10-K 1 c93058e10vk.htm ANNUAL REPORT e10vk
Table of Contents

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
     
þ
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
    For the fiscal year ended December 31, 2004
 
OR
 
o
  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
incorporation or organization)
  (I.R.S. Employer
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)
Depositary Shares Each Representing 1/100 of a Share of 8.625% Series C 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 þ          No o
      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.     þ
      Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).     Yes þ          No o
      The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant was approximately $1,475 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2004.
      At March 23, 2005, 42,944,619 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 expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.
 
 


FIRST INDUSTRIAL REALTY TRUST, INC.
TABLE OF CONTENTS
             
        Page
         
 Part I.
   Business     3  
   Properties     8  
   Legal Proceedings     36  
   Submission of Matters to a Vote of Security Holders     37  
 
 Part II.
   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities     37  
   Selected Financial Data     38  
   Management’s Discussion and Analysis of Financial Condition and Results of Operations     41  
   Quantitative and Qualitative Disclosures About Market Risk     64  
   Financial Statements and Supplementary Data     64  
   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure     64  
   Controls and Procedures     64  
   Other Information     65  
 
 Part III.
   Directors and Executive Officers of the Registrant     66  
   Executive Compensation     66  
   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters     66  
   Certain Relationships and Related Transactions     66  
   Principal Accountant Fees and Services     66  
 
 Part IV.
   Exhibits and Financial Statement Schedules     67  
        71  
 Amendment No. 1 Dated March 4, 2005 to the LP Agreement
 Computation of Ratio of Earnings to Fixed Charges
 Subsidiaries
 Consent of PricewaterhouseCoopers LLP
 Certification of Principal Executive Officer
 Certification of Principal Financial Officer
 Certification of the Principal Executive Officer and Principal Financial Officer

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      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 financing, interest rate levels, competition, supply and demand for industrial properties in the Company’s current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in 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.

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PART I
THE COMPANY
Item 1. Business
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., (together with its consolidated subsidiaries, the “Company”) is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, redevelops 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, 2004, the Company’s in-service portfolio consisted of 403 light industrial properties, 151 R&D/ flex properties, 157 bulk warehouse properties, 91 regional warehouse properties and 25 manufacturing properties containing approximately 61.7 million square feet of GLA located in 22 states. The Company’s in-service portfolio includes all properties other than developed and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).
      The Company’s interests in its properties and land parcels are held through (i) 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., First Industrial Securities, L.P., First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial Indianapolis, L.P., FI Development Services, L.P. and TK-SV, LTD., each of which the sole general partner is a wholly-owned subsidiary of the Company and the sole limited partner is the Operating Partnership; (ii) limited liability companies, of which the Operating Partnership is the sole member; and (iii) First Industrial Development Services, Inc., of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein. The Company, through separate wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
      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 23, 2005, the Company had 353 employees.
      The Company has grown and will seek to continue to grow through the development and acquisition of additional industrial properties and through its corporate services program.
      The Company maintains a website at www.firstindustrial.com. Copies of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to such reports are available without charge on the Company’s website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. In addition, the Company’s Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee

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Charter, Nominating/ Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by the Company, are all available without charge on the Company’s website or upon request to the Company. Amendments to, or waivers from, the Company’s Code of Business Conduct and Ethics that apply to the Company’s executive officers or directors shall be posted to the Company’s website at www.firstindustrial.com. Please direct requests as follows:
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations
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 plans include 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 vacancy exists 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 target markets; and (iii) the expansion of its properties.
 
  •  Corporate Services. Through its corporate services program, the Company builds for, purchases from, and leases and sells industrial properties to companies that need industrial facilities. The Company seeks to grow this business by targeting both large and middle-market public and private companies.
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 deployment 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 among many properties and by negotiating purchasing discounts.
 
  •  Market Strategy. The Company’s market strategy is to concentrate on the top industrial real estate markets in the United States. These top markets are based upon one or more of the following characteristics: (i) the strength of the market’s industrial real estate fundamentals, including increased industrial demand expectations; (ii) the history and outlook for continued economic growth and industry diversity; and (iii) a minimum market size of 100 million square feet of industrial space.
 
  •  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 broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-

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  related expenses to the tenant. The Company also has local and national marketing programs which focus on the business and real estate brokerage communities and national tenants.
 
  •  Acquisition/ Development Strategy. The Company’s acquisition/development strategy is to invest in properties and other assets with higher yield potential in the top industrial real estate markets in the United States. Of the 827 industrial properties in the Company’s in-service portfolio at December 31, 2004, 137 properties have been developed by the Company or its former management. The Company will continue to leverage the development capabilities of its management, many of whom are leading industrial property developers in their respective markets.
 
  •  Disposition Strategy. The Company continuously evaluates local market conditions and property-related factors in all of its markets for purposes of identifying assets suitable for disposition.
 
  •  Financing Strategy. The Company plans on utilizing a portion of net sales proceeds from property sales, borrowings under its $300 million unsecured line of credit and proceeds from the issuance, when and as warranted, of additional equity securities to finance future acquisitions and developments. As of March 23, 2005, the Company had approximately $98.3 million available in additional borrowings under its $300 million unsecured line of credit.

Recent Developments
      In 2004, the Company acquired or placed in-service developments totaling 95 industrial properties and acquired several parcels of land for a total investment of approximately $517.7 million. The Company also sold 97 industrial properties and several parcels of land for a gross sales price of approximately $424.9 million. At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA.
      On May 17, 2004, the Company, through the Operating Partnership, exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon interest rate of 6.42% (the “2014 Notes”) for $100.0 million aggregate principal amount of its 7.375% Notes due 2011 (the “2011 PATS”) and net cash in the amount of approximately $8.9 million. The issue price of the 2014 Notes was 99.123%.
      On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”) and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or

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$50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
      On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.
      On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $.3 million.
      On June 7, 2004, the Company redeemed 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, at a redemption price of $25.00 per Depositary Share, and a paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9 million.
      On June 7, 2004, the Company redeemed 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, at a redemption price of $25.00 per Depositary Share, and a paid prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1 million.
      On June 11, 2004, the Company, through the Operating Partnership, amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election.
      On June 14, 2004, the Company, through the Operating Partnership, issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6.7 million of proceeds, which is included in other comprehensive income.

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      On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48.8 million.
      On September 30, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of approximately $12.1 million which bears interest at a fixed rate of 5.6%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on November 10, 2012. In conjunction with the assumption of the loan, the Company recorded a premium in the amount of $.5 million which will be amortized over the remaining life of the loan as an adjustment to interest expense.
      On December 3, 2004, the Company, through the Operating Partnership, paid off and retired its $4.3 million mortgage loan which bore interest at 7.61%, provided for monthly principal and interest payments based on a 30-year amortization schedule, and was to mature on May 1, 2012.
      On December 21, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $6.2 million (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by several properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense.
      From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties for approximately $136.0 million of gross proceeds during this period.
      On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005.
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 the United States.
      The Company also sells properties based on market conditions and property related factors. As a result, the Company is currently engaged in negotiations relating to the possible sale 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

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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.
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, 2004, the occupancy rates for industrial properties in the United States have ranged from 88.4%* to 93.4%*, with an occupancy rate of 89.1%* at December 31, 2004.
Item 2. Properties
General
      At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA in 22 states, with a diverse base of more than 2,400 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2004 was approximately 19 years. The Company maintains insurance on its properties that the Company believes is adequate.
      The Company classifies its properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, 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 its property. The following describes, generally, the different industrial categories:
  •  Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16 to 21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to that which is occupied by the building.
 
  •  R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1.
 
  •  Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
      *Source: Torto Wheaton Research

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  •  Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1.
      Each of the properties is wholly owned by the Company. The following tables summarize certain information as of December 31, 2004 with respect to the Company’s in-service properties.
Property Summary
                                                                                   
    Light Industrial   R&D/Flex   Bulk Warehouse   Regional Warehouse   Manufacturing
                     
        Number of       Number of       Number of       Number of       Number of
Metropolitan Area   GLA   Properties   GLA   Properties   GLA   Properties   GLA   Properties   GLA   Properties
                                         
Atlanta, GA
    598,106       11       294,074       7       3,385,754       11       383,935       5       298,000       2  
Baltimore, MD
    727,370       12                   749,830       4                   171,000       1  
Central Pennsylvania
    383,070       4                   1,963,886       9       117,579       3              
Chicago, IL
    1,144,615       20       247,084       4       2,110,988       10       50,009       1       589,000       3  
Cincinnati, OH
    384,220       3                   1,693,880       7                          
Columbus, OH
    217,612       2                   1,654,437       4                          
Dallas, TX
    1,713,803       45       492,503       20       2,369,671       18       831,941       13       224,984       2  
Denver, CO
    1,550,521       30       1,289,162       34       1,202,317       7       526,723       8              
Des Moines, IA
                                        88,000       1              
Detroit, MI
    2,234,543       84       426,112       15       658,643       6       684,978       16              
Grand Rapids, MI
    61,250       1                                                  
Houston, TX
    536,211       7       201,363       3       2,130,764       13       365,960       5              
Indianapolis, IN
    775,980       17       48,200       4       3,218,628       13       277,710       7       71,600       2  
Los Angeles, CA
    272,594       11       18,921       4       961,706       5       345,258       7              
Louisville, KY
                            443,500       2                          
Miami, FL
                            268,539       1                          
Milwaukee, WI
    146,061       3       93,705       2       524,894       4       39,468       1              
Minneapolis/ St. Paul, MN
    1,118,955       18       695,165       10       1,433,082       6       201,813       2       1,057,040       11  
Nashville, TN
    273,843       5                   1,549,322       7                   109,058       1  
N. New Jersey
    1,167,489       21       425,996       8       1,380,965       8       238,485       3              
Philadelphia, PA
    1,131,651       23       128,059       5       43,400       1       211,316       3       56,827       2  
Phoenix, AZ
    234,851       8                   407,205       3       469,923       6              
Salt Lake City, UT
    499,164       33       146,937       6       324,568       2                          
San Diego, CA
                            397,760       2       179,541       5              
S. New Jersey
    921,604       20       37,450       2                   118,496       2       22,738       1  
St. Louis, MO
    688,165       9                   1,533,507       10       96,392       1              
Tampa, FL
    517,252       13       733,522       27                   41,377       1              
Other(a)
    99,000       3                   668,155       4       50,000       1              
                                                             
 
Total
    17,397,930       403       5,278,253       151       31,075,401       157       5,318,904       91       2,600,247       25  
                                                             
 
(a)  Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV.

