1965/1986 (v)
30 Troy Road 134 781 915 46 1972 (v)
15 Leslie Court 132 752 884 47 1971 (v)
20 Leslie Court 88 502 590 31 1974 (v)
25 Leslie Court 526 3,027 3,553 187 1975 (v)
130 Algonquin Parkway 163 957 1,120 56 1973 (v)
150 Algonquin Parkway 89 509 598 32 1973 (v)
55 Locust Avenue 560 3,191 3,751 199 1980 (v)
31 West Forest Street (o) 975 5,741 6,716 357 1978 (v)
25 World's Fair Drive 297 1,687 1,984 105 1986 (v)
14 World's Fair Drive 503 2,974 3,477 214 1980 (v)
16 World's Fair Drive 183 1,056 1,239 66 1981 (v)
18 World's Fair Drive 129 737 866 46 1982 (v)
23 World's Fair Drive 140 823 963 50 1982 (v)
12 World's Fair Drive 593 3,385 3,978 211 1981 (v)
49 Napoleon Court 238 1,367 1,605 70 1982 (v)
50 Napoleon Court 154 878 1,032 46 1982 (v)
22 World's Fair Drive 375 2,248 2,623 127 1983 (v)
26 World's Fair Drive 377 2,180 2,557 140 1984 (v)
24 World's Fair Drive 362 2,103 2,465 133 1984 (v)
12 Wright Way 424 2,417 2,841 151 1981 (v)
NEW ORLEANS
520-524 Elmwood Park Blvd (o) 949 5,476 6,425 304 1986 (v)
125 Mallard St 108 804 912 100 1984 (v)
107 Mallard 171 986 1,157 51 1985 (v)
125 James Drive West 257 1,519 1,776 77 1990 (v)
161 James Drive West 304 1,941 2,245 133 1986 (v)
150 James Drive East 409 2,389 2,798 129 1986 (v)
115 James Drive West 171 974 1,145 50 1986 (v)
100 James Drive 450 2,559 3,009 135 1980 (v)
143 Mallard St 151 911 1,062 46 1982 (v)
160 James Drive East 108 784 892 80 1981 (v)
190 James Drive East 214 1,265 1,479 68 1987 (v)
120 Mallard St 365 2,243 2,608 128 1981 (v)
110 James Drive West 150 965 1,115 64 1983 (v)
150 Canvasback Dr 170 967 1,137 50 1986 (v)
PHILADELPHIA
212 Welsh Pool Road 175 979 1,154 44 1975 (v)
230-240 Welsh Pool Road 169 970 1,139 43 1975 (v)
264 Welsh Pool Road 156 873 1,029 39 1975 (v)
254 Welsh Pool Road 178 1,141 1,319 45 1975 (v)
256 Welsh Pool Road 92 625 717 24 1975 (v)
213 Welsh Pool Road 171 1,044 1,215 51 1975 (v)
251 Welsh Pool Road 157 883 1,040 39 1975 (v)
253-255 Welsh Pool Road 124 709 833 35 1975 (v)
151-161 Philips Road 215 1,195 1,410 52 1975 (v)
210 Philips Road 197 1,207 1,404 66 1975 (v)
215 Welsh Pool Road 79 526 605 54 1975 (v)
102 Pickering Way 823 4,594 5,417 207 1980 (v)
217 Welsh Pool Road 70 395 465 18 1975 (v)
216 Philips Road 218 1,267 1,485 58 1985 (v)
202 Philips Road 198 1,072 1,270 48 1972 (v)
110 Thousand Oaks Blvd 461 3,440 3,901 119 1987 (v)
20 McDonald Blvd 192 1,058 1,250 35 1988 (v)
30 McDonald Blvd 149 824 973 32 1988 (v)
219 Welsh Pool Road 125 713 838 6 1980 (v)
PHOENIX
7340 South Kyrene Rd 1,499 8,512 10,011 443 1996 (v)
7350 S Kyrene Road 821 5,025 5,846 265 1996 (v)
7360 South Kyrene Rd 512 2,919 3,431 151 1996 (v)
7343 South Hardy Drive 1,129 6,414 7,543 346 1997 (v)
</TABLE>
S-12
<PAGE> 94
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
7333 South Hardy Drive Tempe, AZ 1,549 8,779 56
1045 South Edward Drive Tempe, AZ 390 2,160 53
PORTLAND
5687 International Way (q) Milwaukee, OR (n) 430 2,385 124
5795 SW Jean Road (p) Lake Oswego, OR 427 2,362 113
12130 NE Ainsworth Circle (o) Portland, OR 523 2,898 141
5509 NW 122nd Ave (o) Milwaukee, OR (m) 244 1,351 60
6105-6113 NE 92nd Avenue (q) Portland, OR 884 4,891 219
8727 NE Marx Drive (p) Portland, OR 580 3,210 151
3910 SW 170th Ave Portland, OR 125 690 39
3388 SE 20th St. Portland, OR 73 405 42
5962-5964 NE 87th Ave Portland, OR 72 398 31
116 SE Yamhill Portland, OR 38 208 22
9106 NE Marx Drive Portland, OR 40 223 28
11620 NE Ainsworth Circle Portland, OR 152 839 34
11824 NE Ainsworth Circle Portland, OR 166 916 43
12124 NE Ainsworth Circle Portland, OR 207 1,148 53
2715 SE Raymond Portland, OR 159 880 53
1645 NE 72nd Ave Portland, OR 116 641 40
1630 SE 8th Ave. Portland, OR 140 775 29
9044 NE Marx Drive Portland, OR 83 459 36
2443 SE 4th Ave. Portland, OR 157 870 47
711 SE Stark St. Portland, OR 42 233 24
11632 NE Ainsworth Circle Portland, OR 799 4,422 172
NE 138th & Airport Way Portland, OR 931 5,155 126
14699 NE Airport Way Portland, OR 242 1,340 51
SALT LAKE
2255 South 300 West (t) Salt Lake City, UT 618 3,504 105
512 Lawndale Drive (u) Salt Lake City, UT 2,779 15,749 1,233
1270 West 2320 South West Valley, UT 138 784 38
1275 West 2240 South West Valley, UT 395 2,241 74
1288 West 2240 South West Valley, UT 119 672 42
2235 South 1300 West West Valley, UT 198 1,120 59
1293 West 2200 South West Valley, UT 158 896 91
1279 West 2200 South West Valley, UT 198 1,120 36
1272 West 2240 South West Valley, UT 336 1,905 71
1149 West 2240 South West Valley, UT 217 1,232 44
1142 West 2320 South West Valley, UT 217 1,232 45
SOUTHERN NEW JERSEY
2-5 North Olnev Ave. Cherry Hill, NJ 284 1,524 50
2 Springdale Road Cherry Hill, NJ 127 701 18
4 Springdale Road (o) Cherry Hill, NJ 335 1,853 373
6 Springdale Road Cherry Hill, NJ 99 547 18
8 Springdale Road Cherry Hill, NJ 259 1,436 42
12 Springdale Road Cherry Hill, NJ 279 1,545 81
1 Esterbrook Lane Cherry Hill, NJ 43 238 8
16 Springdale Road Cherry Hill, NJ 241 1,336 57
5 Esterbrook Lane Cherry Hill, NJ 241 1,336 36
2 Pin Oak Lane Cherry Hill, NJ 317 1,757 60
6 Esterbrook Lane Cherry Hill, NJ 165 914 27
3 Computer Drive Cherry Hill, NJ 500 2,768 134
19 Perina Blvd. Cherry Hill, NJ 161 889 25
28 Springdale Road Cherry Hill, NJ 192 1,060 31
3 Esterbrook Lane Cherry Hill, NJ 199 1,102 228
4 Esterbrook Lane Cherry Hill, NJ 234 1,294 33
26 Springdale Road Cherry Hill, NJ 227 1,257 27
1 Keystone Ave. Cherry Hill, NJ 227 1,223 41
1919 Springdale Road Cherry Hill, NJ 232 1,286 39
21 Olnev Ave. Cherry Hill, NJ 69 380 18
19 Olnev Ave. Cherry Hill, NJ 202 1,119 42
2 Keystone Ave. Cherry Hill, NJ 216 1,194 47
18 Olnev Ave. Cherry Hill, NJ 250 1,382 49
22 Springdale Road Cherry Hill, NJ 526 2,914 199
1998 Springdale Road Cherry Hill, NJ 17 96 39
55 Carnegie Drive Cherry Hill, NJ 550 3,047 76
57 Carnegie Drive Cherry Hill, NJ 739 4,109 113
ST. LOUIS
8921-8957 Frost Avenue Hazelwood, MO (d) 431 2,479 16
9043-9083 Frost Avenue Hazelwood, MO (d) 319 1,838 609
2121 Chapin Industrial Drive Vinita Park, MO 606 4,384 1,254
1200 Andes Boulevard Olivette, MO 246 1,412 120
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
7333 South Hardy Drive 1,555 8,829 10,384 460 1997 (v)
1045 South Edward Drive 395 2,208 2,603 23 1976
PORTLAND
5687 International Way (q) 440 2,499 2,939 94 1974 (v)
5795 SW Jean Road (p) 435 2,467 2,902 88 1985 (v)
12130 NE Ainsworth Circle (o) 533 3,029 3,562 106 1986 (v)
5509 NW 122nd Ave (o) 249 1,406 1,655 50 1995 (v)
6105-6113 NE 92nd Avenue (q) 898 5,096 5,994 179 1978 (v)
8727 NE Marx Drive (p) 590 3,351 3,941 118 1987 (v)
3910 SW 170th Ave 128 726 854 25 1987 (v)
3388 SE 20th St. 76 444 520 15 1981 (v)
5962-5964 NE 87th Ave 75 426 501 15 1979 (v)
116 SE Yamhill 40 228 268 8 1974 (v)
9106 NE Marx Drive 43 248 291 8 1969 (v)
11620 NE Ainsworth Circle 156 869 1,025 30 1992 (v)
11824 NE Ainsworth Circle 170 955 1,125 33 1992 (v)
12124 NE Ainsworth Circle 212 1,196 1,408 42 1984 (v)
2715 SE Raymond 163 929 1,092 32 1971 (v)
1645 NE 72nd Ave 120 677 797 24 1972 (v)
1630 SE 8th Ave. 144 800 944 28 1968 (v)
9044 NE Marx Drive 86 492 578 17 1986 (v)
2443 SE 4th Ave. 161 913 1,074 32 1964 (v)
711 SE Stark St. 45 254 299 9 1972 (v)
11632 NE Ainsworth Circle 812 4,581 5,393 162 1990 (v)
NE 138th & Airport Way 946 5,266 6,212 186 1990 (v)
14699 NE Airport Way 248 1,385 1,633 49 1998 (v)
SALT LAKE
2255 South 300 West (t) 612 3,615 4,227 191 1980 (v)
512 Lawndale Drive (u) 2,774 16,987 19,761 901 1981 (v)
1270 West 2320 South 142 818 960 44 1986 (v)
1275 West 2240 South 405 2,305 2,710 115 1986 (v)
1288 West 2240 South 122 711 833 35 1986 (v)
2235 South 1300 West 202 1,175 1,377 58 1986 (v)
1293 West 2200 South 162 983 1,145 46 1986 (v)
1279 West 2200 South 202 1,152 1,354 57 1986 (v)
1272 West 2240 South 344 1,968 2,312 105 1986 (v)
1149 West 2240 South 223 1,270 1,493 63 1986 (v)
1142 West 2320 South 223 1,271 1,494 63 1987 (v)
SOUTHERN NEW JERSEY
2-5 North Olnev Ave. 285 1,573 1,858 68 1963 (v)
2 Springdale Road 127 719 846 31 1968 (v)
4 Springdale Road (o) 336 2,225 2,561 86 1963 (v)
6 Springdale Road 99 565 664 25 1964 (v)
8 Springdale Road 260 1,477 1,737 64 1966 (v)
12 Springdale Road 280 1,625 1,905 89 1965 (v)
1 Esterbrook Lane 43 246 289 11 1965 (v)
16 Springdale Road 242 1,392 1,634 60 1967 (v)
5 Esterbrook Lane 242 1,371 1,613 60 1966 (v)
2 Pin Oak Lane 319 1,815 2,134 79 1968 (v)
6 Esterbrook Lane 166 940 1,106 41 1966 (v)
3 Computer Drive 502 2,900 3,402 126 1966 (v)
19 Perina Blvd. 161 914 1,075 40 1966 (v)
28 Springdale Road 192 1,091 1,283 47 1967 (v)
3 Esterbrook Lane 200 1,329 1,529 58 1968 (v)
4 Esterbrook Lane 235 1,326 1,561 58 1969 (v)
26 Springdale Road 228 1,283 1,511 56 1968 (v)
1 Keystone Ave. 222 1,269 1,491 55 1969 (v)
1919 Springdale Road 233 1,324 1,557 58 1970 (v)
21 Olnev Ave. 69 398 467 17 1969 (v)
19 Olnev Ave. 203 1,160 1,363 50 1971 (v)
2 Keystone Ave. 217 1,240 1,457 56 1966 (v)
18 Olnev Ave. 251 1,430 1,681 62 1974 (v)
22 Springdale Road 528 3,111 3,639 176 1977 (v)
1998 Springdale Road 18 134 152 21 1971 (v)
55 Carnegie Drive 552 3,121 3,673 136 1988 (v)
57 Carnegie Drive 742 4,219 4,961 184 1987 (v)
ST. LOUIS
8921-8957 Frost Avenue 431 2,495 2,926 342 1971 (v)
9043-9083 Frost Avenue 319 2,447 2,766 288 1970 (v)
2121 Chapin Industrial Drive 614 5,630 6,244 4,902 1969/87 (v)
1200 Andes Boulevard 319 1,459 1,778 195 1967 (v)
</TABLE>
S-13
<PAGE> 95
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
1248 Andes Boulevard Olivette, MO 156 907 51
1208-1226 Ambassador Boulevard Olivette, MO 235 1,351 104
1503-1525 Fairview Industrial Olivette, MO 112 658 143
2462-2470 Schuetz Road St. Louis, MO 174 1,004 -
10431-10449 Midwest Industrial Blvd Olivette, MO 237 1,360 214
10751 Midwest Industrial Boulevard Olivette, MO 193 1,119 19
11652-11666 Fairgrove Industrial Blvd St. Louis, MO 103 599 141
11674-11688 Fairgrove Industrial Blvd St. Louis, MO 118 689 27
2337 Centerline Drive Maryland Heights, MO 216 1,242 113
6951 N Hanley (o) Hazelwood, MO 405 2,295 1,607
4560 Anglum Road Hazelwood, MO 150 849 205
2760 South 1st Street St. Louis, MO 800 - 4,562
TAMPA
6614 Adamo Drive Tampa, FL 177 1,005 51
202 Kelsey Tampa, FL 602 3,409 148
6202 Benjamin Road Tampa, FL 203 1,151 142
6204 Benjamin Road Tampa, FL 432 2,445 228
6206 Benjamin Road Tampa, FL 397 2,251 169
6302 Benjamin Road Tampa, FL 214 1,212 108
6304 Benjamin Road Tampa, FL 201 1,138 139
6306 Benjamin Road Tampa, FL 257 1,457 210
6308 Benjamin Road Tampa, FL 345 1,958 154
5313 Johns Road Tampa, FL 204 1,159 66
5602 Thompson Center Court Tampa, FL 115 652 41
5411 Johns Road Tampa, FL 230 1,304 91
5525 Johns Road Tampa, FL 192 1,086 63
5607 Johns Road Tampa, FL 102 579 56
5709 Johns Road Tampa, FL 192 1,086 63
5711 Johns Road Tampa, FL 243 1,376 154
4410 E Adamo Drive Tampa, FL 523 2,962 220
4420 E Adamo Drive Tampa, FL 127 718 83
4430 E Adamo Drive Tampa, FL 333 1,885 324
4440 E Adamo Drive Tampa, FL 348 1,975 133
4450 E Adamo Drive Tampa, FL 253 1,436 116
5453 W Waters Avenue Tampa, FL 71 402 78
5455 W Waters Avenue Tampa, FL 307 1,742 170
5553 W Waters Avenue Tampa, FL 307 1,742 148
5501 W Waters Avenue Tampa, FL 154 871 77
5503 W Waters Avenue Tampa, FL 71 402 32
5555 W Waters Avenue Tampa, FL 213 1,206 74
5557 W Waters Avenue Tampa, FL 59 335 26
5463 W. Waters Ave Tampa, FL (l) 497 2,751 451
5903 Johns Road Tampa, FL 88 497 44
4107 N Himes Avenue Tampa, FL 568 3,220 180
5461 W. Waters Ave Tampa, FL 261 - 1,150
10040 18th Street North Tampa, FL 653 - 10
5471 W. Waters Tampa, FL 572 798 14
5505 Johns Road #7 Tampa, FL 228 - 1,327
5481 W. Waters Avenue Tampa, FL 558 - 1,589
5483 W. Waters Avenue Tampa, FL 457 - 1,931
6702-6712 Benjamin Road (s) Tampa, FL 639 3,536 115
OTHER
2800 Airport Road (r) Denton, TX 369 1,935 1,572
3501 Maple Street Abilene, TX 67 1,057 941
4200 West Harry Street (p) Wichita, KS 193 2,224 1,751
Industrial Park No. 2 West Lebanon, NH 723 5,208 175
931 Discovery Road Green Bay, WI 121 685 130
2675 Valley View Drive Shreveport, LA 144 - 5,199
300 10th Street NW Clarion, IA 35 - 2,727
6601 S. 33rd Street McAllen, TX 231 1,276 33
9601A Dessau Rd Austin, TX 255 - 1,765
DEVELOPMENTS / REDEVELOPMENTS / VACANT LAND 40,987 39,710 19,023
----------- -------------- ---------
$ 364,989 $ 1,756,535 $ 402,448
=========== ============== =========
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
--------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1248 Andes Boulevard 157 957 1,114 182 1967 (v)
1208-1226 Ambassador Boulevard 235 1,455 1,690 205 1966 (v)
1503-1525 Fairview Industrial 112 801 913 146 1967 (v)
2462-2470 Schuetz Road 174 1,004 1,178 138 1965 (v)
10431-10449 Midwest Industrial Blvd 237 1,574 1,811 240 1967 (v)
10751 Midwest Industrial Boulevard 193 1,138 1,331 157 1965 (v)
11652-11666 Fairgrove Industrial Blvd 103 740 843 111 1966 (v)
11674-11688 Fairgrove Industrial Blvd 118 716 834 116 1967 (v)
2337 Centerline Drive 216 1,355 1,571 192 1967 (v)
6951 N Hanley (o) 419 3,888 4,307 401 1965 (v)
4560 Anglum Road 161 1,043 1,204 92 1970 (v)
2760 South 1st Street 822 4,540 5,362 143 1997 (v)
TAMPA
6614 Adamo Drive 180 1,053 1,233 55 1967 (v)
202 Kelsey 619 3,540 4,159 183 1989 (v)
6202 Benjamin Road 211 1,285 1,496 64 1981 (v)
6204 Benjamin Road 454 2,651 3,105 145 1982 (v)
6206 Benjamin Road 416 2,401 2,817 124 1983 (v)
6302 Benjamin Road 224 1,310 1,534 76 1983 (v)
6304 Benjamin Road 209 1,269 1,478 83 1984 (v)
6306 Benjamin Road 269 1,655 1,924 89 1984 (v)
6308 Benjamin Road 362 2,095 2,457 108 1984 (v)
5313 Johns Road 213 1,216 1,429 63 1991 (v)
5602 Thompson Center Court 120 688 808 36 1972 (v)
5411 Johns Road 241 1,384 1,625 71 1997 (v)
5525 Johns Road 200 1,141 1,341 59 1993 (v)
5607 Johns Road 110 627 737 33 1991 (v)
5709 Johns Road 200 1,141 1,341 59 1990 (v)
5711 Johns Road 255 1,518 1,773 95 1990 (v)
4410 E Adamo Drive 550 3,155 3,705 165 1990 (v)
4420 E Adamo Drive 134 794 928 42 1990 (v)
4430 E Adamo Drive 345 2,197 2,542 115 1987 (v)
4440 E Adamo Drive 362 2,094 2,456 108 1988 (v)
4450 E Adamo Drive 266 1,539 1,805 90 1969 (v)
5453 W Waters Avenue 82 469 551 24 1987 (v)
5455 W Waters Avenue 326 1,893 2,219 103 1987 (v)
5553 W Waters Avenue 326 1,871 2,197 99 1987 (v)
5501 W Waters Avenue 162 940 1,102 49 1990 (v)
5503 W Waters Avenue 75 430 505 23 1990 (v)
5555 W Waters Avenue 221 1,272 1,493 66 1990 (v)
5557 W Waters Avenue 62 358 420 19 1990 (v)
5463 W. Waters Ave 560 3,139 3,699 156 1996 (v)
5903 Johns Road 93 536 629 28 1987 (v)
4107 N Himes Avenue 590 3,378 3,968 176 1990 (v)
5461 W. Waters Ave 265 1,146 1,411 28 1998 (v)
10040 18th Street North 660 3 663 - 1999 (v)
5471 W. Waters 574 810 1,384 6 1999 (v)
5505 Johns Road #7 228 1,327 1,555 3 1999 (v)
5481 W. Waters Avenue 560 1,587 2,147 2 1999 (v)
5483 W. Waters Avenue 459 1,929 2,388 3 1999 (v)
6702-6712 Benjamin Road (s) 651 3,639 4,290 - 1982 (v)
OTHER
2800 Airport Road (r) 490 3,386 3,876 1,310 1965 (v)
3501 Maple Street 260 1,805 2,065 691 1980 (v)
4200 West Harry Street (p) 528 3,640 4,168 1,398 1972 (v)
Industrial Park No. 2 776 5,330 6,106 2,046 1968 (v)
931 Discovery Road 138 798 936 51 1997 (v)
2675 Valley View Drive 259 5,084 5,343 157 1997 (v)
300 10th Street NW 165 2,597 2,762 81 1997 (v)
6601 S. 33rd Street 233 1,307 1,540 16 1975 (v)
9601A Dessau Rd 367 1,653 2,020 3 1999 (v)
DEVELOPMENTS / REDEVELOPMENTS / VACANT LAND 42,660 48,833 91,493 2,745 (w)
--------- ----------- ----------- ---------
$ 383,938 $ 2,131,807 $ 2,515,745 (x) $ 211,456
========= =========== =========== =========
</TABLE>
S-14
<PAGE> 96
<TABLE>
<S> <C>
NOTES:
(a) See description of encumbrances in Note 4 to Notes to Consolidated
Financial statements.
(b) Initial cost for each respective property is total acquisition costs
associated with its purchase.
(c) These properties are owned by the Securities Partnership. The Securities
Partnership guarantees the payment on the Series A Preferred Stock
of dividends and amounts upon redemtion, liquidation, dissloution or
winding-up.
(d) These properties collateralize the 1995 Mortgage Loan.
(e) These properties collateralize the CIGNA Loan.
(f) These properties collateralize the Assumed Loans.
(g) This property collateralizes the LB Mortgage Loan II.
(h) This property collateralizes the Acquisition Mortgage Loan I.
(i) These properties collateralize the Acquisition Mortgage Loan II.
(j) These properties collateralize the Acquisition Mortgage Loan III.
(k) These properties collateralize the Acquisition Mortgage Loan IV.
(l) These properties collateralize the Acquisition Mortgage Loan V.
(m) These properties collateralize the Acquisition Mortgage Loan VI.
(n) These properties collateralize the Acquisition Mortgage Loan VII.
(o) Comprised of two properties.
(p) Comprised of three properties.
(q) Comprised of four properties.
(r) Comprised of five properties.
(s) Comprised of six properties.
(t) Comprised of seven properties.
(u) Comprised of 29 properties.
(v) Depreciation is computed based upon the following estimated lives:
Buildings, Improvements 31.5 to 40 years
Tenant Improvements, Leasehold Improvements Life of lease
Furniture, Fixtures and equipment 5 to 10 years
(w) These properties represent vacant land, developments and redevelopments
that have not been placed in service.
