REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2011

The Company's real estate properties at December 31, 2011 and 2010 were as follows:

	December 31,
	2011	2010
	(In thousands)

Real estate properties:
Land	$ 235,394	221,523
Buildings and building improvements	1,056,783	985,798
Tenant and other improvements	258,267	240,134
Development	112,149	73,722
	1,662,593	1,521,177
Less accumulated depreciation	(451,805)	(403,187)
	$ 1,210,788	1,117,990

Gain on Sales of Real Estate

Real Estate Properties	Location	Size	Date Sold	Net Sales Price	Basis	Recognized Gain
				(In thousands)
2011
Deferred gain recognized from previous sales				$ -	-	36
2010
Deferred gain recognized from previous sales				$ -	-	37
2009
Butterfield Trail (Building G)	El Paso, TX	62,000 SF	11/20/09	$ 908	879	29
Deferred gain recognized from previous sales				-	-	31
				$ 908	879	60

Development

	Costs Incurred
	Size	Costs Transferred in 2011(1)	For the Year Ended 12/31/11	Cumulative as of 12/31/11	Estimated Total Costs(2)
DEVELOPMENT	(Unaudited)				(Unaudited)
	(Square feet)	(In thousands)
LEASE-UP
World Houston 31A, Houston, TX	44,000	$ -	2,788	3,843	4,600
Beltway Crossing VIII, Houston, TX	88,000	1,256	3,943	5,199	5,300
Total Lease-Up	132,000	1,256	6,731	9,042	9,900
UNDER CONSTRUCTION
World Houston 32, Houston, TX	96,000	1,834	4,376	6,210	6,800
Southridge IX, Orlando, FL	76,000	1,987	3,375	5,362	7,100
Thousand Oaks 1, San Antonio, TX	36,000	865	1,544	2,409	4,600
Thousand Oaks 2, San Antonio, TX	73,000	1,187	1,977	3,164	5,000
World Houston 31B, Houston, TX	35,000	930	430	1,360	3,900
Beltway Crossing IX, Houston, TX	45,000	674	467	1,141	2,500
Beltway Crossing X, Houston, TX	78,000	1,183	823	2,006	4,500
Total Under Construction	439,000	8,660	12,992	21,652	34,400
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)
Phoenix, AZ	432,000	-	3,461	3,461	30,800
Tucson, AZ	70,000	-	-	417	4,900
Tampa, FL	249,000	-	286	4,486	14,600
Orlando, FL	1,514,000	(1,987)	3,552	24,597	99,200
Fort Myers, FL	659,000	-	649	17,203	48,100
Dallas, TX	70,000	-	62	764	4,100
El Paso, TX	251,000	-	-	2,444	9,600
Houston, TX	2,044,000	(5,877)	11,594	21,115	129,600
San Antonio, TX	484,000	(2,052)	436	5,016	32,200
Charlotte, NC	95,000	-	71	1,246	7,100
Jackson, MS	28,000	-	-	706	2,000
Total Prospective Development	5,896,000	(9,916)	20,111	81,455	382,200
	6,467,000	$ -	39,834	112,149	426,500
DEVELOPMENTS COMPLETED AND TRANSFERRED
TO REAL ESTATE PROPERTIES DURING 2011
Arion 8 Expansion, San Antonio, TX	20,000	$ -	76	1,483
Total Transferred to Real Estate Properties	20,000	$ -	76	1,483	(3)

(1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period.

(2) Included in these costs are development obligations of $10.7 million and tenant improvement obligations of $2.0 million on properties under development.

(3) Represents cumulative costs at the date of transfer.

Future Minimum Rental Receipts Under Non-cancelable Leases

Future Minimum Rental Receipts Under Non-Cancelable Leases

Years Ending December 31,	(In thousands)

2012	$ 135,253
2013	105,237
2014	78,751
2015	54,516
2016	33,948
Thereafter	51,043
Total minimum receipts	$ 458,748

Future Minimum Ground Lease Payments

Years Ending December 31,	(In thousands)

2012	$ 707
2013	707
2014	707
2015	707
2016	707
Thereafter	13,315
Total minimum payments	$ 16,850