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Property Summary Totals
                                   
    Totals
     
        Average   GLA as a %
        Number of   Occupancy at   of Total
Metropolitan Area   GLA   Properties   12/31/04   Portfolio
                 
Atlanta, GA
    4,959,869       36       88%       8.0%  
Baltimore, MD
    1,648,200       17       92%       2.7%  
Central Pennsylvania
    2,464,535       16       89%       4.0%  
Chicago, IL
    4,141,696       38       84%       6.7%  
Cincinnati, OH
    2,078,100       10       88%       3.4%  
Columbus, OH
    1,872,049       6       98%       3.0%  
Dallas, TX
    5,632,902       98       92%       9.1%  
Denver, CO
    4,568,723       79       91%       7.4%  
Des Moines, IA
    88,000       1       46%       0.1%  
Detroit, MI
    4,004,276       121       93%       6.5%  
Grand Rapids, MI
    61,250       1       100%       0.1%  
Houston, TX
    3,234,298       28       91%       5.2%  
Indianapolis, IN
    4,392,118       43       81%       7.1%  
Los Angeles, CA
    1,598,479       27       100%       2.6%  
Louisville, KY
    443,500       2       100%       0.7%  
Miami, FL
    268,539       1       100%       0.4%  
Milwaukee, WI
    804,128       10       100%       1.3%  
Minneapolis/ St. Paul, MN
    4,506,055       47       87%       7.3%  
Nashville, TN
    1,932,223       13       90%       3.1%  
N. New Jersey
    3,212,935       40       87%       5.2%  
Philadelphia, PA
    1,571,253       34       91%       2.5%  
Phoenix, AZ
    1,111,979       17       92%       1.8%  
Salt Lake City, UT
    970,669       41       89%       1.6%  
San Diego, CA
    577,301       7       93%       0.9%  
S. New Jersey
    1,100,288       25       100%       1.8%  
St. Louis, MO
    2,318,064       20       95%       3.8%  
Tampa, FL
    1,292,151       41       87%       2.1%  
Other(a)
    817,155       8       100%       1.3%  
                         
 
Total or Average
    61,670,735       827       90%       100.0%  
                         
 
(a)  Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV.

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Property Acquisition Activity
      During 2004, the Company acquired 79 industrial properties totaling approximately 9.2 million square feet of GLA at a total purchase price of approximately $365.9 million, or approximately $39.62 per square foot. The Company also purchased several land parcels for an aggregate purchase price of approximately $36.5 million. The 79 industrial properties acquired have the following characteristics:
                             
                Average
    Number of           Occupancy at
Metropolitan Area   Properties   GLA   Property Type   12/31/04(g)
                 
St. Louis, MO
    6       812,685     Light Industrial/Regional & Bulk Warehouse     99 %
Nashville, TN(a)
    1       98,150     Manufacturing     N/A  
Nashville, TN
    1       522,483     Bulk Warehouse     100 %
Cincinnati, OH(a)
    1       482,772     Bulk Warehouse     N/A  
Minneapolis, MN(b)
    1       81,927     Light Industrial     N/A  
Salt Lake City, UT(c)
    4       93,600     Light Industrial     100 %
Denver, CO
    3       663,411     Bulk Warehouse     100 %
Atlanta, GA(a)
    1       151,743     Bulk Warehouse     N/A  
Phoenix, AZ
    1       22,978     Light Industrial     100 %
Chicago, IL
    1       76,430     Light Industrial     100 %
Chicago, IL
    1       169,000     Manufacturing     100 %
Minneapolis, MN
    1       216,700     Bulk Warehouse     100 %
Milwaukee, WI
    1       103,024     Bulk Warehouse     100 %
Los Angeles, CA
    2       73,000     Light Industrial     100 %
Dallas, TX
    1       85,200     Regional Warehouse     100 %
Milwaukee, WI(a)
    1       60,000     Light Industrial     N/A  
Northern New Jersey
    1       92,400     Regional Warehouse     100 %
Northern New Jersey
    1       194,258     Bulk Warehouse     100 %
Milwaukee, WI
    2       321,870     Bulk Warehouse     100 %
Minneapolis, MN
    1       71,905     Light Industrial     100 %
Dallas, TX(d)
    12       853,857     Light Industrial/Regional & Bulk Warehouse     94 %
Baltimore, MD
    1       300,000     Bulk Warehouse     100 %
Northern New Jersey
    1       208,000     Bulk Warehouse     100 %
Northern New Jersey
    1       115,536     Bulk Warehouse     100 %
Phoenix, AZ
    3       407,205     Bulk Warehouse     100 %
Baltimore, MD
    1       138,920     Bulk Warehouse     100 %
Baltimore, MD
    1       148,215     Bulk Warehouse     100 %
Baltimore, MD
    2       125,000     Light Industrial     59 %
Philadelphia, PA
    1       48,000     Light Industrial     100 %
Los Angeles, CA
    1       100,000     Bulk Warehouse     100 %
Minneapolis, MN(e)
    2       162,408     R&D/Flex     100 %
Miami, FL
    1       268,539     Bulk Warehouse     100 %
Baltimore, MD
    1       376,295     Bulk Warehouse     100 %
Tampa, FL(f)
    7       201,620     R&D/Flex/Light Industrial     100 %
Atlanta, GA(b)
    1       239,435     Manufacturing     N/A  
Dallas, TX
    1       261,102     Bulk Warehouse     100 %

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Table of Contents

                             
                Average
    Number of           Occupancy at
Metropolitan Area   Properties   GLA   Property Type   12/31/04(g)
                 
Houston, TX(f)
    5       155,131     Light Industrial     N/A  
Minneapolis, MN
    1       47,263     Light Industrial     100 %
Cincinnati, OH
    1       345,000     Bulk Warehouse     100 %
Nashville, TN
    1       194,113     Bulk Warehouse     100 %
Los Angeles, CA
    1       68,446     Regional Warehouse     100 %
Phoenix, AZ
    1       78,150     Regional Warehouse     100 %
                       
      79       9,235,771              
                       
 
(a)  Property was sold in 2004.
(b) Property was placed out of service in 2004.
 
(c) Three properties were placed out of service in 2004.
 
(d) Two properties were placed out of service in 2004.
 
(e) One property was placed out of service in 2004.
 
(f) Five properties were placed out of service in 2004.
 
(g) Includes only in-service properties.
Property Development Activity
      During 2004, the Company placed in-service 16 developments totaling approximately 2.0 million square feet of GLA at a total cost of approximately $115.3 million, or approximately $57.43 per square foot. The placed in-service developments have the following characteristics:
                         
            Average
            Occupancy
Metropolitan Area   GLA   Property Type   at 12/31/04
             
Phoenix, AZ
    54,890       Light Industrial       100 %
Harrisburg, PA
    103,200       Bulk Warehouse       100 %
St. Louis, MO
    180,658       Bulk Warehouse       100 %
Harrisburg, PA
    87,500       Regional Warehouse       100 %
Atlanta, GA
    231,000       Bulk Warehouse       100 %
Chicago, IL(a)
    236,213       Bulk Warehouse       N/A  
Phoenix, AZ(a)
    73,415       Light Industrial       N/A  
Harrisburg, PA
    252,000       Bulk Warehouse       100 %
Phoenix, AZ
    44,545       Light Industrial       100 %
Harrisburg, PA(a)
    314,591       Bulk Warehouse       N/A  
Phoenix, AZ(a)
    144,020       Light Industrial       N/A  
Harrisburg, PA
    110,000       Bulk Warehouse       100 %
Denver, CO
    67,280       Light Industrial       90 %
Phoenix, AZ(a)
    37,499       Light Industrial       N/A  
Phoenix, AZ(a)
    36,746       Light Industrial       N/A  
Dallas, TX(a)
    34,800       Light Industrial       N/A  
                   
      2,008,357                  
                   

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(a)  Property was sold in 2004.
      At December 31, 2004, the Company had 19 development projects not placed in service, totaling an estimated 2.7 million square feet and with an estimated completion cost of approximately $173.2 million. The Company estimates it will place in service 16 of the 19 projects in fiscal year 2005. There can be no assurance that the Company will place these projects in service in 2005 or that the actual completion cost will not exceed the estimated completion cost stated above.
Property Sales
      During 2004, the Company sold 97 industrial properties totaling approximately 7.4 million square feet of GLA and several land parcels. Total gross sales proceeds approximated $424.9 million. The 97 industrial properties sold have the following characteristics:
                     