(x) Excludes $80,410 of Construction in Progress and $1,437 of Furniture,
Fixtures and Equipment.
</TABLE>
At December 31, 1999, the aggregate cost of land and buildings and equipment
for federal income tax purpose was approximately $2.3 billion (excluding
construction in progress).
S-15
<PAGE> 97
FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)
AS OF DECEMBER 31, 1999
(DOLLARS IN THOUSANDS)
The changes in total real estate assets for the three years ended December
31, 1999 are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Balance, Beginning of Year ...................................... $ 2,583,033 $ 1,994,346 $ 1,050,779
Acquisition, Construction Costs and Improvements ................ 242,303 683,619 975,168
Disposition of Assets ........................................... (227,744) (94,932) (31,601)
----------- ----------- -----------
Balance, End of Year ............................................ $ 2,597,592 $ 2,583,033 $ 1,994,346
=========== =========== ===========
</TABLE>
The changes in accumulated depreciation for the three years ended December
31, 1999 are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Balance, Beginning of Year ...................................... $ 175,886 $ 121,030 $ 91,457
Depreciation for Year ........................................... 62,208 57,565 35,286
Disposition of Assets ........................................... (26,638) (2,709) (5,713)
----------- ----------- -----------
Balance, End of Year ............................................ $ 211,456 $ 175,886 $ 121,030
=========== =========== ===========
</TABLE>
S-16
<PAGE> 98
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders of
First Industrial Realty Trust, Inc.
Our report on the consolidated financial statements of First Industrial Realty
Trust, Inc. is included on page F-2 of this Form 10-K. In connection with our
audits of such financial statements, we have also audited the related financial
statement schedule listed in the Index to Financial Statments and Financial
Statement Schedule on page F-1 of thi Form 10-K. In our opinion, the financial
statement schedule referred to above, when considered in relation to the basic
financial statements taken as a whole, presents fairly, in all material
respects, the information required to be included therein.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 14, 2000
S-1
<PAGE> 99
FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1999
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
ATLANTA
4250 River Green Parkway Duluth, GA (d) $ 264 $ 1,522 $ 42
3400 Corporate Parkway Duluth, GA (d) 281 1,621 222
3450 Corporate Parkway Duluth, GA (d) 506 2,904 98
3500 Corporate Parkway Duluth, GA (d) 260 1,500 91
3425 Corporate Parkway Duluth, GA (d) 385 2,212 172
1650 GA Highway 155 Atlanta, GA 788 4,544 243
14101 Industrial Park Boulevard Atlanta, GA 285 1,658 525
801-804 Blacklawn Road Atlanta, GA 361 2,095 209
1665 Dogwood Drive Atlanta, GA 635 3,662 32
1715 Dogwood Drive Atlanta, GA 288 1,675 102
11235 Harland Drive Atlanta, GA 125 739 39
700 Westlake Parkway Atlanta, GA 213 1,551 610
800 Westlake Parkway Atlanta, GA 450 2,645 495
4050 Southmeadow Parkway Atlanta, GA 401 2,813 165
4051 Southmeadow Parkway Atlanta, GA 697 3,486 852
4071 Southmeadow Parkway Atlanta, GA 750 4,460 724
4081 Southmeadow Parkway Atlanta, GA 1,012 5,450 624
1875 Rockdale Industrial Blvd. Atlanta, GA 386 2,264 202
3312 N. Berkeley Lake Road Duluth, GA 2,937 16,644 1,222
370 Great Southwest Parkway (o) Atlanta, GA 527 2,984 357
3495 Bankhead Highway (o) Atlanta, GA 983 5,568 468
955 Cobb Place Kennesaw, GA 780 4,420 170
6105 Boatrock Blvd Atlanta, GA 89 504 30
1640 Sands Place Marietta, GA 162 920 39
7000 Highland Parkway Smyrna, GA 761 4,213 59
2084 Lake Industrial Court Conyers, GA 662 - 4,601
1005 Sigman Road Conyers, GA 566 3,134 96
2050 East Park Drive Conyers, GA 452 2,504 77
1003 Sigman Road Conyers, GA 499 2,761 91
201 Greenwood McDonough, GA 2,066 304 17,200
BALTIMORE
3431 Benson Baltimore, MD 553 3,062 98
1801 Portal Baltimore, MD 251 1,387 150
1811 Portal Baltimore, MD 327 1,811 195
1831 Portal Baltimore, MD 268 1,486 395
1821 Portal Baltimore, MD 430 2,380 680
1820 Portal Baltimore, MD (k) 884 4,891 152
6615 Tributary Baltimore, MD 420 2,327 105
7340 Executive Frederick, MD 936 5,182 161
4845 Governers Way Frederick, MD 810 4,487 113
8900 Yellow Brick Road Baltimore, MD 447 2,473 228
7476 New Ridge Hanover, MD 394 2,182 104
8779 Greenwood Place Savage, MD 704 3,896 166
BATON ROUGE
11200 Industriplex Blvd. Baton Rouge, LA 463 2,624 88
11441 Industriplex Blvd. Baton Rouge, LA 331 1,874 222
11301 Industriplex Blvd. Baton Rouge, LA 265 1,499 70
6565 Exchequer Drive Baton Rouge, LA 461 2,614 101
CENTRAL PENNSYLVANIA
1214-B+B102 Freedom Road Cranberry Township, PA 31 994 617
401 Russell Drive Middletown, PA 262 857 1,499
2700 Commerce Drive Harrisburg, PA 196 997 670
2701 Commerce Drive Harrisburg, PA 141 859 1,172
2780 Commerce Drive Harrisburg, PA 113 743 1,033
7125 Grayson Road Harrisburg, PA 1,514 8,779 6
7253 Grayson Road Harrisburg, PA 894 5,168 57
5020 Louise Drive Mechanicsburg, PA (c) 707 - 2,782
7195 Grayson Harrisburg, PA (c) 478 2,771 80
400 First Street Middletown, PA 280 1,839 802
401 First Street Middletown, PA 819 5,381 1,898
500 Industrial Lane Middletown, PA 194 1,272 284
600 Hunter Lane Middletown, PA 191 - 4,393
300 Hunter Lane Middletown, PA 216 - 6,169
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C>
4250 River Green Parkway $ 264 $ 1,564 $ 1,828 $ 214 1988 (v)
3400 Corporate Parkway 281 1,843 2,124 326 1987 (v)
3450 Corporate Parkway 506 3,002 3,508 402 1988 (v)
3500 Corporate Parkway 260 1,591 1,851 212 1991 (v)
3425 Corporate Parkway 385 2,384 2,769 387 1990 (v)
1650 GA Highway 155 788 4,787 5,575 758 1991 (v)
14101 Industrial Park Boulevard 285 2,183 2,468 251 1984 (v)
801-804 Blacklawn Road 361 2,304 2,665 435 1982 (v)
1665 Dogwood Drive 635 3,694 4,329 511 1973 (v)
1715 Dogwood Drive 288 1,777 2,065 310 1973 (v)
11235 Harland Drive 125 778 903 117 1988 (v)
700 Westlake Parkway 223 2,151 2,374 365 1990 (v)
800 Westlake Parkway 479 3,111 3,590 481 1991 (v)
4050 Southmeadow Parkway 425 2,954 3,379 425 1991 (v)
4051 Southmeadow Parkway 726 4,309 5,035 656 1989 (v)
4071 Southmeadow Parkway 828 5,106 5,934 735 1991 (v)
4081 Southmeadow Parkway 1,157 5,929 7,086 850 1989 (v)
1875 Rockdale Industrial Blvd. 386 2,466 2,852 317 1966 (v)
3312 N. Berkeley Lake Road 3,053 17,750 20,803 1,699 1969 (v)
370 Great Southwest Parkway (o) 546 3,322 3,868 321 1996 (v)
3495 Bankhead Highway (o) 1,021 5,998 7,019 464 1986 (v)
955 Cobb Place 804 4,566 5,370 266 1991 (v)
6105 Boatrock Blvd 91 532 623 27 1972 (v)
1640 Sands Place 166 955 1,121 54 1977 (v)
7000 Highland Parkway 691 4,342 5,033 209 1998 (v)
2084 Lake Industrial Court 803 4,460 5,263 - 1998 (v)
1005 Sigman Road 574 3,222 3,796 20 1986 (v)
2050 East Park Drive 459 2,574 3,033 16 1998 (v)
1003 Sigman Road 506 2,845 3,351 12 1996 (v)
201 Greenwood 2,205 17,365 19,570 36 1999 (v)
BALTIMORE
3431 Benson 562 3,151 3,713 137 1988 (v)
1801 Portal 271 1,517 1,788 66 1987 (v)
1811 Portal 354 1,979 2,333 86 1987 (v)
1831 Portal 290 1,859 2,149 73 1990 (v)
1821 Portal 467 3,023 3,490 145 1986 (v)
1820 Portal 899 5,028 5,927 220 1982 (v)
6615 Tributary 432 2,420 2,852 106 1987 (v)
7340 Executive 957 5,322 6,279 233 1988 (v)
4845 Governers Way 824 4,586 5,410 200 1988 (v)
8900 Yellow Brick Road 475 2,673 3,148 118 1982 (v)
7476 New Ridge 401 2,279 2,680 98 1987 (v)
8779 Greenwood Place 727 4,039 4,766 34 1978 (v)
BATON ROUGE
11200 Industriplex Blvd. 475 2,700 3,175 136 1986 (v)
11441 Industriplex Blvd. 340 2,087 2,427 152 1987 (v)
11301 Industriplex Blvd. 273 1,561 1,834 82 1985 (v)
6565 Exchequer Drive 473 2,703 3,176 140 1986 (v)
CENTRAL PENNSYLVANIA
1214-B+B102 Freedom Road 205 1,437 1,642 554 1982 (v)
401 Russell Drive 287 2,331 2,618 775 1990 (v)
2700 Commerce Drive 206 1,657 1,863 484 1990 (v)
2701 Commerce Drive 164 2,008 2,172 477 1989 (v)
2780 Commerce Drive 209 1,680 1,889 491 1989 (v)
7125 Grayson Road 1,514 8,785 10,299 1,255 1991 (v)
7253 Grayson Road 894 5,225 6,119 751 1990 (v)
5020 Louise Drive 716 2,773 3,489 396 1995 (v)
7195 Grayson 479 2,850 3,329 361 1994 (v)
400 First Street 192 2,729 2,921 267 1963-1965 (v)
401 First Street 563 7,535 8,098 771 1963-1965 (v)
500 Industrial Lane 133 1,617 1,750 169 1963-1965 (v)
600 Hunter Lane 191 4,393 4,584 293 (m) (v)
300 Hunter Lane 216 6,169 6,385 381 (m) (v)
</TABLE>
S-2
<PAGE> 100
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
Fruehauf Building #6 Middletown, PA - - 6,426
3380 Susquehanna Trail North York, PA 450 2,550 137
495 East Locust Lane York, PA 810 4,590 237
350 Old Silver Spring Road Mechanicsburg, PA 510 2,890 4,226
4500 Westport Drive Mechanicsburg, PA 690 3,910 257
41 Weaver Road Denver, PA 501 14,171 5,527
CHICAGO
720-730 Landwehr Road Northbrook, IL (d) 521 2,982 1
3170-3190 MacArthur Boulevard Northbrook, IL (d) 370 2,126 278
20W201 101st Street Lemont, IL (d) 967 5,554 763
280-296 Palatine Road Wheeling, IL (d) 305 1,735 555
2300 Hammond Drive Schaumburg, IL 442 1,241 1,036
6500 North Lincoln Avenue Lincolnwood, IL 613 1,336 1,826
3600 West Pratt Avenue Lincolnwood, IL 1,050 5,767 482
917 North Shore Drive Lake Bluff, IL 556 3,212 45
6750 South Sayre Avenue Bedford Park, IL 224 1,309 76
585 Slawin Court Mount Prospect, IL 611 3,505 1
2300 Windsor Court Addison, IL 688 3,943 385
3505 Thayer Court Aurora, IL 430 2,472 17
3600 Thayer Court Aurora, IL 636 3,645 178
736-776 Industrial Drive Elmhurst, IL 349 1,994 848
480 East 14th St. Chicago Heights, IL 620 3,430 151
305-311 Era Drive Northbrook, IL 200 1,154 146
700-714 Landwehr Road Northbrook, IL 357 2,052 244
4330 South Racine Avenue Chicago, IL 448 1,893 231
13040 S. Crawford Ave. Alsip, IL 1,073 6,193 24
12241 Melrose Street Franklin Park, IL 332 1,931 1,085
3150-3160 MacArthur Boulevard Northbrook, IL (c) 439 2,518 111
365 North Avenue Carol Stream, IL (c) 1,208 6,961 81
2942 MacArthur Boulevard Northbrook, IL (c) 315 1,803 255
12301-12325 S Laramie Ave Alsip, IL 650 3,692 387
301 Hintz Wheeling, IL 160 905 71
301 Alice Wheeling, IL 218 1,236 58
410 W 169th Street South Holland, IL 462 2,618 163
1001 Commerce Court Buffalo Grove, IL 615 3,485 146
11939 S Central Avenue Alsip, IL 1,208 6,843 177
405 East Shawmut La Grange, IL 368 2,083 104
1010-50 Sesame Street Bensenville, IL (h) 979 5,546 240
5555 West 70th Place Bedford Park, IL 146 829 89
3200-3250 South St. Louis (o) Chicago, IL 110 625 1,007
3110-3130 South St. Louis Chicago, IL 115 650 71
7301 South Hamlin Chicago, IL 149 846 340
7401 South Pulaski Chicago, IL 664 3,763 704
3900 West 74th Street Chicago, IL 137 778 306
7501 S. Pulaski Chicago, IL 360 2,038 299
396 Fenton Lane West Chicago, IL 202 1,143 70
400 Wegner Drive West Chicago, IL 65 367 57
450 Fenton Lane West Chicago, IL 195 1,106 64
385 Fenton Lane West Chicago, IL 868 4,918 106
335 Crossroad Parkway Bolingbrook, IL 1,560 8,840 759
10435 Seymour Avenue Franklin Park, IL 181 1,024 83
905 Paramount Batavia, IL 243 1,375 308
1005 Paramount Batavia, IL 282 1,600 303
34-45 Lake Street Northlake, IL 440 2,491 216
2120-24 Roberts Broadview, IL 220 1,248 159
4309 South Morgan Street Chicago, IL 750 4,150 222
405-17 University Drive Arlington Hgts, IL 265 1,468 110
6300 W. Howard Niles, IL 743 4,208 329
CINCINNATI
9900-9970 Princeton Cincinnati, OH (e) 545 3,088 982
2940 Highland Avenue Cincinnati, OH (e) 1,717 9,730 966
4700-4750 Creek Road Cincinnati, OH (e) 1,080 6,118 390
4860 Duff Drive Cincinnati, OH 67 378 37
4866 Duff Drive Cincinnati, OH 67 379 14
4884 Duff Drive Cincinnati, OH 104 591 70
4890 Duff Drive Cincinnati, OH 104 592 27
9636-9643 Interocean Drive Cincinnati, OH 123 695 108
12072 Best Place Springboro, OH 426 - 3,320
901 Pleasant Valley Drive Springboro, OH 304 1,721 284
4440 Mulhauser Road Cincinnati, OH 1,067 39 9,118
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Fruehauf Building #6 - 6,426 6,426 217 1998 (v)
3380 Susquehanna Trail North 467 2,670 3,137 189 1990 (v)
495 East Locust Lane 838 4,799 5,637 339 1993 (v)
350 Old Silver Spring Road 542 7,084 7,626 335 1968 (v)
4500 Westport Drive 727 4,130 4,857 266 1996 (v)
41 Weaver Road 2,532 17,667 20,199 875 1974 (v)
CHICAGO
720-730 Landwehr Road 521 2,983 3,504 411 1978 (v)
3170-3190 MacArthur Boulevard 370 2,404 2,774 359 1978 (v)
20W201 101st Street 968 6,316 7,284 1,051 1988 (v)
280-296 Palatine Road 310 2,285 2,595 276 1978 (v)
2300 Hammond Drive 444 2,275 2,719 1,335 1970 (v)
6500 North Lincoln Avenue 625 3,150 3,775 1,324 1965/88 (v)
3600 West Pratt Avenue 1,050 6,249 7,299 916 1953/88 (v)
917 North Shore Drive 556 3,257 3,813 470 1974 (v)
6750 South Sayre Avenue 224 1,385 1,609 199 1975 (v)
585 Slawin Court 611 3,506 4,117 482 1992 (v)
2300 Windsor Court 696 4,320 5,016 792 1986 (v)
3505 Thayer Court 430 2,489 2,919 350 1989 (v)
3600 Thayer Court 636 3,823 4,459 583 1989 (v)
736-776 Industrial Drive 349 2,842 3,191 463 1975 (v)
480 East 14th St. 620 3,581 4,201 161 1958 (v)
305-311 Era Drive 205 1,295 1,500 200 1978 (v)
700-714 Landwehr Road 357 2,296 2,653 333 1978 (v)
4330 South Racine Avenue 468 2,104 2,572 1,346 1978 (v)
13040 S. Crawford Ave. 1,073 6,217 7,290 828 1976 (v)
12241 Melrose Street 469 2,879 3,348 398 1969 (v)
3150-3160 MacArthur Boulevard 429 2,639 3,068 368 1978 (v)
365 North Avenue 1,208 7,042 8,250 924 1969 (v)
2942 MacArthur Boulevard 311 2,062 2,373 309 1979 (v)
12301-12325 S Laramie Ave 659 4,070 4,729 413 1975 (v)
301 Hintz 167 969 1,136 96 1960 (v)
301 Alice 225 1,287 1,512 128 1965 (v)
410 W 169th Street 476 2,767 3,243 264 1974 (v)
1001 Commerce Court 629 3,617 4,246 262 1989 (v)
11939 S Central Avenue 1,229 6,999 8,228 471 1972 (v)
405 East Shawmut 379 2,176 2,555 140 1965 (v)
1010-50 Sesame Street 1,003 5,762 6,765 322 1976 (v)
5555 West 70th Place 157 907 1,064 50 1973 (v)
3200-3250 South St. Louis (o) 116 1,626 1,742 175 1968 (v)
3110-3130 South St. Louis 120 716 836 40 1968 (v)
7301 South Hamlin 154 1,181 1,335 64 1975 (v)
7401 South Pulaski 685 4,446 5,131 259 1975 (v)
3900 West 74th Street 142 1,079 1,221 72 1975 (v)
7501 S. Pulaski 326 2,371 2,697 132 1975 (v)
396 Fenton Lane 205 1,210 1,415 62 1987 (v)
400 Wegner Drive 67 422 489 25 1988 (v)
450 Fenton Lane 198 1,167 1,365 58 1990 (v)
385 Fenton Lane 878 5,014 5,892 250 1990 (v)
335 Crossroad Parkway 1,587 9,572 11,159 467 1996 (v)
10435 Seymour Avenue 189 1,099 1,288 54 1967 (v)
905 Paramount 250 1,676 1,926 76 1977 (v)
1005 Paramount 291 1,894 2,185 88 1978 (v)
34-45 Lake Street 452 2,695 3,147 129 1978 (v)
2120-24 Roberts 227 1,400 1,627 72 1960 (v)
4309 South Morgan Street 778 4,344 5,122 198 1975 (v)
405-17 University Drive 266 1,577 1,843 63 1977 (v)
6300 W. Howard 789 4,491 5,280 399 1956/1964 (v)
CINCINNATI
9900-9970 Princeton 566 4,049 4,615 402 1970 (v)
2940 Highland Avenue 1,772 10,641 12,413 1,095 1969/1974 (v)
4700-4750 Creek Road 1,109 6,479 7,588 613 1960 (v)
4860 Duff Drive 68 414 482 31 1979 (v)
4866 Duff Drive 68 392 460 30 1979 (v)
4884 Duff Drive 107 658 765 50 1979 (v)
4890 Duff Drive 107 616 723 50 1979 (v)
9636-9643 Interocean Drive 125 801 926 80 1983 (v)
12072 Best Place 443 3,303 3,746 175 1984 (v)
901 Pleasant Valley Drive 313 1,996 2,309 103 1984 (v)
4440 Mulhauser Road 1,113 9,111 10,224 100 1999 (v)
</TABLE>
S-3
<PAGE> 101
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
CLEVELAND
6675 Parkland Blvd Cleveland, OH 548 3,103 173
21510-21600 Alexander Road (p) Oakwood, OH 509 2,883 171
5405 & 5505 Valley Belt Road (o) Independence, OH 371 2,101 201
10145 Philipp Parkway Streetsboro, OH 334 1,891 59
4410 Hamann Willoughby, OH 138 782 82
COLUMBUS
6911 Americana Parkway Columbus, OH 314 1,777 144
3800 Lockbourne Industrial Parkway Columbus, OH 1,087 6,162 220
3880 Groveport Road Columbus, OH 2,145 12,154 460
1819 North Walcutt Road Columbus, OH 810 4,590 226
4300 Cemetery Road Hilliard, OH 1,103 6,248 215
4115 Leap Road (o) Hilliard, OH 758 4,297 104
3300 Lockbourne Columbus, OH 708 3,920 87
DALLAS
1275-1281 Roundtable Drive Dallas, TX 148 839 (111)
2406-2416 Walnut Ridge Dallas, TX 178 1,006 44
12750 Perimiter Drive Dallas, TX 638 3,618 185
1324-1343 Roundtable Drive Dallas, TX 178 1,006 271
1405-1409 Avenue II East Grand Prairie, TX 118 671 (51)
2651-2677 Manana Dallas, TX 266 1,510 75
2401-2419 Walnut Ridge Dallas, TX 148 839 38
4248-4252 Simonton Farmers Ranch, TX 888 5,032 323
900-906 Great Southwest Pkwy Arlington, TX 237 1,342 229
2179 Shiloh Road Garland, TX 251 1,424 47
2159 Shiloh Road Garland, TX 108 610 27
2701 Shiloh Road Garland, TX 818 4,636 768
12784 Perimeter Drive (p) Dallas, TX 350 1,986 341
3000 West Commerce Dallas, TX 456 2,584 126
3030 Hansboro Dallas, TX 266 1,510 146
5222 Cockrell Hill Dallas, TX 296 1,677 79
405-407 113th Arlington, TX 181 1,026 33
816 111th Street Arlington, TX 251 1,421 62
1017-25 Jacksboro Highway Fort Worth, TX 97 537 75
7341 Dogwwod Park Richland Hills, TX 79 435 40
7427 Dogwwod Park Richland Hills, TX 96 532 50
7348-54 Tower Street Richland Hills, TX 88 489 45
7370 Dogwwod Park Richland Hills, TX 91 503 44
7339-41 Tower Street Richland Hills, TX 98 541 46
7437-45 Tower Street Richland Hills, TX 102 563 48
7331-59 Airport Freeway Richland Hills, TX 354 1,958 151
7338-60 Dogwwod Park Richland Hills, TX 106 587 53
7450-70 Dogwwod Park Richland Hills, TX 106 584 51
7423-49 Airport Freeway Richland Hills, TX 293 1,621 161
7400 Whitehall Street Richland Hills, TX 109 603 51
DAYTON
6094-6104 Executive Blvd Dayton, OH 181 1,025 62
6202-6220 Executive Blvd Dayton, OH 268 1,521 116
6268-6294 Executive Blvd Dayton, OH 255 1,444 127
5749-5753 Executive Blvd Dayton, OH 50 282 85
6230-6266 Executive Blvd Dayton, OH 271 1,534 178
2200-2224 Sandridge Road Moriane, OH 218 1,233 113
8119-8137 Uehling Lane Dayton, OH 103 572 23
DENVER
7100 North Broadway - 1 Denver, CO 201 1,141 223
7100 North Broadway - 2 Denver, CO 203 1,150 196
7100 North Broadway - 3 Denver, CO 139 787 66
7100 North Broadway - 5 Denver, CO 180 1,018 71
7100 North Broadway - 6 Denver, CO 269 1,526 110
20100 East 32nd Avenue Parkway Aurora, CO 333 1,888 304
15700-15820 West 6th Avenue Golden, Co 333 1,887 59
15850-15884 West 6th Avenue Golden, Co 201 1,139 30
5454 Washington Denver, CO 154 873 60
5801 West 6th Avenue Lakewood, CO 72 409 8