    Number        
    of        
Metropolitan Area   Properties   GLA   Property Type
             
Minneapolis, MN
    4       435,032     Regional Warehouse/R&D/Flex/Light Industrial
Nashville, TN
    1       423,500     Bulk Warehouse
Tampa, FL
    1       11,600     Light Industrial
Salt Lake City, UT
    1       10,500     Light Industrial
Nashville, TN
    1       28,022     Light Industrial
Dallas, TX
    2       41,000     Light Industrial
Detroit, MI
    2       85,086     Light Industrial
Philadelphia, PA
    1       46,750     Regional Warehouse
Chicago, IL
    1       68,728     Regional Warehouse
Chicago, IL
    1       407,012     Bulk Warehouse
Denver, CO
    1       52,227     Light Industrial
Denver, CO
    1       69,430     Light Industrial
Minneapolis, MN
    1       30,476     Regional Warehouse
Nashville, TN
    1       98,150     Manufacturing
Northern New Jersey
    1       259,230     Bulk Warehouse
Southern New Jersey
    1       90,804     Regional Warehouse
Tampa, FL
    1       23,778     R&D/Flex
Northern New Jersey
    1       32,500     Light Industrial
Chicago, IL
    1       41,531     Manufacturing
Baltimore, MD
    1       86,234     Light Industrial
Baltimore, MD
    3       125,421     Light Industrial
Dayton, OH
    7       342,746     Light Industrial/R&D/Flex
Southern New Jersey
    1       12,000     R&D/Flex
Southern New Jersey
    1       32,914     Light Industrial
Baltimore, MD
    1       57,600     Light Industrial
Northern New Jersey
    1       20,000     R&D/Flex
Northern New Jersey
    4       118,750     R&D/Flex
Houston, TX
    3       164,387     R&D/Flex/Light Industrial/Bulk Warehouse
Los Angeles, CA
    1       230,000     Bulk Warehouse
Baltimore, MD
    1       78,418     R&D/Flex
Central Pennsylvania
    1       178,600     Bulk Warehouse
Cincinnati, OH
    1       482,772     Bulk Warehouse

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    Number        
    of        
Metropolitan Area   Properties   GLA   Property Type
             
Denver, CO
    2       41,619     Light Industrial
Phoenix, AZ
    1       26,680     Light Industrial
Dallas, TX
    1       70,936     Regional Warehouse
Detroit, MI
    1       55,535     Regional Warehouse
Phoenix, AZ
    1       144,020     Light Industrial
Baltimore, MD
    1       40,800     Light Industrial
Louisville, KY
    1       221,000     Bulk Warehouse
Phoenix, AZ
    2       73,246     Light Industrial
Salt Lake City, UT
    6       92,518     Light Industrial
Atlanta, GA
    1       151,743     Bulk Warehouse
Tampa, FL
    1       33,861     R&D/Flex
Chicago, IL
    1       147,400     Bulk Warehouse
Phoenix, AZ
    1       24,192     Light Industrial
Harrisburg, PA
    1       314,591     Bulk Warehouse
Detroit, MI
    1       13,507     Light Industrial
Milwaukee, WI
    1       60,000     Light Industrial
Chicago, IL
    1       100,074     R&D/Flex
Dallas, TX
    5       222,403     Manufacturing
Detroit, MI
    1       14,600     Light Industrial
Philadelphia, PA
    1       25,361     Light Industrial
Detroit, MI
    1       23,320     Light Industrial
Chicago, IL
    1       137,678     Light Industrial
Baltimore, MD
    1       142,189     Bulk Warehouse
Phoenix, AZ
    3       147,660     Light Industrial
Indianapolis, IN
    1       40,000     Light Industrial
Baltimore, MD
    1       49,259     Light Industrial
Los Angeles, CA
    1       7,300     Light Industrial
S. New Jersey
    1       10,300     R&D/Flex
Dallas, TX
    2       137,200     Regional Warehouse & Light Industrial
Chicago, IL
    1       236,213     Bulk Warehouse
Dallas, TX
    1       101,839     Bulk Warehouse
Philadelphia, PA
    1       214,320     Bulk Warehouse
Philadelphia, PA
    1       97,448     Regional Warehouse
                 
      97       7,404,010      
                 
Property Acquisitions, Developments and Sales Subsequent to Year End
      From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties and several land parcels for approximately $136.0 million of gross proceeds during this period.

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Detail Property Listing
      The following table lists all of the Company’s in-service properties as of December 31, 2004, by geographic market area.
Property Listing
                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Atlanta
                                                   
4250 River Green Parkway
    Duluth, GA               1988     R&D/Flex     2.14       28,942       65 %
3400 Corporate Parkway
    Duluth, GA               1987     Light Industrial     3.73       59,959       100 %
3450 Corporate Parkway
    Duluth, GA               1988     R&D/Flex     2.38       37,346       75 %
3500 Corporate Parkway
    Duluth, GA               1991     R&D/Flex     2.80       44,242       100 %
3425 Corporate Parkway
    Duluth, GA               1990     R&D/Flex     3.49       43,006       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       111,540       70 %
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 %
4050 Southmeadow Parkway
    Atlanta, GA               1991     Reg. Warehouse     6.60       87,328       29 %
4051 Southmeadow Parkway
    Atlanta, GA               1989     Bulk Warehouse     11.20       151,935       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       0 %
370 Great Southwest Pkway(i)
    Atlanta, GA               1986     Light Industrial     8.06       150,536       95 %
955 Cobb Place
    Kennesaw, GA               1991     Reg. Warehouse     8.73       97,518       100 %
2039 Monier Blvd
    Lithia Springs, GA               1999     Bulk Warehouse     10.00       110,000       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 %
201 Greenwood
    McDonough, GA               1999     Bulk Warehouse     39.00       800,000       100 %
220 Greenwood
    McDonough, GA               2000     Bulk Warehouse     26.69       504,000       100 %
1255 Oakbrook Drive
    Norcross, GA               1984     Light Industrial     2.50       36,000       33 %
1256 Oakbrook Drive
    Norcross, GA               1984     Light Industrial     3.48       40,392       75 %
1265 Oakbrook Drive
    Norcross, GA               1984     Light Industrial     3.52       51,200       0 %
1266 Oakbrook Drive
    Norcross, GA               1984     Light Industrial     3.62       30,378       74 %
1275 Oakbrook Drive
    Norcross, GA               1986     Reg. Warehouse     4.36       62,400       78 %
1280 Oakbrook Drive
    Norcross, GA               1986     Reg. Warehouse     4.34       46,400       56 %
1300 Oakbrook Drive
    Norcross, GA               1986     Light Industrial     5.41       52,000       100 %
1325 Oakbrook Drive
    Norcross, GA               1986     Light Industrial     3.53       53,120       69 %
1351 Oakbrook Drive
    Norcross, GA               1984     R&D/Flex     3.93       36,600       54 %
1346 Oakbrook Drive
    Norcross, GA               1985     R&D/Flex     5.52       74,538       28 %
1412 Oakbrook Drive
    Norcross, GA               1985     R&D/Flex     2.89       29,400       56 %
Greenwood Industrial Park
    McDonough, GA               2003     Bulk Warehouse     31.70       231,000       100 %

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            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Atlanta — (Continued)
                                                   
3060 South Park Blvd
    Ellenwood, GA               1992     Bulk Warehouse     30.56       657,451       100 %
                                         
                                          4,959,869       88 %
Subtotal or Average                
             
Baltimore
    Baltimore, MD               1988     Light Industrial     3.48       60,227       100 %
3431 Benson
    Baltimore, MD               1987     Light Industrial     3.32       60,000       90 %
1811 Portal
    Baltimore, MD               1990     Light Industrial     3.18       46,522       100 %
1831 Portal
    Baltimore, MD       (d )     1982     Bulk Warehouse     6.55       171,000       100 %
1820 Portal
    Baltimore, MD               1987     Light Industrial     4.36       65,860       93 %
6615 Tributary
    Frederick, MD               1988     Light Industrial     5.47       83,934       34 %
4845 Governors Way
    Baltimore, MD               1982     Light Industrial     5.80       60,000       100 %
8900 Yellow Brick Road
    Hanover, MD               1987     Light Industrial     18.00       71,866       100 %
7476 New Ridge
    Lanhan, MD               1980     Light Industrial     16.00       43,353       70 %
9700 Martin Luther King Hwy
    Lanhan, MD               1980     Light Industrial     5.56       30,608       100 %
9730 Martin Luther King Hwy
    Lanhan, MD               1980     Bulk Warehouse     5.89       86,400       100 %
4600 Boston Way
    Dulles, VA               1999     Bulk Warehouse     14.00       138,920       100 %
22520 Randolph Drive
    Dulles, VA               1998     Bulk Warehouse     10.31       148,215       100 %
22630 Dulles Summit Court
    Lanhan, MD               1978     Light Industrial     4.85       80,000       100 %
9800 Martin Luther King Hwy
    Ashburn, VA               1990     Light Industrial     0.00       49,200       100 %
21550 Beaumeade Circle
    Ashburn, VA               1990     Light Industrial     0.00       75,800       32 %
21580 Beaumeade Circle
    Baltimore, MD               1982/92     Bulk Warehouse     27.99       376,295       100 %
4501 Hollins Ferry Road
                                                   