5805 West 6th Avenue Lakewood, CO 97 549 53
5815 West 6th Avenue Lakewood, CO 99 560 10
5825 West 6th Avenue Lakewood, CO 99 559 39
5835 West 6th Avenue Lakewood, CO 97 552 11
525 East 70th Street Denver, CO 68 384 8
565 East 70th Street Denver, CO 169 960 46
605 East 70th Street Denver, CO 192 1,089 64
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CLEVELAND
6675 Parkland Blvd 571 3,253 3,824 264 1991 (v)
21510-21600 Alexander Road (p) 526 3,037 3,563 178 1985 (v)
5405 & 5505 Valley Belt Road (o) 385 2,288 2,673 143 1983 (v)
10145 Philipp Parkway 342 1,942 2,284 109 1994 (v)
4410 Hamann 154 848 1,002 47 1975 (v)
COLUMBUS
6911 Americana Parkway 321 1,914 2,235 192 1980 (v)
3800 Lockbourne Industrial Parkway 1,109 6,360 7,469 544 1986 (v)
3880 Groveport Road 2,165 12,594 14,759 1,119 1986 (v)
1819 North Walcutt Road 831 4,795 5,626 329 1973 (v)
4300 Cemetery Road 1,160 6,406 7,566 332 1968 (v)
4115 Leap Road (o) 772 4,387 5,159 192 1977 (v)
3300 Lockbourne 709 4,006 4,715 174 1964 (v)
DALLAS
1275-1281 Roundtable Drive 117 759 876 45 1966 (v)
2406-2416 Walnut Ridge 183 1,045 1,228 54 1978 (v)
12750 Perimiter Drive 660 3,781 4,441 202 1979 (v)
1324-1343 Roundtable Drive 184 1,271 1,455 65 1972 (v)
1405-1409 Avenue II East 98 640 738 38 1969 (v)
2651-2677 Manana 275 1,576 1,851 83 1966 (v)
2401-2419 Walnut Ridge 153 872 1,025 45 1978 (v)
4248-4252 Simonton 920 5,323 6,243 273 1973 (v)
900-906 Great Southwest Pkwy 270 1,538 1,808 73 1972 (v)
2179 Shiloh Road 256 1,466 1,722 76 1982 (v)
2159 Shiloh Road 110 635 745 33 1982 (v)
2701 Shiloh Road 923 5,299 6,222 280 1981 (v)
12784 Perimeter Drive (p) 396 2,281 2,677 112 1981 (v)
3000 West Commerce 469 2,697 3,166 140 1980 (v)
3030 Hansboro 276 1,646 1,922 84 1971 (v)
5222 Cockrell Hill 306 1,746 2,052 91 1973 (v)
405-407 113th 185 1,055 1,240 55 1969 (v)
816 111th Street 258 1,476 1,734 77 1972 (v)
1017-25 Jacksboro Highway 103 606 709 17 1970 (v)
7341 Dogwwod Park 84 470 554 13 1973 (v)
7427 Dogwwod Park 102 576 678 17 1973 (v)
7348-54 Tower Street 94 528 622 15 1978 (v)
7370 Dogwwod Park 96 542 638 16 1987 (v)
7339-41 Tower Street 104 581 685 17 1980 (v)
7437-45 Tower Street 108 605 713 17 1977 (v)
7331-59 Airport Freeway 372 2,091 2,463 61 1987 (v)
7338-60 Dogwwod Park 112 634 746 18 1978 (v)
7450-70 Dogwwod Park 112 629 741 19 1985 (v)
7423-49 Airport Freeway 308 1,767 2,075 50 1985 (v)
7400 Whitehall Street 115 648 763 19 1994 (v)
DAYTON
6094-6104 Executive Blvd 187 1,081 1,268 97 1975 (v)
6202-6220 Executive Blvd 275 1,630 1,905 146 1976 (v)
6268-6294 Executive Blvd 262 1,564 1,826 145 1989 (v)
5749-5753 Executive Blvd 53 364 417 47 1975 (v)
6230-6266 Executive Blvd 281 1,702 1,983 150 1979 (v)
2200-2224 Sandridge Road 226 1,338 1,564 96 1983 (v)
8119-8137 Uehling Lane 105 593 698 18 1978 (v)
DENVER
7100 North Broadway - 1 215 1,350 1,565 93 1978 (v)
7100 North Broadway - 2 204 1,345 1,549 81 1978 (v)
7100 North Broadway - 3 140 852 992 57 1978 (v)
7100 North Broadway - 5 178 1,091 1,269 91 1978 (v)
7100 North Broadway - 6 271 1,634 1,905 112 1978 (v)
20100 East 32nd Avenue Parkway 336 2,189 2,525 236 1997 (v)
15700-15820 West 6th Avenue 337 1,942 2,279 112 1978 (v)
15850-15884 West 6th Avenue 206 1,164 1,370 67 1978 (v)
5454 Washington 156 931 1,087 62 1985 (v)
5801 West 6th Avenue 72 417 489 25 1980 (v)
5805 West 6th Avenue 99 600 699 39 1980 (v)
5815 West 6th Avenue 99 570 669 32 1980 (v)
5825 West 6th Avenue 99 598 697 35 1980 (v)
5835 West 6th Avenue 98 562 660 32 1980 (v)
525 East 70th Street 69 391 460 22 1985 (v)
565 East 70th Street 171 1,004 1,175 60 1985 (v)
605 East 70th Street 194 1,151 1,345 69 1985 (v)
</TABLE>
S-4
<PAGE> 102
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
625 East 70th Street Denver, CO 136 768 31
665 East 70th Street Denver, CO 136 768 35
700 West 48th Street Denver, CO 302 1,711 83
702 West 48th Street Denver, CO 135 763 101
800 East 73rd Denver, CO 225 1,273 61
850 East 73rd Denver, CO 177 1,005 50
6425 North Washington Denver, CO 374 2,118 98
3370 North Peoria Street Aurora, CO 163 924 152
3390 North Peoria Street Aurora, CO 145 822 37
3508-3538 North Peoria Street Aurora, CO 260 1,472 63
3568 North Peoria Street Aurora, CO 222 1,260 66
4785 Elati Denver, CO 173 981 86
4770 Fox Street Denver, CO 132 750 36
1550 W. Evans Denver, CO 388 2,200 115
3751-71 Revere Street Denver, CO 262 1,486 72
3871 Revere Denver, CO 361 2,047 58
5454 Havana Street Denver, CO 204 1,156 25
5500 Havana Street Denver, CO 167 946 20
4570 Ivy Street Denver, CO 219 1,239 122
5855 Stapleton Drive North Denver, CO 288 1,630 37
5885 Stapleton Drive North Denver, CO 376 2,129 57
5200-5280 North Broadway Denver, CO 169 960 97
5977-5995 North Broadway Denver, CO 268 1,518 40
2952-5978 North Broadway Denver, CO 414 2,346 79
6400 North Broadway Denver, CO 318 1,804 73
875 Parfer Street Lakewood, CO 288 1,633 82
4721 Ironton Street Denver, CO 232 1,313 37
833 Parfer Street Lakewood, CO 196 1,112 39
11005 West 8th Avenue Lakewood, CO 102 580 23
7100 North Broadway - 7 Denver, CO 215 1,221 108
7100 North Broadway - 8 Denver, CO 79 448 55
6804 East 48th Avenue Denver, CO 253 1,435 64
445 Bryant Street Denver, CO 1,831 10,219 200
East 47th Drive - A Denver, CO 474 2,689 83
7025 South Revere Parkway Denver, CO 558 3,177 169
9500 West 49th Street - A Wheatridge, CO 283 1,625 20
9500 West 49th Street - B Wheatridge, CO 225 1,272 16
9500 West 49th Street - C Wheatridge, CO 602 3,409 17
9500 West 49th Street - D Wheatridge, CO 271 1,537 115
8100 South Park Way - A Littleton, CO 442 2,507 238
8100 South Park Way - B Littleton, CO 103 582 138
8100 South Park Way - C Littleton, CO 568 3,219 62
451-591 East 124th Avenue Littleton, CO 386 2,188 41
14100 East Jewell Aurora, CO 395 2,240 135
14190 East Jewell Aurora, CO 199 1,126 125
608 Garrison Street Lakewood, CO 265 1,501 206
610 Garrison Street Lakewood, CO 264 1,494 220
1111 West Evans (A&C) Denver, CO 233 1,321 34
1111 West Evans (B) Denver, CO 30 169 3
15000 West 6th Avenue Golden, Co 913 5,174 155
14998 West 6th Avenue Bldg E Golden, Co 565 3,199 81
14998 West 6th Avenue Bldg F Englewood, CO 269 1,525 150
12503 East Euclid Drive Denver, CO 1,219 6,905 264
6547 South Racine Circle Denver, CO 748 4,241 286
7800 East Iliff Avenue Denver, CO 196 1,110 29
2369 South Trenton Way Denver, CO 292 1,656 78
2370 South Trenton Way Denver, CO 200 1,132 103
2422 S. Trenton Way Denver, CO 241 1,364 83
2452 South Trenton Way Denver, CO 421 2,386 64
651 Topeka Way Denver, CO 194 1,099 24
680 Atchinson Way Denver, CO 194 1,099 30
8122 South Park Lane - A Littleton, CO 394 2,232 168
8122 South Park Lane - B Littleton, CO 186 1,054 43
1600 South Abilene Aurora, CO 465 2,633 75
1620 South Abilene Aurora, CO 268 1,520 108
1640 South Abilene Aurora, CO 368 2,085 76
13900 East Florida Ave Aurora, CO 189 1,071 36
4301 South Federal Boulevard Englewood, CO 237 1,341 67
14401-14492 East 33rd Place Aurora, CO 445 2,519 246
11701 East 53rd Avenue Denver, CO 416 2,355 56
5401 Oswego Street Denver, CO 273 1,547 101
3811 Joliet Denver, CO 735 4,166 92
2630 West 2nd Avenue Denver, CO 53 299 4
2650 West 2nd Avenue Denver, CO 221 1,252 26
14818 West 6th Avenue Bldg A Golden, Co 494 2,799 259
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
625 East 70th Street 137 798 935 47 1985 (v)
665 East 70th Street 137 802 939 48 1985 (v)
700 West 48th Street 307 1,789 2,096 105 1984 (v)
702 West 48th Street 139 860 999 72 1984 (v)
800 East 73rd 223 1,336 1,559 77 1984 (v)
850 East 73rd 177 1,055 1,232 59 1984 (v)
6425 North Washington 383 2,207 2,590 112 1983 (v)
3370 North Peoria Street 163 1,076 1,239 85 1978 (v)
3390 North Peoria Street 147 857 1,004 51 1978 (v)
3508-3538 North Peoria Street 264 1,531 1,795 95 1978 (v)
3568 North Peoria Street 225 1,323 1,548 91 1978 (v)
4785 Elati 175 1,065 1,240 60 1972 (v)
4770 Fox Street 134 784 918 44 1972 (v)
1550 W. Evans 393 2,310 2,703 130 1975 (v)
3751-71 Revere Street 267 1,553 1,820 89 1980 (v)
3871 Revere 368 2,098 2,466 118 1980 (v)
5454 Havana Street 207 1,178 1,385 66 1980 (v)
5500 Havana Street 169 964 1,133 54 1980 (v)
4570 Ivy Street 221 1,359 1,580 76 1985 (v)
5855 Stapleton Drive North 290 1,665 1,955 96 1985 (v)
5885 Stapleton Drive North 381 2,181 2,562 122 1985 (v)
5200-5280 North Broadway 171 1,055 1,226 64 1977 (v)
5977-5995 North Broadway 271 1,555 1,826 90 1978 (v)
2952-5978 North Broadway 422 2,417 2,839 136 1978 (v)
6400 North Broadway 325 1,870 2,195 104 1982 (v)
875 Parfer Street 293 1,710 2,003 94 1975 (v)
4721 Ironton Street 236 1,346 1,582 75 1969 (v)
833 Parfer Street 199 1,148 1,347 64 1974 (v)
11005 West 8th Avenue 104 601 705 33 1974 (v)
7100 North Broadway - 7 217 1,327 1,544 84 1985 (v)
7100 North Broadway - 8 80 502 582 27 1985 (v)
6804 East 48th Avenue 256 1,496 1,752 83 1973 (v)
445 Bryant Street 1,829 10,421 12,250 436 1960 (v)
East 47th Drive - A 441 2,805 3,246 201 1997 (v)
7025 South Revere Parkway 565 3,339 3,904 268 1997 (v)
9500 West 49th Street - A 286 1,642 1,928 132 1997 (v)
9500 West 49th Street - B 226 1,287 1,513 76 1997 (v)
9500 West 49th Street - C 600 3,428 4,028 206 1997 (v)
9500 West 49th Street - D 246 1,677 1,923 98 1997 (v)
8100 South Park Way - A 422 2,765 3,187 230 1997 (v)
8100 South Park Way - B 104 719 823 88 1984 (v)
8100 South Park Way - C 575 3,274 3,849 184 1984 (v)
451-591 East 124th Avenue 391 2,224 2,615 125 1979 (v)
14100 East Jewell 401 2,369 2,770 132 1980 (v)
14190 East Jewell 201 1,249 1,450 68 1980 (v)
608 Garrison Street 267 1,705 1,972 97 1984 (v)
610 Garrison Street 265 1,713 1,978 92 1984 (v)
1111 West Evans (A&C) 236 1,352 1,588 77 1986 (v)
1111 West Evans (B) 30 172 202 10 1986 (v)
15000 West 6th Avenue 917 5,325 6,242 311 1985 (v)
14998 West 6th Avenue Bldg E 568 3,277 3,845 192 1995 (v)
14998 West 6th Avenue Bldg F 271 1,673 1,944 107 1995 (v)
12503 East Euclid Drive 1,229 7,159 8,388 401 1986 (v)
6547 South Racine Circle 753 4,522 5,275 296 1996 (v)
7800 East Iliff Avenue 198 1,137 1,335 67 1983 (v)
2369 South Trenton Way 294 1,732 2,026 96 1983 (v)
2370 South Trenton Way 201 1,234 1,435 78 1983 (v)
2422 S. Trenton Way 243 1,445 1,688 81 1983 (v)
2452 South Trenton Way 426 2,445 2,871 142 1983 (v)
651 Topeka Way 197 1,120 1,317 56 1985 (v)
680 Atchinson Way 197 1,126 1,323 55 1985 (v)
8122 South Park Lane - A 398 2,396 2,794 142 1986 (v)
8122 South Park Lane - B 188 1,095 1,283 62 1986 (v)
1600 South Abilene 470 2,703 3,173 153 1986 (v)
1620 South Abilene 270 1,626 1,896 97 1986 (v)
1640 South Abilene 371 2,158 2,529 121 1986 (v)
13900 East Florida Ave 190 1,106 1,296 62 1986 (v)
4301 South Federal Boulevard 239 1,406 1,645 88 1997 (v)
14401-14492 East 33rd Place 452 2,758 3,210 152 1979 (v)
11701 East 53rd Avenue 422 2,405 2,827 135 1985 (v)
5401 Oswego Street 278 1,643 1,921 100 1985 (v)
3811 Joliet 746 4,247 4,993 107 1977 (v)
2630 West 2nd Avenue 53 303 356 17 1970 (v)
2650 West 2nd Avenue 223 1,276 1,499 74 1970 (v)
14818 West 6th Avenue Bldg A 490 3,062 3,552 192 1985 (v)
</TABLE>
S-5
<PAGE> 103
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
14828 West 6th Avenue Bldg B Golden, Co 519 2,942 170
12055 E. 49th Ave/4955 Peoria Denver, CO 298 1,688 186
4940-4950 Paris Denver, CO 152 861 33
4970 Paris Denver, CO 95 537 12
5010 Paril Denver, CO 89 505 13
7367 South Revere Parkway Englewood, CO 926 5,124 158
10311 W. Hampden Ave Lakewood, CO 577 2,984 75
DES MOINES
1500 East Washington Avenue Des Moines, IA 610 4,251 778
1600 East Washington Avenue Des Moines, IA 209 1,557 171
4121 McDonald Avenue Des Moines, IA 390 2,931 301
4141 McDonald Avenue Des Moines, IA 706 5,518 644
4161 McDonald Avenue Des Moines, IA 389 3,046 864
5701 NE 17th Street Des Moines, IA 162 918 130
3100 Justin Des Moines, IA 139 772 38
3101 104th St. Des Moines, IA 142 788 35
3051 104th St. Des Moines, IA 70 388 55
2250 Delaware Ave. Des Moines, IA 291 1,609 151
DETROIT
2654 Elliott Troy, MI (d) 57 334 82
1731 Thorncroft Troy, MI (d) 331 1,904 25
1653 E. Maple Troy, MI (d) 192 1,104 102
47461 Clipper Plymouth, MI (d) 122 723 106
47522 Galleon Plymouth, MI (d) 85 496 11
4150 Varsity Drive Ann Arbor, MI (d) 168 969 12
1330 Crooks Road Clawson, MI (d) 234 1,348 15
238 Executive Drive Troy, MI 52 173 427
256 Executive Drive Troy, MI 44 146 442
301 Executive Drive Troy, MI 71 293 614
449 Executive Drive Troy, MI 125 425 834
501 Executive Drive Troy, MI 71 236 641
451 Robbins Drive Troy, MI 96 448 980
700 Stephenson Highway Troy, MI 250 854 1,382
800 Stephenson Highway Troy, MI 558 2,341 2,203
1150 Stephenson Highway Troy, MI 178 966 313
1200 Stephenson Highway Troy, MI 246 1,115 633
1035 Crooks Road Troy, MI 114 414 543
1095 Crooks Road Troy, MI 331 1,017 943
1416 Meijer Drive Troy, MI 94 394 390
1624 Meijer Drive Troy, MI 236 1,406 796
1972 Meijer Drive Troy, MI 315 1,301 721
2112 Meijer Drive Troy, MI 141 714 657
1621 Northwood Drive Troy, MI 85 351 1,039
1707 Northwood Drive Troy, MI 95 262 1,154
1749 Northwood Drive Troy, MI 107 477 464
1788 Northwood Drive Troy, MI 50 196 461
1821 Northwood Drive Troy, MI 132 523 743
1826 Northwood Drive Troy, MI 55 208 394
1864 Northwood Drive Troy, MI 57 190 441
1921 Northwood Drive Troy, MI 135 589 1,161
2230 Elliott Avenue Troy, MI 46 174 418
2237 Elliott Avenue Troy, MI 48 159 418
2277 Elliott Avenue Troy, MI 48 188 438
2291 Elliott Avenue Troy, MI 52 209 353
2451 Elliott Avenue Troy, MI 78 319 839
2730 Research Drive Rochester Hills, MI 915 4,215 717
2791 Research Drive Rochester Hills, MI 557 2,731 288
2871 Research Drive Rochester Hills, MI 324 1,487 266
2911 Research Drive Rochester Hills, MI 505 2,136 397
3011 Research Drive Rochester Hills, MI 457 2,104 349
2870 Technology Drive Rochester Hills, MI 275 1,262 231
2890 Technology Drive Rochester Hills, MI 199 902 205
2900 Technology Drive Rochester Hills, MI 214 977 492
2920 Technology Drive Rochester Hills, MI 149 671 154
2930 Technology Drive Rochester Hills, MI 131 594 381
2950 Technology Drive Rochester Hills, MI 178 819 255
2960 Technology Drive Rochester Hills, MI 281 1,277 239
23014 Commerce Drive Farmington Hills, MI 39 203 193
23028 Commerce Drive Farmington Hills, MI 98 507 365
23035 Commerce Drive Farmington Hills, MI 71 355 178
23042 Commerce Drive Farmintgon Hills, MI 67 277 331
23065 Commerce Drive Farmington Hills, MI 71 408 193
23070 Commerce Drive Farmington Hills, MI 112 442 659
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
14828 West 6th Avenue Bldg B 523 3,108 3,631 198 1985 (v)
12055 E. 49th Ave/4955 Peoria 302 1,870 2,172 102 1984 (v)
4940-4950 Paris 154 892 1,046 44 1984 (v)
4970 Paris 96 548 644 27 1984 (v)
5010 Paril 91 516 607 26 1984 (v)
7367 South Revere Parkway 934 5,274 6,208 253 1997 (v)
10311 W. Hampden Ave 578 3,058 3,636 30 1999 (v)
DES MOINES
1500 East Washington Avenue 623 5,016 5,639 866 1987 (v)
1600 East Washington Avenue 221 1,716 1,937 248 1987 (v)
4121 McDonald Avenue 416 3,206 3,622 462 1977 (v)
4141 McDonald Avenue 787 6,081 6,868 879 1976 (v)
4161 McDonald Avenue 499 3,800 4,299 610 1979 (v)
5701 NE 17th Street 175 1,035 1,210 66 1968 (v)
3100 Justin 140 809 949 35 1970 (v)
3101 104th St. 143 822 965 35 1970 (v)
3051 104th St. 70 443 513 23 1993 (v)
2250 Delaware Ave. 293 1,758 2,051 67 1975 (v)
DETROIT
2654 Elliott 57 416 473 70 1986 (v)
1731 Thorncroft 331 1,929 2,260 259 1969 (v)
1653 E. Maple 192 1,206 1,398 237 1990 (v)
47461 Clipper 122 829 951 187 1992 (v)
47522 Galleon 85 507 592 67 1990 (v)
4150 Varsity Drive 168 981 1,149 131 1986 (v)
1330 Crooks Road 234 1,363 1,597 183 1960 (v)
238 Executive Drive 100 552 652 301 1973 (v)
256 Executive Drive 85 547 632 244 1974 (v)
301 Executive Drive 133 845 978 388 1974 (v)
449 Executive Drive 218 1,166 1,384 595 1975 (v)
501 Executive Drive 129 819 948 272 1984 (v)
451 Robbins Drive 192 1,332 1,524 604 1975 (v)
700 Stephenson Highway 386 2,100 2,486 948 1978 (v)
800 Stephenson Highway 654 4,448 5,102 1,844 1979 (v)
1150 Stephenson Highway 200 1,257 1,457 520 1982 (v)
1200 Stephenson Highway 284 1,710 1,994 762 1980 (v)
1035 Crooks Road 143 928 1,071 423 1980 (v)
1095 Crooks Road 360 1,931 2,291 775 1986 (v)
1416 Meijer Drive 121 757 878 319 1980 (v)
1624 Meijer Drive 373 2,065 2,438 876 1984 (v)
1972 Meijer Drive 372 1,965 2,337 764 1985 (v)
2112 Meijer Drive 229 1,283 1,512 572 1980 (v)
1621 Northwood Drive 215 1,260 1,475 686 1977 (v)
1707 Northwood Drive 239 1,272 1,511 534 1983 (v)
1749 Northwood Drive 164 884 1,048 447 1977 (v)
1788 Northwood Drive 103 604 707 307 1977 (v)
1821 Northwood Drive 220 1,178 1,398 594 1977 (v)
1826 Northwood Drive 103 554 657 276 1977 (v)
1864 Northwood Drive 107 581 688 291 1977 (v)
1921 Northwood Drive 291 1,594 1,885 839 1977 (v)
2230 Elliott Avenue 95 543 638 293 1974 (v)
2237 Elliott Avenue 90 535 625 266 1974 (v)
2277 Elliott Avenue 104 570 674 284 1975 (v)
2291 Elliott Avenue 86 528 614 276 1974 (v)
2451 Elliott Avenue 164 1,072 1,236 508 1974 (v)
2730 Research Drive 903 4,944 5,847 1,826 1988 (v)
2791 Research Drive 560 3,016 3,576 1,089 1991 (v)
2871 Research Drive 327 1,750 2,077 631 1991 (v)
2911 Research Drive 504 2,534 3,038 932 1992 (v)
3011 Research Drive 457 2,453 2,910 930 1988 (v)
2870 Technology Drive 279 1,489 1,768 564 1988 (v)
2890 Technology Drive 206 1,100 1,306 394 1991 (v)
2900 Technology Drive 219 1,464 1,683 592 1992 (v)
2920 Technology Drive 153 821 974 286 1992 (v)
2930 Technology Drive 138 968 1,106 334 1991 (v)
2950 Technology Drive 185 1,067 1,252 403 1991 (v)
2960 Technology Drive 283 1,514 1,797 546 1992 (v)
23014 Commerce Drive 56 379 435 126 1983 (v)
23028 Commerce Drive 125 845 970 367 1983 (v)
23035 Commerce Drive 93 511 604 208 1983 (v)
23042 Commerce Drive 89 586 675 249 1983 (v)
23065 Commerce Drive 93 579 672 214 1983 (v)
23070 Commerce Drive 125 1,088 1,213 412 1983 (v)
</TABLE>
S-6
<PAGE> 104
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
23079 Commerce Drive Farmington Hills, MI 68 301 216
23093 Commerce Drive Farmington Hills, MI 211 1,024 787
23135 Commerce Drive Farmington Hills, MI 146 701 227
23149 Commerce Drive Farmington Hills, MI 266 1,005 461
23163 Commerce Drive Farmington Hills, MI 111 513 315
23177 Commerce Drive Farmington Hills, MI 175 1,007 652
23206 Commerce Drive Farmington Hills, MI 125 531 625
23290 Commerce Drive Farmington Hills, MI 124 707 640
23370 Commerce Drive Farmington Hills, MI 59 233 164
24492 Indoplex Circle Farmington Hills, MI 67 370 950
24528 Indoplex Circle Farmington Hills, MI 91 536 1,091
21477 Bridge Street Southfield, MI 244 1,386 264
2965 Technology Drive Rochester Hills, MI (c) 964 2,277 111
1451 Lincoln Avenue Madison, MI (c) 299 1,703 440
4400 Purks Drive Auburn Hills, MI (c) 602 3,410 2,687
4177A Varsity Drive Ann Arbor, MI (c) 90 536 80
6515 Cobb Drive Sterling Heights, MI (c) 305 1,753 177
32450 N Avis Drive Madison Heights, MI 281 1,590 169
32200 N Avis Drive Madison Heights, MI 408 2,311 156
11813 Hubbard Livonia, MI 177 1,001 42
11866 Hubbard Livonia, MI 189 1,073 29
12050-12300 Hubbard (o) Livonia, MI 425 2,410 332
38200 Plymouth Road Livonia, MI 1,215 - 4,753
38220 Plymouth Road Livonia, MI 756 - 5,385
38300 Plymouth Road Livonia, MI 729 - 4,803
12707 Eckles Road Plymouth Township, MI 255 1,445 110
9300-9328 Harrison Rd Romulus, MI 147 834 133
9330-9358 Harrison Rd Romulus, MI 81 456 230
28420-28448 Highland Rd Romulus, MI 143 809 132
28450-28478 Highland Rd Romulus, MI 81 461 239
28421-28449 Highland Rd Romulus, MI 109 617 242
28451-28479 Highland Rd Romulus, MI 107 608 124
28825-28909 Highland Rd Romulus, MI 70 395 118
28933-29017 Highland Rd Romulus, MI 112 634 179
28824-28908 Highland Rd Romulus, MI 134 760 195
28932-29016 Highland Rd Romulus, MI 123 694 229
9710-9734 Harrison Rd Romulus, MI 125 706 138
9740-9772 Harrison Rd Romulus, MI 132 749 186
9840-9868 Harrison Rd Romulus, MI 144 815 129
9800-9824 Harrison Rd Romulus, MI 117 664 93
29265-29285 Airport Dr Romulus, MI 140 794 169
29185-29225 Airport Dr Romulus, MI 140 792 319
29149-29165 Airport Dr Romulus, MI 216 1,225 260
29101-29115 Airport Dr Romulus, MI 130 738 234
29031-29045 Airport Dr Romulus, MI 124 704 102
29050-29062 Airport Dr Romulus, MI 127 718 135
29120-29134 Airport Dr Romulus, MI 161 912 159
29200-29214 Airport Dr Romulus, MI 170 963 256
9301-9339 Middlebelt Rd Romulus, MI 124 703 140
21405 Trolley Industrial Drive Taylor, MI 758 4,293 284
26980 Trolley Industrial Drive Taylor, MI 450 2,550 416
28055 S. Wick Road Romulus, MI 195 1,080 339
12050-12200 Farmington Road Livonia, MI 201 1,115 125
33200 Capitol Avenue Livonia, MI 236 1,309 185
32975 Capitol Avenue Livonia, MI 135 748 81
2725 S. Industrial Highway Ann Arbor, MI 660 3,654 542
32920 Capitol Avenue Livonia, MI 76 422 78
32940 Capitol Avenue Livonia, MI 57 314 35
11862 Brookfield Avenue Livonia, MI 85 471 52
11923 Brookfield Avenue Livonia, MI 120 665 459
11965 Brookfield Avenue Livonia, MI 120 665 77
34005 Schoolcraft Road Livonia, MI 107 592 85
13405 Stark Road Livonia, MI 46 254 34
1170 Chicago Road Troy, MI 249 1,380 137
1200 Chicago Road Troy, MI 268 1,483 141
450 Robbins Drive Troy, MI 166 920 89
556 Robbins Drive Troy, MI 59 329 38
1230 Chicago Road Troy, MI 271 1,498 142
12886 Westmore Avenue Livonia, MI 190 1,050 115
12898 Westmore Avenue Livonia, MI 190 1,050 110
33025 Industrial Road Livonia, MI 80 442 57
2002 Stephenson Highway Troy, MI 179 994 185
47711 Clipper Street Plymouth Twsp, MI 539 2,983 265
32975 Industrial Road Livonia, MI 160 887 115
32985 Industrial Road Livonia, MI 137 761 86
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
23079 Commerce Drive 79 506 585 203 1983 (v)
23093 Commerce Drive 295 1,727 2,022 677 1983 (v)
23135 Commerce Drive 158 916 1,074 363 1986 (v)
23149 Commerce Drive 274 1,458 1,732 592 1985 (v)
23163 Commerce Drive 138 801 939 287 1986 (v)
23177 Commerce Drive 254 1,580 1,834 621 1986 (v)
23206 Commerce Drive 137 1,144 1,281 422 1985 (v)
23290 Commerce Drive 210 1,261 1,471 546 1980 (v)
23370 Commerce Drive 66 390 456 168 1980 (v)
24492 Indoplex Circle 175 1,212 1,387 511 1976 (v)
24528 Indoplex Circle 263 1,455 1,718 788 1976 (v)
21477 Bridge Street 253 1,641 1,894 223 1986 (v)
2965 Technology Drive 964 2,388 3,352 291 1995 (v)
1451 Lincoln Avenue 306 2,136 2,442 313 1967 (v)
4400 Purks Drive 612 6,087 6,699 504 1987 (v)
4177A Varsity Drive 90 616 706 130 1993 (v)
6515 Cobb Drive 305 1,930 2,235 242 1984 (v)
32450 N Avis Drive 286 1,754 2,040 167 1974 (v)
32200 N Avis Drive 411 2,464 2,875 253 1973 (v)
11813 Hubbard 180 1,040 1,220 104 1979 (v)
11866 Hubbard 191 1,100 1,291 108 1979 (v)
12050-12300 Hubbard (o) 428 2,739 3,167 365 1981 (v)
38200 Plymouth Road 1,231 4,737 5,968 331 1997 (v)
38220 Plymouth Road 706 5,435 6,141 243 1988 (v)
38300 Plymouth Road 835 4,697 5,532 214 1997 (v)
12707 Eckles Road 267 1,543 1,810 131 1990 (v)
9300-9328 Harrison Rd 154 960 1,114 80 1978 (v)
9330-9358 Harrison Rd 85 682 767 60 1978 (v)
28420-28448 Highland Rd 149 935 1,084 79 1979 (v)
28450-28478 Highland Rd 85 696 781 55 1979 (v)
28421-28449 Highland Rd 114 854 968 89 1980 (v)
28451-28479 Highland Rd 112 727 839 57 1980 (v)
28825-28909 Highland Rd 73 510 583 59 1981 (v)
28933-29017 Highland Rd 117 808 925 82 1982 (v)
28824-28908 Highland Rd 140 949 1,089 72 1982 (v)
28932-29016 Highland Rd 128 918 1,046 101 1982 (v)
9710-9734 Harrison Rd 130 839 969 95 1987 (v)
9740-9772 Harrison Rd 138 929 1,067 118 1987 (v)
9840-9868 Harrison Rd 150 938 1,088 77 1987 (v)
9800-9824 Harrison Rd 123 751 874 58 1987 (v)
29265-29285 Airport Dr 147 956 1,103 74 1983 (v)
29185-29225 Airport Dr 146 1,105 1,251 84 1983 (v)
29149-29165 Airport Dr 226 1,475 1,701 116 1984 (v)
29101-29115 Airport Dr 136 966 1,102 90 1985 (v)
29031-29045 Airport Dr 130 800 930 62 1985 (v)
29050-29062 Airport Dr 133 847 980 64 1986 (v)
29120-29134 Airport Dr 168 1,064 1,232 86 1986 (v)
29200-29214 Airport Dr 178 1,211 1,389 94 1985 (v)
9301-9339 Middlebelt Rd 130 837 967 65 1983 (v)
21405 Trolley Industrial Drive 778 4,557 5,335 322 1971 (v)
26980 Trolley Industrial Drive 463 2,953 3,416 158 1997 (v)
28055 S. Wick Road 195 1,419 1,614 51 1989 (v)
12050-12200 Farmington Road 215 1,226 1,441 50 1973 (v)
33200 Capitol Avenue 252 1,478 1,730 59 1977 (v)
32975 Capitol Avenue 144 820 964 34 1978 (v)
2725 S. Industrial Highway 704 4,152 4,856 211 1997 (v)
32920 Capitol Avenue 82 494 576 19 1973 (v)
32940 Capitol Avenue 61 345 406 14 1971 (v)
11862 Brookfield Avenue 91 517 608 21 1972 (v)
11923 Brookfield Avenue 128 1,116 1,244 71 1973 (v)
11965 Brookfield Avenue 128 734 862 32 1973 (v)
34005 Schoolcraft Road 114 670 784 27 1981 (v)
13405 Stark Road 49 285 334 12 1980 (v)
1170 Chicago Road 266 1,500 1,766 61 1983 (v)
1200 Chicago Road 286 1,606 1,892 66 1984 (v)
450 Robbins Drive 178 997 1,175 41 1976 (v)
556 Robbins Drive 64 362 426 15 1974 (v)
1230 Chicago Road 289 1,622 1,911 66 1996 (v)
12886 Westmore Avenue 202 1,153 1,355 50 1981 (v)
12898 Westmore Avenue 202 1,148 1,350 49 1981 (v)
33025 Industrial Road 85 494 579 20 1980 (v)
2002 Stephenson Highway 192 1,166 1,358 44 1986 (v)
47711 Clipper Street 575 3,212 3,787 132 1996 (v)
32975 Industrial Road 171 991 1,162 48 1984 (v)
32985 Industrial Road 147 837 984 34 1985 (v)
</TABLE>
S-7
<PAGE> 105
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
32995 Industrial Road Livonia, MI 160 887 90
12874 Westmore Avenue Livonia, MI 137 761 76
33067 Industrial Road Livonia, MI 160 887 104
1775 Bellingham Troy, MI 344 1,902 215
1785 East Maple Troy, MI 92 507 52
1807 East Maple Troy, MI 321 1,775 162
9800 Chicago Road Troy, MI 206 1,141 103
1840 Enterprise Drive Rochester Hills, MI 573 3,170 277
1885 Enterprise Drive Rochester Hills, MI 209 1,158 110
1935-55 Enterprise Drive Rochester Hills, MI 1,285 7,144 788
5500 Enterprise Court Warren, MI 675 3,737 447
5800 Enterprise Court Warren, MI 202 1,117 142
750 Chicago Road Troy, MI 323 1,790 272
800 Chicago Road Troy, MI 283 1,567 167
850 Chicago Road Troy, MI 183 1,016 94
2805 S. Industrial Highway Ann Arbor, MI 318 1,762 162
6833 Center Drive Sterling Heights, MI 467 2,583 179
22731 Newman Street Dearborn, MI 542 3,001 95
32201 North Avis Drive Madison Heights, MI 345 1,911 85
1100 East Mandoline Road Madison Heights, MI 888 4,915 777
30081 Stephenson Highway Madison Heights, MI 271 1,499 333
1120 John A. Papalas Drive (p) Lincoln Park, MI 586 3,241 200
36555 Ecorse Romulus, MI 600 - 9,357
6340 Middlebelt Romulus, MI 673 - 3,649
4872 S. Lapeer Road Lake Orion Twsp, MI 1,342 5,441 107
775 James L. Hart Parkway Ypsilanti, MI 348 1,536 267
GRAND RAPIDS
3232 Kraft Avenue Grand Rapids, MI (d) 810 4,792 1,444
8181 Logistics Drive Grand Rapids, MI (d) 803 5,263 721
5062 Kendrick Court SE Grand Rapids, MI (d) 142 815 13
2 84th Street SW Grand Rapids, MI 117 685 309
100 84th Street SW Grand Rapids, MI 255 1,477 159
511 76th Street SW Grand Rapids, MI 758 4,355 206
553 76th Street SW Grand Rapids, MI 32 191 242
555 76th Street SW Grand Rapids, MI 776 4,458 97
2925 Remico Avenue SW Grand Rapids, MI 281 1,617 21
2935 Walkent Court NW Grand Rapids, MI 285 1,663 204
3300 Kraft Avenue SE Grand Rapids, MI 838 4,810 222
3366 Kraft Avenue SE Grand Rapids, MI 833 4,780 636
5001 Kendrick Court SE Grand Rapids, MI 210 1,221 164
5050 Kendrick Court SE Grand Rapids, MI 1,721 11,433 4,569
5015 52nd Street SE Grand Rapids, MI 234 1,321 65
5025 28th Street Grand Rapids, MI 77 488 17
5079 33rd Street SE Grand Rapids, MI 525 3,018 154
5333 33rd Street SE Grand Rapids, MI 480 2,761 134
5130 Patterson Avenue SE Grand Rapids, MI 137 793 43
425 Gordon Industrial Court Grand Rapids, MI (c) 611 3,747 1,331
2851 Prairie Street Grand Rapids, MI (c) 377 2,778 241
2945 Walkent Court Grand Rapids, MI (c) 310 2,074 296
537 76th Street Grand Rapids, MI (c) 255 1,456 330
3395 Kraft Avenue Grand Rapids, MI 214 1,212 73
3427 Kraft Avenue Grand Rapids, MI 157 892 56
HARTFORD
20 Utopia Road Manchester, CT 113 703 119
50 Utopia Road Manchester, CT 190 1,170 14
135 Sheldon road Manchester, CT 247 1,488 104
169 Progress Road Manchester, CT 334 2,030 21
227 Progress Drive Manchester, CT 80 486 7
249 Progress Drive Manchester, CT 89 562 1
428 Hayden Station Road Windsor, CT 167 1,003 46
430 Hayden Station Road Windsor, CT 238 1,415 8
436 Hayden Station Road Windsor, CT 282 1,681 15
460 Hayden Station Road Windsor, CT 207 1,236 12
345 MacCausland Court Cheshire, CT 866 - 5,258
HOUSTON
2102-2314 Edwards Street Houston, TX 348 1,973 830
4545 Eastpark Drive Houston, TX 235 1,331 62
3351 Ranch St Houston, TX 272 1,541 96
3851 Yale St Houston, TX 413 2,343 177
3337-3347 Ranch Street Houston, TX 227 1,287 97
8505 N Loop East Houston, TX 439 2,489 124
4749-4799 Eastpark Dr Houston, TX 594 3,368 185
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
32995 Industrial Road 171 966 1,137 39 1983 (v)
12874 Westmore Avenue 147 827 974 34 1984 (v)
33067 Industrial Road 171 980 1,151 40 1984 (v)
1775 Bellingham 367 2,094 2,461 86 1987 (v)
1785 East Maple 98 553 651 23 1985 (v)
1807 East Maple 342 1,916 2,258 79 1984 (v)
9800 Chicago Road 220 1,230 1,450 50 1985 (v)
1840 Enterprise Drive 611 3,409 4,020 140 1990 (v)
1885 Enterprise Drive 223 1,254 1,477 51 1990 (v)
1935-55 Enterprise Drive 1,371 7,846 9,217 316 1990 (v)
5500 Enterprise Court 721 4,138 4,859 165 1989 (v)
5800 Enterprise Court 215 1,246 1,461 49 1987 (v)
750 Chicago Road 345 2,040 2,385 81 1986 (v)
800 Chicago Road 302 1,715 2,017 69 1985 (v)
850 Chicago Road 196 1,097 1,293 45 1984 (v)
2805 S. Industrial Highway 340 1,902 2,242 78 1990 (v)
6833 Center Drive 489 2,740 3,229 125 1998 (v)
22731 Newman Street 543 3,095 3,638 141 1985 (v)
32201 North Avis Drive 347 1,994 2,341 91 1974 (v)
1100 East Mandoline Road 891 5,689 6,580 236 1967 (v)
30081 Stephenson Highway 272 1,831 2,103 79 1967 (v)
1120 John A. Papalas Drive (p) 588 3,439 4,027 156 1985 (v)
36555 Ecorse 685 9,272 9,957 325 1998 (v)
6340 Middlebelt 833 3,489 4,322 125 1998 (v)
4872 S. Lapeer Road 1,393 5,497 6,890 73 1999 (v)
775 James L. Hart Parkway 604 1,547 2,151 27 1999 (v)
GRAND RAPIDS
3232 Kraft Avenue 874 6,172 7,046 926 1988 (v)
8181 Logistics Drive 864 5,923 6,787 875 1990 (v)
5062 Kendrick Court SE 142 828 970 119 1987 (v)
2 84th Street SW 117 994 1,111 168 1986 (v)
100 84th Street SW 255 1,636 1,891 260 1979 (v)
511 76th Street SW 758 4,561 5,319 717 1986 (v)
553 76th Street SW 32 433 465 114 1985 (v)
555 76th Street SW 776 4,555 5,331 648 1987 (v)
2925 Remico Avenue SW 281 1,638 1,919 229 1988 (v)
2935 Walkent Court NW 285 1,867 2,152 268 1991 (v)
3300 Kraft Avenue SE 838 5,032 5,870 792 1987 (v)
3366 Kraft Avenue SE 833 5,416 6,249 1,033 1987 (v)
5001 Kendrick Court SE 210 1,385 1,595 192 1983 (v)
5050 Kendrick Court SE 1,721 16,002 17,723 2,110 1988 (v)
5015 52nd Street SE 234 1,386 1,620 187 1987 (v)
5025 28th Street 77 505 582 115 1967 (v)
5079 33rd Street SE 525 3,172 3,697 442 1990 (v)
5333 33rd Street SE 480 2,895 3,375 447 1991 (v)
5130 Patterson Avenue SE 137 836 973 120 1987 (v)
425 Gordon Industrial Court 644 5,045 5,689 682 1990 (v)
2851 Prairie Street 445 2,951 3,396 425 1989 (v)
2945 Walkent Court 352 2,328 2,680 335 1993 (v)
537 76th Street 258 1,783 2,041 240 1987 (v)
3395 Kraft Avenue 220 1,279 1,499 58 1985 (v)
3427 Kraft Avenue 162 943 1,105 43 1985 (v)
HARTFORD
20 Utopia Road 112 823 935 34 1989 (v)
50 Utopia Road 191 1,183 1,374 52 1987 (v)
135 Sheldon road 245 1,594 1,839 94 1987 (v)
169 Progress Road 337 2,048 2,385 91 1987 (v)
227 Progress Drive 81 492 573 22 1986 (v)
249 Progress Drive 88 564 652 25 1985 (v)
428 Hayden Station Road 166 1,050 1,216 56 1988 (v)
430 Hayden Station Road 236 1,425 1,661 62 1987 (v)
436 Hayden Station Road 283 1,695 1,978 75 1988 (v)
460 Hayden Station Road 209 1,246 1,455 56 1985 (v)
345 MacCausland Court 1,087 5,037 6,124 172 1998 (v)
HOUSTON
2102-2314 Edwards Street 359 2,792 3,151 159 1961 (v)
4545 Eastpark Drive 240 1,388 1,628 75 1972 (v)
3351 Ranch St 278 1,631 1,909 84 1970 (v)
3851 Yale St 425 2,508 2,933 129 1971 (v)
3337-3347 Ranch Street 233 1,378 1,611 71 1970 (v)
8505 N Loop East 449 2,603 3,052 135 1981 (v)
4749-4799 Eastpark Dr 611 3,536 4,147 181 1979 (v)
</TABLE>
S-8
<PAGE> 106
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
4851 Homestead Road Houston, TX 491 2,782 209
3365-3385 Ranch Street Houston, TX 284 1,611 74
5050 Campbell Road Houston, TX 461 2,610 136
4300 Pine Timbers Houston, TX 489 2,769 141
10600 Hampstead Houston, TX 105 597 51
2300 Fairway Park Dr Houston, TX 86 488 46
7901 Blankenship Houston, TX 136 772 178
2500-2530 Fairway Park Drive Houston, TX 766 4,342 262
6550 Longpointe Houston, TX 362 2,050 123
1815 Turning Basin Dr Houston, TX 487 2,761 380
1819 Turning Basin Dr Houston, TX 231 1,308 181
4545 Mossford Dr Houston, TX 237 1,342 72
1805 Turning Basin Drive Houston, TX 564 3,197 461
7000 Empire Drive Houston, TX (j) 450 2,552 521
9777 West Gulfbank Drive Houston, TX (j) 1,217 6,899 319
9835A Genard Road Houston, TX 1,505 8,333 430
9835B Genard Road Houston, TX 245 1,357 70
16134 West Hardy Houston, TX 147 812 13
16216 West Hardy Houston, TX 125 692 13
INDIANAPOLIS
2900 N Shadeland Avenue Indianapolis, IN (e) 2,394 13,565 2,211
2400 North Shadeland Indianapolis, IN 142 802 52
2402 North Shadeland Indianapolis, IN 466 2,640 297
7901 West 21st Street Indianapolis, IN 1,063 6,027 242
1445 Brookville Way Indianapolis, IN (e) 459 2,603 325
1440 Brookville Way Indianapolis, IN (e) 665 3,770 313
1240 Brookville Way Indianapolis, IN (e) 247 1,402 233
1220 Brookville Way Indianapolis, IN (e) 223 40 32
1345 Brookville Way Indianapolis, IN (f) 586 3,321 413
1350 Brookville Way Indianapolis, IN (e) 205 1,161 109
1315 Sadlier Circle E Dr Indianapolis, IN (f) 57 322 48
1341 Sadlier Circle E Dr Indianapolis, IN (f) 131 743 135
1322-1438 Sadlier Circle E Dr Indianapolis, IN (f) 145 822 151
1327-1441 Sadlier Circle E Dr Indianapolis, IN (f) 218 1,234 125
1304 Sadlier Circle E Dr Indianapolis, IN (f) 71 405 81
1402 Sadlier Circle E Dr Indianapolis, IN (f) 165 934 91
1504 Sadlier Circle E Dr Indianapolis, IN (f) 219 1,238 101
1311 Sadlier Circle E Dr Indianapolis, IN (f) 54 304 106
1365 Sadlier Circle E Dr Indianapolis, IN (f) 121 688 141
1352-1354 Sadlier Circle E Dr Indianapolis, IN (f) 178 1,008 136
1335 Sadlier Circle E Dr Indianapolis, IN (f) 81 460 57
1327 Sadlier Circle E Dr Indianapolis, IN (f) 52 295 25
1425 Sadlier Circle E Dr Indianapolis, IN (f) 21 117 28
1230 Brookville Way Indianapolis, IN (e) 103 586 56
6951 E 30th St Indianapolis, IN 256 1,449 103
6701 E 30th St Indianapolis, IN 78 443 40
6737 E 30th St Indianapolis, IN 385 2,181 147
1225 Brookville Way Indianapolis, IN 60 - 397
6555 E 30th St Indianapolis, IN 840 4,760 946
2432-2436 Shadeland Indianapolis, IN 212 1,199 231
8402-8440 E 33rd St Indianapolis, IN 222 1,260 190
8520-8630 E 33rd St Indianapolis, IN 326 1,848 350
8710-8768 E 33rd St Indianapolis, IN 175 993 176
3316-3346 N. Pagosa Court Indianapolis, IN 325 1,842 251
3331 Raton Court Indianapolis, IN 138 802 44
4430 Airport Expressway Indianapolis, IN 1,068 6,789 983
6751 E 30th St Indianapolis, IN 728 2,837 121
9200 East 146th Street Noblesville, IN 215 1,221 1,043
9210 East 146th Street Noblesville, IN 466 684 60
6575 East 30th Street Indianapolis, IN 118 - 1,975
6585 East 30th Street Indianapolis, IN 196 - 3,321
LONG ISLAND
1140 Motor Parkway Hauppauge, NY 1,034 5,861 97
10 Edison Street Amityville, NY 183 1,036 48
120 Secatogue Ave Farmingdale, NY 375 2,123 83
100 Lauman Lane Hicksville, NY 216 1,226 255
200 Finn Court Farmingdale, NY 619 3,506 87
717 Broadway Avenue Holbrook, NY 790 4,474 18
725 Broadway Holbrook, NY 643 3,644 322
270 Duffy Avenue Hicksville, NY 1,305 7,393 179
280 Duffy Avenue Hicksville, NY 478 2,707 9
575 Underhill Boulevard Syosset, NY 2,714 15,382 602
5 Sidney Court Lindenhurst, NY 148 840 40
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
4851 Homestead Road 504 2,978 3,482 156 1973 (v)
3365-3385 Ranch Street 290 1,679 1,969 86 1970 (v)
5050 Campbell Road 470 2,737 3,207 141 1970 (v)
4300 Pine Timbers 499 2,900 3,399 155 1980 (v)
10600 Hampstead 109 644 753 33 1974 (v)
2300 Fairway Park Dr 89 531 620 27 1974 (v)
7901 Blankenship 140 946 1,086 45 1972 (v)
2500-2530 Fairway Park Drive 792 4,578 5,370 248 1974 (v)
6550 Longpointe 370 2,165 2,535 115 1980 (v)
1815 Turning Basin Dr 531 3,097 3,628 159 1980 (v)
1819 Turning Basin Dr 251 1,469 1,720 75 1980 (v)
4545 Mossford Dr 245 1,406 1,651 73 1975 (v)
1805 Turning Basin Drive 616 3,606 4,222 187 1980 (v)
7000 Empire Drive 452 3,071 3,523 183 1980 (v)
9777 West Gulfbank Drive 1,219 7,216 8,435 435 1980 (v)
9835A Genard Road 1,571 8,697 10,268 18 1980 (v)
9835B Genard Road 256 1,416 1,672 3 1980 (v)
16134 West Hardy 149 823 972 2 1984 (v)