                                         
                                          1,648,200       92 %
Subtotal or Average                
             
Central Pennsylvania
    Cranberry, PA               1982     Reg. Warehouse     5.99       32,779       100 %
1214-B Freedom Road
    Middletown, PA               1990     Reg. Warehouse     5.20       52,800       61 %
401 Russell Drive
    Middletown, PA               1990     Reg. Warehouse     3.60       32,000       100 %
2700 Commerce Drive
    Middletown, PA               1989     Light Industrial     6.40       48,000       100 %
2701 Commerce Drive
    Middletown, PA               1989     Light Industrial     2.00       21,600       29 %
2780 Commerce Drive
    Harrisburg, PA               1991     Bulk Warehouse     17.17       300,000       69 %
7125 Grayson Road
    Harrisburg, PA               1990     Bulk Warehouse     12.42       198,386       100 %
7253 Grayson Road
    Mechanicsburg, PA               1995     Light Industrial     5.06       49,350       80 %
5020 Louise Drive
    Harrisburg, PA               1994     Bulk Warehouse     6.02       100,000       80 %
7195 Grayson Road
    York, PA               1990     Bulk Warehouse     10.00       112,500       0 %
3380 Susquehanna Trail North
    Mechanicsburg, PA               1968/97     Light Industrial     20.00       264,120       100 %
350 Old Silver Spring Road
    Hagerstown, MD       (f )     2000     Bulk Warehouse     35.00       487,000       100 %
16522 Hunters Green Parkway
    Hagerstown, MD               1992     Bulk Warehouse     22.73       300,000       100 %
18212 Shawley Drive
    Mechanicsburg, PA               2001     Bulk Warehouse     7.93       104,000       100 %
270 Old Silver Spring Road
    Gouldsboro, PA               2003     Bulk Warehouse     25.60       252,000       100 %
Covington (CAT)
                                                   

16


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Central Pennsylvania — (Continued)                                            
37 Valleyview Business Park
    Jessup, PA               2004     Bulk Warehouse     9.60       110,000       100 %
                                         
Subtotal or Average     2,464,535       89 %
             
Chicago
                                                   
720-730 Landwehr Road
    Northbrook, IL               1978     Light Industrial     4.29       66,912       100 %
20W201 101st Street
    Lemont, IL               1988     Bulk Warehouse     8.72       160,201       100 %
3600 West Pratt Avenue
    Lincolnwood, IL               1953/88     Bulk Warehouse     6.35       204,679       80 %
6750 South Sayre Avenue
    Bedford Park, IL               1975     Light Industrial     2.51       63,383       59 %
585 Slawin Court
    Mount Prospect, IL               1992     R&D/Flex     3.71       38,150       0 %
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 %
305-311 Era Drive
    Northbrook, IL               1978     Light Industrial     1.82       27,549       100 %
4330 South Racine Avenue
    Chicago, IL               1978     Manufacturing     5.57       168,000       0 %
12241 Melrose Street
    Franklin Park, IL               1969     Light Industrial     2.47       77,301       100 %
3150-3160 MacArthur Boulevard
    Northbrook, IL               1978     Light Industrial     2.14       41,780       100 %
365 North Avenue
    Carol Stream, IL               1969     Bulk Warehouse     28.65       230,231       57 %
2942 MacArthur Boulevard
    Northbrook, IL               1979     R&D/Flex     3.12       49,730       0 %
305-307 East North Avenue
    Carol Stream, IL               1999     Reg. Warehouse     0.00       50,009       100 %
11939 South Central Avenue
    Alsip, IL               1972     Bulk Warehouse     12.60       320,171       100 %
405 East Shawmut
    LaGrange, IL               1965     Light Industrial     3.39       59,075       69 %
1010-50 Sesame Street
    Bensenville, IL               1976     Manufacturing     8.00       252,000       100 %
7401 South Pulaski
    Chicago, IL               1975/86     Bulk Warehouse     5.36       213,670       96 %
7501 South Pulaski
    Chicago, IL               1975/86     Bulk Warehouse     3.88       159,728       100 %
385 Fenton Lane
    West Chicago, IL               1990     Bulk Warehouse     6.79       180,417       100 %
335 Crossroad Parkway
    Bolingbrook, IL               1996     Bulk Warehouse     12.86       288,000       100 %
905 Paramount
    Batavia, IL               1977     Light Industrial     2.60       60,000       100 %
1005 Paramount
    Batavia, IL               1978     Light Industrial     2.50       64,574       50 %
2120-24 Roberts
    Broadview, IL               1960     Light Industrial     2.30       60,009       100 %
700 Business Center Drive
    Mount Prospect, IL               1980     Light Industrial     3.12       34,800       100 %
555 Business Center Drive
    Mount Prospect, IL               1981     Light Industrial     2.96       31,175       0 %
800 Business Center Drive
    Mount Prospect, IL               1988/99     Light Industrial     5.40       81,610       100 %
580 Slawin Court
    Mount Prospect, IL               1985     Light Industrial     2.08       30,225       100 %
1150 Feehanville
    Mount Prospect, IL               1983     Light Industrial     2.74       33,600       100 %
1200 Business Center Drive
    Mount Prospect, IL               1988/2000     Light Industrial     6.68       106,000       76 %
1331 Business Center Drive
    Mount Prospect, IL               1985     Light Industrial     3.12       30,380       100 %
19W661 101st Street
    Lemont, IL               1988     Bulk Warehouse     10.94       248,791       61 %
175 Wall Street
    Glendale Heights, IL               1990     Light Industrial     4.10       50,050       100 %

17


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Chicago — (Continued)
                                                   
800-820 Thorndale Avenue
    Bensenville, IL               1985     R&D/Flex     5.56       73,249       100 %
830-890 Supreme Drive
    Bensenville, IL               1981     Light Industrial     4.77       85,542       100 %
1661 Feehanville Drive
    Mount Prospect, IL               1986     R&D/Flex     6.89       85,955       81 %
2250 Arthur Avenue
    Elk Grove Village, IL               1973     Light Industrial     3.20       76,430       100 %
1850 Touhy & 1158-60 McCage
    Elk Grove Village, IL               1978     Manufacturing     6.88       169,000       100 %
                                         
Subtotal or Average     4,141,696       84 %
             
Cincinnati
                                                   
9900-9970 Princeton
    Cincinnati, OH               1970     Bulk Warehouse     10.64       185,580       93 %
2940 Highland Avenue
    Cincinnati, OH               1969/74     Bulk Warehouse     17.08       502,000       83 %
4700-4750 Creek Road
    Blue Ash, OH               1960     Light Industrial     15.32       265,000       94 %
12072 Best Place
    Springboro, OH               1984     Bulk Warehouse     7.80       112,500       100 %
901 Pleasant Valley Drive
    Springboro, OH               1984/94     Light Industrial     7.70       69,220       100 %
4440 Mulhauser Road
    Cincinnati, OH               1999     Bulk Warehouse     15.26       240,000       100 %
4434 Mulhauser Road
    Cincinnati, OH               1999     Bulk Warehouse     25.00       140,800       77 %
9449 Glades Road
    Hamilton, OH               1999     Bulk Warehouse     7.40       168,000       40 %
422 Wards Corner Road
    Loveland, OH               1985     Light Industrial     3.74       50,000       91 %
7625 Empire Drive
    Florence, KY               1966/75     Bulk Warehouse     21.88       345,000       100 %
                                         
Subtotal or Average     2,078,100       88 %
             
Columbus
                                                   
3800 Lockbourne Industrial Pky
    Columbus, OH               1986     Bulk Warehouse     22.12       404,734       100 %
3880 Groveport Road
    Columbus, OH               1986     Bulk Warehouse     43.41       705,600       100 %
1819 North Walcutt Road
    Columbus, OH               1973     Bulk Warehouse     11.33       243,000       83 %
4115 Leap Road(i)
    Hilliard, OH               1977     Light Industrial     18.66       217,612       100 %
3300 Lockbourne
    Columbus, OH               1964     Bulk Warehouse     17.00       301,103       100 %
                                         
Subtotal or Average     1,872,049       98 %
             
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 %
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       55 %
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(j)
    Dallas, TX               1981     Light Industrial     4.57       95,671       100 %
3000 West Commerce
    Dallas, TX               1980     Manufacturing     11.23       128,478       100 %

18


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Dallas/ Fort Worth — (Continued)
                                                   