16216 West Hardy 127 703 830 1 1984 (v)
INDIANAPOLIS
2900 N Shadeland Avenue 2,492 15,678 18,170 1,715 1957/1992 (v)
2400 North Shadeland 149 847 996 53 1970 (v)
2402 North Shadeland 490 2,913 3,403 190 1970 (v)
7901 West 21st Street 1,079 6,253 7,332 371 1985 (v)
1445 Brookville Way 476 2,911 3,387 305 1989 (v)
1440 Brookville Way 685 4,063 4,748 384 1990 (v)
1240 Brookville Way 258 1,624 1,882 210 1990 (v)
1220 Brookville Way 226 69 295 6 1990 (v)
1345 Brookville Way 601 3,719 4,320 359 1992 (v)
1350 Brookville Way 211 1,264 1,475 119 1994 (v)
1315 Sadlier Circle E Dr 61 366 427 35 1970/1992 (v)
1341 Sadlier Circle E Dr 136 873 1,009 76 1971/1992 (v)
1322-1438 Sadlier Circle E Dr 152 966 1,118 106 1971/1992 (v)
1327-1441 Sadlier Circle E Dr 225 1,352 1,577 140 1992 (v)
1304 Sadlier Circle E Dr 75 482 557 51 1971/1992 (v)
1402 Sadlier Circle E Dr 171 1,019 1,190 98 1970/1992 (v)
1504 Sadlier Circle E Dr 226 1,332 1,558 128 1971/1992 (v)
1311 Sadlier Circle E Dr 57 407 464 64 1971/1992 (v)
1365 Sadlier Circle E Dr 126 824 950 73 1971/1992 (v)
1352-1354 Sadlier Circle E Dr 184 1,138 1,322 123 1970/1992 (v)
1335 Sadlier Circle E Dr 85 513 598 49 1971/1992 (v)
1327 Sadlier Circle E Dr 55 317 372 30 1971/1992 (v)
1425 Sadlier Circle E Dr 23 143 166 13 1971/1992 (v)
1230 Brookville Way 109 636 745 60 1995 (v)
6951 E 30th St 265 1,543 1,808 148 1995 (v)
6701 E 30th St 82 479 561 46 1992 (v)
6737 E 30th St 398 2,315 2,713 232 1995 (v)
1225 Brookville Way 68 389 457 24 1997 (v)
6555 E 30th St 484 6,062 6,546 700 1969/1981 (v)
2432-2436 Shadeland 230 1,412 1,642 119 1968 (v)
8402-8440 E 33rd St 230 1,442 1,672 124 1977 (v)
8520-8630 E 33rd St 336 2,188 2,524 187 1976 (v)
8710-8768 E 33rd St 187 1,157 1,344 97 1979 (v)
3316-3346 N. Pagosa Court 335 2,083 2,418 189 1977 (v)
3331 Raton Court 144 840 984 71 1979 (v)
4430 Airport Expressway 1,238 7,602 8,840 687 1970 (v)
6751 E 30th St 741 2,945 3,686 165 1997 (v)
9200 East 146th Street 224 2,255 2,479 81 1961 (v)
9210 East 146th Street 472 738 1,210 19 1978 (v)
6575 East 30th Street 128 1,965 2,093 64 1998 (v)
6585 East 30th Street 196 3,321 3,517 161 1998 (v)
LONG ISLAND
1140 Motor Parkway 1,032 5,960 6,992 451 1978 (v)
10 Edison Street 183 1,084 1,267 82 1971 (v)
120 Secatogue Ave 374 2,207 2,581 170 1957 (v)
100 Lauman Lane 216 1,481 1,697 108 1968 (v)
200 Finn Court 617 3,595 4,212 273 1965 (v)
717 Broadway Avenue 787 4,495 5,282 342 1967 (v)
725 Broadway 641 3,968 4,609 320 1967 (v)
270 Duffy Avenue 1,302 7,575 8,877 601 1956 (v)
280 Duffy Avenue 477 2,717 3,194 205 1956 (v)
575 Underhill Boulevard 2,712 15,986 18,698 1,214 1967 (v)
5 Sidney Court 149 879 1,028 66 1962 (v)
</TABLE>
S-9
<PAGE> 107
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
7 Sidney Court Lindenhurst, NY 172 975 21
450 Commack Road Deer Park, NY 304 1,720 56
99 Layfayette Drive Syosset, NY 1,607 9,106 147
65 East Bethpage Road Plainview, NY 198 1,122 46
171 Milbar Boulevard Farmingdale, NY 454 2,574 217
95 Horseblock Road Yaphank, NY 1,313 7,439 333
151-171 East 2nd Street Huntington, NY 497 2,815 120
171-175 East 2nd Street Huntington, NY 493 2,792 88
35 Bloomingdale Road Hicksville, NY 190 1,076 125
15-39 Tec Street Hicksville, NY 164 930 51
100 Tec Street Hicksville, NY 237 1,340 63
51-89 Tec Street Hicksville, NY 207 1,171 41
502 Old Country Road Hicksville, NY 95 536 25
80-98 Tec Street Hicksville, NY 123 700 33
201-233 Park Avenue Hicksville, NY 349 1,979 99
One Fairchild Court Plainview, NY 315 1,786 186
79 Express Street Plainview, NY 417 2,363 325
92 Central Avenue Farmingdale, NY 837 4,745 173
160 Engineer Drive Hicksville, NY 148 836 33
260 Engineers Drive Hicksville, NY 264 1,494 283
87-119 Engineers Dr (o) Hicksville, NY 181 1,023 56
950-970 South Broadway Hicksville, NY 250 1,418 178
290 Duffy Avenue Hicksville, NY (g) 383 2,171 245
185 Price Parkway Farmingdale, NY 611 3,464 26
62 Alpha Plaza Hicksville, NY 155 877 53
90 Alpha Plaza Hicksville, NY 127 717 103
325 Duffy Avenue Hicksville, NY 480 2,720 101
600 West John Street Hicksville, NY 488 2,763 4,917
939 Motor Parkway Hauppauge, NY 105 596 93
200 13th Avenue Ronkonkoma, NY 313 1,776 337
100 13th Avenue Ronkonkoma, NY 348 1,973 322
1 Comac Loop Ronkonkoma, NY 348 1,973 382
80 13th Avenue Ronkonkoma, NY 418 2,368 460
90 13th Avenue Ronkonkoma, NY 383 2,171 431
33 Comac Loop Ronkonkoma, NY 383 2,171 427
101-125 Comac Streer Ronkonkoma, NY 905 5,131 857
360 Smith Street Farmingdale, NY 334 1,851 652
700 Dibblee Drive Garden City, NY 2,219 12,282 136
49 Mall Drive Hauppauge, NY 343 5,220 957
275 Marcus Blvd Hauppauge, NY 349 1,934 345
LOUISVILLE
1251 Port Road Jeffersonville, IN 858 - 12,508
9001 Cane Run Road Louisville, KY 524 - 5,569
MILWAUKEE
N25 W23050 Paul Road Pewaukee, WI 474 2,723 18
N25 W23255 Paul Road Waukesha County, WI 571 3,270 8
N27 W23293 Roundy Drive Waukesha County, WI 412 2,837 1
6523 N. Sydney Place Milwaukee, WI 172 976 152
8800 W Bradley Milwaukee, WI 375 2,125 134
1435 North 113th St Wauwatosa, WI 300 1,699 366
11217-43 W. Becher St West Allis, WI 148 841 122
2152 S 114th Street West Allis, WI 326 1,846 101
4560 N. 124th Street Wauwatosa, WI 118 667 84
Science Drive Sturtevant, WI 1,255 - 18,792
12221 W. Feerick Street Wauwatosa, WI 210 1,190 169
MINNEAPOLIS
2700 Freeway Boulevard Brooklyn Center, MN (d) 392 2,318 486
6507-6545 Cecilia Circle Bloomington, MN 357 1,320 691
1275 Corporate Center Drive Eagan, MN 80 357 69
1279 Corporate Center Drive Eagan, MN 105 357 98
2815 Eagandale Boulevard Eagan, MN 80 357 182
6201 West 111th Street Bloomington, MN 1,358 8,622 3,754
6403-6545 Cecilia Drive Bloomington, MN 366 1,363 583
6925-6943 Washington Avenue Edina, MN 117 504 874
6955-6973 Washington Avenue Edina, MN 117 486 481
7251-7279 Washington Avenue Edina, MN 129 382 444
7301-7329 Washington Avenue Edina, MN 174 391 501
7101 Winnetka Avenue North Brooklyn Park, MN 2,195 6,084 2,104
7600 Golden Triangle Drive Eden Prairie, MN 566 1,394 1,299
7900 Main Street Northeast Fridley, MN 480 1,604 637
7901 Beech Street Northeast Fridley, MN 405 1,554 684
9901 West 74th Street Eden Prairie, MN 621 3,289 2,019
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
7 Sidney Court 172 996 1,168 75 1964 (v)
450 Commack Road 303 1,777 2,080 134 1964 (v)
99 Layfayette Drive 1,601 9,259 10,860 729 1964 (v)
65 East Bethpage Road 198 1,168 1,366 97 1960 (v)
171 Milbar Boulevard 454 2,791 3,245 211 1961 (v)
95 Horseblock Road 1,309 7,776 9,085 591 1971 (v)
151-171 East 2nd Street 497 2,935 3,432 220 1968 (v)
171-175 East 2nd Street 493 2,880 3,373 219 1969 (v)
35 Bloomingdale Road 190 1,201 1,391 105 1962 (v)
15-39 Tec Street 165 980 1,145 88 1965 (v)
100 Tec Street 237 1,403 1,640 110 1965 (v)
51-89 Tec Street 207 1,212 1,419 103 1965 (v)
502 Old Country Road 95 561 656 41 1965 (v)
80-98 Tec Street 124 732 856 56 1965 (v)
201-233 Park Avenue 349 2,078 2,427 168 1962 (v)
One Fairchild Court 315 1,972 2,287 149 1959 (v)
79 Express Street 416 2,689 3,105 210 1972 (v)
92 Central Avenue 837 4,918 5,755 368 1961 (v)
160 Engineer Drive 148 869 1,017 65 1966 (v)
260 Engineers Drive 263 1,778 2,041 145 1966 (v)
87-119 Engineers Dr (o) 181 1,079 1,260 92 1966 (v)
950-970 South Broadway 250 1,596 1,846 174 1966 (v)
290 Duffy Avenue 383 2,416 2,799 208 1974 (v)
185 Price Parkway 610 3,491 4,101 264 1969 (v)
62 Alpha Plaza 159 926 1,085 52 1968 (v)
90 Alpha Plaza 130 817 947 44 1969 (v)
325 Duffy Avenue 491 2,810 3,301 145 1970 (v)
600 West John Street 498 7,670 8,168 295 1955 (v)
939 Motor Parkway 112 682 794 35 1977 (v)
200 13th Avenue 358 2,068 2,426 105 1979 (v)
100 13th Avenue 396 2,247 2,643 109 1979 (v)
1 Comac Loop 396 2,307 2,703 112 1980 (v)
80 13th Avenue 475 2,771 3,246 136 1983 (v)
90 13th Avenue 438 2,547 2,985 129 1982 (v)
33 Comac Loop 438 2,543 2,981 123 1983 (v)
101-125 Comac Streer 1,028 5,865 6,893 284 1985 (v)
360 Smith Street 342 2,495 2,837 132 1965 (v)
700 Dibblee Drive 2,227 12,410 14,637 542 1965 (v)
49 Mall Drive 990 5,530 6,520 242 1986 (v)
275 Marcus Blvd 365 2,263 2,628 77 1985 (v)
LOUISVILLE
1251 Port Road 930 12,436 13,366 344 1998 (v)
9001 Cane Run Road 560 5,533 6,093 119 1998 (v)
MILWAUKEE
N25 W23050 Paul Road 474 2,741 3,215 376 1989 (v)
N25 W23255 Paul Road 571 3,278 3,849 450 1987 (v)
N27 W23293 Roundy Drive 412 2,838 3,250 389 1989 (v)
6523 N. Sydney Place 176 1,124 1,300 115 1978 (v)
8800 W Bradley 388 2,246 2,634 200 1982 (v)
1435 North 113th St 310 2,055 2,365 214 1993 (v)
11217-43 W. Becher St 155 956 1,111 73 1979 (v)
2152 S 114th Street 339 1,934 2,273 125 1980 (v)
4560 N. 124th Street 129 740 869 48 1976 (v)
Science Drive 1,422 18,625 20,047 847 1997 (v)
12221 W. Feerick Street 221 1,348 1,569 80 1971 (v)
MINNEAPOLIS
2700 Freeway Boulevard 415 2,781 3,196 453 1981 (v)
6507-6545 Cecilia Circle 386 1,982 2,368 839 1981 (v)
1275 Corporate Center Drive 93 413 506 151 1990 (v)
1279 Corporate Center Drive 109 451 560 174 1990 (v)
2815 Eagandale Boulevard 97 522 619 190 1990 (v)
6201 West 111th Street 1,499 12,235 13,734 2,813 1987 (v)
6403-6545 Cecilia Drive 395 1,917 2,312 878 1980 (v)
6925-6943 Washington Avenue 237 1,258 1,495 653 1972 (v)
6955-6973 Washington Avenue 207 877 1,084 574 1972 (v)
7251-7279 Washington Avenue 182 773 955 517 1972 (v)
7301-7329 Washington Avenue 193 873 1,066 799 1972 (v)
7101 Winnetka Avenue North 2,228 8,155 10,383 3,301 1990 (v)
7600 Golden Triangle Drive 615 2,644 3,259 1,201 1989 (v)
7900 Main Street Northeast 497 2,224 2,721 1,347 1973 (v)
7901 Beech Street Northeast 428 2,215 2,643 1,071 1975 (v)
9901 West 74th Street 639 5,290 5,929 1,421 1983/88 (v)
</TABLE>
S-10
<PAGE> 108
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
11201 Hampshire Avenue South Bloomington, MN 495 1,035 858
12220-12222 Nicollet Avenue Burnsville, MN 105 425 46
12250-12268 Nicollet Avenue Burnsville, MN 260 1,054 182
12224-12226 Nicollet Avenue Burnsville, MN 190 770 125
305 2nd Street Northwest Minneapolis, MN 460 2,744 41
980 Lone Oak Road Minneapolis, MN 683 4,103 391
990 Lone Oak Road Minneapolis, MN 883 5,575 233
1030 Lone Oak Road Minneapolis, MN 456 2,703 64
1060 Lone Oak Road Minneapolis, MN 624 3,700 294
5400 Nathan Lane Minneapolis, MN 749 4,461 44
6464 Sycamore Court Minneapolis, MN 457 2,730 103
10120 W 76th Street Eden Prairie, MN 315 1,804 172
7615 Golden Triangle Eden Prairie, MN 268 1,532 356
7625 Golden Triangle Eden Prairie, MN 415 2,375 267
2605 Fernbrook Lane North Plymouth, MN 443 2,533 372
12155 Nicollet Ave. Burnsville, MN 286 - 1,702
900 Apollo Road Eagan, MN (c) 1,029 5,855 1,126
7316 Aspen Lane North Brooklyn, MN (c) 368 2,156 400
953 Westgate Drive Minneapolis, MN 193 1,178 3
73rd Avenue North Brooklyn Park, MN 504 2,856 73
1905 W Country Road C Roseville, MN 402 2,278 65
2720 Arthur Street Roseville, MN 824 4,671 78
10205 51st Avenue North Plymouth, MN 180 1,020 70
4100 Peavey Road Chaska, MN 399 2,261 631
11300 Hamshire Ave South Bloomington, MN 527 2,985 422
375 Rivertown Drive Woodbury, MN 1,083 6,135 2,700
5205 Highway 169 Plymouth, MN 446 2,525 785
6451-6595 Citywest Parkway Eden Prairie, MN 525 2,975 696
7100-7190 Shady Oak Rd (p) Eden Prairie, MN 1,118 6,333 485
7500-7546 Washington Square Eden Prairie, MN 229 1,300 76
7550-7588 Washington Square Eden Prairie, MN 153 867 39
5240-5300 Valley Industrial Blvd S Eden Prairie, MN 362 2,049 214
1565 First Avenue NW New Brighton, MN 485 2,750 302
7125 Northland Terrace Brooklyn Park, MN 660 3,740 724
6900 Shady Oak Road Eden Prairie, MN 310 1,756 219
6477-6525 City West Parkway Eden Prairie, MN 810 4,590 178
1157 Valley Park Drive Shakopee, MN 760 - 4,539
500-530 Kasota Avenue SE Minneapolis, MN 415 2,354 204
770-786 Kasota Avenue SE Minneapolis, MN 333 1,888 101
800 Kasota Avenue SE Minneapolis, MN 524 2,971 580
2530-2570 Kasota Avenue St. Paul, MN 407 2,308 635
504 Malcolm Ave SE Minneapolis, MN 757 - 421
553 North Fairview Minneapolis, MN 585 3,575 423
1150 Gateway Drive Shakopee, MN - - -
NASHVILLE
1621 Heil Quaker Boulevard Nashville, TN (d) 413 2,348 468
417 Harding Industrial Drive Nashville, TN 653 4,583 1,338
3099 Barry Drive Portland, TN 418 2,368 63
3150 Barry Drive Portland, TN 941 5,333 337
5599 Highway 31 West Portland, TN 564 3,196 65
1650 Elm Hill Pike Nashville, TN 329 1,867 69
1821 Air Lane Drive Nashville, TN 149 846 13
1102 Appleton Drive Nashville, TN 154 873 1
1920 Air Lane Drive Nashville, TN 250 1,415 30
1931 Air Lane Drive Nashville, TN 491 2,785 117
470 Metroplex Drive (o) Nashville, TN 619 3,507 1,176
1150 Antiock Pike Nashville, TN 667 3,748 44
1630 Corporate Place La Vergne, TN 230 1,271 326
4640 Cummings Park Nashville, TN 360 2,040 51
NORTHERN NEW JERSEY
60 Ethel Road West Piscataway, NJ 252 1,426 139
70 Ethel Road West Piscataway, NJ 431 2,443 147
105 Neptune Boulevard Neptune, NJ 245 1,386 218
140 Hanover Avenue Hanover, NJ 457 2,588 368
601-629 Montrose Avenue South Plainfield, NJ 487 2,762 226
3 Marlen Hamilton, NJ 71 404 100
5 Marlen Hamilton, NJ 116 655 41
7 Marlen Hamilton, NJ 128 728 61
8 Marlen Hamilton, NJ 230 1,302 46
15 Marlen Hamilton, NJ 53 302 34
17 Marlen Hamilton, NJ 104 588 60
1 South Gold Drive Hamilton, NJ 106 599 44
5 South Gold Drive Hamilton, NJ 106 602 57
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
11201 Hampshire Avenue South 501 1,887 2,388 852 1986 (v)
12220-12222 Nicollet Avenue 114 462 576 184 1989/90 (v)
12250-12268 Nicollet Avenue 296 1,200 1,496 474 1989/90 (v)
12224-12226 Nicollet Avenue 207 878 1,085 350 1989/90 (v)
305 2nd Street Northwest 460 2,785 3,245 411 1991 (v)
980 Lone Oak Road 683 4,494 5,177 848 1992 (v)
990 Lone Oak Road 873 5,818 6,691 1,155 1989 (v)
1030 Lone Oak Road 456 2,767 3,223 411 1988 (v)
1060 Lone Oak Road 624 3,994 4,618 625 1988 (v)
5400 Nathan Lane 749 4,505 5,254 637 1990 (v)
6464 Sycamore Court 457 2,833 3,290 448 1990 (v)
10120 W 76th Street 315 1,976 2,291 252 1987 (v)
7615 Golden Triangle 268 1,888 2,156 458 1987 (v)
7625 Golden Triangle 415 2,642 3,057 388 1987 (v)
2605 Fernbrook Lane North 445 2,903 3,348 478 1987 (v)
12155 Nicollet Ave. 288 1,700 1,988 173 1995 (v)
900 Apollo Road 1,030 6,980 8,010 749 1970 (v)
7316 Aspen Lane North 377 2,547 2,924 291 1978 (v)
953 Westgate Drive 193 1,181 1,374 165 1991 (v)
73rd Avenue North 512 2,921 3,433 274 1995 (v)
1905 W Country Road C 409 2,336 2,745 219 1993 (v)
2720 Arthur Street 832 4,741 5,573 444 1995 (v)
10205 51st Avenue North 187 1,083 1,270 107 1990 (v)
4100 Peavey Road 415 2,876 3,291 268 1988 (v)
11300 Hamshire Ave South 541 3,393 3,934 485 1983 (v)
375 Rivertown Drive 1,503 8,415 9,918 528 1996 (v)
5205 Highway 169 739 3,017 3,756 320 1960 (v)
6451-6595 Citywest Parkway 538 3,658 4,196 419 1984 (v)
7100-7190 Shady Oak Rd (p) 1,149 6,787 7,936 543 1982 (v)
7500-7546 Washington Square 235 1,370 1,605 104 1975 (v)
7550-7588 Washington Square 157 902 1,059 69 1973 (v)
5240-5300 Valley Industrial Blvd S 371 2,254 2,625 182 1975 (v)
1565 First Avenue NW 496 3,041 3,537 210 1978 (v)
7125 Northland Terrace 767 4,357 5,124 295 1996 (v)
6900 Shady Oak Road 340 1,945 2,285 133 1980 (v)
6477-6525 City West Parkway 819 4,759 5,578 273 1984 (v)
1157 Valley Park Drive 888 4,411 5,299 101 1997 (v)
500-530 Kasota Avenue SE 429 2,544 2,973 123 1976 (v)
770-786 Kasota Avenue SE 344 1,978 2,322 98 1976 (v)
800 Kasota Avenue SE 592 3,483 4,075 165 1976 (v)
2530-2570 Kasota Avenue 462 2,888 3,350 146 1976 (v)
504 Malcolm Ave SE 936 242 1,178 19 1976 (v)
553 North Fairview 827 3,756 4,583 45 1999 (v)
1150 Gateway Drive - - - - 1999 (v)
NASHVILLE
1621 Heil Quaker Boulevard 430 2,799 3,229 385 1975 (v)
417 Harding Industrial Drive 763 5,811 6,574 1,283 1972 (v)
3099 Barry Drive 424 2,425 2,849 196 1995 (v)
3150 Barry Drive 987 5,624 6,611 456 1993 (v)
5599 Highway 31 West 571 3,254 3,825 264 1995 (v)
1650 Elm Hill Pike 331 1,934 2,265 116 1984 (v)
1821 Air Lane Drive 151 857 1,008 50 1984 (v)
1102 Appleton Drive 154 874 1,028 50 1984 (v)
1920 Air Lane Drive 251 1,444 1,695 103 1985 (v)
1931 Air Lane Drive 495 2,898 3,393 209 1984 (v)
470 Metroplex Drive (o) 624 4,678 5,302 226 1986 (v)
1150 Antiock Pike 668 3,791 4,459 218 1987 (v)
1630 Corporate Place 233 1,594 1,827 47 1999 (v)
4640 Cummings Park 365 2,086 2,451 13 1986 (v)
NORTHERN NEW JERSEY
60 Ethel Road West 264 1,553 1,817 107 1982 (v)
70 Ethel Road West 451 2,570 3,021 160 1979 (v)
105 Neptune Boulevard 255 1,594 1,849 139 1989 (v)
140 Hanover Avenue 469 2,944 3,413 270 1964/1988 (v)
601-629 Montrose Avenue 512 2,963 3,475 192 1974 (v)
3 Marlen 74 501 575 33 1981 (v)
5 Marlen 121 691 812 43 1981 (v)
7 Marlen 136 781 917 48 1982 (v)
8 Marlen 235 1,343 1,578 70 1982 (v)
15 Marlen 58 331 389 20 1982 (v)
17 Marlen 110 642 752 40 1981 (v)
1 South Gold Drive 112 637 749 40 1973 (v)
5 South Gold Drive 113 652 765 44 1974 (v)
</TABLE>
S-11
<PAGE> 109
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
6 South Gold Drive Hamilton, NJ 58 332 33
7 South Gold Drive Hamilton, NJ 32 182 29
8 South Gold Drive Hamilton, NJ 103 584 43
9 South Gold Drive Hamilton, NJ 60 342 47
11 South Gold Drive Hamilton, NJ 183 1,039 67
12 South Gold Drive Hamilton, NJ 84 475 70
9 Princess Road Lawrenceville, NJ 221 1,254 90
11 Princess Road Lawrenceville, NJ 491 2,780 166
15 Princess Road Lawrenceville, NJ 234 1,328 273
17 Princess Road Lawrenceville, NJ 342 1,936 55
220 Hanover Avenue Hanover, NJ 1,361 7,715 509
244 Shefield Street Mountainside, NJ 201 1,141 137
30 Troy Road Hanover, NJ 128 727 60
15 Leslie Court Hanover, NJ 126 716 42
20 Leslie Court Hanover, NJ 84 474 32
25 Leslie Court Hanover, NJ 512 2,899 142
130 Algonquin Parkway Hanover, NJ 157 888 75
150 Algonquin Parkway Hanover, NJ 85 479 34
55 Locust Avenue Roseland, NJ 535 3,034 182
31 West Forest Street (o) Englewood, NJ 941 5,333 442
25 World's Fair Drive Franklin, NJ 285 1,616 83
14 World's Fair Drive Franklin, NJ 483 2,735 259
16 World's Fair Drive Franklin, NJ 174 988 77
18 World's Fair Drive Franklin, NJ 123 699 44
23 World's Fair Drive Franklin, NJ 134 758 71
12 World's Fair Drive Franklin, NJ 572 3,240 166
49 Napoleon Court Franklin, NJ 230 1,306 69
50 Napoleon Court Franklin, NJ 149 842 41
22 World's Fair Drive Franklin, NJ 364 2,064 195
26 World's Fair Drive Franklin, NJ 361 2,048 148
24 World's Fair Drive Franklin, NJ 347 1,968 150
12 Wright Way Oakland, NJ 410 2,321 110
NEW ORLEANS
520-524 Elmwood Park Blvd (o) Jefferson, LA 926 5,248 251
125 Mallard St St. Rose, LA (i) 103 586 223
107 Mallard St. Rose, LA (i) 164 928 65
125 James Drive West St. Rose, LA (i) 246 1,392 138
161 James Drive West St. Rose, LA 298 1,687 260
150 James Drive East St. Rose, LA 399 2,258 141
115 James Drive West St. Rose, LA (i) 163 922 60
100 James Drive St. Rose, LA (i) 430 2,435 144
143 Mallard St St. Rose, LA (i) 143 812 107
160 James Drive East St. Rose, LA (i) 102 580 210
190 James Drive East St. Rose, LA (i) 205 1,160 114
120 Mallard St St. Rose, LA (i) 348 1,971 289
110 James Drive West St. Rose, LA (i) 143 812 160
150 Canvasback Dr St. Rose, LA 165 937 35
PHILADELPHIA
212 Welsh Pool Road Exton, PA 160 886 108
230-240 Welsh Pool Road Exton, PA 154 851 134
264 Welsh Pool Road Exton, PA 147 811 71
254 Welsh Pool Road Exton, PA 152 842 325
256 Welsh Pool Road Exton, PA 82 452 183
213 Welsh Pool Road Exton, PA 149 827 239
251 Welsh Pool Road Exton, PA 144 796 100
253-255 Welsh Pool Road Exton, PA 113 626 94
151-161 Philips Road Exton, PA 191 1,059 160
210 Philips Road Exton, PA 182 1,005 217
215 Welsh Pool Road Exton, PA 67 372 166
102 Pickering Way Exton, PA 765 4,235 417
217 Welsh Pool Road Exton, PA 64 357 44
216 Philips Road Exton, PA 199 1,100 186
202 Philips Road Exton, PA 174 966 130
110 Thousand Oaks Blvd Morgantown, PA 416 2,300 1,185
20 McDonald Blvd Aston, PA 184 1,016 50
30 McDonald Blvd Aston, PA 135 748 90
219 Welsh Pool Road Exton, PA 122 678 38
PHOENIX
7340 South Kyrene Rd Tempe, AZ 1,495 8,469 47
7350 S Kyrene Road Tempe, AZ 818 4,634 394
7360 South Kyrene Rd Tempe, AZ 508 2,876 47
7343 South Hardy Drive Tempe, AZ 1,119 6,341 83
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
6 South Gold Drive 63 360 423 22 1975 (v)
7 South Gold Drive 36 207 243 13 1976 (v)
8 South Gold Drive 109 621 730 39 1977 (v)
9 South Gold Drive 65 384 449 26 1980 (v)
11 South Gold Drive 192 1,097 1,289 68 1979 (v)
12 South Gold Drive 89 540 629 33 1980 (v)
9 Princess Road 231 1,334 1,565 86 1985 (v)
11 Princess Road 511 2,926 3,437 187 1985 (v)
15 Princess Road 245 1,590 1,835 176 1986 (v)
17 Princess Road 343 1,990 2,333 140 1986 (v)
220 Hanover Avenue 1,420 8,165 9,585 506 1987 (v)
244 Shefield Street 210 1,269 1,479 88 1965/1986 (v)
30 Troy Road 134 781 915 46 1972 (v)
15 Leslie Court 132 752 884 47 1971 (v)
20 Leslie Court 88 502 590 31 1974 (v)
25 Leslie Court 526 3,027 3,553 187 1975 (v)
130 Algonquin Parkway 163 957 1,120 56 1973 (v)
150 Algonquin Parkway 89 509 598 32 1973 (v)
55 Locust Avenue 560 3,191 3,751 199 1980 (v)
31 West Forest Street (o) 975 5,741 6,716 357 1978 (v)
25 World's Fair Drive 297 1,687 1,984 105 1986 (v)
14 World's Fair Drive 503 2,974 3,477 214 1980 (v)
16 World's Fair Drive 183 1,056 1,239 66 1981 (v)
18 World's Fair Drive 129 737 866 46 1982 (v)
23 World's Fair Drive 140 823 963 50 1982 (v)
12 World's Fair Drive 593 3,385 3,978 211 1981 (v)
49 Napoleon Court 238 1,367 1,605 70 1982 (v)
50 Napoleon Court 154 878 1,032 46 1982 (v)
22 World's Fair Drive 375 2,248 2,623 127 1983 (v)
26 World's Fair Drive 377 2,180 2,557 140 1984 (v)
24 World's Fair Drive 362 2,103 2,465 133 1984 (v)
12 Wright Way 424 2,417 2,841 151 1981 (v)
NEW ORLEANS
520-524 Elmwood Park Blvd (o) 949 5,476 6,425 304 1986 (v)
125 Mallard St 108 804 912 100 1984 (v)
107 Mallard 171 986 1,157 51 1985 (v)
125 James Drive West 257 1,519 1,776 77 1990 (v)
161 James Drive West 304 1,941 2,245 133 1986 (v)
150 James Drive East 409 2,389 2,798 129 1986 (v)
115 James Drive West 171 974 1,145 50 1986 (v)
100 James Drive 450 2,559 3,009 135 1980 (v)
143 Mallard St 151 911 1,062 46 1982 (v)
160 James Drive East 108 784 892 80 1981 (v)
190 James Drive East 214 1,265 1,479 68 1987 (v)
120 Mallard St 365 2,243 2,608 128 1981 (v)
110 James Drive West 150 965 1,115 64 1983 (v)
150 Canvasback Dr 170 967 1,137 50 1986 (v)
PHILADELPHIA
212 Welsh Pool Road 175 979 1,154 44 1975 (v)
230-240 Welsh Pool Road 169 970 1,139 43 1975 (v)
264 Welsh Pool Road 156 873 1,029 39 1975 (v)
254 Welsh Pool Road 178 1,141 1,319 45 1975 (v)
256 Welsh Pool Road 92 625 717 24 1975 (v)
213 Welsh Pool Road 171 1,044 1,215 51 1975 (v)
251 Welsh Pool Road 157 883 1,040 39 1975 (v)
253-255 Welsh Pool Road 124 709 833 35 1975 (v)
151-161 Philips Road 215 1,195 1,410 52 1975 (v)
210 Philips Road 197 1,207 1,404 66 1975 (v)
215 Welsh Pool Road 79 526 605 54 1975 (v)
102 Pickering Way 823 4,594 5,417 207 1980 (v)
217 Welsh Pool Road 70 395 465 18 1975 (v)
216 Philips Road 218 1,267 1,485 58 1985 (v)
202 Philips Road 198 1,072 1,270 48 1972 (v)
110 Thousand Oaks Blvd 461 3,440 3,901 119 1987 (v)
20 McDonald Blvd 192 1,058 1,250 35 1988 (v)
30 McDonald Blvd 149 824 973 32 1988 (v)
219 Welsh Pool Road 125 713 838 6 1980 (v)
PHOENIX
7340 South Kyrene Rd 1,499 8,512 10,011 443 1996 (v)
7350 S Kyrene Road 821 5,025 5,846 265 1996 (v)
7360 South Kyrene Rd 512 2,919 3,431 151 1996 (v)
7343 South Hardy Drive 1,129 6,414 7,543 346 1997 (v)
</TABLE>
S-12
<PAGE> 110
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
7333 South Hardy Drive Tempe, AZ 1,549 8,779 56
1045 South Edward Drive Tempe, AZ 390 2,160 53
PORTLAND
5687 International Way (q) Milwaukee, OR (n) 430 2,385 124
5795 SW Jean Road (p) Lake Oswego, OR 427 2,362 113
12130 NE Ainsworth Circle (o) Portland, OR 523 2,898 141
5509 NW 122nd Ave (o) Milwaukee, OR (m) 244 1,351 60
6105-6113 NE 92nd Avenue (q) Portland, OR 884 4,891 219
8727 NE Marx Drive (p) Portland, OR 580 3,210 151
3910 SW 170th Ave Portland, OR 125 690 39
3388 SE 20th St. Portland, OR 73 405 42
5962-5964 NE 87th Ave Portland, OR 72 398 31
116 SE Yamhill Portland, OR 38 208 22
9106 NE Marx Drive Portland, OR 40 223 28
11620 NE Ainsworth Circle Portland, OR 152 839 34
11824 NE Ainsworth Circle Portland, OR 166 916 43
12124 NE Ainsworth Circle Portland, OR 207 1,148 53
2715 SE Raymond Portland, OR 159 880 53
1645 NE 72nd Ave Portland, OR 116 641 40
1630 SE 8th Ave. Portland, OR 140 775 29
9044 NE Marx Drive Portland, OR 83 459 36
2443 SE 4th Ave. Portland, OR 157 870 47
711 SE Stark St. Portland, OR 42 233 24
11632 NE Ainsworth Circle Portland, OR 799 4,422 172
NE 138th & Airport Way Portland, OR 931 5,155 126
14699 NE Airport Way Portland, OR 242 1,340 51
SALT LAKE
2255 South 300 West (t) Salt Lake City, UT 618 3,504 105
512 Lawndale Drive (u) Salt Lake City, UT 2,779 15,749 1,233
1270 West 2320 South West Valley, UT 138 784 38
1275 West 2240 South West Valley, UT 395 2,241 74
1288 West 2240 South West Valley, UT 119 672 42
2235 South 1300 West West Valley, UT 198 1,120 59
1293 West 2200 South West Valley, UT 158 896 91
1279 West 2200 South West Valley, UT 198 1,120 36
1272 West 2240 South West Valley, UT 336 1,905 71
1149 West 2240 South West Valley, UT 217 1,232 44
1142 West 2320 South West Valley, UT 217 1,232 45
SOUTHERN NEW JERSEY
2-5 North Olnev Ave. Cherry Hill, NJ 284 1,524 50
2 Springdale Road Cherry Hill, NJ 127 701 18
4 Springdale Road (o) Cherry Hill, NJ 335 1,853 373
6 Springdale Road Cherry Hill, NJ 99 547 18
8 Springdale Road Cherry Hill, NJ 259 1,436 42
12 Springdale Road Cherry Hill, NJ 279 1,545 81
1 Esterbrook Lane Cherry Hill, NJ 43 238 8
16 Springdale Road Cherry Hill, NJ 241 1,336 57
5 Esterbrook Lane Cherry Hill, NJ 241 1,336 36
2 Pin Oak Lane Cherry Hill, NJ 317 1,757 60
6 Esterbrook Lane Cherry Hill, NJ 165 914 27
3 Computer Drive Cherry Hill, NJ 500 2,768 134
19 Perina Blvd. Cherry Hill, NJ 161 889 25
28 Springdale Road Cherry Hill, NJ 192 1,060 31
3 Esterbrook Lane Cherry Hill, NJ 199 1,102 228
4 Esterbrook Lane Cherry Hill, NJ 234 1,294 33
26 Springdale Road Cherry Hill, NJ 227 1,257 27
1 Keystone Ave. Cherry Hill, NJ 227 1,223 41
1919 Springdale Road Cherry Hill, NJ 232 1,286 39
21 Olnev Ave. Cherry Hill, NJ 69 380 18
19 Olnev Ave. Cherry Hill, NJ 202 1,119 42
2 Keystone Ave. Cherry Hill, NJ 216 1,194 47
18 Olnev Ave. Cherry Hill, NJ 250 1,382 49
22 Springdale Road Cherry Hill, NJ 526 2,914 199
1998 Springdale Road Cherry Hill, NJ 17 96 39
55 Carnegie Drive Cherry Hill, NJ 550 3,047 76
57 Carnegie Drive Cherry Hill, NJ 739 4,109 113
ST. LOUIS
8921-8957 Frost Avenue Hazelwood, MO (d) 431 2,479 16
9043-9083 Frost Avenue Hazelwood, MO (d) 319 1,838 609
2121 Chapin Industrial Drive Vinita Park, MO 606 4,384 1,254
1200 Andes Boulevard Olivette, MO 246 1,412 120
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
----------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
7333 South Hardy Drive 1,555 8,829 10,384 460 1997 (v)
1045 South Edward Drive 395 2,208 2,603 23 1976
PORTLAND
5687 International Way (q) 440 2,499 2,939 94 1974 (v)
5795 SW Jean Road (p) 435 2,467 2,902 88 1985 (v)
12130 NE Ainsworth Circle (o) 533 3,029 3,562 106 1986 (v)
5509 NW 122nd Ave (o) 249 1,406 1,655 50 1995 (v)
6105-6113 NE 92nd Avenue (q) 898 5,096 5,994 179 1978 (v)
8727 NE Marx Drive (p) 590 3,351 3,941 118 1987 (v)
3910 SW 170th Ave 128 726 854 25 1987 (v)
3388 SE 20th St. 76 444 520 15 1981 (v)
5962-5964 NE 87th Ave 75 426 501 15 1979 (v)
116 SE Yamhill 40 228 268 8 1974 (v)
9106 NE Marx Drive 43 248 291 8 1969 (v)
11620 NE Ainsworth Circle 156 869 1,025 30 1992 (v)
11824 NE Ainsworth Circle 170 955 1,125 33 1992 (v)
12124 NE Ainsworth Circle 212 1,196 1,408 42 1984 (v)
2715 SE Raymond 163 929 1,092 32 1971 (v)
1645 NE 72nd Ave 120 677 797 24 1972 (v)
1630 SE 8th Ave. 144 800 944 28 1968 (v)
9044 NE Marx Drive 86 492 578 17 1986 (v)
2443 SE 4th Ave. 161 913 1,074 32 1964 (v)
711 SE Stark St. 45 254 299 9 1972 (v)
11632 NE Ainsworth Circle 812 4,581 5,393 162 1990 (v)
NE 138th & Airport Way 946 5,266 6,212 186 1990 (v)
14699 NE Airport Way 248 1,385 1,633 49 1998 (v)
SALT LAKE
2255 South 300 West (t) 612 3,615 4,227 191 1980 (v)
512 Lawndale Drive (u) 2,774 16,987 19,761 901 1981 (v)
1270 West 2320 South 142 818 960 44 1986 (v)
1275 West 2240 South 405 2,305 2,710 115 1986 (v)
1288 West 2240 South 122 711 833 35 1986 (v)
2235 South 1300 West 202 1,175 1,377 58 1986 (v)
1293 West 2200 South 162 983 1,145 46 1986 (v)
1279 West 2200 South 202 1,152 1,354 57 1986 (v)
1272 West 2240 South 344 1,968 2,312 105 1986 (v)
1149 West 2240 South 223 1,270 1,493 63 1986 (v)
1142 West 2320 South 223 1,271 1,494 63 1987 (v)
SOUTHERN NEW JERSEY
2-5 North Olnev Ave. 285 1,573 1,858 68 1963 (v)
2 Springdale Road 127 719 846 31 1968 (v)
4 Springdale Road (o) 336 2,225 2,561 86 1963 (v)
6 Springdale Road 99 565 664 25 1964 (v)
8 Springdale Road 260 1,477 1,737 64 1966 (v)
12 Springdale Road 280 1,625 1,905 89 1965 (v)
1 Esterbrook Lane 43 246 289 11 1965 (v)
16 Springdale Road 242 1,392 1,634 60 1967 (v)
5 Esterbrook Lane 242 1,371 1,613 60 1966 (v)
2 Pin Oak Lane 319 1,815 2,134 79 1968 (v)
6 Esterbrook Lane 166 940 1,106 41 1966 (v)
3 Computer Drive 502 2,900 3,402 126 1966 (v)
19 Perina Blvd. 161 914 1,075 40 1966 (v)
28 Springdale Road 192 1,091 1,283 47 1967 (v)
3 Esterbrook Lane 200 1,329 1,529 58 1968 (v)
4 Esterbrook Lane 235 1,326 1,561 58 1969 (v)
26 Springdale Road 228 1,283 1,511 56 1968 (v)
1 Keystone Ave. 222 1,269 1,491 55 1969 (v)
1919 Springdale Road 233 1,324 1,557 58 1970 (v)
21 Olnev Ave. 69 398 467 17 1969 (v)
19 Olnev Ave. 203 1,160 1,363 50 1971 (v)
2 Keystone Ave. 217 1,240 1,457 56 1966 (v)
18 Olnev Ave. 251 1,430 1,681 62 1974 (v)
22 Springdale Road 528 3,111 3,639 176 1977 (v)
1998 Springdale Road 18 134 152 21 1971 (v)
55 Carnegie Drive 552 3,121 3,673 136 1988 (v)
57 Carnegie Drive 742 4,219 4,961 184 1987 (v)
ST. LOUIS
8921-8957 Frost Avenue 431 2,495 2,926 342 1971 (v)
9043-9083 Frost Avenue 319 2,447 2,766 288 1970 (v)
2121 Chapin Industrial Drive 614 5,630 6,244 4,902 1969/87 (v)
1200 Andes Boulevard 319 1,459 1,778 195 1967 (v)
</TABLE>
S-13
<PAGE> 111
<TABLE>
<CAPTION>
COSTS
(b) CAPITALIZED
INITIAL COST SUBSEQUENT TO
LOCATION (a) ----------------------- ACQUISITION
BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS OR COMPLETION
- ---------------- ------------ ------------ ------ ----------- -------------
<S> <C> <C> <C> <C> <C>
1248 Andes Boulevard Olivette, MO 156 907 51
1208-1226 Ambassador Boulevard Olivette, MO 235 1,351 104
1503-1525 Fairview Industrial Olivette, MO 112 658 143
2462-2470 Schuetz Road St. Louis, MO 174 1,004 -
10431-10449 Midwest Industrial Blvd Olivette, MO 237 1,360 214
10751 Midwest Industrial Boulevard Olivette, MO 193 1,119 19
11652-11666 Fairgrove Industrial Blvd St. Louis, MO 103 599 141
11674-11688 Fairgrove Industrial Blvd St. Louis, MO 118 689 27
2337 Centerline Drive Maryland Heights, MO 216 1,242 113
6951 N Hanley (o) Hazelwood, MO 405 2,295 1,607
4560 Anglum Road Hazelwood, MO 150 849 205
2760 South 1st Street St. Louis, MO 800 - 4,562
TAMPA
6614 Adamo Drive Tampa, FL 177 1,005 51
202 Kelsey Tampa, FL 602 3,409 148
6202 Benjamin Road Tampa, FL 203 1,151 142
6204 Benjamin Road Tampa, FL 432 2,445 228
6206 Benjamin Road Tampa, FL 397 2,251 169
6302 Benjamin Road Tampa, FL 214 1,212 108
6304 Benjamin Road Tampa, FL 201 1,138 139
6306 Benjamin Road Tampa, FL 257 1,457 210
6308 Benjamin Road Tampa, FL 345 1,958 154
5313 Johns Road Tampa, FL 204 1,159 66
5602 Thompson Center Court Tampa, FL 115 652 41
5411 Johns Road Tampa, FL 230 1,304 91
5525 Johns Road Tampa, FL 192 1,086 63
5607 Johns Road Tampa, FL 102 579 56
5709 Johns Road Tampa, FL 192 1,086 63
5711 Johns Road Tampa, FL 243 1,376 154
4410 E Adamo Drive Tampa, FL 523 2,962 220
4420 E Adamo Drive Tampa, FL 127 718 83
4430 E Adamo Drive Tampa, FL 333 1,885 324
4440 E Adamo Drive Tampa, FL 348 1,975 133
4450 E Adamo Drive Tampa, FL 253 1,436 116
5453 W Waters Avenue Tampa, FL 71 402 78
5455 W Waters Avenue Tampa, FL 307 1,742 170
5553 W Waters Avenue Tampa, FL 307 1,742 148
5501 W Waters Avenue Tampa, FL 154 871 77
5503 W Waters Avenue Tampa, FL 71 402 32
5555 W Waters Avenue Tampa, FL 213 1,206 74
5557 W Waters Avenue Tampa, FL 59 335 26
5463 W. Waters Ave Tampa, FL (l) 497 2,751 451
5903 Johns Road Tampa, FL 88 497 44
4107 N Himes Avenue Tampa, FL 568 3,220 180
5461 W. Waters Ave Tampa, FL 261 - 1,150
10040 18th Street North Tampa, FL 653 - 10
5471 W. Waters Tampa, FL 572 798 14
5505 Johns Road #7 Tampa, FL 228 - 1,327
5481 W. Waters Avenue Tampa, FL 558 - 1,589
5483 W. Waters Avenue Tampa, FL 457 - 1,931
6702-6712 Benjamin Road (s) Tampa, FL 639 3,536 115
OTHER
2800 Airport Road (r) Denton, TX 369 1,935 1,572
3501 Maple Street Abilene, TX 67 1,057 941
4200 West Harry Street (p) Wichita, KS 193 2,224 1,751
Industrial Park No. 2 West Lebanon, NH 723 5,208 175
931 Discovery Road Green Bay, WI 121 685 130
2675 Valley View Drive Shreveport, LA 144 - 5,199
300 10th Street NW Clarion, IA 35 - 2,727
6601 S. 33rd Street McAllen, TX 231 1,276 33
9601A Dessau Rd Austin, TX 255 - 1,765
DEVELOPMENTS / REDEVELOPMENTS / VACANT LAND 40,987 39,710 10,796
----------- -------------- ---------
$ 364,989 $ 1,756,535 $ 394,221
=========== ============== =========
<CAPTION>
GROSS AMOUNT CARRIED
AT CLOSE OF PERIOD 12/31/99
--------------------------------------- ACCUMULATED
BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE
BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/99 RENOVATED LIVES (YEARS)
- ---------------- --------- ------------ ----- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1248 Andes Boulevard 157 957 1,114 182 1967 (v)
1208-1226 Ambassador Boulevard 235 1,455 1,690 205 1966 (v)
1503-1525 Fairview Industrial 112 801 913 146 1967 (v)
2462-2470 Schuetz Road 174 1,004 1,178 138 1965 (v)
10431-10449 Midwest Industrial Blvd 237 1,574 1,811 240 1967 (v)
10751 Midwest Industrial Boulevard 193 1,138 1,331 157 1965 (v)
11652-11666 Fairgrove Industrial Blvd 103 740 843 111 1966 (v)
11674-11688 Fairgrove Industrial Blvd 118 716 834 116 1967 (v)
2337 Centerline Drive 216 1,355 1,571 192 1967 (v)
6951 N Hanley (o) 419 3,888 4,307 401 1965 (v)
4560 Anglum Road 161 1,043 1,204 92 1970 (v)
2760 South 1st Street 822 4,540 5,362 143 1997 (v)
TAMPA
6614 Adamo Drive 180 1,053 1,233 55 1967 (v)
202 Kelsey 619 3,540 4,159 183 1989 (v)
6202 Benjamin Road 211 1,285 1,496 64 1981 (v)
6204 Benjamin Road 454 2,651 3,105 145 1982 (v)
6206 Benjamin Road 416 2,401 2,817 124 1983 (v)
6302 Benjamin Road 224 1,310 1,534 76 1983 (v)
6304 Benjamin Road 209 1,269 1,478 83 1984 (v)
6306 Benjamin Road 269 1,655 1,924 89 1984 (v)
6308 Benjamin Road 362 2,095 2,457 108 1984 (v)
5313 Johns Road 213 1,216 1,429 63 1991 (v)
5602 Thompson Center Court 120 688 808 36 1972 (v)
5411 Johns Road 241 1,384 1,625 71 1997 (v)
5525 Johns Road 200 1,141 1,341 59 1993 (v)
5607 Johns Road 110 627 737 33 1991 (v)
5709 Johns Road 200 1,141 1,341 59 1990 (v)
5711 Johns Road 255 1,518 1,773 95 1990 (v)
4410 E Adamo Drive 550 3,155 3,705 165 1990 (v)
4420 E Adamo Drive 134 794 928 42 1990 (v)
4430 E Adamo Drive 345 2,197 2,542 115 1987 (v)
4440 E Adamo Drive 362 2,094 2,456 108 1988 (v)
4450 E Adamo Drive 266 1,539 1,805 90 1969 (v)
5453 W Waters Avenue 82 469 551 24 1987 (v)
5455 W Waters Avenue 326 1,893 2,219 103 1987 (v)
5553 W Waters Avenue 326 1,871 2,197 99 1987 (v)
5501 W Waters Avenue 162 940 1,102 49 1990 (v)
5503 W Waters Avenue 75 430 505 23 1990 (v)
5555 W Waters Avenue 221 1,272 1,493 66 1990 (v)
5557 W Waters Avenue 62 358 420 19 1990 (v)
5463 W. Waters Ave 560 3,139 3,699 156 1996 (v)
5903 Johns Road 93 536 629 28 1987 (v)
4107 N Himes Avenue 590 3,378 3,968 176 1990 (v)
5461 W. Waters Ave 265 1,146 1,411 28 1998 (v)
10040 18th Street North 660 3 663 - 1999 (v)
5471 W. Waters 574 810 1,384 6 1999 (v)
5505 Johns Road #7 228 1,327 1,555 3 1999 (v)
5481 W. Waters Avenue 560 1,587 2,147 2 1999 (v)
5483 W. Waters Avenue 459 1,929 2,388 3 1999 (v)
6702-6712 Benjamin Road (s) 651 3,639 4,290 - 1982 (v)
OTHER
2800 Airport Road (r) 490 3,386 3,876 1,310 1965 (v)
3501 Maple Street 260 1,805 2,065 691 1980 (v)
4200 West Harry Street (p) 528 3,640 4,168 1,398 1972 (v)
Industrial Park No. 2 776 5,330 6,106 2,046 1968 (v)
931 Discovery Road 138 798 936 51 1997 (v)
2675 Valley View Drive 259 5,084 5,343 157 1997 (v)
300 10th Street NW 165 2,597 2,762 81 1997 (v)
6601 S. 33rd Street 233 1,307 1,540 16 1975 (v)
9601A Dessau Rd 367 1,653 2,020 3 1999 (v)
DEVELOPMENTS / REDEVELOPMENTS / VACANT LAND 42,660 48,833 91,493 2,745 (w)
--------- ----------- ----------- ---------
$ 383,938 $ 2,131,807 $ 2,515,745 (x) $ 211,456
========= =========== =========== =========
</TABLE>
S-14
<PAGE> 112
<TABLE>
<S> <C>
NOTES:
(a) See description of encumbrances in Note 4 to Notes to Consolidated
Financial statements.