3030 Hansboro
    Dallas, TX               1971     Bulk Warehouse     3.71       100,000       100 %
5222 Cockrell Hill
    Dallas, TX               1973     Manufacturing     4.79       96,506       0 %
405-407 113th
    Arlington, TX               1969     Light Industrial     2.75       60,000       100 %
816 111th Street
    Arlington, TX               1972     Light Industrial     2.89       65,000       100 %
7341 Dogwood Park
    Richland Hills, TX               1973     Light Industrial     1.09       20,045       100 %
7427 Dogwood Park
    Richland Hills, TX               1973     Light Industrial     1.60       27,500       0 %
7348-54 Tower Street
    Richland Hills, TX               1978     Light Industrial     1.09       20,107       100 %
7370 Dogwood Park
    Richland Hills, TX               1987     Light Industrial     1.18       18,511       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       20,018       100 %
7331-59 Airport Freeway
    Richland Hills, TX               1987     R&D/Flex     2.63       37,487       74 %
7338-60 Dogwood Park
    Richland Hills, TX               1978     R&D/Flex     1.51       26,407       100 %
7450-70 Dogwood Park
    Richland Hills, TX               1985     Light Industrial     0.88       18,004       95 %
7423-49 Airport Freeway
    Richland Hills, TX               1985     R&D/Flex     2.39       33,388       90 %
7400 Whitehall Street
    Richland Hills, TX               1994     Light Industrial     1.07       22,867       100 %
1602-1654 Terre Colony
    Dallas, TX               1981     Bulk Warehouse     5.72       130,949       61 %
3330 Duncanville Road
    Dallas, TX               1987     Reg. Warehouse     2.20       50,560       100 %
6851-6909 Snowden Road
    Fort Worth, TX               1985/86     Bulk Warehouse     13.00       281,200       73 %
2351-2355 Merritt Drive
    Garland, TX               1986     R&D/Flex     5.00       16,740       100 %
10575 Vista Park
    Dallas, TX               1988     Reg. Warehouse     2.10       37,252       100 %
701-735 North Plano Road
    Richardson, TX               1972/94     Bulk Warehouse     5.78       100,065       100 %
2259 Merritt Drive
    Garland, TX               1986     R&D/Flex     1.90       16,740       0 %
2260 Merritt Drive
    Garland, TX               1986/99     Reg. Warehouse     3.70       62,847       100 %
2220 Merritt Drive
    Garland, TX               1986/2000     Reg. Warehouse     3.90       70,390       100 %
2010 Merritt Drive
    Garland, TX               1986     Reg. Warehouse     2.80       57,392       100 %
2363 Merritt Drive
    Garland, TX               1986     R&D/Flex     0.40       12,300       100 %
2447 Merritt Drive
    Garland, TX               1986     R&D/Flex     0.40       12,300       100 %
2465-2475 Merritt Drive
    Garland, TX               1986     R&D/Flex     0.50       16,740       100 %
2485-2505 Merritt Drive
    Garland, TX               1986     Bulk Warehouse     5.70       108,550       100 %
2081 Hutton Drive-Bldg 1(j)
    Carrollton, TX               1981     R&D/Flex     3.73       42,170       97 %
2150 Hutton Drive
    Carrollton, TX               1980     Light Industrial     2.50       48,325       100 %
2110 Hutton Drive
    Carrollton, TX               1985     R&D/Flex     5.83       59,528       100 %
2025 McKenzie Drive
    Carrollton, TX               1985     Reg. Warehouse     3.81       73,556       100 %
2019 McKenzie Drive
    Carrollton, TX               1985     Reg. Warehouse     3.93       80,780       55 %
1420 Valwood-Bldg 1(i)
    Carrollton, TX               1986     R&D/Flex     3.30       40,884       95 %

19


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Dallas/ Fort Worth — (Continued)
                                                   
1620 Valwood-Bldg 1(j)
    Carrollton, TX               1986     Light Industrial     6.59       103,475       100 %
1505 Luna Road — Bldg II
    Carrollton, TX               1988     Light Industrial     1.00       16,800       29 %
1625 West Crosby Road
    Carrollton, TX               1988     Light Industrial     4.72       87,687       100 %
2029-2035 McKenzie Drive
    Carrollton, TX               1985     Reg. Warehouse     3.30       81,924       96 %
1840 Hutton Drive(i)
    Carrollton, TX               1986     R&D/Flex     5.83       93,132       100 %
1420 Valwood-Bldg II
    Carrollton, TX               1986     Light Industrial     3.32       55,625       100 %
2015 McKenzie Drive
    Carrollton, TX               1986     Light Industrial     3.38       73,187       87 %
2105 McDaniel Drive
    Carrollton, TX               1986     Bulk Warehouse     4.59       107,915       100 %
2009 McKenzie Drive
    Carrollton, TX               1987     Light Industrial     3.03       66,112       100 %
1505 Luna Road — Bldg I
    Carrollton, TX               1988     Light Industrial     2.97       50,930       68 %
900-1100 Avenue S
    Grand Prairie, TX               1985     Bulk Warehouse     5.50       122,881       100 %
15001 Trinity Blvd
    Fort Worth, TX               1984     Light Industrial     4.70       83,473       100 %
Plano Crossing(k)
    Plano, TX               1998     Light Industrial     13.66       215,672       100 %
7413A-C Dogwood Park
    Richland Hills, TX               1990     Light Industrial     1.23       22,500       100 %
7450 Tower Street
    Richland Hills, TX               1977     R&D/Flex     0.68       10,000       100 %
7436 Tower Street
    Richland Hills, TX               1979     Light Industrial     0.89       15,000       100 %
7501 Airport Freeway
    Richland Hills, TX               1983     Light Industrial     2.04       15,000       100 %
7426 Tower Street
    Richland Hills, TX               1978     Light Industrial     1.06       19,780       100 %
7427-7429 Tower Street
    Richland Hills, TX               1981     Light Industrial     1.02       20,000       100 %
2840-2842 Handley Ederville Rd
    Richland Hills, TX               1977     R&D/Flex     1.25       20,260       80 %
7451-7477 Airport Freeway
    Richland Hills, TX               1984     R&D/Flex     2.30       33,627       82 %
7415 Whitehall Street
    Richland Hills, TX               1986     Light Industrial     3.95       61,260       83 %
7450 Whitehall Street
    Richland Hills, TX               1978     Light Industrial     1.17       25,000       100 %
7430 Whitehall Street
    Richland Hills, TX               1985     Light Industrial     1.06       24,600       100 %
7420 Whitehall Street
    Richland Hills, TX               1985     Light Industrial     1.06       20,300       100 %
300 Wesley Way
    Richland Hills, TX               1995     Reg. Warehouse     2.59       41,340       100 %
1172-84 113th Street(i)
    Grand Prairie, TX               1980     Bulk Warehouse     6.47       136,259       100 %
1200-16 Avenue H(i)
    Arlington, TX               1981/1982     Reg. Warehouse     5.65       125,000       100 %
1322-66 N. Carrier Parkway(j)
    Grand Prairie, TX               1979     Bulk Warehouse     9.56       206,237       80 %
2401-2407 Centennial Dr
    Arlington, TX               1977     Bulk Warehouse     4.40       112,470       100 %
3111 West Commerce St. 
    Dallas, TX               1979     Bulk Warehouse     10.99       261,102       100 %
2104 Hutton Drive
    Carrollton, TX               1990     Light Industrial     1.70       24,800       100 %
7451 Dogwood Park
    Richland Hills, TX               1977     Light Industrial     1.85       39,674       100 %
2821 Cullen Street
    Fort Worth, TX               1961     Light Industrial     0.84       17,877       100 %
1500 Broad Street
    Mansfield, TX               1969/1992     Reg. Warehouse     4.61       85,200       100 %

20


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Dallas/ Fort Worth — (Continued)
                                                   
2301 Centennial Drive
    Arlington, TX               1970     Bulk Warehouse     4.42       103,500       100 %
                                         
Subtotal or Average     5,632,902       92 %
             
Denver
                                                   
7100 North Broadway — Bldg. 1
    Denver, CO               1978     Light Industrial     16.80       32,298       72 %
7100 North Broadway — Bldg. 2
    Denver, CO               1978     Light Industrial     16.90       32,500       85 %
7100 North Broadway — Bldg. 3
    Denver, CO               1978     Light Industrial     11.60       22,259       96 %
7100 North Broadway — Bldg. 5
    Denver, CO               1978     Light Industrial     15.00       28,789       92 %
7100 North Broadway — Bldg. 6
    Denver, CO               1978     Light Industrial     22.50       38,255       76 %
20100 East 32nd Avenue Parkway
    Aurora, CO               1997     R&D/Flex     4.10       51,522       100 %
5454 Washington
    Denver, CO               1985     Light Industrial     4.00       34,740       91 %
700 West 48th Street
    Denver, CO               1984     Light Industrial     5.40       53,431       62 %
702 West 48th Street
    Denver, CO               1984     Light Industrial     5.40       23,820       87 %
6425 North Washington
    Denver, CO               1983     R&D/Flex     4.05       81,120       87 %
3370 North Peoria Street
    Aurora, CO               1978     R&D/Flex     1.64       25,538       100 %
3390 North Peoria Street
    Aurora, CO               1978     R&D/Flex     1.46       22,699       72 %
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       34,937       64 %
4785 Elati
    Denver, CO               1972     Light Industrial     3.34       34,777       85 %
4770 Fox Street
    Denver, CO               1972     Light Industrial     3.38       26,565       77 %
1550 West Evans
    Denver, CO               1975     Light Industrial     3.92       78,787       91 %
3751-71 Revere Street
    Denver, CO               1980     Reg. Warehouse     2.41       55,027       51 %
3871 Revere Street
    Denver, CO               1980     Reg. Warehouse     3.19       75,265       61 %
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       90 %
5885 Stapleton Drive North
    Denver, CO               1985     Light Industrial     3.05       53,893       92 %
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 %
4721 Ironton Street
    Denver, CO               1969     R&D/Flex     2.84       51,260       100 %
7100 North Broadway — 7
    Denver, CO               1985     R&D/Flex     2.30       24,822       89 %
7100 North Broadway — 8
    Denver, CO               1985     R&D/Flex     2.30       9,107       100 %
6804 East 48th Avenue
    Denver, CO               1973     R&D/Flex     2.23       46,464       75 %
445 Bryant Street
    Denver, CO               1960     Light Industrial     6.31       292,471       100 %
East 47th Drive — A
    Denver, CO               1997     R&D/Flex     3.00       51,210       100 %
9500 W. 49th Street — A
    Wheatridge, CO               1997     Light Industrial     1.74       19,136       69 %
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       59 %
9500 W. 49th Street — D
    Wheatridge, CO               1997     Light Industrial     1.74       41,631       100 %
8100 South Park Way — A
    Littleton, CO               1997     R&D/Flex     3.33       52,581       79 %
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       67 %
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 %
15000 West 6th Avenue
    Golden, CO               1985     R&D/Flex     5.25       69,279       62 %
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       37 %
6547 South Racine Circle
    Englewood, CO               1996     Light Industrial     3.92       59,918       89 %
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       33,108       86 %
2422 South Trenton Way
    Denver, CO               1983     R&D/Flex     3.94       27,413       49 %

21


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Denver — (Continued)
                                                   
2452 South Trenton Way
    Denver, CO               1983     R&D/Flex     6.78       47,931       73 %
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       86 %
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       54,738       100 %
2630 West 2nd Avenue
    Denver, CO               1970     Light Industrial     0.50       8,260       0 %
2650 West 2nd Avenue
    Denver, CO               1970     Light Industrial     2.80       36,081       87 %
14818 West 6th Avenue Bldg. A
    Golden, CO               1985     R&D/Flex     2.54       39,776       70 %
14828 West 6th Avenue Bldg. B
    Golden, CO               1985     R&D/Flex     2.54       41,805       87 %
12055 E. 49th Ave/4955 Peoria
    Denver, CO               1984     R&D/Flex     3.09       49,575       94 %
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       86 %
8200 E. Park Meadows Drive(i)
    Lone Tree, CO               1984     R&D Flex     6.60       90,219       84 %
3250 Quentin(i)
    Aurora, CO               1984/2000     Light Industrial     8.90       144,464       100 %
11585 E. 53rd Ave.(i)
    Denver, CO               1984     Bulk Warehouse     15.10       335,967       100 %
10500 East 54th Ave.(j)
    Denver, CO               1986     Reg. Warehouse     9.12       178,148       91 %
8835 W. 116th Street
    Broomfield, CO               2002     Light Industrial     6.47       67,280       90 %
3101-3151 S. Platte River Drive
    Englewood, CO               1974     Bulk Warehouse     12.12       229,830       99 %
3155-3199 S. Platte River Drive
    Englewood, CO               1974     Bulk Warehouse     12.12       229,830       100 %
3201-3273 S. Platte River Drive
    Englewood, CO               1974     Bulk Warehouse     10.74       203,751       100 %
18150 E. 32nd Street
    Aurora, CO               2000     Reg. Warehouse     5.71       81,564       100 %
                                         
Subtotal or Average     4,568,723       91 %
             
Des Moines
                                                   
2250 Delaware Ave
    Des Moines, IA               1975     Reg. Warehouse     4.20       88,000       46 %
                                         
Subtotal or Average     88,000       46 %
             
Detroit
                                                   
1731 Thorncroft
    Troy, MI               1969     Light Industrial     2.26       38,000       100 %
1653 E. Maple
    Troy, MI               1990     R&D/Flex     1.38       23,392       100 %
47461 Clipper
    Plymouth, MI               1992     Light Industrial     1.10       11,600       0 %
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 %
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 %

22


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Detroit — (Continued)
                                                   
1972 Meijer Drive
    Troy, MI               1985     Reg. Warehouse     2.36       37,075       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       0 %
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 %
2277 Elliott Avenue
    Troy, MI               1975     Light Industrial     0.96       12,612       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 %
2900 Technology Drive
    Rochester Hills, MI               1992     Reg. Warehouse     2.15       31,047       0 %
2920 Technology Drive
    Rochester Hills, MI               1992     Light Industrial     1.48       19,011       100 %
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 %
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 %
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 %
23370 Commerce Drive
    Farmington Hills, MI               1980     Light Industrial     0.67       8,741       100 %

23


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Detroit — (Continued)
                                                   
1451 East Lincoln Avenue
    Madison Heights, MI               1967     Light Industrial     3.92       75,000       100 %
4400 Purks Drive
    Auburn Hills, MI               1987     Light Industrial     13.04       157,100       100 %
4177A Varsity Drive
    Ann Arbor, MI               1993     Light Industrial     2.48       11,050       100 %
6515 Cobb Drive
    Sterling Heights, MI               1984     Light Industrial     2.91       47,597       100 %
32450 N. Avis Drive
    Madison Heights, MI               1974     Light Industrial     3.23       55,820       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       88 %
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       100 %
28421-28449 Highland Rd
    Romulus, MI               1980     Light Industrial     2.53       29,285       100 %
28451-28479 Highland Rd
    Romulus, MI               1980     Light Industrial     2.53       29,280       100 %
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       88 %
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       100 %
9800-9824 Harrison Road
    Romulus, MI               1987     Light Industrial     2.22       25,620       100 %
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       15,173       76 %
26980 Trolley Industrial Drive
    Taylor, MI               1997     Bulk Warehouse     5.43       102,400       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       23 %
32920 Capitol Avenue
    Livonia, MI               1973     Reg. Warehouse     0.47       8,000       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 %
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 %
450 Robbins Drive
    Troy, MI               1976     Light Industrial     1.38       19,050       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       0 %
33025 Industrial Road
    Livonia, MI               1980     Light Industrial     1.02       6,250       0 %
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 %

24


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Detroit — (Continued)
                                                   
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       0 %
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 %
980 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       42 %
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 %
750 Chicago Road
    Troy, MI               1986     Light Industrial     1.54       26,709       0 %
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       0 %
2805 S. Industrial Highway
    Ann Arbor, MI               1990     R&D/Flex     1.70       24,458       90 %
6833 Center Drive
    Sterling Heights, MI               1998     Reg. Warehouse     4.42       66,132       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(j)
    Lincoln Park, MI               1985     Light Industrial     10.30       120,410       75 %
4872 S. Lapeer Road
    Lake Orion Twsp, MI               1999     Bulk Warehouse     9.58       125,605       72 %
22701 Trolley Industrial
    Taylor, MI               1999     Bulk Warehouse     9.12       160,035       100 %
1400 Allen Drive
    Troy, MI               1979     Reg. Warehouse     1.98       27,280       100 %
1408 Allen Drive
    Troy, MI               1979     Light Industrial     1.44       19,704       100 %
1305 Stephenson Hwy
    Troy, MI               1979     Reg. Warehouse     3.42       47,000       100 %
32505 Industrial Drive
    Madison Heights, MI               1979     Light Industrial     3.07       47,013       100 %
1799-1813 Northfield Drive(i)
    Rochester Hills, MI               1980     Light Industrial     4.22       67,360       100 %
                                         
Subtotal or Average     4,004,276       93 %
             
Grand Rapids
                                                   
5015 52nd Street SE
    Grand Rapids, MI               1987     Light Industrial     4.50       61,250       100 %
                                         
Subtotal or Average     61,250       100 %
             
Houston
                                                   
2102-2314 Edwards Street
    Houston, TX               1961     Bulk Warehouse     5.02       115,248       84 %
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       100 %
3851 Yale Street
    Houston, TX               1971     Bulk Warehouse     5.77       132,554       100 %
3337-3347 Rauch Street
    Houston, TX               1970     Reg. Warehouse     2.29       53,425       100 %

25


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Houston — (Continued)
                                                   
8505 North Loop East
    Houston, TX               1981     Bulk Warehouse     5.00       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       85 %
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       73 %
7901 Blankenship
    Houston, TX               1972     Light Industrial     2.17       48,000       0 %
2500-2530 Fairway Park
    Houston, TX               1974     Bulk Warehouse     8.72       213,638       85 %
6550 Longpointe
    Houston, TX               1980     Bulk Warehouse     4.13       97,700       100 %
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       0 %
1805 Turning Basin Drive
    Houston, TX               1980     Bulk Warehouse     7.60       155,250       100 %
7000 Empire Drive
    Houston, TX               1980     R&D/Flex     6.25       95,073       78 %
9777 West Gulfbank Drive
    Houston, TX               1980     Light Industrial     15.45       252,242       89 %
9835 A Genard Road
    Houston, TX               1980     Bulk Warehouse     39.20       417,350       99 %
9835 B Genard Road
    Houston, TX               1980     Reg. Warehouse     6.40       66,600       100 %
10161 Harwin Drive
    Houston, TX               1979/1981     R & D/Flex     5.27       73,052       90 %
10165 Harwin Drive
    Houston, TX               1979/1981     R & D/Flex     2.31       33,238       73 %
10175 Harwin Drive
    Houston, TX               1797/1981     Light Industrial     2.85       39,475       83 %
10325-10415 Landsbury Dr(j)
    Houston, TX               1982     Light Industrial     265.00       131,000       90 %
8705 City Park Loop
    Houston, TX               1982     Bulk Warehouse     7.06       191,537       100 %
                                         