(b) Initial cost for each respective property is total acquisition costs
associated with its purchase.
(c) These properties are owned by the Securities Partnership. The Securities
Partnership guarantees the payment on the Series A Preferred Stock
of dividends and amounts upon redemtion, liquidation, dissloution or
winding-up.
(d) These properties collateralize the 1995 Mortgage Loan.
(e) These properties collateralize the CIGNA Loan.
(f) These properties collateralize the Assumed Loans.
(g) This property collateralizes the LB Mortgage Loan II.
(h) This property collateralizes the Acquisition Mortgage Loan I.
(i) These properties collateralize the Acquisition Mortgage Loan II.
(j) These properties collateralize the Acquisition Mortgage Loan III.
(k) These properties collateralize the Acquisition Mortgage Loan IV.
(l) These properties collateralize the Acquisition Mortgage Loan V.
(m) These properties collateralize the Acquisition Mortgage Loan VI.
(n) These properties collateralize the Acquisition Mortgage Loan VII.
(o) Comprised of two properties.
(p) Comprised of three properties.
(q) Comprised of four properties.
(r) Comprised of five properties.
(s) Comprised of six properties.
(t) Comprised of seven properties.
(u) Comprised of 29 properties.
(v) Depreciation is computed based upon the following estimated lives:
Buildings, Improvements 31.5 to 40 years
Tenant Improvements, Leasehold Improvements Life of lease
Furniture, Fixtures and equipment 5 to 10 years
(w) These properties represent vacant land, developments and redevelopments
that have not been placed in service.
(x) Excludes $80,410 of Construction in Progress and $1,437 of Furniture,
Fixtures and Equipment.
</TABLE>
At December 31, 1999, the aggregate cost of land and buildings and equipment
for federal income tax purpose was approximately $2.3 billion (excluding
construction in progress).
S-15
<PAGE> 113
FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
As Of December 31, 1999
(Dollars in thousands)
The changes in total real estate assets for the three years ended December
31, 1999 are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Balance, Beginning of Year ...................................... $ 2,583,033 $ 1,994,346 $ 1,050,779
Acquisition, Construction Costs and Improvements ................ 242,303 683,619 975,168
Disposition of Assets ........................................... (227,744) (94,932) (31,601)
----------- ----------- -----------
Balance, End of Year ............................................ $ 2,597,592 $ 2,583,033 $ 1,994,346
=========== =========== ===========
</TABLE>
The changes in accumulated depreciation for the three years ended December
31, 1999 are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Balance, Beginning of Year ...................................... $ 175,886 $ 121,030 $ 91,457
Depreciation for Year ........................................... 62,208 57,565 35,286
Disposition of Assets ........................................... (26,638) (2,709) (5,713)
----------- ----------- -----------
Balance, End of Year ............................................ $ 211,456 $ 175,886 $ 121,030
=========== =========== ===========
</TABLE>
S-16
<PAGE> 1
EXHIBIT 10.11
TENTH AMENDMENT TO
SIXTH AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF
FIRST INDUSTRIAL, L.P.
As of January 28, 2000, the undersigned, being the sole general partner
of First Industrial, L.P. (the "PARTNERSHIP"), a limited partnership formed
under the Delaware Revised Uniform Limited Partnership Act and pursuant to the
terms of that certain Sixth Amended and Restated Limited Partnership Agreement,
dated March 18, 1998 (as amended by the first amendment thereto dated April 1,
1998, the second amendment thereto dated April 3, 1998, the third amendment
thereto dated April 16, 1998, the fourth amendment thereto dated May 20, 1998,
the fifth amendment thereto dated July 16, 1998, the sixth amendment thereto
dated August 31, 1998, the seventh amendment thereto dated October 21, 1998, the
eighth amendment thereto dated October 30, 1998 and the ninth amendment thereto
dated November 5, 1998) (collectively the "PARTNERSHIP AGREEMENT"), does hereby
amend the Partnership Agreement as follows:
Capitalized terms used but not defined in this Tenth Amendment shall
have the same meanings that are ascribed to them in the Partnership Agreement.
1. ADDITIONAL LIMITED PARTNERS. The Persons identified on EXHIBIT 1A
hereto are hereby admitted to the Partnership as Additional Limited Partners or
Substituted Limited Partners owning the number of Units and having made the
Capital Contributions set forth on such EXHIBIT 1A. Such persons hereby adopt
the Partnership Agreement. The undersigned acknowledges that those of the
Persons identified on EXHIBIT 1A hereto that are Substituted Limited Partners
have received their Partnership Interests from various Additional Limited
Partners, and the undersigned hereby consents to such transfers.
2. SCHEDULE OF PARTNERS. EXHIBIT 1B to the Partnership Agreement is
hereby deleted in its entirety and replaced by EXHIBIT 1B hereto which
identifies the Partners following consummation of the transactions referred to
in Section 1 hereof.
3. RATIFICATION. Except as expressly modified by this Tenth Amendment,
all of the provisions of the Partnership Agreement are affirmed and ratified and
remain in full force and effect.
<PAGE> 2
IN WITNESS WHEREOF, the undersigned has executed this Tenth Amendment
as of the date first written above.
FIRST INDUSTRIAL REALTY TRUST, INC.,
as sole general partner of the Partnership
By: /s/ Michael J. Havala
---------------------------------------
Name: Michael J. Havala
Title: Chief Financial Officer
2
<PAGE> 3
EXHIBIT 1A
ADDITIONAL LIMITED PARTNERS
Additional or Substituted Allocated Allocated
Limited Partner Number of Units Capital Contribution
- ------------------------- --------------- --------------------
John E. De B. Blockey
Revocable Living Trust 17 $ 407.85
Robert W. Holman Jr. 8 191.57
Paul T. Lambert 8 191.57
J. Stanley Mattison 8 191.57
Eileen Millar 17 407.85
Kris Nielsen 17 407.85
James C. Reynolds 8 191.57
Jay H. Shidler 109 2,617.06
Michael T. Tomasz 1,095 26,288.03
3
<PAGE> 4
EXHIBIT 1B
SCHEDULE OF PARTNERS
<TABLE>
<CAPTION>
GENERAL PARTNER NUMBER OF UNITS
--------------- ---------------
<S> <C>
First Industrial Realty Trust, Inc. 30,892,739
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
Aimee Freyer Lifetime Trust dated 11/1/65 2,384
Daniel R. Andrew, TR of the Daniel R. Andrew Trust UA Dec 29 92 137,489
Charles T. Andrews 754
Gordon E. Atkins 2,767
William J. Atkins 22,381
E. Donald Bafford 3,374
William Baloh 8,582
Edward N. Barad 1,141
UA dated April 11, 1996 Blurton 1996 Revocable Family Trust
James Bolt 6,048
Harriett Bonn, Trustee U/A dated 3/5/97 FBO The Harriet Bonn Revocable Living Trust 24,804
Michael W. Brennan 3,806
Robert Brown 2,123
Henry D. Bullock & Terri D. Bullock & Shawn Stevenson TR of the Bullock Childrens Education Trust
UA Dec 20 94, FBO Benjamin Dure Bullock 2,670
Henry D. Bullock & Terri D. Bullock & Shawn Stevenson TR of the Bullock Childrens Education Trust
UA Dec 20 94, FBO Christine Laurel Bullock 2,670
Henry D. Bullock & Terri D. Bullock TR of the Henry D. & Terri D. Bullock Trust UA Aug 28 92 6,766
Edward Burger 9,261
Calamer Inc. 1,233
Perry C. Caplan 1,388
Carol P. Freyer Lifetime Trust dated 11/1/72 2,384
The Carthage Partners LLC 34,939
Cliffwood Development Company 64,823
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Collins Family Trust dated 5/6/69 162,985
Kelly Collins 11,116
Michael Collins 17,369
Charles S. Cook and Shelby H. Cook, tenants in the entirety 634
Caroline Atkins Coutret 7,327
David Cleborne Crow 5,159
Gretchen Smith Crow 2,602
Michael G. Damone, TR of the Michael G. Damone Trust UA Nov 4 69 144,296
Robert L. Denton 6,286
W Allen Doane Trust U/A 05/31/91 4,416
Timothy Donohue 1,000
Darwin B. Dosch 1,388
Charles F. Downs 1,508
Greg and Christina Downs, joint tenants 474
Gregory Downs 48
Draizin Family Partnership, LP 357,896
Joseph S. Dresner 149,531
James Kozen, trustee U-A dated 02/24/86 33,031
Farlow Road Associates Limited Partnership 2,751
Fourbur Family Co., L.P. 588,273
Gamma Three Associates Limited Partnership 3,338
Dennis G. Goodwin and Jeannie L. Goodwin, tenants in the entirety 6,166
Clay Hamlin & Lynn Hamlin, joint tenants with rights of survivorship 15,159
Highland Associates Limited Partnership 69,039
Robert W. Holman Jr. 150,154
Holman/Shidler Investment Corporation 22,079
Steven B. Hoyt 175,000
Internal Investment Company 3,016
Frederick K. Ito & June Y Ito Trustees U-A Dated 9/9/98 FBO The June Y I Ito Trust 1,940
Frederick K. Ito Trustee U-A Dated 9/9/98 FBO The Frederick K. Ito Trust 1,940
The Jack Friedman Revocable Living Trust UA March 23, 1978 26,005
Michael W. Jenkins 117
Jernie Holdings Corp. 180,499
John E. De B. Blockey Trust 8,310
Nourhan Kailian 2,183
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Peter Kepic 9,261
Lambert Investment Corporation 13,606
Paul T. Lambert 39,757
Constance Lazarus 417,961
Jerome Lazarus 18,653
Princeton South at Lawrenceville LLC 4,426
Shidler Equities LP 254,541
Duane Lund 617
R. Craig Martin 754
J. Stanley Mattison 20
Eileen Millar 2,939
The Milton Dresner Revocable Trust UA October 22, 1976 149,531
Peter Murphy 56,184
Anthony Muscatello 81,654
Joseph Musti 1,508
Dean A. Nachigall 10,076
New Land Associates Limited Partnership 1,664
North Star Associates Limited Partnership 19,333
Arden O'Connor 13,845
Peter O'Connor 66,181
Princeton South at Lawrenceville One 4,426
Eduardo Paneque 2,000
Partridge Road Associates Limited Partnership 2,751
Jack F. Ream 1,071
Glenn C. Rexroth and Linda A. Rexroth, as tenants in the entirety 2,142
James C. Reynolds 40,162
Andre G. Richard 1,508
RJB Ford City Limited Partnership 158,438
RJB II Limited Partnership 40,788
Edward C. Roberts and Rebecca S. Roberts, tenants in the entirety 8,308
W.F.O. Rosenmiller 634
Edward Jon Sarama 634
Shadeland Associates Limited Partnership 42,976
Shadeland Corporation 4,442
Jay H. Shidler 67,093
Jay H. Shidler and Wallette A. Shidler, tenants in the entirety 1,223
Shidler Equities LP 254,541
Michael B. Slade 2,829
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Kevin Smith 13,571
SRS Partnership 2,142
Robert Stein UA Dated May 21, 1996 FBO Robert Stein 63,630
S. Larry Stein 63,630
Jonathan Stott 80,026
Thelma C. Gretzinger Trust 450
Michael T. Tomasz 26,942
Barry L. Tracey 2,142
Worlds Fair Partners Limited Partnership 1,664
Rand H. Falbaum 17,022
Elizabeth Fitzpatrick 3,800
Fred Trust dated 6/16/77 653
Carol P. Freyer 12,173
Lee Karen Freyer 10,665
Aimee Freyer-Valls 12,173
David Fried 1,326
Ester Fried 3,177
J. Peter Gaffney 727
Gerlach Family Trust dated 6/28/85 874
Patricia O. Godchaux 9,387
Timothy Gudim 10,298
H/Airport GP Inc. 1,433
Vivian Hack 22,522
Martha J. Harbinson 3,329
Turner Harshaw 1,132
Cathleen Hession 3,137
Howard Trust dated 4/30/79 653
L. Chris Johnson 3,196
Johnson Living Trust dated 2/18/83 1,078
Charles Mark Jordan 57
JPG Investment 919
Lee Karen Freyer Lifetime Trust dated 11/1/65 2,384
Georgia Leonard 664
Robert Leonard III 6,317
Steve Leonard 39,645
Leslie A. Rubin LTD 4,048
Henry E. Mawicke 636
Richard McClintock 623
McElroy Management Inc. 5,478
MCS Properties, Inc. 5,958
Lila Atkins Mulkey 7,327
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
James Muslow, Jr. 4,911
Adel Nassif 5,218
Kris Nielson 28
Catherine A. O'Brien 832
Martha E. O'Brien 832
Steve Ohren 33,366
Pacifica Holding Company 97,870
Sybil T. Patten 1,816
Betty S. Phillips 3,912
Jeffrey Pion 2,879
Pipkin Family Trust dated 10/6/89 3,140
Robert J. Powers 37,674
Manor Properties 143,408
Robert S. Hood Living Trust dated 1/9/90 & Amended 12/16/96 3,591
James Sage 2,156
Kathleen Sage 3,350
Wilton Wade Sample 5,449
Sealy & Company, Inc. 37,119
Sealy Florida, Inc. 675
Mark P. Sealy 8,451
Sealy Real Estate Services, Inc. 148,478
Scott P. Sealy 40,902
Marilyn Rangel IRA dated 2/5/86 969
Siskel Family Partnership 11,359
Siskel Revocable Trust 1987 dated 4/17/1987 10,087
Trustee U/A Dated 3/06/98 FBO The Suzanne E. Siskel & Peter Gajewski Community Property Trust 3,802
Steve Smith 386
Sterling Alsip Trust dated August 1, 1989 794
Sterling Family Trust dated 3/27/80 3,559
Donald C. Thompson 39,243
TUT Investments I LLC 5,274
William S. Tyrrell 2,906
Virginia B. and Norton Sharpe Living Trust UDT dated 4/26/96 12,055
Steve Walbridge 338
William B. Wiener, Jr. 41,119
Patricia Wiener-Shifke 12,944
William J. Mallen Trust dated 4/29/94 8,016
Fred Wilson 35,787
Woslum, Inc. 2,427
</TABLE>
8
<PAGE> 9
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Johannson Yap 1,680
Gerald & Sharon Zuckerman 615
Stephen Mann 12,017
Stanley Gruber 30,032
Seymour Israel 15,016
J. O'Neil Duffy, Sr. 513
James O. Duffy, Jr. 513
Garrett E. Sheehan 513
Sam Shamie Trust Agreement dated March 16, 1978, as restated on November 16, 1993 422,340
Richard H. Zimmerman Living Trust dated October 15, 1990, as amended 58,988
Keith J. Pomeroy Revocable Trust Agreement, dated December 13, 1976, as amended and restated on
June 28, 1995 128,783
Enid Barden Trust of June 28, 1995 23,088
Sam L. Yaker Revocable Trust Agreement dated February 14, 1984 37,780
Armenag Kalaydjian Revocable Trust Agreement dated February 28, 1984 27,079
RBZ LLC 155
KEP LLC 78,873
H L Kaltenbacher P P K Kaltenbacher & J K Carr - Joseph C. Kaltenbacher Credit Shelter Trust 1,440
ESAA Associates Limited Partnership 24,217
Paul F. Obrecht, Jr. 5,289
Richard F. Obrecht 5,289
Thomas F. Obrecht 5,289
George F. Obrecht 5,289
Joan R. Kreiger Revocable Trust 15,184
William L. Kreiger, Jr. 3,374
Elmer H. Wingate 1,688
Apollo/Pacifica Bryant LLC 42,977
Edwin and Cathleen Hession 7,987
D.W. Sivers Co. 118,265
Sivers Investment Partnership 283,500
Sivers Family Real Property Limited Liability Company 12,062
Wendell C. Sivers Marital Trust u/w/d February 20, 1981 13,385
Dennis W. Sivers 27,636
Jack H. Kulka 330
</TABLE>
9
<PAGE> 10
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Babette Kulka 330
Jeffrey L. Greenberg 330
Martin Eglow 330
James J. Warfield 330
Leland A. and Margery Ann Hodges 55,000
Kerry Acker 154
Sanders H. Acker 307
The Arel Company 307
Andrew T. Bauer 546
Emil Billich 77
Alvin R. Brown & Helen Brown 307
Ernestine Burstyn 5,007
Magdalena G. Castleman 307
Chester A. Latcham & Co. 2,493
Terrance C. Claassen 1,095
Community Foundation of North Texas Inc. 4,000
Roslyn Greenberg 1992 Trust 2,250
Steven Dizio and Helen Dizio, joint tenants 12,358
Timothy Donohue 1,000
Rowena Finke 154
Nancy Gabel 14
Martin Goodstein 922
Stanley Greenberg and Florence Greenberg, joint tenants 307
Melissa C. Gudim 24,028
H L Investors LLC 4,000
Frank Harvey 2,501
Edwin Hession and Cathleen Hession, joint tenants 7,979
Leland A. Hodges and Margery Ann Hodges Jt. Ten 55,000
Andrew Holder 97
Ruth Holder 2,612
Jerry Hymowitz 307
Karen L. Hymowitz 154
Jack Friedman Revocable Living Trust U/A 3/23/78 26,005
Thomas Johnson Jr. and Sandra L. Johnson; tenants in the entirety 2,142
Sarsh Katz 307
Carol F. Kaufman 166
Jack Kindler 1,440
</TABLE>
10
<PAGE> 11
<TABLE>
<CAPTION>
LIMITED PARTNERS NUMBER OF UNITS
---------------- ---------------
<S> <C>
Kirshner Family Trust #1 Dated 4/8/76 Bertron & Barbara Kirshner Trustees 29,558
Kirshner Trust #4 FBO Todd Kirshner Dated 12/30/76 Bertron Kirshner Trustee 20,258
Arthur Kligman 307
Lincoln Trust Co. Cust. for Marvin Kolpack 994
Susan Lebow 740
Aaron Leifer 4,801
H P Family Group LLC 103,734
J P Trusts LLC 35,957
L P Family Group LLC 102,249
Barbara Lusen 307
Kris Nielsen 45
North Texas Public Broadcasting, Inc. 1,000
P & D Partners LP 1,440
Peegee LP 4,817
Lawrence Peters 960
Peter M. Polow 557
Francis Pomar 8,338
Abe Punia & Constance Punia, joint tenants 307
R E A Associates 8,908
Richard Rapp 23
Seymour D. Reich 154
Henry J. Satsky 2,708
Debbie B. Schneeman 740
Norma A. Schulze 307
Arnold R. Sollar, Executor of The Estate of Dorothy Sollar 307
Spencer and Company 154
Victor Strauss 77
Mitchell Sussman 410
Steve Walbridge 338
WSW 1998 Exchange Fund LP 32,000
</TABLE>
11
<PAGE> 1
EXHIBIT 10.12
ELEVENTH AMENDMENT TO
SIXTH AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF
FIRST INDUSTRIAL, L.P.