Subtotal or Average     3,234,298       91 %
             
Indianapolis
                                                   
2900 North Shadeland
    Indianapolis, IN               1957/1992     Bulk Warehouse     60.00       933,439       66 %
2400 North Shadeland
    Indianapolis, IN               1970     Reg. Warehouse     2.45       40,000       50 %
2402 North Shadeland
    Indianapolis, IN               1970     Bulk Warehouse     7.55       121,539       82 %
7901 West 21st Street
    Indianapolis, IN               1985     Bulk Warehouse     12.00       353,000       100 %
1445 Brookville Way
    Indianapolis, IN               1989     Bulk Warehouse     8.79       115,200       100 %
1440 Brookville Way
    Indianapolis, IN               1990     Bulk Warehouse     9.64       166,400       0 %
1240 Brookville Way
    Indianapolis, IN               1990     Light Industrial     3.50       63,000       100 %
1220 Brookville Way
    Indianapolis, IN               1990     R&D/Flex     2.10       10,000       0 %
1345 Brookville Way
    Indianapolis, IN       (m )     1992     Bulk Warehouse     5.50       130,736       90 %
1350 Brookville Way
    Indianapolis, IN               1994     Reg. Warehouse     2.87       38,460       100 %
1341 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     Light Industrial     2.03       32,400       100 %
1322-1438 Sadlier Circle East Dr
    Indianapolis, IN       (b )     1971/1992     Light Industrial     3.79       36,000       93 %
1327-1441 Sadlier Circle East Dr
    Indianapolis, IN       (b )     1992     Light Industrial     5.50       54,000       93 %

26


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Indianapolis — (Continued)
                                                   
1304 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     Reg. Warehouse     2.42       17,600       100 %
1402 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1970/1992     Light Industrial     4.13       40,800       97 %
1504 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     Manufacturing     4.14       54,000       100 %
1311 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     R&D/Flex     1.78       13,200       100 %
1365 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     Light Industrial     2.16       30,000       100 %
1352-1354 Sadlier Circle E. Drive
    Indianapolis, IN       (b )     1970/1992     Light Industrial     3.50       44,000       100 %
1335 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     R&D/Flex     1.20       20,000       100 %
1327 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     Reg. Warehouse     1.20       12,800       100 %
1425 Sadlier Circle East Drive
    Indianapolis, IN       (b )     1971/1992     R&D/Flex     2.49       5,000       100 %
1230 Brookville Way
    Indianapolis, IN               1995     Reg. Warehouse     1.96       15,000       100 %
6951 East 30th Street
    Indianapolis, IN               1995     Light Industrial     3.81       44,000       100 %
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     22.00       331,826       64 %
2432-2436 Shadeland
    Indianapolis, IN               1968     Light Industrial     4.57       70,560       88 %
8402-8440 East 33rd Street
    Indianapolis, IN               1977     Light Industrial     4.70       55,200       61 %
8520-8630 East 33rd Street
    Indianapolis, IN               1976     Light Industrial     5.30       81,000       61 %
8710-8768 East 33rd Street
    Indianapolis, IN               1979     Light Industrial     4.70       43,200       87 %
3316-3346 North Pagosa Court
    Indianapolis, IN               1977     Light Industrial     5.10       81,000       72 %
3331 Raton Court
    Indianapolis, IN               1979     Light Industrial     2.80       35,000       100 %
6751 East 30th Street
    Indianapolis, IN               1997     Bulk Warehouse     6.34       100,000       100 %
9200 East 146th Street
    Noblesville, IN               1961/1981     Bulk Warehouse     21.65       150,488       77 %
6575 East 30th Street
    Indianapolis, IN               1998     Bulk Warehouse     4.00       60,000       100 %
6585 East 30th Street
    Indianapolis, IN               1998     Bulk Warehouse     6.00       100,000       100 %
9910 North by Northeast Blvd. 
    Fishers, IN               1994     Bulk Warehouse     8.40       192,000       92 %
8525 E. 33rd Street
    Indianapolis, IN               1978     Bulk Warehouse     21.87       320,000       100 %
8219 Northwest Blvd. 
    Indianapolis, IN               1990     Bulk Warehouse     8.67       204,000       100 %
9332-9350 Castlegate Drive
    Indianapolis, IN               1983     Light Industrial     4.00       48,000       100 %
9210 E. 146th Street
    Noblesville, IN               1978     Reg. Warehouse     11.91       23,950       100 %
                                         
Subtotal or Average     4,392,118       81 %
             
Los Angeles
                                                   
6407-6419 Alondra Blvd. 
    Paramount, CA               1985     Light Industrial     0.90       16,392       100 %
6423-6431 Alondra Blvd. 
    Paramount., CA               1985     Light Industrial     0.76       13,765       100 %
15101-15141 Figueroa St.(i)
    Los Angeles, CA               1982     Reg. Warehouse     4.70       129,600       100 %
21136 South Wilmington Ave
    Carson, CA               1989     Bulk Warehouse     6.02       115,702       100 %
19914 Via Baron Way
    Rancho Dominguez CA       (a )     1973     Bulk Warehouse     11.69       234,800       100 %
14912 Shoemaker Ave
    Santa Fe Springs, CA               1967     R&D/Flex     0.25       5,121       100 %
14920 Shoemaker Ave
    Santa Fe Springs, CA               1967     R&D/Flex     0.23       4,600       100 %

27


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Los Angeles — (Continued)
                                                   
14928 Shoemaker Ave
    Santa Fe Springs, CA               1967     R&D/Flex     0.23       4,600       100 %
14938 Shoemaker Ave
    Santa Fe Springs, CA               1967     R&D/Flex     0.23       4,600       100 %
14944 Shoemaker Ave
    Santa Fe Springs, CA               1978     Light Industrial     1.99       40,015       100 %
14946 Shoemaker Ave
    Santa Fe Springs, CA               1978     Light Industrial     1.68       33,769       94 %
14948 Shoemaker Ave
    Santa Fe Springs, CA               1978     Light Industrial     0.61       12,300       100 %
14141 Alondra Blvd. 
    Santa Fe Springs, CA               1969     Bulk Warehouse     23.90       395,204       100 %
12616 Yukon Ave
    Hawthorne, CA               1987     Reg. Warehouse     1.89       43,676       100 %
3355 El Segundo Blvd.(j)
    Hawthorne, CA               1959     Light Industrial     2.79       56,353       100 %
12621 Cerise
    Hawthorne, CA               1959     Light Industrial     1.11       27,000       100 %
333 Turnbull Canyon Road
    City of Industry, CA               1968/1985     Bulk Warehouse     6.61       116,000       100 %
350-390 Manville St. 
    Compton, CA               1979     Bulk Warehouse     4.75       100,000       100 %
42374 Avenida Alvarado(j)
    Temecula, CA               1987     Reg. Warehouse     5.00       103,536       100 %
3131 E. Harcourt Street(i)
    Rancho Dominguez, CA               1970     Light industrial     3.04       73,000       100 %
200 West Artesia Blvd. 
    Compton, CA               1985     Reg. Warehouse     4.21       68,446       100 %
                                         
Subtotal or Average     1,598,479       100 %
             
Louisville
                                                   
9001 Cane Run Road
    Louisville, KY               1998     Bulk Warehouse     39.60       212,500       100 %
9101 Crane Run Road
    Louisville, KY               2000     Bulk Warehouse     14.00       231,000       100 %
                                         
Subtotal or Average     443,500       100 %
             
Miami
                                                   
9400 NW 104th Street
    Medley, FL               1995     Bulk Warehouse     11.11       268,539       100 %
                                         
Subtotal or Average     268,539       100 %
             
Milwaukee
                                                   
N25 W23050 Paul Road
    Pewaukee, WI               1989     R&D/Flex     4.50       37,765       100 %
N25 W23255 Paul Road
    Pewaukee, WI               1987     R&D/Flex     4.80       55,940       100 %
N27 W23293 Roundy Drive
    Pewaukee, WI               1989     Reg. Warehouse     3.64       39,468       100 %
6523 N. Sydney Place
    Glendale, WI               1978     Light Industrial     4.00       43,440       100 %
8800 W. Bradley
    Milwaukee, WI               1982     Light Industrial     8.00       77,621       100 %
4560 North 124th Street
    Wauwatosa, WI               1976     Light Industrial     1.31       25,000       100 %
4410-80 North 132nd Street
    Butler, WI               1999     Bulk Warehouse     4.90       100,000       99 %
5355 South Westridge Drive
    New Berlin, WI               1997     Bulk Warehouse     21.38       217,680       100 %
N120W18485 Freistadt Road
    Germantown, WI               1996     Bulk Warehouse     13.14       103,024       100 %
140 N. 9000 Lilly Road
    Menmonee, WI               1990     Bulk Warehouse     10.04       104,190       100 %
                                         
Subtotal or Average     804,128       100 %
             

28


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Minneapolis/ St. Paul
                                                   
6507-6545 Cecilia Circle
    Bloomington, MN               1980     Manufacturing     9.65       74,118       91 %
6201 West 111th Street
    Bloomington, MN       (c )     1987     Bulk Warehouse     37.00       424,866       100 %
6403-6545 Cecilia Drive
    Bloomington, MN               1980     Light Industrial     9.65       87,560       86 %
6925-6943 Washington Avenue
    Edina, MN               1972     Manufacturing     2.75       31,867       73 %
6955-6973 Washington Avenue
    Edina, MN               1972     Manufacturing     2.25       31,180       97 %
7251-7267 Washington Avenue
    Edina, MN               1972     Light Industrial     1.82       26,265       70 %
7301-7325 Washington Avenue
    Edina, MN               1972     Light Industrial     1.92       27,297       63 %
7101 Winnetka Avenue North
    Brooklyn Park, MN               1990     Bulk Warehouse     14.18       268,168       88 %
7600 Golden Triangle Drive
    Eden Prairie, MN               1989     R&D/Flex     6.79       74,078       100 %
9901 West 74th Street
    Eden Prairie, MN               1983/88     Reg. Warehouse     8.86       153,813       100 %
12220-12222 Nicollet Avenue
    Burnsville, MN               1989/90     Light Industrial     1.80       17,116       100 %
12250-12268 Nicollet Avenue
    Burnsville, MN               1989/90     Light Industrial     4.30       42,365       100 %
12224-12226 Nicollet Avenue
    Burnsville, MN               1989/90     R&D/Flex     2.40       23,300       43 %
1030 Lone Oak Road
    Eagan, MN               1988     Light Industrial     6.30       83,164       100 %
1060 Lone Oak Road
    Eagan, MN               1988     Light Industrial     6.50       82,728       66 %
5400 Nathan Lane
    Plymouth, MN               1990     Light Industrial     5.70       72,089       100 %
10120 W. 76th Street
    Eden Prairie, MN               1987     Light Industrial     4.52       59,030       100 %
7615 Golden Triangle
    Eden Prairie, MN               1987     Light Industrial     4.61       52,816       100 %
7625 Golden Triangle Drive
    Eden Prairie, MN               1987     Light Industrial     4.61       73,168       89 %
2605 Fernbrook Lane North
    Plymouth, MN               1987     R&D/Flex     6.37       80,766       100 %
12155 Nicollet Avenue
    Burnsville, MN               1995     Reg. Warehouse     5.80       48,000       100 %
6655 Wedgewood Road
    Maple Grove, MN               1989     Manufacturing     17.88       123,815       96 %
900 Apollo Road
    Egan, MN               1970     Manufacturing     39.00       312,265       2 %
7316 Aspen Lane North
    Brooklyn Park, MN               1978     Manufacturing     6.63       96,000       100 %
73rd Avenue North
    Brooklyn Park, MN               1995     R&D/Flex     4.46       59,782       87 %
2720 Arthur Street
    Roseville, MN               1995     R&D/Flex     6.06       74,337       94 %
4100 Peavey Road
    Chaska, MN               1988     Manufacturing     8.27       78,029       77 %
11300 Hampshire Ave. South
    Bloomington, MN               1983     Bulk Warehouse     9.94       145,210       100 %
375 Rivertown Drive
    Woodbury, MN               1996     Bulk Warehouse     11.33       251,968       100 %
5205 Highway 169
    Plymouth, MN               1960     Light Industrial     7.92       97,523       83 %
6451-6595 Citywest Parkway
    Eden Prairie, MN               1984     R&D/Flex     6.98       83,657       100 %
7100-7198 Shady Oak Road
    Eden Prairie, MN               1982/2002     Light Industrial     14.44       120,541       86 %
7500-7546 Washington Square
    Eden Prairie, MN               1975     Light Industrial     5.40       46,285       84 %
7550-7558 Washington Square
    Eden Prairie, MN               1975     Light Industrial     2.70       31,839       100 %
5240-5300 Valley Industrial Blvd S
    Shakopee, MN               1973     Light Industrial     9.06       80,001       73 %
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       89,235       100 %
1157 Valley Park Drive
    Shakopee, MN               1997     Bulk Warehouse     9.97       126,170       81 %
500-530 Kasota Avenue SE
    Minneapolis, MN               1976     Manufacturing     4.47       77,702       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       75,426       86 %
1280 Energy Park Drive
    St. Paul, MN               1984     Light Industrial     4.27       71,905       100 %
9700 West 76th Street
    Eden Prairie, MN               1984/97     R&D/Flex     6.25       80,862       100 %

29


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Minneapolis/ St. Paul — (Continued)                                            
7600 69th Avenue
    Greenfield, MN               2004     Bulk Warehouse     17.00       216,700       100 %
2041 Wooddale Drive
    Woodbury, MN               1973     Light Industrial     5.20       47,263       100 %
                                         
Subtotal or Average     4,506,055       87 %
             
Nashville
                                                   
1621 Heil Quaker Boulevard
    Nashville, TN               1975     Bulk Warehouse     11.29       160,661       100 %
3099 Barry Drive
    Portland, TN               1995     Manufacturing     6.20       109,058       0 %
3150 Barry Drive
    Portland, TN               1993     Bulk Warehouse     26.32       268,593       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       100 %
1931 Air Lane Drive
    Nashville, TN               1984     Light Industrial     10.11       87,549       100 %
470 Metroplex Drive(i)
    Nashville, TN               1986     Light Industrial     8.11       102,040       83 %
1150 Antiock Pike
    Nashville, TN               1987     Bulk Warehouse     9.83       146,055       68 %
4640 Cummings Park
    Nashville, TN               1986     Bulk Warehouse     14.69       100,000       81 %
556 Metroplex Drive
    Nashville, TN               1983     Light Industrial     3.66       43,026       100 %
1706 Heil Quaker Boulevard
    Laverne, TN               1986     Bulk Warehouse     25.75       518,400       100 %
375 Belvedere Drive
    Gallatin, TN               1979/85     Bulk Warehouse     31.75       194,113       100 %
                                         
Subtotal or Average     1,932,223       90 %
             
Northern New Jersey
                                                   
220 Hanover Avenue
    Hanover, NJ               1987     Bulk Warehouse     29.27       158,242       100 %
14 World’s Fair Drive
    Franklin, NJ               1980     R&D/Flex     4.53       60,000       100 %
18 World’s Fair Drive
    Franklin, NJ               1982     R&D/Flex     1.06       13,000       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       73 %
22 World’s Fair Drive
    Franklin, NJ               1983     Light Industrial     3.52       50,000       90 %
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       79 %
20 Worlds Fair Drive Lot 13
    Sumerset, NJ               1999     R&D Flex     4.25       30,000       83 %
10 New Maple Road
    Pine Brook, NJ               1973/1999     Bulk Warehouse     18.13       265,376       48 %
45 Route 46
    Pine Brook, NJ               1974/1987     Light Industrial     6.54       84,284       79 %
43 Route 46
    Pine Brook, NJ               1974/1987     Light Industrial     2.48       37,268       82 %
39 Route 46
    Pine Brook, NJ               1970     R&D Flex     1.64       22,285       65 %
26 Chapin Road
    Pine Brook, NJ               1983     Light Industrial     5.15       76,497       100 %
30 Chapin Road
    Pine Brook, NJ               1983     Light Industrial     5.15       76,770       93 %
20 Mountain Hook Road
    Pine Brook, NJ               1972/1984     Bulk Warehouse     14.02       213,991       96 %
30 Mountain Hook Road
    Pine Brook, NJ               1972/1987     Light Industrial     3.36       51,570       100 %
55 Route 46
    Pine Brook, NJ               1978/1994     R&D Flex     2.13       24,051       81 %
16 Chapin Road
    Pine Brook, NJ               1987     R&D Flex     4.61       69,030       100 %
20 Chapin Road
    Pine Brook, NJ               1987     R&D Flex     5.69       84,601       83 %
Sayreville Lot 3
    Sayreville, NJ               2002     Light Industrial     7.43       62,400       83 %
Sayreville Lot 4
    Sayreville, NJ               2001     Light Industrial     6.88       62,400       100 %
400 Raritan Center Parkway
    Edison, NJ               1983     Light Industrial     7.16       81,240       100 %
300 Columbus Circle
    Edison, NJ               1983     R&D Flex     9.38       123,029       89 %
400 Apgar
    Franklin Twnship, NJ               1987     Bulk Warehouse     14.34       111,824       92 %

30


Table of Contents

                                                     
            Year       Land        
    Location       Built —       Area       Occupancy at
Building Address   City/State   Encumbrances   Renovated   Building Type   (Acres)   GLA   12/31/04
                             
Northern New Jersey — (Continued)
                                                   
500 Apgar
    Franklin Twnship, NJ               1987     Reg. Warehouse     5.00       58,585       100 %
201 Circle Dr. North
    Piscataway, NJ               1987     Bulk Warehouse     5.24       113,738       74 %
1 Pearl Ct
    Allendale, NJ               1978     Light Industrial     3.00       46,400       0 %
2 Pearl Ct
    Allendale, NJ               1979     Light Industrial     3.00       39,170       100 %
3 Pearl Ct
    Allendale, NJ               1978     Light Industrial     3.00       41,470       100 %
4 Pearl Ct
    Allendale, NJ               1979     Light Industrial     3.00       41,227       50 %
5 Pearl Ct
    Allendale, NJ               1977     Light Industrial     3.00       37,343       100 %
6 Pearl Ct
    Allendale, NJ               1980     Light Industrial     10.40       99,700       58 %
7 Pearl Ct
    Allendale, NJ               1979     Light Industrial     6.50       44,750       100 %
59 Route 17
    Allendale, NJ               1979     Light Industrial     5.90       60,000       100 %
309-319 Pierce Street
    Somerset, NJ               1986     Bulk Warehouse     8.63       115,536       100 %
160 Pierce Street
    Somerset, NJ               2004     Reg. Warehouse     9.16       87,500       100 %
12 Thornton Road
    Oakland, NJ               1981     Reg. Warehouse     6.00       92,400       100 %
147 Clinton Road
    West Caldwell, NJ               1967/1983     Bulk Warehouse     14.96       194,258