As of January 28, 2000, the undersigned, being the sole general partner of
First Industrial, L.P. (the "PARTNERSHIP"), a limited partnership formed under
the Delaware Revised Uniform Limited Partnership Act and pursuant to the terms
of that certain Sixth Amended and Restated Limited Partnership Agreement, dated
March 18, 1998 (as amended by the first amendment thereto dated April 1, 1998,
the second amendment thereto dated April 3, 1998, the third amendment thereto
dated April 16, 1998, the fourth amendment thereto dated May 20, 1998, the fifth
amendment thereto dated July 16, 1998, the sixth amendment thereto dated August
31, 1998, the seventh amendment thereto dated October 21, 1998, the eighth
amendment thereto dated October 30, 1998, the ninth amendment thereto dated
November 5, 1998 and the tenth amendment thereto dated January 28, 2000)
(collectively the "PARTNERSHIP AGREEMENT"), does hereby amend the Partnership
Agreement as follows:
Capitalized terms used but not defined in this Eleventh Amendment shall
have the same meanings that are ascribed to them in the Partnership Agreement.
1. ADDITIONAL LIMITED PARTNERS. The Persons identified on EXHIBIT 1A
hereto are hereby admitted to the Partnership as Additional Limited Partners or
Substituted Limited Partners owning the number of Units and having made the
Capital Contributions set forth on such EXHIBIT 1A. Such persons hereby adopt
the Partnership Agreement. The undersigned acknowledges that those of the
Persons identified on EXHIBIT 1A hereto that are Substituted Limited Partners
have received their Partnership Interests from various Additional Limited
Partners, and the undersigned hereby consents to such transfers.
2. SCHEDULE OF PARTNERS. EXHIBIT 1B to the Partnership Agreement is
hereby deleted in its entirety and replaced by EXHIBIT 1B hereto which
identifies the Partners following consummation of the transactions referred to
in Section 1 hereof.
3. RATIFICATION. Except as expressly modified by this Eleventh
Amendment, all of the provisions of the Partnership Agreement are affirmed and
ratified and remain in full force and effect.
<PAGE> 2
IN WITNESS WHEREOF, the undersigned has executed this Eleventh Amendment
as of the date first written above.
FIRST INDUSTRIAL REALTY TRUST, INC.,
as sole general partner of the Partnership
By: /s/ Michael J. Havala
------------------------------------------
Name: Michael J. Havala
Title: Chief Financial Officer
2
<PAGE> 3
EXHIBIT 1A
ADDITIONAL LIMITED PARTNERS
Additional or Substituted
Limited Partner Number of Units Capital Contribution
--------------- --------------- --------------------
John E. De B. Blockey
Revocable Living Trust 343 8,232.33
Robert W. Holman Jr. 59 1,416.06
Michael W. Jenkins 343 8,232.33
Paul T. Lambert 59 1,416.06
J. Stanley Mattison 59 1,416.06
Eileen Millar 133 3,192.13
Kris Nielsen 133 3,192.13
James C. Reynolds 122 2,923.12
Jay H. Shidler 927 22,248.89
Michael T. Tomasz 9,091 218,192.68
3
<PAGE> 4
EXHIBIT 1B
SCHEDULE OF PARTNERS
GENERAL PARTNER NUMBER OF UNITS
- --------------- ---------------
First Industrial Realty Trust, Inc. 30,892,739
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Aimee Freyer Lifetime Trust dated 11/1/65 2,384
Daniel R. Andrew, TR of the Daniel R. Andrew 137,489
Trust UA Dec 29 92
Charles T. Andrews 754
Gordon E. Atkins 2,767
William J. Atkins 22,381
E. Donald Bafford 3,374
William Baloh 8,582
Edward N. Barad 1,141
UA dated April 11, 1996 Blurton 1996
Revocable Family Trust
James Bolt 6,048
Harriett Bonn, Trustee U/A dated 3/5/97 FBO 24,804
The Harriet Bonn Revocable Living Trust
Michael W. Brennan 3,806
Robert Brown 2,123
Henry D. Bullock & Terri D. Bullock & Shawn 2,670
Stevenson TR of the Bullock Childrens Education
Trust UA Dec 20 94, FBO Benjamin Dure
Bullock
Henry D. Bullock & Terri D. Bullock & Shawn 2,670
Stevenson TR of the Bullock Childrens Education
Trust UA Dec 20 94, FBO Christine Laurel
Bullock
Henry D. Bullock & Terri D. Bullock TR of the 6,766
Henry D. & Terri D. Bullock Trust UA Aug 28
92
Edward Burger 9,261
Calamer Inc. 1,233
Perry C. Caplan 1,388
Carol P. Freyer Lifetime Trust dated 11/1/72 2,384
The Carthage Partners LLC 34,939
Cliffwood Development Company 64,823
4
<PAGE> 5
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Collins Family Trust dated 5/6/69 162,985
Kelly Collins 11,116
Michael Collins 17,369
Charles S. Cook and Shelby H. Cook, tenants in 634
the entirety
Caroline Atkins Coutret 7,327
David Cleborne Crow 5,159
Gretchen Smith Crow 2,602
Michael G. Damone, TR of the Michael G. 144,296
Damone Trust UA Nov 4 69
Robert L. Denton 6,286
W Allen Doane Trust U/A 05/31/91 4,416
Timothy Donohue 1,000
Darwin B. Dosch 1,388
Charles F. Downs 1,508
Greg and Christina Downs, joint tenants 474
Gregory Downs 48
Draizin Family Partnership, LP 357,896
Joseph S. Dresner 149,531
James Kozen, trustee U-A dated 02/24/86 33,031
Farlow Road Associates Limited Partnership 2,751
Fourbur Family Co., L.P. 588,273
Gamma Three Associates Limited Partnership 3,338
Dennis G. Goodwin and Jeannie L. Goodwin, 6,166
tenants in the entirety
Clay Hamlin & Lynn Hamlin, joint tenants with 15,159
rights of survivorship
Highland Associates Limited Partnership 69,039
Robert W. Holman Jr. 150,213
Holman/Shidler Investment Corporation 22,079
Steven B. Hoyt 175,000
Internal Investment Company 3,016
Frederick K. Ito & June Y Ito Trustees U-A 1,940
Dated 9/9/98 FBO The June Y I Ito Trust
Frederick K. Ito Trustee U-A Dated 9/9/98 1,940
FBO The Frederick K. Ito Trust
The Jack Friedman Revocable Living Trust UA 26,005
March 23, 1978
Michael W. Jenkins 460
Jernie Holdings Corp. 180,499
John E. De B. Blockey Trust 8,653
Nourhan Kailian 2,183
5
<PAGE> 6
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Peter Kepic 9,261
Lambert Investment Corporation 13,606
Paul T. Lambert 39,816
Constance Lazarus 417,961
Jerome Lazarus 18,653
Princeton South at Lawrenceville LLC 4,426
Shidler Equities LP 254,541
Duane Lund 617
R. Craig Martin 754
J. Stanley Mattison 79
Eileen Millar 3,072
The Milton Dresner Revocable Trust UA 149,531
October 22, 1976
Peter Murphy 56,184
Anthony Muscatello 81,654
Joseph Musti 1,508
Dean A. Nachigall 10,076
New Land Associates Limited Partnership 1,664
North Star Associates Limited Partnership 19,333
Arden O'Connor 13,845
Peter O'Connor 66,181
Princeton South at Lawrenceville One 4,426
Eduardo Paneque 2,000
Partridge Road Associates Limited Partnership 2,751
Jack F. Ream 1,071
Glenn C. Rexroth and Linda A. Rexroth, as 2,142
tenants in the entirety
James C. Reynolds 40,284
Andre G. Richard 1,508
RJB Ford City Limited Partnership 158,438
RJB II Limited Partnership 40,788
Edward C. Roberts and Rebecca S. Roberts, 8,308
tenants in the entirety
W.F.O. Rosenmiller 634
Edward Jon Sarama 634
Shadeland Associates Limited Partnership 42,976
Shadeland Corporation 4,442
Jay H. Shidler 68,020
Jay H. Shidler and Wallette A. Shidler, tenants in 1,223
the entirety
Shidler Equities LP 254,541
Michael B. Slade 2,829
6
<PAGE> 7
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Kevin Smith 13,571
SRS Partnership 2,142
Robert Stein UA Dated May 21, 1996 FBO 63,630
Robert Stein
S. Larry Stein 63,630
Jonathan Stott 80,026
Thelma C. Gretzinger Trust 450
Michael T. Tomasz 36,033
Barry L. Tracey 2,142
Worlds Fair Partners Limited Partnership 1,664
Rand H. Falbaum 17,022
Elizabeth Fitzpatrick 3,800
Fred Trust dated 6/16/77 653
Carol P. Freyer 12,173
Lee Karen Freyer 10,665
Aimee Freyer-Valls 12,173
David Fried 1,326
Ester Fried 3,177
J. Peter Gaffney 727
Gerlach Family Trust dated 6/28/85 874
Patricia O. Godchaux 9,387
Timothy Gudim 10,298
H/Airport GP Inc. 1,433
Vivian Hack 22,522
Martha J. Harbinson 3,329
Turner Harshaw 1,132
Cathleen Hession 3,137
Howard Trust dated 4/30/79 653
L. Chris Johnson 3,196
Johnson Living Trust dated 2/18/83 1,078
Charles Mark Jordan 57
JPG Investment 919
Lee Karen Freyer Lifetime Trust dated 11/1/65 2,384
Georgia Leonard 664
Robert Leonard III 6,317
Steve Leonard 39,645
Leslie A. Rubin LTD 4,048
Henry E. Mawicke 636
Richard McClintock 623
McElroy Management Inc. 5,478
MCS Properties, Inc. 5,958
Lila Atkins Mulkey 7,327
7
<PAGE> 8
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
James Muslow, Jr. 4,911
Adel Nassif 5,218
Kris Nielson 28
Catherine A. O'Brien 832
Martha E. O'Brien 832
Steve Ohren 33,366
Pacifica Holding Company 97,870
Sybil T. Patten 1,816
Betty S. Phillips 3,912
Jeffrey Pion 2,879
Pipkin Family Trust dated 10/6/89 3,140
Robert J. Powers 37,674
Manor Properties 143,408
Robert S. Hood Living Trust dated 1/9/90 & 3,591
Amended 12/16/96
James Sage 2,156
Kathleen Sage 3,350
Wilton Wade Sample 5,449
Sealy & Company, Inc. 37,119
Sealy Florida, Inc. 675
Mark P. Sealy 8,451
Sealy Real Estate Services, Inc. 148,478
Scott P. Sealy 40,902
Marilyn Rangel IRA dated 2/5/86 969
Siskel Family Partnership 11,359
Siskel Revocable Trust 1987 dated 4/17/1987 10,087
Trustee U/A Dated 3/06/98 FBO The Suzanne 3,802
E. Siskel & Peter Gajewski Community Property
Trust
Steve Smith 386
Sterling Alsip Trust dated August 1, 1989 794
Sterling Family Trust dated 3/27/80 3,559
Donald C. Thompson 39,243
TUT Investments I LLC 5,274
William S. Tyrrell 2,906
Virginia B. and Norton Sharpe Living Trust UDT 12,055
dated 4/26/96
Steve Walbridge 338
William B. Wiener, Jr. 41,119
Patricia Wiener-Shifke 12,944
William J. Mallen Trust dated 4/29/94 8,016
Fred Wilson 35,787
Woslum, Inc. 2,427
8
<PAGE> 9
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Johannson Yap 1,680
Gerald & Sharon Zuckerman 615
Stephen Mann 12,017
Stanley Gruber 30,032
Seymour Israel 15,016
J. O'Neil Duffy, Sr. 513
James O. Duffy, Jr. 513
Garrett E. Sheehan 513
Sam Shamie Trust Agreement dated March 16, 422,340
1978, as restated on November 16, 1993
Richard H. Zimmerman Living Trust dated 58,988
October 15, 1990, as amended
Keith J. Pomeroy Revocable Trust Agreement, 128,783
dated December 13, 1976, as amended and
restated on June 28, 1995
Enid Barden Trust of June 28, 1995 23,088
Sam L. Yaker Revocable Trust Agreement dated 37,780
February 14, 1984
Armenag Kalaydjian Revocable Trust Agreement 27,079
dated February 28, 1984
RBZ LLC 155
KEP LLC 78,873
H L Kaltenbacher P P K Kaltenbacher & J K 1,440
Carr - Joseph C. Kaltenbacher Credit Shelter
Trust
ESAA Associates Limited Partnership 24,217
Paul F. Obrecht, Jr. 5,289
Richard F. Obrecht 5,289
Thomas F. Obrecht 5,289
George F. Obrecht 5,289
Joan R. Kreiger Revocable Trust 15,184
William L. Kreiger, Jr. 3,374
Elmer H. Wingate 1,688
Apollo/Pacifica Bryant LLC 42,977
Edwin and Cathleen Hession 7,987
D.W. Sivers Co. 118,265
Sivers Investment Partnership 283,500
Sivers Family Real Property Limited Liability 12,062
Company
Wendell C. Sivers Marital Trust u/w/d February 13,385
20, 1981
Dennis W. Sivers 27,636
Jack H. Kulka 330
9
<PAGE> 10
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Babette Kulka 330
Jeffrey L. Greenberg 330
Martin Eglow 330
James J. Warfield 330
Leland A. and Margery Ann Hodges 55,000
Kerry Acker 154
Sanders H. Acker 307
The Arel Company 307
Andrew T. Bauer 546
Emil Billich 77
Alvin R. Brown & Helen Brown 307
Ernestine Burstyn 5,007
Magdalena G. Castleman 307
Chester A. Latcham & Co. 2,493
Terrance C. Claassen 1,095
Community Foundation of North Texas Inc. 4,000
Roslyn Greenberg 1992 Trust 2,250
Steven Dizio and Helen Dizio, joint tenants 12,358
Timothy Donohue 1,000
Rowena Finke 154
Nancy Gabel 14
Martin Goodstein 922
Stanley Greenberg and Florence Greenberg, joint 307
tenants
Melissa C. Gudim 24,028
H L Investors LLC 4,000
Frank Harvey 2,501
Edwin Hession and Cathleen Hession, joint 7,979
tenants
Leland A. Hodges and Margery Ann Hodges Jt. 55,000
Ten
Andrew Holder 97
Ruth Holder 2,612
Jerry Hymowitz 307
Karen L. Hymowitz 154
Jack Friedman Revocable Living Trust U/A 26,005
3/23/78
Thomas Johnson Jr. and Sandra L. Johnson; 2,142
tenants in the entirety
Sarsh Katz 307
Carol F. Kaufman 166
Jack Kindler 1,440
10
<PAGE> 11
LIMITED PARTNERS NUMBER OF UNITS
- ---------------- ---------------
Kirshner Family Trust #1 Dated 4/8/76 Bertron 29,558
& Barbara Kirshner Trustees
Kirshner Trust #4 FBO Todd Kirshner Dated 20,258
12/30/76 Bertron Kirshner Trustee
Arthur Kligman 307
Lincoln Trust Co. Cust. for Marvin Kolpack 994
Susan Lebow 740
Aaron Leifer 4,801
H P Family Group LLC 103,734
J P Trusts LLC 35,957
L P Family Group LLC 102,249
Barbara Lusen 307
Kris Nielsen 178
North Texas Public Broadcasting, Inc. 1,000
P & D Partners LP 1,440
Peegee LP 4,817
Lawrence Peters 960
Peter M. Polow 557
Francis Pomar 8,338
Abe Punia & Constance Punia, joint tenants 307
R E A Associates 8,908
Richard Rapp 23
Seymour D. Reich 154
Henry J. Satsky 2,708
Debbie B. Schneeman 740
Norma A. Schulze 307
Arnold R. Sollar, Executor of The Estate of 307
Dorothy Sollar
Spencer and Company 154
Victor Strauss 77
Mitchell Sussman 410
Steve Walbridge 338
WSW 1998 Exchange Fund LP 32,000
11
<PAGE> 1
EXHIBIT 12.1
FIRST INDUSTRIAL REALTY TRUST, INC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Income from Operations Before Income
Allocated to Minority Interest,
Disposition of Interest Rate Protection
Agreements, Restructuring Charge and
Abandoned Pursuit Costs Charge ............. $112,560 $100,725 $ 64,949 $ 36,524 $ 19,756
Plus: Interest Expense and Amortization
of Interest Rate Protection Agreements
and Deferred Financing Costs ............... 81,231 72,750 52,671 32,240 33,029
-------- -------- -------- -------- --------
Earnings Before Income Allocated to Minority
Interest, Disposition of Interest Rate
Protection Agreements, Restructuring Charge
and Fixed Charges .......................... $193,791 $173,475 $117,620 $ 68,764 $ 52,785
======== ======== ======== ======== ========
Fixed Charges and Preferred Stock
Dividends (a) .............................. $119,643 $107,003 $ 65,678 $ 36,660 $ 33,821
======== ======== ======== ======== ========
Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends (b) .............. 1.62x 1.62x 1.79x 1.88x 1.56x
======== ======== ======== ======== ========
</TABLE>
(a) There was no preferred stock outstanding prior to November, 1995
(b) For purposes of computing the ratios of earnings to fixed charges and
preferred stock dividends, earnings have been calculated by adding
fixed charges (excluding capitalized interest) to income from
operations before income allocated to minority interest, disposition of
interest rate protection agreements, restructuring charge and abandoned
pursuit costs charge. Fixed charges consist of interest costs, whether
expensed or capitalized and amortization of interest rate protection
agreements and deferred financing charges.
<PAGE> 1
EXHIBIT 21.1
FIRST INDUSTRIAL REALTY TRUST, INC.
SUBSIDIARIES OF THE REGISTRANT
<TABLE>
<CAPTION>
STATE OF
INCORPORATION
NAME FORMATION REGISTERED NAMES IN FOREIGN JURISDICTIONS
- -------------------------------------------------- ------------- -----------------------------------------
<S> <C> <C>
First Industrial, L.P. Delaware First Industrial (Alabama), Limited Partnership
First Industrial (Michigan), Limited Partnership
First Industrial (Minnesota), Limited Partnership
First Industrial (Tennessee), L.P.
First Industrial Limited Partnership
First Industrial Finance Corporation Maryland N/A
First Industrial Financing Partnership, L.P. Delaware First Industrial Financing Partnership,
Limited Partnership
First Industrial Financing Partnership
(Alabama), Limited Partnership
First Industrial Financing Partnership
(Minnesota),
Limited Partnership
First Industrial Financing Partnership
(Wisconsin), Limited Partnership
First Industrial Enterprises of Michigan, Inc. Michigan N/A
(Formerly Damone/Andrew Enterprises, Inc.)
First Industrial Group of Michigan, Inc. Michigan N/A
(Formerly Damone/Andrew Enterprises, Inc.)
First Industrial of Michigan, Inc. Michigan N/A
(Formerly Damone/Andrew Incorporated)
First Industrial Associates of Michigan, Inc. Michigan N/A
(Formerly Damone/Andrew Associates, Inc.)
First Industrial Construction Company of Michigan N/A
Michigan, Inc. (Formerly Damone/Andrew
Construction Company)
FR Acquisitions, Inc. Maryland FIR Acquisitions, Inc.
First Industrial Pennsylvania Corporation Maryland N/A
First Industrial Pennsylvania, L.P. Delaware N/A
First Industrial Harrisburg Corporation Maryland N/A
First Industrial Harrisburg, L.P. Delaware N/A
First Industrial Securities Corporation Maryland N/A
First Industrial Securities, L.P. Delaware First Industrial Securities, Limited Partnership
First Industrial Mortgage Corporation Maryland N/A
First Industrial Mortgage Partnership, L.P. Delaware First Industrial MP, L.P.
First Industrial Indianapolis Corporation Maryland N/A
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C>
First Industrial Indianapolis, L.P. Delaware N/A
FI Development Services Corporation Maryland N/A
(Formerly First Industrial Development
Services, Inc.)
First Industrial Development Services, L.P. Delaware N/A
(Formerly First Industrial Development
Services Group, L.P.)
FI Development Services Group, L.P. Delaware N/A
FR Development Services, L.L.C. Delaware N/A
FR Development Services, Inc. Maryland N/A
(Formerly First Industrial Development
Services Group, L.P.)
FR Brokerage Services, Inc. Maryland N/A
(Formerly First Industrial Colorado, Inc.)
FR Management Services, Inc. Maryland N/A
(Formerly Pacifica Commercial Brokerage Group, Inc.)
First Industrial Florida Finance Corporation Maryland N/A
TK-SV, Ltd. Florida N/A
First Industrial Telecommunications, L.L.C. Delaware N/A
</TABLE>
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-3 (File Nos. 33-95190, 333-03999, 333-21887, 333-57355,
333-43641, 333-64743 and 333-53835) and the Registration Statements on Form S-8
(File Nos. 33-95188, 333-36699 and 333-45317) of First Industrial Realty Trust,
Inc. of our report dated February 14, 2000 relating to the consolidated
financial statements, which appears in this Annual Report on Form 10-K. We also
consent to the incorporation by reference of our report dated February 14, 2000
relating to the financial statement schedule, which appears in this Form 10-K.
PricewaterhouseCoopers LLP
Chicago, Illinois
March 14, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF FIRST INDUSTRIAL REALTY TRUST, INC. FOR THE YEAR ENDED
DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U. S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<CASH> 2,609
<SECURITIES> 0
<RECEIVABLES> 11,924
<ALLOWANCES> (2,000)
<INVENTORY> 0
<CURRENT-ASSETS> 12,533
<PP&E> 2,597,592
<DEPRECIATION> (211,456)
<TOTAL-ASSETS> 2,526,963
<CURRENT-LIABILITIES> 107,110
<BONDS> 1,147,639
0
18
<COMMON> 382
<OTHER-SE> 1,058,826
<TOTAL-LIABILITY-AND-EQUITY> 2,526,963
<SALES> 0
<TOTAL-REVENUES> 374,155
<CGS> 0
<TOTAL-COSTS> (98,995)
<OTHER-EXPENSES> (83,033)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (79,869)
<INCOME-PRETAX> 124,748
<INCOME-TAX> 0
<INCOME-CONTINUING> 124,748
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 124,748
<EPS-BASIC> 2.42
<EPS-DILUTED> 2.41
</TABLE>
